AAF-M&G EMERGING MARKET EQUITIES F €

The sub-fund seeks to provide long term capital appreciation with a diversified and actively managed portfolio of emerging market equitiesbonds, without any specific restriction on tracking error. The sub-fund invests predominantly in transferable equity securities such as equities, other equity shares such as cooperative shares or warrants on transferable equity securities issued by companies which are domiciled in or exercise the predominant part of their economic activity in the Emerging Markets. The minimum asset allocation in such securities on a consolidated basis (direct and indirect investments through the use of derivative instruments) will be of 60% of the sub-fund's net assets. Moreover, the minimum sub-fund's investment in equity securities will be of 75% of the sub-fund's net assets. The sub-fund may also hold on an ancillary basis cash and cash equivalents including certificates of deposit and shortterm deposits.