… by facilitating access to alternative credit for SMEs, BNPP AM entered into a strategic alliance with European alternative SME credit specialist Caple. This strategic alliance combines the needs of BNPP AM’s investors with Caple’s expertise as an originator of SME loans. The trend towards disintermediation and the growing need for SME funding creates opportunities for lending platforms. In 2017, BNPP AM engaged in dialogue with 210 of the companies it invests in to measure the ways in which they are integrating ESG criteria market credit teams, partner into their businesses. For example, the process networks and proprietary of dialogue initiated by BNPP AM with Danone in the context of its commitment initiatives has technology, together enabled the introduction of a social/societal with BNP Paribas Asset criterion into its compensation policy. This new commitment equates to 20% of the bonus and long-term plan performance criteria. and institutional distribution capability is a compelling combination. This alliance allows us to effectively address the significant gaps in the European funding landscape by offering access to alternative credit to complement traditional lending models.” MICHIEL SLINKERT CO-HEAD Caple 10