STATE STREET RESEARCH & MANAGEMENT COMPANY NAMES WILLIAM A. IRVINE TO THE INSTITUTIONAL SALES TEAM

"Bill brings a wealth of sales experience to the firm. He will focus on extending the firm's strategic sales initiatives including evaluating opportunities for expansion in key areas of the Midwest region." stated Chris Abbott, Head of the Institutional Marketing and Client Service Group. "He will continue to build upon the success we have had in the Midwest, where we have a substantial and important institutional presence."

Most recently, Irvine, 44, was Director of Emerging Market Sales, Trading and Research (EMSTR) for BankBoston, selling emerging market fixed income products to top tier institutional investors. Prior to that, he was Vice President of Sales for Lehman Brothers, and as the number two producer on the Boston corporate desk, focused on selling U.S. high grade corporate fixed income products to the institutional market. Coincidentally, while at Lehman Brothers, Bill counted State Street Research among his clients! He had extensive contact with State Street Research's fixed income trading and research teams, so he is familiar with the company, its people and the firm dynamics. Bill holds a B.A. from Trinity College.

"Throughout his career, Bill has demonstrated a tremendous ability to build strong and profitable relationships through an aggressive and consultative selling effort. As we continue to focus on increasing awareness of our organization, our investment philosophy and our fixed income and equity products in the marketplace, we are confident that Bill will be able to leverage his past capital markets experience and account relationship skills to successfully represent State Street Research in the Midwest region", stated Abbott.

Bill's arrival is part of a broad initiative by State Street Research to build out the service, sales, consulting relationship and support components of our institutional business. We are extremely proud of the team of seasoned professionals we now have in place, as we continue to gather momentum and experience success in the institutional marketplace.

State Street Research & Management Company, with a money management history dating back to 1924, is one of the nation's first investment management organizations. The Boston-based firm is a subsidiary of MetLife, one of the world's largest financial services companies. As of September 30, 2001, State Street Research managed $46 billion in assets, of which over $30 billion represented institutional clients and $16 billion represented mutual fund and variable annuity portfolios. The firm manages money for 9 of the 15 largest U.S. corporate pension plans (as reported in the 2001 Money Management Directory), union programs, public employee pension plans, mutual funds for over 576,000 shareholder accounts, as well as individually managed accounts for affluent investors. The firm's Institutional Web site address is www.ssrinstitutional.com.