Ohio DC Stable Value Option - Deferred Compensation

1 Release Date: 06-30-2022 Ohio DC Stable Value CategoryICE BofAML 3-Month US T-Bill+ ValueInvestment InformationInvestment Objective & StrategyThis Option seeks to preserve principal Value and provide a relatively Stable rate of return comparable to intermediate fixed-income yields over two to five Option invests in a diversified portfolio of Stable Value contracts issued by banks, insurance companies, and other financial institutions, and a variety of fixed income instruments including Government and agency securities, mortgage-backed securities, asset-backed securities, and corporate earn the average return received under all contracts in effect at that time. The Option maintains an allocation to cash equivalent investments to help meet daily liquidity requirements.

2 The Option 's return is affected by the general level of interest rates, performance of its fixed income instruments, as well as cash flows, including those from participant contributions, withdrawals, and transfers into and out of the and Expenses as of 06-30-22 Net Annual Operating Expense Annual Operating Expense per $1000$ Date01-01-94 Fund Investment ManagerGSAM Stable Value LLCM arket-to-Book Fund Assets ($mil)5, as of 06-30-22% AssetsGoldman Sachs Trust Company, & Morgan Asset Asset Street Global & Description: Stable ValueStable Value funds seek to provide income while preventingprice fluctuations. The most common Stable Value fundsinvest in a diversified portfolio of bonds and enter intowrapper agreements with financial companies to guaranteeagainst fluctuations in their share prices.

3 The safety of thesefunds therefore depends on both the fund s investments aswell as the financial strength of the insurance companies andbanks that back the wrapper AnalysisLowModerateHighInvestmentCategor yIn the past, this investment has shown a relatively smallrange of price fluctuations relative to other on this measure, currently more than two-thirds of allinvestments have shown higher levels of risk. Consequently,this investment may appeal to investors looking for aconservative investment AnalysisStable Value Sectors% Fixed Income Style Box as of 06-30-22 HighMedLowCredit QualityLtd Mod ExtDurationAvg Eff Credit QualityARisksThis Option seeks to preserve principal and provide acompetitive rate of return.

4 However, as with all investments,the Option involves certain risks including inflation risk andcredit risk. Inflation risk is the possibility that dollars investedin the Option will not maintain the same purchasing power inthe future. Credit risk is the possibility that a bond issuer orstable Value contract provider may be unable to makeprincipal, interest, or other payments on time, or at all. Theability for the Option to make book Value payments is alsosubject to the availability and terms of the Option s stablevalue InformationThe investment managers seek to mitigate risk by investing inhigh credit quality instruments and by managing the Option sexposure to specific issuers. However, the Option is notimmune from conditions in the financial markets and principalstability could be affected if issuing entities experiencefinancial difficulties.

5 Stable Value contracts are designed to permitparticipant withdrawals, relating to activities such asinvestment Option transfers and withdrawals in accordancewith Ohio DC rules, to occur at book Value . However,withdrawals from Stable Value contracts that result from anevent or condition outside the normal operation of Ohio DC,such as Ohio DC investment Option changes or significantlayoffs, may be paid at market Value , which could be lessthan book Value depending on the performance of theOption's wrapped assets. Stable Value contracts held in the Option areguaranteed only by the issuer of the contract. Wrap contractsare a type of Stable Value contract issued by insurancecompanies and banks, that are associated with designatedfixed income portfolios of the Option , to provide assurance ofprincipal and accumulated interest.

6 Units in the Option arenot backed by the investment managers or Ohio DC. TheOption is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government this Option seeks to preserve the Value of yourinvestment, it is possible to lose money by investing in Value Contract Issuers as of 06-30-22 Moody'sS&PMetropolitan Tower LifeAa3AA-PrudentialAa3AA-RGA ReinsuranceA1AA-Royal Bank of CanadaAa1AA- transamerica PremierA1A+Credit Analysis: % Bonds as of Might Want to Invest? Someone looking for a relatively conservative investment Someone who is looking for relatively Stable income andseeks to preserve principal Value Someone who anticipates using a portion of his or herretirement savings in the next five yearsNotesThe Investment Profile is authorized for Ohio DeferredCompensation Program participant use only, and it issupplemented by the Disclosure Statement and Explanationof Terms, a current plan performance summary, and aprospectus, if applicable.

7 These can be obtained and should be read carefully before investing orsending Investment Performance Reportcontaining performance results is available at ratings reflect the reduction of the fund'sexpense ratio. However, Ohio DC charges an administrativefee, which is not reflected in this rating. NOT A DEPOSIT NOT FDIC INSURED NOT INSURED BYANY FEDERAL GOVERNMENT AGENCY NOTGUARANTEED BY THE INSTITUTION MAY GO DOWN INVALUE (NRF-0861OH-OH) 2022 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstarand/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.

8 Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investmentwebsite at Page 1 of 2 Release Date: 06-30-2022 Ohio DC Stable Value TermsDuration: For Stable Value funds, this is comparable toweighted average maturity and is a measure of the Option ssensitivity to changes in interest rates. For market valuesecurities, duration is a measure of the price sensitivity of aninvestment to changes in interest rates, expressed in Account: The Option is a separate accountspecifically designed and managed for Ohio DC Stable Value contracts in the Option are negotiated toaccommodate the deposit and withdrawal needs of Ohio DCparticipants investing in the Value : For a Stable Value investment, book Value maybe defined generally as the Value of deposits, plusaccumulated interest, minus withdrawals.

9 Unlike marketvalue, book Value is not subject to fluctuations as a result ofdaily market Ratio: This is the ratio of the market Value ofassets of the Option to the book Value of the Option . Thevalue of the Option s wrap contracts is reported by Ohio DCon a book Value basis, while the market Value of the assetsunderlying the contracts will vary with market factors such aschanges in interest rates and credit conditions. Differencesbetween the market Value of the assets underlying the wrapcontracts and the book Value of the contracts are amortizedthrough resets to the book Value crediting rate of the DefinitionsABS (Asset-Backed Securities): Debt collateralized by thecash flows from a specified pool of underlying assets, such ascommon receivables like credit card payments, home equity,or auto Equivalents: Includes cash and securities whoseduration is typically less than one (Commercial Mortgage-Backed Securities): Debtbacked by pools of mortgage payments on commercial realestate : Debt issued by (Guaranteed Investment Contracts).

10 A type of stablevalue contract issued by insurance companies and backed bythe insurance company s general Related: Debt issued by government relatedentities such as agencies (for example, Fannie Mae orFreddie Mac), local authorities such as state, city, or otherlocal governments or their agencies sovereigns, orsupranational (Mortgage-Backed Securities): Debt backed by a poolof residential mortgage payments that are issued by Agencies (for example, Fannie Mae or Freddie Mac) orby other non-Agency entities such as Treasury: Debt issued by the Exposure: Indicates the net difference between bookvalue and market Value wrap contracts or the effectivepotential credit exposure of the Option to the wrap instance, a negative wrap exposure denotes that marketvalue exceeds the book Value of the wrap contracts, meaningthe plan has no exposure to the wrap contract issuers.