Avera Global Partners to Join Security Global Investors.

Security Global Investors, the asset management group of Security Benefit, moves toward its long-term objective of providing best-in-class investment strategies along the asset allocation spectrum

TOPEKA, Kan. & SAN FRANCISCO -- Security Benefit Corporation today announced the signing of a definitive agreement to acquire the assets of Avera Global Partners (Avera), a San Francisco-based asset manager. Under the terms of the agreement, the assets of Avera will be acquired by a newly-formed investment adviser subsidiary of Security Benefit, which will operate under the umbrella of Security Global Investors, the asset management arm of Security Benefit. The transaction is expected to close in the summer of 2007. The company also announced that the Security Funds' Boards of Directors had approved Security Global Investors as sub-investment adviser to manage its $185M Security Equity Fund Global Series and half of its $560M SBL Fund Series D (Global), subject to shareholder approval.

Avera provides its clients with a focused set of investment strategies including global long-only and global long-short portfolios. Security Global Investors manages institutional funds through 6th Avenue Investment Management, which provides retirement programs, insurance companies and other institutional investors with a diverse array of growth and value equity strategies, and specialty fixed income strategies. After the close of the transaction, the respective investment teams will maintain their investment management autonomy and operate under the Security Global Investors name.

"We have outstanding talent in our existing asset management franchise and have been focused on finding additional investment capabilities that align with our cultural and investment quality standards," said Kris Robbins, chairman, president and CEO, Security Benefit. "The global investment capabilities of the Avera team are a perfect fit and will allow us to offer a broader range of solutions to meet the increasingly complex and changing needs of investors."

"The high quality of our existing domestic equity and fixed income capabilities combined with Avera's distinct global investment acumen positions Security Global Investors to deliver leading edge products to our diverse client base," remarked Richard Goldman, president of Security Global Investors.

"Joining forces with Security Global Investors allows us to maintain our investment approach and autonomy, while working towards our shared goal of delivering strong results to our clients," said John Boich, founder and CIO of Avera. "We believe this partnership will allow us to grow our business while retaining our unique entrepreneurial climate and performance driven focus. We are extremely pleased to be working with a partner like Security Benefit, a company with over 100 years of history in the insurance and asset management business with an impeccable reputation for integrity and delivering results."

About Security Global Investors

Security Global Investors, the company through which Security Benefit will operate its asset management line of business, is a newly-formed investment manager. The acquisition of Avera's assets and talented people will provide the line with a global/international equity competency.

About Avera Global Partners

Avera Global Partners (Avera) is a SEC-registered investment advisory firm with a single focus - Global Equity Investing. Avera manages a global long-short equity mandate (GLS) and a global long-only equity mandate (GLO). Avera's investment team has a solid track record in global research and portfolio management, having employed global investing methodologies and advised institutional investors. Avera provides investment advisory services on behalf of institutions and high net worth individuals in onshore-pooled vehicles, offshore-pooled vehicles and separate accounts. Headquartered in San Francisco, CA, it has 10 employees (including 8 investment professionals). Shortly after close, it will operate as the global equity capability of Security Global Investors.

About 6th Avenue Investment Management

6th Avenue Investment Management manages approximately $11.0 billion in assets (as of 3/31/07) on behalf of retirement programs, insurance companies, mutual funds, individual qualified and non-qualified plans, and institutional investors. Headquartered in Topeka, Kansas, and founded in 1962, it has 38 employees (including 22 investment professionals). Investment strategies include U.S. value and growth equity, high yield and specialty fixed income, in separate accounts, mutual funds, and unregistered funds and insurance trusts. Shortly after close, it will operate as the US domestic and fixed income capability of Security Global Investors.

About Security Benefit

Security Benefit fosters strong partnerships to provide insightful and customized retirement solutions for employers and individual investors nationwide. Through a broad advisor network and its nationally recognized money managers, Security Benefit provides mutual funds, annuities and retirement plans and programs. As an industry leader in service technology, Security Benefit affiliates also offer business processing and broker/dealer solutions tailored to the financial services marketplace. For more information about us, visit www.securitybenefit.com.