STT State Street Corporation

State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT) and the largest institutional fund manager in the world, today announced that it has been selected by Staffordshire County Council to manage a $600 million global passive equity mandate. The transition of assets was managed by State Street Global Markets. State Street Global Advisors is one of the world's largest index managers, with more than $581 billion in passive equity assets under management globally. Its customized passive equity approach seeks to maximise client wealth in a risk-controlled environment, while minimising portfolio turnover and transaction costs. Commenting on the mandate, Councillor Terry Dix, leader of Staffordshire County Council said: "State Street Global Advisors was a natural front runner for this mandate because of its considerable expertise in managing passive equity investments and its ability to offer economies of scale. We look forward to working with SSgA to help achieve the investment goals we've set for our pension fund." Commenting on winning the mandate, Kanesh Lakhani, head of European marketing and consultant relations at State Street Global Advisors said: "We are very pleased to have been awarded this passive mandate from Staffordshire County Council. The local authority market is one of our core target areas in the U.K. and we look forward to working with Staffordshire to achieve its objectives." State Street Global Advisors, the investment management group of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in investment programs and portfolios (as of June 30, 2005), State Street Global Advisors has investment centres in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 28 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com. 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 $9.6 trillion in assets under custody and $1.4 trillion in assets under management (as of June 30, 2005), State Street operates in 25 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site at www.statestreet.com.