Boston, June 6, 2005 – State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE:STT), announced today that it has won seven "Best in Class" honors in PLANSPONSOR magazine's second annual Transition Management Survey.

In the pre-trade category, State Street was honored for predicted trading costs and quality of reporting. In the execution category, State Street was recognized for communication of execution progress. State Street also received "Best in Class" distinctions in the post-trade category, for level of actual trading costs, quality of reporting, and actual costs vs. projected costs. In the organization and support category, State Street received top rankings for its interaction with manager & custodian.

"It's an honor to be recognized by our clients as the industry standard in providing transition management services," said Nicholas Bonn, executive vice president of State Street Global Markets and head of its transition management business. "As demand for an experienced transition manager increases, the results of this survey illustrate our expertise in providing our customers with fully transparent, cost-effective and innovative solutions."

PLANSPONSOR distributed its survey to more than 200 institutional investors who accounted for more than 600 total transitions totaling in excess of $167 billion in 2004.

According to PLANSPONSOR, "In terms of service providers, it is clear that State Street is the most successful transition manager. State Street has created a powerful narrative around a combination of low-cost trading expertise grounded in passive asset management and operational scale and experience. A surprisingly large proportion of business now is conducted with plan sponsors that do not use State Street as a custodian."

In 2004, State Street completed more than 800 transitions globally comprising approximately $300 billion in total assets. With more than 80 experienced professionals, State Street Global Markets' transition management team operates on a 24 hours a day basis from offices in London, Boston, Sydney and Tokyo.

With its advanced trading strategies, client focused execution model and access to a leading pool of high-quality, natural liquidity and innovative research capabilities, State Street Global Markets provides customers with cost-effective solutions aimed at enhancing returns and minimizing overall transaction costs. It delivers some of the most comprehensive solutions in the industry, within a completely transparent environment, and its transitions are benchmarked before and after each transition.

About State Street Global Markets:
State Street Global Markets provides specialized investment research and trading in foreign exchange, equities, fixed income and derivatives. Its goal is to enhance and preserve portfolio values for asset managers and asset owners. From its unique position at the crossroads of the global markets, it creates and unlocks value for its clients with original flow-based research, innovative portfolio strategies, trade process optimization, and global connectivity across multiple asset classes and markets.

About State Street:
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 $9.5 trillion in assets under custody and $1.4 trillion in assets under management as of March 31, 2005, State Street operates in 25 countries and more than 100 markets worldwide. For more information, visit State Street's web site at www.statestreet.com.