AXA Equitable Retirement Gateway Fund Performance as of 07/31/2018

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1 Page 1 of 17 AXA Equitable Retirement Gateway Fund Performance as of 07/31/2018 ME ASSET ALLOCATION 1290 DOUBLELINE DYMIC ALLOCATION A Morningstar Mod Con Tgt Risk TR USD % 0.69% 4.88% 4.63% 5.27% 5.00% 5.47% 7.71% 5.70% 03/07/2016 AB GLOBAL RISK ALLOCATION A Morningstar Mod Agg Tgt Risk TR USD % 2.23% 4.36% 9.48% 4.33% 8.59% 4.57% 8.20% 5.13% 7.44% 8.64% 6.83% 06/08/1932 AB MULTI-MAGER SELECT 2015 A Morningstar Lifetime Mod 2015 TR USD % 1.11% 5.02% 5.62% 5.34% 5.45% 5.53% 5.95% 5.25% AB MULTI-MAGER SELECT 2020 A Morningstar Lifetime Mod 2020 TR USD % 1.22% 5.74% 6.28% 5.94% 6.00% 6.13% 6.28% 5.92% AB MULTI-MAGER SELECT 2025 A Morningstar Lifetime Mod 2025 TR USD % 1.50% 6.99% 7.25% 6.74% 6.71% 6.89% 6.68% 6.82% 6.79% AB MULTI-MAGER SELECT 2030 A Morningstar Lifetime Mod 2030 TR USD % 1.95% 7.99% 8.51% 7.64% 7.57% 7.13% 7.86% AB MULTI-MAGER SELECT 2035 A Morningstar Lifetime Mod 2035 TR USD % 2.41% 9.77% 8.29% 8.38% 8.42% 7.50% 8.64% 7.28% AB MULTI-MAGER SELECT 2040 A Morningstar Lifetime Mod 2040 TR USD % 2.71% 9.81% 10.63% 8.62% 8.93% 8.81% 7.70% 7.44% Retirement Gateway is a group variable annuity. Annuities are long-term financial products designed for retirement purposes. This performance data represents past performance, which is not an estimate, indication or guarantee of future results. Rates of return and principal will fluctuate, and units may be worth more or less than your original contribution when redeemed. Current performance may be lower or higher than the performance data quoted. Please refer to the last page for additional important information. Performance is not annualized. The variable investment options under the group annuity contract, which are divisions in AXA Equitable's separate account, invest in corresponding portfolios of various mutual funds. Performance data for a variable investment option for any period prior to the date it was available under the separate account (Separate Account No. 65 Inception Date:12/01/96) is hypothetical based on the performance of the corresponding portfolio. Otherwise all performance data is actual. The performance data for a variable investment option reflects changes in the prices of its investments including, the shares of a corresponding portfolio, reinvestment of dividends and capital gains. It does not reflect deductions for the Separate Account Charge, contract-level charge, Contingent Withdrawal Charge or administrative charge. If such charges were included, performance returns would be lower. Because of ongoing market volatility, a fund's performance may be subject to fluctuations and current performance may be less than the results shown above. An investment in a variable investment option when redeemed, may be worth more or less than the original cost Retirement Gateway Portal II GE (12/16)

2 Page 2 of 17 ME ASSET ALLOCATION AB MULTI-MAGER SELECT 2045 A Morningstar Lifetime Mod 2045 TR USD % 2.80% 10.29% 10.97% 8.74% 9.16% 8.92% 9.26% 7.51% AB MULTI-MAGER SELECT 2050 A Morningstar Lifetime Mod 2050 TR USD % 2.74% 10.25% 10.97% 8.89% 9.18% 8.87% 9.34% 7.52% AB MULTI-MAGER SELECT 2055 A Morningstar Lifetime Mod 2055 TR USD % 2.65% 10.37% 10.90% 8.74% 9.16% 8.80% 7.58% 9.19% 7.49% AB MULTI-MAGER SELECT RETIRE ALLC A Morningstar Lifetime Mod Incm TR USD % 1.30% 2.80% 4.69% 3.56% 4.43% 4.30% 4.94% 3.45% 5.91% AMERICAN CENT ONE CHOICE IN RETIREMENT A Morningstar Lifetime Mod Incm TR USD % 1.30% 5.23% 4.69% 4.69% 4.43% 5.06% 4.30% 5.44% 4.94% 5.38% 5.91% 08/31/2004 AMERICAN CENTURY MULTI ASSET REAL RETN A Morningstar Con Tgt Risk TR USD % -0.21% 7.50% 2.03% 4.38% 3.37% 1.18% 3.08% 4.09% 1.01% 4.93% 04/30/2010 AMERICAN CENTURY ONE CHOICE 2020 PORT A Morningstar Lifetime Mod 2020 TR USD % 1.22% 5.52% 6.28% 4.89% 6.00% 5.44% 6.13% 5.69% 6.28% 5.05% 05/30/2008 AMERICAN CENTURY ONE CHOICE 2025 PORT A Morningstar Lifetime Mod 2025 TR USD % 1.50% 6.10% 7.25% 5.33% 6.71% 5.93% 6.89% 5.90% 6.68% 6.33% 6.79% 08/31/2004 AMERICAN CENTURY ONE CHOICE 2030 PORT A Morningstar Lifetime Mod 2030 TR USD % 1.95% 6.80% 8.51% 5.74% 7.57% 6.44% 6.19% 7.13% 5.43% 05/30/2008 AMERICAN CENTURY ONE CHOICE 2035 PORT A Morningstar Lifetime Mod 2035 TR USD % 2.41% 9.77% 6.19% 8.38% 7.01% 8.42% 6.49% 7.50% 6.99% 7.28% 08/31/2004 AMERICAN CENTURY ONE CHOICE 2040 PORT A Morningstar Lifetime Mod 2040 TR USD % 2.71% 8.64% 10.63% 6.72% 8.93% 7.60% 8.81% 7.03% 7.70% 6.14% 7.44% 05/30/2008 AMERICAN CENTURY ONE CHOICE 2045 PORT A Morningstar Lifetime Mod 2045 TR USD % 2.80% 9.53% 10.97% 7.29% 9.16% 8.16% 8.92% 7.17% 7.56% 7.51% 08/31/2004 AMERICAN CENTURY ONE CHOICE 2050 PORT A Morningstar Lifetime Mod 2050 TR USD % 2.74% 10.08% 10.97% 9.18% 8.46% 8.87% 7.33% 6.37% 7.52% 05/30/2008 AMERICAN CENTURY ONE CHOICE 2055 PORT A Morningstar Lifetime Mod 2055 TR USD % 2.65% 10.36% 10.90% 7.88% 9.16% 8.67% 8.80% 7.58% 8.82% 7.49% 03/31/2011 AMERICAN CENTURY ONE CHOICE 2060 A Morningstar Lifetime Mod 2060 TR USD % 2.55% 10.58% 10.79% 9.12% 8.71% 7.57% 11.82% 6.73% 09/30/2015 AMERICAN S GLOBAL BALANCED R3 Morningstar Gbl Allocation TR USD % 1.38% 4.38% 5.01% 6.94% 5.55% 6.55% 6.02% 6.09% 7.53% 02/01/2011

3 Page 3 of 17 ME ASSET ALLOCATION AXA AGGRESSIVE ALLOCATION Morningstar Agg Tgt Risk TR USD % 3.14% 11.87% 11.71% 8.54% 9.91% 8.78% 9.49% 6.45% 8.01% 7.03% 7.02% 07/31/2003 AXA CONSERVATIVE ALLOCATION Morningstar Con Tgt Risk TR USD % -0.21% 1.64% 2.03% 2.21% 3.37% 2.48% 3.08% 2.86% 4.09% 3.48% 4.93% 07/31/2003 AXA CONSERVATIVE PLUS ALLOCATION Morningstar Mod Con Tgt Risk TR USD % 0.69% 4.49% 4.63% 4.07% 5.27% 4.28% 5.00% 3.97% 5.47% 4.46% 5.70% 07/31/2003 AXA GROWTH STRATEGY Morningstar Mod Agg Tgt Risk TR USD % 2.23% 9.48% 7.07% 8.59% 7.35% 8.20% 7.44% 9.33% 6.83% 04/30/2009 AXA MODERATE ALLOCATION Morningstar Mod Tgt Risk TR USD % 1.42% 5.95% 4.93% 6.93% 5.09% 6.61% 4.33% 7.50% 6.38% 07/08/1998 AXA MODERATE PLUS ALLOCATION Morningstar Mod Agg Tgt Risk TR USD % 2.23% 8.98% 9.48% 6.79% 8.59% 8.20% 5.51% 7.44% 6.31% 6.83% 07/31/2003 AXA/FRANKLIN TEMP ALLOC MAG VOLATILITY Morningstar Mod Agg Tgt Risk TR USD % 2.23% 7.77% 9.48% 6.88% 8.59% 7.54% 8.20% 6.20% 7.44% 4.00% 6.83% 04/30/2007 BLACKROCK GLOBAL ALLOCATION INV A Morningstar Gbl Allocation TR USD % 1.38% 3.48% 4.28% 6.94% 4.78% 6.55% 4.83% 6.02% 8.63% 7.53% 10/21/1994 COLUMBIA BALANCED A Morningstar Mod Tgt Risk TR USD % 1.42% 6.36% 6.67% 6.93% 8.00% 6.61% 8.37% 8.07% 6.38% 11/01/2002 FRANKLIN INCOME CLASS A Morningstar Mod Con Tgt Risk TR USD % 0.69% 4.37% 4.63% 6.38% 5.27% 5.42% 5.00% 6.50% 5.47% 10.15% 5.70% 08/31/1948 INVESCO BALANCED RISK ALLC A Morningstar Gbl Allocation TR USD % 1.38% 4.88% 4.75% 6.94% 4.46% 6.55% 6.02% 7.15% 7.53% 06/02/2009 INVESCO EQUITY AND INCOME A Morningstar Mod Tgt Risk TR USD % 1.42% 7.13% 7.32% 6.93% 7.97% 6.61% 8.32% 10.20% 6.38% 08/03/1960 INVESCO INCOME ALLOCATION A Morningstar Mod Con Tgt Risk TR USD % 0.69% 1.56% 4.63% 4.62% 5.27% 5.30% 5.00% 5.58% 5.47% 5.47% 5.70% 10/31/2005 INVESCO MULTI ASSET INCOME A Morningstar Con Tgt Risk TR USD % -0.21% 2.83% 2.03% 6.31% 3.37% 6.19% 3.08% 4.09% 6.05% 4.93% 12/14/2011 MFS AGGRESSIVE GROWTH ALLOCATION R2 Morningstar Agg Tgt Risk TR USD % 3.14% 13.27% 11.71% 9.41% 9.91% 9.33% 9.49% 7.78% 8.01% 7.75% 7.02% MFS CONSERVATIVE ALLOCATION R2 Morningstar Mod Con Tgt Risk TR USD % 0.69% 4.79% 4.63% 4.59% 5.27% 4.72% 5.00% 5.70% 5.47% 5.44% 5.70%

4 Page 4 of 17 ME ASSET ALLOCATION MFS GROWTH ALLOCATION R2 Morningstar Mod Agg Tgt Risk TR USD % 2.23% 10.53% 9.48% 8.01% 8.59% 7.93% 8.20% 7.30% 7.44% 7.41% 6.83% MFS MODERATE ALLOCATION R2 Morningstar Mod Tgt Risk TR USD % 1.42% 6.29% 6.93% 6.35% 6.61% 6.61% 6.53% 6.38% MFS TOTAL RETURN R2 Morningstar Mod Tgt Risk TR USD % 1.42% 5.05% 5.79% 6.93% 6.76% 6.61% 6.62% 9.43% 6.38% T. ROWE PRICE RETIREMENT 2005 ADV Morningstar Lifetime Mod 2010 TR USD % 1.10% 4.06% 5.13% 4.86% 5.00% 5.07% 5.03% 5.57% 5.64% 4.42% 6.25% 05/31/2007 T. ROWE PRICE RETIREMENT 2010 ADV Morningstar Lifetime Mod 2010 TR USD % 1.10% 4.65% 5.13% 5.31% 5.00% 5.62% 5.03% 5.89% 5.64% 6.21% 6.25% T. ROWE PRICE RETIREMENT 2015 ADV Morningstar Lifetime Mod 2015 TR USD % 1.11% 5.51% 5.62% 5.90% 5.45% 6.43% 5.53% 6.47% 5.95% 4.87% 05/31/2007 T. ROWE PRICE RETIREMENT 2020 ADV Morningstar Lifetime Mod 2020 TR USD % 1.22% 6.67% 6.28% 6.71% 6.00% 7.34% 6.13% 7.00% 6.28% 7.18% T. ROWE PRICE RETIREMENT 2025 ADV Morningstar Lifetime Mod 2025 TR USD % 1.50% 7.58% 7.25% 7.35% 6.71% 8.10% 6.89% 7.43% 6.68% 5.44% 6.79% 05/31/2007 T. ROWE PRICE RETIREMENT 2030 ADV Morningstar Lifetime Mod 2030 TR USD % 1.95% 8.52% 8.51% 7.97% 7.57% 8.79% 7.82% 7.13% 7.94% T. ROWE PRICE RETIREMENT 2035 ADV Morningstar Lifetime Mod 2035 TR USD % 2.41% 9.16% 9.77% 8.41% 8.38% 9.29% 8.42% 8.10% 7.50% 5.89% 7.28% 05/31/2007 T. ROWE PRICE RETIREMENT 2040 ADV Morningstar Lifetime Mod 2040 TR USD % 2.71% 9.77% 10.63% 8.74% 8.93% 9.66% 8.81% 8.34% 7.70% 8.26% 7.44% 10/30/2003 T. ROWE PRICE RETIREMENT 2045 ADV Morningstar Lifetime Mod 2045 TR USD % 2.80% 10.05% 10.97% 9.16% 9.78% 8.92% 8.40% 6.16% 7.51% 05/31/2007 T. ROWE PRICE RETIREMENT 2050 ADV Morningstar Lifetime Mod 2050 TR USD % 2.74% 10.09% 10.97% 8.96% 9.18% 9.78% 8.87% 8.39% 7.52% 12/29/2006 T. ROWE PRICE RETIREMENT 2055 ADV Morningstar Lifetime Mod 2055 TR USD % 2.65% 10.03% 10.90% 9.16% 9.78% 8.80% 8.40% 7.58% 6.15% 7.49% 05/31/2007 T. ROWE PRICE RETIREMENT 2060 ADVISOR Morningstar Lifetime Mod 2060 TR USD % 2.55% 10.11% 10.79% 8.96% 9.12% 8.71% 7.57% 7.71% 6.73% 06/23/2014

5 Page 5 of 17 ME BONDS 1290 DIVERSIFIED BOND A ICE BofAML USD 3M Dep OR CM TR USD % 1.11% 1.20% 1.62% 2.19% 0.99% 0.69% 0.73% 2.08% 2.89% 07/06/ VT DOUBLELINE OPPORTUNISTIC BOND % -0.38% 1.90% 1.62% 04/30/2015 AMERICAN CENTURY SH DUR INFL PROT BD A BBgBarc US Treasury US TIPS TR USD % -0.51% 0.47% 1.17% 0.84% 1.69% 0.14% 1.43% 1.98% 3.04% 2.56% 5.18% 05/31/2005 AMERICAN S CAPITAL WORLD BOND R3 FTSE WGBI NonUSD USD % -1.32% -1.62% 0.06% 1.78% 3.49% 0.94% 0.54% 2.22% 1.72% 5.64% 7.45% 08/04/1987 CHARTERSM MULTI-SECTOR BOND % -1.04% 0.88% 1.23% 0.65% 4.70% 10/02/1996 EQ / GLOBAL BOND PLUS % -3.07% 0.42% 0.02% 1.52% 2.31% 10/03/2005 EQ / PIMCO ULTRA SHORT BOND BBgBarc Govt/Corp 1 Yr Duration TR USD % 0.70% 1.80% 0.89% 1.59% 0.76% 0.95% 0.63% 0.64% 0.91% 2.41% 2.65% 01/24/2002 EQ/CORE BOND INDEX % -1.65% 0.38% 0.88% 1.52% 2.99% 01/02/1998 EQ/QUALITY BOND PLUS % -1.73% 0.20% 0.80% 1.20% 3.43% 07/08/1998 FIDELITY VIP INVESTMENT GRADE BOND PORT % -0.66% 1.86% 2.38% 4.07% 5.65% 01/12/2000 FRANKLIN STRATEGIC INCOME VIP BBgBarc US Universal TR USD % -1.47% -0.06% -0.56% 2.55% 1.99% 2.40% 2.60% 4.96% 4.10% 5.77% 6.12% 05/15/2001 INVESCO STRATEGIC REAL RETURN A BBgBarc US Treasury US TIPS TR USD % -0.51% 1.80% 1.17% 2.56% 1.69% 1.43% 3.04% 1.99% 5.18% 04/30/2014 MULTIMAGER CORE BOND % -1.34% 1.06% 1.53% 3.22% 3.65% 12/31/2001 PIMCO VIT REAL RETURN BBgBarc US Treasury US TIPS TR USD % -0.51% 1.05% 1.17% 1.47% 1.69% 1.12% 1.43% 3.12% 3.04% 5.58% 5.18% 02/28/2006 PIMCO VIT TOTAL RETURN % -0.67% 1.57% 2.17% 4.46% 5.14% 02/28/2006 PUTM GLOBAL INCOME TRUST A FTSE WGBI NonUSD USD % -1.32% 0.18% 0.06% 2.17% 3.49% 1.70% 0.54% 4.31% 1.72% 6.24% 7.45% 06/01/1987

6 Page 6 of 17 ME BONDS PUTM INCOME A % 2.36% 1.77% 2.63% 5.34% 7.38% 11/01/1954 TEMPLETON GLOBAL BOND VIP FTSE WGBI NonUSD USD % -1.32% 1.87% 0.06% 1.21% 3.49% 1.54% 0.54% 5.44% 1.72% 6.94% 7.45% 01/06/1999 CASH EQUIVALENTS COLUMBIA TRUST STABLE GOVERNMENT I-50 FD USTREAS T-Bill Cnst Mat Rate 3 Yr % -0.82% 0.96% -1.46% 0.76% -0.22% 0.71% -0.02% 1.43% 1.09% 3.51% 5.29% 08/04/2008 EQ / MONEY MARKET ICE BofAML USD 3M Dep OR CM TR USD % 1.11% 0.93% 1.62% 0.36% 0.99% 0.21% 0.69% 0.16% 0.73% 4.13% 2.89% 10/02/1996 HIGH YIELD BONDS 1290 HIGH YIELD BOND A ICE BofAML US High Yield TR USD % 1.19% 1.88% 2.49% 4.72% 6.16% 5.35% 8.33% 3.63% 8.31% 11/12/2014 FRANKLIN HIGH INCOME CLASS A ICE BofAML US High Yield TR USD % 1.19% 1.82% 2.49% 4.93% 6.16% 3.57% 5.35% 6.77% 8.33% 7.59% 8.31% 12/31/1969 INVESCO V.I. HIGH YIELD ICE BofAML US High Yield TR USD % 1.19% 1.21% 2.49% 3.79% 6.16% 3.72% 5.35% 6.63% 8.33% 3.99% 8.31% 03/26/2002 IVY VIP HIGH INCOME ICE BofAML US High Yield TR USD % 1.19% 3.55% 2.49% 5.32% 6.16% 4.78% 5.35% 8.44% 8.33% 7.55% 8.31% 07/13/1987 INTERNTL/GLOBAL STOCKS 1290 GLOBAL TALENTS A MSCI ACWI Large Cap NR USD % 2.75% 13.22% 11.15% 9.04% 6.22% 14.22% 04/11/ SMARTBETA EQUITY A MSCI ACWI Large Cap NR USD % 10.00% 11.15% 8.50% 9.04% 6.22% 7.92% 11/12/2014 AMERICAN CENTURY GLOBAL GROWTH A MSCI ACWI Large Cap NR USD % 2.75% 13.92% 11.15% 8.68% 9.04% 9.85% 6.80% 6.22% 7.87% 02/05/1999 AMERICAN S EUROPACIFIC GR R3 MSCI ACWI Ex USA Growth NR USD % -0.60% 6.39% 8.04% 6.52% 7.07% 7.21% 6.77% 4.72% 3.62% 10.50% 4.70% 05/21/2002 AMERICAN S NEW PERSPECTIVE R3 MSCI ACWI Large Cap NR USD % 2.75% 13.96% 11.15% 10.78% 9.04% 10.99% 8.59% 6.22% 11.99% 06/04/2002 AMERICAN S NEW WORLD R3 MSCI EM NR USD % -4.61% 7.90% 4.36% 8.03% 8.94% 5.69% 5.25% 3.79% 2.87% 7.73% 9.55% 06/06/2002

7 Page 7 of 17 ME INTERNTL/GLOBAL STOCKS AXA GLOBAL EQUITY MAGED VOLATILITY MSCI ACWI Large Cap NR USD % 2.75% 8.89% 11.15% 7.50% 9.04% 7.81% 3.97% 6.22% 6.25% 08/20/1997 AXA INTERTIOL COR MAGED VOLATILITY MSCI ACWI Ex USA NR USD % -1.46% 5.99% 5.94% 4.66% 6.00% 4.56% 5.59% 1.41% 3.16% 3.51% 5.04% 05/03/1999 AXA INTERTIOL VALU MAGD VOLATILITY MSCI ACWI Ex USA NR USD % -1.46% 5.18% 5.94% 3.88% 6.00% 4.40% 5.59% 1.94% 3.16% 5.24% 5.04% 05/01/1997 AXA/TEMPLETON GLBL EQ MAGED VOLATILITY MSCI ACWI Large Cap NR USD % 2.75% 8.67% 11.15% 6.35% 9.04% 7.33% 5.72% 6.22% 4.20% 09/15/2006 BLACKROCK ADVANTAGE GLOBAL INV A MSCI ACWI Large Cap NR USD % 2.75% 12.04% 11.15% 7.21% 9.04% 8.06% 6.22% 9.23% 08/05/1994 CLEARBRIDGE INTERTIOL VALUE A MSCI ACWI Ex USA Value NR USD % -2.35% -1.05% 3.82% 3.76% 4.86% 3.78% 4.35% 3.29% 2.65% 5.65% 5.26% 02/18/1986 EATON VANCE GLOBAL INCOME BUILDER A Morningstar Gbl Allocation TR USD % 1.38% 5.37% 5.79% 6.94% 7.24% 6.55% 4.19% 6.02% 4.76% 7.53% 11/30/2005 EQ / INTERTIOL EQUITY INDEX MSCI ACWI Ex USA NR USD % -1.46% 5.98% 5.94% 4.58% 6.00% 5.10% 5.59% 0.98% 3.16% 3.03% 5.04% 05/01/1997 EQ / OPPENHEIMER GLOBAL MSCI ACWI Large Cap NR USD % 2.75% 15.36% 11.15% 9.24% 9.04% 10.55% 8.71% 6.22% 7.24% 08/31/2006 GOLDMAN SACHS INTL SM CP INSGHTS A MSCI World Ex USA SMID NR USD % -0.68% 7.96% 8.10% 9.78% 8.46% 9.99% 8.18% 8.55% 5.75% 5.52% 5.99% 09/28/2007 INVESCO EMERGING MARKETS EQUITY A MSCI EM NR USD % -4.61% 7.03% 4.36% 8.99% 8.94% 5.85% 5.25% 2.87% -0.77% 9.55% 05/31/2011 JANUS HENDERSON OVERSEAS S MSCI ACWI Ex USA NR USD % -1.46% 5.94% 3.75% 6.00% 1.82% 5.59% -0.64% 3.16% 7.69% 5.04% 07/06/2009 LORD ABBETT INTERTIOL OPP R4 MSCI World Ex USA SMID NR USD % -0.68% 2.46% 8.10% 8.46% 7.81% 8.18% 6.79% 5.75% 5.48% 5.99% 06/30/2015 MFS GLOBAL TOTAL RETURN R2 Morningstar Gbl Allocation TR USD % 1.38% 3.18% 5.00% 6.94% 5.06% 6.55% 5.54% 6.02% 7.97% 7.53% MFS INTERTIOL DIVERSIFICATION R2 MSCI ACWI Ex USA NR USD % -1.46% 10.09% 5.94% 7.78% 6.00% 5.59% 5.02% 3.16% 7.46% 5.04% 09/30/2004 MFS INTERTIOL GROWTH R2 MSCI ACWI Ex USA Growth NR USD % -0.60% 12.71% 8.04% 9.06% 7.07% 7.25% 6.77% 5.40% 3.62% 7.42% 4.70% 10/01/2008

8 Page 8 of 17 ME INTERNTL/GLOBAL STOCKS MFS INTERTIOL NEW DISCOVERY R2 MSCI World Ex USA SMID NR USD % -0.68% 11.75% 8.10% 8.87% 8.46% 8.18% 7.28% 5.75% 10.90% 5.99% NEUBERGER BERMAN INTL SELECT A MSCI ACWI Ex USA Growth NR USD % -0.60% 6.62% 8.04% 5.92% 7.07% 5.79% 6.77% 3.58% 3.62% 2.57% 4.70% 12/20/2007 OPPEN INTERTIOL DIVERSIFIED A MSCI ACWI Ex USA Growth NR USD % -0.60% 8.64% 8.04% 8.31% 7.07% 7.35% 6.77% 6.67% 3.62% 7.00% 4.70% 09/27/2005 OPPENHEIMER GLOBAL OPPORTUNITIES A MSCI ACWI SMID NR USD % 2.15% 22.33% 11.22% 22.68% 9.33% 18.00% 9.32% 14.05% 8.01% 12.56% 7.78% 10/22/1990 OPPENHEIMER INTERTIOL GROWTH A MSCI ACWI Ex USA Growth NR USD % -0.60% 5.27% 8.04% 5.10% 7.07% 5.37% 6.77% 5.75% 3.62% 8.09% 4.70% 03/25/1996 PUTM INTERTIOL CAPITAL OPP A MSCI World Ex USA SMID NR USD % -0.68% 7.62% 8.10% 7.35% 8.46% 5.14% 8.18% 4.02% 5.75% 9.39% 5.99% 12/28/1995 T. ROWE PRICE INTERTIONL STOCK ADVISOR MSCI ACWI Ex USA Growth NR USD % -0.60% 4.98% 8.04% 6.05% 7.07% 6.77% 4.59% 3.62% 8.83% 4.70% 03/31/2000 TEMPLETON FOREIGN CLASS A MSCI ACWI Ex USA Value NR USD % -2.35% 0.65% 3.82% 5.02% 4.86% 3.95% 4.35% 3.92% 2.65% 10.14% 5.26% 10/05/1982 TEMPLETON GLOBAL BALANCED CLASS A Morningstar Gbl Allocation TR USD % 1.38% 3.08% 6.94% 4.65% 6.55% 6.09% 6.02% 6.43% 7.53% 07/01/2005 LARGE CAP BLEND STOCKS AMERICAN S AMENTAL INVS R % 14.38% 12.52% % 9.46% 12.23% 06/04/2002 AXA LARGE CAP CORE MAGED VOLATILITY % 14.94% 11.19% % 9.17% 4.91% 01/04/1999 AXA/MUTUAL LG CP EQUITY MAG VOLATILITY % 9.34% 8.38% % 7.53% 5.66% 09/15/2006 CLEARBRIDGE APPRECIATION A % 14.52% 10.58% % 9.52% 10.41% 03/10/1970 COLUMBIA CONTRARIAN CORE A % 10.83% 10.19% % 10.82% 9.36% 10/30/1998 EQ / COMMON STOCK INDEX % 15.43% 11.34% % 9.59% 11.07% 10/02/1996 EQ / EQUITY 500 INDEX % 15.53% 11.81% % 10.00% 9.14% 05/01/1997

9 Page 9 of 17 ME LARGE CAP BLEND STOCKS FEDERATED MAX-CAP INDEX SS % 15.66% % 10.14% 09/07/1993 FRANKLIN RISING DIVIDENDS CLASS A % 15.91% 11.74% % 9.87% 9.50% 01/14/1987 INVESCO CHARTER A % 7.61% 6.20% % 7.34% 10.60% 11/26/1968 INVESCO EQUALLY WEIGHTED S & P 500 A % 13.18% 10.69% % 11.28% 07/28/1997 MFS MASSACHUSETTS INVESTORS TR R % 14.67% 10.76% % 9.61% 9.02% OPPENHEIMER MAIN STREET A % 8.01% 9.46% % 9.44% 11.25% 02/03/1988 OPPENHEIMER RISING DIVIDENDS A % 11.97% 7.70% % 12.21% 04/30/1980 PGIM JENNISON EQUITY INCOME A % 11.81% 5.81% % 8.81% 8.02% 04/12/2004 LARGE CAP GROWTH STOCKS AB CORE OPPORTUNITIES A % 17.94% 12.36% 13.43% 10.52% 8.70% 12/22/1999 AB LARGE CAP GROWTH A % 22.42% 14.49% 17.03% 14.02% 10.03% 09/28/1992 ALGER CAPITAL APPRECIATION INSTL A % 22.18% 12.71% 15.41% 12.07% 1 12/31/1996 AMERICAN CENTURY ALL CAP GROWTH A % 19.05% 11.27% 12.82% 8.78% 15.05% 09/30/2011 AMERICAN CENTURY SELECT A % 20.60% 13.70% 15.14% 10.99% 12.22% 08/08/1997 AMERICAN S AMCAP R % 19.84% 11.53% 13.04% 11.40% 11.34% 06/04/2002 AMERICAN S GROWTH OF AMER R % 20.29% 13.89% 14.27% 10.28% 13.45% 05/21/2002 AXA LARGE CAP GROWTH MAGED VOLATILITY % 19.66% 13.09% 14.40% 10.65% 7.70% 05/01/1997

10 Page 10 of 17 ME LARGE CAP GROWTH STOCKS AXA/CLEARBRIDGE LARGE CAP GROWTH % 22.94% 10.33% 11.72% 11.53% 5.92% 01/04/1999 AXA/LOOMIS SAYLES GROWTH PORTFOLIO % 18.06% 16.14% 15.84% 10.85% 6.60% 12/01/1998 BLACKROCK CAPITAL APPRECIATION A % 25.26% 13.67% 15.85% 10.36% 7.55% 12/31/1997 BLACKROCK LARGE CAP GROWTH INV A % 26.06% 17.04% 16.91% 11.89% 6.21% 12/22/1999 CLEARBRIDGE AGGRESSIVE GROWTH A % 11.28% 6.90% 10.06% 10.44% 11.87% 10/24/1983 EATON VANCE GROWTH A % 21.60% 12.44% 15.21% 11.03% 9.99% 09/09/2002 EQ / CAPITAL GUARDIAN RESEARCH % 15.26% 11.89% 13.11% 10.67% 6.87% 05/03/1999 EQ/LARGE CAP GROWTH INDEX % 21.91% 13.97% 14.98% 12.49% 4.78% 05/03/1999 FEDERATED KAUFMANN LARGE CAP A % 16.83% 9.66% 13.34% 12.05% 10.83% 12/05/2007 FRANKLIN DY TECH A % 25.05% % 13.05% 01/02/1968 FRANKLIN GROWTH CLASS A % 18.67% 12.94% 14.44% 11.22% 10.39% 04/01/1948 JANUS HENDERSON FORTY S % 21.61% 13.98% 15.88% 9.32% 05/01/1997 MFS GROWTH R % 23.09% 14.29% 15.15% 11.58% 10.85% MFS MASSACHUSETTS INVESTORS GR STK R % 19.80% 12.61% 12.94% 10.93% 8.87% NEUBERGER BERMAN GUARDIAN A % 18.71% 12.08% 11.51% 9.29% 14.17% 05/27/2009 NEUBERGER BERMAN SUSTAIBLE EQUITY A % 13.64% 10.69% % 9.31% 14.11% 05/27/2009

11 Page 11 of 17 ME LARGE CAP GROWTH STOCKS PGIM JENNISON 20/20 FOCUS A % 16.58% 10.96% 11.43% 8.59% 8.48% 07/01/1998 PGIM JENNISON GROWTH A % 23.71% 13.79% 16.60% 12.44% 8.92% 11/02/1995 T.ROWEPRICEBLUECHIPGROWTHADV % 24.65% 15.80% 17.44% 13.13% 6.78% 03/31/2000 T. ROWE PRICE GROWTH STOCK ADV % 20.42% 14.02% 16.38% 12.42% 8.99% 12/31/2001 LARGE CAP VALUE STOCKS 1290 VT EQUITY INCOME % 11.40% 9.28% 9.13% 8.25% 6.01% 12/01/1998 AMERICAN CENTURY VALUE A % 10.49% 9.44% 9.29% 9.20% 9.58% 10/02/1996 AMERICAN S AMERICAN MUTUAL R % 12.13% 10.21% 10.34% 9.20% 11.32% 06/06/2002 AMERICAN S WASHINGTON MUTUAL R % 14.49% 11.82% 11.37% 9.59% 11.60% 06/04/2002 AXA LARGE CAP VALUE MAGED VOLATILITY % 9.49% 8.51% 9.43% 7.08% 5.70% 01/02/1998 BLACKROCK BASIC VALUE A % 12.39% 6.84% 8.67% 8.38% 11.35% 10/21/1994 BLACKROCK EQUITY DIVIDEND A % 12.18% 11.60% 10.64% 8.58% 9.98% 10/21/1994 COLUMBIA DIVIDEND INCOME A % 13.47% 11.73% 11.32% 10.15% 10.18% 11/25/2002 EATON VANCE LARGE-CAP VALUE A % 15.32% 8.69% 9.58% 6.93% 9.25% 09/23/1931 EQ / JPMORGAN VALUE OPPORTUNITIES % 10.32% 11.54% 11.93% 9.96% 6.59% 05/01/1997 EQ/INVESCO COMSTOCK PORTFOLIO % 10.15% 10.09% 9.57% 7.34% 04/29/2005 FRANKLIN EQUITY INCOME CLASS A % 11.61% 9.79% 9.79% 8.82% 8.81% 03/15/1988

12 Page 12 of 17 ME LARGE CAP VALUE STOCKS INVESCO COMSTOCK A % 16.44% 10.37% 10.24% 9.94% 11.00% 10/07/1968 INVESCO DIVERSIFIED DIVIDEND A % 4.69% 6.52% 8.82% 9.18% 7.76% 12/31/2001 INVESCO GROWTH AND INCOME A % 10.71% 9.70% 10.19% 9.30% 9.61% 08/01/1946 MFS VALUE R % 8.10% 8.90% 9.96% 8.77% 8.78% NEUBERGER BERMAN EQUITY INCOME A % 9.90% 8.60% 8.25% 7.48% 7.53% 06/09/2008 OPPENHEIMER EQUITY INCOME A % 6.90% 5.79% 6.97% 9.30% 11.02% 02/13/1987 T. ROWE PRICE EQUITY INCOME ADV % 10.49% 8.93% 8.50% 7.40% 03/31/2000 MID CAP STOCKS AB DISCOVERY GROWTH A Russell Mid Cap Growth TR USD % 30.56% % 10.92% 12.78% 12.49% 12.88% 11.12% 10.52% 11.06% 07/07/1938 AB DISCOVERY VALUE A Russell 2000 Value TR USD % 14.37% 10.73% 12.92% 10.23% 10.19% 10.76% 9.52% 10.94% 13.15% 03/29/2001 AMERICAN CENTURY HERITAGE A Russell Mid Cap Growth TR USD % 15.33% % 10.92% 9.99% 12.49% 8.34% 11.12% 11.06% 07/11/1997 AXA MID CAP VALUE MAGED VOLATILITY Russell Mid Cap Value TR USD % 2.56% 8.77% 9.82% 9.74% 10.71% 8.97% 10.49% 6.88% 11.95% 05/01/1997 AXA/JANUS ENTERPRISE PORTFOLIO Russell Mid Cap Growth TR USD % 21.82% % 10.92% 12.49% 8.51% 11.12% 9.25% 11.06% 04/29/2005 BLACKROCK MID CAP VALUE OPPS INV A Russell Mid Cap Value TR USD % 2.56% 11.99% 9.09% 9.82% 8.45% 10.71% 9.14% 10.49% 10.36% 11.95% 02/01/1995 CLEARBRIDGE MID CAP A Russell Mid Cap TR USD % 4.90% 7.28% 13.45% 6.42% 10.21% 8.90% 11.51% 9.23% 10.79% 9.84% 13.36% 09/01/1998 EQ/MID CAP INDEX Russell Mid Cap TR USD % 4.90% 13.71% 13.45% 10.74% 10.21% 10.96% 11.51% 8.99% 10.79% 6.43% 13.36% 09/01/2000 FRANKLIN SMALL MID CAP GROWTH CLASS Russell Mid Cap Growth TR USD % 16.67% % 10.92% 10.46% 12.49% 9.99% 11.12% 10.54% 11.06% 02/14/1992

13 Page 13 of 17 ME MID CAP STOCKS INVESCO AMERICAN VALUE A Russell Mid Cap Value TR USD % 2.56% 15.05% 6.11% 9.82% 8.36% 10.71% 9.59% 10.49% 9.63% 11.95% 10/18/1993 INVESCO MID CAP CORE EQUITY A Russell Mid Cap TR USD % 4.90% 6.01% 13.45% 5.73% 10.21% 7.02% 11.51% 6.44% 10.79% 10.28% 13.36% 06/09/1987 JANUS HENDERSON MID CAP VALUE S Russell Mid Cap Value TR USD % 2.56% 8.81% 9.56% 9.82% 8.90% 10.71% 7.99% 10.49% 11.37% 11.95% 07/06/2009 MFS MID CAP VALUE R2 Russell Mid Cap Value TR USD % 2.56% 9.78% 8.25% 9.82% 9.56% 10.71% 9.91% 10.49% 8.71% 11.95% MULTIMAGER MID CAP GROWTH Russell Mid Cap Growth TR USD % 24.42% % 10.92% 12.01% 12.49% 10.39% 11.12% 7.03% 11.06% 12/31/2001 MULTIMAGER MID CAP VALUE Russell Mid Cap Value TR USD % 2.56% 7.98% 9.82% 8.12% 10.71% 8.64% 10.49% 7.11% 11.95% 12/31/2001 NEUBERGER BERMAN MID CAP GROWTH A Russell Mid Cap Growth TR USD % 19.84% % 10.92% 11.67% 12.49% 10.03% 11.12% 15.39% 11.06% 05/27/2009 OPPENHEIMER DISCOVERY MID CAP GROWTH A Russell Mid Cap Growth TR USD % 19.18% % 10.92% 12.53% 12.49% 9.67% 11.12% 7.27% 11.06% 11/01/2000 SMALL CAP STOCKS 1290 GAMCO SMALL/MID CAP VALUE A Russell 2000 TR USD % 10.05% 18.73% 11.30% 12.04% 11.33% 10.39% 10.18% 11.80% 11/12/ VT GAMCO SMALL COMPANY VALUE Russell 2000 TR USD % 14.14% 18.73% 11.79% 12.04% 10.46% 11.33% 12.32% 10.39% 12.85% 11.80% 08/01/1988 ALGER SMALL CAP GROWTH A Russell 2000 Growth TR USD % 11.58% 28.84% 22.91% 12.02% 11.08% 10.47% 12.38% 9.42% 10.10% 12/31/1996 AXA/AB SMALL CAP GROWTH PORTFOLIO Russell 2000 Growth TR USD % 11.58% 24.16% 22.91% 12.17% 11.08% 11.76% 12.38% 10.76% 8.76% 10.10% 05/01/1997 AXA/FRANKLIN SM CP VAL MAGD VOLATILITY Russell 2000 TR USD % 15.71% 18.73% 11.14% 12.04% 9.82% 11.33% 8.72% 10.39% 6.69% 11.80% 09/15/2006 DWS SMALL CAP GROWTH A Russell 2000 Growth TR USD % 11.58% 16.28% 22.91% 6.78% 11.08% 10.08% 12.38% 9.91% 6.78% 10.10% 06/28/2002 EATON VANCE SMALL-CAP A Russell 2000 Growth TR USD % 18.52% 22.91% 10.91% 11.08% 11.43% 12.38% 8.24% 9.27% 10.10% 01/02/1997 EQ / SMALL COMPANY INDEX Russell 2000 TR USD % 17.98% 18.73% 11.45% 12.04% 10.86% 11.33% 9.80% 10.39% 7.64% 11.80% 03/25/2002

14 Page 14 of 17 ME SMALL CAP STOCKS FEDERATED CLOVER SMALL VALUE A Russell 2000 Value TR USD % 12.48% 14.37% 9.68% 12.92% 8.86% 10.19% 9.35% 9.52% 10.87% 13.15% 02/28/1996 FRANKLIN SMALL CAP VALUE A Russell 2000 Value TR USD % 14.04% 14.37% 11.37% 12.92% 9.17% 10.19% 9.34% 9.52% 9.60% 13.15% 03/11/1996 GOLDMAN SACHS SMALL CAP VALUE INSIGHTS A Russell 2000 Value TR USD % 17.99% 14.37% 13.67% 12.92% 11.18% 10.19% 10.11% 9.52% 6.71% 13.15% 06/25/2007 INVESCO SMALL CAP EQUITY A Russell 2000 TR USD % 12.46% 18.73% 6.44% 12.04% 11.33% 8.20% 10.39% 7.47% 11.80% 08/31/2000 JANUS HENDERSON TRITON S Russell 2000 Growth TR USD % 11.58% 23.08% 22.91% 13.53% 11.08% 14.60% 12.38% 13.98% 13.23% 10.10% 07/06/2009 MFS NEW DISCOVERY R2 Russell 2000 Growth TR USD % 11.58% 28.70% 22.91% 11.61% 11.08% 9.97% 12.38% 12.04% 9.03% 10.10% MFS NEW DISCOVERY VALUE R2 Russell 2000 Value TR USD % 16.49% 14.37% 12.55% 12.92% 11.31% 10.19% 9.52% 12.30% 13.15% 05/26/2011 SPECIALTY 1290 CONVERTIBLE SECURITIES A ICE BofAML US Convt Bonds TR USD % 7.75% 8.23% 12.70% 6.12% 9.87% 10.82% 10.10% 6.07% 9.71% 07/06/ MULTI-ALTERTIVE STRATEGIES A Morningstar Mod Tgt Risk TR USD % 1.42% 1.27% 1.87% 6.93% 6.61% 1.19% 6.38% 07/06/ VT GAMCO MERGERS & ACQUISITION USTREAS T-Bill Auction Ave 3 Mon % 1.05% 1.95% 1.55% 4.33% 0.80% 4.34% 0.49% 4.75% 0.33% 5.24% 3.99% 05/01/2003 AMERICAN CENTURY GLOBAL GOLD A MSCI World/Metals & Mining NR USD % -1.81% -4.89% 12.08% 16.13% 15.16% -2.91% 2.37% -4.84% -4.62% 1.34% 3.97% 05/06/1998 BLACKROCK HEALTH & SCIENCES A S&P 1500 Health Care TR % 9.95% 16.34% 14.97% 6.71% 7.73% 15.64% 14.21% 14.16% 13.37% 15.31% 12.39% 12/21/1999 COLUMBIA SELIGMAN COMMUNICATION & INFO A Morningstar US Technology TR USD % 12.72% 17.61% 27.28% 19.83% 21.21% 20.28% 20.20% 14.13% 14.56% 13.82% 11.99% 06/23/1983 DWS RREEF REAL ESTATE SECURITIES A S&P United States REIT TR USD % 2.05% 2.72% 3.15% 6.24% 6.10% 7.89% 8.01% 7.14% 7.57% 11.48% 9.70% 09/03/2002 FRANKLIN UTILITIES CLASS A S&P 1500 Utilities TR % 2.77% 2.15% 3.66% 9.09% 11.10% 8.84% 10.33% 8.15% 8.35% 9.78% 9.24% 09/30/1948 INVESCO GLOBAL REAL ESTATE A S&P Global REIT TR USD % 1.43% 4.10% 4.28% 4.15% 5.93% 5.30% 7.50% 4.40% 6.62% 5.64% 8.88% 04/29/2005

15 Page 15 of 17 ME SPECIALTY IVY VIP SCIENCE & TECHNOLOGY Morningstar US Technology TR USD % 21.88% 27.28% 11.75% 21.21% 12.41% 20.20% 13.00% 14.56% 14.44% 11.99% 04/04/1997 MFS TECHNOLOGY R2 Morningstar US Technology TR USD % 12.72% 28.42% 27.28% 21.64% 21.21% 19.96% 20.20% 14.51% 14.56% 9.10% 11.99% MFS UTILITIES R2 S&P 1500 Utilities TR % 2.77% 4.98% 3.66% 4.48% 11.10% 5.99% 10.33% 6.60% 8.35% 10.54% 9.24% OPPENHEIMER GOLD & SPECIAL MINERALS A MSCI World/Metals & Mining NR USD % -1.81% -6.52% 12.08% 17.06% 15.16% -1.70% 2.37% -4.08% -4.62% 5.29% 3.97% 07/19/1983 PGIM GLOBAL REAL ESTATE A S&P Global REIT TR USD % 1.43% 5.02% 4.28% 3.62% 5.93% 5.27% 7.50% 5.10% 6.62% 8.21% 8.88% 05/05/1998 PGIM JENNISON FINCIAL SERVICES A S&P 1500 Financials TR % 1.35% 11.55% 13.49% 5.08% 13.54% 4.69% 13.26% 9.68% 7.43% 7.71% 9.55% 06/30/1999 PGIM JENNISON TURAL RESOURCES A S&P North American Natural Resources TR % 6.43% 15.11% 16.98% 6.98% -2.50% 0.81% -2.89% 0.63% 8.25% 7.23% 01/22/1990 PIMCO COMMODITY REAL RET STRAT A Morningstar Lng-Only Cmdty TR USD % 1.78% 2.99% 10.11% -1.66% -0.87% -7.58% -8.06% -7.13% -6.33% 1.46% 4.75% 11/29/2002

16 Page 16 of 17 IMPORTANT INFORMATION The expense ratio shown is the investment option s net expense ratio. Refer to the investment option s prospectus for its gross expense ratio, if applicable, and for additional information on its benchmarks. Subject to the terms of the Employer s plan and the code, in exchange for contributions made to the contract, AXA Equitable Life Insurance Company will provide the annuity benefit options available under the contract. Typically, variable annuities have mortality and expense charges, account fees, investment management fees and administrative fees. In addition, annuity policies have exclusions and limitations, early withdrawals may be subject to surrender charges and if taken prior to age 59 1 / 2, a 10% federal income tax penalty. Variable annuities are subject to risks, including the possible loss of principal invested. An annuity contract that is purchased to fund a qualified retirement plan should be done so for the annuity s features and benefits other than tax deferral. For such cases, tax deferral is not an additional benefit for the annuity. You may also want to consider the relative features, benefits, and costs of this annuity with any other investment that you may have in connection with your retirement plan or arrangement. You will incur higher costs with the asset allocation portfolios than if you were to invest directly in the underlying investment portfolios. The target date is the approximate date when investors plan to start withdrawing their money. The principal value of the portfolios is not guaranteed at any time, including at the target date. International securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. Bond investments are subject to interest rate risk so that when interest rates rise, the price of bonds can decrease and the investor can lose principal value. High yield bonds are subject to a high degree of credit and market risk. Small- and mid-capitalization stocks are subject to a higher degree of market risk than large capitalization stocks of more established companies. Even though large cap stocks are perceived to be less risky than smaller cap companies, they still involve risks, i.e., they will fluctuate in value and you can lose money. Investing in commodity-related securities may present special risks including market price movements and regulatory and economic changes, as well as sector concentration risks. The assets in a non-diversified portfolio may be focused on a smaller number of issues or one sector of the market that may make the value of the portfolio s shares more susceptible to certain risk than shares of a diversified portfolio. Investing in value stocks is based upon a portfolio manager s subjective assessment of fundamentals of the companies he or she believes are undervalued. This style of investing may increase the volatility of the portfolio and may not produce the intended results over short or long time periods. Larger, more established companies may not be able to attain higher growth rates of smaller companies, especially during extended periods of economic expansion. Investing in growth stocks is based upon a portfolio manager s subjective assessment of fundamentals of companies he or she believes offer the potential for price appreciation. This style of investing involves risks and investors can lose money. The current yield for the EQ/Money Market B portfolio as of 07/31/18 is 1.47% and as 06/29/18 is 1.39%. This yield quotation more closely reflects the current earnings of the investment portfolio than the total return quotation. It does not reflect any product related expenses or charges. This is a seven day current yield as of the last day of the month to which the performance relates. As of April 1, 2016 the EQ/Money Market Portfolio was designated as a government money market fund, as defined in Rule 2a-7 under the Investment Company Act of 1940, and prior to that date the Portfolio invested in certain types of securities that it is no longer permitted to hold. Consequently, the performance shown may be different if the current limitations on the Portfolio s investments had been in effect prior to its conversion to a government money market fund. You could lose money by investing in the portfolio. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The portfolio s sponsor has no legal obligation to provide financial support to the portfolio, and you should not expect that the sponsor will provide financial support to the portfolio at any time. Interest Rate Risk applies to fixed income securities. Fixed income securities will decline in value because of changes in interest rates. When interest rates rise, the value of a portfolio s debt securities generally declines. When interest rates decline, the value of a portfolio s debt securities generally rises. Despite the short maturities and high credit quality of the EQ/Money Market Portfolio s investments, increases in interest rates and deteriorations in the credit quality of the instruments the Portfolio has purchased may reduce the Portfolio s yield and can cause the price of a money market security to decrease. Bonds rated below investment grade (i.e. BB by S&P or Fitch or Ba by Moody s) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. "Junk bonds" are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Investments in large-cap companies may involve the risk that larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Investing in the Allocation Portfolios will involve a higher overall cost than if you were to invest directly in the underlying portfolios. It is important to note that asset allocation does not assure a profit or protect against loss in a declining market. Derivatives are subject to a number of risk such as leverage risk, liquidity risk, interest rate risk, market risk, credit risk and also involve the risk of mispricing or improper valuation. The Portfolio s investments in derivatives may rise or fall more rapidly than other investments.

17 Page 17 of 17 IMPORTANT INFORMATION (CON T) Certain investments may involve credit risk. Credit risk is the risk that the issuer or the guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations. Even though the market price of an exchange traded fund (ETF) is derived from the securities it owns, such price at any given time may be at, below or above the ETF s net asset value. Many ETF s invest in securities included in, or representative of, underlying indexes. A portfolio that employs an index strategy generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. There is also the risk that an ETF s performance may not match that of the relevant index. A portfolio that invests primarily in a particular sector could experience greater volatility than portfolios investing in a broader range of industries. The risk that the principal on mortgage- and asset-backed securities held by a Portfolio may be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates and they may experience additional volatility and losses. A Portfolio that invests in Underlying Portfolios will indirectly bear fees and expenses charged by the Underlying Portfolios, in addition to the Portfolio s direct fees and expenses. The Portfolio is also subject to the risks associated with the securities in which the Underlying Portfolios invest. Alternative investments use strategies that differ from the buy-and-hold strategy typical in the mutual fund industry. Compared to a traditional mutual fund, an alternative fund typically holds more aggressive non-traditional investments and employs more complex trading strategies. Alternative investments can be less liquid and more volatile than traditional investments and often lack longer term track records. Investors considering alternative funds should be aware of their unique characteristics and risks as described in the prospectus before investing. Portfolios that feature AXA Equitable s proprietary managed-volatility strategy (or may invest in underlying portfolios that feature this strategy) utilize futures and options to manage equity exposure when market volatility increases above specific thresholds set for the portfolio. It is not possible to manage volatility fully or perfectly, which could cause these portfolios to underperform or experience losses. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial Instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performances analysis, forecast or prediction. The MSCI information is provided on as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI each of its affiliates and each person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (Including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. ( Source BofA Merrill Lynch, used with permission. BOFA MERRILL LYNCH IS LICENSING THE BOFA MERRILL LYNCH INDICES AS IS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY,ACCURACY,TIMELINESS,AND/OR COMPLETENESS OF THE BOFA MERRILL LYNCH INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND AXA EQUITABLE LIFE INSURANCE COMPANY, OR ANY OF ITS PRODUCTS OR SERVICES. The Russell Index is a trademark of Russell Investments and have been licensed for use by AXA Equitable. The Product(s) is/are not sponsored, endorsed, sold or prompted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in the product. This performance information is for use with employers only. It must be preceded or accompanied by a Retirement Gateway Employer Disclosure Brochure. The Retirement Gateway variable annuity is issued by AXA Equitable Life Insurance Company (NY, NY). Co-distributed by AXA Advisors, LLC and AXA Distributors, LLC (Members FINRA & SIPC). All companies are affiliated. Retirement Gateway is a registered service mark of AXA Equitable Life Insurance Company. Contract Forms # 2005GAC-QP, 2011-RG457, 2012 QPRG, 2012 QPRG-C and any state variations. Variable Annuities: Are Not a Deposit of Any Bank Are Not FDIC Insured Are Not Insured by Any Federal Government Agency Are Not Guaranteed by Any Bank or Savings Association May Go Down in Value GE (12/16)