AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

edemption prices, distribution of interim and annual reports, postage, telephone and telex; reasonable
marketing and promotional expenses;
iii all known liabilities, due or not yet due, including the amount of all dividends declared, if any, but
unpaid;
iv an appropriate amount set aside for taxes due on the date of valuation and other provisions or
reserves authorised and approved by the Directors; and
v all other liabilities of the Company of whatsoever kind due towards third parties.
For the purposes of the valuation of its liabilities, the Company may take into account all administrative and other
expenses of a regular or periodical character by valuing them for the entire year or any other period and by dividing
the amount concerned proportionately for the relevant fractions of such period.
If since the time of determination of the Net Asset Value but prior to publication, there has been a material change in
the valuations of a substantial proportion of the investments of the Company attributable to a particular Sub-Fund or
Class of Shares the Company may in order to safeguard the interests of the Shareholders and the Company, cancel
the first valuation and carry out a second valuation, in which case all relevant subscription and redemption requests
will be dealt on the basis of the second valuation.
Allocation of the assets of the Company
The Directors may establish a Sub-Fund in respect of each Class of Shares and may establish a Sub-Fund in respect
of two or more Classes of Shares in the following manner:
i if two or more Classes of Shares relate to one Sub-Fund, the assets attributable to such Classes shall
be commonly invested pursuant to the specific investment policy of the Sub-Fund concerned;
ii the proceeds to be received from the issue of Shares of a Class shall be applied in the books of the
Company to the Sub-Fund corresponding to that Class of Shares provided that if several Classes of
Shares are outstanding in such Sub-Fund, the relevant amount shall increase the proportion of the net
assets of such Sub-Fund attributable to the Class of Shares to be issued;
iii where any asset is derived from another asset, such derivative asset shall be applied in the books of
the Company to the same Sub-Fund as the assets from which it was derived and on each reevaluation
of an asset, the increase or diminution in value shall be applied to the relevant Sub-Fund;
iv where the Company incurs a liability which relates to any asset of a particular Sub-Fund or to any
action taken in connection with an asset of a particular Sub-Fund, such liability could be allocated to
the relevant Sub-Fund;
v in the case where any asset or liability of the Company cannot be considered as being attributable to a
particular Sub-Fund, such asset or liability shall be allocated to all the Sub-Funds pro rata to the Net
Asset Value; and
vi upon the payment of distributions to the holders of any Class of Shares, the Net Asset Value of such
Class of Shares shall be reduced by the amount of such distributions.
X - HOW TO SUBSCRIBE FOR SHARES
To subscribe for Shares, investors will be required to complete an Application Form or other documentation
satisfactory to the Company and to return it to the Registrar Agent at the address indicated under the heading
“Directory” or to any distributor indicated on the Application Form. Applications may be made by facsimile, but must
contain all the information required by the Application Form.
Instructions for subscription may be posted through BNP Paribas Securities Services Luxembourg - 33 Rue de
Gasperich, Howald-Hespérange, L-2085 Luxembourg provided that investors agreed by the Management Company
at its own discretion as eligible to the One Platform have completed an application form with BNP Paribas Securities
Services Luxembourg.
Unless otherwise specified in the Appendices, applications for Shares received by the Registrar Agent prior to 3 pm
on any Business Day will be processed at the Dealing Price calculated on the following Valuation Day plus any
subscription fees, as mentioned in the relevant Appendix. Different subscription procedures and time limits may apply
if applications for Shares are made through a distributor. In such instances, each investor should obtain from the
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