State Street Wins Merseyside Pension Fund Mandate

Custody, Securities Lending, Cash Management and Foreign Exchange to be Provided to $6.0 Billion Fund

London – 25 April 2005 -- State Street Corporation (NYSE: STT), the world's leading specialist in meeting the needs of institutional investors, announced today that it has won a mandate to service the $6.0 billion Merseyside Pension Fund. This Fund provides a Pensions Administration function to all local authority employees within the county boundaries of Merseyside, England as well as a number of admitted organisations, and also administers the Firefighter's Pension Scheme.

Under the terms of the agreement, State Street will provide custody, securities lending, cash management and foreign exchange services to Merseyside from its offices in Edinburgh. Performance measurement services will also continue to be provided by WM Performance Services, the European performance measurement division of State Street.

"We are pleased to have appointed State Street, who were highest placed in our competitive tendering process," said John Parry, Assistant Director of Finance for the Merseyside Pension Fund. "Their commitment to the technology supporting the pension fund industry and their focus on risk controls were significant factors in leading us to award them the contract for global custody services."

"This is an important and strategic piece of business for us to win – our ability to provide a broad suite of products over such a large mandate reinforces our prominent position in the pensions sector," said Alasdair Reid, head of State Street’s Asset Owner Group in the UK. "We have recently reoriented our customer outreach along sector lines into two highly specialised, highly focused client management teams, which we feel helps us best align our expertise to the needs of our customers. Our budding relationship with Merseyside is a very clear validation of the thought and work we have put into this segment of our business."

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