ChevronTexaco Corp. Appoints State Street to Provide Services for $2 B

    Business Editors

    LONDON--(BUSINESS WIRE)--Jan. 14, 2005--State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that it has been appointed to provide global custody, investment accounting, securities lending, and performance measurement services for the pension plans of ChevronTexaco Corp. in the U.K., The Netherlands, Ireland, and Belgium for $2 billion in assets. State Street currently services $7 billion in assets for ChevronTexaco's pension plan in the United States. ChevronTexaco ranks among the world's largest and most competitive global energy companies, with more than 47,000 employees worldwide.
    "We are delighted to build on our relationship with ChevronTexaco to service their European plans," said Alasdair Reid, vice president and head of State Street's dedicated asset owner servicing group in northern Europe, Africa and the Middle East. "State Street continues to benefit from the growing trend of pension plans looking for fully-integrated service providers, and clients such as ChevronTexaco look to us for world-class service and global support."
    State Street continues to win significant new business in Europe. Through the last 12 months in the U.K. alone, State Street has won more than 100 new investment servicing mandates.
    State Street's offices in Austria, Belgium, France, Germany, Ireland, Italy, Switzerland, the U.K., along with its fund-servicing centre in Luxembourg, enable it to provide clients with local support and service, global scale and implementation. With more than 30 years of experience in working with clients in Europe, State Street is easily able to meet the requirements of institutional investors such as pension funds, multinational corporations, unit trusts, insurance companies, asset managers and government agencies.

    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.

--30--GK/bo*

CONTACT: State Street Corporation Hannah Grove, 617-664-3377 or Carolyn Cichon, 617-664-8672

KEYWORD: MASSACHUSETTS UNITED KINGDOM INTERNATIONAL EUROPE INDUSTRY KEYWORD: OIL/GAS ENERGY INSURANCE HUMAN RESOURCES BANKING SOURCE: State Street Corporation

Copyright Business Wire 2005