Company's Vanderbilt Office Relocates Near Ground Zero

NEW YORK, N.Y., August 28, 2002 — New York Life Insurance Company announced today that its Vanderbilt General Office has relocated to 120 Broadway, only blocks from Ground Zero in the Financial District of Lower Manhattan, and is now called the Manhattan General Office. This office is one of the company's largest operations with 173 agents, 38 employees and 11 managers working from the facility.

"Our relocation to a building near Ground Zero is a clear indication of New York Life's commitment to the redevelopment of Lower Manhattan and a demonstration of our confidence in the vitality of New York City's financial district," said Marc Pfaff, managing partner of the newly relocated office. "We are proud to be part of this important renewal effort."

This relocation to 120 Broadway brings New York Life back to its original neighborhood — in 1858, the company moved from leased space to the first building it owned at 112-114 Broadway.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long term care insurance. Through New York Life Investment Management, New York Life's affiliates provide institutional asset management, retirement plan and trust services and an array of securities products and services such as institutional and retail mutual funds.

Contacts:

Karen Finkston Payes
New York Life
(212) 576-5624

Mike Holloway
Edelman Public Relations
(212) 704-4532

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