Retirement Cornerstone® variable annuity with guaranteed benefit riders Helping to Protect your Income in Unpredictable Markets 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. February 2016 Variable Annuities: Are Not a Deposit of Any Bank • Are Not FDIC Insured by Any Federal Government Agency • Are Not Guaranteed by Any Bank or Savings Association • May Go Down in Value GE-108810(3/16)(exp 3/18) AXA Equitable Life Insurance Company (NY, NY)

What is a Variable Annuity? A variable deferred annuity is a long-term financial product designed for retirement purposes. In essence, an annuity is a contractual agreement in which payment(s) are made to an insurance company, which agrees to pay out an income or a lump sum amount at a later date. Typically, variable annuities have mortality and expense risk charges, account fees, investment management fees, administrative fees, and charges for special contract features. Retirement Cornerstone is subject to these fees and charges. In addition, annuity contracts have restrictions and limitations. Withdrawals may be subject to contractual withdrawal charges and, if taken prior to age 59½, a 10% federal income tax may apply in addition to any ordinary income tax. Variable annuities are subject to investment risks, including the possible loss of principal invested. Guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company. This presentation must be preceded or accompanied by a current Retirement Cornerstone® prospectus. The prospectus contains more complete information, including investment objectives, risks, charges, expenses, limitations and restrictions. Please read the prospectus and consider this information carefully before purchasing a Retirement Cornerstone® annuity contract. Guarantees based on the claims-paying ability of AXA Equitable Life Insurance Company. Read Slide

1 2 3 RETIREMENT CORNERSTONE Retirement Challenges Today A Retirement Strategy for Today and Tomorrow 3 How it Works Read Slide

Market Research: Key Findings (2012 Survey) Is a 4% Floor Too Low? Among those that do not prefer flexible rates, a mere 5% of consumers cite a 4% floor too low as a reason. Is the Potential to Earn Higher Rates Compelling The majority (71-77%) of consumers want a product that offers the potential to earn higher rates in the future and that keeps up with inflation Is Leaving a Legacy a Priority? 57% find a Death Benefit “appealing” to “very appealing” Does 4% income sound low? According to studies, only 5% of consumers say that 4% income is too low. At the same time, many consumers (over 70%) want products that offer growth potentially, especially growth potential that can keep pace with inflation. Retirement Cornerstone has features that can help you reach both of those goals. Also, for the majority of consumers that are looking to leave a legacy, Retirement Cornerstone has four death benefit options that can help preserve a legacy for loved ones. Source: S. Randoff Associates RC Brochure 2012

Market Research: Key Findings (2012 Survey) Do Consumers Prefer Flexible or Fixed Rates? 53% of consumers prefer a flexible rate to a fixed rates the Potential to Earn Higher Rates Compelling Why? Potential of earning higher income while still having a guaranteed floor Do Consumers Find Variable Annuities Appealing? After reading a description of a VA concept, 95% consider the product described as at least “somewhat appealing” 60% of these same consumers consider the product described “appealing” or “very appealing” Continuing our market research, we found that more than half of the people we surveyed prefer a flexible rate as compared to a fixed rate. The opportunity to capitalize on rising rates with the guarantee of a rate floor is a compelling one. Given these opinions, it follows that 95% of those surveyed find variable annuities at least somewhat appealing, and that 60% of these consumers found our product appealing or very appealing. Source: S. Randoff Associates RC Brochure 2012

RETIREMENT CHALLENGES Longevity I Inflation V Volatility I Interest Rates T Taxes Retirement planning may be more critical today given the uncertain economic environment. But one thing is certain, planning today will likely help you work toward a better retirement tomorrow. At AXA Equitable, we completed a focus group with investors to better understand their attitudes towards investing and retirement. The outcome of this research helped us to identify five key areas of concern, we refer to these challenges with the acronym “LIVIT:” Longevity, Inflation, Volatility, Interest Rates, and Taxes. Let’s take a look at each challenge. 6|

RETIREMENT CHALLENGES: LONGEVITY Probability of one spouse surviving (%) 100 99.7 93.1 80 60 58.1 40 Longevity is a real concern when considering retirement. Life expectancies for both men and women have increased dramatically. This chart clearly demonstrates the increased chance of us living much longer than previous generations. That’s the good news, of course. But with the dramatic increase in life expectancy over the past several decades, it has also become increasingly important to guard against the risk of outliving your assets. Are your clients prepared to fund a lengthy retirement? 30.2 20 Age 70 80 90 95 Source: Society of Actuaries RP-2000

How Much Longer Will a 65 Year Old Live The Probabilities Probability (%) A 65-year-old female has greater than 40% probability of living to at least age 90. There’s almost a 1-in-3 chance that at least one member of a 65-year-old couple will live to at least age 95. 100 80 60 40 Single Female Single Male Life expectancies have increased dramatically over the past several decades. This means your retirement money may have to last 25 years, 30 years or even longer to guard against the risk of outliving your assets. 20 Couple Single Male 70 75 80 85 90 95 Age Source: Society of Actuaries 2000 U.S Annuity Table

RETIREMENT CHALLENGES: VOLATILITY “Up” Market — Mr. Green Age Annual Return Year End Value 65 $1,000,000 66 5% $1,050,000 67 28% $1,344,000 68 22% $1,639,680 69 -5% $1,557,696 70 20% $1,869,235 71 19% $2,224,390 72 23% $2,736,000 73 9% $2,982,240 74 16% $3,459,398 75 $4,255,059 76 $5,191,172 77 -26% $3,841,468 78 -15% $3,265,247 79 $3,428,510 80 14% $3,908,501 81 24% $4,846,541 82 $5,525,057 83 8% $5,967,062 84 -16% $5,012,332 85 $5,262,949 86 21% $6,368,168 87 $7,387,075 88 -10% $6,648,367 89 -14% $5,717,596 90 -25% $4,288,197 Average Return 6.0% “Down” Market — Mr. Blue Annual Return Year End Value $1,000,000 -25% $750,000 -14% $645,000 -10% $580,500 16% $673,380 21% $814,790 5% $855,529 -16% $718,645 8% $776,136 14% $884,795 24% $1,097,146 $1,250,747 $1,313,284 -15% $1,116,291 -26% $826,056 22% $1,007,788 23% $1,239,579 $1,437,912 9% $1,567,324 $1,927,808 19% $2,294,092 20% $2,752,910 -5% $2,615,264 $3,190,623 28% $4,083,997 $4,288,197 6.0% Hypothetical Example Annual Return 5% 28% 22% -5% 20% 19% 23% 9% 16% -26% -15% 14% 24% 8% -16% 21% -10% -14% -25% Annual Return -25% -14% -10% 16% 21% 5% -16% 8% 14% 24% -15% -26% 22% 23% 9% 19% 20% -5% 28% Volatility, or in this case, the sequence in which you experience returns, can have a real impact to your clients’ retirement. In this hypothetical example, Mr. Green and Mr. Blue experience the same returns, but in opposite order, in their retirement portfolios. Each portfolio ends up with the same average annual rate of return of 6.0% after 25 years of investing. What is of note here is that no withdrawals are taken. $4,288,197 $4,288,197 6.0% 6.0%

RETIREMENT CHALLENGES: VOLATILITY “Up” Market — Mr. Green Age 5% Annual Withdrawals Annual Return Year End Value 65 $1,000,000 66 $50,000 5% $1,050,000 67 28% $1,230,000 68 22% $1,450,600 69 -5% $1,328,070 70 20% $1,543,684 71 19% $1,786,984 72 23% $2,147,990 73 9% $2,291,309 74 16% $2,607,919 75 $3,157,740 76 $3,802,443 77 -26% $2,763,808 78 -15% $2,299,237 79 $2,364,199 80 14% $2,645,186 81 24% $3,230,031 82 $3,632,235 83 8% $3,872,814 84 -16% $3,203,164 85 $3,313,322 86 21% $3,959,120 87 $4,542,579 88 -10% $4,038,321 89 -14% $3,422,956 90 -25% $2,517,217 Average Return 6.0% “Down” Market — Mr. Blue 5% Annual Withdrawals Annual Return Year End Value $1,000,000 $50,000 -25% $700,000 -14% $552,000 -10% $446,800 16% $468,288 21% $516,628 5% $492,460 -16% $363,666 8% $342,760 14% $340,746 24% $372,525 $374,679 $343,412 -15% $241,901 -26% $129,006 22% $107,388 23% $82,087 $45,221 $49,291 9% $0 19% 20% -5% 28% 6.0% Hypothetical Example 5% Annual Withdrawal $50,000 5% Annual Withdrawal $50,000 $49,291 $0 Once these clients each begin taking withdrawals, the sequence of returns has a significant impact on their portfolio’s overall value, even if the average return is the same. Client in the green begins withdrawals in an up market, which gives him the optimal environment to maintain his portfolio value. Client in the blue is not as lucky. Withdrawals in a down market may deplete investors’ portfolios when they are not prepared. 84 $0 90 $2,517,217 6.0% 6.0%

Taxes–The Advantages of Tax Deferral $100k Initial Investment assumed 6% Rate of Return (not guaranteed) per year over 30 years 28% federal income tax rate The contingent withdrawal charge declines from 7% over a seven-year period for the Retirement Cornerstone Series B product. Actual results will vary. Rates of return will vary over time, particularly for long-term investments. Investments offering the potential for higher rates of return also involve a higher degree of risk. This hypothetical chart does not represent actual performance of any specific product or investment. Withdrawals of tax-deferred earnings are subject to ordinary income tax. A 10% federal income tax penalty may also apply if you take the withdrawal before you reach age 59½. Dividends and sales profits on annually taxed investments are generally taxed at capital gains tax rates, which can be lower than ordinary federal income tax rates. Using capital gains tax rates with the taxed annually investment would reduce the difference between the taxed annually and tax-deferred accounts shown above. Please note that this illustration excludes expenses associated with Retirement Cornerstone including administration, distribution and mortality & expense charge (1.30%) and portfolio expense charge (0.62% - EQ/Equity 500 Index) as of February 2016. Consider your personal investment horizon and income tax bracket, both current and anticipated, when making an investment decision. These factors as well as changes in tax rates and the treatment of investment earnings may further affect the results of this comparison. The contingent withdrawal charge declines from 7% over a seven-year period for the Retirement Cornerstone Series B product. Actual results will vary. Rates of return will vary over time, particularly for long-term investments. Investments offering the potential for higher rates of return also involve a higher degree of risk.

Interest Rates & Inflation: Historically Many retirees and pre-retirees invest in fixed-income securities and cash equivalents (such as certificates of deposit and Treasury bills) because their fixed rates of interest and guaranteed return of principal allow these investors to feel comfortable and secure. But while the rate on an existing fixed-income instrument is fixed, the reality is that interest rates in the market change all the time. Why are rate fluctuations a concern? If you are locked into long-term fixed interest rates and market rates rise, you may miss out on the opportunity if rates rise.

Interest Rates & Inflation: Historically There is no assurance that historical trends will continue in the future.

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 product. - The Investment Account - Offers an extensive platform of over 110 investment options from well-known investment managers. - The Protected Benefit Account - Includes the Guaranteed Minimum Income Benefit (GMIB) and Guaranteed Minimum Death Benefits (GMDB). The GMIB ensures that you will be able to generate lifetime income no matter how your investment portfolios perform, and no matter how long you live, as long as you stay within certain withdrawal guidelines. The GMIB and certain GMDBs are made available for an additional fee. AXA Equitable has discretion to change the current fee for the GMIB and certain GMDBs after the first two contract years but it will never exceed the maximum fee. - As your needs change over the years, simply transfer assets from the Investment Account to the Protected Benefit Account (subject to age restrictions). Transfers from the Protected Benefit Account to the Investment Account are not allowed GMIB guarantees lifetime payments when you annuitize the GMIB Benefit Base after the specified waiting period. The GMIB Benefit Base is used to determine your lifetime payments upon exercise of the benefit and to determine the Annual Withdrawal Amount. The GMIB Benefit Base is not a cash value. The “benefit base” is used to calculate a minimum guaranteed income amount, or a maximum withdrawal that won’t reduce the benefit base. The benefit base is equal to the total amount of contributions and transfers into the Protected Benefit Account investment options and increases annually at a specified rate, called a roll-up rate. At the contract anniversary each year, if the Protected Benefit Account Value is more than the benefit base, you have the opportunity to “reset” the benefit base to the level of the Protected Benefit Account Value. A reset may initiate a new waiting period to exercise your GMIB. ONE PRODUCT. TWO ACCOUNTS. FLEXIBLE SOLUTIONS. *See disclosure for important information

An annuity you can grow into – rather than out of. With the flexibility provided by the two distinct accounts within one contract, Retirement Cornerstone is an annuity you can “grow into”.

û A Guarantee for Today … and Tomorrow! The GMIB Two-Year Lock Compound Growth (%) 2 year rate lock 8% Variable 4% Benefit base rate Time In response to the current low interest rate environment, Retirement Cornerstone® variable benefit base roll-up rates are to be locked in for the first two contract years, regardless of Treasury rates. This cone chart depicts the Roll-Up Rate on Retirement Cornerstone. From left to right, the straight line represents the locked-in Roll-Up rate you will receive for the first two years of this contract. Then, notice the 4-8% compounded growth on the benefit base you will receive thereafter. Deferral Roll-Up Rate that compounds on benefit bases while you wait to take withdrawals Beginning with the third contract year, the minimum Deferral Roll-up Rate will be equal to an average of the 10-year Treasury rates +2.00% and will be renewable on each contract anniversary until the first withdrawal is taken from the Protected Benefit Account. It will never be less than 4% of more than 8%. “roll-up rate” is on the income-producing benefit base, which has no cash value. Annual Roll-Up Rate on benefit bases that compounds after the first withdrawal, within the two year rate-lock period Beginning with the third contract year, if you decide to withdraw from the Protected Benefit Account Account, the formula for the minimum annual roll-up rate is equal to an average of the 10-year Treasury rates +1.00%. It will never be less that 4% or more than 8%. “Roll-up rate” is on the income producing benefit base, which has no cash value. Benefit Base – The starting value equals your initial investment or transfer to the Protected Benefit Account. It is guaranteed to compound by the annual roll-up rate each year. Roll-Up Rate – The deferral roll-up and annual roll-up rates both compound annually and are locked for the first two contract years, regardless of treasury rates. After two contract years, the deferral roll-up rate will vary, is recalculated each contract year and is equal to the recent average 10-year treasury rates plus 2.00%. Once you begin taking income, the deferral roll-up rate no longer applies and AXA Equitable will credit your benefit base by an annual roll-up that is equal to recent average 10-year treasury rates plus 1.00%. Both the deferral roll-up and annual roll-up rates can be as high as 8% and will never be less than 4%.

û A Guarantee for Today and… Tomorrow! The GMIB Multi-Year Lock Compound Growth (%) 8% Multi- year rate lock (4-9 years*) Variable 3% Benefit base rate Time In response to the current low interest rate environment, Retirement Cornerstone® variable benefit base roll-up rates are to be locked in for the length of your withdrawal charge period (four to nine years depending on your series election). If interest rates rise, you can always take advantage of higher rates. This cone chart depicts the Roll-up rate on Retirement Cornerstone. From left to right, the straight line represents the locked-in Roll-Up rate you will receive for the first two years of this contract. Then, notice the 3%-8% compounded growth on the benefit base you will receive thereafter. Deferral Roll-Up Rate that compounds on benefit bases while you wait to take withdrawals After the rate lock period, the minimum Deferral Roll-up Rate will be equal to an average of the 10-year Treasury rates +2.00% and will be renewable on each contract anniversary until the first withdrawal is taken from the Protected Benefit Account. It will never be less than 3% of more than 8%. “roll-up rate” is on the income-producing benefit base, which has no cash value. Annual Roll-Up Rate on benefit bases that compounds after the first withdrawal, within the rate-lock period After the rate lock period, if you decide to withdraw from the Protected Benefit Account Account, the formula for the minimum annual roll-up rate is equal to an average of the 10-year Treasury rates +1.00%. It will never be less that 3% or more than 8%. “Roll-up rate” is on the income producing benefit base, which has no cash value. Benefit Base – The starting value equals your initial investment or transfer to the Protected Benefit Account. It is guaranteed to compound by the annual roll-up rate each year. *Roll-Up Rate – The deferral roll-up and annual roll-up rates both compound annually and locked for the length of the withdrawal charge period (four – nine years depending on your series election). If Treasury Rates rise during the lock period, you can always capture higher rates. After the withdrawal charge period, the deferral roll-up rate will vary, is recalculated each contract year and is equal to the recent average 10-year treasury rates plus 2.00%. Once you begin taking income, the deferral roll-up rate no longer applies and AXA Equitable will credit your benefit base by an annual roll-up that is equal to recent average 10-year treasury rates plus 1.00%. Both the deferral roll-up and annual roll-up rates can be as high as 8% and will never be less than 3%.

Benefit Base and Deferral Bonus Rate Benefit Base -Starting value equals your initial investment in the Protected Benefit Account- guaranteed to compound by the annual Roll-Up Rate each year. Deferral Roll-Up Rate - Rate that AXA Equitable will compound your Benefit Base by each year, as long as you don’t take any withdrawals. - A flexible rate that is recalculated each contract year and is equal to the recent average 10-Year Treasury rates plus 2.00%. - Once you begin taking income the Deferral Bonus Roll-Up Rate no longer applies - AXA Equitable will credit the Benefit Base by an Annual Roll-Up that is equal to recent average 10-Year Treasury rates plus 1.00%, less withdrawals. - Both the Deferral Bonus and Annual Roll-Up rates can be as high as 8% and will not be less than 3% or 4%, depending on your GMIB election.

Remember…… There is no assurance that historical trends will continue in the future.

Annual Roll-Up Benefit Base Reset Annual Resets and Annual Compounded Growth Annual Roll-Up Benefit Base Reset Benefit Base Range Reset % Compounded Growth Protected Benefit Account Retirement Cornerstone does enable you to capitalize on the upside potential of the market; your Benefit Bases can grow through Annual Resets. If your portfolio does well and the contract value exceeds the Benefit Base on any given contract anniversary date up to the contract anniversary following age 95 for the GMIB, AXA Equitable will automatically “reset” the Benefit Base to equal the higher contract value. Please note that a reset will delay the ability to exercise the rider. Also, annual resets will occur automatically unless otherwise indicated at the time of application. As a result of a reset, the total dollar amount charged on future contract date anniversaries may increase as a result of the reset since the charges may be applied to a higher benefit base. % Compounded Growth Contract Anniversaries Example is for illustrative purposes only and does not represent an actual investment.

10 year US Treasury Rate +1% Withdraw Amount Allowed Receiving Income 10 year US Treasury Rate +1% Benefit Base Withdraw Amount Allowed Taking a withdrawal that is greater than the Annual Withdrawal Amount (an “excess withdrawal”) in any given year, may have an adverse effect on income guarantees, reducing the Benefit Bases pro rata. Your Annual Withdrawal Amount is equal to the recent average of 10-Year Treasury rates plus 1.00%, multiplied by the Benefit Base as of the most recent contract anniversary. Each year, it is recalculated and is between a minimum and maximum amount. Taking a withdrawal from the GMIB during the first contract year after funding the benefit (an "early withdrawal") or taking a withdrawal greater than the annual withdrawal amount (an "excess withdrawal") in any given year will have an adverse effect on income guarantees, reducing your Benefit Base pro rata. Excess withdrawals will cancel the No-Lapse Guarantee. A pro rata adjustment or reduction reduces the benefit base by the same percentage that the Protected Benefit Account Value is reduced by the withdrawal. Therefore, the amount of a pro-rata reduction may be greater or lesser than the dollar amount of the withdrawal. If an excess withdrawal reduces the Protected Benefit Account Value to zero, the GMIB will terminate.

10 year US Treasury Rate +1% You Don’t Take it, you Make it! Credited Allowed amount 10 year US Treasury Rate +1% Benefit Base Withdrawal Amount Allowed In a given year, if you withdraw only part of your Annual Withdrawal Amount, the balance will be added to your Benefit Base. Please note that your Annual Withdrawal Amount is not cumulative. Rather, it is calculated each year and cannot be added to a future year’s Annual Withdrawal Amount. Forgoing withdrawals altogether or taking less than the full guaranteed amount may increase future Annual Withdrawal Amounts, as they will be calculated against a higher Benefit Base. Withdrawn

Investment Account Retirement Cornerstone gives you access to a robust platform of World-Class investment managers. How many of the investment managers’ names do you recognize here? These seasoned experts in their specialized areas are carefully screened, selected and monitored by AXA Equitable. The investment objectives and policies of certain funds may be similar to those of other funds managed by the same investment advisor. No representation is made, and there can be no assurance given, that any fund’s investment results will be comparable to the investment results of any other fund, including another fund with the same investment advisor or manager.

CP “Bonus” Structure for Retirement Cornerstone 15 Flat 3% upfront credit on contributions 5% Earnings Bonus On any anniversary the contract reaches a new “high water mark” we add an additional bonus to the Annual Account Value (AAV) equal to 5%% of the AV gains over the previous high water mark value Example: Contract Anniversary Account Value Bonus Account Value Peak Initial Contribution $200,000 $6,000 $206,000 Year 1: Positive Returns $240,000 $1,700 $241,700 Year 2: Negative Returns $194,000 $0 Year 3: Positive Returns $232,000 Year 4: Positive Returns $278,000 $1,815 $279,815 Gains Yr 1: $240K - $206K = $34K Bonus Yr 1: $34K x 5% = $1,700 The high water mark includes the bonus and is not reduced for withdrawals No recovery of additional bonus on gains (death, annuitization, etc.) Bonus will be allocated to both sleeves pro rata based on year end AV Any subsequent contributions are added to the previous high water mark Neither bonus is included in the GMIB/GMDB benefit bases in the year that it is paid An "Earnings Bonus“ will be added to the annuity account value(AAV) that is equal to 5% times the difference between the AAV on the contract date anniversary and the Account Value Peak (“highest water mark”). The Account Value Peak begins with the initial contribution and is increased by subsequent contributions and any corresponding credits on those contributions as of the date the contribution is made. The CP Series provides you the opportunity to receive a 3% credit match and 5% bonus on gains. It should be noted that credit on contributions will be recovered if you exercise your right to cancel the contract, start receiving annuity payments within three years of making the contribution, or die during the one-year period following the receipt of the contribution. The match will apply to subsequent contributions to the extent that the sum of that contribution and prior contributions to which no match was applied exceeds the total withdrawals made from the contract. The Earning Bonus amounts credited to the Annuity Account Value will not be recovered. In the event that gains to the contract are not recorded for ten or more years, the CP Series may not be preferable over a lower fee contract with a shorter withdrawal charge period. 24| GE-65526

No 1099’s Without a Withdrawal Interest and Capital Gains Interest and capital gains not subject to current taxation Investment behavior not influenced by current taxes You control when taxes are paid to Uncle Sam Since Retirement Cornerstone is a variable annuity, taxes are deferred until you begin taking withdrawals. That means that there is no annual 1099 until withdrawals begin, whether you are allocated to the Investment Account or the Protected Benefit Account. 25| 10

1 2 3 Summary Retirement Challenges A Potential Solution: Retirement Cornerstone® 3 Next Steps At AXA Equitable, we believe that the key to retirement security is understanding what the main challenges are and what strategies you can use to respond effectively. Today, we focused on three of these main concerns and how our product was specifically designed to respond to each of them.

Important Information Retirement Cornerstone® 15A is a registered service mark of AXA Equitable Life Insurance Company, New York, NY 10104. Retirement Cornerstone is issued by AXA Equitable Life Insurance Company (AXA Equitable), New York, NY 10104. Co-distributed by affiliates AXA Advisors, LLC and AXA Distributors (members FINRA, SIPC). Contract form #s: ICC12BASE4 and ICC12BASE3 and any state variations All annuity contract and rider guarantees, including optional benefits and any fixed subaccount crediting rates or annuity payout rates, are backed by the claims-paying ability of AXA. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased or any affiliates of those entities and none makes any representations or guarantees regarding the claims-paying ability of AXA. If you are purchasing an annuity contract as an Individual Retirement Annuity (IRA) or to fund an employer retirement plan (QP or Qualified Plan), you should be aware that such annuities do not provide tax-deferral benefits beyond those already provided by the Internal Revenue Code. Before purchasing one of these annuities, you should consider whether its features and benefits beyond tax deferral meet your needs and goals. You may also want to consider the relative features, benefits, and costs of these annuities with any other investment that you may use in connection with your retirement plan or arrangement. American Funds investment options are known as, "American Funds Insurance Series Portfolios". 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” 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. Cat #154016 (2/15) 27|

Important Information When the GMIB is elected you are required to participate in the Asset Transfer Program. This program applies only to the portion of your assets in the Protected Benefit Account. This program is designed to help us manage the risk associated with protecting the value of your guaranteed retirement income during extended periods of poor account performance. It uses mathematical formulas to automatically transfer a percentage of the Protected Benefit Account Value from equity-based variable investment portfolios to the AXA Ultra Conservative Strategy asset allocation portfolio, which has a target investment mix of 90% bonds and 10% equity. On a monthly basis, mathematical formulas are used to determine if a transfer is needed and if needed, how much should be transferred. The principal factor that determines the transfer in and out of this portfolio is the difference between your GMIB Benefit Base and your Protected Benefit Account Value. There is no additional charge for the ATP; however, account value that is in the AXA Ultra Conservative Strategy investment portfolio is subject to a portfolio-level expense charge. Movement of account value into the AXA Ultra Conservative Strategy portfolio occurs automatically. You cannot directly allocate a contribution or request a transfer of account value into the AXA Ultra Conservative Strategy portfolio. As market conditions improve, values in the AXA Ultra Conservative Strategy portfolio may be moved back (based on the formulas) into the Protected Benefit Account investment portfolios of your choice; however, it is possible that you will miss a market recovery during the period of time you are allocated to the AXA Ultra Conservative Strategy portfolio. Beginning in the contract year following the contract year in which you fund the Protected Benefit Account up to the contract anniversary following age 85, once per year you may choose to transfer 100% of your account value out of the AXA Ultra Conservative Strategy portfolio using the ATP Exit Option. This transfer will result in a reduction of the value of your GMIB (and possibly your GMDB) benefit. 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 Protected Benefit Account, you will no longer be able to fund your guaranteed benefits. Please consult your own independent advisor as to any tax, accounting or legal statements made herein. 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, speak to your financial professional/insurance licensed registered representative. Annuities contain certain restrictions and limitations. We offer other variable annuity contracts with different fees, charges and features. Not every contract is available through the same selling broker/dealer. You can contact us at (212) 554-1234 to find out the availability of other contracts. © 2016 AXA Equitable Life Insurance Company. All rights reserved. This presentation must be preceded or accompanied by a current Retirement Cornerstone® prospectus. The prospectus contains more complete information, including investment objectives, risks, charges, expenses, limitations and restrictions. Please read the prospectus and consider this information carefully before purchasing an Retirement Cornerstone® annuity contract. Variable Annuities: • Are Not a Deposit of Any Bank • Are Not FDIC Insured by Any Federal Government Agency • Are Not Guaranteed by Any Bank or Savings Association • May Go Down in Value