6/30/18 - docs.retirementpartner.com

1 Portfolio OverviewRetirement Strategy Funds are diversified asset allocation portfoliosdesigned for people who want to leave ongoing investment deci-sions to an experienced portfolio management you haveto do is pick the Retirement Strategy Fund with the date closest toyour expected target date for retirement (2055, 2050, 2045, 2040,2035,etc).The management team adjusts the asset mix of your Retire-ment Strategy Fund over time to the allocation it deems appropri-ate for your you are far from your target date for retirement, most of theassets are invested in globally diversified equity portfolios. As youget closer to the target date for retirement, and continuing for 15years beyond your target date for retirement,the management teamgradually adjusts your Retirement Strategy Fund to a more conser-vative asset means fewer stocks and more bonds and short-term investments that can help generate income and protect yoursavings in the highest total return over time consistent with the Retire-ment Strategy Fund s asset mixInvestment Strategy A diversified portfolio of equities and bonds built for investors whoanticipate retiring around 2025.

2 Typically those born between 1958and 1962 investment mix becomes progressively more conservative over timeas the Retirement Strategy Fund approaches and passes throughits target date for retirementPrimary Investments Equity holdings are diversified across investment styles, companysizes and geographic regions,as well as global real estate investmenttrusts (REITs) Targets an equity mix of 50% securities and 50% The fixed-income portion of the Retirement Strategy Fund investsprimarily in investment -grade bonds,but also includes high yieldbonds Invests up to 10% of the Retirement Strategy Fund s total assetsin global REITs,which may provide attractive income combinedwith an historically low correlation to other asset classesManager SummaryThe Retirement Strategy Funds are provided by the WashingtonState investment Board (WSIB)

3 And managed by under contract to the designs and implements the asset allocation andactively manages the glidepath as well as the Short-Term Bond,HighYield Bond,Global REIT,and and Mid Cap Stock invest-ment components. BlackRock InstitutionalTrust Company (BTC)passively manages the Large Cap Stock and Global Stock s internal fixed income staff activelymanages the Intermediate-Term Bond component and manages theInflation-Protected Securities Construction as of 12/31/18*Asset ClassActual % of Large Cap Small/Mid Cap Growth Small/Mid Cap Value excluding Real Estate InvestmentsGlobal Real Estate investment Trusts (REITs) Protected *Actual allocations will change over time.

4 Column may not sum due to Become More Conservative Over TimeRetirementYears AfterYears Before RetirementShort-Term BondsIntermediate-Term BondsInflation Protected SecuritiesHigh Yield BondsGlobal REITs50 45 40 35 30 25 20 15 10 5 0 5 10 15 Large Cap Small/Mid Cap Stocks(50% Value, 50% Growth) Global excluding StocksAsset Allocation (%)Today4Q12/31/182025 Retirement StrategyRETIREMENT STRATEGY FUNDSA nnualized Performance as of 12/31/18* Year 3 Years 5 YearsSinceInception2025 Retirement Strategy Fund Composite Benchmark Fund InformationInception Date10/3/08 Portfolio Turnover Rate (as of 12/31/17)2%Fund Management Fee *Please note the portfolio s inception date is 10/3/08.

5 The returns are presented net of the Fund Management Fee. Periods of less than one year represent cumulative returns. The Fund Management Fee includes the most current expenses for the funds and may change. The Fund Management Fee does not include the Plan 3 record keeping fee of and the WSIB Expenses , or the DCP/JRA Administrative fee of Additional fee data is available Return NotesThe benchmark for a Retirement Strategy Fund is a customized benchmark that has the same target asset allocation as the Fund and uses index returns to representperformance of the asset benchmark returns were calculated by weighting the monthly index returns of each asset class by the Fund s monthly target allo-cation for each asset class.

6 Target allocations adjust quarterly in accordance with the Retirement Strategy Fund s standard glide path. The S&P 500 Index was used torepresent the allocation to Large Cap Stocks, Russell 2500 Value to represent the allocation to Small/Mid Cap Value Stocks, Russell 2500 Growth to representthe allocation to Small/Mid Cap Growth Stocks, MSCI EAFE (inception through 9/30/13) and MSCI ACWI ex-USA IMI (thereafter) to represent Global excluding , FTSE EPRA/NAREIT Developed to represent Global REITs, Bloomberg Barclays Intermediate Credit to represent Intermediate-Term Bonds,Bloomberg BarclaysHigh Yield (2% Constrained) to represent High Yield Bonds, Bloomberg Barclays to represent Inflation Protected Securities, and Intercontinental Exchange BofAMerrill Lynch 1-3 Year Treasury to represent Short-Term , trademarks and service marks belong to their respective owners.

7 AllianceBernstein provided the information on its custom Word About RiskBefore investing for retirement, there are many factors to consider, including your time horizon, retirement needs, goals and assets (income and investments outside ofthose in your employer-sponsored retirement plan). You should view the Retirement Strategy Funds as one part of your entire plan for retirement Retirement Strategy Funds underlying investments include international companies, which involve such risks as currency fluctuations, economic instability andpolitical developments. The portfolios also invest some of their assets in small and midsize companies. Such investments increase the risk of greater price addition, the portfolios have a portion of their assets in bonds.

8 Investments in bonds are subject to interest-rate risk, credit risk and inflationrisk. As with all invest-ments, there is a risk of not meeting your retirement income needs. Because the Retirement Strategy Funds are managed to specific retirement dates, you may be tak-ing on greater risk if your actual year of retirement differs dramatically from what you performance does not guarantee future should consider the investment objectives, risks, charges and expenses of the Retirement Strategy Fundscarefully before investing. The Retirement Strategy Funds are a customized product, not a registered investment company, and interests in the fundshave notbeen registered with the Securities Exchange Commission.

9 Therefore, there is no prospectus for these funds. The funds are only available in the Deferred Com-pensation Program and Plan