Company Will Match All Employee and Agent Contributions to the Relief Effort, Offers Assistance to Policyholders

NEW YORK, N.Y., September 1, 2005 — New York Life Insurance Company announced today that the New York Life Foundation is contributing $1 million to the American Red Cross in support of its disaster relief efforts following Hurricane Katrina. In addition to this $1 million donation, the Foundation will match all donations made by New York Life employees, agents and retirees dollar for dollar to the American Red Cross. The company placed no limit on the matching gift it will make to the American Red Cross.

Sy Sternberg, chairman and chief executive officer of New York Life and chairman of the New York Life Foundation said, "In the aftermath of the hurricane, New York Life is committed to helping the immediate needs of the communities in the Gulf Coast region. Our employees and agents have already begun to donate to the relief efforts and the company pledges to match all of their contributions. Our company was built on humanity, integrity and financial strength, and our ability to deliver on these values is never more critical than in times like these. Our thoughts and prayers are with everyone affected by this disaster."

"New York Life understands that in time of hardship you need people to turn to. For over 160 years we've stood by our customers through our nation's greatest struggles and disasters, and we are here for you now," Sternberg said. The company pledged to pay all claims swiftly.

New York Life customers are eligible for crisis relief. For those who are in immediate financial need, New York Life can quickly provide emergency loans against the cash value of a current policy to help in recovery and rebuilding. New York Life can assist if a policyholder needs a payment extension for a short time, and also if a policy has been lost or destroyed. Policyholders should call toll-free at 1-800-695-4331 for assistance.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

The New York Life Foundation (www.newyorklifefoundation.org) is the major vehicle through which New York Life Insurance Company channels contributions to national and local nonprofit organizations. Through its Nurturing the Children initiative, the Foundation supports organizations, programs and services that target young people, particularly in the areas of mentoring, safe places to learn and grow, and educational enhancement opportunities. Through Volunteers for LIFE, its national community involvement initiative, New York Life also encourages volunteer participation by its employees, agents and retirees.

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