STT State Street Corporation

State Street Corporation (NYSE:STT), the world�s leading provider of financial services to institutional investors, announced today the results of the State Street Private Equity Indexsm as of September 30, 2008. The index is based on the latest quarterly statistics from State Street Investment Analytics� Private Edge� Group and includes more than 1,400 private equity partnerships with a total fund size of $1.4 trillion.*

The Private Edge� Group provides detailed analyses of private equity investments for a diverse client base including public and private pensions, endowments and foundations, representing nearly 5,000 commitments totaling $200 billion. The Private Edge� Group has one of the most extensive and comprehensive private equity data sets currently maintained in the marketplace, including partnership information down to the portfolio company level.

The corresponding tables*** depict the quarter-over-quarter internal rates of return (IRR) of the index, the end-to-end IRRs for the index across 1-, 3-, 5- and 10-year horizons as of September 30, 2008, and the long-term internal rates of return (IRR) of the index by major private equity strategy, in addition to the composition of the index:

State Street Private Equity Indexsm

Composition and long-term IRR as of September 30, 2008

� � � Strategy � Number of Funds � Commitments ($B) � Long-term IRR% Buyout � 665 � 1,000.1 � 13.4 Venture Capital � 590 � 195.3 � 12.1 Other � 183 � 160.2 � 10.6 Total � 1,438 � 1,355.5 � 12.9 US only � 1,176 � 1,045.6 � 12.5 International only � 262 � 309.9 � 15.7

�Private equity companies are facing the same difficult economic conditions that are affecting public markets,� said Gerard J. Labonte, vice president, State Street Corporation. �As private companies are reassessing and revising downward their near-term growth outlooks in the face of a global recession and tight credit markets, private company valuations are also under pressure to be reduced.�

The quarterly return for the State Street Private Equity Index for Q3 2008 was -8.4% compared with a -8.4% return for the S&P 500 Index and a -8.7% return for the Russell 3000 Index. While the Index returns as a whole were down during the third quarter, the declines across geography and strategy segments were not uniform. While both reported negative returns for the third quarter, the -7.4% return for domestic private equity funds was better than the -11.4% return for international funds, benefitting from the US Dollar strengthening against the Euro. Small buyout funds, those with $500.0 million or less of commitments, generated a -2.8% return in Q3 2008, which was much better than larger buyout funds, whose returns were in the range of -6.5% to -11.0% on average.

�The variation in quarterly returns,� added Labonte, �seems to correspond with the level of debt exposure within the portfolio companies. Those funds whose portfolio companies have less debt, like venture capital and small buyout funds, reported negative returns that were much smaller than those whose companies are significantly leveraged.�

About State Street Investment Analytics

State Street Investment Analytics (SSIA) has provided private equity performance and analytics services through The Private Edge� Group for the past 15 years. Offering comprehensive services in performance, portfolio analysis and board reporting, The Private Edge� Group is well positioned to help private equity investors monitor, measure and report the success of their investment strategies. The Private Edge� Group provides detailed analyses of customers� private equity partnerships and underlying portfolio companies through a fully automated web-enabled environment and offers additional value-added services from its staff of more than 50 professionals. SSIA provides client services from 14 offices around the world, including Alameda, Amsterdam, Boston, Dublin, Edinburgh, Frankfurt, Hong Kong, London, Luxembourg, New York, Paris, Sydney, Toronto and Zurich. SSIA provides services for more than 1,200 clients globally on asset volumes exceeding $5.5 trillion in assets.**

About State Street

State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $12 trillion in assets under custody and $1.4 trillion in assets under management at December 31, 2008, State Street operates in 27 countries and more than 100 geographic markets worldwide. For more information, visit State Street�s web site at www.statestreet.com.

* As of September 30, 2008

** As of June 20, 2008

*** To view tables, please contact Marie McGehee.