Jeffrey S. Phlegar Appointed CEO of MacKay Shields LLC

Lucille Protas Named President and Chief Operating Officer

NEW YORK, December 15, 2011 – MacKay Shields LLC, a wholly-owned subsidiary of New York Life Investments , today announced that Jeffrey S. Phlegar has joined the organization as its new chief executive officer. He replaces acting-CEO Lucille Protas, who has been appointed president and chief operating officer of the firm.

"Jeff brings to MacKay a wealth of fixed income knowledge along with a strong understanding of the global asset management business. His proven leadership, investment acumen, management experience and worldwide reputation in the asset management arena make him the right person to lead MacKay and to further develop its global footprint and product offering going forward," said Drew Lawton, CEO of Traditional Investments at New York Life Investments.

An 18 year veteran of AllianceBernstein, Phlegar most recently served as president of Special Opportunities and Advisory Services, responsible for building a variety of new business initiatives, including the firm's new alternatives platform.

From 2004 through 2008, Phlegar co-led AllianceBernstein's fixed income division as executive vice president and chief investment officer. In this role, he was responsible for overseeing all aspects of the firm's fixed income business, including its client relationships worldwide, as well as the development and implementation of new products and successful strategies for distribution, servicing, and operations.

Previous roles at AllianceBernstein included serving as Director of U.S. Fixed Income and Insurance, Director of Liquid Markets/MBS and portfolio manager for Taxable Fixed Income & Insurance. Prior to joining AllianceBernstein in 1993, Phlegar had portfolio manager responsibilities at Equitable Capital Management and served as a fixed income product specialist at Dreyfus Corp.

Phlegar received his Bachelor's of Business Administration from Hofstra University and his MBA from Adelphi University.

With Phlegar's arrival, former acting-CEO Lucille Protas has assumed the newly created position of president and chief operating officer of MacKay Shields LLC.

Protas is a 37 year veteran of the firm. Her career began as an investment research assistant and she achieved increasing levels of responsibility, being named treasurer in 1983, chief administrative officer in 1992 and chief operating officer in 2007.

"Lucille's exemplary service during this transition period has enabled MacKay to continue its trajectory of growth. We are very thankful for her leadership and dedication to MacKay for all of these many years, and for her continued contributions in the future," concluded Lawton.

1. "New York Life Investments" is defined here as New York Life Investment Management Holdings LLC (NYLIM Holdings). "New York Life Investments" is a service mark used by NYLIM Holdings and its subsidiary, New York Life Investment Management LLC.

About MacKay Shields LLC
MacKay Shields LLC is a global, multi-product fixed income investment advisory firm managing more than $54 billion in assets as of September 30, 2011. Its clients include pension funds and other institutional investors in the US and overseas. MacKay Shields is a wholly-owned subsidiary of New York Life Investments.

About New York Life Investments
New York Life Investments ranks among the largest asset management firms in the United States . Through its multiple-boutique investment structure, New York Life Investments delivers investment performance through an array of products designed for both institutional and retail clients.

New York Life Investments is 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. Together with its affiliates and over 1,500 employees, New York Life Investments manages over $297 billion in assets as of September 30, 2011.

Yael Bizouati
New York Life Investments