1. Retirement Cornerstone® variable annuity
with guaranteed benefit riders
Helping to Protect your Income
in Unpredictable Markets
Variable Products: 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 ML 1

2. 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. 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. 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.
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AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

3. Retirement Challenges Today
Agenda
Retirement Challenges Today
A Retirement Strategy for Today and Tomorrow
How it Works
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AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

4. Retirement ConsiderationsL
Longevity I
Inflation V
Volatility I
Interest Rates T
Taxes
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 are going to focus on three of these main concerns and how our product was specifically designed to respond to each of them.
Retirement Challenges
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

5. How Much Longer Will a 65 Year Old Live The Probabilities
Probability (%)
100 80 60 40
Single Female
Single Male 20
Life expectancies have increased dramatically over the past several decades. This means your retirement money may have to last 25 year, 30 years or even longer to guard against the risk of outliving your assets. 70 75 80 85 90 95
Age
Source: Society of Actuaries 2000 U.S Annuity Table
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

6. How Much Longer Will a 65 Year Old Live The Probabilities
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.
Probability (%)
100 80 60 40
Single Female
Single Male 20
Life expectancies have increased dramatically over the past several decades. This means your retirement money may have to last 25 year, 30 years or even longer to guard against the risk of outliving your assets.
Single Male
Couple 70 75 80 85 90 95
Age
Source: Society of Actuaries 2000 U.S Annuity Table
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

7. The Sequence of Investment Returns Matters – Hypothetical Example
“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%
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%
In the two scenarios above, each client experiences a different sequence of return in their retirement portfolios. Each portfolio has an average annual rate of return of 6.0% that grows to the same value after 25 years of investing. No withdrawals are taken.
$4,288,197
$4,288,197
6.0%
6.0% 7
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

8. The Impact Of Withdrawals – Hypothetical Example
“Up” Market — Mr. Green
Age
5% Annual Withdrawls
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 Withdrawls
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%
5% Annual Withdrawls
$50,000
5% Annual Withdrawls
$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% 8
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

9. Taxes–The Advantages of Tax Deferral
$100k Initial Investment- 6% Rate of Return per year over 30 years - 28% federal income tax rate
DID YOU KNOW?
Investors gave up 0.98%-2.08% in return every year over the last 10 years because of taxes! Notable Findings from Lipper’s “Taxes in Mutual Funds Industry” -2010
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 (0.64% - EQ/Equity 500 Index) as of April 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. 9
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

10. 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 your clients are locked into long-term fixed interest rates and market rates rise, they might miss out on the opportunity if rates rise.
Source: and There is no assurance that these historical trends will continue in the future.
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

11. Interest Rates & Inflation: Historically
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

12. Interest Rates & Inflation: TODAY
The Fed has kept it’s benchmark interest rate near zero for the past three years. In its policy statement in January, the Fed said it would probably not increase that rate until late 2014 at the earliest – a year and a half later than it had previously said!
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

13. AXA Equitable’s Retirement Cornerstone®
Investment Account
Protected Benefit Account
Wide-range of asset classes & full spectrum of portfolio management styles
World class money managers and
flexibility to access and transfer among Investment Options
Guaranteed Income for Life and Beneficiary Protection1
Guaranteed Minimum Income and Death Benefits are optional features, each available for an additional fee
Please not that the GMIB is issued with all contracts unless the contract owner opts out. Also, electing the GMIB requires participation in the Asset Transfer Program.
The Retirement Cornerstone® variable annuity contains two distinct accounts offering Investment
Performance and Protection within a tax-deferred single platform, providing an innovative,
comprehensive approach to managing retirement needs. The Investment Account offers an extensive
platform of over 100 investment portfolios 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 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. As your needs change over the years, you can simply transfer assets from the
Investment Account to this Protected Benefit Account until age 75. Transfers from the Protected Benefit
Account to the Investment Account are not allowed
The fee for the Guaranteed Minimum Benefits is 1.05% (max 2.00%) of benefit base deducted from the
Protected Benefit Account Value on each contract anniversary. AXA Equitable has discretion to change
the current fee after the first two contract years but it will never exceed the maximum fee.
When GMIB is elected you are required to participate in the Asset Transfer Program. This program only
applies to the portion of your assets in the Protected Benefit Account. This program helps us manage
guaranteed benefits by using 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. There is no additional charge for the ATP; however,
account value that is in the AXA Ultra Conservative investment portfolio is subject to a portfolio-level
expense charge. 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 increase during the period of time you
are allocated to the AXA Ultra Conservative Strategy portfolio
1If the Account Value falls to 0, or If the value of your Protected Benefit Account were to fall to zero, you would still continue to receive guaranteed annual payments for the rest of your life (assuming that it was not an excess withdrawal that caused your account value to go to zero).
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

14. A Guarantee that May Be Able to Protect You Today… and Tomorrow!
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 two-year rate will apply to new business contracts only.
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 your clients will receive for the first two years of this contract. Then, notice the 4-8% compounded growth on the benefit base they will receive thereafter.
6% Deferral Bonus Roll-Up Rate that compounds on benefit bases while your clients wait to take withdrawals
Beginning with the third contract year, the minimum Deferral Bonus 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.
5% Annual Roll-Up Rate on benefit bases that compounds after the first withdrawal, within the two year period
Beginning with the third contract year, if your client decides 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.
So what happens after two years? Beginning with the third contract year, your benefit bases will have roll-up rates derived from pre-set formulas tied to the current 10-year Treasury rates and your roll-up rates will begin to renew annually.
Why is this important?...
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 bonus roll-up and annual roll-up rates both compound annually and locked for the first two contract years, regardless of treasury rates. After two contract years, the deferral bonus 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 bonus rill-up rate no longer applies and AXA Equitable will credit your clients’ benefit base by an annual roll-up that is equal to recent average 10-year treasury rates plus 1.00%. Both the deferral bonus and annual roll-up rates can be as high as 8% and will never be less than 4%.
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

15. 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 Bonus Rate - Rate that AXA Equitable will compound your Benefit Base by each year.
- 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 4%.
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

16. Remember……
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

17. Annual Reset Annual Roll-Up Benefit Base Reset Benefit Base Range$
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 and 85 for the “Greater of” death benefit, 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 a different reset option is selected 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
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

18. Receiving Income
10 year US Treasury Rate +1%
Benefit Base
Withdraw Amount Allowed
Your Annual Withdrawal Amount becomes available in the contract year that follows the year in which the Protected Benefit Account is funded.
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 can be as high as 8% and will never be less than 4%.
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.
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

19. 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
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

20. Investment Account
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

21. AXA Equitable’s Retirement Cornerstone®
Investment Account
Protected Benefit Account
Wide-range of asset classes & full spectrum of portfolio management styles
World class money managers and
flexibility to access and transfer among Investment Options
Guaranteed Income for Life and Beneficiary Protection1
Guaranteed Minimum Income and Death Benefits are optional features, each available for an additional fee
1If the Account Value falls to 0, or If the value of your Protected Benefit Account were to fall to zero, you would still continue to receive guaranteed annual payments for the rest of your life (assuming that it was not an excess withdrawal that caused your account value to go to zero).
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

22. Retirement Challenges
Summary
Retirement Challenges
A Potential Solution: Retirement Cornerstone®
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.
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)

23. Important Information
Retirement Cornerstone® 13 is a registered service mark of AXA Equitable Life Insurance Company, New York, NY
Retirement Cornerstone 13® 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. 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.
American Funds Insurance Series Portfolios available on February 19, 2013.
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.
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.
© 2013 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.
Read slide.
Variable Products: • 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
Cat # (4/30)
AXA Equitable Life Insurance Company (NY,NY) GE (4/12) (exp 4/14)