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New York Life Investments to Acquire Dexia Asset Management



  New York Life Investments to Acquire Dexia Asset Management

         New York Life Investments Expands into Europe and Australia

Business Wire

NEW YORK -- September 24, 2013

New York Life Investments announced today it entered into a definitive
agreement to acquire full ownership of Dexia Asset Management for EUR 380
million. Dexia Asset Management has approximately US$100 billion in assets
under management, and is a leading international asset manager. With
management centers in Brussels, Paris, Luxembourg and Sydney, the company
offers global fixed income, global equities, alternatives and asset allocation
products across retail and institutional channels in 11 locations covering 25
countries. The transaction, which remains subject to the approval of
regulatory authorities, is expected to close on or about December 31, 2013.

The transaction further establishes New York Life Investments as a leading
global asset manager and a provider of investment solutions for institutional
and retail investors. The addition of Dexia Asset Management is expected to
bring New York Life Investments’ total assets under management to more than
$480 billion, and will likely propel its rankings into the top 25 global
institutional money managers.

“We are very pleased with the growth of New York Life Investments -- and the
Dexia Asset Management acquisition further demonstrates our commitment to the
global asset management business which provides important earnings
diversification for our company. In the five years since the financial crisis,
we have been doing extraordinarily well -- more than doubling assets under
management, reflecting the strong track records and first class products and
service of our asset managers, as well as clients’ appreciation for the safety
and soundness of New York Life,” said Ted Mathas, chairman and chief executive
officer, New York Life Insurance Company. “We have superb execution of our
multi-boutique model, where clients can avail themselves of a range of quality
firms to fit their precise needs. Dexia Asset Management brings even more
diversification to us with its excellent footprints in Europe and Australia.”

John Kim, chairman and chief executive officer, New York Life Investments,
added: “Dexia Asset Management has demonstrated remarkable investment
performance under challenging circumstances, reflecting its strong investment
management culture and solid business fundamentals. We are looking forward to
the firm joining our roster of investment boutiques.” He continued, “The
acquisition of Dexia Asset Management will provide our clients with access to
the company’s highly-rated funds, strong European platform, and established
Australian equities business. It builds upon the strong momentum we’ve
achieved in our third-party global asset management business and positions us
for further growth in key markets around the world.”

Naïm Abou-Jaoudé, chief executive officer, Dexia Asset Management, said: “We
are delighted to join the New York Life Investments family, part of America’s
leading mutual life insurance company and one of the world’s most respected
financial institutions. We look forward to building upon a complementary and
shared long term vision with the benefits, support and resources of New York
Life and believe our clients and staff can anticipate this partnership with
confidence.”

The Dexia Asset Management acquisition continues the strong growth of New York
Life Investments’ third party business. Third party assets have risen to $173
billion as of July 31 2013, from $68 billion at year end 2008, in part due to
the exceptional growth of the MainStay Investments’ (“MainStay”) mutual funds
business. MainStay, a New York Life company, has more than tripled its total
long-term mutual fund assets under management over the past five years to over
$80 billion, as of July 31, 2013, up from $26.3 billion in July 2008,
solidifying the company’s position as a leader in the mutual fund industry.

About New York Life Investments

New York Life Investments, a wholly owned subsidiary of New York Life
Insurance Company, is a leading investment management firm, with $388 billion
in assets under management, as of July 31, 2013. New York Life Investments
ranks among the world's largest asset managers* and through its
multiple-boutique investment structure, offers access to an array of fixed
income, equities and alternative products for institutional and retail
clients. New York Life Investments is also a leading provider of retirement
plans for corporations, multi-employer trusts, and individuals, and is
recognized as one of the nation's top providers of guaranteed products to both
the qualified and non-qualified markets.

"New York Life Investments" is a service mark used by New York Life Investment
Management Holdings LLC and its subsidiary, New York Life Investment
Management LLC.

*Source: New York Life Investments ranked 29th among the world’s largest money
managers within Pensions & Investments, May 27, 2013. Rankings are based on
total worldwide institutional assets under management for the year-end 2012.
New York Life Investments assets includes assets of affiliated investment
advisors.

About New York Life Insurance Company

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. New York Life has the highest possible
financial strength ratings currently awarded to any life insurer from all four
of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s
Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York
City, New York Life’s family of companies offers life insurance, retirement
income, investments and long-term care insurance. Please visit New York Life’s
website at www.newyorklife.com for more information.

*Based on revenue as reported by “Fortune 500 ranked within Industries,
Insurance: Life, Health (Mutual),” Fortune magazine, May 20, 2013. See
http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20
for methodology.

**Individual independent rating agency commentary as of 8/1/13.

About MainStay Investments

With over $80 billion in assets under management as of July 31, 2013 across
retail mutual funds and variable product sub-accounts, MainStay Investments is
the mutual fund distribution arm of New York Life. MainStay provides financial
advisors access to a powerful mix of autonomous, institutional investment
managers, delivered by people who understand the needs of today's financial
advisor. Please visit MainStay’s website at www.mainstayinvestments.com for
more information.

MainStay Investments® is a registered service mark and name under which New
York Life Investment Management LLC does business. MainStay Investments is an
indirect subsidiary of New York Life Insurance Company.

Securities of the MainStay Funds are distributed by NYLIFE Distributors LLC.
169 Lackawanna Ave Parsippany, NJ 07054. Please call 800-MAINSTAY
(800-624-6782) for MainStay Funds prospectuses. Please consider the investment
objectives, risks, and charges and expenses of the investment carefully before
investing. The prospectus contains this and other information about the
investment company. Please read it carefully before you invest.

About Dexia Asset Management

Dexia Asset Management is an asset manager specialized in fund management and
institutional and private mandates. Dexia Asset Management is a first-tier,
pan-European and Australian player managing EUR 74 billion in assets,
distributed among a full range of investment vehicles, including traditional
management, alternative management and sustainable and responsible
investments. Dexia Asset Management has management teams in Brussels,
Luxembourg, Paris and Sydney and sales teams throughout Europe, Australia and
the Middle East. www.dexia-am.com.

Contact:

Media:
New York Life Insurance Company
Jacqueline Meere, +1-212-576-5301
+1-646-468-0020
jacqueline_meere@newyorklife.com
or
William Werfelman, +1-212-576-5385
william_werfelman@NewYorkLife.com
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