Investor Presentaiton

40 Notes (2/2) Page 20 1. Financial debt includes financing debt, dated subordinated debt, reversal of mark-to-market of interest rate derivatives, undated subordinated notes and undated deeply subordinated notes 2. Guidance illustrates the mechanical inclusion of the Contractual Service Margin into the debt gearing ratio Page 21 1. Shareholders' equity excluding other comprehensive income (OCI) Page 24 1. Illustrative reconciliation of earnings contribution between IFRS4 and IFRS17 standards, highlighting some of the main accounting changes driven by the change in accounting standard Page 26 1. 'A minimal part of the expenses' refers to the non-attributable expenses which are not part of CSM and will be charged to the P&L as incurred Page 27 Estimated New Business Value under IFRS 17 1. 2. Refers to present value of expected new business premiums Page 30 1. Participating Savings Business i.e. business accounted for under the Variable Fee Approach model under IFRS17 2. Vanilla Fixed Income refers to Fixed Income instruments that pass the 'Solely Payment of Principal & Interests' under IFRS9 3. Investment funds refer to funds that are non-consolidated in AXA Group's accounts 4. Net Realized Capital Gains refer to Capital Gains and Losses net of Impairment charges Page 32 1. 2. Shareholders' equity excludes other comprehensive income (OCI) 'Driving Progress 2023' key financial targets refer to the four main financial targets of AXA's "Driving Progress 2023" plan: (i) underlying earnings per share growth at the high end of the 3-7% CAGR target range between 2020 (rebased for COVID-19 and excess Natural Catastrop he losses12) and 2023, (ii) Underlying return on equity between 13% and 15% between 2021 and 2023, (iii) a Solvency II ratio at approximately 190%, and (iv) cumulative cash upstream in excess of Euro 14 billion for 2021-2023. IFRS17 Presentation | November 3, 2022 AXA

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