He also served as chairman, Greater China
Region, and chief operating officer of Eastman Kodak's global consumer
business.

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In addition, he was president of Kodak Professional , the
company's global commercial business, and he served as a senior vice
president of Eastman Kodak.

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Products offered by Avery Dennison include Avery-brand office
products and graphics imaging media, Fasson-brand self-adhesive
materials, peel-and-stick postage stamps, reflective highway safety
products, labels for a wide variety of automotive, industrial and
durable goods applications, brand identification and supply chain
management products for the retail and apparel industries, and
specialty tapes and polymers."
During the initial phase, EMEAP central banks provided funding of
$1 billion.

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Avery Dennison Elects Patrick Siewert New Director



About State Street Global Advisors

State Street Global Advisors, the investment management group of
State Street Corporation , delivers investment strategies and
integrated solutions to clients worldwide across every asset class,
investment approach and style.ssga.

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The forward-looking statements contained in this press
release speak only as of the date hereof, May 12, 2005, and the
company will not undertake efforts to revise those forward-looking
statements to reflect events after this date.

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"
Siewert joined The Coca-Cola Company in his current position in
2001.


State Street Global Advisors Selected to Manage Pan Asia Bond Index Fund a Key Component of Asia Bond Fund 2

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Siewert, 49, is president of The Coca-Cola Company's East and
South Asia Group, based in Hong Kong.


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He is responsible for managing
operations in a diverse group of 19 East and South Asian countries,
including Bangladesh , Cambodia, China, India, Laos, Malaysia, Nepal,
Philippines, Singapore, Sri Lanka, Thailand and Vietnam . Avery Dennison employs
approximately 21,400 individuals in 47 countries worldwide who apply
the Company's technologies to develop, manufacture and market a wide
range of products for both consumer and industrial markets.

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He also
attended the Rochester Institute of Technology in imaging science and
business.

Business Editors

HONG KONG + SINGAPORE----State Street
Global Advisors (SSgA), the investment management arm of State Street
Corporation (NYSE: STT) and the largest institutional fund manager in
the world, today announced it has been selected to manage the ABF Pan
Asia Bond Index Fund (PAIF).
"Modeled on cost-effective and efficient exchange-traded funds,
PAIF brings the opportunity to enhance development of the bond and
capital markets in the Asia-Pacific region --one of the most dynamic
and exciting areas of today's global financial landscape," said
Vincent Duhamel, chief executive of SSgA Asia.

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Patrick's
strategic vision and extensive managerial experience at major
multi-national corporations will enable him to make valuable
contributions to our aggressive growth strategies, particularly in the
Asia Pacific region. Siewert is a
recipient of a United Nations Lifetime Achievement Award.

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"He is a seasoned executive with outstanding
international business expertise and leadership skills.S. Those statements are
based on current expectations and involve a number of risks and
uncertainties, including those related to the pace at which State
Street adds new clients or at which existing clients use additional
services, the value of global and regional financial markets, the pace
of cross-border investment activity, changes in interest rates, the
pace of worldwide economic growth and rates of inflation, the extent
of volatility in currency markets , consolidations among clients and
competitors, State Street's business mix, the dynamics of markets
State Street serves, and State Street's success at integrating and
converting acquisitions into its business.

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Siewert serves as a director of the U.
Siewert earned a bachelor of science degree in business
administration/finance from Elmhurst College in Illinois.

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Based in Pasadena, Calif.

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-ASEAN Business Council and the U. iBoxx ABF Pan Asia Index--a new index launched
concurrently by International Index Company--will be the benchmark for
the PAIF. Subject to approval from relevant authorities , PAIF
is intended to be domiciled in Singapore and initially listed in Hong
Kong, with additional listings on other EMEAP stock exchanges to be
considered at a later stage.

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Business Editors

PASADENA, Calif. Neal, chairman and chief executive officer
of Avery Dennison.-Hong Kong
Business Council., Avery Dennison is a FORTUNE 500
company with 2004 sales of $5. PAIF is a key component of the Asian Bond
Fund 2 (ABF2), an initiative developed by the Executives' Meeting of
East-Asia and Pacific Central Banks (EMEAP), a group of 11 Asian
central banks and monetary authorities.
State Street has a long history of commitment to Asia-Pacific. Other important factors
that could cause actual results to differ materially from those
indicated by any forward-looking statements are set forth in State
Street's 2004 annual report and subsequent SEC filings.

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Over a period of 27 years at Eastman Kodak, Siewert held general
management positions in Canada, China, Europe, Africa, the Middle East
and the United States.
He is actively involved in a variety of nonprofit and community
organizations.

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Siewert as a director of the Company, effective
April 15, 2005.S.3 billion. For more information, visit State
Street Global Advisors at www.

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com

(a) (including cash, as of March 31, 2005)

This news announcement contains forward-looking statements as
defined by United States securities laws, including statements about
the financial outlook and business environment .

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"Patrick Siewert will be an excellent addition to our board of
directors," said Philip M. Prior to that, he served in a variety of senior management roles
at Eastman Kodak Company, including sales management, marketing,
finance, brand management, business planning and general management. With $1.

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----Avery Dennison
Corporation (NYSE:AVY) today announced that its board of directors has
elected Patrick T. In its next phase, the fund is expected to be authorized
in Hong Kong and Singapore, and open to other public and private
sector investors.4 trillion in investment
programs and portfolios (as of March 31, 2005), State Street Global
Advisors has investment centers in Boston, Hong Kong , London, Milan,
Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and
offices in 28 cities worldwide.

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He is on the board of governors of the American
Chamber of Commerce Hong Kong and he is a member of the Young
President's Organization, Hong Kong and China Chapter.

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S.
Avery Dennison is a global leader in pressure-sensitive labeling
materials, office products and retail tag, ticketing and branding
systems.
With a significant presence in the Asia-Pacific region and
extensive experience as a fixed-income manager with more than US$550
billion under management in global fixed income products,* SSgA will
run PAIF as a listed open-ended index fund investing in domestic
currency sovereign and quasi-sovereign bonds from eight EMEAP
economies - China, Hong Kong, Indonesia, Korea, Malaysia, Philippines,
Singapore and Thailand. "As an active
participant in these markets for more than 20 years, State Street is
honored to be selected to manage this fund which, with its modest cost
and planned accessibility to a larger group of investors, can help to
broaden and deepen the region's investor base.

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-China Business
Council, the U. The
firm opened its first Asian office in Hong Kong in 1982 and today has
a significant presence in Tokyo, Sydney and Singapore. A global leader
in index products, State Street helped to bring five exchange-traded
funds (ETFs) to market in Asia: the Hong Kong Tracker Fund, which
launched in 1999 and is now among the 15 largest ETFs in the world;
Singapore's streetTRACKS STI Fund in 2002; Korea's KOSEF (KOSPI 200
ETF) in 2002; the Taiwan Top 50 Tracker Fund in 2003; and, most
recently, collaborated with China Asset Management and the Shanghai
Stock Exchange on the development of the China 50 ETF --China's first
domestic ETF. State Street
encourages investors to read the corporation's annual report,
particularly the section on factors that may affect financial results,
and its subsequent SEC filings for additional information with respect
to any forward-looking statements and prior to making any investment
decision.

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