MainStay ICAP Select Equity Receives 2008 Lipper Fund Award

Fund Ranks First In Large-Cap Value Category for 10 Year Performance

NEW YORK, April 10 /PRNewswire/ -- MainStay Investments, the retail
distribution arm of New York Life Investment Management, today announced the
MainStay ICAP Select Equity Fund I (ICSLX) received the 2008 Lipper Fund Award
in the Large-Cap Value, 10-year category.
"This recognition reflects our highly successful team approach which is
based on our bottom-up, value-driven stock selection process and in-depth
portfolio analysis. Our global research effort differentiates us and is also a
key factor in achieving these results," said Jerrold K. Senser, chief
executive officer and chief investment officer, Institutional Capital LLC.
In achieving this recognition, the fund outperformed 149 other funds in
its category, generating 10.80 percent for its 10-year trailing returns
(annualized as of December 31, 2007). The fund outperformed its benchmark,
the Standard & Poor's 500, by 4.9 percentage points over the same period.
MainStay ICAP's 16-member investment team is led by Jerrold K. Senser and
Thomas R. Wenzel, who have 52 years of combined investment industry
experience, today managing $18 billion in retail and institutional assets.
MainStay Investments is the advisor distribution arm of New York Life
Investment Management, a top 25 global money manager* with over $249 billion
in assets under management.** We deliver the investment products and
expertise you've come to expect through: Multi-Boutique Management, offering
access to leading institutional managers that drive performance; Proven
Wealth-Building Tools, providing actionable and effective solutions to help
invest and plan for all life stages; and a commitment to you. We proudly
stand on a track record of accountability, integrity, and commitment. For
more information, visit MainStay Investments' website at
www.mainstayinvestments.com.
MainStay ICAP Select Equity Fund I (ICSLX) generated (3.25)%, 16.17% and
8.48%, respectively for its 1-, 5- and 10-year quarterly average annual total
returns, as of March 31, 2008.
Class I: No initial sales charge or CDSC, generally available to corporate
& institutional investors with a minimum initial investment of $5 million.
Gross Expenses: Class I 0.87%
Performance data quoted represents past performance. Past performance is
no guarantee of future results. Due to market volatility, current performance
may be less or higher than the figures shown. Investment return and principal
value will fluctuate so that upon redemption, shares may be worth more or less
than their original cost. For current to the most recent month-end
performance information, please contact 1-800-MAINSTAY.
Please call 1-800-MAINSTAY (1-800-624-6782) 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.
* Source: Pension & Investment, May 28, 2007
** Assets as of December 31, 2007, with affiliates.
Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Ave.,
Parsippany, NJ 07054
SOURCE MainStay Investments

Allison Scott of New York Life Investment Management for MainStay Investments,
+1-212-576-4517, allison_scott@nylim.com