Press Releases - STATE STREET GLOBAL ADVISORS' FUNDS RECEIVE LIPPER FUND AWARD AUSTRIA

Press Releases

STATE STREET GLOBAL ADVISORS' FUNDS RECEIVE LIPPER FUND AWARD AUSTRIA

15/04/2005

Munich, April 15, 2005 – State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT) and the largest institutional fund manager in the world, today announced that two of its funds have received the Lipper Fund Award Austria 2005. The Global Advantage Funds (GAF) and State Street Emerging Markets funds, approved for sale in Germany and Austria, were named best in their category by Lipper, the fund research subsidiary of Reuters news agency. SSgA has been represented in Austria by Munich-based State Street Global Advisors GmbH since 1998.

“This award from Lipper underscores our position as the world’s leading institutional fund manager, while acknowledging the performance of our funds and continuity of our fund management services,” said Klaus Esswein, managing director for SSgA in Germany. “Once again the outstanding quality and performance of SSgA’s funds have been recognised by a prestigious ratings agency.”

Over a period of five years, the GAF Emerging Markets High Value sub-fund was the best-performing fund, investing in selected emerging markets in the “Equity Emerging Markets Global” category. In the five years from 2000 to 2004, GAF Emerging Markets High Value grew by an annualized 7.8 percent. The annual additional yield compared to the benchmark at -1.7 percent was 9.5 percentage points.

The State Street Emerging Markets fund led the same category for a ten-year period. From 1995 to 2004 this fund achieved an annualized yield of 4.83 percent, compared to the MSCI Emerging Markets Free Index, which had an average increase of 0.93 percent in the same period. This corresponds to additional yield of 3.90 percentage points.

The GAF Major Markets High Value sub-fund, which targets investments in developed markets, was rated No.1 over five years in the “Equity Global” category. In the five years from 2000 to 2004 the GAF Major Markets High Value fund added, on average, 1.6 percent to its value every year compared with the MSCI World fund, which decreased in value by an average 8.2 percent per year. This represents an additional yield of 9.8 percentage points over the index.

The evaluation methods used by Lipper determine funds in different segments displaying the best risk-yield profile. According to Lipper, the award-winning funds must have experienced a constantly above-average yield on a risk-adjusted basis in the period under review in order to qualify for the awards. All products approved for sale in Austria were included in the analysis.

Table 1: Synthesis Global Advantage Funds – Emerging Markets High Value

Investment Company	Global Advantage Funds SICAV, Luxembourg
Paying agent and information bureau	State Street Bank GmbH, Munich
Fund management	Country selection: Keppler Asset Management, Inc., New York Aktienselektion: State Street Bank and Trust, Boston
Record keeping	State Street Bank Luxembourg S.A., Luxembourg
Security identification number	972 996
ISIN code	LU0047906267
Cedel/Euroclear Identification Number	4 790 626
Bloomberg Code	GLOAEMM LX
Benchmark	MSCI EM
Inception date	December 1993
Fiscal year-end	31 December
Allowance for sales in Germany	December 1993
Allowance for sales in Austria	October 1996
Issue surcharge (max.)	5%
Redemption charge	Currently abandoned
Charges for investment advisory	1,50%
Custody and account charges	none
Minimum investment level	5.000 Euro
Currency	Euro
Asset value (as of 31 March 2005)	92.7 million Euro
Geographic allocation (as of 31 March 2005)	South Korea 17%, Brazil 14%, Russia 14%, Czech Republic 13%, Philippines 11%, Sri Lanka 6%, Taiwan 5%, Venezuela 4%, Other countries 5%, liquid funds 5%
Top ten positions (as of 31 March 2005)	Samsung Electronics Co. 6,5%, Cez 5,3%, Lukoil 5,1%, iShares Inc. (Taiwan) 5,0%, Petroleo Brasileiro SA 3,6%, Anglo American plc 3,6%, Surgutneftegaz JSC 3,1%, Philippine Long Dist. Tel. 3,0%, Cesky Telecom A.S. 3,0%, John Keells Holdings Ltd. 2,8%

Table 2: Synthesis State Street Emerging Markets

Investment Company	SSgA France S.A. / SICAV, France
Paying agent and information bureau	Erste Bank, Austria
Fund management	State Street Global Advisors France S.A., France
Record keeping	State Street Banque Paris, France
Security identification number	987 155
ISIN code	FR0000027252
Cedel/Euroclear Identification Number	N/A
Bloomberg Code	SSEMGMK FP
Benchmark	MSCI EMF
Inception date	27 November 1991
Fiscal year-end	31 December
Allowance for sales in Germany	10 December 2002
Allowance in Austria	11 September 2002
Issue surcharge (max.)	5,50%
Redemption charge	0,00%
Charges for investment advisory	1,35%
Custody and account charges	None
Minimum investment level	1 share to a fund (386.93 Euro as of 11 April 2005)
Currency	Euro
Asset value (as of 28 February 2005)	375.4 million Euro
Geographic allocation (as of 28 February 2005)	South Korea 20,5%, Brazil 12,6%, Taiwan 11,0%, South Africa 9,5%, Mexico 9,0%, China 6,6%, Thailand 5,2%, Russia 4,9%, Hungary 3,1%, Indonesia 2,8%, Turkey 2,8%, Poland 2,4%, Malaysia 2,2%, Other countries 7,6%, liquid funds -0,2%
Top ten positions (as of 28 February 2005)	Samsung Electronics Co. 5,46%, America Movil 2,46%, Petroleo Brasileiro 2,37%, Taiwan Semiconductor Manufacturing Co. 1,69%, Lukoil Holdings 1,52%, Companhia Vale Do Rio Doce 1,49%, Posco 1,48%, Telefonos De Mexico 1,45%, Cemex 1,30%, Samsung Electronics Co. 1,29%

Table 3: Synthesis Global Advantage Funds – Major Markets High Value

Investment Company	Global Advantage Funds SICAV, Luxembourg
Paying agent and information bureau	State Street Bank GmbH, Munich
Fund management	Country selection: Keppler Asset Management, Inc., New York Aktienselektion: State Street Bank and Trust, Boston
Record keeping	State Street Bank Luxembourg S.A., Luxembourg
Security identification number	972 580
ISIN code	LU0044747169
Cedel/Euroclear Identification Number	4 474 716
Bloomberg Code	GLBAMMH LX
Benchmark	MSCI World
Inception date	May 1993
Fiscal year-end	31 December
Allowance for sales in Germany	May 1993
Allowance for sales in Austria	October 1996
Issue surcharge (max.)	5%
Redemption charge	Currently abandoned
Charges for investment advisory	1,25%
Custody and account charges	None
Minimum investment level	5.000 Euro
Currency	Euro
Asset value (as of 31 March 2005))	105.1 million Euro
Geographic allocation (as of 31 March 2005)	Germany 11%, Italy 11%, Netherlands 11%, Norway 11%, USA 10%, Frace 11%, Denmark 11%, Belgium 11%, other countries 12%, liquid funds 1%,
Top ten positions (per 31.03.2005)	Berkshire Hathaway Inc. 9,5%, Fortis 3,6%, Statoil ASA 3,1%, Banca Intesa 3,0%, Royal Dutch Petroleum 2,8%, KBC Bankverzekering 2,3%, ENI S.p.A. 2,0%, A.P. Moller-Maersk A/S 1,7%, DnB NOR ASA 1,7%, E-ON AG 1,7 %

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 $1.4 trillion (as of December 31, 2004) in investment programs and portfolios, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, 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.

Media contacts:
Klaus Esswein, Sprecher der Geschäftsleitung SSgA Deutschland, Tel. +49 ( 0)89 /55878-406
Volker Northoff, Northoff.Com Public Relations Beratung, Tel. +49 (0)69/952977-20

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