AXA implements a liquidity contract

AXA has mandated CA Cheuvreux to implement a liquidity contract, effective May 17th, 2005 for a period of one year with tacit renewal.

This contract is compliant with the Business Ethics Charter of the AFEI (French Association of Investment Firms) which was approved on March 22, 2005 by the French AMF (Autorité des Marchés Financiers).

AXA has dedicated Euro 120 million to support the implementation of this contract.