March 31, 2021 PanAgora Global Diversified Risk Portfolio General Information Portfolio Allocation

Inception Date April 15, 2014

Total Assets $254 Million (as of 3/31/2021) Adviser Brighthouse Investment Advisers, LLC SubAdviser PanAgora Asset Management, Inc. Portfolio Managers Bryan Belton, CFA, Director, Multi Asset

Edward Qian, Ph.D., CFA, Chief Investment Officer and Head of Multi Asset Research

Jonathon Beaulieu, CFA Investment Strategy The PanAgora Global Diversified Risk Portfolio investment philosophy is centered on the belief that risk diversification is the key to generating better risk-adjusted returns and avoiding risk concentration within a portfolio is the best way to achieve true diversification. They look to accomplish this by evaluating risk across and within asset classes using proprietary risk assessment and management techniques, including an approach to active risk management called Dynamic Risk Allocation. The portfolio targets a risk allocation of 40% equities, 40% and 20% inflation protection.

Portfolio Statistics Portfolio Composition 1 Yr 3 Yr Inception 1.88 0.62 Sharpe Ratio 0.6 Positioning as of Positioning as of 0.83 0.75 Beta* 0.78 December 31, 2020 March 31, 2021 Correlation* 0.87 0.86 0.79 42.4% 10.04 10.6 Global Equity 43.4% Std. Deviation 9.15 24.9% U.S. Stocks 23.6% Weighted Portfolio Duration (Month End) 9.0% 8.03 Developed non-U.S. Stocks 9.8% 8.5% *Statistic is measured against the Dow Jones Moderate Index Emerging Markets Equity 10.0% 106.8% Portfolio Benchmark: Nominal Fixed Income 142.6% 42.0% The Dow Jones Moderate Index is a composite index with U.S. Treasury Bonds 74.4% approximately 60% of its weight allocated to global equities, 35% 9.7% U.S. Investment Grade Debt 10.6% to global bonds, and 5% to cash. 55.0% Non-U.S. Sovereign Debt 57.6% 34.1% Inflation Protected 33.4% 2.6% Current Risk Allocation Energy Commodities 3.2% 2.7% Industrial Metals Commodities 2.5%

Risk Precious Metals Commodities 3.4% 3.2% Allocation Agriculture Commodities 5.3% 47.7% Equity Risk 23.6% Global Inflation-linked Bonds 13.9% 14.6% Bloomberg Commodity Index 5.1% Nominal 36.0%% 5.0% Total Portfolio Exposure 219.4% 183.3% Inflation Risk 40.4% Total 100% Top 5 Holdings Strategic Risk Allocation % of Portfolio INTEREST RATE ON 5 YR RATE 10.0% U.S. TREASURY 30 YR BONDS FUTURE 6.9% 40% Equity INTEREST RATE SWAP ON 10 YR RATE 6.6% 40% Nominal JAPAN 10 YR MINI BOND FUTURE 6.1% Interest Rate ISHARES IBOXX INVESTMENT GRADE 5.3%

Total 34.9% 20% Inflationflati Glossary of Terms Glossary Terms Alpha Sharpe Ratio Measures the portion of a fund’s return that is unrelated to movements in the benchmark. The ratio of a fund’s excess returns (over the Merrill Lynch 3-Month Treasury Bill index) to Duration BetaIt is calculated over the most recent 36 months of data. its standard deviation. Measured over a 36-month period. Measures the degree to which a fund’s return is affected by movements A measure of the sensitivity of the price of a fixed income investment inBeta the market, represented by the fund’s benchmark index. The market toStandard a change Deviation in interest rates. The larger the number duration number, isMeasures represented the degree as 1.0, to whichso a funda fund’s with return a beta is affected of 2.0 bymeans movements that thein the fund’s market, theMeasures greater the the historical interest-rate risk of a or fund. reward Funds for with bond higher prices. standard Measure deviation are represented by the fund’s benchmark index. The market is represented as 1.0, so a fund generally considered to be riskier. price moves twice as much as the market, plus or minus the fund’s alpha. expressed as a number of years. with a beta of 2.0 means that the fund’s price moves twice as much as the market, plus or Volatility minus the fund’s alpha. Correlation SharpeVolatility Ratio is a statistical measurement of the magnitude of up and down fluctuations in the AR-Squared statistical measure of how two securities move in relation to each Thevalue ratio of a of financial a fund’s instrument excess orreturns index over(over time. the Volatility Merrill mayLynch result 3-Month from rapid and other.Measures Correlation the proportion ranges of a fund’s between performance -1 and that +1. is A related correlation to its benchmark of -1 equals index. For Treasurydramatic priceBill index)swings. to its standard deviation. Most meaningful with at perfectexample, negative a large cap correlation. equity fund with A correlation an R2 of 86 ofthat +1 is equals benchmarked perfect to thepositive S&P 500 least 36 months of data. correlation.Index indicates If that the 86% correlation of the fund’s is 0, historical the movements behavior can of be the attributed securities to movements are Standard Deviation saidin the to S&P have 500. no correlation; they are completely random. For purposes of Measures the historical volatility of a fund. Funds with higher standard this portfolio, portfolio correlation is being measured vs. the DJ Global deviation are generally considered to be riskier. Most meaningful with Moderate Index. Most meaningful with at least 36 months of data. 1 Please refer to the Portfolio prospectus for additional details. at least 36 months of data. 2 The Portfolio will use a combination of interest rate derivatives (with a nominal value of approximately 30% of the Portfolio’s value but may range ±5%) backed by cash and cash equivalents to provide additional 1 diversificationPlease refer and to thebalance Portfolio the sources prospectus of risk in the for Portfolio. additional details. The value of your investment in the Portfolio may be affected by one or more of the following risks, which are described in more detail in “Primary Risks of Investing in the Portfolio” in the Prospectus,The value anyof yourof which investment could cause in the the Portfolio Portfolio’s may return, be affected the price ofby theone Portfolio’s or more ofshares the following or the Portfolio’s risks, whichyield toare fluctuate. described Please in morenote detailthat there in “Primary are many Risks other of circumstancesInvesting in the that Portfolio” in the Prospectus, any of which could cause the Portfolio’s return, the price of the Portfolio’s shares or the Portfolio’s yield to fluctuate. Please note that there are couldmany adversely other circumstances affect your investment that could and adversely prevent affectthe Portfolio your investmentfrom reaching and its preventobjective, the which Portfolio are notfrom described reaching here. its objective, which are not described here. May invest in derivatives to obtain investment exposure, enhance return or protect the Portfolio’s assets from unfavorable shifts in the value or rate of underlying investments. Because ofInvests their complex in securities nature, ofsome foreign derivatives companies may and not governments, perform as intended, which involves can significantly risks not increase typically the associated Portfolio’s with exposure U.S. investments, to the existing including risks of thechanges underlying in currency investments exchange and mayrates; beeconomic, illiquid and political difficult and to value. social As conditions a result, the in foreignPortfolio countries; may not realizeand governmental the anticipated regulations benefits from and accountinga standardsit holds or differentit may realize from losses. those Derivative in the U.S. transactions may create investmentThis portfolio , invests which in amay limited increase number the volatilityof issuers. and Poor may performance require liquidation of a single of securities issuer whenwill generally it may not have be advantageousa more adverse to doimpact so. on the return of the portfolio than on a Theportfolio Portfolio that is a invests “fund-of-funds” across a greater portfolio. number Because of ofissuers. this two-tier structure, the Portfolio bears its own investment management fee and expenses, which includes the cost of the asset allocation services it provides, as well as its pro rata share of the management fee and expenses of each underlying portfolio. Without these asset allocation services, the contract owner’s expensesMay invest would in derivativesbe lower. to obtain investment exposure, enhance return or protect the Portfolio’s assets from unfavorable shifts in the value or rate of underlying investments. Because of their complex nature, some derivatives may not perform as intended, can significantly increase the Portfolio’s exposure to the existing risks of the underlying Investsinvestments in securities and mayof foreign be illiquid companies and difficult and governments, to value. which As a involvesresult, the risks Portfolio not typically may associatednot realize withthe U.S.anticipated investments, benefits including from changes a derivative in currency it holds exchange or it mayrates; realize economic, losses. politicalDerivative and transactionssocial conditions may in create foreign investment countries; andleverage, governmental which may regulations increase and the accountingvolatility and standards may require different liquidation from those of securities in the U.S. when it may not be advantageous to do so. SM TheThe BlackRock PanAgora Global Global Track Diversified Strategies RiskPortfolio Portfolio is a partis a ofpart the of MetLifethe MetLife Protected risk Growthmanaged Strategies portfolios lineup availableavailable onlyonly throughthrough certaincertain MetLife MetLife variable variable products. products. Certain broker/dealers do not make some of the Protected Growth Strategy portfolios available when you apply for a MetLife Investors variable annuity contract. If you would like to invest inIf a you Protected would Growthlike to invest Strategy in aportfolio risk managed that is portfolionot available that atis notapplication, available you at application,may do so after you the may variable do so afterannuity the contract variable has annuity been contractissued. See has prospectus been issued. for details.See prospectus for details.

Although you may not capture all the gains in an up market, the strategy is designed to help you avoid big losses in a down market.

InvestmentInvestment performance performance is not is notguaranteed. guaranteed. Past Pastperformance performance is no guarantee is no guarantee of future of futureresults. results. Variable life and annuity products are offered by prospectus only. Prospectuses for Pursuant to IRS Circular 230, MetLife is providing you with the following Variable life and annuity products are offered by prospectus only. Prospectuses for variable products issued by a MetLife insurance company, and for the investment portfolios variable products issued by a MetLife insurance company, and for the investment notification: The information contained in this document is not intended to (and portfoliosoffered thereunder,offered thereunder, are available are from available your financialfrom your professional. financial professional. The contract Theprospectus contains information about the contract’s features, risks, charges and expenses. contractInvestors prospectus should consider contains the investment information objectives, about therisks, contract’s charges and features, expenses risks, of the investmentcannot) be company used by carefully anyone before to avoid investing. IRS penalties. The investment This document objectives, supports risks and the chargespolicies and of the expenses. investment Investors options, should as well consider as other theinformation investment about objectives, the investment risks, options,promotion are described and marketing in their respective of insurance prospectuses. products. Please You should read the seek prospectuses advice based chargesand consider and expenses this information of the carefullyinvestment before company investing. carefully Product before availability investing. and features The mayon yourvary byparticular state. Please circumstances refer to the fromcontract an independentprospectus for tax more advisor. complete details investmentregarding theobjectives, living and risks death and benefits. policies of the investment options, as well as other MetLife, its agents, and representatives may not give legal or tax advice. Any discussion of taxes herein or information about the investment options, are described in their respective related to this document is for general information purposes only and does not purport to be complete or prospectuses.Variable annuities Please are read long-term the prospectuses investments and designed consider for this retirement information purposes. carefully MetLife variable life insurance and annuity products have limitations, exclusions, charges, cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the beforeand termination investing. provisions Product availability and terms forand keeping features them may in varyforce. by There state. is Pleaseno guarantee refer that any of the variable investment options in this product will meet their stated goals appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances. toor the objectives. contract Theprospectus account for or cashmore value complete is subject details to marketregarding fluctuations the living andand investment death risk so that, when withdrawn, it may be worth more or less than its original value. All You should consult with and rely on your own independent legal and tax advisors regarding your particular benefits.contract and rider guarantees, including optional benefits and any fixed account crediting rates or annuity payout rates, are backed by the claims-paying ability and financial strength of the issuing insurance company. They are not backed by the broker/dealer fromset which of facts this and annuity circumstances. is purchased, by the insurance agency from which this annuity Variable annuities are long-term investments designed for retirement purposes. MetLife is purchased or any affiliates of those entities, and none makes any representations orDow guarantees Jones Global regarding Moderate Indexthe claims and Blended paying Benchmark ability ofand 29.0% financial Russell 3000strength Index, of 25.0% the MSCIissuing EAFE variable life insurance and annuity products have limitations, exclusions, charges, and insurance company. Similarly, the issuing insurance company and the underwriter do not backIndex, the 4% Goldmanfinancial Sachs strength Commodity of the Index, broker/dealer 2% Dow Jones or Real its Estateaffiliates. Index, 35.5%Please Barclays contact Capital your US termination provisions and terms for keeping them in force. There is no guarantee that any of financial professional for complete details. Aggregate Index and 4.5% Citi 3-month Treasury Bills Index the variable investment options in this product will meet their stated goals or objectives. The account or cash value is subject to market fluctuations and investment risk so that, when The investment objectives and policies of the portfolios may be similar to those of other portfolios managed Withdrawals of taxable amounts are subject to ordinary income tax and if made before age 59½, may be subject to a 10% Federal income tax penalty. Some broker/dealers withdrawn, it may be worth more or less than its original value. All contract and rider by the same investment advisor. No representation is made, and there can be no assurance given, that the and financial professionals may refer to the 10% Federal income tax penalty as an “additional tax” or “additional income tax,” or use the terms interchangeably when discussing guarantees, including optional benefits and any fixed account crediting rates or annuity portfolios’ investment results will be comparable to the investment results of any other portfolio, including withdrawals taken prior to age 59½. Distributions of taxable amounts from a non-qualified annuity may also be subject to the 3.8% Unearned Income Medicare Contribution payout rates, are backed by the claims-paying ability and financial strength of the issuing other portfolios with the same advisor or manager. The portfolios’ investment results may be expected to tax that is generally imposed on interest, dividends, and annuity income if your modified adjusted gross income exceeds the applicable threshold amount. Withdrawals will insurance company. They are not backed by the broker/dealer from which this annuity is differ, and may be higher or lower than the investment results of such other portfolios. Differences in portfolio reduce the living and death benefits and account value. Withdrawals may be subject to withdrawal charges. purchased, by the insurance agency from which this annuity is purchased or any affiliates of size, investments held, contract and portfolio expenses, and other factors are all expected to contribute to the those entities, and none makes any representations or guarantees regarding the claims- differences in performance. The investment objectives and policies of the portfolios may be similar to those of other portfolios managed by the same investment advisor. No representation is made, and paying ability and financial strength of the issuing insurance company. Similarly, the issuing Equity Advantage Variable Universal Life is issued by MetLife Investors USA Insurance Company on Policy there can be no assurance given, that the portfolios’ investment results will be comparable to the investment results of any other portfolio, including other portfolios with insurance company and the underwriter do not back the financial strength of the broker/ Form 5E-46-06 and in New York only, by Metropolitan Life Insurance Company on Policy Form 1E-46-06- the same advisor or manager. The portfolios’ investment results may be expected to differ, and may be higher or lower than the investment results of such other portfolios. dealer or its affiliates. Please contact your financial professional for complete details. NY-1. Variable annuities other than Preference Premier® are issued by MetLife Investors USA Insurance Differences in portfolio size, investments held, contract and portfolio expenses, and other factors are all expected to contribute to the differences in performance. Variable annuity withdrawals of taxable amounts are subject to ordinary income tax and if made before Company on Policy Form 8010 (11/00) and in New York, only by First MetLife Investors Insurance Company on Policy Form 6010 (02/02).The Preference Premier variable annuity is issued by Metropolitan Life Insurance ageVariable 59 ½, mayannuities be subject are toissued a 10% by Federal Metropolitan income tax Life penalty. Insurance Some broker/dealersCompany on and Policy financial Form PPS (07/01). Equity Advantage Variable Universal Life is issued by Metropolitan Life Company on Policy Form PPS (07/01) and is offered through MetLife Securities, Inc. and New England professionalsInsurance mayCompany refer to on the Policy 10% Federal Form 1E-46-06-NY-1.income tax penalty as an “additional tax” or “additional income tax,” or use the terms interchangeably when discussing withdrawals taken prior to age 59 ½. Securities Corporation. All variable products are distributed by MetLife Investors Distribution Company (member FINRA). All are MetLife companies. DistributionsAll variable of productstaxable amounts are distributed from a nonqualified by MetLife annuity Investors may also Distribution be subject to the Company 3.8% Unearned (member FINRA). All are MetLife companies. Income Medicare Contribution Tax on Net Investment Income if your modified adjusted gross income MetLife Investors USA Insurance Company, MetLife Investors Distribution Company; both at 5 Park Plaza, exceedsMetropolitan the applicable Life Insurance threshold amount. Company, Withdrawals 200 Park will Avenue, reduce theNew living York, and NY death 10166. benefits MetLife and InvestorsSuite 1900, Distribution Irvine, CA Company, 92614. Metropolitan at 1095 Avenue Life Insurance of the Company,Americas, First New MetLife York, Investors NY 10036. Insurance accountThe information value. Withdrawals illustrated may beabove subject has to beenwithdrawal provided charges. by the Variable fund life company insurance and withdrawals deemed to Company;be reliable. both at 200 Park Avenue, New York, NY 10166. MetLife Securities, Inc., New England Securities may have an adverse effect on the policy’s cash value and death benefit. Corporation; both at 1095 Avenue of the Americas, New York, NY 10036. The information illustrated above has been provided by the fund company and deemed to be reliable. www.metlife.com/pgs • Not a Deposit • Not FDIC-Insured • Not Insured By Any Federal Government Agency • Not Guaranteed By Any Bank Or Credit Union • May Go Down In Value

metlife.com

© 2014 METLIFE, INC. • Not A Deposit • Not FDIC-Insured • Not Insured By Any Federal Government Agency • NotCLVA Guaranteed119444-PAN By L1220009573[exp1221][All Any Bank Or Credit States][DC,GU,MP,PR,VI]Union • May Go Down © In20 21ValueMETLIFE, INC. L0913344175[0914]