Mandate Expands State Street's Existing Relationship

Boston... State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that it has been appointed by Allianz Dresdner Asset Management (ADAM) to provide investment operations services for $100 billion in insurance assets under management. State Street will provide securities pricing, account performance calculations and review, account transitions, record retention and reporting, and daily position reconciliation services from its operations in Munich, Germany and Newport Beach, Calif. ADAM is the holding company for, among others, Pacific Investment Management Company LLC (PIMCO).

"State Street's ability to anticipate our needs and offer a wide variety of leading-edge investment services and technology solutions, were key factors in our decision to expand our relationship," said Jay Jacobs, managing director and head of fixed income for ADAM.

This new mandate expands State Street's existing relationships with both PIMCO and ADAM. State Street now provides a range of investor services for ADAM worldwide for assets totaling $580 billion, including $400 billion for PIMCO. State Street has served as custodian, accounting agent and valuation agent for PIMCO for the past 14 years. In 2000, PIMCO assigned its investment operations in Newport Beach to State Street. In the same year, PIMCO also became the global fixed income manager for ADAM. State Street also serves PIMCO and ADAM as fund accountant, transfer agent and custodian.

"Our deep and long-term relationships with the world's most sophisticated asset managers continue to be a major factor in our success. We have enjoyed a longstanding relationship with these two leaders, and look forward to providing them with continued service excellence," said Jay Hooley, executive vice president and head of investment servicing at State Street. "As global investment managers seek out providers with a proven history of providing full-service solutions, State Street is the clear investment services partner of choice."

About State Street Corporation
State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.1 trillion in assets under custody and $1.2 trillion in assets under management, State Street operates in 24 countries and more than 100 markets worldwide.

About ADAM
Allianz Dresdner Asset Management (ADAM) is one of the world's largest asset management groups and employs more than 750 investment professionals in 27 locations across Europe, Asia and the US. Allianz Dresdner Asset Management is the division within the Allianz Group responsible for asset management and has combined assets of Euro 1,066 bn (as at 30 June 2004). ADAM's asset management activities operate on two differentiated investment platforms. RCM is the global equity and research platform providing specialist active equity management to Allianz Dresdner Asset Management. Furthermore, ADAM owns specialist equity firms in the US, amongst them Nicholas Applegate, NFJ and Oppenheimer Capital. PIMCO serves as the global fixed income and bond research platform for the ADAM units throughout the world. For more information, visit www.adam-global.com.

About PIMCO
Pacific Investment Management Company LLC (PIMCO) is an institutional money manager specializing in fixed income management, headquartered in Newport Beach, California. PIMCO was founded in 1971 as a subsidiary of Pacific Mutual Insurance Company (now known as Pacific Life) to expand the services of its parent to include separate account management of employee benefit plans, foundations and endowments. By 1982, PIMCO was operating completely independent from Pacific Mutual and located in separate premises. On May 5, 2000, Allianz AG (Allianz) of Munich, Germany purchased a majority stake in PIMCO's parent, PIMCO Advisors L.P., today known as Allianz Dresdner Asset Management of America L.P. (ADAM). For more information, visit www.pimco.com.