Retirement Cornerstone variable annuity February 2015 To change the logo in the footer, go to the VIEW menu > Master > Slide Master, and replace the existing logo by your entity's logo. To edit the confidentiality level, go to the INSERT menu > Header and footer, and fill in the desired level. IU- 100920 (02/15)(Exp. 02/17) AXA Equitable Life Insurance Company (NY, NY) This Presentation is also available in Keynote

For Financial Professional Use Only RETIREMENT CORNERSTONE 2015 NEW & IMPROVED! 1 What is Retirement Cornerstone? 2 Why Retirement Cornerstone? 3 Who to Target IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only RETIREMENT CORNERSTONE Retirement Cornerstone is the multi-stage annuity built to adapt to your changing life IU- 100920 For Financial Professional Use Only

The Investment Account WHAT IS RETIREMENT CORNERSTONE ? The Investment Account The Protected Benefit Account Access to 110+ investment options managed by well- known investment managers Tax-deferred growth potential No rider fee (when exclusively funding Investment Account... turn on guaranteed income later!) Tax-free and cost-free investment option transfers Guaranteed income for life Help address inflation concerns with a treasury-linked roll-up rate as high as 8% Annual Resets Wealth transfer options The Retirement Cornerstone® variable annuity contains two distinct accounts offering Investment Performance and Protection with Investment Performance within a tax-deferred single platform. - The Investment Account - Offers an extensive platform of over 100 highly rated investment portfolios from well-known investment managers. - The Protected Benefit Account - Includes the Guaranteed Minimum Income Benefit (GMIB) and Guaranteed Minimum Death Benefits. The GMIB ensures that your clients will be able to generate lifetime income no matter how their investment portfolios perform, and no matter how long they live, as long as they stay within certain withdrawal guidelines. - As your clients needs change over the years, they can simply transfer assets from the Investment Account to the Protected Benefit Account until age 75. - Transfers from the Protected Benefit Account to the Investment Account are not allowed ONE PRODUCT. TWO ACCOUNTS. FLEXIBLE SOLUTIONS. IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only Unique Opportunities with Retirement Cornerstone Joint Income – “Taking your IRA and Turning it Into a ‘CRA’” (Individual Retirement account – Couples Retirement Account) up to 8% withdrawal amount with NO age bands and NO additional cost for spousal continuation) Three Ways to Potentially Raise Income: “3 legged Stool” 1. Market performance 2. Interest rate rises 3. Keep the change Death benefit: “Refilling the Bucket” “Greater of” Death Benefit allows you to take income and NOT reduce your death benefit as Long as you take the Annual Withdrawal Amount (AWA) or less 6 Single or Joint Life at Any Age refers to the available single or joint life income options at annuitization. In the event of the contract owner’s death, there are certain rules and restrictions for single and joint life spousal beneficiaries who elect to continue the contract under spousal continuation. Depending on the surviving spouse’s age, spousal continuation may not be available. If spousal continuation is elected, certain benefits, such as the Guaranteed Minimum Income Benefit (GMIB) and Guaranteed Minimum Death Benefit (GMDB), either may not be available or may not continue to be funded through the Protected Benefit Account. Please consult the prospectus for the full rules covering spousal continuation. 7 “Greater of” is not available for NY. For more information regarding restrictions, age limitations for electing the GMIB and GMDB, please see prospectus. IU- 100920 For Financial Professional Use Only

GMIB: MARKET-BASED INCREASE GMIB Annual Resets through Age 95 with Retirement Cornerstone® Reset Reset Reset Living benefits industry-wide, including Retirement Cornerstone, generally offer clients a way to increase their income by capturing potential gains in the market. There are various terms to refer to this type of increase. We call them “resets”. The concept is simple: if a client’s portfolio does well, and the contract value exceeds the Benefit Base, the Benefit Base will automatically be set to equal the higher contract value. The reset for Retirement Cornerstone’s guaranteed benefit riders Benefit Bases occur annual. Guaranteed Benefit Riders are optional and available for an additional fee. Clients should be made aware that a reset may initiate a new waiting period of up to 10 years to exercise the Guaranteed Minimum Income Benefit. But, Retirement Cornerstone differs from the other products on the market today. Yes, clients can benefit from positive market performance, but they don’t have to rely on it as the only way to increase their income. Retirement Cornerstone offers two other distinct ways for clients to potentially grow their retirement income. IU- 100920 For Financial Professional Use Only

GMIB: INTEREST RATE BASED INCREASE Suited for a Rising Interest Rate Environment INTEREST RATES ARE CURRENTLY AT ALL-TIME LOWS! Annual 10-Year Treasury Yields 1963-2014 in more detail… 2000 6.03% 1997 6.35% 2007 4.63% 1996 6.44% 2006 4.80% 1995 6.57% 2005 4.29% 1994 7.09% 2004 4.27% 1992 7.01% 2003 4.01% 1991 7.86% 2002 4.61% 1986 7.67% 2001 5.02% 1977 7.42% 1999 5.65% 1976 7.61% 2014 2.54% 1998 5.26% 1975 7.99% 2013 2.35% 1993 5.87% 1974 7.56% 1990 8.55% 1985 10.62% 2011 2.78% 1968 5.64% 1973 6.85% 1989 8.49% 1984 12.46% 2010 3.22% 1967 5.07% 1972 6.21% 1988 8.85% 1983 11.10% 2009 3.26% 1966 4.93% 1971 6.16% 1987 8.39% 1982 13.02% 2008 3.66% 1965 4.28% 1970 7.35% 1979 9.43% 1981 13.92% 2012 1.81% 1963 4.00% 1964 4.19% 1969 6.67% 1978 8.41% 1980 11.43% Since 1963, rates have been above 4% almost ninety percent of the time Source: www.federalreserve.gov The 10-year Treasury has been below 4% a mere 8 times in 50 years. What does this mean? Where rates are today is not the norm With Retirement Cornerstone®, your clients can increase their income even in down or flat markets. How? It’s simple. After the first two contract years, Benefit Base growth is directly correlated to the 10-year Treasury, a rate that may rise even if the equity market does not. Treasury rates have historically outpaced inflation, so your client’s retirement income has a chance to keep pace with it as well. If interest rates rise, your clients have the opportunity to withdraw a higher dollar amount, up to 8%, without affecting the benefit. <2% 2-4% 4-6% 6-8% 8-10% >10% Treasury-tied rate allows your clients’ income to rise! IU- 100920 This data represents past performance, which is not an estimate, indication, or guarantee of future results. For Financial Professional Use Only

GMIB: IF YOU DON’T TAKE IT, YOU MAKE IT HYPOTHETICAL SCENARIO – 0% RATE OF RETURN Age End-of-Year Withdrawal Beginning-of-Year Account Value ($) Beginning-of-Year GMIB Benefit Base Roll-Up Rate % Beginning-of-Year Annual Withdrawal Amount End-of-Year Amount Credited to Benefit Base 65 (at issue) – $500,000 6.00% $30,000 66 $21,200 $475,860 $530,000 5.00% $26,500 $5,300 67 $21,412 $430,975 $535,300 $26,765 $5,353 68 $21,626 $386,828 $540,653 $27,033 $5,407 69 $21,842 $343,638 $546,060 $27,303 $5,461 70 $22,061 $301,379 $551,520 $27,576 $5,515 71 $22,281 $259,725 $557,035 $27,852 $5,570 72 $22,504 $218,660 $562,606 5.10% $28,693 $6,189 73 $22,752 $178,154 $568,794 6.10% $34,696 $11,945 74 $23,230 $138,037 $580,739 $34,844 $11,615 75 $23,694 $98,077 $592,354 $29,618 Let’s look at a more detailed hypothetical scenario in which we assume a worst case, 0% rate of return. This 65-year-old client invests $500K in Retirement Cornerstone® with the Guaranteed Minimum Income Benefit and the “Greater of” Guaranteed Minimum Death Benefit, begins taking a 4% distribution every year. At age 70, the client can withdraw 5.0% of the benefit base, $27,576. But since this client is withdrawing only 4%, $22,061, AXA Equitable credits the 1% difference back into the benefit base, allowing it to grow from $551,520 to $557,035. A higher benefit base can result in larger annual withdrawals in the future. For example, the next year the client takes another 4% withdrawal, but the actual dollar amount increases to $22,281 because the 4% is now being calculated from a higher benefit base. Current performance may be lower or higher than the performance data presented. This example depicts a GMIB Multi-Year Lock, and assumes the client only takes a 4% withdrawal per year. IU- 100920 For Financial Professional Use Only

Cumulative Gains Required Over 5 Years to Return to Original Value MARKET RETURNS CANNOT GET YOU THERE ALONE The Mathematical Catch-Up Game The gain required to recover from a loss under normal circumstances is challenging, but look how much more difficult it is if you’re taking distributions Cumulative Gains Required Over 5 Years to Return to Original Value Source: Legg Mason Asset Management IU- 100920 For Financial Professional Use Only

û ü GMIB Competition AXA VS. THE COMPETITION Retirement Cornerstone NO Age Bands 3% or 4% up to 8% Income Any Age Single/Joint Same Price Single/Joint Rollup Compounding & Market Stack to 95 regardless of withdrawals Start and Stop Income More Ways to Increase Income Market Reset Interest Rate Rollup Taking Less and Banking Difference Multiple DB Options Spousal Continuation Age Banded Single-life bands typically 4% or lower when starting before age 65 Joint-life bands have lower payouts Pay More for Joint Limited Rollup Duration Normally 10/15 years unless withdrawals begin earlier No crediting in years withdrawals are taken Simple interest crediting is common Ways to Increase Income Market Resets in most cases Limited DB Options Usually No Continuation on Single-Life Contracts Competition includes other annuity products in the industry that offer either a GMIB or GWBL. IU- 100920

GMIB TWO-YEAR LOCK ORIGINAL OPTION Period Length Guaranteed Roll-up Rate Based Upon Rate-lock period 2 years 6% – Deferral 5% – Annual Rate-lock at contract issue Variable period 3rd contract anniversary – Up to age 95 4% - 8% 10-Year Treasury + 2% during Accumulation 10-Year treasury + 1% during distribution Shorter-term lock-in Roll-up rate lasting for the first two contract years Afterwards, your roll-up rate is treasury-tied, as high as 8% and never below 4% Effective as of 1/1/15, new Deferral Roll-Up Rates and Annual Roll-Up Rate are declared generally on a quarterly basis although they may change as frequently as monthly. Effective as of 1/1/15, new Deferral Roll-Up Rates and Annual Roll-Up Rate are declared generally on a quarterly basis although they may change as frequently as monthly. IU- 100920 For Financial Professional Use Only

GMIB MULTI-YEAR LOCK NEW OPTION Period Length Guaranteed Roll-up Rate Rate Based Upon Rate-hold period Length of withdrawal charge period 6% or higher – Deferral 5% or higher – Annual Greater of rate-lock at contract issue or treasury-tied rate Variable period for all series Following withdrawal charge period – age 95 3% - 8% 10-Year Treasury + 2% during Accumulation 10-Year treasury + 1% during distribution Longer-term lock-in Roll-up rate lasting the length of the withdrawal charge period Afterwards, your roll-up rate is treasury-tied, as high as 8% and never below 3% Effective as of 1/1/15, new Deferral Roll-Up Rates and Annual Roll-Up Rate are declared generally on a quarterly basis although they may change as frequently as monthly. Each year during the withdrawal charge period, clients get the greater of the rate at issue or the Treasury-tied formula rate. IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only RMD: UNIFORM LIFE EXPECTANCY CHART Age Factor Withdrawal % 70 27.4 3.65% 83 16.3 6.14% 71 26.5 3.77% 84 15.5 6.46% 72 25.6 3.91% 85 14.8 6.76% 73 24.7 4.05% 86 14.1 7.10% 74 23.8 4.21% 87 13.4 7.47% 75 22.9 4.37% 88 12.7 7.88% 76 22 4.55% 89 12 8.34% 77 21.2 4.72% 90 11.4 8.87% 78 20.3 4.93% 91 10.8 9.26% 79 19.5 5.13% 92 10.2 9.81% 80 18.7 5.35% 93 9.6 10.42% 81 17.9 5.59% 94 9.1 10.99% 82 17.1 5.85% 95 8.6 11.63% Tax law requires individual retirement account holders to being taking out at least minimum amounts (RMDs), from their accounts once they reach age 701/2. Technically, that means that the IRA money must start coming out in specific increments no later than April 1 in the year following the year your clients reach that age. Source: IRS.gov IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only WHO TO TARGET: RMD WEALTH GUARD DEATH BENEFIT Case Study Meet Carl Age: 65 Retirement goals: Carl is looking to grow his assets to pass on to his beneficiaries. At age 70 ½ he must begin taking RMDs. By electing the RMD Wealth Guard GMDB, he is able to take RMD withdrawals without reducing his legacy. Carl: 65 Why the RMD Wealth Guard GMDB? Build legacy through market resets before withdrawals begin Take RMD withdrawals without reducing death benefit base Meet Carl • Age 65 • Married with two kids • Looking to grow his qualified retirement assets to pass on to his beneficiaries • At age 70½, he will begin to take his RMDs Carl’s Story As the chart illustrates: • Carl rolls over $500,000 from a 401(k) plan to a Retirement Cornerstone® IRA contract. He allocates all of the money to the Protected Benefit Account. His Account Value and RMD Wealth Guard benefit base both equal this amount initially invested. • Carl receives five resets before he takes his first RMD withdrawal, at which point his death benefit locks in at $831,621 for his beneficiaries. • After age 70½, Carl begins receiving annual RMDs from his Protected Benefit Account. Each year, the RMD increases due to IRS rules, which causes his Account Value to decrease. Because he elected the RMD Wealth Guard, RMD withdrawals do not reduce his death benefit base. • When Carl dies at age 87, he has received a total of $694,038 in RMDs and is able to pass along $831,621 to his beneficiaries. IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only RMD WEALTHGUARD DEATH BENEFIT Build Legacy Preserve Legacy ACCOUNT VALUE AGE 65 AGE 70 AGE 75 AGE 80 AGE 85 $1,000,000 – $900,000 – $800,000 – $700,000 – $600,000 – $500,000 – $400,000 – $300,000 – $200,000 – $100,000 – $0 – Contribute Carl transfers $500,000 from his 401(k) into the Protected Benefit Account Grow As Carl’s future death benefit amount increases due to market growth, resets occur RMDs Begin At age 70½, Carl is required by the IRS to take RMDs and his death benefit base for his beneficiaries is locked in Wealth Transfer If Carl lives to age 87, he will have taken a total of $694,038 in RMDs, as the required withdrawal amount increases annually. Regardless, he has preserved a $831,261 legacy to pass on to his beneficiaries RMD Wealth Guard $831,621 RESETS Contributes $500,000 RMD = 4.37% = 3.77% = 5.35% = 6.76% 1 2 3 4 Invests $500,000 Locks in $831,621 RMDs $694,038 Death Benefit This illustration is hypothetical and is not a projection or prediction of future investment returns. This illustration is designed to show how the performance of the underlying investment portfolio may affect contract values and any optional benefits you may select over an extended period. The hypothetical example assumes a one-time contribution of $500,000 at age 65. The assumed rates of return for the Account Value are generated from a model that simulates returns based on a blend of 50% equity and 50% fixed-income and includes the deductions of 1.09%/year asset charge, 1.30%/year for contract fees, and 0.90% for the RMD Wealth Guard death benefit. In this example, it is assumed that the average net annual rate of return is equal to 4.59% and the Protected Benefit Account average annual gross return is 8.08%. Restrictions apply. Refer to the Prospectus and Contract for details. Under IRA rules, RMDs for any year are based on the prior year’s Account Value, adjusted for certain guaranteed benefits such as RMD Wealth Guard GMDB. Each year this adjusted value is divided by a life expectancy factor from IRS tables. In the event that tax reform measures change those RMD requirements, unless we agree otherwise, we will not allow your RMD Wealth Guard withdrawal amount to be greater than the RMD Wealth Guard withdrawal amount calculated using the IRS RMD rules that were in effect on December 31, 2014. IU- 100920 For Financial Professional Use Only

RMD WEALTHGUARD Build Legacy Preserve Legacy 1 2 3 4 IU- 100920 ACCOUNT VALUE AGE 65 AGE 70 AGE 75 AGE 80 AGE 85 $1,000,000 – $900,000 – $800,000 – $700,000 – $600,000 – $500,000 – $400,000 – $300,000 – $200,000 – $100,000 – $0 – Contribute Carl transfers $500,000 from his 401(k) into the Protected Benefit Account Grow As Carl’s future death benefit amount increases due to market growth, resets occur RMDs Begin At age 70½, Carl is required by the IRS to take RMDs and his death benefit base for his beneficiaries is locked in Wealth Transfer If Carl lives to age 87, he will have taken a total of $694,038 in RMDs, as the required withdrawal amount increases annually. Regardless, he has preserved a $831,261 legacy to pass on to his beneficiaries RMD Wealth Guard $831,621 RESETS Contributes $500,000 RMD -4.37% -3.77% -5.35% -6.76% 1 2 3 4 Invests $500,000 Locks in $831,621 RMDs $694,038 Death Benefit This illustration is hypothetical and is not a projection or prediction of future investment returns. This illustration is designed to show how the performance of the underlying investment portfolio may affect contract values and any optional benefits you may select over an extended period. The hypothetical example assumes a one-time transfer of $500,000 at age 65. The assumed rates of return for the Account Value are generated from a model that simulates returns based on a blend of 50% equity and 50% fixed-income and includes the deductions of 1.09%/year asset charge, 1.30%/year for contract fees, and 0.90% for the RMD Wealth Guard death benefit. In this example, it is assumed that the average net annual rate of return is equal to 4.59% and the Protected Benefit Account average annual gross return is 8.08%. The RMD Wealth Guard Death Benefit Base is based on a percentage of the Account Value. Restrictions apply. Refer to the Prospectus and Contract for details. Under IRA rules, RMDs for any year are based on the prior year’s Account Value, adjusted for certain guaranteed benefits such as RMD Wealth Guard GMDB. Each year this adjusted value is divided by a life expectancy factor from IRS tables. In the event that tax reform measures change those RMD requirements, unless we agree otherwise, we will not allow your RMD Wealth Guard withdrawal amount to be greater than the RMD Wealth Guard withdrawal amount calculated using the IRS RMD rules that were in effect on December 31, 2014. IU- 100920

RMD WEALTHGUARD Build Legacy Preserve Legacy 1 2 3 4 IU- 100920 ACCOUNT VALUE AGE 65 AGE 70 AGE 75 AGE 80 AGE 85 $1,000,000 – $900,000 – $800,000 – $700,000 – $600,000 – $500,000 – $400,000 – $300,000 – $200,000 – $100,000 – $0 – Contribute Carl transfers $500,000 from his 401(k) into the Protected Benefit Account Grow As Carl’s future death benefit amount increases due to market growth, resets occur RMDs Begin At age 70½, Carl is required by the IRS to take RMDs and his death benefit base for his beneficiaries is locked in Wealth Transfer If Carl lives to age 87, he will have taken a total of $694,038 in RMDs, as the required withdrawal amount increases annually. Regardless, he has preserved a $831,261 legacy to pass on to his beneficiaries RMD Wealth Guard $831,621 RESETS Contributes $500,000 RMD -4.37% -3.77% -5.35% -6.76% 1 2 3 4 Invests $500,000 Locks in $831,621 RMDs $694,038 Death Benefit This illustration is hypothetical and is not a projection or prediction of future investment returns. This illustration is designed to show how the performance of the underlying investment portfolio may affect contract values and any optional benefits you may select over an extended period. The hypothetical example assumes a one-time transfer of $500,000 at age 65. The assumed rates of return for the Account Value are generated from a model that simulates returns based on a blend of 50% equity and 50% fixed-income and includes the deductions of 1.09%/year asset charge, 1.30%/year for contract fees, and 0.90% for the RMD Wealth Guard death benefit. In this example, it is assumed that the average net annual rate of return is equal to 4.59% and the Protected Benefit Account average annual gross return is 8.08%. The RMD Wealth Guard Death Benefit Base is based on a percentage of the Account Value. Restrictions apply. Refer to the Prospectus and Contract for details. Under IRA rules, RMDs for any year are based on the prior year’s Account Value, adjusted for certain guaranteed benefits such as RMD Wealth Guard GMDB. Each year this adjusted value is divided by a life expectancy factor from IRS tables. In the event that tax reform measures change those RMD requirements, unless we agree otherwise, we will not allow your RMD Wealth Guard withdrawal amount to be greater than the RMD Wealth Guard withdrawal amount calculated using the IRS RMD rules that were in effect on December 31, 2014. IU- 100920

OTHER DEATH BENEFIT OPTIONS “Greater of” Death Benefit Maximize opportunity for asset growth for loved ones Cost: 115bps annually Highest Anniversary Value Death Benefit Take advantage of market growth for loved ones Cost: 35bps annually Return of Principal Death benefit Cost effective solution that preserves principal No additional fee PRESERVE YOUR LEGACY “Greater of” Death Benefit Resets Highest Anniversary Value Death Benefit Return of Principal Death Benefit Contribution Hypothetical Account Value Years 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 IU- 100920 For Financial Professional Use Only

INCREASED MATCH: SERIES CP CONTRACT 5% earnings bonus 3% match on contributions Get an extra push toward retirement goals: “42% of U.S. companies do not offer a 401(k) match for their workers.”¹ Hypothetical Example: Assumptions: $200,000 initial contribution + 3% Match ($6,000) = $206,000 initial Account Value Peak Total: $241,700 Total: $194,000 Total: $233,300 $1,700 $1,300 An annuity contract that is purchased to fund a SEP IRA plan should be done so for the annuity’s features and benefits other than tax deferral.  For such cases, tax deferral is not an additional benefit for the annuity.  You may also want to consider the relative features, benefits, and costs of this annuity with any other investment that you may have in connection with your retirement plan or arrangement.  $240,000 $232,000 $194,000 $34,000 $26,000 ($12,000) 1 The Street, 05/02/13: “More U.S. Firms Shutter 401(k)s, Matching Programs” IU-100920 For Financial Professional Use Only

INVESTMENT ACCOUNT: INVESTMENT OPTIONS This may not be a complete list of all managers available in the Investment Account. IU- 100920 For Financial Professional Use Only

Client Benefits: The Investment Account INVESTMENT ACCOUNT: NEW INVESTMENT OPTIONS access to 110+ portfolios managed by well-known investment managers Many and Morningstar ranked portfolios¹ Your clients can enjoy tax-free transfers among investment options New Fund Additions Client Benefits: The Investment Account Charter Moderate Charter Moderate Growth Charter Real Assets Charter Alt 100 Moderate Charter International Moderate ClearBridge Variable Appreciation Portfolio ClearBridge Variable Mid Cap Core Portfolio Eaton Vance Floating-Rate Income Fund Invesco V.I. Equity and Income Fund Legg Mason BW Absolute Return Opportunities VIT Multimanager Technology Tax-deferred investing Flexibility to invest according to personal risk tolerance Opportunity to diversify across multiple asset classes Cost-effective investing with no riders 1 The Morningstar Rating™ brings performance (returns) and risk together into one evaluation. To determine a portfolio’s star rating for a given time period (three, five, or ten years), the portfolio’s risk-adjusted return is plotted on a bell curve. If the portfolio scores in the top 10% of its category, it receives 5 stars (highest); if it falls in the next 22.5%, it receives 4 stars (above average); a place in the middle 35% earns 3 stars (average); those in the next 22.5% receive 2 stars (below average); and the bottom 10% get only 1 star (lowest). IU- 100920 For Financial Professional Use Only

Client Benefits – SEP IRAs SUPER QUALIFIED PLAN SEP IRA = Simplified Employee Pension Individual Retirement Account Issue ages: 20-85 (70 for CP). Available for new or existing plans Contribution sources Employer contributions only Rollovers accepted Annual contributions not required Client Benefits – SEP IRAs Cost-effective Simple set-up Ideal for start-ups and smaller companies Convert from IRA to 401(k) later if needed No TPAs An annuity contract that is purchased to fund a SEP IRA plan should be done so for the annuity’s features and benefits other than tax deferral.  For such cases, tax deferral is not an additional benefit for the annuity.  You may also want to consider the relative features, benefits, and costs of this annuity with any other investment that you may have in connection with your retirement plan or arrangement.  IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only WHO TO TARGET: SEP IRA Case Study Meet Maria Age: 55 Career and retirement goals: Maria is a small business owner and is looking to put money away for retirement. Because she does not have a 401k plan, she opens up a SEP IRA allowing her to set aside money for retirement. Why a SEP IRA? Up to $53K annual contribution as of 2015 Simple reporting – No TPAs required Maria: 55 IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only WHO TO TARGET Clients with Qualified Funds ages 55-65 Clients who don’t need or want income but must take RMDs Clients who need tax deferral Clients who want rising income Clients who need spousal continuation Clients who are business owners Your younger clients looking for 401(k) features IU- 100920 For Financial Professional Use Only

RETIREMENT CORNERSTONE SUMMARY Core message Retirement Cornerstone is the multi-stage annuity built to adapt to your changing needs. When you’re ready, it helps you seamlessly transition from growth potential to guaranteed income for you and your family, all in one place What makes it different It ADAPTS as your needs change Changes are PAIN-FREE as you seamlessly transition Income for you and benefits for your family are GUARANTEED with additional fee riders What it delivers STAGE 1 STAGE 2 STAGE 3 In the Investment Account, your clients get tax-deferred growth potential In the Protected Benefit Account your clients get guaranteed income Your clients pass on the full value of their account or GMDB to their family IU- 100920 For Financial Professional Use Only

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Client Benefits – The ATP Program THE ASSET TRANSFER PROGRAM Trigger point in first contract year is 15% Trigger points increase by 3% each ATP year until max 45% What hasn’t changed? Dollar-for-dollar withdrawals from the GMIB up to the AWA AXA’s Ultra Conservative Fund targets a 90% fixed-income and 10% equities investment mix One time per ATP year clients can move100% of funds from AXA Ultra Conservative Fund into the Protected Benefit Account Client Benefits – The ATP Program Reduce exposure to extended down markets Automatic re-entry and exit Greater preservation of account value Benefits Automatic re-entry Emotions Automatic investment for “automatic entry” What is the delayed transfer point It needs to say a portion– emphasize the word portion. IU- 100920 For Financial Professional Use Only

For Financial Professional Use Only Retirement Cornerstone® 15.0 is a registered service mark of AXA Equitable Life Insurance Company, New York, NY 10104. Retirement Cornerstone® variable annuity is issued by AXA Equitable Life Insurance Company, New York, NY and is co- distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC (members FINRA, SIPC) . AXA Equitable, AXA Advisors and AXA Distributors are affiliated companies and do not provide tax or legal advice. All guarantees are based on the claims-paying ability of AXA Equitable. The guarantees do not apply to the investment portfolios of the variable annuity. This presentation was prepared to support the promotion and marketing of AXA Equitable variable annuities. AXA Equitable, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties. AXA Equitable may discontinue contributions and transfers among investment options or make other changes in contribution and transfer requirements and limitations. If we discontinue contributions and transfers into the Protection with Investment Performance Account, you will no longer be able to fund your guaranteed benefits. The information presented herein is not a full and complete description of the products discussed. Certain types of contracts, features, and benefits may not be available in all jurisdictions. For costs and complete details of coverage, refer to the product prospectus. Distributions taken prior to annuitization are generally considered to come from the gain in the contract first. If the contract is tax-qualified, generally all withdrawals are treated as distributions of gain. Withdrawals of gain are taxed as ordinary income and, if taken prior to age 59 ½, may be subject to an additional 10% federal tax penalty © 2015 AXA Equitable Life Insurance Company. All rights reserved. “AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY,NY), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability. Your clients should carefully consider the investment objectives, rules, charges, and expenses of Retirement Cornerstone®, as stipulated in the prospectus, before investing. For a prospectus containing this and other information, please call the AXA Distributors Sales Desk at 888-517-9900. Please encourage your clients to read it carefully before investing or sending money. Cat #154016 (2/15) IU- 100920 (2/15)(Exp. 2/17) 28| For Financial Professional Use Only