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KEY INVESTOR INFORMATION

This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.

MULTI ASSET CLIENT SOLUTIONS INVESTPLUS SICAV ALTERNATIVE DEFENSIVE

A Sub-Fund of AXA INVESTPLUS SICAV Share class: AXA INVESTPLUS SICAV ALTERNATIVE DEFENSIVE CLASS A Distribution EUR (ISIN: LU0472945418) This Sub-Fund is managed by AXA Funds Management S.A., part of the AXA IM Group Objective and Investment Policy

Investment Objective Terms to understand The Fund invests mainly in other funds invested either in alternative asset Alternative asset classes: Asset classes other than (Securities that classes or in traditional asset classes via a strategy decorrelated from the represent a fractional ownership in a company), bonds (Securities that markets. Its objective is to provide a positive return decorrelated from equity represent a right to receive repayment of a debt along with interest) and cash and markets each year, with limited volatility. such as funds (funds that use different strategies in order to make Investment Policy active returns) including funds (balancing bullish picks with bearish ones). The Fund is an actively managed fund of funds. Selection of investments Uncorrelated:lacking a mutual relationship or connection. follows a 'bottom up' approach which is largely determined by the Manager Open architecture principle: recommending the financial products best Architas S.A. The portfolio will comprise shares and units in other funds suited, even if they aren't proprietary products. covering mainly hedge funds, 'market neutral' funds and the real estate Structured debt securities linked to equities or equities indices: bonds market, whether traditional or emerging. The Manager will select the best whose final payout is based on the return of the underlying equity, which can funds available on the basis of quantitative and qualitative criteria. The be a single stock, basket of stocks, or an equity index. portfolio will thus include a number of lines, so that the investments can be Hedging techniques: use of certain investment techniques in order to reduce diversified using the open architecture principle. risk or costs. The Manager may invest up to 30% of the net assets of the Fund in financial Derivatives: Financial contracts that derive their values from those of other instruments other than shares and units in other funds, including structured investment instruments or indices. debt securities. The Manager may, if it considers it necessary, have recourse to hedging Fund Currency techniques through the use of instruments. Cash and cash The reference currency of the Fund is EUR. equivalents may never exceed 10% of the net assets of the Fund. Subscription and Redemption The Fund does not have a benchmark. You may sell your Units back to the Fund on any business day. The Fund may Income pay income and other profits to you from time to time in the form of a dividend. For Distribution share classes (Dis), the dividend is distributed. You may sell your investment on a daily basis. Risk and Reward Profile

Lower risk Higher risk Fund of funds - Liquidity Risk: The Fund invests in other funds and its liquidity depends upon the liquidity of those underlying funds. If underlying funds Potentially lower reward Potentially higher reward suspend or defer the payment of redemption proceeds, the Fund's ability to meet redemption requests may also be affected. 1 2 3 4 5 6 7 Credit Risk - Bonds: The Fund may invest in bonds which provide a fixed or variable return and which are a form of loan, the value of which depends on the issuer being able to make its payments. There is a risk that the issuer The risk category is calculated using historical performance data and may will fail to do so. Although the Fund generally invests in bonds with high not be a reliable indicator of the Sub-Fund's future risk profile. ratings, a high rating does not guarantee an issuer's ability to pay. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. Why is this Sub-Fund in this category? The capital of the Sub-Fund is not guaranteed. The Sub-Fund is invested in financial markets and uses techniques and instruments which are subject to low levels of variation under normal market conditions but, which may still result in losses. Additional Risks Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. Derivatives: The Fund may use derivatives in an attempt to reduce risk (hedging) or for investment purposes. It may be that the use of derivatives causes share prices to fluctuate which may in turn result in the fund and your investment suffering a loss. KEY INVESTOR INFORMATION

MULTI ASSET CLIENT SOLUTIONS AXA INVESTPLUS SICAV ALTERNATIVE DEFENSIVE Charges

The charges you pay are used to pay the cost of running the fund, including The entry and exit charges shown are maximum figures. In some cases, you the costs of marketing and distributing it. These charges reduce the potential might pay less - you can find this out from your Financial Adviser. growth of your investment. The ongoing charges figure is based on expenses for the twelve month period ending 30th September 2019. This figure may vary from year to year. It One-off charges taken before or after you invest excludes: 2 Performance fees Entry charge 3.00% 2 Portfolio transaction costs, except in the case of an entry/exit charge paid Exit charge none by the Sub-Fund when buying or selling units in another collective investment undertaking This is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing charge 2.37% Charges taken from the fund under certain specific conditions Performance fees none

Past Performance

AXA INVESTPLUS SICAV ALTERNATIVE DEFENSIVE CLASS A Past performance is not a reliable indicator of future performance. Distribution EUR (LU0472945418) The past performance shown here takes account of ongoing charges. The entry/exit fees are excluded from the calculation of past performance. The Fund started to issue units in December 2009. Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's per unit at each year end. %

Practical Information

Non-UCITS with respect to this Sub-Fund, on the basis of their respective Net Asset The Sub-Fund is not a UCITS covered by Directive 2009/65/EC Value calculated on the Valuation Day following receipt of the conversion Depositary: request. The redemption and subscription costs connected with the conversion may be charged to the shareholder as indicated in the prospectus. BNP PARIBAS SECURITIES SERVICES S.C.A. Succursale de Luxembourg 33, For more details about how to switch compartment, please refer to the rue de Gasperich L 5826 HESPERANGE prospectus, section switch between Sub-Funds, which is available at Further Information: www.axa-im.com. More detailed information on this Sub-Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge, in English from the Sub-Fund Management Company, the central administrator, the Sub-Funds' distributors or online at www.axa-im.com. More share classes are available for this Sub-Fund. For more details about other share classes, please refer to the prospectus, which is available at www.axa-im.com. Details of the up to date remuneration policy of the company are published online at https://www.axa-im.com/en/remuneration. This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The company provides a paper copy free of charge upon request. Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company. Tax Legislation: The Sub-Fund is subject to the tax laws and regulations of Luxembourg. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a Tax Adviser. Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund. Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled

This Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). AXA Funds Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 07/02/2020.