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CollegeBound Saver and CollegeBound 529 Program Review May 24, 2017 Program Review Summary of Findings and Recommendations A comprehensive, independent investment review of CollegeBound Saver (Direct) and CollegeBound 529 (Advisor)

  1. CollegeBound Saver and CollegeBound 529 Program Review May 24, 2017

  2. Program Review Summary of Findings and Recommendations A comprehensive, independent investment review of CollegeBound Saver (Direct) and CollegeBound 529 (Advisor) has been completed, evaluating the Plans relative to industry trends, best practices and peers. Investment Menus  The Plans’ robust investment lineups, including Age-Based, Target Risk and Individual Portfolios, meet best practices. Capital Cities recommends consideration be given to renaming the “Invesco Global Sustainable  Equity Portfolio” to “Global Sustainable Equity Portfolio” and enhancing the Domestic Equity component of the Age-Based Portfolios within CollegeBound Saver.  No changes are currently recommended to CollegeBound 529. ManagerDueDiligence All of the Investment Portfolios offered within the Plans are in good to excellent standing from  both a qualitative and quantitative perspective. Fees The Plans’ fees are low relative to peers, making them attractive solutions for Account Owners  and Advisors. Investment PolicyStatement  A review of the Plans’ custom Investment Policy Statement (IPS) has been conducted. No amendments are recommended at this time, as the IPS is up-to-date and reflects industry best practices. INSTITUTIONAL INVESTING MADE PERSONAL 2

  3. 3 Investment Menu Review INSTITUTIONAL INVESTING MADE PERSONAL

  4. Investment Menu Confirming Each Plan’s Investment Menu Are the investment menus:  Providing an investment solution for each type of Account Owner and Advisor?  Offering the optimal number of Portfolios that provides sufficient diversification opportunity while minimizing Account Owner confusion?  Appropriate in light of the current industry trends and regulations?  Meeting the Rhode Island State Investment Commission’s (SIC) unique objectives and preferences? INSTITUTIONAL INVESTING MADE PERSONAL 4

  5. CollegeBound Saver Plan (Direct Plan) Investment Menu Overview Individual Portfolios Target Risk Portfolios Age-Based Portfolios (29% of Plan assets) (12% of Plan assets) (59% of Plan assets) Capital Preservation: Stable Value Portfolio Conservative Growth Portfolio CollegeBound Today Portfolio (Invesco Custom Stable Value Separate Account) (Vanguard LifeStrategy Conservative Growth) Moderate Growth Portfolio CollegeBound 2017-2018 Portfolio (Vanguard LifeStrategy Moderate Growth) Fixed Income: Inflation-Protected Portfolio Growth Portfolio CollegeBound 2019-2020 Portfolio (Vanguard Short-Term Infl Protected Securities Index) (Vanguard LifeStrategy Growth) Bond Portfolio CollegeBound 2021-2022 Portfolio (Vanguard Total Bond Market Index) CollegeBound 2023-2024 Portfolio Equity: U.S. Stock Portfolio CollegeBound 2025-2026 Portfolio (Vanguard Total Stock Market Index) Equally-Weighted S&P 500 Portfolio CollegeBound 2027-2028 Portfolio (Invesco Equally-Weighted S&P 500) Invesco Global Sustainable Equity Portfolio CollegeBound 2029-2030 Portfolio (Invesco Global Sustainable Equity) International Stock Portfolio CollegeBound 2031-2032 Portfolio (Vanguard Total International Stock Index) U.S. Small-Mid Cap Portfolio CollegeBound 2033-2034 Portfolio (Vanguard Extended Market Index) CollegeBound 2035-2036 Portfolio The Plan totals $218 million in assets and over 13,000 accounts. INSTITUTIONAL INVESTING MADE PERSONAL 5

  6. CollegeBound 529 Plan (Advisor Plan) Investment Menu Overview Individual Portfolios Target Risk Portfolios Age-Based Portfolios (16% of Plan assets) (20% of Plan assets) (64% of Plan assets) Capital Preservation: Invesco Stable Value Portfolio Invesco Growth College Portfolio Invesco CollegeBound Today Portfolio Invesco Moderate College Portfolio Invesco CollegeBound 2017-2018 Portfolio Fixed Income: Invesco Short Duration Inflation-Protected Portfolio Invesco Conservative College Portfolio Invesco CollegeBound 2019-2020 Portfolio Invesco Core Plus Bond Portfolio Invesco CollegeBound 2021-2022 Portfolio Invesco CollegeBound 2023-2024 Portfolio Balanced: Invesco Equity and Income Portfolio Invesco CollegeBound 2025-2026 Portfolio Invesco CollegeBound 2027-2028 Portfolio Equity: Invesco Equally Weighted S&P 500 Portfolio Invesco CollegeBound 2029-2030 Portfolio Invesco Diversified Dividend Portfolio Invesco CollegeBound 2031-2032 Portfolio Invesco Global Sustainable Equity Portfolio Invesco CollegeBound 2033-2034 Portfolio PowerShares FTSE RAFI Developed Markets ex-US Invesco CollegeBound 2035-2036 Portfolio Portfolio Invesco International Growth Portfolio PowerShares FTSE RAFI US 1500 SM-Mid Portfolio Invesco Small Cap Growth Portfolio The Plan totals $6.2 billion in assets and nearly 244,000 accounts. INSTITUTIONAL INVESTING MADE PERSONAL 6

  7. CollegeBound Saver’s Individual Portfolios Individual Portfolios’ Menu Asset Class Basic Building Blocks CollegeBound Saver Coverage Stable Value Portfolio Capital Preservation  (Invesco Custom Stable Value Separate Bond Portfolio Fixed Income  (Vanguard Total Bond Market Index) U.S. Stock Portfolio U.S. Equity  (Vanguard Total Stock Market Index) International Stock Portfolio International Equity  (Vanguard Total International Stock Index) Specialty Styles: Inflation-Protected Portfolio Inflation-Protected Index  (Vanguard Short-Term Infl Protected Securities Equally-Weighted S&P 500 Portfolio Not Equally-Weighted S&P 500 Equity (Invesco Equally-Weighted S&P 500) Required Invesco Global Sustainable Equity Portfolio Not Socially Responsible Equity (Invesco Global Sustainable Equity) Required U.S. Small-Mid Cap Portfolio Not Small/Mid Cap Equity Index (Vanguard Extended Market Index) Required INSTITUTIONAL INVESTING MADE PERSONAL 7

  8. CollegeBound Saver’s Individual Portfolios Individual Portfolios’ Menu Asset Class Basic Building Blocks CollegeBound Saver Coverage Stable Value Portfolio Capital Preservation  (Invesco Custom Stable Value Separate Bond Portfolio Fixed Income  (Vanguard Total Bond Market Index) U.S. Stock Portfolio U.S. Equity  (Vanguard Total Stock Market Index) International Stock Portfolio International Equity  (Vanguard Total International Stock Index) Specialty Styles: Inflation-Protected Portfolio Inflation-Protected Index  (Vanguard Short-Term Infl Protected Securities Equally-Weighted S&P 500 Portfolio Not Equally-Weighted S&P 500 Equity (Invesco Equally-Weighted S&P 500) Required Invesco Global Sustainable Equity Portfolio Not Socially Responsible Equity (Invesco Global Sustainable Equity) Required U.S. Small-Mid Cap Portfolio Not Small/Mid Cap Equity Index (Vanguard Extended Market Index) Required Capital Cities recommends the “Invesco Global Sustainable Equity Portfolio” be renamed “Global Sustainable Equity Portfolio” to follow the naming convention of the other Portfolios. INSTITUTIONAL INVESTING MADE PERSONAL 8

  9. CollegeBound 529’s Individual Portfolios Individual Portfolios’ Menu Asset Class Basic Building Blocks CollegeBound 529 Coverage Capital Preservation Invesco Stable Value Portfolio  Fixed Income Invesco Core Plus Bond Portfolio  Invesco Equally Weighted S&P 500 Portfolio U.S. Equity  PowerShares FTSE RAFI US 1500 SM-Mid Portfolio International Equity PowerShares FTSE RAFI Developed Markets ex-US Portfolio  Specialty Styles: Inflation-Protected Index Invesco Short Duration Inflation-Protected Portfolio  Not Balanced Invesco Equity and Income Portfolio Required Not Large Cap Value Invesco Diversified Dividend Portfolio Required Not Socially Responsible Equity Invesco Global Sustainable Equity Portfolio Required Not International Growth Invesco International Growth Portfolio Required Not Small Cap Growth Invesco Small Cap Growth Portfolio Required INSTITUTIONAL INVESTING MADE PERSONAL 9

  10. Target Risk Portfolios Target Risk Portfolios’ Menu Conservative Growth Portfolio Moderate Growth Portfolio Growth Portfolio (Vang LifeStrategy Cons Growth) (Vang LifeStrategy Moderate Growth) (Vanguard LifeStrategy Growth) Bonds, 20% CollegeBound Saver: Bonds, Stocks, 40% (Direct) 40% Stocks, Bonds, 60% 60% Stocks, 80% Invesco Conservative College Invesco Moderate College Portfolio Invesco Growth College Portfolio Portfolio CollegeBound 529: Bonds, 15% (Advisor) Stocks, Bonds, 35% 40% Stocks, Bonds, 60% 65% Stocks, 85% INSTITUTIONAL INVESTING MADE PERSONAL 10

  11. Age-Based Portfolios Age- Based Portfolios’ Menu CollegeBound Saver (Direct) CollegeBound 529 (Advisor) Age-Based Portfolios Age-Based Portfolios CollegeBound Today Portfolio Invesco CollegeBound Today Portfolio CollegeBound 2017-2018 Portfolio Invesco CollegeBound 2017-2018 Portfolio CollegeBound 2019-2020 Portfolio Invesco CollegeBound 2019-2020 Portfolio CollegeBound 2021-2022 Portfolio Invesco CollegeBound 2021-2022 Portfolio CollegeBound 2023-2024 Portfolio Invesco CollegeBound 2023-2024 Portfolio CollegeBound 2025-2026 Portfolio Invesco CollegeBound 2025-2026 Portfolio CollegeBound 2027-2028 Portfolio Invesco CollegeBound 2027-2028 Portfolio CollegeBound 2029-2030 Portfolio Invesco CollegeBound 2029-2030 Portfolio CollegeBound 2031-2032 Portfolio Invesco CollegeBound 2031-2032 Portfolio CollegeBound 2033-2034 Portfolio Invesco CollegeBound 2033-2034 Portfolio CollegeBound 2035-2036 Portfolio Invesco CollegeBound 2035-2036 Portfolio INSTITUTIONAL INVESTING MADE PERSONAL 11

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