AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

- the "Liquidity" Sub-Funds (the portfolio of which is composed of any debt securities and instruments,
irrespective of whether they are Transferable Securities or not, including bonds, certificates of deposits, deposit
receipts and all other similar instruments, provided that, at the time of their acquisition by the relevant Sub-Fund, their
initial or residual maturity does not exceed twelve months, taking into account the financial instruments connected
therewith, or the terms and conditions governing those securities provide that the interest rate applicable thereto is
adjusted at least annually on the basis of market conditions).
No stamp duty or other tax is payable in Luxembourg on the issue of Shares. No Luxembourg tax is payable on the
realised or unrealised capital appreciation of the assets of the Company. No further capital tax is payable. Any
amendments to the Articles of Incorporation are as a rule subject to a fixed registration duty of €75,-.
Dividends and interest received by the Company on its investments may be subject to non-recoverable withholding
taxes imposed by their countries of origin.
In addition, the Company or its Sub-Funds may be subject to an additional taxation levied by foreign tax,
governmental authorities of the jurisdictions where the Company or its Sub-Funds are registered or distributed.
XVI - EQUALIZATION
Each Sub-Fund may follow the accounting practice of equalization, to prevent the net undistributed income per Share
from fluctuating solely by reason of purchases and redemptions of Shares. This is accomplished by maintaining an
equalization account for the Sub-Fund. The equalization account is credited with that portion of the proceeds of
purchased Shares representing the net undistributed income per Share of those Shares, and is debited with that
portion of any redemption payment representing the net undistributed income per Share of the redeemed Shares.
XVII - MEETINGS
Annual general meetings of the Shareholders of the Company (the ‘Annual General Meeting’) are held at the
registered office of the Company in Luxembourg on 18 th May at 11.00 am (or, if such day is not a Business Day, on
the next following Business Day). General meetings of Shareholders will be held at such time and place as are
indicated in the notices of such meetings. Notices of a general meeting and other notices will be given in accordance
with Luxembourg law. Notices will, if legally required, be published in the Mémorial and the d’Wort in Luxembourg,
and in such other newspapers as the Directors may determine. Notices will specify the place and time of the
meetings, the conditions of admission, the agenda, the quorum and the voting requirements and will be given at least
8 clear days prior to the meetings. The requirements as to attendance, quorum and majorities at all general meetings
will be those laid down in the Articles of the Company and articles 67-1 and 70 of the Luxembourg law of 10 th August
1915 on commercial companies (as amended). All Shareholders may attend the Annual General Meetings, any
general meetings and Class meetings of the Sub-Funds in which they hold Shares and may vote either in person or
by proxy.
XVIII - LIQUIDATION OF THE COMPANY, MERGER OR LIQUIDATION OF THE SUB-FUNDS AND LIQUIDATION
OF THE CLASSES OF SHARES
The Company will exist until wound up by special resolution and dissolved according to the Law of 2010. If, for a
period of 30 consecutive days, for any reason, the value at the respective Net Asset Value of all outstanding Shares
shall be less than EUR 840,000 or the Net Asset Value of any assets relating to any Sub-Fund is lower that EUR
840,000 or in the case of a Sub-Fund denominated in a currency other than the EUR, the equivalent in that currency
of such amount, or in case the Directors deem it appropriate because of the changes in the economical or political
situation affecting the Company or the relevant Sub-Fund or Class of Shares (such as this may be disclosed, as the
case may be, under the relevant Appendices), the Directors may, after giving prior notice to the Shareholders
concerned, redeem all (but not some of) the Shares of the Company or of the relevant Sub-Fund or Class of Shares
(as the case may be) on the next Valuation Day following the expiry of such notice at the Net Asset Value reflecting
the anticipated realisation and liquidation costs, but with no other redemption charge, or, subject to 30 days prior
notice to the Shareholders, merge that Sub-Fund with another Sub-Fund of the Company or with another
Luxembourg UCITS.
In the event of liquidation of the Company, either at the end of its life or prior thereto, the net liquidation proceeds will
be paid to the relevant Shareholders in proportion of the Shares they are holding. Liquidation proceeds which will
remain unpaid after the closing of the liquidation procedure will be deposited with the Caisse des Consignations to
the benefit of the persons entitled thereto.
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