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State Street Issues 2005 Corporate Social Responsibility Report

State Street Issues 2005 Corporate Social Responsibility Report

Published 05-15-06

Submitted by State Street Corporation

BOSTON--(BUSINESS WIRE)--May 15, 2006--State Street Corporation (NYSE:STT), the world's leading provider of financial services to institutional investors, today announced the release of its 2005 Corporate Social Responsibility (CSR) Report. The third annual report provides details on the company's environmental, social and governance initiatives, and summarizes the past year's activities of the State Street Foundation, the company's philanthropic entity.

The 2005 report is based on criteria established by the Global Reporting Initiative (GRI), a multi-stakeholder process and independent institution whose mission is to develop and disseminate globally applicable sustainability reporting guidelines. This set of guidelines is designed to serve as an international benchmarking tool for social responsibility reports.

Centered on the theme of adding value, the report summarizes the many ways in which State Street focuses on having a positive impact on its key stakeholders, including: customers, employees, shareholders, strategic partners and community neighbors. New elements of this year's report include a description of State Street's environmental policy and management system, along with a new code of conduct for its suppliers.

"This year State Street is proud to further expand our reporting to reflect the continuing trend of sustainable development and transparency across industries," said George Russell, executive vice president and head of Community Affairs. "At State Street, being an industry leader is synonymous with being a responsible company. This report shows how we respond to global issues while maintaining our commitment to the local communities in which we conduct business."

Community support is also a major theme of the report, which includes large sections devoted to the corporation's philanthropy and employee volunteer programs. Since its launch in 1977, the State Street Foundation has made some 6,400 grants totaling US$100 million. Additionally, in 2005, more than 6,400 employees and alumni served 34,400 hours in volunteer service worldwide.

For its strong philanthropic ties to the communities where it conducts business, State Street was recently named to Business Ethics magazine's 100 Best Corporate Citizens List for 2006. For more information on the 2005 Corporate Social Responsibility Report, please visit www.statestreet.com/company/community_affairs/csrreport2005.pdf

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 services. With $10.7 trillion in assets under custody and $1.5 trillion in assets under management (as of March 31, 2006), State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site at www.statestreet.com.

Copyright Business Wire 2006

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