Gerald Kaplan to Retire After 15 Years as Company's Chief Tax Counsel

NEW YORK, N.Y., August 16, 2004 — New York Life Insurance Company announced today that Michael M. Oleske, 52, will become chief tax counsel and head of the company's Tax Department upon the retirement of Gerald Kaplan in October. Mr. Oleske, a first vice president, will report to Michael E. Sproule, executive vice president and chief financial officer of New York Life.

Mr. Sproule said, "Mike Oleske is an excellent choice to fill the shoes of Gerry Kaplan. Mike has worked closely with Gerry for many years and has held positions of increasing responsibility in his 18 years with New York Life. I know that Mike, in his new role, will make many additional contributions to the Company's success, and we wish Gerry all the best in his well-earned retirement."

Michael Oleske began his career with New York Life in 1986 as assistant tax counsel. Mr. Oleske was promoted to associate tax counsel in 1988 and became vice president in 1994. He was elected a first vice president in 2003. Prior to joining the company, Mr. Oleske worked as an attorney for the Institute for Business Planning. In 1982, he left the Institute to become an associate with Geller & Simon, P.C., where he remained until 1984. From 1984 to 1986, he worked as an attorney for Metropolitan Life Insurance Company.

Mr. Oleske is a member of the tax sections of the American Bar Association, the Federal Bar Association, the New York State Bar Association, and the Association of Life Insurance Counsel. He is also a member of the American Council of Life Insurance (ACLI) Product Tax Committee. Mr. Oleske graduated cum laude with a B.A. in Mathematics and English from Fordham University in 1974. He earned a J.D. from St. John's University School of Law in 1977, and an L.L.M. in Taxation from New York University Law School, Graduate Division, in 1982. He resides in Manhasset, New York, with his wife, Mary. They have three children.

Mr. Kaplan, 62, a senior vice president, joined New York Life in 1985 and has served as chief tax counsel and head of the Tax Department for the last 15 years. He received a B.A. degree from Rutgers University in 1964 and an L.L.B. from Boston University Law School in 1967. Mr. Kaplan also received an L.L.M. in taxation from New York University Graduate School of Law in 198O. He resides in South Salem, New York, with his wife, Maury. They have two daughters and a granddaughter.

Contacts:
Terri Marchon
New York Life
212-576-5624

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