Performance Report. September 30, 2015

Performance Report September 30, 2015

About ASC Trust Corporation ASC Trust Corporation is the leader of retirement plan management in Micronesia. With a team of over 60,in three locations throughout the region, we manage in excess of 300 retirement plans, representing 20,000 participants and over $500 million in assets. Our Partners When an employer hires ASC to manage their retirement plan, they get ASC s local team providing unparalleled personal service, while having the peace of mind knowing that ASC's best in class alliance network is supported by world class industry partners Sungard, Morgan Stanley and Fidelity Investments. Sungard With over 20,000 employees and $5 billion in annual revenue, Sungard is a leader in financial software technology. In addition to hosting and maintaining ASC s data servers, Sungard provides compliance and plan document support. Morgan Stanley Consulting Group With over $650 billion in assets under advisement, Morgan Stanley Consulting Group (MSCG) is one of the largest institutional investment advisors specializing in servicing fiduciaries representing retirement plans, endowments and insurance companies. MSCG advises the ASC Investment Committee on asset allocation and fund selection. Fidelity Institutional Wealth Services Fidelity is the leading provider of retirement plan management with over $4.2 trillion in assets under administration. Fidelity provides full service investment management to ASC to include investment custody and trading execution.

Report Overview ASC maintains diversified investment options for our participants to choose from consisting of institutional class mutual funds, exchange traded funds, collective investment trusts and profile allocations within a wide range of investments styles and asset classes enabling participants to meet their individual retirement savings needs and other financial goals. 1% Core Funds If a participant is comfortable creating their own personalized allocation strategies, or are working with an investment advisor, we offer the ASC Core Fund Lineup. The Core Fund Lineup consists of a combination of institutional class mutual funds, ETFs and collective trust funds. For more information, please turn to page 2 Dynamic Retirement Trust (DRT) For the participant who understands their risk tolerance, but does not have the time or desire to make their own investment decisions, we offer ASC Dynamic Retirement Trust Funds (DRT). DRT's are fully diversified risk allocation funds designed to produce the highest potential returns for a given level of risk, as measured by volatility, or fluctuations, of portfolio value over time. PLEASE NOTE: These funds are risk allocation funds. They will not perform in line with the S&P 500. They are expected to outperform equity markets in more volatile markets and lag in strong, equity oriented- markets. For more information, please turn to page 4 Target Date Profiles (TDP) For participants who understand the need to participate in a retirement plan but have little time or desire to invest funds personally, we provide ASC Target Date Profiles (TDP). These funds are age-weighted strategies that create an allocation that is based on a participant s age and years to retirement (the Target). A TDP differs from a Core Fund or Dynamic Trust Fund, which invest all funds within the profile at the same degree of risk. The TDP recognizes that a successful retirement strategy needs to be designed for a retirement that could last several decades. In the early years of accumulation those farthest away from retirement, the profile may be more aggressive, but will invest more conservatively as retirement approaches. Unlike saving for a house or college, retirement is something that will take place over multiple decades for the average participant. With this, not all funds will be needed on the first day of retirement. Since the need for funds and liquidity will be over an extended period of time for most retirees, it is not necessary for all funds be invested with the same amount of risk. For more information, please turn to page 14 Specialty Funds Most plans offer additional specialty funds. These funds are provided for sophisticated participants and/or participants under the guidance of an investment advisor. Additionally, certain plans choose to design their own investment lineup. For more information, please turn to page 22 Page 1

ASC Core Funds The ASC Core Fund Lineup consists of a combination of mutual funds, ETFs and collective trust funds. The goal of the lineup is to: Provide a wide range of investment opportunities in various asset classes; Allow diversification and cover a wide risk/return spectrum; Maximize return within a reasonable and prudent level of risk; 1% and Provide returns comparable to returns for similar investment options. While the ASC Investment Committee is responsible for the final selection of the plan s Core Fund Lineup, in order to assure it is providing quality funds to its participants, the Committee utilizes Morgan Stanley Consulting Group s Investment Manager Analysis (MSCG) research process. MSCG maintains a comprehensive manager research process that evaluates both qualitative and quantitative information about the manager, such as the firm s assets under management, details of their investment process, firm personnel and ownership details, legal and compliance procedures and issues and composite performance and dispersion information. Manager Analysis List Characteristics Once MSCG completes a review, investment strategies may receive one of three statuses: Not Approved, Approved List or Focus List. Not Approved managers do not meet our overall investment standards. Certain products on either the Focus List or Approved List may also be recommended for the Tactical Opportunities List based in part on tactical opportunism existing at a given time. The investment products on the Tactical Opportunities List change over time. Focus List Status indicates MSCG s high confidence level in the overall quality of the investment option and its ability to outperform applicable benchmarks over a full market cycle. Approved List status identifies investment products that meet acceptable MSCG research standards and thus qualify as suitable investments for advisory clients. Tactical Opportunities List draws from the Focus List and the Approved List and looks for managers that may benefit from expected market trends, such as outperformance by a particular style, factor, or asset class over a somewhat shorter time period, typically defined as one to three years. Manager Analysis List Strucuture Page 2

ASC Core Fund Performance September 30, 2015 Benchmark Style Ticker Net Expense (1.15) MSCG Rating One Month Three Month YTD Twelve Month Three Year Five Year Liquidity Funds Galliard Stable Value (1) Active QBGZQ 0.53% N.R. 0.12% 0.36% 0.93% 1.37% 1.39% 1.69% Putnam Stable Value (1) Active QCLZQ 0.25% N.R. 0.15% 0.44% 1.18% 1.78% 1.74% 2.31% Fidelity Inst'l Money Market Active FMPXX 0.21% N.R. 0.01% 0.03% 0.08% 0.09% 0.08% 0.12% Citi 3mth Treasury Bill 0.00% 0.01% 0.02% 0.02% 0.04% 0.06% (1) Different plans utilize different Stable Value Funds. See your plan specs for clarification. Bond Funds Vanguard Total Bond Market Index Passive VBTIX 0.07% Index 0.76% 1.18% 1.02% 2.76% 1.59% 3.00% MetWest Total Return Bond (2) Active MWTIX 0.40% Focus 0.32% 0.65% 0.69% 2.27% 2.86% 4.74% Barclays Interm. Credit 0.68% 1.23% 1.13% 2.94% 1.71% 3.10% (2) MetWest MWTIX replaced Dodge & Cox Income (DODIX) as core active intermediate bond fund effective February 2015. US Equities JP Morgan Equity Income Select (3) Active HLIEX 0.80% Focus -1.84% -6.13% -7.30% -1.31% 11.60% 13.39% Russell 1000 Value Index -3.02% -8.40% -8.96% -4.42% 11.59% 12.29% Vanguard US Large Cap. Index Passive VINIX 0.04% Index -2.48% -6.45% -5.30% -0.63% 12.37% 13.31% S&P 500 Index -2.47% -6.44% -5.29% -0.61% 12.40% 13.34% Harbor Large Cap Appreciation Active HACAX 0.65% Focus -2.53% -5.44% 2.68% 6.03% 15.35% 15.06% Russell 1000 Growth Index -2.47% -5.29% -1.54% 3.17% 13.61% 14.47% John Hancock Mid Cap Value Active JVMIX 0.90% N.R. -2.36% -5.45% -2.75% 5.19% 17.07% 16.01% Russell MidCap Value Index 0.80% -8.04% -7.66% -2.07% 13.69% 13.15% Eagle MidCap Growth Active HRAUX 0.78% N.R. -4.79% -9.70% -2.05% 1.04% 15.09% 13.35% Russell MidCap Growth Index -3.86% -7.99% -4.15% 1.45% 13.97% 13.58% Vanguard Extended MidCap Index Passive VIEIX 0.12% Index -4.82% -10.55% -6.21% -0.18% 12.94% 12.99% Russell MidCap Core Index -3.60% -8.01% -5.84% -0.25% 13.91% 13.40% DFA US Small Cap Value (4) Active DFSVX 0.52% N.R. -4.51% -11.72% -9.52% -3.44% 11.78% 12.26% Russell 2000 Value Index -3.46% -10.73% -10.06% -1.60% 9.18% 10.17% Voya Small Cap Growth Active NSPIX 1.16% N.R. -6.73% -12.81% -6.27% 1.40% 11.05% 12.97% Russell 2000 Growth Index -6.32% -13.06% -5.47% 4.04% 12.85% 13.26% (3) JP Morgan Equity Income replaced T Rowe Price Equity Income as Core US Large Cap Value effective February 2015. (4) DFA US Small Cap Value replaced DFA Small Cap as core Small Cap Value effective February 2015. International Equities MFS International Value Active MINIX 0.82% Approved -1.88% -4.48% 1.22% 1.52% 10.40% 9.91% MSCI EAFE Value Index -6.18% -11.71% -7.73% -12.18% 5.22% 3.63% Vanguard Total International Stock Passive VTSNX 0.12% Index -3.90% -11.59% -6.80% -10.71% 3.15% 2.18% MSCI ACWI ex US Index -4.60% -12.10% -8.28% -11.78% 2.78% 2.27% Artisan International Fund Active ARTIX 1.17% Focus -4.53% -13.16% -9.82% -9.34% 5.87% 6.90% MSCI EAFE Growth Index -3.93% -8.69% -2.09% -4.30% 6.90% 5.19% (5) Artisan International replaced MFS International Growth as Core International Growth Fund effective February 2015. Return Participation Disclosure The performance data quoted represents past performance and does not guarantee future results. Returns assume reinvestment of dividends and capital gains and are adjusted to reflect ongoing investment management expenses. The investment return and principal value of an investment will fluctuate, thus an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For a more extensive writeup on the individual funds, please refer to our website at www.asctrust.com. Addition Funds. Each plan has the option of providing additional Specialty Fund for sophisticated participants and/or participants under the guidance of an individual investment advisor. Likewise, this information can be found on our website, www.asctrust.com. Not FDIC Insured No Guarantee May Lose Value Page 3

ASC Dynamic Retirement Trust For the participant who understands their risk tolerance, but does not have the time or desire to make their own investment decisions, we offer the ASC Dynamic Retirement Trust Funds (DRT). DRT's are fully diversified risk allocation funds designed in an effort to produce the highest potential returns for a given level of risk, as measured by volatility, or fluctuations, of portfolio value over time. The reduced volatility is a bi-product of DRT s asset allocation that utilzes four distinct investment categories (listed below). Further, instead of investing heavily in one equity index (i.e. S&P 500) or one country (i.e. USA), DRT allocates across the world to include emerging market equities, high yield bonds and emerging market bonds within growth allocations 1% and uses liquidity, inflation and volatility strategies with the goal of providing a more stable rate ofreturn. Over an entire market cycle, and in periods of volatility, it is the goal of this strategy to provide smoother investment returns for participants. However, during periods of strong equity markets with low volatility DRT will likely underperform. If a participant is comparing DRT to S&P 500 during these periods, they are going to be disappointed. With this, it is very important for a participant to understand the expectations and design characteristics of each fund before using them. #1 Base Defensive Is made up of cash, shortterm fixed income, a Barclay's Aggregate Index fund, and an actively managed international fixed income allocation. Combined, the portfolio is expected to outperform the broader fixed income market during periods of volatility within the bond markets and during periods of rising interest rates while underperforming the market during periods of falling interest rates. #2 Inflation Protection Is made up of assets that are expected to respond to different parts of an inflation cycle, including TIPS, REITs, commodities, and MLPs. The portfolio is structured with a goal to outpace inflation over a full cycle. Performance is not expected to be driven by equity or fixed income markets over the short or long term. With this, it serves as a diversifier to the overall portfolio. #3 Is made up of a diverse set of asset classes including US and non-us equity (to include emerging markets), and growth fixed income investments such as high yield bonds and emerging market bonds. The portfolio s structure is expected to outperform equities in more volatile markets and lag in strong, equity-oriented markets. #4 Volatility Protection Is made up of a variety of asset classes and alternative strategies to include managed futures and hedge funds. The portfolio is structured to enhance diversification, manage risk and reduce volatility during adverse stock market climates. Stability Through True Diversification Independently, each category will accomplish a single focus. However, by joining the categories together the goal is to create portfolios that can both protect and grow funds to different degrees based upon how the fund is underweighted or over-weighted each category. Second, the Committee selects Investment Managers it believes can outperform their individual market indexes. Third, quarterly a dynamic strategy (Tactical) is implemented to exploit current opportunities given valuations and macro factors. Dynamic Retirement Trusts The ASC Dynamic Retirement Trust ( DRT ) was designed as the primary investment vehicle for the ASC Target Date Profiles as well as an individual allocation option for participants who understand their risk tolerance, but do not have the time to manage their accounts. With guidance from Morgan Stanley Consulting Group, the Committee follows a multi-step process to manage each fund s portfolio allocation. Page 4

Fund / Benchmark Dynamic Retirement Trust Fund Performance One Month September 30, 2015 Please note: Morgan Stanley took over the role of investment advisor to the DRT Trusts effective 1/1/2015. Prior to this date, Mercer Investment Consultants was the advisor. Three Months YTD Twelve Months Three Years Five Years Inception (July 2013) Capital Preservation (Investment Time Horizon 0-5 Years) Fund Performance 0.19% 0.10% 0.39% 0.49% - - 1.65% Tracking Benchmark 0.32% -0.77% -0.01% 0.62% -0.27% 0.82% 0.81% Conservative Income (Investment Time Horizon 6-10 Years) Fund Performance -1.18% -3.45% -2.04% -2.33% - - 0.55% Tracking Benchmark -0.97% -2.66% -2.54% -2.01% -0.24% 1.28% 0.54% Conservative Growth (Investment Time Horizon 11-15 Years) Fund Performance -1.67% -4.66% -3.09% -3.65% - - 0.56% Tracking Benchmark -1.56% 0.80% -3.68% -3.14% 1.20% 2.51% 1.51% Moderate Growth (Investment Time Horizon 16-20 Years) Fund Performance -2.27% -6.26% -4.73% -5.45% - - 0.05% Tracking Benchmark -2.20% -5.72% -5.28% -4.76% 2.02% 3.38% 1.90% Growth (Investment Time Horizon 21-25 Years) Fund Performance -2.67% -7.33% -5.19% -6.10% - - 0.14% Tracking Benchmark -2.68% -7.00% -6.06% -5.53% 2.74% 4.00% 2.30% Capital Appreciation (Investment Time Horizon 26+ Years) Fund Performance -2.98% -8.17% -6.32% -7.39% - - -0.05% Tracking Benchmark -2.95% -8.16% -7.26% -6.74% 3.56% 4.84% 2.71% Global Equity (World Allocation Fund) Fund Performance -3.26% -8.63% -6.12% - - - -9.23% Tracking Benchmark -3.36% -10.40% -8.00% -5.30% 7.77% 8.07% 5.28% Return Participation Disclosure The performance data quoted represents past performance and does not guarantee future results. Returns assume reinvestment of dividends and capital gains and are adjusted to reflect ongoing investment management expenses. The investment return and principal value of an investment will fluctuate, thus an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For a more extensive writeup on the individual funds, please refer to our website at www.asctrust.com. Not FDIC Insured No Guarantee May Lose Value Page 5

Capital Preservation Fund Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* 0.19% 0.10% 0.39% - - - - Fund Performance 0.19% 0.10% 0.39% 0.49% - - 1.65% Benchmark Performance 0.32% -0.77% -0.01% 0.62% -0.27% 0.82% 0.81% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Benchmark Index Ticker Strategic Dynamic Fund Targets Base Defensive Assets Time Horizon 0-4 Years Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 30.00% Target Return 4.80% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 24.00% 5.00% Standard Deviation 2.30% Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 32.00% 26.00% Inception Date Jul-13 Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 32.00% 21.00% Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 8.00% 5.00% 96.00% 87.00% Fund Strategic Categories Inflation Protection Assets Base (Defensive) Assets 96.00% Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.00% 6.00% Inflation Protection Assets 0.00% S&P US REIT Vanguard REIT Index VGSNX 4.00% S&P Global ex-us Property Vanguard Global ex-us REIT VNQI Volatility Protection Assets 0.00% Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX Alerian MLP Index Center Coast MLP Focus CCCNX Fund Strategic Allocation 0.00% 6.00% Bond/Debt Holdings: 100.00% US Equity Funds Stable Value / Money Mkt 24.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX Short Term Bonds 32.00% Russell 1000 Value Index Vanguard Value Index VIVIX U.S. Aggregate Bonds 32.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX Non US Gov't Bonds 8.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX High Yield Bonds 4.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX Multi-Asset Holdings: 0.00% International Equity Inflation Protection 0.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX Volatility Protection 0.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 0.00% 0.00% 0.00% 0.00% Equity Holdings: 0.00% Growth Fixed Income Large Cap US Equities 0.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 4.00% 7.00% Mid Cap US Equities 0.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 0.00% 0.00% Volatility Protection Assets 4.00% 7.00% Emerging Market Equities 0.00% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX Fund Profile: Morgan Model 1 (US-Biased with Alternatives) Total 100.00% 100.00% Disclaimer: The fund is a diversified multi-asset allocation strategy, it is NOT an equity allocation fund and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The fund is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Fund Category: Liquidity Allocation Fund Fund Objective: Investment management is focused on asset stability first and income second. Investment Time Horizon: Investors in this fund require access to their investments within four years. Net Expense Ratio The fund has a projected Management Fee of.96%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 6

Conservative Income Fund Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -1.18% -3.45% -2.04% - - - - Fund Performance -1.18% -3.45% -2.04% -2.33% - - 0.55% Benchmark Performance -0.97% -2.66% -2.54% -2.01% -0.24% 1.28% 0.54% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Benchmark Index Ticker Strategic Dynamic Fund Targets Base Defensive Assets Time Horizon 5-8 Years Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 7.00% Target Return 6.20% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 15.00% 4.00% Standard Deviation 5.60% Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 22.00% 20.00% Inception Date Jul-13 Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 22.00% 17.00% Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 6.00% 4.00% 65.00% 52.00% Fund Strategic Categories Inflation Protection Assets Base (Defensive) Assets 65.00% Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.00% 4.00% Inflation Protection Assets 4.00% S&P US REIT Vanguard REIT Index VGSNX 1.20% 0.00% 28.00% S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 0.80% 0.00% Volatility Protection Assets 3.00% Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 2.00% Alerian MLP Index Center Coast MLP Focus CCCNX 2.00% 2.00% 4.00% 8.00% Fund Strategic Allocation Bond/Debt Holdings: 69.00% US Equity Funds Stable Value / Money Mkt 15.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX 5.00% 6.00% Short Term Bonds 22.00% Russell 1000 Value Index Vanguard Value Index VIVIX 5.00% 6.00% U.S. Aggregate Bonds 22.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 1.00% 1.00% Non US Gov't Bonds 6.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX 1.00% 1.00% High Yield Bonds 4.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 1.00% 1.00% Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 1.00% 1.00% Multi-Asset Holdings: 7.00% International Equity Inflation Protection 4.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 8.00% 10.00% Volatility Protection 3.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 1.50% 0.50% 3.00% 1.00% Equity Holdings: 23.50% Growth Fixed Income Large Cap US Equities 10.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 4.00% 7.00% Mid Cap US Equities 2.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 2.00% 8.00% Volatility Protection Assets 28.00% 37.00% Emerging Market Equities 1.50% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 3.00% 3.00% 3.00% 3.00% Fund Profile: Morgan Model 2 (US-Biased with Alternatives) Total 100.00% 100.00% Disclaimer: The fund is a diversified multi-asset allocation strategy, it is NOT an equity allocation fund and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The fund is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Fund Category: Conservative Allocation Fund Objective: Investment management is focused on balancing stability and income. Investment Time Horizon: Investors in this fund require access to their investments within five to eight years. Net Expense Ratio: The fund has a projected Management Fee of 1.03%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 7

Conservative Growth Fund Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -1.67% -4.66% -3.09% - - - - Fund Performance -1.67% -4.66% -3.09% -3.65% - - 0.56% Benchmark Performance -1.56% 0.80% -3.68% -3.14% 1.20% 2.51% 1.51% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Benchmark Index Ticker Strategic Dynamic Fund Targets Base Defensive Assets Time Horizon 9-12 Years Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 3.00% Target Return 6.50% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 10.00% 3.00% Standard Deviation 7.30% Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 17.00% 15.00% Inception Date Jul-13 Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 18.00% 13.00% Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 5.00% 3.00% 50.00% 37.00% Fund Strategic Categories Inflation Protection Assets Base (Defensive) Assets 50.00% Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.00% 4.00% Inflation Protection Assets 6.00% S&P US REIT Vanguard REIT Index VGSNX 1.80% 0.00% 40.00% S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 1.20% 0.00% Volatility Protection Assets 4.00% Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 3.00% Alerian MLP Index Center Coast MLP Focus CCCNX 3.00% 3.00% 6.00% 10.00% Fund Strategic Allocation Bond/Debt Holdings: 54.00% US Equity Funds Stable Value / Money Mkt 10.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX 8.00% 9.00% Short Term Bonds 17.00% Russell 1000 Value Index Vanguard Value Index VIVIX 8.00% 9.00% U.S. Aggregate Bonds 18.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 2.00% 2.00% Non US Gov't Bonds 5.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX 2.00% 2.00% High Yield Bonds 4.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 1.00% 1.00% Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 1.00% 1.00% Multi-Asset Holdings: 10.00% International Equity Inflation Protection 6.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 10.00% 12.00% Volatility Protection 4.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 3.00% 1.00% 4.50% 1.50% Equity Holdings: 35.00% Growth Fixed Income Large Cap US Equities 16.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 4.00% 7.00% Mid Cap US Equities 4.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 2.00% 10.00% Volatility Protection Assets 40.00% 49.00% Emerging Market Equities 3.00% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 4.00% 4.00% 4.00% 4.00% Fund Profile: Morgan Model 3 (US-Biased with Alternatives) Total 100.00% 100.00% Disclaimer: The fund is a diversified multi-asset allocation strategy, it is NOT an equity allocation fund and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The fund is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Fund Category: Moderately Conservative Allocation Fund Objective: Investment management is focused on balancing income and growth. Investment Time Horizon: Investors in this fund require access to their investments within nine to twelve years. Net Expense Ratio: The fund has a projected Management Fee of 1.06%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 8

Moderate Growth Fund Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.27% -6.26% -4.73% - - - - Fund Performance -2.27% -6.26% -4.73% -5.45% - - 0.05% Benchmark Performance -2.20% -5.72% -5.28% -4.76% 2.02% 3.38% 1.90% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Benchmark Index Ticker Strategic Dynamic Fund Targets Base Defensive Assets Time Horizon 13-16 Years Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 1.00% Target Return 6.80% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 5.00% 0.00% Standard Deviation 9.10% Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 12.00% 10.00% Inception Date Jul-13 Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 12.00% 7.00% Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 3.00% 1.00% 32.00% 19.00% Fund Strategic Categories Inflation Protection Assets Base (Defensive) Assets 32.00% Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.00% 4.00% Inflation Protection Assets 6.00% S&P US REIT Vanguard REIT Index VGSNX 1.80% 0.00% 54.00% S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 1.20% 0.00% Volatility Protection Assets 8.00% Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 3.00% Alerian MLP Index Center Coast MLP Focus CCCNX 3.00% 3.00% 6.00% 10.00% Fund Strategic Allocation Bond/Debt Holdings: 34.00% US Equity Funds Stable Value / Money Mkt 5.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX 11.00% 12.00% Short Term Bonds 12.00% Russell 1000 Value Index Vanguard Value Index VIVIX 11.00% 12.00% U.S. Aggregate Bonds 12.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 3.00% 3.00% Non US Gov't Bonds 3.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX 3.00% 3.00% High Yield Bonds 2.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 2.00% 2.00% Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 2.00% 2.00% Multi-Asset Holdings: 14.00% International Equity Inflation Protection 6.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 15.00% 17.00% Volatility Protection 8.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 3.75% 1.25% 5.25% 1.75% Equity Holdings: 50.75% Growth Fixed Income Large Cap US Equities 22.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 2.00% 5.00% Mid Cap US Equities 6.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 4.00% 15.00% Volatility Protection Assets 54.00% 63.00% Emerging Market Equities 3.75% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 2.00% 2.00% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 6.00% 6.00% 8.00% 8.00% Fund Profile: Morgan Model 4 (US-Biased with Alternatives) Total 100.00% 100.00% Disclaimer: The fund is a diversified multi-asset allocation strategy, it is NOT an equity allocation fund and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The fund is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Fund Category: Moderte Allocation Fund Fund Objective: Investment management is focused on stable growth. Investment Time Horizon: Investors in this fund require access to their investments within thriteen to sixteen years. Net Expense Ratio: The fund has a projected Management Fee of 1.09%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 9

Growth Fund Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.67% -7.33% -5.19% - - - - Fund Performance -2.67% -7.33% -5.19% -6.10% - - 0.14% Benchmark Performance -2.68% -7.00% -6.06% -5.53% 2.74% 4.00% 2.30% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Benchmark Index Ticker Strategic Dynamic Fund Targets Base Defensive Assets Time Horizon 17-20 Years Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ Target Return 7.10% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 2.00% 0.00% Standard Deviation 12.50% Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 6.00% 4.00% Inception Date Jul-13 Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 6.00% 0.00% Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 2.00% 0.00% 16.00% 4.00% Fund Strategic Categories Inflation Protection Assets Base (Defensive) Assets 16.00% Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.00% 3.00% Inflation Protection Assets 4.00% S&P US REIT Vanguard REIT Index VGSNX 1.20% 0.00% S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 0.80% 0.00% 68.00% Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 2.00% Volatility Protection Assets 12.00% Alerian MLP Index Center Coast MLP Focus CCCNX 2.00% 2.00% 4.00% 7.00% Fund Strategic Allocation Bond/Debt Holdings: 18.00% US Equity Funds Stable Value / Money Mkt 2.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX 14.00% 15.00% Short Term Bonds 6.00% Russell 1000 Value Index Vanguard Value Index VIVIX 14.00% 15.00% U.S. Aggregate Bonds 6.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 3.00% 3.00% Non US Gov't Bonds 2.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX 3.00% 3.00% High Yield Bonds 2.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 3.00% 3.00% Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 3.00% 3.00% Multi-Asset Holdings: 16.00% International Equity Inflation Protection 4.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 19.00% 21.00% Volatility Protection 12.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 5.25% 1.75% 6.75% 2.25% Equity Holdings: 64.25% Growth Fixed Income Large Cap US Equities 28.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 2.00% 5.00% Mid Cap US Equities 6.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 6.00% 19.00% Volatility Protection Assets 68.00% 77.00% Emerging Market Equities 5.25% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 4.00% 4.00% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 8.00% 8.00% 12.00% 12.00% Fund Profile: Morgan Model 6 (US-Biased with Alternatives) Total 100.00% 100.00% Disclaimer: The fund is a diversified multi-asset allocation strategy, it is NOT an equity allocation fund and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The fund is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Fund Category: Moderately Aggressive Allocation Fund Objective: Investment management is focused on capital apprectiation Investment Time Horizon: Investors in this fund require access to their investments within seventeen to twent years. Net Expense Ratio: The fund has a projected Management Fee of 1.12%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 10

Capital Appreciation Fund Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.98% -8.17% -6.32% - - - - Fund Performance -2.98% -8.17% -6.32% -7.39% - - -0.05% Benchmark Performance -2.95% -8.16% -7.26% -6.74% 3.56% 4.84% 2.71% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Benchmark Index Ticker Strategic Dynamic Fund Targets Base Defensive Assets Time Horizon 20+ Years Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ Target Return 7.40% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A Standard Deviation 14.50% Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX Inception Date Jul-13 Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX Fund Strategic Categories Inflation Protection Assets Base (Defensive) Assets 0.00% Barclays US TIPS Index Vanguard Inflation Protected VIPSX Inflation Protection Assets 2.00% S&P US REIT Vanguard REIT Index VGSNX 1.20% 0.00% 80.00% S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 0.80% 0.00% Volatility Protection Assets 18.00% Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 2.00% Alerian MLP Index Center Coast MLP Focus CCCNX 2.00% 2.00% Fund Strategic Allocation Bond/Debt Holdings: 0.00% US Equity Funds Stable Value / Money Mkt 0.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX 18.00% 19.00% Short Term Bonds 0.00% Russell 1000 Value Index Vanguard Value Index VIVIX 18.00% 19.00% U.S. Aggregate Bonds 0.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 3.00% 3.00% Non US Gov't Bonds 0.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX 3.00% 3.00% High Yield Bonds 0.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 3.00% 3.00% Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 3.00% 3.00% Multi-Asset Holdings: 20.00% International Equity Inflation Protection 2.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 24.00% 24.00% Volatility Protection 18.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 6.00% 2.00% 6.00% 2.00% Equity Holdings: 78.00% Growth Fixed Income Large Cap US Equities 36.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX Mid Cap US Equities 6.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 6.00% 24.00% Volatility Protection Assets 80.00% 82.00% Emerging Market Equities 6.00% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 6.00% 6.00% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 12.00% 10.00% 18.00% 16.00% Fund Profile: Morgan Model 8 (US-Biased with Alternatives) Total 100.00% 100.00% Disclaimer: The fund is a diversified multi-asset allocation strategy, it is NOT an equity allocation fund and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The fund is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Fund Category: Aggressive Allocation Fund Objective: Investment management is focused Long-Term Capital Appreciation. Investment Time Horizon: Investors in this fund require access to their investments after twenty years. Net Expense Ratio: The fund has a projected Management Fee of 1.15%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 11

Global Equity Fund Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -3.26% -8.63% -6.12% - - - - Fund Performance -3.26% -8.63% -6.12% - - - - Benchmark Performance -3.36% -10.40% -8.00% -5.30% 7.77% 8.07% 5.28% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Benchmark Index Ticker Strategic Dynamic Fund Targets Base Defensive Assets Time Horizon Long-Term Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ Target Return 7.20% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A Standard Deviation 17.40% Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX Inception Date Jul-13 Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX Fund Strategic Categories Inflation Protection Assets Base (Defensive) Assets 0.00% Barclays US TIPS Index Vanguard Inflation Protected VIPSX Inflation Protection Assets 0.00% S&P US REIT Vanguard REIT Index VGSNX 100.00% S&P Global ex-us Property Vanguard Global ex-us REIT VNQI Volatility Protection Assets 0.00% Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX Alerian MLP Index Center Coast MLP Focus CCCNX Fund Strategic Allocation Bond/Debt Holdings: 0.00% US Equity Funds Stable Value / Money Mkt 0.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX 22.00% 23.00% Short Term Bonds 0.00% Russell 1000 Value Index Vanguard Value Index VIVIX 22.00% 23.00% U.S. Aggregate Bonds 0.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 4.00% 4.00% Non US Gov't Bonds 0.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX 4.00% 4.00% High Yield Bonds 0.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 4.00% 4.00% Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 4.00% 4.00% Multi-Asset Holdings: 0.00% International Equity Inflation Protection 0.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 30.00% 30.00% Volatility Protection 0.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 7.50% 2.50% 6.00% 2.00% Equity Holdings: 97.50% Growth Fixed Income Large Cap US Equities 44.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX Mid Cap US Equities 8.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 8.00% 30.00% Volatility Protection Assets 100.00% 100.00% Emerging Market Equities 7.50% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX Fund Profile: Morgan Model 8 (US-Biased without Alternatives) Total 100.00% 100.00% Disclaimer: The fund is a diversified multi-asset allocation strategy, it is NOT an equity allocation fund and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The fund is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Fund Category: Aggressive Allocation Fund Objective: Investment management is focused Long-Term Capital Appreciation. Investment Time Horizon: Investors in this fund have a long-term investment horizon. Net Expense Ratio: The fund has a projected Management Fee of 1.03%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 12

Benchmark Base Defensive Assets Dynamic Retirement Trust Fund Performance Style Ticker September 30, 2015 Net Expense (1.15) MSCG Rating One Month Three Month Twelve Month Galliard Stable Value Active QBGZQ 0.47% N.R. 0.12% 0.36% 0.93% 1.37% 1.39% 1.69% Fidelity Inst'l Money Market Active FMPXX 0.21% N.R. 0.01% 0.03% 0.08% 0.09% 0.08% 0.12% Citi 3mth Treasury Bill 0.00% 0.01% 0.02% 0.02% 0.04% 0.06% Vanguard Short-Term Invest. Grade Passive VFSIX 0.07% Index 0.46% 0.45% 1.43% 1.66% 1.67% 2.21% Barclays US Gov't/Credit 1-5 years Index 0.47% 0.60% 1.55% 1.97% 1.15% 1.60% Vanguard Total Bond Index Passive VBTIX 0.07% Index 0.76% 1.18% 1.02% 2.76% 1.59% 3.00% Barclays Interm. Govt/Credit Index 0.68% 1.23% 1.13% 2.94% 1.71% 3.10% PIMCO Foreign Bond US Hedged Active PFORX 0.50% Focus 0.34% 1.29% -0.26% 3.05% 4.46% 5.48% Citi-Non US World Government Bond Index 0.71% 1.71% -4.22% -7.01% -4.59% -1.32% Inflation Protected Assets Vanguard Inflation Protected Sec. Passive VIPSX 0.80% Index -0.46% -0.91% -0.96% -0.83% -1.97% 2.37% Barclays US Tips Index -0.59% -1.15% -0.80% -0.83% -1.83% 2.55% Vanguard REIT Index Passive VGSNX 0.08% Index 2.99% 1.99% -4.34% 9.33% 9.39% 11.91% S&P United States REIT Vanguard Global ex-us REIT Index Passive VNQI 0.27% Index -0.14% -7.53% -3.73% -3.10% 4.19% - S&P Global Ex US Property Trust PIMCO Commodity Real Return Active PCRIX 0.74% Focus -4.29% -16.28% -16.80% -28.60% -18.20% -8.18% Bloomberg Commodity Index -3.42% -14.47% -15.80% -25.99% -16.02% -8.89% Center Coast MLP Focus Active CCCNX 1.25% Approved -10.13% -16.00% -20.04% -24.67% 0.06% - Alerian MLP Index -15.28% -22.10% -30.67% -39.19% -3.62% 3.87% - US Equities Vanguard Growth Index Passive VIGIX 0.08% Index -2.84% -6.02% -2.99% 1.94% 13.02% 14.30% Russell 1000 Growth Index -2.47% -5.29% -1.54% 3.17% 13.61% 14.47% Vanguard Value Index Passive VIVIX 0.08% Index -2.48% -7.28% -7.33% -2.97% 12.08% 12.37% Russell 1000 Value Index -3.02% -8.40% -8.96% -4.42% 11.59% 12.29% Vanguard MidCap Growth Passive VMGMX 0.09% Index -4.01% -8.23% -3.75% 2.29% 13.82% 13.27% Russell MidCap Growth Index -3.86% -7.99% -4.15% 1.45% 13.97% 13.58% Vanguard MidCap Value Passive VMVAX 0.09% Index -3.36% -6.74% -5.52% 1.06% 15.36% 13.82% Russell MidCap Value Index 0.80% -8.04% -7.66% -2.07% 13.69% 13.15% VanguardSmall Cap Growth Passive VSGIX 0.08% Index -5.54% -11.67% -5.84% -0.49% 11.34% 12.98% Russell 2000 Growth Index -6.32% -13.06% -5.47% 4.04% 12.85% 13.26% VanguardSmall Cap Value Passive VSIIX 0.08% Index -3.60% -9.14% -7.22% 0.10% 13.25% 12.75% Russell 2000 Value Index -3.46% -10.73% -10.06% -1.60% 9.18% 10.17% - Non US Equities Vanguard Developed Mkts Index Passive VTMNX 0.07% Index -4.15% -9.93% -3.96% -7.96% 5.97% 4.16% MSCI EAFE Index -5.04% -10.19% -4.91% -8.27% 6.08% 4.45% Virtus Emerging Markets Active HIEMX 1.32% Focus -0.67% -10.07% -9.71% -12.27% -2.16% 1.40% Vanguard Emerging Mkts Index Passive VEMIX 0.07% Index -3.24% -18.22% -15.08% -18.20% -4.62% -3.31% MSCI Emerging Markets Index -2.97% -17.78% -15.22% -18.98% -4.93% -3.25% - Growth Fixed Income Vanguard High-Yield Corporate Active VWEAX 0.13% Index -2.11% -2.68% -0.84% 0.23% 3.84% 6.32% Barclays US High Yield Index -2.60% -4.86% -2.45% -3.43% 3.51% 6.15% Volatility Protection AQR Managed Futures Active AQMIX 1.34% Focus 2.46% 6.24% 5.74% 16.09% 9.60% 5.12% Barclay Hedge BTOP 50 Index 1.74% 1.54% -1.68% 5.70% 3.00% 1.58% Goldman Sachs ABS Return Tracker Active GJRTX 0.76% Approved -1.33% -4.08% -3.15% -0.79% 2.70% 2.08% HFRI Fund of Funds Composite -1.51% -3.28% -0.67% 0.27% 4.26% 2.75% Return Participation Disclosure MSCG Rating: See page 2 of this report for descrition of Morgan Stanley Consulting Group's ratings. YTD Three Year Five Year The performance data quoted represents past performance and does not guarantee future results. Returns assume reinvestment of dividends and capital gains and are adjusted to reflect ongoing investment management expenses. The investment return and principal value of an investment will fluctuate, thus an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Not FDIC Insured No Guarantee May Lose Value Page 13

ASC Target Date Profiles For the participant who understands that they need to participate in a retirement plan, but they neither have the time nor desire to invest their funds we provide the ASC Target Date Profiles (TDP). TDPs are fully diversified risk allocation profiles structured with the goal to produce the highest potential returns for a given level of risk, as measured by volatility (fluctuations), of portfolio value over time. Over a complete market cycle, these profiles should fall in line with their target indexes. However, they are designed to be less volatile than equity markets in periods shorter than an entire market cycle. The reduced volatility is a bi-product of TDPs asset allocation. Instead of investing heavily in one equity index (i.e. S&P 500) or one country (i.e. USA), TDP allocates across multiple asset classes to include emerging market equities, high yield debt and emerging market bonds within growth allocations and uses liquidity, inflation and volatility strategies with the goal to 1% create a more stable rate of return. Over an entire market cycle, and in periods of volatility, this strategy should provide smoother investment returns for participants. However, during periods of strong equity markets with low volatility TDP will likely underperform. If a participant is comparing TDP to S&P 500 during these periods, they are going to be disappointed. With this, it is very important for a participant to understand the expectations and design characteristics of each fund before using them. Time Segmentation Strategies Similar to other Age-Weighted Profiles, TDP creates an allocation structure based on age and years to retirement. What is different about the ASC TDP is that it allocates a participant's funds into one or more of the ASC Dynamic Retirement Trust Funds and assigns a time period to each fund based on when the participant will need access to their money. Unlike saving for a house or college, retirement is something that will take place over multiple decades for the average participant. With this, not all funds will be needed on the first day of retirement. Since the need for funds and liquidity will be over an extended period of time for most retirees, it is not necessary for all funds be invested with the same amount of risk. The ASC TDP Profile System solves this issue by segregating funds. Instead of investing all retirement funds in a single account with the same investment allocation, our system segregates funds into six 4-year spending periods. Each spending period is assigned to one of our ASC Dynamic Retirement Trust Funds. Page 14

Fund / Benchmark ASC Target Date Profile Performance September 30, 2015 One Month Three Months YTD Twelve Months Three Years Five Years Inception (July 2013) TDP Retirement Income (Investment Time Horizon 0-5 Years) Profile Performance -1.87% -5.24% -3.72% -4.34% - - 0.44% Tracking Benchmark -1.79% -4.28% -4.39% -3.85% 1.67% 2.97% 1.72% TDP PreRetirement (Investment Time Horizon 0-5 Years) Profile Performance -2.15% -5.97% -4.39% -5.11% - - 0.31% Tracking Benchmark -2.08% -5.05% -5.11% -4.57% 2.13% 3.43% 1.96% TDP 2020 (Investment Time Horizon 6-10 Years) Profile Performance -2.50% -6.89% -5.18% -6.04% - - 0.16% Tracking Benchmark -2.45% -6.26% -5.99% -5.46% 2.71% 4.00% 2.26% TDP 2025 (Investment Time Horizon 11-15Years) Profile Performance -2.81% -7.72% -5.89% -6.88% - - 0.01% Tracking Benchmark -2.78% -7.35% -6.76% -6.24% 3.21% 4.49% 2.53% TDP 2030 (Investment Time Horizon 16-20 Y 1% Profile Performance -2.91% -7.99% -6.13% -7.16% - - -0.02% Tracking Benchmark -2.89% -7.92% -7.04% -6.52% 3.40% 4.68% 2.63% TDP 2035-2060 (Investment Time Horizon 20+ Years) Profile Performance -2.98% -8.17% -6.32% -7.39% - - -0.05% Tracking Benchmark -2.95% -8.16% -7.26% -6.74% 3.56% 4.84% 2.71% Return Participation Disclosure The performance data quoted represents past performance and does not guarantee future results. Returns assume reinvestment of dividends and capital gains and are adjusted to reflect ongoing investment management expenses. The investment return and principal value of an investment will fluctuate, thus an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For a more extensive writeup on the individual funds, please refer to our website at www.asctrust.com. Not FDIC Insured No Guarantee May Lose Value Page 15

TDP Retirement Income Profile Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -1.87% -5.24% -3.72% - - - Fund Performance -1.87% -5.24% -3.72% -4.34% - - 0.44% Benchmark Performance -1.79% -4.28% -4.39% -3.85% 1.67% 2.97% 1.72% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Profile Targets Benchmark Index Ticker Strategic Dynamic Year of Retirement Immediate Base Defensive Assets Target Return 6.37% Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 6.85% Standard Deviation 8.09% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 11.55% 2.40% Inception Date Jul-13 Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 14.25% 14.25% Profile Allocation By Trust Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 14.25% 10.15% Underlying DRT Fund Percent Time (Yrs) Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 3.45% 1.90% Capital Preservation Conservative Income 20.00% 20.00% 0-4 5-8 Inflation Protection Assets 43.50% 35.55% Conservative Growth 15.00% 9-12 Barclays US TIPS Index Vanguard Inflation Protected VIPSX 1.10% 4.20% Moderate Growth 15.00% 13-16 S&P US REIT Vanguard REIT Index VGSNX 1.50% 0.27% Growth 15.00% 17-20 S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 1.00% 0.18% Capital Appreciation 15.00% 20+ Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 2.05% Alerian MLP Index Center Coast MLP Focus CCCNX 2.00% 2.00% Fund Strategic Allocation 5.60% 8.70% Bond/Debt Holdings: 46.35% US Equity Funds Stable Value / Money Mkt 11.55% Russell 1000 Growth Index Vanguard Growth Index VIGIX 9.75% 9.75% Short Term Bonds 14.25% Russell 1000 Value Index Vanguard Value Index VIVIX 9.75% 9.75% U.S. Aggregate Bonds 14.25% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 1.85% 1.85% Non US Gov't Bonds 3.45% Russell MidCap Value Index Vanguard MidCap Value VMVAX 1.85% 1.85% High Yield Bonds 1.25% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 1.70% 1.70% Emerging Market Bonds 1.60% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 1.70% 1.70% Multi-Asset Holdings: 11.65% International Equity Inflation Protection 5.60% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 11.05% 12.35% Volatility Protection 6.05% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 3.26% 1.09% 4.24% 1.41% Equity Holdings: 40.91% Growth Fixed Income Large Cap US Equities 19.50% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 1.25% 4.35% Mid Cap US Equities 3.70% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX 1.60% 0.75% Small Cap US Equities Developed Market Equities 3.40% 11.05% Volatility Protection Assets 44.85% 49.70% Emerging Market Equities 3.26% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 1.25% 1.25% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 4.80% 4.80% 6.05% 6.05% Profile Information Total 100.00% 100.00% Disclaimer: The profile is a diversified multi-asset allocation strategy, it is NOT an equity allocation and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The profile is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Profile Category: Retirement Income Profile Profile Objective: Investment management is focused on balancing the urgency to provide immediate retirement income with the need to continue to grow assets to prevent a participant from outliving their money in retirement. Investment Time Horizon: Investors in this profile are already in retirement. Net Expense Ratio: The fund has a projected Management Fee of 1.06%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 16

TDP PreRetirement Profile Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.15% -5.97% -4.39% - - - Fund Performance -2.15% -5.97% -4.39% -5.11% - - 0.31% Benchmark Performance -2.08% -5.05% -5.11% -4.57% 2.13% 3.43% 1.96% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Profile Targets Benchmark Index Ticker Strategic Dynamic Year of Retirement 2016-2019 Base Defensive Assets Target Return 6.77% Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 3.65% Standard Deviation 10.30% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 6.95% 1.50% Inception Date Jul-13 Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 9.25% 9.25% Profile Allocation By Trust Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 9.25% 6.35% Underlying DRT Fund Percent Time (Yrs) Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 2.20% 1.10% Capital Preservation Conservative Income 10.00% 10.00% 0-4 5-8 Inflation Protection Assets 27.65% 21.85% Conservative Growth 15.00% 9-12 Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.70% 2.90% Moderate Growth 15.00% 13-16 S&P US REIT Vanguard REIT Index VGSNX 2.01% 0.54% Growth 10.00% 17-20 S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 1.34% 0.36% Capital Appreciation 40.00% 20+ Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 2.45% Alerian MLP Index Center Coast MLP Focus CCCNX 2.75% 2.75% Fund Strategic Allocation 6.80% 9.00% Bond/Debt Holdings: 29.50% US Equity Funds Stable Value / Money Mkt 6.95% Russell 1000 Growth Index Vanguard Growth Index VIGIX 12.80% 12.80% Short Term Bonds 9.25% Russell 1000 Value Index Vanguard Value Index VIVIX 12.80% 12.80% U.S. Aggregate Bonds 9.25% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 2.35% 2.35% Non US Gov't Bonds 2.20% Russell MidCap Value Index Vanguard MidCap Value VMVAX 2.35% 2.35% High Yield Bonds 0.80% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 2.20% 2.20% Emerging Market Bonds 1.05% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 2.20% 2.20% Multi-Asset Holdings: 14.70% International Equity Inflation Protection 6.80% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 15.15% 16.15% Volatility Protection 7.90% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 4.46% 1.49% 5.21% 1.74% Equity Holdings: 54.31% Growth Fixed Income Large Cap US Equities 25.60% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 0.80% 3.00% Mid Cap US Equities 4.70% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX 1.05% 0.45% Small Cap US Equities Developed Market Equities 4.40% 15.15% Volatility Protection Assets 57.65% 61.25% Emerging Market Equities 4.46% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 1.55% 1.55% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 6.35% 6.35% 7.90% 7.90% Profile Information Total 100.00% 100.00% Disclaimer: The profile is a diversified multi-asset allocation strategy, it is NOT an equity allocation and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The profile is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Profile Category: Target Date / Age-Weighted Profile. Profile Objective: Investment management is focused on balancing asset stability with the need to continue to grow assets to prevent a participant from outliving their money in retirement. Investment Time Horizon: Investors in this profile are looking to retire in the next four years. Net Expense Ratio: The fund has a projected Management Fee of 1.09%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 17

TDP 2020 Profile Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.50% -6.89% -5.18% - - - Fund Performance -2.50% -6.89% -5.18% -6.04% - - 0.16% Benchmark Performance -2.45% -6.26% -5.99% -5.46% 2.71% 4.00% 2.26% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Profile Targets Benchmark Index Ticker Strategic Dynamic Year of Retirement 2020-2024 Base Defensive Assets Target Return 7.03% Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 1.90% Standard Deviation 11.99% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 3.95% 0.85% Inception Date Jul-13 Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 5.50% 5.50% Profile Allocation By Trust Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 5.50% 3.60% Underlying DRT Fund Percent Time (Yrs) Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 1.30% 0.60% Capital Preservation Conservative Income 5.00% 5.00% 0-4 5-8 Inflation Protection Assets 16.25% 12.45% Conservative Growth 10.00% 9-12 Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.40% 1.80% Moderate Growth 10.00% 13-16 S&P US REIT Vanguard REIT Index VGSNX 2.40% 0.78% Growth 10.00% 17-20 S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 1.60% 0.52% Capital Appreciation 60.00% 20+ Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 2.70% Alerian MLP Index Center Coast MLP Focus CCCNX 3.25% 3.25% Fund Strategic Allocation 7.65% 9.05% Bond/Debt Holdings: 17.40% US Equity Funds Stable Value / Money Mkt 3.95% Russell 1000 Growth Index Vanguard Growth Index VIGIX 15.00% 15.00% Short Term Bonds 5.50% Russell 1000 Value Index Vanguard Value Index VIVIX 15.00% 15.00% U.S. Aggregate Bonds 5.50% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 2.65% 2.65% Non US Gov't Bonds 1.30% Russell MidCap Value Index Vanguard MidCap Value VMVAX 2.65% 2.65% High Yield Bonds 0.50% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 2.55% 2.55% Emerging Market Bonds 0.65% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 2.55% 2.55% Multi-Asset Holdings: 16.85% International Equity Inflation Protection 7.65% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 18.20% 18.90% Volatility Protection 9.20% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 5.36% 1.79% 5.89% 1.96% Equity Holdings: 63.96% Growth Fixed Income Large Cap US Equities 30.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 0.50% 1.90% Mid Cap US Equities 5.30% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX 0.65% 0.25% Small Cap US Equities Developed Market Equities 5.10% 18.20% Volatility Protection Assets 66.90% 69.30% Emerging Market Equities 5.36% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 1.75% 1.75% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 7.45% 7.45% 9.20% 9.20% Profile Information Total 100.00% 100.00% Disclaimer: The profile is a diversified multi-asset allocation strategy, it is NOT an equity allocation and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The profile is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Profile Category: Target Date / Age-Weighted Profile. Profile Objective: Investment management is focused on capital appreciation of assets to prevent a participant from outliving their money in retirement. Investment Time Horizon: Investors in this profile are looking to retire in the next five to nine years. Net Expense Ratio: The fund has a projected Management Fee of 1.12%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 18

TDP 2025 Profile Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.81% -7.72% -5.89% - - - Fund Performance -2.81% -7.72% -5.89% -6.88% - - 0.01% Benchmark Performance -2.78% -7.35% -6.76% -6.24% 3.21% 4.49% 2.53% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Profile Targets Benchmark Index Ticker Strategic Dynamic Year of Retirement 2025-2029 Base Defensive Assets Target Return 7.27% Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ 0.00% 0.15% Standard Deviation 13.40% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 1.20% 0.25% Inception Date Jul-13 Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 2.35% 2.35% Profile Allocation By Trust Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 2.35% 1.20% Underlying DRT Fund Percent Time (Yrs) Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 0.50% 0.10% Capital Preservation Conservative Income 0.00% 0.00% 0-4 5-8 Inflation Protection Assets 6.40% 4.05% Conservative Growth 5.00% 9-12 Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.15% 0.95% Moderate Growth 10.00% 13-16 S&P US REIT Vanguard REIT Index VGSNX 2.73% 0.96% Growth 10.00% 17-20 S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 1.82% 0.64% Capital Appreciation 75.00% 20+ Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 2.95% Alerian MLP Index Center Coast MLP Focus CCCNX 3.70% 3.70% Fund Strategic Allocation 8.40% 9.20% Bond/Debt Holdings: 6.95% US Equity Funds Stable Value / Money Mkt 1.20% Russell 1000 Growth Index Vanguard Growth Index VIGIX 16.90% 16.90% Short Term Bonds 2.35% Russell 1000 Value Index Vanguard Value Index VIVIX 16.90% 16.90% U.S. Aggregate Bonds 2.35% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 2.95% 2.95% Non US Gov't Bonds 0.50% Russell MidCap Value Index Vanguard MidCap Value VMVAX 2.95% 2.95% High Yield Bonds 0.25% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 2.85% 2.85% Emerging Market Bonds 0.30% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 2.85% 2.85% Multi-Asset Holdings: 18.75% International Equity Inflation Protection 8.40% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 20.75% 21.25% Volatility Protection 10.35% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 6.11% 2.04% 6.49% 2.16% Equity Holdings: 72.26% Growth Fixed Income Large Cap US Equities 33.80% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 0.25% 1.05% Mid Cap US Equities 5.90% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX 0.30% 0.05% Small Cap US Equities Developed Market Equities 5.70% 20.75% Volatility Protection Assets 74.85% 76.40% Emerging Market Equities 6.11% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 1.95% 1.95% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 8.40% 8.40% 10.35% 10.35% Profile Information Total 100.00% 100.00% Disclaimer: The profile is a diversified multi-asset allocation strategy, it is NOT an equity allocation and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The profile is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Profile Category: Target Date / Age-Weighted Profile. Profile Objective: Investment management is focused on long-term capital appreciation of assets to prevent a participant from outliving their money in retirement. Investment Time Horizon: Investors in this profile are looking to retire in ten to fourteen years. Net Expense Ratio: The fund has a projected Management Fee of 1.14%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 19

TDP 2030 Profile Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.91% -7.99% -6.13% - - - Fund Performance -2.91% -7.99% -6.13% -7.16% - - -0.02% Benchmark Performance -2.89% -7.92% -7.04% -6.52% 3.40% 4.68% 2.63% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Profile Targets Benchmark Index Ticker Strategic Dynamic Year of Retirement 2030-2034 Base Defensive Assets Target Return 7.34% Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ Standard Deviation 14.03% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A 0.45% 0.05% Inception Date Jul-13 Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX 1.00% 1.00% Profile Allocation By Trust Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX 1.00% 0.35% Underlying DRT Fund Percent Time (Yrs) Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX 0.20% 0.00% Capital Preservation Conservative Income 0.00% 0.00% 0-4 5-8 Inflation Protection Assets 2.65% 1.40% Conservative Growth 0.00% 9-12 Barclays US TIPS Index Vanguard Inflation Protected VIPSX 0.05% 0.45% Moderate Growth 5.00% 13-16 S&P US REIT Vanguard REIT Index VGSNX 2.88% 1.08% Growth 10.00% 17-20 S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 1.92% 0.72% Capital Appreciation 85.00% 20+ Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 3.00% Alerian MLP Index Center Coast MLP Focus CCCNX 3.85% 3.85% Fund Strategic Allocation 8.70% 9.10% Bond/Debt Holdings: 2.95% US Equity Funds Stable Value / Money Mkt 0.45% Russell 1000 Growth Index Vanguard Growth Index VIGIX 17.60% 17.60% Short Term Bonds 1.00% Russell 1000 Value Index Vanguard Value Index VIVIX 17.60% 17.60% U.S. Aggregate Bonds 1.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 3.00% 3.00% Non US Gov't Bonds 0.20% Russell MidCap Value Index Vanguard MidCap Value VMVAX 3.00% 3.00% High Yield Bonds 0.15% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 2.95% 2.95% Emerging Market Bonds 0.15% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 2.95% 2.95% Multi-Asset Holdings: 19.45% International Equity Inflation Protection 8.70% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 21.90% 22.20% Volatility Protection 10.75% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 6.45% 2.15% 6.68% 2.23% Equity Holdings: 75.45% Growth Fixed Income Large Cap US Equities 35.20% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX 0.15% 0.55% Mid Cap US Equities 6.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX 0.15% 0.00% Small Cap US Equities Developed Market Equities 5.90% 21.90% Volatility Protection Assets 77.90% 78.75% Emerging Market Equities 6.45% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 2.00% 2.00% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 8.75% 8.75% 10.75% 10.75% Profile Information Total 100.00% 100.00% Disclaimer: The profile is a diversified multi-asset allocation strategy, it is NOT an equity allocation and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The profile is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Profile Category: Target Date / Age-Weighted Profile. Profile Objective: Investment management is focused on long-term capital appreciation of assets to prevent a participant from outliving their money in retirement. Investment Time Horizon: Investors in this profile are looking to retire in fifteen to nineteen years. Net Expense Ratio: The fund has a projected Management Fee of 1.14%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 20

TDP 2035-2060 Profile Performance Report - September 30, 2015 1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Inception Return Under Morgan Stanley* -2.98% -8.17% -6.32% - - - Fund Performance -2.98% -8.17% -6.32% -7.39% - - -0.05% Benchmark Performance -2.95% -8.16% -7.26% -6.74% 3.56% 4.84% 2.71% * Morgan Stanley took over as Investment Advisor to the fund on January 1, 2015. ## Asset Class Allocation as of 8.15.2015 Profile Targets Benchmark Index Ticker Strategic Dynamic Year of Retirement 2035+ Base Defensive Assets Target Return 7.40% Citi 3mnth Treasury Bill Galliard Stable Value QBGZQ Standard Deviation 14.50% Citi 3mnth Treasury Bill Money Market Funds, CDs Cash N/A Inception Date Jul-13 Barclays US Gov't Credit 1-5 years Vanguard Short-Term Bond VFSIX Profile Allocation By Trust Barclays US Interm. Govt/Credit Vanguard Total Bond Market VBTIX Underlying DRT Fund Percent Time (Yrs) Citi-Non US World Govt Bond PIMCO Foreign Bd. US Hedged PFORX Capital Preservation Conservative Income 0.00% 0.00% 0-4 5-8 Inflation Protection Assets Conservative Growth 0.00% 9-12 Barclays US TIPS Index Vanguard Inflation Protected VIPSX Moderate Growth 0.00% 13-16 S&P US REIT Vanguard REIT Index VGSNX 3.00% 1.20% Growth 0.00% 17-20 S&P Global ex-us Property Vanguard Global ex-us REIT VNQI 2.00% 0.80% Capital Appreciation 100.00% 20+ Bloomberg Commodity Index PIMCO Commodity Real Return PCRIX 0.00% 3.00% Alerian MLP Index Center Coast MLP Focus CCCNX 4.00% 4.00% Fund Strategic Allocation 9.00% 9.00% Bond/Debt Holdings: 0.00% US Equity Funds Stable Value / Money Mkt 0.00% Russell 1000 Growth Index Vanguard Growth Index VIGIX 18.00% 18.00% Short Term Bonds 0.00% Russell 1000 Value Index Vanguard Value Index VIVIX 18.00% 18.00% U.S. Aggregate Bonds 0.00% Russell MidCap Growth Index Vanguard MidCap Growth VMGMX 3.00% 3.00% Non US Gov't Bonds 0.00% Russell MidCap Value Index Vanguard MidCap Value VMVAX 3.00% 3.00% High Yield Bonds 0.00% Russell 2000 Growth Index Vanguard Small Cap Growth VSGIX 3.00% 3.00% Emerging Market Bonds 0.00% Russell 2000 Value Index Vanguard Small Cap Value VSIIX 3.00% 3.00% Multi-Asset Holdings: 20.00% International Equity Inflation Protection 9.00% MSCI EAFE Index Vanguard Developed Mkt. VTMNX 23.00% 23.00% Volatility Protection 11.00% MSCI Emerging Market Index Virtus Emerging Markets Vanguard Emerging Mkt. HIEMX VEMIX 6.75% 2.25% 6.75% 2.25% Equity Holdings: 77.75% Growth Fixed Income Large Cap US Equities 36.00% Barclays US High Yield Index Vanguard High Yield Corp. VWEAX Mid Cap US Equities 6.00% JPMorgan EMBI Index Goldman Sachs EM Debt GSDIX Small Cap US Equities Developed Market Equities 6.00% 23.00% Volatility Protection Assets 80.00% 80.00% Emerging Market Equities 6.75% Barclay Hedged BTOP 50 Index AQR Managed Futures AQMIX 2.00% 2.00% HFRI Fund of Funds Composite Goldman Sachs Return Tracker GJRTX 9.00% 9.00% 11.00% 11.00% Profile Information Total 100.00% 100.00% Disclaimer: The profile is a diversified multi-asset allocation strategy, it is NOT an equity allocation and it is NOT designed to track popular equity indexes like the S&P 500. Performance Expectation: The profile is expected to outperform broad market indexes during periods of volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. Profile Category: Target Date / Age-Weighted Profile. Profile Objective: Investment management is focused on long-term capital appreciation of assets to prevent a participant from outliving their money in retirement. Investment Time Horizon: Investors in this profile are looking to retire in twenty plus years. Net Expense Ratio: The fund has a projected Management Fee of 1.15%. Actual fees will vary depending on the fund's Dynamic Asset Allocation. Additional Information: Please see Appendix A for more information on funds and definitions of benchmarks and asset allocation. Additional Information Can Be Found at: WWW.ASCTRUST.COM Not FDIC Insured No Guarantee May Lose Value Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and participants may have a gain or loss when they withdraw their investments. Page 21

ASC Specialty Funds Performance September 30, 2015 Style Ticker Fee One Month Three Month YTD Twelve Month Three Year Five Year Specialty Bond Funds Vanguard GNMA Adm Intermediate Government VFIJX 0.11% 0.68% 1.17% 1.45% 3.32% 1.84% 3.29% Delaware Extended Duration Bond Inst Corporate Bond DEEIX 0.71% 0.50% 0.60% -3.38% -0.27% 3.41% 7.48% BlackRock Inflation Protected Bond Instl Inflation-Protected Bond BPRIX 0.44% -0.83% -1.87% -1.50% -2.16% -2.14% 1.96% Pioneer Strategic Income Y Multisector Bond STRYX 0.73% -0.74% -1.52% -0.65% -0.81% 2.64% 4.40% Neuberger Berman High Income Bond R6 High Yield Bond NRHIX 0.61% -2.91% -4.97% -3.05% -3.86% 2.96% 5.21% Templeton Global Bond Adv World Bond TGBAX 0.64% -1.88% -6.11% -6.15% -7.69% 0.54% 2.41% Goldman Sachs Emerging Mkt Debt Instl Emerging Market Debt GSDIX 0.80% -1.28% -1.19% -0.28% -1.81% 1.12% 4.63% Touchstone Intl Small Cap Instl Foreign Small/Mid Growth TNSIX 1.08% -3.07% -7.34% 4.85% 4.67% 12.49% 12.64% Virtus Emerging Markets Opportunities I Diversified Emerging Mkts HIEMX 1.32% -10.07% -9.71% -12.27% -2.16% 1.40% 0.00% Vanguard REIT Index I Real Estate VGSNX 0.08% 2.99% 1.99% -4.34% 9.33% 9.39% 11.91% ishares Gold Trust Commodity IAU 0.25% -1.82% -4.94% -5.77% -7.86% -14.54% -3.38% Van Eck Global Hard Assets Y Natural Resources GHAYX 1.13% -11.42% -27.19% -28.38% -43.00% -13.83% -7.40% BlackRock Health Sciences Opps Instl Health SHSSX 0.91% -7.24% -11.15% 2.62% 12.24% 24.34% 20.59% Fidelity Select Software & Comp Port Technology FSCSX 0.77% -2.28% -2.44% -1.93% 4.19% 15.86% 16.98% Matthews China Investor China Region MCHFX 1.11% -0.40% -21.51% -7.18% -5.22% 1.08% -2.86% Return Participation Disclosure The performance data quoted represents past performance and does not guarantee future results. Returns assume reinvestment of dividends and capital gains, Not FDIC Insured No Guarantee May Lose Value Page 22

Appendix A: Return Participation Disclosure Citi 3Mth Treasury Base Portfolio US Gov't Credit 1-5yrs Barclays Aggregate Bond Citi-Non US Gov't Barclays US TIPS Inflation NAREIT Global S&P GSCI Commodity Alerian Energy MLP DRT Capital Preservation 24.00% 32.00% 32.00% 8.00% 4.00% 0.00% DRT Conservative Income 15.00% 22.00% 22.00% 6.00% 0.00% 2.00% 0.00% 2.00% 5.00% 5.00% 1.00% 1.00% 1.00% 1.00% 8.00% 2.00% 4.00% 3.00% DRT Conservative Growth 10.00% 17.00% 18.00% 5.00% 0.00% 3.00% 0.00% 3.00% 8.00% 8.00% 2.00% 2.00% 1.00% 1.00% 10.00% 4.00% 4.00% 4.00% DRT Moderate Growth 5.00% 12.00% 12.00% 3.00% 0.00% 3.00% 0.00% 3.00% 11.00% 11.00% 3.00% 3.00% 2.00% 2.00% 15.00% 5.00% 2.00% 0.00% 2.00% 6.00% DRT Growth 2.00% 6.00% 6.00% 2.00% 0.00% 2.00% 0.00% 2.00% 14.00% 14.00% 3.00% 3.00% 3.00% 3.00% 19.00% 7.00% 2.00% 0.00% 4.00% 8.00% DRT Capital Appreciation 0.00% 2.00% 18.00% 18.00% 3.00% 3.00% 3.00% 3.00% 24.00% 8.00% 6.00% 12.00% DRT Global Equity 22.00% 22.00% 4.00% 4.00% 4.00% 4.00% 30.00% 1 0.00% TDP Retirement Income 11.55% 14.25% 14.25% 3.45% 1.10% 2.50% 0.00% 2.00% 9.75% 9.75% 1.85% 1.85% 1.70% 1.70% 11.05% 4.35% 1.25% 1.60% 1.25% 4.80% TDP Pre Retirement 6.95% 9.25% 9.25% 2.20% 0.70% 3.35% 0.00% 2.75% 12.80% 12.80% 2.35% 2.35% 2.20% 2.20% 15.15% 5.95% 0.80% 1.05% 1.55% 6.35% TDP 2020 3.95% 5.50% 0.80% 1.30% 0.40% 4.00% 0.00% 3.25% 15.00% 15.00% 2.65% 2.65% 2.55% 2.55% 18.20% 7.15% 0.50% 0.65% 1.75% 7.45% TDP 2025 1.20% 2.35% 2.35% 0.50% 0.15% 4.55% 0.00% 3.70% 16.90% 16.90% 2.95% 2.95% 2.85% 2.85% 20.75% 8.15% 0.25% 0.30% 1.95% 8.40% TDP 2030 0.45% 1.00% 1.00% 0.20% 0.05% 4.80% 0.00% 3.85% 17.60% 17.60% 3.00% 3.00% 2.95% 2.95% 21.90% 8.60% 0.15% 0.15% 2.00% 8.75% TDP 2035-2060 0.00% 5.00% 0.00% 4.00% 18.00% 18.00% 3.00% 3.00% 3.00% 3.00% 23.00% 9.00% 2.00% 9.00% Russell 1000 Growth Russell 1000 Value Russell MidCap Growth Russell MidCap Value Growth Portfolio Russell 2000 Growth Russell 2000 Value MSCI EAFE MSCI Emerging Market BOFML US Hight Yield Bds JPM EMBI Global Volatility Benchmark Performance 1 Month 3 Month YTD 1 Year 3 Years 5 Years Inception DRT Capital Preservation 0.32% -0.77% -0.01% 0.62% -0.27% 0.82% 0.81% Important Fund Information: DRT Conservative Income -0.97% -2.66% -2.54% -2.01% -0.24% 1.28% 0.54% Disclaimer: Dynamic Retirement Trusts (DRT) are diversified multi-asset allocation strategies, they are NOT DRT Conservative Growth -1.56% -4.10% -3.68% -3.14% 1.20% 2.51% 1.51% equity allocation funds and are NOT designed to track popular equity indexes like the S&P 500. DRT Moderate Growth -2.20% -5.72% -5.28% -4.76% 2.02% 3.38% 1.90% Performance Expectation: DRTs are expected to outperform broad market indexes during periods of DRT Growth -2.68% -7.00% -6.06% -5.53% 2.74% 4.00% 2.30% volatility within the stock markets and during periods of rising interest rates while underperforming broad market indexes during periods of strong equity growth and periods of falling interest rates. DRT Capital Appreciation -2.95% -8.16% -7.26% -6.74% 3.56% 4.84% 2.71% DRT Global Equity -3.36% -10.40% -8.00% -5.30% 7.77% 8.07% 5.28% Strategic Allocation: The long-term allocation target of the portfolios over a complete market cycle. TDP Retirement Income -1.54% -4.43% -3.85% -3.30% 1.33% 2.63% 1.53% Dynamic Allocation: The medium-term allocation target of the portfolios over the next twelve to eighteen TDP Pre Retirement -2.08% -5.78% -5.11% -4.57% 2.13% 3.43% 1.96% months. TDP 2020-2.45% -6.75% -5.99% -5.46% 2.71% 4.00% 2.26% Standard Deviation: Also known as historic volatility, it is used to measure expected range of return +/- TDP 2025-2.78% -7.60% -6.76% -6.24% 3.21% 4.49% 2.53% the funds Target Return. It is anticipated that annual returns will fall within this range 2/3 of the time. TDP 2030-2.89% -7.92% -7.04% -6.52% 3.40% 4.68% 2.63% Benchmark: Each DRT benchmark is a diversified allocation made up of investments in multiple asset classes. The Tracking Benchmark is comprised of the strategic allocation's assigned benchmarks listed TDP 2035-2060 -2.95% -8.16% -7.26% -6.74% 3.56% 4.84% 2.71% above. Major Benchmarks 1 Month 3 Month YTD 1 Year 3 Years 5 Years Inception Fund Allocation: DRT's will pursue their investment goals by investing primarily in mutual funds, exchangetraded Base Defensieve Assets Citi 3mth Treasury Bill 0.00% 0.01% 0.02% 0.02% 0.04% 0.06% 0.03% funds, or collective investment funds and may hold a portion of its assets in cash or cash equivalents. Barclays US Gov't/Credit 1-5 years Index 0.47% 0.60% 1.55% 1.97% 1.15% 1.60% 1.67% Asset Classes: Investments are comprised of Base Defensive, Inflation Protection, Growth and Volatility Barclays US Intermediate Govt/Credit Index 0.68% 1.23% 1.13% 2.94% 1.71% 3.10% 3.32% Protection Assets. Additional information on each asset class can be found at the beginning of this section. Citi-Non US World Government Bond Index 0.71% 1.71% -4.22% -7.01% -4.59% -1.32% -1.89% Base Defensive Assets: Is made up of cash, short-term fixed income, Barclay's Aggregate Index, and an Inflation Protection Assets FTSE NAREIT Index 2.13% 0.99% -4.51% 7.84% 9.04% 11.86% 7.98% actively managed international fixed income allocation. Combined, the portfolio is expected to outperform the broader fixed income market during periods of volatility within the bond markets and during periods of Bloomberg Commodity Index -3.42% -14.47% -15.80% -25.99% -16.02% -8.89% -14.33% rising interest rates while underperforming the market during periods of falling interest rates. Alerian MLP Index -15.28% -22.10% -30.67% -39.19% -3.62% 3.87% -11.52% Inflation Protection Assets: Is made up of assets that are expected to respond to different parts of an Barclays US Tips Index -0.59% -1.15% -0.80% -0.83% -1.83% 2.55% 0.64% inflation cycle, including TIPS, REITs, commodities and MLPs. The portfolio is structured with a goal to outpace inflation over a full cycle. Performance is not expected to be driven by equity or fixed income Russell 1000 Growth Index -2.47% -5.29% -1.54% 3.17% 13.61% 14.47% 13.47% markets. This allocation serves as a diversifier to the overall portfolio. Russell 1000 Value Index -3.02% -8.40% -8.96% -4.42% 11.59% 12.29% 7.68% Growth Asssets: Is made up of a diverse set of asset classes including US and non-us equity (to include Russell MidCap Growth Index -3.86% -7.99% -4.15% 1.45% 13.97% 13.58% 11.18% emerging markets) and growth fixed income investments such as high yield bonds and emerging market Russell MidCap Value Index 0.80% -8.04% -7.66% -2.07% 13.69% 13.15% 9.16% bonds. The portfolio s structure is expected to outperform equities in more volatile markets and lag in Russell 2000 Growth Index -6.32% -13.06% -5.47% 4.04% 12.85% 13.26% 9.17% strong, equity-oriented markets. Russell 2000 Value Index -3.46% -10.73% -10.06% -1.60% 9.18% 10.17% 4.43% Volatility Protection Assets: Is made up of a variety of asset classes and alternative strategies to include MSCI EAFE Index -5.04% -10.19% -4.91% -8.27% 6.08% 4.45% 3.14% managed futures and hedge funds. The portfolio is structured to enhance diversification, manage risk and MSCI Emerging Markets Index -2.97% -17.78% -15.22% -18.98% -4.93% -3.25% -4.67% reduce volatility during adverse stock market climates. Barclays US High Yield Index -2.60% -4.86% -2.45% -3.43% 3.51% 6.15% 2.57% Investment Performance Source: Morgan Stanley. JP Morgan EMBI Index 0.00% Performance: Returns assume reinvestment of dividends and capital gains and are net of ongoing Volatility Protection Assets investment management expenses. Barclay Hedge BTOP 50 Index 1.74% 1.54% -1.68% 5.70% 3.00% 1.58% 4.58% Investor Makeup: DRT's are appropriate for participants in retirement accounts, HSA accounts, college HFRI Fund of Funds Composite -1.51% -3.28% -0.67% 0.27% 4.26% 2.75% 3.57% education accounts and investors looking for a diversified asset allocation strategy within the stated Investment Time Horizon. Disclosure: Guarantees: The performance data quoted represents past performance and does not guarantee future Inception of Fund Tracking: July 2013. results. The investment return and principal value of an investment will fluctuate, thus an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. 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 investors shares, when redeemeed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Returns assume reinvestment of dividends and capital gains and are adjusted to reflect ongoing investment management expenses. Investment performance source: Morgan Stanley. For a more extensive writeup on the individual funds, please refer to our website at www.asctrust.com. Participant's Interest: Units held in Dynamic Retirement Trusts are not negotiable or assignable and any statement received as participating trustee is a representation of the participating trust's undivided interest in the fund and does not represent individual ownership of any underlying assets in the fund. Managed Futures HFRX Global Hedge Not FDIC Insured No Guarantee May Lose Value

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