New York, NY - New York Life Investment Management LLC (NYLIM) announced today that its Large-Cap Enhanced strategy received more than $360 million in institutional mandates from the U.S. ARMY NAF Employee Retirement Plan Trust, Blue Cross Blue Shield of Michigan, and a trade association.  

NYLIM’s Large-Cap Enhanced strategy employs quantitative techniques and seeks to outperform the S&P 500 on a consistent basis.  Returns are enhanced through bottom-up stock selection, not market timing or leverage.

“Our approach employs a multi factor-based model to select stocks which allows us to change the weightings of the factors based on market conditions,” noted Tony Elavia, chief investment officer, NYLIM Equity Investors Group, a division of New York Life Investment Management LLC.  “This allows us to manage our risk and continue to produce strong historical returns across market cycles.”

Since it’s inception in November 1997, NYLIM’s Large Cap Enhanced strategy has produced gross annualized returns of 8.43%, beating its benchmark by 1.86% as of December 31, 2006.  It boasts an information ratio of 1.2%.

A portfolio management team led by Harvey Fram, Migene Kim, and Mona Patni of NYLIM Equity Investors, a division of New York Life Investment Management, will oversee the mandates.  The team currently manages a total of $3.5 billion in large cap enhanced assets as of December 31, 2006. 

With more than $235 billion in assets under management as of December 31, 2006, New YorkLife 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 .

Includes only those accounts that were in composite for the entire year. N/M = not meaningful; N/A = not available

New York Life Investment Management LLC (NYLIM) has prepared and presented this report in compliance with the Performance Presentation Standards of the CFA Institute, the U.S. and Canadian version of the Global Investment Performance Standards (GIPS™).  The CFA Institute has not been involved with the preparation or review of this report.  NYLIM is a registered U.S.-based investment management firm that provides financial services to individual and institutional investors.  The firm is defined as the following divisions of NYLIM: NYLIM Equity Investors, NYLIM Fixed Income Investors, and Retail Markets.  Performance records for each of these entities are included from the predecessor entities’ legal inception date or ten years, whichever is shorter. 

The NYLIM Large-Cap Enhanced composite reflects all similar equity accounts and the equity portion of all similar balanced equity accounts including allocated cash.  All accounts are fully discretionary and fee paying.  Average market capitalization of the securities traded in the accounts in the NYLIM Large-Cap Enhanced composite is similar to the S&P 500 Index.  For the entire period, the investment guidelines and objectives of the portfolios represented herein remained the same.  The NYLIM Large-Cap Enhanced composite was created November 1, 1997.

Composite results are U.S. dollar-based, measured internally based upon trade-date accounting, and include the reinvestment of dividends and interest.  The composite is valued monthly and time-weighted portfolio returns are asset-weighted using beginning-of-month market values.  Annual and annualized periods are calculated based upon geometrically-linked monthly returns.  The dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year.  For those composites that are comprised of less than six portfolios, composite dispersion as measured by standard deviation is not meaningful.

Past results are not indicative of future results.  A complete list of firm composites is available upon request.  Gross of fee returns are presented before investment management fees but after all trading commissions.  Net of fee returns are presented after the deduction of investment management fees.  Effective January 1, 2005, the NYLIM Large-Cap Enhanced standard investment management fee schedule is as follows:

The NYLIM Large-Cap Enhanced strategy is available in separate account, commingled fund (3c7 – non-ERISA), collective trust (ERISA), and mutual fund investment vehicles (MainStay Common Stock Fund).

Leverage and derivatives are not used in this composite. This information is intended for use solely in one-on-one presentations.

The benchmark is the S&P 500 Index, a representative measure of the broad large-cap equity market.  The index is included to provide a detailed basis of comparison, is unmanaged, and reflects past performance, which is not indicative of future results.  For comparison purposes, the unmanaged index is fully invested and returns are gross of investment management fees. S&P 500 is a trademark of The McGraw-Hill Companies, Inc.  The S&P 500 is an unmanaged index and is considered generally representative of the large-cap U.S. stock market.  Total returns reflect the reinvestment of all dividends and capital gains.  An investment cannot be made directly into an index.