Expanded Distribution, Dedication to Performance and
Key Acquisitions Fueling NYLIM Growth

Parsippany, N.J. – February 14, 2006 – New York Life Investment Management LLC and its affiliates (NYLIM) achieved a significant milestone in reaching $200 Billion in assets under management (AUM) as of December 31, 2005.  The NYLIM group, formed in April 2000 with just over $110 Billion in AUM, today includes New York Life Investment Management LLC divisions Mainstay Investments, NYLIM Retirement Plan Services, Equity Investors Group, Fixed Income Investors Group, Guaranteed Products, and NYLIM Real Estate, and affiliates MacKay Shields LLC, McMorgan & Company LLC, New York Life Capital Partners and Madison Capital Funding LLC.

“Our investment teams touch on nearly every sector of the capital markets, including guaranteed products, real estate, equity investments, private equity and fixed income.  We are pleased to offer one of the broadest arrays of investment capabilities in the industry,” said Gary Wendlandt, chairman and CEO, New York Life Investment Management.

The path to $200 Billion in AUM was paved by way of various strategic initiatives that included new product design, several acquisitions, attracting and retaining talented people and a dedication to delivering top performance in both returns and client service.

“Across the board, NYLIM is growing.  We are positioned for expansion in key client channels such as institutional, retail, and retirement and will continue to serve the evolving needs of our clients both by enhancing our product lines and launching new initiatives,” said Brian Murdock, president, New York Life Investment Management. 

In 2006, NYLIM will continue to supply new equity products for its distribution channels. Some recent product expansion efforts include the creation of the Equity Investors Group. Formed under the leadership of Tony Elavia, NYLIM’s Equity Investors Group offers quantitative equity investment products through MainStay Funds, MainStay Managed Accounts, NYLIM Institutional accounts and NYLIM Retirement Plan Services.

“We are proud to have reached this milestone, but this achievement is only a harbinger for the growth and success we believe our future holds. It is truly a great time to be a part of NYLIM. This achievement belongs to our 1,500 employees who work so diligently and our valued clients, who put their trust in us. Together, we have made this possible,” concluded Wendlandt.

With $200 Billion in assets under management as of December 31, 2005, 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. 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.

Please call 1-800-624-6782 for a MainStay Funds prospectus. Investors are asked to 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 the prospectus carefully before investing. 

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey 07054.

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For Further Information:
 
Nancy Paris
New York Life Investment Management
(973) 394-4410
Nancy_Paris@nylim.com

Meghan Lantier
Bliss, Gouverneur & Associates
(212) 840-1661
Meghan@blisspr.com