Company Press Release

New York Life to Acquire a Minority Stake in Cornerstone Capital Management

--MainStay Investments and Cornerstone to Partner on New "MainStay Cornerstone Growth Fund"

--Reflects Continued Broadening of MainStay Product Lineup through Large-Cap Growth Fund Adoption and New Sub-Advisory Relationship

NEW YORK, Sept. 27, 2012 -- New York Life, through a subsidiary, today announced that it has signed an agreement to acquire a minority stake in Cornerstone Capital Management, Inc. ("Cornerstone"), a Minneapolis-based large-cap growth manager with more than $2.2 billion in assets under management. The terms of the agreement call for New York Life to increase its ownership over a period of seven years to a majority stake.

"Cornerstone has a strong track record of achieving long-term investment success for its clients. Its expertise in investing in large-cap growth equities complements our overall investment capabilities and positions us for growth," said Yie-Hsin Hung, senior managing director and head of Institutional Investments for the Investments Group of New York Life. "We are committed to making strategic acquisitions that enhance our investment boutiques with a focus on strategies sought by our clients."

Cornerstone manages the Keystone Large Cap Growth Fund and has a distinct philosophy of being a short-term contrarian within the context of long-term fundamental investing. The Fund invests primarily in equity securities of U.S. companies focusing on a relatively small number of intensively researched organizations. The Fund typically invests at least 80 percent of net assets in common stocks of high-growth large-capitalization companies with at least $3 billion in market capitalization. The Fund typically will hold approximately 35 to 55 companies in various stages of growth.

Founded in 1992, Cornerstone is led by Andrew Wyatt, chief executive officer and Thomas Kamp, president and chief investment officer. Prior to joining Cornerstone in 2006, Kamp managed more than $9 billion in assets at Alliance Capital Management.

"Partnering with one of America's strongest and most well-regarded financial institutions is part of our strategic growth plan and provides increased opportunities for our clients and our team," said Wyatt. "This partnership enables Cornerstone to preserve its long-standing investment and management philosophies and continue its focus on performance while benefiting from New York Life's global breadth and depth in distribution, marketing and service."

New Subadvisory Relationship

As part of this agreement, the Investments Group of New York Life also announced the formation of a new subadvisory partnership with Cornerstone and the proposed adoption of the Keystone Large Cap Growth Fund to the MainStay family of funds. The Keystone Large Cap Growth Fund, with $330 million in assets as of July 31, 2012, will be reorganized into the MainStay Funds and become the "MainStay Cornerstone Growth Fund" pending shareholder approval. MainStay Investments will become the investment manager to the new fund and Cornerstone will be sub-advisor to the fund. Cornerstone will continue to be responsible for the day-to-day portfolio management of the fund. Hung continued, "We are very pleased to bring the investment expertise of Cornerstone to our current shareholders and distribution partners adding depth and breadth to our product lineup."

The parties expect to close the transaction on or about January 13, 2013. Advisors to Cornerstone were Faegre Baker Daniels LLP and Ted Gooden of Berkshire Capital Securities LLC.

About Cornerstone Capital Management

Cornerstone Capital Management, Inc. is a Minneapolis-based global investment and financial advisory firm for institutions and private clients. Founded in 1992, Cornerstone currently manages more than $2.2 billion in assets as of July 31, 2012. The company is a values-driven, customer-centric organization operating at the highest levels of professionalism and integrity, seeking to consistently deliver superior investment performance.

About MainStay Investments

With more than $63.5 billion in assets under management as of July 31, 2012, MainStay Investments ("Mainstay") 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. The MainStay Fund Family has been designated a top three fund family* by Barron's for the 10-year time period for three consecutive years (as of 12/31/11, out of 45 mutual fund families). As an indirect subsidiary of New York Life Insurance Company, a Fortune 100 company founded in 1845, MainStay is owned by the largest mutual life insurance company in the United States** and is one of the largest life insurers in the world.

About New York Life's Investments Group

The Investments Group of New York Life ranks among the largest asset management firms in the United States. Through its multiple-boutique investment structure, New York Life offers access to an array of products designed for both institutional and retail clients. New York Life 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 2,000 employees, the Investments Group of New York Life managed more than $345 billion in assets as of July 31, 2012.




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