Inaugural Green Bond - …

March 2021

Inaugural Green Bond

Table of contents

1. Group Overview P.03

2. Financial Results P.07

3. Sustainability Strategy P.18

4. AXA’s Sustainability Bond Framework P.29

5. Inaugural Green Bond Summary P.39

6. Appendix P.45

7. Disclaimer P.55

1. Group Overview

Global leader in P&C Commercial lines

Growth avenues in Asia,International and AXA IM

Leader in P&C Commercial and HealthExcellent distributionBest-in-class technical performance

Unique product suite and geographic reachHardening pricing cycleUnderwriting discipline

Pivoting to Health, in Asia and InternationalAccelerating in Alternatives, expert in ESG

Leader in the attractive European market

4 | Inaugural Green Bond | March 2021All notes are on pages 58 to 60

AXA today

€4bnUnderlying earnings1

in France and Europe

€32bnP&C Commercial

revenues2

€2bnHealth revenues

in Asia2

€159bnAuM

in Alternatives3

Increasing protection needs

Contribute to building a better society

Focus on technical risksUpside from price increases

Leading global insurer for P&C Commercial lines Health and Protection leader in Europe and Asia

Maintaining client satisfaction and digital investments at a high level

Leader in climate transition and social inclusion on investment and insurance risk

P&C price increasesdue to low interest rates

All notes are on pages 58 to 60

AXA is uniquely positioned for post-Covid profitable growth

Demand for simplicity and speed

Long-term trends AXA’s unique position

82%1

Technical risks

€62bnPreferred segment

revenues2

94%NPS at or above market average3

<1.5°CInvestment warming

potential4

5 | Inaugural Green Bond | March 2021

Driving Progress 2023 | AXA’s five strategic actions

Expand Health and Protectionincluding through services, across all geographies

Simplify customer experience and accelerate efficiencyparticularly in Europe and France

Grow cash-flows across the Groupthrough continued life in-force management and Group simplification, and disciplined capital management

Strengthen underwriting performancenotably at AXA XL

Sustain our climate leadership position in shaping the climate transition


2. Financial Results: FY20 Key Highlights

Full Year 2020 | Key highlights

€97bnRevenues

Good business momentum

Preferred segments +5% in 4Q20

200%Solvency II ratio

Very strong balance sheet

AXA XL integrated in internal model (+13pts)

€4.3bn2020 reported UE

Confident earnings outlook

+3% to +7% UEPS CAGR from €6.3bn rebased UE2

€1.43Proposed DPS1

AttractiveDividend

In line with FY19 initial proposal

All notes are on pages 58 to 608 | Inaugural Green Bond | March 2021

Improved P&C CY CoR1

(ex Covid-19 & Cats2)

P&C profitabilityContinued shift in L&S net flows in 2020 (€bn)

L&S business mix

1

AXA seizing opportunities from excellent business trends

3Q20 4Q20

+5%

+3%94.2%

FY19

94.7%

FY20

Revenue growthaccelerated in 4Q20

Preferred segments

Change at constant scope and FX for revenues

G/A

UL

PR

+5.0

-3.4

3


AXA XL benefiting from higher pricing and disciplined management

Transformation actions

Continued strong pricing momentum

2021 UE target reaffirmed

4Q20

+22%

3Q20

+20% €1.2bn(with higher Cat load)

✓ Disciplined line-sizing

✓ Strong January renewals

AXA XL Insurance2


A new and simpler organization,already operational

Reduced volatilitywith a more conservative Nat Cat load and protection on legacy long tail lines1

Underwriting discipline focused on increasing profitability and high-potential products


AXA performing well across other geographies

Resilient earnings in France and Europe

Pivoting to Health in Asia and International

Accelerating in Alternatives

FY19 FY20

4.3 4.3

stable

Underlying Earnings in France and Europe

FY19 FY20

3.74.0

+10%

Health revenues in Asia and International

FY19 FY20

139

159

+14%

Alternative AuMat AXA IM

Change at constant scope and FX for revenues and at constant FX for UE

In Euro billion


AXA XL turnaround in a favorable market context

Confident outlook for 2021 and beyond

France & Europe geared for sustained delivery

Growth in Asia, International and AXA IM

0.5

1.5

2023E

4.3

FY20 UE rebased

6.3

+3% to +7%UEPS1 CAGR2

2020 rebased – 2023E

In Euro billion

FY20 reported UE

Add back Covid-19 and excess Cats3


2. Financial Results: Balance Sheet Highlights

Solvency II and credit ratings

198%205%

2015 2016 2017

197%

20192018 2020

205%193% 200%

Solvency II ratio1

(Target capital level: ca. 190%)

Credit ratings


AA- / Stable

Aa3 / Stable

AA- / Stable


Full Year 2020 | Solvency II ratio

Solvency II ratioIn Euro billion

Key sensitivities

Solvency II ratio roll-forward

EOF SCR

59,4 55,0

30,0 27,5

FY19 FY20

198% 200%

AXA XLintegration

Market impact excl. Forex

FY19 Operatingreturn

Debt, forex and other

Dividend FY20

198%

+15pts

-11pts

-22pts

+13pts+7pts 200%

Interest rate -50bps

Ratio as of December 31, 2020

Interest rate +50bps

Credit migration1

Corporate spreads +50bps

Equity markets -25%

Euro Sovereign spreads +50bps1

Equity markets +25%

200%+10 pts

-15 pts

0 pt

+6 pts

-8 pts

-13 pts-7 pts


0,4 0,51,0

0,7

20242021

0.1

≥20402022 2023

7.1

2025 2026 2027 2028 2029 2030 2031-2039

0.3

6.6

Undated

1,0 1,0 1,0 1,2

2,82,0

1,00,6

2,60,4 0,8

0,7

2026

0.1

2021 20232022

0.4

2024 2025 2027

0.50.2

2028 20302029 2031-2039

0.3

≥2040 Undated

Economic maturity breakdown

Full Year 2020 | Gross financial debt and long-term maturities

Gross financial debt Contractual maturity breakdown

Debtgearing1 28.8% 26.8%

11,39,2

6,7

6,6

FY20

0.9

FY19

1.0

19.1

16.6

Tier 1 Tier 2 Senior debt

In Euro billion

Remaining capacity

2.3

3.3


Full Year 2020 | Portfolio management and investment yields

Stable mix of high quality assetsFY20 Total General Account invested assets

Real Estate (6%)

Other Fixed Income (9%)

Governement bonds (43%)

Corporate bonds (28%)

Listed Equities (4%)

PE and HF (4%)

Cash and other (5%)

Euro

572billion

FY20 portfolio yield1

1,1%

2,6%

1,3%

AlternativeFixed Income

Core Fixed Income

FY20Fixed Income

2,8%

FY19

2.7%

FY20

-17 bps

FY20 Fixed Income reinvestment yield

Government bonds Average rating: AA

Corporate bonds Average rating: A

80% Fixed Income

3

2

o/w Euro 16 billion Green assets


3. Sustainability Strategy

AXA’s Purpose | Act for human progress by protecting what mattersThe result of a collaborative process with employees across the Group


Our Purpose in action

Claims and solidarity measures€1.5bn claims1 expected to be paid

Employee well-beingGuaranteed employment and salaries during

lockdown2, global health program

Protecting our clients and employees

Providing capital to SMEs€700m investment in SMEs in France3

Investing in people and research5,000 recruitments in France in 2020,

funding to COVID-19 research and NGOs

Supporting economic recovery


AXA actively contributed to address societal challenges during COVID-19 crisis


AXA’s Sustainability strategyAn ambition strongly linked to our Purpose

… backed by responsible and sustainable business practices all along the value chain

Climate Change & Biodiversity

Inclusive Protection

TaxRisk

Management Compliance HRGovernance


AXA has been a leader since 2015, reinforcing itscommitments year-by-year

AXA’s climate leadership position

First to divest from coal, then ban insurance forcoal business, committing to a 0% coal world

Targeted “warming potential” of AXA’s investments to below 1.5°C by 2050

Embedding climate change in our new strategicplan “ Driving Progress 2023”

AXA 2020 Investor day Climate film


https://www.youtube.com/watch?v=6s_17i0bWLg

In 2020, AXA continued to accelerate its climate & biodiversity leadership

As a global insurer

Carbon footprintreduction target of 20%

across AXA’s General Account Assets1 by 2025

Euro 24 billionGreen investment target by 2023

€16bn exposure in FY20 (€+4.4bn vs. FY19)

Intended increase in target commensurate with proceeds of the

inaugural green bond issuance2

AXA ClimateInnovative services to protect

against natural disasters

Net Zero Insurance Underwriting Alliance3

As a global investor


AXA XL Ocean Risk Initiative


▶ 25% reduction in AXA’s CO2 emissions4

▶ Source 100% of AXA’s electricity from renewable energy sources by 2025

▶ Reduce unsorted waste per FTE by 10%

▶ Reduce water consumption per FTE by 10%

Pending approval from the Science Based Targets initiative5

AXA’s climate leadership extends to its own operations

Target Achieved

CO2 emissions per FTE1 -25% -38%

Reduce energyconsumption2 -35% -50%

Achieving our 2012 – 2020 targets New ambitious targets for 20253


Inclusive ProtectionAs a responsible insurer, AXA acts to address the protection gap

Dedicated product offering Working in coalitions

AXA Emerging CustomersEnabling vulnerable segments of the population

to access insurance products

22 million customers in 2020

Women in InsuranceIncreasing womens’ access to

insurance products

OECD-led« Business for Inclusive Growth »Fighting social inequality at a global level

through inclusive business models

Inclusive economy coalitionResponding to social vulnerabilities

in France


Responsible investment | Focus on climate-related portfolio alignment

The “warming potential” approachAligning investments with the Paris Agreement

AXA’s corporate and sovereign investments display a “warming potential” of 2.8°C, which is below our benchmark1


(Corporate and Sovereign investments)

4.6°C

AXA’s divested

coal assets

AXA aggregate

Benchmark aggregate2

2.8°C

3.6°C

The carbon footprint of the « AXA aggregate » portfolio reduced by 31% between 2014 - 2019

2019


Responsible investment | Focus on Green investments

FY20 Green investments breakdown

€4,832m – Real estate

€3,566m – Green bonds

€1,906m – Social bonds (incl. €367m of Covid-19 Impact bonds)

€1,854m – Infra equity

€966m – CRE loans

€48m – Impact€2,429m – Infra debt

Euro

16billion


2020: 2nd placeScore: 88/100

Included inDJSI Europe & DJSI World indexes

Sector Leader1st / 51 insurance companies in

2020Included in Euronext Vigeo indices

AXA is a recognized sustainability leader

Included in theBloomberg Gender Equality

Indexin 2020

Score: AAAsince 2015

DJSI accounts for 10% of AXA employees

performance shares

“A+” 2020 UN PRI Scorecard (focus on Responsible Investment)

2nd / 278 insurance companies in 2020


4. AXA’s Sustainability Bond Framework

Overall contribution to Sustainable Development Goals

AXA’s rationale for a Green, Social or Sustainability Bond issuance

AXA Investment Managers (“AXA IM”) has already positioned itself as a leader in the field of the green bond market. Since 2017, AXA IM has

been a member of the Executive Committee of the International Capital Markets Association (“ICMA”) for the Green and Social Bond

Principles, and has participated actively in several working groups on green bond-related matters, including green projects eligibility, external

reviews and impact reporting.

Insurance and asset management responsibility to transition toward a more sustainable economy

AXA is convinced that insurers and asset managers have a major role to play in the transition toward a more sustainable economy in terms of

social and environmental issues. AXA is willing to contribute to this transition through the risk management products and services it offers.

Sustainable funding provides an opportunity to finance AXA’s Sustainability Strategy. AXA is committed to ensuring that all of its future

investments made in accordance with its Sustainability Bond Framework contribute to a positive social or environmental impact on society.

AXA Group has been involved in the sustainability bond market for several years

The issuance of Green, Social or Sustainability bonds by AXA SA is the continuation of AXA Group’s

strategy to implement sustainable practices across all its activities


As a leading sustainability player,AXA is establishing a Sustainability Bond Framework:

AXA SA may issue 3 types of bonds:▶ Green bonds

▶ Social bonds

▶ Sustainability bonds1

▶ 5 eligible Green categories

▶ 5 eligible Social categories

Compliant with ICMA Principles and

AXA’s Responsible Investment

policies2

Aligned with the best market practices

AXA’s Sustainability bond framework aligns with

the following standards administered by ICMA:

▶ Green Bond Principles 2018

▶ Social Bond Principles 2020

▶ Sustainability Bond Guidelines 2018

Externally verified by Sustainalytics, which issued a Second-Party Opinion on the Framework

“Sustainalytics is confident that AXA SA is well-positioned to issue green, social or sustainabilitybonds and that AXA’s Sustainability Bond Frameworkis robust, transparent, and in alignment with the fourcore components of the Green Bond Principles (2018)and Social Bond Principles (2020), and with theSustainability Bond Guidelines (2018)”

AXA Sustainability Bond Framework | Overview


Use of Proceeds | Green categories

Eligible Green Categories EU Environmental Objectives SDGs

Green buildingsClimate change mitigationEnergy savings

Renewable energyClimate change mitigationGHG emissions reduction

Clean transportationClimate change mitigationGHG emissions reduction

Energy efficiencyClimate change mitigationGHG emissions reduction

Natural resources /

Sustainable forestry

Climate change mitigationProtection and restoration of biodiversity and ecosystemsCO2 sequestrationReduction of air pollution

In accordance with ICMA’s Green Bond Principles, AXA identified 5 eligible green categories, each of which contributes to one ormore EU environmental objectives and United Nations Sustainable Development Goals (SDGs)


Eligible Social Categories Social objectives SDGs

Access to essential services Improve access to Healthcare

Affordable housing Support access to housing supply

Employment generation

through SME financingSupport job creation / retention

Digital inclusion Support digital inclusion via deployment of fiber optic

Response to natural disasters Support the resilience of the population affected

Use of Proceeds | Social categoriesIn accordance with ICMA’s Social Bond Principles, AXA identified 5 eligible Social categories, each of which contributes to one or more social objectives and United Nations Sustainable Development Goals (SDGs)


Implementation of a dedicated Sustainability Bond Working

Group (SBWG) responsible for preparing information

regarding potential eligible green and social projects and

submitting proposals for allocation decisions to the AXA

Group’s Responsible Investment Committee (RIC) which will

act as the Sustainability Bond Committee (SBC)

Working Group sessions to be held on a semi-annual basis

The SBWG will include representatives from AXA’s‒ Group Treasury

‒ Group Investments

‒ Group Sustainability

‒ Group Risk Management

‒ Asset owners represented by AXA Group’s investment

department (GIA) / AXA IM

Process for project evaluation and selection | A two-fold approach

Sustainability Bond Working Group

The Sustainability Bond Committee will meet semi-annually

and will undertake the following missions:

▶ Evaluate and validate the pool of Green and Social projects,

and take decisions regarding any exclusions of assets from the

pool and potential changes to the Sustainability Bond Framework

▶ Monitor the pool of Green and Social projects during the lifetime

of the Green, Social or Sustainability bonds issued and

manage/escalate any shortfall in eligible projects/assets

▶ Draft, review and approve the allocation and impact reports

▶ Monitor the evolution of the Green, Social, Sustainability bond

markets with the goal of aligning AXA’s Sustainability Bond

framework with best market practices

Sustainability Bond Committee


Management of Proceeds | AXA Group Investment (GIA) supervision

Allocation on nominal equivalence basis

Internal tracking system and monitoring Management of unallocated proceeds


The proceeds1 from AXA SA’s Green, Social or Sustainability Bond

issuances will be credited to AXA SA’s treasury account and

allocated semi-annually on a nominal equivalence basis by AXA SA

to a pool of Green and/or Social projects booked on AXA SA’s or

AXA Group entities’ balance sheet(s)

Allocation period: AXA intends to allocate the proceeds from any

bond issuance under the Framework within 36 months from the

settlement date of such issuance, on a best-efforts basis

Look-back period: proceeds may be allocated to Green and/or

Social projects booked on AXA SA’s or AXA Group entities’ balance

sheet(s) in the three calendar years prior to the issuance year of the

Green, Social or Sustainability Bonds

Allocation and look-back periods

GIA to implement a tracking system within GIA’s investment

controlling system to monitor and track the proceeds allocation, in

order to ensure that, upon full allocation, the aggregate amount

allocated to Green and/or Social projects is equal to the amount of

the proceeds of the relevant Green, Social or Sustainability bonds

issuance

Pending full allocation, an amount equivalent to the balance of

unallocated proceeds will be allocated to temporary investments

such as cash, cash equivalent and/or other liquid marketable

investments in accordance with the AXA’s Responsible Investment

Policy2


Commitment to publish an audited allocation and impact report one

year after the issuance of Green, Social and Sustainability Bonds

under the Framework and annually thereafter until full allocation of

the proceeds, and as necessary in the event of material

developments

All reports will be made publicly available on AXA’s website

(https://www.axa.com/en/investor/sustainable-financing)

The allocation report will provide information such as:‒ total allocations to Green and Social projects

‒ share of proceeds respectively allocated to financing versus

refinancing

‒ amount of unallocated proceeds at reporting end-period (if any)

‒ breakdown of total amount of proceeds allocated to Green and

Social projects per category

‒ geographical breakdown of Green and Social projects

The impact report will provide, when feasible, various indicators

and metrics to outline the positive environmental / societal impacts

of each of the Green and Social projects

Allocation and impact reports

Reporting

Estimated ex-ante annual energy savings(in MWh/year)

Expected annual renewable energy generation (MWh/year)

Refer to impact reports in appendix

Examples of key impact indicators

Estimated annual GHG emissions avoided (in tCO2e/year)

Estimated CO2 sequestrated(in tCO2e/year)


https://www.axa.com/en/investor/sustainable-financing

Scope of work Second party opinion

▶ The Framework’s alignment with the Green

Bond Principles 2018, the Social Bond

Principles 2020, and the Sustainability Bond

Guidelines 2018, as administered by ICMA

Sustainalytics “is of the opinion that the AXA Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018, and Social Bond Principles 2020”

▶ The credibility and anticipated positive

impacts of the use of proceeds

Sustainalytics “considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 3, 7, 8, 9, 11, and 15”

▶ The alignment of the issuer’s sustainability

strategy and performance and sustainability

risk management in relation to the use of

proceeds

Sustainalytics “is of the opinion that the AXA Sustainability Bond Framework is aligned with the Group’s overall sustainability strategy and initiatives and will further the Group’s action on its key environmental and social priorities and that AXA has implemented adequate measures and is well-positioned to manage and mitigate environmental and social risks commonly associated with the eligible categories”

External Review | Second-Party Opinion and external audit

▶ The annual allocation

and impact reports

will be verified by an

external independent

auditor

▶ The audit report will

be made publicly

available on AXA’s

website

External audit


Asset pool | Overview of the eligible Green and Social projects

Split by eligible categories

82% – Green

18% - Social*

18% - Digital inclusion

31% – Renewable energy

28% – Green building

4% – Natural resources /Sustainable forestry

19% – Clean transportation

* Estimated portfolio of eligible social projects. Axa is currently developing relevant KPIs to assess the exact size of this portfolio.

More than €3 billion of potentially eligible Green and Social assets representing more than 50 projects

Split by geography

88% – Europe

11% – America

1% –Asia

Split by project type


5. Green Bond Issuance Summary

AXA inaugural Tier 2 Subordinated Green Bond

▶ Issuer: AXA SA

▶ Notes: EUR [●] Fixed to Floating Rate Ordinary Subordinated Green Notes due 20[●]

▶ Expected ratings: [A3] by Moody’s, [BBB+] by S&P and [BBB] by Fitch

▶ Maturity: [●] [2041] subject to the Conditions to Redemption and Purchase

▶ First Call Date: [●] [2031]

▶ First Reset Date: [●] [2031]

▶ Mandatory Interest Deferral: In case of Regulatory Deficiency

▶ Optional Interest Deferral: Subject to a dividend pusher (6 month look-back)

▶ Use of proceeds: An amount equivalent to the proceeds from the issue of the Notes will be exclusively used to finance or re-finance, in

part or in full, new and/or existing eligible Green Projects as set out and defined in AXA’s Sustainability Bond Framework

*For further details, please refer to the indicative term sheet in the Appendix (pp. 47-48)

Key terms of the transaction*


Example of eligible assets | Real estate

▶ 62-storey, 278-metre skyscraper

▶ Location: 22-24 Bishopsgate, City of London, UK

▶ Key indicators:

‒ EPC Level A+

‒ Certified: BREEAM Excellent, WiredScore Platinum

‒ 35% Reduction in BER

‒ CHP providing 60% of hot water demand

‒ 100% electricity from renewables

‒ 100% carbon offset natural gas

‒ 51% recycled/second-use materials

‒ 10% of floor space dedicated to tenant amenity & wellbeing

Direct real estate: Office development

35% CO2 emissions

Savings

100%electricity from

renewables

98% Construction waste

diverted from landfill

Closed loop recycling and composting


Example of eligible assets | Forestry

▶ 7 200 hectares of productive forest land

▶ FCS and PEFC certified

▶ Location: Finland

▶ 7.6 MtCO2 of carbon stored in Kilpi III at December 2020

▶ In 2020, considering the change in soil carbon storage, the forest

growth and the harvested volume, the total annual forest carbon

balance was around 6 200t CO2 negative

▶ Considering the carbon balance of the forests and the carbon stored in

the wood products, the total annual carbon impact is 9 700 t CO2

positive. This considers the emissions from harvest, transportation, and

wood processing operations

Finnish forest


Example of eligible assets | European Locomotive Leasing

▶ In 2020, AXA IM Real Assets acquired 49% of European Locomotive Leasing

▶ ELL leases its growing fleet of 152 Siemens electric Vectron locomotives to rail operators

▶ Headquartered in Austria, serving central Europe

▶ Aligned with EU policy of transferring freight from road to rail and energy-source from fossil fuels to a decarbonizing electricity grid

▶ Each locomotive can pull a train carrying the equivalent of over 70 heavy good vehicles

▶ Trains deliver an 80% reduction in carbon emissions versus trucks (all things being equal and not assuming zero carbon electricity)

Electric locomotives


Example of eligible assets | Global renewable energy generation

▶ In 2020, AXA IM Real Assets acquired 20% of Acciona Energia Internacional

▶ Owns 48 wind and 3 solar farms across six continents

▶ Installed capacity of 2.4 gigawatts directly contributing to a zero-carbon electricity grid

Renewable Energy: Wind


6. Appendix

AXA’s Sustainability Strategy | Responsible Investment

▶ ESG integrationAXA integrates ESG analysis into investment processes, using KPIs and qualitative research across most of its assets. This includes the implementation of ESG “minimum standards” rules based on ESG and controversy scores to review and potentially exclude underperforming issuers from AXA’s portfolios

▶ Climate-related portfolio alignmentCarbon metrics are integrated into investment decisions. AXA is also developing metrics for measuring the climate-related impact of its investments, in particular the contribution of its investments to the objective of the COP21 (“Paris Agreement”) to limit global warming

▶ Exclusions and sensitive ESG investmentsSector-based restrictions apply to sectors or companies that face acute social, human rights, ethical or environmental challenges. These currently include controversial weapons, coal mining and coal-based power generation, tar oil sands and associated pipelines, palm oil, food commodity derivatives, and tobacco

▶ A green investment target and transition financing toincrease the allocation of green assets across various asset classesand to support companies shifting towards less carbon-intensivebusiness models

▶ Impact investments that create intentional, positive,measurable and sustainable impacts on society while simultaneouslydelivering financial market returns

▶ Active stewardship through voting and engagement on a rangeof ESG or sustainability issues

Responsible

Investment

Strategy

ESG integration

Climate-related portfolio alignment

Exclusions and sensitive ESG investments

A green investment target and transition financing

Impact investments

Active stewardship


Inaugural Green Transaction | Term Sheet (1/2)Indicative summary of the terms and conditions*

Issuer ▪ AXA SA

Notes ▪ EUR [●] Fixed to Floating Rate Ordinary Subordinated Green Notes due 20[●].

Expected ratings▪ [A3] by Moody’s, [BBB+] by S&P and [BBB] by Fitch

Maturity ▪ [●] [2041] subject to the Conditions to Redemption and Purchase

First Call Date ▪ [●] [2031]

First Reset Date ▪ [●] [2031]

Status▪ Ordinary Subordinated Obligations▪ Senior to any Undated Subordinated Notes, any Undated Subordinated Obligations, any prêts participatifs granted to the Issuer, any

titres participatifs issued by the Issuer and any Deeply Subordinated Notes issued by the Issuer

Interest▪ Fixed rate until First Reset Date payable annually in arrear. Thereafter reset on the First Reset Date at a rate equal to the sum of 3-month

Euribor (subject to Benchmark Discontinuation provision) and the Margin (including 100bps step-up)

Interest Deferral

▪ Interest will be mandatorily deferred in case of Regulatory Deficiency, subject to regulatory waiver▪ The Issuer may elect to defer any interest provided a dividend on ordinary or preference shares has not been declared or paid in the

preceding 6 months (provided that the Interest Payment Date is not a Mandatory Interest Deferral Date)▪ Deferred interest payments will constitute Arrears of Interest which are cumulative and not compounding

Optional Redemption

▪ The Issuer may, at its option, redeem all or some only of the Notes then outstanding on (i) any day falling in the period from (and including) the First Call Date to (and including) the First Reset Date or (ii) any Interest Payment Date thereafter at par, subject to the Conditions of Redemption and Purchase

Special Event Redemption

▪ The Issuer may redeem all of the Notes at par at any time for tax reasons (WHT Event, Gross-up Event and Tax Deductibility Event), upon a Regulatory Event, Accounting Event, Rating Methodology Event or clean-up (>= 80%), subject to the Conditions to Redemption and Purchase

* For more detailed terms and conditions (including defined terms), please refer to the preliminary prospectus dated March 26, 202147 | Inaugural Green Bond | March 2021

Inaugural Green Transaction | Term Sheet (2/2)Indicative summary of the terms and conditions*

Conditions to Redemption and Purchase

▪ All redemptions are subject to (i) prior Relevant Supervisory Authority approval; (ii) no Regulatory Deficiency; (iii) no Insolvent Insurance Affiliate Winding-up (if then required); subject to regulatory waiver in certain conditions

Special Event Substitution/Variation

▪ As an alternative to early redemption, the Issuer has the option to substitute the Notes (in whole) or vary the terms at any time without the consent of the Noteholders upon a Regulatory Event or a Rating Methodology Event (subject to certain conditions, including the terms of the substitution or variation not being prejudicial to the interest of Noteholders)

Regulatory Deficiency

▪ Non-compliance with Issuer/Group SCR or MCR, or any applicable capital requirements for internationally active insurance groups▪ Regulatory request, for the Issuer to take specified action in relation to payments under the Notes

Denomination ▪ EUR 100k and integral multiples of EUR 1k in excess thereof up to (and including) EUR 199k

Law/Listing▪ English Law (save for the Status and Subordination provisions governed by French law) / Official List of the Luxembourg Stock Exchange

(regulated market)

Taxation ▪ Mandatory gross-up for withholding tax, subject to customary circumstances

Documentation▪ Issued under AXA’s EMTN Programme dated [●], 2021, as supplemented, via a tranche prospectus to be approved by the CSSF on [●],

2021

Events of default ▪ None

Waiver of set-off▪ No holder of any Note may at any time exercise or claim any Set-Off Rights against any right, claim, or liability the Issuer has or may have

or acquire against such holder

Use of proceeds▪ An amount equivalent to the proceeds from the issue of the Notes will be exclusively used to finance or re-finance, in part or in full, new

and/or existing eligible Green Projects as set out and defined in AXA’s Sustainability Bond Framework

48 | Inaugural Green Bond | March 2021 * For more detailed terms and conditions (including defined terms), please refer to the preliminary prospectus dated March 26, 2021

Reporting | Impact report – Green eligible categories

Eligible categories Examples of output indictors Example of impact indictors

Green buildingsNumber of dwellings / assets built / renovated

Number of dwellings / assets by type of certificationEstimated ex-ante annual energy savings (MWh/year)

Renewable energy Installed capacity (MW)Expected annual renewable energy generation (MWh/year)

Estimated annual GHG emissions avoided (tCO2e/year)

Clean transportationLength of rail construction

Number of electric vehicle charging points installedEstimated annual GHG emissions avoided (tCO2e/year)

Energy efficiency Number of installed smart metersEstimated ex-ante annual energy savings (in MWh/year)

Estimated annual GHG emissions avoided (tCO2e/year)

Natural resources / Sustainable

ForestrySurface of FSC and/or PEFC certified forests (in ha) Estimated CO2 sequestrated (in tCO2e/year)


Reporting | Impact report – Social eligible categories

Eligible categories Examples of output indictors Example of impact indictors

Access to essential

services

Number of hospitals supported

Number of new beds provided

Number of beneficiaries (students)

Number of dwellings per university

Territorial impact data, if applicable

Affordable housingNumber of new / refurbished dwellings

Number of beneficiaries

Employment generation through SME

financing

Number of SMEs financed (per regions)

Number of Jobs created

Number of Jobs retained

Digital inclusion Number of beneficiaries

Response to natural disastersNumber of beneficiaries

Number of public institutions helped


Use of Proceeds | Green categories (1/2)

Eligible categories DescriptionEU environmental

objectivesSDGs

Green buildings

Investments/financing dedicated to the construction and acquisition of energy-efficient buildings

which either:

▪ have a primary energy demand at least 20% lower than the one resulting from the local NZEB

▪ have reached at least EPC A level,

▪ obtained at least LEED Platinum, BREEAM Excellent (or better) or HQE Excellent (or better)

certifications (or any equivalent local certification, DNGB (Gold or above) , Minergie, etc.)

Investments/financing dedicated to the renovation of buildings reaching at least 30% of energy

efficiency improvement

Climate change

mitigation

Energy savings

Renewable Energy

Investments/financing dedicated to the construction and operation of electricity generation facilities

supporting a transition to a net zero emissions economy:

▪ solar and wind facilities

▪ other low-carbon energy sources with lifecycle emissions lower than 100gCO2e/kWh,

including small-scale hydropower projects (<25 MW)

Climate change

mitigation

GHG emissions

reduction

Clean

transportation

Investments/financing dedicated to the construction and maintenance of infrastructure dedicated to

low carbon transport:

▪ public transport: zero direct emissions transport activities (e.g. light rail transit, metro, tram,

trolley, bus and rail)

▪ infrastructure for low carbon transport:‒ Infrastructure required for zero direct emissions transport (e.g. electric charging points,

electricity grid connection upgrades, hydrogen fuelling stations or electric highways)

‒ Infrastructure and equipment for active mobility (walking, cycling, e-bikes, etc.)

‒ Transport infrastructure which enables significant reductions in carbon emissions and

contributes meaningfully to decarbonisation of transport emissions

Climate change

mitigation

GHG emissions

reduction


Use of Proceeds | Green categories (2/2)

Eligible categories Description EU environmental objectives SDGs

Energy efficiency

Investments/financings dedicated to the manufacturing, installation,

maintenance and repair of energy efficiency devices such as:

▪ smart thermostats systems

▪ building automation and control systems for energy and lighting

▪ smart meters for heat, cool and electricity

Climate change mitigation

GHG emissions reduction

Natural resources /

Sustainable forestry

Investments/financings dedicated to the acquisition, maintenance and

sustainable management of forests and lands in France and in Europe:

▪ certified forests (FSC, PEFC or equivalent)

▪ forest regeneration projects which have been awarded carbon credit

(e.g. VER) by an internationally recognised certifier

Climate change mitigation

Protection and restoration of

biodiversity and ecosystems

CO2 sequestration

Reduction of air pollution


Use of Proceeds | Social categories (1/2)

Eligible categories Description Social objectives SDGs

Access to essential

services

▪ Hospitals/Healthcare: Investments / financing of the construction, refurbishment, maintenance

and operation of public hospitals, clinics, healthcare centers, or other healthcare facilities

providing universal access as a public service (no restrictions based on specific groups or on

affordability)

Target population: Population including the most vulnerable

▪ Student Housing: Investments / financing of the construction, refurbishment, maintenance and

operation of housing for students that are pursuing higher education and provide access to

accommodations without any restrictions to specific groups of students or based on income ;

however, rents above the regional average are excluded

Target population: Student population

Improve access to

healthcare

Improve access to

student housing

Affordable housing

Investments / financing of the construction, refurbishment, maintenance and operation of social

housing infrastructure, meeting the statutory definition and relevant eligibility criteria as set out in

the applicable local regulation

Target population: Low-income population

Support access to

housing supply


Use of Proceeds | Social categories (2/2)

Eligible categories Description Social objectives SDGs

Employment

generation through

SME financing

Investments that support local economic development and job creation/retention in the

context of the COVID-19 recovery via the financing of small, medium and micro-sized (SMEs)

with primary focus in the health, medico-social, Silver Economy, renewable energy, circular

economy, social tourism, culture sectors

Target population: SMES with primary focus in sectors with positive social impact

Support job

creation / retention

Digital inclusion

Investments in projects or activities that allow for the deployment of fiber optic network for

populations located in unconnected or underserved areas / territory of France (in terms of

fixed network)

Target population: Population in underserved and unconnected areas of France/Europe

Support digital inclusion via

deployment of fiber optic

Response to

natural disasters

Investment and/or financing for the prevention of natural disasters such as floods, droughts

and storms or wildfires

Target population: Population affected by natural disaster

Support the resilience of the

population affected


Disclaimer

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations orobjectives. 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 thatcould cause AXA’s actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s UniversalRegistration Document for the year ended December 31, 2020 (the “2020 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’sbusiness and/or results of operations, particularly in respect of the Covid-19 crisis. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflectnew information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financialperformance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measuresgenerally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures shouldbe considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. A reconciliation from APMs UnderlyingEarnings and Combined Ratio to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 47 and 48 of the 2020 UniversalRegistration Document. APM Underlying Earnings per share is reconciled to the financial statements in the table set forth on page 54 of the 2020 Universal Registration Document. The calculationmethodology of Debt Gearing is set out on page 50 of AXA's 2020 Universal Registration Document. The above-mentioned and other non-GAAP financial measures used in this presentation are defined inthe Glossary set forth on pages 479 to 483 of the 2020 Universal Registration Document.

The information contained herein does not purport to be a comprehensive or complete summary of AXA's Sustainability Bond Framework (the "Framework") or the second-party opinion issued bySustainalytics with respect to the Framework (the "SPO"). This presentation is qualified in its entirety by the contents of the Framework and the SPO and should be read in conjunction therewith. TheFramework and the SPO are available on AXA's website (https://www.axa.com/en/investor/sustainable-financing).

This presentation is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in anyjurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The distribution, publication or release of thispresentation or any information contained therein or relating thereto may be prohibited by law in certain jurisdictions. Persons into whose possession this presentation or information comes arerequired to inform themselves of and to observe these restrictions. Non-compliance with these restrictions may result in the violation of legal restrictions in such jurisdictions. AXA does not accept anyliability to any person in relation to the distribution of such presentation or information in any jurisdiction.

This presentation does not constitute a recommendation concerning any issue of securities. Potential investors should consult a professional adviser as to the suitability of the Notes referred to hereinfor the person concerned.

This presentation and the information it contains may not be published, released, forwarded, transmitted or distributed, directly or indirectly, in or into the United States (including its territories anddependencies) or to any U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933) or any person located or resident in the United States.


https://www.axa.com/en/investor/sustainable-financing

This presentation is an advertisement and not a prospectus for the purposes of Regulation (EU) 2017/1129 of June 14, 2017 (as amended, the “Prospectus Regulation”) and Delegated Regulation (EU)2019/979 of March 14, 2019, as amended. Investors in the European Economic Area (“EEA”) who wish to obtain information on the terms and conditions of the Notes, and determine whether or not theymay, and wish to, subscribe thereto are urged to read, and refer exclusively to, the prospectus to be submitted by AXA SA for approval to the Luxembourg Financial Markets Authority (Commission deSurveillance du Secteur Financier) (the “CSSF”), before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in thesesecurities. Such prospectus will be published on AXA’s website (www.axa.com, Section “Investors”, sub-section “Legal Information & Financing”, pages “Listed Notes (EMTN)” or “Listed Notes (other)”)and on the website of the Luxembourg Stock Exchange (www.bourse.lu). The approval of this prospectus by the CSSF should not be understood as an endorsement of the securities offered or admittedto trading on a regulated market.

The Notes referred to herein are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to, and no action has been or will beundertaken to offer, sell or otherwise make available any Notes, to any retail investor in the EEA. For the purposes of this provision: (a) “retail investor” means a person who is one (or more) of thefollowing: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97, as amended, where thatcustomer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in the Prospectus Regulation; and (b) the expression“offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase orsubscribe for the Notes, as applicable. Consequently no key information document required by Regulation (EU) No. 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes, orotherwise making them available, to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may beunlawful under the PRIIPs Regulation.

This presentation is not a prospectus within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK ProspectusRegulation”) and has not been approved, filed or reviewed by any regulatory authority of the United Kingdom (“UK”). This presentation has not been approved by an authorized person for the purposesof Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”). Accordingly, this presentation is not being distributed to, and must not be passed on to, the general public in theUnited Kingdom. The communication of this presentation is exempt from the restriction on financial promotions under Section 21 of the FSMA on the basis that it is only directed at and may only becommunicated to (1) investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), (2) high net worthcompanies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the FPO, and (3) persons outside the United Kingdom (together being referred to as“relevant persons”), and must not be acted on or relied upon by persons other than relevant persons. Any investment activity referred to in this presentation is available only to relevant persons and willbe engaged in only with relevant persons.

The Notes referred to herein are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to, and no action has been or will beundertaken to offer, sell or otherwise make available any Notes, to any retail investor in the UK. For the purposes of this provision a “retail investor” means a person who is one (or more) of the following:(i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or (ii) a customerwithin the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional clientas defined in point (8) of Article 2 of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a “qualified investor” as defined in the UK Prospectus Regulation.Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (as amended, the “UK PRIIPs Regulation”) for offering orselling the Notes, or otherwise making them available, to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investorin the UK may be unlawful under the UK PRIIPs Regulation.


Notes (1/3)Page 41. Underlying Earnings. Underlying Earnings (“UE”) is an APM. For further information, please refer to the reconciliation of this non-GAAP financial measure to the financial statements and to its definition in the Glossary,

which are provided in AXA’s 2020 Universal Registration Document (respectively, on pages 47 to 48 and 480).2. As of FY20.3. Assets under Management, as of FY20.

Page 51. Based on FY19 pre-tax Underlying Earnings, excluding Equitable Holdings Inc. and AXA SA and other central holdings.2. As of FY20. Preferred segments: includes Health, P&C Commercial lines and Protection, as set out in the 2017 Investor Day presentation dated November 14, 2017.3. As of December 2020 (by main lines of business in entities).4. Target related to contain “warming potential” of AXA's investments to below 1.5°C by 2050.

Page 81. Dividend per share of €1.43 will be proposed at the Annual General Meeting on April 29, 2021 and is expected to be paid on May 11, 2021 with an ex-dividend date of May 7, 2021. 2. FY20 Underlying Earnings rebased includes actual Underlying Earnings restating for “Covid-19 claims” and natural catastrophes in excess of normalized.

“Covid-19 claims” includes P&C, L&S and Health net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. “Covid-19 claims” does not include any financial market impacts (including impacts on investment margin, unit-linked and asset management fees, etc.) relating to the Covid-19 crisis. The AXA Group normalized level of Natural Catastrophe charges expected for 2020 is at ca. 3% of Gross Earned Premiums. Natural Catastrophe charges include natural catastrophe losses regardless of event size.

Page 91. Current year combined ratio. Combined ratio is an APM. The calculation methodology of the combined ratio is set out on page 50 of AXA’s 2020 Universal Registration Document.2. Exclude the impacts of €1.5bn “Covid-19 claims” in 2020 (P&C net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. “Covid-19

claims” does not include any financial market impacts including impacts on investment margin, etc. relating to the Covid-19 crisis) and natural catastrophes charges. Natural Catastrophe charges include naturalcatastrophe losses regardless of event size.

3. PR stands for Protection; UL stands for Unit-Linked; G/A stands for General Account Savings.

Page 101. AXA XL entered into an adverse development cover agreement with Enstar Group Limited. Under the terms of the agreement, AXA XL will obtain coverage for 90% of potential adverse developments on AXA XL’s legacy

long tail line reserves for accident years 2019 and prior. Please refer to AXA’s FY20 press release and page B30 in FY20 Presentation Appendix for more details.2. Renewals only at AXA XL Insurance, price effect calculated as a percentage of renewed premiums. Price effect for each quarter based on renewal premiums in each respective quarter at AXA XL.

Page 121. Underlying Earnings per share (“UEPS”) is an APM. For further information, please refer to the reconciliation of this non-GAAP financial measure to the financial statements and to its definition in the Glossary, which

are provided in AXA's 2020 Universal Registration Document (respectively, on pages 54 and 480).2. Compounded Annual Growth rate of +3% to +7% Underlying Earnings per share for 2020 rebased - 2023 as set out in the 2020 Investor Day presentation on December 1, 2020; period-to-period results may vary.3. FY20 Underlying Earnings rebased includes actual Underlying Earnings restating for “Covid-19 claims” and natural catastrophes in excess of normalized.

“Covid-19 claims” includes P&C, L&S and Health net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. “Covid-19 claims” does not include any financial market impacts (including impacts on investment margin, unit-linked and asset management fees, etc.) relating to the Covid-19 crisis. The AXA Group normalized level of Natural Catastrophe charges expected for 2020 is at ca. 3% of Gross Earned Premiums. Natural Catastrophe charges include natural catastrophe losses regardless of event size.


Notes (2/3)Page 14

1. The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXAGroup’s Solvency and Financial Condition Report (SFCR) as of December 31, 2019, available on AXA’s website (www.axa.com). Pursuant to the authorization from AXA’s lead supervisor (the ACPR), the contribution ofentities that were part of the XL Group (“XL entities”), and are now part of the AXA XL division, to the Group Solvency II ratio is, as from December 31, 2020, calculated with the AXA Group internal model. In compliancewith the prior decision from ACPR, the XL entities contributed to the Group’s solvency capital requirement as of December 31, 2019 using the Solvency II standard formula.

Page 15

1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures). Sensitivity to credit rating migrationassumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

Page 16

1. Debt gearing is used to measure the financial leverage of the Group. AXA’s debt gearing is calculated by dividing gross debt (financial debt and undated subordinated debt) by total capital employed. Total capitalemployed is equal to the sum of gross debt and consolidated shareholders’ equity (excluding undated subordinated debt and reserves relating to the change in fair value of financial instruments and of hedgeaccounting derivatives). Debt Gearing is an APM. The calculation methodology of Debt Gearing is set out on page 50 of AXA's 2020 Universal Registration Document.

Page 171. Gross asset yield.2. Mainly private equity and hedge funds, as well as non-listed equities.3. Notably including real estate debt and CLOs.

Page 201. Claims herein include P&C, L&S and Health net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. Claims herein do not include any

financial market impacts (including impacts on investment margin, unit-linked and asset management fees, etc.) relating to the Covid-19 crisis. 2. AXA communicated on April 1, 2020 that “the crisis will have no impact on employment or on the remuneration of employees during the confinement period”. 3. €500m entrusted with CAPZA to enable SMEs to strengthen their balance sheets and recover from the Covid-19 shock, and ca. €200m in the FFA CDC Covid-19 program.

Page 231. Aggregated 20% reduction across General Account assets related to Corporate Fixed Income, listed equities and Real Estate assets.2. For further details on the contemplated inaugural green bond issuance, please refer to slide 40.3. AXA called for the launch of this alliance in December 2020


Notes (3/3)Page 241. (energy, business travel, car fleet and paper) in TCO2eq/FTE2. Scopes 1 & 23. Starting year 20194. (in absolute terms t.CO2 eq.) broken down into the following CO2 emissions reduction sub-targets:

• -20% from AXA’s vehicle fleet emissions• -35% from AXA’s power consumption linked to building and data centers• -18% from AXA’s business travel emissions

5. The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling companies to set science-based emissions reduction targets.

Page 261. Prudence must be exerted when analyzing these figures, as the underlying methodologies are still evolving.2. Weighted average reflecting the allocation of AXA’s portfolio based on the following benchmarks: MSCI World ACWI (equities), BofA Merrill Lynch Global Aggregate Corporate (corporate debt), JPM GBI Global

(sovereign debt).

Page 311. Bonds where an amount equivalent to the proceeds of the issuance is exclusively applied to finance or refinance, in part or in full, a combination of both Green Projects and Social Projects.2. All projects and assets financed under AXA’s Sustainability Bond Framework will undergo AXA’s overall investment review process, which includes the assessment of broader risk factors including potential financial,

legal, regulatory and governance risks. In accordance with its Responsible Investment policy, AXA will not use the proceeds of any Green, Social or Sustainability Bonds issuance to knowingly finance (1) companies listed in AXA’s exclusion list or (2) projects, assets or businesses involved in the following types of activities:• coal mining and coal-based energy production• oil sands production and oil sands-related pipelines• tobacco manufacturing• palm oil production• food (“soft”) commodities derivatives• controversial weapons manufacturing

Page 351. Gross proceeds2. Please refer to footnote 1 page 31


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