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New York Life Opens New Operations Center in Forsyth County, Georgia

Plans Call for the Center to Employ 140 Over Next Few Years
Company Chairman and Georgia Governor to Speak at Opening Ceremonies

NEW YORK, N.Y., June 14, 2004 — New York Life Insurance Company has formally opened its new operations center in Forsyth County, Georgia, the company announced today. A ceremony will take place on–site for employees, local officials and business leaders today. Company Chairman Sy Sternberg and Georgia Governor Sonny Perdue plan to attend the event and deliver remarks. New York Life acquired the property in the spring of 2003 and has renovated and expanded the facility. Nearly 100 employees now occupy the 134,000 square–foot building.

"New York Life is pleased to open our new operations center which has been staffed with newly hired employees from Forsyth County and surrounding areas as well as current employees who volunteered to relocate to Georgia," said Sy Sternberg, chairman and chief executive officer of New York Life. "This region provided New York Life with an excellent talent pool from which to draw, and offers our employees first–rate housing, terrific educational opportunities and a superb quality of life. We're excited to be up and running."

"We thank the many county, state and local officials who helped make this possible, the residents and businesspeople of Forsyth County, and the Cumming–Forsyth County Chamber of Commerce who have welcomed us so graciously," said Harry DeHaven, corporate vice president of New York Life and the senior executive at the facility.

The center's staff is comprised of a full range of operations personnel. Mr. DeHaven noted that plans include additional local hiring to bring the total employment of the facility to 140 in the next few years.

"New York Life is a leading global company, and we proudly welcome them to our community," said Joni L. Owens, president and chief executive officer, Cumming–Forsyth Chamber of Commerce. "We know that New York Life appreciates the quality of life and sophistication of the business community here in Forsyth County."

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, 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.

Lisa Fels
New York Life
212–576–7937

John Hartz
Sloane & Company
212–446–1872

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New York Life Opens New Operations Center in Forsyth County, Georgia

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