SSgA Named "Currency Manager of the Year" by Professional Pensions Magazine
LONDON -- 04/29/2008
Pensions Industry Recognises State Street's Commitment to Innovation and Outstanding Service Standards

State Street Corporation (NYSE:STT), the world's leading provider of financial services to institutional investors, announced today that it has been named "Custodian of the Year" and "Currency Manager of the Year," by Professional Pensions magazine at its 2008 UK Pensions Awards. The judging panel selected State Street for its innovative solutions tailored to meet changing market and client needs, outstanding reporting and performance management techniques, and top-tier customer service.

Professional Pensions established its annual awards to honour providers who "offer the highest level of service to occupational pension schemes and their members." Regarded as the industry's most prestigious accolades, these awards recognise continuous and ongoing improvement and are determined by a judging panel, which is chaired by Professional Pensions editor Len Roberts and professionals from across the occupational pensions industry. Nominees were evaluated across four categories of set criteria, focusing on innovation, communication, performance/benefit to clients and service standards.

As "Custodian of the Year," State Street stood out for its innovative suite of services, including its OTC derivatives hub and increased collateral management capabilities. State Street was also cited for service excellence, earning high marks for the depth and breadth of customer partnerships. Building upon customer demand for accurate, timely and bespoke information, State Street was also recognised for my.statestreet.com, which allows customers immediate access to account information, including reporting capabilities.

"State Street strongly believes that today's custodian must be a true partner, with the resources to support customers in all areas of the investment process and the expertise to anticipate new challenges and opportunities," said Michael Walsh, senior vice president and managing director of State Street's investment servicing business in the United Kingdom, Middle East and Africa. "This award by Professional Pensions as Custodian of the Year is a recognition of our ability to continue providing the most comprehensive solutions for the UK pensions market."

As "Currency Manager of the Year," State Street Global Advisors earned top marks for its consultative, solutions-oriented approach to currency management. SSgA was also credited with enhancements to its investment model for currency management, resulting from substantial research and increased sensitivity to market regimes. Also significant to this recognition was SSgA's commitment to proactive and transparent reporting, as evidenced through numerous client-tailored reporting options, available on a daily, monthly, quarterly, or annual basis, with performance calculations in compliance with the CFA Institute's mandatory requirements for Global Investment Performance Standards.

Collin Crownover, managing director and head of currency management at SSgA, commented, "With demand increasing for currency management strategies from pension schemes worldwide, it is an honour to be recognised by Professional Pensions. Our experience in evaluating currency markets and enhancing risk-adjusted returns through active and passive currency management is highlighted by this award, underscoring SSgA's ongoing commitment to delivering unparalleled service and performance to our clients."

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, April 29, 2008, and State Street does not undertake to revise those forward-looking statements to reflect events after the date of this release.
 
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