Australian Fund Manager Appoints State Street to Service its Newly Launched Irish Fund

DUBLIN and BOSTON — September 23, 2009 — State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced that it has been appointed to provide a full range of investment services for QIC's new Irish-domiciled qualified investment fund (QIF).

State Street will provide custody, fund administration and performance and analytics services for QIC, a leading Australian institutional fund manager. For the first time, QIC has made its Global Fixed Interest (GFI) Alpha Fund available to investors outside Australia through Ireland's QIF structure.

"In making our first move outside Australia, finding a service provider that could take on the full range of our servicing needs was important," said Susan Buckley, QIC managing director of global fixed income. "With its global presence and local leadership in investment servicing from the back office to performance and analytics, State Street was the clear choice for this assignment."

The GFI Alpha Fund uses absolute return strategies across fixed-income global macro markets and credit derivatives. State Street utilizes decades of investment servicing expertise to provide customers worldwide with comprehensive investment servicing solutions — from custody and fund accounting to reporting and administration — for a wide range of asset types, including the most complex investment instruments.

"We are very pleased to be selected by QIC to provide a suite of investment services for its new Irish-based fund," said Gavin Nangle, State Street vice president and head of business development in Ireland. "Faced with growing complexity and increased compliance requirements, more asset managers are choosing to outsource investment operations to full-service providers like State Street."

Since its entry into the Ireland market in 1996, State Street has grown to be one of the country's largest fund administrators and custodians and has local offices in Dublin, Drogheda, Kilkenny and Naas.

About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $16.4 trillion in assets under custody and administration and $1.5 trillion in assets under management at June 30, 2009, State Street operates in 27 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site at www.statestreet.com.

About QIC
QIC is one of Australia's largest institutional fund managers with $65 billion (US$46 billion) under management. This includes more than US$34 billion in global fixed interest for more than 60 clients.