STT State Street Corporation

The Boston Red Sox and State Street Corporation (NYSE: STT) today announced a partnership through which State Street will receive naming rights to Fenway Park's newest major improvement, the "State Street Pavilion," which is scheduled to debut on Opening Day, 2006. As part of the Red Sox' long-term commitment to Fenway Park, which was announced March 23, 2005, the .406 Club and the Red Sox Hall of Fame Club are being replaced this offseason by two new seating sections behind home plate. The State Street Pavilion will include the top half of the former .406 Club (the bottom half is the new "EMC Club") as well as the seating areas down the first and third base lines formerly occupied by the Infield Roof Boxes. There will be Club Seats, Box Seats, and Standing Room tickets in the State Street Pavilion. The State Street Pavilion will feature 2,224 seats as well as new concession stands, restrooms, and an open concourse that looks down on Yawkey Way on the third base side and Van Ness Street on the first base side. "The Red Sox are honored to be a partner of a Boston institution like State Street as we complete what is probably the largest renovation, at least financially, in Fenway Park's 94-year history," said Red Sox President/CEO Larry Lucchino. "Their commitment will help us to preserve and protect America's Most Beloved Ballpark into its second century of operation. "New seating areas like the State Street Pavilion and the EMC Club also allow us to give our fans what they have asked for: newer, wider seats, extra leg room, new food and beverage options, improved access, additional restrooms and club lounges. With about the lowest, closest Club Seats in all of baseball, we've been able to bring Fenway Park's premium seating areas and amenities up to major league standards without compromising the integrity, character, beauty, and charm that distinguish the park. "And the anticipated revenues from these new seating areas were a decisive factor in our ability to hold ticket prices on more than 70 percent of the seats in Fenway Park for the 2006 season." "Like State Street, Fenway Park has been a long-time fixture in the Boston landscape," said Ronald E. Logue, chairman and chief executive officer of State Street Corporation. "Our collaboration with the Red Sox brings together two prominent and historic brands that share a common goal of preserving Boston's history and giving back to the community. As one of Boston's largest employers, we are delighted to be a part of the preservation of this true city landmark." Like the Red Sox, State Street has long been an active participant in the local community. In 2005, the State Street Foundation contributed more than $5 million to support local community initiatives including the United Way, Year Up, BELL Foundation and Greater Boston Food Bank. As part of the 10-year naming rights deal announced today, the Red Sox and State Street will also collaborate on outreach to open up the Pavilion for use by local community and non-profit groups. 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 $10.1 trillion in assets under custody and $1.4 trillion in assets under management (as at 31 December 2005), State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site at www.statestreet.com.