Leading institutional investment firm with acclaimed mutual funds to operate autonomously within NYLIM’s multi-boutique holding model

NEW YORK, May 18, 2006 – New York Life Investment Management (NYLIM) today announced that it has signed a definitive merger agreement with Institutional Capital Corporation (ICAP), a premier value equity institutional investment firm based in Chicago, Illinois.

With over $14 billion in assets under management, ICAP manages U.S. and international equity portfolios for some of the world’s largest and most respected corporations and institutions. ICAP also manages three highly regarded mutual funds: the ICAP Equity Fund, the ICAP Select Equity Fund and the ICAP International Fund. In 2005, Morningstar named ICAP’s International management team as the International-Stock Fund Manager of the Year. Also, in 2005, Morningstar nominated ICAP’s Select Equity team for Domestic-Stock Fund Manager of the Year.

"We are dedicated to serving our clients with the same discipline and commitment to investment excellence we have had for the past 36 years," stated Robert H. Lyon, president and chief investment officer of Institutional Capital Corporation. "We are excited to partner with NYLIM, a pre-eminent financial services provider that shares our vision and values. ICAP will continue to focus on its institutional business, while the ICAP funds will benefit from NYLIM’s vast resources and multiple distribution channels."

ICAP will operate as a stand-alone business within NYLIM. ICAP’s executive management team, under the leadership of Robert Lyon, will continue with ICAP under long-term employment agreements.

"Through our multi-boutique holding model, NYLIM offers client-focused solutions built around exceptional investment teams – groups of proven professionals with disciplined investment processes that provide clients with consistently superior results. ICAP is exactly the kind of company poised to thrive in the NYLIM environment. We are delighted to welcome them to our family and to offer their investment acumen to our institutional and retail clients," said Brian A. Murdock, president, New York Life Investment Management.

The parties expect to close the deal on or about June 30, 2006. Subject to board and shareholder approval, ICAP’s three mutual funds are expected to join the MainStay Funds’ family.

With $200 billion in assets under management as of January 30, 2006, New York Life Investment Management (NYLIM) 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 NYLIM’s website at www.nylim.com .

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Ave., Parsippany, NJ 07054 by prospectus only.

FOR MORE INFORMATION:
John Puccio
Director, Corporate Communications
New York Life Investment Management
John_Puccio@nylim.com
212.576.8172