State Street (STT) 8-K BUILDING A STRONG GROWTH COMPANY Ronald E. Logue Chairman and Cheif Executive Officer UBS Global Financial Services Conference 13 May 2008

Exhibit 99.1

BUILDING A STRONG GROWTH COMPANY Ronald E. Logue Chairman and Cheif Executive Officer UBS Global Financial Services Conference 13 May 2008

1 Building a Strong Growth Company Achieving 2007 Goals Positioning for Future Growth Updating Financials Continuing the Momentum Agenda

2 This presentation contains forward-looking statements as defined by United States securities laws, including statements about our financial goals and expectations, strategic objectives, financial and industry outlook and business environment, as well as about integration, cost savings and other results and benefits of our July 2007 acquisition of Investors Financial Services Corp. These statements are not guarantees of future performance, are inherently uncertain, are based on current 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: State Street’s ability to integrate acquisitions into its business, including the acquisition of Investors Financial Services Corp.; the level and volatility of interest rates, particularly in the U.S., Europe, and Asia-Pacific region; the performance and volatility of securities, currency and other markets in the U.S. and internationally; and economic conditions and monetary and other governmental actions designed to address those conditions; the liquidity of the US and International securities markets, particularly the markets for fixed-income securities, including asset-backed commercial paper, and the liquidity requirements of State Street’s customers; State Street’s ability to estimate the fair value for securities in its investment securities portfolio, particularly given the current market conditions for many of these securities; the credit quality and credit agency ratings of the securities in State Steet’s 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; State Street’s ability to attract non-interest bearing deposits and other low-cost funds; the possibility that changes in market conditions or asset performance may require any off-balance sheet activities, including our asset-backed commercial conduits, to be consolidated into our financial statements, requiring the recognition of associated losses, if any; the results of litigation and similar disputes and, in particular, the effect that any current or potential results may have on the reputation of State Street or of State Street Global Advisors (“SSgA”) and State Street’s ability to attract and retain customers, and the possibility that the ultimate costs of the legal exposure associated with certain of SSgA’s actively managed fixed-income strategies may exceed or be below the level of the related reserve, in view of the uncertainties of the timing and outcome of litigation, and the amounts involved; the possibility of further developments of that nature that previously gave rise to the legal exposure associated with SSgA’s actively managed fixed-income and other investment strategies; the performance of, and demand for, the products State Street offers; the competitive environment in which State Street operates; the enactment of legislation and changes in regulation and enforcement that impact State Street and its customers, as well as the effects of legal and regulatory proceedings, including litigation; State Street’s ability to continue to grow revenue, control expenses and attract the capital necessary to achieve its business goals and comply with regulatory requirements; State Street’s ability to manage systemic risks and control operating risks; State Street’s ability to obtain quality and timely services from third parties with which it contracts; trends in the globalization of investment activity and the growth on a worldwide basis in financial assets; trends in governmental and corporate pension plans and savings rates; changes in accounting standards and practices, including changes in the interpretation of existing standards, that impact State Street’s consolidated financial statements; 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 Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2008 and its subsequent SEC filings. State Street encourages investors to read these filings, particularly the sections on Risk Factors, 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 the date hereof, May 13, 2008, and State Street will not undertake efforts to revise those forward-looking statements to reflect events after this date. Reminder

ACHIEVING 2007 GOALS

4 0.00 1.00 2.00 3.00 4.00 5.00 Earnings per Share (EPS) 0 2 4 6 8 10 12 14 16 18 Return on Equity (ROE) 0 3 6 9 Revenue 5-yr. CAGR* = 17.5% 5-yr. CAGR* = 17.3% $ % $ in billions ’02 ’03 ’04 ’05 ’06 ’07 ’02 ’03 ’04 ’05 ’06 ’07 ’02 ’03 ’04 ’05 ’06 ’07 Building a Strong Growth Company Information reflects operating-basis financial information; refer to the description and reconciliation provided in the attached appendix. *CAGR = Compound Annual Growth Rate Achieving 2007 Goals

5 20.4% 19.6% 24.8% 33.8% State Street (ex IFIN) 19.7% 16.5% 16.7% 22.0% Northern Trust 13.1% 13.4% 17.9% 28.0% The Bank of New York Mellon** 17.7% 27.0% 32.1% 32.1% State Street ROE Expense Growth Revenue Growth EPS Growth* Company* Building a Strong Growth Company *EPS growth based on First Call and company reports; Revenue, Expenses and ROE based on company reports. Information on State Street reflects operating-basis financial information; refer to the reconciliation provided in the attached appendix. **Pro forma for Mellon as reported. COMPETITIVE ANALYSIS (2007 vs. 2006) Achieving 2007 Goals

POSITIONING FOR FUTURE GROWTH

7 Building a Strong Growth Company New Revenue Streams Successful Integration Geographic Reach Core Business Strength Customer Growth GROWTH Positioning for Future Growth

8 Building a Strong Growth Company New Revenue Streams Successful Integration Geographic Reach Core Business Strength Customer Growth GROWTH Positioning for Future Growth

9 Management Fees Processing and Other Trading Services Securities Finance NIR Servicing Fees 1,454 3,388 1,021 226 432 1,152 237 405 1,141 1,788 681 172 0 1,500 3,000 4,500 6,000 7,500 9,000 2002 2007 21% 3% 8% 14% 14% 40% 61% $8,387 $3,710 Revenue in millions $ 67% Building a Strong Growth Company FY 2002 and FY 2007 revenues are presented on an operating basis, and also exclude net gains (losses) related to investment securities; for additional detail, refer to the reconciliation provided in the attached appendix. Positioning for Future Growth Core Business Strength 28% 4% 6% 12% 11% 39% 22% 25%

10 Building a Strong Growth Company 0 40 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 10 20 TOTAL NON-US INTEREST-BEARING TRANSACTION AND US NON-INTEREST-BEARING ACCOUNT BALANCES AND TOTAL ASSETS UNDER CUSTODY Total non-US interest-bearing transaction & US non-interest-bearing account balances ($B) Total assets under custody ($T) 2003 2005 2004 2006 2007 Non-US interest-bearing transaction accounts and US non-interest-bearing account balances Total assets under custody Positioning for Future Growth Core Business Strength

11 Building a Strong Growth Company Core Business Strength New Revenue Streams Successful Integration Geographic Reach Customer Growth GROWTH Positioning for Future Growth Geographic Reach

12 Building a Strong Growth Company Positioning for Future Growth Geographic Reach 35% 9,506 24% 4,546 Non-US Employees/ Employees 41% $3.4B 24% $1.1B Non-US Revenue 26% 11% 4% $2.2B $0.9B $0.3B 9% 7% 8% $0.4B $0.3B $0.4B – Europe – Asia Pacific – Other North America % Non-US % Non-US 12/31/07 12/31/02 Twelve months ended

13 Building a Strong Growth Company Positioning for Future Growth Geographic Reach STATE STREET REVENUE GROWTH 2003–2007 CAGR: 29% Asia-Pacific Region COLLECTIVE, PENSION AND GOVERNMENT MARKET GROWTH 2003–2007 CAGR: 16% $8.2T 2003 $328M 2003 $14.8T 2007 $906M 2007 Sources: Allianz Global Investors, Asian Investor Magazine, Bank Negara Malaysia, Bank of Korea, Central Bank of the Republic of China (Taiwan), Central Provident Fund Board, Cerulli Associates, CIA World Fact Book, Employees Provident Fund (EPF) of Malaysia, Government Pension Fund (GPF) of Thailand, Hong Kong's Securities and Futures Commission, Hong Kong Monetary Authority, Investment and Financial Services Association (IFSA) of Australia, Investment Company Institute, Monetary Authority of Singapore, State Administration of Foreign Exchange, Watson Wyatt's Global Pension Assets Study 2007, and State Street estimates

14 Building a Strong Growth Company Europe Positioning for Future Growth Geographic Reach STATE STREET REVENUE GROWTH 2003–2007 4-YEAR CAGR: 28% COLLECTIVE, PENSION AND INSURANCE MARKET GROWTH 2003–2007 4-YEAR CAGR: 10% Sources: Cerulli, Allianz, DWS, CEA, and State Street estimates. Luxembourg assets exclude German, Swedish and Swiss offshore assets which are reflected in the total for the respective country. $14.5T 2003 $827M 2003 $21.5T 2007 $2.213B 2007

15 Building a Strong Growth Company 41% 43% 39% 24% 30% 37% 20 25 30 35 40 45 2002 2003 2004 2005 2006* 2007 *Pro forma for the acquisition of Investors Financial at December 31, 2006 = 39% > Grow non-US revenue to be 50% of total company % Deutsche Effect IFIN Effect *Proforma 39% Positioning for Future Growth Successful Integration

16 Building a Strong Growth Company Positioning for Future Growth Successful Integration Core Business Strength Successful Integration Geographic Reach New Revenue Streams Customer Growth GROWTH

17 Building a Strong Growth Company EPS impact and achievement excludes merger and integration costs in 2003 and 2007. Leadership in hedge fund servicing Strategy Slightly accretive Slightly dilutive 99% IFS 2002 EPS Achieved in Year One EPS Impact Targeted in Year One Revenue Retention Acquired Date Establish significant global footprint $0.01 $(0.01)–$(0.03) 88% Deutsche GSS 2003 Add real-time FX trading capability Slightly accretive Neutral 20% above deal model Currenex 2007 Extend US market-share lead $(0.06) $(0.14) 90% target IFIN 2007 Expand capability to service private equity Neutral Neutral 100% Palmeri 2007 Positioning for Future Growth Successful Integration

18 Building a Strong Growth Company Positioning for Future Growth Customer Growth Core Business Strength Successful Integration Geographic Reach Customer Growth New Revenue Streams GROWTH

19 Building a Strong Growth Company > Added 60 new customers > Combined with IFIN, State Street services 85 private-equity customers with $87 billion in assets, as of 12/31/07 Palmeri > Added 50 new customers > Expanded relationships with 15 of State Street’s top 100 customers > In Q4 2007, $964 million in annualized revenue exceeded model > Dilution of $(0.06) per share in 2007 IFIN > Added 294 new customers > Contributed $65 million in revenue in 2007 (10 months) Currenex > Added 37 to the top 100 State Street customers > In 2003, revenue (11 months) was $573 million and added $2.1 trillion to AUC Deutsche GSS > Added 100 new customers > AUA has grown from $35 billion in 2002 to $386 billion at December 31, 2007, a CAGR of 62% IFS Growth Statistics Positioning for Future Growth Extending Market Leadership Customer Growth

20 Building a Strong Growth Company Core Business Strength New Revenue Streams Successful Integration Geographic Reach Customer Growth Positioning for Future Growth New Revenue Streams GROWTH

21 Building a Strong Growth Company Positioning for Future Growth New Revenue Streams Kuwait Investment Authority Provide investment management and servicing for highly complex pools of assets Sovereign Wealth Funds Added 29 new customers since Currenex acquisition Provide rapidly streaming prices and high-speed execution through Currenex FX Streaming Prices Pantheon Ventures Bay North Capital Leverage IFIN and Palmeri acquisitions to service fast-growing market Private Equity PIMCO Offer servicing through new technology platform and provide trading through SSGM OTC Derivatives Servicing Lucida plc Pearl Group Limited Paternoster Leverage insurance company relationships through Princeton Financial to service bulk insurance annuity providers and manage assets Pension Defeasance Select Customers Our Strategy

22 Edward J. Resch Chief Financial Offer Reviewing Financials

23 Building a Strong Growth Company Reviewing Financials Agenda Investment Portfolio Conduit Update Capital Structure Outlook for Net Interest Revenue and Net Interest Margin

24 INVESTMENT PROTFOLIO

25 Asset-backed securities Mortgage-backed securities Commercial mortgage-backed securities $25 billion $40 billion $10 billion Corporate bonds Municipals Treasuries Agency debentures Agency mortgages Small Business Administration loans Building a Strong Growth Company Investment Portfolio Government/Agency Structured Securities Unsecured Credit Portfolio amounts are expressed at Book Value. ASSETS: INVESTMENT PORTFOLIO (PERIOD END 3/31//08)

26 Building a Strong Growth Company > 94%AAA / AA rated > Constructed to perform well through periods of economic weakness > Unrealized after-tax MTM = $(1.9)B at 3/31/08 > Assets selected using rigorous credit process > Diversified by asset class and geography > Minimal downgrades > Performing within expectations 100.0% 1.0% 1.2% 3.5% 7.6% 86.7% $75.4 $0.7 $0.9 $2.7 $5.7 $65.4 3/31/08 100.0% 1.1% 0.3% 3.3% 1.9% 93.4% $37.7 $0.5 $0.1 $1.2 $0.7 $35.2 2004 Total NR BBB A AA AAA $ in billions Investment Portfolio Portfolio amounts are expressed at Book Value. INVESTMENT PORTFOLIO DETAIL (PERIOD END AT 12/31/04 & 3/31/08)

27 Building a Strong Growth Company $0 $201M $1,076M $152M — — — Q1 Asset Value 459 11 16 18 5 Downgrades 0 8 13 $(684)M 88.5% AAA 6.5% AA $75.7B Q4 7 1 2 2 Credit watch 0 0 0 0 Defaults 15 5 7 2 Downgrades ex Munis $(1,940)M $(513)M $(392)M $(190)M Unrealized after-tax MTM gain/(loss) 86.7% AAA 7.6% AA 89.3% AAA 5.6% AA 87.4% AAA 6.6% AA 87.8% AAA 6.3% AA Ratings $75.4B $77.9B $67.6B $68.2B Size of portfolio Q1 ‘08 Q3 Q2 Q1 ’07 Portfolio amounts are expressed at Book Value. INVESTMENT PORTFOLIO (END OF PERIOD) Investment Portfolio

28 Building a Strong Growth Company Investment Portfolio (as of 3/31/08) UNREALIZED GAIN/(LOSS) BY ASSET TYPE 1,911 (364) 32.4 24.4 — — — 100% Mortgage-backed securities 9,166 (1,940) 100.0 75.4 2.2% 3.5% 7.6% 86.7% TOTAL PORTFOLIO 552 (134) 7.8 5.9 9% 1% 30% 60% Clipper tax-exempt bonds/other 5,203 35 3.4 2.6 10% 18% 15% 57% Municipal bonds 152 11 3.2 2.4 23% 58% 14% 5% Corporate bonds AAA BBB A AA — 1% — — 3% — 1% 12% — 4.3 27.2 8.6 Book Value ($B) 99% 84% 100% Ratings 143 (93) 5.7 Commercial mortgage-backed securities 710 (1,453) 36.1 Asset-backed securities 495 58 11.4 US Treasury securities # CUSIPS Unrealized After-tax MTM Gain/(Loss) ($M) Book Value (% Total) Investment

29 Building a Strong Growth Company 28 (62) 2.9 0.8 7% — 6% 87% Other 36 (81) 5.2 1.4 — — 2% 98% CLOs 164 (449) 35.3 9.6 — 1% 9% 90% Student loans 82 (125) 13.6 3.7 4% 12% 4% 80% Credit cards AAA BBB A AA 1% 21% — — — 3% — — 2% 14% 12% — 30% 6% 13% 265 (574) 21.7 5.9 70% Sub-prime 27.2 0.3 4.6 0.9 Book Value ($B) 84% 79% 92% 73% Ratings 68 (131) 16.9 Foreign RMBS 17 (32) 1.1 HELOC 710 (1,453) 100.0 TOTAL ABS 50 1 3.3 Auto/equipment # CUSIPS Unrealized After-tax Gain/(Loss) ($M) Book Value (% Total) Investment Investment Portfolio (as of 3/31/08) UNREALIZED GAIN/(LOSS) IN ASSET-BACKED SECURITIES

30 Building a Strong Growth Company $0 $9M $0 — — — — Q1 Asset Value 0 3 0 $(574)M 41.4% 70% AAA 30% AA $5.9B Q1 ’08 3 0 0 0 Credit watch 0 0 0 0 Defaults 0 0 0 0 Downgrades $(314)M $(149)M $2M $(1)M Unrealized MTM after-tax gain/(loss) 39.8% 37.6% 35.8% 33.5% Credit enhancement 71% AAA 29% AA 73% AAA 27% AA 75% AAA 25% AA 77% AAA 23% AA Ratings $6.2B $6.6B $7.2B $8.0B Size of portfolio Q4 ’07 Q3 ’07 Q2 ’07 Q1 ’07 ASSET- BACKED SECURITIES COLLATERALIZED BY SUB-PRIME FIRST-LIEN MORTGAGES (END OF PERIOD) Investment Portfolio

31 Building a Strong Growth Company SFL: 1.1% (worst historic loss experience- UK 1989) Coverage: 9.9x HCL: 0.3% Avg. CE: 10.9% Foreign RMBS: $4.6B SFL: 7.5% (worst single month annualized-November 2005) Coverage: 2.7x HCL: 4.8% (= wgtd. avg. charge-offs) Avg. CE: 20.0% Credit cards $3.7B SFL: 7.1% (assumes no insurance; industry/rating agency assumption) Coverage 2.5x HCL: 0.13% (with insurance) Avg. CE: 17.6% Private student loans: $0.8B SFL: if all monoline wrappers except FSA fail and default spreads stay elevated in perpetuity and we have 0% recoveries, after-tax loss = $(9.0)M SFL: 20.0% (roll rate analysis, previous worst is 4.0%- 2000) Coverage: 2.0x SFL: 4.5% (double the average default rate of 3.5% with half the long-term recovery rate) Coverage: 6.0x SFL: 2.8% (using worst vintage in 10 years-2000) Coverage: 5.8x SFL: 12% (historic default rate before government guarantees with 0% recoveries) With 100% credit enhancement, no risk of loss HCL: 0% (with insurance) Avg. CE: 2.3% overcollateralization plus monoline insurance HELOC: $335M HCL: 1.5% Avg. CE: 41.4% (AAA=37.9%; AA = 49.7%) Sub-prime: $5.9B HCL: <1.0% Avg. CE: 27.0% CLOs: $1.4B HCL: 1.4% Avg. CE: 16.4% Auto/equipment: $0.9B HCL: 0% Avg. CE: +100% (98% govt. guarantee + 5.8% CE) Govt. student loans: $8.8B HCL = historic cumulative loss; Avg. CE = average credit enhancement; SFL = STT’s stressed future losses; Coverage = Avg. CE/SFL Investment Portfolio (as of 3/31/08) STRESS COVERAGE: ASSET-BACKED SECURITIES PORTFOLIO

32 Building a Strong Growth Company Investment Portfolio (as of 3/31/08) UNREALIZED GAINS/(LOSSES) IN MORTGAGE-BACKED SECURITIES AAA AA .5% — — 28.7 4.3 9.0 15.4 Book Value ($B) 100% 99.5% 100% 100% Ratings 2,054 (457) 100.0 TOTAL MBS 143 (93) 15.0 CMBS 307 (425) 31.4 Non-Agency MBS 1,604 61 53.6 Agency MBS # CUSIPS Unrealized After-tax MTM Gain/(Loss) ($M) Book Value (% Total) Investment

Building a Strong Growth Company SFL: 4.6% (2X S&P Alt-A curve) Coverage: 2.5X HCL: 0.10% Avg. CE: 11.6% Alt-A: $1.2B SFL: 4.4% (1999 Snyderman Study long-term avg.) Coverage: 5.4X SFL: 1.2% (20X the HCL) Coverage: 7.3X No losses expected HCL: 0.17% Avg. CE: 24.0% CMBS: $4.3B HCL: 0.06% Avg. CE: 8.8% Non-Agency MBS: $7.8B 100% AAA-backed primarily by Fannie Mae, Freddie Mac & Ginnie Mae Securities Agency MBS: $15.4B Investment Portfolio (as of 3/31/08) STRESS COVERAGE: MORTGAGE-BACKED SECURITIES PORTFOLIO HCL = historic cumulative loss; Avg. CE = average credit enhancement; SFL = STT’s stressed future losses; Coverage = CE/SFL

34 CONDUIT UPDATE

35 Building A Strong Growth Company Conduit Update * All data as of quarter-end KEY METRICS* Insurer Related Credit Related Insurer Related Credit Related $28.3B $28.8B $29.2B $28.8B $26.2B Total Conduit Assets Outstanding $292M $2M $730M $128M $271M State Street Balance Sheet ABCP holdings $2,675M 112 26 0 0 0 $19M $1,084M Q1 Asset Value 4 years 16 days 26.4 $(1.495)B 1 28 0 Q1 ’08 11.6 18.9 5.1 3.5 CP funding spread to indices (bps) 4 years 4 years 4 years 4 years Weighted average maturity of assets 20 days 15 days 22 days 20 days Weighted average maturity of CP $(530)M $(215)M $19M $13M Unrealized after-tax MTM gain/(loss) 1 1 1 1 Credit watch 0 0 0 0 0 0 0 0 Downgrades Q4 ’07 Q3 ’07 Q2 ’07 Q1 ’07

36 Building a Strong Growth Company *Includes Trade Receivables, CLOs, Business/Commercial loans and other instruments. No individual asset class represents more than 2% of total portfolio, except Trade Receivables at 3% Conduit Update (as of 3/31/08) UNREALIZED GAIN/(LOSS) IN THE CONDUIT ASSETS 11% 27% 21% — Not Rated AAA BBB A AA 7% 3% 10% 6% 10% 2% 18% 10% 16% 1% 12% 23% 28,331 4,996 7,879 15,456 Book Value ($M) 56% 67% 39% 61% Ratings 763 (1,495) 100.0 TOTAL 105 (145) 17.6 Other* 185 (336) 27.8 Asset-backed securities 473 (1,014) 54.6 Mortgage-backed securities # CUSIPS Unrealized After-tax MTM (Loss) ($M) Book Value (% Total) Investment

37 Building a Strong Growth Company Conduit Update (as of 3/31/08) UNREALIZED GAIN/(LOSS) IN THE ASSET-BACKED SECURITIES IN THE CONDUIT ASSETS 21% 1% 3% 52% Not Rated 2 0 2 0 Downgrades AAA BBB A AA 10% — 37% 4% 18% 3% 46% 15% 12% 22% 6% 6% 7,879 3,014 1,878 2,987 Book Value ($M) 39% 74% 8% 23% Ratings 185 (336) 100.0 ABS TOTAL 56 (152) 38.3 Student loans 69 (101) 23.8 Credit cards 60 (83) 37.9 Auto # CUSIPS Unrealized After-tax MTM (Loss) ($M) Book Value (% Total) Investment

38 Building a Growth Company Conduit Update (as of 3/31/08) STRESS COVERAGE: ASSET-BACKED SECURITIES IN THE CONDUIT ASSETS HCL = historic cumulative loss; Avg. CE = average credit enhancement; SFL = STT’s stressed future losses; Coverage = CE/SFL SFL: 12.0% (historic default rate with 0% recoveries) Coverage: 8.3x HCL: 0% Avg. CE: 99.6% Gov t. Student Loans: $2.5B SFL: 7.0% (assumes no insurance) Coverage: 9.4x HCL: .14% (with insurance) Avg. CE: 66.0% Private student loans: $0.5B SFL: 8.0% (high range expectation of ratings agencies) Coverage: 2.1x HCL: 6.0% (weighted avg. charge-offs) Avg. CE: 16.7% Non US Credit Cards: $0.4B SFL: 7.5% (worst single month annualized) Coverage: 2.1X SFL: 2.8% (using worst vintage in 10 years) Coverage: 2.9x HCL: 4.3% (weighted avg. charge-offs) Avg. CE: 15.9% US Credit Cards: $1.5B HCL: 1.0% Avg. CE: 8.2% Autos: $3.0B

39 Building a Strong Growth Company Conduit Update (as of 3/31/08) UNREALIZED GAIN/(LOSS) IN THE MORTGAGE-BACKED SECURITIES IN THE CONDUIT ASSETS 22 0 22 0 0 Downgrades AAA BBB A AA 6% 33% 7% — — 10% 29% 12% 6% 2% 23% 17% — 9% 59% 15,456 2,091 3,979 4,684 4,702 Book Value ($M) 61% 21% 81% 85% 39% Ratings 81 (120) 13.5 UK RMBS 473 (1,014) 100.0 TOTAL 116 (562) 25.7 US RMBS 62 (232) 30.3 European RMBS 214 (100) 30.5 Australian RMBS # CUSIPS Unrealized After-tax MTM (Loss) ($M) Book Value (% Total) Investment

40 Building a Growth Company Conduit Update (as of 3/31/08) STRESS COVERAGE: MORTGAGE-BACKED SECURITIES IN CONDUIT ASSETS SFL: 1.5% (2x stress CDR; 5 year WAL; 50% LGD) Coverage 5.1x SFL: 1.5% (2x stress CDR; 5 year WAL; 50% LGD) Coverage: 3.7x SFL: 1.4% (stress of 2x industry avg. cumulative losses) Coverage: 73x SFL: if all monolines fail except FSA and we have a 0% recovery, the estimated after-tax loss could be up to approximately $(120)M SFL: 15.0% (2x S & P default curve) Coverage: 2.3x HCL: 0% (with insurance) Avg. CE: 1.8% (overcollateralization) plus monoline insurance US RMBS (HELOC): $1.4B HCL: .03% Avg. CE: 5.6% UK RMBS: $2.1B HCL: .04% Avg. CE: 7.7% European RMBS: $4.7B HCL: .18% Avg. CE: 102% with benefit of Lender’s Mortgage Insurance AUS RMBS: $4.7B HCL: .05% Avg. CE: 34% US RMBS (non-HELOC): $2.6B HCL = historic cumulative loss; Avg. CE = average credit enhancement; SFL = STT’s stressed future losses; Coverage = CE/SFL

41 CAPITAL STRUCTURE

42 Building a Strong Growth Company > Stated targets for State Street Corporation 2008 targets Maintain flexibility in challenging environment Tier-1 Leverage — at or above top end of range (~6.00%) – TCE — at or around lower end of range (~4.25%) Capital Structure 4.25%–4.75% Tangible Common Equity 5.25%–5.75% Tier-1 Leverage CAPITAL RATIO TARGETS

43 > We expect to rebuild TCE by 40-50 basis points/quarter (net of dividend) > We do not intend to repurchase stock over the near–term > We are monitoring our capital position closely Building a Strong Growth Company 2.92% 13.79% 12.41% 6.09% 3/31/08 Actual N/A TCE 10.00% Total capital ratio 6.00% Tier-1 capital ratio N/A Tier-1 leverage ratio Well-capitalized Capital Structure CAPITAL RATIOS FOR STATE STREET CORPORATION

44 Building a Growth Company Capital Structure > SSgA’s pre-tax reserve of $625 million was established in January 2008 to address legal exposure and other costs associated with the performance of certain actively managed fixed-income strategies > The numbers cited in a recent Bloomberg article refer to assets under management in those strategies on two dates and do not represent the investment losses in the customer accounts > We determined the adequacy of the reserve based on a detailed analysis > The adequacy of the reserve is reviewed every quarter and we believe the reserve is appropriate > As disclosed in our 10Q, we have used $275 million ( or 44%) of the total reserve > State Street will continue to defend itself vigorously against inappropriate claims SSgA RESERVE

45 OUTLOOK FOR NET INTEREST REVENUE AND NET INTEREST MARGIN

46 Building a Strong Growth Company > Prepared for possibility of continuing market uncertainty > Comfortable with position of investment portfolio and conduits > Remain conservative and build capital > Our 2008 outlook: Outlook for Net Interest Revenue and Net Interest Margin > Expect net interest margin to be in range of 2.00% to 2.10% 1,350 S&P average for 2008 4.75% B of E rate at year end 3.50% ECB rate at year end 2.00% FF Rate at year end VIEW OF 2008

47 Building a Strong Growth Company > Balance sheet size to be about the same as Q4 2007 average > Favorable mix of liabilities continues > Yield curve remains positively shaped > Credit spreads to narrow as markets stabilize > Moderation in growth of non-US transaction deposits > Potential compression in non-US deposit spreads with lower rates > Preserve liquidity positioning until market conditions improve > Maintain State Street AA rating Outlook for Net Interest Revenue and Net Interest Margin ASSUMPTIONS

48 Building a Strong Growth Company > Risks – Deposit flow declines significantly – US interest rates increase by 50–100 BPS in a quarter – Non-US rates decline ahead of forecast > Opportunities – Transaction deposits grow faster than forecast – Non-US rates remain stable or increase – Increase in free funds RISKS AND OPPORTUNITIES Outlook for Net Interest Revenue and Net Interest Margin

49 Building a Strong Growth Company > Balance Sheet – Size of balance sheet to be about the same as the 4Q 2007 average – Duration gap of 2 to 4 months appropriate – Liquidity managed downward when market conditions improve – Rate of growth of non-US deposits to moderate and spreads to compress > Conduit performance strong — not currently expected to be consolidated > Capital – Remain conservative in uncertain environment > Outlook for NIR and NIM – Expect 2008 to be between 2.00% and 2.10% *See pages 47–48 for associated assumptions, risks and opportunities 2008 FUTURE EXPECTATIONS* Summary

CONTINUING THE MOMENTUM

51 14%–17% 10%–15% 14%–17% 2008 Goals % Change 3/31/07 3/31/08 For the Three Months Ended +810 BPS OPERATING LEVERAGE +49.5% $0.93 $1.39 Operating earnings per share 17.4% 19.4% Operating return on equity +44.1% 1,213 1,748 Operating expenses +52.2% $1,708 $2,600 Operating revenue Building a Strong Growth Company Information reflects operating-basis financial information; refer to the description and reconciliation provided in the attached appendix $ in millions, except per share Continuing the Momentum PERFORMANCE Q1 2008

52 > Established presence in Krakow, Poland and Beijing, China > In Q1 added $600B in assets to be serviced – 67% from US – 33% from non-US locations > In Q1 added $69B in new business at SSgA – 34% from US – 66% from non-US locations Building a Strong Growth Company Continuing the Momentum Expanding Globally in 2008

53 Building a Strong Growth Company $ in millions, except per share $26 million $0.00 $190 million* 91% Progress as of 3/31/08 Progress as of 12/31/07 Target 2/05/07 $198 million $250–$270 million Merger and Integration Costs $(0.06) $0.00+ Operating EPS accretion/(dilution) $170 million* $345–$365 million Cost Savings 91% 90% Revenue Retention Continuing the Momentum > Annualized revenue at $928 million > Operating EPS in 2008 expected to be slightly accretive > Cost savings expected to be 80%–85% completed by 12/31/08 *Annualized and excludes variable expenses related to increased revenue. INVESTOR FINANCIAL UPDATE

54 24.9% 31.1% 38.6% 49.5% State Street (ex IFIN) 33.6% 16.3% 18.7% 22.6% Northern Trust 12.3% 9.2% 16.0% 16.1% The Bank of New York Mellon** 19.4% 44.1% 52.2% 49.5% State Street ROE Expense Growth Revenue Growth EPS Growth* Company* Building a Strong Growth Company *EPS growth based on First Call and company reports; Revenue, Expenses and ROE based on company reports. Information on State Street reflects operating-basis financial information; refer to the reconciliation provided in the attached appendix. **Pro forma for Mellon as reported. Continuing the Momentum COMPETITIVE ANALYSIS (Q1 2008 VS. Q1 2007)

55 Building a Strong Growth Company > Delivered corporate-record Q1 revenue and operating earnings per share > Core business continues to be strong – Investment servicing adding significant new customers – SSgA moving ahead > Current size of unrealized losses in investment portfolio primarily reflect illiquidity in the market, rather than credit issues – Quality assets in investment portfolio – Current belief that conduits do not have to be consolidated > Managing the Company for the long term Continuing the Momentum

STATE STREET

STATE STREET CORPORATION

RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS

State Street presents supplemental financial information on an “operating” basis in order to provide financial information that is comparable from period to period, and to present comparable financial trends with respect to its ongoing business operations.  Management believes that operating-basis financial information facilitates an investor’s understanding and analysis of State Street’s underlying performance and trends in addition to reported financial information, which is prepared in accordance with GAAP.

																			CAGR
	Year Ended December 31, 2002									Year Ended December 31, 2007									2002
	Reported						Operating			Reported						Operating			vs
(Dollars in millions, except per share amounts)	Results			Adjustments			Results			Results			Adjustments			Results			2007
Total fee revenue	$	2,850		$	(161	) (2)	$	2,689		$	6,599					$	6,599			%
Net interest revenue	979			46		(1) (2)	1,025			1,730			$	58	(1)	1,788
Provision for loan losses	4			—			4			—			—			—
Gains on sales of available-for-sale investment securities, net	76			—			76			7			—			7
Gain on sale of Corporate Trust Business	495			(495		)	—			—			—			—
Total revenue	4,396			(610		)	3,786			8,336			58			8,394			17.26
Total operating expenses	2,841			(100		) (2)	2,741			6,433			(665		) (3)	5,768
Income from continuing operations before income taxes	1,555			(510		)	1,045			1,903			723			2,626
Income tax expense from continuing operations	540			(224		)	316			642			257		(3)	899
Taxable-equivalent adjustment	—			61		(1)	61			—			58		(1)	58
Income from continuing operations	$	1,015		$	(347	)	$	668		$	1,261		$	408		$	1,669
Diluted earnings per share from continuing operations	$	3.10		$	(1.06	)	$	2.04		$	3.45		$	1.12		$	4.57		17.51
Return on equity from continuing operations	24.1		%	(8.2		)%	15.9		%	13.4		%	4.3		%	17.7		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.

(1)	Taxable-equivalent adjustment not included in reported results.
(2)	Certain revenue and operating expenses have been adjusted to exclude results prior to the divestiture of the Private Asset Management and Corporate Trust businesses and certain restructuring costs.
(3)	Represents merger and integration costs of $198 million, or $129 million after-tax, recorded in connection with the Investors Financial acquisition, completed in July 2007, and a net charge of $467million, or $279 million after-tax, associated with certain active fixed-income strategies at State Street Global Advisors.

STATE STREET CORPORATION

RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS

																			% Change
	Year Ended December 31, 2001									Year Ended December 31, 2002									2001
	Reported						Operating			Reported						Operating			vs
(Dollars in millions, except per share amounts)	Results			Adjustments			Results			Results			Adjustments			Results			2002
Total fee revenue	$	2,769		$	(122	) (3)	$	2,647		$	2,850		$	(161	) (2)	$	2,689		1.59	%
Net interest revenue	1,025			42		(1) (3)	1,067			979			46		(1) (2)	1,025			(3.94	)
Provision for loan losses	10			—			10			4			—			4
Gains on sales of available-for-sale investment securities, net	43			—			43			76			—			76
Gain on sale of Private Asset Management Business	—			—			—			—			—			—
Gain on sale of Corporate Trust Business							—			495			(495		)	—
Total revenue	3,827			(80		)	3,747			4,396			(610		)	3,786			1.04
Total operating expenses	2,897			(147		) (3)	2,750			2,841			(100		) (2)	2,741			(0.33	)
Income from continuing operations before income taxes	930			67			997			1,555			(510		)	1,045
Income tax expense from continuing operations	302			—			302			540			(224		)	316
Taxable-equivalent adjustment	—			67		(1)	67			—			61		(1)	61
Income from continuing operations	$	628		$	—		$	628		$	1,015		$	(347	)	$	668		6.37
Diluted earnings per share from continuing operations	$	1.90		$	(.01	)	$	1.89		$	3.10		$	(1.06	)	$	2.04		7.94
Return on equity from continuing operations	17.3		%	—		%	17.3		%	24.1		%	(8.2		)%	15.9		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.

(1)	Taxable-equivalent adjustment not included in reported results.
(2)	Certain revenue and operating expenses have been adjusted to exclude results prior to the divestiture of the Private Asset Management and Corporate Trust businesses and certain restructuring costs.
(3)	Certain revenue and operating expenses have been adjusted to exclude results prior to the divestiture of the Private Asset Management and Corporate Trust business, and the loss on the write-down of State Street’s total investment in Bridge Information Systems, Inc.

																			% Change
	Year Ended December 31, 2002									Year Ended December 31, 2003									2002
	Reported						Operating			Reported						Operating			vs
(Dollars in millions, except per share amounts)	Results			Adjustments			Results			Results			Adjustments			Results			2003
Total fee revenue	$	2,850		$	(161	)(2)	$	2,689		$	3,556		$	(47	)(3)	$	3,509		30.49	%
Net interest revenue	979			46		(1)(2)	1,025			810			51		(1)	861			(16.00	)
Provision for loan losses	4			—			4			—			—			—
Gains on sales of available-for-sale investment securities, net	76			—			76			23			—			23
Gain on sale of Private Asset Management Business	—			—			—			285			(285		)	—
Gain on sale of Corporate Trust Business	495			(495		)	—			60			(60		)	—
Total revenue	4,396			(610		)	3,786			4,734			(341		)	4,393			16.03
Total operating expenses	2,841			(100		)(2)	2,741			3,622			(443		)(4)	3,179			15.98
Income from continuing operations before income taxes	1,555			(510		)	1,045			1,112			102			1,214
Income tax expense from continuing operations	540			(224		)	316			390			5			395
Taxable-equivalent adjustment	—			61		(1)	61			—			51		(1)	51
Income from continuing operations	$	1,015		$	(347	)	$	668		$	722		$	46		$	768		14.97
Diluted earnings per share from continuing operations	$	3.10		$	(1.06	)	$	2.04		$	2.15		$	.14		$	2.29		12.25
Return on equity from continuing operations	24.1		%	(8.2		)%	15.9		%	13.9		%	0.9		%	14.8		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.
(1)	Taxable-equivalent adjustment not included in reported results.
(2)	Certain revenue and operating expenses have been adjusted to exclude results prior to the divestiture of the Private Asset Management and Corporate Trust businesses and certain restructuring costs.
(3)	Represents $60 million of fee revenue from Private Asset Management business prior to divestiture net of loss of $13 million on the sale of certain real estate.
(4)	Represents merger and integration costs of $103 million related to the GSS acquisition, $37 million of expenses from Private Asset Management business prior to divestiture, $7 million of divestiture costs related to the sale of Private Asset Management business and $296 million of restructuring costs related to the voluntary separation program.

																			% Change
	Year Ended December 31, 2003									Year Ended December 31, 2004									2003
	Reported						Operating			Reported						Operating			vs
(Dollars in millions, except per share amounts)	Results			Adjustments			Results			Results			Adjustments			Results			2004
Total fee revenue	$	3,556		$	(47	)	(2		)	$	3,509		$	4,048		$	4,048		15.36	%
Net interest revenue	810			51		(1)	861			859			$	45	(1)	904			4.99
Provision for loan losses	—			—			—			(18		)	—			(18		)
Gains on sales of available-for-sale investment securities, net	23			—			23			26			—			26
Gain on sale of Private Asset Management Business	285			(285		)	—			—			—			—
Gain on sale of Corporate Trust Business	60			(60		)	—			—			—			—
Total revenue	4,734			(341		)	4,393			4,951			45			4,996			13.73
Total operating expenses	3,622			(443		)(3)	3,179			3,759			(62		)(4)	3,697			16.29
Income from continuing operations before income taxes	1,112			102			1,214			1,192			107			1,299
Income tax expense from continuing operations	390			5			395			394			21			415
Taxable-equivalent adjustment	—			51		(1)	51			—			45		(1)	45
Income from continuing operations	$	722		$	46		$	768		$	798		$	41		$	839		9.24
Diluted earnings per share from continuing operations	$	2.15		$	.14		$	2.29		$	2.35		$	.12		$	2.47		7.86
Return on equity from continuing operations	13.9		%	0.9		%	14.8		%	13.3		%	0.7		%	14.0		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.
(1)	Taxable-equivalent adjustment not included in reported results.
(2)	Represents $60 million of fee revenue from Private Asset Management business prior to divestiture net of loss of $13 million on the sale of certain real estate.
(3)	Represents merger and integration costs of $103 million related to the GSS acquisition, $37 million of expenses from Private Asset Management business prior to divestiture, $7 million of divestiture costs related to the sale of Private Asset Management business and $296 million of restructuring costs related to the voluntary separation program.
(4)	Represents merger and integration costs of $62 million, or $41 million after-tax, recorded in connection with the Global Securities Services acquisition.

																			% Change
	Year Ended December 31, 2004									Year Ended December 31, 2005									2004
	Reported						Operating			Reported						Operating			vs
(Dollars in millions, except per share amounts)	Results			Adjustments			Results			Results			Adjustments			Results			2005
Total fee revenue	$	4,048					$	4,048		$	4,551					$	4,551		12.43	%
Net interest revenue	859			$	45	(1)	904			907			$	42	(1)	949			4.98
Provision for loan losses	(18		)	—			(18		)	—			—			—
Gains (Losses) on sales of available-for-sale investment securities, net	26			—			26			(1		)	—			(1		)
Gain on sale of Private Asset Management Business	—			—			—			16			—			16
Total revenue	4,951			45			4,996			5,473			42			5,515			10.39
Total operating expenses	3,759			(62		)(2)	3,697			4,041			—			4,041			9.30
Income from continuing operations before income taxes	1,192			107			1,299			1,432			42			1,474
Income tax expense from continuing operations	394			21			415			487			—			487
Taxable-equivalent adjustment	—			45		(1)	45			—			42		(1)	42
Income from continuing operations	$	798		$	41		$	839		$	945		$	—		$	945		12.63
Diluted earnings per share from continuing operations	$	2.35		$	.12		$	2.47		$	2.82		$	—		$	2.82		14.17
Return on equity from continuing operations	13.3		%	0.7		%	14.0		%	15.3		%	—			15.3		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.

(1) Taxable-equivalent adjustment not included in reported results.

(2) Represents merger and integration costs of $62 million, or $41 million after-tax, recorded in connection with the Global Securities Services acquisition.

																			% Change
	Year Ended December 31, 2005									Year Ended December 31, 2006									2005
	Reported						Operating			Reported						Operating			vs
(Dollars in millions, except per share amounts)	Results			Adjustments			Results			Results			Adjustments			Results			2006
Total fee revenue	$	4,551					$	4,551		$	5,186					$	5,186		13.95	%
Net interest revenue	907			$	42	(1)	949			1,110			$	45	(1)	1,155			21.71
Gains (Losses) on sales of available-for-sale investment securities, net	(1		)	—			(1		)	15			—			15
Gain on sale of Private Asset Management Business	16			—			16			—			—			—
Total revenue	5,473			42			5,515			6,311			45			6,356			15.25
Total operating expenses	4,041			—			4,041			4,540			—			4,540			12.35
Income from continuing operations before income taxes	1,432			42			1,474			1,771			45			1,816
Income tax expense from continuing operations	487			—			487			675			(65		)(2)	610
Taxable-equivalent adjustment	—			42		(1)	42			—			45		(1)	45
Income from continuing operations	$	945		$	—		$	945		$	1,096		$	65		$	1,161		22.86
Diluted earnings per share from continuing operations	$	2.82		$	—		$	2.82		$	3.26		$	.20		$	3.46		22.70
Return on equity from continuing operations	15.3		%	—			15.3		%	16.2		%	0.9		%	17.1		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.

(1) Taxable-equivalent adjustment not included in reported results.

(2) Represents $65 million of additional income tax expense primarily associated with federal tax legislation and leveraged leases.

																			% Change
	Twelve Months Ended December 31, 2006									Twelve Months Ended December 31, 2007									2006
	Reported						Operating			Reported						Operating			vs
(Dollars in millions, except per share amounts)	Results			Adjustments			Results			Results			Adjustments			Results			2007
Total fee revenue	$	5,186					$	5,186		$	6,599					$	6,599		27.25	%
Net interest revenue	1,110			$	45	(1)	1,155			1,730			$	58	(1)	1,788			54.81
Gains on sales of available-for-sale investment securities, net	15			—			15			7			—			7
Total revenue	6,311			45			6,356			8,336			58			8,394			32.06
Total operating expenses	4,540			—			4,540			6,433			(665		)(3)	5,768			27.05
Income from continuing operations before income taxes	1,771			45			1,816			1,903			723			2,626
Income tax expense from continuing operations	675			(65		)(2)	610			642			257		(3)	899
Taxable-equivalent adjustment	—			45		(1)	45			—			58		(1)	58
Income from continuing operations	$	1,096		$	65		$	1,161		$	1,261		$	408		$	1,669		43.76
Diluted earnings per share from continuing operations	$	3.26		$	.20		$	3.46		$	3.45		$	1.12		$	4.57		32.08
Return on equity from continuing operations	16.2		%	0.9		%	17.1		%	13.4		%	4.3		%	17.7		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.

(1) Taxable-equivalent adjustment not included in reported results.

(2) Represents $65 million of additional income tax expense primarily associated with tax legislation and leveraged leases.

(3) Represents merger and integration costs of $198 million, or $129 million after-tax, recorded in connection with the Investors Financial acquisition, completed in July 2007, and a net charge of $467million or $279 million after-tax, associated with certain active fixed-income strategies at State Street Global Advisors.

RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS

Quarters Ended March 31, 2008 and March 31, 2007

																			% Change
	Quarter Ended March 31, 2007									Quarter Ended March 31, 2008									2007
(Dollars in millions, except per share amounts)	Reported Results			Adjustments			Operating Results			Reported Results			Adjustments			Operating Results			vs 2008
Total fee revenue	1,370						1,370			1,961						1,961			43.14	%
Net interest revenue	325			12		(1)	337			625			23		(1)	648			92.28
Gains (Losses) related to investment securities, net	1			—			1			(9		)	—			(9		)
Total revenue	1,696			12			1,708			2,577			23			2,600			52.22
Total operating expenses	1,213			—			1,213			1,774			(26		)(2)	1,748			44.11
Income before income taxes	483			12			495			803			49			852
Income taxes	169			—			169			273			9			282
Taxable-equivalent adjustment	—			12		(1)	12			—			23		(1)	23
Net income	$	314		$	—		314			$	530		$	17		$	547		74.20
Diluted earnings per share	$	.93		$	—		$	.93		$	1.35		$	.04		$	1.39		49.46
Return on equity	17.4		%	—		%	17.4		%	18.7		%	0.7		%	19.4		%

Reported results reflect State Street’s Consolidated Statement of Income prepared in accordance with accounting principles generally accepted in the United States.

(1) Taxable-equivalent adjustment not included in reported results.

(2) Represents merger and integration costs of $26 million, or $17 million after-tax, recorded in connection with the Investors Financial acquisition, completed in July 2007.