NEW YORK, September 17, 2008--MacKay Shields LLC, an affiliate of New York Life Investment Management, announced the addition of five investment professionals who will expand the firm's expertise in fixed income and equity investing, respectively.

James "Jim" Ramsay joins MacKay Shields LLC as senior managing director and chief fixed income strategist for the firm's High Grade Fixed Income team. Reporting to Gary Goodenough, senior managing director and head of Fixed Income at MacKay, Ramsay's duties with the High Grade team will include investment strategy, asset allocation and new product development.

"It is rare you have an opportunity to infuse someone as accomplished and talented as Jim Ramsay into such a highly-functioning investment framework," said Osbert Hood, chairman and chief executive officer of Mackay Shields LLC. "His joining MacKay's Fixed Income investment team is a tremendous enhancement to an already robust capability. We are delighted to welcome him aboard."

Ramsay was formerly senior managing director and chief investment officer of U.S. Fixed Income at Robeco Investment Management/Weiss, Peck & Greer. Prior to joining Robeco, Ramsay worked as a senior vice president at PIMCO, covering top tier international and domestic consulting firms. He also worked with AIG/SunAmerica's Fixed Income Investment Group as an executive vice president and senior managing director, and was a senior vice president at UNUM Provident Corporation/Provident Investment Management LLC. Earlier in his career, Ramsay worked at Salomon Brothers, Inc. on taxable fixed income sales and as a mortgage trader.

Ramsay is a graduate from the University of Arkansas with a BSBA in Finance and Banking, and he successfully completed the Fuqua School of Business, Advanced Management Program at Duke University. He is a Chartered Financial Anaylst.

Emerging Market Debt Portfolio Manager

Howard Booth joins MacKay Shields as director and lead portfolio manager for foreign bonds with the firm's Emerging Market Debt team. He will report to Goodenough.

"As a global fixed income portfolio manager, Howard brings outstanding experience to a deep emerging market team at MacKay. We are extremely pleased to have him join the firm and look forward to his future contributions," said Hood.

Previously, Booth served as senior portfolio manager, global emerging markets at Robeco Investment Management/Weiss, Peck & Greer. From 1998 through 2005, he was a senior portfolio manager for global emerging markets at HSBC Asset Management. From 1986 through 1998, Booth was with Metropolitan Life Insurance Company, most recently serving as director of the Global Financial Unit. Other roles at Met Life included government trader, managing trader and senior financial analyst. Prior to joining Met Life, Booth spent five years with Donaldson, Lufkin & Jenrette.

Booth received his M.B.A. in Finance and International Business from New York University and his B.S. in Finance and Accounting from Syracuse University. He is a Chartered Financial Anaylst and a member of the New York Society of Security Analysts.

New Small Cap Value Equity Team

Also joining Mackay Shields LLC are Jordan Alexander, Stephen Friscia and Marvin Fong, previously of Bear Stearns Asset Management. Together, they form MacKay's small and smallmid cap value equity team. Their four year track-record is benchmarked to the Russell 2000 Value Index and has transferred with them to MacKay Shields LLC.

"The team's investment process is a contrarian strategy that, like other MacKay equity products, employs a disciplined, bottom-up approach, driven by strong fundamental research. We are very pleased to welcome this talented group to MacKay's Equity shop," said Hood.

Jordan Alexander and Stephen Friscia have more than 15 years of industry experience. Prior to Bear Stearns, they were portfolio managers together at BKF Asset Management, Inc. (formerly John A. Levin & Co.) and senior analysts at Palisade Capital Management.

Prior to that, they served together at Evergreen Investment Management, where Alexander was a portfolio manager/research analyst and Friscia had a portfolio manager role, as well as serving as an equity and fixed income research analyst.

Marvin Fong was an analyst at BKF Asset Management and brings over nine years of industry experience to the team.

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About MacKay Shields LLC
MacKay Shields LLC manages more than $35 billion in assets as of June 30, 2008. Its clients include pension funds and other institutional investors in the US and overseas. MacKay Shields is an affiliate of New York Life Investment Management LLC.

About New York Life Investment Management
New York Life Investment Management LLC (NYLIM), ranks among the largest asset management firms in the United States. Through its multiple boutique investment structure, NYLIM delivers investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments, NYLIM distributes some of the most highly regarded mutual funds and wrap accounts in the industry.

NYLIM is a leading provider of retirement plans for corporations, multi- employer trusts, and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 1,400 employees, NYLIM manages over $246 billion in assets as of June 30, 2008.

Contact:
John Puccio
New York Life Investment Management
212-576-8172
john_puccio@nylim.com