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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 AXA’s Document de Référence for the year ended December 31, 2013, 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.

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

TODAY’S 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


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


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 world’s 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



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



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


AXA IM vision supported by clear strategic priorities


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»


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


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



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 granular data history for

20,000 companies • Delivering investment performance: 1 year outperformance at

1,16%1

SmartBeta™ AUM since inception

in Euro billion

9M 14

4.3

0.2

FY13 FY12

3.0

SmartBeta Credit

SmartBeta Equity



Innovative solution:

Organization perfectly aligned with client way of thinking and supported by successful franchises and innovation

Clients looking for diversification and yield under constraints, evolving towards

outcome oriented solutions across asset classes

Client need Global credit continuum offering

Leading franchises matching investors demand, in particular in a low interest rate environment Successful franchises

A constantly renewed pipeline of innovation Innovation

FOCUS ON GLOBAL CREDIT CONTINUUM OFFERING Constantly adapting to a changing environment at the service of client needs

Full credit spectrum covered • Integration of

Structured Finance within Fixed Income

• Broaden range of assets covered within Real Estate

Ability to combine elements within the credit spectrum and beyond

• Global Fixed Income products to play between geographies

• Development of Solutions & ALM driven approaches

• Ability to combine real assets, listed equities and credit

US Short Duration High Yield Commercial Real Estate Debt

9M14

6.9

2012

3.1

2010

0.8

9M14

16.4

2010 2005

0.6

10.5

AUM in Euro billion

2012

• SmartBetaTM Credit expertise • Global Strategic bonds expertise • European Mid Cap Private

Placement Platform

2013 2014

• Leveraged loans (CLO and funds)

• Infrastructure debt platform

• Alternative Credit initiative

• Mortgage loans


IT architecture and infrastructure improvement

Operating Cost Income ratio1

-6pts

1H14

70%

FY13

72%

FY12

72%

FY11

75%

FY10

76%2

Full revamp of data platform

Continuous optimization of existing operational set-up

• IT infrastructure upgrade completed • Investment platform front office tool architecture

under review

• Launch of multi-year data transformation program

• Lean management program • Fund range rationalization

OPERATIONAL EXCELLENCE Leverage the size and scope of operations to drive operational excellence

A scalable global operating model ready to on-board additional growth at marginal cost

A continuous approach to deliver improvement in Cost Income ratio



“A corporate project and new mind-set, framed around 3 key themes”

CULTURE Build on One AXA IM

Develop a more agile way of working

Transform & simplify IT architecture

Achieve a step-up change in data management to accelerate digitalization

Refocus on a unique AXA IM branding and strengthen brand identity

Reinforce transparency, leadership and empowerment

Strengthen recognition and reward for performance to align further company and client long-term interests

“Agility and speed” “Full empowerment , full alignment”

“Leverage AXA IM evolving organization ”

CLIENT CENTRICITY

UNITY SIMPLICITY

Creation of the “Client Group” to better address client needs

Enhance monitoring of quality of service to continuously improve moments which matter the most for clients

Concluding remarks


Key takeaways Priorities going forward

CONCLUDING REMARKS

A proven win-win model with the AXA Group

Performing and innovative client centric offering

A sustainable growth engine well positioned for 3rd party success

Scalable global operating model ready to on-board additional growth at marginal cost

Deliver on geographical developments

Continue efforts on AXA IM cost income ratio

Pursue the new phase of growth in particular through 3rd party business development

Continue to adapt our offering


Notes Page F5 1. Adjusted ROE as of June 2014: Return corresponds to adjusted earnings net of interest charges on undated debt. Equity corresponds to average

shareholders’ equity excluding undated debt and reserves related to change in fair value 2. AXA IM free cash flow (AXA IM dividend at 100%) incl. special dividend linked to AXA Private equity sale 3. Figures as of 06/30/2014 4. AuM raised since 09/30/2012 5. Excl. AXA Main Fund & Unit Linked Page F6 1. Revenue split between AXA Insurance companies and 3rd party clients is based on revenues net of distribution fees and before intercompany

eliminations (9M14 net revenues were €814m). 2. MACS: Multi Asset Client Solutions (includes multi-assets, external managers and total return) Page F7 1. Morningstar© data – AXA IM scope: Crossborder Funds - €41bn of AuM. Past performance cannot be relied on as a guide to future performance or

construed as a reliable indicator for future performance 2. Scope: AXA IM Funds with outperformance objective – respectively €111bn of AuM for 5 years annualized rolling outperformance and €122bn of

AuM for 3 years annualized rolling outperformance. Past performance cannot be relied on as a guide to future performance or construed as a reliable indicator for future performance

3. MACS: Multi Asset Client Solutions (includes multi-assets, external managers, total return and structured products) Page F8 1. Excluding AXA Private Equity 2. Excluding Rosenberg Coding Error provision Page F12 1. Environmental, Social and Governance criteria 2. Excluding Private Equity Page F13 1. As at 10/31/2014 Page F15 1. Excluding financial result & AXA Private Equity 2. Excluding AXA Rosenberg coding error provision

Appendix


BIOGRAPHY

Andrea is Chief Executive Officer of AXA Investment Managers and member of the AXA Group Executive Committee.

He had been previously Chief Executive Officer of AXA Assicurazioni from 2008 to 2013, and Chief Executive Officer & Deputy Chairman of AXA Insurance Gulf and Middle East from 2006 to 2008.

Andrea joined AXA Group in 2001, after having worked for Olivetti, General Electric and

Transamerica Aegon.

ANDREA ROSSI CEO, AXA IM