STATE STREET RESEARCH HIRES INDUSTRY VETERAN GEORGE H. CRANE AS HEAD OF INVESTMENT ADMINISTRATION AND OPERATIONS

Crane will report to Mary Ruth Moran, executive vice president and director of Information Systems and Investment Administration and Operations. "George's solid experience in developing and managing investment operations will add tremendous value to State Street Research," said Moran. "We are deeply committed to providing accurate and highly responsive investment operations to our clients, and I am confident that his leadership will help guide us in meeting this objective."

Prior to joining State Street Research, Crane was with Putnam Investments for 15 years, serving most recently as senior vice president and director of custody responsible for all banking and custody for Putnam mutual funds. While at Putnam, he also served as director of the Control Division, director of Plan Administration and manager of Accounting Operations. Crane began his career with State Street Bank and Trust Company, where he served as an assistant vice president and manager in its master trust department. Crane, age 46, holds a BS from Bryant College and an MBA from Babson College.

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 .