Ambition 2020 Media Conference June 21, 2016 Thomas Buberl, incoming CEO Denis Duverne, incoming Chairman Gérald Harlin, Chief Financial Officer Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to the section “Cautionary statements” in page 2 of AXA’s Document de Référence for the year ended December 31, 2015, 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. 1 Introduction Denis Duverne Incoming Chairman Ambition AXA has been a great success Ambition AXA priorities… …did bear fruit Selectivity  High return on Equity  Strong balance sheet  Resilient earnings Acceleration  Diversified footprint  Digital momentum Efficiency 4 | AXA Press conference | June 21, 2016 A very strong platform to pursue the transformation of the Group Balanced business mix Global footprint 39% Property & Casualty and International Insurance Underlying earnings1 36% Savings & Asset Management2 25% Protection & Health AXA’s presence Strong balance sheet Key assets to transform the Group Solvency 2 ratio  A multichannel distribution model As of 03/31/2016 230%  A leading global brand3 target range 200% ca. 2015-2020  A top innovative insurance company 170%  Engaged employees 5 | AXA Press conference | June 21, 2016 All notes are on page 30 of this document. 2 Ambition 2020 Thomas Buberl Incoming CEO A changing environment made up of challenges and opportunities… Technological, Ultra-low interest scientific and rates medical progress Population Regulation dynamics and societal changes Re-appreciation Sluggish growth of the in Europe, environment, volatile emerging natural markets resources and climate risks 7 | AXA Press conference | June 21, 2016 …with clients and competitors rapidly changing as well Traditional A globalized insurance world competitors Embedded An inter- insurance connected world products Digital giants A faster world and insurtech startups 8 | AXA Press conference | June 21, 2016 DRAFT - CONFIDENTIAL Accélérer sur Conviction #1 les segments de croissance Accelerate on growth segments 9 | AXA Conférence de presse | 21 juin 2016 DRAFT - CONFIDENTIAL Conviction #2  Margins  Capital Efficiency is a  Cash-flows pre-requisite for performance 10 | AXA Conférence de presse | 21 juin 2016