Important changes to your Teleflex 401(k) Savings Plan

Important changes to your Teleflex 401(k) Savings Plan

Upcoming Changes Teleflex continually reviews your 401(k) Savings Plan (the Plan ), its features, and the investment lineup to help ensure your Plan remains an effective tool in saving for your retirement. As a result of the most recent review, your Plan will undergo several important changes effective at 4 p.m., Eastern time, on January 27, 2017. If you invest in or contribute to any of the investments being removed, your money and future contributions will move automatically as shown in the Investment changes section, unless you make a change before 4 p.m., Eastern time, on January 27, 2017. You are not required to take any action, but we encourage you to familiarize yourself with the changes so that you can take full advantage of your Plan s offerings. The changes include: Lower-cost investing. To help keep the Plan s overall costs low, several investments in the Plan s lineup will either be replaced with different investment options that have lower expense ratios or will move to the corresponding lower-cost share class of the same investment. New investment categories. The Plan will add ten new investments that will provide a broader range of investment categories for you to choose from, including the addition of several domestic stock funds, global stock funds, a real estate fund, and more. A change to the plan administration fee. Along with the investment changes, you will also notice a new line item on your quarterly Plan account statement. This line item reflects your annual fee as a participant in the Plan, which will be charged to you as $10 quarterly. Keep in mind that while this separate fee will now be charged to you directly, the investment changes to the lower-cost share classes may result in paying less in Plan fees overall. Since investment fees are deducted directly from investment returns (reflected in the investment s expense ratio), paying less in investment fees can increase the net return on your investments, meaning the potential increase on your overall investment returns can outweigh the quarterly $10 Plan fee. 2

Lower-cost investing Replacing certain investments in your Plan with investment options that have lower expense ratios can reduce the costs for you to invest in your Plan. The benefits of lower expense ratios When you invest in a fund or trust, a percentage of your investment is used to pay the cost of managing and operating the fund or trust; these expenses are reflected in the investment s expense ratio. The expense ratio is expressed as a percentage of the investment s assets, as of the most recent prospectus or trust document of the fiscal year. Because the expense ratio is deducted directly from the investment returns, a smaller expense ratio can increase the net return on your investment. While the difference may not be noticeable in the short term, the advantage of a lower expense ratio becomes increasingly evident the more you save and the longer you invest. 3

Investment changes To find detailed information about any of the new investments being added to the plan, including investment objectives, risks, charges, expenses, and prospectuses, search the investment name in the search field on vanguard.com. You can also access this information from the Plan News section of your Plan's homepage when you log on to your account. You can also view your Plan s current lineup at https://retirementplans.vanguard.com /PubFundChart/teleflex/7515. Your Plan s lineup, found at the link above, will show the current investment lineup until the changes go into effect at 4 p.m., Eastern time, on January 27, 2017. After that time, your Plan s lineup will be updated with the following changes. Ten new investments The following ten investments will be added to your Plan s lineup: Vanguard Retirement Savings Trust III, a stable value trust, seeks to provide current and stable income, while maintaining a stable share value of $1. Delaware Value Fund Class R6, a domestic stock fund, seeks long-term capital appreciation. Metropolitan West Total Return Bond Fund P Class seeks to maximize long-term total return. JPMorgan Small Cap Equity Fund Class R6, a domestic stock fund, seeks capital growth over the long term. Vanguard Small-Cap Index Fund Admiral Shares, a domestic stock fund, seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. American Funds New World Fund Class R6, an international stock fund, seeks long-term capital appreciation. American Funds New Perspective Fund Class R-6, a global stock fund, seeks long-term growth of capital; future income is a secondary objective. Vanguard Inflation-Protected Securities Fund Admiral Shares, a bond fund, seeks to provide investors inflation protection and income consistent with investment in inflation-indexed securities. 4 Vanguard REIT Index Fund Admiral Shares, a real estate stock fund, seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity real estate investment trusts (REITs).

Vanguard Total World Stock Index Fund, a global stock fund, seeks to track the performance of a benchmark index that measures the investment return of global stocks. Six funds available at a lower cost The following six funds in the lineup will move to their corresponding lower-cost share class. The fund itself is not changing, it is simply moving to a share class that has a lower expense ratio: Vanguard Total Bond Market Index Fund Vanguard Wellington Fund Vanguard Explorer Fund Vanguard Morgan Growth Fund Vanguard 500 Index Fund Vanguard International Growth Fund Replacing four investment options The following four investment options will be removed from the lineup and replaced with four new investment options. Please see pages 7 and 8 for the complete table of fund changes, showing how your money will move. To find detailed information about any of the new investments being added to the plan, including investment objectives, risks, charges, expenses, and prospectuses, search the investment name in the search field on vanguard.com/retirementplans. Investment option being removed Investment option being added as replacement Vanguard Retirement Savings Trust IV Vanguard Retirement Savings Trust III Vanguard Windsor Fund PIMCO Total Return Fund Institutional Class Royce Total Return Fund Service Class Delaware Value Fund Class R6 Metropolitan West Total Return Bond Fund P Class JPMorgan Small Cap Equity Fund Class R6 5

Target Retirement Funds Additionally, the 12 Funds in the Plan s lineup will be replaced by lower-cost Retirement Funds. Funds seek capital appreciation and current income consistent with their current asset allocations. Each Institutional Target Retirement Fund has the same asset mix and underlying Vanguard funds as its corresponding Fund. The key difference is that the Institutional counterparts invest in lower-cost share classes of their underlying Vanguard funds, and therefore have lower expense ratios. Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after the target date. If you have money moving into these funds, it will be directed to the date-specific Retirement Fund corresponding to your birth year as shown in the table below. Birth year Fund name Ticker 1942 or earlier Institutional Target Retirement Income Fund VITRX 1943-1947 Institutional Target Retirement 2010 Fund VIRTX 1948-1952 Institutional Target Retirement 2015 Fund VITVX 1953-1957 Institutional Target Retirement 2020 Fund VITWX 1958-1962 Institutional Target Retirement 2025 Fund VRIVX 1963-1967 Institutional Target Retirement 2030 Fund VTTWX 1968-1972 Institutional Target Retirement 2035 Fund VITFX 1973-1977 Institutional Target Retirement 2040 Fund VIRSX 1978-1982 Institutional Target Retirement 2045 Fund VITLX 1983-1987 Institutional Target Retirement 2050 Fund VTRLX 1988-1992 Institutional Target Retirement 2055 Fund VIVLX 1993 or later Institutional Target Retirement 2060 Fund VILVX 46

How your money will move The following table compares the investments that will be removed from the lineup and those that will be added to replace them. If you invest in or contribute to any of the investments being removed, your money and future contributions will move automatically as shown below, unless you make a change before 4 p.m., Eastern time, on January 27, 2017. Current investment Expense ratio* New investment Expense ratio* Savings per $10,000 invested Vanguard Total Bond Market Index Fund Investor Shares 0.16% Vanguard Total Bond Market Index Fund Admiral Shares 0.06% $10 Vanguard Wellington Fund Investor Shares 0.26% Vanguard Wellington Fund Admiral Shares 0.18% $8 Vanguard Explorer Fund Investor Shares 0.49% Vanguard Explorer Fund Admiral Shares 0.35% $14 Vanguard Morgan Growth Fund Investor Shares 0.40% Vanguard Morgan Growth Fund Admiral Shares 0.27% $13 Vanguard 500 Index Fund Investor Shares* 0.16% Vanguard Institutional Index Fund Institutional Shares* 0.04% $12 Vanguard International Growth Fund Investor Shares 0.47% Vanguard International Growth Fund Admiral Shares 0.34% $13 Vanguard Retirement Savings Trust IV 0.42% Vanguard Retirement Savings Trust III 0.37% $5 PIMCO Total Return Fund Institutional Class 0.47% Metropolitan West Total Return Bond Fund P Class 0.38% $9 Royce Total Return Fund Service Class 1.50% JPMorgan Small Cap Equity Fund Class R6 0.77% $73 Vanguard Windsor Fund Investor Shares 0.39% Delaware Value Fund Class R6 0.62% Income Fund 0.14% Retirement Income Fund 0.10% $4 2010 Fund 0.14% Retirement 2010 Fund 0.10% $4 7 5

Current investment Expense ratio* New investment Expense ratio* Savings per $10,000 invested 2015 Fund 0.14% Retirement 2015 Fund 0.10% $4 2020 Fund 0.14% Retirement 2020 Fund 0.10% $4 2025 Fund 0.15% Retirement 2025 Fund 0.10% $5 2030 Fund 0.15% Retirement 2030 Fund 0.10% $5 2035 Fund 0.15% Retirement 2035 Fund 0.10% $5 2040 Fund 0.16% Retirement 2040 Fund 0.10% $6 2045 Fund 0.16% Retirement 2045 Fund 0.10% $6 2050 Fund 0.16% Retirement 2050 Fund 0.10% $6 2055 Fund 0.16% Retirement 2055 Fund 0.10% $6 2060 Fund 0.16% Retirement 2060 Fund 0.10% $6 *Vanguard Institutional Index Fund Institutional Shares represents investments in the same portfolio of securities as Vanguard 500 Index Fund Investor Shares, but at a lower cost. Source: Vanguard, as of September 30, 2016 8

A note about risk All investing is subject to risk, including the possible loss of the money you invest. While U.S. Treasury or government agency securities provide substantial protection against credit risk, they do not protect investors against price changes due to changing interest rates. Unlike stocks and bonds, U.S. Treasury bills are guaranteed as to the timely payment of principal and interest. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer s ability to make payments. Prices of small-cap stocks often fluctuate more than those of large-company stocks. Investments in stocks or bonds issued by non-u.s. companies are subject to risks including country/regional risk and currency risk. 9

Transparent Plan administration fees There are costs associated with administering retirement plans, including recordkeeping fees, trustee services, and customer service support. The Plan s administrative costs will be separated from the investment expense ratios, making it easier for you to see what you pay to participate in the Plan. What is the change? Currently, Plan administrative fees and fund management expenses are combined into one charge representing part of each investment s expense ratio. Effective January 27, 2017, these administration costs will no longer be paid from the investments expense ratios. You will instead pay a $40 annual fee (paid quarterly as $10). When will I see the separate administration fee? The administrative fee will first appear as a separate line item on your first-quarter 2017 account statement, which you will receive in April 2017. This portion of the Plan s total administrative costs was previously included in the investments expense ratios. What s the benefit? While this is going to be a separate fee charged to you directly, the change to the lower-cost share classes and investment changes may result in paying less in overall fees. Since investment fees are deducted directly from investment returns, paying less in these investment fees can increase the net return on your investments, meaning the potential increase on your overall investment returns may outweigh the $10 per quarter charge. This will also provide you with a better picture of the cost you pay for Plan administration. That s because you will now see a separate line item on your statements for the actual dollar amount of administrative fees charged to your account, instead of bundling them into the expense ratios of your investments. 210

Connect with Vanguard You can access your account and conduct transactions in any of these ways: Online. Log on to your account at vanguard.com/retirementplans. Not yet registered for immediate, secure online account access? You will need your Plan number, 093468. On your mobile device. Go to vanguard.com/bemobile to download the Vanguard app so you can access your account on the go. By phone. Call 800-523-1188 to reach Vanguard s 24-hour interactive VOICE Network. You ll need your Social Security number and a personal identification number (PIN) to use VOICE. To create a PIN, follow the prompts. Or you can speak with a Vanguard Participant Services associate Monday through Friday from 8:30 a.m. to 9 p.m., Eastern time. Join the Vanguard community on our social media channels. You ll have access to Vanguard experts and be able to get up-to-the-minute news and views, attend live web events, participate in live chats, and interact with other Vanguard investors. No action is required on your part Effective at 4 p.m., Eastern time, on January 27, 2017, the changes mentioned in this newsletter will go into effect. No action is required by you. Nevertheless, this may be a good time to review your investments to be sure they are in line with your goals. 11

Connect with Vanguard vanguard.com/retirementplans > 800-523-1188 For more information about any fund, including investment objectives, risks, charges, and expenses, call Vanguard at 800-523-1188 to obtain a prospectus or, if available, a summary prospectus. The prospectus contains this and other important information about the fund. Read and consider the prospectus information carefully before you invest. You can also download fund prospectuses at vanguard.com. A stable value investment is neither insured nor guaranteed by the U.S. government. There is no assurance that the investment will be able to maintain a stable net asset value, and it is possible to lose money in such an investment. Vanguard Retirement Savings Trust III and IV are not mutual funds. They are collective trusts available only to tax-qualified plans and their eligible participants. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing. The collective trust mandates are managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc. Participant Education P.O. Box 2900 Valley Forge, PA 19482-2900 2016 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds. BBBBLMCN 122016