STT State Street Corporation

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), announced today the appointment of Scott B. Richards as senior high-yield portfolio manager in its Global Fixed Income group. Richards was previously co-head of high yield at MFS Investment Management. He reports to Michael O�Hara, managing director, active fixed income at State Street Global Advisors. Richards is responsible for overseeing the management of SSgA�s high-yield assets and advancing the firm�s global active credit capabilities. He will also work to broaden SSgA�s asset class coverage by building a leveraged loan capability, developing new products and overseeing the investment of assets in this area, including CLO�s. �Scott�s deep, high-yield bond investment experience and his extensive credit analysis expertise make him ideal to help expand upon SSgA�s alpha-generation toolkit,� said Paul Greff, director of Global Fixed Income for State Street Global Advisors. More than a decade ago, SSgA established commingled bond fund structures which separate bond funds by sector and maturity. This structure enabled SSgA to provide its institutional clients with customizable fixed income solutions, often including the use of both passive and active bond strategies for a single client. More recently, SSgA has extended this approach to achieve full separation of alpha and beta in the firm�s fixed income offerings. �We believe the ability to manage alpha and beta separately is the wave of the future in fixed income, an enhancement that benefits all types of clients,� added Greff. �With leaders like Scott on our team, SSgA can fully realize the potential inherent in its unique approach and further advance its global fixed income capabilities.� SSgA continues to be a leader and innovator in institutional investment management. Already a global leader in passive fixed income, the firm has developed a suite of active and absolute return strategies across various fixed income asset classes, as well as portable alpha strategies that permit the �porting� of alpha from one strategy to another using index swaps and futures. In recent years, SSgA also moved into the management of structured fixed income products such as Collateralized Debt Obligations (CDOs), which are backed by pools of bonds, loans or other assets. Richards commented, �As I learned more about SSgA�s global footprint in investment, cutting edge implementation strategies, and global distribution capabilities, I was convinced that SSgA provides the perfect platform for building next-generation capabilities in High Yield and Leveraged Loans as growing global asset classes.� SSgA currently manages more than $680 billion in global fixed income assets. Its fixed income group comprises about 120 investment professionals around the world, including more than 40 in the U.S. Richards has more than 26 years of investment experience, including 20 years managing high-yield bond portfolios. Prior to MFS, he was head of the high yield group at Liberty Funds Group. Previously, he was a high-yield portfolio manager at State Street Research & Management (now BlackRock) and, before that, at Wellington Management Company, where he also led the firm�s high-yield research group. Richards began his career at State Street Corporation as an account controller in the investment management group. He holds a B.Sc. in applied economics from Cornell University and an M.B.A. from the Amos Tuck School at Dartmouth College. Richards is a member of the Boston Security Analyst Society. 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 $1.6 trillion in assets under management as of September 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 State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), announced today the appointment of Scott B. Richards as senior high-yield portfolio manager in its Global Fixed Income group. Richards was previously co-head of high yield at MFS Investment Management. He reports to Michael O'Hara, managing director, active fixed income at State Street Global Advisors. Richards is responsible for overseeing the management of SSgA's high-yield assets and advancing the firm's global active credit capabilities. He will also work to broaden SSgA's asset class coverage by building a leveraged loan capability, developing new products and overseeing the investment of assets in this area, including CLO's. "Scott's deep, high-yield bond investment experience and his extensive credit analysis expertise make him ideal to help expand upon SSgA's alpha-generation toolkit," said Paul Greff, director of Global Fixed Income for State Street Global Advisors. More than a decade ago, SSgA established commingled bond fund structures which separate bond funds by sector and maturity. This structure enabled SSgA to provide its institutional clients with customizable fixed income solutions, often including the use of both passive and active bond strategies for a single client. More recently, SSgA has extended this approach to achieve full separation of alpha and beta in the firm's fixed income offerings. "We believe the ability to manage alpha and beta separately is the wave of the future in fixed income, an enhancement that benefits all types of clients," added Greff. "With leaders like Scott on our team, SSgA can fully realize the potential inherent in its unique approach and further advance its global fixed income capabilities." SSgA continues to be a leader and innovator in institutional investment management. Already a global leader in passive fixed income, the firm has developed a suite of active and absolute return strategies across various fixed income asset classes, as well as portable alpha strategies that permit the "porting" of alpha from one strategy to another using index swaps and futures. In recent years, SSgA also moved into the management of structured fixed income products such as Collateralized Debt Obligations (CDOs), which are backed by pools of bonds, loans or other assets. Richards commented, "As I learned more about SSgA's global footprint in investment, cutting edge implementation strategies, and global distribution capabilities, I was convinced that SSgA provides the perfect platform for building next-generation capabilities in High Yield and Leveraged Loans as growing global asset classes." SSgA currently manages more than $680 billion in global fixed income assets. Its fixed income group comprises about 120 investment professionals around the world, including more than 40 in the U.S. Richards has more than 26 years of investment experience, including 20 years managing high-yield bond portfolios. Prior to MFS, he was head of the high yield group at Liberty Funds Group. Previously, he was a high-yield portfolio manager at State Street Research & Management (now BlackRock) and, before that, at Wellington Management Company, where he also led the firm's high-yield research group. Richards began his career at State Street Corporation as an account controller in the investment management group. He holds a B.Sc. in applied economics from Cornell University and an M.B.A. from the Amos Tuck School at Dartmouth College. Richards is a member of the Boston Security Analyst Society. 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 $1.6 trillion in assets under management as of September 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