AXA IM Japan Small Cap Equity B Accumulation JPY/  IE0004354423  /

The aim of the Sub-Fund is to provide long-term capital growth above that of the MSCI Japan Small Cap Index on a rolling three year basis. The MSCI Japan Small Cap Index is designed to measure the performance of shares of smaller Japanese listed companies. The Sub-Fund is actively managed. The Sub-Fund invests primarily shares of smaller Japanese listed companies. It is intended that the Sub-Fund will be substantially fully invested in shares. The fund manager seeks to identify shares of companies that it believes to be attractive investment opportunities, relative to their industry peers, based on analysis of their valuation and earnings prospects. From these shares, the fund manager seeks to construct a well- diversified portfolio with the best expected return-to-risk trade off to meet the Fund's investment objective.

The aim of the Sub-Fund is to provide long-term capital growth above that of the MSCI Japan Small Cap Index on a rolling three year basis. The MSCI Japan Small Cap Index is designed to measure the performance of shares of smaller Japanese listed companies.