London — October 24, 2008 — State Street Corporation (NYSE: STT), the world’s leading provider of financial services to institutional investors, announced today that it received top ranking in the 2008 R&M Fund Accounting and Fund Administration Survey and high rankings in Global Custodian’s Private Equity Fund Administration Survey.

R&M, an independent market research house specializing in the investment services industry, ranked State Street first in the overall results of its institutional accounting and administration survey, as well as in four out of six individual categories, including Core Fund Accounting and Administration, Approach and Flexibility, Quality of Personnel and Value for Money.

“We are pleased to receive top rankings in the R&M survey,” said Michael Walsh, head of State Street’s Investor Services business in the UK, Middle East and Africa. “This performance reflects our commitment to providing the highest level of service to our customers worldwide, along with innovative technology solutions.”

In its announcement of the survey results, R&M’s Richard Hogsflesh, managing director of R&M Surveys commented that State Street’s performance was, “particularly outstanding against a backdrop of falling scores.” Survey respondents cited State Street’s “excellent all-around service” and “very accurate and efficient” service delivery.

State Street also secured high marks in Global Custodian’s Private Equity Fund Administration Survey, an annual survey measuring service performance in the growing private equity fund segment. State Street ranked third overall and won 26 Best in Class Awards.

"We are delighted to have received such positive results from our private equity customers in our debut in this survey," says Jack Klinck, executive vice president and global head of State Street's Alternative Investment Solutions team. "Over the past year, we have dedicated considerable resources to building our suite of solutions for private equity managers and this award is clearly a testament to our success in this regard.”

The Global Custodian survey cited State Street’s initiatives to grow its Private Equity servicing business, including its acquisition of Palmeri Fund Administrators in 2007 and the formation of the Alternative Investments Solutions group earlier this year. Commenting on positive client feedback culled from the survey, Global Custodian said State Street achieved, “Scores that are impressive in almost every area and quite outstanding in some, including client service and relationship management.”

State Street announced in August that assets under administration serviced by its private equity team surpassed $100 billion, as of June 30, 2008. The private equity fund services team provides full-service fund administration services to more than 100 private equity and venture capital investment sponsors and fund of fund managers, who manage more than 350 funds domiciled globally.

State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $14.0 trillion in assets under custody and $1.7 trillion in assets under management at September 30, 2008, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s website at www.statestreet.com.