News.

For Immediate Release
Contact: Terry Rooney
(212) 584-8999

M&R CAPITAL MANAGEMENT RATED
FIVE-STAR PERFORMER
BY INDEPENDENT FINANCIAL DATA SERVICE

M&R Capital Labeled a ''Top Gun'' by Effron
for Best Three and Five Year Returns

New York, N.Y., May 27, 2003 - M&R Capital Management, Inc., a New York-based money-management firm that practices a large-cap value discipline, announced today its Capital Appreciation Portfolio was rated a five-star performer for the first quarter of 2003, ended March 31, by Effron, an independent financial-data service that tracks the performance of money managers with separately managed accounts. The Effron service is used by pension plan sponsors, investment consultants and brokerage farms to conduct manager searches.

This represents the third consecutive quarter that M&R Capital has been listed as a top investment manager by Effron. Each quarter Effron publishes a list of Investment Manager ''Top Gtmss'' a ranking of the top 10 investment advisers with separately managed accounts. To qualify for inclusion in the ''Top Gun'' ranking, money managers' ''products must have an R-squared of 0.80 or greater relative to the style benchmark for the recent five year period. Moreover, products must have reams greater than the style benchmark far the latest three-year rolling period's Only the products with a standard deviation for the five-year period that is equal to or less the the median standard deviation for the relevant peer group qualify for inclusion.

John Maloney. Chief Investment Officer of M&R Capital Management, stated, ''We are pleased to be recognized once again by Effron as a top performing money manager." For more information on Effron and the Investment Manager Top Gun rankings, visit the Effron website at www.effron-psn.com. Effron is an independent financial-data company that rates the portfolio performance of investment advisory firms with separately managed accounts.

For more information on M&R Capital Management, visit the M&R Capital website at www.mrcapco.com.