Advest Announces Elizabeth C. Malone, CFA Named Senior Managing Director, Director of Research

Business Wire, April 13, 2005

HARTFORD, Conn. -- Advest Inc., an AXA Financial company, announced today that Elizabeth C. Malone has been named senior managing director, director of research, effective immediately.

Ms. Malone joined Advest in January 2001 as an insurance analyst from Friedman, Billings, Ramsey & Company Inc., where she had been managing director of research. Previously, she was the team leader of the insurance research group, which she began in April 1998.

Ms. Malone has over twenty years experience in the insurance and securities industries and is a member of the Association of Insurance and Financial Analysts Society. Ms. Malone is also a Chartered Financial Analyst. She is recognized as one of the top life and health insurance equity analysts in the country, and has been named several times as a member of The Wall Street Journal's Analyst All-Star teams.

"Beth will now be responsible for directing all of our research efforts," said Daniel J. Mullane, Advest's president and chief executive officer. "Beth's expertise in the financial institutions sector will be a great asset as we focus our core research on this area, complimented by our other research sources," Mr. Mullane added.

In related news, the firm also announced that Kevin M. Prell has been named as Advest's head of equity trading. Mr. Prell will be responsible for all facets of the Advest's trading business, including management of the firm's trading desks in both New York, NY and Hartford, CT. Mr. Prell joined Advest as a senior trader in 2000.

About Advest, Inc.

Advest, Inc., with headquarters in Hartford, CT, is one of the country's leading regional financial services firms. The company provides financial, securities brokerage, trading, investment banking, trust, and other advisory services to its clients from more than 100 offices in 18 states and the District of Columbia. Advest is a subsidiary of AXA Financial, which has been a member of the global AXA Group since 1991. With total revenues of more than $46 billion and in excess of $1 trillion in assets under management and over 50 million clients worldwide (as of 6/30/04), AXA is a worldwide leader in financial protection and wealth management. AXA is represented in the United States through its strong brands: AXA/Equitable, MONY, AXA Advisors LLC, Alliance Capital Management L.P., Sanford C. Bernstein, AXA Distributors LLC, Advest Inc., and others. Advest is a member of the New York, American, and other principal exchanges, and member SIPC.