State Street Announces Intent to be Appointed Provider of Front-to-Back Investment Servicing Platform to Lazard Asset Management

BOSTON–([1])–State Street Corporation (NYSE:STT) today announced that it has entered
into a letter of intent with Lazard Asset Management LLC (“LAM”) which,
subject to entering into definitive agreements, will result in LAM
adopting State Street’s Front-to-Back investment servicing platform.

LAM, a preeminent global asset manager, has been a long term customer of
Charles River Development (CRD) through its Charles River Investment
Management Solution (Charles River IMS), and of State Street’s middle
and back office investment servicing solutions. As part of the
transition to State Street’s Front-to-Back platform, LAM plans to adopt
CRD’s Software-as-a-Service solution (SaaS) and additional front-to-back
services from State Street for its equities and multi-asset investment
businesses. The platform and related technology are also expected to
enhance the existing middle and back office services provided to LAM’s
broader investment platform. In addition, LAM will expand its middle and
back office servicing relationship to include the support of its
alternative investments business.

“We are delighted with the prospect of LAM becoming a client of State
Street’s Front-to-Back investment servicing platform,” said Lou Maiuri,
Chief Operating Officer, State Street. “We have a long-standing
relationship with the firm and believe the solutions we can provide will
support their business needs. Today’s announcement is evidence of the
CRD acquisition enabling us to deepen and grow client relationships and
deliver positive results for our shareholders.”

After definitive agreements are reached, LAM will become a member of the
Charles River Development Client Advisory Board, which was established
earlier this year, and now has 17 member firms globally. The Board is a
forum for CRD clients to provide input and advice regarding industry
developments and CRD’s strategic product and services direction.

Charles River IMS is a front-and middle-office technology platform used
by more than 300 institutional, wealth and alternative investment firms
globally. The Charles River IMS automates front and middle office
workflows helping to deliver accurate and timely data, analytics and
investment decision support tools to institutional, wealth and
alternative investment firms globally. State Street Corporation acquired
CRD in 2018 to deliver the industry’s first-ever Front-to-Back
investment servicing platform. When fully implemented, the platform will
harmonize data, technology and services across the investment lifecycle
so clients can overcome silos, work smarter and stay in synch. With a
single source of data truth, it will enable clients to make better
investment decisions and better manage their business on a completely
open platform.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world’s leading
providers of financial services to institutional investors, including
investment servicing, investment management and investment research and
trading. With $32.6 trillion in assets under custody and administration
and $2.8 trillion* in assets under management as of March 31, 2019,
State Street operates globally in more than 100 geographic markets and
employs approximately 40,000 worldwide. For more information, visit
State Street’s website at[2].

* Assets under management include the assets of the SPDR® Gold ETF
and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as
of March 31, 2019), for which State Street Global Advisors Funds
Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State
Street Global Advisors are affiliated.

State Street Corporation One Lincoln Street, Boston, MA 02111-2900.

© 2019 State Street Corporation – All Rights Reserved

About Charles River, a State Street Company

Charles River Development, a State Street Company, offers solutions that
are designed to enable sound and efficient investing across all asset
classes. Investment firms in more than 40 countries use Charles River
IMS to manage more than US$25 Trillion in assets in the institutional
investment, wealth management and hedge fund industries. Our SaaS is
designed to automate and simplify investment management on a single
platform – from portfolio management and risk analytics through trading
and post-trade settlement, with integrated compliance and managed data
throughout. Headquartered in Burlington, Massachusetts, we support
clients globally with more than 750 employees in 11 regional offices.
For more information, please visit[3].

Forward-Looking Statements

This News Release contains forward-looking statements within the meaning
of United States securities laws, including statements about State
Street and LAM’s plans to complete an expansion of their investment
servicing relationship, which expansion is subject to completion of
definitive agreements between them, their affiliates or fund vehicles,
approval of applicable boards and shareholders and customary regulatory
approvals. Forward-looking statements are often, but not always,
identified by such forward-looking terminology as “will,” “”priority,”
“objective,” “designed,” “plan,” “strategy,” “expect,” “believe,”
“anticipate,” “intend,” “estimate,” “seek,” “may,” “trend,” and “goal,”
or similar statements or variations of such terms. 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 expectations or beliefs of State Street as of any time
subsequent to the time that this News Release is first issued. Important
factors that could cause actual results to differ materially from those
indicated by any forward-looking statements are set forth in the 2018
Annual Report on Form 10-K of State Street, and its subsequent SEC
filings. We encourage 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 News Release should not
by relied on as representing our expectations or beliefs as of any time
subsequent to the time that this News Release is first issued, and we do
not undertake efforts to revise those forward-looking statements to
reflect events after that time.

State Street Corporation One Lincoln Street, Boston, MA 02111-2900.

© 2019 State Street Corporation – All Rights Reserved

Expiration date: June 30, 2020

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