STATE STREET NAMED “CUSTODIAN OF THE YEAR” AT UK PENSIONS AWARDS

Pensions Industry Recognises State Street as Best Provider of Custody and Fund Administration Services

London – 27 April, 2006 – State Street Corporation (NYSE:STT), the world's leading provider of financial services to institutional investors, announced today that it has been named “Custodian of the Year” by Professional Pensions magazine at its 2006 UK Pensions Awards. The judging panel selected State Street for its innovative value-added solutions, outstanding customer service, and excellent track record of winning new mandates whilst continuing to develop services for existing pension fund customers. Professional Pensions established its annual awards to honour providers who “offer the highest level of service to occupational pension schemes and their members.” This year, the judging panel was composed of executives from leading pension funds and industry bodies. Nominees were evaluated on a wide variety of criteria, including performance, service standards and innovation. State Street was singled out for its pension fund services, investment in technology, and customer service.

The “Custodian of the Year” honour follows an eventful first quarter for State Street, including achieving more than 100 new investor services mandates in Europe alone.

“Now, more than ever, UK institutional pension funds need the support and guidance of a knowledgeable, flexible and innovative provider,” said Alasdair Reid, head of State Street’s Asset Owner Group in Northern Europe. “This recognition by Professional Pensions is an acknowledgement of our ability to provide solutions tailored to the UK pensions market. Our global scale and resources, combined with in-depth local knowledge, enable us to provide an integrated range of investment services that is unrivalled in the industry.”

Len Roberts, editor of Professional Pensions, added: “We received a record number of submissions for this year’s U.K. Pensions Awards, all of which were very high quality. The judging panel selected those providers that offer outstanding depth and breadth of services to the UK pension fund market.”

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