Success of AXA 2005 employee share offering

Following the Shareplan 2005, AXA's employees worldwide hold 4.76% of AXA's outstanding share capital or 5.62% after taking into account the 337.5 million AXA's shares which will be cancelled on January 9, 2006 following the merger of AXA and FINAXA, as approved by their respective shareholders' meetings on December 16, 2005.

On September 23, AXA announced the launch of its 2005 Shareplan offering, a capital increase reserved for employees worldwide, with a subscription period in November 2005. In most countries, two investment options were proposed: a traditional plan and a leveraged plan.

Approximately 23,000 employees in 28 countries, representing approximately 25% of eligible employees, subscribed to Shareplan 2005. The number of subscribers increased by almost 34% compared to 2004, further demonstrating employees' confidence in the development of the Group.

Employees investing in Shareplan 2005 will have direct voting rights at AXA's general shareholder meetings* and will thereby be able to express directly their opinion on the decisions driving the strategy of the AXA Group. Voting rights for employee investments in previous Shareplan offerings will continue to be indirect, exercised by an elected member of the supervisory board of the fund. At the end of Shareplan 2005, AXA's employees hold around 6.8% of voting rights.

The aggregate proceeds from the offering were Euro 304.3 million, for a total of 16.3 million newly issued shares, sold at a price of Euro 18.07 for the traditional plan and Euro 18.63 for the leveraged plan**.

* Except for employees in Japan who still vote indirectly for tax reasons (i.e. through the supervisory board of the fund)
** Euro 22.58 for the leveraged plan in Germany