AXA — Capital/Financing Update 2010

Apr 14, 2010

THIS PRESS RELEASE MAY NOT BE DISTRIBUTED OR PUBLISHED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

AXA announces the successful placement of subordinated notes

AXA today announced the successful placement of EUR 1.3 billion of 30 year-maturity subordinated debt (30NC10), first callable on April 16, 2020 and maturing on April 16, 2040, to investors in the Euro institutional market. The coupon will be fixed until the first call date and floating thereafter with a step up of 100bps. The coupon has been set at 5.25%. The spread over swap is 205 basis points. Investor demand was very strong with the book being more than 6 times subscribed.

The notes are rated BBB+ by Standard & Poor's and expected to be rated A3 and BBB by Moody's and Fitch, respectively.

Settlement of the notes is expected to take place on April 16, 2010.

The notes are expected to be treated as capital from a regulatory and rating agency perspective to the extent permissible. The transaction has been structured to comply with the latest Solvency II advice for Tier 2 capital treatment.

This transaction is part of AXA's ongoing policy of active management of its financial structure.

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 2009, IFRS revenues amounted to Euro 90.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,014 billion in assets under management as of December 31, 2009.

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 quoted on the OTC QX platform under the ticker symbol AXAHY.

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

AXA Investor Relations:		AXA Media Relations:
Mattieu Rouot :	+33.1.40.75.46.85	Emmanuel Touzeau: +33.1.40.75.46.74
Gilbert Chahine:	+33.1.40.75.56.07	Armelle Vercken: +33.1.40.75.46.42
Paul-Antoine Cristofari:	+33.1.40.75.73.60
Sylvie Gleises:	+33.1.40.75.49.05
George Guerrero:	+1.212.314.28.68

AXA Individual shareholders Relations: +33.1.40.75.48.43

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.

DISCLAIMER

United States

This press release and the information contained herein may not be distributed in the United States. This document does not constitute an offer to sell securities or the solicitation of an offer to purchase securities in the United States. The bonds mentioned in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act. AXA does not intend to register all or part of the offering of bonds in the United States, nor does it intend to make a public offer in the United States.

Canada, Australia and Japan

The bonds may not be offered, sold or purchased in Canada, Australia or Japan.