State Street Global Advisors and ABP Announce Anniversary of State Street Global Alliance, LLC.

Business Editors

BOSTON--(BUSINESS WIRE)--Feb. 6, 2003

Second Anniversary Marks Unique Partnerships with

Innovative Asset Managers around the World

State Street Global Advisors, the investment management arm of State Street Corporation and the largest institutional investment manager in the world, and ABP, one of the top three largest pension funds in the world, announced today the two-year anniversary of their jointly owned subsidiary.

Established in February 2001, State Street Global Alliance, LLC focuses on identifying, developing and partnering with asset management firms that deliver an expanded selection of alternative investments to investors around the world; including specialized equity, fixed income, absolute return, and real estate.

"We are very pleased to mark the two-year anniversary of State Street Global Alliance," said John Snow, chairman of State Street Global Alliance, LLC. "We have enjoyed working with the Alliance member companies - their insight, thought capital and ingenuity has made this unique partnership successful and has been extremely beneficial to us and our global client base."

State Street Global Alliance, LLC was built on the success of a business unit that began at State Street Global Advisors in 1996, which invested in small-size asset managers to complement existing investment strategies at State Street. These investments helped to expand the product offerings for clients. In 2001, State Street and ABP teamed together to benefit from each other's new investment ideas and strategies as well as those from smaller, scalable, niche asset managers. Global Alliance companies take advantage of both State Street's and ABP's depth of resources and breadth of sophisticated investor client base, while retaining their own name and brand.

Jelle Mensonides, chief investment officer, alternative investments at ABP Investments and member of the non-executive board of State Street Global Alliance said, "We have benefited from our partnership with State Street Global Advisors, as well as with the eight Global Alliance members. We have been impressed with their innovative strategies and savvy in regard to asset management and alternative investing. Their contributions have proven to be very rewarding for us."

State Street Global Alliance currently has eight members around the world - Advanced Investment Partners, a U.S. equity quantitative fund manager based in Clearwater, Florida; Boston Capital Management, a holding company for Pallada Asset Management, a Moscow-based fund manager; Residential Capital Management, a specialty fixed-income manager based in Bellevue, WA; Rexiter Capital Management, a London-based active fundamental emerging markets manager; SSARIS Advisors, LLC, a Stamford, CT based absolute return strategy manager; The Tuckerman Group, a manager of real estate investment portfolios based in Purchase, New York; BDC Asset Management, and alternative investment manager based in Boston, MA; and Innovest Strategic Value Advisors, an investment research and sub-advisory firm based in New York, NY.

About State Street Global Alliance, LLC

State Street Global Alliance LLC, created in February 2001, in partnership with ABP, one of the world's largest pension funds, builds on an initiative called Global Alliance that was established as an operating unit of SSgA to seek out innovative asset management firms that complement SSgA's existing investment strategies.

About ABP

ABP is the pension fund for public employees in the governmental and education sectors in the Netherlands. With assets amounting to 135 billion Euros at year-end 2002, ABP is one of the top three pension funds in the world. Its client base totals some 2.4 million participants and retirees (e.g.: civil servants, education, universities, police and fireman). At year-end 2002 ABP's asset mix consisted of 56% fixed income, 29% equities, and 15% alternative investments, including real estate. The strategic aim is to further enhance investment returns through an active investment policy and a decrease of fixed income in favor of equities and alternative investments such as private equity, hedge funds, commodities and other alternative investments and an increase of the portfolio of long-term complex products such as: structured finance and corporate bonds. ABP aims at a strategic portfolio composition with 40% equity, 20% alternative investments and 40% fixed income. ABP Investments applies a multi-alpha strategy. This means that various strategies are implemented for the purpose of spreading risks and achieving a higher return. ABP's investments are widely diversified across economies worldwide, multiple sectors and individual investments.

About State Street Global Advisors

State Street Global Advisors, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage $763 billion in investment programs and portfolios for institutional and individual investors. In addition to Boston, SSgA has full investment operations in Hong Kong, Tokyo, Singapore, London, Paris, Montreal, Munich and Sydney. It also has offices in Brussels, Dubai, Moscow, Prague, Santiago, Seoul, Toronto, and Zurich. In the United States, it has offices in Boston, MA; Atlanta, GA; Bellevue, WA; Chicago, IL; Clearwater, FL; Hartford, CT; Los Angeles, CA; Manchester, NH; New York, NY; Osterville, MA; Purchase, NY; San Francisco, CA; and Stamford, CT. For more information, visit SSgA's web site at www.ssga.com.

About State Street Corporation

State Street Corporation (NYSE: STT) is the world's leading specialist in servicing the investment servicing and investment management needs of sophisticated global investors. With $6.2 trillion in assets under custody and $763 billion in assets under management (as of December 31, 2002), State Street is headquartered in Boston, Massachusetts and operates in 22 countries and over 100 markets worldwide. For more information, visit State Street's web site at www.statestreet.com.