Easyetf, ETF As Allocation Tool

Analyzing Analyzing Analyzing Analyzing ETFsETFsETFsETFs as a tool for as a tool for as a tool for as a tool for asset allocationasset allocationasset allocationasset allocation

November, 27th 2007

Danièle Tohme Adet

Page Page Page Page Page Page Page Page 22222222

Benefits of Diversification

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Page Page Page Page Page Page Page 33333333

Asset classes & geographical zones : Correlation matrix

Source : BNPP AM, as of end October 07

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Page Page Page Page 44444444

Geographical diversification : Improving performance

Portfolio Returns 12/98 - 10/07

40

60

80

100

120

140

160

180

12/98

06/99

12/99

06/00

12/00

06/01

12/01

06/02

12/02

06/03

12/03

06/04

12/04

06/05

12/05

06/06

12/06

06/07

Date

Return

Base 100 in 12/98

100% Euro Portfolio

Geo Diversified Portfolio

Euro, 50%

Emerging Markets, 15%

Japan, 15%

US, 20%


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Introducing new asset classes : Improving Sharpe ratio


40

60

80

100

120

140

160

180

12/98

06/99

12/99

06/00

12/00

06/01

12/01

06/02

12/02

06/03

12/03

06/04

12/04

06/05

12/05

06/06

12/06

06/07

Date

Return

Base 100 in 12/98

100% Equities Portfolio

Diversified Portfolio

Equities, 80%

Real Estate, 10%

Infrastructure, 10%


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Class and geographical diversification : A perfect combination


40

60

80

100

120

140

160

180

200

12/98

06/99

12/99

06/00

12/00

06/01

12/01

06/02

12/02

06/03

12/03

06/04

12/04

06/05

12/05

06/06

12/06

06/07

Date

Return

Base 100 in 12/98

100% Equities Portfolio

Diversified Portfolio

Equities

>Euro 35%

>US 14%

>Japan 10.5%

>Emerging 10.5%

Private equity 7.5%

Infrastructure 7.5%

Real estate 5%Credit 7.5%

Commodities 2.5%


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Diversification mix : Reducing the net portfolio volatility

In volatility

in % of total portfolio

Total

Risk budgeting of a Long/Short portfolio in different asset classes

Source : BNPP AM, as of end Dec 06

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Three layers of added value…

RiskRisk

ReturnReturn 1. Strategic Allocation (Euro Equities/Euro Bonds)

1122

33

2. International diversification

3. Asset classes diversification

Gradual Improvement of Risk / Return Ratio


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Commodities Diversification and efficient frontier

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De-correlation : Negative correlations with Financial Assets…when most needed

Outperformancewhen the portfolio needs diversification most :A 10% investment in S&P GSCI™ at the expense of equities and bonds equally increases performance by 270 bp

Source : Goldman Sachs, Dec 1987 to Jun 2007

Commodities Perform Best When the Financial Portfolio Performs Worst

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-2

-1

0

+1

+2

= Best-Performing Asset Classes

Commodities

Spare Capacity,Fast Growth

Spare Capacity,Falling Growth

Tight Capacity,Fast Growth

Tight Capacity,Falling Growth

Equities

Cash

Commodities

Cash

Bonds

Equities

Cash

Cash

Bonds

Bonds

Equities

Equities

Commodities Bonds

Commodities

Why de-correlation?

The chart depicts the business cycle in terms of the Global Output Gap (When Actual GDP exceeds Potential GDP)

Please note that the 4 business cycle periods above are not equal in duration.

Commodities are linked to the cycle while financial investments are anticipatory

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Adding commodities to a balanced portfolioLowers the overall volatility While increasing the overall return of the portfolio.Source : Goldman Sachs, as of end September 2007

Diversification : Sharpe Ratio Improvement

S&P GSCI™ added to 60/40 Stock-Bond portfolio i/o BondsEfficient frontier

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Asset class diversification : outlined portfolios

RISK


Overall weight of Non Energy / Energy / Real estate/ Private Equity / Infrastructure < 20%

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Efficient Frontier adding new asset classesExpected return vs Volatility

Source: BNPP AM, as of end October 07

Overall weight of Non Energy / Energy / Real Estate < 20%

Bonds-

NonEnergy

Real

Estate-

Equity

Bonds-NonEnergy

Equity-Energy

123

45

6789

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ETF : the perfect wrapper

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Source : Morgan Stanley – End of September07

EUROPE

12692%

ASIA / PACIFIC

64

US

531 Bios USD32%

YX

AUM Worldwide for ETFs USD 678 Bios AUM Worldwide for ETFs USD 678 Bios

ETFs market

% Change since 2006

AUM 2007 US$

Bios

17%533 ETFs 386 ETFs 77 ETFs

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• Fully funded portfolios, tracking an index performance

• No subscription/redemption fees

• Fund components are fully transparent

• Net Asset Value reflects a fraction of the index : 1/1 1/10 1/100

• An official NAV calculated on a daily basis

What makes an ETF an attractive tool

An index fund

Listed and tradable on the exchange

• Quoted in real time like any other share

• High liquidity : Tight bid offer spreads, Multiple Market makers

• Shortable like a future or can be lent

• A basket of securities all in one stock : one transaction for diversification

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ETF Management mechanism

� The trading mechanism of ETFs involves :� Market maker : pricing continuously the funds

� Exchange : accessibility to the funds

� Asset Manager : ensuring replication

� Replication can be achieved through :

� Full replication = replicating asset values in the fund

� Sample replication = replicating values using proxys when underlying

unavailable for reduction of Tracking Error

� Synthetic replication = replication using different tools (swaps)

� Best replication is full replication but can be costly

� Tracking error will be very low for the synthetic replication when not taking

into account the financial tools costs

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� Money Market Investment, corresponding to 100% of the fund assets.

� Benchmark : U.S T- bills

� UCITS III

� Replication via future on S&P GSCI® index and swaps on S&P GSCI® Index

� Maximum exposure equal to 100% of the fund asset

Derivatives

Tbills

EasyETF a perfect wrapper to access new asset classes

Index TR

Investment Exposure

Introducing Synthetic Replication

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RISK

ETFs versus other financial instruments

��Customised exposureCustomised exposureCustomised exposureCustomised exposure

��Counterparty riskCounterparty riskCounterparty riskCounterparty risk

��Maturity constraintMaturity constraintMaturity constraintMaturity constraint

��ISDA constraintsISDA constraintsISDA constraintsISDA constraints

��MargingMargingMargingMarging requirementrequirementrequirementrequirement

��Gain from stock lendingGain from stock lendingGain from stock lendingGain from stock lending

��CoverageCoverageCoverageCoverage

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SwapsSwapsSwapsSwaps

��

��

��

Futures Futures Futures Futures

��

��

Index Index Index Index FundsFundsFundsFunds

��

��

��

Basket of Basket of Basket of Basket of stocksstocksstocksstocks

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CertificatesCertificatesCertificatesCertificates

��

��

��

��

��

��

��

ETFsETFsETFsETFs

High minimumHigh minimumHigh minimumHigh minimum

Credit riskCredit riskCredit riskCredit risk

Multiple market makersMultiple market makersMultiple market makersMultiple market makers

Short sellingShort sellingShort sellingShort selling

Low management feesLow management feesLow management feesLow management feesLiquidityLiquidityLiquidityLiquidity

Low Tracking ErrorLow Tracking ErrorLow Tracking ErrorLow Tracking Error

Small mini sizeSmall mini sizeSmall mini sizeSmall mini size

TransparencyTransparencyTransparencyTransparency

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- 1st worldwide ETF provider on Commodities : 1.5 bios USD AUM

- A real Commodity Platform: Agriculture, Energy, Non Energy, All sectors

- 1st ETF provider on Listed Real Estate in Europe

- The Eurozone, Europe and FTSE EPRA NAREIT GLOBAL Real Estate

- 10 ETFs on the Eurozone

- An optimal sector rotation tool through Euro Stoxx indices

- 1st Sharia compliant ETF on global Index worldwide

- 7 ETFs on stocks : EasyETF ASPI Eurozone, CAC 40, DJ Euro Stoxx,

Eurostoxx 50, Global Titans 50, Stoxx 50 Europe

- 1st ETF on Credit Default Swaps worldwide

- iTraxx indices : Europe main, Europe Hivol and Crossover

� 3rd ETF provider in Europe,successful partnership with AXA IM since 2005, EUR 6.16.16.16.1* Bios.� EasyETF is cross listed over European exchanges. New listings on international exchanges.� Reknown proficiency worldwide : Pioneer and innovative in asset classes underlyings.

EquityEquity

Fixed IncomeFixed Income

CreditCredit

CommoditiesCommodities

Listed Real Estate

Listed Real Estate

SectorialsSectorials

- iBoxx : the most liquid index on Sovereign Eurozone bonds

- 3 portions of the yield curve : extra short, long and global

The perfect wrapper to Import more capital markets

products into asset management

EasyETF, a leading position on niche markets

*As of end September 07

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How to Diversify via ETFs ?

• Equities : Sectorial Rotation,

Geographical Zones

• Asset Classes : Fixed

Income, Commodities, Credit

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Equities :Strategic and tactical allocation on the Eurozone

EasyETFEasyETFEasyETFEasyETF Euro SectorsEuro SectorsEuro SectorsEuro SectorsEasyETFEasyETFEasyETFEasyETF DJ EURO STOXXDJ EURO STOXXDJ EURO STOXXDJ EURO STOXX

EasyETF Banks

EasyETF Energy

EasyETF Utilities

EasyETF Telecom

EasyETF Technology

EasyETF Healthcare

Tactical AllocationTactical AllocationTactical AllocationTactical Allocation(buy or sell)(buy or sell)(buy or sell)(buy or sell)

EasyETF Insurance

EasyETF MediaBanks

Insurance

Oil & Gas

Utilities

Telecommunications

Industrial Goods & Services

Technology

Automobiles & Parts

Health Care

Chemicals

Personal & Household Goods

Food & Beverage

Media

Construction & Materials

Retail

Financial Services

Travel & Leisure

Basic Resources

EasyETF Construction

EasyETF Automobile

An exposure to large, mid and small capsWithin a single transaction Increase or

decreasethe weight ofa given sector

Lipper

Awarded

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Dynamically manage the portfolio depending on economic cycles

Insurance

.Non Cyclical Consumption.

Real Estate

Banks

Insurance

Non Cyclical Consumption. ..

Bonds

Health

Conso . Cyclical.

Telecom

Automobile

Industrials

Technology

Stocks.

Bonds

Stocks

Real Estate

Banks

Technology

Telecom

Energy

Insurance

Equipment

Industrials

Insurance

Automobile

Energy

Utilities

Selling

Buying

Construction

Health

Non Cyclical Consumption

Equipment

Utilities .

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Real estate : Diversification versus equities

• Two EasyETFs on the European real estate market• EasyETF FTSE EPRA Europe• EasyETF FTSE EPRA Eurozone

• EasyETF on Global real estate• EasyETF FTSE EPRA NAREIT Global

• A mature, well performing asset class• Weakly correlated with equities

• FTSE EPRA Europe vs DJ Eurostoxx 50 Correlation = 0.49

FTSE EPRA Eurozone

European real estate versus other asset classes, 31/10/99-31/10/07 annualised performance

11.69%

5.70%

0.69%

0%

2%

4%

6%

8%

10%

12%

14%

Real Estate Bonds Equities

Source: BNP Paribas AM Real estate: FTSE EPRA Eurozone (NR) Bonds: Euro MTS 7-10 yearsEquity: DJ Eurostoxx 50

FTSE EPRA Europe

FTSE EPRA NAREIT Global

52.7%-14.8%-5.9%EPRA Europe

62.8%-7.3%-3.5%EPRA Eurozone

3 Years1 Year3 MonthsCumCumCumCum. Performance . Performance . Performance . Performance

Source : Bloomberg, as of end October 07 Source: EPRA, as of end September 07

Hong Kong

13%

Japan

13%

Australia

13%

Others

4%

North America

41%

UK

9%Eurozone

7%

France

21% Netherlands

8%

UK

44%

Others

11%Germany

5%

Sweden

5%

Austria

6%

Source: EPRA, as of end September 07

Source: EPRA, as of end September 07

France

44.6%

Netherlands

17.3%

Germany

11.3%

Others

9.9%Italy

3.4%

Austria

13.4%

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Equities : EasyETF Dow Jones Islamic Market Titans 100

Healthcare

7%

Others

11%

Industrial

16%

Personal &

Household

Goods

17%

Energy

12%

Technology

16%Finance

21%

Due to Sharia rules, the index is highly oriented towards : Health careTechnologyOil and Gas

Over-performs the conventional index :

Alcohol, tobacco, pork

relatedproduct,

gambling, hotel

Defense

Conventionalfinancial services

Source : Dow Jones, as of end September 07

7.29%7.29%7.29%7.29%DJ World Large Cap Index℠

8.78%8.78%8.78%8.78%DJ Islamic Market Titans 100 Index℠+20.4 %

Source : Bloomberg, as of end October 07

50

100

150

200

250

300

350

01

/01

/19

96

21

/06

/19

96

22

/11

/19

96

25

/04

/19

97

26

/09

/19

97

27

/02

/19

98

31

/07

/19

98

01

/01

/19

99

04

/06

/19

99

05

/11

/19

99

07

/04

/20

00

08

/09

/20

00

09

/02

/20

01

13

/07

/20

01

14

/12

/20

01

17

/05

/20

02

18

/10

/20

02

22

/03

/20

03

23

/08

/20

03

24

/01

/20

04

29

/06

/20

04

02

/12

/20

04

09

/05

/20

05

04

/11

/20

05

13

/04

/20

06

09

/10

/20

06

12

/04

/20

07

Dow Jones World Large Cap IndexDow Jones Islamic Market Titans 100

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• Asset Classes : Commodities

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EasyETF : The commodity platform

EasyETFEasyETFEasyETFEasyETF S&P GSNES&P GSNES&P GSNES&P GSNE™™™™ ::::Commodity world production 4 sectors excluding energy

EasyETFEasyETFEasyETFEasyETF S&P GSCIS&P GSCIS&P GSCIS&P GSCI™™™™ ::::Commodity world production in 5 sectors

EasyETFEasyETFEasyETFEasyETF S&P GSUES&P GSUES&P GSUES&P GSUE™™™™ ::::Commodity world production capped in energy

EasyETFEasyETFEasyETFEasyETF S&P GSALS&P GSALS&P GSALS&P GSAL™™™™ ::::Commodity world production on Agriculture and

Livestock

Source : S&P GSCI, as of end October 07

Livestock

4%

Industrial metals

8% Energy

74%

Precious Metals

2%Agriculture

12%

Agriculture

45%Livestock

14%

Industrial metals

32%

Precious Metals

9%

Livestock

10%

Industrial metals

24%

Energy

26%

Precious Metals

6%

Agriculture

34%Agriculture

77%

Livestock

23%

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Agriculture and Livestock demand led by growth in emerging

countries

Agriculture demand is tied to Economic Expansion in emerging countries. Demand for beef is likely to continue to grow as these countries become wealthier.

Specific allocation :

Demand:Demand:Demand:Demand: Dueto growth inemerging markets

BiofuelsBiofuelsBiofuelsBiofuels:::: Energy substitutes

such as Sugar and Corn

(bio-ethanol –Hybrid cars)

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Comparative performance-volatility : different commodity sectors1983 – October 2007

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

1,100.0

1,200.0

31/0

1/198

330

/11/1

983

28/0

9/198

431

/07/1

985

30/0

5/198

631

/03/1

987

29/0

1/198

830

/11/1

988

29/0

9/198

931

/07/1

990

31/0

5/199

131

/03/1

992

29/0

1/199

330

/11/1

993

30/0

9/199

431

/07/1

995

31/0

5/199

631

/03/1

997

30/0

1/199

830

/11/1

998

30/0

9/199

931

/07/2

000

31/0

5/200

129

/03/2

002

31/0

1/200

328

/11/2

003

30/0

9/200

429

/07/2

005

31/0

5/200

630

/03/2

007

S&P GSCI™ TR

S&P GSUE™ TR

S&P GSNE™ TR

S&P GSAL™ TR

CRB TR


11.5%

4.6%

22.4%

15.8%

5 Years5 Years5 Years5 Years 1 year1 year1 year1 year1 Year1 Year1 Year1 Year

15.5%12.3%S&P GSNES&P GSNES&P GSNES&P GSNE™™™™ TRTRTRTR

19.6%27.7%S&P GSCIS&P GSCIS&P GSCIS&P GSCI™™™™ TRTRTRTR

15.4%14.7%S&P GSALS&P GSALS&P GSALS&P GSAL™™™™ TRTRTRTR

13.7%

VolatilityVolatilityVolatilityVolatility

0.4%S&P GSUES&P GSUES&P GSUES&P GSUE™™™™ TRTRTRTR

Annualised performanceAnnualised performanceAnnualised performanceAnnualised performance

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Enhanced forwards approach : S&P GSCI™ LE Dynamic TR

Combines Dynamic and Static roll modifications in addition to caCombines Dynamic and Static roll modifications in addition to caCombines Dynamic and Static roll modifications in addition to caCombines Dynamic and Static roll modifications in addition to capitalizing on seasonal trendspitalizing on seasonal trendspitalizing on seasonal trendspitalizing on seasonal trends

• Static roll modifications :Static roll modifications :Static roll modifications :Static roll modifications :� Implies Roll outside of the typical 5th to 9th business day� For additional benefit over a traditional index investment in recent years

• Dynamic roll modifications :Dynamic roll modifications :Dynamic roll modifications :Dynamic roll modifications :� Result of dynamic rolling proprietary rules that lead to roll futures to

non nearby futures contracts

Source : Goldman Sachs

Spot Price

Forward Price

Backwardation

Spot Price

Forward Price

Spot Price

Forward Price

Backwardation

• Seasonal trends :Seasonal trends :Seasonal trends :Seasonal trends :� Commodities exhibit seasonality as demand changes throughout the year. � Modification of contract months : benefit from Backwardation periods.� Rolling months : Lean Hogs (Apr & Aug), Chicago Wheat (Sept & Dec), Natural Gas (Jan),

Heating Oil (Dec), Live Cattle (Apr & Oct), Corn (July).

� Example : Natural GasExample : Natural GasExample : Natural GasExample : Natural Gas� Natural Gas backwardated during the colder winter months : when demand is higher.� Seasonal roll strategy: from January to January capture roll yield arising from seasonal

backwardation.� Generates a 7.94% annualized return since 1996.� +4.22% per annum vs the GSCI benchmark’s annualized return of 3.72%.

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S&P GSCI™ Light Energy Dynamic TR performance

S&P GSCI Light Energy Dynamic Total Return Index Evolution since 1999


6.0%

20.5%

10.7%

3 Years3 Years3 Years3 Years

9.6%

3.6%

3.5%

1 Month1 Month1 Month1 Month

17.1%

11.9%

11.4%

3 Months3 Months3 Months3 Months

16.5%26.1%S&P GSLES&P GSLES&P GSLES&P GSLE™™™™ Dynamic TRDynamic TRDynamic TRDynamic TR

16.1%27.7%S&P GSCIS&P GSCIS&P GSCIS&P GSCI™™™™ TRTRTRTR

9.9%

Since 1999Since 1999Since 1999Since 1999

20.5%S&P GSLES&P GSLES&P GSLES&P GSLE™™™™ TRTRTRTR

1 Year1 Year1 Year1 YearAnnualised PerformanceAnnualised PerformanceAnnualised PerformanceAnnualised Performance

0

50

100

150

200

250

300

350

400

450

31/1

2/1

998

31/0

3/1

999

30/0

6/1

999

30/0

9/1

999

31/1

2/1

999

31/0

3/2

000

30/0

6/2

000

30/0

9/2

000

31/1

2/2

000

31/0

3/2

001

30/0

6/2

001

30/0

9/2

001

31/1

2/2

001

31/0

3/2

002

30/0

6/2

002

30/0

9/2

002

31/1

2/2

002

31/0

3/2

003

30/0

6/2

003

30/0

9/2

003

31/1

2/2

003

31/0

3/2

004

30/0

6/2

004

30/0

9/2

004

31/1

2/2

004

31/0

3/2

005

30/0

6/2

005

30/0

9/2

005

31/1

2/2

005

31/0

3/2

006

30/0

6/2

006

30/0

9/2

006

31/1

2/2

006

31/0

3/2

007

30/0

6/2

007

30/0

9/2

007

S&P GSLE™ TR

S&P GSLE™ Dynamic TR S&P GSCI™ TR

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• Asset Classes : Fixed Income and Credit

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Fixed income, a Duration play : EasyETF iBoxx Liquid Sovereigns

FR0010276949

FR0010276964

FR0010276923

ISIN Code

6.73

14.27

1.89

Duration

French FCP UCITS III

Euronext ParisBorsa Italiana

0.15%ISM / ISL FP Equity

EasyETFEasyETFEasyETFEasyETF iBoxxiBoxxiBoxxiBoxx LiqLiqLiqLiq. . . . SovSovSovSov. Global . Global . Global . Global 1.251.251.251.25----30 Years30 Years30 Years30 Years



0.15%ISL / ISL FP Equity

EasyETFEasyETFEasyETFEasyETF iBoxxiBoxxiBoxxiBoxx LiqLiqLiqLiq. . . . SovSovSovSov. Long . Long . Long . Long +10.5 Years+10.5 Years+10.5 Years+10.5 Years



0.15%ISS /ISS FP Equity

EasyETFEasyETFEasyETFEasyETF iBoxxiBoxxiBoxxiBoxx LiqLiqLiqLiq. . . . SovSovSovSov. Extra Short . Extra Short . Extra Short . Extra Short 1.251.251.251.25----3 Years3 Years3 Years3 Years

RegulationListingManagement Fees

Mnemo / Bloomberg

Source : iBoxx, as of end September 07

Shift :Shift :Shift :Shift : Parallel shift of the curve Play EasyETFiBoxxSovereigns Liquid Global

Twist :Twist :Twist :Twist : Curve rotation upside down Play EasyETFiBoxx Sovereigns Liquid Extra Short and Long

ButterflyButterflyButterflyButterfly : Center of the curve inverts vs extremes Play EasyETFiBoxx Sovereigns Liquid Extra Short Global and Long

Yield curve bets with EasyETF

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The first ETF on Credit Default Swaps

Innovative Innovative Innovative Innovative ETFsETFsETFsETFs on on on on iTraxxiTraxxiTraxxiTraxx Indices, leading Indices, leading Indices, leading Indices, leading credit index :credit index :credit index :credit index :

� iTraxx® Europe Main Index� iTraxx® Europe HiVol Index � iTraxx® Crossover Index

Dedicated to investors who want : Dedicated to investors who want : Dedicated to investors who want : Dedicated to investors who want :

� To hedge a credit portfolio� To diversify credit risk� To achieve relative value credit trading� To maximise credit views

iTraxx® Indices derived from spreads that are the larger, the higher the probability of corporatenames credit of the index to default

3,37%

0,99%

4,34%

1,55%

8,55%

5,34%

Annualised Return (06/2004 - 08/2007) Volatility (06/2004 - 08/2007)

iTraxx Europe TR (5Y) Index iTraxx Europe HiVol TR (5Y) Index iTraxx Europe Crossover TR (5Y) Index

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APPENDIXAPPENDIXAPPENDIXAPPENDIX

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EasyETF : An innovative product range

Global Europe Euro zone Local

iBoxx Liquid Sov. Extra

Short

iBoxx Liquid Sov. Global

iBoxx Liquid Sov. Long

iTraxx Europe Main

iTraxx Europe HiVol

iTraxx Crossover

DJ Global Titans 50

DJ Islamic Market

Titans 100

DJ EuroStoxx

DJ EuroStoxx 50

ASPI Eurozone

CAC 40DJ Stoxx 50 Europe

Bank, Insurance, Health,

Energy, Construction, Auto,

Media, Technology,

Utilities, Telecom

S&P GSCI™

S&P GSNE™

S&P GSUE™

S&P GSAL™

S&P GSLE™ Dynamic

*Easy ETF iTraxx range to be launched in Q4 2007

Fixed Income

Credit*

Equity

Sectors

Listed real

estate

Commodities

EasyETF FTSE EPRA

NAREIT Global

EasyETF FTSE EPRA

Europe

EasyETF FTSE EPRA

Eurozone

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Disclaimer

The EasyETF platform deals with all the trackers managed and distributed as a partnership between

BNP Paribas AM and AXA IM. EasyETF is a brand of the BNP Paribas Group.

This document has been prepared by EasyETF for the sole use of the company to whom it is addressed. It may not be copied or circulated, in whole or in part, outside that company, without the prior written consent of EasyETF.

Whilst reasonable care has been taken by EasyETF to ensure that this document is current at the date of issue, no warranty of accuracy is given and any information contained within it may be subject to change without notice. Where past performance information is provided this is not necessarily indicative of future returns: the value of investments may fall as well as rise. Nothing contained within this document shall constitute an offer to enter into, or a term or condition of, any contract with the recipient or any other party.

This document shall not be deemed to constitute investment advice, or an offer for sale or solicitation to invest in any particular fund. Subscriptions to funds are accepted only from eligible investors on the basis of the relevant current prospectus or Information Memorandum.

All funds mentioned in this presentation are not necessarily registered in Hong Kong.Please check the registration list on : www.easyetf.com

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Contacts

EasyETF platform gathers all ETFs managed by BNP Paribas AM and Axa IM

EasyETF is a BNPParibas brand

Matthieu GUIGNARDT: 33 1 44 45 83 [email protected]

Danièle TOHME-ADETT: 33 1 58 97 28 [email protected]

www.easyetf.com

Date post:	20-Oct-2014
Category:	Economy & Finance
View:	1,024 times
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Easyetf, ETF As Allocation Tool

Economy & Finance