State Street Appointed to Provide Investment Operations Services to the Government of Singapore Investment Corporation

State Street Appointed to Provide Investment Operations Services to the Government of Singapore Investment Corporation

BOSTON & SINGAPORE — State Street’s Outsourcing Clients Now Span Three Continents, Nine Countries and More than 100 Markets

State Street Corporation (NYSE:STT), the world’s leading provider of services to institutional investors, announced today that it has been appointed by the Government of Singapore Investment Corporation Pte Ltd (GIC) to provide investment operations services for fixed income and equity trades and positions in the United States and Canada. GIC is a leading global fund management company. Established in 1981, its mandate is to manage the foreign reserves of Singapore by investing internationally.

State Street will provide a range of fully integrated back and middle office investment servicing solutions to support GIC’s North American fixed income and equities trading business, from investment centers in London, New York and Singapore. The transition of fixed income assets will commence immediately and the equities portion will be transferred in 2005. GIC will be serviced from State Street’s industry-leading Enterprise(SM) technology, the only global outsourcing platform of its kind in the financial services industry, which seamlessly integrates State Street’s proprietary technology solutions for the back and middle office with clients’ own reporting and front office tools.

“We are delighted to welcome the Government of Singapore Investment Corporation as our client,” said Jay Hooley, executive vice president and head of State Street’s global investment servicing business. “This is an important milestone for us in the evolution of our investment operations servicing business. More than $1 trillion in assets have been outsourced to State Street and we have a proven track record of success across all asset classes and geographies. With clients now transitioning to a fully scalable and integrated global technology platform, ours is a franchise that is hard to beat.”

Building on its dominance in providing fund accounting and administration services for over 30 years, State Street first established its investment operations servicing capabilities in 2000 when it was appointed to provide back and middle office services for Pacific Investment Management Company (PIMCO). Since then State Street has won seven additional mandates from clients including, in this past year alone, ABN AMRO Asset Management, Investec and AXA Investment Managers.

State Street Enterprise(SM) provides an integrated middle office solution for global investment managers. Enterprise(SM)combines the middle and back office investment process from market execution services, cash management, investment record keeping, and performance measurement all within a seamless technology solution. Additional add-on services are available and include post trade compliance and client reporting. State Street Enterprise(SM) utilizes a common data warehouse for improved information consistency and operational timeliness. Enterprise(SM) has a modular architecture that is extensible and fully integrated with State Street’s own Global Horizon fund accounting and custody platform, ensuring consistency across middle and back office operations.

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 $9.0 trillion in assets under custody and $1.2 trillion in assets under management, as of September 30, 2004, 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.

GIC is a leading global fund management company. Established in 1981, its mandate is to manage the foreign reserves of Singapore by investing internationally. With a global staff exceeding 700 and overseas offices in major financial centres, GIC is an active investor in global equity, fixed income, and foreign exchange markets. Through its two subsidiaries, GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd, the GIC Group is also engaged in real estate and direct equity investments.

This news announcement contains forward-looking statements as defined by United States securities laws, including statements about the financial outlook and business environment. Those statements are based on current expectations and involve a number of risks and uncertainties, including those related to the pace at which State Street adds new clients or at which existing clients use additional services, the value of global and regional financial markets, the pace of cross-border investment activity, changes in interest rates, the pace of worldwide economic growth and rates of inflation, the extent of volatility in currency markets, consolidations among clients and competitors, State Street’s business mix, the dynamics of markets State Street serves, and State Street’s success at integrating and converting acquisitions into its business. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in State Street’s 2003 annual report and subsequent SEC filings. State Street encourages investors to read the Corporation’s annual report, particularly the section on factors that may affect financial results, and its subsequent SEC filings for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this press release speak only as of the date hereof, December 16, 2004, and the Corporation will not undertake efforts to revise those forward-looking statements to reflect events after this date.

COPYRIGHT 2004 Business Wire

COPYRIGHT 2004 Gale Group