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Dated 9 March 2011

Valid till 8 March 2012

BNP Paribas L1

(("BNPP L1") formerly known as

FORTIS L FUND)

SINGAPORE PROSPECTUS - REQUIRED PURSUANT TO

DIVISION 2 OF PART XIII OF THE

SECURITIES AND FUTURES ACT (CAP. 289)

This Singapore Prospectus incorporates and accompanies the attached Luxembourg Prospectus dated September 2010 ("Luxembourg Prospectus"), relating to the BNP Paribas L1 (formerly known as Fortis L Fund), an open- ended investment company incorporated under Luxembourg laws and constituted outside Singapore. This Singapore Prospectus is not authorised for distribution without the Luxembourg Prospectus. Please read this Singapore Prospectus and the Luxembourg Prospectus for full information on the BNP Paribas L1. BNP Paribas L1 has appointed BNP Paribas Investment Partners Singapore Limited) (whose details appear on paragraph

2.4 of this Singapore Prospectus) as its Singapore Representative and as its

agent for service of process in Singapore.

GLOBAL LAW ALLIANCE LLC

Advocates & Solicitors

ii

BNP Paribas L1

("BNPP L1")

DIRECTORY

Registered Office

33 Rue de Gasperich

L-5826 Howald-Hesperange

Luxembourg

Board of Directors

Mr Philippe MARCHESSAUX

Chief Executive Officer

BNP Paribas Investment Partners

Mr Marnix ARICKX

Head of Fund Engineering

BNP Paribas Investment Partners, Brussels

Mr Vincent CAMERLYNCK International Head of Institutional Sales

BNP Paribas Investment Partners, London

Mr Christian DARGNAT Head of Investments - Multi-Expertise Investments Centres

BNP Paribas Investment Partners, Paris

Mr Guy DE FROMENT Chairman

BNP Paribas Investment Partners UK Ltd, London

Mr William DE VIJLDER

Head of Investments - Partners & Alternative Investments

BNP Paribas Investment Partners, Brussels

Mr Anthony FINAN

Head of Marketing and Communication

BNP Paribas Investment Partners, Paris

Mr Marc RAYNAUD

Head of Global Funds Solutions

BNP Paribas Investment Partners, Paris

Mr Christian VOLLE

Director

BNP Paribas Investment Partners Luxembourg, Luxembourg iii

Management Company

BNP Paribas Investment Partners Luxembourg S.A.

33 Rue de Gasperich

L-5826 Howald-Hesperange

Luxembourg

Singapore Representative

BNP Paribas Investment Partners Singapore Limited

Registered Office

20 Collyer Quay

#01-01 Tung Centre

Singapore 049319

Business Office

16 Collyer Quay

#32-01 Hitachi Tower

Singapore 049318

Custodian Bank / Paying Agent

BNP Paribas Securities Services

Luxembourg Branch

33 Rue de Gasperich

L-5826 Howald-Hesperange

Luxembourg

Principal Paying Agent

Caceis Bank Luxembourg

5 Allée Scheffer

L-2520 Luxembourg

Registrar & Transfer Agent

Fastnet Luxembourg S.A.

31, allée Scheffer

L-2520 Luxembourg

Accounting Agent

Fastnet Luxembourg S.A.

31, allée Scheffer

L-2520 Luxembourg

iv

Auditor

PriceWaterhouseCoopers S.àr.l.

400, Route d'Esch

B.P. 1443

L-1014 Luxembourg

Legal Advisor to BNP Paribas L1 as to Singapore Law

Global Law Alliance LLC

18 Cross Street #07-06/07

Marsh & McLennan Centre

Singapore 048423

v

BNP Paribas L1

("BNPP L1")

IMPORTANT INFORMATION

The funds of BNP Paribas L1 (the "Company", formerly known as Fortis L Fund) which are being offered for subscription to investors in Singapore pursuant to this Singapore Prospectus (each a "subfund" and collectively the "subfunds") are recognised schemes under the Securities and Futures Act (Cap. 289) of Singapore. A copy of this Singapore Prospectus has been lodged with the Monetary Authority of Singapore (the "Authority") and is issued by the Company for compliance with Singapore

laws and regulations relating to offers of collective investment schemes and in particular compliance

with the Securities and Futures Act and regulations made under it.

The Authority assumes no responsibility for the contents of this Singapore Prospectus. Registration of

the Singapore Prospectus by the Authority does not imply that the Securities and Futures Act or any

other relevant legal or regulatory requirements have been complied with. The Authority has not, in any

way, considered the investment merits of the BNP Paribas L1. This Singapore Prospectus incorporates and is not valid without the Luxembourg Prospectus dated September 2010 (the "Luxembourg Prospectus") attached as a Schedule to this Singapore Prospectus. The Luxembourg Prospectus forms part of this Singapore Prospectus and should be read together with this Singapore Prospectus. BNP Paribas L1 is an open-ended investment company with an umbrella structure, established under

Luxembourg law.

The board of directors of the Company (the "Board of Directors" or the "Directors") has taken all

reasonable care to ensure that the facts stated in this Singapore Prospectus are true and accurate in

all material respects and that there are no other material facts the omission of which makes any statement, whether of fact or opinion, in this Singapore Prospectus misleading. The Directors accept responsibility accordingly.

This Singapore Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in

which such offer or solicitation is not lawful or in which the person making such offer or solicitation is

not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. Investment in the BNP Paribas L1 requires consideration of the normal risks involved in investment and participation in securities. Investors should also take note that each subfund intends to use or invest in financial derivative instruments other than for the purposes of hedging and/or efficient

portfolio management. Please refer to section 5 of this Singapore Prospectus, the information under

Risks / Risk profile in relation to each subfund in the Luxembourg Prospectus and Appendix 3 - INVESTMENT RISKS of the Luxembourg Prospectus for further details of the risks.

Investors should seek professional advice to ascertain (a) the possible tax consequences, (b) the legal

requirements and (c) any foreign exchange restrictions or exchange control requirements which they may encounter under the laws of the countries of their citizenship, residence or domicile, and which may be relevant to the subscription, redemption or conversion of the Shares of the Company. vi

BNP PARIBAS L1

("BNPP L1")

TABLE OF CONTENTS

DIRECTORY ii

IMPORTANT INFORMATION v

TABLE OF CONTENTS vi

1. BASIC INFORMATION ..................................................................................................................1

2. MANAGEMENT & ADMINISTRATION OF THE COMPANY ..................................................... 10

3. INVESTMENT OBJECTIVE, FOCUS AND APPROACH ........................................................... 21

4. FEES AND CHARGES ................................................................................................................ 45

5. RISKS .......................................................................................................................................... 46

6. SUBSCRIPTION AND ISSUE OF SHARES ............................................................................... 58

7. REDEMPTION OF SHARES ....................................................................................................... 59

8. CONVERSION / SWITCHING OF SHARES ............................................................................... 60

9. OBTAINING PRICES OF SHARES ............................................................................................ 61

10. ANTI-MONEY LAUNDERING ..................................................................................................... 61

11. SUSPENSION OF DEALINGS .................................................................................................... 61

12. PERFORMANCE, EXPENSE RATIOS AND TURNOVER RATIOS OF THE FUNDS .............. 61

13. SOFT DOLLAR COMMISSIONS ................................................................................................ 62

14. CONFLICTS OF INTEREST ....................................................................................................... 62

15. REPORTS .................................................................................................................................... 62

16. QUERIES AND COMPLAINTS ................................................................................................... 62

17. OTHER MATERIAL INFORMATION .......................................................................................... 62

APPENDIX I (FEES AND COMMISSIONS) ......................................................................................... 66

APPENDIX II (PERFORMANCE OF THE SUBFUNDS) ...................................................................... 84

SCHEDULE - LUXEMBOURG PROSPECTUS

1

1. BASIC INFORMATION

1.1 The Company

BNP Paribas L1 (formerly known as Fortis L Fund) is an open-ended investment company (société d'investissement à capital variable - abbreviated to SICAV), formed under Luxembourg law on 29 November 1989 for an indefinite period under the name "INTERSELEX WORLD", in accordance with the provisions of Part I of the Luxembourg Law of 30 March

1988 governing undertakings for collective investment. It was renamed "INTERSELEX

EQUITY" at the Extraordinary General Meeting on 4 November 1996, renamed "INTERSELEX" at the Extraordinary General Meeting on 4 May 1998, and renamed as "FORTIS L FUND" at the Extraordinary General Meeting on 30 September 1999 and renamed as "BNP Paribas L1" as of 1 August 2010 further to the Extraordinary General Meeting held on

14 May 2010.

The complete name "BNP Paribas L1" and the abbreviated form "BNPP L1" may be used equally in the official and commercial documents of the Company. The Company is governed by the provisions of Part I of the Luxembourg Law of 20 December

2002 governing undertakings for collective investment as well as by European Council

Directive 85/611. The Company is approved as an Undertaking for Collective Investment in Transferable Securities (UCITS) [Organisme de Placement Collectif en Valeurs Mobilières (OPCVM)] in Luxembourg.

The Company's capital is expressed in euros ("

EUR") and is at all times equal to the total net

assets of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value ("Shares"). The Company is registered in the Luxembourg Trade Register under the number B 32 327. The Company takes the form of an umbrella fund, which is a multi-subfund investment vehicle, with liabilities consisting of several subfunds, each representing assets comprising a collection of holdings, various rights and specific commitments that correspond to a distinct investment policy, governed as applicable by its own investment restrictions. There is no cross liability between the subfunds and each subfund shall be exclusively responsible for all liabilities attributable to it. The subfunds that are currently being offered for subscription in Singapore are set out in section 1.3 below. The subfunds may use or invest in financial derivative instruments, such as options, swaps, futures and other derivatives, other than for the purposes of hedging and efficient portfolio management. Where a subfund uses derivative instruments other than for the purposes of hedging or efficient portfolio management, this will be disclosed in section 3 of this Singapore Prospectus under the investment objective, focus and approach of the relevant subfund as well as in the relevant section applicable to that subfund in the Luxembourg Prospectus.

1.2 Full information relating to the subfunds is set out in the Luxembourg Prospectus attached as

a Schedule to this Singapore Prospectus.

1.3 Separate classes of Shares in the Company are issued in relation to each subfund.

As of the date of this Singapore Prospectus, Share classes Classic (Capitalisation, Distribution, New Distri, MD and QD), Classic EUR, Classic SGD, Classic USD, Classic H EUR, Classic H USD, I, IH EUR, IH USD, N and Privilege are available for subscription in 2

Singapore:-

"Classic"/"Classic EUR"/"Classic SGD"/"Classic USD" These shares are offered to individuals and legal entities. Unless otherwise specified in Part II of the Luxembourg Prospectus, they may, at the investor's choice, be in registered or uncertificated bearer form, and feature capitalisation ("Classic-Capitalisation" or "C") or distribution ("Classic-Distribution" or "D") of income.

Class "I"

These shares are reserved for institutional investors and UCIs. This class is distinguished from the "Classic" class by its commission structure and reduced subscription fee. The special conditions applicable to this class are summarized for each Subfund in the Luxembourg Prospectus. Shares in this class are exclusively capitalisation shares issued in registered form.

Class "N"

These shares are offered to individuals and legal entities. At the investor's choice, the shares may be in registered or in bearer form (bearer shares are uncertificated) but they are capitalisation only. This class is distinguished from the "Classic" class by its commission structure: no issue commission, a maximum of 2% conversion commission and a maximum

5% redemption commission plus a distribution commission in addition to the management fee.

This class will be established on a date and in subfunds to be defined by the Board of Directors. Before subscription, investors are invited to seek information on the subfunds in which this class is open.

Class "Privilege"

These shares are offered to individuals and legal entities. At the investor's choice, the shares may be in registered or in bearer form (bearer shares are uncertificated) but they are capitalisation only. This class is distinguished from the "Classic" class by its special management fee. The minimum holding, unless provisions to the contrary are set forth in the Part II of the Luxembourg Prospectus, is EUR 1 million. In some subfunds, "Classic H" and "IH" classes may be created. These classes are distinguished by hedging, as far as possible, the exchange risk, in the currency of reference for these classes, and of the net asset value in the currency of expression for the subfund. The exchange risk is thus partially maintained because the above-mentioned hedging does not take into account the currency of expression for the underlying investments of the subfund concerned. The currency of reference for these classes appears in the name of the class (for example, "Classic H USD" for a class hedging in USD the NAV of a subfund expressed in EUR). The valuation currency in these classes is the currency of reference for the class. If no specific information is given by the investor, orders received will be processed in the currency of reference. The characteristics of these classes are identical to those of the "Classic" and "I" classes existing in the same subfund. These classes will be established on a date and in subfunds to be defined by the Board of Directors. Before subscription, investors are invited to seek information on the opening of the classes, their currencies of expression and the subfunds in which they are open. If the assets of one of these classes in any subfund fall below one million euros or equivalent, the Board of Directors reserves the right to close the class and merge it with the "Classic" class of the same subfund. In respect of any subfunds, additional classes of Shares may be made available from time to time at the discretion of the Company. The Company further reserves the right to vary the types of Shares which are offered at any given time. Investors should contact the Singapore Representative if they wish to make any enquiries relating to the classes of Shares which are available for subscription. 3 Please refer to the section in the Luxembourg Prospectus on "

THE SHARES" for further

information relating to the Share Classes. The following table shows the reference currencies and classes of shares currently allotted to the respective subfunds:

Name of BNPP L1 Subfund

Reference

Currency*

Dual

Pricing**

Share Classes

Bond Asia ex-Japan

USD EUR

Classic, Classic EUR,

I, N and Privilege

Bond Best Selection World

Emerging USD EUR/SGD

Classic, Classic EUR,

Classic SGD, Classic

H EUR, I, IH EUR, N

and Privilege

Bond Euro

EUR USD Classic, Classic USD,

I, N and Privilege

Bond Euro Corporate

(formerly known as

Bond Corporate Euro)

EUR USD

Classic, Classic USD,

I, N and Privilege

Bond Euro Government

(formerly known as

Bond Government Euro)

EUR USD

Classic, Classic USD,

I, N and Privilege

Bond Europe Emerging

EUR USD Classic, Classic USD,

I, N and Privilege

Bond Europe Plus EUR USD

Classic, Classic USD,

I, N and Privilege

Bond USD

USD EUR

Classic, Classic EUR,

Classic QD, I, N and

Privilege

Bond World

EUR USD Classic, Classic USD,

I, N and Privilege

Bond World Emerging

USD EUR

Classic, Classic EUR,

Classic H EUR, I, IH

EUR, N and Privilege

Bond World Emerging Corporate

(formerly known as

Bond Corporate World Emerging)

USD EUR

Classic, Classic EUR,

I, N and Privilege

4

Name of BNPP L1 Subfund

Reference

Currency*

Dual

Pricing**

Share Classes

Bond World Emerging Local

USD EUR

Classic, Classic EUR,

quotesdbs_dbs27.pdfusesText_33

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