Terms and Conditions

LEGAL NOTICES FOR THE INVESTORS OF THE ITALIAN REPUBLIC (to be read and accepted before browsing the website)

IMPORTANT INFORMATION

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS (the “Terms”) CAREFULLY. BY ACCESSING SSGA.COM (the "Site"), YOU AGREE TO BE BOUND BY THESE TERMS AS WELL AS ANY FUTURE REVISIONS STATE STREET GLOBAL ADVISORS (“SSGA”) MAY MAKE IN ITS DISCRETION. IF YOU DO NOT AGREE TO THE TERMS BELOW, DO NOT ACCESS THIS SITE.

This information is intended solely for use by Qualified Investors based in Italy and is not suitable for individual investors. If you are an individual investor please leave this section of the Site immediately.

SSGA SPDR ETFs Europe I plc and SSGA SPDR ETFs Europe II plc (the “Funds”) are umbrella funds established as open-ended investment companies with variable capital incorporated with limited liability under the laws of Ireland. They qualify and are authorised in Ireland by the Central Bank of Ireland as undertakings for collective investment in transferable securities.

This section is intended to provide general information on the Funds which may be from time to time registered as UCITS funds for offering to "qualified investors" (as defined below) on the primary market in Italy under article 42 of the Italian Consolidated Text of Finance Regulations (Legislative Decree no. 58 of February 24, 1998, as amended, the "TUF") and listed on the Italian Stock Exchange ("Borsa Italiana") for purchase/sale on the secondary market by the retail investors of Italy. It should be noted, however, that some investments described in other sections of this Site, not addressed to Italian retail investors, may not be available for investment by residents of Italy under national regulations.

Nothing contained within this Site should be construed as investment advice. An investment in the Funds may not be suitable for all investors. State Street recommends that you seek independent financial advice before making any investment decisions.

Please read the prospectus and relevant Key Investor Information Document before investing.

Neither State Street Global Advisors Limited nor any affiliate or subsidiary company (jointly referred to as "SSGA") accept liability for any financial or other consequences arising from the subscription or acquisition of any financial instrument described in this Site.

The information presented in this Site is based inter alia on market data at a given moment that is subject to market variation and may change from time to time. The accuracy, completeness or relevance of the information provided is not guaranteed although it has been drawn from sources believed to be reliable.

GENERAL RISK CONSIDERATIONS

Investments in collective investment schemes involves risks. A complete description of the risk factors is in the Prospectus and, if applicable, in the Italian Listing Document ("Documento di Quotazione") of the relevant Fund. Return is shown gross of fiscal withholding and net of management fee. Source for any presentation of performance is State Street.

Past performance is not an indication of future results.

The price of shares of the Funds and the income from them can fall as well as rise and you may not get back the amount originally invested. Income receivable may vary from the amount of income projected at the time of making the investment.

Exchange rate fluctuations may affect the value of an investment and any income derived from it.

There can be no guarantee that the tax position or proposed tax position prevailing at the time of an investment will not change. Dividends and capital gains on securities issued in the relevant Fund may be subject to withholding taxes imposed by the countries in which each particular fund invests.

The Funds are not registered as investment companies in the United States under the U.S. Investment Company Act of 1940, as amended, and the shares of such fund are not registered under the U.S. Securities Act of 1933, as amended ("Securities Act"). Shares of the above Funds are not available for purchase by "US Persons" as that term is defined under Regulation S of the Securities Act.

The information provided on this Site is not intended for distribution to, or use by, any person or entity in the United States, or in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject any of the funds described here, SSGA or any of their products or services to any registration, licensing or other authorisation requirement within such jurisdiction or country. Nothing on this Site shall be considered a solicitation to buy or sell a security, product or service (including advisory service) to any person.

Access

You are accessing SSGA's network pursuant to any existing agreement(s) with us and these Terms. You and your Authorised designees ("Authorised Designees") access the Site "AS IS" and acknowledge that the Site and the remote access services related to use of this Site are proprietary to and confidential property of SSGA and its relevant licensors and its information and data suppliers ("Suppliers"). All equipment, systems, services and software are to be used for your business purposes only in accordance with these Terms and your agreement(s) with SSGA. Unauthorised access, use or distribution is in violation of state and/or federal statutes. SSGA reserves the right to monitor and audit all transactions and data (including e-mail messages) for any purpose sent over this network and your use of this Site unless prohibited by law. You agree that a printed version of these Terms shall be admissible in judicial or administrative proceedings to the same extent as other business documents and records.

You are accessing a Site certain portions of which are secure. The Site and any information you receive are encrypted for privacy. SSGA takes reasonable and appropriate measures, including encryption, to ensure that information is disclosed only to you. However, the Internet is an open system and there is no absolute guarantee that the information you have retrieved will not be intercepted by others and decrypted, and you assume that risk in accessing the Site.

Not all products or services provided on the Site are available in all jurisdictions. SSGA's products and services are only available in jurisdictions where it is lawful to advertise and market these products and services, and are subject to the final applicable agreement. By offering products and services on the Site, SSGA makes no solicitation to any individual or entity to use information, products or services in jurisdictions where prohibited by law.

No Offer/Local Restrictions

Nothing contained in or on the Site should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. SSGA offers a number of products and services designed specifically for various categories of investors in various countries and regions. Not all products will be available to all investors. These products or services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations.

The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. All persons and entities accessing the Site do so on their own initiative and are responsible for compliance with applicable local laws and regulations. The Site is not directed to any person in any jurisdiction where the publication or availability of the Site is prohibited, by reason of that person's nationality, residence or otherwise. Persons under these restrictions must not access the Site.

Jurisdictional Matters

The information available on this Site has been prepared and is maintained by certain non-U.S. affiliates of SSGA (collectively "Non-U.S. Affiliates").

The Non-U.S. Affiliates offer products and services designed specifically for non-U.S. investors. The information and other material contained on this Site are only directed at and available to investors in specific countries. All content should be considered, and is subject to, the specific regulatory requirements under which these Non-U.S. Affiliates operate, respectively.

SSGA does not offer the products or services of the Non-U.S. Affiliates outside their intended countries or regions if such offering would be prohibited by applicable law.

Access to this Site by U.S. residents is for informational purposes only and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security under U.S. law.

You should carefully read and consider all supplemental disclaimers regarding the information prepared and maintained by the Non-U.S. Affiliates.

No Reliance

Information contained in the Site is checked and updated by SSGA with due diligence on a regular basis. However, data and information on the Site may become outdated. Therefore, neither State Street Corporation nor SSGA assumes any liability or guarantee for the timeliness, accuracy and completeness of the information provided. SSGA uses reasonable efforts to obtain information from sources which it believes to be reliable; however, SSGA makes no representation that the information or opinions contained on the Site is accurate, reliable or complete. The information on the Site is provided for informational purposes only and is subject to change without notice. The investments and strategies discussed in the contents may not be suitable for all investors and are not obligations of SSGA or guaranteed by SSGA. The investments are not bank deposits and are not insured by any entity and are subject to investment risks, including the loss of the principal amount invested. Nothing contained on the Site constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

No Warranty

THE SITE AND THE INFORMATION INCLUDED ON THE SITE ARE PROVIDED TO YOU "AS IS" WITHOUT ANY WARRANTIES OF ANY KIND. NEITHER STATE STREET CORPORATION NOR SSGA, NOR ANY OF THEIR RESPECTIVE SUPPLIERS, WARRANTS THE ACCURACY, ADEQUACY, COMPLETENESS, OR TIMELINESS OF THE MATERIALS PROVIDED ON THIS SITE OR THE SITE'S ERROR-FREE USE OR CONNECTIVITY OR AVAILABILITY OF THE SITE OR CONTENT. THERE IS NO WARRANTY OF ANY KIND - EITHER EXPRESS OR IMPLIED - INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF NON-INFRINGEMENT OF THIRD-PARTY RIGHTS, TITLE, MERCHANTABILITY, ACCURACY, AVAILABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE AND FREEDOM FROM COMPUTER VIRUS.

Limitations of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT, INCLUDING NEGLIGENCE, SHALL STATE STREET CORPORATION, SSGA OR ANY OF THEIR RESPECTIVE SUPPLIERS BE LIABLE FOR ANY LOSS OR DAMAGE OF ANY KIND, INCLUDING ANY DIRECT, SPECIAL INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF DATA, LOSS OF PROGRAMS, OR ANY OTHER PECUNIARY LOSS), ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE ACCESS OF, USE OF, PERFORMANCE OF, BROWSING IN OR LINKING TO OTHER SITES FROM THE SITE , OR ANY INFORMATION AND RELATED GRAPHICS CONTAINED IN OR MADE AVAILABLE THROUGH THE SITE, EVEN IF STATE STREET CORPORATION, OR ANY SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. BECAUSE SOME STATES \ AND JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY, THE ABOVE LIMITATION MAY NOT APPLY TO YOU. YOU RELEASE AND FOREVER WAIVE ANY AND ALL CLAIMS YOU MAY HAVE AGAINST STATE STREET CORPORATION, SSGA OR ITS SUPPLIERS, OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, INFORMATION PROVIDERS OR SUPPLIERS FOR LOSSES OR DAMAGES YOU SUSTAIN IN CONNECTION WITH YOUR USE OF THIS SITE.

Hyperlinks

SSGA is not responsible for the content or accuracy of third-party sites hyperlinked from this Site, nor does State Street Corporation or SSGA guarantee the products or services offered on third-party sites. Review the privacy statements of any web site you visit before you provide any personal/confidential information or conduct a transaction.

Intellectual Property

The contents of this Site, including the trade marks, logos, data, publications, product and company names, texts, images, pictures, information and other data (including but not limited to the structure, colour combinations used, and look and feel of the Site), are protected by intellectual property rights held SSGA, or by entities associated with it, or by third parties. You must refrain from violating these rights in any way. Any transfer, sale, distribution or reproduction in any form or by any means whatsoever of the information, publications or data is prohibited, except with the prior, express, written permission of the owner of the intellectual property rights and its assigns.

Investment Performance

YOU ACKNOWLEDGE THAT ALL DATA AND INFORMATION TRANSMISSIONS VIA THE SITE ARE SOLELY FOR THE INFORMATIONAL AND OTHER PURPOSES SET OUT HERE, AND ARE NOT INTENDED AS FINANCIAL ADVICE OR AS AN OFFER, SOLICITATION OR RECOMMENDATION OF SECURITIES OR OTHER FINANCIAL PRODUCTS, OR TO SATISFY REGULATORY REQUIREMENTS OR COMPLY WITH ANY APPLICABLE LAWS, RULES, REQUIREMENTS OR STANDARDS OF ANY FEDERAL, STATE OR LOCAL GOVERNMENTAL AUTHORITY, AGENCY OR INDUSTRY REGULATORY BOARD, INCLUDING THE SECURITIES INDUSTRY, WHICH COMPLIANCE IS YOUR SOLE RESPONSIBILITY. HISTORICAL PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE OF AN INVESTMENT. THE VALUE OF INVESTMENTS MAY FALL AS WELL AS RISE AND INVESTORS MAY NOT GET BACK THE AMOUNT INVESTED.

Security Procedures

You agree to comply, and to cause your Authorised Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security procedures as may be issued from time to time by SSGA for use of the Site and access to the remote access services. You agree to advise SSGA immediately in the event that you learn or have reason to believe that any person to whom you have given access to the Site has violated or intends to violate these Terms and you will cooperate with SSGA in seeking injunctive or other equitable relief. You agree to discontinue use of the Site and remote access services, if requested, for any security reasons cited by SSGA without liability to State Street Corporation or its Suppliers.

Proprietary Information/Injunctive Relief

The Site and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, know-how, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to you by SSGA as part of the remote access services and through the use of the Site and all copyrights, patents, trade secrets and other proprietary rights of SSGA are the exclusive, valuable and confidential property of SSGA and its relevant licensors (the "Proprietary Information"). You agree on behalf of yourself and your Authorised Designees to keep the Proprietary Information confidential and to limit access to your employees and Authorised Designees (under a similar duty of confidentiality) who require access to the Site for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

Restrictions on Use

You agree to use the remote access services only in connection with the proper purposes of these Terms. You will not, and will cause your employees and Authorised Designees not to, (i) permit any third party to use the Site or the remote access services related to the Site, (ii) sell, rent, license or otherwise use the Site or the remote access services related to the Site in the operation of a service bureau or for any purpose other than as expressly authorised under these Terms, (iii) use the Site or the remote access services related to the Site for any fund, trust or other investment vehicle without the prior written consent of SSGA, (iv) allow or cause any information transmitted from SSGA's databases, including data from third party sources, available through use of the Site or the remote access services, to be published, redistributed or retransmitted for other than use for or on behalf of yourself, as SSGA's customer (v) use more than one asset identifier per security. In no event may you use the data and information on the Site in lieu of obtaining appropriate licenses from the applicable Supplier, and SSGA may limit the use of this Site accordingly.

Modification of the Site

You agree that neither you nor your Authorised Designees will modify the Site in any way, enhance or otherwise create derivative works based upon the Site, nor will you or your Authorised Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the Site.

Indemnification

You agree to make State Street Corporation, SSGA and their subsidiaries and affiliates, including the Non-U.S. Affiliates, whole for any and all claims, losses, liabilities, and expenses (including attorneys' fees) arising from your use of the Site or any violation of these Terms unless prohibited by law.

Applicable Law

Unless otherwise specified, your use of this Site and these Terms are governed by the Commonwealth of Massachusetts and applicable United States federal law.

If any provision of these Terms shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected. No term or provision shall be deemed waived and no breach excused unless such waiver or consent shall be in writing and signed by the party claimed to have waived or consented. You shall not assign these Terms or any of your rights and obligations, without SSGA's prior written consent.