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Business Description
State Street Corporation is a financial holding company that through its subsidiaries, reports two lines of business: Investment Servicing and Investment Management. State Street conducts its business principally through its subsidiary, State Street Bank and Trust Company. With $6.2 trillion of assets under custody and $775 billion of assets under management at year-end 2001, State Street is a specialist in meeting the needs of sophisticated global investors. Clients include mutual funds and other collective investment funds, corporate and public pension funds, investment managers, and others. Services are provided from 30 offices in the United States, and from offices in Australia, Belgium, Canada, Cayman Islands, Chile, Czech Republic, France, Germany, Ireland, Japan, Luxembourg, Netherlands, Netherlands Antilles, New Zealand, People's Republic of China, Singapore, South Korea, Switzerland, Taiwan, United Arab Emirates and the United Kingdom.

Financial Information
STT, a bank holding company for State Street Bank and Trust Company, provides financial asset services, investment management and commercial lending services. For the six months ended 6/02, interest income fell 35% to $1.03 billion. Net interest income after loan prov. rose 10% to $528 million. Net income rose 24% to $356 million. Results reflect lower interest-earning assets, offset by lower interest paid on borrowings, and an increase in service charges.