Defined Contribution 403(b) Retirement Plan For Lay Employees of The Archdiocese of Chicago. Destination: Retirement

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1 Defined Contribution 403(b) Retirement Plan For Lay Employees of The Archdiocese of Chicago Destination: Retirement

2 Prepared USA SM awaits you. It is a place, a destination. It is comfort and confidence, poise and peace-of-mind. It is knowing that you are taking positive steps toward reaching your retirement goal. Regardless of which path to Prepared USA SM you choose, we can help you get there with services customized to meet your level of investing expertise: I Know the Way If you re a savvy, confident investor, we ll give you the tools you ll need to take a path of your own choosing. I d Like a Map Want a little guidance? We ll help you plan your route, while making sure you stay in control. Show Me the Way If you re more comfortable traveling a proven trail, just tell us a little about yourself, and we can make it easier with simpler choices. Let us help you get there! We ll help you get there. SM For investment options utilizing MassMutual as the investment advisor, MassMutual brings strong investment know-how and actively monitors each investment option in your retirement plan. MassMutual regularly oversees the fund companies and portfolio managers of those investment options, examining them on a variety of critical factors. In addition, these expert managers know that MassMutual demands adherence to the highest ethical investing and business practices. We are a Fortune 500 Company 1 and rank fifth in the industry among Fortune s Most Admired Companies in America 2. With over 150 years of experience and more than $ 360 billion in assets under management 3, MassMutual offers an ideal combination of stability, strength, and uncompromising standards. 4 1 Applies to MassMutual Financial Group FORTUNE Magazine, May 4, Applies to Massachusetts Mutual Life Insurance Company - FORTUNE Magazine, Ma y 4, Assets Under Management are as of 12/31/0 8 and include assets and certain external investment funds managed by our subsidiaries. 4 Past performance does not guarantee future results. MMF_149

3 Defined Contribution 403(b) Retirement Plan for Lay Employees of the Archdiocese of Chicago (the Plan ) The Archdiocese of Chicago is committed to your success at work. We are also committed to helping you succeed in retirement. The Plan plays an important role in helping you save for retirement. As you look ahead, keep in mind that your Social Security benefit is intended only to be a supplement, representing perhaps 25%-40% of your pre-retirement income. Here are a few key reasons why the Plan can be a sound retirement planning vehicle: Before-tax contributions are taken from your pay before federal income tax is withheld, reducing your gross taxable income. These contributions and your investment performance in your account can benefit from the power of compounding. That s money making money! You can choose from carefully selected investment options. If you don t actively choose your investment options, the Plan is designed to invest your contributions into a retirement date based investment option on your behalf. You may choose new investment options at any time. The Plan offers additional matching contributions for benefits-eligible employees. This is like free contributions to help your account grow faster. The plan also offers a Share Plan contribution. This contribution will be made to all benefits-eligible employees regardless of whether they contribute their own salary to the plan. Automatic Enrollment and Deferral Increase (Applies only to Benefits Eligible employees) To make it easy, you can enroll immediately or wait and be automatically enrolled in the Plan after 30 days of service. If you are automatically enrolled, your contributions through payroll deductions will start at 3% on a before-tax basis. Until you make an investment selection, these contributions will be invested in retirement date based investment option based on your age and estimated retirement date. Additionally, if your savings rate is below 4% your rate will be automatically increased by 1% per year until you reach 4%. Decline Enrollment (Applies only to Benefits Eligible employees) If you are employed in a benefits eligible status and you do not want to participate in the Plan, you must decline Automatic Enrollment before you complete 30 days of service. To decline enrollment you must log onto or call and initiate a 0% before-tax contribution. Personalize Enrollment You may elect how much to contribute and where to invest your contributions. Refer to page 1.6 for instructions on how to enroll. C: MMF_003 (1/4) The Archdiocese of Chicago believes strongly in the importance of a well-balanced and diversified portfolio, and that it is critical for your long-term retirement goals. Your future retirement goals deserve your attention now; no matter how near or far you are from retiring. C: Copyright 2007 Massachusetts Mutual Life Insurance Company. All rights reserved. 1.1

4 Benefits of Your Plan The Cost of Waiting Here s something else you ll want to put to work for you time. The longer your contributions remain invested, the more they can grow through compounding. How long you invest can often be more important than how much you invest. Estimated cost of waiting 10 years to start investing: $248,713 Save for 25 years $183,166 Save for 35 years $431,879 Assumes $200 contribution at the beginning of each month, hypothetical 8% earnings on investments, daily compounding and reinvestment of earnings. This calculation does not take into account leap years. Saving an extra 10 years amounts to an additional $24,000 investment. Final amounts are exclusive of any taxes or penalties that may be due upon distribution. This hypothetical chart is for illustrative purposes to demonstrate the effects of compounding only. It does not reflect the actual performance of any specific investment. Individual experience will likely vary. Past performance does not guarantee future results. Start Now If you do not make an affirmative election to contribute or to opt-out of contributing to the plan in a timely manner, contributions will be automatically deducted from your salary. However, the plan provides you with a short period of time after the salary deferrals begin to opt-out of the plan and have your deferrals returned to you. You must submit an Automatic Enrollment Permissible Withdrawal form to request the return of your deferred salary contributions. For more information about the opt-out period and to obtain this form, contact your Plan Sponsor or call At the time you submit your request, you may also change your deferral percentage to zero to stop future payroll deductions. The refunded amounts will be included in your income in the year they are distributed. Any matching contributions associated with the refunded deferred salary contributions will be forfeited. Automatic enrollment can help you begin your journey to a more secure retirement. Your plan offers many advantages over other savings options. What you get out of the plan depends on how much you put into it, how you invest your savings, how those investments perform, and how long you let the plan work for you. Here s a quick look at some of the plan s features and benefits: Pre-Tax Saving You make contributions automatically from your paycheck before federal income taxes are deducted. Pre-tax (or tax-deferred) saving can lower your current taxable income, which can lower the federal and state income taxes* you pay during the years you contribute. In fact, you don t pay taxes on your plan savings, or the earnings on those savings, until you begin withdrawing money from your account. As a retiree you may be in a lower tax bracket than when you made the contributions. * varies by state The information contained in this book is not intended or written as specific legal or tax advice and may not be relied on for purposes of avoiding any federal tax penalties. Neither MassMutual nor any of its employees or representatives are authorized to give legal or tax advice. You must rely on the advice of your own independent tax counsel. Automatic Deferral Increases The plan's Automatic Deferral Increase service is designed to increase the amount you defer from your paycheck on a periodic basis. Small incremental increases have limited impact on your take home pay at each increment, but over time may result in thousands of additional dollars at retirement. Matching Contributions Your employer is offering to put money to work for you by making additional contributions to your plan account. For more details on your company match, see the Plan Highlights in this book or contact your Plan Administrator. Choices The plan offers a variety of quality investment options, to help you find the one, or combination, that works for you. If you aren t comfortable making your own investment choices, you can remain in the default investment option, which is established based on your date of birth and a projected retirement age of 65. This asset allocation investment option provides a diversified portfolio for you, that automatically invests more conservatively as your projected retirement date approaches. Investors should consider an investment's objectives, risks, charges and expenses carefully before investing. This and other information about the investment company is available in the fact sheet or applicable prospectus, available from your plan sponsor or on The Journey SM at Read it carefully before investing. 1.2

5 Getting There Take control of all your retirement savings by making a rollover With the Defined Contribution 403(b) Retirement Plan For Lay Employees of The Archdiocese of Chicago, you can consolidate all of your retirement accounts by simply rolling over money from other qualified accounts (such as one from a prior employer) into your new account. Enroll Today On the Web Log on to The Journey SM, MassMutual s interactive Web site at Click on The Journey SM and enter your Social Security Number and Personal Identification Number (PIN).* You will see a Welcome screen. From this screen, you can choose from two different ways to enroll in your plan: Express Enrollment lets you specify your contributions, choose investment options, and fill out beneficiary information. Guided Enrollment includes these options: Express Solution lets you take a brief investor quiz. Based on your answers, MassMutual will show you a sample custom portfolio from which to choose. (Takes about 5 minutes.) Guided Solution offers you the Morningstar Associates Planning Center, which will help you set a detailed goal and Morningstar will suggest an asset class mix designed to help you meet your goals. (Takes about 20 minutes.) By Phone Call FLASH SM toll-free at FLASH SM ( ) and follow the prompts to enroll or to speak to a customer service representative. You ll need your Social Security Number and PIN.* By Form This book contains the forms you need to get started saving for your retirement today. *If you forgot your PIN, the system will ask a few security questions. Once you have passed the security check, the system will provide you with a temporary PIN. You will be prompted to change this PIN to a 6- to 8-digit number the next time you log on to The Journey SM. If you do not have a PIN, call the FLASH SM line at FLASH SM or contact your Plan Administrator. Today is the day to get started on your path to retirement. Excessive Trading Policy MassMutual strongly discourages plan participants from engaging in excessive trading. The MassMutual Excessive Trading Policy helps protect the interests of long-term investors like you. If you would like to view the MassMutual Excessive Trading Policy, please visit The Journey SM, MassMutual s participant Web site at In addition, you cannot transfer into any investment options if you have already made a purchase followed by a sale (redemption) involving the same investment within the last sixty days. You may not request a transfer into international options between 2:30 and 4 p.m. ET. C: MMF_003 (2/4) 1.3

6 Investor Profile Quiz To help determine your strategy, answer these questions by circling the choices you most agree with. Add up the points for each of your choices. Then write the total in Section 3 at at the bottom of this page. SECTION 1: TIME HORIZON I plan to to withdraw my money in in 3 years or less and do not want to to lose any of it: a. a. Yes b. b. No If If you answered yes to to question 1, 1, set your investment course with a SHORT TERM STRATEGY. SECTION 2: RISK TOLERANCE Long-Term Goals For this portfolio, my goal is: a. a. To grow my assets aggressively b. b. To grow my assets with caution c. c. To avoid losing money What would I expect from this portfolio over time? a. a. To generally keep pace with the stock market b. b. To make a decent profit, but probably trail the stock market c. c. To have a high degree of stability, but only modest profits Financial Situation If If I lost my job tomorrow, I would: a. a. Have other sources of income to to last me more than six months b. b. Have enough cash on hand to to last three to to six months c. c. Need to to tap into my retirement investment within 30 days My current age is: a. a. Under b. b c. c. 55 and over I expect to to retire: a. a. Not for at at least 20 years b. b. In 5 to to 20 years c. c. Within 5 years Short-Term Goals Which of these statements would best describe your attitude about the performance of this portfolio over the next three years? a. a. I can live if if I lose money b. b. I better at at least break-even c. c. I better end up with at at least a little profit Which of these statements would best describe your attitude about the performance of this portfolio over the next three months? a. a. Who cares? One calendar quarter means nothing b. b. If If I suffered a loss of greater than 10%, I d get concerned c. c. I can tolerate only small short term losses Upon retirement my investment will represent: a. a. A minor part (less than 25%) of my retirement income b. b. An important part (25% 75%) of my retirement income c. c. The vast majority (over 75%) of my retirement income SECTION 3: INVESTMENT STRATEGY Add up your points from Questions 2-9 to to determine which investment strategy below is is best for you. MY TOTAL: TOTAL POINTS INVESTMENT STRATEGY 0-8 Short Term 9-17 Conservative Moderate Aggressive Ultra Aggressive Based on this investment strategy, you re ready to to consider how to to divide your investments among the different asset classes. Using this score, you may choose: a Custom Portfolio. 1. a Custom Portfolio, or 2. a Journey investment option 1.4

7 Plan Options Review the the different ways ways you you can can allocate allocate your investments your investments and choose and the choose one that the works one that for you. works for you. 1. Consider the List of Options 2. Consider a Custom Portfolio Choose your own portfolio. These are the investment options available in your Plan. * These investment portfolios are provided by MassMutual at your Plan Sponsor s request and are based upon the investment options available in your Plan. Your Plan may also offer other investment options not included in this portfolio. This custom portfolio chart lists asset classes, along with their weightings in the portfolio strategy. The portfolios below are built out of the investment options in your Plan. Choose the one that works for you. * Cash/Bonds Stocks Short Term Conservative Moderate Aggressive Ultra Aggressive ASSET CATEGORY INVESTMENT NAME Stable Value Capital Preservation Account 95% 21% 6% 2% - Intermediate Term Bond Select PIMCO Total Return Fund 2% 24% 17% 7% - Ave Maria Bond Fund 3% 25% 17% 7% - Asset Allocation/Lifestyle Vanguard Wellington Fund Asset Allocation/Lifecycle Vanguard Target Retirement Inc Vanguard Target Retiremnt Vanguard Target Retiremnt Vanguard Target Retiremnt Vanguard Target Retiremnt Vanguard Target Retiremnt Vanguard Target Retiremnt Vanguard Target Retiremnt Vanguard Target Retiremnt Vanguard Target Retiremnt Large Cap Value Invesco Diversified Divid Fund - 3% 6% 8% 10% Large Cap Core MM S&P 500 Index Fd(Nrthrn Tr) - 5% 9% 13% 17% Calvert Social Index Fund - 5% 9% 13% 17% Large Cap Growth Sel Blue Chip Growth Fnd (TRP) - 3% 6% 8% 10% Mid Cap Growth Ave Maria Growth Fund - 2% 8% 10% 9% Small Cap Value Columbia Small Cap Value I Fd - 2% 4% 5% 6% Small Cap Growth Lord Abbett Developing Gr Fnd - 3% 4% 6% 7% Intl/Global Large Core Sel Overseas Fd (MFS/Hrs/JPM) - 4% 9% 14% 17% Emerging Market Equity Lazard Emerging Markets Fund - 1% 2% 3% 3% REITs Cohen & Steers Realty SharesFd - 2% 3% 4% 4% 3. Consider a Target Asset Allocation Option Target Asset Allocation investment options are single solutions that offer professional management and monitoring as well as diversification all in one investment. Each investment option has an automatic process that invests more conservatively as retirement nears and the options are named to coincide with a particular retirement date. Your plan is designed to invest your contributions into one of these options as the default investment option is based on your date of birth and a projected retirement age of 65. You may always choose new investment options at any time. 100% to Vanguard Target Retirement Inc 100% to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt

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9 Participation Form (page 1 of 2) Defined Contribution 403(b) Retirement Plan For Lay Employees of The Archdiocese of Chicago ENROLL: EMPLOYEE SURVIVING BENEFICIARY (ATTACH NOTICE OF DEATH FORM) ALTERNATE PAYEE (ATTACH QDRO FORM) SOCIAL SECURITY NUMBER FIRST NAME LAST NAME MI STREET ADDRESS ADDRESS CITY STATE ZIP BIRTH DATE PHONE (OPTIONAL): MARITAL STATUS: MARRIED SINGLE OR LEGALLY SEPARATED PAYROLL FREQUENCY: MONTHLY (12/YR) SEMI-MONTHLY (24/YR) BI-WEEKLY (26/YR) WEEKLY (52/YR) GENDER (OPTIONAL): MALE FEMALE PAYROLL DEDUCTION The following contribution percentage will be deducted from your pay and deposited to your Before-Tax account: 3.00%. You may change this percentage or keep the pre-selected percentage by checking the appropriate box: BEFORE-TAX CONTRIBUTION: Change my contribution percentage for Before-Tax account contributions to %(not to exceed 100%). Each beforetax contribution amount cannot exceed any applicable limit set by the Plan. In addition, total before-tax contributions to all qualified retirement plan(s) you participate in cannot exceed $17,000 for the 2012 calendar year. DECLINE AUTOMATIC DEFERRAL INCREASE: I decline the option to have my contributions increase automatically at this time. Keep my percentage for Before-Tax account contributions. If you reach age 50 any time during the calendar year or are over 50, you may be eligible to contribute up to an additional $5,500 as a catch-up contribution for the 2012 calendar year. Please check with your Plan Administrator. DECLINE PLAN PARTICIPATION: I elect to make no contributions (0%) at this time. IMPORTANT NOTE: IF YOU ENROLL BY MAILING THIS FORM TO MASSMUTUAL, BUT THEN SUBSEQUENTLY CHANGE YOUR ELECTIONS THROUGH FLASH SM OR THE JOURNEY SM, THE MOST RECENTLY DATED ACTIVITY WILL PREVAIL. Investors should consider an investment s objectives, risks, charges and expenses carefully before investing. For this and other information, see the prospectus available from your plan sponsor, on the Journey at or by contacting our Participant Information Center at between 8:00 a.m. and 8:00 p.m. ET, Monday through Friday. Read it carefully before investing. I understand I may revoke this election at anytime or I may change this election as allowed by the Plan. I understand that the maximum annual limit on contributions is determined under the Plan document and the Internal Revenue Code. Any amounts contributed may be reduced or returned to me as required by these limitations. PARTICIPANT SIGNATURE: I, the participant, certify that the above information is correct. PARTICIPANT DATE Make Your Selections on Reverse MM_ENROLL_CONTRIB_NEG_A C: /2007

10 Participation Form (page 2 of 2) Defined Contribution 403(b) Retirement Plan For Lay Employees of The Archdiocese of Chicago INVESTMENT SELECTION 3 Easy Options to Invest Your Retirement Contribution Important Note: If you choose investments for only one source group, contributions from other sources will be allocated to those chosen investments. The portfolios offered in Option 2 are provided at your Sponsor's request. Additional investment options may exist that are not included in the portfolio. See below for a complete list of options. Until you make your investment option selection, all of your contributions will be invested in the Target Asset Allocation Option listed below which has the target retirement date closest to your 65th birthday. If you are near, at or past your 65th birthday, your contribution will be invested in the target asset allocation investment option that shows no target retirement date. Following your enrollment, you will receive a transaction confirmation that will tell you specifically in which Target Asset Allocation Option your contributions have been invested. Subject to certain restrictions, you may redirect you contributions to any other investment option under the Plan at any time. Option 1 Choose Your Own s For Each Source Employee Employer Rollover Short Term Conservative Moderate Aggressive Options Capital Preservation Account % % % 95% 21% 6% 2% - Select PIMCO Total Return Fund % % % 2% 24% 17% 7% - Ave Maria Bond Fund % % % 3% 25% 17% 7% - Vanguard Wellington Fund % % % Vanguard Target Retirement Inc % % % Vanguard Target Retiremnt 2010 % % % Vanguard Target Retiremnt 2015 % % % Vanguard Target Retiremnt 2020 % % % Vanguard Target Retiremnt 2025 % % % Vanguard Target Retiremnt 2030 % % % Vanguard Target Retiremnt 2035 % % % Vanguard Target Retiremnt 2040 % % % Vanguard Target Retiremnt 2045 % % % Vanguard Target Retiremnt 2050 % % % Invesco Diversified Divid Fund % % % - 3% 6% 8% 10% MM S&P 500 Index Fd(Nrthrn Tr) % % % - 5% 9% 13% 17% Calvert Social Index Fund % % % - 5% 9% 13% 17% Sel Blue Chip Growth Fnd (TRP) % % % - 3% 6% 8% 10% Ave Maria Growth Fund % % % - 2% 8% 10% 9% Columbia Small Cap Value I Fd % % % - 2% 4% 5% 6% Lord Abbett Developing Gr Fnd % % % - 3% 4% 6% 7% Sel Overseas Fd (MFS/Hrs/JPM) % % % - 4% 9% 14% 17% Lazard Emerging Markets Fund % % % - 1% 2% 3% 3% Cohen & Steers Realty SharesFd % % % - 2% 3% 4% 4% 100% 100% 100% Total contributions within each column must add up to 100% (ENTER WHOLE PERCENTAGES; 1% MINIMUM IN INVESTMENTS SELECTED; MULTIPLES OF 1% THEREAFTER) OR Option 2 Take the Investor Profile Quiz Choose Only One Custom Portfolio 100% 100% 100% 100% Option 3 Target Asset Allocation Options Target Asset Allocation investment options are single solutions that offer professional management and monitoring as well as diversification all in one investment. Each investment option has an automatic process that invests more conservatively as retirement nears and the options are named to coincide with a particular retirement date. Your plan is designed to invest your contributions into one of these options as the default investment based on your date of birth and a projected retirement age of 65. You may always choose new investment options at any time. 100% Ultra Aggressive 100% to Vanguard Target Retirement Inc 100% to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt % to Vanguard Target Retiremnt 2050 MAIL TO: MassMutual Retirement Services, N State Street, Springfield, MA After receipt of this form, MassMutual will send you an Selection Confirmation report. You should keep a copy of this form for your records. To get the most out of your Plan... you may also roll over your eligible distributions from your prior employer s qualified plan. Massachusetts Mutual Life Insurance Company and affiliates, Springfield, MA , MassMutual Financial Group is a marketing designation (or fleet name) for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates. Securities offered through registered representatives of MML Investors Services, Inc., 1295 State Street, Springfield, MA

11 Account Number RM Beneficiary Designation Participant s Name First Middle Last Participant s Address Street City, State, Zip Social Security No. Marital Status: Married Single or Legally Separated IMPORTANT: If no valid beneficiary designation is on file or if designation cannot otherwise be determined, beneficiary will be determined by the plan fiduciary according to plan documents and applicable law. This designation supersedes any prior designation. Primary Beneficiary: (Check either box 1 or 2) 1. Spouse Primary Beneficiary: I designate my spouse to receive my entire account balance upon my death. Spouse's Name: Spouse s Social Security No.: Spouse s Date of Birth: 2. Non-Spouse or Multiple Primary Beneficiaries: I designate the following person(s) to receive my account balance upon my death (must be in whole percentages totaling 100%): Name Relationship Social Security # Date of Birth: Percent Name Relationship Social Security # Date of Birth: Percent Name Relationship Social Security # Date of Birth: Percent Name Relationship Social Security # Date of Birth: Percent (must total 100%) Contingent Beneficiary: Name Relationship Social Security # Date of Birth: Percent Name Relationship Social Security # Date of Birth: Percent Name Relationship Social Security # Date of Birth: Percent Name Relationship Social Security # Date of Birth: Percent (must total 100%) Please mail the completed form to: MassMutual Attention N State Street Springfield, MA PLEASE COMPLETE SECOND PAGE RS

12 SIGNATURES I understand that this beneficiary designation supersedes any previous designation. Participant / / Date Sample wording for use in completing this form: To Designate Use This Wording 1. Your estate Executors or Administrators of my estate 2. The trustee of the Trust established under your Will 3. The trustee of your Revocable or Irrevocable Trust (Name of trustee) as trustee, or the then acting trustee, of the Trust established under (your name) Will dated (date of Will) (Name of trustee) as trustee, or the then acting trustee, of the (name of Trust) established on (date of Trust)

13 403(b) Plan Exchange and Transfer Form (page 1 of 2) Archdiocese of Chicago Defined Contribution 403(b) Retirement Plan For Lay Employees of The Archdiocese of Chicago INFORMATION TO BE COMPLETED BY PARTICIPANT Please complete a separate form for each 403(b) provider from which you want to execute a contract exchange ( exchange ) or plan to plan transfer ( transfer ). Complete this section, read the section titled of Exchanged/Transferred Amounts, sign and send the form to MassMutual at the address provided below. MassMutual will send the form to the 403(b) provider you identify. Participant s Name: Massachusetts Mutual Life Insurance Company Retirement Services N State Street Springfield, MA FIRST NAME MI LAST NAME STREET ADDRESS ADDRESS CITY STATE ZIP BIRTH DATE: DAYTIME TELEPHONE NUMBER SOCIAL SECURITY NO. MARITAL STATUS GENDER MARRIED MARRIED NOT MARRIED OR LEGALLY SEPARATED MALE FEMALE Name of Current Annuity Provider/Custodian: NAME STREET ADDRESS CITY STATE ZIP TELEPHONE NUMBER RESIGNING ANNUITY PROVIDER/CUSTODIAN AMOUNT OF EXCHANGE/TRANSFER: ACCOUNT NO. FULL LIQUIDATION PARTIAL LIQUIDATION SPECIFY AMOUNT OR PERCENTAGE: $ OR % INVESTMENT OF EXCHANGED/TRANSFERRED AMOUNTS All amounts exchanged or transferred to Massachusetts Mutual Life Insurance Company will be invested in your investment option selections on record at the time the transfer is received. If there is no investment selection on record, your exchanged/transferred funds will be allocated to your employer-selected default fund. You can access your account information to make investment selection changes or to transfer funds between investments anytime through The Journey SM, MassMutual s participant website, or by calling FLASH SM, the automated toll-free telephone service, at FLASH (35274). If contribution source information is not provided by your previous investment provider, transferred amounts will be considered employee salary reduction contributions and earnings. If historical values are not provided by your previous investment provider, the entire transferred amount will be considered as attributable to post December 31, 1988 earnings. SIGNATURE I hereby request an exchange/transfer that is solely attributable to amounts from a Section 403(b) annuity contract, a Section 403(b)(7) custodial account, and/or a Section 403(b)(9) retirement income account. The amounts to be exchanged/transferred to a group custodial account with Massachusetts Mutual Life Insurance Company are 100% vested. This exchange/transfer is intended to qualify as a federal income tax-free direct transfer between Section 403(b) annuity contracts or accounts. I understand that this exchange/transfer of Section 403(b) funds from one Section 403(b) investment provider to another and that the assets shall remain in the MassMutual custodial account under my employer s plan until I attain a distributable event. I understand that the exchanged or transferred funds will continue to be subject to any distribution restrictions imposed on them prior to the transfer by Section 403(b)(11) or Section 403(b)(7)(A)(ii). I acknowledge that money invested in the group custodial account with MassMutual cannot be exchanged or transferred to other investment providers while I am still an active employee. I, the undersigned, instruct the above-mentioned trustee/custodian to liquidate my account, in the amount indicated, and send the proceeds to MassMutual Retirement Services. Furthermore, I hereby authorize the above-mentioned trustee/custodian to release directly to a MassMutual representative either telephonically, in writing or electronically, any requested information pertaining to my account, including the dollar amount of any surrender charge or similar charge that relates to my account. PARTICIPANT DATE

14 403(b) Plan Exchange and Transfer Form (page 2 of 2) INFORMATION TO BE COMPLETED BY PREVIOUS INVESTMENT PROVIDER Please provide a breakdown of the transferred amount by contribution source; then read the section on payment instructions. If contribution source information is not provided, transferred amounts will be considered employee salary reduction contributions and earnings. If historical values are not provided, the entire transferred amount will be considered as attributable to post December 31, 1988 earnings. 1. Total salary reduction balance $ 12/31/1988 balance $ Post 1988 net contributions $ 2. Total employer match balance $ 3. Total employer non-elective balance $ 4. Total after-tax balance $ Pre-1987 net contributions $ Post-1986 net contributions $ 5. Total rollover balance $ After-Tax net contributions $ 6. Total Roth Balance $ Roth Contributions $ Roth Start Date (first year of Roth contributions) 7. Surrender Charge $ Note the amount of any surrender charge or penalty imposed on this transfer. EMPLOYER CONFIRMATION (403(b) Plan Sponsor name) hereby certifies that: 1) It maintains a retirement program for eligible employees that is intended to qualify under section 403(b) of the Code and authorizes transfers and exchanges within or into the plan. 2) It maintains (or will maintain by December 31, 2009) a written plan document containing the terms and conditions of the plan. 3) The distribution restrictions imposed under the receiving 403(b) contract are not less stringent than those imposed by the 403(b) contract prior to the exchange or transfer. 4) The accumulated benefit under the receiving contract is at least equal to the accumulated benefit under the prior contract immediately before the exchange or transfer. 5) In the case of a transfer, the participant is an employee or former employee of the employer for the receiving plan. 6) It will notify MassMutual if it ceases to be an eligible employer under section 403(b) of the Code, no longer maintains the 403(b) plan, changes any of the distribution options under the plan (i.e. hardship, loans, in-service, etc.) or of any other information pertinent to the operation of the plan. PLAN SPONSOR SIGNATURE DATE ACCEPTANCE OF TRANSFER Massachusetts Mutual Life Insurance Company agrees to accept the assets exchanged or transferred from the current Annuity Provider/Custodian and deposit them in the participant s account under the 403(b) plan s group custodial agreement in accordance with the provisions of the Internal Revenue Code of 1986, as amended, on behalf of the above named individual. AUTHORIZED SIGNATURE DATE PAYMENT INSTRUCTIONS Checks should be made payable to State Street Bank as Custodian for the (Plan Name) or State Street Bank for the benefit of (Participants Name). Payment and a copy of this form should be sent directly from the previous investment provider to: Massachusetts Mutual Life Insurance Company Retirement Services N State Street Springfield, MA Internal Use Only Form Received On Initials To Do # Funds Received Initials MassMutual Retirement Services N134, 1295 State Street, Springfield, MA MassMutual Retirement Services (MMRS) is a division of Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates. F RS:

15 Plan Services and Information MassMutual offers services and information to help you get the most from your plan. The Journey SM Access your retirement account information, find retirement planning services, and learn about your investment options online at This award-winning site helps you enroll in and manage your retirement account, offering a number of ways to view your information and make transactions. Each of the site s four sections helps you manage your important retirement assets. My Account Review your account balance and daily performance, make transactions, and get a statement on demand that includes your estimated personal rate of return. FLASH SM Access your retirement account information over the phone at FLASH SM ( ). Check your account balances Review investment performance C: MMF_003 (3/4) Learn Access a variety of calculators to help you understand more about investing. Explore different ways to meet your retirement goals or personalize this informative resource. Research Access details about your plan s investment options, including profiles and analysis prepared by Morningstar Associates. Solutions Using Morningstar Associates planning tools, develop a strategy based on your personal goals in as little as five minutes. Cruise Control SM Keep your investment portfolio allocated the way you like it with Cruise Control SM. Once you decide on an investment strategy, it can be important to rebalance periodically. Regular rebalancing can help maintain your original balance between risk and reward. You can activate Cruise Control SM when you enroll on The Journey SM, or after you enroll you can log on to start the process. On a scheduled basis, we ll transfer assets among your investment options to restore your desired mix (there are some limitations depending on type of investment). Not only can you initiate this service anytime, you can discontinue it anytime. Cruise Control SM is not recommended when using an asset allocation investment option. Cruise Control SM functionality is also limited by the MassMutual trade restrictions on international investment options and company stock, if applicable. Participant Statements You will receive an account statement by mail on a quarterly basis, providing you with information about your plan s investment activity. Your statement may include important messages that affect your plan. You can also get a current statement at any time by logging on to The Journey SM Web site. Retirement Specialist Group (RSG) MassMutual offers an easy way to keep your savings working for you when you retire or if you leave your current employer. Our Retirement Specialists provide personalized consultation and information on your options to help you make a decision about your retirement plan account. In addition, you will receive a booklet with customized information on your options, estimates based on your retirement account balance, and all the forms you need to make any changes. You can contact the Retirement Specialist Group by calling FLASH SM. To speak directly with a MassMutual Retirement Specialist, enter your Social Security number and Personal Identification Number (PIN) and press # Change your investment selection Transfer assets Request loans through your plan Talk to a MassMutual Customer Service Representative. When you call FLASH SM (Monday through Friday, 8 a.m. to 8 p.m., Eastern Time), you can be connected with MassMutual s Participant Information Center. Highly trained customer service representatives can answer your questions and guide you through transactions.

16 An Overview of Investing We want your journey toward retirement to be a pleasant one. No bumps. No questions about which way to turn. But, even the most experienced travelers may occasionally need information along the way. That s what these next few pages are about. To build your own portfolio, you need to have at least a basic understanding of investing. So you ll want to know something about the different kinds of investments, investment risk, and ways to manage risk through asset allocation. Asset Classes Most investments fall into one of three main categories, or asset classes. It s good to know a little about each of these asset classes. Most retirement plan investment options are categorized as pooled investments where the contributions of many people are pooled and invested together in a selection of other investments by a professional portfolio manager. An individual's contributions typically purchase a fractional portion of all the investments owned by the pooled investment option at the time of contribution. Stable Value s (Cash) Stable value investments, such as Money Market accounts, Certificates of Deposit (CDs), and U.S. Treasury Bills, are essentially loans to a bank or financial institution. You are paid interest for the use of your money. Because the borrowers are considered creditworthy, your investment is generally viewed as a safe one. Stable value investments are one of the most conservative asset classes, so they typically earn lower returns (how much money an investment earns during a period of time) than other types of investments. Investors who prefer lower risk, are nearing retirement, or may need access to their money within a short period of time (one to five years), may wish to consider this asset class. Bonds (Fixed Income) Bonds are loans issued by government entities or companies. Investors who buy bonds are, in effect, lending money to the government or a corporation. In return, investors are paid in the form of interest. The full amount of the bond is repaid when the bond matures. Historically, bonds have been more stable than stocks, but they are not without risk. The primary risk associated with bond investing is that bond prices move up and down, primarily in response to interest rate fluctuations. In addition, another risk is that the bond issuer may not be able to repay the debt. Stocks (Equity) When you buy stock in a corporation you are actually buying ownership, or shares, in that company. As an owner you share in both the profits and losses Hypothetical growth of $10.00 based on historical market returns over a 20-year period ( ). Ending Balance Average Returns Inflation $ % Stable Value $ % Bonds $ % Stocks $ % While all investments noted have outpaced inflation, stocks have historically performed better than stable value and bond investments in the long-term. Past performance does not guarantee future results. This hypothetical chart is for illustrative purposes only and does not intend to reflect the actual performance of any specific investment. Individual experience will likely vary. 2.1 Source: S&P Micropal Stocks = S&P 500 Bonds = U.S. Long-term Government Bond Stable Value = U.S. 30-Day Treasury Bill Inflation = US Bureau of Labor Statistics, Consumer Price Index

17 of that company. This results in the value of your share increasing or decreasing. The returns on stocks can rise and fall in the short-term, sometimes dramatically. This potential fluctuation in value, or volatility, is why stocks are typically considered risky investments. Stock investors, especially long-term investors, are typically willing to assume this risk because the stock market has, on average, outpaced inflation in the long run.* For the investor looking for long-term growth, stocks have historically been an excellent addition to a diversified portfolio. *Past is no guarantee of future results Types of Stocks There are specific types of stock you may want to know more about before making your investment selections. Here are a few of the major ones: Large Capitalization (Large Cap) Stocks in large, well-established companies ( Blue Chips ), generally with assets over $10 billion, are usually less volatile and often pay regular dividends. Mid Capitalization (Mid Cap) Stocks in mid-sized companies, with assets between $2 billion and $10 billion, tend to be slightly more volatile than large cap stock and have the potential to see more growth in the long-term. Mid market capitalization investing generally involves greater risk than large capitalization investing. Small Capitalization (Small Cap) Stocks in small companies, with less than $2 billion in assets, typically are more volatile than both large and mid cap. The trade-off is that growth in small cap investments may be greater than their large and mid cap counterparts. Small market capitalization investing generally involves greater risk than large capitalization investing. Global/International Although historically considered to be volatile, stocks in non-u.s. companies are not necessarily linked to the direction of U.S. markets. This makes them worth considering as a means to diversify a portfolio. International investing can involve special risks such as political changes and currency fluctuations. These risks are heightened in emerging markets. Style This term refers to the way professional money managers select securities within a specific asset class, such as stocks. Usually, they pick stocks based on two styles: Growth Style Growth style means stocks that are expected to produce above-average earnings growth. Value Style Value style means stocks that are considered to be under-valued or overlooked by the general investing community and the company s stock price will likely rise. C: MMF_003 (4/4) 2.2

18 An Overview continued Higher Risk/Reward Potential Stocks Bonds Stable Value Ultra Aggressive Aggressive Moderate Conservative Short Term Risk risk is the chance that an investment will lose money or have a negative return. All investing involves some risk, but not investing for your retirement, or investing too conservatively, could be even riskier. There are three main types of investment risk you ll want to consider. Inflation Risk If your investments do not earn more than the rate of inflation, your money could actually be worth less each year. Social Security is a source of retirement income that is adjusted for inflation. Some investments have been better at beating inflation. For example, stock and bond investments have historically outperformed stable value investments as well as inflation. Interest Rate Risk The value of most securities changes in response to interest rates. Bond investments are especially vulnerable to interest rate fluctuations. The price of bond investments will generally decline when interest rates rise and increase when interest rates fall. Bond investments typically invest in a range of investment vehicles with varying interest rates and dates of maturity, which in general helps to moderate interest rate risk. Market Risk The price of a security can fluctuate with changing market conditions; this market risk is the chance that an investment will not increase in value or may lose money. It is also the primary risk people typically think of when they invest in the stock market. Asset Allocation Stocks, bonds, and stable value (e.g. cash) investments respond differently to changing market conditions. Sometimes stock investments perform better; sometimes bond investments do. Stable value investments are affected less by market conditions and tend to grow at a steady, but slower, pace. Diversifying among these asset classes (otherwise known as Asset Allocation) allows you to increase your return potential and reduce the overall risk to your portfolio. Short Term Conservative Moderate Aggressive Ultra Aggressive Lower Risk/Reward Potential This hypothetical chart is for illustrative purposes only and does not reflect the actual performance of any specific investment. Individual experience will likely vary. Cash/Bonds 100% 70% 40% 15% 0% Stocks 0% 30% 60% 85% 100% Above investment charts were designed by MassMutual and do not represent a recommendation or endorsement of any particular investment or investment style. Past performance does not guarantee future results. C:

19 Important Disclosures data given represents past performance and does not guarantee future results. Current performance may be lower or higher than return data quoted herein. For more current information, including month-end performance, please call or visit The investment return and the principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. portfolio statistics change over time. The investment is not FDIC-insured, may lose value and is not guaranteed by a bank or other financial institution. Some plan investments may be made available through an unregistered group annuity contract issued to your plan by the Massachusetts Mutual Life Insurance Company ("MassMutual"). If that is the case, those plan investments 1.) may be in a separate investment account of MassMutual that purchases shares/units of one or more underlying investments, or 2.) may be invested directly in the investment via a separate arrangement between your plan and State Street Bank and Trust Company. Pre-inception Returns The inception date listed is that of the investment represented by the investment profile. shown subsequent to the inception date is the actual performance of the investment. Other share classes of the investment itself or its underlying investment (depending upon the investment) may have existed longer, which may account for any pre-inception performance shown. If preinception performance is shown, it is generally the performance of an older share class of the investment itself or its underlying investment (depending upon the investment) adjusted for fees and expenses of the newer share class. However, if using the expenses of the newer share class rather than the expenses of the older share class (due to lower expenses of the newer share class) would result in better performance, then pre-inception performance represents that of the older share class without any expense adjustment. The fees and expenses are referenced in the report s Operations section. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the investment itself. Fund Return reflects performance of the investment without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing investment expenses and assumes reinvestment of dividends and capital gains (if applicable). If adjusted, sales charges would reduce the performance quoted. In addition, due to market volatility, performance may vary greatly over short periods of time. The investment's performance is generally compared with that of an index. The index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses nor can it be invested in directly. An investment s portfolio may differ significantly from the securities in the index. The Index may not be the same as the comparative index noted in the investment s prospectus (if applicable). Gross Expense Ratio/Net Expense Ratio Expense ratios reflect the percentage of the investment s assets paid for operating expenses and management fees. In contrast to net expense ratios, gross expense ratios do not reflect any fee waivers in effect during the time period, which are typically disclosed alongside the expense ratios themselves. Net expense ratios reflect the fees actually borne by investors during the period they are in effect. expense information (including waiver information) is pulled from an investment s most recent prospectus, if applicable. If an additional separate investment account fee applies, it is added to the gross and net expense ratio listed in the prospectus or other source of the expense information and factored into the performance of the separate investment account. Maximum Sales Charge/12b-1 Fee/Redemption Fee Please note that Maximum Sales Charges and Redemption Fees are waived for MassMutual retirement plan participants. In addition, 12b-1 Fees are a component of the Net and Gross Expense Ratio; they are not in addition to the overall expense ratio. Growth of $10,000 Graph The Growth of $10,000 graph shows an investment s performance based on how $10,000 invested in the investment would have grown over time. The growth of $10,000 begins at the investment s inception date or the first year listed on the graph, whichever is appropriate. Alongside the investment s graph line is a line that represents the growth of $10,000 in an index to allow investors to compare the investment s performance to that of an index. Morningstar Proprietary Statistics Please note that some Morningstar proprietary calculations, including the Morningstar Rating, Morningstar Return, and Morningstar Risk may be calculated based on pre-inception returns. Therefore, Morningstar s three-year minimum performance history requirement for Morningstar Rating, Morningstar Return, and Morningstar Risk may be satisfied using pre-inception returns, and the Morningstar Rating, Morningstar Return, and Morningstar Risk may be based, at least in part, on pre-inception returns. Please see the pre-inception returns disclosure (above) for more details. Morningstar Rating For each investment with at least a three-year history, Morningstar calculates a Morningstar Rating based on how an investment ranks on a Morningstar Risk-Adjusted Return measure against other investments in the same category. This measure takes into account variations in an investment s monthly performance after adjusting for sales loads (except for loadwaived A shares), redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of investments in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for an investment is derived from a weighted average of the ratings for the three-, five- and ten-year (if applicable) time periods. Loadwaived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms, such as participants in MassMutualserviced retirement plans. Morningstar Style Box The Morningstar Style Box reveals the investment strategy as of the date noted on this report. For equity investments the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income investments, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. For corporate and municipal bonds, Morningstar surveys credit rating information from investment companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs investment companies to only use ratings that have been assigned by a Nationally Recognized Statistical Rating Organization (NRSRO). If two NRSROs have rated a security, investment companies are to report the lowest rating to Morningstar. If a rating is unavailable or unpublished, then the security or issuer is categorized as Not Rated/Not Available. US Government Securities issued by the US Treasury or US Government Agencies are included in the US Government category. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the investment. An NRSRO rating on a fixed-income security can change from time-to-time. Morningstar Return This statistic is a measurement of an investment's excess return over a risk-free rate (the return of the 90-day Treasury bill), after adjusting for all applicable loads and sales charges. In each Morningstar Category, the top 10% of investments earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the investment. s with less than three years of performance history are not rated. For more information, please see Morningstar Proprietary Statistics (above). Morningstar Risk This statistic evaluates the variations in an investment's monthly returns, with an emphasis on downside variations. In each Morningstar Category, the 10% of investments with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the investment. s with less than three years of performance history are not rated. For more information, please see Morningstar Proprietary Statistics (above). Risk Money market investments are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these investments seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market option. Risks of investing in inflation-protected bond investments include credit risk and interest rate risk. Neither the bond investment nor its yield is guaranteed by the U.S. government. High yield bond investments are generally subject to greater market fluctuations and risk of loss of income and principal than lower yielding debt securities investments. s that track a benchmark index are professionally managed. However, the benchmark index itself is unmanaged and does not incur fees or expenses and cannot be purchased directly for investment. s in companies with small or mid market capitalization ( small caps or mid caps ) may be subject to special risks given their characteristic narrow markets, limited financial resources, and less liquid stocks, all of which may cause price volatility. International/global investing can involve special risks, such as, political changes and currency fluctuations. These risks are heightened in emerging markets. You must submit purchase transactions for certain international/global investment options before 2:30 p.m. ET in order to receive that day s price, if applicable. Other trading restrictions may apply. Please see the investment s prospectus for more details. A significant percentage of the underlying investments in aggressive asset allocation portfolio options have a higher than average risk exposure. Investors should consider their risk tolerance carefully before choosing such a strategy. An investment with multiple underlying investments (which may include any offered proprietary or non-proprietary assetallocation, lifestyle, lifecycle or custom blended options) may be subject to the expenses of those underlying investments in addition to those of the investment option itself. s may reside in the specialty category due to 1) allowable investment flexibility that precludes classification in standard asset categories and/or 2) investment concentration in a limited group of securities or industry sectors). s in this category may be more volatile than less-flexible and/or lessconcentrated investments and may be appropriate as only a minor component in an investor's overall portfolio. You cannot transfer into most investments if you have invested in (through contributions or transfers), and transferred out of the same investment within the previous 60 days. Certain stable value, guaranteed interest, fixed income and other investments are not subject to this rule. This rule does not prohibit you from transferring out of any investment at any time. Investors should consider an investment s objectives, risks, charges and expenses carefully before investing. For this and other information, see a fact sheet (investment profile) or the prospectus, if applicable. You may obtain a prospectus or fact sheet from your plan sponsor or by visiting Read it carefully before investing. Securities offered through registered representatives of MML Investors Services, LLC State Street Springfield, MA RS Morningstar, Inc., Morningstar Profiles TM All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of information. Past is no guarantee of future performance. Visit our investment website at

20 MassMutual Capital Preservation Account Asset Category: Stable Value Inception: April 2007 Total Portfolio Assets: $459 million As of June 30, 2012 Objective To provide a stated rate of return, generated from performance of a short-term bond portfolio, that insulates the account from daily fluctuations in the bond market Product Structure Benefits Stable value guarantees with participation in performance of short-term underlying bond portfolio Added security with separate account assets segregated from general obligations of MassMutual 1 Guarantees provided by financial strength of MassMutual, which is among highest rated insurance companies Transparent underlying structure; MassMutual Retirement Services record keeping revenue of 0.25% 2 Expected Benefits of Stable Value Product Principal Preservation Seeks steady, positive returns in excess of money market rates Insulation of participant account values from market fluctuation Book value liquidity for bona-fide participant directed transactions 3 Fixed crediting rate with investment experience realized through quarterly rate reset BOOK VALUE PERFORMANCE 4 (%) CHARACTERISTICS OF THE SEPARATE ACCOUNT months YTD 1 year 3 year M assm utual Capital Preservation Account (Net of standard expense ratio) 91-day Treasury Bills MASSMUTUAL CAPITAL PRESERVATION ACCOUNT BARCLAYS CAPITAL U.S. 1-5 YR GOVT/CREDIT INDEX No. of Holdings Average Quality Aa1 / AA Aa1 / AA Average Coupon Duration (Years) Weighted Yield to Maturity (%) Weighted Current Yield (%) Weighted Average Life (Years) Market-to-book ratio (%) PORTFOLIO MANAGER Babson Capital is an investment management firm with over $149.0 billion 6 in assets under management focusing on fixed income securities Involved with stable value portfolios since 1999 and currently managing $18.1 billion in Stable Value assets David Nagle, CFA, serves as primary portfolio manager for the MassMutual Capital Preservation account 1. Assets allocated to the Capital Preservation Account Separate Account under MassMutual Group Annuity Contracts (the Contract ) issued in Minnesota are not segregated from the general obligations of MassMutual in the event of insolvency 2. In addition to the estimated annual Retirement Services record keeping revenue, a 0.55% charge is assessed for the risk of the product s guarantee and for investment management. Some client contracts may have additional fees above the standard expense ratio 3. Full or partial plan sponsor withdrawals subject to 12-month notice, participant withdrawals may be deferred during notice period 4. Periods greater than a year are annualized. This investment is only available through a MassMutual group annuity contract (the Contract ). shown was calculated as set forth here and actual historical crediting rates under the Contracts varies from that shown due to cash flow and other fees and expenses associated with the Contracts. These rates are based on an initial lump-sum deposit made at the beginning of the indicated periods (for quarter, year-to-date, and 1-year returns) with quarterly book value account interest rate resets. Past performance does not guarantee future results. is based on the book value account 5. All client contracts are influenced to the same degree by the market to book ratio 6. Assets include Babson Capital Management LLC and its subsidiary Babson Capital Europe Limited and Cornerstone Real Estate Advisers MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and representatives SCP5065 RS

21 Release Date: Select PIMCO Total Return Fund MSPHX Class Y... Barclays US Agg Bond TR USD Objective & Strategy The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund normally invests at least 65% of its total assets in a diversified portfolio of fixed income securities of varying maturities. It may invest up to 30% of its total assets in non-u.s. dollar-denominated securities of these entities, and may invest without limit in U.S. dollar-denominated securities of foreign issuers. The fund will normally limit its foreign currency exposure (from non-u.s. dollardenominated securities or currencies) to 20% of its total assets. It may also invest up to 15% of its total assets in emerging markets. Category Description: Intermediate-Term Bond Intermediate-term bond funds have average durations that are greater than 3.5 years and less than six years. Most of the funds rotate among a variety of sectors in the bond market, based upon which appear to offer better values. Whatever types of bonds they hold, these funds are less sensitive to interest rates, and therefore less volatile, than funds that have longer durations. Volatility Analysis Category Low Moderate High The volatility measure is not displayed for investments with fewer than three years of history. The category average, however, is shown above Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average % Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of %Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 93.3 Cash 4.2 Other Total Morningstar Fixed Income Style Box as of Avg Eff Duration 6.46 Avg Eff Maturity 8.09 Avg Credit Quality BBB Avg Wtd Coupon 3.03 Avg Wtd Price Ltd Mod Ext High Med Low Best 3 Month Return Worst 3 Month Return 4.50% -2.26% (Dec '11 - Feb '12) (Jul '11 - Sep '11) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Fund Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) William H. Gross. Management Company Massachusetts Mutual Life Insurance Co Name of Issuer MassMutual Top 10 Holdings as of US Treasury Note 0.625% Fannie Mae Single Family TBA 3% Fannie Mae Single Family TBA 4.5% Bwpc1cme6 Cds Usd R V 03mevent Cme Cdx Bwpc1cme6 Cds Usd P F Cme 2i US Treasury Note 1% Fannie Mae Single Family TBA 3.5% US Treasury Bond 2.375% Fannie Mae Single Family TBA 3.5% FNMA 1.25% Total Number of Stock Holdings 0 Total Number of Bond Holdings 399 Annual Turnover Ratio % 442 Total Fund Assets ($mil) 1,911.5 Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Credit Analysis as of % Bonds AAA 60 AA 12 A 12 BBB 6 BB 5 B 4 Below B 1 NR/NA 0 Notes See disclosure page for more details. Principal Risks as of Short Sale, Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover, Market/Market Volatility, Bank Loans, Convertible Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Preferred Stocks, Repurchase Agreements, Restricted/Illiquid Securities, U.S. Government Obligations, Derivatives, Leverage, Pricing, Fixed-Income Securities, Cash Drag, Management Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l9429

22 Release Date: Ave Maria Bond AVEFX... Barclays US Govt/Credit 5-10 Yr Overall Morningstar Rating Morningstar Return Morningstar Risk QQ Below Average Average Out of 1015 Intermediate-Term Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks preservation of principal with a reasonable level of current income. The fund invests primarily (80% or more of its net assets, including the amount of any borrowings for investment purposes) in investment-grade debt securities of domestic issuers, including the U.S. government and its agencies and instrumentalities, corporations and municipalities, as well as mortgage-backed securities and money market instruments. It may invest up to 20% of its net assets in equity securities, which include preferred stocks, common stocks paying dividends and securities convertible into common stock. Fees and Expenses as of Prospectus Net Expense Ratio 0.71% Total Annual Operating Expense 0.74% Maximum Sales Charge. 12b-1 Fee 0.15% Redemption Fee/Term. Waiver Data Type Exp. Date % ExpenseRatio Contractual Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQ QQ.. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Operations and Management Fund Inception Date Portfolio Manager(s) Richard Platte, Jr., CFA Name of Issuer Ave Maria Mutual Funds Telephone Web Site Portfolio Analysis as of Composition as of U.S. Stocks 19.0 Non-U.S. Stocks 0.0 Bonds 60.7 Cash 20.4 Other 0.0 Morningstar Style Box as of Avg Eff Duration. Avg Eff Maturity. Not Available Avg Wtd Price Description: Barclays US Govt/Credit 5-10 Yr BarCap US Govt/Credit 5-10 Yr TR USD: Represents a combination of the Government and Corporate Bond indices for bonds with maturities between five and 10 years. The returns we publish for the index are total returns, which include reinvestment of dividends. Category Description: Intermediate-Term Bond Intermediate-term bond funds have average durations that are greater than 3.5 years and less than six years. Most of the funds rotate among a variety of sectors in the bond market, based upon which appear to offer better values. Whatever types of bonds they hold, these funds are less sensitive to interest rates, and therefore less volatile, than funds that have longer durations. Top 10 Holdings as of Federated Govt Obligs Tx-Mgd Instl 4.70 Federated US Treasury Cash Reserves I 4.70 US Treasury Note 2.5% US Treasury Note 2.5% Consolid Edison Co N Y 5.3% Kellogg 4.15% Dell 2.3% US Treasury Note 1.875% US Treasury Note 1.25% Paccar Finl Corp Sr Mtns Bk En 1.6% Total Number of Stock Holdings 25 Total Number of Bond Holdings 48 Annual Turnover Ratio % 27 Total Fund Assets ($mil) Morningstar Sectors as of % Fund % Category Government Corporate Securitized Municipal fi Cash ± Other Credit Analysis Not Available % Bonds Principal Risks as of Credit and Counterparty, Extension, Prepayment (Call), Loss of Money, Not FDIC Insured, Interest Rate, Market/Market Volatility, Restricted/Illiquid Securities, Socially Conscious, Management 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

23 Release Date: Vanguard Wellington Fund VWENX Class Admiral... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Moderately Aggr Target Risk QQQQ Above Average Average Rated against 766 Moderate Allocation funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide long-term capital appreciation and reasonable current income. The fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established large and mid-size companies. The advisor seeks those that appear to be undervalued but have prospects for improvement. The remaining 30% to 40% of the assets are invested mainly in fixed income securities that the advisor believes will generate a reasonable level of current income. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, and mortgage-backed securities. Category Description: Moderate Allocation Moderate-allocation funds seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These funds tend to hold larger positions in stocks than conservative-allocation funds. These funds typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Best 3 Month Return Worst 3 Month Return 18.11% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Edward P. Bousa. John C. Keogh. Management Company Wellington Management Company, LLP Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQQ QQQQ. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 55.2 Non-U.S. Stocks 9.6 Bonds 32.7 Cash 1.1 Other 1.4 Top 10 Holdings as of Exxon Mobil Corporation 2.33 AT&T Inc 2.16 Wells Fargo & Co 2.03 Microsoft Corporation 1.80 Pfizer Inc 1.77 Merck & Co Inc 1.74 International Business Machines Corp 1.51 Comcast Corp Class A 1.49 JPMorgan Chase & Co 1.42 Chevron Corp 1.38 Total Number of Stock Holdings 101 Total Number of Bond Holdings 993 Annual Turnover Ratio % 38 Total Fund Assets ($mil) 62,184.1 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Loss of Money, Not FDIC Insured, Value Investing, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management, Mid-Cap, Large Cap High Med Low Notes See disclosure page for more details. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l9480

24 Release Date: Vanguard Target Retirement Income VTINX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate Income QQQQ Above Average Below Average Rated against 239 Retirement Income funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks current income and some capital appreciation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. At any given time, its asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments. Category Description: Retirement Income Retirement income portfolios provide a mix of stocks, bonds and cash for those investors already in or entering retirement. These portfolios tend to be managed to more of a conservative asset allocation strategy. These portfolios aim to provide investors with steady income throughout retirement. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Best 3 Month Return Worst 3 Month Return 10.78% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40% Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 21.2 Non-U.S. Stocks 8.9 Bonds 60.1 Cash 8.5 Other 1.3 Top 10 Holdings as of Vanguard Total Bond Market II Idx Inv Vanguard Total Stock Mkt Idx Inv Vanguard Inflation-Protected Secs Inv Vanguard Total Intl Stock Index Inv 9.18 Vanguard Prime Money Market Inv 4.90 CMT Market Liquidity Rate 0.02 Total Number of Holdings 6 Annual Turnover Ratio % 14 Total Fund Assets ($mil) 8,962.7 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8821

25 Release Date: Vanguard Target Retirement 2010 VTENX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2010 QQQQ Above Average Below Average Rated against 145 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2010 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. These portfolios get more conservative as the goal date approaches by investing more in bonds and cash. managers structure these portfolios differently; two funds with the same goal year may have different allocations to equities and therefore different levels of return and risk. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Best 3 Month Return Worst 3 Month Return 16.52% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 31.0 Non-U.S. Stocks 12.8 Bonds 49.9 Cash 4.8 Other 1.4 Top 10 Holdings as of Vanguard Total Bond Market II Idx Inv Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Inflation-Protected Secs Inv Vanguard Prime Money Market Inv 1.40 CMT Market Liquidity Rate 0.00 Total Number of Holdings 6 Annual Turnover Ratio % 27 Total Fund Assets ($mil) 5,948.0 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8823

26 Release Date: Vanguard Target Retirement 2015 VTXVX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2015 QQQQ Above Average Below Average Rated against 140 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2015 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Best 3 Month Return Worst 3 Month Return 18.81% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 39.1 Non-U.S. Stocks 16.3 Bonds 39.8 Cash 3.4 Other 1.5 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Inflation-Protected Secs Inv 4.17 CMT Market Liquidity Rate 0.05 Total Number of Holdings 5 Annual Turnover Ratio % 27 Total Fund Assets ($mil) 16,111.7 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8824

27 Release Date: Vanguard Target Retirement 2020 VTWNX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2020 QQQQ Above Average Average Rated against 190 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2020 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 20.79% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 44.6 Non-U.S. Stocks 18.8 Bonds 32.0 Cash 3.1 Other 1.5 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Stock Index Inv CMT Market Liquidity Rate 0.08 Total Number of Holdings 4 Annual Turnover Ratio % 23 Total Fund Assets ($mil) 15,225.4 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8825

28 Release Date: Vanguard Target Retirement 2025 VTTVX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2025 QQQQ Average Below Average Rated against 122 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2025 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 22.87% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 49.6 Non-U.S. Stocks 21.0 Bonds 25.4 Cash 2.5 Other 1.5 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Stock Index Inv CMT Market Liquidity Rate 0.03 Total Number of Holdings 4 Annual Turnover Ratio % 23 Total Fund Assets ($mil) 18,905.7 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8826

29 Release Date: Vanguard Target Retirement 2030 VTHRX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2030 QQQQ Average Average Rated against 189 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2030 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 25.04% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 54.8 Non-U.S. Stocks 23.0 Bonds 18.7 Cash 2.0 Other 1.4 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv CMT Market Liquidity Rate 0.09 Total Number of Holdings 4 Annual Turnover Ratio % 19 Total Fund Assets ($mil) 11,863.2 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8827

30 Release Date: Vanguard Target Retirement 2035 VTTHX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2035 QQQ Average Below Average Rated against 116 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2035 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 26.62% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQ QQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 60.1 Non-U.S. Stocks 25.2 Bonds 12.0 Cash 1.5 Other 1.3 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv CMT Market Liquidity Rate 0.05 Total Number of Holdings 4 Annual Turnover Ratio % 18 Total Fund Assets ($mil) 13,317.4 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8828

31 Release Date: Vanguard Target Retirement 2040 VFORX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2040 QQQQ Above Average Below Average Rated against 186 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2040 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 26.67% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 62.4 Non-U.S. Stocks 26.2 Bonds 9.0 Cash 1.3 Other 1.3 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 9.93 CMT Market Liquidity Rate 0.07 Total Number of Holdings 4 Annual Turnover Ratio % 15 Total Fund Assets ($mil) 7,448.9 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8829

32 Release Date: Vanguard Target Retirement 2045 VTIVX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2045 QQQQ Average Below Average Rated against 115 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2045 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 26.61% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 62.4 Non-U.S. Stocks 26.2 Bonds 9.0 Cash 1.2 Other 1.3 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 9.93 CMT Market Liquidity Rate 0.07 Total Number of Holdings 4 Annual Turnover Ratio % 16 Total Fund Assets ($mil) 7,573.8 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8830

33 Release Date: Vanguard Target Retirement 2050 VFIFX... Overall Morningstar Rating Morningstar Return Morningstar Risk Morningstar Lifetime Moderate 2050 QQQQ Average Below Average Rated against 143 Target Date funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund primarily invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2050 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Category Description: Target Date Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years ) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 26.58% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Inception Date Waiver Data Type Exp. Date %.... Portfolio Manager(s) Duane F. Kelly. Management Company Vanguard Group, Inc. Name of Issuer Vanguard Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQQ.. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 62.4 Non-U.S. Stocks 26.2 Bonds 8.9 Cash 1.3 Other 1.3 Top 10 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 9.92 CMT Market Liquidity Rate 0.09 Total Number of Holdings 4 Annual Turnover Ratio % 15 Total Fund Assets ($mil) 3,167.8 Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Super Sectors as of % Fund S&P 500 % Cyclical Sensitive Defensive Morningstar F-I Sectors as of % Fund % Category Government Corporate Securitized Municipal Cash & Equivalents Other Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management High Med Low Notes The figures and Expense Ratio shown reflect an administrative fee of 0.40%. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at l8831

34 Release Date: Invesco Diversified Dividend Instl DDFIX... Russell 1000 Value Overall Morningstar Rating Morningstar Return Morningstar Risk QQQQQ High Below Average Out of 1082 Large Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks long-term growth of capital and, secondarily, current income. The fund invests primarily in dividend-paying equity securities. It may invest up to 20% of its total assets in investment-grade debt securities of U.S. issuers. The fund may also invest up to 25% of its total assets in foreign securities. Fees and Expenses as of Prospectus Net Expense Ratio 0.59% Total Annual Operating Expense 0.59% Maximum Sales Charge. 12b-1 Fee. Redemption Fee/Term. Waiver Data Type Exp. Date %.... Operations and Management Initial Class Inception Date Fund Inception Date Portfolio Manager(s) Meggan Walsh, CFA Jonathan Harrington, CFA Name of Issuer Invesco Telephone Web Site Description: Russell 1000 Value The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index measures the performance of the 1,000 largest U.S. companies based on total market capitalization, which represent approximately 98% of the investable U.S. equity market. Category Description: Large Value Large-value funds focus on big companies that are less expensive or growing more slowly than other large-cap stocks. These funds often feature investments in energy, financial, or manufacturing sectors Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQQQ QQQQQ QQQQQ. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Portfolio Analysis as of Composition as of U.S. Stocks 85.8 Non-U.S. Stocks 5.1 Bonds 0.0 Cash 9.2 Other 0.0 Top 10 Holdings as of Invesco Short Term Inv Liq Assets Instl 4.58 Invesco Treasurer's Ser Tr Prem Instl 4.58 General Mills, Inc SunTrust Banks Inc 2.84 Heineken N.V Kimberly-Clark Corporation 2.66 Pentair, Inc Masco Corporation 2.24 General Dynamics 2.20 Raytheon Company Total Number of Stock Holdings 70 Total Number of Bond Holdings 0 Annual Turnover Ratio % 20 Total Fund Assets ($mil) 4, Morningstar Style Box as of % Mkt Cap Giant Large Medium Small Micro Value Blend Growth 0.00 Large Mid Small Morningstar Sectors as of % Fund S&P 500 % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Principal Risks as of Credit and Counterparty, Prepayment (Call), Currency, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Interest Rate, Market/Market Volatility, Shareholder Activity, Management 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

35 Release Date: Select Indexed Equity Fund (Northern Trust) MMIEX Class S... S&P 500 TR Objective & Strategy The investment seeks to approximate as closely as practicable (before fees and expenses) the capitalization-weighted total rate of return of that portion of the U.S. market for publicly-traded common stocks composed of larger-capitalized companies. The fund normally invests at least 80% of net assets in the equity securities of companies included within the S&P 500 Index. It typically attempts to hold each of the stocks included in the index in approximately the same weightings as in the index. The fund may also invest in index futures. Category Description: Large Blend Large-blend funds have portfolios that are fairly representative of the overall stock market in size, growth rates, and price. They tend to invest across the spectrum of U.S. industries and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500 Index. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQ QQQ. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 93.9 Non-U.S. Stocks 3.0 Bonds 0.0 Cash 3.0 Other 0.0 Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro 0.00 Value Blend Growth Large Mid Small Best 3 Month Return Worst 3 Month Return 25.66% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Fund Inception Date Waiver Data Type Exp. Date % OtherFee Contractual Portfolio Manager(s) Brent D. Reeder. Management Company Massachusetts Mutual Life Insurance Co Name of Issuer MassMutual Top 10 Holdings as of Apple, Inc Exxon Mobil Corporation 2.96 S+p 500 Index Futures Jun12 Xiom International Business Machines Corp 1.78 Microsoft Corporation 1.74 AT&T Inc 1.62 General Electric Co 1.61 Chevron Corp 1.55 Johnson & Johnson 1.37 Procter & Gamble Co 1.37 Total Number of Stock Holdings 501 Total Number of Bond Holdings 0 Annual Turnover Ratio % 2 Total Fund Assets ($mil) 2,318.6 Morningstar Equity Sectors as of % Fund S&P 500 % Cyclical Basic Materials Consumer Cyclical Financial Services Real Estate Sensitive Communication Services Energy Industrials Technology Defensive Consumer Defensive Healthcare Utilities Notes See disclosure page for more details. Principal Risks as of Credit and Counterparty, Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Market/Market Volatility, Restricted/Illiquid Securities, Derivatives, Pricing, Cash Drag, Management Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at rm3535sr

36 Release Date: Calvert Social Index A Load Waived CSXAX.lw... Russell 1000 Growth Overall Morningstar Rating Morningstar Return Morningstar Risk QQ Below Average Average Out of 1510 Large Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks to match the performance of the Calvert Social Index, which measures the investment return of large and mid-capitalization stocks. The fund normally invests at least 95% of net assets, including borrowings for investment purposes, in securities contained in the index. It uses a replication index method. The index measures the performance of those companies that meet the sustainable and socially responsible investment criteria and that are selected from the universe of approximately the 1,000 largest U.S. companies, based on total market capitalization, included in the Dow Jones Total Market Index. Fees and Expenses as of Prospectus Net Expense Ratio 0.75% Total Annual Operating Expense 0.97% Maximum Sales Charge. 12b-1 Fee 0.25% Redemption Fee/Term 2.00%/30 days Waiver Data Type Exp. Date % ExpenseRatio Contractual Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQQQ QQ QQ. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Operations and Management Fund Inception Date Portfolio Manager(s) Eric Lessnau David Jones Name of Issuer Calvert s, Inc. Telephone Web Site Description: Russell 1000 Growth The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index measures the performance of the 1,000 largest U.S. companies based on total market capitalization, which represent approximately 98% of the investable U.S. equity market. Category Description: Large Growth Large-growth funds invest in big companies that are projected to grow faster than other large-cap stocks. Most of these funds focus on companies in rapidly expanding industries. Portfolio Analysis as of Composition as of U.S. Stocks 96.3 Non-U.S. Stocks 1.1 Bonds 0.0 Cash 2.6 Other 0.0 Top 10 Holdings as of Apple, Inc Microsoft Corporation 2.78 International Business Machines Corp 2.70 AT&T Inc 2.58 Procter & Gamble Co Johnson & Johnson 2.17 Wells Fargo & Co 2.03 Coca-Cola Co 1.99 Google, Inc. Class A 1.91 Intel Corp Total Number of Stock Holdings 667 Total Number of Bond Holdings 0 Annual Turnover Ratio % 8 Total Fund Assets ($mil) Morningstar Style Box as of % Mkt Cap Giant Large Medium Small Micro Value Blend Growth 0.03 Large Mid Small Morningstar Sectors as of % Fund S&P 500 % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Principal Risks as of Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, Mid-Cap, Large Cap 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

37 Release Date: Select Blue Chip Growth Fund (T. Rowe Price) MBCYX Class Y... Russell 1000 Growth TR USD Objective & Strategy The investment seeks growth of capital over the long term. The fund invests at least 80% of net assets in the common stocks of large-sized and medium-sized blue chip growth companies. Its sub adviser currently defines blue chip growth companies to mean firms that are well-established in their industries and have the potential for above-average earnings growth. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. Category Description: Large Growth Large-growth funds invest in big companies that are projected to grow faster than other large-cap stocks. Most of these funds focus on companies in rapidly expanding industries. Volatility Analysis Low Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Best 3 Month Return Worst 3 Month Return 27.19% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Fund Inception Date Waiver Data Type Exp. Date % ExpenseRatio Contractual Portfolio Manager(s) Larry J. Puglia. Management Company Massachusetts Mutual Life Insurance Co Name of Issuer MassMutual Notes See disclosure page for more details Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQQ QQQ. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 95.8 Non-U.S. Stocks 2.9 Bonds 0.0 Cash 0.9 Other 0.4 Top 10 Holdings as of Apple, Inc Google, Inc. Class A 4.31 Amazon.com Inc 3.85 Danaher Corporation 3.17 Priceline.com, Inc MasterCard Incorporated Class A 2.79 Starbucks Corporation 2.58 Qualcomm, Inc American Tower Corp Class A 2.08 Praxair, Inc Total Number of Stock Holdings 139 Total Number of Bond Holdings 0 Annual Turnover Ratio % 38 Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund S&P 500 % Cyclical Basic Materials Consumer Cyclical Financial Services Real Estate Sensitive Communication Services Energy Industrials Technology Defensive Consumer Defensive Healthcare Utilities Principal Risks as of Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Convertible Securities, Preferred Stocks, Restricted/Illiquid Securities, Pricing, Cash Drag, Management Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at rm3546yr

38 Release Date: Ave Maria Growth AVEGX... Russell Mid Cap Growth Overall Morningstar Rating Morningstar Return Morningstar Risk QQQQQ Above Average Low Out of 678 Mid-Cap Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks long-term capital appreciation. The fund invests primarily in common stocks of companies believed by the Sub-Adviser to offer above-average potential for growth in revenues, profits or cash flow. Dividend and interest income are secondary considerations in investment selection. Under normal circumstances, all of its equity investments and at least 80% of the fund's net assets will be invested in companies meeting its religious criteria (as discussed below). The fund may invest in companies of all sizes, including small and mid-cap companies. Fees and Expenses as of Prospectus Net Expense Ratio 1.50% Total Annual Operating Expense 1.50% Maximum Sales Charge. 12b-1 Fee 0.25% Redemption Fee/Term. Waiver Data Type Exp. Date % Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQQQ QQQQQ.. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Operations and Management Fund Inception Date Portfolio Manager(s) James Bashaw, CFA Name of Issuer Ave Maria Mutual Funds Telephone Web Site Description: Russell Mid Cap Growth Russell Midcap Growth Index: Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell 3000 Index. The Russell 3000 Index represents 98% of the of the investable US equity market. Category Description: Mid-Cap Growth Some mid-cap growth funds invest in stocks of all sizes, thus leading to a mid-cap profile, but others focus on midsize companies. Mid-cap growth funds target firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Many of these stocks are found in the volatile technology, health-care, and services sectors. Portfolio Analysis as of Composition as of U.S. Stocks 97.8 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 2.2 Other 0.0 Top 10 Holdings as of Ross Stores, Inc Polaris Industries, Inc AutoZone Inc 4.45 Toro Company 3.97 Gilead Sciences Inc McCormick & Company, Inc Coach, Inc Ametek, Inc Rollins, Inc C.R. Bard, Inc Total Number of Stock Holdings 34 Total Number of Bond Holdings 0 Annual Turnover Ratio % 10 Total Fund Assets ($mil) Morningstar Style Box as of % Mkt Cap Giant Large Medium Small Micro Value Blend Growth 0.00 Large Mid Small Morningstar Sectors as of % Fund S&P 500 % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Principal Risks as of Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Socially Conscious, Management, Small Cap, Mid- Cap 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

39 Release Date: Columbia Small Cap Value Fund I Class Z CSCZX... Russell 2000 Value Overall Morningstar Rating Morningstar Return Morningstar Risk QQQ Average Average Out of 284 Small Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks long-term capital growth. The fund normally invests 80% of net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell 2000 Value Index at the time of purchase that the Advisor believes are undervalued. It may invest up to 20% of its total assets in foreign securities. Fees and Expenses as of Prospectus Net Expense Ratio 1.08% Total Annual Operating Expense 1.08% Maximum Sales Charge. 12b-1 Fee 0.00% Redemption Fee/Term. Waiver Data Type Exp. Date %.... Operations and Management Fund Inception Date Portfolio Manager(s) Jeremy Javidi, CFA Stephen Barbaro, CFA Name of Issuer Columbia Telephone Web Site Description: Russell 2000 Value Russell 2000 Value Index: Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market. Category Description: Small Value Small-value funds invest in small-caps with valuations and growth rates below other small-cap peers. They tend to invest in manufacturing, financial, and energy sectors Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQ QQQ QQQQ. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Portfolio Analysis as of Composition as of U.S. Stocks 97.5 Non-U.S. Stocks 2.2 Bonds 0.0 Cash 0.3 Other 0.0 Top 10 Holdings as of Rent-A-Center, Inc Greif, Inc. Class A 0.94 Sunstone Hotel Investors, Inc Starwood Property Trust, Inc H.B. Fuller Company OM Group, Inc Firstmerit Corp 0.79 Diamondrock Hospitality Company 0.78 Hancock Holding Company 0.77 ALLETE, Inc Total Number of Stock Holdings 233 Total Number of Bond Holdings 0 Annual Turnover Ratio % 23 Total Fund Assets ($mil) 1, Morningstar Style Box as of % Mkt Cap Giant Large 0.00 Medium 4.34 Small Micro Value Blend Growth Large Mid Small Morningstar Sectors as of % Fund S&P 500 % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Principal Risks as of Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility, Industry and Sector Investing, Management, Small Cap, Mid-Cap 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

40 Release Date: Lord Abbett Developing Growth A LW LAGWX.lw... Russell 2000 Growth Overall Morningstar Rating Morningstar Return Morningstar Risk QQQQ Above Average Above Average Out of 662 Small Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks long-term growth of capital. The fund primarily invests in the common stocks of companies demonstrating above-average, long-term growth potential. It normally invests at least 65% of its net assets in equity securities of small companies. In selecting investments, the fund may invest in U.S. and foreign (which may include emerging market) companies. Foreign companies may be traded on U.S. or non-u.s. securities exchanges and may include American Depositary Receipts ("ADRs"). It may invest its assets in a temporary defensive manner. Fees and Expenses as of Prospectus Net Expense Ratio 1.09% Total Annual Operating Expense 1.09% Maximum Sales Charge. 12b-1 Fee 0.35% Redemption Fee/Term. Waiver Data Type Exp. Date % Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQQQ QQQQ QQQQ. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Operations and Management Fund Inception Date Portfolio Manager(s) F. O'Halloran, CFA Arthur Weise Name of Issuer Lord Abbett Telephone Web Site Description: Russell 2000 Growth Russell 2000 Growth Index: Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market. Category Description: Small Growth Small-growth funds focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These funds tend to favor companies in up-and-coming industries or young firms in their early growth stages. As a result, the category tends to move in sync with the market for initial public offerings. Many of these funds invest in the technology, health-care, and services sectors. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Portfolio Analysis as of Composition as of U.S. Stocks 88.6 Non-U.S. Stocks 9.1 Bonds 0.0 Cash 0.9 Other 1.5 Top 10 Holdings as of Concur Technologies, Inc Chart Industries, Inc Constant Contact, Inc Cepheid 1.54 Fortinet, Inc Mercadolibre, Inc Coinstar, Inc SolarWinds, Inc SVB Financial Group 1.47 AthenaHealth, Inc Total Number of Stock Holdings 101 Total Number of Bond Holdings 0 Annual Turnover Ratio % 137 Total Fund Assets ($mil) 2, Morningstar Style Box as of % Mkt Cap Giant Large 0.00 Medium Small Micro Value Blend Growth 5.75 Large Mid Small Morningstar Sectors as of % Fund S&P 500 % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Principal Risks as of Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Issuer, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Management, Small Cap 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

41 Release Date: Select Overseas Fund (MFS/Harris/J.P. Morgan) MOSSX Class S... MSCI EAFE NR USD Objective & Strategy The investment seeks growth of capital over the long-term by investing in foreign equity securities. The fund normally invests at least 80% of its net assets in stocks of foreign companies, including companies located in Europe, Latin America, and Asia. It may invest in equity securities of issuers in emerging markets. The fund may but will not necessarily engage in foreign currency forward contracts to attempt to protect against adverse changes in currency exchange rates. It may use futures contracts as a substitute for direct investments. Category Description: Foreign Large Blend Foreign large-blend funds invest in a variety of big, international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. They tend to invest the rest in emerging markets such as Hong Kong, Brazil, Mexico and Thailand. These funds typically will have less than 20% of assets invested in U.S. stocks. Volatility Analysis Low Moderate High Category In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Best 3 Month Return Worst 3 Month Return 39.53% % (Mar '09 - May '09) (Sep '08 - Nov '08) Operations as of Expense Ratio % Per $1000 Gross Expense Net Expense Fund Inception Date Waiver Data Type Exp. Date % ExpenseRatio Contractual Portfolio Manager(s) David G. Herro. Marcus L. Smith. Robert A. Taylor. Daniel Ling. Management Company Massachusetts Mutual Life Insurance Co Name of Issuer MassMutual Total Return% as of Average annual, if greater than 1 year YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Return % Category Average %.. QQQQ QQQQ QQQQ. Morningstar Rating Fund Rank Percentile # of Funds in Category Disclosure: The performance data given represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Portfolio Analysis as of Composition as of U.S. Stocks 0.3 Non-U.S. Stocks 97.9 Bonds 0.0 Cash 1.3 Other 0.6 Top 10 Holdings as of Nestle SA 2.16 HSBC Holdings PLC 2.09 Canon, Inc Linde AG 1.98 Honda Motor Co Ltd 1.96 Diageo PLC 1.88 Bayer AG 1.81 Royal Dutch Shell PLC Class A 1.63 Akzo Nobel NV 1.46 Sap AG 1.45 Total Number of Stock Holdings 168 Total Number of Bond Holdings 0 Annual Turnover Ratio % 55 Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 7.26 Small Micro 0.00 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund S&P 500% Americas North America Latin America Greater Europe United Kingdom Europe Developed Europe Emerging Africa/Middle East Greater Asia Japan Australasia Asia Developed Asia Emerging Principal Risks as of Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Value Investing, Market/Market Volatility, Convertible Securities, Industry and Sector Investing, Preferred Stocks, Restricted/Illiquid Securities, Derivatives, Pricing, Cash Drag, Management, Small Cap, Mid-Cap Notes See disclosure page for more details. Morningstar Disclosure Some of the returns and Morningstar proprietary calculations, may be based on pre-inception returns and are hypothetical. Morningstar may use the performance of the underlying investment vehicle for the prior periods, making adjustments to those returns for any difference in fee structure. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. This investment's metrics are compared against the retail mutual fund universe breakpoints to determine its hypothetical rating and category related statistics Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at rm3609sr

42 Release Date: Lazard Emerging Markets Equity Instl LZEMX... MSCI EM Overall Morningstar Rating Morningstar Return Morningstar Risk QQQQ Above Average Average Out of 353 Diversified Emerging Mkts funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks long-term capital appreciation. The fund invests primarily in equity securities, principally common stocks, of non-u.s. companies whose principal activities are located in emerging market countries and that the Manager believes are undervalued based on their earnings, cash flow or asset values. Under normal circumstances, it invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. Fees and Expenses as of Prospectus Net Expense Ratio 1.12% Total Annual Operating Expense 1.12% Maximum Sales Charge. 12b-1 Fee. Redemption Fee/Term 1.00%/30 days Waiver Data Type Exp. Date %.... Operations and Management Fund Inception Date Portfolio Manager(s) James Donald, CFA John Reinsberg Name of Issuer Lazard Telephone Web Site Description: MSCI EM Morgan Stanley Capital International (MSCI) Emerging Markets Free Index NDTR_D: This index is typically made up of stocks from approximately 26 emerging market countries. NDTR_D indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, NDTR_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. Category Description: Diversified Emerging Mkts Diversified emerging-markets funds invest at least 50% of stock assets in developing nations. Most funds divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. Thus, popular destinations include Hong Kong, Korea, Mexico, and Brazil. Whatever their favorite nations, all these funds have the potential for large price swings Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQQQ QQQQ QQQQ. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Portfolio Analysis as of Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 97.1 Bonds 0.0 Cash 2.8 Other 0.1 Top 10 Holdings as of Redecard S.A Banco do Brasil SA BB Brasil 3.24 Cielo SA 3.18 Samsung Electronics Co Ltd 2.53 State Str Instl Invt Tr Treas Mmkt Fd Shinhan Financial Group Co., Ltd Vale SA ADR 2.33 KT&G Corp Philippine Long Distance Telephone ADR 2.02 Sberbank of Russia OJSC Total Number of Stock Holdings 86 Total Number of Bond Holdings 0 Annual Turnover Ratio % 23 Total Fund Assets ($mil) 14, Morningstar Style Box as of % Mkt Cap Giant Large Medium Small Micro Value Blend Growth 1.82 Large Mid Small Morningstar World Regions as of % Fund S&P 500% Americas North America Latin America Greater Europe United Kingdom Europe Developed Europe Emerging Africa/Middle East Greater Asia Japan Australasia Asia Developed Asia Emerging Principal Risks as of Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Equity Securities 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

43 Release Date: Cohen & Steers Realty Shares CSRSX... DJ US Select REIT Overall Morningstar Rating Morningstar Return Morningstar Risk QQQQ Above Average Average Out of 215 Real Estate funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Objective & Strategy From investment s prospectus The investment seeks total return through investment in real estate securities. The fund invests at least 80%, and normally substantially all, of its total assets in common stocks and other equity securities issued by real estate companies. It may invest up to 20% of its total assets in securities of foreign issuers which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs). The fund is non-diversified. Fees and Expenses as of Prospectus Net Expense Ratio 1.03% Total Annual Operating Expense 1.03% Maximum Sales Charge. 12b-1 Fee. Redemption Fee/Term. Waiver Data Type Exp. Date % Total Return% as of Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Load-Adj. Return % Return % Category Average %.. QQQ QQQQ QQQQ. Morningstar Rating # of Funds in Category Quarter End Returns as of YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % Standardized Return % Disclosure: 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. Operations and Management Fund Inception Date Portfolio Manager(s) Robert Steers Martin Cohen Name of Issuer Cohen & Steers Telephone Web Site Description: DJ US Select REIT The DJ Wilshire REIT index tracks the performance of publicly traded Real Estate Trusts. To be included in this index a company must be an owner and operator of commercial or residential real estate, derive at least 75% of its revenue from real estate assets, have a market capitalization of more than $200 million and meet certain stock liquidity requirements. Category Description: Real Estate Real estate funds invest primarily in real estate investment trusts (REITs) of various types. REITs are companies that develop and manage real-estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in realestate operating companies. Portfolio Analysis as of Composition as of U.S. Stocks 96.5 Non-U.S. Stocks 1.7 Bonds 0.0 Cash 1.8 Other 0.0 Top 10 Holdings as of Simon Property Group Inc Public Storage 5.79 Prologis Inc 5.69 Vornado Realty Trust 5.19 Equity Residential Ventas Inc 4.12 SL Green Realty Corporation 3.51 General Growth Properties Inc 3.31 Boston Properties Inc 2.91 Host Hotels & Resorts Inc Total Number of Stock Holdings 49 Total Number of Bond Holdings 0 Annual Turnover Ratio % 90 Total Fund Assets ($mil) 4, Morningstar Style Box as of % Mkt Cap Giant Large Medium Small Micro Value Blend Growth 0.82 Large Mid Small Morningstar Sectors as of % Fund S&P 500 % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Principal Risks as of Foreign Securities, Loss of Money, Not FDIC Insured, Nondiversification, Market/Market Volatility, Equity Securities, Preferred Stocks, Small Cap, Mid-Cap, Real Estate/REIT Sector 2012 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at ß

44

45 Your future retirement security deserves your attention now, no matter how near or far you are from retiring. Whatever your travel preference, you are well on your way with this retirement plan. Visit The Journey SM at or call FLASH SM at FLASH SM ( ) Monday - Friday, 8 a.m. to 8 p.m., E.T. This plan is intended to satisfy ERISA 404(c) plan requirements. This means that you "exercise control" over the investments in your account. From the investment options available under your plan, you can choose which investments to put your money in now and you can switch into different investments as your needs change. Complying with ERISA 404(c) may relieve plan fiduciaries of liability for any investment losses to your account that are the result of your investment choices. As a plan participant, you are entitled to request certain information about your plan s investments, including: the annual operating expenses of each investment; financial statements, reports, or other materials relating to the plan s investments; a list of assets contained in each investment portfolio; the value of those assets and fund units or shares; and the past and current performance of each investment.

46 Massachusetts Mutual Life Insurance Company and affiliates 1295 State Street, Springfield, MA Massachusetts Mutual Life Insurance Company and affiliates, Springfield, MA Securities offered through registered representatives of MML Investors Services, Inc., 1295 State Street, Springfield, MA Massachusetts Mutual Life Insurance Company. All rights reserved. MassMutual Financial Group is a marketing designation (or fleet name) for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates. RS C: