Company Press Release

BOSTON and LONDON, October 13, 2008 – 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 that it has promoted Richard (Rick) Lacaille to a new role as global chief investment officer (CIO).

Lacaille will manage SSgA’s team of asset class CIOs including currency, fixed income, asset allocation, cash and equities. He will also oversee SSgA’s research and trading activities. Lacaille will continue to be based in London and reports to Scott Powers, president and chief executive officer of SSgA.

“We conducted an extensive global internal and external search for this position and interviewed a number of extremely qualified candidates,” said Powers. “Rick has a deep knowledge of the global investment environment and experience across all asset classes, plus significant background with the firm over the past eight years as we considerably expanded our presence in Europe and the Asia-Pacific region. This experience makes him ideally suited to this new role. Rick will lead a team of talented professionals that will guide our global investment and asset class investment philosophies to meet the changing dynamics of markets worldwide and deliver solutions-driven strategies to our clients.”

Lacaille has held senior management positions at SSgA since joining the firm in 2000, including head of Global Active Equities and European chief investment officer. As European CIO, Lacaille was responsible for all investment activity in SSgA’s London, Paris, Munich and Zurich investment centers. Prior to joining SSgA, Lacaille held a wide variety of positions in quantitative fund management and research at Gartmore Investment Management, including Head of Quantitative Research and Head of Structured Equities.

“I am delighted to lead the extremely talented team of investment professionals at SSgA,” said Lacaille. “I look forward to this new opportunity and to offering our clients an even stronger team that is dedicated to providing innovative investment solutions during these challenging markets.”

Lacaille holds a Bsc (Hons) in Operational Research from Lancaster University and MSc in Econometrics at London Guildhall University. He is Chairman of the Board of Inquire (UK) a non-profit organization devoted to the research and promotion of quantitative techniques in investment management, is active on several FTSE committees including the Policy committee and sits on the Asset Management Committee of the Investment Management Association.

About State Street Global Advisors

State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.9 trillion in assets under management at June 30, 2008, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, Toronto and Zurich, and offices in 27 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.