MAX (o;8o%(

Final Ternis dated 3 December 2013 (as aniended and restated as of 1 July 21)15) AS AMENDED AND RESTATED as of 26 June 2018

AXA BELGIUNI FINANCE NL) B.V.

Issue of “OPTINOTE PRESTIGE”

Guaranteetl by AXA BANK BELGILIM SA under the

AXABELG1UM FINANCE (NL) B.’V.

and

AXA BANK BELGIUM SA EUR 2.4)00,000,000 Notes Issuance Programme

The tejins and eonditio,ts of the ;Votes in these An,e,ided^mij Restated Fitte! Te,ins (the ‘‘Aniended and Restated Fina! Tenns‘‘) sitpersede ^{WIJ is piece as} f)niii 26 Jittie 2018, the teitijs and co,tditions of the NOteS set our lul die migni(d Jniaitetnisdateci 3 Deceunher 2013 as aniended and itvtated as of 1 Juls 2015 (the ‘‘Origitial Fina! Terins‘‘), together, the ‘‘Fina! Te,’in.ç^‘‘, inider ,i’hich the Non’s desenhed hereut ue,e i’,si,ed. These A,nenc/ed miJ Restaed Fjuiuii Tetuns shanid he iead in (outjuitetjout i,ith the Bast’ Prospectus dated 10 September 20)3 1the ‘Base Prospectus‘‘).

Tiie.ve •4nu’mlt’d anti Restarc’d [ina! Tenn.v do not cO,IV!I?IIt€, cuud may 110f be uset/Jor the /51(1 ])05C( of CIII

?UL’r of orati i,IIitotioIt by ^{Oï 0fl} behaif of anvo,Ie to çitbstt’tbe vr pttrehase. mooi the Notes,

PART A^- CONTRACTUAI. TERMS

Terms used herein shal 1 he deemed to he delined as sttch for the purposes of the ‘Fernus and Conditions set forth in the Base Prospectus dated 10 September 201 3 and any Supplement thereto, which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/7 1/EC) (the •‘Prospectus Directive”), This document constitutes the Final Ternis of the Notes described herein for the purposes of Article 5.4 of the Prospectns Directive and must be read in conjunction with such Base Prospectus and any Suppiement tliereto. These Final Terms anti the Base Prospectus logether constitute the Pi’ogramnse for the Tranche. Full information on the Issuer ^. the Guarantor and the offer of the Notes is only available on the basis of the comhination of these Final Terms and the Base Prospectus, The Base Prospectus is available for inspeetion at the office (1fthe Guarautor and the office of the Issuer,

General Description ott tite Notes

The Notes have a naturity of 7 vears until S Marcli 2021 (the ‘Maturity Date The Notes are tlenonuinated in Euro lEUR).

The Notes will he redeemed on the Scheduled Maturity Date at a Price tn function uf the evolution of the Fund Interest Unit Price of the underlying fund Lomhatd Odier DI LO Fonds ^— Glohal Prestige EUR PA formerly: Credit Suisse t Lux) Glohal Prestige Equity Fund B EUR (the ‘‘Fund’’) Each Now will he redeenied al IOOÇI of the Detsomination. increased with 80 Ç of the eventual inevease of the Fund Interesi Unit Priee, calcu]atcd as the arithmetic nsean of the Pond Interest Unit Prices across the 28 quarterly Valuation Dates.

The Notes are unconditionally and irrevocably guaranteed hy AXA BANK BELGIUM SA.

1 (i) Issuer: AXA BELGIUM FINANCFZ (NL) BV.

(ii) Guarantor: AXA BANK BELGIUM SA

(iii) Calculation Agent: AXA BANK BELGIUM SA

2 (i) Series Numher: 40

[(ii) Tranche Numher:

3 Specil’ied Currency or SUR Currencies:

4 Maximum Aniount:

(1) Series: EUR 120,000.000

(ii) Tranche: EUR 120,000.000

5 Minimum Amount:

[(01

[(ii

)1

6 Oflerine Period: From 18 December 2013 to and ineluding 28 February 2014 (16:00 h Brussels time) (exeept in case of early closing)

7 Issuc Price’. 100 per cent.

8 Brokerace Fee: None

9 Denomi n ation: EUR 1 .000

10 (i) Tssue Date: 7 March 2014

(ii) Interest Commencement Not Applicahle Date:

II Maturit> Date: 8 March 2021

12 Inlerest Basis: Nor Applicahle

13 Redemption/Payment Basis: Variable Linked Redemption (further particulars specified helow)

14 Change of Interest or Not Applicahle Redemption/Payment Basis:

IS CalI Options: Not Applicable

16 Mandatory Early Redemption Not Applicahle

t? Siatos of the Notes: Senior Notes 18 Date approval forissuanceof Not Appilcable

Notes ohtained:

19 Form of Notes Bearer Notes

2f) New Glohal Note Not Applicahle

PROVISIONS RELATING TO INTEREST (IFANY) PAYABLE 21 Fixed Rate Note Provkions Not Applieahle

22 F)oating Rate Note Provisions Not Applieahle

23 Zero Coupon Note Provisions Not Applicahle

24 Variable Linked Rate Note Not Applicahle Provisions

PROVISIONS RELATING TO REDEMPTION

25 CalI Option Not Applicahle

26 Niandatory Early Redeinption Not Applicahle 27 Redemption Arnount of eacb

Note

Variable Linked Redeniption

(i ) tJnderl yi n Fond

(ii) Variable Lioked Redemption Oo the Matority Date:

Anioont:

Denominarion x +

MAX (o;8o%(

—

1))j

Where:

AverageFundPrice” rneaos the arithmetie mean of the Final Prices of the Relevant Fond tnlerest Unit ⁰⁰ eaeh Valoation Date (t=l^...28)

IntitialFuodPrice’ means the Initial Price of the Relevant Fond Joterest Unit

hi) Business Days: TARGET Settlement Day, sub eet to adjustmem according to 11w Business Day Con vent jou

(iv) Business Day Convent ion Fol lowi ng

VARIABLE LINKED PROVISIONS

Re lerence Fund:

ii) \tIuation Date(s):

Luinhard Odiet EM LO Funds^— Glohal Prestige ELR PA Bloomhers LOPREPA LX)

ISIN: LUI 809976522

(Jrt,ic,lv: CS/,iucv!iiu,itFitnI 2^—Ciech!_Suiçve L,Lr) Gh/;aIPivsaii £puI!

)-:o:JJJEL!RISLv L(•II9.P6O85;

Nleans the ioio ‘nr \‘aluation Dates

t Valuation Date (t)

1=1 28May2014

1=2 28Augusl2Ol4

1=3 28 November 2014

1=4 2March 2015

1=5 28May20l5

1=6 28 August 2015

t7 28 November 2015

t=8 29 February 2016

t9 30May2016

1=10 29August2Ol6

1=11 28 November 2016

1=12 28 February 2017

1=13 29 May 2017

1=14 28Augusl2Ol7

t15 28 November 2017

1=16 28 February 2018

1=17 28May2018

1=18 28 August 2018

1=19 ₂₈ November 2018

120 28 February 2019

1=21 28May2019

1=22 28August2Ol9

1=23 28 November2019

t24 28 February 2020

1=25 28 May 2020

t26 28 August 2020

t27 30 November 2020

1=28 1 March 2021

svith thecondition of this Date being a Valuation Date. if not thefollo\ving Valuation Date.

(iii) Initial Vatuation Date: 7 Mareh 2014

(iv) Initial Price: The Relevant Fund Interest Unit Priee in respect of the tniual Valuation Date

[JSTING AND ADMISSIONTO TRADING

Ii) Admission to trad ing: Not AppI i eahle (ii) Estimate of total expenses Not Applieable related to adniissionto trading:

DISTRIBUTION

Dealer(s): AXA BANK BELGtUM SA

Selling fees: None

Additional selling restrictions: Not Applieable Non exempi offer

Not Applieahle

OPERATIONAL INFORMATION

ISIN Code: XSl0030l5l27

Common Code: 100301512

Clearing System(s): Euroclear/Clearstream

Prineipa Paying Agent: Banque Internationale Luxemhourg (BtL)

Paying Agent: AXA BANK BELGIUM SA

SECONDARY NIARKET

AftertheInitial Val[liiiion Date. the price of the Notes wil] he ealeulated as follows:

On a datly basis. AXA BANK BELGIUM SA agrees to provide bid and offer prees and to buy and seli Notes for a mini mum Nominal Amount of 1 .000 BUR (one thousand cum). with a maximum

1 .OVr bid-offer spread The bid and oHer priees of the Notes are suhjeet to the then applieable market condit ons. Referenee Funti Interest Ltnit Priees. interest rates. forward rates. credit spreads of the relevant Isstier er the Guarantor as applieab]e. cle, The bid and offer priees are hased en the elosing niarket eonditions of the relevant daw.

In case of sale of the Notes hefore matttrity the sal e proceeds eau he lower than the Redemption Amouni

AXA BANK BELGIUM will pro’ ide au oflkial couflrmatio nof ans Secrndarv Market Transaction in the week til los ing the Tratle Date of this .Seeondary Market Transaction.

Maximutn Sptesst: Not ApHieahle

N1axitnttn C’ontnissicitt: Not Applieable NIaxnntn Exit Penalty: Not Applicable

RESPONSIBILITY

The lsstter and the Gtiarantor accept respousihility for the information contained in these Final Terms.

Signed en hehal f of the J5511cr:

ert _k+ttö€j

Sirned en hehalf of the Gttatatttor:

‘ulyauthorised

(*)Ric

Ç

PART B^-SIMULATIONS AND OTHER INFORMATION

SIMULATIONS Negative

Value on the quarterly Valuation

Vear Dates Evolution

Initial

Value 100

Q1 Q2 Q3 Q4 01 02 03 Q4

Ycnr 1 00 102 105 101 0.00R 2.00 500 400w

Ycar 2 02 99 97 94 2.0DÇ- •00’, -3.00

Year 3 97 99 lOl 104 -7.00% -1.00% ].00’k 4M0

Year4 108 112 115 119 8.00% 12.00% 15ij0% 19.00%

Year 5 123 127 132 137 23.00% 27.00% 32.00% 37.00%

Year6 140 143 117 151 40.00% 43.00% 47.00Yr 51.00%

Year7 148 150 154 159 8.00%- 50.00% 54.00% 591)0%

Arithmetic mean of the performance -15,68%

of the underlying funcl on the 28 quarterly valuation dates

Redemption 100,00%

Neutral

Value on the quarterly Valuation

Vear Dates v3ution

Initial

Value 100

Q1 02 03 04 01 02 03 04

Vear 1 100 102 105 104 0,00% 2,00% 5,00% 4,00%

Vear 2 102 99 97 94 2,00% -1,00% -3,00% -6,00%

Vear 3 97 99 101 104 -300% -1,00% 1,00% 4,00%

Vear 4 108 112 115 119 8,00% 12,00% 15,00% 1900%

Vear 5 123 127 132 137 23,00% 27,00% 32,00% 37,00%

Vear 6 140 143 147 151 40,00% 43,00% 47,00% 5100%

Vear 7 148 150 154 159 48,00% 50,00% 54,00% 59,00%

Arithmetic mean of the performance 20,32%

of the underlying fund on the 28 quarterly valuation dates

Redemption 116,26%

Positive

Value on the quarterly Valuation

Vear Dates Evolution

Initial

Value 100

Q1 02 03 04 01 02 03 04

Year 1 100 103 105 106 0,00% 3,00% 5,00% 6,00%

Year 2 105 107 110 113 5,00% 7,00% 10,00% 13,00%

Vear 3 116 120 124 128 16,00% 20,00% 24,00% 28,00%

Year4 133 138 142 147 33,00% 38,00% 42,00% 47,00%

Vear 5 151 156 161 166 51,00% 56,00% 61,00% 66,00%

Vear 6 170 174 179 184 70,00% 74,00% 79,00% 84,00%

Vear 7 182 187 193 198 82,00% 87,00% 93,00% 98,00%

Arithmetic mean of the performance 42,79%

of the underlying fund on the 28 quarterly valuation dates

Redemption 134,23%

OTHER INFORNIATION

PART C^—SUNINTARY

Introduction and warnings

jk.1 \Varning: This Sninmary should be read as introduction to the Prospectus. Any decision to invest in the securities should be hased 011 consideration of the Prospectus as a whoie by the investor. Where a claim relating to liie information contained in the Prospectus is brought before a Court in an EFA State. the plaintiff investor might, under the natioiiai legisiation of the Member States, have to bear the cosis of translating the Prospectus before the legal proceedings are initiated. Civil hability attaches only to those persons who have tabled the summary inciuding any translation thereof. ^Ina only if the Summary is misleaditig, inaccurate orinconsistent when read togetlier witli the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such securities.

A.2 The Issuerauthorises that this Base Prospeetu. as suppieniented trom time to ti lie. nia he used for the purposes of apublic otter svithin t 2 iionths from liie (late of this Base Prospectus In Belgiuiii. liv any credit institution

authorised pursuant to Direelive 2006/48/EC or nov investment firiii autliorised pursuant to Direeti ve 2004/30/EG to conduet sueh offers (au Anthorised Offeror).

Each offer and cach saleof the Notes by an Authorised Offeror sviIi be made in accordance w ith the ternis and conditio,us agreed hetween such Authorised Offeror and the investor, including in relation to the price, the allocation and the costs and/or taxes to hehome by all investor.The Issuer isnot a party to any arrangeunents or ternis and conditions in connection with the offer and sale of the Notes between the

Authorised Offeror aiud an investor. This base Prospectus (loes not contain the teruns and conditions of

aus Atutluorisecl Offeror.

Issuer and guarantor

Issuer:AXA BELC1UNI FINANCE (NL) B.V.

Bi Legal and cominercial name of the issuer Legal name: AXA BELGIUM FINANCE (NL) BV.

Commereial name: AXA BELGIUM FINANCE tNL) BV. (AI3F(NL)) B.2 Dornicile, legal forni. legislation and country ofincorporation

ABF(NL) was iuueorporated asa’ beiloretu I’e;hIuootsc/la/ ^‘ for an unlinited duration under the iaws of the Netherlauuds (‘Ii 30 October t 990 onder the name of Ippa Fi uianee Companv BV. (in 21 Maucli 2000 the name was ehanged lo AXA Belgiuni Finance NL) BV. Its registered offiee is in Anisterdani and its business address is at 4835 NA Breda. Ginneken”eg 213.tThe Netherlands).

B.4b Trends affecting the issuer and its industry See B.4h for AXA BANK BELGIUM NV B.5 Positionof the issuer inits group

AxAn.

TCite,PoI.ndtPot

•

-

1 L

AXA Bs’k Luroop.

ABF(NL) is a whol]y owned suhsidiarv ofAXA BANK BELGIUM and is part of the iotemational group AXA (AXA). There is no arrangement that may resu It in a change oI control of ABF(NL).

ABF(NL) acts as a f nanee company. ABF(NL) ^issuesnoles iii the market. whcrcby procccds of the issued notes are fully 1cm on to /\XA BANK BELGIUM.

There have heen no material contracts that are riot entcrcd into in the ordinary course of ABFNL)s business vhich cotild result in an memhcr of the AXA group hcing onder an entitlement thai is material to ABF(NLYs abilitv to meet its obligations to Notehoiders.

8.9 Profit forecast er estimate

AXA BELGtUM F1 NANCE (loes not diselose lorecasis^o’.csti nauons of its future rcsults 8.10 Qualifications in the an(lit report on the historical financial information

The relevant auditors rcport vith respect to the iuçlited aunuat accounts of ABFt Nl t lor the years ended 3 1 December 2011 and 31 December 2012 ‘vere dclii cred ‘vi hout anv reservations.

8.12 Selected historical key linancial information

Balance sheet 31/1212011 31/12/2012

Fixed Assets: 380765653 EUR 1.014692.2 t7 EUR

Current Assets 8.625.604 EUR 17.302.296 EU[<

Shareho]ders F.quity 2.729.463 EUR 3.161.182 EUR

Long Term Liahilities 380.719.015 EUR 1.014.623.259 FUR

Current Liahilities: 5.942.769 EUR 14.210.072 EUR

Profit: 88.727 EUR 431.719 EUR

Material adverse change in the prospects

There has heen no maieria[ adverse chaoge iii the prospecis O[ABF(NL) since 31 December 2012.

Significant changes in the financial er trading position

Thcrc has heen rio niaterial adverse change in the financia[ or trading position of ABF(NL) siuce 31 December 2012.

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8.13 Recent events relevant to the e;aluation of the issuer’s solvency

ABF(NL) bas made no investments since the date of the last published financial statements. and no princil fotore invesinlents are planned. In addition. there has heen no material adverse change in the prospeets of ABF (NL) since 31 December 2012.

There have heen no governmental. legal or arhitration proceedings tineluding any stick proceedines vhicli are pending or threatened of which ABF (NL) is uw are. during the last 12 months. vhich may have. or ha e had in the receni past. sigiiiilcatit ell’eets on ABF (NL)’s linaiicial position or proktahility.

B.14 Dependence upon other entities within the group See B.5

B.15 Principal activities

ABF(NL) acts as a finance company. ABF(NL) issues notes in the market. wherehy the proceeds of the issoed notes are fully on-lent to AXA BANK oF other entities of the AXA Group.

B.16 Direct or indirect control over the issuer

ABF(NL) is fullytisvned and controlled hyAXA BANK BELGIUM 13.17 Credit ratings assigned to the issuer or its debt securities

Not applieahle

B.18 Natttre and .scope of tite guarantees

Notes issoed hy ABFNL) are gnaranteed hy AXA BANK.

Under the Senior Guarantec. the ohtigutionsof AXA BANK will have the same priori ty as the other ohl igations of AXA BANK helonging to the same categor\ te, direct. onsecored. unconditional and onsohordinated ohligations). This category (the ordinarv ereditors’) has however a lower priority than the ‘prisiliged creditors t sueh as ONS. S.S[•te. Emplovees. etc.

B.19 Infortimtion ahottt the guarantor

See helow in lorination about AXA BANK BELGI LtM SA

Gllnrafltor:

AXA BANK BELGIUMSA B.1 Legal and commercial name of the Guarantor

Legal name: AXA BANK BELGIUM SA

Commercial name: AXA BANK or AXA BANQUE

B.2 Domicile, legal form, legislation and country of incorporation

AXA BANK BELGIUM SA (‘‘AXA BANK ) is a îiaaniloze i’ninootschcip/iociété ^wtonvnie’ of unlimited duration incorporated onder Belgian law and registered with the Crossroads Bank for Enterprises under business identification nnttiher 0404.476.835. Its register’ed office is at 1170 Brossels. boulevard do Sooverain 25.

Belgium

B.4b Trends affectiiig liie Guarantor and its itidustry 1. incertin economie conditions

AXA BANK’s business activities are dependani on the les ei ofhanking. finance and finaneial services reqoired hv its customers. Also, the market for deN secorilies issoed h’ hanks is infioeneed hy economie and market conditions and. to valying degrees. market conditions. interest rates. correney eehange rates and infiation rates in other European and other coontries. The profituhility of the bank’s hosinesses could. therefore. be adverselv affeeted hs’ a svorsening of general economie conditions in its markets as well as by foreign and domestic trading niarket conditions and/or related factor-s. inelodtIggovernniental policies and initiatives.

2. Global financial crisis and Enro-zone debt crisis

The g]oha] I5nancial system has suffered considerahle turhulence and oncertainty in recent years and the ootlook for the global economy over the near to medium term remains challenging. The tlefaolt. or a significant decline in the credit raling. of one or more sovereigns or financial institotions could caose severe stress in the financial systemgenerally and could adversely affeet the markets in which AXA BANK operates.

3. Increased and changing regulation

Recent developmenis in the global markcts have cd to an inerease in the involvensent ofvarious governmental

and regulatory anihorit es in the financial sector and in the operations of financial institutions. In particul^[IE.

governn]enta] and regulatorv anthorities in Enrope have alreadv provided additional capital ^{and funding}

reqaements and or ma- in the future he introdncing a significailti more restrictive regulatorv en’ ironnlent.

B.5 Position of the Guarantor in its group

Lï..

AXA BANK BELGIUM SA is ^{a nlemher}of the AXA Group. AXA Group is an important glohal plaer ‘vhose amhition is to attain lcadcrship in its core Fi nancial Prolection business. Financial Proteetion invnlves offering its customers ^—individuals as well as small. llla1—silcand large husinesses^— a vide range of produets and serviees that meettheir insurance. protection. savings. retireincilt and financial planning ieeds tlIn)ligIlonttheir lives.

AXA hasaretail hanknw ach’ityas part of the AXA BankBELGIUM strueture, This activity is fully integrated vithin the group as t is a key element for the life & savings business.

13.9 Profit forecast orestiniate

AXA BANK BELGILIKT does not djseloseç foreeasis on is future results

B.1O Qttalifications in the audit report on the historical financial information

The relevant auditors report vith respect to the andited annual accounts ofAXA BANK for the years ended 3 T December 2011 and 31 December 2012 were delivered without any reservations.

B.12 Selected historical key financial information

(in’OOOEUR):

Balance sheet 31/12/2011 31/12/2012

Assets: 41.837.374 EUR 39.216.948 EUR

Shareholders Equity 651.476 EUR 822.362 EUR

Liahilities 41.1 85.805 EUR 38.394.586 EUR

Profitfl.oss: -147.757 EUR -23.377 EUR1)

>) The eiohttion is inouilv (life to the lom? loses iii Hwigarv. the deconsolirlnt,o,i of Siiiteila,ici, loiie

?estritctu;i?ig costs partlv qffset bv a 104crconniericiol?flort’!fl ⁱⁱⁱ Belgiuni in a cO?itext of lou iitterest fates.

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Material adverse change in the prospects

There bas heen no material adverse change in the prospeets of AXA BANK since 31 December 2012.

Significant changes in the financial or trading position

Ihc:e has heen no material adverse ehange in the naitetal or trading position of AXA BANK since 3 1 December2012.

B.13 Recent evenis relevant to the evaluation of the Guarantor’s solvency

ABF(NL) has mode no investments sinee the date nl the last published finaneial statements. and no pri neipal future investments are planned. In addition. Lhere has heen no material adverse ehange in the prospeets of ABF(NL) sinee 31 December 2012.

In Mareh 2013 AXA BANK BELGIUM decided to eease operations of the Czeeh and Slovakian hraneh in the con rse o f the^2’ut h :d t— ye ar 20 13

In May 2013. AXA BANK BELGJUM has heen indieted in conneetion with eredits uarketed to Freneh property prolessonals in We HOs hy Anhyp. AXA BANK is eurrently appealing against dus indietnieni for whieh a request for (lisnussol is asked In the investi2atilw nagtstrate.

There ha’ e heen no governmental^. legol or orhitration proceedings (incinditig onv such proceedings whieh are pending or threatencd of which AXA BANK is aware. dunne the last 1 2 months. svhich may ha’ e. or ho’ e in the recent past. sienificant effeeb un AXA BANK s finoneial position ot. prohtahilitv.

B.14 Dependence upon other entities within the group See B.5

B.15 Principal activities

AXA BANK s ohjeet is to carry out the business of a credit institution. II is a meiuher of the AXA Group. an important glohal plover in the tinancial proteetioo offenine a de ralige of produets and serviees that meet the dient’s insuranee. proteetion. savings. retirejnent and finaneial planning needs.

11.16 Direct or indirect control over the Guarantor

AXA BANK is fnlly ovned and hy other cm ties of We AXA Group. The urganizattonal struelure of AXA BANK is hased on a dear split hetween Supervi sory and effective management acenuntahilities. The auditor of the honk is PnieesvaterhonseCoopers Bednijfsrevisoren CVBA.

11.17 Credit

The eurrent ratings of AXA BANK are A/A- 1. with uutluok Snahle’ (Standard & Poors) and A2/P— 1 with negative outlook t Moody’s).

o 2010: S&P: A+/A-1/Stahle outlook o 2011: S&P: A+/A- 1/Negative outlook

Moody’ s: A2/P- 1/Stahle uuuook o 2012: S&P: A÷/A-l/Negative outlouk

Nloodv s: A2/P— 1 /Negati e outlook o It) December2012: S&P: A/i\- I/Stuh]e outlonk

Moodvs: A2/P- 1/Negative outlook

Securities

C.1 Type, class and iclentification nuniber Senior Nutes in hearer fo rtu

ISIN Code: XS 101)3015127 C.2 Currency

Eurn (EUR)

C.5 Restrictiotis on the free transferability

None (except to U.S. persons)

C.8 Rights attached to the securities including ranking and Iiniitations to those rights The Notes are governed by and construed in aeeordance with Be Igi an Law.

The Notes are direct. unconditional and unsecored obligations of the Issuer and rank withoot any preferenee among thenseI ves. wiih iii other outstanding obligations of the Issoer of the same category on]y to the exient permitted hy mus relating to ereditor’s rights. This category (the ordinary creditors) bas however a lower priority than the pii vi liged creditors çsnch as ONSS. State, Emptoyees.ete.)

Cli

The redemption is hased on all Underlving Fond:

Un the Matority Date:

Denomination x +

MAX (o:sovc (‘,::7”

^fl)j

\Vhere:

F1Ltld(Averas. illejils the arithnietie nican of the Eitlal Priees of the Rele’ant Fund Interest Unit en eaeh Valuaien Date t=l ^- 28

Euitdc Iniria ^- itle;’Ils the Initial Price ol the Relesant Fund tnteresr L7nit

C.16 Maturity date, cxercisedate. linal reference date Matllrit\ Date: S Mateh 2021

C.19 Exercise price/final reference price of the underlying

•Fund(Average) mealP the arithmetie mean of the Final Priees of the Relevant Fund Toterest Ltnit on eaeh Valoatioii Date (II 25). vhete:

t Valuation Date (t)

1=1 28May2014

1=2 28 AUQUSI 2014

1=3 28 November 2014

1=4 2March 2015

1=5 28 May 2015

1=6 28 August 2015

1=7 28 November 2015

1=8 29 February 2016

1=9 30 May 2016

t=I0 29 August 2016

t=11 28 November2016

t=12 28 February 2017

t=13 29May2017

t=14 28 Augusl 2017

t=15 28 November 2017

t=16 28 February 2018

1=17 28May2018

1=18 28 August 2018

t=l9 28 November2018

t=20 28 February 2019

t=21 28May2019

t=22 28 August 2019

t=23 28 November2019

t=24 28 February 2020

t=25 28 May 2020

t=26 28 August 2020

t=27 30 November 2020

t=28 1 March 2021

FundtInhtial) ^nicansthe Initial Price of the Relevant Fund Interest UTnit nu 7 Mareh 2014:

(‘.20 Type of the underlying and where information

can 1w

Luinbard Odier IM Iauneh LO Funds ^—Glohal Prestige EUR PA ISIN: LUI 809976522

tttT,,itrlv CS I,ununc,nf,t,iR2^—C’redit_S,TIÇ.VL Luv) (U,hc,I P,n,içt Equin Fiutcl 8 ELk

Risk factors

D.2 Key risk specific to the issuer and lo the guarantor

Like other hanks. AXA BANK faces tinancial risk iii the conduet of its business. such as credit risk.

operational risk and market risk (inciuding litjuidity risk). Furtherinore, AXA BANK laces regulalory risk, the uneertain economie enndi ions and the conipetttton aeross all the markets.

Considet ing Liie ciose reiationship with. and the guarantee of the ohiigations of ABF(NL i’^. AXA BANK. the risk factors as set ^OLIL ahove in respect of AXA BANK may also applv. direetly and/or indieedv. to ABFNtJ.

General credit risks are inherent in a \vidc lange of AXA BANK’s buinesses. These ineltide rtsks arising from ehanges in the credit quahtv of its borrowers and coonterparties and 11e inahilitv to recover loans and anv amounts drie^-

Market risks are all the risks hnked to the ilocruations of market priees. inciuding. prmLipally.

exposure to loss arising from adverse tnoi ements in inrerest rates. and, to a lcsscr extern. lbreign exehange rates and equity prtce. stemming bom AXA BANK’s aetivities.

Operational risk is the risk of tinanei;d or non—tinancial impact resulting from inadequate or failed internal processes. people and svsteins. ,r from esternal events. The defininon inciudes legal and reputation risk hut exeludes strategie risk and expetses irotil eonniiercial decisions. Altiiougii AXA BANK luis implemented risk controls and loss mitigatiott aetions. and bas resortreci tievoted to developing efiïeient proeedttrcs and staff asvareiless. juli proteetion against operational tisks cao

lever he attained. doe to the erv nature ⁽ⁱⁱ these risks

Liquidity risk mmagement at AXA BANK is guided hy internal and prudential hqrtidity ratios. Striet limits also apply with regard to the pa ^t that cao he funded in the short term and the part that can he raised oH the in terhank market.

The Terms and Conditions of the Notes enahle each Issuer to suhstitute itself as principal dehtor onder the Notes another eompany of the group to svhich the Issuer he]ongs. Such a suhstitution is suhject to certain condittnns, ineluding that (i) the Goarantee must remain in plaee in case of suhstitution of ABF (NL) and that (ii) the stthstitute must have a long term credit rating of at least the saaie level as AXA BANK. in case of substitution of AXA BANK. This suhstitution aims to enable intragroup reorganisations. such as mergers or realloeation of finaneing activities wit hin the group (svhich may he driven hy a variety of reasons. sttch as struetural optimization. regnlatnry changes). A substitution will result in the Noteholders not having the same issuer as the initial issuer. alheit the suhstitnie issuer will he part of the saaie group. In case of suhstitution, a new base prospectus will leed to he published if the substitute issuer wanis to isstie notes onder the Programme aller that the 50 bstittttion h as become effecti ve.

FL6 Key risk specitic to the derivative sectirities

W’arning:

The holder of derivative securities could lose all or a substatitial portion of the value of his investnient in such securities.

Pro’ isions for calling meetings of Noteliolders permit defined majorities to hind all Noteholders including Noteholders who did not attend and ote at the relevant meeting and Notcholders who

‘oted in a manne reo ntrary to the majort

No assuranee cao be given as to the inipact of any possible jodicial deejsion or ehane to Belgian mw or adininistratis e practice after the dateof isstie ofthe relevant Notes.

In addition, anv relevant mx btw or praetiee applieahle as aL the date ol thi5 Prospectus and/or the date o[ purehase nr subseription of the Notes may ehange at any time.

Iiie invesiment activilies ot eertain investors are subject to investment laws and regolations. er review or regulation hy eertain authorities. Eaeh putential investor shooltl eonsult its legal advisers to determine vhether and to what extent Notes are legal investments for t.

Investors may not he able to seil their Notes easily or at priees that \vi II provide them svith a yield eoinparahte to similar investments that have a developed secondary market.

Investment in Fixed Rate Notes and Variable Linked Rate Notes involves the risk that sobseqoent ehanges iii market interest rates may adversely affeet the value of Fixed Rate Notes

VarUiHIS:

A Noteholder s aetual vield no the Notes ma\ he redoeed from the stated yield hy transaction eosts.

A Noteholder 5effeeti ve vield on the Notes may he diininished hy the tax i mpaet on that Noteholder

of its In’ estnient iii the Notes.

Offer

E.2b Reasons for the offer and use of proceeds

The net proeeeds of the Notes will be appl ied for general eorporate purposes of AXA BANK. ABF(NL) will lend the proceeds to AXA BANK.

E.3 Ternis anti conditions of liie offer Speeified Curreney or Correneies: EUR Max i mu n A nioo nt:

(i) Series: EUR 120.000.000

(ii) Tranehe: EU R 1 2t).000.000

Minimtini Amount:

til Series: ELR 5.000,000

(ii) Tranche: E1,R 5.000.000

Offering Period: From 18 December 2013 to and ineluding 28 Fehruary 2014 t16:00 h Brussels time) (except in case of early elosin2

Is soe Price: 100 per cent.

Brokerage Fee: Not Applieahle

Denoininat ons: EUR 1.000

Issoe Date: 7 March 2014 Interest Commencenient Date Not Appi icable

E.4 Interest material to the offer inciuding conflicting interests

To ABF(NL)s and AXA BANKs knowledge there are no conflicts of interest betveen any duties to ABF(NL and AXA BANKof the memhersofthe Board and of the coinmittees and their private nterests.

E.7 Estimated expenses charged to the investor

Non e