Cone Health Retirement Plans

The Moses H. Cone Memorial Hospital

1

Cone Health 403(b) Voluntary Savings Plan

The Cone Health 403(b) Voluntary Savings Plan offers an excellent opportunity to help accumulate money for a secure retirement. By contributing pretax dollars automatically through convenient payroll reduction, you benefit from the opportunity for tax-advantaged growth and may potentially lower your current taxable income. The Cone Health 403(b) Voluntary Savings Plan also allows the option to make after-tax contributions to a Roth account for heightened savings potential.

Enrollment is automatic! New hires and rehires

• 4% of eligible compensation

• You may opt out or change your contribution level at any time

• If you opt out, you can withdraw automatic contributions within 90 days of hire date

Eligible employees not currently enrolled

• Enroll online at VALIC.com/conehealth

• Call the VALIC Enrollment Center at 1-888-569-7055

(Access code 65913401)

Elect to make Roth 403(b) account after-tax deferrals

• If you elect to make after-tax contributions to a Roth account in the plan, you can do so at any time by going online at VALIC.com/conehealth or by calling the VALIC Enrollment Center at

1-888-569-7055

(Access code 659134011)

Automatic escalation • If you were automatically enrolled and have not made changes, your contributions will automatically increase 1% annually up to 10%

This is not your plan document or your Summary Plan Description. The administration of each plan is governed by the actual plan document. If discrepancies arise between this brochure and the plan document, the plan document will govern.

2 VALIC.com/conehealth

EligibilityYou are immediately eligible to contribute to the plan. You are eligible to receive contributions from Cone Health:

• When you complete one year of service (1,000 hours) in plan year

• On quarterly entry dates after working 12 months and 1,000 hours

Your contributions (subject to plan terms)Generally, you may contribute as much as 90% of your annual includible compensation up to $18,000 in 2016. You may increase or decrease the amount you contribute to the plan as often as the plan allows.

Catch-up contributionsYou may be able to contribute up to an additional

• $3,000 if you have 15 or more years of service with a qualifying employer and have undercontributed in prior years, and/or

• $6,000 in 2016 if you are age 50 or older

• If eligible for both catch-up contributions above, you must exhaust the 15-year catch-up first

Pretax or Roth 403(b) contributionsYou have a choice regarding your elective contributions.You can direct all of your contributions to a traditional pretax account (reference access code 65913401), to a Roth account or to a combination of the two. Contributions to a Roth account are after-tax. Regardless of your election, you are subject to the annual contribution limits detailed previously.

If you elect to make after-tax contributions to a Roth account in the plan, you can do so at any time by going online at VALIC.com/conehealth or by calling the VALIC Enrollment Center at 1-888-569-7055. Reference access code 659134011.

Matching contributionsCone Health will match your 403(b) contribution at 50% up to an amount equal to 8% of your compensation.

Matching contributions will begin each pay period on or after the quarterly entry date following completion of a year of service (1,000 hours).

All employer contributions are made at the discretion of Cone Health.

Stop/change contributionsYou may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to plan provisions and any administrative requirements. In the meantime, your account will continue to grow on a tax-deferred basis.

VestingYou are always 100% vested in your own contributions. You become vested in your 403(b) Cone Health System matching contributions according to the following schedule (applicable for employees hired after January 1, 2003):

Years of service Vesting percentage

Fewer than 3 0%

3 or more 100%

Account consolidationYou might be able to transfer your vested retirement account balance from a prior employer’s plan to your current Cone Health retirement plan. This can be an excellent way to simplify your financial profile and to ensure your overall investments are suitably diversified and consistent with your investment preferences. However, before you make that decision, check to see if the other provider’s contract imposes surrender charges.

Tax-free loansTax-free loans make it possible for you to access your account, subject to certain limitations, without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal early withdrawal penalty if you are under age 59½.

Withdrawal restrictionsYour plan was established to encourage long-term savings, so withdrawals prior to age 59½ may be subject to federal restrictions and a 10% federal early withdrawal penalty. Generally, depending on the plan’s provisions, you may withdraw your vested account balance if you meet one of the following requirements:

• Attaining age 59½

• Retirement or severance from employment

• Your death or total disability

• Hardship

403(b) Plan Highlights

3

The following are events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal penalty:

• Attaining age 59½

• Severance from employment on or after age 55

• Your death or total disability

• Taking substantially equal payments for a period of five years or attainment of age 59½, whichever is later

In addition, you must begin taking distributions once you reach age 70½ or you retire, whichever is later.

Please note that a disability must continue for six months before a determination of disability will be made. The Social Security definition of disability will apply.

Distribution optionsYour plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on the plan’s provisions, your withdrawal options include:

• Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers

• Electing systematic or partial withdrawals

• Taking a lump-sum distribution

• Deferring distributions until the later of age 70½ or severance of employment, and allowing your account to continue to grow tax deferred

Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal penalty may apply to distributions taken prior to attainment of age 59½. Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after attainment of age 59½, death or disability. Consult your financial advisor for more specific information.

Service feeThe service fee is charged to participant accounts for the on-site services provided by VALIC financial advisors.

Administrative feeThe annual administrative fee charged to participants quarterly will be determined by multiplying one-fourth of the per-participant fee ($47 per participant) by the number of participants participating in one or more of Cone Health’s plans. This amount will be allocated to the plans based on plan assets and then to participant accounts pro rata based on the value and allocations of their accounts at the time. Additionally, Fund Annual Operating Expenses apply depending on the mutual fund chosen and are described in the prospectus.

Fee transparencyVALIC provides fee transparency by outlining all revenue sources and plan fees in the Fee Disclosure document.

Fee equalizationAdministrative fees for plan services are assessed to each participant in the plan. These fees are structured in proportion to each participant’s account balance so that expenses are equitably distributed among participants. This method of fee equalization includes revenue sharing from some mutual funds and reimburses the applicable portion to participants who are invested in those funds.

Here’s how it works: Administrative fees are charged to individual participants in proportion to their account balance each quarter. For those investments where the fund company provides reimbursements, amounts are credited each quarter to individual participants with active accounts that had assets in those mutual funds during the quarter. The amount credited to a participant’s account is based on the participant’s daily average balance in those mutual funds. Therefore, participants will see a charge for the administrative fee and a credit for their reimbursement, if applicable.

Account statementVALIC sends all actively contributing participants a comprehensive account statement every calendar quarter. This account statement documents all activity for the preceding period, including total contributions and transfers among investment options.

4 VALIC.com/conehealth

You can choose to “go paperless” if you wish. Receive secure, paperless, electronic notification when your retirement account statements, transaction confirmations and certain regulatory documents are available online through our secure connection, PersonalDeliver- ® . Managing these items electronically is faster and more secure than paper mail. Simply log in to your account at VALIC.com/conehealth to sign up for this free service.

5

Investing in a mutual fund is not like buying securities such as stocks and bonds. Instead, a mutual fund investor buys shares of a fund. The fund pools investor money and then purchases securities that are mutually owned by all the investors. Each mutual fund pursues a specific financial objective such as long-term growth or current income. The objective is defined in the fund’s prospectus. Benefits of mutual fund investing include:

• Broadly diversified investment options. Since mutual funds are composed of a diversified mix of securities, investing in more than one mutual fund with different investment objectives provides even broader diversification. Of course, diversification doesn’t guarantee a profit or protect against market loss.

• Professional money management. Mutual funds are directed by skilled portfolio managers who decide which securities to buy and sell to keep the fund in line with its stated objective.

You select the mutual funds for your retirement planYou decide how to invest all contributions among the mutual funds and the Fixed-Interest Option* offered under the Cone Health System 403(b) Voluntary Savings Plan. Remember, this plan represents a long-term investment. Investment values of the mutual funds you choose will fluctuate, and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than the original cost. Bear in mind that investing involves risk, including possible loss of principal.

*Policy Form series GFUA-398, a group fixed unallocated annuity issued

by The Variable Annuity Life Insurance Company, Houston, Texas.

Investment optionsVALIC Fund Lineup TickerDodge and Cox Income DODIXBMO Small Cap Growth I MSGIXDodge & Cox Balanced DODBXFixed-Interest Option* FB125*Ivy Mid Cap Growth I IYMIXOakmark International Small Cap I OAKEXRoyce Total Return Inst RTRIXThornburg International R5 TIVRXVanguard Institutional Index VINIXFidelity Contrafund FCNTXDodge & Cox Stock DODGXHartford Capital Appreciation HLS IA HIACXJP Morgan Mid-Cap Value Inst FLMVXPIMCO Total Return Inst PTTRXAmerican Funds Fundamental Investors R6 RFNGX Tweedy Browne Global Value TBGVX

You may also choose a target date portfolio based on your time horizon and risk tolerance. Remember, the principal value of an investment is not guaranteed at any time including at or after the target maturity date.

• Generally, higher potential returns involve greater risk and short-term volatility. For example, small-cap, mid-cap, sector and emerging funds can experience significant price fluctuation due to business risks and adverse political developments.

• International and global funds can experience price fluctuation due to changing market conditions, currency values, and economic and political climates.

• High-yield bond funds, which invest in bonds that have lower ratings, typically experience price fluctuation and a greater risk of loss of principal and income than when investing directly in U.S. government securities such as U.S. Treasury bonds and bills, which are guaranteed by the government for repayment of principal and interest if held to maturity. Fund shares are not insured and are not backed by the U.S. government, and their value and yield will vary with market conditions.

• Interest rates and bond prices typically move inversely to each other; therefore, as with any bond fund, the value of an investment in this fund may go up if interest rates fall, and vice versa.

• Mortgage-related funds’ underlying mortgages are more likely to be prepaid during periods of declining interest rates, which could hurt the fund’s share price or yield and may be prepaid more slowly during periods of rapidly rising interest rates, which might lengthen the fund’s expected maturity.

• Investors should carefully assess the risks associated with an investment in the fund.

Fixed-Interest Option transfer restrictionsGenerally, participants may transfer assets from the Fixed-Interest Option into equity options at any time and, after 90 days, from equity options into another fixed-income option such as a money market fund, a stable-value fund or certain short-term bond funds, if such “competing options” are allowed in the plan.

Investment highlights

6 VALIC.com/conehealth

With more people approaching retirement, stand out from the crowdThe simple truth is most people haven’t invested the time or money to build a secure financial future — just look at the statistics below.

Recent studies show that:

• 24% of workers say they are not at all confident about having enough money for a comfortable retirement*

• 28% of workers have less than $1,000 in savings, and 57% say their savings and investments total less than $25,000*

• Only 37% of workers are very confident about having enough money to pay basic living expenses in retirement*

The good news is that wherever you may be in your working career, you have several sources to access for retirement income, including:

• Company pension plans

• Company retirement plans

• Social Security

• Savings/investments

• IRAs

Some of these sources offer a built-in safety net for a small portion of the population. For everyone else, options need to be weighed and decisions made.

* Source: Ruth Helman, Nevin Adams, Craig Copeland, and Jack VanDerhei, “The 2015 Retirement Confidence Survey: Having a Retirement Savings Plan a Key Factor in Americans’ Retirement Confidence,” EBRI Issue Brief, no. 413, April 2015.

7

Preparing a financial plan can help you reach your goals. The plan identifies what’s important to you and provides a roadmap for arriving at your destination. Practical assistance is available through:

• Personal service whenever you need it

• Comprehensive financial planning

• Financial education

• Advanced online account management

• Programs and advice geared to you

Your plan provider offers additional tools and services to help you plan for a secure retirement.

• Access to outstanding investment product options and tools

• A variety of retirement income strategies

• Retirement expertise available in person, online and by phone

Take advantage of the services and tools available to help you realize your financial goals.

8 VALIC.com/conehealth

Alamance Regional Medical Center

Reasons to save for retirement

9

1 We’re living longerLife expectancy has increased dramatically and continues to rise. That means you could spend 20 years or more enjoying retirement.

Source: National Center for Health Statistics from birth 2013.

2 Retirement lifestyles are changingPeople today are reinventing retirement and staying active longer. That takes more money. For example, a worker earning $50,000 at retirement will need to replace 85% of that amount each year to maintain the same standard of living, according to one study.

Source: Aon Consulting, The Real Deal 2012 Retirement Adequacy at Large Companies.

3 Inflation isn’t going awayInflation diminishes the real annual rate of return on your investment. It also reduces your purchasing power over time. Either way, inflation erodes the value of your money. That means you need a retirement plan that factors inflation into its calculations.

Inflation has averaged around 3% annually for the past 20 years, which may not sound like much, but it can take a big bite. For example, in 40 years you’ll need $130,482 to equal $40,000 today.

Source: U.S. Department of Labor, Bureau of Statistics CPI-U, 1979-2009.

4 Social Security outlookSocial Security was never designed to do more than supplement retirement income.

Average annual benefit payable to retired worker in 2015* $15,936

Average annual benefit payable to couple in 2015* $26,112

Maximum annual benefit for a worker at full retirement in 2015* $31,956

* After 1.7% COLA

Social Security is also under increasing stress as baby boomers retire and fewer workers remain to support the system. With less money coming in and more retirees collecting benefits, current projections are that future benefits could be reduced.

Fact Sheet: 2015 Social Security Changes. Average amounts can change monthly.

Source: socialsecurity.gov. October 2014.

5 Rising healthcare expensesAs we age, more of our money is likely to be needed for healthcare and related medical expenses. And according to many studies, the rate of inflation for healthcare is likely to continue for years to come.

Source: The 2014 Towers Watson Health Care Changes Ahead Survey.

Today In 20 years In 40 years

$40,000 $72,244 $130,482

Born in 1940

Born in 1960

Born in 1980

Born in 2000

Born in 2010

Average lifespan

0 20 40 60 80

10 VALIC.com/conehealth

Reduce current taxes while you save for retirement

Participating in a tax-deferred retirement plan is an easy way to set aside money for your future. You contribute to the plan through a convenient payroll reduction program — before withholding tax is calculated. This reduces your taxable income while you save for retirement.

Taxes on all interest and earnings from your account are deferred until withdrawal, usually at retirement. Remember that income taxes are payable upon withdrawal, and federal restrictions and tax penalties can apply to early withdrawals, depending on your plan provisions.

Lower maximum capital gains rates may apply to certain investments in a taxable account (subject to IRS limitations, capital losses may also be deducted against capital gains), which would reduce the differences between the changes of the accounts shown in the chart.

You should consider your personal investment horizon and current and anticipated income tax brackets when making investment decisions, as they may further affect the results of the comparison.

Control your investments

You decide how to invest all contributions from among the available investment options. The Cone Health 403(b) Voluntary Savings Plan offers access to investment options that cover a broad spectrum of asset categories and classes. This gives flexibility to create a diversified investment mix to suit your individual needs and goals. Keep in mind that investments in variable annuities and mutual funds fluctuate in value, so they could, when redeemed, be worth more or less than the original cost. Bear in mind that investing involves risk, including possible loss of principal.

The advantages of a tax-deferred retirement plan taxable account tax-deferred account

This chart compares the hypothetical results of contributing $100 each month to (1) a taxable account and (2) a tax-qualified retirement account. Bear in mind that a $100 pretax contribution to a tax-qualified account has a current cost of $75 (assuming a 25% income tax bracket) and also reduces current taxable income.The chart assumes an 8% annual rate of return. Remember that investment involves risk, including possible loss of principal. Fees and charges, if applicable, are not reflected in this example and would reduce the amount shown. Income taxes on tax-deferred accounts are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal penalty may apply to withdrawals prior to age 591/2. This information is hypothetical and only an example. It does not reflect the return of any investment and is not a guarantee of future income.

$16,000 $18,000

$45,000$57,000

$97,000

$142,000

10 years 20 years 30 years

Why enroll in the Cone Health 403(b) Voluntary Savings Plan?

11

Consider a hypothetical 25-year-old investor who saved $200 a month through pretax salary reduction contributions to a tax-qualified retirement plan. She saved for five years, then left the money invested. Assuming an 8% annual rate of return on investment, our young investor would have accumulated $200,000 by the time she was 65. And her out-of-pocket cash outlay was just $12,000! Remember, investing involves risk, including possible loss of principal.

However, a 35-year-old investor in the same plan would have to save at the same rate for 15 years to accumulate $200,000 by age 65, and would have to contribute about $36,000 out of pocket.

A 45-year-old contributing the same amount would have to save for 27 years to reach $200,000. His out-of-pocket cash outlay? $64,800. And he wouldn’t reach his goal until age 72! (See chart.)

NOTE: $200 in pretax contributions would equal about $267 out of pocket if paid with after-tax dollars.This chart compares the total out-of-pocket costs required to fund the retirement goals of three tax-qualified plan investors who began contributing $200 a month at different ages. The example assumes an 8% annual rate of return. Tax-qualified plan accumulations are taxed as ordinary income when withdrawn. Federal restrictions and a 10% federal early withdrawal penalty can apply to early withdrawals. This chart is hypothetical, only an example, does not reflect the return of any specific investment and is not a guarantee of future income.

Time is your ally

25

$12,000

years old

$200 per monthfor 5 years

35

$36,000

years old

$200 per monthfor 15 years

45years old

$200 per monthfor 27 years

$64,800

Your out-of-pocket cost to accumulate $200,000

deposits

Every day you delay in saving for retirement means less time to benefit from compound interest. The only way to make up for lost time is to save more in the years remaining until retirement.

12 VALIC.com/conehealth

Face-to-face consultations

A personal, face-to-face consultation is just a phone call away. Contact your VALIC financial advisor for personalized assistance.

David Dupont: 336-832-7995 or david.dupont@valic.com

Kevin Hanner: 336-832-0090 or kevin.hanner@valic.com

Jan Walker: 336-538-7667 or jan.walker@valic.com

Access account information

Once enrolled, you can access account information 24 hours a day, seven days a week:

• Online at VALIC.com/conehealth

• By phone at 1-800-448-2542

Access account information on your mobile device

• VALIC Mobile for iPad®, iPhone® or Android™-based phones

• VALIC Mobile Access for Web-enabled devices at http://my.valic.com/mobility

Custom website For further information on retirement planning, visit VALIC.com/conehealth. You can find information on …

• Financial planning tools

• Educational videos and newsletters

• Services to help you manage your retirement investments

Outstanding service — whenever and wherever you prefer

Take advantage of personal service as well as convenient automated services.

To view or print a prospectus for a currently offered fund, visit www.valic.com/conehealth and access “Prospectuses and Other Materials.” Click on the appropriate link in this section. Click on “Funds” at the left-hand side of the screen, and the funds available for your plan will be displayed. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.

This information is general in nature and may be subject to change. All companies mentioned, their employees, financial professionals and other representatives are not authorized to give legal, tax or accounting advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.

Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor.

Annuities issued by The Variable Annuity Life Insurance Company. Variable annuities distributed by its affiliate, AIG Capital Services, Inc., member FINRA.

VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.

iPad and iPhone are registered trademarks of Apple Inc. Android is a trademark of Google Inc.

Copyright © The Variable Annuity Life Insurance Company. All rights reserved.

VC 26359 (12/2015) J97946 EE

VALIC has more than half a century of experience helping Americans plan for and enjoy a secure retirement. We provide real solutions for real lives by consistently offering products and services that are innovative, simple to understand and easy to use. We take a personal approach to retirement plans and programs, offering customized solutions for individual needs.

We are committed to the same unchanging standard of one-on-one service we have delivered since our founding. Our goal is to help you live retirement on your terms.