1) SM Investment Edge Variable Annuity A smart choice for tax-deferred growth potential SM Investment Perspectives Diversifying with non-correlated assets InvestmentEdge.com Variable Annuities: • Are Not a Deposit of Any Bank • Are Not FDIC Insured • Are Not Insured by Any Federal Government Agency • Are Not Guaranteed by Any Bank or Savings Association • May Go Down in Value AXA Equitable Life Insurance Company (NY, NY) 

2) Investment Perspectives Diversifying with non-correlated assets Delving deeper into diversification and correlation What Diversification can be enhanced by including assets with low correlations.1 Why Correlation refers to how investments respond to economic changes. Specifically, the correlation coefficient is a number from -1 to 1, which shows the direction of the relationship between assets. • Negatively correlated investments show opposite performance, but positively correlated investments move in the same direction during the same time period. • A correlation approaching zero demonstrates little relationship between two investments. • This information can be used to create portfolios of relatively uncorrelated holdings — potentially reducing risk. A diversified portfolio with low correlated investments may help cushion a portfolio against losses when a specific market experiences a downturn. Correlation Matrix This chart, from January 2004 through December 2013, demonstrates that not only do real assets have a low correlation with equities and bonds, they can have a low correlation with each other. As a group, real assets are not homogenous. This further supports their potential to enhance diversification and potentially reduce portfolio volatility. 1.00 US Investment-Grade Bond 1.00 Absolute Return/Multi-Strategies 0.04 1.00 -0.06 -0.02 Commodities 1.00 0.54 0.02 0.24 Global Infrastructure 0.77 0.45 -0.16 0.10 Convertible Securities 0.70 0.57 -0.03 0.06 Currency 0.87 0.49 -0.05 0.08 Listed Private Equity 0.17 0.12 0.12 0.08 Managed Futures 0.71 0.30 -0.08 0.14 Merger Arbitrage 0.75 0.77 -0.03 -0.01 Natural Resources 0.25 0.36 0.09 0.31 Precious and Base Metals 0.70 0.48 -0.21 0.17 Long/Short Credit 0.88 0.40 -0.04 0.27 Global Real Estate 0.80 0.49 -0.08 0.07 Covered Call Writing 0.84 0.45 -0.10 0.04 Domestic Large Cap Equity d s s re e ties on ditie tegi uctu curi eB rad ommo lti-Stra nfrastr ble Se t-G I i C /Mu Global onvert men C turn vest e In eR US olut Abs 1.00 0.71 1.00 0.85 0.71 1.00 0.09 0.05 0.05 0.78 0.52 0.70 0.14 1.00 0.72 0.63 0.70 0.19 0.60 1.00 0.23 0.23 0.17 0.34 0.17 0.43 1.00 0.79 0.67 0.76 0.08 0.69 0.64 0.25 0.79 0.66 0.91 0.09 0.71 0.64 0.25 0.72 1.00 0.80 0.66 0.82 -0.01 0.66 0.67 0.08 0.63 0.80 1.00 0.87 0.71 0.91 0.08 0.70 0.72 0.13 0.67 0.85 0.89 1.00 1.00 s t ity etal rces ncy iting Equ uity age redi ures tate urre ate Eq ed Fut r Arbitr Resou ase M hort C eal Es all Wr ge Cap C riv ag ge atural and B g/S lobal R vered C stic Lar dP Mer Man Lon N G iste Co Dome ous L ci Pre Please see the last page for additional, important information about this chart. Understanding Variable Annuities A variable annuity is a tax-deferred financial product designed to allow you to invest for growth potential and provide income for retirement or other long-term life goals. There are fees and charges associated with a variable annuity contract, which include, but are not limited to, operations charges, sales and withdrawal charges and administrative fees. The withdrawal charge declines from 6% to 3% over five years for Investment EdgeSM. Variable annuities are subject to market risk including loss of principal. Earnings are taxable as ordinary income when distributed and may be subject to an additional 10% federal tax if withdrawn before age 59½. This document must be preceded or accompanied by a prospectus. 1 Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principal. 1.00 

3) Variable Annuity Adding real assets to a portfolio offers diversification opportunities Real assets often include commodities (i.e., food, energy and metals), real estate (in the form of Real Estate Investment Trusts or REITs) and TIPS (Treasury Inflation Protected Securities). Adding real assets is one way to enhance diversification opportunities and potentially improve risk-adjusted returns. This chart shows that since 2000, a diversified portfolio comprised of investments with low correlations outperformed a diversified portfolio without low correlated investments. An investment cannot be made directly in an index. Past performance is not a guarantee of future results. Traditional moderate portfolio Traditional moderate portfolio, real assets added Portfolio 1 Portfolio 2 Bonds (40%) 30% 20% Large stocks (30%) 40% Small stocks (10%) International stocks (20%) Bonds (35%) Large stocks (20%) Small stocks (5%) International stocks (10%) 10% 10% 5% Real Assets (30%) (REITs, Commodities, TIPS) 35% 20% 30% Portfolio 2 Traditional Moderate Portfolio Real Assets Added $250,000 $200,000 $248,351 +8.71% $196,693 +16.67% -$8,937 -4% $10,861 +9% $150,000 Portfolio 1 Traditional Moderate Portfolio $100,000 -$31,539 -17% -$3,539 -3% $50,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Please see the last page for additional, important information about this chart, including investment risks. How Select among an array of Packaged Portfolios that offer great diversification. Charter Diversified SM Charter CharterSM CharterSM CharterSM CharterSM CharterSM CharterSM Fixed Income Conservative Moderate Moderate Growth Growth Aggressive Growth Equity Charter International CharterSM International Conservative CharterSM International Moderate CharterSM International Growth Charter Rising Rate/Inflation CharterSM Income Strategies CharterSM Interest Rate Strategies CharterSM Real Assets Charter Alternative SM Charter Alternative 100 Conservative Plus CharterSM Alternative 100 Moderate CharterSM Alternative 100 Growth Risk Based AXA Moderate Allocation AXA Moderate-Plus Allocation AXA Aggressive Allocation Manager Select 7TwelveTM Balanced Portfolio American Funds Insurance Series® Asset Allocation FundSM BlackRock Global Allocation V.I. Fund EQ/AllianceBernstein Dynamic Wealth Strategies First Trust/Dow Jones Dividend & Income Allocation Portfolio Franklin Income Securities Fund Franklin Templeton VIP Founding Funds Allocation Fund Invesco V.I. Balanced-Risk Allocation Fund Ivy Funds VIP Asset Strategy Janus Aspen Balanced Portfolio PIMCO VIT Global Multi-Asset Portfolio SEI VP Conservative Strategy Fund SEI VP Moderate Strategy Fund SEI VP Balanced Strategy Fund SEI VP Market Growth Strategy Fund SEI VP Market Plus Strategy Fund 

4) Who Tap into some of the industry’s premier managers, including: When Now is the time to speak with your financial professional to discover the power of Investment EdgeSM. Or visit our Web site InvestmentEdge.com. Important Information for the Correlation Chart Sources: AXA Equitable Funds Management Group LLC and Morningstar Inc. Past correlations are no guarantee of future correlations. Representative Indexes: Absolute Return: BofAML 3M US Treasury Note TR USD; Commodities: S&P GSCI TR; Convertible Bonds: BofAML Covered Calls: CBOE S&P 500 Buywrite BXM; Global Infrastructure: S&P Global Property TR USD; Index of leading global property companies; Global/Listed Private Equity: Red Rocks Global Listed Private Equity TR USD; Managed Futures : DJ Credit Suisse Managed Futures USD; Merger Arbitrage: Morningstar MSCI Merger Arbitrage; Natural Resources: S&P North American Natural Resources TR; Precious Metals: S&P GSCI Precious Metal TR; US Bonds: Barclays US Agg Bond TR USD; US Stocks: S&P 500 TR USD; Currency: DB G10 Currency Future Harvest TR; Long/Short Credit: Greenwich Global HF Long Short Credit. Please see the prospectus for index definitions and specific investment risk information. Important Information for the Diversification Chart Representative Indices: Bonds: Barclays US Aggregate Bond, REIT: FTSE NAREIT All Equity REITs. Commodity: Morningstar Long-Only Commodity. TIPs: Morningstar TIPs. International: MSCI EAFE. Small Cap: Russell 2000. Large Cap: S&P 500. Please see the prospectus for index definitions and specific investment risk information. Specific Investment Risks: Stock investments are subject to market risk including loss of principal. Bond investments are subject to interest rate risk so that when interest rates rise, the prices of bonds can decrease and the investor can lose principal value. Stocks of small companies may have less liquidity that those of larger companies and may be subject to greater price volatility than the overall stock market. International securities carry additional risks including currency exchange fluctuation and different government regulations, economic conditions or accounting standards. Concentrating assets in the real estate sector or REITs may disproportionately subject the portfolio to the risks of that industry, including loss of value because of changes in real estate values, interest rates, and taxes, as well as changes in zoning, building, environmental, and other laws, among other factors. Investments in commodity-related instruments are subject to risk that the performance of the overall commodities market declines and that weather, disease, political, tax, and other regulatory developments adversely impact the value of commodities, which may result in a loss of principal and interest. Investments in U.S government obligations are subject to varying levels of government support. Correlation is a statistical measure of how two assets move in relation to each other. Low correlation suggests that two assets are less likely to move in the same direction in terms of performance. This brochure is not a complete description of all material provisions of the variable annuity contract. This brochure must be preceded or accompanied by a current prospectus and any applicable supplements. The prospectus contains more complete information, including investment objectives, risks, charges, expenses, limitations and restrictions. There are certain contract limitations and restrictions associated with an Investment EdgeSM contract. For costs and complete details of coverage, speak to your financial professional/insurance licensed registered representative. Certain types of contracts, features and benefits may not be available in all jurisdictions. AXA Equitable offers other variable annuity contracts with different fees, charges and features. This brochure 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. Please consult your own independent advisors as to any tax, accounting or legal statements made herein. Not every contract is available through the same selling broker/dealer. “AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), MONY Life Insurance Company of America (AZ stock company, administrative office: 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. This brand name change does not change the legal name of any of the AXA Equitable Financial Services, LLC companies. The obligations of AXA Equitable Life Insurance Company and MONY Life Insurance Company of America are backed solely by their claims-paying ability. Investment EdgeSM (November 2013 version) 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, AXA Distributors do not provide legal or tax advice. Contract Form #ICC13IEBASE1, ICC13IEBASE2 and any state variations. GE-89666 (12/13) (Exp. 12/15) For more information on how Investment EdgeSM could help you, contact your financial professional today G33059 Cat. #152598 (4/14)