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1 ETF - News Article 1 / /8/31 UNITED STATES GLOBAL LOCATIONS ABOUT SSGA CONTACT FAQ LOG IN / REGISTER FOLLOW US : ETFS TOOLS COMMENTARY ADVISOR EDUCATION WORKING WITH US Home» Resources : News & Announcements

2 ETF - News Article 2 / /8/31 State Street Global Advisors Announces that Changes to the Financial Select Sector Index will Result in Modifications to The Financial Select Sector SPDR Fund BOSTON June 8, 2016 State Street Global Advisors (SSGA), the asset management business of State Street Corporation (NYSE:STT), today announced that, following the statement from S&P Dow Jones Indices regarding upcoming modifications to the index constituents of the Financial Select Sector Index (Financial Sector Index), The Financial Select Sector SPDR Fund (XLF) will make certain adjustments to its portfolio in order to efficiently continue to track the Financial Sector Index. The modifications to the Global Industry Classification Standards (GICS ) previously announced by S&P Dow Jones Indices and MSCI Inc. will divide the current financial sector into two sectors: financial services and real estate. As a result, the Financial Sector Index will be reconstituted to remove real estate from the financial sector. Effective concurrent with changes to the Financial Sector Index, XLF will no longer have exposure to real estate securities (except mortgage REITs, which will remain in the Financial Sector Index consistent with the GICS reclassification, scheduled for September 16, 2016). These modifications to XLF are intended to allow investors to seek precise, liquid financial sector exposure that aligns with the updated GICS sector classifications. = Please log in / register to access In order to facilitate an efficient transition to the reconstituted Financial Sector Index, XLF will seek to obtain its real estate exposure in shares of The Real Estate Select Sector SPDR Fund (XLRE) in advance of the Financial Sector Index reconstitution. XLRE seeks to track the Real Estate Select Sector Index. Effective immediately, the operating fees and expenses of XLRE will be waived until September 16, 2016, such that XLRE will have an expense ratio of zero during that time period. Upon effectiveness of the changes to the Financial Sector Index, XLF intends to issue a special dividend to its shareholders. The special dividend will be comprised of shares of XLRE. Important dates for this special dividend are as follows: Ex Date: September 19, 2016 Record Date: September 21, 2016 Pay Date: September 22, 2016 Effective on the date of index reconstitution, the Financial Select Sector Index will include securities of companies from the following industries: diversified financial services, insurance, banks, capital markets, consumer finance, thrifts and mortgage finance, and mortgage real estate investment trusts (REITs). The Real Estate Select Sector Index includes real estate management, development and REITs, with the exception of mortgage REITs. The Indexes are two of the Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC based on methodology proprietary to S&P Dow Jones Indices LLC and BofA Merrill Lynch Research, using a modified market capitalization methodology. SSGA s leading suite of US listed select sector SPDR ETFs includes 11 funds with $93.9 billion in assets as of May 31, About SPDR Exchange Traded Funds SPDR ETFs are a comprehensive family spanning an array of international and domestic asset classes. SPDR ETFs are managed by SSGA Funds Management, Inc., a registered investment adviser and wholly owned subsidiary of State Street Corporation. The funds provide investors with the flexibility to select investments that are precisely aligned to their investment strategy. Recognized as an industry pioneer, State Street created the first US listed ETF in 1993 (SPDR S&P 500 Ticker SPY) and has remained on the forefront of responsible innovation, as evidenced by the introduction of many ground breaking products, including first to market launches with gold, international real estate, international fixed income, and sector ETFs. About State Street Global Advisors For nearly four decades, State Street Global Advisors has been committed to helping financial professionals and those who rely on them achieve their investment objectives. We partner with institutions and financial professionals to help them reach their goals through a rigorous, research driven process spanning both active and index disciplines. We take pride in working closely with our clients to develop precise investment strategies, including our pioneering family of SPDR ETFs. With trillions* in assets under management, our scale and global footprint provide unrivaled access to markets and asset classes, and allow us to deliver expert insights and investment solutions. State Street Global Advisors is the investment management arm of State Street Corporation. *Assets under management were $2.30 trillion as of March 31, AUM reflects approx. $32.6 billion (as of March 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated. In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions will reduce returns. Index based ETFs are passively managed and seek to track an index of securities. Expenses may cause the ETF's returns to deviate from the returns of the index. Equity Securities may increase or decrease as a result of market fluctuations, changes in interest rates and perceived trends in stock prices. Financial Services Sector Concentration Risk. Financial services companies may be subject to the risks of government regulation, deterioration of credit markets, losses resulting from financial difficulties of borrowers and losses resulting from investment activities. Non diversified funds invest a greater portion of assets in fewer securities and therefore may be more vulnerable to adverse changes in the market. Real Estate Investment Trusts (REITS) investing may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. 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. Investing involves risk, including the risk of loss of principal. Select Sector SPDR Funds bear a higher level of risk than more broadly diversified funds. All ETFs are subject to risk, including the possible loss of principal. Sector ETFs products are also subject to sector risk and nondiversification risk, which generally results in greater price fluctuations than the overall market.

3 ETF - News Article 3 / 3 ALPS Portfolio Solutions Distributor, Inc., a registered broker dealer, is the distributor for the Select Sector SPDR Trust. ALPS Portfolio Solutions Distributor, Inc. is not affiliated with State Street Global Markets, LLC Before investing, consider the fund's investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call SECTOR ETF or visit to download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully CORP 2020 Exp. Date: 06/3/2017 SSL FOLLOW US : Family of Products: Mutual Funds Global SPDRs Our Business: SSGA.com International Investors More Information: Register Glossary Contact Us Legal: Legal Information Privacy Copyright The official US site for exchange traded funds from State Street Global Advisors, the investment management arm of State Street Corporation State Street Corporation All Rights Reserved. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Standard & Poor's, S&P and SPDR are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation's financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index. Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker dealer, is distributor for SPDR S&P 500, SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, and all unit investment trusts. ALPS Portfolio Solutions Distributor, Inc. is distributor for Select Sector SPDRs. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC. THIS SITE IS INTENDED FOR U.S. INVESTORS ONLY. 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 Intermediary Business offers a number of products and services designed specifically for various categories of investors. Not all products will be available to all investors. 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. Information for Non U.S. Investors: The products and services described on this web site are intended to be made available only to persons in the United States, and the information on this web site is only for such persons. Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call , download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing. IBG Not FDIC Insured * No Bank Guarantee * May Lose Value /8/31

4 Financial Select Sector SPDR Fund (XLF) Frequently Asked Questions As announced by S&P Dow Jones Indices and MSCI Inc., modifications to the Global Industry Classification Standards (GICS ) will divide the current Financial Sector into two separate sectors: Financial Services and Real Estate. The Financial Services Select Sector will be comprised of the GICS Financials Sector excluding the Real Estate Industry Group, with the exception of Mortgage REITs The Real Estate Select Sector will include the GICS Real Estate Industry Group excluding Mortgage REITs As a result, S&P Dow Jones Indices recently announced modifications to the eligibility rules for the Financial Select Sector Index, which will remove real estate from the Financial Sector, effective September 16, Consequently, State Street Global Advisors (SSGA) will rebalance The Financial Select Sector SPDR Fund (XLF) to be consistent with the GICS methodology and the index it seeks to track. On or about September 16, 2016, XLF will no longer have exposure to the GICS Real Estate Sector. In connection with this index modification, XLF will be declaring a special dividend to its shareholders. Holders of record on Record Date will receive a distribution of shares of The Real Estate Select Sector SPDR Fund (XLRE). In order to facilitate this event, prior to the effectiveness of the updates to the Financial Select Sector Index, XLF will seek its real estate exposure in the form of shares of XLRE. These modifications to our Select Sector SPDR suite are intended to allow investors to seek precise sector exposure that aligns with the updated GICS sector classifications. Why is S&P Dow Jones making these modifications to the index eligibility rules? S&P is effecting the modification of the index eligibility rules to be in accordance with the previously announced new GICS Sector Classification scheme, which takes effect after the market close on August 31, 2016 and will be reflected in the index holdings as of the index rebalance on September 16, What is a special dividend? A special dividend, also known as a one-time dividend, is a distribution made by an entity outside of its normal distribution schedule or as the result of an extraordinary event (e.g., non-common income, profits, and re-organization). What is the projected timeline? Ex-Date: September 19, 2016 (as of the close of trading on September 16, 2016) Record Date: September 21, 2016 Payment Date: September 22, 2016 What should I expect to happen on Ex-Date, Record Date and Payment Date? Holders of record of XLF on the Record Date are entitled to receive the proceeds from the special dividend, which will be paid in shares of XLRE. On Ex-Date, XLF is expected to experience a drop in market price and Net Asset Value commensurate with the per share value of the special dividend. On Payment Date, holders of record of XLF on the Record Date will receive a defined proportional amount of shares of XLRE. The Declaration Date and rate will be announced closer to the Ex-Date. What will be the ratio of shares to be distributed? The amount of XLRE shares to be distributed to holders of XLF on the Record Date will be announced on the Declaration Date, which will occur closer to the Ex-Date. What if I do not want to own shares of XLRE after I receive them? If a holder of XLF does not wish to hold the shares of XLRE upon receipt of the special dividend, they can exit their position by selling their XLRE shares in the secondary market. Doing so may incur costs, including brokerage expenses and potential tax consequences.

5 Financial Select Sector SPDR Fund (XLF) Frequently Asked Questions What is the expense ratio of XLRE? The gross expense ratio of XLRE is 0.15 percent, with a 1 basis point waiver, resulting in a net expense ratio of 0.14 percent. However, the operating fees and expenses of XLRE are waived until September 16, 2016, such that XLRE will have an expense ratio of zero during that time period. What will happen if I am short shares of XLF? If you are short shares of XLF on Record Date, you will obtain an additional short position in XLRE. What if I have lent out my shares of XLF? If a holder of XLF has lent out their shares, the shares on loan will be eligible for the special dividend, and after Payment Date will have an on-loan position of XLF and XLRE. What will happen if I own XLF options? The strike price of the options may or may not be adjusted, depending on the rules and interpretation of the Options Clearing Corporation. What are the tax consequences of this event? The dividend distribution may be characterized as both return of capital and income for tax purposes. Please consult your tax professional for advice. What is the expected turnover of this event? In order to minimize turnover in XLF, the fund will offload its real estate holdings by creating shares of XLRE. When necessary, XLRE shares will also be purchased in the secondary market by XLF. This process will likely reduce turnover. What other changes are happening to XLF? At this time, there are no other changes to announce regarding XLF other than those disclosed in the prospectus supplement. If I own XLRE shares already, how may I be impacted? As XLF begins to accumulate a position in XLRE to maintain the requisite real estate exposure, prior to and after the index modifications, current holders of XLRE may see an increase in assets under management and trading volume. How will these changes affect the trading and market data of XLF? These modifications may impact the trading of XLF shares and distribution of market data. Market participants must be prepared to trade and disseminate adjusted pricing data during the time between the Ex-Date and Payment Date of the distribution. What will happen to The Financial Services Select Sector SDPR Fund (XLFS)? XLFS will continue to seek to track the S&P Financial Services Select Sector Index. Whom should I contact with additional questions? If you have questions, contact your SPDR Sales Representative or call State Street Global Advisors 2

6 Financial Select Sector SPDR Fund (XLF) Frequently Asked Questions ssga.com spdrs.com For institutional use only. Not for use with the public. State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: Web: State Street Global Advisors Singapore Limited, COMPANY REGISTRATION: D, regulated by the Monetary Authority of Singapore. 168 Robinson Road, #33-01 Capital Tower, Singapore T: Web: Important Risk Information For use in Brunei: This document relates to a private collective investment scheme under the Securities Markets Order, 2013 (the Order ) and the regulations thereunder. The document is intended for distribution only to specific classes of investors as specified in the Order and must not, therefore, be delivered to, or relied on by, a retail client. This document relates to a foreign collective investment scheme which is not subject to any form of domestic regulation by the Authority. The Autoriti Monetari Brunei Darussalam (the Authority ) is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not approved this document or any other associated documents nor taken any steps to verify the information set out in this prospectus and has no responsibility for it. The units to which this document relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the units offered should conduct their own due diligence on the units. If you do not understand the contents of this document you should consult a licensed financial adviser. For use in China: This document does not constitute a public offer of any fund mentioned in this document (the Funds mentioned ), whether by sale or subscription, in the People's Republic of China (the "PRC"). The Funds mentioned are not being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of the Funds mentioned or any beneficial interest therein without obtaining all prior PRC s governmental approvals that are required, whether statutorily or otherwise. Persons who come into possession of this document are required by the issuer and its representatives to observe these restrictions. THIS DOCUMENT AND THE INFORMATION CONTAINED HEREIN MAY NOT BE REPRODUCED OR DISTRIBUTED, NOR MAY ITS CONTENTS BE DISCLOSED, TO PERSONS WHO ARE NOT DIRECTLY INVOLVED WITH THE PROSPECTIVE INVESTOR S DECISION REGARDING THE PURCHASE OF INTERESTS WITHOUT THE PRIOR WRITTEN CONSENT OF SSGA (THE MANAGER ). BY ACCEPTING DELIVERY OF THIS DOCUMENT, EACH PROSPECTIVE INVESTOR AGREES TO THE FOREGOING. THE INTERESTS OFFERED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER ANY LAWS OF THE PEOPLE S REPUBLIC OF CHINA. For use in Hong Kong: The Funds mentioned are not registered in Hong Kong and may not be sold, issued or offered in Hong Kong in circumstances which amount to an offer to the public. This document is issued for informational purposes only. It has not been reviewed or approved by the Hong Kong Securities and Futures Commission. SSGA accepts no liability whatsoever for any direct, indirect or consequential loss arising from or in connection with any use of, or reliance on, this document which does not have any regard to the particular needs of any person. SSGA takes no responsibility whatsoever for any use, reliance or reference by persons other than the intended recipient of this document. For use in Indonesia: This document does not constitute an offer to sell nor a solicitation to buy securities in Indonesia. 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Potential investors must read and understand these materials to understand the risks inherent in an investment in the Fund before making a decision to make an investment. Past performance is not a guide to future performance. By accepting this document, you agree to be bound by the foregoing limitation. For use in Philippines: THE FUNDS BEING OFFERED OR SOLD HEREIN HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES REGULATION CODE. ANY FUTURE OFFER OR SALE THEREOF IS SUBJECT TO REGISTRATION REQUIREMENT UNDER THE CODE UNLESS SUCH OFFER OR SALE QUALIFIES AS AN EXEMPT TRANSACTION. For use in Singapore: The offer or invitation of the Funds mentioned, which is the subject of this document, does not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act, Chapter 289 of Singapore (SFA) or recognised under section 287 of the SFA. The Funds mentioned are not authorised or recognised by the Monetary Authority of Singapore (MAS) and the Funds mentioned are not allowed to be offered to the retail public. Each of this document and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. A potential investor should consider carefully whether the investment is suitable for it. The MAS assumes no responsibility for the contents of this document. This document has not been registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Funds mentioned may not be circulated or distributed, nor may the Funds mentioned be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than to an institutional investor under Section 304 of the SFA or otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Any subsequent sale of [Units] acquired pursuant to an offer made in reliance on an exemption under section 305 of the SFA may only be made pursuant to the requirements of sections 304A. For use in Taiwan: Investors should be aware that the offering and sale of offshore funds ( Funds ) in the Republic of China (R.O.C.) are highly regulated and may not be freely offered or sold in the R.O.C. unless they have been approved or reported for effectiveness for public offering and sale or are sold through private placement. Where the Funds are to be sold via private placement in Taiwan, they can only be offered and sold only to (a) banks, bills finance enterprises, trust enterprises, insurance enterprises, securities brokers, financial holding companies or other juristic persons or institutions approved by the competent authority; (b) domestic and foreign natural persons who satisfy any of the following requirements: (1) he/she provides proof of financial capacity of TWD 30 million or more; or otherwise every single investment made by him/her exceeds TWD 3 million and the total assets that he/she invested through the Securities Investment Trust Enterprises (including such investment) exceed TWD 15 million, and he/she has also declared that his/her aggregate assets exceed TWD 30 million; and (2) he/she has adequate professional knowledge or trading experiences related to financial products; and (c) juristic persons or funds whose assets according to a financial statement certified or reviewed by a CPA exceed NT$50 million, or its trust assets under the trust agreement executed in accordance with the Trust Act exceed NT$50 million, provided that no certification or review by a CPA is necessary for offshore juristic persons (The number of subscribers and purchasers of (b) and (c) cannot exceed 35). An offeree of the Funds will be requested to declare that it/he/she meets certain qualification and provide any necessary supporting documents as may be requested from time to time. Offerees must be aware that resale of the Funds is subject to restrictions except in one of the following circumstances: (A) by redemption by the offshore fund institution; (B) by transfer to a qualified person/entity mentioned above; (C) by transfer by operation of law; or (D) as otherwise approved by the competent authorities. 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No offer to the public to purchase the Funds mentioned will be made in Thailand and this document is intended to be read by the addressee only and must not be passed to, issued to, or shown to the public generally. State Street Global Advisors

7 Financial Select Sector SPDR Fund (XLF) Frequently Asked Questions All forms of investments carry risks, including the risk of losing all of the invested amount. Such activities may not be suitable for everyone. In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details. Information represented in this piece does not constitute legal, tax, or investment advice. Investors should consult their legal, tax, and financial advisors before making any financial decisions. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF s net asset value. Brokerage commissions will reduce returns. Index-based ETFs are passively managed and seek to track an index of securities. Expenses may cause the ETF s returns to deviate from the returns of the index. Equity Securities may increase or decrease as a result of market fluctuations, changes in interest rates and perceived trends in stock prices. Index-based ETFs are passively managed and seek to track an index of securities. Expenses may cause the ETF s returns to deviate from the returns of the index. Financial Services Sector Concentration Risk. Financial services companies may be subject to the risks of government regulation, deterioration of credit markets, losses resulting from financial difficulties of borrowers and losses resulting from investment activities. Non-diversified funds invest a greater portion of assets in fewer securities and therefore may be more vulnerable to adverse changes in the market. Real Estate Investment Trusts (REITS) investing may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. Sector ETF products are also subject to sector risk and non-diversification risk, which generally result in greater price fluctuations than the overall market. Select Sector SPDR Funds bear a higher level of risk than more broadly diversified funds. 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. State Street Global Advisors 2016 State Street Corporation. All Rights Reserved. HKSP-2163 Exp. Date: 06/30/2017