AXA World Funds: Euro Credit Short Duration Solutions AXA WF Euro Credit Short Duration AXA WF Euro Credit IG REDEX / AXA WF Euro Credit Plus REDEX June 2010

2 AXA World Funds Euro credit short duration solutions AXA WF Euro Credit Short Duration AXA WF Euro Credit IG AXA WF Euro Credit Plus Investment universeMainly Euro high quality investment grade credit with a maturity ranging from 1 to 3 years Euro investment grade credit Euro investment grade credit with tactical exposure to high yield bonds*** Performance indicator*Merrill Lynch EMU Corporate 1-3 Merrill Lynch EMU Corporate 1-7 Merrill Lynch EMU Corporate 1-10 Interest rate duration Standard share classes Redex share classes (residual duration target**) NA00 Credit duration **** * Performance indicator given as a basis for comparison only, the fund does not have a reference index ** Assuming no active interest rate bets by the portfolio manager. Where the duration of theportfolio differs from the performance indicators duration based on the portfolio managers active investment strategy, the residual duration of the Redex Share classes might be slightly different from zero. *** Tactical exposure of up to 30% of the funds net assets in sub-investment grade bonds with a maximumtracking error of 2% relative to the funds performance indicator. **** Defined as the funds net asset value sensitivity to movements in market credit spreads. As at 31/05/10

3 Redex Share Classes Basic principles (as applied to AXA WF Euro Credit IG & AXA WF Euro Credit Plus) Redex share class target duration of 0 (i.e. assuming no active investment rate investment strategy). *The Merrill Lynch EMU Corporate 1-7 (for AXA WF Euro Credit IG) and the Merrill Lynch EMU Corportate 1-10 (for AXA WF Euro Credit Plus) are performance indicators given as a basis for comparison only. These funds do not have a reference index. Systematically managed by a specialist quantitative team whose objective is to substantially reduce the funds sensitivity to nominal interest rate shifts. Sensitivity measured by the remaining duration resulting from the conjunction of the portfolio managers active investment strategy and the Redex overlay strategy Same as for the standard share classes Actively managed by the funds portfolio manager Redex overlay strategy Funds portfolio = Credit spread Swap spread Govies yield Sell duration exposure of the performance indicator (EUR 5Y futures) Redex share classes mainly sensitive to: Credit Spread of the portfolio Swap Spread of the portfolio Long Euro Corporate Bonds - Nominal interest rate variations Standard share classes mainly sensitive to:

4 Redex Share Classes An investor-friendly concept One fund with various share classes: Standard share classe are fully exposed to interest rate variations. Redex share classes are only partially exposed to interest rate variations. Creating Redex share classes within an already existing fund allows for: Investors to benefit from the track record and robust investment process of the fund whilst limiting investment size issues. Easy and no-cost share class-switching over time, based on investors needs in terms of duration

5 Active management Redex and standard share classes Redex shares are less sensitive than Standard shares to the variation in nominal interest rates, but remain fully exposed to the other perfomance drivers, including the active interest rate strategy implemented by the portfolio manager The Redex overlay strategy is managed by a specialist quantitative team within AXA IM Investment Solutions The funds portfolio manager is not involved in managing the overlay strategy and remains entirely focused on the management and alpha generation of the Euro credit portfolio. CDS hedge or diversification (5%) Issuer selection (40%) Structure selection (5%) Interest rate shift and curve (5%) Sector selection (40%) Credit Curve Positioning (5%) AXA WF Euro Credit Plus has a greater exposure to credit risk than AXA WF Euro Credit IG and AXA WF Euro Credit Short Duration, as shown by the funds credit spread (X%) Performance drivers breakdown (estimated)

6 AXA WF Euro Credit IG Practical information * AXA WORLD FUNDS s registered office is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B at the Registre de Commerce et des Sociétés The Company is a Luxembourg SICAV UCITS III approved by the CSSF. Legal Form : Sub-fund of AXA World Funds, a Luxembourg-based SICAV* Reference currency EUR ISIN Code Part I (EUR) / Part I Redex (EUR) - CAPLU / LU Maximum entry fee I (EUR) / Part I Redex (EUR) - CAP-/- Maximum redemtion fee I (EUR) / Part I Redex (EUR) - CAP -/- Maximum fixed mgt fee I (EUR) / Part I Redex (EUR) - CAP0.30% / 0.30% % Redex mgt fee Real fixed mgt fee I (EUR) / Part I Redex (EUR) - CAP0.30% / 0.30% % Redex mgt fee Minimum initial subscription / Minimum subsequent subscription / Subscription/Redemption Forward price, daily (D) before 3:00 pm (CET) RèglementD+4 working days Type of share Capitalisation and Distribution Management Company AXA Funds Management SA (Luxembourg) Investment Manager. AXA IM Paris Custodian State Street Bank Luxembourg Valuation Daily Investment Horizon Minimum 2 years Risk profile C (Risk of capital loss but limited to invested capital) Performance objective Mix of income and capital growth measured in euro

7 AXA WF Euro Credit Plus Practical information * AXA WORLD FUNDS s registered office is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B at the Registre de Commerce et des Sociétés The Company is a Luxembourg SICAV UCITS III approved by the CSSF. Legal Form : Sub-fund of AXA World Funds, a Luxembourg-based SICAV* Reference currency EUR ISIN Code Part I (EUR) / Part I Redex (EUR) - CAPLU / LU Maximum entry fee I (EUR) / Part I Redex (EUR) - CAP-/- Maximum redemtion fee I (EUR) / Part I Redex (EUR) - CAP -/- Maximum fixed mgt fee I (EUR) / Part I Redex (EUR) - CAP0.30% / 0.30% % Redex mgt fee Real fixed mgt fee I (EUR) / Part I Redex (EUR) - CAP0.30% / 0.30% % Redex mgt fee Minimum initial subscription / Minimum subsequent subscription / Subscription/Redemption Forward price, daily (D) before 3:00 pm (CET) RèglementD+4 working days Type of share Capitalisation and Distribution Management Company AXA Funds Management SA (Luxembourg) Investment Manager. AXA IM Paris Custodian State Street Bank Luxembourg Valuation Daily Investment Horizon Minimum 3 years Risk profile C (Risk of capital loss but limited to invested capital) Performance objective Mix of income and capital growth measured in euro

8 AXA WF Euro Credit Short Duration Practical information * AXA WORLD FUNDS s registered office is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B at the Registre de Commerce et des Sociétés The Company is a Luxembourg SICAV UCITS III approved by the CSSF. Legal Form : Sub-fund of AXA World Funds, a Luxembourg-based SICAV* Reference currency EUR ISIN Code Part I (EUR) LU Maximum entry fee I (EUR) -/- Maximum redemtion fee I (EUR)-/- Maximum fixed mgt fee I (EUR) 0.25% Real fixed mgt fee I (EUR) 0.25% Minimum initial subscription Minimum subsequent subscription Subscription/Redemption Forward price, daily (D) before 3:00 pm (CET) RèglementD+4 working days Type of share Capitalisation and Distribution Management Company AXA Funds Management SA (Luxembourg) Investment Manager. AXA IM Paris Custodian State Street Bank Luxembourg Valuation Daily Investment Horizon Minimum 18 months Risk profile C (Risk of capital loss but limited to invested capital) Performance objective Mix of income and capital growth measured in euro

9 Disclaimer This document is for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell or a solicitation or investment advice. Due to its simplification, this document is partial and the information can be subjective. AXA Investment Managers Paris may but shall not be obligated to update or otherwise revise this document without any prior notice. All information in this document is established on the accounting information or on market data basis. All accounting information is un-audited. AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or for reliance on this document. The most recent prospectus is available to all investors and must be read prior subscription and the decision whether to invest or not must be based on the information contained in the prospectus. Redex share class Risk factor relating to interest rate: Interest rate risk involves the risk that, when interest rates increase along the curve, as the market value of fixed-income securities tends to decline, as a result the Net Asset Value of standard shares tends to decrease. Conversely, when interest rates decline along the curve, the market value of fixed-income securities tends to increase, as a result, the Net Asset Value of the standard Shares tend to increase. Long-term fixed-income securities will normally have more price volatility because of this risk than short-term securities. The aim of the listed derivatives overlay strategy implemented at the Redex Share Class level is to reduce the exposure to interest rates parallel shifts along the curves. There fore, the impact of interest rates parallel shifts on the Redex Share Net Asset Value tends to be reduced compared to the impact of such move on the standard Shares. When interest rates increase, as the market value of fixed-income securities tends to decline, the market value of the overlay strategy tends to increase, as a result the impact of the interest rates increase on the value of the Redex Shares tends to be more limited. Conversely, when interest rates decline, the market value of fixed-income securities tends to increase, and the market value of the overlay strategy tends to decrease as a result the impact of the interest rates decrease on the value of the Redex Shares tends to be more limited. Depending on the investment strategy used the information contained herein may be more detailed than the information disclosed in the prospectus. Any such information (i) does not constitute a representation or undertaking on the part of the investment manager; (ii) is subjective and (iii) may be modified at any time within the limits provided in the fund prospectus. AXA IM and/or its affiliates may receive or pay fees or rebates in relation to the Mutual Fund or investment vehicle. The tax treatment relating to the holding, acquisition or disposal of shares or units in the fund depend on each investors tax status or treatment and may be subject to change. Any potential investor is strongly encouraged to seek advice from its own tax advisors. The fund is registered for public distribution in France. Please check the countries of registration with the asset manager, oron the web site im-funds.com, where a fund registration map is available. AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Coeur Défense Tour B La Défense4, 100, Esplanade du Général de Gaulle Courbevoie, registered with the Nanterre Trade and Companies Register under number , a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April AXA Funds Management, a société anonyme organized under the laws of Luxembourg with the Luxembourg Register Number B RC, and whose registered office is located at 49, Avenue J.F. Kennedy L-1885 Luxembourg AXA WORLD FUNDSs registered office is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B at the Registre de Commerce et des Sociétés The Company is a Luxembourg SICAV UCITS III approved by the CSSF. Editor: AXA Investment Managers Paris AXA Investment Managers Paris the 30/09/2009