Real Assets Announces Senior North American Appointments

Paris, 12th January 2017 AXA Investment Managers - Real Assets announces senior North American appointments

AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager in Europe, announces the appointments of Steve McCarthy as the new Head of North America, and Aaron Kutner as U.S. Director of Acquisitions, effective immediately. Olivier Thoral, current Head of North America, will return to AXA IM - Real Assets’ headquarters in Paris where he will assume new responsibilities.

In his new role as Head of North America, Steve McCarthy, who for the last three years has been AXA IM - Real Assets’ U.S. Head of Asset Management & Transactions, is now responsible for defining, recommending and executing all aspects of the business’ North American investment and capital raising strategies. He is also in charge of the continued growth of the investment and asset management platform. With more than 30 years’ of real estate investment experience, Steve joined AXA IM - Real Assets in 2013 from his role as Co-founder and Principal of MXA Capital, a real estate investment advisory company focused on the acquisition of value-add office properties in the U.S on behalf of institutional investors. Steve previously held senior positions in the U.S. at the ULI Greenprint Center for Building Performance, Buchanan Street Partners, WestWind Capital Partners LP and Jones Lang Wootton, and in the UK at Tishman Speyer Properties.

As U.S. Director of Acquisitions, Aaron Kutner reports to Steve McCarthy and is responsible for sourcing, underwriting and executing acquisitions in accordance with clients’ objectives, which include both direct and joint venture investments with local operating partners. Aaron Kutner joins AXA IM - Real Assets following six years at Clarion Partners (formerly ING Clarion) where, since 2014, he was Vice President of Acquisitions. Prior to Clarion, Aaron spent a year at CapitalSource Bank in its Structured Finance Group and in Credit Administration, having joined from Prudential Real Estate Investors where he was an investment analyst.

AXA IM - Real Assets entered the North American market in 2010 and has since grown into a highly active investment management platform with €1.6 billion of equity and debt assets under management. The local team is identifying and investing in a range of core and value-add opportunities in the top 13 U.S. markets, while also undertaking an increasing amount of lending in the real estate debt space. Recent acquisitions, on behalf of clients, include: 100 & 112 S. State Street, Chicago, in a joint venture with Tishman Realty Corporation; the Hilton Hotel in Pasadena, California, in joint venture with hotel operator Aimbridge Hospitality; a joint venture investment in West Los Angeles office asset with PGIM, and; Stoneridge Apartments in Virginia, as well as Century Northlake Apartments in North Carolina, which were both acquired in joint venture with Cortland Partners. AXA IM - Real Assets also has a dedicated US investor relations team raising capital for standalone investments, as well as in the firm’s European products.

Pierre Vaquier, CEO of AXA IM - Real Assets commented: “These appointments are aligned with our clear goal of establishing AXA IM - Real Assets as one of the world’s leading investment and asset managers, and gaining further ground across the U.S. and North America represents a significant part of those plans.”

“Our establishment as a key player in North America is largely a credit to Olivier Thoral, and I would like to take this opportunity to thank him for his continued drive whilst overseeing our activities in this market over the past six years. Steve McCarthy has also been integral to our

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success in the U.S. and, with Olivier returning to Paris, I am of the firm belief that he is the best person to build on the momentum achieved to date and oversee the next phase of AXA IM - Real Assets’ growth in this important market, with the support of Aaron Kutner. The new team has ambitions to accelerate growth of our North American portfolio in line with the demands of our clients.”

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1) Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2016

Press Contacts

AXA Investment Managers – Real Assets Charline Coué, Media Relations Managers, Real Assets Jocelyne Tamssom, Head of Communications, Real Assets Tel +33 1 44 45 97 95 [email protected]

FTI Consulting Inc. Richard Sunderland, Ellie Sweeney, Richard Gotla, Tom Gough Tél. : +44 20 3727 1000 [email protected]

Note to editors

AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meeting their financial goals. By combining investment insight and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world. With approximately €700 billion in assets under management as of end September 2016, AXA IM employs over 2,350 people based in 29 offices around the world.

AXA Investment Managers - Real Assets has over €70 billion in assets under management, including €54.1 billion in direct property & infrastructure and €12.7 billion in real asset finance as of end of September 2016. We offer a 360° approach to investing in real assets, which comprises opportunities in both equity and debt, across different geographies and sectors, as well as via private and listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(1), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 600 people in 14 offices that operate in 24 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.

AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.

Visit our websites: www.axa-im.com https://realassets.axa-im.com

1) Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2016

This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by the Financial Conduct Authority and is for information purposes only. No financial decisions should be made on the basis of the information provided.

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