60031_BRAND_BRANDBOOK_20100215

Brand bookFebruary 8th, 2010

BRAND

BOOK

redefi ning

When we redefi ne, we are not necessarily

looking to do something completely new.

We are simply changing it for the better.

We are changing it to ensure it meets

clients’ needs.

investment solutions

A solution is an answer to a problem. It can be a product – pure or composed of expertise bricks -, a service, or both.

2

Introduction

This brand book aim’s to explain and demonstrate AXA IM’s new brand identity

It defi nes the brand’s communication territory, as well as our key communications principles letting you know what you may or may not do.It gives specifi c guidelines covering any kind of communications. You will fi nd the usual guidelines such as logos and signature, colours, templates, but also some new visual elements.

This book can easily be shared with your agencies as you can fi nd it in PDF format on ConneXion. It provides the frame so you and your teams can focus on the message.

AXA IM’s signature is:

redefi ning investment solutions

3

The aim of this document is to clearly set out AXA IM’s response to the AXA IM Group’s global re-branding exercise.It is essential to keep in mind that artwork across all of AXA IM’s offi ces must have a coherent look and feel to demonstrate to our clients that we have a strong global brand. This entails that:- The artwork produced by the London and Paris DTP teams is shared between teams;- This brandbook is clear and structured so as to ensure that any external service provider using it will achieve artwork which is optimally aligned with AXA IM’s visual identity.

As designers we know that clients (individually and in each country) have a preference for slightly different styles, which is why we have created some fl exibility in the execution of the brand. But if we are, at the same time, to ensure consistency, adherence to the following core rules is necessary:• Follow the guidelines defi ned in this brandbook • Ensure the following governance is effi ciently implemented

- The initial process for standard artwork:All new artwork created within the framework of this brandbook is to be validated by the Brand and Corporate Marketing team to ensure a coherent look and feel across AXA IM.

- The process for non-standard and new artwork:To avoid confusion, new artwork and/or imagery that does not obviously follow the core rules set out on this brandbook: 1. Is to be discussed between DTP teams (via pdf);2. Is to be ultimately validated by the Head of Brand, and referred to the Global Head of MIS should an issue arise.

This Charter must be shared with all communications agencies that create or produce client publications. For more information, please contact: Brand Team: [email protected] Book: [email protected] indd: [email protected]

DTP Teams : located in Paris : [email protected] and located in London : [email protected]

Core brand

Governance

4

FUNDAMENTALS 5

Logo 6

Brand architecture 9

Colours 10

Logo modus vivendi 12

The Switch 15

Typefaces 20

Writing 21

Iconography 22

COVERS AND INSIDE BROCHURES 24

First layout structure 25

Second layout structure 32

Third layout structure 33

Inside layout brochures 34

The grid 36

CHARTER 37

First layout structure cover 38

Second layout structure cover 57

Third layout structure cover( magazine) 61

The inside of brochures 64

REGULAR REVIEW 68

RI Inside 69

AXA Framlington Inside-Out review 70

Investment Acumen 71

CHARTER 72

RI Inside 72

AXA Framlington Inside-Out review 75

Investment Acumen (work in progress) 77

OTHER DOCUMENTS AND CHARTER 79

Newsletter 80

Documents focussed on products 90

- «2 pager» 91

- Fund fact sheet 94

- Reporting sheet 97

Leafl et 100

Invitation cards 105

Posters 110

OFFICE DOCUMENTS 118Stationery 119

Offi ce templates 127

- Company fax 128

- Company meeting report 129

Badges 130

E- stationnary 132

- E-signature 133

- Internal E-mail banners 134

Powerpoint templates 139

JOINT VENTURE & CO-BRANDING 142

Joint Venture 143Co-branding 144

ADVERTISING 148

WEB CHARTER 151

5

- Logo block 6

- Colours and logos 7

- The logo and its’ environment 8

- Brand architecture 9

- AXA IM’s corporate colours 10

- AXA IM’s expertise colours 11

- The logo modus vivendi 12

- The Switch 15

- AXA IM’s Switch 16

- The Switch and the heading 17

- Typefaces 20

- Writing guidelines 21

- Iconography 22

- Iconography: Portraits 23

FundamentalsIn this section, you will fi nd all the information

to guide you with regards to your publications:

principles and guidelines.

6

• The AXA square,

• The INVESTMENT MANAGERS name on the rightof the AXA square,

• The « redefi ning investment solutions » signature,with the “ ” Switch in the middle, underneath.

The signature must not be used alone*

and it is an integral part of the AXA IM logo.

* Except one document. The Manifest come from the AXA Group.

N.B. When reproducing the logo block, please use the electronic fi les available.

The AXA IM logo is composed of:

Logo block

The single colour AXA IM logo exists only in black white version for faxes, black and white press releases, etc.

It is not possible to change the colour of the logo (exept in the case of a black and white logo).

Red: Pantone 185M 100 % - Y 70 %R 255 - G 24 - B 33

The colour specifi cations for each type of medium must bescrupulously respected.

THERE IS NO REVERSE VERSION OF THE AXA IM LOGO

7

Blue: Pantone 287C 100 % - M 70 % - K 10 %R 16 - G 49 - B 132

Colours and logos

8

100% white background 75% white background

(in order to have a transparency effect)

X =

12mmX =

12mm

1/3 X =4mm

1/3 X =4mm

1/3 X =4mm

1/3 X =4mm

1/3 X

=4m

m

1/3 X

=4m

m

1/3 X

=4m

m

1/3 X

=4m

m

X =

12mm

1/3 X =4mm

1/3 X =4mm

1/3 X

=4m

m

1/3 X

=4m

m

A minimum clear space around the logo must be maintained,to ensure optimal legibility and visual impact:

The AXA IM logo:

- The clear space is equal to one third of the AXA IM square aroundthe entire logo block.

- The minimum size is equal to 7 mm in height for the square of the logo block. Depending on the reproduction process it may be necessaryto increase its size.

- Exception: for promotional items, the logo may be used in a formatas small as 5 mm.

7 mm

5 mm

The logo and its’ environment

AXA IM’s brand architecture has been streamlined in order to clarify, strengthen and raise awareness of the multi-expert model. This new brand architecture leads to all of AXA IM’s expertises being equally visible within the architecture and enables the corporate signature to take its full meaning, as all of these expertise are what our investment solutions will be made of.

When presentingAXA IM’s brand architecture , please do so in the following way:

This image can be found on the Global Brand sharepoint

9

Fixed Income Equities Alternatives

■ Asset Liability Management

■ Allocation Management

■ Insurance Investment

■ Structured Management

Brand architecture

10

AXA Corporate

Responsible Investment

AXA IM Corporate palette

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The corporate palette must be the colour basis of all corporate documents produced.

The colour can be used at a second level

AXA IM’s corporate colours

11

The expertise palette must be the colour basis of all documents produced

AXA Fixed Income AXA Framlington AXA Rosenberg AXA Private Equity

AXA Real Estate AXA Structured FinanceAXA Funds of Hedge Funds

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AXA IM’s expertise colours

The overall objectives of the logo modus vivendi are:

To continue to raise awareness of AXA IM’s multi-expert modelby giving each expertise the same brand toolkit (logo, colour,positioning etc.)

To highlight the key roles played by the AXA IM corporate brand:

• Expertise role: A solution provider

• Distribution role: An integrator with a seamless client interface

• Corporate role: A seal of endorsement/label of qualityfor the expertise brands

The signature must only and always appear under

the AXA IM corporate logo and never under

the expertise logos

The logo modus vivendi - Introduction

12

• The AXA IM logo is always to be found on the bottom white banner, on the right hand corner

(to symbolise backing and endorsement)

• If several expertises are concerned, only the AXA IM logo is to appear on the bottom right hand corner.

In order to fulfi l these objectives, the following guidelines are to be implemented:

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• If only one expertise is concerned, the expertise logo is on the top left hand corner

(to illustrate who is speaking)

The logo modus vivendi - Marketing documents

13

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product name

Brochure

Leafl etAXA WF Optimal Income se caractérise par une gestion réactive face aux mouvements des marchés fi nanciers européens.

La performance est générée en arbitrant 3 types d’actifs : les actions à haut dividende, les obligations et les liquidités. Les gérants peuvent également utiliser des futures sur indice pour protéger temporairement le portefeuille.

Un couple rendement / risque performant depuis création (04/03/2004) au 30/06/2009

Performance nette depuis création (04/03/2004) au 30/06/2009

MSCI EUROPE

0 5 10 15 20 25 30

-4-3-2-10123456 AXA WF Framlington Optimal Income (E)

Merrill Lynch EMU Corp 2-8 Volatilité annualisée (%)

Per

form

ance

net

te (

%)

Moyennede lacatégorie

(1) Catégorie Europerformance : Diversifi és int-gest fl exibleSource : Europerformance au 30/01/2009

+ 5,10%-3,61%

+ 18,18%

AXA WF Framlington Optimal Income (E)

MSCI Europe

Merrill Lynch EMU Corp. 2-8 ans

70

80

90

100

110

120

130

140

150

160

170

180

30/06/200930/06/2008

29/06/200730/06/2006

30/06/200530/06/2004

04/03/2004

L’art de maîtriser la volatilité

Quelle est l’originalité du concept AXA WF Optimal Income ? ■ Une combinaison innovante entre des actions à haut dividende (moins volatiles

et plus performantes que les indices à long terme) avec des liquiditéset/ou des obligations d’entreprises européennes.

■ La possibilité de diminuer l’exposition « actions » grâce à la vente de futures sur l’indice Eurostoxx 50.

■ Une solution d’investissement permettant de maîtriser la volatilité.

Pourquoi un investissement fl exible et réactif ? ■ La répartition entre les poches « actions » et « taux » peut varier entre 25% et 75%.

■ Une gestion active et sans contrainte d’indice de référence.

■ Une utilisation ponctuelle de couvertures.

■ Un arbitrage quotidien entre les 3 classes d’actifs.

Quel couple rendement / risque depuis la création du fonds ? ■ Depuis sa création (le 4 mars 2004), AXA WF Optimal Income (Part E) est en hausse

de + 5,10%* avec une volatilité de 7,48%*.

Serge PIZEM, gérant principal d’AXA WF Optimal Income responsable de l’équipe de gestion Convictions Actions.

« Nous avons créé AXA WF FramlingtonOptimal Income pour répondre aux besoins des investisseurs souhaitant s’exposer à la dynamique des marchés actionstout en restant prudents.Le fonds sélectionneles meilleures opportunités entre les actions à haut rendement, les obligations d’entreprises européennes et les liquidités ».

Source : AXA Investment Managers

au 30/01/2009

www.axaframlington.com

Risk profile Volatility scale

Septembre 2009

AXA WF FramlingtonOptimal income


■ European small and mid cap equities■ Risk of capital loss, but limited to the invested capital

A B C D 1 2 3 4 5 6 7 8 9 10


The Fund’s position on the volatility scale is linked to its investment universe and its performance objective

December 2009

AXA WF FramlingtonGlobal Real estate Securities A EUR

“We have always had a simple philosophy: to buy good

stocks on modest valuations that can signifi cantly grow

their revenues and profi ts revenues and profi ts.”

■ AXA WF Framlington American Growth seeks to achieve capital growth through investment essentially in US companies. Overall, the fund gives investors broad exposure to the world’s largest stockmarket by investing in companies that show above average profi tability, management quality and growth.

■ Sustainable growth: We identify good quality stocks that have the potential for signifi cant growth in both revenues and earnings, and focus on secular rather than cyclical growth. Typically, companies that expand their market share or innovate are likely to be on a sustainable growth path and are set to perform well in an environment of rarefi ed growth. Relatively to its perfor-mance indicator (1), the fund tends to have large weightings in small and mid caps as this area provide more opportunities to add value.

■ Unconstrained management: The fund derives much of its performance through a stockpicking approach driven by AXA Framlington’s “Growth at a Reasonable Price” (GARP) philosophy.,Since the fund manager is not directly infl uenced by the index’s stock or sector weightings, he is free to look for the index constituents of tomorrow, not of today. The portfolio’s typically contains 65 to 75 stocks, with a maximum weight per stock of 2%. Once our invest-ment objectives have been met, or when we are disappointed on growth delivery, stocks are systematically sold.

■ A specialised and experienced investment team : The current fund’s manager, who has been managing US stocks for over 18 years and the fund for 12 years, has always managed the fund according to the same bottom-up, growth-orientated approach. He is supported by a team of sector specialists (among which technology, healthcare and biotech) to whom he can resort for focused investment insight.

Net total assets of fund (in million - in USD)

74.20

� Portfolio* � Benchmark**

Performance analysis (in EUR)

31/12/1999

Data are rebased to 100 by AXA IM on the graph start date.

1 year 3 years 5 years Since Launch*

Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%Quartile*** 2 2 2 -Category*** Fixed Income Global Infl ation Linked/offshore

2005 2006 2007 2008 2009

Portfolio* 26,4% 80,0% 123,0% 23,0% 80,0%Benchmark** 26,4% 80,0% 123,0% 23,0% 80,0%


Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%

Annualised performance

Annual performance

Annualised volatility

Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fi able des performances futures.

* Fund AXA WF Aedifi candi benefi ts of the historical evolution of the performance of the French fund AXA Aedifi candi, since its creation on the 17/08/05, because they have the same investment objectives.**Benchmark : 100.0% FTSEEPRAEUROPECAPPEDNETTR from 01/01/09. Is a performance indicator given as a basis for comparison only, the fund does not have a reference index.*** Source : MorningstarSource(s) : AXA Investment Managers Paris - FTSE to 30/10/09

Fund fact sheet

Invitation

«2 pagers»

MipiMi iiMMMMMMpppppppppppMiiiiiiiiii MMMMMMMMMMMiiiiiiii

eeeeellllll pppppooeeeePPPPeeeeeeeeeettttttttttttttt aaaaaattttttt sssssEEEEEE

ssttrr eeeeppppxxx EEEEEE

InvitationJeudi 25 mars 2010 Romniqui deribus is in se

• The logo modus vivendi is different for reporting document

Only the expertise logo is to be found on the bottom right hand corner.This is also true if the support used is the ppt template.

14


Analyse de la performance (en Eur)

2009 1 an 3 ans 5 ans 8 ansDepuis

création*Portfolio* 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%

Benchmark** 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%

Chiffres clés (en Eur)

AXA WF Framlington apedio bero quod quaturquaspernam re vto di ducie apedio bero

B2C AT 30/09/2009

0

3

6

9

12

15

Fev Mars Avr Mai Juin Juil Aout Sept Oct

Analyse du portefeuille

Valeurs Secteurs d’activité Pays %Industrial & Commercial Bank H Telecomm. serv. CHN 1,69%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,71%Industrial & Commercial Bank H Telecomm. serv. CHN 1,72%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,73%Industrial & Commercial Bank H Telecomm. serv. CHN 1,74%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,75%Industrial & Commercial Bank H Telecomm. serv. CHN 1,76%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,77%Industrial & Commercial Bank H Telecomm. serv. CHN 1,78%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,80%Total 1,70%

0

20

30

40

50

60

Royaum

e-Uni

France

Allemagne Suiss

ePortugalEspagne

Suède Italie Grèce

Belgique

Luxembourg Autres

20,84

30,65

45,50

28,45

%

25,56

8,50

40,20

3532,70

28,60

22,25

27

0

20

30

40

50

60

FinanceIndustrieConso-base

Energie SantéMatériaux Conso. cy

clTélécomServic

esCollectiv

.

Matière prem.Autres

20,84

30,65

45,50

28,4525,56

8,50

40,20

3532,70

28,60

22,25

27

%

0

3

6

9

12

15


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Performances cumulées

Performances mensuelles Performances annuelles

Valeur liquidative C xx,xx

Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xxValeur liquidative D xx,xx

Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xx

� Portfolio*

* Apiderchicium hil estium ullestias raeperi tem ipsa soluptata comniae corum si autemo et optia sit poruption repersperum rest essi** Benchmark : 100.0% EMBIGDIVHEDGED

Source : Apiderchicium comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsantRedaction : Estium ullestias raeperi tem ipsa soluptata comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsant

Net total assets of funds (in millions - in USD) xx,xx

Net assets (millions) xx,xx

Coupon (montant net) xx,xx

Date de détachement xx,xx

Cours de l’action xx,xx


Performance evolution

31/12/1999

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Répartition géographique

Répartition sectorielle

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Tpo 10 ActionsPerformances annualisées

1 an 3 ans 5 ans 8 ansDepuis

création*Portfolio* 26,4% 80,0% 23,0% 23,0% 123,0%

Benchmark** 26,4% 80,0% 23,0% 23,0% 123,0%

B2C AT 30/09/2009

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Subscriptions - redemptions

Fund general characteristics

Forme juridique + nationalité -

Date agrément/création -

Classifi cation AMF -

Devise du fonds -

Devise de la part -

Droit d’entrée maximum -

Droit de sortie maximum -

FG fi xes réels -

Dont commission de gestion fi nancière réelle -

Dont commission de gestion admin. & publication réelle -

FG fi xes maximum (cf Notice d’Information) -

FG fi nancière réels -

FG fi nancière max -


FG admin. & publication réelle -

Frais de distribution max -

FG Indirect Max -

TER -

FG variables (cf prospectus) -

Souscription Initiale min. -

Souscription suivantes min. -

Type de part -

Code ISIN -

Société de gestion -

(Sous) Délégation fi n. -

(Sous) Délégation comptable -

Dépositaire -

Valorisation -

Garant -

Teneur de compte conservateur de parts -

Commissions d’arbitrage -

Objective and investissement strategy


A B C D 1 2 3 4 5 6 7 8 9 10


Risk characteristics

Recommended investment time horizon: 3 years


Main specifi c risks :

Risk linked to investments in emerging markets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to investors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settle-ment, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maxi-mum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may usnts that are volatile, may be subject to various types of risks and can involve signifi cant economic leverage.

Participer, sur un horizon de 8 ans, à la performance d’un panier (voir notice d’information) de 12 actions internationales avec pour objectif que la valeur liqui-dative du 18/08/2009 soit égale à l’une des trois performances suivantes :- 1er cas : d’obtenir 300 % de la valeur liquidative constatée le 13/08/2001. Ce 1er cas trouve à s’appliquer si, sur la période du 16/08/2005 inclus au 7/08/2009 inclus (défi nie ci-après comme la période d’observation), le cours de clôture d’aucune des actions composant le panier n’a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 301,98 € ; - 2ème cas : d’obtenir 250 % de la valeur liquidative constatée le 13/08/2001. Ce 2ème cas trouve à s’appliquer si, pendant la période d’observation, la double condition suivante s’est réalisée : ■ à aucun moment, le cours de clôture d’aucune des 12 actions composant le panier n’a baissé de plus de 50 % par rapport à son cours Initial (voir notice d’information) constaté le 14/08/2001 et ■ au moins une fois, le cours de clôture d’une ou plusieurs actions composant le panier a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 251,65 € ; ■ 3ème cas : d’obtenir 100 % de la valeur liquidative constatée le 13/08/2001, majorée de 60 % de la performance moyenne positive fi nale du panier. Ce 3ème cas trouve à s’appliquer si, pendant la période d’observation, le cours de clôture d’une ou plusieurs actions composant le panier a baissé au moins une fois de plus de 50 % par rapport à son cours initial constaté le 14/08/2001. Les modalités de calcul sont précisées dans la notice d’infor-mation visée par l’AMF. Garantie : les porteurs ayant souscrit des parts entre le 18/06/2001 et le 31/07/2001 inclus bénéfi cient d’une garantie de leur capital investi (hors frais de souscription) pour tout rachat sur la base de la valeur liquidative fi nale du 18/08/2009 égale au minimum à 100 % de la valeur liquidative du 13/08/2001, soit 100,66 €.

Protection : les porteurs ayant souscrit des parts après le 31/07/2001 et demandant le rachat de leurs parts sur la valeur liquidative du 18/08/2009 bénéfi cieront de la valeur liquidative garantie constatée le 18/08/2009 (soit au minimum 100,66 €), qui peut être inférieure à la valeur liquidative sur laquelle leur souscription a été réalisée. En conséquence, les porteurs sortant sur une valeur liquidative antérieure au 18/08/2009 ne bénéfi cieront pas de la valeur liquidative garantie.

Simplifi ed and full prospectus available by simply asking AXA Investment Managers Paris Coeur Défense Tour B - La Défense 4 - 100 Esplande du Général de Gaulle 92932 PARIS LA DEFENSE CEDEX. Société de gestion de por te feuille titulaire de l’agrément COB 92.08Société Anonyme au Capital de 486 406 euros - SIREN 353 534 506RCS Paris



2

Page title in 20pt

Main bullet is 16pt text– indent is 14pt text

The logo modus vivendi - Reporting documents

Title in 20pt

Names of presenters to be listed here in 14pt

Date of presentation here in 12pt

15

The Switch is a key brand communication element

Beyond acting as a simple logo element symbolising the brand’s performance, the Switch is a dynamic element that actsas a brand device:More than a logo-code, the Switch is the incarnation of the brand’s unique mission, its real difference.

- That will aid its visual recognition, - That will transmit its message of rupture.

The Switch is the reference point of a rupture

It is a symbol of change, a sign that AXA IM is switching from one reality to another:

- a change of positioning

- a change of discourse

- a change of advertising execution

- a change of attitude

- a change of action

• Use the Switch as a stamp, a trademark at the end of a title.

• Use the Switch as a double symbol of change and connection

between one reality and another:

- a problem and a solution,

- a past and a future,

- a need and a response,

- a promise and a proof,

- a stereotype and an AXA IM response.

do• Use the Switch in a purely “cosmetic” way

(e.g: as a bullet point in a powerpoint).

• Tarnish the Switch through excessive use,

anywhere, anytime, anyhow, at the risk of threatening

its effi ciency and status.

• Use the Switch as a connection between two realities

that are not opposed or responding to each other.

don’t

The way we speak

Talk in terms everyone understands.

Say what we do. No more, no less.

The Switch

1/3 X

X

X

X

X

height 5,3 X

angle 52,32°

angle 52,32°

X

X

X

16

The Switch must always have the same proportions and angles in order to

remain consistent across communication channels.

The Switch must never be modifi ed or distorted in any way.

The slant of the Switch: 37,7°

Red Pantone 185M 100 % - Y 70 %R 255 - G 24 - B 33

Noir: Pantone blackK 100 % or 85 %R 0 - G 0 - B 0

The Switch should be used in red

where possible:

The Switch can be downloaded from Connexion.

It can be used in black (or K 85 % if necessary)

only on bi-chrome or black and white documents.

AXA IM’s Switch

17

onsed aliquam sutalorem ipsum

problem solution we can’t changeteens’ dreamswe just can tryto make them bigger

It may be used as a punctuation mark at the end of a title.

Or to separate two related ideas

Lorem ipsum

The Switch must never be used as a gimmick,

If the situation does not lend it self to it , having a Switch

within the title is not compulsory

Faut-il craindreun retour de

l’infl ation ?

Un nouvel élan pour notre

plateformeactions

The Switch and the heading

18



It is not possible to alter these heading characteristics

It is not possible to change the typeface

onsed aliquam sutaeminen dolore duis aliquam

lorem ipsum

It is not possible to change the proportion between the heading and the sub-heading


It is not possible to change the colours

The title with the Switch must be in AXA IM Blue or reversed

out into a visual


lorem Ipsum


lorem Ipsum


19

The Switch is used to encompass the heading. Adjusting the Switch: the height of the Switch must be adjusted with respect to the headingit encompasses, so that the proportion remains harmonious.

Heading: ITC Franklin Gothic Heavy - AXA IM Blue and ITC Franklin Gothic Book - AXA IM Blue

When the Switch is at the end of the title it must be equal to two times (2x) the size of the lettersEx : x = 8 mm ; y = 4 mm x 2, so the Switch = 16 mm

When the Switch is in a middle of the title, it must be equal to oneand a half times (x1.5) the size of the letters

Ex : x = 8 mm ; y = 2 mm x 2, soit Switch 12 mm

The height of the Switch must be four times (4x) the hight of X The Switch is centeredLine height = xEx : x = 8 mm x 4, so the Switch = 32 mm

The height of the Switch must be three times (3x) the height of X The Switch is centeredThe height between this line (y) is equal to 2/3 of x.Line height = yEx : x = 8 mm ; y (2/3 de x) = 5,33 mm. Switch = 8 mm x 3,so 24 mm centered on the 2 lines

One line

Two lines (heading + sub-heading)

the Switch is justifi ed with the last letter

fl ush rightthe space is equal to the width of the Switch

fl ush rightthe space is equal to the width of the Switch

Lorem ipsumx

y

y 2 x

lorem ipsum alita 1,5 xx y

y

Problem solution 1,5 xx y

y

x

3 xy = (2/3 de x) Lorem ipsum onsed aliquam suta

x

y

y

Lorem ipsum aliquam

4 x

x

x

x


A B C D E F G H I J K L M M O P Q R S T U V W X Y Z a b c d e f g h i j k l m m o p q r s t u v w x y z1 2 3 4 5 6 7 8 9 0


ITC Franklin Gothic Book ITC Franklin Gothic Book Italic



ITC Franklin Gothic Medium ITC Franklin Gothic Medium Italic

A B C D E F G H I J K L M M O P Q R S T U V W X Y Z

a b c d e f g h i j k l m m o p q r s t u v w x y z

1 2 3 4 5 6 7 8 9 0

A B C D E F G H I J K L M M O P Q R S T U V W X Y Z

a b c d e f g h i j k l m m o p q r s t u v w x y z

1 2 3 4 5 6 7 8 9 0

ITC Franklin Gothic Demi ITC Franklin Gothic Demi Italic



ITC Franklin Gothic Heavy ITC Franklin Gothic Heavy Italic

Arial RegularABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789

Arial ItalicArial BoldArial Bold Italic

20

ITC Franklin Gothic

#1: ITC Franklin Gothic is the mandatory typeface for the logo signature and all professionally-designed publicationsand communications materials (brochures, magazines, maillings, posters, etc).

Arial

#2: Arial is our typeface for everyday use (memos and fax, letters, PowerPoint, meeting reports, etc.). Arial can be an alternative typeface to ITC Franklin Gothic for communications materials produced internally (mailings, newsletters, etc.).

Si meliora dies ut poemattaLorem ipsum dolor sit amet, consetetur sa-dipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo duo dolores et ea rebum. Stet clita kasd gubergren, no sea takimata sanctus est Lorem ipsum dolor sit amet.

>>> ITC FRANKLIN GOTHIC

Typefaces

21

Reminder: the “AXA” name and when abbreviated “AXA IM” must be in uppercase.

“Investment Managers” must be in uppercase for the fi rst letters of each word and lowercase for the rest.

The following guidelines apply for all the corporate and commercial documents you may produce. Please note that these are guidelines that you may need to fi netune or adapt depending on the specifi c requirements of your document, culture or language.

Main headings, subheadings and titles

• Capital letters at the beginning of main headings, subheadings and titles• No punctuation at the end of the title

Boldness

• Play with the different boldness in the body-text (medium, demi, heavy) to help the reader focusing on important elements by creating contrasts.

Italic

• Italic must be used with parsimony• You must use italic for names of books, magazines, master pieces etc.

or foreign language quotations• You can use italic for small introduction paragraph, as an alternative

to ITC Franklin Gothic book

Colour

• Body-text can be in black or blue• Notes, legends and a few paragraphs can be in grey (black 50 or 75%

intensity) to lighten the layout.

Bullet points (optional)

• Use square bullet points for the fi rst level of listing, and round bullet points for the second level.

• If it is a step-by-step list, you can also use numbers.• If all of your bullets are shorts items, use a lower case letter at the

beginning of each bullet and add a full stop only at the end of the fi nal bullet.

Writing guidelines

22

Three kinds of visuals

#1: Conceptual

#2: Humans in situations

#3: Clouds of fi gures

(but that do not represent objects)

It will be possible to use visual with humans but they will need to be validated by the Brand team. Illustrations can only be used exceptionally and need to be validated by the Brand team. You can have access to the Group’s photo/image bank in the Group Marketing/Brand section WSS.

#1

#3

#2

Iconography

23

name nametitle title




You can also use Maraval pictures (employee portraits with a coloured background) or variations thereof. These will continue to be used in the press (where and whenit is appropriate) and in corporate/expertise docs.Portraits of AXA IM employees can be represented using oneof the following options:

Or you can use a new style in corporate/expertise docs.

First name, LAST NAME

Title


Title


Title


Title

Option 1

Option 2

Iconography: Portraits

24

3 layout structures

- First layout structure front cover 25

- First layout structure front cover with 2 logos 26

- Where does the Switch go? 27

- First layout structure front cover: visuals

or background colour 28

- First layout structure front cover:

visual proportions 29

- Visual - one colour or tow colours 30

- First layout structure: back cover 31

- Second layout structure: cover 32

- Third layout structure: cover 33

- The inside layout brochure 34

- The grid 36

Covers &inside brochures

25

lorem Ipsum


version 2version 1b

version 3

version 2aversion 1a

version 3a version 3b version 3c

version 1

3 main layout structures

have been created

so that the charter

is fl exible.

Version 1 provides more text space and the headline is emphasized.

Version 2 et 3 gives more space to visuals.

The front covers are based on 2 zones:

Quoted layouts on page 39

Zone 1: diagonal mirrors for visual, color block

Zone 2: for visual or color blockor white background

visualor colours

Typeface:AXA IM Blue or reversed out

White background

The position of the text is determined by the Switch and the location of the oblique area.

The diagonal mirrors the angle

of the Switch, and can be

moved horizontally accross the

page.

Authorized A5 and leafl et layouts (148 x 210 mm) , (21.0 x 148 mm), (100 x 210 mm)

lorem Ipsum



lorem Ipsum

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icing elited

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adipisicing

sed lorem

lorem Ipsum


icing elited

Lorem ipsum dolor sit lorem ameconsectetur sed lorem

adipisicing consec

sed lorem lorem


adipisicing

sed lorem

lorem ipsum dolor sit amet

lorem Ipsum

Document covers - First layout structure front cover210 X 297mm PORTRAIT

26

lorem Ipsum


icing elited

version 2 version 3

version 2bisversion 1bis version 3bis

version 1

BrochureLogo modus vivendi

Expertise logo: top left corner on a white

background ( AXA square : 12 mm)

AXA IM Logo : bottom right corner

and smaller ( AXA square : 10 mm)

visualor colours

white

lorem Ipsum



adipisicing

sed lorem


lorem Ipsum


icing elited


adipisicing

sed lorem


Document covers - First layout structure front cover with 2 logos210 X 297mm PORTRAIT

27

The Switch:

2 versions upper edge

and lower edge of the page

#1: fi rst version with the Switch alignedwith the upper edge of the page

for corporate documents.

#2: second version with the Switch aligned with the lower edge of the page

for commercial documents à utiliser de

préférence

White band: along the bottom of the page with the logo block

Optional: if you can, use the Switch

as a symbol element to connect

one reality with another.

#1

#2

Commercial

Corporate

Document covers - Where does the Switch go?

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lorem ipsum dolor sit ametconsectetur adipisicing sed lorem

lorem ipsumdolor sit ametconsecteturadipisicing

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standardsredefining

consectetur adipisicing sed lor em

lorem ipsum dolor sit amet consectetur adipisicing

sed lorem

28

Different ways of working with visuals

#1 & 2: Human in situation in the foregroundand conceptual visual in the background

#3: Conceptual visual in the foreground and a blurred visual in the background

#4: Conceptual visual in the foreground and a conceptual visual in the background

#5 & 6: Conceptual visual in the foreground and the same visual in the background

#7: Conceptual visual in the foreground on a white background

#8: Conceptual visual in the foreground

on a unifi ed coloured background

#1 #3

#3

#2 #4

#6 #7 #8#5


lorem Ipsum

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adipisicing

sed lorem


lorem Ipsum


lorem Ipsum


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lorem Ipsum


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Faut-il craindreun retour de

l’infl ation ?

Un nouvel élan pour notre

plateformeactions

Document covers - First layout structure front cover:visuals or background colour

29


icing elited

lorem Ipsum


Version 1

1/3 of document

2/3 of document

1/7 of picture

6/7 ofpicture

Version 2

1/7 of document

3/5 of document

Version 3

All the proportions used for the visuals are calculated on the basis of the thickness and the slant of the Switch.

Document covers - First layout structure front cover:visual proportions

lorem Ipsum


icing elited

30

1 Visual is in black . The red is reservedfor the Switch only. The logo and signature are in black 100%, while the taglines and titles are in black80 %.

2 The visual is in blue 287. The red is reserved for the Switch only.The logo and signature are in Pantone 287 and 185, while the taglines and titlesare in Pantone 287 except the websitein Pantone 185.

3 The visual, the Switch, the logoand signature are in black 100 %.Taglines and titles are in black 80 %.

Document covers - Visuals one colour or two colours


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L i ti i t


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lorem Ipsum

213

31

3 examples of back covers: white - colour - visual

whitevisual or colour

sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

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AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com

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Ref

. 65

00

17

C 0

9 2

00

8 S

GI

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phone numberwebsite

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Document covers - First layout structure: back coverDifferents formats PORTRAIT or LANDSCAPE

32

product nameproduct name

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del inloreaddolore facidunt lup

tat, quis nulla commy nonsequis











version 5 version 6version 4

visualvisual 40%visualvisual

To be used exceptionnaly

and validated by the Brand team


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Document covers - Second layout structure: cover210 X 297mm PORTRAIT

33

Magazine layouts Format : 210 X 297 - A4

This layout can only be used for corporate documents

ie which have only the AXA IM logo on the bottom right.

For consistency, in all covers and fi rst

pages of internal brochures, magasines,

please use:

- The AXA IM logo located at the bottom of the page against a white background;

- The title in the header can be in colour against a white background or in white against a colour background.

- The triangle at the lower right corner

is optional.

Ipsumn°01

month

2009

SPECIFICATIONS

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et ipsa deribus ex el es reped quodio

AXA IM NOBIS as mo temporestior sumquunt

N°1 - novembre 2009

ARUMET ETUR DITAE CONSEQU

DOLUPTIUM ESCI NEM EXPEDIS

AUTA ESSUMQUI


Document covers - Third layout structure: cover210 X 297mm PORTRAIT A4

34

Example of inside double-page spread

1 2

4 type of insurance

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4.1 We pay for: 4.2 We do not pay for:

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Pero del eu facillaorem delismod magna feuisl ing elit adigna feugait adion ut wisit niam am, summy nostin utpat luptat augiam, si elit num quamcor eraessequat, sim et, ver amet wiscilisl ut nullandre facidui blaorem zzriurem quat.

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Irit veraessisit ese et wiscidunt prat lore vul-lam iril eum velisi.

Si elit num quamcor eraessequat, sim et, ver amet wiscilisl ut nullandre facidui bla-orem zzriurem quat.

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Luptat augiam, si elit num quamcor eraesse-quat, sim et, ver amet wiscilisl ut nullandre facidui blaorem zzriurem quat.

5 minim nostrud tat


Et nullaortie duis autpati smolore verci tie dolortie ver inis nonsecte tem do odigna faccum nulluptatue dolore te mod et ute te dolore min vero od euipsuscipit alit lorerae ssequissed mincilis nulla faci bla con utet ea facipit, vullum num dolobor augue modolutat nim er sed do consequi bla am vel ullandi gnisi.Liquis alisi. Pisisit aut acipsusto do do eraesto ex exero od minim iuscil dit utpatin utpat. Ut praessi et nim zzrit nis nit lorer incilla ndionum iriusciduis alit amconse niscil ullutpat adiat nit dolorer ostisim quisi.

Ed tat. Gait nulput autat dit digna coreet lore cortisis nim dunt volore facinci bla conse tat laorem duisit deliquisisi.

Lit incil utpat ut velisim nim vel dionsequisi er aliqui te faci bla feugait vel ulluptat, core veniatue tetummy nisi.

5.1 Facil etum digna faci etueros num dolor sustrud:

exer iureet dolummy nit, vent irillam, con volum velismolor suscip et lor sim dolor iriureet nis nostrud duis dunt praesto con vulputpat velessi. Inisi. Giat ut lam zzriustie tinis digna con eum irilit, qui el iril ulluptat.

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5.2 Dunt lore vendit lam zzril ing euisci blaore consectem vulputat:

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Dolore te mod et ute te dolnum dolobor augue modolutat nim er sed do consequi bla am vel ullandi gnisi. Liquis alisi. Pisisit aut acipsusto do do eraesto ex exero od minim iuscil dit utpatin utpat. Ut praessi et nim zzrit nis nit lorer incilla ndionum iriusciduis alit amconse niscil ullutpat adiat nit dolorer ostisim quisi.

5.3 Ed tat. ut autat dit digna corlore cortisis nilore facinci bla conse tat laorem duisit:

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Vent iure vel utpatuerit lutem in eum zzriurem in eod tat alisit, quis eum-modolor sit wismod te facillaore feum el etum ipis nostisim ilit nis ametum quis amconse tem nullamco tem velenim vero dolor iusto ea autat lum dip ex ex eugue mincidunt aliquis modipit alit, veli-quam zzriurem eliqm dio do el dolor i

Vulputpatio

Dolum vedionsed dolobore feu feui

bla faci estio ex eum duiscil eu feugait wis

nim zzril ut afaccum digna acilis augiam, si blan vo-

loreod ting exerit lamcore con hendre cor iliquisit ing.

«Sed ut perspiciatis unde omnis iste natus error sit voluptatem ac-cus antium dolorem que laudan tium, totam rem aperiam, eaque ipsa quae ab illo inventore veri-tatis et quasi architecto beatae vitae dicta sunt explicabo.

Nemo enim ipsam voluptatem

quia voluptas sit

sed quia consequuntur magni dolores eos qui ratione volupta-tem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non num-quam eius modi tempora incidunt ut labore et dolore magnam ali-quam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur?

Sed uttilis perspicitis unde omnis iste natus errorsit voluptatem accusantium

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudan-tium, totam rem aperiam, eaque ipsa quae ab illo inventore veri-tatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia vo-luptas sit aspernatur aut odit aut fugit, sed qest, qui dolorem ipsum quia isci velit, sed quia non numquamt labore et dolore magnam aliquam quaerat volup-tatem.Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci ve-lit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quae-rat voluptatem. Ut enim ad mini-ma veniam, quis nostrum exerci-tationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur?

«Sed ut perspiciatis unde omnis iste natus error sit voluptatem ac-cus antium dolorem que laudan tium, totam rem aperiam, eaque ipsa quae ab illo inventore veri-tatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia vo-luptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione vo-luptatem sequi nesciunt. Neque porro quisquam est, qui do-lorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercita-tionem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur?

Quis autem vel eum iure repre-

henderit qui in ea voluptate velit

esse quam nihil molestiae

Consequatur, vel illum qui do-lorem eum fugiat quo voluptas nulla pariatur?» Sed ut perspi-ciatis unde omnis iste natus er-ror sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam vo-luptatem quia voluptas sit asper-natur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nes-ciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit,

Eliis molibut pra rem et invoc, ca-perio nsulla nonscrum patemus viri publiusque fatus linti, sum te-restero, publientiem effretius sce-poribus; hae idem fi ribus, confex mod rehebatiam ad facciem se, quam efecepestere consimpere condum obula iam qua quam.

Epsenequo cem fac factus non-

vesc riverei elatis audescrite

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vastra dicitin tiostrae postali ca-tquem uturnum tat atiliis? Verit? que aut grae es, nosumei scerni intiam derbiss enitiampos verei poertius, tabem senteste nem ut actum abit? Nam. Hillerors nessa ad C. Udaces ignoculius, Patum, consules nostena, forarta

Sed ut perspicitis unde omnis iste natus errorsit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo odit voluptatem.

IPS

UM

ER


Document covers - The inside layout brochures210 X 297 mm PORTRAIT A4

Example of inside double-page spread

DIAMCONAmbition 2012

hore it amet

conulpute?

dionseq uamcons onullaor

Erostis

Dolobore tio et amet wis nonsectet, susciduis dolu-tatue tio et amet vent irit diam illa faccumsan velisis ciduis aliquat wis accummod ercilisl enibh exercinibh et.

Eum digna

Dicinissim del ute tion erilisl ad doloreorper se do dolummo dolore molortin venim euipisisit lore mod ercin ut autem verat lorper incip essit, vullan utat.

Niamconsed

Felit veraessi. Cidunt lore magna facilit am iusto dolor iril del et nismolo rtincinipit lame ccommy nulputatio con ulla con henisl dit nit landip enim deliquat.

Adignim nim

volore min henit

ad miniam, ver

summy nibh et at

nos nonsendit iustio

euissi tat. Idunt in

utatum venim ea.

Vullut nonsequat, summodo lortin velisim velit alit ipit lortini scidunt utet iusci et lam, commy nibh ea feugiam iure ming exer inibh et, suscipsum ipisim iusciduis el eros aliqui blan ute magna atet nisit nullutatie tet acipis digna faccum eu faci te dolore dio diat inciduis eum ad er alit at. Velit praessi. Is aliquis amcon volor in et endre feuguer si.Duipsus cidunt nulla augueros do ea consequis delent aute te vullan-dreros atis accumsandit ip elisi tet wis et, quate faccum in venisis dolorper suscip ex et, quam, vel dolessim in henim zzrit irit ut acilis

duipsum nummolessi bla facilit et, sequat loreetuero dolore consequ ipsuscidunt vero con ut ulputem aliquat iure elit iliquis delessi smodio doluptatem vel duismodolum ip ea facincillute ver se dolorem zzrilit, quipis dionse min utpat. Dui tisi tatis ea faccumm odipsum doles-sisse cortin hendre modio dipis nit iuscilla conse velit augiamcorero Hendrem num velesequam, suscilisi tionsecte vendiam nit, vullam dolor si ex exeriusto exer si. El ut vel illa feumsan ea facidunt ad el digniamet vulla faccum in enisi. Gait, vulla feuipisl dio odolore magna coreet,

4 - 4

REET, SEQUIS DELIQUISSI.

ONULLAOR SE EU FEUISIM ZZRILISL ING ERCILLAORE

VERO EL DIONSEQ UAMCONS AMET LAN

MIN ONULLAOR.

Erostis

Dolobore tio et amet wis nonsectet, susciduis dolu-tatue tio et amet vent irit diam illa faccumsan velisis ciduis aliquat wis accummod ercilisl enibh exercinibh et.

Eum digna

Dicinissim del ute tion erilisl ad doloreorper se do dolummo dolore molortin venim euipisisit lore mod ercin ut autem verat lorper incip essit, vullan utat.

Niamconsed

Felit veraessi. Cidunt lore magna facilit am iusto dolor iril del et nismolo rtincinipit lame ccommy nulputatio con ulla con henisl dit nit landip enim deliquat.

sed molortis exer sit adignis alit dunt dolute conse vent volor alismolor adiamcommy nonsenim iniam velex eumsan ulputpat vulluptat autpatis alit er sumsan ute dio conseni scipit ing ex ero ex eugue min vullamet auguer augiam, quat volore dio core minisi tatin-cidunt luptat lum zzril ex ero odolortisi. Rud delit vullandrem alismodio exeraesecte miniam, si. Em ing eugiam quisi blan ullamet adit aliquat nullamet, quisit utet, quisi.

In utpatet augait prat praessed dunt lore do dit er sisim vel dignim el delit ulla feu feuip euguer ad motrud tat, consecte delesed la feugait alit lut nos etum quat nos alit pratum nostin ut lum iure tie molent nummy nulla feum amet, veli-quipit nostrud tat amconsectet lor iure con ea commy.

CORPORIS…

Minima veniam, quis nostrum sequi nesciunt. Nveritati enim ad Utlores eos qui ratione volup-tatem aum aliquam quaerat voluptatem. quae ab illo luptas sit aspernatur totam rem aperiam, eaque ipsa antium dolorem que laudan tium, ut labore et dolore m tvoluptatem accus antiuut ae ab illum, totam rem aperiam, dolorem que laudan tvote natus, tem accus antium dolorem que omnis iste natus error sit volupta Sed ut perspiciatis unde. Sed ut perspiciatis aum aliquam quaerat voluptatem dolore m tvoluptatem.

Document covers - The inside layout brochures210 X 297 mm PORTRAIT A4

35

SIT AMET, ADIPISCING NEC, ULTRICIES SED, DOLOR. CRAS ELEMENTUM UL-TRICES DIAM. MAECENAS LIGULA MASSA, VARIUS A, SEMPER CONGUE, EUISMOD NON, MI. PROIN PORTTITOR, ORCI NEC NONUMMY MOLESTIE, SIT AMET, ADIPISCING NEC, ULTRICIES SED, DOLOR. CRAS ELEMENTUM UL-TRICES DIAM. MAECENAS LIGULA MASSA, VARIUS A, SEMPER CONGUE, EUISMOD NON, MI. PROIN PORTTITOR.

Sit amet, adipiscing nec, ultricies sed,

dolor. Cras elementum ultrices diam.

Maecenas ligula massa, varius a, sem-

per congue, euismod non, mi. Proin

porttitor, orci nec nonummy molestie,

enim est eleifend mi, non fermentum

diam nisl sit amet erat.

Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellen-tesque fermentum dolorem verate dolut wisl ut iureet diam.

Maecenas adipiscing ante non diam

Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Ctrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non lutpat libero pharetra tempor. Cras vestibulum bibendum augu.

Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede.

Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Per sus-tie dolortie magnisit loreet iustrud eugait ulla feuisis nulpute vullam ea feuismolor sed del do consenim quatum dipsustrud dolorem verate dolut wisl ut iureet diam iure molum quamet ullut lan el ex exero esed tionsequi tat et velestie vulputpate tie magnit iureetum in ut adiat.

Or sectet at. Feuis am irit, consed dolor-tismod do conse ent nulputet lore digna faccum dolorperat ipit lore do eum ercilla feummod magniam, quatisi et nit lut et aut aliquis dolor iureet, susto dipsum-sandre vullut luptat.

AXA EMPRESA N°43 | noviembre 2009

aliquetumpellentesque diama

1

Sit amet, adipiscing nec, ultricies sed, dolor.

Cras elementum ultrices diam. Maecenas

ligula massa, varius a, semper congue,

euismod non, mi. Proin porttitor, orci nec

nonummy molestie, enim est eleifend mi,

non fermentum diam nisl sit amet erat.

Duis semper. Duis arcu massa, scelerisque

vitae, consequat in, pretium a, enim.

Pellentesque congue. Ut in risus volutpat

libero pharetra tempor. Cras vestibulum

bibendum augue. Praesent egestas leo

in pede. Praesent blandit odio eu enim.

Pellentesque sed dui ut augue blandit

sodales. Vestibulum ante ipsum primis

in faucibus orci luctus et ultrices posuere

cubilia Curae; Aliquam nibh. Mauris ac

mauris sed pede pellentesque fermentum.




Maecenas lIbh et autat, quat lum

atis ad etum nibh eugiat lamet, susci

tatum dolor sum volobore magna core

facing endre dolortionsed dolorer adion

vel ullamcore vel do commolorerit

quat lum atis ad etum nibh eugiat.

core cons equatue

magna feuguer susto

eugue lenim ip

Proin porttitor, orci nec nonummy

molestie, enim est eleifend mi,

non fermentum diam nisl sit amet

erat.

Xero ea faci eu feugait lum adiam quisl ulla feui ent vendit aliquat.Ustis augiatisisis alit ipit acilit prat. Ut praessi.

Nauguercipisl dolorpercin eummy nisl do diametum vulput volent adionsecte dunt in vullamet, vel iril dolobore cons. Onullutpat. Nulputpat, si et amet ing eraessis at. Susto dio od tat.

Nonsequam et atum zzriurem dia-tum nonsed delesent vel utpatisit vel ipit lor in henim doloreet, veros el eum ent eummod ercil eum

exerat. Ullandio duis alis num volo-bor percilla aliquat nos nos nosto commodi amconse quatie veliquat. Ut lum exerci et verosto eum quam zzril dunt er sis nonsent nisl utpat. Ut atem numsandigna augue min erillam iure velit vel ulput ip exer autet nulla faccum vullam vel do-lumsan henibh exer iliquipit nis nulpute erit iliquis ea cor si tisit velesequate mod delessequam aut aut volobore voloboreetum quation seniam zzrit, sustis alisi.

Sed itomnisumiste natuserrorsit voluptiatem umop

Sit amet, adipiscing nec, ultricies sed, dolor. Cras lorem ipsum.Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit so-dales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere

42% SIT AMET, ADIPISCING

ULTRICIES SED, DOLOR.

CRAS LOREM IPSUM.

2


36

Example of layout grid

Opposite, example of inside double-page spread, A4 format (210 x 297 mm) with layout grid visible.For consistency, in all inside pages, please use: - diagonals like those of the

Switch, if you wish to do so, in the layout, without repeating the Switch itself,

- the Switch in titles and subtitles* if you wish to do so (do not overuse).

The use of the triangle in the lower right corner is recommended. Page numbers can be placed here.

Visuals can be full, or with one corner or two opposite corners cut on the diagonal, as illustrated in the layout grid.

Lower case text is used for headings or inserts. The use of color highlights titles and introduction (do not overuse).

The diagonal is based on the slant of the Switch: 37.7°

Document covers - The grid

37

- First layout structure cover 38- Portrait A4 (210 x 297) 39- Portrait A4 (210 x 297) with 2 logos 42- Landscape A4 (297 x 210) 48- Portrait A5 (148 x 210) 51- Portrait A5 (210 x 297) with 2 logos 54- Landscape A5 (210 x 148) 55

- Second layout structure cover 57

- Third layout structure cover (magazine) 61

- The inside of brochures 64

- Regular review 68- RI Inside 72- AXA Framlington Inside-out review 75- Investment Acumen (work in progress) 77

- Other documents 79- Newsletter 80- Documents focussed on products 90

- «2 pager» 91- Fund fact sheet 94- Reporting sheet 97- Leafl et 100- Invitation cards 105- Posters 110

- Offi ce documents 118- Stationery 119

- Letterheads 120- Envelopes 122- Cards 123

- Offi ce templates 127- Company fax 128- Company meeting report 129

- Badges 130

- E-stationery 132- Electronic signature 133- Email banner 134

- PPT templates 139

- Joint venture and co-branding 142- Joint venture 143- Co-branding 144

- Advertising (stand-by) 149

- Web charter (stand-by) 151

Charter

The dimensions/measures found in these layouts can potentially

be adapted to particular situations depending on the volume of

text and/or the various text elements to be included

38

- Portrait A4 39

- Landscape A4 48

- Portrait A5 51

- Landscape A5 55

First layoutstructure cover

The dimensions/measures found in these layouts can potentially be adapted to particular situations depending on the volume of text and/or the various text elements to be included

39


Lorem ipsum dolor sit amet, tetur elitrsed diam. Facia pliquidi nobit laut fuga.Ruma ad Ta velenimin nihilitest omnim esere ne in endis

phone numberwebsite

10254 46

30

8

210

8

10

8

15AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.

8

35

297

262

sign

atur

e hg

fl zue

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ry e

r_ya

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ll xx

xx

xxxx

15

136


12

50 16

8

8

210

136

8

35

89

25

262

173

8

30

lorem Ipsum

8

1/5de Switch

2/5de Switch

10

12

1

2

5

66

7

8

3

4

9

8

11

1 - Title

ITC Franklin Gothic Book 45 ptITC Franklin Gothic Demi 45 ptLinefeed 50Flush leftColour: reversed outor AXA IM Blue

2 - Picture or colour block

Width: 136 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°


Four colours

4 - Switch

Width: 2/5 Switch (15 mm)AXA IM Red

5 - Text (optional)

ITC Franklin Gothic Heavy 27 ptFlush rightColour: reversed out

6 - Logo and signature

12 mm front cover10 mm back coverFour colours

7 - White stripe

35 mm

8 - Text

ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed

9 - Phone

ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptFour colours, AXA IM Blue

10 - Website

ITC Franklin Gothic demi 21 ptLinefeed autoAXA IM Red

11 - Design’s signature,

photos credit

ITC Franklin Gothic Bookbetween 6 and 8 pt

12 - Legal informations

ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %

Four colours, black and white or 2 colours

!Switch: to be located on top left side of visual in the case of corporate document

to be located on bottom right side of visual in the case of commercial document

First layout structure cover - Brochure version 1210 X 297mm PORTRAIT A4

40

lorem Ipsum

1/5de Switch

2/5de Switch



phone numberwebsite

10254 46

30

8

210

297

8

10

8


8

35

sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

8

12

83

219

134

8

136

8

210

119

15


icing elited

43

8

43

35

8

10

11

1

2

56

7

8

3

4

9

5

7

1 - Title

ITC Franklin Gothic Book 45 ptITC Franklin Gothic Demi 45 ptLinefeed 50Flush leftColour: reversed outor AXA IM Blue




Four colours

4 - Switch




6 - White stripe

35 mm

7 - Text


8 - Phone


9 - Website

ITC Franklin Gothic demi 21 ptLinefeed autoAXA IM Red


photos credit








41

15

8

10

8

193

AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor suto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.

8

8

210

8

297

sign

atur

e hg

fl zue

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r_ya

eç_r

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xx

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108

48

105


adipisicing

sed lorem

15

12

35

262

8

88

179

8

210

48

1/5de Switch

2/5de Switch


10

1

2

55 6

7

8

3

4

9

1 - Title

ITC Franklin Gothic Book 26 ptITC Franklin Gothic Demi 26 ptLinefeed autoFlush leftColour: Four coloursor reversed out




Four colours

4 - Switch




6 - White stripe

35 mm

7 - Address

ITC Franklin Gothic Book 10 ptFlush left

8 - Website

ITC Franklin Gothic Demi 12 pt


photos credit







First layout structure cover - Brochure version 2a210 X 297mm PORTRAIT A4

42

1 - Logos front cover

EXPERTISE: square 12 mm CORPORATE: square 10 mmFour colours

2 - Logo back cover

Only CORPORATE: square 10 mmFour colours

The only difference is the size of logos

First layout structure cover - Brochure 2 logos210 X 297mm PORTRAIT A4

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35 mm

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First layout structure cover - Brochure version 3c Corporate210 X 297mm PORTRAIT A4

48

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35 mm

8 - Text


9 - Phone


10 - Website



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First layout structure cover - Brochure version 3 Corporate297 x 210 mm LANDSCAPE A4

51

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Sources : AXA Investment Managers Paris au 31/12/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fiable des performances futures. Les performances des fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Il s’agit de performances en euros (sauf indications d’une autre devise). Dans le cas où la devise de référence de l’investisseur est différente de la devise du fonds, les gains peuvent se voir augmentés ou réduits en fonction des fluctuations du taux de change. Les fonds cités sont autorisés à la commercialisation en France. Nous vous invitons à vérifier avec la société de gestion ou directement sur son site internet www.axa-im-funds.com, la liste des pays de commercialisation des fonds. Ce document est exclusivement conçu à des fins d’information. Il ne constitue ni un élément contractuel, ni un conseil en investissement. Du fait de leur simplification, les informations contenues dans ce document sont partielles. Elles peuvent être subjectives et sont susceptibles d’être modifiées sans préavis. Toutes ces données ont été établies sur la base d’informations comptables ou de marché. Les données comp-tables n’ont pas toutes été auditées par le Commissaire aux comptes. La responsabilité d’AXA IM Paris ne saurait être engagée par une prise de décision sur la base de ces informations. Préalablement à toute souscription l’investisseur doit prendre connaissance du prospectus mis à disposition sur simple demande. Le fonds AXA Rosenberg Equity Alpha Trust est organisé sous la forme d’un unit trust agréé par l’Autorité de réglementation des services financiers Irlandais. Société de gestion AXA Rosenberg Management Ireland Limited, Guild House, Guild Street, International Financial Services Centre, Dublin 1, Irlande, enregistré en Irlande sous le N° 310308.Les fonds AXA France Actions, AXA International Actions, AXA International Obligations, AXA NPI Actions, AXA Or et Matières Premières, AXA France Small Cap, AXA Europe Small Cap, AXA Europe opportunités, AXA Europe Actions, AXA Euro Obligations, AXA Court Terme et AXA Obligations Européennes, domiciliés à Cœur Défense Tour B - La Défense 4 - 100, Esplanade du Général de Gaulle - 92932 PARIS LA DEFENSE CEDEX – sont des SICAV françaises agrées par l’AMF et enregistrées au registre du commerce de Nanterre respectivement sous les références : RCS 311 305 239, RCS 339 549 156, RCS 315 710 244, RCS 351 700 869, RCS 342 054 905, RCS 395 043 615, RCS 421 484 965, RCS 348 926 213, RCS 333 614 550, RCS 329 167 118, RCS 326 085 180, et RCS 339 548 919.FTSE International Limited (« FTSE ») © FTSE [année]. FTSE® est une marque du London Stock Exchange Plc et de The Financial Times Limited qui ont concédé une licence à FTSE pour son utilisation. Tous droits rela-tifs aux indices FTSE sont la propriété de FTSE et/ou des concédants de sa licence. FTSE et les concédants de sa licence déclinent toute responsabilité en cas d’erreur ou d’omission concernant les indices FTSE ou les données sous-jacentes y afférant. Toute reproduction ou distribution des données FTSE est interdite, sauf consentement exprès et écrit de FTSE. Ni MSCI ni aucun autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données MSCI ne font aucune déclaration ni n’offrent aucune garantie expresse ou implicite quant à ces données (ou aux conséquences de leur utilisation), et l’ensemble desdits tiers décline expressément par les présentes toute responsabilité concernant l’originalité, l’exactitude, l’exhaustivité, la conformité de tout ou partie de ces données. Sans limitation de ce qui précède, MSCI, ses filiales ou tout autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données ne sauraient en aucun cas être tenus pour responsables d’aucuns dommages directs, indirects, spéciaux, punitifs, consécutifs ou autres (y com-pris les pertes encourues) même si l’éventualité des ces dommages leur a été signifiée. Toute reproduction ou distribution des données MSCI est interdite, sauf consentement exprès et écrit de MSCI.

AXA Investment Managers Paris : « Coeur Défense » Tour B – La Défense 4 100, Esplanade du Général de Gaulle 92400 Courbevoiewww.axa-im.fr

Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.

8

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5 - Text (optional)

ITC Franklin Gothic Heavy 20 ptITC Franklin Gothic Book 10 ptFlush right



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30 mm

8 - Address

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9 - Website

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11 - Legal informations 1

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1

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6

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First layout structure cover - Brochure version 3a148 x 210 mm PORTRAIT A5

52

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dendici iscipsam quuntiis eate nullandam ressererum do-

lorem porepudam et es molore veria dolorera vent, con nos

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odi dolo intius moluptat.

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luptatiis ill

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consequam, offic te perehendus arumenihicid et lam ne-

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10Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.

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First layout structure cover - Brochure version 3b148 x 210 mm PORTRAIT A5

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Sources : AXA Investment Managers Paris au 31/12/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fiable des performances futures. Les performances des fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Il s’agit de performances en euros (sauf indications d’une autre devise). Dans le cas où la devise de référence de l’investisseur est différente de la devise du fonds, les gains peuvent se voir augmentés ou réduits en fonction des fluctuations du taux de change. Les fonds cités sont autorisés à la commercialisation en France. Nous vous invitons à vérifier avec la société de gestion ou directement sur son site internet www.axa-im-funds.com, la liste des pays de commercialisation des fonds. Ce document est exclusivement conçu à des fins d’information. Il ne constitue ni un élément contractuel, ni un conseil en investissement. Du fait de leur simplification, les informations contenues dans ce document sont partielles. Elles peuvent être subjectives et sont susceptibles d’être modifiées sans préavis. Toutes ces données ont été établies sur la base d’informations comptables ou de marché. Les données comp-tables n’ont pas toutes été auditées par le Commissaire aux comptes. La responsabilité d’AXA IM Paris ne saurait être engagée par une prise de décision sur la base de ces informations. Préalablement à toute souscription l’investisseur doit prendre connaissance du prospectus mis à disposition sur simple demande. Le fonds AXA Rosenberg Equity Alpha Trust est organisé sous la forme d’un unit trust agréé par l’Autorité de réglementation des services financiers Irlandais. Société de gestion AXA Rosenberg Management Ireland Limited, Guild House, Guild Street, International Financial Services Centre, Dublin 1, Irlande, enregistré en Irlande sous le N° 310308.Les fonds AXA France Actions, AXA International Actions, AXA International Obligations, AXA NPI Actions, AXA Or et Matières Premières, AXA France Small Cap, AXA Europe Small Cap, AXA Europe opportunités, AXA Europe Actions, AXA Euro Obligations, AXA Court Terme et AXA Obligations Européennes, domiciliés à Cœur Défense Tour B - La Défense 4 - 100, Esplanade du Général de Gaulle - 92932 PARIS LA DEFENSE CEDEX – sont des SICAV françaises agrées par l’AMF et enregistrées au registre du commerce de Nanterre respectivement sous les références : RCS 311 305 239, RCS 339 549 156, RCS 315 710 244, RCS 351 700 869, RCS 342 054 905, RCS 395 043 615, RCS 421 484 965, RCS 348 926 213, RCS 333 614 550, RCS 329 167 118, RCS 326 085 180, et RCS 339 548 919.FTSE International Limited (« FTSE ») © FTSE [année]. FTSE® est une marque du London Stock Exchange Plc et de The Financial Times Limited qui ont concédé une licence à FTSE pour son utilisation. Tous droits rela-tifs aux indices FTSE sont la propriété de FTSE et/ou des concédants de sa licence. FTSE et les concédants de sa licence déclinent toute responsabilité en cas d’erreur ou d’omission concernant les indices FTSE ou les données sous-jacentes y afférant. Toute reproduction ou distribution des données FTSE est interdite, sauf consentement exprès et écrit de FTSE. Ni MSCI ni aucun autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données MSCI ne font aucune déclaration ni n’offrent aucune garantie expresse ou implicite quant à ces données (ou aux conséquences de leur utilisation), et l’ensemble desdits tiers décline expressément par les présentes toute responsabilité concernant l’originalité, l’exactitude, l’exhaustivité, la conformité de tout ou partie de ces données. Sans limitation de ce qui précède, MSCI, ses filiales ou tout autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données ne sauraient en aucun cas être tenus pour responsables d’aucuns dommages directs, indirects, spéciaux, punitifs, consécutifs ou autres (y com-pris les pertes encourues) même si l’éventualité des ces dommages leur a été signifiée. Toute reproduction ou distribution des données MSCI est interdite, sauf consentement exprès et écrit de MSCI.

AXA Investment Managers Paris : « Coeur Défense » Tour B – La Défense 4 100, Esplanade du Général de Gaulle 92400 Courbevoiewww.axa-im.fr

Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.

7

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AXA INVESTMENT MANAGERS PARIS « Cœur Défense » Tour B – La Défense 4100, Esplanade du Général De Gaulle 92400 Courbevoie.www.axa-im.fr

8

8

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Société de gestion de portefeuille titulaire de l’agrément AMF N° GP 92-08 en date du 7 avril 1992.S.A au capital de 1 384 380 euros immatriculée au registre du commerce et des sociétés de Nanterre sous le numéro 353 534 506.

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ITC Franklin Gothic Demi 22 ptITC Franklin Gothic Book 19 ptLinefeed autoFlush leftColour: Four coloursor reversed out




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30 mm


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9- Address

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Société de gestion de portefeuille titulaire de l’agrément AMF N° GP 92-08 en date du 7 avril 1992.S.A au capital de 1 384 380 euros immatriculée au registre du commerce et des sociétés de Nanterre sous le numéro 353 534 506.

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AXA INVESTMENT MANAGERS PARIS « Cœur Défense » Tour B – La Défense 4100, Esplanade du Général De Gaulle 92400 Courbevoie.www.axa-im.fr

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30 mm


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9- Address

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10 - Website

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4 - Switch


5 - Text (optional)

ITC Franklin Gothic Heavy 24 ptITC Franklin Gothic Demi 24 ptITC Franklin Gothic Book 14 ptFlush rightReversed out



7 - White stripe

35 mm

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10 - Website

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Second layout structure cover - Brochure version 1210 X 297 mm PORTRAIT A4

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SPECIFICATIONS

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ITC Franklin Gothic Demi 15 ptITC Franklin Gothic Book 18 ptReversed out

2 - Magazine title

ITC Franklin heavy122 ptFour colours or reversed out

3 - Magazine sub-title

ITC Franklin Gothic heavy 26 ptITC Franklin Gothic book 31 ptFour colours or reversed out

4 - Picture

Product picture contextFour coloursThe diagonal is based on the slant of the Switch: 37.7°

5 - Switch


6 - White stripe

35 mm


12 mmFour colours

1

3

2

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6

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Third layout structure cover - Magazine version 1210 X 297 mm PORTRAIT A4

63

AXA IM NOBIS as mo temporestior sumquunt

N°1 - novembre 2009

ARUMET ETUR DITAE CONSEQU

DOLUPTIUM ESCI NEM EXPEDIS

AUTA ESSUMQUI

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2 - Magazine title

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4 - Picture

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5 - Picture

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6 - Switch


7 - Contents

ITC Franklin Gothic Book and Demi 18 ptLinefeed 20 ptITC Franklin Gothic Demi 41 ptLinefeed 42 ptFlush rightFour colours or reserved out

8 - White stripe

35 mm


12 mmFour colours

Third layout structure cover - Magazine version 2210 X 297 mm PORTRAIT A4

64

The insideof brochures


65

1 - Chapter heading

ITC Franklin Gothic Heavy 8 ptITC Franklin Gothic Book 8 ptDate: ITC Franklin GothicBook 10 ptFour colours Flush right

2 - Title

ITC Franklin Gothic Book 75 pt and 56 ptLinefeed 60 ptFour colours

3 - Picture

Four colours

4 - Introduction

ITC Franklin Gothic Book 10 ptLinefeed 13 ptUpper caseJustifi edBlack 50 %

5 - Text

ITC Franklin Gothic Demi 9 ptITC Franklin Gothic Book 9 pt Linefeed 13 ptJustifi edBlack 100% and black 80 %

6 - Specifi c informations

ITC Franklin Gothic Book 8 ptITC Franklin Gothic Book Italic 9 ptLinefeed 13 ptReserved out

7 - Specifi c informations 2

ITC Franklin Gothic Demi 16 ptLinefeed 22 ptReserved out

8 - Caption

ITC Franklin Gothic Book 28 ptLinefeed 28 ptFour colours

9 - Specifi c informations 3

ITC Franklin Gothic Medium 49 ptLinefeed 58 ptITC Franklin Gothic Demi 9 ptUpper caseLinefeed 13 ptITC Franklin Gothic Book 9 ptLinefeed 13 ptReserved out

10 - Page numbering

ITC Franklin Gothic Book 9 pt









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42% SIT AMET, ADIPISCING

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The inside of brochures - version 1210 X 297 mm PORTRAIT A4

1

6

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7

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10

2

3

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3

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5

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66

1 - Section

ITC Franklin Gothic Heavy 17 ptFour colours

2 - Title

ITC Franklin Gothic Medium 12 ptSpace before 6 mmFour colours

3 - Text

ITC Franklin Gothic Book 10 ptLinefeed 12 ptJustifi ed

4 - Table text


5 - Sub-title

ITC Franklin Gothic Medium 10 ptLinefeed 12 ptSpace before 4 mmSpace after 1 mmFlush left

6 - Caption

ITC Franklin Gothic Book 11 ptITC Franklin Gothic Medium 11 ptLinefeed 13 ptJustifi edReversed out

7 - Page numbering

ITC Franklin Gothic Book 9 ptColour: AXA Blue


4 type of insurance


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2 - Picture

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3 - Picture title

ITC Franklin Gothic Book 38 ptITC Franklin Gothic Demi 38 ptLinefeed 38 ptFour colours

4 - Picture informations

ITC Franklin Gothic Book 10 ptLinefeed 13 ptUpper caseJustifi edFour colours or reversed out

5 - Chapter heading

ITC Franklin Gothic Heavy 8 ptITC Franklin Gothic Book 8 ptDate: ITC Franklin GothicBook 10 ptFour colours Flush right

6 - Title

ITC Franklin Gothic Book 75 pt and 56 ptFour colours

7 - Introduction

ITC Franklin Gothic Book 10 ptLinefeed 13 ptUpper caseJustifi edBlack, 50 %

8 - Text

ITC Franklin Gothic Demi 9 ptITC Franklin Gothic Book 9 pt Linefeed 13 ptJustifi edBlack 100% and black 80 %

9 - Caption 1

ITC Franklin Gothic Book 13 ptLinefeed 16 ptJustifi edFour colours

10 - Caption 2

ITC Franklin Gothic Book 22 ptITC Franklin Gothic Demi 26 pt22 pt Four colours

11 - Page numbering



10

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2

las pymesapuestan por las renovables

LOREM IPSUM DOLOR SIT AMET, CONSEC-TETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS DUIS SEMPER. DUIS ARCU MASSA CONSEQUAT IN, PRETIUM A, ENIM. PELLENTESQUE CONGUE.

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2

10

8

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18

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SIT AMET DIPISCING NEC ELEMENTUM AENIS MOLORE CON

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3





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Shareholder alignment – is this the only answer?

which would expand the possibilities of his one-way-only bet happening. The shareholder on the other hand would naturally have a more balanced approach to risk to the extent that it may threaten his capital in the company. Put simply, the risk-tolerance capacity of an investor is different from that of an executive and this factor is rarely incorporated into remuneration design.

Short term myopiaAnother major problem with the Shareholder Alignment approach is that it can provide false comfort to shareholders about the inherent sustainability of the business. While remuneration can be tangentially linked with short-term shareholder value, the structure and terms of remuneration itself can be such

as to expose the whole enterprise to the risk of failure. Shareholder-value based evaluations can obscure the true picture of the sustainability of a business or even lead to fl awed strategic decisions.

Examples of this are when companies leverage up the balance sheet in order to return money to shareholders – thus raising the Total Shareholder Return –, or buy back shares – which in turn means Earnings Per Share targets are met –, or even cut necessary capital investments in order to reduce costs. While these situations usually lead to shareholders receiving benefi ts in the short-term and executives meeting performance targets – thus showing alignment between the interests of executives and shareholders – it may be that these objectives have been met to the detriment of the company’s longer term viability.

Taking stock of the futureThis type of focus in itself may obscure important information about the type of fundamental risk a business enterprise is facing. It distracts critical questioning about the costs of short-term returns to shareholders. It may undermine investments in areas which are necessary for the long-term viability of shareholders e.g. reducing investments in customer services, and lead to deferment of necessary capital investments.To summarise, the main fl aw of the Shareholder Alignment approach is that it simply assumes that the interests of shareholders, who may themselves have shorter term interests, is synonymous

amongst others, focus on remuneration reform as an important aspect of restoring stability to the fi nancial system. The core need is to acknowledge – and then correct – the fact that executive remuneration has now become an overly complex, technocratic

process in which the long-term health of the company has been at best sidelined, at worst forgotten. The long-term strategy of the company should be at the heart of any remuneration system and executive performance should be measured relative to achievements against this long-term strategy. The necessary steps would be to move away from outcome based evaluation of remuneration to one that focuses more on the inputs necessary

The main fl aw of the Shareholder

Alignment approach is that it simply

assumes that the interests of

shareholders, who may themselves have

shorter term interests, is synonymous

with what is good for the company as a

whole and over the longer term.

with what is good for the company as a whole and over the longer term. It also does not take account of the position of the other stakeholders of the company such as employees, customers, bondholders etc, whose interests are not necessarily identical to those of shareholders.

Putting the business fi rstSo how can remuneration design be reformed to ensure that it does not encourage strategic or business decisions which endanger the viability of the company? This is the subject of much governmental attention – the Walker Review in the UK and the G20 Recommendations,

The necessary steps would be to move away from

outcome based evaluation of remuneration to one

that focuses more on the inputs necessary for real

value creation in the longer term. This means that

there should be more discussions around the inputs

needed for success and less focus on structuring

remuneration around possible outcomes.

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Recent events have brought the issues surrounding executive pay to the fore. Regulatory authorities and other stakeholders have rightly focused on remuneration reform as one of the critical steps needed towards enshrining a different kind of fi nancial model. However, getting from where we are to where we need to be will not work unless we take a critical look at the existing philosophy guiding remuneration and how and why that philosophy contributes to the current problems.

The driving philosophy underpinning executive remuneration today has been the alignment of such remuneration with

the interest of shareholders, commonly known as the “Shareholder Alignment”approach. One objective has been to structure remuneration in a way that encourages the executives to create value for shareholders. Another has been to ensure that executives only benefi t in tandem with any value created for shareholders or, in the reverse, do not benefi t if shareholder value is not created.

This Shareholder Alignment philosophy is rooted in the Anglo-Saxon model of corporate governance but has now infl uenced executive remuneration in many jurisdictions. The Greenbury

Code, which articulates this philosophy in the United Kingdom, states that “performance-related elements of remuneration should be designed to align the interests of Directors and shareholders and to give directors keen incentives to perform at the highest level”.

The intention behind the “Shareholder Alignment” approach is beyond reproach – to minimise instances where executives receive signifi cant rewards which are not correlated with the value created

for shareholders. The problem, however, is that in practice this approach ignores some fundamental behavioural issues related to remuneration.

Heads we win, tails you loseThe fi rst challenge relates to weak, in practice, alignment of interests. The Shareholder Alignment approach believes that executives

can be incentivised to manage companies in the interest of the owners of the Company as through incentives they have a similar (if reward based) interest in the Company being successful. However, the approach ignores the fact that the characteristics of shareholders’ interests

are fundamentally different from those of executives.

As interests of last priority, shareholders can, and in some unfortunate cases actually do, lose not just additional accrual of value but also their capital in a company. The interests of shareholders therefore are not just to ensure that additional value is created on their original investments, but also that

the whole venture and invested capital is not at risk. In contrast, the risk to executives is that performance-related incentives may not vest – there is no additional down-side risk to the executives. The executive is therefore pre-disposed to taking decisions

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Shareholder alignment – is this the only answer?Shade Duffy - Head of Corporate Governance, Responsible Investment Department - AXA Investment Managers

The interests of shareholders therefore are not just

to ensure that additional value is created on their

original investments, but also that the whole venture

and invested capital is not at risk.

AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered offi ce located at Cœur DéfenseTour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number353 534 506, a Portfolio Management Company, holder of AMF approvalno. GP 92-08, issued on 7 April 1992.

This document is used for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell, solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specifi c date. Due to the subjective and indicative aspect of these analysis, we draw your attention to the fact that the effective evolution of the economic variables and values of the fi nancial markets could be signifi cantly different from the indications (projections, forecast, anticipations and hypothesis) which are communicated in this document. Furthermore, due to simplifi cation, the information given in this document can only be viewed as subjective. This document may be modifi ed without notice and AXA Investment Managers Paris may, but shall not be obligated, update or otherwise revise this document. All information in this document is established on data given made public by offi cial providers of economic and market statistics.AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or for reliance on this document. Furthermore, due to the subjective nature of these analysis and opinions, these data, projections, forecasts, anticipations, hypothesis and/or opinions are not necessary used or followed by AXA IM Paris’ management teams or its affi liates who may act based on their own opinions and as independent departments within the Company.By accepting this information, the recipients of this document agrees that it will use the information only to evaluate its potential interest in the strategies described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is unless otherwise authorised by AXA IM prohibited.

www.axa-im.com

Contact:

Raj ThamotheramDirector, Responsible [email protected]

+33 1 44 45 78 58

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Shareholder

alignment

Is this theonly answer?

p. 4

Funds Focus

The case for forestry investing takes root

In search of Europe’s best businesses: Responsible

Investment shows the way p. 9

AXA IM Initiatives

Acting to support the long-term growth of companies

p. 19

ESG commitment

Corporate restructuring: Handle with Care

p. 25

The EUROSIF study

Watching the watchers – How consultants see their role

in (the rise of) responsible investingp. 30

RI Inside Review - January 2010

nsideRI

Shareholder

alignment


p. 4

Funds Focus




AXA IM Initiatives


p. 19

ESG commitment


p. 25

The EUROSIF study



RI

La revue Investissement Responsable d’AXA IM - Novembre 2009

nside

somma i re

Point de vue d’un gérantGestion du capital humain

p. 4

Zoom produitsLe pouvoir des hommes

ou la valeur du fonds« AXA WF Human Capital »

p. 9

Initiatives d’AXA IMRassembler des indices rentables

Engagements ESGDe la connaissance à la sagesse

p. 16

p. 23

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Matthew LovattTel.: +44 20 7330 6541 Philippe De LavaletteTel.: +33 1 44 45 94 70 www.axaframlington.com C

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One of the loudest whispers coming from the fi nancial and economic grapevine is that

emerging markets have arrived. To the point that the question on many a commentator’s lips is: has the term “emerging market” become obsolete?

Today, most emerging economies are growing, and fast. While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years. Indeed although the crisis started as a Western one, globalisation meant that emerging markets were not left unscathed – though they were also quick to show signs of recovery. This is of course not true for all: Eastern Europe remains depressed, and several Latin American economies are unlikely to avoid their own home-grown crises. One of the key differentiators between emerging markets and their developed counterparts is leverage. Indeed excessive leverage is likely to have a detrimental impact on the future growth prospects of developed countries. In contrast, the banking sector in emerging markets is overall well capitalised, has low loan-to- deposit ratios, and is consequently for the most part well placed to continue lending at rates concomitant with

the prospects and needs of these market’s economies. In addition, investment is also an essential driver behind the sustainable growth of these emerging economies. Over the last ten years, emerging markets as a group have worked hard to build a fi rm platform for investment, be it domestic or foreign. Consequently, today, emerging markets are able to raise their growth rates to levels shifting their populations’ expenditure up the pyramid from subsistence to discretionary. Although China is already well on this path, other countries such as India and Indonesia are still rife with immense opportunities.So it is beginning to look like emerging markets could be coming of age. Signifi cantly, the G20 has been confi rmed as one of the world’s primary international forums, displacing the G7, while – anecdotally – Brazil has being selected ahead of Madrid, Tokyo and Chicago to host the 2016 Olympics. One of the key drivers behind this momentum is that they are increasingly fi nding their strength from within, through domestic and intra-emerging market led growth. So those hailing emerging markets should continue to do so, whilst avoiding a common pitfall: approaching these markets as a homogenous investment class.

A glocal treasure hunt

Emerging markets account for more than 80% of the world’s population, more than 70% of its land mass, 70% of its foreign exchange reserves and more than half of its global economic output – but only around 12% of global equity market capitalisation. This statistic stands out as an anomaly which cannot last

sequitiesAXA Framlington’sStraight TalkThe Inside-Out ReviewDecember 2009

Western and contagious

The fi nancial crisis that began in the US sub-prime mortgage market in 2007 had spread by mid-2008, affecting fi nancial systems across the globe and economic activity in virtually all countries. It is here key to note that the fi nancial institutions in most of the emerging economies had not engaged in the kinds of practices seen in their developed counterparts: balance sheets were typically not exposed to toxic assets; derivatives were employed much less frequently and generally limited to the more traditional instruments employed to hedge against currency and other risks associated with trade; and the more exotic instruments were shied away from. Yet this did

not render these markets fully immune. One of the most signifi cant impacts was provoked by the quasi drying-up of credit fl ows to emerging markets. The fl ow of export credits to emerging economies as well as inward portfolio investment all but collapsed in 2008, and commercial bank loans decreased signifi cantly. This created considerable stress in several of these markets, some of which were already experiencing problems before the crisis began to spread. This is especially true for Central and Eastern European countries, which then began to run dangerously large current account defi cits. Another key contagion channel was of course international trade. The slowing of economic activity in OECD countries led to a sharp contraction in exports from the great majority of emerging markets. This created an internal feedback loop wherein the initial reduction in trade weakened their domestic economies.

What is more, the downturn they experienced is not always attributable to the developed world slump. In effect in 2008, domestic spending across these regions was squeezed by higher commodity prices, coupled with tighter monetary policies to curb infl ation. China’s growth, for instance, began to slow well before global demand did, due to tight credit policies put in place to prevent the economy from overheating. This in turn led to a general slowdown in the property and construction markets. And then there were those economies – Russia being a prime example – that were already in overheating mode, blowing their own – credit - bubble when the crisis hit.

The degree to which the crisis affected each of these markets is variable, depending on the size of the economy, its openness to trade, and the level of diversifi cation of its exports and export markets. But they have all had to deal with some element of contagion and have shown, for the most part, unexpected buoyancy and an ability to not only weather the storm but also to make this crisis a systemic opportunity to leverage their domestic strengths – growing middle classes, developing education systems, increasing intra-emerging market collaboration.

Weathering the storm

One big and growing family

Emerging markets are often viewed as a single investment class, and therefore put under the same microscope. Indeed the majority of these economies are characterised by natural resource wealth, favourable demographics they represent 80% of the worlds’ population, a growing working age population, and one which is increasingly literate, educated and affl uent middle classes, and together represent the largest contribution to global economic output.Historically, many have been open to, and relied heavily upon, global trade, which has in turn helped to stabilise their fi nances, enabled them to build foreign exchange reserves and solid external

2 December 2009

While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years

balances, and resulted in stronger, better-managed companies, operating within a more robust regulatory environment. Indeed, the MSCI Emerging Markets Index has delivered an average annualized return of 10.6% since 1990, compared to 4.4% for the MSCI World Index. In sum, their story as a group is one of rapid economic development, but not without growing pains and hard lessons learnt.

Today they have decreasing debt levels, stabilising banking systems and a better capacity to sustain growth to show for. Also, low interest rates and low infl ation are being achieved, as many of these markets have succeeded in breaking the high infl ation/high interest rates spiral that have been a feature in the past, the most telling examples being Brazil, Turkey, Indonesia and Egypt. The value of Group therapy

With the potential of the region

as a whole established, there is also real value in creating sub-groups of emerging markets using various criteria. For example, an interesting separation can be made by dividing these markets according to their capacity to generate savings and accumulate capital, measured by current account surpluses or defi cits. Indeed, some emerging countries are structural savers, while others are chronic spenders. Asian countries (most prominently China) are most often characterised by external surpluses, meaning domestic savings exceed domestic investment. These excess savings are in turn recycled on the international capital markets, particularly the US.

Eastern European countries on the other hand, typically import more than they export, leading to high external defi cits that need to be fi nanced. These economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility. In the face of systemic shocks, having an external defi cit renders economies more vulnerable to a reversal in capital fl ows. A high domestic savings rate means growth can be more easily channelled through domestic consumption and investment in the face of a hostile international environment. This can explain the better resilience of China compared to countries such as Hungary or the Baltics.Another possible angle is differentiating those countries where sovereign debt still

dominates private debt, and those in which public debt has been signifi cantly reduced. Several emerging markets, such as China or Brazil, as well as Turkey and Indonesia, have managed to reduce their sovereign debt. This has led to a fall in sovereign risk premia and allowed private investors to benefi t from lower fi nancing costs on the international market. So, for these economies, investors need to analyse not only country but also corporate risks, and an in-depth knowledge of both is necessary in order to establish an informed view.

These are just a few examples to illustrate that it is indeed possible to group these economies into several categories using a variety of different segmentation criteria, in order to assess emerging market investment opportunities. Each brings value, contributing to a more in-depth understanding of these markets. But whatever the criteria used to divide emerging markets into sub-groups, it is important to always remember that each market is at different phases of its

3December 2009

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2000

3000

4000

5000

20502040

20302020

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19901980

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EmergingDeveloped

Mill

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Working age population, 15-64

Eastern European economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility

Sources: United Nations and Morgan Stanley, 2008. Excludes the least developed sub-Saharan African countries

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AXA INVESTMENT MANAGERS’ RESEARCH REVIEW

Corporate Restructuring:Handle with care page 10 Reducing sensitivity: An active challenge page 16

Active management: Beyond Heads or Tails page 50

AXA INVESTMENT MANAGERS, a French « société anonyme » with a share capital of EUR. 52.733 097 - with its registered offi ce at Cœur Défense - Tour B - La Défense 4, - 100, Esplanade du Général de Gaulle 92400 Courbevoie, is registered with the Registery of Commerce and Companies of Nanterre under the number 393 051 826

AXA Investment Managers Paris :« Coeur Défense » Tour B – La Défense 4100, Esplanade du Général de Gaulle92400 Courbevoiewww.axa-im.com AX

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Corporate Restructuring:Handle with care page 10 Reducing sensitivity: An active challenge page 16

Active management: Beyond Heads or Tails page 50

AXA INVESTMENT MANAGERS, a French « société anonyme » with a share capital of EUR. 52.733 097 - with its registered offi ce at Cœur Défense - Tour B - La Défense 4, - 100, Esplanade du Général de Gaulle 92400 Courbevoie, is registered with the Registery of Commerce and Companies of Nanterre under the number 393 051 826

AXA Investment Managers Paris :« Coeur Défense » Tour B – La Défense 4100, Esplanade du Général de Gaulle92400 Courbevoiewww.axa-im.com

INVESTMENT ACUMEN: AXA INVESTMENT MANAGERS’ RESEARCH REVIEW

Equities: Past, Present, Future

1871, we have broken returns down

into their most important contributing

factors: dividend yield, earning growth and

P/E expansion or contraction

(better known as equity re- or de-rating)

over a 130-year time span. From 1871

until the end of 2008, the annual

average total return for the S&P 500

has been 8.94%. Dividends (4.61%)

as well as earnings growth (3.78%)

make up the lion’s share of total

average return. Contrary to general

perception, multiple expansions only

generated a minimal contribution of

+0.55%. Furthermore, a great deal of

this small contribution is due to the

exceptional multiple expansion that

took place during the early 1980s

and 1990s.

Decomposing equity return over

the long run

Usually investors say they have a

long-term investment horizon. But when

it comes to the acid-test, people usually

equate this time horizon with a couple

of years. This is particularly true since

the start of the new millennium and

the associated poor equity performance,

which has tempted people to turn equity

investments down. This ignores the fact

that the past 30-odd years are out of

whack with history, observation which is

best illustrated via a decomposition of

the most important return parameters

(dividends, growth and re-rating) over a long

period.

Using Shiller data, which offers detailed

information about the S&P 500 since

“Stocks for the long run” was the title of the famous book by J. Siegel. Unfortunately, a look

at the big picture clearly shows that the past decade has returned a fairly lousy performance equity-

wise. Firstly, we had the burst of the internet bubble and the subsequent accounting trickeries which

put into question the long-term perspective of equity investors. Then, the recent fi nancial crisis—the

worst in generations—seems to have totally wiped out any belief that risky assets in general, and

equities in particular, outperform, even in the long run.

Whilst the harsh reality exhibited by statistics is unquestionable, it would be wrong not to try

to understand what has happened. Indeed, although the global economy has known relatively

low historical variations over the past 30-odd years, volatility has been extreme in equity markets.

The latter have visited the stratosphere and then back again, with a crash landing. Which begs

the question: what kind of future return should equity investors expect in the next long run?

Charles Dautresme – Strategist Franz Wenzel – Deputy Director Investment Strategy DepartmentAXA Investment Managers

LOOKING AHEAD

The past thirty years –

a story of equity re-rating

Obviously, such a long time span has

numerous pitfalls and might therefore not

necessarily be representative. The two

World Wars and the Great Depression are

presumably the outstanding elements that

have distorted the data. And one should

not forget the collapse of the Bretton

Woods system back in the early 1970s,

followed by the fi rst and second oil-shocks

of the '70s.

For all these reasons, as well as the fact

that investors do not have a 130-year time

horizon ahead of them, we have broken

down the entire period into decades to

extract how the various return components

behaved during the different time spans.

Usually investors

say they have a long-

term investment

horizon.

But when it comes

to the acid-test,

people usually equate

this time horizon with

a couple of years

As intuition suggests, the different periods

show very different return patterns. Whilst

over a very long period equity returns

have been predominantly determined

by dividends, the past 30 years or so

are testimony to an important shift in

leadership: a substantial re-rating of

equities, which is presumably best-

illustrated by the impressive multiple

expansion since the early '80s, propelled

equity returns.

So what are the reasons for this

impressive re-rating? The nomination of

Paul Volcker (August 1979) at the helm

of the Federal Reserve marked a seesaw

change in monetary policy. Fighting

infl ation became an openly declared

target of the new chairman – nominal as

well as real short rates skyrocketed.

During the years that followed, infl ation

trended steadily downwards, allowing

nominal yields to move in tandem. As

a consequence, classical valuation

metrics like the P/E ratio shifted

upwards – from single-digit readings

all the way up to the high 20s (bar the

sharp earnings recessions of the early

2000s). This process culminated with

skyscraper-valuations and the famous

words of “irrational exuberance” of Alan

Greenspan. At the time of the peak of

the tech bubble, some analysts even

suggested making the P/E valuation

metric obsolete as some tech companies

generated hardly any profi ts. Over this

time period, multiple expansion became

the most important performance vector1.

Between 1980 and 2000, multiple

expansion actually accounted for close to

half of the total 15.63% annual return.

This period of excessive valuations was

followed by a sharp period of de-rating.

Whilst the “growth” component generated

an annual return of 8.12% from 2001

until the end of 2008, P/E contraction

reduced total return by 7.09% annually

over this period. Earnings grew at a faster

pace than market prices as investors

were not willing to pay a premium for

growth that was generated through off

balance sheet leverage and concentrated

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EXHIBIT 1: S&P 500 RETURN AND RETURN ATTRIBUTION SINCE 1871Sources: Shiller, AXA IM, December 2008

PE expansion/contractionDividend returnGrowthTotal Return, rhs

18711881

18811891

19011911

19111921

19211931

19311941

19411951

19511961

19611971

19711981

19811991

19912001

18911901

20012008

0

2

4

6

8

10

12

14

16

18

20% %

EXHIBIT 2: S&P 500 TRAILING P/E SINCE 1871Sources: Shiller, AXA IM, June 2009

05

1015202530354045505560

01/1871 01/1885 01/1899 01/1913 01/1927 01/1941 01/1955 01/1969 01/1997 12/200801/1983

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AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered offi ce located at Cœur DéfenseTour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number353 534 506, a Portfolio Management Company, holder of AMF approvalno. GP 92-08, issued on 7 April 1992.

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This document is used for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell, solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specifi c date. Due to the subjective and indicative aspect of these analysis, we draw your attention to the fact that the effective evolution of the economic variables and values of the fi nancial markets could be signifi cantly different from the indications (projections, forecast, anticipations and hypothesis) which are communicated in this document. Furthermore, due to simplifi cation, the information given in this document can only be viewed as subjective. This document may be modifi ed without notice and AXA Investment Managers Paris may, but shall not be obligated, update or otherwise revise this document. All information in this document is established on data given made public by offi cial providers of economic and market statistics.AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or for reliance on this document. Furthermore, due to the subjective nature of these analysis and opinions, these data, projections, forecasts, anticipations, hypothesis and/or opinions are not necessary used or followed by AXA IM Paris’ management teams or its affi liates who may act based on their own opinions and as independent departments within the Company.By accepting this information, the recipients of this document agrees that it will use the information only to evaluate its potential interest in the strategies described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is unless otherwise authorised by AXA IM prohibited.

www.axa-im.com

Contact:

Raj ThamotheramDirector, Responsible [email protected]

+33 1 44 45 78 58

Shareholder

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Recent events have brought the issues surrounding executive pay to the fore. Regulatory authorities and other stakeholders have rightly focused on remuneration reform as one of the critical steps needed towards enshrining a different kind of fi nancial model. However, getting from where we are to where we need to be will not work unless we take a critical look at the existing philosophy guiding remuneration and how and why that philosophy contributes to the current problems.

The driving philosophy underpinning executive remuneration today has been the alignment of such remuneration with

the interest of shareholders, commonly known as the “Shareholder Alignment”approach. One objective has been to structure remuneration in a way that encourages the executives to create value for shareholders. Another has been to ensure that executives only benefi t in tandem with any value created for shareholders or, in the reverse, do not benefi t if shareholder value is not created.

This Shareholder Alignment philosophy is rooted in the Anglo-Saxon model of corporate governance but has now infl uenced executive remuneration in many jurisdictions. The Greenbury

Code, which articulates this philosophy in the United Kingdom, states that “performance-related elements of remuneration should be designed to align the interests of Directors and shareholders and to give directors keen incentives to perform at the highest level”.

The intention behind the “Shareholder Alignment” approach is beyond reproach – to minimise instances where executives receive signifi cant rewards which are not correlated with the value created

for shareholders. The problem, however, is that in practice this approach ignores some fundamental behavioural issues related to remuneration.

Heads we win, tails you loseThe fi rst challenge relates to weak, in practice, alignment of interests. The Shareholder Alignment approach believes that executives

can be incentivised to manage companies in the interest of the owners of the Company as through incentives they have a similar (if reward based) interest in the Company being successful. However, the approach ignores the fact that the characteristics of shareholders’ interests

are fundamentally different from those of executives.

As interests of last priority, shareholders can, and in some unfortunate cases actually do, lose not just additional accrual of value but also their capital in a company. The interests of shareholders therefore are not just to ensure that additional value is created on their original investments, but also that

the whole venture and invested capital is not at risk. In contrast, the risk to executives is that performance-related incentives may not vest – there is no additional down-side risk to the executives. The executive is therefore pre-disposed to taking decisions

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Shareholder alignment – is this the only answer?Shade Duffy - Head of Corporate Governance, Responsible Investment Department - AXA Investment Managers

The interests of shareholders therefore are not just

to ensure that additional value is created on their

original investments, but also that the whole venture

and invested capital is not at risk.

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Shareholder alignment – is this the only answer?

which would expand the possibilities of his one-way-only bet happening. The shareholder on the other hand would naturally have a more balanced approach to risk to the extent that it may threaten his capital in the company. Put simply, the risk-tolerance capacity of an investor is different from that of an executive and this factor is rarely incorporated into remuneration design.

Short term myopiaAnother major problem with the Shareholder Alignment approach is that it can provide false comfort to shareholders about the inherent sustainability of the business. While remuneration can be tangentially linked with short-term shareholder value, the structure and terms of remuneration itself can be such

as to expose the whole enterprise to the risk of failure. Shareholder-value based evaluations can obscure the true picture of the sustainability of a business or even lead to fl awed strategic decisions.

Examples of this are when companies leverage up the balance sheet in order to return money to shareholders – thus raising the Total Shareholder Return –, or buy back shares – which in turn means Earnings Per Share targets are met –, or even cut necessary capital investments in order to reduce costs. While these situations usually lead to shareholders receiving benefi ts in the short-term and executives meeting performance targets – thus showing alignment between the interests of executives and shareholders – it may be that these objectives have been met to the detriment of the company’s longer term viability.

Taking stock of the futureThis type of focus in itself may obscure important information about the type of fundamental risk a business enterprise is facing. It distracts critical questioning about the costs of short-term returns to shareholders. It may undermine investments in areas which are necessary for the long-term viability of shareholders e.g. reducing investments in customer services, and lead to deferment of necessary capital investments.To summarise, the main fl aw of the Shareholder Alignment approach is that it simply assumes that the interests of shareholders, who may themselves have shorter term interests, is synonymous

amongst others, focus on remuneration reform as an important aspect of restoring stability to the fi nancial system. The core need is to acknowledge – and then correct – the fact that executive remuneration has now become an overly complex, technocratic

process in which the long-term health of the company has been at best sidelined, at worst forgotten. The long-term strategy of the company should be at the heart of any remuneration system and executive performance should be measured relative to achievements against this long-term strategy. The necessary steps would be to move away from outcome based evaluation of remuneration to one that focuses more on the inputs necessary

The main fl aw of the Shareholder

Alignment approach is that it simply

assumes that the interests of

shareholders, who may themselves have

shorter term interests, is synonymous

with what is good for the company as a

whole and over the longer term.

with what is good for the company as a whole and over the longer term. It also does not take account of the position of the other stakeholders of the company such as employees, customers, bondholders etc, whose interests are not necessarily identical to those of shareholders.

Putting the business fi rstSo how can remuneration design be reformed to ensure that it does not encourage strategic or business decisions which endanger the viability of the company? This is the subject of much governmental attention – the Walker Review in the UK and the G20 Recommendations,

The necessary steps would be to move away from

outcome based evaluation of remuneration to one

that focuses more on the inputs necessary for real

value creation in the longer term. This means that

there should be more discussions around the inputs

needed for success and less focus on structuring

remuneration around possible outcomes.

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Matthew LovattTel.: +44 20 7330 6541 Philippe De LavaletteTel.: +33 1 44 45 94 70 www.axaframlington.com

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One of the loudest whispers coming from the fi nancial and economic grapevine is that

emerging markets have arrived. To the point that the question on many a commentator’s lips is: has the term “emerging market” become obsolete?

Today, most emerging economies are growing, and fast. While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years. Indeed although the crisis started as a Western one, globalisation meant that emerging markets were not left unscathed – though they were also quick to show signs of recovery. This is of course not true for all: Eastern Europe remains depressed, and several Latin American economies are unlikely to avoid their own home-grown crises. One of the key differentiators between emerging markets and their developed counterparts is leverage. Indeed excessive leverage is likely to have a detrimental impact on the future growth prospects of developed countries. In contrast, the banking sector in emerging markets is overall well capitalised, has low loan-to- deposit ratios, and is consequently for the most part well placed to continue lending at rates concomitant with

the prospects and needs of these market’s economies. In addition, investment is also an essential driver behind the sustainable growth of these emerging economies. Over the last ten years, emerging markets as a group have worked hard to build a fi rm platform for investment, be it domestic or foreign. Consequently, today, emerging markets are able to raise their growth rates to levels shifting their populations’ expenditure up the pyramid from subsistence to discretionary. Although China is already well on this path, other countries such as India and Indonesia are still rife with immense opportunities.So it is beginning to look like emerging markets could be coming of age. Signifi cantly, the G20 has been confi rmed as one of the world’s primary international forums, displacing the G7, while – anecdotally – Brazil has being selected ahead of Madrid, Tokyo and Chicago to host the 2016 Olympics. One of the key drivers behind this momentum is that they are increasingly fi nding their strength from within, through domestic and intra-emerging market led growth. So those hailing emerging markets should continue to do so, whilst avoiding a common pitfall: approaching these markets as a homogenous investment class.

A glocal treasure hunt

Emerging markets account for more than 80% of the world’s population, more than 70% of its land mass, 70% of its foreign exchange reserves and more than half of its global economic output – but only around 12% of global equity market capitalisation. This statistic stands out as an anomaly which cannot last

sequitiesAXA Framlington’sStraight TalkThe Inside-Out ReviewDecember 2009

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Western and contagious

The fi nancial crisis that began in the US sub-prime mortgage market in 2007 had spread by mid-2008, affecting fi nancial systems across the globe and economic activity in virtually all countries. It is here key to note that the fi nancial institutions in most of the emerging economies had not engaged in the kinds of practices seen in their developed counterparts: balance sheets were typically not exposed to toxic assets; derivatives were employed much less frequently and generally limited to the more traditional instruments employed to hedge against currency and other risks associated with trade; and the more exotic instruments were shied away from. Yet this did

not render these markets fully immune. One of the most signifi cant impacts was provoked by the quasi drying-up of credit fl ows to emerging markets. The fl ow of export credits to emerging economies as well as inward portfolio investment all but collapsed in 2008, and commercial bank loans decreased signifi cantly. This created considerable stress in several of these markets, some of which were already experiencing problems before the crisis began to spread. This is especially true for Central and Eastern European countries, which then began to run dangerously large current account defi cits. Another key contagion channel was of course international trade. The slowing of economic activity in OECD countries led to a sharp contraction in exports from the great majority of emerging markets. This created an internal feedback loop wherein the initial reduction in trade weakened their domestic economies.

What is more, the downturn they experienced is not always attributable to the developed world slump. In effect in 2008, domestic spending across these regions was squeezed by higher commodity prices, coupled with tighter monetary policies to curb infl ation. China’s growth, for instance, began to slow well before global demand did, due to tight credit policies put in place to prevent the economy from overheating. This in turn led to a general slowdown in the property and construction markets. And then there were those economies – Russia being a prime example – that were already in overheating mode, blowing their own – credit - bubble when the crisis hit.

The degree to which the crisis affected each of these markets is variable, depending on the size of the economy, its openness to trade, and the level of diversifi cation of its exports and export markets. But they have all had to deal with some element of contagion and have shown, for the most part, unexpected buoyancy and an ability to not only weather the storm but also to make this crisis a systemic opportunity to leverage their domestic strengths – growing middle classes, developing education systems, increasing intra-emerging market collaboration.

Weathering the storm

One big and growing family

Emerging markets are often viewed as a single investment class, and therefore put under the same microscope. Indeed the majority of these economies are characterised by natural resource wealth, favourable demographics they represent 80% of the worlds’ population, a growing working age population, and one which is increasingly literate, educated and affl uent middle classes, and together represent the largest contribution to global economic output.Historically, many have been open to, and relied heavily upon, global trade, which has in turn helped to stabilise their fi nances, enabled them to build foreign exchange reserves and solid external

2 December 2009

While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years

20 207 752 52 52

balances, and resulted in stronger, better-managed companies, operating within a more robust regulatory environment. Indeed, the MSCI Emerging Markets Index has delivered an average annualized return of 10.6% since 1990, compared to 4.4% for the MSCI World Index. In sum, their story as a group is one of rapid economic development, but not without growing pains and hard lessons learnt.

Today they have decreasing debt levels, stabilising banking systems and a better capacity to sustain growth to show for. Also, low interest rates and low infl ation are being achieved, as many of these markets have succeeded in breaking the high infl ation/high interest rates spiral that have been a feature in the past, the most telling examples being Brazil, Turkey, Indonesia and Egypt. The value of Group therapy

With the potential of the region

as a whole established, there is also real value in creating sub-groups of emerging markets using various criteria. For example, an interesting separation can be made by dividing these markets according to their capacity to generate savings and accumulate capital, measured by current account surpluses or defi cits. Indeed, some emerging countries are structural savers, while others are chronic spenders. Asian countries (most prominently China) are most often characterised by external surpluses, meaning domestic savings exceed domestic investment. These excess savings are in turn recycled on the international capital markets, particularly the US.

Eastern European countries on the other hand, typically import more than they export, leading to high external defi cits that need to be fi nanced. These economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility. In the face of systemic shocks, having an external defi cit renders economies more vulnerable to a reversal in capital fl ows. A high domestic savings rate means growth can be more easily channelled through domestic consumption and investment in the face of a hostile international environment. This can explain the better resilienceof China compared to countries such as Hungary or the Baltics.Another possible angle is differentiating those countries where sovereign debt still

dominates private debt, and those in which public debt has been signifi cantly reduced. Several emerging markets, such as China or Brazil, as well as Turkey and Indonesia, have managed to reduce their sovereign debt. This has led to a fall in sovereign risk premia and allowed private investors to benefi t from lower fi nancing costs on the international market. So, for these economies, investors need to analyse not only country but also corporate risks, and an in-depth knowledge of both is necessary in order to establish an informed view.

These are just a few examples to illustrate that it is indeed possible to group these economies into several categories using a variety of different segmentation criteria, in order to assess emerging market investment opportunities. Each brings value, contributing to a more in-depth understanding of these markets. But whatever the criteria used to divide emerging markets into sub-groups, it is important to always remember that each market is at different

3December 2009

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Eastern European economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility

Sources: United Nations and Morgan Stanley, 2008. Excludes the least developed sub-Saharan African countries

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Boletìn de los Asedores de Axa Espana

AXA SEGUROS E INVERSIONES

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EDIFICIO AXA

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Rafael Raya,Nuevo Director del Canal Agentes

LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS.

¿ Cual es la situacion del Canal

Agentes en el mercado ?

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Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet.

¿ Cual es la situacion del Canal Agentes en AXA ?

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NUMERO

07NOVIEMBRE 2009

editorial

EN AVANCE Boletìn de los Asedores de AXA España

NOMBRAMIENTO DE

JAVIER CABALLERO

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CONTENIDOSeditorial ........................................................................................p.1

estrategia AXA ...........................................................................p.3

estrategia Canal Agentes .......................................................p.5

acciones Promocionales, Agentes Exclusivos .................p.6

boutique AXA ..............................................................................p.8

herramientas de Gestion, Agentes Exclusivos ................p.8

offerta AXA ..................................................................................p.9

¿ Cual es la Estrategia del Canal Agentes ?

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¿ Como prevés el futuro del Canal Agentes ?

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DIRECTOR DEL CANAL AGENTES

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¿ Como prevés el futuro del Canal

Agentes ?

Curabitur aliquet pellentesque diam. Integer quis metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. Integer tortor tellus, aliquam faucibus, convallis id, congue eu, quam. Mauris ullamcorper felis vitae erat. Proin feugiat, augue non elementum posuere, metus purus iaculis lectus, et tristique ligula justo vitae magna. Aliquam conval-lis sollicitudin Morbi vel erat non mauris convallis vehicula. Nulla et sapien. Integer tortor tellus, aliquam faucibus, convallis id, congue eu, quam.

FÉLICIDAD LOZANODIRECTORA CANAL AXA ASESORES

un canal en Crecimiento

LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA.

CONTENIDOS

editorial ...................................... p.1Un Canal en Crecimiento

estrategia AXA ........................ p.2 Nueva Estrategia Marca

accionees promocionales . p.3

boutique AXA .......................... p.4Nuestro Ganadores Camapna Super ventas 2008 Campana Pensiones

oferta AXA ................................ p.6Planes de pensiones de empleo vida segura activa

boutique AXA .......................... p.7estrategia Canal AXA

asesores .................................... p.7Los mayores especialistas en Salud El Club Reclutadores Escuela Comercial

07




EDIFICIO AXA

28050 madrid

telefono 902 40 40 84

www.axa.es

NUMERO

NOVIEMBRE 2009


editorial

RAFAEL E.RAYA


version 1 version 2

Repèren°1

Septembre

2009

Contexte

Sept. Depuis le mois d’octobre dernier, la BCE a procédé à 7 baisses des taux, ramenant son taux de refi nancement à 1% en mai 2009. Dans son sillage, la Fed a situé l’objectif entre 0 - 0,25 %.

Parallèlement, la demande pour des fonds monétaires réguliers n’a cessé de croître dans un contexte de hausse du niveau d’aversion au risque. Ainsi, plus les taux bais-saient, plus les souscriptions sur des produits liquides et faiblement rému-nérateurs progressaient.

Maintenant que les rendements des fonds monétaires sont au plus bas, les investisseurs s’interrogent. Quelle juste place accorder aux fonds monétaires ? Pourquoi ne pas envisager de migrer vers des fonds plus rémunérateurs, profi tant de spreads de crédit attrac-tifs ?

Il n’y pas de réponse unique à ces questions. Chez AXAIM, nous sommes convaincus que les marchés monétaires et obligataires demeurent une classe d’actifs incontournable car offrant une palette très large de profi ls de risque.

Découvrons ensemble un panorama de nos solu-tions d’investissement à court et moyen terme.

Nos solutions d’investissements

à court et moyen terme

version 3

Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque

sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum. Maecenas adipiscing ante non diam

Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est

eleifend mi, non fermentum diam nisl sit

amet erat.

Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante

ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellen-tesque fermentum. Maecenas adipiscing ante non diam

Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras

vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed.

SIT AMETDIRECTORA CANALAXA ASESORES

estrategia Canal AXA Asesores

LOS ASESORES DESEMPENAN UN PAPEL FUNDAMENTAL EN LA VENTA DE PRODUCTOS DE SALUD

«

»

El Club Reclutadores, sigue ganadoadeptos

02

Boletìn de los Asedores de Axa Espana

Red AXA Asesores, Los mayores especialistas en Salud

LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA,

Egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue

numero 07 - novembre 2008

Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est elei-fend mi, non fermentum.

Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vesti-bulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blan-dit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum. Maecenas adipiscing ante non diam


eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed. Duis semper. Duis arcu massa, scelerisque vitae, conse-quat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum

Campana de pensiones LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS.

Offerta AXA

Planes

de Pensiones








Duis semper.


Sit amet,



Other documents - Newsletter cover and inside

82

Three proposals.

The header always contains the newsletter title followedby the AXA IM Switch.

Décembre 2009

FLASHINFO

Emploi

Insertion par l’activité économique

Revitalisation des quartierset des territoires en diffi culté

Egalité des chances

Environnement

Filières biologiques

Energies renouvelables

Protection de la nature

Social et logement

Insertion par le logement

Entraide et santé

Droits de l’homme

Culture

Solidarité Internationale

Commerce équitable

Microcrédit

Humanitaire

Un investissement est solidaire lorsqu’une partie des actifs est

investi dans des entreprises/associations/organisations solidaires

agréées par l’Etat. Faire le choix d’une épargne solidaire c’est donc

faire fructifi er son épargne en fi nançant des activités économiques

utiles à la lutte contre l’exclusion, à la cohésion sociale et au

développement durable.

Les entreprises dites solidaires

Les structures d’insertion par l’activité économique et les entreprises adaptée conventionnées par l’état.

Les entreprises employant au moins 30% de contrats aidés, travailleurs handicapés ou en diffi culté d’insertion professionnelle.

Les associations, coopératives, mutuelles ou institutions de prévoyanceou sociétés dont les dirigeants sont élus par les salariés, les adhérentsou les sociétaires dont la moyenne des salaires versés aux 5 salariésou dirigeants les mieux rémunérés n’excèdent pas 5 fois la rémunérationannuelle perçue par un salarié à temps complet sur la base du SMIC.

Sont assimilées solidaires

Les organismes dont l’actif est composé pour au moins 35% de titres émispar des entreprises solidaires (exemple France active).

Les établissements de crédit dont 80% de l’activité de prêt ou d’investissement s’effectue en faveur des entreprises solidaires.

Un contexte réglementaire qui favorise l’investissement solidaire

La loi LME du 4 août 2008 (modernisation de l’économie) rend obligatoire la présence d’un FCPE solidaire dans tous les PEE, même dans ceux qui sont déjà en place. Au 1er janvier 2010, tous les Plans d’épargne Entreprise devront en être doté. Un FCPE est dit « solidaire » lorsqu’il détient entre 5% et 10% de titres émis par des entreprises solidaires agréées.

...Pourquoi faire le choix

d’une épargne solidaire ?

Le choix du Groupe AXA

AXA soutient des projets

sociaux comme ceux

développés par les entreprises

solidaires agrées suivantes :

Société d’Investissementde France Active (SIFA)www.franceactive.comElle renforce les capitaux permanents des entreprises solidaires qui créent ou consolident des emplois par le développement d’activités économiques. Depuis 1988, elle a contribué à la création ou consolidation de 94.000 emploisen France, dont près de 17.000en 2007. 83% des projets fi nancés passent le cap des 5 ans.

Habitat & Humanismewww.habitat-humanisme.org Société foncière favorisant l’acquisition et la réhabilitationde logements destinés aux personnes en diffi culté.Depuis sa création en 1985,elle a contribué à relogeret réinsérer près de 9.000 familles.

Association pour le Droità l’Initiative Economique (ADIE) www.adie.org Cette association vise à aiderles personnes exclues du marché du travail et du système bancaire classique à créer leur entrepriseet leur propre emploi grâce au microcrédit. Depuis sa créationen 1989, elle a favorisé la créationde près de 53.426 entreprises,pour 66.511 emplois, via plusde 65.209 microcréditsoctroyés.

S comme Solidaire…

AXA Investment Managers progresse dans l’Investissement Responsable (IR)...

Le fonds AXA Trésor Court Terme met désormais en œuvreune philosophie Investissement Responsable (IR) en sélectionnant des émetteurs selon une approche ESG (Environnement, Social, Gouvernance).

Le groupe AXA IM s’intéresse à la philosophie « Investissement Responsable » depuis 2001 et a signé les principes d’investissement responsable des Nations Unies en 2007 (l’objectif étant d’intégrer les questions environnementales, sociales et de gouvernanceaux décisions d’investissement).

Le groupe AXA IM

FLASHINFO

...avec son fonds monétaire

AXA Trésor Court Terme

AXA Investment Managersprogresse dans l’Investissement Responsable (IR)...

Le fonds AXA Trésor Court Terme met désormais en œuvreune philosophie Investissement Responsable (IR) en sélectionnant des émetteurs selon une approche ESG (Environnement, Social, Gouvernance).

Le groupe AXA IM s’intéresse à la philosophie« Investissement Responsable » depuis 2001 et a signé les principes d’investissement responsable des Nations Unies en 2007 (l’objectif étant d’intégrer les questions environnementales,sociales et de gouvernanceaux décisions d’investissement).

Le groupe AXA IM

FLASHINFO

...avec son fonds monétaire

AXA Trésor Court Terme

Classement des pays selon leur gouvernance Filtre E.S.G.

Titres d’émetteursde dette privée

Titres d’émetteursgouvernementaux

et quasi-gouvernementaux

Portefeuille IR

Filtre « dernier quartile »

Comment s’opère la sélection des titres ?L’équipe IR défi nit les critères de sélection pour les émetteurs privés d’une part et pour les émetteurs gouvernementaux d’autre part. Le schéma ci-dessous illustre ce processus de sélection de titres.

Filt e »

Le gérant doit limiter ses investissementsdans les pays appartenant au dernier quartile

du classement à 20% du portefeuille.

Calcul d’un score IR et classement des émetteurs après évaluation du respect des trois piliers Environnement, Social, Gouvernance : Environnement :

- Management des risques environnementaux, des émissions, éco-effi cience, … Social :

- Conditions de travail, santé, relations syndicales, …

Gouvernance :- Indépendance du board, droits des

actionnaires, rémunération, …

Exclusion des entreprises appartenantau dernier quartile.

Classement par pays basé sur des indicateurs de gouvernance publiés par la Banque Mondiale et sur leur évolution sur 2 ans :

- stabilité politique- effi cacité gouvernementale- qualité de régulation- absence de violence/terrorisme

Other documents - Short newsletter

January 2008

Companies are increasingly integrating the issues linked to sustainable

investment and corporate governance into their strategies, as they are convinced that these issues contribute to value creation in the long term.

For many years, AXA Investment Managers (AXA IM) has been interested in environmental, social and governance criteria when considering a company.

By progressively improving the integration of extra-financial factors in investment and governance decisions, AXA IM is responding to the growing need of its clients for a more responsible long term management approach.

Let’s take a look at all the initiatives AXA IM has taken which reaffirm its commitment and its expertise.

September 2008

June 2008

February 2007

8

0

7

088

7

11 years already !

Octobre 2009

AXA Investment Managers and Responsible Investment…

FLASH INFO

AXA IM participates in the Commission of the European Federation of Financial Analysts Societies (EFFAS) on environmental, social and governance (ESG) subjects.

Creation of RI Search

RI Search is a central research service whose mission is to provide information and alerts for all portfolio managers concerning extra-financial factors which could influence stockmarket performance. RI Search is a unique and innovative service because it enables all portfolio managers to gain easy access to extra-financial information which is useful, aggregated, comparable, pertinent and which comes from several rigorously selected sources.

AXA IM becomes a signatory to the Principles

of Responsible Investment (PRI)

PRI is a private, volontary and collaborative initiative launched in April 2006 and coordinated by the United Nations. Its primary objective, via the establishment of 6 principles, is to consider issues, also called extra-financial factors, into investment managers in the world including some of our large clients, prospects and competitors. All share a common conviction: taking into account extra-financial risks and opportunities contributes significantly to the long term profitability of an investment and to an optimal risk management.

Find out more: www.unpri.org

AXA IM joins the Enhanced Analytics Initiative (EAI)

EAI is the result of an international cooperation between investors and asset managers which aims to encourage research which takes into account the impact of extra-financial factors on the long term performance of companies. As a member of the EAI, AXA IM is committed to allocating at least 5% of its annual research budgets to organisations which analyse extra-financial factors which could affect the performance of a company or sector.

Find out more: www.enhancedanalytics.com

83

1 - Newsletter title

ITC Franklin Gothic Demi ItalicITC Franklin Gothic Book 60 ptAXA IM BlueSwitch width: equal one timeof the size of the letterAXA IM Red

2 - Sub-title newsletter

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3 - Data

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¿ Cual es situa-

cion del Canal

Agentes?

sit amet, adi-piscing nec, ultricies sed, dolor. Cras ele-mentum ultrices diam. Maecenas ligula massa, va-rius a, semper congue, euismod

non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fer-mentum diam nisl sit amet erat.

¿ Cual es la situacion del Canal Agentes

en AXA ?

Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vesti-bulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit so-dales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum.

¿ Cual es la Estrategia Canal Agentes ?

Maecenas adipiscing ante non diam so-dales hendrerit. Ut velit mauris, egestas sed, gravida nec, ornare ut, mi. Aenean ut orci vel massa suscipit pulvinar. Nulla

sollicitudin. Fusce varius, ligula non tem-pus aliquam, nunc turpis ullamcorper nibh, in tempus sapien eros vitae ligula. Pellentesque rhoncus nunc et augue. Integer id felis.

¿ Como prevés el futuro del Canal

Agentes ?

Curabitur aliquet pellentesque diam. Integer quis metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. Integer tortor tellus, aliquam fauci-bus, convallis id, congue eu, quam. Mauris ullamcorper felis vitae erat. Proin feugiat, augue non elementum posuere, metus purus iaculis lectus, et tristique ligula justo vitae magna. Aliquam convallis sollicitudin Morbi vel erat non mauris convallis vehi-cula. Nulla et sapien. Integer tortor tellus, aliquam faucibus, convallis id, congue eu, quam.

FÉLICIDAD LOZANO DIRECTORA CANAL AXA ASESORES

un canal en Crecimiento

LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA.

CONTENIDOS

Editorial ...................................... p.1Un Canal en Crecimiento

Estrategia AXA IM ................. p.2 Nueva Estrategia Marca

Accionees promocionales . p.3

AXA IM ........................................ p.4Nuestro Ganadores Camapna Super ventas 2008 Campana Pensiones

Oferta AXA IM ......................... p.6Planes de pensiones de empleo vida segura activa

Boutique .................................... p.7estrategia Canal AXA

Asesores .................................... p.7Los mayores especialistas en Salud El Club Reclutadores Escuela Comercial

07

AXA IM Comunicacion distribution Soporte Ventas


Cc RTA534TA

28050 madrid

telefono 902 40 40 84

www.axa.es

NUMERO

NOVIEMBRE 2009

EN AVANCE Boletìn de los Asedores de AXA IM España

Editorial

RAFAEL E.RAYA


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Rafael Raya,Nuevo Director del Canal Agentes

LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS.

¿ Cual es la situacion del Canal

Agentes en el mercado ?

Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam.

Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet.

¿ Cual es la situacion del Canal Agentes en AXA ?

Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum.

NUMERO

07NOVIEMBRE 2009

Editorial


NOMBRAMIENTO DE

JAVIER CABALLERO«Curabitur aliquet pellentesque diam. Integer quis

metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. »

CONTENIDOSeditorial ........................................................................................p.1

estrategia AXA IM .....................................................................p.3

estrategia Canal Agentes .......................................................p.5

acciones Promocionales, Agentes Exclusivos .................p.6

AXA IM ..........................................................................................p.8

herramientas de Gestion, Agentes Exclusivos ................p.8

offerta AXA IM ............................................................................p.9

¿ Cual es la Estrategia del Canal Agentes ?

Maecenas adipiscing ante non diam sodales hendrerit. Ut velit mauris, egestas sed, gravida nec, ornare ut, mi. Aenean ut orci vel massa suscipit pulvinar. Nulla sollicitudin. Fusce varius, ligula non tempus aliquam, nunc turpis ullamcorper nibh, in tempus sapien eros vitae ligula. Pellentesque rhoncus nunc et augue. Integer id felis.

¿ Como prevés el futuro del Canal Agentes ?

Curabitur aliquet pellentesque diam. Integer quis metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. Integer tortor tellus, aliquam faucibus, convallis id, congue eu, quam. Mauris ullamcorper felis vitae erat. Proin feu-giat, augue non elementum posuere, metus purus iaculis.giat, augue non elementum posuere, metus purus iaculis.

RAFAEL E.RFGHTF

DIRECTOR DEL CANAL AGENTES GHBNUO

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2010

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mauris sed pede pellentesque fermentum. Maecenas adipiscing ante non diam Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat.


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SIT AMETAMET METADIRECTORA CANAL DEBRUT-TRO PRODUCTOS AXA INVESTMENT MANAGERS

estrategia Canal AXA Asesores

LOS ASESORES DESEMPENAN UN PAPEL FUNDAMENTAL EN LA VENTA DE PRODUCTOS DE SALUD

«

»

El Club Reclutadores, sigue ganadoadeptos

02

Boletìn de los AsedFores Espana


LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA,

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Campana de pensiones

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As Maecenas ligula mres Espana




EDIFICIO AXA

28050 madrid

telefono 902 40 40 84

www.axa.es

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Décembre 2009

FLASHINFO

Emploi

Insertion par l’activité économique

Revitalisation des quartierset des territoires en diffi culté

Egalité des chances

Environnement

Filières biologiques

Energies renouvelables

Protection de la nature

Social et logement

Insertion par le logement

Entraide et santé

Droits de l’homme

Culture

Solidarité Internationale

Commerce équitable

Microcrédit

Humanitaire

Un investissement est solidaire lorsqu’une partie des actifs est

investi dans des entreprises/associations/organisations solidaires

agréées par l’Etat. Faire le choix d’une épargne solidaire c’est donc

faire fructifi er son épargne en fi nançant des activités économiques

utiles à la lutte contre l’exclusion, à la cohésion sociale et au

développement durable.

Les entreprises dites solidaires

Les structures d’insertion par l’activité économique et les entreprises adaptée conventionnées par l’état. Les entreprises employant au moins 30% de contrats aidés, travailleurs handicapés ou en diffi culté d’insertion professionnelle. Les associations, coopératives, mutuelles ou institutions de prévoyanceou sociétés dont les dirigeants sont élus par les salariés, les adhérentsou les sociétaires dont la moyenne des salaires versés aux 5 salariésou dirigeants les mieux rémunérés n’excèdent pas 5 fois la rémunérationannuelle perçue par un salarié à temps complet sur la base du SMIC.

Sont assimilées solidaires

Les organismes dont l’actif est composé pour au moins 35% de titres émispar des entreprises solidaires (exemple France active). Les établissements de crédit dont 80% de l’activité de prêt ou d’investissement s’effectue en faveur des entreprises solidaires.

Un contexte réglementaire qui favorise l’investissement solidaire

La loi LME du 4 août 2008 (modernisation de l’économie) rend obligatoire la présence d’un FCPE solidaire dans tous les PEE, même dans ceux qui sont déjà en place. Au 1er janvier 2010, tous les Plans d’épargne Entreprise devront en être doté. Un FCPE est dit « solidaire » lorsqu’il détient entre 5% et 10% de titres émis par des entreprises solidaires agréées.

...Pourquoi faire le choix

d’une épargne solidaire ?

Le choix du Groupe AXA

AXA soutient des projets

sociaux comme ceux

développés par les entreprises

solidaires agrées suivantes :

Société d’Investissementde France Active (SIFA)www.franceactive.comElle renforce les capitaux permanents des entreprises solidaires qui créent ou consolident des emplois par le développement d’activités économiques. Depuis 1988, elle a contribué à la création ou consolidation de 94.000 emploisen France, dont près de 17.000en 2007. 83% des projets fi nancés passent le cap des 5 ans.

Habitat & Humanismewww.habitat-humanisme.org Société foncière favorisant l’acquisition et la réhabilitationde logements destinés aux personnes en diffi culté.Depuis sa création en 1985,elle a contribué à relogeret réinsérer près de 9.000 familles.

Association pour le Droità l’Initiative Economique (ADIE) www.adie.org Cette association vise à aiderles personnes exclues du marché du travail et du système bancaire classique à créer leur entrepriseet leur propre emploi grâce au microcrédit. Depuis sa créationen 1989, elle a favorisé la créationde près de 53.426 entreprises,pour 66.511 emplois, via plusde 65.209 microcréditsoctroyés.

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AXA Investment Managers Paris. Société Anonyme au capital de 1 384 380 € - Siren : 353 534 506 RCS NanterreSiège social : Cœur Défense - Tour B La Défense 4, 100, esplanade du Général de Gaulle 92932 Paris La Défense Cedex

FLASHINFOS comme Solidaire…

AVERTISSEMENT : Les informations contenues dans ce document sont strictement confi dentielles et ne sont fournies qu’à la seule demande du destinataire.En acceptant ce document, le destinataire s’engage à ne pas divulguer ces informations à d’autres personnes. Toute reproduction et diffusion, même partielle, de ce document est strictement interdite. Ce document est exclusivement conçu à des fi ns d’information. Il ne constitue ni un élément contractuel, ni un conseil en investissement. Du fait de leur simplifi cation, les informations contenues dans ce document sont partielles. Elles peuvent être subjectives et sont susceptibles d’être modifi ées sans préavis. Toutes ces données ont été établies sur la base d’informations comptables ou de marché. Les données comptables n’ont pas toutes été auditées par le Commissaire aux comptes. La responsabilité d’AXA Investment Managers Paris ne saurait être engagée par une prise de décision sur la base de ces informations. Préalablement à toute souscription l’investisseur doit prendre connaissance du prospectus mis à disposition sur simple demande. Les fonds cités sont autorisés à la commercialisation en France. Nous vous invitons à vérifi er avec la société de gestion ou directement sur son site internet www.axa-im-funds.com, la liste des pays de commercialisation des fonds. En fonction de la stratégie d’investissement de l’OPCVM ces données peuvent être différentes de celles mentionnées dans le prospectus. Elles ne constituent pas un engagement contractuel de la société de gestion, peuvent être subjectives, et sont susceptibles d’évoluer sans préavis dans les limites du prospectus. Dans le cas où la devise de référence de l’investisseur est différente de la devise de référence du Fonds, les gains peuvent se voir augmentés ou réduits en fonction des fl uctuations du taux de change. AXA IM et/ou ses affi liés peut recevoir ou payer une rémunération ou une rétrocession en relation avec l’OPCVM ou l’OPC ou le fonds d’investissementAXA Investment Managers Paris au 31/07/2009. Rédacteur : AXA Investment Managers Paris.

L’essentiel

Objectif de gestion :

Eonia capitalisé, ajusté des fraisde gestionDurée de placement recommandée :

minimum 1 jourZone d’investissement :

Europe et International (marchéde l’OCDE)Actifs en portefeuille :

Instruments du marché monétaire émis dans des pays membres de l’OCDE (Etats, entreprises publiques ou privées)Sensibilité au risque de taux :

0,5% maximumProfi l de risque :

B (il existe un risque de perte en capital modérée)Forme juridique :

FCP de droit françaisDevise du fonds :

EuroCode ISIN :

part C : FR0000447823 part D : FR0000447831Type de parts :

Capitalisation et distributionCatégorie AMF :

Monétaire EuroDate de création :

03/02/1995Valorisation :

QuotidienneFrais de gestion fi xes :

0,50% maximumDroits d’entrée / droits de sortie : 1% max / 0%Société de gestion :

AXA Investment Managers Paris

Exerore mperore scimagnit

Caborepti nume earibusam ulpa et quamusdam haritistius autas imolupt ataquia pore velibus et harunt facernam ut arisqui soluptatus aut volorae. Et a volorite voluptur,

Omnihil landionsene pre niae es qui sanda doluptatem con repe sit eum volessi quisqui dolenis sunt rempore ssequam eostis

haritistius autas imolupt ataquia

Omnihil landionsene pre niae es qui sanda doluptatem con repe sit eum volessi quisqui dolenis sunt rempore ssequam eostis Caborepti nume earibusam ulpa et quamusdam haritistius autas imolupt ataquia pore velibus et harunt facernam ut arisqui soluptatus aut volorae. Et a volorite voluptur.

Caborepti nume earibusam ulpa et quamusdam haritistius autas imolupt ataquia pore velibus et harunt facernam ut arisqui soluptatus aut volorae. Et a volorite voluptur, omnihil landionsene pre niae es qui sanda doluptatem con repe sit eum volessi quis dolenissunt rempore ssequam eostis qui iniendi a volor aliquidel inum a enimus.Bea quae cument. Solores tintibus sus nimus. Is assit quae rehendel el inullorepta nissequid mos ut ute prepeliquodi que sit etus aut liquia dolupie il mint lab in.

consequatem ut apel is aut qui bearum

* Source : AXA IM au 30/09/09

...Minimus aut aut dolorupitam Doles alit reremporem fugia

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Documents focussedon products


91

AXA WF Optimal Income se caractérise par une gestion réactive face aux mouvements des marchés fi nanciers européens.




MSCI EUROPE

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29/06/200730/06/2006

30/06/200530/06/2004

04/03/2004













« Nous avons créé AXA WF FramlingtonOptimal Income pour répondre aux besoins des investisseurs souhaitant s’exposer à la dynamique des marchés actionstout en restant prudents.Le fonds sélectionneles meilleures opportunités entre les actions à haut rendement, les obligations d’entreprises européennes et les liquidités ».


au 30/01/2009



Septembre 2009


L’essentiel Contactez-nous : 01 44 45 85 98

Forme juridique SICAV de droit luxembourgeois

Devise du fonds Euro

Code ISIN part E LU0189846529

Type de part Capitalisation

Catégorie Morningstar GIFS Obligations EUR emprunts privés

Dates de création 08/04/2004

Attribut fi scal Aucun

Valorisation Quotidienne

Profi l de risqueC (Il existe un risque de perte en capital, mais limitée au capital investi)

Horizon d’investissement > 3 ans

Frais de gestion fi xes maximum 0,90% + 0,50% de commission de distribution

Droits d’entrée maximum 0%

Droits de sortie maximum 0%

Société de gestion AXA Funds Management SA (Luxembourg)

Gestionnaire fi nancier par délégation AXA Investment Managers Paris

AXA Investement Managers Paris, a company incorporated under the laws of France, having its registered offi ce located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.


* Sources : AXA InvestmentManagers Paris au 30/04/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fi able des performances futures. Les performances en euro du fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. Le Fonds AXA Optimal Income n’a pas d’indicateur de référence. La valeur des parts ou actions dépendent de la valeur des titres détenus en portefeuille qui étant soumis aux fl uctuations de marchés peuvent donc varier tant à la hausse qu’à la baisse. Le fonds AXA Optimal Income n’a pas d’indicateur de référence. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. En fonction de la stratégie d’investissement de l’OPCVM ces données peuvent être différentes de celles mentionnées dans le prospectus. Elles ne constituent pas un engagement contractuel de la société de gestion, peuvent être subjectives, et sont susceptibles d’évoluer sans préavis dans les limites du prospectus. AXA IM et/ou ses affi liés peut recevoir ou payer une rémunération ou une rétrocession en relation avec l’OPCVM ou l’OPC ou le fonds d’investissement. Ce produit est autorisé à la commercialisation en France.

L’année aura aurodit liquiat emquam, corem inciis ma

alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inustor eiciis restorum liquis event la plautatiur as reperum ipsamendes velit offi cilignis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne doluptia as et estibusa dit ipsant ve à sa philosophie d’investissement. Le fonds s’est réinvestit très progressivement sur les actions européennes, en maintenant.Mint voloraescit occum aut fugit odi illuptatem labor aut quae offi c te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendentenet landanimenis enis nus erspernatem sectis ut offi cipis ent fugiti dolecus dolupta volupicia volupta nusam eos sitisimusam fugia vendis et voloreritisimusam fugia vendis et itisimusam fugia vendis et itisimolupicia volupta

Commentaire

Serge PIZEM

et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitati-bea

■ Piciis evenda que cumquas quid et porum res alia ventiaturis eicaes autate con reria consequo cuptur, commolu mquam, qui totatio. Apidit eaquia dit volum, venimet modit parcide llatus, volesciam, ut eum audistibus reptaeria-tem hilis ipsandi catquo volenda sundior ehendes reperchil ma dolorepera dolori corum ea volore et et autae. Nam ipsam exerum hillanti rero velendemod mo blam rem. Nam, quo tem dit quatatur?


■ Consequissi offi ciisi ut invenim usci-dem oluptatis quost, ut es sit harum ni te sumque non pellore sendaecatium natem landiat usaectium anti offi cid emporeh endaectiat volorum iusciis sit plibus ex enis is quam evelentiae ipsandi atibus si beribus core es dolupta turestium autas mo dem reperuptates rero in con reperibeat alique cum abo. Neque nim reprem et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitatibea volor seque sunt vollorit, quos estiae nus as

estrum am, ommosa nustibus et fugitas doluptia nonet ventor reperibus dolorum dolorer speribus essunt errunt et ut ex etur mo quam solupta eperferit peli-quis dolorep eliqui dit molorem quaest, soluptu sapiendebit quos cus.


■ Mint voloraescit occum aut fugit odi illuptatem labor aut quae offi c te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendent invenet landanimenis enis nus ersperna-tem sectis ut offi cipis ent fugiti dolecus dolupta volupicia volupta nusam eos siti-simusam fugia vendis et volorer spides-tius.

■ Et odi volum sedit aceri temoluptam, vid qui ipientu remodit liquiat emquam, corem inciis ma alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inus-tor eiciis restoru ipsamendes velit offi cili-gnis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne dolup-tia as et estibusa dit ipsant verae mos pariat pos exceruptas doloria doloris re

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Septembre 2009

Other documents - Documents focussed on products - «2 pager»

92

AXA WF Optimal Income se caractérise par une gestion réactive face aux mouvements des marchés fi nanciers européens.




MSCI EUROPE

0 5 10 15 20 25 30



Per

form

ance

net

te (

%)



+ 5,10%-3,61%

+ 18,18%


MSCI Europe


70

80

90

100

110

120

130

140

150

160

170

180

30/06/200930/06/2008

29/06/200730/06/2006

30/06/200530/06/2004

04/03/2004













« Nous avons créé AXA WF FramlingtonOptimal Income pour répondre aux besoins des investisseurs souhaitant s’exposer à la dynamique des marchés actionstout en restant prudents. Le fonds sélectionne les meilleures opportunités entre les actions à haut rendement, les obligations d’entreprises européennes et les liquidités ».


au 30/01/2009


Risk profile

38

1048

10

65

210

297

10

8

8

30

8

8

8

128

Septembre 2009

AXA WF FramlingtonOptimal income5

5

5

20

108 48

56

74

15

10

4

4

8

301

2

3

4

5

6

7

7

8

8

8

8

9

10

11

12

10

1

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1 - Heading

ITC Franklin Gothic Book 30 ptITC Franklin Gothic Demi 24 ptFlush leftFour coloursDate: ITC Franklin Gothic Medium 8 ptThe diagonal is based on the slantof the Switch: 37.7°

1- Switch


2 - Title 1

ITC Franklin Gothic Book 20 ptFlush rightLinefeed 24 pt

3 - Title 2

ITC Franklin Gothic Medium 12 ptLinefeed 13 ptBlack 75%

4 - Introduction

ITC Franklin Gothic Book 11 ptLinefeed 13 ptFlush leftFour colours

5- Text

ITC Franklin Gothic Book 9 ptLinefeed 11 ptJustifi edBlack

6 - Frame

AuthorITC Franklin Gothic Book 8 ptLinefeed 8 ptFlush leftBlack

7 - Frame text

ITC Franklin Gothic Book Ital 10 ptLinefeed 12 pt Flush leftBlack and four colours

8 - Tables

Title:ITC Franklin Gothic Medium 9 ptITC Franklin Gothic Book 8 ptLinefeed AutoFlush leftBlack and reversed out Caption:ITC Franklin Gothic Book 8 pt

9 - White stripe

30 mm

10 - Logos

Logo EXPERTISE: 10 mmLogo CORPORATE: 8 mmFour colours

11 - Portrait

12 - Website


93

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1 - Heading

ITC Franklin Gothic Book 20 ptITC Franklin Gothic Demi 16 ptFlush leftFour coloursThe diagonal is based on the slantof the Switch: 37.7°

2 - Switch


3 - Ttitle

ITC Franklin Gothic Medium 12 ptLinefeed 13 ptGrey

4 - Text

ITC Franklin Gothic Book 9 ptLinefeed 11 ptJustifi edBlackSpace 4 mm

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AuthorITC Franklin Gothic Book 12 ptTextITC Franklin Gothic Book 8 ptLinefeed 11 ptFlush leftBlack

6 - Frame title

ITC Franklin Gothic Demi 9 ptFlush leftBlack ou reversed out

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Title: ITC Franklin Gothic Demi 9 ptLinefeed AutoFlush leftBlack ou reversed outText:ITC Franklin Gothic Book 8 ptLinefeed AutoFlush leftBlack

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9 - Address

ITC Franklin Gothic Book 8 ptLinefeed 8 ptFlush leftBlack 70%

10 - Website


11 - White stripe

30 mm

12 - Logo



photos credit


L’essentiel Contactez-nous : 01 44 45 85 98

Forme juridique SICAV de droit luxembourgeois

Devise du fonds Euro

Code ISIN part E LU0189846529

Type de part Capitalisation

Catégorie Morningstar GIFS Obligations EUR emprunts privés

Dates de création 08/04/2004

Attribut fiscal Aucun

Valorisation Quotidienne

Profil de risqueC (Il existe un risque de perte en capital, mais limitée au capital investi)

Horizon d’investissement > 3 ans

Frais de gestion fixes maximum 0,90% + 0,50% de commission de distribution

Droits d’entrée maximum 0%

Droits de sortie maximum 0%

Société de gestion AXA Funds Management SA (Luxembourg)

Gestionnaire financier par délégation AXA Investment Managers Paris

AXA Investement Managers Paris, a company incorporated under the laws of France, having its registered office located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.


* Sources : AXA InvestmentManagers Paris au 30/04/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fiable des performances futures. Les performances en euro du fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. Le Fonds AXA Optimal Income n’a pas d’indicateur de référence. La valeur des parts ou actions dépendent de la valeur des titres détenus en portefeuille qui étant soumis aux fluctuations de marchés peuvent donc varier tant à la hausse qu’à la baisse. Le fonds AXA Optimal Income n’a pas d’indicateur de référence. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. En fonction de la stratégie d’investissement de l’OPCVM ces données peuvent être différentes de celles mentionnées dans le prospectus. Elles ne constituent pas un engagement contractuel de la société de gestion, peuvent être subjectives, et sont susceptibles d’évoluer sans préavis dans les limites du prospectus. AXA IM et/ou ses affiliés peut recevoir ou payer une rémunération ou une rétrocession en relation avec l’OPCVM ou l’OPC ou le fonds d’investissement. Ce produit est autorisé à la commercialisation en France.

L’année aura aurodit liquiat emquam, corem inciis ma

alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inustor eiciis restorum liquis event la plautatiur as reperum ipsamendes velit officilignis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne doluptia as et estibusa dit ipsant ve à sa philosophie d’investissement. Le fonds s’est réinvestit très progressivement sur les actions européennes, en maintenant.Mint voloraescit occum aut fugit odi illuptatem labor aut quae offic te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendentenet landanimenis enis nus erspernatem sectis ut officipis ent fugiti dolecus dolupta volupicia volupta nusam eos sitisimusam fugia vendis et voloreritisimusam fugia vendis et itisimusam fugia vendis et itisimolupicia volupta

Commentaire

Serge PIZEM


■ Piciis evenda que cumquas quid et porum res alia ventiaturis eicaes autate con reria consequo cuptur, commolu mquam, qui totatio. Apidit eaquia dit volum, venimet modit parcide llatus, volesciam, ut eum audistibus reptaeria-tem hilis ipsandi catquo volenda sundior ehendes reperchil ma dolorepera dolori corum ea volore et et autae. Nam ipsam exerum hillanti rero velendemod mo blam rem. Nam, quo tem dit quatatur?


■ Consequissi officiisi ut invenim usci-dem oluptatis quost, ut es sit harum ni te sumque non pellore sendaecatium natem landiat usaectium anti officid emporeh endaectiat volorum iusciis sit plibus ex enis is quam evelentiae ipsandi atibus si beribus core es dolupta turestium autas mo dem reperuptates rero in con reperibeat alique cum abo. Neque nim reprem et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitatibea volor seque sunt vollorit, quos estiae nus as

estrum am, ommosa nustibus et fugitas doluptia nonet ventor reperibus dolorum dolorer speribus essunt errunt et ut ex etur mo quam solupta eperferit peli-quis dolorep eliqui dit molorem quaest, soluptu sapiendebit quos cus.


■ Mint voloraescit occum aut fugit odi illuptatem labor aut quae offic te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendent invenet landanimenis enis nus ersperna-tem sectis ut officipis ent fugiti dolecus dolupta volupicia volupta nusam eos siti-simusam fugia vendis et volorer spides-tius.

■ Et odi volum sedit aceri temoluptam, vid qui ipientu remodit liquiat emquam, corem inciis ma alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inus-tor eiciis restoru ipsamendes velit officili-gnis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne dolup-tia as et estibusa dit ipsant verae mos pariat pos exceruptas doloria doloris re

Des

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Septembre 2009

26

10

3

3

8

20

136

297

8

45

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10

8

8

30

210

44

4

5

10

8

1

9

3

4

5

6

13

7 7

8

11

12

10

2

94



A B C D 1 2 3 4 5 6 7 8 9 10



December 2009










74.20



31/12/1999




2005 2006 2007 2008 2009





Annual performance




AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered offi ce located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.


DisclaimerThis document is for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell or a solicitation or in-vestment advice. Due to its simplifi cation, this document is partial and the infor-mation can be subjective. AXA Investment Managers Paris may but shall not be obligated to update or otherwise revise this document without any prior notice. All information in this document is established on the accounting information or on market data basis. All accounting information is un-audited. AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or relying on this document. Performance calculations are net of management or distribution fees. The performance calculations of performance indicators are based on the reinvest-ment of dividends. The fi gures provided relate to past months or years and past performance is not a reliable indicator as to future performance. Risk Ratios are calculated from gross performances. In cases where the client’s reference currency differs from the Fund’s reference currency, resulting gains or losses may vary considerably due to exchange rate fl uctuations. The fund is registered for public distribution in Luxembourg. Please check the countries of registra-tion with the asset manager, or on the web site www.axa-im-funds.com, where a fund registration map is available. The tax treatment relating to the holding, acquisition or disposal of shares or units in the fund depend on each investor’s tax status or treatment and may be subject to change. Any potential investor is strongly encouraged to seek advice from its own tax advisors. Depending on the investment strategy used the information contained herein may be more detailed than the information disclosed in the prospectus. Any such information (i) does not constitute a representation or undertaking on the part of the investment manager; (ii) is subjective and (iii) may be modifi ed at any time within the limits provided in the fund prospectus.The references to league tables and awards are not an indicator of the future places in league tables or awards. Depending on the publishing date, the infor-mation presented herein can vary from updated data. AXA IM and/or its affi liates may receive or pay fees or rebates in relation to the Mutual Fund or investment vehicle. The most recent prospectus is available to all investors and must be read prior subscription and the decision whether to invest or not must be based on the information contained in the prospectus.AXA Funds Management, a société anonyme organized under the laws of Luxem-bourg with the Luxembourg Register Number B 32 223RC, and whose registered offi ce is located at 49, Avenue J.F. Kennedy L-1885 LuxembourgAXA WORLD FUNDS ‘s registered offi ce is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B. 63.116 at the “Registre de Commerce et des Sociétés” The Company is a Luxembourg SICAV UCITS III approved by the CSSF. AXA INVESTMENT

© 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be co-pied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no gua-rantee of future results.

FTSEFTSE International Limited («FTSE») © FTSE. [2009] FTSE International Limited («FTSE») © FTSE. FTSE® is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSEunder licence. All rights in the FTSE Indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Indices or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Objective and investment universe■ Performance objective : long-term capital growth■ Investment zone : Global■ Investment universe : Small and mid cap equities related to the energy sector

Risk characteristics■ Recommended investment horizon : > 8 years■ Main specifi c risks : Risk linked to investments in emerging mar-kets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to inves-tors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settlement, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maximum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may use derivative instruments that are volatile, may be subject to various types of risks and can involve signifi cant economic leverage.


Legal forme -Agreement date -Fund Currency -Share type -Class -Management company -(Sub) Financial delegation -Custodian -Investor type -ISIN Code C/D -Minimum initial subscription -Minimum subsequent subscription -Minimum holding / company -Minimum holding / subfund -Maximum management fee -Real management fee -Maximum exit fee -Variable fee -Valuation -

Subscriptions / RedemptionsOrders must reach SSB Luxembourg every Luxembourg business day (D) no later than 15:00 CET. The orders will be executed on the basis of NAV/share calculated the following day (D+1).Settlement: D+4


Other documents - Documents focussed on products - Fund Fact Sheet

95



A B C D 1 2 3 4 5 6 7 8 9 10



December 2009


8

3434

18

12

10

38

1038

16

5

8

8

26

4

4

4

210

297

10

8

8 1080

30

8

8

4

6

4









74.20



31/12/1999




2005 2006 2007 2008 2009





Annual performance




3

1 - Heading

ITC Franklin Gothic Book 20 ptITC Franklin Gothic Demi 18 ptLinefeed 22 ptFlush leftReversed outDate: ITC Franklin Gothic Medium 8 ptBlack The diagonal is based on the slantof the Switch: 37.7°

2- Introduction

ITC Franklin Gothic Demi 12 ptLinefeed 14 ptFlush leftFour colours

3 - Text

ITC Franklin Gothic Book 9 ptLinefeed 11 ptFlush leftBlack

4 - Frame

ITC Franklin Gothic Medium12 ptLinefeed 12 ptFlush leftReversed outCaption ITC Franklin Gothic Book Italic 8 ptLinefeed 9 ptFlush leftBlack

5 - Table

Title:ITC Franklin Gothic Book 9 ptLinefeed 11 ptFlush leftCaption:ITC Franklin Gothic Book 8 ptLinefeed 9 ptFlush left

6 - White stripe

30 mm

7 - Website


8 - Logos


3

4

52

7

6

8

1

9

Other documents - Documents focussed on products - Fund Fact Sheet front210 x 297 mm PORTRAIT A4

96

AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.


30

88

8

8

10

8

25

12

5

5

5

85

8 8

6

210

297

19

10

3

3

3

1943

10

10083

DisclaimerThis document is for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell or a solicitation or in-vestment advice. Due to its simplification, this document is partial and the infor-mation can be subjective. AXA Investment Managers Paris may but shall not be obligated to update or otherwise revise this document without any prior notice. All information in this document is established on the accounting information or on market data basis. All accounting information is un-audited. AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or relying on this document. Performance calculations are net of management or distribution fees. The performance calculations of performance indicators are based on the reinvest-ment of dividends. The figures provided relate to past months or years and past performance is not a reliable indicator as to future performance. Risk Ratios are calculated from gross performances. In cases where the client’s reference currency differs from the Fund’s reference currency, resulting gains or losses may vary considerably due to exchange rate fluctuations. The fund is registered for public distribution in Luxembourg. Please check the countries of registra-tion with the asset manager, or on the web site www.axa-im-funds.com, where a fund registration map is available. The tax treatment relating to the holding, acquisition or disposal of shares or units in the fund depend on each investor’s tax status or treatment and may be subject to change. Any potential investor is strongly encouraged to seek advice from its own tax advisors. Depending on the investment strategy used the information contained herein may be more detailed than the information disclosed in the prospectus. Any such information (i) does not constitute a representation or undertaking on the part of the investment manager; (ii) is subjective and (iii) may be modified at any time within the limits provided in the fund prospectus.The references to league tables and awards are not an indicator of the future places in league tables or awards. Depending on the publishing date, the infor-mation presented herein can vary from updated data. AXA IM and/or its affiliates may receive or pay fees or rebates in relation to the Mutual Fund or investment vehicle. The most recent prospectus is available to all investors and must be read prior subscription and the decision whether to invest or not must be based on the information contained in the prospectus.AXA Funds Management, a société anonyme organized under the laws of Luxem-bourg with the Luxembourg Register Number B 32 223RC, and whose registered office is located at 49, Avenue J.F. Kennedy L-1885 LuxembourgAXA WORLD FUNDS ‘s registered office is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B. 63.116 at the “Registre de Commerce et des Sociétés” The Company is a Luxembourg SICAV UCITS III approved by the CSSF. AXA INVESTMENT

© 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be co-pied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no gua-rantee of future results.

FTSEFTSE International Limited («FTSE») © FTSE. [2009] FTSE International Limited («FTSE») © FTSE. FTSE® is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSEunder licence. All rights in the FTSE Indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Indices or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Objective and investment universe■ Performance objective : long-term capital growth■ Investment zone : Global■ Investment universe : Small and mid cap equities related to the energy sector

Risk characteristics■ Recommended investment horizon : > 8 years■ Main specific risks : Risk linked to investments in emerging mar-kets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to inves-tors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settlement, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maximum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may use derivative instruments that are volatile, may be subject to various types of risks and can involve significant economic leverage.

Fund general characteristicsLegal forme -Agreement date -Fund Currency -Share type -Class -Management company -(Sub) Financial delegation -Custodian -Investor type -ISIN Code C/D -Minimum initial subscription -Minimum subsequent subscription -Minimum holding / company -Minimum holding / subfund -Maximum management fee -Real management fee -Maximum exit fee -Variable fee -Valuation -

Subscriptions / RedemptionsOrders must reach SSB Luxembourg every Luxembourg business day (D) no later than 15:00 CET. The orders will be executed on the basis of NAV/share calculated the following day (D+1).Settlement: D+4

AXA WF Framlington Global Real estate Securities A EUR

3

3 281 - Heading

ITC Franklin Gothic Book 13 ptLinefeed 14,5 ptFlush leftReserved outThe diagonal is based on the slantof the Switch: 37.7°

2 - Title

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3 - Text

ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack

4 - Tables

ITC Franklin Gothic Book 8 ptLinefeed 9Flush leftBlack

5 - Legal information

ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack

6 - Address


7 - White stripe

30 mm

8 - Website

ITC Fran klin Gothic Demi 10 ptAXA IM Blue

9 - Logo


10 - Caption


1

9

9

2

3

4

5

5

6

10

78

Other documents - Documents focussed on products - Fund Fact Sheet back210 x 297 mm PORTRAIT A4

97





Benchmark** 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%



B2C AT 30/09/2009

0

3

6

9

12

15




0

20

30

40

50

60

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40,20

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40

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8,50

40,20

3532,70

28,60

22,25

27

%

0

3

6

9

12

15








� Portfolio*










31/12/1999








Benchmark** 26,4% 80,0% 23,0% 23,0% 123,0%

B2C AT 30/09/2009







Devise du fonds -

Devise de la part -



FG fi xes réels -









FG Indirect Max -

TER -




Type de part -

Code ISIN -




Dépositaire -

Valorisation -

Garant -





A B C D 1 2 3 4 5 6 7 8 9 10












AXA apedio bero quod quatur quaspernam re vendicto di ducie apedio bero

MONTHLY REPORT AT 30/09/2009

Performance analysis (in Eur)

1 mois 3 mois 2009 1 an 3 ans 5 ans 8 ans Depuis création*Portfolio* 0,1% -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%Benchmark** 0,1% -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%

1 an 3 ans 5 ans 8 ans Depuis création*Portfolio* 26,4% 80,0% 123,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0% 123,0%

2008 2007 2006 2005 2004 2003 2002Portfolio* -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%Benchmark** -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%

Risk analysis

* Apiderchicium hil estium ullestias raeperi tem ipsa soluptata comniae volecume non corum si autemo et optia** Benchmark : 100.0% EMBIGDIVHEDGED


KEY FIGURES

Key fi gures (in Eur)

Pudae porerum niae cumqui aut et omnimus nus ipsandebis non nobis deratat

Cumulative performance


Annual performance

Ratios de risque









Monthly performances

� Portfolio*

0

3

6

9

12

15

Fev Mars Avr Mai Juin Juil Aout Sept Oct Nov Dec Mars Avr Mai 31/12/2007



31/12/1999

Pudae porerum niae cumqui aut et omnimus nus ipsandebis non nobis deratat

1 an 3 ans 5 ans Depuis création*

Volatilité annualiséePortfolio*Benchmark**

26,4% 80,0% 80,0% 80,0%26,4% 80,0% 80,0% 80,0%

Tracking error 26,4% 80,0% 80,0% 80,0%Ratio de Sharpe 26,4% 80,0% 80,0% 80,0%Ratio d’information 26,4% 80,0% 80,0% 80,0%Alpha 26,4% 80,0% 80,0% 80,0%Beta 26,4% 80,0% 80,0% 80,0%

For professionnal only

AXA

FRAMLINGTON

AXA Liti ditatur apedio bero quod quatur quaspernam re vendicto di duci

FUNDS MANAGERS’ REPORT - 30/09/2009

AXA

PRIVATE EQUITY B2C - 30/09/2009


AXA

REAL ESTATE FACTSHEETS - 30/09/2009


Responsible

Investment


REPORTING RI - 30/09/2009

AXA

FIXED INCOME


PERFORMANCE FACTSHEETS - 30/09/2009

AXA

ROSENBERG

AXA Rosenberg All-Country Asia Pacifi c ex-Japan Equity Alpha Fund A Eur

B2B - 30/09/2009

AXA

FUNDS

OF HEDGE FUNDS


FUNDS MANAGERS’ REPORT - 30/09/2009

AXA

STUCTURED

FINANCE

AXA Rosenberg All-Country Asia Pacifi c ex-Japan Equity Alpha Fund A Eur

B2B - 30/09/2009

Other documents - Reporting Sheet

98

1 - Heading

ITC Franklin Gothic Medium 22 ptLinefeed 24 ptFlush leftReversed outDate and type of document:ITC Franklin Gothic Demi 9 ptReversed out

2 - Switch


3 - Title

ITC Franklin Gothic Demi 11 ptFlush leftBlack

4 - Introduction

ITC Franklin Gothic Medium 10 ptLinefeed 12 ptJustifi edBlack

5 - Sub-title

ITC Franklin Gothic Medium 9 ptLinefeed 12 pt

6 - Text

ITC Franklin Gothic Demi 8 ptITC Franklin Gothic Book 8 ptLinefeed 10 ptFlush left

7 - Caption


8 - Website


9 - White stripe

30 mm

10 - Logo

10 mmFour colours

Other documents - Reporting Sheet front210 x 297 mm PORTRAIT A4





Benchmark** 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%



B2C AT 30/09/2009

0

3

6

9

12

15




0

3

6

9

12

15








� Portfolio*










31/12/1999








Benchmark** 26,4% 80,0% 23,0% 23,0% 123,0%

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3 - Title

ITC Franklin Gothic Demi 11 ptFlush leftColour: BlackLine 3 pt

4 - Text

ITC Franklin Gothic Book 8 ptLinefeed 10 ptFlush left

5 - Sub-title

ITC Franklin Gothic Medium 9 ptLinefeed10 ptFlush leftBlack

6 - Frame title

ITC Franklin Gothic Demi 9 ptCaption ITC Franklin Gothic Book 8 ptFlush leftBlack

7 - Table

Title ITC Franklin Gothic Book 8 ptITC Franklin Gothic Book 8 ptLinefeed 9 ptFlush leftBlack Line 0.5pt

8 -Website


9 - Address

ITC Franklin Gothic Book 8 ptLinefeed 8 ptFlush leftBlack 70%

10 - White stripe

Stripe: 30 mm

11 - Logo

8 mmFour colours

B2C AT 30/09/2009







Devise du fonds -

Devise de la part -



FG fi xes réels -









FG Indirect Max -

TER -




Type de part -

Code ISIN -




Dépositaire -

Valorisation -

Garant -





A B C D 1 2 3 4 5 6 7 8 9 10











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100

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101

1 Only one picture.

2 The second part of the layout, under the Switch, is fi lled in with a colour This space is likely to bear product information like description or promotions.

Use of the switch.The layout structure has been designed to build brand recognition around the Switch brand mark. That is why it is fundamental to introduce the triangle shape and the Switch in the leafl et interior pages. The Switch must not be overused, hence it is not recommended to use it at the end of titles.

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car, motor & home insurancehealthcaresparebanking & creditsleisure & services insurancejuridical protection

0800 00 00 00www.axa-im.com

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PACKAGE 110,16 € (100% du TR.)

PACKAGE 210,16 € (100% du TR.)+ 140 € si meliora dies

PACKAGE 310,16 € (100% du TR.)+ 240 € si meliora dies

Si meliora dies ut vina non

poematta redit lorem ipsudolor sit

amet conste tur sadips cing elitrsed diam numy

eirmod tempor.

Mary, 21 years old.

102

1 - Title

ITC Franklin Gothic BookITC Franklin Gothic Demi27 ptLinefeed 31 ptFlush leftAXA IM Blue

2 - Picture

Four colours

3 - Switch

Width: 1/3 Switch (9 mm)

4 - Text (optional)

ITC Franklin Gothic Heavy 16 ptITC Franklin Gothic Book 13,5 ptFlush rightReversed out and four colours

5 - Colour block

Four colours


9 mmFour colours

7 - White stripe

30 mm

8 - Informations

ITC Franklin Gothic Book 8 ptJustifi ed

9 - Phone

ITC Franklin Gothic Heavy 20 ptAXA IM Blue

10 - Website

ITC Franklin Gothic Demi 14.5 ptAXA IM Red


photos credit

ITC Franklin GothicBook between 6 and 8 pt


ITC Franklin Gothic Book 8 ptJustifi edBlack 70 %

13 - Logo

Front cover: 9 mmBack cover: 8 mmFour colours

lorem ipsun!

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to be located on bottom right side of visual

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Other documents - Leafl et Cover100 x 210 mm PORTRAIT

103

1 - Title


2 - Sub-title

ITC Franklin Gothic Demi 10 ptFlush leftFour colours

3 - Text

ITC Franklin Gothic Demi and Book 9.5 ptLinefeed autoFlush leftBlack

4 - Caption

ITC Franklin Gothic Demi 9.5 ptITC Franklin Gothic Book 8 ptReversed out

5 -Picture

Four colours

6 - Box for specifi c informations

Four colours

because it’s all about you








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Mary, 21 years old.

,,

,,

essential


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104

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phonewebsite

8

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ITC Franklin Gothic Book13,5 ptLinefeed autoFlush rightBlack

2 - Picture

Four colours

3 - Switch

Width: 1/3 Switch (9 mm)

4 - Colour block

Four colours

5 - Text (optional)

ITC Franklin Gothic Heavy 12 ptFlush rightReversed out


Cover: logo EXPERTISE: 9 mmCover: logo CORPORATE: 8 mmBack cover: logo CORPORATE: 8 mmFour colours

7 - White stripe

30 mm

8 - Title

ITC Franklin Gothic Demi 18 ptITC Franklin Gothic Demi 16 ptFlush leftAXA IM Blue

9 - Subtitle

ITC Franklin Gothic Demi 14 ptFlush left

10 - Text


11 - Phone

ITC Franklin Gothic Heavy 20 ptAXA IM Blue

12 - Website

ITC Franklin Gothic Demi 14.5 ptAXA IM Red


photos credit



ITC Franklin Gothic Book 8 ptJustifi edBlack 70 %

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Other documents - Leafl et Cover - Corporate and Expertise logos100 x 210 mm PORTRAIT - 2 Logos

105

Invitationcards

- 210x100 Landscape 107

- 148x210 Portrait 108

- 210x148 Landscape 109


106

Layout / example

version 1: 210 x 100 landscape

version 2: front cover layout of an A5 portrait or upright format (148 x 210 mm)

version 3: front cover layout of an A5 landscape or wide format (210 x 148 mm).

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Guest speakers

Hervé Liévore

Stratégiste spécialiste des matières premières et des pays émergents

Christian Rabeau,

Directeur Général Déléguéd’AXA IM Paris

Mario Le Morhedec

Gérante des FondsAXA WF Global Infl ation Bonds et AXA WF Euro Infl ation Bonds

Frédéric Tempel

Gérant des FondsAXA Aedifi candi et AXA WF Framlington Global Real Estate Securities

AXA INVESTEMENT MANAGERSDuis num iliquip sumsandre consectem dolorperilla faccummy nulla consenis 92100 Duismmywww.axa-im.com R

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Commercial event

version 2

version 1

version 1 version 3

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Other documents - Invitation cards

107

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2 - Title

ITC Franklin Gothic Demi 22 ptFlush leftFour colours or reversed out


Four colours


Four colours

5 - Switch


6 - Address


7 - Website




9 - White stripe

30 mm


photos credit


8

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0 X

XX

AXA INVESTEMENT MANAGERSDuis num iliquip sumsandre consectem dolorperilla faccummy nulla consenis 92100 Duismmywww.axa-im.com

!Switch: to be located on top left side of visual in the case of corporate event

to be located on bottom right side of visual in the case of commercial event

6

7

9

30

8

8

8

8

102 1008

2/5de Switch27

Invitation consectetur consectetur

consectetur

1

2

3

4

5

8

9

8

4

9

10

Other documents - Invitation cards version 1210 X 100 mm LANDSCAPE

108

8

2/5de Switch

Ref

. 000000 X

00 0

000 X

XX

AXA INVESTMENT MANAGERS 00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com

Invitationconsectetur

adipisicing

sed lorem

8

8 8

308

10

8

8

148

210

9

8

30

180

8

8

83 578

1 - Invitation


2 - Title

ITC Franklin Gothic Demi 22 ptLinefeed 27 ptFlush leftFour colours or reversed out


Four colours


Four colours

5 - Switch

Width: (8 mm)AXA IM Red

6 - Address


Website




8 - White stripe

30 mm


photos credit


1

2

3

4

5

6

77 8

9


of corporate event



Other documents - Invitation cards version 2148 x 210 mm PORTRAIT

109

8

8 8

8

10

8

210

110

9

8

30

8

8

8

2/5de Switch

8119

83

2515

118

8

30

8

Ref

. 000000 X

00 0

000 X

XX

lorem ipsum dolor sit ametconsectetur

adipisicing

sed lorem

Invitation

AXA00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa.com

1 - Invitation


2 - Title

ITC Franklin Gothic Demi and book 22 ptLinefeed 27 ptFlush leftFour colours or reversed out


Four colours


Four colours

5 - Switch

Width: (8 mm)AXA IM Red

6 - Address

ITC Franklin Gothic Medium 10 ptLinefeed autoFlush left

Website




8 - White stripe

30 mm


photos credit


1

2

34

5

6

77

8

9


of corporate event



Other documents - Invitation cards version 3210 x 148 mm LANDSCAPE

110

- 400 x 600 112

- 600 x 800 114

Posters


product name phone number

website

Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.

sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

lorem ipsum amet consecteturadipisicing elitseti dolor


website


sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

lorem ipsum amet consecadipis nonesticing elitset


website


sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx


website


111

400 x 600 mm format

with corners in fl at color (white or color fromthe palette) framing the visual.Text appears in AXA IM Blue or white.

600 x 800 mm format

with shaded corners in see-through effect around the visual.

Other formats can be used.Text appears in AXA IM Blue or white.

The diagonal mirrors the angle of the Switch,

and can be moved horizontally accross the poster

version 2version 1

version 3





Other documents - Posters


sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx


website


Visual

112

1 - Title

ITC Franklin Gothic Book and Demi 65 ptLinefeed 70 ptFlush leftReversed out or AXA IM Blue

2 - Picture

Four colours

3 - Picture

Width: 273 mmFour colours

4 - Switch


5 - Product name or text

ITC Franklin Gothic Heavy 45 ptITC Franklin Gothic Medium 30 ptFlush rightReversed out or four colours


photos credit



28 mmFour colours


ITC Franklin Gothic Book 10 ptFlush leftBlack, 70%

9 - White stripe

78 mm





Other documents - Poster version 1400 x 600 mm

28

31

17

17

1717


website


sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

400

50

180

342

273

2/5

Switch

1/5 de switch

2/5 de switch

78

600

lorem ipsum amet consecteturadipisicing elitseti dolor

1

2

4

5

6

8

79

3

113

1 - Title


2 - Picture

Four colours

3 - Picture


4 - Switch





photos credit



28 mmFour colours



9 - White stripe

78 mm






522

31

78

273

248

17

17

17

85

240

17


website


85

189

400

28


sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

1/5 de switch

2/5 de switch

600


website


1

2

3

4

5

6

8

79

114

1 - Title


2 - Picture

Four colours

3 - Picture


4 - Switch

Width: 2/5 Switch (31 mm)Four coloursAXA IM Red




photos credit



28 mmFour colours



9 - White stripe

78 mm






60031

248

274

17

17

17

85

300

400

17

273

28


sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

1/5 de switch

2/5 de switch

78


website


1

2

3

4

5

6

8

79

115

1 - Title


2 - Picture

Four colours

3 - Picture


4 - Switch





photos credit



38 mmFour colours



9 - White stripe

102 mm







website

Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. ParisAXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes -SIREN 353 457 245. Sièges sociaux : 26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.

100

600

25

25

38

102

698

40

368

25

364 65

25

240

sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

2/5

Switch

1/5 de switch

2/5 de switch

lorem ipsum amet ipsum icing elitset consecadipis nonest elitseti dolor

800

1

2

4

5

6

8

79

3

116

sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx


website

Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. ParisAXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux : 26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.

lorem ipsum amet consecte adipisicing dolor


113

600

25

25

102

698

40

345

25

364

25

113

215

38

1/5 de switch

2/5 de switch

800

1 - Title

ITC Franklin Gothic Book and Demi 100 ptLinefeed 105 ptFlush leftReversed out AXA IM Blue

2 - Picture

Four colours

3 - Picture


4 - Switch

Width: 2/5 Switch (40 mm)Four coloursAXA IM Red




photos credit



38 mmFour colours



9 - White stripe

102 mm

1

2

3

4

5

6

8

79






117


website




website

113

600

800

25

25

102

698

40

370

25

364

25

38

sign

atur

e hg

fl zue

ygie

ry e

r_ya

eç_r

yaeè

rykl

ll xx

xx

xxxx

1/5 de switch

2/5 de switch

1 - Title


2 - Picture context

Four colours

3 - Picture


4 - Switch


5 - Product name and text



photos credit



38 mmFour colours



9 - White stripe

102 mm

1

2

3

4

56

8

79






118

- Stationery 119

. Letterheads 120

. Envelopes 122

. Cards 123

- Offi ce templates 127

. Company Fax 128

. Company Meeting report 129

- Badges 130

- E-stationery 132

. Electronic signature 133

. E-mail banner 134

- Powerpoint templates 139

Offi cedocuments

119

- Company letterheads 120

- Company continuation page 121

- Company envelopes 122

- Company business cards 123

Stationery

AXA Investment Managers Paris - Tél : 01 44 45 70 00 - Site Internet : www.axa-im.frSiège social : Cœur Défense - Tour B - La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie Adresse postale : Cœur Défense - Tour B - La Défense 4, 100, Esplanade du Général de Gaulle 92932 Paris La Défense cedex Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992Société Anonyme au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.

120

1 - Logo

12 mmPantone 287 and 185 or four colours

2 - Address

ITC Franklin Gothic Book 8 ptPantone 287 or four colours

This layout is valid for the following

12

12

12

12

12

Please be aware that this is the AXA IM Paris, you will need to adapt

the footer to your particular situation (legal entity and country).

Please contact your legal team for this information.

Offi ce documents - Stationery - Company letterheads210 x 297 mm - AXA IM Corporate brand

12

10

12 12

1

2

recto

12

121

1 - Logo



12

12

12

12

12

Offi ce documents - Stationery - Company continuation page210 x 297 mm - AXA IM Corporate brand

10

10

10

1

122

1 - Logo

12 mmBlack and white

2 - Logo



12

12

12

12

12

Offi ce documents - Stationery - Company envelopesAXA IM Corporate brand

Envelope - 220 x 110 mm

8

8 12

1

Envelope - A5 & A4

8

8 12

2

Envelope - 220 x 110 mm

8

2

8 12

2

Martin DupondTechnical and Development Manager

AXA Investment Managers ParisCœur Défense - Tour B - La Défense 4

100, Esplanade du Général de Gaulle 92400 CourbevoieTel : +33 0 00 00 00 00 - Fax : +33 0 00 00 00 00

Website : www.axa-im.com – E-mail : [email protected]

123

Card - 85 x 54 mm

1 - Name

ITC Franklin Gothic Medium 10 ptPantone 432 or four colours

2 - Function / Title


3 - Address


4 - Logo


Card - 128 x 80 mm

1 - Name




3 - Address


4 - AXA IM’s logo


Martin DupondTechnical and Development Manager

AXA Investment Managers Paris - Cœur Défense - Tour B - La Défense 4100, Esplanade du Général de Gaulle 92400 Courbevoie

Tel : +33 0 00 00 00 00 - Fax : +33 0 00 00 00 00Website : www.axa-im.com – E-mail : [email protected]




Offi ce documents - Stationery - Company business cardsAXA IM Corporate brand

8

5

7.5

8

12

5

5

8

5

8

5

8

1

1

2

2

3

3

4

4

124

Card Recto - 85 x 54 mm

1 - Name




3 - Address of legal entity


4 - Logo


5 - Logo

8 mmCentered on the back of the card must bear the logo AXA IM Pantone 287 and 185 or four colours




Offi ce documents - Stationery - Company business cardsExpertise brands - (front and back)

Card - 128 x 80 mm

1 - Name






4 - Logo


5 - Logo


! Name of local legal entity (NOT name of expertise)

Xxxxxx XxxxxxxxxxxxXxxxxxxxxxxxxxx Xxxxxxxxxx Xxxxxxxxxxxxxxxxxxxx

Name of local legal entityAddress - City - Country

Tel: +33 0 00 00 00 00 - Fax: +33 0 00 00 00 00Website: www.xxxx.xxx – E-mail: [email protected]

8

7.5

8

12

8 12

8

1

2

3

4

back

58

front



Xxxxxx XxxxxxxxxxxxXxxxxxxxxxxxxxx Xxxxxxxxxx Xxxxxxxxxxxxxxxxxxxx

Name of local legal entityAddress - City - Country

Tel: +33 0 00 00 00 00 - Fax: +33 0 00 00 00 00Website: www.xxxx.xxx - E-mail: [email protected]

5

5

5

12

3

4

back

front

5

8

5

5

8

125




AXA Investment Managers ParisCœur Défense - Tour B - La Défense - 100, Esplanade du Général de Gaulle 92400 CourbevoieTel : +33 0 00 00 00 00 - Fax : +33 0 00 00 00 00 - Website : www.axa-im.com

With our compliments

Card - 210 x 105 mm

1 - Logo


2 - Address


3 - Text

ITC Franklin Gothic demi 10 ptPantone 287 or four colours

10

12

10

10 12

1

2

3

32

32

Offi ce documents - Stationery - Company complementary cardsAXA IM corporate brand

126





Offi ce documents - Stationery - Company complementary cardsExpertise brand - (front and back)

Card - 210 x 105 mm

1 - Logo




3 - Text

ITC Franklin Gothic demi 10 ptPantone 287 or four colours

4 - Logo


2

412

With our compliments

Name of local legal entityAddress - City - CountryTel: +33 0 00 00 00 00 - Fax: +33 0 00 00 00 00 - Website: www.xxxx.xxx - E-mail: [email protected]

10

12

10

10 12

2

3

32

32

front

back


127

- Company fax 128

- Company meeting report 129

Offi cetemplates

128

1 - Logo


2 - Title

Arial bold 24 ptSwitchBlack

3 - Text

Arial 9 ptBlack


12

12

12

12

12

Offi ce documents - Offi ce templates - Company fax210 x 297 mm

Fax

(

(Enter your text here)

Prénom Nom / First name Last name Fonction / Job title

Expéditeur / From: (enter your name)

Destinataires / To: (enter name)

Company: (enter company) Tel +XX(X) XX XX XX XX XX

Fax +XX(X) XX XX XX XX XX

Société / Company: (enter name and address of your correspondent’s company here)

[email protected] Fax: (enter fax number)

Date: (enter date) Pages: (enter number of pages, Including the cover page)

OBJET / CONCERN: (enter object)

12

37

18

12 12 28

1

2

3

Meeting report Expéditeur / From: (enter your name)

Tel + XX(X) XX XX XX Fax + XX(X) XX XX XX [email protected]

Destinataires / To: (enter names)

Date: (enter date)

OBJET / CONCERN: (enter object)

Participants: (enter names)

Meeting date

Pages: (enter number of pages)

Absent(e)s:(enter names)

129

1 - Logo


2 - Title

Arial bold 24 ptSwitchBlack

3 - Text

Arial 9 ptBlack


12

12

12

12

12

Offi ce documents - Offi ce templates - Company meeting report210 x 297 mm

12

37

18

12 12 28

1

2

3

130

Badges

131

Staff badge - 90 x 55 mm

1 - Logo


2 - ID photo

Line thickness 1 ptPantone 287Photo four colours

3 - Name

ITC Franklin Gothic Book and Medium 11 ptPantone 287 or four coulour

1 - Statut

ITC Franklin Gothic Book 9 pt Pantone 287 or four colours

Visitor badge - 80 x 40 mm

1 - Text


2 - Line

Thickness 0.5 ptPantone 287, 50 %

3 - Logo


Offi ce documents - Badges

VISITOR5

7,5

9

5

5

5

1

2

3

Marie-France

Favreau-Laloyeau

Permanent

5

9

30

5 25 5

1

2

3

4

5

12

6

5

5

5

132

- Electronic signature 133

- Internal E-mail banners 134

E-stationery

133

Your electronic signature must appear at least once on all external and internal messages.There is a standard e-mail signature format to be respected when confi guring your personal signature: To confi gure your electronic signature, you can use 2 methods:

For instructions on how to build your electronic email signature,

please go to the Brand/ Brandbook / electronic signature section on Connexion.

Signature description:

•Black line, under which you will add your signature

• Your name in bold: fi rst name in small letters,

LAST NAME in capital letters, Police Arial, Font 8

•Your TITLE in capital letters, Police Arial, Font 7.5

• Your expertise logo or the AXA IM corporate

(To insert logo, please go to Connexion page)

•Name of legal entity in bold, Police Arial, Font 7.5

•Address, Police Arial, Font 7.5

• Telephone number using international format, Police Arial, Font 7.5

• Fax number using the international format, Police Arial, Font 7.5

•E-mail address Police Arial, Font 7.5

•Address of the local AXA IM website, Police Arial, Font 7.5

•Name of legal entity in bold, Police Arial, Font 7.5

•Address, Police Arial, Font 7.5

• Telephone number using international format, Police Arial, Font 7.5

• Fax number using the international format, Police Arial, Font 7.5

•E-mail address Police Arial, Font 7.5

•Address of the local AXA IM website, Police Arial, Font 7.5

•Environmental message

Example:

Martine SMITH HEAD OF XXXXXXX XXXXXXXXXXXXX

AXA Investment Managers Paris (name of legal entity)Coeur Défense Tour B La Défense 4100 Esplanade du Général de Gaulle92932 Paris La Défense, FRANCETel : +33 1 44 45 00 00Fax : +33 1 44 45 00 00

E-mail : mailto:[email protected]: www.axa-im.fr

Please consider the environment - Do you really need to print this email Pensez à l’environnement avant d’imprimer ce message.

CAREFUL – REMINDER- Please be advised that should you need to send one of the AXA IM Group’s logos to any third party, please contact the corporate legal team, Catherine Testot, before doing so to ensure that you are doing so within a previously defi ned context.- Also, you cannot change the shape of the logo.

Offi ce documents - E-stationery - Electronic signature

134

Layout / example: Model 1

Corporate banner Expertise banner (with AXA IM corporate logo on bottom E-mail)

Offi ce documents - E-stationery - Internal E-mail banners

135


You can use all other corporate colours for corporate banners.

Corporate banner

Corporate banner

Offi ce documents - E-stationery - Internal E-mail corporate banners

136

Expertise banners


Offi ce documents - E-stationery - Internal E-mail expertise bannersExpertise banners (with AXA IM corporate logo on bottom E-mail)

137


You can customise the visual by contacting DTP teams in Paris or London

and you can use all the corporate colours for corporate banners.

Corporate banner

Corporate banner

Offi ce documents - E-stationery - Internal E-mail corporate banners

138


You can customize the visual using DTP teams in London and Paris and you can use all other corporate colours for corporate banners.

Expertise banners

Offi ce documents - E-stationery - Internal E-mail expertise bannersExpertise banners (with AXA IM corporate logo on bottom E-mail)

139

Powerpointtemplates

140

The powerpoint template is installed on all PCs by default.

It includes 20 slides with histogrammes, charts, graphs etc... for you to choose from.

It also includes AXA IM’s corporate and expertise colour palette.

Title in 20pt



2

Page title in 20pt


3

Team chart 1

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

Source: AXA IM as at dd/mm/10

5

Company profile

XXXXxxXxxXxx

XXX

XXX

XXXBased on xxxxx


1st Qtr2nd Qtr3rd Qtr4th Qtr

0

10

20

30

40

50

60

70

80

90

100

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

EastWestNorth

0

10

20

30

40

50

60

70

80

90

100

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

EastWestNorth

Offi ce documents - Powerpoint templatesAXA IM corporate brand

141

There is one corporate template and one template per expertise.

They all have the same look and feel.

The difference between them is the logo modus vivendi.

Title in 20pt



- On the cover page, both the AXA IM corporate logo and the expertise logo are present in order to raise awareness of the expertise whilst highlighting both the endorsement of AXA IM as well as its role of provider of solutions.If the content of the presentation should concern more than one expertise then the corporate template should be used.

2

Page title in 20pt


3

Team chart 1

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE

NAMETITLE


1

Team photos

Joe BloggsHead of Business in UK

& US


& US


& US


& US


& US

Joe BloggsHead of Finance

Joe BloggsGlobal and Local Sales and

Customer Services


& US

Joe BloggsHead of Business

in UK & US


& US


& US

Joe BloggsCEO

- On the inside pages, only the expertise logo is present – illustrating “who” is speaking.

NB: Please refer to the reporting page (page 14)with regards to the powerpoint templateto be used for reporting documents.

Title in 20pt



Offi ce documents - Powerpoint templatesAXA IM expertise brand

!

142

- Joint Venture 143

- Co-branding 144

Joint Venture& co-branding

143

Joint Venture - LogoTitle in 20pt



With regards the Brand of a Joint Venture (JV), the objective

is two-fold:

1) Leverage the synergies created by the joining of 2 brands (1+1=3)by capitalising and building on the brand equity and notorietyof all brands concerned...

2) ...While speaking in one voice: creating a new brand.

Therefore, in terms of visual identity, the two-fold objective is to:

1) Keep the visual components of each brand that are believed to best fi t the culture and expectations of the market in which the JV is goingto operate, the clients it is going to target and the products it is going to distribute...

2) ...Whilst raising awareness of the key markers of the new JV - logo, colours, types of visuals.

Each JV is different. Each will need to be looked at specifi cally.

Please contact the Brand team should you have any further questions.

2

X =

12mm

1/3 X =4mm

1/3 X =4mm

1/3 X

=4m

m

1/3 X

=4m

m

144

Defi ning the relative size of each logo is an important part of creating

co-branded documents.

The following rules were designed to help you create a layoutthat respects both logos.

The size of the minimum clear space allowed around the AXA IM logocan be used as a guide to determine the ideal proportions.

When the two companies are equal partners, their logos must

be visually the same size.

The shape (square, rectangle, triangle,circular) of the partner logomust be taken into account to determine the correct proportions.

When you need to produce co-branded documents

with an AXA IM (corporate or expertise) logo+ a third

party logo - including powerpoint presentations,

please contact the Brand team to discuss the best way

forward.

White background

Colored background

Co-branding occurs when AXA IM partners with other brands wathever the objective:

business, non-profi t, sponsorship communications, etc...

Co-branding - Logo proportion

PARTNER'S LOGO PARTNER'S LOGO

4 X maximum

PARTNER'S LOGO

2/3 X

1/3 X

1/3 X1/3 X

PARTNER'S LOGO

1/3 X

1/3 X

X

1/3 X1/3 X

X =

12mm

1/3 X =4mm

1/3 X =4mm

1/3 X

=4m

m

1/3 X

=4m

m

145

In this example, the partner logo is 2/3 as tall as the AXA IM square.

If the height of the partner logo were the same as the AXA IM logo, it would appear to be much larger.

In addition, the width of the partner cannot be more than 4 times the AXA IM square.

Layout specifi cations

Layout specifi cation on a colored background

Example

Co-branding - Rectangular logo

1/3 X

1/3 X

X

1/3 X

1/3 X

X

1/3 X 1/3 X 1/3 X 1/3 X

PARTNER'SLOGO

PARTNER'SLOGO

PARTNER'SLOGO

X =

12mm

1/3 X =4mm

1/3 X =4mm

1/3 X

=4m

m

1/3 X

=4m

m

146

In this example, the partner logo is the same height as the AXA IM logo.

If the height of the partner logo were taller than the AXA IM square, it would appear to be much larger.



Co-branding - Triangular logo

PARTNER'SLOGO

PARTNER'SLOGO

1/6 X

1/6 X

X + 1/6 X

1/3 X

1/3 X

X

1/6 X 1/6 X 1/3 X1/3 X

1/3 X

1/3 X

X

1/3 X1/3 X

PARTNER'SLOGO

PARTNER'SLOGO

PARTNER'SLOGOX =

12mm

1/3 X =4mm

1/3 X =4mm

1/3 X

=4m

m

1/3 X

=4m

m

147

Circular logoIn this example, the circular logo is a little wider than the AXA IM square. If it were the same width, it would appear too small.

Square logoIn this example, the square logo has the same dimensions as the AXA IM square.



Co-branding - Circular and square logos

148

Work in progress - Work in progress

Advertising

149

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AXA Euro Credit Plus

Source: Lipper, offer to offer, net income reinvested as at 30.01.09.

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Ese nita sende nonsequi ut ut rehenit officil lestiuntibus voles etaxaframlington.com or by calling 0845 766 0184.

Cumulative performance as at 30.01.09

% change

6 months 1 year 3 years 5 years

Biotech Fund +12.97% +27.41% +8.85% +19.73%

Quartile Ranking 1 (1st decile) 1 2 3

www.axa-im.com

FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. Issued by AXA Framlington Unit Management Limited, 155 Bishopsgate, London EC2M 3FT. Tel 020 7374 4100. Authorised and regulated by the Financial Services Authority. A member of IMA. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Investments in pharmaceutical companies and related medical industries may involve product testing on animals as part of clinical trials and associated genetic research. Telephone calls may be recorded.

www.axa-im.com

I redefine Agility and Talent Je réinvente des Produits de Qualité

You redefine Innovation and Thought Leadership Tu réinventes la Gestion du Risque

She redefines CORE Behaviours Il réinvente Fiabilité et Disponibilité

They redefine their Needs and Expectations Ils réinventent le Service Clients

Together, we all redefi ne investment solutions

Our daily commitments

Layout / example

For more information, please contact François Pavée: [email protected]


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A feather in many capsMulti-cap UK equity income prospects.AXA Framlington Equity Income Fund.

To make the most of the pickup in UK equity income prospects, stockpicking is key. But why restrict yourself to the FTSE 100? George Luckraft widens his portfolio by reviewing opportunities from across the market spectrum to select companies with attractive yield as well as capital growth potential. One of the most respected Fund managers in his peer group, George’s return to form is in keeping with a return to fundamentals.

So with a sense of normality returning to markets, maybe it’s time to look beyond the large-cap bias of the rest, and pluck for the benefits of multi-cap expertise. For more information, go to www.axaframlington.com or call 0845 766 0184.

TOP QUARTILE

full year 2009*

*Source: Lipper Hindsight offer to offer net income reinvested, for the 12 month period ending 31/12/09. FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. AXA Framlington is an expertise of AXA Investment Managers UK Limited. Issued by AXA Investment Managers UK Limited. Registered in England and Wales No: 1431068. Registered Office: 7 Newgate Street, London, EC1A 7NX. Authorised and regulated by the Financial Services Authority. A member of the Investment Management Association. Past performance is not a guide to future performance. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Telephone calls may be recorded or monitored for quality.


*Source: Lipper Hindsight offer to offer net income reinvested, for the 12 month period ending 31/12/09. FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. AXA Framlington is an expertise of AXA Investment Managers UK Limited. Issued by AXA Investment Managers UK Limited. Registered in England and Wales No: 1431068. Registered Office: 7 Newgate Street, London, EC1A 7NX. Authorised and regulated by the Financial Services Authority. A member of the Investment Management Association. Past performance is not a guide to future performance. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Telephone calls may be recorded or monitored for quality.

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A feather in many capsMulti-cap UK equity income prospects.AXA Framlington Equity Income Fund.

To make the most of the pickup in UK equity income prospects, stockpicking is key. But why restrict yourself to the FTSE 100? George Luckraft widens his portfolio by reviewing opportunities from across the market spectrum to select companies with attractive yield as well as capital growth potential. One of the most respected Fund managers in his peer group, George’s return to form is in keeping with a return to fundamentals.

So with a sense of normality returning to markets, maybe it’s time to look beyond the large-cap bias of the rest, and pluck for the benefits of multi-cap expertise. For more information, go to www.axaframlington.com or call 0845 766 0184.

TOP QUARTILE

full year 2009*

Advertising

www.axa-reim.com

This document is for informational purposes only and does not constitute, on AXA REIM part, an offer to buy or sell or a solicitation or investment advice. AXA REIM disclaims any and all liability relating to a decision based on or for reliance on this information.

AXA Real Estate,The Investment Manager for your real estate solutions*

The largest real estate investment manager in Europe, AXA REIM is a wholly-owned subsidiary of AXA Investment Managers, part of the leading financial AXA group.

AXA REIM has developed a high performing expertise with recognised skills in fund and asset management across all property types (offices, retail, hotels, logistics,…).

As a global player with 515 staff operating from 21 counties in Europe and Asia, AXA REIM is trusted to provide investment solutions to over 140 institutions worldwide. With established European platforms, AXA REIM is successfully expanding to Asia with a Memorandum of Understanding (MoU) signed this year with Ping An Trust for China’s mid tier residential property investments.

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Real Expert

Real People

Real Estate

* Top investment manager in Europe by INREV ranking 2009

13-0

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Ese nita sende nonsequi ut ut rehenit officil lestiuntibus voles etaxaframlington.com or by calling 0845 766 0184.

Cumulative performance as at 30.01.09

% change


Biotech Fund +12.97% +27.41% +8.85% +19.73%


www.axa-im.com


AXA Fram Ad UKUntur quia nonse

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Per maggiori informazioni: Numero verde 800 431 771

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05850

I rendimenti passati non sono indicativi di quelli futuri. I rendimenti rappresentati sono calcolati al netto delle spese di gestione ed il loro calcolo si basa sul reinvestimento dei dividendi netti. I rendimenti sono rappresentati al lordo degli oneri fiscali.

(2) AXA WF Euro Credit Plus Classe A Eur, a capitalizzazione. (3) Indice Merrill Lynch Euro Credit 1-10. L’indice viene utilizzato solo a scopo comparativo. Il fondo non possiede un benchmark. AXA WF Euro Credit Plus è un comparto della SICAV AXA World Funds (la Società). La sede legale della Società è ubicata al 49, avenue J.F Kennedy L-1885 Luxembourg. La Società è registrata con il numero B. 63.116 presso il Registro del Commercio e delle Imprese. E’ una SICAV UCITS III Lussemburghese approvata dalla CSSF. L’orizzonte d’investimento raccomandato per investire in AXA WF Euro Credit Plus è di almeno 3-5 anni.

Distributore in Italia: AXA Investment Managers Italia SIM S.p.A. – Capitale Sociale € 3.895.789,59 versato € 2.745.790,15 – Sede Legale: Corso di Porta Romana, 68 – 20122 Milano

Ampia diversificazione degli investimenti: oltre 200 titoli1 in portafoglio

Una gestione attiva capace di modificare rapidamente la composizione del portafoglio per adattarla ad ogni condizione di mercato. Il fondo investe principalmente in obbligazioni di alta qualità emesse da società europee. L’investimento in titoli “High Yield”, più redditizi ma più rischiosi, è effettuato tatticamente, permettendo al fondo di mantenere un profilo di rischio contenuto.

Prima dell’adesione leggere il prospetto informativo disponibile presso le sedi dei soggetti collocatori, nonché sul sito internet

Il fondo può essere sottoscritto presso i nostri collocatori: Cassa Lombarda, Finecobank S.p.A, IW Bank S.p.A., Sudtirol Bank, Credit Suisse (Italy) S.p.A., Gruppo Banca Leonardo S.p.A, Banca Network Investimenti S.p.A., Banca Monte dei Paschi di Siena S.p.A., UBS Italia S.p.A., MPS Banca Personale S.p.A., Banca Profilo S.p.A., BNL - BNP Paribas Private Banking S.p.A.

Vuoi cogliere le opportunità offerte dal Mercato Obbligazionario Europeo? Con noi puoi farlo diversificando

1 anno 3 anni 5 anni

Fondo2 9,33% 7,05% 14,21%

Indice di riferimento3 4,62% 6,16% 13,78%

(1) Fonte: AXA IM, dati al 30 Giugno 2009.

www.axa-im.it

AXA WF Euro Credit Plus il fondo obbligazionario di AXA Investment Managers, è la risposta che stavi cercando

+ 9,33% nell’ultimo anno1, più del doppio rispetto all’indice di riferimento.

+ 4,62%

+ 9,33%

90

100

110

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06/0905/0903/0901/0911/0809/0806/08

Merrill Lynch EMU Corporate 1-10 anni

AXA WF Euro Credit Plus A Cap

La información y datos financieros reseñado no suponen invitación o recomendación de adquisición ni garantía de rentabilidad futura y tienen una finalidad meramente informativa. No debe tomarse como referencia la rentabilidad pasada pues no implica que se comporte igual en el futuro. AXA WF Euro Credit Short Duration es un compartimento de la sicav de derecho luxemburgués, AXA WORLD FUNDS, adaptada a la Directiva 85/611/CE e inscrita en la CNMV bajo el número 239. Para suscripciones y mayor información, por favor póngase en contacto con los comercializadores que aparecen en la página web de la CNMV: www.cnmv.es. Los folletos y el resto de documentación de la IIC pueden ser solicitados a los comercializadores o a AXA IM GS LTD. SUCURSAL EN ESPAÑA (Paseo de la Castellana núm. 93, 28046 Madrid) o consultados en www.axa-im.es.

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■ Atractivo perfil riesgo/rendimiento■ Menor sensibilidad a subidas de tipos de interés■ Con la experiencia de una de las mayores gestoras

de renta fija del mundo

AXA WF Euro Credit Short Duration

Bonos corporativos a corto plazo en euros

Rentabilidades netas 2009 (a 03/01/2010)

1 mes 3 meses 6 meses 20100,29% 1,30% 5,01% 8,99%

012009

022009

032009

042009

052009

062009

072009

082009

092009

102009

112009

122009

012010

98100102104106108110 +9,13 %

www.axa-im.es

AXA WF Euro Credit Short Duration A

Evolución en el año

For more information, please contact François Pavée: [email protected]

Advertising

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AXA WF EURO CREDIT PLUS

www.axa-im.com


AXA WF Euro Inflation Bonds

Aque nosaepero dempore seniet utem vendus, explatem fugia voluptaeped quias ut quibus, autenim entio.

SICAV de droit luxembourgeoisCode ISIN de la part I (e) : LU0227145546 ( D ) / LU0227145389 ( C )Type d’investisseurs : InstitutionnelsProfil de risque : C, produits ayant un risque de perte limité à la somme du capital InvestiHorizon d’investissement : 3 ansMontant minimal de souscription : 100 000 eFrais de gestion fixes maximum 0,25%Société de gestion : AXA Funds Management SAGestionnaire financier par délégation : AXA Investment Managers Paris

AXA WF Optatem et quunt

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SICAV de droit luxembourgeoisCode ISIN de la part I (e) : LU0227145975 (D) / LU0227145629 (C)Type d’investisseurs : InstitutionnelsProfil de risque : C, produits ayant un risque de perte limité à la somme du capital InvestiHorizon d’investissement : 3 ansMontant minimal de souscription : 100 000 eFrais de gestion fixes maximum 0,30% Société de gestion : AXA Funds Management SAGestionnaire financier par délégation : AXA Investment Managers Paris


Cumulative performance

as at 30.01.09% change


Biotech Fund +12.97% +27.41% +8.85% +19.73%


151

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Remerciements: Un grand merci à l’équipe DTP pour m’avoir aidé dans la production de ce Brand book :Fati Souggane , Jean-Jacques Auger, William Bertrand , Valérie Pineiro et Christophe Comte et Merci à Garance Wattez et à Caroline Dawson pour notre collaboration enrichissante.

Valérie Dherbecourt

Thank you very mutch to the DTP team for helping me in producing this Brand book:Fati Souggane, Jean-Jacques Auger, William Bertrand, Valerie Pineiro, Christophe Comte. and Thanks to Garance Wattez-Richard and Caroline Dawson for our nice cooperation.

Valérie Dherbecourt

153

Note

This document is confi dential to the AXA IM Group and may only be distributed within the AXA IM Group and its agencies to persons who need to be aware of the contents to carry out specifi c tasks.

This document must not be copied in total or partiallyor distributed to third parties without prior agreement with the copyright owners. Any unauthorised use maylead to legal action.

© AXA IM 2010

© Photos: Jacques Grison, Patrick Messina, Corbis, Jupiter images, Fotolia, ThinkStock