AXA and the Caisse de dépôt et placement du Québec strengthen their private equity partnership Paris, January 23, 2006.

The Caisse de dépôt et placement du Québec and AXA, via its subsidiary AXA Private Equity, an AXA Investment Managers company for private equity, which have been partners since 1996, have decided to step up their joint private equity efforts on the key markets of North America, Europe and Asia.

The agreement signed today in Paris between the two groups has several components. First, the two organizations will consolidate their joint position on Europe's mid-sized enterprise market through direct investments, Funds of Funds or a Co-Investment Fund.

The second component of the agreement calls for development, through AXA Private Equity in Asia, of a fund specializing in the Asian market. AXA Private Equity and the Caisse de dépôt et placement du Québec will be the two main partners in the fund.

AXA Private Equity and the Caisse will also work together to develop an investment structure for the mid-sized market in the United States, through a Fund of Funds and a Co-Investment Fund.
 
Finally, the Caisse and AXA Private Equity intend to pool their resources to ensure more effective coverage of market intelligence and will share information on best management practices, especially through exchanges of personnel. It should be noted, however, that both partners will maintain their independence in terms of conduct of business. Together, the two organizations will provide more than €1.5 billion to implement this agreement.

According to Henri-Paul Rousseau, President and Chief Executive Officer of the Caisse and Normand Provost, Executive Vice President, Private Equity of the Caisse, this agreement will be beneficial for the institution. "Together, our two institutions have the ability to provide substantial amounts of capital and respond quickly to business financing needs. Moreover, by combining the expertise of our teams, we're convinced that the synergies will swiftly generate added value for both organizations."

Henri de Castries, Chairman of AXA’s Management Board and Dominique Senequier, Chief Executive Officer of AXA Private Equity welcome this new stage of AXA Private Equity's development. “We’re especially pleased to be able to continue working with the Caisse de dépôt et placement du Québec to promote the exchange of expertise and the professionalism that are the basis for the recognized success of the AXA and Caisse teams.”

About the Caisse de dépôt et placement du Québec:

The Caisse de dépôt et placement du Québec is a financial institution that manages Funds primarily for public and private pension and insurance plans. As at December 31, 2004, it held $102.4 billion of net assets. The Caisse invests in the main financial markets as well as in private equity and real estate. The institution partners with dynamic companies in various sectors, offering them a full range of debt and equity financing products. The Caisse partners with dynamic companies in various sectors, offering them a wide range of financing products, mainly equity investments and loans. As at December 31, 2004, the private equity portfolios held more than 600 investments in funds and companies, for $10.2 billion of net assets.

For further informations: www.lacaisse.com

Press contact:

Lucie Frenière – Tel.: 00.1.514.847.59.49
lfreniere@lacaisse.com

Gilles des Roberts – Tel.: 00.1.514.847.21.75
gdesroberts@lacaisse.com

About AXA Group:

AXA Group is a worldwide leader in financial protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 935 billion in assets under management as of June 30, 2005. For full year 2004, IFRS revenues amounted to Euro 67 billion and IFRS underlying earnings amounted to Euro 2,640 million. AXA reported total IFRS revenues of Euro 37 billion and IFRS underlying earnings of Euro 1,761 million for the first half of 2005.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.

For further informations: www.axa.com

About AXA Investment Managers:

AXA IM is a multi-expert asset management company within the AXA Group, a world leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with approximately €424.2billion* under management. AXA IM employs over 2,100 people++ and serves clients in fifteen countries.

For further informations: www.axa-im.com

*Source: AXA IM as at 30 November 2005
**Source: AXA IM as at 30 November 2005

About AXA Private Equity:

AXA Private Equity, an AXA Investment Managers company, is a management company with an exclusive focus on unlisted investments. It has offices in Paris, Frankfurt, London, New York and Singapore. Its expertise spans all types of private equity: leveraged Buyouts, Venture Capital, Expansion and Funds of Funds. AXA Private Equity manages and/or advises private equity funds with assets in excess of €7 billion for some of the world's leading investors. With a constant focus on transparency, performance and sustainable profitability, AXA Private Equity is supported by the expertise of its staff and its international experience.

For further informations: www.axaprivateequity.com

Press contact:

Tel.: +33 1.44.45.92.20