STATE STREET RESEARCH ANNOUNCES NEW APPOINTMENT IN EQUITY PORTFOLIO MANAGEMENT

BOSTON, MA August 28, 2002 - State Street Research & Management Company,one of the nation's oldest investment managers, announced today that Jeffrey R. Lindsey, CFA will be joining the firm on September 3 as managingdirector and head of the large cap growth team. He will oversee the firm'slarge cap growth team and will have direct investment managementresponsibilities. Lindsey will report to C. Kim Goodwin, the firm's recentlyappointed chief investment officer - equities.

"This is a strategically significant role and reflects our focus onmaximizing resources to add the most value for our shareholders andclients," said Goodwin. "The firm has always employed a team approach toportfolio management and I am confident that Jeff's extensive experiencewill provide excellent leadership to the team and further strengthen theinvestment process."

Lindsey, age 40, is a 15-year veteran of the investment business. He joinsState Street Research from Putnam Investments, where he most recently servedas managing director and director of concentrated growth products, and largecap growth portfolio manager. Lindsey had direct portfolio managementresponsibility for over $15 billion in large cap growth assets. He joinedPutnam in 1994 as an equity research analyst and covered food, cable andmedia companies. Prior to this, Lindsey was a securities analyst andportfolio manager for Atlanta-based Strategic Portfolio Management. Hestarted his investment career in 1984 at State Street Corporation in Bostonas an account manager for the mutual fund business.

Lindsey holds a bachelor's degree in commerce and finance from University ofVirginia, as well as a MBA from Emory University.

State Street Research & Management Company, with a history dating back to1924, is one of the nation's first investment management organizations. TheBoston-based firm is a subsidiary of MetLife (NYSE:MET), one of the world'slargest financial services companies. The firm together with its affiliateSSR Realty actively manages stock, bond, real estate and balanced portfoliosfor both institutional and individual investors. State Street Researchmanages pension money for many of the largest U.S. corporate pension plansand traces many of its institutional client relationships back more than 30years. State Street Research also manages money for union programs, publicemployee pension plans, foundations, endowments, mutual funds for over649,000 shareholder accounts, as well as individually managed accounts foraffluent investors. The firm's Web site address iswww.statestreetresearch.com. As of July 31, 2002, State Street Researchtogether with its affiliate SSR Realty managed $46.2 billion in assets, ofwhich $30.5 billion represented institutional clients, $9.2 billionrepresented retail mutual funds and individually managed accounts, and $6.5billion represented sub-advisory relationships.