September 18, 2008 - In light of recent events, Equitable Life® would like to
disclose the following information with regards to some of the more
prominent issues in the financial markets and how they might relate
to the investments of Equitable Life. While U.S. bank and brokerage
exposure in our fixed income portfolios represents less than 2% of
total assets we confirm that the portfolio composition remains high
quality as evidenced by:
- No exposure to Lehman Brothers, AIG, or Morgan Stanley either
through direct debt, equity, or credit default swap
investments
- No exposure to any U.S. bank or brokerage firms as a
counterpart to a derivative transaction
- No reinsurance services provided to Equitable Life through
AIG
- No holdings of any Collateralized Debt Obligations (CDO's) or
Asset Backed Commercial Paper (ABCP)
- No exposure, directly or indirectly, to U.S. sub-prime
mortgages
We trust that the details provided will contribute to your
continued confidence in our capabilities and conscientious approach
to providing for our future obligations.
