Thursday 25 January
Scottish Community Foundation Announces that State Street Corporation will be the Principal Sponsor of the 2001 Caledonian Challenge

Edinburgh, SCOTLAND, January 25, 2001, The Scottish Community Foundation today announced that State Street Corporation, the world's leading specialist in meeting the needs of sophisticated global investors, is the principal sponsor of the 2001 Caledonian Challenge. In recognition of its support, the Challenge will now be known as The State Street Caledonian Challenge.

The annual 54-mile walk for charity, which will take place on 23rd and 24th June along the West Highland Way, is the largest one-day charitable fund-raising event in the Highlands. Teams of four, representing companies throughout the UK and beyond, solicit sponsorship to help raise funds for the Scottish Community Foundation, an organisation, which provides financial support to local charities across Scotland. Last year more than 500 walkers raised over £500,000 for the Foundation.

"State Street is proud to be the principal sponsor of the 2001 Caledonian Challenge," said Ronald E. Logue, vice chairman and chief operating officer of State Street. "Having been a participant of the walk for the past two years, we are delighted this year to be able to play a pivotal role in this significant fundraising event. Our sponsorship of the Challenge is indicative of our commitment to global philanthropy efforts. It also compliments our other initiatives such as Hong Kong's annual Trailwalker, a charity walk that raises millions of Hong Kong dollars for Oxfam."

State Street's roots date back to 1792 in Boston, Massachusetts. Its strong tradition of community support has been a positive force in the cities and towns the company serves in 23 countries. For the past twenty-two years, State Street has donated 1.5% of its annual pre-tax revenues and over those years has given nearly 3,700 grants totaling more than US$55 million. These grants have gone to primarily support education and job skills training initiatives, neighbourhood revitalisation and affordable housing development, youth and health and human needs programmes. This year, State Street is directing its resources and contributing nearly US$12 million to making people's lives better across the globe.

Since the opening of its office building at 50 Lothian Road in Edinburgh in December, 1998, State Street has significantly expanded its presence in Scotland. The Edinburgh office houses State Street Bank and Trust Company, which provides custody, accounting, daily pricing, fund depository, and administration services to institutional investors throughout the UK.

Angus MacDonald, founder, Caledonian Challenge, commented; "Last year, State Street's team not only successfully completed the challenge, but also helped to raise one of the largest donations to date for the charity. The walk has become a huge success and the involvement of State Street as lead sponsor will be very well received. We are delighted that they will be sponsoring this event."

For further information:

If you would like to enter a team or find out more about The Caledonian Challenge, please visit the website at or call 0131 225 9810

Hannah Grove State Street (617) 664 3377

Fiona Prior State Street Caledonian Challenge 0131 225 9810

Fiona Piper The Maitland Consultancy 0207 379 5151

With $6.1 trillion in assets under custody and $711 billion under management, State Street Corporation is the world's leading specialist in meeting the needs of sophisticated global investors. Offices are located in the United States, Canada, Chile, Cayman Islands, Netherlands Antilles, Ireland, United Kingdom, Netherlands, France, Belgium, Luxembourg, Switzerland, Germany, Czech Republic, United Arab Emirates, Russia, People's Republic of China, Taiwan, South Korea, Japan, Singapore, Australia, and New Zealand. State Street Corporation's common stock is traded on the New York Stock Exchange under the symbol STT.