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| | State Street Japan |
 | | State Street Securities Company Ltd., a wholly owned subsidiary of State Street Corporation, announced today that it has been appointed transition manager for the pension fund of Japan Travel Bureau (JTB) and has completed a portfolio transition utilizing its agency-based transition management program. |
 | | State Street, the largest transition manager in the world, worked closely with the JTB pension fund, utilizing a managed process employing comprehensive pre-trade, trade, and post-trade analysis of the portfolio, and transparent reporting throughout the process. |
 | | State Street's agency-based transition management program adds significant value to the process, minimizing both explicit costs, such as trading commissions, as well as implicit costs, like those incurred from the market impact of trading. |
| www.statestreet.co.jp /news/press_release/121201.htm (410 words) |
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