PRESS RELEASE

AXA Financial Elects Three To Boards of Directors

New York, NY – AXA Financial, Inc., announced today that three new members have been elected to the Boards of Directors of AXA Financial and of its subsidiary, The Equitable Life Assurance Society of the U.S.: John C. Graves, President and COO of Graves Ventures, LLC; Christina Johnson, President and CEO of Saks Fifth Avenue Enterprises; and Scott D. Miller, President of Hyatt Hotels Corp.

The announcement was made today by Christopher M. "Kip" Condron, President and CEO of AXA Financial.

In making the announcement, Mr. Condron said, "With their distinguished track records, each of our new board members clearly has demonstrated keen insights and accomplishments that will be extremely valuable to AXA Financial. We are very pleased to have them join our boards."

John C. Graves

As President and COO of Graves Ventures, the holding company for Black Enterprise Unlimited, John Graves oversees business development for Graves Ventures. Under the Black Enterprise Unlimited umbrella, he created the nation’s largest African-American golf and tennis tournament, the Black Enterprise/Pepsi Golf & Tennis Challenge in 1994. In 1996, he launched the Black Enterprise Entrepreneurs Conference, the largest gathering for African-American entrepreneurs in the country.

Mr. Graves is also Chief of Staff for Earl G. Graves, Ltd., parent company of Earl G. Graves Publishing Company, publisher of Black Enterprise magazine.

Prior to joining Black Enterprise, Mr. Graves was an attorney with the New York City law firm of Cleary, Gottlieb, Steen & Hamilton. He is President of Catholic Big Brothers Inc., New York, and a Trustee of Meharry Medical College in Nashville. He received his J.D. degree from Yale Law School and his B.A. from Brown University.

Christina Johnson

Christina Johnson became the first woman to be named President and CEO of Saks Fifth Avenue in 2000. The following year, she was named President and CEO of Saks Fifth Avenue Enterprises (SFAE). She oversees all SFAE operations, which include 61 Saks Fifth Avenue stores throughout the U.S., as well as direct business, e-commerce (saks.com) and Off 5th, the Saks Fifth Avenue Outlet stores.

Previously, Ms. Johnson was Vice Chairman and COO of Saks, responsible for the company’s Finance and Planning, Stores, Store Operations, Visual Merchandising and Store Design.

Prior to joining Saks in 1991, she was Senior Vice President and and General Merchandise Manager of the Home Store and Direct Response for Marshall Field’s. She began her retail career as a cosmetics buyer for Carson Pirie Scott. Ms. Johnson is a member of the Board of Directors of Women in Need, Inc. She earned a B.A. degree from Loyola University in Illinois.

Scott D. Miller

Scott D. Miller is President of Hyatt Hotels Corporation, which currently operates 125 deluxe hotels and resorts in the U.S., Canada and the Caribbean. He joined the company in 1997 as Executive Vice President of Hyatt Development Corporation. During that time, Miller also served as a member of the Managing Committee, which oversees the operations of Hyatt Hotels and Resorts. Mr. Miller became President of Hyatt Hotels Corporation in 2000.

For four years prior to joining Hyatt, Miller served as President and CEO of United Infrastructure Company, a partnership of Bechtel Enterprise Corporation and Peter Kiewit & Sons engaged in infrastructure development, ownership, and operations throughout the world. Before forming United Infrastructure, Mr. Miller worked in the commercial real estate, development, brokerage, and management business at The John Buck Company, where he was one of the founding partners.

Mr. Miller is a member of the Boards of Directors of Schindler Holdings, Ltd., Interval International and various Hyatt-affiliated corporations. He is also a Board member of the University of Wisconsin at Madison CULER, and the Lincoln Park Zoo, the Steppenwolf Theater and The Latin School of Chicago. He graduated from Stanford University and received his M.B.A. from the University of Chicago.

About AXA Financial, Inc.

AXA Financial, Inc., with approximately $480.9 billion in assets under management as of December 31, 2001, is one of the world’s premier financial services organizations through its strong brands: The Equitable Life Assurance Society of the U.S., AXA Advisors, LLC, Alliance Capital Management L.P, Sanford C. Bernstein & Co., and its premier wholesale distribution organization, AXA Distributors. AXA Financial is a member of the global AXA Group, a worldwide leader in financial protection and wealth management. AXA’s operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific region. AXA had $798 billion in assets under management as of December 31, 2001 and reported revenues of approximately $67 billion for the full year 2001. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depositary Share is also listed on the NYSE under the ticker symbol AXA.