State Street : Global Advisors Unveils Next Generation IncomeWise Solution

• Partners with retirement income connectivity platform Micruity to bolster offering

BOSTON, June 13, 2024 - State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), has introduced the latest iteration of its target date funds offering IncomeWise™. This innovative solution aims to redefine retirement planning by integrating lifetime income features into a target date fund.

Built on State Street Global Advisors' 25 years of expertise managing target date strategies, IncomeWise is a unique target date fund that blends the simplicity of a traditional index-based target date fund with the flexibility for participants to convert their savings into lifelong income.

In the newly introduced commingled version, participants can choose to transform a portion of their IncomeWise savings into a lifetime income stream that begins in later years through the purchase of a qualified longevity annuity contract (QLAC). Meanwhile, the participant's remaining savings can support early retirement spending needs through a managed drawdown strategy, designed to complement the future QLAC payments.

"State Street's Global Retirement Reality Report consistently indicates that the majority of respondents seek flexible access to their savings early in retirement, alongside a defined income stream later in life," said Brendan Curran, U.S. head of defined contribution at State Street Global Advisors. "In response, our commingled IncomeWise solution offers participants the option for both early-stage and later-stage income sources, allowing participants to customize their drawdowns in retirement, for a balance between flexibility and security."

As a testament to its potential, a large corporate defined contribution plan has opted for the commingled version of IncomeWise as the plan's new Qualified Default Investment Alternative (QDIA) and is poised to transition to State Street Global Advisors from its current target date fund provider, pending final agreements between the involved parties.

The innovation underpinning this latest iteration is grounded in State Street's partnership with the University of California, which first deployed IncomeWise three years ago in the university system's defined contribution (DC) plans, which include over $38 billion in assets on behalf of more than 355,000 participants.

To bolster this innovative offering State Street Global Advisors has forged a partnership with Micruity, a retirement income connectivity platform, to configure a participant income modelling, education, and election tool. Micruity's tool is crafted to offer comprehensive and customizable support for participant decision making, while streamlining the operational complexities and data transfer needs among participants, plan sponsors, record keepers, asset managers, and insurance companies. State Street is a minority investor in Micruity.

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world's governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of index and active strategies to create cost-effective solutions. As pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world's fourth-largest asset manager* with US $4.34 trillion† under our care.

**Pensions & Investments Research Center, as of 12/31/22.

†This figure is presented as of March 31, 2024 and includes ETF AUM of $1,360.89 billion USD of which

approximately $65.87 billion USD is in gold 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. Please note all AUM is unaudited.

State Street Global Advisors Worldwide Entities

The information contained in this communication is not a research recommendation or 'investment research' and is classified as a 'Marketing Communication' in accordance with the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor's particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor.

This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator or applicable Swiss Regulator) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.

Investing involves risk including the risk of loss of principal.

All information is from State Street Global Advisors unless otherwise noted and 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.

The above expectations are based on certain assumptions and analysis and are subject to change based on market and other conditions. This contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent.

This Message may contain confidential information intended only for the use of the addressee named above. If you are not the intended recipient of this message you are hereby notified that any use, dissemination, distribution or reproduction of this message is prohibited. If you are not the intended recipient of this email communication, please notify us immediately by email direct to the sender and then destroy any electronic or paper copy of this message.

State Street Global Advisors, Channel Center,1 Iron Street, Boston, MA, 02210, United States