State Street Global Advisors Germany Wins EUR 800 Million Currency Overlay Mandate from Sanofi Aventis

This new mandate expands State Street's existing relationshipswith Sanofi Aventis, the French pharmaceutical company. SSgA Germanyhas been awarded already in 2003 a EUR700 million passive globalequity mandate from Sanofi Aventis Pension Trust. Furthermore, StateStreet Bank, Munich, has served as a provider of Depotbank (custodyand accounting) and performance & analytics services to Sanofi AventisPension Trust for US$2.3 billion in assets since 2004.

Commenting on awarding the mandate to State Street GlobalAdvisors, Wolfgang Weber, head of Benefits Finance & Asset Managementfor Sanofi Aventis and chairing the investment committee for SanofiAventis Pension Trust, said: "We are pleased to have appointed StateStreet Global Advisors to manage this mandate. It was the naturalchoice for this mandate because of the broad diversity of skills andexperience of its currency team and its emphasis on controlling risk.We look forward to working with SSgA to help us achieve the investmentgoals we've set for our pension fund."

Klaus Esswein, head of State Street Global Advisors in Germany,said, "We are delighted with this important award from Sanofi Aventiswhich illustrates the success of our active currency process andconfirms our commitment to the German institutional market. We viewthis win as a tribute to the expertise of our currency management teamand their adherence to a philosophy of adding value while reducingrisk wherever possible. We look forward to working with Sanofi Aventisto achieve its investment objectives."

One of the world's largest currency managers, SSgA today managesmore than US$65 billion in global currency portfolios (as of 30th June2005) in all major base currencies. A staff of 30 professionals acrossseven offices worldwide provides a comprehensive array of active andpassive currency capabilities to clients in all major base currencies.These highly customized services feature a full range of hedgingratios and combine fundamental and technical elements to manage riskand capture the inefficiencies in foreign exchange markets. Thecurrency team also collaborates closely with State Street GlobalAdvisors' Advanced Research Centre which brings together scientificresearch, academic theory, computational power and decades of marketexperience to enhance investment performance and provide strategicsolutions to clients.

State Street Global Advisors, the investment management group ofState Street Corporation, delivers investment strategies andintegrated solutions to clients worldwide across every asset class,investment approach and style. With $1.4 trillion (as of June 30,2005) in investment programs and portfolios, State Street GlobalAdvisors has investment centers in Boston, Hong Kong, London, Milan,Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, andoffices in 28 cities worldwide. For more information, visit StateStreet Global Advisors at www.ssga.com.

State Street Corporation (NYSE: STT) is the world's leadingspecialist in providing institutional investors with investmentservicing, investment management and investment research and trading.With $9.6 trillion in assets under custody and $1.4 trillion in assetsunder management as of June 30, 2005, State Street operates in 25countries and more than 100 markets worldwide. For more information,visit State Street's Web site at www.statestreet.com