AXA Completes Acquisition of AXF Minority Shares

January 4, 2000

As of January 2 AXA Financial Inc., officially ceased to be an independent company and became a wholly owned subsidiary of its French parent The AXA Group. Its shares are no longer listed on the NYSE.

AXF, the Group’s U.S. holding company includes Equitable Life Assurance Society, AXA Advisors, Equitable Distributors and Alliance Capital Management among other subsidiaries.

The terms and conditions remained as previously announced. AXF shareholders received 0.295 of an AXA ADS and $35.75 in cash. Together the package is currently worth around $56 a share, slightly higher than the $54.63 announced earlier due to the rise in value of an AXA ADS share.

AXA issued an additional 25,804,667 ordinary shares as part of the transaction.

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