AXAAXA GROUPGROUP HUMANHUMAN CAPITALCAPITAL Social Data Report 2010

AXA Group Social Data 2010 – Group Human Resources ContentContent

I. Introduction 3 A. About Social Data Reporting 4 B. Information on the company / perimeter re-base lining 5 II. AXA at a glance 7

III. Headcounts and profile of employees 12

IV. Workforce dynamics 19

V. Remuneration 26

VI. Training and Development 29

VII. Work time and absenteeism 34

VIII. Appendices 41 A. Notes 42 B. Further information on social perimeter 43 C. List of entities 48 D. Exchange rate information 55 E. Process information, reporting certification & ratings 57 F. Key Indicator definitions 58 G. Closing 60

2 AXA Group Social Data 2010 – Group Human Resources I.I. IntroductionIntroduction

3 AXA Group Social Data 2010 – Group Human Resources About Social Data Reporting

| Preliminary remarks

| Because AXA believes that people have choices, we aim at gaining the preference of our customers, employees, shareholders, distributors and society at large. AXA is an ambitious company. Today, as one of the global leaders in financial protection, we aspire to become the preferred company in the industry. To our customers we want to become the company that continuously proves it is worth trusting. Because AXA employees are at the core of this ambition, we intend to build our collective success around a relationship in which the needs of AXA and its employees are mutually satisfied.

| Therefore, AXA strives to be a responsible employer, placing employee engagement at the heart of its business strategy. Achieving this means creating a workplace built on AXA’s values that fosters diversity and equal opportunities for all, promotes employee participation, encourages professional development, and supports employee well-being.

| AXA’s Social Data Report (hereafter SDR) is based on AXA’s legal entities aggregated employee data, organized in five sections: (1) Headcount and employee profiling, (2) Workforce movements (staff hiring and departures), (3) Remuneration, (4) Training & Development and (5) Work time & absenteeism.

| In accordance with the provisions of the French Commercial Code (Code de Commerce) resulting from the New Economic Regulations Act (loi sur les nouvelles régulations économiques) adopted in May 2001 and under review in 2011, the following information describes the manner in which AXA takes into account the social impacts of its activities. Additional information concerning the social policies and practices of the AXA Group is available in the Activity and Corporate Responsibility Report, on the AXA Group’s website (www.axa.com), or upon request to the Individual Shareholders Department, 25 Avenue Matignon, 75008 Paris, France (see page 66).

| The SDR covers: 1) entities (companies and / or organizations) of which AXA owns, at December 31st, directly or indirectly at least 50% of the capital or voting rights. 2) entities (companies and / or organizations) of which AXA owns, at December 31st, directly or indirectly at least 10% of the capital or voting rights, and has the management control, alone or acting in concert with a third party, within the meaning of Article L. 233-3 of the French Commercial Code.

| In 2010, the SDR process was performed in 356 entities located in 61 countries, run by 200 local Human Resources (hereafter HR) correspondents and coordinators.

| Human capital data and statements are subject to completion of audit procedures by AXA’s independent auditors and are evaluated and ranked by rating agencies (see page 57).

| The majority of the following sections refer to salaried workforce with open-ended contracts, unless shown separately.

| All figures are for the year ended at December 31st , 2010 as well as for the years ended at December 31st , 2009 and 2008.

| Unless otherwise stated, all amounts and financial statements are expressed in Euro (€). This report does not take into account the side effects of FOREX (Foreign Exchange). For more detailed exchange rate information please refer to the appendix (page 55).

| Perimeter’s re-base lining: 2008 and 2009 data is LFL (Like For Like). For more information please see pages 5 et seq.

| This report includes certain terms and definitions used by AXA while analyzing its human capital operations which are not necessarily identical to those used by other companies. These terms are, therefore, defined in the appendix. Please refer to page 58 et seq.

| Indicator breakdown may not round up to 100% in any case due to local restrictions (e.g. New Zealand would not be allowed to report age data), local constraints (e.g. in very small entities or Greenfields not all data points would be available), local business environment (e.g. entity does not employee sales force) or due to mathematical rounding rules.

| The symbol “ / ” (slash) translates with non available indicators (e.g. indicator or data point was not available at this time or the entity has been added to the reporting perimeter).

4 AXA Group Social Data 2010 – Group Human Resources Information on the company / Perimeter re-base lining (1/2)

| Information on the Company

| AXA is a French “Société Anonyme” (a form of limited liability company) existing under the laws of France. The Company’s registered office is located at 25 avenue Matignon, 75008 Paris, France and its telephone number is +33 (0) 1 40 75 57 00. AXA was incorporated in 1957 but the origin of its activities goes back to 1852. The Company’s corporate existence will continue, subject to dissolution or prolongation, until December 31, 2059. The Company’s number in the Paris Trade Registry is 572 093 920.

| AXA originated from several French regional mutual insurance companies, known collectively as “les Mutuelles Unies”.

| In 1982, les Mutuelles Unies took control of Groupe Drouot and following this transaction, the new Group began operating under the name of AXA.

| In 1986, AXA acquired Groupe Présence.

| In 1988, AXA transferred its insurance businesses to Compagnie du Midi which operated under the name of AXA Midi and subsequently changed its name to AXA.

| In 1992, AXA acquired a controlling interest in The Equitable Companies Incorporated following the demutualization of Equitable Life. The Equitable Companies Incorporated, based in the United States, changed its name in 1999 to AXA Financial, Inc. (“AXA Financial”).

| In 1995, AXA acquired a majority interest in National Mutual Holdings following its demutualization. National Mutual Holdings, based in Australia, subsequently changed its name to AXA Asia Pacific Holdings Ltd.

| In 1997, AXA merged with its French competitor Compagnie UAP. This transaction enabled AXA to significantly increase its size and reinforce its strategic position in a number of important markets, particularly in Europe.

| In 1998, AXA purchased the minority interest in its subsidiary AXA Royale Belge and, in 1999, AXA acquired Guardian Royal Exchange in Great Britain through its subsidiary Sun Life & Provincial Holdings (“SLPH”). The Guardian Royal Exchange acquisition allowed AXA to further strengthen its positions in both the United Kingdom and Germany.

| In 2000, AXA 1) acquired a majority interest in a Japanese life insurance company, “Nippon Dantaï Life Insurance Company”, through a new Japanese holding company, “AXA Nichidan”, 2) increased its interest in SLPH from 56.3% to 100%, 3) sold its interest in Donaldson Lufkin & Jenrette (“DLJ”) to Credit Suisse Group, 4) acquired Sanford C. Bernstein through its US asset management subsidiary Alliance Capital (which subsequently changed its name to Alliance Bernstein), and 5) acquired the minority interest in AXA Financial, which is now a 100% owned subsidiary of AXA.

| In 2001 and 2002, AXA acquired a banking platform in France, Banque Directe. AXA also continued to streamline its portfolio of businesses, selling its Health business in Australia and insurance operations in Austria and Hungary, and reorganizing its reinsurance business.

| In 2003, AXA sold all its activities in Argentina and Brazil.

| In 2004, AXA acquired the American insurance group MONY, which allowed the expansion of its life insurance distribution capacity in the United States by approximately 25%. In addition, AXA sold 1) its insurance activities in Uruguay (AXA Seguros Uruguay) thereby finalizing its disengagement from South America, 2) its Dutch insurance broking operations (Unirobe), 3) its Dutch health insurance operations, and (iv) its mortgage lending activities in Germany (AXA Bausparkasse AG).

5 AXA Group Social Data 2010 – Group Human Resources Information on the company / Perimeter re-base lining (2/2)

| Information on the Company (continued)

| In 2005, FINAXA, a listed holding company that was AXA’s principal shareholder, was merged into AXA. Prior to the merger, FINAXA owned the “AXA” brand which, upon consummation of the merger, became the property of AXA. This merger resulted in a simplification of AXA’s shareholding structure and an increase in the proportion of its publicly traded shares.

| In 2006, AXA acquired the Winterthur Group, which was then active in 17 countries and served approximately 13 million clients worldwide. This operation gave AXA the opportunity to strengthen its leading position in several European markets and to increase its presence in a number of high growth markets including in Central and Eastern Europe and Asia. During 2006, AXA also acquired 1) “Citadel” in Canada, 2) Thinc Destini (subsequently renamed Thinc Group) in the United Kingdom, and 3) MLC Hong Kong and Indonesia via its subsidiary AXA Asia Pacific Holdings. In addition, in December, AXA completed the sale of AXA RE’s (now called “Colisée Re”) reinsurance business.

| In 2007, AXA 1) acquired a 90% stake in Kyobo Auto (now called “AXA General Insurance”) which has a leading position in the South Korean motor direct insurance market, 2) established a joint-venture in the Ukrainian P&C insurance market with UkrSibbank (the Ukrainian banking subsidiary of BNP Paribas) and subsequently acquired (together with UkrSibbank) 99% of the share capital of Vesko, Ukraine’s 6th largest P&C insurer, 3) completed the sale of its principal Dutch operations, comprising 100% of AXA Netherlands, Winterthur Netherlands and DBV Netherlands, and 4) finalized a long-term partnership agreement with the Italian bank BMPS for the distribution of life, non-life and pension business in Italy.

| In 2008, AXA 1) completed the acquisition of 36.7% of the share capital of RESO, Russia’s 2nd largest P&C insurer (June), 2) completed the acquisition of Seguros ING (subsequently renamed AXA Seguros, SA de Compañia de Valores), the 3rd largest Mexican insurer with leading positions in key markets such as Motor or Health and also active on the Life market (July), and 3) acquired OYAK’s 50% share in AXA OYAK, Turkey’s 1st largest P&C insurer (August).

| In 2009, AXA strengthened its position in Central and Eastern Europe with the acquisition of minority interests held by the European Bank for Reconstruction and Development (EBRD) in AXA’s Hungarian, Czech and Polish subsidiaries.

| Significant changes in the reporting perimeter at the end of the year 2010

| On January 15, 2010, AXA announced the acquisition of Omniasig Life (Romania)

| On June 9, 2010, AXA Investment Managers, Barr Rosenberg and Kenneth Reid (AXA Rosenberg co-founders) announced they had reached an agreement whereby AXA Investment Managers will purchase the remaining 25% equity interest in AXA Rosenberg from Barr Rosenberg and Kenneth Reid. This buy-out has been closed in November 2010.

| On June 24, 2010, AXA announced that it had agreed to sell to Resolution Ltd part of its UK Life operations including UK-based traditional life and pension businesses, its IFA protection and corporate pension businesses, and its annuity businesses.

| On September 7, 2010, AXA finalized the acquisition of the insurance business of Crédit Agricole in Serbia.

| On October 14, 2010, AXA announced the acquisition of a majority stake (51%) in the Azeri insurance company MBASK, (Azerbaijan).

| On December 30, 2010, AXA announced the acquisition of 80% of Belarusian second largest insurer (and 1st private insurer) B&B Insurance. Data for this entity was not collected and is not included into the Social Data Report 2010.

6 AXA Group Social Data 2010 – Group Human Resources II.II. AXAAXA atat aa glanceglance

7 AXA Group Social Data 2010 – Group Human Resources AXA at a glance (1/4) Headcount of salaried workforce

► AS AT 12/31/2010

Europe 111.540 persons headcount 78.812 salaried workforce 32.728 active distributors

Americas Africa 23.145 persons headcount 2.419 persons headcount Asia Pacific & Middle East 17.258 salaried workforce 2.419 salaried workforce 82.563 persons headcount 5.887 active distributors 0 active distributors 33.940 salaried workforce 48.623 active distributors

Salaried workforce and distributors in mature markets Salaried workforce and distributors in high growth markets Other markets (Joint ventures, excluded from social data reporting scope)

► 132.429 salaried workforce on open ended and fixed term contracts in 61 countries and 356 entities (total headcount 219.667 persons) ► Europe: 59.5% of worldwide salaried workforce ► Asia Pacific / Middle East : 25.6% of worldwide salaried workforce ► Americas: 13.0% of worldwide salaried workforce ► Africa: 1.8% of worldwide salaried workforce ► Average length of service: 10 years ► Average age: 40 years

► Total payroll: €7 billion (a) ► 81% of all employees trained during the year ► Gender parity

8 AXA Group Social Data 2010 – Group Human Resources AXA at a glance (2/4) Headcount of salaried workforce

Country (c) 2010 (b) 2009 (b) 2008 (b)

France 23.545 23.590 23.621

United Kingdom (b) 13.991 15.645 18.768

Germany 11.563 11.810 11.914

India (b) 9.956 10.401 13.490

United States 9.262 9.274 10.167

Japan 8.351 8.986 8.983

Belgium 7.001 7.137 7.229

Switzerland 4.956 4.951 4.992

Spain 4.720 4.686 4.591

Mexico 4.470 4.646 4.872

Canada 2.472 2.366 2.275

Australia 2.428 2.378 2.775

China 2.188 2.591 1.928

Morocco 1.841 1.565 1.138

Hong Kong 1.778 1.971 2.125

Thailand 1.675 1.136 947

Italy 1.647 1.687 1.802

South Korea (b) 1.568 653 665

Ireland 1.410 1.079 1.119

Ukraine 1.150 1.208 1.319

Portugal 1.092 1.056 1.078

Poland 940 849 717

9 AXA Group Social Data 2010 – Group Human Resources AXA at a glance (3/4) Headcount of salaried workforce

Country (c) 2010 (b) 2009 (b) 2008 (b)

Philippines 859 858 816

Turkey 756 794 784

Indonesia 741 684 2037

Hungary 713 654 580

Singapore 692 633 591

Czech Republic & Slovakia 668 684 573

Malaysia 623 550 568

Mauritius 390 404 403

Greece 383 416 486

New Zealand 370 426 361

Argentina 343 295 330

United Arab Emirates 341 323 322

Brazil 287 223 220

Romania 278 / /

Luxembourg 242 231 264

Saudi Arabia 167 162 151

Lebanon 133 121 115

Colombia 131 114 117

Azerbaijan 119 / /

Cameroun 105 104 99

Panama 99 57 55

Bahrain 96 96 90

10 AXA Group Social Data 2010 – Group Human Resources AXA at a glance (4/4) Headcount of salaried workforce

Country (c) 2010 (b) 2009 (b) 2008 (b)

Senegal 88 90 81

Ivory Coast 78 78 86

Gabon 74 80 78

French Polynesia 66 66 /

Oman 54 49 49

Taiwan 51 53 50

New Caledonia 46 45 /

Algeria 44 32 14

Chile 31 22 25

Serbia 30 / /

Qatar 20 18 14

Netherlands 15 11 12

Sweden 11 10 10

Austria 3 4 1

South Africa 2 2 3

Belarus (d) / / /

11 AXA Group Social Data 2010 – Group Human Resources III.III. HeadcountsHeadcounts andand profileprofile ofof employeesemployees

12 AXA Group Social Data 2010 – Group Human Resources Headcounts & profile of employees

| Headcounts, profile of employees, movements

| After the difficult market environment of 2009 and the related workforce contraction, AXA Group stabilized its global workforce in 2010. The overall salaried workforce on December 31st 2010 remained slightly over 127.000 employees, which represents a slight decrease of 0.7% when compared to 2009 figures. However the number of FTE (Full Time Equivalent) increased by 1.5%. Progress has been made on employee retention: the global turnover rate went down from 24.8% in 2009 to 21.6% in 2010. The turnover rate of the salaried sales forces decreased by 18 points (77.6% in 2009 vs. 59.9% in 2010).

| AXA’s internal opinion survey “Scope 2010” shows a high satisfaction level amongst employees: 73% think their job is a source of personal growth and fulfilment.

| AXA has no difficulty to recruit salaried workforce: AXA continued to recruit in 2010 and recorded about 27.000 entries, of which almost 14.000 were sales employees. In this total number of entries, 648 were re-hires into the company. The number of fixed-term contracts transformed into open-ended contracts increased as well (1.713 employees in 2010 vs. 1.263 employees in 2009). With regards to the number of net job creations, job destruction is down by 39% when compared to 2009.

| AXA’s salaried workforce footprint (excluding distributors) in 2010 was: 59.5% in Europe, 25.6% in Asia Pacific / Middle East, 13.0% in the Americas and 1.8% in Africa.

| The proportion of women in AXA’s workforce increased between 2009 and 2010 across all employee categories: Executives (from 21.6% to 22.4%), Managers (from 36.9% to 38.2%) and overall workforce (from 49.6% to 50.5%). AXA’s Board of Directors features 4 women out of a total of 15 members.

| The average age of employees remains stable at 39.6 years and the average length of service stays at 10.3 years. Both are higher in Europe (41.8 years / 13.6 years) and in the Americas (39.1 years / 7.6 years) than in emerging and high-growth markets: Asia Pacific (35.3 years / 4.3 years) and Africa (34.8 years / 6.6 years). See “Diversity & Inclusion” section at page 44 et seq.

| The total numbers of departures decreased by 6% reaching back its 2008 level. While non-sales forces departures increased by 16.3%, the strong decrease in the salaried sales force category, 20.9%, led to this global trend. However, the global employee turnover rate of the salaried sales force remains rather high at 59.9% mainly driven by high-growth markets (even though the global turnover rate represented an important decrease compared to 77.6% global turnover rate in 2009). The increased number of non- sales force departures is also related to jobs or activities transferred, in 2010 mainly in the UK (workforce that has left AXA due to an activity or job transfer to an external company without losing their job).

| Temporary employment followed the overall job market trends, with an increase of 771 FTE (average) in external temporary employees (from 2.532 FTE in 2009 up to 3.304 FTE in 2010), mainly driven by India (+366 average FTE compared to 2009). The internal mobility rate remained stable: 12.1% in 2009 and 11.7% in 2010.

13 AXA Group Social Data 2010 – Group Human Resources Headcount & profile of employees Group overview

Total headcount of salaried workforce (AXA Group) 2010 (b) 2009 (b) 2008 (b) Employees on open-ended & fixed-term contracts 132.429 133.529 141.084 Employees on open-ended contracts 127.153 128.054 134.415 ► Proportion of men 49,5% 50,4% 50,8% ► Proportion of women 50,5% 49,6% 49,2% ► Executives 3.470 3.349 3.303 ► Proportion of men 77,8% 78,6% 79,5% ► Proportion of women 22,4% 21,6% 20,5% ► Managers 17.321 17.852 22.609 ► Proportion of men 61,9% 63,4% 68,4% ► Proportion of women 38,2% 36,9% 31,6% ► Experts and staff 81.875 82.603 84.804 ► Proportion of men 43,0% 43,0% 42,4% ► Proportion of women 57,0% 57,0% 57,6% ► Salaried sales force 24.487 24.250 23.699 ► Proportion of men 58,5% 62,4% 60,2% ► Proportion of women 41,5% 37,6% 39,8%

Profile of salaried workforce (AXA Group) 2010 (b) 2009 (b) 2008 (b) Average age 39,6 39,7 38,8 ► Non sales force 40,1 40,2 39,1 ► Sales force 37,9 37,7 37,2 Average length of service 10,3 10,2 10,3 ► Non sales force 11,4 11,3 11,3 ► Sales force 5,8 5,6 5,7

Number of employees with disabilities (e) 616 515 489

14 AXA Group Social Data 2010 – Group Human Resources Headcount & profile of employees Focus on Europe

Headcount and profile of salaried workforce (Europe) 2010 (b) 2009 (b) 2008 (b) Employees on open-ended & fixed-term contracts 78.812 79.596 81.800 Employees on open-ended contracts 75.114 76.502 78.763 ► Proportion of men 48,0% 48,2% 48,3% ► Proportion of women 52,0% 51,8% 51,7% ► Executives 1.931 1.894 1.862 ► Managers 10.841 11.324 11.454 ► Experts and staff 52.953 54.909 56.553 ► Salaried sales force 9.416 8.375 8.894 Average age 41,8 41,8 41,2 ► Non sales force 42,1 42,1 41,3 ► Sales force 40,0 39,9 40,3 ► Salaried work force aged 56 and more 9.209 8.735 7.997 ► Salaried work force aged from 51 to 55 9.417 9.936 10.432 ► Salaried work force aged from 46 to 50 10.517 10.376 10.314 ► Salaried work force aged from 41 to 45 11.059 11.380 11.530 ► Salaried work force aged from 36 to 40 11.020 11.606 11.604 ► Salaried work force aged from 31 to 35 10.278 10.903 10.655 ► Salaried work force aged from 26 to 30 8.643 9.084 9.348 ► Salaried work force aged 25 and less 4.731 5.188 5.971 Average length of service 13,6 13,4 12,8 ► Non sales force 14,2 13,9 13,3 ► Sales force 9,6 9,6 9,4

15 AXA Group Social Data 2010 – Group Human Resources Headcount & profile of employees Focus on Americas

Headcount and profile of salaried workforce (Americas) 2010 (b) 2009 (b) 2008 (b) Employees on open-ended & fixed-term contracts 17.258 17.174 17.951 Employees on open-ended contracts 17.095 16.997 17.730 ► Proportion of men 47,3% 47,4% 46,6% ► Proportion of women 52,7% 52,6% 53,4% ► Executives 645 649 616 ► Managers 2.764 2.720 2.684 ► Experts and staff 13.244 13.212 13.980 ► Salaried sales force 442 416 447 Average age 39,1 39,3 39,2 ► Non sales force 39,0 39,2 39,2 ► Sales force 41,4 41,8 40,1 ► Salaried work force aged 56 and more 1.546 1.479 1.398 ► Salaried work force aged from 51 to 55 1.588 1.521 1.516 ► Salaried work force aged from 46 to 50 2.004 2.085 2.027 ► Salaried work force aged from 41 to 45 2.035 1.994 2.125 ► Salaried work force aged from 36 to 40 2.535 2.563 2.610 ► Salaried work force aged from 31 to 35 3.000 2.848 3.047 ► Salaried work force aged from 26 to 30 2.853 3.003 3.190 ► Salaried work force aged 25 and less 1.509 1.504 1.817 Average length of service 7,6 7,8 7,3 ► Non sales force 7,7 7,8 7,4 ► Sales force 5,7 6,8 5,4

16 AXA Group Social Data 2010 – Group Human Resources Headcount & profile of employees Focus on Asia Pacific / Middle East

Headcount and profile of salaried workforce (Asia / Middle East) 2010 (b) 2009 (b) 2008 (b) Employees on open-ended & fixed-term contracts 33.940 34.604 39.583 Employees on open-ended contracts 32.712 32.604 36.423 ► Proportion of men 54,5% 57,5% 58,5% ► Proportion of women 45,5% 42,5% 41,5% ► Executives 838 771 789 ► Managers 3.377 3.499 8.212 ► Experts and staff 14.052 13.055 13.178 ► Salaried sales force 14.445 15.279 14.244 Average age 35,3 35,3 33,5 ► Non sales force 34,3 34,2 32,4 ► Sales force 36,5 36,5 35,2 ► Salaried work force aged 56 and more 1.816 1.652 1.672 ► Salaried work force aged from 51 to 55 1.458 1.498 1.473 ► Salaried work force aged from 46 to 50 2.078 2.041 1.955 ► Salaried work force aged from 41 to 45 3.021 2.886 2.761 ► Salaried work force aged from 36 to 40 4.650 4.452 4.217 ► Salaried work force aged from 31 to 35 7.004 6.717 6.696 ► Salaried work force aged from 26 to 30 8.541 8.787 10.966 ► Salaried work force aged 25 and less 3.774 4.147 6.315 Average length of service 4,3 4,1 5,5 ► Non sales force 5,0 4,7 6,9 ► Sales force 3,4 3,4 3,4

17 AXA Group Social Data 2010 – Group Human Resources Headcount & profile of employees Focus on Africa

Headcount and profile of salaried workforce (Africa) 2010 (b) 2009 (b) 2008 (b) Employees on open-ended & fixed-term contracts 2.419 2.155 1.750 Employees on open-ended contracts 2.232 1.951 1.499 ► Proportion of men 44,0% 46,1% 47,6% ► Proportion of women 56,0% 53,9% 52,4% ► Executives 56 35 33 ► Managers 366 309 259 ► Experts and staff 1.626 1.427 1.093 ► Salaried sales force 184 180 114 Average age 34,8 35,5 36,7 ► Non sales force 35,1 35,9 37,1 ► Sales force 31,5 31,5 31,8 ► Salaried work force aged 56 and more 76 73 60 ► Salaried work force aged from 51 to 55 161 156 153 ► Salaried work force aged from 46 to 50 169 163 179 ► Salaried work force aged from 41 to 45 158 166 153 ► Salaried work force aged from 36 to 40 212 192 167 ► Salaried work force aged from 31 to 35 381 305 225 ► Salaried work force aged from 26 to 30 702 562 331 ► Salaried work force aged 25 and less 373 312 236 Average length of service 6,6 7,2 8,3 ► Non sales force 6,8 7,5 8,7 ► Sales force 5,0 4,0 4,2

18 AXA Group Social Data 2010 – Group Human Resources IV.IV. WorkforceWorkforce dynamicsdynamics

19 AXA Group Social Data 2010 – Group Human Resources Workforce dynamics Group overview (1/2)

Net job evolution (AXA Group) 2010 (b) 2009 (b) 2008 (b) Total net job evolution (open ended contracts) -3.177 -5.195 14.329 ► Entries 27.154 27.081 45.030 ► Departures 30.331 32.276 30.701 Net job evolution of non sales force (open ended contracts) -1.585 -1.886 11.946 ► Entries 13.418 11.013 28.444 ► External recruitments 11.216 9.654 21.975 ► Fixed-term contracts transformed into open-ended contracts 1.390 1.047 1.234 ► Re-hires into the company 510 / / ► Entries following mergers & acquisitions 302 312 5.235 ► Departures 15.003 12.899 16.498 ► Resignations 8.041 6.890 11.062 ► Economic layoffs 1.617 3.377 2.786 ► Individual layoffs 1.516 1.303 1.135 ► Departures due to external transfer (f) 2.332 / / ► Other departures (g) 1.497 1.329 1.515 Net job evolution of sales force (open ended contracts) -1.592 -3.309 2.383 ► Entries 13.736 16.068 16.586 ► External recruitments 13.247 15.844 15.130 ► Fixed-term contracts transformed into open-ended contracts 323 216 208 ► Re-hires into the company 138 / / ► Entries following mergers & acquisitions 28 8 1.248 ► Departures 15.328 19.377 14.203 ► Resignations 12.156 13.362 9.464 ► Economic layoffs 727 3.729 3.351 ► Individual layoffs 2.106 2.079 1.228 ► Departures due to external transfer (f) 132 / / ► Other departures (g) 207 207 160

20 AXA Group Social Data 2010 – Group Human Resources Workforce dynamics Group overview (2/2)

Movements: Mobility & turnover (AXA Group) 2010 (b) 2009 (b) 2008 (b) Total internal mobility rate (open ended contracts) 11,7% 12,1% 11,3% Total turnover rate (open ended contracts) 21,6% 24,8% 24,0% ► Involuntary turnover rate (layoffs) 4,6% 8,1% 6,6% ► Voluntary turnover rate (resignations) 15,7% 15,6% 16,0% ► Turnover rate linked to other reasons of departures (g) 1,3% 1,2% 1,3% Total turnover rate of non sales force (open ended contracts) 12,3% 12,3% 15,6% ► Involuntary turnover rate (layoffs) 3,0% 4,5% 3,7% ► Voluntary turnover rate (resignations) 7,8% 6,6% 10,4% ► Turnover rate linked to other reasons of departures (g) 1,5% 1,3% 1,4% Total turnover rate of sales force (open ended contracts) 59,9% 77,6% 64,0% ► Involuntary turnover rate (layoffs) 11,2% 23,2% 20,6% ► Voluntary turnover rate (resignations) 47,9% 53,5% 42,6% ► Turnover rate linked to other reasons of departures (g) 0,8% 0,8% 0,7%

21 AXA Group Social Data 2010 – Group Human Resources Workforce dynamics Focus on Europe

Net job evolution & Movements (Europe) 2010 (b) 2009 (b) 2008 (b)

Total net job evolution (open ended contracts) (h) -2.463 -455 7.546 ► Entries 7.382 6.422 15.443 ► External recruitments 5.764 5.192 8.854 ► Fixed-term contracts transformed into open-ended ones 971 911 994 ► Re-hires into the company 344 / / ► Entries following mergers & acquisitions 303 318 5.595 ► Departures 9.845 6.877 7.897 ► Resignations 3.963 3.421 4.488 ► Economic layoffs 1.151 957 1.023 ► Individual layoffs 914 1.221 884 ► Departures due to external transfer (f) 2.377 / / ► Other departures (g) 1.440 1.278 1.502 Net job evolution of non sales force (open ended contracts) -2.415 -506 7.053 ► Entries 5.758 4.972 13.344 ► Departures 8.173 5.478 6.291 Net job evolution of sales force (open ended contracts) -48 51 493 ► Entries 1.624 1.450 2.099 ► Departures 1.672 1.399 1.606 Total internal mobility rate (open ended contracts) 9,5% 11,6% 10,8% Total turnover rate (open ended contracts) 9,7% 8,9% 10,4% Turnover rate of non sales force 8,8% 8,0% 9,4% ► Involuntary turnover rate (layoffs) 2,1% 2,3% 1,7% ► Voluntary turnover rate (resignations) 4,5% 4,0% 5,6% ► Turnover rate linked to other reasons of departures (g) 1,9% 1,6% 2,0% Turnover rate of sales force 16,3% 16,1% 18,2% ► Involuntary turnover rate (layoffs) 6,6% 6,9% 8,4% ► Voluntary turnover rate (resignations) 8,2% 7,4% 8,2% ► Turnover rate linked to other reasons of departures (g) 1,5% 1,7% 1,6%

22 AXA Group Social Data 2010 – Group Human Resources Workforce dynamics Focus on Americas

Net job evolution & Movements (Americas) 2010 (b) 2009 (b) 2008 (b)

Total net job evolution (open ended contracts) (h) 25 -1.092 -531 ► Entries 2.966 2.126 2.847 ► External recruitments 2.684 2.018 2.723 ► Fixed-term contracts transformed into open-ended ones 128 106 122 ► Re-hires into the company 152 / / ► Entries following mergers & acquisitions 2 2 2 ► Departures 2.941 3.218 3.378 ► Resignations 1.538 1.385 1.703 ► Economic layoffs 705 1.327 1.041 ► Individual layoffs 533 390 545 ► Departures due to external transfer (f) 14 / / ► Other departures (g) 151 116 89 Net job evolution of non sales force (open ended contracts) 10 -1.037 -457 ► Entries 2.885 2.080 2.761 ► Departures 2.875 3.117 3.218 Net job evolution of sales force (open ended contracts) 15 -55 -74 ► Entries 81 46 86 ► Departures 66 101 160 Total internal mobility rate (open ended contracts) 13,0% 13,4% 13,8% Total turnover rate (open ended contracts) 17,2% 18,6% 19,1% Turnover rate of non sales force 17,3% 18,4% 18,6% ► Involuntary turnover rate (layoffs) 7,4% 10,1% 8,8% ► Voluntary turnover rate (resignations) 9,0% 7,7% 9,4% ► Turnover rate linked to other reasons of departures (g) 0,9% 0,7% 0,5% Turnover rate of sales force 14,3% 23,8% 36,3% ► Involuntary turnover rate (layoffs) 4,1% 3,8% 16,1% ► Voluntary turnover rate (resignations) 10,0% 19,1% 20,0% ► Turnover rate linked to other reasons of departures (g) 0,2% 0,9% 0,2%

23 AXA Group Social Data 2010 – Group Human Resources Workforce dynamics Focus on Asia Pacific / Middle East

Net job evolution & Movements (Asia / Middle East) 2010 (b) 2009 (b) 2008 (b)

Total net job evolution (open ended contracts) (h) -1.029 -4.110 7.057 ► Entries 16.137 17.812 26.290 ► External recruitments 15.424 17.629 25.139 ► Fixed-term contracts transformed into open-ended ones 543 183 265 ► Re-hires into the company 150 / / ► Entries following mergers & acquisitions 20 0 886 ► Departures 17.166 21.922 19.233 ► Resignations 14.435 15.250 14.169 ► Economic layoffs 479 4.824 4.074 ► Individual layoffs 2.085 1.735 918 ► Departures due to external transfer (f) 73 / / ► Other departures (g) 95 113 72 Net job evolution of non sales force (open ended contracts) 547 -779 5.108 ► Entries 4.143 3.292 11.923 ► Departures 3.596 4.071 6.815 Net job evolution of sales force (open ended contracts) -1.576 -3.331 1.949 ► Entries 11.994 14.520 14.367 ► Departures 13.570 17.851 12.418 Total internal mobility rate (open ended contracts) 15,9% 13,0% 11,4% Total turnover rate (open ended contracts) 51,7% 65,2% 58,3% Turnover rate of non sales force 19,7% 22,8% 33,8% ► Involuntary turnover rate (layoffs) 2,1% 7,7% 6,1% ► Voluntary turnover rate (resignations) 17,4% 14,7% 27,5% ► Turnover rate linked to other reasons of departures (g) 0,2% 0,4% 0,3% Turnover rate of sales force 89,3% 113,6% 96,9% ► Involuntary turnover rate (layoffs) 14,4% 33,0% 29,4% ► Voluntary turnover rate (resignations) 75,5% 80,3% 67,3% ► Turnover rate linked to other reasons of departures (g) 0,4% 0,3% 0,2%

24 AXA Group Social Data 2010 – Group Human Resources Workforce dynamics Focus on Africa

Net job evolution & Movements (Africa) 2010 (b) 2009 (b) 2008 (b)

Total net job evolution (open ended contracts) (h) 290 462 257 ► Entries 669 721 450 ► External recruitments 591 658 389 ► Fixed-term contracts transformed into open-ended ones 71 63 61 ► Re-hires into the company 2 / / ► Entries following mergers & acquisitions 5 0 0 ► Departures 379 259 193 ► Resignations 261 196 166 ► Economic layoffs 9 / / ► Individual layoffs 90 34 15 ► Departures due to external transfer (f) 0 / / ► Other departures (g) 19 29 12 Net job evolution of non sales force (open ended contracts) 273 436 242 ► Entries 632 669 416 ► Departures 359 233 174 Net job evolution of sales force (open ended contracts) 17 26 15 ► Entries 37 52 34 ► Departures 20 26 19 Total internal mobility rate (open ended contracts) 16,7% 6,1% 4,8% Total turnover rate (open ended contracts) 18,3% 15,1% 14,1% Turnover rate of non sales force 19,8% 14,9% 13,7% ► Involuntary turnover rate (layoffs) 5,2% 2,1% 1,2% ► Voluntary turnover rate (resignations) 13,0% 11,1% 11,6% ► Turnover rate linked to other reasons of departures (g) 0,9% 1,6% 0,9% Turnover rate of sales force 10,7% 17,7% 18,7% ► Involuntary turnover rate (layoffs) 0,5% 0,7% 0,0% ► Voluntary turnover rate (resignations) 9,1% 14,3% 18,7% ► Turnover rate linked to other reasons of departures (g) 1,1% 2,7% 0,0%

25 AXA Group Social Data 2010 – Group Human Resources V.V. RemunerationRemuneration

26 AXA Group Social Data 2010 – Group Human Resources Remuneration

| Remuneration, profit sharing, payroll expenses

| In any company, reward and recognition are key drivers to foster employee engagement and to a fulfil a successful career.

| Reward and recognition at AXA are balanced between tangible and intangible elements. Reward is more than just pay and benefits, and it covers a large part of the work experience with the company. A “Total Reward Strategy” has been defined to meet three key criteria: 1) attract and retain talents by offering competitive packages and differentiating higher performers; 2) define fairness as the combination of internal equity and meritocracy (for any given job responsibility, superior performance deserves greater compensation); 3) the overall compensation costs must be in line with AXA’s economic performance as compared to the market. This is key to become the “Preferred Company” also for our customers and shareholders.

| With €7 billion AXA’s total compensation expenses has increased by 5% when compared with 2009. This is due to 1) the variation of currency exchange rates (particularly the US and Australian Dollar, as well as the Japanese Yen, the Chinese Yuan Renminbi and the Indian Rupees) against the Euro with especially high impacts on the Asia Pacific perimeter (the regional split is as follows: Asia Pacific +15%, Europe +2%, Americas +11%, Africa +21%); 2) the payment of 2009 bonuses (paid in 2010) that were higher than the 2008 ones and the increasing proportion of variable pay (from 15.9% in 2009 to 17.2% in 2010); 3) the increase in FTE of 1.5% over 2010.

| Several local AXA entities have started to include environmental considerations in their profit sharing agreement. For example, AXA France’s agreement includes provisions related to paper consumption, and the AXA Group headquarters (GIE) includes criteria related to local carbon emissions reductions in the calculation of profit sharing agreement. Since 2008 AXA France has also set aside a dedicated budget to address gender-based pay gaps.

27 AXA Group Social Data 2010 – Group Human Resources Remuneration

Remuneration (open ended contracts only) (i) 2010 (b) 2009 (b) 2008 (b)

Total annual gross payroll of salaried workforce in Millions € (j) 7.076 6.715 6.770

Total annual gross payroll Europe in Millions € (j) 5.097 4.996 5.113 ► Proportion of fixed pay (related to wages) of non sales force 88% 88% 87% ► Proportion of variable pay (related to wages) of non sales force 12% 12% 13% ► Proportion of fixed pay (related to wages) of sales force 66% 75% 79% ► Proportion of variable pay (related to wages) of sales force 34% 25% 21%

Total annual gross payroll Americas in Millions € (j) 923 821 714 ► Proportion of fixed pay (related to wages) of non sales force 80% 80% 86% ► Proportion of variable pay (related to wages) of non sales force 20% 20% 14% ► Proportion of fixed pay (related to wages) of sales force 81% 85% 89% ► Proportion of variable pay (related to wages) of sales force 19% 15% 11%

Total annual gross payroll Asia / Middle East in Millions € (j) 1.018 867 915 ► Proportion of fixed pay (related to wages) of non sales force 86% 89% 87% ► Proportion of variable pay (related to wages) of non sales force 14% 11% 13% ► Proportion of fixed pay (related to wages) of sales force 44% 44% 39% ► Proportion of variable pay (related to wages) of sales force 56% 56% 61%

Total annual gross payroll Africa in Millions € (j) 37 30 25 ► Proportion of fixed pay (related to wages) of non sales force 81% 82% 79% ► Proportion of variable pay (related to wages) of non sales force 20% 19% 21% ► Proportion of fixed pay (related to wages) of sales force 81% 86% 89% ► Proportion of variable pay (related to wages) of sales force 21% 16% 11%

28 AXA Group Social Data 2010 – Group Human Resources VI.VI. TrainingTraining andand DevelopmentDevelopment

29 AXA Group Social Data 2010 – Group Human Resources Training & Development

| Training and development

| The Group’s Human Resource policy is based on a management style that intends to empower people, in line with AXA’s core values of professionalism, innovation, pragmatism, team spirit and integrity. Learning is a key lever for the HR function. Enhancing the technical expertise of employees and helping them grow as leaders are two of AXA’s key objectives. With a constantly changing business environment that demands employees to give their best, AXA’s focus on learning helps its employees acquire new skills or develop existing ones to better equip them in their career development. Learning continues to be one of the company’s top HR priorities as AXA is setting ambitious targets for 2011 and creating an agenda for a common learning through the 5 following pillars: On boarding, Leadership and Management Skills, Technical Skills, Transversal Skills and Individual Development.

| AXA’s competencies development remains high with 81% of its employees trained during the year (vs. 79% in 2009). The average duration of training decreased slightly from 3.6 days / employee in 2009 to 3 days in 2010 as AXA’s salaried sales-force received more but shorter training courses.

| In addition to local employee training and development programs, the Group runs AXA University, a central learning structure which primary objective is to provide AXA’s worldwide group of executives a place to network and exchange ideas, as well as targeted development and competence-building opportunities. In this way, AXA University helps build organisational capability and in so doing contributes to the implementation and success of AXA's corporate project. AXA University offers a high level curriculum thanks to relationships formed with professors of world’s leading universities and business schools such as Wharton, IMD and INSEAD. The offering is constructed around two main themes: professional colleges (targeted to build specific technical competencies and “families” such as Finance, Human Resources or Marketing) and programs dedicated to the development of leadership capabilities for top executives. AXA University also plays a vital role in promoting organisational capability and corporate culture.

| Talent attraction and retention

| Since 2002, AXA formalized the “Organization & Talent Review”, a systematic review and discussion of the organization structure required to support the business and prepare for future needs. It reviews team dynamics, talent depth and talent flow (succession plans) across all major entities of the Group AXA. This strategic tool does 1) project the organization while taking into account the business priorities, people trends and capacity gaps for the next 5 years and anticipates talent implications, 2) ensure that AXA has the right growth engine to build a robust, ready and solid “talent pipeline” (i.e. provides an understanding of the number of people available to build the organization capability), 3) prepare the most suitable candidates to fill key positions within the organization at the right time, 4) review the key positions suitable for talent development, including talents such as experts and expatriates, 5) reduce “fire-fighter staffing” since it is costly to replace an employee in a key position (it takes at least 6 months to find the right successor; plus there is a loss of know-how and disorganization), 6) increase the engagement of employees who know that their progress within AXA is a reality since their development actions and career paths are openly discussed.

| A standard performance management & review has been established to be held at all AXA entities to cover 100% of the employees, at least on an annual basis. This recurrent process directly ensures that the Group's performance-based remuneration policy and evaluation of training needs runs efficiently. In 2007, a worldwide initiative called "People In" was launched in order to roll out a shared process on performance management using a PeopleSoft tool. 38,504 employees were using it in 2010.

| AXA has defined a framework to identify and measure the operational risks that may arise from a failure in its organization, systems and resources or from external events. Ensuring an adequate mitigation of these risks across the Group is a key pillar of the risk management functions. With respect to its employment practices, AXA has defined, and will further strengthen in 2011, Human Resources Key Risk Indicators (HR KRI) to retain employees and position itself as an employer able to attract top talent, to better manage employee relations, and to contribute to a safe and healthy environment for its workforce.

30 AXA Group Social Data 2010 – Group Human Resources Training & Development Group overview

Training & Development (AXA Group) 2010 (b) 2009 (b) 2008 (b) Total number of training days (open ended contracts) 392.439 468.246 478.651

% of workforce having received at least one training course (k) 80,8% 78,8% 76,6% Average number of training days per salaried workforce 3,0 3,6 3,7 Total number of training days of non sales force 238.550 223.747 262.011 ► Proportion of managerial trainings 16,0% 13,7% 17,3% ► Proportion of technical trainings 45,6% 45,7% 46,5% ► Proportion of other trainings 38,4% 40,6% 36,2%

% of non sales force having received at least one training course (k) 75,7% 73,9% 68,8% Average number of training days per salaried non sales force 2,4 2,3 2,5 Total number of training days of sales force 153.889 244.499 216.639 ► Proportion of managerial trainings 3,8% 2,3% 4,9% ► Proportion of technical trainings 68,6% 78,0% 77,5% ► Proportion of other trainings 27,5% 19,7% 17,6%

% of sales force having received at least one training course (k) 102,1% 99,7% 114,1% Average number of training days per salaried sales force 6,3 10,1 9,8

31 AXA Group Social Data 2010 – Group Human Resources Training & Development Focus on Europe & Americas

Training & Development (Europe) 2010 (b) 2009 (b) 2008 (b) Total number of training days (open ended contracts) 211.557 220.609 251.675

% of workforce having received at least one training course (k) 83,7% 76,2% 78,7% Average number of training days per salaried workforce 2,8 2,8 3,3 Total number of training days of non sales force 153.833 156.991 181.814 ► Proportion of managerial trainings 15,0% 12,7% 18,3% ► Proportion of technical trainings 38,6% 41,4% 38,8% ► Proportion of other trainings 46,4% 45,9% 42,8% Average number of training days per salaried non sales force 2,3 2,3 2,7 Total number of training days of sales force 57.724 63.618 69.861 ► Proportion of managerial trainings 3,7% 4,7% 5,3% ► Proportion of technical trainings 86,6% 86,6% 86,2% ► Proportion of other trainings 9,7% 8,7% 8,5% Average number of training days per salaried sales force 6,3 7,5 7,9

Training & Development (Americas) 2010 (b) 2009 (b) 2008 (b) Total number of training days (open ended contracts) 26.255 10.975 10.415

% of workforce having received at least one training course (k) 75,5% 57,2% 32,5% Average number of training days per salaried workforce 1,5 0,6 0,6 Total number of training days of non sales force 25.863 10.862 10.218 ► Proportion of managerial trainings 13,9% 11,7% 16,8% ► Proportion of technical trainings 60,2% 57,5% 52,4% ► Proportion of other trainings 25,9% 30,8% 30,9% Average number of training days per salaried non sales force 1,9 0,8 0,6 Total number of training days of sales force 392 113 197 ► Proportion of managerial trainings 1,3% 1,8% 2,5% ► Proportion of technical trainings 77,3% 96,5% 95,9% ► Proportion of other trainings 21,4% 1,7% 1,6% Average number of training days per salaried sales force 5,5 2,9 0,5

32 AXA Group Social Data 2010 – Group Human Resources Training & Development Focus on Asia / Middle East & Africa

Training & Development (Asia Pacific/ Middle East) 2010 (b) 2009 (b) 2008 (b) Total number of training days (open ended contracts) 134.729 216.042 195.854

% of workforce having received at least one training course (k) 97,3% 89,3% 95,3% Average number of training days per salaried workforce 4,1 6,4 5,9 Total number of training days of non sales force 39.860 35.896 49.830 ► Proportion of managerial trainings 26,4% 25,5% 20,4% ► Proportion of technical trainings 45,4% 37,9% 55,6% ► Proportion of other trainings 28,2% 36,6% 24,0% Average number of training days per salaried non sales force 2,3 2,1 2,5 Total number of training days of sales force 94.869 180.147 146.024 ► Proportion of managerial trainings 3,1% 1,4% 4,6% ► Proportion of technical trainings 58,2% 75,0% 73,4% ► Proportion of other trainings 38,7% 23,6% 22,0% Average number of training days per salaried sales force 6,4 11,6 11,4

Training & Development (Africa) 2010 (b) 2009 (b) 2008 (b) Total number of training days (open ended contracts) 19.899 20.621 20.707

% of workforce having received at least one training course (k) 90,3% 78,4% 83,5% Average number of training days per salaried workforce 15,1 12 9,6 Total number of training days of non sales force 18.995 19.999 20.150 ► Proportion of managerial trainings 5,1% 2,1% 0,8% ► Proportion of technical trainings 83,2% 86,7% 90,1% ► Proportion of other trainings 11,7% 11,2% 9,1% Average number of training days per salaried non sales force 10,1 12,9 15,9 Total number of training days of sales force 904 622 557 ► Proportion of managerial trainings 90,7% 11,3% 1,6% ► Proportion of technical trainings 7,1% 77,0% 76,5% ► Proportion of other trainings 2,2% 11,7% 21,9% Average number of training days per salaried sales force 4,8 4,2 5,5

33 AXA Group Social Data 2010 – Group Human Resources VII.VII. WorkWork timetime andand absenteeismabsenteeism

34 AXA Group Social Data 2010 – Group Human Resources Work time & absenteeism

| Health & safety, absenteeism, employee wellbeing

| The total absenteeism rate remained stable: 4.5% in 2009 and 4.6% in 2010. The proportion of work-related accidents has slightly increased from 2009 (1.9%) to 2010 (2.3%). This increase is higher with regards to the salaried sales force (+2 points), especially in the high-growth markets entities.

| AXA’s local entities develop schemes to monitor and improve their employees’ health. For example, in 2010, AXA Germany launched "for a healthy heart", a mobile medical service visiting all German AXA locations during 3 years, with a prevention program focusing on employees’ cardiovascular risks. A company physician performs individual employee risk assessments, and provides diet and exercising advice. Over 2.000 employees took part in the related “Health Days”. These new activities complement the broad range of services and advice already existing for employees (addiction counselling, mobbing advice, first-aid training courses, etc.). The AXA Group head office initiated a series of conferences and workshops led by specialists providing advice onhow to fight sleep deprivation. In connection with exercise, relaxation, diet, and ergonomics, AXA Winterthur (Switzerland) offers awide range of activities on all aspects of physical and mental wellbeing. Presence management is also being introduced: the idea is to identify warning signs of health issues at an early stage and to take suitable measures. Training sessions for all line managers on the topics of prevention, early warning, and reintegration into the workplace are undertaken. A health platform shows video clips of exercises to be performed regularly during short break that can help prevent and counteract painful muscle tension. Health management also offers regular two-hour workshops in AXA Winterthur on topics such as staying healthy and fit while working at the PC, as well as on training for the eyes. Several entities won employee wellbeing or positive workplace awards in 2010 (e.g. Germany, Greece, Mexico, Portugal).

| Working time, overtime, work-life flexibility

| The average number of working hours per week in AXA is 36 and the average number of working days is 229. Overtime compared to the total number of working hours has slightly increased from 1.6% in 2009 to 1.9% in 2010. The percentage of part-time non-sales force increased from 11.3% in 2009 to 12.5% in 2010.

| AXA’s local entities have developed various programs to improve their employees’ work-life-balance. AXA Germany has implemented several childcare measures such as «parent-offices» which can be booked in case the regular childcare solution fails, or offers advice on financial support for private childcare-offers during school vacation periods, a 2-week-program for employee children during the summer holidays, etc. AXA Mexico launched the “Vive en Balance” (Live in Balance) program to improve work- life flexibility and enhance employee engagement. AXA Switzerland developed the “Fathersforum”, a seminar on work-life topics of fathers, who were able to share experiences in taking part of their family life in addition to a fulfilling career at AXA. AXA Switzerland’s employees also benefit from “Family Care”, a structure that provides individual and affordable solutions for the families of AXA employees requiring assistance (e.g. advice and information on family life and parenting), while the “Elder Care” specialists help find adequate solutions when it comes to looking after and treating family members who are old, ill, or disabled.

35 AXA Group Social Data 2010 – Group Human Resources Work time & absenteeism Group overview

Work time & Absenteeism (AXA Group) 2010 (b) 2009 (b) 2008 (b) Average number of working days / year (open ended contracts) 229,1 228,4 228,0

Average number of working hours / week (open ended contracts) (l) 35,2 37,3 37,2 Total absenteeism rate (open ended contracts) 4,6% 4,5% 4,1% ► Proportion of absences due to sickness 71,4% 71,4% 71,8% ► Proportion of short term sick absences (m) 78,5% 79,4% 84,4% ► Proportion of long term sick absences (n) 21,5% 20,6% 15,6% ► Proportion of absences due to work related accident 2,3% 1,9% 1,8% ► Proportion of absences due to maternity 26,3% 26,8% 26,8% Total absenteeism rate of non sales force (open ended contracts) 5,1% 5,1% 4,6% ► Proportion of absences due to sickness 72,9% 72,3% 73,0% ► Proportion of short term sick absences (m) 77,3% 78,4% 84,5% ► Proportion of long term sick absences (n) 22,7% 21,6% 15,5% ► Proportion of absences due to work related accident 1,9% 1,7% 1,6% ► Proportion of absences due to maternity 25,2% 26,0% 25,8% Total absenteeism rate of sales force (open ended contracts) 2,5% 2,3% 2,2% ► Proportion of absences due to sickness 59,4% 63,5% 60,4% ► Proportion of short term sick absences (m) 90,0% 88,7% 82,8% ► Proportion of long term sick absences (n) 10,0% 11,3% 17,2% ► Proportion of absences due to work related accident 5,4% 3,3% 3,6% ► Proportion of absences due to maternity 35,2% 33,2% 36,4%

36 AXA Group Social Data 2010 – Group Human Resources Work time & absenteeism Focus on Europe

Work time & Absenteeism (Europe) 2010 (b) 2009 (b) 2008 (b) Average number of working days / year (open ended contracts) 219,6 220,5 220,1

Average number of working hours / week (open ended contracts) (l) 34,5 36,3 36,3 Total absenteeism rate (open ended contracts) 6,3% 6,1% 5,8% ► Proportion of absences due to sickness 73,4% 72,7% 74,5% ► Proportion of short term sick absences (m) 81,5% 83,4% 83,1% ► Proportion of long term sick absences (n) 18,5% 16,6% 16,9% ► Proportion of absences due to work related accident 2,4% 2,0% 2,0% ► Proportion of absences due to maternity 24,3% 25,2% 23,6% Total absenteeism rate of non sales force (open ended contracts) 6,5% 6,1% 6,0% ► Proportion of absences due to sickness 74,3% 73,4% 74,8% ► Proportion of short term sick absences (m) 80,9% 83,1% 83,4% ► Proportion of long term sick absences (n) 19,1% 16,9% 16,6% ► Proportion of absences due to work related accident 2,0% 1,9% 1,8% ► Proportion of absences due to maternity 23,7% 24,7% 23,4% Total absenteeism rate of sales force (open ended contracts) 5,4% 6,0% 4,5% ► Proportion of absences due to sickness 65,5% 67,2% 71,3% ► Proportion of short term sick absences (m) 87,6% 86,7% 80,9% ► Proportion of long term sick absences (n) 12,4% 13,3% 19,1% ► Proportion of absences due to work related accident 5,2% 3,3% 4,6% ► Proportion of absences due to maternity 29,3% 29,5% 24,7%

37 AXA Group Social Data 2010 – Group Human Resources Work time & absenteeism Focus on Americas

Work time & Absenteeism (Americas) 2010 (b) 2009 (b) 2008 (b) Average number of working days / year (open ended contracts) 240,6 237,2 237,0

Average number of working hours / week (open ended contracts) (l) 37,1 39,0 39,0 Total absenteeism rate (open ended contracts) 3,2% 4,2% 2,0% ► Proportion of absences due to sickness 77,9% 77,4% 71,0% ► Proportion of short term sick absences (m) 40,4% 39,4% 84,3% ► Proportion of long term sick absences (n) 59,6% 60,6% 15,7% ► Proportion of absences due to work related accident 1,9% 1,2% 1,5% ► Proportion of absences due to maternity 20,2% 21,3% 27,5% Total absenteeism rate of non sales force (open ended contracts) 3,2% 4,2% 1,9% ► Proportion of absences due to sickness 78,6% 77,5% 70,8% ► Proportion of short term sick absences (m) 40,2% 39,3% 84,0% ► Proportion of long term sick absences (n) 59,8% 60,7% 16,0% ► Proportion of absences due to work related accident 1,5% 1,2% 1,5% ► Proportion of absences due to maternity 19,9% 21,3% 27,7% Total absenteeism rate of sales force (open ended contracts) 12,0% 4,5% 10,9% ► Proportion of absences due to sickness 21,3% 52,0% 83,5% ► Proportion of short term sick absences (m) 100,0% 100,0% 100,0% ► Proportion of long term sick absences (n) 0,0% 0,0% 0,0% ► Proportion of absences due to work related accident 32,4% 12,1% 1,7% ► Proportion of absences due to maternity 46,3% 35,9% 14,8%

38 AXA Group Social Data 2010 – Group Human Resources Work time & absenteeism Focus on Asia Pacific / Middle East

Work time & Absenteeism (Asia Pacific / Middle East) 2010 (b) 2009 (b) 2008 (b) Average number of working days / year (open ended contracts) 241,9 241,5 241,3

Average number of working hours / week (open ended contracts) (l) 36,5 39,4 38,7 Total absenteeism rate (open ended contracts) 1,7% 1,5% 1,6% ► Proportion of absences due to sickness 51,4% 53,3% 50,5% ► Proportion of short term sick absences (m) 95,2% 94,4% 96,3% ► Proportion of long term sick absences (n) 4,8% 5,6% 3,7% ► Proportion of absences due to work related accident 2,2% 0,9% 0,5% ► Proportion of absences due to maternity 46,5% 45,7% 49,0% Total absenteeism rate of non sales force (open ended contracts) 2,4% 2,3% 2,1% ► Proportion of absences due to sickness 54,1% 54,4% 57,2% ► Proportion of short term sick absences (m) 93,8% 93,1% 95,9% ► Proportion of long term sick absences (n) 6,2% 6,9% 4,1% ► Proportion of absences due to work related accident 1,0% 0,0% 0,5% ► Proportion of absences due to maternity 43,9% 45,2% 42,3% Total absenteeism rate of sales force (open ended contracts) 1,1% 0,7% 0,8% ► Proportion of absences due to sickness 43,9% 49,2% 22,7% ► Proportion of short term sick absences (m) 100,0% 100,0% 100,0% ► Proportion of long term sick absences (n) 0,0% 0,0% 0,0% ► Proportion of absences due to work related accident 5,2% 3,1% 0,5% ► Proportion of absences due to maternity 50,8% 47,7% 76,7%

39 AXA Group Social Data 2010 – Group Human Resources Work time & absenteeism Focus on Africa

Work time & Absenteeism (Africa) 2010 (b) 2009 (b) 2008 (b) Average number of working days / year (open ended contracts) 258,3 242,3 237,3

Average number of working hours / week (open ended contracts) (l) 41,1 41,5 41,1 Total absenteeism rate (open ended contracts) 4,2% 4,0% 3,1% ► Proportion of absences due to sickness 69,1% 70,5% 65,1% ► Proportion of short term sick absences (m) 100,0% 100,0% 97,0% ► Proportion of long term sick absences (n) 0,0% 0,0% 3,0% ► Proportion of absences due to work related accident 2,9% 2,2% 1,7% ► Proportion of absences due to maternity 27,9% 27,4% 33,2% Total absenteeism rate of non sales force (open ended contracts) 4,2% 4,1% 3,2,% ► Proportion of absences due to sickness 70,9% 73,0% 66,8% ► Proportion of short term sick absences (m) 100,0% 100,0% 97,0% ► Proportion of long term sick absences (n) 0,0% 0,0% 3,0% ► Proportion of absences due to work related accident 3,1% 1,8% 1,7% ► Proportion of absences due to maternity 26,0% 25,2% 31,5% Total absenteeism rate of sales force (open ended contracts) 3,2% 2,8% 1,9% ► Proportion of absences due to sickness 44,7% 37,1% 32,2% ► Proportion of short term sick absences (m) 100,0% 100,0% 100,0% ► Proportion of long term sick absences (n) 0,0% 0,0% 0,0% ► Proportion of absences due to work related accident 0,0% 7,6% 1,0% ► Proportion of absences due to maternity 55,3% 55,3% 66,8%

40 AXA Group Social Data 2010 – Group Human Resources VIII.VIII. AppendicesAppendices

41 AXA Group Social Data 2010 – Group Human Resources Notes

| (a) This statement and / or evaluation does not take into account the side effects of FOREX (FOReign EXchanges).

| (b) Perimeter’s re-base lining: 2008 and 2009 data is LFL (Like For Like). 2009 perimeter for Europe is slightly different from 2008 perimeter due to the change of system. As a result of a redefinition of India’s managers of agents, 2008 data were adapted as follows: 4.284 managers were reallocated in total: of which 4.044 to salaried sales force and 240 to the experts and staff category. This reassignment also effects the “changes in staffing level” section for this population. United Kingdom mentioned in their perimeter an error in their 2009 figures of 915 employees. Korea reports in 2010, 798 employees in automatically and indefinitely renewable fixed-term contracts as open-ended contracts (formerly counted as fixed-term contract). Alliance Bernstein mentioned an error in their 2009 reporting as, while figures have been captured for headcount, no figure were captured for Full Time equivalents (FTEs). United Kingdom further mentioned an error in their 2009 reporting as, while figures related to temporary employees / interims have been captured in 2010, no figures were captured in 2009.

| (c) Sorted by number of salaried workforce in 2010.

| (d) At December 30, 2010, AXA announced the acquisition of B&B Insurance. Data for this entity was not collected and is not included into the Social Data Report 2010.

| (e) Number of employees with disabilities concerns, due to legal constraints, entities listed in France only.

| (f) Salaried workforce that has left AXA because of an activity/job transfer to an external company. It includes all situations where employees keep their job but are no longer in contract with AXA.

| (g) Retirement, pre-retirement, death and termination of employment for permanent disability.

| (h) On a global level, entries are calculated as follows: external recruitments + fixed-term contracts transformed into open-ended ones + re-hires into the company + entries following merges & acquisitions. Departures are calculated as follows: resignations + economic and individual layoffs + external transfers + retirement + pre-retirement + death + permanent disability. On a continental and local level, entries’ calculation is further extended to: number of motility (from sales to non sales force) and number of number of inter-company entries. Departures’ calculation is further extended to: number of mobility (from non sales to sales force) and number of inter-company departures. Therefore, global and continental / local net job creation show deltas explainable through mathematical modeling.

| (i) All amounts and financial statements are expressed in Euro (€).

| (j) The total annual gross payroll includes the individual fixed pay, the individual variable pay, employer's social contributions and collective profit sharing (if any). It excludes equity based compensation (stock options, performance units, performance shares,AXA Miles). This data does not take into account the side effects of FOREX (FOReign EXchanges) as stated under (a).

| (k) This average does include leavers who received a training during the calendar year. Therefore, turnover has to be taken into account.

| (l) In 2010, this figure also includes salaried workforces in part-time contracts.

| (m) Sick absences with a total duration of less than one year.

| (n) Sick absences with a total duration of more than one year.

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| Employee relations, collective bargaining

| Effective labour-management communications and social dialog pave the way for the stability needed to implement the Group’s development strategy. Such communications with staff or their representatives are therefore organized and conducted by each Group company on a regular basis. AXA also has set up a European Works Council (EWC), whose extensive role goes beyond the regulatory requirements in force. The EWC is made up of staff representatives from AXA’s largest European subsidiaries, who meet in order to receive and exchange information on the social, strategic and economic issues that concern the Group, and maintain an on-going dialog between employees and management.

| In June 2009, the Group EWC agreement (available on www.axa.com) was renewed for an undefinite term starting December 1, 2009. This renewal takes into account the European Directive n°2009/38 dated May 6, 2009. The initial agreement was concluded before the European directive on works councils became mandatory. In this way, staff rights to be consulted and informed were freely agreed on by management and employee representatives before the directive’s compulsory provisions actually came into effect. AXA holds two plenary meetings a year, in combination with a preparatory and post-plenary session systematically held for debriefing. These plenary meetings are always attended by the Chairman of the AXA Management Committee. Moreover, the European Works Councils (EWC’s) bureau, which features thirteen representatives, meets monthly.

| The introductory section of the Group EWC agreement is based on a number of international benchmark documents, such as the UN’s Declaration of Human Rights and the International Labour Organization’s standards, as well as AXA’s own set of core values and commitments.

| In addition to the EWC’s work, numerous collective bargaining agreements are signed. For example, in France, 9 collective agreements have been signed throughout 2010. These agreements included the implementation of an innovative stress prevention programme, the renewal of a three-year salary agreement for administrative staff, and the renewal of employee representation organisations and of social dialog rights, in accordance with France’s new legislation in this area. More generally, beyond Europe, the Group strives to ensure that employees are fairly represented in all major countries where it is present.

| Headcount adjustments, mobility and related measures

| The aforementioned Group EWC agreement provides a certain number of commitments to employees in the event of major organizational changes with impacts on jobs. AXA has developed the following principles with a view to guiding its various European business units in their local management:

| (1) When organizational changes affect jobs, AXA pledges to supply relevant information and, as appropriate in light of local cultures and rules, to consult with employees and their representatives;

| (2) In connection with this information-gathering and consultative process, the data and information provided by AXA will include possible alternative solutions if relevant;

| (3) Factoring in the interests of its employees, clients and shareholders, AXA undertakes to maximize any opportunities for internal and external redeployments, when applicable, for all AXA employees affected by possible employment issues;

| (4) AXA will do its utmost to prevent compulsory redundancies and other collective transfers, by pursuing other approaches whenever possible. More specifically, AXA endeavours to: 1) seize the opportunities offered by natural headcount attrition to facilitate employment issues; 2) make every effort to help employees, analyse their skills and career paths and offer them training and reassignment opportunities, when feasible; 3) give priority to voluntary departures and redeployments instead of redundancies and other forms of collective transfers; and 4) deal with decisions of international transfer of business (for example in the case of off shoring) applying the principles of social dialog explained in this text to the European countries involved;

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| Headcount adjustments, mobility and related measures (continued)

| (5) When geographic mobility is necessary, it must be offered as a matter of priority to employees who volunteer to move, with this process managed with a view to enabling their integration into a new environment under the best possible conditions;

| (6) AXA pledges to recognize staff representatives and uphold their freedoms, rights and functions, in line with national legislation and, where relevant, agreements in force in local business units;

| (7) Aware that training represents a major investment both for the Group and for its employees, AXA is committed to developing a continuous learning culture;

| (8) AXA will not discriminate against its staff on the basis of their gender, race, colour, ethnic origin, genetic makeup, disabilities, sexual orientation, language, religion, personal convictions, union membership or political opinions.

| In 2011, AXA will launch “Mobility @ AXA”, its new “job posting“ system. The deployment of this new platform will be progressive in the next few years to become a shared platform for all AXA entities worldwide. | Diversity & Inclusion

| AXA is committed to promoting diversity and inclusion by creating a work environment where all employees are treated with dignity and respect and where individual differences are valued. AXA is committed to equal opportunity in all aspects of employment. We oppose all forms of unfair or unlawful discrimination and will not tolerate discrimination based on age, race, nationality, ethnic origin, gender, sexual orientation, religion, marital status, or disability. AXA is dedicated to cultivate a diverse and inclusive environment where all employees feel fully engaged and included in our business and strategy to become the “Preferred Company”.

| Diversity and inclusion is tightly linked to AXA’s values and culture, based on respect for employees, customers, and communities around us. A diverse workforce helps AXA effectively meet diverse market and customer needs globally and locally, as well as improve its competitiveness through innovation. It also helps attract the most talented people in all populations and foster internal morale and employee engagement, as well as enhanced people management and optimized teamwork. Moreover, it enhances the brand image.

| In 2010, AXA’s Management Committee validated the updated diversity & inclusion policy. At the entity level, 47 Diversity Champions have been appointed and are supported by Diversity Correspondents who implement action plans. A Group Diversity Council was formed, and a Group Chief Diversity & Inclusion Officer was appointed in late 2010. AXA local entities continued with their focus on diversity and inclusion based on locally-driven dynamics.

| In 2011, AXA kicked off the year with a Diversity & Inclusion Forum that had over 100 key diversity and inclusion stakeholders from both the business and HR attend. At the event, both the AXA CEO and the Deputy CEO stated their commitment to diversity & inclusion in AXA. During the event, local AXA entities were recognized through a Diversity & Inclusion Best Practices Award. This was the first year for the award, and there were 21 entries from 14 affiliates. Submissions addressed 6 diversity and inclusion categories, which were gender, work-life, multi-generational, disability, race/ethnicity, and sexual orientation.

| In early 2011, AXA will establish a Group diversity & inclusion strategy that will encompass a focus on our employees, our culture, and our customers, as well as leadership. Within this strategic framework, AXA Group will address some aspects of diversity and inclusion on a global level, such as gender. Alignment on a few key globally relevant diversity & inclusion priorities, couple with the critical country-specific dynamics addressed by the local entities, will allow for leveraging of resources, efficiency, and stronger results.

| The proportion of women in AXA’s workforce increased between 2009 and 2010, across all employee categories: Executives (from 21.6% in 2009 to 22.4% in 2010), Managers (from 36.9% to 38.2%) and overall workforce (from 49.6% to 50.5%). AXA’s Board of Directors features 4 women out of a total of 15 members.

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| Diversity & Inclusion (continued)

| This positive data trending has been a result of numerous gender initiatives implemented across AXA with a long term goal of achieving gender balance at all levels. In 2010, AXA Belgium created the “AXA Wo_Men@Work” award which rewards a CEO, CFO, CIO, COO, or Board member, outside of AXA, who is actively promoting gender diversity within the senior management of his or her company or organization. For several years now, AXA France has been a recognised leader in the area of equal opportunities through the promotion of a number of initiatives. In 2010, these included partnering with the “Tour de France de la Diversité” (promoting France’s “Diversity Charter”), extending the 2005 anonymous resumes policy to all job applicants as a way of ensuring fair treatment (30.000 applications since 2009), adapted remuneration efforts, and promoting the employability of mature staff through the anticipation of their career development and specific training and mentoring programmes from age 45 and above. AXA Germany has launched an extensive “Gender Mentoring” program in 2010. AXA Life Japan addresses the issue of women’s representation in management by organizing programs for pre-manager women and career advice and trainings. AXA Life Japan also developed a scheme that helps senior employees’ career flexibility while providing new opportunities to younger talents. When senior employees reach the age of 50 or 55 (depending on their job grade), the company offer them various options and career advice including further development, early retirement packages, and even starting-up as a tied agent. AXA Mexico established a Diversity Committee. AXA Spain launched its “Equality Plan” in 2010, a collective agreement signed between management and local trade unions to prevent gender discrimination and promoting work-life flexibility. The Plan includes initiatives such as sexual and moral harassment incident reporting with non-retribution guarantees, application forms and interviews devoid of irrelevant personal questions, and maternity / paternity leave measures. AXA Switzerland launched a Gender Mentoring program in 2009 whereby senior executives mentored female employees to exchange career experiences, discuss different life situations and increase the visibility of top talents. The programme was extended in 2010 and a Diversity Council was launched. AXA Equitable (USA) hosted an event to honour the US Women's History Month.

| AXA entities also promote the integration of people with disabilities. In AXA France’s perimeter, where it is legal to report this figure, the number of people with disabilities increased from 515 employees in 2009 to 616 employees in 2010, representing a 19.6% increase. Another local disability initiative is AXA Life Japan which has increased its disabled employment rate by hiring 150 people with disabilities in 3 years, achieving one of Japan’s highest disabled employment rate. AXA Germany signed a specific agreement with its Works Council, whereby specific facilities accessible for the handicapped are provided, such as adapted elevators, even floors and doorsteps, special rest room facilities and ramps. The workspace is modified if an employee needs special arrangements due to a personal handicap. AXA France’s “Mission Handicap” enables hundreds of employees to benefit from adapted working schedules, transportation and real estate services. These efforts also apply to the parents of handicapped children.

| Impact on regional development, subcontracting

| To the extent that the Company’s activities are decentralized and their staffs are spread among numerous locations, it generally has no significant direct impact on local employment or development in any given region. It does not resort to significant levels of subcontracting.

| However, as a provider of insurance, savings and investment services, AXA is an actor of economic growth and social development through the support of 93 million individual customers, local communities and businesses. Indeed AXA’s business is to protect people and businesses, their belongings, their health, their savings, their assets over the long run, providing peace of mind through uncertainty and support when it is most needed. This means designing reliable insurance and investment solutions to meet the needs of our customers, managing risks and claims in a professional way, acting as a major long-term investor, but also sharing our business expertise by helping to build better understanding of the risks faced by individuals and society at large.

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| Human rights: Group engagements, International Labour Organization (ILO) standards and reporting

| In addition to compliance with national law and regulations, AXA joined the United Nations’ Global Compact in February 2003, formally committing to uphold the following two principles for fundamental human rights: 1) Taking the steps needed to protect and comply with internationally proclaimed human rights; 2) Taking the steps needed to ensure that they do not knowingly aid or abet human rights violations.

| AXA also made formal commitments to comply with and promote its ten guiding principles in the areas of human rights, labour, environment and anticorruption. These principles are derived from the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development and the United Nations Convention against Corruption. Furthermore, these commitments include various principles relating to collective labour standards. In this way, the Group’s employment policy covers several aspects, such as equal opportunities and freedom of association.

| The first chapter of the aforementioned Group Compliance and Ethics Guide refers to the UN Global Compact in its founding principles. Both the Compliance Guide and UN Global Compact adhesion are applicable to every AXA entity.

| Community involvement: social & cultural activities, philanthropy, education, employee volunteering, social inclusion

| Beside the aforementioned societal benefits derived from its activity as an insurer and investor, AXA’s main efforts towards the community focus on the following areas

| (1) Volunteering: supporting disadvantaged people through the Group employee volunteering program, “AXA Hearts In Action”. In 2010, over 23,500 AXA Hearts In Action volunteers around the world made their skills, time and generosity available to support more than 1000 charities with a view of helping underprivileged people. The areas covered by AXA Hearts In Action are selected by employees in light of local issues, and include fighting against exclusion and helping children in need, people with disabilities and victims of natural disasters.

| (2) Research and education: AXA launched in 2008 the AXA Research Fund (www.axa-research.org) whose core mission is to finance basic research contributing to understand and prevent risks. The Fund has been awarded €100 million over five years to finance innovative research and cutting-edge projects within three areas: environmental risks, life risks, and socio-economic risks. It will thus foster innovative world-class research on those major risks, by providing outstanding researchers with the best possible working conditions, contributing to the development of highly competitive institutions (by giving substantial amounts that make a true difference), and encouraging a living research community committed to a better understanding of major risks. The results of research are publicly available; AXA doesn't own intellectual property of research results. The Fund does therefore not launch nor support contractual research. In 2010, the AXA Research Fund invested €13.8 million to support 83 new projects in 16 countries. 3 permanent research chairs were funded, as well as 6 research teams, 48 post doctoral fellowships (2 years duration) and 26 doctoral fellowships (3 years). Funding is granted in accordance with the decisions of the AXA Research Fund Scientific Board, composed of world-renowned researchers and AXA representatives.

| (3) Donations: in addition to the AXA Research Fund program, the AXA Group and local entities invested €16.3 million in total in philanthropic actions in 2010. Themes covered included arts & culture, economic development, education & youth, emergency relief (e.g. the Group donated €668K for the Haiti earthquake victims), environment, health, or social welfare.

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| Community involvement: social & cultural activities, philanthropy, education, employee volunteering, social inclusion (continued)

| (4) In addition, a Group-level initiative was launched in 2010 to assess how AXA could design and launch insurance products that address social exclusion while being breakeven in the long term, by enabling vulnerable segments of the population to access insurance services. A first type of offer of low-cost / micro-insurance products has been launched in France, for micro- entrepreneurs, as early as 2007, and more recently in Mexico (2009) and Portugal (2010), catering to lower middle-class or low income individuals who cannot afford traditional products, which are often not adapted to their needs. In emerging markets, where volumes of potential customers are significant, micro-insurance projects with a specific business model are being investigated.

| Business ethics

| In 2006, AXA’s Supervisory Board adopted a new version of its Compliance and Ethics Guide, available on the Group’s website (www.axa.com). The purpose of the Guide is to establish Group-wide guidelines and rules to ensure that all AXA Group companies and employees have a common understanding of applicable ethical standards and conduct business accordingly. The Guide covers a variety of matters including specific rules concerning conflicts of interest, transactions involving AXA securities and those of its listed subsidiaries, anti money laundering, confidentiality and control of sensitive information, and data protection and storage. The Compliance and Ethics Guide also seeks to uphold the values set forth in the AXA Vision. Most of AXA's principal operating subsidiaries have developed ethical guidelines that comply with local regulatory and statutory requirements.

| In 2010, the Group launched a worldwide e-learning initiative covering selected topics in the AXA Group Compliance and Ethics Guide. The aim is to stress the importance AXA Group and Management attach to Compliance and Ethics as well as Corporate Responsibility topics, raise awareness of AXA Group employees with regard to topics covered by the AXA Group Compliance and Ethics Guide, expose employees to concrete situations that they could encounter in their daily business life and to give them guidance on how to react in those particular situations, and ensure a common level of awareness of Compliance and Ethics as well as Corporate Responsibility topics throughout the Group. This program covers transversal compliance issues that are critical for all AXA Group employees to appreciate: insider trading, corruption, competition law, improper gifts and entertainment, and Corporate Responsibility. All Group companies will participate in this program.

47 AXA Group Social Data 2010 – Group Human Resources Entities list (1/7)

Algeria (Africa) Belgium (continued) IPA Algérie AXA Belgium AXA Développement Algérie AXA IM Benelux AXA Assurance Algérie Dommage AXA REIM Benelux AXA Assurance Algérie Vie GIE AXA Tech Belgium Argentina (Americas) I.S.C.C. Alliance Bernstein Argentina IPA Benelux Alliance Bernstein Australia L'Ardenne Prévoyante Australia (Asia Pacific / Middle East) S&C Alliance Bernstein Australia TATV AXA Asia Pacific Holdings VIAXIS AXA Assistance Australia Brazil (Americas) AXA Australia IPA Brazil AXA Corporate Solutions Assurance Alliance Bernstein Brazil AXA Rosenberg Sydney Cameroon (Africa) AXA Tech Australia AXA Assurances Cameroun IPAC Group Sce (AUS) Canada (Americas) Monitor Money Alliance Bernstein Canada Tynan Mackenzie AXA Assistance Canada Austria (Europe) AXA Assurances Canada AXA Private Equity Austria AXA Canada Holding Azerbaijan (Asia Pacific / Middle East) AXA General Insurance Canada MBASK Insurance Open Joint Stock AXA Insurance Canada Bahrain (Asia Pacific / Middle East) AXA Pacific Insurance Canada AXA Insurance (Gulf) Bahrain AXA Rosenberg Canada Alliance Bernstein Bahrain Services Fin. AXA Assurance Belarus (Europe) Chile (Americas)

AXA B&B Insurance (d) AXA Assistance Chile Belgium (Europe) China (Asia Pacific / Middle East) Auto Club Assist SA AXA (GZ) DEVELOPMENT CENTRE AXA Art Benelux AXA Assistance China AXA Bank Europe AXA GRBM (China)

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China (continued) France (continued) AXA Minmetals AXA IM Private Equity AXA SPDB IM Ltd AXA Investment Managers Matrix Risk Consult. Shangaï AXA LM Paris Winterthur Insurance (Asia) Lt AXA REIM France Colombia (Americas) AXA REIM SA AXA Assistance Columbia AXA Tech Sevices SAS Czech Republic (Europe) COURS LEGENDRE AXA Assistance Czech Republic DOMISERVE DOMISERVE + AXA Bank Europe CZ EMC Paris AXA Ceska republika GIE AXA AXA investicni spolecnost GIE AXA Tech France AXA penzijni fond Logement Français AXA pojištovna a.s Monvoisin AXA zivotni pojistovna Mutuelle St Christophe France (Europe) PLURIDIS ADHAP Protection Juridique Alliance Bernstein France TAI Avanssur / Direct Assurance Truck Assistance International Services (Tai) AXA Art France French Polynesia (Asia Pacific / Middle East) AXA Assistance France AXA Assur Polynésie Française AXA Banque Gabon (Africa) AXA Caraïbes AXA Assurances Gabon AXA Corporate Solutions France Germany (Europe) AXA France Alliance Bernstein Germany AXA Global Life AXA Art Versicherung AG (Deutschland) AXA Global P&C AXA Assistance Germany AXA Group Solutions France AXA Bank AG AXA Group Solutions France SA AXA Corporate Solutions DE AXA IM IF AXA Customer Care GmbH AXA IM Paris AXA Group Solutions Germany

49 AXA Group Social Data 2010 – Group Human Resources Entities list (3/7)

Germany (continued) Hong Kong (continued) AXA IM Deutschland Integrity Indpt Risk & Fin Solutions AXA Konzern AG Integrity Partnership Limited AXA Krankenversicherung AG IPA Hong Kong AXA Logistic Services GmbH IPAC HK AXA Merkens Fonds Hungary (Europe) AXA PE Germany AXA Bank Hungary AXA REIM Deutschland AXA Hungary Investment Managmt AXA Schaden Experten GmbH AXA Insurance Company AXA Service AG AXA REIM Central Europe AXA Tech Germany AXA Service Company (Hungary) DBV-Winterthur Holding AG India (Asia Pacific / Middle East) DBV-Winterthur Rechtsschutz-Schadenservice GmbH Alliance Bernstein India DBV-Winterthur Service GmbH AXA Assistance India Private Lucramount AG AXA Group Solutions India Win Health Consulting GmbH AXA Tech India Greece (Europe) Bharti AXA General Insurance AXA Assistance Greece SA Bharti AXA Investment AXA Insurance S.A. Greece Bharti AXA Life (India) Hong Kong (Asia Pacific / Middle East) Business Services Alliance Bernstein HK Matrix Risk Consultants India AXA China Region Regional Office Indonesia (Asia Pacific / Middle East) AXA China Region Shared AXA Asset Mgmt Indonesia AXA China Region HK AXA Financial Indonesia AXA Corporate Solutions HK AXA Life Indonesia AXA General Insurance Hong Kong AXA Mandiri Indonesia AXA IM Asia AXA Services Indonesia AXA Rosenberg Hong Kong PT Asuransi AXA Indonesia AXA Tech HK Ireland (Europe) AXA Wealth Management (HK) AXA Assistance Ireland Integrity Financial Advice AXA Global Distributors

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Ireland (continued) Korea (Asia Pacific / Middle East) AXA Ireland Alliance Bernstein Korea AXA Life Europe AXA General Insurance Co., Ltd AXA MPS Financial Kyobo AXA Investment Managers AXA Travel Insurance Lebanon (Asia Pacific / Middle East) Italy (Europe) AXA Middle East Alliance Bernstein Italy Luxembourg (Europe) AXA Art Italy Alliance Bernstein Luxembourg AXA Assicurazioni AXA Funds Management Luxembourg AXA Corp. Sol. Ser. ITALY AXA Luxembourg SA AXA Corporate Solutions Italy Malaysia (Asia Pacific / Middle East) AXA IM Italy AXA AFFIN Life (Malaysia) AXA interlife SpA AXA Affin General Insurance AXA Life Europe (It) Mauritius (Asia Pacific / Middle East) AXA MPS Ass. Danni AXA Assistance Océan Indien AXA MPS Ass.Vita Rogers Outsourcing AXA PE Italy Mexico (Americas) AXA REIM Italy Alliance Bernstein Mexico IPA Italy AXA Assistance Mexico Quixa AXA Fianzas S.A. de C.V Ivory Coast (Africa) AXA Salud S.A. de C.V. AXA Assurances Cote d'Ivoire AXA Seguros S.A. de C.V. Japan (Asia Pacific / Middle East) Morocco (Africa) Alliance Bernstein Japan AXA Assistance Morocco AXA Assistance Japan KK ACRED AXA Direct Japan AXA Assurance Maroc AXA Life Japan Avanssur Maroc AXA REIM Japan AXA France IARD Maroc AXA Rosenberg Tokyo AXA France Vie Maroc AXA Tech Japan AXA Assistance Morocco Service AXA Tech Marocco

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Netherlands (Europe) Portugal (continued) Alliance Bernstein Holland AXA REIM Portugal AXA IM Benelux (Netherlands) CEPRES CENTRAL AXA REIM Utrecht Direct Seguros Portugal New Caledonia (Asia Pacific / Middle East) IPA Portugal AXA Assur Nouvelle Calédonie ITMED New Zealand (Asia Pacific / Middle East) MEDITERRANEAN SVCES(Portugal) AXA New Zealand Qatar (Asia Pacific / Middle East) Alliance Bernstein NZ AXA IM Qatar Spicers PM (NZ) AXA Insurance(Gulf) Qatar Oman (Asia Pacific / Middle East) Romania (Europe) AXA Insurance (Gulf) Oman AXA Asigurari Panama (Americas) Saudi Arabia (Asia Pacific / Middle East) AXA Assistance Panama AXA Insurance (Saudi Arabia) Philippines (Asia Pacific / Middle East) AXA Cooperative Insurance Company AXA Philippines Senegal (Africa) Poland (Europe) AXA Assurances Sénégal AXA Direct - Poland Serbia (Europe) AXA P.T.E.S.A. AXA Usluge AD AXA Polska SA Singapore (Asia Pacific / Middle East) AXA T.U.S.A. Alliance Bernstein Singapore AXA TFI S.A. AXA Asia Regional Center (SGP) AXA Z.T.U.S.A. AXA Assistance Singapore Inter Partner Assistance Polska AXA Corporate Solutions Singap Portugal (Europe) AXA Financial Sces Singapore AXA Assistance Portugal AXA Insurance Singapore Pte Lt AXA CENTRO DE SERVIÇOS AXA Life Singapore AXA Group Solutions AEIE AXA PE Asia AXA Life Europe Portugal AXA REIM Singapore AXA Prt Companhia AXA Rosenberg Singapore AXA Prt Companhia de Vida IPAC Singapore

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Slovakia (Europe) Spain (continued) AXA d.d.s. Puntos Azules AXA invest spolecnost Slovak WIP AXA pojišťovna Sweden (Europe) AXA Services Slovakia AXA REIM Scandinavia AXA zivotni pojistovna Slovak Alliance Bernstein Sweden South Africa (Africa) Switzerland (Europe) Alliance Bernstein South Africa Alliance Bernstein Switzerland Spain (Europe) AXA Art Switzerland Alliance Bernstein Spain AXA Bank Europe Swiss Br. ASEGUR AXA Corporate Solutions Swit. Asesores hilo AXA Group Solutions Swi AXA Art Spain AXA IM Switzerland AG AXA Asesores AXA Liabilities Manager CH AXA Aurora Vida AXA Private Equity Switzerland AXA Corporate Solutions Spain AXA Tech Switzerland AXA Ibercapital AXA Versicherungen AG AXA IM Spain IPA Switzerland AXA MED. HOLDING (Spain) Taiwan (Asia Pacific / Middle East) AXA Pensiones IPA Taiwan AXA REIM Iberica Alliance Bernstein Taiwan AXA Seguros Generales IPAC Taiwan AXA Tech Med region Thailand (Asia Pacific / Middle East) AXA Vida Krungthai AXA Life (Thailand) AXA Winterthur Salud AXA Insurance Public Co., Ltd Direct Seguros Spain AXA Assistance Thailand Fundacion AXA Winterthur Turkey (Europe) IPA Spain IPA Turkey MEDITERRANEAN SVCES(Spain) AXA SİGORTA A.Ş. Medla It & local support Serv. AXA HAYAT SİGORTA A.Ş.

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Ukraine (Europe) United Kingdom (continued) AXA Ukraine Denplan AXA Insurance Essential Health Care

United Arab Emirates (Asia Pacific / Middle East) Helix UK Limited

AXA Insurance (Gulf) Dubai Knight Law A.S.C. FZ-LLC (Dubai FZ) Knight Rehabilitation Services Kanoo Group - Insurance Agents Secure Health The Kanoo Group Sharjah Branch SIMS Claims Services The Kanoo Group (Jebel Ali FZ) Supplier & Incident Management United Kingdom (Europe) Swiftcover Alliance Bernstein UK Thinc Group AXA Art UK United States (Americas) AXA Assistance UK Alliance Bernstein USA AXA Corporate Sol. UK AXA Advisors AXA Framlington AXA Art US AXA Group Solutions UK AXA Assistance USA AXA ICAS AXA Equitable AXA IM Ltd AXA IM USA AXA Insurance UK AXA LM New York AXA Isle of Man AXA PE US AXA Life AXA REIM US LLC AXA LM UK AXA Rosenberg Global Serv AXA PE UK AXA Rosenberg US AXA PPP Healthcare Barr Rosenberg Research C. AXA Rosenberg UK Matrix RC USA AXA Tech UK AXA UK Holding Bluefin Advisory Ser. Limited Bluefin Insurance Services Lim

54 AXA Group Social Data 2010 – Group Human Resources Exchange rate information (1/2)

CR (Closing Rate) CR 2010 CR 2009 CR 2008 (for €1) (for €1) (for €1) Algeria Dinars (DZD) 99,83 100,37 97,41 Argentina Pesos (ARS) 5,33 5,60 4,63 Australia Dollars (AUD) 1,31 1,38 1,66 Azerbadjan Manat (AZN) 1,07 1,16 1,25 Bahrain Dinars (BHD) 0,51 0,52 0,55 Brazil Reais (BRL) 2,23 2,30 2,60 CFA BEAC Francs (Cameroon) (XAF) 648,09 655,96 655,96 Canada Dollars (CAD) 1,33 1,35 1,44 Chile Pesos (CLP) 627,78 659,89 726,66 China Yuan Renminbi (CNY) 8,84 9,14 10,67 Colombia Pesos (COP) 2.575,79 2.628,72 1.947,10 CFA BCEAO Francs (Ivory Cost) (XOF) 655,96 655,96 655,96 Czech Republic Koruny (CZK) 25,09 24,28 26,60 CFA BEAC Francs (Gabon) (XAF) 648,09 655,96 655,96 Hong Kong Dollars (HKD) 10,43 10,85 11,39 Hungary Forint (HUF) 278,35 272,87 253,08 Iceland Kronur (ISK) 154,19 161,86 91,73 India Rupees (INR) 59,99 62,66 57,48 Indonesia Rupiahs (IDR) 12.087,51 12.219,09 13.816,50 Japan Yen (JPY) 108,81 115,17 163,11 Lebanon Pounds (LBP) 2.013,64 2.101,72 2.207,59 Malaysia Ringgits (MYR) 4,14 4,22 4,87 Mauritius Rupees (MUR) 40,45 40,10 40,94 Mexico Pesos (MXN) 16,54 16,69 15,94 Morocco Dirhams (MAD) 11,19 11,26 11,34 ComptoirsFrançaisdu PacifiqueFrancs (New Caledonia) (XPF) 119,33 119,33 119,33 New Zealand Dollars (NZD) 1,72 1,88 1,90 Oman Rials (OMR) 0,52 0,54 0,56

55 AXA Group Social Data 2010 – Group Human Resources Exchange rate information (2/2)

CR (Closing Rate) CR 2010 CR 2009 CR 2008 (for €1) (for(for €1)€1) (for €1) Panama, Balboa (PAB) 1,34 1,44 1,47 Philippines Pesos (PHP) 58,77 60,41 60,27 Poland Zlotych (PLN) 3,96 3,98 3,61 Qatar Riyals (QAR) 4,88 5,07 5,31 Romanian Leu (RON) 4,24 4,19 3,58 Saudi Arabia Riyals (SAR) 5,03 5,22 5,45 CFA BCEAO Francs (Senegal) (XOF) 655,96 655,96 655,96 Serbia Dinar (RSD) 105,76 96,16 78,69 Singapore Dollars (SGD) 1,72 1,76 2,10 South Africa Rand (ZAR) 8,83 9,57 10,02 South Korea Won (KRW) 1.522,53 1.551,83 1.377,21 Sweden Kronor (SEK) 9,02 8,80 9,43 Switzerland Francs (CHF) 1,25 1,29 1,65 Taiwan New Dollars (TWD) 39,11 40,92 47,35 Thailand Baht (THB) 40,44 42,21 43,30 Turkey Lira (TRY) 2,06 2,21 1,71 Hryvna (UAH) 10,69 11,55 7,43 Dirham (AED) 4,92 5,11 5,36 United Kingdom Pounds (GBP) 0,86 0,86 0,74 United States Dollars (USD) 1,34 1,39 1,46

56 AXA Group Social Data 2010 – Group Human Resources Process information, reporting certification & ratings

| Social Data Reporting Process

| The SDR process is performed on AXA’s global HRIS (Human Resources Information System) “People IN” (Peoplesoft v10). The data collection and consolidation is achieved through the central Group HR team and a network of local correspondents within the entities.

| The following stakeholders play key roles in the process and approach of the SDR: (1) Group HR central metrics and business analysis team (process owner), (2) SDR correspondents and coordinators (who report consolidated data for their legal entities into People IN), (3) entities Information Technology & Human Resources administrators (accountable for the employee data collection and connection to People IN, who help their SDR correspondents to understand individual employee data and the People IN structure and mappings), (5) AXA Group Solutions (AGS) / People IN’ central team (which provides the system and supports all other stakeholders on technical questions), (6) Human Resources Directors (who mobilize their local networks and validate and explain their entities’ data prior to submission), (7) other corporate partners such as Group Legal (which provides legal support for indicators definition), Group PBRC (Process Budgets Results Central) which supports and overviews the accuracy of the process and Group Marketing which feeds the SDR with specific indicators that are not collected at Human Resources level, such as number of distributors, and (8) PricewaterhouseCoopers which performs audits with regard to the legal compliance as well as the data quality several times a year.

| The process is a full year process starting with the campaign preparation, data gathering, data verification and consolidation, data submission and communication, campaign debrief and improvements set up. Specific SDR trainings sessions are delivered to all entities. Both the Group and the entities, do benefit from specific data quality tools on the system in order to check the quality and consistency of the data reported as well as individual data on local level.

| Social reporting certification, evaluation and ratings

| PricewaterhouseCoopers audit, one of AXA SA’s Statutory Auditors, reviewed the social reporting process, as well as the data and collection processes of 6 European entities, one Asian entity and AXA Equitable (USA). The auditors’ statement of assurance is included in the Activity and Corporate Responsibility Report. | Conclusion from the Statutory Auditors report, signed and published on March 16th, 2011: “Based on our work, no material irregularities came to light causing us to believe that the social indicators reviewed do not comply, in all material respects, with the Group's 2010 social reporting protocol.”

| The Group's social, societal and community performance is also evaluated by many players, including rating agencies serving the research needs of the socially responsible investment (SRI) market. The Group is ranked above average in its industry and is also included in the three main international ethical indexes: DJSI (based on research by SAM), FTSE4GOOD (based on research by Eiris) and Aspi Eurozone (Vigeo). The Group’s SRI ratings are disclosed on www.axa.com/en/responsibility/sri. In particular, AXA’s “social” ratings according to the main SRI rating agencies stand as follows:

| SAM (November 2010): 60%, compared to a sector average of 37%. | Vigeo (April 2010): 51%, with a positive sector rating.

57 AXA Group Social Data 2010 – Group Human Resources Key indicator definitions (1/2)

| Section “Headcounts and profile of employees”

| Salaried non sales force / Executives: Executive Vice President, Senior Vice President & Vice President – executives who determine and communicate policy and may direct and coordinate functions - with 800 HAY points and above.

| Salaried non sales force / Managers: Salaried workforce in a people management position, having at least one person as direct report, with no ability to sell insurances and services. Only those on payroll with open-ended contract are counted. Excluded are sales managers, with people management position, who have ability to sell products and services. These employees are reported in the salaried sales force category.

| Salaried non sales force / Experts and Staff: Salaried workforce other than executives and other than managers - excluding salaried sales force and non salaried workforce.

| Salaried sales force: Salaried sales force who signs a unique employment contract with AXA, with the ability to sell insurance products and services and earning incentives based on sales target/commission. Only those on payroll with open-ended contract are counted.

| Distributor: Exclusive distributors are independent AXA sales representatives and have a distribution contract with AXA, selling only AXA's products. He or she is mandated by AXA to sell products authorized by AXA. He or she is not salaried by AXA.

| Open-ended contract: Permanent workforce under open-ended employment contract with AXA, full time or part time. In some countries (e.g. China) renewable contracts should be considered as open-ended contracts.

| Fixed-term contract: Temporary workforce under a fixed-term employment contract with AXA, full time or part time. They are salaried employees of AXA, excluding the temporary staff under contract with a temporary job agency and excluding independent consultants.

| Headcount: Number of people.

| Full time equivalents: The Salaried Workforce Full Time Equivalent includes the salaried workforce on payroll excluding (a) staff assigned to outsourced functions outside the group, (b) staff on paid long tem absences.

| Section “Workforce movements”

| Internal mobility rate: Sum of job changes, including promotion and inter-company departures, during the year, divided by the average annual headcount. Internal mobility rates of x% in 2010 means given an average annual headcount of 100 salaried workforces, x salaried workforces have changed their positions in 2010.

| Turnover rate: All departures from the AXA Group, including resignation, dismissal, retirement, pre-retirement, termination of employment for permanent disability and death divided by the average annual headcount. All inter-company departures, ends of fixed-term contracts and departures due to external transfers are excluded. A turnover rate of x% in 2010 means, given an average annual headcount of 100 salaried workforces, x salaried workforces left the group in 2010.

58 AXA Group Social Data 2010 – Group Human Resources Key indicator definitions (2/2)

| Section “Remuneration”

| Total annual gross payroll: The total annual gross payroll includes the individual fixed pay, the individual variable pay, employer's social contributions and collective profit sharing (if any). It excludes equity based compensation (stock options, performance units, performance shares, AXA Miles). This data does not take into account the side effects of FOREX (FOReign Exchanges).

| Proportion of variable pay (related to wages): Total gross bonus (in Euro) linked to individual performance (e.g. guaranteed bonus, non guaranteed bonus and other premiums / specific payments based on individuals' objectives), including deferred compensation, sales force commission, excluding, any payment made through collective incentive plans linked solely to company performance (e.g. profit sharing, "intéressement", "participation" for French entities), excluding employer social contributions.

| Section “Work time and absenteeism”

| Average number of working days: Number of days an employee works on average per year: workday is considered a day of work excluding vacation and public holidays. (365 days – weekends – public holidays – average days of vacation). Legal or contractual working length is always taken into account. It should be between 200 and 263.

| Absenteeism rate: Number of days off for work related accident absence, maternity absence, sick absence (including long term sick absence), divided by the number of days worked per year per salaried workforce, multiplied by the average Salaried Workforce Full Time Equivalent. An absenteeism rate of x% in 2010 means days of absences represent x% of the time worked during this year.

59 AXA Group Social Data 2010 – Group Human Resources Closing

| Contacts

| Readers should address any comments and questions on document to:

| Analysts, Institutional Investors

| In Paris, AXA Group IR Investor Relations Department 25, avenue Matignon 75008 Paris – France E-mail: [email protected] www.axa.com

In New York, AXA Financial Investor Relations Department 1290, avenue of the Americas New York, NY 10104 – USA Tel.: +1 212 314 2902 Fax: +1 212 707 1805

| Individual Shareholders

| AXA Group Individual Shareholder Communications 25, avenue Matignon 75008 Paris – France Tel.: +33 1 40 75 48 43 Fax: +33 1 40 75 59 54 E-mail: [email protected] www.axa.com

| The AXA Group 25, avenue Matignon 75008 Paris – France Group Human Resources – Organization Development March 2011

| This report is also available on the company’s website at www.axa.com | Ce rapport est aussi disponible en français

60 AXA Group Social Data 2010 – Group Human Resources