American Stock Exchange News Release

Exchange Release
Media Contact: Lynn Teresky
American Stock Exchange
212-306-1654/lynn.teresky@amex.com

AMERICAN STOCK EXCHANGE CELEBRATES 10 YEARS OF THE SPDR
SPDR Assets Surpass $35 Billion Mark with Average Daily Volume of 34 million Shares

New York, January 29, 2003 -  With assets topping more than $35 billion and average daily trading of 34 million shares, the American Stock Exchange (Amex) today celebrates the 10-year anniversary of the start of trading in its flagship exchange traded fund (ETF), SPDR - Standard & Poor's Depositary Receipts ("Spider").

"Product innovation is a hallmark of the Amex, and we are extremely proud to have created such a revolutionary investment product in the SPDR," said Amex Chairman and CEO Salvatore F. Sodano. "As ETFs have surged in popularity and as investors have poured $100 billion into our 122 ETFs over the last ten years, investors see the inherent benefits that ETFs offer: tax efficiency, diversification and transparency."

ETFs are akin to index funds that trade like a single stock. They are liquid and easy to use, and offer diversification, market tracking, low expenses* and tax efficiency. ETFs offer a flexible mechanism to get needed exposure, while at the same time are more transparent and provide greater control than traditional mutual funds.

The Amex pioneered the concept of ETFs in the U.S. in 1993 with the introduction of trading in SPDRs - Standard & Poor's Depositary Receipts (AMEX: SPY), an exchange-traded unit investment trust based on the Standard & Poor's 500 Index.

Noted Rik Kranenburg, executive vice president, Standard & Poor's, "The introduction of the SPDR ten years ago by the Amex forever changed the world of index investing. Early on, professional and institutional investors around the globe embraced SPDRs for their low cost, ease of use and flexibility as portfolio management and trading tools. Today, SPDR is the largest and one of the most actively traded ETF product and remains at the head of the curve in bringing ETF investing to retail markets and individual investors."

In celebration of the SPDR's revolutionary mark in the investment world on January 29, the Amex will hold special events marking the anniversary, including a special bell ringing ceremony by New York City Mayor Michael Bloomberg.

"The SPDR was a truly ground-breaking product when we introduced it to investors in partnership with the American Stock Exchange ten years ago," said Tim Harbert, chairman and chief executive officer of State Street Global Advisors. "This milestone combined with the strong trading volumes of ETFs overall, clearly signal the value investors attribute to these products."


About American Stock Exchange

The American Stock Exchange® (Amex®) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 122 ETFs to date. The Amex is also the second largest options exchange in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, contact the Media Contact above.

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. For more information, visit State Street Global Advisors" website at www.ssga.com.

State Street Corporation (NYSE: STT) 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 $763 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 website at www.statestreet.com.

About Standard and Poor's

Standard & Poor's is a leader in providing widely recognized credit opinions, financial data, analytical research and investment analysis to the global capital markets. With 5,000 employees located in 19 countries, Standard & Poor's is an integral part of the global financial infrastructure. Additional information is available at www.standardandpoors.com.

Founded in 1888, The McGraw-Hill Companies is a global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 350 offices in 33 countries. Sales in 2001 were $4.6 billion. Additional information is available at www.mcgraw-hill.com.

*Usual brokerage commission applies.

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For more complete information and prospectuses, including potential risks, on DIAMONDS, MidCap SPDRs, Nasdaq-100 Index Tracking Stock, Select Sector SPDRs and SPDRs, call 1-800-THE-AMEX. Read a prospectus carefully before you invest.

ALPS Distributors, Inc., a registered broker-dealer, is distributor for DIAMONDS, MidCap SPDRs, Select Sector SPDRs, SPDRs and Nasdaq-100 Index Tracking Stock.

Exchange traded funds are subject to risks similar to those of stocks. Investment returns will fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Investments in foreign investments may incur greater risks than domestic investments. Past performance is no guarantee of future results.

S&P 500 and SPDR are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by PDR Services LLC and American Stock Exchange LLC. SPDRs are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in SPDRs.