Alternative Konzepte für börsengehandelte Indexfonds

Achim Stranz - CIO und Geschäftsführer

This document is for education purposes only and exclusively for institutional investors. It must not be relied upon by Retail Clients and circulation must be restricted accordingly. Quantitative Kriterien der Aktienauswahl spielen auch bei börsengehandelten Indexfonds zunehmend eine größere Rolle.

Smart-Beta-Konzepte folgen alternativen Indexregeln.

Wie smart sind diese ETFs wirklich?

2

Der Unterschied zwischen operativem Unternehmer und Kapitalinvestor

“ The only investors who shouldn’t diversify are those who are right 100% of the time… ”

Sir John Templeton Aktienindices – Exchange Traded Funds

Aktienindex

Ein Aktienindex ist eine Kennzahl für die Entwicklung von ausgewählten Aktienkursen.

Er soll die Entwicklung auf diesem Teilmarkt des weltweiten Finanzgeschehens repräsentativ dokumentieren.

Den Ausgangspunkt für die Berechnung eines Aktienindex bildet stets ein bestimmter Zeitpunkt.

Die nachfolgenden Änderungen der Kennzahl Aktienindex im Zeitablauf spiegeln fortan die Wertentwicklung (Performance) der im hypothetischen Portfolio enthaltenen Aktien wider.

Quelle: Wikipedia

4 Aktienindices – Exchange Traded Funds

Was bedeutet repräsentativ? Gewichtung der Bestandteile:

Preisgewichteter Index  Im preisgewichteten Index ist jede Aktie mit der gleichen Stückzahl vertreten. Aktien mit einem höheren Kurs haben dann auch einen größeren Einfluss auf den Index. Preisgewichtete Indizes sind zum Beispiel der Dow Jones Industrial Average und der Nikkei 225.

Quelle: Wikipedia

5 Aktienindices – Exchange Traded Funds

Was bedeutet repräsentativ? Gewichtung der Bestandteile:

Kapitalisierungsgewichteter Index  Ein kapitalisierungsgewichteter Index berücksichtigt vorrangig die Marktkapitalisierung (Beispiele: S&P 500, MSCI, DAX). Die Gewichtung im Index ist proportional zur berechneten Marktkapitalisierung (Freefloat) eines Unternehmens. Die Berechnung erfolgt durch Multiplikation der Anzahl der jeweiligen Aktie im Freefloat mit dem aktuellen Kurs.

Quelle: Wikipedia

6 Aktienindices – Exchange Traded Funds

Was bedeutet repräsentativ? Gewichtung der Bestandteile:

Gleichgewichteter Index  Ein gleichgewichteter Index beruht auf einer Rangliste anhand der Marktkapitalisierung oder eines anderen Kriteriums. Die Gewichtung im Index ist nicht proportional, sondern z.B. auf 10 % begrenzt. Beispiele sind der ÖkoDAX, Photovoltaik Global 30 Index und der DivDAX. Da sich durch Kursänderungen auch die prozentuale Zusammensetzung ändert, werden diese Indizes in regelmäßigen Abständen überprüft und anhand eines Regelwerks automatisch oder durch Einzelfallentscheidungen (z.B. bei Insolvenz eines Unternehmens) angepasst.

Quelle: Wikipedia

7 Passives Investieren mit Index Replizierung und Index ETFs

Die Nachbildung eines Marktkapitalisierungs-Index ist bequem aber möglicherweise nicht intelligent (smart)…

 Die relative Größe/Marktkapitalisierung eines Unternehmens basiert teilweise auf dem aktuellen Aktienkurs, der selbst wieder von Verhaltensmustern der Investoren beeinflusst ist (“fear and greed”)

 Marktkapitalisierungsindices exponieren Investoren zu “Risiken ohne Risikoprämienkompensation” – Hang zu Erfolgen der Vergangenheit (Risiko von Spekulationsblasen) – Geringe Risikodiversifizierung (Index dominiert von wenigen großkapitalisierten Unternehmen)

8 Source: AXA Rosenberg.

Das Problem des Kapitalisierungsansatzes “What do behavioural bias lead to ?” “ A bubble is an asset class that is going up in price… that you don’t own ”

Jeremy Siegel

1. 2. South Sea / Bubbles 3. 4. Florida Speculative Building Mania 5. Roaring 1920s/1929 6. Poseidon Bubble 7. Gold 8. Japanese Asset Bubble 9. Dot Com/Tech/Telecoms 10. Global Real Estate/Credit Bubble 11. China/Shanghai Index Bubble 12. Commodity Bubble 13. Oil Bubble 14. Leverage/Derivative/Financial Bubble

9 Source: AXA Rosenberg.

Neue Regeln der Indexkonstruktion (hypothetisches portfolio)

Andere Regeln als klassische ETFs

 Smart Beta-ETFs – passive Produkte, – intelligentere Abbildung (?) der Märkte als bei klassischen Indexfonds – basieren dafür auf zusätzlichen oder abweichenden Regeln

 Gewichtung nach alternativen Kriterien – GDP Gewichtung – Gleichgewichtung – Gewichtung anhand fundamentaler Kriterien (z.B. überdurchschnittliche Dividendenrendite) – Gewichtung auf Basis ihres Risikos (Volatilität) – Gewichtung nach bestimmten Faktoren (z.B. Kursmomentum)

10 Source: AXA Rosenberg.

SmartBeta: Was ist SB? Warum SB “Smart” ist, zumindest “Smart” sein kann?

 Der Begriff “SmartBeta” wird zur Beschreibung einer Vielzahl unterschiedlicher Investment- Ansätze genutzt…

 … die jedoch einige Gemeinsamkeiten aufweisen: – Marktkapitalisierung als Allokations-Algorithmus wird abgelehnt – Auf mechanistische Regel basierender Investmentansatz – Im Vergleich zu traditionellen, aktiven Investmentansätzen in der Regel eine höhere Transparenz bei niedrigeren Kosten

– Effiziente Ausnutzung langfristiger Einflussfaktoren von Aktienertrag und -risiko

 Warum verspricht SmartBeta Erfolg? – SmartBeta vermeidet im Prinzip Preis-Irrationalitäten in Folge von Anlegerverhalten – SmartBeta vermeidet typischerweise Quellen von Risiken ohne Risikoprämienkompensation

11 Source: AXA Rosenberg.

Anbieter von Indices, die von ETFs abgebildet werden

 Börsen  Nicht Börsen

Commerzbank American Stock Exchange Credit Suisse Tremont Bolsa de Valores Mexicana Dow Jones Company Bolsa de Valores Sao Paulo FAZ Bolsa Italiana FTSE Group Bolsa de Madrid FTSE Xinhua Index Budapest Stock Exchange Hedge Fonds Research Börse Stuttgart HSI Service Limited Chicago Board of Options Exchange (CBOE) International Index Company (ICC) Deutsche Börse AG Jefferies Financial Products Euronext Markit Indices India Stock Exchange and Services Morgan Stanley Capital Investement (MSCI) & Barra Istanbul Stock Exchange Nihon Keizai Shimbun (Nikkei)Prague Stock ExchangeRussell Investment Group Johannesburg Stock Exchange Standard & Poor's Korea Exchange STOXX limited Nasdaq Stock Exchange Nasdaq OMX Shanghai Stock Exchange (SSE) Shenzhen Stock Exchange (SZSE) Keine „fiduciary duty“, in der Regel geringe Singapore Exchange (SGX) Six-Swiss Exchange regulatorische Kontrolle. Thailand Stock Exchange Derzeit bei institutionellen US-Investoren heiß Tokyo Stock Exchange Wiener Börse AG diskutiert!

12 Aktives SmartBeta Management: AXA IM Philosophie

Fokus auf Investment Ergebnisse Wie werden diese Ergebnisse erzielt? Reduktion des Risikos zyklischer Underperformance Exposure zu mehr als einer Risikoprämie

Fokus auf gute Performance Exposure zu Fundamentaldaten mit nachgewiesenem Erfolg Geschicktes Ausnutzen von Risikoprämien Ausfiltern von riskanten Marktsegmenten

Einzelrisiken vermeiden, Liquidität erhalten Diversifikation, dort wo sie am meisten nützt

Transparenz Jede Einzelposition kann nachvollzogen werden

“…designed with performance delivery and transparency in mind”

13 AXA IM Philosophie: Kernansätze SmartBeta Equity

Volatility in Global Developed Market - Backtest : Earnings Sustainability in Global Developed Market - Backtest : Average Annual Return Jan 90 to Dec 14 25% 0.8 25% Average Annual Return Jan 90 to Dec 14 0.7

0.7 0.6 20% 20% 0.6 0.5

0.5 15% 15% 0.4 0.4 0.3 10% 10%

0.3 Sharpe Ratio Ratio Sharpe 0.2 Ratio Sharpe 0.2 5%

5% 0.1 Annualised Return andRisk Annualised 0.1 Return andRisk Annualised 0% 0.0 0% 0.0 Low Sustainable Mid Sustainable High Sustainable Low Volatility Mid Volatility High Volatility Earnings Earnings Earnings

Return Volatility Sharpe (right hand scale) Return Volatility Sharpe (right hand scale) Vermeiden Bevorzugen

Investoren werden nicht adäquat kompensiert für hohe Volatilität oder geringe Gewinnstabilität

Source: AXA Rosenberg (Exhibit created Feb 2015)*. Volatility is based on a proprietary AXA Rosenberg measure that combines beta and stock specific risk. Earnings Sustainability is based on a proprietary AXA Rosenberg measure of earnings sustainability: Low = bottom 30%, Middle = next 40%, High = top 30% of MSCI World names within each region globally each month. Volatility and Earnings Sustainability data was not captured in real time during the relevant timeframe and was recreated in February 2015. Buckets formed with square-root of market cap weights – not controlled for small cap bias nor investability. Average annualised compound returns and volatility calculated between from January 1990 to December 2014. Returns do not include transactions costs and are gross of fees. The information set forth above is based on hypothetical backtesting and is not an actual portfolio reflecting actual past performance and does not represent actual, current recommendations. Potential investors are strongly urged to review the disclaimers presented in the Appendix. Information presented is only for the use of Institutional Investors. Please note that the information provided herein relates to a timeframe when the strategy was not available for investment 14 G201412 - 893 SmartBeta: Generation I Backtest

January 1990 – December 2014* Positiv:  Vermeidet “Preis” als Allokations-Determinante 10%

 Fokus auf Risikoprämien die vom Investorenverhalten Fundamental Weighting profitieren

9% Return Negativ: Equal Weight 8%  Stärker prozessorientiert als ergebnisorientiert

Min Vol MSCI Value

7% MSCI Cap  Nicht ausgeschlossen: unerwünschte Nebeneffekte Weighted – Geringe Volatilität MSCI Growth – Hohe Umschlagrate 6% – Konzentration

5% 11% 12% 13% 14% 15% 16% 17% 18%  Möglicherweise mangelnde Transparenz Risk (Volatility) – Willkürliche Restriktionen – Abhängigkeit von Risikomodellen

Besser als “market cap” aber mit einigen Investmentnachteilen Source: AXA Rosenberg, MSCI, FTSE, Bloomberg (Exhibit created January 2015) . *The above information is based on hypothetical backtesting and is not an actual portfolio reflecting actual past performance and does not represent actual, current recommendations. Potential investors are strongly urged to review the disclaimers at the end of this presentation. Information presented is only for the use of Institutional Investors. Please note that the information provided herein relates to a timeframe 15 when the strategies may not have been available for investment. 16 SmartBeta: Generation II Return 10% information provided herein relates to a timeframe when the strategies may not have been available for investment. availableinvestment. for been strategies may have timeframe nota to relateshereintheinformation when provided Instit is of usethe for Information presentedonly this reviewof disclaimers to presentation.stronglytheurged end the at the to currentguide a is recommendations not actual, represent and doesnot performance past actual portfolioandreflecting MSCI, Rosenberg,AXAFTSE, Source: Bloomberg 5% 6% 7% 8% 9% 11%

Min Min Vol 12%

Generation Generation Smart Smart Beta January1990 13% 2nd 2nd

…SmartBeta Generation II adressiert dieseInvestmentnachteile adressiert II Generation …SmartBeta

14%

–

15% December 2014* (Exhibit created January 2015) . 2015). (ExhibitcreatedJanuary

MSCI MSCI Cap Weighted MSCI MSCI Value Fundamental Fundamental

Weighting 16% MSCI MSCI Growth Risk (Volatility)

Equal Equal Weight

17%

18% The above information is based on hypothetical backtesting and is not anactual is not andbacktesting hypothetical on information is basedTheabove

die eine effiziente Implementierungbeeinflussen effiziente eine die  Risikoprämien   Generation II SmartBeta:

Vermeidungvon Nebeneffekten,unerwünschten Kombinationvonvonals einerQuelle mehr Hohe ProzesstransparenzHohe – – – – –

Hohe Diversifizierung Geringe Umschlagrate Hohe Liquidität erhöhter “Return” bei vermindertem Risiko Vermeidung von zu starker “Stilabhängigkeit” uti onal Investors. Please note that the that onal Investors. note Please

fu ture. (Potential)Investors areture.

- > Filterprozess>

SmartBetas Systematische Filter: ein Beispiel

Low Volatility High Volatility High Earnings Sustainability

Low Earnings Sustainability

High Reward to Risk

Medium Reward to Risk

Low Reward to Risk

Source: AXA Rosenberg (Exhibit created September 2013). The example shown represents a filtering process applied to a standard global developed market based universe. Other input universes are available. Volatility is based on AXA Rosenberg’s measure which combines beta and stock specific risk . Earnings quality is based on AXA Rosenberg’s measure of earning sustainability. Screening levels are based on square root of market cap to limit individual stock impact. The stock examples provided above are for illustrative purposes only. No representation is made that these examples are past or current recommendations, nor whether they were successful or not. Any stock examples specifically identified in these materials do not represent all of the securities purchased, sold or recommended for the client’s accounts. It should not be assumed that investment in the stock examples referenced will be profitable. 17 EO201412 - 893 AXA IM Global SmartBeta Equity Backtest portfolio performance (Dec 89 – Dec 14)

 AXA IM SmartBeta  AXA IM Global SmartBeta: 20% geringere Volatilität als Weltindex

31-Dec-89 to 31-Dec-14 25% (annualised, USD) AXA IM SmartBeta* MSCI World Total Return 8.9% 6.9% 20% Total Volatility 12.5% 15.2% Sharpe Ratio 0.71 0.45 15% Upside Market Capture 85%

Downside Market Capture 70% 10%

5%  AXA IM Global SmartBeta: Ertragsvorteile Absoloute : Vol Rolling5Y

über 5 Jahresperioden 0%

10%

Dec-12 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-13 Dec-14 AXA IM SmartBeta* MSCI World 8%  AXA IM Global SmartBeta: höhere Resilienz gegen Marktschwäche 5% 0.0%

3% -10.0%

0% -20.0% Year % Return (annualised) : Active :(annualised) Return % Year - -3% -30.0%

-5% -40.0%

Rolling5

FTSE RAFI FTSE

MSCI World MSCI

Dec-95 Dec-94 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 EqualWeight

AXA IM SmartBeta* Vol Min MSCI

MSCI World Value World MSCI

AXA IM SmartBeta* IM AXA MSCI World Growth World MSCI

Source AXA Rosenberg, MSCI, Research Affiliates. (Exhibit created January 2015). For illustrative purposes only. *The information set forth above is based on hypothetical backtesting and is not an actual portfolio reflecting actual past performance and does not represent actual, current recommendations. (Potential) Investors are strongly urged to review the disclaimers presented in the Appendix. All returns are shown gross, USD. The Sharpe Ratio show above is based on simplified version that measures Total Return / Total Volatility and does not include any adjustment for the risk free return. Performance results of the past are no indicator for any future returns or trends. The value and income derived from investments may go down as well as up. Please note furthermore that the information in this document are based on simulate historical view. Such information is no reliable indicator for the future. It is provided for illustrative purposes only. 18 The real performance can considerably differ from the herein represented performance. G201412 - 893 AXA WF Global SmartBeta Equity Live Performance seit Auflage Juli 2013 – gerechnet bis März 2015

Performance Qualitäts Indikatoren MARKET 14.0% AXA IM SmartBeta Equity Universe**At Inception 12.0% March 15 Average*** March 15 Average*** ROE (%) 18.23 17.67 12.65 12.64 10.0% 5-year earnings growth (%) 8.39 10.11 5.83 10.01 8.0% Leverage (debt / equity) 0.81 0.74 0.92 0.94 Dividend Yield (%) 2.56 2.56 2.55 2.46 6.0% P/E 19.9 18.5 19.6 18.2 4.0% 0.76 0.76 0.99 1.02 Return (USD) Return Beta (Current holdings, bottom up) Number of Holdings 449 451 1590 1588 2.0% Adjusted Herfindahl Index (%) 0.16 0.15 0.21 0.21 0.0% 3-Months 1-Year Since Inception*

AXA Global SmartBeta Equity Equity Universe*  Seit Auflage hat die Strategie einen Mehrertrag zu marktkapitalisierten Indices geliefert, trotz des starken Aktien “Bull 3 M 1Y. SI* Markets” Return (% USD) AXA IM Global SmartBeta 1.99 9.32 11.53  Hat dieses Ergebnis erzielt unter der Nebenbedingung von hoher Equity Universe** 2.45 6.60 11.13 Unternehmensgewinnqualität Annualised volatility AXA IM Global SmartBeta 7.28 8.70  Hat dieses Ergebnis erzielt bei geringerem Risikogehalt Equity Universe** 8.19 9.32  Während des Sep-Oct 2014 Marktrückgangs hat die Strategie den Index Sharpe Ratio (Return/Risk) deutlich geschlagen (MSCI World Index -8.5% vs AXA WF Global AXA IM Global SmartBeta 1.28 1.37 SmartBeta Equity Fund -6.7%) Equity Universe** 0.80 1.25

Source: AXA Rosenberg as at 31 March 2015. *Inception date 25 July 2013. **Equity Universe is gross return of MSCI World. ***Performance and average quality control metrics from fund inception on 25 July 2013. Performance is gross of fees and gross of all withholding tax, calculated and compounded daily with income reinvested and close of business prices. Past performance is not a guide to future performance. An investor’s actual return will be reduced by management fees and other expenses the investor may incur. Investment in such fund is subject to the fund’s offering documents. 19 EO201501 - 943 Important backtest disclosures

This performance information was derived from a hypothetical backtesting of AXA Investment Management’s Smart Beta™ Equity strategy for the period December 31, 1989 through June, 2013. Backtesting is conducted by computer program that starts on the first day of the backtest period and estimates the return that the strategy would have achieved if the output from the SmartBeta™screening and portfolio process has been fully implemented. Strategy recommendations are estimated at the end of each month during the backtest period. The investment strategy was not available to clients during the performance period referenced herein. The performance data was not verified by an independent calculation agent. The actual strategy that will be made available to investors going forward may use different trading frequencies than was used in the backtest, and the universe of securities that will be used in an actual portfolio may not reflect the universe of securities used in this backtest.

The selection universe used during the strategy backtests was the MSCI World Standard Index. As of June 30, 2013, the MSCI World Standard Index consisted of approximately 1,586 assets. Please note is not possible to invest in an index directly

Backtested performance and characteristics are not an indicator of future results. Backtested performance and characteristics are hypothetical and does not represent the results of actual trading (and may fall materially short of actual trading results), and should not be interpreted as an indication of such performance or characteristics because: (1) it was achieved by means of retroactive application of a systematic process constructed on the basis of historical data; (2) it does not factor in any material economic and market factors that might have an effect on an investment adviser’s decision-making process if the adviser were actually managing clients’ money; (3) backtesting does not factor in any intervention (whether in a positive or negative manner) which may be made by AXA Rosenberg’s investment team that may be made with an actual portfolio over time; and (4) back tests are adjusted to reflect the reinvestment of dividends and other income and are gross of fees and do not include: transaction costs, custody fees, market impact, security liquidity, trading fill rates and other material factors that may affect actual performance and characteristics. Backtested data represent output from a research project may differ from actual account performance and characteristics because the investment strategy may be adjusted at any time, for any reason, and can continue to be changed until desired or better results are achieved. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. No cash balance or cash flow is included in the calculation.

The historical dataset used in the simulation is based upon sources believed to be correct, but no warranty is given as to its accuracy or completeness. In addition, the historical dataset used in the simulation contains data (due to various reasons) for which AXA Rosenberg may not have had the benefit of if it were managing an actual portfolio in real time during the simulation period, such as data errors that have been discovered and corrected.

As with any investment strategy, there is the potential for profit as well as the possibility of loss. The results and characteristics displayed do not represent actual results and actual results may significantly differ from the theoretical returns being presented. No representation is made that any investment will achieve performance and characteristics similar to that shown herein.

The performance results shown are gross of applicable management fees. An investor’s actual return will be reduced by management fees and other expenses the investor may incur. Further information on AXA Rosenberg’s fees may be found in its Form ADV Part 2 or provided upon request. The collection of management fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of management fees on the total value of an investor’s portfolio assuming a) quarterly fee assessment, b) $1,000,000 investment, c) portfolio return of 8% a year, and d) 1.00% annual investment management fee would be $10,416 in the first year, and cumulatively $59,816 over five years and $143,430 over ten years

21 18952 Disclaimer

Important notice: Please also note the following information and read the applicable prospectus including the terms of contract, which is the exclusive base for the purchase of investment fund units. The information in this presentation does not contain an offer to enter into a contract and does not constitute investment, legal, tax or other advice by AXA Investment Managers Deutschland GmbH. Its sole purpose is to facilitate your own investment decision. Due to its simplification, this document is partial and the information can be subjective. The opinions within this document reflect our current assessment at the time of creation; that assessment can change without notice. The purchase of investment fund units is exclusively based on the current sales prospectus and the information included therein. It is not allowed to give any information or make any declaration differing from the sales prospectus. Herewith we expressly distance ourselves from such differing information or declaration, particularly regarding differing information or declaration from our appointed distribution partners and information centres or any other third party. You will receive the sales prospectus, Key Investor Information Document (KIID), annual and semi-annual report free of charge at AXA Investment Managers Deutschland GmbH • Bleichstraße 2-4 • 60313 Frankfurt/Main or from our distribution partners or under www.axa-im.de. Prior to any transaction an individual detailed investment advice should be obtained. As part of this consultation you will also be informed of costs and fees associated with the purchase of one of the mentioned products. While providing investment services, AXA Investment Managers Deutschland GmbH and/or its affiliates may receive or grant benefits (commissions, fees or other payments as well as all monetary benefits). The tax treatment relating to the holding, acquisition or disposal of units in the fund depend on each investor’s tax status or treatment and may be subject to change. Please contact your tax and financial adviser prior to any transactions. The information in this presentation does not constitute any investment, legal, tax or other advice. Its only purpose is to facilitate your own investment decision. All tax explanations are based on actual common information. A guarantee for any changes of the tax evaluation by legislation, jurisdiction or writs of the financial administration cannot be assumed. Any potential investor is strongly encouraged to seek advice from its own tax or financial advisors. You will also be informed of costs and fees, which will be incurred by buying one of the named products. As far as we refer to information/graphics of third parties we point out that a proper investigation of the information did not take place and that we do not adopt it as our own. We therefore expressly dissociate ourselves from the content of all third party information and are not liable for its content. The data, figures, declarations, analysis, predictions, concepts and any other information provided in this presentation are based on our state of knowledge at the time of creation date. Nevertheless, unintended erroneous statements or presentations may occur. Also, the mentioned information may be amended at any time without notice. Therefore, a liability or guarantee for the up-to-dateness, correctness and completeness of the allocated information can not be assumed. In particular, there is no obligation to remove any information that is no longer up to date or to identify it expressly as such. Performance results of the past offer no guarantee and are no indicator for any future returns or trends of an investment fund. Value and yield of an investment in funds can rise and fall and are not guaranteed. As the case may be, investors may receive less than the initial capital invested when their investment fund units are redeemed and they can even suffer a total loss. Also exchange-rate fluctuation can affect the value of your investment. The published performance data does not include commission or any other costs which possibly incur when issuing and/or redeeming units. The indication of performance-results for periods of less than a year occurs for the purpose to provide the distributors with complete information. We point out that the declaration of performance-results for periods of less than a year provided by investment service companies is not allowed in accordance with the German Wertpapierdienstleistungs- Verhaltens- und Organisationsverordnung (WpDVerOV). Please note that performance-results of the past are no indicator for any future investment income or any trend of an investment fund.

Please note furthermore that the information in this presentation are based on simulate historical view. Such information is no reliable indicator for the future. It is provided for illustrative purposes only. The information in this document is exclusively addressed to distributors who receive this document directly from AXA Investment Managers Deutschland GmbH. It is to be treated strictly confidential. The recipients are not allowed to pass this document and the information contained herein on to a third party, in whole or partially, without the prior written consent of AXA Investment Managers Deutschland GmbH. This document is for distributor information purposes only. We explicitly point out that this document does not comply with the requirements of the directive 2004/39/EG (MiFID) and the related directives and regulations as well as the German Wertpapierhandelsgesetz (WpHG) and Wertpapierdienstleistungs- Verhaltens- und Organisationsverordnung (WpDVerOV). Therefore, this document is not suitable for any kind of sales services, consulting or financial services vis-à-vis clients, especially by investment services companies.

Additional Information for investors in Austria: The current sales prospectus of the AXA Rosenberg Umbrellas were published in electronic form on www.axa-im.at in October 2012 and by deposition at AXA Investment Managers Deutschland GmbH, Bleichstraße 2-4, 60313 Frankfurt am Main, as well as at the information centre and paying agent Erste Bank der österreichischen Sparkassen AG, Habsburgergasse 2, Mezzanin, 1010 Wien, Österreich. The announcement (Hinweisbekanntmachung) was made in October 2012. Investors and interested persons in Austria receive the prospectus, the fund rules (Fondsbestimmungen) and the annual and semi-annual report of the AXA Rosenberg funds free of charge at AXA Investment Managers Deutschland GmbH, at the information centre and paying agent mentioned above and on www.axa-im.at. With this information centre and paying agent, further information and documents regarding the fund may be examined as well as redemption requests may be filed. The issue prices and redemption prices are published in the “Wiener Zeitung” every trading day and are also available at this information centre and paying agent and on www.axa-im.at.

- Only for professional clients and not for distribution to private investors -

22