AXA — M&A Activity 2016

Apr 1, 2016

AXA PRESS RELEASE

PARIS, APRIL 1, 2016

AXA has completed the sale of its Portuguese operations

AXA announced today that it had completed the sale of its Portuguese operations to Ageas, including in particular its entire stake in AXA Portugal Companhia de Seguros SA ("P&C Business"), AXA Portugal Companhia de Seguros de Vida SA ("Life & Savings Business") as well as AXA Global Direct Seguros y Reaseguros, the Portuguese branch of its direct operations ("Direct Business")¹ . The total cash consideration amounted to Euro 189 million.

AXA recorded an exceptional positive impact of Euro 0.1 billion, which will be accounted for in Net Income in 1H16.

ABOUT THE AXA GROUP

Ghizlane de Casamayor: +33.1.40.75.57.59 Aurore Chaussec: +33.1.40.75.96.20

The AXA Group is a worldwide leader in insurance and asset management, with 166,000 employees serving 103 million clients in 64 countries. In 2015, IFRS revenues amounted to Euro 99.0 billion and IFRS underlying earnings to Euro 5.6 billion. AXA had Euro 1,363 billion assets under management as of December 31, 2015.

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 Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

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

It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Group website (www.axa.com).

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE www.axa.com
Investor Relations: Andrew Wallace-Barnett: Florian Bezault: François Boissin:	+33.1.40.75.46.85 +33.1.40.75.46.85 +33.1.40.75.59.17 +33.1.40.75.39.82	Individual Shareholder Relations: +33.1.40.75.48.43	Media Relations: Hélène Caillet: Jean-Baptiste Mounier:	+33.1.40.75.46.74 +33.1.40.75.55.51 +33.1.40.75.46.68

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be 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 and can be affected by other factors that could cause actual results and AXA's plans and objectives to differ materially from those expressed or implied in the forward looking statements. Please refer to the section "Cautionary statements" in page 2 of AXA's Document de Référence for the year ended December 31, 2014, for a description of certain important factors, risks and uncertainties that may affect AXA's business, and/or results of operations. 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.

—¹ AXA owned 99.7% of the P&C Business, 95.1% of the Life Business and 100.0% of the Direct Business.