NEW YORK, N.Y., January 15, 2002 - Hector R. Ortino has been elected a director of New York Life Insurance Company, Chairman, President and Chief Executive Officer, Sy Sternberg, announced today. The election brings the number of New York Life Board members to 15. Mr. Ortino, 59, will join the Board's Insurance and Operations committee.

"Hector's business knowledge and vast global experience will be extremely valuable as we continue to expand on the domestic and international fronts," said Sternberg. "His skills and background are a meaningful addition to New York Life's diverse Board of Directors."

Mr. Ortino is the Chairman and Chief Executive Officer of the Ferro Corporation (NYSE: FOE), a leading global producer of performance materials for manufacturers. The company is headquartered in Cleveland, OH with operations in 19 countries, concentrated in four major geographic areas of the world. He joined the organization in 1971 and quickly received a number of promotions, which ultimately led to his appointment as president in 1996, and chief executive officer and chairman in 1999.

Prior to working at Ferro Corporation, Mr. Ortino was Treasurer at CBS in Argentina from 1969 - 1971, and served as Assistant Treasurer for Pfizer in Argentina from 1967 - 1969. He began his career in Argentina and Mexico holding financial and operating positions with local companies.

Mr. Ortino also serves on the Parker-Hannifin Board, which he joined in 1997, and serves as Chairman of the Audit Committee. He has served on corporate Boards in the past, including Defiance and Bunge International. He and his wife, Beatriz, reside in Pepper Pike, OH and have two adult children, a son and a daughter.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long-term care. On the investment side, New York Life's affiliates provide institutional asset management and trust services and, through a subsidiary, NYLIFE Distributors Inc., provide an array of securities products and services such as institutional and retail mutual funds, including 401(k) products.

Karen Finkston Payes
New York Life
212-576-5624

Hope Heyman
Edelman Public Relations
212-704-4512

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