0. Introducing flexPATH Strategies
Target Date Funds 3.0
Introducing flexPATH Strategies

1. flexPATH vs. Vanguard Target Retirement
Average Scores
Vanguard
flexPATH Index
9.0
9.4
3(38) Investment Manager with IPS
Vanguard
flexPATH No
Yes
Number of Asset Classes
Vanguard
flexPATH 4 7
Average Cost
Vanguard
flexPATH Index
0.17%
0.22%

2. flexPATH Index Underlying Scores
Asset Class
Fund
Score
US Large Cap Equity
BlackRock Index Equity 10
US Small Cap Equity
BlackRock Extended Equity Market 8
International Equity
BlackRock MSCI ACWI ex-U.S. IMI Index
US Fixed Income
BlackRock US Debt Index
Commodities
BlackRock Commodity Index Daily
REIT
BlackRock Developed Real Estate Index 9
TIPS
BlackRock U.S. TIPS Index

3. flexPATH Index+ Underlying Scores
Asset Class
Fund
Score
US Large Cap Equity
BlackRock Russell 1000 Index 10
JPMorgan Disciplined Equity R6
American Beacon Bridgeway Lg Cp Val Inst
T. Rowe Price Instl Large Cap Growth 9
US Small Cap Equity
BlackRock Russell 2000 Index
Principal Small Cap Value
Hartford Small Cap Growth
DFA US Micro Cap 8
International Equity
BlackRock MSCI ACWI ex-U.S. IMI Index
BMO Pryford International Stock
Artisan International
Oakmark International
Goldman Sachs Int‘l Small Cap
Fidelity International Small Cap
US Fixed Income
BlackRock US Debt Index
Janus Flexible Bond
Prudential Total Return Bond
Neuberger Berman Strategic Income
Commodities
BlackRock Commodity Index Daily
DWS Enhanced Commodities
REIT
BlackRock Global Developed Real Estate Index
Principal Developed Real Estate Index
TIPS
BlackRock U.S. TIPS Index

4. Vanguard Underlying Scores
Asset Class
Fund
Score
US Large Cap Equity
Vanguard Total Stock Mkt Index Inv 10
International Equity
Vanguard Total Intl Stock Index Inv 7
US Fixed Income
Vanguard Total Bond Market II Idx Inv
Global Fixed Income
Vanguard Total Intl Bd Idx Investor -
(Scores are based off the 3/31/15 RPAG Scorecard System Scores. No Score indicated that the asset class is not scored in the Scorecard System) 4

5. Vanguard Target Retirement vs. flexPATH – Underlying Fund Scores
flexPATH Index
flexPATH Index+
Average Fund Score
9.0
9.3
9.4
# of Money Managers 1 16
# Scoring Watchlist (0-6)

6. Vanguard Target Retirement vs. flexPATH – Fees
flexPATH Index
flexPATH Index+
Average Expense Ratio
0.17%
0.22%
0.50%

7. Vanguard Target Retirement vs. flexPATH – Glidepath Data
Product Name
TDF Design
Equity (Approx.)
Roll Down
Exposure at Age 65
Investment Type
Starting Eq
Ending Eq
Begin
End
flexPATH Conservative
Conservative
99%
30% 25 65
Open-architecture
flexPATH Moderate
Moderate
40% 30
flexPATH Aggressive
Aggressive
50% 35
Vanguard Target Retirement
90% 40 73
Proprietary, no 3(38)

8. Vanguard Target Retirement vs. flexPATH – Glidepath Graphic

9. Disclosures
An investor should carefully consider the investment objectives, risks, charges and expenses carefully before investing.