Common use of Principal Risks of Investing Clause in Contracts

Principal Risks of Investing. An investment in the Cash Allocation Account is not insured or guaranteed by any government agency, the Program Distributor, the Investment Manager, the Program Manager or FAME and involves credit and interest rate risks. Investment in Maine CDs involves some of the special considerations discussed under "PROGRAM AND PORTFOLIO RISKS AND OTHER CONSIDERATIONS- Investment Risks of Underlying Funds — Underlying Funds Investing in Fixed Income Securities (Including Money Market Securities)." Composition — Since September 5, 2001, for the periods shown, the Cash Allocation Account has been invested in securities that are high quality, short-term securities, which may primarily consist of direct U.S. Government obligations, U.S. Government agency securities, obligations of domestic and foreign banks, U.S. dollar denominated commercial paper, other short-term debt securities issued by U.S. and foreign entities, repurchase agreements, and Maine CDs. Although the Cash Allocation Account was invested in Maine CDs until September 10, 2012, the Cash Allocation Account may or may not be continuously invested in Maine CDs after such date. Cash Allocation Account 0.00% 1.13% 1.00% 0.54% 1.21% 09/05/01** * Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. (Cumulative total return reflects actual change in the value of an investment over a given period.) Average annual total return smooths out variations in performance; it is not the same as actual year-by-year results. Returns covering periods of less than one year represent cumulative total returns. ** From August 5, 1999 through September 4, 2001, the Cash Allocation Account was invested in Class II shares of the Retirement Reserves Money Fund of the Retirement Series Trust ("Money Fund"). For the period August 5, 1999 through September 4, 2001, the average annual total return of the Money Fund's Class II shares was 5.28%. General — Substantially all of the assets of each iShares Portfolio (each of which is also a BlackRock Portfolio) are invested in iShares ETFs that are recommended by BlackRock for that iShares Portfolio and approved by FAME for use in that iShares Portfolio. Certain iShares Portfolios may hold cash, pending investment in the iShares ETFs that are Underlying Funds of such Portfolios. All of the Underlying Funds in which iShares Portfolios invest are currently managed by BlackRock Fund Advisors, which is an affiliate of the Investment Manager. BlackRock and its affiliates had approximately $9.5 trillion in assets under management as of June 30, 2021. The following charts illustrate the current target asset allocation of each age-band of the iShares Age-Based Diversified Portfolio. Investment Grade Fixed Income 10% Alternative Investment 9% International Equity 33.09% Domestic Equity 47.91% iShares Age-Based 0-1 Year Portfolio Investment Domestic Grade Fixed Equity 41.58% Income 20% Alternative Investment 8% International Equity 30.42% iShares Age-Based 2-4 Years Portfolio Investment Domestic Grade Fixed Equity 34.73 Income 30% Alternative Investment 7% International Equity 28.27% iShares Age-Based 5-7 Years Portfolio Investment Domestic Grade Fixed Equity 29% Income 40% International Alternative Equity 25% Investment 6% iShares Age-Based 8-11 Years Portfolio Investment Grade Fixed Income 50% Domestic Equity 23.38% International Equity 21.62% Alternative Investment 5% iShares Age-Based 12-13 Years Portfolio InvestmentGrade Fixed Domestic Income Equity 20.44% 59.99% Internationa Equity 15.57 Alternative Investment 4% iShares Age-Based 14-15 Years Portfolio Investment Grade Fixed Income 70% Domestic Equity 16.60% International Equity 10.40% Investment Grade Fixed Income 79.99% Domestic Equity 11.90% International Equity 6.37% Alternative Investment Investment Grade Fixed Income 90% Domestic International Equity 5.85% Equity 3.25% Alternative Investment 0.90% iShares Age-Based 18 Years Portfolio Alternative 1.74% Investment 3% iShares Age-Based iShares Age-Based 16 Years Portfolio 17 Years Portfolio % l % The following charts illustrate the current target asset allocation of each iShares Diversified and Single Fund Portfolio. International Equity 38.96% Domestic Equity 51.04% Mixed Asset 100% Domestic Equity 100%

Principal Risks of Investing. An investment in the Cash Allocation Account is not insured or guaranteed by any government agency, the Program Direct Series Distributor, the Investment Manager, the Program Manager or FAME and involves credit and interest rate risks. Investment in Maine CDs involves some of the special considerations discussed under "PROGRAM AND PORTFOLIO RISKS AND OTHER CONSIDERATIONS- CONSIDERATIONS-Investment Risks of Underlying Funds — Underlying Funds Investing in Fixed Income Securities (Including Money Market Securities)." Composition — Since September 5, 2001, for the periods shown, the Cash Allocation Account has been invested in securities that are high quality, short-term securities, which may primarily consist of direct U.S. Government obligations, U.S. Government agency securities, obligations of domestic and foreign banks, U.S. dollar denominated commercial paper, other short-term debt securities issued by U.S. and foreign entities, repurchase agreements, and Maine CDs. Although the Cash Allocation Account was invested in Maine CDs until September 10, 2012, the Cash Allocation Account may or may not be continuously invested in Maine CDs after such date. Cash Allocation Account 0.003.71% 1.131.28% 1.001.45% 0.540.90% 1.211.27% 09/05/01** * Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. (Cumulative total return reflects actual change in the value of an investment over a given period.) Average annual total return smooths out variations in performance; it is not the same as actual year-by-year results. Returns covering periods of less than one year represent cumulative total returns. ** From August 5, 1999 through September 4, 2001, the Cash Allocation Account was invested in Class II shares of the Retirement Reserves Money Fund of the Retirement Series Trust ("Money Fund"). For the period August 5, 1999 through September 4, 2001, the average annual total return of the Money Fund's Class II shares was 5.28%. General — Substantially all of the assets of each iShares Portfolio (each of which is also a BlackRock Portfolio) are invested in iShares ETFs that are recommended by BlackRock for that iShares Portfolio and approved by FAME for use in that iShares Portfolio. Certain iShares Portfolios may hold cash, pending investment in the iShares ETFs that are Underlying Funds of such Portfolios. Portfolios.‌ All of the Underlying Funds in which iShares Portfolios invest are currently managed by BlackRock Fund Advisors, which is an affiliate of the Investment Manager. BlackRock and its affiliates had approximately $9.5 9.4 trillion in assets under management as of June 30, 20212023. The following charts illustrate the current target asset allocation of each age-band iShares Year of the iShares Age-Based Diversified Enrollment Portfolio. Investment Grade The target allocation of assets of each such Year of Enrollment Portfolio (other than the Enrolled Portfolio) to Underlying Funds that primarily invest in equity securities, fixed income securities and money market securities, respectively, will change over time (generally on a quarterly basis) from the target allocation shown in the following charts as the remaining period until the applicable “year of enrollment” shortens, with the allocation to Underlying Funds that primarily invest in equity securities generally reducing over time and the allocation to Underlying Funds that primarily invest in fixed income securities and/or money market securities generally increasing over time. 2041 Enrollment Portfolio Fixed Income 1010.20% Alternative Investment 9Assets 3.96% International Equity 33.0932.47% Domestic Equity 47.9153.37% iShares Age-Based 0-1 Year 2038 Enrollment Portfolio Investment Domestic Grade Fixed Equity 41.58% Income 2018.56% Alternative Investment 8Assets 3.55% International Equity 30.4228.51% iShares Age-Based 2-4 Years Domestic Equity 49.38% 2035 Enrollment Portfolio Investment Domestic Grade Fixed Equity 34.73 Income 3027.01% Alternative Investment 7Assets 3.13% International Equity 28.27% iShares Age-Based 5-7 Years Portfolio Investment Domestic Grade Fixed Equity 29% Income 40% International Alternative Equity 25% Investment 6% iShares Age-Based 8-11 Years Portfolio Investment Grade Fixed Income 5025.13% Domestic Equity 23.3844.73% 2033 Enrollment Portfolio Fixed Income 36.02% Alternative Assets 2.71% International Equity 21.62% Alternative Investment 5% iShares Age-Based 12-13 Years Portfolio InvestmentGrade Fixed Domestic Income Equity 20.44% 59.99% Internationa Equity 15.57 Alternative Investment 4% iShares Age-Based 14-15 Years Portfolio Investment Grade Fixed Income 7022.43% Domestic Equity 16.6038.84% 2029 Enrollment Portfolio Fixed Income 45.65% Alternative Assets 2.28% International Equity 10.4020.86% Investment Grade Domestic Equity31.21% 2027 Enrollment Portfolio Fixed Income 79.9954.82% Alternative Assets 1.84% Domestic Equity 11.90International Equity 25.81% 17.53% 2026 Enrollment Portfolio Fixed Income 64.17% Alternative Assets 1.49% International Equity 6.37% Alternative Investment Investment Grade Fixed Income 90% Domestic International Equity 5.85% Equity 3.25% Alternative Investment 0.90% iShares Age-Based 18 Years Portfolio Alternative 1.74% Investment 3% iShares Age-Based iShares Age-Based 16 Years Portfolio 17 Years Portfolio % l % The following charts illustrate the current target asset allocation of each iShares Diversified and Single Fund Portfolio. International Equity 38.9612.73% Domestic Equity 51.0421.61% Mixed Asset 1002025 Enrollment Portfolio Fixed Income 73.23% Alternative Assets 1.08% International Equity Domestic Equity 100%9.71% 15.98% 2024 Enrollment Portfolio Enrolled Portfolio Alternative Assets Alternative Assets 0.73% 0.40% International Equity International Equity

Principal Risks of Investing. An investment in the Cash Allocation Account is not insured or guaranteed by any government agency, the Program Distributor, the Investment Manager, the Program Manager or FAME and involves credit and interest rate risks. Investment in Maine CDs involves some of the special considerations discussed under "PROGRAM AND PORTFOLIO RISKS AND OTHER CONSIDERATIONS- Investment Risks of Underlying Funds — Underlying Funds Investing in Fixed Income Securities (Including Money Market Securities)." Composition — Since September 5, 2001, for the periods shown, the Cash Allocation Account has been invested in securities that are high quality, short-term securities, which may primarily consist of direct U.S. Government obligations, U.S. Government agency securities, obligations of domestic and foreign banks, U.S. dollar denominated commercial paper, other short-term debt securities issued by U.S. and foreign entities, repurchase agreements, and Maine CDs. Although the Cash Allocation Account was invested in Maine CDs until September 10, 2012, the Cash Allocation Account may or may not be continuously invested in Maine CDs after such date. Cash Allocation Account 0.00% 1.13% 1.00% 0.54% 1.21% 1.16%% 09/05/01** * Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. (Cumulative total return reflects actual change in the value of an investment over a given period.) Average annual total return smooths out variations in performance; it is not the same as actual year-by-year results. Returns covering periods of less than one year represent cumulative total returns. ** From August 5, 1999 through September 4, 2001, the Cash Allocation Account was invested in Class II shares of the Retirement Reserves Money Fund of the Retirement Series Trust ("Money Fund"). For the period August 5, 1999 through September 4, 2001, the average annual total return of the Money Fund's Class II shares was 5.28%. General — Substantially all of the assets of each iShares Portfolio (each of which is also a BlackRock Portfolio) are invested in iShares ETFs that are recommended by BlackRock for that iShares Portfolio and approved by FAME for use in that iShares Portfolio. Certain iShares Portfolios may hold cash, pending investment in the iShares ETFs that are Underlying Funds of such Portfolios. All of the Underlying Funds in which iShares Portfolios invest are currently managed by BlackRock Fund Advisors, which is an affiliate of the Investment Manager. BlackRock and its affiliates had approximately $9.5 8.5 trillion in assets under management as of June 30, 20212022. The following charts illustrate the current target asset allocation of each age-band of the iShares Age-Based Diversified Portfolio. Investment Grade Fixed Income 10% Alternative Investment 9% International Equity 33.09% Domestic Equity 47.91% iShares Age-Based 0-1 Year Portfolio Investment Domestic Grade Fixed Equity 41.58% Income 20% Alternative Investment 8% International Equity 30.42% iShares Age-Based 2-4 Years Portfolio Investment Domestic Grade Fixed Equity 34.73 Income 30% Alternative Investment 7% International Equity 28.27% iShares Age-Based 5-7 Years Portfolio Investment Domestic Grade Fixed Equity 29% Income 40% International Alternative Equity 25% Investment 6% iShares Age-Based 8-11 Years Portfolio Investment Grade Fixed Income 50% Domestic Equity 23.38% International Equity 21.62% Alternative Investment 5% iShares Age-Based 12-13 Years Portfolio InvestmentGrade Fixed Domestic Income Equity 20.44% 59.99% Internationa Equity 15.57 Alternative Investment 4% iShares Age-Based 14-15 Years Portfolio Investment Grade Fixed Income 70% Domestic Equity 16.60% International Equity 10.40% Investment Grade Fixed Income 79.99% Domestic Equity 11.90% International Equity 6.37% Alternative Investment Investment Grade Fixed Income 90% Domestic International Equity 5.85% Equity 3.25% Alternative Investment 0.90% iShares Age-Based 18 Years Portfolio Alternative 1.74% Investment 3% iShares Age-Based iShares Age-Based 16 Years Portfolio 17 Years Portfolio % l % The following charts illustrate the current target asset allocation of each iShares Diversified and Single Fund Portfolio. Current Target Underlying Fund Allocations — The following chart illustrates the current target asset allocations and the current target Underlying Fund allocations within those target asset allocations for the age-bands of the iShares Age-Based Diversified Portfolio. For convenience of reference, Underlying Funds are grouped by their principal asset class, although certain investments of an Underlying Fund may be made in other types of assets. This information is presented for informational purposes only. Underlying Fund BlackRock iShares Core S&P Total U.S. Stock Market ETF ITOT 53.37% 49.38% 44.73% 38.84% 31.21% 25.81% 21.61% 15.98% 11.10% 6.18% iShares Core MSCI Total International Equity 38.96Stock ETF IXUS 32.47% Domestic Equity 51.0428.51% Mixed Asset 10025.13% Domestic Equity 10022.43% 20.86% 17.53% 12.73% 9.71% 6.37% 3.44% xXxxxxx Xxxxx & Steers REIT ETF ICF 3.96% 3.55% 3.13% 2.71% 2.28% 1.84% 1.49% 1.08% 0.73% 0.38% iShares Short Treasury Bond ETF SHV 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.20% 20.04% 30.85% 41.91% iShares 1-3 Year Treasury Bond ETF SHY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.33% 22.26% 34.28% 38.10% iShares Core U.S. Aggregate Bond ETF AGG 7.56% 13.75% 20.01% 26.68% 33.81% 40.60% 51.73% 25.11% 14.50% 8.69% iShares 20+ Year Treasury Bond ETF TLT 1.51% 2.75% 4.00% 5.34% 6.77% 8.13% 2.15% 2.06% 0.00% 0.00% iShares TIPS Bond ETF TIP 1.13% 2.06% 3.00% 4.00% 5.07% 6.09% 7.76% 3.76% 2.17% 1.30%