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New York Life Foundation to Award up to $250,000 in Grants to Westchester Nonprofit Organizations Dedicated to Serving Children

Company Now Has 1,000 Employees At New Campus in Sleepy Hollow.

NEW YORK, N.Y., January 13, 2005 — The New York Life Foundation today announced it will allocate up to $250,000 in grants to Westchester County nonprofit organizations in 2005. The funding will be earmarked for organizations, programs and services that support the Foundation's Nurturing the Children initiative, which is committed to educating, mentoring and providing safe places to learn and grow for children.

The pledge for 2005 builds on the Foundation's initial $65,000 in grants that were announced at the October 2004 opening ceremonies for New York Life's new Westchester campus. The campus, which employs 1,000, complements New York Life's Home Office in Manhattan.

Sy Sternberg, chairman and chief executive officer of New York Life and chairman of the New York Life Foundation, said, "We are pleased to build on our initial efforts on behalf of the children of Westchester. During the coming year, the Foundation's expanded funding will help create more opportunities for young people throughout the County to develop their potential and grow up to become productive adults."

"We're very proud to become an active part of the Westchester community," said Peter Bushyeager, president of the New York Life Foundation. "We're looking forward to helping local nonprofits provide important services to children in need."

Westchester-based nonprofit organizations can review application guidelines and apply online at www.newyorklifefoundation.org This link will open an external site in a new browser. .

The New York Life Foundation, which celebrated its 25th anniversary in 2004, 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 devoted to educating, mentoring and creating safe environments for children. Through Volunteers for LIFE, its national community involvement initiative, New York Life also encourages volunteer participation from its employees, agents and retirees.

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. Please visit New York Life's Web site at www.newyorklife.com for more information.

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New York Life Foundation to Award up to $250,000 in Grants to Westchester Nonprofit Organizations Dedicated to Serving Children

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