"A duty to disclose to our individual shareholders and employees"

Individual shareholders

AXA communicates on a regular basis with the investment community, through press releases and presentations, as well as through email alerts for breaking news. Press releases and oral presentations can be viewed and/or downloaded from the AXA corporate website (www.axa.com). Some of the presentations are streamed live, while others are recorded and can be listened to or viewed at any time. Group publications and presentations made during shareholders' meetings are also made available online.

Finally, two special informative publications have been designed for the 15,000 members of the Shareholders' Circle (Cercle des Actionnaires). L'Essentiel is published three times a year to coincide with the release of interim and annual earnings and the annual shareholders' meeting. Horizon offers a review of Group strategy and business three times a year.

The annual shareholders' meeting: a special event
More than 1,200 individual investors attended the annual shareholders' meeting on April 22, 2008. As in years past, the meeting was streamed live and also stored on the corporate website for delayed access (www.axa.com).

Regular face-to-face meetings
In 2008, AXA once again scheduled events for its individual investors. Meetings were held in France in the cities of Paris, Nice, Annecy.

AXA is also an exhibitor at Actionaria, an event for individual investors held in Paris every November. Within the framework of its sponsoring activity of the French culture, AXA invited the members of the Shareholders' Circle to breakfast and to visit the Louvre museum and the Quai de Branly museum in Paris.

Employee shareholders

The Shareplan offer

Since 1993, the AXA Group has promoted employee shareholding by offering each year to its employees an opportunity to become shareholders through a special equity issue reserved exclusively for them ("SharePlan").

By virtue of the authorization granted by the shareholders at the Extraordinary General Meeting of April 22, 2008, the Management Board increased the Company's share capital through the issue of shares to Group employees under the SharePlan 2008 program.

The shareholders waived their preferential subscription rights so that this offering could be made to employees.

In countries that met the legal, regulatory and tax requirements for participation in SharePlan, two investment options were offered in 37 countries in 2008:

• the traditional plan, offered in 36 countries,
• the leveraged plan, offered in 36 countries.

The traditional plan allowed employees to subscribe through a personal investment to AXA shares (either through mutual funds (FCPE) or through direct share ownership) with a 20% discount. The shares are held within the Group Company Savings Plan and are restricted from sale during a period of 5 years (except specific early exit cases allowed by applicable laws). Employees are subject to the share price appreciation, up or down, as compared to the subscription price.

At the end of the 5 year holding period, the employees can, depending on their residence country, do any one of the following: (1) receive the cash value of their assets; (2) receive the value of their assets in the form of AXA shares; or (3) transfer their assets invested in the leveraged plan into the traditional sub-fund.

The leveraged plan allowed employees to subscribe, on the basis of 10 times their personal investment, to AXA shares (either through mutual funds (FCPE) or through direct share ownership) with a 14.15% discount in 2008. The shares are held within the Group Company Savings Plan and are restricted from sale during a period of 5 years (except specific early exit cases allowed by applicable laws). Employees' personal investment is guaranteed by a bank, and employees also benefit from 70% of the share appreciation, as compared to the non-discounted reference price.
The leveraged plan is not accessible to Management Board and Executive Committee members.

New mutual funds (FCPE) with direct voting rights have been created since 2005 to allow beneficiaries, in most cases, to directly exercise their voting rights.

AXA Miles

In order to reward its employees for the results obtained in 2005 and 2006 and to foster their engagement to the success of its "Ambition 2012" project, AXA has implemented a worldwide program of granting free shares to all its employees, called "AXA Miles".

By virtue of the authorization granted by the shareholders at the Annual General Meeting of May 14, 2007, the Management Board granted on July 1, 2007, 50 AXA shares to each employee of the AXA Group, with the exception of Management Board and Executive Committee members.

This broad-based grant to all employees having at least 3 months of service as of July 1, 2007, regardless of their position or compensation level, was designed to underline the important role that all Group employees have in helping the Group to attain its Ambition 2012 objectives.

The AXA Miles program resulted in a grant of 5,586,900 AXA shares to 111,738 employees in 54 countries. While the vesting conditions and holding periods applicable to these shares vary depending on local regulations, these shares generally are not fully vested and available to employees before the fourth anniversary of the grant date.