STATE STREET RESEARCH NAMES MIKE REFOJO HEAD OF INSTITUTIONAL SALES

Mike will oversee the firm's institutional sales activities and will serve as a member of the institutional management team. He will also be responsible for corporate institutional sales in the Middle Atlantic region of the United States.

"Mike is an experienced sales professional with extensive experience in the institutional marketplace, " said Chris Abbott, Executive Vice President, Head of Institutional Marketing and Client Service Group for State Street Research & Management Company. "He is both a proven producer and an accomplished sales manager."

Mike has nearly 15 years of experience in the financial services industry. Most recently, he was Senior Vice President and National Sales Manager for Scudder Defined Contribution Services. Previously, he held a number of sales and client service positions within Fidelity Institutional Retirement Services Company. Mike holds a B.A. in Political Science from Hartwick College and an M.A. in Urban Policy from Boston University.

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. As of October 31, 2000, State Street Research managed $54 billion in assets, of which $34 billion represented institutional client assets. The firm manages institutional assets for corporate, public, educational and charitable plans, as well as union plans; mutual funds for over 530,000 shareholder accounts; and individually managed accounts for affluent investors. Information on the firm's Institutional Group can be found at www.ssrinstitutional.com.