Retirement Plan Advisory Group (RPAG) - Live …

1 Retirement plan Advisory Group (RPAG)RPAG conducts comprehensive fund analysis using its Scorecard System , whose methodology incorporates both quantitative and qualitative factors into evaluating fund managers and their investment RPAG s Scorecard System, 10 out of 58 possible MassMutual Funds qualify as good (the RPAG Scoring System s highest score) funds for the quarter ended September 30, 2020 ( good applies to funds with scores of 9 or 10).FOR FINANCIAL PROFESSIONAL AND plan SPONSOR USE Funds RPAG Scores as of September 30, 2020* fund NameScoreSelect Total Return Bond Fund10 Select Mid-Cap Value Fund10 Premier Small Cap Opportunities fund 10 Select Small Cap Growth Equity Fund10MM Russell 2000 Small Cap Index Fund10 Premier Strategic Emerging Markets Fund10MM MSCI EAFE International Index Fund10MM S&P 500 Index Fund9 Premier Inflation-Protected and Income Fund9 Premier Global Fund9 Overview of RPAG s10-Point Investment Review Scorecard SystemRPAG s 10-point evaluation system scores each fund based on five years of analysis: 10 9 points: good; 8 7 points: acceptable; 6 5: watch list; and 4 0 points: poor.

2 80% of the score is quantitative and 20% is active and asset allocation strategies, the scorecard factors are weighted 30% to style, 30% to risk/return, 20% to peer Group rankings and 20% to qualitative factors (manager tenure, expense ratio relative to category average and strength of statistics). For passive strategies the scorecard factors are weighted 40% to style, 40% to peer Group rankings and 20% to qualitative factors (expense ratio relative to category average, strength of statistics).FOR FINANCIAL PROFESSIONAL AND plan SPONSOR USE active, asset allocation and passive strategies, other significant factors may be considered into a fund s qualitative further explanation of the Scorecard System, please refer to the Scorecard Tutorial, available from RPAG via your MassMutual Retirement Services professional. RPAG evaluates most of the mutual fund universe on a quarterly FINANCIAL PROFESSIONAL AND plan SPONSOR USE : Class I shares as of September 30, 2020* fund NameTickerGross/NetExpenseRatioCategory % RankAverage Annual Total Return1 year3 year5 year1 year3 year5 year10 year 1 (or since incept.)

3 Select Total Return Bond / Mid-Cap Value / Small Cap Opportunities / Small Cap Growth Equity / Russell 2000 Small Cap Index / Premier Strategic Emerging Markets / MSCI EAFE International Index / MM S&P 500 Index / Inflation-Protected and Income / Global / data given represents past performance and does not guarantee future results. Current performance may be lower or higher than return data quoted herein. For more current information, including month-end performance, please call 1-866-444-2601. The investment return and the principal value of an investment will fluctuate; so an investor s shares, when redeemed, may be worth more or less than their original cost. Investment portfolio statistics change over time. Returns shown do not reflect the impact of plan fees, which will reduce performance. Investment portfolio statistics change over time.

4 2020 Massachusetts Mutual Life Insurance Company (MassMutual ), Springfield, MA 01111-0001. All rights reserved. 1020 C:RS-34232-04 FOR FINANCIAL PROFESSIONAL AND plan SPONSOR USE should consider an investment option s objectives, risks, fees and expenses carefully before investing. This and other information about the investment option can be found in the applicable prospectuses or summary prospectuses, if any and available, or fact sheets for the investment options listed, which are available from MassMutual by visiting Please read them carefully before offers both registered plans and Group annuity contracts. The structure of the investments in MassMutual Retirement plans may vary depending upon the type of plan chosen. In Group annuity contract Retirement plans, the plan will purchase units of separate investment accounts, which in turn will purchase shares of corresponding mutual funds or other similar investments.

5 Some plans invest directly in mutual funds or other similar investments. * RPAG scores are shown are for Class I shares for all funds except for the MassMutual Select Target Allocation Funds and MassMutual RetireSMART by JPMorgan Target Date Funds, which show ratings for Class SVC shares; ratings may vary for other share classes. Retirement plan Advisory Group ( RPAG ) developed and owns the Scorecard System represented in this document and has granted MassMutual permission for its use. MassMutual makes no claims pertaining to the data contained Pre-Inception Returns The pre-inception performance of Class I for the periods prior to its inception date and is based on the performance of an older share class, Class R5, using the expenses and fees of Class R5 shares. If the expenses of the newer share class was used rather than the expenses of the old share class (due to lower expenses of the new share class), it would have resulted in better figures do not reflect the impact of any plan -level or separate-account fees or sales charges (if applicable), which will reduce pertaining to MM RetireSMART by JPMorgan Target Date Series Average fund and the MassMutual Select Target Allocation Funds uses an average of the scores for all Funds in the Series for each figure each investment with at least a three-year history, Morningstar calculates a Morningstar Rating based on how an investment ranks on a Morningstar Risk-Adjusted Return measure against other investments in the category.

6 This measure takes into account variations in an investment s monthly performance after adjusting for sales loads (except for load-waived A shares), redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar percentile ranking is based on the fund s total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.

7 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Funds whose net expense ratios are less than their gross expense ratios reflect a written agreement by MML Investment Advisers, LLC, the Funds investment adviser, to cap fees and expenses (other than in extraordinary circumstances) at the net expense level through January 31, Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC ( and ) MMLD is a subsidiary of Massachusetts Mutual Life Insurance Company, 100 Bright Meadow Blvd., Enfield, CT 06082. Investment Advisory services provided to the Funds by MML Investment Advisers, LLC.