BNP PARIBAS ASSETMANAGEMENT Holding SA
Selection and Execution Policy

Selection and Execution Policy
JULY 2020

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 2

Table of Content
1. Introduction .............................................................................................................................................................. 2
1.1. Purpose of this Policy .............................................................................................................................................. 3
1.2. Regulatory and instruments scope .......................................................................................................................... 3
2.

Intermediairies Selection policy ............................................................................................................................... 3

2.1. Governance to select execution intermediaries ....................................................................................................... 3
2.2. Criteria to assess execution intermediaries ............................................................................................................. 4
2.3. Additional criteria to assess execution counterparties ............................................................................................. 4
2.4. Independence of research services and execution services provided by intermediaries ........................................ 4
3.

Execution Policy....................................................................................................................................................... 5

3.1. Organisation of the execution function within BNPP AM ......................................................................................... 5
3.2. Execution venues..................................................................................................................................................... 5
3.3. Selection of an execution Intermediary within the approved list .............................................................................. 5
3.4. Description of the best execution criteria ................................................................................................................. 6
3.5. Specific situations .................................................................................................................................................... 6
3.6. Conflicts of interests mitigation ................................................................................................................................ 84.

Control framework of the policy application ............................................................................................................. 8

4.1. Objectives of the execution control framework ........................................................................................................ 8
4.2. Scope of responsibilities .......................................................................................................................................... 8
5.

Policy review ............................................................................................................................................................ 95.1. Frequency of review................................................................................................................................................. 95.2. Responsibility and terms of review .......................................................................................................................... 95.3. Communication of updates ...................................................................................................................................... 9

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 3

1.

INTRODUCTION
1.1. PURPOSE OF THIS POLICYThis Selection and Execution Policy (“Policy”) describes the measures implemented by BNP PARIBAS ASSETMANAGEMENT France and certain affiliated1 companies of BNP Paribas Asset Management Holding (“BNPP AM”)
which have elected to apply this Policy (all the entities applying this Policy being referred to as “the BNPP AM integrated
perimeter”) to ensure the best selection of intermediaries and the best execution of the transactions on behalf of theportfolios and mandates they manage.
1.2. REGULATORY AND INSTRUMENTS SCOPE
This Policy is drafted in accordance with the requirements of the European Directive 2014/65/UE (“MIFID II”) and covers
all financial instruments described in the Annex I, Section C of MIFID II. In cases where local legislation or regulatory
requirements are more stringent than MIFID II requirements, those local requirements shall prevail.
Whilst FX spot (whether traded OTC or via electronic platforms) is not a financial instrument as defined by ESMA (except
under certain conditions of roll), by implication of contractual arrangements with clients on best execution, FX spot iscovered by this Policy.
The Policy are owed to all our clients worldwide, professionals and non-professionals as defined by MIFID II, whether
they are holders of an individual mandate or investors in a fund such as Units of Collective Investments in Transferable
Securities ("UCITS"), Alternative Investment Funds ("AIF") or any other legal structure. When BNPP AM has delegatedinvestment management to an external regulated entity, the selection and execution policy of the delegate applies. In
such circumstances, BNPP AM takes all sufficient steps to ensure that the service provided to its client is performed inaccordance with the best interests of the client.
A three-step process has been defined accordingly: A process for selecting intermediaries (referred to as the “best selection Policy”),
 A process relating to transactions execution (referred to as the “best execution Policy”),
 A control framework monitoring the efficiency of this Policy either directly implemented or based on services provided

by third parties.
2.

INTERMEDIARIES SELECTION POLICY
2.1. GOVERNANCE TO SELECT EXECUTION INTERMEDIARIES

BNPP AM applies a formalised process for selecting execution intermediaries based on their ability to trade, from front
to back, the various types of instruments. To avoid any misunderstanding, the term “broker” used herein applies tointermediaries executing delivery versus payment transactions whereas the term “counterparty” is only used forintermediaries executing OTC derivatives transactions, the reference to “intermediaries” being construed asencompassing both brokers and counterparties.
BNPP AM has defined a strict procedure whereby portfolio management teams, Compliance, Risks, Legal, Operations
departments and representatives of BNPP AM Global Trading Function (“GTF”) which encompasses also BNP Paribas
Dealing Services (“BNPP Dealing Services”), a subsidiary of BNPP AM negotiating for BNPP AM account the execution
conditions of a large part of the transactions, participate to specific governance bodies: CIO Business Reviews (“CBR”) are held bi-annually with the participation of each of the 3 main BNPP AM Chief

Investment Officers (Fundamental Active Equity (“FAE”), Global Fixed Income (“GFI”) and Multi Assets Quantitativeand Solutions (“MAQS”)) and GTF representatives ; those reviews aim inter alia at sharing quantitative informationand qualitative assessment on intermediaries, including intermediaries’ execution performance and at identifying
possible requests for reviewing the list of selected intermediaries.

1 Affiliated companies means any entity controlled, directly or indirectly, by BNP PARIBAS ASSET MANAGEMENT Holding; the control

has the meaning ascribed in the article L 233-3 of the French Commercial code

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 4
 A Global Sell Side Committee (”GSSC”) is held bi-annually. Covering both execution intermediaries and research

providers used by all BNPP AM entities part of the integrated perimeter, the GSSC reviews quantitative information,such as volumes, and the qualitative assessment of service from the intermediaries. It validates the main evolutions
on the list of intermediaries and can raise remarkable topics to Risk or Compliance departments who attend thiscommittee.
 Brokers reviews with the main intermediaries are organised twice a year to share BNPP AM assessment of theirstrengths and weaknesses in order to get the best-in-class services from them.
At any time Risk and Compliance departments have the authority to suspend any individual broker or counterparty withor without the GSSC approval.
2.2. CRITERIA TO ASSESS EXECUTION INTERMEDIARIESThe specific qualitative criteria to add an execution intermediary to the approved intermediaries list vary based on theasset class to be traded with or through the intermediary, but the overall approval process is applied in the same manner
across all asset classes. Several criteria are taking into account to perform a global assessment of execution
intermediaries’ performance: A vote is organized at least once a year among GTF traders (located both in BNPP Dealing Services and in various

BNPP AM entities) to assess and rank execution intermediaries they work with.
 An oversight of the quality of transactions processing, including settlement, by brokers and counterparties is ensured

by BNPP AM, relying inter alia on the scoring made by BNPP AM custodian bank.
 In addition, a regular control of execution intermediaries’ reliability is also performed on indicators relating to their
good standing and reputation (registration, financial situation, sanctions from regulators, scan against internationalsanctions lists…).
2.3. ADDITIONAL CRITERIA TO ASSESS EXECUTION COUNTERPARTIES
Regarding counterparties approved to execute OTC derivatives, additional criteria are scrutinized by the Legal and Risk
teams:
 The Legal team ensures that the contractual relationship between the counterparty and BNPP AM is documented

under a relevant market agreement, which in most cases is an ISDA and VM CSA (Variation Margin Credit Support
Annex) but maybe another national standard market agreement if conditions are met.
 The Credit Risk team monitors funds regulatory ratios (e.g. concentration and diversification) and counterparty

exposures at fund, mandate and global levels.

2.4. INDEPENDENCE OF RESEARCH SERVICES AND EXECUTION SERVICES PROVIDED BY
INTERMEDIARIES
BNPP AM applies a specific process for selecting providers of research services and investment support. The applicationof criteria of selection of research providers which are distinct from those applied for selecting execution intermediaries
does not however preclude BNPP AM to select certain intermediaries both for execution and research services.
As a key principle of this Policy, the cost of external research is distinguished and independent from the cost of executing
a trade. These costs can be either: Collected from the portfolio by the execution intermediary at the moment of settlement of a transaction pursuant to

a commission sharing agreement, it being understood that the research commission will be distinct from theexecution commission. The amounts so collected will be used by BNPP AM to pay research material relevant to theconsidered portfolio to the various research providers according to the pre-defined budget of research.
 Paid directly by BNPP AM on its own resources

3.

EXECUTION POLICY
3.1. ORGANISATION OF THE EXECUTION FUNCTION WITHIN BNPP AM

BNPP AM applies whenever possible the principle of segregation of functions between the order instruction and theorder execution. As a consequence, BNPP AM uses its best effort to ensure that transactions are handled through a
BNPP AM trading desk separate from the investment management team.
BNPP AM has therefore implemented three execution setups:
 For a majority of transactions, BNPP AM has entered into a service provision agreement covering the trading

function with BNPP Dealing Services pursuant to which the services of reception and transmission of orders andexecution of orders for third parties are provided under BNPP Dealing Services’ selection and execution policy,
which is fully consistent with BNPP AM Policy. BNPP Dealing Services may elect to delegate under its responsibility
the transmission and execution of orders to trading desks located in other BNPP AM entities, if relevant to pursue
best execution. BNPP Dealing Services, a full subsidiary of BNP Paribas Asset Management Holding, is aninvestment firm located in France, duly authorised by the French Financial Authorities (AMF and ACPR).
 For transactions not transmitted to BNPP Dealing Services, BNPP AM shall directly ensure the negotiation of theconditions of execution of such order. In those cases, BNPP AM shall use its best effort to ensure that transactions
are handled through a trading desk separate from the investment management team.
 If none of the two above organisational structures can be implemented for specific and exceptional reasons andsubject to validation by BNPP AM management, Operational Risk Control and Compliance officer, the negotiationof the conditions of execution with approved intermediaries may be directly handled by the portfolio investment
manager for a number of transactions, provided that the principle of segregation between order generation andexecution is respected.
3.2. EXECUTION VENUES
Only BNPP AM entities with relevant regulatory permissions may execute orders on trading venues defined by MIFID II(encompassing Regulated Markets, Multilateral Trading Facilities, and Organised Trading Facilities)
These entities may operate on different execution venues, based in the European Economic Area or not, which include: Trading venues: Regulated Markets (RM), Multilateral Trading Facilities (MTF), Organised Trading Facilities (OTF);
 Systematic Internalisers (principal traders and market makers);
 Over-the-counter (OTC) markets; Other counterparties acting as liquidity providers.

The complete list of execution venues is available in Appendix 2.
3.3. SELECTION OF AN EXECUTION INTERMEDIARY WITHIN THE APPROVED LIST
BNPP AM shall seek the most favourable conditions of execution and the best possible outcome for the client inaccordance with this Policy. To do so, BNPP AM, and BNPP Dealing Services when relevant, can access to a variety of
execution intermediaries and methods. This allows efficient dealing arrangements for a wide variety of trading
circumstances that may reduce transaction costs, mitigate operational risk resulting in a lower chance of error or
execution issues as well as accelerate trades execution to take advantage of short-lived market opportunities.
BNPP Dealing Services or BNPP AM, as the case may be, selects the execution intermediary by applying the following
criteria, hierarchically ranked:
 Selection among the approved list of execution intermediaries established by BNPP AM as described in Section 2.
 Ability of the execution intermediary to execute the order in accordance with the BNPP AM execution Policy.
 Application of client’s specific requirements as follows:BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 6o A client giving a discretionary mandate to BNPP AM is entitled to communicate specific instructions (like using
a specific intermediary) even if such instructions differ from the provisions of BNPP AM Policy. BNPP AM willcomply with those instructions but will not be responsible for applying the principles of best execution for thecriteria impacted by these instructions.
o A client giving a discretionary mandate to BNPP AM is entitled to communicate a ranked list of approved
execution intermediaries with objectives in terms of allocations of volumes or participation to requests forquotes: the selection of the execution intermediary will occur depending on the distance from the targets as a
subsidiary criterion that will apply to differentiate execution intermediaries offering the similar execution
conditions
3.4. DESCRIPTION OF THE BEST EXECUTION CRITERIAFor each order type, BNPP AM ranks the 7 factors outlined in MIFID II Delegated Acts C (2016) 2398 (Recitals 101, 107
and Article 66):
 Price Cost Speed Likelihood of execution and settlement
 Size Nature Other criteria Other qualitative criteria

While price, speed and size are generally the most important execution factors to be taken into account, the relative
importance of each criterion depends on the financial instrument and the order type. BNPP AM has chosen to rank theexecution factors to allow a more accurate assessment.
According to the BNPP AM Policy, the price is the overall dominant best execution factor. In appendix 1 are the details
of Best Execution criteria for each asset class, depending on the order type relevant for the considered asset class: For Equities, the speed of execution is also an important criterion as some orders need to be filled in the shortest

possible time to avoid a possible adverse impact on the price due to volatile market conditions (market order for
instance). For example, a portfolio manager may want to buy a share following good earnings announcement. In
this situation, the portfolio manager would aim at executing its order quickly in order to capture as much as possibleof the anticipated upside move.
 In Fixed Income, the likelihood of execution plays an important role as in some cases the order represents asignificant portion of the market size. In the case where all portfolios have to be rebalanced simultaneously, it isparamount to execute the full quantity to ensure all portfolios have the same market exposure following therebalancing exercise.
 Regarding OTC derivatives, other criteria such as counterparty risk, liquidity, ability to structure complex product arealso taken into account. With respect to the price criterion, the request for quotes is likely to identify the best available
price. It is however, worth noting that in some parts of the OTC market, it is not unlikely or unadapt to ask and/or
obtain a single quote, in particular in case of illiquid, customised or complex products. A record of the quotes
obtained through the request for quotes is kept.
As highlighted in Article 27 of MIFID II and irrespective of the criteria described above, the dominant best execution
criterion for non-professional BNPP AM clients is the total cost of acquisition or disposal.
3.5. SPECIFIC SITUATIONSSIZE OF THE ORDER
Where the size of the order is above normal market size, the trader or the portfolio Manager in charge of negotiating theconditions of execution shall have the following approach:BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 7
 The optimal way to achieve best execution may be to request a price from a single counterparty and manage

execution accordingly, even if such execution price is inferior to the price referred to in other market indications ofinterest.
 Alternatively, quotes may be asked without specifying the trade’s size for price discovery. Based on the results,

negotiations with counterparties offering the best prices can then be opened. The records of the counterparties,
quotes and trade sizes are kept.
The trader seeks to trade with counterpart that have historically offered the best terms for these types of transactions or
who advertises Indication of Interest / Axes to the traders. In some cases, the trader can base the choice on the abilityof the counterparty to manage the impact of the order on the market, as a higher priority with respect to the costs of thetransaction.
LESS LIQUID PRODUCTS
For financial instrument with limited market and/or limited liquidity and/or limited price transparency, the execution criteria
ranking may change, speed or likelihood of execution becoming the dominant criterion.
ABNORMAL MARKET CONDITIONS AND FORCE MAJEURE
In the case of severe market turbulence, the ability to execute the order on a timely basis, or simply to execute it, will
become the primary factor.
In case of major difficulty in the order execution such as a case of internal or external system failure assimilated to aforce majeure event, BNPP AM might not be able to execute the order in accordance with this Policy. In these particularcases, each time it is reasonably possible, BNPP AM would activate its back-up solutions in accordance with its internal
procedures.
AGGREGATION OF ORDERS
Except in cases whereby client restrictions can prevent aggregation of orders are in force, BNPP AM will be entitled toaggregate orders where it is unlikely that aggregation will trigger an overall disadvantage for any client whose orders is
to be aggregated. However, the effect of aggregation may be detrimental to a client if a particular order is considered.
INTERNAL CROSSING
Where clients use the same custodian and where appropriate, BNPP AM may take advantage of crossing opportunities,
where permitted by the client and/or local regulation. Care is taken to ensure that both sides of the trade benefit fromlower than standard or no commission and a fair price to all parties. Internal crossing is subject to local Complianceapproval and oversight.
PRIMARY AND SECONDARY PLACEMENT
Allocation of primary and secondary placement must be fair according to regulatory rules and principles, and the BNPPAM allocation policy.
Indeed, pursuit of primary and secondary placement allocations may trigger potential conflicts of interests, such as
placing business with particular brokers in the expectation that BNPP AM will receive favourable allocations in futureissues. Therefore, BNPP AM has used its best efforts to prevent such considerations from influencing its trading strategy.
 Fund managers:o are required to obtain and complete the offering document ensuring that the allocation for the clientsis determined in advance.
o are not allowed to place speculative primary and secondary placement orders that would breach theinvestment guidelines if the whole application were granted.
 For US clients and for clients with any delegation of dealing to a US entity, trading primary and secondary placement
through affiliate companies is not authorised.
TRADING LIMITS MANAGEMENT FOR OTC DERIVATIVES
The trader or the portfolio manager may not be authorized to select the counterpart offering the best price or value for agiven order should the trading limits for a given fund or mandate be insufficient to validate the transaction.

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 8

SECURITIES LENDING
Regarding securities lending, BNPP AM may use a limited number of counterparties including BNP Paribas Securities
Services acting either as principal or as agent in front of approved counterparties to benefit from a size effect on themarket.
3.6. CONFLICTS OF INTERESTS MITIGATION
The portfolio management systems of BNPP AM require that transactions created by portfolio managers are allocatedon a pre-trade basis. The tools used by BNPP AM record the time of creation, transmission and execution of orders.
BNPP AM trade allocation policy requires executed transactions to be allocated fairly among portfolios. Where orders
are partially filled, allocations are made on a pro-rata basis, unless there are valid reasons not to, for example if theapplication of a pro-rata basis results in an uneconomic allocation. In these cases, the final methodology of allocationand the rationale for it must be recorded, and these allocations are subject to Compliance review (if not subject to agreed
automated methodology).
Where authorised by regulations, BNPP AM and BNPP Dealing Services may deal with affiliates of BNP Paribas Groupor through an exchange where an affiliate has a membership. BNPP AM will ensure it reports transactions with affiliatecompanies upon client’s request and if required under the rules regarding potential conflicts of interest.
The employees of BNPP AM are not allowed to give or accept any gift or entertainment exceeding a certain thresholdwithout receiving the prior approval of the Compliance department. This process is strictly controlled.
Other requirements:
BNPP AM entities must not, on the one hand, receive any remuneration, discount or non-monetary benefit for routing
clients orders to a particular trading venue or Execution Venue and, on the other hand, structure or charge theirs
commissions in such way as to discriminate unfairly between Execution venues.

4.

CONTROL FRAMEWORK OF THE POLICY APPLICATION
4.1. OBJECTIVES OF THE EXECUTION CONTROL FRAMEWORKBNPP AM implements an ongoing monitoring of the effective application of this Policy and makes sure it gives thenecessary guidelines to act in the clients’ best interests. Execution control covers all transactions initiated by BNPP AM
whether execution is negotiated by:-

GTF through BNPP Dealing Services, or directly through a BNPP AM entity-

A portfolio manager trader (“PMT) within a BNPP AM entity.

The objectives of the execution control framework are the following: Making sure that this selection and execution Policy is applied, Promptly correcting observed failure, Facilitating the annual review of the Policy, and anticipating a review of this Policy if there is a significant change

likely to have an impact on the ability to obtain the best possible result for the client.
4.2. SCOPE OF RESPONSIBILITIESMiFID II requires that BNPP AM controls on a regular basis the effective application of the Policy.
The GTF or any PM Trading team performing execution is responsible for 1st level of controls.
Besides, BNPP AM as the BNPP Dealing Services’s client for RTOE service provision (see Section 3.1) is responsible
for controlling the right application of the Policy.
Compliance department is responsible for second level of controls.

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 9

5.

POLICY REVIEW
5.1. FREQUENCY OF REVIEWIn the absence of any internal or external major event requiring an earlier update, the Policy is reviewed at least annually.
5.2. RESPONSIBILITY AND TERMS OF REVIEWThe definition of the selection and execution principles included in this Policy is primarily the Global Sell Side Committee
responsibility. The Compliance department is in charge of issuing and updating the Policy. During the review, the Policy
principles or its detailed terms (execution criteria, control framework) should be confirmed or modified.
Hereunder are some non-limitative examples of situations that would trigger an anticipated review of the Policy:
 Reporting of major gaps compared to initial objectives, during controls made by portfolio management, GTF or

Compliance department or highlighted in an Internal Control Committee.
 Occurrence of the following events:

New principles or processes for selecting execution intermediaries,
New investments process among BNPP AM,
New financial instruments among the investment universe.

The review is conducted during a formal GSSC meeting gathering at least, under the chairmanship of the Chief
Investment Officer or representative, senior portfolio managers, the Head of Compliance, and GTF representatives.
5.3. COMMUNICATION OF UPDATESIn case of significant changes in the Policy, clients must be informed.
Each time the Policy is modified, a new version is published on the website of BNPP AM entities covered by the Policy
and is therefore considered as applicable.
Regarding discretionary portfolio management services provided to institutional clients, this Policy deems to be an
integrant part of the contractual framework with BNPP AM. Therefore, BNPP AM should get client’s consent on thepossibility to execute orders outside of a trading venue. Any specific instruction linked to the execution of the transactions
that would diverge from or complement this Policy should be recorded.

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 10

Appendix 1 – Detailed Execution criteria

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 11

Appendix 2 – List of execution venues
ABU DHABI SECURITIES MARKET
CHI-X AUSTRALIAAEQUITAS NEO EXCHANGE
CHI-X AUSTRALIA MID-POINT VENUE
ALPHA EXCHANGE
CHI-X CANADA ATS
ALPHA Y
CHI-X EUROPE
ALTERNATIVE EXCHANGE
CHI-X JAPANAMERICAN STOCK EXCHANGE
CINNOBER BOAT
AQUIS EXCHANGE
CITADEL DARKARCA DARKCITADEL SECURITIES ATS
ASX - CENTER POINT
CITI CROSSASX OPERATIONS PTY LIMITEDCITI DARKATHENS STOCK EXCHANGE
CITI LIQUIFIAUTOBAHN FXCITI MATCH
AUTOMATED TRADING DESK FINANCIAL
CITIGROUP GLOBAL MARKETSSERVICES, LLC
COPENHAGEN STOCK EXCHANGEBARCLAYS ATS
CREDIT SUISSE (EUROPE)BARCLAYS LIQUID MARKETSCREDIT SUISSE (US)BATS CHI-X EUROPE - CXE DARK ORDER BOOK
CREDIT SUISSE AES CROSSFINDER
BATS CHI-X EUROPE - BATS OFF-BOOK
CREDIT SUISSE AES CROSSFINDER EUROPE
BATS CHI-X EUROPE -BXE DARK ORDER BOOK
CREDIT SUISSE LIGHT POOL
BATS EXCHANGE
CX2BATS TRADING EUROPE
DAIWA DRECT
BATS Y-EXCHANGE, INC.
DEUTSCHE BANK - CENTRAL RISK BOOK
BATS Z-EXCHANGE DARKDEUTSCHE BANK - CLOSE CROSSBERNSTEIN CROSS (BERN-X)
DEUTSCHE BANK - SUPERX EU
BIDS TRADING L.P.
DEUTSCHE BANK DARK POOL
BLINK MTF
DEUTSCHE BANK INTERNALISATIONBLOCKCROSS ATS
DEUTSCHE BANK SUPER X
BLOCKMATCH
DEUTSCHE BOERSE AGBLOOMBERG TRADEBOOK LLC
DIRECT EDGE A DARKBOERSE BERLIN EQUIDUCT TRADINGDIRECT EDGE X DARKBOERSE BERLIN EQUIDUCT TRADING - BERLIN
DUBAI FINANCIAL MARKETSECOND REGULATED MARKETEDGA EXCHANGE
BOERSE BERLIN EQUIDUCT TRADING EDGX EXCHANGE
FREIVERKEHRESSEX RADEZ, LLC
BOERSE BERLIN EQUIDUCT TRADING EUREX DEUTSCHLAND
REGULIERTER MARKTEURONEXT AMSTERDAM
BOERSE MUENCHEN
EURONEXT BRUSSELS
BOERSE ZU STUTTGARTEURONEXT LIFFE
BOLSA DE MADRIDEURONEXT LISBOABOLSA DE VALORES DE COLOMBIAEURONEXT PARIS MONEPBOLSA DE VALORES DE LIMA
EURONEXT PARIS S.A.
BOLSA DE VALORES DE SAO PAULO
EXANE / CROSS AGAINST EXANE ENGINEBOLSA MEXICANA DE VALORESEXANE / CROSS AGAINST EXANE SOR ENGINEBOMBAYEXANE / CROSS AGAINST EXANE VWAP ENGINEBORSA ITALIANA S.P.A.
FIDELITY CROSSSTREAM
BOSTON STOCK EXCHANGE
FIDELITY CROSSSTREAM – ATS
BOURSE DE MONTREAL (OPTIONS)FINRA/NASDAQ TRF(TRADE REPORTING
BUDAPEST STOCK EXCHANGE
FACILITY)BURGUNDY NORDIC MTFFIRST NORTH STOCKHOLMBURSA MALAYSIAGOLDMAN SACH MTFCAIRO ET ALEXANDRIA STOCK EXCHGRETAI SECURITIES MARKETCHICAGO BOARD OF TRADEGRUPPE DEUTSCHE BOERSE
CHICAGO MERCANTILE EXCHANGE
HANSEATISCHE WERTPAPIERBOERSE HAMBURG
CHICAGO STOCK EXCHANGE, INC
HSBC-X UNITED KINGDOMBNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 12

ICE Futures Europe Financial Products
IEX MARKET
INDONESIA STOCK EXCHANGE
INSTINETINSTINET BLXINSTINET CANADA CROSSINSTINET CBX (US)INSTINET IDXINSTINET PACIFIC LTD
INSTINET VWAP CROSSINTERCONTINENTAL EXCHANGE
IRISH STOCK EXCHANGEISTANBUL STOCK EXCHANGE
ITG - POSIT
JAKARTA NEGOTIATED BOARD
JAKARTA STOCK EXCHANGE
JANE STREET EXECUTION SERVICES LLCJASDAQ SECURITIES EXCHANGE
JPMX
JSE SECURITIES EXCHANGE
KCG AMERICAS LLC
KNIGHT
KNIGHT CAPITAL MARKETS LLC
KNIGHT EQUITY MARKETS LP
KNIGHT LINKKNIGHT MATCH ATS
KOREA STOCK EXCHANGE
KOSDAQLAVAFLOW ECNLEVEL ATSLIQUIDNET H20
LIQUIDNET SYSTEMSLIQUIDNET, INC.
LIQUIDNET, INC. H2O ATSLONDON STOCK EXCHANGE, THE
LUXEMBOURG STOCK EXCHANGE
LYNX ATS
MACQUARIE INTERNAL MARKETSMARCHE CONTINU ITALIEN
MATCH NOWMERCATO CONTINUO ESPANOLMILLENNIUM
MIZUHO INTERNAL CROSSING
MOC CROSSMORGAN STANLEY AND CO. LLC
MOSCOW EXCHANGE
MOSCOW EXCHANGE-DERIVATIVES AND
CLASSICA MARKETMS ATS-6
MS POOL ATS
MS TRAJECTORY CROSSING (ATS-1)
MS TRAJECTORY CROSSING ATS
NAGOYA STOCK EXCHANGE
NAIROBI STOCK EXCHANGE
NAMIBIAN STOCK EXCHANGE
NASDAQ

NASDAQ CAPITAL MARKET
NASDAQ DUBAI
NASDAQ OMX BX
NASDAQ OMX BX DARKNASDAQ OMX PSXNASDAQ Sm-Cp
NASDAQ/NGS (GLOBAL SELECT MARKET)NATIONAL FINANCIAL SERVICES, LLC
NATIONAL STOCK EXCH OF INDIA
NATIONAL STOCK EXCHANGE
NEW YORK STOCK EXCHANGE, INC.
NEW ZEALAND STOCK EXCHANGENSDQ DARKNX JAPANNYSE ARCA
NYSE DARKNYSE EURONEXT - ALTERNEXT PARISNYSE EURONEXT - MARCHE LIBRE PARIS
OFF MARKETOM STOCKHOLM EXCHANGEOMEGA ATSOSAKA SECURITIES EXCHANGE
OSLO AXESSOSLO BORSOTC US OTHER MARKETSOTC PINK CURRENTOTHER OTCPDQ ATSPDQ ATS DARKPHILADELPHIA STOCK EXCHANGE
PHILIPPINE STOCK EXCHANGE
POSIT
POSIT - ASIA PACIFIC
POTAMUS TRADING LLC
PRAGUE SPAD
PURE TRADINGQATAR EXCHANGE
RBC EUROPE LIMITEDRIVERCROSS DARKSANTIAGO STOCK EXCHANGE
SBI JAPANNEXT-J-MARKETSE OF THAILAND FOREIGN BOARD
SEB - LIQUIDITY POOLSHANGHAI STOCK EXCHANGESHANGHAI STOCK EXCHANGE - SHANGHAI HONG KONG STOCK CONNECT
SHENZHEN NORTHBOUND
SHENZHEN STOCK EXCHANGESIGMA X AUSTRALIASIGMA X JAPANSIGMA X MTF
SINGAPORE EXCHANGE
SINGAPORE EXCHANGE DERIVATIVES TRADING
SMARTPOOL
STOCK EXCHANGE OF HONG KONG
STOCK EXCHANGE OF THAILAND

BNP PARIBAS ASSET MANAGEMENT Holding SA Selection and Execution Policy 13

SWISS EXCHANGETAIWAN STOCK EXCHANGE
TEL AVIV STOCK EXCHANGE
THE HELSINKI STOCK EXCHANGE
THIRD MARKET CORPORATIONTMX SELECTTOKYO STOCK EXCHANGETOKYO STOCK EXCHANGE - TOSTNET-1
TORONTO STOCK EXCHANGE
TSX VENTURE EXCHANGE
TURQUOISETURQUOISE DARKTWO SIGMA SECURITIES, LLC
UBS ATSUBS CROSSUBS MTF
UBS PIN (UBS PRICE IMPROVEMENT NETWORK)VIETNAM STOCK EXCHANGE
VIRT-XVORTEXWARSAW STOCK EXCHANGE
WIENER BOERSE AGWIENER BOERSE AG AMTLICHER HANDEL(OFFICIAL MARKET)WIENER BOERSE AG, WERTPAPIERBOERSE(SECURITIES EXCHANGE)XETRA - REGULIERTER MARKT