STATE STREET APPOINTS SINCLAIR SCHOLFIELD TO HEAD OF WEALTH MANAGER SERVICES IN THE U.K.

London, and Boston, February 28 2005 – State Street Corporation (NYSE: STT), the world’s leading provider of services to institutional investors, announced today the appointment of Sinclair Scholfield to vice president and head of State Street’s Wealth Manager Services team in the U.K. Scholfield, who will be based in London, will report to Kevin Connolly, senior vice president and head of global private client services.

Scholfield will be responsible for managing the delivery of State Street’s services to high net worth customers in the U.K. and further enhancing the product and servicing capabilities of its U.K. business.

"We continue to see increased demand for our services in the U.K., and Sinclair’s role will be a significant component to our enhanced outreach to the high net worth arena," said Anne Tangen, executive vice president and head of wealth manager services for State Street Corporation. "His strong background in technology integration and development, coupled with his understanding of local market nuances will provide us with an invaluable advantage."

Since expanding its investor services capabilities in 2000 to address the needs of wealth managers, State Street’s client roster within this market segment has grown three-fold across the United States and United Kingdom. State Street offers efficient operational infrastructure to support clients’ wealth management businesses, allowing them to focus on their core competencies. Clients include large, global investment managers as well as private client boutiques. To date, State Street has partnered with more than 50 wealth managers and provides services for approximately $150 billion in assets.

Scholfield joined State Street in 2003 with responsibility for performing comprehensive analysis and due diligence of new business within the U.K. In addition, he spearheaded various technology initiatives including the installation of automated trade matching systems and improvements to currency and cash processing infrastructure, managing teams in both the U.S. and U.K.
Prior to joining State Street, Scholfield was director of product design and development with Omgeo L.L.C. Previously, he held analysis and consulting positions at Accenture in Australia and the United States for more than five years. Scholfield holds a Bachelor of Economics (Honours) degree from the University of Sydney and is a candidate for a Masters in Applied Finance and Investment from the Securities Institute of Australia. He received his CFA designation in 2004.

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