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BNP PARIBAS L1

Short-named BNPP L1

Luxembourg SICAV - UCITS class

Registered office: 33, rue de Gasperich, L-5826 Hesperange

Luxembourg Trade and Company Register No. B 32327

NOTICE TO SHAREHOLDERS

The following changes will be incorporated in the next version of the prospectus dated March 2015 and will be effective on 16 March 2015.

A.

Changes applicable to all sub-funds

Bearer Shares

Pursuant to the Luxembourg Law of 28 July 2014 regarding immobilisation of bearer shares and units, holders of bearer shares are required to deposit them with BNP Paribas Securities Services, Luxembourg branch, as the Depositary appointed for

this purpose.

Specifically, we ask that the holders concerned deposit their bearer shares no later than 18 February 2016:

Either, from this moment, in a securities account with their usual banking organisation, ensuring that the bank will register itself as a nominee (in its own name but on behalf of the shareholder) with BNP Paribas Securities Services, Luxembourg branch.

Or, from 18 February 2015, to BNP Paribas Securities Services, Luxembourg branch by notifying BGL BNP Paribas, Kirchberg office, 10 rue Edward Steichen, L-2540, Luxembourg. To do so, please call the following number to arrange an appointment:

(+352) 42 42 3175; uniquely in such cases and upon written request of

the shareholder to the bearer for a certificate stating that all the registrations pertaining to them may be issued.

Please keep in mind that, in accordance with the statutory provisions:

the voting rights attached to bearer shares that have not been immobilised as at 18 February 2015 will automatically be suspended and the holders of these shares will no longer be a

dmitted to General Meetings, nor included when calculating the quorum or voting majorities, until such time as the shares are immobilised.

The distribution of dividends attached to bearer shares that have not been immobilised as at 18 February 2015 will be deferred until such date as the shares are immobilised, provided that the distribution rights have not expired, and with no

requirement for interest to be paid.

Bearer shares that have not been immobilised as at 18 February 2016 will be cancelled. The funds corresponding to these shares will be deposited with the Luxembourg Caisse de consignation (consignment office) until such time as reimbursement

of the funds is requested by a person who can prove their ownership of the shares. B.

Changes applicable to the Bond sub-funds

"Bond World Emerging Local"

In the following sentence of the investment policy of the Master sub-fund (PARVEST Bond World Emerging Local): “In terms of geographical region, investments will be limited to 25% of its net inventory value per country, with an overall maximum of ..."

“net inventory value" will be replaced by “assets". "Convertible Bond World"

The reference currency of the Master sub-fund (PARVEST Convertible Bond World) is changed to USD as of 30 March 2015.The investment policy of the Master sub-fund is changed as follows:

"After hedging, the sub-fund's exposure to currencies other than the USD may not exceed 25%. The sub-fund may use financial derivative instruments for both hedging and investment purposes. The sub-fund"s overall exposure (via both direct and indirect investments) to mainl and China equity and debt securities will not exceed 30% of its assets." C.

Changes applicable to the Equity sub-funds

The following sub-funds: "Equity Italy", "Equity USA Core" and the Master sub-fund of "Equity World Emerging" (PARVEST Equity World Emerging) will invest at least 75% (instead of 2/3) of their assets in the main target assets

and no longer in financial derivative instruments on such main target assets. Ancillary investments will decrease from 1/3 to 25% of their assets. "Equity Netherlands" The sub-fund will invest at least 75% (instead of 2/3) of their assets in the main target assets and no longer in financial derivative instruments on such main target assets. Ancillary investments will decrease from 1/3 to 25% of their assets.

The following restriction is removed: "At least 75% of assets are constantly invested in shares of companies that have their registered offices in a member state of the European Economic Area, except for countries that do not cooperate in the fight

against fraud and tax evasion." "Equity Euro"

For the main part of the investment policy (at least 75%), issuers of the underlying main assets are subject to corporate or equivalent tax and registered in member states of the European Economic Area, except for countries that do not cooperate in

the fight against fraud and tax evasion.

“Equity World Quality Focus"

As of 30 March 2015 (NAV date), the sub-fund will be converted into a Feeder sub-fund of the “PARVEST Equity World" to be renamed “PARVEST Equity Best Selection World" with the following new features:

As Feeder, it will invest at least 85% of its assets in the Master. The investment policy of the Master is the same as the current investment policy of the Sub-fund with the following difference: Main investments of the Master represent 75% of its

assets instead 2/3 in the current investment policy of the Feeder.

The remaining portion, namely a maximum of 15% of its assets, may be invested in: a) ancillary liquid assets, b) financial derivative instrument, which may be used only for hedging purposes, in accordance with the Appendix 1, point 1.g) and

Appendix 2 of Book I of the Prospectus.

The Feeder will not support subscription or redemption fee for its investment s in the Master. The maximum “Other fees" into the Feeder will decrease a) from 0.40% to 0.09% in the “Classic", “N" and “Privilege" categories; b) from 0.35% to 0.05% in the “I" category; c) from 0.17% to 0.05% in the “Life" category.

The aggregate charges (cumulated fees Feeder and Master), are identical to the current global fees of the Sub-fund:

a) 1.95% in the “Classic" category b) 2.70% in the “N" category c) 1.20% in the “Privilege" category; d) 1.01% in the “I" category;

e) 1.91% in the “Life" category.- Centralisation Date for subscription, conversion and redemption orders is changed from the Valuation Day to the day preceding the Valuation Day.

Subscriptions in the Feeder will be accepted in amount only (not in number of shares). Subscriptions in kind will not be authorised anymore.

Redemptions in the Feeder will be accepted in amount and in number of shares. The KIID of the Master and Feeder sub-funds are available on the website www.bnpparibas-ip.com.

This conversion has been approved by the Commission de Surveillance du Secteur Financier (Luxembourg Supervisory Authority).

Shareholders who do not approve these changes may request the redemption of their shares free of

charge until the cut-off time on 25 March 2015, last Valuation day before conversion into a Feeder sub-fund

To facilitate the operation, subscription, conversion and redemption orders in the sub-fund received after the cut

-off time on 25 March 2015 will be suspended and treated with the orders of 27 March 2015 on the NAV of 30 March 2015

calculated on 31 March 2015. NAV of 26 and 27 March 2015 will not be calculated. "Equity World Quant Selection" The sub-fund is renamed into “Equity World Guru"

The NAV calculation and publication day is changed from the day after the Valuation Day (D+1) to two days after the Valuation Day (D+2).

D.

Changes applicable to the Safe sub-funds

The "Safe Balanced W1; W4; W7 and W10" sub-funds are renamed into "Safe Neutral W1; W4; W7 and W10"

The “Safe Growth W1; W4; W7 and W10" sub-funds are renamed into “Safe Dynamic W1; W4; W7 and W10"

The “Safe High Growth W1; W4; W7 and W10" sub-funds are renamed into “Safe Aggressive W1; W4; W7 and W10"

The “Safe Stability W1; W4; W7 and W10" sub-funds are renamed into “Safe Defensive W1; W4; W7 and W10"Safe Neutral

W1, W4, W7 och W10

Safe Conservative

W1, W4, W7 och W10

Safe Dynamic

W1, W4, W7 och W10

Safe Aggressive

W1, W4, W7 och W10

Safe Defensive

W1, W4, W7 och W10

The asset allocation are changed as follows

"Emphasis is placed on international diversification of investments. The sub-fund may also use financial derivative instruments directly or indirectly both for hedging and trading (i

nvestment) purposes, within the limits defined in Appendix 2 of

Book I of the Prospectus.

The risk is closely related to the percentages invested in the different asset classes. In a scenario of upwardly moving financial markets, the sub-fund will attempt to emulate or to outperform in the long term the performance of the neutral allo

cation with the below asset class weightings.

Equity

Debt securities

Alternatives*

Neutral

47 %
37 %
16 %

Equity

Debt securities

Alternative

Neutral

0 % 100 %
0 %

Equity

Debt securities

Alternatives*

Neutral

68,50 %

10,50 %

21 %

Equity

Debt securities

Alternatives*

Neutral

79 %
0 % 21 %

Equity

Debt securities

Alternatives*

Neutral

21,50 %

68,00 %

10,50 %

In normal circumstances (when the protection mechanism described hereun

der is not activated), the manager can deviate from these asset class weights in function of the market conditions and his forecasts with

in the following range:

Equity

Debt securities

Alternatives*

Min 25 %
25 %
0 % Max 65 %
65 %
35 %

Equity

Debt securities

Alternatives*

Min 0 % 40 %
0 % Max 0 % 100 %
15 %

Equity

Debt securities

Alternatives*

Min 40 %
0 % 0 % Max 90 %
50 %
40 %

Equity

Debt securities

Alternatives*

Min 45 %
0 % 0 % Max 100 %
25 %
40 %

Equity

Debt securities

Alternatives*

Min 10 % 30 %
0 % Max 30 %
90 %

30 %*Investments in "Alternatives" may include investments in absolute return products, real estate securities products, indirect commodities and volatility based products.

When the protection mechanism is activated, these bandwidths apply only on the risky assets (excluding assets used specifically to protect the portfolio: euro-denominated money market instruments and short term fixed income securities)."

The maximum Management fees are decreased

as follows:

From 1.75% to 1.50% in the “Classic"

category;

From 0.90% to 0.75% in the “Privilege"

category;

From 0.65% to 0.60% in the “I" category;

No change (1.635%) in the “Life" category

The maximum Management fees are decreased

as follows:

From 1.00% to 0.75% in the “Classic"

category;

From 0.50% to 0.40% in the “Privilege"

category;

From 0.45% to 0.30% in the “I" category;

No change (0.885%) in the “Life" category

The maximum Management fees are decreased

as follows:

From 1.75% to 1.55% in the “Classic"

category;

From 0.90% to 0.75% in the “Privilege"

category;

From 0.65% to 0.60% in the “I" category;

No change (1.635%) in the “Life" category

The maximum Management fees are decreased

as follows:

From 1.75% to 1.60% in the “Classic"

category;

From 0.90% to 0.80% in the “Privilege"

category;

No change (0.65%) in the “I" category;

No change (1.635%) in the “Life" category

The maximum Management fees are decreased

as follows:

From 1.75% to 1.45% in the “Classic"

category;

From 0.90% to 0.70% in the “Privilege"

category;

From 0.65% to 0.55% in the “I" category;

No change (1.635%) in the “Life" category

As they are managed as Fund of Funds, the indirect fee (Ongoing charges incurred in underlying UCITS and/or

UCIs) is maximum 0.50%.

E.

Changes applicable to other sub-funds

"Diversified World Stability" The maximum investment in “Equity“ securities is increased from 25% to 30% of the assets of the sub-fund.

“Multi-Asset Income"

The Investment objective is changed as follows:

"The Sub-fund seeks to increase the value of its assets over the medi um-term for the Capitalisation shares.

For the Distribution shares, it seeks to deliver a target yield of 4% per year. This target is based on the NAV of the sub-fund at the end of a 12 month period. The 4% distribution is a target and is not guaranteed. This objective may be revised according

to market conditions and the evolution of the portfolio. The capital cannot be guaranteed on any share class, and the dividend payments may reduce the distribution shares" capital."

The maximum Other fees of the "Life" category are increased from 0.12% to 0.17%.

“Real Estate Securities World"

The list of examples of target assets (real estate certificates, SICAFI, closed-end REITs, etc.) is removed from the investment policy of the Master sub-fund (PARVEST Real Estate Securities World).F. Other changes

Indirect fee

As they are managed as Fund of Funds, indirect fees (Ongoing charges incurred in underlying UCITS and/or UCI

s) are maximum a)

0.50 % in the “Lifecycle 2015/2020/2025/2030/2035", “Model 1/2/3/4/5/6", “Multi-Asset Income" and “Sustainable Active Allocation" sub-funds.

b)

1.00 % in the “Diversified World Balanced / Growth / High Growth / Stability" sub-funds.

Shareholders who do not approve these changes may request the redemption of their shares free of charge until 14 March 2015.

Luxembourg, 13 February 2015

The Board of Directors

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