SRI ratings and ethical indexes

The AXA Group's social, community, environmental and governance performance are evaluated by many players, from investors to corporate social responsibility (CSR) rating agencies specializing in the socially responsible investment (SRI) market.

The Group is ranked above average in its industry and is also included in the three main international ethical indexes: DJSI (based on research by SAM), FTSE4GOOD (based on research by Eiris) and Aspi Eurozone (Vigeo).

The following tables present an overview of the Group's main non-financial ratings ("absolute" scores and sector-benchmark ratings) as well as its position on the leading SRI indexes.

EIRIS and the FTSE4GOOD index

EIRIS (Ethical Research Investment Services), based in London, is one of the leading providers of non-financial data for the socially responsible investment market in Europe. This agency does not publish any ratings per se, but the SRI index produced by FTSE - FTSE4GOOD - is based on EIRIS research. The AXA Group is part of this index.

	2008	2007	2006	2005	2004
AXA included in FTSE4GOOD index	Yes	Yes	Yes	Yes	Yes

Innovest

Innovest Strategic Value Advisors, an international research consultancy, analyzes the performances of businesses in relation to environmental, social and strategic governance factors. More specifically, it focuses on their impacts on the competitiveness, profitability and performance of their share prices.

	2008	2006	2005	2002
AXA rating	AA	AA	A	No overall rating before 2005
AXA social rating	AA	AA	A	A
AXA environmental awaiting	AA	A	A	BBB

Oekom

Each year, the German Oekom Research agency publishes a database analyzing the social, community and environmental performances of around 750 businesses, including AXA.

	2009	2007	2006	2005	2003*
AXA rating	C+"Prime" (recommended)	C"Prime" (recommended)	C (« Prime »)	D+	D+
Social rating	C+	C"medium"	C (« medium »	*	C-
Environmental rating	C+	C-"medium"	C- (« medium »)	*	D

* No detailed scores for 2005

SAM and the Dow Jones Sustainability Index (DJSI)

Ratings issued by the Zurich-based analysis institute SAM reflect the company's performance based on economic, social and environmental criteria. Each one of these three areas is based on several weighted sub-criteria. The overall rating is based on a weighted average of the three key areas, benchmarked against the average for the sector.

	2009	2008	2007	2006	2005	2004
Rating AXA	71%	71%	67%	62%	60%	50%
Sector average	49%	50%	45%	44%	47%	40%
AXA economic rating	79%	79%	79%	71%	75%	55%
Sector average economic rating	58%	58%	56%	53%	61%	43%
AXA social rating	66%	71%	71%	65%	58%	54%
Sector average social rating	43%	50%	45%	46%	44%	42%
AXA environmental rating	68%	61%	52%	51%	47%	36%
Sector average environmental rating	46%	41%	35%	35%	38%	33%
Included in DJSI STOXX index	Yes	Yes	Yes	No	No	No

Vigeo and the ASPI index

The AXA Group's performance is also rated by Vigeo, a European social and environmental rating agency.

The score reflects the level of commitment to social responsibility on a scale from 0 to 100. Based on an analysis of the relevance and effectiveness of the various policies surveyed, the score represents an absolute rating, positioning the business in relation to the Vigeo rating standards. The rating ranks the company in relation to other firms in the "insurance" sector (34 European companies in 2008), thereby benchmarking the scores for the various companies against one another.

Definition of ratings:

--: least developed businesses in the sector

-: businesses lower than average for the sector

=: businesses in line with average for the sector

+: active businesses

++: sector's most committed businesses

Vigeo issues these ratings for each one of the six areas analyzed, but does not produce one overall score or rating for the company. Inclusion in the ASPI (Advanced Sustainability Performance Indices) is based on research by Vigeo.

		2008	2006	2005	2003
Human Resources	AXA Score	52	64	68	53
	AXA Rating	+	+	+	=
Human rights	AXA Score	53	63	67	**
	AXA Rating	+	+	+	**
Community involvement	AXA Score	63	76	73	69
	AXA Rating	+	+	+	++
Environment	AXA Score	54	57	61	59
	AXA Rating	+	+	+	++
Business behavior	AXA Score	59	63	59	51
	AXA Rating	+	+	+	=
Corporate governance	AXA Score	48	46	47	50
	AXA Rating	=	=	-	-
Inclusion in ASPI Eurozone index		Yes	Yes	Yes	Yes

KLD

KLD Research & Analytics, Inc. is a US-based independent investment research firm providing management tools to professionals integrating environmental, social and governance factors (ESG) into their investment decisions.

	2009
AXA overall rating	BBB
Community & society	CCC
Customers	BB
Governance & Ethics	A
Employees & supply chain	BB
Environment	A

Covalence

Geneva-based Covalence tracks the ethical reputation of multinationals by sourcing online information. The table below presents the results of Covalence Ethical Ranking for AXA, in the Insurance sector and across all sectors (a universe of 541 multinational companies within 18 sectors).

	Q3 2009	Q1 2008
AXA rank in insurance sector	2/30	4/30
AXA rank across all sectors	127/541	164/541

Forum Ethibel

Independent consultant for Socially Responsible Investing. As of December 2005, Stock at Stake, part of Ethibel, has merged with its French equivalent, Vigeo in order to form Vigeo Belgium. The Ethibel "quality labels" enable investors to select only sustainable companies, on the basis of a global evaluation model.

	2009	2006	2005	2004
AXA included in Ethibel indices or quality labels	Yes - Ethibel "Excellence" label	No	No	No