State Street Active Asset Allocation ETF Portfolios

Source: State Street Investment Management.

Performance returns for periods of less than one year are not annualized.

Important Performance Reporting Information: The performance data quoted represents past performance. Past performance does not guarantee future results. The model portfolio strategy returns presented are those of model paper portfolios attributable to each strategy and reflect the contemporaneous investment strategy decisions made by SSGA's investment professionals for each performance period presented. The returns do not reflect the results of the actual trading of any account or group of accounts and are thereby hypothetical in nature. All returns greater than one year are annualized. The returns reflect the reinvestment of dividends and interest. Net strategy returns for periods prior to May 13, 2019 are shown net of a SSGA strategist fee of 0.20% on assets invested pursuant to the strategy and net of hypothetical trading fees based on a trade commission rate of 0.0025 cents per share. Effective as of May 13, 2019, SSGA began utilizing actively managed ETFs to implement the strategy within certain targeted asset classes for which it had previously utilized passively managed ETFs and ceased charging a strategist fee to third party financial firms utilizing or offering the strategy (the "May 2019 Update"). Strategy returns for periods following the May 2019 Update therefore do not reflect the impact of any strategist fee but do continue to reflect the impact of hypothetical trade commission fees at the rate of 0.0025 cents per share. The actively managed ETFs utilized in the strategy following the May 2019 Update have higher expense ratios than the previously utilized passive ETFs. For any third party intermediaries that paid a strategist fee of 0.10% prior to the May 2019 Update, the overall aggregate expenses associated with implementing the strategy are expected to be higher following the May 2019 Update than they were prior to it. The impact of ETF fees is reflected in the returns for all periods presented. SSGA does not manage the accounts of retail investors pursuant to the strategies and the strategies are only available to retail investors through third party firms that offer account management and other services to retail investors. The actual performance results of an investor utilizing a third party advisor for account management would be lower as a result of the imposition of account management fees and custodial fees by third party firms. Additionally, actual trading fees may be greater than those based on the hypothetical commission rate described above. You should consult with your advisor to learn more about the fees that will be applied to a particular account or type of account. The performance of accounts managed by a third party advisor that receives access to the strategies may differ from the performance shown for a variety of reasons, including but not limited to: the fees assessed by the advisor and other third parties; the advisor's decision to exercise its discretion to implement a given strategy in a way that differs from the information provided by SSGA; the timing of the advisor's implementation of strategy updates; investor imposed investment restrictions; and the timing and nature of investor initiated cash flow activity in the account. For all of the reasons described above, actual performance may differ substantially from the hypothetical results. Hypothetical results have inherent limitations because they do not reflect actual trading by SSGA during the period described and may not reflect the impact that material economic and market factors might have had on SSGA's decision-making if it was actually managing clients' money pursuant to the strategies. There is no guarantee that any of the investment strategies will be successful and investors should be aware that they can lose money investing assets in accordance with the strategies. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect capital gains and losses, income, and the reinvestment of dividends. It is not possible to invest directly in an index.

Source: State Street Investment Management. Inception date: November 1, 2008.

Performance returns for periods of less than one year are not annualized.

Important Performance Reporting Information: The performance data quoted represents past performance. Past performance does not guarantee future results. The model portfolio strategy returns presented are those of model paper portfolios attributable to each strategy and reflect the contemporaneous investment strategy decisions made by SSGA's investment professionals for each performance period presented. The returns do not reflect the results of the actual trading of any account or group of accounts and are thereby hypothetical in nature. All returns greater than one year are annualized. The returns reflect the reinvestment of dividends and interest. Net strategy returns for periods prior to May 13, 2019 are shown net of a SSGA strategist fee of 0.20% on assets invested pursuant to the strategy and net of hypothetical trading fees based on a trade commission rate of 0.0025 cents per share. Effective as of May 13, 2019, SSGA began utilizing actively managed ETFs to implement the strategy within certain targeted asset classes for which it had previously utilized passively managed ETFs and ceased charging a strategist fee to third party financial firms utilizing or offering the strategy (the "May 2019 Update"). Strategy returns for periods following the May 2019 Update therefore do not reflect the impact of any strategist fee but do continue to reflect the impact of hypothetical trade commission fees at the rate of 0.0025 cents per share. The actively managed ETFs utilized in the strategy following the May 2019 Update have higher expense ratios than the previously utilized passive ETFs. For any third party intermediaries that paid a strategist fee of 0.10% prior to the May 2019 Update, the overall aggregate expenses associated with implementing the strategy are expected to be higher following the May 2019 Update than they were prior to it. The impact of ETF fees is reflected in the returns for all periods presented. SSGA does not manage the accounts of retail investors pursuant to the strategies and the strategies are only available to retail investors through third party firms that offer account management and other services to retail investors. The actual performance results of an investor utilizing a third party advisor for account management would be lower as a result of the imposition of account management fees and custodial fees by third party firms. Additionally, actual trading fees may be greater than those based on the hypothetical commission rate described above. You should consult with your advisor to learn more about the fees that will be applied to a particular account or type of account. The performance of accounts managed by a third party advisor that receives access to the strategies may differ from the performance shown for a variety of reasons, including but not limited to: the fees assessed by the advisor and other third parties; the advisor's decision to exercise its discretion to implement a given strategy in a way that differs from the information provided by SSGA; the timing of the advisor's implementation of strategy updates; investor imposed investment restrictions; and the timing and nature of investor initiated cash flow activity in the account. For all of the reasons described above, actual performance may differ substantially from the hypothetical results. Hypothetical results have inherent limitations because they do not reflect actual trading by SSGA during the period described and may not reflect the impact that material economic and market factors might have had on SSGA's decision-making if it was actually managing clients' money pursuant to the strategies. There is no guarantee that any of the investment strategies will be successful and investors should be aware that they can lose money investing assets in accordance with the strategies. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect capital gains and losses, income, and the reinvestment of dividends. It is not possible to invest directly in an index.