State Street Global Advisors Appoints U.S. Head of Liability-Driven Investing

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT) and the largest institutional money manager in the world, announced today the appointment of Thomas Kennelly to U.S. head of Liability-Driven Investing (LDI). Responsible for overseeing the management and development of liability-driven investing strategies for SSgA’s institutional clients in the U.S., he reports to Michael Wands, senior managing director of Fixed Income for North America.

Kennelly joins SSgA with more than 15 years of experience in asset-liability management, fixed income portfolio management and benefit funding consulting. He most recently served as a consultant at William J. Lynch and Associates, advising corporations in the analysis, design and implementation of various funding and hedging strategies for post- retirement employee and executive benefit obligations. Prior to that, Kennelly served as a portfolio manager at BankBoston responsible for fixed income investment portfolio management and derivatives hedging as part of the Global Treasury Asset-Liability Management unit.

“Tom’s appointment to this new position underscores the continued interest we are seeing in LDI,” said Wands. “Liability-driven investing structures are changing the way pension liabilities are managed, and we have seen a fundamental shift in our clients’ focus from education to implementation of our LDI solutions. Tom’s extensive experience in asset-liability management will be a great complement to our team.”

Among SSgA’s LDI solutions is U.S. PALMS (Pooled Asset Liability Matching Solution) which is aimed at helping pension funds better match future liabilities and managing market risk while maintaining maximum flexibility and transparent pricing. The strategy can be customized to meet the risk preferences and unique regulatory framework of individual pension plans. SSgA first introduced its PALMS solution in Europe in early 2005 and followed with the launch of U.S. PALMS in 2006.

About State Street Global Advisors

State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $2.0 trillion in assets under management as of September 30, 2007, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo and Zurich, and offices in 25 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.