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

Business Wire, Jan 22, 2002

Business Editors

WALTHAM, Mass.--(BUSINESS WIRE)--Jan. 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.

Bentley College is a business university focused on educating students interested in business and related professions, blending the breadth and technological strength of a large university with the values and student orientation of a small college. A Bentley education combines a strong foundation in the arts and sciences with the most advanced business education possible. Bentley serves approximately 3,800 full-time undergraduate, 450 adult part-time undergraduate, 1,300 graduate, and 2,300 corporate, executive and professional students. Bentley is on the web at www.bentley.edu.

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.