+improvement in the UNDERLYING COST INCOME RATIO by 2015 Compound annual growth rate for UNDERLYING EARNINGS of over 13% out to 2015 200 BILLION EUROS GROWTH IN ASSETS UNDER MANAGEMENT by 2015, of which 50% from net new money and 50% from market impact 4% 13% Growth in NET NEW MONEY per year from 2012 to 2015 (as a % of average assets under management) fi xed-income ranges better and rebuild AXA Rosenberg’s reputation among our customers.