Ethics

AXA adopted its Group Compliance and Ethics Guide ("the Guide") in February 2004. The Guide is subject to regular updates. It defines rules for day-to-day professional conduct. The Guide covers a variety of matters including specific rules concerning conflicts of interest, transactions involving AXA securities and those of its listed subsidiaries, confidentiality and control of sensitive information, and data protection and storage.

In addition, the AXA Group seeks to uphold the values set forth in the AXA Vision.

Most of AXA's principal operating subsidiaries have developed ethical guidelines that comply with local regulatory and statutory requirements.

AXA is firmly committed to combating money laundering and terrorist financing. This commitment is enshrined in a charter first drawn up in 2002, which was approved by the Management and Supervisory Boards. In line with this charter, each entity is required to introduce procedures based on certain general principles, on top of applicable local regulations, and to appoint an anti-money laundering officer. The "know your customer" principle is crucial in this respect, and is fundamental to all transactions. The Group Charter is reviewed and adjusted on a regular basis by taking into account international legal and regulatory developments.