A.M. Best Places Rating of Prudential P/C Group, Subsidiary Under Review

January 29, 2003

A.M. Best Co. has placed the financial strength rating of A- (Excellent) of the Prudential Property and Casualty Group (Indianapolis) and its separately rated subsidiary, THI Holdings Group (Cleveland), under review with negative implications.

The under review status reflects A.M. Best’s concerns with the continued sub-par operating performance and stand-alone capitalization of Prudential Property and Casualty Group, despite improvement in accident-year 2002 performance. Additionally, it reflects continued concerns for the long-term strategic fit for property and casualty companies in Prudential Financial, which is currently being evaluated. The ratings will remain under review until the close of the first quarter or when management reaches conclusions on alternatives that would result in greater financial support of these companies.

The separately rated affiliate, Prudential Property and Casualty New Jersey Group, remains unaffected by this action due to its continued strong stand-alone operating performance and capital position.

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