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 named 2005 Best Bank in Asset Management in the World by Global Finance magazine. SSgA will be honored in an awards ceremony during the IMF/World Bank Annual Meeting at the National Press Club in Washington, D.C. on September 26. "State Street Global Advisors is honored to be recognized among the elite financial institutions in the world," said Shawn Johnson, chairman of SSgA's Investment Committee. "Our leadership in providing institutional investors worldwide with a wide variety of sophisticated strategies designed to meet their goals distinguishes us as a trusted partner for asset management." Global Finance's editorial board selected the World's Best Banks based on performance over the past year and other criteria including reputation and management excellence. Editors also consulted bankers, corporate financial executives and analysts worldwide to determine the award recipients. "We recognize these banks for their outstanding accomplishments," said Global Finance publisher Joseph D. Giarraputo. "Conditions in each market may have differed, but the winning banks were noteworthy in their dedication to satisfying their customers' needs." State Street Global Advisors continues to garner widespread recognition as a world leader in institutional investment management, having recently been named one of the world's largest money managers by Watson Wyatt LLP. SSgA also topped Investment & Pensions Europe magazine's European Asset Manager Survey and was named World's Largest Institutional Fund Manager for the fourth consecutive year in Pensions & Investment magazine's 2005 Money Managers Survey. The World's Best Banks report will be featured in the October 2005 issue of Global Finance. For more information, visit www.gfmag.com. 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.