Investor Day November 20, 2014

Andrea ROSSI CEO AXA Investment Managers Member of the AXA Group Executive Committee

AXA INVESTMENT MANAGERS

Entering a new phase of growth

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 AXAs Document de Rfrence for the year ended December 31, 2013, for a description of certain important factors, risks and uncertainties that may affect AXAs 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.

AXA Investor Day AXA Investment Managers | November 20, 2014 F3 |

TODAYS KEY MESSAGES

LEADING GLOBAL ASSET MANAGER WELL POSITIONED FOR THE NEXT PHASE OF GROWTH

AXA IM VISION SUPPORTED BY CLEAR STRATEGIC PRIORITIES

CONCLUDING REMARKS

Leading global asset manager well positioned for the next phase of growth

AXA Investor Day AXA Investment Managers | November 20, 2014 F5 |

Structurally attractive business

Attractive RoE driven by low capital requirements Strong Free Cash Flows generation Exposure to financial markets

16% RoE1 1bn Free Cash Flows2 generated over 2010-2013

Strategic to insurance activities

Benefiting from parent synergies

Investment performance excellence Wide range of asset classes / strategies Natural offset to interest rate exposure on insurance

business

Stable insurance asset base Innovation support and seed money capacity Access to insurance distribution and developments

74% of AXA assets managed by AXA IM3

3.7bn4 AuM raised in the last 2 years through AXA seed money

Attractive 3rd party franchise Provide investment performance and leading innovation Benefit from scale and operational leverage Leverage ALM know-how for liability driven clients

8.0bn of 3rd party Net New Money5 in 9M14

AXA IM A SUSTAINABLE GROWTH ENGINE WELL POSITIONED FOR 3rd PARTY SUCCESS

All notes are on page F19 of this document

AXA Investor Day AXA Investment Managers | November 20, 2014 F6 |

Assets: Euro 607 billion

9M14 Revenues: Euro 825 million1

Fixed income 77%

Real estate 9%

Judgmental Framlington 3%

Quantitative Rosenberg 2%

Solutions (MACS)2 6%

Structured Finance 3%

Fixed income 36%

Judgmental Framlington 21% Quantitative

Rosenberg 5%

Solutions (MACS)2 11%

Structured Finance 2%

Real Estate 9%

Asian JVs 15%

Third-party assets: Euro 203 billion

AXA assets: Euro 403 billion

Figures as at 09/30/2014

One of the worlds largest active asset managers

A LEADING GLOBAL ASSET MANAGER WITH AN ACTIVE AND DIVERSIFIED PORTFOLIO OF EXPERTISE

Listed Fixed Income Listed Equities Multi-Assets

Alternatives Joint Ventures

44%

66%

Strong contribution from 3rd party business

Ca. 2,500 employees worldwide located in 28 cities and in 21 countries

A well balanced multi-asset player providing active and smart beta strategies only

A strong track record in developing specialized franchises Third-party

clients AXA Insurance companies

56%

34%

1/3 of assets managed for third-party clients accounting for more than 50% of AXA IM revenues

Balanced portfolio of active expertise

All notes are on page F19 of this document

AXA Investor Day AXA Investment Managers | November 20, 2014 F7 |

Annualized rolling outperformance2 Number of Funds ranked in first 2 quartiles1

Alternative strategies (i.e. AXA Real Estate and AXA Structured Finance) performing above 1 year and 3 years benchmark and targets (e.g. 93% of AXA Structured Finance funds above IRR targets)

Judgmental Framlington

Quantitative Rosenberg

Solutions (MACS)3

Alternatives

WITH STRONG TRACK RECORD OF INVESTMENT PERFORMANCE ACROSS THE BOARD

Listed Equity

Fixed Income 5 years 0.5%

3 years 0.5%

5 years 2.4%

3 years 1.4%

5 years 0.6%

3 years 0.7%

5 years 0.5%

3 years 0.2%

5 years 82%

3 years 67%

5 years 94%

3 years 73%

5 years 82%

3 years 78%

5 years 75%

3 years 60%

Figures as at 09/30/2014

All notes are on page F19 of this document

AXA Investor Day AXA Investment Managers | November 20, 2014 F8 |

Resilient and growing profits Growing assets under management AUM1 in Euro billion

607547532

493500484469535

474426

341

ca. +120bn

9M14 FY13 FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05 FY04

101

172164163

134

236241

191

149

91

1H14 FY13 FY12 FY11 FY10

1632

FY09 FY08 FY07 FY06 FY05 FY04

ENABLING RESILIENT FINANCIAL PERFORMANCE WHILE POSITIONING FOR THE NEXT PHASE OF GROWTH

Underlying Earnings1 in Euro million

All notes are on page F19 of this document

AXA IM vision supported by clear strategic priorities

AXA Investor Day AXA Investment Managers | November 20, 2014 F10 |

AXA IM VISION IS SUPPORTED BY CLEAR STRATEGIC PRIORITIES

GROWTH

Capture multiple sources of growth through targeted developments

CLIENT CENTRIC OFFERING

Enhance client centric business model across the full value chain

OPERATIONAL EXCELLENCE

Leverage the size and scope of our operations to drive operational excellence

CULTURE

Build One AXA IM

BE A WORLD-CLASS LEADER CONSISTENTLY SATISFYING CLIENT NEEDS

AXA Investor Day AXA Investment Managers | November 20, 2014 F11 |

GROWTH Capture multiple sources of growth through targeted developments

Reinforce historical strong position through segmented approach

Build on existing presence / capabilities

Develop further distribution coverage

Europe: Maintain market share with Institutional clients, selectively target Retail and Defined-Contribution and better leverage AXA distribution capacity

US & Canada: Develop Institutional and Retail segments with an initial focus on AXA IM successful US expertise

Latin America: Target sources of long term growth and leverage AXA Group presence

Nordics: Main focus on pension funds and insurance companies

Asia (including Japan): Benefit from growth of wealth accumulation, leverage the development of AXA Group and accelerate in Japan

Sovereign Wealth Funds: Reinforce globally, particularly in Middle East

Serve and support AXA around the globe

Deepen presence where AXA IM is already strong through segmented approaches

Target mature markets in which AXA IM is not playing at its fair market share

Capture opportunities in selected high growth markets

Development priorities

AXA Investor Day AXA Investment Managers | November 20, 2014 F12 |

Constant focus to meet and anticipate client demands Leading in industry innovation with circa 10 new strategies

launched per year Tailoring existing offering to specific client needs:

Specific share classes e.g. Solvency 2 friendly Mainstreaming ESG1 criteria for AXA assets

Align investment capabilities to the way clients manage their investments

Full scope of credit offering in one single expertise with the

integration of AXA Structured Finance capabilities into AXA Fixed Income

Creation of a Solutions hub

Ensure comprehensive approach Creation of dedicated transversal business lines for

Retail/Wholesale and Institutional clients Reinforcing client servicing through a more developed local

coverage

CLIENT CENTRIC OFFERING Enhance client centric business model across the full value chain

INN

OVA

TIO

N

MAN

UFA

CTU

RIN

G CL

IEN

T CO

VERA

GE

Net New Money2 In Euro billion

1211

0

-4

-21

FY12 FY11 FY10 9M14 FY13

Continuously delivering on client satisfaction

AXA IM ranking (2012-2014) Greenwich Quality Index

1st quartile in Investments

1st two quartiles for Service and in overall ranking

All notes are on page F19 of this document

AXA Investor Day AXA Investment Managers | November 20, 2014 F13 |

PIONEERS ON SMARTBETATM PRODUCTS Innovation at the service of client needs

Capitalizing on market inefficiencies avoiding inherent drawbacks of indexing and optimized implementation

Innovative solution:

Well diversified and low cost way to improve financial markets return being

more efficient than passive

Client need SmartBeta

Leveraging AXA Rosenberg capabilities SmartBeta Equity

Leveraging AXA Fixed Income capabilities SmartBeta Credit

20 years of successful experience in running low-risk, low-turnover portfolios

Access to high quality data and broad credit coverage combined with strong risk management culture and efficient execution

Delivering investment performance: all strategies getting strong support from consultants

Leader in systematic investing since 1985 Data platform with over 40 years of