Our service includes determining data and reporting requirements, portfolio and investment structures, conversion of historical data to enable stratification and associated long-term rates. Private Edge electronically captures all cash transactions, coordinating with investment managers to obtain financial and investment characteristic information, calculating performance, reconciling returns to those reported by managers, designing and calculating reports, responding to ad hoc queries, and providing industry expertise on a consulting basis. Private Edge customers can elect to have online access to the database or a direct delivery report.

State Street Private Equity Index^sm

The newest addition to our Private Edge service is the State Street Private Equity Index^sm. The index is based on the latest quarterly statistics from our private equity database, which consists of 1,309 private equity partnerships with a capitalization of more than $1.1 trillion.

Key benefits of the State Street Private Equity Index include:

• Consistent, Accurate, Mandatory
  State Street leverages its extensive custodial relationships to collect client data. As custodian, State Street has an accurate account of the amounts and timing of all cash flows within its clients’ investments. Unlike other indices, the State Street Private Equity Index does not rely on voluntary reporting of cash flows from General Partners in order to calculate returns. As a result, our Private Equity Index provides unparalleled return accuracy and consistency, across all funds, without any reporting bias.

• Large Pool of Funds
  As of June 30, 2007, the State Street Private Equity Index consists of 1,309 funds. Since vintage year 2000 the index contains a sample of 842 funds. Not only does our Private Equity Index contain a greater amount of funds than other private equity indices, it also contains a greater amount of current funds.

• Diverse Investment Representation
  State Street has a diverse client base covering public and private pensions, endowments and foundations, providing a broad base of private equity investments from which the index has been built. The index contains a significant amount of funds across investment strategies, vintage years, and geography providing an extremely useful tool when benchmarking against any criteria.

Updated quarterly, the index reports dollar weighted returns (IRR) and investment multiples by strategy and by vintage year. It also reports quarterly and annual returns, and investment multiples. For example, the graph below depicts the holding period composite returns as of second quarter 2007. To view a complete sample of the State Street Private Equity Index, click here.

The index is available on an annual subscription basis. For more information, please contact us at fundindex@statestreet.com.