Designed to Benefit Consumers Over Time as Investment Grows, Patent-Pending Structure Assesses Policy Charges Only On Premiums, Not Earnings

NEW YORK, N.Y., October 1, 2003 — New York Life Insurance and Annuity Corporation (NYLIAC) , a wholly-owned subsidiary of New York Life Insurance Company, today introduced the New York Life Elite Variable Annuity for investors wanting fixed policy fees over an annuity contract's lifetime. Featuring a unique, patent-pending structure, policy fees under this new variable annuity are based only on premiums (adjusted for any withdrawals and surrender charges) allocated to the Investment Divisions and DCA Advantage Account, and never on investment earnings. The New York Life Elite Variable Annuity is especially suited to those who continue to invest in variable markets given retirement planning needs and market optimism.

"With the introduction of the innovative New York Life Elite Variable Annuity, New York Life has further extended the depth and breadth of its portfolio to offer a full complement of variable annuity products for every investor's retirement accumulation needs," said Robert Rock, senior vice president, New York Life. "Customers choose our products based on their innovative features and, just as importantly, our financial strength, history of trust and stability, and value of our brand."

The New York Life Elite product assesses traditional fees - known as the Mortality and Expense Risk and Administrative Costs charge (M&E charge) — on the total premiums (adjusted for any withdrawals and surrender charges) allocated to the Investment Divisions and DCA Advantage Account, and not on earnings. The M&E charge in the policy remain relatively stable for the life of the policy, regardless of market performance. Therefore, in an increasing market, the relative percentage of variable accumulation value that the M&E charge represents will be less than in a typical variable annuity product.

The New York Life Elite Variable Annuity also offers a number of attractive features and options including:

• Opportunity for tax-deferred growth
• Thirty-two variable Investment Divisions and a Fixed Account
• Freedom of choice - individuals can allocate their money based on their investment objectives and risk tolerance
• Access to funds in the policy
• Guaranteed death benefit plus an optional Annual Death Benefit Reset Rider
• Proceeds that may be used to provide a guaranteed lifetime income

With the addition of the New York Life Elite Variable Annuity, New York Life Insurance and Annuity Corporation continues to offer variable annuity products for every life stage.

New York Life has received among the highest ratings for financial strength from four of the major independent rating agencies, Moody's, A.M. Best, Standards & Poor's and Fitch.

Please call your registered representative or call (800) 598-2019 for a prospectus which contains complete information including all charges and expenses. Please read it carefully before you invest.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life 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 planning 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:

Lisa Fels
New York Life
(212) 576-7937
lisa_fels@newyorklife.com

Hope Heyman
Edelman
212-704-4512
hope.heyman@edelman.com

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