BOSTON, MA -- 11/28/2007

Strategy Aims to Capture Investment Opportunities from Climate Change

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT) and the largest institutional fund manager in the world¹, today announced the launch of its Global Environmental Opportunities Strategy (GEOS), a new strategy that aims to capture the investment opportunities resulting from actions believed to affect climate change.

Utilizing a disciplined integration of environmental and financial analysis, GEOS invests in companies that are capitalizing on opportunities believed to mitigate and adapt to climate change, and seeks to avoid companies that are not well-positioned for the outcome of legislation supporting climate change.

Benchmarked to the MSCI WorldSM and KLD Global Climate 100^SM Indices, GEOS invests globally across the market capitalization spectrum, and holds large companies that are exposed to multiple climate themes, as well as smaller, specialized companies with leading environmental technologies.

"We believe global climate change will have a significant, long-term financial impact on the capital markets, and we expect that new opportunities will arise as a result of companies responding to climate change," said Bill Page, Vice President at State Street Global Advisors and head of Environmental, Social and Governance (ESG) investments.

"Not only does pending legislation present companies with opportunities to develop new environmental products and services, but future legislation may also include incentives for the development of environmentally sustainable products and services throughout the economy - reflecting the need to adapt to climate change, as well as combat its effects," Page added.

The Global Environmental Opportunities Strategy employs a thematic approach which includes nine climate themes that provide broad diversification across technologies and industries. The themes, which range from Clean Fuels and Efficient Transport to Environmental Finance and Sustainable Living, aim to capture the opportunities that exist in each market sector.

The climate themes were developed by analyzing recommended climate change policies such as the landmark Stern Review, published by the United Kingdom government in 2006, as well as policy reports from the Intergovernmental Panel on Climate Change.

GEOS is managed by SSgA's Global Fundamental Strategies (GFS) group.

¹Pensions & Investments magazine for assets under management as of December 31, 2006

The MSCI World Index^SM is a trademark of Morgan Stanley Capital International.

The information we provide does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. We encourage you to consult your tax or financial advisor. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results.

This news release may contain forward-looking statements, as defined by federal securities laws, including statements about the financial outlook and business environment. Any such statements are based on current expectations and involve a number of risks and uncertainties. Important factors, including those mentioned in this news release, that could cause actual results to differ materially are set forth in State Street Corporation's 2006 annual report and subsequent SEC filings. They include risks and uncertainties relating to the pace at which State Street Corporation ("State Street") adds new clients or at which existing clients use additional services, the value of global and regional financial markets, and the dynamics of the markets State Street serves. State Street encourages investors to review its annual report and SEC filings in conjunction with this announcement and prior to making any investment decision. The forward-looking statements contained in this news release speak only as of the date of release, November 28, 2007, and State Street does not undertake to revise those forward-looking statements to reflect events after the date of this release.