BOSTON – October 17, 2008 – State Street Corporation (NYSE:STT), the world’s leading provider of financial services to institutional investors, announced today the results of the State Street Private Equity Index sm as of June 30, 2008. The index is based on the latest quarterly statistics from State Street Investment Analytics’ Private Edge^® Group and includes more than 1,400 private equity partnerships with a total fund size of $1.3 trillion.

The Private Edge ^® Group provides detailed analyses of private equity investments for a diverse client base including public and private pensions, endowments and foundations, representing more than 4,000 commitments totaling more than $200 billion. The Private Edge ^® Group has one of the most extensive and comprehensive private equity data sets currently maintained in the marketplace, including partnership information down to the portfolio company level.

The following tables depict the quarter-over-quarter internal rates of return (IRR) of the index, the end-to-end IRRs for the index across 1-, 3-, 5- and 10-year horizons as of June 30, 2008, and the long-term internal rates of return (IRR) of the index by major private equity strategy, in addition to the composition of the index:

State Street Private Equity Index ^sm
Composition and long-term IRR as of June 30, 2008

“Overall, private equity is feeling some of the same economic pressures as the public markets,” said Gerard J. Labonte, vice president, State Street Corporation. “Private company valuations may not necessarily exhibit the volatility of the public markets, but the ability to finance deal flow and achieve exits has been severely constrained by the recent market shakeup. The past two quarters mark the first series of consecutive negative quarterly returns for the Index since the downturn from October 2000 through March 2003, which resulted in an ultimate Index drawdown of 31.5 percent and took 7 quarters to reverse, which is not a relatively weak performance if compared to the S&P 500 ^® downturn of 44.7 percent from September 2000 through September 2002 which took approximately 4 years to reverse.”

Commenting on pockets of relative strength in the asset class, Labonte noted, “Over the past year we saw launches of numerous distressed debt funds. This segment has shown the ability to be opportunistic within a very short time frame, and actually achieved positive results for the quarter.”

About State Street Investment Analytics
State Street Investment Analytics (SSIA) provides private equity performance and analytics services through The Private Edge ^® Group, which it has offered for more than a decade. The Private Edge ^® Group provides detailed analyses of customers’ private equity portfolios through a fully automated web-enabled environment and offers services ranging from performance measurement to complex quantitative and qualitative portfolio analysis. SSIA provides client services from 14 offices around the world, including Alameda, Amsterdam, Boston, Dublin, Edinburgh, Frankfurt, Hong Kong, London, Luxembourg, New York, Paris, Sydney, Toronto and Zurich.

About State Street
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 trillion in assets under custody and $1.7 trillion in assets under management as of 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.