Largest insurance company serving education community licenses PAM® from Princeton Financial Systems

Princeton, NJ USA (November 5, 2001) -- Horace Mann Educators Corp., the largest national, multi-line insurance company focusing on the insurance and financial service needs of the educational community, has licensed the PAM® for Securities investment management and accounting system of Princeton Financial Systems.

Springfield, IL-based Horace Mann sells retirement annuities and automobile, homeowners and life insurance to the nation's educators and their families. Horace Mann will have approximately $3 billion in assets under management on PAM and the complementary products it has licensed, including the Cash Application Module for reconciling unapplied cash; the Asset Match Module for automatic reconcilement with custodian banks; and the Market Data Module for acquiring, formatting and loading data from custodian banks and vendors.

"As the leading investment management and accounting system in the industry, PAM provides a superior solution for Horace Mann," said Jim Mayhall, Executive Vice President of Princeton Financial. "We are honored to partner with Horace Mann as it works to meet the financial needs of one of the most important groups of professionals in this country: educators."

Princeton Financial Systems, a wholly owned subsidiary of State Street Corp., is a leading provider of investment management software systems and ASP services for institutional investors worldwide. Its flagship PAM® investment systems provide complete STP-ready front-to-back office functionality that can be licensed for in-house use or accessed via the Internet. Current clients include 335 investment managers, mutual funds/unit trusts, insurance companies, pension funds and banks with combined assets approaching US $3 trillion. The company is headquartered in Princeton, New Jersey USA, with offices throughout the United States and in Windsor, England; Amsterdam; Brussels; Sydney; Singapore and Toronto. More information about Princeton Financial Systems can be found on the Internet at www.pfs.com.

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