TABLE OF CONTENTS. Report Date: 03/20/14

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2 TABLE OF CONTENTS Methodology 1 Executive Summary 2 Value Proposition 3 Capability Summary 6 Candidate Screening Results 14 Strengths and Limitations 15 Screening Criteria 16 Provider Summary 18 Plan Fee Summary - Ongoing Fees 21 Pricing Comparison 22 RFP Questions 23 Pricing Assumptions 26 Provider Selection Synopsis 27 Provider Evaluation 28 Evaluation Summary 30 Fund Line-Up 31 Investment Evaluation 34 LPL Important Disclosures 47

3 METHODOLOGY Possible viable candidates are screened through our experience and knowledge of your specific requirements based on consultation with you, and through access to an extensive database of provider capabilities. Once service provider candidates are chosen, an online request for proposal is created, featuring investment, pricing and additional information requirements customized to fit the specific needs of the plan sponsor. After a provider selection is made, a report is created and archived to document the entire selection process. PROVIDER INFORMATION COLLECTION CANDIDATE SCREENING & SELECTION RFP CREATION & DISTRIBUTION RESPONSE ANALYSIS PROVIDER SELECTION PROCESS DOCUMENTATION 1

4 EXECUTIVE SUMMARY ASSET AMOUNT: $11.6 M ANNUAL CONTRIBUTION: $500,000 PARTICIPANTS: ELIGIBLE: You have indicated that the following objectives represent the plan's highest priorities: Maximize services the provider can perform to reduce plan sponsor headcount and support effort Provide leading edge, holistic employee training Provide Retirement Readiness tools and resources Provider Products Considered 31 Candidates Selected 4 RFPs Issued 4 Respondents 4 Finalists Considered: Provider C: Product C Provider D: Product D Provider A: Product A 2

5 VALUE PROPOSITION Each service provider is given the opportunity to summarize the unique value that they provide to the marketplace. This content represents the one page summary that they created. Provider A Product A ASSETS UNDER MANAGEMENT (MILLIONS): $49,000.0 NUMBER OF PLANS: 31,920 We champions the commitment of plan sponsors and intermediaries to drive better retirement outcomes by personally engaging and motivating employees to invest in their futures with optimism. As a leading retirement plan provider, we are committed to offering our partners a broad array of plan solutions to meet their needs including independent, market-driven investments, superior plan design and fiduciary and compliance guidance. AVERAGE PARTICIPANTS PER PLAN: 44 3

6 VALUE PROPOSITION Provider C Product C ASSETS UNDER MANAGEMENT (MILLIONS): $47,800.0 NUMBER OF PLANS: 43,562 Designed to provide comprehensive services that simplify administration and ensure compliance, our retirement plan solutions are tailored to meet your needs and the way you do business. Our capabilities span a full range of best-in-class services and products backed by our industry expertise and a team approach allowing you to partner with one source to achieve your goals. With more than 30 years of experience as an award-winning industry leader in pioneering comprehensive retirement plan solutions and exemplary client service, we understand that there are multiple pathways to building a successful retirement program. From plan design to document generation to processing and administration, our solutions are tailored to provide flexibility to fit your business. AVERAGE PARTICIPANTS PER PLAN: 47 4

7 VALUE PROPOSITION Provider D Product D ASSETS UNDER MANAGEMENT (MILLIONS): $166,367.8 NUMBER OF PLANS: 40,339 AVERAGE PARTICIPANTS PER PLAN: 105 Our commitment to the retirement plan services industry is unwavering. We have been providing financial products and services for more than130 years, and after more than 70 years we continue to be a leader in the retirement plan industry. Over 40,000 retirement plans and more than 4.24 million plan participants rely on us to provide tailored services and innovative solutions. Retirement Leadership Retirement plan services are our core business, accounting for 95% of our total assets under administration. We are a total retirement services leader, offering Defined Benefit, Defined Contribution, Employee Stock Ownership, Nonqualified, and tax-exempt plans, as well as bundled and unbundled arrangements. We are able to deliver services for almost any size and type of retirement plan. We offer local service through more than 50 retirement services offices across the country. And, our comprehensive and personal approach to education includes strategies for participants at all stages of life, including possible income strategies for those nearing retirement. Total Retirement While some service providers claim to deliver total retirement services we are one of the retirement services leaders, providing consolidated services for Defined Benefit, Defined Contribution, Employee Stock Ownership, and qualified plans. Our program integrates multiple plan services to simplify data management, administrative, recordkeeping and compliance services making it quicker and easier to help plan sponsors manage the overall retirement program. We help the plan sponsor spend less time on day-to-day administrative duties so more priority can be placed on making strategic decisions. Investment Manager As an investment manager, we deliver management through our institutional approach known for managing money for retirement plans and other large organizations. The capabilities encompass an extensive range of fixed income, equity and real estate investment options. 5

8 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D Number of years provider has provided defined contribution retirement plan services? Number of total plans provider administers? 31,920 43,563 32,953 Average value of assets per plans for which provider provides daily valuation record keeping services (enter as million)? $ Number of total participants in the plans provider administers? 1,414, ,398 3,689,925 Average number of participants per plan for which provider provides daily valuation record keeping services? Amount of total 401(k) assets you record keep (enter as millions)? $12,716 43, ,683 6

9 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D # of 401(k) plans Under $5M? ,839 23,720 # of 401(k) plans between $5M - $20M? 82 1,433 2,632 # of 401(k) plans between $20M - $100M? # of 401(k) plans $100M+? # of 401(k) plans between 0-99 employees? ,363 23,236 # of 401(k) plans between employees? 102 2,427 3,453 # of 401(k) plans between 1,000-4,999 employees? # of 401(k) plans between 5,000+ employees?

10 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D Require proprietary funds in lineup (describe requirements if applicable)? No No No Require the use of a proprietary stable value or guaranteed account? Yes No No Offer target date (age based) asset allocation funds? Yes Yes Yes Allow non-proprietary target date funds? Yes Yes Yes Allow models as QDIA? Yes Yes Yes Offer a managed account option? Yes Yes Yes Accommodate the advisor building model portfolios? Yes Yes Yes Offer Self-Directed Brokerage accounts? Yes Yes Yes 8

11 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D Offer plan sponsor materials in languages other than English? Yes Yes Yes Number of days needed after receipt of conversion files to "go live?" No more than 1 day. 5 3 Utilize a specialized and dedicated conversion and implementation team? Yes Yes Yes Have procedures and operations for disaster recovery and data backup plan (describe)? Yes Yes Yes Offer automatic deferral increases? Yes Yes Yes Offer automatic enrollment? Yes Yes Yes Participant web-site with ability to include a link or links to other of the Plan Sponsor benefit web-sites? Yes Yes No 9

12 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D Provide fully automatic input of any participant payroll data (describe any manual input)? Yes Yes Yes Offer systems with ability to handle the allowable 30-day opt out period? Yes Yes Yes Offer systems with ability to handle the automatic initial enrollment of employees? Yes Yes Yes Offer systems with ability to automatically update newly eligible and employee status from the client's payroll system data feed? Yes Yes Yes Offer participant statements with year to date personal rate of return? Yes Yes Yes Prepare newsletters for plan sponsors? Yes Yes Yes 10

13 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D Offer Spanish speaking representatives? Yes Yes Yes Offer IRA rollovers (describe in detail)? Yes Yes Yes Online participants vested percentage? Yes Yes Yes Include an on-line Retirement Gap Analysis Calculator? Yes Yes Yes On-line ability for participant to make deferral changes? Yes Yes Yes Offer targeted communication campaigns? Yes Yes Yes Offer customized communication materials? Yes Yes Yes Prepare fund change notices? Yes No Yes 11

14 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D Send fund change notices to the participant? Yes No Yes Allow participants to initiate a loan request on-line? Yes Yes Yes Allow participant statements to be customized (describe extent or limitations)? Yes Yes Yes Offer participant statements available on-line? Yes Yes Yes Have an annual SSAE 16 audit completed (describe any exception in most recent audit)? Yes Yes Yes Assign an ERISA attorney to the account? No No No 12

15 CAPABILITY SUMMARY Provider A Product A Provider C Product C Provider D Product D Offer preparing the Form 5500, Summary Annual Report, and audit package? Yes Yes Yes Post compliance documents online? Yes Yes Yes 13

16 CANDIDATE SCREENING RESULTS This section provides an overview of provider capabilities based on specific Mandatory and Requested screening criteria. Mandatory criteria are identified by the plan sponsor as essential to be met. Requested criteria are desirable by the plan sponsor, but not absolutely required. The Mandatory and Requested Scores represent the number of criteria met out of the total number of criteria on which the providers were screened. They are not intended to rate providers or imply that any one provider's products or services are better than another. Provider capabilities were screened based on key capabilities determined by the provider committee. Each Candidate was allowed to miss up to 2 Mandatory Criteria to be considered. PROVIDER A PRODUCT A PROVIDER C PRODUCT C MANDATORY SCORE REQUESTED SCORE 14/15 9/10 Provider A met all but two mandatory criteria and 9 of 10 requested capabilities. The missed capabilities will be further investigated during the proposal review process. MANDATORY SCORE REQUESTED SCORE 14/15 7/10 Provider C met all mandatory criteria and 7 out of 10 Requested. The missed requested capabilities will be further investigated during the proposal review process. PROVIDER D PRODUCT D MANDATORY SCORE REQUESTED SCORE 13/15 9/10 Provider D met all but two mandatory criteria and several of the requested criteria. The missed mandatory capability and the missed requested capability will be further investigated during the proposal review process. 14

17 STRENGTHS AND LIMITATIONS The Strengths and Limitations section provides additional detail based on your advisor's experience with each service provider as it relates to your specific plan criteria and objectives. While this information is intended to assist in evaluating providers, it should not be the sole factor in selecting a provider for your plan. These comments represent the personal views of your advisor and should be reviewed in conjunction with all other relevant information and data. Provider A Product A Provider C Product C Provider D Product D STRENGTHS Superior Fund Availability, including: ETFs Collective Trusts Help Line responsiveness excellent Flexible Education Services LIMITATIONS Proprietary Target Date Funds (Only) Limited capabilities for QDIA options Outsourced Vendor for Education Services Not all products allow ETFs STRENGTHS Superior Fund Availability, including: ETFs Collective Trusts Help Line responsiveness excellent Flexible Education Services LIMITATIONS Requires Proprietary Funds Limited capabilities for Advisor created model portfolios Fewer Relationship Managers covering wider geography STRENGTHS Fund Availability: Access to 50 fund families Collective Trusts Will handle delivery of participant materials Flexible Education Services LIMITATIONS Proprietary Target Date Funds (Only) Outsourced Vendor for Education Services Not all products allow ETFs Limited Availability of Collective Trusts Collective Trusts not permitted in Advisor defined models 15

18 SCREENING CRITERIA This section provides an overview of provider capabilities based on specific Mandatory and Requested screening criteria. Mandatory criteria are identified by the plan sponsor as essential to be met. Requested criteria are desirable by the plan sponsor, but not absolutely required. The Mandatory and Requested Scores represent the number of criteria met out of the total number of criteria on which the providers were screened. They are not intended to rate providers or imply that any one provider's products or services are better than another. MANDATORY CRITERIA PROVIDER A PRODUCT A PROVIDER C PRODUCT C PROVIDER D PRODUCT D Minimum number of years provider has provided defined contribution retirement plan services? : 5 Without litigation within the last 3 years (describe)? Minimum # of 401(k) plans between employees? : 100 Have an annual SSAE 16 audit completed (describe any exception in most recent audit)? Disclose all vendors compensation in the 408(b)(2) disclosure (elaborate)? Offer participant statements available on-line? Offer participant statements with year to date personal rate of return? Maintain on-line enrollment records? Offer systems with ability to handle the automatic initial enrollment of employees? Have procedures and operations for disaster recovery and data backup plan (describe)? Offer plan sponsor materials in languages other than English? Allow non-proprietary target date funds? Offer a managed account option? 16

19 SCREENING CRITERIA MANDATORY CRITERIA PROVIDER A PRODUCT A PROVIDER C PRODUCT C PROVIDER D PRODUCT D Allow advisor model to be DIA? Offer investment fiduciary services (Describe in Detail)? REQUESTED CRITERIA PROVIDER A PRODUCT A PROVIDER C PRODUCT C PROVIDER D PRODUCT D Minimum number of months compliance documents are available on plan sponsor website? : 1 Prepare fund change notices? Send fund change notices to the participant? Currently monitor market-timing and late-day trading (describe in detail)? Offer IRA rollovers (describe in detail)? Offer customized communication materials? Generate and send Enrollment Kits to newly eligible participants? Offer systems with ability to automatically update newly eligible and employee status from the client's payroll system data feed? Require proprietary funds in lineup (describe requirements if applicable)? Offer Self-Directed Brokerage accounts? 17

20 PROVIDER SUMMARY Each Provider was asked to document any additional information they believe that the plan sponsor should know about their proposal. This information typically includes summary points each provider wants to make about their particular strengths related to this plan, and any key assumptions regarding the services they have proposed. PROVIDER A PRODUCT A PLAN COST: $70, % We appreciate the opportunity to serve your employee's in the important company benefit. We have carefully crafted our platform over time to allow detailed customization to meet the unique needs of different plans and employee groups. In addition to what you have read about our firm and products, we'd like to highlight a few specific benefits of our company and our proposed solution, based on what you have communicated as being your highest priorities: - Ability to offload employee services activities. We offer a full range of services we can provide for you in this area, including creating, printing and distributing participant statements. - Customization of availability of retirement planning tools for participants. We are able to rearrange and even substitute retirement planning tools to fit the needs of different employees. We look forward to presenting our services to you and know that we can meet the needs of your 401K Plan participants. Thank You for this Opportunity 18

21 PROVIDER SUMMARY PROVIDER C PRODUCT C PLAN COST: $83, % Thank you for the opportunity for our firm to propose on this plan. We believe our company and products are uniquely positioned to serve 4MM Manufacturing employees. Our firm has a long and rich history of serving the employer-sponsored retirement plan marketplace. We have one of the highest ratings for our overall service technology and also rank amoung the highest in participant satisfaction levels. We offer numerous service options to our customers to accomodate their unique requirements. We look forward to deeper discussion with you to make sure we have shaped our proposed products and services to match your true needs. 19

22 PROVIDER SUMMARY PROVIDER D PRODUCT D PLAN COST: $70, % We appreciate the opportunity to propose our services to your employees. To address the highest priorities of this plan, we want to highlight the following: 1. Open Architecture fund availability 2. Tailored educational services based on your needs 3. Local, in-city resources to meet your needs for services. Please call us with any questions regarding our proposal. The Benefit Services Team. 20

23 PLAN FEE SUMMARY ONGOING FEES Fee Category Incumbent Provider A Product A Provider C Product C Provider D Product D Investment Management $41,476 $40,286 $46,477 $37,483 Recordkeeping $11,627 $9,301 $15,000 $9,807 Administration... $9,329 $10,859 $11,627 Advisor/Consultant $17,440 $11,627 $11,627 $11,627 Total Ongoing Plan Fees $70,543 $70,543 $83,963 $70, % 0.61% 0.72% 0.61% Per Participant $235 $235 $280 $235 21

24 PRICING COMPARISON INCUMBENT PROVIDER A PRODUCT A PROVIDER C PRODUCT C PROVIDER D PRODUCT D Investment Management $ 41, % $ 40, % $ 46, % $ 37, % Recordkeeping $ 11, % $ 9, % $ 15, % $ 9, % Recordkeeping Base Fee $ 11,627 $ 9,301 $ 0 $ 9,807 Recordkeeping per Participant Fee $ 0 $ 0 $ 15,000 $ 0 Administration $ 0 0% $ 9, % $ 10, % $ 11, % Administration Base Fee $ 0 $ 9,329 $ 10,000 $ 0 Administration Asset Based Fee $ 0 $ 0 $ 0 $ 11,627 Administration per Participant Fee $ 0 $ 0 $ 859 $ 0 Advisor $ 17, % $ 11, % $ 11, % $ 11, % Advisor Fee $ 17,440 $ 11,627 $ 11,627 $ 11,627 Total Ongoing Plan Fees $ 70, % $ 70, % $ 83, % $ 70, % Asset generated fees > than plan fees $ 0 0 % $ 0 0 % Plan Fees > than asset generated fees $ 0 0 % $ 0 0 % Total Setup (One Time) $ 0 0% $ 0 0% $ 2, % $ 0 0% Per participant setup fee $ 0 $ 0 $ 2,400 $ 0 22

25 RFP QUESTIONS Each Provider was asked to answer a set of questions related to the services they would provide for this specific plan. These questions were assembled based on the specific needs conveyed by plan sponsor and our firm s past experience. Please propose your relationship manager for this client. Provide background, experience, and number of clients he/she is currently assigned to. PROVIDER A: PRODUCT A: Yes, our customer relationship manager, Ms Logan, is a resident of your headquarters city and is in town a minimum of every every Friday, Saturday and Sunday. Ms Logan has been with our company for over 7 years, has been in a customer management role for 10 years, and has been in the retirement industry for over 12 years. PROVIDER C: PRODUCT C: Our customer relationship manager, Ms Smith, has over 8 years in the retirement industry, including 2 as one of our top customer relationship managers. She currently is responsible for 14 clients, including 8 in your headquarters city. Therefore, Ms Smith will be spending time in your city frequently, allowing flexibility in working with your schedule PROVIDER D: PRODUCT D: Our relationship manager will be one of our 3 most experienced people in this position company-wide. They will currently be assigned to between 15 and 20 clients total, including this plan sponsor. This person will have at least 5 years of experience in this role. List your lessons learned from successful client education approaches at similar sized plan sponsors. PROVIDER A: PRODUCT A: We have the ability to create a custom portal for participants that includes hyperlinks to the educational online services that this plan already has access to, and to rearrange our plan portal user interface to fit the particular needs of your user base. We charge a fixed fee of 10,000 for any customization for the portal. 23

26 RFP QUESTIONS List your lessons learned from successful client education approaches at similar sized plan sponsors. PROVIDER C: PRODUCT C: First, include multiple communications channels for every plan, to ensure that participants are accessed through the ways that they like to receive information. Second, perform a specific communications plan based on the objectives of the plan sponsor. Communications must go hand in hand with the educational approach. PROVIDER D: PRODUCT D: Tailoring the education to fit different client segments is paramount. For example, millennials require social media. Some employee's nearing retirement are not computer literate and require face to face meetings. Describe your firm's future plans for expanding available investment options (within the next 3 years) PROVIDER A: PRODUCT A: Over the next year we plan to offer at least one non-proprietary age based asset allocation fund offering. In addition, we will support advisor created custom target date portfolios. PROVIDER C: PRODUCT C: We already offer 15 fund families in our primary product. We have started to offer some key CIT investment products and will be expanding these offerings significantly over the next 24 months. PROVIDER D: PRODUCT D: We are already open architecture and offer the choice of nearly all funds, including many options for Age based target date funds. 24

27 RFP QUESTIONS Describe the breadth of services you provide around the production and delivery of participant materials PROVIDER A: PRODUCT A: We can prepare and distribute all participant communications with no effort on the part of the plan sponsor. PROVIDER C: PRODUCT C: We prepare materials and can deliver them to participants via . PROVIDER D: PRODUCT D: We rely on the plan sponsor to deliver any materials if delivery is by mail or physical, in-workplace delivery. We handle any electronic delivery, including . 25

28 PRICING ASSUMPTIONS Each service provider submitted these key proposal assumptions along with their pricing proposal. PROVIDER A PRODUCT A This pricing assumes that the proposed Target Date funds will be utilized, and that they default investment option will be the age appropriate Target Date Fund. Line-up recommendations were proposed based on the requested lineup. Other lineup options that may have better returns and or lower expenses may be available. Relationship manager is assumed to perform up to 20 hours of training per year. Additional hours would be available at a rate of $100/hour with a four hour minimum. PROVIDER C PRODUCT C Educational costs are set at $2500 per day and assume that the location is within 80 miles of a major airport. Education costs include annual sessions over one business day(assumes all participants can attend in the same day). If our Target Date Funds are used, net plan costs will drop substantially. Please contact us for specific pricing. Our funds have favorable performance numbers compared to each of the target date funds requested. PROVIDER D PRODUCT D Any postage costs are an additional charge. This pricing assumes that the proposed Target Date funds will be utilized, and that they default investment option will be the age appropriate Target Date Fund. Line-up recommendations were proposed based on the requested lineup. Other lineup options that may have better returns and or lower expenses may be available 26

29 PROVIDER SELECTION SYNOPSIS The committee developed an overall composite evaluation as shown in this report based on group discussions. Plan priorities and the perceived fit of the proposed customer services team with our company culture served as a way to distinguish between providers that provided similar services. Rationale for Final Provider Selection: Provider C offered a competitive price, met all requirements, and exceeded many of them. After their onsite visit, our committee judged them to be the best fit for our company and company culture. Provider Products Considered 31 Candidates Selected 4 RFPs Issued 4 Respondents 4 Finalists Considered: Provider C: Product C Provider D: Product D Provider A: Product A FINAL PROVIDER SELECTED: Provider C: Product C 27

30 PROVIDER EVALUATION An analysis was conducted comparing the service offerings of each vendor with the answers to our questions and the requirements of this plan. The comments below represent the key observations after reviewing each provider's proposal. Based on a review of the provider's proposal and feedback from plan sponsor, each proposal was also assigned a quantitative score of one to five stars in each service category listed below, with one star being the lowest and five stars being the highest. An overall score on a 100 point scale is displayed based on the agreed upon category weightings determined by the plan committee. For example, a score of five stars in a category with a weight of 10 would be equivalent to 10 points. While this score is intended to assist in evaluating providers, it should not be the sole factor in selecting a provider for your plan. PROVIDER A PRODUCT A 72/100 COMMENTS: SERVICE CATEGORY/WEIGHT SERVICE SCORE Met, but did not exceed requirements in every category evaluated. Other proposals each had an individual service component or feature that led the committee to prefer them over this provider. Cost (20) Investment Options (10) Conversion & Implementation (10) Systems and Technology (10) Administration (10) Participant Services (10) RecordKeeping (10) Background & Experience (10) Compliance & Legal (10) PROVIDER C PRODUCT C 74/100 COMMENTS: SERVICE CATEGORY/WEIGHT SERVICE SCORE Most open fund offerings. Best proposed team fit with our company culture. Competitive pricing. Cost (20) Investment Options (10) Conversion & Implementation (10) Systems and Technology (10) Administration (10) Participant Services (10) RecordKeeping (10) Background & Experience (10) Compliance & Legal (10) 28

31 PROVIDER EVALUATION PROVIDER D PRODUCT D 68/100 COMMENTS: SERVICE CATEGORY/WEIGHT SERVICE SCORE Fund offerings met but did not exceed requirements. Proposed team appears to fit with our company culture. Competitive pricing. Cost (20) Investment Options (10) Conversion & Implementation (10) Systems and Technology (10) Administration (10) Participant Services (10) RecordKeeping (10) Background & Experience (10) Compliance & Legal (10) 29

32 EVALUATION SUMMARY Each Proposal was reviewed by individual committee members individually, then discussed as a group. The committee developed an overall composite evaluation as shown in this report based on group discussions. Plan priorities and the perceived fit of the proposed customer services team with our company culture served as a way to distinguish between providers that provided similar services. Provider A Product A Provider C Product C Provider D Product D PROPOSAL EVALUATION 72/100 PROPOSAL EVALUATION 74/100 PROPOSAL EVALUATION 68/100 PLAN COST $70,543 PLAN COST $83,963 PLAN COST $70, % 0.72% 0.61% 30

33 FUND LINE-UP Provider A: Product A Fund Name Category Assets Fidelity Retirement Money Market - FRTXX JPMorgan Core Bond Select - WOBDX Fidelity Advisor Strategic Income I - FSRIX Hartford Inflation Plus R5 - HIPTX Fidelity Advisor Freedom Inc I - FIAFX Fidelity Advisor Freedom 2010 I - FCIFX Fidelity Advisor Freedom 2005 I - FFIVX Fidelity Advisor Freedom 2015 I - FFVIX Fidelity Advisor Freedom 2020 I - FDIFX Fidelity Advisor Freedom 2025 I - FITWX Money Market/Stable Value Intermediate- Term Bond Investment Expense (percentage) Total Revenue Share (percentage) Additional Asset Fees (percentage) Total Plan Generated Revenue ($) $ 1,700, $ 7,140 $ 1,200, $ 7,080 Multisector Bond $ 1,300, $ 9,750 Inflation-Protected Bond Retirement Income Target Date Target Date Target Date Target Date Target Date $ 1,400, $ 8,400 $ 1,500, $ 7,650 $ 1,100, $ 6,820 $ 11, $ 67 $ 1,230, $ 8,118 $ 1,085, $ 7,488 $ 1,100, $ 8,030 INVESTED ASSETS TOTAL $ 11,626,721 $ 70,543 $ 30,257 $ 0 $ 70,

34 FUND LINE-UP Provider C: Product C Fund Name Category Assets Fidelity Retirement Money Market - FRTXX Columbia Intermediate Bond W - CIBWX Fidelity Advisor Strategic Income I - FSRIX AllianceBern Bond Inflation Strateg A LW - ABNAX.LW Fidelity Advisor Freedom Inc I - FIAFX Fidelity Advisor Freedom 2010 I - FCIFX Fidelity Advisor Freedom 2005 I - FFIVX Fidelity Advisor Freedom 2015 I - FFVIX Fidelity Advisor Freedom 2020 I - FDIFX Fidelity Advisor Freedom 2025 I - FITWX Money Market/Stable Value Intermediate- Term Bond Investment Expense (percentage) Total Revenue Share (percentage) Additional Asset Fees (percentage) Total Plan Generated Revenue ($) $ 1,700, $ 8,840 $ 1,200, $ 11,400 Multisector Bond $ 1,300, $ 11,050 Inflation-Protected Bond Retirement Income Target Date Target Date Target Date Target Date Target Date $ 1,400, $ 11,900 $ 1,500, $ 9,150 $ 1,100, $ 7,920 $ 11, $ 67 $ 1,230, $ 8,118 $ 1,085, $ 7,488 $ 1,100, $ 8,030 INVESTED ASSETS TOTAL $ 11,626,721 $ 75,763 $ 29,285 $ 8,200 $ 83,

35 FUND LINE-UP Provider D: Product D Fund Name Category Assets Fidelity Retirement Money Market - FRTXX JPMorgan Core Bond Select - WOBDX Fidelity Advisor Strategic Income I - FSRIX Hartford Inflation Plus R5 - HIPTX Fidelity Advisor Freedom Inc I - FIAFX Fidelity Advisor Freedom 2010 I - FCIFX Fidelity Advisor Freedom 2005 I - FFIVX Fidelity Advisor Freedom 2015 I - FFVIX Fidelity Advisor Freedom 2020 I - FDIFX Fidelity Advisor Freedom 2025 I - FITWX Money Market/Stable Value Intermediate- Term Bond Investment Expense (percentage) Total Revenue Share (percentage) Additional Asset Fees (percentage) Total Plan Generated Revenue ($) $ 1,700, $ 7,140 $ 1,200, $ 7,080 Multisector Bond $ 1,300, $ 9,750 Inflation-Protected Bond Retirement Income Target Date Target Date Target Date Target Date Target Date $ 1,400, $ 8,400 $ 1,500, $ 7,650 $ 1,100, $ 6,820 $ 11, $ 67 $ 1,230, $ 8,118 $ 1,085, $ 7,488 $ 1,100, $ 8,030 INVESTED ASSETS TOTAL $ 11,626,721 $ 70,543 $ 33,060 $ 0 $ 70,

36 PLAN FEES AND PRICING DISCLOSURE Type of Plan Fee Setup Recordkeeping and Administration Investment Management Credits Revenue share paid to recordkeeper Retained by Investment Manager Total Ongoing Plan Fees Asset Generated Fees Greater than Plan Fees/Plan Fees Greater than Asset Generated Fees Description These are one-time costs to set up your plan. Charges that include participant recordkeeping, compliance, custody and plan audit expenses. Third Party Administrator (TPA) cost is also included. Fees associated with managing the investments in a particular fund. Portion of Investment Management fees paid from the investment manager to the recordkeeper. The Investment Management fees retained by the investment manager after paying revenue share to the recordkeeper. This may be used to pay third parties such as financial advisors. Credits include other applicable plan fees and/or offsets to plan costs. Total Ongoing Plan Fees represent the sum of Recordkeeping and Administration fees, Investment Management fees, and any other applicable plan fees or offsets to plan fees. It excludes Setup fees and Participant Transaction fees. Revenue share less Recordkeeping and Administration fees may result in potential excess revenue or shortfall. Excess revenue may be used by the recordkeeper to offset other plan costs including payments to financial advisors. Plan fees may be paid by plan sponsors or out of plan assets. If covered by plan assets, these fees can be paid by a percentage of assets (e.g. 0.50%) or allocated equally to each participant account. The table above shows the plan cost components identified in this report. Payments to financial advisors may not be specifically reflected in this report. In some cases, plan fees may be offset through revenue sharing payments that are collected from investment management firms. Plan fee and pricing information is completed by the service provider as a general pricing proposal and is not guaranteed. Data is for comparative purposes only and may not be relied upon to satisfy any regulatory fee disclosure requirements. A detailed pricing proposal and investment sample menu from each service provider must accompany this report and should be reviewed carefully prior to making a final provider selection. Actual service provider and advisor/consultant fees will be subject to individual contractual terms. FUND LINE-UP DISCLOSURES Total Revenue Share - if your advisor is broker of record on this plan, he/she may be receiving a portion of the total revenue share. Additional Asset Fees - represents asset based fees added to Investment Expense and Total Revenue Share and charged against plan assets. 34

37 FUND DISCLOSURES The fund data provided below should be reviewed in conjunction with the performance data presented in the Investment Evaluation section of this report. Morningstar determines rank and peer values relative to each fund s Morningstar Category and Fund Type. Data as of 12/31/2013 Fund Peer Group Size Expenses Intermediate-Term Bond 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure JPMorgan Core Bond Select - WOBDX Columbia Intermediate Bond W - CIBWX 1,105 1, ,105 1, Contractual waiver: 0.14 for ExpenseRatio expires on 7/1/2014; Disclosure: The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 0.58% of the average daily net assets of Select Class Shares. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. Contractual waiver: 0.09 for ExpenseRatio expires on 12/31/2014; Disclosure: Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until December 31, 2014, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.88% for Class W. 35

38 FUND DISCLOSURES Data as of 12/31/2013 Fund Peer Group Size Expenses Multisector Bond 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure Fidelity Advisor Strategic Income I - FSRIX Inflation-Protected Bond 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure Hartford Inflation Plus R5 - HIPTX AllianceBern Bond Inflation Strateg A LW - ABNAX.LW Contractual waiver: 0.02 for ExpenseRatio expires on 2/28/2014; Disclosure: Hartford Investment Financial Services, LLC (the "Investment Manager") has contractually agreed to reimburse expenses (exclusive of taxes, interest expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain total annual fund operating expenses to 0.60% for Class R5. In addition, Hartford Administrative Services Company ("HASCO"), the Fund's transfer agent, has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of the average daily net assets per fiscal year for all classes. Each contractual arrangement will remain in effect until February 28, Retirement Income 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure Fidelity Advisor Freedom Inc I - FIAFX Target Date YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure Fidelity Advisor Freedom 2010 I - FCIFX Fidelity Advisor Freedom 2005 I - FFIVX

39 FUND DISCLOSURES Data as of 12/31/2013 Fund Peer Group Size Expenses Target Date YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure Fidelity Advisor Freedom 2015 I - FFVIX Target Date YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure Fidelity Advisor Freedom 2020 I - FDIFX Target Date YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure Fidelity Advisor Freedom 2025 I - FITWX

40 INVESTMENT EVALUATION - COMPOSITE RETURN Annualized Returns 12/31/13 Composite Returns* Last QTR YTD 1 YR 3 YRS 5 YRS Net Exp. Total Plan Exp. Ratio Total Plan Fee Provider A: Product A $ 70,543 Provider C: Product C $ 83,963 Provider D: Product D $ 70,543 *Composite returns are calculated by adding up the returns of each underlying fund weighted by the percent of assets relative to total plan assets. 38

41 INVESTMENT EVALUATION - PERFORMANCE SUMMARY The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent moth-end please visit Standardized Return assumes reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation or any applicable maximum sales charges but is adjusted to reflect ongoing fund expenses. If adjusted for taxation or maximum sales charges, the performance quoted would be significantly reduced. For variable annuities (if applicable), additional expenses will be taken in account, including M and E risk charges, fund-level expenses such as management fees and operating fees, and contract-level administration fees charges such as surrender, contract and sales charges. Annualized Returns 12/31/2013 Fund Score Annualized Returns (Peer Group % Rank) Incept. Date Expenses Money Market/Stable Value Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Fidelity Retirement Money Market - FRTXX Fidelity Retirement Money Market - FRTXX Fidelity Retirement Money Market - FRTXX Inception Date N/A of (N/A) 0.01 (N/A) 0.13 (N/A) 1.74 (N/A) /2/ N/A of (N/A) 0.01 (N/A) 0.13 (N/A) 1.74 (N/A) /2/ N/A of (N/A) 0.01 (N/A) 0.13 (N/A) 1.74 (N/A) /2/ Net Total Intermediate-Term Bond Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI JPMorgan Core Bond Select - WOBDX Columbia Intermediate Bond W - CIBWX JPMorgan Core Bond Select - WOBDX Inception Date 9 of 12 (1.77) (1.77) (53) 3.46 (56) 5.43 (69) 4.87 (29) /3/ of 12 (2.55) (2.55) (80) 3.60 (52) 7.30 (29) 4.52 (44) /27/ of 12 (1.77) (1.77) (53) 3.46 (56) 5.43 (69) 4.87 (29) /3/ Net Total Provider A: Product A Provider C: Product C Provider D: Product D 39

42 INVESTMENT EVALUATION - PERFORMANCE SUMMARY Annualized Returns 12/31/2013 Fund Score Annualized Returns (Peer Group % Rank) Incept. Date Expenses Multisector Bond Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Fidelity Advisor Strategic Income I - FSRIX Fidelity Advisor Strategic Income I - FSRIX Fidelity Advisor Strategic Income I - FSRIX Inception Date 8 of (57) 5.18 (60) 11 (53) 6.78 (28) /3/ of (57) 5.18 (60) 11 (53) 6.78 (28) /3/ of (57) 5.18 (60) 11 (53) 6.78 (28) /3/ Net Total Inflation-Protected Bond Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net Total Hartford Inflation Plus R5 - HIPTX 7 of 12 (8.90) (8.90) (56) 3.24 (19) 5.24 (25) 4.54 (26) /21/ AllianceBern Bond Inflation Strateg A LW - ABNAX.LW N/A of 12 (5.99) (5.99) (N/A) 2.54 (N/A) N/A (N/A) N/A (N/A) /27/ Hartford Inflation Plus R5 - HIPTX 7 of 12 (8.90) (8.90) (56) 3.24 (19) 5.24 (25) 4.54 (26) /21/ Retirement Income Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Fidelity Advisor Freedom Inc I - FIAFX Fidelity Advisor Freedom Inc I - FIAFX Fidelity Advisor Freedom Inc I - FIAFX Inception Date 5 of (73) 4.29 (77) 7.66 (79) 4.19 (61) /24/ of (73) 4.29 (77) 7.66 (79) 4.19 (61) /24/ of (73) 4.29 (77) 7.66 (79) 4.19 (61) /24/ Net Total Provider A: Product A Provider C: Product C Provider D: Product D 40

43 INVESTMENT EVALUATION - PERFORMANCE SUMMARY Annualized Returns 12/31/2013 Fund Score Annualized Returns (Peer Group % Rank) Incept. Date Expenses Target Date Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Fidelity Advisor Freedom 2005 I - FFIVX Fidelity Advisor Freedom 2010 I - FCIFX Fidelity Advisor Freedom 2005 I - FFIVX Fidelity Advisor Freedom 2010 I - FCIFX Fidelity Advisor Freedom 2005 I - FFIVX Fidelity Advisor Freedom 2010 I - FCIFX Inception Date 6 of (60) 5.57 (68) (61) 4.82 (44) /6/ of (19) 6.86 (40) (27) 5.34 (13) /24/ of (60) 5.57 (68) (61) 4.82 (44) /6/ of (19) 6.86 (40) (27) 5.34 (13) /24/ of (60) 5.57 (68) (61) 4.82 (44) /6/ of (19) 6.86 (40) (27) 5.34 (13) /24/ Net Total Target Date Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Fidelity Advisor Freedom 2015 I - FFVIX Fidelity Advisor Freedom 2015 I - FFVIX Fidelity Advisor Freedom 2015 I - FFVIX Inception Date 11 of (36) 7.18 (42) (38) 5.62 (17) /6/ of (36) 7.18 (42) (38) 5.62 (17) /6/ of (36) 7.18 (42) (38) 5.62 (17) /6/ Net Total Target Date Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Fidelity Advisor Freedom 2020 I - FDIFX Fidelity Advisor Freedom 2020 I - FDIFX Fidelity Advisor Freedom 2020 I - FDIFX Inception Date 8 of (46) 7.59 (50) 13 (29) 5.63 (28) /24/ of (46) 7.59 (50) 13 (29) 5.63 (28) /24/ of (46) 7.59 (50) 13 (29) 5.63 (28) /24/ Net Total Provider A: Product A Provider C: Product C Provider D: Product D 41

44 INVESTMENT EVALUATION - PERFORMANCE SUMMARY Annualized Returns 12/31/2013 Fund Score Annualized Returns (Peer Group % Rank) Incept. Date Expenses Target Date Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Fidelity Advisor Freedom 2025 I - FITWX Fidelity Advisor Freedom 2025 I - FITWX Fidelity Advisor Freedom 2025 I - FITWX Inception Date 7 of (50) 8.58 (59) (27) 5.98 (29) /6/ of (50) 8.58 (59) (27) 5.98 (29) /6/ of (50) 8.58 (59) (27) 5.98 (29) /6/ Net Total Provider A: Product A Provider C: Product C Provider D: Product D 42

45 LPL FINANCIAL 12 FACTOR SCORING Report Date: 03/11/14 The Score provided in the Performance Summary section of the report represents the LPL Financial 12 Factor score. Following is detailed data regarding how the fund proposed by the providers scored for each of the 12 factors. Please refer to next page for additional detail regarding the 12 Factor Scoring Methodology. LPL Financial 12 Factor Scoring - Non - Target Date Funds Putnam Dynamic Asset Allocation Bal C-AABCX 5 yr R-Sqrd > 80% Style Consistency 1 yr Return vs. peers 3 yr Return vs. peers 5 yr Return vs. peers 5 yr Up > Down ratio 3 yr Info. ratio > 0 5 yr Info. ratio > 0 3 yr Beta 5 yr Beta Mgr Tenure Relative Expense Ratio Total Score Buffalo Small Cap-BUFSX Nuveen Equity Index R3-FADSX Columbia Value and Restructuring Z-UMBIX Invesco Moderate Allocation A- AMKAX BlackRock Aggressive Gr Prepared Instl-BIAPX LPL Financial 12 Factor Scoring - Target Date Funds AllianceBern 2025 Retirement Strat B-LTIBX 5 yr R-Sqrd > 80% 1 yr Return vs. peers 3 yr Return vs. peers 5 yr Return vs. peers 5 yr Up > Down ratio 3 yr Info. ratio > 0 5 yr Info. ratio > 0 3 yr Beta 5 yr Beta Mgr Tenure Relative Expense Ratio 5-year Sharpe ratio Total Score 3043

46 LPL 12 FACTOR SCORING METHODS LPL Financial Retirement Partners proprietary Scoring System is based on an evaluation of 12 different factors. Each factor is assessed using a Pass/Fail system: a favorable characteristic receives a passing score of 1, while an unfavorable characteristic receives a failing score of zero. There are four areas that are scored: Investment Style: Performance: Risk/Risk-adjusted Returns: Qualitative Factors: 2 Points 4 Points 4 Points 2 Points The Total Score is the sum of the individual scores. The individual component scores are equally weighted. The best possible score is 12 points. The Total Score can be used to help evaluate an investment, as per the following guidelines: SCORE Suitable ( Blue Ribbon status) 7-9 Acceptable 6 or fewer Watch List The Total Score is designed to help evaluate an investment, but it should not be sole source of information used to select and monitor an investment. Scores are updated quarterly, using the last five years of data. Please read the Important Disclosures page at the end of this report. 44

47 LPL 12 FACTOR SCORING METHODS Style-Related Factors (16.7% of total score) Style Consistency* < 29 When selecting an investment, you want to know that it has provided a relatively true exposure to the category in which it falls A style consistency score of less than 29 implies that the divergence of an investment portfolio from its stated investment style or objective as measured by the drift from the Morningstar category is minimal R-Sqrd 80% When selecting an investment, you want to know how correlated the investment s returns are with its benchmark index This value of R2 implies that the investment s return moves in the same direction as the index 80% or more of the time Return-Based Factors (33.3% of total score) 1-, 3-, and 5-year return > peer group median When selecting an investment, you want to know that it has demonstrated an ability to outperform relative to its peers A total return greater than the peer group median implies that the investment has outperformed more than half of other investments in its same category The investment can potentially receive 1 point for each time period: 1-, 3-, and 5-years Up capture/down capture > 1 When selecting an investment, you want to know that it captures more than 100% of market returns in up markets and helps cushion the loss in down markets by capturing less than 100% of the fall A ratio of greater than 1 implies that the investment captures more when the market is up than when it is down Risk-Based Factors (33.3% of total score) 3- and 5-year Information Ratio > 0 When selecting an investment, you want to know how its returns compare to the index and to the amount of risk it took to generate those returns An Information Ratio greater than 0 implies that the investment outperformed its benchmark index 0.75 < 3- and 5-year Beta < 1.15 When selecting an investment, you want to know how much risk the manager takes on relative to their benchmark index. You want managers to take some risk as you need to take some risk to generate decent returns but, not so much risk that it is egregious. A Beta of 1 means that the manager is taking on the same level of risk as the benchmark index A Beta between 0.75 and 1.15 implies that the manager is taking on risk that is between 75% and 115% of the benchmark index Qualitative Factors (16.7% of total score) Gross expense ratio <= category average When selecting an investment, you want to know how much it costs as total fees reduce the total return captured by the investor An expense ratio less than the category average implies that the fund charges no more than the average of all others that fall into the same category Longest manager tenure > category average When selecting an investment, you want to know that the track record being reviewed is primarily one from the current management team A tenure greater than the category average implies that the manager has been on the investment team for a relatively long period of time 45