Thursday, September 18, 2008

State Street Statement as of 09/18/2008 and Sec Lending Money Mkt Fund

In response to questions received today from media and other sources, State Street Corporation (NYSE: STT - News) confirms that, as previously disclosed, it does not believe consolidation of its conduits is required. State Street confirms that even if it had to consolidate its conduits, it would remain well capitalized with ample sources of liquidity. The company raised $2.8 billion in equity capital in early June 2008 and does not currently have any plans to raise additional equity.

The net asset value (NAV) of State Street Global Advisors’ money market funds has never declined below $1, including in its Short Term Investment Fund (STIF), Government Short Term Investment Fund (GSTIF) and the Navigator Securities Lending Trust, a registered fund that is used in connection with collateral management for State Street securities lending program. These funds do not have any unsecured exposure to AIG, Lehman, Washington Mutual, Wachovia, Merrill Lynch or Morgan Stanley.

State Street for its own account does not hold any equity positions in unaffiliated financial institutions. The company is often reported to be an owner of many issuers because of its position as a large custodian and a large index fund manager.

----- Navigator Securities Lending Trust --size 56 bil --no exposure to Leh and AIG

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