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New York Life Investment Management LLC Awarded City of Philadelphia Retirement Assets to Manage

PARSIPPANY, N.J., Mar 07, 2005 — New York Life Investment Management LLC (NYLIM) announced today that the City of Philadelphia Board of Pensions and Retirement selected NYLIM to manage $145 million in a Large Cap Enhanced Index separate account. The management strategy for the account targets a return over the Russell 1000 Index, while managing return variation from the index.

A portfolio management team led by Harvey Fram, Managing Director, NYLIM Equity Investors, a division of New York Life Investment Management LLC, will manage the account. Mr. Fram's team currently manages a total of $1.7 billion* in large cap enhanced assets.

"The Large Cap Enhanced approach managed by NYLIM Equity Investors has a strong track record," said Tony Johnson, Chief Investment Officer for the City of Philadelphia's Board of Pensions and Retirement. "It is well suited to help us achieve our portfolio objectives. We are very comfortable with NYLIM's expertise in risk management and reputation in this area."

Fiduciary Investment Solutions, an investment consultant located in Philadelphia, conducted the search. This marks the first City of Philadelphia investment product handled by NYLIM.

With more than $188 billion in assets under management as of January 31, 2005, New York Life Investment Management LLC and its affiliates provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments. For more information, visit the New York Life Investment Management LLC site at www.nylim.com.

*as of 12/31/04

SOURCE: New York Life Investment Management LLC
Bliss, Gouverneur & Associates
Meghan Lantier, 212-840-1661
Meghan@blisspr.com
or
New York Life Investment Management LLC
Diane Kagel, 973-394-4403

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New York Life Investment Management LLC Awarded City of Philadelphia Retirement Assets to Manage

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