STT State Street Corporation

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), announced today the appointments of Jeffrey Megar, CFA, as leveraged loan manager and T.J. Gaylord as senior high-yield analyst in its Global Fixed Income group. Megar will report to Scott Richards, senior high-yield portfolio manager. Gaylord will report to Matthew Steinaway, head of global credit research. Megar and Gaylord are joining a team made up of industry veterans with a strong track record in the sector, all of whom have worked together in past roles. Their addition continues an emphasis on broadening active credit management capabilities in SSgA�s Global Fixed Income group. Together with the recent addition of Richards and senior high-yield analysts Thomas Stolberg, CFA, and Charles Haley, CFA, they will serve to increase the breadth and depth of SSgA�s noninvestment-grade fixed income coverage. Megar brings specialized expertise in managing and trading pools of leveraged loans and will help develop and manage new leveraged loan investment vehicles, including Collateralized Loan Obligations (CLOs). He comes to State Street Global Advisors from Fortis Investment Management Co., Inc., where he served as senior portfolio manager. Megar previously served as managing director, leveraged loan trader and assistant portfolio manager at CypressTree Investment Management Co., Inc. He also held the role of vice president, high-yield bond analyst at Harborview Capital Management Co., Inc. Megar holds a Master of Business Administration degree from Northeastern University and a Bachelor of Arts degree from Framingham State College. Gaylord will cover gaming, environmental, metals and minerals, and aerospace and defense names at State Street Global Advisors. He joins SSgA from Columbia Management, Inc., where he served as a vice president and senior high-yield analyst. He previously held the role of senior investment accountant at CGU Insurance Company. He received a Master of Finance degree from Northeastern University and a Bachelor of Science degree in business administration, magna cum laude, from the University of Hartford. �The appointments of these professionals underscore our continuing commitment to offer our clients a deep bench of investment management expertise and broader coverage in active credit,� said Paul Greff, director of Global Fixed Income for State Street Global Advisors. �Recent returns in our high yield funds demonstrate they are already strengthening our ability to deliver a robust, comprehensive alpha-generation toolkit. We have developed an array of investment vehicles that enable our clients to efficiently pinpoint the risk/reward opportunities they desire across sectors or geographic regions.� More than a decade ago, SSgA established commingled bond fund structures that separate bond funds by sector and maturity. This structure enabled State Street Global Advisors 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. 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 through the use of derivatives. In recent years, State Street Global Advisors also moved into the management of structured fixed income products such as Collateralized Debt Obligations (CDOs). SSgA manages more than $800 billion in total fixed income and cash (as of March 31, 2007). Its fixed income group comprises more than 130 investment professionals around the world, including more than 70 in the United States. 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 $1.8�trillion in assets under management as of March 31, 2007, 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.