FORM OF C O M P O S I T E ----------------- MAINSTAY INSTITUTIONAL FUNDS INC. [BOND FUND] [EAFE INDEX FUND] [GROWTH EQUITY FUND] [INDEXED BOND FUND] [INDEXED EQUITY FUND] [INTERNATIONAL BOND FUND] [INTERNATIONAL EQUITY FUND] [MONEY MARKET FUND]...Management Agreement • November 21st, 1997 • Mainstay Institutional Funds Inc • New York
BOND FUND] [GROWTH EQUITY FUND] [INTERNATIONAL BOND FUND] [INTERNATIONAL EQUITY FUND] [SHORT-TERM BOND FUND] [VALUE EQUITY FUND] SUB-ADVISORY AGREEMENTSub-Advisory Agreement • November 21st, 1997 • Mainstay Institutional Funds Inc • New York
