Parsippany, NJ, December 30, 2002 – MainStay, a division of New York Life Investment Management LLC, today announced that the Rebels of the University of Mississippi (Ole Miss) defeated the University of Nebraska’s Cornhuskers to win the 2002 MainStay Independence Bowl by a score of 27-23.

Nebraska’s 40-year streak of winning seasons ended at the 2002 MainStay Independence Bowl with a 43-yard game-winning Ole Miss field goal with just over four minutes left in the game. It was Mississippi’s fourth Independence Bowl victory in five trips, and the first meeting between the two teams on the gridiron.

"We congratulate the Rebels on their historic win and their accomplishments this season," noted Steve Roussin, president and chief operating officer of New York Life Investment Management LLC, investment adviser to the MainStay Funds.

The MainStay Funds cover most major asset categories, including equity, fixed income, high yield, and international.  The MainStay Funds offer active and quantitative management.  Comprehensive information on MainStay Funds may be found at www.mainstayfunds.com.

With more than $148 billion in assets under management as of September 30, 2002, New York Life Investment Management LLC and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. New York Life Investment Management LLC 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., 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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