AXA — Capital/Financing Update 2010

Nov 2, 2010

November 2, 2010

AXA Global P&C announces the successful placement of €275 million catastrophe bonds

AXA Global P&C (formerly AXA Cessions) announced today the successful placement of €275 million catastrophe bonds due January 2014 (the "Bonds") to institutional investors. The Bonds are issued by Calypso Capital Limited, an Irish special purpose company, under a €1.5 billion catastrophe bond program set up by AXA Global P&C. The Bonds represent the largest Euro denominated catastrophe bond issuance to date.

This structure provides AXA Global P&C with €275 million of fully collateralized, multi-year protection against European windstorms in Belgium, Denmark, France (excluding French overseas territories), Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the United Kingdom.

"The issuance is part of AXA's strategy to protect the AXA Group against catastrophic events through transnational reinsurance cover and to reduce reinsurer counterparty risk. In addition, this issuance permits AXA to diversify further its reinsurance placement while benefiting from a fully collateralised solution," said François Bucchini, deputy CEO of AXA Global P&C.

The Bonds use the PERILS index trigger structure based on insured industry losses reported by PERILS after the occurrence of a European windstorm event. This transaction is the first to utilize the PERILS Industry Exposure Database for the modelling analysis of catastrophe bonds and a more granular PERILS index trigger weighted by geographic area (using CRESTA zones for uniform data reporting) and line of business.

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This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities mentioned herein in any jurisdiction in which such an offer or solicitation is illegal. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

This communication is only being distributed to and is only directed at persons (I) who are outside the United Kingdom or (II) who are investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (III) who are high net worth entities, or other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity relating to the Offering and/or the Securities is available only to Relevant Persons and will be engaged in only with Relevant Persons.

About AXA Global P&C

AXA Global P&C is a transversal unit of the AXA Group, in charge of defining and coordinating strategy and action plans for its property & casualty operations across the world. This mission includes the management of reinsurance and protection programs for the property & casualty businesses of the AXA Group (formerly managed by AXA Cessions).

About PERILS

PERILS is an insurance industry initiative aimed at improving the availability of catastrophe insurance market data. PERILS' industry data are based on information exclusively received from insurance companies writing business in the territories covered by PERILS (http://www.perils.org/).

About AXA

AXA Group is a worldwide leader in insurance and asset management, with 216,000 employees serving 96 million clients in 57 countries. For 1H10, IFRS revenues amounted to Euro 49.9 billion and IFRS underlying earnings to Euro 2.1 billion.

AXA had Euro 1,089 billion in assets under management as of June 30, 2010.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA's American Depository Shares are also quoted on the OTC QX platform under the ticker symbol AXAHY.

The Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

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

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IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to the section "Cautionary statements" in page 2 of AXA's Document de Référence for the year ended December 31, 2009, for a description of certain important factors, risks and uncertainties that may affect AXA's business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

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