FUND NEWS                               Feb 13, 2006

APFC agrees to acquire stake in Simpson Housing limited partnership

FEBRUARY 13 - Simpson Housing Limited Partnership, LLLP ("Simpson" or the "Company") and Alaska Permanent Fund Corporation ("APFC") announced today that APFC entered into a definitive agreement to acquire a co-controlling stake in Simpson, one of the largest private multifamily development and operating companies in the country. The transaction values Simpson in excess of $2 billion.

FEBRUARY - Simpson Housing Limited Partnership, LLLP ("Simpson" or the "Company") and Alaska Permanent Fund Corporation ("APFC") announced today that APFC entered into a definitive agreement to acquire a co-controlling stake in Simpson, one of the largest private multifamily development and operating companies in the country. The transaction values Simpson in excess of $2 billion.

Under the terms of the agreement, APFC will acquire a co-controlling stake in the Company from the State of Michigan Retirement System ("SMRS"). Completion of the transaction, which is expected to occur by the end of the first quarter of 2006, is subject to certain customary closing conditions.

Deutsche Bank Securities Inc. acted as sole financial advisor to SMRS and Simpson. McGuireWoods LLP provided legal advice. PricewaterhouseCoopers has provided consulting services to SMRS since their original investment in Simpson and provided strategic and corporate governance oversight to SMRS in this transaction.

CS Capital Management, Inc. acted as advisor to APFC and Heller Ehrman LLP provided legal advice.

About Simpson Housing Limited Partnership:

With its roots tracing back to 1948, Simpson is among the largest private residential developers, owners, and managers of multifamily housing in the nation. Simpson operates in 34 states and maintains its headquarters in Denver, CO. Simpson`s three businesses consist of: 1) the operation of its core rental portfolio, 2) the development of multifamily housing communities, and 3) the operation of its affordable housing division, Simpson Housing Solutions, L.L.C. As of January 31, 2006, there were 63 communities in the core rental portfolio consisting of 19,241 units with a development pipeline of over 2,000 units. Currently, approximately 91% of Simpson is owned by affiliates of SMRS.