New York Life Real Estate Investors · PDF file · 2018-03-02New York Life Real Estate Investors Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison

New York Life Real Estate Investors

Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding

Commercial Mortgages & Structured LendingDirect Equity InvestmentsReal Estate Securities Investments nylrealestate.com

NYL Investors LLC is a wholly owned subsidiary of New York Life Insurance Company.

New York Life Insurance Company

LEADING U.S. LIFE INSURER

� Fortune 500 company (#80)1

� The nation’s largest mutual life insurer1

� 170 year history

FINANCIAL STRENGTH

� Solid growth and operating profitability

� Strong balance sheet and capital position

INVESTMENT CAPABILITIES

TOTAL REVENUES*

2013

2012

2011

2010

2009

$36.0

$34.3

$34.4

$34.9

$34.0

$ BILLIONS

2014 $38.7

Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding2

� $509 billion of AUM2 as of September 30, 2015

� 26th largest global money manager3

CREDIT RATINGS4

� Aaa (Moody’s), AA+ (S&P), AAA (Fitch), A++ (AM Best)

SURPLUS AND ASSET VALUATION RESERVES**

2014

2013

2012

2011

2010

2009

$21.9

$21.1

$19.6

$17.9

$16.8

$15.0

$ BILLIONS

1. Source: Fortune , June 2015.2. Assets under management (AUM) includes assets of Investment Advisors affiliated with New York Life Insurance Company

and assets under administration (AUA) including Retail Annuities. AUM for Candriam and Ausbil is reported at the spot rate.3. Source: Pension & Investments’ Largest Money Managers survey, 2015. Ranked by total worldwide institutional assets.4. Source: Moody’s Credit Opinion, June 2015. S&P Rating Report, June 2015. Fitch Rating Report, March 2015. AM Best

Rating Report, July 2015. Ratings are based on the financial strength of New York Life and apply only to GuaranteedProducts. These ratings are an opinion only, and are not a recommendation by the applicable Agency to take any action.The information contained on this page is for general informational purposes and is subject to change without notice. Pastperformance is not indicative of future results.

* Based on the Fortune 500 revenue calculation. Finance and Accounting 2014.

** Finance and Accounting 2014 and Company Financials as of December 2014.

NYL Investors − Organizational Overview

AUM: $223 billion1

Employees: 393

Locations: New York, Atlanta, Chicago, Dallas, San Francisco, London


1. As of 9/30/15. Fixed Income Investors, Real Estate Investors, and Private Capital Investors are all investment groups within NYL Investors. Assets under management represent the combined AUM of NYL Investors and MadisonCapital Funding (MCF), a separate legal entity. NYL Investors AUM: book value ($193.1 B), market value ($19.9B), cost + unfunded commitments ($0.5B), notional ($1.6 B), AUA ($1.6 B) and MCF AUM: book value ($6.6B).

Madison Capital Funding reports internally to NYL Investors but is legally owned by New York Life Investment Management Holdings LLC (NYLIM Holdings), a holding company that owns various New York Life investment boutiques.Number of employees includes Madison Capital Funding employees.

Real Estate Investors Overview

$45.3B AUM as of 9/30/15

Equity$5.1 billion3

Securities$11.8 billion

Full service, multi-faceted real estate operation

� Headquartered in New York with five regional offices

� Over 100 years of real estate investing1

� 156 team members including dedicated legal team

� 19 years of average experience for investment professionals

� Active in over 129 MSAs nationwide

$45.3 billion of AUM2


Lending$28.4 billion

$45.3 billion of AUM

� Real Estate Lending

− Senior and subordinate debt

� Real Estate Securities Investment

− CMBS and REIT bonds

� Real Estate Equity

− Direct and structured equity investments

1. Real Estate Investors is an investment group within NYL Investors. Includes tenure of when Real Estate Investors was an operating division of New York Life Insurance Company and New York Life investment Management LLC and finally of NYL Investors.

2. Real Estate Investors AUM of $45.3 billion is gross and includes AUA ($1.6B) and property level debt, as of 9/30/15. Net AUM for Real Estate is $44.7B (Equity $4.5B), as of 9/30/15. 3. Gross Equity AUM of $5.1B as of 9/30/15 which includes property-level debt..

Real Estate PlatformsIndependent but integrated platforms provide a strong value proposition

EQUITY

$5.1B in equity (gross) / 116 properties and 25.7M square feet

� Direct investments via wholly owned, joint ventures, and structured investments

� Strategies: Core / Core+, Value Add, and Opportunistic / Development

� Investment Scope

– Apartments, industrial, retail, office

– 32 markets, 21 states

� $600M to $1B of annual acquisitions

COMMERCIAL LENDING

$28.4B loan portfolio - over 1,000 assets

� Loan Types: Fixed / Floating Rate, Stabilized / Transitional, Bridge, Construction to Permanent, Mezzanine

� Loan Terms: 3 to 30 years; 50 - 80% LTV

� Property Types

– Apartments, industrial, retail, and office

– 147 markets, 42 states

� $5.0-6.5B of annual lending activity

REAL ESTATE SECURITIES

$11.8B portfolio of CMBS and REIT Bonds

� $8.8B in CMBS

– Conduit bonds

– Single asset / single borrower (SA/SB)

� $3.0B in REIT bonds

– Apartments, industrial, retail, and office

– 162 positions with 55 issuers

� $2.0 - $2.5B in annual activity

� Investments through separate accounts


� $600M to $1B of annual acquisitions

� Investments through funds and separate accounts

� $5.0-6.5B of annual lending activity

� Loans through separate accounts and co-lending agreements

� Investments through separate accounts

Real Estate Investors AUM of $45.3 billion is gross and includes AUA ($1.6B) and property level debt, as of 9/30/15. Net AUM for Real Estate is $44.7B (Equity $4.5B), as of 9/30/15.

Apartment

23%

Industrial

32%Other

1%

Office

41%

Retail

3%

Office 33%

Retail 25%

Apartment

28%

Industrial

12%

Other 2%

Conduit

CMBS51%

SA/SB

CMBS20%

Other

CMBS4%

REIT

Bonds26%

Senior Mortgage Lending • Loan to Value: Up to 75% for senior mortgages, higher for credit transactions

• Debt Coverage Ratio: Minimum of 1.30x or greater once stabilized

• Non-recourse to borrower except for standard carve outs

Structured Lending • Fixed rate Construction-to-Permanent and Bridge to Permanent loans up to 75% LTC

• Floating rate bridge loans to 75% LTC

• Subordinated loans for stabilized properties up to 85% LTC

• Financing available to vehicles that hold real estate debt (static pools or actively managed with lender approval)

• Institutional quality property, location and sponsorship required

• Fixed, floating and combination rates available

• Earn outs available

General Investment Parameters

Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments

Direct Equity Investments • Nationwide investments between $10-$100 million across all asset types, except hospitality

• Core, core-plus , value-add, and development on a select basis

• Assets can be owned outright or in partnership with experienced operators

• Primary markets nationwide and secondary markets on a select basis

Real Estate Securities • CMBS investments include conduits, floating rate pools, and single asset single borrower transactions, most of which

are investment grade. Typical investment size ranges from $20-100 million

• Purchaser of CRE CDOs

• Unsecured REIT bond investments in both public and private placements, which provide liquidity to experienced

institutional real estate owners and real estate operating companies

6

There is no guarantee that investment objectives will be obtained.

Investment Activity2014 Actual 2015 Plan2015 Actual 2016 Planned

Commercial Mortgages &

Structured Lending

Direct Equity Investments

$6.70 Billion1

$1.17 Billion

$5.50 Billion

$1.0 Billion

$6.1 Billion Senior Mortgages

$600 Million Structured Loans

$4.50 Billion Senior Mortgages

$1.00 Billion Structured Loans


CMBSInvestments

REIT Debt Investments

$2.15 Billion

$495 Million

$2.00 Billion

$500 Million

7


1. Activity includes participations for commercial mortgages

Senior Mortgage LendingInvestment Guidelines

Rate • Fixed and floating rates at competitive, market-based spreads over Treasuries or LIBOR

• Rate locked upon receipt of an executed application with appropriate deposits

Term • Fixed Rate: 3 - 30 years

• Floating Rate: up to 7 years

Size • Typically $10 million to $300 million for single assets, higher for portfolio transactions

• Will coordinate and structure co-investment arrangements for loans with higher proceeds

Co-Lending on Senior Debt • Arrange club loans

• Participate with a lead lender

Portfolio Financing • Financing available of $500 million+, higher with participants

• Average allocated loan amount in pool per asset should exceed $10 million; loan facility can be increased or reduced

via property additions or releases

• Fixed rate loans with a floating rate component allow for partial releases and prepayment flexibility


• Fixed rate loans with a floating rate component allow for partial releases and prepayment flexibility

• Loans may be partially collateralized via mezzanine positions

Parameters • Loan to Value: Up to 75% for mortgages, higher for credit transactions

• Debt Coverage Ratio: Minimum of 1.30X or greater once stabilized

• High grade mezzanine debt may have less restrictive underwriting parameters

• Non-recourse to borrower except for standard carve outs

Typical Timing & Deposits • Transactions approved for commitment and rate lock in a quick and efficient manner

• Typical commitment to closing: 30 to 60 days

• Forward financing options available

• Typically 2% to 3% refundable deposit required to lock rate

• Non-refundable processing payment required for third party consultant reports

Consultant Reports • Appraisal

• Property condition

• Environmental

• Seismic, as applicable

8


Representative Transactions

11 Times SquareNew York, NY

Office

$324M First Mortgage Participation

7-yr Fixed Rate

500 BoylstonBoston, MA

Office

$324M First Mortgage Participation

7-yr Fixed Rate

Port Chester Shopping CenterPort Chester, NY

Retail

$120M First Mortgage

15-yr Fixed Rate


Denver Financial CenterDenver, CO

Office

$36.7M First Mortgage Participation

3-yr Floating Rate

Ascent Victory ParkDallas, TXMultifamily

$68.7M Construction/Permanent First Mortgage

10-yr Fixed Rate

Securities CentreAtlanta, GA

Office

$70M First Mortgage

5-yr Floating Rate

9

Representative Transactions

QuintanaIrvine, CA

Office

$100.6M First Mortgage Bridge Loan

4-yr Floating Rate

AMLI Warner CenterLos Angeles, CA

Multifamily

$82.5M First Mortgage

10-yr Fixed Rate

Crescent Ninth StreetRaleigh-Durham, NC

Multifamily


7-yr Fixed Rate


Butterfield Oaks ApartmentsAurora, ILMultifamily

$35M First Mortgage

7-yr Fixed Rate

Shoppes at EastChaseMontgomery, AL

Retail

$58M First Mortgage

10-yr Fixed Rate

Canal Overlook ApartmentsIndianapolis, IN

Multifamily


20-yr Fixed Rate

10

Structured LendingConstruction-Perm & Bridge Investment Guidelines

Rate • Total IRR tied to asset-specific underwriting, draw schedules and fees

Amortization • Interest-only through underwritten stabilization

Term • Ground up construction loans: typically 7-15 years

• Bridge Loans: typically 12 months to 5 years

Size • $40 - $200 Million

Loan to Value • LTC between 50% - 75%

Funding • Monthly construction draws, advances for leasing costs and post-stabilization earn outs per credit hurdles

Prepayment • For construction, locked out through underwritten stabilization; flexible for bridge

Other • Completion, supplemented by carry and interest guarantees if necessary; non-recourse for bridge


Subordinated Lending Investment Guidelines

Rate • Incremental pricing based on attachment point and final LTV

Amortization • Function of leverage and available cash flow

Term • 3 - 7 years for floating rate deals

• 5 - 10 years for fixed rate loans

Size • $25 - $100 Million; minimum 10% of capital stack

Loan to Value • Up to 85% of LTV

Funding • After 100% of equity, can be pari-passu or prior to senior debt funding

Prepayment • Typically 12 months lockout / yield protection

11


Direct Equity Investments & Real Estate SecuritiesDirect Equity Investments

Size • Minimum $10 million per transaction - typical investment $25-$100 million

• Larger projects on a select basis

Property Types • Office (multi-tenant buildings)

• Multi-Family

• Industrial (warehouse & distribution)

• Grocery anchored and community retail centers

• Ground Leases

Strategies • Core and Core-Plus

• Value add

• Development on a select basis

Locations • Primary markets nationwide and secondary markets on a select basis

Ownership Type • 100% Interest, prefer all cash, will assume existing debt if necessary

• Diversified portfolios


• Diversified portfolios

• Joint ventures and recapitalizations

Real Estate Securities

CMBS • Real Estate Investors manages CMBS portfolios primarily focused on the investment grade sector.

• Predominantly conduits, floating rate pools, single asset and single borrower transactions; selectively in lower-risk CRE CDOs, AAA

CMBX and re-REMIC transactions.

• Will work with borrowers and bankers to structure private placement CMBS and CRE CDOs.

• Will consider pre-purchase of securities, particularly for large loan transactions, new security types and during periods when market

conditions are highly variable.

Unsecured REIT Bonds • Real Estate Investors is responsible for the investment and management functions of the New York Life’s public REIT unsecured bond

portfolio.

• Through the use of our dedicated real estate work force, the investment decision making process relies on the bottom-up approach

by analyzing real estate market conditions in addition to intensively reviewing of the individual company's portfolios. The primary

focus has been on the four core property types: industrial, retail, multi-family and office.

• The public REIT debt portfolio targets high quality investment grade names that offer attractive income returns. In addition to these

core holdings, we opportunistically invest in mispriced credits that offer attractive income returns and capital gains potential.

12


Representative Equity Transactions

Boston Industrial PortfolioBoston, MA

Industrial/Warehouse

495,000 Sf

All-Cash Acquisition

18201 Von KarmanOrange County, California

Office

229,000 Sf


11th& Hoyt ApartmentsPortland, OR

Multi-Family

102 Units

Development


Water RidgeCharlotte, NC

Office

845,000 Sf


Corporate PointeLos Angeles, CA

Office

443,000 Sf


GatewayPortland, OR

Industrial/Warehouse

400,000 Sf

Development

13

Contact Information

Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 14

Home Office Northeastern Regional Office

Contact Information

Location & Contact51 Madison Avenue

Suite 910

New York, NY 10010

212-576-6483

Region IncludesCT, ME, MA, NH, RI, VT, NJ,

NY, PA, DE, MD, DC and

Northern VA

Eric BecherSenior Director

[email protected]

212-576-7673

Mr. Becher oversees commercial mortgage

production for the Northeast Region. He joined the

firm in 2007. Prior to that, he held positions at

Advance Realty Group, Colliers International and

PriceWaterhouse Coopers, LLP. Mr. Becher has a

BS degree in Real Estate from Pennsylvania State

University and a MS in Real Estate from New York

University.

Mark TalgoSenior Managing Director

[email protected]

Mr. Talgo is Senior Managing Director in

charge of New York Life Real Estate Investors.

Prior to his current position, Mr. Talgo was

co-head of commercial mortgage production

and managed the Structured Investments

area within Real Estate Investors. Mr. Talgo

joined the firm in 1985. He is a member of

Commercial Real Estate Finance Council, The

Real Estate Board of New York, Urban Land

Institute and Pension Real Estate Association.

Mr. Talgo has a BA from Lake Forest College

and an MS in Real Estate from New York

University.

Tim McGinnisManaging Director

Co-Head of Commercial Mortgage [email protected]

212-576-6770

Mr. McGinnis is Managing Director and co-

head of commercial mortgage production. He

oversees the National Account / Co-Lending

platforms, Closing, and Credit areas. Mr.

McGinnis joined the firm in 1988. Mr.

McGinnis has a BBA in Accounting & Finance

from St. Bonaventure University, an MBA in

Finance from Pace University. He holds a CFA

(Chartered Financial Analyst) designation.


Mark YoungSenior Director

[email protected]

212-576-6871

David LiSenior Director

[email protected]

212-576-7757

Keith DuaneDirector

[email protected]

212-576-3874

Jon FreireichSenior Associate

[email protected]

212-576-7093

William ReillySenior Associate/Regional Appraiser

[email protected]

212-576-3437

University.

Rich WalshManaging Director

Co-Head of Commercial Mortgage [email protected]

212-576-5241

Mr. Walsh is Managing Director and co-head

of commercial mortgage production. He

oversees the Loan Administration, Special

Servicing and Portfolio Analytics areas. Mr.

Walsh joined the firm in 1989. Prior to that,

he held positions at Mellon Real Estate

Investment Management and Goldman

Sachs. Mr. Walsh has a BS in Economics and

an MS in Real Estate from New York

University and is a member of The Real

Estate Board of New York.

Brian FurlongManaging Director

[email protected]

212-576-6041

Mr. Furlong oversees investments in CMBS

and privately placed structured debt. Mr.

Furlong joined New York Life Real Estate

Investors in 2006. Prior to that, he held

positions at Eurohypo AG, Moody’s Investors

Service, KPMG and Landauer Associates, and

he is a past president of the Commercial Real

Estate Financial Counsel. Mr. Furlong has a

BA from the State University of New York,

Albany and an MS in Real Estate Appraisal

and Investment Analysis from the University

of Wisconsin, Madison.

15

Contact Information

John HowardSenior Director

[email protected]

312-977-2615

Mr. Howard oversees commercial mortgage

production for the Midwest Region. He joined the

firm in 1984. Prior to his current position, he

originated and underwrote commercial mortgage

loans within the Southeast region. Mr. Howard has

a BS in Finance from Boston College and an MBA in

Finance from Georgia State University.

Location & Contact303 West Madison Street

Suite 2050

Chicago, IL 60606

312-977-2610

Region IncludesIL, IN, IA, MI, MN, NE, ND, OH,

SD, WI, and MO (except

Western Missouri which is

covered by the Southwest

Regional Office)

Robert BoydSenior Director

[email protected]

770-395-2322

Mr. Boyd oversees commercial mortgage

production for the Southeast Region. He

joined the firm in 1998. Prior to joining New

York Life, he was a senior investment analyst

with MetLife Real Estate Investments in

Atlanta and Boston. Mr. Boyd has a BA in

finance from Auburn University and an MBA

from Emory University’s Goizueta Business

School.

Location & Contact1100 Abernathy Road, N.E.

Suite 1225

Atlanta, GA 30328

770-395-1122

Region IncludesAL, FL, GA, KY, MS, NC, SC, TN,

VA (except Northeastern

Virginia, which is covered by

the Northeast Regional

Office), and WV

Southeastern Regional Office Midwestern Regional Office


Randall HallSenior Director

[email protected]

770-395-2323

Timothy MillerAssociate

[email protected]

770-395-2326

Keith RosserSenior Associate/Regional Appraiser

[email protected]

770-395-2324

Susan B. SaryLoan Origination Officer

[email protected]

312-977-2613

James NeidingerSenior Director

[email protected]

312-977-2616

Anthony ChanRegional Appraiser

[email protected]

312-977-2614

16

Ryan LaneAssociate

[email protected]

770-395-2325

Ryan DoyleLoan Origination Officer

[email protected]

770-395-2327

Contact Information

Kirk KnissSenior Director

[email protected]

415-362-2636

Mr. Kniss oversees commercial mortgage

production for the Western Region. He joined the

firm in 1996. Prior to that, Mr. Kniss held positions

at Prudential Mortgage Capital Company and Wells

Fargo Bank. Mr. Kniss has an MBA from the Haas

School of Business, University of California,

Berkeley.

Location & ContactOne Front Street

Suite 550

San Francisco, CA 94111

415-362-2633

Region IncludesAK, AZ, CA, HI, ID, MT, NV, OR,

UT, WA

Leslie CassinghamSenior Director

[email protected]

972-867-6421

Mrs. Cassingham oversees commercial

mortgage production for the Southwest

Region. She joined the firm in 1998. Prior to

that, Mrs. Cassingham held positions at

Lincoln Financial Group and Principal Real

Estate Investors. Mrs. Cassingham has a BBA

in Real Estate and Urban Land Economics

from the University of Wisconsin, Madison

and has completed courses at the Appraisal

Institute and the Institute of Real Estate

Management.

Location & Contact4975 Preston Park Boulevard

Suite 750

Plano, TX 75093

972-867-6450

Region IncludesAR, CO, KS, LA, NM, OK, TX,

WY, and MO (except Eastern

Missouri which is covered by

the Midwest Regional Office)

Southwestern Regional Office Western Regional Office


Timothy MonroeSenior Director

[email protected]

972-867-6432

Scott PortnoyDirector

[email protected]

972-867-6444

Matthew RidleySenior Associate

[email protected]

972-867-6422

Darrel G. CopelandSenior Associate/Regional Appraiser

[email protected]

972-867-6433

Stephen KirkSenior Director

[email protected]

415-362-2634

Adam BairdLoan Origination Officer

[email protected]

415-362-2647

Tom HoSenior Associate/Regional Appraiser

[email protected]

415-362-2637

Kevin HendersonAssociate

[email protected]

415-362-2635

Vanessa HogleAssociate

[email protected]

415-362-2648

17

Contact Information

Chris McEldowneyManaging Director

Transactions

[email protected]

415-402-4101

Mr. McEldowney is Managing Director, leading

the Real Estate Equity team. He joined the firm in

2003. Prior to joining Real Estate Investors, he

held positions at Stonegate Partners, Lend Lease

Real Estate Investments and its predecessor

companies ERE Yarmouth and Equitable Real

Estate, and JMB Property Management. Mr.

McEldowney has a BS in Real Estate/Finance from

the University of Arizona, and an MBA from the

Harvard Business School. He is a member of the

Pension Real Estate Association.

Thomas O’HanlonManaging Director

Transactions, Western Division

thomas_o’[email protected]

415-402-4117

Kevin SmithManaging Director

Transactions, Eastern Division

[email protected]

212-576-7047

John LippmannSenior Director

[email protected]

212-576-6941

Mr. Lippmann is responsible for the production of

highly structured real estate loans, including

construction, bridge and mezzanine financings, as

well as special servicing. He joined the firm in

2010. Prior to that, he held positions at FTI

Consulting, Eurohypo AG, and JPMorgan. Mr.

Lippmann has a BA degree from the School of

Public Affairs at American University and an MBA

in Finance from New York University, where he is

also currently an Adjunct Assistant Professor at

the Schack Institute of Real Estate.

Location & Contact51 Madison Avenue

Suite 906

New York, NY 10010

Ross BerrySenior Director


[email protected]

Structured Lending Direct Equity Investments

Leon IverySenior Associate

Structured Lending

[email protected]

212-576-7482


Pension Real Estate Association.

Adam HaydenSenior Director

CMBS

[email protected]

212-576-7511

Stewart RubinSenior Director

CMBS

[email protected]

212-576-3741

Adam JacobsSenior Associate

Public REIT Debt

[email protected]

212-576-5468

Aron DavidowitzSenior Director

Private REIT Debt

[email protected]

212-576-5449

[email protected]

415-402-4103

Christopher HuntSenior Director


[email protected]

415-402-4103

Brian MurphySenior Director

Transactions, Central Division

[email protected]

312-977-2612

Scott InghamDirector


[email protected]

212-576-5732

Steve OsborneSenior Director


[email protected]

415-402-4103Real Estate Securities Investments

Dan DavittSenior Director

Asset Management

[email protected]

212-576-8324

18

David CummingManaging Director

Asset Management

[email protected]

312-627-0627

This is not an offer to sell, nor a solicitation to buy, securities. There is no guarantee that investment objectives will be obtained.

Past performance is no guarantee of future results, which will vary.

The Representative Transactions shown are examples of some of the investments made during 2014 and 2013 and are included to show the capabilities of

New York Life Real Estate Investors. Please contact us if you would like to receive a complete list of properties purchased for the same period. Please note

that property transactions are a matter of public record.

Firm Overview

New York Life Investments and NYL Investors are registered U.S.-based investment management firms that provide financial services to individual and

institutional investors. NYL Investors was formed in October, 2013, and is an affiliate of New York Life Investments. Effective January 1, 2014, as a result of

a corporate restructuring, the Fixed Income Investors and Real Estate Investors divisions of New York Life Investments became divisions of NYL Investors.

To address this transition, effective January 1, 2014 the New York Life Investments GIPS Firm was redefined to include the following investment divisions

of New York Life Investments or NYL Investors as applicable: Fixed Income Investors, Real Estate Investors, Retail Markets and Strategic Asset Allocation &

Solutions. The GIPS firm was renamed as New York Life Investments.

Historic changes to the firm definition include the following:

Important Disclosures


New York Life Ratings

Third-Party Rating Reports: as of 6/2014. Ratings are based on the financial strength of New York Life and apply only to Guaranteed Products. These ratings

are an opinion only, and are not a recommendation by the applicable Agency to take any action. Neither S&P, Moody's, A.M. Best or Fitch nor their affiliates

nor any third-party information provider of the information attributed to such entities make any representation or warranty as to the appropriateness,

accuracy, completeness or applicability of such information nor are they responsible for the results obtained there from. The information provided by these

entities is an opinion only and not a recommendation to take any action. This information is being provided for informational purposes on New York Life

Insurance Company only and is not meant to be an indication of financial strength or a performance guarantee of the strategies or investments discussed in

these materials. The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are

subject to market risk and fluctuation in value.

Historic changes to the firm definition include the following:

•Effective August 1, 2013 the Strategic Asset Allocation & Solutions group was also added to the Firm upon creation of the Global Tactical Asset Allocation

composite; and

•Effective June 30, 2012 the Real Estate Investors division was added to the Firm after certain discretionary private real estate funds were transitioned to

New York Life Investments from McMorgan & Company LLC which was an affiliate of New York Life Investments prior to the transition.

19

Documents

New York Life Real Estate Investors · PDF file · 2018-03-02New York Life Real Estate Investors Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison