State Street Global Advisors Named ''Best of the Best'' by Asia As

    Business Editors

    HONG KONG--(BUSINESS WIRE)--March 1, 2005--

    Premier Regional Financial Publication Honours Investment Strategy Performance, New Business Wins and Corporate Philanthropy

    State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT) and the largest institutional fund manager in the world, announced today that it has won several categories in the Asia Asset Management Awards for 2004. State Street Global Advisors will be honoured at a ceremony on March 1 at the FCC in Hong Kong and featured in a special supplement of Asia Asset Management in March. In September 2004, the publication also named SSgA the No. 1 manager of institutionally sourced assets in Asia (excluding Japan).
    State Street Global Advisors was named "Best of the Best" in four categories: "Most Improved Institutional Fund House" in Hong Kong, "Best Community Service" for Hong Kong, "Most Innovative Product" for China, and "Best Asia Pacific (including Japan) Hedge Fund Manager for Long/Short." SSgA also received a merit for its community service efforts in Singapore.
    "State Street Global Advisors is honoured to be recognized by such an influential publication as an industry-leading institutional investment manager and strong corporate citizen in our communities," said Vincent Duhamel, chief executive officer for SSgA Asia. "The No. 1 ranking in several categories underscores the achievements of our investment strategies and community outreach programmes, and the team of professionals that support these efforts. Our strong service culture and entrepreneurial team spirit are firmly ingrained in the way we approach our customers and business."
    In 2004, State Street Global Advisors Asia Limited (SSgA Asia) gained 29 new mandates in Asia Pacific ex-Japan, which include active, passive and enhanced strategies, and experienced a 39 percent growth in assets under management since the year-end 2003. SSgA's Japan Equity Market Neutral hedge fund strategy achieved a net absolute return (after fees) of 9.57 percent over a one-year period ending 30 November 2004. SSgA acted as the sub-advisor to China Asset Management Company in the launch of China's first exchange traded fund, the China 50 ETF, on the Shanghai Stock Exchange on 23 Feb 2005. During its IPO, the China 50 ETF raised more than US$657 million, making it one of the most successful IPOs for the year.
    SSgA Asia opened an office in Hong Kong in 1990 and today is a leading institutional manager in the region, with a full-service investment center and an integrated team of professionals throughout Singapore, Thailand, Korea, and Taiwan, offering investment strategies and innovative investment solutions that span all asset classes across the full spectrum of risk and return options.
    State Street is also active in outreach to the greater community in Hong Kong, supporting organizations including the Hong Kong Red Cross, Christian Noble Foundation, Life Education Activity Programme, and Hope WorldWide. For six consecutive years, State Street has been the principal sponsor of Oxfam Trailwalker in Hong Kong, one of the region's largest fundraising events in which thousands of participants compete in a challenging endurance hike to raise funds for Oxfam Hong Kong's poverty alleviation and emergency relief programmes. State Street was also awarded the Caring Company logo by the Hong Kong Council of Social Service for the third year in a row.
    State Street's Singapore office's philanthropy efforts include support for City Harvest Community Service Organization, the Children's Medical Fund of the National Kidney Foundation and sponsorship of the State Street Children Olympics for physically disadvantaged children. State Street's Disaster Relief Emergency Assistance Fund also supported the victims of the recent earthquake and resulting tsunamis in South Asia via a direct grant from the State Street Foundation to the American Red Cross International Response Fund and an employee matching gift donation program.

    About State Street Global Advisors

    State Street Global Advisors, the investment management group of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in investment programs and portfolios, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 28 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.

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CONTACT: State Street Corporation Arlene Roberts, 617-664-3933

KEYWORD: MASSACHUSETTS HONG KONG INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: BANKING SOURCE: State Street Corporation

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