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State Street's Schoolhouse Capital Announces Distribution Agreement with Harrisdirect and The Education Plan

BOSTON, Mass., January 2, 2003—Schoolhouse Capital, LLC, a subsidiary of State Street Corporation (NYSE: STT), today announced that the company has signed an agreement with Harrisdirect, a leading provider of direct investing services, to distribute The Education Plan, a 529 college savings program that allows families to save for future qualified higher education expenses on a tax-advantaged basis.

As part of the agreement, Harrisdirect will offer The Education Plan as a college savings option, and market the plan nationally, including distribution over the Internet at Harrisdirect.com and http://harris.theeducationplan.com.

"We are pleased to partner with Harrisdirect to bring The Education Plan to their client base nationwide," said Ralph J. Constantino, chief executive officer of Schoolhouse Capital. "Harrisdirect is an ideal channel of distribution for The Education Plan. With their direct-to-consumer focus and online presence and planning resources, Harrisdirect makes it easier for consumers to learn about and invest for college with The Education Plan."

Maryann Wasik, Managing Director and head of product development for Harrisdirect, added, "With the annual cost of an education at a four-year public university rising at an average rate of 5% per year, saving for college becomes increasingly essential. By adding The Education Plan to the array of financial planning products we offer, we hope to further empower consumers in the process of planning and saving for higher education."

The Education Plan is sponsored by The Education Trust Board of New Mexico and administered by Schoolhouse Capital, LLC., Boston, Mass. Schoolhouse Capital, LLC., a subsidiary of State Street Corporation, was initiated by State Street Global Advisors (SSgA) to provide integrated financial solutions to the education marketplace including colleges and universities, parents, students and families, and endowments and foundations.

Harrisdirect is the direct investing arm of The Harris wealth management group and is a member of the BMO Private Client Group, which has assets under management and administration and Canadian term investments of US$174 billion, excluding the acquisitions of Sullivan Bruyette Speros & Blayney Inc. and certain assets of myCFO Inc. The Harris is a trade name used by various US financial service providers in the BMO Financial Group (NYSE, TSX: BMO). The Harris wealth management group includes Harris Private Bank, Harris AdvantEdge Investing, Harrisdirect and Harris Insight® Funds.

State Street Corporation (NYSE: STT) is the world's leading specialist in providing sophisticated global investors with investment servicing and investment management. With $5.7 trillion in assets under custody and $707 billion in assets under management, 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 http://www.statestreet.com.

For additional information on investing in The Education Plan, visit http://harris.theeducationplan.com or call 1-877-337-5268.

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