STT State Street Corporation

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and the largest institutional money manager in the world, announced today the appointment of Joseph Moody to head of the liability-driven investing team of SSgA's Global Asset Allocation group. Moody was previously a senior investment manager in the Fixed Income group. He reports to Rick Lacaille, chief investment officer for State Street Global Advisors in Europe. Moody is responsible for overseeing the management and development of liability-driven investing strategies for SSgA's institutional clients. A popular and powerful solution that is changing the way pension liabilities are managed, liability-driven investing presents an alternative to conventional static benchmarks by structuring an asset allocation that closely matches expected investment returns with the liabilities of an individual pension scheme. SSgA's liability-driven strategies can be customized to meet the risk preferences of individual pension schemes and their unique regulatory frameworks. Most recently, SSgA has launched two liability-driven capabilities--Pooled Asset Liability Matching Solution (PALMs) and Dynamic Risk Allocation Model (DRAM)--for defined benefit plan clients. Both strategies are aimed at helping pension funds match future liabilities and manage market risk while maintaining maximum flexibility and transparent pricing. "Joe's deep understanding of liability-driven investing and his hands-on experience as part of the Global Fixed Income investment team make him a natural choice to lead this initiative at SSgA," said Lacaille. "Since 2001, when Joe joined our Fixed Income group, SSgA has substantially grown assets under management in liabilities-driven investment strategies. I have confidence in Joe's ability to foster further growth in this important component of SSgA's global capabilities." Moody has over 11 years experience managing global and domestic fixed income portfolios. He came to SSgA in 2001 from Foreign & Colonial Management in London, where he was assistant director. Prior to that, he was a chartered engineer in the aerospace industry working on development and flight-testing programmes of military aircraft. He was also a lecturer at the International Test Pilot's School. Moody holds a B.Sc. in electrical and electronic engineering and a M.Sc. in strategic risk management. 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 centers 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