State Street Receives Top Rankings in Global Custodian Hedge Fund Administration Survey for Third Consecutive Year.

BOSTON -- Customers Cite Depth of IFS' Knowledge and Technology Adaptability as Key Strengths

State Street Corporation (NYSE:STT), the world's leading provider of financial services to institutional investors, announced today that its hedge fund administration company, International Fund Services (IFS), achieved top rankings for the third consecutive year in Global Custodian magazine's annual Hedge Fund Administration Survey. IFS was Top Rated Overall in the survey and in the Dublin and the U.S. East Coast categories.

According to Global Custodian, "This was a typically outstanding performance by IFS...IFS can be pleased with its ability to deliver equal quality on both sides of the Atlantic. Its score on client service and relationship management is easily the best of any provider."

The 2006 survey garnered 57 responses from hedge fund managers, the highest amount to date and an increase over 2005.

"We are thrilled with IFS," said one of the respondents, an IFS client. "They are a true partner and we are confidently outsourcing more and more to them to focus on our core missions of delivering investment performance and investor service."

"Delivering a consistent level of service in both North America and Ireland has provided our customers with a differentiator that they can't find anywhere else," said Gary Enos, executive vice president and head of alternative investment services for State Street. "This recognition is an important validation of our ability to continue to grow with the marketplace and provide our customers with the best service in the business."

State Street provides a complete set of servicing and management solutions for hedge funds including recordkeeping, fund accounting, valuation, risk management and regulatory reporting. In 2002, State Street acquired International Fund Services, a leading provider of fund accounting and administration as well as trade support and middle office services for alternative investment portfolios, and today services more than $170 billion in alternative investment assets. State Street Global Advisors, State Street's investment management arm, also provides institutional investors with an array of hedge fund and fund-of-funds strategies.

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 services. With $10.9 trillion in assets under custody and $1.5 trillion in assets under management at June 30, 2006, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site at www.statestreet.com.