MainStay Indpendence Bowl To Be Played On December 27 6:30PM (Central)

Parsippany, NJ, September 24, 2001 - MainStay, a division of New York Life Investment Management LLC, announced today that the MainStay Independence Bowl will be played on Thursday, Dec. 27, 2001, in Shreveport, Louisiana. The game will be nationally broadcast live on ESPN during prime time on December 27th starting at 6:30 p.m. CST (7:30 EST). This year's game, the 26^th anniversary of the Independence Bowl, will once again feature a match-up between teams from the Big 12 and the Southeastern Conferences.

Throughout its history, the Independence Bowl has hosted some of the great names in college football, including Oklahoma, Notre Dame, LSU, Wisconsin, Michigan State, Kansas State, Washington, Air Force and Army. In last year's game played on New Year's Eve, 2000, Mississippi State beat Texas A&M.

"We are very excited about supporting college football through the sponsorship of the MainStay Independence Bowl," observed Brian Lee, president and CEO of Retail Markets for New York Life Investment Management LLC, investment adviser to the MainStay Funds. "MainStay and the teams that will play in the MainStay Independence Bowl have a lot in common," continued Lee. "Both are committed to consistency and results."

Funds offered by MainStay cover most major asset categories, including equity, fixed income, high yield, and international. The Funds offer active and quantitative management. With over $118 billion in assets under management as of June 30, 2001, NYLIM and its affiliates provide investment management services to a wide range of individual, corporate, public, and Taft-Hartley clients. The firm also serves individual and institutional shareholders through several families of mutual funds and is widely recognized for its leadership in bundled defined contribution and bundled defined benefit retirement plans, guaranteed products, real estate investments, and alternative investments.

The MainStay Funds are distributed by NYLIFE Distributors Inc., NYLIM Center, 169 Lackawanna Avenue, Parsippany, New Jersey 07054. For more information about any of the Funds, including a free prospectus that includes risks, fees and expenses, call (800) MAINSTAY. Please read the prospectus carefully before investing.

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