Common use of CALCULATION OF THE PERFORMANCE ADJUSTMENT Clause in Contracts

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Performance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the AXA R▇▇▇▇▇▇▇▇ Portfolio over the previous 36-months, and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the AXA R▇▇▇▇▇▇▇▇ Portfolio shall be determined by applying the following Performance Adjustment Schedule to the cumulative performance of the AXA R▇▇▇▇▇▇▇▇ Portfolio relative to the R▇▇▇▇▇▇ 2500 Growth Index (the “Index”) over the rolling 36-month period applicable to such fiscal quarter. (See Fee Example #1.)

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Performance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the AXA R▇▇▇▇▇▇▇▇ Chartwell Portfolio over the previous 36-months, and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the AXA R▇▇▇▇▇▇▇▇ Chartwell Portfolio shall be determined by applying the following Performance Adjustment Schedule to the cumulative performance of the AXA R▇Chartwell Portfolio relative to the ▇▇▇▇▇▇▇ Portfolio relative to the R▇▇▇▇▇▇ 2500 Growth Index (the “"Index”") over the rolling 36-month period applicable to such fiscal quarter. (See Fee Example #1I .)

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Performance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the AXA R▇▇▇▇▇▇▇▇ Cardinal Portfolio over the previous 36-months, and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the AXA R▇▇▇▇▇▇▇▇ Cardinal Portfolio shall be determined by applying the following Performance Adjustment Schedule to the cumulative performance of the AXA R▇▇▇▇▇▇▇▇ Cardinal Portfolio relative to the R▇▇▇▇▇▇ 2500 Growth Mid-Cap Value Custom Cap-Range Index (the “Index”) ), over the rolling 36-month period applicable to such fiscal quarter. (See Fee Example #1.)

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Performance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the AXA R▇▇▇▇▇▇▇▇ Century Portfolio over the previous 36-months, and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the AXA R▇▇▇▇▇▇▇▇ Century Portfolio shall be determined by applying the following Performance Adjustment Schedule to the cumulative performance of the AXA R▇▇▇▇▇▇▇▇ Century Portfolio relative to a 50/50 blend of the R▇▇▇▇▇▇ 2500 and 2500 Growth Index (the “Index”) over the rolling 36-month period applicable to such fiscal quarter. (See Fee Example #1.)

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Performance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the AXA R▇▇▇▇▇▇▇▇ Sterling Portfolio over the previous 36-months, and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the AXA R▇▇▇▇▇▇▇▇ Sterling Portfolio shall be determined by applying the following Performance Adjustment Schedule to the cumulative performance of the AXA R▇▇▇▇▇▇▇▇ Sterling Portfolio relative to the R▇▇▇▇▇▇ 2500 Growth Value Index (the “Index”) ), over the rolling 36-month period applicable to such fiscal quarter. (See Fee Example #1.)