December 2015

2015 Plan Sponsor Sentiment Survey

Table of Contents

2 12/7/2015

Study Overview 3

Executive Summary 4

Detailed Findings

RIAs and Plan Sponsors 6

Retirement Plan Priorities 14

Regulatory Matters 21

Appendix: Plan Sponsor Profile 35

TD Ameritrade Institutional seeks to understand Plan Sponsor sentiment on the state of their existing retirement plans, their plan advisors, and the changing regulatory landscape.

Gauge sentiment on current retirement plan market landscape Assess awareness of key regulatory issues

Respondent Profile (Self-Identified)

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Study Overview

Objectives

Methodology

Background

242 Plan Sponsors nationwide completed a 15-minute telephone survey from September 28, through October 6, 2015. Margin of error is +/- 6%.

True North Market Insights conducted the survey. TD Ameritrade Institutional was not identified as the survey sponsor.

The primary or shared decision maker regarding which retirement plans or investment firms to offer employees.

Employed by an organization with 25-10,000 employees with position and/or title such as Benefits Manager, Human Resource Manager, Risk Officer; Owners, CEOs, or CFOs of smaller companies.

Survey participants had an average of 566 participants in their retirement plans, representing an average of $57.2 million in total plan assets.

Executive Summary

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PLAN ADVISORS AND RETIREMENT PLANS

RIAs outperform others in all areas of support and service. One-on-one participant advice (50% vs. 29%); fiduciary support (43% vs. 23%); and plan sponsor

education (40% vs 27%) are provided at nearly twice the rate of others. RIAs are 64% more likely to offer general investment advice; 60% more likely to advise on plan selection

and design; and 34% more likely to handle enrollment. Plan Sponsors are satisfied with RIAs – particularly when it comes to things like knowledge on investment

choices, meeting fiduciary requirements and investment advice to participants.

There’s an opportunity for RIAs to connect with more Plan Sponsors. Plan Sponsors say performance reporting, participant advice and fiduciary education are the most valuable

support services. Only 28% of Plan Sponsors use a RIA. One in four Plan Sponsors that do not use an RIA say they have never been approached by one. Sixty percent are on the fence about staying with their current plan provider over the coming year. Lower plan fees and more diverse investment choices are top reasons to switch providers.

Top goals for 2016: evaluate plan investment choices and encourage participation. Biggest concerns: diversity of the plan’s investment line up. Most offer mutual funds (60%); only 27% offer target date funds; and just 15% offer ETFs. One in four have auto-enrollment; 15% offer self-directed brokerage accounts. Two in five say their participants want more 1:1 advice.

Executive Summary

5 12/7/2015

KEY REGULATORY MATTERS

62% do not fully understand the Department of Labor (DOL) Fee Disclosure Regulation. More than half (52%) that use RIAs say their RIAs are sending them information about their fiduciary

responsibilities, and two in five are getting education on participant fee disclosure. Plan Sponsors that don’t use RIAs say they are doing less to address this; 30% haven’t addressed it at all.

70% do not fully understand the proposed DOL Fiduciary Compliance Rule. One in four have done nothing at all to understand the rule better. Plan Sponsors are largely ambivalent about the rule’s potential benefits or impact: fewer than half agree

that it will benefit plan participants; only 36% agree that ERISA compliance will get easier.

73% lack awareness about Tibble vs. Edison. Fifty three percent of Plan Sponsors are unsure whether their plans offer funds with the lowest fees in their

respective share classes. Plan Sponsors that use RIAs are more likely to hold their fiduciary duties to a higher standard than those

that do not use RIAs.

Detailed Findings:

RIAs and Plan Sponsors

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RIAs provide more support to Plan Sponsors

Base: Those with outside personnel that supports the management of the company's retirement plan (Have RIA n=68, Use Other Type n=174) Q13. In what capacity(ies) does your financial advisor or plan administrator support your company’s retirement plan? Multiple responses accepted.

/ Statistically higher / lower than Other Users at 90% confidence level.

Use Other Type Have RIA

51%

47%

50%

46%

38%

40%

34%

40%

43%

31%

0

6%

40%

35%

29%

28%

31%

27%

29%

25%

23%

20%

8%

8%

Education of plan participants

Enrollment of plan participants

One-on-one advice to plan participants

Investment advice

Investment management

Education to plan sponsor / benefits team

Recordkeeping / TPA function

Plan selection or design

Plan fiduciary support

Service provider selection and guidance

None of these

Don’t know

%

What Kind of Retirement Plan Support Do You Receive?

36%

28% 22%

21%

12% 13%

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More than a quarter of Plan Sponsors use RIAs

Base: Total Respondents (n=242) S3. Which of the following personnel does your company use to support the management of your company’s retirement plan? Multiple responses accepted.

Type(s) of Outside Support Used to Help Manage Retirement Plan

Registered Investment Advisors (RIAs)

Brokerage / investment firms that also offer 401(k) services

Firm specializing in only 401(k) management

Retirement Plan Consultant

Accounting Firm

Other

90%

90%

88%

87%

85%

82%

Is knowledgeable aboutinvestment options

Helps me meetlegislative/regulatory/ ERISA

fiduciary requirements

Helps select plan administratorand/or record keeping vendors

Overall ease of working with

Responsiveness to requests/communications

Is able to give investment adviceto my employees

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Most sponsors are satisfied with RIA services

Base: Those with RIA (n=68) Q16. How satisfied are you with your current Registered Investment Advisor (RIA), on the following attributes? Top-3 Box Score: Rating 3, 4 or 5 on a 5-point scale where '1' means very dissatisfied and '5' means extremely satisfied.

Satisfaction with Current RIA (Satisfied or Higher)

37%

26%

25%

13%

4% 9%

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Majority of RIAs win business through relationships and referrals

Base: Those with RIA (n=68) Q15. How did you choose your current RIA to support your organization's retirement plan? Multiple responses accepted.

How Plan Sponsors Chose Their RIAs

Had a relationship with owner or executive

Request For Proposal (RFP) or Search

Referral

RIA reached out and made in-roads with our organization

Don't know

Other

63%

62%

58%

57%

51%

50%

49%

45%

42%

Investment performance reports

Investment advice to your employees

Fiduciary education to you andyour plan committee

Plan design

Assistance and monitoring ofinvestment firm choice

Provide legislative and regulatory updates

Introduce compliance resources

Recommend a default investment

Investment Policy Statement(IPS) development

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Reporting is #1, followed by investment advice and fiduciary education

Base: Total Respondents (n=242) Q18. Please rate how important it is that you, as the person responsible for decisions regarding the retirement plan, have support services for each of the following fiduciary or compliance tasks. Top-2 Box Score: Rating 4 or 5 on a 5-point scale where '1' means not at all important and '5' means extremely important.

Extremely or Very Important Services

Many Plan Sponsors are lukewarm about their plan providers: 60% open to a switch

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Base: Total Respondents (n=242) Q9. How likely are you to switch your current retirement plan provider in the next 12 months?

Definitely/ Probably Will Not Might or Might Not Definitely/

Probably Will

Intention to Keep or Switch Current Plan Provider

40% 44% 16% Likely to SwitchNext 12 Months

60%

34%

28%

23%

21%

19%

17%

11%

11%

9%

7%

7%

7%

22%

Seek lower plan fees

Diversity of investment options

More / better tools and resources for plan participants

Greater number of investment options

Advice option for participants who want one-on-one guidance

Easier plan administration / record-keeping by outsourcing

Ability to work with a local plan administrator

Automated offering

Diversity of ETF sponsors

ERISA/fiduciary duties

Default enrollment option

Other

None of the above/I have no plans to switch

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Lower plan fees and diverse investment choices warrant a switch in plan providers

Base: Total Respondents (n=242) Q12. Which of the following might cause you to switch retirement plan providers? Multiple responses accepted.

Why Switch Plan Providers?

Detailed Findings:

Retirement Plan Priorities

51%

49%

45%

41%

13%

2%

Evaluating plan investment options

Encouraging employees toparticipate in the retirement plan

Keeping pace with changingregulatory requirements

Managing plan fees

Hiring a fiduciary advisor to manage theretirement plan (RIA)

Other

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Top goals: evaluate investment choices and encourage participation

Base: Total Respondents (n=242) Q29. In general, what are your top goals for the upcoming year? Multiple responses accepted.

Top Goals for the Upcoming Year

27%

17%

17%

16%

15%

12%

12%

12%

7%

7%

5%

6%

29%

Fees

Number of investment options

It needs better tools andresources for plan participants

It lacks diversity of investment options

Lacks advice option for participantswho want one-on-one guidance

It lacks a local plan administrator

It needs an automated option

Administrative / record keeping concerns

No default enrollment

It lacks diversity of ETF sponsors

ERISA / fiduciary liability concerns

Other

I have no concerns at this time

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Biggest concerns: fees and investment choices

Base: Total Respondents (n=242) Q10. What are your top concerns about your existing retirement plan? Multiple responses accepted.

Top Concerns with Existing Retirement Plan

60%

37%

27%

15% 12% 10%

2% 4% 6%

Mutual fundsManagedaccounts

Lifecycle ortarget-date

funds

ETFsAutomatedsolutions

Company stockOtherNone of theabove

I don’t know

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Plans most commonly include mutual funds

Base: Total Respondents (n=242) Q6. Which of the following investment options are offered to participants in your company's retirement plan? Multiple responses accepted.

Types of Investment Vehicles Offered

39%

27%

26%

20%

19%

16%

15%

14%

1%

6%

5%

Roth 401(k) options

One-on-one advice for plan participants

Auto-enrollment

Lifecycle or target-date default option

Open architecture investment solutions

Health Savings Account (HSA)

Self-directed brokerage account (SDBA)

A line-up which is comprised of proprietaryproducts from one or two fund sponsors

Other

None of the above

I don’t know

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Sponsors are slow to embrace enhanced plan-design choices

Base: Total Respondents (n=242) Q5. Which of the following comprises your current plan design? Multiple responses accepted.

One-fourth of sponsors offer auto-enrollment

Current Plan Design

10%

34%

33%

17%

6%

Hungry for more: Planparticipants have a voracious

appetite for guidance oninvesting

Healthy appetite: There is asteady demand for personal

advice

Satisfied: It seems that fewplan participants are interested

in using this service

Not hungry: Little/no demandfrom participants for one-on-

one advice

I am not sure

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Plan participants hunger for one-on-one advice

Base: Total Respondents (n=242) Q3. How would you characterize the appetite for one-on-one advice among your plan participants?

At least two out of five Plan Sponsors say plan participants have an appetite for personal investing advice

Appetite for One-on-One Advice

44%

53%

40%

38%

36%

31%

26%

6%

3%

Planning and investing for retirement

The benefits of investing in a 401(k)

Asset allocation

Specific investments (i.e., ETFs, mutual funds,target date funds, bonds)

Understanding fees

Asset classes and diversification

Other

Don’t know

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Plan participants want advice on investing for retirement

Base: Those interested in one-on-one advice (n=188) Q4. Which of the following topics are your plan participants most interested in learning more about? Multiple responses accepted.

Interest in Specific Types of One-on-One Advice

Detailed Findings:

Regulatory Matters

Detailed Findings:

Fee Disclosure Regulation

Department of Labor (DOL) rules require the disclosure of fee and expense information to individuals participating in retirement savings accounts such as 401(k) plans, including disclosures regarding administrative and investment costs. The DOL also set out to enhance what service providers disclose to you through its plan sponsor fee disclosure rule.

This regulation is intended to ensure that all participants, including plan sponsors, have the information they need to make informed decisions regarding the retirement savings program.

Sixty two percent of Plan Sponsors are unclear on 2012 DOL fee disclosure regulation

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Base: Total Respondents (n=242) Q19. How would you rate the level of your awareness and understanding of the DOL rules on fees disclosure described above?

Overall Awareness of Fee Disclosure

38%

40%

14%

8%

Awareness

I had not heard of these DOL fee disclosure rules.

I had heard of the information but am not at all knowledgeable

about its implications.

I was somewhat aware of this information but am uncertain of

all the implications.

I was very aware of this information and fully understand all of its

implications.

62%

52%

42%

41%

34%

31%

23%

20%

9%

6%

General communication about your fiduciaryresponsibilities as plan sponsor

Education on fee disclosure to plan participants

Education on your fiduciary duties

Updated you about their fiduciary duties as your RIA

Suggested a complete retirement plan review or audit

Provided / offered tools & checklists to help evaluate feedisclosure and assist with documenting compliance

Suggested a review of plan fee communication

Not aware of any regulatory updates around feedisclosure

None of the above

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RIA communication on fiduciary responsibilities is underway

Base: Those with a RIA (n=64) Q20. Since the Department of Labor’s fee disclosure rules came out in July of 2012, has your RIA offered any of the following: Multiple responses accepted.

Actions Taken by RIAs Since Fee Disclosure Rules Came Out

23%

22%

22%

18%

15%

12%

30%

Suggested a review of plan fee communication

Gathered information regarding fee disclosure toplan participants

Sent out general communication about your fiduciaryresponsibilities

Gathered information on your fiduciary duties

Suggested a complete retirement plan review oraudit

Provided / offered tools & checklists to help evaluatefee disclosure and assist with documenting

compliance

None of the above

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Plan Sponsors not using RIAs have taken fewer steps to address fee disclosure

Base: Those not using a RIA but aware of Fee Disclosure Rule (n=158) Q21. Since the Department of Labor’s fee disclosure rules came out, have you conducted any of the following? Multiple responses accepted.

Non-RIA User Conducted Activities on Fee Disclosure

30% say they’ve done nothing to address fee disclosure

Detailed Findings:

Proposed DOL Fiduciary Compliance Rule

The Department of Labor’s proposed new fiduciary compliance rule would require all advisors providing investment advice to retirement plan participants to act as fiduciaries. This would effectively require advisors to make decisions that put plan participants’ interests first.

The rules are aimed at broker-dealers that are currently allowed to exercise a lower standard of care called “suitability.” Many observers believe this lets brokerage firm advisors to recommend investment products beneficial to the advisor and his/her employer but maybe only suitable for the client. Advisors working for registered investment advisor (RIA) firms already have a fiduciary duty when providing investment advice.

Seventy percent do not fully understand the proposed DOL Fiduciary Compliance Rule

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Base: Total Respondents (n=242) Q22. How would you rate the level of your awareness and understanding of the DOL fiduciary compliance rules described above?

Plan Sponsor Awareness of Proposed Fiduciary Compliance Rule

30%

38%

17%

15%

Awareness

I had not heard of the DOL Fiduciary Compliance Rule.

I had heard of the information but am not at all knowledgeable about its implications.

I was somewhat aware of this information but am uncertain of all the implications.

I was very aware of this information and fully understand all of its implications.

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Plan Sponsors do not know what to make of the proposed changes

Base: Total Respondents (n=242) Q23. Please rate your level of agreement with the following statements regarding the DOL’s proposed changes to the fiduciary rule. Rating on a 5-point scale where '1' means strongly disagree and '5' means strongly agree.

The proposed revisions will ultimately benefit plan participants

Agree, 48% Neutral, 37%

Disagree, 9% Not Sure, 6%

The proposed revisions will make ERISA compliance easier for plan sponsors

Plan sponsors are best served by a revised definition of the term 'fiduciary'

The proposed revisions will require plan sponsors to use independent financial advisors as plan co-

fiduciaries to ensure ERISA compliance

Agree , 36%

Neutral, 42%

Disagree , 13%

Not Sure, 9%

Agree , 43%

Neutral, 43%

Disagree , 6%

Not Sure, 8%

Agree , 40%

Neutral, 42%

Disagree , 9%

Not Sure, 9%

40%

32%

27%

14%

1%

25%

Have a conversation with your current plan advisorabout potential conflicts of interest/fiduciary care

Complete a review of design, fees, operation, andcompliance

Conduct an in-depth analysis of your current, orfuture, retirement plan provider

Conduct a search for a fiduciary plan advisor (requestfor proposal)

Other

Take no action

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Most Plan Sponsors are asking about potential conflicts

Base: Total Respondents (n=242) Q28. As a result of these regulatory requirements, do you plan on taking, or have you already taken, any of the following actions? Multiple responses accepted.

Action Taken as Result of Regulatory Requirements

One in four have done nothing

Detailed Findings:

Tibble vs Edison

In May, 2015, the U.S. Supreme Court unanimously ruled that retirement plan sponsors have a fiduciary duty to continuously monitor investments inside their retirement plans. [Tibble v. Edison Int’l, No. 13-550 (U.S. May 18, 2015)]

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Seven in 10 Plan Sponsors know little about Tibble vs. Edison

Base: Total Respondents (n=242) Q24. How would you rate the level of your awareness and understanding of the Tibble v. Edison Supreme Court case ruling requiring retirement plan sponsors to have a fiduciary duty to continuously monitor investments inside their retirement plans?

Awareness of Tibble vs. Edison

27%

35%

11%

27%

Awareness

73%

I had not heard of the U.S Supreme Court’s decision.

I had heard of the information but am not at all knowledgeable about its implications.

I was somewhat aware of this information but am uncertain of all the implications.

I was very aware of this information and fully understand all of its implications.

12%

10%

40%

13%

13%

3%

9%

Less often than every other year

Every other year

Annually

Semi annually

Quarterly

More often than quarterly

We do so when we selectfunds for our plan

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Most Plan Sponsors benchmark fund performance and fees annually - or more often

Base: Total Respondents (n=242) Q25. How often do you benchmark the performance and fees of the investment options in your company’s retirement plan to see how they line up against other funds available in the marketplace?

29% review more than once per year

Frequency of Benchmarking Performance and Fees

69%

15% 26% 59% Confidence (Use an RIA)

10% 43% 47% Confidence (All respondents)

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Fifty-three percent are unsure if their plans offer funds with the lowest fees

Base: Total Respondents (n=242) Q26. How confident are you that your company’s retirement plan offers funds that have the lowest (or among the lowest) expense ratios/fees in their respective asset class categories?

Plan Sponsors that use RIAs are more likely to be confident their plan offers funds with the lowest fees.

Confidence on Whether Plan Offers Lowest Fees

Not Very / Not At All Confident Neutral/Unsure Somewhat/ Very

Confident

53%

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Plan Sponsors that use RIAs say they hold themselves to a higher fiduciary standard

Base: Total Respondents (Have RIA n=68, Use Other Type n=174) Q27. Please rate your level of agreement with the following statements regarding your fiduciary duties as the plan sponsor. Top-2 Box Score: Rating 4 or 5 on a 5-point scale where '1' means strongly disagree and '5' means strongly agree.

Plan Sponsors’ Level of Agreement With What Duties They Owe Participants: *

79%

81%

75%

75%

74%

57%

68%

66%

68%

66%

63%

50%

Plan sponsors should offer funds in the best interests ofplan participants

Plan sponsors should conduct regular and timely reviews ofthe performance / fees of their investment selections

Reviews of retirement plan investments for performance /fees should occur at least once a year

Plan sponsors have an ongoing responsibility to ensure thatthe investment options available to plan participants are

prudent

Plan sponsor fiduciary duty for investments inside aretirement plan does not end once funds are selected for

the plan

If a lower-fee share class is available for funds in aretirement plan, plan sponsors should switch into that share

class

/ Statistically higher / lower than Other Users at 90% confidence level.

Use Other Type

Have RIA

* Sponsors have a duty to put their clients’ interests first, whether they use RIAs or another type of advisor

Appendix:

Plan Sponsor Profile

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Plan Sponsor profile

Base: Total Respondents S1. Which of the following best describes the number of employees in your company? S4. Please select the category below that best describes the number of participants in your company's retirement plan S5. Which of the following best describes your job title?

Plan Sponsor Profile Total SUPPORT USES COMPANY SIZE

Have RIA No RIA 25 to 50 51 to 100 More Than 100

n=242 n=68 n=174 n=92 n=79 n=71 Number of Employees

25 to 50 38% 37% 39% 100% - - 51 to 75 14% 18% 13% - 43% - 76 to 100 19% 13% 21% - 57% - 101 to 250 11% 15% 10% - - 38% 251 to 500 6% 3% 7% - - 20% 501 to 5,000 10% 10% 10% - - 35% 5,001 to 10,000 2% 3% 1% - - 6% Over 10,000 0% 1% - - - 1%

Average 530 725 455 37 78 1,673 Number of Participants

Under 25 19% 24% 17% 39% 9% 4% 25 to 50 29% 18% 33% 45% 30% 7% 51 to 75 14% 22% 11% 2% 34% 7% 76 to 100 12% 7% 13% 8% 23% 4% 101 to 250 10% 13% 9% 2% 3% 28% 251 to 500 5% 1% 7% 2% - 15% 501 to 5,000 8% 9% 7% - - 27% 5,001 to 10,000 2% 4% 1% 1% 1% 4% Over 10,000 1% 1% 1% 1% - 3%

Average 566 781 482 234 154 1,454 Job Title

Human Resource Manager/Director 24% 22% 24% 20% 19% 34% Benefits Manager/Director 13% 13% 13% 9% 13% 18% Owner/Managing Partner 14% 18% 13% 12% 24% 7% CEO/President 14% 10% 15% 15% 15% 10% CFO 12% 16% 10% 16% 9% 8% Controller 3% 3% 3% 2% 3% 4% Vice President 5% 6% 5% 3% 6% 6% Other - 12% 18% 23% 11% 13%

/ Statistically higher / lower than Other Groups at 90% confidence level.

37 12/7/2015

Plan Sponsor profile

Base: Total Respondents Q1. What is the size of the total assets in your company's retirement plan? Q2. What is the average individual account balance in your company's retirement plan? Don't know responses omitted from report.

Plan Sponsor Profile Total SUPPORT USES COMPANY SIZE

Have RIA No RIA 25 to 50 51 to 100 More Than 100

n=242 n=68 n=174 n=92 n=79 n=71 Assets in Company's Plan

Under $1 Million 19% 15% 21% 28% 22% 4% $1 Million to under $5 Million 26% 29% 24% 27% 30% 18% $5 Million to under $10 Million 19% 18% 19% 22% 23% 10% $10 Million to under $25 Million 9% 7% 10% 10% 9% 8% $25 Million to under $50 Million 4% 6% 3% - 4% 8% $50 Million to under $100 Million 5% 4% 6% 2% 3% 13% $100 Million to under $250 Million 4% 6% 3% 2% 3% 8% $250 Million to under $500 Million 1% 1% 1% 1% - 3% $500 Million to under $750 Million 2% 4% 1% - - 7% $750 Million to $1 Billion 2% 1% 2% - - 7% Over $1 Billion 1% 3% - - 1% 1%

Average $57,197,727 $70,325,397 $51,929,936 $14,800,000 $12,835,616 $167,556,452

Average Individual Account Balance Under $26,000 20% 18% 21% 27% 18% 13% $26,000 to $74,999 20% 19% 21% 23% 27% 10% $75,000 to $99,999 12% 15% 10% 11% 15% 8% $100,000 to $149,999 14% 16% 14% 11% 18% 15% $150,000 to $199,999 5% 6% 4% 4% 3% 7% $200,000 to $249,999 4% 7% 3% 4% 1% 7% $250,000 to $299,999 3% 1% 3% 2% 1% 6% $300,000 to $349,999 1% - 1% - - 3% $350,000 to $399,999 2% 1% 2% 1% 3% 1% $400,000 to $449,999 2% 1% 2% 1% 1% 4% $500,000 to $1 Million 3% 4% 3% 4% 1% 4% Over $1 Million 0% 1% - - - 1%

Average $105,416 $116,089 $100,884 $82,567 $89,196 $157,921

/ Statistically higher / lower than Other Groups at 90% confidence level.

38 12/7/2015

Plan Sponsor profile

Base: Total Respondents D1. Which of the following BEST describes the type of organization you work for?

Type of Organization Total SUPPORT USES COMPANY SIZE

Have RIA No RIA 25 to 50 51 to 100 More Than 100

n=242 n=68 n=174 n=92 n=79 n=71 Agriculture 1% 1% 1% 3% - - Automotive 2% 4% 1% 2% 3% 1% Banking or Financial Services 5% 6% 5% 8% 4% 3% Construction 5% 7% 5% 5% 6% 4% Consulting 6% 6% 6% 9% 4% 4% Education 8% 6% 9% 8% 6% 10% Energy or Utilities 1% 1% 1% 2% - 1% Engineering 2% 1% 3% 1% 4% 3% Entertainment 2% - 3% 2% 1% 3% Food, Beverage or Restaurants 2% 3% 1% 2% 1% 1% Healthcare, Medical or Pharmaceuticals 6% 9% 5% 3% 10% 6% HR/Business Management 2% - 2% 3% 3% Insurance 2% 1% 2% 2% - 4% IT, Computers or Software 6% 4% 6% 5% 8% 4% Logistics 0% - 1% - - 1% Manufacturing 17% 16% 17% 13% 16% 21% Non-profit 4% 4% 4% 3% 4% 6% Public Service/Government 2% 1% 3% 3% 1% 3% Real Estate 5% 3% 6% 3% 10% 1% Retail 4% 3% 4% 1% 6% 4% Social Services 2% 4% 1% - 3% 3% Telecommunications 1% - 2% 2% 1% - Transportation 2% 4% 1% 2% - 4% Travel/Hospitality 3% 3% 3% 5% - 4% Wholesale 4% 3% 4% 4% 4% 3% Other 5% 6% 5% 9% 5% 1%

/ Statistically higher / lower than Other Groups at 90% confidence level.

39 12/7/2015

Important Information

About the Survey The results of TD Ameritrade Institutional's first-ever Plan Sponsor Sentiment Survey are based on responses from a 15-minute telephone survey of retirement plan sponsors nationwide conducted by True North Market Insights on behalf TD Ameritrade Institutional, a subsidiary of TD Ameritrade Holding Corporation. From September 28 through October 6, 2015, 242 plan sponsors with at least 25 employees from the public and private sectors were asked about their views on their retirement plans, their need for services and support, and related regulatory issues. Survey participants self-identified as the primary or shared decision maker for their organization's retirement plan offering. TD Ameritrade Institutional was not identified as the sponsor of the survey. The margin of error in this survey is +/- 6%. True North and TD Ameritrade are separate, unaffiliated companies and are not responsible for each other's products and services.

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Important Information

About TD Ameritrade Institutional TD Ameritrade Institutional is a leading provider of comprehensive brokerage and custody services to more than 5,000 fee-based, independent registered investment advisors (RIAs) and their clients. Our advanced technology platform, coupled with personal support from our dedicated service teams, allows investment advisors to run their practices more efficiently and effectively while optimizing time with clients. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation. About TD Ameritrade Holding Corporation Millions of investors and independent registered investment advisors (RIAs) turn to TD Ameritrade’s (NYSE:AMTD) technology, people and education to make investing and trading easier to understand and do. Online or over the phone, in a branch or with an independent RIA, first-timer or sophisticated trader, our clients want to take control and we help them decide how: We’ve been bringing Wall Street to Main Street for 40 years. An official sponsor of the 2016 U.S. Olympic and Paralympic Teams, as well as an official sponsor of the National Football League, TD Ameritrade has time and again been recognized as a leader in investment services. Please visit TD Ameritrade’s newsroom or www.amtd.com for more information. 1 TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation. Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) / SIPC (www.SIPC.org) Retirement plan services are offered by TD Ameritrade Trust Company, a non-depository trust company that acts as a custodian and/or directed trustee and is not a member of FINRA or SIPC. TD Ameritrade Trust Company is a subsidiary of TD Ameritrade Holding Corporation. Source: TD Ameritrade Holding Corporation