AXA Investment Managers Launches Three-Year USD Credit Fixed Maturity Product

Risks

CREDIT RISK

If an issuer of bonds defaults on its obligations to pay income or repay capital, it may result in a decrease in portfolio value.

The value of a bond (and subsequently, the portfolio) is also affected by changes in credit rating downgrades and/ or market

perceptions of the risk of future default. Investment grade issuers are regarded as less likely to default than issuers of high yield

bonds. High-yield, lower-rated, securities involve greater risk than higher-rated securities. Portfolios that invest in them may be

subject to greater levels of credit and liquidity risk than portfolios that do not.

RISK OF CAPITAL LOSS

Any investment in our high yield strategies are not guaranteed and returns can be negative. The performance of a portfolio may

not be consistent with the objectives of investors and their investment may not be fully returned.

INTEREST RATE RISK

Fluctuations in interest rates will change the value of bonds, impacting the value of the investment portfolio. Often, when interest

rates rise, the value of the bonds fall and vice versa. The valuation of bonds will also change according to market perceptions of

future movements in interest rates.

LIQUIDITY RISK

Some investments may trade infrequently and in small volumes and the risk of low liquidity level in certain market conditions

might lead to difficulties in valuing, purchasing or selling bonds.

HIGH YIELD BOND RISK

The portfolio will be exposed to a risk related to investments in high yield financial instruments. These instruments present

higher default risks than those of the investment grade category. In case of default, the value of these instruments may decrease

significantly, which would affect the value of the portfolio. Lower-rated securities generally tend to reflect short-term corporate

and market developments to a greater extent than higher-rated securities which respond primarily to fluctuations in the general

level of interest rates.

REINVESTMENT RISK

Reinvestment risk describes the risk that, as interest rates or market environment changes, the future coupons and principal from

any bond may have to be reinvested in a less favorable rate environment. This is more likely to occur during periods of declining

interest rates when issuers can issue bonds with lower levels of coupon. Re-investment risk may be greater with callable bonds.

Fixed income securities are subject to interest rate risk, credit risk, prepayment risk and market risk. High yield securities are

subject to a greater risk of capital loss, credit risk, and default risk and liquidity risk than investment grade securities.

Non-USD investors in offshore vehicles advised or sub-advised, in whole or in part, by the Adviser employing the investment

strategy described herein may be subject to currency exchange risk

Disclaimer

Not for Retail distribution: this document is intended exclusively for Professional, Institutional, Qualified or Wholesale Investors / Clients, as defined by applicable local laws and regulation. Circulation must be restricted accordingly.

This document is being provided for informational purposes only. The information contained herein is confidential and is intended solely for the person to which it has been delivered. It may not be reproduced or transmitted, in whole or in part, by any means, to third parties without the prior consent of the AXA Investment Managers US Inc. (the “Adviser”). This communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

Investing involves risk and past performance does not guarantee future results. Fixed income securities are subject to interest rate risk, credit risk, prepayment risk and market risk. High yield and investment grade securities are subject to a greater risk of capital loss, credit risk, and default risk and liquidity risk. Investors in offshore vehicles advised or sub-advised, in whole or in part, by the Adviser employing the investment strategy described herein may be subject to currency exchange risk. There is no guarantee that the objectives of the investment strategy described herein will be achieved.

The Adviser is not a tax or legal advisor. Prospective investors should consult their tax and/or legal advisors before making tax-related and/or legal- related investment decisions.

AXA IM USD Credit 2027 is a sub-fund of the Irish-domiciled ICAV AXA IM World Access Vehicle,   registered address at 33 Sir John Rogerson’s Quai Dublin 2, and registered with the Central Bank of Ireland under number C154706. AXA IM USD Credit 2027 is a collective asset-management vehicle under the European UCITS directive.

Before making an investment, investors should read the relevant Prospectus and the Key Investor Information Document / scheme documents, which provide full product details including investment charges and risks. The information contained herein is not a substitute for those documents or for professional external advice.

Persons within the meaning of Regulation S of the U.S. Securities Act of 1933. The tax treatment relating to the holding, acquisition or disposal of shares or units in the fund depends on each investor’s tax status or treatment and may be subject to change. Any potential investor is strongly encouraged to seek advice from its own tax advisors. For more information on sustainability-related aspects please visit https://www.axa-im.com/what-is-sfdr

AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga – La Défense 9 – 6, place de la Pyramide – 92800 Puteaux, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.

In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.

For investors located in the European Union: Please note that the management company reserves the right, at any time, to no longer market the product(s) mentioned in this communication in the European Union by filing a notification to its supervision authority, in accordance with European passport rules. In the event of dissatisfaction with AXA Investment Managers products or services, you have the right to make a complaint, either with the marketer or directly with the management company (more information on AXA IM complaints policy is available in English: https://www.axa-im.com/important-information/comments-and-complaints ). If you reside in one

of the European Union countries, you also have the right to take legal or extra-judicial action at any time. The European online dispute resolution platform allows you to submit a complaint form (available at: https://ec.europa.eu/consumers/odr/main/index.cfm?event=main.home.chooseLanguage) and provides you with information on available means of redress (available at: https://ec.europa.eu/consumers/odr/main/?event=main.adr.show2).

Summary of investor rights in English is available on AXA IM website https://www.axa-im.com/important-information/summary-investor-rights. Translations into other languages are available on local AXA IM entities’ websites.

For Uruguayan Investors: An investment in the strategy is not and will not be regulated by or registered with the Financial Services Super intendency of the Central Bank of Uruguay, nor shall it be regulated by Uruguayan law 16,774 dated September 27, 1996, as amended. The strategy must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations.

For Brazilian Investors: The information contained herein is confidential and is intended solely for the person to which it has been delivered. This presentation is not intended for distribution to, or use by, any person other than the selected addressee. The Strategy may not be offered or sold to the public in Brazil. Accordingly, the Strategy have not been nor will be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários) nor have they been submitted to the foregoing agency for approval. Documents relating to the Units/Shares, as well as the information contained therein, may not be supplied, circulated or distributed to the public in Brazil. No public advertisement for the Strategy may be made/ carried out in Brazil. This document is for informational purposes only and does not constitute, on AXA Investment Managers part, an offer to buy or sell or a solicitation or investment advice. AXA Investment Managers may but shall not be obligated to update or otherwise revise this document without any prior notice and disclaims any and all liability relating to a decision based on or for reliance on this document. No financial decisions should be made on the basis of the information provided. The most recent prospectus is available to all investors and must be read prior to subscription and the decision whether to invest or not must be based on the information contained therein. Please be advised that by the receipt of these materials, you are hereby confirming that the funds to be used for the purposes of the investment were (i) legitimately obtained abroad or duly remitted from Brazil, and (ii) duly reported to the Brazilian tax authorities and the Central Bank of Brazil.

Chilean investors: This private offer avails itself of the General Regulation No. 336 of the Superintendence of Securities and Insurances (currently the Financial Markets Commission). This offer relates to securities not registered with the Securities Registry or the Registry of Foreign Securities of the Financial Markets Commission, and therefore such securities are not subject to oversight by the latter; Being unregistered securities, there is no obligation on the issuer to provide public information in Chile regarding such securities; and these securities may not be subject to a public offer until they are registered in the corresponding Securities Registry.

ESTAOFERTA PRIVADA SE ACOGE AL REGLAMENTOGENERALNº 336DE LA SUPERINTENDENCIADE VALORES Y SEGUROS (ACTUALMENTE COMISIÓNDEMERCADOS FINANCIEROS). ESTA OFERTA SE REFIERE A VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA COMISIÓN DE MERCADOS FINANCIEROS, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA; POR TRATARSE DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO A LOS VALORES SOBRE LOS QUE SE REFIERE ESTA OFERTA; ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.

Peruvian Investors: AXA Investment Managers is not licensed and it is not legally required to be licensed by the Peruvian Securities Regulator(Superintendencia del Mercado de Valores – SMV) for these activities. Consequently, the Peruvian Securities Regulator does not exercise any kind of supervision regarding this fund, strategy and/or service; and, the information furnished to the investors and the rest of the services rendered by AXA Investment Managers are subject to its exclusive responsibility. In Peru, this document is only for the exclusive use of persons or entities qualifying as “Invesionistas Institucionales” under Peruvian Law. This document is not for public distribution.The [Shares] have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This presentation isonly for the exclusive use of institutional investors in Peru and is not for public distribution.

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