AXA Flexible Growth Pension Mutual Fund

* The amount to be invested in one single bank cannot exceed 6% of fund portfolio.

The fund’s portfolio may also be allocated to foreign currencies, precious metals, and option contracts executed on the basis of financial indicators and capital market instruments, warants, forward contracts, financial futures contracts, and option contracts based on futures transactions in order avoid potential risks and/or for investment purposes. Any short position taken in relation to futures contracts may not in any case exceed the net value of the fund assets. Futures contracts included in the portfolio must be in line with the fund’s management strategy and benchmark.

By signing contracts in accordance with Article 11 of Communiqué Serial No. V, No. 65, Concerning Margin Trading, Short Sale and Lending and Borrowing of Capital Market Instruments, promulgated by the Capital Market Board, the fund may lend monies and securities in amounts up to 50% of its portfolio and also borrow monies and securities and short sell securities in amounts up to 10% of its portfolio any time, provided that such securities are held in safe custody by Takasbank. The term of any such borrowing or lending contract has to be limited to ninety business days. The fund’s portfolio may only lend monies and securities on the condition that a security in cash or in the form of government bonds or T-bills in an amount covering the full amount of such monies or the full value of such securities are deposited into the fund’s account with Takasbank. In case the value of such security drops below 80% of the market value of the money or securities lent for any reason, the portfolio manager asks the borrower to provide additional security to increase the security amount to the required level. Any such contract signed by the fund must include a clause giving the fund the right to terminate the contract unilaterally.

No security or instrument other those listed above may be included in the fund’s portfolio.