STT State Street Corporation

State Street Corporation (NYSE:STT), the world's leading provider of financial services to institutional investors, announced today the appointment of Mark Marinella to executive vice president and global head of fixed income research, sales and trading. He will report to Stan Shelton, executive vice president and head of State Street Global Markets, the research and trading arm of State Street. Marinella, age 47, will lead a worldwide initiative aimed at enhancing State Street's trading, research and analytics capabilities in fixed income. In doing so, he will leverage State Street's existing position as an institutional leader in foreign exchange, equities and transition management strategies. "We're delighted to welcome Mark to our management team," said Shelton. "This key appointment furthers our goal of providing clients with the most comprehensive and innovative trading and research strategies in the business - now across all asset classes. We've changed the traditional model and as a result are an industry leader in foreign exchange and equities. I'm confident that under Mark's leadership we can bring our fixed income capabilities to the same level." With more than two decades of experience in the fixed income market, Marinella brings a wealth of expertise to his new role at State Street. Prior to joining the company he served as chief investment officer for fixed income and head of cash management at Blackrock/State Street Research where he was also a member of Blackrock's management committee. "One of the many factors that drew me to this role was the opportunity to lead and build an initiative that is potentially transformational within the fixed income space," said Marinella. "Having been in the industry for 21 years, I am keenly aware of the need for change and innovation in this sector. State Street has a proven track record of making this happen." Over the span of his career Marinella has held senior positions within fixed income at Columbia Management Group, STW Fixed Income Management and CS First Boston Corp. Marinella is a Chartered Financial Analyst and holds a bachelor of arts' degree from the University of Massachusetts and a master's in business administration from Boston College. About State Street Global Markets: State Street Global Markets provides specialized investment research and trading in foreign exchange, equities, fixed income and derivatives. Its goal is to enhance and preserve portfolio values for asset managers and asset owners. From its unique position at the crossroads of the global markets, it creates and unlocks value for its clients with original flow-based research, innovative portfolio strategies, trade process optimization, and global connectivity across multiple asset classes and markets. About State Street: 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 services. With $10.7 trillion in assets under custody and $1.5 trillion in assets under management at 31 March 2006, 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.