Performance of portfolio versus benchmark
                                                            Tracking
State Street Global Advisors                                  Error:
 Active Equity Strategy Year to                             (3 years
 Date - ending Sept. 30, 2004                                     of
 (periods longer than one year                               monthly
 are annualized)                 1-Year    3-Year   5-Year   returns)
------------------------------- --------  --------  ------- ---------
Global Alpha                       1.96%     2.84%    2.62%     2.86%
International Alpha                4.86      3.04     3.64      1.98
International Alpha Select         3.18      3.58      N/A      2.18
Small Cap International Alpha      8.03      6.15     4.19      3.23
Europe Alpha                       4.95      2.06     3.47      1.93
Small Cap Europe Alpha             2.15      4.69     8.11      4.16
Active Emerging Markets           -0.26      0.10     1.86      2.64
UK Alpha                           2.54      1.29     2.50      2.34
Australia Alpha                    2.54      2.28     2.43      2.30
Japan Alpha                        6.07      5.40     5.01      4.36
US Large Cap Value                -3.54      0.15     1.00      3.88
US Large Cap Core                 -0.80      1.89     0.73      3.96

Three strategies attracted particular interest from European investors: the Europe Alpha strategy, which exceeded its benchmark by 4.95 percent in the past year and European Small Cap Alpha, which outperformed by 2.15 percent over the same time period. The U.K. Alpha strategy exceeded its benchmark by 2.54 percent. All three strategies showed distinctly positive three- and five-year records.

State Street Global Advisors' active equity strategies utilise a highly risk-controlled process of stock selection within industries. The process uses a combination of value, growth and sentiment measures, spreading the portfolio over a comparatively large number of positions, with tightly controlled sector weightings. The company's active equity strategies have experienced strong flows from new and existing customers and continue to garner strong interest from customers and consultants worldwide.

"The solid active returns of our equity strategies, in many cases in excess of two percent per annum, are remarkable, particularly in the current environment characterised by low returns," said Michael Schoeck, head of global active quantitative strategies for State Street Global Advisors. "Our active equity strategies are tailor-made for customers seeking core mandates while targeting high realised information ratios. These strategies have contributed significantly toward helping our customers attain their investment goals during a challenging period and achieve meaningful alphas with relatively low risk."

Schoeck credits the consistency of returns to the expertise of State Street Global Advisors' global quantitative equity team working closely together from seven of the company's investment centers around the world. State Street Global Advisors recently introduced several new long-only and long- short strategies in the U.S., Europe and Asia. Together with State Street Global Advisors' Advanced Research Center, the global portfolio management team is also working to improve existing strategies.

State Street Global Advisors
State Street Global Advisors, the investment management group of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.2 trillion in investment programs and portfolios, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 28 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.

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 $9.0 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. For more information, visit State Street's Web site at www.statestreet.com.
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This news announcement contains forward-looking statements as defined by United States securities laws, including statements about the financial outlook and business environment. Those statements are based on current expectations and involve a number of risks and uncertainties, including those related to the pace at which State Street adds new clients or at which existing clients use additional services, the value of global and regional financial markets, the pace of cross-border investment activity, changes in interest rates, the pace of worldwide economic growth and rates of inflation, the extent of volatility in currency markets, consolidations among clients and competitors, State Street's business mix, the dynamics of markets State Street serves, and State Street's success at integrating and converting acquisitions into its business. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in State Street's 2003 annual report and subsequent SEC filings. State Street encourages investors to read the Corporation's annual report, particularly the section on factors that may affect financial results, and its subsequent SEC filings for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this press release speak only as of the date hereof, November 22, 2004, and the Corporation will not undertake efforts to revise those forward-looking statements to reflect events after this date.