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Timothy B. Harbert, Chairman and CEO of State Street Global Advisors, Named Trustee of Bentley College

January 16, 2002

WALTHAM, Mass.- January 22, 2002: Bentley College today announced that Timothy B. Harbert, chairman and chief executive officer of State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), has been elected as a trustee of Bentley College for a term of three years.

"Tim has helped lead SSgA to its prominence in the global investment management industry, and we are delighted that he will bring his expertise in finance, business development, operational skills and his charismatic leadership to bear on our Board of Trustees," said Bentley College President Joseph G. Morone.

Harbert joined SSgA as head of Systems and Investment Operations in 1987. He was appointed President responsible for non-U.S. sites in 1991, and in 1992 was appointed Chief Operating Officer. Harbert in 2001 became Chairman and CEO of SSgA, which has assets under management of $775 billion worldwide (as of December 31, 2001).

Prior to joining State Street, Harbert was with Price Waterhouse & Company (now PricewaterhouseCoopers), where he served in the Management Consulting Services division, advising major financial services companies on strategic and operational issues. Tim Harbert began his career at M.D. Oppenheim & Company P.A. He received a Bachelor of Science in Accountancy, cum laude, from Bentley College. Harbert served in the U.S. Navy from 1973 to 1976 aboard the USS Mississinewa in the Navigation Division.

As a trustee, Harbert is charged with helping to set and execute the policies of the institution under the direction of the president. In addition, the role of trustee is to help evaluate management, to identify and frame policy issues of import to Bentley College and its constituents, and to help ensure effectiveness of fiscal and internal controls. Trustees also help promote Bentley College policies and goals, support fundraising efforts, and serve on Board committees.

SSgA, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage $775 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, Zurich, and Montpellier, France. In the United States, it has offices in Atlanta, GA; Bellevue, WA; Boca Raton, FL; Chicago, IL; Clearwater, FL; Greenwich, CT; Hartford, CT; Los Angeles, CA; Manchester, NH; Naples, FL; 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.

State Street Corporation is the world's leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. With $6.2 trillion in assets under custody and $775 billion in assets under management, State Street is headquartered in Boston, Massachusetts, and operates in 22 countries and 100 markets worldwide. For more information, visit State Street's Web site at www.statestreet.com.

Contact SSgA: Patricia Campbell, (617) 664.2474

Patricia_campbell@ssga.com

BENTLEY UNIVERSITY is one of the nation’s leading business schools, dedicated to preparing a new kind of business leader – one with the deep technical skills, broad global perspective, and high ethical standards required to make a difference in an ever-changing world. Our rich, diverse arts and sciences program, combined with an advanced business curriculum, prepares informed professionals who make an impact in their chosen fields. Located on a classic New England campus minutes from Boston, Bentley is a dynamic community of leaders, scholars and creative thinkers. The Graduate School emphasizes the impact of technology on business practice, in offerings that include MBA and Master of Science programs, PhD programs in accountancy and in business, and customized executive education programs. The university enrolls approximately 4,100 full-time undergraduate, 140 adult part-time undergraduate, 1,430 graduate, and 43 doctoral students. Bentley is accredited by the New England Association of Schools and Colleges; AACSB International – The Association to Advance Collegiate Schools of Business; and the European Quality Improvement System, which benchmarks quality in management and business education. For more information, please visit www.bentley.edu

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