Provides Greater Opportunities for Families to Accumulate Money for College

NEW YORK, N.Y., May 20, 2003 — New York Life Insurance Company and Upromise announced today that the leading U.S. life insurance provider has broadened the array of eligible products to the Upromise savings service to include two whole life and two universal life products. Each time Upromise members purchase participating life insurance and variable annuity products, New York Life and its affiliates contribute an amount to their Upromise savings account, enabling families to create an additional benefit for their college savings plan.

"Based on widespread interest in Upromise, we wanted to extend the benefits of this unique savings opportunity to even more families," said Patricia Favreau, first vice president and chief marketing officer, New York Life Insurance Company. "Through our network of highly skilled agents, New York Life is in the business of helping families plan for life's milestones. We're proud to work closely with Upromise to help parents and grandparents send their children and grandchildren to college."

"New York Life's commitment to Upromise is remarkable," said Susan Muriel, chief marketing officer, Upromise. "Thousands of New York Life agents are raising awareness about the importance of saving for college, all while kick-starting their clients' college savings with contributions into their Upromise accounts."

New York Life and its affiliates are the exclusive life insurance and variable annuity providers in the Upromise network of companies. Its skilled agents and registered representatives work with families to assess their needs and help identify appropriate solutions such as funding for a college education through life insurance and other financial products. Customers now have the opportunity to register all new participating policies with Upromise, and the contribution will be made directly into their account.

New products to the Upromise savings service include Whole Life and Modified Premium Whole Life products as well as NYLIAC Accumulator® and NYLIAC Protector® universal life products. Existing products include the New York LifeVariable Annuity and New York Life Essentials Variable Annuity, as well as a host of term life insurance products.

About Upromise, Inc.
Upromise is a free service that helps families get money back for college from America's leading companies. Members can save automatically at more than 15,000 grocery and drug stores, tens of thousands of retail locations, 140 online shopping sites, and more than 8,000 restaurants nationwide. Upromise also makes it easy for families to invest their savings in tax-advantaged "529" college savings plans. Since its launch in April 2001, Upromise's network of leading companies has grown fourfold. Its popular grocery service, launched last May, has more than doubled from 12 to 28 manufacturers, and from more than 2000 to more than 5000 items. Upromise members can now even use their savings to pay student loans. Upromise's contributing companies include America Online, AT&T, Citi®, ExxonMobil, General Motors, McDonald's, iDine, Century 21®, Coldwell Banker®, Countrywide Home Loans, ERA®, Staples, New York Life, Circuit City, American Airlines and Avis®. Members can also save when they use the Citi® Upromise^TM Card for purchases, or when they purchase thousands of grocery items from leading brands, including Coca-Cola®, Kellogg's®, Huggies®, Tide®, GLAD® and Tylenol®. Brokerage services are provided through Upromise Investments, Inc., member FINRA/SIPC and a wholly owned subsidiary of Upromise, Inc.

About New York Life
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.

All contributions will be held in a brokerage account with Upromise Investments, Inc., a member FINRA/SIPC and a wholly owned subsidiary of Upromise, Inc., neither of which are affiliated with New York Life or its subsidiaries. Variable annuities are offered through properly licensed registered representatives of NYLIFE Securities Inc., member FINRA/SIPC, 51 Madison Avenue, New York, NY 10010 and issued by a New York Life Insurance and Annuity Corporate (NYLIAC) (a Delaware Corporation.).

Contacts:

Lisa Fels
New York Life
(212) 576-7937

Jim Doyle
Upromise
(781) 707-8518

Michael Holloway
Edelman
(212) 704-4532

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