STATE STREET RESEARCH LAUNCHES NEW INSTITUTIONAL MUTUAL FUNDS

BOSTON, Mass., January 22, 2002 - State Street Research & Management Company, one of the nation's oldest investment managers, today announced the addition of two new institutional mutual funds to its existing family of three institutional mutual funds. The company introduced two new offerings in its institutional mutual fund family: State Street Research Institutional Large Cap Analyst Fund and State Street Research Institutional Concentrated International Equity Fund.

The company also announced that it is simplifying the fees on the three existing institutional funds by eliminating the funds' four share classes and restructuring them into a single share class incorporating a flat fee structure. The funds previously offered multiple classes of shares with declining expense ratios based on the amount of invested assets. Eliminating multiple share classes simplifies pricing and can generate cost savings for clients.

"Institutional mutual funds are particularly attractive to small and mid-sized defined benefit plans and large 401(k) plans due to the low minimum investment sizes, comprehensive reporting and published daily valuations," said Christopher C. Abbott, executive vice president and head of Institutional Marketing and Client Services for State Street Research. "By offering a flat-fee structure, we are in essence leveling the playing field for smaller plan sponsors interested in taking advantage of very attractive investment options in a competitive vehicle."

According to Darien, Connecticut-based BARRA RogersCasey, a leading research firm, the use of institutional vehicles - including institutional mutual funds, separate and commingled accounts - in defined-contribution plans will grow to 41% in 2003 from 24% in 1996, with institutional mutual funds being the fastest-growing segment.

"Clearly, there is a demand in the industry for high-quality, competitively priced investment vehicles for the institutional investor community," added Abbott. "With a 77-year history of managing money for institutional investors, it is a strategic imperative to meet that demand and be on the forefront of developing and offering these products and services."

The State Street Research Institutional Large Cap Analyst Fund, one of the new funds, invests in large capitalization stocks within a defined sector mix. In selecting stocks, the investment manager emphasizes the role of its in-house research analysts, who are responsible for stock picking within his or her sector. The fund seeks to outperform the Russell 1000 Index. The State Street Research Institutional Concentrated International Equity Fund will invest in a limited number of international stocks that offer the potential for above-average growth or that appear to be undervalued. The fund will seek to outperform the MSCI EAFE Index. The other funds in the State Street Research institutional mutual fund family include: the State Street Research Institutional Large Cap Growth Fund, State Street Research Institutional Core Fixed Income Fund and State Street Research Institutional Core Plus Fixed Income Fund. For more information, visit www.ssrinstitutional.com.

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 December 31, 2001, State Street Research managed $46.2 billion in assets, of which $28.5 billion represented institutional clients and $17.7 billion represented mutual fund and variable annuity portfolios. The firm has managed money for many of the largest U.S. corporate pension plans for over 30 years. State Street Research also manages individually managed accounts for affluent investors, and mutual funds for over 576,000 shareholder accounts. The firm's Web site address is www.ssrfunds.com .

A prospectus for the State Street Research Institutional Funds may be obtained by contacting State Street Research Institutional Funds, One Financial Center, Boston, MA 02111 or by calling 1-800-521-6548. The prospectus contains more complete information about the Funds, including investment policies, risks, fees and expenses. Please read the prospectus carefully before investing.