AXA Private Equity, 1st French Capital Investment company to receive GIPS certification Paris, the 29 of September 2005.

In the second half of 2005, AXA Private Equity will become 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; audits were carried out by PriceWaterHouseCoopers.

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, and guaranteeing 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 that funds are raised.

Actually, in respecting the GIPS norms, AXA Private Equity can guarantee investors that it has established a reliable, trustworthy and audited reporting method that they can easily compare with the real performance of expenses.

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, perfect 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 certification 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 €40 to €350 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 20% dedicated to the German market and for 80% to the French market, which already has effected 2 acquisitions.

The Small Caps LBO / Capital Development Fund for transactions with an EV of less than €40 million:

• AXA Expansion I (€65 million), introduced in 2003; 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 ($1,65 billion). These three funds are in particular interested in repurchasing complete Private Equity portfolios invested for over 50%.

The Early Secondary Fund of Funds:

• AXA Private Equity Fund of Funds II Europe & America (€395 million), its investment philosophy being 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 repurchase of any engagements between €5 and €40 million.

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.