FORM OF EXHIBITS TO PRESENTATION ON JUNE 24, 2003

This presentation includes discussion of State Street Corporation’s financial and business goals and strategies, which may be perceived as “forward-looking statements” as defined by Federal Securities Laws. Actual results could differ materially, and there can be no assurance that goals will be achieved. For a discussion of some of the factors that may affect State Street’s goals, please see the 2002 annual report and subsequent SEC filings, especially the sections captioned “Financial Goals and Factors That May Affect Them,” and any subsequent Securities and Exchange Commission filings.

Alberta Treasury		Logix
Clarington		SEI
Calvert 529 Plan		TIAA 529 Plan Mississippi
Citigroup 529 Plans		T. Rowe Price
Lehman		Van Kampen Funds

Allianz Dresdner		Royal London
Cofunds		Schroders UK
ISIS		Tunbridge Wells
Prudential/ M&G

	CAGR 1997-2002
Total funds serviced	9.7	%
European funds serviced	16.4	%
Global assets managed	14.4	%
Electronic shares traded	46.0	%

1	2	3	4
Continue to grow in core businesses	Reduce expenses, leverage scale	Integrate GSS	Invest in strategic opportunities

n Investment servicing	n Reduce baseline expenses by $125 million by end of 2003	n Successfully convert clients	n Equity Trading Services

n Investment Management		n Reduce operating expenses by $125-150 million by the end of 2003	n Alternative Investment Services

n Trading services			n Investment Operations Services

n Research and analytics			n Wealth Manager Services

Banco Central de Chile		NSTAR
BBC Pension Trust Limited		PGGM
Credit Suisse Private Banking		Royal Liver Assurance Limited
Missouri Public Schools Retirement		Towers Perrin
System		UPS
Norges Bank		Zorgverzereraar VGZ

AXA		Ohio Public Employee’s Retirement
Clarington Funds Inc.		System
James Irvine Foundation		Texas Municipal
		Texas Teachers Retirement System

Allianz Dresdner AM, Luxembourg		Second Swedish National Pension Fund
Aventis Pensionstreuhand e. V.		Swiss Life AM, Belgium
Deutscher Ring Versicherungen		Tate & Lyle Group Pension Scheme
Lifeyrissjodur Starfsmanna Rikisins

	01/01/2001 – 03/31/2002		04/01/2002 – 03/31/2003
	Assets Won From ($US billions)	Assets Lost To ($US billions)	Assets Won From ($US billions)	Assets Lost To ($US billions)
BoNY	67	56	10	41
Citibank	5	83	40	1
Deutsche	86	3	23	0
JPMorgan Chase	123	12	45	12
Northern	5	4	83	9
Mellon	20	9	13	33
PFPC	161	0	1	2
All Others	181	15	140	56

TOTAL	648	182	355	154

	Assets Related to Fund Accounting Servicing ($US billions)		Previous Provider
Scudder Investments	$	135	Internal
G.E. Asset Management	$	64	Internal
A Large Insurance Company	$	30	Mellon
Schroders UK	$	20	Deutsche
Dwight Asset Management	$	15	Internal
Phoenix Life Insurance Company	$	14	Internal
Minnesota Mutual	$	5	Internal

State Street Communications		Current Outlook
“…Pre-tax cost savings of approximately $125-150 million in the first full year after close…” – November 5, 2002		“State Street is ahead of schedule in reducing GSS expenses, and expects to meet or exceed its targets for cost savings.” – Apil 15, 2003

“The company expects to reduce its overall workforce, primarily in the US, over a 12-18 month period beginning in June 2003, by approximately 1,000 employees.” – February 12, 2003		Majority of headcount reductions slated for Q3 and Q4 2003, predominantly occurring in US Securities Services by year-end.

“…successfully migrate clients to State Street, retaining 90% of the total revenue…” – February 3, 2003		“Our integration of GSS is proceeding smoothly. We have met with clients representing more than 75% of GSS available revenue, and feel confident that these clients appreciate the value of State Street’s commitment to investment servicing and the full spectrum of sophisticated services we provide. We began converting clients to our systems in February, and are planning to increase the pace of conversions substantially through this summer and fall.” – April 15, 2003

	Clients Lost		Assets ($B)		Revenue($M)				% of Total Revenue
	4/15	6/1	4/15	6/1	4/15		6/1		4/15		6/1
Top 25	1	1	19.5	19.5		5.3		5.3	.92	%	.92	%
Top 26-100	4	5	83.0	85.7		3.4		4.0	.59	%	.70	%
Remaining	30	44	45.3	68.4		5.2		6.4	.90	%	1.11	%
Partial Losses	—	—	—	—		3.5		3.5	.60	%	.60	%

TOTAL	—	50	147.8	173.6	$	17.4M	$	19.2	3.01	%	3.33	%

		n Net Equity Trading Revenue up 41%*
Business		n Transition Management Revenue up 58%*
Growth		n Electronic Equity Trading Volumes (shares traded) up75%*

		n Our top 100 clients control over 50% of the world’s AUM**
Client		n 19 of the world’s 20 largest asset managers are our clients
Relationships		n State Street has managed transitions for over 50% of ensions & Investments Top 100 plan sponsors
		n Over the past four years, 89% of our clients returned to perform another transition
		n In 2002 we added and/or enhanced over 200 trading relationships and completed 700 transitions

		n Industry’s largest Public Pension Fund Transition – $30 Billion
		n Industry’s largest Endowment Transition – $23 Billion
		n A major transition for a large Public Fund in Japan
Leader in		n Ratings in Global Investor 2003 Transition Management Survey
Transition		– # 1 Best Risk Control
Management		– # 1 (tied) Best Operational Efficiency
		– # 2 Best Analysis and # 2 Best Reporting Capability
		– # 2 (tied) Best Liquidity

Market		n Hedge Fund Market Today = $650.0 billion*
Overview		n Projection by 2010 = Over $2.0 trillion**

		n Leverages existing expertise
Competitive		n Serves existing client base
Advantages		n Opens opportunities for a new client base

Business Update		n Purchased IFS in July 2002
Business Update		n Installed $10 billion in new assets currently servicing $45 billion

Key Client Wins		n CALPERS
		n Wellington Hedge Management
		n AQR Capital Management LLC
		n Brevan Howard Asset Management LLP

Business Update		n Largest investment operations outsourcer currently servicing over $530 billion in assets globally
Business Update		n The only investment operations provider supporting a global asset manager in six domiciles on a single platform

Key Client Wins		n J&W Seligman
Key Client Wins		n Swiss Life Asset Management (Belgium)

Strategy		n Outsourcing internal operations of global HNW investment managers
Strategy		n Focused on two market segments

Private Client Outsourcing		n $27T held by high net worth individuals worldwide, estimated to grow 8-10% per year*
Private Client Outsourcing		n Wealth managers looking for scaleable, integrated, global/local infrastructure, and dedicated partner

Managed Accounts		n Market growing 20%-30% per year with US$1T in assets estimated by 2005*
Managed Accounts		n Wealth managers looking for unlimited product distribution, operations capabilities and expertise, more control over trading and execution


[LOGO]		STATE STREET.
		For Everything You Invest In^TM

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Total Revenue		Retention Status
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Total Revenue		Retention Status
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Business Update		n Grown assets serviced from $0 to $94 billion in 12 months

Key Client Wins		n 16 new clients, including J & W Seligman
		n Broad based success across all segments
		– 12 Private Clients
		n 8 US
		n 3 European
		n 1 Canadian
		– 4 Managed Accounts