Europe Value Spotlight Strategy

The Strategy seeks to provide long term capital growth.

BENCHMARK: MSCI Europe Index

Primarily equities of companies in the MSCI Europe Index; and may include other companies.

The Strategy uses a fundamental research based investment process to build a concentrated portfolio of European equities we believe to be undervalued. We seek to exploit valuation anomalies in the belief that in the long run share prices should ultimately reflect a company's sustainable earnings power. The concentrated nature of the Portfolio ensures that our investments are active, high conviction positions, focused on what, we believe, are our most compelling opportunities. SSGA employs the following constraints in managing the Strategy:

• Maximum Number of Stocks: 40
• Minimum Number of Stocks: 30
• Maximum Individual Stock Position: 10%
• Maximum Equity: 100% of the portfolio
• Minimum Equity: 90% of the portfolio

SSGA seeks to outperform the Index over the long term and does not have a specified tracking error limit. There can of course be no assurance that any Strategy will achieve that level of performance.

Note:

The MSCI Europe Index is a trademark of MSCI Inc.

There are risks involved with investing, including possible loss of principal. You should refer to the Strategy's Disclosure Document (SDD) for a complete description of the risks of investing in the Strategy. Please contact SSGA's relationship management team for a copy of the SDD.