INVESTMENT PROPOSAL

AMERICAS
January 2013

Mutual Funds

Funds are professionally managed pools of money which invest according to a stated investment goal.

Mutual funds are highly regulated in their country of domicile.

Mutual funds should not be confused with Hedge funds which may or may not be regulated. (Hedge Funds should not be
overlooked however as they can provide uncorrelated returns. BNP Paribas conducts particularly intensive due diligence on all
hedge funds in our selection, and each fund is then monitored closely.)

Asset Management companies have extensive resources whose costs are allocated across the full spectrum of funds
managed by the company. These companies employ specialists in economics, company research, computer modeling, and risk
management to attempt to optimize returns of the funds.

Mutual funds are generally divided into different asset classes such as Bond or Equity, although Allocation funds can have
a mix, and may also include commodities, currencies, and derivatives. Asset Allocation funds can also include funds with a
specific focus (i.e. equity or debt), but also permit other securities when desired by the portfolio manager (i.e. commodities,
derivatives etc.). Within each class an individual fund can be a general fund or a specialized or thematic fund. The prospectus
will give the important details of each fund, including what limits a portfolio manager may have regarding allocation decisions.

Advantages:

Diversification (of securities and strategies) and agility to optimize allocation of assets

Access to Global Financial Markets and Securities (i.e. some funds now use derivative strategies to enhance returns or hedge risks)

Cost effective execution; Fund managers buy in large blocks, paying much cheaper costs and can change strategies more easily and efficiently
than retail investors

Liquidity; Most funds have daily liquidity and clients can sell small amounts to raise cash or redeploy his/her investment

Many bond funds can offer a steady stream of income .

Certain strategies such as high yield bonds, emerging market bonds, total return, convertible bonds, and International equity investments are
often best left to professional management. As mentioned above, they have the resources and flexibility to best manage these difficult asset
classes.

BNP Paribas performs ongoing Operational Due Diligence on all recommended funds.

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Investment Proposal

The following proposal has been designed to meet your investment objectives by investing in a
number of different asset classes and diversified securities within each asset class.
It is intended as a stand-alone portfolio, and does not take into consideration other assets you may
hold with other institutions. You should consider whether this proposal in combination with your
other assets will meet your stated objectives.
This proposal is being made on an advisory basis, and all investment decisions require your prior
approval.
This proposal is based on the following criteria:
Investment Objective:

Aggressive Income

Investment Amount:

$500,000

Reference Currency:

USD

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Buy Recommendations

TICKER

Fund Name

Dividend
Yield %

Perf
YTD %

Global High Inome -Treasury / High Yield

4.49

0.3

9.4

9.5

8.2

7.3

1.1

19.8

19.4

10.4

Region / Objective

Perf 2012
1Yr
3Yr
5 Yr
%
Ann % Ann % Ann %

10 Yr
Ann %

PAST 2 YR
TOTAL
RETURN %

Percent
Total

7.1

83,333

16.7%

15.8

96,463

12.0

83,333

16.7%

FIXED INCOME FUNDS

ALAMIAI LX

AllianceBernstein - American Income Portfolio

HYPOTHETIC
(PAST) 2 YR
VALUE

Value in
USD

12/2010 - 12/2012

TGTRFAD LX

Franklin Templeton Global Total Return Fund

Global ALL Strategy-ALL sector

4.22

18.5

98,746

INLACFI LX

Investec - Latin American Corporate Debt

Latam Corp Bonds Hard Currency

5.49

1.2

14.5

14.2

83,333

16.7%

15.9

96,554

MERCAOI LX

BlackRock Global Funds - US Dollar High Yield Bond Fund

U.S. High Yield

5.11

1.2

15.0

15.1

10.6

8.5

7.6

83,333

16.7%

18.0

98,366

ACMHYAI LX

AllianceBernstein - Global High Yield Portfolio

Global High Yield / Emerging Markets

6.92

1.1

16.4

16.3

9.8

8.4

11.0

83,333

16.7%

16.6

97,184

ALLEMDA LX

AllianceBernstein - Emerging Markets Debt Portfolio

Global Emerging Markets

4.99

(0.3)

19.0

19.1

11.3

10.1

83,333

16.7%

24.5

103,744

15.60

10.05

18.2

591,057

500,000
TOTALS / Averages

5.20

0.77

15.66

9.25

8.60

500,000

100.0%
100.0%

591,057

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Disclaimer
This document is issued by BNP Paribas Miami Agency for the exclusive use
of the person to whom it was given, either directly or by virtue of a power
of representation; it must not be distributed, published or reproduced, in
whole or in part, by its recipient(s).
This document, which is for information purposes, shall in no case
represent an offer, sales presentation or solicitation of any kind
whatsoever in a state or jurisdiction in which such an offer, sales
presentation or solicitation is not authorized, or when given to individuals
for whom such an offer, presentation or solicitation is illegal. Nor is it to be
construed, in any case or jurisdiction whatsoever, as a prospectus or part
of a prospectus, an offer, solicitation, advertisement or announcement to
the public for collective investment schemes or structured products.
Before making a decision to invest or enter into any form of agreement, the
investor must first examine the terms of the offer and consider the benefits
and risks. The investor must have sufficient knowledge of the financial
instruments used and the markets in which the portfolio will be invested in
order to understand the inherent risks. Moreover, no financial authority
has confirmed the accuracy, nor expressed an opinion on the relevance of
this document or the delegated management offer
No guarantee of any kind is understood as having been given regarding the
yield or performance of an investment in the management portfolio
described herein and none of the information provided may be interpreted
as constituting such a guarantee. Under no circumstances will the investor
consider this document as containing legal, tax or financial advice. All
investors are encouraged to consult their own external advisors on legal,
tax, financial and any other subject as required to evaluate on its own
responsibility the opportunity to invest in the managed portfolio described
herein. Investors should note the tax treatment applied to their investment
in the managed portfolio described in this document will depend on their
personal tax situation and may be subject to change during the period of
the management mandate.
The information, opinions and estimates shown in this document should
not be used as substitutes for the individual judgment of the investors or
their external advisors. Further, this information is subject to change after
the document's distribution. While the information, opinions and estimates
come from sources that BNP Paribas considers to be reliable, the latter
gives no assurance or guarantee, explicit or implied, nor does it assume

any responsibility for the completeness, reliability or accuracy of the

information contained herein. The liability of BNP Paribas or any affiliated
person may not be claimed as a result of losses deemed to have been
caused directly or indirectly from the use of the information provided in
this document.
Any BNP Paribas Group company may, to the extent
permitted by law, have acted upon or used the information contained
herein, or in the research or analysis on which it was based, before its
publication.
Neither this document nor any of its parts can establish the basis for a
contract or obligation. The selection of securities included herein
represents our investment view at this time. Returns are hypothetical, base
on indicative market prices, and do not represent actual client returns.
Past yields or performance are never indicators of future results and no
guarantee of any kind whatsoever, particularly of performance, yield or the
eventual recovery of capital initially invested.
Mutual funds may only be sold by prospectus and may only be offered to
non-residents of the United States outside the territory of the United
States. Other selling restrictions may apply to both mutual funds and
other securities included in this proposal.
Certain legal, tax, or regulatory changes may take place during the
investment period that may also have an adverse impact on the yields of
this investment and alter the legal, economic and tax benefits of the
mandate to the investor.
Finally, potential investors are urged to inform and to understand the
risks the investment risks in this proposal. They must ensure that they
have sufficient knowledge of and experience with these risks and, where
applicable, seek out an independent advisor so as to perform their own
detailed analysis of all the financial, legal, regulatory, accounting, tax as
well as other aspects, and to evaluate the merits, risks and relevance of
this investment. Potential investors should note the list of principal risks
inherent in the management mandate that is described herein is not an
exhaustive list and the risks that are considered significant are not
necessarily those highlighted

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Important Information About Risk

Investments in marketable securities involve certain risks, and they are not guaranteed by BNP Paribas or the Federal Deposit Insurance Corporation (FDIC),
and may lose value. Some of the most common risks are described below, but the list is not intended to be exhaustive. After reviewing these risks, you
should carefully consider whether the recommended investments are suitable for you considering your investment objectives and financial circumstances.
INTEREST RATE RISK is the risk that the market value of an investment
will decline if the overall level of interest rates rises. This risk affects all
securities to some degree or another, but is most significant for
investments in bonds. The longer the maturity of the bond, the higher
the risk. This risk can be mitigated by having a diversified portfolio with
bonds of varying maturities and an average maturity that is consistent
with your risk tolerance.
EQUITY MARKET RISK is associated with all investments in equity
securities. While over time equities tend to offer returns that are higher
than cash and fixed income investments, during times of market volatility
equity markets can decline substantially resulting in potentially large
losses to investors. This risk can be mitigated by investing in a portfolio
that is diversified among various asset classes and a wide range of
individual equities, either through a mutual fund or a diversified portfolio.
CREDIT RISK is the risk that the issuer of a security will be unable to
repay the principal value at maturity. While all investments involve some
degree of credit risks, unrated and non-investment grade securities
represent a higher risk of default which can be mitigated to a certain
degree through proper diversification and avoiding an over-concentration
in lower-rated securities

event of default, decreased liquidity and higher sensitivity to changes in

the level of interest rates. We recommend that investors limit their
overall exposure to this asset class and to limit exposure to any one
issuer.
LIQUIDITY RISK is the risk that at the time you wish to sell your security
there may be an insufficient number of willing buyers to provide an
orderly market and the investor may be compelled to sell at a heavily
marked down price and in extreme cases may be unable to sell all or part
of his financial assets at any given time. This is particularly significant in
investments such as hedge funds or lower-rated securities.
CURRENCY RISK exists whenever an investor buys or sells a currency or
any instrument denominated in a currency other than the investors
reference currency. The inherent risks of the transaction itself are
compounded by an additional risk of gain or loss due to fluctuations in
the exchange rate of the currency relative to the reference currency.
Hedging or not hedging this currency risk is an integral part of the
investment process. These decisions may or may not lead to a loss of
earnings or marginal loss, depending on current exchange rate trends.

PREFERRED SECURITIES: This category includes various types of issues,

including subordinated debt, perpetual debt and preferred equity
securities. In addition to the credit and market risks described above,
these types of securities carry additional risks including the issuers right
to forego coupon or dividend payments, a lower rate of recovery in the

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BNP Paribas Wealth Management & Investment Team

Eric Georges, General Manager

Maria Senior, Relationship Manager
Carol Hulit, Head of Advisory Services
Sophia Lebrun, Advisory Services

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