MPN – CALIFORNIA

Important Plan Information
Taft Broadcasting Company Provident Fund

As of November 20, 2018

This notice, comprised of two sections, provides you with important information regarding your retirement plan. Section I outlines information regarding charges for administrative expenses. Section II lists the individual expenses for services you may choose to elect.

SECTION I: Administrative Expenses

Your Plan incurs certain administrative and operating expenses each year. These expenses are for the following services:

• Recordkeeping (e.g. valuing participating accounts, processing contributions and investment transactions and providing
  account statements)
• Legal (e.g. designing and interpreting the plan document)
• Compliance (e.g. non-discrimination testing, filing of annual returns)
• Investment Advisory and Management

The plan is billed a recordkeeping charge of 0.15% of Assets and a compliance charge of $3,600, plus $25 per participant each year for these services. The cost for these services fluctuates each year based on a variety of factors.

The Plan Sponsor, at its own discretion, may elect to pay some or all of these Plan administrative expenses. To the extent these expenses are not paid by the Plan Sponsor, the Plan may charge these expenses against your account on a pro-rata basis.

If these expenses are charged to your account, they will be disclosed on your quarterly statement.

SECTION II: Individual Expenses

Your Plan imposes additional charges if you elect to use certain services/features. The Plan Sponsor may elect to pay some or all of these expenses. To the extent these expenses are not paid by the Plan Sponsor, the Plan may charge these expenses against your account.

The fees listed below apply if you use any of the services or features below: