AXA — Capital/Financing Update 2009

Mar 17, 2009

AXA to subscribe to AXA Asia Pacific Holdings' capital increase: no impact on the Group's Solvency, non material impact on liquidity

Paris, March 17, 2009

• AXA confirmed today that it will subscribe for its share (approximately 53.1%) of the AUD 660 million capital increase1 announced by AXA Asia Pacific Holdings (AXA APH) this morning, corresponding to an amount of approximately Euro 178 million for AXA SA.
• This operation has (i) no impact on the Group's Solvency I ratio and (ii) no material impact on AXA SA's liquidity position, because AXA APH will use a portion of the proceeds from this capital increase to repay approximately Euro 107 million of outstanding debt to AXA SA.

Enclosed: AAPH press release dated March 17, 2009.

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About AXA

AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. For full year 2008, IFRS revenues amounted to Euro 91.2 billion and IFRS adjusted earnings to Euro 3.7 billion. AXA had Euro 981 billion in assets under management as of December 31, 2008.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA.

This press release is available on the AXA Group website: www.axa.com

AXA Investor Relations		AXA Media Relations
Etienne Bouas-Laurent:	+33 1 40 75 46 85	Emmanuel Touzeau:	+33 1 40 75 46 74
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AXA Individual Shareholder Relations: +33.1.40.75.48.43

1 The total capital increase of AXA APH could reach up to approximately AUD 890 million, depending upon market conditions. In that case, AXA APH will reimburse a higher amount of outstanding debt to AXA SA.

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