1. Fresno County Employees’ Retirement Association Presentation to the Board of Retirement Yolanda Diaz, Vice President 3 December 2008

2. Organization and Experience

3. 3 Our Company Today — Strong Global Enterprise Investment Servicing Investment Research and Trading State Street Investment Management >Assets under custody: $14.0 trillion* >World’s leading investment service provider >Provides fund accounting, fund administration, custody, securities lending, investment operations outsourcing, recordkeeping, performance and analytics, and transfer agency services >Global leader in specialized research and trading in FX, equities, fixed income, derivatives and money market products >More than $14.5 trillion of volume traded in 2007 across all asset classes >Provides flow-based research, innovative portfolio strategies, trade process optimization, and global connectivity across multiple asset classes and markets >Founded in 1792 >Solely focused on serving institutional investors >30 years of positive operating earnings per share growth >Assets under management: $1.7 trillion* >World’s largest manager of institutional assets serving more than 2,800 institutional clients >Provides more than 280 active, enhanced and passive investment strategies *As of September 30, 2008

4. 4 Institutional Investor Services Clients by Asset Size Years with State Street As of 09/30/08 952 clients / $2.684 trillion in assets under custody

5. 5 Public Fund Market Focus >Deep Understanding of the Public Fund market –For over 20 years, we have provided products and services for your evolving needs  GASB 28 and 40 Reporting  Class Action and Proxy Reporting  Investment Policy Compliance Monitoring  Private Edge ® Alternative Asset Administration  Performance and Risk Management Tools  Reporting and Processing for Derivative and 130/30 Strategies >Unique Capabilities –We serve our institutional clients from a single processing and accounting system –The accounting system is scalable from monthly audits to daily valuation >Consultative approach –Client service professionals provide solutions tailored to the requirements of each client >Unmatched Market Presence –Investment servicing provider for over 40% of Public Fund Market

6. 6 Alameda County Contra Costa County Orange County Sacramento County San Bernardino County San Mateo County Sonoma County Ventura County State Street — SACRS Relationships Marin County Fresno County

7. Client Service

8. 8 State Street California, Inc. OUR CLIENTS Public Funds – 21 Investment Analytics – 57 Master Trust - 26 CALIFORNIA STAFF 121

9. 9 Client Service Team 1001 Marina Village Parkway  3 rd Floor Alameda, CA 94501

10. Accomplishments and Goals

11. 11 Accomplishments and Goals 2008 >Successful tiered conversion from Fifth Third Bank >Added commingled funds to the list of accounts >Transition of assets from TCW to Russell 1000 >Transition of assets from Artisan to Kalmar Investments >Provided three on-site training sessions 2009 >Additional training planned for 1 st quarter 2009 >Online Compliance Governance roll out >General ledger feed >Streamline vendor payment process

12. Net Asset Value

13. 13 Summary Net Asset Value by Manager

14. Thank you!