Quarterly Investment Guide

December 2015

TIAA-CREF Life Insurance Company Quarterly Investment Guide for Intelligent Life® Variable Universal Life Intelligent Life® Survivorship Variable Universal Life Investment products, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. Intelligent Life Variable Universal Life Insurance, policy form series AM-SVUL.3 (2008); and Intelligent Life Survivorship Variable Universal Life Insurance, policy form series AM-JVUL.3 (2008), are issued by TIAA-CREF Life Insurance Company, a wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA). Both TIAA and TIAA-CREF Life are headquartered at 730 Third Avenue, New York, NY 10017. Each of the foregoing is solely responsible for its own financial condition and contractual obligations. This product may not be available in all states. Please call us This material must be preceded or accompanied by a current product and underlying fund prospectus. for details. Additional copies of the prospectuses can be obtained by calling 877 694-0305 or by visiting © 2015 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund www.tiaa-cref.org/prospectuses. (TIAA-CREF), 730 Third Avenue, New York, NY 10017 C20971 A13828-VUL (12/15)

Data and Analyst Reports provided by Morningstar, Inc.

Morningstar Tools 4 Morningstar Investment Profile Page User’s Guide 7 How to Use the Morningstar RatingTM 8 How to Use Morningstar’s Composition Graphics 9 How to Use the Morningstar® Style BoxTM

Investment Profiles 11 Investment Profiles 80 Disclosure

Supplemental Information 82 Glossary 86 Alphabetical Index

Chicago-based Morningstar, Inc. is a leading provider funds, U.S. and international equities, closed-end funds, of investment information, research, and analysis. and variable annuities. Established in 1984, Its extensive line of Internet, software, and print products Morningstar continues to be the industry’s most trusted provides unbiased data and commentary on mutual source on key investment issues of the day. Morningstar Tools User’s Guide The Investment Profile Page User’s Guide

This guide will help you use the Morningstar Investment Profile to your advantage. For more information, we recommend you read all disclosure information before investing.

Release Date: 12-31-2011 ABC Equity Subaccounts Advanced Profile Perf Disclosure

Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk 1 Russell Top 200 Growth Large-cap Growth QQQQQ Above Average Average 7 Out of 220 Fund Category Investments. A fund’s overall Morningstar Rating, based on its risk-adjusted return, is Header a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Morningstar Investment Information Morningstar Proprietary Statistics Proprietary Investment Strategy from investment’s prospectus YTD 1-Year 3-Year 5-Year 10-Year Medusa conubium santet rures. Ossifragi deciperet Morningstar Rating — — QQQ QQQQQ — Statistics 2 pessimus fragilis cathedras, et gulosus fiducias corrumperet Fund Rank Percentile 000 000 000 000 — fragilis agricolae. Aegre verecundus syrtes vix fortiter Out of # of Investments 000 000 000 000 — Morningstar amputat cathedras. Saburre incredibiliter spinosus insectat quinquennalis catelli, etiam fragilis ossifragi adquireret 8 TM Portfolio Analysis Rating rures, ut gulosus syrtes praemuniet agricolae. Chirographi Composition as of 12-31-11 % Assets Morningstar Equity Style BoxTM as of 12-31-11 % Mkt Cap Composition vocificat concubine. Large U.S. Stocks 66.9 Quadrupei miscere quinquennalis catelli. Gulosus Giant 0.0

Non-U.S. Stocks 0.0 Mid fiducias praemuniet chirographi, semper cathedras amputat Large 0.0 Bonds 169.8 quadrupei. Catelli praemuniet umbraculi, iam plane fragilis Medium 0.0 3 Cash -137.7 Small matrimonii agnascor agricolae. Saetosus quadrupei corrum- Small 0.0 9 Other 1.0 Investment peret satis perspicax saburre, semper Octavius verecunde Micro 0.0 insectat quadrupei, utcunque quinquennalis oratori miscere -100 -50 0 50 100 Total 100.0 Value Blend Growth Morningstar Strategy pretosius matrimonii. TM Top 20 Holdings as of 12-31-11 % Assets Statistics as of 12-31-11 Port Avg Rel S&P 500 Rel Cat Style Box

Operations Haliburton 0.00 P/E Ratio 0.00 0.00 0.00 Subacct Incep Date 01-01-01 Sprint 0.00 P/B Ratio 0.00 0.00 0.00 Undr. Fund Incep Date 01-01-01 Conocco CI A 0.00 P/C Ratio 0.00 0.00 0.00 10 Subacct Adoption Date 01-01-01 BP PLC ADR 0.00 GeoAvgCap($mil) 0.00 0.00 0.00 4 Prosp Net Exp Ratio 0.00% Motorola 0.00 Statistics Prosp Gross Exp Ratio 0.00% Reliant Energy 0.00 Risk Measures as of 12-31-11 Port Avg Rel S&P 500 Rel Cat Operations Advisor XYZ Trust Investments, Inc. Schlumberger 0.00 3-Yr Std Dev 0.00 0.00 0.00 Subadvisor None International Paper 0.00 3-Yr Beta 0.00 0.00 0.00 Portfolio Managers John Doe Sara Lee 0.00 3-Yr Sharpe Ratio 0.00 0.00 0.00 Jane Doe Federated Dept. Stores 0.00 3-Yr Alpha 0.00 0.00 0.00 11 Reliant Energy 0.00 3-Yr R-Squared 0.00 0.00 0.00 Investment Manager Schlumberger 0.00 Risk Measures Catelli praemuniet umbraculi, iam plane fragilis matrimonii. International Paper 0.00 Morningstar Equity Sectors as of 12-31-11 % Fund 5 Rures neglegenter praemuniet oratori, utcunque utilitas Sara Lee 0.00 h Cyclical 0.0 catelli miscere aegre lascivius fiducias. Quadrupei fermentet Federated Dept. Stores 0.00 r Basic Materials 0.0 Consumer Cyclical 0.0 Investment fragilis saburre. Chirographi adquireret tremulus umbraculi, Reliant Energy 0.00 t Financial Services 0.0 ut suis conubium santet umbraculi. Vix adlaudabilis saburre Schlumberger 0.00 y Manager Real Estate 0.0 senesceret apparatus bellis. Pessimus perspicax catelli International Paper 0.00 u optimus fortiter insectat matrimonii, etiam zothecas Sara Lee 0.00 j Sensitive 0.0 12 fermentet Octavius. Chirographi circumgrediet concubine. Federated Dept. Stores 0.00 i Communication Services 0.0 o Energy 0.0 Morningstar Total Number of Stock Holdings 0 Industrials 0.0 Volatility Analysis p Sectors Investment Total Number of Bond Holdings 0 a Technology 0.0 5 Annual Turnover Ratio % 0 k Defensive 0.0 Low Moderate High Total Fund Assets ($mil) 0,000.00 6 s Consumer Defensive 0.0 1Category Volatility d Healthcare 0.0 In the past, this investment has shown a relatively moderate f Utilities 0.0 Analysis range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. 13 Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Portfolio Holdings

©2012 Morningstar, Inc., Morningstar Investment® ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ Page 1 of 2 or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

4 1 Header Benchmark: The name variable annuity policy. The subaccount 7 Morningstar Proprietary Statistics See of the index against which the fund is adoption indicates the start date for SEC “How to Use the Morningstar Rating.” The Fund being compared. Standardized Returns. Rank Percentile shown provides a standardized way of ranking returns of funds with the same Morningstar Category: In an effort to distin- For VUL funds, the Subaccount Adoption Date Morningstar Category. guish funds by what they own, as well is not shown because it does not correspond to as by their prospectus objectives and styles, any performance on the page. 8 Composition See “How to Use Morningstar developed the Morningstar Morningstar’s Composition Graphics.” Categories. While the prospectus objective Prospectus Net Expense Ratio: The amount identifies a fund’s investment goals based of money taken out of your account each 9 Morningstar ® Style BoxTM See “How to on the wording in the fund prospectus, year to pay for the operation and management Use the Morningstar Style Box.” the Morningstar Category identifies funds of an investment portfolio, expressed as based on their actual investment styles as a percentage. 10 Statistics Price/Earnings Ratio: The price measured by their underlying portfolio to prospective earnings yield for a fund is the holdings (portfolio statistics and compositions Prospectus Gross Expense Ratio: The total asset-weighted average of the prospective over the past three years). If the fund is gross expenses (net expenses with earnings yields of all the domestic stocks in the new and has no portfolio, we estimate where waivers added back in) divided by the fund’s fund’s portfolio as of the date of the portfolio. A it will fall before assigning a more permanent average net assets. stock’s prospective earnings yield is calculated category. When necessary, Morningstar by dividing the company’s estimated earnings may change a category assignment based on Advisor: The company that takes primary per share for the current fiscal year by the current information. responsibility for managing the fund. company’s month-end share price as of the portfolio date. In computing the fund’s average, 2 Morningstar RatingTM See “How to Use Subadvisor: In some cases, the advisor employs Morningstar weights each portfolio holding the Morningstar Rating.” another company, called the subadvisor, by the percentage of domestic equity assets to handle the fund’s day-to-day management. it represents; therefore, larger positions have 3 Investment Strategy For variable annuity/ In these instances, the portfolio manager proportionately greater influence on the fund’s life products, this is a summary of the generally works for the fund’s subadvisor, and aggregate earnings yield. The reciprocal Investment Objectives and Policy section found not the advisor. can also be expressed as a price/prospective in every prospectus. It states the objective earnings ratio. of the fund and how the manager(s) intend to Portfolio Manager(s): The name of the person invest to achieve this objective. It includes who determines which stocks or bonds belong Price/Book Ratio: The price to prospective book any limitations to the fund’s investment poli- in the investment portfolio. value yield for a fund is the asset-weighted cies, as well as any share class structure average of the prospective book value yields of differences, previous names, mergers, liquida- 5 Investment Manager A description of the all the domestic stocks in the fund’s portfolio tion, and opening and closing information. company that takes primary responsibility for as of the date of the portfolio. A stock’s managing the fund. prospective book value yield is calculated by 4 Operations Subaccount Inception Date: dividing the company’s estimated shareholders’ The date on which the subaccount began 6 Volatility Analysis We classify invest- equity per share for the current fiscal year its operations. ment portfolios as having one of three volatility by the company’s month-end stock price as of levels relative to all types of mutual funds: the portfolio date. In computing the fund’s Underlying Fund Inception Date: The date on Low, Moderate, and High. Investments with average, Morningstar weights each portfolio which the fund that underlies the subaccount wider ranges of returns are labeled “high,” as holding by the percentage of domestic equity began its operations. Funds with long track they are considered riskier than “low” volatility assets it represents; therefore, larger posi- records offer more history by which investors investments, which have had smaller ranges tions have proportionately greater influence can assess overall fund performance. of returns. We also show where the portfolio’s on the fund’s aggregate book value yield. The category lands. For portfolios that haven’t reciprocal can also be expressed as a price/ Subaccount Adoption Date: The Variable been in existence for three years, we simply book ratio. Annuity Subaccount Adoption Date is the date show the category average. which the underlying fund first appeared in Price/Cash Ratio: The price to prospective cash the separate account. This date may be on or flow represents the weighted average of the before the subaccount inception into the price/cash-flow ratios of the stocks in a

5 fund’s portfolio. Price/cash-flow represents the Sharpe ratio: uses standard deviation Holdings Summary: Provides the total number amount an investor is willing to pay for a and excess return to determine reward per of holdings in the portfolio or, when available, dollar generated from a particular company’s unit of risk. further breakouts of the number stock and operations. Price/cash-flow shows the ability bond securities the portfolio holds. of a business to generate cash and acts Alpha: measures the difference between as a gauge of liquidity and solvency. Because a fund’s actual returns and its expected Annual Turnover Ratio %: A proxy for how accounting conventions differ among nations, performance, given its level of risk (as frequently a manager has traded his or her reported earnings (and P/E ratios) may not measured by beta). portfolio in the past year. be comparable across national boundaries. Price/cash-flow attempts to provide an interna- R-squared: reflects the percentage of a Total Fund Assets ($mil): The net assets of all tionally-standard measure of a firm’s stock price fund’s movements that are explained by move- share classes of the underlying fund, relative to its financial performance. ments in its benchmark index, showing the recorded in millions of dollars. Net-asset figures degree of correlation between the fund and are useful in gauging an underlying fund’s Geometric Average Cap $mil: Morningstar the benchmark. size, agility, and popularity. They help determine defines the overall “size” of a stock fund’s whether a small-company fund, for example, portfolio as the geometric mean of the market 12 Morningstar Sectors Morningstar can remain in its investment-objective category capitalization for all of the stocks it owns. determines how much of each stock portfolio if its asset base reaches an ungainly size. It’s calculated by raising the market capitaliza- is held in each of Morningstar’s 11 major tion of each stock to a power equal to that industrial sectors, which roll up into three stock’s stake in the portfolio. The resulting broader categories. numbers are multiplied together to produce the geometric mean of the market caps Fixed Income Sectors: Morningstar determines of the stocks in the portfolio, which is reported how much of each bond portfolio is held in each as average market capitalization. For example, of Morningstar’s 5 major fixed-income sectors. if a fund currently held equal stakes in three stocks, with market capitalizations of $2 billion, Credit Analysis (Fixed Income only): The credit $10 billion, and $25 billion, the geometric analysis depicts the quality of US and non- mean would equal: U.S. bonds in the fund’s portfolio. The analysis reveals the percentage of fixed-income securi- ($2 billion 1/3) x ($10 billion 1/3) x ($25 billion ties that fall within each credit-quality rating as 1/3) = $7.94 billion assigned by Standard & Poor’s or Moody’s.

This number is different from the fund’s Morningstar World Regions (International only): median market cap—the capitalization of the A breakdown of the geographical exposure median stock in its portfolio. The geometric of a fund’s stock assets. Regional exposure mean better identifies the portfolio’s “center summarizes a portfolio’s exposure to geopo- of gravity.” That is, it provides more accurate litical risk, and it also provides a reference point insight into how market trends (as defined by for understanding fund returns. capitalization) might affect the portfolio. 13 Portfolio Holdings The top holdings are 11 Risk Measures Standard deviation: is a the stocks or bonds with the most influence statistical measure of the volatility of the on a portfolio’s returns. Conservative portfolios fund’s returns. typically devote no more than 3% to 4% of their assets to any one stock or bond. More Beta: is a measure of a fund’s sensitivity to daring portfolios may devote 7% or more market movements. A portfolio with a to one stock. Add up the weighting of the top beta greater than 1 is more volatile than the five holdings for another measure of risk. market and a portfolio with a beta less than A conservative option generally bets 15% or 1 is less volatile than the market. less on the top 5 holdings, while a portfolio with more than 25% in the top five may be considered aggressive.

6 User’s Guide How to Use the Morningstar RatingTM

The Morningstar Rating is a useful tool for identifying investments worthy of further research, but it’s not the only thing to consider.

The Morningstar Rating, commonly called approval or endorsement of a Morningstar A five-star sector fund, for example, might the “star rating,” tells you how well an invest- analyst. Keep in mind that the rating is have the best risk-adjusted return within ment has performed relative to similar based solely on historical performance, and its specific category, but it’s probably far riskier offerings after adjusting for all costs and risk. a highly rated offering may no longer than a highly rated diversified offering. It rates investments from one to five stars, have the portfolio manager responsible for Rather than choosing investments according to with the best performers receiving five stars that performance. Or—conversely— their ratings, investors should first decide and the worst performers receiving a a lower-rated or non-rated offering might on an overall portfolio strategy and then seek single star. now employ a manager who produced the best investments for each portion of excellent results with other managed invest- their portfolio. The Morningstar Rating can The star rating is best used as an initial ment products. then be used to identify possible candi- screen to identify investments worthy of further dates, but you should never make a buy or sell research, those that have performed well Also, because ratings are based on decision based solely on the rating. K relative to their peers. It’s a strictly quantitative performance within specific categories, it’s measure—a high rating doesn’t imply the important to note that not all five-star offerings are equal or even interchangeable.

Morningstar Rating

Percent of all rated investments

40%

30%

20%

10% Q QQ QQQ QQQQ QQQQQ

10% 22.5% 35% 22.5% 10%

The Morningstar Rating is based on risk-adjusted return, which is calculated by subtracting a risk penalty from total return, after accounting for all sales charges, loads, and redemption fees. The penalty is determined by the amount of variation in monthly returns, with an emphasis on downward variation. The greater the variation, the larger the penalty. Investments are ranked within their Morningstar Categories by their risk-adjusted return and assigned stars using the following distribution: the top 10% receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Ratings are calculated for up to three time periods—three-, five-, and 10 years—and combined to produce an overall rating. Investments with less than three years of performance history are not rated.

7 User’s Guide How to Use Morningstar’s Composition Graphics

Morningstar’s Composition graphics are tools that visually break down how a fund’s assets are invested.

Morningstar allocates stocks into one of five 3 The Cash data point identifies the percentage For example, a bar representing Cash Alloca- asset classes: U.S. Stocks, Non-U.S. Stocks, of the fund’s assets held in cash. Cash encom- tions that extends left of the y-axis indicates Bonds, Cash and Other. For each of these passes both actual cash and cash equivalents negative percentages of cash in which the asset classes, Morningstar calculates portfolio (fixed-income securities with a maturity portfolio is leveraged, meaning it has borrowed statistics on the long and short positions of one year or less) held by the portfolio plus against its own assets to buy more securities and displays long, short, and net (long minus receivables minus payables. or that it has used other techniques to short) statistics as appropriate. Calculations are 3 Lastly, the Other data point includes positions gain more than 100% exposure to the market. run on the most-recent portfolio available. in preferred stocks (equity securities that pay dividends at a specific rate) as well as Over 100% Asset Allocation convertible bonds and convertible preferreds. Long or short positions in any asset class 3 The U.S. Stock data point indicates the Derivatives and unidentified holdings are also that are greater than 100% are indicated by a percentage of the fund’s assets devoted to grouped in this asset class. line break. U.S.-domiciled equity investments. 3 The Non-U.S. Stock data point reflects only Using the Bar Chart Where are the Shorts? the percentage of a portfolio’s equity The x-axis of this chart represents the Sometimes the amount of shorts in a portfolio investments that are domiciled outside the percentage each investment group holds, with is so small the bar chart cannot visually United States. the y-axis representing a zero value. Values to represent the miniscule amount. For example, 3 The Bond data point identifies the percentage the right of the y-axis represent positive, if a portfolio has a –0.01% position in Cash, of the fund’s assets held in bonds and bond or “long”, security positions, while values to the bar chart appears, though the green to the exposure gained from derivatives. Bonds the left of the y-axis represent negative, left of the y-axis may not be visible. K include everything from government notes to or “short”, security positions. The table to the high-yield corporate bonds. right of the bar chart sums these two values to present the “net” emphasis of each investment group.

When Do We Use the Bar Chart or the Pie Graph?

Net % % Assets

U.S. Stocks 66.9 U.S. Stocks 55.1

Non-U.S. Stocks 00.0 Non-U.S. Stocks 12.5

Bonds 169.8 Bonds 19.3

Cash –137.7 Cash 10.4

Other 1.0 Other 2.7

–100 –50 0 50 100 Total 100.0 Total 100.0

Morningstar Investment Profiles and Guides display a horizontal bar chart when a fund’s When a fund’s portfolio takes only long positions in securities, we represent the portfolio’s portfolio contains short and derivative positions of which the net sum, including any offsetting asset allocation in a pie graph that sums to 100%. long positions in that asset class, is greater or less than 100%.

8 User’s Guide How to Use the Morningstar Style BoxTM

The Morningstar Style Box is a visual tool that helps investors see past confusing fund names and descriptions to better understand the “investment style” of stocks and mutual funds.

We assign each investment into one of won’t move in the same direction at the The Morningstar Style Box also provides our nine Style Box squares by analyzing its same time. By combining investments from a basis for our domestic stock fund categories. portfolio and determining the best fit. different parts of the Morningstar Style Similar investments are categorized Box, your portfolio’s overall returns will likely together, then rated on their ability to balance Things to Remember About the be more stable. risk and reward relative to other investments Morningstar Style Box in that same, fairly narrow category. K Risk increases as you move down and to What the Morningstar Style Box Does the right of the Morningstar Style Box. It paints a picture of what’s in an investment’s Don’t put all your eggs in one basket. The portfolio. Are the companies large or returns of investments from different small? Are the stocks cheap or expensive? parts of the Morningstar Style Box probably Do the bonds have limited or extensive sensitivity to interest rate changes? Are they of high or low quality?

Morningstar Equity Style Box Morningstar Fixed-Income Style Box

Style Risk Interest Rate Sensitivity Risk

Value Blend Growth Limited Moderate Extensive Low Low Large-cap Large-cap Large-cap Limited Moderate Extensive Value Blend Growth Sensitivity Sensitivity Sensitivity High Quality High Quality High Quality Large

Mid-cap Mid-cap Mid-cap Limited Moderate Extensive Value Blend Growth Sensitivity Sensitivity Sensitivity Size Quality

Med Quality Med Quality Med Quality Mid Medium High

Small-cap Small-cap Small-cap Limited Moderate Extensive Value Blend Growth Sensitivity Sensitivity Sensitivity

Low Quality Low Quality Low Quality

Small High Low High

Within the stock grid, nine possible combinations exist, ranging from large-cap value Within the bond grid, nine possible combinations exist, ranging from limited sensitivity to for the safest investments to small-cap growth for the riskiest. interest rate changes/high quality for the safest investments, to extensive sensitivity to interest rate changes/low quality for the riskiest.

9 Investment Profiles Release Date: 12-31-2015 Intelligent Life VUL-Calamos Growth & Income ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Morningstar Aggressive Target Risk Moderate Allocation QQ Below Average High Out of 1828 Moderate Allocation VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks high long-term total return through Morningstar Rating . QQQ QQ QQ growth and current income. Fund Rank Percentile 18 57 80 75 The fund invests primarily in a diversified portfolio of Out of # of Investments 2,013 1,828 1,666 807 convertible instruments (including synthetic convertible instruments), equity and fixed-income securities of U.S. Portfolio Analysis companies without regard to market capitalization. It Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 (EQ) ; 09-30-15 (F-I) attempts to utilize these different types of securities to Large High U.S. Stocks 64.2 strike, in the investment adviser's opinion, the appropriate

Non-U.S. Stocks 0.0 Mid Med balance between risk and return in terms of growth and Bonds 5.9 income. The average term to maturity of the convertible and Cash 5.5 Small Low fixed-income securities purchased by the portfolio will Other 24.4 typically range from five to ten years. Value Blend Growth Ltd Mod Ext

Operations Subaccount Incp Date 03-09-06 Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 17.60 1.02 1.04 Undr. Fund Incep Date 05-19-99 Fidelity Prime Money Mkt Port Institut 12-31-30 5.48 Prosp Net Exp Ratio 1.42% Apple Inc 4.12 P/B Ratio 2.50 1.07 1.18 Prosp Gross Exp Ratio 1.42% JPMorgan Chase & Co 2.55 P/C Ratio 12.79 1.26 1.47 Advisor Calamos Advisors LLC Wells Fargo & Co 2.45 GeoAvgCap ($mil) 126,122.87 1.71 3.06 Subadvisor . Microsoft Corp 2.44 Portfolio Manager(s) John P. Calamos ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Jon Vacko Alphabet Inc Class A 2.33 3 Yr Std Dev 8.91 0.84 1.24 John Hillenbrand Home Depot Inc 2.30 3 Yr Beta 1.27 . 1.20 Eli Pars Liberty Interactive 0.75% 03-30-43 1.85 3 Yr Sharpe Ratio 0.79 0.57 0.81 Joe Wysocki Nike Inc Class B 1.80 3 Yr Alpha -0.06 . -0.06 David P. Kalis Citigroup Inc 1.75 3 Yr R-squared 84.87 . 0.91 ...... Investment Manager Anthem Inc 1.57 Morningstar Sectors as of 11-30-15 % Fund Calamos provides investment advisory services to Johnson & Johnson 1.49 Cyclical 31.60 institutions and individuals, offering closed-end and Coca-Cola Co 1.47 ...... Basic Materials 0.00 open-end mutual funds and separately managed accounts. State Street Corp 1.45 Consumer Cyclical 12.11 The firm focuses on risk management across investment American International Group Inc 1.42 ...... Financial Services 19.49 strategies within the equity, global/international, balanced, Walt Disney Co 1.33 Real Estate 0.00 convertible, fixed-income and alternative asset classes. Costco Wholesale Corp 1.29 Sensitive 39.82 Utilizing proprietary research, Calamos's investment analyst Intel Cv 3.25% 08-01-39 1.27 ...... group has been headed by the same portfolio management Starbucks Corp 1.27 Communication Services 0.00 team for more than 25 years. MasterCard Inc Class A 1.24 Energy 6.23 Industrials 14.64 ...... Volatility Analysis Total Number of Stock Holdings 59 Technology 18.95 Investment Total Number of Bond Holdings 19 Defensive 28.58 ...... Annual Turnover Ratio % 47.60 Consumer Defensive 12.12 Low Moderate High Total Fund Assets ($mil) 26.29 Healthcare 13.54 Category Utilities 2.92 In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-ClearBridge Variable Aggressive Grwth - Cl. I ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 3000 Growth TR USD Large Growth QQQQ High High Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation. Morningstar Rating . QQQQQ QQQQQ QQQ The fund invests primarily in common stocks of Fund Rank Percentile 96 7 5 27 companies the portfolio managers believe are experiencing, Out of # of Investments 3,478 3,268 2,955 1,859 or will experience, growth in earnings that exceeds the average rate of earnings growth of the companies which Portfolio Analysis comprise the S&P 500 Index. It may invest in the securities of Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap large, well-known companies offering prospects of long-term Large U.S. Stocks 70.3 Giant 49.31 earnings growth. The fund may invest up to 25% of its net ......

Non-U.S. Stocks 18.3 Mid assets (at the time of investment) in equity securities of Large 23.18 Bonds 0.0 foreign issuers. Medium 25.41 Cash 11.3 Small Small 1.76 ...... Other 0.1 Micro 0.33 Operations Value Blend Growth Subaccount Incp Date 04-26-07 Undr. Fund Incep Date 11-01-99 Prosp Net Exp Ratio 0.80% Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 20.75 1.20 0.91 Prosp Gross Exp Ratio 0.80% UnitedHealth Group Inc 9.43 Advisor Legg Mason Partners Fund Allergan PLC 8.55 P/B Ratio 2.30 0.98 0.60 Advisor, LLC Biogen Inc 7.79 P/C Ratio 8.94 0.88 0.64 Subadvisor ClearBridge Investments, LLC Amgen Inc 6.23 GeoAvgCap ($mil) 38,409.40 0.52 0.71 Portfolio Manager(s) Richard A. Freeman Comcast Corp Class A 5.67 Evan Bauman ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Anadarko Petroleum Corp 3.44 3 Yr Std Dev 12.81 1.21 1.10 Investment Manager Vertex Pharmaceuticals Inc 3.20 3 Yr Beta 1.06 . 1.06 At Legg Mason, we've assembled experienced investment Valeant Pharmaceuticals International Inc 2.89 3 Yr Sharpe Ratio 1.45 1.05 1.09 management firms and empowered them with the tools, Seagate Technology PLC 2.79 3 Yr Alpha 2.97 . 4.01 resources and independence to pursue the strategies they Broadcom Corp 2.56 3 Yr R-squared 77.46 . 0.92 ...... know best. Each was chosen for their commitment to SanDisk Corp 2.43 investment excellence. Each is focused on specific Morningstar Sectors as of 09-30-15 % Fund Weatherford International PLC 2.34 investment styles. Each exhibits thoughtful leadership. Cyclical 11.63 TE Connectivity Ltd 1.83 ...... Together, we've built a powerful portfolio of investment MSG Networks Inc Class A 1.65 Basic Materials 0.43 solutions. And it has made us a world leader in money AMC Networks Inc Class A 1.49 Consumer Cyclical 9.70 management...... Financial Services 1.50 Medtronic PLC 1.47 Real Estate 0.00 AT&T Inc 1.46 Volatility Analysis Sensitive 40.34 Core Laboratories NV 1.45 ...... Investment Liberty Interactive Corp Class A 1.43 Communication Services 10.72 Low Moderate High L-3 Communications Holdings Inc 1.42 Energy 9.23 Industrials 4.33 ...... Category Total Number of Stock Holdings 68 Technology 16.06 Total Number of Bond Holdings 0 Defensive 48.04 In the past, this investment has shown a wide range of price ...... Annual Turnover Ratio % 0.00 fluctuations relative to other investments. This investment Consumer Defensive 0.00 Total Fund Assets ($mil) 924.75 may experience significant price increases in favorable Healthcare 48.04 markets or undergo large price declines in adverse markets. Utilities 0.00 Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-ClearBridge Variable Small Cap Grwth - Class I ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 Growth TR USD Small Growth QQQQ Above Average Average Out of 846 Small Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term growth of capital. Morningstar Rating . QQQ QQQQ QQQQ Under normal circumstances, the fund invests at least Fund Rank Percentile 83 39 19 30 80% of its assets in equity securities of companies with Out of # of Investments 899 846 754 491 small market capitalizations and related investments. The portfolio managers use a growth-oriented investment style Portfolio Analysis that emphasizes small U.S. companies. Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap Large Giant 0.00 U.S. Stocks 93.6 ...... Operations Non-U.S. Stocks 5.5 Mid Large 1.22 Subaccount Incp Date 03-09-06 Bonds 0.0 Medium 30.62 Undr. Fund Incep Date 11-08-99 Cash 0.0 Small Small 45.81 ...... Prosp Net Exp Ratio 0.82% Other 0.9 Micro 22.35 Prosp Gross Exp Ratio 0.82% Value Blend Growth Advisor Legg Mason Partners Fund Advisor, LLC Subadvisor ClearBridge Investments, LLC Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Portfolio Manager(s) Aram E. Green Icon PLC 3.37 P/E Ratio 24.39 1.42 0.96 Jeffrey J. Russell Lions Gate Entertainment Corp 2.71 P/B Ratio 3.04 1.30 0.98 Buffalo Wild Wings Inc 2.66 P/C Ratio 10.83 1.06 0.84 Investment Manager GeoAvgCap ($mil) 2,098.33 0.03 0.89 At Legg Mason, we've assembled experienced investment Casey's General Stores Inc 2.52 Fortinet Inc 2.48 management firms and empowered them with the tools, ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat resources and independence to pursue the strategies they Maximus Inc 2.45 3 Yr Std Dev 15.50 1.46 1.06 know best. Each was chosen for their commitment to Medidata Solutions Inc 2.39 3 Yr Beta 1.10 . 1.10 investment excellence. Each is focused on specific AthenaHealth Inc 2.35 3 Yr Sharpe Ratio 0.83 0.60 1.00 investment styles. Each exhibits thoughtful leadership. Monro Muffler Brake Inc 2.27 3 Yr Alpha -3.20 . 1.16 Together, we've built a powerful portfolio of investment FEI Co 2.19 3 Yr R-squared 56.73 . 1.05 ...... solutions. And it has made us a world leader in money Orbital ATK Inc 2.18 management. Morningstar Sectors as of 09-30-15 % Fund Core-Mark Holding Co Inc 2.04 Cyclical 28.80 Imperva Inc 2.04 ...... Volatility Analysis SVB Financial Group 2.02 Basic Materials 3.34 Investment Aspen Technology Inc 1.86 Consumer Cyclical 14.12 ...... Financial Services 8.63 Low Moderate High Marketo Inc 1.84 Real Estate 2.71 Trex Co Inc 1.81 Sensitive 51.86 Category Western Alliance Bancorp 1.75 ...... Tennant Co 1.64 Communication Services 0.00 In the past, this investment has shown a wide range of price Idex Corp 1.61 Energy 1.23 fluctuations relative to other investments. This investment Industrials 15.34 may experience significant price increases in favorable ...... Technology 35.29 markets or undergo large price declines in adverse markets. Total Number of Stock Holdings 85 Total Number of Bond Holdings 0 Defensive 19.35 Some of this risk may be offset by owning other investments ...... Annual Turnover Ratio % 25.00 that follow different investment strategies. Consumer Defensive 4.61 Total Fund Assets ($mil) 238.14 Healthcare 13.76 Utilities 0.98

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Credit Suisse Trust-Commodity Return Strategy Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Bloomberg Commodity TR USD Commodities Broad Basket QQQ Average Low Out of 104 Commodities Broad Basket VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks total return. Morningstar Rating . QQQQQ QQ . The fund is designed to achieve positive total return Fund Rank Percentile 46 2 89 . relative to the performance of the Bloomberg Commodity Out of # of Investments 137 104 98 . Index Total Return (the "BCOM Index"). The advisor intends to invest its assets in a combination of commodity-linked Portfolio Analysis derivative instruments and fixed income securities. It gains Composition as of 11-30-15 % Assets Morningstar Fixed Income Style Box ™ as of 11-30-15 exposure to commodities markets by investing through the U.S. Stocks 0.0 Avg Eff Duration . Subsidiary and in structured notes linked to the BCOM Index, Non-U.S. Stocks 0.0 Avg Eff Maturity . other commodity indices, or the value of a particular Not Bonds 58.1 Avg Wtd Coupon 0.76 commodity or commodity futures contract or subset of Cash 27.1 Available Avg Wtd Price 99.55 commodities or commodity futures contracts. The fund is Other 14.9 non-diversified.

Operations Subaccount Incp Date 03-09-06 Top 20 Holdings as of 11-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Undr. Fund Incep Date 02-28-06 Credit Suisse Trust Cayman Com 14.87 3 Yr Std Dev 12.53 1.18 0.88 . Prosp Net Exp Ratio 1.05% FFCB FRN 04-16-18 4.03 Beta 0.77 0.93 Prosp Gross Exp Ratio 1.10% US Treasury Note 0.875% 10-15-18 3.25 Sharpe Ratio -1.53 -1.11 1.03 . Advisor Credit Suisse Asset Management FFCB FRN 06-08-18 2.84 Alpha -4.28 0.88 . Subadvisor . FNMA FRN 09-08-17 2.66 R-squared 91.98 1.10 Portfolio Manager(s) Christopher Burton ...... Nelson Louie FHLMC 0.75% 11-26-18 2.64 Morningstar Sectors as of 11-30-15 % Fund FFCB FRN 12-08-17 2.55 Government 61.86 Investment Manager FHLMC FRN 01-13-17 2.19 Corporate 6.34 Credit Suisse is a leading financial services firm managing FHLMC FRN 04-27-17 2.19 Securitized 0.00 assets worldwide through its Asset Management, FNMA 10% 04-27-18 1.90 Municipal 0.00 ...... Investment Banking, and Private Banking services divisions. FNMA 1.16% 10-29-18 1.88 Cash & Equivalents 31.80 The Asset Management business of Credit Suisse offers FNMA FRN 01-26-17 1.82 Other 0.00 products across the full spectrum of investment classes, FFCB FRN 09-18-17 1.64 ranging from equities, fixed income, and multiple-asset class FFCB FRN 02-02-18 1.64 Credit Analysis % Bonds products to alternative investments such as real estate, FFCB FRN 05-30-17 1.57 Not Available hedge funds, private equity, and volatility management. The ...... Asset Management business manages portfolios, mutual FNMA FRN 10-05-17 1.56 funds, and other investment vehicles for a broad spectrum of FFCB FRN 11-12-19 1.46 clients including governments, institutions, corporations, and FFCB FRN 02-09-18 1.46 private individuals. With offices focused on asset FFCB FRN 08-20-18 1.46 management in 19 countries, the business operates as a FFCB FRN 02-05-18 1.46 globally integrated network that seeks to deliver Credit ...... Suisse's best investment ideas and capabilities to clients Total Number of Stock Holdings 0 around the world. Total Number of Bond Holdings 37 Annual Turnover Ratio % 96.00 Total Fund Assets ($mil) 274.55 Volatility Analysis Investment

Low Moderate High

Category

In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Delaware VIP Diversified Income ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays US Agg Bond TR USD Intermediate-Term Bond QQQ Average Above Average Out of 1470 Intermediate-Term Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks maximum long-term total return Morningstar Rating . QQ QQ QQQQ consistent with reasonable risk. Fund Rank Percentile 97 90 82 19 The fund allocates its investments principally among Out of # of Investments 1,606 1,470 1,324 752 the following four sectors of the fixed income securities markets: the U.S. investment grade sector, the U.S. high Portfolio Analysis yield sector, the international developed markets sector, and Composition as of 11-30-15 %Net Morningstar Fixed Income Style Box ™ as of 11-30-15 the emerging markets sector. It normally invests at least High U.S. Stocks -1.2 Avg Eff Duration 5.71 80% of its net assets, plus the amount of any borrowings for Avg Eff Maturity 7.40 Non-U.S. Stocks -0.0 Med investment purposes, in fixed income securities (80% policy). Avg Wtd Coupon 4.06 The investments in emerging markets will, in the aggregate, Bonds 91.2 Low Avg Wtd Price 100.61 be limited to no more than 25% of the fund's total assets. Cash 11.3 Other -1.3 ...... Ltd Mod Ext -100 -50 0 50 100 Operations Total 100.0 Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 05-16-03 Top 20 Holdings as of 11-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Prosp Net Exp Ratio 0.67% FNMA 02-01-45 4.67 3 Yr Std Dev 3.51 1.20 1.14 Prosp Gross Exp Ratio 0.67% US Treasury Note 1.375% 10-31-20 4.47 Beta 1.10 . 1.10 Advisor Delaware Management Company 30 Year US Treasury Bond Future Mar16 03-22-16 3.87 Sharpe Ratio 0.00 0.00 0.00 Subadvisor . US Treasury Note 2% 08-15-25 3.85 Alpha -1.56 . 2.60 Portfolio Manager(s) Paul Grillo . FNMA 01-01-45 3.71 R-squared 83.11 0.92 Wen-Dar Chen ...... Roger A. Early 10 Year US Treasury Note Future Mar16 03-22-16 1.79 Morningstar Sectors as of 11-30-15 % Fund J. David Hillmeyer US Treasury Bond 2.875% 08-15-45 1.56 Government 15.35 Steven A. Landis E-mini S&P 500 12-18-15 1.40 Corporate 40.89 Christopher M. Testa FNMA 4.5% 01-01-42 1.01 Securitized 31.94 FNMA 4.5% 02-01-45 0.75 Municipal 0.48 Investment Manager ...... Delaware Investments is a diversified investment FNMA 4.5% TBA 01-01-43 0.75 Cash & Equivalents 11.28 management firm that offers a comprehensive array of retail FNMA 4.5% 09-01-42 0.71 Other 0.06 and institutional strategies across all major asset classes. Bb&T 5.25% 11-01-19 0.53 Team-based, research-driven approach to investing is guided Dow Chem 8.55% 05-15-19 0.49 Credit Analysis as of 11-30-15 % Bonds by the expertise of more than 174 Investment Professionals, Crown Castle Towers 2010-4-5- CM 4.883% 08-15-40 0.46 AAA 46 analysts and traders. Delaware Investments is the marketing ...... AA 4 name for Delaware Management Holding, Inc. and its FNMA 5.5% 09-01-41 0.41 A 11 subsidiaries, which are part of Lincoln Financial Group. Bk Amer 3.95% 04-21-25 0.40 BBB 21 Lincoln Financial Group is the marketing name for Lincoln Comm Mtg Tr 2014-Ccre20 CMO 3.938% 11-13-47 0.36 BB 9 National Corporations and its affiliates. Tiaa Asset Mgmt Fin Co 144A 4.125% 11-01-24 0.36 FNMA 4.5% 10-01-44 0.33 B 8 ...... Below B 2 Volatility Analysis Total Number of Stock Holdings 4 Not Rated 0 Investment Total Number of Bond Holdings 1015 -100 -50 0 50 100 Low Moderate High Annual Turnover Ratio % 252.00 Total Fund Assets ($mil) 2,168.94 Category

In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Delaware VIP International Equity ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EAFE GR USD Foreign Large Value QQQ Average Below Average Out of 537 Foreign Large Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term growth without undue risk Morningstar Rating . QQQ QQQ QQ to principal. Fund Rank Percentile 16 33 68 78 The fund invests at least 80% of its net assets, plus the Out of # of Investments 609 537 446 220 amount of any borrowings for investment purposes, in equity securities (80% policy). Under normal circumstances, the Portfolio Analysis fund will invest at least 65% of its total assets in equity Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap securities of issuers that are organized, have a majority of Large U.S. Stocks 0.0 Giant 54.02 their assets, or generate the majority of their operating ......

Non-U.S. Stocks 98.4 Mid income outside the United States. It may invest more than Large 25.81 Bonds 0.0 25% of its total assets in the securities of issuers located in Medium 19.89 Cash 1.2 Small Small 0.28 the same country...... Other 0.4 Micro 0.00 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 10-29-92 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 14.72 0.85 1.09 Prosp Net Exp Ratio 1.07% Teva Pharmaceutical Industries Ltd ADR 4.42 P/B Ratio 1.43 0.61 1.17 Prosp Gross Exp Ratio 1.07% AXA SA 4.00 Advisor Delaware Management Company Mitsubishi UFJ Financial Group Inc 3.84 P/C Ratio 5.85 0.57 1.15 Subadvisor . Nippon Telegraph & Telephone Corp 3.65 GeoAvgCap ($mil) 25,406.73 0.34 0.99 Portfolio Manager(s) Edward A. Gray Toyota Motor Corp 3.47 Todd A. Bassion ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat CGI Group Inc Class A 3.45 3 Yr Std Dev 12.47 1.17 0.97 Investment Manager Novartis AG 3.28 3 Yr Beta 0.96 . 0.96 Delaware Investments is a diversified investment Sanofi SA 3.13 3 Yr Sharpe Ratio 0.30 0.22 1.30 management firm that offers a comprehensive array of retail Nordea Bank AB 3.07 3 Yr Alpha 1.66 . 2.16 and institutional strategies across all major asset classes. Yue Yuen Industrial holdings 2.95 3 Yr R-squared 89.07 . 0.98 ...... Team-based, research-driven approach to investing is guided Nitori Holdings Co Ltd 2.93 by the expertise of more than 174 Investment Professionals, Morningstar World Regions as of 11-30-15 % Fund East Japan Railway Co 2.91 Americas 6.27 analysts and traders. Delaware Investments is the marketing Itochu Corp 2.74 ...... name for Delaware Management Holding, Inc. and its Aryzta AG 2.72 North America 6.27 subsidiaries, which are part of Lincoln Financial Group. Teleperformance SE 2.72 Latin America 0.00 ...... Lincoln Financial Group is the marketing name for Lincoln Greater Europe 58.95 National Corporations and its affiliates. Vinci SA 2.53 ...... Japan Tobacco Inc 2.44 United Kingdom 10.74 Deutsche Post AG 2.24 Europe Developed 42.86 Volatility Analysis ING Groep NV 2.24 Europe Emerging 0.86 Investment STADA Arzneimittel AG 2.15 Africa/Middle East 4.49 Low Moderate High Greater Asia 34.78 ...... Total Number of Stock Holdings 50 Japan 23.93 Category Total Number of Bond Holdings 0 Australasia 1.21 Annual Turnover Ratio % 27.00 In the past, this investment has shown a wide range of price Asia Developed 6.81 Total Fund Assets ($mil) 62.43 fluctuations relative to other investments. This investment Asia Emerging 2.83 may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Delaware VIP Small Cap Value ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 Value TR USD Small Value QQQ Average Below Average Out of 484 Small Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation. Morningstar Rating . QQQ QQQ QQQ Under normal circumstances, at least 80% of the Fund Rank Percentile 50 51 71 50 Series' net assets, plus the amount of any borrowings for Out of # of Investments 523 484 435 204 investment purposes, will be in investments of small-capitalization companies (80% policy). The manager Portfolio Analysis considers small-capitalization companies to be companies Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap with a market capitalization generally less than 3.5 times the Large U.S. Stocks 99.4 Giant 0.00 dollar-weighted, median market capitalization of the Russell ......

Non-U.S. Stocks 0.0 Mid 2000 ® Index at the time of purchase. Large 0.00 Bonds 0.0 Medium 22.58 Cash 0.3 Small Small 63.99 ...... Operations Other 0.3 Micro 13.42 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 12-27-93 Prosp Net Exp Ratio 0.80% Prosp Gross Exp Ratio 0.80% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Delaware Management Company East West Bancorp Inc 2.99 P/E Ratio 19.31 1.12 1.12 Subadvisor . Webster Financial Corp 1.94 P/B Ratio 1.65 0.71 1.16 Portfolio Manager(s) Christopher S. Beck Berry Plastics Group Inc 1.88 P/C Ratio 8.18 0.80 1.12 Kelley A. McKee Synopsys Inc 1.71 GeoAvgCap ($mil) 2,302.68 0.03 1.04 Steven G. Catricks Selective Insurance Group 1.68 Kent P. Madden ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Bank of Hawaii Corp 1.67 3 Yr Std Dev 13.37 1.26 0.97 Investment Manager Community Bank System Inc 1.51 3 Yr Beta 1.08 . 1.01 Delaware Investments is a diversified investment MasTec Inc 1.50 3 Yr Sharpe Ratio 0.70 0.51 0.97 management firm that offers a comprehensive array of retail ITT Corp 1.49 3 Yr Alpha -6.52 . 1.11 and institutional strategies across all major asset classes. STERIS PLC 1.44 3 Yr R-squared 73.46 . 1.08 Team-based, research-driven approach to investing is guided ...... H.B. Fuller Co 1.41 by the expertise of more than 174 Investment Professionals, Morningstar Sectors as of 11-30-15 % Fund Olin Corp 1.39 analysts and traders. Delaware Investments is the marketing Cyclical 56.40 Hancock Holding Co 1.34 ...... name for Delaware Management Holding, Inc. and its Electronics for Imaging Inc 1.31 Basic Materials 8.14 subsidiaries, which are part of Lincoln Financial Group. Service Corp International 1.31 Consumer Cyclical 13.65 Lincoln Financial Group is the marketing name for Lincoln ...... Financial Services 27.01 National Corporations and its affiliates. Chemtura Corp 1.29 Real Estate 7.60 NBT Bancorp Inc 1.26 Sensitive 31.59 ON Semiconductor Corp 1.24 ...... Volatility Analysis Tech Data Corp 1.24 Communication Services 0.47 Investment Valley National Bancorp 1.23 Energy 4.35 Industrials 13.79 Low Moderate High ...... Total Number of Stock Holdings 114 Technology 12.98 Category Total Number of Bond Holdings 0 Defensive 12.01 ...... Annual Turnover Ratio % 16.00 In the past, this investment has shown a wide range of price Consumer Defensive 2.43 Total Fund Assets ($mil) 966.27 fluctuations relative to other investments. This investment Healthcare 5.92 may experience significant price increases in favorable Utilities 3.66 markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-DFA VA Global Bond ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Citi WGBI 1-5 Yr Hdg USD World Bond QQQQ Average Low Out of 336 World Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to provide a market rate of return for a Morningstar Rating . QQQQQ QQQQQ QQQ fixed income portfolio with low relative volatility of returns. Fund Rank Percentile 3 5 35 81 The fund generally invests in a universe of U.S. and Out of # of Investments 423 336 284 96 foreign debt securities maturing in five years or less. It primarily purchases obligations issued or guaranteed by the Portfolio Analysis U.S. and foreign governments, their agencies and Composition as of 11-30-15 % Assets Morningstar Fixed Income Style Box ™ as of 10-31-15 instrumentalities, corporate debt obligations, bank High U.S. Stocks 0.0 Avg Eff Duration 3.59 obligations, commercial paper, repurchase agreements, Avg Eff Maturity 3.78 Non-U.S. Stocks 0.0 Med obligations of other domestic and foreign issuers, securities Bonds 96.2 Avg Wtd Coupon 2.12 of domestic and foreign issuers denominated in U.S. dollars Cash 3.3 Low Avg Wtd Price . but not trading in the United States and obligations of Other 0.6 supranational organizations. Ltd Mod Ext

Operations Subaccount Incp Date 05-01-12 Top 20 Holdings as of 11-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Undr. Fund Incep Date 01-12-95 Merck & Co Inc New 1.85% 02-10-20 2.91 3 Yr Std Dev 2.19 0.75 0.44 . Prosp Net Exp Ratio 0.25% Pfizer 2.1% 05-15-19 2.80 Beta 0.70 0.89 Prosp Gross Exp Ratio 0.25% Agence Francaise Dev 1.625% 01-21-20 2.34 Sharpe Ratio 0.17 0.35 -0.53 . Advisor Dimensional Fund Advisors LP Eurofima Sr Unsecured Regs 05/20 1.75 05-29-20 2.31 Alpha -0.62 0.23 . Subadvisor Dimensional Fund Advisors Ltd Berkshire Hathaway Inc Del 2.1% 08-14-19 2.22 R-squared 85.74 2.97 Portfolio Manager(s) David A. Plecha ...... Joseph F. Kolerich Westpac Bkg 2.25% 01-17-19 2.04 Morningstar Sectors as of 11-30-15 % Fund Microsoft 1.85% 02-12-20 2.03 Government 18.37 Investment Manager Rabobank Nederland Ny 2.25% 01-14-19 1.93 Corporate 76.32 In 1981, Dimensional launched its first strategy based on Commonwealth Bk Australia 2.25% 03-13-19 1.91 Securitized 0.00 research documenting the stronger performance of US small European Invt Bk 1.625% 03-16-20 1.89 Municipal 2.01 ...... cap stocks. Our second strategy, a short-term fixed income Kreditanstalt Fur Wiederaufbau 0.356% 04-20-20 1.88 Cash & Equivalents 3.31 portfolio launched in 1983, applies Eugene Fama's term Manitoba Prov Cda 2.05% 11-30-20 1.82 Other 0.00 structure research. Later, a comprehensive analysis of prices Chevron Corp New 1.961% 03-03-20 1.81 and other research deepened our strategy repertoire and set Cisco Sys 2.45% 06-15-20 1.81 Credit Analysis as of 10-31-15 % Bonds a new standard for portfolio design. Toyota Motor Cred 2.125% 07-18-19 1.81 ...... AAA 17 Apple 2.1% 05-06-19 1.78 AA 79 Volatility Analysis Japan Bk Intl Cooperation 1.75% 07-31-18 1.70 A 4 Investment Nordea Bk Ab Euro Mtn Reg S 2.375% 04-04-19 1.70 BBB 0 Low Moderate High Bk Of Nova Scotia 2.05% 06-05-19 1.68 BB 0 Australia & New Zeala Bkg 2.25% 06-13-19 1.62 B 0 Category ...... Below B 0 Not Rated 0 In the past, this investment has shown a relatively small Total Number of Stock Holdings 0 Total Number of Bond Holdings 93 range of price fluctuations relative to other investments. -100 -50 0 50 100 Annual Turnover Ratio % 54.00 Based on this measure, currently more than two-thirds of all Total Fund Assets ($mil) 238.57 investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-DFA VA Global Moderate Allocation ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk 65% MSCI ACWI NR USD/35% Citi WGBI World Allocation . .. 1-3 Yr Hdg USD

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks total return consisting of capital Morningstar Rating . ... appreciation and current income. Fund Rank Percentile 65 ... The fund under normal market circumstances, Out of # of Investments 396 ... purchases shares of the underlying funds to achieve a moderate allocation to both global equity and global fixed Portfolio Analysis income securities. Generally, the fund invests its assets in Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 (EQ) ; 10-31-15 (F-I) domestic and international equity underlying funds and fixed Large High U.S. Stocks 44.6 income underlying funds to achieve an allocation that

Non-U.S. Stocks 19.6 Mid Med provides a moderate allocation to global equity securities, Bonds 28.0 with an allocation of approximately 50% to 70% of the Cash 6.8 Small Low fund's assets to domestic and international equity underlying Other 1.1 funds and 30% to 50% of its assets to fixed income underlying funds. Value Blend Growth Ltd Mod Ext

Operations Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 16.65 . 1.03 Subaccount Incp Date 11-01-13 DFA US Core Equity 2 I 30.52 P/B Ratio 1.78 . 0.93 Undr. Fund Incep Date 04-08-13 DFA International Core Equity I 14.22 . Prosp Net Exp Ratio 0.40% DFA VA Global Bond 12.51 P/C Ratio 7.09 0.94 . Prosp Gross Exp Ratio 0.66% DFA Selectively Hedged Global F/I I 12.50 GeoAvgCap ($mil) 15,658.30 0.40 Advisor Dimensional Fund Advisors LP DFA US Core Equity 1 I 10.89 ...... Subadvisor . Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat DFA Two-Year Global Fixed-Income I 5.00 Portfolio Manager(s) Jed S. Fogdall 3 Yr Std Dev ... Joseph H. Chi DFA VA Short-Term Fixed 5.00 3 Yr Beta ... David A. Plecha DFA Emerging Markets Core Equity I 4.10 3 Yr Sharpe Ratio ... Joseph F. Kolerich DFA VA US Large Value 2.19 3 Yr Alpha ... DFA VA International Value 1.57 3 Yr R-squared ...... Investment Manager DFA Real Estate Securities I 1.44 In 1981, Dimensional launched its first strategy based on Morningstar Sectors as of 11-30-15 % Fund research documenting the stronger performance of US small ...... Cyclical 41.31 ...... cap stocks. Our second strategy, a short-term fixed income Total Number of Holdings 12 Basic Materials 6.06 portfolio launched in 1983, applies Eugene Fama's term Annual Turnover Ratio % . Consumer Cyclical 14.14 structure research. Later, a comprehensive analysis of prices Total Fund Assets ($mil) 99.21 Financial Services 17.83 and other research deepened our strategy repertoire and set Real Estate 3.28 a new standard for portfolio design. Sensitive 39.91 ...... Communication Services 4.12 Volatility Analysis Energy 7.98 Industrials 14.27 Low Moderate High Technology 13.54 Defensive 18.78 Category ...... Consumer Defensive 6.97 The volatility measure is not displayed for investments with Healthcare 9.35 fewer than three years of history. The category average, Utilities 2.46 however, is shown above.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-DFA VA International Small ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World Ex USA Small Cap NR USD Foreign Small/Mid Blend QQ Below Average Below Average Out of 60 Foreign Small/Mid Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . Q QQQ . The fund, using a market capitalization weighted Fund Rank Percentile 97 100 91 . approach, purchases securities of (1) Japanese small Out of # of Investments 70 60 48 . companies; (2) United Kingdom small companies; (3) small companies organized under the laws of certain European Portfolio Analysis countries; (4) small companies associated with Australia, Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap

New Zealand and Pacific Rim Asian countries; and (5) Large U.S. Stocks 0.5 Giant 0.00 Canadian small companies. It may have some exposure to ......

Non-U.S. Stocks 90.1 Mid small cap equity securities associated with other countries or Large 0.98 Bonds 0.0 regions. Medium 61.49 Cash 0.9 Small Small 34.53 ...... Other 8.4 Micro 3.00 Operations Value Blend Growth Subaccount Incp Date 05-01-12 Undr. Fund Incep Date 10-03-95 Prosp Net Exp Ratio 0.59% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 15.11 0.88 1.01 Prosp Gross Exp Ratio 0.59% DCC PLC 0.47 Advisor Dimensional Fund Advisors LP Smith (DS) PLC 0.36 P/B Ratio 1.44 0.62 0.93 Subadvisor Dimensional Fund Advisors Ltd Bellway PLC 0.31 P/C Ratio 5.39 0.53 0.92 Portfolio Manager(s) Karen E. Umland Rightmove PLC 0.29 GeoAvgCap ($mil) 1,546.16 0.02 0.88 Jed S. Fogdall Elisa Oyj A 0.26 Joseph H. Chi ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Henry F. Gray Halma PLC 0.26 3 Yr Std Dev 11.60 1.09 0.99 Bhanu P. Singh Henderson Group PLC 0.26 3 Yr Beta 0.86 . 1.00 Arun Keswani Howden Joinery Group PLC 0.26 3 Yr Sharpe Ratio 0.65 0.47 0.86 Banca Popolare di Milano BPM Bipiemme 0.25 3 Yr Alpha 5.70 . 0.81 Investment Manager Genmab A/S 0.24 3 Yr R-squared 82.41 . 1.00 In 1981, Dimensional launched its first strategy based on ...... research documenting the stronger performance of US small Lanxess AG 0.24 Morningstar World Regions as of 11-30-15 % Fund cap stocks. Our second strategy, a short-term fixed income Teleperformance SE 0.24 Americas 3.42 ...... portfolio launched in 1983, applies Eugene Fama's term freenet AG 0.23 North America 3.11 structure research. Later, a comprehensive analysis of prices Inchcape PLC 0.23 Pennon Group PLC 0.23 Latin America 0.31 and other research deepened our strategy repertoire and set ...... Greater Europe 59.75 a new standard for portfolio design. Banca Pop Emilia Romagna 0.22 ...... MTU Aero Engines AG 0.22 United Kingdom 20.98 Volatility Analysis William Hill PLC 0.22 Europe Developed 37.90 Investment Amer Sports Oyj 0.21 Europe Emerging 0.00 Close Brothers Group PLC 0.21 Africa/Middle East 0.87 Low Moderate High Greater Asia 36.83 ...... Category Total Number of Stock Holdings 2445 Japan 24.72 Total Number of Bond Holdings 0 Australasia 7.44 In the past, this investment has shown a relatively moderate Annual Turnover Ratio % 25.00 Asia Developed 4.09 range of price fluctuations relative to other investments. This Total Fund Assets ($mil) 131.39 Asia Emerging 0.58 investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-DFA VA International Value ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World Ex US NR USD Foreign Large Value QQ Below Average High Out of 537 Foreign Large Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . QQ Q QQ The fund, using a market capitalization weighted Fund Rank Percentile 98 75 97 66 approach, purchases securities of large non-U.S. companies Out of # of Investments 609 537 446 220 in countries with developed markets that the Advisor determines to be value stocks. It may gain exposure to Portfolio Analysis companies associated with approved markets by purchasing Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap equity securities in the form of depositary receipts, which Large U.S. Stocks 0.3 Giant 52.95 may be listed or traded outside the issuer's domicile country......

Non-U.S. Stocks 97.4 Mid Large 33.20 Bonds 0.0 Medium 13.65 Operations Cash 0.9 Small Small 0.12 ...... Subaccount Incp Date 05-01-12 Other 1.4 Micro 0.08 Undr. Fund Incep Date 10-03-95 Value Blend Growth Prosp Net Exp Ratio 0.46% Prosp Gross Exp Ratio 0.46% Advisor Dimensional Fund Advisors LP Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Subadvisor Dimensional Fund Advisors Ltd BP PLC ADR 3.59 P/E Ratio 13.81 0.80 1.03 Portfolio Manager(s) Karen E. Umland Vodafone Group PLC 3.18 P/B Ratio 0.95 0.41 0.78 Jed S. Fogdall HSBC Holdings PLC ADR 2.99 P/C Ratio 3.46 0.34 0.68 Joseph H. Chi Daimler AG 2.21 GeoAvgCap ($mil) 26,342.32 0.36 1.02 Henry F. Gray Royal Dutch Shell PLC ADR Class A 1.80 Bhanu P. Singh ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Mary Phillips Total SA 1.57 3 Yr Std Dev 13.80 1.30 1.07 Mitsubishi UFJ Financial Group Inc 1.50 3 Yr Beta 1.09 . 1.09 Investment Manager Allianz SE 1.46 3 Yr Sharpe Ratio 0.11 0.08 0.48 In 1981, Dimensional launched its first strategy based on Suncor Energy Inc 1.43 3 Yr Alpha -0.79 . -1.03 research documenting the stronger performance of US small Banco Santander SA 1.32 3 Yr R-squared 94.14 . 1.03 cap stocks. Our second strategy, a short-term fixed income ...... portfolio launched in 1983, applies Eugene Fama's term Royal Dutch Shell PLC ADR Class B 1.27 Morningstar World Regions as of 11-30-15 % Fund structure research. Later, a comprehensive analysis of prices Honda Motor Co Ltd 1.25 Americas 8.33 ...... and other research deepened our strategy repertoire and set ABB Ltd 1.17 North America 8.33 a new standard for portfolio design. BHP Billiton Ltd 1.17 Sumitomo Mitsui Financial Group Inc 1.15 Latin America 0.00 ...... Greater Europe 60.66 Volatility Analysis Mizuho Financial Group Inc 1.13 ...... Investment Iberdrola SA 1.12 United Kingdom 17.54 Barclays PLC ADR 1.11 Europe Developed 42.49 Low Moderate High AXA SA 1.10 Europe Emerging 0.00 Zurich Insurance Group AG 1.09 Africa/Middle East 0.63 Category Greater Asia 31.01 ...... In the past, this investment has shown a wide range of price Total Number of Stock Holdings 414 Japan 22.41 fluctuations relative to other investments. This investment Total Number of Bond Holdings 0 Australasia 5.33 may experience significant price increases in favorable Annual Turnover Ratio % 20.00 Asia Developed 3.20 markets or undergo large price declines in adverse markets. Total Fund Assets ($mil) 153.19 Asia Emerging 0.08 Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-DFA VA Short-Term Fixed ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BofAML US Treasury Bill 6 Mon TR USD Ultrashort Bond QQ Below Average Below Average Out of 115 Ultrashort Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to achieve a stable real return in Morningstar Rating . QQ QQ QQQ excess of the rate of inflation with a minimum of risk. Fund Rank Percentile 81 92 84 43 The fund seeks to achieve its investment objective by Out of # of Investments 120 115 104 29 generally investing in a universe of high quality fixed income securities that typically mature in one year or less. It may, Portfolio Analysis however, take a large position in securities maturing within Composition as of 11-30-15 % Assets Morningstar Fixed Income Style Box ™ as of 10-31-15 two years from the date of settlement when higher yields are High U.S. Stocks 0.0 Avg Eff Duration 0.93 available. Under normal circumstances, the fund will invest Avg Eff Maturity 0.94 Non-U.S. Stocks 0.0 Med at least 80% of its net assets in fixed income securities and Bonds 65.4 Avg Wtd Coupon 1.43 maintain a dollar-weighted average portfolio maturity that Cash 29.5 Low Avg Wtd Price 100.63 will not exceed one year. Other 5.1 Ltd Mod Ext Operations Subaccount Incp Date 05-01-12 Undr. Fund Incep Date 10-03-95 Top 20 Holdings as of 11-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Prosp Net Exp Ratio 0.27% Kreditanstalt Fur Wiederaufbau 0.75% 03-17-17 2.04 3 Yr Std Dev 0.30 0.10 0.68 . Prosp Gross Exp Ratio 0.27% Berkshire Hathaway Fin FRN 01-13-17 1.88 Beta 0.06 2.00 Advisor Dimensional Fund Advisors LP Erste Abwicklungsanstalt Local Govt G 02-27-17 1.83 Sharpe Ratio -2.50 -5.10 5.56 Subadvisor Dimensional Fund Advisors Ltd Chevron Corp New 1.344% 11-09-17 1.67 Alpha -0.86 . 5.73 . Portfolio Manager(s) David A. Plecha Province Of Ontario 1.1% 10-25-17 1.61 R-squared 36.46 2.28 Joseph F. Kolerich ...... Fms Wertmanagement Muenchen 1.125% 09-05-17 1.56 Morningstar Sectors as of 11-30-15 % Fund Investment Manager European Invt Bk 1.75% 03-15-17 1.52 Government 31.70 In 1981, Dimensional launched its first strategy based on Apple 0.9% 05-12-17 1.50 Corporate 41.72 research documenting the stronger performance of US small FHLBA 0.75% 08-28-17 1.23 Securitized 0.00 cap stocks. Our second strategy, a short-term fixed income Oesterreichische Kontrollbank 0.75% 12-15-16 1.14 Municipal 1.89 ...... portfolio launched in 1983, applies Eugene Fama's term Ab Svensk Exportkredit 5.125% 03-01-17 1.11 Cash & Equivalents 24.69 structure research. Later, a comprehensive analysis of prices Bk Of Nova Scotia FRN 04-11-17 1.08 Other 0.00 and other research deepened our strategy repertoire and set Nestle Holdings Inc Company Guar Regs 06-21-17 1.08 a new standard for portfolio design. US Treasury Note 0.875% 05-15-17 1.08 Credit Analysis as of 10-31-15 % Bonds Japan Bk For Intl Coop Jbic 1.125% 07-19-17 1.07 ...... AAA 35 Volatility Analysis Oesterreichische Kontrollbank 0.75% 05-19-17 1.07 AA 61 Investment Toyota Motor Cred FRN 02-16-17 1.07 A 4 Low Moderate High Bk Nederlandse Gemeenten Sr Unsecured 02-21-17 1.02 BBB 0 FHLMC 1% 07-28-17 1.02 BB 0 Category Euro Bk Recon & Dev Euro Mtn 1% 02-16-17 1.00 B 0 Below B 0 In the past, this investment has shown a relatively small ...... Not Rated 0 range of price fluctuations relative to other investments. Total Number of Stock Holdings 0 Total Number of Bond Holdings 99 Based on this measure, currently more than two-thirds of all -100 -50 0 50 100 Annual Turnover Ratio % 105.00 investments have shown higher levels of risk. Consequently, Total Fund Assets ($mil) 188.29 this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-DFA VA US Large Value ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value QQQQ High High Out of 2359 Large Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . QQQQ QQQQ QQQ The fund, using a market capitalization weighted Fund Rank Percentile 48 26 18 12 approach, purchases a broad and diverse group of readily Out of # of Investments 2,500 2,359 2,190 1,323 marketable securities of large U.S. companies that the Advisor determines to be value stocks. As a non-fundamental Portfolio Analysis policy, under normal circumstances, it will invest at least Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap

80% of its net assets in securities of large cap U.S. Large U.S. Stocks 99.4 Giant 35.58 companies. The fund may use derivatives, such as futures ......

Non-U.S. Stocks 0.5 Mid contracts and options on futures contracts for U.S. equity Large 38.19 Bonds 0.0 securities and indices, to adjust market exposure based on Medium 25.63 Cash 0.1 Small Small 0.60 actual or expected cash inflows to or outflows from the ...... Other 0.0 Portfolio. Micro 0.00 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 05-01-12 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 15.58 0.90 1.00 Undr. Fund Incep Date 01-12-95 Exxon Mobil Corporation 3.80 P/B Ratio 1.51 0.65 0.85 Prosp Net Exp Ratio 0.27% AT&T Inc 3.67 P/C Ratio 7.17 0.70 0.90 Prosp Gross Exp Ratio 0.27% Pfizer Inc 3.63 Advisor Dimensional Fund Advisors LP JPMorgan Chase & Co 3.55 GeoAvgCap ($mil) 46,109.71 0.63 0.88 Subadvisor . Chevron Corp 2.81 Portfolio Manager(s) Jed S. Fogdall ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Joseph H. Chi Comcast Corp Class A 2.75 3 Yr Std Dev 12.14 1.14 1.11 Henry F. Gray Cisco Systems Inc 1.96 3 Yr Beta 1.09 . 1.10 Lukas J. Smart Intel Corp 1.95 3 Yr Sharpe Ratio 1.06 0.77 1.02 General Electric Co 1.84 3 Yr Alpha -3.06 . 0.96 Investment Manager CVS Health Corp 1.76 3 Yr R-squared 91.03 . 0.98 In 1981, Dimensional launched its first strategy based on ...... Time Warner Cable Inc 1.64 research documenting the stronger performance of US small Morningstar Sectors as of 11-30-15 % Fund ConocoPhillips 1.57 cap stocks. Our second strategy, a short-term fixed income Cyclical 34.34 Goldman Sachs Group Inc 1.50 ...... portfolio launched in 1983, applies Eugene Fama's term Time Warner Inc 1.44 Basic Materials 3.01 structure research. Later, a comprehensive analysis of prices Bank of America Corporation 1.30 Consumer Cyclical 8.74 and other research deepened our strategy repertoire and set ...... Financial Services 22.59 a new standard for portfolio design. Express Scripts Holding Co 1.24 Real Estate 0.00 Citigroup Inc 1.16 Sensitive 49.14 American International Group Inc 1.12 ...... Volatility Analysis Union Pacific Corp 1.11 Communication Services 9.86 Investment Ford Motor Co 1.10 Energy 16.32 Industrials 11.92 Low Moderate High ...... Total Number of Stock Holdings 267 Technology 11.04 Category Total Number of Bond Holdings 0 Defensive 16.54 ...... Annual Turnover Ratio % 19.00 In the past, this investment has shown a wide range of price Consumer Defensive 3.17 Total Fund Assets ($mil) 227.95 fluctuations relative to other investments. This investment Healthcare 12.98 may experience significant price increases in favorable Utilities 0.39 markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-DFA VA US Targeted Value ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 Value TR USD Small Value QQQ Average Average Out of 484 Small Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . QQQQ QQQQQ QQ The fund, using a market capitalization weighted Fund Rank Percentile 30 22 11 74 approach, purchases a broad and diverse group of the readily Out of # of Investments 523 484 435 204 marketable securities of U.S. small cap and mid cap companies that the Advisor determines to be value stocks. Portfolio Analysis As a non-fundamental policy, under normal circumstances, it Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap will invest at least 80% of its net assets in securities of U.S. Large U.S. Stocks 98.3 Giant 0.00 companies. The fund may use derivatives, such as futures ......

Non-U.S. Stocks 1.2 Mid contracts and options on futures contracts for U.S. equity Large 1.12 Bonds 0.0 securities and indices, to adjust market exposure based on Medium 30.96 Cash 0.5 Small Small 42.75 actual or expected cash inflows to or outflows from the ...... Other 0.0 Portfolio. Micro 25.17 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 05-01-12 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 16.55 0.96 0.96 Undr. Fund Incep Date 10-03-95 Airgas Inc 0.79 P/B Ratio 1.34 0.57 0.94 Prosp Net Exp Ratio 0.37% JetBlue Airways Corp 0.61 P/C Ratio 6.76 0.66 0.93 Prosp Gross Exp Ratio 0.37% PulteGroup Inc 0.56 Advisor Dimensional Fund Advisors LP Waste Connections Inc 0.56 GeoAvgCap ($mil) 2,116.82 0.03 0.95 Subadvisor . American Financial Group Inc 0.54 Portfolio Manager(s) Jed S. Fogdall ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Joseph H. Chi Fluor Corp 0.53 3 Yr Std Dev 14.13 1.33 1.03 Henry F. Gray Ingredion Inc 0.53 3 Yr Beta 1.11 . 1.04 Joel P. Schneider Flextronics International Ltd 0.52 3 Yr Sharpe Ratio 0.83 0.60 1.15 Reinsurance Group of America Inc 0.51 3 Yr Alpha -4.52 . 0.77 Investment Manager Zions Bancorp 0.51 3 Yr R-squared 69.54 . 1.02 In 1981, Dimensional launched its first strategy based on ...... Avnet Inc 0.50 research documenting the stronger performance of US small Morningstar Sectors as of 11-30-15 % Fund The ADT Corp 0.50 cap stocks. Our second strategy, a short-term fixed income Cyclical 49.03 UGI Corp 0.50 ...... portfolio launched in 1983, applies Eugene Fama's term Albemarle Corp 0.49 Basic Materials 6.44 structure research. Later, a comprehensive analysis of prices Helmerich & Payne Inc 0.49 Consumer Cyclical 13.56 and other research deepened our strategy repertoire and set ...... Financial Services 28.46 a new standard for portfolio design. PartnerRe Ltd 0.49 Real Estate 0.57 First Solar Inc 0.48 Sensitive 41.59 Liberty Interactive Corp Class A 0.48 ...... Volatility Analysis Amerco Inc 0.46 Communication Services 1.50 Investment Assurant Inc 0.46 Energy 7.00 Industrials 20.43 Low Moderate High ...... Total Number of Stock Holdings 1249 Technology 12.66 Category Total Number of Bond Holdings 0 Defensive 9.38 ...... Annual Turnover Ratio % 33.00 In the past, this investment has shown a wide range of price Consumer Defensive 3.95 Total Fund Assets ($mil) 189.60 fluctuations relative to other investments. This investment Healthcare 4.61 may experience significant price increases in favorable Utilities 0.82 markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Franklin Income VIP Fund ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Conservative Allocation QQQ Average Above Average Out of 1097 Conservative Allocation VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to maximize income while maintaining Morningstar Rating . QQ QQQ QQQ prospects for capital appreciation. Fund Rank Percentile 97 77 57 29 The fund invests in a diversified portfolio of debt and Out of # of Investments 1,260 1,097 923 300 equity securities. It may shift its investments from one asset class to another based on the investment manager's analysis Portfolio Analysis of the best opportunities for the fund's portfolio in a given Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 (EQ) ; 09-30-15 (F-I) market. The fund may invest up to 100% of its total assets in Large High U.S. Stocks 47.6 debt securities that are rated below investment grade (also

Non-U.S. Stocks 10.3 Mid Med known as "junk bonds"), including a portion in defaulted Bonds 24.6 securities. It may also invest up to 25% of its assets in Cash 11.5 Small Low foreign securities, either directly or through depositary Other 5.9 receipts. Value Blend Growth Ltd Mod Ext

Operations Subaccount Incp Date 03-09-06 Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 15.89 0.92 0.94 Undr. Fund Incep Date 01-24-89 Royal Dutch Shell PLC ADR Class A 2.40 Prosp Net Exp Ratio 0.47% General Electric Co 1.89 P/B Ratio 1.63 0.70 0.83 Prosp Gross Exp Ratio 0.47% Dow Chemical Co 1.80 P/C Ratio 6.37 0.63 0.79 Advisor Franklin Advisers Inc Target Corp 1.76 GeoAvgCap ($mil) 69,536.20 0.94 1.90 Subadvisor . Duke Energy Corporation 1.57 Portfolio Manager(s) Edward D. Perks ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Matthew D. Quinlan Southern Co 1.42 3 Yr Std Dev 8.02 0.76 1.57 Alex W. Peters Chevron Corp 1.40 3 Yr Beta 1.18 . 1.57 Pfizer Inc 1.39 3 Yr Sharpe Ratio 0.37 0.27 0.49 Investment Manager PG&E Corp 1.27 3 Yr Alpha -3.63 . 7.56 Franklin Templeton's distinct multimanager structure First Data 12.625% 01-15-21 1.24 3 Yr R-squared 90.61 . 1.00 combines the specialized expertise of three worldclass ...... Bk Amer Pfd 12-31-49 1.17 investment management groups- Franklin, Templeton, and Morningstar Sectors as of 09-30-15 % Fund NextEra Energy Inc 1.15 Mutual Series. Founded in 1947, Franklin is a recognized Cyclical 20.37 Microsoft Corp 1.14 ...... leader in fixed income investing and also brings expertise in Jpmorgan Chase FRN 04-29-49 1.13 Basic Materials 12.08 growth- and value-style U.S. equity investing. Founded in Johnson & Johnson 1.12 Consumer Cyclical 3.22 1940, Templeton pioneered international investing and, in ...... Financial Services 5.07 1954, launched what has become the industry's oldest global Eli Lilly and Co 1.07 Real Estate 0.00 fund. Today, with offices in over 29 countries, Templeton Exxon Mobil Corporation 1.06 Sensitive 40.21 offers investors a truly global perspective. Founded in 1949, Rio Tinto PLC ADR 1.05 ...... Mutual Series is dedicated to a unique style of value Verizon Communications Inc 1.02 Communication Services 4.46 investing, searching aggressively for opportunity among E I du Pont de Nemours & Company 1.01 Energy 16.22 Industrials 12.50 what it believes are undervalued stocks, as well as arbitrage ...... situations and distressed securities. Total Number of Stock Holdings 87 Technology 7.03 Total Number of Bond Holdings 153 Defensive 39.41 ...... Annual Turnover Ratio % 24.77 Volatility Analysis Consumer Defensive 5.91 Total Fund Assets ($mil) 5,819.08 Investment Healthcare 11.25 Utilities 22.25 Low Moderate High

Category

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Franklin Mutual Shares VIP Fund ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Value QQ Below Average Low Out of 2359 Large Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation; income is a Morningstar Rating . QQ Q QQQ secondary consideration. Fund Rank Percentile 71 94 94 86 The fund invests primarily in equity securities. The Out of # of Investments 2,500 2,359 2,190 1,323 equity securities in which the fund invests are primarily common stock. To a lesser extent, it also invests in merger Portfolio Analysis arbitrage securities and the debt and equity of distressed Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap companies. The fund may invest a significant portion of its Large U.S. Stocks 68.2 Giant 43.67 assets (up to 35%) in foreign securities, which may include ......

Non-U.S. Stocks 18.8 Mid sovereign debt and participations in foreign government Large 31.91 Bonds 4.5 debt. It is not limited to pre-set maximums or minimums Medium 20.77 Cash 6.3 Small Small 3.00 governing the size of the companies in which it may invest...... Other 2.1 Micro 0.66 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 11-08-96 Top 20 Holdings as of 09-30-15 % Assets P/E Ratio 15.02 0.87 0.97 Prosp Net Exp Ratio 0.73% Microsoft Corp 2.90 P/B Ratio 1.48 0.63 0.84 Prosp Gross Exp Ratio 0.73% Medtronic PLC 2.80 Advisor Franklin Mutual Advisers, LLC Merck & Co Inc 2.64 P/C Ratio 7.56 0.74 0.95 Subadvisor . Eli Lilly and Co 2.40 GeoAvgCap ($mil) 41,066.00 0.56 0.78 Portfolio Manager(s) F. David Segal Time Warner Cable Inc 2.17 Peter A. Langerman ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Deborah A. Turner PNC Financial Services Group Inc 2.10 3 Yr Std Dev 10.13 0.95 0.93 White Mountains Insurance Group Ltd 2.10 3 Yr Beta 0.92 . 0.93 Investment Manager American International Group Inc 1.95 3 Yr Sharpe Ratio 0.86 0.62 0.83 Franklin Templeton's distinct multimanager structure Teva Pharmaceutical Industries Ltd ADR 1.94 3 Yr Alpha -4.76 . 1.50 combines the specialized expertise of three worldclass British American Tobacco PLC 1.84 3 Yr R-squared 92.27 . 0.99 ...... investment management groups- Franklin, Templeton, and Apple Inc 1.78 Mutual Series. Founded in 1947, Franklin is a recognized Morningstar Sectors as of 09-30-15 % Fund Twenty-First Century Fox Inc Class B 1.56 leader in fixed income investing and also brings expertise in Cyclical 37.04 ACE Ltd 1.51 ...... growth- and value-style U.S. equity investing. Founded in JPMorgan Chase & Co 1.51 Basic Materials 1.82 1940, Templeton pioneered international investing and, in XL Group PLC 1.51 Consumer Cyclical 10.60 1954, launched what has become the industry's oldest global ...... Financial Services 24.14 fund. Today, with offices in over 29 countries, Templeton Cisco Systems Inc 1.48 Real Estate 0.48 offers investors a truly global perspective. Founded in 1949, Baker Hughes Inc 1.39 Sensitive 34.24 Mutual Series is dedicated to a unique style of value Symantec Corp 1.35 ...... investing, searching aggressively for opportunity among Imperial Tobacco Group PLC 1.33 Communication Services 6.15 what it believes are undervalued stocks, as well as arbitrage Stryker Corporation 1.33 Energy 7.42 Industrials 4.28 situations and distressed securities...... Total Number of Stock Holdings 93 Technology 16.39 Total Number of Bond Holdings 14 Defensive 28.71 Volatility Analysis ...... Annual Turnover Ratio % 21.33 Investment Consumer Defensive 12.63 Total Fund Assets ($mil) 4,129.56 Healthcare 15.54 Low Moderate High Utilities 0.54 Category

In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Franklin Small-Mid Cap Growth VIP Fund ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap Growth TR USD Mid-Cap Growth QQ Below Average Average Out of 1717 Mid-Cap Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital growth. Morningstar Rating . QQQ QQ QQ The fund invests at least 80% of its net assets in the Fund Rank Percentile 74 60 65 80 equity securities of small-capitalization (small-cap) and Out of # of Investments 1,801 1,717 1,525 848 mid-capitalization (mid-cap) companies. It invests predominantly in equity securities, predominantly in common Portfolio Analysis stock. The fund, from time to time, may have significant Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap positions in particular sectors such as technology (including Large U.S. Stocks 96.8 Giant 0.00 health care technology, technology services and electronic ......

Non-U.S. Stocks 1.8 Mid technology), industrials and health care. Large 22.23 Bonds 0.0 Medium 57.54 Cash 1.0 Small Small 16.02 ...... Operations Other 0.5 Micro 4.21 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 11-01-95 Prosp Net Exp Ratio 0.80% Prosp Gross Exp Ratio 0.80% Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Franklin Advisers Inc NXP Semiconductors NV 1.77 P/E Ratio 24.15 1.40 1.04 Subadvisor . Electronic Arts Inc 1.66 P/B Ratio 2.90 1.24 0.84 Portfolio Manager(s) Edward B. Jamieson Ametek Inc 1.63 P/C Ratio 12.17 1.20 0.87 Michael McCarthy Chipotle Mexican Grill Inc Class A 1.61 GeoAvgCap ($mil) 7,612.10 0.10 0.81 James Cross Intercontinental Exchange Inc 1.59 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager Roper Technologies Inc 1.56 3 Yr Std Dev 12.21 1.15 1.02 Franklin Templeton's distinct multimanager structure Constellation Brands Inc Class A 1.53 3 Yr Beta 0.96 . 1.01 combines the specialized expertise of three worldclass Monster Beverage Corp 1.50 3 Yr Sharpe Ratio 1.01 0.73 0.95 investment management groups- Franklin, Templeton, and Signature Bank 1.46 3 Yr Alpha -1.79 . 1.46 Mutual Series. Founded in 1947, Franklin is a recognized Quintiles Transnational Holdings Inc 1.44 3 Yr R-squared 69.98 . 0.99 ...... leader in fixed income investing and also brings expertise in Perrigo Co PLC 1.41 growth- and value-style U.S. equity investing. Founded in Morningstar Sectors as of 09-30-15 % Fund Jarden Corp 1.39 1940, Templeton pioneered international investing and, in Cyclical 30.97 Robert Half International Inc 1.31 ...... 1954, launched what has become the industry's oldest global Towers Watson & Co Class A 1.30 Basic Materials 2.82 fund. Today, with offices in over 29 countries, Templeton L Brands Inc 1.29 Consumer Cyclical 18.74 offers investors a truly global perspective. Founded in 1949, ...... Financial Services 6.72 Mutual Series is dedicated to a unique style of value Hologic Inc 1.28 Real Estate 2.69 investing, searching aggressively for opportunity among Impax Laboratories Inc 1.23 Sensitive 44.06 what it believes are undervalued stocks, as well as arbitrage Affiliated Managers Group Inc 1.22 ...... situations and distressed securities. Marriott International Inc Class A 1.22 Communication Services 0.89 Axalta Coating Systems Ltd 1.15 Energy 3.65 Industrials 18.73 Volatility Analysis ...... Technology 20.79 Investment Total Number of Stock Holdings 127 Total Number of Bond Holdings 0 Defensive 24.96 ...... Low Moderate High Annual Turnover Ratio % 48.73 Consumer Defensive 6.66 Total Fund Assets ($mil) 581.93 Category Healthcare 18.30 Utilities 0.00 In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Janus Aspen Forty - Inst. Shares ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Growth TR USD Large Growth QQQ Above Average Above Average Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Portfolio may also invest in foreign securities, which may Large U.S. Stocks 79.1 Giant 31.06 include investments in emerging markets. It is ......

Non-U.S. Stocks 15.3 Mid non-diversified. Large 51.52 Bonds 0.0 Medium 17.41 Cash 3.8 Small Small 0.00 ...... Operations Other 1.8 Micro 0.00 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 05-01-97 Prosp Net Exp Ratio 0.57% Prosp Gross Exp Ratio 0.57% Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Janus Capital Management LLC Google 5.32 P/E Ratio 27.62 1.60 1.20 Subadvisor . Lowe's Companies Inc 4.99 P/B Ratio 4.40 1.88 1.14 Portfolio Manager(s) A. Douglas Rao MasterCard Inc Class A 4.00 P/C Ratio 18.11 1.78 1.29 Valeant Pharmaceuticals International Inc 3.63 GeoAvgCap ($mil) 43,072.61 0.58 0.80 Investment Manager Adobe Systems Inc 3.53 Janus Capital Management is one of the largest equity ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat managers in the United States. For almost four decades the General Electric Co 3.34 3 Yr Std Dev 11.88 1.12 1.02 Denver-based firm has used a bottom up, Chipotle Mexican Grill Inc Class A 3.23 3 Yr Beta 0.98 . 0.98 company-by-company investment approach based on the Amazon.com Inc 3.16 3 Yr Sharpe Ratio 1.30 0.94 0.98 conviction that stock prices ultimately follow earnings Priceline Group Inc 3.04 3 Yr Alpha 1.09 . 1.47 Advance Auto Parts Inc 3.02 3 Yr R-squared 76.76 . 0.91 growth. The company's asset-management disciplines ...... include growth, core, international, value and risk-managed Nielsen Holdings PLC 2.96 Morningstar Sectors as of 09-30-15 % Fund equity funds. Norwegian Cruise Line Holdings Ltd 2.94 Cyclical 50.49 Zoetis Inc 2.94 ...... Basic Materials 3.04 Volatility Analysis Salesforce.com Inc 2.90 Consumer Cyclical 32.90 Investment Vulcan Materials Co 2.87 ...... Financial Services 12.28 Crown Castle International Corp 2.74 Low Moderate High Real Estate 2.27 Apple Inc 2.73 Sensitive 32.97 Category Starbucks Corp 2.71 ...... TJX Companies Inc 2.69 Communication Services 2.90 In the past, this investment has shown a wide range of price Canadian Pacific Railway Ltd 2.38 Energy 0.00 fluctuations relative to other investments. This investment Industrials 9.20 may experience significant price increases in favorable ...... Technology 20.87 markets or undergo large price declines in adverse markets. Total Number of Stock Holdings 37 Total Number of Bond Holdings 0 Defensive 16.53 Some of this risk may be offset by owning other investments ...... Annual Turnover Ratio % 46.00 Consumer Defensive 0.00 that follow different investment strategies. Total Fund Assets ($mil) 797.02 Healthcare 16.53 Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Janus Aspen Overseas - Inst. Shares ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI ACWI Ex USA NR USD Foreign Large Blend Q Below Average High Out of 929 Foreign Large Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Although the Portfolio typically invests 80% or more of its Large U.S. Stocks 10.2 Giant 18.44 assets in issuers that are economically tied to countries ......

Non-U.S. Stocks 87.6 Mid outside the United States, it also may normally invest up to Large 31.59 Bonds 0.0 20% of its assets, measured at the time of purchase, in U.S. Medium 22.07 Cash 2.1 Small Small 26.09 issuers, and it may invest all or substantially all of its assets ...... Other 0.1 in a single country. Micro 1.81 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 03-09-06 Top 20 Holdings as of 09-30-15 % Assets P/E Ratio 11.65 0.68 0.76 Undr. Fund Incep Date 05-02-94 Reliance Industries Ltd 8.75 P/B Ratio 0.83 0.35 0.51 Prosp Net Exp Ratio 0.53% ARM Holdings PLC 5.08 P/C Ratio 2.30 0.23 0.39 Prosp Gross Exp Ratio 0.53% United Continental Holdings Inc 4.91 Advisor Janus Capital Management LLC Cobalt International Energy Inc 2.94 GeoAvgCap ($mil) 4,378.16 0.06 0.16 Subadvisor . DLF Ltd 2.83 Portfolio Manager(s) George P. Maris ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat NEXON Co Ltd 2.81 3 Yr Std Dev 17.20 1.62 1.35 Investment Manager Deutsche Bank AG 2.68 3 Yr Beta 1.26 . 1.29 Janus Capital Management is one of the largest equity Ctrip.com International Ltd ADR 2.67 3 Yr Sharpe Ratio -0.13 -0.09 -0.42 managers in the United States. For almost four decades the Global Brands Group Holdings Ltd 2.46 3 Yr Alpha -4.99 . -3.33 Youku Tudou Inc ADR repr Class A 2.35 3 Yr R-squared 81.88 . 0.91 Denver-based firm has used a bottom up, ...... company-by-company investment approach based on the bwin.party digital entertainment PLC 2.04 Morningstar World Regions as of 09-30-15 % Fund conviction that stock prices ultimately follow earnings Rocket Internet SE 1.95 Americas 20.81 growth. The company's asset-management disciplines Euronav NV 1.94 ...... include growth, core, international, value and risk-managed State Bank of India 1.86 North America 14.45 equity funds. Panalpina Welttransport (Holding) AG 1.84 Latin America 6.37 ...... Greater Europe 30.65 Li & Fung Ltd 1.83 ...... Volatility Analysis Evergrande Real Estate Group Ltd 1.81 United Kingdom 15.15 Investment Whiting Petroleum Corp 1.56 Europe Developed 11.42 Europe Emerging 3.64 Low Moderate High Dalian Wanda Commercial Properties Co Ltd 1.54 Shangri-La Asia Ltd 1.53 Africa/Middle East 0.44 Category Greater Asia 48.54 ...... In the past, this investment has shown a wide range of price Total Number of Stock Holdings 76 Japan 3.44 Total Number of Bond Holdings 0 fluctuations relative to other investments. This investment Australasia 0.60 Annual Turnover Ratio % 36.00 Asia Developed 8.09 may experience significant price increases in favorable Total Fund Assets ($mil) 818.48 markets or undergo large price declines in adverse markets. Asia Emerging 36.41 Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Janus Aspen Perkins Mid Cap Value - Inst...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap Value TR USD Mid-Cap Value QQQ Below Average Low Out of 790 Mid-Cap Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation. Morningstar Rating . Q Q QQQQ The Portfolio pursues its investment objective by Fund Rank Percentile 59 97 97 64 investing primarily in common stocks selected for their Out of # of Investments 834 790 720 311 capital appreciation potential. It invests, under normal circumstances, at least 80% of its net assets in equity Portfolio Analysis securities of companies whose market capitalization falls, at Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap the time of purchase, within the 12-month average of the Large U.S. Stocks 92.4 Giant 0.00 capitalization range of the Russell Midcap® Value Index......

Non-U.S. Stocks 1.6 Mid The Portfolio may invest, under normal circumstances, up to Large 21.42 Bonds 0.0 20% of its net assets in securities of companies having Medium 62.00 Cash 6.0 Small Small 16.13 market capitalizations outside of the aforementioned market ...... Other 0.0 capitalization ranges. Micro 0.45 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 03-09-06 Top 20 Holdings as of 09-30-15 % Assets P/E Ratio 18.01 1.05 1.06 Undr. Fund Incep Date 05-01-03 PPL Corp 2.49 P/B Ratio 1.94 0.83 1.17 Prosp Net Exp Ratio 0.62% Casey's General Stores Inc 2.46 P/C Ratio 9.36 0.92 1.21 Prosp Gross Exp Ratio 0.62% Alliant Energy Corp 2.18 Advisor Janus Capital Management LLC Fifth Third Bancorp 2.09 GeoAvgCap ($mil) 8,203.02 0.11 1.08 Subadvisor Perkins Investment Management Laboratory Corp of America Hldgs 2.08 LLC ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Portfolio Manager(s) Thomas M. Perkins Citizens Financial Group Inc 2.07 3 Yr Std Dev 9.64 0.91 0.84 Kevin Preloger Torchmark Corp 2.06 3 Yr Beta 0.85 . 0.87 Justin Tugman Waste Connections Inc 1.96 3 Yr Sharpe Ratio 0.92 0.67 0.85 Marsh & McLennan Companies Inc 1.87 3 Yr Alpha -3.66 . 1.79 Investment Manager Dr Pepper Snapple Group Inc 1.63 3 Yr R-squared 88.24 . 1.08 Janus Capital Management is one of the largest equity ...... Western Gas Partners, LP 1.62 managers in the United States. For almost four decades the Morningstar Sectors as of 09-30-15 % Fund CSX Corp 1.59 Denver-based firm has used a bottom up, Cyclical 43.50 Packaging Corp of America 1.59 ...... company-by-company investment approach based on the Republic Services Inc Class A 1.58 Basic Materials 1.95 conviction that stock prices ultimately follow earnings Check Point Software Technologies Ltd 1.57 Consumer Cyclical 6.88 growth. The company's asset-management disciplines ...... Financial Services 23.26 include growth, core, international, value and risk-managed Southwest Gas Corp 1.56 Real Estate 11.41 equity funds. Tyco International PLC 1.56 Sensitive 31.09 Zions Bancorp 1.55 ...... AvalonBay Communities Inc 1.52 Communication Services 0.00 Volatility Analysis Ally Financial Inc 1.51 Energy 7.20 Investment Industrials 15.10 ...... Low Moderate High Total Number of Stock Holdings 86 Technology 8.79 Total Number of Bond Holdings 0 Defensive 25.40 Category ...... Annual Turnover Ratio % 53.00 Consumer Defensive 10.75 Total Fund Assets ($mil) 104.01 In the past, this investment has shown a relatively small Healthcare 7.00 range of price fluctuations relative to other investments. Utilities 7.65 Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-John Hancock Emerging Markets Value Trust ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EM GR USD Diversified Emerging Mkts Q Low Above Average Out of 501 Diversified Emerging Mkts VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . QQ Q . The fund normally invests at least 80% of its net assets Fund Rank Percentile 89 83 97 . (plus any borrowings for investment purposes) in companies Out of # of Investments 620 501 442 . associated with emerging markets designated from time to time by the subadvisor. It seeks long-term capital growth Portfolio Analysis through investment primarily in emerging market equity Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap securities. The fund seeks to purchase emerging market Large U.S. Stocks 0.0 Giant 32.07 equity securities that are deemed by the subadvisor to be ......

Non-U.S. Stocks 96.0 Mid value stocks at the time of purchase. Large 32.41 Bonds 0.0 Medium 18.87 Cash 3.5 Small Small 12.60 ...... Operations Other 0.4 Micro 4.04 Subaccount Incp Date 12-12-14 Value Blend Growth Undr. Fund Incep Date 05-01-07 Prosp Net Exp Ratio 1.03% Prosp Gross Exp Ratio 1.03% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor John Hancock Investment Mgt Bank Of China Ltd. H Shares 1.67 P/E Ratio 9.43 0.55 0.73 Svcs, LLC China Construction Bank Corp H Shares 1.62 P/B Ratio 0.76 0.32 0.46 Subadvisor Dimensional Fund Advisors LP Gazprom PJSC ADR 1.53 P/C Ratio 3.01 0.30 0.50 Portfolio Manager(s) Karen E. Umland Shinhan Financial Group Co Ltd ADR 1.53 GeoAvgCap ($mil) 5,146.94 0.07 0.29 Jed S. Fogdall Grupo Financiero Banorte SAB de CV Class O 1.28 Joseph H. Chi ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Henry F. Gray Hyundai Motor Co 1.18 3 Yr Std Dev 15.55 1.46 1.09 Daniel C. Ong Reliance Industries Ltd ADR 1.18 3 Yr Beta 1.09 . 1.08 Bhanu P. Singh Industrial And Commercial Bank Of China Ltd H Shares 1.11 3 Yr Sharpe Ratio -0.58 -0.42 1.45 KB Financial Group Inc ADR 1.05 3 Yr Alpha -11.46 . 1.42 Investment Manager Steinhoff Intl Hld 0.96 3 Yr R-squared 74.33 . 0.98 The Fund is managed by a team of portfolio managers, ...... analysts and traders at Dimensional Fund Advisors LP (DFA), Sasol Ltd 0.94 Morningstar World Regions as of 11-30-15 % Fund under the supervision of John Hancock Investment Standard Bank Group Ltd 0.92 Americas 14.57 Management Services, LLC. DFA is an independent firm with ICICI Bank Ltd 0.88 ...... North America 0.00 a sole focus on money management. The firm's unique Ptt PLC 0.87 CNOOC Ltd 0.81 Latin America 14.57 investment philosophy-rooted in academic research-leads to ...... Greater Europe 15.00 portfolios with an emphasis on value stocks. China Petroleum & Chemical Corp ADR 0.78 ...... Fubon Financial Holdings Co Ltd 0.77 United Kingdom 0.00 Volatility Analysis POSCO 0.68 Europe Developed 0.13 Investment Cemex SAB de CV ADR 0.64 Europe Emerging 6.63 Kia Motors Corp 0.64 Africa/Middle East 8.24 Low Moderate High Greater Asia 70.43 ...... Category Total Number of Stock Holdings 1773 Japan 0.00 Total Number of Bond Holdings 0 Australasia 0.00 In the past, this investment has shown a wide range of price Annual Turnover Ratio % 17.00 Asia Developed 31.42 fluctuations relative to other investments. This investment Total Fund Assets ($mil) 662.49 Asia Emerging 39.01 may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Matson Money Fixed Income VI Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Citi WGBI 1-5 Yr Hdg USD Short-Term Bond . ..

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks total return (consisting of current Morningstar Rating . ... income and capital appreciation). Fund Rank Percentile 97 ... The Portfolio pursues its investment objective by Out of # of Investments 394 ... investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in Portfolio Analysis shares of registered, open-end investment companies and Composition as of 10-31-15 % Assets Morningstar Fixed Income Style Box ™ as of 10-31-15 exchange-traded funds ("ETFs") (collectively, "investment High U.S. Stocks 0.0 Avg Eff Duration 3.06 companies") that have either adopted policies to invest at Avg Eff Maturity 3.32 Non-U.S. Stocks 0.0 Med least 80% of their assets in fixed income securities that the Bonds 84.6 Avg Wtd Coupon 2.03 Adviser believes offer the prospect of providing total return, Cash 12.6 Low Avg Wtd Price 104.30 or invest substantially all of their assets in such fixed income Other 2.7 securities. Ltd Mod Ext

Operations Subaccount Incp Date 02-18-14 Top 20 Holdings as of 10-31-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat ... Undr. Fund Incep Date 02-18-14 DFA Two-Year Global Fixed-Income I 25.02 3 Yr Std Dev ... Prosp Net Exp Ratio 1.19% DFA One-Year Fixed-Income I 21.52 Beta ... Prosp Gross Exp Ratio 1.56% DFA VA Global Bond 14.99 Sharpe Ratio ... Advisor Matson Money, Inc DFA Intermediate Govt Fixed-Income I 11.99 Alpha ... Subadvisor . DFA Five-Year Global Fixed-Income I 10.00 R-squared Portfolio Manager(s) Mark E. Matson ...... Steven B. Miller DFA Short-Term Government I 8.00 Morningstar Sectors as of 10-31-15 % Fund Kenneth E. Gatliff DFA Inflation-Protected Securities I 5.00 Government 53.71 DFA VA Short-Term Fixed 1.99 Corporate 32.41 Investment Manager Bny Mellon Cash Reserve Eod Fund 1.50 Securitized 0.25 Over the last twenty years, Matson Money has brought ...... Municipal 0.62 investing education and coaching programs to thousands of Total Number of Holdings 9 Cash & Equivalents 13.01 financial professionals and investors nationwide. These Annual Turnover Ratio % 10.90 Other 0.00 programs focus on sharing the concepts of free markets, Total Fund Assets ($mil) 19.10 diversification, discipline, and rebalancing to create a Credit Analysis as of 10-31-15 % Bonds long-term approach to life-long endeavor. AAA 61 AA 36 Volatility Analysis A 3 BBB 0 Low Moderate High BB 0 B 0 Category Below B 0 The volatility measure is not displayed for investments with Not Rated 0 fewer than three years of history. The category average, -100 -50 0 50 100 however, is shown above.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Matson Money International Equity VI Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World Ex US NR USD Foreign Small/Mid Value . ..

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . ... The fund pursues its investment objective by investing Fund Rank Percentile 1 ... under normal circumstances at least 80% of its net assets, Out of # of Investments 2 ... including any borrowings for investment purposes, in shares of registered, open-end investment companies and Portfolio Analysis exchange-traded funds ("ETFs") (collectively, "investment Composition as of 10-31-15 % Assets Morningstar Style Box™ as of 10-31-15 % Mkt Cap companies") that have either adopted policies to invest at Large U.S. Stocks 0.3 Giant 25.59 least 80% of their assets in equity securities, such as ......

Non-U.S. Stocks 94.8 Mid common stocks, preferred stocks or securities convertible Large 18.75 Bonds 0.0 into stocks, of foreign companies, or invest substantially all Medium 33.63 Cash 1.5 Small Small 18.88 of their assets in such equity securities...... Other 3.4 Micro 3.15 Value Blend Growth Operations Subaccount Incp Date 02-18-14 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 02-18-14 Top 20 Holdings as of 10-31-15 % Assets P/E Ratio 13.00 0.75 0.92 Prosp Net Exp Ratio 1.84% DFA International Value III 29.92 P/B Ratio 1.03 0.44 0.75 Prosp Gross Exp Ratio 2.16% DFA International Small Cap Value I 28.15 Advisor Matson Money, Inc DFA VA International Small 17.13 P/C Ratio 3.77 0.37 0.78 Subadvisor . DFA Emerging Markets I 5.13 GeoAvgCap ($mil) 5,547.19 0.08 0.95 Portfolio Manager(s) Mark E. Matson DFA VA International Value 5.01 Steven B. Miller ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Kenneth E. Gatliff DFA Emerging Markets Value I 4.82 3 Yr Std Dev ... DFA Emerging Markets Small Cap I 4.78 3 Yr Beta ... Investment Manager DFA Large Cap International I 3.96 3 Yr Sharpe Ratio ... Over the last twenty years, Matson Money has brought Bny Mellon Cash Reserve Eod Fund 1.11 3 Yr Alpha ... investing education and coaching programs to thousands of 3 Yr R-squared ...... financial professionals and investors nationwide. These Total Number of Holdings 9 Morningstar World Regions as of 10-31-15 % Fund programs focus on sharing the concepts of free markets, Annual Turnover Ratio % 14.90 Americas 8.07 diversification, discipline, and rebalancing to create a Total Fund Assets ($mil) 10.67 ...... long-term approach to life-long endeavor. North America 5.64 Latin America 2.43 Volatility Analysis Greater Europe 51.95 ...... United Kingdom 15.99 Low Moderate High Europe Developed 33.28 Europe Emerging 0.87 Africa/Middle East 1.80 Greater Asia 39.98 The volatility measure is not displayed for investments with ...... fewer than three years of history. Japan 20.70 Australasia 5.27 Asia Developed 7.83 Asia Emerging 6.19

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Matson Money U.S. Equity VI Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2500 TR USD Mid-Cap Value . ..

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . ... The Portfolio pursues its investment objective by Fund Rank Percentile 60 ... investing under normal circumstances at least 80% of its net Out of # of Investments 834 ... assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and Portfolio Analysis exchange-traded funds ("ETFs") (collectively, "investment Composition as of 10-31-15 % Assets Morningstar Style Box™ as of 10-31-15 % Mkt Cap companies") that have either adopted policies to invest at Large U.S. Stocks 97.5 Giant 18.44 least 80% of their assets in equity securities, such as ......

Non-U.S. Stocks 0.8 Mid common stocks, preferred stocks or securities convertible Large 17.04 Bonds 0.0 into stocks, of U.S. companies, or invest substantially all of Medium 15.45 Cash 1.7 Small Small 27.46 their assets in such equity securities...... Other 0.0 Micro 21.61 Value Blend Growth Operations Subaccount Incp Date 02-18-14 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 02-18-14 Top 20 Holdings as of 10-31-15 % Assets P/E Ratio 17.01 0.99 1.00 Prosp Net Exp Ratio 1.43% DFA US Large Cap Value III 26.10 P/B Ratio 1.59 0.68 0.96 Prosp Gross Exp Ratio 1.74% DFA VA US Targeted Value 15.01 Advisor Matson Money, Inc DFA US Small Cap I 14.95 P/C Ratio 7.67 0.75 0.99 Subadvisor . DFA US Micro Cap I 14.88 GeoAvgCap ($mil) 7,348.80 0.10 0.97 Portfolio Manager(s) Mark E. Matson DFA US Large Company I 13.68 Steven B. Miller ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Kenneth E. Gatliff DFA US Small Cap Value I 9.96 3 Yr Std Dev ... DFA VA US Large Value 4.03 3 Yr Beta ... Investment Manager Bny Mellon Cash Reserve Eod Fund 1.40 3 Yr Sharpe Ratio ... Over the last twenty years, Matson Money has brought ...... 3 Yr Alpha investing education and coaching programs to thousands of Total Number of Holdings 8 3 Yr R-squared ... financial professionals and investors nationwide. These Annual Turnover Ratio % 13.65 programs focus on sharing the concepts of free markets, Total Fund Assets ($mil) 14.63 Morningstar Sectors as of 10-31-15 % Fund Cyclical 40.04 diversification, discipline, and rebalancing to create a ...... long-term approach to life-long endeavor. Basic Materials 4.67 Consumer Cyclical 13.33 Volatility Analysis Financial Services 21.46 Real Estate 0.58 Sensitive 42.86 Low Moderate High ...... Communication Services 4.68 Category Energy 8.39 Industrials 15.96 The volatility measure is not displayed for investments with Technology 13.83 fewer than three years of history. The category average, Defensive 17.08 however, is shown above...... Consumer Defensive 5.10 Healthcare 10.38 Utilities 1.60

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-MFS Global Equity - Initial Class ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World GR USD World Stock QQQQ Above Average Below Average Out of 937 World Stock VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation. Morningstar Rating . QQ QQQQ QQQQ The fund normally invests at least 80% of the fund's Fund Rank Percentile 65 71 30 10 net assets in equity securities. Equity securities include Out of # of Investments 1,049 937 900 551 common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) Portfolio Analysis in a company or other issuer. While it may invest the fund's Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap assets in companies of any size, the fund primarily invests in Large U.S. Stocks 54.7 Giant 42.59 companies with large capitalizations. It may invest the fund's ......

Non-U.S. Stocks 44.6 Mid assets in U.S. and foreign securities, including emerging Large 48.72 Bonds 0.0 market securities. Medium 8.07 Cash 0.5 Small Small 0.62 ...... Other 0.2 Micro 0.00 Operations Value Blend Growth Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 05-03-99 Prosp Net Exp Ratio 1.00% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 19.88 1.15 1.12 Prosp Gross Exp Ratio 1.28% Thermo Fisher Scientific Inc 2.68 Advisor Massachusetts Financial Walt Disney Co 2.66 P/B Ratio 2.88 1.23 1.34 Services Co Nestle SA 2.58 P/C Ratio 12.00 1.18 1.49 Subadvisor . Accenture PLC Class A 2.56 GeoAvgCap ($mil) 42,380.09 0.57 1.30 Portfolio Manager(s) David R. Mannheim Honeywell International Inc 2.54 Roger M. Morley ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Reckitt Benckiser Group PLC 2.44 3 Yr Std Dev 11.67 1.10 0.98 Investment Manager Time Warner Inc 2.44 3 Yr Beta 0.84 . 0.99 Since 1924, MFS has been committed to providing Visa Inc Class A 2.34 3 Yr Sharpe Ratio 0.74 0.54 0.96 investment professionals with a diverse range of investment State Street Corp 2.19 3 Yr Alpha 6.83 . 0.94 options and services that enables them to choose what fits Bayer AG 2.16 3 Yr R-squared 78.88 . 1.02 ...... for investors' individual financial goals. An investment staff Diageo PLC 2.04 of over 160 professionals has the global reach and resources Morningstar World Regions as of 11-30-15 % Fund Bank of New York Mellon Corp 1.85 to identify industry trends, study daily market developments, Americas 58.06 LVMH Moet Hennessy Louis Vuitton SE 1.76 ...... and uncover new and growing companies. Canadian National Railway Co 1.75 North America 56.82 Danone 1.75 Latin America 1.23 ...... Volatility Analysis Greater Europe 39.44 Oracle Corp 1.74 ...... Investment Medtronic PLC 1.73 United Kingdom 10.65 Low Moderate High 3M Co 1.67 Europe Developed 28.08 Svenska Cellulosa AB B 1.60 Europe Emerging 0.19 Category United Parcel Service Inc (UPS) Class B 1.58 Africa/Middle East 0.53 Greater Asia 2.50 In the past, this investment has shown a relatively moderate ...... range of price fluctuations relative to other investments. This Total Number of Stock Holdings 99 Japan 1.52 Total Number of Bond Holdings 0 investment may experience larger or smaller price declines Australasia 0.00 Annual Turnover Ratio % 15.00 or price increases depending on market conditions. Some of Asia Developed 0.77 Total Fund Assets ($mil) 53.05 this risk may be offset by owning other investments with Asia Emerging 0.22 different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-MFS Growth - Initial Class ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Growth TR USD Large Growth QQQQ Above Average Below Average Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation. Morningstar Rating . QQQ QQQ QQQQ The fund normally invests its assets primarily in equity Fund Rank Percentile 36 51 46 22 securities. Equity securities include common stocks and other Out of # of Investments 3,478 3,268 2,955 1,859 securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. Portfolio Analysis While it may invest the fund's assets in companies of any Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap size, the fund primarily invests in companies with large Large U.S. Stocks 94.8 Giant 38.88 capitalizations. It may invest the fund's assets in foreign ......

Non-U.S. Stocks 2.6 Mid securities. Large 51.70 Bonds 0.0 Medium 9.11 Cash 2.4 Small Small 0.31 ...... Operations Other 0.2 Micro 0.00 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 07-24-95 Prosp Net Exp Ratio 0.77% Prosp Gross Exp Ratio 0.77% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Massachusetts Financial Visa Inc Class A 4.01 P/E Ratio 28.37 1.65 1.24 Services Co Amazon.com Inc 3.79 P/B Ratio 4.64 1.98 1.20 Subadvisor . Alphabet Inc Class A 3.62 P/C Ratio 18.74 1.84 1.33 Portfolio Manager(s) Eric B. Fischman Facebook Inc Class A 3.30 GeoAvgCap ($mil) 63,686.37 0.86 1.18 Matthew D. Sabel Alphabet Inc Class C Capital Stock 3.00 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager MasterCard Inc Class A 2.84 3 Yr Std Dev 11.38 1.07 0.98 Since 1924, MFS has been committed to providing Apple Inc 2.82 3 Yr Beta 0.98 . 0.98 investment professionals with a diverse range of investment Danaher Corp 2.65 3 Yr Sharpe Ratio 1.36 0.99 1.02 options and services that enables them to choose what fits Thermo Fisher Scientific Inc 2.50 3 Yr Alpha 1.01 . 1.36 for investors' individual financial goals. An investment staff Adobe Systems Inc 2.29 3 Yr R-squared 84.51 . 1.00 ...... of over 160 professionals has the global reach and resources American Tower Corp 2.10 to identify industry trends, study daily market developments, Morningstar Sectors as of 11-30-15 % Fund Ross Stores Inc 2.05 and uncover new and growing companies. Cyclical 31.91 Allergan PLC 2.01 ...... Intercontinental Exchange Inc 1.88 Basic Materials 3.91 Volatility Analysis Salesforce.com Inc 1.78 Consumer Cyclical 16.93 ...... Investment Financial Services 10.74 Starbucks Corp 1.74 Real Estate 0.33 Low Moderate High Bristol-Myers Squibb Company 1.73 Sensitive 40.07 Priceline Group Inc 1.71 ...... Category Netflix Inc 1.62 Communication Services 5.17 Costco Wholesale Corp 1.61 Energy 0.28 In the past, this investment has shown a relatively moderate Industrials 10.69 range of price fluctuations relative to other investments. This ...... Technology 23.93 investment may experience larger or smaller price declines Total Number of Stock Holdings 89 Total Number of Bond Holdings 0 Defensive 28.02 or price increases depending on market conditions. Some of ...... Annual Turnover Ratio % 36.00 this risk may be offset by owning other investments with Consumer Defensive 9.64 Total Fund Assets ($mil) 1,499.04 different portfolio makeups or investment strategies. Healthcare 18.38 Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-MFS Massachusetts Investors Growth Stock Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Growth TR USD Large Growth QQQ Average Below Average Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation. Morningstar Rating . Q QQQ QQQQ The fund normally invests at least 80% of the fund's Fund Rank Percentile 91 92 62 38 net assets in stocks. Stocks include common stocks and Out of # of Investments 3,478 3,268 2,955 1,859 other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other Portfolio Analysis issuer. MFS focuses on investing the fund's assets in the Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap stocks of companies it believes to have above average Large U.S. Stocks 89.2 Giant 31.64 earnings growth potential compared to other companies ......

Non-U.S. Stocks 9.0 Mid (growth companies). Large 53.17 Bonds 0.0 Medium 14.38 Cash 1.8 Small Small 0.82 ...... Operations Other 0.0 Micro 0.00 Subaccount Incp Date 03-27-15 Value Blend Growth Undr. Fund Incep Date 05-06-98 Prosp Net Exp Ratio 0.80% Prosp Gross Exp Ratio 0.80% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Massachusetts Financial Alphabet Inc Class A 5.92 P/E Ratio 21.61 1.25 0.94 Services Co Accenture PLC Class A 4.87 P/B Ratio 4.00 1.71 1.04 Subadvisor . Visa Inc Class A 3.95 P/C Ratio 15.49 1.52 1.10 Portfolio Manager(s) Jeffrey C. Constantino Colgate-Palmolive Co 3.28 GeoAvgCap ($mil) 52,901.29 0.72 0.98 Danaher Corp 3.13 Investment Manager ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Since 1924, MFS has been committed to providing Thermo Fisher Scientific Inc 3.13 3 Yr Std Dev 11.30 1.06 0.97 investment professionals with a diverse range of investment CVS Health Corp 2.38 3 Yr Beta 1.03 . 1.03 options and services that enables them to choose what fits Apple Inc 2.37 3 Yr Sharpe Ratio 1.14 0.83 0.86 for investors' individual financial goals. An investment staff Texas Instruments Inc 2.29 3 Yr Alpha -2.34 . -3.16 of over 160 professionals has the global reach and resources Mead Johnson Nutrition Co 2.27 3 Yr R-squared 94.51 . 1.12 ...... to identify industry trends, study daily market developments, Ecolab Inc 2.25 and uncover new and growing companies. Morningstar Sectors as of 11-30-15 % Fund United Technologies Corp 2.17 Cyclical 32.48 W W Grainger Inc 2.03 ...... Volatility Analysis Fidelity National Information Services Inc 2.00 Basic Materials 9.62 Investment Twenty-First Century Fox Inc Class A 1.96 Consumer Cyclical 14.81 ...... Financial Services 8.05 Low Moderate High AutoZone Inc 1.90 Real Estate 0.00 Monsanto Co 1.89 Sensitive 38.87 Category Abbott Laboratories 1.86 ...... Oracle Corp 1.84 Communication Services 0.00 In the past, this investment has shown a relatively moderate TJX Companies Inc 1.79 Energy 0.57 range of price fluctuations relative to other investments. This Industrials 12.68 investment may experience larger or smaller price declines ...... Technology 25.62 or price increases depending on market conditions. Some of Total Number of Stock Holdings 63 Total Number of Bond Holdings 0 Defensive 28.65 this risk may be offset by owning other investments with ...... Annual Turnover Ratio % 23.00 different portfolio makeups or investment strategies. Consumer Defensive 10.67 Total Fund Assets ($mil) 875.68 Healthcare 17.98 Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-MFS Utilities - Initial Class ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Utilities QQ Below Average Below Average Out of 174 Utilities VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks total return. Morningstar Rating . Q QQ QQ The fund normally invests at least 80% of the fund's Fund Rank Percentile 92 91 85 81 net assets in securities of issuers in the utilities industry. It Out of # of Investments 200 174 163 96 primarily invests the fund's assets in equity securities, but may also invest in debt instruments, including below Portfolio Analysis investment grade quality debt instruments. The fund may Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap invest the fund's assets in companies of any size. It may Large U.S. Stocks 66.2 Giant 14.08 invest the fund's assets in U.S. and foreign securities, ......

Non-U.S. Stocks 26.6 Mid including emerging market securities. The fund may invest a Large 51.64 Bonds 0.1 large percentage of the fund's assets in issuers in a single Medium 26.52 Cash 2.8 Small Small 6.60 country, a small number of countries, or a particular ...... Other 4.4 geographic region. Micro 1.16 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 03-09-06 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 17.32 1.01 0.99 Undr. Fund Incep Date 01-03-95 NextEra Energy Inc 4.92 P/B Ratio 1.64 0.70 1.00 Prosp Net Exp Ratio 0.79% PPL Corp 4.56 P/C Ratio 5.14 0.50 0.94 Prosp Gross Exp Ratio 0.79% Exelon Corp 3.70 Advisor Massachusetts Financial Sempra Energy 3.54 GeoAvgCap ($mil) 15,727.16 0.21 1.00 Services Co American Electric Power Co Inc 2.50 Subadvisor ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Portfolio Manager(s) Maura A. Shaughnessy The AES Corporation 2.50 3 Yr Std Dev 11.73 1.10 1.00 Claud P. Davis EDP Renovaveis SA 2.45 3 Yr Beta 0.86 . 1.02 Time Warner Cable Inc 2.23 3 Yr Sharpe Ratio 0.40 0.29 0.89 Investment Manager Calpine Corp 2.17 3 Yr Alpha -2.19 . 1.58 Since 1924, MFS has been committed to providing ENEL Ente Nazionale per L'Energ Elet SPA 2.13 3 Yr R-squared 64.64 . 1.04 ...... investment professionals with a diverse range of investment Comcast Corp Class A 2.02 options and services that enables them to choose what fits Morningstar Sectors as of 11-30-15 % Fund EDP - Energias de Portugal SA 2.01 for investors' individual financial goals. An investment staff Cyclical 1.53 Dynegy Inc 1.91 ...... of over 160 professionals has the global reach and resources Public Service Enterprise Group Inc 1.91 Basic Materials 0.00 to identify industry trends, study daily market developments, Exelon Corp 06-01-17 1.88 Consumer Cyclical 1.53 and uncover new and growing companies...... Financial Services 0.00 Verizon Communications Inc 1.76 Real Estate 0.00 Kinder Morgan, Inc. 1.71 Volatility Analysis Sensitive 36.31 American Tower Corp 1.61 ...... Investment Enbridge Inc 1.58 Communication Services 20.32 Low Moderate High NRG Energy Inc 1.52 Energy 15.99 Industrials 0.00 ...... Category Total Number of Stock Holdings 98 Technology 0.00 Total Number of Bond Holdings 2 Defensive 62.17 In the past, this investment has shown a relatively moderate ...... Annual Turnover Ratio % 53.00 range of price fluctuations relative to other investments. This Consumer Defensive 0.00 Total Fund Assets ($mil) 1,529.81 investment may experience larger or smaller price declines Healthcare 0.00 or price increases depending on market conditions. Some of Utilities 62.17 this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Neuberger Berman AMT Large Cap Value ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value Q Low High Out of 2359 Large Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Portfolio Manager looks for what he believes to be Large U.S. Stocks 93.6 Giant 30.63 well-managed companies whose stock prices are ......

Non-U.S. Stocks 4.8 Mid undervalued. Large 41.17 Bonds 0.0 Medium 22.84 Cash 1.6 Small Small 4.80 ...... Operations Other 0.0 Micro 0.56 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 03-22-94 Prosp Net Exp Ratio 1.13% Prosp Gross Exp Ratio 1.13% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Neuberger Berman Investment Carnival Corp 5.55 P/E Ratio 15.37 0.89 0.99 Advisers LLC Exxon Mobil Corporation 5.52 P/B Ratio 1.30 0.56 0.74 Subadvisor . Newmont Mining Corp 4.93 P/C Ratio 6.29 0.62 0.79 Portfolio Manager(s) Eli M. Salzmann General Electric Co 4.85 GeoAvgCap ($mil) 35,147.21 0.48 0.67 Ralph Lauren Corp Class A 4.62 Investment Manager ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Neuberger Berman has successfully managed investments Eaton Corp PLC 4.55 3 Yr Std Dev 12.06 1.14 1.10 for individuals, families and institutions since 1939. Citigroup Inc 4.38 3 Yr Beta 1.04 . 1.05 Neuberger Berman engages in wealth management services Bank of New York Mellon Corp 4.22 3 Yr Sharpe Ratio 0.64 0.46 0.62 including private asset management, mutual funds, JPMorgan Chase & Co 3.98 3 Yr Alpha -7.50 . 2.36 institutional asset management and alternative investments. Schlumberger Ltd 3.43 3 Yr R-squared 83.38 . 0.89 ...... Devon Energy Corp 3.40 Morningstar Sectors as of 11-30-15 % Fund Volatility Analysis Pioneer Natural Resources Co 3.40 Cyclical 51.23 Investment Delta Air Lines Inc 3.36 ...... Caterpillar Inc 2.99 Basic Materials 8.59 Low Moderate High Goldman Sachs Group Inc 2.61 Consumer Cyclical 19.16 ...... Financial Services 23.48 Category BHP Billiton Ltd ADR 2.55 Real Estate 0.00 Joy Global Inc 2.44 In the past, this investment has shown a wide range of price Sensitive 47.66 BorgWarner Inc 2.20 ...... fluctuations relative to other investments. This investment SanDisk Corp 1.97 Communication Services 0.00 may experience significant price increases in favorable Johnson Controls Inc 1.77 Energy 20.66 markets or undergo large price declines in adverse markets. Industrials 24.49 Some of this risk may be offset by owning other investments ...... Technology 2.51 that follow different investment strategies. Total Number of Stock Holdings 44 Total Number of Bond Holdings 0 Defensive 1.10 ...... Annual Turnover Ratio % 130.00 Consumer Defensive 1.10 Total Fund Assets ($mil) 53.34 Healthcare 0.00 Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Neuberger Berman AMT M/C Intrinsic Val ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap Value TR USD Mid-Cap Value QQ Below Average Average Out of 790 Mid-Cap Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks growth of capital. Morningstar Rating . QQQ QQ Q The fund normally invests at least 80% of its net assets Fund Rank Percentile 89 75 82 90 in equity securities of mid-capitalization companies, which it Out of # of Investments 834 790 720 311 defines as those with a total market capitalization within the market capitalization range of the Russell Midcap Value Portfolio Analysis Index at the time of purchase. The fund's strategy consists of Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap using a bottom-up, fundamental research driven approach to Large U.S. Stocks 86.8 Giant 0.00 identify stocks of companies that are trading below the ......

Non-U.S. Stocks 5.8 Mid Portfolio Manager's estimate of their intrinsic value and that Large 21.63 Bonds 0.0 he believes have the potential for appreciation over time. It Medium 61.15 Cash 7.5 Small Small 13.98 may also invest in stocks of foreign companies...... Other 0.0 Micro 3.24 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 08-22-01 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 17.18 1.00 1.01 Prosp Net Exp Ratio 1.02% The ADT Corp 3.56 P/B Ratio 1.86 0.79 1.12 Prosp Gross Exp Ratio 1.02% SanDisk Corp 3.18 Advisor Neuberger Berman Investment Amdocs Ltd 2.97 P/C Ratio 6.20 0.61 0.80 Advisers LLC Zimmer Biomet Holdings Inc 2.60 GeoAvgCap ($mil) 7,368.07 0.10 0.97 Subadvisor . Nuance Communications Inc 2.58 Portfolio Manager(s) Michael C. Greene ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Check Point Software Technologies Ltd 2.44 3 Yr Std Dev 11.63 1.10 1.01 Investment Manager BankUnited Inc 2.40 3 Yr Beta 0.99 . 1.01 Neuberger Berman has successfully managed investments AerCap Holdings NV 2.31 3 Yr Sharpe Ratio 1.00 0.72 0.93 for individuals, families and institutions since 1939. General Dynamics Corp 2.30 3 Yr Alpha -2.92 . 1.42 Neuberger Berman engages in wealth management services Hertz Global Holdings Inc 2.29 3 Yr R-squared 82.16 . 1.00 ...... including private asset management, mutual funds, Teradata Corp 2.23 institutional asset management and alternative investments. Morningstar Sectors as of 11-30-15 % Fund Comerica Inc 2.19 Cyclical 32.58 Best Buy Co Inc 2.10 ...... Volatility Analysis Edison International 2.10 Basic Materials 3.78 Investment Skyworks Solutions Inc 2.10 Consumer Cyclical 11.04 ...... Financial Services 11.79 Low Moderate High Spirit AeroSystems Holdings Inc 2.07 Real Estate 5.97 Covanta Holding Corp 2.05 Sensitive 55.31 Category Kohl's Corp 2.05 ...... Manitowoc Co Inc 2.01 Communication Services 0.00 In the past, this investment has shown a relatively moderate Colony Starwood Homes 1.97 Energy 6.86 range of price fluctuations relative to other investments. This Industrials 25.17 investment may experience larger or smaller price declines ...... Technology 23.28 or price increases depending on market conditions. Some of Total Number of Stock Holdings 52 Total Number of Bond Holdings 0 Defensive 12.11 this risk may be offset by owning other investments with ...... Annual Turnover Ratio % 30.00 different portfolio makeups or investment strategies. Consumer Defensive 2.08 Total Fund Assets ($mil) 145.07 Healthcare 2.81 Utilities 7.22

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PIMCO VIT All Asset Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays US Trsy Infl Note 1-10Y TR USD Tactical Allocation QQ Below Average Below Average Out of 169 Tactical Allocation VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks maximum real return, consistent with Morningstar Rating . QQ QQ QQQ preservation of real capital and prudent investment Fund Rank Percentile 96 95 89 74 management. Out of # of Investments 192 169 101 51 The Portfolio invests under normal circumstances substantially all of its assets in Institutional Class or, as Portfolio Analysis applicable, Class M shares of any funds of the PIMCO Funds Composition as of 09-30-15 %Net Morningstar Style Box™ as of 09-30-15 (EQ) ; 12-31-15 (F-I) and PIMCO Equity Series, affiliated open-end investment Large U.S. Stocks 4.4 companies, except funds of funds, and shares of any

Non-U.S. Stocks 16.6 Mid actively-managed funds of the PIMCO ETF Trust, an affiliated Not investment company (collectively, "Underlying PIMCO Bonds 27.3 Small Available Funds"). While the fund is non-diversified, it invests in Cash 37.7 diversified underlying holdings. Other 14.1 ...... Value Blend Growth -100 -50 0 50 100 Total 100.0 Operations

Subaccount Incp Date 03-09-06 Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 01-31-06 PIMCO Emerging Markets Currency Instl 08-01-16 12.33 P/E Ratio 20.78 1.21 1.17 Prosp Net Exp Ratio 1.08% PIMCO Emerging Local Bond Instl 10-01-22 9.42 P/B Ratio 2.02 0.86 1.02 Prosp Gross Exp Ratio 1.22% PIMCO RAE Low Volatility PLUS EMG Inst 01-01-18 8.68 P/C Ratio 8.28 0.81 0.95 Advisor Pacific Investment Management PIMCO RAE Worldwide Long/Short PLUS In 06-01-18 7.84 GeoAvgCap ($mil) ... Co LLC PIMCO Income Instl 06-01-21 6.47 Subadvisor Research Affiliates LLC ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Portfolio Manager(s) Robert D. Arnott PIMCO Real Return Asset Instl 12-01-32 6.43 3 Yr Std Dev 7.10 0.67 0.98 PIMCO RAE Fundamental PLUS EMG Inst 04-01-17 4.36 3 Yr Beta 0.96 . 0.97 Investment Manager PIMCO RAE Worldwide Fdmtl AdvtgPLUS In 05-01-17 4.03 3 Yr Sharpe Ratio -0.49 -0.36 -8.17 PIMCO is an institutional money manager specializing in PIMCO RAE Low Volatility PLUS Intl Ins 07-01-17 4.00 3 Yr Alpha -8.90 . 1.70 active fixed income investment management. Deep bench of PIMCO High Yield Spectrum Instl 02-01-21 3.56 3 Yr R-squared 77.27 . 0.99 investment talent/ sector specialist portfolio managers...... Proprietary analytics /risk systems. Investment team led by PIMCO RAE Fundamental AdvantagePLUS In 03-01-17 3.32 Morningstar Sectors as of 09-30-15 % Fund Bill Gross, CIO, co-founder. PIMCO has grown into one of the PIMCO High Yield Instl 05-01-21 3.15 Cyclical 0.00 most respected names in fixed-income management, due in PIMCO Unconstrained Bond Inst 05-01-17 2.31 ...... Basic Materials 0.00 large part to its total return approach to bond investing and PIMCO Real Estate Real Return Strategy 06-01-19 2.28 Consumer Cyclical 0.00 strong long-term performance record. PIMCO Senior Floating Rate Instl 06-01-20 2.27 ...... Financial Services 0.00 PIMCO Investment Grade Corp Bd Instl 02-01-27 2.13 Real Estate 0.00 Volatility Analysis PIMCO CommoditiesPLUS® Strategy Instl 01-01-16 1.91 Sensitive 0.00 Investment PIMCO Commodity Real Ret Strat Instl 11-01-18 1.85 ...... PIMCO Total Return Instl 06-01-23 1.66 Communication Services 0.00 Low Moderate High PIMCO RAE Low Volatility PLUS Inst 06-01-18 1.64 Energy 0.00 Industrials 0.00 Category ...... Total Number of Holdings 45 Technology 0.00 In the past, this investment has shown a relatively small Annual Turnover Ratio % 98.00 Defensive 0.00 ...... range of price fluctuations relative to other investments. Total Fund Assets ($mil) 838.78 Consumer Defensive 0.00 Based on this measure, currently more than two-thirds of all Healthcare 0.00 investments have shown higher levels of risk. Consequently, Utilities 0.00 this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PIMCO VIT Commodity Real Return Strategy Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Bloomberg Commodity TR USD Commodities Broad Basket QQQQ Above Average Above Average Out of 104 Commodities Broad Basket VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks maximum real return, consistent with Morningstar Rating . QQQ QQQQ . prudent investment management. Fund Rank Percentile 89 50 30 1 The fund normally invests in commodity-linked Out of # of Investments 137 104 98 1 derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Portfolio Analysis Instruments. It invests in commodity-linked derivative Composition as of 09-30-15 %Net Morningstar Fixed Income Style Box ™ as of 09-30-15 instruments, including commodity index-linked notes, swap U.S. Stocks 0.0 Avg Eff Duration 2.56 agreements, commodity options, futures and options on Non-U.S. Stocks 0.0 Avg Eff Maturity 3.12 futures, that provide exposure to the investment returns of Not Avg Wtd Coupon 1.99 the commodities markets, without investing directly in Bonds 118.9 Available Avg Wtd Price . physical commodities. It is non-diversified. Cash -21.9 Other 3.0 ...... -100 -50 0 50 100 Operations Total 100.0 Subaccount Incp Date 11-01-13 Undr. Fund Incep Date 04-30-12 Top 20 Holdings as of 09-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Prosp Net Exp Ratio 0.74% US Treasury TIP 04-15-18 18.58 3 Yr Std Dev 14.25 1.34 1.00 Prosp Gross Exp Ratio 0.91% US Treasury TIP 07-15-21 18.48 Beta 0.83 . 1.00 Advisor Pacific Investment Management Irs Usd 1.50000 12/16/15-2y Cme 12-16-17 12.92 Sharpe Ratio -1.50 -1.09 1.01 Co LLC US Treasury TIP 1.25% 07-15-20 10.69 Alpha -5.16 . 1.07 Subadvisor . . US Treasury TIP 04-15-17 9.71 R-squared 83.23 1.00 Portfolio Manager(s) Mihir P. Worah ...... Jeremie Banet 10 Year US Treasury Note Future Dec15 12-21-15 8.37 Morningstar Sectors as of 09-30-15 % Fund Nicholas J. Johnson Irs Usd 2.75000 12/16/15-30y Cme 12-16-45 8.21 Government 64.06 Inf Swap Us It P 1.485 11/19/14-2y Dub 11-19-16 7.50 Corporate 5.05 Investment Manager PIMCO is an institutional money manager specializing in Irs Usd 2.25000 12/16/15-7y Cme 12-16-22 7.00 Securitized 4.65 Irs Usd 2.50000 12/16/15-10y Lch 12-16-25 5.94 Municipal 0.01 active fixed income investment management. Deep bench of ...... investment talent/ sector specialist portfolio managers. 5 Year US Treasury Note Future Dec15 12-31-15 5.13 Cash & Equivalents 20.68 Proprietary analytics /risk systems. Investment team led by Irs Gbp 2.00000 03/16/16-10y Cme 03-16-26 4.86 Other 5.55 Bill Gross, CIO, co-founder. PIMCO has grown into one of the US Treasury Note 04-15-20 4.31 most respected names in fixed-income management, due in Pimco Fds 01-26-16 3.59 Credit Analysis % Bonds large part to its total return approach to bond investing and Inf Swap Us It P 1.5325 11/07/14-2y My 11-07-16 3.58 Not Available ...... strong long-term performance record. Irs Usd 2.00000 12/16/15-5y Cme 12-16-20 3.55 Inf Swap Us It P 2.56 05/08/13-10y Dub 05-08-23 3.52 Volatility Analysis US Treasury TIP 07-15-17 3.19 Investment Irs Gbp 2.25000 03/16/16-30y Cme 03-16-46 2.97 Uk Tsy 0.125% 2024 I/L Gilt 03-22-24 2.92 Low Moderate High ...... Category Total Number of Stock Holdings 0 Total Number of Bond Holdings 231 In the past, this investment has shown a wide range of price Annual Turnover Ratio % 151.00 fluctuations relative to other investments. This investment Total Fund Assets ($mil) 349.00 may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PIMCO VIT Emerging Markets Bond Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk JPM EMBI Global TR USD Emerging Markets Bond QQQQ Above Average Average Out of 92 Emerging Markets Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks maximum total return, consistent with Morningstar Rating . QQQ QQQQ QQQQ preservation of capital and prudent investment management. Fund Rank Percentile 47 46 48 51 The fund normally invests at least 80% of its assets in Out of # of Investments 104 92 64 50 Fixed Income Instruments that are economically tied to emerging market countries, which may be represented by Portfolio Analysis forwards or derivatives such as options, futures contracts or Composition as of 09-30-15 %Net Morningstar Fixed Income Style Box ™ as of 09-30-15 swap agreements. The fund may invest in both U.S. Stocks 0.0 Avg Eff Duration 5.70 investment-grade securities and high yield securities ("junk Non-U.S. Stocks 0.0 Avg Eff Maturity 11.35 bonds") subject to a maximum of 15% of its total assets in Not Bonds 114.5 Avg Wtd Coupon 5.81 securities rated below B. It is non-diversified. Available Cash -21.8 Avg Wtd Price . Other 7.4 Operations ...... -100 -50 0 50 100 Total 100.0 Subaccount Incp Date 11-01-13 Undr. Fund Incep Date 04-30-12 Prosp Net Exp Ratio 0.85% Top 20 Holdings as of 09-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Prosp Gross Exp Ratio 0.85% Pimco Fds 01-26-16 4.45 3 Yr Std Dev 7.99 2.74 0.99 Advisor Pacific Investment Management Petroleos Mexicanos 6.5% 06-02-41 3.36 Beta 1.19 . 0.97 Co LLC Sharpe Ratio -0.36 -0.73 0.73 Subadvisor . Cdx Em24 Ice 12-20-20 3.13 Zcs Brl R 15.025 09/18/15-07/01/16 Dub 07-01-16 2.87 Alpha -4.59 . 0.79 Portfolio Manager(s) Michael A. Gomez . Petrobras Intl Fin 5.75% 01-20-20 2.78 R-squared 18.82 0.94 ...... Investment Manager Zcs Brl R 15.51 09/21/15-07/01/16 Bps 07-01-16 2.77 Morningstar Sectors as of 09-30-15 % Fund PIMCO is an institutional money manager specializing in Zcs Brl R 8.2 12/10/12-01/02/17 Uag 01-02-17 2.59 Government 30.95 active fixed income investment management. Deep bench of Letra Tesouro Nacional 01-01-18 1.92 Corporate 38.36 investment talent/ sector specialist portfolio managers. Kazmunaygas National **Tender Consent* 05-05-20 1.51 Securitized 0.55 Proprietary analytics /risk systems. Investment team led by Brazil La Sp Myc 03-20-16 1.44 Municipal 0.00 Bill Gross, CIO, co-founder. PIMCO has grown into one of the ...... Cash & Equivalents 13.73 most respected names in fixed-income management, due in Pt Pertamina Persero 144A 6.45% 05-30-44 1.43 Other 16.41 large part to its total return approach to bond investing and Sberbank (Sb Cap Sa) Lpn Regs 02-07-22 1.36 strong long-term performance record. Indonesia Rep 6.875% 03-09-17 1.31 Petroleos Mexicanos 8% 05-03-19 1.30 Credit Analysis % Bonds Colombia La Sp Hus 06-20-19 1.28 Not Available Volatility Analysis ...... Investment Indonesia Rep 11.625% 03-04-19 1.22 Pemex Proj Fdg Master Tr 0.02% 03-01-18 1.21 Low Moderate High Zcs Brl R 15.23 09/10/15-01/02/17 Bps 01-02-17 1.20

Category Colombia La Sp Cbk 06-20-19 1.17 Colombia La Sp Gst 06-20-19 1.17 In the past, this investment has shown a relatively small ...... range of price fluctuations relative to other investments. Total Number of Stock Holdings 0 Based on this measure, currently more than two-thirds of all Total Number of Bond Holdings 334 investments have shown higher levels of risk. Consequently, Annual Turnover Ratio % 29.00 this investment may appeal to investors looking for a Total Fund Assets ($mil) 262.95 conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PIMCO VIT Global Bond Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk JPM GBI Global FX NY TR USD World Bond QQ Below Average Below Average Out of 336 World Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks maximum total return, consistent with Morningstar Rating . Q QQ QQ preservation of capital and prudent investment management. Fund Rank Percentile 72 87 90 64 The Portfolio invests under normal circumstances at Out of # of Investments 423 336 284 96 least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which Portfolio Analysis may be the United States), which may be represented by Composition as of 09-30-15 %Net Morningstar Fixed Income Style Box ™ as of 09-30-15 forwards or derivatives such as options, futures contracts or U.S. Stocks 0.0 Avg Eff Duration 7.74 swap agreements. It normally invests at least 25% of its net Non-U.S. Stocks 0.0 Avg Eff Maturity 10.73 assets in instruments that are economically tied to foreign Not Bonds 49.3 Avg Wtd Coupon 3.63 (non-U.S.) countries. The fund is non-diversified. Available Cash 41.2 Avg Wtd Price . Other 9.5 Operations ...... -100 -50 0 50 100 Total 100.0 Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 01-31-06 Prosp Net Exp Ratio 0.75% Top 20 Holdings as of 09-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Prosp Gross Exp Ratio 0.76% Irs Usd 1.30000 05/06/16-1y (Wht) Cme 05-06-17 51.41 3 Yr Std Dev 4.62 1.58 0.93 Advisor Pacific Investment Management 10 Year US Treasury Note Future Dec15 12-21-15 34.08 Beta 1.18 . 1.49 Co LLC Sharpe Ratio -0.93 -1.90 2.91 Subadvisor . Irs Usd 2.25000 12/16/15-7y Lch 12-16-22 24.67 Irs Jpy 0.15000 03/22/16-2y Cme 03-22-18 12.58 Alpha -6.00 . 2.18 Portfolio Manager(s) Andrew Thomas Balls . Irs Jpy 1.50000 06/19/13-20y Cme 06-19-33 9.57 R-squared 55.44 1.92 Lorenzo Pagani ...... Sachin Gupta Fed Natl Mort Assc 5.5% 10-15-43 9.00 Morningstar Sectors as of 09-30-15 % Fund Euro BOBL Future Dec15 12-08-15 8.81 Government 53.19 Investment Manager PIMCO is an institutional money manager specializing in Irs Jpy 0.50000 09/17/14-7y Cme 09-17-21 7.23 Corporate 7.20 active fixed income investment management. Deep bench of Irs Eur 2.50000 03/21/18-5y Cme 03-21-23 7.08 Securitized 5.58 Irs Eur 1.00000 03/16/16-10y Cme 03-16-26 5.65 Municipal 0.68 investment talent/ sector specialist portfolio managers...... Proprietary analytics /risk systems. Investment team led by Cdx Itraxx Main23 5y Ice 06-20-20 5.52 Cash & Equivalents 18.82 Bill Gross, CIO, co-founder. PIMCO has grown into one of the Irs Gbp 1.75000 09/16/16-2y Cme 09-16-18 5.15 Other 14.53 most respected names in fixed-income management, due in Irs Usd 2.50000 12/16/15-10y Lch 12-16-25 5.03 large part to its total return approach to bond investing and Irs Eur 0.50000 03/16/16-5y Cme 03-16-21 4.92 Credit Analysis % Bonds strong long-term performance record. US Treasury Note 2.375% 12-31-20 4.63 Not Available ...... Irs Jpy 0.75000 12/20/14-10y Cme 12-20-24 4.53 Volatility Analysis 5 Year US Treasury Note Future Dec15 12-31-15 4.10 Investment Spain Govt Sw D03 Sp Cbk 03-20-19 3.62 Irs Gbp 1.50000 03/16/16-2y Cme 03-16-18 3.41 Low Moderate High US Treasury Note 2.125% 01-31-21 3.36 Category ...... Total Number of Stock Holdings 1 In the past, this investment has shown a relatively small Total Number of Bond Holdings 294 range of price fluctuations relative to other investments. Annual Turnover Ratio % 496.00 Based on this measure, currently more than two-thirds of all Total Fund Assets ($mil) 241.97 investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PIMCO VIT Real Return Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays US Treasury US TIPS TR USD Inflation-Protected Bond QQ Below Average Above Average Out of 364 Inflation-Protected Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks maximum real return, consistent with Morningstar Rating . Q QQ QQQ preservation of real capital and prudent investment Fund Rank Percentile 88 96 89 63 management. Out of # of Investments 385 364 314 136 The Portfolio normally invests at least 80% of its net assets in inflation-indexed bonds of varying maturities issued Portfolio Analysis by the U.S. and non-U.S. governments, their agencies or Composition as of 09-30-15 %Net Morningstar Fixed Income Style Box ™ as of 09-30-15 instrumentalities and corporations, which may be U.S. Stocks 0.0 Avg Eff Duration 7.49 represented by forwards or derivatives such as options, Non-U.S. Stocks 0.0 Avg Eff Maturity 8.41 futures contracts or swap agreements. It invests primarily in Not Avg Wtd Coupon 1.99 investment grade securities, but may invest up to 10% of its Bonds 119.8 Available Avg Wtd Price . total assets in high yield securities ("junk bonds") rated B or Cash -21.7 Other 2.0 higher...... -100 -50 0 50 100 Total 100.0 Operations

Subaccount Incp Date 03-09-06 Top 20 Holdings as of 09-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Undr. Fund Incep Date 04-10-00 US Treasury TIP 07-15-22 12.98 3 Yr Std Dev 5.96 2.04 1.10 Prosp Net Exp Ratio 0.50% US Treasury TIP 07-15-21 10.95 Beta 1.71 . 1.08 Prosp Gross Exp Ratio 0.55% Irs Usd 1.50000 12/16/15-2y Cme 12-16-17 7.12 Sharpe Ratio -0.64 -1.31 1.16 Advisor Pacific Investment Management US Treasury TIP 04-15-29 7.04 Alpha -6.23 . 1.19 Co LLC . US Treasury TIP 01-15-25 6.57 R-squared 70.29 0.97 Subadvisor ...... Portfolio Manager(s) Mihir P. Worah US Treasury TIP 0.125% 01-15-22 6.55 Morningstar Sectors as of 09-30-15 % Fund Jeremie Banet US Treasury TIP 2% 01-15-26 6.38 Government 67.41 US Treasury TIP 2.375% 01-15-27 5.38 Corporate 10.46 Investment Manager US Treasury TIP 01-15-23 4.88 Securitized 3.48 PIMCO is an institutional money manager specializing in Fin Fut Euro$ Cme (Red) 12/19/16 12-20-16 4.70 Municipal 0.03 active fixed income investment management. Deep bench of ...... Cash & Equivalents 13.00 investment talent/ sector specialist portfolio managers. US Treasury TIP 01-15-20 4.56 Other 5.62 Proprietary analytics /risk systems. Investment team led by US Treasury TIP 02-15-44 4.36 Bill Gross, CIO, co-founder. PIMCO has grown into one of the 30 Year US Treasury Bond Future Dec15 12-21-15 4.35 most respected names in fixed-income management, due in Irs Gbp 2.00000 03/16/16-10y Cme 03-16-26 4.07 Credit Analysis % Bonds large part to its total return approach to bond investing and US Treasury Note 04-15-20 4.04 Not Available ...... strong long-term performance record. US Treasury TIP 1.75% 01-15-28 3.75 US Treasury TIP 1.25% 07-15-20 3.56 Volatility Analysis Irs Usd 2.75000 12/16/15-30y Cme 12-16-45 3.26 Investment Inf Swap Us It P 2.25 07/15/12-5y Bps 07-15-17 3.25 Uk Tsy 0.125% 2024 I/L Gilt 03-22-24 3.12 Low Moderate High ...... Category Total Number of Stock Holdings 0 Total Number of Bond Holdings 357 In the past, this investment has shown a relatively small Annual Turnover Ratio % 96.00 range of price fluctuations relative to other investments. Total Fund Assets ($mil) 2,710.30 Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PSF Jennison 20/20 Focus - Cl. II ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Growth Q Low Above Average Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term growth of capital. Morningstar Rating . Q Q QQ The fund invests primarily in equity and equity-related Fund Rank Percentile 56 96 96 87 securities of approximately 40 (which may temporarily range Out of # of Investments 3,478 3,268 2,955 1,859 up to 45) U.S. companies that are selected by the Portfolio's two portfolio managers as having strong capital appreciation Portfolio Analysis potential. It seeks to invest in companies valued at a Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap discount to their true worth, as defined by the value of their Large U.S. Stocks 89.1 Giant 57.47 earnings, free cash flow, assets, private market value, or ......

Non-U.S. Stocks 9.2 Mid some combination of these factors that also possess Large 37.19 Bonds 0.0 identifiable catalysts which can help unlock their true worth. Medium 3.87 Cash 1.7 Small Small 1.47 Up to 20% of its total assets may be invested in foreign ...... Other 0.0 securities. Micro 0.00 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 03-09-06 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 25.36 1.47 1.11 Undr. Fund Incep Date 02-15-00 Facebook Inc Class A 5.49 P/B Ratio 3.46 1.48 0.90 Prosp Net Exp Ratio 1.23% Amazon.com Inc 5.33 P/C Ratio 14.20 1.39 1.01 Prosp Gross Exp Ratio 1.23% Salesforce.com Inc 4.25 Advisor Prudential Investments LLC Visa Inc Class A 3.57 GeoAvgCap ($mil) 85,461.55 1.16 1.58 Subadvisor Jennison Associates LLC Walt Disney Co 3.44 Portfolio Manager(s) Spiros Segalas ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Warren N. Koontz, Jr. LinkedIn Corp Class A 3.21 3 Yr Std Dev 11.74 1.11 1.01 Regeneron Pharmaceuticals Inc 3.16 3 Yr Beta 0.99 . 0.99 Investment Manager Starbucks Corp 3.15 3 Yr Sharpe Ratio 1.05 0.76 0.79 Commitment to Performance: Superior long-term investment Nike Inc Class B 3.09 3 Yr Alpha -2.10 . -2.84 returns for over 39 years. Investment Culture: Values Alphabet Inc Class C Capital Stock 3.00 3 Yr R-squared 79.58 . 0.95 ...... individual impact and rewards team performance. Consistent Alphabet Inc Class A 2.97 Philosophy: Internal Fundamental Research, bottom-up stock Morningstar Sectors as of 11-30-15 % Fund Tencent Holdings Ltd ADR 2.95 Cyclical 40.42 selection, and a highly interactive investment process Shire PLC ADR 2.81 ...... Top-Caliber Investment Talent: Small highly experienced Netflix Inc 2.75 Basic Materials 0.93 investment teams exclusively focused on investing JPMorgan Chase & Co 2.64 Consumer Cyclical 25.16 ...... Financial Services 14.33 MetLife Inc 2.41 Real Estate 0.00 Volatility Analysis Under Armour Inc Class A 2.37 Investment Sensitive 39.23 Adobe Systems Inc 2.33 ...... Low Moderate High Bristol-Myers Squibb Company 2.27 Communication Services 4.53 PNC Financial Services Group Inc 2.20 Energy 3.50 Category Industrials 2.78 ...... Technology 28.42 In the past, this investment has shown a relatively moderate Total Number of Stock Holdings 44 Total Number of Bond Holdings 0 Defensive 20.35 range of price fluctuations relative to other investments. This ...... Annual Turnover Ratio % 97.00 investment may experience larger or smaller price declines Consumer Defensive 3.28 Total Fund Assets ($mil) 225.81 or price increases depending on market conditions. Some of Healthcare 15.56 this risk may be offset by owning other investments with Utilities 1.51 different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PSF Natural Resources - Class II ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Natural Resources Q Low Above Average Out of 175 Natural Resources VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Non-U.S. Stocks 21.0 Mid Large 34.05 Bonds 0.0 Medium 39.83 Operations Cash 4.2 Small Small 16.73 ...... Subaccount Incp Date 03-09-06 Other 0.8 Micro 0.92 Undr. Fund Incep Date 04-28-05 Value Blend Growth Prosp Net Exp Ratio 0.90% Prosp Gross Exp Ratio 0.90% Advisor Prudential Investments LLC Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Subadvisor Jennison Associates LLC Concho Resources Inc 4.30 P/E Ratio 20.06 1.16 1.00 Portfolio Manager(s) Neil P. Brown Prudential Core Invt 12-31-49 4.21 P/B Ratio 1.24 0.53 0.93 John "Jay" Saunders EOG Resources Inc 3.58 P/C Ratio 4.91 0.48 0.97 Noble Energy Inc 3.50 GeoAvgCap ($mil) 11,155.71 0.15 0.76 Investment Manager Schlumberger Ltd 3.49 Commitment to Performance: Superior long-term investment ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat returns for over 39 years. Investment Culture: Values Anadarko Petroleum Corp 3.21 3 Yr Std Dev 21.80 2.05 1.07 individual impact and rewards team performance. Consistent Halliburton Co 3.15 3 Yr Beta 1.29 . 1.00 Philosophy: Internal Fundamental Research, bottom-up stock Marathon Petroleum Corp 2.97 3 Yr Sharpe Ratio -0.65 -0.47 0.94 selection, and a highly interactive investment process Cameron International Corp 2.93 3 Yr Alpha -24.40 . 1.00 Top-Caliber Investment Talent: Small highly experienced Phillips 66 2.91 3 Yr R-squared 41.84 . 0.87 ...... investment teams exclusively focused on investing Suncor Energy Inc 2.69 Morningstar Sectors as of 11-30-15 % Fund Devon Energy Corp 2.66 Cyclical 23.93 Volatility Analysis Cimarex Energy Co 2.56 ...... Investment Occidental Petroleum Corp 2.51 Basic Materials 23.35 Dril-Quip Inc 1.94 Consumer Cyclical 0.58 Low Moderate High ...... Financial Services 0.00 PDC Energy Inc 1.94 Real Estate 0.00 Category Randgold Resources Ltd ADR 1.85 Sensitive 75.06 FMC Technologies Inc 1.76 ...... In the past, this investment has shown a wide range of price Newfield Exploration Co 1.73 Communication Services 0.00 fluctuations relative to other investments. This investment Marathon Oil Corp 1.67 Energy 74.38 may experience significant price increases in favorable Industrials 0.68 markets or undergo large price declines in adverse markets...... Technology 0.00 Some of this risk may be offset by owning other investments Total Number of Stock Holdings 105 Total Number of Bond Holdings 0 Defensive 1.01 that follow different investment strategies...... Annual Turnover Ratio % 24.00 Consumer Defensive 0.70 Total Fund Assets ($mil) 417.76 Healthcare 0.00 Utilities 0.31

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PSF Value - Class II ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Blend Q Low High Out of 2428 Large Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks capital appreciation. Morningstar Rating . QQQ The fund normally invests at least 65% of its total Fund Rank Percentile 99 93 98 98 assets in equity and equity-related securities, with an Out of # of Investments 2,632 2,428 2,307 1,373 emphasis on securities of large capitalization companies. The fund's manager defines large capitalization companies Portfolio Analysis as those companies with market capitalizations, measured at Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap the time of purchase, to be within the market capitalization Large U.S. Stocks 85.5 Giant 46.53 of the Russell 1000® Value Index. The fund may invest up to ......

Non-U.S. Stocks 11.7 Mid 25% of its total assets in real estate investment trusts Large 33.00 Bonds 0.0 (REITs) and up to 30% of its total assets in foreign securities. Medium 19.07 Cash 2.8 Small Small 1.39 ...... Other 0.0 Micro 0.00 Operations Value Blend Growth Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 05-14-01 Prosp Net Exp Ratio 0.82% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 15.60 0.91 0.87 Prosp Gross Exp Ratio 0.82% JPMorgan Chase & Co 3.59 Advisor Prudential Investments LLC Wells Fargo & Co 3.37 P/B Ratio 1.54 0.66 0.64 Subadvisor Jennison Associates LLC Prudential Core Invt 12-31-49 2.83 P/C Ratio 7.16 0.70 0.72 Portfolio Manager(s) Warren N. Koontz, Jr. Citigroup Inc 2.72 GeoAvgCap ($mil) 51,567.48 0.70 0.89 Microsoft Corp 2.54 Investment Manager ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Commitment to Performance: Superior long-term investment Goldman Sachs Group Inc 2.50 3 Yr Std Dev 11.58 1.09 1.07 returns for over 39 years. Investment Culture: Values Bank of America Corporation 2.41 3 Yr Beta 1.04 . 1.04 individual impact and rewards team performance. Consistent Pfizer Inc 2.33 3 Yr Sharpe Ratio 0.79 0.57 0.66 Philosophy: Internal Fundamental Research, bottom-up stock Carnival Corp 2.32 3 Yr Alpha -6.07 . 3.63 Boeing Co 2.31 3 Yr R-squared 90.81 . 0.94 selection, and a highly interactive investment process ...... Top-Caliber Investment Talent: Small highly experienced Alphabet Inc Class A 2.29 Morningstar Sectors as of 11-30-15 % Fund investment teams exclusively focused on investing Lear Corp 2.24 Cyclical 40.10 MetLife Inc 2.24 ...... Basic Materials 1.20 Volatility Analysis FirstEnergy Corp 2.19 Consumer Cyclical 10.94 Investment Comcast Corp Class A 2.16 ...... Financial Services 27.96 Mondelez International Inc Class A 2.15 Low Moderate High Real Estate 0.00 Allergan PLC 2.07 Sensitive 36.55 Category Merck & Co Inc 1.90 ...... Target Corp 1.84 Communication Services 5.47 In the past, this investment has shown a relatively moderate Teva Pharmaceutical Industries Ltd ADR 1.82 Energy 10.19 range of price fluctuations relative to other investments. This Industrials 8.25 investment may experience larger or smaller price declines ...... Technology 12.64 or price increases depending on market conditions. Some of Total Number of Stock Holdings 61 Total Number of Bond Holdings 0 Defensive 23.33 this risk may be offset by owning other investments with ...... Annual Turnover Ratio % 37.00 Consumer Defensive 5.25 different portfolio makeups or investment strategies. Total Fund Assets ($mil) 1,374.65 Healthcare 14.17 Utilities 3.91

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PVC Equity Income Account ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value QQQQ Above Average Below Average Out of 2359 Large Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to provide current income and Morningstar Rating . QQQ QQQ QQQQ long-term growth of income and capital. Fund Rank Percentile 59 68 59 38 Under normal circumstances, the Account invests at Out of # of Investments 2,500 2,359 2,190 1,323 least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities at Portfolio Analysis the time of each purchase. The Account usually invests in Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap equity securities of companies with large market Large U.S. Stocks 83.0 Giant 36.26 capitalizations. For this Account, companies with large ......

Non-U.S. Stocks 14.4 Mid market capitalizations are those with market capitalizations Large 44.21 Bonds 0.0 within the range of companies comprising the Russell 1000 Medium 19.53 Cash 2.6 Small Small 0.00 ® Value Index (as of December 31, 2014, this range was ...... Other 0.0 between approximately $275.0 million and $397.0 billion ). Micro 0.00 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 03-09-06 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 16.89 0.98 1.09 Undr. Fund Incep Date 04-28-98 Apple Inc 2.68 P/B Ratio 2.08 0.89 1.18 Prosp Net Exp Ratio 0.48% ACE Ltd 2.57 P/C Ratio 8.81 0.87 1.10 Prosp Gross Exp Ratio 0.48% JPMorgan Chase & Co 2.39 Advisor Principal Management Corp Digital Realty Trust Inc 2.31 GeoAvgCap ($mil) 48,580.50 0.66 0.93 Subadvisor Edge Asset Management, Inc Marathon Petroleum Corp 2.26 Portfolio Manager(s) David W. Simpson ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Daniel R. Coleman MetLife Inc 2.22 3 Yr Std Dev 10.57 1.00 0.97 Fidelity National Financial Inc 2.17 3 Yr Beta 0.97 . 0.98 Investment Manager BlackRock Inc 2.11 3 Yr Sharpe Ratio 0.98 0.71 0.94 Edge Asset Management has been a pioneer in the field of Deere & Co 2.09 3 Yr Alpha -3.93 . 1.24 actively managed asset allocation funds and is a leading Hasbro Inc 2.04 3 Yr R-squared 95.12 . 1.02 ...... manager of value equities and taxable fixed-income PNC Financial Services Group Inc 1.98 securities. For over 65 years, Edge has built a reputation for Morningstar Sectors as of 11-30-15 % Fund Occidental Petroleum Corp 1.91 Cyclical 38.22 performance and integrity. Its investment approach is Pfizer Inc 1.83 ...... defined by rigorous fundamental research and a Wells Fargo & Co 1.79 Basic Materials 2.27 value-oriented investment philosophy, to seek the highest The Kroger Co 1.78 Consumer Cyclical 7.87 risk-adjusted returns for investors through a broad range of ...... Financial Services 23.80 investment vehicles and strategies. Edge Asset Management Microchip Technology Inc 1.77 Real Estate 4.28 Discover Financial Services 1.75 is an affiliated investment advisor of Principal Global Sensitive 37.92 Investors and a member of the Principal Financial Group, Merck & Co Inc 1.75 ...... with approximately $11.2 billion in assets under Abbott Laboratories 1.65 Communication Services 2.47 management, including approximately $3.6 billion in Roche Holding AG ADR 1.60 Energy 12.70 Industrials 11.60 institutional assets (as of December 31, 2008)...... Total Number of Stock Holdings 84 Technology 11.15 Total Number of Bond Holdings 0 Defensive 23.86 Volatility Analysis ...... Annual Turnover Ratio % 11.60 Consumer Defensive 4.44 Investment Total Fund Assets ($mil) 537.97 Healthcare 13.00 Low Moderate High Utilities 6.42

Category

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-PVC MidCap Account ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap TR USD Mid-Cap Growth QQQQQ High Low Out of 1717 Mid-Cap Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Non-U.S. Stocks 11.4 Mid Index (as of December 31, 2014, this range was between Large 33.79 Bonds 0.0 approximately $275.0 million and $33.5 billion ). The Account Medium 58.63 Cash 0.1 Small Small 2.63 invests in foreign securities...... Other 0.0 Micro 0.00 Value Blend Growth Operations Subaccount Incp Date 10-23-09 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 12-18-87 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 24.28 1.41 1.04 Prosp Net Exp Ratio 0.53% Brookfield Asset Management Inc Class A 4.44 P/B Ratio 2.45 1.05 0.71 Prosp Gross Exp Ratio 0.53% Markel Corporation 3.48 Advisor Principal Management Corp Aon PLC 2.82 P/C Ratio 11.35 1.11 0.81 Subadvisor Principal Global Investors, LLC O'Reilly Automotive Inc 2.55 GeoAvgCap ($mil) 13,722.95 0.19 1.47 Portfolio Manager(s) K. William Nolin SBA Communications Corp 2.53 Thomas Rozycki ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Roper Technologies Inc 2.17 3 Yr Std Dev 11.60 1.09 0.97 Investment Manager VeriSign Inc 2.16 3 Yr Beta 1.02 . 1.07 Edge Asset Management has been a pioneer in the field of Zoetis Inc 2.14 3 Yr Sharpe Ratio 1.21 0.88 1.14 actively managed asset allocation funds and is a leading CarMax Inc 2.09 3 Yr Alpha -0.88 . 0.72 manager of value equities and taxable fixed-income Moody's Corporation 1.98 3 Yr R-squared 87.20 . 1.23 ...... securities. For over 65 years, Edge has built a reputation for TransDigm Group Inc 1.95 performance and integrity. Its investment approach is Morningstar Sectors as of 11-30-15 % Fund AutoZone Inc 1.78 Cyclical 55.61 defined by rigorous fundamental research and a Fidelity National Financial Inc 1.78 ...... value-oriented investment philosophy, to seek the highest Air Products & Chemicals Inc 1.72 Basic Materials 6.44 risk-adjusted returns for investors through a broad range of Ross Stores Inc 1.72 Consumer Cyclical 22.60 investment vehicles and strategies. Edge Asset Management ...... Financial Services 17.97 is an affiliated investment advisor of Principal Global Autodesk Inc 1.62 Real Estate 8.60 McGraw Hill Financial Inc 1.58 Investors and a member of the Principal Financial Group, Sensitive 34.05 with approximately $11.2 billion in assets under Loews Corp 1.57 ...... management, including approximately $3.6 billion in Airgas Inc 1.55 Communication Services 7.05 institutional assets (as of December 31, 2008). Verisk Analytics Inc 1.54 Energy 0.91 Industrials 15.77 ...... Total Number of Stock Holdings 91 Technology 10.32 Volatility Analysis Total Number of Bond Holdings 0 Defensive 10.33 Investment ...... Annual Turnover Ratio % 21.60 Consumer Defensive 3.32 Total Fund Assets ($mil) 633.49 Low Moderate High Healthcare 5.60

Category Utilities 1.41

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Royce Cap Fund Micro-Cap - Inv. Class ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Blend QQ Low Average Out of 1043 Small Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term growth of capital. Morningstar Rating . Q Q QQ The fund invests the fund's assets primarily in equity Fund Rank Percentile 98 100 100 97 securities of micro-cap companies with stock market Out of # of Investments 1,092 1,043 1,002 575 capitalizations up to $1 billion. Royce generally focuses on micro-cap companies that it believes are trading below its Portfolio Analysis estimate of their current worth, basing this assessment Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap chiefly on balance sheet quality and other indicators of Large U.S. Stocks 79.8 Giant 0.00 financial strength. It also seeks companies that Royce ......

Non-U.S. Stocks 7.5 Mid believes have strong growth prospects and the potential for Large 0.00 Bonds 0.0 improvement in cash flow levels and internal rates of return. Medium 0.41 Cash 7.6 Small Small 9.90 ...... Other 5.1 Micro 89.69 Operations Value Blend Growth Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 12-27-96 Prosp Net Exp Ratio 1.31% Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 19.57 1.14 1.04 Prosp Gross Exp Ratio 1.31% Zealand Pharma AS 1.19 Advisor Royce & Associates, LLC Resources Connection Inc 1.17 P/B Ratio 1.40 0.60 0.78 Subadvisor . Total Energy Services Ltd 1.13 P/C Ratio 5.55 0.55 0.70 Portfolio Manager(s) James P. Stoeffel Culp Inc 1.11 GeoAvgCap ($mil) 380.69 0.01 0.22 Jenifer L. Taylor Shoe Carnival Inc 1.02 Brendan J. Hartman ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat James J. Harvey Photronics Inc 1.00 3 Yr Std Dev 12.95 1.22 0.93 Chris E. Flynn Key Technology Inc 0.99 3 Yr Beta 0.87 . 0.84 ORBCOMM Inc 0.97 3 Yr Sharpe Ratio 0.04 0.03 0.05 Investment Manager Fabrinet 0.95 3 Yr Alpha -12.27 . 3.04 Royce & Associates is committed to the same Graham Corp 0.95 3 Yr R-squared 51.19 . 0.81 small-company value investing principles that have served ...... Eplus Inc 0.93 them well for more than 30 years. Charles M. Royce, chief Morningstar Sectors as of 09-30-15 % Fund investment officer, enjoys one of the longest tenures of any Gulf Island Fabrication Inc 0.93 Cyclical 31.76 ...... active mutual fund manager. Royce's investment staff Capella Education Co 0.92 Basic Materials 5.12 includes twelve other portfolio managers, as well as nine Xcerra Corp 0.92 Consumer Cyclical 15.47 assistant portfolio managers and analysts, and seven LSI Industries Inc 0.89 ...... Financial Services 9.69 traders. Kirkland's Inc 0.88 Real Estate 1.48 Monotype Imaging Holdings Inc 0.87 Sensitive 53.03 Volatility Analysis Brooks Automation Inc 0.85 ...... Communication Services 1.13 Investment Cavco Industries Inc 0.84 Kforce Inc 0.84 Energy 4.49 Low Moderate High Industrials 23.20 ...... Technology 24.21 Category Total Number of Stock Holdings 182 Total Number of Bond Holdings 0 Defensive 15.21 ...... Annual Turnover Ratio % 25.00 In the past, this investment has shown a wide range of price Consumer Defensive 2.77 Total Fund Assets ($mil) 394.14 fluctuations relative to other investments. This investment Healthcare 12.44 may experience significant price increases in favorable Utilities 0.00 markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Royce Cap Fund Small-Cap - Inv. Class ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Blend QQ Below Average Low Out of 1043 Small Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term growth of capital. Morningstar Rating . Q Q QQQ The fund invests the fund's assets primarily in equity Fund Rank Percentile 96 92 92 77 securities of small-cap companies with market Out of # of Investments 1,092 1,043 1,002 575 capitalizations up to $3 billion that Royce believes are trading below its estimate of their current worth. It generally Portfolio Analysis invests in such companies that the advisor believes also Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap possess financial strength, a strong business model, and the Large U.S. Stocks 75.9 Giant 0.00 ability to generate and effectively allocate excess free cash ......

Non-U.S. Stocks 2.5 Mid flow. Large 0.00 Bonds 0.0 Medium 14.41 Cash 20.5 Small Small 34.24 ...... Operations Other 1.2 Micro 51.35 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 12-27-96 Prosp Net Exp Ratio 1.05% Prosp Gross Exp Ratio 1.05% Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Royce & Associates, LLC Benchmark Electronics Inc 2.54 P/E Ratio 12.92 0.75 0.69 Subadvisor . PC Connection Inc 2.49 P/B Ratio 1.32 0.56 0.74 Portfolio Manager(s) Jay S. Kaplan Reinsurance Group of America Inc 2.48 P/C Ratio 8.03 0.79 1.01 Cato Corp Class A 2.47 GeoAvgCap ($mil) 1,092.17 0.01 0.62 Investment Manager Genworth MI Canada, Inc. 2.46 Royce & Associates is committed to the same ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat small-company value investing principles that have served MKS Instruments Inc 2.46 3 Yr Std Dev 13.56 1.28 0.97 them well for more than 30 years. Charles M. Royce, chief Vishay Intertechnology Inc 2.44 3 Yr Beta 0.98 . 0.94 investment officer, enjoys one of the longest tenures of any Fabrinet 2.41 3 Yr Sharpe Ratio 0.50 0.36 0.62 active mutual fund manager. Royce's investment staff Buckle, Inc. 2.40 3 Yr Alpha -7.61 . 1.88 Genesco Inc 2.40 3 Yr R-squared 58.66 . 0.93 includes twelve other portfolio managers, as well as nine ...... assistant portfolio managers and analysts, and seven Matrix Service Co 2.40 Morningstar Sectors as of 09-30-15 % Fund traders. Nu Skin Enterprises Inc Class A 2.38 Cyclical 51.79 Brocade Communications Systems Inc 2.32 ...... Basic Materials 2.35 Volatility Analysis Shoe Carnival Inc 2.30 Consumer Cyclical 36.52 Investment Miller Industries Inc. 2.15 ...... Financial Services 12.92 DSW Inc 2.11 Low Moderate High Real Estate 0.00 Trustco Bank Corp N Y 1.95 Sensitive 43.75 Category American Eagle Outfitters 1.88 ...... Dillards Inc 1.85 Communication Services 0.00 In the past, this investment has shown a wide range of price Federal Signal Corp 1.76 Energy 5.53 fluctuations relative to other investments. This investment Industrials 13.23 may experience significant price increases in favorable ...... Technology 24.99 markets or undergo large price declines in adverse markets. Total Number of Stock Holdings 55 Total Number of Bond Holdings 0 Defensive 4.46 Some of this risk may be offset by owning other investments ...... Annual Turnover Ratio % 36.00 Consumer Defensive 4.46 that follow different investment strategies. Total Fund Assets ($mil) 481.11 Healthcare 0.00 Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-T. Rowe Price Health Sciences Portfolio I ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Health QQQQQ High Above Average Out of 184 Health VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . QQQQ QQQQQ QQQQQ The fund will normally invest at least 80% of its net Fund Rank Percentile 33 28 13 12 assets (including any borrowings for investment purposes) in Out of # of Investments 202 184 174 109 the common stocks of companies engaged in the research, development, production, or distribution of products or Portfolio Analysis services related to health care, medicine, or the life sciences Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap

(collectively termed "health sciences"). While the fund can Large U.S. Stocks 81.6 Giant 29.31 invest in companies of any size, the majority of fund assets ......

Non-U.S. Stocks 12.9 Mid are expected to be invested in large- and mid-capitalization Large 39.12 Bonds 0.0 companies. Medium 17.73 Cash 3.9 Small Small 11.68 ...... Other 1.6 Micro 2.16 Operations Value Blend Growth Subaccount Incp Date 12-12-14 Undr. Fund Incep Date 12-29-00 Prosp Net Exp Ratio 0.95% Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 22.34 1.30 1.01 Prosp Gross Exp Ratio 0.95% Allergan PLC 5.00 Advisor T. Rowe Price Associates, Inc. Alexion Pharmaceuticals Inc 3.94 P/B Ratio 3.17 1.35 0.89 Subadvisor . T. Rowe Price Reserve Investment 09-19-34 3.86 P/C Ratio 14.10 1.39 1.03 Portfolio Manager(s) Taymour R. Tamaddon UnitedHealth Group Inc 3.79 GeoAvgCap ($mil) 22,353.48 0.30 0.60 Humana Inc 3.47 Investment Manager ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat T. Rowe Price is an independent investment management Aetna Inc 3.36 3 Yr Std Dev 14.96 1.41 1.06 firm with an unyielding focus on helping investors around the Valeant Pharmaceuticals International Inc 3.34 3 Yr Beta 0.79 . 0.96 world achieve their long-term goals. Headquartered in Gilead Sciences Inc 3.05 3 Yr Sharpe Ratio 1.86 1.35 1.11 Baltimore, Maryland, we provide a broad array of mutual Cigna Corp 2.93 3 Yr Alpha 21.59 . 1.26 Incyte Corp 2.73 3 Yr R-squared 33.26 . 0.77 funds, subadvisory services, and related services for financial ...... intermediaries. Our approach to managing investments is McKesson Corp 2.31 Morningstar Sectors as of 09-30-15 % Fund rooted in proprietary, fundamental research, distinguished by Regeneron Pharmaceuticals Inc 2.25 Cyclical 0.31 discipline, and carried out by experienced professionals. Becton Dickinson & Co 2.21 ...... Anthem Inc 2.17 Basic Materials 0.00 Consumer Cyclical 0.00 Volatility Analysis AbbVie Inc 2.06 ...... Financial Services 0.31 Investment Eli Lilly and Co 1.94 Real Estate 0.00 HCA Holdings Inc 1.85 Low Moderate High Sensitive 2.90 Vertex Pharmaceuticals Inc 1.81 ...... Category Bristol-Myers Squibb Company 1.66 Communication Services 0.00 DaVita HealthCare Partners Inc 1.56 Energy 0.00 In the past, this investment has shown a wide range of price Industrials 1.52 fluctuations relative to other investments. This investment ...... Technology 1.38 may experience significant price increases in favorable Total Number of Stock Holdings 135 Total Number of Bond Holdings 0 Defensive 96.79 markets or undergo large price declines in adverse markets...... Annual Turnover Ratio % 43.00 Consumer Defensive 2.43 Some of this risk may be offset by owning other investments Total Fund Assets ($mil) 772.92 that follow different investment strategies. Healthcare 94.36 Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-T. Rowe Price Limited Term Bond ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays US Govt/Credit 1-3 Yr TR USD Short-Term Bond QQ Below Average Below Average Out of 341 Short-Term Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a high level of income consistent with Morningstar Rating . Q Q QQQ moderate fluctuations in principal value. Fund Rank Percentile 92 96 92 54 Normally, the fund invests at least 80% of its net Out of # of Investments 394 341 309 138 assets (including any borrowings for investment purposes) in bonds and 65% of total assets in short- and Portfolio Analysis intermediate-term bonds. There are no maturity limitations Composition as of 09-30-15 % Assets Morningstar Fixed Income Style Box ™ as of 09-30-15 on individual securities purchased, but the fund's average U.S. Stocks 0.0 Avg Eff Duration . effective maturity will not exceed five years. Non-U.S. Stocks 0.0 Avg Eff Maturity . Not Bonds 91.8 Avg Wtd Coupon 2.10 Operations Cash 7.4 Available Avg Wtd Price 100.78 Subaccount Incp Date 03-06-12 Other 0.8 Undr. Fund Incep Date 05-13-94 Prosp Net Exp Ratio 0.70% Prosp Gross Exp Ratio 0.70% Advisor T. Rowe Price Associates, Inc. Top 20 Holdings as of 09-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Subadvisor . US Treasury Note 0.625% 07-31-17 16.57 3 Yr Std Dev 0.69 0.24 0.63 Portfolio Manager(s) Edward A. Wiese US Treasury Note 0.375% 10-31-16 1.40 Beta 0.18 . 0.64 Michael F Reinartz T. Rowe Price Reserve Investment 09-19-34 0.96 Sharpe Ratio -0.92 -1.88 -4.18 FNMA 5% 10-01-41 0.81 Alpha -0.90 . 3.91 Investment Manager . Danaher Corp Del 1.65% 09-15-18 0.76 R-squared 60.22 1.04 T. Rowe Price is an independent investment management ...... firm with an unyielding focus on helping investors around the Goldman Sachs Grp 6.25% 09-01-17 0.73 Morningstar Sectors as of 09-30-15 % Fund world achieve their long-term goals. Headquartered in FNMA 4% 03-01-45 0.69 Government 19.85 Baltimore, Maryland, we provide a broad array of mutual Mexico(Utd Mex St) 7.75% 12-14-17 0.57 Corporate 34.55 funds, subadvisory services, and related services for financial Ford Motor Credit Co 3% 06-12-17 0.54 Securitized 38.16 intermediaries. Our approach to managing investments is Bk Amer Chrlt Nc Mtn 1.75% 06-05-18 0.53 Municipal 0.00 ...... rooted in proprietary, fundamental research, distinguished by Amazon Com 1.2% 11-29-17 0.52 Cash & Equivalents 7.44 discipline, and carried out by experienced professionals. Actavis Fdg Scs 2.35% 03-12-18 0.51 Other 0.00 Ally Mstr Ownr Tr 2012-5 1.54% 09-15-19 0.50 Volatility Analysis Cabelas Cc Mstr Tr 2012-I 1.63% 02-18-20 0.50 Credit Analysis % Bonds Investment Carmax Auto Tr 2013-2 0.84% 11-15-18 0.50 Not Available ...... Low Moderate High Comm Mtg Tr 2015-Ccre26 CMO 1.604% 10-13-48 0.50 Ge Cap Ccmt 2012-6 1.36% 08-15-20 0.50 Category Medtronic 1.375% 04-01-18 0.50 Nissan Auto Recv 2013-B 1.31% 10-15-19 0.50 In the past, this investment has shown a relatively small Barclays Bk 144A 6.05% 12-04-17 0.49 range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all ...... investments have shown higher levels of risk. Consequently, Total Number of Stock Holdings 0 this investment may appeal to investors looking for a Total Number of Bond Holdings 651 Annual Turnover Ratio % 117.00 conservative investment strategy. Total Fund Assets ($mil) 431.17

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Templeton Developing Markets VIP Fund ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EM NR USD Diversified Emerging Mkts QQ Low Average Out of 501 Diversified Emerging Mkts VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . Q Q QQ The fund invests at least 80% of its net assets in Fund Rank Percentile 95 95 89 93 emerging markets investments. Its investments in equity Out of # of Investments 620 501 442 181 securities may include investments in the securities of companies of any capitalization, including smaller and Portfolio Analysis mid-size companies. The fund, from time to time, may have Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap significant investments in one or more countries or in Large U.S. Stocks 0.0 Giant 73.04 particular industries or sectors, based on economic ......

Non-U.S. Stocks 73.8 Mid conditions. It may invest up to 20% of its net assets in the Large 18.89 Bonds 0.0 securities of issuers in developed market countries. Medium 7.74 Cash 25.1 Small Small 0.34 ...... Other 1.1 Micro 0.00 Operations Value Blend Growth Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 03-04-96 Prosp Net Exp Ratio 1.36% Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 12.80 0.74 0.98 Prosp Gross Exp Ratio 1.36% Ift Money Market Portfolio 25.68 Advisor Templeton Asset Management Naspers Ltd Class N 4.93 P/B Ratio 2.11 0.90 1.27 Ltd. (SG) Unilever PLC 4.70 P/C Ratio 6.68 0.66 1.10 Subadvisor . Anheuser-Busch Inbev SA 4.64 GeoAvgCap ($mil) 31,617.32 0.43 1.75 Portfolio Manager(s) Mark J. Mobius Taiwan Semiconductor Manufacturing Co Ltd 4.49 Tom Wu ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Dennis Lim Tata Consultancy Services Ltd 3.82 3 Yr Std Dev 14.32 1.35 1.00 Allan Lam Tencent Holdings Ltd 3.17 3 Yr Beta 1.04 . 1.03 Dr Reddy Laboratories Ltd 3.05 3 Yr Sharpe Ratio -0.71 -0.51 1.78 Investment Manager Remgro Ltd 2.93 3 Yr Alpha -12.46 . 1.55 Franklin Templeton's distinct multimanager structure Bank Bradesco SA ADR 2.53 3 Yr R-squared 80.25 . 1.06 combines the specialized expertise of three worldclass ...... China Mobile Ltd 2.36 investment management groups- Franklin, Templeton, and Morningstar World Regions as of 09-30-15 % Fund Mutual Series. Founded in 1947, Franklin is a recognized Itau Unibanco Holding SA ADR 2.35 Americas 7.11 ...... leader in fixed income investing and also brings expertise in Thai Beverage PLC 2.31 North America 0.00 growth- and value-style U.S. equity investing. Founded in Samsung Electronics Co Ltd 2.04 China Construction Bank Corp H Shares 1.92 Latin America 7.11 1940, Templeton pioneered international investing and, in ...... Greater Europe 25.47 1954, launched what has become the industry's oldest global SK Hynix Inc 1.90 ...... fund. Today, with offices in over 29 countries, Templeton Mtn Group Ltd 1.87 United Kingdom 6.23 offers investors a truly global perspective. Founded in 1949, Baidu Inc ADR 1.83 Europe Developed 6.33 Mutual Series is dedicated to a unique style of value Brilliance China Automotive Holdings Ltd 1.68 Europe Emerging 0.00 investing, searching aggressively for opportunity among PetroChina Co Ltd H Shares 1.67 Africa/Middle East 12.90 what it believes are undervalued stocks, as well as arbitrage ...... Greater Asia 67.43 situations and distressed securities...... Total Number of Stock Holdings 50 Japan 0.00 Total Number of Bond Holdings 0 Australasia 0.00 Annual Turnover Ratio % 82.87 Volatility Analysis Asia Developed 20.96 Total Fund Assets ($mil) 276.27 Investment Asia Emerging 46.47

Low Moderate High

Category

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Balanced ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk 40% Russell 3000 TR USD/10% MSCI Conservative Allocation . .. EAFE NR USD/50% Barclays US Agg Bond TR USD

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term total return, consisting of Morningstar Rating . ... capital appreciation and current income. Fund Rank Percentile 2 ... The fund is a "fund of funds" that invests in shares of Out of # of Investments 1,260 ... other TIAA-CREF Life Funds, in Institutional Class shares of funds of the TIAA-CREF Funds and potentially in other Portfolio Analysis affiliated or unaffiliated investment pools or investment Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 (EQ) ; 09-30-15 (F-I) products (collectively, the "underlying funds"). It generally Large High U.S. Stocks 37.5 seeks to meet its investment objective by investing: (1)

Non-U.S. Stocks 11.7 Mid Med approximately 50% of its assets in equity underlying funds Bonds 45.4 and (2) approximately 50% of its assets in fixed-income Cash 4.2 Small Low underlying funds. Other 1.2 Value Blend Growth Ltd Mod Ext Operations Subaccount Incp Date 02-14-14 Undr. Fund Incep Date 01-31-14 Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat . Prosp Net Exp Ratio 0.51% TIAA-CREF Life Funds Bond 49.62 P/E Ratio 20.36 1.20 . Prosp Gross Exp Ratio 0.90% TIAA-CREF Life Funds Intl Equity 9.93 P/B Ratio 2.23 1.14 Advisor Teachers Advisors Inc TIAA-CREF Life Funds Growth & Income 9.90 P/C Ratio 10.58 . 1.32 Subadvisor . TIAA-CREF Life Funds Growth Equity 9.17 GeoAvgCap ($mil) 31,752.23 . 0.87 Portfolio Manager(s) Hans L. Erickson TIAA-CREF Life Large-Cap Value 8.67 John Cunniff ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat TIAA-CREF Life Funds Stock Index 7.92 3 Yr Std Dev ... Investment Manager TIAA-CREF Life Funds Small-Cap Equity 2.01 3 Yr Beta ... TIAA-CREF is a national financial services organization and TIAA-CREF Life Funds Real Estate Secs 1.99 3 Yr Sharpe Ratio ... leading provider of retirement services in the academic, ...... 3 Yr Alpha research, medical and cultural fields. TIAA-CREF manages Total Number of Holdings 9 3 Yr R-squared ... accounts in-house to control costs and maintain a consistent Annual Turnover Ratio % 59.00 investment approach over long time periods. Each of Total Fund Assets ($mil) 42.59 Morningstar Sectors as of 11-30-15 % Fund Cyclical 40.16 TIAA-CREF's investment portfolios is managed by a team of ...... professionals that integrates the focused expertise of Basic Materials 4.01 analysts and researchers with the broad outlook of Consumer Cyclical 16.84 experienced portfolio managers. TIAA-CREF offers Financial Services 14.27 disciplined investment strategies across all asset classes Real Estate 5.04 and investment styles. Sensitive 37.82 ...... Communication Services 4.35 Volatility Analysis Energy 4.55 Industrials 10.48 Low Moderate High Technology 18.44 Defensive 22.03 Category ...... Consumer Defensive 7.68 The volatility measure is not displayed for investments with Healthcare 12.76 fewer than three years of history. The category average, Utilities 1.59 however, is shown above.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Bond ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays US Agg Bond TR USD Intermediate-Term Bond QQQ Average Below Average Out of 1470 Intermediate-Term Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks as favorable a long-term total return Morningstar Rating . QQQ QQQ QQ through income primarily from investment-grade Fund Rank Percentile 57 66 66 81 fixed-income securities. Out of # of Investments 1,606 1,470 1,324 752 Under normal circumstances, the fund invests at least 80% of its assets in bonds. For these purposes, bonds Portfolio Analysis include fixed-income securities of all types. It primarily Composition as of 11-30-15 % Assets Morningstar Fixed Income Style Box ™ as of 09-30-15 invests in a broad range of investment-grade bonds and High U.S. Stocks 0.0 Avg Eff Duration 5.82 fixed-income securities, including, but not limited to, U.S. Avg Eff Maturity 8.21 Non-U.S. Stocks 0.0 Med government securities, corporate bonds and Bonds 91.6 Avg Wtd Coupon 3.87 mortgage-backed and other asset-backed securities. The Cash 6.3 Low Avg Wtd Price 101.73 fund's investments in fixed-income securities of foreign Other 2.1 issuers constitute less than 20% of the fund's assets. Ltd Mod Ext

Operations Subaccount Incp Date 03-09-06 Top 20 Holdings as of 11-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Undr. Fund Incep Date 07-07-03 FHLMC 3.5% 10-01-45 1.86 3 Yr Std Dev 3.04 1.04 0.98 . Prosp Net Exp Ratio 0.35% FNMA 4% 07-01-45 1.80 Beta 1.02 1.02 Prosp Gross Exp Ratio 0.39% US Treasury Bond 2.875% 08-15-45 1.68 Sharpe Ratio 0.16 0.33 0.59 . Advisor Teachers Advisors Inc FNMA 3% 02-01-43 1.59 Alpha -0.96 1.60 . Subadvisor . US Treasury Note 1.125% 06-30-22 1.53 R-squared 94.60 1.05 Portfolio Manager(s) John Michael Cerra ...... Joseph Higgins FNMA 3.5% 07-01-45 1.08 Morningstar Sectors as of 11-30-15 % Fund Wachovia Cmbs 2007-C31 CMO 04-17-47 1.08 Government 11.74 Investment Manager US Treasury Bond 3.5% 02-15-39 1.04 Corporate 42.88 TIAA-CREF is a national financial services organization and Banc Amer Cmbs 2006-2 CMO 05-10-45 0.97 Securitized 38.66 leading provider of retirement services in the academic, FNMA 2.5% 11-01-30 0.97 Municipal 0.29 ...... research, medical and cultural fields. TIAA-CREF manages FNMA 4.5% 11-01-40 0.82 Cash & Equivalents 6.43 accounts in-house to control costs and maintain a consistent US Treasury Bond 5.375% 02-15-31 0.82 Other 0.00 investment approach over long time periods. Each of GNMA 3.5% 11-15-42 0.80 TIAA-CREF's investment portfolios is managed by a team of Wachovia Cmbs 2007-C32 CMO 06-15-49 0.75 Credit Analysis as of 09-30-15 % Bonds professionals that integrates the focused expertise of Cobalt Cmbs Mtg Tr 2007-C3 CMO 05-17-46 0.73 AAA 35 analysts and researchers with the broad outlook of ...... experienced portfolio managers. TIAA-CREF offers FNMA 3% 05-01-43 0.71 AA 3 disciplined investment strategies across all asset classes US Treasury Note 2.25% 11-15-25 0.66 A 15 and investment styles. Cobalt Cmbs Mtg Tr 2007-C3 CMO 05-17-46 0.63 BBB 30 FNMA 5.5% 07-01-40 0.62 BB 5 US Treasury Note 0.625% 05-31-17 0.62 B 7 Volatility Analysis Below B 3 Investment ...... Total Number of Stock Holdings 0 Not Rated 2 Low Moderate High Total Number of Bond Holdings 792 -100 -50 0 50 100 Annual Turnover Ratio % 180.00 Category Total Fund Assets ($mil) 179.18

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Growth & Income ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Growth QQQ Average Below Average Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a favorable long-term total return, Morningstar Rating . QQ QQQ QQQQ through both capital appreciation and investment income, Fund Rank Percentile 70 73 50 22 primarily from income-producing equity securities. Out of # of Investments 3,478 3,268 2,955 1,859 Under normal circumstances, the fund invests at least 80% of its assets in equity securities. In seeking a favorable Portfolio Analysis long-term total return, it will invest in securities which the Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap fund's investment adviser, Teachers Advisors, Inc. Large U.S. Stocks 91.1 Giant 47.52 ("Advisors"), believes have the potential for capital ......

Non-U.S. Stocks 8.7 Mid appreciation, dividend income, or both. It may invest up to Large 30.39 Bonds 0.0 20% of its assets in foreign issuers when Advisors believes Medium 17.47 Cash 0.2 Small Small 4.53 these issuers offer more attractive investment opportunities...... Other 0.0 Micro 0.09 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 04-03-00 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 20.73 1.20 0.90 Prosp Net Exp Ratio 0.52% Apple Inc 3.72 P/B Ratio 2.73 1.17 0.71 Prosp Gross Exp Ratio 0.56% Alphabet Inc Class C Capital Stock 3.01 Advisor Teachers Advisors Inc Microsoft Corp 2.61 P/C Ratio 11.56 1.14 0.82 Subadvisor . General Electric Co 1.96 GeoAvgCap ($mil) 51,497.14 0.70 0.95 Portfolio Manager(s) Susan Kempler Amazon.com Inc 1.94 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager Home Depot Inc 1.87 3 Yr Std Dev 11.28 1.06 0.97 TIAA-CREF is a national financial services organization and Facebook Inc Class A 1.83 3 Yr Beta 1.04 . 1.04 leading provider of retirement services in the academic, Pfizer Inc 1.66 3 Yr Sharpe Ratio 1.25 0.91 0.94 research, medical and cultural fields. TIAA-CREF manages Citigroup Inc 1.55 3 Yr Alpha -1.08 . -1.46 PepsiCo Inc 1.55 3 Yr R-squared 95.55 . 1.13 accounts in-house to control costs and maintain a consistent ...... investment approach over long time periods. Each of Bank of America Corporation 1.43 Morningstar Sectors as of 11-30-15 % Fund TIAA-CREF's investment portfolios is managed by a team of Cisco Systems Inc 1.31 Cyclical 30.81 professionals that integrates the focused expertise of Intel Corp 1.26 ...... analysts and researchers with the broad outlook of Wells Fargo & Co 1.26 Basic Materials 3.14 experienced portfolio managers. TIAA-CREF offers Walt Disney Co 1.23 Consumer Cyclical 16.10 disciplined investment strategies across all asset classes ...... Financial Services 11.26 and investment styles. JPMorgan Chase & Co 1.22 Real Estate 0.31 Visa Inc Class A 1.21 Sensitive 41.77 Coca-Cola Co 1.15 ...... Volatility Analysis Eli Lilly and Co 1.05 Communication Services 4.35 Investment Bristol-Myers Squibb Company 1.01 Energy 5.68 Industrials 8.84 Low Moderate High ...... Total Number of Stock Holdings 175 Technology 22.90 Category Total Number of Bond Holdings 0 Defensive 27.41 ...... Annual Turnover Ratio % 103.00 Consumer Defensive 10.40 In the past, this investment has shown a relatively moderate Total Fund Assets ($mil) 132.45 range of price fluctuations relative to other investments. This Healthcare 15.35 investment may experience larger or smaller price declines Utilities 1.66 or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Growth Equity ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Growth TR USD Large Growth QQQQ Above Average Average Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a favorable long-term return, mainly Morningstar Rating . QQQQ QQQQ QQQQ through capital appreciation, primarily from equity securities. Fund Rank Percentile 19 12 11 27 Under normal circumstances, the fund invests at least Out of # of Investments 3,478 3,268 2,955 1,859 80% of its assets in equity securities. It invests primarily in equity securities that Teachers Advisors, Inc. ("Advisors") Portfolio Analysis believes present the opportunity for growth. Generally, these Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap equity securities will be those of large capitalization Large U.S. Stocks 93.5 Giant 46.90 companies in new and emerging areas of the economy and ......

Non-U.S. Stocks 5.0 Mid companies with distinctive products or promising markets. Large 41.56 Bonds 0.0 The fund may invest up to 20% of its assets in foreign Medium 11.42 Cash 1.5 Small Small 0.13 investments...... Other 0.0 Micro 0.00 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 04-03-00 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 27.19 1.58 1.19 Prosp Net Exp Ratio 0.52% Amazon.com Inc 5.76 P/B Ratio 5.08 2.17 1.32 Prosp Gross Exp Ratio 0.59% Apple Inc 3.59 Advisor Teachers Advisors Inc Intuit Inc 3.58 P/C Ratio 16.64 1.63 1.18 Subadvisor . Alphabet Inc Class C Capital Stock 3.49 GeoAvgCap ($mil) 66,117.58 0.90 1.22 Portfolio Manager(s) Susan Hirsch Facebook Inc Class A 3.47 Terrence Kontos ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Adobe Systems Inc 3.13 3 Yr Std Dev 12.15 1.14 1.04 Investment Manager MasterCard Inc Class A 2.98 3 Yr Beta 1.05 . 1.05 TIAA-CREF is a national financial services organization and Starbucks Corp 2.80 3 Yr Sharpe Ratio 1.45 1.05 1.09 leading provider of retirement services in the academic, Celgene Corp 2.58 3 Yr Alpha 2.23 . 3.01 research, medical and cultural fields. TIAA-CREF manages Nike Inc Class B 2.45 3 Yr R-squared 84.67 . 1.01 ...... accounts in-house to control costs and maintain a consistent Visa Inc Class A 2.41 investment approach over long time periods. Each of Morningstar Sectors as of 11-30-15 % Fund Home Depot Inc 2.33 Cyclical 36.28 TIAA-CREF's investment portfolios is managed by a team of Alphabet Inc Class A 2.31 ...... professionals that integrates the focused expertise of Salesforce.com Inc 2.11 Basic Materials 3.39 analysts and researchers with the broad outlook of Allergan PLC 2.10 Consumer Cyclical 23.41 experienced portfolio managers. TIAA-CREF offers ...... Financial Services 8.96 disciplined investment strategies across all asset classes Microsoft Corp 2.03 Real Estate 0.52 Norwegian Cruise Line Holdings Ltd 2.02 and investment styles. Sensitive 44.54 The Estee Lauder Companies Inc Class A 1.97 ...... Gilead Sciences Inc 1.96 Communication Services 3.61 Volatility Analysis Comcast Corp Class A 1.91 Energy 0.84 Investment Industrials 7.47 ...... Low Moderate High Total Number of Stock Holdings 79 Technology 32.62 Total Number of Bond Holdings 0 Defensive 19.17 ...... Category Annual Turnover Ratio % 103.00 Consumer Defensive 4.31 Total Fund Assets ($mil) 81.62 In the past, this investment has shown a wide range of price Healthcare 14.86 fluctuations relative to other investments. This investment Utilities 0.00 may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life International Equity ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EAFE NR USD Foreign Large Blend QQ Average Above Average Out of 929 Foreign Large Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a favorable long-term total return, Morningstar Rating . QQQ QQ QQ mainly through capital appreciation. Fund Rank Percentile 39 54 73 67 Under normal circumstances, the fund invests at least Out of # of Investments 1,037 929 824 437 80% of its assets in equity securities of foreign issuers. It has a policy of maintaining investments of equity securities Portfolio Analysis of foreign issuers in at least three countries other than the Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap

United States. Teachers Advisors, Inc. ("Advisors") selects Large U.S. Stocks 0.5 Giant 29.07 individual stocks, and lets the fund's country and regional ......

Non-U.S. Stocks 97.0 Mid asset allocations evolve from their stock selection. The fund Large 59.09 Bonds 0.0 may invest in emerging markets to varying degrees, Medium 10.07 Cash 1.5 Small Small 1.76 depending on the prevalence of stock specific opportunities...... Other 1.0 Micro 0.00 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 04-03-00 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 19.48 1.13 1.27 Prosp Net Exp Ratio 0.60% Adidas AG 7.58 P/B Ratio 2.28 0.97 1.39 Prosp Gross Exp Ratio 0.66% Sky PLC 6.59 Advisor Teachers Advisors Inc Accor SA 5.19 P/C Ratio 10.32 1.01 1.73 Subadvisor . Essilor International SA 4.76 GeoAvgCap ($mil) 19,465.78 0.26 0.71 Portfolio Manager(s) Christopher F. Semenuk Renault SA 4.63 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager Linde AG 4.27 3 Yr Std Dev 13.12 1.24 1.03 TIAA-CREF is a national financial services organization and Murata Manufacturing Co Ltd 3.66 3 Yr Beta 0.98 . 1.00 leading provider of retirement services in the academic, Heineken NV 3.65 3 Yr Sharpe Ratio 0.30 0.22 0.97 research, medical and cultural fields. TIAA-CREF manages Olympus Corp 3.49 3 Yr Alpha 1.86 . 1.24 Sony Corp 3.17 3 Yr R-squared 83.68 . 0.93 accounts in-house to control costs and maintain a consistent ...... investment approach over long time periods. Each of HDFC Bank Ltd 2.65 Morningstar World Regions as of 11-30-15 % Fund TIAA-CREF's investment portfolios is managed by a team of Schneider Electric SE 2.54 Americas 0.52 professionals that integrates the focused expertise of Volvo AB B 2.54 ...... analysts and researchers with the broad outlook of Vinci SA 2.46 North America 0.52 experienced portfolio managers. TIAA-CREF offers Commerzbank AG 2.37 Latin America 0.00 ...... disciplined investment strategies across all asset classes Greater Europe 76.40 and investment styles. WPP PLC 2.26 ...... Henkel AG & Co KGaA Pfd Shs - Non-voting 2.23 United Kingdom 18.31 Tesco PLC 2.13 Europe Developed 58.08 Volatility Analysis IndusInd Bank Ltd 2.05 Europe Emerging 0.00 Investment Weir Group PLC 1.65 Africa/Middle East 0.00 Greater Asia 23.08 Low Moderate High ...... Total Number of Stock Holdings 60 Japan 14.15 Category Total Number of Bond Holdings 0 Australasia 0.34 Annual Turnover Ratio % 91.00 Asia Developed 0.99 In the past, this investment has shown a wide range of price Total Fund Assets ($mil) 91.93 fluctuations relative to other investments. This investment Asia Emerging 7.59 may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Large-Cap Value ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value QQQ Average Above Average Out of 2359 Large Value VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a favorable long-term total return, Morningstar Rating . QQQ QQ QQQ mainly through capital appreciation. Fund Rank Percentile 75 64 83 64 Under normal circumstances, the fund invests at least Out of # of Investments 2,500 2,359 2,190 1,323 80% of its assets in large-cap equity securities. It invests primarily in equity securities of large domestic companies, as Portfolio Analysis defined by the fund's benchmark index (the Russell 1000® Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap

Value Index), that Teachers Advisors, Inc. ("Advisors") Large U.S. Stocks 92.2 Giant 34.79 believes appear undervalued by the market based on an ......

Non-U.S. Stocks 7.2 Mid evaluation of their potential worth. The fund may invest up to Large 27.69 Bonds 0.0 20% of its assets in foreign investments. Medium 22.43 Cash 0.4 Small Small 14.55 ...... Other 0.2 Micro 0.53 Operations Value Blend Growth Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 10-28-02 Prosp Net Exp Ratio 0.52% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 16.85 0.98 1.09 Prosp Gross Exp Ratio 0.56% Bank of America Corporation 2.89 Advisor Teachers Advisors Inc Wells Fargo & Co 2.66 P/B Ratio 1.44 0.62 0.81 Subadvisor . Pfizer Inc 2.51 P/C Ratio 7.28 0.72 0.91 Portfolio Manager(s) Richard Cutler Synchrony Financial 2.42 GeoAvgCap ($mil) 27,587.54 0.37 0.53 Athanasios (Tom) Kolefas Louisiana-Pacific Corp 1.77 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager Procter & Gamble Co 1.74 3 Yr Std Dev 11.69 1.10 1.07 TIAA-CREF is a national financial services organization and General Electric Co 1.71 3 Yr Beta 1.06 . 1.07 leading provider of retirement services in the academic, JPMorgan Chase & Co 1.64 3 Yr Sharpe Ratio 0.92 0.67 0.88 research, medical and cultural fields. TIAA-CREF manages Intel Corp 1.60 3 Yr Alpha -4.88 . 1.53 accounts in-house to control costs and maintain a consistent Citigroup Inc 1.58 3 Yr R-squared 93.20 . 1.00 ...... investment approach over long time periods. Each of Chevron Corp 1.51 TIAA-CREF's investment portfolios is managed by a team of Morningstar Sectors as of 11-30-15 % Fund Exxon Mobil Corporation 1.37 Cyclical 41.94 professionals that integrates the focused expertise of Morgan Stanley 1.34 ...... analysts and researchers with the broad outlook of Johnson & Johnson 1.31 Basic Materials 4.73 experienced portfolio managers. TIAA-CREF offers AT&T Inc 1.23 Consumer Cyclical 9.34 disciplined investment strategies across all asset classes ...... Financial Services 26.11 and investment styles. Microsoft Corp 1.19 Real Estate 1.76 Cisco Systems Inc 1.18 Sensitive 37.68 Apache Corporation 1.15 ...... Volatility Analysis NextEra Energy Inc 1.06 Communication Services 2.91 Investment Merck & Co Inc 1.05 Energy 12.04 Industrials 8.05 Low Moderate High ...... Total Number of Stock Holdings 193 Technology 14.68 Category Total Number of Bond Holdings 0 Defensive 20.39 ...... Annual Turnover Ratio % 60.00 In the past, this investment has shown a relatively moderate Consumer Defensive 5.45 Total Fund Assets ($mil) 64.43 range of price fluctuations relative to other investments. This Healthcare 11.49 investment may experience larger or smaller price declines Utilities 3.45 or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

Investment Information Portfolio Analysis Investment Strategy from investment's prospectus Composition as of 12-31-15 % Assets Morningstar Style Box™ as of 12-31-15 The investment seeks high current income consistent with U.S. Stocks 0.0 High

maintaining liquidity and preserving capital. Non-U.S. Stocks 0.0 Med The fund invests in high-quality, short-term money Bonds 0.0 market instruments. Generally, it seeks to maintain a share Cash 100.0 Low value of $1.00 per share. The fund's investments will be Other 0.0 made in accordance with the applicable rules governing the Ltd Mod Ext quality, maturity and diversification of securities and other instruments held by money market funds. It can also invest Volatility Analysis Investment Manager up to 30% of its assets in money market and debt Investment TIAA-CREF is a national financial services organization and instruments of foreign issuers denominated in U.S. dollars. leading provider of retirement services in the academic, Low Moderate High research, medical and cultural fields. TIAA-CREF manages Operations accounts in-house to control costs and maintain a consistent Subaccount Incp Date 03-09-06 investment approach over long time periods. Each of Undr. Fund Incep Date 07-08-03 In the past, this investment has shown a relatively small TIAA-CREF's investment portfolios is managed by a team of Prosp Net Exp Ratio 0.15% range of price fluctuations relative to other investments. professionals that integrates the focused expertise of Prosp Gross Exp Ratio 0.23% Based on this measure, currently more than two-thirds of all analysts and researchers with the broad outlook of Advisor Teachers Advisors Inc investments have shown higher levels of risk. Consequently, experienced portfolio managers. TIAA-CREF offers Subadvisor . this investment may appeal to investors looking for a disciplined investment strategies across all asset classes Portfolio Manager(s) Michael F. Ferraro conservative investment strategy. and investment styles. Joseph P. Rolston An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Real Estate Securities ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk FTSE NAREIT All Equity REITs TR Real Estate QQQ Below Average Below Average Out of 286 Real Estate VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to obtain a favorable long-term total Morningstar Rating . QQQ QQQ QQ return through both capital appreciation and current income. Fund Rank Percentile 17 71 62 89 The fund invests at least 80% of its assets in the Out of # of Investments 306 286 277 163 securities of companies that are principally engaged in or related to the real estate industry ("real estate securities"), Portfolio Analysis including those that own significant real estate assets, such Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap as real estate investment trusts ("REITs"). It will invest Large U.S. Stocks 96.2 Giant 0.00 primarily in equity securities of such companies. The fund is ......

Non-U.S. Stocks 0.0 Mid actively managed using a research-oriented process with a Large 48.94 Bonds 0.0 focus on cash flows, asset values and Teachers Advisors, Medium 32.41 Cash 3.8 Small Small 12.06 Inc.'s belief in management's ability to increase shareholder ...... Other 0.0 value. Micro 6.59 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 03-09-06 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 37.44 2.17 1.08 Undr. Fund Incep Date 10-28-02 Simon Property Group Inc 9.14 P/B Ratio 2.55 1.09 1.04 Prosp Net Exp Ratio 0.57% Equity Residential 5.66 P/C Ratio 16.74 1.64 1.07 Prosp Gross Exp Ratio 0.58% AvalonBay Communities Inc 5.35 Advisor Teachers Advisors Inc Prologis Inc 4.66 GeoAvgCap ($mil) 11,974.08 0.16 1.03 Subadvisor . Public Storage 4.19 Portfolio Manager(s) David Copp ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Brendan W. Lee Boston Properties Inc 4.02 3 Yr Std Dev 13.58 1.28 0.96 Essex Property Trust Inc 3.52 3 Yr Beta 0.49 . 1.00 Investment Manager American Tower Corp 3.25 3 Yr Sharpe Ratio 0.76 0.55 1.00 TIAA-CREF is a national financial services organization and Federal Realty Investment Trust 3.20 3 Yr Alpha 6.41 . 0.95 leading provider of retirement services in the academic, Rexford Industrial Realty Inc 3.07 3 Yr R-squared 15.77 . 1.08 ...... research, medical and cultural fields. TIAA-CREF manages Welltower Inc 2.89 accounts in-house to control costs and maintain a consistent Morningstar Sectors as of 11-30-15 % Fund SL Green Realty Corp 2.83 Cyclical 94.61 investment approach over long time periods. Each of General Growth Properties Inc 2.50 ...... TIAA-CREF's investment portfolios is managed by a team of Extra Space Storage Inc 2.28 Basic Materials 0.56 professionals that integrates the focused expertise of Vornado Realty Trust 2.11 Consumer Cyclical 0.98 analysts and researchers with the broad outlook of ...... Financial Services 0.77 experienced portfolio managers. TIAA-CREF offers CubeSmart 2.06 Real Estate 92.30 Equity Lifestyle Properties Inc 2.04 disciplined investment strategies across all asset classes Sensitive 4.88 and investment styles. Equinix Inc 1.99 ...... Kilroy Realty Corp 1.97 Communication Services 4.88 Ventas Inc 1.75 Energy 0.00 Volatility Analysis Industrials 0.00 Investment ...... Total Number of Stock Holdings 49 Technology 0.00 Low Moderate High Total Number of Bond Holdings 0 Defensive 0.51 ...... Annual Turnover Ratio % 45.00 Consumer Defensive 0.00 Category Total Fund Assets ($mil) 73.29 Healthcare 0.51 In the past, this investment has shown a wide range of price Utilities 0.00 fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Small-Cap Equity ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Growth QQQ Average Average Out of 846 Small Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a favorable long-term total return, Morningstar Rating . QQQQ QQQ QQ mainly through capital appreciation. Fund Rank Percentile 26 31 46 69 The fund normally invests at least 80% of its assets in Out of # of Investments 899 846 754 491 small-cap equity securities. A small-cap equity security is a security within the capitalization range of the companies Portfolio Analysis included in the fund's benchmark index, the Russell 2000® Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap

Index, at the time of purchase. It invests primarily in equity Large U.S. Stocks 94.9 Giant 0.00 securities of smaller domestic companies across a wide ......

Non-U.S. Stocks 0.9 Mid range of sectors, growth rates and valuations. Large 0.00 Bonds 0.0 Medium 18.92 Cash 0.8 Small Small 60.63 ...... Operations Other 3.4 Micro 20.44 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 10-28-02 Prosp Net Exp Ratio 0.57% Prosp Gross Exp Ratio 0.68% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Teachers Advisors Inc 10802l Trs Usd R E Ric: Long Rumrintr 1.78 P/E Ratio 20.13 1.17 0.79 Subadvisor . 10802s Trs Usd P E Short Ru20intr 1.78 P/B Ratio 2.05 0.88 0.66 Portfolio Manager(s) Michael S. Shing 10802l Trs Usd P V 03mlibor Us0003m-75 01-06-16 1.71 P/C Ratio 10.05 0.99 0.78 Adam Cao 10802s Trs Usd R V 03mlibor Us0003m-70 01-06-16 1.71 GeoAvgCap ($mil) 2,081.34 0.03 0.88 Western Alliance Bancorp 0.82 Investment Manager ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat TIAA-CREF is a national financial services organization and Manhattan Associates Inc 0.79 3 Yr Std Dev 13.34 1.26 0.91 leading provider of retirement services in the academic, Tyler Technologies Inc 0.77 3 Yr Beta 1.01 . 1.01 research, medical and cultural fields. TIAA-CREF manages Sovran Self Storage Inc 0.75 3 Yr Sharpe Ratio 0.99 0.72 1.19 accounts in-house to control costs and maintain a consistent Cathay General Bancorp 0.74 3 Yr Alpha -1.50 . 0.54 investment approach over long time periods. Each of Investors Bancorp Inc 0.74 3 Yr R-squared 64.27 . 1.18 ...... TIAA-CREF's investment portfolios is managed by a team of Vail Resorts Inc 0.74 professionals that integrates the focused expertise of Morningstar Sectors as of 11-30-15 % Fund PrivateBancorp Inc 0.73 Cyclical 40.87 analysts and researchers with the broad outlook of CubeSmart 0.69 ...... experienced portfolio managers. TIAA-CREF offers Berry Plastics Group Inc 0.68 Basic Materials 5.26 disciplined investment strategies across all asset classes MGIC Investment Corp 0.67 Consumer Cyclical 11.68 and investment styles...... Financial Services 14.90 Casey's General Stores Inc 0.64 Real Estate 9.03 EPR Properties 0.62 Sensitive 38.07 Volatility Analysis Umpqua Holdings Corp 0.61 ...... Investment EMCOR Group Inc 0.60 Communication Services 1.87 Low Moderate High Abiomed Inc 0.59 Energy 3.30 Industrials 13.41 ...... Category Total Number of Stock Holdings 302 Technology 19.49 Total Number of Bond Holdings 0 Defensive 21.06 In the past, this investment has shown a wide range of price ...... Annual Turnover Ratio % 98.00 fluctuations relative to other investments. This investment Consumer Defensive 3.97 Total Fund Assets ($mil) 49.65 may experience significant price increases in favorable Healthcare 14.59 markets or undergo large price declines in adverse markets. Utilities 2.50 Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Social-Choice Equity ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 3000 TR USD Large Blend QQ Below Average Above Average Out of 2428 Large Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a favorable long-term total return that Morningstar Rating . QQ QQ QQ reflects the investment performance of the overall U.S. stock Fund Rank Percentile 87 77 77 72 market while giving special consideration to certain social Out of # of Investments 2,632 2,428 2,307 1,373 criteria. Under normal circumstances, the fund invests at least Portfolio Analysis 80% of its assets in equity securities. It attempts to achieve Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap the return of the U.S. stock market as represented by its Large U.S. Stocks 98.7 Giant 25.83 benchmark, the Russell 3000® Index, while investing only in ......

Non-U.S. Stocks 0.7 Mid companies whose activities are consistent with the fund's Large 50.91 Bonds 0.0 social criteria. Consistent with its ESG criteria, the fund may Medium 18.00 Cash 0.5 Small Small 3.62 invest up to 15% of its assets in foreign investments...... Other 0.0 Micro 1.63 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 04-03-00 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 18.65 1.08 1.05 Prosp Net Exp Ratio 0.22% Johnson & Johnson 1.72 P/B Ratio 2.47 1.06 1.03 Prosp Gross Exp Ratio 0.26% Berkshire Hathaway Inc Class B 1.60 Advisor Teachers Advisors Inc Procter & Gamble Co 1.35 P/C Ratio 9.45 0.93 0.95 Subadvisor . Verizon Communications Inc 1.30 GeoAvgCap ($mil) 36,083.21 0.49 0.62 Portfolio Manager(s) Philip James Campagna Alphabet Inc Class A 1.28 Lei Liao ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Alphabet Inc Class C Capital Stock 1.27 3 Yr Std Dev 10.98 1.03 1.01 Investment Manager Walt Disney Co 1.26 3 Yr Beta 1.02 . 1.02 TIAA-CREF is a national financial services organization and Intel Corp 1.23 3 Yr Sharpe Ratio 1.09 0.79 0.91 leading provider of retirement services in the academic, Gilead Sciences Inc 1.17 3 Yr Alpha -2.97 . 1.78 research, medical and cultural fields. TIAA-CREF manages Merck & Co Inc 1.14 3 Yr R-squared 97.36 . 1.01 ...... accounts in-house to control costs and maintain a consistent PepsiCo Inc 1.13 investment approach over long time periods. Each of Morningstar Sectors as of 11-30-15 % Fund Cisco Systems Inc 1.08 Cyclical 36.28 TIAA-CREF's investment portfolios is managed by a team of International Business Machines Corp 1.05 ...... professionals that integrates the focused expertise of Oracle Corp 1.05 Basic Materials 3.84 analysts and researchers with the broad outlook of Amgen Inc 1.04 Consumer Cyclical 11.77 experienced portfolio managers. TIAA-CREF offers ...... Financial Services 17.38 disciplined investment strategies across all asset classes Bristol-Myers Squibb Company 1.00 Real Estate 3.29 McDonald's Corp 0.99 and investment styles. Sensitive 39.04 3M Co 0.93 ...... Nike Inc Class B 0.90 Communication Services 4.44 Volatility Analysis Starbucks Corp 0.90 Energy 7.07 Investment Industrials 10.39 ...... Low Moderate High Total Number of Stock Holdings 584 Technology 17.14 Total Number of Bond Holdings 0 Defensive 24.69 ...... Category Annual Turnover Ratio % 10.00 Consumer Defensive 7.56 Total Fund Assets ($mil) 47.50 In the past, this investment has shown a relatively moderate Healthcare 13.98 range of price fluctuations relative to other investments. This Utilities 3.15 investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-TIAA-CREF Life Stock Index ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 3000 TR USD Large Blend QQQ Average Above Average Out of 2428 Large Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks a favorable long-term total return, Morningstar Rating . QQQ QQQ QQQ mainly through capital appreciation. Fund Rank Percentile 60 58 53 48 The fund normally invests at least 80% of its assets in Out of # of Investments 2,632 2,428 2,307 1,373 equity securities of its benchmark index (the Russell 3000® Index). It buys most, but not necessarily all, of the stocks in Portfolio Analysis its benchmark index, and will attempt to closely match the Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap overall investment characteristics of its benchmark index. Large U.S. Stocks 97.5 Giant 41.14 The fund is designed to track various U.S. equity markets as ......

Non-U.S. Stocks 1.6 Mid a whole or a segment of these markets. It primarily invests Large 30.34 Bonds 0.0 its assets in equity securities the Advisors has selected to Medium 19.29 Cash 0.9 Small Small 6.63 track a designated stock market index...... Other 0.0 Micro 2.59 Value Blend Growth Operations Subaccount Incp Date 03-09-06 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 12-31-98 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 18.83 1.09 1.06 Prosp Net Exp Ratio 0.09% Apple Inc 2.94 P/B Ratio 2.40 1.03 1.00 Prosp Gross Exp Ratio 0.12% Microsoft Corp 1.90 Advisor Teachers Advisors Inc Exxon Mobil Corporation 1.47 P/C Ratio 10.05 0.99 1.01 Subadvisor . General Electric Co 1.22 GeoAvgCap ($mil) 41,978.86 0.57 0.72 Portfolio Manager(s) Philip James Campagna Johnson & Johnson 1.21 Lei Liao ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Wells Fargo & Co 1.11 3 Yr Std Dev 10.72 1.01 0.99 Investment Manager Amazon.com Inc 1.09 3 Yr Beta 1.00 . 1.00 TIAA-CREF is a national financial services organization and Berkshire Hathaway Inc Class B 1.08 3 Yr Sharpe Ratio 1.24 0.90 1.03 leading provider of retirement services in the academic, JPMorgan Chase & Co 1.07 3 Yr Alpha -1.41 . 0.84 research, medical and cultural fields. TIAA-CREF manages Facebook Inc Class A 0.97 3 Yr R-squared 98.71 . 1.03 ...... accounts in-house to control costs and maintain a consistent Alphabet Inc Class A 0.95 investment approach over long time periods. Each of Morningstar Sectors as of 11-30-15 % Fund Alphabet Inc Class C Capital Stock 0.94 Cyclical 34.31 TIAA-CREF's investment portfolios is managed by a team of AT&T Inc 0.89 ...... professionals that integrates the focused expertise of Procter & Gamble Co 0.88 Basic Materials 3.08 analysts and researchers with the broad outlook of S+p500 Emini Fut Dec15 Xcme 20151218 12-18-15 0.88 Consumer Cyclical 12.31 experienced portfolio managers. TIAA-CREF offers ...... Financial Services 15.21 disciplined investment strategies across all asset classes Pfizer Inc 0.87 Real Estate 3.71 Walt Disney Co 0.83 and investment styles. Sensitive 39.85 Verizon Communications Inc 0.80 ...... Bank of America Corporation 0.79 Communication Services 3.74 Volatility Analysis Home Depot Inc 0.75 Energy 6.47 Investment Industrials 11.61 ...... Low Moderate High Total Number of Stock Holdings 2924 Technology 18.03 Total Number of Bond Holdings 0 Defensive 25.83 ...... Category Annual Turnover Ratio % 8.00 Consumer Defensive 8.44 Total Fund Assets ($mil) 332.93 In the past, this investment has shown a relatively moderate Healthcare 14.48 range of price fluctuations relative to other investments. This Utilities 2.91 investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Vanguard VIF Capital Growth Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Growth QQQQQ High Low Out of 3268 Large Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to provide long-term capital Morningstar Rating . QQQQQ QQQQ QQQQQ appreciation. Fund Rank Percentile 72 11 18 5 The Portfolio invests in stocks considered to have Out of # of Investments 3,478 3,268 2,955 1,859 above-average earnings growth potential that is not reflected in their current market prices. It consists Portfolio Analysis predominantly of large- and mid-capitalization stocks. Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap Large Giant 44.92 U.S. Stocks 80.6 ...... Operations Non-U.S. Stocks 11.5 Mid Large 48.61 Subaccount Incp Date 12-12-14 Bonds 0.0 Medium 5.90 Undr. Fund Incep Date 12-03-02 Cash 7.9 Small Small 0.57 ...... Prosp Net Exp Ratio 0.40% Other 0.0 Micro 0.00 Prosp Gross Exp Ratio 0.40% Value Blend Growth Advisor PRIMECAP Management Company Subadvisor . Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Portfolio Manager(s) Alfred W. Mordecai CMT Market Liquidity Rate 7.91 P/E Ratio 17.89 1.04 0.78 Theo A. Kolokotrones Biogen Inc 5.48 P/B Ratio 3.13 1.34 0.81 Joel P. Fried Eli Lilly and Co 5.46 P/C Ratio 9.92 0.97 0.71 M. Mohsin Ansari GeoAvgCap ($mil) 62,078.60 0.84 1.15 James M. Marchetti Amgen Inc 4.46 Adobe Systems Inc 4.15 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager Texas Instruments Inc 3.97 3 Yr Std Dev 10.41 0.98 0.90 Vanguard is one of the world's largest investment Microsoft Corp 3.96 3 Yr Beta 0.93 . 0.93 management companies. Whether you are an individual Roche Holding AG Dividend Right Cert. 3.51 3 Yr Sharpe Ratio 1.69 1.22 1.27 investor, institution, or financial professional, you can benefit FedEx Corp 3.17 3 Yr Alpha 4.01 . 5.42 from the size, stability, and experience that we offer. Southwest Airlines Co 3.03 3 Yr R-squared 89.79 . 1.07 Founded May 1, 1975 with the first fund the Wellington Fund ...... (inception date: July 1, 1929). We offer exceptional value, a Novartis AG ADR 2.69 Morningstar Sectors as of 09-30-15 % Fund dedication to outstanding performance, superior service, and L Brands Inc 2.22 Cyclical 17.87 ...... low costs. Google Inc Class A 2.11 Google 2.02 Basic Materials 1.86 Charles Schwab Corp 1.68 Consumer Cyclical 8.62 Volatility Analysis ...... Financial Services 7.39 Investment Airbus Group SE 1.52 Real Estate 0.00 Hewlett-Packard Co 1.46 Sensitive 52.10 Low Moderate High Medtronic PLC 1.34 ...... Marsh & McLennan Companies Inc 1.33 Communication Services 1.21 Category Intel Corp 1.25 Energy 1.56 Industrials 16.34 In the past, this investment has shown a relatively moderate ...... range of price fluctuations relative to other investments. This Total Number of Stock Holdings 98 Technology 32.99 investment may experience larger or smaller price declines Total Number of Bond Holdings 0 Defensive 30.01 ...... or price increases depending on market conditions. Some of Annual Turnover Ratio % 11.00 Consumer Defensive 0.00 this risk may be offset by owning other investments with Total Fund Assets ($mil) 893.83 Healthcare 30.01 different portfolio makeups or investment strategies. Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Vanguard VIF Equity Index Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Blend QQQQQ High Average Out of 2428 Large Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to track the performance of a Morningstar Rating . QQQQ QQQQ QQQQQ benchmark index that measures the investment return of Fund Rank Percentile 45 24 15 10 large-capitalization stocks. Out of # of Investments 2,632 2,428 2,307 1,373 The Portfolio employs an indexing investment approach designed to track the performance of the Standard & Poor's Portfolio Analysis 500 Index, a widely recognized benchmark of U.S. stock Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap market performance that is dominated by the stocks of large Large U.S. Stocks 98.9 Giant 50.72 U.S. companies. The advisor attempts to replicate the target ......

Non-U.S. Stocks 0.7 Mid index by investing all, or substantially all, of its assets in the Large 36.42 Bonds 0.0 stocks that make up the index, holding each stock in Medium 12.71 Cash 0.4 Small Small 0.15 approximately the same proportion as its weighting in the ...... Other 0.0 index. Micro 0.00 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 12-12-14 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 18.54 1.08 1.04 Undr. Fund Incep Date 04-29-91 Apple Inc 3.66 P/B Ratio 2.51 1.07 1.05 Prosp Net Exp Ratio 0.16% Microsoft Corp 2.36 P/C Ratio 10.36 1.02 1.04 Prosp Gross Exp Ratio 0.16% Exxon Mobil Corporation 1.85 Advisor Vanguard Group Inc General Electric Co 1.53 GeoAvgCap ($mil) 74,529.43 1.01 1.28 Subadvisor . Johnson & Johnson 1.52 Portfolio Manager(s) Ryan E. Ludt ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Wells Fargo & Co 1.40 3 Yr Std Dev 10.67 1.00 0.98 Investment Manager Amazon.com Inc 1.39 3 Yr Beta 1.00 . 1.00 Vanguard is one of the world's largest investment JPMorgan Chase & Co 1.34 3 Yr Sharpe Ratio 1.33 0.96 1.11 management companies. Whether you are an individual Facebook Inc Class A 1.28 3 Yr Alpha -0.52 . 0.31 Berkshire Hathaway Inc Class B 1.26 3 Yr R-squared 99.99 . 1.04 investor, institution, or financial professional, you can benefit ...... from the size, stability, and experience that we offer. Alphabet Inc Class A 1.20 Morningstar Sectors as of 11-30-15 % Fund Founded May 1, 1975 with the first fund the Wellington Fund Alphabet Inc Class C Capital Stock 1.19 Cyclical 31.65 (inception date: July 1, 1929). We offer exceptional value, a AT&T Inc 1.13 ...... dedication to outstanding performance, superior service, and Pfizer Inc 1.10 Basic Materials 2.74 low costs. Procter & Gamble Co 1.10 Consumer Cyclical 11.43 ...... Financial Services 15.39 Verizon Communications Inc 1.00 Real Estate 2.09 Volatility Analysis Bank of America Corporation 0.99 Sensitive 40.91 Investment Walt Disney Co 0.96 ...... Communication Services 4.14 Low Moderate High Chevron Corp 0.93 Home Depot Inc 0.93 Energy 7.05 Category Industrials 10.91 ...... Technology 18.81 In the past, this investment has shown a relatively moderate Total Number of Stock Holdings 504 Total Number of Bond Holdings 0 Defensive 27.45 range of price fluctuations relative to other investments. This ...... Annual Turnover Ratio % 7.00 Consumer Defensive 9.51 investment may experience larger or smaller price declines Total Fund Assets ($mil) 3,984.82 or price increases depending on market conditions. Some of Healthcare 15.08 this risk may be offset by owning other investments with Utilities 2.86 different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Vanguard VIF High Yield Bond Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays US Corporate High Yield TR USD High Yield Bond QQQQ Above Average Below Average Out of 683 High Yield Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to provide a high level of current Morningstar Rating . QQQQ QQQQQ QQQQ income. Fund Rank Percentile 23 23 10 33 The fund invests primarily in a diversified group of Out of # of Investments 791 683 620 400 high-yielding, higher-risk corporate bonds-commonly known as "junk bonds"-with medium- and lower-range credit-quality Portfolio Analysis ratings. It invests at least 80% of its assets in corporate Composition as of 09-30-15 % Assets Morningstar Fixed Income Style Box ™ as of 09-30-15 bonds that are rated below Baa. The fund may not invest High U.S. Stocks 0.0 Avg Eff Duration 4.55 more than 20% of its assets in any of the following, taken as Avg Eff Maturity 5.80 Non-U.S. Stocks 0.7 Med a whole: bonds with credit ratings lower than B or the Bonds 90.8 Avg Wtd Coupon 6.10 equivalent, convertible securities, preferred stocks, and fixed Cash 5.8 Low Avg Wtd Price 97.72 and floating rate loans of medium- to lower-range credit Other 2.7 quality. Ltd Mod Ext

Operations Subaccount Incp Date 12-12-14 Top 20 Holdings as of 09-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Undr. Fund Incep Date 06-03-96 Vrx Escrow 144A 6.125% 04-15-25 1.36 3 Yr Std Dev 4.74 1.62 0.88 . Prosp Net Exp Ratio 0.29% Softbank Grp 144A 4.5% 04-15-20 0.94 Beta 0.75 1.23 Prosp Gross Exp Ratio 0.29% Chs / Cmnty Health Sys 6.875% 02-01-22 0.92 Sharpe Ratio 0.44 0.90 1.69 . Advisor Wellington Management Bldg Matls Corp Amer 144A 6% 10-15-25 0.82 Alpha 1.00 2.00 . Company LLP Hca 6.5% 02-15-20 0.80 R-squared 21.46 1.79 Subadvisor ...... Portfolio Manager(s) Michael L. Hong Liberty Media 8.25% 02-01-30 0.77 Morningstar Sectors as of 09-30-15 % Fund Nielsen Fin Llc/ Nielsen Fin 144A 5% 04-15-22 0.77 Government 1.46 Investment Manager US Treasury Note 0.875% 11-30-16 0.77 Corporate 92.54 Vanguard is one of the world's largest investment Cdw Llc / Cdw Fin 6% 08-15-22 0.76 Securitized 0.11 management companies. Whether you are an individual Intelsat Jackson Hldgs 7.25% 10-15-20 0.73 Municipal 0.00 ...... investor, institution, or financial professional, you can benefit Royal Bk Of Scotland 6.125% 12-15-22 0.73 Cash & Equivalents 5.90 from the size, stability, and experience that we offer. Sprint Nextel 144A 7% 03-01-20 0.72 Other 0.00 Founded May 1, 1975 with the first fund the Wellington Fund Sungard Data Sys 6.625% 11-01-19 0.72 (inception date: July 1, 1929). We offer exceptional value, a First Data 144A 8.25% 01-15-21 0.71 Credit Analysis as of 09-30-15 % Bonds dedication to outstanding performance, superior service, and Homer City Generation L P 8.734% 10-01-26 0.71 AAA 1 low costs...... Dish Dbs 6.75% 06-01-21 0.70 AA 0 Univision Comms 144A 5.125% 02-15-25 0.70 A 0 Volatility Analysis Cit Grp 5.375% 05-15-20 0.68 BBB 4 Investment Vwr Funding Inc 144a 0.68 BB 45 Low Moderate High Calpine 5.75% 01-15-25 0.67 B 38 ...... Below B 7 Category Total Number of Stock Holdings 1 Not Rated 5 Total Number of Bond Holdings 370 In the past, this investment has shown a relatively small -100 -50 0 50 100 Annual Turnover Ratio % 35.00 range of price fluctuations relative to other investments. Total Fund Assets ($mil) 520.63 Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Vanguard VIF Mid-Cap Index Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P MidCap 400 TR Mid-Cap Blend QQQQ Above Average Average Out of 714 Mid-Cap Blend VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to track the performance of a Morningstar Rating . QQQQQ QQQQ QQQQ benchmark index that measures the investment return of Fund Rank Percentile 25 10 20 23 mid-capitalization stocks. Out of # of Investments 820 714 624 316 The Portfolio employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Portfolio Analysis Index, a broadly diversified index of stocks of mid-size U.S. Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap companies. The advisor attempts to replicate the target Large U.S. Stocks 98.4 Giant 0.34 index by investing all, or substantially all, of its assets in the ......

Non-U.S. Stocks 1.6 Mid stocks that make up the index, holding each stock in Large 15.97 Bonds 0.0 approximately the same proportion as its weighting in the Medium 82.76 Cash 0.0 Small Small 0.93 index...... Other 0.0 Micro 0.00 Value Blend Growth Operations Subaccount Incp Date 12-12-14 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 02-09-99 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 20.28 1.18 1.12 Prosp Net Exp Ratio 0.24% AvalonBay Communities Inc 0.76 P/B Ratio 2.36 1.01 1.14 Prosp Gross Exp Ratio 0.24% Fiserv Inc 0.71 Advisor Vanguard Group Inc Ross Stores Inc 0.67 P/C Ratio 10.19 1.00 1.13 Subadvisor . Electronic Arts Inc 0.63 GeoAvgCap ($mil) 10,945.85 0.15 1.47 Portfolio Manager(s) Donald M. Butler Roper Technologies Inc 0.61 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager Hartford Financial Services Group Inc 0.60 3 Yr Std Dev 10.95 1.03 0.97 Vanguard is one of the world's largest investment Cerner Corp 0.58 3 Yr Beta 0.97 . 1.02 management companies. Whether you are an individual Incyte Corp 0.58 3 Yr Sharpe Ratio 1.28 0.93 1.29 investor, institution, or financial professional, you can benefit Chipotle Mexican Grill Inc Class A 0.57 3 Yr Alpha -0.18 . 0.06 M&T Bank Corp 0.57 3 Yr R-squared 88.56 . 1.10 from the size, stability, and experience that we offer...... Founded May 1, 1975 with the first fund the Wellington Fund ConAgra Foods Inc 0.56 Morningstar Sectors as of 11-30-15 % Fund (inception date: July 1, 1929). We offer exceptional value, a Fidelity National Information Services Inc 0.56 Cyclical 41.32 dedication to outstanding performance, superior service, and Edwards Lifesciences Corp 0.55 ...... low costs. Equinix Inc 0.55 Basic Materials 5.18 Moody's Corporation 0.55 Consumer Cyclical 17.94 ...... Financial Services 11.50 Volatility Analysis Amphenol Corp Class A 0.54 Real Estate 6.70 Investment Dr Pepper Snapple Group Inc 0.54 Sensitive 38.01 Low Moderate High Alliance Data Systems Corp 0.53 ...... Dollar Tree Stores Inc 0.53 Communication Services 1.49 Category Eversource Energy 0.51 Energy 5.56 Industrials 14.55 In the past, this investment has shown a relatively moderate ...... Technology 16.41 range of price fluctuations relative to other investments. This Total Number of Stock Holdings 367 Total Number of Bond Holdings 0 Defensive 20.67 investment may experience larger or smaller price declines ...... Annual Turnover Ratio % 16.00 Consumer Defensive 7.17 or price increases depending on market conditions. Some of Total Fund Assets ($mil) 1,363.39 this risk may be offset by owning other investments with Healthcare 9.12 different portfolio makeups or investment strategies. Utilities 4.38

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Vanguard VIF REIT Index Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI US REIT GR USD Real Estate QQQ Above Average Above Average Out of 286 Real Estate VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to provide a high level of income and Morningstar Rating . QQQ QQQ QQQ moderate long-term capital appreciation by tracking the Fund Rank Percentile 82 49 35 30 performance of a benchmark index that measures the Out of # of Investments 306 286 277 163 performance of publicly traded equity REITs. The Portfolio employs an indexing investment approach Portfolio Analysis designed to track the performance of the MSCI US REIT Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap

Index. The index is composed of stocks of publicly traded Large U.S. Stocks 100.0 Giant 0.00 equity real estate investment trusts (known as REITs). It ......

Non-U.S. Stocks 0.0 Mid attempts to replicate the index by investing all, or Large 35.71 Bonds 0.0 substantially all, of its assets in the stocks that make up the Medium 40.00 Cash 0.0 Small Small 21.27 index, holding each stock in approximately the same ...... Other 0.0 proportion as its weighting in the index. Micro 3.02 Value Blend Growth

Operations Statistics Port Avg Rel S&P 500 Rel Cat Subaccount Incp Date 12-12-14 Top 20 Holdings as of 11-30-15 % Assets P/E Ratio 33.75 1.96 0.97 Undr. Fund Incep Date 02-09-99 Simon Property Group Inc 7.95 P/B Ratio 2.25 0.96 0.92 Prosp Net Exp Ratio 0.27% Public Storage 4.87 P/C Ratio 13.92 1.37 0.89 Prosp Gross Exp Ratio 0.27% Equity Residential 4.01 Advisor Vanguard Group Inc AvalonBay Communities Inc 3.33 GeoAvgCap ($mil) 9,570.16 0.13 0.83 Subadvisor . Prologis Inc 3.09 Portfolio Manager(s) Gerard C. O’Reilly ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Welltower Inc 3.07 3 Yr Std Dev 14.65 1.38 1.04 Investment Manager Boston Properties Inc 2.65 3 Yr Beta 0.47 . 0.96 Vanguard is one of the world's largest investment Ventas Inc 2.43 3 Yr Sharpe Ratio 0.75 0.54 0.99 management companies. Whether you are an individual Equinix Inc 2.41 3 Yr Alpha 7.28 . 1.08 HCP Inc 2.27 3 Yr R-squared 12.17 . 0.83 investor, institution, or financial professional, you can benefit ...... from the size, stability, and experience that we offer. Vornado Realty Trust 2.26 Morningstar Sectors as of 11-30-15 % Fund Founded May 1, 1975 with the first fund the Wellington Fund Essex Property Trust Inc 2.09 Cyclical 99.23 (inception date: July 1, 1929). We offer exceptional value, a General Growth Properties Inc 2.02 ...... dedication to outstanding performance, superior service, and Host Hotels & Resorts Inc 1.72 Basic Materials 0.00 low costs. SL Green Realty Corp 1.62 Consumer Cyclical 0.00 ...... Financial Services 0.00 Realty Income Corp 1.61 Real Estate 99.23 Volatility Analysis Kimco Realty Corp 1.49 Sensitive 0.77 Investment Macerich Co 1.45 ...... Communication Services 0.00 Low Moderate High Federal Realty Investment Trust 1.40 Digital Realty Trust Inc 1.35 Energy 0.00 Category Industrials 0.77 ...... Technology 0.00 In the past, this investment has shown a wide range of price Total Number of Stock Holdings 153 Total Number of Bond Holdings 0 Defensive 0.00 fluctuations relative to other investments. This investment ...... Annual Turnover Ratio % 11.00 Consumer Defensive 0.00 may experience significant price increases in favorable Total Fund Assets ($mil) 990.42 markets or undergo large price declines in adverse markets. Healthcare 0.00 Some of this risk may be offset by owning other investments Utilities 0.00 that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Vanguard VIF Small Company Growth Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2500 Growth TR USD Small Growth QQQQ Above Average Average Out of 846 Small Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Non-U.S. Stocks 1.9 Mid Large 0.32 Bonds 0.0 Medium 25.34 Operations Cash 4.0 Small Small 36.30 ...... Subaccount Incp Date 12-12-14 Other 0.1 Micro 38.04 Undr. Fund Incep Date 06-03-96 Value Blend Growth Prosp Net Exp Ratio 0.40% Prosp Gross Exp Ratio 0.40% Advisor Granahan Investment Top 20 Holdings as of 09-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Management Inc CMT Market Liquidity Rate 3.90 P/E Ratio 21.85 1.27 0.86 Subadvisor . Euronet Worldwide Inc 1.52 P/B Ratio 2.83 1.21 0.91 Portfolio Manager(s) Gary C. Hatton Super Micro Computer Inc 1.30 P/C Ratio 10.99 1.08 0.85 Jane M. White SPS Commerce Inc 1.16 GeoAvgCap ($mil) 1,549.37 0.02 0.65 James P. Stetler Ultimate Software Group Inc 1.11 James D. Troyer ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Michael R. Roach Vanguard Small-Cap Growth ETF 1.02 3 Yr Std Dev 13.99 1.32 0.96 Jennifer M. Pawloski Sucampo Pharmaceuticals Inc Class A 0.97 3 Yr Beta 1.06 . 1.06 Douglas Dynamics Inc 0.77 3 Yr Sharpe Ratio 0.97 0.70 1.17 Investment Manager Gigamon Inc 0.77 3 Yr Alpha -2.00 . 0.72 Vanguard is one of the world's largest investment The Advisory Board Co 0.77 3 Yr R-squared 64.98 . 1.20 management companies. Whether you are an individual ...... investor, institution, or financial professional, you can benefit Perficient Inc 0.76 Morningstar Sectors as of 09-30-15 % Fund from the size, stability, and experience that we offer. Ruckus Wireless Inc 0.76 Cyclical 26.48 Founded May 1, 1975 with the first fund the Wellington Fund Brooks Automation Inc 0.75 ...... Basic Materials 1.93 (inception date: July 1, 1929). We offer exceptional value, a CoStar Group Inc 0.75 Consumer Cyclical 15.72 dedication to outstanding performance, superior service, and Infoblox Inc 0.75 ...... Financial Services 5.55 low costs. Tennant Co 0.74 Real Estate 3.28 Comfort Systems USA Inc 0.73 Sensitive 49.44 Volatility Analysis Imax Corp 0.72 ...... Investment ZELTIQ Aesthetics Inc 0.72 Communication Services 1.40 Radware Ltd 0.70 Energy 0.60 Low Moderate High Industrials 17.33 ...... Technology 30.11 Category Total Number of Stock Holdings 443 Total Number of Bond Holdings 0 Defensive 24.08 ...... In the past, this investment has shown a wide range of price Annual Turnover Ratio % 43.00 Consumer Defensive 2.69 fluctuations relative to other investments. This investment Total Fund Assets ($mil) 1,255.91 Healthcare 21.21 may experience significant price increases in favorable Utilities 0.18 markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Vanguard VIF Total Bond Market Index Portfolio ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays US Agg Bond TR USD Intermediate-Term Bond QQQ Average Average Out of 1470 Intermediate-Term Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to track the performance of a broad, Morningstar Rating . QQQQ QQQ QQQ market-weighted bond index. Fund Rank Percentile 69 43 53 45 The fund employs an indexing investment approach Out of # of Investments 1,606 1,470 1,324 752 designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This index represents a Portfolio Analysis wide spectrum of public, investment-grade, taxable, fixed Composition as of 11-30-15 % Assets Morningstar Fixed Income Style Box ™ as of 09-30-15 income securities in the United States-including government, High U.S. Stocks 0.0 Avg Eff Duration 5.72 corporate, and international dollar-denominated bonds, as Avg Eff Maturity 7.90 Non-U.S. Stocks 0.0 Med well as mortgage-backed and asset-backed securities-all Bonds 94.6 Avg Wtd Coupon 3.32 with maturities of more than 1 year. At least 80% of its Cash 5.4 Low Avg Wtd Price 104.75 assets will be invested in bonds held in the index. Other 0.0 Ltd Mod Ext Operations Subaccount Incp Date 12-12-14 Undr. Fund Incep Date 04-29-91 Top 20 Holdings as of 11-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Prosp Net Exp Ratio 0.19% CMT Market Liquidity Rate 4.86 3 Yr Std Dev 3.03 1.04 0.98 . Prosp Gross Exp Ratio 0.19% Fed Natl Mort Assc 3.5% 12-15-42 0.84 Beta 1.03 1.03 Advisor Vanguard Group Inc Govt Natl Mtg Asso 3.5% 10-15-43 0.83 Sharpe Ratio 0.30 0.61 1.11 Subadvisor . US Treasury Note 3.625% 02-15-20 0.81 Alpha -0.55 . 0.92 . Portfolio Manager(s) William D. Baird Ginnie Mae Jumbos TBA 3.5% 2045-12-01 12-01-45 0.71 R-squared 98.92 1.09 Joshua C. Barrickman ...... US Treasury Note 1.125% 04-30-20 0.56 Morningstar Sectors as of 11-30-15 % Fund Investment Manager US Treasury Bond 2.75% 11-15-42 0.54 Government 38.23 Vanguard is one of the world's largest investment US Treasury Note 1.5% 08-31-18 0.53 Corporate 34.00 management companies. Whether you are an individual US Treasury Note 2.75% 11-30-16 0.52 Securitized 21.65 investor, institution, or financial professional, you can benefit US Treasury Note 1.375% 09-30-18 0.50 Municipal 0.74 ...... from the size, stability, and experience that we offer. Ginnie Mae Jumbos TBA 3% 2045-12-01 12-01-45 0.49 Cash & Equivalents 5.36 Founded May 1, 1975 with the first fund the Wellington Fund US Treasury Note 0.875% 10-15-17 0.48 Other 0.00 (inception date: July 1, 1929). We offer exceptional value, a FHLMC 3.5% 12-15-42 0.43 dedication to outstanding performance, superior service, and US Treasury Note 0.875% 05-15-17 0.43 Credit Analysis as of 09-30-15 % Bonds low costs. US Treasury Note 1.75% 05-15-23 0.43 ...... AAA 69 Ginnie Mae Jumbos TBA 4% 2045-12-01 12-01-45 0.42 AA 4 Volatility Analysis FNMA 3% 05-01-43 0.40 A 13 Investment US Treasury Note 2.375% 08-15-24 0.39 BBB 14 Low Moderate High US Treasury Note 0.265% 03-15-18 0.38 BB 0 US Treasury Note 0.875% 08-15-17 0.38 B 0 Category ...... Below B 0 Not Rated 0 In the past, this investment has shown a relatively small Total Number of Stock Holdings 0 Total Number of Bond Holdings 7382 range of price fluctuations relative to other investments. -100 -50 0 50 100 Annual Turnover Ratio % 118.00 Based on this measure, currently more than two-thirds of all Total Fund Assets ($mil) 2,799.25 investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-VY Clarion Global Real Estate - Class I ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P Developed Property TR USD Global Real Estate QQQ Average Above Average Out of 212 Global Real Estate VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks high total return consisting of capital Morningstar Rating . QQ QQQ . appreciation and current income. Fund Rank Percentile 94 76 68 . Under normal market conditions, the Portfolio invests at Out of # of Investments 223 212 199 . least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that Portfolio Analysis are principally engaged in the real estate industry. It may Composition as of 09-30-15 % Assets Morningstar Style Box™ as of 09-30-15 % Mkt Cap invest in companies located in countries with emerging Large U.S. Stocks 54.8 Giant 12.76 securities markets. The Portfolio may invest in other ......

Non-U.S. Stocks 43.9 Mid investment companies, including exchange-traded funds and Large 48.41 Bonds 0.0 may also invest in convertible securities, initial public Medium 33.79 Cash 0.2 Small Small 5.04 offerings, and Rule 144A securities...... Other 1.1 Micro 0.00 Value Blend Growth Operations Subaccount Incp Date 05-03-10 Statistics Port Avg Rel S&P 500 Rel Cat Undr. Fund Incep Date 01-03-06 Top 20 Holdings as of 09-30-15 % Assets P/E Ratio 22.68 1.32 1.02 Prosp Net Exp Ratio 0.89% Simon Property Group Inc 6.38 P/B Ratio 1.58 0.68 1.01 Prosp Gross Exp Ratio 0.98% Equity Residential 4.19 Advisor Voya Investments, LLC Mitsui Fudosan Co Ltd 3.62 P/C Ratio 17.19 1.69 1.10 Subadvisor CBRE Clarion Securities LLC Mitsubishi Estate Co Ltd 3.36 GeoAvgCap ($mil) 12,126.81 0.16 1.18 Portfolio Manager(s) T. Ritson Ferguson Welltower Inc 3.31 Steven D. Burton ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Joseph P. Smith General Growth Properties Inc 3.30 3 Yr Std Dev 12.86 1.21 1.04 Public Storage 2.81 3 Yr Beta 0.66 . 1.00 Investment Manager Unibail-Rodamco SE 2.75 3 Yr Sharpe Ratio 0.39 0.28 0.89 The successful history of client-focused asset management AvalonBay Communities Inc 2.73 3 Yr Alpha -0.22 . -0.96 at ING extends back to 1845 and our roots as a Dutch insurer Prologis Inc 2.72 3 Yr R-squared 31.34 . 0.94 ...... and commercial bank. As of December 31, 2009, we manage Klépierre 2.50 approximately $494 billion of assets for institutions and Morningstar World Regions as of 09-30-15 % Fund SL Green Realty Corp 2.50 individual investors worldwide, and we serve as the principal Americas 55.53 Boston Properties Inc 2.34 ...... asset manager of ING Group, the global financial services Sun Hung Kai Properties Ltd 2.28 North America 55.53 company. With over 3,300 employees and an investment LEG Immobilien AG 2.24 Latin America 0.00 presence in 33 countries across the Americas, Asia-Pacific, ...... Greater Europe 18.38 Europe and the Middle East, ING Investment Management Land Securities Group PLC 2.17 ...... provides clients with access to domestic, regional and global UDR Inc 1.96 United Kingdom 6.46 investment solutions. With an emphasis on active Host Hotels & Resorts Inc 1.94 Europe Developed 11.92 management, our investment mission is to find unrecognized Kimco Realty Corp 1.85 Europe Emerging 0.00 value ahead of consensus. To this end, our portfolio British Land Co PLC 1.70 Africa/Middle East 0.00 management teams seek original insights on markets and Greater Asia 26.09 ...... securities and a vision of investment potential that differs Total Number of Stock Holdings 74 Japan 11.84 Total Number of Bond Holdings 0 from the consensus view. Australasia 6.70 Annual Turnover Ratio % 40.00 Asia Developed 6.18 Total Fund Assets ($mil) 338.94 Volatility Analysis Asia Emerging 1.36 Investment

Low Moderate High

Category

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Wanger International ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P Global Ex US Small TR USD Foreign Small/Mid Growth QQ Below Average Below Average Out of 54 Foreign Small/Mid Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . Q Q QQ Under normal circumstances, the fund invests at least Fund Rank Percentile 92 100 100 62 65% of its net assets in foreign companies in developed Out of # of Investments 54 54 50 38 markets (for example, Japan, Canada and the United Kingdom) and in emerging markets (for example, China, India Portfolio Analysis and Brazil). Under normal circumstances, the fund invests a Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap majority of its net assets in the common stock of small- and Large U.S. Stocks 1.1 Giant 0.53 mid-sized companies with market capitalizations under $5 ......

Non-U.S. Stocks 98.3 Mid billion at the time of initial investment. Large 17.59 Bonds 0.0 Medium 62.20 Cash 0.0 Small Small 17.81 ...... Operations Other 0.6 Micro 1.87 Subaccount Incp Date 03-09-06 Value Blend Growth Undr. Fund Incep Date 05-03-95 Prosp Net Exp Ratio 1.05% Prosp Gross Exp Ratio 1.05% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Advisor Columbia Wanger Asset SimCorp A/S 1.55 P/E Ratio 20.06 1.16 1.04 Management LLC Distribuidora Internacional De Alimentacion SA 1.54 P/B Ratio 2.69 1.15 1.07 Subadvisor . CCL Industries Inc 1.51 P/C Ratio 12.30 1.21 1.17 Portfolio Manager(s) Louis J. Mendes Wirecard AG 1.51 GeoAvgCap ($mil) 2,591.21 0.04 0.83 P. Zachary Egan Spotless Group Holdings Ltd 1.41 ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat Investment Manager Charles Taylor PLC 1.33 3 Yr Std Dev 10.55 0.99 0.95 Adherence to the Growth at a Reasonable Price (GARP) style Unibet Group PLC 1.29 3 Yr Beta 0.80 . 0.96 has caused the firm to correctly react to valuation extremes Rightmove PLC 1.28 3 Yr Sharpe Ratio 0.46 0.33 0.71 in the market. Experienced team of professionals following a Voltronic Power Technology Corp 1.20 3 Yr Alpha 3.06 . 0.55 research-driven investment process that blends bottom-up Zee Entertainment Enterprises Ltd 1.20 3 Yr R-squared 88.16 . 1.04 ...... and top-down analysis. Consistent investment process since Polypipe Group PLC 1.18 inception of Columbia Acorn Fund in 1970. Columbia Wanger Morningstar World Regions as of 11-30-15 % Fund Domino's Pizza Enterprises Ltd 1.16 Asset Management, L.P. is a registered investment adviser Americas 7.97 Partners Group Holding AG 1.13 ...... and an indirect, wholly owned subsidiary of Bank of America Novozymes A/S B 1.12 North America 6.42 Corporation. CWAM is a part of Columbia Management. Elior Participations SCA 1.10 Latin America 1.55 ...... Greater Europe 45.72 Geberit AG 1.09 ...... Volatility Analysis Regus PLC 1.04 United Kingdom 14.83 Investment Milbon Co Ltd 1.03 Europe Developed 29.44 Low Moderate High Aalberts Industries NV 1.02 Europe Emerging 0.00 Aurelius Se & Co KGaA 1.02 Africa/Middle East 1.45 Category Greater Asia 46.31 ...... In the past, this investment has shown a relatively moderate Total Number of Stock Holdings 183 Japan 20.27 Total Number of Bond Holdings 0 range of price fluctuations relative to other investments. This Australasia 4.91 Annual Turnover Ratio % 28.00 investment may experience larger or smaller price declines Asia Developed 10.32 Total Fund Assets ($mil) 588.73 or price increases depending on market conditions. Some of Asia Emerging 10.81 this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Wanger Select ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P MidCap 400 TR Mid-Cap Growth Q Below Average Above Average Out of 1717 Mid-Cap Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . QQ Q Q Under normal circumstances, the fund invests a Fund Rank Percentile 44 87 95 85 majority of its net assets in the common stock of companies Out of # of Investments 1,801 1,717 1,525 848 with market capitalizations under $20 billion at the time of initial investment. However, if the fund's investments in such Portfolio Analysis companies represent less than a majority of its net assets, Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap the fund may continue to hold and to make additional Large U.S. Stocks 96.3 Giant 0.00 investments in an existing company in its portfolio even if ......

Non-U.S. Stocks 3.7 Mid that company's capitalization has grown to exceed $20 Large 3.02 Bonds 0.0 billion. Medium 67.22 Cash 0.0 Small Small 27.19 ...... Other 0.1 Micro 2.57 Operations Value Blend Growth Subaccount Incp Date 03-09-06 Undr. Fund Incep Date 02-01-99 Prosp Net Exp Ratio 0.73% Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat P/E Ratio 22.66 1.32 0.97 Prosp Gross Exp Ratio 0.93% Ametek Inc 6.06 Advisor Columbia Wanger Asset Donaldson Co Inc 5.21 P/B Ratio 3.16 1.35 0.92 Management LLC LKQ Corp 4.87 P/C Ratio 16.09 1.58 1.15 Subadvisor . Vail Resorts Inc 4.37 GeoAvgCap ($mil) 4,782.84 0.06 0.51 Portfolio Manager(s) Matthew S. Szafranski Nordson Corp 4.32 David A Frank ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat SEI Investments Co 4.00 3 Yr Std Dev 11.12 1.05 0.93 Investment Manager Expeditors International of Washington Inc 3.66 3 Yr Beta 0.90 . 0.95 Adherence to the Growth at a Reasonable Price (GARP) style Bankrate Inc 3.40 3 Yr Sharpe Ratio 0.96 0.70 0.91 has caused the firm to correctly react to valuation extremes Align Technology Inc 3.39 3 Yr Alpha -2.48 . 2.02 in the market. Experienced team of professionals following a CNO Financial Group Inc 3.21 3 Yr R-squared 73.19 . 1.03 ...... research-driven investment process that blends bottom-up Associated Banc-Corp 3.02 and top-down analysis. Consistent investment process since Morningstar Sectors as of 11-30-15 % Fund Crown Castle International Corp 2.98 inception of Columbia Acorn Fund in 1970. Columbia Wanger Cyclical 39.95 F5 Networks Inc 2.87 ...... Asset Management, L.P. is a registered investment adviser Amphenol Corp Class A 2.81 Basic Materials 0.00 and an indirect, wholly owned subsidiary of Bank of America Blackhawk Network Holdings Inc Class A 2.80 Consumer Cyclical 18.47 Corporation. CWAM is a part of Columbia Management...... Financial Services 15.48 Polaris Industries Inc 2.69 Real Estate 6.00 Gentex Corp 2.67 Volatility Analysis Sensitive 48.80 Ansys Inc 2.63 ...... Investment Education Realty Trust Inc 2.57 Communication Services 5.10 Low Moderate High Eaton Vance Corp 2.43 Energy 2.96 Industrials 26.90 ...... Category Total Number of Stock Holdings 39 Technology 13.84 Total Number of Bond Holdings 0 Defensive 11.24 In the past, this investment has shown a relatively moderate ...... Annual Turnover Ratio % 18.00 range of price fluctuations relative to other investments. This Consumer Defensive 3.81 Total Fund Assets ($mil) 135.93 investment may experience larger or smaller price declines Healthcare 7.43 or price increases depending on market conditions. Some of Utilities 0.00 this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Wanger USA ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Growth QQQ Below Average Below Average Out of 846 Small Growth VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks long-term capital appreciation. Morningstar Rating . QQQ QQQ QQ Under normal circumstances, the fund invests at least Fund Rank Percentile 33 69 50 77 80% of its net assets (including the amount any borrowings Out of # of Investments 899 846 754 491 for investment purposes) in U.S. companies. It invests a majority of its net assets in the common stock of small- and Portfolio Analysis mid-sized companies with market capitalizations under $5 Composition as of 11-30-15 % Assets Morningstar Style Box™ as of 11-30-15 % Mkt Cap billion at the time of initial investment. Large Giant 0.00 U.S. Stocks 98.6 ......

Non-U.S. Stocks 1.4 Mid Large 0.00 Operations Bonds 0.0 Medium 35.85 Subaccount Incp Date 03-09-06 Cash 0.0 Small Small 42.58 ...... Undr. Fund Incep Date 05-03-95 Other 0.0 Micro 21.57 Prosp Net Exp Ratio 0.96% Value Blend Growth Prosp Gross Exp Ratio 0.96% Advisor Columbia Wanger Asset Management LLC Top 20 Holdings as of 11-30-15 % Assets Statistics Port Avg Rel S&P 500 Rel Cat Subadvisor . Extra Space Storage Inc 3.37 P/E Ratio 23.73 1.38 0.93 Portfolio Manager(s) William J. Doyle Heico Corp Class A 2.99 P/B Ratio 2.80 1.20 0.90 Matthew A. Litfin Nordson Corp 2.98 P/C Ratio 11.05 1.09 0.86 Ametek Inc 2.93 GeoAvgCap ($mil) 2,408.30 0.03 1.02 Investment Manager Donaldson Co Inc 2.83 Adherence to the Growth at a Reasonable Price (GARP) style ...... Risk Measures as of 12-31-15 Port Avg Rel S&P 500 Rel Cat has caused the firm to correctly react to valuation extremes Drew Industries Inc 2.32 3 Yr Std Dev 13.48 1.27 0.92 in the market. Experienced team of professionals following a ExlService Holdings Inc 2.18 3 Yr Beta 0.99 . 0.99 research-driven investment process that blends bottom-up Ansys Inc 2.12 3 Yr Sharpe Ratio 0.81 0.59 0.98 and top-down analysis. Consistent investment process since MB Financial Inc 1.87 3 Yr Alpha -3.58 . 1.30 inception of Columbia Acorn Fund in 1970. Columbia Wanger SEI Investments Co 1.84 3 Yr R-squared 61.16 . 1.13 ...... Asset Management, L.P. is a registered investment adviser SPS Commerce Inc 1.80 and an indirect, wholly owned subsidiary of Bank of America Morningstar Sectors as of 11-30-15 % Fund Associated Banc-Corp 1.78 Corporation. CWAM is a part of Columbia Management. Cyclical 33.60 Lakeland Financial Corp 1.75 ...... Cepheid 1.73 Basic Materials 0.43 Volatility Analysis IPG Photonics Corp 1.69 Consumer Cyclical 14.94 ...... Investment Financial Services 14.02 Toro Co 1.69 Real Estate 4.21 Low Moderate High Cavco Industries Inc 1.58 Sensitive 52.14 SVB Financial Group 1.50 ...... Category Blackhawk Network Holdings Inc Class A 1.40 Communication Services 2.94 Akorn Inc 1.28 Energy 2.36 In the past, this investment has shown a wide range of price Industrials 28.04 fluctuations relative to other investments. This investment ...... Technology 18.80 may experience significant price increases in favorable Total Number of Stock Holdings 114 Total Number of Bond Holdings 0 Defensive 14.26 markets or undergo large price declines in adverse markets...... Annual Turnover Ratio % 14.00 Some of this risk may be offset by owning other investments Consumer Defensive 2.37 Total Fund Assets ($mil) 693.34 that follow different investment strategies. Healthcare 11.89 Utilities 0.00

©2016 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 12-31-2015 Intelligent Life VUL-Western Asset Variable Global High Yield - Cl. I ...... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Barclays Global High Yield TR Hdg USD High Yield Bond Q Low High Out of 683 High Yield Bond VL/VUL subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1-Year 3-Year 5-Year 10-Year The investment seeks to maximize total return. Morningstar Rating . Q Q Q The fund invests primarily in high yield fixed income Fund Rank Percentile 86 100 98 97 securities issued by U.S. and foreign companies and foreign Out of # of Investments 791 683 620 400 governments and their agencies and instrumentalities. It invests at least 80% of its assets in high yield bonds. The Portfolio Analysis fund may invest without limit in foreign securities Composition as of 09-30-15 %Net Morningstar Fixed Income Style Box ™ as of 09-30-15 denominated either in U.S. dollars or foreign currencies and High U.S. Stocks 1.0 Avg Eff Duration 4.35 may invest up to 35% of its assets in sovereign debt issued Avg Eff Maturity 6.13 Non-U.S. Stocks 0.0 Med by emerging market governmental issuers. Its investments Avg Wtd Coupon 6.85 may be of any maturity or duration. Bonds 93.0 Cash 1.0 Low Avg Wtd Price 95.65 Other 5.0 Operations ...... Ltd Mod Ext -100 -50 0 50 100 Total 100.0 Subaccount Incp Date 04-26-07 Undr. Fund Incep Date 05-01-98 Prosp Net Exp Ratio 0.81% Top 20 Holdings as of 09-30-15 % Assets Statistics as of 12-31-15 Port Avg Rel BC Aggr Rel Cat Prosp Gross Exp Ratio 0.81% US Treasury Note 1.5% 05-31-20 1.23 3 Yr Std Dev 6.05 2.07 1.12 Advisor Legg Mason Partners Fund Gaz Cap Sa Luxembourg 144A 6.51% 03-07-22 1.02 Beta 0.45 . 0.74 Advisor, LLC Sharpe Ratio -0.20 -0.41 -0.77 Subadvisor Western Asset Management Tenneco Packaging 7.95% 12-15-25 1.02 Markwest Engy Partners Lp / 4.875% 06-01-25 0.88 Alpha -1.83 . -3.66 Company Pte Ltd . Hca 5.375% 02-01-25 0.84 R-squared 4.80 0.40 Portfolio Manager(s) S. Kenneth Leech ...... Michael C. Buchanan Pacific Drilling V Ltd. 144A 7.25% 12-01-17 0.84 Morningstar Sectors as of 09-30-15 % Fund Timothy J. Settel Mce Fin Limited 144A 5% 02-15-21 0.82 Government 2.77 Paul Shuttleworth Petrobras Intl Fin 6.875% 01-20-40 0.79 Walter E. Kilcullen Corporate 79.92 Christopher N. Orndorff Hsbc Hldgs Cv 6.375% 0.78 Securitized 1.65 Lukoil Intl Fin Bv 144A 4.563% 04-24-23 0.77 Municipal 0.00 ...... Investment Manager Gmac Cap Tr I Pfd 0.75 Cash & Equivalents 1.06 At Legg Mason, we've assembled experienced investment Tenet Healthcare 8.125% 04-01-22 0.72 Other 14.60 management firms and empowered them with the tools, Barclays Bk 7.625% 11-21-22 0.70 resources and independence to pursue the strategies they Sprint 7.875% 09-15-23 0.70 Credit Analysis as of 09-30-15 % Bonds know best. Each was chosen for their commitment to Bnp Paribas 144A 7.375% 0.68 AAA 0 investment excellence. Each is focused on specific ...... investment styles. Each exhibits thoughtful leadership. Spectrum Brands 144A 5.75% 07-15-25 0.68 AA 1 Together, we've built a powerful portfolio of investment Charter Comms Oper 144A 4.908% 07-23-25 0.65 A 0 solutions. And it has made us a world leader in money New Cotai Llc / New Cotai C 144 10.625% 05-01-19 0.61 BBB 3 management. Simmons Foods Inc / 144A 7.875% 10-01-21 0.61 BB 29 Cbc Ammo And Cbc Finco 144A 7.25% 11-15-21 0.60 B 41 Below B 22 Volatility Analysis ...... Not Rated 4 Investment Total Number of Stock Holdings 7 Total Number of Bond Holdings 360 -100 -50 0 50 100 Low Moderate High Annual Turnover Ratio % 62.00 Total Fund Assets ($mil) 156.61 Category

Additional Information Morningstar Risk assets in a single issuer involve additional risks, including All investment vehicles are subject to market and other risk This statistic evaluates the variations in a fund’s monthly share price fluctuations, because of the increased factors, which could result in loss of principal. Investment returns, with an emphasis on downside variations. In each concentration of investments. objectives, risks, charges, expenses, and other Morningstar Category, the 10% of funds with the lowest Small-Cap Funds: Smaller companies typically have a important information about a portfolio are contained measured risk are described as Low Risk, the next 22.5% higher risk of failure, and are not as well established as in the prospectus; read it carefully before investing. Below Average, the middle 35% Average, the next 22.5% larger blue-chip companies. Historically, smaller-company Above Average, and the top 10% High. Morningstar Risk is stocks have experienced a greater degree of market volatility Prospectus Gross Expense Ratio measured for up to three time periods (three-, five-, and than the overall market average. This is the percentage of fund assets paid for operating 10-years). These separate measures are then weighted and Mid-Cap Funds: The securities of companies with expenses and management fees. The expense ratio typically averaged to produce an overall measure for the fund. Funds market capitalizations below $10 billion may be more volatile includes the following types of fees: accounting, with less than three years of performance history are not and less liquid than the securities of larger companies. administrator, advisor, auditor, board of directors, custodial, rated. Bond Funds: Bond investments are subject to interest distribution (12b-1), legal, organizational, professional, rate risk so that when interest rates rise, the prices of bonds registration, shareholder reporting, subadvisor, and transfer Morningstar Style Box™ can decrease and the investor can lose principal value. agency. The expense ratio does not reflect the fund's The Morningstar Style Box reveals a fund’s investment Bonds investing in asset/mortgage-backed securities are brokerage costs or any investor sales charges. In contrast to strategy as of the date noted on this report. subject to prepayment risk, where falling interest rates can the net expense ratio, the gross expense ratio does not cause security prices and income to decline due to early prepayment of principal, as well as extension risk, where reflect any fee waivers in effect during the time period. For equity funds the vertical axis shows the market rising interest rates can cause securities prices to decline Also known as the Total Annual Fund Operating capitalization of the long stocks owned and the horizontal because expected prepayments of principal do not occur. Expense Ratio, Morningstar pulls the prospectus gross axis shows investment style (value, blend, or growth). expense ratio from the fund's most recent prospectus. High-Yield Bond Funds: Funds that invest in lower-rated Prospectus expense ratios reflect material changes to the debt securities (commonly referred to as junk bonds) involve For fixed-income funds, the vertical axis shows the credit expense structure for the current period. additional risks because of the lower credit quality of the quality of the long bonds owned and the horizontal axis securities in the fund, including the possible higher level of shows interest rate sensitivity as measured by a bond’s volatility and increased risk of default. Prospectus Net Expense Ratio effective duration (limited, moderate, or extensive). Commodity-Linked Derivative Funds: Funds that invest This is the percentage of fund assets paid for operating in commodity-linked derivative instruments may subject the expenses and management fees. The expense ratio typically Credit Analysis Survey: For corporate and municipal bonds, portfolio to greater volatility than investments in traditional includes the following types of fees: accounting, Morningstar surveys credit rating information from fund securities, particularly if the investments invoke leverage. administrator, advisor, auditor, board of directors, custodial, companies on a periodic basis (e.g., quarterly). In compiling Value Funds: Stock selection is based upon the portfolio distribution (12b-1), legal, organizational, professional, credit rating information, Morningstar instructs fund manager's assessment of fundamentals of the companies registration, shareholder reporting, subadvisor, and transfer companies to only use ratings that have been assigned by a that he/she believes to be undervalued. This style of agency. The expense ratio does not reflect the fund's Nationally Recognized Statistical Rating Organization investing may increase the volatility of the portfolio and may brokerage costs or any investor sales charges. In contrast to (NRSRO). If two NRSROs have rated a security, fund not produce the intended results over short or long time the gross expense ratio, the net expense ratio does reflect companies are to report the lowest rating to Morningstar. If periods. Larger, more established companies may not be able fee waivers in effect during the time period. a rating is unavailable or unpublished, then the security or to attain higher growth rates of smaller companies, Also known as the Total Annual Fund Operating issuer is categorized as Not Rated/Not Available. US especially during extended periods of economic expansion. Expense Ratio Net of Reimbursements, Morningstar pulls the Government Securities issued by the US Treasury or US Asset Allocation Funds: These funds seek to accomplish prospectus net expense ratio from the fund's most recent Government Agencies are included in the US Government dual goals of income and capital appreciation by investing in prospectus. Prospectus expense ratios reflect material category. PLEASE NOTE: Morningstar, Inc. is not itself an a variety of securities in different asset classes. Many of changes to the expense structure for the current period, NRSRO nor does it issue a credit rating on the fund. An these portfolios are structured as a "fund of funds" which is a while annual report expense ratios reflect the actual fees NRSRO rating on a fixed-income security can change from portfolio that specializes in buying shares of other portfolios charged during a particular fiscal year. time-to-time. rather than individual securities. The "fund of funds" structure may have higher costs than if you invested directly Morningstar Rating™ Risk Measures in the underlying portfolios. Often simply called the Star Rating, the Morningstar Rating R-squared reflects the percentage of a fund’s movements brings load-adjustments, performance (returns) and risk that are explained by movements in its benchmark index, TIAA-CREF Individual & Institutional Services, LLC, member together into one evaluation. To determine a fund's star showing the degree of correlation between the fund and the FINRA, distributes securities products. Intelligent Life rating for a given time period (three, five, or 10 years), the benchmark. Variable Universal Life Insurance, policy form series fund's risk-adjusted return is plotted on a bell curve: If the Beta is a measure of a fund’s sensitivity to market AM-SVUL.2 and AM-SVUL.3 (2008), Intelligent Life fund scores in the top 10% of its category, it receives 5 stars movements. A portfolio with a beta greater than 1 is more Survivorship Variable Universal Life Insurance, policy form (Highest); if it falls in the next 22.5% it receives 4 stars volatile than the market, and a portfolio with a beta less than series AM-JVUL.3 (2008) are issued by TIAA-CREF Life (Above Average); a place in the middle 35% earns 3 stars 1 is less volatile than the market. Insurance Company, 730 Third Avenue, New York, NY 10017. (Average); those lower still, in the next 22.5%, receive 2 Alpha measures the difference between a fund’s actual stars (Below Average); and the bottom 10% get only 1 star returns and its expected performance, given its level of risk (Lowest). The Overall Morningstar Rating is a weighted C20976 (as measured by beta). average of the available three-, five-, and 10-year ratings. Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk. Morningstar Return Standard deviation is a statistical measure of the This statistic is a measurement of a fund’s excess return over volatility of the fund’s returns. a risk-free rate (the return of the 90-day Treasury bill). In each Morningstar Category, the top 10% of funds earn a Investment Risk High Morningstar Return, the next 22.5% Above Average, Foreign Securities Funds/Emerging Market Funds: Risks the middle 35% Average, the next 22.5% Below Average, include, but are not limited to, currency risk, political risk, and the bottom 10% Low. Morningstar Return is measured and risk associated with varying accounting standards. for up to three time periods (three-, five-, and10-years). Investing in emerging markets may accentuate these risks. These separate measures are then weighted and averaged to Sector Funds: The lack of industry diversification produce an overall measure for the fund. Funds with less subjects the investor to increased industry-specific risks. than three years of performance history are not rated. Non-Diversified Funds: Funds that invest more of their

4 Yr earnings growth % Beta Credit analysis A measure of the trailing annualized earnings- See Modern Portfolio Theory Statistics. Credit quality can influence the returns of growth record of the stocks in the portfolio. Like portfolios that invest heavily in bonds. The Morningstar‘s Price/Earnings and Price/Book Bull market Credit Analysis graph shows the percentage of ratios, this number is weighted so that larger A period in which security prices in a given fund assets that are invested in each of the positions in the portfolio count proportionately market are generally rising. major credit ratings, as determined by Standard more than lesser positions. Stocks with losses & Poor’s or Moody’s. Lower-rated credits during the past four years and those that (also called junk or high-yield bonds) are more lack a four-year track record are excluded from C risky than higher-rated credits. this calculation. Morningstar Investment Capital appreciation Profiles will not reflect a value if less than 25% Currency risk An increase in the share price of a security. of the portfolio’s holdings lack a four-year For a U.S.-based investor, the risk that the This is one of the two primary sources of track record. currency in which a foreign holding is an investor’s total return. The other primary denominated will depreciate relative to the source is income. U.S. dollar. In that case, an investor’s profits A would suffer when the foreign security Composition was sold and the proceeds from this sale were Alpha A portfolio’s composition will tell you something exchanged for U.S. dollars. See Modern Portfolio Theory Statistics about its risk level. Funds that hold a large percentage of assets in cash (perhaps 10% or Current-coupon bond American Depository Receipts (ADRs) more) usually carry less risk because not A bond that is trading at its face value or ADRs are securities that represent shares all of their holdings are exposed to the market. par because it is paying a market-level rate in a foreign company. They are traded on major We use a pie chart to help you see how of interest. U.S. stock exchanges and over the counter. much of your investment consists of stocks, bonds, or cash. We also show how much Asset base of your investment is held in foreign stocks. D The amount of money that a fund has under management. Frequently called assets Concentrated portfolio Debt or net assets. A portfolio that is limited to relatively few Another term for a bond or fixed-income security. securities or industries although its manager can invest in a diversified universe. Derivative B A security that has been crafted from an existing Country weightings asset or security. Derivatives’ value (and Benchmark The returns of international investments will be investors’ returns) derive from the value of the An index or other standard against which an affected by the performance of the international underlying asset or security. Examples of investment’s performance is measured. markets in which they invest. Consequently, equity derivatives include futures contracts and A stock fund’s returns are often compared you will want to know which countries your options. CMOs and mortgage-backed securities with those of the S&P 500 index. investment is most exposed to. The Morningstar are examples of fixed-income derivatives. Investment Profile shows the percentage of assets invested in each of an international investment’s five largest country positions.

82 Diversification E These bonds are much more sensitive to the Diversification is essentially the opposite economic cycle than are high-quality securities, Equity of “keeping all your eggs in one basket”. but they offer much higher coupons (interest Another term for stock, which is issued by a If you own just one investment, you’ll have a payments), or yield, in return to investors who corporation and trades on an exchange. limited amount of diversification. By owning take on the added risk. several investments, particularly mutual funds Expense ratio that follow different investment strategies The percentage of fund assets paid for operating and hold different types of assets, you can I expenses and management fees. Sales charges lower your portfolio’s overall risk. Diversification are not included in the expense ratio. Income works because if one investment if out of Payment to an investor of a dividend from a favor, another that invests in different compa- stock or of interest on a bond. Income is nies or financial markets may continue to F one of the two sources of total return, the other do well. The investor who owns both funds will being capital appreciation. do better than the investor who only owns Fixed-income security the struggling investment. Because most Another term for a bond or debt security. Index investments hit rocky patches sooner or later, As a noun, index refers to a benchmark, such your best protection against adverse market as the S&P 500, that is used to measure movements is a diversified portfolio. G a fund’s performance. As a verb, it refers to the Geometric average cap practice of buying and holding the securities One way to build a diversified portfolio, you Morningstar defines the overall “size” of a stock that compose an index, or securities that are can combine investments with different fund’s portfolio as the geometric mean of representative of an index. risk levels. For example, investors who can the market capitalization for all of the stocks it accept a moderate level of risk might include owns. It’s calculated by raising the market Inflation risk 20% of assets in high-risk investments, capitalization of each stock to a power equal to This term refers to the probability that 60% of assets in moderate-risk investments, that stock’s stake in the portfolio. The resulting a general rise in consumer prices will erode and 20% of assets in low-risk investments. numbers are multiplied together to produce the buying power of dollars paid back to Even the portfolio of someone with a low risk the geometric mean of the market caps of the investors in the future. This risk is especially tolerance might include a 10% stake in stocks in the portfolio, which is reported as relevant for longer-term investors. high-risk investments and a 30% stake in geometric average cap. moderate-risk investments. The exact tuning Interest-rate risk of your portfolio is up to you. Growth Interest-rate risk represents vulnerability to There are two common uses of the word growth changes interest rates. When interest Dividend in the investment industry. In the first sense, rates rise, the prices of bonds and other A distribution of a portion of a company’s growth refers to an increase in a firm’s profits or income-oriented securities drop. The earnings to its stockholders. Older, larger, and sales. In the second sense, growth refers to a longer the duration for a bond or fund, the more-established companies are the ones style of investing in which managers seek firms greater its interest-rate risk. most likely to pay dividends. Young, growing with rapidly increasing profits or sales, often companies often need to reinvest all of paying little attention to the prices they pay for Investment-grade bonds their profits into their businesses, and thus such stocks. A bond that carries a Standard & Poor’s rating of don’t pay out dividends to investors. BBB or a Moody’s rating of BAA or better.

Duration H Duration is a measure, expressed in years, L of a bond or bond fund’s sensitivity to High-yield bond interest-rate movements. Generally speaking, Also referred to as a junk bond, this is a fixed- Large cap a one-percentage-point move in interest income security that has a credit rating For domestic companies, a firm of the 250 rates will cause an opposite move in a bond’s of less than BBB, as measured by Standard & largest ones. For international companies, price roughly equal to the bond’s duration. Poor’s, or BAA as measured by Moody’s. a firm in excess of $5 billion assets. A large-cap Therefore, a bond with a five-year duration fund has a median market capitalization would incur a 5% loss if interest rates of greater than that of the 250th largest stock. moved up 1%.

83 M Beta: Beta is a measure of a fund’s sensitivity N to market movements, as defined by a Manager Net Asset Value (NAV) benchmark index. It measures the relationship The person who determines which investments A fund’s share price. between an investment’s excess return over belong in a portfolio. 90-day Treasury-bills and the excess return of the benchmark index. By definition, the Market capitalization O beta of the benchmark is 1.00. A fund with a The value of a company based on the current 1.10 beta has performed 10% better than Operations and expenses selling price of its stock and the number of its benchmark index (after deducting the T-bill An investment’s expense ratio is the percentage shares it has issued. Market capitalization rate) in up markets, and 10% worse in down of assets deducted each fiscal year for fund equals the number of shares issued multiplied markets, assuming all other factors remain operational costs, including management fees, by the share price. constant. A beta of 0.85 indicates that the fund administrative fees, operating costs, and has performed 15% worse than the index all other asset-based costs incurred by the fund. Market risk in up markets, and 15% better in down markets. Low-cost investments generally have an edge The risk posed by movements in the stock or A low beta does not imply that the fund has over higher-priced ones. bond market. Investments that act the a low level of volatility; rather, it means most like these markets (as measured by only that the fund’s market-related risk is low. r-squared and beta) have the greatest market P risk, while investments that are weakly R-squared: R-squared figures range from 0 to linked to the broader markets have the least Premium bond 100, and reflect the percentage of a fund’s market risk. A bond that sells for a price greater than its movements that are explained by movements face value, usually because the bond pays a in its benchmark index. An r-squared of Mid-cap (also Medium cap) rate of interest greater than the market’s. A 100 means that all movements of a fund are For domestic companies, a firm with the bond that has a face value of $1,000 and sells explained by movements in the index. Thus, market capitalization of between 250th largest for $1,025 has a 2.5% premium. index funds that invest only in S&P 500 stocks and 1,000th largest stock. For international often have an r-squared very close to 100. companies, a firm with market capitalization of Price/book ratio (P/B) Conversely, a low r-squared indicates that very $1 billion to $5 billion. A mid-cap fund has This figure relates a stock’s share price to its few of the fund’s movements are explained a portfolio with a median market capitalization per-share book value (the net value of the by movements in its benchmark index. of between 250th largest and 1,000th company’s assets under generally accepted R-squared is used to determine the significance largest stock. accounting principles). The ratio, also called of a particular beta or alpha. Generally, a a multiple, is usually expressed as a whole higher r-squared will indicate a more reliable Modern Portfolio Theory statistics (MPT) number, and can be thought of as the price an beta figure. Alpha, beta, and r-squared are components investor pays for $1.00 of the company’s of Modern Portfolio Theory, a set of academic book value. Growth-style managers, who buy Money-market fund methods for assessing the risk of a fund, the stocks of fast-growing companies, are A fund that invests exclusively in short-term relative to a benchmark. The three statistics usually not concerned about P/B ratios. Value- securities, such as Treasury bills, certificates should be used in combination with each style managers, on the other hand, often look of deposit, and commercial paper. The other. The passage below explains how the for low-P/B stocks, which they believe may be maximum average maturity of these funds, statistics are calculated. underpriced relative to the value of their assets. which are among the safest but least- profitable investments available, is generally Alpha: Alpha measures the difference between Price/earnings ratio (P/E) 120 days. a fund’s actual returns and its expected This figure relates a company’s stock price performance, given its level of market-related to its per-share earnings. The ratio, also risk (as measured by beta). A positive alpha called a multiple, is usually expressed as a figure indicates the fund has performed better whole number, and can be thought of as than its beta would predict. the price an investor pays for each $1.00 of the

84 company’s earnings. Often, managers are willing For domestic-stock funds, sector weightings Turnover ratio to buy stocks with a high P/E ratio when provide another avenue into understanding the A proxy for how frequently a manager trades his they believe that the company will experience relative riskiness of different investment or her portfolio. significant earnings growth in the future. strategies. If a fund’s sector allocation is similar to the overall market-as measured by the Principal S&P 500 index-then the fund manager is likely V The face value of a bond that its owner receives following a conservative style. If management Volatility at maturity. The term also refers to the heavily overweights individual sectors by Although volatility and risk are closely related, amount invested in a fund or security, indepen- owning two or three times as much as the S&P the volatility measure is different from the dent of any earnings on the investment. 500 holds, then the fund’s strategy typically Morningstar risk measure (a component of the takes on more risk. star rating) shown at the top of each page. Prospectus objective The risk measure compares a fund with other Indicates a particular fund’s investment goals, Security funds in its star rating group, while the based on the wording in a fund’s prospectus. This term can refer to any financial asset, volatility measure shows where the fund ranks including stocks, bonds, and derivative issues. relative to all mutual funds.

R Standard & Poor’s 500 Index (S&P 500) A collection of 500 large, widely held stocks Real Estate Investment Trust (REITs) used as a measure of stock-market perfor- A company that invests in multiple real-estate mance. The 500 stocks in the index include 400 properties. REITs trade on major stock exchang- industrial companies, 20 transportation firms, es, and are held by many mutual funds. 40 financial companies, and 40 public utilities.

Regional exposure The percentage of assets a fund has invested in T the various regions of the world. Regional exposure is a major determinant of the return Top holdings of world and foreign funds. A mutual fund’s top holdings show which securities (stocks or bonds) will have the most influence on the fund’s returns. S The percentage of assets each holding claims in the portfolio provides an indication of Small-cap the fund’s riskiness. Conservative managers For domestic companies, a firm with a market will usually devote no more than 3% to 4% capitalization of less than that of the 1,000th of the fund’s total assets to their favorite largest stock. For international companies, stocks. More-daring managers may allocate a firm with less than $1 billion. A small-cap fund 7%, 8%, or an even greater percentage of has a median market capitalization of less assets to their top picks. The total weighting of than that of 1,000th largest stock. the top five holdings is also a measure of a manager’s daring. Those who restrict the total Sector weightings amount of the top five holdings to 15% of Morningstar determines how much of each assets or less are generally conservative, while investment is held in each of the 10 major those who devote more than 25% may be industrial sectors, which are listed on your considered aggressive. Investment Profile page in order from least risky (utilities) to most risky (technology). Total return The combined profits of a fund, including undistributed capital gains, capital appreciation, capital gains, and ordinary income.

85 Supplemental Information Alphabetical Index

Investment Category Page Investment Category Page Calamos Growth & Income Moderate Allocation 12 PVC MidCap Account Mid-Cap Growth 51 ClearBridge Variable Aggressive Grwth—Cl. I Large Growth 13 Royce Cap Fund Micro-Cap—Inv. Class Small Blend 52 ClearBridge Variable Small Cap Grwth—Class I Small Growth 14 Royce Cap Fund Small-Cap—Inv. Class Small Blend 53 Credit Suisse Trust-Commodity Return Strategy Commodities Broad Basket 15 T. Rowe Price Health Sciences Port Health 54 Portfolio T. Rowe Price Limited Term Bond Short-Term Bond 55 Delaware VIP Diversified Income Intermediate-Term Bond 16 Templeton Developing Markets VIP Fund Diversified Emerging Mkts 56 Delaware VIP International Equity Foreign Large Value 17 TIAA-CREF Life Balanced Conservative Allocation 57 Delaware VIP Small Cap Value Small Value 18 TIAA-CREF Life Bond Intermediate-Term Bond 58 DFA VA Global Bond World Bond 19 TIAA-CREF Life Growth & Income Large Growth 59 DFA VA Global Moderate Allocation World Allocation 20 TIAA-CREF Life Growth Equity Large Growth 60 DFA VA International Small Foreign Small/Mid Blend 21 TIAA-CREF Life International Equity Foreign Large Blend 61 DFA VA International Value Foreign Large Value 22 TIAA-CREF Life Large-Cap Value Large Value 62 DFA VA Short-Term Fixed Ultrashort Bond 23 TIAA-CREF Life Money Market Money Market Taxable 63 DFA VA US Large Value Large Value 24 TIAA-CREF Life Real Estate Securities Real Estate 64 DFA VA US Targeted Value Small Value 25 TIAA-CREF Life Small-Cap Equity Small Growth 65 Franklin Income VIP Fund Conservative Allocation 26 TIAA-CREF Life Social-Choice Equity Large Blend 66 Franklin Mutual Shares VIP Fund Large Value 27 TIAA-CREF Life Stock Index Large Blend 67 Franklin Small-Mid Cap Growth VIP Fund Mid-Cap Growth 28 Vanguard VIF Capital Growth Large Growth 68 Janus Aspen Forty—Inst. Shares Large Growth 29 Vanguard VIF Equity Index Large Blend 69 Janus Aspen Overseas—Inst. Shares Foreign Large Blend 30 Vanguard VIF High Yield Bond High Yield Bond 70 Janus Aspen Perkins Mid Cap Value - Inst. Mid-Cap Value 31 Vanguard VIF Mid-Cap Index Mid-Cap Blend 71 JHVIT Emerging Markets Value NAV Diversified Emerging Mkts 32 Vanguard VIF REIT Index Real Estate 72 Matson Money Fixed Income VI Portfolio Short-Term Bond 33 Vanguard VIF Small Co Gr Small Growth 73 Matson Money International Equity VI Portfolio Foreign Small/Mid Value 34 Vanguard VIF Total Bond Mkt Idx Intermediate-Term Bond 74 Matson Money U.S. Equity VI Portfolio Mid-Cap Value 35 VY Clarion Global Real Estate—Cl. I Global Real Estate 75 MFS Global Equity—Initial Class World Stock 36 Wanger International Foreign Small/Mid Growth 76 MFS Growth—Initial Class Large Growth 37 Wanger Select Mid-Cap Growth 77 MFS Investors Growth Stk—IC Large Growth 38 Wanger USA Small Growth 78 MFS Utilities—Initial Class Utilities 39 Western Asset Variable Global High Yield—Cl. I High Yield Bond 79 Neuberger Berman AMT Large Cap Value Large Value 40 Neuberger Berman AMT M/C Intrinsic Val Mid-Cap Value 41 PIMCO VIT All Asset Portfolio Tactical Allocation 42 PIMCO VIT Commodity Real Return Strategy Commodities Broad Basket 43 Portfolio PIMCO VIT Emerging Markets Bond Portfolio Emerging Markets Bond 44 PIMCO VIT Global Bond Portfolio World Bond 45 PIMCO VIT Real Return Portfolio Inflation-Protected Bond 46 PSF Jennison 20/20 Focus—Cl. II Large Growth 47 PSF Natural Resources—Class II Natural Resources 48 PSF Value—Class II Large Blend 49 PVC Equity Income Account Large Value 50

December 2015

Data and Analyst Reports provided by Morningstar, Inc.