NOTICE

SAVINGS I KEY

C A P I T A L I Z A T I O N

October 2025

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1 This box aims to draw the member's attention to certain essential provisions of the notice. It is important that the member reads the entire notice and asks any questions they deem necessary before signing the membership form.

1. The CLEF contract is a group capitalization contract with optional membership. The rights and obligations of the member may be modified by amendments to the contract, concluded between AXA France Vie S.A. and AXA Assurances Vie Mutuelle insurance companies and the AGIPI association. The member is informed in advance of these modifications.
2. The guarantees offered, including non-optional complementary guarantees, are as follows:
   • At the end of the membership, a capital payment is planned. This capital may be denominated in euros and/or in commitments leading to the establishment of a diversification provision and/or in units of account.
   • For rights expressed in euros, the contract includes a capital guarantee equal to the amounts paid minus the entry and payment fees, management and arbitration fees (specified in point 5 of this box).
   • For rights leading to the establishment of a diversification provision, the contract includes a capital guarantee at maturity equal to 100% of the amounts paid net of entry and payment fees.
   • The amounts paid, net of fees, for commitments leading to the establishment of a diversification provision are subject to fluctuations up or down depending on the evolution of financial markets. If a guarantee is offered, this guarantee is at the maturity of the commitment. The contract may provide that this guarantee is only partial.
   • For rights expressed in units of account, the amounts invested in units of account are not guaranteed but are subject to fluctuations up or down depending in particular on the evolution of financial markets.
3. For the AGIPI FUND, the CLEF contract includes a contractual profit-sharing at a rate of 100%, determined under the conditions defined in Article 24.
   • For the AGIPI Euro Growth FUND, the CLEF contract includes participation in technical and financial results at a rate of 100% determined under the conditions defined in Article 27.
4. The contract includes a buyback option described in Article 33. Amounts are paid by the insurer within 2 months.
5. The contract provides for the following fees:
   • Entry and payment fees:
     • File fees: 30 € maximum.
     • Payment fees: 4.85% maximum.
   • Fees during the life of the contract:
     • On the AGIPI FUND:
       • Management fees: maximum annual rate of 0.80%.
     • On the AGIPI Euro Growth FUND:
       • Management fees: maximum annual rate of 0.70%.
       • Financial performance fees: maximum annual rate of 10%.
     • On units of account:
       • Management fees excluding AXA Immo Avenir and excluding ESG thematic managed management: maximum annual rate of 0.96%.
       • Management fees on AXA Immo Avenir: maximum annual rate of 1.50%.
       • Management fees in ESG thematic managed management: maximum annual rate of 1.21% including 0.25% for the management mandate.
   • Exit fees:
     • None
   • Other fees:
     • Membership fees to AGIPI: 15 € maximum.
     • Arbitration fees: 0.80% maximum.
     • Management change fees: 0.80% maximum.
     • Fees that may be borne by each unit of account: indicated in the annex “Presentation notices of the units of account of AGIPI contracts”.
6. The recommended duration of the contract depends in particular on the member's wealth situation, their attitude towards risk, the applicable tax regime, and the characteristics of the chosen contract. The member is invited to seek advice from their insurer.
7. The capitalization contract does not give the right to transfer the capital to a designated beneficiary in the event of death. Therefore, there is no designation of beneficiary(ies) in the event of possible death.

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2 Dear member,

The CLEF, Free Financial Savings Contract, is the collective capitalization contract of AGIPI. This contract was developed by our association and subscribed to with the AXA France Vie S.A. and AXA Assurances Vie Mutuelle insurance companies to provide you with a privileged tool for financing projects and managing long-term savings.

This capitalization contract is only open to our members. We designed the CLEF by leveraging AGIPI's experience in savings and financial offerings. Thus, you will find in the CLEF both the possibility of benefiting from the security of the AGIPI FUND in euros, and also the pursuit of long-term performance through the quality of its investment supports and management types. It gives you the means to build quality savings.

This notice contains the full text of the general conditions of the CLEF contract; it provides you with complete information on the guarantees of the contract, on the financial management methods of the invested savings, as well as on the formalities to be completed to obtain the payment of benefits.

Your advisor and the ADIS services are at your disposal to provide you with any additional information and to offer you follow-up and management of your membership of the highest quality.

Thank you for your trust and for joining the members of AGIPI, the association for Retirement, Savings, Insurance, and Health, and please believe, Dear member, in my devoted sentiments.

François PIERSON
President of AGIPI

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3

Summary

Article	Title	Page
1	Preamble - stakeholders in the contract	4
2	Definitions	4
3	Nature and purpose of the contract	4
4	Tax regime of the capitalization contract	5
5	Effective date and duration of the contract concluded between AGIPI and AXA	6
6	Modifications to the contract concluded between AGIPI and AXA	6
7	Membership in the contract	6
8	Obligations of AGIPI and ADIS

Table of contents

Accumulation phase

• Article 9 Deadline and modalities for withdrawal .................................................. 6
• Article 10 Prescription ................................................................................. 7
• Article 11 Information regarding the use of personal data .......... 7
• Article 12 Information on sustainability ............................................... 8
• Article 13 Complaints .................................................................................. 9
• Article 14 Insurer control .................................................................... 9
• Article 15 Unclaimed contracts - Eckert Law ................................................ 10
• Article 16 Management organization ............................................................ 10
• Article 17 ESG thematic managed management .................................................. 11
• Article 18 Management agreements - Common modalities ............................... 15
• Article 19 Thematic management agreements ............................................... 16
• Article 20 Customized management agreement .............................................. 18
• Article 21 Free management .................................................................................. 18
• Article 22 Management change ................................................................ 18
• Article 23 Financial and technical mutualization ............................................. 20
• Article 24 AGIPI FUND .................................................................................. 20
• Article 25 Participation in the technical and financial results of the AGIPI FUND .. 20
• Article 26 AGIPI Euro Growth FUND ......................................................... 21
• Article 27 Participation in the technical and financial results of the AGIPI Euro Growth FUND ............................................................................... 22
• Article 28 Investment supports in units of account .............................. 23
• Article 29 Specific investment supports ............................................. 25
• Article 30 Funding of the membership .............................................................. 26
• Article 31 Progressive Investment ................................................................. 26
• Article 32 Advances .......................................................................................... 26

Return phase

• Article 33 Total or partial buyback of the membership ............................................... 27

Transmission of the membership

• Article 34 Donation ......................................................................................... 29
• Article 35 Succession ...................................................................................... 29

Information and representation of members

• Article 36 Information for members ............................................................... 30
• Article 37 Representation of members ......................................................... 30
• Article 38 Joint Management Committee ............................................................ 30
• Article 39 Committee of ....................................................................................... 30

Financial Management

Article 40

AGIPI Euro Growth FUND: buyback value simulations

Appendix

Convention for the use of digital services

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Notice

General functioning of the contract

Article 1 - Preamble - stakeholders in the contract

The General Interprofessional Association for Insurance and Investment, known as AGIPI, whose registered office is located at 12 avenue Pierre Mendès France, 67312 SCHILTIGHEIM Cedex, aims to promote, within the framework of the current legislative and regulatory provisions, any action and any reform capable of providing or improving the guarantee of its members against various social risks. It is in this context that it has concluded collective contracts with optional membership with the life insurance companies of the AXA Group, aimed at contributing to the realization of its social purpose.

The Free Financial Savings Contract, hereinafter referred to as “CLEF”, is subscribed by AGIPI, hereinafter referred to as “the subscriber”, with the life insurance companies AXA France Vie and AXA Assurances Vie Mutuelle, both having their registered office at 313 Terrasses de l’Arche, 92727 NANTERRE Cedex, hereinafter referred to as “the insurer”.

Among the two subscribing companies of the aforementioned contract, the company bearing the insured risk is mentioned in the specific conditions of membership. However, for commitments leading to the establishment of a diversification provision (the AGIPI Euro Growth FUND), AXA France Vie and AXA Assurances Vie Mutuelle act in co-insurance.

The functioning of the CLEF takes place within the contractual framework of a management system shared between representatives of AGIPI and those of the insurer. The CLEF is governed in particular by articles L 141-1 and following, L 132-1 and following, L134-1 and following, and L 321-1 of the Insurance Code corresponding to the category of insurance operations as defined by articles L 321-1 and R 321-1 of the Insurance Code: branch 24 - capitalization.

This contract is reserved for AGIPI members. By joining, the member benefits from the representation of their interests by the AGIPI association in the drafting, monitoring of management, and evolution of the group insurance contracts subscribed by it. They may, at any time and individually, request the AGIPI association to intervene in a conciliation process, without prejudice to the procedures for handling complaints and mediation defined in Article 13.

The CLEF is managed by ADIS (Associations Diffusion Services), a dedicated management center for AGIPI memberships delegated by the insurer. ADIS is a public limited company located at 12 avenue Pierre Mendès France, CS 10144, 67312 SCHILTIGHEIM Cedex and is 100% owned by AXA France.

Any dispute relating to the application of this contract falls under the exclusive jurisdiction of French courts. In accordance with Article L 355-5 of the Insurance Code, insurance companies publish an annual report on their solvency and financial situation. In the event of a major event significantly affecting the relevance of the information contained in this report, insurance and reinsurance companies publish information regarding the nature and effects of this event. The reports published by AXA France Vie and AXA Assurances Vie Mutuelle are available at: https://www.axa.fr/configuration-securite/informations-financieres.html

Article 2 - Definitions

• Member: A natural person, member of the AGIPI association, who subscribes to this contract.
• Membership: Membership consists of:
  • the membership application,
  • the specific conditions of membership,
  • this notice provided for in Article L 141-4 of the Insurance Code,
  • amendments to the notice,
  • the DIC (key information document) and DIS (synthetic information document) contained in the annex “presentation notices of the units of account of AGIPI contracts”,
  • the statutes of the association.

Document that formalizes the membership, completes this notice as well as the presentation notice of the units of account provided prior to its signature and in which are notably included the identity of the member, the amount of the first payment, the minimum buyback values at the end of the first eight years. Document that specifies the characteristics of the membership and completes this notice as well as the presentation notice of the units of account provided prior to the membership application.

Article 3 - Nature and purpose of the contract

The CLEF is a collective capitalization contract with optional membership, in which the amounts paid by the member are invested in euros and/or in commitments leading to the establishment of a diversification provision and/or in a number of units of account. This contract allows the member to build a capital payable at the date they choose. After the withdrawal period expires, the member can recover the capital totally or partially, in the form of possibly planned buybacks.

Article 4 - Tax regime of the capitalization contract

These provisions are those in force in metropolitan France and in the DOM as of October 1, 2025, and are subject to modification by legislation. Any modifications made by legislation will apply to ongoing memberships.

A - Tax regime applicable in the event of total or partial buyback

In the event of a partial or total buyback, the products attached to premiums paid from September 27, 2017, are subject to income tax under the conditions provided for in Articles 125-0 A and 200 A of the General Tax Code (CGI) and are subject to a Mandatory Flat Tax of:

• 12.8% for contracts with a duration of less than 8 years,
• 7.5% for contracts with a duration of 8 years or more. However, when the total amount of premiums paid, net of redeemed premiums, on all life insurance and capitalization contracts held by the same member as of December 31 of the year preceding the buyback, exceeds €150,000, a mandatory flat tax rate of 12.8% is applied to the excess fraction by the tax administration at the time of the income declaration for the year.

This flat tax is mandatory and is operated by the insurer. It is not liberating from income tax. The member, tax resident in France and belonging to a tax household whose reference tax income for the year before last is less than €25,000 for a single person or €50,000 for taxpayers subject to joint taxation, may request to be exempted from this mandatory flat tax.

For contracts with a duration of 8 years or more, the products attached to the buyback benefit from an annual allowance of €4,600 for a single person or €9,200 for a married or PACS couple subject to joint taxation. This allowance applies to all life insurance and capitalization contracts combined.

At the time of the income declaration, the taxpayer may, expressly and irrevocably, opt for the integration of the products resulting from the buyback into income tax. Note, the option for integration into income tax is global and concerns all income and capital gains subject to the flat tax.

Withholdings and Taxation

A. Flat Tax

• Flat tax for the year (art 200 A CGI): The flat tax operated by the insurer is then deducted from the tax due.

1. Non-French tax resident member

• Subject to tax treaties between France and the beneficiary's country of residence, these products are subject to a mandatory Withholding Tax of 12.8%.
• The member may request through a complaint to the tax administration the application of the reduced rate of 7.5% for the fraction of products related to premiums paid from September 27, 2017, which does not exceed the threshold of €150,000.
• This complaint must be made no later than December 31 of the second year following the payment of the 12.8% WHT.
• The non-resident member may be exempt from social contributions, subject to providing proof of their tax status at the time of the exemption request.
• For beneficiaries who have their tax residence in a Non-Cooperative State and Territory (ETNC), the withholding rate is set at 75% (Article 125-0 A II bis of the General Tax Code).

B. Tax regime applicable upon the member's death

• The buyback value of the membership at the time of death is part of the member's estate and must therefore be included in the assets of their succession.

C. Social contributions

• All products attached to the membership are subject to social contributions.
• The products related to your contract's savings invested in the AGIPI FUND in euros are subject to social contributions as they are recorded in the account.
• The products related to your contract's savings invested in the AGIPI Euro Growth FUND are subject to social contributions at the maturity of the guarantee.
• In the event of a partial buyback or upon termination of the contract (total buyback or death), a calculation of the amount of social contributions due on the total products included in the buyback or upon termination is performed.
• A regularization will be carried out by the insurer if necessary, in the form of either an additional withholding on the portion of products that have not already borne these social contributions or a refund in the case of excess social contributions.

D. Real Estate Wealth Tax (IFI)

• Only the buyback value of the membership expressed in units of account to the extent of the fraction of their representative value composed of real estate assets as of January 1 of the year is taxable under the IFI under the conditions provided for in Article 972 of the General Tax Code.
• Under the same conditions, the member who becomes a non-French resident during the membership is also taxable under the IFI according to the modalities provided for in Article 964 of the CGI subject to international treaties signed by France.

E. Non-French tax resident

• If the member becomes a non-resident during the contract, it is their responsibility to inform themselves about the tax applicable to their membership in their country of residence or the non-resident tax center.
• The non-resident member, who justifies their status, may be exempt from social contributions at the time of the exemption request.
• The commitments described in the notice are expressed before taking into account tax and social withholdings.

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Article 5: Effective date and duration of the contract concluded between AGIPI and AXA

• This version of the contract takes effect on October 31, 2025. It replaces previous versions concluded between AGIPI and AXA.
• This contract is renewable annually by tacit renewal, unless terminated by one party to the other party by registered letter with acknowledgment of receipt, at least six months before December 31 of each year.
• If this contract were to be terminated, ongoing memberships would continue to benefit until their term from all the provisions set out below, and the ongoing or future benefits would continue to be provided under the conditions provided. Only new memberships would no longer be accepted.

Article 6: Modifications to the contract concluded between AGIPI and AXA

• AGIPI and AXA may, by mutual agreement, modify this contract.
• In accordance with the provisions of Article L 141-7 of the Insurance Code and Article R 141-6 of the Insurance Code, the General Assembly of the association will have sole authority to authorize modifications to the essential provisions of the contract.
• For other provisions of the contract, it may delegate to the Board of Directors of AGIPI, by resolution(s) and for a limited duration, the power to sign amendments in matters that the resolution will define.
• Any modification of the rights and obligations of the members is communicated in writing to all members, according to the provisions of Article L 141-4 of the Insurance Code, within a minimum period of three months before the scheduled date of its entry into force.
• The member may terminate their membership due to these modifications.

Article 7: Membership in the contract

• Membership in this contract is reserved for members of the AGIPI association.
• The entry fee to the association, amounting to a maximum of 15 €, is set by the Board of Directors of the association and submitted to the General Assembly of the association. This entry fee is collected by ADIS on behalf of the association.

A. Effective date of membership

• The member fills out and signs a membership application and makes a first payment. The member signs the specific conditions of membership.
• Membership takes effect on the day of receipt of the complete membership application and the first payment by ADIS, subject to the collection of the first payment and the compliance of the membership with the regulations in force, including anti-money laundering.

B. Duration of membership

• Unless the member opts for a longer duration, the initial duration of membership is 8 years.
• Beyond this duration, membership will continue to produce its effects year after year by tacit renewal, without this leading to novation, that is to say, without modification of its effective date, and this until the member terminates it.
• The maximum initial duration of membership is 30 years.

Article 8: Obligations of AGIPI and ADIS

• ADIS carries out all necessary acts for the management of memberships: acceptance and issuance of memberships, collection of payments, settlement of capitals, monitoring of members' files.
• ADIS may, in agreement with the insurer and AGIPI, delegate all or part of the tasks to an organization of its choice.
• AGIPI, through ADIS, informs members of the status of their membership in the first quarter of each year, notably through the association's website (www.agipi.com) under the “members area” section.

Article 9: Deadline and modalities for withdrawal

Withdrawal deadline

• The individual member may withdraw from their membership within a period of thirty calendar days from the moment they are informed that the membership in the contract is concluded.
• They are informed that the membership is concluded on the date of signing the membership application.
• This period is, for good faith members, extended until the effective delivery of all documents and information necessary for the membership and, in any case, within the limit of eight years from the date the member is informed that the membership in the contract is concluded.

Withdrawal modalities

• The withdrawal must be requested by registered mail, with acknowledgment of receipt, sent to ADIS at the following address:

  • 12 avenue Pierre Mendès France,
  • CS 10144,
  • 67312 SCHILTIGHEIM Cedex.

• It can be made using the letter template below:

  I, the undersigned,
  Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  First name . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Address
do hereby withdraw from my CLEF membership no. . . . . . . . . . . . . . . . . . . . . . . . . , for which I have paid. . . . . . . . . . . . . . . . . . . . . . . . . . . €.

Dated . . . . . . . . . . . . . . . . . . . . . . . . .
Done at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Signature)

The withdrawal entails the restitution of all sums paid within a maximum period of thirty days from the receipt of the withdrawal.

Article 10 Prescription

Prescription is a mode of extinction of a right resulting from the inaction of its holder for a period provided by law.
The prescription applicable to memberships in this contract is governed by Articles 2219 to 2249 of the Civil Code.
In application of Article 2224 of the Civil Code, personal or movable actions are prescribed by five years from the day the holder of a right knew or should have known the facts allowing them to exercise it.
The prescription is interrupted by one of the ordinary causes of interruption of prescription.
The ordinary causes of interruption of prescription, stipulated in Articles 2240 and following of the Civil Code, are as follows:

• the acknowledgment by the debtor of the right of the one against whom they were prescribing,
• the legal action, even in summary proceedings, and even when brought before an incompetent jurisdiction or when the act of seizing the jurisdiction is annulled due to a procedural defect,
• a conservatory measure taken in application of the Code of Civil Execution Procedures or an act of forced execution.

Article 11 Information regarding the use of personal data

As part of the membership, the data communicated by the member are primarily used for the conclusion and management of the insurance contract, by ADIS, the data controller. They may also be used for the management of complaints and disputes, for the fight against money laundering and the financing of terrorism, the fight against fraud, the preparation of statistics and actuarial studies, the execution of legal, regulatory, and administrative provisions in force.
The member's data will be kept for the time necessary for these various operations, or for the durations specifically provided by the deliberations of the CNIL or the law.
In any case, each processing of personal data carried out by ADIS is based on one of the following legal bases:

• the consent of the member,
• the execution of the contract or pre-contractual measures taken at the request of the member,
• compliance with a legal obligation,
• the preservation of the public interest,
• the pursuit of a legitimate interest by the data controller, such as the prevention and detection of fraud.

The member's data may be communicated to the subscribing association, its insurers, reinsurers, and authorized professional organizations depending on management needs. For those recipients located outside the European Union, the transfer is limited to countries listed by the European Commission as providing sufficient data protection or to recipients complying with either the standard contractual clauses proposed by the CNIL or the internal data protection rules of the AXA group (BCR).
ADIS is legally required to verify that the data communicated by the member are accurate, complete, and, if necessary, to update them. Therefore, the member may be requested by ADIS to verify the information communicated or to complete their file.
Upon membership and throughout the duration of the membership, the member is informed that responses to certain questions may be mandatory and are necessary for the purposes mentioned in the first paragraph of this article.
If the member has given a special and express authorization for the use of certain data, they may withdraw it at any time provided that it does not concern information that conditions the application of the membership.
In accordance with the legislation in force, the member may access their data, oppose their processing or choose to limit their use, request their deletion, portability, or correction in case of error, and define directives regarding the fate of their data after their death by writing to the following address:
ADIS, Data Protection Officer, 12 Avenue Pierre Mendès France, CS 10144, 67312 SCHILTIGHEIM Cedex.
In the event of a complaint regarding the processing of their data, the member has the right to contact the CNIL.

Telemarketing

If the member does not wish to be subject to commercial prospecting by telephone, they have the option to register free of charge on the BLOCTEL telephone marketing opposition list.
For more information, the member can visit the website www.bloctel.gouv.fr

Article 12 Information on sustainability

A Integration of sustainability risks

A sustainable investment within the meaning of the SFDR Regulation is an investment in an economic activity that contributes to an environmental or social objective, provided that it does not significantly harm any of these objectives and that the companies benefiting from the investments apply good governance practices.
In managing the AGIPI FUND and the AGIPI Euro Growth FUND, the insurer takes into account the assessment of sustainability risks notably by integrating ESG (Environmental, Social, and Governance) criteria:

• thus in its investment choices, the insurer excludes certain sectors: controversial weapons, basic agricultural products, palm oil, coal and oil sands, tobacco, white phosphorus weapons,
• moreover, in its investment choices, the insurer takes into account the ESG ratings of the assets constituting the AGIPI FUND and the AGIPI Euro Growth FUND. The ESG rating provides a standardized quantitative overview of the ESG performance of investments.

Based on these ESG ratings and any controversies, certain assets may be excluded. Assets with an ESG rating represent approximately 80% (approximately 95% for the AGIPI Euro Growth FUND) of the investments in the AGIPI FUND (rate calculated based on a weighted average of the asset allocation as of December 31, 2021, and subject to change). The remaining 20% (5% for the AGIPI Euro Growth FUND) currently do not have an ESG rating due to limitations in methodology and data quality (see “Note” below).
In addition, shareholder engagement practices are in place, aimed at reducing the sustainability risks of issuers.
Given the above, the potential impact of sustainability risks on the returns of the AGIPI FUND and the AGIPI Euro Growth FUND of the insurer should be low.
In order to promote a sustainable economy, the insurer also integrates sustainability risks by integrating units of account backed by d...

Collective Investments and ESG Criteria

Collective investments (e.g., investment support in units of account of the type OPC, OPCI, FCPR), investing in companies that meet environmental, social, and governance criteria (called ESG criteria).

Note:

Most information on ESG factors is based on historical data and may not reflect future ESG performance or investment risks.

The insurer has developed methodologies for measuring sustainability risks to account for potential unavailability of data produced by managing companies and the use of different calculation methods between management companies. These methodologies are regularly updated, but there is no guarantee that the insurer's methodologies succeed in capturing all ESG criteria.

An asset is considered environmentally sustainable within the meaning of the Taxonomy Regulation if it invests in an economic activity that:

• substantially contributes to one or more of the environmental objectives as defined by Article 5 of said regulation (for example, climate change mitigation, climate change adaptation, or the protection and restoration of biodiversity and ecosystems),
• does not significantly harm any of the environmental objectives,
• is conducted in compliance with minimum safeguards such as, for example, minimum safeguards regarding labor rights and human rights, such as the fundamental conventions of the International Labour Organization referred to in Article 18 of said regulation,
• complies with the technical screening criteria established by the European Commission as defined by the regulation.

The assets that make up the AGIPI FUND and the AGIPI Euro Growth FUND contribute to the environmental objectives related to mitigating global warming and/or adapting to climate change.

There is no mandatory minimum share of environmentally sustainable assets in the AGIPI FUND and the AGIPI Euro Growth FUND. Nevertheless, the insurer commits to take into account its ESG strategy as described above when making its investments. Additional information on the share of environmentally sustainable assets in the AGIPI FUND and the AGIPI Euro Growth FUND will be provided in your annual situation statements.

In accordance with the Taxonomy Regulation

We remind you that “The principle of ‘do no significant harm’ applies only to the underlying investments of the financial product that take into account the criteria of the European Union regarding environmentally sustainable economic activities. The underlying investments of the remaining portion of this financial product do not take into account the criteria of the European Union regarding environmentally sustainable economic activities.”

Promotion of Environmental or Social Characteristics, or Sustainable Investment Objective

This contract promotes environmental or social characteristics. The achievement of these characteristics is conditional on investment in:

• at least one investment support highlighting environmental or social characteristics (referred to as Article 8),
• or having a sustainable investment objective and which is a financial product within the meaning of the SFDR regulation (referred to as Article 9),
• or in an investment support having a sustainable investment objective but which is not a financial product within the meaning of the SFDR regulation, and holding one of these investment supports during the life of the contract.

Additional information on these characteristics is included in the annual reports, prospectuses, regulations, statutes, or sustainability annexes.

Regarding your investment supports:

• concerning the AGIPI FUND and the AGIPI Euro Growth FUND, they promote environmental characteristics,
• some of the investment supports in units of account referenced in this contract promote environmental or social characteristics or a combination of these characteristics, or have a sustainable investment objective.

The list of supports promoting environmental and social characteristics (Article 8); supports having a sustainable investment objective and which are financial products within the meaning of Regulation 2019/2088 (Article 9) or supports having a sustainable investment objective without being a financial product within the meaning of Regulation 2019/2088 as well as the proportion of supports within each of these categories relative to the total number of supports are available in the annex of this document.

If you wish to know more, especially about the consideration of negative impacts on sustainability factors, you can consult from January 1, 2023; for all supports available in the contract, the annual reports, prospectuses, regulations, statutes, or sustainability annexes on the website axa.fr/assurance-vie.html, under the “Key Information Documents” section or obtain these documents upon simple request from your advisor.

We draw your attention to the fact that the classification of investment supports, within the meaning of the SFDR regulation, is subject to change. We therefore invite you to regularly consult our website at the address indicated above or to contact your advisor to keep track of this information.

Article 13: Complaints

If the member wishes to make a complaint, they must contact in writing their advisor (their contact details are indicated on the letters and on the member area) or the management service with which the member is in contact or, at any time, the service responsible for handling complaints:

• via the contact form available on agipi.com/contact

• or by mail to the following address:

  ADIS, Member Voice Service,
  12 avenue Pierre Mendès France,
  CS 10144,
  67312 SCHILTIGHEIM Cedex.

Their situation will be studied with the utmost care; an acknowledgment of receipt will be sent to them within a maximum of 10 days and a response will then be sent to them within a maximum of 60 days.

In any case, the member can contact the insurance mediator at the addresses below, two months after their first written complaint, whether or not they have received a response following their complaint, and in any case, within a maximum of 1 year from their first written complaint:

• electronically: on the website mediation-assurance.org
• by mail: The Insurance Mediation, TSA 50110, 75441 PARIS Cedex 09.

The mediator's intervention is free. The mediator will issue an opinion within 90 days from the date the complete file of the member is received by the mediator. Both parties, the member and AXA, remain free to follow or not the mediator's proposal. The member retains the possibility of contacting the competent French court at any time.

Article 14: Insurer Control

The control authority of the insurer is the Prudential Control and Resolution Authority (ACPR):

ACPR,
4 place de Budapest,
CS 92459,
75436 PARIS Cedex 09.

The member acknowledges the insurer's obligations regarding the fight against money laundering and the financing of terrorism resulting notably from Articles L 561-2 and following of the Monetary and Financial Code.

The member must provide the insurer with all information and/or documents requested by it in the context of the fight against money laundering and the financing of terrorism, notably the identity of the member and the possible representative, their profession, the geographical origin and source of the funds paid, and the purpose.

Article 15 - Unclaimed contracts – Eckert Law

The deposit at the Caisse des dépôts et consignations (CDC) of the sums due to the member or the beneficiary under the membership as long as they are not claimed (Article L 132-27-2 of the Insurance Code) occurs after a period of 10 years from the expiration of the membership. The deposit occurs in the month following the expiration of this period with the Banque des Territoires.

These sums are acquired by the State after a period of 20 years from the date of this deposit. Until the expiration of this period, the CDC holds, on behalf of the member, the sums that have been deposited.

This deposit is made in cash. The value of commitments expressed in units of account or allocated to the acquisition of rights leading to the establishment of a diversification provision is that reached at the expiration of the 10-year period mentioned above, unless the contract provides for an earlier date.

The member could then only obtain payment in cash. The CDC proceeds to the restitution of the sums in the form of capital.

The amount of sums paid by the CDC to the member or acquired by the State cannot be less than the amount of sums deposited with the CDC, reduced, if applicable, by partial payments made by the CDC under this mechanism.

The insurer and the member are released from any obligation following this deposit except for the insurer's obligations regarding the retention of information and documents. This liberating character, however, does not exempt from liability for breaches committed prior to this deposit.

At the time of this deposit, the insurer transmits to the CDC the necessary information, if applicable, for the payment of sums due to the member. Until the expiration of the 20-year period mentioned above, it retains the information and documents relating to the status of the membership at the date of the deposit with the CDC, to the calculation of the 10-year period mentioned above and to the applicable tax regime, as well as the information and documents allowing to identify the member.

This information and documents are transmitted to the CDC at its request. The insurer also retains the information and documents allowing to appreciate that it has fulfilled its obligations regarding unclaimed memberships.

Information measures

Six months before the expiration of the 10-year period mentioned above, the insurer informs the member of the implementation of this mechanism. The CDC organizes appropriate publicity regarding the identity of the member whose guaranteed sums have been deposited to allow the member to receive the sums due. The latter communicate to the CDC the information allowing to verify their identity and to determine the amount of sums due to them.

Accumulation phase

Article 16 - Organization of management

The member chooses an investment profile. They then opt for a type of management. Finally, they determine the allocation of their payments between the chosen type of management and the specific investment supports offered.

The contract does not provide for a loyalty guarantee (outside of commercial offers granted during the contract).

Investment profile

The member opts for one of the proposed investment profiles:

• Offensive
• Dynamic
• Balanced
• Cautious

Type of management

Four types of management are offered to the member to organize the allocation of their savings among the different investment supports:

• ESG thematic managed management
• Thematic management agreements
• Customized management agreement
• Free management

AGIPI and the insurer may by mutual agreement propose new types of management at any time, arrange and/or temporarily suspend the possibilities of reallocating savings among the different investment supports, and/or suspend the possibility of changing the chosen type of management.

Allocation of payments

The member has the option to invest their payments in both the chosen type of management and the specific investment supports, as defined in Article 29 of this notice.

For each payment, the member can determine the allocation of funds between the chosen type of management and the specific investment supports, according to the conditions provided in Article 29.

In the absence of indication on this point, the payment, net of fees, is allocated according to the said allocation in force at the time of the operation, as defined in Article 29 of this notice.

Article 17 - ESG thematic managed management

As part of this type of management, the member gives a mandate to the insurer, up to the share of their savings managed in ESG thematic managed management (Environment, Social, and Governance).

The “share of savings managed in ESG thematic managed management” refers to the portion of savings managed outside the Progressive Investment Compartment, as defined in Article 31, and outside the specific investment supports.

A. Purpose of the mandate

In the context of ESG thematic managed management, the member, as the principal, grants a mandate to the insurer, the agent, who accepts it for the selection of investment supports among those listed in the list of supports in force, and the execution of reallocations of the share of savings managed in ESG thematic managed management among these supports (in accordance with the provisions of Article L132-27-3 of the Insurance Code) within the framework of the investment profile chosen by the member.

This mandate thus allows the insurer to make, on behalf of the member and for their account, any investment following a payment and any reallocation of the share of savings managed in ESG thematic managed management among the investment supports in force.

In the context of ESG thematic managed management, the insurer predominantly selects supports that meet ESG (Environmental, Social, and Governance) criteria and that invest in sustainable themes.

Consequently, in ESG thematic managed management, the member cannot themselves select the investment supports, nor make reallocations within the ESG thematic managed management.

The insurer reserves the right to seek advice from a management company that the insurer will have selected alone, and under its responsibility, for the choice of units of account supports and the allocation of the share of savings managed in ESG thematic managed management among the investment supports in compliance with the investment profile. The reallocations of savings that are not intended to favor speculation will be carried out periodically by the agent.

The investment supports on which the mandate may be executed are:

• the AGIPI FUND
• the AGIPI Euro Growth FUND
• the units of account supports distributed within the asset classes, as specified in the table in Article 17 D.

The insurer may add new supports to the list of supports eligible for managed management, of which the member will be informed.

B. Effective date of the mandate

To benefit from the provisions of ESG thematic managed management, the member fills out and signs a request that will take effect on the day of its receipt by ADIS as long as it complies with the provisions of this article.

The mandate takes effect on the date of entry into ESG thematic managed management:

• at the earliest on the effective date of membership
• if managed management is chosen during the life of the membership, at the earliest on the date of receipt of the request to switch to managed management.

Managed management mandate

The mandate is valid for a duration of one year, and it is renewable annually by tacit renewal. Termination by either party is possible under the conditions provided in Article 17 H.

C. Effects of the mandate on the rights arising from the membership

Allocation defined by the agent

If ESG thematic managed management is chosen at membership, the share of savings managed outside the Progressive Investment Compartment and outside the specific investment supports is automatically invested on the effective date of membership, according to the chosen investment profile.

The share of savings invested in units of account (excluding specific investment supports) is allocated according to the allocation defined by the agent in force at the time of the operation and under the pricing conditions provided in Article 17 F.

If ESG thematic managed management is chosen during the life of the membership, the share of savings invested in units of account (excluding specific investment supports) is automatically reallocated on the effective date of ESG thematic managed management, according to the allocation defined by the agent in force at the time of the operation, and then managed from that date under the pricing conditions provided in Article 17 F.

Payments

For each payment, the share invested in ESG thematic managed management is allocated among the different investment supports according to the chosen investment profile and according to the allocation defined by the agent in force at the time of the operation.

However, if the payment is made while the membership is in the process of changing management progressively towards ESG thematic managed management, the share invested outside the Progressive Investment Compartment and outside the specific investment supports is allocated in accordance with the allocation provided by the progressive management change.

Buybacks

Any buyback of all or part of the savings invested in managed management is carried out pro rata to the savings managed on each of the supports present in this profile.

D. Life of the mandate

Characteristics of the mandate

Throughout the duration of the mandate, the insurer periodically defines the allocation in force of the share of savings invested in units of account (excluding specific investment supports) for each profile. It selects the units of account investment supports from the list of supports in force, defines the allocation among them, and consequently, carries out the reallocation operations to comply with it.

Investment modalities

To access ESG thematic managed management, the member chooses their investment profile and their FUND.

Investment profile

The member opts for one of the proposed investment profiles:

• Offensive
• Dynamic
• Balanced
• Cautious

FUND

The member chooses the allocation of their FUND share:

• Hybrid (AGIPI FUND and AGIPI Euro Growth FUND)
• AGIPI Euro Growth FUND

Target allocation table of investment profiles according to asset classes

Each investment profile is defined according to a level of exposure to financial risks and an expected return, based on a holding horizon of at least 10 years, as defined in the table below.

In order to respect the profile chosen by the member, the insurer may replace without charge one or more supports contained in the profile in favor of investment supports with similar characteristics in terms of allocation profile.

The descriptive table below specifies the investment modalities applicable to the share of savings managed in ESG thematic managed management. For each profile and for each asset class, the average exposures correspond to the limits indicated in parentheses and in percentage. Investment in the different asset classes will be carried out in compliance with the limits. However, due to the variation in the value of units of account, the exposure of savings to the different asset classes (or categories of investment supports) according to these limits may not be respected:

• between two reallocations made by the agent,
• or beyond, if market circumstances require it and exceptionally.

Investment profile

Investment Profile	Cautious	Euro Growth	Hybrid	Balanced	Dynamic	Offensive
% minimum of low-risk assets	0%	60% (between 50% and 70%)	12% (between 0% and 27.5%)	0% (between 0% and 4.5%)	0% (between 0% and 9%)	0% (between 0% and 4.5%)
Risk level (SRI)	≥ 50%	≥ 0%	≥ 4%	≥ 4%	≥ 8%	≥ 8%
% minimum of OPC invested in unlisted and/or eligible PEA PME ETI assets, and/or shares of venture capital companies, per payment	(between 0% and 4.5%)	≥ 50% (between 0% and 5.5%)	≥ 30% (between 0% and 5.5%)	≥ 30% (between 0 and 7%)	≥ 20% (between 0 and 7%)	≥ 20% (between 0% and 10%)

Asset class

Supports in UC	Stocks(1)	Bonds(2)	Mixed(3)	Capital Investment(4)	Others(5)
% minimum of low-risk assets(6)	Risk level (SRI)(10)	% minimum of OPC(7)	invested in unlisted and/or eligible PEA PME ETI,(8)	and/or shares of venture capital companies,(9) per payment	Characteristics

(1) The equity portion will be exposed to stocks of companies mainly from OECD member countries, including possible exposure in emerging countries.
(2) The bond portion will consist of bonds issued or guaranteed by states or companies mainly from OECD member countries, including possible exposure in emerging countries.
(3) This category includes funds whose assets are invested both in stocks and in bonds, without predominance of one or the other instrument.
(4) This category includes supports of the type FCPR (Risk Common Investment Fund).
(5) This category includes real estate funds, money market funds, hedge funds, and all assets not included in one of the aforementioned categories.
(6) Low-risk supports are defined by regulation as being the euro support, the support leading to the establishment of a diversification provision (AGIPI Euro Growth FUND), and units of account supports whose synthetic risk indicator (SRI) is less than or equal to 2 (on a scale of 1 to 7, level 7 representing the riskiest supports).
(7) Collective Investment Organization.
(8) These are units of account supports consisting of OPC mainly invested, directly or indirectly, in unlisted assets such as private equity supports (type FCPR - Common Investment Funds at Risk) and/or in certain shares eligible for PEA/PME-ETI.
(9) These are units of account supports consisting of shares of French commercial companies managed by a portfolio management company and authorized to use the designation of “venture capital company”.
(10) The risk level corresponds to the risk indicator appearing in the Information Document.

ns specific to each allocation profile, as of this document. Due to the variation in the exposure of profiles to different categories of supports, and the volatility of each of the underlying supports, the insurer does not commit to the value of the risk level, which could evolve over time.

Investment strategy by profile

• The Cautious Euro Growth profile is aimed at savers seeking a cautious appreciation of savings in exchange for moderate risk-taking. Target, savings are invested 60% in the AGIPI Euro Growth FUND and 40% in units of account.

• The Cautious Hybrid profile is aimed at savers seeking a cautious appreciation of savings in exchange for moderate risk-taking. Target, savings are invested 30% in the AGIPI Euro Growth FUND, 30% in the AGIPI FUND, and 40% in units of account.

• The Balanced Euro Growth profile is aimed at savers who wish to reconcile the preservation of savings and the search for performance, through units of account. Target, savings are invested 50% in the AGIPI Euro Growth FUND and 50% in units of account.

• The Balanced Hybrid profile is aimed at savers who wish to reconcile the preservation of savings and the search for performance, through units of account. Target, savings are invested 25% in the AGIPI Euro Growth FUND, 25% in the AGIPI FUND, and 50% in units of account.

• The Dynamic Euro Growth profile is aimed at savers seeking strong appreciation of savings through significant exposure to financial markets via units of account. Target, savings are invested 30% in the AGIPI Euro Growth FUND and 70% in units of account.

• The Dynamic Hybrid profile is aimed at savers seeking strong appreciation of savings through significant exposure to financial markets via units of account. Target, savings are invested 15% in the AGIPI Euro Growth FUND, 15% in the AGIPI FUND, and 70% in units of account.

• The Offensive Euro Growth profile is aimed at savers who prioritize the search for performance, through full exposure to units of account. Target, savings are invested 100% in units of account.

• The Offensive Hybrid profile is aimed at savers who prioritize the search for performance, through full exposure to units of account. Target, savings are invested 100% in units of account.

A portion of the savings could be invested, directly or indirectly, depending on the investment profile in units of account mainly invested in unlisted assets and/or in certain shares eligible for PEA/PME-ETI and/or shares of venture capital companies.

In the event that the savings are invested in these units of account, due to the value dates retained for these supports as well as their frequency of valuation, the member may notice, in the event of a buyback, a settlement delay of approximately 3 weeks, and this settlement can only be made in cash.

Before the maturity date of the guarantee, the amounts invested in the AGIPI Euro Growth FUND are not guaranteed and are subject to fluctuations up or down depending in particular on the evolution of financial markets; the member bears the full investment risk.

For all units of account supports, the insurer only commits to the number of units of account, but not to their value, which is subject to fluctuations up or down depending in particular on the evolution of financial markets; the member bears the full investment risk.

Reallocations defined by the agent

Each reallocation operation defined by the agent allows for the distribution of the share of savings invested in units of account (excluding specific investment supports).

Twice a year, in June and December, a securing of capital gains is carried out.

The savings accumulated on the units of account supports (excluding specific investment supports) are considered in capital gain if their proportion is higher than that provided for by the chosen investment profile and if their amount is higher than the total of net investments reduced by the disinvestments made on these same supports since entering ESG thematic managed management, increased by the amount of savings invested in these same supports on the day of entering ESG thematic managed management.

If the savings accumulated on the units of account supports (excluding specific investment supports) are in capital gain, the amount of these capital gains is defined as the difference between the proportion of savings accumulated on the only units of account (excluding specific investment supports) and the proportion provided for by the chosen investment profile.

The operation of securing capital gains proceeds to the reallocation of these capital gains to the FUND share (AGIPI FUND and/or AGIPI Euro Growth FUND), in accordance with the chosen investment profile. The share of savings accumulated on the units of account supports (excluding specific investment supports) is then reallocated among these supports, in accordance with the allocation provided by the agent in force at the time of the operation.

If the savings accumulated on the units of account supports (excluding specific investment supports) are not in capital gain, the share of savings accumulated on all units of account supports (excluding specific investment supports) is reallocated among these supports, in accordance with the allocation defined by the agent in force at the time of the operation.

For certain units of account supports (notably FCPR), the insurer may decide not to secure the capital gain observed on these supports, while respecting the minimum share of low-risk assets as indicated in the previous target allocation table of profiles. This securing leads to an increase in the guaranteed capital at maturity on the AGIPI Euro Growth FUND, as well as a decrease in the number of units of account of each of the invested supports. This decrease is determined in the same proportion for each of the units of account supports.

Any amount reallocated to the AGIPI FUND, for the securing of capital gains, benefits from a capital guarantee equal to the reallocated amounts reduced by management fees. Any amount reallocated to the AGIPI Euro Growth FUND, for the securing of capital gains, is definitively acquired at the maturity of the guarantee on this fund.

Change of investment profile

During the execution of the mandate, the member may request, by registered letter with acknowledgment of receipt, the change of investment profile. The member is invited to discuss this project with their advisor, who may present a coherent and appropriate solution to the need, financial situation, and investment objectives of the member. The accumulated savings will then be reallocated under the conditions provided in Article 22 of this notice.

Fees charged

Management and mandate fees

The fees charged from the effective date of the mandate on the share of savings managed in ESG thematic managed management include:

• The management fees of the membership, as defined in Articles 25 B and 26 F of this notice, respectively for the AGIPI FUND and the AGIPI Euro Growth FUND,
• And the management fees as defined in Article 28 D of this notice for the.

Units of account supports

The fees for the management mandate are set at a maximum of 0.25% per year, applied to the share of the savings provision invested in units of account (excluding specific investment supports). The fees for the management mandate are deducted at each reallocation defined by the agent, pro rata to the time spent in ESG thematic managed management since the previous reallocation. They decrease the number of units of account recorded on the member's savings provision. These fees are retained by the insurer as remuneration for the management of the mandate.

Moreover, the fees that may be borne by each unit of account support, deducted by its Management Company, are included in the Key Information Document (DIC) or the Specific Information Document (DIS) of the support or in the Prospectus.

Fees for reallocating savings within ESG thematic managed management

The reallocations of savings made at the request of the agent do not incur any reallocation fees.

Information on savings managed under mandate

At any time, the member can consult the current allocation as well as the status of their membership in their personalized space on the website www.agipi.com.

Each year, the member receives information regarding the management of the mandate and notably the individual performance of the investment supports in which the mandate is invested.

Termination of the mandate

The modalities of termination

The member may terminate the mandate at any time by requesting an exit from ESG thematic managed management. In this case, the member requests a change of management to free management or a management agreement. Similarly, the insurer may terminate the mandate at any time by registered letter with acknowledgment of receipt.

In any case, the mandate ends upon the request for total buyback or upon the death of the member (from the moment the insurer is informed) or donation of the membership (from the moment the insurer is informed). Termination at the initiative of either of the concerned parties takes effect no later than sixty working days after receipt of the registered letter by the other party and ends the mandate.

The consequences of the termination of the mandate

From the date of termination, no reallocation operation will be carried out within the framework of the mandate. The member will be considered to have opted for free management or for a management agreement, depending on the choice they made at the termination of the mandate. No later than sixty days from the effective date of the termination, the member will receive an information statement.

Responsibility of the insurer (agent)

The insurer commits to implement the necessary means for the proper execution of this mandate, in accordance with the investment profile that the member has chosen.