Income tax France Current Deferred Income tax Foreign countries 1,281 1,173 Current 1,

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1 NOTE 19 TAX 19.1 Tax expense BREAKDOWN OF TAX EXPENSE BETWEEN CURRENT AND DEFERRED TAX The income tax charge was split as follows: December 31, 2014 December 31, 2013 Restated (a) Income tax France Current Deferred Income tax Foreign countries 1,281 1,173 Current 1, Deferred (300) 239 TOTAL INCOME TAX 1,791 1, TAX PROOF The reconciliation between the theoretical tax charge (pre-tax profit multiplied by the applicable tax rate in France for the period concerned) and the effective tax charge was as follows: Income from operating activities, gross of tax expenses (excluding result from investments consolidated using equity method) December 31, 2014 December 31, 2013 Restated (a) 7,201 6,109 Notional tax rate 38.00% 38.00% Notional tax charge 2,736 2,322 Impact of rates difference on notional tax charges (586) (498) Impact of change in tax rates 8 21 Impact of differences in tax rate and impact of taxes not linked to pre tax income 71 (80) Impact of differences in tax rates and tax bases (507) (557) Tax losses of prior used in the current year without recognized previously (27) (19) Deferred tax assets recognized on tax losses of prior (16) (12) Deferred tax assets not recognized on tax losses of the year Derocognition of deferred tax assets on tax losses of prior (b) 6 14 Tax losses impact (14) 31 Impact of permanent differences (308) (319) Adjustments of tax relating to prior (137) (22) Derecognition/Recognition of on temporary differences of prior (other than tax losses) (b) (3) (23) Other Impact of adjustments, decrease in value and other items (115) (14) Effective tax charge 1,791 1,462 Effective tax rate (%) 24.87% 23.93% (b) Derecognition of Deferred Tax Assets () arising on tax losses is shown in "Tax losses impact". The impact of rate differences on notional tax charge represents the difference between the expected tax calculated at each entity level with the applicable standard rate and the tax calculated using the 38.00% French tax rate applicable to the Company. This tax rate is composed of the following items: a basic tax rate (33.3%), a social contribution (1.1%) and a temporary exceptional contribution (3.6%). The blended standard rate was 30% in 2014 and 30% in Permanent differences mainly represent the impact in some countries of non-deductible financial impairments and realized capital losses on equity instruments, or non taxable dividends and realized capital gains on equity instruments.

2 19.2 Deferred tax Net deferred tax balances broke down as follows: December 31, 2014 December 31, 2013 Restated (a) Deferred tax assets Deferred tax liabilities Net deferred tax position Net deferred tax position Deferred tax Assets/(liabilities) concerning: Profit or loss 11,166 10,053 1, Reserves relating to the fair value adjustment of available for sale assets 9,806 16,569 (6,762) (3,580) Reserves relating to hedge accounting and other items (59) 223 (281) (157) Reserves relating to gains and losses on defined benefits pension plans 1, , Reserves relating to stock options Total net deferred tax 22,512 26,846 (4,335) (1,983) In the table above, the net deferred tax position corresponds to the difference between deferred tax assets () and deferred tax liabilities (DTL) carried on the Group s consolidated statement of financial position. Note that the breakdown of /DTL disclosed in these tables corresponds to the deferred tax before the netting that occurs for balance sheet presentation purpose as required by IAS 12. The change from net liability position -1,983 million in 2013 to -4,335 million in 2014 mainly came from a significant increase in unrealized capital gains on fixed income assets Restated (a) NET DEFERRED TAX NET DEFERRED TAX January 1 (1,983) (2,116) Movements through profit or loss 285 (522) Movements through shareholders' equity (b) (2,749) 576 Forex impact Change in scope and other variations 55 (53) December 31 (4,335) (1,983) (b) The movements through shareholders' equity mainly concern net investment hedge in the Company, revaluation to fair value of financial investments through shareholders' equity and employee benefits actuarial gains and losses. In 2014, the change in scope was mainly driven by the first time consolidation of Colpatria (Colombia). In 2013 it was mainly driven by the sale of MONY portfolio in the United States of America.

3 Recognized Deferred Tax Assets () on tax loss carried forward by and expiration date: The tables below break down (i) in the first part the by which the Group expects to use the accounted at year end and the corresponding tax losses carried forward, (ii) in the second part, the expiration date of the, i.e. the latest date at which the Group could use them. The decrease in tax losses carried forward in 2014 mainly concerns Germany. The 22,512 million included 1,584 million of on tax losses carried forward as of December 31, recognised on tax losses carried forward Corresponding carry forward losses recognised on tax losses carried forward Corresponding carry forward losses date 1 year date 2 date 3 date 4 date date 6 Expected date of use date between 7 and 11 date > 11 No date , ,190 Latest date of possible use , ,781 2,939 5,190 TOTAL In 2013, the 1,983 million net DTL position included 15,701 million of which 2,216 million on tax losses carried forward. recognised on tax losses carried forward Corresponding carry forward losses date 1 year date 2 date 3 date Restated (a) date 5 date 6 Expected date of use date between 7 and 11 date > 11 No date , , ,236 Latest date of possible use recognised on tax losses carried forward ,436 2,216 Corresponding carry forward losses ,795 4,838 7,236 TOTAL Unrecognized Deferred Tax Assets (): The amount of the potential which has not been recorded in the accounts at the end of the year as considered unrecoverable represented 479 million ( 514 million in 2013) of which: 404 million concerned unrecognized on 1,764 million tax losses carried forward ( 447 million on 1,889 million tax losses carried forward in 2013). The major part of these losses has no date ( 1,565 million in 2014 and 1,669 million in 2013); 75 million related to other unrecognized deferred tax assets ( 68 million in 2013).

4 In addition to the above Note 19 to the 2014 Annual Report, there are variouss detailed information within the same Annual report on tax figures. Section 1.3 (pages 39 to 75) shows income tax expenses/benefits broken down into Property & Casualty and Life & Savings activities andd into major countries. For each country, a dedicated paragraph provides a comment about the line related to Tax Income. We havee consolidated below these information, with the global figures which are reported first and in a second step some more detailed information per business lines and country.

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7 More detailed information: - For Group Underlying earnings Life & Savings Higher tax expensess and minority interests ( -82 million or +9%) driven by higher pre-tax underlying earnings, partly offset by more favorable tax one-offs ( +115 million vs mainly in the United States). Property & Casualty Lower tax expensess and minority interestss ( +33 million or -3%) underlying earnings in France, Mexico and Switzerland. mainly driven by lower pre-tax - For Consolidated shareholders equity Life & Savings segment LIFE & SAVINGS OPERATIONS FRANCEE Income tax expenses increased by 96 million (+41%) to -328 million driven byy the increase in prefavorable tax underlying earnings combined with lower level of non-taxable revenues and a less corporate tax rate mix. LIFE & SAVINGS OPERATIONS UNITED STATES Income tax expenses decreasedd by 105 million to -81 million. On a comparable basis, income tax expenses decreasedd by 74 million, reflecting a 128 million benefit from a taxx settlement in 2014, partially offset by higher pre-tax underlying earnings. LIFE & SAVINGS OPERATIONS UNITED KINGDOM Income tax benefits increased by 7 million (+51%) to 19 million. Onn a constant exchange rate basis, income tax benefits increased by 6 million (+44%) due to a 144 million increase in one-off tax benefits.

8 LIFE & SAVINGS OPERATIONS JAPAN Income tax expenses decreased by 37 million to -189 million. On a comparable basis, income tax expenses increased by 32 million (+18%) due to lower positive tax oneoffs ( -16 million) and higher pre-tax underlying earnings ( -16 million). LIFE & SAVINGS OPERATIONS GERMANY Income tax expenses increased by 17 million (+34%) to -68 million due to higher underlying earnings. LIFE & SAVINGS OPERATIONS SWITZERLAND Income tax expenses decreased by 7 million (-10%) to -69 million. On a constant exchange rate basis, income tax expenses decreased by 8 million (-11%) driven by nonrecurring tax charges from participation dividends in previous, partly offset by an increase in pre-tax underlying earnings. LIFE & SAVINGS OPERATIONS BELGIUM Income tax expenses decreased by 5 million (-7%) to -64 million due to the decrease in pre-tax underlying earnings. LIFE & SAVINGS OPERATIONS MEDITERRANEAN & LATIN AMERICAN REGION Income tax expenses increased by 11 million (+15%) to -86 million. On a constant exchange rate basis, income tax expenses increased by 11 million (+15%) mainly due to higher pre-tax underlying earnings at AXA MPS. Note 19, shows the reconciliation between the theoretical tax charge and the effective tax charge. AXA also discloses its weighted average tax rate of (29,1% in 2013) on p172 of the same document. LIFE & SAVINGS OPERATIONS HONG KONG Income tax expenses increased by 13 million to -19 million. On a constant exchange rate basis, income tax expenses increased by 13 million mainly due to the non-repeat of 2013 tax benefits ( 10 million) from the change in the tax base for a block of insurance business in the context of the merger of two insurance entities. Property & Casualty segment Income tax expenses decreased by 20 million (-7%) to -284 million mainly due to lower pre-tax underlying earnings ( +29 million), partly offset by a -9 million non-recurring tax adjustment. PROPERTY & CASUALTY OPERATIONS UNITED KINGDOM & IRELAND Income tax expenses decreased by 8 million (-13%) to -56 million. On a constant exchange rate basis, income tax expenses decreased by 11 million (-16%) as higher pretax underlying earnings were more than offset by a more favorable corporate tax country mix and lower one-off tax charges ( +8 million). PROPERTY & CASUALTY OPERATIONS GERMANY Income tax expenses increased by 13 million (+10%) to -146 million mainly due to higher pre-tax underlying earnings. PROPERTY & CASUALTY OPERATIONS SWITZERLAND Income tax expenses increased by 2 million (+2%) to 100 million. On a constant exchange rate basis, income tax expenses increased by 1 million (+1%). PROPERTY & CASUALTY OPERATIONS BELGIUM Income tax expenses were stable at -106 million. PROPERTY & CASUALTY OPERATIONS MEDITERRANEAN & LATIN AMERICAN REGION Income tax expenses decreased by 16 million (-11%) to -134 million. On a constant exchange rate basis, income tax expenses decreased by 16 million (-11%) mainly from the non-repeat of additional corporate income tax in Italy in 2013 as well as a positive country mix.

9 PROPERTY & CASUALTY OPERATIONS DIRECT BUSINESS Income tax expenses increased by 5 million (+15%) to -41 million. On a constant exchange rate basis, income tax expenses increased by 6 million (+16%) reflecting higher pretax underlying earnings, partly offset by a positive country mix effect and a positive tax one-off in the UK. PROPERTY & CASUALTY OPERATIONS ASIA Income tax expenses remained stable at -13 million. On a comparable basis, income tax expenses remained stable, in line with pre-tax underlying earnings. International insurance segment AXA CORPORATE SOLUTIONS ASSURANCE Income tax expenses decreased by 14 million (-16%) to -76 million. On a constant exchange rate basis, income tax expenses decreased by 15 million (-16%) driven by lower taxes on prior year reserve developments. Asset Management segment ALLIANCEBERNSTEIN Income tax expenses increased by 2 million (+2%) to -116 million. On a constant exchange rate basis, income tax expenses increased by 3 million (+2%) due to higher pre-tax underlying earnings, partly offset by a more favorable country mix. AXA INVESTMENT MANAGERS ( AXA IM ) Income tax expenses decreased by 11 million (-9%) to -108 million. On a comparable basis, income tax expenses increased by 6 million (+6%) mainly due to higher pre-tax underlying earnings. As a more general comment around Tax reporting disclosures, AXA Group is following carefully ongoing OECD initiatives on Country by Country Reporting. Should these initiatives be effectively implemented, AXA Group will report in line with OECD standards.