NEW YORK, N.Y., May 22, 2003 — New York Life Insurance Company announced today the election of a new director, Frederick O. Terrell, to the company's Board of Directors. Mr. Terrell is managing partner and chief executive officer of Provender Capital Group, LLC, a private equity investment firm based in New York City. His election brings New York Life's board to a total of 14 directors.

Sy Sternberg, chairman and chief executive officer of New York Life, said, "We are very pleased to welcome Fred Terrell to the New York Life board. His broad experience in investment banking and finance, coupled with his experience as a director for other firms, makes Fred a valuable addition to our board."

At Provender Capital Group, Mr. Terrell invests in emerging and established companies on behalf of major public and private institutional investors. The firm focuses its energies primarily in the areas of financial services, consumer and retail products and media. Prior to founding Provender, Mr. Terrell was a managing director and partner with Credit Suisse First Boston where he began his investment banking career in 1983. Mr. Terrell headed Credit Suisse First Boston's Mortgage Finance Group and was a senior member of its Principal Transactions Group in addition to assuming other senior responsibilities in connection with the firm's investment banking and capital markets activities. Prior to attending graduate school at Yale University, Mr. Terrell was a Coro Foundation Fellow and served as Deputy to Los Angeles City Council President John Ferraro.

Mr. Terrell serves on the boards of Wellchoice, Inc. (WC: NYSE); Vanguarde Media, Inc.; and Carver Bancorp, Inc. (CNY: AMEX), where he serves as chairman of the board. He is also a member of the Board of Advisors of the Yale School of Management and the Coro Foundation of New York City, a nationally recognized leadership training institute. He is a member of the New York City Partnership and is active in a variety of community and civic organizations.

Mr. Terrell earned a B.A. degree from LaVerne College, an M.A. degree from Occidental College, and an M.B.A. degree from the Yale School of Management.

Mr. Terrell and his wife, Jonelle Procope, have two children.

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.

Contact:

Karen Payes
New York Life
(212) 576-5385

Mike Holloway
Edelman
(212) 704-4532

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