New York Life Investment Management LLC Wins Copic Insurance Company Mandate.

PARSIPPANY, N.J. -- New York Life Investment Management LLC (NYLIM) announced today that COPIC Insurance Company has selected NYLIM to manage $20 million in a Large Cap Enhanced Index separate account. The management strategy for the non-ERISA account targets a return over the S&P 500 Index, while managing return variation from the index.

A portfolio management team led by Harvey Fram, managing director of 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 $4.1 billion* in large cap enhanced assets.

"The Large Cap Enhanced approach managed by NYLIM Equity Investors has a strong track record," said Tony Elavia, the division's Chief Investment Officer. "NYLIM's experienced management team and consistently impressive track record, makes the Large Cap Enhanced strategy an attractive alternative for Institutional Investors."

Richards & Tierney, Inc., provider of specialized investment services to the institutional investment community, assisted with the search.

With more than $190 billion in assets under management as of May 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 June 30, 2005