EQUI-VEST (series 201) And EQUI-VEST Strategies (series .

Access to the Value in the ContractLoans¹ If permitted under the employer’s plan, loans offer an alternative way to access aparticipant’s account value. Only one outstanding loan is permitted at any time. Subject to state availability, under EQUI-VEST StrategiesSM (series 901) loans are treatedas withdrawals. More than one loan may be outstanding at any time. There is a loan set upcharge and a loan fee for each loan outstanding (see the Charges and Expenses table inthis course for the charges that apply).Withdrawals¹,² Up to 10% of the account value is available for withdrawal without incurring a withdrawalcharge. This is the “free withdrawal amount.” There are several ways to withdraw money from the contract (subject to any restrictions): Partial withdrawals – may be taken at any time before annuity payments begin. Theminimum amount for each partial withdrawal is 300.1 – Withdrawals (except on the Segment Maturity Date) and loans must be taken from all other investmentoptions before they can be taken from the segment(s) .2 - Withdrawals are subject to ordinary income tax, if made prior to age 59 ½, may be subject to an additional10% federal income tax penalty (not applicable to EDC).12IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Access to the Value in the Contract(continued) Systematic withdrawals – Systematic withdrawals may be taken on a monthly orquarterly basis. The minimum amount for each withdrawal is 250. The participantmay withdraw either the interest credited in the GIO (a minimum 20,000 accountvalue must be maintained in the GIO) or a fixed-dollar amount from either thevariable investment options or the GIO (no minimum account value is required to bemaintained). Lifetime minimum distribution withdrawals – The required minimum distribution(RMD) automatic withdrawal option is available to help meet the lifetime requiredminimum distributions under federal income tax rules. This option may be elected inthe year in which the participant reaches age 70 ½ or in any later year, subject to theterms of the employer’s plan. The account value under the contract must be at least 2,000 to elect this option. The minimum amount for each withdrawal is 300 or ifless, the account value. Any withdrawal request that leaves an account value of less than 500 in the contract,may be treated as a request to surrender the contract for its cash value. Contract Surrender – The contract may be surrendered at any time to receive the cashvalue.13IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Access to the Value in the Contract(continued) Annuity Payout Options: Fixed Annuity Payout Options Life annuity Life annuity with period certain Life annuity with refund certain Period certain annuity Variable Immediate Annuity Payout Options: Life annuity (not available in New York) Life annuity with period certain The date annuity payments are to begin may not be earlier than 13 months from thecontract date or later than the maximum maturity age, which is generally age 95.14IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Personal Income Benefit (PIB)PIB was added as a feature on the EQUI-VEST series 201 and EQUI-VEST StrategiesSMseries 900 and 901 contracts (subject to plan and state approval).The PIB feature guarantees that for an additional charge, participants can elect to takewithdrawals (Guaranteed Annual Withdrawal Amount or GAWA) during the participant’slifetime (or the lifetime of the participant and the participant’s spouse if joint life is elected).GAWA payments will continue even if the PIB account value falls to zero, unless it does sobecause of a withdrawal that exceeds the GAWA in any contract year. GAWA paymentsmay also be reduced because of early withdrawals. See the Charges and Expenses tablein this course for the charge that applies. PIB is elected by allocating contributions to the PIB variable investment options. Onceamounts are allocated to the PIB variable investment options, these amounts cannot betransferred out, except under a one time transfer out feature allowing the participant totransfer the total account value out of the PIB variable investment options, cancelling thebenefit. Once cancelled, it cannot be re-activated. The PIB variable investment Options are: AXA Moderate Growth Strategy;EQ/AllianceBernstein Dynamic Wealth Strategies; AXA Balanced Strategy; AXAConservative Growth Strategy; and AXA Conservative Strategy. These options are alsoavailable as non-PIB variable investment options.15IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Personal Income Benefit (PIB)(continued) The PIB variable investment options are not listed on the application. PIB is selected bycompleting the “Selection of the Personal Income Benefit (PIB)” Form. The participant must be at least age 45 and not older than age 85 in order to allocateamounts to the PIB variable investment options and activate the benefit. Allocations to the PIB variable investment options may be from contributions or transfersfrom non-PIB investment options. The initial amount allocated to the PIB variableinvestment options must be at least 1,000. Once amounts are allocated to the PIB variable investment options, the charge for thePIB will begin to be assessed (see Charges and Expenses).16IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Personal Income Benefit (PIB)(continued) GAWA payments are calculated based on contributions to the PIB variable investmentoptions, transfers from the non-PIB investment options to the PIB variable investmentoptions and any Ratchet Increases. The amounts below will be added together todetermine the total GAWA:1. The sum of contributions that are periodically remitted to the PIB variableinvestment options, multiplied by the quarterly Guaranteed Withdrawal Rate(GWR) in effect when each contribution is received, plus2. The sum of (i) transfers from non-PIB investment options to the PIB variableinvestment options and (ii) contributions made in a lump sum (including, but notlimited to, amounts that apply to contract exchanges, direct transfers from otherfunding vehicles under the plan, and rollovers) that are allocated to the PIBvariable investment options, multiplied by the Guaranteed Transfer WithdrawalRate (GTWR) in effect at the time of the transfer or contribution, plus3. The sum of any Ratchet Increase. GWR – The GWR is calculated using a “Ten-Year Treasuries Formula Rate”. We thenadd a percentage that ranges from 0.25% to 1.0% based on the participant’s age at thebeginning of the calendar quarter. The percentage is 1.0% if the participant is between the ages of 45 and 50, anddeclines by 0.05% each year until it reaches 0.25% at age 65. The GWR is currently set at the beginning of each calendar quarter.17IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Personal Income Benefit (PIB)(continued) GTWR – The GTWR is set at AXA Equitable’s discretion and will never be less than2.5%. The GTWR is set at the beginning of each calendar month. The Ratchet Base – equals the amounts allocated or transferred to the PIB variableinvestment options; plus it is increased on each contract date anniversary to equal thePIB account value if it is higher than the immediately preceding Ratchet Base. TheRatchet Base is adjusted for loans, early and excess withdrawals and refund of excesscontributions from the PIB account value. Ratchet Increase – When the Ratchet Base is increased, the Ratchet Amount ismultiplied by a fraction equal to the GAWA on the contract date anniversary, divided bythe immediately preceding Ratchet Base. This amount is then added to the GAWA. Electing to Take GAWA Payments – In order for a participant to begin taking GAWApayments, all amounts in the PIB variable investment options must be unrestricted andthe participant must be (i) at least age 59½ and (ii) still a participant in the plan. PIB is designed to provide GAWA payments beginning at age 65. Participants mayelect to take GAWA payments as early as age 59 ½, but payments are reduced.Deferring the GAWA payments until after age 65 will result in an increase to the GAWAamount.18IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Personal Income Benefit (PIB)(continued) An early or excess withdrawal can cause a significant reduction in both the RatchetBase and the Guaranteed Annual Withdrawal Amount. GAWA payments are calculated on a single life basis. At the time the participant electsto take GAWA payments joint life payments may be elected, but payments are reduced. The participant may choose to take withdrawals of GAWA payments through one of ourautomatic payment plans or through unscheduled withdrawals. All withdrawals reduce the PIB account value on a dollar-for-dollar basis, but do notreduce the Ratchet Base. After the participant elects to take GAWA payments, contributions and transfers may nolonger be allocated to the PIB variable investment options. However, GAWA paymentsmay continue to increase due to a Ratchet Increase.19IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Personal Income Benefit (PIB)(continued) The withdrawal charge is waived for withdrawals up the GAWA. However, allwithdrawals, including withdrawals from the non-PIB account value are counted towardsthe 10% free withdrawal amount. Generally, if the participant elects our RMD automatic withdrawal option, any lifetimerequired minimum distribution payments under this option will not be treated as a PIBearly or excess withdrawal. The Personal Income Benefit feature is not appropriate if you do not intend to takewithdrawals prior to annuitization. You do not have to activate the Personal IncomeBenefit to take a distribution. You can always elect one of the regular distributionoptions available under the contract.20IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Death Benefits Death benefit: If the participant dies before annuity payments begin the death benefit will bepaid to the beneficiary. The death benefit is equal to the greater of (i) the account value as of the date we receivesatisfactory proof of death, any required instructions for the method of payment,information and forms necessary to effect payment or (ii) the “standard death benefit.”The standard death benefit is equal to contributions, adjusted for withdrawals and anywithdrawal charges, less any outstanding loan balance (including any accrued but unpaidinterest). Withdrawals reduce the standard death benefit by the same percentage that theaccount value was reduced. Under EQUI-VEST StrategiesSM (series 900 & 901) an optional enhanced death benefitis also available for an additional charge. See the Features and Benefits table in thiscourse for a description. 21Beneficiary continuation option (BCO) – This feature permits the beneficiary to maintain thecontract in the deceased participant’s name and stretch out the payments, rather thanreceiving the death benefit in a lump sum. Payments will be made once a year over thebeneficiary’s life expectancy.IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

EQUI-VEST Features and BenefitsEQUI-VEST (series 201)EQUI-VEST Strategies(series 900)EQUI-VEST Strategies(series 901)Issue Ages18 through 7918 through 8518 through 85 – TSA, EDC21 through 85 – 401(a)Contributions1Minimum/additionalContract Maximum 20 20 20 1,500,000 1,500,000 1,500,000Maximum Maturity Age ofthe Participant952952952Structured InvestmentOptionS&P 500 Price Return Index- 1 year with -10% buffer- 3 years with - 20% buffer- 5 years with - 20% bufferS&P 500 Price Return Index- 1 year with -10% buffer- 3 years with - 20% buffer- 5 years with - 20% bufferS&P 500 Price Return Index- 1 year with -10% buffer- 3 years with - 20% buffer- 5 years with - 20% bufferRussell 2000- 1 year with -10% buffer- 3 years with - 20% buffer- 5 years with - 20% bufferRussell 2000- 1 year with -10% buffer- 3 years with - 20% buffer- 5 years with - 20% bufferRussell 2000- 1 year with -10% buffer- 3 years with - 20% buffer- 5 years with - 20% bufferMSCI EAFE- 1 year with -10% bufferMSCI EAFE- 1 year with -10% bufferMSCI EAFE- 1 year with -10% buffer1 - Contributions are subject to applicable tax rules and regulations.2 - In NY, the maximum maturity age is 90.22IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Features and Benefits (continued)EQUI-VEST (series 201)EQUI-VEST Strategies(series 900)EQUI-VEST Strategies(series 901)Variable Investment OptionsMore than 80More than 90More than 90Guaranteed Interest Option(GIO)3AvailableAvailableAvailableFixed Maturity Options3Not availableAvailableNot availableInvestment Methods MaximumInvestmentOptions Choice Maximum transfer flexibility MaximumInvestmentOptions Choice Maximum transfer flexibility MaximumDollar Cost AveragingProgramsInvestment Simplifier fromGIO Fixed Dollar Option Interest Sweep OptionInvestment Simplifier fromGIO Fixed Dollar Option Interest Sweep OptionInvestment Simplifier fromGIO Fixed Dollar Option Interest Sweep OptionInvestmentOptions Choice Maximum transfer flexibility3 - Guarantees are subject to the claims-paying ability of AXA Equitable Life Insurance Company.23IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Features and Benefits (continued)EQUI-VEST (series 201)EQUI-VEST Strategies (series900)EQUI-VEST Strategies (series901)Special Dollar CostAveragingProgramsAvailable for 3, 6 and 12 monthtime periods.Not availableAvailable for 3, 6 and 12 monthtime periods.Automatic wal Options Lump Sum Systematic Lump Sum Systematic Lump Sum Systematic Automatic Automatic Automatic Loans, Loans, Loans,RMD Withdrawalif permittedRMD Withdrawalif permittedRMD Withdrawalif permittedFree WithdrawalAmount:10% of the account value as ofthe date of the withdrawal,minus any other withdrawalsmade during the contract year10% of the account value as ofthe date of the withdrawal,minus any other withdrawalsmade during the participationyear10% of the account value as ofthe date of the withdrawal,minus any other withdrawalsmade during the participationyearAnnuitizationOptionsFixed and variableFixed and variableFixed and variable24IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Features and Benefits (continued)EQUI-VEST (series 201)EQUI-VEST Strategies (series900)EQUI-VEST Strategies (series901)PIBAvailableAvailableAvailableStandard DeathBenefitAvailable at no additionalchargeAvailable at no additional chargeAvailable at no additional chargeEnhanced DeathBenefitNot availableAn optional three year enhanceddeath benefit is available only atcertificate issue for participantages 75 and under.4An optional three year enhanceddeath benefit is available only atcertificate issue for participantages 75 and under.4On the participation date, theenhanced death benefit is equal tothe initial contribution. Then, oneach third participation dateanniversary, until the participant isage 85, the enhanced deathbenefit is increased to equal thecurrent account value if thecurrent account value is higher thethen current enhanced deathbenefit.On the participation date, theenhanced death benefit is equal tothe initial contribution. Then, oneach third participation dateanniversary, until the participant isage 85, the enhanced deathbenefit is increased to equal thecurrent account value if thecurrent account value is higher thethen current enhanced deathbenefit.Available5Available5BCOAvailable54 - Not available for 403(b) TSA contracts issued under a Texas Optional Retirement Plan (ORP).5 - Under 457(b) EDC contracts, only available for governmental employer plans.25IU-97357 (10/14)(exp. 10/16)For Financial Professional use only. Not to be used with or distributed to the general public.

Charges and Expenses There are no front end-sales charges under the contracts. This means that 100% of eachcontribution is invested. Charges that are deducted from the account value at the time certain transactions arerequested: Withdrawal charges – EQUI-VEST (series 201) – A withdrawal charge as a percentageof contributions withdrawn is deducted if the contract is surrendered or for certainwithdrawals. The withdrawal charge will be waived under certain circumstances. See theCharges and Expenses table in this course for the withdrawal charge that will apply. Under EQUI-VEST StrategiesSM (series 900 & 901), withdrawal charges vary dependingupon the agreement between AXA Equitable and the plan sponsor. Charges deducted from the account value on each contract date anniversary: 26Charge for third-party transfer or exchange - A maximum charge of 65 is deducted if theparticipant requests to transfer amounts under the contract to a third party, such as in thecase of a trustee-to-trustee transfer.Annual administrative charge – EQUI-VEST (series 201) – A charge of 30 or, if less, 2%of the account value plus any amount previously withdrawn during the contract year isdeducted from the account value on the last business day of each contra

IU-97357 (10/14)(exp. 10/16) For Financial Professional use only.Not to be used with or distributed to the general public. Overview EQUI-VEST (series 201) and EQUI-VEST StrategiesSM (series 900 & 901) are variable deferred annuity contracts issued