STT State Street Corporation

The Tuckerman Group (Tuckerman), a real estate investment management and advisory firm and member of State Street Global Alliance, LLC, announced today that the SSgA/Tuckerman Liquid 40 Real Estate Securities Index Strategy has exceeded US$1 billion in assets under management (as of July 31, 2005). Since its launch in 2002, the strategy has gained significant momentum, attracting investors throughout Europe and the Middle East. Tuckerman manages the strategy's assets in commingled funds and separate accounts. The objective of the strategy is to provide institutional investors with a liquid and diversified passive exposure to the European real estate securities market. The strategy replicates the returns of the EPRA Liquid 40 Index, a customised index created by Tuckerman and the European Public Real Estate Association (EPRA) that includes the 40 most liquid European real estate securities. The EPRA Liquid 40 Index mirrors the 25% annualised performance of the EPRA Europe Index. "We're excited to reach this important milestone for our Liquid 40 European Real Estate Index Strategy in just three years since its inception, which illustrates that investors are choosing real estate over other asset classes," said Chip Lauckhardt, chairman and chief executive officer of The Tuckerman Group. "In a highly competitive market in which many active managers are underperforming, returns on real estate investments, particularly in Europe and Asia, have been solid." Tuckerman's customised index methodology selects the 40 most liquid securities based on trading volume and float-adjusted market capitalisation. Historically, the Liquid 40 index has maintained a close correlation (0.992) to the broader universe of European real estate securities. "We developed a unique and customised liquid index to offset a relatively illiquid European market for real estate securities," said Matthew Pace, a product engineer with The Tuckerman Group. "By choosing a collection of the most liquid real estate securities from the EPRA Europe Index, we are able to maintain the geographic and property sector diversification included in the broader EPRA European index." Tuckerman has also constructed a separate custom EPRA ex-U.K. Index, which allows investors to independently manage their exposure to U.K.-based real estate securities, which account for nearly 50 percent of the pan-European market. The Tuckerman Group manages private real estate investments and public real estate securities portfolios, and provides advisory services to institutional and individual investors. The company's direct real-estate investment capability has a strategic focus on value-added strategies. About The Tuckerman Group The Tuckerman Group is part of State Street Global Alliance, LLC, a jointly-owned subsidiary of State Street Global Advisors the investment management arm of State Street Corporation, and the Dutch pension fund ABP, one of the world's largest pension funds. The Tuckerman Group has two principal units: Tuckerman Investors, offering value-added investment programs to institutional investors on a co-investment basis, and Tuckerman Securities, managing funds which invest in real estate securities on both an active fundamental and passive basis. The Tuckerman Group currently manages over $4 billion in real estate assets. The Tuckerman Group has its headquarters in Rye Brook, New York with additional offices in Boston and Chicago. For more information visit www.thetuckermangroup.com. About State Street Global Alliance LLC State Street Global Alliance, LLC, founded in 2001, is the strategic venturing partnership jointly owned by State Street Global Advisors and one of the world's largest pension funds, Stichting Pensioenfonds ABP (ABP). State Street Global Alliance seeks to develop partnerships with innovative asset managers worldwide to develop investment excellence and innovation with growth rates in excess of industry averages. State Street Global Alliance currently consists of five majority-owned companies and two minority investments. For more information, visit www.ssgaglobalalliance.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 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 www.ssga.com.