Quick Guide STATE STREET TARGET RETIREMENT FUNDS

Quick Guide

STATE STREET TARGET RETIREMENT FUNDS

Since 2005, State Street Global Advisors (SSGA) has brought a disciplined approach to the design and management of its suite of Target Retirement Funds. The Funds have been road-tested across multiple market cycles to help meet the objectives of a broad range of participants. Here are four key facts to keep in mind when speaking to your clients about the State Street Target Retirement Funds.

Mix of Funds

1 Strategic Passive Investment Approach

The State Street Target Retirement Funds are:

? Constructed using 11 underlying SSGA index funds, which are cost efficient and style neutral

? Reviewed annually to evaluate the efficacy of the glide path and the management of four key risks faced by participants: accumulation, inflation, longevity and volatility

2 Fully-Diversified Underlying Fund Lineup

SSGA employs a modular approach to asset allocation to help:

? Manage risks at the top level (stocks versus bonds) and within the sub-asset classes (within stocks and within bonds)

? Provide broad exposure to equity, fixed income, and inflation hedging asset classes

EQUITY

ASSET CLASSES US Large Cap

US Mid Cap

US Small Cap

International Developed

Emerging Markets

International Small Cap

INFLATION

REITS

MANAGEMENT

Commodities

Intermediate/ ST TIPs

FIXED INCOME

TIPS

US High Yield Long Government Core Aggregate

Cash or ST Gov't/Credit

Foreign

SSGA S&P 500? Index Russell Small Cap Completeness? Index

MSCI? ACWI? ex. US IMI IndexSM

MANAGER A

CRSP US Total Market Index

MANAGER B Russell 1000 Russell 2000

FTSE Global All-Cap ex. US Index

MSCI? ACWI? ex. US IMI IndexSM

MANAGER C

Dow Jones US Total Stock Market Index

MSCI? ACWI? ex. US IndexSM

FTSE EPRA/NAREIT Developed Liquid Index

Bloomberg? Roll Select Commodity IndexSM

Bloomberg Barclays? 1?10 Yr Gov't Inflation-linked Bond Index

Bloomberg Barclays? US TIPS Index

Bloomberg Barclays? US HY Very Liquid Bond Index

Bloomberg Barclays? US Long Gov't Bond Index

Bloomberg Barclays? US Agg Bond Index

Bloomberg Barclays? US 1?3 Gov't/Credit Bond Index

Bloomberg Barclays? 0-5 Yr US TIPs Index

FTSE EPRA/NAREIT Developed Index Bloomberg? Commodity IndexSM

Bloomberg Barclays? US TIPs Index

Bloomberg Barclays? Bloomberg Barclays? US US Agg Float-Adj. Index Agg Bond Index

Bloomberg Barclays? Global Agg ex. USD Float-Adj. RIC Capped Index

Blomberg? Commodity IndexSM Total Return Bloomberg Barclays? 1-10 Yr US TIPs Index

Bloomberg Barclays? US Agg Bond Index Bloomberg Barclays? 3-Month Treasury BellWeather Index

Benchmark Index shown for each asset class represented.

Source: SSGA Defined Contribution, March 31, 2018. SSGA's benchmark allocations represent those of the State Street Target Retirement Collective trust Series. Competitor info sourced from fact sheets and/or prospectus. The information contained above is for illustrative purposes only. Diversification does not ensure a profit or guarantee against loss. Please refer to the disclosures on page 4 for additional risk information.

Glossary

Accumulation The period of time when an investor builds up the value of their investment through savings.

Glide Path The change of asset allocation (the mix of stocks and bonds) within a Target Retirement Fund as you approach retirement.

Inflation The rate of increase in the price of goods and services, which reduces an individual's ability to buy things at a specific price over time.

Longevity Risk The risk to which a pension fund or life insurance company could be exposed as a result of higher-than-expected payout ratios. Volatility A measure of the ups and downs in performance for a given security or market index. In general, riskier securities tend to have higher volatility.

State Street Global Advisors 2

Glide Path Management

3 Graduated Glide Path

Graduated approach to managing risk within the glide path seeks to:

? Emphasize the need for long term saving for youngest participants who are furthest from retirement and properly managing accumulated assets for preretirees/retirees through more rapid de-risking

? Align our policy of risk reduction to appropriately adjust to changes in both a participant's age and their capacity for risk as they approach retirement

4 "Through" Glide Path

The State Street Target Retirement Funds continue to de-risk for a 5-year period after reaching their target dates at age 65 because:

? Academic research shows that the majority of participants do not make withdrawals from their personal retirement accounts until age 70.5 (when minimum distributions are required)1

? SSGA considers risk at the total portfolio level with a specific focus on balancing capital preservation and longevity risk (i.e. the risk of outliving one's assets)

Graduated slope more consistent with non-linear relationship between age and risk capacity

% Allocation

30 Years From Retirement

100%

Long US Government Bonds

help balance equity risk

90

Exposure across a range of fixed income sectors helps to provide greater diversification and optimizes key risk protection

80 Commodities allocation

to help improve inflation

70

management and

enhance diversification

60

REIT allocation helps balance inflation-adjusted

50

Overweight to small and mid US equities relative

liabilities of pre-retirees and retirees

to capitalization weights

40

(seek growth)

30

5 Years After Retirement Income Strategy

"Through" glide path rolls 5 years past retirement

LINEAR GLIDE PATH

GRADUATED GLIDE PATH

20

Underweight to small and

mid cap US equities relative

10

to capitalization weights (seeks to preserve wealth)

45

40

35

EQUITY

US Large CapEquities US Small/Mid Cap Equities International (ACWI-ex US IMI)

30

25

20

15

Years To Retirement

INFLATION MANAGEMENT

Real Estate (REITs) Intermediate TIPS

Commodities

TIPS

10

5

0

-5

-10

Years After Retirement

FIXED INCOME High Yield Bonds Long-Term Government Bonds

Bloomberg Barclays Aggregate Bond Index 1-3 Gov't/Credit Bonds

Source: SSGA as of March 31, 2018. Target date retirement funds are helping plan participants build diversified, time-appropriate retirement portfolios. But remember that not all target date funds are alike. State Street Target Retirement Funds are designed to be well-diversified with low-cost index strategies and managed over time to help match fund characteristics with the needs of investors from employment through retirement.

1 National Bureau Economic Research paper "The Drawdown of Personal Retirement Assets," by James Poterba, Steven Venti, and David Wise, 2011.

Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

State Street Global Advisors 3

 | dcadvisor

State Street Global Advisors 1 Iron Street, Boston, MA 02211. T: +1 617 786 3000.

Investing involves risk including the risk of loss of principal.

Diversification does not ensure a profit or guarantee against loss.

The S&P 500? is comprised of approximately 500 leading companies in leading industries of the U.S. market with approximately 75% coverage of the U.S. stock market capitalization.

The Russell Small Cap Completeness? Index measures the performance of the Russell 3000? Index companies excluding S&P 500? constituents. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. The Russell Small Cap Completeness? Index and Russell 3000? Index are trademarks of Russell Investment Group.

MSCI ACWI ex-US Index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets outside of the United States. The Index covers approximately 85% of the global equity investment opportunity set outside the US.

The FTSE EPRA/NAREIT Developed Liquid Real Estate Securities Index is a float-adjusted market-cap-weighted Index designed to track the performance of eligible listed real estate in the Developed markets. The Index includes Real Estate Operating Companies and REITs that derive at least 75% of their income from relevant real estate activities. Relevant real estate activities are defined as ownership, trading and development of income-producing real estate. The index is screened for liquidity and provides geographic and property sector diversification. The index is priced daily, rebalanced, and reconstituted quarterly at the close of business on the third Friday of March, June, September and December.

BLOOMBERG?, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS?, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the Bloomberg/Barclay's Indices.

The Bloomberg? Roll Select Commodity Index (BCOMRS or "Roll Select") is a dynamic version of the Bloomberg Commodity Index ("BCOM") that aims to mitigate the effects of contango market structure on index performance.

Bloomberg Barclays? U.S. Treasury Inflation Protected Securities (TIPS) Index is limited to U.S. Treasury Inflation Protected Securities (TIPS). The coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the consumer price index (CPI). The maturities of the bonds in the index are more than one year.

The Bloomberg Barclays? 1-10 Year Government Inflation-linked Bond Index is designed to measure the performance of the inflation protected public obligations of the U.S. Treasury commonly known as "TIPS" that have a remaining maturity greater than or equal to 1 year and less than 10 years. TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. The Barclays 1-10 Year Government Inflation-linked Bond Index includes publicly issued, TIPS that have at least 1 year remaining to maturity and less than 10 years on index rebalancing date, with an issue size equal to or in excess of $500 million. Bonds must be capital-indexed and linked to a domestic inflation index. The securities must be issued by the US Government and must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars.

The Bloomberg Barclays? U.S. High Yield Very Liquid Bond Index includes all publicly issued, fixed rate, non-convertible, non-investment grade, U.S. dollar denominated, SEC registered corporate debt. Each issue must have $600 million or more of outstanding face value and only the largest issue of each issuer with a maximum age of three years can be included in the Index.

The Bloomberg Barclays? U.S. Long Government Bond Index consists of U.S. Treasury and native currency U.S. Agency securities with maturities greater than ten years.

The Blooomberg Barclays U.S. Aggregate Index represents the securities of the US dollar denominated investment grade bond market.

The Bloomberg Barclays? U.S. 1-3 Year Government/Credit Bond Index includes all public obligations of the U.S Treasury and all publicly issued debt of the U.S. Government agencies and quasi-federal corporations with maturities ranging from 1 to 3 years. It also includes all publicly issued, fixed rate, non-convertible, investment grade, U.S. dollar denominated, SEC registered corporate debt with maturities ranging from 1 to 3 years.

The State Street Target Retirement Funds are designed for investors expecting to retire around the year indicated in each fund's name. When choosing a fund, investors should consider whether they anticipate retiring significantly earlier or later than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations relevant

to fund selection and investors should select the fund that best meets their individual circumstances and investment goals. The funds' asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. The investment risks of each fund change over time as its asset allocation changes.

Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investing in high yield fixed income securities, otherwise known as junk bonds, is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns.

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

Investing in commodities entails significant risk and may not be appropriate for all investors as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates.

Investing in REITs involves certain distinct risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended. REITs are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs, especially mortgage REITs, are also subject to interest rate risk (i.e., as interest rates rise, the value of the REIT may decline).

Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the value of the security may not rise as much as companies with smaller market capitalizations. Investments in small/midsized companies may involve greater risks than in those of larger, better known companies.

Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations.

Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries.

Assumptions and forecasts used by SSGA in developing the Portfolio's asset allocation glide path may not be in line with future capital market returns and participant savings activities, which could result in losses near, at or after the target date year or could result in the Portfolio not providing adequate income at and through retirement.

The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account an investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent.

? 2018 State Street Corporation. All Rights Reserved. 2138206.1.1.NA.RTL 0518 Exp. Date: 06/30/2019

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