Fund Performance

1. These returns and fund operating expenses are expressed as percentages. Three-, five- and 10-Year/Since Inception returns shown are annualized. For 10 Year/Since Inception, if the fund was not in existence for 10 years, returns shown are since inception. If the fund is less than one year old, returns are not annualized.

2. The net expense ratio is less applicable fee waivers or expense reimbursements that the investment adviser and/or administrator may have agreed upon, either voluntarily or by contractual agreement, while the gross expense ratio is not. Fee waivers and reimbursements may be modified or terminated at any time. Additional information can be found in the fund's prospectus and/or other disclosure documents regarding effective dates and/or whether waivers or reimbursements are voluntary or by contractual agreement. Absent waivers or reimbursements, the performance would have been lower.

3. The Fund is subject to the risks of the underlying funds. The following are risks associated with the Fund and underlying investments that may indirectly result in a loss of your investment in the Fund. Equity securities of small and medium-sized companies may be more volatile than securities of larger, more established companies. Foreign investments involve special risks, including currency fluctuations and political developments. Equity securities of companies located in emerging markets involve greater risks than investing in more established markets, including currency fluctuations, political developments and share illiquidity. A bond fund's yield, share price and total return change daily and are based on changes in interest rates, market conditions, economic and political news, and the quality and maturity of its investments. In general, bond prices fall when interest rates rise and vice versa.

4. Foreign investments involve special risks, including currency fluctuations and political developments.

5. Certain Empower Funds are managed by sub-advisers who manage other mutual funds having similar names and investment objectives. While their investment management may be similar to, or modeled after, those other mutual funds, the Empower Funds are not directly related to any other mutual funds. Consequently, the investment performance and other features of other mutual funds and any similarly named Empower Fund may differ substantially.

6. Equity securities of small-sized companies may be more volatile than securities of larger, more established companies.

7. Empower Capital Management, LLC (ECM) has contractually agreed to pay expenses (which include the sum of its management fees and expenses paid directly by the Fund, excluding Rule 12b-1 fees) that exceed 1.35% of the Fund’s average daily net assets. This expense reimbursement shall continue in effect indefinitely and will be discontinued only upon termination or amendment of the investment advisory agreement with ECM.

8. A benchmark index is not actively managed, does not have a defined investment objective, and does not incur fees or expenses. Therefore, performance of a fund will generally be less than its benchmark index. You cannot invest directly in a benchmark index.

9. Empower Capital Management, LLC (ECM) has contractually agreed to pay expenses (which include the sum of its management fees and expenses paid directly by the Fund, excluding Rule 12b-1 fees) that exceed 1.10% of the Fund’s average daily net assets. This expense reimbursement shall continue in effect indefinitely and will be discontinued only upon termination or amendment of the investment advisory agreement with ECM.

10. Equity securities of medium-sized companies may be more volatile than securities of larger, more established companies.

11. A bond fund's yield, share price and total return change daily and are based on changes in interest rates, market conditions, economic and political news, and the quality and maturity of its investments. In general, bond prices fall when interest rates rise and vice versa.

12. Although they have higher return potential, high yield bonds are also subject to greater risk, including the risk of default, compared to higher rated securities.

15. Empower Capital Management, LLC (ECM) has contractually agreed to pay any expenses (including the management fee and expenses paid directly by the Fund, excluding Rule 12b-1 fees) that exceed an annual rate of 1.20%. This expense reimbursement shall continue in effect indefinitely and will be discontinued only upon termination or amendment of the investment advisory agreement with ECM.

20. Real estate securities involve greater risks than other non-diversified investments, including but not limited to: declining property values, varying economic conditions, changes in zoning laws, or losses from casualty. Real estate securities that invest in foreign real estate involve additional risk, including currency fluctuations and political developments.

22. If you purchase shares of (or allocate account value to) the Fund, you are required to purchase the Empower SecureFoundation^® guaranteed income benefit offered through a contingent deferred annuity issued by Empower Annuity Insurance Company of America, Corporate Headquarters: Greenwood Village, CO. The guaranteed income benefit does not guarantee the investment performance of the Fund, and the expenses associated with the guaranteed income benefit are not reflected in the performance of the Fund. Empower SecureFoundation is not available in New York and may not be available in all states. Please check with your advisor or Empower Financial representative for more information.

24. Empower International Index Fund – The Fund or securities referred to herein are not sponsored, endorsed, or promoted by MSCI Inc. (MSCI), and MSCI bears no liability with respect to any such Fund or securities or any index on which such Fund or securities are based. The Fund's prospectus contains a more detailed description of the limited relationship MSCI has with Empower Capital Management, LLC and any related funds.

25. Empower S&P Small Cap 600^® Index Fund – S&P SmallCap 600^® Index is a trademark of Standard & Poor’s and has been licensed for use by Empower Annuity Insurance Company of America. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s or its third-party licensors and neither Standard & Poor’s nor its third-party licensors make any representation regarding the advisability of investing in the Fund.

26. Empower S&P 500^® Index Fund – S&P 500^® Index is a trademark of Standard & Poor’s and has been licensed for use by Empower Annuity Insurance Company of America. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s or its third-party licensors and neither Standard & Poor’s nor its third-party licensors make any representation regarding the advisability of investing in the Fund.

27. Empower S&P Mid Cap 400^® Index Fund – S&P MidCap 400^® Index is a trademark of Standard & Poor’s and has been licensed for use by Empower Annuity Insurance Company of America. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s or its third-party licensors and neither Standard & Poor’s nor its third-party licensors make any representation regarding the advisability of investing in the Fund.

29. Empower Real Estate Index Fund – Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P) and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Empower Capital Management, LLC). The Dow Jones U.S. Select REIT Index is a product of S&P Dow Jones Indices LLC or its affiliates, and has been licensed for use by ECM. The Empower Real Estate Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in the Fund.

30. The Empower Profile Funds are managed by Empower Capital Management, LLC (ECM) and may invest in other funds advised by ECM, funds that are sub-advised by affiliated and unaffiliated sub-advisers retained by ECM, funds that are advised by affiliated and unaffiliated investment advisers of ECM, and in a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America (EAIC).

31. The Empower SecureFoundation^® Balanced Fund is managed by Empower Capital Management, LLC (ECM) and may invest in other funds advised by ECM, funds that are sub-advised by affiliated and unaffiliated sub-advisers retained by ECM, and funds that are advised by affiliated and unaffiliated investment advisers of ECM.

32. The date in a Empower Lifetime Fund’s name represents an approximate date when an investor is expected to retire (which is assumed to be at age 65) and begin withdrawing money. The principal value of the funds is not guaranteed at any time, including the target date. For more information, please refer to the fund prospectus and/or disclosure document.

33. The Empower Lifetime Funds are managed by Empower Capital Management, LLC (ECM) and may invest in other funds advised by ECM, funds that are sub-advised by affiliated and unaffiliated sub-advisers retained by ECM, funds that are advised by affiliated and unaffiliated investment advisers of ECM, and in a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America.

35. Equity securities of companies located in emerging markets involve greater risks than investments in more established markets, including currency fluctuations, political developments and share illiquidity.

36. Certain underlying funds invest in Treasury inflation-protected securities (TIPS). Unlike conventional bonds, the principal or interest of TIPS is adjusted periodically to a specified rate of inflation (e.g., Consumer Price Index for All Urban Consumers [CPI-U]). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation.

37. Empower Capital Management, LLC (ECM) has contractually agreed to waive fees or reimburse expenses (which include the sum of its management fees and expenses paid directly by the Fund, excluding Rule 12b-1 fees) that exceed 0.88% of the Fund's average daily net assets attributable to each Class. The agreement's current term ends on April 30, 2019 unless it is terminated by Empower Funds or ECM upon written notice within 90 days of the end of the current term or upon termination of the investment advisory agreement.

38. Empower Capital Management, LLC (ECM) has contractually agreed to waive fees or reimburse expenses (which include the sum of its management fees and expenses paid directly by the Fund, excluding Rule 12b-1 fees) that exceed 0.35% of the Fund's average daily net assets attributable to each Class. The agreement's current term ends on April 30, 2019, and will automatically renew for one-year terms unless it is terminated by Empower Funds or ECM upon written notice within 90 days of the end of the current term or upon termination of the Investment Advisory Agreement.