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The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC (“Manning & Napier”). Manning & Napier Investor Services, Inc. and affiliate of Manning & Napier, is the distributor of the Fund shares.

Prepared by Prepared forXxx xxxXxx xxx

Health Care ReformChanging the Health and Retirement Plan Landscape

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History as a solutions provider

Holistic approach to meeting participant objectives

Investment solutions to drive outcomes

Deep bench of resources and subject matter expertise

Managing Risk Through Changing Environments

Manning & Napier: The Investment Manager

Manning & Napier: The Investment Manager

Founded in 1970

$45.2 billion is assets under management as of 12/31/2012

First objectives-based account in 1971

Co-fiduciary status to actively manage asset allocation in separately managed accounts and collective investment trust funds

Client Analytics Group of over 20 analysts with approximately

200 years of combined industry experience

Founded in 1970

$45.2 billion is assets under management as of 12/31/2012

First objectives-based account in 1971

Co-fiduciary status to actively manage asset allocation in separately managed accounts and collective investment trust funds

Client Analytics Group of over 20 analysts with approximately

200 years of combined industry experience

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are available only for use within certain qualified employee benefit plans.

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Retirement Plan Shift

Increased Regulation and Unsustainable Employer Liability Motivate Shift from Defined Benefit to Defined Contribution

Poor Employee Retirement Savings

ChoicesStrain Employer

Bottom Line

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Health Plan Shift

Health Care Reform and Unsustainable Health Care Inflation Motivate Shift from Defined Benefit to Defined Contribution

Poor Employee Health Spending

ChoicesStrain Employer

Bottom Line

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Convergence of Health and Wealth

Employers Cannot Afford to Wait.

HEALTH WEALTH+

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Significance of 2014 Changing the

Way Employers

Approach Benefits

Retirement regulation

and health regulations

on a parallel path

Health Care Reform Accelerates Convergence

ImpactCost Impact for

Some, Consulting

Opportunity For All

Retirement industry has a

responsibility to help plan

sponsors understand

retirement plan implications

to health decisions

Opportunity Call to Action

Plan sponsors must partner

with experts to help guide

them through the uncertainty

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Health Care Reform Timeline

2014-2018Phase 2: Strategic Compliance

New Options, Benchmarks, and

Penalty Requirements

2010-2013Phase 1: Tactical Compliance

New Coverage, Administrative,

and Disclosure Requirements

2010Passage of the

Patient Protection and

Affordable Care Act

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2014: The New Landscape

Benchmarks Penalties

Options

Employer Sponsored Coverage

Public Exchanges

Expanded Medicaid

Benchmarks

Broader Access

More Affordable Premiums (for lower earners, high health consumers)

Less Rich Benefits

Penalties

Individual Mandate

Employer Mandate (for Employers with 50+ full time employees)

Cadillac Tax

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Importance of a Holistic Benefits Perspective

1. In 2014, do you plan to offer health plan coverage?

Health ConsiderationHealth Care Reform cost impact

Retirement Implication Competitive total benefits offering

2. Are you making changes to administrative processes?

3. Are health benefits part of your current executive compensation package?

Health Consideration Health Care Reform establishes new administrative requirements

Retirement Implication Health plan administration may differ from retirement plan administration

Health Consideration Health Care Reform imposes new nondiscrimination requirements on health plans

Retirement Implication Competitive total executive benefits offering

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Health Plan Termination

Drop Coverage Drop Coverage Maintain Coverage Maintain Coverage

This prompts the question:Do you plan to drop or maintain health plan coverage?

Did You Know…Citing a Deloitte report published in June 2012, The Wall Street Journal reported that an estimated 1 in 10 employers will stop offering health coverage because of the new health care reform law.1

1Source: The Wall Street Journal. “Deloitte: One in 10 U.S. Employers to Drop Health Coverage.” 24 July 2012. Web. <www.wsj.com>

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Health Plan Administration

This prompts the question:Have you evaluated your administrative procedures and processes to comply with health care reform requirements?

Did You Know…Beginning in 2014, employers that employed an average of 50 full-time employees during the previous calendar year must offer health coverage that meets minimum essential coverage requirements or pay a fine. The Joint Committee on Taxation estimates employers will pay $52 billion over 10 years in penalties for noncompliance.1

Yes Yes No No

1Source: U.S. Chamber of Commerce. “Critical Employer Issues in the Patient Protection and Affordable Care Act.” Web. <www.uschamber.com>

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Health Plan Nondiscrimination

This prompts the question:Prior to health care reform have you used health benefits as part of your executive compensation package?

Did You Know…Health Care Reform expanded the application of rules prohibiting health benefits discrimination in favor of highly compensated employees (HCEs). As a result, it is more difficult for employers to use health benefits as part of their executive compensation package.

Yes Yes No No

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Total Outcomes StrategyAllocation of Benefits Dollars

Health Care Reform Impact may shift employer investment away from core health

Reallocate Benefits Spend to enhance employer

contribution to retirement, employee engagement

Total Rewards align benefits allocation with benefits valued by employees

Plan Design

Coordinate health and retirement incentives for holistic financial health

Use Plan Designs that facilitate behavior changes and maximize participant outcomes

Employee EngagementUnderstand Employee Demographics to nudge behavior in the right direction

Empower Employees to be better consumers of health care and save more

TotalOutcomes

Allo

catio

n of

Ben

efit

Dol

lars

Plan D

esign

Employee Engagement

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Manning & Napier Can Help

ResourcesRead Manning & Napier White Papers available at www.manning-napier.com

• Helping Employers and Employees Navigate the Health/Wealth Convergence

• An Evolving Landscape: Regulatory Impacts on Health/Wealth Choices

WebinarFor a more in-depth discussion on this, sign-up for our upcoming webinar at [email protected].

Partnering to Drive OutcomesOur investment solutions are designed to manage the real world risks facing plan sponsors and participants. To learn more about our solutions, talk to you retirement advisor or service provider.