FUND MANAGER MARINA LOSCHEVA

Developed equities dropped by 9.9% in US dollars and emerging equities by 9.2%. The dollar rose strongly against the euro, so the market losses in euro were more subdued: -2.6% for developed equities and -1.9% for emerging equities. The cause for the turmoil was the dire outlook for government deficits in some eurozone countries, market fears of contagion and doubts about the sustainability of the economic recovery. The MSCI World (in EUR) dropped by 2.0% during the month. The long term interest rates decreased which had a positive effect on the performance of the funds. Overall, these developments resulted in negative returns for the Target Click Funds (TCF’s). The returns in May varied from -3.0% to -1.1%. Since their inception, 3 May 2004, the realised annual return of the second tranche of the TCF’s has ranged between 3.7% and 4.3%. The key factor behind this positive performance has been the growing equity markets worldwide in the period 2004 - mid 2007. Falling interest rates in the recent months also had a positive effect on the performance of the funds. The MSCI World (in EUR) has had a realised annualised return of 2.2% since the inception of the funds. During the month May none of the net asset values of the TCF’s were higher than the last known guaranteed values. The guaranteed values of all the funds remained unchanged as per 30th April 2010.

• Investment strategy Target Click Funds (TCFs) are guaranteed funds that provide a risk-averse route for investors to meet a host of future financial commitments - such as retirement and pre-retirement funding, school or university fees and any other lifecycle events - with a range of funds which give exposure to all types of asset classes with the security of a capital guarantee at maturity that is fully backed by BNP Paribas Fortis. TCFs invest in a mix of cash, fixed income securities and funds or derivatives, that can create exposure to multiple asset classes. The allocation to these components is automatically adjusted over time where the asset class exposure is higher when the time to maturity is longer. TCFs offer a guaranteed value at maturity that can rise over time when capital gains are locked in via a 'click' that occurs whenever the daily price rises above the existing guaranteed value. TCFs help consumers meet their financial planning needs with a simple, single investment package that offers: 1) 'Freedom of choice': a range of funds to select from, which pay out up to 30 years in the future to match any life event investors may wish to invest for. 2) 'Opportunity and security': if kept to maturity investors will have the opportunity for returns on multiple asset classes without loss and they can be certain that locked-in gains can never be lost, and 3) 'Flexibility': if personal circumstances change before the fund's maturity date investors can make changes for free of charge at any time and they can make withdrawals at the market price (that can be inferior to the guaranteed value) without penalty. TCFs are suitable for any investor who wants to invest for future financial needs in a convenient way, would like to achieve capital growth with the security of a minimum guaranteed value at maturity and has experience with the risks and rewards of investing in multiple asset classes.

• Performance in EUR (31/07/2014)

BNP Paribas Plan Target Click Fund 2023-2042 - A

July 2014

GUARANTEED PRODUCTS

Developed equities dropped by 9.9% in US dollars and emerging equities by 9.2%. The dollar rose strongly against the euro, so the market losses in euro were more subdued: -2.6% for developed equities and -1.9% for emerging equities. The cause for the turmoil was the dire outlook for government deficits in some eurozone countries, market fears of contagion and doubts about the sustainability of the economic recovery. The MSCI World (in EUR) dropped by 2.0% during the month. The long term interest rates decreased which had a positive effect on the performance of the funds. Overall, these developments resulted in negative returns for the Target Click Funds (TCF’s). The returns in May varied from -3.0% to -1.1%. Since their inception, 3 May 2004, the realised annual return of the second tranche of the TCF’s has ranged between 3.7% and 4.3%. The key factor behind this positive performance has been the growing equity markets worldwide in the period 2004 - mid 2007. Falling interest rates in the recent months also had a positive effect on the performance of the funds. The MSCI World (in EUR) has had a realised annualised return of 2.2% since the inception of the funds. During the month May none of the net asset values of the TCF’s were higher than the last known guaranteed values. The guaranteed values of all the funds remained unchanged as per 30th April 2010.

FUND MANAGER LINDIA MIN

Early in the month, the equity markets resumed their upward climb, driven by solid US economic data and very soothing words from the Fed and the ECB. Against this backdrop, the S&P 500 closed above 1985 points on 3 July and the Dow Jones 30, above 17,000. The trend quickly reversed itself, beginning with the European markets, where concerns over the Portuguese bank Espirito Santo pulled down the financial sector and economic indicators disappointed. Renewed geopolitical tensions (Ukraine, and Israeli-Palestinian conflict) were ultimately a cause for worry for investors, triggering an increase in volatility and a sudden drop in equities. The uncertain outcome of Argentina’s negotiations with a minority of its creditors also hemmed in risk appetite. Late in the month the decline in equities suddenly accelerated, due among other things to disappointing results from major US listed companies, which resulted in a monthly drop in the MSCI AC World (-1.3% in dollars). The MSCI Emerging index, driven mainly by a very solid performance by the Chinese market, rose by 1.4% (in dollars) despite the sharp drop in the Russian index, while western countries announced heavy sanctions (due to Russia’s involvement in the Ukrainian conflict, which took an even more tragic turn with the explosion of a commercial airliner above eastern Ukraine) and Moscow threatened higher energy prices. The major euro zone indices underperformed, due to their geographical proximity with Ukraine (-3.5% by the Eurostoxx 50, -4% by the French CAC 40, and -4.3% by the German DAX) and doubts on growth in the main euro zone economies, as seen in the sharp underperformance of the most cyclical sectors and energy, as well as the euro’s 2.2% decline vs. the dollar. In the US, the S&P 500 lost 1.5% on the month, driven down by its 2% decline on 31 July. Only the healthcare, tech and telecom sectors managed to outperform the index. In Tokyo, the Topix index gained 2.1% while the economic outlook remains encouraging for the second half and the yen depreciated slightly vs. the dollar in July (-1.4%), driving up export-intensive sectors sharply. Unless otherwise indicated, all indices are given in local currency. The resurgence in risk aversion (due mainly to geopolitical events) drove government bonds up further during most of the month, albeit in rather shaky fashion. In the US, the trend reversed itself late in the reporting period when the first estimate of GDP growth was released, showing a stronger-than-expected rebound in the second quarter. The 10-year US T-note yield rose from 2.53% at end-June to almost 2.65% on 3 July after solid job creations before temporarily pulling back below 2.45% on 17 July due to geopolitical tensions (the crash of an airliner in eastern Ukraine, probably shot down by a missile; and the resumption in the Israeli-Palestinian conflict in the Gaza Strip). It stabilised for a few days just above this level before suddenly rebounding by about 10 basis points and ending the month at 2.56%, very slightly (+3 points) above the level of end-June. There was slightly more upward pressures on the short end of the curve (+7bp for the two-year rate, to 0.53%), reflecting expectations of a hike in key rates beginning in the second half of 2015, in line with the Fed’s guidance, which is still broadly accommodating. In the euro zone, the start of the month was highlighted by concerns over the Portuguese bank Espirito Santo (BES), which led to temporary upward pressures on peripheral yields and a parallel pullback in the German Bund yield. The geopolitical context and disappointing economic indicators then contributed to an across-the-board decline, which sent the 10-year German yield down to 1.12% on 29 July, a new all-time low. It ended the month at 1.16%, 9bp lower than at the end of June. Peripheral yields outperformed once again, with a 15bp decline for 10-year Spanish and Italian yields. Portuguese yields with the same maturity ended at 3.61% vs. 3.64% at the start of the month after rising to almost 4%. Fears on BES’s solvency raised fears for some time of the return of a link between the financial sector’s health and government bonds but the problem was rapidly contained. On the credit market, the decline in risk appetite led to a widening in high yield spreads to their highs since February in both the US and Europe. Investment grade credit did not suffer such a movement of distrust and spreads were relatively unchanged vs. the end of June.

RISK CLASS

TCF 2023 - 2029

TCF 2030 - 2042

• Portfolio Composition (31/07/2014) Key Figures

Asset Allocation

Source : BNP Paribas Investment Partners

• Fund Features

This document has been prepared solely for informational purposes and does not constitute 1) an offer to buy or sell or a solicitation of an offer to buy or sell any security or financial instrument mentioned in this document or 2) any investment advice. Any decision to invest in the securities described herein should be made after reviewing the prospectus, which can be obtained free of charge from Fortis Investments*. Prospective investors should conduct such investigations as the investor deems necessary and should seek their own legal, accounting and tax advice in order to make an independent determination of the suitability and consequences of an investment in the securities. Fortis Investments does not make any representation or warranty, express or implied, of any nature nor accepts any responsibility or liability of any kind with respect to the accuracy or completeness of the information contained herein. The information or opinions contained herein are subject to change without notice. Fortis Investments has no obligation to update or amend any information or opinions contained herein. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemptions of units. * Fortis Investments is the trade name for all entities within the group of Fortis Investment Management. This document has been issued by Fortis Investment Management Belgium N.V./S.A. (address : Avenue de l’Astronomie 14, 1210 Brussels, Belgium, RPM/RPR 0882 221 433).

The investments in Fortis Plan are subject to market fluctuations and the risks inherent in investments in securities. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Compartment of FORTIS PLAN Sicav incorporated under Luxembourg law registered for sale in the Netherlands, Sweden, Norway, Denmark, Austria, Luxembourg, Ireland, Finland, Czech Republic, France, United Kingdom, Singapore, Hong Kong Each Fund calculates its Net Asset Value per Share on each Valuation Day. Orders to buy, sell or convert Shares that are received andaccepted by the Registrar or Management Company before 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated the following Valuation Day. Orders accepted after 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated two Valuation Days later. Note that a Fund may suspend calculation of its Share Price under certainconditions, including any day when prices are not available for a substantial portion of its assets due to a market closure or holiday. GLOBAL PRESENCE EUROPE: Austria • Belgium • France • Germany • Greece • Italy • Luxembourg • Poland • Spain • Switzerland • The Netherlands • United Kingdom • AMERICAS: Argentina • Brazil • Canada • USA • ASIA, MIDDLE EAST, AFRICA and TURKEY: Australia • China • Hong Kong • India • Indonesia • Japan • Singapore • South Korea •Taiwan • Turkey • United Arab Emirates • NORDICS, RUSSIA and CIS: Denmark • Finland • Kazakhstan • Norway • Russia • Sweden Offices addresses can be found in the About US section of www.fortisinvestments.com

Compartment of FORTIS PLAN Sicav incorporated under Luxembourg law registered for sale in the Netherlands, Sweden, Norway, Denmark, Austria, Luxembourg, Ireland, Finland, Czech Republic, France, United Kingdom, Singapore, Hong Kong Each Fund calculates its Net Asset Value per Share on each Valuation Day. Orders to buy, sell or convert Shares that are received and accepted by the Registrar or Management Company before 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated the following Valuation Day. Orders accepted after 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated two Valuation Days later. Note that a Fund may suspend calculation of its Share Price under certain conditions, including any day when prices are not available for a substantial portion of its assets due to a market closure or holiday.

This document is issued and has been prepared by BNP Paribas Asset Management (BNPP AM)* a member of BNP Paribas Investment Partners (BNPP IP)**. This document is produced for information purposes only and does not constitute: 1- an offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or 2- any investment advice. This document makes reference to certain financial instruments (the “Financial Instrument(s)”) authorized and regulated in its/their jurisdiction(s) of incorporation. No action has been taken which would permit the public offering of the Financial Instrument(s) in any other jurisdiction, except as indicated in the most recent prospectus, offering document or any other information material, as applicable, of the relevant Financial Instrument(s) where such action would be required, in particular, in the United States, to US persons (as such term is defined in Regulation S of the United States Securities Act of 1933). Prior to any subscription in a country in which such Financial Instrument(s) is/are registered, investors should verify any legal constraints or restrictions there may be in connection with the subscription, purchase, possession or sale of the Financial Instrument(s). Investors considering subscribing for the Financial Instrument(s) should read carefully the most recent prospectus, offering document or other information material and consult the Financial Instrument(s)’ most recent financial reports. The prospectus, offering document or other information of the Financial Instrument(s) are available from your local BNPP IP correspondents, if any, or from the entities marketing the Financial Instrument(s). Opinions included in this website constitute the judgment of BNPP AM at the time specified and may be subject to change without notice. BNPP AM is not obliged to update or alter the information or opinions contained within this website. 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 website, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for a client or prospective client’s investment portfolio. Given the economic and market risks, there can be no assurance that the Financial Instrument(s) will achieve its/their investment objectives. Returns may be affected by, amongst other things, investment strategies or objectives of the Financial Instrument(s) and material market and economic conditions, including interest rates, market terms and general market conditions. The different strategies applied to the Financial Instruments may have a significant effect on the results portrayed in this website. 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 website, do not take into account the commissions, costs incurred on the issue and redemption and taxes. *BNPP AM is an investment manager registered with the “Autorité des marchés financiers” in France under number 96-02, a simplified joint stock company with a capital of 62,845,552 euros with its registered office at 1, boulevard Haussmann 75009 Paris, France, RCS Paris 319 378 832. www.bnpparibas-am.com. ** “BNP Paribas Investment Partners” is the global brand name of the BNP Paribas group’s asset management services. The individual asset management entities within BNP Paribas Investment Partners if specified herein, are specified for information only and do not necessarily carry on business in your jurisdiction. For further information, please contact your locally licensed Investment Partner.

BNP Paribas Plan Target Click Fund 2023-2042 - A

July 2014

GUARANTEED PRODUCTS

2023-2025: 1.25% 2026-2042: 1.50% 5.25% max BNP Paribas Securities ServicesLuxembourg BNP Paribas Securities Services BNP Paribas Investment Partners

Compartment of FORTIS PLAN Sicav incorporated under Luxembourg law registered for sale in the Netherlands, Sweden, Norway, Denmark, Austria, Luxembourg, Ireland, Finland, Czech Republic, France, United Kingdom, Singapore, Hong Kong Each Fund calculates its Net Asset Value per Share on each Valuation Day. Orders to buy, sell or convert Shares that are received and accepted by the Registrar or Management Company before 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated the following Valuation Day. Orders accepted after 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated two Valuation Days later. Note that a Fund may suspend calculation of its Share Price under certain conditions, including any day when prices are not available for a substantial portion of its assets due to a market closure or holiday.

Calculated Inception date 2023 -2042 Maturity date Joint AUM in

Daily 03/05/2004 at EUR 50 per share

31 October of the corresponding year EUR 223.96 million

Management fee Subscription fee Administrator Custodian Management Company

Compartment of BNP Paribas Plan Sicav incorporated under Luxembourg law registered for sale in the Netherlands, Sweden, Norway, Denmark, Austria, Luxembourg, Ireland, Finland, Czech Republic, France, United Kingdom, Singapore, Hong Kong Each Fund calculates its Net Asset Value per Share on each Valuation Day. Orders to buy, sell or convert Shares that are received and accepted by the Registrar or Management Company before 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated the following Valuation Day. Orders accepted after 12:00 CET on any Valuation Day will be processed at the Share Price to be calculated two Valuation Days later. Note that a Fund may suspend calculation of its Share Price under certain conditions, including any day when prices are not available for a substantial portion of its assets due to a market closure or holiday.