STT State Street Corporation

Also Secures Top Honors in Categories of Client Service, Fund Accounting, Middle Office Services and Transfer Agency State Street Corporation (NYSE:STT), the world's leading provider of services to institutional investors, announced today that its hedge fund administration company, International Fund Services (IFS), was named Best Fund Administrator in Alpha magazine's first annual hedge fund service provider awards. IFS also ranked number one in the areas of client service, fund accounting, middle-office services and transfer agency. "This accolade across multiple service categories underscores our expertise at providing full-service solutions to the hedge fund community," said Gary Enos, executive vice president and head of alternative investment services for State Street. "Since acquiring IFS in 2002, we have continued to enhance our hedge fund servicing capabilities and this award is a further proof point that our model is a success." Alpha compiled its rankings based on voting by representatives from more than 600 hedge fund management firms worldwide. Voters rated the quality of service they received from their administrators, accounting firms, law firms and prime brokers. The firms surveyed manage approximately $675 billion in single-manager hedge funds, close to 70 percent of the industry's total assets. "To attract institutional capital, hedge funds need the help of capable and trustworthy service providers," said Michael Peltz, executive editor of Alpha, a sister publication of Institutional Investor. "The Alpha Awards(TM) show which providers are winning hedge funds' trust." State Street provides a complete set of servicing and management solutions for hedge funds including recordkeeping, fund accounting, valuation, risk management and regulatory reporting. In 2002, State Street acquired International Fund Services, a leading provider of fund accounting and administration as well as trade support and middle-office services for alternative investment portfolios, and today it services more than $120 billion in alternative investment assets. State Street Global Advisors, State Street's investment management arm, also provides institutional investors with an array of hedge fund and fund-of-funds strategies. 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. For complete results of the Alpha Awards(TM), please go to www.institutionalinvestor.com/alphaawards. Alpha Awards(TM) is a trademark of Institutional Investor, Inc. and may not be used for advertising or commercial purposed except pursuant to a special written license from Institutional Investor.