1. Online by visiting tiaa-cref.org 2. By phone at available Monday Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m.

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1 SWEET BRIAR COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Summary of Plan Services and Costs This summary provides important information to assist you in making decisions related to your participation in the SWEET BRIAR COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN. Your participation in the plan is the first step to ensuring adequate retirement income. Although no action is required at this time, please review this information and refer to it when managing your account. Your plan allows you to direct how contributions are invested. When making investment decisions, you should keep in mind how long you have until retirement, your tolerance for risk, how this retirement plan fits into your overall financial goals, and the impact of fees. Your plan offers a range of investment options available from the following service providers: - TIAA-CREF - ING Life Insurance and Annuity Company TIAA-CREF Right to Direct Investments You may specify how your future contributions to the retirement plan are invested or make changes to existing investments in your plan as described in the Summary Plan Document. These changes can be made: 1. Online by visiting tiaa-cref.org 2. By phone at available Monday Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET) Restrictions Changes to existing investments usually take place at the close of the business day if a change is requested prior to 4:00 p.m. (ET). Refer to the Investment Options Comparative Chart for investment-specific restrictions. Additional Rights and Privileges Certain investments that you may hold may give you the opportunity to vote on proposals. If and when such opportunities arise, you will receive a notice with the instructions on how to take advantage of what is being offered.

2 Investment Options A variety of investment options are available in the plan. A current list of investment options and detailed descriptions of each one is available online at tiaa-cref.org/planinvestmentoptions, enter your plan ID, , and you'll be directed to plan and investment information. The investment options available as of the date of this summary include: CREF Bond Market Account CREF Equity Index Account CREF Global Equities Account CREF Growth Account CREF Inflation-Linked Bond Account CREF Money Market Account CREF Social Choice Account CREF Stock Account TIAA Real Estate Account TIAA Traditional Annuity Cost of Plan Services There are three categories of services provided to your plan: 1. General Administrative Services General administrative services include recordkeeping, legal, accounting, consulting, investment advisory and other plan administration services. Some of the expenses for general administrative services are fixed and other expenses such as legal or accounting may vary from year to year. These costs are allocated to each participant in a uniform way. Other than your specific investment services fees, your plan has no additional administrative expenses paid to TIAA-CREF. 2. Specific Investment Services Each investment offered within the plan charges a fee for managing the investment and for associated services. This is referred to as the expense ratio and is paid by all participants in that investment in proportion to the amount of their investment. The specific expense ratio for each plan designated investment option is listed in the Investment Options Comparative Chart. 3. Personalized Services Personalized services provide access to a number of plan features and investments that you pay for, only if you use them. The personalized services used most often are: Retirement plan loan The cost to you based upon the difference between what you earn on collateral and what you pay in interest Qualified domestic relations orders No charge Sales charge for certain investments Purchase, withdrawal, and redemption fees for certain investments None Varies, see prospectus

3 A prospectus for each TIAA-CREF investment offered within the plan is available online at tiaa-cref.org/planinvestmentoptions, enter your plan ID, , and you'll be directed to plan and investment information. Variable return investments (mutual funds and/or variable annuities) are offered through your plan sponsor's retirement plan. Funds are offered at that day's net asset value (NAV), and the performance is displayed accordingly. Performance at NAV does not reflect sales charges, which are waived through your retirement plan. If included, the sales charges would have reduced the performance as quoted. There are inherent risks in investing in variable return investments including loss of principal. Please read the prospectus and carefully consider the investment objectives, risks, charges and expenses before investing. ING Life Insurance and Annuity Company Right to Direct Investments The plan permits participants to direct the investment of contributions. After you have enrolled in the Plan, you may direct your investments by accessing INGs plan participant website at or by calling the ING Retirement Services Customer Contact Center at Additional Rights and Privileges Contributions to the plan can be invested in a variety of investment options and you may have one or more forms of distribution to choose from. You will receive periodic statements that will include account values, unit values, and fees deducted. You will also have access to your account through INGs Retirement Services Customer Contact Center and participant website. Investment Options ING MFS Total Return Portfolio - Service Class ING MFS Utilities Portfolio - Service Class ING MidCap Opportunities Portfolio - Class I ING Money Market Portfolio - Class I ING Multi-Manager Large Cap Core Port - Institutional Class ING Oppenheimer Global Portfolio - Initial Class ING PIMCO High Yield Portfolio - Service Class ING PIMCO Total Return Portfolio - Service Class ING Pioneer High Yield Portfolio - Initial Class ING Pioneer Mid Cap Value Portfolio - Institutional Class ING Russell Large Cap Growth Index Portfolio - Class I ING Russell Large Cap Index Portfolio - Class I ING Russell Large Cap Value Index Portfolio - Class S ING Russell Mid Cap Growth Index Portfolio - Class S ING Russell Mid Cap Index Portfolio - Class I ING Russell Small Cap Index Portfolio - Class I ING Small Company Portfolio - Class I ING SmallCap Opportunities Portfolio - Class I ING Solution 2015 Portfolio - Service Class ING Solution 2025 Portfolio - Service Class ING Solution 2035 Portfolio - Service Class ING Solution 2045 Portfolio - Service Class ING Solution 2055 Portfolio - Service Class ING Solution Balanced Portfolio - Service Class ING Solution Income Portfolio - Service Class

4 ING Solution Moderately Conservative Pt - Service Class ING Strategic Allocation Conservative Portfolio - Class I ING Strategic Allocation Growth Portfolio - Class I ING Strategic Allocation Moderate Portfolio - Class I ING T. Rowe Price Capital Appreciation Portfolio - Service ING T. Rowe Price Diversified Mid Cap Growth Port - Initial ING T. Rowe Price Equity Income Portfolio - Service Class ING T. Rowe Price Growth Equity Portfolio - Initial Class ING T. Rowe Price International Stock Portfolio - Service ING Templeton Foreign Equity Portfolio - Initial Class ING Templeton Global Growth Portfolio - Service Class ING U.S. Bond Index Portfolio - Class I Invesco Mid Cap Core Equity Fund - Class A Invesco V.I. American Franchise Fund - Series I Shares Invesco V.I. Core Equity Fund - Series I Shares Lazard U.S. Mid Cap Equity Portfolio - Open Shares Loomis Sayles Small Cap Value Fund - Retail Class Lord Abbett Series Fund - Mid Cap Stock Portfolio - Cl VC Metropolitan West Total Return Bond Fund - Class M Shares Neuberger Berman Socially Responsive Fund - Trust Class Oppenheimer Developing Markets Fund - Class A Oppenheimer Main Street Small Cap Fund/VA Pax World Balanced Fund - Individual Investor Class PIMCO VIT Real Return Portfolio - Administrative Class Pioneer Emerging Markets VCT Portfolio - Class I Pioneer High Yield VCT Portfolio - Class I Shares Templeton Global Bond Fund - Class A USAA Precious Metals and Minerals Fund - Adviser Shares Wanger International Wanger Select Wanger USA Wells Fargo Advantage Special Small Cap Value Fund - Class A Investment Options Please refer to the comparative investment chart for information about designated investment alternatives available as of the date above. The funds available are subject to change from time to time. The designated nvestment alternatives available to new participants are identified during the enrollment process. Once you have enrolled, your ING website will be your source of information on available funds. The designated investment alternatives available under the plan as of the date above are as follows: Amana Income Fund American Funds EuroPacific Growth Fund - Class R-4 American Funds Fundamental InvestorsSM - Class R-4 American Funds New Perspective Fund - Class R-4 American Funds The Bond Fund of AmericaSM - Class R-4 American Funds The Growth Fund of America - Class R-4 American Funds Washington Mutual Investors FundSM - R-4 Artisan International Fund - Investor Shares ASTON/Fairpointe Mid Cap Fund - Class N Calvert VP SRI Balanced Portfolio

5 Columbia Diversified Equity Income Fund - Class R4 Columbia Mid Cap Value Fund - Class A Shares Fidelity VIP Contrafund Portfolio - Initial Class Fidelity VIP Equity-Income Portfolio - Initial Class Fidelity VIP Growth Portfolio - Initial Class Fidelity VIP Overseas Portfolio - Initial Class Franklin Small Cap Value Securities Fund - Class 2 ING American Century Small-Mid Cap Value Portfolio - Service ING Artio Foreign Portfolio - Service Class ING Balanced Portfolio - Class I ING Baron Growth Portfolio - Service Class ING BlackRock Health Sciences Opportunities Portfolio - Srv ING BlackRock Large Cap Growth Portfolio - Institutional ING BlackRock Science and Technology Opport Port - Class I ING Clarion Global Real Estate Portfolio - Institutional ING Clarion Real Estate Portfolio - Service Class ING Davis New York Venture Portfolio - Service Class ING Fixed Plus Account II ING FMR SM Diversified Mid Cap Portfolio - Service Class ING Global Bond Portfolio - Initial Class ING Global Resources Portfolio - Service Class ING Growth and Income Portfolio - Class I ING Index Plus LargeCap Portfolio - Class I ING Index Plus MidCap Portfolio - Class I ING Index Plus SmallCap Portfolio - Class I ING Intermediate Bond Portfolio - Class I ING International Index Portfolio - Class I ING International Value Portfolio - Class I ING Invesco Van Kampen Comstock Portfolio - Service Class ING Invesco Van Kampen Equity and Income Portfolio - Initial ING Invesco Van Kampen Growth and Income Portfolio - Service ING JPMorgan Emerging Markets Equity Portfolio - Service ING JPMorgan Mid Cap Value Portfolio - Service Class ING JPMorgan Small Cap Core Equity Portfolio - Service Class ING Large Cap Growth Portfolio - Institutional Class ING Large Cap Value Portfolio - Institutional Class ING Long Term GAA ING Marsico Growth Portfolio - Institutional Class ING MFS Total Return Portfolio - Service Class ING MFS Utilities Portfolio - Service Class ING MidCap Opportunities Portfolio - Class I ING Money Market Portfolio - Class I ING Oppenheimer Global Portfolio - Initial Class ING PIMCO High Yield Portfolio - Service Class ING PIMCO Total Return Portfolio - Service Class Investment Options Alger Green Fund - Class A Amana Growth Fund Amana Income Fund American Century Inflation-Adjusted Bond Fund - Inv Class American Funds EuroPacific Growth Fund - Class R-4

6 American Funds Fundamental InvestorsSM - Class R-4 American Funds New Perspective Fund - Class R-4 American Funds SMALLCAP World Fund - Class R-4 American Funds The Bond Fund of AmericaSM - Class R-4 American Funds The Growth Fund of America - Class R-4 American Funds Washington Mutual Investors FundSM - R-4 Ariel Fund Artisan International Fund - Investor Shares ASTON/Fairpointe Mid Cap Fund - Class N BlackRock Mid Cap Value Opportunities Fund - Inv A Shares Calvert VP SRI Balanced Portfolio Cohen & Steers Realty Shares, Inc. Columbia Diversified Equity Income Fund - Class K Shares Columbia Mid Cap Value Fund - Class A Shares Delaware Small Cap Value Fund - Class A Fidelity VIP Contrafund Portfolio - Initial Class Fidelity VIP Equity-Income Portfolio - Initial Class Fidelity VIP Growth Portfolio - Initial Class Fidelity VIP Overseas Portfolio - Initial Class Franklin Small Cap Value Securities Fund - Class 2 Guaranteed Accumulation Account (GAA) ING American Century Small-Mid Cap Value Portfolio - Service ING Balanced Portfolio - Class I ING Baron Growth Portfolio - Service Class ING BlackRock Health Sciences Opportunities Portfolio - Srv ING BlackRock Large Cap Growth Portfolio - Institutional ING Clarion Global Real Estate Portfolio - Institutional ING Clarion Real Estate Portfolio - Service Class ING Columbia Contrarian Core Portfolio - Service Class ING Columbia Small Cap Value II Portfolio - Service Class ING Fixed Plus Account II ING FMR SM Diversified Mid Cap Portfolio - Service Class ING Global Bond Portfolio - Initial Class ING Global Resources Portfolio - Service Class ING Growth and Income Portfolio - Class I ING Index Plus LargeCap Portfolio - Class I ING Index Plus MidCap Portfolio - Class I ING Index Plus SmallCap Portfolio - Class I ING Intermediate Bond Portfolio - Class I ING International Index Portfolio - Class I ING International Value Portfolio - Class I ING Invesco Comstock Portfolio - Service Class ING Invesco Equity and Income Portfolio - Initial Class ING Invesco Growth and Income Portfolio - Service Class ING JPMorgan Emerging Markets Equity Portfolio - Service ING JPMorgan Mid Cap Value Portfolio - Service Class ING JPMorgan Small Cap Core Equity Portfolio - Service Class ING Large Cap Growth Portfolio - Institutional Class ING Large Cap Value Portfolio - Institutional Class ING Marsico Growth Portfolio - Institutional Class Cost of Plan Services - General Administrative Services

7 The revenue received by ING from the fund is paid by the fund itself or a related party (e.g. the funds investment manager) and is not an additional expense above the fund fees. ING uses this revenue to maintain the investment, administrative and technological platforms and other supporting services used by your plan. Part of this revenue may also be used to compensate your advisor. Additional Information and Definitions Please visit ING Retirement Plans Website at for a glossary of investment terms relevant to the investment options under this plan. This glossary is intended to help you better understand your Options. Definitions for Indirect Fees Please note that some of the funds available under your plan may include ING proprietary funds. Proprietary funds are funds which are owned by ING companies. The mutual funds listed for your plan which start with INGs name are ING proprietary funds. FUND EXPENSES Management Fees: Fees paid by the Fund to a funds advisor for activities related to the selection and management of fund investments. These fees may include fees paid to the trustee of a collective investment trust. 12b-1 Fees: Fees paid by the Fund for distribution services provided on behalf of a fund. If the fund imposes 12b-1 fees, such payments are made out of fund assets. Other Expenses: Fees paid by the Fund for other expenses associated with maintenance of a fund, such as: accounting, audit, recordkeeping, prospectus delivery, proxy support, periodic fund reports printing and/or mailing, etc. Gross Fund Expense: The sum of the management fees, 12b-1 fees and other expenses paid by the Fund. Waivers and Adjustments: An adjustment to a portion of the mutual fund fees as stated in the funds most current prospectus. For certain funds, the investment adviser or other service provider to the fund may waive a portion of its fees or reimburse certain fund expenses, which will reduce the expense ratio of the fund for the period of the waiver or adjustment. These waivers and adjustments may not necessarily continue in the future. Please refer to the footnotes at the end of this report for further information regarding any Waivers and Adjustments shown. Net Fund Expense: The Gross Fund Expense reduced by any waiver or adjustment in effect. Prospectus Date: The date of the fund prospectus from which the fund fees have been provided Fund No: The fund number assigned by ING Fund Name: The name of the Fund Other Indirect Compensation Float: ING and various of its affiliated companies earn float income on contribution amounts awaiting investment and on distributed funds awaiting payment. Generally, ING earns a current money market rate on these funds.

8 Conference Support: Some fund families provide financial support to ING companies in connection with training and education events attended by ING employees and representatives. This financial support may include expenses associated with meals. For calendar year 2011 such amount was approximately $10.07 per plan. This estimate was determined by dividing the total amount received from all fund families by the number of plans for which ING provides investment services. Contract Loan: If your plan allows loans, as of 07/01/2012, the current loan interest rate charged as defined in your ILIAC contract is 4.49% on an annual basis. The interest retained by ILIAC is 1.49% and the interest earned on the remaining loan balance is 3%. Reproduced with permission from DALBAR, Inc., 2013