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AXA Investment Managers VOTING REPORT - WF Framlington Eurozone FY2019

Fund AXA WF Framlington Eurozone

Reporting FY 2019 Period

Summary Column1 Column3Column4 C2 Total Number of meetings 46 Number of Voted Meetings 46 Number of Meetings with at least one vote against management 12 % of meetings with at least one vote against management 26% Number of Resolutions 863 Number of Votes Against Management 57 % of Votes Against Management 7%

Votes against management Meeting Meeting Proposal Vote Company Name Country Proposal Text Rationale Type Date Number Instruction Remuneration Policy not Annual/Spe Approve Compensation of Michel aligned with long-term Sodexo SA cial 22/01/19 13 Landel, CEO until Jan. 23, 2018 Against shareholder interests LVMH Moet nsufficient Disclosure to Louis Annual/Spe Approve Auditors' Special Report make informed voting Vuitton SE France cial 18/04/19 4 on Related-Party Transactions Against decisions LVMH Moet Concerns about Board Hennessy Louis Annual/Spe Reelect as structure - Combined Vuitton SE France cial 18/04/19 6 Director Against Chair/CEO LVMH Moet Hennessy Louis Annual/Spe Appoint Yann Arthus-Bertrand as Proposal is not in the Vuitton SE France cial 18/04/19 11 Censor Against interest of shareholders

#AXA IM - INTERNAL AXA Investment Managers VOTING REPORT - AXA WF Framlington Eurozone FY2019

LVMH Moet Approve Compensation of Remuneration Policy not Hennessy Louis Annual/Spe Bernard Arnault, Chairman and aligned with long-term Vuitton SE France cial 18/04/19 12 CEO Against shareholder interests LVMH Moet Remuneration Policy not Hennessy Louis Annual/Spe Approve Compensation of aligned with long-term Vuitton SE France cial 18/04/19 13 Antonio Belloni, Vice-CEO Against shareholder interests LVMH Moet Remuneration Policy not Hennessy Louis Annual/Spe Approve Remuneration Policy of aligned with long-term Vuitton SE France cial 18/04/19 14 CEO and Chairman Against shareholder interests LVMH Moet Remuneration Policy not Hennessy Louis Annual/Spe Approve Remuneration Policy of aligned with long-term Vuitton SE France cial 18/04/19 15 Vice-CEO Against shareholder interests Authorize Issuance of Equity or Equity-Linked Securities without LVMH Moet Preemptive Rights up to Hennessy Louis Annual/Spe Aggregate Nominal Amount of Dilution of shareholders' Vuitton SE France cial 18/04/19 20 EUR 50 Million Against economic interests Approve Issuance of Equity or Equity-Linked Securities for LVMH Moet Qualified Investors, up to Hennessy Louis Annual/Spe Aggregate Nominal Amount of Dilution of shareholders' Vuitton SE France cial 18/04/19 21 EUR 50 Million Against economic interests Authorize Board to Set Issue Price for 10 Percent Per Year of LVMH Moet Issued Capital Pursuant to Issue Hennessy Louis Annual/Spe Authority without Preemptive Dilution of shareholders' Vuitton SE France cial 18/04/19 22 Rights Against economic interests Authorize Board to Increase Capital in the Event of Additional LVMH Moet Demand Related to Delegation Hennessy Louis Annual/Spe Submitted to Shareholder Vote Dilution of shareholders' Vuitton SE France cial 18/04/19 23 Above Against economic interests LVMH Moet Authorize Capital Increase of Up Hennessy Louis Annual/Spe to EUR 50 Million for Future Dilution of shareholders' Vuitton SE France cial 18/04/19 24 Exchange Offers Against economic interests LVMH Moet Authorize up to 1 Percent of Remuneration Policy not Hennessy Louis Annual/Spe Issued Capital for Use in Stock aligned with long-term Vuitton SE France cial 18/04/19 26 Option Plans Against shareholder interests Amend Article 23 Re: Anheuser-Busch Annual/Spe Requirements of the Chairperson Proposal is not in the InBev SA/NV Belgium cial 24/04/19 B2 of the Board Against interest of shareholders Anheuser-Busch Annual/Spe Elect Sabine Chalmers as Concerns about Board InBev SA/NV Belgium cial 24/04/19 C9.b Director Against structure Anheuser-Busch Annual/Spe Concerns about Board InBev SA/NV Belgium cial 24/04/19 C9.c Elect Cecilia Sicupira as Director Against structure Anheuser-Busch Annual/Spe Concerns about Board InBev SA/NV Belgium cial 24/04/19 C9.d Elect Claudio Garcia as Director Against structure Anheuser-Busch Annual/Spe Reelect William F. Gifford, Jr. as Concerns about Board InBev SA/NV Belgium cial 24/04/19 C9.f Director Against structure Anheuser-Busch Annual/Spe Reelect Alejandro Santo Concerns about Board InBev SA/NV Belgium cial 24/04/19 C9.g Domingo Davila as Director Against structure Remuneration Policy not aligned with long-term shareholder interestsRemuneration Policy not aligned with Anheuser-Busch Annual/Spe long-term shareholder InBev SA/NV Belgium cial 24/04/19 C11.a Approve Remuneration Report Against interests Remuneration Policy not aligned with long-term shareholder interestsRemuneration Policy not aligned with Anheuser-Busch Annual/Spe Approve Fixed Remuneration of long-term shareholder InBev SA/NV Belgium cial 24/04/19 C11.b Directors Against interests Annual/Spe Reelect Nawaf Bin Jassim Bin Concerns about Accor SA France cial 30/04/19 4 Jabor Al-Thani as Director Against attendance

Authorize Board to Issue Free Annual/Spe Warrants with Preemptive Rights Accor SA France cial 30/04/19 33 During a Public Tender Offer Against Anti-takeover device

#AXA IM - INTERNAL AXA Investment Managers VOTING REPORT - AXA WF Framlington Eurozone FY2019

Annual/Spe Appoint Jean-Louis Georgelin as Proposal is not in the SE France cial 30/04/19 13 Censor Against interest of shareholders Insufficient Disclosure to Approve Remuneration of make informed voting SpA Italy Annual 30/04/19 4.b Directors Against decisions Approve Remuneration Policy of Chairman of the Management Remuneration Policy not Annual/Spe Board and of Management Board aligned with long-term JCDecaux SA France cial 16/05/19 11 Members Against shareholder interests Approve Compensation of Jean- Remuneration Policy not Annual/Spe Charles Decaux, Chairman of the aligned with long-term JCDecaux SA France cial 16/05/19 13 Management Board Against shareholder interests

Approve Compensation of Jean- Francois Decaux, Jean-Sebastien Decaux, Emmanuel Bastide, Remuneration Policy not Annual/Spe David Bourg and Daniel Hofer, aligned with long-term JCDecaux SA France cial 16/05/19 14 Management Board Members Against shareholder interests Authorize Repurchase of Up to Annual/Spe 10 Percent of Issued Share JCDecaux SA France cial 16/05/19 16 Capital Against Anti-takeover device Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Annual/Spe Aggregate Nominal Amount of Dilution of shareholders' JCDecaux SA France cial 16/05/19 18 EUR 2.3 Million Against economic interests Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Annual/Spe Aggregate Nominal Amount of Dilution of shareholders' JCDecaux SA France cial 16/05/19 19 EUR 2.3 Million Against economic interests Authorize Board to Set Issue Price for 10 Percent Per Year of Issued Capital Pursuant to Issue Annual/Spe Authority without Preemptive Dilution of shareholders' JCDecaux SA France cial 16/05/19 21 Rights Against economic interests Authorize Board to Increase Capital in the Event of Additional Demand Related to Delegation Annual/Spe Submitted to Shareholder Vote Dilution of shareholders' JCDecaux SA France cial 16/05/19 24 Above Against economic interests Authorize up to 4 Percent of Insufficient Disclosure to Annual/Spe Issued Capital for Use in Stock make informed voting JCDecaux SA France cial 16/05/19 25 Option Plans Against decisions Authorize up to 0.5 Percent of Insufficient Disclosure to Annual/Spe Issued Capital for Use in make informed voting JCDecaux SA France cial 16/05/19 26 Restricted Stock Plans Against decisions Delegate Powers to the Supervisory Board to Amend Annual/Spe Bylaws to Comply with Legal Proposal is not in the JCDecaux SA France cial 16/05/19 28 Changes Against interest of shareholders Allow Board to Use Delegations Annual/Spe under Item 16 Above in the Event Orange SA France cial 21/05/19 17 of a Public Tender Offer Against Anti-takeover device Allow Board to Use Delegations Annual/Spe under Item 18 Above in the Event Orange SA France cial 21/05/19 19 of a Public Tender Offer Against Anti-takeover device Allow Board to Use Delegations Annual/Spe under Item 20 Above in the Event Orange SA France cial 21/05/19 21 of a Public Tender Offer Against Anti-takeover device Allow Board to Use Delegations Annual/Spe under Item 23 Above in the Event Orange SA France cial 21/05/19 24 of a Public Tender Offer Against Anti-takeover device Allow Board to Use Delegations Annual/Spe under Item 25 Above in the Event Orange SA France cial 21/05/19 26 of a Public Tender Offer Against Anti-takeover device Authorize Capitalization of Reserves of Up to EUR 2 Billion Annual/Spe for Bonus Issue or Increase in Orange SA France cial 21/05/19 30 Par Value Against Anti-takeover device

#AXA IM - INTERNAL AXA Investment Managers VOTING REPORT - AXA WF Framlington Eurozone FY2019

Approve Remuneration Policy of Remuneration Policy not Dassault Systemes Annual/Spe Vice Chairman of the Board and aligned with long-term SA France cial 23/05/19 6 CEO Against shareholder interests Approve Compensation of Remuneration Policy not Dassault Systemes Annual/Spe Bernard Charles, Vice Chairman aligned with long-term SA France cial 23/05/19 8 of the Board and CEO Against shareholder interests Authorize up to 3 Percent of Issued Capital for Use in Stock Option Plans Reserved for Remuneration Policy not Dassault Systemes Annual/Spe Employees and Executive aligned with long-term SA France cial 23/05/19 19 Officers Against shareholder interests Concerns about time Ontex Group NV Belgium Annual 24/05/19 7b Elect Aldo Cardoso as Director Against commitments Remuneration Policy not aligned with long-term Ontex Group NV Belgium Annual 24/05/19 8 Approve Remuneration Report Against shareholder interests Authorize Repurchase of Up to Hermes International Annual/Spe 10 Percent of Issued Share SCA France cial 04/06/19 6 Capital Against Anti-takeover device Remuneration Policy not Hermes International Annual/Spe Approve Compensation of Axel aligned with long-term SCA France cial 04/06/19 7 Dumas, General Manager Against shareholder interests Remuneration Policy not Hermes International Annual/Spe Approve Compensation of Emile aligned with long-term SCA France cial 04/06/19 8 Hermes SARL, General Manager Against shareholder interests Authorize Capitalization of Reserves of up to 40 Percent of Hermes International Annual/Spe Issued Capital for Bonus Issue or SCA France cial 04/06/19 15 Increase in Par Value Against Anti-takeover device Authorize Issuance of Equity or Equity-Linked Securities with Hermes International Annual/Spe Preemptive Rights up to 40 SCA France cial 04/06/19 16 Percent of Issued Capital Against Anti-takeover device Authorize Issuance of Equity or Equity-Linked Securities without Hermes International Annual/Spe Preemptive Rights up to 40 SCA France cial 04/06/19 17 Percent of Issued Capital Against Anti-takeover device Approve Issuance of Equity or Equity-Linked Securities up to 20 Hermes International Annual/Spe Percent of Issued Capital Per SCA France cial 04/06/19 19 Year for Private Placements Against Anti-takeover device Authorize Capital Increase of up Hermes International Annual/Spe to 10 Percent of Issued Capital SCA France cial 04/06/19 20 for Contributions in Kind Against Anti-takeover device Remuneration Policy not Advisory Vote to Ratify Named aligned with long-term Ireland Annual 26/07/19 4 Executive Officers' Compensation Against shareholder interests.

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