AXA Bank europe scf COVERED BOND PROGRAM

AXA BANK EUROPE SCF

COVERED BOND PROGRAMME

Investor Presentation – March 2017

Executive Summary

AXA Bank Europe SCF // Investor Presentation 2

AXA Bank Europe (ABE) & AXA Banque France (ABF), the principal banking entities of AXA Group.

A strong legal framework. AXA Bank Europe SCF is a French law governed Société de Crédit Foncier;

Wholly-owned subsidiary of ABE and bankruptcy-remote from ABE.

Exposure to some of the most stable housing markets in Europe providing investors

with a diversification opportunity.

Highly rated secured instruments (Obligations Foncières). Rated Aaa/AAA by Moody’s & Fitch;

Collateralised by high quality prime Belgian and French home loans.

Transformation structure of ABE SCF. To meet requirements new regulation;

Simplify structure & align with other French issuers.

Table Of Content

1. AXA Bank Europe & AXA Banque: Part of AXA Group P.4

2. ABE SCF Covered Bond Programme P.17

3. Macroeconomic Overview: Belgium & France P.28

4. The Belgian Home Loans Market P.31

5. The French Home Loans Market P.36

6. Cover Pool P.40

7. Overview of the Underlying Residential Loans Portfolios P.46

8. Appendix P.56

3 | AXA Bank Europe SCF // Investor Presentation

1. AXA Bank Europe & AXA Banque:

Part of AXA Group

AXA Group: a global financial services provider

With a sound financial health making it able to look to the future with confidence


4 FIELDS OF EXPERTISE:

P&C

Health Insurance

Life & Savings

Asset Management

103 MILLION CUSTOMERS

IN 64 COUNTRIES

166 000 EMPLOYEES

“AXA’s results confirm its sound financial health & ability to look to the future with confidence”

Situation at 31/12/2016

(°) at 31/12/2015

,

…Announced the « AMBITION 2020 » programme

AXA’s new management team announced its “ambition 2020” programme in June 2016

AXA Bank Europe SCF // Investor Presentation 6 |

&

Results 2016 in line with Ambition 2020 targets

UNDERLYING EARNINGS PER SHARE

€6.2 bn FY16

GROUP OPERATING FREE CASH FLOWS

ADJUSTED RETURN ON EQUITY

SOLVENCY II RATIO

197% FY16

13.5% FY16

4% FY16 vs. FY15


Target 3%-7% CAGR 2015-2020E

Target €28-32 bn Cumulative 2016E-2020E

170% - 230% Target range

Target 12% - 14% 2016E–2020E

AXA Bank Europe & AXA Banque within the AXA Group

8 |

100%

51%

Non-rated

100%

AXA Banque (France) SA

AXA Bank Europe SA/NV

AXA France

Vie SA

100%

49%

AXA Bank Europe SCF SA

99.99%

S&P: A/A-1, Outlook Stable

Moody’s: A2/P-1, Outlook Stable

Fitch: A/F1, Outlook Stable

S&P: A+/A-1, Outlook Stable

Moody’s: A2/P-1, Outlook Stable

AXA SA

AXA France Assurance SAS

S&P: AA-, Outlook Stable Moody’s: Aa3, Outlook Stable

Fitch: AA-, Outlook Stable

AXA Bank Europe SCF // Investor Presentation

History of AXA Bank Europe


Switzerland

Since November 2016, AXA Bank Europe’s (ABE) activities are fully focused on the Belgian market.

ABE provides retail credits*, savings*, investments and pension products & services.

These activities are provided in line with the AXA business model, through which ABE offers both

insurance and banking products & services.

AXA Bank Europe at a glance

Principal banking entity of AXA Group together with AXA Banque


8%

4.5%

Mortgages Savings

Market Share Production

Mortgages - Stock Savings 2016

bank of the year 2016 805.000 customers

2010 2011 2012 2013 2014 2015 2016 Marketshare production

mortgage loans 7.1% 7.1% 10.4% 8.1% 8.0% 8.1% 8.0%

850 employees

*retail credits: 5th place; savings: 6th

place in Belgian market.

Key Figures of AXA Bank Europe – FY2016

Strong commercial results supported by a strong capitalisation


*Excl. bank levies

OPERATING PROFIT NET PROFIT RECORD PRODUCTION MORTGAGE LOANS**

74 € MM

98 € MM

2.95 € Bn

CET 1 CET 1 RATIO

LEVERAGE RATIO LCR

993

4.1%

21.2%

169%

€ MM

T1%

23.1% COST/INCOME RATIO*

60%

RWA

4.692 € MM

(**) Excluding refinancings

The structure of ABE’s balance sheet reflects its core businesses

The structure of ABE’s balance sheet reflects its core

businesses.

Main components:

Mostly Belgian retail funding financing Belgian retail loans

Covered bonds providing structural long-term liquidity

Conservative bonds portfolio (mostly government/supra-

nationals). Size decreased significantly during 2016.

ABE’s derivatives serve 2 purposes:

Hedging of ABE: ALM, treasury, investment portfolio (asset

swaps).

Back-to-back derivatives with AXA entities

Mortgages 15.9

Other loans 2.5

Bonds

3.95

Treasury

1.4

Repo / Rev. Repo for AXA entities 0.9

Retail funding

Belgium 17.1

Capital 1.2

Retail EMTN 1.3

Covered bonds

3.5

Treasury

1.1

(in bn€)

Derivatives

2.2

Other assets 1.1

Derivatives

1.6

TOTAL 28.0

Other liabilities 0.5

ABE Today

AXA Bank Europe’s Balance Sheet – December 2016*

< R

ETA

IL >

ALM

TREA

SU

RY

IN

TER

MED

IATI

ON


*Non-audited figures

C/A AXA Group 0.6

Focusing on our sustainable growth while ambitiously accelerating our transformation

Transform Taking action today to deliver sustainable growth Accelerating our transformation to prepare the future

New customer experience

From Banker to Partner

Adapt capabilities

Digital experience | Quality of service

Advise (retail clients & independent/very small

companies)

Agile organization | Security & Privacy

13 |

ABE is aligned with AXA Group on a clear 2020 strategic plan

Selective Growth

First Bank Client | Investment products | Professional loans

Productivity gains (internal & agent)| Leverage data capabilities

Smarter funding | Capital optimization

Efficiency & Margins

Capital & Funding

Focus


AXA Banque (ABF) offers a complete range of bank products to retail clients in France

Founded in 1994 under the name “Banque Directe” (a remote/direct bank).

Renamed to AXA Banque after the acquisition by AXA Group in 2002 (allowing access to AXA France’s general

agents network).

Intends to pursue its commercial development in France by:

Constantly improving the quality of services;

Strengthening the Assur-Bank model via AXA France’s distribution networks, mainly Tied Agents;

Developing the visibility of the banking activities in these networks;

Increasing synergies with AXA Wealth Management. (Private Banking)

AXA Banque has 705,000 clients, among which 63,000 new clients during 2016.

A strong growth of the residential home loans portfolio over the past years:

AXA Banque (France) at a glance

Principal banking entity of AXA Group together with AXA Bank Europe


Strong growth in residential home loans

based on 2 partnerships with major players

in the French residential home loan market:

Crédit Foncier de France’s (CFF): CFF’s platform Is used to originate & manage AXA Banque’s residential home loans offering

Crédit Logement (CRELOG): currently backing (caution) ~90% of AXA Banque’s residential home loans

+93%

(*) December data estimated

Key Figures of AXA Banque – FY2016*

AXA Bank Europe SCF // Investor Presentation 15 | *Non-audited figures

NET PROFIT DEPOSIT ACCOUNTS (WITH CARD)

RECORD PRODUCTION HOME LOANS°

0 € MM

211k (+11% vs. FY 2015)

1.4 € Bn (+7% vs. FY15)

CORE EQUITY T1

NSFR LEVERAGE RATIO LCR

322

3.5% 108% 118%

€ MM

CET 1 RATIO

9.0%

SUBORDINATED DEBT (T2)

49 € MM

(°) Excluding refinancings

Sustainable business growth mainly through AXA France insurance networks

Total Balance Sheet

9 € Bn

GLOBAL SOLVENCY RATIO

10.4%

Focusing on our sustainable growth while ambitiously accelerating our transformation

Transform Taking action today to deliver sustainable growth Accelerating our transformation to prepare the future

New customer experience

From Banker to Partner

Adapt capabilities

Digital experience | Big Data

Modernize C/A offer | Private bank experience

Deliver AX’Immo | Pursue deployment of Flex-desk

16 |

AXA Banque is aligned on a clear 2020 strategic plan

Selective Growth

Credit production | Activate retail clients | High- end

customers

Simplify bank | improve quality of service

Optimize funding & Capital | Control all risks | Diversify funding

Efficiency & Margins

Capital & Funding

Focus


2. ABE SCF Covered Bond Programme

AXA Bank Europe Société de Crédit Foncier (ABE SCF) programme was initially set-up in 2010 as a

funding platform for AXA Bank Europe (ABE).

The Obligations Foncières issued by ABE SCF were originally secured by AAA-rated RMBS Notes

backed by prime Belgian residential mortgage loans originated and serviced by ABE.

The Obligations Foncières issued by ABE SCF are rated Aaa/AAA by Moody’s/Fitch.

Since November 2014, ABE SCF is also being used as a funding platform for AXA Banque (France).

In November 2014, ABE SCF subscribed a €450 MM Mortgage Promissory Note (*) backed by

guaranteed French residential home loans originated by AXA Banque in France and serviced by

Crédit Foncier de France (CFF).

The underlying residential loans are guaranteed by Crédit Logement (currently rated Aa3, Outlook

Stable by Moody’s / AAL, Outlook Stable by DBRS).

To subscribe such Mortgage Promissory Note, ABE SCF issued a €400 MM 5Y Obligations Foncières

Series that has been purchased by AXA Banque (France).

Set-up


(*) A Mortgage Promissory Note is a note secured by a portfolio of mortgage loans; it includes a written promise to repay a specified sum of money plus interest at a specified rate and

length of time to fulfill the promise.

AXA Bank Europe SCF Covered Bond Programme

19 |

AXA Bank Europe SCF – Programme Characteristics

Issuer AXA Bank Europe SCF

Programme Size €9bn

(Current outstanding: €4,15bn)

External Ratings Aaa/AAA (Moody’s/Fitch)

Collateral

€5,6bn Aaa/AAA (Moody’s/Fitch) Senior RMBS Notes backed by prime

Belgian residential mortgages originated and serviced by AXA Bank Europe

€450 MM French Mortgage Promissory Note backed by prime French

guaranteed home loans originated by AXA Banque (France), serviced by

CFF and guaranteed by Crédit Logement.

Overcollateralisation (OC) 12,3% @ 31/12/2016

(5% min. committed)

Compliance with European Legislation UCITS & CRD Compliant

ECB Eligible

ECBC Label Yes

Listing Luxembourg Stock Exchange


The ABE SCF CB programme allows ABE and ABF to diversify their funding sources.

The French covered bond legislation provides ABE and ABF with a strong and well recognized

framework to access long-term funding.

AXA Bank Europe SCF is 99.99% owned by AXA Bank Europe.

AXA Bank Europe SCF is fully supported by AXA Bank Europe via a separate comfort letter required

by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) as part of the licensing

process and a cash advance mechanism.

AXA Bank Europe SCF is legally bankruptcy remote from AXA Bank Europe.


Structure Highlights

20 |

AXA Bank Europe

SCF

(Issuer)

Investors

AXA Bank Europe

Comfort Letter & Cash

Advance Mechanism

Issues AAA rated

Obligations Foncières


AXA Bank Europe supports AXA Bank Europe SCF:

Via a cash advance mechanism: AXA Bank Europe will advance cash in an amount equal to the sums to be

paid by AXA Bank Europe SCF under the Obligations Foncières which cannot be paid from the interest received

from the cover pool assets on each payment date.

As provider of a loan to finance the overcollateralization (OC):

- Minimum 5% OC at the SCF level has to be maintained at all times;

- OC level 12.3% @ 31/12/16 (vs. min. 5% required by law / rating agencies; vs. target > 10%).

As provider of a first demand guarantee to cover AXA Banque (France)’s obligations under the Mortgage

Promissory Note.

AXA Bank Europe SCF also benefits from credit enhancement:

At the RMBS level:

- The SCF only invests in AAA-rated Senior RMBS Notes backed by prime Belgian residential mortgage loans originated by

AXA Bank Europe;

- Current credit enhancement for the AAA Senior RMBS Notes: Royal Street RS-2 @ 17.7% / Royal Street RS-3 @ 13.5%.

At the Mortgage Promissory Note level:

- The outstanding nominal (> €500 MM) of the guaranteed residential home loan portfolio exceeds by 11% the

outstanding nominal of the Mortgage Promissory Note(= € 450 MM).


Structural Enhancements (1/3)


AXA Bank Europe SCF assets are predominantly AAA-rated Senior RMBS Notes issued by Royal Street

in Belgium, which has been used for the purpose of transferring Belgian assets to the French SCF.

AXA Bank Europe’s primary motivation for structuring RMBS Notes used as collateral of the SCF was

to facilitate the cross-boarder transfer of Belgian mortgage loans into the French Société de Crédit

Foncier (AXA Bank Europe SCF).

True sale of the mortgages at the RMBS level and sale of the Senior RMBS Notes to AXA Bank Europe

SCF.



22 |

Royal Street

Compartment

AXA Bank Europe

SCF

(Issuer)

Investors AXA Bank Europe

(Seller & Servicer)

Sells Belgian residential

mortgage loans to RS Sells AAA-rated RMBS

to ABE SCF Issues AAA-rated


AXA Bank Europe

(Seller & Servicer)


The Obligations Foncières (OF) benefit from structural enhancement at both the RMBS and the

French Mortgage Promissory Note levels, but also at the AXA Bank Europe SCF level.

The RMBS Junior Notes have been purchased by AXA Bank Europe. The first layer of credit loss on

top of the excess spread on the Belgian mortgage collateral are therefore taken by AXA Bank

Europe.



23 |

AXA Banque (France)

RMBS Class B (NR)

(retained by AXA Bank Europe)

Royal Street

Compartment (SIC)


benefit from

overcollateralization &

structural enhancements

Investors benefit from

protection at the

ABE SCF, RMBS &

Mortgage Promissory

Note levels

Sells AAA

rated RMBS to

ABE SCF

Issues AAA

rated OFs

RMBS Class A (AAA)

benefit from subordination,

guaranteed excess spread,

& reserve fund

Investors AXA Bank Europe SCF

(Issuer)

Mortgage Promissory Note (NR)

benefits from Overcollateralization Sells non-rated Mortgage

Promissory Note to ABE SCF


In addition to the cash advance mechanism and the first demand guarantee, AXA Bank Europe SCF

benefits from asset liability management tools to fund temporary liquidity needs:

In particular, AXA Bank Europe SCF may at any time sell or liquidate assets if required to repay Obligations Foncières.

The RMBS are ECB repo eligible.


Liquidity Support


Interest rate risk is mitigated using swaps.

AXA Bank Europe SCF enters into a swap for each publicly placed Series of Obligations Foncières to swap the

Euribor 3 month floating interest rate received on the RMBS Notes into the fixed rate coupon to be paid to the

publicly placed Obligations Foncières’ investors.

No swaps have been concluded at the French Mortgage Promissory Note level since the (fixed rate) coupon is

matched with the (fixed rate) coupon of the corresponding Obligations Foncières Series.

The notional of each swap is the amount of the respective Series of Obligations Foncières.

Hedging counterparties are subject to minimum rating requirements as defined per rating agencies

methodologies.

Swaps comply with the swap criteria of Moody’s and Fitch.

One-way collateral posting under CSA.


Interest Rate Hedging Strategy


As from January 1st 2018, the end of the CRD IV/CRR Waiver requires that own issued RMBS subscribed

by a SCF may only be refinanced up to 10% of the nominal amount of the OF & other liabilities

benefiting from the privilège.

This regulatory evolution drives ABE SCF towards a transformation of the current balance sheet structure.

RMBS as collateral to be replaced by secured loans (allowed since the vote of Sapin II Law in December 2016).

See current structure below + new structure on next page:

Regulatory Changes

Force ABE SCF to transform its current balance sheet structure before January 1st 2018


€0.1bn Equity

Other Assets Other Liabilities

€2.7bn AAA

RMBS

€0.45bn

Promissory Note

€0.4 bn OC Loans

€4.15bn

Obligations

Foncières

Belgian RMBS Vehicle (SPV French Covered Bond Vehicle

RS-2

Investors

Loan Transfer

Mortgage

Replenishment

Process

ABE SCF

€2.9bn AAA

RMBS


RS-3

€3.1bn Mortgage

Loan Portfolio

€2.7bn AAA

RMBS

€0.4bn Non-

Rated RMBS

€3.5bn Mortgage

Loan Portfolio

€2.9bn AAA

RMBS

€0.6bn Non-

Rated RMBS

AXA Bank Europe

Mortgage Loan

PortfolioRetail Funding

ABE

AXA Banque (France)

ABF

Mortgage Loan

Portfolio

Retail Funding

Collateral Pool

ABE SCF OFs

Series 9Promissory Note

http://www.google.be/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCK-1htyXh8YCFcVXFAodzg8AkA&url=http://www.all-flags-world.com/country-flag/France/national-french-flag.php&ei=v0F5Ve_ZM8WvUc6fgIAJ&bvm=bv.95277229,d.bGQ&psig=AFQjCNHLcTxRRz7QYOF2SDYVqvH3ZtXazQ&ust=1434096436059551

http://www.google.be/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCK-1htyXh8YCFcVXFAodzg8AkA&url=http://www.all-flags-world.com/country-flag/France/national-french-flag.php&ei=v0F5Ve_ZM8WvUc6fgIAJ&bvm=bv.95277229,d.bGQ&psig=AFQjCNHLcTxRRz7QYOF2SDYVqvH3ZtXazQ&ust=1434096436059551

Secured Loan 2

Equity


InvestorsMortgage Loan

Portfolio

Collateral Pool

OC Loans

Other Liabilities

ABE ABE SCF

Obligations

Foncières

AXA Bank Europe French Covered Bond Vehicle

Mortgage Loan

Portfolio

ABE SCF OFs

Series 9Secured Debt

Secured Loan 1

Retail Funding

Secured Debt

AXA Banque (France)

ABF

Retail Funding

Other Assets

TRANSFORMATION IN H2 2017:

Envisaged Solutions for Regulatory Changes

TARGETED STRUCTURE - RMBS (& Promissory Note*) to be replaced by Secured Loans


These structural changes allow ABE SCF to

simplify the structure and to align with the

French Covered Bond market.

Sapin II law was voted in Dec. 2016.

Transformation will occur in H2 2017.

*No final decision made for

Promissory Note yet.

3. Macroeconomic overview:

Belgium and France

Belgian and French Economic Growth

Moderate but steady GDP growth combined with strong consumption


Real GDP in the Euro Area (Q1 2008=100)

Real Private Consumption (Q1 2008=100)

Belgian and French Labour Market – Confidence Index

Decreasing unemployment rate

Recent sentiment indicators indicate economic recovery is still on track


Unemployment Rate in the Euro Area

Consumer confidence index (Long term average=100)

Source: Eurostat; OECD

Business confidence index (Long term average=100)

4. The Belgian Home Loans Market

Belgian Home Loans Market (1/3)


House Price Index Belgium (2006=100)

Financial crisis of 2008 had a temporary and mild impact on house prices in Belgium.

Since 2010, house prices steadily increased (in line with inflation).

The continued economic recovery and tendency to invest in real estate are expected to exert upward pressure on prices in the future though counterweighted by further regulation.

New production (excl ref)/total outstanding

of home loans (€bn)

Low interest rate environment triggers higher levels of new mortgage loan production since 2014.

Last 15 years a large growth in the Belgian home-financing market. Total credit outstanding increased from €50bn in 2000 to €192bn in 2016.

Elements that sustain this growth:

Tax incentives (see slide 63 for more info);

Structural factors: wage indexation and pension

planning(2nd real estate);

Cultural factors: majority of Belgian population

wants to be property owner (~70% of households

own their own property)

Source: Eurostat

Source: UPC/BVK



Client rates for new mortgage loans reached historically low levels in 2015-2016.

Low rates have triggered clients to refinance their mortgage loans. Belgian mortgage loan regulation stipulates that the maximum financial penalty for early redemption by borrowers is 3 months’ interest due on the remaining capital outstanding.

Internal refinancing volumes are decreasing since July 2016.

Source: NBB FSR 2016

Evolution Interest rates and refinancing volume mortgage loans



Since 2007 credit quality has been increasing due to more stringent underwriting criteria.

Default rate after 2 years for loans originated in 2007 stood at 2% and only 1% for loans originated in 2013

*Definition default rate NBB: when a due sum has not been paid

either in part or in full 3 months following its due date

Evolution in the average amounts of new

mortgage loans and aggregate LTV ratio

Default rates Belgian mortgage market



K€

Average LTV dropped to around 65% in recent years mainly because of:

a wider shift of household’s savings to real estate

a lower tax on gifts and donations stimulating

intergenerational transfers

Implementation of stricter lending criteria during

the last years

New macroprudential measure by national supervisor

National supervisor remains vigilant regarding the Belgian housing market


Since the financial crisis, the average household debt % (compared to disposable income) increased in Belgium, while it slightly decreased for the Euro Area.

This has to be seen in conjunction with different mitigating factors:

Belgian households in general have a relatively high ratio of financial assets to debt

Mortgage loans are typically amortized with maturities below 25 years at origination.

Household debt-to-disposable income ratio

Nevertheless, as from July 2017 a new macroprudential measure is taken for domestic mortgage portfolio under IRB approach. This above the already existing measure which implies an RWA add-on of 5% x EAD for all loans.

Macroprudential measure imposes new LGD floors for loans with high LTV

Minimum LGD of 20% for loans with LTV above 80%

Minimum LGD of 30% for loans with LTV above 90%

This measure aims to further increase resilience, while discouraging the productions of loans with LTV ratios higher than 80%.

5. The French Home Loans Market

Typical Loan Characteristics French Home Loans Market


Home Loan Interest Rate Type

Other

Guarantee

Mortgage

Home Loan Security Type

Source: ACPR

Source: ACPR

97% of the home loans produced in 2015 had a fixed interest rate for the entire length of the loan.

56% of home loans are secured by a guarantee.

Various reasons for popularity of guarantees in France:

Borrower: lower cost, simplified administrative

process.

Lending bank: recovery process fully managed by

guarantor, after 3 unpaid installments bank is fully

indemnified by guarantor.

Main features of Crédit Logement (more info on slide 54):

Owned by all major French banks

Solid credit ratings

Ultimate support by the French banking system

*90% of loans at AXA Banque are back by Crédit Logement.

-Mortgage: 1st lien mortgage.

-Guarantee: Commitment to bear the credit risk provided by a credit institution or an insurance company

-Other: Other types of security (eg. pledge of securities portfolio) and no security.

French Home Loans Market (1/2)


House Price Index France (2010=100)

As end of 2015, home prices remained higher than before the 2008 financial crisis (+21% for Paris, +5.3% for the Ile-de-France region).

In the first 3 quarters of 2016 prices continued their upward path.

Financial crisis of 2008 had a mild impact on house prices in France compared to the Euro Area.

Gross production/total outstanding

of home loans (€Bn)

Durable low rate environment fueled a strong demand for home loans in 2015, both for new purchases and loan refinancing.

Slight decrease in gross annual production in 2014 is driven by a relatively moderate external demand.

Source: Eurostat

Source: annual study ACPR

Per capita mortgage debt (€K)

French Home Loans Market (2/2)

Doubtful home loans


A Resilient market with attractive and secured conditions

Crédit Logement consistently outperforms the market in terms of doubtful loans*.

*90% of loans at AXA Banque are backed by Crédit Logement.

**100% loans in Promissory Note are backed by Crédit Logement

French per capita mortgage indebtedness is very low by European standards.

Source: Crédit Logement and Banque de France

Source: European Mortgage Federation

*Ratio of doubtful loans= ratio of gross impaired loans (and advances) over the total gross amount of loans (and advances) .Under FAS 114, a loan is impaired when it is probable that the bank will be unable to collect all amounts due (including both interest and principal) according to the contractual terms of the loan agreement.

6. Cover Pool

AXA Bank Europe SCF’s cover pool is currently made up for 90% of internal RMBS tranches:

EUR 5.6bn of AAA-rated Senior RMBS Notes issued by the second and third compartments of Royal Street

(Compartments RS-2 and RS-3, respectively) ultimately backed by prime Belgian residential mortgage loans

originated and serviced by ABE:

- RS-2: €2.9bn AAA tranche;

- RS-3: €2.7bn AAA tranche.

€450 MM of Mortgage Promissory Note backed by guaranteed French residential home loans originated by ABF

and serviced by Crédit Foncier de France (CFF). The underlying residential loans are guaranteed by Crédit

Logement.

RS-2 and RS-3 have been structured solely to transfer part of the eligible Belgian prime residential

mortgage portfolio of AXA Bank Europe to AXA Bank Europe SCF.

Performance details of RS-2 and RS-3 are available on: https://www.axabank.be/nl/over-axa-

bank/investor-relations-financial-information/royal-street

AXA Bank Europe RMBS Programme

Royal Street (RS)


https://www.axabank.be/nl/over-axa-bank/investor-relations-financial-information/royal-street













Replenishment period: subject to strict eligibility and replenishment criteria.

RS-2: till November 2017 / RS-3 till October 2017.

Once the replenishment period is terminated, the RMBS will start to amortize.

During the replenishment period, prepaid loans are replaced by other loans. After the replenishment period, this

will cause the RMBS to amortize on a faster pace than expected.

First call date (Optional Redemption Call).

RMBS can be reimbursed at the optional redemption call date and quarterly thereafter.

RS 2: August 2017 / RS 3: October 2017

Reserve Fund is foreseen and offers a supplemental protection


Royal Street, Compartment RS-2 & RS-3


Royal Street Compartment RS-2

Tranche Size

(€ MM)

Rating

(Moody’s/Fitch) Profile (%) Crédit Enhancement (%)

A 2.900 Aaa/AAA 83,3% 17,7%

B 580 NR/NR 16,7% 0,5%

Total 3.480 100%

Royal Street Compartment RS-3

Tranche Size

(€ MM)

Rating

(Moody’s/Fitch) Profile (%) Credit Enhancement (%)

A 2.712,50 Aaa/AAA 87,5% 13,5%

B 387,50 NR/NR 12,5% 1,0%

Total 3.100 100%


RS-2 & RS-3 – Belgian Assets Pool Overview

43 |

Royal Street RS-2 & RS-3 – Portfolio Overview

RS-2 Portfolio

(March 2017)

RS-3 Portfolio

(January 2017)

Replenishment

Constraints

(Applicable to each

individual portfolio)

Aggregate Portfolio

Current Loan Balance (K€) 3,453,704 3,022,831 - 6,476,535.00

Number of Loans 42,613 44,464 - 87,077.00

Number of Borrowers 30,680 32,041 - 62,721.00

Average Loan Balance

per Borrower (EUR) 112,571 94,342 - 104,062.87

WA Seasoning (Years) 3.38 5.39 Min. 1 month (RS-2)/1.50 (RS-

3) years for all new loans 4.32

WA Remaining Term to

Maturity (Years) 16.44 16.17 - 16.31

WA Current Loan to Current

Value (CLTCV) 58.77% 54.74% WA < 60% 56.89%

WA Initial Loan to Initial

Value (ILTIV) 69.37% 71.64% WA < 80% 70.43%

WA Current Loan to

Mortgage Inscription (CLTM) 96.71% 93.16% WA < 100% 95.05%

WA Current Interest Rate 2.45% 2.72% WA > 2.5% 2.58%

WA Debt to Income (DTI) 35.06% 35.37% WA < 42%;

per loan < 60% 35.20%


The portfolio backing the Mortgage Promissory Note is entirely made up of residential home loans:

Originated by AXA Banque in France;

Serviced by Crédit Foncier de France (CFF – rated A-/A2/A by S&P/Moody’s/Fitch), a major player in France;

Benefiting from a guarantee mechanism (“mécanisme de caution”) granted by Crédit Logement (rated Aa3/AAL

by Moody’s/DBRS), i.e., these loans are part of the 88% residential loans of ABF with CRELOG guarantee.

The residential home loan pool is compliant with the general ABF origination policy.

Main eligibility criteria applies to the Mortgage Promissory Note in order to comply with Article 129 of

the CRR. In addition, some specific eligibility criteria applies to the Mortgage Promissory Note

transaction – See next page.

Mortgage Promissory Note

French Assets Pool Overview


General ABF Origination Policy

Debt to Income (DTI) < 38%

Initial LTV < 100%

Mortgage Promissory Note - Main Eligibility Criteria

Debt to Income (DTI) < 33%

Outstanding Amount < €480k

Interest Rate Type 100% Fixed

Average Current LTV < 80%

Loan Type

100% Residential

(Commercial Excluded)

100% Guaranteed

Loan Amortization

Amortizing loans –

Bridging loans (“crédits relais”) are

excluded

Borrower Type Individuals or SCI (*) Familiales –

AXA Group Employees are excluded

Loan Schedule Fully disbursed only

Loan Performance Loans with an arrear balance are

excluded

Mortgage Promissory Note

Mortgage Promissory Note – French Assets Pool Overview

45 |

Mortgage Promissory Note – Portfolio Overview

French Promissory Note

(Dec. 31, 2016) Eligibility Criteria

Outstanding Balance (EUR MM) 500.11

Number of Loans 3,052

Number of Borrowers 3,001

Average Loan Balance per Borrower (EUR) 163,863 < 480k

WA Seasoning (Years) 0.96

WA Remaining Term to Maturity (Years) 17.1

WA Current Loan to Current Value

(WA CLTCV) 75.8% < 80%

WA Initial Loan to Initial Value (WA ILTIV) 80.65%

WA Interest Rate 2.04%

WA Debt to Income (DTI) 25.3% < 33%


7a. Overview Underlying Residential

Loans Portfolios

AXA Bank Europe

AXA Bank Europe offers mortgage loans in the prime market to individuals for the construction,

purchase , or renovation of property.

Ongoing improvements of the origination process and of the risk control have enabled ABE to

develop its mortgage lending activity, leading to a sustainable growth of its mortgage portfolio since

2001 combined with a safe performance.

Excellent risk profile as the default rate on the production of mortgages since 12 months is about 0.20%.

Excellent recovery rate (> 90% at the end of the recovery process).

As a consequence, the net loss ratio remains very low (0.05%) and is fully covered by a cautious provisioning

policy.

The level of loans in the foreclosure process (doubtful loans) remains low. (please see RS-2 and RS-3 quarterly investor reports available on: https://www.axabank.be/fr/a-propos-axa-banque/investor-

relations-and-financial-information/royal-street)

Since last 2014 internal/external refinancing’s are a large part of the total production; which, at a

risk level, have a potential higher credit worthiness than a new transaction.

AXA Bank Europe Mortgage Portfolio

Introduction


-Default rate: proportion of performing loans that will become uncertain in a specified observation window (typically 12 months).

-Doubtful loans: A loan becomes doubtful when there is no perspective for returning back to a performing status. The commercial relationship is stopped and a recovery process will be launched to recover the remaining debt. In the presence of a mortgage inscription on real estate becoming doubtful means the start of the foreclosure process.

https://www.axabank.be/fr/a-propos-axa-banque/investor-relations-and-financial-information/royal-street



















Gross margin reached its peak in 2013 and remains high;

High production figures of recent years results in a steady growth of ABE’s mortgage portfolio.


Mortgage Portfolio

ABE mortgage production & margins


High level of new production with a good quality


0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

Realized (#) DR 6 Mth DR 12 Mth DR 24 Mth

Mortgage Production Default Rate (internal refinancings excluded)

The default rate (DR) after 12 months on the new production (excl. internal refinancings) drastically decreased since to 2013* to reach about 0.20%.

*New credit policy restrictions introduced mid 2013.

**Default rates are expressed in number of loans.

***Doted lines are DR for 12m and 24m based on already available default information.

Source: AXA Bank Europe


Arrears are maintained at a low level

50 |

Time

As from 90 days past due:

Arrears management by desk

Remedy: phone contacts,

remediation if possible,

conciliation procedure if

necessary

15 Days

Past Due

90 Days

Past Due

Manual

Decision

15 – 90 days past due:

Fully automated reminder

cycle (letters)

Enforcement by desk Recovery

- Sale of property if necessary

(enforcement of the collateral)

- Until repayment or loss

recognition

UNCERTAIN

(Remediation) DOUBTFUL

(Recovery) NORMAL

(Performing & Up to 90 DPD)

Source: AXA Bank Europe


ABE’s Risk Policy tends to maintain the 90 DPD at a low level.

Arrears (number of credits)

Soft/Hard Collection WORKOUT


Efficient and fast recovery process


60% of the exposure at default is recovered within the first 24 months.

Gross recovery rate>90% at the end of the recovery process.

Improvement recovery rates is mainly attributable to changes in operations.

Recoveries on mortgage loans after 12-24-36 months

7b. Overview Underlying Residential

Loans Portfolios

AXA Banque (France)

AXA Banque Residential Home Loans Portfolio

AXA Banque originates residential home loans to individuals in France since 2006.


Residential home loans production

€M

M

Since 2010, regular and sustained progression of the residential home loans origination activity demonstrating a successful integration of the banking activity within the distribution network of AXA France to insurance clients.

Approximately 90% of these loans are backed by a guarantee from Crédit Logement.

100% of the residential home loans in the French asset pool of AXA Bank Europe SCF are backed by a guarantee from Crédit Logement.

Borrowers at AXA Banque have to subscribe insurance, which covers life accidents (mainly death and disability) and with AXA Banque as beneficiary.

Loan Origination Criteria:

→ Analysis of the client’s ability to repay (Debt to Income < 38%)

→ Max. LTV when granting a loan:

• Max. 100% for own-occupied properties

• Max 110% for properties bought for rental purposes or when the client already owns its main property

Crédit Logement (CRELOG) (rated Aa3, Outlook Stable by Moody’s / AAL, Outlook Stable by DBRS) is

the leading provider of home loan guarantees in France.

The main activity of Crédit Logement is to guarantee banks’ residential home loans to individuals in France.

Its shareholders are the major French banks offering guaranteed home loans.

The acceptance criteria include a double due diligence (by the originator and Crédit Logement itself) when the

loan is originated.

When the loan is originated, the loans are recorded on the balance sheet of the bank which also collects the

payment of the principal and the interests on the loan. After the borrower defaults on three monthly payments

and max. 180 days DPD, Crédit Logement may be called to stand in for the borrower.

When the borrower defaults, Crédit Logement may recover the loan out of Court (before the event of default is

declared) or in Court (after the event of default is declared). When the event of default is declared, Crédit

Logement pays off the lending bank and then replaces the bank in all its rights. It becomes the new creditor and

carries out all the necessary formalities, such as proceeding to judicial mortgage registrations and selling off the

asset.

Because loans are passed onto the guarantor early in the default process, a high proportion of them tend to

become sound again, and they are sent back to the lending bank.

In case of a client’s default, AXA Banque gets the outstanding loan amount form CRELOG.

AXA Banque (France) Residential Home Loans Portfolio

Crédit Logement & the Guarantee Mechanism

54 |

Arrears < 60 days

Automated recovery process

handled by CFF

Arrears > 60 days but < 90 days

Amicable recovery carried out

by CFF

Arrears > 90 days

Triggers the Crédit Logement’s

guarantee within 2 months

- CFF notifies the default event to Crédit Logement.

- Crédit Logement provides the outstanding defaulted amount to

AXA Banque and manages the recovery process for itself. AXA Bank Europe SCF // Investor Presentation

For further information, please contact:

Web address ABE SCF Covered Bond Programme:

https://www.axabank.be/nl/over-axa-bank/investor-relations-financial-information/covered-bonds

Web address AXA Bank Europe and AXA Banque (France):

www.axabank.be

www.axabanque.fr

Contacts


Geert Van de Walle CEO of AXA Bank Europe SCF

Tel: +32 2 678 69 78 E-mail: [email protected]

Philippe Colpin Manager of AXA Bank Europe SCF

Tel: +32 2 678 53 18

E-mail: [email protected]

Jean-Charles Moulaert LT Funding & CB Program Structuring

Tel: +32 2 678 69 49 E-mail: [email protected]

Emmanuel Ramé Deputy CEO of AXA Bank Europe SCF

Tel: : +33 155 12 81 85 E-mail: [email protected]

William Struyf Assistant Manager of AXA Bank Europe SCF

Tel: : +32 3 286 66 25 E-mail: [email protected]
















http://www.axabank.be/

http://www.axabanque.fr/

Appendix

EBA Recommendations Implementation in France

France is in the process of amending its framework, though shows high alignment.

Recommendation Alignment ABE SCF

1) Dual recourse Full alignment, investors are granted a priority claim against the insolvency estate of specialised issuers

2a) Segregation of the cover assets Full alignment, the cover assets are segregated in the respective specialised institution

2b) Bankruptcy remoteness of the

covered bond

Partial alignment, appears fully aligned; however, there is absence of the regulatory requirement—as part of the covered bond framework

2c) Administration after insolvency

or resolution

Full alignment, administration delegated to an entity separate from the insolvency court that deals with the insolvency of the issuer

3a) Composition of cover pools Partial alignment, regulatory framework either allow mixed pools and/or do not set out rules on maintaining consistency on composition (substitution of assets allowed for 15% of the amount of issued covered bonds.)

[ no sub. assets]

3b) Cover pools assets located in

different jurisdictions

Partial alignment, regulatory framework does not limit the geographical scope to the EEA—i.e. it allows extension to other countries

(France, Belgium)

4a) LTV Limits Full alignment, soft LTV limits, explicit establishment of LTV percentages

4b) LTV measurement and

frequency of revaluation

Full alignment, revaluation required at least every 3 years for residential properties and every year for commercial properties

(Annual)

5) Coverage principles and

legal/regulatory OC

Full alignment, calculation based on the nominal value, according to which the total nominal amount of all assets in the cover pool shall always be at least equal to 105% of the total nominal amount of outstanding covered bonds

(Target 110%)

6a) Use of derivatives Full alignment, Regulatory frameworks in these jurisdictions allow derivatives only for the purposes of hedging risks

6b) Liquidity buffer Full alignment, liquidity buffer to be in place to cover outflows due from both principal and interest (180 days) (cash advance mechanism)

6c) Stress testing Full alignment, all SCF and SFH conduct stress tests on a quarterly basis to assess compliance with coverage requirements

7a) Appointment of the cover pool

monitor

Full alignment, framework establishes a cover pool monitor separate from the position of an ordinary auditor of the issuer

7b) Supervision of CB issuer Full alignment, the establishment of the covered bond programs is approved or licensed by the competent authority or (as a minimum) is subject to prior notification

7c) National authority role in

scenario of the issuer’s insolvency

Full alignment, clear indication of competent authorities’ duties and powers in the event of the issuer’s insolvency relating specifically to covered bonds

8a) Scope of disclosure Full alignment, a fully comprehensive disclosure requirement is laid out in the legal/regulatory frameworks

8b) Frequency of disclosure Full alignment, disclosure is quarterly


AXA Bank Europe SCF is monitored or regulated by multiple entities

Legal privilege

Obligations Foncières investors and swap counterparties on a pari passu basis rank senior to all non-privileged creditors of AXA Bank Europe SCF.

No early redemption or acceleration of the Obligations Foncières in case of insolvency of AXA Bank Europe SCF, no event of default under the Obligations Foncières in the Terms and Conditions.

AXA Bank Europe SCF is bankruptcy remote from AXA Bank Europe (legal prohibition of extension of its bankruptcy to the SCF).

Robust Legislative Framework (1/2)

58 |

Licensed and

regulated by

AXA Bank Europe SCF Supervised by

Monitored by

Specific Controller

Rated by

Audited by

Independent

Auditors

Fides Audit

Moody’s

Fitch

PwC

Mazars

French Banking Authorities / French

Banking Regulator

Autorité de contrôle

prudentiel et de

résolution (ACPR)


Articles L. 513-3 to L. 513-5 of the French Monetary and Financial Code set out the list of eligible

assets to be held (directly or indirectly) by the SCF.

In the Basel III context, the CRD IV and CRR extended the exemption until Dec. 31, 2017 to allow

100% RMBS of ‘own’ assets in Covered Bond pools for CRD-compliant Covered Bonds.

Robust Legislative Framework (2/2)

59 |

Eligible Conditions

Property must be located in France or EC or EEA or in a country

benefiting from highest level of credit assessment.

AXA Bank Europe

SCF: OK

Loan to individuals can be used up to 80% LTV to finance Obligations

Foncières.

AXA Bank Europe

SCF: OK

Replacement assets must not exceed 15% of the amount of Obligations

Foncières and other resources benefiting from the legal privilege.

Those are exposures to credit institutions benefiting from the highest

level of credit assessment.

AXA Bank Europe

SCF: OK

Guaranteed loans cannot exceed 35% of the Société de Crédit

Foncier’s total assets.

AXA Bank Europe

SCF: OK


Covered Bond Issuances (1/2)

60 |

Outstanding Series Characteristics

Series 1

ISIN: FR0010957670

€750 MM

Issue Date: November 5, 2010

Maturity Date: November 5, 2020 – Extendable Maturity (Soft Bullet)

3.5% coupon

Aaa/AAA (Moody’s/Fitch)

Series 5

ISIN: FR0011232404

€1bn

Issue Date: April 19, 2012

Maturity Date: April 19, 2017 – Extendable Maturity (Soft Bullet)

2.25% Coupon


Series 7

ISIN: FR0011322668

€500 MM

Issue Date: September 20, 2012

Maturity Date: September 20, 2019 – Extendable Maturity (Soft Bullet)

1.875% Coupon


Series 10

ISIN: FR0013141058

€750 MM

Issue Date: March 23, 2016

Maturity Date: March 23, 2023 – Extendable Maturity (Soft Bullet)

0.375% Coupon


Series 13

ISIN: FR0013233236

€250 MM

Issue Date: January 26, 2017

Maturity Date: March 26, 2032 – Extendable Maturity (Soft Bullet)

1.25% Coupon



Public Issuances

Covered Bond Issuances (2/2)

Private Issuances

61 |

Outstanding Series Characteristics

Series 9

(Purchased by AXA Banque)

ISIN: FR0012327799

€400 MM


Maturity Date: November 18, 2019 – Extendable Maturity (Soft Bullet)

0.345% Coupon

Callable at any time by the Issuer


Series 12

(Retained)

ISIN: FR0013141231

€500 MM

Issue Date: April 4, 2016

Maturity Date: April 4, 2026 – Extendable Maturity (Soft Bullet)

Euribor 3M + 60bps Coupon

Callable at any time by the Issuer



Cover Pool Details

62 |

Cover Pool (RMBS) Characteristics

Royal Street RS-2, Class A

ISIN: BE0002400720

€2.9bn


Maturity Date: November 5, 2049

Revolving Period: 7 years

(extended by 2 years in 2015)


Royal Street RS-3, Class A

ISIN: BE0002409812

€2.71bn

Issue Date: December 8, 2011

Maturity Date: October 8, 2051

Revolving Period: 5 years


French Mortgage

Promissory Note 1

(Not listed)

€450 MM


Maturity Date: November 18, 2019

NR (Moody’s/Fitch)


Before 2015, this was under national jurisdiction.

Home owners can enjoy a reduction of the tax envelope up to an amount of €3,120.

The tax advantage relates to the actual credit expenditure: interest, capital amortization and individual life

insurance premiums guaranteeing the repayment of the credit only.

Tax reduction only possible for credit with a mortgage registration.

All loans closed before 01/01/2015 still enjoy this tax regulation.

Since 2015, tax advantages for home owners are defined on a regional level:

Flemish region: - The tax advantage relates to the actual credit expenditure: interest, capital amortization and individual life insurance premiums

guaranteeing the repayment of the credit only.

- The loan must be secured by a mortgage registration; the dwelling for which the loan is subscribed must be the taxpayer’s own dwelling,...

- The maximum tax envelope for the application of the tax reduction equals €2,360 per taxpayer.

Walloon region - New tax measures apply since 1/1/2016.

- Tax advantage depends on taxpayers’ income.

- If annual income > €81.000: no tax reduction.

- If annual income < €81.000: max. tax envelope equals €1,520 (50% after 10 years).

Brussels region - Until 31/12/2016 , maximum tax envelope for the application of the tax reduction equals €3,150 per taxpayer.

- New rules apply for loans closed after 31/12/2016. No possibility for a tax reduction anymore, but legislation concerning registration fees was adapted/eased.

- In Belgium all purchase of real estate is submit to registration fees. In Brussels region this fee equals 12.5% of the purchase price. Since 1/1/2017 the tranche on which registration fees don’t have to be paid was raised from €60,000 to €175,000 (only for real estate with a price < 500k€).

Belgian Tax Incentives for Home Owners

Since 2015, the 3 Belgian regions have jurisdiction over tax advantages related to expenditure on the acquisition or retention of “own dwellings”.


-Situation 01/01/2017 -Simplified view

This material (the "Material") has been prepared by AXA Bank Europe solely for use in the program update presentation and is provided by AXA Bank Europe "as is" without warranty or

guarantee of any kind to recipients. This Material is provided for illustrative purposes only and is not intended to provide, nor should it be interpreted as providing, any facts regarding, or

guarantee or prediction or forecast of, the likelihood that investors in the securities described herein will receive payment of principal or interest. .

This Material is strictly confidential and it is strictly prohibited to reproduce by any person and/or redistribute to any person, in whole or in part, other than its original recipient. AXA Bank

Europe and its affiliates, directors, officers, employees or agents do not accept any liability whatsoever for the action and use of this Material by any person.

Some information contained herein and other information or material may include forward-looking statements based on current beliefs and expectations about future events. These

forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about AXA Bank Europe . Those events are

uncertain, and their outcome may differ from current expectations, which may in turn significantly affect expected results. Actual results may differ materially from those projected or implied

in these forward-looking statements. Any forward-looking statement contained in this Material speaks as of the date of this Material, without any obligation from AXA Bank Europe to

update.

The delivery of this Material shall not in any circumstance imply that the information contained herein is correct at any time subsequent to the date of this Material. While the information set

out in this Material comprises a description of certain provisions of the transactions described herein (the "Transactions"), it should be read as a summary only and it is not intended as a

full statement of the provisions of the Transactions.

This Material does not constitute an offer document of any kind and shall not be considered as an invitation to invest.

Any investment decision to buy or purchase securities related to these Transactions must be based on the information contained in Royal Street compartment RS-2 and compartment RS-3

prospectuses and/or the covered bond prospectus (together, the "Prospectuses"). In particular, investors should pay particular attention to any risk factors described in the Prospectuses.

Only the contents of the covered bond prospectus are binding on AXA Bank Europe SCF.

This Material is distributed solely for information purposes and should not be treated as investment advice. It has no regard to the specific investment objectives, financial situation or

particular needs of any recipient. No representation or warranty, either express or implied, or undertaking of any nature, is provided by AXA Bank Europe or its affiliates, directors, officers,

employees or agents in relation to (i) the accuracy, completeness or reliability of the information contained herein and/or (ii) the various parties in the Transactions.

This Material should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this Material are subject to change without notice and

AXA Bank Europe is under no obligations to update or keep current the information contained herein. In addition, institutions mentioned in this Material, their affiliates, directors, officers,

employees or agents may make purchases and/or sales as principal or agent or may act as market maker or provide investment banking or other services in respect of the Transactions.

Neither AXA Bank Europe nor any of its affiliates, directors, officers, employees or agents accepts any liability whatsoever for any loss or damage of any kind arising out of the use of or

reliance upon all or any part of this Material.

You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that you deem it necessary, and make your own investment,

hedging and trading decisions regarding the suitability of these Transactions, based upon your own judgment and advice from such advisers as you deem necessary and not upon any

view expressed in this Material.

This Material does not constitute an offer to sell or the solicitation of any offer to buy the securities described herein in any jurisdiction to any person to whom it is unlawful to make the offer

or solicitation in such jurisdiction. The distribution of this Material and the offer or sale of the securities described herein may be restricted by law in certain jurisdictions. In particular, no

action has been taken by AXA Bank Europe which would permit a public offering of any securities or distribution of this Material in any jurisdiction where action for that purpose is required.

Persons into whose possession this Material may come must inform themselves about, and observe, any such restrictions on the distribution of this Material and the offering and sale of

securities. In particular, there are restrictions on the distribution of this Material and the offer or sale of securities in the United States and the European Economic Area (including, inter alia,

the United Kingdom, Belgium and France).

This Material does not constitute an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act

of 1933, as amended, and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. No public offering of securities will be made in the

United States.

This Material may have been sent in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic

transmission and, consequently, neither AXA Bank Europe nor its affiliates, directors, officers, employees or agents accepts any liability or responsibility whatsoever in respect of any

difference between this Material distributed to you in electronic format and hard copy versions.

Disclaimer & Important Notice


AXA Bank europe scf COVERED BOND PROGRAM

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