State Street Appointed as Investment Service Provider to London Boroughs of Havering and Greenwich; Mandates Highlight Expertise in Delivering Solutions to Local Authorities.

LONDON -- State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that it has been selected to provide investment services to the pension funds of two local authorities, the London Borough of Havering and the London Borough of Greenwich, which together comprise approximately GBP 750 million in assets.

The London Borough of Havering (LBH) Pension Fund has appointed State Street to provide custody services for GBP 250 million in assets. "Havering Council is very pleased to have appointed State Street as its investment provider," said Councillor Roger Ramsey, Lead Member for Resources at LBH. "State Street's client service and proven commitment to the business were the main factors in its appointment. We are looking forward to working in a long and successful partnership in the future."

The London Borough of Greenwich (LBG) Superannuation Fund has also appointed State Street to provide fund accounting for GBP 500 million in assets. This mandate builds on an existing relationship with LBG, as State Street was appointed as its global custodian in June 2003. LBG have been impressed with the level of service and expertise that the State Street team brought to its account, which was a factor in now awarding this broader remit.

"We've seen what State Street can accomplish as our global custodian," said Chris Perry, LBG's Director of Finance. "We're looking forward now to having its expertise focus on our fund accounting needs."

With these two mandates, State Street now provides investment services to a total of 26 public funds in the UK. "We are delighted to have been selected for these two mandates," said Alasdair Reid, State Street's head of pension fund sales in the UK. "They clearly demonstrate that both new and existing clients continue to be impressed with our service offerings, our commitment to the UK pension fund market and our specialised services for local authorities."

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 $9.1 trillion in assets under custody and $1.2 trillion in assets under management, State Street operates in 24 countries and more than 100 markets worldwide. For more information, visit State Street's Web site at www.statestreet.com.