State Street Appoints Wade McDonald to Head of U.K. Client Services; Industry Veteran to Spearhead Client Relationship Outreach.

Business Editors

LONDON--(BUSINESS WIRE)--May 17, 2004

State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, today announced the appointment of Wade McDonald, 42, to senior vice president and head of client services. He will report to Jeff Conway, senior vice president and head of State Street Investor Services in the U.K., northern Europe, South Africa and the Middle East (IS NMEA). McDonald joins State Street after 11 years with JP Morgan Chase where he served as business development manager for its Asset Manager Solutions Group.

In this new role, McDonald will lead client development efforts for State Street's clients across IS NMEA. He will focus on State Street's strategic client relationships, and ensure continued enhancement of client service standards.

"Wade's strong relationship management skills, coupled with his market knowledge and expertise will augment our team of professionals here in the U.K.," said Conway. "As we continue to win new mandates and expand our client base throughout Europe, keeping abreast of our new and existing clients' changing needs is important."

During his tenure with JP Morgan Chase, McDonald served as a marketing manager in the client information services and global investor services team, for which he managed all client information technology activity in EMEA. He has also held product marketing and management positions in the financial services division of Wang Laboratories Inc. in the U.S. and Wang Europe.

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 worldwide. For more information, visit State Street's Web site at www.statestreet.com.