Parsippany, NJ, December 28, 2001 – MainStay, a division of New York Life Investment Management LLC, today announced that the Crimson Tide of Alabama defeated the Cyclones of Iowa State to win the 2001 MainStay Independence Bowl by a score of 14-13. The bowl game was the first meeting of the teams on the gridiron.

Making its historic 51^st bowl appearance, Alabama scored the winning touchdown in the fourth-quarter and endured a last minute Cyclones rally ending in a missed field goal. The win marked the 29^th bowl win for Alabama bringing their season to an end with a 7-5 record.

"Like MainStay, Alabama combined a winning strategy, timing, and dedication to achieve their ultimate goal: performance," noted Brian Lee, president and CEO of Retail Markets for New York Life Investment Management LLC, investment adviser to the MainStay Funds.

MainStay Funds cover most major asset categories, including equity, fixed income, high yield, and international. The Funds offer active and quantitative management.

With over $143 billion in assets under management as of September 30, 2001, 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.

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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