Your retirement plan is on the move

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1 Your retirement plan is on the move In May, your Dow Corning Corporation Employees Capital Accumulation Plan (CAP) will transition to Vanguard. This newsletter gives you the latest information about the transition. Please review it carefully to learn how this change will affect you.

2 Why the change? Dow Corning regularly reviews the features and benefits of the CAP to ensure that it continues to meet your needs. By partnering with Vanguard, Dow Corning is confident that you will have access to improved investment education and financial planning tools and resources. As a reminder, there will be no change to the basic plan design and key features of the CAP. About Vanguard Vanguard has been a trusted partner for employer retirement plans for more than three decades, which is one of the reasons Dow Corning chose Vanguard as the new home for your plan. Vanguard is one of the world s largest global investment management companies, serving individual investors, institutions, employersponsored retirement plans, and financial professionals. Today, Vanguard is helping millions of participants just like you save for a comfortable retirement. For Dow Corning active and retired employees, the annual recordkeeping and fund fees will either remain the same or decrease after the move to Vanguard. Included with this newsletter is a disclosure of the fees that will be changing after the transition. Tools for retirement planning Vanguard offers several guidance and advice services that can help you choose investments for your CAP account and help manage your financial life. Personal Online Advisor Personal Online Advisor forecasts your chances of reaching your retirement goals, provides fund recommendations, and helps you monitor your investments. Powered by Financial Engines, this tool offers independent, online investment advice and will continue to be available at no cost to you. Vanguard Managed Account Program This program, also powered by Financial Engines, provides ongoing professional management for your investments in the plan. An independent advisor will select your funds, invest your money, and periodically make changes to your asset mix to suit your goals. The advisor can also consider money you ve saved outside of your retirement plan when developing your personalized investment strategy. The annual fee for this program is based on a percentage of the value of your assets. While Financial Engines will continue to develop the advice, it will now be provided through Vanguard at a lower cost than you are paying today. Here s a glimpse of upcoming changes that will be made to the CAP: PIMCO Total Return Fund Institutional Shares will be removed from the investment lineup and replaced with Northern Trust Aggregate Bond Index Fund. The decision to remove PIMCO is not related to the move to Vanguard, but will occur at the same time. The account rebalance feature will no longer be an automatic scheduled event. Rather, you can elect to rebalance your account at your own discretion. You will have the option to make unscheduled loan payments without paying off the entire loan. Loans initiated after May 21, 2015, will be assessed an annual maintenance fee of $25.

3 What the transition means to you To ensure an orderly transition, account activity will be restricted temporarily at T. Rowe Price, your plan s current record keeper. During the transition, you will not be able to: Move money between funds Change which funds you invest your money in Change your contribution amount Make a lump-sum loan payoff Request loans, withdrawals, or distributions Throughout the transition, you will continue to make contributions and scheduled loan payments (if applicable). How your account will move For most, there will be no change to the CAP fund lineup. Your account balance and contributions to funds in your plan s investment lineup will move to the same funds as those in which you currently invest (an in-kind transfer). However, if you invest in PIMCO Total Return Fund Institutional Shares, there will be a change. As part of a separate review of the CAP investment lineup, Dow Corning has decided that PIMCO Total Return Fund does not meet the requirements for the CAP. Therefore, this fund will no longer be available after the move to Vanguard. Money in this fund, and associated contributions, will be directed to the Northern Trust Aggregate Bond Index Fund. Key dates in 2015 May 18th (4 p.m. EST) Week of May 24th May 21st (4 p.m. EST) May 21st Week of May 24th CAP transactions are restricted: You will not be able to move money between funds or request contribution allocation changes, loans, withdrawals, and distributions from your CAP account at T. Rowe Price. During this time, T. Rowe Price will begin to transfer data to Vanguard. Assets are valued: All assets in your CAP account at T. Rowe Price are valued and transferred to Vanguard. Assets are invested: All assets are invested at Vanguard.* Your balance will move as described in the How your account will move section of this newsletter. CAP restrictions end: At this time, Dow Corning will send a notification that the restrictions have been lifted. You can go to vanguard.com/retirementplans to register for online access. You will need the following information: Social Security number Birth date Home zip code Plan number (094534) *Any assets transferred in kind will be valued based on each fund s net asset value (NAV) at market close on May 21, Assets in PIMCO Total Return Fund Institutional Shares will be valued based on the fund s NAV at market close on May 21, 2015, and invested at Vanguard in Northern Trust Aggregate Bond Index Fund based on that fund s NAV at market close on May 22, From the time assets are sold by T. Rowe Price until they are invested at Vanguard, your investments will be out of the market and will not receive any earnings or incur any losses based on market performance. The trade date is dependent upon timely receipt of the wire and good order of transfer documents from T. Rowe Price.

4 Action required for brokerage accounts If you have a brokerage account at T. Rowe Price, you will need to open a Vanguard Brokerage Option (VBO ) account at Vanguard between April 13 and May 7, To open a VBO account before the transition, follow these steps: Log on to your account at vanguard.com /retirementplans. (If you are not yet registered for online access, go to vanguard.com/register. You will need your plan number: ) Select Manage my money. (If you have accounts at Vanguard outside of the Dow Corning CAP, you may need to select Employer plans first.) Select the VBO application icon and follow the steps. You will receive a confirmation when the enrollment process is complete and your VBO account has been established. Important: If you do not open a VBO account at Vanguard by May 7, 2015, your brokerage account at T. Rowe Price will still transfer to a VBO account at Vanguard, but you will be unable to trade in the account until you complete a paper application. Your VBO account at Vanguard provides a broader selection of investment choices. How your brokerage account will move Most mutual funds in your brokerage account will move to a VBO account at Vanguard in kind and remain invested in the same funds. However, several securities will be unavailable at Vanguard. If you have a brokerage account at T. Rowe Price, you will receive an additional letter from Vanguard shortly with more information concerning these restricted securities. If you are invested in any restricted securities that cannot be transferred to a VBO account, you must sell those securities by 4 p.m. EST on May 7, If you do not take action by the deadline, those restricted securities will be sold automatically and transfer to Vanguard Prime Money Market Fund at Vanguard. Once the transition is complete, you can move your money to other investments in your account. Also, several funds available in your brokerage account at T. Rowe Price will transfer to your VBO account, but will be closed to new investments. Key dates in 2015 for brokerage accounts April 13th May 7th May 7th (4 p.m. EST) Week of June 7th Open VBO account with Vanguard: This is the period prior to brokerage restrictions to open a VBO account at Vanguard. Brokerage restrictions begin at T. Rowe Price: This is the deadline to trade within your brokerage account at T. Rowe Price or to sell any restricted securities. Brokerage restrictions end: If you opened a VBO account with Vanguard by May 7, 2015, you now have access to your brokerage holdings through your VBO account in the CAP at Vanguard. Note: If you did not open a VBO account with Vanguard by May 7, 2015, you should now contact Vanguard to obtain a paper application, which will allow you to make trades within your account.

5 Questions? If you have any questions about this notice, contact T. Rowe Price at or log on to your account at rps.troweprice.com. Note: If you no longer work for Dow Corning, some of the information in this newsletter does not apply to you. A note about risk All investing is subject to risk, including the possible loss of the money you invest. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer s ability to make payments. Connect with Vanguard vanguard.com/retirementplans For more information, visit vanguard.com, or call for Vanguard funds and for non-vanguard funds offered through Vanguard Brokerage Services, to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund. The Vanguard Group has partnered with Financial Engines Advisors LLC to provide subadvisory services to the Vanguard Managed Account Program and Personal Online Advisor. Financial Engines Advisors LLC is an independent, federally registered investment advisor that does not sell investments or receive commission for the investments it recommends. Advice is provided by Vanguard Advisers, Inc. (VAI), a federally registered investment advisor and an affiliate of The Vanguard Group, Inc. (Vanguard). Eligibility restrictions may apply. Vanguard is owned by the Vanguard funds, which are distributed by Vanguard Marketing Corporation, a registered broker-dealer affiliated with VAI and Vanguard. Neither Vanguard, Financial Engines, nor their respective affiliates guarantee future results. Financial Engines is a trademark of Financial Engines, Inc. All rights reserved. Used with permission. Vanguard Brokerage Services is a division of Vanguard Marketing Corporation, Member FINRA The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds. BBBBJQTX

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