County of Orange - 98984-01/02 Investment Performance as of 04/29/2016

County of Orange - 98984-01/02 Investment Performance as of 04/29/2016 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 www.countyoforangedcplan.com. 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. Returns as of Month Ending 04/29/2016 Returns as of Quarter Ending 03/31/2016 Calendar Year Returns Ticker Gross/Net Inception 14 Expense Ratio Date 1 Month YTD 1 Year 3 Year 5 Year Inception 3 1 Year 3 Year 5 Year Month Inception 2015 2014 2013 Asset Allocation PIMCO Inflation Response MultiAsst Instl 2,15,16 PIRMX 1.10 / 0.70 08-31-2011 2.68 8.07-2.75-2.52 N/A -0.30 5.25-3.66-3.43 N/A -0.87-6.77 1.57-9.29 The Vanguard Target Retire 2010 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 0.57 2.81 0.18 4.16 5.07 4.99 2.22 0.14 4.47 5.48 4.97-0.18 5.97 9.13 The Vanguard Target Retire 2015 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 0.72 2.70-0.57 5.06 5.66 5.33 1.97-0.50 5.38 6.07 5.29-0.44 6.63 13.07 The Vanguard Target Retire 2020 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 0.84 2.64-1.14 5.74 6.08 5.48 1.78-1.05 6.07 6.50 5.43-0.59 7.20 15.86 The Vanguard Target Retire 2025 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 0.93 2.50-1.57 6.10 6.32 5.53 1.55-1.43 6.43 6.76 5.47-0.72 7.22 18.23 The Vanguard Target Retire 2030 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 1.04 2.37-2.15 6.43 6.54 5.54 1.32-1.92 6.76 6.99 5.47-0.92 7.22 20.55 The Vanguard Target Retire 2035 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 1.08 2.22-2.70 6.76 6.73 5.68 1.13-2.33 7.10 7.21 5.60-1.12 7.22 22.93 The Vanguard Target Retire 2040 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 1.18 2.07-3.38 6.87 6.88 5.83 0.88-2.95 7.20 7.36 5.73-1.47 7.26 24.42 The Vanguard Target Retire 2045 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 1.18 2.04-3.45 6.85 6.88 5.79 0.84-2.99 7.19 7.36 5.70-1.48 7.22 24.43 The Vanguard Target Retire 2050 Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 1.18 2.03-3.54 6.83 6.85 5.80 0.84-3.05 7.16 7.32 5.71-1.54 7.23 24.47 The Vanguard Target Retire 2055 Trust II 2,16 N/A 0.11 / 0.11 08-31-2010 1.19 2.06-3.61 6.79 6.89 10.94 0.86-3.13 7.11 7.36 10.87-1.66 7.26 24.34 The Vanguard Target Retire 2060 Trust II 2,16 N/A 0.11 / 0.11 03-01-2012 1.19 2.03-3.66 6.81 N/A 8.57 0.83-3.13 7.15 N/A 8.44-1.60 7.22 24.32 The Vanguard Target Retire Incm Trust II 2,16 N/A 0.11 / 0.11 02-29-2008 0.53 2.86 0.53 3.45 4.66 4.82 2.32 0.40 3.70 5.01 4.80-0.13 5.68 5.82 International Artisan International Instl 5,16 APHIX 0.95 / 0.95 07-01-1997 0.83-2.77-11.25 2.16 4.05 3.49-3.57-10.88 2.94 5.48 3.84-3.63-0.74 25.47 Dodge & Cox International Stock 5,16 DODFX 0.64 / 0.64 05-01-2001 3.56-0.33-17.90 1.15 0.92 2.17-3.76-18.12 1.34 1.36 2.46-11.35 0.08 26.31 Vanguard Total Intl Stock Index Admiral 5,16 VTIAX 0.12 / 0.12 11-29-2010 2.24 2.06-10.63 0.38 0.09 1.63-0.17-8.18 0.82 0.67 1.91-4.26-4.17 15.14 MSCI EAFE Index 1,3,4,9 N/A - / - 2.90-0.20-9.32 1.48 1.69 1.61-3.01-8.27 2.23 2.29 1.80-0.81-4.90 22.78 Small Cap Invesco Small Cap Growth R6 6,16 GTSFX 0.73 / 0.73 09-24-2012 1.27-1.13-6.48 9.89 8.50 7.32-2.37-8.86 8.97 9.00 7.32-1.38 8.21 40.54 May-10-2016 98984-01 - Investment Options at a Glance Page 1 of 7

Ticker Gross/Net Inception 14 Expense Ratio Date 1 Month Returns as of Month Ending 04/29/2016 Returns as of Quarter Ending 03/31/2016 Calendar Year Returns YTD 1 Year 3 Year 5 Year Inception 3 1 Year 3 Year 5 Year Month Inception 2015 2014 2013 Vanguard Small Cap Index Instl 6,16 VSCIX 0.07 / 0.07 07-07-1997 1.72 2.74-3.91 9.08 8.55 7.03 1.00-7.13 8.52 8.81 6.85-3.63 7.53 37.80 William Blair Small Cap Value I 6,16 BVDIX 1.24 / 1.24 10-01-1999 1.25 4.68-0.05 8.27 7.38 6.81 3.40-4.21 7.89 7.51 6.71-5.47 4.73 39.31 Russell 2000 Index 1,3,4,12 N/A - / - 1.57 0.03-5.94 7.53 6.98 5.42-1.52-9.76 6.84 7.20 5.26-4.41 4.89 38.82 Mid Cap RidgeWorth Mid-Cap Value Equity I 8,16 SMVTX 1.10 / 1.10 11-30-2001 1.13 3.83-3.67 8.24 7.63 8.56 2.66-3.85 8.14 8.14 8.67-6.00 11.00 31.21 A M G TimesSquare Mid Cap Growth Instl 8,16 TMDIX 1.03 / 1.03 03-04-2005 1.10 1.10-4.27 8.86 9.22 7.79 0.00-5.50 8.42 9.57 7.79 0.67 5.34 36.72 Vanguard Mid Cap Index Ins 8,16 VMCIX 0.07 / 0.07 05-21-1998 0.54 1.74-3.36 10.36 9.56 7.22 1.19-4.26 10.80 10.05 7.27-1.33 13.78 35.17 S & P MidCap 400 Index 1,3,4,11 N/A - / - 1.22 5.06-0.94 9.67 9.20 7.77 3.78-3.60 9.46 9.52 7.78-2.18 9.77 33.50 Large Cap BlackRock Equity Index - Collective F N/A 0.02 / 0.02 03-05-1997 0.39 1.75 1.26 11.29 11.05 7.00 1.36 1.84 11.85 11.61 7.11 1.43 13.72 32.45 Fidelity Contrafund K 16 FCNKX 0.61 / 0.61 05-09-2008 0.26-1.29 1.91 11.68 10.83 7.90-1.55 0.80 12.26 11.36 8.13 6.55 9.68 34.30 Fidelity OTC K 16 FOCKX 0.72 / 0.72 05-09-2008-0.09-8.77-4.14 16.01 11.17 10.40-8.68-3.30 17.42 11.93 10.28 11.05 16.62 46.70 Invesco Growth and Income R6 16 GIFFX 0.38 / 0.38 09-24-2012 3.70 1.29-2.97 8.45 8.64 5.81-2.33-4.48 7.88 8.53 5.71-2.69 10.63 34.42 T. Rowe Price Instl Large Cap Growth 16 TRLGX 0.56 / 0.56 10-31-2001 0.63-5.85-1.93 14.17 11.79 8.70-6.44-2.37 14.28 12.02 8.44 10.08 8.72 44.44 Bond S & P 500 Index 1,3,4,10 N/A - / - 0.39 1.74 1.21 11.26 11.02 6.91 1.35 1.78 11.82 11.58 7.01 1.38 13.69 32.39 Loomis Sayles Core Plus Bond N 7,16 NERNX 0.40 / 0.40 02-01-2013 1.60 5.76 0.60 1.69 4.59 6.44 4.10-0.74 1.80 4.55 6.28-3.84 6.39 N/A Vanguard Total Bond Market Index Inst 7,16 VBTIX 0.05 / 0.05 09-18-1995 0.39 3.49 2.59 2.21 3.53 4.95 3.09 1.83 2.39 3.72 4.89 0.41 5.90-2.14 Fixed Barclays Capital Aggregate Bond Index 1,3,4,13 N/A - / - 0.38 3.43 2.72 2.29 3.60 4.95 3.03 1.96 2.50 3.78 4.90 0.55 5.97-2.02 County of Orange Stable Value Fund N/A 0.32 / 0.32 07-01-2013 0.17 0.69 2.17 N/A N/A 2.07 0.53 2.18 N/A N/A 2.07 2.19 2.02 N/A These returns and fund operating expenses are expressed as percentages. 3, 5 and Inception returns shown are annualized. For Inception, if the fund was not in existence for 10 years, returns shown are since inception. If the fund is less than one year old, returns are not annualized. Performance returns reflect a deduction for fund operating expenses. Your Plan may also assess an administrative fee which would reduce the performance quoted above. For information related to investments in your Self-Directed Brokerage (SDB) account, contact TD Ameritrade at www.tdameritraderetirement.com or 1-866-766-4015. 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) 766-4015. TD Ameritrade and GWFS Equities, Inc. are separate and unaffiliated. May-10-2016 98984-01 - Investment Options at a Glance Page 2 of 7

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. 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. Plan logos are owned by the plan. All other logos, registered trademarks and service marks are owned by Great-West Life & Annuity Insurance Company. The County of Orange logo and its design elements are owned by the County of Orange. Other than those owned by the County of Orange or indicated otherwise, the trademarks and service marks and design elements used are owned by Great-West Life & Annuity Insurance Company. 1 Performance returns were not available at the time of production. Performance returns will be published once the information becomes available. 2 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. 3 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. 4 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. 5 Foreign funds involve special risks, including currency fluctuations and political developments. 6 Equity securities of small-sized companies may be more volatile than securities of larger, more established companies. 7 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. 8 Equity securities of medium-sized companies may be more volatile than securities of larger, more established companies. 9 Copyright Morgan Stanley Capital International, Inc. 2016. All Rights Reserved. Unpublished. PROPRIETARY TO MORGAN STANLEY CAPITAL INTERNATIONAL INC. 10 S&P 500 Index is an unmanaged index considered indicative of the domestic Large-Cap equity market. "Standard & Poor's ", "S&P ", "S&P 500 ", and "Standard & Poor's 500 " are registered trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's"). 11 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"). 12 Russell 2000 Index is a trademark of Russell Investments and is an unmanaged index considered indicative of the domestic Small-Cap equity market. 13 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. 14 Expense ratios provided are the Funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursement 15 The Fund has a Contractual Expense Ratio Waiver in the amount of.33% which expires on 31-JUL-2016. 16 Copyright 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) 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. May-10-2016 98984-01 - Investment Options at a Glance Page 3 of 7

County of Orange - 98984-01/02 Fund Objectives as of 04/29/2016 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. Asset Allocation PIMCO Inflation Response MultiAsst Instl The Vanguard Target Retire 2010 Trust II The Vanguard Target Retire 2015 Trust II The Vanguard Target Retire 2020 Trust II The Vanguard Target Retire 2025 Trust II The Vanguard Target Retire 2030 Trust II The Vanguard Target Retire 2035 Trust II The Vanguard Target Retire 2040 Trust II The investment seeks total return which exceeds that of its benchmark. The fund invests in a combination of Fixed Income Instruments of varying maturities, equity securities, affiliated and unaffiliated investment companies, which may or may not be registered under the Investment Company Act of 1940, as amended (the "1940 Act"), forwards and derivatives, such as options, futures contracts or swap agreements, of various asset classes in seeking to mitigate the negative effects of inflation. It may invest up to 25% of its total assets in equity-related investments. Vanguard Target Retirement 2010 Trust Plus uses an asset allocation strategy designed for investors who planned to retire between 2008 and 2012. The trust seeks to provide growth of capital and current income consistent with its current target allocation by investing in a gradually more conservative mix of the following Vanguard funds: Total Stock Market Index Fund, Total Bond Market II Index Fund, Total International Stock Index Fund, Total International Bond Index Fund, and Short-Term Inflation-Protected Index Fund. Vanguard Target Retirement 2015 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2013 and 2017. The trust following Vanguard funds: Total Stock Market Index Fund, Total Bond Market II Index Fund, Total International Bond Index Fund, Short-Term Inflation-Protected Securities Index Fund, and Total Vanguard Target Retirement 2020 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2018 and 2022. The trust Vanguard Target Retirement 2025 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2023 and 2027. The trust Vanguard Target Retirement 2030 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2028 and 2032. The trust Vanguard Target Retirement 2035 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2033 and 2037. The trust Vanguard Target Retirement 2040 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2038 and 2042. The trust May-10-2016 98984-01 - Investment Options at a Glance Page 4 of 7

The Vanguard Target Retire 2045 Trust II The Vanguard Target Retire 2050 Trust II The Vanguard Target Retire 2055 Trust II The Vanguard Target Retire 2060 Trust II The Vanguard Target Retire Incm Trust II Vanguard Target Retirement 2045 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2043 and 2047. The trust Vanguard Target Retirement 2050 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2048 and 2052. The trust Vanguard Target Retirement 2055 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2053 and 2057. The trust Vanguard Target Retirement 2060 Trust Plus uses an asset allocation strategy designed for investors planning to retire between 2058 and 2062. The trust Vanguard Target Retirement Income Trust Plus uses an asset allocation strategy designed for investors currently in retirement. The trust seeks to provide current income and some capital appreciation by investing in a mix of the following five Vanguard funds: Total Bond Market II Index Fund, Total Stock Market Index Fund, Total International Bond Index Fund, Short-Term Inflation-Protected Securities Index Fund, and Total International Artisan International Instl 5 Dodge & Cox International Stock 5 Vanguard Total Intl Stock Index Admiral 5 The investment seeks maximum long-term capital growth. The fund invests primarily in developed markets but also may invest up to 35% of the fund's total assets at market value at the time of purchase in emerging and less developed markets. Under normal market conditions, the fund is substantially fully invested in common stocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non-u.s. companies. The investment seeks long-term growth of principal and income. Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-u.s. companies, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-established companies based on standards of the applicable market. The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The index includes approximately 5,715 stocks of companies located in 45 countries. Small Cap Invesco Small Cap Growth R6 6 Vanguard Small Cap Index Instl 6 William Blair Small Cap Value I 6 The investment seeks long-term growth of capital. The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-capitalization issuers. It invests primarily in equity securities. The principal type of equity security in which the fund invests is common stock. The fund's managers consider an issuer to be a small-capitalization issuer if it has a market capitalization, at the time of purchase, no larger than the largest capitalized issuer included in the Russell 2000(R) Index. The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its total assets in equity securities of small capitalized ("small cap") companies. It invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments, of small cap domestic companies that the advisor believes offer a long- term investment value. For purposes of the fund, the advisor considers a company to be a small cap company if it has a market capitalization no larger than the largest capitalized company included in the Russell 2000(R) Value Index at the time of the fund's investment. May-10-2016 98984-01 - Investment Options at a Glance Page 5 of 7

Mid Cap RidgeWorth Mid-Cap Value Equity I 8 A M G TimesSquare Mid Cap Growth Instl 8 Vanguard Mid Cap Index Ins 8 The investment seeks to provide capital appreciation; current income is a secondary objective. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S.-traded equity securities of mid-capitalization companies. The subadvisor considers mid-capitalization companies to be companies with market capitalizations similar to those of companies in the Russell Midcap(R) Index. The investment seeks to achieve long-term capital appreciation. The fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common and preferred stocks of U.S. mid-capitalization companies. The subadvisor considers the term "mid-capitalization companies" to refer to companies that, at the time of purchase, are within the range of capitalizations of companies in the Russell Midcap(R) Growth Index. The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Large Cap BlackRock Equity Index - Collective F Fidelity Contrafund K Fidelity OTC K Invesco Growth and Income R6 T. Rowe Price Instl Large Cap Growth The Fund is an "index fund" that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of a particular index (its "Underlying Index"). The Fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC"). The Fund shall be invested and reinvested in a portfolio of equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of that segment of the United States market for publicly traded equity securities represented by the larger capitalized companies. The criterion for selection of investments shall be the S&P 500 Index. BTC uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many funds, the Fund does not try to outperform the index it seeks to track and does not seek temporary defensive positions when markets decline or appear overvalued. BTC uses a replication indexing strategy to manage the Fund. "Replication" is an indexing strategy in which the Fund generally invests in substantially all of the securities in its Underlying Index in approximately the same proportions as in the Underlying Index. When deemed appropriate by BTC and unless otherwise provided in the Fund's investment strategies, BTC may invest all or any portion of the Fund in one or more futures contracts, forward contracts or other similar assets for the purpose of acting as a temporary substitute for investment in securities. The Fund may invest through one or a series of collective investment trusts maintained and managed by BTC. In the event of a conflict between this summary description of the Fund's investment objective and principal investment strategies and the Trust Document under which the Fund was established, the Trust Document will govern. For more information related to the Fund, please see the Fund's Trust Document, Profile and most recent audited financial stateme The investment seeks capital appreciation. The fund normally invests primarily in common stocks. It invests in securities of companies whose value the advisor believes is not fully recognized by the public. The fund invests in domestic and foreign issuers. It invests in either "growth" stocks or "value" stocks or both. The fund uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions to select investments. The investment seeks capital appreciation. The fund invests primarily in common stocks. It normally invests at least 80% of assets in securities principally traded on NASDAQ or an over-the-counter (OTC) market, which has more small and medium-sized companies than other markets. The fund invests more than 25% of total assets in the technology sector. It invests in domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both. It is non-diversified. The investment seeks total return through growth of capital and current income. Under normal market conditions, the fund's investment adviser seeks to achieve the fund's investment objective by investing primarily in income-producing equity securities, which include common stocks and convertible securities. It may invest in securities of issuers of all capitalization sizes; however, a substantial number of the issuers in which the fund invests are large-capitalization issuers. The fund may invest up to 25% of its net assets in securities of foreign issuers, which may include depositary receipts. The investment seeks to provide long-term capital appreciation through investments in common stocks of growth companies. In taking a growth approach to stock selection, the fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of large-cap companies. The advisor defines a large-cap company as one whose market capitalization is larger than the median market capitalization of companies in the Russell 1000 Growth Index, a widely used benchmark of the largest U.S. growth stocks. The fund is non-diversified. Bond Loomis Sayles Core Plus Bond N 7 The investment seeks high total investment return through a combination of current income and capital appreciation. Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in bonds, which include debt securities of any maturity. In addition, it will invest at least 65% of its net assets in investment grade securities. The fund will generally seek to maintain an effective duration of +/- 2 years relative to the Barclays U.S. Aggregate Bond Index. May-10-2016 98984-01 - Investment Options at a Glance Page 6 of 7

Vanguard Total Bond Market Index Inst 7 The investment seeks the performance of a broad, market-weighted bond index. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds held in the index. Fixed County of Orange Stable Value Fund The County of Orange Stable Value Fund is designed to be a conservative investment option that seeks to provide safety of principal and a stable credited rate of return, while generating competitive returns over time compared to other comparable investments. Expense ratios provided are the Funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursement. 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. 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. For information related to investments in your Self-Directed Brokerage (SDB) account, contact TD Ameritrade at www.tdameritraderetirement.com or 1-866-766-4015. 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. 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) 766-4015. TD Ameritrade and GWFS Equities, Inc. are separate and unaffiliated. 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. 5 Foreign funds involve special risks, including currency fluctuations and political developments. 6 Equity securities of small-sized companies may be more volatile than securities of larger, more established companies. 7 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. 8 Equity securities of medium-sized companies may be more volatile than securities of larger, more established companies. May-10-2016 98984-01 - Investment Options at a Glance Page 7 of 7