New York Life Investments Completes Acquisition of Dexia Asset Management

  New York Life Investments Completes Acquisition of Dexia Asset Management

              Expands Global Footprint into Europe and Australia

            Assets Under Management Exceed $500 Billion Milestone

Business Wire

NEW YORK -- February 3, 2014

New York Life Investments announced today that it has completed its
acquisition of Dexia Asset Management, a leading international asset manager,
with management centers in Brussels, Paris, Luxembourg and its investment
boutique, Ausbil, based in Sydney, for EUR 380 million.

Dexia Asset Management joins New York Life Investments’ diversified family of
investment boutiques, complementing its current capabilities in fixed income,
equities and alternative investments and adds $100 billion in assets under
management, bringing New York Life Investments’ total assets under management
to $511 billion.

Naïm Abou-Jaoudé will continue in his role as chief executive officer and
chairman of the Executive Committee of Dexia Asset Management and Paul Xiradis
will remain chief executive officer of Ausbil. Yie-Hsin Hung, in addition to
her current role as co-president of New York Life Investment Management and
chairman of New York Life Investment Management International, becomes
chairman of the Board of Directors of Dexia Asset Management. Naïm Abou-Jaoudé
joins the Executive Committee of New York Life Investment Management
International as vice chairman.

“Expanding our asset management business in Europe and Australia represents a
significant growth opportunity for New York Life to become a key player in the
global asset management arena, adding important scale and geographical
diversity to our business,” said John Kim, vice chairman, New York Life. “As
with our other boutiques, Dexia Asset Management will preserve the integrity
of its investment processes, portfolio management teams and distinct culture,
while at the same time benefit from the strength, resources and capital of New
York Life.”

“The acquisition of Dexia Asset Management, a robust organization with a
diverse array of products and broad distribution adds quality investment
solutions for our clients on a global basis, and represents a milestone in the
growth of New York Life Investments. We warmly welcome Naïm Abou-Jaoudé and
his entire team to the New York Life family and look forward to fully
supporting the firm’s future endeavors,” he added.

“I am delighted to take on the role of chairman of the Board, working with
Naïm Abou-Jaoudé to bring New York Life’s significant resources to Dexia Asset
Management,” said Yie-Hsin Hung, co-president of New York Life Investment
Management and chairman of New York Life Investment Management International. 
“With the backing of New York Life, Dexia Asset Management has the opportunity
to even better meet the needs of its clients with innovative products, strong
performance, meticulous risk management and substantial resources, and do what
it does best -- being an excellent investment partner to its clients.”

“With our expanded business, our clients now have access to the breadth and
depth of European and Australian markets through best-in-class products,
global capabilities and tremendous talent and insight on the ground,” Yie-Hsin
Hung added.

Naïm Abou-Jaoudé, chief executive officer and chairman of the Executive
Committee, Dexia Asset Management, said: “New York Life has the highest
possible financial strength ratings currently awarded to any U.S. life insurer
from all four of the major credit rating agencies. With this Fortune 100
institution underpinning our business, we are now better positioned than ever
to provide continuity and stability to our clients and staff. We are also
pleased to confirm our commitment to maintaining our local presence,
platforms, teams and investment processes. We look forward to moving ahead
with New York Life’s confidence and backing, to continue adding value for our
clients in the years to come.”

New York Life Investments has been growing rapidly, more than doubling assets
under management to $400 billion in the five years since the financial crisis
by employing a successful multi-boutique approach. Third party assets have
risen to $189 billion as of December 31st, 2013, from $68 billion at year end
2008. The investments business has become a vital part of New York Life,
significantly expanding the company’s profile and its profitability and
contributing to its financial strength. The Dexia Asset Management acquisition
continues the strong growth of New York Life Investments.

Yie-Hsin Hung, Co-President, New York Life Investment Management; Chairman,
New York Life Investment Management International; Chairman of the Board of
Directors, Dexia Asset Management

Yie-Hsin Hung is the co-president at New York Life Investment Management. In
this capacity, she is responsible for a number of the equity, fixed income,
and alternatives focused investment boutiques. Ms. Hung is also the chairman
of New York Life Investment Management International responsible for the
firm's investment management institutional activities and presence outside the
U.S. She is also chairman of the Board of Directors of Dexia Asset Management.
She joined New York Life in 2010 with more than 25 years of industry
experience, having most recently served as senior advisor at Bridgewater
Associates and managing director and global head of Strategic Acquisitions and
Alliances at Morgan Stanley Investment Management. At Morgan Stanley, she also
served as chief administrative officer, head of the firm's Private Equity and
Absolute Return businesses, and had responsibility for the business
development effort of the Alternative Investments group. Prior to that, Ms.
Hung was a managing director in Morgan Stanley's Investment Banking division
for a number of years, with a primary focus on real estate. Ms. Hung received
a BS in Mechanical Engineering from Northwestern University and her MBA from
Harvard Business School.

Naïm Abou-Jaoudé, Chief Executive Officer and Chairman of the Executive
Committee, Dexia Asset Management; Vice Chairman, New York Life Investment
Management International

Naïm Abou-Jaoudé is the chief executive officer and chairman of the Executive
Committee, Dexia Asset Management since 2007 and the vice chairman of New York
Life Investment Management International. Within this role he relies on a
broad experience acquired in the financial sector, and more particularly
25-years’ experience in the asset management industry. Until end 2006, he was
a member of Dexia Asset Management’s Executive Committee, in charge of
Alternative Management and Structured Products. HejoinedDexia Asset
Managementin 1996. Previously, he was a member of the Management Board,
responsible for the Investment Management and Derivatives department at UBS
Asset ManagementFrance andAlfi Gestion(companies respectively acquired by
Dexia). He started his career as one of the partners atTransoptions
Finance(subsidiary ofCrédit Agricole- Indosuez). Naïm Abou-Jaoudé is member
of the board of several asset management industry bodies and is a graduate of
the Institute of Political Studies in Paris(IEP-Sciences Po). He holds a
Masters’ degree in Economics and Finance (Université Paris II).

Paul Xiradis, Chief Executive Officer, Deputy Chairman and Founding Head of
Equities, Ausbil

Paul Xiradis is the chief executive officer, deputy chairman and founding head
of Equities at Ausbil Dexia Limited (“Ausbil”). He co-founded Ausbil in 1997
and has over 30 years experience in investment management across all
investment disciplines. His formative investment years were spent in Westpac’s
Investment Management Division where his responsibilities included the
management of both superannuation and non-superannuation retail investment
trusts. He progressed to become senior portfolio manager for Delfin and
investment manager for the Mercantile & General Reinsurance Group in Australia
in 1989. Mr. Xiradis joined Legal and General Asset Management in 1994, rising
to become director of Australian Equities, where he continued his sound track
record in equity management. In late 1995 BZW Investment Management approached
him to accept an equity management position as Associate Director-Equities, a
position he held until 1997.

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 $411 billion
in assets under management, as of December 31st, 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 include 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 U.S. 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 Dexia Asset Management

Over the past 20 years, Dexia Asset Management has built up a significant
presence in Europe and across international markets. The company has
established product manufacturing platforms in Brussels, Paris, Luxembourg and
Sydney and has an experienced sales force covering Europe, the Middle East and
Australia. With a team of some 500 dedicated employees, it currently manages
$100 billion in assets as at December 31 2013. Delivering innovative
investment solutions to institutional, retail and private investors across 25
countries, Dexia Asset Management’s multi-specialist skills cover five key
areas of expertise: fixed income, equities, alternatives, sustainable
investments and advanced asset allocation.

Further information can be found on www.dexia-am.com

About Ausbil Dexia Limited

Ausbil Dexia Limited, an investment boutique of Dexia Asset Management, is an
Australian equities specialist with US$9.07 billion in funds under management,
as of December 31, 2013. Established in April 1997, Ausbil’s core business is
the management of Australian equities and emerging leader investment
portfolios for major superannuation funds, institutional investors and master
trust clients. During the past fourteen years Ausbil has been one of
Australia’s highest performing equity specialist boutique managers and has
demonstrated an impressive consistency in delivering superior returns through
its style neutral process.

Further information can be found on www.ausbil.com.au

Contact:

Media:
New York Life Insurance Company
Jacqueline Meere
+1.212.576.5301
+1.646.468.0020
jacqueline_meere@newyorklife.com
or
New York Life Insurance Company
William Werfelman
+1.212.576.5385
william_werfelman@NewYorkLife.com
or
Dexia Asset Management
Ilse Devynck, +32.509.61.67
ilse.devynck@dexia.com
Media.Relations-dam@dexia.com
 
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