CLACKAMAS COUNTY 457(B) DC PLAN

P E R F O R M A N C E U P D A T E CLACKAMAS COUNTY 457(B) DC PLAN Average Annual Total Returns as of: 07/31/2018 (shown in percentages) Variable annuities and mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Money distributed from a 403(b) plan, 401(a)/(k) plan, or a 457 plan will be taxed as ordinary income in the year the money is distributed. Early withdrawals from a 403(b) plan and a 401(a)/(k) plan, if taken prior to age 59 1/2, will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. This IRS premature distribution penalty tax does not apply to 457 plans. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested. The performance data quoted represents past performance. Past performance does not guarantee future results. For monthend performance which may be lower or higher than the performance data shown please call 800-584-6001. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost. operating expenses. An asset based service fee is deducted from your account quarterly at an annual rate of 0.16% of balances in all mutual funds and 0.01% to assets held in Voya Stable Value. These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. operating expenses. You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. The prospectus contains this and other information. Anyone who wishes to obtain a free copy of the fund prospectuses may call their Voya representative or the number above. Please read the prospectus carefully before investing. Returns less than one year are not annualized. is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Stability of Principal Money Market BlackRock Liquidity Federal Trust - Inst Shares - 2574 (2)(3) The 7-day annualized yield as of 07/31/2018 is 1.63%, which more closely reflects current earnings. (13) 0.15 0.42 0.86 1.26 0.60 0.36 0.29 12/03/1990 0.24 0.17 Stable Value Voya Stable Value 35 CIT - 7533 (1) 0.16 0.48 1.07 1.79 1.64 05/17/2016 0.35 0.35 Bonds High Yield Bond Hotchkis and Wiley High Yield - Class I - 2870 (4) 1.00 1.09 0.95 2.55 5.59 5.01 10.55 03/31/2009 0.74 0.70 Intermediate-Term Bond Calvert Bond - Class I - 1089 (5) 0.11 0.75-0.88 0.07 2.58 3.02 3.99 03/31/2000 0.54 0.53 Loomis Sayles Investment Grade Bond - Class N - 6528 (6) 0.66 0.07-0.07 0.46 3.62 3.01 2.46 02/01/2013 0.48 0.48 Vanguard Total Bond Market Index - Admiral Shares - 898 0.04 0.70-1.60-0.88 1.43 2.17 3.67 11/12/2001 0.05 0.05 World Bond Templeton Global Bond - Class R6-6457 (7) 3.29-0.21 2.06 1.94 2.75 2.62 5.76 09/18/1986 0.58 0.52 Asset Allocation Lifecycle Clackamas TimeFrame 2005-2559 (8) 1.75 2.06 1.81 5.42 4.87 4.91 5.89 11/12/2009 0.28 0.27 Page 1 of 7

Clackamas TimeFrame 2010-2560 (8) 2.01 2.20 2.05 5.89 5.30 5.31 6.34 11/12/2009 0.30 0.29 Clackamas TimeFrame 2015-2561 (8) 2.06 2.29 2.11 6.16 5.52 5.68 6.95 11/12/2009 0.29 0.28 Clackamas TimeFrame 2020-2562 (8) 2.23 2.64 2.47 7.11 5.97 6.36 7.92 11/12/2009 0.31 0.30 Clackamas TimeFrame 2025-2563 (8) 2.46 2.93 2.78 8.25 7.08 7.34 8.86 11/12/2009 0.33 0.32 Clackamas TimeFrame 2030-6166 (8) 2.60 3.58 3.60 10.05 15.26 05/17/2016 0.32 0.31 Clackamas TimeFrame 2035-2564 (8) 2.71 3.56 3.59 10.17 8.28 8.40 9.93 11/12/2009 0.31 0.31 Clackamas TimeFrame 2040-6167 (8) 2.75 3.79 3.88 10.88 15.43 05/17/2016 0.30 0.30 Clackamas TimeFrame 2045-6168 (8) 2.83 3.99 4.13 11.50 15.95 05/17/2016 0.30 0.30 Clackamas TimeFrame 2050-2565 (8) 2.82 4.13 4.22 11.85 9.27 9.39 10.88 11/12/2009 0.30 0.30 Clackamas TimeFrame 2055-6169 (8) 2.82 4.18 4.31 12.09 16.31 05/17/2016 0.30 0.30 Clackamas TimeFrame 2060-6170 (8) 2.80 4.11 4.27 12.04 15.14 05/17/2016 0.29 0.29 Clackamas TimeFrame Income - 2558 (8) 1.46 1.85 1.44 4.60 4.18 4.27 5.07 11/12/2009 0.26 0.25 Large Cap Value Large Blend Vanguard Institutional Index - Institutional Shares - 566 Large Value JPMorgan Equity Income - Class R6 Shares - 3507 (9) Large Cap Growth Large Growth Neuberger Berman Sustainable Equity - Class R6 Shares - 3835 Small/Mid/Specialty 3.72 6.86 6.45 16.20 12.49 13.09 10.66 07/31/1990 0.04 0.04 4.62 6.15 3.75 14.53 11.19 11.33 10.96 02/18/1992 0.50 0.50 2.70 6.29 7.05 14.13 11.17 11.78 9.67 03/03/1997 0.59 0.59 Mid-Cap Blend Vanguard Mid-Cap Index - Institutional Shares - 1197 2.60 5.38 5.23 13.04 9.70 11.65 10.84 05/21/1998 0.04 0.04 Mid-Cap Growth T. Rowe Price Mid Cap Growth : I Shares - 8925 3.72 5.93 8.98 16.86 12.16 14.36 12.74 06/30/1992 0.62 0.62 Small Blend JPMorgan Small Cap Equity - Class R6 Shares - 9734 (10) Vanguard Small-Cap Index - Institutional Shares - 1198 Specialty - Global Real Estate Northern s Global Real Estate Index - 5163 (11) Global / International 2.27 7.76 8.29 17.89 12.73 12.46 12.80 12/20/1994 0.77 0.74 1.84 7.81 7.94 17.35 11.25 11.37 11.31 07/07/1997 0.04 0.04 0.95 2.61 0.63 4.63 5.75 6.13 4.72 07/26/2006 0.53 0.50 Diversified Emerging Mkts Oppenheimer Developing Markets - Class I - 3502 0.57-2.24-0.54 7.39 9.53 5.44 5.79 11/17/1996 0.88 0.88 Foreign Large Blend Dodge & Cox International Stock - 735 4.81-1.98-2.68 0.92 4.25 5.57 4.34 05/01/2001 0.64 0.64 Vanguard Developed Markets Index - Admiral Shares - 6500 2.32-0.85-0.41 6.60 6.04 6.33 3.82 08/17/1999 0.07 0.07 Foreign Large Growth American s EuroPacific Growth - Class R-6-1723 World Large Stock Portfolio 21 Global Equity - Institutional Class - 2880 (12) 2.13-1.02 0.27 7.08 7.21 7.90 5.36 04/16/1984 0.50 0.50 2.93 3.12 3.60 13.60 10.24 9.37 6.72 03/30/2007 1.08 1.08 Page 2 of 7

The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. *The Expense Ratios shown do not reflect any temporary fee or expense waivers that may be in effect for a fund. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees / expenses listed had been reflected. Page 3 of 7

P E R F O R M A N C E U P D A T E CLACKAMAS COUNTY 457(B) DC PLAN Average Annual Total Returns as of: 06/30/2018 (shown in percentages) Variable annuities and mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Money distributed from a 403(b) plan, 401(a)/(k) plan, or a 457 plan will be taxed as ordinary income in the year the money is distributed. Early withdrawals from a 403(b) plan and a 401(a)/(k) plan, if taken prior to age 59 1/2, will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. This IRS premature distribution penalty tax does not apply to 457 plans. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested. The performance data quoted represents past performance. Past performance does not guarantee future results. For monthend performance which may be lower or higher than the performance data shown please call 800-584-6001. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost. operating expenses. An asset based service fee is deducted from your account quarterly at an annual rate of 0.16% of balances in all mutual funds and 0.01% to assets held in Voya Stable Value. These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. operating expenses. Returns less than one year are not annualized. is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Stability of Principal Money Market BlackRock Liquidity Federal Trust - Inst Shares - 2574 (2)(3) The 7-day annualized yield as of 06/30/2018 is 1.73%, which more closely reflects current earnings. (13) 0.14 0.40 0.71 1.17 0.55 0.33 0.29 12/03/1990 0.24 0.17 Stable Value Voya Stable Value 35 CIT - 7533 (1) 0.16 0.47 0.91 1.75 1.63 05/17/2016 0.35 0.35 Bonds High Yield Bond Hotchkis and Wiley High Yield - Class I - 2870 (4) 0.39 0.56-0.05 2.88 4.99 5.18 10.53 03/31/2009 0.74 0.70 Intermediate-Term Bond Calvert Bond - Class I - 1089 (5) 0.02 0.10-0.99 0.42 2.80 3.07 3.95 03/31/2000 0.54 0.53 Loomis Sayles Investment Grade Bond - Class N - 6528 (6) -0.19-0.81-0.73 1.15 3.06 3.13 2.37 02/01/2013 0.48 0.48 Vanguard Total Bond Market Index - Admiral Shares - 898 0.04-0.17-1.64-0.53 1.67 2.20 3.67 11/12/2001 0.05 0.05 World Bond Templeton Global Bond - Class R6-6457 (7) -1.02-2.54-1.19-1.74 1.38 2.00 5.61 09/18/1986 0.58 0.52 Asset Allocation Lifecycle Clackamas TimeFrame 2005-2559 (8) -0.13 0.38 0.06 4.59 4.26 5.04 5.74 11/12/2009 0.28 0.27 Clackamas TimeFrame 2010-2560 (8) -0.18 0.32 0.04 4.86 4.60 5.43 6.16 11/12/2009 0.30 0.29 Clackamas TimeFrame 2015-2561 (8) -0.18 0.36 0.04 5.17 4.80 5.86 6.77 11/12/2009 0.29 0.28 Clackamas TimeFrame 2020-2562 (8) -0.18 0.52 0.24 6.10 5.19 6.62 7.73 11/12/2009 0.31 0.30 Page 4 of 7

Clackamas TimeFrame 2025-2563 (8) -0.20 0.66 0.31 7.26 6.20 7.66 8.64 11/12/2009 0.33 0.32 Clackamas TimeFrame 2030-6166 (8) 0.01 1.19 0.98 9.26 14.53 05/17/2016 0.32 0.31 Clackamas TimeFrame 2035-2564 (8) -0.12 1.06 0.85 9.16 7.29 8.79 9.69 11/12/2009 0.31 0.31 Clackamas TimeFrame 2040-6167 (8) -0.09 1.25 1.10 9.91 14.62 05/17/2016 0.30 0.30 Clackamas TimeFrame 2045-6168 (8) -0.04 1.42 1.27 10.54 15.12 05/17/2016 0.30 0.30 Clackamas TimeFrame 2050-2565 (8) -0.03 1.52 1.36 11.00 8.23 9.88 10.64 11/12/2009 0.30 0.30 Clackamas TimeFrame 2055-6169 (8) -0.03 1.57 1.44 11.29 15.48 05/17/2016 0.30 0.30 Clackamas TimeFrame 2060-6170 (8) -0.05 1.55 1.42 11.30 14.29 05/17/2016 0.29 0.29 Clackamas TimeFrame Income - 2558 (8) -0.10 0.35-0.03 3.96 3.71 4.37 4.94 11/12/2009 0.26 0.25 Large Cap Value Large Blend Vanguard Institutional Index - Institutional Shares - 566 Large Value JPMorgan Equity Income - Class R6 Shares - 3507 (9) Large Cap Growth Large Growth Neuberger Berman Sustainable Equity - Class R6 Shares - 3835 Small/Mid/Specialty 0.61 3.42 2.63 14.33 11.90 13.39 10.17 07/31/1990 0.04 0.04 0.07 1.32-0.84 10.49 10.06 11.39 10.49 02/18/1992 0.50 0.50 1.10 3.71 4.23 13.04 10.68 12.26 9.33 03/03/1997 0.59 0.59 Mid-Cap Blend Vanguard Mid-Cap Index - Institutional Shares - 1197 0.91 2.57 2.56 12.10 9.22 12.31 10.11 05/21/1998 0.04 0.04 Mid-Cap Growth T. Rowe Price Mid Cap Growth : I Shares - 8925 0.32 0.94 5.07 14.53 11.37 14.97 12.07 06/30/1992 0.62 0.62 Small Blend JPMorgan Small Cap Equity - Class R6 Shares - 9734 (10) Vanguard Small-Cap Index - Institutional Shares - 1198 Specialty - Global Real Estate Northern s Global Real Estate Index - 5163 (11) Global / International 1.35 5.57 5.88 14.89 11.97 13.22 12.65 12/20/1994 0.77 0.74 0.73 6.21 5.99 16.51 10.47 12.41 11.29 07/07/1997 0.04 0.04 0.59 2.92-0.32 6.47 6.21 6.18 4.67 07/26/2006 0.53 0.50 Diversified Emerging Mkts Oppenheimer Developing Markets - Class I - 3502-2.53-4.00-1.09 12.63 7.59 6.04 5.67 11/17/1996 0.88 0.88 Foreign Large Blend Dodge & Cox International Stock - 735-1.76-5.12-7.15 0.50 2.06 5.78 3.68 05/01/2001 0.64 0.64 Vanguard Developed Markets Index - Admiral Shares - 6500-1.53-1.59-2.67 7.25 5.67 6.95 3.22 08/17/1999 0.07 0.07 Foreign Large Growth American s EuroPacific Growth - Class R-6-1723 World Large Stock Portfolio 21 Global Equity - Institutional Class - 2880 (12) -2.34-2.82-1.82 9.35 6.51 8.34 4.82 04/16/1984 0.50 0.50-0.81 0.77 0.65 12.59 10.07 9.45 6.25 03/30/2007 1.08 1.08 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Page 5 of 7

Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. *The Expense Ratios shown do not reflect any temporary fee or expense waivers that may be in effect for a fund. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees / expenses listed had been reflected. Additional Notes (1)The Stable Value is a group collective investment trust that holds a diversified portfolio of stable value products. The fund is not insured by the FDIC or any bank or governmental agency and fund performance is not guaranteed. The fund is not a mutual fund and interests in the fund have not been registered with the Securities and Exchange Commission. While the fund seeks to provide safety of principal, it is possible to lose money by investing in the fund. (2)YOU COULD LOSE MONEY BY INVESTING IN THE FUND. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT CANNOT GUARANTEE IT WILL DO SO. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. THE FUND'S SPONSOR HAS NO LEGAL OBLIGATION TO PROVIDE FINANCIAL SUPPORT TO THE FUND, AND YOU SHOULD NOT EXPECT THAT THE SPONSOR WILL PROVIDE FINANCIAL SUPPORT TO THE FUND AT ANY TIME. (3)BlackRock Liquidity Federal Trust - Institutional Shares: BlackRock Advisors, LLC (BlackRock), the 's investment manager, has contractually agreed to waive fees and/or reimburse ordinary operating expenses in order to keep combined Management Fees and Miscellaneous/Other Expenses (excluding Dividend Expense, Interest Expense, Acquired Fees and Expenses and certain other expenses) from exceeding 0.17% of average daily net assets through February 28, 2019. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the. (4)Hotchkis and Wiley High Yield - Class I: Hotchkis & Wiley Capital Management, LLC has contractually agreed to waive management fees and/or reimburse expenses through October 31, 2018 to ensure that Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement do not exceed certain limits: 0.70%. Thereafter, the Advisor may change or eliminate the expense limits only upon 30 days' prior notice to the 's shareholders. (5)Calvert Bond Portfolio - Class I: Calvert Research and Management ("CRM") has agreed to reimburse the 's expenses to the extent that Total Annual Operating Expenses exceed 0.64%. This expense reimbursement will continue through January 31, 2019. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by CRM during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year. The contractual administrative fee is 0.12%. CRM has agreed to contractually waive 0.02% of the administrative fee through January 31, 2018. (6)Loomis Sayles Investment Grade Bond - Class N: Loomis, Sayles & Company, L.P. (Loomis Sayles or the Adviser) has given a binding contractual undertaking to the to limit the amount of the 's total annual fund operating expenses to 0.50% of the 's average daily net assets, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2019 and may be terminated before then only with the consent of the 's Board of Trustees. The Adviser will be permitted to recover management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations. The will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. (7)Templeton Global Bond - Class R6: The investment manager has contractually agreed in advance to reduce its fees as a result of the 's investments in Franklin Templeton affiliated funds (acquired funds), including a Franklin Templeton money fund, for the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above. (8)The Clackamas TimeFrame Portfolio is not a registered investment company and is not registered with the Securities and Exchange Commission. It is a private label portfolio that invests in a combination of the investment options ("Underlying s") offered under the Clackamas County 457 Deferred Compensation Plan and Clackamas Housing Deferred Compensation Plan. (9)JPMorgan Equity Income - Class R6 Shares: The 's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.54% of the average daily net assets. The may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The 's adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the 's investment in such Page 6 of 7

Additional Notes money market funds. These waivers are in effect through 10/31/18, at which time the adviser and/or its affiliates will determine whether to renew or revise them. (10)JPMorgan Small Cap Equity - Class R6 Shares: The 's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Operating Expenses (excluding Acquired Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.74% of the average daily net assets. The may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The 's adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the 's investment in such money market funds. These waivers are in effect through 10/31/18 for Class R5 Shares and through 10/31/19 for the other classes. When the waivers expire, the adviser and/or its affiliates will determine whether to renew or revise them. (11)Northern s Global Real Estate Index : Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the (other than acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Directors Forum; and extraordinary expenses and interest, if any) to the extent the "Total Annual Operating Expenses" exceed 0.50%. This contractual limitation may not be terminated before July 31, 2014. (12)Portfolio 21 - Class I: Portfolio 21 (the "Advisor") has contractually agreed to reduce its fees and/or pay the 's expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Portfolio Operating Expenses to 1.20% of average net assets (the "Expense Caps"). The Expense Caps will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor may request recoupment for management fee waivers and/or expense payments made in the prior three fiscal years. (13)The current yield reflects the deduction of all charges that are deducted from the total return quotations shown. Insurance products, annuities and funding agreements issued by Voya Retirement Insurance and Annuity Company, One Orange Way Windsor, CT 06095, (VRIAC), which is solely responsible for meeting its obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services, LLC. All companies are members of the Voya family of companies. Securities are distributed by or offered through Voya Financial Partners, LLC (member SIPC) or other broker-dealers with which it has a selling agreement. The chart shows the performance for each investment option for the time periods shown. Creation : Thursday, August 02, 2018 Page 7 of 7