STT State Street Corporation

State Street Corporation (NYSE:STT), the world's leading provider of services to institutional investors, announced today that its hedge fund administration company, International Fund Services (IFS), achieved top rankings for the second consecutive year in Global Custodian magazine's tenth annual Hedge Fund Administration Survey. IFS was top rated in Dublin, the U.S. East Coast and Overall in the survey. According to Global Custodian, "IFS was always a high performer in this survey, and this was a true-to-form performance. In fact, no other provider in the entire survey could match the overall weighted average score achieved by IFS in 2005." The 2005 survey garnered 819 responses from hedge fund managers, the highest amount to date and an increase of 15 percent over 2004. "We are very pleased that our customers, once again, appreciate the unique value of our hedge fund offerings," said Gary Enos, executive vice president and head of alternative investment services for State Street. "This recognition is a testament to our global staff and leading-edge technology which enables us to provide consistent customer service in various jurisdictions worldwide." State Street provides a complete set of servicing and management solutions for hedge funds including recordkeeping, fund accounting, valuation, risk management and regulatory reporting. In 2002, State Street acquired International Fund Services, a leading provider of fund accounting and administration as well as trade support and middle office services for alternative investment portfolios, and today services more than $120 billion in alternative investment assets. State Street Global Advisors, State Street's investment management arm, also provides institutional investors with an array of hedge fund and fund-of-funds strategies. State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management as of March 31, 2005, State Street operates in 25 countries and more than 100 markets worldwide. For more information, visit State Street's web site at www.statestreet.com.