New York Life Global Funding - Irish Stock Exchange

Lease Commitments
A summary of the approximate future minimum rental payments required under operating leases that have
initial or remaining non-cancelable lease terms for the next five years and thereafter is as follows (in
millions):
Year Real Property Equipment Total
2012 $ 81 $ 15 $ 96
2013 68 9 77
2014 59 5 64
2015 53 3 56
2016 46 1 47
Thereafter 189 - 189
Total $ 496 $ 33 $ 529
The Company is a party to an affiliated group air transportation services agreement entered into with
NYLIFE LLC in November 2004. Under the terms of the agreement, the Company, in conjunction with
certain specified affiliates, leases an aircraft from NYLIFE LLC. Costs associated with the lease are
determined on a fully allocated basis and allotted to the parties based on usage. The Company’s share of
expenses associated with the lease of the aircraft was less than $1 million and $1 million in 2011 and
2010, respectively. The agreement expired in November 2009 and was subsequently renewed for an
additional five years, expiring in 2014. The aircraft is to be used by members of senior management and
directors for business travel under certain circumstances. Personal use of the aircraft by employees and
directors is not permitted.
Rent expense of all other leases amounted to $120 million and $124 million for the years ended
December 31, 2011 and 2010, respectively, of which $59 million and $63 million was billed to
subsidiaries in accordance with an intercompany cost sharing arrangement for the years ended December
31, 2011 and 2010, respectively.
The Company does not have any leases with contingent rental payments.
The Company, as lessee, has various lease agreements for real property (including leases of office space)
and lease agreements for data processing and other equipment. Real property leases have typical renewal
periods of five years. Under the real property leases, the Company does not have the option to purchase
the lease property except in the case of the Company’s lease of the building at 169 Lackawanna Avenue,
Parsippany, NJ and 63 Madison Avenue, New York, NY. Under the equipment agreements, the
Company has the option to purchase only the equipment. The leases on equipment do not contain any
escalation clauses, but the majority of real property leases have escalation clauses that require the
Company to pay expense increases over a specified amount. Real property leases typically have a variety
of restrictions imposed on the lessee, which are generally customary in the marketplace and are not of a
financial nature. Equipment leases do not have any restrictions.
The total amount of minimum rentals to be received in the future under non-cancelable subleases, at both
December 31, 2011 and 2010, was less than $1 million.
In connection with the sale of one of its Home Office properties in 1995, the Company had entered into
an agreement to lease back a portion of the building through 2010. Effective December 7, 2009, the
Company renewed such lease through 2024, with total future lease obligations of $151 million as of
December 31, 2011 that are included in the above table.
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