Related Links Global Market Information For information on our client database of custody information, please visit our corporate Web site.

Investors have dealt with enormous changes over the last twenty years. Cross-border investing is now an integral part of asset allocation. The actions of the German government have led to dramatic changes in private pension schemes and increased demand for sophisticated investment servicing solutions. And perhaps no other business in Europe has grown more rapidly than custody.

That is why today's leading custodians must do more than simply settle trades and collect income. They must offer investors a wide variety of products supporting the entire investment process. State Street has developed accounting and custody services to support the growing complexity of our clients' investment strategies — acting as single point of contact for our clients at any time of day, in any country and in any currency.

Our services represent a full range of integrated business solutions. Rather than just reporting transaction processing activity, we deliver information captured across multiple systems that clients can access from their own desktops and analyse via their own software applications.

With offices in over 20 countries and a custodian network spanning more than 100 financial markets worldwide, State Street's clients include: institutional investors and investment firms that buy and sell securities, corporations and government agencies that issue investment securities, security broker/dealers who manage mutual funds, intermediaries between buyers and sellers of stocks and bonds, insurance companies, banks and non-profit organisations.

In Germany, State Street is widely regarded as a leading custodian, focusing on a range of clients, including investors, investment managers and consultants. Because we are an established service provider and a pioneer in providing unbundled custody services, we understand the unique needs of both local and global investors and investment managers.

The core of State Street's custody operations is our Horizon^® system, the most sophisticated and state-of-the-art integrated custody and multicurrency accounting platform in the industry. While many of our competitors divide functionality across multiple systems, creating a need for internal reconciliation, Horizon is a single settlement, accounting and reporting system all in one.

State Street's global custody core services include:

• Safekeeping and settlement
  
• Fund accounting and valuation
  
• Fund administration
  
• Corporate action services
  
• Income collection
  
• Tax reclaim

Other value-added services that we may provide include:

• Performance and analytics
  
• Cash management
  
• Foreign exchange
  
• Electronic trade execution
  
• Transition management
  
• Securities lending

Because we allocate 20-25 percent of our annual operating budget to the development of technology tools and resources, State Street is well positioned to provide leading-edge custody solutions to help investors succeed in a rapidly changing, global marketplace.

For more information on customised custody solutions, please contact Jörg Ambrosius, via phone at +49 89 55878 133 or via email at jambrosius@statestreet.com.