AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Instructions for redemptions may be refused if to redeem would result in the investor having an aggregate residual
holding of less than the minimum holding indicated for each Class of Shares in the Appendices.
The Company shall not be bound to redeem on any Valuation Day more than 10% of the number of Shares relating
to any Sub-Fund then in issue. In case of deferral of redemptions, the relevant Shares shall be redeemed at the
Dealing Price per Share prevailing at the date on which the redemption is effected. Excess redemptions will be
deferred to the next Valuation Day when they shall be dealt with as a priority. If, in the case of a request for a
conversion, such a day is not a Valuation Day, requests for switching will be dealt with on the next day which is a
Valuation Day.
The redemption of Shares in one Class or Sub-Fund will be processed on the Valuation Day following the day of
receipt of the instructions and the purchase of Shares in the other Class or Sub-Fund will be processed on the
Valuation Day following the day when the redemption has been processed. Any outstanding credit cash balance due
to the Shareholder in question arising from one or more ‘conversion’ transactions will be forwarded to Euroclear or
Clearstream for the account of the relevant Shareholder.
In some jurisdictions a conversion of Shares of one Class or Sub-Fund for Shares of another Class or Sub-Fund may
be considered as a disposal of Shares of the original, Class or Sub-Fund for the purposes of taxation.
The number of Shares of the new Class to be allotted is calculated in accordance with the following formula:
A �
��B�OP��D� where:
NP
� E
A = the number of Shares in the new Sub-Fund / Class to be allotted;
B = the number of Shares in the existing Sub-Fund / Class to be converted;
OP = the Dealing Price in the existing Sub-Fund / Class;
D = the conversion costs (if any) retained by the existing Sub-Fund;
E = the foreign exchange rate between the currency of the existing Sub-Fund / Class and the new
Sub-Fund / Class (provided that when the existing Sub-Fund / Class and the new Sub-Fund / Class are
denominated in the same currency the rate is one);
NP = the Dealing Price of the new Sub-Fund / Class.
Redemption Proceeds
Redemption proceeds will be made by bank transfer, unless a specific payment process has been agreed in which
case the redemption proceeds will be dispatched, at the Shareholders’ risk. Redemption proceeds will be rounded to
the nearest whole currency unit applying (normal rounding rules) or sub-unit of the relevant Reference Currency.
For the avoidance of doubt, the currency in which redemption proceeds are to be paid should always be specified at
the time that the redemption instruction is given. In the absence of such specification, the Registrar Agent will instruct
the Custodian to remit the proceeds to the registered address of the Shareholder by bank transfer in the relevant
Reference Currency.
Shareholders are requested to provide Standing Redemption Payment Instructions on their Application Form.
Redemption proceeds can then be remitted by electronic funds transfer to the nominated bank account. These
instructions may subsequently be changed by sending written instructions, signed by the Shareholder or, in case of
joint shareholdership, by all the joint Shareholders, to the Registrar Agent, who will then write to confirm the change.
As an additional safety feature, the change may (if the Registrar Agent so requires) only be effected when
confirmation has been received from all the joint Shareholders in case of joint shareholdership. In view of the time
needed to obtain this confirmation, the Directors strongly advise Shareholders to keep their Standing Redemption
Payment Instructions up to date.
In the event that redemption is requested in a currency other than the Reference Currency of the Classes of Shares
within the relevant Sub-Fund(s), or conversion is between Classes of Shares where the Reference Currencies are
not the same, the Registrar Agent will perform the necessary foreign exchange transactions. Shareholders should be
aware that the amount of currency involved and the time of day at which such foreign exchange is transacted will
affect the rate of exchange. No liability shall be accepted by the Custodian, Registrar Agent or the Company for any
losses arising from adverse currency fluctuations.
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