ABN AMRO Asset Management Outsources Investment Operations Services to State Street Corporation.

Business Editors

AMSTERDAM & LONDON--(BUSINESS WIRE)--May 14, 2004

ABN AMRO Asset Management and State Street Corporation (State Street) announced today that they have reached an agreement whereby State Street will provide fund administration and investment operations services for ABN AMRO Asset Management in Europe. The assets under management within scope of this agreement are EUR 75 billion.

State Street will provide fund administration and investment operation services for ABN AMRO Asset Management in the Netherlands, U.K., Luxembourg and Sweden. The services will be phased in over a two-and-a-half year period commencing this summer. As part of the mandate, State Street will expand its operations in Amsterdam and develop a fund servicing centre with approximately 110 AAAM staff there transferring to State Street. Custody services are not part of this arrangement and will remain with incumbent providers.

The agreement was reached after ABN AMRO Asset Management conducted a careful review of solutions aimed at supporting ABN AMRO Asset Management's business growth while maintaining and enhancing client service.

Bert Schouws, COO/CFO of ABN AMRO Asset Management, said, "We are excited that we have reached this agreement with State Street. We wanted a provider of the highest quality and reliability. Outsourcing our fund administration and investment operations will enable us to support our business more effectively and to focus on the investment process. We will put in place a structure for future growth while reducing costs and removing operational risk from our balance sheet."

Jay Hooley, head of investment servicing worldwide for State Street, said, "We are delighted to win this mandate from ABN AMRO Asset Management. The expansion of our Amsterdam operations, along with intellectual capital of the ABN AMRO Asset Management team, who join us with this mandate, will strengthen our position as the leading provider of investment operations services across Europe and enhance our presence and capabilities in the Netherlands-a strategic market for us."

ABN AMRO Asset Management is one of the world's leading asset managers with significant experience in managing assets for private investors and for institutional clients, including central banks, pension funds, insurance companies, and other institutions. It manages assets of 166 billion euro (as per 31-3-2004) from over 20 locations throughout the globe. The assets include individually mandated client portfolios as well as a wide range of investment funds, distributed through financial intermediaries and offered to institutional clients directly.

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 $9.4 trillion in assets under custody and $1.2 trillion in assets under management, State Street operates in 24 countries and more than 100 markets world-wide. For more information, visit State Street's Web site at www.statestreet.com.