Mount Pleasant Executive Center to Complement Company's Manhattan Headquarters

Westchester County, N.Y., April 4, 2003 — New York Life Insurance Company, the largest mutual life insurance company in the United States, has completed its acquisition of the Mount Pleasant Executive Center in Westchester, the company announced today. The price was not disclosed.

New York Life plans to employ 1,000 people in the 383,000 square foot facility situated on 76 acres in the town of Mount Pleasant. The property adjoins the preserved woodlands originally belonging to the Rockefeller family.

Sy Sternberg, chairman and chief executive officer of New York Life, said, "Our company is looking forward to having a presence in Westchester to complement our Home Office in Manhattan. As a growing company we want some additional flexibility for our headquarters staff and now that we own the facility we can start preparing it for our specific needs." He said that plans call for employees to begin occupying the facility in 2004.

Mr. Sternberg explained that the company has 4,000 employees in Manhattan — more than half of New York Life's total employment in the United States. He said that a recent study led him to conclude that an additional location in the metro New York area would be appropriate. He said that the study helped in setting a goal of 1,000 employees for the suburban campus.

"Even with this diversification, approximately 75 percent of our current Manhattan employment would remain in Manhattan. We were founded in New York City, we will remain headquartered in New York City, and our largest concentration of employees will remain in New York City," Mr. Sternberg said.

"We're very grateful to the many county, state and local officials who worked so hard with us to make this additional campus possible," Mr. Sternberg said.

New York Life Sales and Earnings Show Large Increases in 2002
New York Life recently announced excellent financial results for 2002, led by 42% growth in life insurance sales in the United States. The prior year was also very strong, with 41% growth in life sales. The company also has a growing presence in international markets, in countries such as Mexico, Taiwan and India. International operations now account for nearly 25% of the company's total life insurance sales. New York Life's net income rose 23% to $1.016 billion in 2002, compared with 2001 net income of $824 billion.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States, and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long term care insurance. New York Life Investment Management, LLC, a New York Life affiliate, provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Contacts:

William Werfelman
New York Life
(212) 576-5385

Karen Finkston Payes
New York Life
(212) 576-5897

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