Confidential flex PATH Participant Education What is a

Confidential flex. PATH Participant Education

What is a TDF? A simple investment solution in which a portfolio’s asset allocation becomes more conservative (less exposure to equity) as the retirement target date approaches. What are the benefits? • Professional management • Diversification 1 • Low maintenance via automatic de-risking What are the challenges? • May not account for individual investor risk tolerance or savings needs Diversification does not protect against loss of principal. Automatic de-risking: manager rebalances portfolio in accordance with investor’s retirement date 1 2

How Useful are Averages? Manute Bol 1 7’ 7” 200 lbs. Shoe size: 16. 5 Spud Webb 1 5’ 6” 133 lbs. Shoe size: 8 1 Basketball Average shoe size: 10. 52 One size does not fit all! Reference 2 Statistic Brain. Average U. S. adult male shoe size. 3

Who We Are flex. PATH® is a revolutionary, multi-glidepath target date solution utilizing multiple management styles as well as independent open architecture manager selection. flex. PATH® is a cost-effective solution that gives participants a new level of choice for their target date funds. flex. PATH Conservative flex. PATH Moderate • Lower equity exposure at retirement • Moderate equity exposure at retirement • Incorporates a long and gradual transition away from risky assets • Incorporates a more steady transition away from risky assets flex. PATH Aggressive • High equity exposure at retirement • Incorporates a faster transition away from risky assets Two Management Styles flex. PATH Index offers low cost, index-based management flex. PATH Index+ adds actively managed satellite funds to a core of low cost index funds 4

flex. PATH Structure and Oversight ONE revolutionary target date solution. Backed by THREE industry leaders. Independent Investment Manager Selection • 3(38) fiduciary of investment selection and monitoring by flex. PATH Strategies, LLC Over $100 billion in AUA 1 o • Creators of the Scorecard System™ o Used by 1, 000+ retirement advisors with more than $350 billion in retirement assets 1 flex. PATH Innovative Multiple Glidepath Construction • 3(38) fiduciary of glidepath creation and monitoring by Black. Rock o Over $5 trillion in AUM 2 • Largest money manager in the world o Works with 25% of Fortune 100 firms o Inventor of the target date fund Collective Investment Trust (CIT) Structure • 3(38) custodian of funds by Wilmington Trust o Industry leader with assets of more than $12 billion • CIT structure allows for portability o Cost-efficient o Daily valuation o Built specifically for retirement plans and it’s affiliated companies (NFP) manage over $100 billion. as of June 2017 2 Black. Rock: 5

flex. PATH Strategies Glidepaths 100 Equity Exposure (%) 80 60 40 20 0 50 45 40 35 30 25 20 15 10 Years until retirement flex. PATH Aggressive Index+ flex. PATH Conservative Index+ 5 0 Retirement -5 -10 -15 flex. PATH Moderate Index+ For illustrative purposes only. Actual allocations may vary. 6

flex. PATH Glidepaths 2055 flex. PATH Conservative 2045 99% 1% 90% 2035 10% 2025 Retirement 66% 34% 42% 2% 86% 14% 65% 35% 40% 1% 95% 5% 79% 21% 50% 58% 30% 70% Equities Bonds 98% 60% flex. PATH Moderate Equities Bonds flex. PATH Aggressive 99% 50% Equities Bonds For illustrative purposes only. Actual allocations may vary. 7

flex. PATH Conservative • Risk is limited compared to Moderate and Aggressive because the savings are nearly sufficient to adequately fund retirement • Goal is to reduce volatility and achieve a more consistent income throughout retirement • Conservative PATH Characteristics • Retirement savings rate greater than 12 percent • High account balance • Emphasis on stability in retirement 8

flex. PATH Moderate • Risk is moderate compared to Aggressive and Conservative because current savings and savings rate may achieve most retirement goals • Additional risk may be necessary to fully achieve all retirement goals • Moderate PATH Characteristics • Retirement savings rate between 6 -12 percent • Average account balance • Balance of stability and longterm return in retirement 9

flex. PATH Aggressive • Risk is higher compared to Conservative and Moderate because current savings may not be enough to achieve retirement goals • Goal is to generate greater expected return through riskier investments in order to supply adequate income throughout retirement • Aggressive PATH Characteristics • Retirement savings rate less than 6 percent • Low account balance • Emphasis on long-term return in retirement 10

flex. PATH Index+ Underlying Funds (as of 12/31/2017) Asset Class US Large Cap Equity US Small Cap Equity International Equity US Fixed Income Commodities REIT TIPS Multiple manager approach to underlying fund selection Fund Black. Rock Russell 1000 Index Fund CIT JPMorgan US Research Enhanced Equity R 6 American Beacon Bridgeway Lg Cp Val T. Rowe Price Blue Chip Growth Pioneer Fundamental Growth Black. Rock Russell 2000 Index Fund CIT Principal Small Cap Value Hartford Small Cap Growth DFA US Micro Cap Black. Rock MSCI ACWI ex-U. S. IMI Index CIT BMO Pryford International Stock Wellington International Quality Growth CIT Oakmark International Templeton Foreign CIT Cl 0 TS Goldman Sachs Int‘l Small Cap Fidelity International Small Cap DFA Emerging Markets Small Cap I Black. Rock US Debt Index CIT Lord Abbett Total Return CIT Prudential Total Return Bond Neuberger Berman Strategic Income Double. Line Total Return Bond Black. Rock Commodity Index Daily CIT Deutsche Enhanced Commodities Black. Rock Developed Real Estate Index CIT Principal Global REIT Black. Rock U. S. TIPS Index CIT 50, 000 total available funds Funds selected by 9 CFA charterholders utilizing RPAG’s institutional Scorecard System 11

flex. PATH Index Underlying Funds (as of 12/31/2017) Asset Class Fund U. S. Large Cap Equity Black. Rock Russell 1000 Index Fund U. S. Small Cap Equity Black. Rock Russell 2000 Index Fund International Equity Black. Rock MSCI ACWI ex-U. S. IMI Index U. S. Fixed Income Black. Rock U. S. Debt Index Commodities Black. Rock Commodity Index Daily Fund REIT Black. Rock Developed Real Estate Index TIPS Black. Rock U. S. TIPS Index Average Score Multiple manager approach to underlying fund selection 50, 000 total available funds Funds selected by 9 CFA charterholders utilizing RPAG’s institutional Scorecard System 12

Choose Your Target Date IF YOU EXPECT TO RETIRE BETWEEN: THEN YOU MIGHT CONSIDER: 2050 OR LATER flex. PATH 2055 2040 -2049 flex. PATH 2045 2030 -2039 flex. PATH 2035 2020 -2029 flex. PATH 2025 2019 OR EARLIER flex. PATH RETIREMENT 13

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Disclosure No representation regarding the suitability of these instruments and strategies for a particular investor or plan participant is made. Separately managed account and bank collective fund guidelines and strategies may differ and may involve different asset classes and different degrees and types of risks. Eligible plans should consider whether an investment in one or more of the Funds satisfies the diversification requirements and prudence requirements of ERISA and/or other applicable law and regulations thereunder applied to the plans’ own circumstances and should inform themselves as to any other applicable legal requirements, and taxation and exchange control regulations in the countries of their sponsors’ or participants’ citizenship, residence or domicile which might be relevant. Predictions, opinions, and other information contained in this material are subject to change continually and without notice of any kind and may no longer be true after the date indicated. Any forward-looking statements speak only as of the date they are made, and flex. PATH Strategies assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those projected in these materials due to factors including, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, and competitive conditions. flex. PATH Strategies is not and will not become a fiduciary or investment advisor with respect to any person or plan by reason of providing this material. This material is intended solely for use by retirement plan sponsors, their consultants, and advisors to provide them background information. This material is not intended for use by the general public or for use by any retirement plan participants, nor is it an offer or solicitation to the general public or any retirement plan participants to buy or sell any investment products. NO SECURITIES REGISTRATION: THE UNITS OFFERED BY THE FUNDS (“UNITS”) HAVE NOT BEEN REGISTERED WITH, AND THE MERITS OF THE OFFERING OF UNITS HAVE NOT BEEN PASSED UPON BY, THE SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER FEDERAL OR STATE REGULATORY AGENCY IN RELIANCE ON EXEMPTIONS FROM REGISTRATION UNDER FEDERAL AND STATE SECURITIES LAWS. Market indexes are included in this report only as context reflecting general market results during the period. flex. PATH Strategies may provide research on funds that are not represented by such market indexes. Accordingly, no representations are made that the performance or volatility of any fund where flex. PATH Strategies provides research will track or reflect any particular index. Market index performance calculations are gross of management and performance incentive fees. Scorecard System evaluates funds based proprietary research. Scorecard System results may vary with each use and over time. The use of the Scorecard System does not guarantee results. It is an investment analysis tool intended to aid in the investment decision making process. Any decision to invest in a fund should be made in consultation with qualified tax, legal or investment professional advice. The performance data used in this material represents past performance. Past performance does not guarantee future results. A mutual fund's investment return and principal value will fluctuate. Upon redemption, shares may be worth more or less than their original cost. This material was created to provide accurate and reliable information on the subjects covered but should not be regarded as a complete analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. Neither NFP nor its subsidiaries or affiliates offer tax or legal advice. Mutual funds are sold by prospectus only. Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of a mutual fund. The fund prospectus provides this and other important information. Please contact your representative or the Company to obtain a prospectus. Please read the prospectus carefully before investing or sending money. 17

Disclosure Investing involves risk, including possible loss of principal. The funds are not FDIC insured and there is no bank guarantee. The principal value of the funds is not guaranteed at any time including at and after the target date. Asset allocation models and diversification do not promise any level of performance or guarantee against loss of principal. Investment in the funds is subject to the risks of the underlying funds. flex. PATH Strategies are Collective Investment Trusts available only to qualified plans and governmental 457(b) plans. They are not mutual funds and are not registered with the Securities and Exchange Commission. Wilmington Trust Retirement and Institutional Services Company serves as Trustee and is responsible for maintaining and administering the funds. Investment Advisory Services offered through flex. PATH Strategies, LLC. © 2017 flex. PATH Strategies, LLC. All Rights Reserved. The flex. PATH Strategies name and logo are registered trademarks of flex. PATH Strategies, LLC or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. FLEX-2017 -21 ACR#261315 11/17 18