AXA Foundation Launches One of Nation's Largest Corporate Scholarship Support Efforts.

Business Editors & Education Writers

MINNEAPOLIS & NEW YORK--(BUSINESS WIRE)--Sept. 16, 2002

Partnership with Citizens' Scholarship Foundation of America Responds to the Financial Crisis in Access to Postsecondary Education

AXA Foundation, the philanthropic arm of AXA Financial, a leading financial services company, and Citizens' Scholarship Foundation of America(SM) (CSFA), the nation's largest private sector scholarship and educational support organization, today launched AXA Achievement, a comprehensive, multi-year partnership that aims to respond to the crisis in access to postsecondary education for American high school students.

Through AXA Achievement, the AXA Foundation will award scholarships to well-rounded high school graduates and promote higher education through a series of national and local initiatives.

During the last 10 years, tuition at four-year public colleges and universities has risen faster than family income in 41 states. These financial barriers, along with inadequate counseling and information, could potentially discourage and prevent more than 400,000 high school graduates each year from attending higher education institutions for which they are academically qualified. Further, the impact on our nation's workforce could be devastating. The Business Higher Education Forum predicts that by 2028, there will be 19 million more jobs than workers who are adequately prepared to fill them. The partnership between the AXA Foundation and CSFA will address some of the financial and motivational barriers American high school students and their families face in accessing postsecondary education.

"The unaffordability of college for many American families represents a dire situation on two fronts," said Christopher M. "Kip" Condron, president and chief executive officer of AXA Financial, Inc. "First, for the average family, it means the share of family income required to pay for college expenses continues to increase. Second, as a country, it means we need to be concerned about developing our future workforce through college education."

Through AXA Achievement, the AXA Foundation, in partnership with CSFA, will support several new national scholarship programs, expand the volunteer-driven Dollars for Scholars(R) scholarship fundraising program to more communities throughout the nation, and sponsor National Scholarship Month launched by CSFA in 1998 and celebrated every May. Additionally, AXA has become a lead founding partner of "Families of Freedom 2: Building Futures Through Education," which will provide college scholarships for young people from families who live or work in Lower Manhattan and who were financially impacted by the tragedies of September 11, 2001.

The partnership announcement kicks off in an advertorial published in two particularly well-known special editions of U.S. News & World Report: the "America's Best Colleges" issue that ranks colleges and universities across the nation, and the "Paying for College" issue, scheduled for release on September 16 and 23, respectively.

"Research has shown that only half of all parents are saving for their children's education," Condron continued. "We know that to really make a dent on this issue we need to do two things: Provide advice for parents, students and communities about saving and paying for college, and give hard-working students access to the funds required to fill the gap between what they have and what college costs."

"It's unacceptable that qualified students who apply for financial aid are often unable to attend college because of a gap of $1,000 to $3,000 between what they can afford and what college costs," said Dr. William C. Nelsen, president of CSFA. "We applaud the AXA Foundation's commitment to expanding educational opportunities for America's youth. This type of scholarship support will help challenge and motivate thousands of young people to prepare for college and give them that extra encouragement and financial boost they need to pursue the critical benefits of a college education."

AXA Achievers, the name given to recipients of AXA Foundation-sponsored scholarships, will be high school students who often slip through the cracks in terms of qualifying for scholarships. Since many scholarships are available specifically for students from low-income families or for the highest academic performers, young people who don't meet these criteria typically struggle to find scholarships for which they qualify. AXA Achievers will be students who achieve conventional feats in unconventional ways. For example, an AXA Achiever may be an aspiring scientist who taught young children basic chemistry at an afterschool program.

"We chose to partner with CSFA due to its strong reputation in the field of education," added Condron. "Our AXA Foundation has a long history of supporting higher education initiatives, and we feel that aligning our efforts with those of CSFA will enable AXA to have a significant, long-term impact on the lives of the young people who will define the future of our country."

For further information about the AXA Foundation partnership with CSFA and any aspects of the program, please call U.S. toll-free 1-800-537-4180. For information and application to the AXA Achievement Scholarship Program, please visit www.axa-achievement.com.

About CSFA

CSFA is the nation's largest private sector scholarship and educational support organization. It carries out its mission of expanding access to educational opportunities and encouraging academic achievement through its Dollars for Scholars(R), Scholarship Management Services(TM), and ScholarShop(R) programs. Headquartered in Minneapolis and St. Peter, MN, CSFA has distributed over $911.5 million to nearly 850,000 students through its scholarship and other support programs since its founding in 1958. For the fifth year in a row, SmartMoney, the Wall Street Journal's magazine of personal finance, has ranked CSFA as one of the 17 most efficient nonprofits in the country. Worth Magazine has also named CSFA as one of America's 100 best charities for 2001/2002. In partnership with Indianapolis-based Lumina Foundation for Education, CSFA founded and raised more than $100 million for the Families of Freedom Scholarship Fund(R), which was created to provide educational assistance for postsecondary study to the financially needy dependents of the September 11th terrorist attack victims. For more information, visit www.csfa.org.

About AXA Foundation

The AXA Foundation is the philanthropic arm of AXA Financial, Inc., one of the world's premier financial services organizations and a member of the global AXA Group, a leader in financial protection and wealth management. The AXA Foundation directs the company's philanthropic and volunteer activities, working to improve the quality of life in communities across the country where AXA has a presence. Since it was established in 1987, the AXA Foundation has awarded grants totaling more than $80 million. For more information, visit www.axaonline.com/axafoundation.