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AXA Framlington Monthly Income Fund

AXA Framlington Monthly Income Fund. George Luckraft – Primary Fund Manager February 2007. Market background. Historic market yield 2.77%*  Equity income target yield 3.05%. * as at 06 February 2007. Source: FT. Tobacco sector. Imperial Tobacco Group PLC – share price to 31 January 2007.

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AXA Framlington Monthly Income Fund

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  1. AXA Framlington Monthly Income Fund George Luckraft – Primary Fund Manager February 2007

  2. Market background • Historic market yield 2.77%* •  Equity income target yield 3.05% * as at 06 February 2007. Source: FT

  3. Tobacco sector Imperial Tobacco Group PLC – share price to 31 January 2007 • Historic Imperial yield 2.7%* Outlook • Smoking bans • Takeover activity Source: Factset, share price capital change in GBP as at 31 January 2007. * as at 06 February 2007. Source: FT.

  4. Utilities sector FTSE All-Share Utilities to 31 January 2007 • Historic Kelda yield 3.3%* Outlook • Corporate activity • Regulation Source: Factset, share price capital change in GBP as at 31 January 2007. * as at 06 February 2007. Source: FT.

  5. Banking sector FTSE All-Share Banks to 31 January 2007 • Historic HBOS yield 3.4%* Outlook • Housing market especially buy to let • Consumer debts including IVAs Source: Factset, share price capital change in GBP as at 31 January 2007. * as at 06 February 2007. Source: FT.

  6. Telecom sector Vodafone PLC and BT PLC – share prices to 31 January 2007 Outlook • Strong cashflows • Deflation • New technology • 3G • VOIP Source: Factset, share price capital change in GBP as at 31 January 2007. * as at 06 February 2007. Source: FT.

  7. The yield of mega cap Outlook • Dollar dividends • Cheap ratings • Which catalysts to drive performance? * as at 06 February 2007. Source: FT.

  8. Importance of growth in dividend Victrex PLC – share price to 31 January 2007 Dividend Progression • Share price at 03/01/03 – £2.65p Source: Factset, share price capital change in GBP as at 31 January 2007. * as at 06 February 2007. Source: FT.

  9. Outlook • Many income stocks no longer cheap • Value in mega cap • Mid cap valuations stretched • Some growth stocks attractively rated • Growth in income important

  10. Important notice Issued by AXA Framlington Investment Management Limited which is authorised and regulated by the Financial Services Authority. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Investments should be made for the long term, ie. at least five years. Past performance is not a guide to future performance. Changes in exchange rates will affect the value of investments made overseas. Investments in newer markets, smaller companies or single sectors offer the possibility of higher returns but may also involve a higher degree of risk. This advertisement is for professional advisers only and must not be relied upon by private investors. Circulation must be restricted accordingly. Information relating to investments is based on research and analysis undertaken or procured by AXA Framlington Investment Management Limited for its own purposes and may have been made available to other members of the AXA Framlington Group of Companies which, in turn, may have acted on it. Whilst every care is taken over these comments, no responsibility is accepted for errors and omissions that may be contained therein.

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