AXA Private Equity first French VC

In the second half of 2005, AXA Private Equity (AXA PE) will become the first French capital investment company to be awarded the annual certification for conforming with GIPS (Global Investment Performance Standards) performance presentation norms of December 2004. The audits were carried out by PricewaterhouseCoopers. The GIPS represents international ethical norms for an objective presentation of performances, applicable to the presentation of third party asset management. It allows for an accurate picture of past performances and guarantees transparent and comprehensive information. In respecting the GIPS norms, AXA PE maintains that it can continue to improve its response to the growing demand of comparability, transparency, and coherence of the performances presented to its investors, especially in periods that funds are closed.AXA PE is now certified as conforming with the GIPS norms for the following funds: AXA LBO Fund (EUR 95m), AXA LBO Fund II (EUR 400m), AXA LBO Fund III (EUR 500m), AXA Expansion I (EUR 65m) AXA Venture Fund IV (EUR 61m), AXA Secondary Fund I, II and III ($1.65bn), AXA Private Equity Fund of Fund II Europe & America (EUR 395m). The other funds managed by AXA Private Equity were not considered applicable to GIPS criteria because of their nature or their development phase. The verification of conformity with the norms will be renewed annually.

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