CollegeSense Plan for College Savings Launches; New York Life Investment Management and State Street's Schoolhouse Capital Partner.

Business, Finance & Education Editors

PARSIPPANY, N.J.--(BUSINESS WIRE)--Nov. 27, 2001

New York Life Investment Management LLC (NYLIM) today announced the introduction of the CollegeSense 529 Higher Education Savings Plan to be offered in conjunction with Schoolhouse Capital, LLC -- the program manager for the State of New Mexico.

Brian Lee, president and chief executive officer of NYLIM Retail Markets, noted "CollegeSense is designed for investors working with financial advisors, who will be able to offer clients a state-of-the-art program for college savings. It includes a multi-manager investment platform, flexibility in investment selection, and cutting-edge program features and technology."

"For those reasons," notes Ralph J. Constantino, chief executive officer of Schoolhouse Capital, "CollegeSense represents a next generation 529 product specifically designed for the financial advisor channel."

College savings options have expanded in recent years, and so has the role of professional investment advisors, as parents, grandparents and others seek help in making sense of the many different products in the market. CollegeSense will be distributed through NYLIM's affiliate, NYLIFE Distributors, Inc., as well as through its network of outside broker-dealers and financial planners.

The program offers a total of nine investment options including an age-based series, plus a series of custom choice asset allocation portfolios that include an all equity, all bond and short term yield-oriented portfolio for maximum flexibility. The portfolios' underlying funds are managed by New York Life Investment Management under its MainStay and Eclipse brands, as well as by State Street Global Advisors, and JPMorgan Fleming Asset Management - all widely recognized as major institutional investment managers.

"Institutional investment managers are typically better able to stick to their investment discipline and avoid style drift," added Lee, "so investors in the CollegeSense Plan can be confident that their money will be managed according to the investment style they choose."

A new web site, www.collegesense.com, has been developed to provide in-depth information about the benefits of 529 college saving and the CollegeSense Plan. The site offers an extensive college search and education planning features, as well as easy account access for advisors and their clients.

With over $143 billion in assets under management as of September 30, 2001, NYLIM and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers 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 site at www.nylim.com.

Schoolhouse Capital, LLC, Boston, Mass., a subsidiary of State Street Corporation, was initiated by State Street Global Advisors (SSgA) to provide integrated financial solutions to the education marketplace including colleges and universities, parents, students and families, and endowments and foundations.

SSgA, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage $663 billion in investment programs and portfolios for institutional and individual investors. In addition to Boston, SSgA has full investment operations in Hong Kong, Tokyo, Singapore, London, Paris, Montreal, Munich and Sydney. It also has offices in Brussels, Dubai, Moscow, Prague, Santiago, Seoul, Toronto, Zurich, and Montpellier, France. In the United States, it has offices in Atlanta, GA; Bellevue, WA; Boca Raton, FL; Chicago, IL; Clearwater, FL; Greenwich, CT; Hartford, CT; Los Angeles, CA; Manchester, NH; Naples, FL; New York, NY; Osterville, MA; Purchase, NY; San Francisco, CA; and Stamford, CT. For more information, visit SSgA's web site at www.ssga.com.

With $5.8 trillion in assets under custody and $663 billion under management, State Street Corporation is one of the world's leading specialists in meeting the needs of sophisticated global investors. Offices are located in the United States, Canada, Chile, Cayman Islands, Netherlands Antilles, Ireland, United Kingdom, Netherlands, France, Belgium, Luxembourg, Switzerland, Germany, Czech Republic, United Arab Emirates, Russia, People's Republic of China, Taiwan, South Korea, Japan, Singapore, and Australia. State Street Corporation's common stock is traded on the New York Stock Exchange under the symbol STT. For more information, visit State Street's Web site at www.statestreet.com.

Securities are offered through NYLIFE Distributors, 169 Lackawanna Avenue, Parsippany, NJ 07054 There are risks associated with investing in a 529 Plan. Please consult your financial professional.