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Fairfax County Public Schools Second Quarter 2017 Presentation Materials Visit the Aon Hewitt Retirement and Investment Blog (http://retirementandinvestmentblog.aon.com); sharing our best thinking.

Contact Information Gregory J. Fox, CFA Senior Consultant Aon Hewitt Investment Consulting, Inc. 201 Merritt 7, STE 2 Norwalk, CT 06850 t +1 (203) 523-8780 f +1 (847) 953-2192 gregory.fox@aonhewitt.com Matthew C. Stone Consultant Aon Hewitt Investment Consulting, Inc. 201 Merritt 7, STE 2 Norwalk, CT 06850 t +1 (203) 523-8929 f +1 (203) 523-6750 matthew.stone.2@aonhewitt.com Robert Leal Investment Analyst Aon Hewitt Investment Consulting, Inc. 201 Merritt 7, STE 2 Norwalk, CT 06850 t +1 (203) 523-6775 f +1 (203) 523-6750 robert.leal@aonhewitt.com

Market Highlights SHORT TERM RETURNS AS OF 06/30/2017 30% 25% 20% 17.90% 24.60% 20.27% Second Quarter 2017 23.75% One-Year 15% 12.70% 10% 5% 0% -5% -10% 3.09% 2.46% 6.12% 6.27% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Source: Russell, MSCI, Bloomberg Barclays, DJ-UBS 1.45% -0.31% Barclays Aggregate 3.93% 4.70% -6.96% Barclays Long Gov t 2.97% Barclays Long Credit 2.17% Barclays High Yield -3.00% -6.50% Bloomberg Commodity Index LONG TERM ANNUALIZED RETURNS AS OF 06/30/2017 20% 15% 14.63% 13.70% Five-Year Ten-Year 10% 5% 0% 7.18% 6.92% 8.69% 1.03% 3.96% 1.91% 4.48% 2.21% 2.82% 7.27% 7.62% 6.90% 7.67% 5.32% -5% -10% -15% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Source: Russell, MSCI, Bloomberg Barclays, DJ-UBS Barclays Aggregate Barclays Long Gov t Barclays Long Credit Barclays High Yield -9.25% -6.49% Bloomberg Commodity Index Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 1

Market Highlights Returns of the Major Capital Markets Period Ending 06/30/2017 Second Quarter 1-Year 3-Year 1 5-Year 1 10-Year 1 Equity MSCI All Country World IMI 4.25% 19.01% 4.87% 10.74% 3.95% MSCI All Country World 4.27% 18.78% 4.82% 10.54% 3.71% Dow Jones U.S. Total Stock Market 3.01% 18.52% 9.04% 14.50% 7.32% Russell 3000 3.02% 18.51% 9.10% 14.58% 7.26% S&P 500 3.09% 17.90% 9.61% 14.63% 7.18% Russell 2000 2.46% 24.60% 7.36% 13.70% 6.92% MSCI All Country World ex-u.s. IMI 5.85% 20.43% 1.14% 7.58% 1.38% MSCI All Country World ex-u.s. 5.78% 20.45% 0.80% 7.22% 1.13% MSCI EAFE 6.12% 20.27% 1.15% 8.69% 1.03% MSCI EAFE (Local Currency) 2.71% 22.10% 7.02% 12.54% 2.02% MSCI Emerging Markets 6.27% 23.75% 1.07% 3.96% 1.91% Fixed Income Bloomberg Bloomberg Barclays Global Aggregate 2.60% -2.18% -0.35% 0.78% 3.69% Bloomberg Bloomberg Barclays Aggregate 1.45% -0.31% 2.48% 2.21% 4.48% Bloomberg Bloomberg Barclays Long Gov t 3.93% -6.96% 5.54% 2.82% 7.27% Bloomberg Bloomberg Barclays Long Credit 4.70% 2.97% 5.28% 5.32% 7.62% Bloomberg Bloomberg Barclays Long Gov t/credit 4.39% -1.07% 5.28% 4.26% 7.58% Bloomberg Bloomberg Barclays US TIPS -0.40% -0.63% 0.63% 0.27% 4.27% Bloomberg Barclays High Yield 2.17% 12.70% 4.49% 6.90% 7.67% Citi Group Non-U.S. WGBI 3.81% -5.01% -2.20% -0.80% 3.21% JP Morgan EMBI Global (Emerging Markets) 2.21% 5.52% 4.64% 5.20% 7.30% Commodities Bloomberg Commodity Index -3.00% -6.50% -14.81% -9.25% -6.49% Goldman Sachs Commodity Index -5.46% -9.01% -24.82% -13.70% -9.67% Hedge Funds HFRI Fund-Weighted Composite 2 1.14% 8.02% 2.57% 4.89% 2.98% HFRI Fund of Funds 2 0.20% 5.85% 1.35% 3.75% 0.81% Real Estate NAREIT U.S. Equity REITS 1.52% -1.70% 8.36% 9.52% 6.00% Infrastructure FTSE Global Core Infrastructure Index 3.12% 6.53% 2.06% 6.82% 3.59% MSCI Indices show net returns. All other indices show total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 2

Global Equity Markets GLOBAL MSCI IMI INDEX RETURNS AS OF 06/30/2017 30% Second Quarter 2017 One-Year 25.07% 22.82% 20% 19.01% 20.43% 17.73% 19.25% 18.64% 14.19% 10% 0% 4.25% Source: MSCI 5.85% ACWI IMI 47.8% ACWI ex- U.S. IMI 2.83% 52.2% USA IMI 5.13% 5.41% 5.9% UK IMI 8.1% Japan IMI 0.48% 10.56% 8.75% 7.04% 6.18% 3.2% Canada IMI 0.3% Israel IMI 15.1% Europe ex- UK IMI 1.78% 4.0% Pacific ex- Japan IMI 5.78% 11.2% Emerging Markets IMI The momentum triggered by the prospects of US reflationary policies that carried global equity markets higher in late 2016 and earlier this year stuttered and was ultimately replaced by strong corporate and economic fundamentals. Global equity markets returned 4.25% in Q2 2017. Performance was, however, far more varied on both a regional and sector level. All the regions generated positive returns with the Developed Europe (excluding the UK) being the strongest performing region, returning 8.75% in the second quarter of 2017. Much of the return, however, was due to the weakness of the US dollar. Political risk within continental Europe subsided following the win of pro-eu candidate Emmanuel Macron which encouraged greater risk appetite in the region. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 3

Global Equity Markets MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/2017 MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/2017 Canada 3.2% UK 5.9% Pacific ex-japan 4.0% Japan 8.1% Europe ex-uk 15.1% Israel 0.3% Latin America 1.3% Europe ex-uk 31.5% Israel 0.6% Latin America 2.8% Emerging Markets 11.2% Asia 8.3% Japan 17.0% Emerging Markets 23.5% Asia 17.4% Source: MSCI USA 52.2% Eastern Europe, Middle East & Africa 1.6% Pacific ex-japan 8.3% Source: MSCI Canada 6.6% UK 12.4% Eastern Europe, Middle East & Africa 3.3% The two exhibits on this slide illustrate the percentage that each country/region represents of the global equity market as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-u.s. IMI Index. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 4

U.S. Equity Markets RUSSELL STYLE RETURNS AS OF 06/30/2017 30% Second Quarter 2017 One-Year 24.86% 24.40% RUSSELL GICS SECTOR RETURNS AS OF 06/30/2017 40% 34.75% Second Quarter 2017 One-Year 21.62% 30% 27.57% 20% 18.51% 15.36% 15.93% 17.05% 20% 18.51% 14.57% 17.28% 20.80% 23.16% 10% 0% 3.02% 1.33% Russell 3000 32.0% Large Value Source: Russell Indexes 4.83% 34.1% Large Growth 1.37% 15.2% Medium Value 4.22% 11.1% Medium Growth 0.67% 3.8% Small Value 4.39% 3.9% Small Growth 10% 0% -10% 3.02% 3.74% Russell 3000 Source: Russell Indexes 18.2% Technology 7.27% 13.9% Healthcare 2.97% 13.8% Cons. Disc 2.43% 0.96% 7.2% Cons. Staples -7.36% 5.6% Energy -4.66% 2.50% 4.54% 3.90% 3.9% 10.9% Materials & Producer Processing Durables 21.2% Financial Services -1.33% -1.97% 5.2% Utilities The Russell 3000 Index returned 3.02% during the second quarter and returned 18.51% over the one-year period. During the second quarter, the Healthcare sector was the strongest performer, posting a return of 7.27%. Conversely, Energy and Utilities were the weakest and the only sectors which posted negative returns in Q2 2017, falling 7.36% and 1.33% respectively. Performance across the market capitalization spectrum was positive over the quarter. A similar trend to the first quarter of 2017 was observed as Growth stocks outperformed Value stocks across the market capitalization spectrum. In particular, small-cap Value stocks underperformed, returning 0.67% while large-cap Growth stocks was the standout performer returning 4.83%. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 5

U.S. Fixed Income Markets BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 6/30/2017 5.0% Second Quarter One-Year 4.0% 4.31% BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 6/30/2017 14% 12% Second Quarter One-Year 12.70% 3.0% 10% 2.0% 1.0% % -1.0% -2.0% -3.0% 0.31% 0.38% Source: Bloomberg Barclays Live 0.80% 0.16% 1.06% -0.36% The Bloomberg Barclays Aggregate Bond returned 1.45% in the second quarter of 2017. Corporate bonds outperformed with a return of 2.54%, driven by lower government bond yields and narrowing credit spreads. ABS bonds returned the least at only 0.60%. Baa bonds outperformed High Yield bonds and all the other investment grade corporate bonds across different credit qualities. Over the year, High Yield bonds have been the strongest performer, returning 12.70%. Longer duration bonds outperformed as the US yield curve flattened over the quarter. 1.38% -1.80% 1-3 Yr. 3-5 Yr. 5-7 Yr. 7-10 Yr. >10 Yr. -1.28% 8% 6% 4% 2% 0% -2% 1.06% Source: Bloomberg Barclays Live 1.45% 1.64% -0.15% 2.43% 2.68% 1.12% 3.54% 2.17% -1.26% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 6/30/2017 3.0% 2.54% 2.28% 2.0% 1.0% % -1.0% -2.0% -3.0% -0.31% Barclays Agg. Bond 1.17% 44.2% Gov t -2.18% 25.3% Corp. 0.87% 28.2% MBS Second Quarter -6% 0.60% 0.5% ABS 0.63% One-Year 1.31% 1.8% CMBS -0.33% Source: Bloomberg Barclays Live Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 6

U.S. Fixed Income Markets U.S. TREASURY YIELD CURVE 3.5% 6/30/2016 3.0% 3/31/2017 2.5% 6/30/2017 2.0% 1.5% 1.0% U.S. 10-YEAR TREASURY AND TIPS YIELDS 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% % 10Y TIPS Yield 10Y Treasury Yield 0.5% % 0 5 10 15 20 25 30 Maturity (Years) Source: U.S. Department of Treasury -1.0% -2.0% Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Source: U.S. Department of Treasury The Treasury yield curve flattened over the quarter. Short maturity bond yields continued to rise as the US Federal Reserve (Fed) hiked the federal funds rate for a third successive quarter. Yields of long maturity bonds fell as inflation expectations decreased amid falling oil prices and concerns over the implementation of reflationary policies. The 10-year U.S. Treasury yield ended the quarter at 2.31%, 9 basis points lower than its level at the beginning of the quarter. The 10-year TIPS yield rose by 15 basis points over the quarter and ended the period at 0.58%. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 7

European Fixed Income Markets EUROZONE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS) 30% 25% 20% Spain Portugal Ireland Italy Greece 15% 10% 5% 0% Source: DataStream In the Eurozone, bond spreads fell during the second quarter of 2017 with yields falling across the Eurozone periphery (except for Italy). German bund yields rose by 14bps over the quarter with major rise coming towards end of the quarter following a hawkish twist in European Central Bank sentiment, as ECB Governor intimated that tapering of the extensive Quantitative Easing policy may be on the cards sooner than initially expected. Furthermore, the election of Emmanuel Macron stemmed the rising tide of populism in European politics helped to narrow both French and other European government bond yields from German Bund yields. The bailout of Greek debt led to a larger narrowing of 161bps over the quarter while stronger than expected economic data led to a narrowing of Portuguese government bond yields relative to German Bund yields. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 8

Credit Spreads Spread (bps) 6/30/2017 3/31/2017 6/30/2016 Quarterly Change (bps) 1-Year Change (bps) U.S. Aggregate 43 44 55-1 -12 Long Gov t 2 3 3-1 -1 Long Credit 157 168 215-11 -58 Long Gov t/credit 94 101 130-7 -36 MBS 32 27 27 5 5 CMBS 74 77 98-3 -24 ABS 46 54 61-8 -15 Corporate 109 118 156-9 -47 High Yield 364 383 594-19 -230 Global Emerging Markets 255 257 345-2 -90 Source: Bloomberg Barclays Live During the second quarter, increased risk appetite saw a further narrowing of credit spreads which fell across all areas of the credit market except for MBS bonds which rose by 5 basis points High Yield bonds spreads (-19 basis points) fell by the most over the quarter, followed by spreads on Long Credit bonds (-11 basis points). After falling by over 30bps last quarter, movements Emerging Market bond spreads were more muted with a narrowing of only 2 basis points. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 9

Commodities COMMODITY RETURNS AS OF 06/30/2017-25% -20% -15% -10% -5% 0% 5% 10% 15% 20% Bloomberg Commodity Index -3.00% -6.50% Ex-Energy -0.22% -3.22% Energy -14.76% -9.68% Industrial Metals -1.19% 17.48% Prec. Metals -8.43% -3.18% Second Quarter 2017 Agric. -13.05% -0.40% One-Year Softs -22.59% Grains -14.25% -9.75% 4.46% Livestock 5.85% 11.21% Source: Dow Jones-UBS The Bloomberg Commodity index fell during the second quarter returning -3.00%. Over the quarter, the best performing segment was Livestock with a return of 11.21%, followed by Grains (4.46%). Softs was the worst performing sector during the quarter with a return of -14.25%. The Energy sector was particularly volatile over the quarter. High crude oil inventory levels in the US, driven up by US shale producers, offset the extension of agreed crude oil production cuts which temporarily drove the price of crude oil higher. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 10

Currency TRADE WEIGHTED U.S. DOLLAR INDEX (1997 = 100) 135 130 125 120 115 110 105 100 95 90 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 03/31/2012 160 150 140 130 120 110 100 90 80 70 Stronger Dollar Weaker Dollar EUR/USD GBP/USD JPY/USD Source: Federal Reserve Source: DataStream US political uncertainties which could compromise the implementation of reflationary policies, alongside disappointing US economic data dragged the U.S. dollar sharply lower over the quarter as measured through the broad trade weighted U.S. dollar index. The US dollar depreciated against all the major currencies (except for the yen) despite the Fed hiking the target range for the federal funds rate to 1.00%-1.25% in June as more pronounced expectations that the Bank of England and the ECB would begin tightening their respective monetary policy sent sterling and the euro higher against the US dollar by 3.7% and 6.2% respectively. Meanwhile, the yen fell by 0.8% against the US dollar. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 11

Hedge Fund Markets Overview HEDGE FUND PERFORMANCE AS OF 06/30/2017 Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index -5% 0% 5% 10% 15% 20% -0.72% -2.48% 0.60% 0.64% 0.20% 1.70% 2.29% 1.78% 1.14% 3.92% 5.85% 7.88% 8.02% 9.26% Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. Source: HFR 12.52% 12.81% 15.16% 14.83% Second Quarter 2017 One-Year Hedge fund performance was positive across strategies with the exception of Global Macro strategies The HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 1.14% and 0.20% respectively during the quarter. Emerging Markets continued to be the best performer, with a return of 3.92% in the second quarter. Aon Hewitt Retirement and Investment Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 12

Fairfax County Public Schools Summary This report has been prepared by Aon Hewitt Investment Consulting (AHIC) to provide Fairfax County Public Schools with an objective, third party review of the historical investment results of the 457(b) Plan. Asset Allocation The Fairfax County Public Schools 457(b) Plan currently offers 8 investment options and a series of lifecycle funds. As of June 30, 2017, the Plan had 1 guaranteed interest fund, 1 fixed income fund, 1 inflation-sensitive solution, 2 passively-managed domestic equity funds, 2 actively-managed domestic equity funds, 1 actively-managed foreign equity fund and a series of actively managed target date funds. The two passively-managed domestic equity funds cover the following asset classes: large cap core and mid cap core. The two actively-managed domestic equity funds cover the following asset classes: large cap core and mid cap growth. Participants may allocate their investments among the funds in accordance with their own personal tolerance for risk. As of June 30, 2017, the assets of the Plan totaled $202.9 million. The Plan held 15.5% of assets in the guaranteed interest product, 9.6% in fixed income, 56.5% in domestic equity, 9.4% in foreign equity and 8.1% in target date funds. The Plan s asset allocation by fund is detailed later in this report. Plan Performance During the second quarter of 2017, global equity markets continued to rise due to strong corporate and economic fundamentals. While performance was positive, it varied on both a region and sector level. Domestically, the Russell 3000 Index returned 3.0% during the quarter. Sector results were mostly positive during the second quarter with the exception of energy and utilities, which were down -7.36 and -1.33%, respectively. The top performing sector of the market was healthcare, returning 7.27%. Performance was positive across the market capitalization spectrum during the quarter. Small cap value stocks had the lowest absolute returns (+0.67%) while large cap growth stocks had the greatest returns (+4.83%). Growth continued to outperform value in all capitalization levels. During the second quarter, the developed non-u.s. equity markets had positive results with the MSCI EAFE Index generating a return of 6.12%. Emerging markets slightly outperformed developed non-u.s. markets; the MSCI Emerging Markets Index returned 6.27%. The domestic fixed income market, as represented by the Bloomberg Barclays Aggregate Bond Index, posted a return of 1.45% for the quarter. The strongest performing segment of the domestic bond market was corporate bonds, which returned 2.54% for the quarter. Longer duration bonds outperformed their shorter duration counterparts as the yield curve flattened over the second quarter. Asset Backed Securities represented the worst performing sector during the quarter, with a return of 0.60%. Overall, the global fixed income market outperformed the domestic fixed income market, as measured by the Citigroup Non-U.S. WGBI, which returned 3.81% for the quarter. Page 13

Fairfax County Public Schools Summary Plan Performance (continued) Against this backdrop, the Plan s options had mixed results on a relative basis. Performance for the Plan s passive strategies closely tracked their target benchmarks. Longer-term relative performance of most of the Plan s active investments also had mixed results for the ten-year period ending June 30, 2017. Allowing for the expense ratios of the funds, both of the Plan s index options successfully tracked their target Indices for the quarter as well as for longer periods. Quarterly Fund Attribution PIMCO Total Return Fund outperformed during the quarter + Positions in MBS + Tactical positioning in emerging markets currencies + Exposure to high yield corporates + U.S. rate strategies, including duration, curve positioning and instrument selection PIMCO Inflation Response Multi-Asset Fund outperformed its benchmark during the quarter + Emerging market currency exposure + U.S. real duration exposure + Positions in MBS + Active REITs basket versus benchmark Page 14

Fairfax County Public Schools Summary Quarterly Fund Attribution (continued) Baron Growth Fund outperformed during the quarter + Stock selection in the information technology, consumer discretionary, and healthcare sectors + Overweight to consumer discretionary sector + Lack of exposure to energy sector Dodge & Cox Stock Fund underperformed during the quarter - Overweight positioning and poor stock selection in the energy sector relative to the benchmark - Stock selection in the information technology and financials sectors Artisan International Fund outperformed during the quarter + Positive stock selection in the consumer staples, financials, industrials, and technology sectors + Underweight to the energy sector + Strong performance from growth sector Page 15

Fairfax County Public Schools 1 Quarter Ending June 30, 2017 Financial Reconciliation ($000) Market Value As of 04/01/2017 Capital Net Transfers Contributions Distributions Apprec./ Deprec. Market Value As of 06/30/2017 U.S. FIXED INCOME Great West Portfolio Fund 30,886.67 44.60 886.62-526.20 156 31,441.74 PIMCO Total Return Adm 18,900.23-38.26 346.37-254.34 330.51 19,284.51 PIMCO Inflation Response MultiAsst Inst 217.68 20.95 8.63-1.43 0.38 246.21 TARGET DATE T. Rowe Price Retirement 2005 292.16-313.70 14.03-7.52 - T. Rowe Price Retirement I 2005 I - 391.42 - - - 391.42 T. Rowe Price Retirement 2010 418.53-435.83 7.28-12 - T. Rowe Price Retirement I 2010 I - 457.74 - - - 457.74 T. Rowe Price Retirement 2015 1,841.88-1,920.71 26.99-2.57 54.40 - T. Rowe Price Retirement I 2015 I - 1,952.51 - - - 1,952.51 T. Rowe Price Retirement 2020 3,556.02-3,756.91 80.31-1.11 121.68 - T. Rowe Price Retirement I 2020 I - 3,701.37 - - - 3,701.37 T. Rowe Price Retirement 2025 2,879.91-3,078.67 131.90-42.79 109.65 - T. Rowe Price Retirement I 2025 I - 3,205.46 - - - 3,205.46 T. Rowe Price Retirement 2030 1,343.10-1,494.50 93.82-57.59 - T. Rowe Price Retirement I 2030 I - 1,494.24 - - - 1,494.24 T. Rowe Price Retirement 2035 2,320.33-2,530.38 126.00-23.03 107.09 - T. Rowe Price Retirement I 2035 I - 2,571.96 - - - 2,571.96 T. Rowe Price Retirement 2040 850.47-934.05 50.17-6.79 40.20 - T. Rowe Price Retirement I 2040 I - 941.40 - - - 941.40 T. Rowe Price Retirement 2045 643.68-728.28 52.91-31.69 - T. Rowe Price Retirement I 2045 I - 733.62 - - - 733.62 T. Rowe Price Retirement 2050 417.92-458.74 20.39-20.43 - T. Rowe Price Retirement I 2050 I - 465.03 - - - 465.03 T. Rowe Price Retirement 2055 399.32-449.53 31.61-18.60 - T. Rowe Price Retirement I 2055 I - 497.31 - - - 497.31 U.S. EQUITY ishares S&P 500 Index 27,271.63-41.49 909.99-258.79 842.29 28,723.62 Dodge & Cox Stock 26,323.82-212.86 398.91-281.50 459.54 26,687.92 Vanguard Mid Cap Index 30,196.50 11.66 762.55-226.25 845.60 31,596 Baron Growth Inst 25,952.73-179.50 440.99-83.18 1,571.08 27,702.12 Page 16

Fairfax County Public Schools 1 Quarter Ending June 30, 2017 Financial Reconciliation Market Value As of 04/01/2017 ($000) Capital Net Transfers Contributions Distributions Apprec./ Deprec. Market Value As of 06/30/2017 INTERNATIONAL EQUITY Artisan International Inv 17,069.63 84.15 399.37-138.78 1,634.90 19,049.28 OTHER Loan Fund 1,454.06-201.55-154.49 17.78 1,518.89 Forfeiture Account 273.08-40.97-1.25 315.30 Total 457(b) Plan 193,509.36-5,031.36-2,001.27 6,432.26 202,971.71 Page 17

Fairfax County Public Schools Asset Allocation by Segment 457(b) Plan March 31, 2017 : $193,509,360 June 30, 2017 : $202,971,707 Segments Market Value Allocation ($) (%) Domestic Equity 109,744,677.80 56.71 International Equity 17,069,633.47 8.82 Domestic Fixed Income 18,900,230.28 9.77 GIC 30,886,669.22 15.96 Real Return 217,676.73 0.11 Loan Fund 1,454,060.85 0.75 Cash 273,081.64 0.14 Life Cycle 14,963,329.65 7.73 Segments Market Value Allocation ($) (%) Domestic Equity 114,703,715.20 56.51 International Equity 19,049,281.37 9.39 Domestic Fixed Income 19,284,514.40 9.50 GIC 31,441,744.65 15.49 Real Return 246,208.84 0.12 Loan Fund 1,518,894.26 0.75 Cash 315,302.30 0.16 Life Cycle 16,412,046.46 8.09 Page 18

Fairfax County Public Schools April 1, 2010 To June 30, 2017 Historical Asset Allocation by Segment Total 457(b) Plan 10 9 8 7 6 Allocation (%) 5 4 3 2 1 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 6/17 Domestic Equity International Equity Domestic Fixed Income GIC Real Return Loan Fund Cash Life Cycle Page 19

Fairfax County Public Schools As of June 30, 2017 Asset Allocation & Performance Allocation Market Value % ($000) Total 457(b) Plan 202,971.71 100 1 Quarter Year To Date 1 Year Performance(%) 3 Years 5 Years 7 Years 10 Years U.S. Fixed Income 50,972.47 25.11 Great West Portfolio Fund 31,441.74 15.49 0.48 0.97 1.95 1.94 1.85 2.04 2.41 50% B Bar Int. Agg/50% 90 day T-Bill 0.56 0.96 0.15 1.11 1.01 1.39 2.29 90 Day U.S. Treasury Bill 0.20 0.30 0.44 0.20 0.15 0.13 0.55 PIMCO Total Return Adm 19,284.51 9.50 1.74 (15) 3.33 (4) 1.88 (13) 2.32 (59) 2.50 (46) 3.54 (46) 5.68 (1) Blmbg. Barc. U.S. Aggregate 1.45 (55) 2.27 (67) -0.31 (75) 2.48 (41) 2.21 (67) 3.19 (62) 4.48 (51) PIMCO Inflation Response MultiAsst Inst 246.21 0.12 7 (92) 2.35 (90) 2.62 (90) -0.68 (88) 0.24 (96) - - PIMCO IRMA Benchmark -0.19 (93) 0.65 (95) -2.02 (98) -0.77 (89) -0.72 (98) 1.68 (98) 2.42 (93) Target Date 16,412.05 8.09 T. Rowe Price Retirement I 2005 I 391.42 0.19 2.26 (22) 5.81 (14) 7.90 (19) - - - - T. Rowe Price Ret 2005* 2.26 (22) 5.75 (14) 7.75 (22) 3.70 (23) 6.37 (18) 7.35 (15) 4.76 (37) TR Price Retirement 2005 Index 2.02 (43) 5.04 (32) 7.03 (32) 3.79 (20) 6.14 (24) 7.02 (18) 4.36 (51) T. Rowe Price Retirement I 2010 I 457.74 0.23 2.50 (12) 6.30 (17) 8.82 (22) - - - - T. Rowe Price Ret 2010* 2.39 (20) 6.22 (17) 8.69 (22) 4.02 (22) 7.10 (7) 8.12 (1) 4.77 (13) TR Price Retirement 2010 Index 2.19 (50) 5.52 (44) 8.07 (35) 4.08 (20) 6.89 (10) 7.84 (11) 4.47 (22) T. Rowe Price Retirement I 2015 I 1,952.51 0.96 2.82 (12) 7.26 (12) 10.53 (16) - - - - T. Rowe Price Ret 2015* 2.84 (11) 7.19 (12) 10.50 (19) 4.53 (20) 8.23 (1) 9.18 (1) 5.08 (-) TR Price Retirement 2015 Index 2.47 (38) 6.29 (33) 9.69 (31) 4.56 (15) 7.96 (2) 8.89 (1) 4.77 (-) T. Rowe Price Retirement I 2020 I 3,701.37 1.82 3.38 (2) 8.56 (1) 12.75 (4) - - - - T. Rowe Price Ret 2020* 3.36 (2) 8.53 (1) 12.67 (5) 5.10 (4) 9.27 (1) 10.15 (1) 5.29 (1) TR Price Retirement 2020 Index 2.81 (26) 7.20 (24) 11.57 (20) 5.07 (4) 8.94 (2) 9.83 (1) 4.99 (16) *Alternate share class shown to illustrate performance history. Page 20

Fairfax County Public Schools As of June 30, 2017 Asset Allocation & Performance Allocation Market Value ($000) % 1 Quarter Year To Date 1 Year Performance(%) T. Rowe Price Retirement I 2025 I 3,205.46 1.58 3.85 (2) 9.67 (1) 14.67 (1) - - - - T. Rowe Price Ret 2025* 3.79 (2) 9.61 (1) 14.59 (1) 5.57 (1) 10.21 (2) 10.95 (1) 5.46 (-) TR Price Retirement 2025 Index 3.08 (45) 7.95 (35) 13.17 (22) 5.49 (1) 9.81 (4) 10.62 (4) 5.17 (-) T. Rowe Price Retirement I 2030 I 1,494.24 0.74 4.24 (1) 10.61 (1) 16.43 (6) - - - - T. Rowe Price Ret 2030* 4.23 (1) 10.56 (1) 16.29 (9) 6.01 (6) 11.01 (2) 11.67 (1) 5.65 (1) TR Price Retirement 2030 Index 3.31 (46) 8.63 (42) 14.68 (22) 5.84 (7) 10.57 (4) 11.31 (4) 5.32 (1) T. Rowe Price Retirement I 2035 I 2,571.96 1.27 4.53 (1) 11.36 (1) 17.79 (10) - - - - T. Rowe Price Ret 2035* 4.49 (1) 11.36 (1) 17.70 (10) 6.29 (7) 11.57 (2) 12.15 (1) 5.78 (-) TR Price Retirement 2035 Index 3.48 (68) 9.16 (58) 15.89 (27) 6.09 (8) 11.10 (4) 11.80 (4) 5.45 (-) T. Rowe Price Retirement I 2040 I 941.40 0.46 4.75 (1) 11.94 (1) 18.93 (3) - - - - T. Rowe Price Ret 2040* 4.72 (1) 11.93 (1) 18.85 (4) 6.51 (5) 11.93 (1) 12.41 (1) 5.95 (1) TR Price Retirement 2040 Index 3.62 (62) 9.60 (63) 16.94 (28) 6.29 (7) 11.46 (5) 12.06 (4) 5.62 (5) T. Rowe Price Retirement I 2045 I 733.62 0.36 4.83 (1) 12.21 (2) 19.33 (1) - - - - T. Rowe Price Ret 2045* 4.78 (1) 12.16 (2) 19.14 (1) 6.60 (4) 11.99 (2) 12.45 (1) 5.99 (-) TR Price Retirement 2045 Index 3.66 (72) 9.72 (65) 17.23 (33) 6.38 (8) 11.51 (6) 12.10 (6) 5.65 (-) T. Rowe Price Retirement I 2050 I 465.03 0.23 4.92 (1) 12.21 (3) 19.33 (1) - - - - T. Rowe Price Ret 2050* 4.84 (1) 12.10 (4) 19.15 (2) 6.60 (3) 12.00 (2) 12.44 (1) 5.98 (1) TR Price Retirement 2050 Index 3.66 (71) 9.72 (66) 17.23 (42) 6.38 (10) 11.51 (12) 12.10 (9) 5.65 (1) T. Rowe Price Retirement I 2055 I 497.31 0.25 4.92 (1) 12.22 (3) 19.34 (1) - - - - T. Rowe Price Ret 2055* 4.76 (2) 12.07 (4) 19.14 (3) 6.60 (3) 11.97 (2) 12.44 (1) 5.97 (1) TR Price Retirement 2055 Index 3.66 (71) 9.72 (66) 17.23 (42) 6.38 (10) 11.51 (12) 12.10 (9) 5.65 (1) 3 Years 5 Years 7 Years 10 Years *Alternate share class shown to illustrate performance history. Page 21

Fairfax County Public Schools As of June 30, 2017 Asset Allocation & Performance Allocation Market Value % ($000) U.S. Equity 114,703.72 56.51 1 Quarter Year To Date 1 Year Performance(%) 3 Years 5 Years 7 Years 10 Years ishares S&P 500 Index 28,723.62 14.15 3.07 (20) 9.30 (17) 17.85 (17) 9.57 (9) 14.54 (15) 15.30 (20) 7.10 (17) S&P 500 Index 3.09 (7) 9.34 (1) 17.90 (3) 9.61 (1) 14.63 (1) 15.41 (1) 7.18 (4) Dodge & Cox Stock 26,687.92 13.15 1.76 (90) 6.81 (84) 28.65 (1) 8.48 (46) 16.36 (4) 15.66 (11) 5.89 (68) S&P 500 Index 3.09 (49) 9.34 (39) 17.90 (45) 9.61 (19) 14.63 (24) 15.41 (16) 7.18 (27) Vanguard Mid Cap Index 31,596 15.56 2.78 (49) 9.14 (42) 17.25 (52) 8.09 (25) 14.79 (23) 15.17 (20) 7.51 (30) Vanguard Spliced Mid Cap Index 2.79 (49) 9.17 (42) 17.31 (52) 8.12 (24) 14.83 (23) 15.22 (19) 7.52 (30) Baron Growth Inst 27,702.12 13.65 6.06 (24) 17.10 (11) 25 (35) 7.42 (44) 13.43 (42) 14.44 (39) - Baron Growth Rtl* 5.99 (25) 16.94 (11) 19.72 (38) 7.14 (48) 13.14 (48) 14.14 (46) 7.38 (43) Russell Midcap Growth Index 4.21 (58) 11.40 (62) 17.05 (61) 7.83 (36) 14.19 (26) 15.24 (22) 7.87 (33) International Equity 19,049.28 9.39 Artisan International Inv 19,049.28 9.39 9.53 (3) 19.37 (9) 13.37 (93) -0.25 (80) 7.86 (55) 9.21 (7) 2.43 (24) MSCI EAFE Index (Net) 6.12 (55) 13.81 (63) 20.27 (36) 1.15 (44) 8.69 (27) 7.91 (33) 1.03 (54) MSCI AC World ex USA Index (Net) 5.78 (64) 14.10 (57) 20.45 (35) 0.80 (54) 7.22 (77) 6.66 (84) 1.13 (52) *Alternate share class shown to illustrate performance history. Page 22

Fairfax County Public Schools As of June 30, 2017 Calendar Year Performance 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 U.S. Fixed Income Great West Portfolio Fund 1.98 2.00 1.86 1.53 2.11 2.55 2.67 3.37 3.42 3.26 50% B Bar Int. Agg/50% 90 day T-Bill 1.12 0.62 2.06-0.48 1.80 2.99 3.11 3.28 3.50 5.97 90 Day U.S. Treasury Bill 0.25 3 4 5 8 8 0.13 0.17 2.10 4.91 PIMCO Total Return Adm 2.34 (79) 0.47 (37) 4.43 (81) -2.16 (72) 10.10 (3) 3.91 (95) 8.57 (17) 13.53 (30) 4.56 (23) 8.82 (1) Blmbg. Barc. U.S. Aggregate 2.65 (63) 0.55 (27) 5.97 (32) -2.02 (65) 4.21 (77) 7.84 (15) 6.54 (69) 5.93 (84) 5.24 (19) 6.97 (19) IM U.S. Broad Market Core Fixed Income (MF) Median 2.95 0.32 5.76-1.64 6.07 6.98 7.17 10.77 0.61 6.16 PIMCO Inflation Response MultiAsst Inst 10.53 (19) -6.77 (78) 1.57 (73) -9.29 (100) 9.56 (64) - - - - - PIMCO IRMA Benchmark 13.89 (12) -7.12 (79) -0.46 (82) -11.77 (100) 4.83 (91) 3.82 (13) 13.49 (40) 17.32 (90) -14.42 (14) 10.35 (30) IM Flexible Portfolio (MF) Median 6.46-3.39 3.76 12.05 10.99-1.66 12.39 25.12-28.81 7.38 Target Date T. Rowe Price Retirement I 2005 I 6.69 (26) - - - - - - - - - T. Rowe Price Ret 2005* 6.72 (26) -0.75 (37) 4.72 (39) 9.74 (23) 11.35 (16) 1.43 (65) 11.51 (17) 24.55 (17) -22.24 (82) 6.67 (25) TR Price Retirement 2005 Index 5.84 (41) -0.10 (19) 5.48 (24) 9.86 (22) 9.52 (42) 2.38 (43) 10.22 (42) 16.91 (63) -19.10 (68) 6.79 (23) IM Mixed-Asset Target Alloc Consv (MF) Median 5.43-1.15 4.21 7.53 9.04 2.07 9.92 18.88-17.05 5.65 T. Rowe Price Retirement I 2010 I 7.18 (9) - - - - - - - - - T. Rowe Price Ret 2010* 7.11 (9) -0.76 (59) 4.99 (23) 11.93 (8) 12.44 (6) 0.54 (55) 12.70 (4) 27.95 (4) -26.71 (80) 6.65 (48) TR Price Retirement 2010 Index 6.27 (44) -0.17 (14) 5.77 (12) 12.00 (7) 10.61 (26) 1.81 (25) 11.42 (30) 19.64 (67) -23.19 (34) 6.82 (46) IM Mixed-Asset Target 2010 (MF) Median 6.07-0.67 4.49 9.24 9.64 0.90 10.88 22.97-24.07 6.42 T. Rowe Price Retirement I 2015 I 7.25 (14) - - - - - - - - - T. Rowe Price Ret 2015* 7.31 (13) -0.58 (31) 5.37 (32) 15.18 (2) 13.81 (1) -0.32 (81) 13.79 (4) 31.35 (1) -30.22 (86) 6.75 (-) TR Price Retirement 2015 Index 6.91 (33) -0.28 (14) 6.30 (16) 14.97 (3) 11.94 (25) 1.09 (42) 12.57 (27) 22.08 (65) -26.61 (33) 6.85 (-) IM Mixed-Asset Target 2015 (MF) Median 6.48-0.80 4.89 11.55 11.02 0.93 11.75 25.09-27.68 - T. Rowe Price Retirement I 2020 I 7.57 (12) - - - - - - - - - T. Rowe Price Ret 2020* 7.41 (18) -0.31 (25) 5.63 (37) 18.05 (2) 15.01 (1) -1.20 (84) 14.74 (3) 34.19 (1) -33.48 (82) 6.73 (50) TR Price Retirement 2020 Index 7.62 (10) -0.41 (32) 6.70 (5) 17.56 (3) 13.04 (20) 0.48 (45) 13.47 (22) 24.20 (58) -29.72 (62) 6.84 (49) IM Mixed-Asset Target 2020 (MF) Median 6.61-0.80 5.13 12.98 11.78 0.19 12.79 24.76-28.49 6.68 T. Rowe Price Retirement I 2025 I 7.56 (20) - - - - - - - - - T. Rowe Price Ret 2025* 7.55 (20) -0.17 (13) 5.84 (38) 20.78 (3) 16.00 (1) -2.06 (71) 15.37 (1) 36.29 (1) -35.90 (87) 6.81 (-) TR Price Retirement 2025 Index 8.21 (9) -0.56 (31) 7.06 (9) 21 (4) 14.00 (22) -0.22 (25) 14.12 (26) 26.15 (66) -32.24 (36) 6.84 (-) IM Mixed-Asset Target 2025 (MF) Median 7.21-1.14 5.52 16.08 13.27-1.05 13.67 27.71-33.66 - T. Rowe Price Retirement I 2030 I 7.77 (46) - - - - - - - - - T. Rowe Price Ret 2030* 7.69 (47) -2 (6) 6.05 (36) 23.09 (4) 16.82 (1) -2.70 (70) 16.01 (3) 37.99 (1) -37.79 (74) 6.83 (56) TR Price Retirement 2030 Index 8.80 (10) -0.73 (40) 7.29 (7) 22.13 (8) 14.85 (20) -0.79 (21) 14.72 (32) 27.43 (70) -34.16 (45) 6.80 (56) IM Mixed-Asset Target 2030 (MF) Median 7.49-1.05 5.66 18.20 14.02-2.19 13.90 28.91-36.24 7.46 T. Rowe Price Retirement I 2035 I 7.68 (67) - - - - - - - - - T. Rowe Price Ret 2035* 7.64 (67) 0.13 (4) 6.07 (38) 24.86 (3) 17.35 (1) -3.26 (61) 16.34 (1) 39.04 (1) -38.88 (71) 6.81 (-) TR Price Retirement 2035 Index 9.21 (14) -0.87 (35) 7.37 (5) 23.76 (12) 15.45 (39) -1.37 (10) 15.10 (42) 28.59 (70) -35.35 (28) 6.74 (-) IM Mixed-Asset Target 2035 (MF) Median 8.29-1.45 5.69 20.82 15.13-3.14 14.59 30.96-37.76 - Returns for periods greater than one year are annualized. Returns are expressed as percentages. *Alternate share class shown to illustrate performance history. Page 23

Fairfax County Public Schools As of June 30, 2017 Calendar Year Performance 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 T. Rowe Price Retirement I 2040 I 7.75 (66) - - - - - - - - - T. Rowe Price Ret 2040* 7.63 (67) 0.17 (3) 6.18 (38) 25.93 (8) 17.55 (1) -3.49 (43) 16.51 (9) 39.07 (1) -38.85 (72) 6.77 (63) TR Price Retirement 2040 Index 9.58 (15) -1.01 (40) 7.43 (7) 24.73 (20) 15.66 (40) -1.46 (9) 15.17 (38) 28.59 (84) -35.35 (14) 6.74 (64) IM Mixed-Asset Target 2040 (MF) Median 8.42-1.23 5.85 21.74 15.19-3.71 14.70 30.66-37.62 7.33 T. Rowe Price Retirement I 2045 I 7.75 (71) - - - - - - - - - T. Rowe Price Ret 2045* 7.69 (71) 0.17 (3) 6.14 (35) 25.93 (5) 17.62 (1) -3.47 (31) 16.44 (10) 39.10 (1) -38.83 (53) 6.84 (-) TR Price Retirement 2045 Index 9.70 (13) -0.98 (36) 7.43 (7) 24.73 (22) 15.66 (53) -1.46 (1) 15.17 (44) 28.59 (91) -35.35 (18) 6.74 (-) IM Mixed-Asset Target 2045 (MF) Median 8.52-1.56 5.76 23.08 15.69-3.86 15.01 31.04-38.75 - T. Rowe Price Retirement I 2050 I 7.75 (69) - - - - - - - - - T. Rowe Price Ret 2050* 7.71 (69) 0.19 (4) 6.19 (36) 25.90 (12) 17.55 (4) -3.36 (26) 16.41 (15) 38.92 (1) -38.80 (58) 6.82 (-) TR Price Retirement 2050 Index 9.70 (17) -0.98 (40) 7.43 (8) 24.73 (28) 15.66 (40) -1.46 (5) 15.17 (39) 28.59 (85) -35.35 (6) 6.74 (-) IM Mixed-Asset Target 2050 (MF) Median 8.43-1.33 5.95 23.26 15.58-3.96 14.94 31.10-38.76 - T. Rowe Price Retirement I 2055 I 7.65 (70) - - - - - - - - - T. Rowe Price Ret 2055* 7.73 (69) 0.18 (5) 6.18 (37) 25.86 (12) 17.60 (3) -3.35 (26) 16.41 (15) 38.97 (1) -38.89 (62) 6.82 (-) TR Price Retirement 2055 Index 9.70 (17) -0.98 (40) 7.43 (8) 24.73 (28) 15.66 (40) -1.46 (5) 15.17 (39) 28.59 (85) -35.35 (6) 6.74 (-) IM Mixed-Asset Target 2050 (MF) Median 8.43-1.33 5.95 23.26 15.58-3.96 14.94 31.10-38.76 - U.S. Equity ishares S&P 500 Index 11.92 (17) 1.35 (19) 13.61 (14) 32.21 (28) 15.84 (33) 1.98 (41) 14.92 (36) 26.49 (18) -37.01 (30) 5.36 (36) S&P 500 Index 11.96 (7) 1.38 (9) 13.69 (1) 32.39 (3) 16.00 (3) 2.11 (8) 15.06 (1) 26.46 (23) -37.00 (29) 5.49 (11) IM S&P 500 Index (MF) Median 11.77 1.23 13.47 32.11 15.77 1.96 14.82 26.39-37.06 5.28 Dodge & Cox Stock 21.28 (1) -4.49 (93) 10.40 (72) 40.55 (1) 22.01 (2) -4.08 (87) 13.49 (55) 31.27 (25) -43.31 (92) 0.14 (95) S&P 500 Index 11.96 (28) 1.38 (30) 13.69 (19) 32.39 (47) 16.00 (43) 2.11 (30) 15.06 (34) 26.46 (55) -37.00 (54) 5.49 (63) IM U.S. Large Cap Core Equity (MF) Median 10.34-2 11.87 32.20 15.47 0.72 13.92 27.05-36.60 6.38 Vanguard Mid Cap Index 11.23 (56) -1.33 (38) 13.78 (10) 35.17 (50) 16.01 (46) -1.96 (43) 25.67 (33) 40.51 (35) -41.76 (69) 6.22 (59) Vanguard Spliced Mid Cap Index 11.25 (55) -1.28 (38) 13.83 (9) 35.21 (49) 16.04 (44) -1.91 (42) 25.69 (33) 40.49 (35) -41.80 (69) 6.19 (59) IM U.S. Mid Cap Equity (MF) Median 12.00-2.42 8.19 34.78 15.45-2.89 23.87 36.31-39.58 8.79 Baron Growth Inst 6.31 (42) -4.06 (81) 4.66 (78) 38.69 (23) 16.74 (22) 1.51 (14) 24.32 (52) - - - Baron Growth Rtl* 6.04 (46) -4.31 (83) 4.40 (79) 38.32 (25) 16.43 (27) 1.24 (16) 24.01 (55) 34.24 (67) -39.18 (24) 6.59 (84) Russell Midcap Growth Index 7.33 (30) -0.20 (46) 11.90 (12) 35.74 (47) 15.81 (36) -1.65 (36) 26.38 (38) 46.29 (26) -44.32 (66) 11.43 (73) IM U.S. Mid Cap Growth Equity (MF) Median 5.40-0.52 7.37 35.60 14.71-2.80 24.34 41.03-41.74 17.10 International Equity Artisan International Inv -9.66 (100) -3.85 (79) -0.97 (11) 25.18 (8) 25.39 (4) -7.26 (17) 5.91 (67) 39.77 (12) -46.96 (98) 19.73 (15) MSCI EAFE Index (Net) 1.00 (48) -0.81 (40) -4.90 (43) 22.78 (15) 17.32 (67) -12.14 (47) 7.75 (53) 31.78 (52) -43.38 (64) 11.17 (72) MSCI AC World ex USA Index (Net) 4.50 (14) -5.66 (85) -3.87 (28) 15.29 (82) 16.83 (70) -13.71 (76) 11.15 (22) 41.45 (6) -45.53 (86) 16.65 (22) IM International Large Cap Equity (MF) Median 0.91-1.62-5.22 27 18.96-12.43 7.97 32.00-42.20 12.66 Returns for periods greater than one year are annualized. Returns are expressed as percentages. *Alternate share class shown to illustrate performance history. Page 24

Fairfax County Public Schools 3 Years Ending June 30, 2017 Risk Profile 14.0 12.0 1 8.0 Annualized Return 6.0 4.0 2.0-2.0-4.0-6.0 2.0 4.0 6.0 8.0 1 12.0 14.0 16.0 Annualized Standard Deviation Great West Portfolio Fund PIMCO Total Return Adm PIMCO Inflation Response MultiAsst Inst T. Rowe Price Ret 2005* T. Rowe Price Ret 2010* T. Rowe Price Ret 2015* T. Rowe Price Ret 2020* T. Rowe Price Ret 2025* T. Rowe Price Ret 2030* T. Rowe Price Ret 2035* T. Rowe Price Ret 2045* T. Rowe Price Ret 2050* T. Rowe Price Ret 2055* ishares S&P 500 Index Dodge & Cox Stock Vanguard Mid Cap Index Baron Growth Inst Artisan International Inv *Alternate share class shown to illustrate performance history. Page 25

Fairfax County Public Schools Watch List Review Organization/Staff Process Performance Watch List Status U.S FIXED INCOME Significant Organizational Change Adverse Change in Portfolio Manager Diverged from Strategy and/or Portfolio Characteristics Underperformed / Adverse Tracking During Trailing 5- Years Underperformed / Adverse Tracking in 3 of 4 Trailing Calendar Quarters Great West Portfolio Fund No No No No No N/R PIMCO Total Return Adm No No No No No Buy PIMCO Inflation Response MultiAsst Inst No No No No No Buy TARGET DATE T. Rowe Price Retirement Series No No No No No Buy U.S. EQUITY ishares S&P 500 Stock No No No No No Buy Dodge & Cox Stock Fund No No No No No Buy Vanguard Mid Cap Index No No No No No Buy Overall Manager Research Rating Baron Growth Instl No No No Yes No Qualified INTERNATIONAL EQUITY Artisan International Inv No No No Yes No Qualified 2nd Quarter 2017 1st Quarter 2017 4th Quarter 2016 3rd Quarter 2016 Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Green Yellow Yellow Green Green Yellow Green Status Number of Criteria Met Suggested Action Green 1 or less affirmatives Active No action required Yellow 2 to 3 affirmatives Active On closely monitored list Red 4 or more affirmatives or Yellow for 4 consecutive quarters Full fund review and recommendation for action will be made Changes in Watch List designations from the previous quarter are highlighted in bold. Passively managed index funds are expected to track their benchmark within a reasonable margin. Page 26

Watch List Guidelines AHIC Investment Option Review Criteria 1. If the Fund has underperformed its benchmark over the most recent trailing five-year period If passively managed, the fund s return must be no more than 0.5 percentage points above or below the return of the benchmark 2. If the fund has underperformed its benchmark in three of the most recent four calendar quarters 3. If the Fund diverged from its strategy and / or portfolio characteristics 4. Adverse change in portfolio manager 5. Merger with another fund 6. Significant organizational change Suggested Action Triggers 1. When an investment fund is placed on the Red Watch List, a formal fund retention meeting may be conducted. At this meeting, the fund s representative would be asked to address all relevant issues and explain why the fund should be retained. After this retention meeting, the Investment Committee may elect to either terminate the fund or grant it a one-year extension. 2. If a fund is granted the one-year extension described above and remains on the Watch List for this period, the fund may be terminated unless the Committee determines that an alternate course of action is appropriate. Special Circumstances 1. In the event of a major change to the fund (e.g., investments, ownership, and staffing), the Committee retains the right to immediately terminate any fund without invoking the Watch List criteria in any fashion. Page 27

Fairfax County Public Schools 457(b) Plan As of June 30, 2017 Demographic Information Participants per Investment Option Investment Options per Participant Investment Option Participants Investment Options Participants Great West Portfolio 1,009 One 540 PIMCO Total Return 1,086 Two 350 PIMCO Inflation Response MultiAsst 46 Three 260 T. Rowe Price Retirement I 2005 I 37 Four 317 T. Rowe Price Retirement I 2010 I 18 Five 284 T. Rowe Price Retirement I 2015 I 43 Six 263 T. Rowe Price Retirement I 2020 I 76 Seven 181 T. Rowe Price Retirement I 2025 I 103 Eight 24 T. Rowe Price Retirement I 2030 I 76 More than Eight 35 T. Rowe Price Retirement I 2035 I 111 T. Rowe Price Retirement I 2040 I 78 T. Rowe Price Retirement I 2045 I 61 Other Demographics T. Rowe Price Retirement I 2050 I 30 Item Result T. Rowe Price Retirement I 2055 I 58 Participation Rate 58.39% ishares S&P 500 Index 968 Number of Participants with Account Balances 2,254 Dodge & Cox Stock 991 Average Deferral Rate 16.96% Vanguard Mid Cap Index 1,202 Average Number of Funds per Participant 3.63 Baron Growth 1,106 Average Account Balance $89,235.81 Artisan International 1,086 Participants with Balance in One Investment Option Investment Option Participants Administration Statistics Great-West Portfolio Fund 72 Item Result PIMCO Total Return Admin 70 Number of Internet Accesses 12,306 PIMCO Inflation Response MultiAsst 4 VRU Calls 205 T. Rowe Price Retirement I 2005 I 1 T. Rowe Price Retirement I 2010 I 1 T. Rowe Price Retirement I 2015 I 3 T. Rowe Price Retirement I 2020 I 9 T. Rowe Price Retirement I 2025 I 5 T. Rowe Price Retirement I 2030 I 5 T. Rowe Price Retirement I 2035 I 3 T. Rowe Price Retirement I 2040 I 6 T. Rowe Price Retirement I 2045 I 6 T. Rowe Price Retirement I 2050 I 1 T. Rowe Price Retirement I 2055 I 3 ishares S&P 500 Index 62 Dodge & Cox Stock 54 Vanguard Mid Cap Index Ins 82 Baron Growth Instl 82 Artisan International Inv 71 * Information directly provided by Empower Retirement. Page 28

457(b) Plan Statistics 457(b) 403(b) Contributions June 2015 $ 1,406,000 $ 3.7 million Contributions June 2016 $ 1,367,000 $ 3.6 million Contributions June 2017 $ 1,575,000 $ 3.9 million Contributions July 2017 $ 330,000 $ 772,000 Assets June 30, 2015 Assets June 30, 2016 Assets June 30, 2017 Assets July 31, 2017 $169.0 million $172.6 million $201.5 million $203.9 million Number of Participants June 2015 2322 5588 Number of Participants June 2016 2335 5658 Number of Participants June 2017 2255 5736 Number of Participants July 2017 2246 5664 Average Contribution/Month June 2015 Average Contribution/Month June 2016 Average Contribution/Month June 2017 $ 970/mo; $200/biweek $ 952/mo; $224/biweek $1086/mo;/$236/biweek Average Contribution/Month June 2017 403(b) $754/mo; $206/biweek Number of Employees Currently Contributing to 457(b): 1287/mo; 59/biweek Number of Employees Currently Contributing to 403(b): 5089/mo; 575/biweek Number of Employees Currently Contributing to both 457 & 403(b): 417 total Page 29

403(b) Plan Participants Age Monthly Bi-Weekly <21 0 1 21-25 42 5 26-30 362 8 31-35 578 16 36-40 608 42 41-45 682 61 46-50 774 79 51-55 706 113 56-60 716 119 61-65 454 79 66-70 134 31 71-75 29 10 76-80 4 10 81-85 0 0 86-90 0 1 Enrollment 900 800 700 600 500 400 300 200 100 0 403(b) Monthly Plan Participants <21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 81-85 Age Range Total 5089 575 140 120 403(b) Bi-Weekly Plan Participants Enrollment 100 80 60 40 20 0 <21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 81-85 86-90 Age Range Page 30

457 Plan Participants Age Monthly Bi-Weekly <21 0 0 21-25 4 0 26-30 51 0 31-35 100 4 36-40 118 3 41-45 145 5 46-50 201 15 51-55 229 12 56-60 231 10 61-65 163 6 66-70 36 2 71-75 9 2 Total 1287 59 Enrollment 250 200 150 100 50 0 457 Monthly Plan Participants <21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 Age Range Enrollment 16 14 12 10 8 6 4 2 0 457 Bi-Weekly Plan Participants <21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 Age Range Page 31

Fairfax County Public Schools 457(b) Plan Contribution Analysis 2nd Quarter 2017 Contribution Allocation International 9% Small Cap Growth 9% Lifecycle 13% Mid Cap Blend (Passive) 16% Large Cap Blend (Active) 8% Stable Value 19% Fixed Income 7% Real Return 0% Large Cap Blend (Passive) 19% 1st Quarter 2017 Contribution Allocation Lifecycle 14% Stable Value 17% International 8% Small Cap Growth 10% Mid Cap Blend (Passive) 14% Large Cap Blend (Active) 10% Fixed Income 9% Real Return 0% Large Cap Blend (Passive) 18% Page 32

PIMCO Total Return Adm 06/30/17 Relative Ranking (3 Years Rolling) Relative Performance (07/01/07 to 06/30/17) 9.0 Return Percentile Rank 25.0 5 75.0 10 Return (%) -3.0-6.0 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 6/17 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 6/17 Cumulative Annualized Over/Under Relative Performance 6.0 3.0 PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate Over/Under Performance Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >PIMCO Total Return Adm >Blmbg. Barc. U.S. Aggregate PIMCO Total Return Adm 20 11 4 6 N/A 12 Blmbg. Barc. U.S. Aggregate 20 8 1 0 8 N/A Style Map (Since Inception - 36 Months Rolling) Style History (Since Inception - 36 Months Rolling) 10 Barclays Capital U.S. Credit Index Barclays Capital Government Index 75.0 Capitalization 5 25.0 Barclays Capital 1-3yr Gov/Credit Barclays Capital U.S. Long Gov/Credit 11/97 8/99 5/01 2/03 11/04 8/06 5/08 2/10 11/11 8/13 5/15 6/17 Manager Style Style History Jun-2017 Average Style Exposure Barclays U.S. Credit Index Barclays Government Index Barclays 1-3yr Gov/Credit Barclays U.S. Long Gov/Credit Page 33

PIMCO Inflation Response MultiAsst Inst 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 PIMCO Inflation Response MultiAsst Inst PIMCO IRMA Benchmark Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >PIMCO Inflation Response MultiAsst Inst >PIMCO IRMA Benchmark PIMCO Inflation Response MultiAsst Inst 12 0 0 11 N/A 9 PIMCO IRMA Benchmark 12 0 0 11 3 N/A Relative Performance (09/01/11 to 06/30/17) 8.0 4.0 Return (%) -4.0-8.0 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Page 34

Target Allocation for T. Rowe Price Retirement Funds 100% 80% 60% 40% 20% 0% Target Balanced Target 2005 Target 2010 Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055 Target 2060 Fixed Income U.S. Equity Non-U.S. Equity Specialty Funds* * Specialty Funds include T. Rowe Price Real Assets Fund Page 35

Target Allocation: T. Rowe Price Retirement Funds Balanced Fund 2005 Fund 2010 Fund 2015 Fund 2020 Fund 2025 Fund 2030 Fund 2035 Fund 2040 Fund 2045 Fund 2050 Fund 2055 Fund 2060 Fund Fixed Income 60.3% 61.8% 56.3% 48.3% 38.3% 30.3% 22.8% 16.8% 11.8% 10.3% 10.3% 10.3% 10.3% T. Rowe Price Inflation Focused Bond 30.3% 18.3% 15.8% 11.8% 6.8% 3.8% 1.8% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% T. Rowe Price Bond Trust I 21.1% 30.7% 28.5% 25.7% 22.2% 18.7% 14.8% 11.6% 8.1% 7.0% 7.0% 7.0% 7.0% T. Rowe Price High Yield 3.3% 4.8% 4.5% 4.0% 3.5% 2.9% 2.3% 1.8% 1.3% 1.1% 1.1% 1.1% 1.1% T. Rowe Price Intl Bond 2.6% 3.7% 3.4% 3.1% 2.7% 2.3% 1.8% 1.4% 1.0% 0.9% 0.9% 0.9% 0.9% T. Rowe Price EM Bond 3.0% 4.4% 4.1% 3.7% 3.2% 2.7% 2.1% 1.7% 1.2% 1.0% 1.0% 1.0% 1.0% U.S. Equity 26.8% 25.7% 29.4% 34.9% 41.6% 47.1% 52.1% 56.2% 59.6% 60.6% 60.6% 60.6% 60.6% T. Rowe Price Value % % % 1.5% 6.0% 9.7% 13.1% 16.1% 18.4% 19.0% 19.0% 19.0% 19.0% T. Rowe Price Equity Index 500 20.8% 20.1% 23.0% 23.1% 19.1% 15.8% 12.8% 9.7% 7.8% 7.3% 7.3% 7.3% 7.3% T. Rowe Price Growth Stock % % % 2.6% 7.4% 11.2% 14.8% 18.0% 20.4% 21.0% 21.0% 21.0% 21.0% T. Rowe Price Mid-Cap Value 1.5% 1.4% 1.6% 2.0% 2.3% 2.6% 2.9% 3.2% 3.4% 3.4% 3.4% 3.4% 3.4% T. Rowe Price Mid-Cap Growth 1.5% 1.4% 1.6% 1.9% 2.2% 2.5% 2.8% 3.0% 3.2% 3.2% 3.2% 3.2% 3.2% T. Rowe Price Small-Cap Value 0.9% 0.9% 1.0% 1.4% 1.6% 1.9% 2.1% 2.2% 2.3% 2.4% 2.4% 2.4% 2.4% T. Rowe Price Small-Cap Stock 1.2% 1.2% 1.3% 1.4% 1.7% 1.9% 2.1% 2.3% 2.4% 2.5% 2.5% 2.5% 2.5% T. Rowe Price New Horizons 0.9% 0.8% 0.9% 1.1% 1.3% 1.4% 1.6% 1.7% 1.8% 1.8% 1.8% 1.8% 1.8% Non-U.S. Equity 11.8% 11.3% 13.0% 15.4% 18.3% 20.7% 22.9% 24.7% 26.2% 26.7% 26.7% 26.7% 26.7% T. Rowe Price Intl Value Equity Trust 3.5% 3.3% 3.8% 4.5% 5.4% 6.1% 6.7% 7.3% 7.7% 7.8% 7.8% 7.8% 7.8% T. Rowe Price Intl Growth Equity Trust 3.2% 3.1% 3.6% 4.2% 5.1% 5.7% 6.3% 6.8% 7.2% 7.3% 7.3% 7.3% 7.3% T. Rowe Price International Stock 3.6% 3.5% 4.0% 4.7% 5.6% 6.4% 7.0% 7.6% 8.0% 8.2% 8.2% 8.2% 8.2% T. Rowe Price Emerging Markets Stock 1.5% 1.4% 1.6% 1.9% 2.3% 2.6% 2.8% 3.1% 3.3% 3.3% 3.3% 3.3% 3.3% Real Assets 1.0% 0.9% 1.1% 1.3% 1.5% 1.7% 1.9% 2.1% 2.2% 2.2% 2.2% 2.2% 2.2% T. Rowe Price Real Assets 1.0% 0.9% 1.1% 1.3% 1.5% 1.7% 1.9% 2.1% 2.2% 2.2% 2.2% 2.2% 2.2% MM/Short Term Investment 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% T. Rowe Price U.S. Treasury Reserve Fund 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% Total 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% Page 36

TRP Retirement 2005 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2005 TRP Retirement 2005 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2005 >TRP Retirement 2005 Index TRP Retirement 2005 20 20 15 0 N/A 12 TRP Retirement 2005 Index 20 20 14 0 8 N/A Relative Performance (07/01/07 to 06/30/17) 4.0 2.0 Return (%) -2.0-4.0-6.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 37

TRP Retirement 2010 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2010 TRP Retirement 2010 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2010 >TRP Retirement 2010 Index TRP Retirement 2010 20 20 20 0 N/A 12 TRP Retirement 2010 Index 20 20 18 0 8 N/A Relative Performance (07/01/07 to 06/30/17) 6.0 3.0 Return (%) -3.0-6.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 38

TRP Retirement 2015 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2015 TRP Retirement 2015 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2015 >TRP Retirement 2015 Index TRP Retirement 2015 20 20 19 0 N/A 12 TRP Retirement 2015 Index 20 20 20 0 8 N/A Relative Performance (07/01/07 to 06/30/17) 6.0 3.0 Return (%) -3.0-6.0-9.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 39

TRP Retirement 2020 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2020 TRP Retirement 2020 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2020 >TRP Retirement 2020 Index TRP Retirement 2020 20 20 20 0 N/A 15 TRP Retirement 2020 Index 20 20 20 0 5 N/A Relative Performance (07/01/07 to 06/30/17) 6.0 3.0 Return (%) -3.0-6.0-9.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 40

TRP Retirement 2025 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2025 TRP Retirement 2025 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2025 >TRP Retirement 2025 Index TRP Retirement 2025 20 20 20 0 N/A 17 TRP Retirement 2025 Index 20 20 20 0 3 N/A Relative Performance (07/01/07 to 06/30/17) 8.0 4.0 Return (%) -4.0-8.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 41

TRP Retirement 2030 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2030 TRP Retirement 2030 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2030 >TRP Retirement 2030 Index TRP Retirement 2030 20 20 20 0 N/A 18 TRP Retirement 2030 Index 20 20 20 0 2 N/A Relative Performance (07/01/07 to 06/30/17) 8.0 4.0 Return (%) -4.0-8.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 42

TRP Retirement 2035 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2035 TRP Retirement 2035 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2035 >TRP Retirement 2035 Index TRP Retirement 2035 20 20 19 0 N/A 17 TRP Retirement 2035 Index 20 20 20 0 3 N/A Relative Performance (07/01/07 to 06/30/17) 8.0 4.0 Return (%) -4.0-8.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 43

TRP Retirement 2040 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2040 TRP Retirement 2040 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2040 >TRP Retirement 2040 Index TRP Retirement 2040 20 20 19 0 N/A 16 TRP Retirement 2040 Index 20 20 20 0 4 N/A Relative Performance (07/01/07 to 06/30/17) 8.0 4.0 Return (%) -4.0-8.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 44

TRP Retirement 2045 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2045 TRP Retirement 2045 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2045 >TRP Retirement 2045 Index TRP Retirement 2045 20 20 19 0 N/A 16 TRP Retirement 2045 Index 20 20 20 0 4 N/A Relative Performance (07/01/07 to 06/30/17) 8.0 4.0 Return (%) -4.0-8.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 45

TRP Retirement 2050 06/30/17 Relative Ranking (3 Years Rolling) Return Percentile Rank 25.0 5 75.0 10 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 TRP Retirement 2050 TRP Retirement 2050 Index Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >TRP Retirement 2050 >TRP Retirement 2050 Index TRP Retirement 2050 20 20 19 0 N/A 16 TRP Retirement 2050 Index 20 20 20 0 4 N/A Relative Performance (07/01/07 to 06/30/17) 8.0 4.0 Return (%) -4.0-8.0 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 6/17 Cumulative Annualized Over/Under Relative Performance Over/Under Performance Alternate share class shown to illustrate performance history. Page 46

ishares S&P 500 Index 06/30/17 Relative Ranking (3 Years Rolling) Relative Performance (07/01/07 to 06/30/17) 0.4 Return Percentile Rank 25.0 5 75.0 10 Return (%) -0.4-0.6 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 6/17 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 6/17 Cumulative Annualized Over/Under Relative Performance 0.2-0.2 ishares S&P 500 Index S&P 500 Index Over/Under Performance Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >ishares S&P 500 Index >S&P 500 Index ishares S&P 500 Index 20 20 13 0 N/A 0 S&P 500 Index 20 20 20 0 20 N/A Style Map (Since Inception - 36 Months Rolling) Style History (Since Inception - 36 Months Rolling) 10 Large Cap Value Large Cap Growth 75.0 Capitalization 5 25.0 Small Cap Value Small Cap Growth 9/96 6/98 3/00 12/01 9/03 6/05 3/07 12/08 9/10 6/12 3/14 12/15 6/17 Manager Style Style History Jun-2017 Average Style Exposure Russell 1000 Growth Index Russell 2000 Growth Index Russell 1000 Value Index Russell 2000 Value Index Page 47

Dodge & Cox Stock 06/30/17 Relative Ranking (3 Years Rolling) Relative Performance (07/01/07 to 06/30/17) 16.0 Return Percentile Rank 25.0 5 75.0 10 Return (%) -16.0-24.0 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 6/17 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 6/17 Cumulative Annualized Over/Under Relative Performance 8.0-8.0 Dodge & Cox Stock S&P 500 Index Over/Under Performance Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >Dodge & Cox Stock >S&P 500 Index Dodge & Cox Stock 20 16 11 1 N/A 10 S&P 500 Index 20 20 12 0 10 N/A Style Map (Since Inception - 36 Months Rolling) Style History (Since Inception - 36 Months Rolling) 10 Large Cap Value Large Cap Growth 75.0 Capitalization 5 25.0 Small Cap Value Small Cap Growth 2/82 11/84 8/87 5/90 2/93 11/95 8/98 5/01 2/04 11/06 8/09 5/12 2/15 6/17 Manager Style Style History Jun-2017 Average Style Exposure Russell 1000 Growth Index Russell 2000 Growth Index Russell 1000 Value Index Russell 2000 Value Index Page 48

Vanguard Mid Cap Index 06/30/17 Relative Ranking (3 Years Rolling) Relative Performance (07/01/07 to 06/30/17) 0.2 Return Percentile Rank 25.0 5 75.0 10 Return (%) -0.1-0.2 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 6/17 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 6/17 Cumulative Annualized Over/Under Relative Performance 0.1 Vanguard Mid Cap Index Vanguard Spliced Mid Cap Index Over/Under Performance Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >Vanguard Mid Cap Index >Vanguard Spliced Mid Cap Index Vanguard Mid Cap Index 20 20 11 0 N/A 0 Vanguard Spliced Mid Cap Index 20 20 11 0 20 N/A Style Map (Since Inception - 36 Months Rolling) Style History (Since Inception - 36 Months Rolling) 10 Large Cap Value Large Cap Growth 75.0 Capitalization 5 25.0 Small Cap Value Small Cap Growth 7/01 10/02 1/04 4/05 7/06 10/07 1/09 4/10 7/11 10/12 1/14 4/15 7/16 6/17 Manager Style Style History Jun-2017 Average Style Exposure Russell 1000 Growth Index Russell 2000 Growth Index Russell 1000 Value Index Russell 2000 Value Index Page 49

Baron Growth Rtl 06/30/17 Relative Ranking (3 Years Rolling) Relative Performance (07/01/07 to 06/30/17) 15.0 Return Percentile Rank 25.0 5 75.0 10 Return (%) -5.0-1 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 6/17 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 6/17 Cumulative Annualized Over/Under Relative Performance 1 5.0 Baron Growth Rtl Russell Midcap Growth Index Over/Under Performance Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >Baron Growth Rtl >Russell Midcap Growth Index Baron Growth Rtl 20 12 8 3 N/A 6 Russell Midcap Growth Index 20 20 8 0 14 N/A Style Map (Since Inception - 36 Months Rolling) Style History (Since Inception - 36 Months Rolling) 10 Large Cap Value Large Cap Growth 75.0 Capitalization 5 25.0 Small Cap Value Small Cap Growth 3/98 9/99 3/01 9/02 3/04 9/05 3/07 9/08 3/10 9/11 3/13 9/14 3/16 6/17 Manager Style Style History Jun-2017 Average Style Exposure Russell 1000 Growth Index Russell 2000 Growth Index Russell 1000 Value Index Russell 2000 Value Index Alternate share class shown to illustrate performance history. Page 50

Artisan International Inv 06/30/17 Relative Ranking (3 Years Rolling) Relative Performance (07/01/07 to 06/30/17) 18.0 Return Percentile Rank 25.0 5 75.0 10 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 6/17 Artisan International Inv Return (%) 12.0 6.0-6.0-12.0 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 6/17 MSCI EAFE Index (Net) Cumulative Annualized Over/Under Relative Performance MSCI AC World ex USA Index (Net) Over/Under Performance Relative Ranking vs. Peers (3 Years Rolling) Number of Observations >=Median Top Quartile Bottom Quartile >Artisan International Inv >MSCI EAFE Index (Net) >MSCI AC World ex U Artisan International Inv 20 16 14 3 N/A 16 17 MSCI EAFE Index (Net) 20 18 2 0 4 N/A 17 MSCI AC World ex USA Index (Net) 20 5 0 12 3 3 N/A Style Map (Since Inception - 36 Months Rolling) Style History (Since Inception - 36 Months Rolling) 10 MSCI EAFE Value Index MSCI EAFE Growth Index 75.0 Capitalization 5 25.0 MSCI USA Value MSCI USA Growth 6/01 9/02 12/03 3/05 6/06 9/07 12/08 3/10 6/11 9/12 12/13 3/15 6/16 6/17 Manager Style Style History Jun-2017 Average Style Exposure MSCI EAFE Value Index MSCI USA Growth MSCI EAFE Growth Index MSCI USA Value Page 51

Fairfax County Public Schools As of June 30, 2017 Cost Analysis Fund Name Expense Ratio Peer Group Data 1 Fund's Peer Group Expense $ Weighted $ Weighted Ratio Median Median Average Average Difference 2 U.S FIXED INCOME Great West Portfolio Fund Stable Value 0.89% 3 N/A N/A 0.52% 4 N/A N/A PIMCO Total Return Adm US Broad Market Core Fixed 0.72% 0.49% 0.43% 0.53% 0.38% 0.19% PIMCO Inflation Response MultiAsst Inst Flexible Portfolio 0.86% 1.00% 0.84% 1.08% 0.92% -0.22% TARGET DATE T. Rowe Price Retirement I 2005 I Mixed Asset Target Today 5 0.45% 0.55% 0.49% 0.54% 0.52% -9% T. Rowe Price Retirement I 2010 I Mixed Asset Target 2010 5 0.44% 0.53% 0.59% 0.55% 0.57% -0.11% T. Rowe Price Retirement I 2015 I Mixed Asset Target 2015 5 0.47% 0.59% 0.62% 0.60% 0.60% -0.13% T. Rowe Price Retirement I 2020 I Mixed Asset Target 2020 5 0.51% 0.55% 0.65% 0.53% 0.62% -2% T. Rowe Price Retirement I 2025 I Mixed Asset Target 2025 5 0.54% 0.60% 0.69% 0.62% 0.65% -8% T. Rowe Price Retirement I 2030 I Mixed Asset Target 2030 5 0.57% 0.65% 0.72% 0.67% 0.68% -0.10% T. Rowe Price Retirement I 2035 I Mixed Asset Target 2035 5 0.63% 0.67% 0.74% 0.67% 0.70% -4% T. Rowe Price Retirement I 2040 I Mixed Asset Target 2040 5 0.61% 0.71% 0.76% 0.70% 0.70% -9% T. Rowe Price Retirement I 2045 I Mixed Asset Target 2045 5 0.61% 0.69% 0.67% 0.70% 0.68% -9% T. Rowe Price Retirement I 2050 I Mixed Asset Target 2050 5 0.59% 0.70% 0.74% 0.71% 0.70% -0.12% T. Rowe Price Retirement I 2055 I Mixed Asset Target 2055+ 5 0.61% 0.70% 0.76% 0.70% 0.71% -9% U.S. EQUITY ishares S&P 500 Index S&P 500 Index Funds (Passive) 4% 0.22% 4% 0.31% 7% -0.27% Dodge & Cox Stock U.S. Large Cap Core Equity 0.52% 0.80% 0.46% 0.84% 0.54% -0.32% Vanguard Mid Cap Index U.S. Mid Cap Core Equity (Passive) 5% 0.15% 6% 0.33% 6% -0.28% Baron Growth Inst U.S. Mid Cap Growth Equity 1.05% 1.17% 0.90% 1.28% 1.04% -0.23% INTERNATIONAL EQUITY Artisan International Inv International Equity All 6 1.19% 1.04% 0.72% 1.05% 0.78% 0.14% 1 All information, unless noted otherwise, was created using Morningstar audited expense ratio data as of December 31, 2016. Since mutual fund expense ratios do not change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time the data will be updated. For complete information on AHIC methodologies and additional information on the expense ratio distributions, contact your AHIC consultant. Mutual fund expense peer groups were constructed by Investment Metrics, and are consistent with the peer groups shown in other exhibits comparing performance, risk-metrics and a multitude of other characteristics. 2 Difference column represents the difference between the fund's expense ratio and the Peer Group's average expense ratio. 3 In lieu of an expense ratio, Great West assumes a margin of 89 basis points on the Portfolio Fund. This reflects the gross investment yield of the assets minus the crediting rate and cost of maintaining regulatory capital requirements. 4 Stable value fund average calculated using Hueler Universe data for a mandate size of $1 million in assets. 5 Mixed Asset peer groups utilize prospectus net expense ratio information due to the nature of the asset class and common use of a Fund of Fund structure. 6 Combines multiple Investment Metrics peer groups. Page 52

Manager Research Page 53

Aon Hewitt 13 June 2017 Retirement and Investment Flash Report PIMCO Jay Jacobs Retirement Recommendation On 13 June 2017, PIMCO announced that Jay Jacobs, President and Managing Director, will retire effective 30 September 2017. He will remain an advisor to Emmanuel Roman, CEO and Managing Director, until at least September 2018. Global Investment Management is not changing any of PIMCO s current ratings due to this announcement. Background Jay Jacobs, President and Managing Director, has decided to retire from PIMCO at the end of September 2017. He will continue to serve as an advisor to Emmanuel Roman, CEO and Managing Director, until at least September 2018. In January 2018, he will join Georgetown University s Center for Financial Markets and Policy as a Distinguished Global Fellow. Mr. Jacobs was also recently appointed to the Board of Directors of The Peterson Institute for International Economics. Both institutions are based in Washington, DC. Prior to Mr. Roman being named CEO, PIMCO had separated the responsibilities of the CEO and President positions to allow Mr. Jacobs to focus on internal functions and former CEO Doug Hodge to focus on external functions. PIMCO is now moving to a more traditional structure whereby Robin Shanahan, Managing Director and Global Head of Human Resources, and Peter Strelow, Managing Director and Chief Administrative Officer and Global Head, Funds, will assume the roles of Co-Chief Operating Officers, and report to Mr. Roman. Ms. Shanahan and Mr. Strelow are experienced executives, and have been at PIMCO for 10 years and 15 years, respectively. Biographies for select PIMCO employees are below: Robin Shanahan Ms. Shanahan is a managing director and the head of human resources for the firm. She is responsible for leading the global human resources team and implementing PIMCO s talent management initiatives globally. Prior to joining PIMCO in 2007, she was with UBS as a director in human resources based in their New York, Zurich and London offices. She has 20 years of investment and financial services experience and holds an undergraduate degree from the University of South Carolina. Peter G. Strelow Mr. Strelow is a managing director in the Newport Beach office, PIMCO s chief administrative officer and global head of funds. He is president of PIMCO-sponsored mutual fund, ETF and closed-end fund complexes in the United States and trustee of the fixed income and ETF trusts. Mr. Strelow joined PIMCO in 2002 to help manage back office operations, focusing on continuous improvement initiatives. He worked in the executive office on communications and strategic initiatives from 2003 to 2006. Prior to PIMCO, he worked in product management at Siebel Systems. He holds an MBA from the Harvard Business School and an undergraduate degree from the University of California, Berkeley. Risk. Reinsurance. Human Resources.