State Street Global Philanthropy Program Makes Grants Totaling $3.2 million in 4th-Quarter 2002

Business Wire, March 3, 2003

Business Editors

BOSTON--(BUSINESS WIRE)--March 3, 2003

State Street Corporation (NYSE: STT), the world's leading specialist in meeting the needs of sophisticated global investors, announced today that its Global Philanthropy Program made 269 grants totaling over $3.2 million during the fourth quarter of 2002. The fourth quarter results bring State Street's total philanthropic giving for 2002 to $10.4 million (including forward commitments).

State Street's Global Philanthropy Program contributes to nonprofit organizations that provide community service initiatives in four primary areas of focus: education and job skills training; health and human needs; youth programs; and neighborhood revitalization. Each year, the company directs at least 1.5% of its pre-tax profits to the State Street Foundation in order to help address its communities' needs. Global Philanthropy is one of the programs that the Foundation funds. Since the Foundation's launch in 1977, some 4900 grants have been awarded worldwide totaling over $72.7 million.

Included in the fourth quarter allocation was a $99,605 contribution from the program's Disaster Relief Emergency Fund to aid victims of last August's flooding in Germany. Also included was a Special Grant last December of $720,000 to 22 agencies in Boston that aid the homeless.

State Street's Global Philanthropy Program has established 28 individual contribution committees in 13 countries, including Australia, Belgium, Canada, Cayman Islands, Germany, Japan, Luxembourg, People's Republic of China (Hong Kong SAR), Singapore, South Africa, Switzerland, the United Kingdom and the United States. In 2003, committees in South Korea and Taiwan will begin operations.

Some of the programs awarded funding by the various contributions committees in the fourth quarter were:

In Australia:

Mission Australia - to aid its Women In Supported Housing program in the Sydney area, which provides lodging for women in risk of becoming homeless

In Belgium:

Child Focus - to fund a web site aimed at fighting Internet based child pornography

In Canada:

Fondation Marie-Victorin - to support the Jardin Jeunes Project, which enables hundreds of city youngsters the opportunity to experience nature through a gardening program

In Cayman Islands:

Cayman Maritime Heritage Foundation - to launch a program that trains unskilled people in boat building, navigation and entrepreneurship

In Germany:

Muenchner Tafel e.V. - to help provide food to needy people in Munich at 16 "bus stops" in the metropolitan area

In Hong Kong:

Sowers Action - to sponsor the fifth Teacher Training Program to help school administrators in poor regions of China to better manage their schools and resources

In Japan:

Special Olympics Nippon - a State Street grant helped sponsor the games for individuals with intellectual disabilities

In Luxembourg:

Fondation Kannerschlass - to fund a new program that manages and provides social support and crisis intervention counseling for needy people of all ages

In Singapore:

Asian Women Welfare Association - to provide 18 special chairs for children with multiple disabilities who attend the AWWA Special School

In South Africa:

The People's Family Law Centre - to allow more than 150 low-income clients access to skilled legal services in the area of family law

In Switzerland:

Silviva Foundation - to provide high school students with a "back-to-nature" experience through a new Workshop Alpine Forest project

In the United Kingdom:

Basingstoke College of Technology - to sponsor a Family Fun Day and the college's annual community outreach prospectus

In the United States (office location in parentheses):

Tides Center (Alameda, Calif.) - to support the free bus pass program for qualified secondary school students

Metro Atlanta Community Foundation (Atlanta, Ga.) - to support the Teacher's Grant Program

Women of Means (Boston, Mass.) - to improve and enhance case management and clinical and administrative support for its volunteer doctors

Southwest Community Congress (Chicago, Ill.) - in support of its youth project, the Positive Peer Mentor Program

The Learning Corridor Corporation (Hartford, Conn.) - in support of educational opportunities for children in Hartford and surrounding communities

Alphapointe Association for the Blind (Kansas City, Mo.) - to fund the construction of a new Life Skills Campus that will help support future growth of the program

Inner City Education Foundation (Los Angeles, Calif.) - to support its Intervention Program, which provides academic assistance to students who are at risk of academic failure

UpReach Therapeutic Riding Centre (Manchester, NH) - for supplies and upkeep for a program that provides the proven benefits of therapeutic equestrian riding to people with physical and emotional needs

The Marie Selby Botanical Gardens (Naples, Fla.) - in support of student programs in the Sarasota public schools focused on environmental preservation

The Blind Children's Learning Center of Orange County (Newport Beach, Calif.) - in support of blind, visually impaired and deaf/blind youth to help them develop their full potential and lead independent lives