PARSIPPANY, NJ, and BOSTON, MA, February 3, 2002— New York Life Investment Management LLC (NYLIM) and Schoolhouse Capital, LLC, today announced numerous product enhancements to the CollegeSense 529 Higher Education Savings Plan.

The new enhancements include the addition of the Salomon Brothers Investors Value Fund to many of CollegeSense’s investment portfolios and the introduction of Dual Track Investing – a new investment tool that can aid investors in achieving more customized asset allocations. 

The CollegeSense multi-manager line up will be augmented with the addition of the Salomon Brothers Investors Value Fund.  Salomon Brothers Asset Management joins an already impressive list of widely recognized investment managers in whose funds the CollegeSense portfolios invest.   These include New York Life Investment Management LLC, manager of the MainStay and Eclipse Funds, as well as JPMorgan Fleming Asset Management and State Street Global Advisors. 

The newly introduced Dual Track Investing feature offers the convenience of age-based investing in combination with CollegeSense’s other portfolios allowing investors to achieve more customized asset allocations.  CollegeSense has a total of nine investment options including an age-based investment option, five asset allocation portfolios, and three single asset class portfolios. 

“Dual Track Investing will enable investment professionals to create a blend of portfolios using CollegeSense’s investment options,” noted Beverly Moore, managing director of NYLIM Retail Markets.  “It provides investment professionals and their clients a broad spectrum of risk/reward investment opportunities.

“We are pleased to offer advisors these new options for their clients,” said Ralph Constantino, chief executive officer of Schoolhouse Capital.  “Our intention is to give investors more freedom to build college-savings portfolios that are customized to their own savings needs and goals.”

CollegeSense is a an IRC Section 529 qualified tuition savings program, distributed by New York Life Distributors Inc. and administered by Schoolhouse Capital, LLC, that helps families save for the financial burden of a college education.   Unlike other education savings vehicles, 529 plans offer flexibility and control over assets while providing meaningful gift, tax, and estate planning advantages. 

CollegeSense is available to all U.S. residents and sponsored by The Education Trust Board of New Mexico.  Please read the Disclosure Statement and the prospectuses of the mutual funds in which CollegeSense invests, available at www.collegesense.com or by calling us toll free at 1-866-529-SENSE, prior to investing.

With more than $155 billion in assets under management as of December 31, 2002, New York Life Investment Management LLC and its affiliates provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments. For more information, visit the New York Life Investment Management LLC site at www.nylim.com .

CollegeSense and other securities are distributed by NYLIFE Distributors Inc., 169 Lackawanna Avenue, Parsippany, NJ 07054. There are fees and expenses as well as risks associated with investing in a 529 Plan. Please consult your financial professional.  Your investment objectives may not be met as the underlying investment options are subject to market risk and fluctuate in value.  Potential investors may receive more favorable tax benefits from plans offered by their own states.  Investors should seek the advice of their financial advisor for answers to their particular situation.

Schoolhouse Capital, LLC, a subsidiary of State Street Corporation, was initiated by State Street Global Advisors to provide integrated financial solutions to the education marketplace including colleges and universities, parents, students and families, and endowments and foundations.

State Street Corporation (NYSE: STT) is the world's leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. With $6.2 trillion in assets under custody and $763 billion in assets under management (as of December 31, 2002), State Street is headquartered in Boston, Massachusetts and operates in 22 countries and over 100 markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.