The 401(k) & PSP is a great way to build savings for your future. Through the 401(k) & PSP you get:

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1 The Kimberly-Clark 401(k) and Profit Sharing Plan (401(k) & PSP): Information about Your Options, Fees and Other Expenses Fee Disclosure Notice For more information about this statement, you may contact the Benefits Center at or the plan administrator: Kimberly-Clark Corporation Benefits Administration P.O. Box Knoxville, TN Federal regulations require plan sponsors to provide this statement. It includes important information to help you understand your retirement plan and compare the investment options offered to you. Most or all of the fund information available in this statement is available to you by other means, and is provided by third parties. We have not independently verified the third-party information we are relaying in this statement. What s Inside About Fees and Expenses... 2 Options... 3 Related Information.. 5 Terms You Should Know... 7 This Notice Is for Your Information Only No Action Is Required. The 401(k) & PSP is a great way to build savings for your future. Through the 401(k) & PSP you get: The convenience of automatic savings through payroll deductions and the opportunity for before-tax, aftertax and Roth 401(k) contributions. Contributions from Kimberly-Clark that include a match on a portion of your savings and a discretionary profit sharing contribution based on company performance. A flexible, comprehensive, investment lineup. Access to a self-directed brokerage account (SDBA) if you want more investment options to compliment the Core Funds and Target Date Funds. You ll want to make sure you re taking full advantage of the 401(k) & PSP by choosing contribution and investment elections to meet your long-term retirement needs. You have tools available on Your Benefits Resources (YBR) at to explore how your savings and investing decisions impact your long-term savings goals. Review this notice to learn more about fees and expenses, the 401(k) & PSP s investment options and where to go for more information or to take action. To learn more about the 401(k) & PSP, please see the Summary Plan Description (SPD) on YBR. Page 1

2 1. About Fees and Expenses As with other investments, certain fees and expenses for the 401(k) & PSP are paid by investors; in this case, plan participants. There are several types of fees: Most fees are considered part of Total Operating Expenses. The total annual operating expenses are deducted from each of the Core Funds and Target Date Funds so you will not see these fees directly. The Total Operating Expense for each fund is shown in Section 3 on pages 5 and 6. These expenses include investment management fees; administrative costs for plan and fund services, such as fees for recordkeeping, trustee, legal and accounting; and other expenses relating to the maintenance of the 401(k) & PSP or its funds. These expenses reduce the rate of return earned on the investment option. You may also have individual fees that result in a separate fee being charged to your account due to activity you have requested. (See the Individual Fees section below to learn about individual fees that may apply to your account). Important! Fees and expenses are important because they reduce the growth of your account. You can find an illustration on the Department of Labor s (DOL) Website, Total Operating Expenses is only one of several factors to consider when making investment decisions. In addition to fees and expenses, you should carefully consider your investment objectives and risk tolerance relative to the fund s investment objectives. Learn more about the funds on YBR or by calling the Benefits Center at Monday-Friday, 9 a.m. to 5 p.m., ET. Individual Fees All individual fees will be deducted from your Core Funds and Target Date Funds in the 401(k) & PSP as described below: SDBA: If you have a balance in your SDBA account at the end of a quarter, a $20 fee will be charged to your account. Your investments in the SDBA are not reduced for the Total Operating Expenses referred to above; however, it s your responsibility to understand the risks and expenses associated with your investment choices in the SDBA. You may incur commissions or transaction fees on some securities that you purchase through your SDBA. A list of the fees charged by the broker is available at or through a Hewitt Financial Services Licensed Specialist at You should refer to the related documentation of your specific investments for any other expenses. Loan fees: You ll pay a $50 fee whenever you take a loan from the 401(k) & PSP. Qualified Domestic Relations Orders (QDRO): A $675 fee is applied to your account when an order is received. This occurs when a court awards a portion of your account to another person due to a divorce settlement. Professional Management: If you re enrolled in Professional Management, provided by Aon Hewitt Financial Advisors, LLC (AFA) in partnership with Financial Engines (FE), you ll be charged a tiered annual fee. The fee is deducted on a quarterly basis based on your account assets, according to the chart below: If your account assets are Your annual professional management fees are The approximate quarterly cost per $10,000 is Up to the first $5,000 No fee $0 The next $5, $100, % $7.50 per quarter for each $10,000 The next $100, $250, % $5.00 per quarter for each $10,000 The next portion above $250, % $2.50 per quarter for each $10,000 EXAMPLE: An employee with an average account balance of $400,000 would pay an estimated annual fee of $735, or about $ per quarter. (.0030 x $95,000) + (.0020 x $150,000) + (.0010 x $150,000) = $735 / 4 = $ Page 2

3 2. The 401(k) & PSP s Options As a participant in the 401(k) & PSP, you re responsible for deciding whether you need help in determining the investments that are appropriate for your situation. If you re a do-it-yourself investor, these options are available to you: If you choose to create your own diversified investment portfolio, the Core Funds are the building blocks. A range of investment options are available to you, including cash, bonds and domestic and international equity. In addition, the 401(k) & PSP provides access to a marketplace of retail investment options through the SDBA, which can supplement the Core funds by providing additional investment opportunities and diversification. The SDBA platform is provided through Hewitt Financial Services, a broker-dealer subsidiary of Hewitt Associates, LLC and member FINRA/SIPC. The SDBA is designed for those who: Have a strong knowledge of the investment marketplace; Want greater flexibility to create a more customized portfolio; and Have the ability, time and desire to personally research and evaluate different investments. Note: You re solely responsible for your investments in the SDBA based on information available to all investors in these retail investments, such as a fund prospectus or public company filing, which you access through the SDBA Website at or by contacting a Hewitt Financial Services representative at The individual fees applicable to the SDBA are paid from the Core Funds and Target Date Funds as noted previously. You can obtain a fee schedule of applicable trading fees and commissions on the SDBA Website or by contacting a Hewitt Financial Services Licensed Specialist. If you need help with investing, these options are available to you: Target Date Funds have an asset allocation that is consistent with the average person s needs at their current stage of life. When you select the Target Date Fund that is closest to your expected retirement date, the asset allocation automatically becomes more conservative as you reach your retirement date. You should understand these funds do not consider your unique individual needs and they do carry investment risk. You must decide whether the Target Date funds will be suitable for your needs. Advisory Services (Online Advice and Professional Management) provide a personalized investment solution. The Online Advice tool can help you fine-tune your investing strategy, and the Professional Management program offers personalized portfolio management from professional investment advisors. Fees apply for the Professional Management program; see the Individual Fees information in Section 1 on page 2. Note: AFA has hired Financial Engines Advisors L.L.C. (FE) to provide sub-advisory services. AFA is a federally registered investment advisor. FE is a federally registered investment advisor and is an independent company that is not affiliated with AFA. Neither AFA nor FE guarantees future results. You can learn more about all the options above by visiting YBR or by calling the Benefits Center. You re free to switch among the different investment options as often as you would like. However, keep in mind that some of the Core Funds are subject to trading restrictions. If trading restrictions apply, they will be listed in Section 3 on page 5. This notice only provides some information about your 401(k) & PSP investment choices like fees, expenses and historical returns. Your decisions should be based on the full picture, taking into account your individual situation, not just the information in this notice. Page 3

4 To Learn More about the Options To learn more about the investment funds offered and applicable fees, visit YBR. Under My Wealth, click Summary > Fund Details. You can find fund facts, fund performance, and other fund information on YBR. If you re unable to access the fund information on YBR, you can call the Benefits Center at to request paper copies, free of charge. Representatives are available Monday-Friday, 9 a.m. to 5 p.m., ET. To Enroll or Make Changes to Your s You can enroll in the 401(k) & PSP or make changes to your investments at any time by logging on to YBR. Once you ve logged on you can: Enroll go to My Wealth > Start Saving Change your current investment mix or your investment elections for future contributions go to My Wealth > Change s and follow the instructions. If you don t make an investment election, the contributions made to your account will be invested in a Target Date Fund closest to the date on which you turn age 65 and then defaulted into Professional Management (you have the option to opt-out of Professional Management at any time). Fees apply for Professional Management services; see the Individual Fees information in Section 1 on page 2. If you re unable to log on to YBR, you may also enroll or change investment options by calling the Benefits Center. Voting Rights for Certain s If you participate in the K-C Fund, you can direct the manner in which the Trustee will vote the equivalent shares held in your K-C Fund account. The Trustee will be directed to vote the proxy for fractional shares and for shares where timely direction is not received. 3. Related Information The tables on the following pages provide you with information on the investment options. You ll find three things: 1. General Information describes features of the types of investment options available. 2. Fee Information and shows fee and expense information for the investment options, as well as any investment restrictions. Total Operating Expenses reduce the rate of return of the investment option. 3. Historical Performance focuses on past performance of investment options. This shows how these options have performed over time and allows you to compare them with an appropriate benchmark(s) for the same time periods. For each investment option, historical performance is reported after the deduction of Total Operating Expenses. Keep in mind, however, that past performance does not guarantee how the investment option will perform in the future. Your investment in these options could lose money. Information about certain investment risks for each option is available on YBR. Page 4

5 Related Information Fund Name Benchmark 1 Core Funds Money Market Fund Citigroup 1 Month T-bill Stable Income Fund 2 Citigroup 3 Month T-bill General Information Bond Index Fund Barclays U.S. Aggregate Bond Index Large Cap Index Fund 4 Large Cap Growth Index Fund Russell 1000 Growth Index Large Cap Value Index Fund Russell 1000 Value Index Small Cap Index Fund Russell 2000 Index International Index Fund 5 MSCI All Country World Index K-C Fund S&P 500 Index Target Date Funds Target Date Conservative Fund K-C Retirement Custom Benchmark Barclays U.S. Aggregate Bond Index Target Date 2020 Fund K-C 2020 Custom Benchmark Target Date 2025 Fund K-C 2025 Custom Benchmark Target Date 2030 Fund K-C 2030 Custom Benchmark Target Date 2035 Fund K-C 2035 Custom Benchmark Target Date 2040 Fund K-C 2040 Custom Benchmark Asset Class Cash Equivalents Fixed Income Fixed Income Total Operating Expenses as of 12/31/2015 Fee Information and Cost Per $1,000 of Shareholder- Type Fees and 0.11% $ % $ % $ % $ % $ % $ % $ % $ % $0.60 Premixed 0.19% $1.90 Premixed 0.19% $1.90 Premixed 0.18% $1.80 Premixed 0.19% $1.90 Premixed 0.18% $1.80 Premixed 0.19% $1.90 Historical Performance Average Total Return as of 3/31/2016 (Fund and Benchmark) 1 yr. 5 yr. 10 yr. 0.05% 0.06% Equity Wash 1.16% applies % 1.88% 1.96% 0.43% 2.49% 2.52% -1.57% -1.54% -9.81% -9.76% -8.05% -8.08% 27.34% 1.78% -0.76% -0.60% 1.96% -1.24% -1.09% -1.65% -1.51% -2.04% -1.94% -2.44% -2.36% -2.86% -2.79% 0.00% 0.04% 1.33% 0.06% 3.68% 3.78% 11.48% 11.58% 12.28% 12.38% 10.17% 10.25% 7.20% 1.00% 0.95% 19.05% 11.58% 4.34% 4.52% 3.78% 4.82% 4.98% 5.13% 5.27% 5.39% 5.51% 5.57% 5.71% 5.77% 5.87% 1.03% 0.99% 2.42% 1.07% 4.78% 4.90% 6.97% 7.01% 8.25% 8.28% 5.68% 5.72% 5.11% 5.26% 1.09% 1.13% 12.14% 7.01% 4.92% 4.90% 4.52% 4.62% 4.54% 4.59% % 4.49% Incept. To date 2.22% 2.15% 3.64% 2.30% 5.46% 5.61% 7.70% 7.78% 5.83% 7.05% 6.20% 6.01% 6.83% 6.66% 3.41% 3.79% 8.51% 7.78% 4.90% 5.09% 5.03% 4.88% 5.00% 7.26% 4.74% 4.85% 7.43% 5.03% 5.11% 7.26% 4.73% 4.80% 7.43% 5.05% 5.11% 7.26% Page 5

6 Related Information (continued) Fund Name Benchmark 1 General Information Target Date Funds (continued) Target Date 2045 Fund K-C 2045 Custom Benchmark Target Date 2050 Fund K-C 2050 Custom Benchmark Target Date 2055 Fund K-C 2055 Custom Benchmark Target Date 2060 Fund K-C 2060 Custom Benchmark Asset Class Total Operating Expenses as of 12/31/2015 Fee Information and Cost Per $1,000 of Shareholder- Type Fees and Premixed 0.18% $1.80 Premixed 0.19% $1.90 Premixed 0.18% $1.80 Premixed 0.19% $1.90 Historical Performance Average Total Return as of 3/31/2016 (Fund and Benchmark) 1 yr. 5 yr. 10 yr % -3.04% -3.16% -3.10% -3.15% -3.10% -3.63% -3.10% 5.93% 6.04% 6.23% 6.23% 6.42% 6.47% Incept. to date 4.63% 4.70% 7.43% 2.94% 2.90% 5.97% 9.26% 8.98% 13.54% -0.40% 0.05% 4.25% 1 You will note that two benchmarks are referenced for the Target Date Funds. The first benchmark is specific to the investment style of the fund and consistent with the benchmark data you will see on YBR. The second benchmark will be either the Barclays Aggregate Index or the and is required to be provided to you. For Target Date Funds where more than 50% is allocated to fixed income, the Barclays Aggregate Index is the second benchmark, and the is shown for Target Date Funds where the allocation to equity is greater than 50%. 2 The Stable Income Fund fee includes the cost for the insurance contract of 18 bps. See the Fund Fact Sheet on YBR for more information concerning the Stable Income Fund and its use of insurance contracts. 3 For more information, see Terms You Should Know in Section 4 on page 7. 4 On September 28, 2012, the underlying investment fund for the Large Cap Index Fund changed from the BlackRock Equity Index Non-Lendable Fund F Shares ("old fund") to the BlackRock Russell 1000 Index Non-Lendable Fund F Shares ("new fund"). Fund performance prior to this date is for the old fund and performance thereafter reflects the new fund. The primary benchmark is a blend of the S&P 500 through September 30, 2012 and the Russell 1000 effective October 1, 2012 to present. How 5 On September 28, 2012, the underlying investment fund for the International Index Fund changed from the BlackRock MSCI EAFE Equity Index Non-Lendable Fund F Shares ("old fund") to the Blackrock MSCI ACWI ex-us IMI Index Non-Lendable Fund Class F Shares ("new fund"). Fund performance prior to this date is for the old fund and performance thereafter reflects the new fund. The primary benchmark is a blend of the MSCI EAFE Index through September 30, 2012 and the MSCI ACWI IMI effective October 1, 2012 to present. How Total Operating Expenses Work Total Operating Expenses are incurred daily. Let s assume your account balance averaged $100,000 for the year, and you invested in the three funds as shown below. Here s an estimate of your annual operating expenses. Fund Balance Total Operating Expenses As % of Assets Dollar Amount Bond Index $ 34, % $ Large Cap Value Index $ 56, % $ International Index $ 10, % $ Total $100,000 * $ * In this example, your weighted average annual expense ratio would be ($121.60/$100,000) Page 6

7 4. Terms You Should Know Here are some key terms and concepts you should know to understand the information described in this notice. Advisory Services: You have the option to sign up for Online Advice or Professional Management through AFA. Online Advice allows you to receive specific fund recommendations with regular progress reports. There is no fee for Online Advice services. With Professional Management, you can work one-on-one with an Advisor who will make your investment elections on your behalf and manage your account on an ongoing basis as long as you are enrolled. If you choose this service, the fees described under the Individual Fees in Section 1 on page 2 will apply. New participants are automatically enrolled in Professional Management. You can opt in or opt out of these services at any time. Asset class: A specific category of assets or investments (such as stocks, bonds or cash) as well as certain types of stocks (such as international stocks, large-cap stocks, etc.). Benchmark: A standard against which the performance of a security, fund or investment manager can be measured. Generally, broad market and market-segment stock and bond indexes are used to evaluate the performance of an investment. Core Funds: Each of these funds represents a single asset class. A combination of Core Funds is needed to have a diversified portfolio that will provide the most optimal long-term investment experience. Equity Wash: Amounts transferred out of the Stable Income Fund cannot be transferred directly into the Money Market Fund or the SDBA. Also, amounts moved out of the Stable Income Fund to any non-competing fund(s) (i.e., any other fund except the Money Market Fund) cannot be subsequently transferred to the Money Market Fund or the SDBA for at least 90 days from the date of the transfer out of the Stable Income Fund. However, those funds can be transferred to other non-competing fund(s) or back to the Stable Income Fund within the 90 days. Individual Fees: These fees apply to your account and generally depend on transactions you request. See Section 1 on page 2 for examples of individual fees. Managers: The investment managers are responsible for investment decisions and operation of the funds associated with the cost of buying and selling securities. Fees are paid to the advisory firm or investment management company for the day-to-day investment management of the securities in the fund s portfolio. These fees may also include costs such as advertising and promotion, administration, and other related services. Currently, the 401(k) & PSP has two investment managers, Columbia Management and BlackRock. Target Date Funds: These funds are premixed, diversified investment strategies that are designed to be a single investment solution. They have a mix of underlying investments that are generally appropriate for a given retirement date. Total Operating Expenses: Fees that are charged as a percent of holdings in an investment to cover investment management company fees plus any 401(k) & PSP-specific administrative fees, such as recordkeeping, trustee, etc. (See How Total Operating Expenses Work on page 6 for an example of how these fees work). May 2016 Page 7