The investment will be managed in SSgA’s UK Alpha Strategy, its core UK active equity product, which aims to outperform the FTSE All-Share Index by 2 percent per annum over rolling three-year periods. The strategy uses a quantitative, risk-controlled security selection process. It is largely industry neutral, and seeks to identify the most attractively priced stocks within each industry. It invests in companies that are both undervalued and offer an improving forecasted earnings outlook.

Kanesh Lakhani, managing director, SSgA UK, commented: “We are absolutely delighted to have been chosen to manage a substantial portion of the UK exposure in what is a keystone fund for the UK pensions industry.”

“UK Alpha Edge seeks to provide consistent, risk-controlled outperformance by investing in out-of-favour stocks and adding value over the longer term.”

About State Street Global Advisors:
State Street Global Advisors, the investment management arm of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.7 trillion in assets under management as of December 31, 2006, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo and Zurich, and offices in 25 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com and www.ssga.fr.

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