State of West Virginia Retirement Plus Deferred Compensation Plan Investment Performance as of 01/29/2016

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1 State of West Virginia Retirement Plus Deferred Compensation Plan Investment Performance as of 0/29/206 Current performance may be lower or higher than performance data shown. Performance data quoted represents past performance and is not a guarantee or prediction of future results. For performance data current to the most recent month-end, please visit Please consider the investment objectives, risks, fees and expenses carefully before investing. For this and other important information about investments offered through your plan, you may obtain mutual fund prospectuses for registered investment options and /or disclosure documents from your registered representative or Plan website. For prospectuses related to investments in your Self-Directed Brokerage Account (SDBA), contact your SDBA provider. Read them carefully before investing. For additional fund information, please refer to the Fund Fact Sheet or Prospectus. INVESTMENT OPTION Lifetime Ticker Gross/Net Expense Ratio 9 Date Returns as of Month Ending 0/29/206 Returns as of Quarter Ending 2//20 Calendar Returns Month YTD 0 / Since Month 0 / Since Great-West Lifetime 20 Fund II Inst 2,,29,4,4,44 MXMZX 0.4 / N/A N/A Great-West Lifetime 202 Fund II Inst 2,,0,42,4,44 MXPAX 0.7 / N/A N/A Great-West Lifetime 20 Fund II Inst 2,,,4,44 MXRJX 0.62 / N/A N/A Great-West Lifetime 204 Fund II Inst 2,,2,42,4,44 MXVDX 0.62 / N/A N/A Great-West Lifetime 20 Fund II Inst 2,,,42,4,44 MXYGX 0.6 / N/A N/A International American Funds EuroPacific Gr R 7,27,4 RERFX 0. / American Funds New Perspective R 7,28,4 RNPFX 0.49 / MSCI EAFE Index,4,6,4 N/A - / Small Cap Baron Small Cap Instl 8,26,4 BSFIX.04 / Delaware Small Cap Value Instl 8,24,4 DEVIX 0.97 / Vanguard Small Cap Index Adm 8,2,4 VSMAX 0.09 / Russell 2000 Index,4,6,7 N/A - / Mid Cap American Century Mid Cap Value Inst 0,2,4 AVUAX 0.8 / T. Rowe Price Mid Cap Growth Fund 0,2,4 RPMGX 0.77 / Vanguard Mid Cap Index Fund - Admiral 0,22,4 VIMAX 0.09 / S & P MidCap 400 Index,4,6,6 N/A - / Large Cap Feb Investment Options at a Glance Page of

2 State of West Virginia Retirement Plus Deferred Compensation Plan (Continued) INVESTMENT OPTION Ticker Gross/Net Expense Ratio 9 Date Returns as of Month Ending 0/29/206 Returns as of Quarter Ending 2//20 Calendar Returns Month YTD 0 / Since Month 0 / Since American Funds Growth Fund of Amer R 20,4 RGAFX 0.8 / American Funds Fundamental Investors R 7,4 RFNFX 0. / Fidelity Contrafund 8,4 FCNTX 0.64 / JPMorgan Equity Income R6,4 OIEJX 0.0 / T. Rowe Price Growth & Income Fund 9,4 PRGIX 0.67 / Vanguard 00 Index Admiral 6,4 VFIAX 0.0 / S & P 00 Index,4,6, N/A - / Balanced Invesco Equity and Income R6,,40,4 IEIFX 0.9 / T. Rowe Price Capital Appreciation,4,4 PRWCX 0.70 / Bond Vanguard Total Bond Market Index Inst 9,2,4 VBTIX 0.06 / Barclays Capital Aggregate Bond Index,4,6,8 N/A - / Current Fixed Rate(s) Guaranteed Interest Fund:, 2.2% These returns and fund operating expenses are expressed as percentages., and 0 /Since returns shown are annualized. For 0 /Since, if the fund was not in existence for 0 years, returns shown are since inception. If the fund is less than one year old, returns are not annualized. Returns reflect deduction of fund expenses. Your Plan may have higher or lower fund expenses and may assess a plan administrative fee that was not deducted in the returns shown. For information related to investments in your Self-Directed Brokerage (SDB) account, contact TD Ameritrade at or Please consider the investment objectives, risks, fees and expenses carefully before investing. The prospectus contains this and other information about the investment options. Depending on the investment options offered in your Plan, your registered representative can provide you with prospectuses for any mutual funds; any applicable annuity contracts and the annuity's underlying funds; and/or disclosure documents for investment options exempt from SEC registration. For prospectuses related to investments in your Self-Directed Brokerage Account (SDBA), contact your SDBA provider. Please read them carefully before investing. Funds may impose redemption fees and/or transfer restrictions if assets are held for less than the published holding period. For more information, see the fund's prospectus and/or disclosure documents. Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker dealers. GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Brokerage services provided by TD Ameritrade Inc., member FINRA/SIPC/NFA. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. All rights reserved. Used with permission. Additional information can be obtained by calling TD Ameritrade at (866) TD Ameritrade and GWFS Equities, Inc. are separate and unaffiliated. You will receive a separate statement from your Self-Directed Brokerage Account (SDBA) provider (depending on the provider and/or the activity within your SDBA) that will detail the investment holdings and activity within your SDBA, including any fees and charges imposed in connection with the SDBA. GWFS Equities, Inc., or one or more of its affiliates, may receive a fee from the investment option provider for providing certain recordkeeping, distribution, and administrative services. Empower Retirement(TM) refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: White Plains, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by GWL&A. Expense ratios provided are the Funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursement. Feb Investment Options at a Glance Page 2 of

3 State of West Virginia Retirement Plus Deferred Compensation Plan (Continued) Performance returns were not available at the time of production. Performance returns will be published once the information becomes available. 2 Asset allocation funds are generally subject to a fund operating expense at the fund level, as well as prorated fund operating expenses of each underlying fund in which they invest. For more information, please refer to the fund prospectus and/or disclosure document. Asset allocation and balanced investment options and models are subject to the risks of the underlying funds, which can be a mix of stocks/stock funds and bonds/bond funds. For more information, see the prospectus and/or disclosure documents. 4 A benchmark index is not actively managed, does not have a defined investment objective, and does not incur fees or expenses. Therefore, performance of a fund will generally be less than its benchmark index. You cannot invest directly in a benchmark index. This fixed fund is offered through a group fixed and variable deferred annuity contract issued by Great-West Life & Annuity Insurance Company. A ticker symbol is not available for this investment option. 6 Benchmark index returns are supplied by Morningstar, Inc. There may be another benchmark that is more specific to each of the funds listed under the broad asset class. Please refer to the fund's prospectus for more specific information as to the fund's actual benchmark index. 7 Foreign funds involve special risks, including currency fluctuations and political developments. 8 Equity securities of small-sized companies may be more volatile than securities of larger, more established companies. 9 Compared to higher-rated securities, high yield bond investment options are subject to greater risk, including the risk of default. A bond fund's yield, share price and total return change daily and are based on changes in interest rates, market conditions, economic and political news, and the quality and maturity of its investments. In general, bond prices fall when interest rates rise and vice versa. 0 Equity securities of medium-sized companies may be more volatile than securities of larger, more established companies. The Great-West Guaranteed Interest Fund (WVGIF) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 2 The Vanguard Total Bond Index Institutional Fund (VBTIX) has an explicit administrative fee of 0.20%, assessed quarterly at 0.0%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual The Invesco Equity & Income R6 Fund (IEIFX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 4 The T. Rowe Price Capital Appreciation Fund (PRWCX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual The JPMorgan Equity Income R6 Fund (OIEJX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 6 The Vanguard 00 Index Fund (VFIAX) has an explicit administrative fee of 0.20%, assessed quarterly at 0.0%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund expense ratio displayed in this report. 7 The American Funds Fundamental R (RFNFX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 8 The Fidelity Contrafund (FCNTX) has an explicit administrative fee of 0.0%, assessed quarterly at 0.02%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund expense ratio displayed in this report. 9 The T. Rowe Price Growth and Income Fund (PRGIX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual 20 The American Funds Growth Fund of America R (RGAFX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual 2 The American Century Mid Cap Value Fund (AVUAX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual Feb Investment Options at a Glance Page of

4 State of West Virginia Retirement Plus Deferred Compensation Plan (Continued) 22 The Vanguard Mid Cap Index Fund (VIMAX) has an explicit administrative fee of 0.20%, assessed quarterly at 0.0%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund expense ratio displayed in this report. 2 The T. Rowe Price Mid Cap Growth Fund (RPMGX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 24 The Delaware Small Cap Value Fund (DEVIX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 2 The Vanguard Small Cap Index Fund Adm (VSMAX) has an explicit administrative fee of 0.0%, assessed quarterly at 0.07%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 26 The Baron Small Cap Institutional Fund (BSFIX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual fund 27 The American Funds EuroPacific Growth Fund R (RERFX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual 28 The American Funds New Perspective Fund R (RNPFX) has an explicit administrative fee of 0.7%, assessed quarterly at 0.092%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual 29 The Great-West Lifetime 20 II Instl Fund (MXMZX) has an explicit administrative fee of 0.2%, assessed quarterly at 0.062%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual 0 The Great-West Lifetime 202 II Instl Fund (MXPAX) has an explicit administrative fee of 0.2%, assessed quarterly at 0.062%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual The Great-West Lifetime 20 II Instl Fund (MXRJX) has an explicit administrative fee of 0.2%, assessed quarterly at 0.062%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual 2 The Great-West Lifetime 204 II Instl Fund (MXVDX) has an explicit administrative fee of 0.2%, assessed quarterly at 0.062%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual The Great-West Lifetime 20 II Instl Fund (MXYGX) has an explicit administrative fee of 0.2%, assessed quarterly at 0.062%. The fee is assessed in the quarter that a participant has a balance in the fund and is in addition to the mutual 4 Copyright Morgan Stanley Capital International, Inc. 20. All Rights Reserved. Unpublished. PROPRIETARY TO MORGAN STANLEY CAPITAL INTERNATIONAL INC. S&P 00 Index is an unmanaged index considered indicative of the domestic Large-Cap equity market. "Standard & Poor's ", "S&P ", "S&P 00 ", and "Standard & Poor's 00 " are registered trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's"). 6 S&P MidCap 400 Index is an unmanaged index considered indicative of the domestic Mid-Cap equity market. "Standard & Poor's ", "S&P ", "S&P 400 ", and "Standard & Poor's 400 " are registered trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's"). 7 Russell 2000 Index is a trademark of Russell Investments and is an unmanaged index considered indicative of the domestic Small-Cap equity market. 8 Barclays Capital U.S. Aggregate Bond Index is an unmanaged index representative of the broad bond market and is composed of government and corporate bonds, mortgage-backed bonds and asset-backed bonds. 9 Expense ratios provided are the Funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursement 40 The Fund has a Contractual Management Fee Waiver in the amount of.0% which expires on 0-JUN The Fund has a Contractual Management Fee Waiver in the amount of.02% which expires on 0-APR The Fund has a Contractual Management Fee Waiver in the amount of.0% which expires on 0-APR Copyright 20 Morningstar, Inc. All Rights Reserved. The information contained herein: () is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and () is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Feb Investment Options at a Glance Page 4 of

5 State of West Virginia Retirement Plus Deferred Compensation Plan (Continued) 44 The principal underwriter of Great-West Funds, Inc. is its affiliate GWFS Equities, Inc., Member FINRA/SIPC. Great-West Capital Management, LLC (GWCM) is the investment adviser. Feb Investment Options at a Glance Page of