Total

Total

Axa

Axa

Danone

Danone

(with respect to ADV)

10%

15%

10%

15%

10%

15%

Optimal participation rate

17.1%

28.1%

13.7%

22.5%

11.6%

19.1%

Perm. m.i. component (bps)

29.0

43.5

51.2

76.8

45.9

68.8

Inst. m.i. component (bps)

10.1

13.6

10.7

14.4

8.0

10.8

Risk component (bps)

6.0

8.2

6.4

8.7

4.7

6.4

POV-based premium (bps)

45.1

65.3

68.3

99.9

58.6

86.0

IS-based premium (bps)

43.0

62.4

66.0

96.8

57.0

83.8