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STATE STREET EXPANDS ONLINE RISK MANAGEMENT AND REPORTING CAPABILITIES THROUGH PARTNERSHIP WITH ALGORITHMICS

Large Pension Schemes Such as Nestlé Pensionskasse Benefit from Enhanced Risk Reporting Technology

London, 26 January, 2006 – State Street Corporation (NYSE:STT), the world’s leading provider of services to institutional investors, today announced significant enhancements to its risk reporting services. State Street, together with Algorithmics, a world leader in enterprise risk management solutions, has developed a comprehensive collection of online risk management, decision-making and investment monitoring tools. These tools will be available to State Street’s customers via a single entry point, my.statestreet.com, the company’s secure Web-based platform for customer data and applications.

“In a market characterized by increasing regulatory pressures and fiduciary oversight, our customers need unique tools to continually monitor their investment programs,” said Joseph Antonellis, chief information officer for State Street. “Through a single, online entry point, our risk reporting solution provides customers with a flexible risk management tool to help evaluate exposures to different investment risks while measuring the effectiveness of their investments.”

This offering provides State Street customers with access to a wide range of advanced online risk management tools designed to provide unique risk insight into their portfolio holdings. State Street customers can choose any level of detail to view their investment information and holdings across country, asset class, currency sector, industry, duration and market cap. State Street’s risk analytics solution also offers multiple methodologies for calculating Value-at-Risk (VaR), which allows customers to identify and minimize sources of potential loss in investment portfolios.

“In light of many pension schemes’ increased emphasis on managing risk and measuring investment effectiveness, State Street’s technology is a welcome addition to our program,” said Peter Hadasch, member of the Board of Directors for Nestlé Pensionskasse in Germany, a current customer of State Street’s enhanced risk reporting solution. “We now enjoy the ability to access our investment information in multiple views and forecast outcomes for varying levels of risk.”

State Street and Algorithmics’ risk reporting service enables my.statestreet.com users to assess the impact of historical events on their portfolios across a wide variety of asset classes and conduct “what-if” stress tests. The solution also incorporates advanced stress-testing capabilities on a large number of treasury curves, interbank curves, industry spreads and credit rating spreads.

“Given their global leadership in offering investment services to institutional investors, we are pleased to partner with State Street to provide enhanced risk reporting, leveraging the Algo Risk solution,” said Dr. Andrew Aziz, vice president of market risk and buy-side solutions for Algorithmics. “The expanded capabilities that State Street is now able to offer will provide its customers with greatly enhanced tools to monitor the risk profile of their investment programs.”

my.statestreet.com provides a secure, single entry point to State Street’s full suite of sophisticated market data and analysis applications in a highly customizable environment. The site allows customers access to a consolidated view of their account information, performance analytics and risk analysis tools, State Street research reports on global financial markets and securities lending tools.