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INDEPENDENTAGE AWARDS MANDATE TO STATE STREET

Custody, Fund Accounting Provided to $220 Million Charity Fund

Edinburgh, Scotland – 21 December 2005 -- State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that it has won a mandate to provide custody and fund accounting services to IndependentAge, a UK-wide charity that helps elder people in need to remain independent by providing financial help. The charity has $220 million in assets under management.

IndependentAge already subscribes to the Charity Fund Service of WM Performance Services, one of the world’s leading investment performance measurement businesses and the European performance measurement division of State Street. With over 20 years’ experience in the field, WM is the market leader in performance measurement services to UK charity funds, covering 300 funds and £30 billion in charity assets under management (roughly two-thirds of the UK charity market) and providing independent financial advice to help charity fund trustees make better investment decisions.

"We have been very pleased with WM’s charity service, and we are delighted to expand the range of services we are receiving from State Street," said Jonathan O’Shea, finance director of IndependentAge. "We look forward to realising the benefits of an integrated service offering which includes custody, fund accounting and performance measurement under the same umbrella."

"We were able to tailor a solution for IndependentAge on relatively short notice," said Alasdair Reid, head of State Street’s Asset Owner Group in Northern Europe. "UK charities can particularly benefit from the market-leading custody and performance services which State Street and WM bring to the table."