TEXAS A&M UNIVERSITY ORP

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1 P E R F O R M A N C E U P D A T E TEXAS A&M UNIVERSITY ORP Average Annual Total Returns as of: 03/31/2019 (shown in percentages) Variable annuities and mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Money distributed from a 403(b) plan, 401(a)/(k) plan, or a 457 plan will be taxed as ordinary income in the year the money is distributed. Early withdrawals from a 403(b) plan and a 401(a)/(k) plan, if taken prior to age 59 1/2, will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. This IRS premature distribution penalty tax does not apply to 457 plans. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested. The performance data quoted represents past performance. Past performance does not guarantee future results. For monthend performance which may be lower or higher than the performance data shown please call Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost. The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. They do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. An annual administrative expense of 0.75% on an annual basis applies to all of the investments listed below and is deducted quarterly. The performance data shown below does not reflect the administrative expense. If such fees had been reflected, the performance data shown for each option would have been lower. You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. The prospectus contains this and other information. Anyone who wishes to obtain a free copy of the fund prospectuses may call their Voya representative or the number above. Please read the prospectus carefully before investing. Returns less than one year are not annualized. Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept Stability of Principal Inception Date Gross Net Money Market Voya Government Money Market - Class I (1)(2) The 7-day annualized yield as of 03/31/2019 is 2.10%, which more closely reflects current earnings. (58) Voya Government Money Market Portfolio - Class I (2)(3) The 7-day annualized yield as of 03/31/2019 is 2.14%, which more closely reflects current earnings. (58) Bonds /03/ /01/ High Yield Bond T. Rowe Price High Yield - Advisor Class /31/ Inflation-Protected Bond American Century Inflation-Adjusted Bond - Inv Class /10/ PIMCO Real Return - Class A /29/ Intermediate Government Voya GNMA Income - Class I (4)(54) /17/ Intermediate-Term Bond American s The Bond of America - Class R /28/ Voya Intermediate Bond - Class I (5)(55) /15/ Voya Intermediate Bond Portfolio - Class I (6) /23/ Multisector Bond Page 1 of 10

2 Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept Inception Date Gross Lord Abbett Bond Debenture - Class A /01/ Short-Term Bond Neuberger Berman Short Duration Bond - Trust Class (7) Voya Limited Maturity Bond Portfolio - Service Class Net /30/ /24/ World Bond Templeton Global Bond - Class A (8) /18/ Voya Global Bond Portfolio - Initial Class /08/ Balanced Allocation--30% to 50% Equity Oppenheimer Capital Income - Class A (9) /01/ Allocation--50% to 70% Equity American s American Balanced - Class R /26/ Fidelity Advisor Balanced - Class M /06/ Janus Henderson Balanced - Class S Shares (10) /01/ Pax Balanced - Investor Class (11) /10/ VY Invesco Equity and Income Portfolio - Initial Class (12) /10/ Allocation--70% to 85% Equity American s The Income of America - Class R /01/ World Allocation Voya Global Multi-Asset - Class I (13) /04/ Large Cap Value Large Blend American Century Equity Growth - A Class /05/ American s amental Investors - Class R /01/ American s Washington Mutual Investors SM - R /31/ ClearBridge Value Trust - Class C (14) /16/ Domini Impact Equity - Investor Shares (15) /03/ Neuberger Berman Focus - Trust Class /30/ PGIM Jennison Equity Opportunity - Class A /07/ Pioneer - Class A Shares /13/ State Street S&P 500 Index - Class N (16) /30/ Vanguard 500 Index - Admiral Shares /13/ Voya Corporate Leaders Class I (17) /30/ Voya Growth and Income Portfolio - Class I (18) /31/ Voya Russell Large Cap Index Portfolio - Class I (19) /04/ VY Columbia Contrarian Core Portfolio - Initial Class (20) /10/ Large Value Dodge & Cox Stock /04/ Fidelity Advisor Equity Income - Class M /10/ Invesco Comstock - Class A /07/ Invesco Growth and Income - Class A /01/ Neuberger Berman Large Cap Value - Trust Class /30/ T. Rowe Price Equity Income - R Class /30/ T. Rowe Price Value - Advisor Class (21) /31/ Page 2 of 10

3 Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept Inception Date Gross Voya Large Cap Value - Class I (22) /31/ VY Invesco Comstock Portfolio - Initial Class (23) /01/ VY T. Rowe Price Equity Income Portfolio - Institutional (24) Large Cap Growth Net /24/ Large Growth American Century Ultra - A Class /02/ American s AMCAP - Class R /01/ American s The Growth of America - Class R /01/ Fidelity Advisor Equity Growth - Class M /10/ Fidelity Advisor Growth Opportunities - Class M /18/ Fidelity Contrafund /17/ Invesco American Franchise - Class A /23/ Janus Henderson Forty - Class S Shares (25) /01/ Janus Henderson Forty - Class T Shares (26) /01/ Janus Henderson Research - Class T Shares - M /03/ PGIM Jennison Growth - Class A /02/ Voya Large Cap Growth Portfolio - Institutional Class (27) /03/ Voya Large-Cap Growth - Class I (28)(56) /21/ VY T. Rowe Price Growth Equity Portfolio - Initial Class (29) /28/ Small/Mid/Specialty Mid-Cap Blend CRM Mid Cap Value - Investor Shares /20/ Invesco Mid Cap Core Equity - Class A (30) /09/ Oppenheimer Main Street Mid Cap - Class A /02/ Vanguard Mid-Cap Index - Admiral Shares /12/ Voya Mid Cap Research Enhanced Index - Class I (31) /03/ VY JPMorgan Mid Cap Value Portfolio - Initial Class (32) /01/ Mid-Cap Growth Goldman Sachs Growth Opportunities - Inst Shares (33) /24/ Invesco Mid Cap Growth - Class A /27/ Janus Henderson Enterprise - Class S Shares (34) /01/ Morgan Stanley Institutional Discovery Tr Prtf A (35) /31/ Voya MidCap Opportunities - Class A (36) /20/ VY Baron Growth Portfolio - Initial Class (37) /01/ VY T. Rowe Price Diversified Mid Cap Growth Port - Initial (38) /10/ Mid-Cap Value Ariel Appreciation - Investor Class /01/ Ariel - Investor Class /06/ Columbia Select Mid Cap Value - Class A Shares /20/ Invesco Value Opportunities - Class A /25/ Page 3 of 10

4 Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept VY American Century Small-Mid Cap Value Portfolio- Initial (39) Small Blend Vanguard Small-Cap Index - Admiral Shares Inception Date Gross Net /01/ /13/ Voya Small Company - Class I (40) /04/ Voya Small Company Portfolio - Class I (41) /27/ Small Growth ClearBridge Small Cap - Class C /30/ Invesco Small Cap Growth - Class A /18/ Neuberger Berman Genesis - Trust Class (57) /26/ The Brown Capital Management Small Company - Inv (42) /31/ UBS U.S. Small Cap Growth - Class A (43) /30/ Voya SmallCap Opportunities - Class A (44) /05/ Specialty - Real Estate Voya Real Estate - Class I (45) /31/ VY Clarion Real Estate Portfolio - Institutional Class (46) /24/ Specialty - Technology T. Rowe Price Science and Technology - Advisor Class Global / International Foreign Large Blend Touchstone International Equity - Class Y (47) Vanguard Developed Markets Index - Investor Shares Foreign Large Growth American Century International Growth - A Class American s EuroPacific Growth - Class R /31/ /01/ /04/ /09/ /16/ Fidelity Advisor Overseas - Class M /23/ Foreign Large Value Dodge & Cox International Stock /01/ T. Rowe Price International Value Equity - R Class /30/ Foreign Small/Mid Blend Voya Multi-Manager International Small Cap - Class A (48) World Large Stock American s Capital World Growth and Income - R American s New Perspective - Class R /31/ /26/ /13/ Franklin Mutual Global Discovery - Class R /31/ Janus Henderson Global Research - Class S Shares (49) /28/ Templeton Growth, Inc. - Class A /29/ Touchstone Sustainability & Impact Equity - Class Y (50) /19/ Voya Global Equity - Class A (51) /19/ Voya Global Equity - Class I (52) /06/ VY Oppenheimer Global Portfolio - Initial Class (53) /01/ Page 4 of 10

5 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. *The Gross Expense Ratios shown do not reflect any temporary fee or expense waivers that may be in effect for a fund. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees / expenses listed had been reflected. (1)Voya Government Money Market - Class I: The adviser is contractually obligated to limit expenses to 0.40% for Class I shares through August 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser and distributor are contractually obligated to waive a portion of their management fees and distribution and/or shareholder services fees, as applicable, and to reimburse certain expenses of the to the extent necessary to assist the in maintaining a yield of not less than zero through August 1, There is no guarantee that the will maintain such a yield. Any management fees waived or expenses reimbursed may be subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the on that day. (2)YOU COULD LOSE MONEY BY INVESTING IN THE FUND. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT CANNOT GUARANTEE IT WILL DO SO. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. THE FUND'S SPONSOR HAS NO LEGAL OBLIGATION TO PROVIDE FINANCIAL SUPPORT TO THE FUND, AND YOU SHOULD NOT EXPECT THAT THE SPONSOR WILL PROVIDE FINANCIAL SUPPORT TO THE FUND AT ANY TIME. (3)Voya Government Money Market Portfolio - Class I: The adviser and distributor are contractually obligated to waive a portion of their advisory fees and distribution and/or shareholder servicing fees, as applicable, and to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than zero through May 1, There is no guarantee that the Portfolio will maintain such a yield. Any advisory fees waived or expenses reimbursed may be subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Portfolio on that day. The adviser is contractually obligated to waive 0.045% of the management fee through May 1, Termination or modification of these obligations requires approval by the Portfolio's board. (4)Voya GNMA Income - Class I: The adviser is contractually obligated to limit expenses to 0.65% through August 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (5)Voya Intermediate Bond - Class I: The adviser is contractually obligated to limit expenses to 0.50% through August 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (6)Voya Intermediate Bond Portfolio - Class I: The adviser is contractually obligated to limit expenses to 0.53% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. (7)Neuberger Berman Short Duration Bond - Trust Class Shares: Neuberger Berman Investment Advisers LLC (Manager) has contractually undertaken to waive and/or reimburse certain fees and expenses so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (annual operating expenses) of that class are limited to 0.69% of average net assets. This undertaking lasts until 10/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The has agreed to repay the Manager for fees and expenses waived or reimbursed provided that repayment does not cause annual operating expenses to exceed 0.69% of average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense. (8)Templeton Global Bond - Class A: The investment manager has contractually agreed in advance to reduce its fee as a result of the 's investment in a Franklin Templeton money fund (acquired funds) for the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth in the prospectus. Page 5 of 10

6 (9)Oppenheimer Capital Income - Class A: The Manager has contractually agreed to waive fees and/or reimburse expenses in an amount equal to the indirect management fees incurred through the 's investments in funds managed by the Manager or its affiliates. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the prospectus, unless approved by the 's Board. (10)Janus Balanced - Class S: Janus Adviser Series Balanced - Class S mergered, on July 2, 2009, into Janus Balanced - Class S. The performance information above prior to July 02, 2009 is based upon Class J performance adjusted by the fee differences between classes. (11)Pax World Balanced - Individual Investor Class: The Adviser has contractually agreed to waive 0.01% of its advisory fee. This arrangement will continue in effect until at least December 31, 2017 unless modified or terminated by the 's Trustees. (12)VY Invesco Equity and Income Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.65% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive 0.01% of the management fee through May 1, Termination or modification of these obligations requires approval by the Portfolio's board. (13)Voya Global Multi-Asset - Class I: The adviser is contractually obligated to limit expenses to 0.90% for Class I Shares through October 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (14)ClearBridge Value Trust - Class C: The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses) so that the ratio of total annual fund operating expenses will not exceed 1.90%, subject to recapture as described below. These arrangements cannot be terminated prior to December 31, 2019 without the Board of Trustees' consent. The manager is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which the manager earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will the manager recapture any amount that would result, on any particular business day of the fund, in the class' total annual fund operating expenses exceeding the applicable limits described above or any other lower limit then in effect. (15)Domini Impact Equity - Investor Shares: None The 's adviser has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit expenses to 1.25%. The agreement expires on November 30, 2017, absent an earlier modification by the 's Board. (16)SSgA S&P 500 Index - Class N: The 's investment adviser, SSGA s Management, Inc. (the Adviser or SSGA FM), is contractually obligated until December 31, 2018 (i) to waive up to the full amount of the advisory fee payable by the, and/or (ii) to reimburse the to the extent that Total Annual Operating Expenses exceed 0.157% of average daily net assets on an annual basis. This waiver and/or reimbursement may not be terminated prior to December 31, 2018 except with the approval of the 's Board oftrustees. SSGA FM has contractually agreed to waive 0.01% of its administration fee. This waiver may not be terminated or modified except with the approval of the 's Board oftrustees. (17)Voya Corporate Leaders Class I: The adviser is contractually obligated to limit expenses to 0.65% through October 1, In addition, the adviser is contractually obligated to further limit expenses to 0.49% through October 1, The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the 's board. (18)Voya Growth and Income Portfolio - Class I: The adviser is contractually obligated to limit expenses to 0.70% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement.the adviser is contractually obligated to waive 0.045% of the management fee through May 1, Termination or modification of these obligations requires approval by the Portfolio's board. (19)Voya Russell (TM) Large Cap Index Portfolio - Class I: The adviser is contractually obligated to limit expenses to 0.36% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. Termination or modification of this obligation requires approval by the Portfolio's board. (20)VY Columbia Contrarian Core Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.75% through May 1, The obligation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. The adviser is contractually obligated to waive a portion of the management fee through May 1, The management fee waiver for the Portfolio is an estimated 0.03%. Termination or modification of these obligations requires approval by the Portfolio's board. (21)T. Rowe Price Value - Advisor Class: T. Rowe Price Associates, Inc., has contractually agreed (at least through April 30, 2019) to waive a portion of the fund's management fee so that the individual fund fee of % is applied to the fund's average daily net assets that are equal or greater than $20 billion. After April 30, 2019 the agreement will automatically renew unless terminated by the fund's Board of Directors. Any fees waived under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc., by the fund. Page 6 of 10

7 (22)Voya Large Cap Value - Class I: The adviser is contractually obligated to limit expenses to 1.00% for Class I shares through October 1, In addition, the adviser is contractually obligated to further limit expenses to 0.76% for Class I shares through October 1, The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the 's board. (23)VY Invesco Comstock Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.81% respectively, through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. The adviser is contractually obligated to waive a portion of the management fee through May 1, The management fee waiver for the Portfolio is an estimated 0.02%. Termination or modification of these obligations requires approval by the Portfolio's board. (24)VY T. Rowe Price Equity Income Portfolio - Institutional Class: The adviser is contractually obligated to waive a portion of the management fee through May 1, The management fee waiver for the Portfolio is an estimated 0.01%. Termination or modification of this obligation requires approval by the Portfolio's board. (25)Janus Henderson Forty - Class S Shares: Janus Capital has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the 's total annual fund operating expenses (excluding any performance adjustments to management fees, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by the fund; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 0.77% until at least February 1, The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. (26)Janus Henderson Forty - Class T Shares: Janus Capital has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the 's total annual fund operating expenses (excluding any performance adjustments to management fees, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by the fund; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 0.77% until at least February 1, The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. (27)Voya Large Cap Growth Portfolio - Institutional Class: The adviser is contractually obligated to limit expenses to 0.67% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. Termination or modification of this obligation requires approval by the Portfolio's board. (28)Voya Large-Cap Growth - Class I: The adviser and distributor are contractually obligated to limit expenses to 0.90% through October 1, In addition, the adviser is contractually obligated to further limit expenses to 0.66% through October 1, The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser and/or distributor within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the 's board. (29)VY T. Rowe Price Growth Equity Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.75% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through May 1, The management fee waiver for the Portfolio is an estimated 0.01%. Termination or modification of these obligations requires approval by the Portfolio's board. (30)Invesco Mid Cap Core Equity - Class A: Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of the 's management fee in an amount equal to the net management fee that Invesco earns on the 's investments in certain affiliated funds, which will have the effect of reducing the Acquired Fees and Expenses. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, During its term, the fee waiver agreement cannot be terminated or amended to reduce the advisory fee waiver without approval of the Board of Trustees. (31)Voya Mid Cap Research Enhanced Index - Class I: The adviser is contractually obligated to limit expenses to 0.75%, through October 1, In addition, the adviser is contractually obligated to further limit expenses to 0.70% though October 1, The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the 's board. (32)VY JPMorgan Mid Cap Value Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 1.00% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through May 1, The management fee waiver for the Portfolio is an estimated 0.00%. Termination or modification of these obligations require approval by the Portfolio's board. (33)Goldman Sachs Growth Opportunities - Institutional Shares: The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management fee rate of 0.90% as an annual percentage rate of the average daily Page 7 of 10

8 net assets of the ; and (ii) reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.014% of the 's average daily net assets. These arrangements will remain in effect through at least April 28, 2018, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. (34)Janus Enterprise - Class S: Janus Adviser Series Mid Cap Growth - Class S mergered, on July 2, 2009, into Janus Enterprise - Class S. The performance information above prior to July 02, 2009 is based upon Class J performance adjusted by the fee differences between classes. (35)Morgan Stanley Institutional Trust Mid Cap Growth Portfolio - Class A Shares: The 's "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the so that Total Annual Operating Expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.15%. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Trustees of Morgan Stanley Institutional Trust (the "Trust") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. (36)Voya MidCap Opportunities - Class A: The adviser is contractually obligated to limit expenses to 1.35% through October 1, In addition, the adviser is contractually obligated to further limit expenses to 1.31% through October 1, The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. Termination or modification of these obligations requires approval by the 's board. (37)VY Baron Growth Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 1.05% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. (38)VY T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.80% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. (39)VY American Century Small-Mid Cap Value Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 1.02% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through May 1, The management fee waiver for the Portfolio is an estimated 0.16%. Termination or modification of these obligations requires approval by the Portfolio's board. (40)Voya Small Company - Class I: The adviser is contractually obligated to limit expenses to 1.25% for Class I Shares through October 1, In addition, the adviser is contractually obligated to further limit expenses to 1.04% for Class I shares through October 1, The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. The adviser is contractually obligated to waive 0.02% of the management fee through October 1, Termination or modification of these obligations requires approval by the 's board. (41)Voya Small Company Portfolio - Class I: The adviser is contractually obligated to limit expenses to 0.93% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. (42)The Brown Capital Management Small Company - Investor Shares: Brown Capital Management, LLC (the Advisor) has entered into an Expense Limitation Agreement with the Small Company under which it has agreed to reduce the amount of the investment advisory fees to be paid to the Advisor by the Small Company and to assume other expenses of the Small Company, if necessary, in an amount that limits the Small Company 's annual operating expenses (other than interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Small Company 's business, and amounts, if any, payable under a Rule 12b-1 distribution plan) to not more than 1.25% until July 31, The Expense Limitation Agreement may not be terminated by either party prior to that date. Subject to certain conditions such as asset levels being at certain thresholds and operating expenses being less than the operating expense limit for the Small Company, the Small Company may reimburse the Advisor for fees waived or limited and other expenses assumed by the Advisor pursuant to the Expense Limitation Agreement. Each waiver or reimbursement of an expense by the Advisor is subject to repayment by the Small Company within the three fiscal years following the fiscal year in which the expense was incurred, provided that the Small Company is able to make the repayment without exceeding the expense limitation in place at the time of the waiver and/or reimbursement. (43)UBS U.S. Small Cap Growth - Class A: The Trust, with respect to the, and UBS Asset Management (Americas) Inc. the 's investment advisor ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the 's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend Page 8 of 10

9 expense and security loan fees for securities sold short), through the period ending October 29, 2018, do not exceed 1.24%. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the will not cause the to exceed the lesser of any applicable expense limit that is in place for the (i) at the time of the waiver or reimbursement, or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the 's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the 's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive. (44)Voya SmallCap Opportunities - Class A: The adviser is contractually obligated to limit expenses to 1.50% through October 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (45)Voya Real Estate - Class I: The adviser and sub-adviser are contractually obligated to limit expenses to 1.00% through October 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser and sub-adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (46)VY Clarion Real Estate Portfolio - Institutional Class: The adviser is contractually obligated to limit expenses to 0.75% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through May 1, The management fee waiver for the Portfolio is an estimated 0.04%. Termination or modification of these obligations requires approval by the Portfolio's board. (47)Touchstone International Equity - Class Y: Touchstone Advisors, Inc. (the "Advisor" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the 's liquidity provider; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual operating expenses to 0.99% of average daily net assets. This contractual expense limitation will remain in effect for at least two years following the closing of the Reorganization. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date of reimbursement or waiver. The will make repayments to Touchstone Advisors only if such repayment does not cause the 's expense ratio (after the repayment is taken into account) to exceed both (a) the expense limitation in place when such amounts were waived and (b) the 's current expense limitation. (48)Voya Multi-Manager International Small Cap - Class A: The adviser is contractually obligated to limit expenses to 1.95% through March 1, This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 1.68% through March 1, These limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. The adviser is contractually obligated to waive a portion of the management fee through March 1, The management fee waiver for the is an estimated 0.03%. Termination or modification of these obligations requires approval by the 's board. (49)Janus Worldwide - Class S: Janus Adviser Series Worldwide - Class S mergered, on July 2, 2009, into Janus Worldwide - Class S. The performance information above prior to July 02, 2009 is based upon Class J performance adjusted by the fee differences between classes. (50)Touchstone Sustainability & Impact Equity - Class Y: Touchstone Advisors, Inc. (the Advisor or Touchstone Advisors) and Touchstone Strategic Trust (the Trust) have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the 's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of Acquired Fees and Expenses, if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual operating expenses to 0.90% of average daily net assets. This contractual expense limitation is effective through October 26, 2019, but can be terminated by a vote of the Board of Trustees of the Trust (the Board) if it deems the termination to be beneficial to the 's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Advisor reduced its compensation or assumed expenses for the. The will make repayments to the Advisor only if such repayment does not cause the annual operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the 's current expense limitation. (51)Voya Global Equity - Class A: The adviser and distributor are contractually obligated to limit expenses to 1.35% through March 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser and distributor within 36 months of Page 9 of 10

10 the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (52)Voya Global Equity - Class I: The adviser and distributor are contractually obligated to limit expenses to 1.10% through March 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser and distributor within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (53)VY Oppenheimer Global Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.80% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. (54)Voya GNMA Income - Class I has identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as Class A. The performance information above is based upon the Class A performance, excluding sales charges, and has not been adjusted by the fee differences between classes. (55)Voya Intermediate Bond - Class I has identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as Class A. The performance information above is based upon the Class A performance, excluding sales charges, and has not been adjusted by the fee differences between classes. (56)Voya Growth Opportunities Class I has identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as Class A. The performance information above is based upon the Class A performance, excluding sales charges, and has not been adjusted by the fee differences between classes. (57)This investment option is only available for investment by participants in plans where the fund was already an investment option under the plan on March 16, (58)The current yield reflects the deduction of all charges that are deducted from the total return quotations shown. Insurance products, annuities and funding agreements issued by Voya Retirement Insurance and Annuity Company, One Orange Way Windsor, CT 06095, (VRIAC), which is solely responsible for meeting its obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services, LLC. All companies are members of the Voya family of companies. Securities are distributed by or offered through Voya Financial Partners, LLC (member SIPC) or other broker-dealers with which it has a selling agreement. Creation Date: Wednesday, April 03, 2019 Page 10 of 10