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August 11, 2003

New York Life Awards VND 800 Million to Vietnam Family Medicine Development Project

New York (Business Wire) - Recently, New York Life International presented a grant of VND 800 million (approximately US$51,549) to support Hanoi Medical University's Vietnam Family Medicine Development Project in the Ba Vi district.

Gary Benanav, Chairman and CEO of New York Life International, presented the donation at a ceremony to Dr. Le Van Khang, Vice Rector of Hanoi Medical University.

"We are very pleased to have this opportunity to partner with the Hanoi Medical University and the People's Committee of the Ba Vi district and to work together to improve the lives of families and children in Vietnam," said Mr. Benanav. "As a leading global life insurance company, New York Life is passionate about its commitment to the development and prosperity of families here in Vietnam and around the world."

Mr. Benanav is visiting Vietnam to participate in the seminar, "Vietnam's Accession to the WTO: Strategies for Negotiations and the Implementation Process". The two-day seminar is sponsored by New York Life International and hosted by the Ministry of Trade of the Socialist Republic of Vietnam in collaboration with the U.S.-Vietnam Trade Council.

"On behalf of the Vietnam Family Medicine Development Project, I would like to express our sincere thanks to New York Life International for their generous support. The donation is very critical to the application of family medicine in our community and New York Life has set a commendable example for the involvement of corporations and organizations in the development of family medicine in Vietnam," said Dr. Le Van Khang.

The goal of the Vietnam Family Medical Project is to improve the health of the local population, particularly of the local children through reforming the training of primary health care physicians by developing, implementing and evaluating an educational network for family medicine training. The donation from New York Life International partially funds the application phase of the project, as well as helps to upgrade the facilities at all communal health centers within the Ba Vi district.

Though not yet having business operations in Vietnam, New York Life International actively sponsors community programs and projects that benefit children. In 2001, New York Life International sponsored the construction of the Safety Village in the Thong Nhat Park (Hanoi), a project that aims to create a playground for children while educating them on traffic safety.

"Vietnam has taken remarkable steps in the development of its economy, its infrastructure and, most importantly, the health and well-being of its people. New York Life is very proud to support this noble project. This is an exciting time for Vietnam and the Vietnamese people and New York Life looks forward to becoming an active -- and caring -- participant in Vietnam's vibrant business community," concluded Mr. Benanav.

About Vietnam Family Medicine Development Project
The Vietnam Family Medical University is a joint project by the Ministry of Health, the Hanoi Medical University, the Institute for Health and Development and the Division of International Family Medicine Education, Department of Family Practice, Maine Medical Center. Certified graduates from the program will be the cornerstone for the delivery of improved primary health care to the people of Vietnam.

The first phase of the project was initiated in 1997. As a result of a 2001 needs assessment and planning phase, the specialty of Family Medicine was created by the Ministry of Health and an educational training network was set up in the three medical schools of Hanoi, Ho Chi Minh City, and Thai Nguyen. That same year, the next phase of the project for implementation of the training network began, creating the First Degree Specialists training programs, which are of two years duration. The three medical schools began the training of these primary health care specialists in late 2002. The final evaluation and application phase of the project would allow the project team to study the impact of a Family Medicine primary health care delivery model on the economic and health indicators in Vietnam.

About New York Life International
New York Life International established its representative office in Hanoi in December 2000. In cooperation with the government of Vietnam, New York Life International has long been an active advocate for strengthening diplomatic and economic relations between the United States and Vietnam, providing technical assistance to the Ministry of Finance on developing world-standard insurance regulations and supervisory capacity, and contributing to community projects to improve the quality of life for Vietnam's people.

New York Life International offers insurance products through its subsidiaries and affiliates in Hong Kong, India, Mexico, the Philippines, South Korea, Taiwan, Thailand, Argentina, and China. The company maintains a representative office in Hanoi, Vietnam.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long-term care insurance. New York Life Investment Management, LLC, a New York Life affiliate, provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Please visit New York Life's Web site at www.newyorklife.com
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