Mutual of Omaha Retirement Services Open Architecture 2.0 In Conjunction with Callan Associates Inc. AFN46398

Popularity of Open Architecture  80% of 401(k) advisory firms offer open-arch platforms Benefits and Challenges Opportunities through due diligence

Build Your Own Bundle Alliance Bernstein PIMCO John Hancock Franklin Templeton MFS Stadion Morningstar T. Rowe Price Waddell & Reed Lord Abbett Goldman Sachs Vanguard Allianz Blackrock Wells Fargo Dodge & Cox Funds The Royce Funds Cohen & Steers Harbor Funds Causeway Funds Oppenheimer Funds SSGA Met West William Blair Funds

Time More work  Select  Monitor  Generate reports Risk Fiduciary Responsibility Technology

Access to wide variety funds/asset classes Allows for diversified risk Can lower fees through competition Allow for easy growth Ability to showcase value added process through fund selection

Mutual of Omaha Retirement Services Open Architecture 2.0 Consider a different approach  Select from vast universe of diverse funds  Extensive due diligence selection/monitoring  Fiduciary protection  Diversifies risk through established lineups  Save time & money

Callan Associates and Mutual of Omaha’s Investment Manager Oversight Committee (IMOC) Callan is third-party strategic asset consultant Formal search process with five basic steps: Establish search criteria Develop list of initial candidates Quantitative and Qualitative screening Perform peer review and select semi-finalists Conduct finalist presentations and select manager/fund

Utilizes multiple methods of due diligence collecting both qualitative and quantitative data Over 40 years in the investment industry Responsible for nearly $2 trillion in assets

Mutual of Omaha Retirement Services Open Architecture 2.0

Every search starts from scratch Backed by extensive due diligence/18 senior consultants Over 30 CFA charterholders Disciplined and consistent Utilizes peer review (Manager Search Committee) to ensure quality controlUtilizes peer review (Manager Search Committee) to ensure quality control Identification of managers and funds best fit for the investment program The Process The Outcome :

Global Manager Research By the Numbers Proprietary database and analytics Searches are client- driven, customized and disciplined Oversight committee for manager searches 22 Specialty Consultants 3 Support Analysts 9 CFA and/or CAIA charterholders 7 Masters degrees 703 Manager Searches completed over the last 5 years $150 bnAssets represented by these searches 1,110Average number of manager meetings per year 2300+Organizations tracked in proprietary database 6500+Unique products tracked in proprietary database 20,000+Individual investment vehicles tracked in proprietary database

Advantages of Working with Mutual of Omaha Retirement Services Open Architecture 2.0

Product level  Callan Associates Plan level  Mesirow Financial Participant level  Non-proprietary QDIA Continuum options

 ERISA Section 3(21) selection and monitoring co-fiduciary service  Full discretionary ERISA Section 3(38) Investment Manager service  Reviews all the funds and provides fiduciary coverage for funds on the Elite and Guideline lists  Provides ongoing fund monitoring and reporting Mesirow Financial Fiduciary Partnership Service A separate agreement is required for services from Mesirow. Additional fees apply.

Combines quantitative screens/qualitative analysis Mesirow Financial POLICE Report® –Performance –Organization –Legal –Investment Policy –Consistent Style –Expenses Quarterly marketing commentary and fund fact sheets

QDIA Options Four QDIA options (all non-proprietary): –Target Date Funds: Vanguard Target Retirement Funds GlidePath Retirement Series –Individually Managed Accounts: Stadion Money Management Morningstar ® Retirement Manager SM

Organized investment oversight for you Differentiates service model Scalable / repeatable Saves you time

Disclaimers and Important Information Investment options are offered through a group variable annuity contract (Forms 902-GAQC-09 or 902-GAQC- 09(CT) or 902-GAQC-09(OR)) underwritten by United of Omaha Life Insurance Company for contracts issued in all states except New York. United of Omaha Life Insurance Company, Omaha, NE is licensed nationwide except in New York. Companion Life Insurance Company, Hauppauge, NY is licensed in New York and underwrites the group variable annuity (Form 900-GAQC-07(NY)). Each company accepts full responsibility for each of their respective contractual obligations under the contract but does not guarantee any contributions or investment returns except as to the Guaranteed Account and the Lifetime Guaranteed Income Account as provided under the contract. Neither United of Omaha Life Insurance Company, Companion Life Insurance Company, nor their representatives or affiliates offers investment advice in connection with the contract. Specific features of the Lifetime Guaranteed Income Account (Rider Forms 651-GAQR-10 or 651-GAQR-10(CT) or 651-GAQR-10(OR)) vary by state. Restrictions apply. The Lifetime Guaranteed Income Account is not available in Nevada or New York. Group variable annuities are long-term investment vehicles designed to accumulate money on a tax-deferred basis for retirement purposes. Distributions may be subject to ordinary income tax and, if taken prior to age 59 ½, a 10 percent federal tax penalty may apply. Investing in a group variable annuity involves risk, including possible loss of principal. Investments in target date funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The principal value of the fund(s) is not guaranteed any time, including on or after the target date. For producer use only. Not to be used with any plan sponsor or participant

Disclaimers and Important Information Mesirow Financial is not affiliated with Mutual of Omaha and its affiliates. Mesirow Financial refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow Financial name and logo are registered service marks of Mesirow Financial Holdings, Inc. ©2014, Mesirow Financial Holdings, Inc. All rights reserved. Advisory services offered through Mesirow Financial Investment Management, Inc. an SEC Registered Investment Advisor. Callan Associates, Inc. is not affiliated with Mutual of Omaha and its affiliates. Stadion Money Management, LLC is not affiliated with Mutual of Omaha and its affiliates.

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