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Press Release

PAi Agrees to Sell Its Stock to Newport

Issued by PAi

July 1, 2020

De Pere, Wisconsin and Walnut Creek, CA − June 29, 2020 − Plan Administrators, Inc. (PAi) and Newport Group, Inc. (Newport) announced today that Newport will acquire PAi and its affiliate PAi Trust Company, Inc. (PAi Trust).

This transaction is anticipated to close within 90-120 days, subject to customary closing conditions and regulatory approvals. At that time, PAi and PAi Trust will operate as wholly owned subsidiaries of Newport. Terms of the transaction were not disclosed.

“The team at PAi has produced some industry leading innovations such as CoPilot, an affordable and accessible retirement plan solution for small employers. We believe that joining forces with a provider like Newport will create an opportunity for a larger pool of customers and partners while adding other services Newport provides,” said Michael Kiley, PAi President and Chief Executive Officer. “In addition, Newport shares our commitment to providing exceptional service, and we are excited for the opportunities this transaction will offer our clients and employees alike.”

“PAi has carved out a unique niche in our industry by providing small businesses with best-in-class retirement plans,” said Newport Chief Executive Officer Greg Tschider. “We look forward to providing these clients with additional offerings and welcoming the PAi team to Newport.”

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