2019 INVESTMENT THEMES

Following a context of uncertainty that weighed on 2018, we anticipate an improvement in confidence that will drive a positive momentum in stock markets.

Our 10 investment themes for 2019 will mostly focus on equity markets which will resume an upward trend amid a volatile environment.

The first two themes, however, are aimed at investors seeking performance
but with a more cautious profile.

The third and fourth themes look at opportunities in Asia. One is related to the
internationalisation of China's capital markets and the other addresses the
winners of new trade policies. It is anchored in the assumption of a shift in
supply chains, leading to new opportunities in areas such as technology
components, food and auto parts in some countries.

Themes 5 to 9 are based on specific demand-driven stories such as new
developments in mobility, security, greener and smarter cities, longevity and
Industry 4.0.

The last theme looks at opportunities in currencies for both euro- and dollarbased
investors.

BNP Paribas Wealth Management is a leading global private bank and the largest private bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 7,000 professionals provide a private investor clientele with solutions for growing and transferring their wealth by creating long-term value for them, their family and the society in general. The bank has €385 billion worth of assets under management (as at 31 October 2019).