State Street Appoints Edward J. O'Brien to Treasurer, Stefan M. Gavel

State Street Appoints Edward J. O'Brien to Treasurer, Stefan M. Gavell to Assume Role as Global Head of Regulatory Affairs

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    BOSTON--(BUSINESS WIRE)--Jan. 7, 2005--State Street Corporation (NYSE:STT), the world's leading provider of services to institutional investors, today announced that Edward J. O'Brien was named Treasurer, effective January 3rd. O'Brien will have responsibility for oversight of State Street's balance sheet, liquidity and interest rate risk management activities worldwide and, in this capacity, will report to Edward J. Resch, State Street's Chief Financial Officer. He replaces Stefan M. Gavell, who has assumed a new role within State Street as global head of Regulatory Affairs.
    "This appointment highlights the strength of our senior management team," said Ronald E. Logue, chairman and CEO of State Street. "Stefan and Ed have more than two decades of experience combined at State Street and bring considerable financial and global knowledge to their new roles. Stefan's wide corporate, business and international experience will support the strong industry and regulatory outreach we need as we grow globally and as our customers enter new markets."
    In addition to this new responsibility, O'Brien will retain his role as head of State Street's Securities Finance division reporting to Joseph L. Hooley, who leads State Street's investor services business worldwide. State Street is one of the world's leading providers of securities lending services and has been ranked top lender by both beneficial owners and borrowers in a recent industry survey.
    O'Brien joined State Street in 1996 as a senior vice president in the securities lending division responsible for global asset/liability and risk management. In 2000, he assumed responsibility for the global securities lending business worldwide. Prior to joining State Street, he worked at Mellon Bank/The Boston Company and held a variety of senior management positions in portfolio management, asset/liability management, and securities lending.

    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.

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CONTACT: State Street Corporation Media: Hannah Grove, 617-664-3377 or Investors and Analysts: Kelley MacDonald, 617-664-3477

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES PHOTO PHOTOWIRE SOURCE: State Street Corporation PHOTO: 36792 36793

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