Current Hoosier S.T.A.R.T. Choices

1. Hoosier S.T.A.R.T.Indiana Deferred Compensation PlanOverview of Plan Investment OptionsFall, 2010

2. Current Hoosier S.T.A.R.T. Choices • Currently Hoosier S.T.A.R.T. has 18 options available to participants. • One option, the Fidelity Low-Priced Stock fund is presently closed to new contributions. 1

3. Upcoming Changes to Hoosier S.T.A.R.T. • Coming soon, the Investment Option choices will be expanded to include 9 Target-Date offerings plus a new Inflation-linked option. • The increased offerings are designed to allow participants to further focus on risk-tolerance. • The inclusion of an Inflation-linked option is intended to help participants protect the purchasing power of their retirement assets. 2

4. Some Definitions • Asset Class: Broad building blocks that allow an investor to construct a portfolio best designed to reflect their risk-tolerance and objectives. Generally asset classes are categorized as: 1) Cash 2) Bonds • Stocks • Asset Style: Further defines the investment universe of a particular asset class: Example: Stocks • Large Cap Stocks (ex. Exxon Mobile Corp., Apple Inc., Microsoft) • Mid/Small Cap Stocks (ex. Cummins Inc., Avon Products, E*Trade Fincl.) • Non-US Stocks (ex. Nestle S.A., Nokia, AstraZeneca) 3

5. What type of investor are you? Participants should consider the following Low Medium High Low Medium High Low Medium High Low Medium High Great Moderate Little 4

6. What type of investor are you? Hoosier S.T.A.R.T. has solutions for each investor type 5

7. What is a Reality Investing-Managed Account? • A managed account is a professionally managed portfolio that is personalized and tailored to a particular investor’s needs and circumstances. • You supply information about your goals, risk tolerance, and personal finances (both inside and outside of the Plan), etc. • An investment advisor picks a diversified allocation of investment options from the Plan to fit your unique situation and retirement goals and automatically implements the portfolio for you. • Your account is automatically reviewed every three months to make sure your portfolio stay aligned with your goals. Any needed adjustments occur automatically. • An annual fee based on your account balance will be assessed to your account quarterly. 6 Source: Reality Investing Overview www.hoosierstart.gwrs.com

8. Is a Reality Investing-Managed Account for me? A managed account may be an appropriate choice if: • You want a professionally managed portfolio designed around your specific and unique goals and objectives • You want a professional continuously evaluating your portfolio and adjusting it automatically • You want to integrate your portfolio with assets outside of the Hoosier S.T.A.R.T. plan • You want to be reminded regularly to review your financial position and portfolio A managed account may not be the best choice for you if: • You want to choose your own fund options or asset styles • You do not want to pay an asset-based fee for professional advice 7

9. What is a Target-Date Fund? • A target-date fund is a professionally managed option offered to participants that sets the asset allocation of the option based on the time horizon of the participant. • A target-date fund is geared toward a date in the future—retirement • A target-date fund is designed to be a single option solution for participants who lack the time, knowledge, or desire to construct their own portfolio allocations. • A target-date fund periodically and automatically resets the asset allocation based on the time horizon. • Target-date funds invest more aggressively at younger ages to maximize saving and accumulation and as a participant nears retirement the fund gradually invests more conservative to prepare for the income need. • The target-date options are monitored by Hoosier S.T.A.R.T. and changes are automatically made when and if necessary. 8

10. Is a Target-Date Fund for me? A Target-Date Fund may be an appropriate choice if: • You want a professionally managed option designed to diversify your portfolio • You want to choose an option and “forget it” • You want a simple choice • You want automatic and regular rebalancing A Target-Date Fund may not be the best choice for you if: • Your risk-tolerance doesn’t match the target-date’s asset allocation • You want to choose your own fund options or asset styles • You want a static asset allocation over time 9

11. Common mistakes when using Target-Date funds Chasing Returns or basing selection of the Target-date fund only on past performance— Because a consistent strategy is utilized in constructing the target-date fund line up, over or underperformance of the target-date options is most likely based on the amount of equities in the fund. Investing in more than one Target-date fund— The target-date funds in the Hoosier S.T.A.R.T. Plan are designed to be professionally managed, pre-diversified options, therefore, investing in more than one target-date option does not result in more diversification. Failing to understand the Target-date funds’ asset allocation and failing to monitor the option selected— Despite being professionally managed and monitored, participants should make sure the Target-date fund’s allocation is in-line with their risk-tolerance and return objective and should review the options periodically. 10

12. What is offered in my Plan? • Currently the Hoosier S.T.A.R.T. plan offers six target-date options for participants just beginning employment through participants in their retirement years. • Coming Soon, the plan will offer nine target-date options to better help Hoosier S.T.A.R.T. participants in preparing for retirement. • Also soon, as part of the roll-down process, the Indiana 2010 option will merge into the Indiana Retirement option and the Indiana 2050 option will be added to the Plan. 11

13. Current Target-Date Options in HoosierS.T.A.R.T. • Currently the Target-Date offerings are spread out in 10 year increments with the addition of the 2010 option closer to retirement. • The Target-Date offerings represent a blend of the same Core options that are offered in the Hoosier S.T.A.R.T. plan. 12

14. Changes coming to the Target-Date Options • The Indiana 2010 Fund will merge into the Indiana Retirement Fund • Hoosier S.T.A.R.T. will soon offer Target-Date Options in 5 year increments for all ages and incorporate an Inflation-Linked fund 13

15. Large Cap U.S. Equity Small Cap U.S. Equity Non-U.S. Equity U.S. Fixed Income Stable Value Inflation-Linked Illustration of how Target-date funds are designed Equities can provide growth during early years while account balances are still low and future contributions are expected to be high. Age 25 Age 30 As retirement approaches, the investment mix automatically shifts toward stable, income generating assets. Age 35 The combination of Inflation-Linked and Stable Value are designed to provide a participant with the income that they need in retirement, while simultaneously protecting them from rising inflation. Age 40 Age 45 Age 50 Age 55 Age 60 Age 65+ • For early savers, the Target-date funds begin with a more aggressive allocation to maximize savings and provide more growth. • As the participant moves toward retirement, the portfolio gradually moves from more aggressive to more conservative to protect the portfolio from adverse markets and provide more income. 14

16. What is a Core option? • Core options are provided to Hoosier S.T.A.R.T. participants who choose to construct their own portfolio allocations to best reflect their return objectives and risk-tolerance. • Or for participants that want to build a portfolio with a particular “bias”, such as U.S. stocks only or Large company stocks only. • Or for participants who wish to combine and manage their entire portfolio combined (IRAs, ASA Plan, Joint Account, Hoosier START) and select the best options from each plan in combination. • The core options are designed to provide participants with a broad array of asset classes and styles in order to build a broadly diversified portfolio of stocks and bonds. 15

17. Is a Core option for me? Core Options may be an appropriate choice if: • You want to build your own portfolio • You want to manage your portfolio until retirement • You want a broader selection of asset styles or wish to invest around a particular bias • You want to manage the timing and rate of allocation changes in the portfolio Core Options may not be the best choice for you if: • You are not sure how to diversify your portfolio • You are not sure how to choose among different funds • You do not want to regularly monitor the asset allocation or performance of your portfolio and investment options 16

18. What is offered in my Plan? • Currently the Hoosier S.T.A.R.T. plan offers seven core options • Each core option is selected to represent a distinct asset class and/or style in order to allow participants to build broadly diversified portfolios 17

19. Types of core options in Hoosier S.T.A.R.T. 18

20. Core Option: Vanguard Inst. Index Fund Firm Information: Vanguard Ticker: VINIX Manager Information: Michael Buek/Quantitative Equity Group Asset Class: Passive Core Equity Investment Objective: Seeks to track the performance of the S&P 500 Index, by utilizing a full-replication approach. Invests in U.S. large-cap equity stocks diversified across growth and value styles. Fund Index: S&P 500 Index Expense Ratio: 0.05% Largest Holdings: Exxon Mobile, Apple Inc., Microsoft, Proctor & Gamble Co., Johnson & Johnson 19 Information is as of June 30, 2010

21. Core Option: BlackRock Large Cap Value Firm Information: BlackRock Ticker: MKLVX Manager Information: Bob Doll and Dan Hanson Asset Class: Large Cap Value Domestic Equity Investment Objective: Long-term growth of capital through investment primarily in a diversified portfolio of equity securities of large-cap companies located in the United States that Fund management believes are undervalued. Fund Index: Russell 1000 Value Index Expense Ratio: 0.65% Largest Holdings: Bank of America Corp., Citigroup Inc., UnitedHealth Group Inc., Intel Corp., Eli Lilly & Co. 20 Information is as of June 30, 2010

22. Core Option: Wells Capital Advantage Growth Firm Information: Wells Capital Ticker: WWCIX Manager Information: Tom Pence and Michael Harris Asset Class: Large Cap Growth Domestic Equity Investment Objective: Long-term growth of capital through investment primarily in a diversified portfolio of equity securities of large-cap companies located in the United States that Fund management believes have growth opportunities. Fund Index: Russell 1000 Growth Index Expense Ratio: 0.76% Largest Holdings: Apple Inc., Cisco Systems, Ford Motor Company, American Express Company, EMC Corporation 21 Information is as of June 30, 2010

23. Core Option: Frontegra IronBridge SMID Firm Information: IronBridge Capital Ticker: IBSMX Manager Information: Christopher Faber and Jeffrey Madden Asset Class: Small- and Mid-Cap Domestic Equity Investment Objective: Capital appreciation, primarily through investment in a diversified portfolio of equity securities of U.S. companies with small-to-medium market capitalizations. Fund Index: Russell 2500 Index Expense Ratio: 0.95% Largest Holdings: UGI Corp., McCormick & Company, Questar Corp, Illumination Inc., Corporate Office Properties 22 Information is as of June 30, 2010

24. Core Option: Artio International Equity II Firm Information: Artio Global Ticker: N/A Manager Information: Richard Pell and Rudolph Younes Asset Class: Core International Equity Investment Objective: Long-term growth of capital. The Fund attempts to meet this goal by investing in a diversified portfolio of equity securities of all sizes issued throughout the world, normally excluding the US. Fund Index: MSCI ACWI Ex-US Index Expense Ratio: 0.90% Largest Holdings: Novartis AG, Sberbank of Russ. Fed, GlaxoSmith Kline PLC, Barrick Gold Corp., Nestle S.A. 23 Information is as of June 30, 2010

25. Core Option: PIMCO Total Return Fund Firm Information: Pacific Investment Management Company (PIMCO) Ticker: PTTRX Manager Information: Bill Gross Asset Class: Core Bond Investment Objective: The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, through a diversified portfolio of bonds. Fund Index: Barclays Capital Aggregate Index Expense Ratio: 0.46% Fixed Income Sector Exposure: 24 Information is as of June 30, 2010

26. Core Option: Indiana Stable Value Firm and Manager Information: The portfolio is allocated among three fixed income managers: 45% to Logan Core Plus 45% to Fidelity MIP II 10% to SEI Stable Asset Fund Asset Class: Stable Value/Cash Equivalent Investment Objective: The Fund seeks to provide stable income while providing capital preservation, consistent with the purpose of a stable value fund. Fund Index: Citi 3-Month Treasury Bill Expense Ratio: 0.20% Interest Crediting Rate: 2.35% 25 Information is as of June 30, 2010

27. What is a Specialty Option? • Specialty options are included in the Hoosier S.T.A.R.T. plan to allow participants who are more sophisticated investors the opportunity to further diversify their portfolio or invest opportunistically • Or for participants who want to invest in a highly specialized fund or asset class/style • The Specialty options’ asset class or style may overlap with the Core options offered, but may invest in those asset classes or styles in a different fashion 26

28. Is a Specialty Option for me? Specialty Options may be an appropriate choice if: • You desire to further allocate into more focused or specialized asset classes or strategies • You have a greater knowledge of investments • You want to invest around a specific theme not available among the core options Specialty Options may not be the best choice for you if: • You are not sure of the specific strategies or styles represented by the specialty options • You do not have the time or knowledge needed to properly monitor the specialty styles • You are not willing to adhere to a particular style or strategy for long periods of time 27

29. What is offered in my plan? • Currently the Hoosier S.T.A.R.T. plan offers five “Specialty” options, although one—Fidelity Low-Priced Stock fund is closed to new contributions • Each specialty option represents a different “theme” or “style” of investing, however some specialty options may overlap with the core options • Coming soon, the Hoosier S.T.A.R.T. Plan is adding a Specialty option that will represent an Inflation-linked style. The Inflation-linked style is generally designed to protect investors’ assets from unexpectedly high inflation • Specialty options are generally included in the Hoosier S.T.A.R.T. to complement the line up’s existing Core investment options 28

30. Types of Specialty options in Hoosier S.T.A.R.T. 29

31. Specialty Option: Domini Social Equity Firm Information: Domini Social Investments LLC Ticker: DIEQX Manager Information: Wellington Management Company LLP Asset Class: Core Equity—Socially Responsible Investment Objective: Invests in a diversified portfolio of primarily large and mid-sized U.S. companies. Domini conducts in-depth social and environmental research on all holdings. Fund Index: S&P 500 Index Expense Ratio: 0.80% Largest Holdings: Apple Inc., AT&T, IBM, Microsoft, 3M 30 Information is as of June 30, 2010

32. Specialty Option: Perkins Mid Cap Value Firm Information: Janus/Perkins Ticker: JMVAX Manager Information: Thomas Perkins and Jeff Kautz Asset Class: Mid Cap Value Domestic Equity Investment Objective: Seeks capital appreciation. Invests in diversified portfolios of what Perkins believes are high-quality, undervalued middle capitalization stocks. Fund Index: Russell Mid Cap Value Index Expense Ratio: 0.86% Largest Holdings: Goldcorp Inc., Ameriprise Financial Inc., Noble Energy Inc., Everest Re Group Ltd., URS Corp. 31 Information is as of June 30, 2010

33. Specialty Option: Vanguard Capital Opportunity Firm Information: Vanguard Ticker: VHCAX Manager Information: PRIMECAP Management Company: Kolokotrones, Schow, Fried, Mordecai and Van Slooten Asset Class: Mid Cap Growth Domestic Equity Investment Objective: Seeks long-term capital appreciation. Invests in out-of-favor growth companies at attractive valuations utilizing a fundamental stock selection process. Fund Index: Russell Mid Cap Growth Index Expense Ratio: 0.41% Fund Characteristics: Eli Lilly & Co., Cree Inc., Amgen Inc., FedEx Corp., Research In Motion Ltd. 32 Information is as of June 30, 2010

34. Specialty Option: Fidelity Low-Priced Stock Firm Information: Fidelity Ticker: FLPSX Manager Information: Joel Tillinghast Asset Class: Specialty Investment Objective: Seeks capital appreciation. Normally invests in low-priced stocks (those priced at or below $35 per share), which can lead to investments in small and medium-sized companies. Fund can also invest in securities of foreign issuers and is not constrained by a particular investment style. Fund Index: Russell 2000 Index Expense Ratio: 0.99% Fund Characteristics: UnitedHealth Group Inc., Lincare Holdings Inc., Metro Inc., Safeway Inc., Oracle Corp. 33 Information is as of June 30, 2010

35. Specialty Option: Fidelity Diversified International Firm Information: Fidelity Ticker: FDIVX Manager Information: William Bower Asset Class: International Equity Investment Objective: Seeks capital appreciation. Normally invests in non-U.S. common stocks and allocates investments across countries and regions. Fund Index: MSCI EAFE Index Expense Ratio: 1.01% Largest Holdings: Nestle SA, HSBC Holding PLC, Vodafone Group, Roche Holdings Genussscheine, Banco Sant Ander 34 Information is as of June 30, 2010

36. Specialty Option: Inflation-Linked Bond Fund Firm Information: BlackRock (Inflation Protected Bond Fund) Ticker: BPLBX Manager Information: Brian Weinstein and Stuart Spodek Asset Class: Treasury Inflation Protected Bonds Investment Objective: Seeks to maximize real return, consistent with preservation of real capital and prudent investment management. Invests primarily in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations. Fund Index: Barclays U.S. TIPS Index Expense Ratio: 0.32% Fund Characteristics: 35 Information is as of June 30, 2010

37. Hoosier S.T.A.R.T. Investment Choices* “Do it myself” “Help me do it” 36 * Reflects upcoming changes to Hoosier S.T.A.R.T. Plan’s line-up

38. Selection, Monitoring and Benefits of Hoosier S.T.A.R.T. Selection of Hoosier S.T.A.R.T. options: • The investment committee reviews the Plans’ structure at least annually and evaluates whether gaps or overlaps exist within the existing line-up • If a gap exists or a replacement should be made, the investment committee conducts an extensive search process designed to select disciplined and successful options for the plan Monitoring of Hoosier S.T.A.R.T. options: • The investment committee reviews the investment options’ performance both quantitatively and qualitatively on a quarterly basis • The investment committee thoroughly reviews each investment option at least annually to determine its continued appropriateness for Hoosier S.T.A.R.T. participants Benefits of Hoosier S.T.A.R.T. options: • By leveraging the Plans’ $759 million in assets, the Hoosier S.T.A.R.T. plan is able to negotiate favorable fees for participants. 37

39. “Perhaps it would help if I go over it one more time.” 38

40. Disclosures • Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. It should not be construed as a solicitation of any offer to buy or sell the securities mentioned herein. Information presented does not involve the rendering of personalized investment advice. A professional adviser should be consulted before implementing any of the options presented. • Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended by the adviser), will be profitable or equal to past performance levels. • All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. • Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client's investment portfolio. • Historical performance results for investment indexes and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. • Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. 39