State Street Retained by Hospitals of Ontario Pension Plan to Service C$16 Billion in Assets.

Business Editors

TORONTO and BOSTON--(BUSINESS WIRE)--March 3, 2003

Relationship solidifies position as premier service provider to complex investors

State Street Corporation (NYSE: STT), the world's leading specialist in meeting the needs of sophisticated global investors, announced today that it has been retained by the Hospitals of Ontario Pension Plan (HOOPP) to provide global and domestic custody, accounting, securities lending and foreign exchange services to its C$16 billion investment portfolio. As one of Canada's largest pension plans, HOOPP serves more than 190,000 active and retired Ontario health care workers. State Street has been providing global investment services to HOOPP for six years.

"Throughout our relationship, State Street has understood and met our needs. They have provided tailored solutions to some of our most complex requirements," said John Crocker, chief executive officer of HOOPP.

David Toyne, managing director of State Street in Canada said, "This mandate further solidifies our position as the leading investment service provider in Canada. HOOPP is one of the largest and most complex pension plans in Canada, and we are delighted to continue our relationship with them."

Since opening its first office in Toronto in 1990, State Street has built its business in Canada by providing investment services to many of Canada's pension, mutual fund and investment management organizations. Since February 2002, State Street has been awarded mandates in Canada totaling over C$50 billion. State Street's 700 employees in Canada serve more than 100 clients throughout the country.

State Street Corporation (NYSE: STT) is the world's leading specialist in providing sophisticated global investors with investment servicing and investment management. With $6.2 trillion in assets under custody and $763 billion in assets under management (as of December 31, 2002), State Street is headquartered in Boston, Massachusetts and operates in 22 countries and over 100 markets worldwide. For more information, visit State Street's web site at www.statestreet.com.