STT State Street Corporation

Senior Executives Named Chief Product Officer and Chief Operating Officer State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT) today announced the appointment of Peter Leahy to a newly created position of chief product officer (CPO), a move that will enable increased innovation across the company's investment strategies. In this role, Leahy will collaborate across multiple investment teams and geographies overseeing product development and directing the product pipeline from initial concept to quality and to time to market. He will also be responsible for regularly assessing and modifying as needed, SSgA's existing product array. "In an environment where the search for alpha is accelerating, this position enables us to stay at the cutting edge of excellence in new product development," said William W. Hunt, president and chief executive officer of SSgA. "What Peter brings to this complex and critical role is a combination of investment expertise and business acumen that will drive the precise execution of our new product strategy." This year, SSgA has continued to expand its product line-up with the introduction of nine new exchange-traded funds, new absolute return strategies including a customizable multi-alpha vehicle with nine underlying uncorrelated strategies, U.S. PALMS, a commingled solution for liability-focused investors, and a variety of extension strategies which exploit the value of loosening constraints on active managers. "We have a strong pipeline of new and exciting products and are focused on growing our business globally," said Hunt. "Peter, in his new role, will focus on accelerating product development and ensuring that we are well-aligned with the evolving investment needs of our clients." A 15-year veteran of State Street Global Advisors, Leahy most recently served as chief operating officer. He joined the company in 1991 as a member of the Global Structured Products group which he managed from 1996 to 2004 and helped to position SSgA as the second largest manager of passive equity assets worldwide and the largest manager of non-U.S. index assets. Otello Sturino assumes the role of chief operating officer (COO) with responsibility for SSgA's Investment Operations, Information Technology, Finance, Compliance, and Human Resources. He also retains responsibility for the group's business in Canada which he has managed since his arrival at SSgA in 2004. Sturino joined State Street in 1990 as head of Operations and Client Services for the company's Investor Services business in Toronto. He has held positions in both London and in Boston, working in a variety of senior management capacities, including leadership roles in the Global Markets division, cash optimization and relationship management. He joined State Street Global Advisors in 2004 as chief administrative officer (CAO), and head of its Canadian businesses. "SSgA's quantitative approach, significant scale, and the overall global nature of our clients, require operations that are complex and highly sophisticated," said Hunt. "With international perspective and deep experience along the entire spectrum of the investment management business, Otello is uniquely qualified to advance our efforts to leverage our infrastructure, operations, and other functions to demonstrate process excellence while delivering uncompromising quality." State Street Global Advisors operates 26 offices around the world with 11 fully-staffed investment centers, making it one of only a few truly global investment firms. "In the global landscape in which we all compete today, continuous new product development and operational excellence are vital aspects of the investment experience. These organizational changes demonstrate that we at SSgA are focused on remaining an industry leader in performance and delivery," said Hunt. About State Street Global Advisors State Street Global Advisors, the investment management arm of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.5 trillion in assets under management as of June 30, 2006, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 25 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.