Boston Private Financial Holdings Added to Nasdaq Financial-100 Index.

Business Editors

BOSTON--(BUSINESS WIRE)--March 11, 2002

Boston Private Financial Holdings, Inc. (Nasdaq:BPFH) today announced that they have been added to the Nasdaq Financial-100 Index(R). The Index includes 100 of the largest, Nasdaq traded financial stocks as measured by market capitalization. Boston Private Financial Holdings will be part of the Index effective at the beginning of trading Thursday, March 14, 2002.

Boston Private Financial Holding's addition to the Nasdaq Financial-100 Index(R) comes on the heels of a successful year of strong financial performance, acquisition growth and subsidiary expansion. "Our inclusion in the Nasdaq Financial-100 Index(R) further recognizes Boston Private Financial as a leading financial institution," said Tim Vaill, chairman and chief executive officer. "This inclusion provides us with immediate visibility with numerous index funds and money managers that benchmark against the Index. We continue to exhibit strong financial performance with a 27 % increase in pro forma operating income in 2001 and our ninth straight year of increased pro forma operating income. We feel inclusion in the Index is a reflection of our excellent track record, consistent dividend payments and execution of our strategic growth plan."

BPFH has demonstrated growing market capitalization and was recognized as a leading financial services company in 2001 when it was made a component of the S&P 600 and the Russell 3000 Index(R).

BPFH's growth strategy is to build a national wealth management company with regional clusters of investment management, financial planning and private banking services. To date, clusters have been established in New England and Northern California with additional regional expansion under active evaluation. Acquisitions in 2001 included Borel Private Bank & Trust Company of San Mateo, California, E.R. Taylor Investments (now Boston Private Value Investors) of Concord, New Hampshire and Kanon Bloch Carre of Boston, Massachusetts. In addition, Boston Private Bank & Trust Company, a wholly owned subsidiary of Boston Private Financial Holdings, Inc., opened two new wealth management offices in Cambridge and Jamaica Plain in Massachusetts.

The Nasdaq Financial-100 Index(R) includes 100 of the largest domestic and international financial organizations listed on The Nasdaq Stock Market based on market capitalization. The Index contains bank and savings institutions and related holding companies, insurance companies, broker dealers, investment companies and financial service companies.

About Boston Private Financial Holdings

Established in 1987, Boston Private Financial Holdings (Nasdaq: BPFH) offers a full range of high-touch wealth management services. Boston Private Financial Holdings' assets include six operating companies located in New England and California, offering individualized wealth management, financial planning, investment management, and private banking services to its domestic and international clientele. The subsidiaries include: in New England, Boston Private Bank & Trust Company, Westfield Capital Management, RINET Company, Boston Private Value Investors; and in Northern California, Sand Hill Advisors and Borel Private Bank & Trust Company. Boston Private Financial Holdings manages approximately $6.5 billion, and has balance sheet assets of approximately $1.4 billion. It is a member of the Standard & Poor's 600 Index. Visit our web site at www.bostonprivate.com.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, such statements as may be identified by words such as "believes," "expects," "will," "anticipates," "estimates," "attain," "intends," "plans," "continue," "goal," objectives," and similar expressions. These statements include statements regarding: (1) Boston Private's outlook on future market performance, including continued inclusion in the Nasdaq Financial-100 Index (2) continuation of superior shareholder returns, and (3) Boston Private's expectations regarding 2001 and 2002 results of operations. These statements are based upon the current beliefs and expectations of Boston Private's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in such forward-looking statements: (1) enactment of adverse government regulation; (2) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (3) the strength of the United States economy in general and specifically the strength of the New England, California and other economies in which Boston Private operates or will be operating, may be different than expected resulting in, among other things, a deterioration in overall credit quality and borrowers' ability to service and repay loans, or a reduced demand for credit, including the resultant effect on the combined company's loan portfolio, levels of charge-offs and non-performing loans and allowance for loan losses, and reduced demand for wealth management services; (4) changes in the interest rate environment may reduce interest margins and adversely impact net interest income; and (5) adverse conditions and volatility in the stock market, the public debt market and other capital markets and the impact of such conditions on Boston Private's asset management activities and fees from such activities. Additional factors that could cause Boston Private's results to differ materially from those described in the forward-looking statements can be found in Boston Private's other press releases and Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings submitted to the Securities and Exchange Commission. Boston Private does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.