AXA IM - Real Assets

For institutional investors only For information only Strictly private and confidential Not for onward distribution

Investing in Real Assets with a 360° view

As at Q4 2020 THIS DOCUMENT IS CLASSIFIED CONFIDENTIAL

The recipient will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is prohibited without prior written consent of the sender. AXA IM - Real Assets: Corporate overview Contents

1 Introducing AXA IM Alts 2

2 Our four value propositions 5

3 Who we are 7

4 Translating our 360°approach into our offering 13

5 Management board 16

CONFIDENTIAL Property of AXA IM and its affiliates – Any reproduction or disclosure of this 1 document, in whole or in part, is prohibited • AXA IM - RESTRICTED Introducing AXA IM Alts A global leader in Alternatives investing, growing fast since its inception

€157 billion of assets under management across Real Estate, Infrastructure, Private Debt, Alternative Credit, Private Equity & Hedge Funds 400+ 350+ investment clients professionals

16 30+ offices worldwide years of track record

CONFIDENTIAL Property of AXA IM and its affiliates – Any reproduction or disclosure of this 3 AXA IM Alts. Data as at 31 December 2020, unaudited.document, in whole or in part, is prohibited • AXA IM - RESTRICTED AXA IM Alts: Leadership in key areas of expertise €157bn across Real Estate / Private Debt & Alternative Credit / Private Equity & Infra / Hedge Funds

#1 Real Estate Manager in Europe1

#5 Real Estate Manager Worldwide2

#4 Infrastructure Debt Manager Worldwide3

#1 CRE Debt Capital Raiser Worldwide4

#1 European Capital Raiser in Private Debt5

#2 Worldwide Capital Raiser in Private Debt5

Source for all AUM data: AXA IM (unaudited) as at 31 December 2020. (1) INREV Fund Manager Survey, June 2020. #1 Real estate manager headquartered in Europe based on total assets under management. (2) Ibid. #5 Real estate manager in the world basedCONFIDENTIAL on total value of non-listed real estate assets under management. (3) Infrastructure Investor, Infrastructure DebtProperty 15, February of AXA 2020. IM and Ranking its affiliates based on – Anycapital reproduction raised between or disclosure 1 January of 2014this and 31 August 2019. 4 (4) PERE RED 50, May 2020. Ranking based on document,capital raised in wholefor the or purpose in part, ofis prohibitedreal estate debt issuance between 1 January 2015 and 31 December 2019. (5) Private Debt Investor (PDI) 50 Global Annual Review, December 2020. Ranking based• onAXA capital IM raised- RESTRICTED over five years. (6) Chorus is included in the Hedge Funds category and is not part of the Structured Finance platform. Our four value propositions

Picture for illustrative purposes only. Foundry - Assembly, London Our four value propositions

€105bn1 in assets, #1 real estate investment manager in Europe2 An integrated asset manager and #5 worldwide2 enhancing asset value through development and active management 14 offices around the world and more than 300 fund management, asset management, and transaction professionals

Thorough understanding of Operating across equity and debt, private and listed, relative value in real asset markets infrastructure and real estate through a 360° approach

Strong discipline in avoiding competing sources of capital Determination in aligning interests Co-investment alongside AXA, a truly long-term investor

Committed to include ESG criteria into our investment decisions Fully committed to integrate ESG in our investment approach Engaged in transforming our assets to improve their environmental and social impact

(1) AXA IM - Real Assets data (unaudited) as atCONFIDENTIAL31 December 2020. (2) INREV Fund Manager Survey – June 2020. #1Property Real Estate of AXA Manager IM and headquarteredits affiliates – Any in Europereproduction based oron disclosuretotal assets of under this management and #5 Real estate manager in the 6 world based on total value of non-listed real estatedocument, assets in under whole management. or in part, is prohibited • AXA IM - RESTRICTED AXA IM - Real Assets Who we are

Picture for illustrative purposes only. Tour First, La Défense (Paris region) A leading Real Assets manager for over 30 years Data as at 31 December 20201 €105bn 250+ Assets under management, making us External clients from Europe, Asia-Pacific, The #1 Real estate manager in Europe2 the Middle East and North America The #5 Real estate manager worldwide2

4% 4% 105 6% Pension Funds

91 Non-AXA Insurance 82 9% 76 71 46% Sovereign Wealth Funds 63 55 Banks and Corporates 45 48 40 42 Asset Managers 30% Others

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 600+ Investing in Employees 20+ countries worldwide

(1) AXA IM - Real Assets data (unaudited) as atCONFIDENTIAL31 December 2020. Pie chart includes third-party clients only. “Other” includes: non-profits, government institutions and family offices. The references to league tables and awardsProperty are of not AXA an IMindicator and its ofaffiliates future performance– Any reproduction or places or disclosurein league tables of this or awards. 8 (2) INREV Fund Manager Survey – June 2020. #1document, real estate in managerwhole or headquarteredin part, is prohibited in Europe based on total assets under management and #5 Real estate manager in the world based on total value of non-listed real estate assets under management. • AXA IM - RESTRICTED Our distinctive 360° approach to Real Assets investing

DIRECTDIRECT LISTEDLISTED INVESTMENTINVESTMENT EQUITIESEQUITIES st NN°°11 realreal estateestate assetasset 1st percentile1 percentile over since10 1 Our 360° view of Real managermanager inin EuropeEurope1 inceptionyears for for European European 1 2 NN°°65 worldwideworldwide1 equitiesequities fund fund2 Assets provides: • A thorough understanding of relative value in real asset markets €74.4bn €3.7bn • Focus on optimising the management of cycles PRIVATE LISTED PRIVATEDEBT LISTEDDEBT • Agility and flexibility in asset DEBT#1 European Fully integratedDEBT allocation VotedCRE platform leading3 , Fullywithin integrated the Real European#1 CRE debt CRE capital debt withinAssets the business Real • A comprehensive understanding of platformraiser worldwide3 4 & Assets business balance sheet capital structure #4 infra debt platform worldwide5 €23.4bn €3.2bn

Source for all AUM data: AXA IM - Real Assets data (unaudited) as at 31 December 2020. (1) INREV Fund Manager Survey – June 2020. #1 real estate manager headquartered in Europe based on total assets under management. (2) AXA WF Framlington Europe Real Estate SecuritiesCONFIDENTIAL Morningstar ranking: top percentile since inception (16 Aug 2005). Fund compared to the category “Property – Indirect Europe” and Primary Share class = Offshore Territories.Property of Past AXA performance IM and its affiliates is not a guide– Any toreproduction future performance. or disclosure Data of retrieved this on 31 December 2020. 9 (3) Real Estate Capital Debt Fund 25 ranking, Junedocument, 2020. (4) in 2020whole PERE or in RED part, 50: is Rankingprohibited based on capital raised for the purpose of real estate debt issuance between 1 January 2015 and 31 December 2019. (5) Infrastructure Investor, Infrastructure Debt 15, February• AXA 2020. IM Ranking - RESTRICTED based on capital raised between 1 January 2014 and 31 August 2019. The references to league tables and awards are not an indicator of future performance or places in league tables or awards. Creating value through local deal sourcing and asset management

In-depth knowledge of countries, cities and sectors Benelux 17 Inv. Professionals €7.6bn of AUM UK & Ireland 43 Inv. Professionals Nordics €11.6bn of AUM 2 Inv. Professionals 300+ €3.6bn of AUM Investment professionals working together over the full lifecycle of France Central & the assets1 97 Inv. Professionals Eastern Europe €23.0bn of AUM €1.4bn of AUM US 35 Inv. Professionals €12.0bn of AUM Germany 34 Inv. Professionals €11.5bn of AUM

Asia-Pacific Spain & Portugal 23 Inv. Professionals 79% 14 Inv. Professionals €6.3bn of AUM €4.8bn of AUM Switzerland of our 2020 total European direct 34 Inv. Professionals equity transactions were off-market Italy €15.2bn of AUM 2 10 Inv. Professionals or required complex structuring €3.7bn of AUM

Office Assets under management

Paris Zürich London Frankfurt Brussels Madrid Milan Amsterdam Stockholm New York Atlanta Tokyo Luxembourg Sydney Source: AXA IM - Real Assets data (unaudited)CONFIDENTIAL at 31 December 2020. (1) AXA IM - Real Assets as at 31 December 2020.Property of AXA IM and its affiliates – Any reproduction or disclosure of this 10 (2) Note: European Closed deals 2020, includesdocument, deals secured in whole outside or in competitive part, is prohibited processes. Other (including international and securities): €4bn not included in the above map.• AXA IM - RESTRICTED Determined to align interests

Taking a Limited long-term view capital competition As the Real Assets investment arm of one Our 30+ years of experience has taught us of the largest global insurance companies, avoiding internal competition, by refusing we aim to invest with a truly long-term competing mandates and limiting view. guidelines overlapping, is a priority when delivering value for our investors.

Proven Co-investment opportunities investment strategies We incubate and refine investment AXA is a major investor in each of the solutions for the AXA Group. funds we manage. Investing with us means investing in We offer co-investment opportunities strategies that have passed the test alongside AXA through our wide range of time. of funds on offer to investors.

CONFIDENTIAL Property of AXA IM and its affiliates – Any reproduction or disclosure of this 11 The information provided on this page is illustrativedocument, and indicativein whole oronly in part,and is is neither prohibited detailed nor exhaustive. • AXA IM - RESTRICTED Fully committed to integrate ESG in our investment approach Addressing three themes across Real Assets

AXA IM - Real Assets focuses on three key pillars

Decarbonisation Resilience Building tomorrow

We measure and review asset performance Using insight from the AXA Group, we Actively seek to create value and invest against the Paris Agreement targets. identify and measure the physical & capital while building the foundations of transitional risk and impact of climate tomorrows world. We monitor the decarbonisation profile for change on our assets. real estate, and contribution to a lower We identify new opportunities to create carbon economy for infrastructure. and enhance value across our businesses.

Global Local tools AXA Industry Like-minded targets ESG Ratings & insights networks partners Certifications

We understand and act on We have integrated systems We identify new opportunities carbon & climate risk to respond, globally & locally to create & enhance value

Industry working groups where AXA IM - Real Assets takes a leading role: GRESB: Real Estate Benchmark Committee & Infrastructure Debt working group – INREV: Sustainability Committee ULI: EU Sustainability Council – EPRA: Sustainability Council – IIGCC: Property Group – UNEP FI: Property Working Group CONFIDENTIAL Property of AXA IM and its affiliates – Any reproduction or disclosure of this 12 The above process is illustrative and indicativedocument, only and is in neither whole detailedor in part, nor is prohibitedexhaustive. There is no guarantee that the process depicted is always implemented as described above. • AXA IM - RESTRICTED Translating our 360°approach into our offering

Picture for illustrative purposes only. Trône-Regent, Brussels Asset allocation: Example portfolio construction Calibrating a property portfolio for positioning in the real estate cycle

Example allocations through the cycle to target an 8% average portfolio level return

Source: Various, AXA IM - Real Assets Research.CONFIDENTIAL Important Notice: Allocation and target asset classes depicted are for illustrative purposes only and is intended to show the Strategy that AXA IM - Real Assets would adoptProperty if it was of looking AXA IM to and design its affiliates its own real– Any estate reproduction portfolio. or Such disclosure information of this is not intended to be investment advice to the recipient 14 and does not take into account any particular document,needs of the in recipient.whole or inDefinition part, is prohibited of investment styles is based on AXA IM - Real Assets’ own subjective interpretation of each such investment style. Note: This is a stylised property portfolio cycle and not drawn to •scale. ForAXA illustrative IM - RESTRICTED purposes only. Past performance, past experience and track record is not necessarily indicative of future returns and performance is not constant over time. Product development: our existing product offering Strategies for 360° real asset management

OPPORTUNISTIC Listed equities Development Strategy

Direct Listed investment debt

VALUE-ADD European Value-Add Strategy

Private US Value-Add Strategy debt

CORE Pan European Diversified Strategy Global Listed Strategy Pan European Logistics Strategy Infrastructure Equity Strategy Pan European Residential Strategy Pan European Infrastructure CRE Debt Strategy Floating Rate Strategy

CONFIDENTIAL Certain risks are outside of AXA IM - Real Assets’Property control. of ThereAXA IM can and be its no affiliates guarantee – Any that reproduction risks will be mitigated.or disclosure Investments of this in the Strategies involve a high degree of risk and 15 are suitable only for institutional investors thatdocument, have the financialin whole abilityor in part, and iswillingness prohibited to accept the inherent high risks and lack of liquidity. There can be no guarantee that the risk management structure depicted will identify or successfully manage all risks• associatedAXA IM with - RESTRICTEDthe Strategies. Management board

Picture for illustrative purposes only. Asticus, London Real Assets Management Board

ISABELLE SCEMAMA Chief Executive Officer, Real Assets Global Head, Alts 31+ years’ experience Joined AXA 2001

FLORENCE DARD LAURENT JACQUEMIN LAURENT LAVERGNE STEVE MCCARTHY Global Head of Client Group, Alts Head of Asia-Pacific Global Head of Asset Management Head of North America & Development 25+ years’ experience 22+ years’ experience 26+ years’ experience 31+ years’ experience Joined AXA 1994 Joined AXA 2001 Joined AXA 1994 Joined AXA 2014

JOHN O’DRISCOLL TIMOTHÉ RAULY OLIVIER THORAL Head of European Transactions Head of Fund Management Global Chief Operating Officer, Alts

16+ years’ experience 16+ years’ experience 19+ years’ experience Joined AXA 2018 Joined AXA 2006 Joined AXA 1999

CONFIDENTIAL Property of AXA IM and its affiliates – Any reproduction or disclosure of this 17 AXA IM - Real Assets as at 31 December 2020.document, Information in regarding whole or thein part, background is prohibited and personnel of AXA IM - Real Assets are provided for information purposes only. Such persons may not necessarily continue to be employed by AXA IM - Real Assets, and• may notAXA perform, IM - RESTRICTED or continue to perform services for AXA IM - Real Assets. Important notice Page 1/2

This material (the “Material”) is solely for the use of the recipient who has received it directly from AXA Investment Managers – Real Assets or any of its affiliates (“AXA IM - Real Assets”) for information and discussion purposes only. It is to be treated strictly confidential. This Material and any information contained herein should not be copied or circulated, in whole or in part, without the prior written consent of AXA IM - Real Assets. This Material does not constitute an offer or solicitation, nor is it the basis for any contract for the purchase or sale of any investment, security or product. It is not for use by retail customers under any circumstances. AXA IM - Real Assets disclaims any and all liability relating to a decision based on or for reliance on this Material.

This Material has not been reviewed, approved or disapproved by any regulatory authority in any jurisdiction. The distribution of this Material in certain jurisdictions may be restricted by law. The recipient represents that it is able to receive this Material without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which it resides or conducts business. AXA IM - Real Assets does not accept any responsibility for ensuring that a recipient complies with applicable laws and regulations. The Material does not constitute, and may not be used for or in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation.

Due to its simplification, this Material is partial and thus the information can be subjective. The information set forth herein does not purport to be complete and is subject to change without notice. This Material does not take into account the recipient’s objectives, financial situation or needs. This Material shall not be deemed to constitute investment advice and/or tax, accounting, regulatory, legal or other advice and it should not be relied upon as the basis for a decision to enter into a transaction or as the basis for an investment decision. The recipient is urged to consult with its own advisers with respect to legal, tax, regulatory, financial, accounting and other matters concerning any investment decision.

Analysis and conclusions express the views of AXA IM - Real Assets and may be subject to change without notice. All information, analysis and conclusions herein present AXA IM - Real Assets’ current knowledge and market estimation at the time of its production. Nevertheless it can come to unintended erroneous statements or presentations and the information may change at any time without previous announcements and/or notices to the recipient of this Material. Thus, a liability or guarantee for the up-to-datedness, correctness and completeness of the allocated information, estimation and opinion cannot be assumed. Information contained herein may vary from previous or future published versions of this Material. Information regarding the background and experience of personnel of AXA IM - Real Assets are provided for information purposes only. Such persons may not necessarily continue to be employed by AXA IM - Real Assets and may not perform or continue to perform services for AXA IM - Real Assets. The reference to league tables and awards are not an indicator of the futures places in league tables or awards. Unless otherwise noted, information provided herein is current as of the date of this Material.

The data including but not limited to scenarios and investment guidelines set forth in this Material are presented for illustrative purposes only and such data could vary significantly from the final investment policy and/or actual results. Where past performance, past experience and track record information is provided, this is not necessarily representative of future results: performance is not constant over time and the value of investments may fall as well as rise. No representation is made that any results or other figures indicated in this Material will be achieved and that investments will achieve comparable results that targeted returns. Property investments can be illiquid and there is no guarantee that properties can be sold at valuation levels. Investment may be subject to gearing and should be considered higher risk than a similar ungeared investment. Investment returns may be subject to foreign currency exchange risks. Actual results on unrealised investments described herein will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit the liquidity, any related transactions costs and the timing and manner of sale, all of which may differ materially from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based.

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Some statements and analysis in this Material and some examples provided are based upon or derived from the hypothetical performance of models developed by AXA IM - Real Assets and/or third parties. In particular, in connection with certain investments for which no external pricing information is available, AXA IM - Real Assets will rely on internal pricing models, using certain modeling and data assumptions. Such valuations may vary from valuations performed by other parties for similar types of investments. Models are inherently imperfect and there is no assurance that any returns or other figures indicated in this Material and derived from such models will be achieved. AXA IM - Real Assets expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the analyses, (ii) any errors or omissions in computing or disseminating the analyses or (iii) any uses to which the analyses are put.

Any hypothetical illustrations, forecasts and estimates contained in this Material are forward looking statements and are based upon assumptions. Hypothetical illustrations are necessarily speculative in nature and it can be expected that some or all of the assumptions underlying the hypothetical illustrations will not materialise or will vary significantly from actual results. Accordingly, the hypothetical illustrations are only an estimate and AXA IM - Real Assets assumes no duty to update any forward looking statement. This Material may also contain historical market data; however, historical market trends are not reliable indicators of future market behaviour.

Although some information has been provided by AXA IM - Real Assets, the information is based on information furnished by third parties the accuracy and completeness of which has not been verified by AXA IM - Real Assets. All information and data in this Material is established on the accounting information, on market data basis or has been sourced from a number of recognized industry providers. All accounting information, except otherwise specified, is un-audited. While such sources are believed to be reliable and accurate, none of AXA IM - Real Assets or its respective affiliates, directors, officers, employees, partners, members or shareholders assumes any responsibility for the accuracy or completeness of such information. Details of these sources are available upon request. Any pictures, plans, drawings, diagrams or schedules set forth in this Material are provided for information purposes only.

AXA IM - Real Assets makes no representation or warranty (express or implied) of any nature nor is responsible or liable in any way with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty (express or implied) in, or omission from, this information.

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