Parsippany, NJ, October 21, 2003 –New York Life Investment Management LLC (NYLIM) today announced the appointment of Salvatore M. Capizzi to oversee distribution of all retail products, including mutual funds and managed separate accounts. 

  “NYLIM is deeply committed to supporting its retail products distribution partners, and Sal has established a significant record in this arena,” noted Steve Roussin, President and Chief Operating Officer of New York Life Investment Management. “His expertise in building and managing very effective sales and distribution organizations will be invaluable in enhancing our Retail business.”

Mr. Capizzi joins NYLIM as a Managing Director, Retail Investments, reporting to Mr. Roussin.  He was most recently Executive Vice President at BlackRock, where he was responsible for the prominent growth of the firm’s mutual funds in the broker/dealer channel.  While at BlackRock he also oversaw the integration of fund sales, marketing, operations and compliance.

Prior to BlackRock, Mr. Capizzi headed Chase Manhattan Bank’s branch-based broker/dealer, where he implemented a number of program enhancements and expanded distribution.  Previously, as a Senior Vice President at Shearson Lehman Brothers, he served as National Sales Manager for the firm’s mutual fund business.

Mr. Capizzi graduated from City University of New York, Baruch College.  He has served as a member of the Board of Directors for the Forum for Investor Advice and as a member of the ICI Sales Force Marketing Committee.

With more than $170 billion in assets under management as of August 31, 2003, New York Life Investment Management and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments.  For more information, visit the New York Life Investment Management site at www.nylim.com.

Securities distributed by NYLIFE Distributors Inc., 169 Lackawanna Avenue, Parsippany, NJ 07054.

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