Madge M. MeyerExecutive Vice President

IT Global Infrastructure ServicesState Street Corporation

IT Infrastructure Transformation 360

A Competitive Advantage

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A Snapshot of State Street Corporation

Global AdvisorsGlobal Advisors

Approximately $2 trillion in Lendable assets

More than $425 billion in assets on loan

Lending across multiple asset classes in 45+ markets

More than 450 customers and 150 approved borrowers worldwide

$1.6 trillion* in assets under management

Worlds Largest Institutional Money Manager**

Investment solutions across the risk/return spectrum

Fiduciary heritage since 1792Fiduciary heritage since 1792 26,950 employees in 27 countries26,950 employees in 27 countries Core business: managing & servicing financial assetsCore business: managing & servicing financial assets

$12 trillion* inassets under custody

Largest provider of investment manager operations outsourcing

Premiere hedge fund service provider

Global MarketsGlobal MarketsSecuritiesSecuritiesFinanceFinanceInvestor ServicesInvestor Services

Asset Asset ServicingServicing

Asset Asset ManagementManagement

* As of June 30, 2009** Pension & Investments, May, 2009

Investment Research and TradingInvestment Research and Trading

Over $14 trillion in volume traded across asset classes in 2008

Completed over 1,000 transitions in 2008, representing more than $433 billion in value

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This is State StreetOur Company Today — Industry Leadership

No. 1 Overall in Fund Accounting and Administration

No. 1 (Globally) in Mutual Fund Administration

Most Recognized ETF Brand (SPDR) and Most Informative ETF Website (spdrs.com)

No. 1 Financial Services Company and No. 2 Overall

Global Securities Lender and Private Equity Administratorof the Year

Best Securities Lending House

European Transfer Agent and European Hedge Fund Administrator of the Year

R & M

Global Custodian

Exchangetradedfunds.com Global ETF Awards

The Globe 100

ICFA Global Awards

Computerworld

Asia Asset Management

July 2009

July 2009

May 2009

May 2009

May 2009

April 2009

January 2009

European Mutual Fund Provider of the Year ICFA European Awards December 2008

No. 1 Overall (Unweighted) and Weighted by Importance to Counterparty

ISF Equity Lending Survey September 2008

No. 1 in Securities Lending Among Institutional Investors with $1-10 Billion and More Than $10 billion

Global Custodian July 2008

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This is State StreetOur Company Today — Technology Leadership

Global CIO 50 Annual Listing

Global Infrastructure Services named Computerworld Honors Program Laureate second consecutive year

No. 2 in Computerworld’s Top Green IT Survey

State Street Names to Global Green 100 List

Best Infrastructure Category for Zero Footprint, Maximum Impact™

Special Commendation in European Technology & Trading Provider of the Year (Back Office) Category

FX Connect® and Currenex shared top honors as Best Online FX Trading Systems

No. 62 out of 500 in InformationWeek 500

Global Infrastructure Services honored with 21st Century Achievement Award

InformationWeek

Computerworld

Computerworld

Uptime Institute

American Financial Technology Awards

Funds Europe Magazine

Global Finance

InformationWeek

Computerworld

June 2009

June 2009

April 2009

April 2009

December 2008

December 2008

November 2008

September 2008

June 2008

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Our mission is to sustain State Street's industry leadership through world-class, reliable, flexible, cost-effective, business-focused, and

risk-managed computing services.

Our regional service delivery managers and global competency functions deliver data center, hardware and software management,

networking communications, and end-user computing support.

An Overview of Global Infrastructure Services

Global Competency

Functions

GIS GovernanceGIS Finance

GIS HR

EMEAService Delivery

ManagersAmericasServiceDelivery

Managers

Asia PacificService Delivery

Managers

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Plan Build

Storage

Systems Software

Software/Release MgmtSecurity Software Mgt

Middleware/Transaction Services

NetworkNetwork Engineering

Network Installation & MgtNetwork Security

Systems/Servers

Technology Planning & BlueprintCapacity / Performance MgmtGlobal Data Center Strategy

New Business Integration

Service Level Mgt

Client Services

IT Initiatives

Availability Performance Capacity Security Efficiency Scalability Flexibility Manageability Speed to Market

ContinuityManagement

BusinessDrivers &

Requirements

Service Delivery

Managers

Business Office Business Communications and Metrics ReportingProcess / Quality / Risk & Compliance Mgmt

CrossPlatform

Systems/Servers ManagementConfiguration Management

Hardware Engineering

Storage Area NetworkStorage Management

GIS Service Delivery ModelDeliver

Service Desk

End User C

omputing

Change Mgmt

Problem Mgmt

Availability Mgmt

Asset Mgmt O

perations

Incident Mgmt

End to End

Applications Server Network Desktop Email Internet

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AMER

APAC

EMEA

Network Systems / Server / Storage Operations End User

ComputingSystemsSoftware

GIS Service Delivery Model - Global Integration

Strategic

Operational

Prior

ities

GIS Exec Mgt

Sr Regional Managers

Sr Functional Managers

Service Delivery Mgrs

Regional TechMgrs

Regional Teams

NewRole

Service Delivery Mgr:• Customer Satisfaction• Business Service Level Mgt• BAU Operations• Demand Management• Financial Mgt & Communication• Project Oversight• Compliance Oversight

Regional Technology Mgr:• Technology Strategy &

Processes• Infra Service Level Mgt• Financial Management• Resource Management• Project Execution• Compliance Management

WhatWhen

HowWho

Service Level Requirements

Best Practice Solutions

New Mgt Structure

NewProcesses

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Sustained focus on IT

Infrastructure Optimization is allowing us to

cost-effectively meet increasing

demand and address landmark

business & regulatory changes

The Optimization Challenge: Grow & Globalize while Reducing Costs

2004 2005 2006 2007 2008

% of Operating Expenses% of Operating Revenue% of IT Spend

Infrastructure Spend Comparison

2004 2005

OperatingRevenue

% of Operating Expenses% of Operating Expenses% of % of IT Spend% of IT Spend

Infrastructure Spend Comparison

2003 2004 2005 2006 2007 2008 2009 Full Year Projection

Mainframe -- $/MIPS (Base installed) (-9% CAGR)Mainframe -- $/MIPS Value (Capacity on Demand Cost) (-11% CAGR)Open Systems -- $/Core Open Systems (-13% CAGR)Storage -- $/SAN Storage GB (-38% CAGR)Network -- $/Port (0% CAGR)

Cost Per Call by the Service Desk (-14% CAGR)Cost per Ticket by the Service Desk (-23% CAGR)Total Cost of Service per PC (-4% CAGR)

Indexed on base of 100

2003 2004 2005 2006 2007 2008 2009 Full Year Projection

Storage Admin Productivity: SAN GB per Storage AdminBackup Admin Productivity: All Open Systems Storage (GB) per Backup AdminServer Management Productivity: # Server Images per Admin

Network Productivity: Bandwidth per FTE (Mbps)GEUC Service Desk Productivity: Tickets per FTE (monthly)

Indexed on base of 100

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The Innovation Challenge

Globalization

Increasing Sophistication

Technological Innovation

Product Innovation

Industry consolidation

Regulatory requirements Cost

pressures

RequirementsEnable State Street’s Global Operating Model Assure Security, Control, Business ContinuityProvide Global Reach with Local Performance

Zero Defect Expectation

Rapid ChangeMinimal Time to Market Expense Management

Market Demand & Opportunity

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The Transformation Challenge

ManagementStrategies &

Practices

Technology

Busin

ess People

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Listen!

Ting!

"It is not the strongest that survive, nor the most intelligent, but the ones most responsive to change.” - Charles Darwin

Customer / Quality Focused Organization• Global Model with Virtual Teams• Industry Best Practices (COBIT, ITIL, etc,)• Tiered Services with Service Level Management

enabled by

Financial Management Disciplines• Governance & Best Practices

– e.g., Asset Mgt, Technology Planning, Business Office, etc.• End-to-End TCO Business Case / ROI

Current Year Impact (self-funding)• Cost Transparency

TransformationalBusiness Management Practices

聽

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緊急

TransformationalTechnology Management Practices

Urgency!“There is only one time that is important - NOW! It is the most important time

because it is the only time we have any power over.”Leo Tolstoy

Global 3-5 Year Strategy • Technology Blueprint

– e.g., Capacity on Demand, Grid, ILM, Cloud, etc.• Global Data Center Strategy• Green Initiatives

realized through

Local Business-driven Execution• Life Cycle Mgt / New Technology Adoption• Consolidation & Virtualization• End User Experience Focus

Jin Ji

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Transformational People Management Practices

Those who admire you, can make you confidentThose who criticize you, can make you betterThose who hurt you, can make you strongerThose who rely on you, make you capable

From “Sharing” by Xi Mu Rong

Relationship

Guanxi

關係O

N

E

T

W

O

Ownership

Navigation

Escalation

Team Approach

World-Class Quality

One Global Process

IndividualAccountability

Global Commitment

partnered with

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A Few Recent Examples

改变Change

G i Biànǎ

Align

Anticipate Adapt

Architect

Adjust

Global Data Center Strategy

Capacity on Demand

MPLS Network

Virtualization

Regional & Global Support Model

Chargeback Models

Asset Management

Global Process Standards

Zero Footprint Office Build-outs

Market Volatility Response

Split Operations

Cost Transparency

Sustainability / Energy Efficiency Program

IBT Integration

Flexible Workplace Initiative

Cloud ComputingFollow-the-Sun Support

z/Linux

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Enjoying the Moment (but only for a moment!)

"Change is the law of life. And those who look only to the past or present are

certain to miss the future.“ - John F. Kennedy

"Every act of creation is first of all an act of destruction.“ - Picasso

改变Change

G i Biànǎ

2008 21st Century Achievement Award

2008 American Financial Technology Award

2009 Top Green Achiever Award

EnterpriseData Center

Regional Data CenterLocal Data Center

DR Data CenterReciprocal DR

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Key Principles for Success

> Leadership – vision and perseverance> Challenges drive innovation> Pave the way with transformation and optimization> Inspire with global, long-term strategy> Execute with local focus and short-term results> Remain fluid and flexible through each moment> Measure, communicate and celebrate your achievements> Reinvent through Schumpeter’s “creative destruction”

“If we wait for the business to tell us what’s required, we’re already too late.”

成功 Chéng Gōng

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Thank you!

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ReminderThis presentation contains forward-looking statements as defined by United States securities laws, including statements about State Street’s goals and expectations regarding its business, financial condition, results of operations and strategies, the financial and market outlook, governmental and regulatory initiatives and developments and the business environment. These statements are not guarantees of future performance, are inherently uncertain, are based on assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing State Street's expectations or beliefs as of any date subsequent to the date of this presentation. Important factors that may affect future results and outcomes include, but are not limited to:   global financial market disruptions and the current worldwide economic recession, and monetary and other governmental actions designed to address such disruptions and recession in the U.S. and internationally; increases in the potential volatility of our net interest revenue, changes in the composition of the assets on our consolidated balance sheet and the possibility that we may be required to change the manner in which we fund those assets, all as a result of the May 15, 2009 consolidation for financial reporting purposes of the asset-backed commercial paper conduits that we administer; the financial strength and continuing viability of the counterparties with which we or our clients do business and with which we have investment, credit or financial exposure; the liquidity of the U.S. and international securities markets, particularly the markets for fixed income securities, and the liquidity requirements of our customers; the credit quality and credit agency ratings of the securities in our investment securities portfolio, a deterioration or downgrade of which could lead to other-than-temporary impairment of the respective securities and the recognition of an impairment loss; the maintenance of credit agency ratings for our debt obligations as well as the level of credibility of credit agency ratings; the possibility of our customers incurring substantial losses in investment pools where we act as agent, and the possibility of further general reductions in the valuation of assets; our ability to attract deposits and other low-cost, short-term funding; potential changes to the competitive environment, including changes due to the effects of consolidation, extensive and changing government regulation and perceptions of State Street as a suitable service provider or counterparty; the level and volatility of interest rates and the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally; our ability to measure the fair value of the investment securities on our consolidated balance sheet; the results of litigation, government investigations and similar disputes and, in particular, the effect of current or potential proceedings concerning State Street Global Advisors’, or SSgA’s, active fixed-income strategies and other investment products, in particular, the potential for monetary damages and negative consequences for our business arising from the previously announced “Wells” notice we received from the SEC;and the enactment of legislation and changes in regulation and enforcement that impact us and our customers; adverse publicity or other reputational harm; our ability to pursue acquisitions, strategic alliances and divestures, finance future business acquisitions and obtain regulatory approvals and consents for acquisitions; the performance and demand for the products and services we offer, including the level and timing of withdrawals from our collective investment products; our ability to continue to grow revenue, attract highly skilled people, control expenses and attract the capital necessary to achieve our business goals and comply with regulatory requirements; our ability to control operating risks, information technology systems risks and outsourcing risks, the possibility of errors in the quantitative models we use to manage our business and the possibility that our controls will fail or be circumvented; the potential for new products and services to impose additional costs on us and expose us to increased operational risk, and our ability to protect our intellectual property rights; changes in government regulation or new legislation, which may increase our costs, expose us to risk related to compliance or impact our customers; changes in accounting standards and practices; and changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that impact the amount of taxes due. 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 2008 Annual Report on Form 10-K and its subsequent SEC filings, including, in particular, its Current Report on Form 8-K dated May 18, 2009. State Street encourages investors to read these filings, particularly the sections on Risk Factors, 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 presentation speak only as of August 24, 2009, and State Street does not undertake efforts to revise those forward-looking statements to reflect events after that date.