FLINT HILLS Collective Investment Trust Alta Trust Company, Trustee EMPLOYEE BENEFIT PLAN FUNDS SUMMARY

IMPORTANT INFORMATION Investment Products: Not FDIC Insured ● No Guarantee ● May Lose Value

This document discloses information pertaining to the objectives and About Risk operations of the funds included in the Flint Hills Collective Investment Trust Each of the Funds may invest in a combination of exchange-traded (the “Trust”). These investment options are provided to you by your products, mutual funds, equities, bonds and money market vehicles. employer through the company’s plan by Alta Trust Company The Funds are subject to market risk, which is the chance that the value (“Alta Trust”). It is important that you review this information prior to of the investments in the Funds may decline over time, causing a investing. reduction in the value of the Funds.

Stock markets tend to move in cycles, with periods of rising stock prices COLLECTIVE INVESTMENT FUNDS FOR EMPLOYEE BENEFIT PLANS and periods of falling stock prices. Bond markets also usually move in cycles, with bond values being inversely related to changes in interest What are the Flint Hills Collective Investment Funds? rates. As interest rates rise, the value of a bond tends to decrease, and The Flint Hills Funds (each a “Fund,” and together the “Funds”) are as interest rates decline, the value of a bond tends to increase. collective investment funds maintained by Alta Trust that are designed to Each Fund may invest in foreign securities and is therefore also subject serve the investment needs of tax-qualified employer sponsored to the risks of investment in foreign markets. Investing in foreign retirement plans. The Funds are not mutual funds registered under the markets can involve a greater level of risk, as there is often a lower Investment Company Act of 1940, as amended, (“1940 Act”) or other degree of market volume and liquidity than in the U.S. markets and this applicable law, and unit holders are not entitled to the protections of the may result in higher price volatility. In addition, currency risk must also 1940 Act. The regulations applicable to a collective are be considered. Foreign securities are denominated in foreign different from those applicable to a mutual fund. The Fund’s units are not currencies, which may change in value in relation to the U.S. dollar, securities registered under the Securities Act of 1933, as amended or possibly for long periods of time. When a foreign currency declines in applicable securities laws of any state or other jurisdiction. In addition, value in relation to the U.S. dollar, the return on foreign investments the Fund’s units are not publicly traded on any exchange or over-the- may likewise decline. Foreign governments may also intervene in counter market and, as a result, the unit values are not available for currency markets or impose approval or registration processes, which publication in the newspapers. could adversely affect the value of the Funds. The unit values of the Funds will fluctuate and the value of the Funds will decrease or increase in accordance with market conditions. There is no guarantee that any Fund will achieve its investment objective. Units in the Objective of Funds Funds are not deposits or obligations of, or endorsed or guaranteed by, Each of the Funds seeks a competitive return for its investment style Alta Trust or its affiliates and the units are not insured by the Federal consistent with the stated risk/return profile of the particular Fund. The Deposit or any other independent organization. Funds are collective investment funds that will, under normal The Funds are also subject to investment risks, including possible loss of circumstances, invest primarily in U.S. and foreign stocks, bonds and the principal amount invested. cash equivalents primarily through a combination of mutual funds, exchange-traded funds, equities, bonds and money market vehicles that collectively seek to achieve the stated investment objectives and Fund Trustee investment allocation strategies of the Funds. Alta Trust is a South Dakota state chartered trust company that The investment objectives and allocation strategies of each of the provides retirement plan services to plan sponsors throughout the USA. Funds are: In its capacity as Trustee, Alta Trust provides investment , trust and custody services for the Funds. Alta Trust does not provide investment advice or advisory services to employers, retirement plan Flint Hills Strategic Income & Absolute Return Fund participants or accountholders.

The fund provides diversified exposure to strategic income and Investment Manager absolute return strategies within a single actively managed portfolio. The strategy seeks capital appreciation and income with an emphasis The Trust Company is the ”Investment Manager” as that term is defined on absolute (positive) returns over a market cycle with low sensitivity to in Section 3(38) of Employee Retirement Income Security Act of 1974 broader equity (stock) and fixed income (bond) markets. (“ERISA”), as amended, with respect to the Trust and any Plan investing in any Fund. All of the assets of the Funds will be invested The fund combines a top down tactical allocation strategy with bottom- according to corresponding strategies and investment models up manager selection, providing diversified exposure to ten broad developed and provided by the Investment Manager. strategic income and absolute return strategies including equity and fixed income long/short, market neutral, merger and convertible arbitrage, relative value, distressed securities, event driven, and global Who May Want to Invest macro. The Investment Manager employs its disciplined top down The Funds may be an appropriate investment for seeking allocation strategies in order to effectively manage risk while allocating professional management of their retirement account assets. to both passive and active managers. The Investment Manager may purchase individual securities in combination with mutual funds and ETFs, where appropriate. FLINT HILLS COLLECTIVE INVESTMENT TRUST (CONTINUED) EMPLOYEE BENEFIT PLAN FUNDS SUMMARY IMPORTANT INFORMATION

Flint Hills Diversified Fixed Income Allocation Fund respect to each Fund will be paid from the assets of such Fund. Each is calculated and accrued daily and paid monthly in arrears. Each of The fund is intended to be utilized as diversified exposure to global the Trustee Fee and Service Fee is calculated by multiplying the daily fixed income (bond) markets within a single actively managed portfolio. rate corresponding to the Fund and share class (if applicable) based on The fund seeks to outperform the Barclays US Aggregate index on a the annual rates in the chart in to the value of the assets held in each risk adjusted basis over time through a multi-sector bond strategy. The Fund and allocated to such share class as of such day. fund may include an allocation to foreign and high-yield bonds if it is advantageous to the overall diversification strategy. Trustee Fee

The fund combines a top-down tactical allocation strategy with bottom- The Trustee Fee will be paid to the Trustee as compensation for its up security and manager selection, providing complete diversification to management and administration of the Fund. From the Trustee Fee, both domestic and foreign fixed income, including investment grade, the Trustee shall pay a fee to the Investment Manager for the purpose high yield, government, treasury inflation protected securities (TIPS) of providing investment advisory services to the Trustee with respect to and mortgage backed securities (MBS). The Investment Manager one or more Funds. The Investment Manager shall provide investment employs its disciplined top down allocation strategies in order to advice as a to the Participating Trust solely with respect to the effectively manage risk (duration and credit exposure) while maximizing assets of the Participating Trust invested in such Fund or Funds. Any yield and total return, allocating to both active and passive managers, such fee payable to the Investment Manager shall be determined using where appropriate. The Investment Manager manages a portion of the an annual rate of 0 basis points for Class 1 funds and between 40-45 investment grade portfolio with its proprietary Core Fixed Income basis points for Class 2 funds. approach, which generally owns 12-25 individual bond issues within 1 to 20 years until maturity (average 3-7 years), allocated to corporate Service Fee and government issuers. The Service Fee will be paid to the plan custodian. The plan sponsor of the Participating Trust shall be responsible for disclosure of such Flint Hills Diversified Equity Allocation Fund service fees to participants and beneficiaries of the Participating Trust.

The fund is intended to be utilized as diversified exposure to global equity (stock) markets within a single actively managed portfolio. The Annual Fee Rates fund seeks to outperform the blended benchmark of 60% S&P 500 Index, 25% MSCI AWCI ex-US Index and 15% Russell 2000 Index on a 2. Other Expenses Payable by the Trust and the Funds risk adjusted basis over time. The Trustee shall pay from the assets of the Funds all other expenses The fund combines a top-down tactical allocation strategy with bottom- of the Trust (“Other Expenses”). Other Expenses include fund up security and manager selection, providing complete diversification to accounting, audit, transfer agency, custody of Trust assets, legal both domestic and foreign equities, covering all market capitalizations services and annual report preparation and distribution, but do not (Large Cap to Small Cap), including developed markets, emerging include the Trustee Fee or the Service Fee. All Other Expenses shall markets, real estate (REITs) and infrastructure (MLPs). The Investment be allocated to a Fund and share class as provided by the Declaration Manager employs its disciplined top down allocation strategies in order of Trust. Other Expenses shall not exceed 10 basis points. to effectively manage risk while allocating to both passive and active managers. The Investment Manager manages a portion of the domestic mid-large capitalization portfolio with its proprietary Core Each Fund investing in a collective investment pool, such as a mutual Equity approach, which generally owns 40-60 high quality companies, fund, exchange traded fund, will be responsible for the fees and selected based upon a GARP (Growth at a Reasonable Price) process expenses charged by that collective investment pool. The Flint Hills diversified across the ten GICS (Global Industry Classification funds estimate mutual fund and exchange traded fund expenses of Standards) Economic Sectors. approximately:

Flint Hills Strategic Income & Absolute Fund Class 1 & 2 0.91% Trustee and Management Fees Flint Hills Diversified Fixed Income Allocation Fund Class 1 & 2 0.16% Flint Hills Diversified Equity Allocation Fund Class 1 & 2 0.23% There are no sales commissions or redemption fees charged for purchases and sales of interests in the Funds. The Trustee charges an annual fee based on the total assets held in the funds and this fee is prorated on a daily basis

1. Total Fund Fee

The Total Fund Fee with respect to each Fund and each share class comprises the Trustee Fee and the Service Fee. It is shown as a percentage of the assets of such Fund and share class in the “Total Fund Fee” column. Each of the Trustee Fee and Service Fee with FLINT HILLS COLLECTIVE INVESTMENT TRUST (CONTINUED) EMPLOYEE BENEFIT PLAN FUNDS SUMMARY IMPORTANT INFORMATION

Cusip Fund Name Trustee Service Total Before investing in any Fund, please consider the Fund’s investment Fee Fee Fund Fee objective, strategies, risks, fees and expenses, and consult with your financial, legal and professional tax advisers.

33946R108 Absolute Fund .15%** 0.05% .20% Class 1* www.trustalta.com/flinthills.com December 31, 2015

33946R504 Fixed Income .15%** 0.05% .20% Class 1*

33946R702 Equity Class 1* .15%** 0.05% .20%

33946R207 Absolute Fund .55% 0.05% .60% Class 2

33946R603 Fixed Income .55% 0.05% .60% Class 2

33946R801 Equity Class 2 .55% 0.05% .60%

*Restricted to plans advised by The Trust Company **.15% on the first $75 million in assets, .125% on the next $75 million, .10% on all assets above $150 million

Total Operating Expense Ratio (the Total Fund Fee plus Other Expenses and any mutual fund and exchange traded fund expenses)

Total expected aggregate fees for each fund are as follows:

Total Operating Expense Ratio Effect on $1,000 Annually

Income & Absolute Class 1 1.21% $12.10 Fixed Income Class 1 0.46% $4.60 Equity Class 1 0.53% $5.30 Income & Absolute Class 2 1.61% $16.10 Fixed Income Class 2 0.86% $8.60 Equity Class 2 0.93% $9.30

Participant Notice and Disclosure

The Declaration of Trust for the Trust describes the procedures for admission to and withdrawal from a Fund. The Declaration of Trust should be read in conjunction with this information statement and is hereby incorporated by reference.

The information contained in this information statement is for informational purposes only and does not provide legal or tax advice. Any tax-related discussion contained in this information statement is not intended or written to be used, and cannot be used, for the purpose of (a) avoiding tax penalties or (b) promoting, marketing or recommending to any other party any transaction or matter addressed in this information statement.