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Investment Perspectives - Interest Rates & Inflation

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1) SM Investment Edge Variable Annuity A smart choice for tax-deferred growth potential SM Investment Perspectives Interest Rates & Inflation 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 Interest Rates & Inflation Being prepared if interest rates rise What Let’s start with interest rates in the current economic climate. • Today, interest rates are among the lowest they’ve been in more than 60 years. Since reaching an all-time high in 1981, 10-year Treasury yields have steadily declined. • This has generally fueled a 30-year bull market for bond prices and reduced income opportunities from bond investments. • Low interest rates also mean that purchasing power from a bond’s income suffers. For example, if an investment is earning 2% but inflation is running at 2.5%, an investor is actually losing money. Please note that there is no assurance that historical trends will continue. Traditional “safe” sources of income, such as CDs and U.S. government bonds, are yielding a fraction of what they once did ANNUAL INCOME FROM A $100,000 INVESTMENT $6,000 $5,240 $4,820 $4,710 $5,000 $4,000 2006 $3,000 $1,760 $2,000 $1,000 0 $450 6-Month CD 6M h $250 2-Year T Bond Y Treasury B d 10-Year T Bond 0 Y Treasury B 2012 Source: J.P. Morgan Asset Management. Shown for illustrative purposes only. Income figures for Treasuries reflect yield to maturity, which may include capital gains or losses for bonds not priced at face value. U.S. government bonds are backed by the full faith and credit of the U.S. government. Why Simply put, rising interest rates generally are a risk to fixed income prices. However, changes in interest rates do not affect all bonds equally. • Generally, the longer a bond’s term, the more its price may be affected by changes in interest rates. • Different sectors of the bond market respond differently to changing interest rates. For example, longer duration bonds typically experience the greatest price pressure. In rising interest rate environments, consider diversifying your fixed income investment. • This could include high yield bonds that have less interest rate risk but more credit risk as well as bonds with shorter durations or floating rates. A 1% rise in rates affects bond prices differently PERCENT DECLINE IN VALUE RELATIVE TO A 1% INCREASE IN INTEREST RATES 0% -5% -10% 2-Year Treasuries 10-Year Treasuries 30-Year Treasuries –2.0% –9.0% -15% -20% –20.0% Source: U.S. Treasury, Federal Reserve, Barclays, FactSet, J.P. Morgan Asset Management. For illustrative purposes only. Data as of 12/31/12.

3) Variable Annuity Recognizing how inflation can erode your savings What Inflation can reduce the purchasing power of an investor’s savings and it has the potential to negatively affect the return of certain investments. Why Despite inflation being relatively low for a while, it may increase and negatively affect the value of investors’ savings. • It’s important to note that in periods of low and rising inflation, equities and commodities outperformed bonds, and particularly cash. • However, during times of high and rising inflation, commodities still outperformed but cash did better than equities. High and Rising Inflation Low and Rising Inflation (Occurred 14 times since 1973) 25% (Occurred 7 times since 1973) 20% 20% 17% 15% 13% 10% 5% 7% 6% 5% 3% 2% Median Inflation: 3.3% 0% -5% -10% -15% Bonds Equities Cash Commodities Bonds Equities Cash Commodities Source: BLS, Barclays Capital, Robert Shiller, Federal Reserve, Strategas/Ibbotson, Standard & Poor’s, FactSet, J.P. Morgan Asset Management. High or low inflation distinction is relative to median CPI-U inflation for the period 1973 to 2012. Rising or falling inflation distinction is relative to previous year CPI-U inflation rate. Bond returns are based on the Barclays U.S. Aggregate index since its inception in 1976 and a composite bond index prior to that. Equity returns are based on S&P 500 price return and annual dividend yield (total return). Cash returns are based on the Barclays 1–3 Month T-Bill index since its inception in 1992 and 3-month T-Bill rates prior to that. Commodities returns based on S&P GSCI. Individuals cannot invest directly in an index. For illustrative purposes only. Past performance is not indicative of comparable future returns. Data is as of 9/30/13. Please see the last page for specific investment risks related to 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.

4) Strategies for rising inflation and interest rates Investment EdgeSM offers a wide range investment options with strategies designed for either or both conditions. How Strategies for Rising Interest Rates Environments Charter Portfolio CharterSM Interest Rate Strategies Individual Strategies Core Bonds Eaton Vance VT Floating-Rate Income Fund Fidelity® VIP Strategic Income Portfolio Janus Aspen Flexible Bond Portfolio Lord Abbett Series Fund Bond Debenture Portfolio Short-Duration Bonds Delaware VIP® Limited-Term Diversified Income Series EQ/AllianceBernstein Short Duration Government Bond EQ/PIMCO Ultra Short Bond EQ/High Yield Bond Federated High Income Bond Fund II Invesco V.I. High Yield Fund EQ/Low Volatility Global ETF Guggenheim VT Global Managed Futures Strategy Fund Janus Aspen INTECH U.S. Low Volatility Portfolio Putnam VT Absolute Return 500 Fund Strategies for High Inflationary Environments Commodities High Yield Bonds Charter Portfolio CharterSM Interest Rate Strategies Individual StrategiesTreasury Inflation-Protected (TIP) Bonds American Century VP Inflation Protection Fund EQ/PIMCO Global Real Return Alternative EQ/Energy ETF EQ/Natural Resources PLUS Ivy Funds VIP Energy PIMCO VIT CommodityRealReturn® Strategy Portfolio Van Eck VIP Global Hard Assets Fund REITs EQ/Real Estate PLUS Invesco V.I. Global Real Estate Fund AXA SmartBetaTM Equity EQ/Convertible Securities EQ/GAMCO Mergers and Acquisitions 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 website InvestmentEdge.com. Investment Risks: 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. Equities are subject to market risk including loss of principal. Investments in commodity-related instruments are subject to the 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. Commodity-linked investments face increased price volatility and liquidity, credit, and issuer risks compared with their underlying measures. 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. For more information on how Investment EdgeSM could help you, contact your financial professional today 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. G33058 GE-89669 (12/13) (Exp. 12/15) Cat. #152600 (4/14)