A.M. Best Affirms Equitable's Ratings Following AXA's Announcement to Acquire MONY; MONY's Ratings Placed Under Review With Positive Implications.

Business Editors/Insurance Writers

OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 18, 2003

A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of The Equitable Life Assurance Society of the U.S. and The Equitable of Colorado, Inc. (combined, Equitable) following AXA's announcement that it plans to acquire all outstanding common shares of The MONY Group Inc. (NYSE:MNY) for approximately $1.5 billion in cash. The rating of A (Excellent) of MONY's life insurance subsidiaries as well as the group's debt ratings have been placed under review with positive implications. (See link below for detailed information.) Additionally, A.M. Best has assigned a rating of "a" to $600 million of surplus notes outstanding at Equitable. The outlook on all of Equitable's ratings is stable.

Equitable is owned by AXA Financial, which along with its affiliates, is a member of the AXA Group.

A.M. Best views this transaction favorably for both organizations. The addition of MONY's high-performing producers and wholesaling relationships will strengthen Equitable's distribution capabilities in both the retail and wholesale channels. Equitable's strong organizational efficiency should create significant expense synergies when the two businesses are combined. Additionally, MONY's product portfolio will complement Equitable's offerings in the U.S. individual life and savings markets. The transaction is expected to close in early 2004 following regulatory and shareholder approval.

In the near term, two important initiatives for Equitable will be to retain the majority of MONY's experienced sales representatives and to achieve anticipated expense reductions, both of which are integral to MONY's valuation. A.M. Best believes the assimilation of MONY's reporting structure, systems and related processes to Equitable's platform will pose challenges as well. Nevertheless, Equitable's experienced and focused management team, its well-known brand and reputation and its refined financial advisory strategy will continue to support solid operating performance as it has done through the weak investment and economic climate over the past few years.

For a complete listing of debt and financial strength ratings for Equitable and MONY, please visit www.ambest.com/press/091801equitable.pdf.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.