STT State Street Corporation

State Street Corporation (NYSE: STT), the world�s leading provider of financial services to institutional investors, announced today that it has been named securities lending provider for an additional $190 billion in assets by national financial services organization TIAA-CREF. With this additional mandate, State Street now provides services for more than $210 billion in assets for TIAA-CREF. State Street has provided custody and securities lending services for a portion of TIAA-CREF�s assets since 2004. �Consolidating our providers and expanding our relationship with State Street will allow TIAA-CREF to add value from our securities lending activities for our participants,� said Ed Grzybowski, TIAA-CREF�s chief investment officer. "TIAA-CREF is committed to managing our investment functions as efficiently as possible and in the two years we have worked with them, State Street has demonstrated the experience and capabilities to help us achieve that goal." �We are pleased that TIAA-CREF views us as a strategic provider that can accommodate their complex needs as they grow their business,� said Craig Starble, senior vice president and head of State Street�s securities finance business. �Technology continues to be a key differentiator for us, and we are encouraged that our customers are confident in the infrastructure and expertise that we have developed in this regard.� �The investment landscape continues to pose ongoing challenges for the industry. This expansion of our relationship with TIAA-CREF demonstrates that our customers recognize that we are committed to partnering with them to maneuver through these challenges,� added Suzanne Lee, senior vice president and head of account management for State Street�s securities finance business. State Street has been providing securities lending services since 1974, and is one of the most experienced lending agents serving the market today. State Street provides an unparalleled level of expertise combined with global reach. It delivers services to more than 400 lenders and 130 borrowers around the world, trading multiple asset classes in more than 30 markets, 24 hours a day. 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 $11.3 trillion in assets under custody and $1.6 trillion in assets under management as of September 30, 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. About TIAA-CREF TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management (6/30/06) and the leading provider of retirement services in the academic, research, medical and cultural fields. Further information can be found at www.tiaa-cref.org. State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has been named securities lending provider for an additional $190 billion in assets by national financial services organization TIAA-CREF. With this additional mandate, State Street now provides services for more than $210 billion in assets for TIAA-CREF. State Street has provided custody and securities lending services for a portion of TIAA-CREF's assets since 2004. "Consolidating our providers and expanding our relationship with State Street will allow TIAA-CREF to add value from our securities lending activities for our participants," said Ed Grzybowski, TIAA-CREF's chief investment officer. "TIAA-CREF is committed to managing our investment functions as efficiently as possible and in the two years we have worked with them, State Street has demonstrated the experience and capabilities to help us achieve that goal." "We are pleased that TIAA-CREF views us as a strategic provider that can accommodate their complex needs as they grow their business," said Craig Starble, senior vice president and head of State Street's securities finance business. "Technology continues to be a key differentiator for us, and we are encouraged that our customers are confident in the infrastructure and expertise that we have developed in this regard." "The investment landscape continues to pose ongoing challenges for the industry. This expansion of our relationship with TIAA-CREF demonstrates that our customers recognize that we are committed to partnering with them to maneuver through these challenges," added Suzanne Lee, senior vice president and head of account management for State Street's securities finance business. State Street has been providing securities lending services since 1974, and is one of the most experienced lending agents serving the market today. State Street provides an unparalleled level of expertise combined with global reach. It delivers services to more than 400 lenders and 130 borrowers around the world, trading multiple asset classes in more than 30 markets, 24 hours a day. 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 $11.3 trillion in assets under custody and $1.6 trillion in assets under management as of September 30, 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. About TIAA-CREF TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management (6/30/06) and the leading provider of retirement services in the academic, research, medical and cultural fields. Further information can be found at www.tiaa-cref.org.