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                                                                    Exhibit 4.18



         FIRST AMENDMENT TO DECLARATION OF TRUST, dated as of August 25, 2000
(the "First Amendment to Declaration of Trust"), between AXA Financial, Inc.
(formerly known as The Equitable Companies Incorporated), a Delaware
corporation, as Sponsor, and The Bank of New York, a new York Banking
corporation, not in its individual capacity but solely as trustee (the "Delaware
Trustee"), The Bank of New York (Delaware), a Delaware banking corporation, not
in its individual capacity but solely as trustee (the "Delaware Trustee"), and
Stanley B. Tulin, Kevin R. Byrne and Tracey A. Dedrick, each not in his or her
individual capacity but solely as trustee (the Property Trustee, Delaware
Trustee and each such individual as trustee, collectively the "Trustees").

         WHEREAS, the Sponsor and the Trustees have entered into a Declaration
of Trust, dated January 14, 1998, with respect to EQ Capital Trust III (the
"Declaration of Trust"); and

         WHEREAS, the Sponsor and the Trustees desire to amend the Declaration
of Trust to change the name of EQ Capital Trust III to AXA Financial Capital
Trust III;

         NOW THEREFORE, The Sponsor and Trustees hereby agree as follows:

         1. Amendment. Paragraph 1 of the Declaration of Trust will be amended
         by deleting "EQ Capital Trust III" and inserting in its place "AXA
         Financial Capital Trust III."

         2. This First Amendment to Declaration of Trust may be executed in one
   or more counterparts.



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         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Declaration of Trust to be duly executed as of the day and year first above
written.

                                         AXA Financial, Inc.,
                                         as Sponsor

                                         By: /s/ Stanley B. Tulin
                                             ----------------------------
                                             Name: Stanley B. Tulin
                                             Title: Vice Chairman of the
                                                    Board and Chief
                                                    Financial Oficer

                                         The Bank of New York,
                                         not in its individual capacity
                                         but solely as Property Trustee

                                         By: /s/ Robert A. Massimillo
                                             -----------------------------
                                             Name: Robert A. Massimillo
                                             Title: Assistant Vice President

                                         The Bank of New York (Delaware),
                                         not in its individual capacity
                                         but solely as Delaware Trustee

                                         By: /s/ William T. Lewis
                                             ----------------------------------
                                             Name: William T. Lewis
                                             Title: Senior Vice President

                                           /s/ Stanley B. Tulin
                                           ------------------------------------
                                            not in his individual capacity
                                            but solely as Trustee

                                             /s/ Kevin R. Byrne
                                            -----------------------------------
                                            not in his individual capacity
                                            but solely as Trustee

                                            /s/ Tracey A. Dedrick
                                            ------------------------------
                                            not in her individual capacity
                                            but solely as Trustee