AXA, AXA Merger Complete Exchange Offer for AXA

December 26, 2000

AXA and its wholly owned subsidiary, AXA Merger Corp. have completed their exchange offer for all outstanding shares of common stock of AXA Financial, Inc., other than shares owned by AXA and its subsidiaries and shares held in treasury by AXA Financial, Inc.

According to the terms of the exchange offer, AXA and AXA Merger Corp. have offered to exchange each share of AXA Financial common stock, validly tendered and not withdrawn, for $35.75 in cash and 0.295 of an AXA ADS.

The exchange offer expired at midnight, New York City time, on Friday, at which time approximately 144 million shares of AXA Financial common stock were validly tendered, including approximately 27 million shares tendered pursuant to notice of guaranteed delivery.

The tendered shares, including the shares tendered pursuant to notice of guaranteed delivery, correspond to approximately 82 percent of the publicly held shares of AXA Financial common stock. AXA and AXA Merger Corp. have accepted all such shares for payment.

Payment for the validly tendered shares will be made promptly through First Chicago Trust Company of New York, the exchange agent for the offer. After payment for the tendered shares, AXA and its subsidiaries, including AXA Merger Corp., will increase their ownership from approximately 60 percent to approximately 93 percent of the issued and outstanding shares of AXA Financial common stock.

As described in the offer to exchange, AXA and AXA Merger Corp. will provide a subsequent offering period which begins today at 9 a.m. New York City time and expires at midnight, New York City time, on Friday, Dec. 29, 2000. During this subsequent offering period, shares of AXA Financial common stock will be accepted and promptly paid for as they are tendered.

The same per share consideration paid during the initial offering period is extended through the subsequent offering period. Shares that are tendered during the subsequent offering period may not be withdrawn.

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