IFRS in numbers. June 21, 2005

IFRS in numbers June 21, 2005

Disclaimer and Cautionary Statements Concerning Forward-looking Statements The 2004 IFRS information presented is audited and has been prepared in accordance with the IFRS and IFRIC interpretation issued and effective or early adopted as of June 2005. AXA has applied the amendment to IAS 39 regarding the fair value option issued by the IASB on June 16, 2005 and the amendment to IAS 19 regarding employee benefits approved by the ARC, which are both expected to be formally endorsed by the European Commission in the second half of 2005. The IFRS standards and IFRIC interpretations that will be applicable at December 31, 2005, including those that will be applicable on an optional basis, are not known with certainty at this time. Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and AXA s plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). These risks and uncertainties include, without limitation, the risk of future catastrophic events including possible future terrorist related incidents. Please refer to AXA s Document de Référence for the year ended December 31, 2004 and AXA's Annual Report on Form 20-F for the year ended December 31, 2003, for a description of certain important factors, risks and uncertainties that may affect AXA s business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. IFRS in numbers June 21, 2005-2

Table of Contents 1 : Introduction Page 4 2 : Summary IFRS Impacts on AXA s balance sheet Page 8 3 : Summary IFRS Impacts on AXA s revenues and earnings Page 19 4 : Summary IFRS Impacts on other indicators Page 29 5 : Conclusion Page 34 6 : Appendices Page 37 IFRS in numbers June 21, 2005-3

1. Introduction

IFRS implementation in its final stage The conversion process started 30 months ago Strong governance both at central and local levels Strong involvement of staff, both locally and centrally, in the process Milestones for the conversion project: Kick-off: January 2003 AXA IFRS conversion guide: March 2003 First draft of IFRS 2004 Full consolidation: June 2004 Second draft of IFRS 2004 Full consolidation: October 2004 Presentation of IFRS Principles: January 6, 2005 Audited 2004 IFRS numbers: June 21, 2005 IFRS in numbers June 21, 2005-5

Principles and final results are in line with our January indications Limited impact on opening balance sheet Underlying earnings remain broadly unchanged Adjusted earnings are benefiting from higher level of realized gains Net income is benefiting from higher adjusted earnings and absence of goodwill amortization Some volatility is generated and is essentially allocated to net income Fair value option on assets Derivatives accounting IFRS in numbers June 21, 2005-6

IFRS at a glance FY 2004 FGAAP IFRS Change Closing shareholders' equity, gp share (Euro bn) 26.2 28.5 +9% Opening shareholders' equity, gp share (Euro bn) 23.4 22.5-4% Underlying earnings: - Total (Euro million) - Per share* ( ) 2 723 1.43 2 640 1.42 (83) -1% Adjusted earnings: - Total (Euro million) - Per share* ( ) 2 901 1.52 3 344 1.78 443 +17% Net income: - Total (Euro million) - Per share* ( ) 2 519 1.32 3 738 1.99 1 219 +51% *on a fully diluted basis IFRS in numbers June 21, 2005-7

2. Summary IFRS impacts on AXA s balance sheet

Simplified Balance sheet as of December 31, 2004 Euro billion @ Dec. 31, 2004 FGAAP IFRS FGAAP IFRS Goodwill 12.4 11.9 Shareholders Equity, gp share 26.2 28.5 VBI 3.0 3.2 Minority interests (MI) 2.2 2.5 DAC & equivalent 12.0 13.0 SH EQUITY & MI 28.4 31.0 Other intangibles 0.6 0.6 Technical reserves 386.2 394.5 Invested assets 381.9 405.7 Provisions for risks & charges 4.4 7.7 Financing debt 12.2 11.0 Other assets 71.1 70.1 Other liabilities 49.8 60.2 ASSETS 481.0 504.5 LIABILITIES & SH EQUITY 481.0 504.5 Note that Life DAC net of URR, tax, PB and minority interests = Euro 4.9bn Impacts on balance sheet are mainly driven by: Mark to market Scope of consolidation Change in presentation and gross-up of some balance sheet items IFRS in numbers June 21, 2005-9

Main IFRS Impacts on December 31, 2004 total balance sheet At December 31, 2004 (Euro billion) Assets Liabilities SH Eq 17 2 505 4 2 505 11 (1) (1) (1) 5 5 3 3 481 481 IFRS in numbers June 21, 2005-10 FGAAP Assets Intangible gross-up MI & scope Mark-to-market Shadow DAC & VBI Pension asset gross-up Other adj. on VBI & GW IFRS Assets FGAAP Liab & SH eq Intangible gross-up MI & scope Mark-to-mkt (PB + DTL) Pension benefits TSS reclass SH equity, gp share IFRS Liab & SH eq

Summary IFRS net impacts on December 31, 2004 shareholders equity At December 31, 2004 (Euro billion) 32 31 4.7 0.5 30 29 28 (2.2) (0.8) (0.4) 0.8 (0.4) 28.5 27 26.2 0.3 26 (0.1) 25 24 FGAAP SH Equity P&C & Int'l equ. reserves DAC & equival. Invested assets deriv. & hedging Sharebased comp. & empl. benefits Business comb. Treasury sh. Compound fin. instr. & TSS reclass. Other Adj. IFRS SH Equity All impacts are group share. IFRS in numbers June 21, 2005-11

Description of IFRS net impacts on December 31, 2004 shareholders equity (1/2) P&C and International Insurance equalization reserves Equalization reserves are eliminated with a Euro 0.3 billion net positive impact. DAC and equivalent For investment contracts with no DPF, DAC is written off, and partly replaced by DOC for contracts that provide Investment Management Services, resulting in a negative impact of Euro 0.1 billion. Invested assets and scope of consolidation The recording of invested assets (excluding real estate and loans) at fair value, the retrospective application of IFRS impairment rules and the extension of the scope of consolidation result in a positive impact of Euro 4.7 billion. Derivatives and hedging Marking to market derivatives results in a positive impact of Euro 0.5 billion as, under French GAAP, unrealized gains on derivatives were not recorded. Share-based compensation and employee benefits Past employee benefits deficit and on-going employee benefits actuarial gains/losses are incorporated in shareholders equity, with a negative impact of Euro 2.2 billion. Note that on-going employee benefits actuarial gains and losses are no longer amortized through P&L. IFRS in numbers June 21, 2005-12

Description of IFRS net impacts on December 31, 2004 shareholders equity (2/2) Business combination Goodwill is booked in the local currency of the acquired entity under IFRS, and is therefore subject to currency fluctuations. This is partly offset by no 2004 goodwill amortization, resulting in a net negative impact of Euro 0.8 billion. Treasury shares Under IFRS, all treasury shares have to be netted to equity at cost, resulting in a negative impact of Euro 0.4 billion. Compound financial instruments (convertibles) & TSS reclassification The equity component (value of the option granted to convert the debt instrument into an equity instrument of the Company) of compound financial instruments is reported in shareholders equity with a positive impact of Euro 0.1 billion. The TSS ( Titres Super Subordonnés, which are undated deeply subordinated notes) issued in 2H04 are reclassified in equity, as they meet the IFRS definition of equity, with a positive impact of Euro 0.6 billion. IFRS in numbers June 21, 2005-13

To isolate IFRS volatility, shareholders equity is shown both with and without change in FV @ December 31, 2004 Share capital, of which: - capital - capital in excess of nominal value - treasury shares Euro billion 19.4 4.4 15.4-0.4 - TSS 0.6 - Reserves related to change in FV of AFS OCI investments - Reserves related to change in FV of CF hedges - Other reserves (mainly equity component of compound financial instruments) Translation reserves -0.7 Retained earnings, of which: - 2004 net income, group share Shareholders' equity at Dec 31, 2004 28.5 Reversal of change in fair value recorded in shareholders' equity -5.8 Shareholders' equity at Dec 31, 2004 excluding change in fair value 22.8 5.7 0.1 0.2 3.3 3.7 Euro 6.6bn Minority Interests 2.5 SH Equity + MI at Dec 31, 2004 excluding change in fair value 25.3 Basis for Gearing IFRS in numbers June 21, 2005-14

Breakdown of AXA s invested assets under IFRS @ December 31, 2004 (Euro billion) IFRS Investments in real estate properties 12.3 Invested Financial assets 262.3 Loans 18.6 Assets backing contracts where the financial risk is borne by policyholders 112.4 Total invested assets 405.7 IFRS in numbers June 21, 2005-15

Focus on Invested Financial Assets: 75% defined as AFS OCI AFS OCI Life & Savings Non life entities Fair value option Life & Savings - UK with-profit Life & Savings - others Non life entities Trading Life & Savings Asset Mgt & OFS Held by consolidated mutual funds/ satellite block Life & Savings - UK with-profit Life & Savings - others Non life entities Euro billion % 196.6 75.0% 154.4 42.2 31.1 11.8% 22.4 7.2 1.5 2.1 0.8% 0.4 1.7 31.8 12.1% 4.7 23.5 3.6 Derivatives 0.7 0.3% TOTAL Invested Financial Assets 262.3 100% Markedto-market through P&L Assets designated at fair value through P&L either held directly or through consolidated mutual funds (satellite block) represent 25% of invested financial assets, of which 90% subject to shadow accounting Breakdown of assets designated at FV through P&L : 48% L&S Non Life 10% 42% L&S WP Subject to shadow accounting IFRS in numbers June 21, 2005-16

Analysis of invested financial assets with related P&L volatility Invested financial assets with change in fair value through P&L, excluding UK WP and trading: @ Dec. 31, 2004 - (Euro billion) L&S Non Life TOTAL Fixed Maturities 22.1 4.0 26.2 Equity 6.6 0.9 7.5 Others 2.0 0.1 2.1 TOTAL 30.7 5.0 35.7 Satellite investment portfolio with: Mainly Life & Savings assets, which are subject to shadow accounting Tactical asset allocation/active management with total return objective Closely monitored expected return and volatility IFRS in numbers June 21, 2005-17

IFRS impact on technical reserves +Euro 8.3 bn, mainly shadow participation @ December 31, 2004 (euro billion) FGAAP IFRS Total technical reserves 386.2 394.5 - of which L&S 341.9 350.7 - of which Non-life 44.3 43.9 (Euro bn) + Insurance contracts 302.8 o/w insurance contracts 229.4 o/w insurance contracts where the financial risk is borne by PH 73.4 Investment contracts 71.9 o/w Investment contracts with DPF 31.7 o/w Investment contracts w/o DPF 0.9 o/w Investment contracts where the financial risk is borne by PH 39.4 Liabilities arising from policyholders participation 19.8 Total unit-linked balance = Euro 112.8 billion IFRS in numbers June 21, 2005-18

3. Summary IFRS impacts on AXA s revenues and earnings

Summary IFRS Impacts on FY04 revenues (Euro billion) FGAAP: Euro 72.2bn IFRS: Euro 67.0bn Asset Mgt & OFS 3.9 P&C and Int l Insurance 21.2 47.1 Life & Savings Asset Mgt & OFS Deposit accounting on L&S investment contracts w/o DPF: UK: Euro - 3.9bn France: Euro - 0.4bn Australia/NZ: Euro -0.3bn OFS revenues are shown net of interest payments under IFRS: Euro - 0.4bn P&C and Int l Insurance 3.5 21.2 Life & Savings 42.3 IFRS in numbers June 21, 2005-20

Summary of differences between French GAAP and IFRS earnings French GAAP IFRS Underlying Earnings + Realized capital gains & losses attributable to shareholders (including Forex impact*) + FGAAP impairments + IFRS impairments Adjusted Earnings + Goodwill amortization + Goodwill impairment and related intangibles amortization + Exceptional operations resulting from change in scope Net Income + Profit or loss (excluding Forex impact*) on financial assets (under fair value option) & derivatives *Except mark-to-market of AXA SA derivatives which are used to hedge subsidiaries underlying earnings against currency fluctuations IFRS in numbers June 21, 2005-21

Snapshot of French GAAP and IFRS FY04 earnings Earnings per share (euro) FY 2004 (Euro million) FGAAP IFRS Diff. FGAAP* IFRS* Underlying earnings 2 723 2 640 (83) 1.43 1.42 Realized capital gains & losses attributable to shareholders and impairments 178 704 526 Adjusted Earnings 2 901 3 344 443 1.52 1.78 Goodwill and related intangibles (649) (42) 607 Exceptional operations resulting from change in scope Profit or loss on financial assets (under fair value option) & derivatives 267 10 (258) 427 427 Net Income 2 519 3 738 1 219 1.32 1.99 *Weighted average number of fully diluted shares was 1910.8 million under FGAAP versus 1934.8 million under IFRS. See appendices for more details on differences between FGAAP and IFRS number of shares. IFRS in numbers June 21, 2005-22

Summary IFRS Impacts on FY04 Underlying Earnings Euro million 2 800 2 723 2 600 (88) (12) 57 12 12 2 640 (65) 2 400 2 200 FY04 FGAAP Underlying Earnings Scope DAC & equival., VBI & liability valuation Share-based comp. Employee benefits P&C & Int'l Ins. Equ. Reserves Others FY04 IFRS Underlying Earnings IFRS in numbers June 21, 2005-23

Description of IFRS impacts on FY04 Underlying Earnings Difference in scope of consolidation IFRS capture earnings on underlying securities when French GAAP reflected dividends distributed by the now consolidated mutual fund and real-estate entities, leading to some timing differences in the emergence of earnings. For investment contracts w/o DPF, notably in the UK, IFRS impacts are: Changes to reserves valuation No VBI amortization, as VBI related to these contracts is written off Lower deferred cost amortization as DAC is written off and only partly replaced by DOC In the UK, overall impact of Euro -21 million. Share-based compensation The fair value at grant date is accrued through Underlying Earnings over the vesting period for equity-settled instruments. The value of the discount offered to employees for Shareplan is expensed. Employee benefits As past actuarial gains & losses (URL) were recognized through the opening balance sheet, they no longer need to be amortized, with a positive impact of Euro 57 million. P&C and International Insurance equalization reserves The elimination of equalization reserves results in a Euro 12 million positive impact. IFRS in numbers June 21, 2005-24

3 400 3 200 FY04 Adjusted Earnings are higher than FGAAP as higher impairments were recognized in the opening balance sheet Euro million Increased realized capital gains in line with lower historical costs under IFRS 235 3 344 3 000 2 901 291 2 800 2 600 2 400 2 200 (83) Reversal of impairment allowances recorded under French GAAP as they were passed through IFRS opening balance sheet 2 000 FY04 FGAAP Adjusted Earnings IFRS impact on Underlying Earnings Realized gains attributable to Shareholders FY04 IFRS Adjusted Earnings IFRS in numbers June 21, 2005-25

Summary IFRS impacts on FY04 Net Income Euro million 4 000 3 800 3 600 3 400 3 200 3 000 2 800 Absence of goodwill amortization under IFRS 443 - Natural & FV hedges - Assets under FV option, mainly mutual funds accounts 607 (258) 173 254 Derivatives, mainly AXA SA 3 738 2 600 2 400 2 200 2 519 - Absence of exceptional profit in Alliance Capital - MONY restructuring provision 2 000 FY04 FGAAP Net Income IFRS impact on Adjusted Earnings Goodwill & related intangibles Exceptional Operations Profit or loss on financial assets (under FV option) & derivatives FY04 IFRS Net Income IFRS in numbers June 21, 2005-26

Exceptional operations decreased by Euro 258 million under IFRS compared to FGAAP as: The FGAAP Euro 112 million positive impact related to rights exercised by former Sanford Bernstein shareholders to sell Alliance Capital units to AXA Financial is eliminated under IFRS, as the provision offsetting the 2000 dilution gain related to the acquisition of Sanford Bernstein was recognized in the 2004 Opening Balance Sheet. In the context of an acquisition, IFRS does not allow the booking in the Purchase GAAP balance sheet of restructuring costs which were not strictly defined by the acquired company at the date of acquisition. As a result, MONY restructuring provisions amounting to Euro 146 million are reflected in IFRS 2004 net income. IFRS in numbers June 21, 2005-27

Focus on 2004 profit/loss on derivatives: AXA SA The Euro 254 million impact on 2004 net income from change in fair value of derivatives is mainly coming from AXA SA: Interest rate hedging strategies considered as speculative under IFRS. In the future, further hedge accounting qualifications might allow to reduce volatility induced by AXA SA interest rate derivatives. Mark-to-market of hedging of underlying earnings foreign exchange exposure (Euro 73 million impact). IFRS in numbers June 21, 2005-28

4. Summary IFRS impacts on other indicators

Gearing stands at 42% under IFRS @ December 31, 2004 (Euro billion) FGAAP IFRS - Total Financing debt on balance sheet 12.2 11.0 Reversal of mark-to-market of interest rate derivatives not eligible for hedge accounting* Total financing debt used for gearing ratio 12.2 11.6 Cash available @ AXA SA level 1.1 1.1 Total net debt 11.1 10.5 0.6 Shareholders' equity & minority interests 28.4 31.0 Less change in FV recorded in SHE -5.8 Shareholders' equity & minority interests for gearing** 25.3 Total net debt / Shareholders' equity & minority interests** 39% 42% * In the IFRS balance sheet, the financing debt includes the mark-to market of interest rate derivatives. For interest rate derivatives not eligible for hedge accounting, the mark-to-market is reversed as the related debt instruments are not marked-to-market. ** Shareholders equity is adjusted under IFRS to exclude changes in fair value of invested assets or derivatives flowing through shareholders equity (see slide 14 for more details) IFRS in numbers June 21, 2005-30

well within our comfort zone 60% 55% 54% 50% 45% 40% 49% 46% 43% 39% 42% 35% 30% 2000 2001 2002 2003 2004 2004 IFRS FGAAP IFRS in numbers June 21, 2005-31

Dividend policy is unchanged: starting yearend 2005, dividend expected to represent 40% to 50% of IFRS adjusted earnings which will benefit from a higher stock of unrealized gains 3 344 Euro million, except per share amounts 2 901 1 357 1 450 Adjusted Earnings 2002 2003 2004 IFRS 2004 Dividend paid 599 676 1 164 Pay-out ratio 44% 47% 40% DPS 0.34 0.38 0.61 IFRS in numbers June 21, 2005-32

P&C Combined ratio FY 2004 99,8% 99,3% 99.3% Reclassification of interests credited on P&C technical reserves relating to annuities from technical result to investment expenses (mainly Workers Compensation in Belgium) 98,8% (0.3%) 98,3% (0.4%) (0.1%) 98.5% 97,8% FGAAP Equalization reserve Interests credited to P&C techn. reserves relating to annuities Employee benefits IFRS IFRS in numbers June 21, 2005-33

5. Conclusion

Long live IFRS From now on, all internal processes are centered around IFRS All future financial releases will be on an IFRS basis with comparable numbers HY 05 activity indicators release: July 28, 2005 HY 05 earnings Summary release: September 6, 2005 Detailed release: September 22, 2005 Financial supplement and MD&A focused on underlying earnings IFRS in numbers June 21, 2005-35

As a summary Everything is as expected No change to our operating environment Key performance indicators remain the same Earnings capacity and balance sheet strength are confirmed IFRS in numbers June 21, 2005-36

6. Appendices Balance sheet as of January 1, 2004 Impact on intangible assets as of December 31, 2004 Focus on other liabilities as of December 31, 2004 1H04 IFRS earnings Number of shares for EPS calculation P&C Combined Ratios by country Earnings by country Glossary

Simplified Balance Sheet as of January 1, 2004 ( 2004 Opening Balance Sheet ) Euro billion @ January 1, 2004 FGAAP IFRS FGAAP IFRS Goodwill 12.9 11.9 Shareholders Equity, gp share 23.4 22.5 VBI 2.8 3.3 Minority interests (MI) 2.5 2.7 DAC & equivalent 11.0 12.0 SH EQUITY & MI 25.9 25.2 Other intangibles 0.6 0.5 Technical reserves 360.6 365.4 Invested assets 350.3 366.6 Provisions for risks & charges 5.0 7.1 Financing debt 12.9 12.6 Other assets 71.8 69.7 Other liabilities 44.9 53.7 ASSETS 449.2 464.0 LIABILITIES & SH EQUITY 449.2 464.0 Note that life DAC net of URR, tax, PB and minority interests = Euro 4.5 bn IFRS in numbers June 21, 2005-38

Summary IFRS net impacts on 2004 opening shareholders equity At January 1, 2004 (Euro billion) 27 26 25 24 23 22 21 20 19 18 17 16 15 23.4 FGAAP SH Equity 0.3 P&C & Int'l equaliz. reserves (0.1) DAC & equival. All impacts are group share. 2.5 Invested assets 0.2 Deriv. & hedging (2.0) Sharebased comp. & empl. benefits (1.3) Business combin. (0.5) Treasury shares 0.1 Compound fin. instr. (0.1) Other Adj. 22.5 IFRS SH Equity IFRS in numbers June 21, 2005-39

Description of IFRS net impacts on 2004 opening shareholders equity (1/2) P&C and International Insurance equalization reserves Equalization reserves are eliminated with a Euro 0.3 billion net positive impact. DAC and equivalent For investment contracts with no DPF, DAC is written off, and partly replaced by DOC for contracts that provide Investment Management Services, resulting in a negative impact of Euro 0.1 billion. Invested assets and scope of consolidation The recording of invested assets at fair value, the retrospective application of IFRS impairment rules and the extension of scope of consolidation result in a positive impact of Euro 2.5 billion. Derivatives and hedging Marking to market derivatives results in a positive impact of Euro 0.2 billion as under French GAAP unrealized gains on derivatives were not recorded. Share-based compensation and employee benefits Past employee benefits deficit is incorporated in the opening shareholders equity, partly offset by the release of the FGAAP provisions for some equity-settled plans, resulting in a total negative impact of Euro 2.0 billion. IFRS in numbers June 21, 2005-40

Description of IFRS net impacts on 2004 opening shareholders equity (2/2) Business combination Goodwill is booked in the local currency of the acquired entity under IFRS and is therefore subject to currency fluctuations, resulting in a negative impact of Euro 1.3 billion. Treasury shares Under IFRS, all treasury shares have to be netted to equity at cost, resulting in a negative impact of Euro 0.5 billion. Compound financial instruments (convertibles) The equity component (value of the option granted to convert the debt instrument into an equity instrument of the Company) of compound financial instruments is reported in shareholders equity with a positive impact of Euro 0.1 billion. IFRS in numbers June 21, 2005-41

Reconciliation of 2004 IFRS opening to closing shareholders equity Euro billion 30 Mark-to-market of AFS OCI 28 1.5 0.1 0.6 0.4 28.5 3.7 (0.3) 26 24 22.5 Reclassification of the TSS issued in 2H04 as it meets the IFRS definition of equity 22 20 2004 IFRS opening SH Equity 2004 IFRS Net Income Ch. In FV through SH Equity Employee benefits actuarial gains/losses Treasury shares TSS Others 2004 IFRS closing SH Equity IFRS in numbers June 21, 2005-42

Detailed shareholders equity roll forward (Euro billion) Share capital Other reserves Translation reserve Retained earnings Total MI Total Equity Balance at Jan 1, 2004 17.6 4.4 0 0.5 22.5 2.7 25.2 Impact of transactions with SH** 1.8 0.6 (0.7) 1.8 S O R I E* Others 0.0 0.1 0.1 Reserves related to Changes in FV through SHE 1.5 1.5 CTA of the year (0.7) (0.7) Employee benefits actuarial gains (losses) (excl. CTA impacts) (0.3) (0.3) Net income of the period 3.7 3.7 Total SORIE 0 1.5 (0.7) 3.5 4.3 Balance at Dec 31, 2004 19.4 6.6 (0.7) 3.3 28.5 2.5 31.0 *SORIE = Statement Of Recognized Income and Expense **SH = Shareholders IFRS in numbers June 21, 2005-43

Impact on intangible assets at December 31, 2004 @ dec. 31, 2004 (Euro billion) FGAAP Main IFRS impacts IFRS Goodwill 12.4 - Translation of goodwill in local currency - No amortization of goodwill in 2004* - Others -1.7 +1.0 +0.2-0.5 11.9 VBI 3.0 - Gross up of tax - Write-off of VBI related to investment contracts w/o DPF - Shadow VBI +1.2-0.5-0.5 +0.2 3.2 DAC & equivalent 12.0 - Gross up of URR** - Shadow DAC +1.9-0.9 +1.0 13.0 Excluding reclassifications (gross-up of DAC URR and VBI tax), intangibles are down Euro 2.4 billion Life DAC net of URR, Tax, PB and MI is 4.9 billion VBI net of Tax and MI is 1.9 billion * 2004 FGAAP net income included Euro 308 million goodwill amortization related to Bernstein put exercises in exceptional operations, which is reversed under IFRS. ** URR (Unearned Revenue Reserves) represent the deferral of fees charged to PH which are to be recognized over the life of the contract, on the same basis as the amortization of DAC. DAC was previously shown net of URR on the balance sheet. Under IFRS, it will be shown gross. IFRS in numbers June 21, 2005-44

Focus on other liabilities at December 31, 2004 @ Dec. 31, 2004 Euro billion FGAAP Main IFRS Impacts IFRS Other liabilities 49.8 - MI* for consolidated investment funds +3.2 - CDO notes from CDO s consolidation +1.8 - Deferred tax: gross-up of tax on VBI +1.2 - Deferred tax: other +3.0 - Others (mainly reclassification) +1.2 +10.4 60.2 *MI = Minority Interests IFRS in numbers June 21, 2005-45

Snapshot of French GAAP and IFRS 1H04 earnings Earnings per share (euro) 1H04 (Euro million) FGAAP IFRS Diff. FGAAP* IFRS* Underlying earnings 1 436 1 399 (37) 0.77 0.77 Realized capital gains & losses attributable to shareholders and impairments 154 263 109 Adjusted Earnings 1 590 1 661 71 0.85 0.90 Goodwill and related intangibles (337) (38) 299 Exceptional operations resulting from change in scope Profit or loss on financial assets (under fair value option) & derivatives 191 126 (65) (17) (17) Net Income 1 444 1 733 289 0.78 0.94 *Weighted average number of fully diluted shares was 1932.5 million under FGAAP versus 1930.5 million under IFRS. IFRS in numbers June 21, 2005-46

Summary IFRS Impacts on 1H04 revenues (Euro billion) FGAAP: Euro 37.3bn IFRS: Euro 34.9bn Asset Mgt & OFS 1.9 P&C and Int l Insurance 12.1 23.3 Life & Savings Asset Mgt & OFS - Deposit accounting on L&S investment contracts w/o DPF: UK: Euro 1.8bn France: Euro - 0.2bn Australia/NZ: Euro -0.1bn P&C and Int l Insurance 1.7 12.1 Life & Savings 21.1 - OFS revenues are shown net of interest payments under IFRS: Euro - 0.2bn IFRS in numbers June 21, 2005-47

Summary IFRS Impacts on 1H04 Underlying Earnings Euro million 1 500 1 450 1 436 1 400 29 17 22 1 399 1 350 1 300 (73) (15) (15) 1 250 1 200 1H04 FGAAP Underlying Earnings Scope DAC & equival., VBI & liability valuation Share-based comp. Employee benefits P&C & Int'l Ins. Equ. Reserves Others 1H04 IFRS Underlying Earnings IFRS in numbers June 21, 2005-48

Summary IFRS Impacts on 1H04 Adjusted Earnings Euro million 1 900 1 800 1 700 1 600 1 590 108 1 661 1 500 1 400 1 300 1 200 (37) - Reversal of Impairment allowances recorded under French GAAP as they were passed through IFRS opening balance sheet (Euro +130m) - Increased realized capital gains in line with lower historical costs under IFRS, more than offset by Forex impact (Euro -22m) 1 100 1H04 FGAAP adjusted earnings IFRS impact on underlying earnings Realized gains attributable to Shareholders 1H04 IFRS adjusted earnings IFRS in numbers June 21, 2005-49

Summary IFRS Impacts on 1H04 Net Income Euro million 1 900 1 800 1 700 300 (65) (15) 1 733 1 600 1 500 1 444 71 1 400 1 300 1 200 1 100 1 000 1H04 FGAAP Net Income IFRS impact on Adjusted Earnings Goodwill & related intangibles Exceptional Operations Profit or loss on financial assets (under FV option) & derivatives 1H04 IFRS Net Income IFRS in numbers June 21, 2005-50

Number of shares for FY04 EPS calculations: French GAAP vs. IFRS @ December 31, 2004 (in million shares, except when otherwise noted) BASIC: FGAAP delta IFRS Weighted avg number of outstanding shares 1 845.2-40.3 1 804.9 - Reversal of FGAAP restatement following the ORAN (-14.5m) - Deduction of treasury shares under IFRS (-25.9m) DILUTION IMPACTS: - on earnings (Euro million) 0 +106 +106 - on weighted average number of shares +65.6 +64.3 +129.9 Dilution impact of 2 convertible notes that become dilutive as IFRS net income is higher than FGAAP FULLY DILUTED: Weighted avg number of outstanding shares 1 910.8 +24.0 1 934.8 IFRS in numbers June 21, 2005-51

Number of shares for 1H04 EPS calculations: French GAAP vs. IFRS @ June 30, 2004 (in million shares, except when otherwise noted) BASIC: FGAAP delta IFRS Weighted avg number of outstanding shares 1 778.5-29.0 1 749.6 Deduction of treasury shares under IFRS (-29.0m) DILUTION IMPACTS: - on earnings (Euro million) +54 +26 +80 - on weighted average number of shares +154.0 +27.0 +181.0 Dilution impact of 1 additional convertible note becoming dilutive in IFRS as compared to FGAAP FULLY DILUTED: Weighted avg number of outstanding shares 1 932.5-2.0 1 930.5 IFRS in numbers June 21, 2005-52

IFRS detailed impact on FY04 P&C combined ratio FY 2004 Combined ratio FGAAP Impact of equalization reserve Interests credited to P&C technical reserves relating to annuities Employee benefits IFRS France 99.3% 0.0% -0.3% -0.2% 98.8% Germany 98.8% 0.1% -0.1% 98.8% Belgium 103.0% -0.9% -4.4% -0.4% 97.3% United Kingdom & Ireland 98.2% -0.7% -0.1% 97.4% Southern Europe 99.5% -0.1% -0.1% 0.0% 99.3% Other countries 100.0% -0.1% -0.1% 99.8% TOTAL P&C 99.3% -0.3% -0.4% -0.1% 98.5% IFRS in numbers June 21, 2005-53

IFRS detailed impact on 1H04 P&C combined ratio 1H04 Combined ratio FGAAP Impact of equalization reserve Interests credited to P&C technical reserves relating to annuities Employee benefits IFRS France 99.9% -0.3% -0.1% 99.5% Germany 99.5% 0.0% -0.3% 99.2% Belgium 100.3% -0.9% -4.3% -0.2% 94.9% United Kingdom & Ireland 98.5% -0.7% -0.3% 97.5% Southern Europe 99.4% 0.0% -0.3% 0.0% 99.1% Other countries 99.9% -0.2% 0.0% 99.7% TOTAL P&C 99.4% -0.3% -0.4% -0.2% 98.5% IFRS in numbers June 21, 2005-54

FY04 earnings by country FGAAP vs. IFRS FY 2004 Underlying earnings Adjusted earnings Net income Euro million IFRS FGAAP Var. IFRS FGAAP Var. IFRS FGAAP Var. Life & Savings 1 564 1 603-38 1 908 1 727 182 1 826 1 390 436 France 350 372-23 455 425 30 534 422 112 US 664 643 21 713 674 39 577 525 52 UK 86 108-22 -2 109-110 -27 19-47 Japan 145 163-18 292 199 93 274 148 126 Germany 14 9 4 3-38 41-3 -50 47 Belgium 74 85-11 173 104 69 191 95 96 Southern Europe 41 41 0 48 45 3 50 44 7 Other Countries 190 181 9 226 209 18 230 187 44 of which Australia / New Zealand 50 52-2 52 50 2 50 41 10 of which Hong-Kong 60 60 0 66 74-8 66 60 6 Property & Casualty 1 104 1 063 41 1 375 1 035 340 1 439 907 532 France 304 308-4 381 304 77 407 297 111 Germany 120 118 2 124 71 53 163 60 103 Belgium 159 146 14 215 142 73 228 125 104 UK & Ireland 302 278 25 359 274 85 372 244 128 Southern Europe 114 114 1 177 145 31 185 141 44 Others countries 103 99 4 119 98 21 83 41 43 International Insurance 139 155-16 226 238-11 244 227 18 AXA RE 96 108-13 111 142-30 126 131-5 AXA CS Assurance 50 54-4 96 84 12 97 84 13 Others -6-7 0 19 11 8 20 11 10 Asset Management 299 316-17 301 318-17 304 265 39 Alliance Capital 205 207-2 208 210-2 207 170 37 AXA Investments Managers 94 108-15 94 108-15 97 95 2 Other financial services 22 26-4 22 26-4 13 22-10 Holdings -488-439 -49-489 -442-48 -88-292 204 TOTAL 2 640 2 723-83 3 344 2 901 443 3 738 2 519 1 219 IFRS in numbers June 21, 2005-55

1H04 earnings by country FGAAP vs. IFRS 1H04 Underlying earnings Adjusted earnings Net income Euro million IFRS FGAAP Var. IFRS FGAAP Var. IFRS FGAAP Var. Life & Savings 816 848-32 984 906 78 975 739 236 France 219 240-21 266 272-5 254 270-16 US 317 309 8 344 330 14 352 262 89 UK 38 53-15 -27 56-82 -27 10-38 Japan 80 79 1 199 126 72 209 101 107 Germany 0 2-1 -25-56 32-33 -65 33 Belgium 41 48-8 95 64 31 88 59 29 Southern Europe 23 23 0 29 26 3 29 26 4 Other Countries 98 94 4 102 88 14 102 75 27 of which Australia / New Zealand 29 26 3 25 23 3 25 18 7 of which Hong-Kong 39 39 0 44 41 3 44 35 10 Property & Casualty 578 562 16 699 620 78 677 536 141 France 164 170-6 179 190-11 180 187-7 Germany 68 67 1 50 63-14 62 57 5 Belgium 92 86 5 113 96 17 112 87 25 UK & Ireland 145 130 15 182 130 52 182 109 73 Southern Europe 67 66 1 109 84 25 110 82 28 Others countries 43 43 0 66 56 10 32 14 17 International Insurance 138 141-4 159 165-6 156 156 0 AXA RE 88 86 1 107 97 9 103 89 14 AXA CS Assurance 26 32-5 21 37-16 21 37-15 Others 24 23 1 31 31 0 33 31 2 Asset Management 123 136-13 125 137-12 127 121 6 Alliance Capital 86 85 0 87 87 0 87 75 12 AXA Investments Managers 38 51-13 38 50-12 39 45-6 Other financial services 8 4 4 8 4 4 1 2-1 Holdings -265-256 -8-314 -243-71 -202-110 -92 TOTAL 1 399 1 436-37 1 661 1 590 71 1 733 1 444 289 IFRS in numbers June 21, 2005-56

Glossary AFSoci: Available For Sale, with change in fair value flowing through shareholders equity ARC: Accounting Regulatory Committee DAC: Deferred Acquisition Costs DOC: Deferred Origination Costs DPF: Discretionary Participation Feature FGAAP: French Generally Accepted Accounting Principles IFRS: International Financial Reporting Standards IASB: International Accounting Standards Board IFRIC: International Financial Interpretation Committee MI: Minority Interests PB: Policyholders participation URR: Unearned Revenue Reserve SH: Shareholders SHE: Shareholders equity SORIE: Statement Of Recognized Income and Expense VBI: Value of Business In force WP: With-Profits IFRS in numbers June 21, 2005-57