The following excerpt is part of the formal notice received by AXA Art Insurance Corporation from the A.M. Best Company:

We have assigned a Best's Rating of A (Excellent) and Financial Size Category of V. The rating reflects the company's outstanding historical operating performance, excellent capitalization and conservative operating strategies which have sustained the AXA Art Insurance Corporation through the worst operational year of its history due directly to the terrorist attack on the World Trade Center on September 11th, 2001.

These positive rating factors are derived from company's expertise and leadership position in its niche specialty market, extensive loss control capabilities and high quality balance sheet. The rating also acknowledges AXA Art's brand-name recognition within the fine arts industry, successful branch office network and value added services it provides to its customers. Lastly, the company also benefits from being the lead subsidiary of the industry's only independent fine arts insurance group under supervision of the newly incorporated AXA Art Versicherungs AG (Germany).

As the parent of all of AXA's art insurance subsidiaries worldwide, AXA Art Versicherungs AG pools its global expertise within the various fields that compose the fine arts industry. This global capability also enhances AXA Art's ability to react in a more timely manner, provide greater capacity and the proper resources to its clients. The new group receives the parental support of its ultimate shareholder, AXA, one of the leading worldwide insurance and financial services organizations with diversified insurance operations throughout the world.

Offsetting these factors are the company's significant product/market concentration, decrease in surplus due to last's years operating performance and the effects of increased competition. Despite increased competition in its fine art niche market and the severe losses from the tragic events of September 11th, 2001, the company will be able to competently regain forward market momentum. AXA Art's rating outlook remains stable.

For further information:
Christiane Fischer
AXA Art Insurance Corporation
cfischer@axa-art-usa.com
212.415.8427