EDINBURGH, Scotland – 23 June 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 service the UK’s Pension Protection Fund. The Pension Protection Fund is a statutory corporate body, established under The Pensions Act 2004, designed to assume the assets and liabilities of qualifying U.K. private sector defined benefit pension schemes, which are in deficit at the time of being wound up, usually as a result of the corporate sponsor’s liquidation. The Pension Protection Fund became operational on 6 April 2005.

State Street will provide investment servicing to all of the Pension Protection Fund’s assets. Under the terms of the mandate, these services will initially include global custody, fund accounting, transition management, and cash management services. WM Performance Services, the European performance measurement division of State Street, will render performance measurement services.

"We are delighted to have awarded this mandate to State Street at the end of an extensive and highly competitive selection process," said Partha Dasgupta, chief investment officer of the Pension Protection Fund. "We feel that the quality of their team and their commitment to all aspects of the investment servicing business set them apart from their competitors, and we look forward to establishing a strong relationship."

"The Pension Protection Fund is an important new entrant on the U.K. pensions landscape, which makes this mandate a very strategic piece of business for us to win," said Alasdair Reid, head of State Street’s Asset Owner Group in Northern Europe. "Our leadership in providing investment servicing and management solutions to the U.K. pensions industry continues to expand, and we very much look forward to helping the Pension Protection Fund as it develops in the coming years."

Mercer Investment Consulting assisted the Pension Protection Fund in its selection process. The fund’s assets will be serviced from State Street’s operations in Edinburgh.

State Street Corporation (NYSE: STT) is the world’s leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management as of March 31, 2005, State Street operates in 25 countries and more than 100 markets worldwide.

WM Performance Services is one of the world’s leading investment performance measurement businesses and is the European performance measurement division of State Street. Based in Edinburgh, London, Amsterdam, Frankfurt and Zurich, WM measures more than 6,000 investment portfolios based in the key global investment centres and provides an extensive range of services to support better investment decisions.

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