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108-8020 1173 * * 1SSA) 1

[2009420103] 200 180 160 140 120 100 80 60 40 2001/1/4 2003/1/4 2005/1/4 2007/1/4 2009/1/4 () 200 180 160 140 120 100 80 2001/1/4 2003/1/4 2005/1/4 2007/1/4 2009/1/4 150 140 130 120 110 100 90 80 2001/1/4 2003/1/4 2005/1/4 2007/1/4 2009/1/4 () 180 170 160 150 140 130 120 110 100 90 http://www.axa.co.jp/life/ 2

20% 20% 30% 30% 25% 35% 20% 20% 1 1 NOMURA-BPI 2 3 NOMURA-BPI 2 3 100% 100% 100% 100% B *1*7 http://www.axa.co.jp/life/ 3

[ 20103 ] 3 09/2 09/3 09/4 09/5 09/6 09/7 09/8 09/10 09/11 09/12 10/1 10/2 10/3 167,245 141,872 60,134 59,561 43,653 20,488 http://www.axa.co.jp/life/ 4

*1 [ 20103 ] 20.00% 20.78% 20.00% 21.20% 30.00% 28.35% 30.00% 29.48% 0.19% % % *1 *1 NOMURA-BPI *2 *3 8 9 7 7 09/2 09/4 09/7 09/10 10/1 10/3 20103 118.93 1 5.29 200912 117.47 3 1.24 20099 114.92 6 3.48 20096 112.73 1 12.16 20093 106.04 3 200812 18.93 321 0.2 166,924 99.8 167,245 100.0 11 8,794 0 8,806 http://www.axa.co.jp/life/ *1*7 5

*1 [ 20103 ] 25.00% 25.36% 35.00% 36.23% 20.00% 18.46% 20.00% 19.19% 0.76% % % *1 *1 NOMURA-BPI *2 *3 8 9 7 7 72 10,860 20103 126.23 1 7.18 200912 123.64 3 2.09 20099 119.90 6 5.28 20096 115.46 1 18.92 20093 106.14 3 200812 26.23 09/2 09/4 09/7 09/10 10/1 10/3 10,932 1,073 0.8 140,798 99.2 141,872 100.0 http://www.axa.co.jp/life/ *1*7 6

[ 20103 ] 10,300 10,200 10,100 10,000 9,900 9,800 2009/1/7 2009/3/22 2009/6/4 2009/8/17 2009/10/30 2010/1/12 2010/3/27 NOMURA-BPI *2 1 3 6 1 3 0.24% 0.20% 0.22% 1.24% - 0.95% BM 0.18% 0.07% 0.49% 2.04% - 1.79% 0.05% 0.13% 0.28% 0.80% - 0.84% 10 BM BM BM 1 1.200% 2011620 1.73% 0.27% 78.18% 74.17% 4.01% 0.89% 0.91% 0.02% 2 1.500% 2014320 1.48% 0.63% 6.55% 6.98% 0.43% 1.53% 1.55% 0.02% 3 4 1.400% 2011321 1.700% 2017920 1.08% 1.08% 0.00% 0.98% 5.24% 1.87% 5.13% 1.84% 0.11% 0.04% 7.46 6.52 7.38 6.48 0.08 0.04 1.300% 2012620 1.02% 0.59% 9.63% 9.76% 0.13% 1.500% 2012320 1.02% 0.57% 0.17% 0.79% 0.62% 1.100% 2013920 1.02% 0.32% MBS 0.30% 1.34% 1.03% 5 6 7 8 0.500% 20141220 1.00% 1.22% 1.95% 0.00% 1.95% 9 1.700% 2017320 0.99% 1.00% % % 0.00% 10 1.400% 2011920 0.93% 0.82% ABS 11.35% 1163 6.41% [ 20103 ] 11,200 10,800 10,400 10,000 9,600 9,200 8,800 2009/1/7 2009/3/22 2009/6/4 2009/8/17 2009/10/30 2010/1/12 2010/3/27 1 3 6 1 3 3.74% 1.21% 0.72% 0.41% - 3.02% BM 3.74% 1.12% 0.41% 0.13% - 3.79% 0.00% 0.08% 0.31% 0.54% - 0.77% *3 10 10 BM BM BM 1 3.625% 2019815 0.79% 0.57% 1 35.81% 35.93% 2.70% 2.69% 0.01% 2 1.000% 20111031 0.79% 0.41% 2 11.10% 11.12% 4.21% 3.92% 0.29% 3 4.125% 2012831 0.76% 0.12% 3 10.45% 10.48% 8.02 7.98 0.04 4 0.875% 2011430 0.73% 0.35% 4 9.87% 9.90% 5.82 5.81 0.00 2.625% 20141231 0.72% 0.39% 7.18% 7.17% 1.000% 2011831 0.71% 0.39% 4.72% 4.74% 4.875% 2012630 0.71% 0.10% 3.00% 2.98% 8 2.750% 2019215 0.70% 0.48% 8 2.87% 2.88% 9 3.500% 20111014 0.68% 0.22% 9 2.57% 2.55% 4.250% 201414 0.63% 0.33% 2.42% 2.42% 7.21% 3.35% 89.99% 90.18% 432 5 5 6 6 7 7 10 10 *1*7 http://www.axa.co.jp/life/ 7

[ 20103 ] 34 6,821 20103 132.32 1 9.53 200912 124.21 3 6.53 20099 120.10 6 10.17 20096 119.98 1 28.85 20093 102.69 3 200812 32.33 09/2 09/4 09/7 09/10 10/1 10/3 6,856 591 59,543 60,134 1.0 99.0 100.0 [ 20103 ] *1 1 3 6 1 3 9.72% 6.81% 10.48% 33.05% - 19.05% BM 10.41% 8.81% 8.51% 28.47% - 16.88% 0.69% 2.00% 1.97% 4.58% - 2.17% *4 10 M* 50.00% 50.11% 1 4.23% M** 50.00% 49.95% 2 3.75% 0.00% % -0.06% % 3 4 3.66% 3.59% * M 5 3.54% ** M 6 7 8 9 3.22% 3.08% 2.97% 2.85% 10 2.74% 33.63% 85 http://www.axa.co.jp/life/ *1*7 8

[ 20103 ] 44 6,928 20103 149.09 1 11.73 200912 146.69 3 1.64 20099 138.38 6 7.74 20096 123.74 1 37.36 20093 108.54 3 200812 49.09 09/2 09/4 09/7 09/10 10/1 10/3 1 6,971 572 1.0 58,988 99.0 59,561 100.0 [ 20103 ] 1 3 6 1 3 12.08% 2.29% 7.92% 43.87% - 27.60% BM 11.59% 3.07% 11.03% 49.38% - 34.15% 0.49% 0.78% 3.11% 5.50% - 6.55% 10 M* M** 50.00% 50.00% 0.00% % 50.30% 49.77% -0.07% % 1 2 3 4 JP BP 1.51% 1.46% 1.40% 1.40% * M 5 1.38% 6 1.38% ** M 7 1.25% 8 9 0.96% 0.94% 10 0.89% 12.57% 241 http://www.axa.co.jp/life/ *1*7 9

[ 20103 ] 0 203 20103 109.59 1 2.60 200912 110.07 3 0.43 20099 109.33 6 0.24 20096 109.66 1 1.45 20093 108.02 3 200812 9.60 09/2 09/4 09/7 09/10 10/1 10/3 0 203 417 1.0 43,236 99.0 43,653 100.0 [ 20103 ] 10 1 2 3 4 5 6 7 8 9 10 S&P 3.750% 201714 Aaa AAA 4.85% 4.250% 201774 Aaa AAA 3.93% 3.625% 2020215 Aaa AAA 3.83% 1.500% 2015920 Aa2 AA 3.80% 4.000% 201674 Aaa AAA 3.37% 1.300% 2014320 Aa2 AA 3.36% 5.000% 201837 Aaa AAA 3.20% 8.000% 2015127 Aaa AAA 2.88% 3.250% 2016425 Aaa AAA 2.47% 3.500% 201974 Aaa AAA 2.40% 34.08% 156 1 3 6 1 3 2.66% 0.26% 0.50% 2.73% - 5.28% BM 3.02% 0.95% 0.20% 1.57% - 3.17% 0.69% 1.17% - 2.11% 0.36% 0.69% *6 *1*7 http://www.axa.co.jp/life/ 10

[ 20103 ] 13 13 20103 99.62 1 0.03 200912 99.75 3 0.13 20099 99.83 6 0.21 20096 99.91 1 0.39 20093 100.01 3 200812 0.37 09/2 09/4 09/7 09/10 10/1 10/3 27 3,081 17,406 20,488 15.0 85.0 100.0 B [ 20103 ] B 0.84 50.85% 0.38 49.15% 0.61 % 1 3 6 1 3 *7 http://www.axa.co.jp/life/ *1*7 11

1 2 NOMURA-BPI NOMURA-BPI 3 4 TOPIX TOPIX 5 MSCIMSCI Inc MSCIMSCI Inc.MSCI Inc. MSCIMSCI 6 7 http://www.axa.co.jp/life/ 12

1 1 2 1 2 2 http://www.axa.co.jp/life/ 13