STT State Street Corporation

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT) and the largest institutional fund manager in the world, announced today that it has been selected by Assuranceforeningen Skuld (Skuld) to manage $330 million of its multi-asset insurance portfolio. Skuld, a leading Norwegian marine insurer, has outsourced the management of a majority of its portfolio to SSgA, which is managing $220 million in fixed income, $100 million in global equities and $10 million in commodities. The fixed income portfolio will be managed through a pooled liability-matching approach in accordance with the scheme's specifications. Commenting on awarding the mandate to SSgA, Svein Sollund, chief financial officer for Skuld, said: "We are pleased to have outsourced the management of our insurance portfolio to State Street Global Advisors. The company's track record as a leading global manager of insurance assets and the strength of its liability-matching investment capabilities made it a clear choice for us. We look forward to working with them toward achieving our investment goals." Commenting on winning the mandate, Laurent De Greef, director of marketing at State Street Global Advisors in Belgium said: "We are delighted that Skuld chose SSgA to manage its portfolio of assets. We remain committed to delivering customized solutions to insurance companies as we continue to win outsourcing mandates throughout Europe." About State Street Global Advisors: 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. About State Street Corporation: 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.