Marketing Communications -For Professional Investors only ...

Marketing Communications - For Professional Investors only

BNP PARIBAS ECOSYSTEM RESTORATIONGOING BEYOND CARBON - RESTORING EARTH’S ECOSYSTEMS

RAMON ESTERUELAS BERLINGUER17 NOVEMBER 2021

Trends Investment Summit

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BNPP AM is a recognised global leader in sustainability

BNP PARIBAS ASSET MANAGEMENT BNP PARIBAS ECOSYSTEM RESTORATION – FOR PROFESSIONAL INVESTORS ONLY – 17 NOVEMBER 2021

Committed to SI(5) since 2002

Over 15 years of experience in

sustainable investing

Recognised Thought Leader & Advocate

PRI(1), IIGCC(2), TCFD(3), TEG(4); Also active in over 40

collective engagement initiatives

Dedicated team of 25seasoned professionalsMulti-disciplinary team of ESG

professionals with financial,economic and legal expertise

Leader in ESGperformance

Recognised in assessments &rankings by the PRI, ShareAction,

WWF and Majority Action

GlobalScope

ESG researchacross all asset

classes and areas

Global responsible investment manager

Top 3In sustainable

investing

Global LeaderIn sustainable

thematic strategies

#1

(1) PRI: Principles for Responsible Investment (2) IIGCC: Institutional Investor Group on Climate Change (3) TCFD: Task Force on Climate-related Financial Disclosures (4) TEG: Technical expert group on sustainable finance – European Commission *Climate Action 100+, Montreal Carbon Pledge, New Plastics Economy Global Commitment, PRI & CERES Investor Initiative for Sustainable Forests;(5) Sustainable Investing. Trademark, copyright, and other intellectual property rights are and remain the property of their respective owners.

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Fundamental Active Equities within BNP Paribas AMInvestment conviction and contrarian views supported by differentiated research and reinforced autonomy, whilst leveraging the power of a global organisation.

Source: BNP Paribas Asset Management, October 2021

New York

Amsterdam

Sao Paulo

ShanghaiBoston

Paris

London

Hong Kong

Investment Centre + Sustainability Centre

Weekly meetings with investment heads responsible for ~ €30bn AuM in Asia,

EU and US exchanging market views and ideas

Fundamental Active Equities

Regular interactions with 25 professionals globally covering ESG research, engagement and voting, sharing

intelligence on environmental issues

Sustainability Centre

Weekly meetings with regional heads of macro research to exchange views

and relevant topics

Global Macro Research

Monthly dialogs with quantitative investment group covering quantitative

investments, macro, factor and thematic views

Multi Asset Quant Solutions

BNP PARIBAS ASSET MANAGEMENT BNP PARIBAS ECOSYSTEM RESTORATION – FOR PROFESSIONAL INVESTORS ONLY – 17 NOVEMBER 2021

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The Environmental Strategies Group and our Philosophy

INVESTMENT TEAM

Source: FT, “The best and worst-performing equity funds of 2020 “, January 2021 & Morningstar, measured against funds globally with assets of at least $1bn. Highest performing non-ETF equity strategy in 2020

Edward Lees

Co-Head & Senior PM26 years experienceLondonESG Champion

Ulrik Fugmann

Co-Head & Senior PM22 years experienceLondonESG Champion

Alex Scott

Equity Research Analyst8 years experienceLondon

Vanessa Cheung

Esuabom Dijemeni

Quantitative Analyst7 years experienceLondon

Ramon Esteruelas

Senior Investment Specialist30 years experienceParisCESGA

Investment Specialist5 years experienceLondon

Gabrielle Kinder

Equity Research Analyst4 years experienceLondon

BE PART OF THE SOLUTION

• Environmental solutions companies growing earnings faster than the market will deliver superior share price performance over the longer term.

• A deep understanding of businesses, management teams, industries and technologies can identify true growth opportunities.

• A rigorous and differentiated analysis of valuation and quantitative tools help achieve sustainable portfolio performance.

Achieving superior investment performance to meet our clients’ expectations with unconstrained portfolios

evidencing tangible environmental benefits to society.

OUR ACHIEVEMENTS# 1 best long only strategy in 2020*

OUR PHILOSOPHY OUR OBJECTIVE

OUR ENVIRONMENTAL STRATEGIES GROUP

BNP PARIBAS ECOSYSTEM RESTORATION – FOR PROFESSIONAL INVESTORS ONLY – 17 NOVEMBER 2021

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Investing across six core environmental themes with ~ $5bn AuM

INVESTMENT TEAM

*Environmental Absolute Return Thematic

LAND, FOOD & FORESTRY

OCEAN & WATER SYSTEMS

RENEWABLE ENERGYPRODUCTION

ENERGY INFRASTRUCTURE & TRANSPORTATION

ENERGY EFFICIENCY, TECHNOLOGY& MATERIALS

SUSTAINABLE CITIES & BUILDINGS

Energy Transition• Fund Type: Long only• Universe: ~1,200

EARTH*• Fund Type: Long/short• Universe: ~2,200

15% overlap in investment universe



Ecosystem Restoration• Fund Type: Long only• Universe: ~1,000

AuM: $4bn

AuM: ~$100mln

AuM: $500mln


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Our objective & key differentiators

INVESTMENT TEAM

Source: BNP Paribas Asset Management, April 2021

Source: BNP Paribas Asset Management - As of December 2019

Investing in environmental solutions companies globally that aim at restoring water, land and community ecosystems

Global, unconstrained all-cap portfolio of 40-90 investments targeting long-term out-performance vs. ref. MSCI ACWI (EUR)

Our Objective

Active ManagementHigh active share & management of the portfoliothat systematically maximises portfolio risk/reward

with strong cross asset & risk awareness

Investment TeamCo-heads with >20Y of shared public and private

thematic investment experience + diverse fundamental research & quantitative analyst team

Portfolio DiversificationDiversification overlays across style factors,

geographies, sectors, technologies, and size to control for risk factors

Technical ExpertiseDeep technical know-how across multiple environmental solutions technologies with

strong networks spanning various industries

Thematic AlignmentStrictly investing in environmental solutions companies that are directly aligned with the

broader investment theme

Quantitative OverlayUsing proprietary quantitative tools for alpha screening, risk management and

portfolio construction

All Cap ApproachInvesting across large, mid & small market caps,

active in primary and secondary issues –unlocking a portfolio tail of innovative “unicorn” companies that are “tomorrows winners today”

Environmental ImpactLeverage Sustainability Centre for ESG

analysis, engagement and voting. Independently review and integrate alternative

data sets for environmental analysis with quarterly Climate & ESG reporting


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ECOSYSTEMRESTORATION

3.


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Why invest in Environmental Strategies

ECOSYSTEM RESTORATION

Sources: “Investing in the Green Economy – Seizing the Opportunity”, FTSE Russell, Dec 2020 and BNP Paribas Asset Management

On the current trajectory the size of the green economy is falling short of levels needed to achieve global climate goals of keeping global warming with 2 degrees

Robust data needed to move beyond taxonomies. Particularly challenging given currently low level of green revenues disclosure at 28%

Companies addressing environmental solutions have complex technologies facing large new addressable markets needing

know-how and specialisation

Grown as a proportion of the total market, from US$2 trillion in 2009 to US$5 trillion in 2020 with

annualized growth rate of 8%.

Green economy investment opportunity of 4,000 companies globally or $5 trillion market cap ~ 5%

of the total listed equity market

Globally recognized as one of the most important elements of addressing climate change and a key investment opportunity

Short of target

Poor data quality

Innovation

Strong momentum

Market size

Climate impactRenewable energy markets have been the highest profile areas, whilst ‘natural capital’ markets less discussed

Thematic opportunity

The green economy is diversified by sector, size and geographywith a skew towards technology, industrials and utilities.

Sector diversification

What do we know about the green

economy?


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The global macro drivers for Ecosystem Restoration


Source: Facts and figures from Morgan Stanley, “The Business Case for Sustainable Investing”, April 28, 2015 & Global Energy & CO2 Status Report 2018, The latest trends in energy & emissions in 2018

The ecosystem restoration opportunity is driven by the urgent need to restore our oceans, lands andcommunities to avoid substantial economic loss, climate change and reduced biodiversity

POPULATION DEMAND RELIANCE

>50%+2bn 1.75x

Global population growing to 9bn people in 2035 with rising incomes driving an overall increase in demand

Today, we consume our natural capital 1.75 times as fast as Earth can regenerate it – an

ecological footprint of 1.75 planet Earths

More than 50% of the worlds GDP- or $44trn – either highly or moderately

depends on nature and its services


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UN Decade on Ecosystem Restoration – be part of the solution


• Showcase successful government-led and private initiatives to halt ecosystem degradation, restore those ecosystems that have already been degraded;

• Create links between ecosystem restoration opportunities and initiatives with businesses interested in building a robust portfolio of sustainable production and impact investment

• Enhance knowledge exchange on what works and why (policy, economics and biophysical aspects), and how to implement restoration at scale;

• Connect initiatives working in the same landscape, region, or topic, to increase efficiency and impact;

• Bring a broader spectrum of actors on board, especially from sectors that are not traditionally involved, by demonstrating the importance of ecosystem restoration to conservation as well as generation of social and economic benefits.

Stated Objectives

Source: UNEP, International Union for Conservation of NatureTrademark, copyright, and other intellectual property rights are and remain the property of their respective owners.

BNP PARIBAS ECOSYSTEM RESTORATION – FOR PROFESSIONAL INVESTORS ONLY –17 NOVEMBER 2021

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Ecosystem Restoration – a decade of opportunity


Source: New Nature Economy Report II, The Future Of Nature And Business - In collaboration with AlphaBeta, World Economic Forum, 2020. 1: Oceans & Water + Land, Food & Forestry Ecosystems corresponds to Food, Land & Ocean Use, Sustainable Cities & Buildings corresponds to Infrastructure & the Built Environment.

Cumulative Annualized capital investment for ecosystem restoration 2020-30, $ Trillions

Oceans & Water Systems1

Land, Food & Forestry Sustainable Cities & Buildings

$22trnIn cumulative annual capital investment expected by 2030

$3.6trn $3.0trn

+ $6trnIn annual business

opportunities by 20305

20

15

10

2020 20302021 2022 2023 2024 2025 2026 2027 2028 2029


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INVESTMENTUNIVERSE

4.


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Our Investment Universe

INVESTMENT UNIVERSE





AQUATIC ECOSYSTEMS sustain the lives of billions of people, regulate climate, produces half our oxygen, & fuels the water cycle.

TERRESTRIAL ECOSYSTEMSprovide the basis for life through food supply, water, habitats for organisms and biodiversity

1,000 Global Companies Focused On Ecosystem Restoration Across Aquatic, Terrestrial & Urban Ecosystems

• Sustainable Packaging• Aquaculture• Flood Control & Solutions• Water Pollution Control• Efficient Irrigation Systems & Devices• Water Treatment• Water Infrastructure• Alternative Shipping• Ocean & Tidal Power

• Environmental Services• Environmental Testing• Green Cities• Green Buildings• Green Building Equipment & Materials• Solar Power• Recycling• Waste Management• Alternative Vehicles• Alternative Bus & Coach• Motorbike & Bicycles

• Agricultural Seed Technology• Agricultural Machinery & Logistics• Alternative Protein• Animal feed• Food Processing• Pollution Control• Sustainable Farming• Sustainable Forestry & Plantations• Geothermal Power• Efficient Irrigation Systems• Biogas & Biomass• Sustainable Chemicals

URBAN ECOSYSTEMS are vital for all life on Earth with pollution responsible for 6.5 million deaths on an annual basis


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Our Investment Universe

INVESTMENT UNIVERSE





Goal 6Clean water and sanitation

Goal 14Life under water

Goal 2Zero hunger

Goal 15Life on land

Goal 11Sustainable cities and communities

Goal 12Responsible consumption and production

Companies are considered to be providing environmental solutions (‘ES’) if any one of the thresholds listed below is >20%:Allows us to position in transformers and enablers of the energy transition

1 ES RevenueTotal Revenue 2 ES CapEx

Total CapEx 3 ES EBITDATotal EBITDA

Minimum Threshold = 20% Portfolio Average = 70-80%

1,000 GLOBAL COMPANIES FOCUSED ON ECOSYSTEM RESTORATION ACROSS AQUATIC, TERRESTRIAL & URBAN ECOSYSTEMS


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INVESTMENT APPROACH

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Investment Process

INVESTMENT APPROACH

COMPANY MONITORING & ENGAGEMENT

PORTFOLIO CONSTRUCTION & RISK MANAGEMENT

FUNDAMENTAL & QUANTITATIVE ANALYSIS

ESG & ENVIRONMENTAL ANALYSIS

THEMATIC & INDUSTRY RESEARCH

MACRO & REGULATORY ANALYSIS

• Macro research informs top down views

• Regulatory insights sidestepping risk / identifies opportunity

• Researching themes for regional market dynamics

• Select themes that fits with top down view

• Proprietary themes (6), industries (54), sub-sectors (133) in thematic database

• Industry analysis drives total addressable markets (TAM) demand / supply and technologies

• Comprehensive ESG process using in-house scoring methodology

• Environmental revenue segmentation and environmental data analysis

• Qualitativeassessments and overlays applied where needed

• Perform review if no internal coverage

• Detailed valuationmodels w/ up- and downside targets

• Dynamic multi-stage DCF modelling applying cycle theory and technology curves

• Site visits and company meetings

• Quantitative tools to support fundamental analysis

• Calculate risk/reward ratios from up-and downside targets

• Adjusted risk rewards incorporates risk factors and drives portfolio weights

• Active management driven by optimizing individual investment’s risk/reward

• Companies are monitored through ongoing engagement by investment team

• Firmwide, global coverage of voting, engagement and stewardship

• Investment team produces quarterly Climate & ESG Report for environmental and ESG performance

Generating high conviction ideas through a disciplined and repeatable approach


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Tying it all together – sources of alpha

INVESTMENT APPROACH

This is for illustrative purposes only and could be subject to change and should not be used as a basis for making any specific investment, business or commercial decisions.Source: BNP Asset Management, April 2021

• Strong fiscal and monetary stimulus• Interest rate trajectory• USD weakness• Covid-19 relapse• Green Deals: where, what, when

Macro & RegulatoryAnalysis

• Mapping up and downside • Incorporating conviction, liquidity and

volatility• Dynamic assessment of risk and

return potential Portfolio Construction

• Bespoke 4 stage DCF valuation model

• No fundamental screens sidestepping style bias

• Market timing tools augments initiation and closure of a positionStock

Picking

Thematic & Industry

Research

• Superior renewable energy economics

• Picking technology winners• Total addressable market models• Tracking corporate/consumer trends

Getting the top down right Industry & thematic deep dive

Getting the sizing right Market research & timing

Alpha signals derived from multi-disciplinary and structured investment process focused on conviction & depth


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BNPP AM ESG METHODOLOGY6.


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Our ESG scoring framework covers over 13,000 issuers globally!

BNPP AM ESG METHODOLOGY

Source: BNP Paribas Asset Management, April 2021.

>13,000 issuersOur ESG issuer scoring coverage

Intended tilts reflecting risks

Carbon emissions and controversies are scored on absolute basis

Stringent metric selection

On average we use only 37 metrics per sector, focusing on material, insightful

metrics

Built for & with Investments

Managed by the independent Sustainability Centre, with inputs from Investments

A sector-relative approach

Assessing ESG performance vs. their comparable sector and geographical peers

Robust methodologyStatistically-rigorous model, developed with

our Quantitative Research Group


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Combining sustainability, investment and quantitative insights


Source: BNP Paribas Asset Management, April 2021.

Sustainability Centre (SC)• Selects data providers, and assigns metrics and weights to sectors • Assesses data quality and coverage (with the Quantitative Research Group)• Manages data corrections and qualitative overlays• Regularly reviews sectors to identify key trends, and update data model and

overlays accordingly

Quantitative Research Group (QRG)

• Analyses data quality, bias and metric correlations to inform and enhance the selection of metrics

• Normalises the distribution of metrics scores • Provides technical expertise and solutions to

build and maintain a robust scoring framework

Investment teams• Involved in every step of the ESG scoring

development process and related enhancements

• Provide inputs for data corrections and overlays• Utilise scoring to support investment decision

making and company engagement

BNPP AM ESG

scoring Framework


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Responsible Business Conduct


1) Organisation for Economic Co-operation and Development2) Multinational Enterprises 3) Kilowatt hours, (global average Carbon intensity) 4) International Energy AgencySource: BNP Paribas Asset Management, April 2021

Implementation of policies for sensitive sectors

Controversial weapons Coal

Tobacco Asbestos Palm oil and Wood Pulp Nuclear Mining Oil sands, Tar sands Agriculture

A universal benchmark for assessing companies

Based on 10 principles covering: Human Rights Labour Environment Anti-corruption

Including the UN Global Compact Watchlist

Sector Policies United Nations

Global Compact & OECD(1)

MNEs(2) Guidelines \ Focus on Coal Policy

Thermal Coal MiningExclusion of companies with:• 10% or more of revenues from thermal coal• OR representing > 1% of global production

Power Generation• Excluding all electricity providers with carbon intensity

>491gCO2/KWh(3)

• Reduce the threshold gradually until we reach the IEA(4)

annual electricity generation target for 2025 –327gCO2/KWh

BNPP standards Implemented January 2020


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ESG metrics cover program, policy and performance of company


Environmental Social Governance

ESG metric & weight selectionFocused approach incorporating 37 common and sector-specific metrics covering 80 sector and geographical peer groups. Metric selection and weights are based on a combination of materiality, data quality, data availability, differentiation.

10 metrics per sector on average 11 metrics per sector on average 15 metrics per sector on average

Climate change Environmental Risk Management

Natural resource use, emissions & waste Environmental incidents

Human capital management Health and safety

Externalstakeholders

Socialincidents

Corporate Governance* Business Ethics preparedness

Governance incidents

ThemesContributions from each metric are grouped into 11 themes

BNPP AM Final ESG Score (from 0 to 99) and Decile Ranking vs. peers (decile 1 = highest)

E contribution S contribution G contribution

Pillar contributionsContributions from each theme are grouped by pillar

Contribution points = metric weight x normalised Z-Score1 x 100

ESG Score = 50 + Σ(contribution points) +/- qualitative overlay

1. A normalised score above (below) 0 indicates that a company’s performance on an ESG metric is better (worse) than its peers. Source: BNP Paribas Asset Management, October 2021


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Risk Awareness & Regulatory Information

FUND FACTS

The risks associated with investments in shares (and similar instruments) include significant fluctuations in prices, negative information about the issuer or market and the subordination of a company’s shares to its bonds.

Capital risk: the value of investments and the income they generate go down as well as up and it is possible that investors will not recover their initial outlay.

The value of an investment be affected by fluctuations of the currency of the country in which the investment was made, or exchange control regulations.

Sub-funds investing in small caps are likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity, or due to greater sensitivity to changes in market conditions.

For more information on risks, please see the "Investment Risks" section of the fund’s prospectus or KIID. All relevant documents (prospectus, annual report, KIID) can be downloaded free of charge from our website: www.bnpparibas-am.com.

BNP PARIBAS ECOSYSTEM RESTORATION


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APPENDIX10.


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BNP Paribas Asset Management is part of BNP Paribas Group

BNP PARIBAS ASSET MANAGEMENT

Source : BNP Paribas Asset Management and BNP Paribas Group, March 2020; (1) Joint Ventures included Latest review (2) 04/23/2020 for Standard & Poor’s (3) 12/04/2020 for Moody’s (4) 10/12/2020 for Fitch

200,000~Staff Worldwide

200k+ in staff across 71 countries, generating a net group income of €8.2B (2019)

Staff Worldwide3000+ in staff across 36 countries, with

over 520 investment professionals

3000+ (1)

Est. 1964Long History

A trusted partner in asset management since our establishment in 1964

BNP Paribas Asset Management BNP Paribas Group

€ 474 B.AUM

Across a broad range of asset classes, on behalf of a wide range of clients globally

Dedicated ESG TeamAn internal dedicated ESG analyst team has

contributed to our approach since 2002

Est. 2002 Est. 1822Long History

Close to two centuries of uniquely rich history and industry experience

71Countries Worldwide

With locations in over 71 nations around the world, BNP Paribas has a truly global presence

BNP Paribas RatedBy Standard & Poor’s (2), Moody’s (3), and Fitch (4).

Equity tier 1 capital of €83.3B

A+, Aa3, AA-(2) (3) (4)

BNP Paribas Group backing provides scale & resilience. It gives us and our clients a secure foundation to invest and make a positive difference to people’s future.


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Committed to sustainable investing since 2002

BNP PARIBAS ASSET MANAGEMENT

Source: BNP Paribas Asset Management - As of December 2019

Launch of our first socially responsible investment (SRI) fund and joined the institutional investors group on climate change (IIGCC)

Founding signatory to the UN Principles for Responsible Investments (PRI)

Signatory to Montreal Carbon Pledge to align portfolios with the Paris agreement

Implementation of the United NationsGlobal Compact Principles & sectorpolicies of BNP Paribas Group

Exclusion of tobacco from our investment funds

New Coal Policy & launch of Global Sustainability Strategy

2002

2006 2012

2015 2018

v

2019 2020Enhanced ESG Scoring Coal Policy and Diversity Voting Guidelines

2021

2021 Launch of Biodiversity Roadmap

ESG


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Our Team (1/2)

APPENDIX

Portfolio Management & Equity Research

Ulrik is co-head of Environmental Strategies Group and co-lead portfolio manager for the Energy Transition Fund (Aug ’19) and Environmental Absolute Return Thematic Fund (Jul ‘20) having joined BNPP AM in 2019. Ulrik began his career at Goldman Sachs, London, in 2001 investing thematically across energy, materials, agriculture and material companies globally at Goldman Sachs Principal Strategies (2005 – 2007) and co-ran the Goldman Sachs Thematic Investment Group (2007-2012). Since 2012, Ulrik was the CIO and co-founder of North Shore Partners that became part of Duet Asset Management in 2015 and later co-founded Sustainable Solutions (2017-2019). He holds a MSc in Economics and Political Science from University of Copenhagen.

Ulrik Fugmann, Co-head Environmental Strategies Group, ESG Champion

Edward is co-head of Environmental Strategies Group and co-lead portfolio manager for the Energy Transition Fund (Aug ’19) and Environmental Absolute Return Thematic Fund (Jul ‘20) having joined BNPP AM in 2019. Edward began his career in 1994 at Morgan Stanley in New York in investment banking and private equity.He joined Goldman Sachs in 2000 where he was an MD and founded and co-ran the Goldman Sachs Thematic Investment Group (2005-2009). Edward set up thematic fund Clear River Capital in 2009 and subsequently went to UBS as a MD to start a principal investing business. Since 2012, Edward was the CEO and co-founder of North Shore Partners that became part of Duet Asset Management in 2015 and later co-founded Sustainable Solutions (2017-2019). He holds a MBA from Wharton and a BA from Amherst College.

Edward Lees, Co-head Environmental Strategies Group, ESG Champion

22 years industry experience



Alex is an analyst in the Environmental Strategies Group having joined BNPP AM in 2021. Alex began his career at Neptune Investment Management in 2013 as an analyst covering Soft Commodities and Oil & Gas. In 2015 he moved to working as a Chemicals sector specialist focussed on Next Generation Resources. In 2018, Alex joined CJW Capital Management as the sole equity specialist and joined Fulcrum Asset Management in 2019 as part of the Thematic Long/Short Equity team. Most recently, Alex was an analyst at Arctis Global, where he covered Industrials, Materials and Energy (2020-21). He holds a BA in Philosophy, Politics and Economics from Keble College, Oxford and is a CFA Charterholder.

Alex Scott, Equity Research Analyst 8 years industry experience

Vanessa is an equity analyst in the Environmental Strategies Group having joined BNPP AM in 2021. Vanessa worked in Business Development at Accsys Technologies, a wood science technology company, helping the company to form strategic partnerships and develop new opportunities globally. Prior to this, Vanessa started her career as an Equity Research Analyst at Credit Suisse, covering Paper & Packaging and Building Materials sector and spent some time in Credit Suisse HOLT®. Vanessa holds a BA in Economics from the University of Cambridge.

Vanessa Cheung, Equity Research Analyst 4 years industry experience


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Our Team (1/2)

APPENDIX

Gabrielle is a dedicated London based investment specialist working closely with Ramon as well as being responsible for the teams environmental and sustainability research and broader business development with the environmental solutions space. Gabrielle began her career as an environmental scientist at UK engineering firm Jacobs involved with project development and air pollution modelling for construction and infrastructure projects before joining the low carbon specialist research team within Bloomberg New Energy Finance where she built and lead on client engagement across the Nordics. She joined BNP Paribas in April 2021 and holds a BSc in Physical Geography and Biosciences from the University of Exeter and an MSc in Sustainability and Business Management from the University of Bath.

Gabrielle Kinder, Investment Specialist (London) 5 years industry experience

Ramon started his professional career in 1991 as an auditor in at Banco Zaragozano before joining Morgan Stanley PB and Marketing from 1996 - 2001. He moved to ING IM in 2001 as Director, Institutional Clients before becoming Country Manager Spain & Portugal for ABN AMRO AM from 2005 – 2008. Following the acquisition of ABN Amro AM by Fortis Investments, Ramon became Head Institutional Clients, Spain & Portugal. From 2010 - 2016, he was Head of Sales, Europe (ex-France) & Latin America for FundQuest Advisor before becoming Senior Investment Specialist BNP Paribas AM. He holds a BSc in Foreign Service, Georgetown University and a BSc. in Economics, University of Siena, MBA, Rotterdam School of Management – Erasmus University. Certified ESG Analyst since Jan 2021.

Ramon Esteruelas, CESGA - Senior Investment Specialist (Paris)

Esuabom is the dedicated quantitative analyst for the Environmental Absolute Return Thematic Fund and leveraging BNPP AM Quantitative Research group. Prior to joining BNP, Esuabom received his PhD, Bioengineering and Biomedical Engineering at Imperial College in 2018. He has designed and developed applications for the medical industry through Python, SQL, R, MatLab, C suite and a variety of other data applications as well as been involved with machine learning and intelligent systems. He has worked for ICBC as an analyst and Uhusiano Capital where he was involved with impact projects in Africa. He holds a BSc, Electronics and Communications Engineering from University of Bristol and Msc, Bioengineering & Medical Physics.

Esuabom Dijemeni, Data Scientist & Developer 7 years industry experience

Quantitative Research

Investment Specialists



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Fund Facts

FUND FACTS

Fund Managers Base Currency Launch Date Subscription Fees SRRI* SFDR

EUR TBD 3% maximum(payable to the intermediary)

61 low risk 7 high risk

Article 9

Redemption Fees NAV Calculation Ongoing Charges Rate (estimate) on 2 September 2021

None Daily Instit. Share Class0.96%

Classic Cap Share Class1.98%

Management Company BNP Paribas Asset Management Luxembourg

Delegated Manager BNP Paribas Asset Management UK

Management objective BNP Paribas Ecosystem Restoration Fund seeks exposure to public companies globally aiming at restoring ecosystems across oceans & water; land, food &forestry and sustainable cities & buildings

Benchmark Reference index MSCI ACWI NR (EUR) Index

Legal Form Sub-Fund of the BNP Paribas Funds UCITS V SICAV registered under the Luxembourg law.

ISIN Code LU2308191738 (Classic capitalisation)LU2308191654 (Institutional)

These internal guidelines are provided for your information only and are subject to change. Prospectus guidelines and the KIID are leading. There is no guarantee that the performance objective will be achieved. * Synthetic Risk and Reward Indicator.Following the new Sustainable Finance Disclosure Regulation (SFDR) that came into force on March 10th this year, our BNP Paribas Funds Energy Transition Fund is categorised under Article 9. Under this new regulation, financial entities such as BNP Paribas Asset Management who sell products into the EU are required to classify the products they manufacture or advise into three categories: Products with sustainable investment objective (Article 9), Products promoting environmental or social characteristics (Article 8), Non-sustainable products (Article 6)Source: BNP Paribas Asset Management, April 2021

UlrikFugmann

Edward Lees


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Quarterly Climate & ESG reporting using ‘primary’ carbon, waste and water data

INVESTMENT APPROACH

Source: Environmental Strategies Group, BNP Paribas Asset Management, April 2021

COMPANY MONITORING & ENGAGEMENT

PORTFOLIO CONSTRUCTION & RISK MANAGEMENT

FUNDAMENTAL & QUANTITATIVE ANALYSIS

ESG & ENVIRONMENTAL ANALYSIS

THEMATIC & INDUSTRY RESEARCH

MACRO & REGULATORY ANALYSIS

Our quarterly ‘Climate & ESG Report’ report monitoring and engagement with companies


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Disclaimer

BNP PARIBAS ASSET MANAGEMENT Belgium is a management company of investment funds and manager of alternative investment funds registered with the Financial Services and Markets Authority, incorporated as a société anonyme/naamloze vennootschap and with registered office at Rue du Progrès 55, 1210 Brussels, Belgium.

This material is issued and has been prepared by BNP PARIBAS ASSET MANAGEMENT Belgium.

This material does not constitute an investment advice.

This material makes reference to certain financial instruments authorised and regulated in their jurisdiction(s) of incorporation.

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

Investors considering subscribing to the financial instrument(s) should read carefully the most recent prospectus and Key Investor Information Document (KIID) and consult the financial instrument(s’) most recent financial reports. These documents are available free of charge in French and in Dutch from BNP Paribas Fortis S.A., Montagne du Parc 3, 1000 Brussels or on the website.Opinions included in this material constitute the judgement of BNP PARIBAS ASSET MANAGEMENT Belgium at the time specified and may be subject to change without notice. BNP PARIBAS ASSET MANAGEMENT Belgium is not obliged to update or alter the information or opinions contained within this material. Investors should consult their own legal and tax advisors in respect of legal, accounting, domicile and tax advice prior to investing in the financial instrument(s) in order to make an independent determination of the suitability and consequences of an investment therein, if permitted. Please note that different types of investments, if contained within this material, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for an investor’s investment portfolio.

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

The performance data, as applicable, reflected in this material, do not take into account the commissions, costs incurred on the issue and redemption and taxes.

All information referred to in the present document is available on www.bnpparibas-am.be


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