PARIS, Dec. 18 /PRNewswire-FirstCall/ -- At the initiative of the Management Board, the Supervisory Board of AXA examined today the recommendations of AFEP-MEDEF dated October 6, 2008 concerning the compensation of executive officers of listed companies. The Supervisory Board and the Management Board consider that these recommendations are in line with AXA's corporate governance principles and noted that most of them were already implemented. Consequently, in accordance with the French law of July 3rd, 2008, the Supervisory Board and the Management Board have decided to adopt all the AFEP-MEDEF recommendations(1) as AXA's reference Code of corporate governance for purposes of AXA's report required by article L.225-68 of the French Commercial Code. This report will be published at the end of March 2009. This press release is available on the AXA Group website: http://www.axa.com/ About AXA AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. For full year 2007, IFRS revenues amounted to Euro 93.6 billion and IFRS adjusted earnings to Euro 6.1 billion. AXA had Euro 1,281 billion in assets under management as of December 31, 2007. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA. AXA Investor Relations Etienne Bouas-Laurent: +33.1.40.75.46.85 Paul-Antoine Cristofari: +33.1.40.75.73.60 Emmanuel Touzeau: +33.1.40.75.49.05 George Guerrero: +1.212.314.2868 AXA Media Relations Christophe Dufraux: +33.1.40.75.46.74 Laurent Secheret: +33.1.40.75.48.17 Armelle Vercken: +33.1.40.75.46.42 Chris Winans: +1.212.314.5519 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to AXA's Annual Report on Form 20-F and AXA's Document de Reference for the year ended December 31, 2007, for a description of certain important factors, risks and uncertainties that may affect AXA's business. In particular, please refer to the section "Special Note Regarding Forward-Looking Statements" in AXA's Annual Report on Form 20-F. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. (1) The recommendations of AFEP-MEDEF include the corporate governance principles resulting from the consolidation of the reports of the AFEP and the MEDEF dated 1995, 1999 and 2002, as well as the recommendations concerning the compensation of executive officers of listed companies dated January 2007 and October 2008. DATASOURCE: AXA Group CONTACT: AXA Investor Relations, Etienne Bouas-Laurent, +33-1-40-75-46-85, or Paul-Antoine Cristofari, +33-1-40-75-73-60, or Emmanuel Touzeau, +33-1-40-75-49-05, or George Guerrero, +1-212-314-2868, or AXA Media Relations, Christophe Dufraux, +33-1-40-75-46-74, Laurent Secheret, +33-1-40-75-48-17, or Armelle Vercken, +33-1-40-75-46-42, or Chris Winans, +1-212-314-5519 Web Site: http://www.axa.com/

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