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, today announced that its German subsidiary, State Street Global Advisors GmbH, based in Munich, has been appointed by Sanofi Aventis to manage a EUR800 million currency overlay mandate for Sanofi Aventis' Pension Trust, Aventis Pensionstreuhand e.V, which represents Sanofi Aventis' pension fund obligations in Germany. This new mandate expands State Street's existing relationships with Sanofi Aventis, the French pharmaceutical company. SSgA Germany has been awarded already in 2003 a EUR700 million passive global equity mandate from Sanofi Aventis Pension Trust. Furthermore, State Street Bank, Munich, has served as a provider of Depotbank (custody and accounting) and performance & analytics services to Sanofi Aventis Pension Trust for US$2.3 billion in assets since 2004. Commenting on awarding the mandate to State Street Global Advisors, Wolfgang Weber, head of Benefits Finance & Asset Management for Sanofi Aventis and chairing the investment committee for Sanofi Aventis Pension Trust, said: "We are pleased to have appointed State Street Global Advisors to manage this mandate. It was the natural choice for this mandate because of the broad diversity of skills and experience of its currency team and its emphasis on controlling risk. We look forward to working with SSgA to help us achieve the investment goals we've set for our pension fund." Klaus Esswein, head of State Street Global Advisors in Germany, said, "We are delighted with this important award from Sanofi Aventis which illustrates the success of our active currency process and confirms our commitment to the German institutional market. We view this win as a tribute to the expertise of our currency management team and their adherence to a philosophy of adding value while reducing risk wherever possible. We look forward to working with Sanofi Aventis to achieve its investment objectives." One of the world's largest currency managers, SSgA today manages more than US$65 billion in global currency portfolios (as of 30th June 2005) in all major base currencies. A staff of 30 professionals across seven offices worldwide provides a comprehensive array of active and passive currency capabilities to clients in all major base currencies. These highly customized services feature a full range of hedging ratios and combine fundamental and technical elements to manage risk and capture the inefficiencies in foreign exchange markets. The currency team also collaborates closely with State Street Global Advisors' Advanced Research Centre which brings together scientific research, academic theory, computational power and decades of market experience to enhance investment performance and provide strategic solutions to clients. 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 (as of June 30, 2005) in investment programs and portfolios, 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. 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 markets worldwide. For more information, visit State Street's Web site at www.statestreet.com