Press Release
February 6, 2007

State Street to Acquire Investors Financial Services Corporation

Feb. 5, 2007 — State Street Corporation, the world's leading provider of financial services to institutional investors, announced that it has signed a definitive agreement to acquire Investors Financial Services Corporation in a stock transaction valued at approximately $4.5 billion. Each company's Board of Directors has approved the agreement. Upon closing of the transaction, State Street will enhance its position as a worldwide service provider of fund accounting to the mutual fund industry and its clear leadership in servicing for hedge and offshore funds. Both State Street and IBT are incorporated in Massachusetts.

Goodwin Procter is providing regulatory and Massachusetts law counsel to State Street in connection with the acquisition. Goodwin Procter partner Gregory J. Lyons is the lead attorney representing State Street, with support from attorneys Satish Kini and Robert Seigal.