flexpath vs. Vanguard Target Retirement

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2 flexpath vs. Vanguard Target Retirement Average Scores Vanguard flexpath Index (38) Investment Manager with IPS Vanguard No flexpath Yes Number Asset Classes Vanguard flexpath 4 7 Vanguard Average Cost flexpath Index 0.17% 0.22% 1

3 flexpath Index Underlying Scores Asset Class Fund Score US Large Cap Equity BlackRock Index Equity 10 US Small Cap Equity BlackRock Extended Equity Market 8 International Equity BlackRock MSCI ACWI ex-u.s. IMI Index 8 US Fixed Income BlackRock US Debt Index 10 Commodities BlackRock Commodity Index Daily 10 REIT BlackRock Developed Real Estate Index 9 TIPS BlackRock U.S. TIPS Index 10 2

4 flexpath Index+ Underlying Scores US Large Cap Equity US Small Cap Equity International Equity US Fixed Income Commodities REIT Asset Class Fund Score BlackRock Russell 1000 Index 10 JPMorgan Disciplined Equity R6 10 American Beacon Bridgeway Lg Cp Val Inst 10 T. Rowe Price Instl Large Cap Growth 9 BlackRock Russell 2000 Index 10 Principal Small Cap Value 10 Hartford Small Cap Growth 10 DFA US Micro Cap 8 BlackRock MSCI ACWI ex-u.s. IMI Index 8 BMO Pryford International Stock 9 Artisan International 10 Oakmark International 8 Goldman Sachs Int l Small Cap 9 Fidelity International Small Cap 10 BlackRock US Debt Index 10 Janus Flexible Bond 9 Prudential Total Return Bond 9 Neuberger Berman Strategic Income 9 BlackRock Commodity Index Daily 10 DWS Enhanced Commodities 9 BlackRock Global Developed Real Estate Index 9 Principal Developed Real Estate Index 10 TIPS BlackRock U.S. TIPS Index 10 3

5 Vanguard Underlying Scores Asset Class Fund Score US Large Cap Equity Vanguard Total Stock Mkt Index Inv 10 International Equity Vanguard Total Intl Stock Index Inv 7 US Fixed Income Vanguard Total Bond Market II Idx Inv 10 Global Fixed Income Vanguard Total Intl Bd Idx Investor - (Scores are based f the 3/31/15 RPAG Scorecard System Scores. No Score indicated that the asset class is not scored in the Scorecard System) 4

6 Vanguard Target Retirement vs. flexpath Underlying Fund Scores Vanguard flexpath Index flexpath Index+ Average Fund Score # Money Managers # Scoring Watchlist (0-6)

7 Vanguard Target Retirement vs. flexpath Fees Vanguard flexpath Index flexpath Index+ Average Expense Ratio 0.17% 0.22% 0.50% 6

8 Vanguard Target Retirement vs. flexpath Glidepath Data Product Name TDF Design Equity (Approx.) Roll Down Exposure at Age 65 Investment Type Starting Eq Ending Eq Begin End flexpath Conservative Conservative 99% 30% % flexpath Moderate Moderate 99% 40% % flexpath Aggressive Aggressive 99% 50% % Vanguard Target Retirement Aggressive 90% 30% % Openarchitecture Openarchitecture Openarchitecture Proprietary, no 3(38) 7

9 Vanguard Target Retirement vs. flexpath Glidepath Graphic 100 TDF Glide Path Comparison 80 Approximate Equity Exposure (%) Years until retirement Retirement Years after retirement Vanguard Target Retirement flexpath Aggressive Index flexpath Aggressive Index+ flexpath Conservative Index flexpath Conservative Index+ flexpath Moderate Index flexpath Moderate Index+ 8

10 Disclosures An investor should carefully consider the investment objectives, risks, charges and expenses carefully before investing. 9