State Street : Global Exchange Private Equity Index Decelerated to a 3.03 Percent Return in Third Quarter 2018

BOSTON, February 14, 2019 - The State Street Global Exchange℠Private Equity Index (GXPEI) posted a moderate increase of 3.03 percent in the third quarter of 2018. The Venture Capital category continued to lead for the third quarter in a row with a 4.65 percent gain, followed by Buyout Funds with 2.84 percent; Private Debt lagged behind with a 1.34 percent return for the quarter.

The PEI is based on directly-sourced limited partnership data and represents around $2.8 trillion in private equity investments, with more than 2,900 unique private equity partnerships, as of September 30 2018.

'2018 is on course to set the highest post-crisis fundraising records,' said Anthony Catino, managing director, Alternative Investment Solutions for State Street. 'In the first three quarters of 2018, Venture Capital and Private Debt surpassed their post-crisis fundraising peaks in 2017. The US and 'Rest of the World^[1]' focused funds met or were above their 2017 fundraising level, while European funds continue to lag behind.'

Additional Third Quarter GXPEI Highlights Include:

• Venture Capital funds outperformed the three main private equity strategies (Venture Capital, Buyout, and Private Debt) for the third quarter in a row, and the 4.65% return was the highest for Venture Capital funds since Q4 2014.

• Both Private Debt and Buyout saw a decrease in quarterly returns: Private Debt fell to 1.34% from 1.90% in Q2, posting the lowest returns for the strategy since Q1 2016; Buyout funds fell to 2.84%, down from 4.18% in Q2. Venture Capital returns of 4.65% were close to levels in Q2.

• US focused funds outperformed other regions though growth was slower than the previous quarter.

• US focused PE funds returned 3.69% for Q3 2018, down from 4.70% in the previous quarter.

• European-focused private equity funds experienced a 0.98% quarterly gain down from 3.12% in the previous quarter.

• Funds focusing on the rest of the world returned 2.28%, up from 1.66% in Q2.

• Among sectors, Information Technology funds led for the third straight quarter with a 5.91% quarterly return, slightly down from 7.05% in Q2. These were followed by Health Care funds with a 4.59% quarterly return, up from 4.24% in the previous quarter, and Energy funds with a 3.94% quarterly return, down from 4.62% last quarter.

'In the third quarter of 2018, we saw much of the momentum from Q2 carry over with US and Venture Capital funds continuing to outperform. However, we also saw Buyout and European Funds quarterly returns fall to nearly their lowest levels in two years due to strong headwinds from factors including, rising interest rates, a stronger US dollar and intensifying trade wars,' said Will Kinlaw, senior managing director and global head of State Street Associates^®, a division of State Street Global Exchange. 'It is a challenging situation for many General Partners with increasing inflows to deploy capital effectively in such a precarious environment.'

For additional insights, or to learn more about the GX Private Equity Index please visithttp://www.ssgx.com/peindex.

Index returns reflect capital gains and losses, income, and the reinvestment of dividends.

It is not possible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling a fund.

Index performance is not meant to represent that of any particular fund.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $31.62 trillion in assets under custody and administration and $2.51 trillion* in assets under management as of December 31, 2018, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street's website atwww.statestreet.com.

*This figure is presented as of December 31, 2018 and includes approximately $32.44 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

Marketing Communication

State Street Corporation, One Lincoln Street, Boston, MA 02111-2900

Important Information

Investing involves risk including the risk of loss of principal.

State Street Global Exchange℠and State Street Associates® are trademarks of State Street Corporation (incorporated in Massachusetts) and are registered or have registrations pending in multiple jurisdictions. This document and information herein (together, the 'Content') is subject to change without notice based on market and other conditions and in any event may not reflect the views of State Street Corporation and its subsidiaries and affiliates ('State Street'). The Content provided is for informational, illustrative and/or marketing purposes only and it does not constitute investment research or investment, legal, or tax advice. The Content provided has been prepared and obtained from sources believed to be reliable at the time of preparation, however it is provided 'as-is' and State Street makes no guarantee, representation, or warranty of any kind including, without limitation, as to its accuracy, suitability, timeliness, merchantability, fitness for a particular purpose, non-infringement of third-party rights, or otherwise. State Street disclaims all liability, whether arising in contract, tort or otherwise, for any claims, losses, liabilities, damages (including direct, indirect, special or consequential), expenses or costs arising from or connected with the Content. The Content provided is not, nor should be construed as any offer or solicitation to buy or sell any product, service, or securities or any financial instrument, and it does not constitute any binding contractual arrangement or commitment for State Street of any kind. The Content provided may contain certain statements that could be deemed forward-looking statements; any such statements or forecasted information are not guarantees or reliable indicators for future performance and actual results or developments may differ materially from those depicted or projected. Past performance is no guarantee of future results. No permission is granted to reprint, sell, copy, distribute, or modify the Content in any form or by any means without the prior written consent of State Street.

Currency Risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for decisions based on such information and it should not be relied on as such.

State Street Corporation, One Lincoln Street, Boston, MA 02111-2900.

© 2019 State Street Corporation - All Rights Reserved

2425261.1.1.GBL.

[1]Excludes European funds