Fiduciary Capacity & Scope

Naviquant Capital Management ("Naviquant") serves the plan as an ERISA Section 3(38) Investment Manager. In this capacity, Naviquant accepts discretionary fiduciary responsibility for the selection, monitoring, and replacement of the investment options offered under the plan, subject to the parameters of the plan's Investment Policy Statement ("IPS"). This engagement does not extend to plan administration, recordkeeping, participant education, distributions, loans, qualified domestic relations orders, plan documents, or compliance with Internal Revenue Code requirements — those responsibilities remain with the plan sponsor and other named fiduciaries. The plan sponsor retains the duty to monitor Naviquant's performance as it would any other plan service provider.

Performance & Return Calculations

All return figures are total returns expressed in U.S. dollars and reflect the reinvestment of all dividends and capital-gain distributions. Returns for periods longer than one year are annualized using the geometric mean. Quarter-to-date ("QTD") and year-to-date ("YTD") figures are cumulative. Returns are calculated as of the period end shown on the cover (3/31/2026 for Q1 2026 reports) and do not reflect market events occurring after that date.

Past performance is not indicative of future results and is no guarantee of future returns. Mutual fund and ETF investments involve risk, including possible loss of principal. The value of an investment will fluctuate, and an investor may incur losses or receive less than the original investment when shares are redeemed. Diversification does not assure a profit or protect against loss in a declining market.

Benchmark Selection

Each fund is compared against a passive index benchmark assigned in accordance with the IPS and reflecting the fund's stated investment objective (asset class, geography, capitalization, and style). Benchmarks shown in this report use the following exchange-traded fund proxies for total-return computation: SPY (S&P 500), IWF / IWD (Russell 1000 Growth / Value), VO / IWP / IWS (Mid Cap blend / growth / value), IWM / IWO / IWN (Russell 2000 blend / growth / value), EFA (MSCI EAFE), EEM (MSCI Emerging Markets), AGG (Bloomberg US Aggregate Bond), TIP (Bloomberg US TIPS), HYG (Bloomberg US High Yield), BNDX (Bloomberg Global ex-US Aggregate, USD-hedged), BIL (FTSE 3-Month T-Bill), and AOR (iShares Core 60/40 Allocation). Target-date funds are benchmarked against the corresponding vintage of the Fidelity Freedom Index Investor series. ETF proxy returns may differ from the underlying index due to expense ratios and tracking error.

Scoring Methodology — IPS Section 5.5

Composite ratings are produced by the scoring rubric documented in IPS Section 5.5: 80 quantitative points (1-, 3-, and 5-year return versus benchmark at 15 points each; expense ratio versus peer median at 10 points; Morningstar Rating™ at 10 points; 3-year beta at 15 points) and 20 qualitative points (investment process, ESG / Naviquant alignment, market-cycle performance, regulatory standing, and transparency). Composite thresholds: PASS (≥ 70), WATCH (50–69), FAIL (< 50). Auto-elevation triggers may override the composite — for example, sustained 5-year benchmark underperformance exceeding tolerance bands automatically elevates a fund to WATCH or FAIL regardless of qualitative scoring. Qualitative criteria reflect Naviquant's professional judgment based on publicly available information and may differ from assessments by other fiduciary advisors.

Data Sources

Price histories, dividend distributions, and risk metrics are sourced from Financial Modeling Prep ("FMP"). Returns are computed by Naviquant from raw price data and the full distribution stream (including capital gains), with back-adjustment applied to align with total-return reporting standards. Morningstar Rating™ values are entered manually from morningstar.com and reflect Morningstar's proprietary risk-adjusted rating methodology; Morningstar is not affiliated with Naviquant. Peer median expense ratios are sourced from the Investment Company Institute ("ICI") Trends in Mutual Fund Investing annual reports. Naviquant believes these sources to be reliable but does not guarantee their accuracy, completeness, or timeliness.

Limitations & Material Changes

This report reflects information available to Naviquant at the time of preparation. Subsequent material events — including but not limited to fund manager changes, fund mergers, share-class consolidations, regulatory actions, or significant market movements — may not be reflected herein. Plan fiduciaries are encouraged to review this report in conjunction with current fund prospectuses, statements of additional information, and any other materials provided by fund issuers. Any errors or omissions noted by the plan sponsor should be communicated to Naviquant promptly so that the report can be corrected.

Conflicts of Interest

Naviquant does not receive compensation, commissions, revenue-sharing payments, 12b-1 fees, or any other consideration from the issuers of any fund evaluated in this report. Naviquant's sole compensation in connection with this engagement is the fee paid directly by the plan sponsor under the executed services agreement. A current Form ADV Part 2A brochure describing Naviquant's services, fees, and any material conflicts of interest is available upon request.

Confidentiality

This report is confidential and intended solely for the use of the plan sponsor and the named plan fiduciaries of the plan referenced on the cover. It is not to be distributed to plan participants, used as a participant disclosure or enrollment material, or shared with parties outside the plan's fiduciary structure without Naviquant's prior written consent. Distribution beyond the intended recipients may waive any applicable evidentiary privileges and may misstate the fiduciary review process to which this report relates.

Not Investment, Tax, or Legal Advice to Participants

Nothing in this report constitutes individual investment advice, tax advice, or legal advice to plan participants or beneficiaries. Investment decisions made by participants regarding their own accounts are the responsibility of the participant. Participants should consult their own qualified tax and legal advisors regarding their personal circumstances.