STATE STREET NAMED EUROPEAN MUTUAL FUND ADMINISTRATOR OF THE YEAR

ICFA Magazine and Leading Industry Players Rank State Street as No. 1 in Annual Awards

Boston and London – February 28, 2005 -- State Street Corporation (NYSE: STT), the world’s leading provider of services to institutional investors, announced today that it has been named "European Mutual Fund Administrator of the Year" by International Custody & Fund Administration (ICFA) magazine in its 2005 European Custody and Fund Administration Awards.

ICFA, based in London, is a leading publication dedicated to global coverage of key issues impacting the provision of custody and fund administration services.

The judging panel for the awards included Donald Aiken, chairman of the Institutional Money Market Funds Association, Jason Conway, editor of ICFA magazine, Geof Pearson, pensions manager with the Sainsbury Pension Scheme and Rudolf Siebel, managing director and head of the German Investment Management Association.

"The calibre of nominees in our awards programme this year was outstanding and reflected the growing importance of asset servicing throughout the European financial industry," said Jason Conway of ICFA.

State Street was recognized for its multinational investor servicing operation spanning 10 European countries, coupled with its global scale, local support and excellence in customer service. ICFA also named State Street "Best Overall European Custodian" in 2004.

"We’re honoured to be recognized once again by ICFA and our customers in these important awards," said Tim Caverly, executive vice president of State Street and head of investor services for continental Europe. "It’s rewarding as well to garner recognition in the category that really sets State Street apart in Europe. As a pioneer in offering innovative solutions to support new market trends, such as pension pooling, and as the world’s leading collective fund accountant, this award highlights our ability to deliver for our clients and provide them with value-added, scalable and cost-effective solutions."

State Street is the leading fund administrator in Ireland; the leading service provider in the U.K. for unit trusts, pensions and OEICS; a leading third-party administrator throughout Continental Europe; and the leading provider of depotbank services in Europe.

"Our on-the-ground expertise allows us to help our customers best address today’s complex financial and marketing landscape," added Jeff Conway, senior vice president of State Street and head of investor services for U.K. and Northern Europe. "State Street is committed to providing customers with an integrated and bundled suite of solutions that is unrivalled in the industry."

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