NEW YORK, July 3, 2006 – New York Life Investment Management (NYLIM) today announced that it closed its definitive merger agreement with Institutional Capital Corporation (ICAP), a premier value equity institutional investment firm based in Chicago, Illinois.  The acquisition was completed on June 30th.

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 renowned 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 delighted to officially welcome ICAP to our family and to offer their investment acumen to our institutional and retail clients,” said Brian A. Murdock, president and chief executive officer, New York Life Investment Management.

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. 

Subject to board and shareholder approval, ICAP’s three mutual funds are expected to join the MainStay’s family of funds in late summer 2006.

With over $220 billion in assets under management as of June 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

Please call 1-888-221-ICAP (4227) for ICAP Funds prospectus. Please consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.

FOR MORE INFORMATION:

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