AXA Private Equity receives GIPS certification for two years running Paris, November 1st 2006.

AXA Private Equity, the first French capital investment company to be awarded with the annual certification for conforming with the GIPS (Global Investment Performance Standards) performance presentation norms of 31 December 2004, have received its renewal for 2005.

The GIPS represent international ethical norms for an objective presentation of performances, applicable to the presentation of third party asset management - allowing for a true and complete picture of past performances, providing transparent and comprehensive information.

This certification also enables AXA Private Equity to continue to improve its response to the growing demand of comparability, transparency, credibility, and coherence of the performances presented to its investors, especially in periods when funds are raised.

By respecting the GIPS norms, AXA Private Equity provides investors a reliable, trustworthy and audited reporting method that also shows net performances.

AXA Private Equity constantly attaches high value to its:

• performance (sustainable, confirmed and satisfactory to its investors, with the constant objective of sustainable profitability),
• international experience (worldwide approach, work methods and management),
• expertise (profound knowledge of all its professional fields, detailed company evaluation and acquisition management, close relations with entrepreneurs and investors),
• transparency (to investors, by regularly informing them on the funds’ performance, and by respecting ethical and corporate governance rules, and respect towards entrepreneurs through direct and reliable contacts).

The company thus considers this certification as a confirmation and proof of its philosophy.

For AXA Private Equity, the GIPS certificate covers a performance record since the inception of each relevant fund, more specifically:

The three Mid-Caps LBO Funds for transactions with an EV of €70 to €500 million:

• AXA LBO Fund (€95 million), introduced in 1997; an FCPR exclusively dedicated to the French market, which has enabled the realization of 12 operations in less than 30 months,
• AXA LBO Fund II (€400 million), introduced in 2000; a more European  FCPR, in particular open to the German market, which has contributed to the acquisition of 18 companies,
• AXA LBO Fund III (€500 million), introduced in 2005; an FCPR, for 30% dedicated to the German market and for 70% to the French market, which already has effected 10 acquisitions.

The Small Caps LBO / Capital Development fund for transactions with an EV of less than €70 million:

• AXA Expansion I (€65.6 million), introduced in 2002; an FCPR which has realized 8 investments since its inception.

The Venture Fund:

• AXA Venture Fund IV (€61 million) introduced in 2002 and designated to qualified investors. The fund’s objective is to invest mainly in France but also in continental Europe in companies in the IT and Life Sciences sectors

The three Secondary Funds of Funds:

• AXA Secondary Fund I, II and III (total $1.74 billion). These three funds are in particular interested in purchasing complete Private Equity portfolios invested over 50%.

The two Early Secondary Funds of Funds:

• AXA Private Equity Fund of Funds II Europe & America and AXA Early Secondary Fund III 1 Lp (€1.01 billion). Their investment philosophy is the acquisition of interests in Private Equity funds invested between 20 and 50%, diversified between the USA and Europe and concentrated on LBO Funds, and the purchase of any commitment volumes between €5 and €40 million.

The Two Mezzanine Funds:

• AXA Mezzanine I SA Sicar & MD Mezzanine SA Sicar (€720 millions). These funds cover a large spectrum of Mezzanine investments in Europe, and focus both on investments in Mezzanine Funds as well as in direct investments where AXA Private Equity can either be the arranger, co-arranger, co-investor or participant in syndications.

The certification was effected by PriceWaterHouseCoopers, and certifies AXA Private Equity’s conformity with the GIPS norms for the above funds.
The other funds managed by AXA Private Equity were not considered according to the GIPS criteria, because of their nature or their development phase, and were only reviewed by PriceWaterHouseCoopers.

The verification of conformity with the norms will be renewed annually.

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