Externally Managed Equity Investment Strategies Style Bias

1. Externally Managed Equity Investment StrategiesStyle Bias Scott Callander Director, Middle East

2. Asset Classes Active and fundamental allocation to different asset classes (β). • Currencies • USD • JPY • CHF • DKK • GBP • SEK • NOK • GBP • SEK • NOK • CAD Cash • Equities • Global • Emerging • Spread • Country/Sector/Theme • Market Cap. • Bonds • Global • Relative Value • Curve • Country • Govies, Credit, Inflation, • Emerging, High Yield. • Macro Strategy • Risk considerations and your constraints • Initial Top Down Allocation Tactical Asset Allocation • Volatility / Correlation • Equity • Bond • Currency • Relative Value • Commodities • Agriculture • Livestock • Structured Finance • CDO

3. The Search for Alpha Access to diverse sources of Alpha • Many alpha sources • traditional and; • non-traditional asset classes for asset allocation and multi-asset portfolios • Access to active, high quality yet uncorrelated management in each asset class (α). Equities Talents Range Equities AXA Rosenberg EquitiesHigh Conviction • IS • Indexed • -Commodities. • - Sectors EquitiesAXA Framlington AXA Balanced Theme Balanced team α Euro Aggregate and Credit Currency Fund of Hedge Fund Index Linked US &GlobalHigh Yield IG Bonds (US, Yen, Global)

4. Style bias can hurt! Souce: S&P/Citigroup, as at 31/10/2007

5. Growth Investment opportunities that earn more than the firm's cost of capital. Record of past growth and the potential for future increases in capital value. Potential for high growth in earnings or expected earnings = potential for big increases in the stock price. Shares in growth companies are usually expensive, relative to the internal or fundamental value of the company. If the company fails to deliver growth, the price can fall dramatically. Growth investing is usually considered more risky than value investing. Typical sectors include telecommunications, technology and media. Characteristics High PE ratio Low dividend yield Strong Earnings Per Share (EPS) Value Stocks with expected higher intrinsic values than currently priced by the market. Shares that are attractively priced, relative to the earnings or the internal value of the company – or, in some cases, relative to the market. Price of these companies will eventually rise to reflect the true value. Many consider value investing safer than growth investing, since prices of value stocks tend to be less volatile. Healthcare, pharma Characteristics High dividend yield; Low price-to-book ratio and/or; Low price-to-earnings ratio. Style Bias – Growth and Value

6. US Equities - Growth versus Value Souce: S&P/Citigroup, as at 31/10/2007

7. Fundamental & Quantitative • Diversification • Correlation • Capacity • Skill – both human & technological • Risk / Reward trade off

8. Conclusion • Complex business • Considerable choice • Identify strong providers • Risk management is at the heart of good decision making • Don’t ignore innovative products • Think in years not days Thank you

9. Life & Savings Property & Casualty Asset Management International Insurance Other Financial Services AXA Investment Managers (AXA IM) AXA Group AXA GROUP 52 million clients* 120,000 professionals (employees and exclusive distributors) A worldwide presence United States, Europe, Middle-East, Asia Pacific and Far-East Financial Strength Ratios* Standard & Poor’s AA- positive outlook, Moody ’s Aa3 positive outlook, Fitch AA stable outlook €79 billion of revenues* €1315 billion in assets under management (including Winterthur) AllianceBernstein *Souce: AXA Group, as at 31/12/2006

10. The AXA GroupA leading position in asset management AUM – Top 10 Asset managers (31/12/2006) The AXA Group’s asset managers AUM*: €550bn Multi-expert: Structured by “expertise” Separate distribution platforms for third parties & AXA Insurance Companies AUM – Insurance groups (31/12/2006) AUM*: €573bn Structured by “investment style” Integrated distribution platforms *Source: AXA IM, as at 30/09/2007 Source: Pensions & Investments / Watson Wyatt Global 500 survey.

11. Disclaimer AXA Investment Managers LLC • This document has been produced for business customers and market counterparties as defined by the Qatar Financial Centre Regulatory Authority. It is not for use by retail customers under any circumstances. • This document has been prepared and issued by AXA Investment Managers LLC, Qatar Financial Centre, Office 603, 6th Floor, QFC Tower, Diplomatic Area, West Bay, PO Box 22415, Doha, Qatar. • AXA Investment Managers LLC is authorised by the Qatar Financial Centre Regulatory Authority. • This presentation has been issued on 25th November 2007.