Santa Monica, CA - 6 December 2006

Wilshire Funds Management, a business unit of Wilshire Associates Incorporated that provides more than $15 billion in traditional and alternative multi-manager investment solutions to institutional clients, and New York-based Fairfield Greenwich Group (“FGG”), a more than $10 billion global hedge fund and fund of hedge funds management firm, today announced a strategic relationship to provide turnkey portable alpha solutions to institutional investors.

FGG and Wilshire Funds Management will work together to create customizable investment strategies for institutional clients that combine alpha and beta in one turnkey portable alpha solution. FGG’s role in this relationship will be to provide institutional quality alpha solutions while Wilshire Funds Management will act as the beta manager.

“We are very excited to have FGG as a partner in the portable alpha space,” said Lawrence E. Davanzo, Senior Managing Director and head of Wilshire Funds Management. “Wilshire has been active in risk management for more than 30 years and was the first firm to provide beta measurement technology solutions to investment managers beginning in the early 1970s. We think that this turnkey solution combines a quality source of alpha with an appropriate management of beta. Clients will have an extra layer of comfort knowing they have two firms
with extensive experience as fiduciaries overseeing their portable alpha program.”

Jeffrey Tucker, one of FGG’s Founding Partners, commented: “We are delighted to have a partner as respected and capable as Wilshire in this new endeavor. We are confident that this is an extremely attractive portable alpha program, one which we believe offers a very seamless, efficient, and powerful investment strategy.”

Portable alpha is the process of gaining synthetic access to an index through the use of futures or swaps while overlaying an equal allocation to an uncorrelated alpha source. Excess returns over the index are produced when the alpha source produces returns in excess of the cost of attaining the beta (and any additional fees).

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