# EDGAR Filing Document

**Accession Number:** 0000906982
**File Stem:** 0001193125-26-149315
**Filing Date:** 2026-4
**Character Count:** 1210327
**Document Hash:** a10be65cb9b6cc0c01fabd482d5b3b72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-149315.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001193125-26-149315

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20260409

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW YORK LIFE INS & ANNUITY CORP VAR UNIV LIFE SEP ACC I
- **CENTRAL INDEX KEY:** 0000906982

**ORGANIZATION NAME:**
- **EIN:** 133044743
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07798
- **FILM NUMBER:** 26850809

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVE, ROOM 10SB
- **STREET 2:** ATTENTION:  LARRY ROONEY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 576-6822

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE, ROOM 10SB
- **STREET 2:** ATTENTION:  LARRY ROONEY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW YORK LIFE INS & ANNUITY CORP VAR UNIV LIFE SEP ACC I
- **CENTRAL INDEX KEY:** 0000906982

**ORGANIZATION NAME:**
- **EIN:** 133044743
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-147707
- **FILM NUMBER:** 26850810

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVE, ROOM 10SB
- **STREET 2:** ATTENTION:  LARRY ROONEY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 576-6822

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE, ROOM 10SB
- **STREET 2:** ATTENTION:  LARRY ROONEY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

## Series and Classes Contracts Data

### NEW YORK LIFE INS & ANNUITY CORP VAR UNIV LIFE SEP ACC I (Series ID: S000009365)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000058633 | NEW YORK LIFE VARIABLE UNIVERSAL LIFE ACCUMULATOR              |  |
| C000065290 | NEW YORK LIFE SURVIVORSHIP VARIABLE UNIVERSAL LIFE ACCUMULATOR |  |

**As filed with the Securities and Exchange Commission on April 9, 2026** 

Registration No. 333-147707 <br>

811-07798

------

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C.**

------

---

| | |
|:---|:---|
| **Form N-6** |  |
| **REGISTRATION STATEMENT** |  |
| ***UNDER***<br> ***THE SECURITIES ACT OF 1933***<br>| ☒  |
| **Post-Effective Amendment No. 29** | ☒  |
| **and** |  |
| **REGISTRATION STATEMENT** |  |
| ***UNDER***<br> ***THE INVESTMENT COMPANY ACT OF 1940***<br>| ☒  |
| **Amendment No. 211** | ☒  |

---

------

**New York Life Ins & Annuity Corp** 

**Var Univ Life Sep Acc I** 

**(Exact Name of Registrant)**

------

**NEW YORK LIFE INSURANCE AND** <br>**ANNUITY CORPORATION** 

(Name of Depositor)

**51 Madison Avenue** <br>**New York, New York 10010** 

(Address of Depositor's Principal Executive Office)

**Depositor's Telephone Number: (212) 576-7000** 

**Mary E. Najem, Esq.** <br>**New York Life Insurance and Annuity Corporation** <br>**51 Madison Avenue** <br>**New York, NY 10010** 

(Name and Address of Agent for Service)

------

**Copy to: Charles A. Whites, Jr., Esq.** <br>**Vice President and Associate General Counsel** <br> **New York Life Insurance Company** <br>**51 Madison Avenue** <br>**New York, NY 10010**

------

---

| | |
|:---|:---|
| Approximate Date of Proposed Public Offering: Continuous | Approximate Date of Proposed Public Offering: Continuous |
| It is proposed that this filing will become effective: | It is proposed that this filing will become effective: |
| ☐  | immediately upon filing pursuant to paragraph (b) of Rule 485 |
| ☒  | on May 1, 2026 pursuant to paragraph (b) of Rule 485 |
| ☐  | 60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
| ☐  | on (date) pursuant to paragraph (a)(1) of Rule 485 |
| If appropriate, check the following box: | If appropriate, check the following box: |
| ☐  | This post-effective amendment designates a new date for a previously filed post-effective amendment. |

---

------

**New York Life Insurance and Annuity Corporation** 

**New York Life Variable Universal Life Accumulator** <br>**New York Life Survivorship Variable Universal Life Accumulator** 

**Prospectus—May 1, 2026**

**Two flexible premium variable universal life insurance contract(s) offered to individuals under NYLIAC Variable Universal Life Separate Account-I**

Please use one of the following addresses for service requests:

---

| | |
|:---|:---|
| **Regular Mail** | **Express Mail** |
| NYLIAC<br> Variable Products Service Center<br> Madison Square Station<br> P.O. Box 922<br> New York, NY 10159<br>| &nbsp;&nbsp; NYLIAC<br> Variable Products Service Center<br> 51 Madison Avenue<br> Floor 3B, Room 0304<br> New York, NY 10010<br>|

---

or call our toll-free number: 1-800-598-2019

For submitting death claim forms only, you may also use:

---

| |
|:---|
| **Regular Mail** |
| New York Life<br> P.O. Box 130539<br> Dallas, TX 75313-0539<br>|

---

Premium payments and loan repayments should be sent to us at:

---

| | |
|:---|:---|
| **Regular Mail** | **Express Mail** |
| NYLIAC<br> 75 Remittance Drive, Suite 3021<br> Chicago, IL 60675-3021<br>| &nbsp;&nbsp; NYLIAC<br> 5450 N. Cumberland Avenue, Suite 100<br> Chicago, IL 60656-1422<br>|

---

This prospectus describes two different policies issued by NYLIAC. The New York Life Variable Universal Life Accumulator ("VUL") policy insures one person and pays a death benefit upon that person's death. The New York Life Survivorship Variable Universal Life Accumulator ("SVUL") policy insures two people and pays a death benefit upon the death of the second person. Throughout this prospectus that second person is described as the last surviving insured. Other differences between the VUL and SVUL policies are noted in this prospectus. Both SVUL and VUL policies are no longer offered for sale. However, we will still accept additional premiums for existing policies. In this prospectus, the words "we," "our" or "us" refer to NYLIAC and the words "you" or "your" refer to the policyowner.

***The Securities and Exchange Commission ("SEC") has not approved or disapproved of this security or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.*** Policies have risks including risk of loss of the amount invested. Policies are not deposits of, or guaranteed or endorsed by, any bank and are not federally insured by the FDIC, Federal Reserve Board, or any other agency.

These life insurance policies are not considered an offering in any jurisdiction where such offering may not be lawfully made. We do not authorize any information or representations regarding the offering described in this prospectus and the Statement of Additional Information ("SAI") other than as contained in these materials or any attached supplements to them, or in any supplemental sales material we authorize. Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

------

**The New York Life Variable Universal Life Accumulator and the New York Life Survivorship Variable Universal Life Accumulator Prospectus and Statement of Additional Information are available at <u>https://dfinview.com/NewYorkLife/TAHD/accumulator</u>.**

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
| **[Definitions](#xx_60113eef-be5d-4008-a8a6-e9a425bbb0e2_1)** | &nbsp;&nbsp; 1 |
| **[Important Information You Should Consider](#xx_6fdbfafb-dfab-4d8e-b174-1708c63b1782_1)**<br> **[About the Policy](#xx_6fdbfafb-dfab-4d8e-b174-1708c63b1782_1)**<br>| &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fees and Expenses](#xx_6fdbfafb-dfab-4d8e-b174-1708c63b1782_1) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risks](#xx_6fdbfafb-dfab-4d8e-b174-1708c63b1782_2) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Restrictions](#xx_6fdbfafb-dfab-4d8e-b174-1708c63b1782_3) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Taxes](#xx_6fdbfafb-dfab-4d8e-b174-1708c63b1782_4) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Conflicts of Interest](#xx_6fdbfafb-dfab-4d8e-b174-1708c63b1782_4) | &nbsp;&nbsp; 7 |
| **[Overview of the Policy](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1)** | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [1.](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1)[Purposes of the Policy](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [2.](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1)[Flexible Premiums](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [3.](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1)[Summary of Primary Features](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Three Life Insurance Benefit Options](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_1) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Changing Your Life Insurance Benefit Option](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_2)<br> [and the Face Amount of Your Policy](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_2)<br>| &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Five-Year No-Lapse Guarantee](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_2) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cash Value](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_2) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Liquidity through Loans and Partial](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_3)<br> [Surrenders](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_3)<br>| &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Options](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_3) | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Automated Investment Features](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_3) | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Policy Split Option (SVUL Policies Only)](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_3) | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Optional Riders](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_3) | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Policyowner Support](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_3) | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [A Highly-Rated Company](#xx_d8a958a2-3547-435e-b384-4c6d5e9f04a4_4) | &nbsp;&nbsp; 12 |
| **[Table of Fees and Expenses](#xx_c0e53b73-c1dd-4166-8b0e-23fc13f5d6b9_1)** | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TRANSACTION FEES](#xx_c0e53b73-c1dd-4166-8b0e-23fc13f5d6b9_1) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Periodic Charges Other Than Funds' Operating](#xx_c0e53b73-c1dd-4166-8b0e-23fc13f5d6b9_4)<br> [Expenses](#xx_c0e53b73-c1dd-4166-8b0e-23fc13f5d6b9_4)<br>| &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Eligible Portfolios' Annual Operating Expenses](#xx_c0e53b73-c1dd-4166-8b0e-23fc13f5d6b9_9) | &nbsp;&nbsp; 21 |
| **[Summary of Principal Risks of Investing in the](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1)**<br> **[Policy](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1)**<br>| &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Risk](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Not a Short-Term Investment](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Risks](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Risk of Lapse (especially on minimally-funded](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1)<br> [policies)](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1)<br>| &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risk of Lapse from Policy Loans](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_1) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Limitations on Access to Cash Value (Liquidity](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_2)<br> [Risk)](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_2)<br>| &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Tax Risks](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_2) | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Potential for Increased Charges](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_2) | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Potentially Harmful Transfer Activity](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_2) | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Potential for Low Crediting Rates](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_3) | &nbsp;&nbsp; 24 |

---

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Insurance Company Risks; Risks Affecting our](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_3)<br> [Administration of Your Policy](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_3)<br>| &nbsp;&nbsp; 24 |
| **[Management And Organization](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_3)** | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Insurer](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_3) | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Your Policy](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_3) | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [About the Separate Account](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_4) | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Our Rights](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_4) | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Fixed Account and the DCA Plus Account](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_5) | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How To Reach Us For Policy Services](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_5) | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Written Service Requests](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_5) | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Telephone Service Requests](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_5) | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Online Service at](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_6)[www.newyorklife.com](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_6)[and](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_6)<br> [through the New York Life Insurance](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_6)<br> [Company Mobile Application](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_6)<br>| &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Third-Party Access to Your Account](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_6) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Registered Representative Actions](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_7) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Information Systems Failures And](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_7)<br> [Cybersecurity Risks](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_7)<br>| &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Risks From Serious Infectious Disease](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_8)<br> [Outbreaks](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_8)<br>| &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Funds And Eligible Portfolios](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_8) | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Money Market Fund Fees](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_10) | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reinvestment](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_11) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Asset Allocation Models](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_11) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Information for Policyholders Currently](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_11)<br> [Allocated to an Asset Allocation Model](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_11)<br>| &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Restrictions and Transfers](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_11) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Risks Associated with the Asset](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_12)<br> [Allocation Models](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_12)<br>| &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Conflicts of Interest Relating to the Asset](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_12)<br> [Allocation Models](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_12)<br>| &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Franklin Templeton Model Portfolios](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_13) | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Conflicts of Interest Relating to the Model](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_13)<br> [Portfolios](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_13)<br>| &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Return](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_14) | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Voting](#xx_967b768f-9e17-4889-aa46-f7cb5bf8fc40_14) | &nbsp;&nbsp; 35 |
| **[Charges Associated With The Policy](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_1)** | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Deductions From Premium Payments](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_1) | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Sales Expense Charge](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_1) | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [State Premium Tax Charge](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_2) | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Federal Tax Charge](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_2) | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Deductions From Cash Value](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_2) | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Monthly Contract Charge](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_3) | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Charge For Cost Of Insurance Protection](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_3) | &nbsp;&nbsp; 39 |

---

i

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mortality And Expense Risk Charge](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_3) | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Monthly Per Thousand Face Amount](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_4)<br> [Charge](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_4)<br>| &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rider Charges](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_4) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Expense Allocation Option](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_4) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Separate Account Charges](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_4) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Charges For Federal Income Taxes](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_4) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fund Charges](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_4) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transaction Charges](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_5) | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Surrender Charges](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_5) | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Surrender Charges On Transactions](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_6)<br> [Resulting In A Face Amount Decrease](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_6)<br>| &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Surrender Charges After A Face Amount](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_6)<br> [Increase](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_6)<br>| &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [First-Year Lapse/Reinstatement Charge](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_6) | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Partial Surrender Fee](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_7) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Transfer Fee](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_7) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Loan Charges](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_7) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Rider Charges](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_7) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Commissions Paid To Dealers](#xx_d417b1ac-6a70-43ea-9c11-ed3fd45893c1_8) | &nbsp;&nbsp; 44 |
| **[Description Of The Policy](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_1)** | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Parties](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_1) | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Policy](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_1) | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How The Policy is Available](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_2) | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policy Premiums](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_2) | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Cash Value](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_2) | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Divisions, the Fixed Account, and](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_2)<br> [DCA Plus Account](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_2)<br>| &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amount In The Separate Account](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_3) | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amount In The Fixed Account and the DCA](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_3)<br> [Plus Account](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_3)<br>| &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Transfers Among Investment Divisions, The](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_3)<br> [Fixed Account and the DCA Plus Account](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_3)<br>| &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Limits On Transfers](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_4) | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Benefits Through Riders And](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_6)<br> [Options](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_6)<br>| &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Maturity Date](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_34) | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax-Free "Section 1035" Insurance Policy](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_35)<br> [Exchanges](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_35)<br>| &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; [24-Month Exchange Privilege](#xx_c1c16526-3a33-4a6e-ba6b-adceb030b4c7_35) | &nbsp;&nbsp; 79 |
| **[Loans](#xx_5d4fdc61-5774-4177-b118-c23756811042_1)** | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Your Policy As Collateral For A Loan](#xx_5d4fdc61-5774-4177-b118-c23756811042_1) | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Loan Interest](#xx_5d4fdc61-5774-4177-b118-c23756811042_1) | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interest Credited On The Cash Value Held As](#xx_5d4fdc61-5774-4177-b118-c23756811042_2)<br> [Collateral For A Policy Loan](#xx_5d4fdc61-5774-4177-b118-c23756811042_2)<br>| &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; [When Loan Interest Is Due](#xx_5d4fdc61-5774-4177-b118-c23756811042_2) | &nbsp;&nbsp; 82 |

---

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Loan Repayment](#xx_5d4fdc61-5774-4177-b118-c23756811042_2) | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Excess Loan Condition](#xx_5d4fdc61-5774-4177-b118-c23756811042_2) | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Effect Of A Policy Loan](#xx_5d4fdc61-5774-4177-b118-c23756811042_3) | &nbsp;&nbsp; 83 |
| **[Premiums](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_1)** | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Planned Premium](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_1) | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Unplanned Premium](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_1) | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risk Of Minimally Funded Policies](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_1) | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Timing And Valuation](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_2) | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Free Look](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_2) | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Premium Payments](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_2) | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Automatic Premium Payment Arrangement](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_3) | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Premium Payments Returned For Insufficient](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_3)<br> [Funds](#xx_0ab5dcc8-0a8e-451f-b167-8ba025d8015e_3)<br>| &nbsp;&nbsp; 86 |
| **[Policy Payment Information](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_1)** | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; [When Life Insurance Coverage Begins](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_1) | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Changing The Face Amount Of Your Policy](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_1) | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policy Proceeds](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_2) | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payees](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_2) | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How Policy Proceeds Will Be Paid](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_3) | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Lump Sum Payment](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_3) | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payment Options](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_3) | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Electing Or Changing A Payment Option](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_3) | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; [When We Pay Policy Proceeds](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_4) | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Life Insurance Benefit Options](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_4) | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Changing Your Life Insurance Benefit Option](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_6) | &nbsp;&nbsp; 92 |
| **[Additional Policy Provisions](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7)** | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Limits On Our Rights To Challenge Your Policy](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7) | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Suicide](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7) | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Misstatement Of Age Or Gender](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7) | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Assignment](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7) | &nbsp;&nbsp; 93 |
| **[Surrenders](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7)** | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Partial Surrenders](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7) | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amount Available For A Partial Surrender](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7) | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Requesting A Partial Surrender](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_7) | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Surrender Charge Due To Partial Surrender](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_8) | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Periodic Partial Withdrawals](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_8) | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Effect Of A Partial Surrender](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_9) | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Full Surrenders](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_10) | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cash Surrender Value](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_10) | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Requesting A Surrender](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_11) | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [When The Surrender Is Effective](#xx_a072cdb4-6e5e-433b-9ba9-bab53a19dc7c_11) | &nbsp;&nbsp; 97 |
| **[Termination And Reinstatement](#xx_0f3376be-885e-4ffa-b8b9-321febe3ac4f_1)** | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Late Period](#xx_0f3376be-885e-4ffa-b8b9-321febe3ac4f_1) | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Five-Year No Lapse Guarantee](#xx_0f3376be-885e-4ffa-b8b9-321febe3ac4f_1) | &nbsp;&nbsp; 98 |

---

ii

------

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reinstatement Option](#xx_0f3376be-885e-4ffa-b8b9-321febe3ac4f_1) | &nbsp;&nbsp; 98 |
| **[Distribution And Compensation](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_1)**<br> **[Arrangements](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_1)**<br>| &nbsp;&nbsp; 100 |
| **[Federal Income Tax Considerations](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_1)** | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Our Intent](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_1) | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax Status Of NYLIAC And The Separate](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_1)<br> [Account](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_1)<br>| &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Charges For Taxes](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_2) | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Diversification Standards And Control Issues](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_2) | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Life Insurance Status Of Policy](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_2) | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [IRC Section 101(j)—Impact Of](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_3)<br> [Employer-Owned Policies](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_3)<br>| &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Modified Endowment Contract Status](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_3) | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Status Of The Policy After The Younger](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_4)<br> [Insured Is Age 100](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_4)<br>| &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policy Surrenders And Partial Surrenders](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_5) | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [3.8 Percent Medicare Tax On Certain](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_5)<br> [Investment Income](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_5)<br>| &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policy Loans And Interest Deductions](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_5) | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Exchanges, Sales Or Assignments Of Policies](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_6) | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Living Benefits Rider (Filed As Accelerated](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_6)<br> [Benefits Rider)](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_6)<br>| &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Overloan Protection Rider](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_6) | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Qualified Plans](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_6) | &nbsp;&nbsp; 105 |

---

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Withholding](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_6) | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Business Uses Of Policy](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_7) | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Non-Individual Owners And Business](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_7)<br> [Beneficiaries Of Policies](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_7)<br>| &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Corporate Owners](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_7) | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Split-Dollar Arrangements](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_7) | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Tax Shelter Regulations](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_7) | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other Tax Considerations](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_8) | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Life Insurance Purchases By Residents Of](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_8)<br> [Puerto Rico](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_8)<br>| &nbsp;&nbsp; 107 |
| **[Legal Proceedings](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_8)** | &nbsp;&nbsp; 107 |
| **[Records And Reports](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_8)** | &nbsp;&nbsp; 107 |
| **[Financial Statements](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_9)** | &nbsp;&nbsp; 108 |
| **[STATE VARIATIONS And RIDER](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_9)**<br> **[AVAILABILITY](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_9)**<br>| &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Variations By Jurisdiction (For Policies Issued](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_12)<br> [on or after 5/1/12 if available)](#xx_812eadab-3c49-4bea-85b3-1b621e317e32_12)<br>| &nbsp;&nbsp; 111 |
| **[Appendix: Eligible Portfolios Available Under](#xx_8158d988-2700-41f2-be5f-8bef7071ebea_1)**<br> **[the Policy](#xx_8158d988-2700-41f2-be5f-8bef7071ebea_1)**<br>| &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Eligible Portfolios](#xx_8158d988-2700-41f2-be5f-8bef7071ebea_1) | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Eligible Portfolio Restrictions Applicable to the](#xx_8158d988-2700-41f2-be5f-8bef7071ebea_13)<br> [Guaranteed Minimum Accumulation Benefit](#xx_8158d988-2700-41f2-be5f-8bef7071ebea_13)<br> [Rider](#xx_8158d988-2700-41f2-be5f-8bef7071ebea_13)<br>| &nbsp;&nbsp; 127 |
| **[Obtaining Additional Information](#xx_6443e520-779f-4082-a5d6-a666b6fb96a6_1)** | &nbsp;&nbsp; 129 |

---

iii

------

**Definitions**

------

**1933 Act:** The Securities Act of 1933, as amended.

**1940 Act:** The Investment Company Act of 1940, as amended.

**AAR:** Automatic Asset Rebalancing.

**Adjusted Total Premium:** The total premiums paid minus any partial surrenders and any associated processing fees. This amount will never be less than zero. This is used in the calculation of Life Insurance Benefit Option 3.

**Asset Allocation Model:** A model portfolio comprised of Investment Divisions of the Separate Account. The Asset Allocation Models are no longer available for new investments. Beginning May 1, 2020, you may not select an Asset Allocation Model or transfer from one Asset Allocation Model to another Model. If your Cash Value is currently allocated to an Asset Allocation Model, you may continue to allocate all or a portion of your premium payments to such Model. If, however, you transfer your allocation out of an Asset Allocation Model, you will not be able to transfer back into that Asset Allocation Model or switch to a new Model. The most recent Asset Allocation Models were designed by QS Investors, LLC. Prior to May 1, 2018, New York Life Investment Management LLC provided Asset Allocation Models. The Asset Allocation Models are based primarily on investment risk.

**Business Day:** Any day on which the New York Stock Exchange is open for regular trading. Our Business Day ends at 4:00 p.m. Eastern Time or the closing of regular trading on the New York Stock Exchange, if earlier. (Each Business Day is a Valuation Day).

**Cash Surrender Value:** The Cash Value, minus any surrender charges that may apply, minus any outstanding loans and accrued loan interest. This is the amount we will pay you if you surrender your policy. See "Surrenders" for more information.

**Cash Value:** The total value of your policy's accumulation units in the Separate Account Value, plus any amount in the Fixed Account and DCA Plus Account.

**Cash Value Accumulation Test or CVAT:** An IRS test to determine whether a policy can be considered life insurance. See "Policy Payment Information—Life Insurance Benefit Options" for more information.

**Cost of Insurance Charge:** A charge that is deducted from your policy's Cash Value on each Monthly Deduction Day for the cost of providing a Life Insurance Benefit to you. The initial rate of the monthly Cost of Insurance Charge is based upon our underwriting of your policy. Your Cost of Insurance Charge may vary from month to month depending on cost of insurance rates and the Net Amount at Risk. For more information, please see "Charges Associated with the Policy—Cost of Insurance Charge".

**Dollar-Cost Averaging Plus ("DCA Plus") Account:** The 12-month dollar-cost averaging account used specifically for the DCA Plus Program. The amount in the DCA Plus Account earns interest at a rate which we declare periodically, but which will never be less than an annual rate of 2%. Interest accrues and is credited on a daily basis.

**Eligible Portfolios ("Portfolios"):** The mutual fund portfolios of the Funds that are available for investment through the Investment Divisions of the Separate Account.

**Face Amount:** The dollar amount of life insurance under the policy as selected by the policyowner. It equals the initial face amount shown on the Policy Data Page, plus or minus any changes to the initial face amount.

**FINRA:** The Financial Industry Regulatory Authority, Inc.

**Fixed Account:** An account we credit with a fixed interest rate that we declare periodically in advance, in our sole discretion. This rate can change but will never be less than 3% for policies issued prior to May 1, 2012 and 2% for policies issued on or after May 1, 2012. The Fixed Account is supported by assets in NYLIAC's General Account. The amount in the Fixed Account earns interest and is credited on a daily basis.

**Flat Extra:** An additional charge that may be assessed and added to the monthly cost of insurance charge to cover an additional risk on the Insured.

**Fund:** An open-end management investment company.

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**General Account:** An account representing all of NYLIAC's assets, liabilities, capital and surplus, income, gains, or losses that are not included in the Separate Account or any other separate account. These assets are subject to the claims of our general creditors. For VUL policies, we allocate any Net Premium payments you make during the Free Look period to this account. For SVUL policies, we allocate any Net Premium payments you make prior to the Initial Premium Transfer Date to this account.

**GMAB Allocation Alternatives:** The Investment Options currently available with the GMAB Rider as listed in "Description of the Policy—Additional Benefits Through Riders and Options—Guaranteed Minimum Accumulation Benefit Rider—Rider Eligibility and Investment Restrictions."

**GMAB Investment Divisions:** The Investment Divisions currently available as GMAB Allocation Alternatives.

**Good Order:** A request or transaction is in Good Order if it complies with our administrative procedures, and the required information is complete and correct. This means the actual receipt by us of your request and any instructions related to the request in writing (or, if permitted, by telephone or electronic means), along with all forms, and any other information or documentation necessary to complete the transaction. We may, in our sole discretion, determine whether any particular request or transaction is in Good Order. We may reject or delay a request or transaction if the information needed is not in Good Order. If you have any questions, you should contact us or your registered representative before submitting a form or request.

**Guideline Premium Test or GPT:** An IRS test to determine whether a policy can be considered life insurance. See "Policy Payment Information—Life Insurance Benefit Options" for more information.

**Initial Premium Transfer Date:** The date on which initial Net Premiums and any accumulated interest is transferred from the General Account to the Investment Divisions, the Fixed Account, and/or the DCA Plus Account. For SVUL, the Initial Premium Transfer Date is generally the later of the Issue Date and the date we receive the full initial premium payment in Good Order. For VUL, the Initial Premium Transfer Date is generally the end of the Free Look period.

**Investment Division:** A division of the Separate Account. Each Investment Division invests exclusively in shares of a specified Eligible Portfolio.

**Investment Options:** Policy investment options that consist of the Investment Divisions, the Fixed Account, and the DCA Plus Account.

**IRC:** Internal Revenue Code of 1986, as amended.

**IRS:** The Internal Revenue Service.

**Issue Date:** The date we issue the policy as specified on the Policy Data Page.

**Life Insurance Benefit:** The benefit calculated under the Life Insurance Benefit Option you have chosen.

**Modified Endowment Contract or MEC:** A modified endowment contract, which is a type of life insurance contract defined in Section 7702A of the Internal Revenue Code. For a description of MECs and the tax consequences of MEC status, please see "Federal Income Tax Considerations—Modified Endowment Contract Status" below.

**Monthly Deduction Day:** The date that we deduct the Monthly Deduction Charges from your policy's Cash Value. The first Monthly Deduction Day will be the first monthly anniversary of the Policy Date on or following the later of the Issue Date and the date we receive the full initial premium payment in Good Order. If the later of the Issue Date and the date we receive the full initial premium payment and the Policy Date of the policy are different, deductions made on the Monthly Deduction Day will include the monthly deductions that would have been made on each Monthly Deduction Day for the period from the Policy Date to the later of the Issue Date and the date we receive the full initial premium payment in Good Order, as if the policy were issued on the Policy Date. If a Monthly Deduction Day falls on a day that is not a Business Day, the Monthly Deduction Charges will be deducted on the following Business Day.

**Mortality and Expense Risk:** The risk that the group of lives we have insured under our policies will not live as long as we expect (mortality risk); and the risk that the cost of issuing and administering the policies will be greater than we have estimated (expense risk).

**Net Amount at Risk:** The difference between (i) the Life Insurance Benefit divided by 1.00327, and (ii) the policy's Cash Value. See "Deductions from Cash Value—Charge for Cost of Insurance Protection" for more information.

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**Net Premium:** The balance of a premium payment after applicable sales expense, state premium tax, and federal tax charges have been deducted.

**Non-Qualified Policy:** A variable universal life insurance policy that is not a Qualified Policy.

**NYLIAC:** New York Life Insurance and Annuity Corporation.

**NYLIC:** New York Life Insurance Company.

**NYLIFE Distributors:** NYLIFE Distributors, LLC.

**NYLIFE Securities:** NYLIFE Securities, LLC.

**Policy:** VUL or SVUL.

**Policy Data Page:** Page 2 of your policy. The Policy Data Page contains your policy's specifications.

**Policy Date:** The date we use as the starting point for determining Policy Years and Monthly Deduction Days. Your Policy Date will be the same as your Issue Date, unless you request otherwise. You can find your Policy Date on the Policy Data Page.

**Policy Proceeds:** The benefit we will pay to your beneficiary when we receive proof that the insured (under VUL) or last surviving insured (under SVUL) died while the policy is in effect. It is equal to the Life Insurance Benefit, plus any additional benefits under any riders you have chosen, minus any outstanding loans (including any accrued loan interest).

**Policy Year:** The twelve-month period starting on the Policy Date, and each twelve-month period thereafter.

**Portfolio(s):** See "Eligible Portfolios".

**Qualified Plan:** An employee benefit plan that is intended to qualify for special federal income tax treatment under Section 401(a) of the IRC.

**Qualified Policy:** A variable universal life insurance policy owned by a Qualified Plan.

**Sales Standards:** The criteria used to evaluate whether a recommended transaction, relating to your policy, complies with applicable standards of conduct.

**SEC:** The Securities and Exchange Commission.

**Separate Account:** NYLIAC Variable Universal Life Separate Account-I, a segregated asset account NYLIAC established to receive and invest Net Premiums that are allocated to the Investment Divisions. The Separate Account is divided into subaccounts that correspond to the Investment Divisions.

**Separate Account Value:** An amount equal to the Cash Value allocated to the Separate Account.

**Surrender Charge Premium:** The amount we use to calculate surrender charges, as set forth on the Policy Data Page.

**Target Premium:** An amount used to determine the sales expense charges to be deducted from your premium payment in a given Policy Year. The amount of the Target Premium is derived from the policy's Face Amount and the insured's age, gender, and risk class. The Target Premium may change if the policy's Face Amount is increased or decreased or other policy changes.

**VPSC:** The Variable Products Service Center. You may contact the VPSC toll-free by calling 1-800-598-2019, or by sending correspondence to the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). See "Management and Organization—How to Reach Us for Policy Services" for more information.

**http://www.newyorklife.com:** Through www.newyorklife.com, you can get up-to-date information about your policy. See "Management and Organization—How to Reach Us for Policy Services" for more information.

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**Important Information You Should Consider About the Policy** 

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| | |
|:---|:---|
|  | **Fees and Expenses** |
|  | **Please refer to your Policy Specifications Page for information about the** <br> **guaranteed maximum fees you will pay each year based on the options you** <br> **have selected.** |
| **Charges for Early** <br> **Withdrawals**<br>| If you fully surrender or withdraw money from your policy within 10 years following <br> your purchase of the policy (or following an increase in Face Amount), you may be <br> assessed a **surrender charge** equal to the lesser of (a) or (b) where (a) equals 50% <br> of your total premiums paid under the policy and (b) equals a percentage of the <br> Surrender Charge Premium applicable to the Policy. The maximum surrender charge <br> is reduced over time.<br> For example, if you were to withdraw $100,000 during the first 10 years after your <br> policy purchase (and your total premiums paid were $100,000), then you could be <br> assessed a charge of up to $50,000 on the amount withdrawn.<br> For more detailed information, see Table of Fees and Expenses; Charges Associated <br> with the Policy. |
| **Transaction Charges** | In addition to **surrender charges**, you may be charged for other transactions. These <br> include **sales expense charges** (deducted from each premium payment), and <br> charges if you cancel the Guaranteed Minimum Accumulation Benefit (GMAB) Rider <br> or exercise the Insurance Exchange Rider, the Living Benefits Rider, or the Overloan <br> Protection Rider.<br> We also reserve the right to impose **partial surrender fees**, **transfer charges** (when <br> you transfer cash value between investment options), and a **returned payment (bad** <br> **check) fee**, but we currently do not impose these charges.<br> For more detailed information, see Table of Fees and Expenses; Charges Associated <br> with the Policy – Deductions From Premium Payments; Charges Associated with the <br> Policy – Transaction Charges. |
| **Ongoing Fees and** <br> **Expenses** (annual charges) | In addition to surrender charges and transaction charges, an investment in the policy <br> is subject to certain ongoing fees and expenses. Some of these charges such as the <br> **Cost of Insurance Charge**, the **Monthly Per Thousand of Face Amount Charge**, <br> **Flat Extra charges**, and certain rider charges (for optional benefits), are set based <br> on individual characteristics of the insured (*e.g*., age, sex, and rating classification). <br> Other ongoing charges include the **monthly contract charge**, the **Mortality and** <br> **Expense Risk charge**, loan interest, and certain rider charges. Please refer to your <br> Policy Data Page for rates and the specific fees applicable to your policy.<br> Investors will also bear expenses associated with the Eligible Portfolios (Portfolio <br> Companies), as shown in the following table, which shows the minimum and <br> maximum total operating expenses deducted from Fund assets (before any fee <br> waiver or expense reimbursement) during the year ended December 31, 2025 and <br> which may change from year to year. |

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| | | |
|:---|:---|:---|
| **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** |
| **Portfolios' Annual Operating Expenses (expenses that are deducted from** <br> **Portfolio assets)** | **Portfolios' Annual Operating Expenses (expenses that are deducted from** <br> **Portfolio assets)** | **Portfolios' Annual Operating Expenses (expenses that are deducted from** <br> **Portfolio assets)** |
| **Annual Fee** | **Minimum** | **Maximum** |
| Investment Options <br> (Eligible Portfolio fees <br> and expenses)<br>| 0.12% | 1.31% |
| For more detailed information, see Table of Fees and Expenses; Charges Associated <br> with the Policy; and Appendix—Eligible Portfolios Available Under the Policy for our <br> list of available Eligible Portfolios, the current expenses for these Portfolios, and the <br> Average Annual Total Returns. | For more detailed information, see Table of Fees and Expenses; Charges Associated <br> with the Policy; and Appendix—Eligible Portfolios Available Under the Policy for our <br> list of available Eligible Portfolios, the current expenses for these Portfolios, and the <br> Average Annual Total Returns. | For more detailed information, see Table of Fees and Expenses; Charges Associated <br> with the Policy; and Appendix—Eligible Portfolios Available Under the Policy for our <br> list of available Eligible Portfolios, the current expenses for these Portfolios, and the <br> Average Annual Total Returns. |

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**Risks**<br>

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|:---|:---|
| **Risk of Loss** | You can lose money by investing in this policy, including loss of your premiums <br> (principal).<br> For more detailed information, see, Summary of Principal Risks of Investing in the <br> Policy; Management and Organization – About the Separate Account.<br>|
| **Not a Short-Term** <br> **Investment**<br>| This policy is not designed for short- term investing and is not appropriate for an <br> investor who needs ready access to cash.<br> The policy is designed to provide a Life Insurance Benefit or to help meet other <br> long-term financial objectives. Substantial fees, expenses, and tax implications make <br> variable life insurance unsuitable as a short-term savings vehicle. Additionally, the <br> policy may limit your ability to withdraw a portion of the Cash Value through partial <br> surrenders or loans.<br> For more detailed information, see Summary of Principal Risks of Investing in the <br> Policy; Loans; and Surrenders—Partial Surrenders—Amount Available for a Partial <br> Surrender.<br>|
| **Risks Associated with** <br> **Investment Options**<br>| &nbsp;&nbsp;&nbsp; •An investment in this policy is subject to the risk of poor investment performance of <br> the Eligible Portfolios you choose, and the value of an investment can vary <br> depending on the performance of the Eligible Portfolios.<br>•Each investment option (the Eligible Portfolios and the fixed account) has its own <br> unique risks. The performance of the Eligible Portfolios will vary, and some are <br> riskier than others.<br>•A discussion of the risks of allocating your premiums or Cash Value to one or more <br> Eligible Portfolios can be found in the prospectuses for the Eligible Portfolios, which <br> are available at https://dfinview.com/NewYorkLife/TAHD/accumulator. You should <br> review the prospectuses for the Eligible Portfolios before making an investment <br> decision.<br>For more detailed information, see Summary of Principal Risks of Investing in the <br> Policy; Management and Organization – About the Separate Account.<br>|

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|:---|:---|
| **Insurance Company Risks** | &nbsp;&nbsp;&nbsp; An investment in the policy is subject to the risks related to New York Life Insurance <br> and Annuity Corporation (NYLIAC), including:<br>•Any obligations (including the Fixed Account and the DCA Plus Account), <br> guarantees, and benefits of the policy are subject to the claims-paying ability and <br> financial strength of NYLIAC.<br>•There are risks relating to NYLIAC's administration of the policy, including <br> cybersecurity and infectious disease outbreak risks.<br>•If NYLIAC experiences financial distress, it may not be able to meet its obligations <br> to you. More information about NYLIAC, including its financial strength ratings, is <br> available upon request from NYLIAC at 1-800-598-2019.<br> For more detailed information, see Management and Organization; Financial <br> Statements; Summary of Principal Risks of Investing in the Policy – Insurance <br> Company Risks; Risks Affecting Our Administration of Your Policy.<br>|
| **Contract Lapse** | Your policy can lapse even if you pay all of the planned premiums on time. When a <br> policy lapses, it has no value, and no benefits are paid upon the death of the insured. <br> You may also lose the principal invested. A policy can lapse if the Cash Surrender <br> Value is insufficient to pay the **Monthly Deduction Charges** and other charges. This <br> can happen due to insufficient premium payments, poor investment performance, <br> withdrawals, unpaid loans or loan interest, and policy charges (including increases in <br> those charges). The larger a policy loan becomes relative to the policy's Cash <br> Surrender Value, the greater the risk that the policy's Cash Surrender Value will not <br> be sufficient to support the policy's charges and expenses, including any loan interest <br> due, and the greater the risk of the policy lapsing. A policy lapse may have tax <br> consequences.<br> A policy that has a Cash Surrender Value just sufficient to cover **Monthly Deduction** <br> **Charges** and other charges, or that is otherwise minimally funded, is less likely to <br> maintain its Cash Surrender Value due to market fluctuation and other performance <br> related risks. To continue to keep your policy in force when the no-lapse guarantee <br> period ends, premium payments significantly higher than the premium necessary to <br> maintain the no-lapse guarantee benefit may be required.<br> If the policy lapses, there are costs and premium requirements associated with <br> reinstatement of the policy.<br> For more detailed information, see Summary of Principal Risks of Investing in the <br> Policy; Termination and Reinstatement; Premiums - Risk of Minimally Funded <br> Policies.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Restrictions**<br>

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|:---|:---|
| **Investment Options** | &nbsp;&nbsp;&nbsp; •You can select a maximum of 21 Investment Options among the available <br> Investment Divisions that invest in the Eligible Portfolios, the Fixed Account and/or <br> the DCA Plus Account.<br>•The minimum amount that you can transfer is the lesser of (i) $500 or (ii) the total <br> amount in the Investment Divisions or the Fixed Account. The maximum amount <br> that you can transfer out of the Fixed Account in any Policy Year is the greater of <br> (a) 20% of the amount in the Fixed Account at the beginning of the Policy Year, or <br> (b) $5,000.<br>•NYLIAC reserves the right to remove or substitute any Eligible Portfolios as <br> investment options that are available under the policy.<br>•If you make more than three transfers within any 60-day period, then any <br> subsequent transfer requests must be made by U.S. mail or overnight courier (not <br> by telephone or electronically).<br>•In addition, we may limit your ability to make transfers involving the Investment <br> Divisions if a transfer may disadvantage or potentially harm or hurt the rights of <br> other policyowners in order to prevent market timing. We will also reject, reverse, or <br> modify a transfer request if for any reason any of the Eligible Portfolios do not <br> accept the purchase of its shares.<br>For more detailed information, see Description of the Policy - Investment Divisions, <br> the Fixed Account and the DCA Plus Account; Description of the Policy - Transfers <br> Among Investment Divisions, the Fixed Account and the DCA Plus Account; <br> Description of the Policy - Limits on Transfers and Appendix—Eligible Portfolios <br> Available Under the Policy for our list of available Eligible Portfolios.<br>|
| **Optional Benefits** | &nbsp;&nbsp;&nbsp; •We may modify or discontinue offering an optional benefit at any time.<br> •There are limitations on the benefit amounts associated with some optional <br> benefits.<br>•Activation of certain benefits may affect the Face Amount, life insurance proceeds <br> or other rights under the policy.<br>•Some optional benefits have Policy Year limitations and/or age requirements.<br> •Some optional benefits may have tax implications.<br> •Some optional benefits are only available with certain Life Insurance Benefit <br> Options and certain life insurance qualification tests.<br>•Some optional benefits are only available with Non-Qualified Policies.<br> •Some optional benefits may not be used together.<br> •A transfer under some optional benefits could reduce the value of the benefit by <br> more than the dollar amount of the transfer.<br>•We may change these restrictions in the future.<br> For more detailed information, see The Policy—Additional Benefits Through Riders <br> and Options.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Taxes**<br>

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|:---|:---|
| **Tax Implications** | &nbsp;&nbsp;&nbsp; •Consult with a tax professional to determine the tax implications of an investment in <br> and payments received under this policy.<br>•If you purchase the policy through a tax-qualified plan, you do not get any <br> additional tax benefit.<br>•Earnings on your policy (if any) are taxed when you withdraw them (or if a policy <br> loan is not repaid), at ordinary income tax rates, and may be subject to a tax <br> penalty before age 59 ½.<br>For more detailed information, see Summary of Principal Risks of Investing in the <br> Policy–Tax Risks; Federal Income Tax Considerations.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Conflicts of Interest**<br>

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|:---|:---|
| **Investment Professional** <br> **Compensation**<br>| Your investment professional may receive compensation for selling this policy to you, <br> in the form of commissions, asset-based compensation, allowances for expenses, <br> and other compensation programs, and because NYLIAC may share the revenue it <br> earns on this policy with the professional's firm. (Your investment professional may be <br> your registered representative, broker, investment adviser, insurance agent, or <br> someone else). For these reasons, these investment professionals may have a <br> financial incentive to recommend this policy over another policy or investment.<br> For more detailed information, see Charges Associated with the <br> Policy—Commissions Paid to Dealers; Distribution and Compensation Arrangements.<br>|
| **Exchanges** | Some investment professionals may have a financial incentive to offer you a new <br> policy in place of the one you own. You should only exchange your policy if you <br> determine, after comparing the features, fees, and risks of both policies, that it is <br> preferable for you to purchase the new policy rather than continue to own your <br> existing policy.<br> For more detailed information, see Tax-Free "Section 1035" Insurance Policy <br> Exchanges.<br>|

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**Overview of the Policy**

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***1.*** ***Purposes of the Policy***

These policies provide permanent life insurance coverage with the potential for tax-deferred Cash Value accumulation that can, over time, become a valuable asset. The policies were offered by NYLIAC. The VUL and SVUL policies are no longer offered for sale. The policies offer (1) life insurance protection, (2) a choice of three Life Insurance Benefit options, (3) flexible premium payments where you decide the timing and amount of each payment, (4) the ability to increase or decrease the policy's Face Amount of insurance (within certain limits), (5) access to the policy's Cash Surrender Value through loans and partial surrenders, and (6) the ability to invest in up to 21 Investment Options. The policy is designed to be long-term life insurance coverage. It is not suitable as a short-term investment vehicle. See "Your Policy".

***2.*** ***Flexible Premiums***

Policy premium payments are flexible; other than the required initial minimum premium payment, you can select the time and amount of premium you pay, within limits. In certain circumstances, we can limit the amount of premium payments and/or require insurance (medical) underwriting before we accept additional premiums. See "Premiums".

Since the potential Cash Value growth can be used for income, this policy is designed to offer the best potential benefit when it is adequately funded. As long as the Cash Surrender Value is sufficient to cover the policy's Monthly Deduction Charges, you can increase or decrease premium payments (within certain limits), or stop making premium payments to meet your changing needs.

Although you may have a schedule of planned premiums, **your policy can lapse even if you pay all of the planned premiums on time.** When a policy lapses, it has no value, and no benefits are paid upon the death of the insured. You may also lose the principal invested. Note that termination and lapse have the same meaning throughout this prospectus.

This policy offers you a choice of Investment Options, including the available Investment Divisions, the Fixed Account, and the DCA Plus Account. Your premium payments, less any applicable charges, are allocated to the Investment Options according to your instructions. Net Premiums allocated to the Investment Divisions are invested in NYLIAC Variable Universal Life Separate Account I (the "Separate Account"). You can choose a maximum of 21 Investment Options for the allocation of Net Premium payments or for the transfer of Cash Value among the available Investment Options.

Additional information regarding the Investment Divisions and the Portfolio Companies (the "Eligible Portfolios") that they invest in is provided in the Appendix to this prospectus (*See* "Appendix: Eligible Portfolios Available Under the Policy").

***3.*** ***Summary of Primary Features***

The policy offers a variety of important features and benefits, including the following:

*Three Life Insurance Benefit Options* 

The policy offers different Life Insurance Benefit options (death benefits) that allow you to select the insurance plan that best meets your needs. These options allow you to determine how the Life Insurance Benefit will be calculated. Except as described below, the Life Insurance Benefits are:

**Option 1**— a benefit that is level and is equal to the policy's Face Amount.

**Option 2**— a benefit that varies and is equal to the policy's Face Amount plus the policy's Cash Value on the date of death. The Life Insurance Benefit under this option will vary with the policy's Cash Value. Your Life Insurance Benefit will never be less than your policy's Face Amount.

**Option 3**— a benefit that varies and is equal to the policy's Face Amount plus the Adjusted Total Premium. The Life Insurance Benefit under this option will vary with the policy's Adjusted Total Premium (total premiums paid minus any partial surrenders). Your Life Insurance Benefit will never be less than your policy's Face Amount.

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Under any of the options, your Life Insurance Benefit may be greater if the policy's Cash Value, multiplied by the minimum percentage necessary for the policy to qualify as life insurance under IRC Section 7702 (the "Corridor Death Benefit"), is greater than the amount calculated under the option you have chosen. We determine the Life Insurance Benefit as of the date of the insured's (under VUL) or last surviving insured's (under SVUL) death. See "Policy Payment Information – Life Insurance Benefit Options" for details. The Accidental Death Benefit Rider, Life Extension Benefit Rider and Estate Protection Rider, which are optional riders that may be available on the policy for an additional fee, may increase the life insurance benefit payable under the policy.

*Changing Your Life Insurance Benefit Option and the Face Amount of Your Policy*

With the policy, you are able to increase or decrease the policy's Face Amount (within certain limits). To request a decrease of the policy's Face Amount, you must send a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). (See "Policy Payment Information—Changing the Face Amount of Your Policy".) Decreases in Face Amount can incur surrender charges.

You may also request an increase of the policy's Face Amount by sending us your written application in Good Order, signed by the Insured(s), together with any proof of insurability we require. Increases are subject to underwriting and our approval. Contestability and suicide provisions on any increased portion of coverage begin on the effective date of the increase. Face Amount increases will also result in a new surrender charge period and additional cost of insurance and per thousand of Face Amount charges applicable to that increase, as well as a new seven-year testing period for modified endowment contract status. Increases may result in an increase to the Target Premium. We can limit any increase in the Face Amount of your policy. (See "Description of the Policy—Additional Benefits Through Riders and Options" for details.)

You can change the Life Insurance Benefit option for your policy to Option 1 or Option 2 while the insured (under VUL) or both insureds (under SVUL) are alive. (Changes to Option 3 are not permitted.) We may, however, prohibit you from changing the Life Insurance Benefit Option if the change would cause: (1) the Face Amount of the policy to be less than the policy minimum, (2) the policy to fail to qualify as life insurance under Section 7702 of the IRC or (3) the policy's Face Amount to exceed our limits on the risk we retain, which we set at our discretion. Option changes are not permitted: (1) on or after the policy anniversary on which the insured is age 100 (under VUL) or younger insured is or would have been age 100 (under SVUL) or (2) when the No-Lapse Guarantee has been invoked.

See "Policy Payment Information—Changing the Face Amount of Your Policy" and "Policy Payment Information—Changing Your Life Insurance Benefit Option".

*Five-Year No-Lapse Guarantee*

The policy offers a five-year no-lapse guarantee. This ensures that your policy will remain in effect during the first five Policy Years (the "guarantee period"), provided that your policy premium payments satisfy the minimum premium test. (See "Termination and Reinstatement—No-Lapse Guarantee" for information on premiums required to pass the test.) This benefit prevents your policy from lapsing during the first five Policy Years, regardless of your account performance. When the guarantee period ends, if there is insufficient Cash Surrender Value to cover the current and any deferred Monthly Deduction Charges, you will be sent a bill for the accumulated unpaid amount. If that amount is not paid, the policy will enter the late period.

*Cash Value*

The Policy has a Cash Value, which is the total value of your policy's accumulation units in the Separate Account, plus any amount in the Fixed Account and the DCA Plus Account. With the policy, you have the potential for higher and lower rates of return and Cash Value accumulation than with a fixed rate life insurance policy. The Cash Value varies due to performance of the Investment Divisions selected, interest credited to the Fixed Account and/or the DCA Plus Account, outstanding loans (including loan interest), charges we deduct, and your premium payments.

The Cash Surrender Value is the amount we will pay you if you surrender your policy. This is equal to the Cash Value, less any surrender charges that may apply, less any outstanding loans and accrued loan interest. If you surrender your policy in the first policy year, an additional surrender will apply. See "Description of the Policy – Cash Value" and "Surrenders".

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*Liquidity through Loans and Partial Surrenders*

You can access your policy's Cash Value through loans. Your policy will be used as collateral to secure any policy loan. You can borrow any amount up to the loan value of the policy. See "Loans".

You can also request a partial surrender. Partial surrenders will reduce the policy's Cash Value and Cash Surrender Value by the amount of the partial surrender, plus any applicable partial surrender fee and surrender charge and can reduce your policy's Face Amount and/or Life Insurance Benefit. If a partial surrender would cause the policy to fall below its minimum Face Amount requirement, we reserve the right to require a full surrender. Surrender charges may apply. Partial surrenders can result in a taxable event. Please consult your tax advisor regarding the tax implications of a partial surrender. We will not allow a partial surrender (A) if it would reduce the policy's Face Amount below the minimum Face Amount of $50,000 for VUL policies or $100,000 for SVUL policies, or (B) if it would cause the policy to fail to qualify as life insurance under IRC Section 7702. Also note that certain partial surrender requests must be made in writing and sent to NYLIAC's Variable Products Service Center ("VPSC") at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). See "Surrenders" for details.

*Investment Options*

This policy offers you a choice of Investment Options, including the available Investment Divisions, the Fixed Account, and the DCA Plus Account. You can choose a maximum of 21 Investment Options for the allocation of Net Premium payments or for the transfer of Cash Value among the available Investment Options. Transfers among the Investment Options can be made tax-free, within limits. You can change the Investment Options in which you invest throughout the life of the policy. Your choices of Investment Options may be limited if you elect certain benefits or riders. You may also continue to allocate your policy's Cash Value to an available Asset Allocation Model at no extra charge, provided you already allocated a portion of your policy's Cash Value to such an Asset Allocation Model (SVUL policies only). See "Investment Divisions, The Fixed Account and the DCA Plus Account" and "Funds and Eligible Portfolios" and "Appendix: Eligible Portfolios Available Under the Policy."

*Automated Investment Features*

There are five administrative options available to help you manage your policy's Cash Value and to adjust the investment allocation to suit changing needs. These options are: Automatic Asset Rebalancing, Dollar-Cost Averaging (DCA), Dollar-Cost Averaging Plus, Expense Allocation, and Interest Sweep. See "Description of the Policy - Additional Benefits Through Riders and Options."

*Policy Split Option (SVUL Policies Only)*

You can exchange your SVUL policy, without evidence of insurability, for two equal life insurance policies, one on each of the insureds, within six months of the following two dates: (1) the date that a final divorce decree which terminates the marriage of the insureds has been in effect for six months; or (2) the effective date of certain specified changes in (a) the Federal Estate Tax marital deduction, or (b) the level of the Federal estate tax rate. See "Additional Benefits Through Riders and Options".

*Optional Riders*

The policy offers additional insurance coverage and other benefits through optional riders, including accelerated death benefits, spousal insurance benefits, benefits that waive monthly charges or pay a specified amount in certain situations like total disability or accidental death, and protection against lapse. Certain riders have costs associated with them. These benefits and costs are summarized in the Table contained in the section on "Description of the Policy - Additional Benefits Through Riders and Options".

*Policyowner Support*

As a policyowner, you have access to the following resources if you have questions about your insurance policy: (1) online service at www.newyorklife.com, a password-protected Internet website, (2) the New York Life Insurance Company Mobile Application ("mobile application") available for download on the Apple App Store and Google Play Store, (3) toll-free telephone support through the VPSC (1-800-598-2019), and (4) your registered representative.

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Certain service requests must be in writing and all must be in Good Order. Specific requirements applicable to any service request are described later in this prospectus. See "Management and Organization - How to Reach Us for Policy Services".

*A Highly-Rated Company*

New York Life Insurance and Annuity Corporation ("NYLIAC") is a subsidiary of New York Life Insurance Company ("NYLIC"). NYLIC has over 180 years of experience in the offering of insurance products. NYLIAC has received the following ratings: A++ (Superior) from A.M. Best; AAA (Exceptionally Strong) from Fitch; Aa1 (Strong) from Moody's; and AA+ (Very Strong) from Standards and Poor's. Ratings reflect only NYLIAC's General Account, which are applicable to the Fixed Account and DCA Plus Account and NYLIAC's claims-paying ability and financial strength. Ratings are not applicable to the Investment Divisions, which are not guaranteed. NYLIAC's obligations under the policy are subject to its claims-paying ability and financial strength, and are not backed or guaranteed by NYLIC.

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**Table of Fees and Expenses**

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The following tables describe the fees and expenses that you will pay when buying, owning and surrendering the policy or making partial surrenders. The charges shown apply to both VUL and SVUL policies unless otherwise indicated. Please refer to your Policy Data Page for information about the guaranteed minimum fees you will pay each year based on the options you have elected.

**The first table describes the fees and expenses that you will pay when you make a premium payment, surrender the policy, make a partial surrender, transfer Cash Value between Investment Options, or exercise certain rider options.** 

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| | | |
|:---|:---|:---|
| **TRANSACTION FEES** | **TRANSACTION FEES** | **TRANSACTION FEES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted** |
| Sales Expense Charge for premiums<br> paid up to the Target Premium<br>| When premium payment is applied | **<u>Guaranteed Maximum:</u> 4.75% of** <br> **premiums paid**<br> **<u>Current:</u> 4.75% of premiums paid**<sup>1</sup> <br>|
| Sales Expense Charge for premiums<br> paid over the Target Premium<br>| When premium payment is applied | **<u>Guaranteed Maximum:</u> 1.75% of** <br> **premiums paid**<br> **<u>Current:</u> 1.75% of premiums paid**<sup>2</sup> <br>|
| Tax Charges: | When premium payment is applied | **All taxes may vary over time.** <br> **Guaranteed Maximums are subject** <br> **to tax law changes (NYLIAC** <br> **otherwise does not guarantee any** <br> **maximum tax charge).**<br>|
| State Premium Tax Charge | When premium payment is applied | **<u>Current:</u> 2% of premiums paid** |
| Federal Tax Charge | When premium payment is applied |  |
| •Non-Qualified Policy | When premium payment is applied | **<u>Current:</u> 1.25% of premiums paid** |
| •Qualified Policy | When premium payment is applied |  |
| Deferred Sales Charge |  |  |
| •Surrender<sup>3</sup> <br>| On Surrender or lapse in first 10 <br> years,<br> On Face Amount decreases within <br> 10 years,<br> After a Surrender or lapse in first 10 <br> years after the increase, or decrease <br> in Face Amount in first 10 years after <br> the increase<sup>5</sup> <br>| **VUL**<sup>4</sup>**:**<br> **<u>Minimum and Maximum</u>** <br> **<u>Guaranteed Charge</u>: $7.39—$42.49** <br> **per $1000 of Face Amount**<br> **<u>Minimum and Maximum Current</u>** <br> **<u>Charge</u>: $7.39—$42.49 per $1000** <br> **of Face Amount**<br>**SVUL**<sup>4</sup>**:**<br> **<u>Minimum and Maximum</u>** <br> **<u>Guaranteed Charge</u>:** <br> **$10.16—$43.42 per $1000 of Face** <br> **Amount**<br> **<u>Minimum and Maximum Current</u>** <br> **<u>Charge</u>: $10.16—$43.32 per $1000** <br> **of Face Amount**<br>|

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| | | |
|:---|:---|:---|
| **TRANSACTION FEES** | **TRANSACTION FEES** | **TRANSACTION FEES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted** |
| *Maximum Guaranteed Charge for a* <br> *Representative Investor (Male, Age* <br> *40, and Preferred rating) for a* <br> *$250,000 Face Amount*<br>|  | **$19.05 per $1000 of Face Amount** |
| *Current Charge for a Representative* <br> *Investor (Male, Age 40, Preferred* <br> *Rating) for $250,000 of Face Amount*<br>|  | **$19.05 per $1000 of Face Amount** |
| *Maximum Guaranteed Charge for a* <br> *Representative Investor* <br> *(Male/Female, Age 55/50, and* <br> *Preferred rating) for $1M Face* <br> *Amount:*<br>|  | **$21.63 per $1000 of Face Amount** |
| *Current Charge for a Representative* <br> *Investor (Male/Female, Age 55/50,* <br> *and Preferred rating) for $1M Face* <br> *Amount:*<br>|  | **$21.63 per $1000 of Face Amount** |
| Surrender Charges |  |  |
| &nbsp;&nbsp;&nbsp; •Contract Surrender Charge During <br> First Policy Year<br>| Surrender or lapse in first year | **<u>Guaranteed Maximum:</u> $220**<sup>5</sup> <br>|
| Partial Surrender Fee | At time of partial surrender | **<u>Guaranteed Maximum:</u> $25**<sup>6</sup> <br>**<u>Current:</u> $0**<br>|
| Transfer Charge | At time of transfer | **<u>Guaranteed Maximum:</u> $30 per** <br> **transfer in excess of 12 within a** <br> **Policy Year**<br> **<u>Current:</u> $0**<br>|
| Returned Payment (Bad Check) Fee | At time of returned payment | **<u>Guaranteed Maximum:</u> $20**<br> **<u>Current</u>: $0**<br>|
| Guaranteed Minimum Accumulation <br> Benefit (GMAB) Cancellation Fee<br>| When you cancel the GMAB Rider | **<u>Guaranteed Maximum:</u> 2% of the** <br> **Adjusted GMAB Account Value**<br>|
| Insurance Exchange Rider Payment<br> (VUL Only)<br>| When you exercise the benefit | **A payment equal to 103% of the** <br> **excess amount of the Cash** <br> **Surrender Value of the new policy** <br> **over the Cash Surrender Value of** <br> **the existing policy at the time of** <br> **exercise If there is no excess** <br> **amount, the one-time fee will not** <br> **be charged. (one time)**<sup>7</sup> <br>|
| Living Benefits Rider Fee | When you exercise the benefit | **$150 (one time)** |

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| | | |
|:---|:---|:---|
| **TRANSACTION FEES** | **TRANSACTION FEES** | **TRANSACTION FEES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted** |
| Overloan Protection Rider Fee | When you exercise the benefit | **VUL: Percentage of policy Cash** <br> **Value that varies by Attained Age** <br> **of Insured (one time)**<br> **SVUL: Percentage of policy Cash** <br> **Value that varies by Issue Age,** <br> **Class and Sex of the Insureds and** <br> **by Face Amount (one time)**<br> **<u>Guaranteed Maximum:</u> 5% of the** <br> **Policy's Cash Value (VUL); 4.5% of** <br> **the Policy's Cash Value (SVUL)**<br> **<u>Minimum Guaranteed:</u> 2% of the** <br> **Policy's Cash Value**<br>|

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Current sales expense charges for premiums paid up to the Target Premium are reduced to 4.25% in Policy Years 11 and beyond.

Current sales expense charges for premiums paid over the Target Premium are reduced to 0.75% in Policy Years 6-10, and 0.25% in Policy Years 11 and beyond.

Exceptions to Surrender Charge:

We will not deduct a surrender charge if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We cancel the policy (other than policy lapse) pursuant to the Policy's contestability provisions (See Additional Policy Provisions—Limits on Our Rights to Challenge Your Policy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We pay proceeds upon the death of the insured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We pay a required Internal Revenue Service minimum distribution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The policy is out of the surrender charge period.

For VUL, the Guaranteed Maximum charge illustrated above is for a Male, Age 80, Standard Rating and a $100,000 Face Amount. For SVUL, the Guaranteed Maximum charge illustrated above is for two insureds, both Male, Age 80, Standard Rating and a $100,000 Face Amount. Your surrender charge will be the lesser of 50% of total premiums paid under the policy or a percentage of the Surrender Charge Premium applicable to the Policy Year. For VUL, the percentage of the Surrender Charge Premium applicable by Policy Year is: 94% for Policy Year 1; 89% for Policy Year 2; 84% for Policy Year 3; 80% for Policy Year 4; 75% for Policy Year 5; 71% for Policy Year 6; 67% for Policy Year 7; 64% for Policy Year 8; 60% for Policy Year 9, 56% for Policy Year 10 and 0% for Policy Year 11 and beyond. For SVUL, the percentage of the Surrender Charge Premium applicable by Policy Year is: 91% for Policy Year 1; 84% for Policy Year 2; 77% for Policy Year 3; 71% for Policy Year 4; 66% for Policy Year 5; 61% for Policy Year 6; 57% for Policy Year 7; 53% for Policy Year 8; 49% for Policy Year 9, 46% for Policy Year 10 and 0% for Policy Year 11 and beyond. See "Charges Associated with the Policy—Transaction Charges—Surrender Charges" for more information on the calculation of Surrender Charges. The Surrender Charge Premium varies based on individual characteristics, such as gender, issue age, classification of the insured as smoker or non-smoker and Policy Year. The charge shown may not be representative of what you will pay. To obtain more information about particular charges as they apply to your policy, please contact your registered representative. For a Face Amount decrease, the Surrender Charge is equal to the difference between (1) and (2), where (1) is the Surrender Charge calculated on the original Face Amount, and (2) is the Surrender Charge calculated on the new decreased Face Amount.

The calculation of the amount and applicable Surrender Charge Period for the Surrender Charge after a Face Amount increase will begin on the effective date of that increase. See "Deferred Sales Charge" above.

The formula for calculating this charge is as follows: [monthly contract charge for Policy Year 1 — monthly contract charge for subsequent Policy Years] X [Monthly Deduction Days between date of surrender/lapse and the earlier of the reinstatement date and the first anniversary of the Policy Date].

If the Cash Surrender Value of the new policy after the exchange is zero or lower, then a payment in an amount sufficient to keep the new policy in effect for two months following the date of exchange will be required. This payment will be treated as a premium payment and will be applied to your policy.

**The table below describes the fees and expenses that you will pay periodically during the time that you own the policy, excluding the Eligible Portfolio's fees and expenses.** 

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| | | |
|:---|:---|:---|
| **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** |
| **Charge** | **When** <br> **Charge Is** <br> **Deducted**<br>| **Amount Deducted** |
| Contract Charge | Monthly to <br> Age 100<br>| <u>Guaranteed Maximum:</u> $35 per month<sup>1</sup> <br><u>Current:</u> $35 per month<sup>2</sup>  |
| Cost of Insurance Charge<sup>3,4</sup> <br> (VUL)<br>| Monthly to <br> Age 100<br>| Charge per month per $1000 of Net Amount at Risk<br> <u>Minimum and Maximum Guaranteed Charge</u>: $0.015— $83.33<br> <u>Minimum and Maximum Current Charge</u>: $0.015— $83.33 |
| *Maximum Guaranteed Initial* <br> *Charge for a Representative* <br> *Investor (Male, Age 40, and* <br> *Preferred rating) for a* <br> *$250,000 Face Amount*<br>|  | $0.12176 per month for the first Policy Year |
| *Current Initial Charge for a* <br> *Representative Investor (Male,* <br> *Age 40, and Preferred rating)* <br> *for a $250,000 Face Amount*<br>|  | $0.01874 per month for the first Policy Year |
| Cost of Insurance Charge<sup>3,4</sup> <br> (SVUL)<br>| Monthly to <br> Age 100 of <br> the younger <br> insured<br>| Charge per month per $1000 of Net Amount at Risk<br> <u>Minimum and Maximum Guaranteed Charge</u>: $0.00002— $83.33<br> <u>Minimum and Maximum Current Charge</u>: $0.00002— $83.33 |
| *Maximum Guaranteed Initial* <br> *Charge for a Representative* <br> *Investor (Male/Female, Age* <br> *55/50, and Preferred rating) for* <br> *$1M Face Amount*<br>|  | $0.00129 per month for the first Policy Year |
| *Current Initial Charge for a* <br> *Representative Investor* <br> *(Male/Female, Age 55/50, and* <br> *Preferred rating) for $1M Face* <br> *Amount*<br>|  | $0.00129 per month for the first Policy Year |
| Mortality & Expense Risk <br> Charge<br>| Each Monthly <br> Deduction <br> Day<br>| Charged as annual percentage of Separate Account Value<br> <u>Guaranteed Maximum:</u> 0.75%<br> <u>Current:</u> |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** |
| **Charge** | **When** <br> **Charge Is** <br> **Deducted**<br>| **Amount Deducted** | **Amount Deducted** | **Amount Deducted** | **Amount Deducted** | **Amount Deducted** |
|  |  | **Separate** <br> **Account** <br> **Value**<br>| **Years 1-5** | **Years** <br> **6-10**<br>| **Years 11-20** | **Years 21+** |
|  |  | ˂ $25,000 | 0.55% | 0.55% | 0.40% | 0.35% |
|  |  | $25000–<br> $49999<br>| 0.55% | 0.50% | 0.35% | 0.30% |
|  |  | $50000–<br> $74999<br>| 0.55% | 0.45% | 0.30% | 0.25% |
|  |  | $75000–<br> $99999<br>| 0.55% | 0.40% | 0.25% | 0.20% |
|  |  | $100000–<br> $149999<br>| 0.55% | 0.35% | 0.20% | 0.15% |
|  |  | $150,000 <br> or greater<br>| 0.55% | 0.30% | 0.15% | 0.15% |
| Per Thousand Face Amount <br> Charge (VUL)<sup>3</sup> <br>| Monthly | Charge per $1000 of Face Amount<sup>5</sup> <br><u>Guaranteed Maximum:</u> $1.4945 per month<br> <u>Minimum Guaranteed:</u> $0.03013 per month | Charge per $1000 of Face Amount<sup>5</sup> <br><u>Guaranteed Maximum:</u> $1.4945 per month<br> <u>Minimum Guaranteed:</u> $0.03013 per month | Charge per $1000 of Face Amount<sup>5</sup> <br><u>Guaranteed Maximum:</u> $1.4945 per month<br> <u>Minimum Guaranteed:</u> $0.03013 per month | Charge per $1000 of Face Amount<sup>5</sup> <br><u>Guaranteed Maximum:</u> $1.4945 per month<br> <u>Minimum Guaranteed:</u> $0.03013 per month | Charge per $1000 of Face Amount<sup>5</sup> <br><u>Guaranteed Maximum:</u> $1.4945 per month<br> <u>Minimum Guaranteed:</u> $0.03013 per month |
| *Guaranteed Initial Charge for* <br> *Representative Investor (Male* <br> *Age 40, preferred rating):*<br>|  | $0.11362<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.11362<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.11362<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.11362<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.11362<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) |
| Per Thousand Face Amount <br> Charge (SVUL)<sup>3</sup> <br>| Monthly for <br> Each Insured<br>| Charge per $1000 of Face Amount<sup>6</sup> <br><u>Guaranteed Maximum:</u> $0.70975 per month<br> <u>Minimum Guaranteed:</u> $0.0448 per month | Charge per $1000 of Face Amount<sup>6</sup> <br><u>Guaranteed Maximum:</u> $0.70975 per month<br> <u>Minimum Guaranteed:</u> $0.0448 per month | Charge per $1000 of Face Amount<sup>6</sup> <br><u>Guaranteed Maximum:</u> $0.70975 per month<br> <u>Minimum Guaranteed:</u> $0.0448 per month | Charge per $1000 of Face Amount<sup>6</sup> <br><u>Guaranteed Maximum:</u> $0.70975 per month<br> <u>Minimum Guaranteed:</u> $0.0448 per month | Charge per $1000 of Face Amount<sup>6</sup> <br><u>Guaranteed Maximum:</u> $0.70975 per month<br> <u>Minimum Guaranteed:</u> $0.0448 per month |
| *Guaranteed Initial Charge for a* <br> *Representative Investor* <br> *(Male/Female, Age 55/50,* <br> *Preferred):*<br>|  | $0.13278<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.13278<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.13278<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.13278<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) | $0.13278<br> (Initial Charge is based on the issue age, gender, class of risk and <br> Face Amount at issue) |
| Loan Interest | Accrues daily <br> and <br> compounds <br> annually <br> (while loan <br> balance is <br> outstanding)<sup>10</sup> <br>| Annual charge rate as percentage of the loan balance<br> <u>Guaranteed Maximum:</u> 6%<br> <u>Current:</u> 3%<sup>7</sup>  | Annual charge rate as percentage of the loan balance<br> <u>Guaranteed Maximum:</u> 6%<br> <u>Current:</u> 3%<sup>7</sup>  | Annual charge rate as percentage of the loan balance<br> <u>Guaranteed Maximum:</u> 6%<br> <u>Current:</u> 3%<sup>7</sup>  | Annual charge rate as percentage of the loan balance<br> <u>Guaranteed Maximum:</u> 6%<br> <u>Current:</u> 3%<sup>7</sup>  | Annual charge rate as percentage of the loan balance<br> <u>Guaranteed Maximum:</u> 6%<br> <u>Current:</u> 3%<sup>7</sup>  |
| **Riders (VUL)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; •Guaranteed Minimum Death <br> Benefit (GMDB) Rider<sup>8</sup> <br>| Monthly until <br> rider expires<br>| $0.01 per $1000 of Face Amount coverages of policy<br> and riders<sup>9</sup>  | $0.01 per $1000 of Face Amount coverages of policy<br> and riders<sup>9</sup>  | $0.01 per $1000 of Face Amount coverages of policy<br> and riders<sup>9</sup>  | $0.01 per $1000 of Face Amount coverages of policy<br> and riders<sup>9</sup>  | $0.01 per $1000 of Face Amount coverages of policy<br> and riders<sup>9</sup>  |
| •Life Extension Benefit Rider<sup>3</sup> <br>| Monthly <br> beginning at <br> age 90<br>| Charged as a percentage of Cost of Insurance Charge<br> <u>Minimum and Maximum Guaranteed Charge</u>: 1%—73%<br> <u>Minimum and Maximum Current Charge</u>: 1%—73% | Charged as a percentage of Cost of Insurance Charge<br> <u>Minimum and Maximum Guaranteed Charge</u>: 1%—73%<br> <u>Minimum and Maximum Current Charge</u>: 1%—73% | Charged as a percentage of Cost of Insurance Charge<br> <u>Minimum and Maximum Guaranteed Charge</u>: 1%—73%<br> <u>Minimum and Maximum Current Charge</u>: 1%—73% | Charged as a percentage of Cost of Insurance Charge<br> <u>Minimum and Maximum Guaranteed Charge</u>: 1%—73%<br> <u>Minimum and Maximum Current Charge</u>: 1%—73% | Charged as a percentage of Cost of Insurance Charge<br> <u>Minimum and Maximum Guaranteed Charge</u>: 1%—73%<br> <u>Minimum and Maximum Current Charge</u>: 1%—73% |

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| | | |
|:---|:---|:---|
| **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** |
| **Charge** | **When** <br> **Charge Is** <br> **Deducted**<br>| **Amount Deducted** |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor* <br> *(Male, Age 40, Preferred* <br> *Nonsubstandard Rating):*<br>|  | 47% for the first Policy Year |
| *Current Charge for a* <br> *Representative Investor: (Male,* <br> *Age 40, Preferred Rating)*<br>|  | 47% for the first Policy Year |
| &nbsp;&nbsp;&nbsp; •Spouse's Paid-Up Insurance <br> Purchase Option Rider<br>| N/A | No Charge |
| &nbsp;&nbsp;&nbsp; •Guaranteed Insurability <br> Rider (GIR)<sup>3</sup> <br>| Monthly until <br> rider expires<br>| Charge per month per $1000 of GIR Option Amount<br> <u>Minimum and Maximum Guaranteed Charge</u>: $0.04—$0.46<br> <u>Minimum and Maximum Current Charge</u>: $0.04—$0.46 |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor* <br> *(Male, Age 40, Preferred* <br> *Nonsubstandard Rating):*<br>|  | $0.23 in the first Policy Year. |
| *Current Charge for a* <br> *Representative Investor: (Male,* <br> *Age 40, Preferred Rating)*<br>|  | $0.23 in the first Policy Year. |
| &nbsp;&nbsp;&nbsp; •Monthly Deduction Waiver <br> Rider<sup>3</sup> <br>| Monthly until <br> rider expires<br>| Charged as an annual percentage of Monthly Deduction<br> <u>Minimum and Maximum Guaranteed Charge</u>: 8%—231% (for <br> policies applied for on or after May 1, 2014); 8%—77% (for policies <br> applied for before May 1, 2014)<br> <u>Minimum and Maximum Current Charge</u>: 8%—231% (for policies <br> applied for on or after May 1, 2014); 8%—77% (for policies applied <br> for before May 1, 2014) |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor* <br> *(Male, Age 40, Preferred* <br> *Nonsubstandard Rating)*<br>|  | 11% for the first Policy Year. |
| *Current Charge for a* <br> *Representative Investor: (Male,* <br> *Age 40, Preferred Rating)*<br>|  | 11% for the first Policy Year.<sup>11</sup>  |
| &nbsp;&nbsp;&nbsp; •Accidental Death Benefit <br> (ADB) Rider<sup>3</sup> <br>| Monthly until <br> rider expires<br>| Charge per $1000 of ADB Face Amount per month<br> <u>Minimum and Maximum Guaranteed Charge</u>: $0.05— $0.45 per <br> month (for policies applied for on or after May 1, 2014); $0.05— <br> $0.15 (for policies applied for before May 1, 2014)<br> <u>Minimum and Maximum Current Charge</u>: $0.05 — $0.45 per <br> month |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor:* <br> *(Male, Age 40, Preferred,* <br> *Nonsubstandard Rating)*<br>|  | $0.06 per month for the first Policy Year |

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| | | |
|:---|:---|:---|
| **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** |
| **Charge** | **When** <br> **Charge Is** <br> **Deducted**<br>| **Amount Deducted** |
| *Current Charge for a* <br> *Representative Investor: (Male,* <br> *Age 40, Preferred Rating)*<br>|  | $0.06 per month for the first Policy Year |
| •Children's Insurance Rider | Monthly until <br> rider expires<br>| $0.45 per $1000 of Rider Face Amount |
| &nbsp;&nbsp;&nbsp; •Term Insurance on Other <br> Covered Insured (OCI) <br> Rider<sup>3</sup> <br>| Monthly until <br> rider expires<br>| Charge per $1000 of OCI Face Amount<br> <u>Guaranteed Minimum and Maximum Charge</u>: $0.015—$83.33<br> <u>Minimum and Maximum Current Charge</u>: $0.00326—$83.33 |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor:* <br> *(Male, Age 40, Preferred* <br> *Nonsubstandard Rating)*<br>|  | $0.12176 in the first Policy Year |
| *Current Charge for a* <br> *Representative Investor: (Male,* <br> *Age 40, Preferred Rating)*<br>|  | $0.012 in the first Policy Year |
| &nbsp;&nbsp;&nbsp; •Guaranteed Minimum <br> Accumulation Benefit <br> (GMAB) Rider<br>| Monthly until <br> rider expires<br>| <u>Guaranteed Maximum:</u> Annual Rate of 1.50% of the Adjusted <br> GMAB Account Value |
| &nbsp;&nbsp;&nbsp; •Waiver of Specified <br> Premium (WSP) Rider<sup>3</sup> <br>| Monthly until <br> rider expires<br>| Charge per $1000 of WSP Amount per month<br> <u>Guaranteed Minimum and Maximum Charge</u>: $26.00—$217.50 <br> per month<br> <u>Minimum and Maximum Current Charge</u>: $26.00—$217.50 per <br> month |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor:* <br> *(Male, Age 40, Preferred* <br> *Nonsubstandard Rating)*<br>|  | $53.00 per month |
| *Current Charge for a* <br> *Representative Investor: (Male,* <br> *Age 40, Preferred Rating)*<br>|  | $27.70 per month |
| **Riders (SVUL)** |  |  |
| &nbsp;&nbsp;&nbsp; •Guaranteed Minimum Death <br> Benefit (GMDB) Rider<sup>8</sup> <br>| Monthly until <br> rider expires<br>| $0.01 per $1000 of Face Amount coverages of policy <br> and riders<sup>9</sup>  |
| •Life Extension Benefit Rider<sup>3</sup> <br>| Monthly after <br> younger <br> insured <br> attains age 90<br>| Charged as a percentage of Cost of Insurance Charge<br> <u>Minimum and Maximum Guaranteed Charge</u>: 1%—131%<br> <u>Minimum and Maximum Current Charge</u>: 1%—131% |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor:* <br> *(Male/Female, Age 55/50,* <br> *Preferred Nonsubstandard* <br> *Rating)*<br>|  | 68% for the first Policy Year |

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| | | |
|:---|:---|:---|
| **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** | **Periodic Charges Other Than Funds' Operating Expenses** |
| **Charge** | **When** <br> **Charge Is** <br> **Deducted**<br>| **Amount Deducted** |
| *Current Charge for a* <br> *Representative Investor:* <br> *(Male/Female, Age 55/50,* <br> *Preferred Rating)*<br>|  | 68% for the first Policy Year |
| &nbsp;&nbsp;&nbsp; •Level First-to-Die Term <br> Rider<sup>3</sup> <br>| Monthly until <br> rider expires<br>| Charge per $1000 of Term Insurance Face Amount<br> <u>Minimum and Maximum Guaranteed Charge</u>: $0.08—$83.33<br> <u>Minimum and Maximum Current Charge</u>: $0.08—$83.33 |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor:* <br> *(Male/Female, Age 55/50,* <br> *Preferred Nonsubstandard* <br> *Rating)*<br>|  | $0.69 for the first Policy Year |
| *Current Charge for a* <br> *Representative Investor:* <br> *(Male/Female, Age 55/50,* <br> *Preferred Rating)*<br>|  | $0.1024 for the first Policy Year |
| &nbsp;&nbsp;&nbsp; •Estate Protection Rider <br> (EPR)<sup>3</sup> <br>| Monthly until <br> rider expires<br>| Charge per $1000 of EPR Face Amount<br> <u>Guaranteed Minimum and Maximum Charge</u>: <br> $0.00455—$83.33333<br> <u>Minimum and Maximum Current Charge</u>: $0.00455—$83.33333 |
| *Maximum Guaranteed Charge* <br> *for a Representative Investor:* <br> *(Male/Female, Age 55/50,* <br> *Preferred Nonsubstandard* <br> *Rating)*<br>|  | $0.00461 for the first Policy Year |
| *Current Charge for a* <br> *Representative Investor:* <br> *(Male/Female, Age 55/50,* <br> *Preferred Rating)*<br>|  | $0.00439 for the first Policy Year |
| &nbsp;&nbsp;&nbsp; •Guaranteed Minimum <br> Accumulation Benefit <br> (GMAB) Rider<br>| Monthly until <br> rider expires<br>| <u>Guaranteed Maximum:</u> Annual Rate of 1.50% of the Adjusted <br> GMAB Account Value |

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Guaranteed monthly contract charges are reduced to $15 in Policy Years 2 and beyond.

Current monthly contract charges are reduced to $15 in Policy Years 2-10 and $10 in Policy Years 11 and beyond.

This cost varies based on characteristics of the insured(s) and the charge shown may not be representative of the charge you will pay. To obtain more information about particular cost of insurance and other charges as they apply to your policy, please contact your registered representative.

The cost of insurance shown here does not reflect any applicable Flat Extra charge, which may be imposed based on our underwriting. Even if a Flat Extra is imposed, your Cost of Insurance Charge will never exceed the Guaranteed Maximum Charge listed in the table above. For more information on Flat Extra charges, see the sections on "Definitions" and "Charges Associated with the Policy—Deductions from Cash Value—Charge for Cost of Insurance Protection."

Current charges are reduced in Policy Years 11 to 20 and are 0.00% thereafter for all risk classes.

Current charges are reduced in Policy Years 11 to 30 and are 0.00% thereafter for all risk classes.

The current loan interest rate is reduced to 2.00% annually in Policy Years 11 and beyond. For policies issued before May 1, 2012, the current loan interest rate is 4.00% in Policy Years 1 – 10 and is reduced to 3.00% in Policy Years 11 and beyond.

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This rider is not available with Life Insurance Benefit Option 3 or with policies with substandard ratings.

In addition to the charge listed above, you must make certain premium payments — the monthly Guaranteed Minimum Death Benefit (GMDB) premium — into your policy to keep the rider in force. The amount of the monthly GMDB premium varies by policy and is listed on your Policy Data Page and is subject to change if you modify your policy or attached riders. We perform a GMDB premium test monthly to determine if you have made enough cumulative premium payments to keep the rider in effect.

Loan interest accrues daily but is not deducted from the policy's Cash Value. Any loan interest not paid when due will become part of the policy loan and will also accrue interest. See "When Loan Interest is Due" for additional information.

The charges for the Monthly Deduction Waiver Rider are calculated as percentages of the Monthly Deduction Charges. As such, the percentage charges cited in the table reflect both the percentages for each Monthly Deduction Charge and the cumulative annual Monthly Deduction Charges.

***Eligible Portfolios' Annual Operating Expenses***

**The next table shows the minimum and maximum total operating expenses deducted from Portfolio assets during the year ended December 31, 2025. Portfolio expenses may change from year to year, and hence, may be higher or lower in the future. You may pay these expenses periodically during the time that your Cash Value is invested in the Investment Divisions of the Separate Account. A complete list of the underlying Eligible Portfolios, including information concerning each underlying Portfolio's annual fees and expenses, is contained in an Appendix at the back of this prospectus.** 

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| | | |
|:---|:---|:---|
| **Annual Fund Expenses (expenses that are deducted from Fund** <br> **Assets)**<sup>1</sup><br>| **Minimum** | **Maximum** |
| **Total Annual Fund Companies' Operating Expenses** (expenses that are <br> deducted from Fund Company assets, including management fees, <br> distribution (12b-1) fees, and other expenses)<br>| 0.12<br> %<br>| 1.31<br> %<br>|
| **Net Annual Fund Companies' Operating Expenses** (expenses that are <br> deducted from Fund Company assets, including management fees, 12b-1 <br> fees, and other expenses, after any expense reimbursement or fee waiver <br> arrangements)<sup>2</sup> <br>| 0.12<br> %<br>| 1.16<br> %<br>|

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Expressed as a percentage of average net assets for the fiscal year ended December 31, 2025. This information is provided by the Funds and their agents. The information is based on 2025 expenses.

The range of Net Annual Portfolio Operating Expenses takes into account contractual arrangements for the Portfolios that require a Portfolio's investment adviser to reimburse or waive portfolio expenses through at least April 30, 2027.

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**Summary of Principal Risks of Investing in the Policy**

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Many benefits of the NYLIAC VUL and SVUL life insurance policies have a corresponding risk, and both benefits and risks should be considered before you purchase the Policy. More complete and detailed information about the features of the Policy is provided in this prospectus and in the SAI. See "Overview of the Policy—3. Summary of Primary Features." Capitalized terms used in this prospectus have the same meaning as in the "Definitions" section above.

***Investment Risk***

While a variable policy has the potential for a higher rate of return than a fixed rate policy, investment returns on the assets in the Separate Account may decline in value, and you can lose principal. Each Eligible Portfolio has its own investment objective and investment strategy. The performance of each will vary, and some Eligible Portfolios are riskier than others. We do not guarantee the investment performance of the Investment Divisions or Eligible Portfolios. You bear the entire investment risk for all amounts allocated to the Separate Account Investment Divisions. Your premium and Cash Value allocation choices should be consistent with your personal investment objective and your risk tolerance.

***Not a Short-Term Investment*** 

In addition, a variable life insurance policy is designed to provide a Life Insurance Benefit or to help meet other long-term financial objectives. Substantial fees, expenses, and tax implications make variable life insurance unsuitable as a short-term savings vehicle. Additionally, the policy may limit your ability to withdraw a portion of the Cash Value through partial surrenders. (See "Loans", and "Surrenders—Partial Surrenders—Amount Available for a Partial Surrender".)

***Portfolio Risks***

The Investment Divisions involve the risk of poor investment performance. A discussion of the risks of allocating Cash Value to each of the Investment Divisions can be found in the corresponding Fund's prospectus.

***Risk of Lapse (especially on minimally-funded policies)***

Your policy can lapse even if you pay all of the planned premiums on time. When a policy lapses, it has no value, and no benefits are paid upon the death of the insured. You may also lose the principal invested. Note that termination and lapse have the same meaning and effect throughout this prospectus.

A policy that has a Cash Surrender Value just sufficient to cover Monthly Deduction Charges and other charges, or that is otherwise minimally funded, is less likely to maintain its Cash Surrender Value due to market fluctuation and other performance related risks. To continue to keep your policy in force when the no-lapse guarantee period ends, premium payments significantly higher than the premium necessary to maintain the no-lapse guarantee benefit may be required. In addition, by paying only the minimum required monthly premium for the no-lapse guarantee, you may forego the opportunity to build up significant Cash Value in the policy. When initially determining the amount of your planned premium payments, you should consider funding your policy at a level that has the potential to maximize the investment opportunities within your policy and to minimize the risks associated with market fluctuations.

***Risk of Lapse from Policy Loans***

The larger a policy loan becomes relative to the policy's Cash Surrender Value, the greater the risk that the policy's Cash Surrender Value will not be sufficient to support the policy's charges and expenses, including any loan interest due, and the greater the risk of the policy lapsing. Any loan interest payable on a policy anniversary that you do not pay will become part of the outstanding policy loan principal and will also accrue interest.

A loan, repaid or not, has a permanent effect on your Cash Value. The effect could be favorable if the Investment Divisions earn less than the interest rate credited on the loan amount in the Fixed Account, or unfavorable, if the Investment Divisions earn more. The longer a loan is outstanding, the greater the effect on your Cash Value. If it is not repaid, the aggregate amount of the outstanding loan principal and any accrued interest will reduce the Policy Proceeds that might otherwise be paid.

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Unless your policy qualifies as a modified endowment contract, policy loans are not taxable. However, if loans taken, including unpaid loan interest, exceed the premiums paid, a policy surrender or lapse will result in a taxable event for you. If a policy is a modified endowment contract, a loan may result in taxable income and penalty taxes to you.

***Limitations on Access to Cash Value (Liquidity Risk)***

The Policy is generally not a liquid investment. Surrender charges will apply during the first ten Policy Years (and during the ten years following a Face Amount increase). The policy is designed for long-term life insurance coverage. It is not suitable as a short-term investment vehicle. There are limitations on your ability to access your Cash Value through full and partial surrenders, including surrender charges, partial surrender fees, possible tax consequences, adverse impacts on policy benefits, increased risk of policy lapse, and administrative requirements.

A withdrawal will reduce your policy's Cash Value by the amount withdrawn plus any applicable charges. If the policy's Cash Surrender Value is reduced to a point where it cannot meet the Monthly Deduction Charges, your policy may lapse and terminate. A withdrawal may also reduce your policy's Face Amount and may have adverse tax consequences.

Accessing Cash Value through policy loans also has costs, increases the risk of policy lapse, may have adverse tax consequences, and may negatively impact your Cash Value and other policy benefits.

***Tax Risks***

The section of this prospectus entitled "Federal Income Tax Considerations" describes a number of tax issues that may arise in connection with the policy. These risks include: (1) the possibility that the IRS may interpret the rules that apply to variable universal life insurance contracts in a manner that could result in you being treated as the owner of your policy's pro rata portion of the assets of the Separate Account; (2) the possibility that the IRS may take the position that the policy does not qualify as life insurance for tax purposes; (3) the possibility that, as a result of policy transactions, including the payment of premiums or increases or decreases in policy benefits, the policy may be treated as a modified endowment contract for federal income tax purposes, with special rules that apply to policy distributions, including loans; (4) in general, the possibility that the policy may not qualify as life insurance under the federal tax law after the insured becomes age 100 and that the owner may be subject to adverse tax consequences at that time; (5) whether and to what extent the Life Insurance Benefit may be received on a tax-free basis in the case of employer-owned life insurance contracts; and (6) the possibility that the IRS may treat a loan as a taxable distribution if there is no spread, or a very small spread, between the interest rate charged on the loan and the interest rate credited on the loaned amount. In addition, Congress may change the present federal income tax laws that apply to your policy, or the IRS may change current interpretations thereof, which change may occur without notice, and could have retroactive effects, regardless of the date of enactment or publication, as the case may be.

***Potential for Increased Charges***

The actual charges deducted are current charges on your policy. However, we have the right to increase those charges at any time up to the guaranteed maximum charges specified in the fee table and as stated in your policy. (See "Table of Fees and Expenses" for more information.)

***Potentially Harmful Transfer Activity***

This policy is not designed as a vehicle for market timing. Accordingly, your ability to make transfers under the policy is subject to limitation if we determine, in our sole opinion, that the exercise of that privilege may disadvantage or potentially hurt the rights or interests of other policyowners. We have limitations and restrictions on transfer activity (see "Description of the Policy—Limits on Transfers" for more information). We cannot guarantee that these limitations and restrictions will be effective in detecting and preventing all transfer activity that could potentially disadvantage or hurt the rights or interests of other policyowners. Potentially harmful transfer activity could result in reduced performance results for one or more Investment Divisions, due to among other things:

&nbsp;&nbsp;&nbsp;&nbsp;● portfolio management decisions driven by the need to maintain higher than normal liquidity or the inability to sustain an investment objective;

&nbsp;&nbsp;&nbsp;&nbsp;● increased administrative and Fund brokerage expenses; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● dilution of the interests of long-term investors.

An Eligible Portfolio may reject any order from us if it suspects potentially harmful transfer activity, thereby preventing us from implementing your request for a transfer. (See "Description of the Policy—Limits on Transfers" for more information on the risks of frequent trading.)

***Potential for Low Crediting Rates***

The rates we declare on the Fixed Account, DCA Plus Account and credit on loaned amounts may be lower than what you would find acceptable.

***Insurance Company Risks; Risks Affecting our Administration of Your Policy***

NYLIAC's business activity and operations, and/or the activities and operations of our service providers and business partners, are subject to certain risks, including, those resulting from information systems failures, cyber-attack/ransomware, or current or future outbreaks of infectious diseases, viruses (including COVID-19), epidemics or pandemics ("serious infectious disease outbreaks"). These risks are common to all insurers and financial service providers and may materially impact our ability to administer the policy (and to keep policyowner information confidential). (See "Management and Organization—Information Systems Failures and Cybersecurity Risks" for more information on information systems failures and cybersecurity risks and "Management and Organization—Risks from Serious Infectious Disease Outbreaks" for more information on risks from serious infectious disease outbreaks.)

NYLIAC's obligations under the policy are subject to its claims-paying ability and financial strength, and are not backed or guaranteed by NYLIC.

**Management And Organization**

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***Insurer***

New York Life Insurance and Annuity Corporation ("NYLIAC") <br>(a wholly owned subsidiary of New York Life Insurance Company) <br>51 Madison Avenue <br>New York, NY 10010

***Your Policy***

The VUL and SVUL policies were offered by NYLIAC but are no longer offered for sale. However, we still accept additional premiums under existing policies. Net Premiums allocated to the Investment Divisions are invested in NYLIAC Variable Universal Life Separate Account-I (the "Separate Account"). The policies offer (1) life insurance protection, (2) a choice of Life Insurance Benefit options, (3) flexible premium payments where you decide the timing and amount of each payment, (4) the ability to increase or decrease the policy's Face Amount of insurance (within certain limits), (5) access to the policy's Cash Surrender Value through loans and partial surrenders, and (6) the ability to invest in up to 21 Investment Options, including the Investment Divisions, the Fixed Account and/or the DCA Plus Account. For SVUL policies only, you may also continue to allocate your policy's Cash Value to an available Asset Allocation Model at no extra charge, provided you already allocated a portion of your policy's Cash Value to such a Model.

The policies are variable. This means that the Cash Value allocated to the Separate Account will fluctuate based on the investment experience of the Investment Divisions you select. The interest credited on the money allocated to the Fixed Account and the DCA Plus Account may also vary. NYLIAC does not guarantee the investment performance of the Separate Account or of the Eligible Portfolios. You bear the entire investment risk with respect to amounts allocated to the Investment Divisions of the Separate Account. Each Investment Division has its own investment objective and investment strategy. As a consequence, some Investment Divisions are riskier than others. We offer no assurance that the investment objectives of the Investment Divisions will be achieved. Accordingly, amounts allocated to the Investment Divisions of the Separate Account are subject to the risks inherent in the securities markets and, specifically, to price fluctuations in the Eligible Portfolios' investments.

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Certain provisions of the policies may differ from the general description in this prospectus, and certain riders and options may not be available because of legal requirements or restrictions in your state. The material state variations are specified in the "State Variations and Rider Availability" appendix to this prospectus. All state variations will be included in your policy, or in riders or endorsements attached to your policy. Please contact your registered representative or us for specific information that may be applicable to your state.

***About the Separate Account***

NYLIAC Variable Universal Life Separate Account-I is a segregated asset account that NYLIAC established to receive and invest your Net Premiums. Although the assets of the Separate Account belong to NYLIAC, these assets are held separately from the other assets of NYLIAC, and under applicable insurance law cannot be charged for liabilities incurred in any other business operations of NYLIAC (except to the extent that assets in the Separate Account exceed the reserves and other liabilities of the Separate Account). These assets are not subject to the claims of our general creditors. The income, capital gains, and capital losses incurred on the assets of the Separate Account are credited to or are charged against the assets of the Separate Account without regard to income, capital gains, and capital losses arising out of any other business NYLIAC may conduct. Therefore, the investment performance of the Separate Account is entirely independent of the investment performance of NYLIAC's Fixed Account or DCA Plus Account, or any other separate account of NYLIAC.

The Separate Account currently includes the available Investment Divisions available under the policy. On the Initial Premium Transfer Date, Net Premium payments allocated to the Investment Divisions are invested exclusively in the corresponding Eligible Portfolios of the Funds.

***Our Rights***

We may take certain actions relating to our operations and the operations of the Separate Account. We will take these actions in accordance with applicable laws, including obtaining any required approval of the SEC and any other required regulatory approvals. If necessary, we will seek approval of our policyowners.

Specifically, we reserve the right to:

&nbsp;&nbsp;&nbsp;&nbsp;● add, close, substitute, or remove any Investment Division (and the shares of an associated Eligible Portfolio);

&nbsp;&nbsp;&nbsp;&nbsp;● create new separate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;● combine the Separate Account with one or more other separate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;● operate the Separate Account as a management investment company under the 1940 Act or in any other form permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;● deregister the Separate Account under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;● manage the Separate Account under the direction of a committee or discharge such committee at any time;

&nbsp;&nbsp;&nbsp;&nbsp;● transfer the assets of the Separate Account to one or more other separate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;● restrict or eliminate any of the voting rights of policyowners or other persons who have voting rights as to the Separate Account, in accordance with applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;● change the name of the Separate Account.

We may remove an Investment Division if the shares of an Eligible Portfolio are no longer available for investment or if we, in our sole discretion, decide that investment in an Eligible Portfolio is inappropriate given the purposes of the Separate Account. A new Eligible Portfolio may have higher fees and charges than the one it replaces. We will not substitute shares attributable to your interest in an Investment Division until you have been notified of the change, as required by the 1940 Act and we have obtained any necessary regulatory approvals. We may also add new Investment Divisions and/or close one or more Investment Divisions when marketing, tax, investment, or other conditions make it appropriate. We may decide whether or not the new Investment Divisions should be made available to existing policyowners. If we make a substitution or change to the Investment Divisions, we may change your policy to reflect such substitution or change. We will not transfer any amounts invested in an Investment Division without the policyowner's instructions, except as permitted by law.

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***The Fixed Account and the DCA Plus Account***

The Fixed Account and DCA Plus Account are supported by the assets in our General Account, which includes all of our assets except those assets specifically allocated to our various separate accounts. These assets are subject to the claims of our general creditors. We can invest the assets of the Fixed Account and DCA Plus Account however we choose, within limits. Your interest in the Fixed Account and DCA Plus Account is not registered under the Securities Act of 1933, and the Fixed Account and DCA Plus Account are not registered as investment companies under the 1940 Act. Therefore, generally you do not have the benefits and protections of these statutes for amounts allocated to the Fixed Account or the DCA Plus Account. Disclosures regarding the Fixed Account, however, are subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in a prospectus.

***How To Reach Us For Policy Services***

You can reach us by mail, by telephone or online.

*Written Service Requests*

Most service requests are required to be in writing and all must be in Good Order. All written service requests must be sent to us at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We do not currently accept faxed or e-mailed service requests; however we reserve the right to accept them at our discretion.

All NYLIAC requirements must be met in order for us to deem your request in Good Order and process it. Please review all service request forms carefully and provide all required information as applicable to the transaction. If your request is not in Good Order, we will not be able to process your service request. We will make every reasonable attempt to notify you of this situation. It is important that you inform NYLIAC of an address change so that you can receive important statements.

*Telephone Service Requests*

For telephonic requests, or if you wish to speak to a Customer Service Representative, you can reach us by phone on our toll-free number (1-800-598-2019).

Certain service requests may be made by telephone. We will use reasonable procedures to make sure that the instructions we receive by telephone are genuine. For jointly owned policies, requests must be exercised jointly. We are not responsible for any loss, cost, or expense or any actions we take based on instructions we receive by telephone that we believe are genuine. We will confirm all transactions in writing.

Financial requests received after 4:00 p.m. (Eastern Time) or on non-Business days will be processed as of the next Business Day.

Currently, subject to certain limitations, you can do the following by calling one of our customer service representatives:

&nbsp;&nbsp;&nbsp;&nbsp;● obtain current policy values;

&nbsp;&nbsp;&nbsp;&nbsp;● transfer assets between Investment Divisions;

&nbsp;&nbsp;&nbsp;&nbsp;● request or modify partial withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;● request a loan or make a one-time loan payment;

&nbsp;&nbsp;&nbsp;&nbsp;● request a stop and reissue check on an outgoing payment;

&nbsp;&nbsp;&nbsp;&nbsp;● set up one-time EFT for incoming payments;

&nbsp;&nbsp;&nbsp;&nbsp;● change the allocation of future premium payments;

&nbsp;&nbsp;&nbsp;&nbsp;● establish a new or modify an existing automatic transfer arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;● change your address, phone number or email address;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● review and update beneficiary information;

&nbsp;&nbsp;&nbsp;&nbsp;● revoke an authorized Third-Party caller from a policy; and

&nbsp;&nbsp;&nbsp;&nbsp;● request a fax of policy-related documents.

If you experience any problems reaching us by telephone, you can access the online service or send service requests to us at one of the addresses listed on the front page of this prospectus.

*Online Service at www.newyorklife.com and through the New York Life Insurance Company Mobile Application*

Through <u>www.newyorklife.com</u> or the New York Life Insurance Company Mobile Application ("mobile application") you can get up-to-date information about your policy and request fund transfers and allocation changes. Policies that are jointly owned may not request transactions through <u>www.newyorklife.com</u> or the mobile application. We may revoke online service for certain policyowners (See "Description of the Policy-Limits on Transfers").

In order to obtain policy information online at <u>www.newyorklife.com</u> or on the mobile application, you are required to register for access. You will be required to register a unique User Name and Password to gain access. Through <u>www.newyorklife.com</u> or the mobile application, you can, among other things, access policy values, change your address, download service forms, upload documents and forms, view policy statements, and submit policy transactions.

We will use reasonable procedures to make sure that the instructions we receive through www.newyorklife.com or through the mobile application are genuine. We are not responsible for any loss, cost, or expense for any actions we take based on instructions received online at <u>www.newyorklife.com</u> or through the mobile application that we believe are genuine. We will confirm all transactions in writing.

Policies that are jointly owned may not request transactions through <u>www.newyorklife.com</u> or the mobile application. Transfers and allocation changes received after 4:00 p.m. (Eastern Time) or on a non-Business Day, will be processed and priced as of the next Business Day.

We make online service at <u>www.newyorklife.com</u> or through the mobile application available at our discretion. We may revoke online service for certain policyowners. In addition, availability of online service may be interrupted temporarily at times. We do not assume responsibility for any loss if service should become unavailable. If you are experiencing problems, you can send service requests to us at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing).

Currently, online service at <u>www.newyorklife.com</u> and the mobile application is available Monday through Friday, from 6:00 a.m. to 4:00 a.m., Saturdays from 6:00 a.m. to 2:00 a.m., and Sundays from 7:00 a.m. to 1:00 a.m. (Eastern Time).

By logging in at <u>www.newyorklife.com</u> or through the mobile application, you can conduct a number of transactions. These include managing your investments and account details, uploading documents and forms, and downloading statements and other correspondence. You can see all of the transactions that are available to you by logging in at <u>www.newyorklife.com</u> or through the mobile application.

The online service <u>www.newyorklife.com</u> and the mobile application enables you to sign-up to receive future prospectuses and policyowner annual and semi-annual reports electronically for your Policy online at <u>www.newyorklife.com</u> or through the mobile application after login. Electronic delivery is not available for policies that are owned by corporations, trusts or organizations at this time.

*Third-Party Access to Your Account*

You can authorize a third party, including a joint policyowner, to access your policy information and independently make transfers among Investment Divisions and/or the Fixed Account, allocation changes, and other permitted transactions on your behalf through a Customer Service Representative. To do so, you must send the VPSC a Telephone Authorization Form in Good Order to one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). The Customer Service Representative will require certain identifying information (e.g., Social Security Number, address of record, date of birth) before taking any requests or providing any information to ensure that the individual giving instructions is authorized.

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*Registered Representative Actions*

You may authorize us to accept electronic or telephone instructions from your registered representative or the registered service assistant assigned to your policy to make premium allocations, transfers among Investment Options, Automatic Asset Rebalancing (AAR) updates (if applicable), and changes to your investment objective and/or risk tolerance. You may also authorize us to accept telephone instructions from your registered representative to make Interest Sweep, Dollar-Cost Averaging (DCA), and DCA Plus updates. Only your registered representative or their registered assistant can make these requests by telephone. Your AAR will be cancelled if a premium allocation change or fund transfer is submitted on your behalf and the AAR is not also modified at the time to be consistent with your fund transfer and premium allocation changes.

To authorize a registered representative or registered service assistant assigned to your policy to make premium allocations and transfers, you must send a completed Trading and Partial Withdrawal Authorization Form in Good Order to the VPSC at one of the addresses noted on the first page of this prospectus (or any other address we indicate to you in writing). We may revoke or deny Trading Authorization privileges for certain policyowners (See "Description of the Policy—Limits on Transfers"). Trading Authorization may be elected, changed or cancelled at any time. We will confirm all transactions in writing. Not all transactions are available on the Internet.

NYLIAC is not liable for any loss, cost or expense for acting on instructions which are believed to be genuine in accordance with our procedures. As these parties act on your behalf, you are responsible for and bear the consequences of their instructions and actions, including limits on transfers.

We may choose to accept forms you have completed that your registered representative or your local General Office transmits to us electronically via our internal secured network. For information on how to initiate a transfer between Investment Divisions, or request a partial surrender, please refer to the sections titled "Transfers Among Investment Divisions, the Fixed Account and the DCA Plus Account" or "Partial Surrenders" in this prospectus. We do not currently accept faxed or e-mailed requests for transactions affecting your investments under the policy, but reserve the right to accept them at our discretion.

***Information Systems Failures And Cybersecurity Risks***

NYLIAC's ability to administer the policy (and to keep policyowner information confidential) is subject to certain cybersecurity and cyber-attack risks that are common to all insurers and financial service providers. We rely on technology, including digital communications and data storage networks and systems to conduct our variable product business activities. Because our business, including our variable product business, is highly dependent upon the effective operation of our computer systems (including the online service at <u>www.newyorklife.com</u>, or through the mobile application, and other systems) and those of our service providers and business partners, our business is vulnerable to disruptions from utility outages and susceptible to operational and information security risks resulting from information system failures and cyber-attacks, including ransomware. These risks also apply to other insurance and financial services companies and businesses. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service attacks on websites and other operational disruption, and unauthorized use, abuse and/or release of confidential customer (including policyowner and insured) information. We have established administrative and technical controls and cybersecurity plans, including a business continuity plan, to identify and protect our operations against system failures and cybersecurity breaches, including ransomware. Despite these controls and plans, systems failures and cyber-attacks affecting NYLIC, NYLIAC or any of their affiliates and other affiliated or unaffiliated third-party administrators, underlying funds, intermediaries and other service providers and business partners may have a material, negative impact on us and your policy Cash Value. For instance, systems failures and cyber-attacks may (i) interfere with our processing of policy transactions (including full and partial surrenders, periodic partial withdrawals, loans, and transfers) and the processing of orders from online service requests at www.newyorklife.com or through the mobile application or with the underlying funds or cause other operational issues; (ii) impact our ability to calculate accumulation unit values and policy Cash Values; (iii) cause the release, loss and/or possible destruction of confidential customer or business information; and/or (iv) subject us and/or our service providers, business partners and intermediaries to regulatory fines, litigation, financial losses and/or cause us reputational damage. Systems failures and cybersecurity breaches may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your policy to lose value. There can be no assurance that we, or the underlying funds or our service providers and business partners will be able to avoid these risks at all times or avoid losses affecting your policy due to information systems failures or cyber-attacks.

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***Risks From Serious Infectious Disease Outbreaks***

Our ability to administer your policy is subject to certain risks - common to all insurers and financial service providers - that could result from current or future outbreaks of infectious diseases, viruses (including COVID-19), epidemics or pandemics ("serious infectious disease outbreaks"). Serious infectious diseases may spread rapidly. Serious infectious disease outbreaks - and general concerns about the course and effects of such outbreaks - not only raise serious health concerns, but may significantly disrupt economic activity in the U.S. and globally. The effects of a serious infectious disease outbreak may be short-term or last for extended time periods.

Our business activity and operations, and/or the activities and operations of our service providers and business partners, could be adversely affected or interrupted by serious infectious disease outbreaks. In order to mitigate the possible effects of these types of events, NYLIAC has established business continuity and disaster recovery plans. These plans may, for example, require our employees to work and access our information technology, communications or other systems remotely. Notwithstanding these plans, a serious infectious disease outbreak and public health measures taken by government officials to combat an outbreak — may have a material, adverse effect on us, our ability to administer your policy and your policy Cash Value. For example, a serious infectious disease outbreak or public health measures implemented to combat it may adversely affect our business and operations by (i) interfering with our processing of policy transactions (including full and partial surrenders, periodic partial withdrawals, loans, and transfers) and the processing of orders from online service requests at <u>www.newyorklife.com</u> or through the mobile application or with the underlying funds or cause other operational issues; (ii) delaying or interrupting our receipt of pricing or other services provided by third parties, thereby affecting among other things our ability to calculate accumulation unit values and policy cash values or to administer policy transactions dependent on systems and services provided by third parties; (iii) preventing our workforce from being able to be physically present at one or more of our worksites or from traveling to alternative worksites needed to implement our business continuity and disaster recovery plans, thereby resulting in lengthy interruptions of service; or (iv) subjecting us and/or our service providers, business partners and intermediaries to regulatory fines, litigation, financial losses and/or cause us reputational damage. In addition, our operations require experienced professional staff. Loss of a substantial number of such persons or an inability to provide properly equipped places for them to work may disrupt our operations and adversely affect our business. Serious infectious disease outbreaks may also affect the issuers of securities in which the underlying funds invest, which may cause the funds underlying your policy Cash Value to decrease in value. Serious infectious disease outbreaks may also affect market interest rates, which may affect the interest crediting rates we may declare on the Fixed Account under your policy (subject to the guaranteed minimum interest crediting rate). There can be no assurance that we, the underlying funds, the companies in which they invest, or our service providers and business partners will be able to avoid these risks at all times or avoid losses affecting your policy due to serious infectious disease outbreaks.

***Funds And Eligible Portfolios***

The assets of each Eligible Portfolio are separate from the others and each such Portfolio has different investment objectives and policies. As a result, each Eligible Portfolio operates as a separate investment fund and the investment performance of one Portfolio has no effect on the investment performance of any other Portfolio. You can make or lose money in any of the Investment Divisions. Portfolios described in this prospectus are different from portfolios that may have similar names but are available directly to the general public. The funds available directly to the general public may have the same adviser, same name, same investment objectives and policies, and substantially similar portfolio securities, but the investment performance may not be the same. The Fund's prospectus should be read carefully before any decision is made concerning the allocation of Net Premium payments to an Investment Division corresponding to a particular Eligible Portfolio.

**<u>We offer no assurance that any of the Eligible Portfolios will attain their respective stated investment</u> <u>objectives.</u>** 

Specific information regarding the Portfolios of each Fund, including (1) its name, (2) its fund type (e.g., bond fund, large cap value, small cap growth, specialty, money market fund, etc.); (3) its investment adviser and any sub-advisor; (4) current expenses; and (5) investment performance, is available in Appendix—Eligible Portfolios Available Under the Policy. For more information about each of these Portfolios, please read the Fund prospectuses. You should also read a Fund's prospectus carefully before making any decision about allocating premium payments or a portion of your policy's Cash Value to an Investment Division corresponding to a particular Portfolio. Please contact us at

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1-800-598-2019, or contact your registered representative, if you would like to obtain any of the underlying Fund prospectuses (in either paper or electronic format).

The Funds' shares may be available to certain other separate accounts we use to fund our variable annuity contracts offered by NYLIAC. This is called "mixed funding." The Funds' shares may also be available to separate accounts of insurance companies that are not affiliated with NYLIAC and, in certain instances, to Qualified Policies. This is called "shared funding." Although we do not anticipate that any difficulties will result from mixed and shared funding, it is possible that differences in tax treatment and other considerations may cause the interests of owners of various contracts participating in the Funds to be in conflict. The Board of Directors/Trustees of each Fund, the Funds' investment advisers, and NYLIAC are required to monitor events to identify any material conflicts that arise from the use of the Funds for mixed and shared funding. In the event of a material conflict, we could be required to withdraw from an Eligible Portfolio. For more information about the risks of mixed and shared funding, please refer to the relevant Fund prospectus.

The Funds and Eligible Portfolios offered through this product are selected by NYLIAC based on several criteria, including asset class coverage, the strength of the manager's reputation and tenure, brand recognition, performance, and the capability and qualification of each sponsoring investment firm. An affiliate of NYLIAC—New York Life Investment Management LLC—manages the New York Life Investments VP Funds Trust and that was a factor in its selection.

We also receive payments or compensation from the Funds or their investment advisors, or from other service providers of the Funds (who may be affiliates of NYLIAC) in connection with administration, distribution and other services that we provide with respect to the Eligible Portfolios and their availability through the policies. These payments may be derived, in whole or in part, from the advisory fee charged by the Fund and deducted from Fund assets and/or from "Rule 12b-1" fees deducted from Fund assets. These payments are also a factor in our selection of Funds and Eligible Portfolios. NYLIAC may use these payments for any corporate purpose, including payment of expenses that NYLIAC and/or its affiliates incur in promoting, marketing and administering the Policies, and in its role as an intermediary of the Funds. Policyowners, through their indirect investment in the Funds, bear the costs of these fees.

The amounts we receive may be substantial, may vary by Eligible Portfolio, and may depend on how much policy value is invested in the particular Eligible Portfolio or Fund. NYLIAC and its affiliates may profit from these payments. Currently, we receive payments or revenue under various arrangements in amounts up to 0.40% annually of the aggregate net asset value of the shares of some of the Eligible Portfolios held by the Investment Divisions. We also receive compensation under various distribution services arrangements in amounts up to 0.25% annually of the aggregate net asset value of the shares of some of the Eligible Portfolios held by the Investment Divisions. The compensation that your registered representative receives remains the same regardless of which Investment Divisions you choose or the particular arrangements applicable to those Investment Divisions.

NYLIAC's parent company, New York Life Insurance Company, may also receive fixed dollar payments for marketing and education support services and for the participation of investment advisers and sub-advisers in training and educational meetings, which includes the opportunity to discuss and promote their Funds.

NYLIAC does not provide investment advice and does not recommend or endorse any particular Eligible Portfolio or Portfolios or any available Asset Allocation Model. NYLIAC is not responsible for choosing the Investment Divisions, the amounts allocated to each, or the available Asset Allocation Model that is selected. You are responsible for determining that these decisions are appropriate for your own individual circumstances and your investment goals, financial situation, and risk tolerance. Decisions regarding investment allocations should be carefully considered. You bear the risk of any decline in the value of your policy resulting from the performance of the Portfolios or available Asset Allocation Model you have chosen. You should consult with your registered representative to determine which combination of Investment Options is most appropriate for you, and periodically review your choices.

Certain portfolios, generally referred to as "funds of funds" or "master-feeder arrangements," may invest all or substantially all of their assets in portfolios of other funds. In such cases, you will indirectly pay fees and expenses at both portfolios levels, which would reduce your investment return.

Hedging strategies may be employed by certain portfolios to attempt to provide downside protection during sharp downward movements in equity markets. The costs of these strategies could limit the upside participation of the portfolio in rising equity markets relative to other portfolios.

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So-called "alternative" investment strategies may also be used by certain portfolios, which may involve non-traditional asset classes. These alternative investment strategies may be riskier than more traditional investment strategies and may involve leverage or use complex hedging techniques, such as options and derivatives. These may offer potential diversification benefits beyond traditional investment strategies.

Although we do not currently offer any Portfolios that offer such strategies, in the future, some of the Eligible Portfolios may use what are known as "volatility management strategies." Volatility management strategies are designed to reduce the overall volatility and provide risk-adjusted returns over time. During rising markets, a volatility management strategy, however, could cause your policy Cash Value to rise less than would have been the case had you been invested in a fund with substantially similar investment objectives, policies and strategies that does not utilize a volatility management strategy. Conversely, investing in a fund that features a volatility management strategy may be helpful in a declining market when high market volatility triggers a reduction in the fund's equity exposure, because during these periods of high volatility, the risk of losses from investing in equity securities may increase. In these instances, your policy's Cash Value may decline less than would have been the case had you not been invested in a fund that features a volatility management strategy. The success of the volatility management strategy of a fund depends, in part, on the investment adviser's ability to effectively and efficiently implement its risk forecasts and to manage the strategy for the fund's benefit. In addition, the cost of implementing a volatility management strategy may negatively impact performance. There is no guarantee that a volatility management strategy can achieve or maintain the fund's optimal risk targets, and the fund may not perform as expected. For more information about the Eligible Portfolios and the investment strategies they employ, please refer to the Funds' current prospectuses.

Investment selections should be based on a thorough investigation of all the information regarding the Eligible Portfolios that is available to you, including each Fund's prospectus, statement of additional information, and annual and semi-annual reports. As described more fully below, the Asset Allocation Models are not available for selection as of May 1, 2020. You may, however, continue to allocate all or a portion of your Cash Value to an available Asset Allocation Model, if any portion of your Cash Value is currently allocated to such a Model. For factors bearing on the continued allocation to an Asset Allocation Model, see "Management and Organization—Asset Allocation Models" below. After you select Investment Divisions or an Asset Allocation Model for your initial premium, you should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.

The Investment Divisions invest in the corresponding Eligible Portfolios. You can choose a maximum of 21 Investment Options for Net Premium payments from the available Investment Divisions, the Fixed Account, and the DCA Plus Account. Your choice of Investment Options may be limited if you elect certain benefits or riders. You can transfer all or part of the Cash Value of your policy among the Investment Options tax-free and within the limits described in this prospectus. You may also continue to allocate your policy's Cash Value in accordance with an available Asset Allocation Model (for SVUL policies only) at no extra charge, provided you already allocated a portion of your Cash Value to such a Model.

The Investment Divisions offered through the policies and described in this prospectus and the SAI are different and may have different investment performance from mutual funds that may have similar names, the same adviser, the same investment objective and policies, and substantially similar portfolio securities.

***Money Market Fund Fees***

The SEC has adopted rules that provide that all money market funds can impose liquidity fees under certain circumstances. All government money market funds are permitted to impose discretionary liquidity fees, up to 2% of the amount redeemed, under circumstances where mandatory liquidity fees do not apply and the fund board determines that the fee is in the best interest of the fund. These discretionary fees can be imposed based on the liquidity of the fund's assets, redemptions, and other factors. Liquidity fees could be applied to all policy transfers, surrenders, partial withdrawals and benefit payments from that portfolio.

All types of money market funds have the ability to impose these fees and gates, but government money market funds (that invest at least 99.5% of their assets in government securities, cash, and repurchase agreements secured by government securities) are less likely to impose fees. Nevertheless, there remains a possibility that a government money market fund such as the NYLIM VP U.S. Government Money Market Portfolio could impose such fees, which could be applied to all Policy transfers, full and partial surrenders, and benefit payments from the portfolio.

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***Reinvestment***

We automatically reinvest all dividends and capital gains distributions from Eligible Portfolios in additional shares of the distributing Portfolio at their net asset value on the date the dividends or distributions are paid.

***Asset Allocation Models***

We have elected to discontinue the Asset Allocation Model program which was available to SVUL policies. As of May 1, 2020, you were not allowed to select an Asset Allocation Model or transfer from one Asset Allocation Model to another Asset Allocation Model. If any portion of your Cash Value is currently allocated to an Asset Allocation Model, you may continue to allocate all or a portion of your Cash Value to such Model. We will not reallocate your Cash Value or change your premium allocation instructions in response to these changes, unless you direct us to do so. If you transfer your entire allocation out of an Asset Allocation Model, you will not be able to transfer back into that model or transfer to any other Asset Allocation Model. If you want to reallocate your Cash Value, you will need to send a transfer request to the VPSC at one of the addresses listed on the first page of this prospectus or request a transfer by any other method we make available.

*Information for Policyholders Currently Allocated to an Asset Allocation Model*

Each Asset Allocation Model was designed to seek to achieve a different investment objective. The Asset Allocation Models are general in nature and are not tailored or personalized for you. The Asset Allocation Models are static, meaning that the underlying Investment Divisions within each Model will not change over time, but gains and/or losses from the Funds in a Model will cause the model's original percentages to shift. If you elected the Automatic Asset Rebalancing ("AAR") feature, amounts allocated to a model will be rebalanced to reflect the Model's original percentages. For SVUL policies applied for on or after May 1, 2018 with a Cash Value of $2,500 or more, amounts allocated to the Model will be automatically rebalanced on an annual basis using the AAR option. If you wish to rebalance your allocations more frequently than annually, or if you would like to opt out of the AAR option, you may do so at any time by calling us toll-free at 1-800-598-2019, or by notifying us in writing. See "Description of the Policy-Additional Benefits Through Riders and Options-Automatic Asset Rebalancing" for more information. In addition, the Investment Divisions and allocation percentages for a Model could change due to events such as mergers, substitutions, liquidations or closures. We will notify you in writing of any such events and seek your instructions on how you want your Cash Value or premium reallocated.

If you wish to continue to allocate your policy's Cash Value to an Asset Allocation Model, you should consult with your registered representative, who can help you evaluate whether it continues to be suitable and appropriate for you in light of your financial situation, risk tolerance, time horizon and investment objectives. While the Asset Allocation Models can facilitate asset allocation discussions and decisions between you and your registered representative, we have no discretionary authority or control over your investment decisions. You, along with your registered representative, are responsible for your decision to continue to allocate your policy's Cash Value to the Asset Allocation Models. You should continue to review the Asset Allocation Model you have selected periodically to determine whether it is still appropriate for you.

*Restrictions and Transfers*

Because the Asset Allocation Models do not invest in either the Fixed Account or the NYLIM VP U.S. Government Money Market Investment Division, you may not elect the Interest Sweep or Expense Allocation options as long as your Cash Value is allocated exclusively to an Asset Allocation Model. You also may not elect the Dollar-Cost Averaging option if you are allocated to an Asset Allocation Model. If you have elected the GMAB Rider, you may only elect the Conservative Asset Allocation Model as that Model is composed entirely of Investment Divisions that are consistent with the GMAB Allocation Alternatives required by the GMAB Rider. See "Description of the Policy-Additional Benefits Through Riders and Options-Guaranteed Minimum Accumulation Benefit Rider-Rider Eligibility and Investment Restrictions" for more information.

You may transfer your policy's Cash Value out of the Investment Divisions associated with an Asset Allocation Model at any time, reallocating the Cash Value to other Investment Divisions or the Fixed Account. If you have elected the GMAB Rider, these transfers will be subject to the investment restrictions required by that rider. If you wish to remove funds from your current Asset Allocation Model you may do so by calling us toll-free at 1-800-598-2019, logging in online at <u>www.newyorklife.com</u> or through the mobile application, or by notifying us in writing at one of the

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addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). Although each Investment Division within a selected Asset Allocation Model will be counted toward the maximum of 21 permitted Investment Options, all transfers into, or out of, the Investment Divisions associated with an Asset Allocation Model will count as one transfer and are subject to the conditions and restrictions listed in "Description of the Policy" below. If you elected to allocate your Net Premium payments to the DCA Plus Account, we will continue to make monthly transfers in accordance with your instructions from the DCA Plus Account into the Investment Divisions associated with the available Asset Allocation Models.

*Investment Risks Associated with the Asset Allocation Models*

Asset allocation does not guarantee that your Accumulation Value will increase or protect against losses in a declining market. Tools used to assess your risk tolerance, such as the Investor Profile, could be less effective if your circumstances change over time.

In addition, an Asset Allocation Model may not perform as intended. Therefore, it may not achieve its investment objective or reduce volatility. When considering whether to remain in an Asset Allocation Model, you should consider your other assets, income and investments in addition to this policy. An Asset Allocation Model may perform better or worse than any single investment option or any other combination of investment options. In addition, the timing of your investment and any rebalancing may affect performance.

Changes to Asset Allocation Models can cause the Investment Divisions that make up a model to need to undertake efforts to raise cash for money flowing out of the Funds or vice versa. In order to raise cash, those Funds may need to sell assets at prices lower than otherwise expected, which can hurt Fund share prices. Moreover, large outflows of money from the Funds may increase the expenses attributable to the assets remaining in the Funds. These transactions and expenses can adversely affect the performance of the relevant Funds and of the Asset Allocation Models. In addition, these inflows and outflows may cause a Fund to hold a large portion of its assets in cash, which could detract from the achievement of the Fund's investment objective, particularly in periods of rising market prices. For additional information regarding the risks of investing in a particular Fund, see that Fund's prospectus.

*Conflicts of Interest Relating to the Asset Allocation Models*

The most recent Asset Allocation Models were designed on our behalf by an unaffiliated third-party investment adviser, Franklin Templeton Fund Adviser, LLC ("FTFA") (formerly known as Legg Mason Partners Fund Advisor, LLC), an indirect wholly-owned, subsidiary of Franklin Resources, Inc ("Franklin Resources"). FTFA's affiliated subadviser, Franklin Advisers, Inc. (successor by merger to, QS Investors, LLC ("QS Investors")), selected the initial composition of each Asset Allocation Model. The models are referred to herein as the "QS Models". New York Life Investment Management LLC ("New York Life Investments"), an affiliate of NYLIAC and the Investment Advisor to the MainStay VP Funds Trust, provided asset allocation models prior to May 1, 2018 (the "NYL Models"). You can get information about each of the Asset Allocation Models by contacting your registered representative.

QS Investors provided research and business support services relating to the QS Models and selected the Investment Divisions to populate each Model from information that we provided about the available Investment Divisions. We are QS Investors' sole client with respect to the QS Models. Furthermore, QS Investors designed the QS Models for availability as of May 1, 2018, and is not responsible for updating the models in response to market and economic conditions or other factors. QS Investors has authorized us to make the QS Models available for use in connection with the policy. The QS Models are designed and intended for use within the context of relationships between registered representatives and their clients. The Asset Allocation Models are no longer available for new investments.

QS Investors received a fee from NYLIAC to design the QS Models. While the QS Models were designed to offer you a convenient way to work with your registered representative in making allocation decisions, you should be aware that QS Investors was subject to competing interests that may have influenced its design of the QS Models. For example, because affiliates of QS Investors and FTFA were affiliated with the ClearBridge Variable Appreciation Portfolio, QS Investors and FTFA may have benefited from including the ClearBridge Variable Appreciation Investment Division in one or more of the QS Models. Payments from NYLIAC to FTFA and QS Investors to design the QS Models may have also influenced QS Investors in its selection of Investment Divisions affiliated with NYLIAC for

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inclusion in the QS Models. QS Investors considered many factors in selecting Investment Divisions for the QS Models, including, but not limited to, risk and return profile, prior investment performance and underlying fund fees.

New York Life Investments was also subject to competing interests that may have impacted the composition of the QS Models as well as its design of the NYL Models. For example, because New York Life Investments receives fees for advising the NYLIM VP Funds Trust, it benefits from the inclusion of a significant percentage of these Investment Divisions in the QS Models and NYL Models. NYLIM VP Investment Divisions represent such a significant percentage of the Asset Allocation Models because they constitute a preponderance of Investment Divisions offered with the policy and are prevalent among the low- and moderate-risk Investment Divisions that make up those models.

In addition, New York Life Investments may not have included certain non-proprietary Investment Divisions in the NYL Models because their investment profile (e.g., sector-specific concentration or shifting asset composition) was determined to be incompatible with the risk and return profile of those models. Finally, New York Life Investments may have included Investment Divisions in a NYL Model based on asset class exposure and they may have also been selected over Investment Divisions with better past investment performance or lower fees.

As noted above, we receive payments or compensation from the Funds or their Investment Advisers, or from other service providers of the Funds (who may be affiliates of NYLIAC) in connection with administration, distribution and other services that we provide with respect to the Eligible Portfolios and their availability through the policies. The amount of this revenue and how it is computed varies by Fund, may be significant, and may create conflicts of interest in the design of the QS and NYL Models.

***The Franklin Templeton Model Portfolios***

The Franklin Templeton Model Portfolio Funds (the "Model Portfolios") were created on our behalf by an unaffiliated third-party investment manager, Franklin Templeton Fund Adviser, LLC ("FTFA"), an indirect wholly-owned subsidiary of Franklin Resources, Inc., for the exclusive use of NYLIAC's variable annuity and variable life insurance policyholders. Each Model Portfolio, itself an Eligible Portfolio, will actively invest in multiple other funds of various asset classes and strategies (the "Underlying Funds"), to seek to achieve a different investment objective depending on the risk tolerance for the particular Model Portfolio.

The Underlying Funds available to the Model Portfolios for investment are comprised entirely of the initial class or similar shares of the Eligible Portfolios available under your policy, except for (i) Eligible Portfolios that are themselves, funds of funds, and (ii) Eligible Portfolios that did not agree to sell their shares to the Model Portfolios.

*Conflicts of Interest Relating to the Model Portfolios*

FTFA's affiliated subadviser Franklin Advisers, Inc. ("Franklin") selected the initial composition of each Model Portfolio. Thereafter, Franklin manages the Model Portfolios, evaluating assets on a frequent basis and making changes to the investments of the Model Portfolios as deemed necessary. To the extent that NYLIAC adds, deletes, closes or substitutes the Eligible Portfolios available under your policy, the composition of the Underlying Funds available to the Model Portfolios for investment will likewise change. FTFA and Franklin, have sole discretion relating to investment by the Model Portfolios in the Underlying Funds. Neither NYLIAC, nor its parent company, affiliates or subsidiaries have input into the investment decisions of FTFA and/or Franklin. For additional information regarding the risks of investing in a Model Portfolio, see that Model Portfolio's prospectus.

For providing certain administrative support to FTFA and Franklin, Legg Mason Investor Services, LLC, the distributor of the Model Portfolios, compensates NYLIAC based on the aggregate net asset value of the shares of the Model Portfolios held by the Separate Account and other NYLIAC separate accounts (the "NYLIAC Separate Accounts"). NYLIAC also receives Rule 12b-1 fees, which are deducted from the assets of certain share classes of the Model Portfolios. For administrative services that NYLIAC performs with respect to NYLIAC Separate Account assets invested in the Model Portfolios and allocated to the Underlying Funds, NYLIAC receives compensation from the Underlying Funds or their investment advisers, or from other service providers of the Underlying Funds based on the aggregate net asset value of the Underlying Fund shares held by the Model Portfolios and attributable to investment by the NYLIAC Separate Accounts. The fees paid by the Underlying Funds for such services are paid at the same annual rate and fee schedule as the fees paid by the Underlying Funds for administrative services with respect to net assets of the Eligible Portfolios held directly by the NYLIAC Separate Accounts.

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These payments are a factor in our selection of the Eligible Portfolios, which in turn, are available to the Model Portfolios for investment. However, only FTFA and Franklin will determine the portion of the Model Portfolios' assets, if any, that are invested in particular Underlying Funds. Policyowners, through their direct investment in the Model Portfolios and their indirect investment in the Underlying Funds, bear the costs of these fees. FTFA and Franklin receive no payments from the Underlying Funds in connection with an investment by the Model Portfolios (except to the extent described below), nor do they know the terms of the payment arrangements (if any) between the Underlying Funds and NYLIAC.

FTFA and Franklin are also subject to competing interests that may influence their investment decisions with respect to the Model Portfolios. For example, FTFA is the investment adviser for the Model Portfolios and certain of the available Underlying Funds, and receives a management fee from those funds. FTFA and Franklin, therefore, have an incentive to allocate a greater portion of a Model Portfolio's assets to those funds rather than to unaffiliated funds.

As noted above, we receive payments or compensation from the Underlying Funds or their Investment Advisers, or from other service providers of the Underlying Funds (who may be affiliates of NYLIAC) in connection with administration, distribution and other services that we provide with respect to such Underlying Fund and their availability through the Model Portfolios. The amount of this revenue and how it is computed varies by each Underlying Fund, may be significant, and may create conflicts of interest in the selection of the Eligible Portfolios that are available to the Model Portfolios for investment.

***Investment Return***

The investment return of your policy is based on the accumulation units you have in each Investment Division of the Separate Account, the amount you have in the Fixed Account and DCA Plus Account, the investment experience of each Investment Division as measured by its actual net rate of return, and the interest rate we credit on the amount you have in the Fixed Account and/or DCA Plus Account.

The investment experience of an Investment Division of the Separate Account reflects increases or decreases in the net asset value of the shares of the corresponding Eligible Portfolio, any dividend or capital gains distributions, and any charges against the assets of the Investment Division. We determine this investment experience from the end of one Valuation Day to the end of the next Valuation Day.

We will credit any amounts in the Fixed Account and DCA Plus Account with a fixed interest rate that we declare periodically, in advance, and at our sole discretion. For policies issued before May 1, 2012, this rate will never be less than an annual rate of 3%. For policies issued on or after May 1, 2012, this rate will never be less than an annual rate of 2%. We may credit different interest rates to loaned and unloaned amounts in the Fixed Account and DCA Plus Account. All Net Premiums applied to the Fixed Account and DCA Plus Account, and amounts transferred to the Fixed Account, receive the applicable loaned amount rate or the unloaned amount rate in effect on the Business Day we receive the premium payment or process the transfer. Interest rates for subsequent premium payments into the Fixed Account and DCA Plus Account may be different from the rate applied to prior premium payments made into the Fixed Account or DCA Plus Account. Interest rates will fluctuate for the entirety of holdings in the Fixed Account, while each premium payment paid into the DCA Plus Account will receive one rate of interest for the entire time it is in the DCA Plus Account. Interest accrues and is credited daily.

***Voting***

We will vote the shares that the Investment Divisions of the Separate Account holds in the Eligible Portfolios at any regular and special shareholder meetings of the Funds. We will vote these shares according to the instructions we receive from our policyowners who have invested their premiums in Investment Divisions that invest in the Fund holding the meeting. However, if the law changes to allow us to vote the shares in our own right, we may decide to do so.

We may, if required by state insurance regulations, disregard voting instructions if they would require shares to be voted so as to cause a change in the sub-classification or investment objectives of one or more of the available Investment Divisions or to approve or disapprove an investment advisory contract for a Fund. In addition, we may disregard voting instructions that would require changes in the investment policy or investment adviser of one or more of the Funds associated with the available Investment Divisions, provided that we reasonably disapprove such

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changes in accordance with applicable federal or state regulations. If we disregard policyowner voting instructions, we will advise policyowners of our action and the reasons for such action in the next available annual or semi-annual report.

While your policy is in effect, you can provide voting instructions to us for each Investment Division in which you have assets. The number of votes you are entitled to will be determined by dividing the units you have invested in an Investment Division by the net asset value per unit for the Eligible Portfolio underlying that Investment Division.

We will determine the number of votes you are entitled to on the date established by the underlying Fund for determining shareholders that are eligible to vote at the meeting of the relevant Fund. We will send you voting instructions prior to the meeting according to the procedures established by the Fund. We will send proxy materials, reports, and other materials relating to the Fund to each person having a voting interest.

We will vote the Fund shares for which we do not receive timely instructions in the same proportion as the shares for which we receive timely voting instructions. To the extent required by any applicable SEC order, any shares beneficially owned by NYLIAC or its affiliates will also be proportionately voted in accordance with those instructions. As a result, because of proportional voting, a small number of policyowners may control the outcome of the vote.

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**Charges Associated With The Policy**

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As with all life insurance policies, certain charges apply under the policy. The following is a summary explanation of these charges. (See "Additional Information About Charges" in the SAI for more information.)

***Deductions From Premium Payments***

When we receive a premium payment from you, whether planned or unplanned, we will deduct a sales expense charge and state premium tax charge. If your policy is a Non-Qualified Policy, we will deduct a federal tax charge as well.

*Sales Expense Charge*

&nbsp;&nbsp;&nbsp;&nbsp;● *Target Premium*—We deduct, from any premium payment, a sales expense charge based on the age of your policy and your policy's Target Premium. Your initial Target Premium is set at the time your policy is issued. You can find this initial Target Premium on the Policy Data Page of your policy. Your Target Premium will be adjusted if you change the Face Amount of your policy.

&nbsp;&nbsp;&nbsp;&nbsp;● *Premiums up to the Target Premium*—In each of Policy Years 1-10, we currently deduct an annual sales expense charge of 4.75% of premium payments up to the Target Premium. In Policy Years 11 and beyond, we currently deduct 4.25% of premium payments up to the Target Premium.

&nbsp;&nbsp;&nbsp;&nbsp;● *Premiums over the Target Premium*—Once premium payments equal to the Target Premium for a given Policy Year have been paid (the "Annual Target Premium Threshold"), we currently deduct a reduced sales expense charge of 1.75% from any additional premiums paid in Policy Years 1-5; 0.75% from any additional premiums paid in Policy Years 6-10; and 0.25% from any additional premiums paid in Policy Years 11 and beyond.

&nbsp;&nbsp;&nbsp;&nbsp;● *Guaranteed Maximum*—We can change the amount of the sales expense charge at any time, but we guarantee that the charge we deduct will never exceed 4.75% of any premiums paid in all policy years up to the Target Premium. Once premium payments exceed the Annual Target Premium Threshold, we guarantee that any sales expense charge we deduct will never exceed 1.75% of any additional premiums paid in all policy years.

&nbsp;&nbsp;&nbsp;&nbsp;● *Timing of Premium Payments*—Because the amount of sales expense charge deducted is based on the Target Premium, the timing of premium payments may affect the amount of such charges actually deducted from your premium payments, both over time and in any given Policy Year. The examples below describe how current sales expense charges may vary for premium payments received during one policy year versus another.

The amount of compensation received by your registered representative will vary depending on the amount of the sales expense charge deducted from your policy. Generally, higher amounts of sales expense charges will result in additional compensation to the registered representative.

&nbsp;&nbsp;&nbsp;&nbsp;● *Payments in Excess of Target Premium* 

As noted above, in any given Policy Year, once the premiums you have paid exceed the Annual Target Premium Threshold, we will deduct a reduced sales expense charge (1.75% vs. 4.75% for Policy Years 1-5, 0.75% vs. 4.75% for Policy Years 6-10, and 0.25% vs. 4.25% for Policy Years 11 and beyond) from additional premium payments made in that Policy Year. However, if those same premium payments were made in the following Policy Year, they would be counted as Target Premium and would, once again, be subject to the current sales expense charge of 4.75% (for Policy Years 1-10) or 4.25% (for Policy Years 11 and beyond) up to the Target Premium for that Policy Year.

For example, for a policy with an anniversary of January 1 and a Target Premium of $1,000:

&nbsp;&nbsp;&nbsp;&nbsp;● If, on December 1 of Policy Year 1, you make a $500 premium payment in excess of the Target Premium, we would deduct a reduced sales expense charge on that payment of $500 x 0.0175 or $8.75.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● If, instead, you make the same $500 premium payment on February 1 of Policy Year 2, we would deduct a current sales expense charge on that payment of $500 x 0.0475 or $23.75. This premium payment would be ineligible for a reduced sales expense charge, as the Annual Target Premium Threshold for Policy Year 2 had not yet been met.

The difference in current sales expense charges deducted on this payment—$8.75 versus $23.75—is due to the interaction between payment timing and the Target Premium. If the payment is made in the same Policy Year in which the Annual Target Premium Threshold has already been satisfied, it will be subject to lower sales expense charges than if made in a Policy Year in which the Annual Target Premium Threshold has not yet been met.

&nbsp;&nbsp;&nbsp;&nbsp;● *Effect of Step-Down in Sales Expense Charges at Policy Years 6 and Beyond* 

As noted above, because current sales expense charges step down from Policy Years 5 to 6, and again at Policy Years 10 to 11, the timing of a premium payment during this period will affect the sales expense charges assessed for a given premium amount. For example, for a policy with a Target Premium of $1,000:

&nbsp;&nbsp;&nbsp;&nbsp;● If you made an annual premium payment of $1,500 in Policy Year 5, the sales expense charge would be:

&nbsp;&nbsp;&nbsp;&nbsp;a)

4.75% of the premiums paid up to your Target Premium—$1,000 x 0.0475 or $47.50; plus

&nbsp;&nbsp;&nbsp;&nbsp;b)

1.75% of the premiums paid in excess of your Target Premium—$500 x 0.0175 or $8.75.

The total annual sales expense charge deducted in Policy Year 5 would be $56.25.

&nbsp;&nbsp;&nbsp;&nbsp;● If, instead, you made the same annual premium payment of $1,500 in Policy Year 6, the sales expense charge would be:

&nbsp;&nbsp;&nbsp;&nbsp;a)

4.75% of the premiums paid up to your Target Premium—$1,000 x 0.0475 or $47.50; plus

&nbsp;&nbsp;&nbsp;&nbsp;b)

0.75% of the premiums paid in excess of your Target Premium—$500 x 0.0075 or $3.75.

The total annual sales expense charge deducted in Policy Year 6 would be $51.25.

The difference in total annual sales expense charges deducted—$56.25 versus $51.25—is due to the reduced sales expense charge applicable to premiums paid in Policy Year 6 versus those paid in Policy Year 5.

As these two examples demonstrate, the timing of your premium payment may affect the amount of current sales expense charges that we will deduct from such payments. Consequently, you should carefully consider these issues when deciding in which Policy Year to make your premium payments.

*State Premium Tax Charge*

We currently deduct 2% of each premium payment you make, or $20 per $1,000 of premium, as a state premium tax charge. We may increase this charge to reflect changes in applicable law. This charge may not reflect the actual premium tax charged in your state. Our right to increase this charge is limited in some jurisdictions by law.

*Federal Tax Charge*

For Non-Qualified Policies, we currently deduct 1.25% of each premium payment you make, or $12.50 per $1,000 of premium, as a federal tax charge. We may increase this charge to reflect changes in applicable law.

***Deductions From Cash Value***

Each month, we will deduct a monthly contract charge, a monthly Cost of Insurance charge, a Mortality and Expense Risk charge, a per thousand face amount charge, and a rider charge for the cost of any additional riders from your policy's Cash Value. If you have elected the Expense Allocation option, the policy charges will be deducted according to those instructions. Otherwise, we will deduct these charges proportionately from each of the Investment Divisions and any unloaned amount in the Fixed Account and/or the DCA Plus Account.

We will deduct these charges on the Monthly Deduction Day. The first Monthly Deduction Day will be the monthly anniversary of your Policy Date on or following the date we receive the initial premium payment and underwriting

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approval in Good Order. If the Policy Date is prior to the Issue Date, the deductions made on the first Monthly Deduction Day will cover the period from the Policy Date until the first Monthly Deduction Day.

*Monthly Contract Charge*

On each Monthly Deduction Day, we will deduct a monthly contract charge to cover our costs for providing certain administrative services, including collecting premium, recordkeeping, processing claims, and communicating with policyowners.

We currently deduct a monthly contract charge of $35 per month in Policy Year 1, $15 per month in Policy Years 2-10, and $10 per month in Policy Years 11 and beyond. We guarantee that this charge will never exceed $35 per month in Policy Year 1 and $15 per month in Policy Years 2 and beyond.

*Charge For Cost Of Insurance Protection*

On each Monthly Deduction Day, we will deduct the cost of insurance charge from the Cash Value of your policy for the cost of providing a Life Insurance Benefit to you. This charge is equal to (1) multiplied by the result of (2) minus (3), where:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Is the monthly cost of insurance rate per $1,000 of Net Amount at Risk;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Is the number of thousands of Life Insurance Benefit divided by 1.00327; and

&nbsp;&nbsp;&nbsp;&nbsp;(3) Is the number of thousands of Cash Value as of the Monthly Deduction Day (before this Cost of Insurance, any applicable contract charge, and the monthly cost of any riders are subtracted).

The Net Amount at Risk is (2) minus (3).

The Life Insurance Benefit varies based upon the Life Insurance Benefit Option chosen and may be affected by optional riders elected on the policy. The Cash Value varies based upon the performance of the Investment Divisions selected, interest credited to the Fixed Account and DCA Plus Account, outstanding loans (including loan interest), charges, and premium payments. We determine the initial rate of the monthly cost of insurance based upon our underwriting of your policy. This determination is based on various factors including, but not limited to, the insured's issue age, gender, underwriting class, Policy Year and Face Amount. We may change these rates from time to time, based on changes in future expectations of various factors including, but not limited to, mortality, investment income, expenses, and persistency. In some cases, a Flat Extra charge may be deducted as part of the monthly cost of insurance charge due to an insured's circumstances including, but not limited to his or her medical condition, occupation, motor vehicle or aviation record. The cost of insurance rates, however, will never exceed the guaranteed maximum cost of insurance rates for your policy. Your cost of insurance charge may vary from month to month depending on changes in the cost of insurance rates and the Net Amount at Risk. We calculate the cost of insurance charge for the initial Face Amount separately from the cost of insurance charge for any increase in the policy's Face Amount. If you request and we approve an increase to your policy's Face Amount, then a different rate class (and therefore cost of insurance rate) may apply to the increase, based on the insured's age and circumstance at the time of the increase. We expect to profit from this charge. Profits derived from this charge can be used for any corporate purpose.

We base the guaranteed rates for policies that provide coverage for insureds in substandard underwriting classes on higher rates than for standard or better underwriting classes. If the insured's issue age is 17 or younger, we base the guaranteed rates on the 2001 Commissioner's Standard Ordinary Mortality Table, Unismoke version. If the insured's issue age is 18 or older and is in a standard or better underwriting class, we base the guaranteed rates on the 2001 Commissioner's Standard Ordinary Smoker and Nonsmoker Mortality Tables appropriate to the insured's underwriting class.

*Mortality And Expense Risk Charge*

We assume a mortality risk that the group of lives we have insured under our policies will not live as long as we have expected. In addition, we assume an expense risk that the cost of issuing and administering the policies we have sold will be greater than what we have estimated. On each Monthly Deduction Day, we deduct a Mortality and

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Expense Risk Charge from the Separate Account Value as of that day. This charge varies based on the Separate Account Cash Value and the policy duration.

&nbsp;&nbsp;&nbsp;&nbsp;● Current—We currently deduct a monthly Mortality and Expense Risk charge based on Separate Account Cash Value and policy duration. The charge ranges from 0.55% per year in Policy Year 1 to as low as 0.15% in Policy Years 21 and later.

&nbsp;&nbsp;&nbsp;&nbsp;● Guaranteed Maximum—We guarantee that the Mortality and Expense Risk charge will never exceed an annual rate of 0.75%, or $7.50 per $1,000, of the Separate Account Value.

If the charge is insufficient to cover actual costs and assumed risks, the loss will fall on NYLIAC. We expect to profit from this charge. We may use these funds for any corporate purpose, including expenses relating to the sales of the policies.

*Monthly Per Thousand Face Amount Charge*

We currently deduct a monthly per thousand face amount charge during the first 20 Policy Years for VUL that varies based on risk class, gender, issue age, policy duration and Face Amount. We currently deduct a monthly per thousand face amount charge during the first 30 Policy Years for SVUL that varies based on risk class, gender, issue age, policy duration and Face Amount. We guarantee that the per thousand face amount charge will never exceed $1.4945 per thousand of face amount for VUL during the first 20 Policy Years and will be $0 thereafter. We guarantee that the per thousand charge will never exceed $0.70975 per thousand of face amount for SVUL during the first 30 Policy Years and will be $0 thereafter. We separately calculate the monthly per thousand face amount charge (including its duration) for the initial Face Amount and any increase in the Face Amount.

*Rider Charges* 

Each month, we deduct any applicable charges for any optional riders you have chosen. (For more information about specific charges, see "Table of Fees and Expenses.")

*Expense Allocation Option*

With the Expense Allocation option, you choose how to allocate the Monthly Deduction Charges from your Cash Value. You can instruct us at the time of the application, and any time thereafter, to have expenses deducted from the NYLIM VP U.S. Government Money Market Investment Division, the unloaned portion of the Fixed Account, or a combination of the two.

If the values in the NYLIM VP U.S. Government Money Market Investment Division and/or the unloaned portion of the Fixed Account are insufficient to pay these charges, we will deduct as much of the charges as possible. The remainder of the charges will be deducted proportionately from each of the Investment Divisions. If you do not instruct us as to how you would like the expenses allocated, these charges will be deducted proportionately from each of the Investment Divisions and any unloaned portion of the Fixed Account and/or DCA Plus Account.

Because the available Asset Allocation Models do not invest in either the Fixed Account or the NYLIM VP U.S. Government Money Market Investment Division, you may not elect the Expense Allocation option if your Cash Value is allocated exclusively to an Asset Allocation Model.

***Separate Account Charges***

*Charges For Federal Income Taxes*

We do not currently deduct a charge for federal income taxes from the Investment Divisions, although we may do so in the future to reflect possible changes in the law.

*Fund Charges*

Each Investment Division of the Separate Account purchases shares of the corresponding Eligible Portfolio at the accumulation unit value. The accumulation unit value reflects the investment advisory fees and other expenses that are deducted on each Valuation Day from the assets of the Portfolio by the relevant Fund. The advisory fees and

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other expenses are not fixed or specified under the terms of the policy and may vary from year to year. These fees and expenses are described in the Funds' prospectuses.

Certain Eligible Portfolios may also impose liquidity or redemption fees on withdrawals (including transfers) pursuant to SEC Rules, including Rules 2a-7 or 22c-2 under the 1940 Act. In such cases, we would administer the Fund fees and deduct them from your Cash Value or transaction proceeds.

***Transaction Charges***

*Surrender Charges*

The Surrender Charge is in addition to the Sales Expense Charge. Your policy may be subjected to a surrender charge if you take any of the following actions during the first 10 policy years:

&nbsp;&nbsp;&nbsp;&nbsp;(a) You fully surrender your policy;

&nbsp;&nbsp;&nbsp;&nbsp;(b) You request a Face Amount decrease;

&nbsp;&nbsp;&nbsp;&nbsp;(c) You request a partial surrender that results in a Face Amount decrease; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) You request a change to your Life Insurance Benefit Option that results in a Face Amount decrease.

In addition, if you request an increase to the Face Amount of your policy, a new set of surrender charges will apply to the amount of the increase for the first 10 years after the increase is made.

The maximum charge will be the lesser of (a) or (b), where (a) equals 50% of the total premiums paid under the policy and (b) a percentage (which changes by duration) of the Surrender Charge Premium as shown in the table below. The Surrender Charge Premium is shown on your Policy Data Page. Since the percentage used to calculate (b) is lower in later Policy Years, the maximum Surrender Charge is reduced over time.

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| | | |
|:---|:---|:---|
|  | **Percentage Applied** | **Percentage Applied** |
| **Policy Year** | **SVUL** | **VUL** |
| 1 | 91% | 94% |
| 2 | 84% | 89% |
| 3 | 77% | 84% |
| 4 | 71% | 80% |
| 5 | 66% | 75% |
| 6 | 61% | 71% |
| 7 | 57% | 67% |
| 8 | 53% | 64% |
| 9 | 49% | 60% |
| 10 | 46% | 56% |
| 11+ | 0% | 0% |

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For example, for VUL, a Male insured age 40, Preferred class, with a planned annual premium of $10,000 and a Surrender Charge Premium of $8,108 for a Face Amount of $400,000, who has elected Life Insurance Benefit Option 1 would pay a Surrender Charge of $5,000 if he surrenders his policy at the end of the first Policy Year. The Surrender Charge in this example is calculated as the lesser of (a) or (b) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) =

50% of $10,000 = $5,000; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) =

94% of Surrender Charge Premium = $7,621.52.

Since (a) is less than (b), the Surrender Charge would be $5,000.

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If the policy remains in force, no Surrender Charge is assessed.

For example, for SVUL a Male insured age 55 and a Female insured age 50, both Preferred class, with a planned annual premium of $15,000 and a Surrender Charge Premium of $23,770 for a Face Amount of $1,000,000, who have elected Life Insurance Benefit Option 1 would pay a Surrender Charge of $7,500 if they surrender their policy at the end of the first Policy Year. The Surrender Charge is calculated as the lesser of (a) or (b) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) =

50% of $15,000 = $7,500; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) =

91% of Surrender Charge Premium = $21,630.70.

Since (a) is less than (b), the Surrender Charge would be $7,500.

*Surrender Charges On Transactions Resulting In A Face Amount Decrease*

If, during the surrender charge period, you request (i) a Face Amount decrease, (ii) a partial surrender that results in a Face Amount decrease, or (iii) a change in your Life Insurance Benefit Option that results in a Face Amount decrease, we will deduct a surrender charge if applicable. This charge will equal the difference between the surrender charge that we would have charged if you had surrendered your entire policy before the decrease and the surrender charge that we would charge had you surrendered your entire policy after the decrease. We will not impose a surrender charge on a decrease or termination of any rider.

***EXAMPLE – Insured Age 40*** 

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| | |
|:---|:---|
| Face Amount Prior to Decrease | $500000 |
| ***<u>Amount of Decrease</u>*** | $100000 |
| Face Amount after Decrease | $400000 |
| Surrender Charge on Face Amount prior to Decrease ($500000) | $1280 |
| Less Surrender Charge on Face Amount after Decrease ($400000) | $1030 |
| Surrender Charge Deducted | $250 |

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*Surrender Charges After A Face Amount Increase*

If you increase your policy's Face Amount (other than an increase resulting from a change in your Life Insurance Benefit Option), we will apply a new surrender charge schedule to the amount of the increase in Face Amount. This schedule will start on the date we process your request. The Surrender Charge Premium we use under this schedule will be based on the insured's age for VUL, and the insureds' ages for SVUL, on the most recent Policy Anniversary at the time of the increase. The original surrender charge schedule will continue to apply to the original Face Amount of your policy.

If you have made multiple increases to the Face Amount of your policy, and later decide to decrease the Face Amount of your policy or surrender it, we will calculate the surrender charge in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;(1) based on the surrender charge associated with the last increase in Face Amount;

&nbsp;&nbsp;&nbsp;&nbsp;(2) based on each prior increase, in the reverse order that the increases occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;(3) based on the initial Face Amount.

*First-Year Lapse/Reinstatement Charge*

In addition to the Surrender Charge described above, if you surrender your policy during the first Policy Year, we will deduct an additional charge from the Cash Surrender Value. This charge will also apply if the policy lapses during the first Policy Year and is subsequently reinstated. This charge will equal the difference between the monthly contract charge for the first Policy Year and the monthly contract charge for subsequent Policy Years (currently, $20), multiplied

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by the number of Monthly Deduction Days that would have occurred had the policy stayed in effect between the date of surrender/lapse and what would have been the first Policy Anniversary (or the date of reinstatement). It will not exceed $220.

*Partial Surrender Fee*

When you make a partial surrender, we reserve the right to deduct a fee, not to exceed $25, for processing the partial surrender. Currently, we do not charge a fee when you make a partial surrender.

*Transfer Fee*

We currently do not charge for transfers made between Investment Divisions. However, we have a right to charge $30 per transfer for any transfer in excess of 12 in a Policy Year.

*Loan Charges*

We currently charge an effective annual loan interest rate of 3% in Policy Years 1-10 and 2% in Policy Years 11 and beyond. For policies issued before May 1, 2012, we currently charge an effective loan interest rate of 4% in Policy Years 1 – 10, which is reduced to 3% in Policy Years 11 and beyond. We may increase or decrease this rate but we guarantee that the rate will never exceed 6% in any Policy Year. When you request a loan, a transfer of funds will be made from the Separate Account (or DCA Plus Account, if so requested) to the Fixed Account so that the Cash Value in the Fixed Account is at least 100% of the requested loan plus any outstanding loans.

When you take a loan against your policy, the loaned amount that we hold in the Fixed Account may earn interest at a different rate from the rate we charge you for loan interest. We guarantee that the interest rate we credit on loaned amounts will always be at least the guaranteed minimum interest rate credited to the Fixed Account for your policy. For the first ten Policy Years, we guarantee that the rate we credit on loaned amounts will never be lower than the rate we charge for policy loans minus 2% (for example, if the rate we charge for policy loans is 6%, then the rate we credit on loaned amounts will never be lower than 4%). Currently, for the first ten Policy Years, the rate we expect to credit on loaned amounts is 1% less than the rate we charge for loan interest. Beginning in Policy Year 11, we guarantee that the rate we credit on loaned amounts will never be lower than the rate we charge for policy loans minus 0.25% (for example, if the rate we charge for policy loans is 6%, then the rate we credit on loaned amounts will never be lower than 5.75%). Currently, beginning in Policy Year 11, the rate we expect to credit on loaned amounts is equal to the rate we charge for loan interest. (See "Loans" for more information.)

***Rider Charges***

A monthly charge will be deducted if any of the following riders are in effect for VUL: Guaranteed Minimum Death Benefit Rider, the Life Extension Benefit Rider, the Guaranteed Insurability Rider, the Monthly Deduction Waiver Rider, the Accidental Death Benefit Rider, the Children's Insurance Rider, the Term Insurance on Other Covered Insured Rider, the Guaranteed Minimum Accumulation Benefit Rider, or the Waiver of Specified Premium Rider. A monthly charge will be deducted if any of the following riders are in effect for SVUL: Guaranteed Minimum Death Benefit Rider, the Life Extension Benefit Rider, the Level First-to-Die Term Rider, the Estate Protection Rider, or the Guaranteed Minimum Accumulation Benefit Rider.

&nbsp;&nbsp;&nbsp;&nbsp;● For VUL, the current periodic charges for the Guaranteed Minimum Death Benefit, Rider, the Life Extension Benefit Rider, the Guaranteed Insurability Rider, the Monthly Deduction Waiver Rider, the Accidental Death Benefit Rider, the Term Insurance on Other Covered Insured Rider, and the Waiver of Specified Premium Rider will vary based on the characteristics of the insured.

&nbsp;&nbsp;&nbsp;&nbsp;● For SVUL, the current periodic charges for the Guaranteed Minimum Death Benefit, Rider, the Life Extension Benefit Rider, the Level First-to-Die Term Rider, and the Estate Protection Rider will vary based on the characteristics of the insured.

&nbsp;&nbsp;&nbsp;&nbsp;● The current annual charge rate for the GMAB Rider will be set by us, at least once a year.

A one-time charge will be applied if you exercise the Living Benefits Rider or the Overloan Protection Rider. A one-time payment may also be required if you exercise the Insurance Exchange Rider (VUL Only). The current one-time fee to elect the benefit for Insurance Exchange and the Overloan Protection Riders will vary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● The current one-time fee the Insurance Exchange Rider is based on 103% of the excess amount of the Cash Surrender Value of the new policy over the Cash Surrender Value of the existing policy at the time of exercise. If there is no excess amount, the one-time fee will not be charged.

&nbsp;&nbsp;&nbsp;&nbsp;● The current one-time fee for the Overloan Protection Rider is based on a percentage of the Cash Value and the attained age of the Insured.

&nbsp;&nbsp;&nbsp;&nbsp;● The current one-time fee for the Living Benefits Rider is $150.

The fees and charges for the riders specified above will never be greater than the maximum charges specified in the Table of Fees and Expenses. See "Table of Fees and Expenses" for more information about specific charges for the riders.

***Commissions Paid To Dealers***

The selling broker-dealer, and in turn your registered representative, will receive compensation for selling you this policy or any other investment product. Compensation may consist of commissions, asset-based compensation, allowances for expenses, and other compensation programs. The amount of compensation received by your registered representative will vary depending on the policy that he or she sells, on sales production goals, and on the specific payment arrangements of the relevant broker-dealer. Differing compensation arrangements have the potential to influence the recommendation made by your registered representative or broker-dealer.

For VUL, the maximum commissions payable to a broker-dealer in the first 30 years are equivalent to the present value of an annual commission rate for 30 years of 7.5% per year. (This figure is a percentage of planned annual premiums of $3,500 and assumes a discount rate of 6%. Additional assumptions for VUL policies are: Male issue age 40, issued Preferred, with an initial Face Amount of $250,000.) Broker-dealers may also receive additional asset-based fees of 0.10% in Policy Years 11 and beyond. For SVUL, the maximum commissions payable to a broker-dealer in the first 30 years are equivalent to the present value of an annual commission rate for 30 years of 6.2% per year. (This figure is a percentage of planned annual premiums of $15,000 and assumes a discount rate of 6%. Additional assumptions for the SVUL product are: Male Issue Age 55, issued preferred, and Female Issue Age 50, issued preferred, with an initial Face Amount of $1,000,000.)

The commissions, service fees and other compensation described above are not deducted directly from your policy's cash value. Rather NYLIAC and its affiliates pay these expenses from the Sales Expense Charges, other charges under the policies and other resources.

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**Description Of The Policy**

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***The Parties***

There are three important parties to the Policy: the policyowner(s), the insured(s), and the beneficiary(ies). One individual can have one or more of these roles. Each party plays an important role in a Policy.

**POLICYOWNER:** This person (persons) or entity can purchase and surrender a policy, and can make changes to it, such as:

&nbsp;&nbsp;&nbsp;&nbsp;● increase/decrease the Face Amount

&nbsp;&nbsp;&nbsp;&nbsp;● choose a different Life Insurance Benefit Option (except that a change cannot be made to Option 3)

&nbsp;&nbsp;&nbsp;&nbsp;● elect/add/delete riders

&nbsp;&nbsp;&nbsp;&nbsp;● change a beneficiary

&nbsp;&nbsp;&nbsp;&nbsp;● choose/change underlying Investment Options

&nbsp;&nbsp;&nbsp;&nbsp;● take a loan against or take a partial surrender from the Cash Surrender Value of the policy.

The current policyowner (on Non-Qualified Policies)has the right to transfer ownership to another party/entity. The person having the right to transfer the ownership of the policy must do so by using the Company's approved "Transfer of Ownership" form in effect at the time of the request. Please note that the completed Transfer of Ownership form must be in Good Order and be sent to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). When the Company records the change, it will take effect as of the date the form was signed, subject to any payment made or other action taken by the Company before recording. Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who becomes the owner of an existing policy. This means the new policyowner will be required to provide their name, address, date of birth, and other identifying information. A transfer of ownership request also requires that the new policyowner(s) submit financial and suitability information as well. Purchasers of Qualified Policies should carefully consider the costs and benefits of the policy (such as the death benefit and rider benefits) before purchasing a policy because the tax-favored arrangement of qualified accounts themselves provide for tax-deferral on any growth.

**INSURED(S):** The person whose life is insured under the policy. This individual's personal information determines the cost of the life insurance coverage. The policyowner also may be the insured.

**BENEFICIARY:** The beneficiary is the person(s) or entity(ies) the policyowner specifies on our records to receive the proceeds from the policy. The policyowner may name his or her estate as the beneficiary.

Who is named as Policyowner and Beneficiary may impact whether and to what extent the Life Insurance Benefit may be received on a tax-free basis. See the discussion under "Federal Income Tax Considerations—IRC Section 101(j)—Impact on Employer-Owned Policies" for more information.

***The Policy***

The policy provides life insurance protection on the named insured (under VUL) or insureds (under SVUL). We will pay the designated beneficiary the Policy Proceeds if the policy is still in effect when the insured (under VUL) or last surviving insured (under SVUL) dies.

The policy offers:

&nbsp;&nbsp;&nbsp;&nbsp;(1) flexible premium payments where you decide the timing and amount of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;(2) a choice of three Life Insurance Benefit Options;

&nbsp;&nbsp;&nbsp;&nbsp;(3) access to the policy's Cash Surrender Value through loans and partial surrender privileges (within limits);

&nbsp;&nbsp;&nbsp;&nbsp;(4) the ability to increase or decrease the policy's Face Amount of insurance (within limits);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(5) a guarantee that the policy will not lapse during the first 5 Policy Years if the specified minimum monthly premiums have been paid and it passes the minimum premium test;

&nbsp;&nbsp;&nbsp;&nbsp;(6) additional benefits through the use of optional riders; and

&nbsp;&nbsp;&nbsp;&nbsp;(7) a selection of premium and expense allocation options, consisting of the available Investment Divisions, a Fixed Account with a guaranteed minimum interest rate, and a DCA Plus Account with a guaranteed minimum interest rate. For SVUL policies only, you may also continue to allocate your policy's Cash Value to an available Asset Allocation Model at no extra charge, provided you have already allocated a portion of your Policy's Cash Value to such a Model.

***How The Policy is Available***

The policy was available as a Non-Qualified Policy or a Qualified Policy for VUL. For SVUL policies, this policy was only available as a Non-Qualified Policy. We issued Qualified Policies on a unisex basis. Any reference in this prospectus that makes a distinction based on the gender of the insured should be disregarded as it relates to Qualified Policies. The policy was only available on the basis of full medical underwriting.

***Policy Premiums***

Once you have purchased your policy, you can make premium payments as often as you like and for any amount you choose, within limits. Other than the initial premium, there are no required premium payments. However, you may need to make additional premium payments to keep your policy from lapsing. The currently available methods of payments are: direct payment to NYLIAC, pre-authorized one-time or monthly deductions from your bank, credit union or similar accounts and any other method agreed to by us. (See "Premiums" for more information.)

***Cash Value***

The Cash Value of this policy at any time is equal to the Separate Account Value plus the value in the Fixed Account and DCA Plus Account. This amount is allocated based on the instructions you give us. A number of factors affect your policy's Cash Value, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;● the amount and frequency of the premium payments;

&nbsp;&nbsp;&nbsp;&nbsp;● the investment experience of the Investment Divisions you choose;

&nbsp;&nbsp;&nbsp;&nbsp;● the interest credited on the amount in the Fixed Account and DCA Plus Account;

&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any partial surrenders you make (including any charges you incur as a result of such surrenders); and

&nbsp;&nbsp;&nbsp;&nbsp;● the amount of charges we deduct.

The Cash Value is not necessarily the amount you receive when you surrender your policy. (See "Surrenders" for details about surrendering your policy.)

***Investment Divisions, the Fixed Account, and DCA Plus Account***

We allocate your Net Premium among your selected Investment Divisions available under the policy (See "Appendix: Eligible Portfolios Available Under the Policy" for our list of available Investment Divisions), the Fixed Account, and within limits, the DCA Plus Account, based on your instructions. You can choose a maximum of 21 Investment Options for Net Premium payments from among the available Investment Divisions, the Fixed Account and/or DCA Plus Account. Your choice of Investment Options may be limited if you elect certain benefits or riders. You may also continue to allocate your Net Premium payments to an available Asset Allocation Model at no extra charge, provided you have already allocated a portion of your policy's Cash Value to such a Model (SVUL policies only). If you do so, each Investment Division within the Asset Allocation Model selected will be counted toward the maximum of 21 permitted Investment Options.

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***Amount In The Separate Account***

We use the amount allocated to an Investment Division to purchase accumulation units within that Investment Division. We redeem accumulation units from an Investment Division when amounts are loaned, transferred, partially surrendered, fully surrendered, or deducted for charges or loan interest. We calculate the number of accumulation units purchased or redeemed in an Investment Division by dividing the dollar amount of the transaction by the Investment Division's accumulation unit value. On any given day, the amount you have in the Separate Account is the value of the accumulation units you have in all of the Investment Divisions of the Separate Account. The value of the accumulation units you have in a given Investment Division equals the current accumulation unit value for the Investment Division multiplied by the number of accumulation units you hold in that Investment Division.

We determine accumulation unit values for the Investment Divisions as of the end of each Valuation Day.

***Amount In The Fixed Account and the DCA Plus Account***

You can choose to allocate all or part of your Net Premium payments to the Fixed Account and, within limits, to the DCA Plus Account. Allocations to the DCA Plus Account may be made only during the first year following the Initial Premium Transfer Date.

The amount you have in the Fixed Account and/or DCA Plus Account equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of the Net Premium payments you have allocated to the Fixed Account and/or DCA Plus Account;

plus

(2) any transfers you have made from the Separate Account to the Fixed Account (no transfers can be made into the DCA Plus Account);

plus

(3) any interest credited to the Fixed Account and/or DCA Plus Account;

less

&nbsp;&nbsp;&nbsp;&nbsp;(4) any partial surrenders taken from the Fixed Account and/or DCA Plus Account;

less

&nbsp;&nbsp;&nbsp;&nbsp;(5) any charges we have deducted from the Fixed Account and/or DCA Plus Account;

less

&nbsp;&nbsp;&nbsp;&nbsp;(6) any transfers you have made from the Fixed Account and/or DCA Plus Account to the Separate Account.

***Transfers Among Investment Divisions, The Fixed Account and the DCA Plus Account***

You can transfer all or part of the Cash Value of your policy (1) from the Fixed Account to the Investment Divisions of the Separate Account, (2) from the DCA Plus Account to the Investment Divisions of the Separate Account, (3) from the DCA Plus Account to the Fixed Account, (4) from the Investment Divisions of the Separate Account to the Fixed Account, or (5) between the Investment Divisions in the Separate Account. You cannot transfer any portion of the Cash Value of your policy from either the Investment Divisions of the Separate Account or from the Fixed Account to the DCA Plus Account. You may choose to allocate Cash Value to a maximum of 21 of the the available Investment Divisions, the Fixed Account and/or the DCA Plus Account. You may also continue to allocate your policy's Cash Value to an available Asset Allocation Model, provided you have already allocated a portion of your policy's Cash Value to such a Model (SVUL policies only). If you elect the Guaranteed Minimum Accumulation Benefit Rider, transfers from the GMAB Investment Divisions to the Fixed Account will result in proportionate reductions to the GMAB Account Value. These reductions to the GMAB Account Value can be greater than the dollar amount of these transfers. (See "The Policy—Additional Benefits Through Riders and Options—Guaranteed Minimum Accumulation Benefit Rider.")

You can request a transfer under the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;● *Maximum Transfer*—The maximum amount you can transfer from the Fixed Account to the Investment Divisions during any Policy Year is the greater of (1) 20% of the amount in the Fixed Account at the beginning of the Policy Year or (2) $5,000. This means, for example, if you have $50,000 in the Fixed Account, it will take you 8 years to transfer out the entire amount.

During any period when the interest rate credited on the unloaned amount in the Fixed Account is equal to the guaranteed minimum interest rate for that Account, the maximum amount you can transfer to the Fixed Account during any Policy Year is the greater of (1) 20% of the total amount in the Investment Divisions at the beginning of the Policy Year or (2) $5,000. This limit, however, will not apply under a VUL policy if the insured was age 80 or older on

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the most recent policy anniversary. If you have exceeded the transfer limit in any Policy Year during which the limit becomes effective, you cannot make any additional transfers to the Fixed Account during that Policy Year while the limit remains in effect. We will count transfers made in connection with the Dollar-Cost Averaging, Automatic Asset Rebalancing, and Interest Sweep options as a transfer toward these maximum limits. Transfers made in connection with DCA Plus will not count toward these maximum transfer limits.

&nbsp;&nbsp;&nbsp;&nbsp;● *Minimum Transfer*—The minimum amount you can transfer from the Investment Divisions or from the Fixed Account is the lesser of (i) $500 or (ii) the total amount in the Investment Divisions or the Fixed Account.

Minimum transfer limitations do not apply on transfers made from the DCA Plus Account to the Investment Divisions or the Fixed Account.

&nbsp;&nbsp;&nbsp;&nbsp;● *Minimum Remaining Value*—If a transfer will cause the amount you have in the Investment Divisions or the Fixed Account to be less than $500, we will transfer the entire amount in the Investment Divisions and/or Fixed Account you have chosen. (This will apply even in cases where you have reached the Maximum Transfer amount outlined above).

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfer Charge*—We may impose a charge of up to $30 per transfer for each transfer after the first twelve in any Policy Year. We will deduct this charge from amounts in the Investment Divisions and amounts not held as collateral for a loan in the Fixed Account in proportion to amounts in these Investment Options. We will not count any transfer made in connection with the Dollar-Cost Averaging, Automatic Asset Rebalancing, DCA Plus, and Interest Sweep options as a transfer toward the twelve transfer limit.

How to request a transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) submit your request in writing on a form we approve to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) speak to a customer service representative at 1-800-598-2019 on Business Days between the hours of 9:00 a.m. and 6:00 p.m. Eastern Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make your request online by logging into www.newyorklife.com or through the mobile application.

We do not currently accept faxed or e-mailed transfer requests; however we reserve the right to accept them at our discretion. Transfer requests received after 4:00 p.m. Eastern Time on a Business Day, or on a non-Business Day, will be priced as of the next Business Day. (See "Management and Organization—How to Reach Us for Policy Services" for more information.)

***Limits On Transfers***

*Procedures Designed to Limit Potentially Harmful Transfers*—This policy is not intended as a vehicle for market timing. Accordingly, your ability to make transfers under the policy is subject to limitation if we determine, in our sole opinion, that the exercise of that privilege may disadvantage or potentially hurt the rights or interests of other policyowners.

Any modification of the transfer privilege could be applied to transfers to or from some or all of the Investment Divisions. If not expressly prohibited by the policy, we may, for example:

&nbsp;&nbsp;&nbsp;&nbsp;● reject a transfer request from you or from any person acting on your behalf

&nbsp;&nbsp;&nbsp;&nbsp;● restrict the method of making a transfer

&nbsp;&nbsp;&nbsp;&nbsp;● charge you for any redemption fee imposed by an underlying Fund

&nbsp;&nbsp;&nbsp;&nbsp;● limit the dollar amount, frequency, or number of transfers.

Currently, if you or someone acting on your behalf requests transfers—**either by telephone or electronically**—into or out of one or more Investment Divisions on three or more days within any 60-day period, we will send you a letter notifying you that a transfer limitation has been exceeded. If we receive an additional transfer request that would result in transfers into or out of one or more Investment Divisions on three or more days within any 60-day period, we will process the transfer request. Thereafter, we will immediately suspend your ability to make

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transfers electronically and by telephone, regardless of whether you have received the warning letter. All subsequent transfer requests for your policy must then be made through the U.S. mail or an overnight courier and received in Good Order by the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We will provide you with written notice when we take this action.

We currently do not include the following transfers in these limitations, although we reserve the right to include them in the future: transfers to and from the Fixed Account, the first transfer into the Investment Divisions on the Initial Premium Transfer Date, the first transfer out of the NYLIM VP U.S. Government Money Market Investment Division within six months of the issuance of a policy immediately after funds have been transferred to the NYLIM VP U.S. Government Money Market Investment Division on the Initial Premium Transfer Date, and transfers made pursuant to the Dollar-Cost Averaging, Automatic Asset Rebalancing, and Interest Sweep options.

**We may change these limitations or restrictions or add new ones at any time without prior notice; your policy will be subject to these changes regardless of the Issue Date of your policy.** All transfers are subject to the limits set forth in the prospectus in effect on the date of the transfer request, regardless of when your policy was issued. Note, also, that any applicable transfer rules, either as indicated above or that we may utilize in the future, will be applied even if we cannot identify any specific harmful effect from any particular transfer.

We apply our limits on transfers procedures to all owners of this policy without exception.

Orders for the purchase of Eligible Portfolio shares are subject to acceptance by the relevant Fund. We will reject or reverse, without prior notice, any transfer request into an Investment Division if the purchase of shares in the corresponding Eligible Portfolio is not accepted by the Fund for any reason.

For transfers into multiple Investment Divisions, the entire transfer request will be rejected or reversed if any part of it is not accepted by any one of the Funds or is restricted for any reason. Standing allocation instructions into a Fund that has been restricted will also be rejected, reversed or modified until further allocation instructions are received from you. For transfers through the Dollar Cost Averaging programs, the restricted portion of the transfer will be temporarily allocated to the Money Market investment division. For programs, including Automatic Asset Rebalancing and Interest Sweep, the whole program may be terminated or suspended if any portion of the transfer is to a restricted Fund. We will provide you with written notice of any transfer request we reject, reverse, or modify. You should read the Fund prospectuses for more details regarding their ability to refuse or restrict purchases or redemptions of their shares. In addition, a Fund may require us to share specific policyowner transactional data with them, such as taxpayer identification numbers and transfer information.

*Risks Associated with Potentially Harmful Transfers*—Our procedures are designed to limit potentially harmful transfers. However, we cannot guarantee that our procedures will be effective in detecting and preventing all transfer activity that could disadvantage or potentially hurt the rights or interests of other policyowners. The risks described below apply to policyowners and other persons having material rights under the policies.

&nbsp;&nbsp;&nbsp;&nbsp;● We do not currently impose redemption fees on transfers or expressly limit the number or size of transfers in a given period. Redemption fees, transfer limits, and other procedures or restrictions may be more or less successful than our procedures in deterring or preventing potentially harmful transfer activity.

&nbsp;&nbsp;&nbsp;&nbsp;● Our ability to detect and deter potentially harmful transfer activity may be limited by policy provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The underlying Eligible Portfolios may have adopted their own policies and procedures with respect to trading of their respective shares. The prospectuses for the underlying Eligible Portfolios, in effect at the time of any trade, describe any such policies and procedures. The trading policies and procedures of an underlying Eligible Portfolio may vary from ours and be more or less effective at preventing harm. Accordingly, the sole protection you may have against potentially harmful frequent transfers is the protection provided by the procedures described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The purchase and redemption orders received by the underlying Eligible Portfolios reflect the aggregation and netting of multiple orders from owners of this policy and other variable policies issued by us. The nature of these combined orders may limit the underlying Eligible Portfolios' ability to apply their respective trading policies and procedures. In addition, if an underlying Eligible Portfolio believes that a combined order we submit may reflect one or more transfer requests from policyowners engaged in potentially harmful transfer activity, the underlying Eligible Portfolio may reject the entire order and

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thereby prevent us from implementing any transfers that day. We do not generally expect this to happen. Alternatively, Funds may request information on individual policyowner transactions and may impose restrictions on individual policyowner transfer activity.

&nbsp;&nbsp;&nbsp;&nbsp;● Other insurance companies, which invest in the Eligible Portfolios underlying this policy, may have adopted their own policies and procedures to detect and prevent potentially harmful transfer activity. The policies and procedures of other insurance companies may vary from ours and be more or less effective at preventing harm. If their policies and procedures fail to successfully discourage potentially harmful transfer activity, there could be a negative effect on the owners of all of the variable policies, including ours, whose variable Investment Options correspond to the affected underlying Eligible Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;● Potentially harmful transfer activity could result in reduced performance results for one or more Investment Divisions, due to among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an adverse effect on Portfolio management, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)

impeding a Portfolio manager's ability to sustain an investment objective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)

causing the underlying Eligible Portfolio to maintain a higher level of cash than would otherwise be the case; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)

causing an underlying Eligible Portfolio to liquidate investments prematurely (or otherwise at an inopportune time) to pay withdrawals or transfers out of the underlying Eligible Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) increased administrative and Fund brokerage expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) dilution of the interests of long-term investors in an Investment Division if purchases or redemptions into or out of an underlying Eligible Portfolio are made when, and if, the underlying Eligible Portfolio's investments do not reflect an accurate value (sometimes referred to as "time-zone arbitrage" and "liquidity arbitrage").

***Additional Benefits Through Riders And Options***

Subject to jurisdictional availability, you can apply for these additional benefits by selecting one or more optional riders.

With the exception of the Living Benefits Rider, Insurance Exchange Rider, Overloan Protection Rider and the Spouse's Paid-Up Insurance Purchase Option Rider which are available without any additional charges, any riders you choose will have their own charges. In addition, a one-time charge is assessed if the Living Benefits Rider or Overloan Protection Rider is exercised and a payment may be required if the Insurance Exchange Rider is exercised. (See "Table of Fees and Expenses" for more information.) The Living Benefits Rider and the Insurance Exchange Rider are available only on Non-Qualified Policies. All other riders are available on both Qualified and Non-Qualified Policies. The Spouse's Paid-Up Insurance Purchase Option Rider, the Accidental Death Benefit Rider, the Children's Insurance Rider, the Guaranteed Insurability Rider, the Insurance Exchange Rider, the Monthly Deduction Waiver, the Term Insurance on Other Covered Insured Rider and the Waiver of Specified Premium Rider are available only on VUL policies and the Estate Protection Rider and Level First-to-Die Term Rider are available only on SVUL policies. The Guaranteed Minimum Death Benefit Rider, Insurance Exchange Rider, Spouse's Paid-Up Insurance Purchase Option Rider, Overloan Protection Rider and Guaranteed Minimum Accumulation Benefit Rider can be elected only on the issuance of the policy; all other riders can be elected at any time, subject to age and/or underwriting restrictions, provided they are available in your state of issue. The Living Benefits Rider (for SVUL) can only be elected after the first death of an insured. Dollar-Cost Averaging, Dollar-Cost Averaging Plus Account (only available at issuance of the policy), Automatic Asset Rebalancing, Interest Sweep, Expense Allocation and Policy Split Option (for SVUL) are options that are available without any additional ongoing costs. See "State Variations and Rider Availability" for a list of riders or options (if any) that are not available in your state. Please note that the examples provided below are

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intended to illustrate the operation of the riders. The rates and values actually applicable to your policy will vary from those presented.

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
| **Dollar-Cost** <br> **Averaging**<br>| Dollar-Cost Averaging is a <br> systematic method of <br> investing that allows you to <br> purchase shares of the <br> Investment Divisions at <br> regular intervals in fixed <br> dollar amounts so that the <br> cost of your shares is <br> averaged over time.<br>| Optional | &nbsp;&nbsp;&nbsp; •Dollar-Cost Averaging does <br> not assure growth or <br> protect against a loss in <br> declining markets.<br>•Dollar-Cost Averaging is <br> not available when the <br> DCA Plus Account is <br> elected.<br>•You may not make <br> Dollar-Cost Averaging <br> transfers from the Fixed <br> Account, but you can make <br> Dollar-Cost Averaging <br> transfers into the Fixed <br> Account.<br>•Your cash value must be <br> $2,500 or more to elect <br> Dollar-Cost Averaging and <br> it will be automatically <br> suspended if the Cash <br> Value is less than $2,000 <br> on a transfer date.<br>•You may not elect <br> Dollar-Cost Averaging if <br> you have chosen <br> Automatic Asset <br> Rebalancing or if you have <br> selected an Asset <br> Allocation Model as your <br> premium allocation.<br>|
| **Dollar-Cost** <br> **Averaging Plus** <br> **Account**<br>| The DCA Plus Program <br> allows you to make regular <br> periodic allocations from the <br> DCA Plus Account into the <br> Investment Divisions and/or <br> Fixed Account over the <br> twelve-month period <br> following the Initial Premium <br> Transfer Date. The DCA Plus <br> Account will credit interest to <br> the amount in the account at <br> a rate, which we declare <br> periodically, in advance, and <br> at our sole discretion, but the <br> rate will never be less than <br> an annual rate of 3% for <br> policies issued before May 1, <br> 2012 and 2% for policies <br> issued after May 1, 2012.<br>| Optional | &nbsp;&nbsp;&nbsp; •Use of the DCA Plus <br> Account does not assure <br> growth or protect against <br> loss in declining markets.<br>•The DCA Plus Account <br> must be elected at the time <br> your policy is issued.<br>•Because the entire initial <br> Premium is not in the DCA <br> Plus Account for the full <br> year, the annual effective <br> rate will not be achieved.<br>•The entire initial Net <br> Premium, which must be a <br> minimum of $1,000, must <br> be allocated to the DCA <br> Plus Account.<br>•You cannot use traditional <br> Dollar-Cost Averaging or <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  |  |  | &nbsp;&nbsp;&nbsp; Interest Sweep until such <br> time that the DCA Plus <br> Account is closed.<br>•The DCA Plus Account will <br> close automatically 12 <br> months following the Initial <br> Premium Transfer Date, or <br> such time that the balance <br> in the DCA Plus Account <br> on a DCA Plus Transfer <br> Date falls below $100, <br> whichever is sooner.<br>•You cannot make transfers <br> into the DCA Plus Account.<br>|
| **Automatic Asset** <br> **Rebalancing**<br>| Automatically rebalances the <br> amount you have in the <br> Separate Account on a <br> schedule you select among <br> the Investment Divisions to <br> maintain a predetermined <br> percentage invested in the <br> Investment Division(s) you <br> have selected.<br>| Optional | &nbsp;&nbsp;&nbsp; •Your Separate Account <br> Value must be at least <br> $2,500 to elect this option. <br> We will suspend this option <br> automatically if the <br> Separate Account Value is <br> less than $2,000 on a <br> rebalancing date.<br>•You may not elect <br> Automatic Asset <br> Rebalancing if you have <br> chosen Dollar-Cost <br> Averaging or the <br> Dollar-Cost Averaging Plus <br> Account.<br>|
| **Interest Sweep** | Automatically transfers <br> interest earned on the Fixed <br> Account to one or any <br> combination of Investment <br> Divisions.<br>| Optional | &nbsp;&nbsp;&nbsp; •The value in the Fixed <br> Account must be at least <br> $2,500 to elect this option <br> and it will be automatically <br> suspended if the amount in <br> the Fixed Account falls <br> below $2,000.<br>•You cannot use this option <br> if you have instructed us to <br> pay any part of your policy <br> charges from the Fixed <br> Account or if your Cash <br> Value is allocated <br> exclusively to an Asset <br> Allocation Model.<br>•You cannot use this option <br> with the Dollar-Cost <br> Averaging Plus Account.<br>•If you want to use this <br> option and allocate your <br> charges, your charges <br> must be allocated to the <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  |  |  | &nbsp;&nbsp;&nbsp; NYLIM VP U.S. <br> Government Money Market <br> Investment Division.<br>•An Interest Sweep transfer <br> cannot cause more than <br> the greater of (i) $5,000 or <br> (ii) 20% of the amount you <br> have in the Fixed Account <br> at the beginning of the <br> Policy Year to be <br> transferred from the Fixed <br> Account.<br>|
| **Expense Allocation** <br> **Option**<br>| You can choose how to <br> allocate certain Monthly <br> Deduction Changes from <br> your Cash Value.<br>| Optional | &nbsp;&nbsp;&nbsp; •Expense Allocation is only <br> available from the Fixed <br> Account or the NYLIM VP <br> U.S. Government Money <br> Market Investment Division.<br>•Cannot be used if your <br> Cash Value is allocated <br> exclusively to an Asset <br> Allocation Model.<br>|
| **Policy Split Option** | You can exchange your <br> SVUL policy, without <br> evidence of insurability, for <br> two equal life insurance <br> policies for each insured <br> within a specified time.<br>| Optional | &nbsp;&nbsp;&nbsp; •This option can only be <br> used within 6 months of: <br> the date the final divorce <br> decree has been effective <br> for 6 months; or the date <br> that certain changes are <br> made to certain of the <br> Federal Tax laws.<br>|
| **Five-Year No-Lapse** <br> **Guarantee**<br>| Guarantees that the policy <br> will not lapse during the first <br> five Policy Years if it passes <br> a minimum premium test.<br>| Standard | &nbsp;&nbsp;&nbsp; •Requires that you pay <br> certain premiums into the <br> policy.<br>•Terminates upon your fifth <br> policy anniversary.<br>|
| **Guaranteed** <br> **Minimum Death** <br> **Benefit (GMDB)** <br> **Rider**<br>| This rider guarantees that <br> your policy will not lapse <br> even if the policy's Cash <br> Surrender Value is <br> insufficient to cover the <br> current Monthly Deduction <br> Charges by waiving all policy <br> charges that exceed the <br> Cash Value. (This is a type of <br> Rider-Based No-Lapse <br> Guarantee).<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available at policy <br> issue.<br>•This rider requires that you <br> pay certain premiums into <br> the policy.<br>•This rider limits your ability <br> to take policy loans.<br>•The benefit period is up to <br> the insured's age 100 <br> (under VUL) or the younger <br> insured's age 100 (under <br> SVUL).<br>•During the first five policy <br> years, this rider's waiver of <br> charges will replace any <br> benefit under the policy's <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  |  |  | &nbsp;&nbsp;&nbsp; no-lapse guarantee.<br> •While monthly deduction <br> charges are being waived <br> under the Monthly <br> Deduction Waiver rider, you <br> will not be charged for, or <br> receive any benefit under, <br> this rider.<br>•The waiver of charges will <br> not extend beyond age <br> 100.<br>|
| **Living Benefits** <br> **Rider (filed as** <br> **Accelerated** <br> **Benefits Rider)**<br>| Advances a portion of the <br> Policy Proceeds benefit upon <br> insured (under VUL) or last <br> surviving insured (under <br> SVUL) having a life <br> expectancy of 12 months or <br> less.<br>| Optional | &nbsp;&nbsp;&nbsp; •Minimum payment is <br> $25,000.<br>•Maximum payment is <br> $250,000 (total for all <br> NYLIAC and affiliated <br> companies' policies).<br>•Under the VUL Policy, the <br> rider election can be made <br> at any time. Under the <br> SVUL Policy, the rider can <br> only be elected after the <br> first death of an insured.<br>•If you accelerate less than <br> 100% of the eligible <br> proceeds, the remaining <br> Face Amount of your policy <br> after we pay this benefit <br> must be at least $50,000. <br> We do not permit any <br> subsequent acceleration.<br>•A payment under this rider <br> will reduce your policy's <br> Face Amount, rider death <br> benefits, Monthly <br> Deductions Charges, Cash <br> Value, and any unpaid <br> policy loan.<br>•There is a $150 <br> administrative fee to <br> exercise the rider.<br>•Not available on Qualified <br> Policies.<br>|
| **Life Extension** <br> **Benefit Rider**<br>| This rider provides that on <br> the policy anniversary on <br> which the insured (under <br> VUL) or younger insured <br> (under SVUL) is age 100, the <br> death benefit will be the Life <br> Insurance Benefit (rather <br> than the Cash Value).<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available to insureds <br> who are Issue Age 0-75 <br> (for VUL) and Issue Age <br> 20-75 of the Younger <br> Insured (for SVUL).<br>•The monthly charge will be <br> deducted beginning on the <br> policy anniversary on <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  |  |  | &nbsp;&nbsp;&nbsp; which the insured is age 90 <br> (under VUL) or younger <br> insured is or would have <br> been age 90 (under <br> SVUL).<br>|
| **Spouse's Paid-Up** <br> **Insurance Purchase** <br> **Option Rider (VUL** <br> **Policies Only)**<br>| Allows a spouse who is the <br> beneficiary under the policy <br> to purchase a new paid-up <br> whole life insurance policy on <br> his or her own life without <br> evidence of insurability when <br> the insured dies.<br>| Standard | &nbsp;&nbsp;&nbsp; •The maximum Face <br> Amount of the spouse's <br> new paid-up whole life <br> policy is the lesser of <br> (1) the maximum amount <br> of the Policy Proceeds <br> (before any unpaid loan is <br> deducted), or (2) <br> $5,000,000.<br>|
| **Accidental Death** <br> **Benefit Rider (VUL** <br> **Policies Only)**<br>| This rider provides an <br> additional death benefit if the <br> Primary Insured's death was <br> caused directly, and apart <br> from any other cause, by <br> accidental bodily injury.<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available to insureds <br> who are Issue Age 0-65.<br>•We will pay the additional <br> death benefit only if the <br> Primary Insured dies within <br> one year of such accident.<br>•No benefit is payable under <br> the rider if the death of the <br> insured occurs before the <br> insured's first birthday or <br> after the policy anniversary <br> on which the insured is age <br> 70.<br>|
| **Children's** <br> **Insurance Rider** <br> **(VUL Policies Only)**<br>| Provides a level term <br> insurance benefit on a child, <br> stepchild, or legally adopted <br> child (a "covered child").<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available to insureds <br> who are Issue Age 16-50.<br>•No child is covered until the <br> 15th day after birth.<br>•A covered child can be no <br> older than age 18 at the <br> time of issue.<br>•Coverage ends on the <br> policy anniversary when <br> the child is age 25 or the <br> Primary Insured is or would <br> have been age 65.<br>|
| **Guaranteed** <br> **Insurability Rider** <br> **(VUL Policies Only)**<br>| Provides right to increase <br> Face Amount or purchase <br> new policy without evidence <br> of insurability on specified <br> option dates.<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available to insureds <br> who are Issue Age 0-43.<br>•Rider ends at age 46.<br> •Additional insurance <br> amount cannot be less <br> than $10,000 or more than <br> the Option Amount of the <br> rider. The Option Amount <br> must be selected at the <br> time the rider is issued and <br> it cannot exceed the lesser <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  |  |  | &nbsp;&nbsp;&nbsp; of $150,000 or a multiple <br> of the initial Face Amount.<br>•Face Amount increases or <br> the purchase of a new <br> policy are limited to <br> scheduled option dates <br> and alternate option dates <br> only.<br>|
| **Insurance** <br> **Exchange Rider** <br> **(VUL Policies Only)**<br>| This rider allows you to <br> exchange the policy for a <br> new NYLIAC variable <br> universal life policy issued on <br> a new insured using the cash <br> values from your original <br> policy.<br>| Standard | &nbsp;&nbsp;&nbsp; •Not included if the GMAB <br> Rider is elected.<br>•You must provide evidence <br> of insurability on the new <br> insured and have an <br> insurable interest in the <br> new insured.<br>•You may be required to <br> make a payment to <br> exercise this rider.<br>•Exercising this rider will <br> have tax consequences.<br>•This rider may be <br> exercised only once.<br>|
| **Monthly Deduction** <br> **Waiver Rider (VUL** <br> **Policies Only)**<br>| This rider provides for the <br> waiver of Monthly Deduction <br> Charges if the insured <br> becomes totally disabled for <br> at least six consecutive <br> months. We will waive your <br> Monthly Deduction Charges <br> as long as the disability <br> continues<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available to insureds <br> who are Issue Age 0-59<br>•If disability begins after <br> age 60 and before age 65, <br> deductions will be waived <br> to age 65.<br>•If there is no disability at <br> all, the rider ends at age <br> 65.<br>•If you elect this rider, you <br> may not elect the Waiver of <br> Specified Premium rider.<br>•We require proof from time <br> to time that the insured is <br> disabled.<br>|
| **Term Insurance on** <br> **Other Covered** <br> **Insured (OCI) Rider** <br> **(VUL Policies Only)**<br>| Provides term insurance on <br> one or more members of the <br> primary insured's immediate <br> family.<br>| Optional | &nbsp;&nbsp;&nbsp; •The minimum amount of <br> term insurance that you <br> can apply for under this <br> rider is $25,000<br>•The term insurance under <br> this rider ends when the <br> Primary Insured dies, if the <br> base policy ends, and <br> when the Primary Insured <br> is age 100.<br>|
| **Overloan Protection** | When activated, the |  | To activate this rider, the  |

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
| **Rider** | Overloan Protection Rider <br> guarantees that your policy <br> will not lapse even if: (1) the <br> policy's Cash Surrender <br> Value is insufficient to cover <br> the current Monthly <br> Deduction Charges or (2) the <br> policy's outstanding loans <br> plus accrued loan interest <br> exceed its Cash Value.<br>| Standard if the GPT is <br> elected as the policy's Life <br> Insurance Qualification Test <br> (Subject to state availability)<br>| &nbsp;&nbsp;&nbsp; following conditions must be <br> met:<br>•The policy must be in effect <br> for at least 15 years.<br>•The insured (younger <br> insured for SVUL) must be <br> at least age 75.<br>•The Life Insurance Benefit <br> Option elected under the <br> base policy is Option 1.<br>•Any outstanding loan plus <br> accrued loan interest <br> exceeds the Face Amount <br> of the policy in effect at the <br> time of activation.<br>•Any outstanding loan plus <br> accrued loan interest must <br> be less than 99% of the <br> policy Cash Value after the <br> deduction of any surrender <br> charges and the one-time <br> rider charge.<br>•Activation of the rider <br> cannot cause the policy to <br> violate the GPT at any <br> duration.<br>•Exercising this rider may <br> cause the policy to become <br> a modified endowment <br> contract (MEC). (For a <br> discussion of these rules, <br> see "Federal Income Tax <br> Considerations—Modified <br> Endowment Contract <br> Status").<br>•Activation results in certain <br> changes to your policy, <br> including changes to the <br> face amount and a <br> reduction in Life Insurance <br> Proceeds. In addition, all <br> other riders (with the <br> exception of the Spouse's <br> Paid-Up Insurance <br> Purchase Option Rider) will <br> end, all Cash Value will be <br> transferred to the fixed <br> account, and your ability to <br> make other policy changes <br> will be limited.<br>|
| **Waiver of Specified** | This rider will pay, on each |  | •Only available to insureds  |

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
| **Premium (WSP)** <br> **Rider (VUL Policies** <br> **Only)**<br>| Monthly Deduction Day, a <br> specified premium amount <br> (the "WSP Amount") into the <br> policy if the insured suffers <br> from a total disability (lasting <br> at least six (6) consecutive <br> months) while the WSP Rider <br> is in force.<br>We will pay the WSP Amount <br> until: (a) the period of total <br> disability ends; (b) the policy <br> anniversary on which the <br> insured is age 65; or (c) the <br> policy ends or is <br> surrendered, whichever <br> comes first. Monthly WSP <br> rider charges are waived <br> during any period when the <br> WSP Amount is being paid.<br>| Optional (Subject to <br> jurisdictional availability)<br>| &nbsp;&nbsp;&nbsp; who are Issue Age 0-59.<br> •The WSP Rider ends on <br> the earlier of any of the <br> following events: when the <br> policy ends, when the <br> policy is surrendered, or on <br> the policy anniversary on <br> which the insured is age <br> 65.<br>•Payment of the WSP <br> Amount does not <br> guarantee that your policy <br> will not lapse.<br>•While you are on claim, we <br> will also continue to deduct <br> applicable Monthly <br> Deduction Charges.<br>•You may be required to pay <br> additional premiums during <br> a period of total disability <br> to maintain the policy in <br> force.<br>•The WSP Amount cannot <br> be greater than $12,500 on <br> a monthly basis.<br>•If you elect this rider, you <br> may not elect the Monthly <br> Deduction Waiver rider.<br>|
| **Guaranteed** <br> **Minimum** <br> **Accumulation** <br> **Benefit Rider**<br>| Provides a guarantee that at <br> the end of the 12th Policy <br> Year, your Separate Account <br> Value will not be less than <br> the value of the GMAB <br> Account minus any unpaid <br> loans and accrued loan <br> interest ("Adjusted GMAB <br> Account Value"). Only <br> provides protection against <br> decreases in the policy's <br> Separate Account Value due <br> to negative investment <br> performance.<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available at policy <br> issue.<br>•Only available to insureds <br> who are Issue Age 0-75 <br> (for VUL) and Issue Age <br> 20-75 of the Younger <br> Insured (for SVUL).<br>•This Rider may not be a <br> benefit to you if all or most <br> of your cash value is <br> allocated to the Fixed <br> Account and/or DCA Plus <br> Account.<br>•You must have 100% of <br> your cash value allocated <br> to the GMAB Allocation <br> Alternatives.<br>•The Rider does not <br> guarantee a return of <br> principal.<br>•This Rider will provide no <br> benefit if you surrender the <br> policy (or cancel the Rider) <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of** <br> **Benefit**<br>| **Purpose** | **Is this Benefit**<br> **Standard or Optional?**<br>| **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  |  |  | &nbsp;&nbsp;&nbsp; or the insured dies before <br> the end of the 12th Policy <br> Year.<br>•This Rider also provides no <br> benefit if the policy lapses, <br> even if the Adjusted GMAB <br> Account Value is greater <br> than the Separate Account <br> Value.<br>•Can only be elected at <br> policy issue.<br>•Cannot be elected if the <br> Cash Value Accumulation <br> Test is elected.<br>•If you cancel the rider prior <br> to the end of the 12th <br> Policy Year, a cancellation <br> fee of no more than 2% of <br> the Adjusted GMAB <br> Account Value may apply.<br>|
| **Estate Protection** <br> **Rider (SVUL** <br> **Policies Only)**<br>| Provides additional insurance <br> protection for the first four <br> Policy Years if both Insureds <br> die.<br>| Optional | &nbsp;&nbsp;&nbsp; •Only available at policy <br> issue.<br>•Not available in all states. |
| **Level First-to-Die** <br> **Term Rider (SVUL** <br> **Policies Only)**<br>| Provides a level term <br> insurance death benefit when <br> either Insured dies while the <br> rider is in effect.<br>| Optional | The benefit is only paid once <br> (even if both insureds die at <br> the same time).<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;● **Dollar-Cost Averaging**

Dollar-Cost Averaging is a systematic method of investing which allows you to purchase shares of the Investment Division(s) at regular intervals in fixed dollar amounts so that the cost of your shares is averaged over time. The main objective of Dollar-Cost Averaging is to achieve an average cost per share that is lower than the average price per share in a fluctuating market. Because you transfer the same dollar amount to a given Investment Division with each transfer, you purchase more units in an Investment Division if the value per unit is low, and fewer units if the value per unit is high. Therefore, you may achieve a lower than average cost per unit if prices fluctuate over the long term. Similarly, for each transfer out of an Investment Division, you sell more units in an Investment Division if the value is low and fewer units if the value per unit is high. Dollar-Cost Averaging does not assure growth or protect against a loss in declining markets. Because it involves continuous investing regardless of price levels, you should consider your financial ability to continue investing during periods of low price levels.

You may not make Dollar-Cost Averaging transfers from the Fixed Account, but you can make Dollar-Cost Averaging transfers into the Fixed Account. In addition, you cannot make transfers into the DCA Plus Account. Transfers out of the DCA Plus Account are subject to the DCA Plus Program (see below).

You can elect this option if your Cash Value is $2,500 or more. We will suspend this option automatically if the Cash Value is less than $2,000 on a transfer date. Once the Cash Value equals or exceeds $2,000, the Dollar-Cost Averaging transfers will resume automatically as last requested.

To set up Dollar-Cost Averaging, you may contact us by phone on our toll-free number (1-800-598-2019) or send a completed Dollar-Cost Averaging form in Good Order to the VPSC at one of the addresses listed on

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the first page of the prospectus or by any other method we make available. We will make Dollar-Cost Averaging transfers on the date you specify, or if the date you specify is not a Business Day, on the next Business Day. You can specify any day of the month other than the 29th, 30th, or 31st of a month. NYLIAC must receive your written request in Good Order no later than five (5) Business Days prior to the date the transfer(s) are scheduled to begin. If your request for this option is received less than five (5) Business Days prior to the date you request it to begin, the transfer(s) will begin on the date you have specified in the month following receipt of your request in Good Order.

You may cancel the Dollar-Cost Averaging option at any time. To cancel the Dollar-Cost Averaging option, you may call us toll-free at 1-800-598-2019, or send a written cancellation request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or by any other method we make available). You may not elect Dollar-Cost Averaging if you have chosen Automatic Asset Rebalancing or if you have previously selected an available Asset Allocation Model as your premium allocation. However, you have the option of alternating between Dollar-Cost Averaging and Automatic Asset Rebalancing. Dollar-Cost Averaging is not available when the DCA Plus Program is in place.

&nbsp;&nbsp;&nbsp;&nbsp;● **Dollar-Cost Averaging Plus Account (May Be Discontinued At Any Time)**

The DCA Plus program allows you to make regular periodic allocations from the DCA Plus Account into the Investment Divisions and/or Fixed Account over the twelve-month period following the Initial Premium Transfer Date. The DCA Plus Account must be elected at the time your policy is issued. It involves the automatic transfer of a specified amount from the DCA Plus Account into the Investment Divisions and/or Fixed Account according to the allocation instructions provided by you. If you have previously selected an available Asset Allocation Model, we will make monthly transfers from the DCA Plus Account in accordance with the Investment Division percentages specified by that model. Subsequent premium payments received during the twelve month DCA Plus period will be allocated similarly unless you direct us otherwise.

The DCA Plus Account will credit interest at a rate, which we declare periodically, in advance, and at our sole discretion. The rate may fluctuate, but will never be less than an annual rate of 3% for policies issued before May 1, 2012 and 2% for policies issued on or after May 1, 2012. We may credit different interest rates to the DCA Plus Account, the Fixed Account, and to any loaned amounts. Net Premium payments to the DCA Plus Account will receive the applicable interest rate in effect on the Business Day we receive that premium payment. Interest rates for subsequent premium payments into the Fixed Account and DCA Plus Account may be different from the rate applied to prior premium payments made into the Fixed Account or DCA Plus Account. Interest accrues and is credited on a daily basis. Contact your registered representative for the current rate. Amounts in the DCA Plus Account only earn the DCA Plus Account interest rate while they are in the DCA Plus Account waiting to be transferred to the Investment Divisions and/or Fixed Account. Because the entire initial premium is not in the DCA Plus Account for the full year, the annual effective rate will not be achieved.

If you elect to participate in this program, all or a minimum of $1,000 of the initial Net Premium must be allocated to the DCA Plus Account. Subsequent premiums received within 12 months following the Initial Premium Transfer Date will also be allocated to the DCA Plus Account unless you direct us otherwise. If you participate in the DCA Plus Account program, you cannot use traditional Dollar-Cost Averaging or Interest Sweep until such time that the DCA Plus Account is closed. The DCA Plus Account will close automatically 12 months following the Initial Premium Transfer Date, or such time that the balance in the DCA Plus Account on a transfer date falls below $100, whichever is sooner.

Amounts in the DCA Plus Account will be transferred to the Investment Divisions and/or Fixed Account on the monthiversary of the Initial Premium Transfer Date. The amount of each transfer will be calculated at the time of the transfer based on the number of remaining monthly transfers and the remaining value in the DCA Plus Account as of the date of the transfer. Transfers from the DCA Plus Account occur automatically and are based on the following formula:

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| | |
|:---|:---|
| **Monthiversary of the**<br> **Initial Premium**<br> **Transfer Date**<br>| **Amount Transferred from the**<br> **DCA Plus Account**<br> **(as a percentage of the**<br> **DCA Plus Account Value as of the**<br> **applicable Monthiversary)**<br>|
| 1 | 8.33<br> %<br>|
| 2 | 9.09<br> %<br>|
| 3 | 10.00<br> %<br>|
| 4 | 11.11<br> %<br>|
| 5 | 12.50<br> %<br>|
| 6 | 14.29<br> %<br>|
| 7 | 16.67<br> %<br>|
| 8 | 20.00<br> %<br>|
| 9 | 25.00<br> %<br>|
| 10 | 33.33<br> %<br>|
| 11 | 50.00<br> %<br>|
| 12 | 100.00<br> %<br>|

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The entire value of the DCA Plus Account will be completely transferred to the Investment Divisions and/or Fixed Account within 12 months of the Initial Premium Transfer Date. For example, if you allocate an initial premium payment to the DCA Plus Account under which the 12-month term will end on December 31, 2026 and we receive a subsequent premium payment for the DCA Plus Account before December 31, 2026, we will allocate the subsequent premium payment to the same DCA Plus Account and transfer the entire value of the DCA Plus Account to the Investment Divisions and/or Fixed Account by December 31, 2026 based on the schedule shown above, even though a portion of the money was not in the DCA Plus Account for the entire 12-month period.

**You cannot make transfers into the DCA Plus Account.** 

Use of the DCA Plus Account does not assure growth or protect against loss in declining markets. Assets in our General Account support the DCA Plus Account.

You can cancel the DCA Plus Account at any time. To cancel the DCA Plus Account, you must send a written cancellation request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing). Upon receiving your cancellation request we will transfer the entire DCA Plus Account balance to the Investment Divisions and/or Fixed Account according to the allocation instructions provided by you. We reserve the right to stop offering the DCA Plus Account at any time. DCA Plus may not be available in all jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;● **Automatic Asset Rebalancing (AAR)**

If you choose this option, we will rebalance your assets automatically on a schedule you select among the Investment Divisions to maintain a predetermined percentage invested in the Investment Division(s) you have selected. For example, you could specify that 50% of the amount you have in the Investment Divisions of the Separate Account be allocated to one Investment Division, while the other 50% be allocated to another Investment Division. Over time, however, performance variations in each of these Investment Divisions would cause this balance to shift. With the Automatic Asset Rebalancing (AAR) option, we will rebalance the amount you have in the Separate Account among the Investment Divisions you have selected so that they are invested in the percentages you specify. Values in the Fixed Account and the DCA Plus Account are excluded from AAR.

We will make AAR transfers either quarterly, semi-annually or annually (but not monthly), based on your Policy Anniversary Date. If your Policy Anniversary Date is on the 29th, 30th or 31st of a month, the

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rebalancing transfer will occur on the 28th of the month. Your AAR will be cancelled if a premium allocation change or fund transfer is submitted on your behalf and the AAR is not also modified at the time to be consistent with your fund transfer and premium allocation changes. To process AAR transfers, or to modify an existing AAR, you may call us toll-free at 1-800-598-2019, or send a completed AAR form in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or by any other method we make available). NYLIAC must receive the request in writing no later than five (5) Business Days prior to the date the transfer(s) are scheduled to begin. If your request for this option is received less than five (5) Business Days prior to the date you request it to begin, the transfer(s) will begin on the date you have specified in the month following receipt of your request.

You can elect this option if your Separate Account Value is $2,500 or more. We will suspend this option automatically if the Separate Account Value is less than $2,000 on a rebalancing date. Once the Separate Account Value equals or exceeds this amount, AAR will resume automatically as scheduled. There is no minimum amount that you must allocate among Investment Divisions for this option.

You can cancel or modify the AAR option at any time. To cancel the AAR option, you may call us at 1-800-598-2019 or send a written cancellation request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing). You cannot elect AAR if you have chosen Dollar-Cost Averaging. However, you have the option of alternating between the two options. AAR is available when the DCA Plus Program is in place but funds in the DCA Plus Account are not eligible for AAR.

&nbsp;&nbsp;&nbsp;&nbsp;● **Interest Sweep**

You can instruct us to periodically transfer the interest credited to the Fixed Account to the Investment Division(s) you specify. You can elect this option as long as the amount in the Fixed Account is at least $2,500. We will make all Interest Sweep transfers on the date you specify or, if the date you specify is not a Business Day, on the next Business Day. You can specify any day of the month to make these automatic transfers, other than the 29th, 30th, or 31st of the month. We will not process an Interest Sweep transfer unless you contact us on our toll-free number (1-800-598-2019) or send a written request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing). NYLIAC must receive the request no later than five (5) Business Days prior to the date the transfer(s) are scheduled to begin. If your request for this option is received less than five (5) Business Days prior to the date you request it to begin, the transfer(s) will begin on the date you have specified in the month following receipt of your request.

You cannot choose the Interest Sweep option if you have instructed us to pay any part of your policy charges from the Fixed Account. If you want to elect the Interest Sweep option and you want to allocate your charges, you must allocate your charges to the NYLIM VP U.S. Government Money Market Investment Division.

You can request Interest Sweep in addition to either the Dollar-Cost Averaging or Automatic Asset Rebalancing option. If an Interest Sweep transfer is scheduled for the same day as a Dollar-Cost Averaging or Automatic Asset Rebalancing transfer, we will process the Interest Sweep transfer first.

If an Interest Sweep transfer would cause more than the greater of (i) $5,000 or (ii) 20% of the amount you have in the Fixed Account at the beginning of the Policy Year to be transferred from the Fixed Account, we will not process the transfer and we will suspend the Interest Sweep option. If the amount you have in the Fixed Account is less than $2,000, we will automatically suspend this option. Once the amount you have in the Fixed Account equals or exceeds $2,000, the Interest Sweep option will resume automatically as scheduled. You can cancel the Interest Sweep option at any time. To cancel the Interest Sweep option, you may contact us at our toll-free number (1-800-598-2019) or send a written cancellation request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing). Interest Sweep is not available when the DCA Plus Program is in place. Because the available Asset Allocation Models do not invest in the Fixed Account, you may not elect the Interest Sweep option as long as your Cash Value is allocated exclusively to an Asset Allocation Model.

&nbsp;&nbsp;&nbsp;&nbsp;● **Expense Allocation Option**

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At any time, you can choose how to allocate certain Monthly Deduction Charges from your Cash Value. (See "Charges Associated with the Policy—Deductions from Cash Value" for details.) Expense Allocation is only available from the Fixed Account or the NYLIM VP U.S. Government Money Market Investment Division. Because the available Asset Allocation Models do not invest in either the Fixed Account or the NYLIM VP U.S. Government Money Market Investment Division, you may not elect the Expense Allocation option if your Cash Value is allocated exclusively to an Asset Allocation Model.

&nbsp;&nbsp;&nbsp;&nbsp;● **Policy Split Option (SVUL Policies Only)**

You can exchange your SVUL policy, without evidence of insurability, for two equal life insurance policies, one on each of the Insureds, within 6 months of the following two dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the date that a final divorce decree which terminates the marriage of the Insureds has been in effect for six months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the effective date of a change in the Federal tax law which results in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reduction in the unlimited Federal Estate Tax marital deduction provision (Section 2056 of the IRC); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reduction of at least 50% in the highest marginal federal estate rate in effect on the Policy Date.

In order to request a policy split, you must send a written request in Good Order to VPSC at one of the addresses listed on the first page of this prospectus. At the time we receive your request in Good Order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Both insureds must be living;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each new policy will be a variable adjustable life policy which is being offered by us on the date of the exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) An insurable interest must exist between the owner of each new policy and the insured of that new policy under all applicable laws.

See the SAI for more information about the Policy Split Option.

&nbsp;&nbsp;&nbsp;&nbsp;● **Guaranteed Minimum Death Benefit Rider:** As long as this rider is in effect and the benefit period has not expired, this rider guarantees that your policy will not lapse even if the policy's Cash Surrender Value is insufficient to cover the current Monthly Deduction Charges. This rider requires that you make certain premium payments into your policy.

Under this rider, if your total Monthly Deduction Charges are greater than your policy's Cash Surrender Value, we will deduct as much of the Monthly Deduction Charges from the Cash Value as possible. We will then waive any excess amount of these charges including the charge for this and any other rider. Generally, this rider is available with a benefit period up to the insured's age 100 (under VUL) or the younger insured's age 100 (under SVUL). You may cancel this rider at any time by sending us a signed written notice. This rider will end on the Monthly Deduction Day on or following receipt of your request.

In exchange for the guarantee provided by this rider, you must make certain premium payments into your policy to keep the rider in force. The premium you must pay under this rider varies by policy and is called the monthly "Guaranteed Minimum Death Benefit (GMDB) premium." You will find it on your Policy Data Page. The monthly GMDB premium may change if you modify your policy or any of the riders attached to your policy. Although this premium is expressed as a monthly premium, you do not need to pay it on a monthly basis. Rather, we will perform a GMDB premium test each month to determine if you have made enough cumulative premium payments to keep the rider in effect.

If your policy does not satisfy the GMDB premium test and your policy fails the test by an amount that is more than one monthly GMDB premium, we will notify you that your policy has failed this test. The rider will terminate unless you make a premium payment in an amount necessary to pass the GMDB premium test before the next Monthly Deduction Day. If the rider terminates, we will reinstate it if we receive the required premium payment before the Monthly Deduction Day that follows the date the rider terminated. If the rider terminates during a period when the rider benefit is in effect, your policy will enter the late period and will lapse unless the required payment is made.

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Having this rider affects your ability to take policy loans in the following way: (a) If you take a loan during the first two Policy Years, this rider will end: (b) after the first two Policy Years, you may take loans within certain limits. On the day you take a loan (or when any unpaid loan interest is charged as an additional loan), the Cash Surrender Value of your policy less the new loan and the amount of any current outstanding loan balance must be greater than the cumulative monthly GMDB premiums which were required up to the time you take the loan, accumulated at an annual effective interest rate of up to 6.0% as of that date.

*Example:* The following illustrate how the GMDB Premium Test is performed and the GMDB Benefit for a Representative Insured (Male, Age 40, Preferred rating) on a policy with $250,000 of Face Amount, Life Insurance Benefit Option 1, and a Monthly GMDB Premium ("MGP") of $323. If the GMDB Premium Test is greater than the GMDB Required Premium, the Test is passed.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Policy**<br> **Month**<br>| **Monthly**<br> **Premiums**<br> **Paid**<br>| **(a)** <br> **Cumulative**<br> **Premiums**<br> **Paid to Date**<br>| **(b) Amount**<br> **of any**<br> **partial**<br> **surrenders**<br> **and any**<br> **associated**<br> **processing** <br> **fees**<br>| **(c) Any**<br> **outstanding**<br> **policy loan** <br> **and accrued**<br> **loan interest**<br>| **GMDB**<br> **Premium Test**<br> **((a) – (b + c) +** <br> **1 MGP)**<br>| **GMDB**<br> **Required**<br> **Premium**<br>| **GMDB**<br> **Premium**<br> **Test**<br> **Passed?**<br>|
| 1 | $300 | $300 | $0 | $0 | $623 | $323 | Yes |
| 2 | $300 | $600 | $0 | $0 | $923 | $646 | Yes |
| 3 | $300 | $900 | $0 | $0 | $1223 | $969 | Yes |
| 4 | $100 | $1000 | $0 | $0 | $1323 | $1292 | Yes |
| 5 | $0 | $1000 | $0 | $0 | $1323 | $1616 | No |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Policy**<br> **Month**<br>| **Cash**<br> **Value**<br>| **Available**<br> **Cash**<br> **Value**<br>| **Surrender**<br> **Charge**<br>| **Cash**<br> **Surrender**<br> **Value**<br>| **Monthly**<br> **Deduction**<br> **Charges**<br>| **GMDB**<br> **Premium**<br> **Test**<br> **Passed?**<br>| **GMDB**<br> **Keeps**<br> **Policy** <br> **Inforce?**<br>|
| 1 | $250 | $250 | $150 | $50 | $50 | Yes | No |
| 2 | $350 | $350 | $300 | $0 | $50 | Yes | No |
| 3 | $350 | $350 | $450 | -$150 | $50 | Yes | Yes |
| 4 | $400 | $400 | $500 | -$150 | $50 | Yes | Yes |
| 5 | $450 | $450 | $500 | -$100 | $50 | No | Policy Enters<br> Late Period<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;● **Living Benefits Rider (filed as Accelerated Benefits Rider in most jurisdictions):** Under this rider, if the Insured (under VUL) or last surviving insured (under SVUL) has a life expectancy of 12 months or less, you may request a portion or all of the Policy Proceeds as an accelerated death benefit. You must elect this rider to have it included in your policy. Under the VUL Policy, this election can be made at any time. Under the SVUL Policy, you can elect this rider only after the first death of an insured. This rider is not available on Qualified Policies.

You can cancel this rider at any time by sending us a signed written notice in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing). This rider will end on the date we receive your request.

You may elect to receive an accelerated death benefit of 25%, 50%, 75%, or 100% of certain eligible proceeds from your Policy Proceeds. We will pay you an amount equal to:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ***Elected***<br> ***percentage***<br>| ***X*** | &nbsp;&nbsp;&nbsp;&nbsp; ***Eligible***<br> ***proceeds***<br>| ***X*** | &nbsp;&nbsp;&nbsp;&nbsp; ***Interest***<br> ***factor***<br>| &nbsp;&nbsp;&nbsp;&nbsp; ***Administrative***<br> ***fee (up to $150)***<br>| &nbsp;&nbsp;&nbsp;&nbsp; ***Elected percentage of***<br> ***an unpaid policy loan***<br>|

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Minimum accelerated benefit amount: $25,000.

Maximum accelerated benefit amount: $250,000 (total for all of your NYLIAC and affiliated companies' policies).

If you accelerate less than 100% of the eligible proceeds, the remaining Face Amount of your policy after we pay this benefit must be at least $50,000. We do not permit any subsequent acceleration.

When we make a payment under this rider, we will reduce your policy's Face Amount, rider death benefits, Monthly Deduction Charges, Cash Value, and any unpaid policy loan based on the percentage you elected. We will deduct an administrative fee of $150 at the time you exercise the rider.

Amounts received under this rider generally will be excludable from your gross income under IRC Section 101(g). The exclusion from gross income will not apply, however, if you are not the insured or if you do not have an insurable interest in the life of the insured either because the insured is your director, officer, or employee, or because the insured has a financial interest in a business of yours.

In some cases, there may be a question as to whether a life insurance policy that has an accelerated living benefit rider can meet certain technical aspects of the definition of a "life insurance contract" under the IRC. We reserve the right (but we are not obligated) to modify the rider to conform to any requirements the IRS may enact.

*Example:* The following illustrates the benefit available under the Living Benefits Rider, assuming: (1) an Elected Accelerated Benefit of 100% and 50%, respectively; (2) Eligible Proceeds and Face Amount of $250,000; (3) an Interest Factor of 0.9434; (4) an Administrative Fee of $150; and an (5) Outstanding Loan of $5,000:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Elected** <br> **Percentage**<br>| **Eligible Proceeds** | **Interest Factor** | **Administrative** <br> **Fee**<br>| **Elected** <br> **Percentage x** <br> **Outstanding** <br> **Loan**<br>| **Total Accelerated** <br> **Benefit Available**<br> ((1)x(2)x(3)) - (4) - <br> ((1)x(5))<br>|
| 100% | $250000 | 0.9434 | $150 | $5000 | $230700 |
| 50% | $250000 | 0.9434 | $150 | $2500 | $115275 |

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&nbsp;&nbsp;&nbsp;&nbsp;● **Life Extension Benefit Rider:** This rider provides that on the policy anniversary on which the insured (under VUL) or younger insured (under SVUL) is (or would have been) age 100, the life insurance benefit will continue to be equal to the Life Insurance Benefit of the policy effective on the date of the Insured's (under VUL) or last surviving insured's (under SVUL) death. Without this rider, on the policy anniversary on which the insured is or younger insured is or would have been age 100, the Life Insurance Benefit would be equal to the policy's Cash Value. The charge for this rider will be deducted on each Monthly Deduction Day beginning on the policy anniversary on which the insured is age 90 (under VUL) or the younger insured is or would have been age 90 (under SVUL). You can cancel this rider by sending us a signed written notice in Good Order. The rider will end on the Monthly Deduction Day on or next following receipt of your request.

*Example:* The following illustrates the benefit available under the Life Extension Benefit Rider, assuming a Policy Face Amount of $250,000 issued on Insured (Male, Age 40, Preferred Nonsubstandard Rating) with Life Insurance Benefit Option 1 (Face Amount), assuming a return on the Separate Account of 0% and annual premiums of $5,550 paid through Policy Year 60.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Policy Year** | **Attained Age**<br> **of the Insured**<br>| **LER Charge** | **Cash Value**<br> **(reflecting**<br> **LER Charge)**<br>| **Life Insurance**<br> **Benefit with** <br> **LER**<br>| **Cash Value**<br> **with no LER**<br>| **Life Insurance**<br> **Benefit with**<br> **no LER**<br>|
| 51 | 90 | $2592 | $171505 | $250000 | $174185 | $250000 |
| 52 | 91 | $2938 | $167172 | $250000 | $173121 | $250000 |
| 53 | 92 | $3342 | $161586 | $250000 | $171536 | $250000 |
| 54 | 93 | $3940 | $154137 | $250000 | $169171 | $250000 |
| 55 | 94 | $4699 | $144329 | $250000 | $165889 | $250000 |
| 56 | 95 | $5738 | $131286 | $250000 | $161416 | $250000 |
| 57 | 96 | $7145 | $113866 | $250000 | $155444 | $250000 |
| 58 | 97 | $9089 | $90384 | $250000 | $147544 | $250000 |
| 59 | 98 | $11836 | $58310 | $250000 | $137127 | $250000 |
| 60 | 99 | $15801 | $13888 | $250000 | $123359 | $250000 |
| 61 | 100 | $0 | $14305 | $250000 | $123174 | $123174 |
| 62 | 101 | $0 | $14734 | $250000 | $122989 | $122989 |
| 63 | 102 | $0 | $15176 | $250000 | $122805 | $122805 |
| 64 | 103 | $0 | $15632 | $250000 | $122621 | $122621 |
| 65 | 104 | $0 | $16101 | $250000 | $122437 | $122437 |
| 66 | 105 | $0 | $16584 | $250000 | $122253 | $122253 |

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&nbsp;&nbsp;&nbsp;&nbsp;● **Spouse's Paid-Up Insurance Purchase Option Rider (VUL Policies Only):** This rider allows a spouse who is the beneficiary under the policy to purchase a new paid-up whole life insurance policy on his or her own life without evidence of insurability when the insured dies. Subject to state availability, this rider is included in the VUL policy.

The maximum Face Amount of the spouse's new paid-up whole life policy is the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the maximum amount of the Policy Proceeds payable under this policy (before any unpaid loan is deducted); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) $5,000,000.

If the insured's spouse dies at the same time as the insured or within 30 days after the insured's death and does not exercise the option under this rider, we will pay a benefit to the spouse's estate equal to the maximum amount of insurance coverage that could have been purchased under this rider, minus the premium payment that would have been required for that insurance (cannot exceed a maximum of $2,500,000).

If a third party (including a trust) is the policyowner and beneficiary under the policy, that third party can also exercise the option and purchase a paid-up whole life policy on the life of the spouse. The policyowner must have an insurable interest in the life of the spouse and the spouse must consent to the issuance of the new insurance in writing.

*Example:* The following illustrates the benefit available under the Spouse's Paid-Up Insurance Purchase Option Rider, assuming a policy with an Option 1 Life Insurance Benefit, Policy Proceeds and Face Amount of $1,000,000 and a request by a Representative Spouse (Male, Age 70, Standard rating) for a new paid-up whole life insurance policy of $100,000 and $500,000 with a Net Single Premium per thousand (NSP) of $772.86:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Policy Proceeds** | **Requested** <br> **Paid-Up** <br> **Insurance Benefit**<br>| **NSP for Paid-Up** <br> **Insurance**<br>| **Policy Premium** <br> **for Paid-Up** <br> **Insurance**<br>| **Net Policy** <br> **Proceeds**<br>|
| $1000000 | $100000 | $772.86 | $77286 | $1,000,000 - <br> $77,286 = 922,714<br>|
| $1000000 | $500000 | $772.86 | $386430 | $1,000,000 - <br> $386,430 = <br> 613,570<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;● **Accidental Death Benefit Rider (VUL Policies Only):** This rider provides an additional death benefit if the Primary Insured's death was caused directly, and apart from any other cause, by accidental bodily injury. We will pay the additional death benefit if the Primary Insured dies within one year of such accident. No benefit is payable under the rider if the death of the insured occurs before the insured's first birthday or after the policy anniversary on which the insured is age 70.

*Example*: If a policy had an Option 1 Life Insurance Benefit, Policy Proceeds and Face Amount of $250,000 and an Accidental Death Benefit of $50,000, the Life Insurance Benefit paid upon the accidental bodily injury of the Primary Insured (subject to the assumptions and restrictions above) would be $300,000.

&nbsp;&nbsp;&nbsp;&nbsp;● **Children's Insurance Rider (VUL Policies Only):** This rider provides a level term insurance benefit on a child, stepchild, or legally adopted child of the insured (a "covered child"). A covered child who is proposed and accepted for coverage can be no older than age 18 at the time of issue. However, no child is covered under this rider until the 15th day after birth.

If the Primary Insured dies while this rider is in effect, the term insurance on each covered child will continue at no additional cost. This is known as paid-up insurance. Although paid-up insurance has no loan value, it does have cash value and can be surrendered for its cash value.

When you apply for this rider, you must specify how many units of insurance coverage will apply to each covered child. You may purchase one to twenty-five units of coverage on each child. Each unit provides $1,000 of level term insurance. The number of units must be the same for each child. Each child covered under this rider is issued in a standard risk class.

The term insurance coverage, or the paid-up insurance, on each covered child will end on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The policy anniversary on which the covered child is age 25; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The policy anniversary on which the Primary Insured, is, or would have been, age 65.

Within 31 days after the date on which the term insurance ends, you or the covered child can convert the term insurance to any permanent plan of insurance we offer, without any evidence of insurability. The maximum Face Amount of the new policy is five times the amount of the term insurance coverage on the covered child. The premium rates for the new policy will be based on the age and sex of the covered child, and our premium rates in effect on the date of conversion.

*Example*: The following illustrates the benefit available under the Children's Insurance Rider, assuming 5 units of insurance coverage ($5,000 of Rider Face Amount) issued on a female child of the Insured, Age 12, for a rider charge of $2.25 per month ($27 annually) who dies at the beginning of Policy Year 10 under the Rider.

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| | | | |
|:---|:---|:---|:---|
| **Policy Year** | **Annual Rider Charge** | **Total Rider** <br> **Charge**<br>| **Life Insurance** <br> **Benefit**<br>|
| 1 | $27 | $27 | $0 |
| 2 | $27 | $54 | $0 |
| 3 | $27 | $81 | $0 |
| 4 | $27 | $108 | $0 |
| 5 | $27 | $135 | $0 |

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| | | | |
|:---|:---|:---|:---|
| 6 | $27 | $162 | $0 |
| 7 | $27 | $189 | $0 |
| 8 | $27 | $216 | $0 |
| 9 | $27 | $243 | $0 |
| 10 | $0 | $243 | $5000 |

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&nbsp;&nbsp;&nbsp;&nbsp;● **Guaranteed Insurability Rider (VUL Policies Only):** This rider allows you to purchase additional insurance coverage on the Primary Insured, on a scheduled option date or alternate option date, without providing any evidence of insurability. Scheduled option dates are the policy anniversaries on which the Primary Insured attains each of the following ages: 22, 25, 28, 31, 34, 37, 40, 43, and 46. An alternate option date is the Monthly Deduction Day on or following the date that is three months after any of these events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the marriage of the Primary Insured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the birth of a living child to the Primary Insured; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the legal adoption of a child by the Primary Insured.

If elected, the new policy or increase in Face Amount will take effect as of a scheduled or alternate option date. This date always will be a Monthly Deduction Day. When one of the events that would trigger an alternate option date occurs, we will automatically provide term insurance for the three-month period between the event and the alternate option date. If you purchase additional insurance coverage on an alternate option date, you may not purchase additional insurance coverage on the next scheduled option date.

To exercise this rider's benefit on an option date, the rider must be in effect on that date. The minimum amount of additional insurance coverage that you can purchase on each option date is $10,000 and the maximum amount is the Option Amount of the rider, as shown on the Policy's Data Page. The option amount must be selected at the time the rider is issued, and it cannot exceed the lesser of $150,000 or a multiple of the policy's initial Face Amount based on the Primary Insured's age when the policy was Issued. The multiples are set forth below:

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| | |
|:---|:---|
| **Age At Issue** | **Multiple** |
| 0-21 | 5 times Face Amount |
| 22-37 | 2 times Face Amount |
| 38-43 | 1 times Face Amount |

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This rider will end on the policy anniversary on which the Primary Insured is age 46. However, if any of the events that trigger an alternate option date occurs within 3 months before that anniversary, you will continue to have the right to purchase additional Insurance coverage until that option date. We will provide the automatic term insurance coverage up to that option date as well.

*Example*: If a policy had an original Life Insurance Benefit Option 1, Policy Proceeds and Face Amount of $70,000, the Insured was 30 years old at time of Policy Issue, the Policyowner selected the maximum Option Amount available (the lesser of $150,000 or 2 times the initial Face Amount, in this case, $140,000) and takes the maximum amount of the additional insurance coverage at each of the scheduled option dates, the Face Amount of the Policy would be $910,000 at age 46.

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| | | | |
|:---|:---|:---|:---|
| **Age of Insured** | **Face Amount** | **Option Amount** | **Face Amount** <br> **After Election**<br>|
| 31 | $70000 | $140000 | $210000 |
| 34 | $210000 | $140000 | $350000 |
| 37 | $350000 | $140000 | $490000 |
| 40 | $490000 | $140000 | $630000 |
| 43 | $630000 | $140000 | $770000 |
| 46 | $770000 | $140000 | $910000 |

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&nbsp;&nbsp;&nbsp;&nbsp;● **Insurance Exchange Rider (VUL Policies Only):** This rider allows you to exchange the policy for a new NYLIAC variable universal life policy issued on a new insured using the cash values from your original policy. This rider is included in the policy at no additional cost. This rider is not included in the policy if you elect the Guaranteed Minimum Accumulation Benefit Rider. This rider may only be exercised once under the Policy. To exercise this rider, you must send a completed Insurance Exchange Rider form in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing).

When an exchange is made to a new policy the Cash Value of your policy will be transferred to the new policy and become the Cash Value for the new policy. However, the Cash Surrender Value under the new policy may be different since surrender charges will be based on the new insured's age and gender. The maximum Face Amount of the new policy is the lesser of the Face Amount of the original policy on the Policy Date or the Face Amount of the original policy on the date of the exchange.

Before we can issue the new policy, you must provide us with evidence of insurability on the new insured (requiring full medical underwriting) and have an insurable interest in the new insured. The Policy Date and the Issue Date of the new policy will be the date on which the policy is exchanged. The new cost of insurance rates, premium payments and charges will be based on the new insured's age, gender, and risk classification at the time the exchange occurs. However, surrender charges on the new policy will be measured from the Policy Date of the original policy.

Under certain circumstances, you may be required to make a payment to exercise the exchange rider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the Cash Surrender Value of the new policy will exceed the Cash Surrender Value of the original policy, then a payment equal to 103% of the difference between these two values is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the Cash Surrender Value of the new policy after the exchange would be zero or lower, then a payment in an amount sufficient to keep the new policy in effect for two months following the date of exchange will be required. This payment will be treated as a premium payment and will be applied to your policy, subject to the charges and conditions applicable to premiums in the new policy. If the conditions specified above are not present at the time the rider is exercised, the conditional premium payment will not be required.

The IRS has ruled that an exchange of policies pursuant to this type of rider does not qualify as a tax-deferred exchange under IRC Section 1035. Accordingly, the exercise of your rights under this rider will result in a taxable event. You will be required to include in gross income an amount equal to the gain in the policy. The exercise of your rights under this rider also may result in the new policy's classification as a modified endowment contract, as discussed in the prospectus. You should consult your tax adviser about the potential adverse tax consequences of exercising your rights under this rider.

*Example*: If an original policy, purchased on a Representative Insured (Male, 40, Preferred issue) with a Cash Value of $35,393 and a Life Insurance Benefit Option 1 and Face Amount of $250,000, is exchanged at Policy Year 11 (outside the Surrender Charge Period) for a Policy with the same Cash Value, Life Insurance Benefit Option, and Face Amount on an Insured (Female 50, Smoker), the exchange would result in an increase in Monthly Deduction Charges. As with the original policy, the policy resulting from the exchange would not be subject to surrender charges.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Monthly Deduction Waiver Rider (VUL Policies Only):** This rider provides for the waiver of Monthly Deduction Charges if the Primary Insured becomes totally disabled for at least six consecutive months.

You must provide proof that the Primary Insured has been totally disabled for at least six consecutive months before we will waive any Monthly Deduction Charges. We will waive the Monthly Deduction Charges as long as the disability continues. From time to time we may require proof that the insured is totally disabled. We will pay for any medical examination necessary in connection with such proof.

In addition, the following special rules apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the total disability begins on or before the policy anniversary on which the Primary Insured is age 60 and continues to the policy anniversary on which the insured is age 65, we will waive the Monthly Deduction Charges under this policy for the remainder of the time that the policy is in effect. We will not require any further proof of disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the total disability begins after the policy anniversary on which the Primary Insured is age 60 but before age 65, we will waive the Monthly Deduction Charges, as long as the disability continues, until the policy anniversary on which the Primary Insured is age 65.

We will not waive the Monthly Deduction Charges for any disability that begins on or after the policy anniversary on which the Primary Insured is age 65.

In the event of the total disability (as defined in the rider), we will waive the following deductions from Cash Value on each Monthly Deduction Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the monthly Cost of Insurance for the base policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the monthly cost of riders, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the monthly contract charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the monthly per thousand charge, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the monthly Mortality and Expense Risk charge.

If you elect this rider, you may not elect the Waiver of Specified Premium Rider. If you have elected the Guaranteed Minimum Death Benefit Rider, you will not be charged for, or receive a benefit under that rider whenever Monthly Deduction Charges are being waived under this rider.

*Example*: For a policy with a Face Amount of $250,000 issued on a Representative Insured (Male, Issue Age 40, Preferred rating), if the Insured becomes totally disabled (subject to the terms above) at attained age 45, Monthly Deduction Charges of $65.92 (and any increases or decreases from that point) will be waived until the base policy ends as long as the disability continues. If the Insured's disability begins after age 60 and continues, the Monthly Deduction Charges will be waived to age 65.

&nbsp;&nbsp;&nbsp;&nbsp;● **Term Insurance on Other Covered Insured (OCI) Rider (VUL Policies Only):** This rider provides term insurance on one or more members of the Primary Insured's immediate family (generally, the spouse and/or children of the insured). The minimum amount of term insurance that you can apply for under this rider is $25,000. The term insurance under this rider will end when the Primary Insured dies. However, provided the rider is in effect, you can convert the term insurance on any living OCI under age 70 to any permanent plan of insurance we offer within 31 days after the Monthly Deduction Day on or following the date of the Primary Insured's death. To convert the term insurance for any living OCI pursuant to the restrictions noted above, you must send a written request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicated to you in writing). The term insurance under this rider also will end if the base policy ends. In no event will this rider continue beyond the policy anniversary on which the Primary Insured is age 100.

We refer to any person who is covered under this rider as an "Other Covered Insured." This rider is not available on the Primary Insured.

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*Example:* The following illustrates the benefit available under the Term Insurance on Other Covered Insured Rider, assuming a rider Face Amount of $100,000 issued on the male spouse of the Insured, Age 40, who dies at the beginning of Policy Year 10 under the Rider.

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| | | | |
|:---|:---|:---|:---|
| **Policy Year** | **Annual Rider Charge** | **Total Rider** <br> **Charge**<br>| **Life Insurance** <br> **Benefit**<br>|
| 1 | $22.49 | $22.49 | $0 |
| 2 | $31.43 | $53.92 | $0 |
| 3 | $42.92 | $96.84 | $0 |
| 4 | $51.90 | $148.74 | $0 |
| 5 | $61.30 | $210.04 | $0 |
| 6 | $70.86 | $280.90 | $0 |
| 7 | $80.45 | $361.35 | $0 |
| 8 | $89.72 | $451.07 | $0 |
| 9 | $100.15 | $551.22 | $0 |
| 10 | $0.00 | $551.22 | $100000 |

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&nbsp;&nbsp;&nbsp;&nbsp;● **Overloan Protection Rider:** Subject to state availability, your policy will include the Overloan Protection Rider provided that you have elected the Guideline Premium Test as the policy's Life Insurance Qualification Test. (See "Policy Payment Information — Life Insurance Benefit Options.") When activated, the Overloan Protection Rider guarantees that your policy will not lapse even if: (1) the policy's Cash Surrender Value is insufficient to cover the current Monthly Deduction Charges or (2) the policy's outstanding loans plus accrued loan interest exceed its Cash Value.

To activate the Overloan Protection Rider you must provide us with a written request in Good Order. A one-time charge will be deducted from the policy's Cash Value on the activation date. There is no charge if the Rider is never activated. In addition, the following conditions must be met upon receipt of your written request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The policy must be in effect for at least 15 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The insured (younger insured for SVUL) must be at least age 75.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Life Insurance Benefit Option elected under the base policy is Option 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any outstanding loan plus accrued loan interest exceeds the Face Amount of the policy in effect at the time of activation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any outstanding loan plus accrued loan interest must be less than 99% of the policy Cash Value after the deduction of any surrender charges and the one-time rider charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Activation of the rider cannot cause the policy to violate the Guideline Premium Test (GPT) at any duration.

We will mail a notice to you at your last known address at least 31 days before the end of the policy late period to notify you that the Overloan Protection Rider can be activated. The Overloan Protection Rider will be effective on the Monthly Deduction Day following the day we receive your written request to activate in Good Order. Once in effect, the Overloan Protection Rider will prevent your policy from ending. The following changes to your policy will take effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Life Insurance Benefit Option must be Option 1. If Option 1 is not in effect, it is permanently changed to Option 1 and the Face Amount of the policy will be changed to 101% of the policy's Cash Value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any Cash Value under the policy that is not invested in the Fixed Account will be transferred to the Fixed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any riders, except the Overloan Protection Rider and the Spouse's Paid-Up Insurance Purchase Option Rider, will end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No further policy changes, premium payments, transfers, partial surrenders, or full surrenders will be allowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No additional loans (except those resulting from unpaid loan interest) or loan repayments will be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Loan interest will continue to accrue. If not paid when due, the interest will become part of any outstanding loan and will also accrue interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No further Monthly Deductions will be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The policy's Life Insurance Benefit will be the greater of A or (B x C) where:

A = The OLP Face Amount calculated at rider activation;

B = the greater of (i) the policy's Cash Value, or (ii) any outstanding loans plus accrued loan interest;

C = the minimum percentage necessary for the policy to qualify as life insurance under Section 7702 of the Internal Revenue Code.

This policy may be purchased with the intention of accumulating cash value on a tax-free basis over some period (such as retirement) and relying on the Overloan Protection Rider to periodically borrow from the policy. Anyone contemplating the purchase of the Policy with the intention of pursuing this strategy or otherwise exercising the "overloan protection" provided under the Overloan Protection Rider should be aware that, among other risks, it has not been ruled on by the IRS or the courts and it may be subject to challenge by the IRS, since it is possible that the loans will be treated as taxable distributions when the Overloan Protection Rider is activated. Moreover, exercising the Overloan Protection Rider may cause your policy to become a modified endowment contract. If your policy becomes a modified endowment contract, all distributions (including loans) made in the Policy Year in which your policy becomes a modified endowment contract and thereafter will be subject to the rules for modified endowment contracts (for a discussion of these rules, see "Federal Income Tax Considerations—Modified Endowment Contract Status"). In addition, any distributions (including loans) made within two Policy Years prior to the date on which your policy becomes a modified endowment contract will be subject to these special rules. For these purposes, loans include additional accrued and unpaid interest on existing policy loans. For these reasons, you should consider very carefully, after consultation with your tax advisor, whether to exercise the Overloan Protection Rider.

*Example*: For a policy issued with the following policy values at attained age 90:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Face Amount (FA)** | **Life** <br> **Insurance**<br> **Benefit** <br> **(Option 2)**<br> **(FA + CV)**<br>| **Separate** <br> **Account** <br> **Value** <br> **(SAV)**<br>| **Fixed** <br> **Account** <br> **Value** <br> **(FAV)**<br>| **Cash** <br> **Value** <br> **(CV)**<br> **(SAV +** <br> **FAV)**<br>| **Outstanding** <br> **Loans (plus** <br> **Accrued** <br> **Loan** <br> **Interest)**<br> **(L)**<br>| **Cash** <br> **Surrender** <br> **Value (CV -** <br> **L)\***<br>|
| **$1000000** | $2300000 | $1200000 | $100000 | $1300000 | $1000500 | $299500 |

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The activation of the rider will result in: (1) the assessment of a one-time Overloan Protection Rider Fee of $45,500 (3.5% of the Cash Value of $1,300,000)—a fee that will vary based on attained Age of the Insured and deducted from the Cash Value and (2) the following changes to the policy:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Face Amount** | **Life** <br> **Insurance** <br> **Benefit** <br> **(Option 1)**<br> **(FA)**<br>| **Separate** <br> **Account** <br> **Value** <br> **(SAV)**<br>| **Fixed** <br> **Account** <br> **Value** <br> **(FAV)**<br>| **Cash** <br> **Value** <br> **(CV)**<br> **(SAV +** <br> **FAV)**<br>| **Outstanding** <br> **Loans (plus** <br> **Accrued** <br> **Loan** <br> **Interest) (L)**<br>| **Cash** <br> **Surrender** <br> **Value (CV -** <br> **L)\***<br>|
| **$1267045** | $1317225 | $0 | $1254500 | $1254500 | $1000500 | $254500 |

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The activation of the rider increases the Face Amount by making it 101% of the Cash Value and decreases the Life Insurance Benefit from Option 2 to Option 1 –calculated as the greater of the Face Amount ($1,267,045) or the policy's Cash Value, multiplied by the minimum percentage necessary for the policy to qualify as life insurance under IRC Section 7702 ($1,254,500 x 1.05) or $1,317,225.

\*No surrender charges apply.

&nbsp;&nbsp;&nbsp;&nbsp;● **Guaranteed Minimum Accumulation Benefit Rider:** The Guaranteed Minimum Accumulation Benefit (GMAB) Rider provides a guarantee that at the end of the 12th Policy Year, your Separate Account Value will not be less than the value of the GMAB Account minus any unpaid loans and accrued loan interest ("Adjusted GMAB Account Value").

*Rider Benefit*: At the end of the 12th Policy Year, if the Separate Account Value is less than the Adjusted GMAB Account Value, the Separate Account Value will be increased to equal the Adjusted GMAB Account Value ("Rider Exercise"). Any increase to the Separate Account Value will be divided equally among your current allocations to the GMAB Investment Divisions on the date of the increase. None of this increase will be allocated to a discontinued GMAB Allocation Alternative. If the Separate Account Value is more than the Adjusted GMAB Account Value at this date, the Separate Account Value will not be increased. If the insured dies while the GMAB Rider is in effect, but before Rider Exercise, the GMAB Rider will end and you will not receive the GMAB Account Value as part of a Life Insurance Benefit.

Because the GMAB Rider generally provides protection against decreases in the policy's Separate Account Value due to negative investment performance, this Rider may not be a benefit to you if all or most of your cash value is allocated to the Fixed Account. You should elect this Rider only if you have, or intend to have, most or all of your cash value allocated to the GMAB Investment Divisions. The Rider does not guarantee a return of principal.

This Rider will provide no benefit if you surrender the policy (or cancel the Rider) before the end of the 12th Policy Year. You should select this Rider only if you intend to keep the policy for at least twelve years. This Rider also provides no benefit if the policy lapses, even if the Adjusted GMAB Account Value is greater than the Separate Account Value.

Rider Eligibility and Investment Restrictions: To be eligible for this Rider, you must elect it at Policy issue and allocate 100% of your cash value to any one (or more) of the following GMAB Allocation Alternatives:

NYLIM VP Balanced—Initial Class

NYLIM VP Bond—Initial Class

NYLIM VP Conservative Allocation—Initial Class

NYLIM VP Floating Rate—Initial Class

NYLIM VP Income Builder—Initial Class

NYLIM VP Janus Henderson Balanced—Initial Class

NYLIM VP MacKay Convertible—Initial Class

NYLIM VP MacKay High Yield Corporate Bond—Initial Class

NYLIM VP MacKay Strategic Bond—Initial Class

NYLIM VP MacKay U.S. Infrastructure Bond—Initial Class

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NYLIM VP Fidelity Institutional AM<sup>®</sup> Utilities—Initial Class

NYLIM VP Moderate Allocation—Initial Class

NYLIM VP Growth Allocation—Initial Class

NYLIM VP PIMCO Real Return—Initial Class

NYLIM VP U.S. Government Money Market—Initial Class

BlackRock<sup>®</sup> Global Allocation V.I. Fund—Class I

Franklin Templeton Conservative Model Portfolio—Class I

Fixed Account

DCA Plus Account

If you allocate your Cash Value to any Investment Option other than the GMAB Allocation Alternatives, your allocation will be pended and you will be given the opportunity to cancel or modify your allocation. If you do not reallocate your Cash Value to a GMAB Allocation Alternative after such notice, the GMAB Rider will end and you will be subject to a cancellation fee. If you have elected the GMAB Rider, the only Asset Allocation Model (for SVUL policies only) you could have selected is the Conservative Model as that Model is composed entirely of Investment Divisions that are consistent with the GMAB Allocation Alternatives. (See "Management and Organization—Asset Allocation Models" for more information.) All subsequent premium payments and/or transfers must be made to one or more of these GMAB Allocation Alternatives. We may make changes to the GMAB Allocation Alternatives available with the GMAB Rider by discontinuing a GMAB Investment Division because it has been: (1) closed; (2) merged, or substituted with an Investment Division not offered as a GMAB Allocation Alternative; or (3) otherwise restricted by that Investment Division's investment advisor. We will promptly notify you of any such change and request conforming allocation and/or transfer instructions from you. If we do not receive these instructions within 60 days of notification, we will transfer the amount in your discontinued GMAB Allocation Alternative to the NYLIM VP U.S. Government Money Market Investment Division, or if in the context of a substitution approved by the SEC, the replacement GMAB Allocation Alternative. Any loan repayments, partial surrenders or premium payments that were directed to the discontinued GMAB Allocation Alternative will also be reallocated to the NYLIM VP U.S. Government Money Market Investment Division, or if in the context of a substitution approved by the SEC, the replacement GMAB Allocation Alternative, if not reallocated by you. We may also discontinue offering a GMAB Allocation Alternative at any time. If we do so, any funds already allocated to that discontinued GMAB Allocation Alternative may remain, but no additional funds may be allocated, reallocated, or transferred to that allocation alternative. If we do not receive conforming instructions for future allocations or transfers, we will allocate these amounts to the NYLIM VP U.S. Government Money Market Investment Division.

You are not eligible for the GMAB Rider if you have elected the Cash Value Accumulation Test as the policy's Life Insurance Qualification Test.

*Conflicts of Interest*: Although the investment restrictions required by the GMAB Rider are generally designed to provide protection against decreases in the policy's Separate Account Value due to negative investment performance, please note that they may also limit your full participation in positive investment performance. The intended protection against (or limitation of) negative investment performance is in NYLIAC's best interest, since it reduces the likelihood that NYLIAC will be required to pay benefits under the GMAB Rider or reduces the potential magnitude of those benefit payments. This reduces the likelihood that you will benefit from the GMAB Rider, or receive the full magnitude of any benefit from, the GMAB Rider. Other Investment Options that are available if you do not select the GMAB Rider may offer the potential for higher returns. In addition, although we do not currently do so, we may elect to include Investment Divisions that utilize "volatility management strategies" as GMAB Allocation Alternatives. If you allocated your premium payments and Cash Value to one or more Investment Divisions that employed such a strategy, it could further reduce the likelihood that you would benefit from the GMAB Rider or receive the full potential magnitude of any benefit payments we would be required to make under the GMAB Rider. In addition, any negative impact to the performance of a fund due to a volatility management strategy could limit increases in your Cash Value. You should consult

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with your registered representative and carefully consider whether the investment restrictions required by the GMAB Rider meet your investment objectives and risk tolerance.

*Rider Charges and Fees*: Each month, while the Rider is active and the GMAB Account Value is greater than zero, we will deduct a GMAB Rider Charge based on the Adjusted GMAB Account Value. We can increase this charge, but we guarantee that the GMAB Rider Charge will never exceed 1.50% of the Adjusted GMAB Account Value on an annualized basis. The current rate will be set by us, in advance, at least once a year. We will not deduct the GMAB Rider Charge if the Adjusted GMAB Account Value is zero or less. A cancellation fee of no more than 2% of the Adjusted GMAB Account Value may apply if the rider is canceled prior to the end of the 12th Policy Year.

*GMAB Account Value*: The GMAB Account Value is only a shadow account value that does not have cash value or loan value. As such, the GMAB Account cannot be used to support the payment of any monthly deductions from cash value and/or separate account charges; loans or loan repayments; surrenders, partial surrenders or periodic partial withdrawals; premium payments; or to reinstate a policy. You will not receive the GMAB Account Value on a 1035 exchange, policy split option (SVUL policies only) or other policy exchange, or as part of a Life Insurance Benefit payment (other than those that may be paid in connection with Section 7702 of the IRC).

The initial GMAB Account Value is equal to the initial Net Premiums allocated to the GMAB Investment Divisions. On any Monthly Deduction Day thereafter, a calculation equal to (a + b + c - d - e - f + g) will be performed to determine the GMAB Account Value where:

a = the GMAB Account Value on the prior Monthly Deduction Day;

b = the sum of all Net Premiums allocated to the GMAB Investment Divisions since the prior monthly deduction day;

c = any amounts transferred (or otherwise added) to the GMAB Investment Divisions since the prior Monthly Deduction Day;

d = the portion of the monthly deductions from cash value and separate account charges (including the GMAB Rider Charge) deducted from the GMAB Investment Divisions on that Monthly Deduction Day;

e = the amount of any GMAB Proportional Transfer(s) made since the prior Monthly Deduction Day;

f = the amount of any GMAB Proportional Withdrawal(s) taken since the prior monthly Deduction Day; and

g = the product of (i) x (ii) where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) = the GMAB Interest Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) = (a + b + c - d - e - f) minus any outstanding loans and accrued loan interest.

The GMAB Interest rate will never be less than 2% on an annualized basis. For purposes of calculating the GMAB Account Value, any amounts you are permitted to retain in certain discontinued GMAB Allocation Alternatives will be counted as cash value held in the GMAB Investment Divisions. A GMAB Proportional Transfer is equal to the amount you transfer (or is otherwise deducted) from the GMAB Investment Divisions to the Fixed Account, divided by the cash value attributable to the GMAB Investment Divisions immediately preceding this transfer, multiplied by the GMAB Account Value on the effective date of the transfer. A GMAB Proportional Withdrawal is equal to the sum of the partial surrenders (including associated fees or charges, if any) deducted from the GMAB Investment Divisions, divided by the cash value attributable to the GMAB Investment Divisions immediately preceding the surrender, multiplied by the GMAB Account Value on the effective date of the surrender.

**The GMAB Account Value may be less than the Separate Account Value of the policy and may be less than the total premiums paid. This may occur due to the impact on the GMAB Account Value of: (1) monthly deductions from cash value and separate account charges; (2) transfers and surrenders; and (3) higher returns in the Separate Account Investment Divisions compared to the 2% annualized return on the GMAB Account Value. This rider does not guarantee a return of principal.** 

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The GMAB Account Value does not include any amounts allocated, or that you subsequently transfer from the GMAB Investment Divisions to the Fixed Account. Partial surrenders deducted from the cash value attributable to the GMAB Investment Divisions and transfers from the GMAB Investment Divisions to the Fixed Account will result in proportionate reductions to the GMAB Account Value. These reductions to the GMAB Account Value can be greater than the dollar amount of these surrenders or transfers.

*Anniversary Option:* At the end of the 12th Policy Year, you have the option to elect another benefit period under the GMAB rider available at that time if we receive your election notice in Good Order by the date specified in the Rider. The GMAB Rider Charge and the GMAB Interest Rate for the new GMAB Rider will be based on the rates then in effect.

*Impact of Surrenders*: As noted above, partial surrenders will proportionally reduce the GMAB Account Value and the GMAB Rider Charge. Set forth below is an example of how the benefit of the GMAB Rider would be affected by surrender activity.

*For a VUL/SVUL policy with a $250,000 Face Amount, a Separate Account Value of $80,000 and a GMAB Account Value of $100,000, if a policyholder requested a partial surrender of $10,000 in Policy Year 8:* 

the Separate Account Value would be reduced by $10,240 to $69,760 ($80,000 minus the partial surrender and any associated surrender fees ($10,000 + $240)); and

the GMAB Account Value would be proportionately reduced by $12,800 to $87,200 (the amount of the partial surrender including any associated fees and charges deducted from the GMAB Investment Divisions ($10,240) divided by the cash value attributable to the GMAB Investment Divisions immediately prior to the partial surrender ($80,000), multiplied by the GMAB Account Value on the effective date of the partial surrender ($100,000)).

*Termination of the rider:* You may cancel the rider at any time. To cancel the rider, you must send a signed notice in Good Order to the VPSC at one of the addresses noted on the first page of the Prospectus (or any other address we indicate to you in writing). If a cancellation occurs prior to the end of the 12th Policy Year, a cancellation fee of no more that 2% of the Adjusted GMAB Account Value may apply. The rider will end on the date we receive your request. The rider will also end if the insured dies prior to the end of the benefit period; the policy ends, is surrendered or lapses; at the end of the 12th Policy Year; or if you choose to make a premium payment or transfer to an allocation alternative other than a GMAB Allocation Alternative after notification. The rider provides no benefit if the policy lapses, or if you cancel the rider prior to the end of the 12th Policy Year, even if the Adjusted GMAB Account Value is greater that the Separate Account Value.

*Example:* For a policy with a Face Amount of $250,000 and the GPT elected as the Life Insurance Qualification Test, issued on a Representative Insured (Male, Issue Age 40, Preferred rating), with 100% allocation to the GMAB Allocation Alternatives in the Separate Account, no partial surrenders, and cumulative annual premium payments of $35,280 and GMAB Rider Charges of $1,119 through the end of Policy Year 12, if there is:

a Gross Return on Separate Account Assets of 0%, the difference between the Separate Account Value of $23,571 and the Adjusted GMAB Account Value of $26,966 at that time will be $3,395. In that case, the Separate Account Value will be adjusted to reflect the Adjusted GMAB Account Value of $26,966 at Rider Exercise.

a Gross Return on Separate Account Assets of 8%, the Separate Account Value of $40,545 will exceed the Adjusted GMAB Account Value of $26,966. In that case, the Separate Account Value will not be increased.

As noted above, if before Rider Exercise, the Insured dies, the Policy is surrendered or lapses, or the Rider is canceled, the rider will provide no benefit. A cancellation fee of no more than 2% of the Adjusted GMAB Account Value may also apply if the rider is canceled prior to the end of the 12th Policy Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Waiver of Specified Premium (WSP) Rider (VUL Policies Only)**: This rider will pay, on each Monthly Deduction Day, a specified premium amount (the "WSP Amount") into the policy if the insured suffers from a total disability (lasting at least six (6) consecutive months) while the WSP Rider is in force. You

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must provide proof that the insured has been totally disabled for at least six consecutive months before we will pay the WSP Amount into the policy. Written notice and proof of total disability must be provided to us in Good Order at the VPSC, or any other location that we indicate to you in writing, while the insured is living and has a total disability, or as soon as it can reasonably be done. From time to time, we may require proof that the insured is totally disabled. We will pay for any medical examination necessary in connection with such proof.

We will deduct a sales expense charge from any WSP Amount paid into the policy. The first benefit payment will include a one-time lump sum that covers any WSP Amount that would have been paid from the beginning of the insured's total disability. We will also return any WSP Rider charges that were deducted during this period. We will pay the WSP Amount until: (a) the period of total disability ends; (b) the policy anniversary on which the insured is age 65; or (c) the policy ends or is surrendered, whichever comes first. Monthly WSP rider charges are waived during any period when the WSP Amount is being paid. The WSP Rider is available for issue ages from 0-59. **Note: Payment of the WSP Amount is no guarantee that your VUL policy will not lapse. Although we will pay the WSP Amount into your policy each month that you are on claim, we will also continue to deduct applicable Monthly Deduction Charges other than the WSP Rider charges. You may be required to pay additional premiums during a period of total disability to maintain the policy in force.** 

At rider issue, the WSP Amount is based on: (a) the Face Amount of the policy; (b) the Face Amount of any life insurance issued under certain covered rider(s) (the "Applicable Riders"); and (c) the Insured's issue age, gender at birth, and risk classification. The WSP Amount may not be greater than $12,500 on a monthly basis. Subject to this maximum, if changes occur that increase or decrease the Face Amount of the policy or any Applicable Rider; add or terminate an Applicable Rider; or modify the insured's class of risk, the WSP Amount will vary accordingly. The WSP Amount will not increase or decrease during a period of total disability, but it will be recalculated (if necessary) to account for any changes affecting that amount if the disability period ends. The monthly rider charge is calculated by multiplying the WSP Amount by a rate that is based on the Insured's gender at birth and age at rider issue and/or at the time of any changes to the WSP Amount. In addition, certain underwriting risks—including the insured's medical condition, occupation or avocation—may increase the monthly rider charge, if applicable. Although the monthly rider charge can vary, it will never be greater than $217.50 per $1,000 of WSP Amount.

You may cancel the rider at any time by sending us a signed notice in Good Order. The rider ends on the earlier of any of the following events: when the policy ends, when the policy is surrendered, or on the policy anniversary on which the insured is age 65. If you elect the WSP Rider, you may not also elect the Monthly Deduction Waiver rider.

*Example:* For a policy with a Face Amount of $250,000 issued on a Representative Insured (Male, Issue Age 40, Preferred rating), if the Insured becomes totally disabled (subject to the terms above) at attained age 45, the Rider will pay a WSP Amount of $232.75 (based on the factors outlined above) on each Monthly Deduction Day until: (a) the period of total disability ends; (b) the policy anniversary on which the insured is age 65; or (c) the policy ends or is surrendered, whichever comes first. We will deduct a Premium Expense Charge from any WSP Amount—in this case, current charges would be $9.31 for a Non-Qualified policy and $6.40 for a Qualified policy. Monthly Deduction Charges will also be deducted.

&nbsp;&nbsp;&nbsp;&nbsp;● **Estate Protection Rider (SVUL Policies Only):** Where available, this rider provides additional insurance protection for the first four Policy Years when we have proof that both insureds died. There is a charge for the rider and it may only be purchased at issue. You can cancel this rider at any time by sending us signed written notice in Good Order.

*Example:* The following illustrates the benefit available under the Estate Protection Rider, assuming a rider Face Amount of $50,000 and a Policy Face Amount of $250,000, issued on Insureds (Male/Female, Age 55/50, Preferred Nonsubstandard Rating), the first of whom dies at the beginning of Policy Year 2 and the second of whom dies at the beginning of Policy Year 4, under the Rider.

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| | | | |
|:---|:---|:---|:---|
| **Policy Year** | **Annual Rider Charge** | **Total Rider** <br> **Charge**<br>| **Life Insurance** <br> **Benefit**<br>|
| 1 | $2640 | $2640 | $0 |
| 2 | $2850 | $5490 | $0 |
| 3 | $3294 | $8784 | $0 |
| 4 | $0 | $8784 | $50000 |
| 5 | $0 | $8784 | $0 |

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&nbsp;&nbsp;&nbsp;&nbsp;● **Level First-to-Die Term Rider (SVUL Policies Only):** This rider provides a level term insurance death benefit which we will pay when either Insured dies while the rider is in effect. We will only pay the benefit once even if both insureds die at the same time. You may decrease the Face Amount of this rider as long as you do not decrease it below the minimum amount we require to issue the rider. You may not increase the Face Amount of this rider. You may cancel this rider at any time by sending us signed written notice in Good Order. The rider will end on the Monthly Deduction Day on or next following receipt of your request.

Example: The following illustrates the benefit available under the Level First-to-Die Term Rider, assuming a rider Face Amount of $100,000 and a Policy Face Amount of $250,000, issued on Insureds (Male/Female, Age 55/50, Preferred Nonsubstandard Rating), one of whom dies at the beginning of Policy Year 8 under the Rider.

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| | | | |
|:---|:---|:---|:---|
| **Policy Year** | **Annual Rider Charge** | **Total Rider** <br> **Charge**<br>| **Life Insurance** <br> **Benefit**<br>|
| 1 | $211.45 | $211.45 | $0 |
| 2 | $289.27 | $500.72 | $0 |
| 3 | $350.50 | $851.22 | $0 |
| 4 | $410.94 | $1262.16 | $0 |
| 5 | $475.44 | $1736.60 | $0 |
| 6 | $533.02 | $2270.62 | $0 |
| 7 | $621.11 | $2891.73 | $0 |
| 8 | $0.00 | $2891.73 | $100000 |

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***Maturity Date***

Unless the Life Extension Benefit Rider is in effect, beginning on the policy anniversary on which the insured is age 100 (under VUL) or the younger insured is or would have been 100 (under SVUL), the policy's Face Amount will no longer apply. Instead, your Life Insurance Benefit will equal the Cash Value of your policy.

One year before your policy's maturity date, we will notify you that on your maturity date you may elect either:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to receive the Cash Surrender Value of your policy; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) to continue the policy without having to pay any more cost of insurance charges or monthly contract fees.

If you do not make an election, the policy will be continued. If the policy is continued, the following limitations will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No further Planned or Unplanned Premiums will be allowed, except as needed to keep your policy from lapsing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than the Mortality and Expense Risk Charge, no further Monthly Deduction Charges will be deducted from your Cash Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Partial surrenders and loan repayments will continue to be allowed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) New policy loans can be requested and loan interest will continue to accrue on any new and existing loans at the current loan interest rate. However, if the amount of any unpaid loans (including any accrued loan interest) is greater that the Cash Surrender Value of your policy, your policy could lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any riders attached to the policy will end, unless stated otherwise in the rider.

If you choose to surrender your policy, you must submit a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing).

The federal income tax treatment of a life insurance policy is uncertain after the insured is age 100. See "Federal Income Tax Considerations—Status of the Policy After the Insured is Age 100" for more information. Please consult your tax advisor regarding the tax implications of these options.

If your policy is still in effect when the insured (under VUL) or last surviving insured (under SVUL) dies, we will pay the Policy Proceeds to the beneficiary.

***Tax-Free "Section 1035" Insurance Policy Exchanges***

Generally, you can exchange one life insurance policy for another in a "tax-free exchange" under IRC Section 1035. However, because we have discontinued sales of these policies, you may not exchange another policy for those described in this prospectus. Before making an exchange, you should compare both policies carefully. Remember that if you exchange one policy for another, you might have to pay a surrender charge on your old policy. Also, some charges may be higher (or lower), and the benefits may be different. If the exchange does not qualify for IRC Section 1035 treatment, you may have to pay federal income and penalty taxes on the exchange. You should not exchange one policy for another unless you determine, after knowing all of the facts, that the exchange is in your best interest. New York Life may accept standard electronic instructions from another insurance carrier for the purposes of effecting an IRC Section 1035 exchange.

Because the final surrender value of your existing policy will be calculated once the new life insurance policy has been approved for issuance, this final surrender value may be impacted by increases or decreases in policy values that result from market fluctuations during the period between submission of the exchange request and actual processing. The final surrender value may be calculated several Business Days after we receive your exchange request in Good Order. Please consult your current insurer for options to potentially mitigate market exposure during this period. In addition, as we will not issue the new policy until we have received an initial premium from your existing insurance company, the issuance of the policy in an exchange could be delayed.

***24-Month Exchange Privilege***

Within the first 24 months after the Issue Date of your policy, if you decide that you do not want to own a variable policy, you can exchange your policy for a new permanent plan of life insurance that we (or one of our affiliates) offer for this purpose. The new policy will have the same Policy Date, issue age, gender, risk classification, and initial Face Amount as your original policy, but will not offer variable Investment Options such as the Investment Divisions.

To exchange your policy:

&nbsp;&nbsp;&nbsp;&nbsp;● your policy must be in force on the date of the exchange;

&nbsp;&nbsp;&nbsp;&nbsp;● you must repay any unpaid loan (including any accrued loan interest); and

&nbsp;&nbsp;&nbsp;&nbsp;● you must submit a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing), or by phone on our toll-free number (1-800-598-2019).

We will process your request for an exchange on the later of: (1) the Business Day on which we receive your written request in Good Order along with your policy, or (2) the Business Day on which we receive the necessary loan payment for your exchange in Good Order at the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). The policy exchange will be effective on the later of these two dates. The amount applied to your new policy will be the policy's Cash Value plus a refund of all cost of insurance charges, monthly per thousand face amount charges, sales expense charges, and any rider charges taken as of the date of the exchange. We will not refund Mortality and Expense Risk charges, monthly contract charges,

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state premium tax charges, or federal tax charges. Because policy values may increase or decrease due to market fluctuations during the period between submission of the exchange request and actual processing, the Cash Value applied to your new policy may be impacted. Please consult your registered representative for options to potentially mitigate market exposure during the time it will take to process the exchange. We will require you to make any adjustment to the premiums and Cash Value of your variable policy and the new policy, if necessary.

When you exchange your policy, all riders and benefits for that policy will end, unless otherwise required by law. Requests received after 4:00 pm (Eastern Time) on a Business Day, or on a non-Business Day, will be processed as of the next Business Day.

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**Loans**

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You can borrow any amount up to the loan value of the policy. The loan value at any time is equal to: ((100% - a) x b) - c, where:

a = the current loan interest rate;

b = the policy's Cash Surrender Value; and

c = the sum of three months of Monthly Deduction Charges.

Your policy will be used as collateral to secure this loan. Any amount that secures a loan remains part of your policy's Cash Value but is transferred to the Fixed Account. We credit any amount that secures a loan (the loaned amount) with an interest rate that we expect to be different from the interest rate we credit on any unloaned amount in the Fixed Account and/or DCA Plus Account. Loans may affect the No-Lapse Guarantee. If you elect the Guaranteed Minimum Accumulation Benefit Rider, at the end of 12th Policy Year, the GMAB Account Value will be reduced by any loans and accrued loan interest to arrive at the Adjusted GMAB Account Value. (See "Description of the Policy—Additional Benefits Through Riders and Options—Guaranteed Minimum Accumulation Benefit Rider.")

If your address or bank account information has been on file with us for less than 30 days, we may require additional verification of your identity, in Good Order, before we will process a request to send loan proceeds electronically to that bank account or through the mail to that address.

***Your Policy As Collateral For A Loan***

When you request a loan, a transfer of funds will be made from the Separate Account (and/or the DCA Plus Account, if so requested) to the Fixed Account so that the Cash Value in the Fixed Account is at least 100% of the requested loan plus any outstanding loans. We will transfer these funds from the Investment Divisions of the Separate Account and/or from the DCA Plus Account in accordance with your instructions or, if you have not provided us with any instructions, in proportion to the amounts you have in each Investment Division. While any policy loan is outstanding, we will not allow you to make any partial surrender or transfer any funds from the Fixed Account if the partial surrender or transfer would cause the cash value of the Fixed Account to fall below 100% of all outstanding loans. Additionally, if the monthly deductions from Cash Value will cause the Cash Value of the Fixed Account to fall below the total amount of all outstanding policy loans, we will take these deductions first from the Investment Divisions in proportion to the amounts you have invested and then from the DCA Plus Account.

Please note that loan requests must be received in Good Order and for requests above $50,000, we may require additional verification of the owner's identity in a manner acceptable to us, including without limitation, a notarized confirmation of the owner(s) signature or a medallion signature guarantee. If your address or bank account information has been on file with us for less than 30 days, we will either require the request in writing or require additional verification of your identity, in Good Order, before we will process a request to send loan proceeds electronically to that bank account or through the mail to that address. In addition, loan requests made from policies that are less than 90 days old or that had an ownership change within 30 days of such loan request must be made in writing, in Good Order and sent to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We do not currently accept faxed or e-mailed loan requests, however, we reserve the right to accept them at our discretion.

***Loan Interest***

For policies issued on or after May 1, 2012, we currently charge an effective annual loan interest rate of 3% in Policy Years 1-10, and 2% in Policy Years 11 and beyond. For policies issued before May 1, 2012, we currently charge an effective annual loan interest rate of 4% in Policy Years 1-10 and 3% in Policy Years 11 and beyond. We may increase or decrease this rate but we guarantee that the rate will never exceed 6%. We will determine the loan interest rate at least once every twelve months, but not more frequently than once every three months. If we increase the rate, we will not increase it by more than 1% per calendar year.

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***Interest Credited On The Cash Value Held As Collateral For A Policy Loan***

When you take a loan against your policy, the loaned amount that we hold in the Fixed Account may earn interest at a different rate from the rate we charge you for loan interest. The rate on the loaned amount in the Fixed Account may also be different from the rate we credit on other amounts in the Fixed Account or amounts in the DCA Plus Account. We guarantee that the interest rate we credit on loaned amounts will always be at least the guaranteed minimum interest rate credited to the Fixed Account for your policy. For the first ten Policy Years, we guarantee that the rate we credit on loaned amounts will never be lower than the rate we charge for policy loans less 2% (for example, if the rate we charge for policy loans is 6%, then the rate we credit on loaned amounts will never be lower than 4%). Currently, for the first ten Policy Years, the rate we expect to credit on loaned amounts is 1% less than the rate we charge for loan interest. Beginning in Policy Year 11, we guarantee that the rate we credit on loaned amounts will never be lower than the rate we charge for policy loans less 0.25% (for example, if the rate we charge for policy loans is 6%, then the rate we credit on loaned amounts will never be lower than 5.75%). Currently, beginning in Policy Year 11, the rate we expect to credit on loaned amounts is equal to the rate we charge for loan interest. The interest earned on amounts held as collateral for the policy loan will remain in the Fixed Account.

***When Loan Interest Is Due***

The interest we charge on a loan accrues daily and is payable on the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;● the policy anniversary;

&nbsp;&nbsp;&nbsp;&nbsp;● the date you surrender the policy;

&nbsp;&nbsp;&nbsp;&nbsp;● the date you fully repay a loan;

&nbsp;&nbsp;&nbsp;&nbsp;● the date the policy lapses;

&nbsp;&nbsp;&nbsp;&nbsp;● the date on which the insured (under VUL) or last surviving insured (under SVUL) dies; or

&nbsp;&nbsp;&nbsp;&nbsp;● any other date we specify.

Any loan interest that you do not pay when due will become part of the policy loan and will also accrue interest. You should be aware that the larger the loan becomes relative to the Cash Value, the greater the risk that the remaining Cash Surrender Value may not be sufficient to support the policy charges and expenses, including any loan interest due, and the greater the risk of the policy lapsing.

***Loan Repayment***

You can repay all or part of a policy loan at any time while your policy is in effect. We will consider any payment we receive from you while you have a loan outstanding to be a premium payment unless you tell us in writing that it is a loan repayment. When a loan repayment is received, we will first use the money to cancel all or part of any outstanding loan which was originally taken from the Fixed Account and/or DCA Plus Account. Any remaining portion of the loan payment will be allocated to the Investment Divisions in the same proportion as the amount of money you have in each Investment Division on the date of the loan repayment, unless you indicate otherwise and we agree. If there is no money allocated to the Investment Divisions on the date of your loan repayment, the entire remaining loan repayment amount will be allocated to the Fixed Account. Repayments of loans from the DCA Plus Account will be allocated to the Fixed Account. Loan payments must be sent to NYLIAC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing).

***Excess Loan Condition***

If the amount of any unpaid loans (including any accrued loan interest) is greater than the Cash Value of your policy minus surrender charges, we will mail a notice to you at your last known address. We will also send a copy of the notice to the last known assignee, if any, on our records. If you do not pay the necessary amount within 31 days after the day we mail you this notice, we will terminate your policy. This could result in a taxable gain to you.

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***The Effect Of A Policy Loan***

A loan, repaid or not, has a permanent effect on your Cash Value. This effect occurs because amounts borrowed are removed from your Investment Divisions (which will receive investment performance) and placed into the Fixed Account (which earns interest at a fixed rate). Investment results will apply only to the amounts remaining in your Investment Divisions. The longer a loan is outstanding, the greater the effect on your Cash Value. The effect could be favorable or unfavorable. If the Investment Divisions earn more than the annual interest rate credited to loaned amounts held in the Fixed Account, your Cash Value will not increase as rapidly as it would have had no loan been made. If the Investment Divisions earn less than the interest credited to loaned amounts held in the Fixed Account, then your Cash Value may be greater than it would have been had no loan been made. If not repaid, the aggregate amount of the outstanding loan principal and any accrued loan interest will reduce the Policy Proceeds that might otherwise be payable.

In addition, unpaid capitalized loan interest generally will be treated as a new loan under the IRC. If the policy is a modified endowment contract, a loan may result in taxable income and penalty taxes to you. In addition, for all policies, if the loans taken, including unpaid loan interest, exceed the premiums paid, policy surrender or policy lapse will result in a taxable gain to you. Finally, it is possible that a loan could be treated as a taxable distribution if there is no spread or a very small spread between the interest rate charged on the loan and the interest rate credited to the loaned amount. (See "Federal Tax Considerations" for more information.) Loans can affect the five-year No-Lapse Guarantee.

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**Premiums**

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The currently available methods of payments are: direct payment to NYLIAC, pre-authorized one-time or monthly deductions from your bank, credit union or similar accounts or any other method agreed to by us.

**Acceptance of initial and subsequent premium payments is subject to our Sales Standards.**

***Planned Premium***

When you apply for your policy, you select a premium payment schedule, which indicates the amount and frequency of premium payments you intend to make. The premium amount you select for this schedule is called your "planned premium." It is shown on the Policy Data Page. Factors that should be considered in determining your premium payment are: age, underwriting class, gender, policy Face Amount, Investment Division performance, loans, and riders you add to your policy.

You can make additional planned premium payments at any time up to the Insured's attainment of age 100 (under VUL) or the younger Insured is or would have been age 100 (under SVUL) except as permitted in "Maturity Date". We will require one or more additional premium payments in the circumstance where the Cash Surrender Value of your policy is determined to be insufficient to pay the charges needed to keep your policy in effect. Should the additional payment(s) not be made, your policy will lapse.

***Unplanned Premium***

An unplanned premium is a payment you make that is not part of the premium schedule you choose.

&nbsp;&nbsp;&nbsp;&nbsp;● While the insured (under VUL) or either insured (under SVUL) is living, you may make unplanned premium payments at any time before the policy anniversary on which the insured is age 100 (under VUL) or the younger insured is or would have been age 100 (under SVUL) except as permitted in "Maturity Date." However, if payment of an unplanned premium will cause the Life Insurance Benefit of your policy to increase more than the Cash Value will increase, (i) we may require proof of insurability before accepting that payment and applying it to your policy, and (ii) for an SVUL policy both insureds must be living. The Life Insurance Benefit increase may occur for your policy to continue to qualify as life insurance under IRC Section 7702.

&nbsp;&nbsp;&nbsp;&nbsp;● The minimum unplanned premium amount we allow is $50.

&nbsp;&nbsp;&nbsp;&nbsp;● We may limit the number and amount of any unplanned premium payments.

Unplanned premiums must be sent to NYLIAC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). **Acceptance of initial and subsequent premium payments is subject to our Sales Standards.**

***Risk Of Minimally Funded Policies***

You can make additional planned or unplanned premium payments at any time up to the insured's (younger insured for SVUL) attainment of age 100. We will require one or more additional premium payments in the circumstance where the Cash Surrender Value of your policy is determined to be insufficient to pay the charges needed to keep your policy in effect. Should the additional payment(s) not be made, your policy will lapse.

Although premium payments are flexible, you may need to make subsequent premium payments so that the Cash Surrender Value of your policy is sufficient to pay the charges needed to keep your policy in effect. A policy that is maintained with a Cash Surrender Value just sufficient to cover deductions and charges, or that is otherwise minimally funded, is more likely to be unable to maintain its Cash Surrender Value because of market fluctuation and performance-related risks. When initially determining the amount of your planned premium payments, you should consider funding your policy at a level that has the potential to maximize the investment opportunities within your policy and to minimize the risks associated with market fluctuations. (Your policy can lapse even if you pay all of the planned premiums on time.)

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***Timing And Valuation***

Your premium will be credited to your policy on the Business Day that it is received, assuming it is received prior to the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. Any premiums received after that time will be credited to your policy on the next Business Day.

The Fund assets making up the Investment Divisions will be valued only on those days that the NYSE is open for trading. Generally, the NYSE is closed on Saturdays, Sundays and major U.S. holidays.

***Free Look***

You have the right to cancel your policy, within certain limits. Under the Free Look provision of your policy, in most jurisdictions, you have 20 days after you receive your policy to return it and receive a refund. You can cancel increases in the Face Amount of your policy under the same time limits. (See "State Variations and Rider Availability" for state-by-state details.) To receive a refund, you must return the policy and/or provide a written request for cancellation in Good Order to the VPSC at one of the addresses noted on the first page of the prospectus (or any other address we indicate to you in writing) or to the registered representative from whom you purchased the policy within 20 days of receiving the policy.

For VUL policies, we will allocate premium payments you make with your application or during the Free Look period to our General Account until the end of the free look period. On the Business Day following the free look period, we will allocate the Net Premium plus any accrued interest to the Investment Divisions you have selected.

For VUL policies, if you cancel your policy, we will pay you the greater of (a) your policy's Cash Value calculated as of the Business Day either the VPSC or the registered representative through whom you purchased it receives the policy and/or your written request for cancellation in Good Order, or (b) the total premium payments you have made, less any loans and any partial surrenders you have taken.

For SVUL policies, we will allocate premium payments you make with your application or during the Free Look period to our General Account until the later of the Issue Date and the date NYLIAC receives the full initial premium payment in Good Order.

For SVUL policies, if you cancel your policy, we will generally pay you your policy's Cash Value, plus any Premium Expense Charges, and any Monthly Deduction Charges, minus loans calculated as of the Business Day that the VPSC or the registered representative through whom you purchased it receives the policy and/or your written request for cancellation in Good Order.

If you cancel an increase in the Face Amount of your policy, we will refund the premium payments you have paid in excess of the planned premiums that are allocated to the increase, less any part of the excess premium payments that we have already paid to you.

***Premium Payments***

Premium payments should be mailed to: NYLIAC, 75 Remittance Drive, Suite 3021, Chicago, IL 60675-3021 or by express mail to NYLIAC, 5450 N. Cumberland Avenue, Suite 100, Chicago, IL 60656. **Acceptance of initial and subsequent premium payments (whether planned or unplanned) are subject to our Sales Standards.** 

The currently available methods of payment are: direct payment to NYLIAC, pre-authorized one-time or monthly deductions from your bank, credit union or similar accounts and any other method agreed to by us.

We apply the Net Premium to the Investment Divisions (including those available with the available Asset Allocation Models), the Fixed Account and/or DCA Plus Account, according to your instructions.

If you elect the GPT to determine whether your policy qualifies as life insurance under IRC Section 7702, we may limit your premium payments. If the premiums paid during any Policy Year exceed the maximum amount permitted under the GPT, we will return to you the excess amount within 60 days after the end of the Policy Year. The excess amount of the premiums we return to you will not include any gains or losses attributable to the investment return on those premiums. We will credit interest at a rate of not less than 2% on those premiums from the date such premiums cause the policy to exceed the amount permitted under the GPT to the date we return the premiums to you. (See "Policy Payment Information—Life Insurance Benefit Options" for more information.)

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The payment of the initial premium (and any other planned or unplanned premium made before the Initial Premium Transfer Date) will be applied to the General Account. On the Initial Premium Transfer Date, we allocate the Net Premium, along with any interest credited, to the Investment Divisions of the Separate Account, the Fixed Account, and/or the DCA Plus Account according to the most recent premium allocation election you have given us. You can change the premium allocation any time you make a subsequent premium payment by submitting a revised premium allocation form in Good Order to one of the addresses listed for payment of subsequent premiums on the first page of this prospectus (or any other address we indicate to you in writing). Your revised premium allocation selection will be effective as of the Business Day the revised premium allocation is received by the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). Premium allocation selections received after market close will be effective the next Business Day. The allocation percentages must be in whole numbers.

***Automatic Premium Payment Arrangement***

An automatic premium payment arrangement is a service that allows you to authorize monthly electronic deductions from your checking account to make premium payments. You can select any day of the month to initiate drafts except the 29th, 30th and 31st. If a draft date is not selected, it will be the Policy Date. A voided blank check must be forwarded along with an application to begin an automatic premium payment arrangement. To set up an automatic premium payment arrangement, you must submit your request in writing in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing) or any other method we make available.

***Premium Payments Returned For Insufficient Funds***

If your premium payment is returned by the bank for insufficient funds, we will reverse the Investment Options you have chosen and reserve the right to charge you a $20 fee for each returned payment. In addition, if we incur any losses as a result of a returned payment, we will deduct the amount of the loss from your policy's Cash Value. If an automatic premium payment withdrawal is returned for insufficient funds for two consecutive months, this premium payment arrangement will be suspended until you provide written notification in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing), or by phone on our toll-free number (1-800-598-2019), that you wish to resume the arrangement and we agree to do so.

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**Policy Payment Information**

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***When Life Insurance Coverage Begins***

If you have coverage under a conditional temporary agreement and if the policy is issued, the policy will replace the temporary coverage. Your coverage under the policy will be deemed to have begun on the Policy Date.

In all other cases, if the policy is issued, coverage under the policy will take effect when we receive the full initial premium payment in Good Order that you are required to make when the policy is delivered to you. You can call 1-800-598-2019 to determine if we have received your premium payment.

The monthly deduction of charges will begin on the first Monthly Deduction Day, which will be the monthly anniversary of the Policy Date on or following the later of the Issue Date or the date we receive the full initial premium payment in Good Order. If the Policy Date is prior to the later of the Issue Date or the date we receive the full initial premium payment, the deductions made on the first Monthly Deduction Day will cover the period from the Policy Date until the first Monthly Deduction Day.

***Changing The Face Amount Of Your Policy***

You can request to increase or decrease the Face Amount of your policy under certain circumstances once it is in force. The Face Amount of your policy affects the Life Insurance Benefit to be paid.

To increase the Face Amount of your policy, you must either contact your registered representative or send a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). If an increase is approved, we will increase the Face Amount on the Monthly Deduction Day on or after the date we approve the increase.

You should consider the following consequences when increasing the Face Amount of your policy:

&nbsp;&nbsp;&nbsp;&nbsp;● possible increased cost of insurance charges on the amount of the increase;

&nbsp;&nbsp;&nbsp;&nbsp;● an additional per-thousand face amount charge;

&nbsp;&nbsp;&nbsp;&nbsp;● a new suicide and contestability period applicable only to the amount of the increase;

&nbsp;&nbsp;&nbsp;&nbsp;● a new ten-year surrender charge period applicable only to the amount of the increase;

&nbsp;&nbsp;&nbsp;&nbsp;● a change in the life insurance percentage applied to the entire policy under Section 7702 of the IRC; and

&nbsp;&nbsp;&nbsp;&nbsp;● a possible new seven-year testing period for modified endowment contract status.

Under certain circumstances, you can request a decrease in the Face Amount of your policy. To decrease the Face Amount of your policy, you must send a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). You should consider the following possible consequences when decreasing the Face Amount of your policy:

&nbsp;&nbsp;&nbsp;&nbsp;● a change in the total policy cost of insurance charge;

&nbsp;&nbsp;&nbsp;&nbsp;● possible force-outs of premium if premiums paid exceed the new GPT;

&nbsp;&nbsp;&nbsp;&nbsp;● a surrender charge applicable to the amount of the decreased Face Amount (We will deem the amount attributable to your most recent increase in the Face Amount to be canceled first); and

&nbsp;&nbsp;&nbsp;&nbsp;● adverse tax consequences.

For more information about changing the Face Amount of your policy, see the SAI.

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***Policy Proceeds***

We will pay proceeds to your beneficiary when we receive satisfactory proof that the Insured (under VUL) or last surviving insured (under SVUL) died. These proceeds will equal:

1)

the Life Insurance Benefit calculated under the Life Insurance Benefit Option you have chosen, valued as of the date of death; plus

2)

any additional death benefits available under the riders you have chosen; less

3)

any outstanding loans (including any accrued loan interest as of the date of death) on the policy and any unpaid Monthly Deduction Charges.

We will pay interest on these proceeds from the date the insured (under VUL) or last surviving insured (under SVUL) died until the date we pay the proceeds. See "Policy Payment Information—Life Insurance Benefit Options" for more information.

Every state has unclaimed property laws, which generally declare a life insurance policy to be abandoned after a period of inactivity of three to five years from the contract's maturity date or the date the life insurance benefit is due and payable. For example, if the payment of a life insurance benefit has been triggered, but, if after a thorough search, we are unable to locate the beneficiary of the life insurance benefit, or the beneficiary does not come forward to claim the life insurance benefit in a timely manner, the life insurance benefit may be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or the insured last resided, as shown on our books and records, or to our state of domicile. This escheatment is revocable, however, and the state is obligated to pay the life insurance benefit (without interest) if your beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you update your Beneficiary designation, including addresses, if and as they change. Please contact us at 1-800-598-2019 or send a written request in Good Order to NYLIAC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing) to make such changes.

***Payees***

The beneficiary is the person(s) or entity(ies) you have specified on our records to receive the Policy Proceeds from your policy. You have certain options regarding the policy's beneficiary:

&nbsp;&nbsp;&nbsp;&nbsp;● You name the beneficiary when you apply for the policy. The beneficiary will receive the Policy Proceeds after the insured (under VUL) or last surviving insured (under SVUL) dies.

&nbsp;&nbsp;&nbsp;&nbsp;● You can elect to have different classes of beneficiaries, such as primary and secondary, where these classes determine the order of payment. You may identify more than one beneficiary per class.

&nbsp;&nbsp;&nbsp;&nbsp;● To change a revocable beneficiary while the insured (under VUL) or last surviving insured (under SVUL) is living, you must either send a written request in Good Order to the VPSC to one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing) or contact us online at www.newyorklife.com or through the mobile application.

&nbsp;&nbsp;&nbsp;&nbsp;● If no beneficiary is living when the insured (under VUL) or last surviving insured (under SVUL) dies, we will pay the Policy Proceeds to you (the policyowner), or if you are deceased, to your estate, unless we have other instructions from you to do otherwise.

You can name only those individuals who are able to receive payments on their own behalf as payees or successor payees, unless we agree otherwise. We may require proof of the age of the payee or proof that the payee is living. If we still have an unpaid amount, or there are some payments that still must be made when the last surviving payee dies, we will pay the unpaid amount with interest to the date of payment, or pay the present value of the remaining payments, to that payee's estate. We will make this payment in one sum. The present value of the remaining payments is based on the interest rate used to compute them, and is always less than their sum.

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***How Policy Proceeds Will Be Paid***

While the Insured is living, you may designate how the Policy Proceeds will be paid to the beneficiary. Policy Proceeds can be paid in a lump sum or over time through the various payment options described below.

If you do not specify how Policy Proceeds will be paid, they will be paid in a lump sum. If you elect to have Policy Proceeds paid through one of the payment options described below, the beneficiary will not be able to receive a lump sum.

Any Policy Proceeds paid in one sum will include interest compounded each year from the date of the Insured's death to the date of payment. We set the interest rate each year. This rate will be at least the rate required by law.

***Lump Sum Payment*** 

If you specified that the Policy Proceeds be paid in a lump sum, after the death of the insured (under VUL) or last surviving insured (under SVUL), the beneficiary can choose among the following methods of payment:

&nbsp;&nbsp;&nbsp;&nbsp;● We will issue a single check for the amount of the Policy Proceeds; or

&nbsp;&nbsp;&nbsp;&nbsp;● Policy Proceeds will be paid over time through one of the various payment options described below.

After we are notified of the death of the insured (under VUL) or the last surviving insured (under SVUL), the beneficiary will receive a claim form. If no choice is made, we will issue a single check for the amount of the Policy Proceeds.

***Payment Options*** 

If you designated that the Policy Proceeds be paid to the beneficiary over time, or if the beneficiary chooses (or elects a payee) to be paid over time, Policy Proceeds will be paid according to one of the following payment options: an Interest Accumulation Option or an Interest Payment Option. (Those receiving payments under these options — whether they are designated by you or the beneficiary — will be referred to as "payees" below.) Under the Interest Accumulation or Interest Payment Options, the payee can withdraw amounts of at least $100 at any time. We will mail a check for the amount of the proceeds to the payee. If the payee requests a withdrawal, and the balance remaining on deposit with us after the withdrawal would be less than $100, we may pay the entire remaining balance in one sum to the payee.

&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Accumulation Option (Option 1 A)* 

Under this option, the Policy Proceeds will remain on deposit with us until the payee requests a withdrawal. Each year, interest will accumulate on the balance at a rate we reset annually. The interest crediting rate will never be less than 3%. Sums withdrawn will be credited interest up to the date of the withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Payment Option (Option 1 B)* 

Under this option, the Policy Proceeds will remain on deposit with us until the payee requests a withdrawal. Interest earned on any balance will be paid directly to the payee on a monthly, quarterly, semi-annual or annual basis. The balance will earn interest at a rate we reset annually. The interest crediting rate will never be less than 3%.

***Electing Or Changing A Payment Option*** 

While the insured is living (VUL), or while the insureds are both living (SVUL), you can elect or change your payment option. To change your payment option, you must send a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus. You can also name or change one or more of the beneficiaries who will be the payee(s) under that option. (See "Policy Payment Information—Payees" for more information.)

After the insured (under VUL) or last surviving insured (under SVUL) dies, any person who is entitled to receive Policy Proceeds in one sum (other than an assignee) can elect a payment option and name payees. The person who elects a payment option can also name one or more successor payees to receive any amount remaining at the death of the payees. Naming these payees cancels any prior choice of successor payees. A payee who did not elect the

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payment option has the right to advance or assign payments, take the payments in one sum, change the payment option, or make any other change, only if the person who elects the payment option notifies us in writing and we agree.

***When We Pay Policy Proceeds***

If the policy is still in effect, NYLIAC will pay any Cash Surrender Value, partial surrenders, loan proceeds, or the Policy Proceeds generally within seven days after we receive all of the necessary requirements in Good Order at the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing).

Under the following situations, payment of proceeds may be delayed:

&nbsp;&nbsp;&nbsp;&nbsp;● We may delay payment of any loan proceeds attributable to the Separate Account, any partial surrenders from the Separate Account, the policy's Cash Surrender Value, or the Policy Proceeds during any period that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) we are unable to determine the amount to be paid because the NYSE is closed (other than customary weekend and holiday closings), trading is restricted by the SEC, an emergency exists, or an Eligible Portfolio suspends redemptions pursuant to SEC Rules 2a-7 or 22e-3 under the 1940 Act or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the SEC, by order, permits us to delay payment to protect our policyowners.

&nbsp;&nbsp;&nbsp;&nbsp;● We may delay payment of any portion of any loan or surrender request, including requests for partial surrenders, from the Fixed Account and/or the DCA Plus Account for up to six months from the date we receive your request.

&nbsp;&nbsp;&nbsp;&nbsp;● We may delay payment of the entire Policy Proceeds if we contest the payment. We investigate all death claims that occur within the two-year contestable period. Upon receiving information from a completed investigation, we will make a determination, generally within thirty-one (31) days, as to whether the claim should be authorized for payment. Payments are made promptly after the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;● Federal laws made to combat terrorism and prevent money laundering by criminals might, in certain circumstances, require us to reject a premium payment and/or "freeze" a policy. If these laws apply in a particular policy(ies), we would not be allowed to pay any request for transfers, partial surrenders, surrenders, loans, or death benefits. If a policy or an account is frozen, the Cash Value would be moved to a special segregated interest-bearing account and held in that account until instructions are received from the appropriate federal regulator.

&nbsp;&nbsp;&nbsp;&nbsp;● If you have submitted a recent check or draft, we have the right to defer payment of any surrenders, loans, death benefit proceeds, or payments under a settlement option until such check or draft has been honored. It may take up to 15 days for a check to clear through the banking system.

We add interest at an annual rate of 3% (or at a higher rate if required by law) if we delay payment of a partial surrender or Cash Surrender Value for 30 days or more.

We add interest to Policy Proceeds from the date of death to the date of payment at the same rate as we pay under the Interest Payment Option (or at a higher rate if required by law).

***Life Insurance Benefit Options***

Under your policy, the Life Insurance Benefit depends on the Life Insurance Benefit option you choose. Your policy offers three options:

**Option 1**—The Life Insurance Benefit under this option is equal to the policy's Face Amount. Except as described below, your Life Insurance Benefit under this option will be a level amount.

**Option 2**—Except as described below, the Life Insurance Benefit under this option is equal to the policy's Face Amount plus the policy's Cash Value on the date of death. The Life Insurance Benefit under this option will vary with the policy's Cash Value. Cash Value varies due to performance of the Investment Divisions selected, interest

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credited to the Fixed Account and/or the DCA Plus Account, outstanding loans (including loan interest), charges, and premium payments. Your Life Insurance Benefit will never be less than your policy's Face Amount.

**Option 3**—Except as described below, the Life Insurance Benefit under this option is equal to the policy's Face Amount plus the Adjusted Total Premium. The Life Insurance Benefit under this option will vary with the policy's Adjusted Total Premium (total premiums paid minus any partial surrenders). Your Life Insurance Benefit will never be less than your policy's Face Amount.

We determine the Life Insurance Benefit as of the date of the insured's (under VUL) or last surviving insured's (under SVUL) death. Under any of the options, your Life Insurance Benefit may be greater if the policy's Cash Value, multiplied by the minimum percentage necessary for the policy to qualify as life insurance under IRC Section 7702 (the "Corridor Death Benefit") as described below, is greater than the amount calculated under the option you have chosen. If you have elected the Guaranteed Minimum Accumulation Benefit rider, your Corridor Death Benefit will be equal to the Cash Value (calculated using the higher of the GMAB Account Value or the Separate Account Value) multiplied by the minimum percentage necessary for the policy to qualify as life insurance under IRC Section 7702. In both cases, you can find this percentage on the Policy Data Page.

Under Section 7702, a policy will generally be treated as life insurance for federal tax purposes if, at all times, it meets either the GPT or the CVAT. You must choose either the GPT or CVAT before the policy is issued. Once the policy is issued, you may not change to a different test. The Life Insurance Benefit will vary depending on which test is used. The Overloan Protection Rider and the Guaranteed Minimum Accumulation Benefit Rider are only available if you choose GPT. You are not eligible for the Overloan Protection Rider or the Guaranteed Minimum Accumulation Benefit Rider if you choose CVAT.

The GPT has two components, a premium limit component and a corridor component. The premium limit restricts the amount of premium that can be paid into a policy. The corridor requires that the Life Insurance Benefit be at least a certain percentage (varying each year by the age of the insured) of the Cash Value. The CVAT does not have a premium limit, but does have a corridor that requires that the Life Insurance Benefit be at least a certain percentage (varying based on age, gender, and risk class of the insured) of the Cash Value.

The corridor under the CVAT is different than the corridor under the GPT. Specifically, the CVAT corridor requires more Life Insurance Benefit in relation to Cash Value than is required by the GPT corridor. Therefore, as your Cash Value increases while your policy is in corridor, your Life Insurance Benefit will increase more rapidly under CVAT than it would under GPT.

Your policy will be issued using the GPT unless you choose otherwise. In deciding whether or not to choose the CVAT, you should consider that the CVAT generally permits more premiums to be contributed to a policy, but may require the policy to have a higher Life Insurance Benefit.

Assuming your Life Insurance Benefit does not increase to meet the requirements of IRC Section 7702, and assuming the same Face Amount and premium payments under these options:

&nbsp;&nbsp;&nbsp;&nbsp;● If you choose Option 1, your Life Insurance Benefit will not vary in amount, and generally you will have lower total policy cost of insurance charges and lower Policy Proceeds than under Options 2 or 3.

&nbsp;&nbsp;&nbsp;&nbsp;● If you choose Option 2 or 3, your Life Insurance Benefit will vary with your policy's Cash Value or Adjusted Total Premium, and you will generally have higher total policy cost of insurance charges and higher Policy Proceeds than under Option 1.

(See the SAI for examples of the impact of these tests on sample Life Insurance Benefit options).

Tax law provisions relating to "employer-owned life insurance contracts" may impact whether and to what extent the Life Insurance Benefit may be received on a tax-free basis. You may be required to take certain actions before acquiring the Policy to ensure that such Benefit may be received on a tax-free basis. See the discussion under "Federal Income Tax Considerations—IRC Section 101(j)—Impact on Employer-Owned Policies" for more information.

If you have elected the Guaranteed Minimum Accumulation Benefit Rider, and the insured dies while that Rider is in effect, but before Rider Exercise, the GMAB Rider will end and you will not receive the GMAB Account Value as part

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of a Life Insurance Benefit (other than those that may be paid in connection with Section 7702 of the IRC). (See "Description of the Policy—Additional Benefits Through Riders and Options—Guaranteed Minimum Accumulation Benefit Rider.")

***Changing Your Life Insurance Benefit Option***

You can change the Life Insurance Benefit option for your policy to Option 1 or Option 2 while the insured (under VUL) or both insureds (under SVUL) are alive. (Changes to Option 3 are not permitted.) We may, however, prohibit you from changing the Life Insurance Benefit Option if the change would cause: (1) the Face Amount of the policy to be less than the policy minimum, (2) the policy to fail to qualify as life insurance under Section 7702 of the IRC or (3) the policy's Face Amount to exceed our limits on the risk we retain, which we set at our discretion. Option changes are not permitted: (1) on or after the policy anniversary on which the insured is age 100 (under VUL) or younger insured is or would have been age 100 (under SVUL) or (2) when the No-Lapse Guarantee has been invoked.

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| | |
|:---|:---|
| **Changes From Option 1 To Option 2** | **Changes From Option 2 To Option 1** |
| &nbsp;&nbsp; If you change from Option 1 to Option 2, we will <br> decrease the Face Amount of your policy by the <br> amount of the Cash Value, so that your Life Insurance <br> Benefit immediately before and after the change <br> remains the same. If a surrender charge applies to a <br> Face Amount decrease at the time you change your <br> Life Insurance Benefit option, we will assess a <br> surrender charge based on the amount of the Face <br> Amount decrease.<br>| &nbsp;&nbsp;&nbsp; If you change from Option 2 to Option 1, we will <br> increase the Face Amount of your policy by the amount <br> of the Cash Value, so that your Life Insurance Benefit <br> immediately before and after the change remains the <br> same. We will continue to apply the existing surrender <br> charge schedule to your policy, and we will not apply a <br> new surrender charge schedule to the increased Face <br> Amount resulting from the change in this option.<br>|
| **Changes From Option 3 To Option 1** | **Changes From Option 3 To Option 2** |
| &nbsp;&nbsp; If you change from Option 3 to Option 1, we will <br> increase the policy's Face Amount by the amount of <br> Adjusted Total Premiums, so that your Life Insurance <br> Benefit immediately before and after the change <br> remains the same. We will continue to apply the <br> existing surrender charge schedule to your policy, and <br> we will not apply a new surrender charge schedule to <br> the increased Face Amount resulting from the change.<br>| &nbsp;&nbsp;&nbsp; If you change from Option 3 to Option 2 at a time when <br> the Cash Value is greater than the Adjusted Total <br> Premium, we will decrease the Face Amount of your <br> policy by the difference between the Cash Value and <br> the Adjusted Total Premium so that your Life Insurance <br> Benefit immediately before and after the change <br> remains the same.<br>If you change from Option 3 to Option 2 at a time when <br> the Cash Value is less than the Adjusted Total <br> Premium, we will increase the Face Amount of your <br> policy by the difference between the Adjusted Total <br> Premium and the Cash Value so that your Life <br> Insurance Benefit immediately before and after the <br> change remains the same. If a surrender charge <br> applies to a Face Amount decrease at the time you <br> change your Life Insurance Benefit option, we will <br> assess a surrender charge based on the amount of the <br> Face Amount decrease.<br>|

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To change your Life Insurance Benefit Option, you must submit a signed written request In Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We will change your Life Insurance Benefit Option on the Monthly Deduction Day on or after the date we receive your written request in Good Order. If the change would increase the Net Amount at Risk, we will not require any proof of insurability to make such a change. Surrender charges may apply to any Face Amount decrease due to a change in Life Insurance Benefit Option. **Changing your Life Insurance Benefit Options may have tax consequences. You should consult a tax advisor before changing your Life Insurance Benefit Option.** 

(See the SAI for examples of how an option change can impact your Life Insurance Benefit.)

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**Additional Policy Provisions**

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***Limits On Our Rights To Challenge Your Policy***

Generally, we must bring any legal action contesting the validity of your policy within two years of the Issue Date, including any action taken to contest a Face Amount increase as a result of a change in the Life Insurance Benefit option. For any increase(s) in Face Amount other than one due to a change in the Life Insurance Benefit option, this two-year period begins on the effective date of the increase or payment. If this policy ends and is reinstated, we will not contest the policy after it has been in effect during the lifetime of each insured, as applicable, for two years from the date of reinstatement.

***Suicide***

If the death of the insured (under VUL) or last surviving insured (under SVUL) is a result of suicide within two years of the Issue Date, we will pay a limited life insurance benefit in one sum to the beneficiary. The limited life insurance benefit is the total amount of premiums, less any outstanding loans (including accrued loan interest) and/or partial surrender benefits paid. If a suicide occurs within two years of the effective date of a Face Amount increase, we will only pay the total cost of insurance charges we deducted from Cash Value for the increase. No new suicide exclusion period will apply if the Face Amount increase was due solely to a change in the Life Insurance Benefit Option.

***Misstatement Of Age Or Gender***

If the policy application misstates any insured's age or gender, we will adjust the Cash Value, the Cash Surrender Value, and the Life Insurance Benefit to reflect the correct age(s) and gender. We will adjust the Policy Proceeds provided by your policy based on the most recent mortality charge for the correct date of birth and gender.

***Assignment***

While an insured is living, you can assign a Non-Qualified Policy as collateral for a loan or other obligation. In order for this assignment to be binding on us, we must receive a signed copy of such assignment in Good Order at the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We are not responsible for the validity of any assignment. If your policy is a modified endowment contract, assigning your policy may result in taxable income to you. (See "Federal Income Tax Considerations" for more information.) You cannot assign Qualified Policies.

**Surrenders**

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***Partial Surrenders***

You can request a partial surrender from your policy if: (1) the insured (under VUL) or either insured (under SVUL) is living, (2) the partial surrender being requested is at least $100 (under VUL) or $500 (under SVUL), and (3) the partial surrender will not cause the policy to fail to qualify as life insurance under IRC Section 7702.

*Amount Available For A Partial Surrender*

You may request a partial surrender from the policy for an amount up to the Cash Surrender Value of your policy. We process a partial surrender at the price next determined after we receive your written request in Good Order. We will not allow a partial surrender if it would reduce the policy's Face Amount below the minimum Face Amount requirement of $50,000 (under VUL) or $100,000 (under SVUL). See "Surrenders—Partial Surrenders—The Effect of a Partial Surrender" for more information on how a partial surrender can reduce your Face Amount, as applicable.

*Requesting A Partial Surrender*

You can request a partial surrender from your policy by sending a written request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing), by calling 1-800-598-2019, or utilizing any other method we make available. Please note that partial surrender requests must be received in Good Order and for requests above $50,000, we may require additional verification of the owner's identity in a manner acceptable to us, including without limitation, a notarized confirmation of the owner(s) signature

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or a medallion signature guarantee. If your address or bank account information has been on file with us for less than 30 days, we will either require the request in writing or require additional verification of your identity, in Good Order, before we will process a request to send partial surrender proceeds electronically to that bank account or through the mail to that address. In addition, partial surrender requests made from policies that are less than 90 days old or that had an ownership change within 30 days of such partial surrender request must be made in writing, in Good Order and sent to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We do not currently accept faxed or e-mailed requests for a partial surrender; however we reserve the right to accept them at our discretion.

We will pay any partial surrender generally within seven days after we receive all of the necessary documentation and information in Good Order. However, we may delay payment under certain circumstances. (See "Policy Payment Information—When We Pay Policy Proceeds" for more information.)

Your requested partial surrender will be effective on the date we receive your written request in Good Order.

However, if the day we receive your request is not a Business Day or if your request is received after the closing of regular trading on the New York Stock Exchange, then the requested partial surrender will be effective on the next Business Day.

When you make a partial surrender, we reserve the right to deduct a fee, not to exceed $25, for processing the partial surrender. You can specify how much of the partial surrender you want taken from the amount you have in each of the Investment Divisions and in the Fixed Account and/or the DCA Plus Account. If you do not specify how you would like your partial surrender allocated, we will deduct the partial surrender and any partial surrender fee from the Investment Divisions and the Fixed Account and/or the DCA Plus Account in proportion to the amounts you have in each of these Investment Options. We will not accept a partial surrender request that is greater than the amount in the Investment Divisions, the Fixed Account and/or the DCA Plus Account you have chosen. A partial surrender may result in taxable income to you. (See "Federal Income Tax Considerations" for more information.)

*Surrender Charge Due To Partial Surrender*

A partial surrender may result in a decrease in your policy's Face Amount, which may cause a surrender charge to apply. This charge will equal the difference between (1) and (2), where (1) is the surrender charge calculated on the original Face Amount, and (2) is the surrender charge calculated on the newly decreased Face Amount.

*Periodic Partial Withdrawals*

After the fifth Policy Year, you may elect to receive regularly scheduled withdrawals from your policy. These periodic partial withdrawals (PPW) can be paid on a monthly, quarterly, semi-annual, or annual basis. You will elect the frequency of the withdrawals, and the day of the month for the withdrawals to be made (may not be the 29th, 30th, or 31st of a month). To process a PPW, we must receive a written request in Good Order no later than five (5) Business Days prior to the date the withdrawals are to begin at one of the addresses listed on the first page of the prospectus, or you can utilize any other method we make available. If your request for this option is received less than five (5) Business Days prior to the date you request it to begin, the withdrawals will begin one month after the date you requested it to begin. We will make all withdrawals on the day of each calendar month you specify, or on the next Business Day (if the day you have specified is not a Business Day). The minimum amount of withdrawal is $100 (VUL), or such lower amount as we may permit. We reserve the right to deduct the Partial Surrender Fee, not to exceed $25, when you elect the PPW option. You can specify which Investment Divisions and/or Fixed Account from which the PPWs will be made. If you do not specify, we will withdraw money on a pro rata basis from each Investment Division and/or the Fixed Account. If a PPW would cause the policy's Face Amount to be less than the minimum Face Amount, we will not process that PPW and the PPW arrangement will be suspended. If the policy's Cash Surrender Value falls below $2,000, the PPW arrangement will also be suspended. If a PPW payment causes the policy's Face Amount to decrease, a surrender charge may apply. You may not request this option if you have an SVUL policy, a Guaranteed Minimum Death Benefit Rider or if your policy is a MEC or is at the minimum Face Amount. The PPW arrangement will automatically terminate when total withdrawals taken (including PPWs) equal the total premiums paid under the policy.

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*The Effect Of A Partial Surrender*

When you make a partial surrender, we reduce your Cash Value and Cash Surrender Value by the amount of the partial surrender, and any applicable partial surrender fee and surrender charge. If you elect the Guaranteed Minimum Accumulation Benefit Rider, partial surrenders will result in proportionate reductions to the GMAB Account Value. These reductions to the GMAB Account can be greater than the dollar amount of these surrenders. (See "Description of the Policy—Additional Benefits Through Riders and Options—Guaranteed Minimum Accumulation Benefit Rider.")

&nbsp;&nbsp;&nbsp;&nbsp;● **Option 1** 

If you have elected Life Insurance Benefit Option 1, we reduce your policy's Face Amount by the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the amount of the surrender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cash Value of the policy immediately prior to the surrender, minus the Face Amount divided by the applicable percentage for the insured's age (VUL) or younger Insured's age (SVUL) at the time of the partial surrender, as shown on the Policy Data Page, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

If the above results in zero or a negative amount, we will not adjust the Face Amount of your policy.

&nbsp;&nbsp;&nbsp;&nbsp;● **Option 2** 

If you have elected Life Insurance Benefit Option 2, we will not reduce your policy's Face Amount.

&nbsp;&nbsp;&nbsp;&nbsp;● **Option 3** 

If you have elected Life Insurance Benefit Option 3, the Adjusted Total Premium will be reduced by the amount of the surrender proceeds. A reduction of the Adjusted Total Premium will never cause the Adjusted Total Premium to be less than zero. For policies where the Adjusted Total Premium is less than the amount of the surrender, the Face Amount of the policy will be reduced by the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the amount of the surrender, less the Adjusted Total Premium amount immediately prior to the surrender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cash Value of the policy immediately prior to the partial surrender, less the Adjusted Total Premium, minus the Face Amount divided by the applicable percentage for the insured's age (VUL) or younger Insured's age (SVUL) at the time of the surrender, as shown on the Policy Data Page, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

If the above results in zero or a negative amount, we will not adjust the Face Amount of your policy.

Any decrease in the Face Amount caused by the partial surrender will first be applied against the most recent increase in Face Amount. It will then be applied to other increases in Face Amount and then to the initial Face Amount in the reverse order in which they took place. Surrender charges may apply to Face Amount decreases. However, we will not apply a surrender charge if you have elected the Policy Split Option (SVUL Only) or the 24-Month Exchange Privilege.

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| | |
|:---|:---|
| **Option 1** | **Option 3** |

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| | | | |
|:---|:---|:---|:---|
| **Immediately prior to** <br> **partial surrender** | Total Face Amount | $1075000 | $775000 |
| **Immediately prior to** <br> **partial surrender** | Life Insurance Benefit | $1075000 | $1075000 |
| **Immediately prior to** <br> **partial surrender** | Cash Value | $500000 | $500000 |
| **Immediately prior to** <br> **partial surrender** | Adjusted Total Premium | $- | $300000 |
| **Immediately prior to** <br> **partial surrender** | Partial Surrender | $350000 | $350000 |
| **Immediately prior to** <br> **partial surrender** | &nbsp;&nbsp; IRC Sec. 7702 Percentage (Male, attained <br> age 45 at time of partial surrender under <br> Guideline Premium Test)<br>| 215% | 215% |
| **Option 1** | **Total Face Amount:** | **Total Face Amount:** | **$1075000** |
| **Option 1** | &nbsp;&nbsp; We reduce Face Amount by the difference between (1) and (2), <br> not less than $0, where: | &nbsp;&nbsp; We reduce Face Amount by the difference between (1) and (2), <br> not less than $0, where: |  |
| **Option 1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is Partial Surrender ($350000), and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is Partial Surrender ($350000), and | $350000 |
| **Option 1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the greater of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the greater of: |  |
| **Option 1** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash Value ($50000) less Face Amount ($1075000) <br> divided by IRC Sec 7702 Percentage (215%); or | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash Value ($50000) less Face Amount ($1075000) <br> divided by IRC Sec 7702 Percentage (215%); or | $0 |
| **Option 1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0. | $0 |
| **Option 1** | &nbsp;&nbsp; **Face Amount Reduction: (difference between (1) $350,000** <br> **and (2) $0)** | &nbsp;&nbsp; **Face Amount Reduction: (difference between (1) $350,000** <br> **and (2) $0)** | **$350000** |
| **Option 1** | **Face Amount Reduced to:** | **Face Amount Reduced to:** | **$725000** |
| **Option 3** | **Total Face Amount:** | **Total Face Amount:** | **$775000** |
| **Option 3** | &nbsp;&nbsp; If the Adjusted Total Premiums ($300000) are less than the <br> partial surrender amount ($350000), we will reduce the Face <br> Amount by the difference between (1) and (2), not less than $0, <br> where: | &nbsp;&nbsp; If the Adjusted Total Premiums ($300000) are less than the <br> partial surrender amount ($350000), we will reduce the Face <br> Amount by the difference between (1) and (2), not less than $0, <br> where: |  |
| **Option 3** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Partial Surrender ($350000) less Adjusted Total <br> Premiums ($300000); and | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Partial Surrender ($350000) less Adjusted Total <br> Premiums ($300000); and | $50000 |
| **Option 3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the greater of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the greater of: |  |
| **Option 3** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash Value ($500000) less Adjusted Total Premiums <br> ($300000) minus Face Amount ($775000) divided by IRC Sec <br> 7702 Percentage (215%); or | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash Value ($500000) less Adjusted Total Premiums <br> ($300000) minus Face Amount ($775000) divided by IRC Sec <br> 7702 Percentage (215%); or | $(160465.12) |
| **Option 3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) $0. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) $0. | $0 |
| **Option 3** | &nbsp;&nbsp; **Face Amount Reduction: (difference between (1) $50,000** <br> **and (2) $0)** | &nbsp;&nbsp; **Face Amount Reduction: (difference between (1) $50,000** <br> **and (2) $0)** | **$50000** |
| **Option 3** | **Face Amount Reduced to:** | **Face Amount Reduced to:** | **$725000** |

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***Full Surrenders***

*Cash Surrender Value*

The Cash Surrender Value of your policy is the amount we will pay you if you request a full surrender of your policy. The Cash Surrender Value of your policy is equal to the Cash Value of the policy less any surrender charges that may apply and less outstanding policy loans (including any accrued loan interest). Since the Cash Value of the policy fluctuates with the performance of the Investment Divisions and the interest credited to the Fixed Account and the DCA Plus Account, and because a surrender fee may apply, the Cash Surrender Value may be more or less than the total premium payments you have made less any applicable fees and charges. You can surrender your policy for its Cash Surrender Value at any time while the insured (under VUL) or last surviving insured (under SVUL) is living. If you surrender during the first Policy Year, an additional surrender charge will apply.

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*Requesting A Surrender*

To surrender the policy, you must send a written request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing). For Requests to surrender above $50,000, we may require additional verification of the owner's identity in a manner acceptable to us, including without limitation, a notarized confirmation of the owner(s) signature or medallion signature guarantee. If your address or bank account information has been on file with us for less than 30 days, we may require additional verification of your identity, in Good Order, before we will process a request to send surrender proceeds electronically to that bank account or through the mail to that address.

*When The Surrender Is Effective*

Your surrender will be effective as of the end of the Business Day the VPSC receives your written request in Good Order together with the policy. If, however, the day we receive your request is not a Business Day or if your request is received after the closing of regular trading on the New York Stock Exchange, the requested surrender will be effective on the next Business Day. Generally, we will mail the surrender proceeds within seven days after the effective date, subject to the limits explained in the "Policy Payment Information—When We Pay Policy Proceeds" section. A surrender may result in taxable income and a penalty tax to you. (See "Federal Income Tax Considerations" for more information.)

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**Termination And Reinstatement**

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***Late Period***

If, on a Monthly Deduction Day, the No-Lapse Guarantee is not in effect and your policy's Cash Surrender Value is insufficient to pay the policy's Monthly Deduction Charges, your policy will continue for a late period of 62 days after that Monthly Deduction Day. (See "State Variations and Rider Availability" for state-by-state details). This may happen even if all Planned Premiums have been paid. During this period, you have the opportunity to pay any premium needed to cover any overdue charges. We will mail a notice to your last known address stating this amount. We will send a copy of the notice to the last known assignee, if any, on our records. We will mail these notices at least 31 days before the end of the late period. Your policy will remain in effect during the late period. However, if we do not receive the required payment before the end of the late period, we will terminate your policy without any benefits. No new loans or partial surrenders may be taken during the late period. If your policy has the No-Lapse Guarantee, it may prevent your policy from terminating during the first five years.

If the insured (under VUL) or last surviving insured (under SVUL) dies during the late period, we will pay the Policy Proceeds to the beneficiary. We will reduce the Life Insurance Benefit by the amount of any unpaid loan and accrued loan interest and by any unpaid monthly deductions due from the Cash Value for the full policy month(s) from the beginning of the late period through the policy month in which the insured (VUL) or last surviving insured (SVUL) dies.

***Five-Year No Lapse Guarantee***

The No-Lapse guarantee ensures that the policy will not lapse during the first five Policy Years if it passes a minimum premium test. In order to pass that test, the total premiums you have paid into the policy (adjusted for loans or partial surrenders you have taken) must be at least equal to the minimum monthly premium payment amount of the policy, as shown on the Policy Data Page, multiplied by the number of Monthly Deduction Days that the policy has been in effect.

If the policy passes the minimum premium test, it will not enter the late period even if on a Monthly Deduction Day, your Cash Surrender Value is insufficient to pay the monthly deductions for the next policy month. Rather, we will deduct the charges from your Cash Value to the extent possible. We will defer the deduction of any amount that exceeds the Cash Value until the end of the guarantee period. The No-Lapse Guarantee will end on the fifth policy anniversary. When the guarantee period ends, if there is insufficient Cash Surrender Value to cover the current and any deferred monthly charges, you will be sent a bill for the accumulated unpaid amount. If that bill is not paid, the policy will enter the late period. If that bill is not paid during the late period, the policy will end and there will be no Cash Value or Life Insurance Benefit.

***Reinstatement Option***

If your policy has ended, you can request that we reinstate your policy if all of these conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;● you send a written request for reinstatement, in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing), within three years after your policy is ended;

&nbsp;&nbsp;&nbsp;&nbsp;● the insured (under VUL) or both insureds (under SVUL) are alive (we will, however, accept your reinstatement request when only one insured is living if the other insured died before your policy was terminated); and

&nbsp;&nbsp;&nbsp;&nbsp;● you have not surrendered your policy for its Cash Surrender Value.

Keep in mind that a termination and subsequent reinstatement may cause your policy to become a modified endowment contract. Modified endowment contracts are subject to less favorable tax treatment on partial surrenders or amounts borrowed from the policy.

Before we reinstate your policy, we must also receive the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) a payment equal to an amount sufficient to keep the policy in effect for at least three months, and

&nbsp;&nbsp;&nbsp;&nbsp;(2) satisfactory evidence of insurability, if your reinstatement request is more than 31 days after the end of the late period.

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We will apply your payment to the Investment Divisions and/or the Fixed Account as of the Business Day we receive it and in accordance with your instructions at the time you make such payment. Payments received after 4:00 p.m. (Eastern Time) on any Business Day, or any non-Business Day, will be credited on the next Business Day.

The effective date of reinstatement will be the Monthly Deduction Day on or following the date we have approved your request for reinstatement that we receive in Good Order. The approval for reinstatement is contingent upon our receipt from you of the reinstatement payment due, which is the amount specified in (1) above.

If we reinstate your policy, the Face Amount for the reinstated policy will be the same as it would have been if the policy had not terminated.

The Cash Value of the reinstated policy will be the Cash Value at the time the policy lapsed. We will deduct any unpaid loan and accrued loan interest from this Cash Value, or any unpaid loan can be repaid together with loan interest, up to 6% compounded annually, from the end of the late period to the date of reinstatement. In addition, we will deduct from the reinstated Cash Value the difference between the surrender charge assessed at the time of lapse and the surrender charge that applies at the time of reinstatement.

If the policy lapses during the first Policy Year and is subsequently reinstated, we will assess the first-year lapse/reinstatement charge.

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**Distribution And Compensation Arrangements**

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NYLIFE Distributors, the underwriter and distributor of the policies, is registered with the SEC and FINRA as a broker-dealer. The firm is an indirect wholly-owned subsidiary of NYLIC, and an affiliate of NYLIAC. Its principal business address is 30 Hudson Street, Jersey City, New Jersey 07302.

The policies are sold by registered representatives of NYLIFE Securities, a broker-dealer that is an affiliate of NYLIFE Distributors, and by registered representatives of unaffiliated broker-dealers. Your registered representative is also a licensed insurance agent with NYLIC. He or she may be qualified to offer other forms of life insurance, annuities, and other investment products. In certain circumstances, NYLIFE Securities registered representatives can sell both products manufactured and issued by NYLIC or its affiliates and products provided by other companies.

As discussed in the Commissions Paid to Dealers section above, the selling broker-dealer, and in turn your registered representative, will receive compensation for selling you this policy or any other investment product. See Charges Associated with the Policy – Commissions Paid To Dealers.

Please refer to the Statement of Additional Information for additional information on distribution and compensation arrangements. You may obtain a paper copy of the SAI by mail (at the VPSC at one of the addresses listed on the first page of this prospectus or any other address we indicate to you in writing) or by phone on our toll-free number (1-800-598-2019). The SAI is also posted at the following website, https://dfinview.com/NewYorkLife/TAHD/accumulator.

**Federal Income Tax Considerations**

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***Our Intent***

Our intent in the discussion in this section is to provide general information about federal income tax considerations related to the policies. This is not an exhaustive discussion of all tax questions that might arise under the policies. This discussion is not intended to be tax advice for you. Tax results may vary according to your particular circumstances, and you may need tax advice in connection with the purchase or use of your policy.

The discussion in this section is based on our understanding of the present federal income tax laws as they are currently interpreted by the IRS. We have not included any information about applicable state or other tax laws (except as noted in "Other Tax Considerations", below). Further, you should note that tax law changes from time to time. We do not know whether the treatment of life insurance policies under federal income tax or estate or gift tax laws will continue. Future legislation, regulations, or interpretations could adversely affect the tax treatment of life insurance policies. Lastly, there are many areas of the tax law where minimal guidance exists in the form of Treasury Regulations or Revenue Rulings. You should consult a tax advisor for information on the tax treatment of the policies, for the tax treatment under the laws of your state, or for information on the impact of proposed or future changes in tax legislation, regulations, or interpretations.

The ultimate effect of federal income taxes on values under the policy and on the economic benefit to you or the beneficiary depends upon NYLIAC's tax status, upon the terms of the policy, and upon your circumstances.

***Tax Status Of NYLIAC And The Separate Account***

NYLIAC is taxed as a life insurance company under Subchapter L of the IRC. The Separate Account is not a separate taxable entity from NYLIAC and we take its operations into account in determining NYLIAC's income tax liability. As a result, NYLIAC takes into account applicable tax attributes of the assets of the Separate Account on its corporate income tax return, including corporate dividends received deductions and foreign tax credits that may be produced by assets of the Separate Account. All investment income and realized net capital gains on the assets of the Separate Account are reinvested and taken into account in determining policy Cash Values, and are automatically applied to increase the book reserves associated with the policies. Under existing federal income tax law, NYLIAC believes that Separate Account investment income and realized net capital gains should not be taxed to the extent that such income and gains are retained as part of the tax-deductible reserves under the policy.

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***Charges For Taxes***

We impose a federal tax charge on Non-Qualified Policies equal to 1.25% of premiums received under the policy to compensate us for taxes we have to pay under IRC Section 848 in connection with our receipt of premiums under Non-Qualified Policies. We may increase this charge to reflect changes in the IRC or otherwise to reflect changes in the taxes we owe. See "Deductions from Premium Payments—Premium Expense Charge" for additional information. No other charge is currently made to the Separate Account for our federal income taxes that may be attributable to the Separate Account. In the future, we may impose a charge for our federal income taxes attributable to the Separate Account. In addition, depending on the method of calculating interest on amounts allocated to the Fixed Account and/ or DCA Plus Account, we may impose a charge for the policy's share of NYLIAC's federal income taxes attributable to the Fixed Account and/or DCA Plus Account.

Under current laws, we may incur state or local taxes other than premium taxes (including income, franchise and capital taxes) in several states and localities. At present we do not charge the Separate Account for these taxes. We, however, reserve the right to charge the Separate Account for the portion of such taxes, if any, attributable to the Separate Account or the policies.

***Diversification Standards And Control Issues***

In addition to other requirements imposed by the IRC, a policy will qualify as life insurance under the IRC only if the diversification requirements of IRC Section 817(h) are satisfied by the Separate Account. We intend for the Separate Account to comply with IRC Section 817(h) and related regulations. To satisfy these diversification standards, the regulations generally require that on the last day of each calendar quarter, no more than 55% of the value of a Separate Account's assets can be represented by any one investment, no more than 70% can be represented by any two investments, no more than 80% can be represented by any three investments, and no more than 90% can be represented by any four investments. For purposes of these rules, all securities of the same issuer generally are treated as a single investment, but each U.S. Government agency or instrumentality is treated as a separate issuer. Under a "look through" rule, we are able to meet the diversification requirements by looking through the Separate Account to the underlying Eligible Portfolio. Each of the Funds has committed to us that the Eligible Portfolios will meet the diversification requirements.

The IRS has stated in published rulings that a variable policyowner will be considered the owner of separate account assets if he or she possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. In those circumstances, income and gains from the separate account assets would be includable in the variable policyowner's gross income. In connection with its issuance of temporary regulations under IRC Section 817(h) in 1986, the Treasury Department announced that such temporary regulations did not provide guidance concerning the extent to which policyowners could be permitted to direct their investments to particular Investment Divisions of a separate account and that guidance on this issue would be forthcoming. Regulations addressing this issue have not yet been issued or proposed. The ownership rights under your policy are similar to, but different in certain respects from, those described by the IRS in rulings in which it was determined that policyowners were not owners of separate account assets. For example, you have additional flexibility in allocating premium payments and policy Cash Values. These differences could result in you being treated as the owner of your policy's pro rata portion of the assets of the Separate Account. In addition, we do not know what standards will be set forth, if any, in the regulations or rulings which the Treasury Department has stated it expects to issue. We therefore reserve the right to modify the policy, as deemed appropriate by us, to attempt to prevent you from being considered the owner of your policy's pro rata share of the assets of the Separate Account. Moreover, in the event that regulations are adopted or rulings are issued, there can be no assurance that the Eligible Portfolios will continue to be available, will be able to operate as currently described in the Fund prospectuses, or that a Fund will not have to change an Eligible Portfolio's investment objective or investment policies.

***Life Insurance Status Of Policy***

We believe that the policy meets the statutory definition of life insurance under IRC Section 7702 and that you and the beneficiary of your policy, subject to the discussion below under "IRC Section 101(j)—Impact on Employer-Owned Policies", will receive the same federal income tax treatment as that accorded to owners and beneficiaries of fixed benefit life insurance policies. Specifically, subject to the discussion below under "IRC Section 101(j)—Impact on Employer- Owned Policies", we believe that the Life Insurance Benefit under your policy will be excludable from the gross income of the beneficiary subject to the terms and conditions of IRC Section 101(a)(1). Pursuant to IRC

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Section 101(g), amounts received by the policyowner may, as described below, also be excludable from the policyowner's gross income when the insured has a terminal illness and benefits are paid under the Living Benefits Rider. (Life insurance benefits under a "modified endowment contract" as discussed below are treated in the same manner as Life Insurance Benefits under life insurance policies that are not so classified.)

In addition, unless the policy is a "modified endowment contract," in which case the receipt of any loan under the policy may result in recognition of income to the policyowner, we believe that the policyowner will not be deemed to be in constructive receipt of the cash values, including increments thereon, under the policy until proceeds of the policy are received upon a surrender of the policy or a partial surrender or, in certain circumstances where there is an existing policy loan, upon a surrender or lapse of the policy.

We reserve the right to make changes to the policy if we think it is appropriate to attempt to assure qualification of the policy as a life insurance contract. If a policy were determined not to qualify as life insurance, the policy would not provide the tax advantages normally provided by life insurance.

***IRC Section 101(j)—Impact Of Employer-Owned Policies***

For an "employer-owned life insurance contract" issued after August 17, 2006 (unless issued in a 1035 exchange for a contract originally issued prior to that date where the new contract is not materially different from the exchanged contract), if certain specific requirements described below are not satisfied, IRC Section 101(j) generally requires policy beneficiaries to treat death proceeds paid under such contract as income to the extent such proceeds exceed the premiums and other amounts paid by the policyholder for the contract. This rule of income inclusion will not apply if, before the policy is issued, the employer-policyholder provides certain written notice to and obtains certain written consents from insureds (who must be United States citizens or residents) in circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the insured was an individual who was an employee within 12 months of their death;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the insured was a "highly compensated employee" at the time the contract was issued. In general, highly compensated employees for this purpose are more than 5 percent owners, employees who for policies issued in 2026 received compensation in excess of $160,000 in 2025, directors and anyone else in the top 35 percent of employees based on compensation;

&nbsp;&nbsp;&nbsp;&nbsp;(3) the death proceeds are paid to a family member of the insured (as defined under Code Section 267 (c)(4)), an individual who is a designated beneficiary of the insured under the policy (other than the policyholder), a trust established for either the family member's or beneficiary's benefit, or the insured's estate; or

&nbsp;&nbsp;&nbsp;&nbsp;(4) the death proceeds are used to buy an equity interest in the policyholder from the family member, beneficiary, trust or estate.

Policyholders that own one or more contracts subject to IRC Section 101(j) will also be subject to annual reporting and record-keeping requirements. In particular, such policyholders must file Form 8925 annually with their U.S. income tax return.

If the contract is issued in a 1035 exchange of another employer-owned life insurance contract that satisfied the notice and consent requirements referred to above or that predated the effective date of Section 101(j), you should discuss with your legal and tax advisors whether and to what extent a new notice and consent are required in connection with this exchange.

You should consult with your tax advisor to determine whether and to what extent IRC Section 101(j) may apply to the Policy. Assuming the Act applies, you should, to the extent appropriate, (in consultation with your tax advisor), take the necessary steps, before you acquire the Policy, to ensure that the income inclusion rule described above does not apply to the Policy.

***Modified Endowment Contract Status***

IRC Section 7702A defines a class of life insurance policies referred to as modified endowment contracts. Under this provision, the policies will be treated for tax purposes in one of two ways. Policies that are not classified as modified endowment contracts will be taxed as conventional life insurance policies, as described below. Taxation of pre-death distributions (including loans) from policies that are classified as modified endowment contracts is somewhat different, as described below.

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A life insurance policy becomes a "modified endowment contract" if, at any time during the first seven policy years, the sum of actual premiums paid exceeds the sum of the "seven-pay premium." Generally, the "seven-pay premium" is the level annual premium, such that if paid for each of the first seven policy years, will fully pay for all future life insurance and endowment benefits under a life insurance policy. For example, if the "seven-pay premium" was $1,000, the maximum premium that could be paid during the first seven policy years to avoid "modified endowment" treatment would be $1,000 in the first year, $2,000 through the first two years and $3,000 through the first three years, etc. Under this test, a policy may or may not be a modified endowment contract, depending on the amount of premium paid during each of the policy's first seven years. A policy received in exchange for a modified endowment contract will be taxed as a modified endowment contract even if it would otherwise satisfy the seven-pay test.

Certain changes in the terms of a policy, including a reduction in Life Insurance Benefits, will require a policy to be retested to determine whether the change has caused the policy to become a modified endowment contract. A reduction in Life Insurance Benefits will require retesting if it occurs within seven years after the beginning of the test period in the case of a VUL policy or at any time during the policy's life in the case of an SVUL policy. In addition, if a "material change" occurs at any time while the policy is in force, a new seven-pay test period will start and the policy will need to be retested to determine whether it continues to meet the seven-pay test. A "material change" generally includes increases in Life Insurance Benefits, but, where applicable, does not include an increase in Life Insurance Benefits which is attributable to the payment of premiums necessary to fund the lowest level of Life Insurance Benefits payable during the first seven Policy Years, or which is attributable to the crediting of interest with respect to such premiums.

Because the policy provides for flexible premiums, NYLIAC has instituted procedures to monitor whether, under our current interpretation of the law, increases in Life Insurance Benefits or additional premiums cause either the start of a new seven-year test period or the taxation of distributions and loans. All additional premiums will be considered in these determinations.

If a policy fails the seven-pay test, all distributions (including loans) occurring in the Policy Year of failure and thereafter will be subject to the rules for modified endowment contracts. A recapture provision may also apply to loans and distributions that are received in anticipation of failing the seven-pay test. Under the IRC, any distribution or loan made within two years prior to the date that a policy fails the seven-pay test is considered to have been made in anticipation of the failure.

Any amounts distributed under a "modified endowment contract" (including proceeds of any loan) are taxable to the extent of any accumulated income in the policy. Penalty taxes may apply to such taxable amounts as well. In general, the amount that may be subject to tax is the excess of the Cash Value (both loaned and unloaned) over the previously unrecovered premiums paid.

For purposes of determining the amount of income received upon a distribution (or loan) from a modified endowment contract, the IRC requires the aggregation of all modified endowment contracts issued to the same policyowner by an insurer and its affiliates within the same calendar year. Therefore, loans and distributions from any one such policy are taxable to the extent of the income accumulated in all the modified endowment contracts required to be so aggregated.

If any amount is taxable as a distribution of income under a modified endowment contract (as a result of a policy surrender, a partial surrender, or a loan), it may also be subject to a 10% penalty tax under IRC Section 72(v). Limited exceptions from the additional penalty tax are available for certain distributions to individuals who own policies. The penalty tax will not apply to distributions: (i) that are made on or after the date the taxpayer attains age 59½ ; or (ii) that are attributable to the taxpayer's becoming disabled; or (iii) that are part of a series of substantially equal periodic payments (made not less frequently than annually) made for the life or life expectancy of the taxpayer or for the joint lives or joint life expectancies of the taxpayer and his or her Beneficiary.

***Status Of The Policy After The Younger Insured Is Age 100***

The policy provides that unless the Life Extension Benefit Rider is in effect, beginning on the policy anniversary on which the Insured is Age 100 (under VUL) or the younger insured is or would have been Age 100 (under SVUL), the policy's Face Amount will no longer apply. Instead, the Life Insurance Benefit will equal the Cash Value of the policy. The IRS has not issued final guidance on the status of a life insurance policy after the insured or the younger insured, as the case may be, becomes Age 100. There is a risk that the policy may not qualify as life insurance under the

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Federal tax law after the insured or the younger insured, as the case may be, becomes Age 100 and that the policyowner may become subject to adverse tax consequences at that time. For this reason, a tax advisor should be consulted about the advisability of continuing the policy after the insured or the younger insured, as the case may be, becomes Age 100.

***Policy Surrenders And Partial Surrenders***

Upon a full surrender of a policy for its Cash Surrender Value, you will recognize ordinary income for federal tax purposes to the extent that the Cash Value minus surrender charges and any uncollected additional contract charges, exceeds the investment in your policy (the total of all premiums paid but not previously recovered plus any other consideration paid for the policy). The tax consequences of a partial surrender from your policy will depend upon whether the partial surrender results in a reduction of future benefits under your policy and whether your policy is a modified endowment contract. If upon a full surrender of a policy the premium payments made exceed the surrender proceeds plus the amount of any outstanding loans, you will recognize a loss, which is not deductible for federal income tax purposes.

If your policy is not a modified endowment contract, the general rule is that a partial surrender from a policy is taxable only to the extent that it exceeds the total investment in the policy. An exception to this general rule applies, however, if a reduction of future benefits occurs during the first fifteen years after a policy is issued and there is a cash distribution associated with that reduction. In such a case, the IRC prescribes a "recapture ceiling" formula under which you may be taxed on all or a part of the amount distributed. After fifteen years, cash distributions from a policy that is not a modified endowment contract will not be subject to federal income tax, except to the extent they exceed the total investment in the policy. We suggest that you consult with a tax advisor in advance of a proposed decrease in Face Amount or a partial surrender.

***3.8 Percent Medicare Tax On Certain Investment Income***

In general, a tax of 3.8 percent will apply to net investment income ("NII") received by an individual taxpayer to the extent his or her modified adjusted gross income ("MAGI") exceeds certain thresholds (e.g., $250,000 in the case of taxpayers filing jointly, $125,000 in the case of a married taxpayer filing separately and $200,000 in the case of other individual taxpayers). For this purpose, NII includes (i) gross income from various investments, including gross income received with respect to annuities that are not held through a tax-qualified plan (e.g., a traditional IRA or Section 403(b) plan) and (ii) net gain attributable to the disposition of property. Such NII (as well as gross income from tax qualified plans) will also increase a taxpayer's MAGI for purposes of the taxable thresholds described above. This tax also applies to trusts and estates under a special set of rules. In 2012, the IRS and the Treasury Department issued guidance regarding this new tax in the form of proposed regulations, which were finalized in 2013. You should consult your tax advisor to determine the applicability of this tax in your individual circumstances and with respect to any amount received in connection with the surrender of this policy or distributions from this policy or the exercise of other rights and options under this policy (including policy loans).

***Policy Loans And Interest Deductions***

We believe that under current law any loan received under your policy will be treated as policy debt to you and that, unless your policy is a modified endowment contract, no part of any loan under your policy will constitute income to you. If your policy is a modified endowment contract (see discussion above) loans will be fully taxable to the extent of the income in the policy (and in any other contracts with which it must be aggregated) and could be subject to the additional 10% penalty tax described above.

Internal Revenue Code Section 264 provides that interest paid or accrued on a loan in connection with a policy is generally nondeductible. Certain exceptions apply, however, with respect to policies covering key employees. In addition, in the case of policies not held by individuals, special rules may limit the deductibility of interest on loans that are not made in connection with a policy. We suggest consultation with a tax advisor for further guidance.

In addition, if your policy lapses or you surrender it with an outstanding loan, and the amount of the loan plus the Cash Surrender Value is more than the sum of premiums you paid, you will generally be liable for taxes on the excess. Such amount will be taxed as ordinary income. A 10% penalty tax may apply as well. Finally, it is possible that a loan could be treated as a taxable distribution if there is no spread or a very small spread between the interest rate charged on the loan and the interest rate credited to the loaned amount.

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***Exchanges, Sales Or Assignments Of Policies***

If you change the policyowner or exchange or assign your policy, it may have significant tax consequences depending on the circumstances. An assignment, sale, or exchange of the policy may result in taxable income and tax penalties to you. Further, IRC Section 101(a) provides, subject to certain exceptions, that where a policy has been transferred for value, only the portion of the Life Insurance Benefit which is equal to the total consideration paid for the policy may be excluded from gross income. Based on IRS guidance, amounts received in excess of the consideration paid for the policy may be taxed as ordinary income to the extent of the amount of gain that would have been realized had the policy been surrendered. Based on the same guidance, amounts received in excess of that amount would be taxed as a capital gain. If you sell your policy in a reportable policy sale, the Tax Cuts and Jobs Act of 2017 imposes new information reporting requirements on the purchaser and the policy issuer. Under these new reporting requirements, certain information related to the sale may be required to be reported to the IRS and to the seller. For complete information with respect to policy assignments, sales and exchanges, a qualified tax advisor should be consulted.

***Living Benefits Rider (Filed As Accelerated Benefits Rider)***

A Living Benefits Rider is available in connection with the policy. Amounts received under this rider will generally be excludable from your gross income under Section 101(g) of the IRC. The exclusion from gross income will not apply, however, if you are not the insured and if you have an insurable interest in the life of the insured either because the insured is your director, officer or employee, or because the insured has a financial interest in a business of yours.

In some cases, there may be a question as to whether a life insurance policy that has an accelerated living benefit rider can meet certain technical aspects of the definition of "life insurance contract" under the IRC. We reserve the right (but we are not obligated) to modify the rider to conform with requirements the IRS may prescribe.

***Overloan Protection Rider***

Anyone contemplating the purchase of the policy with the Overloan Protection Rider should be aware that the tax consequences of the Overloan Protection Rider have not been ruled on by the IRS or the courts and it is possible that the IRS could assert that the outstanding loan balance should be treated as a taxable distribution when the Overloan Protection Rider is activated. You should consult a tax adviser as to the tax risks associated with the Overloan Protection Rider.

***Qualified Plans***

At times, the policies have been intended to be used with plans qualified under IRC Section 401(a). While these plans include profit sharing, 401(k) plans, money purchase pension plans and defined benefit plans, a purchaser of these policies should seek legal and tax advice regarding the suitability of these policies for all types of plans qualified under Section 401(a). Generally, employer contributions to plans qualified under Section 401(a) and earnings thereon are not taxed to participants until distributed in accordance with plan provisions.

***Withholding***

Under IRC Section 3405, withholding is generally required with respect to certain taxable distributions under insurance policies. In the case of periodic payments (payments made as an annuity or on a similar basis), the withholding is at graduated rates (as though the payments were employee wages) based on the information you furnish on Form W-4P. With respect to non-periodic distributions, the withholding is at a flat rate of 10% unless you request a different rate of withholding on Form W-4R. You can elect to have either non-periodic or periodic payments made without withholding except where your tax identification number has not been furnished to us, or where the IRS has notified us that a tax identification number is incorrect.

Different withholding rules apply to payments made to U.S. citizens living outside the United States and to non-U.S. citizens living outside of the United States. U.S. citizens who live outside of the United States generally are not permitted to elect not to have federal income taxes withheld from payments. Payments to non-U.S. citizens who are not residents of the United States generally are subject to 30% withholding, unless an income tax treaty between their country of residence and the United States provides for a lower rate of withholding or an exemption from withholding.

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Under the Foreign Account Tax Compliance Act ("FATCA"), as reflected in IRC Sections 1471 through 1474, U.S. withholding agents (such as NYLIAC) may be required to obtain certain information to establish the U.S. or non-U.S. status of its account or contract holders (e.g., a Form W-9 or W-8BEN may be required) and perform certain due diligence to ensure that information is accurate. In certain cases, if this information is not obtained, withholding agents, such as NYLIAC may be required to withhold at a 30% rate on certain payments.

***Business Uses Of Policy***

Businesses can use the policies in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, tax exempt and nonexempt welfare benefit plans, retiree medical benefit plans and others. The tax consequences of such plans may vary depending on the particular facts and circumstances. If you are purchasing the policy for any arrangement the value of which depends in part on its tax consequences, you should consult a qualified tax advisor. In recent years, moreover, Congress has adopted new rules relating to life insurance owned by businesses. Any business contemplating the purchase of a new policy or a change in an existing policy should consult a tax advisor.

***Non-Individual Owners And Business Beneficiaries Of Policies***

If a policy is owned or held by a corporation, trust or other entity that is not a natural person, this could jeopardize some or all of such entity's interest deduction under IRC Section 264, even where such entity's indebtedness is in no way connected to the policy. In addition, under IRC Section 264(f)(5), if a business (other than a sole proprietorship) is directly or indirectly a beneficiary of a policy, the policy could be treated as held by the business for purposes of the IRC Section 264(f) entity-holder rules. A qualified tax advisor should be consulted before any non-natural person is made an owner or holder of a policy, or before a business (other than a sole proprietorship) is made a beneficiary of a policy.

***Corporate Owners***

Ownership of a policy by a corporation may affect the policyowner's exposure to the corporate alternative minimum tax enacted under the Inflation Reduction Act of 2022 ("CAMT"). The CAMT applies to certain large corporations that satisfy certain financial thresholds over certain periods of time. It is a minimum tax system intended to ensure that applicable corporations annually pay at least a 15% tax on adjusted financial statement income, as defined under CAMT (the "Minimum Tax"). If the Minimum Tax exceeds the amount of tax an applicable corporation would pay under the regular corporate tax system for a given year, the corporation may have an additional tax obligation under CAMT. There may be a credit for such additional tax in a later year. You should discuss with your tax advisor whether and to what extent ownership of the policy may cause you to be subject to the CAMT in any given tax year.

***Split-Dollar Arrangements***

The IRS and the Treasury Department have issued guidance that substantially affects split-dollar arrangements. Consult a qualified tax advisor before entering into or paying additional premiums with respect to such arrangements.

Additionally, the Sarbanes-Oxley Act of 2002 prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on exchanges in the United States, from extending, directly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted as applying to split-dollar life insurance policies for directors and executive officers of such companies, since such insurance arguably can be viewed as involving a loan from the employer for at least some purposes. Although the prohibition on loans is generally effective as of July 30, 2002, there is an exception for loans outstanding as of the date of enactment, so long as there is no material modification to the loan terms and the loan is not renewed after July 30, 2002.

Any affected business contemplating the payment of a premium on an existing policy, or the purchase of a new policy, in connection with a split-dollar life insurance arrangement should consult legal counsel.

***Tax Shelter Regulations***

Prospective owners that are corporations should consult a tax advisor about the treatment of the policy under the Treasury Regulations applicable to corporate tax shelters.

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***Other Tax Considerations***

The transfer of the policy or designation of a beneficiary may have federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation-skipping transfer taxes. For example, the transfer of the policy to, or the designation as a beneficiary of, or the payment of proceeds to, a person who is assigned to a generation which is two or more generations below the generation assignment of the owner may have generation skipping transfer tax consequences under federal tax law.

The individual situation of each Policyowner or beneficiary will determine the extent, if any, to which federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of life insurance proceeds will be treated for purposes of federal, state and local estate, inheritance, generation skipping and other taxes.

For 2026, the federal estate tax, gift tax, and GST tax exemptions and maximum rates are $15,000,000 (as adjusted for inflation starting in 2027), and 40%, respectively.

You should seek guidance from a qualified tax advisor to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

***Life Insurance Purchases By Residents Of Puerto Rico***

In Rev. Rule 2004-75, 2004-31 I.R.B. 109, the IRS announced that income received by residents of Puerto Rico under life insurance contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States Federal income tax.

**Legal Proceedings**

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NYLIAC is a defendant in lawsuits arising from its agency sales force, insurance (including variable contracts registered under Federal securities law), and/or other operations. Some of these actions seek substantial or unspecified compensatory and punitive damages. NYLIAC is also from time to time involved in various governmental, administrative, and investigative proceedings and inquiries.

Notwithstanding the uncertain nature of litigation and regulatory inquiries, the outcome of which cannot be predicted, NYLIAC believes that, after provisions made in the financial statements, the ultimate liability that could result from litigation and proceedings would not have a material adverse effect on NYLIAC's financial position; however, it is possible, that settlements or adverse determinations in one or more actions or other proceedings in the future could have a material adverse effect on NYLIAC's operating results for a given year.

**Records And Reports**

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NYLIC or NYLIAC maintains all records and accounts relating to the Separate Account, the Fixed Account and the DCA Plus Account. Each year we will mail you a report showing the Cash Value, Cash Surrender Value, and outstanding loans (including accrued loan interest) as of the latest policy anniversary. This report contains any additional information required by any applicable law or regulation. We will also mail you a report each quarter showing this same information as of the end of the previous quarter. This quarterly statement reports transactions that you have requested or authorized. Please review it carefully.

Generally, NYLIAC will immediately mail you confirmation of any transactions involving the Separate Account. However, when we process certain transactions on your behalf involving the Separate Account, including transactions such as: (1) automatic asset rebalancing/reallocation options and Dollar-Cost Averaging Accounts; (2) premium payments initiated through pre-authorized deductions from banks or your employer; and/or (3) other pre-authorized deductions to which we agree, a summary of these policy transactions will only appear on your quarterly statement and you will not receive an immediate confirmation statement after each such transaction.

It is important that you inform NYLIAC of an address change so that you can receive these policy statements (please refer to the section on "Management and Organization—Our Rights—How To Reach Us for Policy Services"). In the event your statement is returned from the US Postal Service as undeliverable, we reserve the right to suspend mailing future correspondence and also suspend current transaction processing until a correct address is obtained. Additionally, no new service requests can be processed until a valid current address is provided.

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Reports and promotional literature may contain the ratings NYLIC and NYLIAC have received from independent rating agencies. Both companies are among only a few companies that have consistently received among the highest possible ratings from the four major independent rating companies for financial strength and stability: A.M. Best, Fitch, Moody's Investor's Services, Inc. and Standard and Poor's. However, neither NYLIC nor NYLIAC guarantees the investment performance of the Investment Divisions.

**Financial Statements**

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The statutory statements of financial position of NYLIAC as of December 31, 2025 and 2024, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2025 (including the report of the independent registered public accounting firm) and each of the investment divisions of the Separate Account's statements of assets and liabilities as of December 31, 2025, and the statements of operations and of changes in net assets and the financial highlights for each of the periods indicated in the Financial Statements (including the report of the independent registered public accounting firm) are incorporated by reference in the SAI. The independent registered public accounting firm is PricewaterhouseCoopers LLP.

**STATE VARIATIONS And RIDER AVAILABILITY**

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The following lists by jurisdiction any variations to the statements made in this prospectus. Unless otherwise stated, the variations listed apply to both VUL and to SVUL policies issued prior to May 1, 2012.

**Alaska, Colorado, Georgia, Hawaii, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Payment of Policy Proceeds*—See your policy for specific details regarding the payment of the policy proceeds and the interest payable on those proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;● *Contestable Period (SVUL Only)*—On the second policy year (or the second policy year after a Face Amount Increase, increase in Life Insurance Benefit due to an Unplanned Premium payment, reclassification or reinstatement), we will send a letter requesting notification of the death of any Insured covered by your policy. Failure to provide notice of the death of any Insured in reply to this letter could result in a contest of the policy.

**California** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right To Examine Policy")*—If you cancel your policy, we will pay you within 30 days from the date we are notified the greater of the policy's Cash Value plus any charges that were deducted from any premium payments paid as of the date the policy is returned or the premiums paid, less any loans and partial surrenders you have taken.

**Connecticut** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Loan Interest Rate*—Due to state regulation, the loan interest rate is fixed at 6.0% and may not be changed.

&nbsp;&nbsp;&nbsp;&nbsp;● *Loan and Surrender Payment Deferral*—We can defer paying you any partial or full Cash Surrender Value benefits or defer any loan proceeds, except for a loan or a partial surrender used to pay a monthly deduction due us, based on funds allocated to the Fixed Account, for up to 60 days from the date we receive your request. Interest will be paid (from the date we receive all information that we need to complete your request) on any amount deferred beyond that date.

**Florida** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Termination and Late Period*—The Late Period is the 62 days following the Monthly Deduction Day on which the Cash Surrender Value prior to deducting the Monthly Deduction Charge for the next policy month is zero or less than zero.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● *Special Provision Regarding Extended Term Insurance*—On each policy anniversary, you have the right to transfer all of your money in the Separate Account to the Fixed Account and obtain an extended term insurance benefit. See your policy for details regarding this option.

**Illinois** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right To Examine Policy")* —If you cancel your policy, we will pay you the greater of the policy's Cash Value as of the date the policy is returned or the total premiums paid, including any policy fees or charges paid, less any loans and partial surrenders.

&nbsp;&nbsp;&nbsp;&nbsp;● The amount of Variable Life Insurance or Cash Value Proceeds under this policy will increase or decrease, reflecting investment experience of the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;● *Policy Proceeds*—Settlements shall be made to the beneficiary no later than 2 months after we receive due proof that the Insured died on or after the Effective Date subject to all policy provisions.

&nbsp;&nbsp;&nbsp;&nbsp;● *Reinstatement Option*—To reinstate this policy, payment that is equal to the lesser of: (a) the sum of all overdue Monthly Deduction Charges or (b) three (3) Monthly Deduction Charges (plus the Additional Contract Charge if this policy lapses during the first policy year multiplied by a factor of 238% must be paid.

&nbsp;&nbsp;&nbsp;&nbsp;● All references to the 5-Year No-Lapse Guarantee in Illinois policies is changed to the 5-Year Coverage Protection Benefit.

**Michigan** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Living Benefits Rider*—This benefit can be exercised if the Insured has a life expectancy of six months or less.

**Missouri** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Termination and Late Period*—To inform you of the termination of the policy, we will mail a notice to you (and any known assignee) at least 61 days before the end of the Late Period.

&nbsp;&nbsp;&nbsp;&nbsp;● *Contestable Period*—is 2 years from the earlier of the Issue Date or the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;● *The Suicide Exclusion Period*—is one year from the Issue Date.

**Montana** 

&nbsp;&nbsp;&nbsp;&nbsp;● Any variable policy issued in Montana is always on a unisex basis. Any reference in this prospectus that makes a distinction based on the sex of the Insured (VUL) should be disregarded for policies issued in this state. SVUL is not available for sale.

**New Jersey** 

&nbsp;&nbsp;&nbsp;&nbsp;● *State Premium Tax Charge*—We will not increase the charge above 2%.

&nbsp;&nbsp;&nbsp;&nbsp;● *Federal Tax Charge*—We will not increase the charge above 2%.

&nbsp;&nbsp;&nbsp;&nbsp;● *Policy Changes*—If we make changes to the Life Insurance Benefit Options, Face Amount Increases or Face Amount Decreases of your policy because Section 7702 of the Internal Revenue Code is amended, you have the right to refuse the change unless that refusal will make the policy null and void.

&nbsp;&nbsp;&nbsp;&nbsp;● *Late Period*—If you do not mail a payment, which is postmarked by the end of the Late Period, the policy will end.

&nbsp;&nbsp;&nbsp;&nbsp;● *Contestable Period*—is 2 years from the earlier of the Issue Date or the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;● *Suicide Exclusion Period*—is 2 years from the earlier of the Issue Date or the Policy Date.

**New York** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right To Examine Policy")*—You have 10 days from the date you receive your policy. If you cancel your policy, we will pay you within 10 days from the date the policy is mailed or delivered in Good Order to the Home Office, the Service Office or the registered representative through whom it was purchased.

&nbsp;&nbsp;&nbsp;&nbsp;● *Termination and Late Period*—The Late Period is the 31 days following the Monthly Deduction Day on which the Cash Surrender Value before monthly deductions, less any unpaid loan and accrued loan interest is less than the Monthly Deduction Charge for the next policy month. To inform you of the termination of the policy, we will mail a notice to you (and any known assignee) at least 30 days before the end of the Late Period.

&nbsp;&nbsp;&nbsp;&nbsp;● *Special Provision Regarding Extended Term Insurance*—On each policy anniversary, you have the right to transfer all of your money in the Separate Account to the Fixed Account and obtain an extended term insurance benefit. See your policy for details regarding this option.

&nbsp;&nbsp;&nbsp;&nbsp;● *Change in Objective of an Investment Division*—In the event of a material change in the investment strategy of any Investment Division of the Separate Account, you have the option of converting your policy, within 60 days after the effective date of such change, or the date you receive the notification of the change, whichever is later. You may elect to convert this policy, without evidence of insurability, to a new fixed benefit life insurance policy, for an amount of insurance not exceeding the death benefit of the original policy on the date of conversion. The new policy will be based on the same issue age(s), gender(s) and class(es) or risk (singular refers to VUL, plural refers to SVUL) as your original policy. All riders attached to this policy will end on the date of conversion. The new policy will not offer variable investment options, such as the Investment Divisions.

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfers*—Transfers between Investment Divisions (and to and from the Fixed Account) are generally permitted. We may not accept transfer instructions that are submitted by any person, asset allocation service and/or market timing service on your behalf.

&nbsp;&nbsp;&nbsp;&nbsp;● The Spouse's Paid-Up Insurance Purchase Option Rider is renamed Rider Insured's Paid-Up Insurance Purchase Option (RIPPO) in New York.

&nbsp;&nbsp;&nbsp;&nbsp;● *Suicide Exclusion*—Reference to "sane" or "insane" has been removed.

**North Dakota** 

&nbsp;&nbsp;&nbsp;&nbsp;● *The Suicide Exclusion Period*—is one year from the Issue Date.

&nbsp;&nbsp;&nbsp;&nbsp;● *Policy Proceeds*—Settlements shall be made within 60 days after due proof of death.

**Oregon** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right To Examine Policy")*—If you cancel your policy, we will pay you the greater of the policy's Cash Value as of the date the policy is returned or the total premiums paid, including policy fees or charges paid, less any loans and partial surrenders.

&nbsp;&nbsp;&nbsp;&nbsp;● *Policy Proceeds*—A claim for the life insurance proceeds includes a fully completed claim form and a certified death certificate. If settlement of a claim is made after the first 30 days after receipt of due proof of death, it will bear interest equal to the greater of the loan interest crediting rate or the interest paid on deferred loan or surrender proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;● *Change in Objective of an Investment Division*—In the event of a material change in the investment strategy of any Investment Division of the Separate Account, you have the option of converting your policy, with 60 days after the effective date of such change, or the date you receive the notification of the change, whichever is later. You may elect to convert this policy, without evidence of insurability, to a new fixed benefit insurance policy, for an amount of insurance not exceeding the death benefit of the original policy on the of conversion. The new policy will be based on the same issue age, gender and class of risk as the original policy. All riders attached to this policy will end on the date of conversion. The new policy will not offer variable Investment Options, such as the Investment Divisions.

&nbsp;&nbsp;&nbsp;&nbsp;● *State Premium Tax Charge*—is referred to as a "State Tax Charge Back."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● *Late Period*—If you do not mail a payment that is postmarked by the end of the Late Period, the policy will end.

***Variations By Jurisdiction (For Policies Issued on or after 5/1/12 if available)***

The following lists by jurisdiction any variations to the statements made in this prospectus. Unless otherwise stated, the variations listed apply to both VUL and to SVUL policies issued on or after May 1, 2012.

**Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Mississippi, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Payment of Policy Proceeds*—See your policy for specific details regarding the payment of the policy proceeds and the interest payable on those proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;● *Contestable Period*—(SVUL Only) On the second policy year (or the second policy year after a Face Amount Increase, increase in Life Insurance Benefit due to an Unplanned Premium payment, reclassification or reinstatement), we will send a letter requesting notification of the death of any Insured covered by your policy. Failure to provide notice of the death of any Insured in reply to this letter could result in a contest of the policy.

&nbsp;&nbsp;&nbsp;&nbsp;● *Waiver of Specified Premium Rider (VUL Only)*—The Waiver of Specified Premium Rider may not be added after policy issue.

**California** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right To Examine Policy") (For VUL and SVUL policies issued before May 1, 2014)* — If you cancel your policy, we will pay you within 30 days from the date we are notified the greater of the policy's Cash Value plus any charges that were deducted from any premium payments paid as of the date the policy is returned or the premiums paid, less any loans and partial surrenders you have taken.

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right To Examine Policy") (For SVUL policies issued on or after May 1, 2014)* — Within 20 days after delivery, you can return the policy to us or to the registered representative through whom it was purchased. Upon such a return, the policy will be void from the start, and a refund will be made. As of the date the policy is returned in Good Order, the amount we refund will be the policy's Cash Value, plus any Premium Expense Charges, plus any Monthly Deduction Charges, minus loans.

If you are over the age of 60, you may return the policy to us or to the registered representative through whom it was purchased within 30 days from the date you received it. During that 30-day cancellation period, your money will be placed in our General Account unless you direct that the premium be allocated to the Investment Divisions during that time. If you do not direct that the premium be allocated to the Investment Divisions during the 30-day cancellation period and you return the policy during that time, you will be entitled to a refund of the premium and any policy fee paid, less any loans and partial surrenders you have taken. If you do direct that the premium be allocated to the Investment Divisions during the 30-day cancellation period, you will be entitled to a refund of the policy's account value (minus loans) on the day the policy is received by us or your registered representative, which could be less than the premium you paid for the policy, plus any policy fee paid. A return of the policy after 30 days may result in substantial penalties, including a surrender charge.

**Connecticut** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right to Examine Policy")* – (SVUL only) Within 20 days after delivery, you can return the policy to us or to the Registered representative through whom it was purchased, with a written request in Good Order for a refund. Upon such a request, the policy will be void from the start, and a refund will be made. As of the date the policy is returned, the amount we refund will be equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The policy's Cash Value, plus any premium expense charges, plus any Monthly Deduction Charges, minus loans; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The premiums paid, minus loans and partial surrenders including any surrender charges and processing fees.

&nbsp;&nbsp;&nbsp;&nbsp;● *Loan Interest Rate*—Due to state regulation, the loan interest rate is fixed at 6.0% and may not be changed.

&nbsp;&nbsp;&nbsp;&nbsp;● *Loan and Surrender Payment Deferral*—We can defer paying you any partial or full Cash Surrender Value benefits or defer any loan proceeds, except for a loan or a partial surrender used to pay a monthly deduction due us, based on funds allocated to the Fixed Account, for up to 60 days from the date we receive your request in Good Order. Interest will be paid (from the date we receive all information in Good Order) on any amount deferred beyond that date.

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfer of Net Premiums (SVUL Only)*—The Initial Premium Transfer Date is 20 days after the later of the Issue Date and the date we receive the full initial premium payment in Good Order.

**Delaware** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right to Examine Policy")* - (SVUL only) Within 20 days after delivery, you can return the policy to us or to the Registered representative through whom it was purchased, with a written request in Good Order for a refund. Upon such a request, the policy will be void from the start, and a refund will be made. As of the date the policy is returned, the amount we refund will be equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The policy's Cash Value, plus any premium expense charges, plus any Monthly Deduction Charges, minus loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The premiums paid, minus loans and partial surrenders including any surrender charges and processing fees.

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfer of Net Premiums (SVUL Only)*—The Initial Premium Transfer Date is 20 days after the later of the Issue Date and the date we receive the full initial premium payment in Good Order.

**District of Columbia** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right to Examine Policy")* – (SVUL only) Within 20 days after delivery, you can return the policy to us or to the Registered representative through whom it was purchased, with a written request in Good Order for a refund. Upon such a request, the policy will be void from the start, and a refund will be made. As of the date the policy is returned, the amount we refund will be equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The policy's Cash Value, plus any premium expense charges, plus any Monthly Deduction Charges, minus loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The premiums paid, minus loans and partial surrenders including any surrender charges and processing fees.

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfer of Net Premiums (SVUL Only)*—The Initial Premium Transfer Date is 20 days after the later of the Issue Date and the date we receive the full initial premium payment in Good Order.

**Florida** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Termination and Late Period*—The Late Period is the 62 days following the Monthly Deduction Day on which the Cash Surrender Value prior to deducting the Monthly Deduction Charge for the next policy month is zero or less than zero.

&nbsp;&nbsp;&nbsp;&nbsp;● *Special Provision Regarding Extended Term Insurance*—On each policy anniversary, you have the right to transfer all of your money in the Separate Account to the Fixed Account and obtain an extended term insurance benefit. See your policy for details regarding this option.

**Michigan** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Living Benefits Rider*—This benefit can be exercised if the Insured has a life expectancy of six months or less.

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**Montana** 

&nbsp;&nbsp;&nbsp;&nbsp;● Any variable policy issued in Montana is always on a unisex basis. Any reference in this prospectus that makes a distinction based on the sex of the Insured (VUL) should be disregarded for policies issued in this state. SVUL is not available for sale.

**New York** 

&nbsp;&nbsp;&nbsp;&nbsp;● Reference to "State Insurance Department" means NY State Department of Financial Services.

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right To Examine Policy")*—You have 10 days from the date you receive your policy. If you cancel your policy, we will pay you within 10 days from the date the policy is mailed or delivered in Good Order to the Home Office, the Service Office or the registered representative through whom it was purchased.

&nbsp;&nbsp;&nbsp;&nbsp;● *Termination and Late Period*—The Late Period is the 61 days following the Monthly Deduction Day on which the Cash Surrender Value before monthly deductions, less any unpaid loan and accrued loan interest is zero or less than zero.

&nbsp;&nbsp;&nbsp;&nbsp;● *Special Provision Regarding Option to Purchase Paid-up Insurance*—On each policy anniversary, you have the right to apply the policy's Cash Surrender Value to obtain a paid-up insurance benefit. See your policy for details regarding this option.

&nbsp;&nbsp;&nbsp;&nbsp;● *Change in Objective of an Investment Division*—In the event of a material change in the investment strategy of any Investment Division of the Separate Account, you have the option of converting your policy, within 60 days after the effective date of such change, or the date you receive the notification of the change, whichever is later. You may elect to convert this policy, without evidence of insurability, to a new fixed benefit life insurance policy, for an amount of insurance not exceeding the death benefit of the original policy on the date of conversion. The new policy will be based on the same issue age(s), gender(s) and class(es) or risk (singular refers to VUL, plural refers to SVUL) as your original policy. All riders attached to this policy will end on the date of conversion. The new policy will not offer variable Investment Options, such as the Investment Divisions.

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfers*—Transfers between Investment Divisions (and to and from the Fixed Account) are generally permitted. We may not accept transfer instructions that are submitted by any person, asset allocation service and/or market timing service on your behalf.

&nbsp;&nbsp;&nbsp;&nbsp;● The Spouse's Paid-Up Insurance Purchase Option Rider is renamed Rider Insured's Paid-Up Insurance Purchase Option (RIPPO) in New York.

**North Dakota** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right to Examine Policy")* – (SVUL only) Within 20 days after delivery, you can return the policy to us or to the Registered representative through whom it was purchased, with a written request in Good Order for a refund. Upon such a request, the policy will be void from the start, and a refund will be made. As of the date the policy is returned in Good Order, the amount we refund will be equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The policy's Cash Value, plus any premium expense charges, plus any Monthly Deduction Charges, minus loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The premiums paid, minus loans and partial surrenders including any surrender charges and processing fees.

&nbsp;&nbsp;&nbsp;&nbsp;● *The Suicide Exclusion Period*—is one year from the Issue Date.

&nbsp;&nbsp;&nbsp;&nbsp;● *Policy Proceeds*—Settlements shall be made within 60 days after due proof of death.

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfer of Net Premiums (SVUL Only)*—The Initial Premium Transfer Date is 20 days after the later of the Issue Date and the date we receive the full initial premium payment in Good Order.

**South Dakota** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● *Free Look ("Right to Examine Policy")* - (SVUL only) Within 20 days after delivery, you can return the policy to us or to the Registered representative through whom it was purchased, with a written request in Good Order for a refund. Upon such a request, the policy will be void from the start, and a refund will be made. As of the date the policy is returned, the amount we refund will be equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The policy's Cash Value, plus any premium expense charges, plus any Monthly Deduction Charges, minus loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The premiums paid, minus loans and partial surrenders including any surrender charges and processing fees.

&nbsp;&nbsp;&nbsp;&nbsp;● *Transfer of Net Premiums* (SVUL Only)—The Initial Premium Transfer Date is 20 days after the later of the Issue Date and the date we receive the full initial premium payment in Good Order.

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**Appendix: Eligible Portfolios Available Under the Policy**

***The Eligible Portfolios*** 

The following is a list of the Eligible Portfolios currently available under the policy. NYLIAC reserves the right to remove or substitute any portfolio companies as investment options that are available under the policy. Before you invest, you should review the prospectuses for the Portfolios. These prospectuses contain more information about the Portfolios and their risks and may be amended from time to time. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/accumulator.You can also request this information at no cost by calling 1-800-598-2019 or sending an email request to AccumulatorProspectus@newyorklife.com. If you elect the Guaranteed Minimum Accumulation Benefit Rider, your choice of Eligible Portfolios is restricted; see below.

The current expenses and performance information below reflects fees and expenses of the Eligible Portfolios, but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.

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|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap Equity | NYLIM VP American Century Large Cap <br> Equity (formerly NYLI VP American <br> Century Sustainable Equity)—Initial <br> Class<br>*Adviser: New York Life Investment* <br> *Management LLC ("New York Life* <br> *Investments")*<br>*Subadviser: American Century* <br> *Investment Management, Inc.*<br>| 0.68% | 11.34%  | 13.96%  | 11.86%  |
| Asset Allocation | NYLIM VP Balanced—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadvisers: NYL Investors LLC ("NYLI")* <br> *and Wellington Management LLP* <br> *("Wellington")*<br>| 0.72% | 11.44%  | 7.41%  | 7.30% |
| Investment Grade Bond | NYLIM VP Bond—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: NYLI*<br>| 0.55% | 6.83%  | (0.63) % | 1.96% |
| International/Global Equity | NYLIM VP Candriam Emerging Markets <br> Equity—Initial Class\*\*<br>*Adviser: New York Life Investments*<br>*Subadviser: Candriam*<br>| 1.20% | 35.88% | 2.77% | 7.65% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Sector | NYLIM VP CBRE Global <br> Infrastructure—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: CBRE Investment* <br> *Management Listed Real Assets LLC*<br>| 0.95%\* | 15.60%  | 7.06%  | 2.64% |
| Asset Allocation | NYLIM VP Conservative <br> Allocation—Initial Class<br>*Adviser: New York Life Investments*<br>| 0.55% | 9.56%  | 3.93%  | 5.40% |
| Large Cap Equity | NYLIM VP Dimensional U.S. <br> Equity—Initial Class<br>Adviser: *New York Life Investments*<br>Subadviser: *Dimensional Fund Advisors* <br> *LP*<br>| 0.54% | 13.75%  | 12.39%  | 12.68%  |
| Large Cap Equity | NYLIM VP Epoch U.S. Equity <br> Yield—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: Epoch Investment Partners,* <br> *Inc. ("Epoch")*<br>| 0.68%\* | 14.24%  | 12.02%  | 9.96% |
| Asset Allocation | NYLIM VP Equity Allocation—Initial Class<br>*Adviser: New York Life Investments*<br>| 0.69% | 13.98%  | 8.17%  | 9.34% |
| Sector | NYLIM VP Fidelity Institutional AM<sup>®</sup> <br> Utilities—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: FIAM LLC*<br>| 0.68% | 13.79%  | 12.34%  | 10.97%  |
| Non-Investment Grade <br> Bond<br>| NYLIM VP Floating Rate—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: NYLI*<br>| 0.64% | 5.13%  | 5.43%  | 5.01% |
| Asset Allocation | NYLIM VP Growth Allocation—Initial <br> Class<br>*Adviser: New York Life Investments*<br>| 0.64% | 12.52%  | 7.33%  | 8.32% |
| Alternatives | NYLIM VP Hedge Multi-Strategy—Initial <br> Class<br>*Adviser: New York Life Investments*<br>| 1.01%\* | 8.05%  | 2.92%  | 2.07% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Asset Allocation | NYLIM VP Income Builder—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadvisers: Epoch and MacKay Shields* <br> *LLC ("MacKay")*<br>| 0.63%\* | 16.99%  | 6.56%  | 7.40% |
| Asset Allocation | NYLIM VP Janus Henderson <br> Balanced—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: Janus Henderson Investors* <br> *US LLC ("Janus")*<br>| 0.58% | 15.05%  | 8.58%  | 10.19%  |
| Non-Investment Grade <br> Bond<br>| NYLIM VP MacKay Convertible—Initial <br> Class<br>*Adviser: New York Life Investments*<br>*Subadviser: MacKay*<br>| 0.59% | 16.40%  | 5.60%  | 10.38%  |
| Non-Investment Grade <br> Bond<br>| NYLIM VP MacKay High Yield Corporate <br> Bond—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: MacKay*<br>| 0.59%\* | 6.87%  | 4.44%  | 6.14% |
| Non-Investment Grade <br> Bond<br>| NYLIM VP MacKay Strategic <br> Bond—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: MacKay*<br>| 0.65% | 8.87%  | 3.98%  | 4.40% |
| Investment Grade Bond | NYLIM VP MacKay U.S. Infrastructure <br> Bond—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: MacKay*<br>| 0.57% | 8.44%  | 0.10%  | 1.38% |
| Large Cap Equity | NYLIM VP MFS<sup>®</sup> Investors Trust—Initial <br> Class<br>*Adviser: New York Life Investments*<br>*Subadviser: Massachusetts Financial* <br> *Services Company ("MFS")*<br>| 0.75% | N/A | N/A | N/A |
| Large Cap Equity | NYLIM VP MFS<sup>®</sup> Research—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: MFS*<br>| 0.76% | N/A | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Asset Allocation | NYLIM VP Moderate Allocation—Initial <br> Class<br>*Adviser: New York Life Investments*<br>| 0.58% | 11.30%  | 5.62%  | 6.88% |
| Sector | NYLIM VP Natural Resources—Initial <br> Class<br>*Adviser: New York Life Investments*<br>*Subadviser: Newton Investment* <br> *Management North America, LLC* <br> *("NIMNA")*<br>| 0.85% | 15.20%  | 17.27%  | 10.88%  |
| Sector | NYLIM VP Newton Technology <br> Growth—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: NIMNA*<br>| 0.78%\* | N/A | N/A | N/A |
| Investment Grade Bond | NYLIM VP PIMCO Real Return—Initial <br> Class<br>*Adviser: New York Life Investments*<br>*Subadviser: Pacific Investment* <br> *Management Company LLC ("PIMCO")*<br>| 1.09%\* | 8.16%  | 1.36%  | 3.29% |
| International/Global Equity | NYLIM VP PineStone International <br> Equity—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: PineStone Asset* <br> *Management Inc.*<br>| 0.86% | 12.29%  | 0.20%  | 5.44% |
| Large Cap Equity | NYLIM VP S&P 500 Index—Initial Class<br>*Adviser: New York Life Investments*<br>| 0.12%\* | 17.72%  | 14.28%  | 14.63%  |
| Small/Mid Cap Equity | NYLIM VP Schroders Mid Cap <br> Opportunities—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: Schroder Investment* <br> *Management North America*<br>| 0.83%\* | 7.27%  | 5.05%  | 7.39% |
| Small/Mid Cap Equity | NYLIM VP Small Cap Growth—Initial <br> Class<br>*Adviser: New York Life Investments*<br>*Subadvisers: Brown Advisory, LLC and* <br> *Segall Bryant & Hamill, LLC*<br>| 0.86% | 4.89%  | 1.64%  | 8.95% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Money Market | NYLIM VP U.S. Government Money <br> Market—Initial Class<br>Adviser: New York Life Investments<br>Subadviser: *NYLI*<br>| 0.28%\* | 4.05%  | 3.02%  | 1.89% |
| Large Cap Equity | NYLIM VP Wellington Growth—Initial <br> Class\*\*<br>*Adviser: New York Life Investments*<br>Subadviser: Wellington<br>| 0.73% | 17.06% | 10.37% | 13.45% |
| Small/Mid Cap Equity | NYLIM VP Wellington Small Cap—Initial <br> Class<br>Adviser: New York Life Investments<br>Subadviser: *Wellington*<br>| 0.75%\* | 9.53%  | 5.93%  | 7.41% |
| Large Cap Equity | NYLIM VP Winslow Large Cap <br> Growth—Initial Class<br>*Adviser: New York Life Investments*<br>*Subadviser: Winslow Capital* <br> *Management, Inc.*<br>| 0.75% | 14.35%  | 12.69%  | 16.14%  |
| Small/Mid Cap Equity | AB VPS Discovery Value Portfolio—Class <br> A<br>*Adviser: AllianceBernstein L.P. ("AB")*<br>| 0.82% | 2.89%  | 8.75%  | 8.55% |
| Large Cap Value | AB VPS Relative Value Portfolio—Class <br> A<br>*Adviser: AB*<br>| 0.59%\* | 10.47%  | 11.42%  | 10.57%  |
| Asset Allocation | American Funds<sup>®</sup> IS Asset Allocation <br> Fund—Class 2<br>*Adviser: Capital Research and* <br> *Management Company*<sup>SM</sup> *("CRMC")*<br>| 0.54% | 15.85%  | 8.97%  | 9.77% |
| Investment Grade Bond | American Funds<sup>®</sup> IS The Bond Fund of <br> America<sup>®</sup>—Class 2<br>*Adviser: CRMC*<br>| 0.47%\* | 7.26%  | (0.14)%  | 2.36% |
| Investment Grade Bond | American Funds<sup>®</sup> IS Capital World Bond <br> Fund<sup>®</sup>—Class 2<br>*Adviser: CRMC*<br>| 0.73% | 9.39%  | (2.50)%  | 1.23% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap Equity | American Funds<sup>®</sup> IS Growth <br> Fund—Class 2<br>Adviser: *CRMC*<br>| 0.58% | 20.24%  | 13.37%  | 17.97%  |
| Large Cap Equity | American Funds<sup>®</sup> IS Growth-Income <br> Fund—Class 2<br>Adviser: *CRMC*<br>| 0.53% | 18.06%  | 13.90%  | 13.92%  |
| Sector | American Funds<sup>®</sup> IS New World <br> Fund<sup>®</sup>—Class 2<br>Adviser: *CRMC*<br>| 0.82%\* | 28.29%  | 5.33%  | 9.25% |
| International/Global Equity | American Funds<sup>®</sup> IS SMALLCAP World <br> Fund<sup>®</sup> (formerly American Funds<sup>®</sup> IS <br> Global Small Capitalization Fund)—Class <br> 2<br>*Adviser: CRMC*<br>| 0.90%\* | 14.64%  | 0.49%  | 7.23% |
| Investment Grade Bond | American Funds<sup>®</sup> IS U.S. Government <br> Securities Fund<sup>®</sup>—Class 2<br>*Adviser: CRMC*<br>| 0.50%\* | 7.75%  | (0.23)%  | 1.70% |
| Large Cap Equity | American Funds<sup>®</sup> IS Washington Mutual <br> Investors Fund—Class 2<br>Adviser: *CRMC*<br>| 0.50%\* | 17.21%  | 13.89%  | 12.36%  |
| Asset Allocation | BlackRock<sup>®</sup> Global Allocation V.I. <br> Fund—Class I<br>*Adviser: BlackRock Advisors, LLC* <br> *("BlackRock")*<br>*Subadviser: BlackRock (Singapore)* <br> *Limited and BlackRock International* <br> *Limited*<br>| 0.76%\* | 19.80%  | 5.79%  | 7.59% |
| Non-Investment Grade <br> Bond<br>| BlackRock<sup>®</sup> High Yield V.I. Fund—Class I<br>*Adviser: BlackRock*<br>*Subadviser: BlackRock International* <br> *Limited*<br>| 0.54%\* | 9.19%  | 4.79%  | 6.31% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap Equity | BNY Mellon Sustainable U.S. Equity <br> Portfolio—Initial Shares<br>*Adviser: BNY Mellon Investment Adviser,* <br> *Inc.*<br>*Subadviser: Newton Investment* <br> *Management Limited*<br>| 0.66% | 15.97%  | 11.93%  | 13.56%  |
| Sector | Columbia Variable Portfolio—Commodity <br> Strategy Fund—Class 1\*\*<br>*Adviser: Columbia Management* <br>*Investment Advisers, LLC ("Columbia")*<br>*Subadviser: Threadneedle International* <br> *Limited*<br>| 0.75%\* | 15.48%  | 12.76%  | 6.75% |
| Non-Investment Grade <br> Bond<br>| Columbia Variable Portfolio—Emerging <br> Markets Bond Fund—Class 1<br>*Adviser: Columbia*<br>| 0.75%\* | 12.78%  | 1.70%  | 4.28% |
| Investment Grade Bond | Columbia Variable Portfolio—<br> Intermediate Bond Fund—Class 1<br>*Adviser: Columbia*<br>| 0.52% | 9.06%  | (0.43)%  | 2.77% |
| Investment Grade Bond | Columbia Variable Portfolio—Small <br> Company Growth Fund—Class 1<br>*Adviser: Columbia*<br>| 0.87%\* | 21.69%  | 3.59%  | 15.19%  |
| Alternatives | DWS Alternative Asset Allocation <br> VIP—Class A<br>*Adviser: DWS Investment Management* <br> *Americas Inc. ("DIMA")*<br>*Subadviser: RREEF America LLC*<br>| 0.93% | 10.50%  | 5.29%  | 4.89% |
| Small/Mid Cap Equity | DWS Small Cap Index VIP—Class A<br>*Adviser: DIMA*<br>*Subadviser: Northern Trust Investments,* <br> *Inc.*<br>| 0.37%\* | 12.64%  | 5.84%  | 9.33% |
| Small/Mid Cap Equity | DWS Small Mid Cap Value VIP—Class A<br>*Adviser: DIMA*<br>| 0.80%\* | 18.21%  | 9.66%  | 7.57% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Investment Grade Bond | Fidelity<sup>®</sup> VIP Bond Index Portfolio—Initial <br> Class<br>*Adviser: Fidelity Management &* <br> *Research Company ("FMR")*<br>*Subadvisers: Other investment advisers*<br>| 0.14% | 6.98%  | (0.57)%  | N/A |
| Large Cap Equity | Fidelity<sup>®</sup> VIP Contrafund<sup>SM</sup> <br> Portfolio—Initial Class<br>*Adviser: FMR*<br>*Subadvisers:* O*ther investment advisers*<br>| 0.54% | 21.52%  | 15.37%  | 15.78%  |
| International/Global Equity | Fidelity<sup>®</sup> VIP Emerging Markets <br> Portfolio—Initial Class<br>*Adviser: FMR*<br>*Subadvisers: Other investment advisers*<br>| 0.87% | 41.20%  | 5.88%  | 10.93%  |
| Large Cap Equity | Fidelity<sup>®</sup> VIP Equity-Income <br> Portfolio<sup>SM</sup>—Initial Class<br>*Adviser: FMR*<br>*Subadvisers: Other investment advisers*<br>| 0.46% | 19.02%  | 12.51%  | 11.60%  |
| Small/Mid Cap Equity | Fidelity<sup>®</sup> VIP Extended Market Index <br> Portfolio—Initial Class<br>*Adviser: FMR*<br>*Subadviser: Geode Capital Management,* <br> *LLC ("Geode")*<br>| 0.12% | 12.32%  | 8.02%  | N/A |
| Asset Allocation | Fidelity<sup>®</sup> VIP Freedom 2020 <br> Portfolio<sup>SM</sup>—Initial Class<br>*Adviser: FMR*<br>| 0.44% | 13.33%  | 4.84%  | 7.38% |
| Asset Allocation | Fidelity<sup>®</sup> VIP Freedom 2030 <br> Portfolio<sup>SM</sup>—Initial Class<br>*Adviser: FMR*<br>| 0.49% | 15.52%  | 6.25%  | 8.88% |
| Asset Allocation | Fidelity<sup>®</sup> VIP Freedom 2040 <br> Portfolio<sup>SM</sup>—Initial Class<br>*Adviser: FMR*<br>| 0.57% | 18.79%  | 9.01%  | 10.87% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap Equity | Fidelity<sup>®</sup> VIP Growth Opportunities <br> Portfolio—Initial Class<br>*Adviser: FMR*<br>*Subadvisers: Other investment advisers*<br>| 0.56% | 22.02%  | 11.31%  | 19.94%  |
| Sector | Fidelity<sup>®</sup> VIP Health Care Portfolio—Initial <br> Class<br>*Adviser: FMR*<br>*Subadvisers: Other investment advisers*<br>| 0.59% | 14.39%  | 4.18%  | 8.75% |
| International/Global Equity | Fidelity<sup>®</sup> VIP International Capital <br> Appreciation Portfolio—Initial Class<br>*Adviser: FMR*<br>*Subadviser: FIL Investment Advisors*<br>| 0.78% | 18.69%  | 6.26%  | 9.81% |
| International/Global Equity | Fidelity<sup>®</sup> VIP International Index <br> Portfolio—Initial Class<br>*Adviser: FMR*<br>*Subadviser: Geode*<br>| 0.16% | 33.15%  | 8.02%  | N/A |
| Investment Grade Bond | Fidelity<sup>®</sup> VIP Investment Grade Bond <br> Portfolio—Initial Class<br>*Adviser: FMR*<br>*Subadvisers: Other investment advisers*<br>| 0.37% | 7.22%  | 0.06%  | 2.71% |
| Small/Mid Cap Equity | Fidelity<sup>®</sup> VIP Mid Cap Portfolio—Initial <br> Class<br>*Adviser: FMR*<br>*Subadvisers: Other investment advisers*<br>| 0.55% | 11.75%  | 10.10%  | 10.59%  |
| Sector | Franklin Gold and Precious Metals VIP <br> Fund—Class 1<br>*Adviser: Franklin Advisers, Inc.* <br> *("Franklin*")<br>| 0.70%\* | N/A | N/A | N/A |
| Asset Allocation | Franklin Templeton Aggressive Model <br> Portfolio—Class I<br>*Adviser: Franklin Templeton Fund* <br> *Adviser, LLC ("FTFA")*<br>*Subadviser: Franklin*<br>| 0.63% | 17.30%  | 10.41%  | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Asset Allocation | Franklin Templeton Conservative Model <br> Portfolio—Class I<br>*Adviser: FTFA*<br>*Subadviser: Franklin*<br>| 0.60% | 9.39%  | 2.92%  | N/A |
| Asset Allocation | Franklin Templeton Moderate Model <br> Portfolio—Class I<br>*Adviser: FTFA*<br>*Subadviser: Franklin*<br>| 0.57% | 13.56%  | 6.76%  | N/A |
| Asset Allocation | Franklin Templeton Moderately <br> Aggressive Model Portfolio—Class I<br>*Adviser: FTFA*<br>*Subadviser: Franklin*<br>| 0.57% | 15.29%  | 8.12%  | N/A |
| Asset Allocation | Franklin Templeton Moderately <br> Conservative Model Portfolio—Class I<br>*Adviser: FTFA*<br>*Subadviser: Franklin*<br>| 0.57% | 11.76%  | 5.17%  | N/A |
| International/Global Equity | Goldman Sachs VIT International Equity <br> Insights Fund—Institutional Class<br>*Adviser: Goldman Sachs Asset* <br> *Management, L.P.*<br>| 0.80%\* | 6.12%  | 5.46%  | 4.88% |
| International/Global Equity | Invesco V.I. EQV International Equity <br> Fund—Series I Shares<br>*Adviser: Invesco Advisers, Inc.* <br> *("Invesco")*<br>| 0.90% | 16.50%  | 3.68%  | 6.22% |
| Small/Mid Cap Equity | Invesco V.I. Main Street Small Cap <br> Fund<sup>®</sup>—Series I Shares<br>*Adviser: Invesco*<br>| 0.84% | 8.70%  | 8.34%  | 10.59%  |
| Small/Mid Cap Equity | Janus Henderson Enterprise <br> Portfolio—Institutional Shares<br>*Adviser: Janus*<br>| 0.72% | 7.67%  | 7.62%  | 12.79%  |
| International/Global Equity | Janus Henderson Global Research <br> Portfolio—Institutional Shares<br>*Adviser: Janus*<br>| 0.82% | 20.92%  | 12.51%  | 12.93% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Investment Grade Bond | Lord Abbett Series Fund, Inc.—Short <br> Duration Income Portfolio—Class I<br>*Adviser: Lord, Abbett & Co. LLC*<br>| 0.47%\* | N/A | N/A | N/A |
| Large Cap Equity | LVIP ClearBridge Appreciation <br> Fund—Standard Class (formerly <br> ClearBridge Variable Appreciation <br> Portfolio—Class I)<br>*Adviser: Lincoln Financial Investments* <br> *Corporation ("LFIC")*<br>*Subadviser: ClearBridge Investments,* <br> *LLC*<br>| 0.70%\* | 14.50%  | 12.72%  | 13.34%  |
| Small/Mid Cap Equity | LVIP SSgA Mid-Cap Index <br> Fund—Standard Class<br>*Adviser: LFIC*<br>*Subadviser: SSgA Funds Management,* <br> *Inc.*<br>| 0.35%\* | 13.55%  | 9.94%  | 9.31% |
| International Equity | MFS<sup>®</sup> International Intrinsic Equity <br> Portfolio (formerly MFS<sup>®</sup> International <br> Intrinsic Value Portfolio)—Initial Class<br>*Adviser: MFS*<br>| 0.89%\* | 33.26%  | 7.28%  | 9.95% |
| Mid Cap Equity | MFS<sup>®</sup> Mid Cap Value Portfolio—Initial <br> Class<br>*Adviser: MFS*<br>| 0.79%\* | 5.98%  | 10.18%  | 9.95% |
| Small/Mid Cap Equity | MFS<sup>®</sup> New Discovery Series—Initial <br> Class<br>*Adviser: MFS*<br>| 0.87%\* | 12.96%  | (0.28)%  | 10.74%  |
| Foreign Large Blend | MFS<sup>®</sup> Research International <br> Portfolio—Initial Class<br>*Adviser: MFS*<br>| 0.90%\* | 22.05%  | 5.51%  | 7.54% |
| Small/Mid Cap Equity | Neuberger Berman AMT Mid Cap Growth <br> Portfolio—Class I<br>*Adviser: Neuberger Berman Investment* <br> *Advisers LLC*<br>| 0.86%\* | 5.45%  | 4.47%  | 10.96% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| International/Global Equity | Nomura VIP Emerging Markets Series <br> (formerly Macquarie VIP Emerging <br> Markets Series)—Standard Class<br>*Adviser: Delaware Management* <br> *Company, a series of Nomura Investment* <br> *Management Business Trust*<br>| 1.16%\* | 81.26%  | 8.81%  | 12.17%  |
| Small/Mid Cap Equity | Nomura VIP Small Cap Value Series <br> (formerly Macquarie VIP Small Cap Value <br> Series)—Standard Class<br>*Adviser*: *Delaware Management* <br> *Company, a series of Nomura Investment* <br> *Management Business Trust*<br>| 0.74% | 8.16%  | 9.26%  | 9.15% |
| Investment Grade Bond | PIMCO VIT Income <br> Portfolio—Institutional Class<br>*Adviser: PIMCO*<br>| 0.77% | 10.36%  | 3.57%  | N/A |
| Investment Grade Bond | PIMCO VIT International Bond Portfolio <br> (U.S. Dollar-Hedged)—Institutional Class<br>*Adviser: PIMCO*<br>| 0.94% | 4.10%  | 1.18%  | 3.04% |
| Investment Grade Bond | PIMCO VIT Low Duration <br> Portfolio—Institutional Class<br>*Adviser: PIMCO*<br>| 0.51% | 5.68%  | 1.72%  | 1.94% |
| Investment Grade Bond | PIMCO VIT Short-Term <br> Portfolio—Institutional Class<br>*Adviser: PIMCO*<br>| 0.50% | 4.83%  | 3.40%  | 2.91% |
| Investment Grade Bond | PIMCO VIT Total Return <br> Portfolio—Institutional Class<br>*Adviser: PIMCO*<br>| 0.58% | 9.05%  | 0.16%  | 2.51% |
| Sector | Principal VC Real Estate Securities <br> Account—Class 1<br>*Adviser: Principal Global Investors, LLC*<br>*Subadviser: Principal Real Estate* <br> *Investors, LLC*<br>| 0.78% | 1.24%  | 4.88%  | 5.94% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** | **Average Annual Total Returns**<br> **(as of 12/31/2025)** |
| **Portfolio Type** | **Portfolio and Adviser/Subadviser** | **Current**<br> **Expenses** | **1 Year** | **5 Year** | **10 Year** |
| International/Global Equity | Putnam VT International Value <br> Fund—Class IA<br>*Adviser: Putnam Investment* <br> *Management, LLC*<br>*Subadvisers: Franklin, Franklin* <br> *Templeton Investment Management* <br> *Limited and The Putnam Advisory* <br> *Company, LLC*<br>| 0.81% | 35.07%  | 12.77%  | 9.13% |
| Large Cap Equity | Voya Growth and Income <br> Portfolio—Class I<br>*Adviser: Voya Investments, LLC*<br>*Subadviser: Voya Investment* <br> *Management Co. LLC ("Voya")*<br>| 0.67%\* | 18.21%  | 15.46%  | 14.62%  |
| Investment Grade Bond | Voya Intermediate Bond Portfolio — <br> Class I<br>*Adviser: Voya*<br>| 0.55%\* | 7.71%  | 0.15%  | 2.66% |
| Investment Grade Bond | Western Asset Core Plus VIT <br> Portfolio—Class I\*\*<br>*Adviser: FTFA*<br>*Subadvisers: Western Asset* <br> *Management Company, LLC; Western* <br> *Asset Management Company Limited;* <br> *Western Asset Management Company* <br> *Ltd.; and Western Asset Management* <br> *Company Pte. Ltd.*<br>| 0.54%\* | 7.75%  | (1.44)%  | 2.11% |

---

\*

Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are generally expected to continue through April 30, 2027 and may be terminated at any time at the option of the Fund. Annual expenses for the Eligible Portfolios for the year ended December 31, 2025, reflect temporary fee reductions under such an arrangement.

\*\*

Premiums or transfers will only be accepted into this fund from policyowners already invested in this fund. Policyowners who remove all Cash Value allocations from this fund will not be permitted to reinvest in this fund.

***Eligible Portfolio Restrictions Applicable to the Guaranteed Minimum Accumulation Benefit Rider***

To be eligible for the Guaranteed Minimum Accumulation Benefit Rider, you must allocate 100% of your Cash Value to any one (or more) of the following GMAB Allocation Alternatives:

NYLIM VP Balanced—Initial Class

NYLIM VP Bond—Initial Class

NYLIM VP Conservative Allocation—Initial Class

NYLIM VP Fidelity Institutional AM<sup>®</sup> Utilities—Initial Class

NYLIM VP Floating Rate—Initial Class

------

NYLIM VP Growth Allocation—Initial Class

NYLIM VP Income Builder—Initial Class

NYLIM VP Janus Henderson Balanced—Initial Class

NYLIM VP MacKay Convertible—Initial Class

NYLIM VP MacKay High Yield Corporate Bond—Initial Class

NYLIM VP MacKay Strategic Bond—Initial Class

NYLIM VP MacKay U.S. Infrastructure Bond—Initial Class

NYLIM VP Moderate Allocation—Initial Class

NYLIM VP PIMCO Real Return—Initial Class

NYLIM VP U.S. Government Money Market—Initial Class

BlackRock<sup>®</sup> Global Allocation V.I. Fund—Class I

Franklin Templeton Conservative Model Portfolio—Class I

Fixed Account

DCA Plus Account

------

**Obtaining Additional Information**

------

The Statement of Additional Information ("SAI") contains additional information about NYLIAC VUL and SVUL, including information about compensation arrangements. The SAI is available without charge upon request. You can request a paper copy of the SAI by mail (at the VPSC at one of the addresses listed on the first page of this prospectus or any other address we indicate to you in writing) or by phone on our toll-free number (1-800-598-2019). The SAI is also posted at the following website, https://dfinview.com/NewYorkLife/TAHD/accumulator. The current SAI is incorporated by reference into this prospectus and has been filed with the SEC.

Information about VUL and SVUL (including the SAI) can be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 202-942-8090. Reports and other information about VUL and SVUL are available on the SEC's internet site at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

For a personalized illustration or additional information about your policy, contact your registered representative or call our toll-free number, 1-800-598-2019.

The SEC EDGAR Contract Identifier for the VUL Accumulator Policy is C000058633. <br>The SEC EDGAR Contract Identifier for the SVUL Accumulator Policy is C000065290.

------

**Statement of Additional Information** 

**dated** 

**May 1, 2026** 

**for** 

**New York Life Variable Universal Life Accumulator** 

**New York Life Survivorship Variable Universal Life Accumulator** 

**from** 

**NYLIAC VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT-I** 

**and** 

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION ("NYLIAC")** 

This Statement of Additional Information ("SAI") is not a prospectus. The SAI contains information that expands upon subjects discussed in the current New York Life Variable Universal Life Accumulator Insurance ("VUL") and New York Life Survivorship Variable Universal Life Accumulator Insurance ("SVUL") prospectus. You should read the SAI in conjunction with the current prospectus dated May 1, 2026 and any supplements thereto. This SAI is incorporated by reference into the prospectus. You may obtain a paper copy of the prospectus by calling NYLIAC at 1-800-598-2019 or by writing to NYLIAC at the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing). The prospectus is also posted at the following website, https://dfinview.com/NewYorkLife/TAHD/accumulator. Capitalized terms used but not defined in the SAI have the same meaning as in the current prospectus.

**[**Table of Contents**](#xx_9e266fc5-db9f-46a3-b6ba-28e880c427c2_toc_0)** 

---

| | |
|:---|:---|
| **[General Information And History](#xx_8c22c6a9-b49e-4e33-b9ea-d5d455d1e83d_1)** | &nbsp;&nbsp; 2 |
| **[Non-Principal Risks of Investing in the Contract](#xx_8c22c6a9-b49e-4e33-b9ea-d5d455d1e83d_1)** | &nbsp;&nbsp; 2 |
| **[Additional Information About The Operation Of The Policies](#xx_8c22c6a9-b49e-4e33-b9ea-d5d455d1e83d_2)** | &nbsp;&nbsp; 3 |
| **[Distribution And Compensation Arrangements](#xx_8c22c6a9-b49e-4e33-b9ea-d5d455d1e83d_8)** | &nbsp;&nbsp; 9 |
| **[Underwriting A Policy](#xx_8c22c6a9-b49e-4e33-b9ea-d5d455d1e83d_9)** | &nbsp;&nbsp; 10 |
| **[Additional Information About Charges](#xx_8c22c6a9-b49e-4e33-b9ea-d5d455d1e83d_9)** | &nbsp;&nbsp; 10 |
| **[Financial Statements](#xx_8c22c6a9-b49e-4e33-b9ea-d5d455d1e83d_12)** | &nbsp;&nbsp; 13 |
| **VUL and SVUL are offered under NYLIAC Variable Universal Life Separate Account-I.** |  |

---

------

**General Information And History**

------

The VUL and SVUL prospectus and SAI describe two flexible premium variable universal life insurance policies that NYLIAC issues: the New York Life Variable Universal Life Accumulator (VUL) and the New York Life Survivorship Variable Universal Life Accumulator (SVUL). VUL and SVUL are no longer being offered. However, we will still accept additional premiums under existing policies subject to any contractual restrictions that may exist.

***About NYLIAC***

NYLIAC is a stock life insurance company incorporated in Delaware in 1980. NYLIAC is licensed to sell life, accident, and health insurance and annuities in the District of Columbia and all states. In addition to the policies described in the prospectus, NYLIAC offers other life insurance policies and annuities. NYLIAC and Separate Account financial statements are also included in this SAI. NYLIAC's principal business address is 51 Madison Avenue, New York, New York 10010.

NYLIAC is a wholly-owned subsidiary of New York Life Insurance Company ("NYLIC"), a mutual life insurance company founded in New York in 1845. NYLIAC had total assets amounting to $223.5 billion at the end of 2025. NYLIC has invested in NYLIAC, and will occasionally make additional contributions to NYLIAC in order to maintain capital and surplus in accordance with state requirements.

***About NYLIAC Variable Universal Life Separate Account-I***

NYLIAC Variable Universal Life Separate Account-I (the "Separate Account") is a segregated asset account that NYLIAC established to receive and invest your Net Premiums. NYLIAC established the Separate Account on June 4, 1993 under the laws of the State of Delaware, in accordance with resolutions set forth by the NYLIAC Board of Directors. The Separate Account is registered as a unit investment trust with the SEC under the Investment Company Act of 1940, as amended. This registration does not mean that the SEC supervises the management, investment practices, or policies of the Separate Account.

***Tax Status of NYLIAC and the Separate Account***

NYLIAC is taxed as a life insurance company under IRC Subchapter L. The Separate Account is not a taxable entity separate from NYLIAC, and we take its operations into account in determining NYLIAC's income tax liability. As a result, NYLIAC takes into account applicable tax attributes of the assets of the Separate Account on its corporate income tax return, including corporate dividends received deductions and foreign tax credits that may be produced by assets of the Separate Account. All investment income and realized net capital gains on the assets of the Separate Account are reinvested and taken into account in determining policy Cash Values and are applied automatically to increase the book reserves associated with the policies. Under existing federal income tax law, neither the investment income nor any net capital gains of the Separate Account are taxed to NYLIAC to the extent that those items are applied to increase tax deductible reserves associated with the policies.

**Non-Principal Risks of Investing in the Contract**

------

***Geopolitical Risks***

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, natural disasters, recessions and other events, could have a serious negative impact on, among other things, the performance, liquidity and valuation of investments in the Eligible Portfolios you choose. In light of these developments, your premium and Cash Value allocation choices should be consistent with your personal investment objective and your risk tolerance. In addition, governmental authorities have recently imposed prohibitions on transactions in investment in certain foreign sectors—for example, prohibitions imposed by the U.S. government on investment in companies in the Communist Chinese defense and related material sectors and surveillance technology sectors. If Eligible Portfolios do not comply with such prohibitions, it is possible that we could not allow contract owners to make any new investment in those Portfolios (by premium allocation or transfer), and we could even require that policyowners move any Cash Value out of the affected Eligible Portfolio(s). You should consult each Fund's prospectus, statement of additional information, and annual and semi-annual reports for more information on these geopolitical risks and potential investment restrictions.

------

**Additional Information About The Operation Of The Policies**

------

The prospectus provides information about the policy and its riders. The following is additional information about these terms.

***Changing the Face Amount of Your Policy***

You can request one increase in the Face Amount each Policy Year of your policy if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;● the insured is (under VUL) or both insureds are (under SVUL) is still living;

&nbsp;&nbsp;&nbsp;&nbsp;● the insured is age 80 or younger (under VUL) or the older insured is age 80 or younger (under SVUL);

&nbsp;&nbsp;&nbsp;&nbsp;● the increase you are requesting is $5,000 or more;

&nbsp;&nbsp;&nbsp;&nbsp;● the requested increase will not cause the policy's Face Amount to exceed our maximum limit on the risk we retain, which we set at our discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;● you submit a written application in Good Order, that is signed by the insured and the policyowner(s) to either your registered representative or to the VPSC at one of the addresses listed on the first page of prospectus (or any other address we indicate to you in writing) along with satisfactory evidence of insurability.

We can limit any increase in the Face Amount of your policy.

You can request one decrease in the Face Amount of your policy each Policy Year if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;● the insured (under VUL) or last surviving insured (under SVUL) is still living;

&nbsp;&nbsp;&nbsp;&nbsp;● the decrease you are requesting will not reduce the policy's Face Amount below $50,000 (under VUL) or $100,000 (under SVUL); and

&nbsp;&nbsp;&nbsp;&nbsp;● you submit a written application in Good Order, signed by the policyowner(s) to the VPSC at one of the addresses listed on the first page of the prospectus (or any other address we indicate to you in writing).

We may limit any decrease in the Face Amount of your policy.

***Additional Information About the Amount in the Separate Account: Valuation of Accumulation Units***

The value of an accumulation unit on any Valuation Day equals the value of an accumulation unit on the preceding Valuation Day multiplied by the net investment factor. We calculate a net investment factor for the period from the close of the New York Stock Exchange on the immediately preceding Valuation Day to its close on the current Valuation Day using the following formula:

---

| | | | |
|:---|:---|:---|:---|
| (a/b) | (a/b) | (a/b) | (a/b) |
| Where:<br> a | = | the sum of: | the sum of: |
|  |  | (1) | the net asset value of the Fund share held in the Separate Account for that Investment Division at the <br> end of the current Valuation Day, plus<br>|
|  |  | (2) | the per share amount of any dividends or capital gains distributions made by the Fund for shares held <br> in the Separate Account for that Investment Division if the ex-dividend date occurs during such period; <br> and<br>|
| b | = | the net asset value of the Fund share held in the Separate Account for that Investment Division at the end <br> of the preceding Valuation Day. | the net asset value of the Fund share held in the Separate Account for that Investment Division at the end <br> of the preceding Valuation Day. |

---

The net investment factor may be greater or less than one. Therefore, the value of an accumulation unit may increase or decrease.

------

***Option Available at No Additional Charge***

***Policy Split Option (SVUL Policies Only)***

This option allows you to split your policy into two single adjustable life insurance policies that each insure the life of one of the insureds under certain circumstances. You are allowed to make this split within six months after either of the following two dates:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the date a final divorce decree which terminates the marriage of the insureds has been in effect for six months; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) the effective date of a change in the federal tax law that results in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reduction in the unlimited federal estate tax marital deduction provision (Section 2056 of the IRC), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reduction of at least 50% in the level of the highest marginal federal estate rate in effect on the Policy Date.

In addition, a split can be made for any other reason, if we agree. You must request a policy split in writing. At the time of the split: (1) both insureds must be living; (2) we will not ask for evidence of insurability (except in certain jurisdictions); (3) each new policy will be an adjustable life insurance policy, which we offer for the purpose of this option and which was available on the Policy Date of your original policy; and (4) an insurable interest must exist between the owner of each new policy and the insured of that new policy under all applicable laws.

The Policy Date and Issue Date of each new policy will be the date when you split the policy. The policyowner and beneficiary of each new policy will be the same as under the original policy, unless you state otherwise.

We will not assess a fee on a policy that is terminating as a result of a policy split. However, we will apply all fees and charges that generally apply to the type of policy into which you are splitting your policy, to each of the new policies that result from the policy split. The cost of insurance rates for each new policy will be based on the insured's age and gender on the date of the split and most recent underwriting class on the original policy. The initial premium for each new policy will be one half of the Cash Value of the original policy less any unpaid loan (including any accrued loan interest).

The Face Amount of each new policy will equal one half of the original base policy Face Amount, plus one half of the face amount of any riders on the original policy. The benefits from any Level First-To-Die Term Rider in effect will be excluded from this calculation. If the original policy has been assigned, each new policy will have the same assignment.

Splitting your policy may have certain adverse tax consequences. The IRS has ruled privately that where the insured or insureds of an insurance policy that is exchanged for a new policy are not identical to the insured or insureds of the new policy, the exchange is taxable.

***Examples of IRC Section 7702 on Life Insurance Benefits***

Under this policy, you can choose from different Life Insurance Benefit Options. The following are standardized examples of how the choice of the Guideline Premium Test ("GPT") or the Cash Value Accumulation Test ("CVAT") can impact the Life Insurance Benefit.

------

**(Effect of IRC Section 7702 on Life Insurance Benefit)** 

**VUL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LIFE INSURANCE BENEFIT OPTION 1** | **LIFE INSURANCE BENEFIT OPTION 1** | **LIFE INSURANCE BENEFIT OPTION 1** | **LIFE INSURANCE BENEFIT OPTION 2** | **LIFE INSURANCE BENEFIT OPTION 2** | **LIFE INSURANCE BENEFIT OPTION 2** |
| **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Cash Value |
|  | **Policy A** | **Policy B** |  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 | (1) Face Amount | 1000000 | 1000000 |
| (2) Cash Value | 400000 | 500000 | (2) Cash Value | 400000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 215<br> %<br>| 215<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 215<br> %<br>| 215<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1000000 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1400000 | 1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 860000 | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 860000 | 1935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1000000 | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1400000 | 1935000 |
| **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Cash Value |
|  | **Policy A** | **Policy B** |  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 | (1) Face Amount | 1000000 | 1000000 |
| (2) Cash Value | 200000 | 500000 | (2) Cash Value | 300000 | 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 346<br> %<br>| 346<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 346<br> %<br>| 346<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1000000 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1300000 | 1600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 692000 | 1730000 | &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 1038000 | 2076000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1000000 | 1730000 | &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1300000 | 2076000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **LIFE INSURANCE BENEFIT OPTION 3** | **LIFE INSURANCE BENEFIT OPTION 3** | **LIFE INSURANCE BENEFIT OPTION 3** |
| **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Adjusted Total<br> Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Adjusted Total<br> Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Adjusted Total<br> Premium |
|  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2) Adjusted Total <br> Premium<br>| 250000 | 250000 |
| (3) Cash Value | 500000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 215<br> %<br>| 215<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Basic Life Insurance <br> Benefit<br>| 1250000 | 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Cash Value <br> multiplied by 7702 <br> percentage<br>| 1075000 | 1612500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (7) Life Insurance <br> Benefit [Greater of <br> (5) or (6)]<br>| 1250000 | 1612500 |
| **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Nonsmoker, Age 45 at Death<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium |
|  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2) Adjusted Total <br> Premium<br>| 250000 | 250000 |
| (3) Cash Value | 300000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 346<br> %<br>| 346<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Basic Life Insurance <br> Benefit<br>| 1250000 | 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Cash Value <br> multiplied by 7702 <br> percentage<br>| 1038000 | 1730000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (7) Life Insurance <br> Benefit [Greater of <br> (5) or (6)]<br>| 1250000 | 1730000 |

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***Examples*** 

**(Effect of IRC Section 7702 on Life Insurance Benefit)** 

**SVUL** 

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| | |
|:---|:---|
| **LIFE INSURANCE BENEFIT OPTION 1** | **LIFE INSURANCE BENEFIT OPTION 2** |

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------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount + Cash Value |
|  | **Policy A** | **Policy B** |  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 | (1) Face Amount | 1000000 | 1000000 |
| (2) Cash Value | 100000 | 550000 | (2) Cash Value | 100000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 185<br> %\*<br>| 185<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 185<br> %\*<br>| 185<br> %\*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1000000 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1100000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 185000 | 1017500 | &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 185000 | 925000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1000000 | 1017500 | &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1100000 | 1500000 |
| **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount + Cash Value | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 at <br> Issue<br> Life Insurance Benefit = Face Amount + Cash Value |
|  | **Policy A** | **Policy B** |  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 | (1) Face Amount | 1000000 | 1000000 |
| (2) Cash Value | 100000 | 275000 | (2) Cash Value | 100000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 389<br> %\*<br>| 389<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 389<br> %\*<br>| 389<br> %\*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1000000 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; (4) Basic Life Insurance <br> Benefit<br>| 1100000 | 1350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 389000 | 1069750 | &nbsp;&nbsp;&nbsp;&nbsp; (5) Cash Value <br> multiplied by 7702 <br> percentage<br>| 389000 | 1361500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1000000 | 1069750 | &nbsp;&nbsp;&nbsp;&nbsp; (6) Life Insurance <br> Benefit [Greater of <br> (4) or (5)]<br>| 1100000 | 1361500 |

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\*

Percentage based on death of both insureds in first Policy Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | |
|:---|:---|:---|
| **LIFE INSURANCE BENEFIT OPTION 3** | **LIFE INSURANCE BENEFIT OPTION 3** | **LIFE INSURANCE BENEFIT OPTION 3** |
| **Example 1 (GPT)** | **Example 1 (GPT)** | **Example 1 (GPT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 <br> at Issue<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 <br> at Issue<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 <br> at Issue<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium |
|  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2) Adjusted Total <br> Premium<br>| 200000 | 200000 |
| (3) Cash Value | 100000 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 185<br> %\*<br>| 185<br> %\*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Basic Life Insurance <br> Benefit<br>| 1200000 | 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Cash Value <br> multiplied by 7702 <br> percentage<br>| 185000 | 1202500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (7) Life Insurance <br> Benefit [Greater of <br> (5) or (6)]<br>| 1200000 | 1202500 |
| **Example 2 (CVAT)** | **Example 2 (CVAT)** | **Example 2 (CVAT)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 <br> at Issue<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 <br> at Issue<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium | &nbsp;&nbsp;&nbsp;&nbsp; Male, Preferred, Age 55/Female, Preferred, Age 50 <br> at Issue<br> Life Insurance Benefit = Face Amount + Adjusted Total Premium |
|  | **Policy A** | **Policy B** |
| (1) Face Amount | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2) Adjusted Total <br> Premium<br>| 200000 | 200000 |
| (3) Cash Value | 100000 | 325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4) IRC Sec. 7702 <br> Percentage On Date <br> of Death<br>| 389<br> %\*<br>| 389<br> %\*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (5) Basic Life Insurance <br> Benefit<br>| 1200000 | 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6) Cash Value <br> multiplied by 7702 <br> percentage<br>| 389000 | 1264250 |
| &nbsp;&nbsp;&nbsp;&nbsp; (7) Life Insurance <br> Benefit [Greater of <br> (5) or (6)]<br>| 1200000 | 1264250 |

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\*

Percentage based on death of both insureds in first Policy Year.

***Additional Information About Changing Options***

You can change your Life Insurance Benefit Option once per Policy Year, provided the Insured is under age 100. The following examples demonstrate the impact this change can have on your Life Insurance Benefit.

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***Example*** 

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| | | | |
|:---|:---|:---|:---|
| ***Change From Option 1 To Option 2*** | ***Change From Option 1 To Option 2*** | ***Change From Option 2 To Option 1*** | ***Change From Option 2 To Option 1*** |
| &nbsp;&nbsp;&nbsp; Cash Value | &nbsp;&nbsp; $200000 | Cash Value | &nbsp;&nbsp; $150000 |
| &nbsp;&nbsp;&nbsp; Face Amount before option change | &nbsp;&nbsp; $2000000 | Face Amount Before option change | &nbsp;&nbsp; $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Face Amount after option change <br> ($2,000,000 – $200,000)<br>| &nbsp;&nbsp; $1800000 | &nbsp;&nbsp;&nbsp; Face Amount after option change <br> ($2,000,000 + $150,000)<br>| &nbsp;&nbsp; $2150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance Benefit immediately <br> before and after Option change<br>| &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; Life Insurance Benefit immediately before <br> and after Option change<br>| &nbsp;&nbsp; $2150000 |
| ***Change From Option 3 To Option 1*** | ***Change From Option 3 To Option 1*** | ***Change From Option 3 To Option 2*** | ***Change From Option 3 To Option 2*** |
|  |  | *Cash Value is greater than Adjusted Total Premium* | *Cash Value is greater than Adjusted Total Premium* |
| &nbsp;&nbsp;&nbsp; Adjusted Total Premium | &nbsp;&nbsp; $100000 | Adjusted Total Premium | &nbsp;&nbsp; $100000 |
| &nbsp;&nbsp;&nbsp; Cash Value | &nbsp;&nbsp; $150000 | Cash Value | &nbsp;&nbsp; $200000 |
| &nbsp;&nbsp;&nbsp; Face Amount before option change | &nbsp;&nbsp; $2000000 | Face Amount before option change | &nbsp;&nbsp; $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Face Amount after option change <br> ($2,000,000 + $100,000)<br>| &nbsp;&nbsp; $2100000 | &nbsp;&nbsp;&nbsp; Face Amount after option change <br> ($2,000,000 + $100,000 - $200,000)<br>| &nbsp;&nbsp; $1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance Benefit immediately <br> before and after Option change<br>| &nbsp;&nbsp; $2100000 | &nbsp;&nbsp;&nbsp; Life Insurance Benefit immediately before <br> and after Option change<br>| &nbsp;&nbsp; $2100000 |
| ***Change From Option 3 To Option 2*** | ***Change From Option 3 To Option 2*** |  |  |
| *Cash Value is less than Adjusted Total Premium* | *Cash Value is less than Adjusted Total Premium* |  |  |
| &nbsp;&nbsp;&nbsp; Adjusted Total Premium | &nbsp;&nbsp; $250000 |  |  |
| &nbsp;&nbsp;&nbsp; Cash Value | &nbsp;&nbsp; $200000 |  |  |
| &nbsp;&nbsp;&nbsp; Face Amount before Option change | &nbsp;&nbsp; $2000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Face Amount after Option change <br> ($2,000,000 + $250,000 - $200,000)<br>| &nbsp;&nbsp; $2050000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance Benefit immediately <br> before and after Option change<br>| &nbsp;&nbsp; $2250000 |  |  |

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**Distribution And Compensation Arrangements**

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NYLIFE Distributors, the underwriter and distributor of the policies, is registered with the SEC and FINRA as a broker-dealer. The firm is an indirect wholly-owned subsidiary of NYLIC, and an affiliate of NYLIAC. Its principal business address is 30 Hudson Street, Jersey City, NJ 07302.

The policies are sold by registered representatives of NYLIFE Securities, a broker-dealer that is an affiliate of NYLIFE Distributors, and by registered representatives of unaffiliated broker-dealers. Your registered representative is also a licensed insurance agent with NYLIC. He or she may be qualified to offer other forms of life insurance, annuities, and other investment products. In certain circumstances, NYLIFE Securities registered representatives can sell both products manufactured and issued by NYLIC or its affiliates and products provided by other companies.

The selling broker-dealer, and in turn your registered representative, will receive compensation for selling you this policy or any other investment product. Compensation may consist of commissions, asset-based compensation, allowances for expenses, and other compensation programs. The amount of compensation received by your registered representative will vary depending on the policy that he or she sells, on sales production goals, and on the specific payment arrangements of the relevant broker-dealer. Differing compensation arrangements have the potential to influence the recommendation made by your registered representative or broker-dealer.

For VUL, the maximum commissions payable to a broker-dealer in the first 30 years are equivalent to the present value of an annual commission rate for 30 years of 7.5% per year. (This figure is based on planned annual premiums of $3,500 and assumes a discount rate of 6%. Additional assumptions for VUL policies are: Male issue age 40, issued Preferred, with an initial face amount of $250,000.) Broker-dealers receive commission not to exceed 50% of the premiums paid up to a policy's Target Premium in Policy Year 1, 8% in Policy Year 2, 7% in Policy Year 3-10, 3.5% in Policy Years 11-15 and

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3.0% in Policy Years 16-30, plus 3.0% of premiums paid in excess of such amount in Policy Years 1-30. Broker-dealers may also receive additional asset-based fees of 0.10% in Policy Years 11 and beyond.

For SVUL, the maximum commissions payable to a broker-dealer in the first 30 years are equivalent to the present value of an annual commission rate for 30 years of 6.2% per year. (This figure is based on planned annual premiums of $15,000 and assumes a discount rate of 6%. Additional assumptions for the SVUL product are Male issue age 55, issued Preferred, and Female issue age 50, issued Preferred, with an initial face amount of $1,000,000.) Broker-dealers receive commission not to exceed 50% of the premiums paid up to the Target Premium in Policy Year 1, 8% for Policy Year 2, 6.25% for Policy Years 3 and 4, 6.5% for Policy Years 5 and 6, 5.5% for Policy Years 7, 5.0% for Policy Years 8-10, and 3.5% for Policy Years 11-15, plus 3.0% of premiums paid in excess of such amount in Policy Years 1-15.

The "Target Premium" is used in the calculation of the maximum commission payable and is based on the age(s) of the insured(s) at the inception of the policy, gender, and the face amount of the policy. Broker-dealers may also receive an allowance for expenses that ranges generally from 0% to 41% of first year premiums.

The total commissions paid during the fiscal year ended December 31, 2025, 2024, and 2023 were $441,806, $447,154, and $630,142, respectively. NYLIFE Distributors did not retain any of these commissions.

NYLIC also has other compensation programs where registered representatives, managers, and employees involved in the sales process receive additional compensation related to the sale of products manufactured and issued by NYLIC or its affiliates. NYLIFE Securities registered representatives who are members of the General Office management team receive compensation based on a number of sales-related incentive programs designed to compensate for education, supervision, training, and recruiting of agents.

Unaffiliated broker-dealers may receive sales support for products manufactured and issued by NYLIC or its affiliates from Brokerage General Agents ("BGAs") who are not employed by NYLIC. BGAs receive commissions on the policies based on a percentage of the commissions the registered representative receives and an allowance for expenses based on first year premiums paid.

NYLIFE Securities registered representatives can qualify to attend NYLIC-sponsored educational, training, and development conferences based on the sales they make of life insurance, annuities, and investment products during a particular twelve-month period. In addition, qualification for recognition programs sponsored by NYLIC depends on the sale of products manufactured and issued by NYLIC or its affiliates.

VUL and SVUL are no longer being offered. However, for both VUL and SVUL, premium payments on existing policies are accepted on a continuous basis (subject to any contractual restrictions that may exist).

**Underwriting A Policy**

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The underwriting of a policy determines: (1) whether the policy application will be approved or disapproved; and (2) into what underwriting class the insured should be placed. Risk factors that are considered for these determinations include: (a) the insured's age; (b) the insured's health history; (c) whether the insured smokes or not; and (d) the amount of insurance coverage requested on the policy application. As risk factors are added (i.e., higher age, smoker, poor health history, higher insurance coverage) the amount of the premium required for an approved policy will increase.

In the case where a policy's Face Amount of coverage is increased, monthly deductions are calculated by allocating Cash Values based on the earliest layer(s) of coverage first.

**Additional Information About Charges**

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The following example reflects how charges can impact a policy.

***VUL Example*** 

This example assumes a Male insured, issue age 40, Preferred rating, a Target Premium of $2,990, an annual planned premium of $3,500, an initial Face Amount of $250,000, and a selection of Life Insurance Benefit Option 1 and the Monthly Deduction Waiver rider by the policyowner. It also assumes current insurance charges and a hypothetical 6% net annual investment return. It also assumes the policy is in its first Policy Year. There is no guarantee that the current charges illustrated below will not change or that the net annual investment return will be realized.

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| | | |
|:---|:---|:---|
| PREMIUM | $3500.00 | You choose the amount of premium you intend to pay and the <br> frequency with which you intend to make these payments. We call this <br> your planned premium. Any additional premium payments you make are called unplanned premiums. |
| Less sales expense charge<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 150.95 | You choose the amount of premium you intend to pay and the <br> frequency with which you intend to make these payments. We call this <br> your planned premium. Any additional premium payments you make are called unplanned premiums. |
| Less state premium tax charge (2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70.00 | You choose the amount of premium you intend to pay and the <br> frequency with which you intend to make these payments. We call this <br> your planned premium. Any additional premium payments you make are called unplanned premiums. |
| &nbsp;&nbsp;&nbsp; Less Federal tax charge (1.25%) (if <br> applicable)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.75 | You choose the amount of premium you intend to pay and the <br> frequency with which you intend to make these payments. We call this <br> your planned premium. Any additional premium payments you make are called unplanned premiums. |
| NET PREMIUM | $3235.30 |  |
| &nbsp;&nbsp;&nbsp; Plus net investment performance <br> (earned from the Investment <br> Divisions and/or the Fixed Account)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165.19 | We allocate your net premium to the Investment Divisions, the Fixed Account and/or DCA Plus Account based on your instructions. |
| &nbsp;&nbsp;&nbsp; Less total annual monthly contract <br> charge<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 420.00 |  |
| &nbsp;&nbsp;&nbsp; Less total annual monthly cost of <br> insurance charge (varies monthly)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55.38 |  |
| &nbsp;&nbsp;&nbsp; Less total annual monthly cost of <br> riders<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.14 |  |
| &nbsp;&nbsp;&nbsp; Less total annual Mortality and <br> Expense Risk Charge<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.97 |  |
| &nbsp;&nbsp;&nbsp; Less total annual per Thousand<br> Face Amount charge<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340.86 |  |
| CASH VALUE | $2503.14 | Cash Value may be used to determine the amount of your Life Insurance Benefit as well as the Cash Surrender Value of your policy. |
| &nbsp;&nbsp;&nbsp; Less Surrender Charge<sup>(5)</sup> (if <br> applicable)<br>| &nbsp;&nbsp; 1750.00 |  |
| &nbsp;&nbsp;&nbsp; CASH SURRENDER VALUE<br> (as of the end of first Policy Year)<br>| $753.14 | We may assess a surrender charge when you make a Face Amount <br> decrease, partial surrender, or full surrender in the first ten Policy <br> Years, or within ten years after you increase the Face Amount.<sup>(5)</sup> <br>The amount of loans and surrenders you can make is based on your <br> policy's Cash Surrender Value. Your policy will terminate if your Cash Surrender Value is insufficient to pay your policy's monthly charges.<br>|

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<sup>(1)</sup>

For details about how we calculate the sales expense charge for your policy, please refer to the Table of Fees and Expenses in the prospectus.

<sup>(2)</sup>

We currently deduct a monthly contract charge of $35 per month from a policy in its first Policy Year. For a policy in a later Policy Year, we currently expect to deduct a monthly contract charge of $15 per month in Policy Years 2-10 and $10 in Policy Years 11 and beyond.

<sup>(3)</sup>

This example assumes you have chosen the elected the Monthly Deduction Waiver rider.

<sup>(4)</sup>

For details about how we calculate the Mortality and Expense Risk charge for your policy, please refer to the Table of Fees and Expenses in the prospectus.

<sup>(5)</sup>

If you surrender your Policy in the first Policy Year, we will include an additional contract charge in the surrender charge we deduct from your policy. For details, please refer to the Table of Fees and Expenses in the prospectus.

***SVUL Example*** 

This example assumes a Male issue age 55 and Female issue age 50, both Preferred, a Target Premium of $12,662, a Face Amount of $1,000,000, and a selection of Life Insurance Benefit Option 1 and the Monthly Deduction Waiver rider by the policyowner. This example assumes you pay an annual planned premium of $15,000 at the beginning of the Policy Year and that you do not make any unplanned premium payments. It assumes current insurance charges and a hypothetical 6% net annual investment return. It also assumes the policy is in its first Policy Year. There is no guarantee that the current charges illustrated below will not increase or that the net annual investment return will be realized.

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| | | |
|:---|:---|:---|
| PREMIUM | $15000.00 | You choose the amount of premium you intend to pay and the <br> frequency with which you intend to make these payments. We call this <br> your planned premium. Any additional premium payments you make are called unplanned premiums. |
| Less sales expense charge<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645.27 | You choose the amount of premium you intend to pay and the <br> frequency with which you intend to make these payments. We call this <br> your planned premium. Any additional premium payments you make are called unplanned premiums. |
| Less state premium tax charge (2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300.00 | You choose the amount of premium you intend to pay and the <br> frequency with which you intend to make these payments. We call this <br> your planned premium. Any additional premium payments you make are called unplanned premiums. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Less Federal tax charge (1.25%) (if <br> applicable)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187.50 |  |
| NET PREMIUM | $13867.23 |  |
| &nbsp;&nbsp;&nbsp; Plus net investment performance <br> (earned from the Investment <br> Divisions and/or the Fixed Account)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760.35 | We allocate your net premium to the Investment Divisions, the Fixed Account and/or DCA Plus Account based on your instructions. |
| &nbsp;&nbsp;&nbsp; Less total annual monthly contract <br> charge<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420.00 |  |
| &nbsp;&nbsp;&nbsp; Less total annual monthly cost of <br> insurance charge (varies monthly)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.23 |  |
| &nbsp;&nbsp;&nbsp; Less total annual monthly cost of <br> riders<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122.88 |  |
| &nbsp;&nbsp;&nbsp; Less total annual Mortality and <br> Expense Risk Charge<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72.62 |  |
| &nbsp;&nbsp;&nbsp; Less total annual per Thousand Face <br> Amount charge (not including <br> riders)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1593.36 |  |
| CASH VALUE | $12403.49 | Cash Value may be used to determine the amount of your Life Insurance Benefit as well as the Cash Surrender Value of your policy. |
| &nbsp;&nbsp;&nbsp; Less Surrender Charge<sup>(5)</sup> (if <br> applicable)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7500.00 |  |
| &nbsp;&nbsp;&nbsp; CASH SURRENDER VALUE (as of <br> the end of first Policy Year)<br>| $4903.49 | We may assess a surrender charge when you make a Face Amount <br> decrease, partial surrender, or full surrender in the first ten Policy <br> Years, or within ten years after you increase the Face Amount.<sup>(5)</sup> <br>The amount of loans and surrenders you can make is based on your <br> policy's Cash Surrender Value. Your policy will terminate if your Cash Surrender Value is insufficient to pay your policy's monthly charges.<br>|

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<sup>(1)</sup>

For details about how we calculate the sales expense charge for your policy, you should refer to the Table of Fees and Expenses in the prospectus.

<sup>(2)</sup>

We currently deduct a monthly contract charge of $35 per month from a policy in its first Policy Year. For a policy in a later Policy Year, we currently expect to deduct a monthly contract charge of $15 per month in Policy Years 2-10 and $10 in Policy Years 11 and beyond.

<sup>(3)</sup>

This example assumes you have elected the Monthly Deduction Waiver rider.

<sup>(4)</sup>

For details about how we calculate the Mortality and Expense Rate charges for your policy, please refer to the Table of Fees and Expenses in the prospectus.

<sup>(5)</sup>

If you surrender your policy in the first Policy Year, we will include an additional contract charge in the surrender charge we deduct from your policy. For details, please refer to the Table of Fees and Expenses in the prospectus.

The following is additional information about specific charges that can be associated with your policy.

**Deductions from Premiums**

***Sales expense charge***

We deduct a sales expense charge from each premium you pay to partially cover our expenses of selling the policy to you. The amount of the sales expense charge in a Policy Year is not necessarily related to our actual expenses for that particular year. To the extent that sales expenses are not covered by the sales expense charge, they will be recovered from the NYLIAC surplus, including any amounts derived from the Mortality and Expense Risk charge, the charge for cost of insurance protection, the per thousand Face Amount charge, or the monthly contract charge. The sales expense charge we deduct is a percentage of the premium you pay. This percentage varies depending on whether the total premium you have paid in any given Policy Year is above or below the Target Premium for your policy.

When your policy is issued, we determine the initial Target Premium for your policy. Your Target Premium is based on the specific age, sex, and underwriting class of the insured(s) and the base policy amount. We use the Target Premium for

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the purpose of calculating the sales expense charge. An increase in your Target Premium generally will increase the sales expense charge. You can find your initial Target Premium on the Policy Data Page. If you increase the Face Amount of your base policy, we will increase your Target Premium to reflect the amount of the increase and the insured's attained age on the most recent policy anniversary. If you decrease the Face Amount of your base policy, we will correspondingly decrease your Target Premium, starting with the portion of your Target Premium attributable to the most recent increase.

***State premium tax charge***

Some jurisdictions impose a tax on the premiums insurance companies receive from their policyowners currently ranging from 0.0% to 3.5% of premium payments (the rate may be higher in certain U.S. possessions). We deduct a charge of 2% of all premiums we receive to cover these state premium taxes. This charge may not reflect the actual premium tax charged in your state. We may increase the amount we deduct as a state premium tax charge to reflect changes in the law. Our right to increase this charge is limited in some jurisdictions by law.

***Federal tax charge***

NYLIAC's Federal tax obligations will increase based upon premiums associated with Non-Qualified Policies. For Non-Qualified Policies, we deduct 1.25% of each premium payment you make to cover the Federal tax that results. We do not deduct this charge from Qualified Policies. We may increase the amount we deduct as a federal tax charge to reflect changes in the law.

***Other tax charges***

Other than the Federal tax charge (discussed above), no other charge is currently made on the Separate Account for our Federal income taxes that may be attributable to the Separate Account. In the future, we may impose a charge for our Federal income taxes that are attributable to the Separate Account. In addition, depending on the method of calculating interest on amounts allocated to the Fixed Account and the DCA Plus Account, we may impose a charge for the policy's share of NYLIAC's Federal income taxes attributable to the Fixed Account and the DCA Plus Account.

Under current laws, we may incur state or local taxes other than premium taxes (including income, franchise and capital taxes) in several states. At present, these taxes are not significant. If there is a material change in applicable state or local tax laws, we reserve the right to charge the Separate Account for the portion of such taxes, if any, attributable to the Separate Account or the policies.

**Financial Statements**

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The statutory financial statements of NYLIAC as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025 incorporated in this SAI by reference to the report on Form N-VPFS dated April 7, 2026 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The financial statements of each of the investment divisions of the Separate Account as of December 31, 2025 and for each of the periods indicated in the Financial Statements incorporated in this SAI by reference to the report on Form N-VPFS dated April 7, 2026 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

[<u>Audited Statutory Financial Statements of NYLIAC as of December 31,</u> <u>2025 and</u> <u>2024 and</u> <u>for each of the three years</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312526145208/d82904dnvpfs.htm)[<u>in the period ended December 31,</u> <u>2025</u> <u>— previously filed on Form N-VPFS for NYLIAC Variable Universal Life Separate</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312526145208/d82904dnvpfs.htm)[<u>Account-I (File No.</u> <u>811-0779</u><u>8), filed on April</u> <u>7</u><u>,</u> <u>2026</u> <u>— are incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312526145208/d82904dnvpfs.htm)

[<u>Financial Statements of the Separate Account as of December 31,</u> <u>2025</u> <u>and for each of the periods as indicated in</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312526145208/d82904dnvpfs.htm)[<u>those Financial Statements — previously filed on Form N-VPFS for NYLIAC Variable Universal Life Separate Account-I</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312526145208/d82904dnvpfs.htm)[<u>(File No.</u> <u>811-0779</u><u>8), filed on April</u> <u>7</u><u>,</u> <u>2026</u> <u>— are incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312526145208/d82904dnvpfs.htm)

The SEC EDGAR Contract Identifier for the VUL Accumulator Policy is C000058633. <br>The SEC EDGAR Contract Identifier for the SVUL Accumulator Policy is C000065290.

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PART C. OTHER INFORMATION

ITEM 30. EXHIBITS

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| | |
|:---|:---|
| (a) | Board of Directors Resolution. |
| (a)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Resolution of the Board of Directors of NYLIAC establishing the Separate Account — Previously filed as</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>Exhibit 1.(1) to Registrant's initial Registration Statement on Form S-6, re-filed in accordance with</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>Regulation S-T, 17 CFR 232.102(e) as Exhibit 1.(1) to Registrant's Post-Effective Amendment No. 4 on</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>Form S-6 for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>033-6441</u><u>0), filed 4/25/97 and</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br>|
| (b) | Custodian Agreements. Not applicable. |
| (c) | Underwriting Contracts. |
| (c)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Distribution Agreement between NYLIFE Securities Inc. and NYLIAC — Previously filed as Exhibit 1.(3)(a) to</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>Post-Effective Amendment No. 1 to the registration statement on Form S-6 for NYLIAC MFA</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>Separate Account-I (File No.</u> <u>002-8608</u><u>4), re-filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>Exhibit 1.(3) (a)(1) to Post-Effective Amendment No. 4 to the registration statement on Form S-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>Variable Universal Life Separate Account-I (File No.</u> <u>033-6441</u><u>0), filed 4/25/97 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-97-003488.txt)<br>|
| (c)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Distribution Agreement between NYLIFE Distributors Inc. and NYLIAC — Previously filed as Exhibit (3)(b) to</u>](http://www.sec.gov/Archives/edgar/data/934298/0000950130-96-001281.txt)<br> [<u>Post-Effective Amendment No. 1 to the Registration Statement on Form N-4 for NYLIAC Variable Annuity</u>](http://www.sec.gov/Archives/edgar/data/934298/0000950130-96-001281.txt)<br> [<u>Separate Account-III (File No.</u> <u>033-8738</u><u>2), filed 4/18/96 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/934298/0000950130-96-001281.txt)<br>|
| (c)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Distribution and Underwriting Agreement, dated April 27, 2006, between New York Life Insurance and</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wcw3.txt)<br> [<u>Annuity Corporation and NYLIFE Distributors LLC — Previously filed in accordance with Regulation S-T, 17</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wcw3.txt)<br> [<u>CFR 232.102(e) as Exhibit (c)(3) to Post-Effective Amendment No. 16 on Form N-6 for NYLIAC Corporate</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wcw3.txt)<br> [<u>Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-4830</u><u>0), filed 8/15/06 and incorporated</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wcw3.txt)<br> [<u>herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wcw3.txt)<br>|
| (c)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment to Distribution and Underwriting Agreement, dated March 6, 2015, between New York Life</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312515129506/d862905dex99c4.htm)<br> [<u>Insurance and Annuity Corporation and NYLIFE Distributors LLC — Previously filed in accordance with</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312515129506/d862905dex99c4.htm)<br> [<u>Regulation S-T, 17 CFR 232.102(e) as Exhibit (c)(4) to Post-Effective Amendment No. 25 on Form N-6 for</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312515129506/d862905dex99c4.htm)<br> [<u>NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-7930</u><u>9), filed 4/14/2015 and incorporated</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312515129506/d862905dex99c4.htm)<br> [<u>herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312515129506/d862905dex99c4.htm)<br>|
| (d) | Contracts. |
| (d)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Policy for New York Life Variable Universal Life Accumulator (No. 308-30) — Previously filed in</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw1.txt)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(1) to the initial Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw1.txt)<br> [<u>Form N-6, for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw1.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw1.txt)<br>|
| (d)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Policy for New York Life Survivorship Variable Universal Life Accumulator (No. 308-150) —</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw3.txt)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(3) to the initial</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw3.txt)<br> [<u>Registration Statement on Form N-6, for NYLIAC Variable Universal Life Separate Account-I (File No. 333-</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw3.txt)<br> [<u>147707), filed 11/29/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw3.txt)<br>|
| (d)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Monthly Deduction Waiver (MDW) Rider (No. 308-320) — Previously filed in accordance with Regulation S-T,</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw5.txt)<br> [<u>17 CFR 232.102(e) as Exhibit (d)(5) to the initial Registration Statement on Form N-6, for NYLIAC Variable</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw5.txt)<br> [<u>Universal Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw5.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw5.txt)<br>|
| (d)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Guaranteed Insurability Rider — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>Exhibit 1.(5)(g) to Pre-Effective Amendment No. 1 to the registration statement on Form S-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>Variable Universal Life Separate Account-I (File No.</u> <u>333-7930</u> <u>9), filed 7/23/99 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br>|
| (d)(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Living Benefits Rider — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit 1.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>(5)(h) to Pre-Effective Amendment No. 1 to the registration statement on Form S-6 for NYLIAC Variable</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>Universal Life Separate Account-I (File No.</u> <u>333-7930</u><u>9), filed 7/23/99 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br>|

---

------

---

| | |
|:---|:---|
| (d)(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Insurance Exchange Rider (IER) — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e)</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>as Exhibit 1.5(i) to the Pre-Effective Amendment No. 1 to the registration statement on Form S-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>Variable Universal Life Separate Account-I (File No.</u> <u>333-7930</u> <u>9), filed 7/23/99 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br>|
| (d)(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Spouse's Paid-Up Insurance Purchase Option (SPPO) Rider (No. 305-375) — Previously filed in accordance</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw9.txt)<br> [<u>with Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(9) to the initial Registration Statement on Form N-6,</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw9.txt)<br> [<u>for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-1477</u> <u>07), filed 11/29/07 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw9.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw9.txt)<br>|
| (d)(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Life Extension Benefit (LEB) Rider (No. 308-350) — Previously filed in accordance with Regulation S-T, 17</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw10.txt)<br> [<u>CFR 232.102(e) as Exhibit (d)(10) to the initial Registration Statement on Form N-6, for NYLIAC Variable</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw10.txt)<br> [<u>Universal Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw10.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw10.txt)<br>|
| (d)(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Guaranteed Minimum Death Benefit (GMDB) Rider (No. 308-296) for New York Life Variable Universal Life</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw11.txt)<br> [<u>Accumulator — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(11) to</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw11.txt)<br> [<u>the initial Registration Statement on Form N-6, for NYLIAC Variable Universal Life Separate Account-I (File</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw11.txt)<br> [<u>No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw11.txt)<br>|
| (d)(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Guaranteed Minimum Death Benefit (GMDB) Rider (No. 308-295) for New York Life Survivorship Variable</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw12.txt)<br> [<u>Universal Life Accumulator — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw12.txt)<br> [<u>Exhibit (d)(12) to the initial Registration Statement on Form N-6, for NYLIAC Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw12.txt)<br> [<u>Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw12.txt)<br>|
| (d)(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Term Insurance on Other Covered Insured (OCI) Rider (No.308-340) — Previously filed in accordance with</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw13.txt)<br> [<u>Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(13) to the initial Registration Statement on Form N-6, for</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw13.txt)<br> [<u>NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-1477</u> <u>07), filed 11/29/07 and incorporated</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw13.txt)<br> [<u>herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw13.txt)<br>|
| (d)(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Accidental Death Benefit (ADB) Rider — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>232.102 (e) as Exhibit 1.5(a) to the Pre-Effective Amendment No. 1 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>Form S-6 for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-7930</u><u>9), filed 7/23/99 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012399006794/0000950123-99-006794.txt)<br>|
| (d)(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Level First To Die Term (FTD) Rider — Previously filed in accordance with Regulation S-T, 17 CFR 232.102</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-98-003398.txt)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>(e) as Exhibit 1. (5)(c)(2) to Registrant's Pre-Effective Amendment No. 1 on Form S-6 (File No.</u> <u>333-3915</u><u>7),</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-98-003398.txt)<br> [<u>filed 4/3/98 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-98-003398.txt)<br>|
| (d)(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Estate Protection Rider (EPR) (No. 308-405) — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw16.txt)<br> [<u>232.102(e) as Exhibit (d)(16) to the initial Registration Statement on Form N-6, for NYLIAC Variable</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw16.txt)<br> [<u>Universal Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw16.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw16.txt)<br>|
| (d)(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Overloan Protection Rider (OLP) (No. 308-940) — Previously filed in accordance with Regulation S-T, 17</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw17.txt)<br> [<u>CFR 232.102(e) as Exhibit (d)(17) to the initial Registration Statement on Form N-6, for NYLIAC Variable</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw17.txt)<br> [<u>Universal Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw17.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw17.txt)<br>|
| (d)(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Children's Insurance (CI) Rider (No. 793-345) — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw18.txt)<br> [<u>232.102(e) as Exhibit (d)(18) to the initial Registration Statement on Form N-6, for NYLIAC Variable</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw18.txt)<br> [<u>Universal Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw18.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wdw18.txt)<br>|
| (d)(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Guaranteed Minimum Accumulation Benefit (GMAB) Rider (No. 312-670) — Previously filed in accordance</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d14.htm)<br> [<u>with Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(14) to Post-Effective Amendment No. 4 to the</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d14.htm)<br> [<u>registration statement on Form N-6 for NYLIAC Variable Universal Life Separate Account-I (File No.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d14.htm)<br> [<u>333-1666</u><u>64), filed 3/1/12 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d14.htm)<br>|
| (d)(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Waiver of Specified Premium (WSP) Rider (No. 312-321) — Previously filed in accordance with Regulation</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d15.htm)<br> [<u>S-T, 17 CFR 232.102(e) as Exhibit (d)(15) to Post-Effective Amendment No. 4 to the registration statement</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d15.htm)<br> [<u>on Form N-6 for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-1666</u><u>64), filed 3/1/12 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d15.htm)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512091539/d307904dex99d15.htm)<br>|

---

------

---

| | |
|:---|:---|
| (d)(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Policy for Flexible Premium Variable Universal Life Insurance (No. 308-30) — Previously filed in</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d20.htm)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(20) to Post-Effective Amendment No. 9 to</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d20.htm)<br> [<u>the Registration Statement on Form N-6 for NYLIAC Variable Universal Life Separate Account — I (File No.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d20.htm)<br> [<u>333-1477</u><u>07), filed 4/26/12 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d20.htm)<br>|
| (d)(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Policy for Flexible Premium Survivorship Variable Universal Life Insurance (No. 308-150) —</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d21.htm)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (d)(21) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d21.htm)<br> [<u>Amendment No. 9 to the Registration Statement on Form N-6 for NYLIAC Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d21.htm)<br> [<u>Account — I (File No.</u> <u>333-1477</u><u>07), filed 4/26/12 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512186145/d307902dex99d21.htm)<br>|
| (e) | Applications. |
| (e)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of application for a Policy — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301002391/y46175aex99-10.txt)<br> [<u>Exhibit 1.(10) to the initial registration statement on Form S-6 for NYLIAC Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301002391/y46175aex99-10.txt)<br> [<u>Account-I (File No.</u> <u>333-5721</u><u>0), filed 3/19/01 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301002391/y46175aex99-10.txt)<br>|
| (e)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of application for a Policy (No. 209-500) — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wew2.txt)<br> [<u>232.102(e) as Exhibit (e)(2) to the initial Registration Statement on Form N-6, for NYLIAC Variable Universal</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wew2.txt)<br> [<u>Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 11/29/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012307016104/y41129exv99wew2.txt)<br>|
| (e)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of application for a Policy (No. 204-500) — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308018576/y63828exv99wew1.txt)<br> [<u>232.102(e) as Exhibit (e)(1) to the initial Registration Statement on Form N-6 for NYLIAC Variable Universal</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308018576/y63828exv99wew1.txt)<br> [<u>Life Separate Account-I (File No.</u><u>333-1565</u><u>13), filed 12/30/08 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308018576/y63828exv99wew1.txt)<br>|
| (e)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Application for a Policy (No. 211-500) — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512166403/d281569dex99e4.htm)<br> [<u>232.102(e) as Exhibit (e)(4) to Post-Effective Amendment No. 5 to the Registration Statement on Form N-6</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512166403/d281569dex99e4.htm)<br> [<u>for NYLIAC Variable Universal Life Separate Account — I (File No.</u> <u>333-1565</u><u>13), filed 4/17/12 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512166403/d281569dex99e4.htm)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312512166403/d281569dex99e4.htm)<br>|
| (f) | Depositor's Certificate of Incorporation and By-Laws. |
| (f)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Restated Certificate of Incorporation of NYLIAC — Previously filed as Exhibit (6)(a) to the registration</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>statement on Form S-6 for NYLIAC MFA Separate Account-I (File No.</u> <u>002-8608</u><u>3), re-filed in accordance</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>with Regulation S-T, 17 CFR 232.102(e) as Exhibit 1.(6)(a) to the initial registration statement on Form S-6</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>for NYLIAC Corporate Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-0761</u><u>7), filed</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>7/3/96 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br>|
| (f)(1)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Certificate of Incorporation of NYLIAC — Previously filed in accordance with</u>](http://www.sec.gov/Archives/edgar/data/726509/000119312513152755/d481981dex996a1.htm)<br> [<u>Regulation S-T, 17 CFR 232.102(e) as Exhibit 6(a)(1) to Post-Effective Amendment No. 36 to the registration</u>](http://www.sec.gov/Archives/edgar/data/726509/000119312513152755/d481981dex996a1.htm)<br> [<u>statement on Form N-4 for the NYLIAC MFA Separate Account — I (File No.</u> <u>002-8608</u><u>3), filed 4/12/13 and</u>](http://www.sec.gov/Archives/edgar/data/726509/000119312513152755/d481981dex996a1.htm)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/726509/000119312513152755/d481981dex996a1.htm)<br>|
| (f)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>By-Laws of NYLIAC — Previously filed as Exhibit (6)(b) to the registration statement on Form S-6 for</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>NYLIAC MFA Separate Account-I (File No.</u> <u>002-8608</u><u>3), re-filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>232.102(e) as Exhibit 1.(6)(b) to the initial registration statement on Form S-6 for NYLIAC Corporate</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-0761</u><u>7), filed 7/3/96 and incorporated</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br> [<u>herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-96-000563.txt)<br>|
| (f)(2)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendments to By-Laws of NYLIAC — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-98-003398.txt)<br> [<u>232.102(e) as Exhibit (6)(b)(2) to Pre-Effective Amendment No. 1 to the registration statement on Form S-6</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-98-003398.txt)<br> [<u>for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-3915</u><u>7), filed 4/3/98 and incorporated</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-98-003398.txt)<br> [<u>herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/0000950123-98-003398.txt)<br>|
| (f)(2)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated By-Laws of NYLIAC (effective May 1, 2009) — Previously filed in accordance with</u>](http://www.sec.gov/Archives/edgar/data/726509/000119312513152755/d481981dex996b3.htm)<br> [<u>Regulation S-T, 17 CFR 232.102(e) as Exhibit 6(b)(3) to the registration statement on Form N-4 for the</u>](http://www.sec.gov/Archives/edgar/data/726509/000119312513152755/d481981dex996b3.htm)<br> [<u>NYLIAC MFA Separate Account—I (File No.</u> <u>002-8608</u><u>3), filed 4/12/13 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/726509/000119312513152755/d481981dex996b3.htm)<br>|
| (g) | Reinsurance Contracts. |
| (g)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Specimen Automatic Reinsurance Agreement between NYLIAC and Certain Reinsurers Relating to Certain</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303004348/y64745bexv99wgw4.txt)<br> [<u>NYLIAC Variable Universal Life Policies — Previously filed in accordance with Regulation S-T, CFR</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303004348/y64745bexv99wgw4.txt)<br> [<u>232.102(e) as Exhibit (g) (4) to Post-Effective Amendment No. 8 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303004348/y64745bexv99wgw4.txt)<br> [<u>Form N-6 for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-7930</u><u>9), filed 4/16/03 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303004348/y64745bexv99wgw4.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303004348/y64745bexv99wgw4.txt)<br>|
| (h) | Participation Agreements. |

---

------

---

| | |
|:---|:---|
| (h)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement by and among AIM Variable Insurance Funds, AIM Distributors, Inc. and</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99whw22.txt)<br> [<u>NYLIAC dated 9/14/05 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99whw22.txt)<br> [<u>Exhibit (h)(22) to Post- Effective Amendment No. 13 to the registration statement on Form N-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99whw22.txt)<br> [<u>Corporate Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-4830</u><u>0), filed 9/15/05 and</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99whw22.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99whw22.txt)<br>|
| (h)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement, dated May 1, 2007, among New York Life Insurance and Annuity</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw26.txt)<br> [<u>Corporation, AllianceBernstein L.P. and AllianceBernstein Investments, Inc. — Previously filed in accordance</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw26.txt)<br> [<u>with Regulation S-T, 17 CFR 232.102(e) as Exhibit (h)(26) to Post-Effective Amendment No. 17 to the</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw26.txt)<br> [<u>registration statement on Form N-6 for NYLIAC Corporate Sponsored Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw26.txt)<br> [<u>Account-I (File No.</u> <u>333-4830</u><u>0), filed 4/18/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw26.txt)<br>|
| (h)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement, dated August 14, 2006, among New York Life Insurance and Annuity</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw24.txt)<br> [<u>Corporation, American Funds Insurance Series and Capital Research and Management Company —</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw24.txt)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (h)(24) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw24.txt)<br> [<u>Amendment No. 16 to the registration statement on Form N-6 for NYLIAC Corporate Sponsored Variable</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw24.txt)<br> [<u>Universal Life Separate Account-I (File No. 333- 48300), filed 8/15/06 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw24.txt)<br>|
| (h)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Fund Participation Agreement, dated March 25, 2011, and effective as of May 1, 2011, between</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wbwb.txt)<br> [<u>BlackRock Variable Series Funds, Inc., BlackRock Investments, LLC, and NYLIAC — Previously filed in</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wbwb.txt)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit 8(b)(b) to Post-Effective Amendment No. 25</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wbwb.txt)<br> [<u>to the registration statement on Form N-4 for NYLIAC Variable Annuity Separate Account—I (File</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wbwb.txt)<br> [<u>No.</u> <u>033-5334</u><u>2), filed 4/14/11 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wbwb.txt)<br>|
| (h)(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement among Columbia Funds Variable Series Trust II, Columbia Management</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312515129401/d863004dex998gg.htm)<br> [<u>Investment Distributors, Inc. and New York Life Insurance and Annuity Corporation, dated March 1, 2015 —</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312515129401/d863004dex998gg.htm)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (8)(g)(g) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312515129401/d863004dex998gg.htm)<br> [<u>Amendment No. 29 to the registration statement on Form N-4 for NYLIAC Variable Annuity Separate</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312515129401/d863004dex998gg.htm)<br> [<u>Account-I (File No.</u> <u>033-5334</u><u>2), filed 4/14/15 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312515129401/d863004dex998gg.htm)<br>|
| (h)(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Fund Participation Agreement, dated August 14, 2006, among New York Life Insurance and</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw25.txt)<br> [<u>Annuity Corporation, Delaware VIP Trust, Delaware Management Company, and Delaware Distributors, L.P.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw25.txt)<br> [<u>— Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (h)(25) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw25.txt)<br> [<u>Amendment No. 16 to the registration statement on Form N-6 for NYLIAC Corporate Sponsored Variable</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw25.txt)<br> [<u>Universal Life Separate Account—(File No.</u> <u>333-4830</u><u>0), filed 8/15/06 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99whw25.txt)<br>|
| (h)(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement, dated May 1, 2007, among New York Life Insurance and Annuity</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw27.txt)<br> [<u>Corporation, DWS Variable Series I, DWS Variable Series II, and DWS Investments VIT Funds, DWS</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw27.txt)<br> [<u>Scudder Distributors, Inc. and Deutsche Investment Management Americas Inc. — Previously filed in</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw27.txt)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (h)(27) to Post-Effective Amendment No. 17</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw27.txt)<br> [<u>to the registration statement on Form N-6 for NYLIAC Corporate Sponsored Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw27.txt)<br> [<u>Account-I (File No.</u> <u>333-4830</u><u>0), filed 4/18/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99whw27.txt)<br>|
| (h)(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement among Dreyfus Investment Portfolios, The Dreyfus Corporation, Dreyfus</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_r.txt)<br> [<u>Service Corporation and NYLIAC dated 6/1/01 — Previously filed in accordance with Regulation S-T, 17</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_r.txt)<br> [<u>CFR 232.102(e) as Exhibit (9)(r) to Pre-Effective Amendment No. 1 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_r.txt)<br> [<u>Form S-6 for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-5721</u><u>0), filed 6/4/01 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_r.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_r.txt)<br>|
| (h)(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Participation Agreement among Variable Insurance Products Funds, Fidelity</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012310034440/y82768exv99w8wf.txt)<br> [<u>Distributors Corporation and NYLIAC, as amended, dated 11/23/09 — Previously filed in accordance with</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012310034440/y82768exv99w8wf.txt)<br> [<u>Regulation S-T, 17 CFR 232.102(e) as Exhibit (8)(f) to Post-Effective Amendment No. 24 to the registration</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012310034440/y82768exv99w8wf.txt)<br> [<u>statement on Form N-4 for NYLIAC Variable Annuity Separate Account-I (File No.</u> <u>033-5334</u><u>2), filed 4/13/10</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012310034440/y82768exv99w8wf.txt)<br> [<u>and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012310034440/y82768exv99w8wf.txt)<br>|
| (h)(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement between Janus Aspen Series and NYLIAC dated 6/20/96 — Previously filed in</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit 1(9)(b)(3) to Pre-Effective Amendment No. 1</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>to the registration statement on Form S-6 for NYLIAC Corporate Sponsored Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>Account-I (File No. 333- 07617), filed 1/2/97 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br>|
| (h)(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement among Legg Mason Investor Services, LLC and New York Life Insurance</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998jj.htm)<br> [<u>and Annuity Corporation dated 5/1/07 — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998jj.htm)<br> [<u>232.102(e) as Exhibit (8)(j)(j) to Post-Effective Amendment No. 31 to the registration statement on Form N-4</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998jj.htm)<br> [<u>for NYLIAC Variable Annuity Separate Account-I (File No.</u> <u>033-5334</u><u>2), filed 4/11/17 and incorporated herein</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998jj.htm)<br> [<u>by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998jj.htm)<br>|

---

------

---

| | |
|:---|:---|
| (h)(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Stock Sale Agreement between NYLIAC and MainStay VP Series Fund, Inc. (formerly New York Life MFA</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>Series Fund, Inc.) dated 6/4/93 — Previously as Exhibit 1.(9) to Registrant's Pre-Effective Amendment No. 1</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>on Form S-6, refiled as Exhibit 1.(9)(a) to Pre-Effective Amendment No. 1 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>Form S-6 for NYLIAC Corporate Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-0761</u><u>7),</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>filed 1/2/97 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br>|
| (h)(12)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment dated 9/27/02 to Stock Sale Agreement dated 6/4/93 between NYLIAC and MainStay VP Series</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303004017/e8282301exv99w8wn.txt)<br> [<u>Fund, Inc. — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (8)(n) to</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303004017/e8282301exv99w8wn.txt)<br> [<u>Post-Effective Amendment No. 18 to the registration statement on Form N-4 for NYLIAC Variable Annuity</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303004017/e8282301exv99w8wn.txt)<br> [<u>Separate Account-III (File No.</u> <u>033-8738</u><u>2), filed 4/9/03 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303004017/e8282301exv99w8wn.txt)<br>|
| (h)(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement among New York Life Insurance and Annuity Corporation, MainStay VP Series</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8wy.txt)<br> [<u>Fund, Inc., and New York Life Investment Management LLC dated 10/7/04 — Previously filed in accordance</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8wy.txt)<br> [<u>with Regulation S-T, 17 CFR 232.102(e) as Exhibit (8)(y) to Post-Effective Amendment No. 20 to the</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8wy.txt)<br> [<u>registration statement on Form N-4 for NYLIAC Variable Annuity Separate Account I (File No.</u> <u>033-5334</u><u>2),</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8wy.txt)<br> [<u>filed 4/10/06 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8wy.txt)<br>|
| (h)(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement among MFS Variable Insurance Trust, Massachusetts Financial Services</u>](http://www.sec.gov/Archives/edgar/data/893167/0000950123-98-003891.txt)<br> [<u>Company and NYLIAC — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/893167/0000950123-98-003891.txt)<br> [<u>Exhibit (8)(j) to Post- Effective Amendment No. 7 to the registration statement on Form N-4 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/893167/0000950123-98-003891.txt)<br> [<u>Variable Annuity Separate Account-I (File No.</u> <u>033-5334</u><u>2), filed 4/16/98 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/893167/0000950123-98-003891.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/0000950123-98-003891.txt)<br>|
| (h)(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement among Morgan Stanley Universal Funds, Inc., Morgan Stanley Asset Management</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>Inc. and NYLIAC dated 6/28/96 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>Exhibit 1.(9)(b)(4) to Pre-Effective Amendment No. 1 to the registration statement on Form S-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>Corporate Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-0761</u><u>7), filed 1/2/97 and</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/0000950136-97-000002.txt)<br>|
| (h)(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Fund Participation Agreement among Neuberger Berman Advisers Management Trust, Neuberger</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_q.txt)<br> [<u>Berman Management Inc. and NYLIAC dated 6/6/01 — Previously filed in accordance with Regulation S-T,</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_q.txt)<br> [<u>17 CFR 232.102(e) as Exhibit (9)(q) to Pre-Effective Amendment No. 1 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_q.txt)<br> [<u>Form S-6 for NYLIAC Variable Universal Life Separate Account-I (File No.</u> <u>333-5721</u><u>0), filed 6/4/01 and</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_q.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_q.txt)<br>|
| (h)(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement among NYLIAC, PIMCO Variable Insurance Trust and PIMCO Advisors</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012304004616/y91332exv99whw17.txt)<br> [<u>Distributors LLC dated 4/12/04 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012304004616/y91332exv99whw17.txt)<br> [<u>Exhibit (h)(17) to Post-Effective Amendment No. 9 to the registration statement on Form N-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012304004616/y91332exv99whw17.txt)<br> [<u>Corporate Sponsored Variable Universal Life Separate Account—I (File No.</u> <u>333-4830</u><u>0), filed 4/14/04 and</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012304004616/y91332exv99whw17.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012304004616/y91332exv99whw17.txt)<br>|
| (h)(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement, dated June 5, 2007, among New York Life Insurance and Annuity Corporation,</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307008309/y35257exv99whw28.txt)<br> [<u>Lincoln Variable Insurance Products Trust, Lincoln Financial Distributors, Inc. and Lincoln Investment</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307008309/y35257exv99whw28.txt)<br> [<u>Advisors Corporation — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307008309/y35257exv99whw28.txt)<br> [<u>Exhibit (h)(28) to Post-Effective Amendment No. 18 to the registration statement on Form N-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307008309/y35257exv99whw28.txt)<br> [<u>Corporate Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-4830</u><u>0), filed 6/5/07 and</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307008309/y35257exv99whw28.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307008309/y35257exv99whw28.txt)<br>|
| (h)(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement among New York Life Insurance and Annuity Corporation, Principal Variable</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h19.htm)<br> [<u>Contracts Fund, Inc., Principal Funds Distributor, Inc. and Principal Global Investors, LLC, dated 3/14/24 –</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h19.htm)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (h)(19) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h19.htm)<br> [<u>Amendment No. 35 to the registration statement on Form N-6 for NYLIAC Variable Universal Life Separate</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h19.htm)<br> [<u>Account - I (File No.</u> <u>333-7930</u><u>9), filed 4/11/24 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h19.htm)<br>|
| (h)(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement among New York Life Insurance and Annuity Corporation, Putnam Variable Trust,</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h20.htm)<br> [<u>and Putnam Retail Management Limited Partnership, dated 4/1/24 – Previously filed in accordance with</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h20.htm)<br> [<u>Regulation S-T, 17 CFR 232.102(e) as Exhibit (h)(20) to Post-Effective Amendment No. 35 to the registration</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h20.htm)<br> [<u>statement on Form N-6 for NYLIAC Variable Universal Life Separate Account - I (File No.</u> <u>333-7930</u><u>9), filed</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h20.htm)<br> [<u>4/11/24 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99h20.htm)<br>|
| (h)(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement among New York Life Insurance and Annuity Corporation, Franklin Templeton</u>](d38528dex99h21.htm)<br> [<u>Variable Insurance Products Trust, and Franklin Distributors, LLC, dated 5/1/26 – Filed herewith.</u>](d38528dex99h21.htm)<br>|
| (h)(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Participation Agreement among New York Life Insurance and Annuity Corporation, Goldman Sachs</u>](d38528dex99h22.htm)<br> [<u>Variable Insurance Trust, and Goldman Sachs & Co. LLC – Filed herewith.</u>](d38528dex99h22.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (i) | Administrative Contracts. |
| (i)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Service Agreement by and between AIM Advisors, Inc. and NYLIAC — Previously filed in</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99wiw18.txt)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(18) to Post-Effective Amendment No. 13</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99wiw18.txt)<br> [<u>to the registration statement on Form N-6 for NYLIAC Corporate Sponsored Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99wiw18.txt)<br> [<u>Account-I (File No. 333- 48300), filed 9/15/05 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012305011135/y12301exv99wiw18.txt)<br>|
| (i)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Administrative Services Agreement, dated May 1, 2007, among New York Life Insurance and</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw23.txt)<br> [<u>Annuity Corporation, AllianceBernstein L.P. and AllianceBernstein Investments, Inc. — Previously filed in</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw23.txt)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(23) to Post-Effective Amendment No. 17</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw23.txt)<br> [<u>to the registration statement on Form N-6 for NYLIAC Corporate Sponsored Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw23.txt)<br> [<u>Account-I (File No. 333- 48300), filed 4/18/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw23.txt)<br>|
| (i)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Business Agreement, dated August 14, 2006, among New York Life Insurance and Annuity</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wiw21.txt)<br> [<u>Corporation, American Funds Distributors, Inc., and Capital Research and Management Company —</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wiw21.txt)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(21) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wiw21.txt)<br> [<u>Amendment No. 16 to the registration statement on Form N-6 for NYLIAC Corporate Sponsored Variable</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wiw21.txt)<br> [<u>Universal Life Separate Account-I (File No. 333- 48300), filed 8/15/06 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012306010606/y23652bexv99wiw21.txt)<br>|
| (i)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Administrative Services Agreement, dated March 25, 2011, and effective as of May 1, 2011,</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wawa.txt)<br> [<u>between BlackRock Advisors, LLC and NYLIAC — Previously filed in accordance with Regulation S-T, 17</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wawa.txt)<br> [<u>CFR 232.102(e) as Exhibit 8(a)(a) to Post-Effective Amendment No. 25 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wawa.txt)<br> [<u>Form N-4 for NYLIAC Variable Annuity Separate Account — I (File No.</u> <u>033-5334</u><u>2), filed 4/14/11 and</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wawa.txt)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012311035635/y88561exv99w8wawa.txt)<br>|
| (i)(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Services Letter of Agreement between Columbia Funds Distributor, Inc. and NYLIAC dated</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012305004400/y04529paexv99w8wt.txt)<br> [<u>11/1/04 — Previously filed in accordance with Regulation S-T, 17 CFR 231.102(e) as Exhibit (8)(t) to</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012305004400/y04529paexv99w8wt.txt)<br> [<u>Post-Effective Amendment No. 18 to the registration statement on Form N-4 for NYLIAC Variable Annuity</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012305004400/y04529paexv99w8wt.txt)<br> [<u>Separate Account-I (File No. 033- 53342), filed 4/12/05 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012305004400/y04529paexv99w8wt.txt)<br>|
| (i)(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Service Agreement, dated August 15, 2006, between Delaware Distributors, L.P. and New York Life</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw22.txt)<br> [<u>Insurance and Annuity Corporation — Previously filed in accordance with Regulation S-T, 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw22.txt)<br> [<u>232.102(e) as Exhibit (i)(22) to Post-Effective Amendment No. 17 to the registration statement on Form N-6</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw22.txt)<br> [<u>for NYLIAC Corporate Sponsored Variable Universal Life Separate Account — I (File No.</u> <u>333-4830</u><u>0), filed</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw22.txt)<br> [<u>4/18/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307005590/e28451exv99wiw22.txt)<br>|
| (i)(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Services Letter of Agreement, dated May 1, 2007, between Deutsche Investment Manager</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw14.txt)<br> [<u>Americas, Inc. and NYLIAC — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw14.txt)<br> [<u>Exhibit (i)(14) to Pre- Effective Amendment No. 1 to the registration statement on Form N-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw14.txt)<br> [<u>Variable Universal Life Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 4/14/08 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw14.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw14.txt)<br>|
| (i)(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Services Agreement between Dreyfus Corporation and NYLIAC dated June 1, 2001 —</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw3.txt)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(3) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw3.txt)<br> [<u>Amendment No. 6 to the registration statement on Form N-6 for NYLIAC Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw3.txt)<br> [<u>Account-I (File No.</u> <u>333-7930</u><u>9), filed 1/21/03 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw3.txt)<br>|
| (i)(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Service Agreement between Fidelity Investments Institutional Operations Company, Inc. and NYLIAC dated</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw7.txt)<br> [<u>June 1, 1999 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(7) to</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw7.txt)<br> [<u>Post-Effective Amendment No. 6 to the registration statement on Form N-6 for NYLIAC Variable Universal</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw7.txt)<br> [<u>Life Separate Account-I (File No.</u> <u>333-7930</u><u>9), filed 1/21/03 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw7.txt)<br>|
| (i)(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Services Agreement between Janus Capital Corporation and NYLIAC dated 10/1/00 —</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw4.txt)<br> [<u>Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(4) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw4.txt)<br> [<u>Amendment No. 6 to the registration statement on Form N-6 for NYLIAC Variable Universal Life Separate</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw4.txt)<br> [<u>Account-I (File No.</u> <u>333-7930</u><u>9), filed 1/21/03 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw4.txt)<br>|
| (i)(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Administrative Services Agreement among Legg Mason Investor Services, LLC and New York Life</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998kk.htm)<br> [<u>Insurance and Annuity Corporation dated 5/1/07 — Previously filed in accordance with Regulation S-T, 17</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998kk.htm)<br> [<u>CFR 232.102(e) as Exhibit (8)(k)(k) to Post-Effective Amendment No. 31 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998kk.htm)<br> [<u>Form N-4 for NYLIAC Variable Annuity Separate Account-I (File No.</u> <u>033-5334</u><u>2), filed 4/11/17 and</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998kk.htm)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312517119906/d254951dex998kk.htm)<br>|

---

------

---

| | |
|:---|:---|
| (i)(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Substitution Agreement among NYLIAC, MainStay Management LLC, and New York Life Investment</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_s.txt)<br> [<u>Management LLC — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (9)(s)</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_s.txt)<br> [<u>to Pre- Effective Amendment No. 1 to the registration statement on Form S-6 for NYLIAC Variable Universal</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_s.txt)<br> [<u>Life Separate Account-I (File No.</u> <u>333-5721</u><u>0), filed 6/4/01 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012301503193/y46175a1ex99-9_s.txt)<br>|
| (i)(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Services Agreement between Massachusetts Financial Services Company and NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303001262/y66349exv99wiw8.txt)<br> [<u>dated 2/18/00 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(8) to</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303001262/y66349exv99wiw8.txt)<br> [<u>Post-Effective Amendment No. 3 to the registration statement on Form N-6 for NYLIAC Variable Universal</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303001262/y66349exv99wiw8.txt)<br> [<u>Life Separate Account-I (File No.</u><u>333-5721</u><u>0), filed 2/12/03 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303001262/y66349exv99wiw8.txt)<br>|
| (i)(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Service Agreement between Morgan Stanley & Co. Incorporated and NYLIAC dated</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw15.txt)<br> [<u>4/30/03 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(15) to</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw15.txt)<br> [<u>Pre-Effective Amendment No. 1 to the registration statement on Form N-6 for NYLIAC Variable Universal Life</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw15.txt)<br> [<u>Separate Account-I (File No.</u> <u>333-1477</u><u>07), filed 4/14/08 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012308004127/y41129a1exv99wiw15.txt)<br>|
| (i)(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Distribution and Administrative Services Agreement, Class S Shares, between Neuberger Berman</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303005933/e85376exv99w8ww.txt)<br> [<u>Management, Inc. and NYLIAC — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303005933/e85376exv99w8ww.txt)<br> [<u>Exhibit (8)(w) to Post-Effective Amendment No. 19 to the registration statement on Form N-4 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303005933/e85376exv99w8ww.txt)<br> [<u>Variable Annuity Separate Account III (File No.</u> <u>033-8738</u><u>2), filed 5/14/03 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303005933/e85376exv99w8ww.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/934298/000095012303005933/e85376exv99w8ww.txt)<br>|
| (i)(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative, Distribution and Business Services Agreements between New York Life Investment</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw5.txt)<br> [<u>Management LLC and NYLIAC — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw5.txt)<br> [<u>Exhibit (i)(5) to Post- Effective Amendment No. 6 to the registration statement on Form N-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw5.txt)<br> [<u>Variable Universal Life Separate Account-I (File No.</u> <u>333-7930</u><u>9), filed 1/21/03 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw5.txt)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012303000483/y64745exv99wiw5.txt)<br>|
| (i)(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Services Agreement between New York Life Investment Management LLC and NYLIAC dated</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8ww.txt)<br> [<u>1/1/05 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (8)(w) to</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8ww.txt)<br> [<u>Post-Effective Amendment No. 20 to the registration statement on Form N-4 for NYLIAC Variable Annuity</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8ww.txt)<br> [<u>Separate Account-I (File No.</u> <u>033-5334</u><u>2), filed 4/10/06 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000095012306004443/y15985exv99w8ww.txt)<br>|
| (i)(17)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Administrative Services Agreement between New York Life Investment Management</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312512159084/d281650dex998cc.htm)<br> [<u>LLC and NYLIAC, dated February 17, 2012 — Previously filed in accordance with Regulation S-T 17 CFR</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312512159084/d281650dex998cc.htm)<br> [<u>232.102(e) as Exhibit (8)(c)(c) to Post-Effective Amendment No. 26 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312512159084/d281650dex998cc.htm)<br> [<u>Form N-4 for NYLIAC Variable Annuity Separate Account — I (File No.</u> <u>033-5334</u><u>2), filed 4/11/12 and</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312512159084/d281650dex998cc.htm)<br> [<u>incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/893167/000119312512159084/d281650dex998cc.htm)<br>|
| (i)(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Services Agreement between PIMCO Variable Insurance Trust and NYLIAC dated 4/12/04 — Previously</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012305004452/y04560exv99wiw13.txt)<br> [<u>filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(13) to Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012305004452/y04560exv99wiw13.txt)<br> [<u>No. 10 to the registration statement on Form N-6 for NYLIAC Variable Universal Life Separate Account-I (File</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012305004452/y04560exv99wiw13.txt)<br> [<u>No.</u> <u>333-5721</u><u>0), filed 4/13/05 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000095012305004452/y04560exv99wiw13.txt)<br>|
| (i)(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Administrative Services Agreement dated June 5, 2007 between Lincoln Investment Advisors Corporation</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307016616/y43759exv99wiw25.txt)<br> [<u>and New York Life Insurance and Annuity Corporation — Previously filed in accordance with Regulation S-T,</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307016616/y43759exv99wiw25.txt)<br> [<u>17 CFR 232.102(e) as Exhibit (i)(25) to Post-Effective Amendment No. 19 to the registration statement on</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307016616/y43759exv99wiw25.txt)<br> [<u>Form N-6 for NYLIAC Corporate Sponsored Variable Universal Life Separate Account-I (File No.</u> <u>333-4830</u><u>0),</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307016616/y43759exv99wiw25.txt)<br> [<u>filed 12/13/07 and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/1018042/000095012307016616/y43759exv99wiw25.txt)<br>|
| (i)(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amended and Restated Service Contract between Fidelity Distributors Corporation and NYLIFE</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312520102491/d848954dex99i20.htm)<br> [<u>Distributors dated 10/1/11 — Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312520102491/d848954dex99i20.htm)<br> [<u>Exhibit (i)(20) to Post-Effective Amendment No. 31 to the registration statement on Form N-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312520102491/d848954dex99i20.htm)<br> [<u>Variable Universal Life Separate Account-I (File No.</u> <u>333-7930</u> <u>9), filed 4/9/20 and incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312520102491/d848954dex99i20.htm)<br> [<u>reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312520102491/d848954dex99i20.htm)<br>|
| (i)(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Tri Party Agreement among Legg Mason Partners Variable Equity Trust, Legg Mason Partners Fund Advisor,</u>](https://www.sec.gov/Archives/edgar/data/934298/000119312521341942/d244072dex99i11.htm)<br> [<u>LLC, New York Life Insurance and Annuity Corporation, American Funds Insurance Series, American Funds</u>](https://www.sec.gov/Archives/edgar/data/934298/000119312521341942/d244072dex99i11.htm)<br> [<u>Distributor, Inc., and Capital Research and Management Company dated 4/13/2020—Previously filed in</u>](https://www.sec.gov/Archives/edgar/data/934298/000119312521341942/d244072dex99i11.htm)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(11) to Post-Effective Amendment No. 2 to</u>](https://www.sec.gov/Archives/edgar/data/934298/000119312521341942/d244072dex99i11.htm)<br> [<u>the registration statement on Form N-4 for NYLIAC Variable Annuity Separate Account III (File No.</u>](https://www.sec.gov/Archives/edgar/data/934298/000119312521341942/d244072dex99i11.htm)<br> [<u>333-2397</u><u>52), filed 11/29/21 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/934298/000119312521341942/d244072dex99i11.htm)<br>|

---

------

---

| | |
|:---|:---|
| (i)(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Tri Party Agreement dated January 21, 2022, among Legg Mason Partners Variable Equity Trust, Legg</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312522081695/d295816dex99i22.htm)<br> [<u>Mason Partners Fund Advisor, LLC, New York Life Insurance and Annuity Corporation, and Invesco</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312522081695/d295816dex99i22.htm)<br> [<u>Advisers, Inc(with certain marked omissions that are not material and would cause competitive harm if</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312522081695/d295816dex99i22.htm)<br> [<u>disclosed)— Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(22) to the</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312522081695/d295816dex99i22.htm)<br> [<u>registration statement on Form N-6 for NYLIAC Variable Universal Life Separate Account-I, filed 3/22/22 and</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312522081695/d295816dex99i22.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312522081695/d295816dex99i22.htm)<br>|
| (i)(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Marketing and Administrative Services Agreement between New York Life Insurance and Annuity</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99i23.htm)<br> [<u>Corporation and Putnam Retail Management Limited Partnership, dated 4/1/24 – Previously filed in</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99i23.htm)<br> [<u>accordance with Regulation S-T, 17 CFR 232.102(e) as Exhibit (i)(23) to Post-Effective Amendment No. 35</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99i23.htm)<br> [<u>to the registration statement on Form N-6 for NYLIAC Variable Universal Life Separate Account - I (File No.</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99i23.htm)<br> [<u>333-7930</u><u>9), filed 4/11/24 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/906982/000119312524092918/d660422dex99i23.htm)<br>|
| (i)(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Services Agreement between New York Life Insurance and Annuity Corporation and Franklin Distributors,</u>](d38528dex99i24.htm)<br> [<u>LLC, dated 5/1/26 – Filed herewith.</u>](d38528dex99i24.htm)<br>|
| (i)(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Administrative Services Agreement between New York Life Insurance and Annuity Corporation and</u>](d38528dex99i25.htm)<br> [<u>Goldman Sachs Asset Management, L.P. – Filed herewith.</u>](d38528dex99i25.htm)<br>|
| (j) | Other Material Contracts. |
| (j)(1) | Powers of Attorney - [<u>Filed herewith</u>](d38528dex99j1.htm). |
| (k) | Legal Opinion. |
| (k)(1) | Opinion and Consent of Charles A. Whites Jr., Esq. - [<u>Filed herewith</u>](d38528dex99k1.htm). |
| (l) | Actuarial Opinion. Not applicable. |
| (m) | Calculation. Not applicable. |
| (n) | Other Opinions. |
| (n)(1) | Consent of PricewaterhouseCoopers LLP - [<u>Filed herewith</u>](d38528dex99n1.htm). |
| (o) | Omitted Financials Statements. Not applicable. |
| (p) | Initial Capital Agreements. Not applicable. |
| (q) | Redeemability Exemption. |
| (q)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Memorandum describing NYLIAC's issuance, transfer and redemption procedures for the Policies Pursuant</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312516540009/d120434dex99q.htm)<br> [<u>to Rule 6e-3(T)(b)(12)(iii)— Previously filed in accordance with Regulation S-T, 17 CFR 232.102(e) as</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312516540009/d120434dex99q.htm)<br> [<u>Exhibit (q) to Post-Effective Amendment No. 17 to the registration statement on Form N-6 for NYLIAC</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312516540009/d120434dex99q.htm)<br> [<u>Variable Universal Life Separate Account — I (File No.</u> <u>333-1477</u><u>07), filed 4/13/16 and incorporated herein</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312516540009/d120434dex99q.htm)<br> [<u>by reference.</u>](http://www.sec.gov/Archives/edgar/data/906982/000119312516540009/d120434dex99q.htm)<br>|
| (r) | Form of Initial Summary Prospectus. Not applicable. |

---

------

ITEM 31. DIRECTORS AND OFFICERS OF THE DEPOSITOR

The principal business address of each director and officer of NYLIAC is 51 Madison Avenue, New York, NY 10010.

---

| | |
|:---|:---|
| **Name:** | **Title:** |
| DeSanto, Craig L. | Chairman, Chief Executive Officer & President |
| Anderson, Erik A. | Director, Senior Vice President & Chief Actuary |
| Feldstein, Eric M. | Director, Executive Vice President & Chief Financial Officer |
| Hendry, Thomas A. | Director, Senior Vice President & Treasurer |
| Kravitz, Jodi L. | Director & Senior Vice President |
| McDonnell, Michael K. | Director, Senior Vice President, General Counsel & Chief Legal Officer |
| Miller, Amy | Director, Senior Vice President, Deputy General Counsel & Assistant Secretary |
| Chen, Angela | Senior Vice President & Controller |
| Ball, Aaron | Executive Vice President |
| Karaoglan, Alain M. | Executive Vice President |
| Madgett, Mark J. | Executive Vice President |
| Soni, Deepa | Executive Vice President & Chief Information Officer |
| Abramo, Stephen | Senior Vice President |
| Albarella, Joel I. | Senior Vice President |
| Arita, Darin C. | Senior Vice President |
| Berlin, Scott L. | Senior Vice President |
| Bopp, Kevin M. | Senior Vice President |
| Brill, Elizabeth K. | Senior Vice President & Actuary |
| Budhwani, Reshma | Senior Vice President |
| Casanova, Ramon | Senior Vice President |
| Colleary, Maura R. | Senior Vice President |
| Colon, Wilfred R. | Senior Vice President |
| Cooney, Colleen C. | Senior Vice President |
| Cronin, Maureen A. | &nbsp;&nbsp; Senior Vice President, Deputy General Counsel, Chief Investment Counsel & Assistant <br> Secretary<br>|
| Cruz, David | Senior Vice President |
| Drinkard, Kenneth R. | Senior Vice President & General Auditor |
| Formon, William | Senior Vice President |
| Frederick, Robert R. | Senior Vice President |
| Gennaro, Paul J. | Senior Vice President |
| Glynn, Kevin M. | Senior Vice President |
| Gupta, Tina | Senior Vice President |
| Herwig, Julie E. | Senior Vice President |
| Hu, Amy | Senior Vice President |
| Huang, Dylan W. | Senior Vice President |
| James, Cheryl | Senior Vice President & Deputy General Counsel |
| Khalil, Saad A. | Senior Vice President |
| Kuhl Sarrubbo, Amanda L. | Senior Vice President |
| Lenz, Scott L. | Senior Vice President, Deputy General Counsel & Chief Tax Counsel |
| Leonard, Jason P. | Senior Vice President |
| McClain, Keith B. | Senior Vice President |
| Mian, Farhad A. | Senior Vice President |
| Micucci, Alison H. | Senior Vice President |
| Navarro, Kathleen | Senior Vice President |
| Nesle, Heather M. | Senior Vice President |
| Nguyen, Mychael A. | Senior Vice President |
| O'Hanlon, Thomas P. | Senior Vice President |
| Patel, Hiran | Senior Vice President |
| Putnam, Roger L. | Senior Vice President |

---

------

---

| | |
|:---|:---|
| **Name:** | **Title:** |
| Rocchi, Gerard A. | Senior Vice President |
| Rodgers, Joanne H. | Senior Vice President & Head of Human Resources |
| Rosenthal, Benjamin L. | Senior Vice President & Chief Risk Officer |
| Sabal, Craig A. | Senior Vice President, Deputy Chief Investment Officer & Chief Derivatives Officer |
| Schwartz, Rachel S. | Senior Vice President & Associate General Counsel |
| Simonetti, Richard P. | Senior Vice President |
| Susser, Andrew M. | Senior Vice President |
| Taylor, Todd | Senior Vice President |
| Tillotson, Sandra G. | Senior Vice President & Chief Compliance Officer |
| Virendra, Sonali | Senior Vice President |
| Vu, Don D. | Senior Vice President |
| Walsh, Edward C. | Senior Vice President |
| Williams, Brian D. | Senior Vice President |
| Wion, Matthew D. | Senior Vice President |
| Abdelkader, Farid | Vice President & Associate General Auditor |
| Advani, Janice | Vice President |
| Alam, Raian | Vice President & Managing Director |
| Albano, Angelina | Vice President |
| Almiroudis, Demetra | Vice President |
| Armstrong, Vivian | Vice President |
| Ascione, Mitchell P. | Vice President |
| Bain, Karen A. | Vice President |
| Ballman, Cheryl | Vice President |
| Becher, Eric R. | Vice President |
| Behar, Paul | Vice President |
| Beligotti, Jeffrey | Vice President |
| Ben-Ami, Kevin A. | Vice President & Associate General Counsel |
| Black, Meaghan | Vice President |
| Boccio, John | Vice President |
| Bonavitacola, Erica B. | Vice President |
| Borisenko, Evgueni | Vice President & Actuary |
| Boyd IV, Robert L. | Vice President |
| Braut, Stephen A. | Vice President |
| Bredikis, Scott | Vice President |
| Breslin, Christopher J. | Vice President |
| Brobston, Irena S. | Vice President |
| Brochard, Gabrielle | Vice President & Actuary |
| Brotherton, Diane M. | Vice President |
| Brown, Justin E. | Vice President |
| Caminiti, Philip E. | Vice President |
| Carbone, Jeanne M. | Vice President & Actuary |
| Carey, Christopher H. | Vice President |
| Carrig, Erica E. | Vice President & Associate General Counsel |
| Chan, David | Vice President, Associate General Counsel & Assistant Secretary |
| Chan, Vee-En | Vice President |
| Cherpelis, George S. | Vice President |
| Choi, Edward | Vice President |
| Chua, Albert | Vice President & Actuary |
| Citera, Frank | Vice President |
| Civello, Alisa M. | Vice President |
| Cobaj, Skender | Vice President |
| Cohen, Andrew J. | Vice President |

---

------

---

| | |
|:---|:---|
| **Name:** | **Title:** |
| Cohen, Ross E. | Vice President |
| Collins, Maria V. | Vice President |
| Colton, Andrew | Vice President & Actuary |
| Cole, Kerry | Vice President & Managing Director |
| Contey, Allison | Vice President |
| Conti, Jane S. | Vice President |
| Cooper, Natalie | Vice President |
| Council, Catherine | Vice President |
| Crawford, Thomas | Vice President & Actuary |
| Cristello, Cindy | Vice President |
| Curran, Debra | Vice President |
| Danzig, Jeff | Vice President & Actuary |
| Dave, Ushir | Vice President |
| Davidowitz, Aron B. | Vice President |
| Davis, Juliet | Vice President |
| Del Bello, Timothy | Vice President |
| DelGreco, Phylliss A. | Vice President & Associate General Counsel |
| DiCalogero, John V. | Vice President |
| DiCarmine, Kristen | Vice President |
| DiRago, John C. | Vice President |
| Donner, Andrew | Vice President |
| Donohue, Robert P. | Vice President & Assistant Treasurer |
| Duarte, Deborah | Vice President |
| Eppink, Jr., Richard H. | Vice President |
| Facinelli, Joanne S. | Vice President |
| Feeney, Brendan L. | Vice President |
| Feinberg, Amarya | Vice President & Actuary |
| Ferreira, Leandra C. | Vice President |
| Fitzgerald, Christopher P. | Vice President |
| Florin, Timothy | Vice President |
| Fong, Michael | Vice President & Actuary |
| Fox, Ryan D. | Vice President |
| Freeman, Lisa A. | Vice President |
| Fromm, Paul | Vice President |
| Froshiesar, Donn | Vice President |
| Gallagher, Erin M. | Vice President |
| Gamble, Michael | Vice President |
| Gangemi, Thomas J. | Vice President & Chief Underwriter |
| Gao, J. Kevin | Vice President & Associate General Counsel |
| Gill, Sandra | Vice President |
| Gleason, Kevin M. | Vice President |
| Goel, Prakhar | Vice President |
| Goldstein, Andrew | Vice President |
| Goldstein, Paul Z. | Vice President & Associate General Counsel |
| Goodwin, Lauren E. | Vice President |
| Gostling, Page H. | Vice President |
| Grace, Deborah A. | Vice President |
| Gunda, Kishore | Vice President |
| Hajducek, Laura | Vice President |
| Hale, Rachel | Vice President & Actuary |
| Hammie, Tyrin | Vice President |
| Han, Wen Wei | Vice President & Actuary |

---

------

---

| | |
|:---|:---|
| **Name:** | **Title:** |
| Hanley, Dale A. | Vice President |
| Hayden, Adam C. | Vice President |
| Healy, Brendan J. | Vice President |
| Healy, John J. | Vice President |
| Hekmat, Saba | Vice President |
| Henderson, Loyd T. | Vice President |
| Hoffman, Eric S. | Vice President |
| Huang, Angela | Vice President & Actuary |
| Hyland, Meredith K. | Vice President |
| Ingham, Scott | Vice President & Assistant Secretary |
| Jackson, Eric | Vice President |
| Jackson, Zerlina R. | Vice President |
| James, Jack A. | Vice President |
| Johnston, Todd C. | Vice President |
| Kakkanattu, Manuel M. | Vice President |
| Katti, Rohit R. | Vice President |
| Kelly, Christopher P. | Vice President & Associate General Auditor |
| Kim, Terry | Vice President |
| Klatell, Jeremy N. | Vice President, Associate General Counsel & Chief Litigation Counsel |
| Kowal, Neha | Vice President |
| Kraus, Linda M. | Vice President |
| Kula, Michael | Vice President & Actuary |
| Kyan, Raymond | Vice President |
| LaPier, Theodore | Vice President & Associate General Counsel |
| Larkin, Colleen E. | Vice President & Assistant Secretary |
| Laugesen, Katie | Vice President |
| Lawrence, Cameryn A. | Vice President |
| Lee, Young | Vice President |
| Lewis, Sean S. | Vice President |
| Lewis, Tanner | Vice President |
| Loden, Wesley | Vice President & Actuary |
| Long, Harry Scott | Vice President |
| Lunny, Ryan | Vice President |
| Lynn, Eric J. | Vice President & Actuary |
| Machols, Jeffrey J. | Vice President |
| Madgett, Sean | Vice President |
| Marcel, Imari | Vice President |
| Marinaccio, Ralph S. | Vice President |
| Martello, Virginia C. | Vice President |
| Martin, Trina | Vice President |
| McGilberry, Brent | Vice President |
| McKeon, John | Vice President & Actuary |
| McNamara, Stephen J. | Vice President & Actuary |
| McNulty, Stephen B. | Vice President |
| Melka, Frank David | Vice President |
| Micale, Anthony F. | Vice President |
| Micun, Pawel | Vice President |
| Millay, Edward P. | Vice President |
| Mitchinson, Tod J. | Vice President |
| Mitra, Debapriya | Vice President |
| Moo-Young, Jillian | Vice President |
| Mosquera, Jaime | Vice President & Actuary |

---

------

---

| | |
|:---|:---|
| **Name:** | **Title:** |
| Mossessian, Dmitri | Vice President |
| Mount, William J. | Vice President |
| Mujala, Maambo | Vice President |
| Mwaramba, Rutendo | Vice President & Actuary |
| Nair, Dinesh K. | Vice President |
| Nayar, Ridhika | Vice President |
| Newman, Jennifer | Vice President |
| Ng, Ching (Andrew) | Vice President & Actuary |
| O'Brien, Daniel J. | Vice President |
| O'Hearn, Claudine C. | Vice President |
| O'Neill, Kathleen | Vice President, Associate General Counsel, & Assistant Secretary |
| Orban, Rachel | Vice President, Associate General Counsel, & Assistant Secretary |
| Orselli, Francesco | Vice President & Managing Director |
| Panganiban, Maria E. | Vice President |
| Paone, Jonathan T. | Vice President |
| Pavone, Joseph | Vice President |
| Perrotti, Anthony R. | Vice President |
| Perry, Valerie L. | Vice President |
| Perseghin, Andrew J. | Vice President |
| Petersen, Todd | Vice President & Actuary |
| Pizzute, Robert J. | Vice President |
| Poli, Christopher | Vice President & Managing Director |
| Portnoy, Michael | Vice President |
| Power, Kevin J. | Vice President |
| Quarella, Anthony | Vice President & Actuary |
| Quartararo, Paul | Vice President |
| Rajendran, Paul P. | Vice President |
| Rangachar, Raghu | Vice President & Actuary |
| Rao, Achuth | Vice President |
| Rice, Scott | Vice President |
| Riven, Inga | Vice President & Actuary |
| Rodgers, Kathryn A. | Vice President |
| Rodrigue, Kyle | Vice President |
| Rosenblum, Tal | Vice President |
| Rotondo, Richard | Vice President |
| Roy, Jennifer M. | Vice President |
| Rubin, Janis C. | Vice President |
| Sabo, Phillip J. | Vice President |
| Salvatore, Daniel | Vice President |
| Sarma, Samar | Vice President |
| Schirizzo, Michael | Vice President |
| Scozzafava, Mark J. | Vice President |
| Seaman, Brian | Vice President |
| Seewald, Scott R. | Vice President |
| Seguin, Brian | Vice President |
| Serdyuk, Elena | Vice President |
| Seyb, Sean M. | Vice President |
| Shah, Chintan T. | Vice President |
| Shan, YiYi | Vice President |
| Shapiro, Natalie | Vice President |
| Sharma, Vikas | Vice President |
| Shaub, Sarah | Vice President |

---

------

---

| | |
|:---|:---|
| **Name:** | **Title:** |
| Sherman, Eric C. | Vice President & Actuary |
| Sherman, Nancy G. | Vice President |
| Singh, Jacqueline | Vice President |
| Smith, Kevin M. | Vice President |
| Solazzo, Amy L. | Vice President |
| Sommer, Kenneth M. | Vice President |
| Standbridge, Elizabeth A. | Vice President |
| Steelman, Elliot H. | Vice President |
| Stengel, Agustin | Vice President |
| Stricoff, Celine | Vice President |
| Strutton, Rebecca | Vice President & Associate General Counsel |
| Suh, Hannah L. | Vice President & Actuary |
| Suryapranata, Monica | Vice President |
| Sverdlov, Michael | Vice President |
| Tamayo-Sanchez, Angelica | Vice President |
| Thomas, Robert W. | Vice President |
| Tillinghast, Mark E. | Vice President |
| Tobin, Michael | Vice President |
| Todorov, Natalia | Vice President |
| Tomassi, Deborah A. | Vice President |
| Torrey, Arthur S. | Vice President |
| Tripi, Stephen A. | Vice President |
| Tyndell, Elizabeth A. | Vice President |
| Vandegrift, Jr., Donald P. | Vice President & Associate General Counsel |
| Vilchis, Hector D. | Vice President |
| Vinson, Stephen B. |  |
| Waelti, Linus | Vice President & Actuary |
| Wall, Joseph E. | Vice President |
| Wang, Ching C. | Vice President |
| Warga, Regina | Vice President |
| Warner, S. Andre | Vice President & Associate General Counsel |
| Weatherman, Aaron | Vice President & Actuary |
| Wei, Helen | Vice President |
| Weiss, Jennifer M. | Vice President |
| Whites, Jr., Charles A. | Vice President & Associate General Counsel |
| Wickwire, Brian D. | Vice President |
| Williams, Matthew | Vice President |
| Wilson, Michael E. | Vice President |
| Wolf, Madeline A. | Vice President |
| Wong, Judy | Vice President & Actuary |
| Wood, Melissa | Vice President |
| Wulwick, Jacqueline N. | Vice President |
| Yashnyk, Michael A. | Vice President |
| Yenko, Elizabeth M. | Vice President |
| Zaman, Nabeed | Vice President |
| Zeng, Paul | Vice President & Actuary |
| Meade, Colleen A. | Associate General Counsel & Secretary |

---

------

ITEM 32. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE INSURANCE COMPANY OR THE REGISTERED SEPARATE ACCOUNT

The Insurance Company, NYLIAC, is a wholly-owned subsidiary of New York Life Insurance Company ("New York Life"). The Registered Separate Account is a segregated asset account of NYLIAC. The following chart indicates persons presumed to be controlled by New York Life(+), unless otherwise indicated. Subsidiaries of other subsidiaries are indented accordingly, and ownership is 100% unless otherwise indicated.

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| MSVEF II Investor LLC | (Delaware) | (NYLIC: 85%, NYLIAC: 15%) |
| MSVEF Investor LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MSVEF Feeder LP | (Delaware) | (55.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSVEF REIT LLC | (Delaware) | (55.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Value Enhancement Fund LP <br> ("MSVEFLP")<br>| (Delaware) | (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Evanston GP LLC | (Delaware) | (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Evanston IL LP | (Delaware) | (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-IND Commerce 303 GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-IND Commerce 303 AZ LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-SW Commerce 303 JV LP | (Delaware) | (95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Pennbrook Station GP LLC | (Delaware) | (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Pennbrook Station PA LP | (Delaware) | (MSVEFLP: 51%; GPLLC: 0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Burrough's Mill GP LLC | (Delaware) | (MSVEFLP: 100%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Burrough's Mill NJ LP | (Delaware) | (MSVEFLP: 50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Gramercy JV GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-MF Gramercy OH LP | (Delaware) | (MSVEFLP: 100%; GPLLC: 0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-CR Gramercy JV LP | (Delaware) | (75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-CR Gramercy Owner GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF-CR Gramercy Owner LP | (Delaware) | (JV: 99.9%; GP/LLC: 0.1%) |
| New York Life Group Insurance Company of NY ("NYLG") | (New York) |  |
| Life Insurance Company of North America | (Pennsylvania) |  |
| &nbsp;&nbsp;&nbsp; LINA Benefit Payments, Inc. | (Delaware) |  |
| New York Life Benefit Payments LLC | (Delaware) |  |
| NYL Real Assets LLC | (Delaware) |  |
| NYL Emerging Manager LLC | (Delaware) |  |
| NYL Wind Investments LLC | (Delaware) |  |
| NYLIFE Insurance Company of Arizona | (Arizona) |  |
| NYLIC HKP Member LLC | (Delaware) | (NYLIC: 67.974%; NYLIAC: 32.026%) |
| New York Life Insurance and Annuity Corporation | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; NYLIAC RLP II, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Development Funding Backed Pass-Through Trust <br> Series – 2025 A<br>| (Delaware) | (11.75197%) |
| New York Life Enterprises LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; SEAF Sichuan SME Investment Fund LLC | (Delaware) | (39.98%) |
| &nbsp;&nbsp;&nbsp; New York Life International Holdings Limited | (Mauritius) | (84.38%)1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Estates Limited | (India) | (NYLIH: 19.45%, NYLIC: 1.29%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max I. Limited | (India) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Assets Services Limited | (India) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Square Limited | (India) | (Max: 51%, NYLIC: 49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmax Corporation Limited | (India) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Towers Private Limited | (India) | (Max: 51%, NYLIC: 49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Estates 128 Private Limited | (India) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Estate Gurgaon Limited | (India) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acreage Builders Private Limited | (India) | (Max: 51%, NYLIC: 49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astiki Realty Private Limited | (India) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Estates Gurgaon Two Limited | (India) |  |
| &nbsp;&nbsp;&nbsp; NYL Cayman Holdings Ltd. | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYL Worldwide Capital Investments LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Seguros Monterrey New York Life, S.A. de C.V. | (Mexico) | (99.998%)2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administradora de Conductos SMNYL, S.A. de C.V. | (Mexico) | (99%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Agencias de Distribucion SMNYL, S.A. de C.V. ("ADIS") | (Mexico) | (99%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmobiliaria SMNYL, SA de C.V. | (Mexico) | (99%; ADIS: 1%) |
| NYLIM Jacob Ballas India Holdings IV | (Mauritius) |  |
| NYL 717 Texas Member LLC (Delaware) (NYLIC: 60%, <br> NYLIAC: 40%)<br>| (Delaware) | (NYLIC 60%; NYLIAC: 40%) |
| NYL 717 Texas Holdings LLC | (Delaware) | &nbsp;&nbsp; (fks NYLife 717 Texas Holdings LLC) <br> (NYLIC: 75.96., NYLIAC: 24.04%)<br>|
| &nbsp;&nbsp;&nbsp; NYL 717 Texas REIT Holdings | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYL 717 Texas Avenue TX TRS, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYL 717 Texas Avenue TX Owner, LLC | (Delaware) |  |
| MSSIV NYL Investor Member LLC (Delaware) | (Delaware) | (NYLIC: 90%, NYLIAC: 10%) |
| New York Life Investment Management Holdings LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; NYL Investors LLC (Delaware) | (Delaware) | &nbsp;&nbsp; (effective 1.1.2026 the entity's <br> ownership changed from NYLIC to <br> NYLIM and the structure moved <br> under NYLIM)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NYL Investors (U.K.) Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYL Investors REIT Manager LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSVEF II GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF RT Feeder II LP | (Delaware) | (70%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II RT LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Value Enhancement Fund II LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II – MF Innsbrook VA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II-IND Turner West KS LLC | (Delaware) | (formed 1/22/2026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II-IND Turner West KS JV LLC | (Delaware) | (formed 1/22/2026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II-IND Turner West KS Owner 6 LLC | (Delaware) | (formed 1/22/2026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II-IND Turner West KS Owner 7 LLC | (Delaware) | (formed 1/22/2026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II-IND Turner West KS Owner 8 LLC | (Delaware) | (formed 1/22/2026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSVEF II – MF Graces Reserve Member NC LLC | (Delaware) | (MSVEFIIInvestor: 90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graces Reserve JV LLC | (Delaware) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graces Reserve NC Owner LLC | (Delaware) | (99.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp; NYL Investors NCVAD II GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McMorgan Northern California Value <br> Add/Development Fund II, LP<br>| (Delaware) | (50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II-OFC 770 L Street CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II-MF UNION CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II- HOLLIDAY UNION JV LLC | (Delaware) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II-OFC HARBORS CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II-SEAGATE HARBORS LLC | (Delaware) | **(LLC: 90%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II-OFC 630 K Street CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II-IND SHILOH CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNCVAD II-BIG SHILOH JV LLC | (Delaware) | **(90%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; MSSDF GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSSDF II GP LLC | (Delaware) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MSSDF II Member LLC<br> (Delaware) | **(NYLIC: 35%, NYLIAC: 65%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Structured Debt Fund II LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT II LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSSDF Member LLC (Delaware) | **(NYLIC: 35%, NYLIAC: 65%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Structured Debt Fund LP<br> (Delaware) | **(40.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT Funding Sub I LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT Funding Sub II LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT Funding Sub III LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT Funding Sub IV LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT Funding Sub V LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT Funding Sub VI LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF REIT Funding Sub VII LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF-OFCB Voss San Felipe LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF-OFCB Woodway LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF-OFCB Hanover LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSDF-OFCB El Segundo LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSSIV GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Strategic Investments Venture LP<br> (Delaware) | &nbsp;&nbsp; **(MSSIV NYL Investor Member LLC** <br> **51%; TP: 49%)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSIV REIT Manager LLC<br> (Delaware) | **(51%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Strategic Investments Venture REIT <br> LLC<br>(Delaware) | **(51%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSIV- MF Country Place MD LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSIV-IND Speedway SC LLC<br> (Delaware) | **(NYL: 45:90%, NYLIAC: 5.1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRL Speedway Venture LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Speedway Hwy 124, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSIV-IND Speedway Phase II JV SC LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSSIV-IND Speedway Phase II Member SC LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Speedway Grand National, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSVEF GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MCPF GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYL Investors Madison Core Property Fund LP<br> (Delaware) | &nbsp;&nbsp; **(NYL Investors is Non Member** <br> **Manager 0.00%)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCPF Holdings Manager LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCPF MA Holdings LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCPF Holdings LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-IND TAMARAC FL LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-OFC BRICKELL FL LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISION-IND POWAY CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-LPC POWAY JV LLC<br> (Delaware) | **(95%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MF GRANARY FLATS TX LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-AO GRANARY FLATS JV LLC<br> (Delaware) | **(99.999%; TP: 0.0001%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-AO GRANARY FLATS OWNER LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MF THE MEADOWS WA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-ACG THE MEADOWS OWNER LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-ACG THE MEADOWS JV LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MOB Lee Highway VA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison-OFC 5161 CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-SS Kernersville QRS, Inc.<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-LPP Kernersville JV GP LLC<br> (Delaware) | **(90%, TP: 10%)** |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-LPP Kernersville JV LP<br> (Delaware) | **(90%, TP: 10%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-LPP Kernersville GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-LPP Kernersville LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MF Apex Newbury PA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCPF-MOB PEMBROKE PINES FL LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCPF-MF Perimeter Gardens GA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-IND LNDR TABOR ROAD NJ LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison-MF Yorkshire MD LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yorkshire Apartments JV LLC<br> (Delaware) | **(90%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yorkshire Apartments LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-IND 2080 ENTERPRISE CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-IND CLAWITER CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-REDCO CLAWITER JV LLC<br> (Delaware) | **(95%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-IND ENTERPRISE RIALTO CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Mill Creek, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Gateway, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Delta Court, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Fremont Distribution Center, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Century, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Newpoint Commons, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Northsight, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Riverside, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF 101 East Crossroads, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 East Crossroads, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Hawthorne, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Auburn 277, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Sumner North, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Wellington, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIREF Warner Center, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MF Duluth GA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-OFC Centerstone I CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-OFC Centerstone III CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MOB Centerstone IV CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-OFC Centerpoint Plaza CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-OFC One Main Place OR LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MF Hoyt OR LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-RTL Clifton Heights PA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-IND Locust CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-OFC Weston Pointe FL LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MF MCCADDEN CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-OFC 1201 WEST IL LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MCCAFFERY 1201 WEST IL LLC<br> (Delaware) | **(92.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MF TECH RIDGE TX LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-RTL SARASOTA FL, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-MOB CITRACADO CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison-MF Osprey QRS Inc.<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison-MF Osprey NC GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison-MF Osprey NC LP<br> (Delaware) | **(QRS: 99%; GP/LLC: 1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-SS Crozet VA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MADISON-LPP Crozet JV LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYLIM Capital LLC<br> (Delaware) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp; Bow River Advisers, LLC | (Delaware) | (49%) |
| &nbsp;&nbsp; NYL Investments Europe Limited | (Ireland) |  |
| &nbsp;&nbsp; NYL Investments (International) Ltd. | (UK) |  |
| &nbsp;&nbsp; NYL Investments (Services) Ltd. | (UK) |  |
| &nbsp;&nbsp;&nbsp; NYL Investments UK LLP | (UK) | (NYLIL: 99%; NYLISL: 1%) |
| &nbsp;&nbsp; New York Life Investment Management Asia Limited | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; Japan Branch |  |  |
| &nbsp;&nbsp; MacKay Shields LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Shields Emerging Markets Debt Portfolio | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Managers Opportunities GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Opportunities Master Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Opportunities Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Managers Credit Opportunities GP <br> LLC<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Credit Opportunities Master Fund, <br> L.P.<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Credit Opportunities Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Credit Opportunities HL Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Short Term Opportunities Fund GP <br> LLC<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Short Term Opportunities Fund LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Plainview Funds plc | (Ireland) | &nbsp;&nbsp; (50%) (MacKay Shields Employee: <br> 50%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Plainview Funds plc – MacKay Shields Strategic Bond <br> Portfolio<br>| (Ireland) | (NYLIC: 0.00%; MacKay: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plainview Funds plc – MacKay Shields Structured <br> Products Opportunities Portfolio<br>| (Ireland) | (NYLIC: 0.00%; MacKay: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plainview Funds plc – MacKay Shields Emerging <br> Markets Debt Portfolio<br>|  | (NYLIC: 99.36%; MacKay: 0.64%) |
| &nbsp;&nbsp;&nbsp; MacKay Shields High Yield Active Core Fund GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Shields High Yield Active Core Fund LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Shields Defensive Bond Arbitrage Fund Ltd. | (Bermuda) | (.07%)3 |
| &nbsp;&nbsp;&nbsp; MacKay Shields Core Fixed Income Fund GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Shields Core Fixed Income Fund LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Shields Select Credit Opportunities Fund GP <br> LLC<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Shields Select Credit Opportunities Fund LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Managers California Opportunities <br> GP LLC<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal California Opportunities Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal New York Opportunities GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal New York Opportunities Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Opportunities HL Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Capital Trading GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Capital Trading Master Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Capital Trading Fund, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Shields Intermediate Bond Fund GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Shields Intermediate Bond Fund LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Managers Opportunities Allocation <br> GP LLC<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Opportunities Allocation Master <br> Fund LP<br>| (Delaware) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Opportunities Allocation Fund A LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal Opportunities Allocation Fund B LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Managers High Yield Select GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal High Yield Select Fund LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MacKay Municipal Managers High Income <br> Opportunities GP LLC<br>(Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Municipal High Income Opportunities Fund LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MKS Digital Assets LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Candriam Global Emerging Markets Equities Fund LP<br> (Delaware) | (GP: 0.00%; NYLIAC: 0.00%) |
| &nbsp;&nbsp;&nbsp; MacKay Shields Series Fund Managing Member LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Shields Series Fund<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitized Credit Opportunities Series<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Corporate Bond Series | (NYL: 0%) |
| &nbsp;&nbsp;&nbsp; MacKay Shields Emerging Markets Sovereign Debt <br> Feeder Fund GP LLC<br>(Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MacKay Shields Emerging Markets Sovereign Debt <br> Feeder Fund LP<br>(Delaware) |  |
| &nbsp;&nbsp; Apogem Capital LLC fka New York Life Investments <br> Alternatives LLC<br>(Delaware) |  |
| &nbsp;&nbsp;&nbsp; Apogem GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Gannett Opportunity Fund LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Apogem SRL 2 LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp; Apogem SRL 3 LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp; Madison Capital Funding LLC<br> (Delaware) | &nbsp;&nbsp; (NYLIC: 21.90%; NYLIAC 65.64%; <br> LINA 12.46%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MCF Co-Investment GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Co-Investment GP LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Capital Funding Co-Investment Fund LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Avenue Loan Fund GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Avenue Loan Fund LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Fund I LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF Hanwha Fund LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironshore Investment BL I Ltd.<br> (Bermuda)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO IV LLC<br> (Delaware)<sup>7</sup> <br>| (NYLIC: 6.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO V LLC<br> (Delaware)<sup>7</sup> <br>| (NYLIC: 5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO VI LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO VII LLC (f/k/a LMF WF Portfolio III, LLC)<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO VIII Ltd.<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF CLO VIII LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF CLO VIII Blocker LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO IX Ltd.<br> (Cayman Islands)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF CLO IX LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO 10 Ltd.<br> (Bailiwick, Jersey)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF CLO 10 LLC<br> (Delaware) | (Ltd. 100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF CLO IX Blocker LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS CLO 10 Blocker LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF KB Fund LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF KB Fund II LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF KB Fund III LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF Hyundai Fund LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Direct Lending Hyundai Fund 2 LLC<br> (Delaware)<sup>7</sup> <br>| (0 voting ownership) |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Direct Lending Levered Fund 2023-1 LLC | (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Direct Lending Loan Portfolio 2023 LLC | (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem DL Levered Fund 2023-1 LLC | (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem DL Levered Fund SPV 2023-1 LLC | (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Umbrella | (Cayman Islands)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem US Direct Lending Limited I | (Cayman Islands)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Direct Lending Nighthawk Fund | (Cayman Islands) | (Apogem initially) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF Senior Debt Fund 2020 GP LLC | (Delaware)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Senior Debt Fund – 2020 LP | (Cayman Islands)<sup>7</sup> <br>| (0 voting ownership) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF Mezzanine Carry I LLC | (Delaware)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF Mezzanine Fund I LLC | (Delaware) | (NYLIC: 66.66%; NYLIAC: 33.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF PD Fund GP LLC | (Delaware)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF PD Fund LP | (Delaware)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; MCF Senior Debt Fund 2019-I GP LLC | (Delaware)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Senior Debt Fund 2019-I LP | (Delaware)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp; Apogem Senior Direct Lending Fund GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Senior Direct Lending Origination Company <br> (O) LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp; New York Life Capital Partners III GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; New York Life Capital Partners IV GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Capital Partners IV, L.P | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Core Opportunities Fund, L.P. | &nbsp;&nbsp; (Delaware Series <br> LP)<br>|  |
| &nbsp;&nbsp;&nbsp; GoldPoint Core Opportunities Fund II L.P. | &nbsp;&nbsp; (Delaware Series <br> LP)<br>|  |
| &nbsp;&nbsp;&nbsp; GoldPoint Mezzanine Partners IV GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Mezzanine Partners IV GenPar, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Mezzanine Partners Co-Investment Fund <br> A, LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Mezzanine Partners IV, LP | (Delaware) | ("GPPIVLP") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV A Blocker LP | (Delaware) | ("GPPMBA") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV A Preferred Blocker LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV C Blocker LP | (Delaware) | ("GPPMBC") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV D Blocker LP | (Delaware) | ("GPPMBD") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV ECI Aggregator LP name change from <br> GPP Mezzanine Blocker E, LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV F Blocker LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV G Blocker LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV H Blocker LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Mezz IV I Blocker LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Mezzanine Partners Offshore IV, L.P. | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Co-Investment V GenPar GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Co-Investment V GenPar, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Co-Investment Fund A, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP V – ECI Aggregator LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP V G Blocker Holdco LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Private Debt V GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Private Debt Offshore V, LP | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GPP Private Debt V RS LP | (Delaware) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Private Debt V GenPar, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Private Debt V, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP PD V A Blocker LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP Private Debt V-ECI Aggregator LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP PD V B Blocker LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP PD V D Blocker LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GPP LuxCo V GP Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager III GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager III GenPar, L.P. | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager Fund III, L.P. | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager Fund III AIV, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager IV GenPar, GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager IV GenPar, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager Fund IV, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager V GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager V GenPar, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager Fund V, L.P. | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Canada V GenPar Inc. | &nbsp;&nbsp; (New Brunswick, <br> Canada)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager Canada Fund V, <br> L.P.<br>| (Ontario, Canada) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Canada III GenPar Inc. | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager Canada Fund III, <br> L.P.<br>| (Canada) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Canada IV GenPar Inc. | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldPoint Partners Select Manager Canada Fund IV, <br> L.P.<br>| (Canada) |  |
| &nbsp;&nbsp;&nbsp; GPP VI - ECI Aggregator LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker A LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker B LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker C LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker D LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker E LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker F LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPP VI Blocker | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker H LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GPP VI Blocker I LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Apogem CO-Invest VII GenPar, GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Co-Invest VII GenPar LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogem Co-Investment VII, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; GoldPoint Partners Canada GenPar, Inc. | (Canada) |  |
| &nbsp;&nbsp;&nbsp; NYLCAP Canada II GenPar Inc. | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYLCAP Select Manager Canada Fund II, L.P. | (Canada) |  |
| &nbsp;&nbsp;&nbsp; NYLIM Mezzanine Partners II GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYLIM Mezzanine Partners II GenPar, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; NYLCAP Mezzanine Partners III GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYLCAP Mezzanine Partners III GenPar, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLCAP Mezzanine Partners III, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYLCAP Mezzanine Offshore Partners III, L.P. | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; NYLCAP Select Manager GenPar, LP | (Delaware) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp; NYLCAP Select Manager II GenPar GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYLCAP Select Manager II GenPar, L.P. | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLCAP Select Manager Fund II, L.P. | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; NYLCAP India Funding LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYLIM-JB Asset Management Co. (Mauritius) LLC | (Mauritius) | (24.66%)4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Investment Management India Fund II, <br> LLC<br>| (Mauritius) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Investment Management India Fund <br> (FVCI) II, LLC<br>| (Mauritius) |  |
| &nbsp;&nbsp;&nbsp; NYLCAP India Funding III LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYLIM-Jacob Ballas Asset Management Co. III, LLC | (Mauritius) | (24.66%)5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLIM Jacob Ballas India Fund III LLC | (Mauritius) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLIM Jacob Ballas India (FVCI) III LLC | (Mauritius) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLIM Jacob Ballas India (FII) III LLC | (Mauritius) |  |
| &nbsp;&nbsp;&nbsp; Evolvence Asset Management, Ltd. | (Cayman Islands) | (Apogem: 24.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; EIF Managers Limited | (Mauritius) | (58.72%) |
| &nbsp;&nbsp;&nbsp;&nbsp; EIF Managers II Limited | (Mauritius) | (55%) |
| &nbsp;&nbsp;&nbsp; AHF V ECI Aggregator LP | (Delaware) | (1%) |
| &nbsp;&nbsp;&nbsp; AHF V GenPar GP LLC | (Delaware) | (100%) |
| &nbsp;&nbsp;&nbsp; AHF V GenPar LP | (Delaware) | (1%) |
| &nbsp;&nbsp;&nbsp; AHF VI ECI Aggregator LP | (Delaware) | (1%) |
| &nbsp;&nbsp;&nbsp; AHF VI GenPar GP LLC | (Delaware) | (100%) |
| &nbsp;&nbsp;&nbsp; AHF VI GenPar LP | (Delaware) | (100%) |
| &nbsp;&nbsp;&nbsp; Apogem Heritage Fund V LP | (Delaware) | (1%) |
| &nbsp;&nbsp;&nbsp; Apogem Heritage Fund VI LP | (Delaware) | (1%) |
| &nbsp;&nbsp;&nbsp; Apogem Cardinal Co-Investment GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Cardinal Co-Investment Fund, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; ARAF IV GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Real Assets Fund IV, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; ASF VII GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Secondary Fund VII, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Secondary Fund VII Coinvestments, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Secondary Fund VII (Cayman) LP | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; BFO GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BFO Apogem Private Markets LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Tetra Opportunities Partners | (Delaware) | (DE Series) |
| &nbsp;&nbsp;&nbsp; BMG PAPM GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMG PA Private Markets (Delaware) LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMG Private Markets (Cayman) LP | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; Private Advisors Special Situations LLC | (Delaware)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp; PACD MM, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Capital Direct, LLC | (Delaware)<sup>7</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; ApCap Strategic Partnership I LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PA Credit Program Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Credit Program Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PACIF GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Coinvestment Fund, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PACIF II GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Coinvestment Fund II, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PACIF II Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PACIF II Carry, LLC | (Delaware) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp; PACIF III GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Coinvestment Fund III, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PACIF III Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PACIF III Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PACIF IV GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Coinvestment Fund IV, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PACIF IV Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PACIF IV Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PAMMF GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Middle Market Fund, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASCBF IV GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASCBF V GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Buyout Fund V, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASCPEF VI Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PASCPEF VI Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASCPEF VI GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Private Equity Fund <br> VI, LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Private Equity Fund <br> VI (Cayman), LP<br>| (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; PASCPEF VII GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Private Equity Fund <br> VII, LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Private Equity Fund <br> VII (Cayman), LP<br>| (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; PASCPEF VII Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PASCPEF VII Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASCPEF VIII GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Private Equity Fund <br> VIII, LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Private Equity Fund <br> VIII (Cayman), LP<br>| (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; PASCPEF IX GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Small Company Private Equity Fund IX, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Small Company Private Equity Fund IX, (Cayman), <br> LP<br>| (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; APEF X GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Private Equity Fund X, LP fka [PA] Private <br> Equity Fund X, LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Private Equity Fund X (Cayman) LP | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; APEF XI GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Private Equity Fund XI (Cayman) LP | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogem Private Equity Fund XI, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APEF XI Multi-Asset, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APEF XI Directs, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Cuyahoga Capital Partners IV Management Group LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga Capital Partners IV LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Cuyahoga Capital Emerging Buyout Partners <br> Management Group LLC<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga Capital Emerging Buyout Partners LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PA Real Assets Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Real Assets Carry, LLC | (Delaware) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp; PA Real Assets Carry Parent II, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Real Assets Carry II, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PA Emerging Manager Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Emerging Manager Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PA Emerging Manager Carry Parent II, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Emerging Manager Carry II, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; RIC I GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richmond Coinvestment Partners I, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; RIC I Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RIC I Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASF V GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Secondary Fund V, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC Burgers LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PASF V Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASF V Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASF VI GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Secondary Fund VI, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Secondary Fund VI Coinvestments, LP | (Delaware) | (68.14%) |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Secondary Fund VI (Cayman), LP | (Cayman Islands) | (68.14%) |
| &nbsp;&nbsp;&nbsp; PARAF GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Real Assets Fund, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PARAF Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PARAF Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASCCIF GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Coinvestment Fund, <br> LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Small Company Coinvestment <br> Fund-ERISA, LP<br>| (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PASCCIF II GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Small Company Coinvestment Fund II, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Small Company Coinvestment Fund II (Cayman), <br> LP<br>| (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp; PASCCIF Carry Parent, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PASCCIF Carry, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PARAF II GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Advisors Real Assets Fund II, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PA Contract Resources, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; PARAF III GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PA Real Assets Fund III, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; SAF GP LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Social Advancement Fund, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Washington Pike GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Pike, LP | (Delaware) |  |
| &nbsp;&nbsp;&nbsp; RLP Fund GP, LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RLP Fund, LP ("RLPLP") | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RidgeLake Co-Investment Partners, LP ("RLPCOLP") | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Glacier Manager Investor LLC | (Delaware) | (RLPLP: 72%, RLPCOLP: 28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Glacier GP Investor LLC | (Delaware) | (RLPLP: 72%, RLPCOLP: 28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Evergreen LLC | (Delaware) | (RLPLP: 72%, RLPCOLP: 28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Gemini LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Navigator LLC | (Delaware) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Sigma LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Sunrise GP Investor LLC<br> (Delaware) | &nbsp;&nbsp; (RLPLP: 83.33%, RLPCOLP: <br> 16.66%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Sunrise Manager Investor LLC<br> (Delaware) | &nbsp;&nbsp; (RLPLP: 83.33%, RLPCOLP: <br> 16.66%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Triple GP Investor LLC<br> (Delaware) | &nbsp;&nbsp; (RLPLP: 82.01%, RLPCOLP: <br> 17.98%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Triple Manager Investor LLC<br> (Delaware) | &nbsp;&nbsp; (RLPLP: 82.01%, RLPCOLP: <br> 17.98%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Fund II GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLP Fund II LP<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; RLP Profit Share (PA), LLC<br> (Delaware) | (NYLIC: 51%, Employees: 49%) |
| &nbsp;&nbsp;&nbsp; RLP Profit Share (OAPC), LLC<br> (Delaware) | (TP: 100%) |
| &nbsp;&nbsp;&nbsp; The Hedged Strategies Fund LLC<br> (Delaware) | &nbsp;&nbsp; (Apogem: 2%, Ex-employees: 98% <br> non-managing members)<br>|
| &nbsp;&nbsp; NYLCAP Holdings (Mauritius) |  |
| &nbsp;&nbsp;&nbsp; Jacob Ballas India Private Limited<br> (Mauritius) | (23.30%) |
| &nbsp;&nbsp;&nbsp; Industrial Assets Holdings Limited<br> (Mauritius) | (28.02%) |
| &nbsp;&nbsp;&nbsp; JB Cerestra Investment Management LLP<br> (Mauritius) |  |
| &nbsp;&nbsp; NYLIM Service Company LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYL Workforce GP LLC<br> (Delaware) |  |
| &nbsp;&nbsp; New York Life Investment Management LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; NYLIM Fund II GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; WFHG GP, LLC<br> (Delaware) | (50%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Workforce Housing Fund I-2007 LP<br> (Delaware) | (50%) |
| &nbsp;&nbsp; IndexIQ Holdings LLC<br> (Delaware) | ("IQ Holdings") |
| &nbsp;&nbsp; IndexIQ LLC<br> (Delaware) | &nbsp;&nbsp; (NYLIMH: 74.37%, IQHoldings: <br> 25.63%)<br>|
| &nbsp;&nbsp;&nbsp; IndexIQ Trust<br> (Delaware) | (Dormant) |
| &nbsp;&nbsp;&nbsp; IndexIQ Advisors LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; New York Life Investments Active ETF Trust<br> (Delaware)<sup>7</sup> <br>| (NYLIAC: 98.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI CBRE Real Assets ETF | (NYLIM: 82.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay Muni Insured ETF | (NYL: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay Muni Intermediate ETF | (NYL: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay Core Plus Bond ETF | (NYLIM: 93.07%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay California Muni Intermediate ETF | (NYLIM: 14.70%; NYLIAC: 36.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay ESG High Income ETF | (NYLIM: 98.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Winslow Focused Large Gap Growth ETF | (NYLIM: 78.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Winslow Large Gap Growth ETF | (NYLIM: 18.20%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay Securitized Income ETF | (NYLIM: 78.10%, NYLIAC: 16.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay Muni Short Duration ETF | (NYLIAC: 86.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI MacKay Muni Allocation ETF | (NYLIM: 99.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Investments ETF Trust<br> (Delaware) | (NYLIC: 10.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI 500 International ETF | (NYLIM: 53.62%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Engender Equality ETF | (NYLIAC: 72.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI FTSE International Equity Currency Neutral <br> ETF<br>| (NYLIM: 8.97%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Global Equity R&D Leaders ETF | (NYLIM: 84.30%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Healthy Hearts ETF | (NYLIM: 66.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Hedge Multi-Strategy Tracker ETF | (NYL: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Merger Arbitrage ETF | (NYL: 0.00%) |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI CRBE NexGen Real Estate ETF | (NYLIM: 56.52%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Candriam International Equity ETF | (NYLIM: 77.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Candriam U.S. Mid Cap Equity ETF | (NYLIM: 96.70%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI Candriam U.S. Large Cap Equity ETF | (NYLIM: 86.40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI U.S. Large Cap R&D Leaders ETF | (NYLIM: 95.90%) |
| &nbsp;&nbsp; New York Life Investment Management Holdings <br> International<br>(Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Investment Management Holdings II <br> International<br>(Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Group ("CG")<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTA Holdco<br> (Luxembourg) | &nbsp;&nbsp; (CANLUX: 66.67%, Apogem: <br> 33.33%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Management S.a.r.l.<br> (Luxembourg) | (80%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Italy Branch<br> (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Spain Branch<br> (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Netherlands Branch<br> (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Germany Branch<br> (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia France<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia UK Ltd.<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Belgium<br> (Belgium) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Credit FFS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia GP III<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Credit Opportunities III S.C.A., <br> SICAV-SIF<br>(Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Securities<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia III Topco S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia GP IV<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Credit Opportunities IV SCS SICAV-SIF<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Securities IV<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia IV Topco S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Master GP<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Credit Opportunities V Feeder SCS<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Senior Opportunities I SCS, SICAV-RAIF<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KASS Unleveled S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KSO I Topco S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Credit Opportunities V SCS<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Securities V S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Credit Opportunities VI Feeder SCS<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Credit Opportunities VI SCS<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia Securities VI SCS S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kartesia VI Topco S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexam Invest Asset Management<br> (France) | (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIAM HLD SAS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexam Invest France Management SAS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexam Tangible Asset Income Fund II SLP<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexam Invest Lux Management S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexam Tangible Asset Income Fund S.C.A., <br> SICAV-RAIF<br>(Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexam Invest Operations S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Luxco S.a.r.l.<br> (Luxembourg) | ("CANLUXS") |

---

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---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam | (Luxembourg) | &nbsp;&nbsp; ("CANLUX") (CG: 64%; I share held <br> by CANLUXS)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Belgian Branch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam France Branch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam UK Establishment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Germany Branch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam US Branch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Spain Branch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Netherlands Branch | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam MENA Branch | (Dubai, UAE) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Nordic Branch | (Sweden) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Monétaire SICAV | (France) | (CIG: 0.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Switzerland LLC | (Switzerland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam GP | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Tristan Real Estate Fund (RAIF) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam GP PA | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Private Assets | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Private Assets – Kartesia Credit <br> ELTIF<br>| (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATA Holdco Luxembourg S.á.r.l. | (Luxembourg) | &nbsp;&nbsp; (Candriam: 66.7%, Apogem Capital <br> LLC: 33.3%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera Partners | (France) | (ATA Holdco: 40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera Expansion GP | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera Expansion 3 S.L.P. | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANDERA EXPANSION 4 S.L.P | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera Smart Infra GP | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANDERA SMART INFRA 1 S.L.P | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANDERA SMART INFRA 2 S.L.P | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANDERA SMART INFRA REMPLOI <br> S.L.P<br>| (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terra Nea 1 GP | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TERRA NEA 1 SLP | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera MidCap GP | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera MidCap GP 5 S.L.P. | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera MidCap GP 6 S.L.P.S. | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acto V GP | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACTO V S.L.P. | (France |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI GP | (France |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI II S.L.P. | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Vintage II S.L.P. | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Vintage III S.L.P. | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI I, SCA SICAV-FIAR | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Holding Secondary | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andera Partners España SL | (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfius Fund | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfius Fund Target Income 2032 |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfius Equities | (Belgian) | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IZNES SAS | (Luxembourg) | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfius Investment Partners | (Luxembourg) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S.W.I.F.T. SCRL | (Luxembourg) | (0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cordius | (Luxembourg) | (CANLUX: 11.50%) |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cordius CIG | (CANLUX: 100%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Absolute Return<br> (Luxembourg) | (CIG: 0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Absolute Return Equity Market Neutral<br> (Lux) | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Capital Securities | (CIG: .0.001%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Convertible Defensive | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Convertible Opportunities | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Credit Alpha | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Credit Opportunities | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Emerging Debt Local <br> Currencies<br>| (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Emerging Markets | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Emerging Corporate | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Emerging Markets Total Return | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro Corporate | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro Corporate 2036 | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro Corporate Ex Financials | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro Diversified | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro Government | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro High Yield | (CIG: 0.08%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro Short Term | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Euro Long Term | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Floating Rate Notes | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Global Government | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Global High Yield | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Global Inflation Short Duration | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Global Sovereign Quality | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds International | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds Total Return | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Bonds US Corporate | (CIG: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Business Equities<br> (Belgium) | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Business Equities EMU | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Business Equities Global Income | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Diversified Futures | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L<br> (Luxembourg) | (NYLIAC: 0.35%; CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Qustralia | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Biotechnology | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Emerging Markets | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L EMU | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L ESG Market Neutral Edge | (NYLIAC: 95.86%; CIG: 0.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Europe | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Europe Edge | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Europe Innovation | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Europe Optimum Quality | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L European Autonomy | (CIG: 100%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Global Demography | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Global Income | (CIG: 0.04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Japan Edge | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Life Care | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities Merger Arbitrage | (CIG: 0.02%) |

---

------

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| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Oncology Impact | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Risk Arbitrage Opportunities | (CIG: 0.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L Robotics & Innovation <br> Technology<br>| (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L US Edge | (CIG: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Equities L World Edge | (NYLIAC: 60.69%; CIG: 0.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Fund<br> (Luxembourg) | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Fund Sustainable Euro Corporate <br> Bonds Fossil Free<br>| (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Fund Sustainable European Equities <br> Fossil Free<br>| (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Impact One<br> (Luxembourg) | (NYLIAC: 30.62%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Index Arbitrage<br> (Luxembourg) | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam L<br> (Luxembourg) | (CIG: .01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam L Alternative Multi-Strategies | (CIG: .04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam L Balanced Asset Allocation | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam L Conservative Asset Allocation | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam L Dynamic Asset Allocation | (CIG: .15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam L Multi-Asset Income | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam L Multi-Asset Income & Growth | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Long Short Credit | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam M | (CIG: 12.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam M Impact Finance | (CIG: 12.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Money Market<br> (Luxembourg) | (CIG: 0.29%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Money Market Euro | (CIG: 0.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Money Market Euro AAA | (0.44%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Money Market USD Sustainable | (CIG: 0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Patrimoine Obli-Inter<br> (Luxembourg) | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Private Assets | (NYLIAC: 78.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Private Assets – Kartesia Credit | (NYLIAC: 78.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Risk Arbitrage<br> (Luxembourg) | (CIG: 9.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable<br> (Luxembourg) | (CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Bond Emerging Markets | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Bond Euro | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Bond Euro Corporate | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Bond Euro Short Term | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Bond Global | (CIG: 0.04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Bond Global High Yield | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Bond Impact | (NYLIAC: 5.89%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Defensive Asset Allocation | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Children | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Circular Economy | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Climate Action | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Emerging Markets | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Emerging Markets <br> Ex-China<br>| (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity EMU | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Europe | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Europe Small & <br> Mid Caps<br>| (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Future Mobility | (CIG: 0.01%) |

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Equity Japan |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Quant Europe |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity US |  | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity Water |  | (CIG: 90.07%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Equity World |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam Sustainable Money Market Euro |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam World Alternative | (Luxembourg) | (CIG: 13.14%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candriam World Alternative Alphamax |  | (CIG: 13.16%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index | (Luxembourg) | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index EMU Equities |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index Euro Corporate Bonds |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index Euro Government Bonds |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index Euro Long Term Bonds |  | (0.14%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index Euro Short Term Bonds |  | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index Europe Equities |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index USA Equities |  | (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleome Index World Equities |  | (CIG: 0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI GF | (Luxembourg) | &nbsp;&nbsp; (NYLIMH: 16.61%; NYLIAC: 27.84%; <br> CIG: 0.02%)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI GF AUSBIL Global Essential Infrastructure |  | (NYLIMH: 12.23%; NYLIAC: 49.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI GF AUSBIL Global Small Cap |  | (NYLIMH: 99.15%; CIG: 0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI GF US High Yield Corporate Bonds |  | (NYLIMH: 0.00%; CIG: 0.04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paricor | (Belgium) | (CIG: 0.07%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paricor Patrimonium | (Belgium) | (CIG: 0.07%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IndexIQ |  | (CIG: 0.48%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IndexIQ Factors Sustainable Corporate Euro <br> Bond<br>|  | (CIG: 0.48%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IndexIQ Factors Sustainable Europe Equity |  | (CIG: 0.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IndexIQ Factors Sustainable Japane Equity |  | (CIG: 0.26%) |
| &nbsp;&nbsp;&nbsp; CGH UK Acquisition Company Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan (Holdings) Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Feeder (GP) Limited | (Scotland) | (40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Feeder LP | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tristan Equity Partners (GP) Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan Equity Partners LP | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan Capital Partners Holdings Limited ("TCPH") | (England & Wales) | (80%) (Tristan Partners LP: 20%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Co-Investment (GP) Limited | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Co-Investment LP | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One Co-Investment GP Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS Co-Investment SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Incentive Partners (GP) Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Incentive Partners SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Co-Investment (GP) Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Co-Investment SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP III Co-Investment (GP) Limited | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP III Co-Investment LP | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV Co-Investment LP | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Co-Investment LLP | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 (GP) LLP | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Incentive Partners LLP | (England & Wales) | (4.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Co-Investment LLP | (England & Wales) | (100%) |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan Capital Limited | (England & Wales) | (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan Capital Partners LLP | (England & Wales) | &nbsp;&nbsp; (80%; CGH 0.5%; 19% other <br> members)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP III (GP) LLP | (England & Wales) | (50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP III Incentive Partners (GP) Limited | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP III Incentive Partners LP | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners III (GP) Limited | (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP III (GP) LLP | (England & Wales) | (99%, 1% held by TCP LLP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners III LP | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners IV GP Limited | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV (GP) LLP | (United Kingdom) | (99%, 1% held by TCP LLP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners IV LP | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners IV S.a.r.l. | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV Bolt FinCo S.a.r.l. | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon IV IREF 1 Holding Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV IREF 1 | (ITA) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV Bolt 1 Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratford City Offices Jersey Unit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolt Nominee 1 Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolt Nominee 2 Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV Bolt 2 Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV Erneside Holding Sarl | (LUX) | (99.99976%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV France Investments Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPPCI CCP IV France Investments | (FRA) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCI Escape Cordeliers | (FRA) | &nbsp;&nbsp; (1 share held by CCP IV France <br> Investments Sarl)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Forum, Solent, Management Company <br> Limited<br>| (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBP Management Limited | (UK) | (27.83%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV (GP) S.á.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV Keirin Luxembourg S.á.r.l. | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV SCSp | (LUX) | (74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keirin Holding S.á.r.l. | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV UK Holding S.á.r.l. | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardiff Gate RP Limited | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotherham Foundry RP Limited | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrington Riverside RP Limited | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birmingham Ravenside RP Limited | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walsall Bescot RP Limited | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RW Sofas Limited | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bangor Springhill RP Limited | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Incentive Partners (GP) Limited | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Incentive Partners LP | (Scotland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 (GP) LLP | (United Kingdom) | (64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Property Investors Special <br> Opportunities 3 LP<br>| (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 L.P. | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Luxembourg Holding Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 3 Wave Holding Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 (GP) II Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Student Housing SCSp | (Luxembourg) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 (GP) LLP | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Property Investors Special <br> Opportunities 4 LP<br>| (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Caesar Holding Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trophy Value Added Fund | (Italy) | (74.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Luxembourg Holding Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Office 1 Spzoo | (POL) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Office 2 Spzoo | (POL) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Retail Spzoo | (POL) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Apartments Spzoo | (POL) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Hotel Spzoo | (POL) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Twilight GP Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Twilight LP | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilight Ireland PRS Properties Eclipse <br> DAC<br>| (IRL) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 West Holding Sarl | (LUX) | (97.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Atrim Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Banbridge Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 France Investments Sarl | (LUX) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPPCI EPISO 4 France Investments | (FRA) | (1 share held by SCI VDF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAS VDF | (FRA) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCI VDF | (FRA) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Switch Holding Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E4 Switch Norway AS | (Norway) | (80%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Pilgrim Holding Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TP Property Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TB Property (Plymouth) Limited | (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TB Property Developments (Plymouth) <br> Limited<br>| (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Lynx Holding Sarl | (LUX) | (97.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Lynx Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Lynx Marketing Sarl | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Pool Partnership GP Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Pool Partnership SLP | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 GP LLP | (United Kingdom) | (80%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners 5 Long-Life LP | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 (GP) S.a.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners 5 Long-Life SCA <br> SICAV-SIF<br>| (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 1 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 2 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 3 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 4 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 5 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 6 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 7 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 8 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 9 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 10 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Jersey Fragco 11 Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Long-Life Luxembourg S.a.r.l. | (Luxembourg) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 LL GP Sárl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners 5 Long Life SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 5 Incentive Partners GP Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 5 Incentive Partners SLP | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 5 (GP) Sárl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Property Investors Special <br> Opportunities 5 LP<br>| (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 5 Luxembourg Holding S.á.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 5 Portfolio GP S.á.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 5 Silver JV SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Square Holdings S.á.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Property Investors Special <br> Opportunities 5 SCSp-SICAV-SIF<br>| (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 5 Co-Investment SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 UK Portfolio GP Limited | (UK) | ("EPISO 6 UK") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 (GP) S.á.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Co-Investment SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Property Investors Special <br> Opportunities 6 SCSp SICAV-SIF<br>| (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E6 France Investments FPS-SICAV | (France) | (90.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 UK Investment Holdings Limited | (Jersey) | (64%) ("EPISO 6") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Pegasus Holding Limited | (UK) | (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasus Investment Partners LLP | (UK) | (97.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasus Affordable Limited | (UK) | (62%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zen Housing Limited | (UK) | (62%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zen Housing Investments Ltd. | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zen Housing 2 Ltd. | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zen Rented Ltd. | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Waterfall Top Holdings Limited | (England & Wales) | (64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Waterfall LP | (England & Wales) | (64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterfall HoldCo Limited | (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterfall PropCo Limited | (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterfall PropCo Limited | (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bury South Management Company <br> Limited<br>| (England & Wales) | (39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crossway Management Company <br> Limited<br>| (England & Wales) | (16%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turbine Management Company Limited | (England & Wales) | (21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Phoenix JV LLP | (UK) | (EPISO 6 UK: 50%; EPISO 6: 50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Core Holdco Limited | (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Core Propco Limited | (UK) | ("CorePropco") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cody TP Management Company <br> Limited<br>|  | &nbsp;&nbsp; (CorePropco – GP Guarantor 100%, <br> DevCo - Guarantor)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Luxembourg Holding S.á.r.l. | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Development Holding S.á.r.l. | (LUX) | (99%, TP:1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix DevCo Sarl | (LUX) | ("DevCo") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Spectre JV S.á.r.l. | (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Spectre 1 Holding S.á.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Spectre 2 Holding S.á.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Spectre 3 Holding S.á.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Curado Holding S.á.r.l. | (Luxembourg) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claybrook, S.L.<br> (Spain) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnfield Spain, S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Macbeth Holding S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macbeth 4 SRL<br> (Belgium) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montague 1 S.á.r.l.<br> (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Moomin Holding S.á.r.l.<br> (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Siem Holding S.á.r.l.<br> (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Siem S.á.r.l.<br> (LUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Emerald Holdings S.á.r.l.<br> (LUX) | (96%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRE Leipzig Wohnen Nord B.V. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRE Leipzig Wohnen Ost B.V. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRE Leipzig West Ost B.V. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAG Leipzig-Immobilien GmbH |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Platinum Holding S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frankfurt Wohnland GmbH<br> (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPSIO 6 MB Holding S.a.r.l.<br> (Luxembourg) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB Property 1 S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hella Acquico GP S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hella Acquico GP SCSp<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hella Holding S.á.r.l.<br> (Luxembourg) | (96%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main Holding S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main 1 S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main 2 S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main 3 S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main 4 S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main 5 S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main 6 S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H Main 7 S.á.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Nexus Holding S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aventos Eta Investment GmbH |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Nexus MidCo S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Manor GP S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Manor JV SCSp<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Manor Holding S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manor Property S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manor Devco Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Northface Holding S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northface 1 S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northface 2 S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northface 3 Fixtures S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Panther Co-Investment SCSp <br> (Jersey) GP Limited<br>(Jersey) | (92.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Panther (Jersey) GP Limited<br> (Jersey) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Panther (Jersey) JV SLP<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Panther (Jersey) Holdco Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Panther Property Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point A Hotels (Web) Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point A Hotels Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag St. Andrew Hotel Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrizia Hanover (St. Andrew) PUT<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Hotels Limited<br> (Jersey) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Pub Westminster Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAAG OBS Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK OBS Limited<br> (IRL) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Dublin Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag QMK Dublin Limited<br> (IRE) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Kensington Holdings Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Kensington Hotel Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Kensington Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Westminster Holdings Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Westminster Hotel Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Westminster Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Liverpool Street Holdings Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Liverpool Street Hotel Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Liverpool Street Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Kings Cross Holdings Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Kings Cross Hotel Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK KX Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Paddington Holdings Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Paddington Hotel Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Paddington Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Canary Wharf Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Canary Wharf Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Shoreditch Limited<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Shoreditch Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raag Aberdeen<br> (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QMK Management Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Panther Co-Investment (GP) S.a.r.l.<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Tiger Co-Investment SCSp<br> (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Tiger GP Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Tiger JV LLP<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 6 Tiger Hotels Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Top Holdco Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel New UK Mezz Holdco Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel New UK Parent Holdco <br> Limited<br>(UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel New UK Master Holdco <br> Limited<br>(UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel New UK Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Italy Holdings S.R.L.<br> (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel France SAS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Nice Holdings SAS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGH SAS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Nice Hotel<br> (France) | (99%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel France Paris CDG SAS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel France Aubervilliers SAS<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel France Marseille Opco <br> SAS<br>(France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel France Marseille Propco <br> SAS<br>(France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Fira, S.L.<br> (Spain) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Spain S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Spain Holdings S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eH Barcelona Meridiana OpCo S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Barcelona Meridiana <br> PropCo S.L.<br>(Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eH Alicante OpCo S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EasyHotel Alicante PropCo S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eH Valencia OpCo S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Valencia PropCo S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eH Madrid Fleta OpCo S.L.<br> (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Spain Madrid Fleta <br> PropCo S.L.<br>(Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Ireland HoldCo Limited<br> (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Ireland Limited<br> (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel UK Holdings Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Birmingham Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Ipswich Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Milton Keynes Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Leeds Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Cardiff Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Liverpool Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Manchester Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Sheffield Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Glasgow Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Shoreditch Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Croydon Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel BidCo No. 1 Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel BidCo No. 2 Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Budget Hotel Holding <br> (BBHH) B.V.<br>(Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Budget Hotel <br> Management (BBHM) B.V.<br>(Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMSOCS Hotel B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie 1 B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHCC Hotel B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie II B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RDCC Hotel B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie III B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMSAB Hotel B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie 4 B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie 6 B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHSCH Hotel B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie 7 B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argent Office N.V.<br> (Belgium) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHRE 4 (Masstricht) B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHRE 1 B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie 8 B.V.<br> (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benelux Hotel Exploitatie 5 N.V.<br> (Belgium) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Oxford OpCo Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyHotel Newcastle OpCo Limited<br> (UK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One Incentive Partners GP Limited<br> (Jersey) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One Incentive Partners SLP | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One GP Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan Income Plus Strategy One SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One Alpha Holdings Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One Alpha PV I Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One Co-Investment GP Sarl | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIPS One Co-Investment SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP IV (GP) LLP | (England & Wales) | (50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curzon Capital Partners IV (GP) Limited | (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 GP LLP | (England & Wales) | (33%) (2 individual members) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Pool Partnership GP Limited | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCP 5 Pool Partnership SLP | (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan Capital Partners Asset Management <br> Limited<br>| (England & Wales) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Spain, SL | (Spain) | (64.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP France | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP NL BV | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Poland Spolka z ograniczoną <br> odpowiedzialnoscią<br>| (Poland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tristan Capital Management Company S.a.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Co-Investment (GP) S.à.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Co-Investment SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German Property Performance Partners <br> Investors Feeder Verwaltungs GmbH<br>| (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 (GP) S.à.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 SCSp | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 (GP) II S.à.r.l. | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPISO 4 Student Housing SCSp | (Luxembourg) |  |
| &nbsp;&nbsp; Ausbil Investment Management Limited | (Australia) | ("AUSBIL") (81.14%) |
| &nbsp;&nbsp;&nbsp; Ausbil Australia Pty. Ltd. | (Australia) |  |
| &nbsp;&nbsp;&nbsp; Ausbil Asset Management Pty. Ltd. | (Australia) |  |
| &nbsp;&nbsp;&nbsp; Ausbil Global Infrastructure Pty. Limited | (Australia) | (55%) (45% owned by 4 employees) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ausbil Investment Management Limited Employee <br> Share Trust<br>| (Australia) | (Ausbil: 100%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ausbil Global SmallCap Fund | (Australia) | (NYLIAC: 23.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ausbil Long Short Focus Fund | (Australia) | (NYLIAC: 30.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ausbil CORE Global Listed Infrastructure Fund |  | (NYLIAC: 99.91%) |
| &nbsp;&nbsp; NYLIFE Distributors LLC | (Delaware) |  |
| Flatiron RR LLC | (Delaware) |  |
| Flatiron RR II LLC | (Delaware) | &nbsp;&nbsp; (NYLInvestors Series A: 100%; <br> Tetragon Credit Income V L.P. Series <br> B: 100%)<br>|
| &nbsp;&nbsp; Flatiron RR CLO 30 LLC | (Delaware) |  |
| Flatiron CLO 2013-1-Ltd. | (Cayman Islands) | (NYL: 0%) (NYLIC: 25% equity) |
| Flatiron CLO 2015-1 Ltd. | (Cayman Islands) | &nbsp;&nbsp; (NYL: 0%) (NYL Investors Approx. <br> 59.155% Equity)<br>|
| Flatiron CLO 17 Ltd. | (Cayman Islands) | &nbsp;&nbsp; (NYL: 0%) (NYLIC: 4.09% debt, NYL <br> Investors 54% equity)<br>|
| Flatiron CLO 18 Ltd. | (Cayman Islands) | &nbsp;&nbsp; (NYL: 0%) (NYL Investors 100% <br> Equity)<br>|
| Flatiron CLO 19 Ltd. | (Cayman Islands) | (NYL: 0%) |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| Flatiron CLO 20 Ltd. | (Cayman Islands) | &nbsp;&nbsp; (NYL: 0%) (NYL Investors 62% <br> Equity)<br>|
| Flatiron CLO 21 Ltd. | (Cayman Islands) | (NYL: 0%) |
| Flatiron RR CLO 22 LLC | (Cayman Islands) | (NYL: 0%) |
| Flatiron CLO 24 Ltd. | (Cayman Islands) | (NYL: 0%) |
| Flatiron CLO 25 Ltd. | (Cayman Islands) | (NYL: 0%) |
| Flatiron CLO 26 Ltd. | (Jersey) | (NYL: 0%) |
| Flatiron CLO 23 LLC | (Delaware) |  |
| Flatiron RR CLO 27 Ltd. | (Cayman Islands) | (NYL: 0%) |
| Flatiron CLO 28 Ltd. | (Cayman Islands) | (NYL: 0%) |
| Flatiron RR LLC, Manager Series | &nbsp;&nbsp; (Delaware Series <br> LLC)<br>| (Series A) |
| Flatiron RR LLC, Retention Series | &nbsp;&nbsp; (Delaware Series <br> LLC)<br>| (Series B) |
| Flatiron CLO 29 Ltd. |  |  |
| Flatiron RR CLO 30 Ltd. | (Cayman Islands) | (NYL: 0%) |
| Flatiron CLO 31 Ltd. |  |  |
| Flatiron CLO 32 Ltd. |  |  |
| Flatiron CLO 33 Ltd. |  |  |
| Flatiron CLO 34 Ltd. |  | (NYL Investors 70%) |
| Stratford CDO 2001-1 Ltd. | (Cayman Islands) |  |
| NYLIFE LLC | (Delaware) |  |
| &nbsp;&nbsp; Eagle Strategies LLC | (Delaware) |  |
| &nbsp;&nbsp; New York Life Capital Corporation | (Delaware) |  |
| &nbsp;&nbsp; New York Life Trust Company | (New York) |  |
| &nbsp;&nbsp; NYLIFE Securities LLC | (Delaware) |  |
| &nbsp;&nbsp; NYLINK Insurance Agency Incorporated | (Delaware) |  |
| Silver Spring, LLC | (Delaware) |  |
| &nbsp;&nbsp; Silver Spring Associates, L.P. | (Pennsylvania) |  |
| SCP 2005-C21-002 LLC | (Delaware) |  |
| SCP 2005-C21-003 LLC | (Delaware) |  |
| SCP 2005-C21-006 LLC | (Delaware) |  |
| SCP 2005-C21-007 LLC | (Delaware) |  |
| SCP 2005-C21-008 LLC | (Delaware) |  |
| SCP 2005-C21-009 LLC | (Delaware) |  |
| SCP 2005-C21-017 LLC | (Delaware) |  |
| SCP 2005-C21-018 LLC | (Delaware) |  |
| SCP 2005-C21-021 LLC | (Delaware) |  |
| SCP 2005-C21-025 LLC | (Delaware) |  |
| SCP 2005-C21-031 LLC | (Delaware) |  |
| SCP 2005-C21-036 LLC | (Delaware) |  |
| SCP 2005-C21-041 LLC | (Delaware) |  |
| SCP 2005-C21-043 LLC | (Delaware) |  |
| SCP 2005-C21-044 LLC | (Delaware) |  |
| SCP 2005-C21-048 LLC | (Delaware) |  |
| SCP 2005-C21-061 LLC | (Delaware) |  |
| SCP 2005-C21-063 LLC | (Delaware) |  |
| SCP 2005-C21-067 LLC | (Delaware) |  |
| SCP 2005-C21-069 LLC | (Delaware) |  |
| SCP 2005-C21-070 LLC | (Delaware) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| NYMH-Ennis GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYMH-Ennis, L.P.<br> (Texas) |  |
| NYMH-Freeport GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYMH-Freeport, L.P.<br> (Texas) |  |
| NYMH-Houston GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYMH-Houston, L.P.<br> (Texas) |  |
| NYMH-Plano GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYMH-Plano, L.P.<br> (Texas) |  |
| NYMH-San Antonio GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYMH-San Antonio, L.P.<br> (Texas) |  |
| NYMH-Stephenville GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYMH-Stephenville, L.P.<br> (Texas) |  |
| NYMH-Taylor GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYMH-Taylor, L.P.<br> (Texas) |  |
| NYMH-Attleboro MA, LLC<br> (Delaware) |  |
| NYMH-Farmingdale, NY LLC<br> (Delaware) |  |
| NYLMDC-King of Prussia GP, LLC<br> (Delaware) |  |
| &nbsp;&nbsp; NYLMDC-King of Prussia Realty, LP<br> (Delaware) |  |
| Country Place LP<br> (Delaware) |  |
| &nbsp;&nbsp; Country Place JV LLC<br> (Delaware) |  |
| REEP-MF Salisbury Square Tower One TAF LLC<br> (Delaware) | (NYLIC: 95.5%; NYLIAC: 0.5%) |
| &nbsp;&nbsp; REEP-DRP Salisbury Square Tower One TAB JV LLC<br> (Delaware) | (LLC: 80%) |
| &nbsp;&nbsp;&nbsp; Salisbury Square Tower One LLC<br> (Delaware) |  |
| REEP-MF Salisbury Square Tower Two TAF LLC<br> (Delaware) | (inactive) |
| &nbsp;&nbsp; REEP-DRP Salisbury Square Tower Two TAB JV LLC<br> (Delaware) | (inactive) |
| REEP-MF Salisbury Square TAF LLC<br> (Delaware) | (inactive) |
| REEP-IND MCP WEST NC LLC<br> (Delaware) |  |
| Cumberland Properties LLC<br> (Delaware) |  |
| NYLife Real Estate Holdings LLC<br> (Delaware) |  |
| &nbsp;&nbsp; Huntsville NYL LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-IND Forest Park NJ LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; FP Building 4 LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; FP Building 1-2-3 LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; FP Building 17, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; FP Building 20, LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; FP Mantua Grove LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; FP Lot 1.01 LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-IND NJ LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; NJIND JV LLC<br> (Delaware) | (93%) |
| &nbsp;&nbsp;&nbsp;&nbsp; NJIND Hook Road LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NJIND Bay Avenue LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NJIND Bay Avenue Urban Renewal LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NJIND Corbin Street LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-MF Cumberland TN LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Cumberland Apartments, LLC<br> (Tennessee) |  |
| &nbsp;&nbsp; REEP-MF Marina Landing WA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-SP Marina Landing LLC<br> (Delaware) | (98%) |
| &nbsp;&nbsp; REEP-MF Woodridge IL LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-RTL SASI GA LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-RTL Bradford PA LLC<br> (Delaware) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| &nbsp;&nbsp; REEP-RTL CTC NY LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; 5005 LBJ Tower LLC<br> (Delaware) | (97%) |
| &nbsp;&nbsp; REEP-OFC/RTL MARKET ROSS TX LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; MARKET ROSS TX JV LLC<br> (Delaware) | (98.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp; MARKET ROSS TX GARAGE OWNER LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MARKET ROSS TX OFFICE OWNER LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MARKET ROSS TX RETAIL OWNER LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-OFC Mallory TN LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; 3665 Mallory JV LLC<br> (Delaware) | (90.9%) |
| &nbsp;&nbsp; REEP-OFC WATER RIDGE NC LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-OFC 2300 Empire LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-MF Wynnewood PA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; Wynnewood JV LLC<br> (Delaware) | (100%) |
| &nbsp;&nbsp; REEP-MU Fayetteville NC LLC<br> (Delaware) | (100%) |
| &nbsp;&nbsp;&nbsp; 501 Fayetteville JV LLC<br> (Delaware) | (85%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 501 Fayetteville Owner LLC<br> (Delaware) | (100%) |
| &nbsp;&nbsp; REEP-MU SOUTH GRAHAM NC LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; 401 SOUTH GRAHAM JV LLC<br> (Delaware) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 401 SOUTH GRAHAM OWNER LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-IND COMMERCE CITY CO LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-BRENNAN COMMERCE CITY JV LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-OFC Mass Ave MA LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-MF FARMINGTON IL LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-MARQUETTE FARMINGTON JV LLC<br> (Delaware) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp; REEP-MARQUETTE FARMINGTON OWNER LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-MF BELLVUE STATION WA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-LP BELLVUE STATION JV LLC<br> (Delaware) | (86.15%) |
| &nbsp;&nbsp; REEP-HINES ENCLAVE POINT AZ LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-HINES ENCLAVE POINT JV LLC<br> (Delaware) | (50%) |
| &nbsp;&nbsp; REEP-MF WILDHORSE RANCH TX LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-WP-WILDHORSE RANCH JV LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-IND ROMULUS MI LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-NPD ROMULUS JV LLC<br> (Delaware) | (87.14%) |
| &nbsp;&nbsp; REEP-IND ROMULUS MI II LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REEP-NPD ROMULUS II AND III JV LLC | (75.22%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REEP-NPD Romulus II AND III JV B4 <br> OWNER LLC<br>(Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REEP-NPD Romulus II AND III JV B5 <br> OWNER LLC<br>(Delaware) |  |
| &nbsp;&nbsp; REEP-MF SOUTH MAIN TX LLC<br> (Delaware) | (100%) |
| &nbsp;&nbsp;&nbsp; REEP-AO SOUTH MAIN JV LLC<br> (Delaware) | (99.99%) |
| &nbsp;&nbsp;&nbsp; REEP-AO SOUTH MAIN OWNER LLC<br> (Delaware) | (100%) |
| &nbsp;&nbsp; REEP-IND Cubes Roosevelt LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp; REEP-IND Cubes Roosevelt JV, LLC<br> (Delaware) | (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 Roosevelt LLC<br> (Illinois) |  |
| 2015 DIL PORTFOLIO HOLDINGS LLC<br> (Delaware) | (NYLIC: 100%) |
| &nbsp;&nbsp; PA 180 KOST RD LLC<br> (Delaware) |  |
| Cortlandt Town Center LLC<br> (Delaware) |  |
| REEP-ADC GA LLC<br> (Delaware) |  |
| REEP-WP ART TOWER JV LLC<br> (Delaware) |  |
| REEP-1250 Forest LLC<br> (Delaware) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| REEP-HZ SPENCER LLC<br> (Delaware) |  |
| REEP-IND 10 WEST AZ LLC<br> (Delaware) |  |
| REEP-IND 4700 Nall TX LLC<br> (Delaware) |  |
| REEP-IND Alpha TX LLC<br> (Delaware) |  |
| REEP-IND MCP VIII NC LLC<br> (Delaware) |  |
| REEP-IND CHINO CA LLC<br> (Delaware) |  |
| REEP-IND FRANKLIN MA HOLDER LLC<br> (Delaware) |  |
| REEP-IND FREEDOM MA LLC<br> (Delaware) |  |
| REEP-IND Fridley MN LLC<br> (Minnesota) |  |
| REEP-IND Kent LLC<br> (Delaware) |  |
| REEP-IND LYMAN MA LLC<br> (Delaware) |  |
| REEP-IND MCP II NC LLC<br> (Delaware) |  |
| REEP-IND MCP IV NC LLC<br> (Delaware) |  |
| REEP-IND MCP V NC LLC<br> (Delaware) |  |
| REEP-IND MCP VII NC LLC<br> (Delaware) |  |
| REEP-INC MCP III OWNER NC LLC<br> (Delaware) |  |
| REEP-IND MCP West NC LLC<br> (Delaware) |  |
| REEP-IND STANFORD COURT LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-IND STANFORD COURT CA LLC<br> (Delaware) |  |
| REEP-IND Valley View TX LLC<br> (Delaware) |  |
| REEP-IND Valwood TX LLC<br> (Delaware) |  |
| REEP-MF 960 East Paces Ferry GA LLC<br> (Delaware) |  |
| REEP-MF 960 EPF Opco GA LLC<br> (Delaware) |  |
| REEP-MF Emblem DE LLC<br> (Delaware) |  |
| REEP-MF Gateway TAF UT LLC<br> (Delaware) | (NYLIC: 99%, NYLIAC: 1%) |
| &nbsp;&nbsp; REEP-WP Gateway TAB JV LLC<br> (Delaware) | (LLC: 99%, NYLIAC: 1%) |
| REEP-MF Mount Laurel NJ LLC<br> (Delaware) |  |
| REEP-MF NORTH PARK CA LLC<br> (Delaware) |  |
| REEP-AVERY OWNER LLC<br> (Delaware) |  |
| REEP-MF One City Center NC LLC<br> (Delaware) |  |
| REEP-MF Wallingford WA LLC<br> (Delaware) |  |
| REEP-MF STEWART AZ OLDER LLC<br> (Delaware) |  |
| REEP-MF STEWART AZ<br> (Delaware) |  |
| REEP-OFC Aspect OR LLC<br> (Delaware) | (NYLIC: 37%, NYLIAC: 63%) |
| REEP-OFC Bellevue WA LLC<br> (Delaware) |  |
| REEP-OFC Financial Center FL LLC<br> (Delaware) |  |
| REEP-OFC WATER RIDGE NC HOLDCO LLC<br> (Delaware) |  |
| REEP-OFC ONE WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC TWO WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC FOUR WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC FIVE WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC SIX WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC SEVEN WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC EIGHT WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC NINE WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC TEN WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-OFC ELEVEN WATER RIDGE NC LLC<br> (Delaware) |  |
| REEP-MF FOUNTAIN PLACE MN LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-MF FOUNTAIN PLACE LLC<br> (Delaware) |  |
| REEP-MF Park-Line FL LLC<br> (Delaware) |  |
| REEP-OFC 2300 Empire CA LLC<br> (Delaware) |  |

---

------

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| REEP-IND 10 WEST II AZ LLC<br> (Delaware) |  |
| REEP-RTL Flemington NJ LLC<br> (Delaware) |  |
| REEP-RTL Mill Creek NJ LLC<br> (Delaware) |  |
| REEP-RTL NPM GA LLC<br> (Delaware) |  |
| REEP-OFC 515 Post Oak TX LLC<br> (Delaware) | (NYLIC: 65%, NYLIAC: 35%) |
| REEP-RTL DTC VA LLC<br> (Delaware) | (NYLIC: 39%, NYLIAC: 61%) |
| REEP-RTL DTC-S VA LLC<br> (Delaware) | (NYLIC: 37%, NYLIAC: 63%) |
| REEP-OFC 410 TOWNSEND CA LLC<br> (Delaware) |  |
| REEP-OFC 410 TOWNSEND LLC<br> (Delaware) |  |
| REEP-2023 PH 5 LLC<br> (Delaware) | &nbsp;&nbsp; (Name change to Madison-LPP <br> Kernersville GP LLC)<br>|
| REEP-2023 PH 6 LLC<br> (Delaware) | &nbsp;&nbsp; (Name change to Madison-LPP <br> Kernersville LP)<br>|
| REEP-2023 PH 7 LLC<br> (Delaware) |  |
| REEP-2023 PH 8 LLC<br> (Delaware) | &nbsp;&nbsp; (Name change to Madison-LPP <br> Kernersville QRS, Inc.)<br>|
| REEP-OFC 600 TOWNSEND LLC<br> (Delaware) |  |
| REEP-OFC 600 TOWNSEND CA LLC<br> (Delaware) |  |
| REEP-OFC 1341 G DC LLC<br> (Delaware) | (NYLIC: 65%, NYLIAC: 35%) |
| REEP-OFC 1030 15NM DC LLC<br> (Delaware) | (NYLIC: 65%, NYLIAC: 35%) |
| REEP-OFC 1111 19NW DC LLC<br> (Delaware) | (NYLIC: 63.83%, NYLIAC: 36.17%) |
| REEP 220 NW Owner LLC<br> (Delaware) |  |
| REEP-OFC 30 WM IL LLC<br> (Delaware) |  |
| REEP-SS Marshfield LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-LLP Marshfield JV LLC<br> (Delaware) |  |
| REEP-SS Vallejo LLC<br> (Delaware) |  |
| REEP-OFC 353 Sacramento LLC<br> (Delaware) |  |
| &nbsp;&nbsp; REEP-Royal 353 Sacramento JV LLC<br> (Delaware) |  |
| REEP-MF Reno LLC<br> (Delaware) |  |
| REEP-NPD Romulus II and III JV LLC<br> (Delaware) |  |
| REEP-NPD Romulus II and III JV B4 OWNER LLC<br> (Delaware) |  |
| REEP-NPD Romulus II and III JV B5 OWNER LLC<br> (Delaware) |  |
| REEP-OFC 757 Third Avenue NY LLC<br> (Delaware) |  |
| REEP-OFC 260 Sheridan JV CA LLC<br> (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REEP-OFC 260 Sheridan JV Owner CA LLC<br> (Delaware) |  |
| REKA 51M HOLDINGS, LLC<br> (Delaware) |  |
| NJIND Raritan Center LLC<br> (Delaware) |  |
| NJIND Talmadge Road LLC<br> (Delaware) |  |
| NJIND Melrich Road LLC<br> (Delaware) |  |
| FP Building 18, LLC<br> (Delaware) |  |
| FP Building 19, LLC<br> (Delaware) |  |
| Summit Ridge Apartments, LLC<br> (Delaware) |  |
| PTC Acquisitions, LLC<br> (Delaware) |  |
| Martingale Road LLC<br> (Delaware) |  |
| NYLIC HKP MEMBER LLC<br> (Delaware) | &nbsp;&nbsp; (NYLIC-MM: 67.974%, NYLIAC-IM: <br> 32.026%)<br>|
| &nbsp;&nbsp; NYLIC HKP VENTURE LLC<br> (Delaware) | (51%) |
| &nbsp;&nbsp;&nbsp; NYLIC HKP REIT LLC<br> (Delaware) | (51%) |
| New York Life Funding<br> (Cayman Islands)<sup>6</sup> <br>|  |
| New York Life Global Funding<br> (Delaware)<sup>6</sup> <br>|  |
| Government Energy Savings Trust 2003-A (GEST)<br> (New York)<sup>7</sup> <br>|  |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Jurisdiction of**<br> **Organization**<br>| &nbsp;&nbsp; **Percent of Voting**<br> **Securities Owned**<br>|
| UFI-NOR Federal Receivables Trust, Series 2009B | (New York)<sup>7</sup> <br>|  |
| NYLARC Holding Company Inc. | (Arizona)<sup>6</sup> <br>|  |
| &nbsp;&nbsp; New York Life Agents Reinsurance Company | (Arizona)<sup>6</sup> <br>|  |
| JREP Fund Holdings I, L.P. | (Cayman Islands) | (12.5%) |
| Jaguar Real Estate Partners L.P. | (Cayman Islands) | (30.3%) |
| REEP-NYL JAG ACQUISITION CO MEMBER LLC | (Delaware) |  |
| NYLIFE Office Holdings Member LLC | (Delaware) | (51%) |
| &nbsp;&nbsp; NYLIFE Office Holdings LLC | (Delaware) | (51%) |
| &nbsp;&nbsp;&nbsp; NYLIFE Office Holdings REIT LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; REEP-OFC DRAKES LANDING CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; REEP-OFC CORPORATE POINTE CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; REEP-OFC VON KARMAN CA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; REEP-OFC ONE BOWDOIN SQUARE MA LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; REEP-OFC 525 N Tryon NC LLC | (Delaware) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 Charlotte Office LLC | (Delaware) | (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; REEP-IMPIC OFC PROMINENCE ATLANTA LLC | Delaware |  |
| Sol Invictus Note Issuer 2021-1 LLC | (Delaware) |  |
| Veritas Doctrina Note Issuer SPV LLC | (Delaware) |  |
| Fairview Capital Partners, LLC | (Delaware) | (49%) |
| AC 2023 NMTC Investor, LLC | (Louisiana) | (NYLIC: 79.20%, NYLIAC: 19.80%) |
| &nbsp;&nbsp; USB NMTC FUND 20223-6, LLC | (Delaware) |  |
| NYLIC RLP II, LLC | (Delaware) |  |
| Phalanx Mortgage Opportunities Trust | (Delaware) | &nbsp;&nbsp; (NYL:0%) (Delaware Statutory Trust <br> BNY Trustee)<br>|
| Phalanx Mortgage Opportunities Trust Manager LLC | (Delaware) | (NYL:0%) |

---

------

(+)

By including the indicated corporations in this list, New York Life is not stating or admitting that said corporations are under its actual control; rather, these corporations are listed here to ensure full compliance with the requirements of this Form N-6.

(\*)

Registered investment company as to which New York Life and/or its subsidiaries perform one or more of the following services: investment management, administrative, distribution, transfer agency and underwriting services. It is not a subsidiary of New York Life and is included for informational purposes only.

(†)

New York Life Investment Management LLC serves as investment adviser to this entity, the shares of which are held of record by separate accounts of NYLIAC. New York Life disclaims any beneficial ownership and control of this entity. New York Life and NYLIAC as depositors of said separate accounts have agreed to vote their shares as to matters covered in the proxy statement in accordance with voting instructions received from holders of variable annuity and variable life insurance policies at the shareholders meeting of this entity. It is not a subsidiary of New York Life, but is included here for informational purposes only.

NYL Cayman Holdings Ltd. owns 15.62%.

NYL Worldwide Capital Investment LLC owns 0.002%.

NYLIC owns 0.00%, NYLIAC owns 0.00%, and MacKay owns .07% for a total ownership of .07%.

NYLCAP Manager LLC owns 24.66% of the voting management shares. NYLCAP India Funding LLC owns 36% of non-voting carry shares.

NYLCAP Manager LLC owns 24.66% of the voting management shares. NYLCAP India Funding III LLC owns 31.36% of non-voting carry shares.

Control is through a reliance relationship between NYLIC and this entity, not ownership of voting interests.

Control is through financial interest or investment management contract, not ownership of voting interests.

------

ITEM 33. INDEMNIFICATION

Article IX of the Amended and Restated By-Laws of New York Life Insurance and Annuity Corporation ("NYLIAC") provides that NYLIAC shall indemnify and hold harmless (including the provision of a defense) certain persons to the fullest extent permitted by the Delaware General Corporation Law against all expenses, costs, judgments, penalties, fines, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amount paid in settlement) that any such person reasonably incurs or suffers if he/she is made party (or threatened to be made party) or is otherwise involved in a claim, action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he/she is (or was) a Director or officer of NYLIAC or was serving at NYLIAC's request as a Director, officer, or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan. Such persons also have the right to have NYLIAC pay the reasonable expenses (including reasonable attorneys' fees) incurred in the defense of any proceedings in advance of their final disposition, subject to certain conditions. NYLIAC may also, to the extent authorized by its Board of Directors, grant rights to indemnification and to the advancement of expenses to any employee or agent of NYLIAC.

Please refer to Article IX of the Amended and Restated By-Laws of NYLIAC for the full text of the indemnification provisions.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Directors, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

------

ITEM 34. PRINCIPAL UNDERWRITERS

(a) Other Activity. Investment companies (other than the Registrant) for which NYLIFE Distributors LLC is currently acting as underwriter:

NYLIAC Corporate Sponsored Variable Universal Life Separate Account-I <br>NYLIAC MFA Separate Account-I <br>NYLIAC MFA Separate Account-II <br>NYLIAC Variable Annuity Separate Account-I <br>NYLIAC Variable Annuity Separate Account-II <br>NYLIAC Variable Annuity Separate Account-III <br>NYLIAC Variable Annuity Separate Account-IV <br>NYLIAC VLI Separate Account <br>New York Life Investments Funds <br>New York Life Investments Funds Trust <br>NYLIM VP Funds Trust

(b) Management. The principal business address of each director and officer of NYLIFE Distributors LLC is 30 Hudson Street, Jersey City, NJ 07302.

---

| | |
|:---|:---|
| **Names of Directors & Officers:** | **Positions & Offices with Underwriter:** |
| Lehneis, Kirk C. | Chairman & Senior Managing Director |
| Barros, Jose N. | Chief Executive Officer & Manager |
| Harte, Francis Michael | Senior Managing Director, Manager & Audit Committee Member |
| Akkerman, John W. | Senior Managing Director, New York Life Investments Institutional Sales |
| Micucci, Alison H. | Senior Managing Director – MacKay Shields Institutional Sales |
| Sabal, Craig A. | Senior Managing Director, NYL Investors Institutional Sales |
| Taylor, Todd E. | Senior Managing Director, Retail Annuities |
| Virendra, Sonali | Senior Vice President |
| Millay, Edward P. | Audit Committee Member (Chairman) & Manager |
| Gamble, Michael | Managing Director, Institutional Sales |
| Wickwire, Brian D. | Managing Director, Controller and Chief Operating Officer |
| Bain, Karen A. | Vice President, Tax |
| Goldstein, Andrew | Vice President |
| Sharrier, Elizabeth A. | Corporate Vice President & Assistant Secretary |
| Meade, Colleen A. | Associate General Counsel & Secretary |
| Misra, Manali S. | Assistant General Counsel & Assistant Secretary |
| Andreola, Michael | Director, Compliance and Sales Material Review |
| Howard, Linda M. | &nbsp;&nbsp; Director, Chief Compliance Officer, Anti-Money Laundering Officer & Office of Foreign <br> Assets Control Officer<br>|
| Hansen, Marta | Director, Chief Financial Officer, Principal Operations Officer, & Treasurer |
| Long, Harry S. | Director, Insurance Solutions - Retail Life |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Compensation from the Registrant.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of**<br> **Principal**<br> **Underwriter**<br>| &nbsp;&nbsp; **New Underwriting**<br> **Discounts and**<br> **Commissions**<br>| &nbsp;&nbsp; **Compensation on**<br> **Events Occasioning**<br> **the Deduction of**<br> **a Deferred**<br> **Sales Load**<br>| &nbsp;&nbsp; **Brokerage**<br> **Commissions**<br>| &nbsp;&nbsp; **Other**<br> **Compensation**<br>|
| NYLIFE Distributors LLC | &nbsp;&nbsp; -0- | &nbsp;&nbsp; -0- | &nbsp;&nbsp; -0- | &nbsp;&nbsp; -0- |

---

ITEM 35. LOCATION OF ACCOUNTS AND RECORDS

All accounts and records required to be maintained by Section 31(a) of the 1940 Act and the rules under it are maintained by New York Life Insurance Company at its home office, 51 Madison Avenue, New York, NY 10010; New York Life Investment Management LLC, State Street Bank KC, 2323 Grand Blvd, 5<sup>th</sup> Floor, Kansas City, MO 64108; and New York Life – Records Division, 110 Cokesbury Road, Lebanon, NJ 08833.

------

ITEM 36. MANAGEMENT SERVICES.

Not applicable.

ITEM 37. FEE REPRESENTATION.

New York Life Insurance and Annuity Corporation ("NYLIAC"), the sponsoring insurance company of NYLIAC Variable Universal Life Separate Account-I, hereby represents that the fees and charges deducted under the New York Life Variable Universal Life Accumulator and New York Life Sponsorship Variable Universal Life Accumulator Policies in the aggregate are reasonable in relation to the services rendered, the expenses expected to be incurred and the risks assumed by NYLIAC.

------

SIGNATURES

Pursuant to the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Registration Statement and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City and State of New York on April 9, 2026.

---

| | |
|:---|:---|
| NYLIAC VARIABLE UNIVERSAL LIFE<br> SEPARATE ACCOUNT – I<br> (Registrant) | NYLIAC VARIABLE UNIVERSAL LIFE<br> SEPARATE ACCOUNT – I<br> (Registrant) |
| By: | /s/ Eric C. Sherman<br>Name: Eric C. Sherman<br> Title: Vice President<br>|
| NEW YORK LIFE INSURANCE AND<br> ANNUITY CORPORATION<br> (Depositor) | NEW YORK LIFE INSURANCE AND<br> ANNUITY CORPORATION<br> (Depositor) |
| By: | /s/ Eric C. Sherman<br>Name: Eric C. Sherman<br> Title: Vice President<br>|

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Erik A. Anderson\* | Director |
| Angela Chen\* | Officer (Principal Accounting Officer) |
| Craig L. DeSanto\* | &nbsp;&nbsp; Chairman of the Board, Chief Executive Officer, President & <br> Director (Principal Executive Officer)<br>|
| Eric M. Feldstein\* | Director & Chief Financial Officer (Principal Financial Officer) |
| Thomas A. Hendry\* | Director |
| Jodi L. Kravitz\* | Director |
| Michael K. McDonnell\* | Director |
| Amy Miller\* | Director |
| Craig A. Sabal\* | Director |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| By: | /s/ Eric C. Sherman<br>Eric C. Sherman<br> Attorney-in-Fact<br>|
|  | April 9, 2026 |

---

------

\*

Pursuant to Powers of Attorney – Filed herewith.

------

EXHIBIT INDEX

---

| | |
|:---|:---|
| **EXHIBIT NUMBER** | **DESCRIPTION** |
| (h)(21) | [<u>Franklin Templeton Participation Agreement</u>](d38528dex99h21.htm) |
| (h)(22) | [<u>Form of Goldman Sachs Participation Agreement</u>](d38528dex99h22.htm) |
| (i)(24) | [<u>Franklin Templeton Services Agreement</u>](d38528dex99i24.htm) |
| (i)(25) | [<u>Form of Goldman Sachs Administrative Services Agreement</u>](d38528dex99i25.htm) |
| (j)(1) | [<u>Powers of Attorney</u>](d38528dex99j1.htm) |
| (k)(1) | [<u>Opinion and Consent of Charles A. Whites, Jr., Esq.</u>](d38528dex99k1.htm) |
| (n)(1) | [<u>Consent of PricewaterhouseCoopers LLP</u>](d38528dex99n1.htm) |

---

------

## Ex-99.(H)(21)

## Participation Agreement
as of May 1, 2026

Franklin Templeton Variable Insurance Products Trust

Franklin Distributors, LLC

New York Life Insurance and Annuity Corporation

**CONTENTS** 

<u>Section</u> <u>Subject Matter</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Parties and Purpose

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase and Redemption of Trust Portfolio Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Fees, Expenses, Prospectuses, Proxy Materials and Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Sales Material, Information and Trademarks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Miscellaneous

**Schedules to this Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Accounts of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Available Portfolios and Classes of Shares of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Contracts of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. [this schedule is not used]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Rule 12b-1 Plans of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Addresses for Notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Shared Funding Order

**1.**  **<u>Parties and Purpose</u>** 

This agreement (the "Agreement") is entered by and between certain portfolios and classes thereof, specified below and in Schedule C, of Franklin Templeton Variable Insurance Products Trust, an open-end management investment company organized as a statutory trust under Delaware law (the "Trust"), Franklin Distributors, LLC, a Delaware limited liability company which is the principal underwriter for the Trust (the "Underwriter," and together with the Trust, "we" or "us"), the insurance company identified on Schedule A (the "Company" or "you"), on your own behalf and on behalf of each segregated asset account maintained by you that is listed on Schedule B, as that schedule may be amended from time to time ("Account" or "Accounts").

------

The purpose of this Agreement is to entitle you, directly on behalf of the Accounts, to purchase the shares, and classes of shares, of portfolios of the Trust ("Portfolios") that are identified on Schedule C, consistent with the terms of the prospectuses of the Portfolios, solely for the purpose of funding benefits of your variable life insurance policies or variable annuity contracts ("Contracts") that are identified on Schedule D. This Agreement does not authorize any other purchases or redemptions of shares of the Trust.

**2.**  **<u>Representations and Warranties</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Representations and Warranties by You** 

You represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 You are an insurance company duly organized and in good standing under the laws of your state of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 All of your directors (provided you are not compensating them and they are performing acts within the scope of the usual duties of an employee), officers, employees, and other individuals or entities dealing with the money and/or securities of the Trust are and shall be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Trust, in an amount not less than $5 million. Such bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company. You agree to make all reasonable efforts to see that this bond or another bond containing such provisions is always in effect, and you agree to notify us in the event that such coverage no longer applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 Each Account is a duly organized, validly existing segregated asset account under applicable insurance law and interests in each Account are offered exclusively through the purchase of or transfer into a "variable contract" within the meaning of such terms under Section 817 of the Internal Revenue Code of 1986, as amended ("Code") and the regulations thereunder. You will use your best efforts to continue to meet such definitional requirements, and will notify us immediately upon having a reasonable basis for believing that such requirements have ceased to be met or that they might not be met in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 Each Account either: (i) has been registered or, prior to any issuance or sale of the Contracts, will be registered as a unit investment trust under the Investment Company Act of 1940 ("1940 Act"); or (ii) has not been so registered in proper reliance upon an exemption from registration under Section 3(c) of the 1940 Act; if the Account is exempt from registration as an investment company under Section 3(c) of the 1940 Act, you will use your best efforts to maintain such exemption and will notify us immediately upon having a reasonable basis for believing that such exemption no longer applies or might not apply in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 The Contracts or interests in the Accounts: (i) are or, prior to any issuance or sale will be, registered as securities under the Securities Act of 1933, as amended (the "1933 Act"); or (ii) are not registered because they are properly exempt from registration under Section 3(a)(2) of the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under Section 4(2) or Regulation D of the 1933 Act, in which case you will make every effort to maintain such exemption and will notify us immediately

------

upon having a reasonable basis for believing that such exemption no longer applies or might not apply in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 The Contracts: (i) will be sold by broker-dealers, or their registered representatives, who are registered with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as amended (the "1934 Act") and who are members in good standing of the Financial Industry Regulatory Authority ("FINRA"); (ii) will be issued and sold in compliance in all material respects with all applicable federal and state laws; and (iii) will be sold in compliance in all material respects with state insurance suitability requirements and FINRA suitability guidelines. Without limiting the foregoing, you agree that in recommending to a Contract owner the purchase, sale or exchange of any subaccount units under the Contracts, you shall have reasonable grounds for believing that the recommendation is suitable for such Contract owner and, to the extent such recommendations are made by broker-dealers not affiliated with you, you shall require in written agreements with such broker-dealers that they have reasonable grounds for believing that such recommendation is suitable for such Contract owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 The Contracts currently are treated as annuity contracts or life insurance contracts under applicable provisions of the Code and you will use your best efforts to maintain such treatment; you will notify us immediately upon having a reasonable basis for believing that any of the Contracts have ceased to be so treated or that they might not be so treated in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8 You will use shares of the Trust only for the purpose of funding benefits of the Contracts through the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9 Contracts will not be sold outside of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10 With respect to any Accounts which are exempt from registration under the 1940 Act in reliance on Section 3(c)(1) or Section 3(c)(7) thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10.1 the principal underwriter for each such Account and any subaccounts thereof is a registered broker-dealer
with the SEC under the 1934 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10.2 the shares of the Portfolios of the Trust are and will continue to be the only investment securities held by
the corresponding subaccounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10.3 with regard to each Portfolio, you, on behalf of the corresponding subaccount, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote such shares held by it in the same proportion as the vote of all other holders of such shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) refrain from substituting shares of another security for such shares unless the SEC has

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approved such substitution in the manner provided in Section 26 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.11 As covered financial institutions we, only with respect to Portfolio shareholders, and you each undertake and agree to comply, and to take full responsibility in complying with any and all applicable laws, regulations, protocols and other requirements relating to money laundering including, without limitation, the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (Title III of the USA PATRIOT Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Representations and Warranties by the Trust** 

The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 It is duly organized and in good standing under the laws of the State of Delaware and its operations are and shall at all times remain in compliance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 All of its directors, officers, employees and others dealing with the money and/or securities of a Portfolio are and shall be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Trust in an amount not less than the minimum coverage required by Rule 17g-1 or other regulations under the 1940 Act. Such bond shall include coverage for larceny and embezzlement and be issued by a reputable bonding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 It is registered as an open-end management investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Each class of shares of the Portfolios of the Trust is registered under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 It will amend its registration statement under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 It will comply, in all material respects, with the 1933 and 1940 Acts and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 It is currently qualified as a "regulated investment company" under Subchapter M of the Code, it, including its respective employees, affiliates (including, but not limited to the investment adviser to the Trust), representatives and agents, will use best efforts to conduct their activities to maintain, such qualification, and will notify you immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 The Trust, including respective employees, affiliates (including, but not limited to the investment adviser to the Trust), representatives and agents, will use its best efforts to comply with the diversification requirements for variable annuity, endowment or life insurance contracts set forth in Section 817(h) of the Code, and the rules and regulations thereunder, including without limitation Treasury Regulation 1.817-5. Upon having a

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reasonable basis for believing any Portfolio has ceased to comply and will not be able to comply within the grace period afforded by Regulation 1.817-5, the Trust will notify you immediately and will take all reasonable steps to adequately diversify the Portfolio to achieve compliance. Without limiting the foregoing, the parties agree and acknowledge that the Trust and its Portfolios are not insurance companies or variable contracts directly subject to Section 817(h) of the Code or the Treasury Regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 It currently intends for one or more classes of shares (each, a "Class") to make payments to finance its distribution expenses, including service fees, pursuant to a plan ("Plan") adopted under rule 12b-1 under the 1940 Act ("Rule 12b-1"), although it may determine to discontinue such practice in the future subject to the provisions of Schedule F hereto. To the extent that any Class of the Trust finances its distribution expenses pursuant to a Plan adopted under rule 12b-1, the Trust undertakes to comply with any then current SEC interpretations concerning rule 12b-1 or any successor provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 It has adopted a compliance program in accordance with Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11 To the extent permitted under federal securities laws and the Trust's compliance policies, the Trust will provide the Company with as much advance notice as is reasonably practicable of any material change affecting the Portfolios (including, but not limited to, any material change in the registration statement or prospectus affecting the Portfolios) and any proxy solicitation affecting the Portfolios and to the extent reasonably practicable, work with the Company in order to implement any such change in an orderly manner, recognizing the expenses of changes and making reasonable efforts to attempting to minimize such expenses, where possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12 Notwithstanding anything to the contrary set forth elsewhere in this Agreement, the Trust shall use commercially reasonable efforts to ensure that it conducts its business in a manner reasonably designed to ensure that no Contract owner shall be treated as the owner of any interest in a Portfolio for U.S. federal income tax purposes under the "investor control" doctrine, as described in Revenue Rulings 77-85, 80-274, 81-225, 82-54, 2003-91 and 2003-92(the "Investor Control Doctrine").

Without limiting the foregoing, the Trust shall use commercially reasonable efforts to cause the investment adviser to implement controls reasonably designed to prevent any employee of the investment adviser who gives investment advice to, or who makes investment decisions relating to, a Portfolio from (a) owning a Contract funded by the Portfolio and (b) communicating with any Contract owner regarding the quality or rate of return of any specific investment held by the Portfolio, or regarding any investment decision with respect to the Portfolio, portfolio management decision with respect to the Portfolio, or disposition of assets of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Representations and Warranties by the Underwriter** 

The Underwriter represents and warrants that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 It is registered as a broker dealer with the SEC under the 1934 Act, and is a member in good standing of FINRA. The Underwriter further represents that it will sell and distribute the Trust shares in accordance with all applicable securities laws applicable to it, including without limitation the 1933 Act, the 1934 Act, and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 Each investment adviser (each, an "Adviser") of a Portfolio, as indicated in the current prospectus of the Portfolio, is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended or exempt from such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Warranty and Agreement by Both You and Us** 

We received an order from the SEC dated November 16, 1993 (file no. 812-8546), which was amended by a notice and an order we received on September 17, 1999 and October 13, 1999, respectively (file no. 812-11698) (collectively, the "Shared Funding Order," attached to this Agreement as Schedule H). The Shared Funding Order grants exemptions from certain provisions of the 1940 Act and the regulations thereunder to the extent necessary to permit shares of the Trust to be sold to and held by variable annuity and variable life insurance separate accounts of both affiliated and unaffiliated life insurance companies and qualified pension and retirement plans outside the separate account context.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 You and we both warrant and agree that both you and we will comply with the "Applicants' Conditions" prescribed in the Shared Funding Order as though such conditions were set forth verbatim in this Agreement, including, without limitation, the provisions regarding potential conflicts of interest between the separate accounts which invest in the Trust and regarding contract owner voting privileges. In order for the Trust's Board of Trustees to perform its duty to monitor for conflicts of interest, you agree to inform us of the occurrence of any of the events specified in condition 2 of the Shared Funding Order to the extent that such event may or does result in a material conflict of interest as defined in that order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 As covered financial institutions we, only with respect to Portfolio shareholders, and you each undertake and agree to comply, and to take full responsibility in complying with any and all applicable laws, regulations, protocols and other requirements relating to money laundering including, without limitation, the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (Title III of the USA PATRIOT Act).

**3.**  **<u>Purchase and Redemption of Trust Portfolio Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Availability of Trust Portfolio Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 We will make shares of the Portfolios available to the Accounts for the benefit of the Contracts. The shares will be available for purchase by the Accounts at the net asset value per share next computed after we (or our agent, or you as our designee) receive a purchase order, as established in accordance with the provisions of the then current prospectus of the Trust. All such orders are subject to acceptance by us and by the Portfolio or its transfer agent, and become effective only upon confirmation by us. Notwithstanding the foregoing, the Trust's Board of Trustees ("Trustees") may refuse to sell shares of any Portfolio to any person, or may suspend or terminate the offering of shares of any Portfolio if such action is required by

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law or by regulatory authorities having jurisdiction or if, in the sole discretion of the Trustees, they deem such action to be in the best interests of the shareholders of such Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Without limiting the other provisions of this Section 3.1, among other delegations by the Trustees, the Trustees have determined that there is a significant risk that the Trust and its shareholders may be adversely affected by investors with short term trading activity and/or whose purchase and redemption activity follows a market timing pattern as defined in the prospectus for the Trust, and have authorized the Trust, the Underwriter and the Trust's transfer agent to adopt procedures and take other action (including, without limitation, rejecting specific purchase orders in whole or in part) as they deem necessary to reduce, discourage, restrict or eliminate such trading and/or market timing activity. You agree to use reasonable commercial efforts to review and identify activity that might be construed as market timing and to abide by the Trust's practices and policies by (i) restricting activity of any Contract owner identified by the Trust as a market timer upon receiving notice and request for such restriction from the Trust or (ii) taking any other action as may be otherwise reasonably requested by the Trust. You further agree to cooperate fully in the implementation and fulfillment of the Trust's obligations pursuant to Rule 22c-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 We agree that shares of the Trust will be sold only to: (i) life insurance companies which have entered into fund participation agreements with the Trust ("Participating Insurance Companies") and their separate accounts or to qualified pension and retirement plans in accordance with the terms of the Shared Funding Order; and (ii) investment companies in the form of funds of funds. No shares of any Portfolio will be sold to the general public.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Manual or Automated Portfolio Share Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 Section 3.3 of this Agreement shall govern and Section 3.4 shall not be operative, unless we receive from you at the address provided in the next sentence, written notice that you wish to communicate, process and settle purchase and redemptions for shares (collectively, "share transactions") via the Fund/SERV and Networking systems of the National Securities Clearing Corporation ("NSCC"). The address for you to send such written notice shall be: Retirement Services, Franklin Templeton Investments, 910 Park Place, 1<sup>st</sup> Floor, San Mateo, California 94403-1906. After giving ten (10) days' advance written notice at the address provided in the previous sentence of your desire to use NSCC processing, Section 3.4 of this Agreement shall govern and Section 3.3 shall not be operative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 At any time when, pursuant to the preceding paragraph, Section 3.4 of this Agreement governs, any party to this Agreement may send written notice to the other parties that it chooses to end the use of the NSCC Fund/SERV and Networking systems and return to manual handling of share transactions. Such written notice shall be sent: (i) if from you to us, to the address provided in the preceding paragraph; (ii) if from us to you, to your address in Schedule G of this Agreement. After giving ten (10) days' advance written notice at the address as provided in the previous sentence, Section 3.3 of this Agreement shall govern and Section 3.4 shall not be operative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Manual Purchase and Redemption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 You are hereby appointed as our designee for the sole purpose of receiving from Contract owners purchase and exchange orders and requests for redemption resulting from investment in and payments under the Contracts that pertain to subaccounts that invest in Portfolios ("Instructions"). "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the SEC and its current prospectus. "Close of Trading" shall mean the close of trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. You represent and warrant that all Instructions transmitted to us for processing on or as of a given Business Day (the "Designated Day") shall have been received in proper form and time stamped by you prior to the Close of Trading on the Designated Day. Such Instructions shall receive the Portfolio share price next calculated following the Close of Trading on the Designated Day (the "Designated Day Price"), provided that we receive the Instructions from you before 9:00 a.m. Eastern Time on the Business Day following the Designated Day (the "Submission Time"). Any such Instructions that we receive after the Submission Time may, but are not guaranteed to, receive the Designated Day Price. You assume responsibility for any loss to a Portfolio caused by our receipt of Instructions after the Submission Time, including but not limited to, losses caused by such Instructions receiving the Designated Day Price, or any cancellation or correction made subsequent to the Submission Time. You will immediately pay the amount of such loss to a Portfolio upon notification by us. You represent and warrant that you have, maintain and periodically test, procedures and systems in place reasonably designed to prevent Instructions received after the Close of Trading on a Designated Day from being executed with Instructions received before the Close of Trading on that Designated Day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 We shall calculate the net asset value per share of each Portfolio on each Business Day, and shall communicate these net asset values to you or your designated agent on a daily basis as soon as reasonably practical after the calculation is completed (normally by 6:30 p.m. Eastern Time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 You shall submit payment for the purchase of shares of a Portfolio on behalf of an Account in federal funds transmitted by wire to the Trust or to its designated custodian, which must receive such wires no later than the close of the Reserve Bank, which is currently 6:00 p.m. Eastern Time, on the same Business Day on which such purchase orders are transmitted to us for processing on that Business Day in conformance with section 3.3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 We will redeem any full or fractional shares of any Portfolio for cash, unless otherwise agreed to by the parties, when requested by you on behalf of an Account, at the net asset value next computed after receipt by us (or our agent or you as our designee) of the request for redemption, as established in accordance with the provisions of the then current prospectus of the Trust. We shall make payment for such shares in the manner we establish from time to time, but in no event shall payment be delayed for a greater period than is permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5 Issuance and transfer of the Portfolio shares will be by book entry only. Stock certificates will not be issued to you or the Accounts. Portfolio shares purchased from the Trust will be recorded in the appropriate title for each Account or the appropriate subaccount of each Account. The Trust shall furnish to you the CUSIP number assigned to each Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.6 We shall furnish, on or before the ex-dividend date, notice to you of any income dividends or capital gain distributions payable to the Accounts on the shares of any Portfolio. You hereby elect to receive all such income dividends and capital gain distributions as are payable on shares of a Portfolio in additional shares of that Portfolio, and you reserve the right to change this election in the future. We will notify you of the number of shares so issued as payment of such dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.7 Each party to this Agreement agrees that, in the event of a material error resulting from incorrect information or confirmations, the parties will seek to comply in all material respects with the provisions of applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Automated Purchase and Redemption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 "Fund/SERV" shall mean NSCC's Mutual Fund Settlement, Entry and Registration Verification System, a system for automated, centralized processing of mutual fund purchase and redemption orders, settlement, and account registration; "Networking" shall mean NSCC's system that allows mutual funds and life insurance companies to exchange account level information electronically; and "Settling Bank" shall mean the entity appointed by the Trust or you, as applicable, to perform such settlement services on behalf of the Trust and you, as applicable, which entity agrees to abide by NSCC's then current rules and procedures insofar as they relate to same day funds settlement. In all cases, processing and settlement of share transactions shall be done in a manner consistent with applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 You are hereby appointed as our designee for the sole purpose of receiving from Contract owners purchase and exchange orders and requests for redemption resulting from investment in and payments under the Contracts that pertain to subaccounts that invest in Portfolios ("Instructions"). "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the SEC and its current prospectus. "Close of Trading" shall mean the close of trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. Upon receipt of Instructions, and upon your determination that there are good funds with respect to Instructions involving the purchase of shares, you will calculate the net purchase or redemption order for each Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 On each Business Day, you shall aggregate all purchase and redemption orders for shares of a Portfolio that you received prior to the Close of Trading. You represent and warrant that all orders for net purchases or net redemptions derived from Instructions received by you and transmitted to Fund/SERV for processing on or as of a given Business Day (the "Designated Day") shall have been received in proper form and time stamped by you prior to the Close of Trading on the Designated Day. Such orders shall receive the Portfolio share price next calculated following the Close of Trading on the Designated Day (the "Designated Day Price"), provided that we receive Instructions from Fund/SERV by 9:00 a.m. Eastern Time on the Business Day following the Designated Day (the "Submission Time"). Any such Instructions that we receive after the Submission Time may, but are not guaranteed to, receive the Designated Day Price. You assume responsibility for any loss to a Portfolio caused by our receipt of Instructions after the Submission Time including, but not limited to, losses caused by such Instructions receiving the Designated Day Price, or any cancellation or correction made subsequent to the Submission Time. You will immediately pay the amount of such loss to a Portfolio upon notification by us. You represent and warrant that you have, maintain and periodically test, procedures and systems in place reasonably designed to prevent Instructions received after the Close of Trading on a Designated Day from being executed with Instructions received before the Close of Trading on that Designated Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 We shall calculate the net asset value per share of each Portfolio on each Business Day, and shall furnish to you through NSCC's Networking or Mutual Fund Profile System: (i) the most current net asset value information for each Portfolio; and (ii) in the case of fixed income funds that declare daily dividends, the daily accrual or the interest rate factor. All such information shall be furnished to you by 6:30 p.m. Eastern Time on each Business Day or at such other time as that information becomes available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5 You will wire payment for net purchase orders by the Trust's NSCC Firm Number, in immediately available funds, to an NSCC settling bank account designated by you in accordance with NSCC rules and procedures on the same Business Day such purchase orders are communicated to NSCC. For purchases of shares of daily dividend accrual funds, those shares will not begin to accrue dividends until the day the payment for those shares is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.6 We will redeem any full or fractional shares of any Portfolio for cash, unless otherwise agreed to by the parties, when requested by you on behalf of an Account, at the net asset value next computed after receipt by us (or our agent or you as our designee) of the request for redemption, as established in accordance with the provisions of the then current prospectus of the Trust. NSCC will wire payment for net redemption orders by the Trust, in

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immediately available funds, to an NSCC settling bank account designated by you in accordance with NSCC rules and procedures on the Business Day such redemption orders are communicated to NSCC, except as provided in the Trust's prospectus and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.7 Issuance and transfer of the Portfolio shares will be by book entry only. Stock certificates will not be issued to you or the Accounts. Portfolio shares purchased from the Trust will be recorded in the appropriate title for each Account or the appropriate subaccount of each Account. The Trust shall furnish to you the CUSIP number assigned to each Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.8 We shall furnish through NSCC's Networking or Mutual Fund Profile System on or before the ex-dividend date, notice to you of any income dividends or capital gain distributions payable to the Accounts on the shares of any Portfolio. You hereby elect to receive all such income dividends and capital gain distributions as are payable on shares of a Portfolio in additional shares of that Portfolio, and you reserve the right to change this election in the future. We will notify you of the number of shares so issued as payment of such dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.9 All orders are subject to acceptance by Underwriter and become effective only upon confirmation by Underwriter. Underwriter reserves the right: (i) not to accept any specific order or part of any order for the purchase or exchange of shares through Fund/SERV; and (ii) to require any redemption order or any part of any redemption order to be settled outside of Fund/SERV, in which case the order or portion thereof shall not be "confirmed" by Underwriter, but rather shall be accepted for redemption in accordance with Section 3.4.11 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.10 All trades placed through Fund/SERV and confirmed by Underwriter via Fund/SERV shall settle in accordance with Underwriter's profile within Fund/SERV applicable to you. Underwriter agrees to provide you with account positions and activity data relating to share transactions via Networking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.11 If on any specific day you or Underwriter are unable to meet the NSCC deadline for the transmission of purchase or redemption orders for that day, a party may at its option transmit such orders and make such payments for purchases and redemptions directly to you or us, as applicable, as is otherwise provided in the Agreement; provided, however, that we must receive written notification from you by 9:00 a.m. Eastern Time on any day that you wish to transmit such orders and/or make such payments directly to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.12 In the event that you or we are unable to or prohibited from electronically communicating, processing or settling share transactions via Fund/SERV, you or we shall notify the other, including providing the notification provided above in Section 3.4.11. After all parties have been notified, you and we shall submit orders using manual transmissions as are otherwise provided in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.13 These procedures are subject to any additional terms in each Portfolio's prospectus and the requirements of applicable law. The Trust reserves the right, at its discretion and without notice, to suspend the sale of shares or withdraw the sale of shares of any Portfolio.

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The Trust will use best efforts to provide advance notice to you of any suspension or withdrawal of the sale of shares of any Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.14 Each party to the Agreement agrees that, in the event of a material error resulting from incorrect information or confirmations, the parties will seek to comply in all material respects with the provisions of applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.15 You and Underwriter represent and warrant that each: (a) has entered into an agreement with NSCC; (b) has met and will continue to meet all of the requirements to participate in Fund/SERV and Networking; (c) intends to remain at all times in compliance with the then current rules and procedures of NSCC, all to the extent necessary or appropriate to facilitate such communications, processing, and settlement of share transactions; and (d) will notify the other parties to this Agreement if there is a change in or a pending failure with respect to its agreement with NSCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Monthly Statements.** We shall use best efforts to provide monthly statements of account as of the end of each month for all of Company's accounts by the fifteenth (15) Business Day of the following month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **Pricing Errors.** The parties acknowledge that certain events, including, but not limited to, fair valuation, computer system failures, and natural catastrophes may delay the delivery of or require revision to the NAV. In the event of an error in the computation of a Portfolio's NAV per share or any dividend or capital gain distribution, (each a "pricing error"), the Underwriter shall notify the Company as soon as possible after discovery of the error. Such notification may be verbal, but shall be confirmed promptly in writing. A pricing error shall be corrected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If the pricing error results in a difference between the erroneous NAV or dividend or capital gain per share
and the correct NAV or dividend or capital gain per share of less than $0.01 per share, then no corrective action need be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If the pricing error results in a difference between the erroneous NAV or dividend or capital gain per share
and the correct NAV or dividend or capital gain per share equal to or greater than $0.01 per share, but less than 1/2 of 1% of the designated Portfolio's NAV at the time of the error, then the Trust shall take all necessary steps to obtain
reimbursement for any loss from any party responsible for pricing error ("Responsible Party") after taking into consideration any positive effect of such error; however, no adjustments to a Contract owner's accounts need be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) If the pricing error results in a difference between the erroneous NAV or dividend or capital gain per share
and the correct NAV or dividend or capital gain per share equal to or greater than 1/2 of 1% of the Portfolio's NAV at the time of the error, then the Trust shall take all necessary steps to obtain reimbursement for any loss from the
Responsible Party (without taking into consideration any positive effect of such error) and shall reimburse the Company for the reasonable administrative and/or system costs of adjustments made to correct a Contract owner's accounts.

With respect to (c) above, if an adjustment is necessary to correct a pricing error that has caused Contract owners to receive less than the amount to which they are entitled, the number

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of shares of the applicable sub-account of such Contract owners will be adjusted and the amount of any underpayments shall be credited by the Trust to the Company for crediting of such amounts to the applicable Contract owner accounts, and the Company shall be reimbursed for any reasonable expenses incurred related to correction of the NAV (including correcting Contract owner account) except under circumstances in which the Company is the Responsible Party. Upon notification by the Trust of any overpayment due to a pricing error, the Company shall promptly remit to the Trust any overpayment that has not been paid to Contract owners and shall be reimbursed by the Trust for any reasonable expenses incurred related to such actions except under circumstances in which the Company is the Responsible Party. Except under circumstances in which the Company is the Responsible Party, in no event shall the Company be liable to Contract owners for any such adjustments or underpayment amounts.

The standards set forth in this Section 3.6 are based on the parties' understanding of the views expressed by the staff of the SEC as of the date of this Agreement. In the event the views of the SEC staff are later modified or superseded by SEC or judicial interpretation, the parties shall amend the foregoing provisions of this Agreement to comport with the appropriate applicable standards, on terms mutually satisfactory to all parties.

**4.**  **<u>Fees, Expenses, Prospectuses, Proxy Materials and Reports</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 We shall pay no fee or other compensation to you under this Agreement except as provided on Schedule F, if attached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 We shall prepare and be responsible for filing with the SEC, and any state regulators requiring such filing, all shareholder reports, notices, proxy materials (or similar materials such as voting instruction solicitation materials), prospectuses (including statutory and summary prospectuses) and statements of additional information of the Trust. We shall bear the costs of preparation and filing of the documents listed in the preceding sentence, registration and qualification of the Trust's shares of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 We shall use reasonable efforts to provide you, on a timely basis, with such information about the Trust, the Portfolios and each Adviser, in such form as you may reasonably require, as you shall reasonably request in connection with the preparation of disclosure documents and annual and semi-annual reports pertaining to the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 "<u>Designated Portfolio Document</u>" means the following documents we create with respect to each Portfolio and provide to you: (1) a Portfolio's prospectus, including a summary prospectus (together, "Prospectus") if the Trust chooses to create one for a Portfolio and we and you have signed the necessary Participation Agreement Addendum; (2) its annual report to shareholders; (3) its semi-annual report to shareholders; (4) amendments or supplements to any of the foregoing if we direct you to deliver them to Contract owners; and (5) other shareholder communications including, without limitation, proxy statements, if we direct you to deliver them to Contract owners.

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"<u>Document Event</u>" means (1) with respect to the Prospectus (including the statement of additional information), the effectiveness of a new annual post-effective amendment to the Prospectus to update financial statements and make other disclosure changes or other post-effective amendment to the Prospectus; (2) with respect to the Trust's annual report and semi-annual reports to shareholders, the Trust's creation of reports intended to satisfy the requirements of Section 30(a) of the 1940 Act applicable to the Trust; or (3) with respect to amendments or supplements to any of the foregoing or other shareholder communications, the Trust's creation of such documents and provision of them to you.

"<u>Printing Expenses</u>" means expenses of the physical creation of Designated Portfolio Documents, and not of their distribution to Contract owners (including, without limitation, mailing and postage expenses) or the provision of other services.

Each time there is a Document Event with respect to a Designated Portfolio Document we shall, at your option, provide you with one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) one copy of the applicable Designated Portfolio Document for each Contract owner with investments allocated
to a subaccount corresponding to the Portfolio before the date of the Designated Portfolio Document (the "Contract Owner Recipients"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a copy suitable for reproduction of such Designated Portfolio Document, in which case we will reimburse you,
as provided below under "Reimbursement Procedures," for Printing Expenses you incur to create Designated Portfolio Documents in sufficient quantity so that one such Designated Portfolio Document is available for you to have delivered to
each Contract Owner Recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a copy of the Designated Portfolio Document in electronic format that is suitable for website posting and in
a format, or formats, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are both human-readable and capable of being printed on paper in human-readable format (in accordance with paragraph (b)(3) of Rule 30e-3 and paragraph (h)(2)(i) of Rule 498A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) permit persons accessing the Portfolio's statutory prospectus, summary prospectus, and SAI to move
directly back and forth between each section heading in a table of contents of such document and the section of the document referenced in that section heading (that is, these documents must include linking, in accordance with paragraph (h)(2)(ii)
of Rule 498A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are compliant with applicable provisions of the Americans with Disabilities Act ("ADA
Compliant"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) permit persons accessing the Designated Portfolio Documents to permanently retain, free of charge, an
electronic version of such Designated Portfolio Documents that meet the requirements of subparagraphs (h)(2)(i) and (ii) of Rule 498A (in accordance with

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paragraph (h)(3) of Rule 498A).

*<u>Reimbursement Procedures</u>*

*<u>Routine Reimbursements</u>.* Within six months following the delivery date of the Designated Portfolio Document ("Delivery Date"), we must receive your request for reimbursement and: (i) a statement of the number of Contract Owner Recipients; (ii) copies of all printing company invoices applicable to the Printing Expenses that you request we reimburse; (iii) a description of the methodology used to determine the amount of reimbursement requested; and (iv) your representation that the reimbursement request covers only Printing Expenses covered by Section 4.4 of this Agreement; the date we have received all these items is the "Request Date." If we are able to validate your request based on the information you provided as well as, among other things we believe to be appropriate, our analysis of your previous reimbursement requests, if applicable, and/or third party industry benchmarking information, then we will reimburse you within sixty days of the Request Date.

*<u>Reimbursements requiring additional information</u>*. If we cannot validate your reimbursement request based on the information you have provided to us and our analysis described in the preceding paragraph, then we will request additional information from you and work with you to validate your request.

*<u>Expenses not subject to reimbursement</u>*. We will not reimburse expenses related to: (1) creation or provision of any Designated Portfolio Document for or to a person who is not a Contract Owner Recipient of such document; (2) creation or provision of any Designated Portfolio Document to a person accompanying, or at the time of the delivery of, a confirmation of their purchase of or exchange into subaccount shares corresponding to a Portfolio; (3) posting any Designated Portfolio Document on your website; or (4) electronic filing of Designated Portfolio Documents or other documents with the Securities and Exchange Commission (using its EDGAR or other system).

*<u>Statement of Additional Information</u>*. We shall provide you with a copy of the Trust's current statement of additional information, including any amendments or supplements to it ("SAI), in a form suitable for reproduction , but we will not pay Printing Expenses or other expenses with respect to the SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 We shall use best efforts to provide the statutory and summary prospectuses and statements of additional information of the Trust to the Company no later than fourteen (14) business days prior to May 1 of each year (to facilitate the required website posting) and provide updated versions as necessary in order to facilitate a continuous offering of the Trust's shares of the Portfolios. We shall use best efforts to provide the semi-annual and annual shareholder reports to the Company no later than seven (7) business days before the date each time the

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shareholder reports are required to be posted by Rule 30e-3 (to facilitate the required website posting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 We shall provide you, at our expense, with copies of any Trust-sponsored proxy materials in such quantity as you shall reasonably require for distribution to Contract owners who are invested in a designated subaccount. You shall bear the costs of distributing proxy materials (or similar materials such as voting solicitation instructions) to Contract owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 You assume sole responsibility for ensuring that the Trust's Designated Portfolio Documents and proxy materials are delivered to Contract owners in accordance with applicable federal and state securities laws. For Designated Portfolio Documents and other Trust materials provided by you on your website or by other electronic means, you assume sole responsibility for ensuring that such delivery is in compliance with applicable state and federal requirements pertaining to electronic delivery, including consent, access, searchability by users, notice and evidence of delivery.

**5.**  **<u>Voting</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 All Participating Insurance Companies shall have the obligations and responsibilities regarding pass-through voting and conflicts of interest corresponding to those contained in the Shared Funding Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 If and to the extent required by law, you shall: (i) solicit voting instructions from Contract owners; (ii) vote the Trust shares in accordance with the instructions received from Contract owners; and (iii) vote Trust shares owned by subaccounts for which no instructions have been received from Contract owners in the same proportion as Trust shares of such Portfolio for which instructions have been received from Contract owners; so long as and to the extent that the SEC continues to interpret the 1940 Act to require pass-through voting privileges for variable contract owners. You reserve the right to vote Trust shares held in any Account in your own right, to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 So long as, and to the extent that, the SEC interprets the 1940 Act to require pass-through voting privileges for Contract owners, you shall provide pass-through voting privileges to Contract owners whose Contract values are invested, through the Accounts, in shares of one or more Portfolios of the Trust. We shall require all Participating Insurance Companies to calculate voting privileges in the same manner and you shall be responsible for assuring that the Accounts calculate voting privileges in the manner established by us. With respect to each Account, you will vote shares of each Portfolio of the Trust held by an Account and for which no timely voting instructions from Contract owners are received in the same proportion as those shares held by that Account for which voting instructions are received. You and your agents will in no way recommend or oppose or interfere with the solicitation of proxies for Portfolio shares held to fund the Contracts without our prior written consent, which consent may be withheld in our sole discretion.

**6.**  **<u>Sales Material, Information and Trademarks</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 "<u>Sales Literature/ Promotional Material</u>" includes, but is not limited to, portions of the following that use any logo or other trademark related to the Trust, or Underwriter or its

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affiliates, or refer to the Trust: advertisements (such as material published or designed for use in a newspaper, magazine or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, web-sites and other electronic communications or other public media), sales literature (*i.e.*, any written communication distributed or made generally available to customers or the public, including brochures, circulars, research reports, market letters, form letters, seminar texts, reprints or excerpts or any other advertisement, sales literature or published article or electronic communication), educational or training materials or other communications distributed or made generally available to some or all agents or employees in any media, and disclosure documents, shareholder reports and proxy materials. "<u>Disclosure Documents</u>" shall mean each item of the following if prepared, approved or used by you and relating to a Contract, an Account, or a Portfolio, and any amendments or revisions to such document: registration statements, prospectuses, statements of additional information, private placement memoranda, retirement plan disclosure information or other disclosure documents or similar information, as well as any solicitation for voting instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 You may use the name of the Trust and trademarks and the logo of the Underwriter in Sales Literature/Promotional Material as reasonably necessary to carry out your performance and obligations under this Agreement provided that you comply with the provisions of this Agreement. You agree to abide by any reasonable use guidelines regarding use of such trademarks and logos that we may give from time to time. You shall, as we may request from time to time, promptly furnish, or cause to be furnished to us or our designee, one complete copy of each item of the following: (i) Sales Literature/Promotional Material prepared, approved or used by you; and (ii) Disclosure Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 You agree, represent and warrant that you are solely responsible for any Sales Literature/ Promotional Material prepared by you and that such material will: (a) conform to all requirements of any applicable laws or regulations of any government or authorized agency having jurisdiction over the offering or sale of shares of the Portfolios or Contracts; (b) be solely based upon and not contrary to or inconsistent with the written information or materials provided to you by us or a Portfolio, including the Trust's prospectus and statement of additional information; and (c) be made available promptly to us upon our request. You agree to file any Sales Literature/Promotional Material prepared by you with FINRA, or other applicable legal or regulatory authority, within the timeframes that may be required from time to time by FINRA or such other legal or regulatory authority. Unless otherwise expressly agreed to in writing, it is understood that we will neither review nor approve for use any materials prepared by you and will not be materially involved in the preparation of, or have any

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responsibility for, any such materials prepared by you. You are not authorized to modify or translate any materials we have provided to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Other than naming you as a Trust shareholder, we shall not give any information or make any representations or statements on behalf of you or concerning you, the Accounts or the Contracts other than information or representations contained in and accurately derived from Disclosure Documents (as such Disclosure Documents may be amended or supplemented from time to time), or in materials approved by you for distribution, including Sales Literature/ Promotional Material, except as required by legal process or regulatory authorities or with your written permission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Except as provided in Section 6.2, you shall not use any designation comprised in whole or part of the names or marks "Franklin" or "Templeton" or any logo or other trademark relating to the Trust or the Underwriter without prior written consent, and upon termination of this Agreement for any reason, you shall cease all use of any such name or mark as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 You shall furnish to us ten (10) Business Days prior to its first submission to the SEC or its staff, any request or filing for no-action assurance or exemptive relief naming, pertaining to, or affecting, the Trust, the Underwriter or any of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 You agree that any posting of Designated Portfolio Documents on your website or use of Designated Portfolio Documents in any other electronic format will result in the Designated Portfolio Documents: (i) appearing identical to the hard copy printed version or .pdf format file provided to you by us (except that you may reformat .pdf format prospectus files in order to delete blank pages and to insert .pdf format prospectus supplement files provided by us to you); (ii) being clearly associated with the particular Contracts in which they are available and posted in close proximity to the applicable Contract prospectuses; (iii) having no less prominence than prospectuses of any other underlying funds available under the Contracts; (iv) in compliance with any statutory prospectus delivery requirements and (v) being used in an authorized manner. Notwithstanding the above, you understand and agree that you are responsible for ensuring that participation in the Portfolios, and any website posting, or other use, of the Designated Portfolio Documents is in compliance with this Agreement and applicable state and federal securities and insurance laws and regulations, including as they relate to paper or electronic delivery or use of fund prospectuses. We reserve the right to inspect and review your website if any Designated Portfolio Documents and/or other Trust documents are posted on your website and you shall, upon our reasonable request, provide us timely access to your website materials to perform such inspection and review.

In addition, you agree to be solely responsible for maintaining and updating the Designated Portfolio Documents' .pdf files and removing and/or replacing promptly any outdated prospectuses and other documents, as necessary, ensuring that any accompanying instructions by us, for using or stopping use, are followed. You agree to designate and make available to us a person to act as a single point of communication contact for these purposes. We are not responsible for any additional costs or additional liabilities that may be incurred as a result of your election to place the Designated Portfolio Documents on your website.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Each of your registered representatives, agents, independent contractors and employees, as applicable, may have access to our websites at franklintempleton.com, and such other URLs through which we may permit you to conduct business concerning the Portfolios from time to time (referred to collectively as the "Site") as provided herein: (i) upon registration by such individual on a Site, (ii) if you cause a Site Access Request Form (an "Access Form") to be signed by your authorized supervisory personnel and submitted to us, as a Schedule to, and legally a part of, this Agreement, and (iii) if you provide such individual with the necessary access codes or other information necessary to access the Site through any generic or firm-wide authorization we may grant you from time to time. Upon receipt by us of a completed registration submitted by an individual through the Site or a signed Access Form referencing such individual, we shall be entitled to rely upon the representations contained therein as if you had made them directly hereunder and we will issue a user identification, express number and/or password (collectively, "Access Code"). Any person to whom we issue an Access Code or to whom you provide the necessary Access Codes or other information necessary to access the Site through any generic or firm-wide authorization we may grant you from time to time shall be an "Authorized User."

We shall be entitled to assume that such person validly represents you and that all instructions received from such person are authorized, in which case such person will have access to the Site, including all services and information to which you are authorized to access on the Site. All inquiries and actions initiated by you (including your Authorized Users) are your responsibility, are at your risk and are subject to our review and approval (which could cause a delay in processing). You agree that we do not have a duty to question information or instructions you (including Authorized Users) give to us under this Agreement, and that we are entitled to treat as authorized, and act upon, any such instructions and information you submit to us. You agree to take all reasonable measures to prevent any individual other than an Authorized User from obtaining access to the Site. You agree to inform us if you wish to restrict or revoke the access of any individual Access Code. If you become aware of any loss or theft or unauthorized use of any Access Code, you agree to contact us immediately. You also agree to monitor your (including Authorized Users') use of the Site to ensure the terms of this Agreement are followed. You also agree that you will comply with all policies and agreements concerning Site usage, including without limitation the Terms of Use Agreement(s) posted on the Site ("Site Terms"), as may be revised and reposted on the Site from time to time, and those Site Terms (as in effect from time to time) are a part of this Agreement. Your duties under this section are considered "services" required under the terms of this Agreement. You acknowledge that the Site is transmitted over the Internet on a reasonable efforts basis and we do not warrant or guarantee their accuracy, timeliness, completeness, reliability or non-infringement. Moreover, you acknowledge that the Site is provided for informational purposes only, and is not intended to comply with any requirements established by any regulatory or governmental agency.

**7.**  **<u>Indemnification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Indemnification By You** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 You agree to indemnify and hold harmless the Underwriter, the Trust and each of its Trustees, officers, employees and agents and each person, if any, who controls

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the Trust within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" and individually the "Indemnified Party" for purposes of this Section 7) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with your written consent, which consent shall not be unreasonably withheld) or expenses (including the reasonable costs of investigating or defending any alleged loss, claim, damage, liability or expense and reasonable legal counsel fees incurred in connection therewith) (collectively, "Losses"), to which the Indemnified Parties may become subject under any statute or regulation, or at common law or otherwise, insofar as such Losses are related to the sale or acquisition of shares of the Trust or the Contracts and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.1 arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in a Disclosure Document for the Contracts or in the Contracts themselves or in sales literature generated or approved by you on behalf of the Contracts or Accounts (or any amendment or supplement to any of the foregoing) (collectively, "Company Documents" for the purposes of this Section 7), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this indemnity shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and was accurately derived from written information furnished to you by or on behalf of the Trust for use in Company Documents or otherwise for use in connection with the sale of the Contracts or Trust shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.2 arise out of or result from statements or representations (other than statements or representations contained in and accurately derived from Trust Documents as defined below in Section 7.2) or wrongful conduct of you or persons under your control, with respect to the sale or acquisition of the Contracts or Trust shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.3 arise out of or result from any untrue statement or alleged untrue statement of a material fact contained in Trust Documents as defined below in Section 7.2 or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such statement or omission was made in reliance upon and accurately derived from written information furnished to the Trust by or on behalf of you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.4 arise out of or result from any failure by you to provide the services or furnish the materials required under the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.5 arise out of or result from any material breach of any representation and/or warranty made by you in this Agreement or arise out of or result from any other material breach of this Agreement by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.6 arise out of or result from a Contract failing to be considered a life insurance policy or an annuity Contract, whichever is appropriate, under applicable provisions of the Code thereby depriving the Trust of its compliance with Section 817(h) of the Code provided that the Company makes no representation or undertaking to the extent such treatment depends on compliance by the Trust or any Portfolio with applicable provisions of the Code; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.7 arise out of or result from any failure by you to satisfy requirements, including but not limited to compliance with all applicable laws, relating to your electronic delivery of Designated Portfolio Documents or your making such documents available on-line.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 You shall not be liable under this indemnification provision with respect to any Losses to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party's duties or by reason of such Indemnified Party's reckless disregard of obligations and duties under this Agreement or to the Trust or Underwriter, whichever is applicable. You shall also not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified you in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify you of any such claim shall not relieve you from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision. In case any such action is brought against the Indemnified Parties, you shall be entitled to participate, at your own expense, in the defense of such action. Unless the Indemnified Party releases you from any further obligations under this Section 7.1, you also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action. After notice from you to such party of your election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and you will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 The Indemnified Parties will promptly notify you of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Trust shares or the Contracts or the operation of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Indemnification By The Underwriter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 The Underwriter agrees to indemnify and hold harmless you, and each of your directors and officers and each person, if any, who controls you within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" and individually an "Indemnified Party" for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter, which consent shall not be unreasonably withheld) or expenses (including the reasonable costs of investigating or defending any alleged loss, claim, damage, liability or expense and reasonable legal counsel fees incurred in connection therewith) (collectively, "Losses") to which the Indemnified Parties may become subject under any statute, at common law or otherwise, insofar as such Losses are related to the sale or acquisition by the Accounts of the shares of the Trust or the Contracts and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1.1 arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus or sales literature of the Trust (or any amendment or supplement to any of the foregoing)

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(collectively, the "Trust Documents") or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission of such alleged statement or omission was made in reliance upon and in conformity with information furnished to us by or on behalf of you for use in the Registration Statement or prospectus for the Trust or in sales literature (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Trust shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1.2 arise out of or as a result of statements or representations (other than statements or representations contained in the Disclosure Documents or sales literature for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Trust, Adviser or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Trust shares to the Accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1.3 arise out of any untrue statement or alleged untrue statement of a material fact contained in a Disclosure Document or sales literature covering the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to you by or on behalf of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1.4 arise as a result of any failure by us to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification representation specified above in Section 2.2.7, the diversification requirements specified above in Section 2.2.8 and the investor control representations specified above in Section 2.2.12); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1.5 arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter; as limited by and in accordance with the provisions of Sections 7.2.2 and 7.2.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 The Underwriter shall not be liable under this indemnification provision with respect to any Losses to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party's duties or by reason of such Indemnified Party's reckless disregard of obligations and duties under this Agreement or to you or the Accounts, whichever is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification

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provision. In case any such action is brought against the Indemnified Parties, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. Unless the Indemnified Party releases the Underwriter from any further obligations under this Section 7.2, the Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action. After notice from the Underwriter to such party of the Underwriter's election to assume the defense thereof, the Indemnified Party shall bear the expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4 You agree promptly to notify the Underwriter of the commencement of any litigation or proceedings against you or the Indemnified Parties in connection with the issuance or sale of the Contracts or the operation of each Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Indemnification By The Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 The Trust agrees to indemnify and hold harmless you, and each of your directors and officers and each person, if any, who controls you within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 7.3) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Trust, which consent shall not be unreasonably withheld) or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements result from the gross negligence, bad faith or willful misconduct of the Board or any member thereof, are related to the operations of the Trust, and arise out of or result from any material breach of any representation and/or warranty made by the Trust in this Agreement or arise out of or result from any other material breach of this Agreement by the Trust; as limited by and in accordance with the provisions of Sections 7.3.2 and 7.3.3 hereof. It is understood and expressly stipulated that neither the holders of shares of the Trust nor any Trustee, officer, agent or employee of the Trust shall be personally liable hereunder, nor shall any resort be had to other private property for the satisfaction of any claim or obligation hereunder, but the Trust only shall be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 The Trust shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation incurred or assessed against any Indemnified Party as such may arise from such Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party's duties or by reason of such Indemnified Party's reckless disregard of obligations and duties under this Agreement or to you, the Trust, the Underwriter or each Account, whichever is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 The Trust shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Trust in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claims shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Trust of any such claim shall not relieve the Trust from any liability which it may have to the Indemnified Party against whom such action

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is brought otherwise than on account of this indemnification provision. In case any such action is brought against the Indemnified Parties, the Trust will be entitled to participate, at its own expense, in the defense thereof. Unless the Indemnified Party releases the Trust from any further obligations under this Section 7.3, the Trust also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action. After notice from the Trust to such party of the Trust's election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Trust will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 You agree promptly to notify the Trust of the commencement of any litigation or proceedings against you or the Indemnified Parties in connection with this Agreement, the issuance or sale of the Contracts, with respect to the operation of the Account, or the sale or acquisition of shares of the Trust.

**8.**  **<u>Notices</u>** 

Any notice, except for those provided in Sections 3.2.1 and 3.2.2 of the Agreement, shall be sufficiently given when sent by registered or certified mail, or by nationally recognized overnight courier services, to the other party at the address of such party set forth in Schedule G below or at such other address as such party may from time to time specify in writing to the other party.

**9.**  **<u>Termination</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 This Agreement may be terminated by mutual agreement at any time. If this Agreement is so terminated, we shall, at your option, continue to make available additional shares of any Portfolio and redeem shares of any Portfolio for any or all Contracts or Accounts existing on the effective date of termination of this Agreement, pursuant to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 This Agreement may be terminated by any party in its entirety or with respect to one, some or all Portfolios for any reason by ninety (90) days' advance written notice delivered to the other parties, unless a shorter time is agreed to by all parties. If this Agreement is so terminated, we shall, at the option of the Company, continue to make available additional shares of any Portfolio and redeem shares of any Portfolio for any or all Contracts or Accounts existing on the effective date of termination of this Agreement, pursuant to the terms and conditions of this Agreement; If termination by you occurs in connection with the substitution of securities, as provided for in Section 26(c) of the 1940 Act, advance written notice to us shall be no later than the date of the filing of the application for approval of the proposed substitution of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 This Agreement may be terminated immediately by us upon written notice to you if you materially breach any of the representations and warranties made in this Agreement or you are materially in default in the performance of any of your duties or obligations under the Agreement, receive a written notice thereof and fail to remedy such default or breach to our

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reasonable satisfaction within 30 days after such notice. If this Agreement so terminates, the parties shall cooperate to effect an orderly windup of the business which may include, at our option, a redemption of the Portfolio shares held by the Accounts, *provided* that such redemption shall not occur prior to a period of up to six (6) months following written notice of termination, during which time we will cooperate reasonably with you in effecting a transfer of Portfolio assets to another underlying fund pursuant to any legal and appropriate means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 This Agreement may be terminated immediately by you upon written notice to us if we materially breach any of the representations and warranties made in this Agreement or are materially in default in the performance of any of our duties or obligations under the Agreement, receive a written notice thereof and fail to remedy such default or breach to your reasonable satisfaction within 30 days after such notice. If this Agreement so terminates, the parties shall cooperate to effect an orderly windup of the business which may include, at your option, a redemption of the Portfolio shares held by the Accounts, *provided* that such redemption shall not occur prior to a period of up to six (6) months following written notice of termination, during which time you will cooperate reasonably with us in effecting a transfer of Portfolio assets to another underlying fund pursuant to any legal and appropriate means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 This Agreement may be terminated by us upon ten business days' written notice to you if, with respect to the representations and warranties made in sections 2.1.3, 2.1.5, 2.1.7 and 2.4.2 of this Agreement: (i) you inform us that any of such representations and warranties may no longer be true or might not be true in the future; or (ii) any of such representations and warranties were not true on the effective date of this Agreement, are at any time no longer true, or have not been true during any time since the effective date of this Agreement; provided that we may terminate this Agreement upon lesser written notice (including immediately) if we reasonably determine that failure to do so could result in substantial liability to the Trust or any Portfolio. If this Agreement is so terminated, the Trust may redeem the Portfolio shares held by the Accounts on the effective date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 This Agreement may be terminated by the Board of Trustees of the Trust, in the exercise of its fiduciary duties, either upon its determination that such termination is a necessary and appropriate remedy for either: (1) a finding of a material breach of this Agreement which includes a violation of laws, as determined by the Board in its sole judgement exercised in good faith or (2) upon its determination to completely liquidate all Portfolios. Pursuant to such termination, the Trust may redeem the Portfolio shares held by the Accounts on the effective date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 This Agreement shall terminate immediately in the event of its assignment by any party without the prior written approval of the other parties, or as otherwise required by law. If this Agreement is so terminated due to an assignment by you without the prior approval by the Trust, the Trust may redeem the Portfolio shares held by the Accounts on the effective date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 This Agreement shall be terminated as required by the Shared Funding Order, and its provisions shall govern.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 This Agreement may be terminated at the option of any party, if that party shall determine, in its sole judgment exercised in good faith, that any other party to this Agreement has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity and that such material adverse change or material adverse publicity will have a material adverse impact upon the business and operations of the terminating party; but no such termination shall be effective until the party that has suffered the adverse change or adverse publicity or any other changes in circumstances has been provided with 30 days advance notice by the terminating party of its intent to terminate the Agreement, has been afforded a reasonable opportunity to respond to a statement by the terminating party concerning the reason for notice of termination and the terminating party has determined after considering the actions of the party suffering the adverse change or adverse publicity that its determination to terminate shall continue to apply at which time the termination effective date shall be the 30<sup>th</sup> day after which notice was provided by the terminating party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 At the option of the Trust or the Underwriter in the event that formal administrative proceedings are instituted against the Company by FINRA, the SEC, the Insurance Commissioner of any state or any other regulatory body regarding the Company's duties under this Agreement or related to the sales of the Contracts, with respect to the operation of any Account, or the purchase of the Trust shares, provided, however, that the Trust or the Underwriter determines in its sole judgment, exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. At the option of the Company in the event that formal administrative proceedings are instituted against the Trust or Underwriter by FINRA, the SEC, or any state securities or insurance department or any other regulatory body in respect of the sale of shares of the Trust to the Company, provided, however, that the Company determines in its sole judgment, exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Trust or Underwriter to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 The provisions of Section 2 (Representations and Warranties), Section 7 (Indemnification) and Schedule F (12b-1 fees) shall survive the termination of this Agreement. All other applicable provisions of this Agreement shall survive the termination of this Agreement, as long as shares of the Trust are held on behalf of Contract owners, except that we shall have no further obligation to sell Trust shares with respect to Contracts issued after termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 You shall not redeem Trust shares attributable to the Contracts (as opposed to Trust shares attributable to your assets held in the Account) except: (i) as necessary to implement Contract owner initiated or approved transactions; (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"); or (iii) as permitted pursuant to Section 26(c) of the 1940 Act.

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**10.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions of this Agreement or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 This Agreement may be executed simultaneously in two or more counterparts, all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 This Agreement shall be construed and its provisions interpreted under and in accordance with the laws of the State of California. It shall also be subject to the provisions of the federal securities laws and the rules and regulations thereunder, to any orders of the SEC on behalf of the Trust granting it exemptive relief, and to the conditions of such orders. We shall promptly forward copies of any such orders to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The parties to this Agreement acknowledge and agree that all liabilities of the Trust arising, directly or indirectly, under this Agreement, of any and every nature whatsoever, shall be satisfied solely out of the assets of the Trust and that no Trustee, officer, agent or holder of shares of beneficial interest of the Trust shall be personally liable for any such liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 The parties to this Agreement agree that the assets and liabilities of each Portfolio of the Trust are separate and distinct from the assets and liabilities of each other Portfolio. No Portfolio shall be liable or shall be charged for any debt, obligation or liability of any other Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Each party to this Agreement shall cooperate with each other party, the other party's independent auditors, and all appropriate governmental authorities (including without limitation the SEC, FINRA, and state insurance regulators) and shall permit such independent auditors and authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Each party shall treat as confidential all information of the other party which the parties agree in writing is confidential ("Confidential Information"). Except as permitted by this Agreement or as required by appropriate governmental authority (including, without limitation, the SEC, FINRA, or state securities and insurance regulators) the receiving party shall not disclose or use Confidential Information of the other party before it enters the public domain, without the express written consent of the party providing the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies and obligations, at law or in equity, which the parties to this Agreement are entitled to under state and federal laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 The parties to this Agreement acknowledge and agree that this Agreement shall not be exclusive in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 No provisions of this Agreement may be amended or modified in any manner except by a written agreement properly authorized and executed by both parties. Notwithstanding the foregoing: (i) the Site Terms may be separately amended as provided therein and, as so amended and in effect from time to time, shall be a part of this Agreement; and (ii) Schedule C may be separately amended as provided therein and, as so amended shall be a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 Each party to the Agreement agrees to limit the disclosure of nonpublic personal information of Contract owners and customers consistent with its policies on privacy with respect to such information and Regulation S-P of the SEC. Each party hereby agrees that it will comply with all applicable requirements under the regulations implementing Title V of the Gramm-Leach-Bliley Act and any other applicable federal and state consumer privacy acts, rules and regulations. Each party further represents that it has in place, and agrees that it will maintain, information security policies and procedures for protecting nonpublic personal customer information adequate to conform to applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 If there is a material change to the prospectus of a Portfolio that will impact the provisions of this Agreement, we will notify you promptly in writing.

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**IN WITNESS WHEREOF**, each of the parties has caused their duly authorized officers to execute this Agreement.

The Trust: <u>Franklin Templeton Variable Insurance Products Trust</u>

**Only on behalf of each** 

**Portfolio listed on** 

**Schedule C hereof.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/ Navid Tofigh</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Navid Tofigh

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary & Vice President

The Underwriter: <u>Franklin Distributors, LLC</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/ Robert Smith</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Robert Smith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Head of Business Administration

The Company: <u>New York Life Insurance and Annuity Corporation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/ Janis Rubin</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Janis Rubin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Vice President

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**Schedule A** 

**The Company** 

THE COMPANY

New York Life Insurance and Annuity Corporation

51 Madison Avenue

New York, NY 10010

An insurance company organized under the laws of the State of Delaware.

A

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**Schedule B** 

**Accounts of the Company** 

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| | |
|:---|:---|
| **Name of Account** | **<u>SEC Registration</u>**<br> **Yes/No** |
| NYLIAC Variable Annuity Separate Account - I | **Yes** |
| NYLIAC Variable Annuity Separate Account – II | **Yes** |
| NYLIAC Variable Annuity Separate Account – III | **Yes** |
| NYLIAC Variable Annuity Separate Account – IV | **Yes** |
| NYLIAC Variable Universal Life Separate Account – I | **Yes** |
| NYLIAC Corporate Sponsored Variable Universal Life Separate Account – I | **Yes** |
| NYLIAC Private Placement Variable Universal Life Separate Account – I | **No** |
| NYLIAC Private Placement Variable Universal Life Separate Account -- II | **No** |

---

B

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**Schedule C** 

**Available Portfolios and Classes of Shares of the Trust** 

Franklin Gold and Precious Metals VIP Fund: Class 1 and Class 2

In addition to portfolios and classes of shares listed above, any additional Portfolios and classes of shares other than Class 3 shares are included in this Schedule C listing provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the General Counsel of Franklin Templeton Investments receives from a person authorized by you a written
notice in the form attached (which may be electronic mail or sent by electronic mail) ("Notice") identifying this Agreement as provided in the Notice and specifying: (i) the names and classes of shares of additional Portfolios that
you propose to offer as investment options of the Separate Accounts under the Contracts; and (ii) the date that you propose to begin offering Separate Account interests investing in the additional Portfolios under the Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) we do not within ten (10) Business Days following receipt of the Notice send you a writing (which may
be electronic mail) objecting to your offering such Separate Accounts investing in the additional Portfolios and classes of shares under the Contracts.

Provided that we do not object as provided above, your Notice shall amend, supplement and become a part of this Schedule C and the Agreement.

C

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**FORM OF NOTICE PURSUANT TO SCHEDULE C OF PARTICIPATION AGREEMENT** 

To: General Counsel c/o

US Intermediary Client Onboarding (us_ico@franklintempleton.com) or

Kevin Kirchoff (kevin.kirchoff@franklintempleton.com)

Fax: 650 525-7059

Franklin Templeton Investments

1 Franklin Parkway,

Bldg. 920, 2<sup>nd</sup> Floor

San Mateo, CA 94402

With respect to the following agreement(s) (altogether, the "Agreement")

(please reproduce and complete table for multiple agreements):

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Date of Participation Agreement:** |
| &nbsp;&nbsp; **Insurance Company(ies):** |

---

As provided by Schedule C of the Agreement, this Notice proposes to Franklin Templeton Variable Insurance Products Trust, and Franklin Distributors, LLC the addition as of the offering date(s) listed below of the following Portfolios as additional investment options listed on Schedule C:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Names and Classes of Shares of Additional Portfolios**<br> Listing of current classes for your reference:<br> Class 1 (no 12b-1 fee);<br> Class 2 (12b-1 fee of 25 bps);<br> ] | <br> **Offering Date(s)** |

---

**Name and title of authorized person of insurance company:** 

**Contact Information:** 

C

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**Schedule D** 

**Contracts of the Company** 

All variable life and variable annuity contracts issued by separate accounts listed on Schedule B of this Agreement.

D

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**Schedule E** 

**This schedule is not used** 

E

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**Schedule F** 

**Rule 12b-1 Plans of the Trust** 

**<u>Compensation</u>**

Each Class 2, Class 4 or Class 5 Portfolio named or referenced on Schedule C of this Agreement may make payments on an annualized basis of the average daily net assets of the shares of the Portfolios held in the Accounts at a rate of [ ]%, as may be amended from time to time with reasonable notice to you, pursuant to the terms and conditions of its Rule 12b-1 distribution plan. For the avoidance of doubt, you agree to waive payment of any amounts payable to you by us under a Portfolio's Rule 12b-1 distribution plan until such time as we are in receipt of such fee from the Portfolio.

At the end of each quarter, we will determine the net assets for the preceding quarter, of shares of the Portfolio as to which the 12b-1 fee is to be calculated. We will provide a statement to you setting forth the calculation within thirty (30) Business Days of the following month after the end of the quarter.

**<u>Agreement Provisions</u>**

If the Company, on behalf of any Account, purchases Trust Portfolio shares ("Eligible Shares") that are subject to a Rule 12b-1 plan adopted under the 1940 Act (the "Plan"), the Company may participate in the Plan.

To the extent the Company or its affiliates, agents or designees (collectively "you") provide any activity or service that is primarily intended to assist in the promotion, distribution or account servicing of Eligible Shares ("Rule 12b-1 Services") or variable contracts offering Eligible Shares, the Underwriter, the Trust or their affiliates (collectively, "we") may pay you a Rule 12b-1 fee. "Rule 12b-1 Services" may include, but are not limited to, printing of prospectuses and reports used for sales purposes, preparing and distributing sales literature and related expenses, advertisements, education of dealers and their representatives, and similar distribution-related expenses, furnishing personal services to owners of Contracts which may invest in Eligible Shares ("Contract Owners"), education of Contract Owners, answering routine inquiries regarding a Portfolio, coordinating responses to Contract Owner inquiries regarding the Portfolios, maintaining such accounts or providing such other enhanced services as a Trust Portfolio or Contract may require, or providing other services eligible for service fees as defined under FINRA rules.

Your acceptance of such compensation is your acknowledgment that eligible services have been rendered. All Rule 12b-1 fees shall be based on the value of Eligible Shares owned by the Company on behalf of its Accounts, and shall be calculated on the basis and at the rates set forth in the compensation provision stated above. The aggregate annual fees paid pursuant to each Plan shall not exceed the amounts stated as the "annual maximums" in the Portfolio's prospectus, unless an increase is approved by shareholders as provided in the Plan. These maximums shall be a specified percent of the value of a Portfolio's net assets attributable to Eligible Shares owned by the Company on behalf of its Accounts (determined in the same

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manner as the Portfolio uses to compute its net assets as set forth in its effective Prospectus). The Rule 12b-1 fee will be paid to you within thirty (30) days after the end of the three-month periods ending in January, April, July and October.

You shall furnish us with such information as shall reasonably be requested by the Trust's Boards of Trustees ("Trustees") with respect to the Rule 12b-1 fees paid to you pursuant to the Plans. We shall furnish to the Trustees, for their review on a quarterly basis, a written report of the amounts expended under the Plans and the purposes for which such expenditures were made.

The Plans and provisions of any agreement relating to such Plans must be approved annually by a vote of the Trustees, including the Trustees who are not interested persons of the Trust and who have no financial interest in the Plans or any related agreement ("Disinterested Trustees"). Each Plan may be terminated at any time by the vote of a majority of the Disinterested Trustees, or by a vote of a majority of the outstanding shares as provided in the Plan, on sixty (60) days' written notice, without payment of any penalty, or as provided in the Plan. Continuation of the Plans is also conditioned on Disinterested Trustees being ultimately responsible for selecting and nominating any new Disinterested Trustees. Under Rule 12b-1, the Trustees have a duty to request and evaluate, and persons who are party to any agreement related to a Plan have a duty to furnish, such information as may reasonably be necessary to an informed determination of whether the Plan or any agreement should be implemented or continued. Under Rule 12b-1, the Trust is permitted to implement or continue Plans or the provisions of any agreement relating to such Plans from year-to-year only if, based on certain legal considerations, the Trustees are able to conclude that the Plans will benefit each affected Trust Portfolio and class. Absent such yearly determination, the Plans must be terminated as set forth above. In the event of the termination of the Plans for any reason, the provisions of this Schedule F relating to the Plans will also terminate. You agree that your selling agreements with persons or entities through whom you intend to distribute Contracts will provide that compensation paid to such persons or entities may be reduced if a Portfolio's Plan is no longer effective or is no longer applicable to such Portfolio or class of shares available under the Contracts.

Any obligation assumed by the Trust pursuant to this Agreement shall be limited in all cases to the assets of the Trust and no person shall seek satisfaction thereof from shareholders of the Trust. You agree to waive payment of any amounts payable to you by Underwriter under a Plan until such time as the Underwriter has received such fee from the Trust.

The provisions of the Plans shall control over the provisions of the Participation Agreement, including this Schedule F, in the event of any inconsistency. You agree to provide complete disclosure as required by all applicable statutes, rules and regulations of all rule 12b-1 fees received from us in the prospectus of the Contracts.

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**Schedule G** 

**Addresses for Notices** 

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| |
|:---|
| To the Company: |
| To the Distributor: Franklin Distributors, LLC<br> One Franklin Parkway, Bld 920 2<sup>nd</sup> Floor<br> San Mateo, CA 94403<br> Attention: US Intermediary Client Onboarding<br> (us_ico@franklintempleton.com) |
| To the Trust: Franklin Templeton Variable Insurance Products Trust<br> One Franklin Parkway, Bldg. 920 2<sup>nd</sup> Floor<br> San Mateo, California 94403<br> Attention: Legal Counsel |
| To the Underwriter: Franklin Distributors, LLC<br> 100 Fountain Parkway, Bldg. 140 7<sup>th</sup> Floor<br> St. Petersburg, FL 33716<br> Attention: Legal Counsel |
| If to the Trust or Underwriter with a copy to: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Franklin Templeton Investments<br> One Franklin Parkway, Bldg. 920 2<sup>nd</sup> Floor<br> San Mateo, California 94403<br> Attention: General Counsel |

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G

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**Schedule H** 

**Shared Funding Order** 

Templeton Variable Products Series Fund, et al.

File No. 812-11698

SECURITIES AND EXCHANGE COMMISSION

Release No. IC-24018

1999 SEC LEXIS 1887

September 17, 1999

ACTION: Notice of application for an amended order of exemption pursuant to Section 6(c) of the Investment Company Act of 1940 (the "1940 Act") from the provisions of Sections 9(a), 13(a), 15(a) and 15(b) of the 1940 Act and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder.

TEXT: Summary of Application: Templeton Variable Products Series Fund (the "Templeton Trust"), Franklin Templeton Variable Insurance Products Trust (formerly Franklin Valuemark Funds) (the "VIP Trust," and together with the Templeton Trust, the "Funds"), Templeton Funds Annuity Company ("TFAC") or any successor to TFAC, and any future open-end investment company for which TFAC or any affiliate is the administrator, sub-administrator, investment manager, adviser, principal underwriter, or sponsor ("Future Funds") seek an amended order of the Commission to (1) add as parties to that order the VIP Trust and any Future Funds and (2) permit shares of the Funds and Future Funds to be issued to and held by qualified pension and retirement plans outside the separate account context.

Applicants: Templeton Variable Products Series Fund, Franklin Templeton Variable Insurance Products Trust, Templeton Funds Annuity Company or any successor to TFAC, and any future open-end investment company for which TFAC or any affiliate is the administrator, sub-administrator, investment manager, adviser, principal underwriter, or sponsor (collectively, the "Applicants").

Filing Date: The application was filed on July 14, 1999, and amended and restated on September 17, 1999.

Hearing or Notification of Hearing: An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Secretary of the Commission and serving Applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m., on October 12, 1999, and should be accompanied by proof of service on the Applicants in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer's interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Secretary of the Commission.

Addresses: Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, D.C. 20549-0609.

Applicants: Templeton Variable Products Series Fund and Franklin Templeton Variable Insurance Products Trust, 777 Mariners Island Boulevard, San Mateo, California 94404, Attn: Karen L. Skidmore, Esq.

For Further Information Contact: Kevin P. McEnery, Senior Counsel, or Susan M. Olson, Branch Chief, Office of Insurance Products, Division of Investment Management, at (202) 942-0670.

Supplementary Information: The following is a summary of the application. The complete application is available for a fee from the SEC's Public Reference Branch, 450 Fifth Street, N.W., Washington, D.C. 20549-0102 (tel. (202) 942-8090).

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Applicants' Representations:

&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the Funds is registered under the 1940 Act as an open-end management investment company and was organized as a Massachusetts business trust. The Templeton Trust currently consists of eight separate series, and the VIP Trust consists of twenty-five separate series. Each Fund's Declaration of Trust permits the Trustees to create additional series of shares at any time. The Funds currently serve as the underlying investment medium for variable annuity contracts and variable life insurance policies issued by various insurance companies. The Funds have entered into investment management agreements with certain investment managers ("Investment Managers") directly or indirectly owned by Franklin Resources, Inc. ("Resources"), a publicly owned company engaged in the financial services industry through its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;2. TFAC is an indirect, wholly owned subsidiary of Resources. TFAC is the sole insurance company in the Franklin Templeton organization, and specializes in the writing of variable annuity contracts. The Templeton Trust has entered into a Fund Administration Agreement with Franklin Templeton Services, Inc. ("FT Services"), which replaced TFAC in 1998 as administrator, and FT Services subcontracts certain services to TFAC. FT Services also serves as administrator to all series of the VIP Trust. TFAC and FT Services provide certain administrative facilities and services for the VIP and Templeton Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;3. On November 16, 1993, the Commission issued an order granting exemptive relief to permit shares of the Templeton Trust to be sold to and held by variable annuity and variable life insurance separate accounts of both affiliated and unaffiliated life insurance companies (Investment Company Act Release No. 19879, File No. 812-8546) (the "Original Order"). Applicants incorporate by reference into the application the Application for the Original Order and each amendment thereto, the Notice of Application for the Original Order, and the Original Order, to the extent necessary, to supplement the representations made in the application in support of the requested relief. Applicants represent that all of the facts asserted in the Application for the Original Order and any amendments thereto remain true and accurate in all material respects to the extent that such facts are relevant to any relief on which Applicants continue to rely. The Original Order allows the Templeton Trust to offer its shares to insurance companies as the investment vehicle for their separate accounts supporting variable annuity contracts and variable life insurance contracts (collectively, the "Variable Contracts"). Applicants state that the Original Order does not (i) include the VIP Trust or Future Funds as parties, nor (ii) expressly address the sale of shares of the Funds or any Future Funds to qualified pension and retirement plans outside the separate account context including, without limitation, those trusts, plans, accounts, contracts or annuities described in Sections 401(a), 403(a), 403(b), 408(b), 408(k), 414(d), 457(b), 501(c)(18) of the Internal Revenue Code of 1986, as amended (the "Code"), and any other trust, plan, contract, account or annuity that is determined to be within the scope of Treasury Regulation 1.817.5(f)(3)(iii) ("Qualified Plans").

&nbsp;&nbsp;&nbsp;&nbsp;4. Separate accounts owning shares of the Funds and their insurance company depositors are referred to in the application as "Participating Separate Accounts" and "Participating Insurance Companies," respectively. The use of a common management investment company as the underlying investment medium for both variable annuity and variable life insurance separate accounts of a single insurance company (or of two or more affiliated insurance companies) is referred to as "mixed funding." The use of a common management investment company as the underlying investment medium for variable annuity and/or variable life insurance separate accounts of unaffiliated insurance companies is referred to as "shared funding."

Applicants' Legal Analysis:

&nbsp;&nbsp;&nbsp;&nbsp;1. Applicants request that the Commission issue an amended order pursuant to Section 6(c) of the 1940 Act, adding the VIP Trust and Future Funds to the Original Order and exempting scheduled premium variable life insurance separate accounts and flexible premium variable life insurance separate accounts of Participating Insurance Companies (and, to the extent necessary, any principal underwriter and depositor of such an account) and the Applicants from Sections 9(a), 13(a), 15(a) and 15(b) of the 1940 Act, and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) (and any comparable rule) thereunder, respectively, to the extent necessary to permit shares of the Funds and any Future Funds to be sold to and held by Qualified Plans. Applicants submit that the exemptions requested are appropriate in the public interest, consistent with the protection of investors, and consistent with the purposes fairly intended by the policy and provisions of the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;2. The Original Order does not include the VIP Trust or Future Funds as parties nor expressly address the sale of shares of the Funds or any Future Funds to Qualified Plans. Applicants propose that the VIP Trust and Future Funds be added as parties to the Original Order and the Funds and any Future Funds be permitted to offer and sell their shares to Qualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;3. Section 6(c) of the 1940 Act provides, in part, that the Commission, by order upon application, may conditionally or unconditionally exempt any person, security or transaction, or any class or classes of persons, securities or transactions from any provisions of the 1940 Act or the rules or regulations thereunder, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;4. In connection with the funding of scheduled premium variable life insurance contracts issued through a separate account registered under the 1940 Act as a unit investment trust ("UIT"), Rule 6e-2(b)(15) provides partial exemptions from various provisions of the 1940 Act, including the following: (1) Section 9(a), which makes it unlawful for certain individuals to act in the capacity of employee, officer, or director for a UIT, by limiting the application of the eligibility restrictions in Section 9(a) to affiliated persons directly participating in the management of a registered management investment company; and (2) Sections 13(a), 15(a) and 15(b) of the 1940 Act to the extent that those sections might be deemed to require "pass-through" voting with respect to an underlying fund's shares, by allowing an insurance company to disregard the voting instructions of contractowners in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;5. These exemptions are available, however, only where the management investment company underlying the separate account (the "underlying fund") offers its shares "exclusively to variable life insurance separate accounts of the life insurer, or of any affiliated life insurance company." Therefore, Rule 6e-2 does not permit either mixed funding or shared funding because the relief granted by Rule 6e-2(b)(15) is not available with respect to a scheduled premium variable life insurance separate account that owns shares of an underlying fund that also offers its shares to a variable annuity or a flexible premium variable life insurance separate account of the same company or of any affiliated life insurance company. Rule 6e-2(b)(15) also does not permit the sale of shares of the underlying fund to Qualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;6. In connection with flexible premium variable life insurance contracts issued through a separate account registered under the 1940 Act as a UIT, Rule 6e-3(T)(b)(15) also provides partial exemptions from Sections 9(a), 13(a), 15(a) and 15(b) of the 1940 Act. These exemptions, however, are available only where the separate account's underlying fund offers its shares "exclusively to separate accounts of the life insurer, or of any affiliated life insurance company, offering either scheduled contracts or flexible contracts, or both; or which also offer their shares to variable annuity separate accounts of the life insurer or of an affiliated life insurance company." Therefore, Rule 6e-3(T) permits mixed funding but does not permit shared funding and also does not permit the sale of shares of the underlying fund to Qualified Plans. As noted above, the Original Order granted the Templeton Trust exemptive relief to permit mixed and shared funding, but did not expressly address the sale of its shares to Qualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;7. Applicants note that if the Funds were to sell their shares only to Qualified Plans, exemptive relief under Rule 6e-2 and Rule 6e-3(T) would not be necessary. Applicants state that the relief provided for under Rule 6e-2(b)(15) and Rule 6e-3(T)(b)(15) does not relate to qualified pension and retirement plans or to a registered investment company's ability to sell its shares to such plans.

&nbsp;&nbsp;&nbsp;&nbsp;8. Applicants state that changes in the federal tax law have created the opportunity for each of the Funds to increase its asset base through the sale of its shares to Qualified Plans. Applicants state that Section 817(h) of the Internal Revenue Code of 1986, as amended (the "Code"), imposes certain diversification standards on the assets underlying Variable Contracts. Treasury Regulations generally require that, to meet the diversification requirements, all of the beneficial interests in the underlying investment company must be held by the segregated asset accounts of one or more life insurance companies. Notwithstanding this, Applicants note that the Treasury Regulations also contain an exception to this requirement that permits trustees of a Qualified Plan to hold shares of an investment company, the shares of which are also held by insurance company segregated asset accounts, without adversely affecting the status of the investment company as an adequately diversified underlying investment of Variable Contracts issued through such segregated asset accounts (Treas. Reg. 1.817-5(f)(3)(iii)).

&nbsp;&nbsp;&nbsp;&nbsp;9. Applicants state that the promulgation of Rules 6e-2(b)(15) and 6e-3(T)(b)(15) under the 1940 Act preceded the issuance of these Treasury Regulations. Thus, Applicants assert that the sale of shares of the same investment company

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to both separate accounts and Qualified Plans was not contemplated at the time of the adoption of Rules 6e-2(b)(15) and 6e-3(T)(b)(15).

&nbsp;&nbsp;&nbsp;&nbsp;10. Section 9(a) provides that it is unlawful for any company to serve as investment adviser or principal underwriter of any registered open-end investment company if an affiliated person of that company is subject to a disqualification enumerated in Section 9(a)(1) or (2). Rules 6e-2(b)(15) and 6e-3(T)(b)(15) provide exemptions from Section 9(a) under certain circumstances, subject to the limitations on mixed and shared funding. These exemptions limit the application of the eligibility restrictions to affiliated individuals or companies that directly participate in the management of the underlying portfolio investment company.

&nbsp;&nbsp;&nbsp;&nbsp;11. Applicants state that the relief granted in Rule 6e-2(b)(15) and 6e-3(T)(b)(15) from the requirements of Section 9 limits, in effect, the amount of monitoring of an insurer's personnel that would otherwise be necessary to ensure compliance with Section 9 to that which is appropriate in light of the policy and purposes of Section 9. Applicants submit that those Rules recognize that it is not necessary for the protection of investors or the purposes fairly intended by the policy and provisions of the 1940 Act to apply the provisions of Section 9(a) to the many individuals involved in an insurance company complex, most of whom typically will have no involvement in matters pertaining to investment companies funding the separate accounts.

&nbsp;&nbsp;&nbsp;&nbsp;12. Applicants to the Original Order previously requested and received relief from Section 9(a) and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) to the extent necessary to permit mixed and shared funding. Applicants maintain that the relief previously granted from Section 9(a) will in no way be affected by the proposed sale of shares of the Funds to Qualified Plans. Those individuals who participate in the management or administration of the Funds will remain the same regardless of which Qualified Plans use such Funds. Applicants maintain that more broadly applying the requirements of Section 9(a) because of investment by Qualified Plans would not serve any regulatory purpose. Moreover, Qualified Plans, unlike separate accounts, are not themselves investment companies and therefore are not subject to Section 9 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;13. Applicants state that Rules 6e-2(b)(15)(iii) and 6e-3(T)(b)(15)(iii) provide exemptions from the pass-through voting requirement with respect to several significant matters, assuming the limitations on mixed and shared funding are observed. Rules 6e-2(b)(15)(iii)(A) and 6e-3(T)(b)(15)(iii)(A) provide that the insurance company may disregard the voting instructions of its contractowners with respect to the investments of an underlying fund or any contract between a fund and its investment adviser, when required to do so by an insurance regulatory authority (subject to the provisions of paragraphs (b)(5)(i) and (b)(7)(ii)(A) of the Rules). Rules 6e-2(b)(15)(iii)(B) and 6e-3(T)(b)(15)(iii)(A)(2) provide that the insurance company may disregard contractowners' voting instructions if the contractowners initiate any change in such company's investment policies, principal underwriter, or any investment adviser (provided that disregarding such voting instructions is reasonable and subject to the other provisions of paragraphs (b)(5)(ii) and (b)(7)(ii)(B) and (C) of the Rules).

&nbsp;&nbsp;&nbsp;&nbsp;14. Applicants assert that Qualified Plans, which are not registered as investment companies under the 1940 Act, have no requirement to pass-through the voting rights to plan participants. Applicants state that applicable law expressly reserves voting rights to certain specified persons. Under Section 403(a) of the Employment Retirement Income Security Act ("ERISA"), shares of a fund sold to a Qualified Plan must be held by the trustees of the Qualified Plan. Section 403(a) also provides that the trustee(s) must have exclusive authority and discretion to manage and control the Qualified Plan with two exceptions: (1) when the Qualified Plan expressly provides that the trustee(s) are subject to the direction of a named fiduciary who is not a trustee, in which case the trustees are subject to proper directions made in accordance with the terms of the Qualified Plan and not contrary to ERISA; and (2) when the authority to manage, acquire or dispose of assets of the Qualified Plan is delegated to one or more investment managers pursuant to Section 402(c)(3) of ERISA. Unless one of the two above exceptions stated in Section 403(a) applies, Qualified Plan trustees have the exclusive authority and responsibility for voting proxies. Where a named fiduciary to a Qualified Plan appoints an investment manager, the investment manager has the responsibility to vote the shares held unless the right to vote such shares is reserved to the trustees or the named fiduciary. Where a Qualified Plan does not provide participants with the right to give voting instructions, Applicants do not see any potential for material irreconcilable conflicts of interest between or among variable contract holders and Qualified Plan investors with respect to voting of the respective Fund's shares. Accordingly, Applicants state that, unlike the case with insurance company separate accounts, the issue of the resolution of material irreconcilable conflicts with respect to voting is not present with respect to such Qualified Plans since the Qualified Plans are not entitled to pass-through voting privileges.

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&nbsp;&nbsp;&nbsp;&nbsp;15. Even if a Qualified Plan were to hold a controlling interest in one of the Funds, Applicants believe that such control would not disadvantage other investors in such Fund to any greater extent than is the case when any institutional shareholder holds a majority of the voting securities of any open-end management investment company. In this regard, Applicants submit that investment in a Fund by a Qualified Plan will not create any of the voting complications occasioned by mixed funding or shared funding. Unlike mixed or shared funding, Qualified Plan investor voting rights cannot be frustrated by veto rights of insurers or state regulators.

&nbsp;&nbsp;&nbsp;&nbsp;16. Applicants state that some of the Qualified Plans, however, may provide for the trustee(s), an investment adviser (or advisers), or another named fiduciary to exercise voting rights in accordance with instructions from participants. Where a Qualified Plan provides participants with the right to give voting instructions, Applicants see no reason to believe that participants in Qualified Plans generally or those in a particular Qualified Plan, either as a single group or in combination with participants in other Qualified Plans, would vote in a manner that would disadvantage Variable Contract holders. In sum, Applicants maintain that the purchase of shares of the Funds by Qualified Plans that provide voting rights does not present any complications not otherwise occasioned by mixed or shared funding.

&nbsp;&nbsp;&nbsp;&nbsp;17. Applicants do not believe that the sale of the shares of the Funds to Qualified Plans will increase the potential for material irreconcilable conflicts of interest between or among different types of investors. In particular, Applicants see very little potential for such conflicts beyond that which would otherwise exist between variable annuity and variable life insurance contractowners.

&nbsp;&nbsp;&nbsp;&nbsp;18. As noted above, Section 817(h) of the Code imposes certain diversification standards on the underlying assets of variable contracts held in an underlying mutual fund. The Code provides that a variable contract shall not be treated as an annuity contract or life insurance, as applicable, for any period (and any subsequent period) for which the investments are not, in accordance with regulations prescribed by the Treasury Department, adequately diversified.

&nbsp;&nbsp;&nbsp;&nbsp;19. Treasury Department Regulations issued under Section 817(h) provide that, in order to meet the statutory diversification requirements, all of the beneficial interests in the investment company must be held by the segregated asset accounts of one or more insurance companies. However, the Regulations contain certain exceptions to this requirement, one of which allows shares in an underlying mutual fund to be held by the trustees of a qualified pension or retirement plan without adversely affecting the ability of shares in the underlying fund also to be held by separate accounts of insurance companies in connection with their variable contracts (Treas. Reg. 1.817-5(f)(3)(iii)). Thus, Applicants believe that the Treasury Regulations specifically permit "qualified pension or retirement plans" and separate accounts to invest in the same underlying fund. For this reason, Applicants have concluded that neither the Code nor the Treasury Regulations or revenue rulings thereunder presents any inherent conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;20. Applicants note that while there are differences in the manner in which distributions from Variable Contracts and Qualified Plans are taxed, these differences will have no impact on the Funds. When distributions are to be made, and a Separate Account or Qualified Plan is unable to net purchase payments to make the distributions, the Separate Account and Qualified Plan will redeem shares of the Funds at their respective net asset value in conformity with Rule 22c-1 under the 1940 Act (without the imposition of any sales charge) to provide proceeds to meet distribution needs. A Qualified Plan will make distributions in accordance with the terms of the Qualified Plan.

&nbsp;&nbsp;&nbsp;&nbsp;21. Applicants maintain that it is possible to provide an equitable means of giving voting rights to Participating Separate Account contractowners and to Qualified Plans. In connection with any meeting of shareholders, the Funds will inform each shareholder, including each Participating Insurance Company and Qualified Plan, of information necessary for the meeting, including their respective share of ownership in the relevant Fund. Each Participating Insurance Company will then solicit voting instructions in accordance with Rules 6e-2 and 6e-3(T), as applicable, and its participation agreement with the relevant Fund. Shares held by Qualified Plans will be voted in accordance with applicable law. The voting rights provided to Qualified Plans with respect to shares of the Funds would be no different from the voting rights that are provided to Qualified Plans with respect to shares of funds sold to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;22. Applicants have concluded that even if there should arise issues with respect to a state insurance commissioner's veto powers over investment objectives where the interests of contractowners and the interests of Qualified Plans are in conflict, the issues can be almost immediately resolved since the trustees of (or participants in) the Qualified Plans can, on their own, redeem the shares out of the Funds. Applicants note that state insurance commissioners have been

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given the veto power in recognition of the fact that insurance companies usually cannot simply redeem their separate accounts out of one fund and invest in another. Generally, time-consuming, complex transactions must be undertaken to accomplish such redemptions and transfers. Conversely, the trustees of Qualified Plans or the participants in participant-directed Qualified Plans can make the decision quickly and redeem their interest in the Funds and reinvest in another funding vehicle without the same regulatory impediments faced by separate accounts or, as is the case with most Qualified Plans, even hold cash pending suitable investment.

&nbsp;&nbsp;&nbsp;&nbsp;23. Applicants also state that they do not see any greater potential for material irreconcilable conflicts arising between the interests of participants under Qualified Plans and contractowners of Participating Separate Accounts from possible future changes in the federal tax laws than that which already exist between variable annuity contractowners and variable life insurance contractowners.

&nbsp;&nbsp;&nbsp;&nbsp;24. Applicants state that the sale of shares of the Funds to Qualified Plans in addition to separate accounts of Participating Insurance Companies will result in an increased amount of assets available for investment by the Funds. This may benefit variable contractowners by promoting economies of scale, by permitting increased safety of investments through greater diversification, and by making the addition of new portfolios more feasible.

&nbsp;&nbsp;&nbsp;&nbsp;25. Applicants assert that, regardless of the type of shareholders in each Fund, each Fund's Investment Manager is or would be contractually and otherwise obligated to manage the Fund solely and exclusively in accordance with that Fund's investment objectives, policies and restrictions as well as any guidelines established by the Board of Trustees of such Fund (the "Board"). The Investment Manager works with a pool of money and (except in a few instances where this may be required in order to comply with state insurance laws) does not take into account the identity of the shareholders. Thus, each Fund will be managed in the same manner as any other mutual fund. Applicants therefore see no significant legal impediment to permitting the sale of shares of the Funds to Qualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;26. Applicants state that the Commission has permitted the amendment of a substantially similar original order for the purpose of adding a party to the original order and has permitted open-end management investment companies to offer their shares directly to Qualified Plan in addition to separate accounts of affiliated or unaffiliated insurance companies which issue either or both variable annuity contracts or variable life insurance contracts. Applicants state that the amended order sought in the application is identical to precedent with respect to the conditions Applicants propose should be imposed on Qualified Plans in connection with investment in the Funds.

Applicants' Conditions:

If the requested amended order is granted, Applicants consent to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;1. A majority of the Board of each Fund shall consist of persons who are not "interested persons" thereof, as defined by Section 2(a)(19) of the 1940 Act, and the rules thereunder and as modified by any applicable orders of the Commission, except that if this condition is not met by reason of the death, disqualification or bona fide resignation of any Board Member or Members, then the operation of this condition shall be suspended: (a) for a period of 45 days if the vacancy or vacancies may be filled by the remaining Board Members; (b) for a period of 60 days if a vote of shareholders is required to fill the vacancy or vacancies; or (c) for such longer period as the Commission may prescribe by order upon application.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Board will monitor their respective Fund for the existence of any material irreconcilable conflict among the interests of the Variable Contract owners of all Separate Accounts investing in the Funds and of the Qualified Plan participants investing in the Funds. The Board will determine what action, if any, shall be taken in response to such conflicts. A material irreconcilable conflict may arise for a variety of reasons, including: (a) an action by any state insurance regulatory authority; (b) a change in applicable federal or state insurance, tax or securities laws or regulations, or a public ruling, private letter ruling, no-action or interpretive letter, or any similar action by insurance, tax or securities regulatory authorities; (c) an administrative or judicial decision in any relevant proceeding; (d) the manner in which the investments of the Funds are being managed; (e) a difference in voting instructions given by variable annuity contract owners, variable life insurance contract owners, and trustees of Qualified Plans; (f) a decision by an insurer to disregard the voting instructions of Variable Contract owners; or (g) if applicable, a decision by a Qualified Plan to disregard the voting instructions of Qualified Plan participants.

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&nbsp;&nbsp;&nbsp;&nbsp;3. Participating Insurance Companies, the Investment Managers, and any Qualified Plan that executes a fund participation agreement upon becoming an owner of 10 percent or more of the assets of an Fund (a "Participating Qualified Plan"), will report any potential or existing conflicts of which it becomes aware to the Board of any relevant Fund. Participating Insurance Companies, the Investment Managers and the Participating Qualified Plans will be responsible for assisting the Board in carrying out its responsibilities under these conditions by providing the Board with all information reasonably necessary for the Board to consider any issues raised. This responsibility includes, but is not limited to, an obligation by each Participating Insurance Company to inform the Board whenever voting instructions of Contract owners are disregarded and, if pass-through voting is applicable, an obligation by each Participating Qualified Plan to inform the Board whenever it has determined to disregard Qualified Plan participant voting instructions. The responsibility to report such information and conflicts, and to assist the Board, will be contractual obligations of all Participating Insurance Companies investing in the Funds under their agreements governing participation in the Funds, and such agreements shall provide that these responsibilities will be carried out with a view only to the interests of the Variable Contract owners. The responsibility to report such information and conflicts, and to assist the Board, will be contractual obligations of all Participating Qualified Plans under their agreements governing participation in the Funds, and such agreements will provide that their responsibilities will be carried out with a view only to the interests of Qualified Plan participants.

&nbsp;&nbsp;&nbsp;&nbsp;4. If it is determined by a majority of the Board of a Fund, or by a majority of the disinterested Board Members, that a material irreconcilable conflict exists, the relevant Participating Insurance Companies and Participating Qualified Plans will, at their own expense and to the extent reasonably practicable as determined by a majority of the disinterested Board Members, take whatever steps are necessary to remedy or eliminate the material irreconcilable conflict, which steps could include: (a) in the case of Participating Insurance Companies, withdrawing the assets allocable to some or all of the Separate Account s from the Fund or any portfolio thereof and reinvesting such assets in a different investment medium, including another portfolio of an Fund or another Fund, or submitting the question as to whether such segregation should be implemented to a vote of all affected Variable Contract owners and, as appropriate, segregating the assets of any appropriate group (i.e., variable annuity contract owners or variable life insurance contract owners of one or more Participating Insurance Companies) that votes in favor of such segregation, or offering to the affected Variable Contract owners the option of making such a change; (b) in the case of Participating Qualified Plans, withdrawing the assets allocable to some or all of the Qualified Plans from the Fund and reinvesting such assets in a different investment medium; and (c) establishing a new registered management investment company or managed Separate Account. If a material irreconcilable conflict arises because of a decision by a Participating Insurance Company to disregard Variable Contract owner voting instructions, and that decision represents a minority position or would preclude a majority vote, then the insurer may be required, at the Fund's election, to withdraw the insurer's Separate Account investment in such Fund, and no charge or penalty will be imposed as a result of such withdrawal. If a material irreconcilable conflict arises because of a Participating Qualified Plan's decision to disregard Qualified Plan participant voting instructions, if applicable, and that decision represents minority position or would preclude a majority vote, the Participating Qualified Plan may be required, at the Fund's election, to withdraw its investment in such Fund, and no charge or penalty will be imposed as a result of such withdrawal. The responsibility to take remedial action in the event of a determination by a Board of a material irreconcilable conflict and to bear the cost of such remedial action will be a contractual obligation of all Participating Insurance Companies and Participating Qualified Plans under their agreements governing participation in the Funds, and these responsibilities will be carried out with a view only to the interest of Variable Contract owners and Qualified Plan participants.

&nbsp;&nbsp;&nbsp;&nbsp;5. For purposes of Condition 4, a majority of the disinterested Board Members of the applicable Board will determine whether or not any proposed action adequately remedies any material irreconcilable conflict, but in no event will the relevant Fund or the Investment Managers be required to establish a new funding medium for any Contract. No Participating Insurance Company shall be required by Condition 4 to establish a new funding medium for any Variable Contract if any offer to do so has been declined by vote of a majority of the Variable Contract owners materially and adversely affected by the material irreconcilable conflict. Further, no Participating Qualified Plan shall be required by Condition 4 to establish a new funding medium for any Participating Qualified Plan if (a) a majority of Qualified Plan participants materially and adversely affected by the irreconcilable material conflict vote to decline such offer, or (b) pursuant to governing Qualified Plan documents and applicable law, the Participating Qualified Plan makes such decision without a Qualified Plan participant vote.

&nbsp;&nbsp;&nbsp;&nbsp;6. The determination of the Board of the existence of a material irreconcilable conflict and its implications will be made known in writing promptly to all Participating Insurance Companies and Participating Qualified Plans.

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&nbsp;&nbsp;&nbsp;&nbsp;7. Participating Insurance Companies will provide pass-through voting privileges to Variable Contract owners who invest in registered Separate Accounts so long as and to the extent that the Commission continues to interpret the 1940 Act as requiring pass-through voting privileges for Variable Contract owners. As to Variable Contracts issued by unregistered Separate Accounts, pass-through voting privileges will be extended to participants to the extent granted by issuing insurance companies. Each Participating Insurance Company will also vote shares of the Funds held in its Separate Accounts for which no voting instructions from Contract owners are timely received, as well as shares of the Funds which the Participating Insurance Company itself owns, in the same proportion as those shares of the Funds for which voting instructions from contract owners are timely received. Participating Insurance Companies will be responsible for assuring that each of their registered Separate Accounts participating in the Funds calculates voting privileges in a manner consistent with other Participating Insurance Companies. The obligation to calculate voting privileges in a manner consistent with all other registered Separate Accounts investing in the Funds will be a contractual obligation of all Participating Insurance Companies under their agreements governing their participation in the Funds. Each Participating Qualified Plan will vote as required by applicable law and governing Qualified Plan documents.

&nbsp;&nbsp;&nbsp;&nbsp;8. All reports of potential or existing conflicts received by the Board of a Fund and all action by such Board with regard to determining the existence of a conflict, notifying Participating Insurance Companies and Participating Qualified Plans of a conflict, and determining whether any proposed action adequately remedies a conflict, will be properly recorded in the minutes of the meetings of such Board or other appropriate records, and such minutes or other records shall be made available to the Commission upon request.

&nbsp;&nbsp;&nbsp;&nbsp;9. Each Fund will notify all Participating Insurance Companies that separate disclosure in their respective Separate Account prospectuses may be appropriate to advise accounts regarding the potential risks of mixed and shared funding. Each Fund shall disclose in its prospectus that (a) the Fund is intended to be a funding vehicle for variable annuity and variable life insurance contracts offered by various insurance companies and for qualified pension and retirement plans; (b) due to differences of tax treatment and other considerations, the interests of various Contract owners participating in the Fund and/or the interests of Qualified Plans investing in the Fund may at some time be in conflict; and (c) the Board of such Fund will monitor events in order to identify the existence of any material irreconcilable conflicts and to determine what action, if any, should be taken in response to any such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;10. Each Fund will comply with all provisions of the 1940 Act requiring voting by shareholders (which, for these purposes, will be the persons having a voting interest in the shares of the Funds), and, in particular, the Funds will either provide for annual shareholder meetings (except insofar as the Commission may interpret Section 16 of the 1940 Act not to require such meetings) or comply with Section 16(c) of the 1940 Act, although the Funds are not the type of trust described in Section 16(c) of the 1940 Act, as well as with Section 16(a) of the 1940 Act and, if and when applicable, Section 16(b) of the 1940 Act. Further, each Fund will act in accordance with the Commission's interpretation of the requirements of Section 16(a) with respect to periodic elections of Board Members and with whatever rules the Commission may promulgate with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;11. If and to the extent Rules 6e-2 or 6e-3(T) under the 1940 Act is amended, or proposed Rule 6e-3 under the 1940 Act is adopted, to provide exemptive relief from any provision of the 1940 Act or the rules promulgated thereunder, with respect to mixed or shared funding on terms and conditions materially different from any exemptions granted in the order requested in the application, then the Funds and/or Participating Insurance Companies and Participating Qualified Plans, as appropriate, shall take such steps as may be necessary to comply with such Rules 6e-2 and 6e-3(T), as amended, or proposed Rule 6e-3, as adopted, to the extent that such Rules are applicable.

&nbsp;&nbsp;&nbsp;&nbsp;12. The Participating Insurance Companies and Participating Qualified Plans and/or the Investment Managers, at least annually, will submit to the Board such reports, materials or data as the Board may reasonably request so that the Board may fully carry out obligations imposed upon it by the conditions contained in the application. Such reports, materials and data will be submitted more frequently if deemed appropriate by the Board. The obligations of the Participating Insurance Companies and Participating Qualified Plans to provide these reports, materials and data to the Board, when the Board so reasonably requests, shall be a contractual obligation of all Participating Insurance Companies and Participating Qualified Plans under their agreements governing participation in the Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;13. If a Qualified Plan should ever become a holder of ten percent or more of the assets of a Fund, such Qualified Plan will execute a participation agreement with the Fund that includes the conditions set forth herein to the extent applicable. A Qualified Plan will execute an application containing an acknowledgment of this condition upon such Qualified Plan's initial purchase of the shares of any Fund.

Conclusion:

Applicants assert that, for the reasons summarized above, the requested exemptions are appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the 1940 Act.

For the Commission, by the Division of Investment Management, pursuant to delegated authority.

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Templeton Variable Products Series Fund, et al.

File No. 812-11698

SECURITIES AND EXCHANGE COMMISSION

Release No. IC-24079

1999 SEC LEXIS 2177

October 13, 1999

ACTION: Order Granting Exemptions

TEXT: Templeton Variable Products Series Fund ("Templeton Trust"), Franklin Templeton Variable Insurance Products Trust ("VIP Trust"), Templeton Funds Annuity Company ("TFAC") or any successor to TFAC, and any future open-end investment company for which TFAC or any affiliate is the administrator, sub-administrator, investment manager, adviser, principal underwriter, or sponsor ("Future Funds") filed an application on July 14, 1999, and an amendment on September 17, 1999 seeking an amended order of the Commission pursuant to Section 6(c) of the Investment Company Act of 1940 ("1940 Act") exempting them from the provisions of Sections 9(a), 13(a), 15(a) and 15(b) of the 1940 Act and Rules 6e-2(b)(15) and 6e-3(T)(b)(15). The prior order (Rel. No. IC-19879) granted exemptive relief to permit shares of the Templeton Trust to be sold to and held by variable annuity and variable life insurance separate accounts of both affiliated and unaffiliated life insurance companies. The proposed relief would amend the prior order to add as parties to that order the VIP Trust and any Future Funds and to permit shares of the Templeton Trust, the VIP Trust, and Future Funds to be issued to and held by qualified pension and retirement plans outside the separate account context.

A notice of the filing of the application was issued on September 17, 1999 (Rel. No. IC-24018). The notice gave interested persons an opportunity to request a hearing and stated that an order granting the application would be issued unless a hearing should be ordered. No request for a hearing has been filed, and the Commission has not ordered a hearing.

The matter has been considered, and it is found that granting the requested exemptions is appropriate in the public interest and consistent with the protection of investors and the purposes intended by the policy and provisions of the 1940 Act.

Accordingly,

IT IS ORDERED, pursuant to Section 6(c) of the 1940 Act, that the requested exemptions from Sections 9(a), 13(a), 15(a) and 15(b) of the 1940 Act, and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder, be, and hereby are, granted, effective forthwith.

For the Commission, by the Division of Investment Management, pursuant to delegated authority.

## Ex-99.(H)(22)

**PARTICIPATION AGREEMENT** 

THIS AGREEMENT, made and entered into this __ day of ________, 2026 by and between GOLDMAN SACHS VARIABLE INSURANCE TRUST, a statutory trust formed under the laws of Delaware (the "Trust"), GOLDMAN SACHS & CO. LLC, a New York limited partnership (the "Distributor"), and NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION, a Delaware life insurance company (the "Company"), on its own behalf and on behalf of each separate account of the Company set forth on Schedule 1A, 1B and IC hereto, as such Schedule may be amended from time to time.

WHEREAS, the Trust engages in business as an open-end management investment company of the series-type offering shares of beneficial interest (the "Trust Shares") in one or more separate series ("Series"), and each such Series represents an interest in a particular investment portfolio of securities and other assets (a "Fund") and may be issued in various classes ("Classes") with each such Class supporting a distinct charge and expense arrangement; and

WHEREAS, the Trust was established for the purpose of serving as an investment vehicle for life insurance company separate accounts supporting variable annuity contracts and variable life insurance policies to be offered by insurance companies that have entered into participation agreements with the Trust, and may also be utilized by certain retirement plans and other persons, to the extent permitted under applicable law and the SEC Order (as defined below); and

WHEREAS, an order of the Securities and Exchange Commission dated February 2, 1998, (File No. 812-10794) grants certain separate accounts supporting variable life insurance policies, their life insurance company depositors, and their principal underwriters, exemptions from Sections 9(a), 13(a), 15(a) and 15(b) of the Investment Company Act of 1940, and from Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder, to the extent necessary for such separate accounts to purchase and hold Trust Shares at the same time that such shares are sold to or held by separate accounts of affiliated and unaffiliated insurance companies supporting either variable annuity contracts or variable life insurance policies, or both, or by qualified pension and retirement plans (the "SEC Order"); and

WHEREAS, the Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and the sale of its Trust Shares is registered under the Securities Act of 1933, as amended (the "1933 Act"); and

WHEREAS, the Distributor is registered as a broker-dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, and is a member in good standing of the Financial Industry Regulatory Authority ("FINRA"); and

WHEREAS, the Company is a life insurance company duly organized and existing under the laws of its state of organization, and has registered or will register, as applicable, its variable

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annuity contracts and variable life insurance policies under the 1933 Act and its separate accounts as unit investment trusts under the 1940 Act, or will rely on an applicable exemption therefrom; and

WHEREAS, the Distributor has the exclusive right to distribute Trust Shares to qualifying investors subject to applicable law and the terms of this Agreement; and

WHEREAS, the Company desires that the Trust serve as an investment vehicle for a certain separate account(s) of the Company and the Distributor desires to sell Trust Shares of certain Series and/or Class(es) to such separate account(s);

NOW, THEREFORE, in consideration of their mutual promises, the Trust, the Distributor and the Company agree as follows:

**ARTICLE I** 

**Additional Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** "Accounts"—the separate accounts of the Company identified in Schedules 1A and 2A and 3A to this Agreement as such Schedules may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "Applicable Law"—the federal securities laws as defined in Rule 38a-1 under the 1940 Act, any rules promulgated thereunder, FINRA regulations applicable to the Distributor, any Applicable SEC Guidance, applicable , state insurance laws or regulations that may apply to the Trust, the Distributor, the Company, the Accounts, or the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** "Applicable SEC Guidance"—any applicable: (a) SEC release, opinion, or order, as well as any published "no-action" position or written interpretive guidance by the SEC staff; and (b) FINRA interpretive memoranda or notices to members, as well as any written interpretive guidance from the FINRA staff in each case to the extent relevant to the activities contemplated by this Agreement and interpreted in a manner consistent with applicable law. Applicable SEC Guidance does not include oral statements, speeches, or informal guidance by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** "Business Day"—each day that the Trust is open for business as provided in the Trust's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.** "Code"—the Internal Revenue Code of 1986, as amended, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.** "Contracts"—the class or classes of variable annuity contracts and/or variable life insurance policies issued by the Company and described more specifically on Schedules 1B, 2B, or 3B to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** "Contract Owners"—the owners of the Contracts, as distinguished from all Product Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.** "FINRA"—The Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.** "Fund Documents" — documents prepared by the Trust that, pursuant to Rule 498(e)(1) under the 1933 Act and Rule 30e-1(b)(2)(i) under the 1940 Act, must be publicly accessible free of charge at the Web site address shown on the cover page or at the beginning of the Summary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.** "Fund Documents Web Site"--the web site maintained by the Trust (or its agent) where Contract Owners, prospective Contract Owners, participants in Participating Plans, or individual investors who are Qualified Persons or invest through a Qualified Person may access Fund Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.** "Participating Account"—a separate account investing all or a portion of its assets in the Trust, including the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12.** "Participating Insurance Company"—any life insurance company with a Participating Account, including the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13.** "Participating Plan"—any pension or profit-sharing plan qualified under Section 401 of the Code investing in the Trust and certain other retirement plans that are Qualified Persons investing in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14.** "Participating Investor"—any Participating Account, Participating Insurance Company, Participating Plan, or other Qualified Person, including the Accounts and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15.** "Products"—variable annuity contracts and variable life insurance policies supported by Participating Accounts, including the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16.** "Product Owners"—owners of Products, including Contract Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17.** "Prospectus"—with respect to a Series (or Class) of Trust Shares or a class of Schedule 1 Contracts, each version of the definitive Prospectus or Summary Prospectus (where used or required to be used) and supplement thereto filed with the SEC pursuant to Rule 497 under the 1933 Act. With respect to any provision of this Agreement requiring a party to take action in accordance with a Prospectus, *Prospectus* shall mean the version of the Prospectus for the applicable Series, Class or Contracts filed most recently (or most current for Schedule 2 Contracts and Schedule 3 Contracts) prior to the taking of such action. For purposes of Article IX, the term "Prospectus" shall include any statement of additional information incorporated therein. With respect to a class of Schedule 2 Contracts or Schedule 3 Contracts, Prospectus includes any offering circular or memorandum for such Contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18.** "Qualified Person" – a person permitted to hold Trust Shares under Treasury Regulation Section 1.817-5(f), as supplemented by published rulings and procedures issued thereunder by the Internal Revenue Service, in order for any Fund of the Trust to qualify for "look-through" treatment by Participating Accounts in applying the diversification requirements of Section 817(h) of the Code by taking into account the portfolio investments of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19.** "Registration Statement"—with respect to the Trust Shares or Schedule 1 Contracts, the registration statement filed with the SEC to register such securities under the 1933 Act, or the most recently filed amendment thereto, in either case in the form in which it was declared or became effective. The Contracts' Registration Statement for each class of Schedule 1 Contracts is identified on Schedule 1B to this Agreement. The Trust's Registration Statement is filed on Form N-1A (File No. 333-35883).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20.** "1940 Act Registration Statement"—with respect to the Trust or Schedule 1 Accounts, the registration statement filed with the SEC to register such person as an investment company under the 1940 Act, or the most recently filed amendment thereto. The Trust's 1940 Act Registration Statement is filed on Form N-1A (File No. 811-08361).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21.** "Schedule 1 Accounts"—Accounts registered under the 1940 Act as unit investment trusts and listed on Schedule 1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22.** "Schedule 2 Accounts"—Accounts excluded from the definition of an investment company as provided for by Section 3(c)(11) of the 1940 Act and listed on Schedule 2A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23.** "Schedule 3 Accounts"—Accounts excluded from the definition of an investment company as provided for by Section 3(c)(1) or Section 3(c)(7) of the 1940 Act and listed on Schedule 3A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24.** "Schedule 1 Contracts"—Contracts through which interests are registered as securities under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25.** "Schedule 2 Contracts"—Contracts through which interests are offered and issued to trustees of qualified pension and profit-sharing plans and certain government plans identified in Section 3(a)(2) of the 1933 Act (which Contracts and interests are not registered as securities in reliance upon Section 3(a)(2) of the 1933 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.26.** "Schedule 3 Contracts"—Contracts through which interests are offered and issued to "accredited investors", as that term is defined in Regulation D under the 1933 Act, or other investors permitted by Regulation D (which Contracts and interests are not registered as securities in reliance upon Regulation D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27.** "SEC"—the Securities and Exchange Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28.** "Statement of Additional Information"—with respect to the shares of the Trust or Schedule 1 Contracts, each version of the definitive statement of additional information or supplement thereto filed with the SEC pursuant to Rule 497 under the 1933 Act. With respect to any provision of this Agreement requiring a party to take action in accordance with a Statement of Additional Information, *Statement of Additional Information* shall mean the last version so filed prior to the taking of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29.** "Statutory Prospectus" – a prospectus that satisfies the requirements of Section 10(a) of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.30.** "Summary Prospectus" –a prospectus described in paragraph (b) of Rule 498 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.31.** "Trust Board"—the board of trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.32.** "1933 Act"—the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.33.** "1940 Act"—the Investment Company Act of 1940, as amended.

**ARTICLE II** 

**Sale of Trust Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1. Availability of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust has granted to the Distributor exclusive authority to distribute the Trust Shares and to select which Series or Classes of Trust Shares shall be made available to Participating Investors. Pursuant to such authority, and subject to Article X hereof, the Distributor shall make available to the Company for purchase on behalf of the Accounts, shares of the Series and Classes listed on Schedules 1B, 2B, and 3B to this Agreement, such purchases to be effected at net asset value in accordance with Section 2.3 of this Agreement. The Distributor shall make such Series and Classes available to the Company in accordance with the terms and provisions of this Agreement until: (i) this Agreement is terminated pursuant to Article X, or (ii) the Distributor suspends or terminates the offering of shares of such Series or Classes in the circumstances described in Article X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties acknowledge and agree that: (i) the Trust may revoke the Distributor's authority to distribute Trust Shares pursuant to the terms and conditions of its distribution agreement with the Distributor, and (ii) the Trust reserves the right in its reasonable discretion in a manner not inconsistent with the Prospectus to refuse to accept a request for the purchase of Trust Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2. Redemptions.** At the Company's request, the Trust shall redeem any full or fractional Trust Shares held by the Company on behalf of an Account at net asset value in

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accordance with Section 2.3 of this Agreement. However, the Trust may delay redemption or suspend the right of redemption of Trust Shares of any Series or Class to the extent permitted by the Applicable Law. The Company shall not redeem Trust Shares attributable to Contract Owner investments except in the circumstances permitted in Article X of this Agreement or as otherwise necessary to administer the Contracts in accordance with their terms and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3. Purchase and Redemption Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby appoints the Company as its designee for the limited purpose of receiving purchase and redemption requests for Trust Shares under Schedule 1 Contracts resulting from purchase and redemption requests by Owners of Schedule 1 Contracts for units of the Schedule 1 Accounts (but not for units of the Schedule 2 Accounts or Schedule 3 Accounts). Receipt by the Company, as designee of the Trust for this purpose, of requests for the purchase and redemption of units of the Schedule 1 Accounts on any Business Day prior to the Trust's close of business, as disclosed from time to time in the applicable Prospectus for such Series or Class (which as of the date of execution of this Agreement is the close of regular trading on the New York Stock Exchange), shall constitute receipt by the Trust on that Business Day of requests from such Schedule 1 Accounts for the purchase and redemption of Trust Shares necessary to facilitate such purchase and redemption of units of such Schedule 1 Accounts. This limited agency only extends to requests by the Schedule 1 Accounts for the purchase and redemption of Trust Shares that the Trust (or its transfer agent) receives by 9:00 a.m. New York Time on the next following Business Day. **Requests for the purchase and redemption of Trust Shares may be communicated (i) for manual processing, by facsimile, electronic mail, or telephone to the office or person designated by the Trust and shall be confirmed by facsimile or electronic mail, or (ii) for NSCC processing, in accordance with Section 2.3(g) below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall pay for Trust Shares on the same day that it provides a purchase request for such Shares. Payment for Trust Shares shall be made in federal funds transmitted to the Trust by wire by 6:00 p.m. New York Time on that day (unless the Trust determines and so advises the Company that sufficient proceeds are available from redemption of Trust Shares of other Series or Classes on that day by the Company). Proceeds from the redemption of Trust Shares requested pursuant to an order received by the Company after the Trust's close of business on any Business Day shall not be applied to the payment for shares for which a purchase order was received prior to the Trust's close of business on the same day. If federal funds are not received on time, issuance of the requested Trust Shares will be cancelled and such funds will be applied to the purchase of Trust Shares as soon as practicable after receipt of such funds at the Share price next computed after receipt. If the issuance of Trust Shares is canceled because federal funds are not timely received, the Company shall indemnify the respective Fund and the Distributor with respect to all direct costs, expenses and losses caused by the Company's failure to transmit federal funds as required hereunder, relating thereto and the Company shall be responsible for any impact on Contract Owners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment for Trust Shares redeemed shall be made in federal funds transmitted by wire to the Company, such funds normally to be transmitted by 6:00 p.m. New York Time on the next Business Day after the Trust receives the redemption request (unless redemption proceeds are to be applied to the purchase of Trust Shares of other Series or Classes in accordance with Section 2.3(b) of this Agreement). The Trust shall not be responsible for the proper disbursement or crediting of redemption proceeds by the Company or the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any purchase or redemption request for Trust Shares held or to be held by Schedule 2 Accounts, Schedule 3 Accounts, or in the Company's general account, shall be effected at the net asset value per share next determined after the Trust's actual receipt of such request, provided that payment for Trust Shares purchased is received by the Trust in federal funds prior to the Trust's close of business as disclosed from time to time in the Prospectus for such Series or Class (which at the time of the execution of this Agreement is the close of regular trading on the New York Stock Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [The Company and the Trust shall provide each other with all information necessary to effect wire transmissions of federal funds to the other party or the other party's agents pursuant to such protocols and security procedures as the parties may agree upon from time to time. The Trust and the Company, as applicable, shall notify the other in writing of any changes in such information at least three Business Days in advance of when such change is to take effect. The Company and the Trust shall observe customary procedures to protect the confidentiality and security of such information, but the Trust shall not be liable to the Company for any breach of security.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The procedures set forth in this Section 2.3 are subject to any additional terms set forth in the applicable Prospectus for the Series or Class and by the requirements of Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>NSCC</u>. The parties agree that they will ordinarily use the Fund/SERV system when the Company has the operational capacity to do so. When using Fund/SERV, the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Same Day Trades</u>. On each Business Day, the Company shall aggregate all purchase orders and redemption orders for each Account received by the Company prior to the Trust's close of business as defined from time to time in the applicable Prospectus of the relevant Series or Class (which as of the date of execution of this Amendment is defined as the close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern Time ("Close of Trading")) ("Day 1"). The Company shall communicate to the Trust by Fund/SERV the aggregate purchase orders and redemption orders (if any) for each Account received by the Close of Trading on Day 1 by no later than the NSCC's Defined Contribution Clearance & Settlement ("DCC&S") Cycle 8 (generally 7:30 a.m. Eastern Time) on the following Business Day ("Day 2"). The Trust shall treat all trades

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communicated to the Trust in accordance with the foregoing as if received prior to the Close of Trading on Day 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Representations and Warranties</u>. The Company represents and warrants that all orders for net purchases or net redemptions derived from orders received by the Company and transmitted to Fund/SERV for processing on or as of Day 1 shall have been received in proper form and time stamped by the Company prior to the Close of Trading on Day 1. The Company represents and warrants that it has, maintains and periodically tests procedures and systems in place reasonably designed to prevent orders received after the Close of Trading on Day 1 from being executed with orders received before the Close of Trading on Day 1. The Company represents that orders it receives after the Close of Trading on Day 1, but before the Close of Trading on Day 2, will be transmitted to the Trust using Day 2's net asset value. The Company will provide such information as may be reasonably requested by the Trust or Distributor to provide assurance that the Company is complying with the foregoing procedures. The Trust or Distributor may request a detailed explanation and demonstration relating to the operation of such internal controls as part of regular due diligence efforts.

The Company and Distributor represent and warrant that each: (a) has entered into an agreement with NSCC; (b) has met and will continue to meet all of the requirements to participate in Fund/SERV and Networking; (c) intends to remain at all times in compliance with the then current rules and procedures of NSCC, all to the extent necessary or appropriate to facilitate such communications, processing, and settlement of share transactions; and (d) will notify the other parties to the Agreement if there is a change in or a pending failure with respect to its agreement with NSCC.

The Trust, Distributor and Company each represents and warrants to the other that it has the necessary facilities, equipment and personnel to perform all of its responsibilities pursuant to this Amendment and that all such responsibilities will be performed competently and in accordance with (a) all applicable laws, regulations and rules, (b) the Prospectuses and Statements of Additional Information, as amended from time to time, of the relevant Series of the Trust that are offered under the Agreement, (c) NSCC's rules, procedures and allocations of responsibility for Fund/SERV, and (c) any agreements between the parties including, without limitation, any selling or service agreement.

The Company represents and warrants that: (a) any information it supplies to the Trust or Distributor will be accurate, complete and in the appropriate format; (b) all instructions, communications and actions by the Company regarding each Account shall be true and correct and will have been duly authorized by such Account; and (c) it shall adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through Fund/SERV and to

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limit the access to, and the inputting of data into, Fund/SERV and Networking to persons specifically authorized by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trust shall calculate the net asset value per share of each Series on each Business Day, and shall furnish to the Company through NSCC's Networking or Mutual Fund Profile System: (a) the most current net asset value information for each Series; and (b) in the case of fixed income funds that declare daily dividends, the daily accrual or the interest rate factor. All such information shall be furnished to the Company by 6:30 p.m. Eastern Time on each Business Day or at such other time as that information becomes available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company will wire payment for net purchase orders by the Trust's NSCC Firm Number, in immediately available funds, to an NSCC settling bank account designated by the Company in accordance with NSCC rules and procedures on the same Business Day such purchase orders are communicated to NSCC. For purchases of shares of daily dividend accrual funds, those shares will not begin to accrue dividends until the day the payment for those shares is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Trust will redeem any full or fractional shares of any Series, when requested by the Company on behalf of an Account, at the net asset value next computed after receipt by the Trust (or its agent or the Company as the Trust's designee) of the request for redemption, as established in accordance with the provisions of the then current Prospectus of the Trust. NSCC will wire payment for net redemption orders by the Trust, in immediately available funds, to an NSCC settling bank account designated by the Company in accordance with NSCC rules and procedures on the Business Day such redemption orders are communicated to NSCC, except as provided in the Trust's Prospectus and Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Trust shall furnish through NSCC's Networking or Mutual Fund Profile System on or before the ex-dividend date, notice to the Company of any income dividends or capital gain distributions payable to the Accounts on the shares of any Series. The Company hereby elects to receive all such income dividends and capital gain distributions as are payable on shares of a Series in additional shares of that Series, and the Company reserves the right to change this election in the future. The Trust will notify the Company of the number of shares so issued as payment of such dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) All orders are subject to acceptance by the Distributor and become effective only upon confirmation by the Distributor. The Distributor reserves the right: (a) not to accept any specific order or part of any order for the purchase or exchange of shares through Fund/SERV; and (b) to require any redemption order or any part of any redemption order to be settled outside of Fund/SERV, in which case the order or portion thereof shall not be "confirmed" by the Distributor, but

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rather shall be accepted for redemption in accordance with Section 2.3(g)(viii) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) All trades placed through Fund/SERV and confirmed by the Distributor via Fund/SERV shall settle in accordance with the Distributor's profile within Fund/SERV applicable to the Company. The Distributor agrees to provide the Company with account positions and activity data relating to share transactions via Networking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If on any specific day the Company or Distributor are unable to meet the NSCC deadline for the transmission of purchase or redemption orders for that day, a party may at its option transmit such orders and make such payments for purchases and redemptions directly to the Company or Trust, as applicable, as is otherwise provided in the Agreement; provided, however, that the Trust must receive written notification from the Company by 8:00 a.m. Eastern Time on any day that the Company wishes to transmit such orders and/or make such payments directly to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) In the event that the Company or Trust is unable to or prohibited from electronically communicating, processing or settling share transactions via Fund/SERV, the Company or Trust shall notify the other, including providing the notification provided above in Section 2.3(g)(viii). After all parties have been notified, the Company and Trust shall submit orders using manual transmissions as are otherwise provided in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Each party to the Agreement agrees that, in the event of a material error resulting from incorrect information or confirmations, the parties will seek to comply in all material respects with the provisions of applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) In all circumstances where overpayments, including, without limitation, distributions, are made to the Company pursuant to this Section 2.3(g), the Company shall repay such amounts promptly, but in no event more than fifteen (15) days after the Company receives notice of such overpayment. If such amounts are not repaid timely, the Company authorizes the Trust, Distributor or any of their affiliates to offset any amount overpaid to the Company against amounts otherwise payable to the Company by the Trust, Distributor or by any of their affiliates, including, without limitation, commissions, service fees and redemption proceeds from omnibus, house, or street name accounts, after written notice to the company. In addition, processing errors which result from any delay or error caused by the Company may be adjusted through Fund/SERV by the Company by the necessary transactions on an as-of basis and the cost to the Trust or Distributor of such transactions shall be borne by the Company; provided however, prior authorization

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must be obtained from the Trust or Distributor if the transaction is back dated more than five days or to a previous calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) If the duties, restrictions or responsibilities for Fund/SERV or Networking are modified by NSCC, a party may request an amendment to the Agreement to provide for such changes. However, duties shall remain as stated herein until an amendment is executed by all of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) NSCC's rules and procedures relating to Fund/SERV and Networking shall govern any matter in which any provision contained in this Section 2.3(g) conflicts with any such NSCC rule or procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) The Company is responsible for communicating in each of its instructions to the Trust or Distributor the correct account number assigned by a Series of the Trust to an Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4. Net Asset Value.** The Trust shall use its best efforts to inform the Company of the net asset value per share for each Series and Class available to the Company by 6:30 P.M., New York time or as soon as reasonably practicable after the computation of the same. The Trust shall calculate such net asset values in accordance with the Prospectus for such Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5. Dividends and Distributions.** The Trust shall furnish notice to the Company by 6:30 P.M., New York Time or as soon as reasonably practicable of any income dividends or capital gain distributions payable on any Series or Class shares. The Company, on its behalf and on behalf of the Accounts, hereby elects to receive all such dividends and distributions in the form of additional shares of that Series or Class. The Company reserves the right, on its behalf and on behalf of the Accounts, to revoke this election and to receive all such dividends and capital gain distributions in cash; to be effective, such revocation must be made in writing and received by the Trust at least ten Business Days prior to a dividend or distribution date. The Trust shall notify the Company promptly of the number of Series or Class shares so issued as payment of such dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6. Book Entry.** Issuance and transfer of Trust Shares shall be by book entry only. Stock certificates will not be issued to the Company or the Accounts. Purchase and redemption orders for Trust Shares shall be recorded in an appropriate ledger for each Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7. Pricing Errors.** Any material errors in the calculation of the net asset value of a Fund, the net asset value per share of any Series or Class of Trust Shares, dividends or capital gain information shall be reported to the Company immediately upon discovery. An error shall be deemed "material" based on the Trust's written pricing error policies, applied consistently and in accordance with Applicable Law. To the extent necessary for the Company to reimburse Contract Owners for actual loses, the Distributor shall reimburse the Company for losses arising as a direct result of any material error in the calculation of the net asset value of any Fund or the net asset value per share of any Series or Class of Trust Shares. Neither the Trust, any Fund, the Distributor,

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nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement, which information is based on incorrect information supplied by or on behalf of the Company or any other Participating Company to the Trust or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8. Limits on Purchasers.** The Distributor and the Trust shall sell Trust Shares only to insurance companies and their separate accounts and to other Qualified Persons. The Distributor and the Trust shall not sell Trust Shares to any insurance company or separate account unless an agreement complying with Article VIII of this Agreement is in effect to govern such sales. The Distributor and the Trust shall not sell more than 10% of any Series of Trust Shares to any Participating Plan unless an agreement is in effect between the Distributor, the Trust and the trustee (or other fiduciary) of the Plan containing provisions substantially the same as those in Article VIII of this Agreement. The Distributor and the Trust shall not sell Trust Shares to any Participating Plan unless a written acknowledgment of the foregoing condition is received from the trustee (or other fiduciary) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9. Disruptive Trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust has adopted policies designed to prevent frequent purchases and redemptions of any Series of Trust Shares in quantities great enough to: (i) disrupt orderly management of the corresponding Fund's investment portfolio, or (ii) dilute the value of the outstanding Trust Shares of that Series ("Disruptive Trading Policies"). From time to time, the Trust and the Distributor implement procedures reasonably designed to enforce the Trust's Disruptive Trading Policies and shall provide a written description of such procedures (and revisions thereto) to the Company. As a procedure in furtherance of its Disruptive Trading Policies, the Trust may assess fees, to be paid by one or more Accounts or by the Company, upon redemption of one or more Series or Classes of Trust Shares within certain stated time periods after such shares have been purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees to develop, adopt and maintain policies regarding transactions in Account units reasonably designed to complement the Trust's Disruptive Trading Policies and, from time to time, to implement procedures regarding transactions in Account units reasonably designed to effectuate the Trust's procedures for preventing disruptive trading in Trust Shares. In particular, in the event that the Trust or the Distributor identifies a particular Contract Owner as having engaged in transactions in Account units that directly or indirectly violate the Trust's Disruptive Trading Policies, the Company agrees, at the written request of the Trust or the Distributor, to restrict or prohibit further transactions in Account units by that Contract Owner which could result in additional purchases and redemptions of a specified Series and/or Class of Trust Shares in violation of the Trust's Disruptive Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furtherance of Section 2.9(b), the Trust and the Distributor may, from time to time, investigate purchases and redemptions of any Series or Class of Trust Shares by the Company on behalf of the Accounts that appears to violate, or has the potential to violate, the Trust's Disruptive Trading Policies. When requested by the Trust or the

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Distributor in writing, the Company agrees to provide the following with respect to purchases and redemptions of a specific Series and/or Class of Trust Shares over a designated period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the identity of the Contract Owner or Contract Owners whose transactions in Account units underlies the Trust
share purchases and redemptions being investigated,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amounts and dates of transactions in Account units during the designated period representing an indirect
investment in the Series and/or Class of Trust Shares being investigated, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the identity of any investment professional known by the Company to be associated with the Contract Owner or
Contract Owners.

The Company agrees to provide the foregoing information that is on its books and records promptly. If the requested information is not on its books and records, it agrees to make reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● promptly obtain the requested information, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if requested by the Trust or the Distributor restrict or prohibit further transactions in Account units by
that Contract Owner which could result in additional purchases and redemptions of a specified Series and/or Class of Trust Shares.

**ARTICLE III** 

**Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1. Company.** The Company represents and warrants that: (a) it is an insurance company duly organized and in good standing under the laws of the jurisdiction of its organization, (b) it has legally and validly established each Account as a segregated asset account under applicable state law to serve as segregated investment accounts for the Contracts, (c) each Schedule 1 Account is registered as a unit investment trust under the 1940 Act and each such Account's 1940 Act Registration Statement has been filed with the SEC in accordance with the 1940 Act, (d) the Schedule 2 Accounts and Schedule 3 Accounts each qualify for the exclusions on which they rely for not registering as investment companies under the 1940 Act, (e) it has registered, or will register, all Schedule 1 Contracts offered and sold pursuant to this Agreement under the 1933 Act and, except as provided in Article 4.2 of this Agreement, has effective Registration Statements for that purpose, (f) it will offer and sell the Contracts in compliance in all material respects with all applicable federal and state laws and regulations, including, but not limited to, state insurance law and federal securities law suitability requirements, (g) the Contracts have been filed, qualified and/or approved for sale, as applicable, under the insurance laws and regulations of the states in which the Contracts will be offered, (h) sales of the Schedule 2 Contracts and Schedule 3 Contracts properly qualify for exemptions on which the Company relies in not registering such

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Contracts, or interests in the Account through which each is issued, under the 1933 Act, (i) its activities and those of its employees in promoting the sale and distribution of the Contracts and effecting Contract Owner transactions in Account units have not caused, and will not cause, the Company to be deemed a broker-dealer, (j) orders it places for the purchase and redemption of Trust Shares pursuant to Article 2.3 of this Agreement are the net result of transactions in units issued by an Account, instructions for which are received by the Company prior to the Trust's close of business, as defined from time to time in the applicable Prospectus for such Series or Class (which as of the date of execution of this Agreement is the close of regular trading on the New York Stock Exchange), (k) as long as this Agreement remains in effect, it shall use reasonable efforts to remain in continuous compliance with Article 6.3, Article 6.4 and Article 6.5 of this Agreement, (l) it complies with the requirements of Rule 498A under the 1933 Act and Applicable SEC Guidance regarding the Rule in connection with delivery of Summary Prospectuses for the Series and Classes of Trust Shares available under this Agreement, (m) it maintains policies and procedures reasonably designed to ensure that it can meet obligations in connection with Summary Prospectuses, (n) it will notify the Distributor and the Trust promptly if for any reason it is unable to perform its obligations under this Agreement, (o) with respect to any Schedule 3 Accounts: (1) the principal underwriter for each Schedule 3 Account and any subaccounts thereof is a broker or dealer registered with the SEC under the Securities Exchange Act of 1934 or a person controlled (as defined in the 1940 Act) by such a broker or dealer; (2) shares of a Fund are and will continue to be the only securities held by the relevant subaccount; (3) it will either (i) seek instructions from Contract Owners with account value in the Schedule 3 Accounts allocated to shares of a Fund with regard to the voting of all proxies solicited in connection with the Fund and will vote those proxies only in accordance with those instructions, or (ii) vote such Fund shares held in the Schedule 3 Accounts in the same proportion as the vote of all the Fund's other shareholders; and (4) to the extent such approval is required by Applicable Law, it will not substitute another security for shares of the Fund held in a Schedule 3 Account unless the SEC has approved the substitution in the manner provided in Section 26 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2. Trust.** The Trust represents and warrants that: (a) it is a statutory trust duly organized and validly existing under Delaware law, (b) it is registered under the 1940 Act as an open-end management investment company and has filed a 1940 Act Registration Statement with the SEC in accordance with the provisions of the 1940 Act, (c) Trust Shares issued pursuant to this Agreement have been, or will be, duly authorized and validly issued in accordance with Applicable Law, (d) it will offer and sell Trust Shares pursuant to this Agreement in compliance in all material respects with all applicable federal and state laws and regulations, (e) it has registered, or will register, all Trust Shares offered and sold pursuant to this Agreement under the 1933 Act and has an effective Registration Statement for that purpose, (f) as long as this Agreement remains in effect, it shall use reasonable efforts to remain in continuous compliance with Article 6.1 and Article 6.2 of this Agreement, (g) the Trust's Board, a majority of whom are not interested persons of the Trust, have formulated and approved any plans to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1 Plans"), (h) the Trust or its service provider complies with the requirements of Rule 498 under the 1933 Act and Applicable SEC Guidance regarding the Rule in connection with the offer and sale of Trust Shares, (i) the Trust or its service provider maintains policies and procedures reasonably designed to ensure that Fund Documents are

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available on the Fund Documents Web Site in the manner required by Rule 498(e)(1), (e)(2), and (e)(3) and Applicable SEC Guidance related thereto, and (j) as provided by Rule 498(e)(4)(ii), the Trust or its service provider shall take prompt action to ensure that Fund Documents become available in the manner required by Rule 498(e)(1), (e)(2), and (e)(3) and Applicable SEC Guidance as soon as practicable following the earlier of the time it knows or should reasonably have known that the Fund Documents are not available in the required manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3. Distributor.** The Distributor represents and warrants that: (a) it is a limited partnership duly organized and in good standing under New York law, and (b) it is registered as a broker-dealer under federal and applicable state securities laws and is a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4. Legal Authority.** Each party represents and warrants that the execution and delivery of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by all necessary corporate, partnership or trust action, as applicable, by such party, and, when so executed and delivered, this Agreement will be the valid and binding obligation of such party enforceable in accordance with its terms.

**ARTICLE IV** 

**Regulatory Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Trust Filings.** The Trust shall amend its Registration Statement from time to time and maintain its effectiveness as required in order to effect the continuous offering of Trust Shares in compliance with Applicable Law. Notwithstanding the foregoing, the Trust shall register and qualify Trust Shares for sale in accordance with the laws of various states if, and to the extent, deemed advisable by the Trust or the Distributor. The Trust shall amend its 1940 Act Registration Statement as required by the 1940 Act to maintain its registration under the 1940 Act for as long as Trust Shares are outstanding. The Trust shall file Form 24F-2 and pay 1933 Act registration fees for all Series and Classes of Trust Shares as required by Rule 24f-2 under the 1940 Act. The Trust shall comply in all material respects with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. Account Filings.** The Company shall amend the Registration Statement for each Schedule 1 Contract from time to time and maintain its effectiveness as required in order to effect the continuous offering of such Contracts in compliance with Applicable Law for as long as purchase payments may be made under such Contracts. Notwithstanding the foregoing, the Company: (a) may permit the effectiveness of a Schedule 1 Contract's Registration Statement expire if upon request of the Trust, the Company has supplied the Trust with an SEC "no-action" letter or opinion of counsel satisfactory to the Trust's counsel to the effect that maintaining such Registration Statement on a current basis is no longer required, and (b) shall register and qualify the Contracts for sale in accordance with the securities laws of the various states only if, and to the extent, it considers such registration and qualification necessary. The Company shall amend each Schedule 1 Account's 1940 Act Registration Statement as required by the 1940 Act to maintain the Account's registration under the 1940 Act for as long as the Contracts issued through that

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Account are in force except as provided in Section 4.2(a). With regard to each Schedule 1 Account and, as applicable, Schedule 3 Account, the Company shall comply in all material respects with the 1940 Act. The Company shall make such filings and take such other actions as are required by the exemptions and exclusions on which it relies.

The Company shall be responsible for filing all Contract forms, applications, marketing materials and other documents relating to the Contracts and/or the Accounts with state insurance commissions, as required or as is customary, and shall use its best efforts: (a) to obtain any and all approvals thereof, under applicable state insurance law, of each state or other jurisdiction in which Contracts are or may be offered for sale, and (b) to keep such approvals in effect for so long as the Contracts are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Delivery of Prospectuses by the Company.** The Company shall deliver (or arrange for delivery of) an appropriate Prospectus to each prospective Contract Owner describing in all material respects the terms and features of the Contract being offered. Except as provided below, the Company also shall deliver (or arrange for delivery of) a Summary Prospectus for each Fund that a prospective Contract Owner identifies on his or her application as an intended investment option under a Contract or to which a Contract Owner allocates premium payments to or transfers Contract value. In addition, the Company reserves the right to deliver (or arrange for delivery of) the Statutory Prospectus in place of the Summary Prospectus. The Company shall deliver (or arrange for delivery of) such Summary or Statutory Prospectuses at the times and in the manner required by applicable provisions of Rule 498A under the 1933 Act and rules or regulations thereunder and Applicable SEC Guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4. Reliance on Rule 498A.** The Company intends to satisfy its requirement to deliver to Contract Owners, under certain circumstances, a Statutory Prospectus for the Funds by relying on (and complying with the requirements, terms and conditions of) paragraph (j) of Rule 498A under the 1933 Act ("Rule 498A") for "on-line" delivery. Accordingly, the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Use of Contract Initial Summary Prospectus.</u> The Company shall ensure that an Initial Summary Prospectus (as defined in Rule 498A) is used for each currently offered Contract described under the related registration statement, in accordance with paragraph (j)(1)(i) of Rule 498A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Use of Fund Summary Prospectus.</u> The Trust shall ensure that a Summary Prospectus (as defined in Rule 498A under the 1933 Act) is used for each currently offered Fund in accordance with paragraph (j)(1)(ii) of Rule 498A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Provision of 498A Documents.</u> Subject to Section 4.6 below, the Trust shall provide to the Company the following documents (collectively, the "498A Documents"), as specified in paragraph (j)(1)(iii) of Rule 498A: (i) Summary Prospectuses for the Funds, (ii) Statutory Prospectuses for the Funds, (iii) Statements of Additional Information for the Funds, and (iv) most recent annual and semi-annual reports to shareholders (under Rule

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30e-1 under the 1940 Act) for the Funds (together, the "Shareholder Reports"). The Trust and the Distributor shall use commercially reasonable efforts to provide the Shareholder Reports, Summary Prospectuses, Statutory Prospectuses, and Statements of Additional Information for the Funds to the Company (or its designee) on a timely basis (to facilitate the Web site posting required under paragraph (j)(1)(iii) of Rule 498A) and provide updated versions as necessary, in order to facilitate a continuous offering of the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fund Expense and Performance Data.</u> The Trust shall provide such data regarding each Fund's expense ratios and investment performance made publicly available by the Fund as the Fund is required to prepare for inclusion in the Fund's Prospectus, as the Company shall reasonably request, to facilitate the registration and sale of the Contracts. Without limiting the generality of the forgoing, the Trust shall provide the following Fund expense and performance data on a timely basis to facilitate the Company's preparation of its annually updated registration statement for the Contracts: (i) the "Total Annual Fund Operating Expenses" for each Fund calculated in accordance with Item 3 of Form N-1A, that include any expense reimbursements or fee waiver arrangements, and the period for which the expense reimbursements or fee waiver arrangement is expected to continue and whether it can be terminated by the Fund; and (ii) the "Average Annual Total Returns" for each Fund (before taxes) as calculated pursuant to Item 4(b)(2)(iii) of Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5. Specific Requests for Summary Prospectuses.** The Company shall deliver or provide all Summary Prospectuses and all Statutory Prospectuses in compliance with the requirements of Rule 498A and any Applicable SEC Guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6. Web Site Hosting.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust or its service provider shall maintain the Fund Documents Web Site. The Trust or its service provider shall provide the Company or its service provider with URLs to the current Fund Documents for use with the Company's electronic delivery of Fund Documents or on the Company's Web site to fulfill Company's obligations under Rule 498A under the 1933 Act as further set forth in Section 5.4 below.

The Company will be responsible for the maintenance of any web links to such URLs on the Company's Web site. The Trust agrees to use commercially reasonable efforts to employ procedures consistent with industry practices designed to reduce exposure to viruses. However, the Trust and the Distributor make no warranty, express or implied, that the Fund Documents Web Site, the Fund Documents, or any URLs provided will be free from any defects, bugs, errors or malfunctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall maintain the Web site specified in paragraph (j)(1)(iii) of Rule 498A, so that the relevant 498A Documents are publicly accessible, free of charge, at that Web site, in accordance with the conditions set forth in that paragraph, provided that the Trust and the Distributor fulfill their obligations under this Article IV, if any. The

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Company shall be solely responsible for the development and operation of such Web site and hereby represents to the Trust and the Distributor that such website conforms to all legal and regulatory requirements, including but not limited to subparagraph (j)(1)(iii) of Rule 498A. In addition, the Trust and the Distributor are not responsible for any additional costs that may be incurred by the Company as a result of the Company's obligations as specified in this Agreement to place 498A Documents on the Company's Web site, other than as expressly stated in this Agreement. The Company shall also make reasonable efforts to comply with the "safe harbor" provisions, terms and conditions of paragraph (h)(4) of Rule 498A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7. Response to Requests for Additional Fund Documents and 498A Documents.** Within three (3) Business Days of receiving a request for a paper copy of a Fund Document, the Trust shall promptly send the same to the person requesting it free of charge. Within three (3) Business Days of receiving a request for an electronic copy of a Fund Document, the Trust shall send, by e-mail to the requestor, either a PDF copy of, or an electronic link to, the same free of charge. The Company shall respond in accordance with Rule 498A to requests for additional Fund Documents made by a person directly to the Company or one of its affiliates. The Company assumes sole responsibility for ensuring that the 498A Documents are delivered to Contract Owners in accordance with Rule 498A. Without regard to expense allocation, the Company shall be responsible for fulfilling ad hoc requests from Contract Owners for a paper copy of any 498A Document, in accordance with paragraphs (i)(1) and (j)(3) of Rule 498A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8. Cessation of Use of Summary Prospectuses.** The Trust shall provide the Company with at least thirty (30) days advance written notice of its intent to cease using the Summary Prospectus delivery option so that the Company can arrange to deliver a Statutory Prospectus in place of a Summary Prospectus in compliance with Section 4.3 of this Agreement. In order to comply with Rule 498(e)(1), the Trust shall continue to maintain the Fund Documents Web Site in compliance with the requirements of this Agreement and Rule 498 for a minimum of 90 days after the termination of any such notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9. Voting of Trust Shares.** To the extent required by the 1940 Act or Rule 6e-2 or Rule 6e-3(T) thereunder, or other Applicable Law and subject to the Trust's obligation to provide such material as contemplated in Section 5.4 below, whenever the Trust shall have a meeting of holders of any Series or Class of Trust Shares, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● solicit voting instructions from Contract Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● vote Trust Shares held in each Account at such shareholder meetings in accordance with instructions received
from Contract Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● vote Trust Shares held in each Account for which it has not received timely instructions in the same
proportion as it votes the applicable Series or Class of Trust Shares for which it has received timely instructions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● vote Trust Shares held in its general account in the same proportion as it votes the applicable Series or
Class of Trust Shares held by the Accounts for which it has received timely instructions.

Except with respect to matters as to which the Company has the right in connection with Schedule 1 Contracts under Rule 6e-2 or Rule 6e-3(T) under the 1940 Act, to vote Trust Shares without regard to voting instructions from Contract Owners, neither the Company nor any of its affiliates will recommend action in connection with, or oppose or interfere with, the actions of the Trust Board to hold shareholder meetings for the purpose of obtaining approval or disapproval from shareholders (and, indirectly, from Contract Owners) of matters put before the shareholders.

The Company shall remain responsible for ensuring that it calculates voting instructions and votes Trust Shares at shareholder meetings in a manner consistent with other Participating Investors. The Trust will notify the Company of any changes to the SEC Order or the conditions attaching thereto relating to voting of Trust Shares of which it becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10. State Insurance Law Restrictions.** The Company acknowledges and agrees that it is the responsibility of the Company and other Participating Insurance Companies to determine investment restrictions and any other restrictions, limitations or requirements under state insurance law applicable to any Fund or the Trust or the Distributor, and that neither the Trust nor the Distributor shall bear any responsibility to the Company, other Participating Insurance Companies or any Product Owners for any such determination or the correctness of such determination. The Company has determined that, as of the date of this Agreement, it is not aware of any additional investment restrictions under applicable state insurance laws that are required to be imposed on the Funds beyond those reflected in the Trust's current Prospectus. The Company shall inform the Trust in writing of any additional investment restrictions imposed by state insurance law after the date of this Agreement that become applicable to a Fund from time to time as a result of the Accounts' investment therein. Upon receipt of any such information from the Company, the Trust shall determine whether it is in the best interests of shareholders to comply with any such restrictions. If the Trust determines that it is not in the best interests of shareholders (which, for this purpose, shall mean Product Owners) to comply with a restriction determined to be applicable by the Company, the Trust shall so inform the Company, and the Trust and the Company shall discuss alternative accommodations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11. Interpretation of Law.** The Trust, the Distributor and their affiliates are not responsible or liable for acts or omissions by the Company or the Company's affiliates taken (or not taken) in reliance upon any statements or representations made by the Trust, the Distributor or any of their affiliates or their legal advisers, to the Company or the Company's affiliates concerning the applicability of any Applicable Law or Applicable SEC Guidance to the activities contemplated by this Agreement.

The Company and its affiliates are not responsible or liable for acts or omissions by the Trust, the Distributor and their affiliates taken (or not taken) in reliance upon any statements or representations made by the Company or its affiliates or their legal advisers, to the Trust, the

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Distributor and their affiliates concerning the applicability of any Applicable Law or Applicable SEC Guidance to the activities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12. Disclosure.** The Trust's prospectus shall state that the statement of additional information for the Trust is available from either the Distributor or the Trust. The Trust hereby notifies the Company that it is appropriate to include in Contract Prospectuses, disclosure of the potential risks of mixed and shared funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13. Drafts of Filings.** The Trust and the Company shall provide to each other copies of draft versions of any Registration Statements, Prospectuses, Statements of Additional Information, periodic and other shareholder or Contract Owner reports, proxy statements, information statements, solicitations for voting instructions, applications for exemptions (including applications by the Company to the SEC seeking approval of substitutions of any Fund under Section 26(c) of the 1940 Act), requests for no-action letters, and all amendments or supplements to any of the above, prepared by or on behalf of either of them and that mentions the other party by name. Such drafts shall be provided to the other party sufficiently in advance of filing such materials with regulatory authorities in order to allow such other party a reasonable opportunity to review the documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14. Copies of Filings.** The Trust and the Company shall provide to each other at least one complete copy of all Registration Statements, Prospectuses, Statements of Additional Information, periodic and other shareholder or Contract Owner reports, proxy statements, information statements, solicitations of voting instructions, applications for exemptions (including applications by the Company to the SEC seeking approval of substitutions of any Fund under Section 26(c) of the 1940 Act), requests for "no-action" letters, and all amendments or supplements to any of the above, that relate to the Trust, the Contracts or the Accounts, as the case may be, promptly after the filing by or on behalf of each such party of such document with the SEC or other regulatory authorities (it being understood that this provision is not intended to require the Trust to provide to the Company copies of any such documents prepared, filed or used by Participating Investors other than the Company and the Accounts). If the Trust, Distributor or any of their affiliates are named in the filing(s), the Company shall send the filings to the contacts listed in Article XII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15. Regulatory Responses.** Each party shall promptly provide to all other parties copies of responses to no-action requests, notices, orders and other rulings received by such party with respect to any filing covered by Section 4.14 of this Agreement. If the Trust, Distributor or any of their affiliates are named in the regulatory response(s), the Company shall send the regulatory response(s) to the contacts listed in Article XII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16. Complaints and Proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust and/or the Distributor shall immediately notify the Company of: (i) the issuance by any court or regulatory body of any stop order, cease and desist order, or other similar order (but not including an order of a regulatory body exempting or

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approving a proposed transaction or arrangement) with respect to the Trust's Registration Statement or the Prospectus of any Series or Class, (ii) any request by the SEC for any amendment to the Trust's Registration Statement or the Prospectus of any Series or Class, (iii) the initiation of any proceedings for that purpose or for any other purposes relating to the registration or offering of the Trust Shares, or (iv) any other action or circumstances that may prevent the lawful offer or sale of Trust Shares or any Class or Series in any state or jurisdiction, including, without limitation, any circumstance in which (A) such shares are not registered and, in all material respects, issued and sold in accordance with applicable state and federal law or (B) such law precludes the use of such shares as an underlying investment medium for the Contracts. The Trust will make every reasonable effort to prevent the issuance of any such stop order, cease and desist order or similar order and, if any such order is issued, to obtain the lifting thereof at the earliest possible time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall immediately notify the Trust and the Distributor of: (i) the issuance by any court or regulatory body of any stop order, cease and desist order, or other similar order (but not including an order of a regulatory body exempting or approving a proposed transaction or arrangement) with respect to the Contracts' Registration Statement or the Contracts' Prospectus, (ii) any request by the SEC for any amendment to the Contracts' Registration Statement or Prospectus, (iii) the initiation of any proceedings for that purpose or for any other purposes relating to the registration or offering of the Contracts, or (iv) any other action or circumstances that may prevent the lawful offer or sale of the Contracts or any class of Contracts in any state or jurisdiction, including, without limitation, any circumstance in which such Contracts are not registered, qualified and approved, and, in all material respects, issued and sold in accordance with applicable state and federal laws. The Company will make every reasonable effort to prevent the issuance of any such stop order, cease and desist order or similar order and, if any such order is issued, to obtain the lifting thereof at the earliest possible time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party shall immediately notify the other parties when it receives notice, or otherwise becomes aware of, the commencement of any litigation or proceeding against such party or a person affiliated with such party arising in connection with the Trust or the Accounts or the issuance or sale of Trust Shares or the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall provide to the Trust and the Distributor any complaints it has received from Contract Owners pertaining to the Trust or a Fund, and the Trust and Distributor shall each provide to the Company any complaints it has received from Contract Owners relating to the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.17. Cooperation.** Each party hereto shall cooperate with the other parties and all appropriate government authorities (including without limitation the SEC, FINRA and state securities and insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry by any such authority relating to this Agreement or the transactions contemplated hereby. However, such access shall not extend to attorney-client privileged information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.18. Money Market Fund.** The Company acknowledges and agrees that Contract Owners will suffer no financial loss or other harm in the event that the Trust Board determines to temporarily or permanently use market values rather than the amortized cost value to value the assets of the Trust's Money Market Fund, thereby preventing the Trust from maintaining a constant net asset value per share for the Money Market Fund Class of Trust Shares.

**ARTICLE V** 

**Sale, Administration and Servicing of the Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Sale of the Contracts.** The Company shall be responsible, as between the parties, for the sale and marketing of the Contracts. The Company shall provide Contracts, the Contracts' and Trust's Prospectuses (or Summary Prospectuses), Contracts' and Trust's Statements of Additional Information, and all amendments or supplements to any of the foregoing to Contract Owners and prospective Contract Owners, all in accordance with Applicable Law. Without limiting the generality of the foregoing, the Company shall: (1) enter into and enforce agreements with affiliated and unaffiliated parties to, and (2) adopt and implement written compliance policies and procedures reasonably designed to, ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all persons offering or selling the Contracts are duly licensed and registered under Applicable Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all individuals offering or selling the Contracts are duly appointed agents of the Company and are registered
representatives of a FINRA member broker-dealer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each sale of a Contract satisfies all suitability requirements under Applicable Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all persons offering or selling the Contracts disclose to prospective Contract Owners remuneration each
expects to receive in connection with sales of the Contracts and any conflicts of interest arising therefrom as required by Applicable Law, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no persons offering or selling the Contracts intend to engage in Account unit transactions that would violate
the Company's or the Trust's Disruptive Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prospectuses are delivered as required by Article IV of this Agreement and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2. Anti-Money Laundering.** The Company shall comply with all Applicable Laws designed to prevent money "laundering", and if required by such laws or regulations, to share with the Trust information about individuals, entities, organizations and countries suspected of possible terrorist or money "laundering" activities in accordance with Section 314(b) of the USA Patriot Act. In particular, the Company agrees that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as part of processing an application for a Contract, it will verify the identity of applicants and, if an
applicant is not a natural person, will verify the identity of prospective principal and beneficial owners submitting an application for a Contract,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as part of its ongoing compliance with the USA Patriot Act, it will, from time to time, reverify the identity
of Contract Owners, including the identity of principal and beneficial owners of Contracts held by non-natural persons,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as part of processing an application for a Contract, it will verify that no applicant, including prospective
principal or beneficial Contract Owners, is a "specially designated national" or a person from an embargoed or "blocked" country as indicated by the Office of Foreign Asset Control ("OFAC") list of such persons,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as part of its ongoing compliance with the USA Patriot Act, it will, from time to time, reverify that no
Contract Owner, including a principal or beneficial Contract Owners, is a "specially designated national" or a person from an embargoed or "blocked" country as indicated by the OFAC list of such persons,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it will ensure that money tendered to the Trust as payment for Trust Shares did not originate with a bank
lacking a physical place of business (*i.e.*, a "shell" bank) or from a country or territory named on the list of high-risk or non-cooperating countries or jurisdictions published by the
Financial Action Task Force, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if any of the foregoing cease to be true, the Trust or its agents, in compliance with the USA Patriot Act or
Bank Secrecy Act, may seek authority to block transactions in Account units arising from accounts of one or more such Contract Owners with the Company or of one or more of the Company's accounts with the Trust.

The Trust and the Distributor shall comply with all Applicable Laws designed to prevent money "laundering", and if required by such laws or regulations, to share with the Company information about individuals, entities, organizations and countries suspected of possible terrorist or money "laundering" activities in accordance with Section 314(b) of the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3. Anti-Bribery.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company warrants that in any way related to this Agreement, it and its affiliates, agents, and employees will at all times comply with all applicable laws, regulations, including self-regulatory organization ("SRO") regulations, and administrative requirements, including those pertaining to tax reporting and tax compliance, tax evasion or the facilitation of tax evasion, and those dealing with bribery, corruption, improper or illegal payments, gifts,

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gratuities or money laundering, and shall take no action which would subject the Trust to penalties under applicable laws, regulations and administrative requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company represents that, in connection with this Agreement, it has not and warrants that it will not (i) make (or cause to be made), offer, promise, or authorize any payments or gifts or anything of value, directly or indirectly, to any Public Official (as defined below) or to any other person to secure an improper advantage, improperly obtain or retain business or an improper advantage, or otherwise to induce any person to perform their duties improperly, or (ii) pay, offer, or agree to pay (or cause to be paid, offered or agreed to be paid) any political contributions or donations. In performing this Agreement, the Company agrees to not knowingly authorize, make, permit to be made, or allow any agents, subcontractors, vendors, consultants, or other third parties ("Third Parties") to make any payments, which, if made by the Company, would violate this Agreement. As used in this Agreement, "Public Official" means any person holding an elected or appointed office and any other officer or employee of a government or a department, agency, instrumentality or part thereof (including a state-owned or -controlled enterprise or a joint venture/partnership with a government entity), any officer or employee of a public international organization or a political party, and any candidate for political office; or any person exercising a public function or acting in an official capacity for or on behalf of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company represents that, in connection with this Agreement, it has not and warrants that it will not receive or solicit bribes, kickbacks, or other improper benefits related to its services to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company hereby acknowledges that it has received and reviewed a copy of the Goldman Sachs Anti-Bribery and Anti-Corruption Compliance Statement (available at https://www.goldmansachs.com/investor-relations/corporate-governance/corporate-governance-documents/anti-bribery-program.pdf , which may be amended from time to time), setting forth the Trust's anti-corruption policy with respect to its business activities and relations with clients and prospective clients, and warrants and agrees that in connection with this Agreement, the Company will act on a consistent basis with such Statement and in no event shall take any action that would cause or reasonably be expected to cause the Trust to be in violation of such Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent the Company retains Third Parties to perform material obligations directly in connection with its obligations to the Trust under this Agreement, the Company warrants that it will ensure appropriate, risk-based due diligence is conducted on each such Third Party consistent with industry best practices, provide appropriate training to relevant employees of the Third Parties, monitor their activities to ensure compliance with applicable laws as it relates to this Agreement, and take such other steps as are reasonable and proportionate to ensure compliance with applicable laws related to the Agreement, as well as the terms and conditions of this Agreement. The Company shall ensure that its contracts with Third Parties approved by the Firm include clauses (a) – (c) above.The Company also agrees to comply with any other reasonable requirements set forth by the Trust as part of the Company's retention of Third Parties related to the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company agrees to give prompt written notice to the Trust in the event that at any time during the term of this Agreement the Company becomes aware that any representations set forth in this Section are no longer accurate or the Company has failed to comply with or has breached any of its warranties hereunder. In the event of such notice, or if the Trust otherwise verifies or determines reasonably and in good faith that the representations are no longer true and accurate or that the Company has failed to comply with or has breached any of its warranties hereunder, then the Trust shall have the unilateral right to terminate this Agreement; provided, however, that the Trust may provide the Company with the opportunity to cure such failure or breach in accordance with the following procedures: Goldman Sachs shall provide the Company with written notice describing such failure or breach with a request to cure such failure or breach. The Company shall then have thirty (30) days from receipt of such notice to cure such failure or breach, provided that no cure period shall apply in the case of fraud, willful misconduct, or violations of applicable anti-corruption laws. If the Company fails to cure such failure or breach within the applicable cure period (or if no cure period applies), the Trust may terminate this Agreement immediately upon written notice. In such event or upon the Trust's determination to terminate without a cure period, the Company shall not be entitled to receive any compensation from the time of such failure or breach, including for services previously rendered to the extent that those services are related to the failure or breach.t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4. Administration and Servicing of the Contracts.** The Company shall be fully responsible for the underwriting, issuance, service and administration of the Contracts and for the administration of the Accounts, including, without limitation, the calculation of performance information for the Contracts, the timely payment of Contract Owner redemption requests and processing of Contract transactions, and the maintenance of a service center, such functions to be performed in all respects at a level commensurate with those standards prevailing in the variable insurance industry. The Company shall provide to Contract Owners all Trust reports, information statements, proxy statements and other voting instruction solicitation materials, and updated Trust Prospectuses (or Summary Prospectuses) as required by Applicable Law and subject to the Trust's obligation to deliver such materials to the Company as stated in Sections 4.6 and 4.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5. Trust Prospectuses and Reports.** In order to enable the Company to fulfill its obligations under this Agreement and Applicable Law, the Trust shall provide the Company with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the 498A Documents for the Series and Classes listed on Schedules 1B, 2B, and 3B in an electronic format that is suitable for website posting and in a format, or formats, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● are both human-readable and capable of being printed on paper in human-readable format (in accordance with paragraph (h)(2)(i) of Rule 498A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● permit persons accessing the Fund's Statutory Prospectus and SAI to move directly back and forth between
each section heading in a table of contents of such document and the section of the document referenced in that section heading (that is, these documents must include linking, in accordance with paragraph (h)(2)(ii) of Rule 498A); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● permit persons accessing the 498A Documents to permanently retain, free of charge, an electronic version of
such materials that meet the requirements of subparagraphs (h)(2)(i) and (ii) of Rule 498A (in accordance with paragraph (h)(3) of Rule 498A); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy, in camera-ready form or form otherwise suitable for printing or duplication, of any Trust proxy soliciting material for such Series or Classes.

The Trust shall provide the Company, sufficiently in advance of any meeting of holders of Trust Shares, with copies of all proxy statements, information statements, solicitations for voting instructions and other materials required by Applicable Law to be furnished to Contract Owners in connection with such meeting, in such form and quantity (including electronic format, where applicable) as the Company may reasonably request to permit the Company to comply with its obligations under Section 4.9 and Applicable Law.

The Trust and the Company may amend this section 5.5, but the Trust reserves the right to require its prior approval of the printing of the foregoing documents. The Trust shall provide the Company at least 10 days advance written notice when any such material shall become available, provided, however, that in the case of a supplement, the Trust shall provide the Company notice reasonable in the circumstances, it being understood that circumstances surrounding such supplement may not allow for advance notice. The Company may not alter any material so provided by the Trust or the Distributor (including, without limitation, presenting or delivering such material in a different medium such as electronic mail or attachments thereto) without the prior written consent of the Distributor. Nothing in this section shall relieve the Company of its obligations under Rule 498A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6. Company Advertising Material.** The Company shall be responsible for ensuring that any advertising, sales literature or other promotional material prepared by or on behalf of the Company in which the Trust, a Fund, the Distributor or an affiliate thereof is named or referred to is not materially inaccurate, misleading or otherwise is in compliance with Applicable Law. Upon reasonable written request of the Trust, a Fund, or Distributor, the Company shall furnish to the Trust or the Distributor each piece of advertising, sales literature or other promotional material in which the Trust, a Fund, the Distributor or an affiliate thereof is named. If the Trust or the Distributor reasonably determines that any such material is materially inaccurate, misleading, or otherwise not in compliance with Applicable Law to the extent related to the mention of the Trust, a Fund, the Distributor or an affiliate thereof, the Trust or the Distributor may notify the Company in writing, and the Company shall use commercially reasonable efforts to cease further use of such material or to revise it to address the identified concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7. Trusts Advertising Material.** The Trust and the Distributor shall be responsible for ensuring that any advertising, sales literature or other promotional material prepared by or on behalf of the Trust or the Distributor in which the Company or any affiliate thereof, any Account or any Contract is named or referred to is not materially inaccurate, misleading or otherwise is in compliance with Applicable Law. Upon reasonable written request of the Company, the Trust or the Distributor shall furnish to the Company each piece of advertising, sales literature or other

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promotional material in which the Company or an affiliate thereof, an Account or a Contract is named. If the Company reasonably determines that any such material is materially inaccurate, misleading, or otherwise not in compliance with Applicable Law to the extent related to the mention of the Company or any affiliate thereof, any Account or any Contract is named or referred to, the Company may notify the Trust or the Distributor in writing, and the Trust or the Distributor shall use commercially reasonable efforts to cease further use of such material or to revise it to address the identified concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8. Trade Names.** No party shall use any other party's names, logos, trademarks or service marks, whether registered or unregistered in a manner that is materially misleading, inaccurate, or inconsistent with Applicable Law. Upon reasonable written notice, a party may require the other party to cease or revise any use of its name, logo, trademark or service mark that does not comply with this Section 5.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9. Additional Covenants and Representations by Company.** Except with the prior written consent of the Trust, the Company shall not give any information or make any representations or statements about the Trust or the Funds nor shall it authorize or allow any other person to do so except information or representations contained in the Trust's Registration Statement or the Trust's Prospectuses or in proxy statements for the Trust, or in advertisements, sales literature or other promotional material prepared in accordance with this Article V, or in published reports or statements of the Trust in the public domain.

The Company represents that advertisements, sales literature or other promotional material for the Contracts prepared by the Company or its affiliates are and will be consistent with Applicable Law, including, but not limited to, FINRA Conduct Rules 2210 , 2212, 2213, and 2214.

The Company has adopted and implemented, or shall adopt and implement, written compliance procedures reasonably designed to ensure that information concerning the Trust, the Distributor, or any of their affiliates which is intended for use by brokers or agents selling the Contracts (*i.e.,* information that is not intended for distribution to Contract Owners or prospective Contract Owners) is used solely in the manner so intended. Neither the Trust, the Distributor, nor any of their affiliates shall be liable for any losses, damages, or expenses relating to the improper use of such "broker only" materials by agents of the Company or its affiliates who are unaffiliated with the Trust or the Distributor.

The parties agree that this Section 5.9 is not intended to imply that the Company is an underwriter or distributor of the Trust's shares or a dealer in the Trust's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10. Additional Covenants and Representations by Trust.** Except with the prior written consent of the Company, the Trust shall not give any information or make any representations on behalf of the Company or concerning the Company, the Accounts or the Contracts other than the information or representations contained in the appropriate Contract Registration Statement or Contract Prospectus or in published reports of or statements by the Company or the Accounts which are in the public domain or in advertisements, sales literature or

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other promotional material approved in writing by the Company in accordance with this Article V.

The Trust represents that advertisements, sales literature or other promotional material for the Trust prepared by the Distributor or its affiliates in connection with the sale of the Contracts are and will be consistent with Applicable Law, including, but not limited to, FINRA Conduct Rules 2210, 2212, 2213, and 2214.

The Trust or the Distributor shall mark information produced by or on behalf of the Trust which is intended for use by brokers or agents selling the Contracts (*i.e.,* information that is not intended for distribution to Contract Owners or prospective Contract Owners) "FOR BROKER USE ONLY," and neither the Company nor any of its affiliates shall be liable for any losses, damages, or expenses arising on account of the use by brokers of such information with third parties in the event that it is not so marked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11. Advertising.** For purposes of this Article V, the phrase "advertising, sales literature or other promotional material" includes, but is not limited to, any material constituting sales literature, advertising, or communications with the public under FINRA Conduct rules, the 1940 Act or the 1933 Act. Such material includes, without limitation, the following materials for prospective Contract Owners, existing Contract Owners, wholesalers and other broker-dealers, rating or ranking agencies, or the press:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● advertisements (such as material published, or designed for use in, a newspaper, magazine, or other
periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, websites, or other public media),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sales literature (i.e., any written communication distributed or made generally available to customers or the
public, including brochures, circulars, research reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, electronic mail, or published article),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● educational or training materials or other communications distributed or made generally available to some or
all agents or employees, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● registration statements, prospectuses, statements of additional information, shareholder reports, and proxy
materials.

**ARTICLE VI** 

**Compliance with Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1. Section 817(h).** The Trust, on behalf of each Fund, will comply with Section 817(h) of the Code and Treasury Regulation 1.817-5 thereunder, relating to the diversification requirements for variable annuity, endowment, or life insurance contracts, and any amendments or other modifications to such Section and Regulation or successors thereto, to the extent

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applicable to the Fund as an investment company underlying the Account. The Trust shall notify the Company immediately upon having a reasonable basis for believing that a Fund has ceased to so comply and will not be able to comply within the grace period afforded by Treasury Regulation 1.817-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2. Subchapter M.** The Trust shall maintain the qualification of each Fund as a regulated investment company (under Subchapter M of the Code or any successor or similar provision), and the Trust shall notify the Company immediately upon having a reasonable basis for believing that a Fund has ceased to so qualify and will not be able to qualify within the grace period afforded by Section 851 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3. Company and Contracts.** The Company represents and warrants that it is a life insurance company within the meaning of Section 816(a) of the Code. The Company shall ensure that at the time each Contract is issued it is a variable contract (as defined in Section 817(d) of the Code) which is treated as a life insurance, endowment, or annuity contract under applicable provisions of the Code, and that as long as the Accounts hold shares of the Trust the Company shall maintain such treatment for each outstanding Contract, provided that the Company makes no representation or undertaking to the extent such treatment depends on compliance by the Trust or any Fund with applicable provisions of the Code. The Company shall notify the Trust and the Distributor immediately upon having any basis for believing that the Contracts will not be treated as life insurance, endowment, or annuity contracts under applicable provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Regulation 1.817-5(f).** The Company shall ensure that no Fund fails to remain eligible for "look-through" treatment under Treasury Regulation 1.817-5(f) by reason of a current or future failure of the Company, the Accounts or the Contracts to comply with any applicable requirements of the Code or Treasury Regulations. The Company shall notify the Trust and the Distributor immediately upon having any basis for believing that the failure of the Company, the Accounts or the Contracts to comply with any applicable requirements of the Code or Treasury Regulations could render a Fund ineligible, or jeopardize a Fund's eligibility, for "look-through" treatment under Treasury Regulation 1.817-5(f). In the event of such a failure, the Company shall take all necessary steps to cure any such failure, including, if necessary, obtaining a waiver or closing agreement with respect to such failure from the U.S. Internal Revenue Service at the Company's expense.

**6.5 Modified Endowment Contracts.** [The Company shall ensure that any Prospectus offering a Contract that is designed to be a "*modified endowment contract*," as that term is defined in Section 7702A of the Internal Revenue Code, will identify such Contract as a *modified endowment contract*.]

**ARTICLE VII** 

**Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. Expenses.** All expenses incident to each party's performance under this Agreement (including expenses expressly assumed by such party pursuant to this Agreement) shall be borne

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by such party to the extent permitted by law, except as otherwise provided below or in a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. Trust Expenses.** Expenses incident to the Trust's performance of its duties and obligations under this Agreement include, but are not limited to, the costs of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) registration and qualification of the Trust Shares under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) preparation and filing with the SEC of the Trust's Prospectuses, Summary Prospectuses, Statement of Additional Information, Registration Statement, information statements, proxy statements and other proxy materials, and shareholder reports, and preparation of a "camera-ready" copy of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) preparation of all statements and notices required by Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provision and maintenance of the Fund Documents Web Site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) printing of all information statements, proxy statements and other proxy materials, shareholder reports, Prospectuses, Summary Prospectuses and other documents required to be provided by the Trust to its existing shareholders, and providing sufficient copies of the same to the Company for distribution to Contract Owners then invested in Accounts that hold Trust Shares; provided, however, that if the Company prints copies of a Trust Prospectus (or portions thereof) or Summary Prospectus as part of a larger document containing Prospectuses of other investment companies, any expense obligation of the Trust shall be limited only to its share of the cost of printing the document. For this purpose, the Trust's share shall be the percentage of the total cost of the document represented by the ratio that the number of pages of the Trust's Prospectus or Summary Prospectus bears to the total number of pages in the document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all taxes on the issuance or transfer of Trust Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) payment of all expenses of operating the Trust, including, without limitation, expenses relating to fees for custody, auditing, transfer agency services, legal services, investment management services, and insurance coverage, as well as Trustee compensation and 1940 Act Rule 24f-2 fees in connection with sales of Trust Shares to Schedule 2 Accounts, Schedule 3 Accounts, and Qualified Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) payment of any expenses permitted to be paid or assumed by the Trust pursuant to a Rule 12b-1 Plan and/or shareholder service plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provision or printing of Trust proxy statements and other proxy materials required in connection with the Company's obligation to solicit voting instructions from Contract Owners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. Company Expenses.** Expenses incident to the Company's performance of its duties and obligations under this Agreement include, but are not limited to, the costs of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) registration and qualification of the Schedule 1 Contracts under Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) preparation of Contract Prospectuses, preparation of Registration Statements with the SEC for Schedule 1 Contracts, payment of registration fees for Schedule 1 Contracts pursuant to Rule 24f-2 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sale, marketing and distribution of the Contracts, including compensation for Contract sales, printing and delivery of Contract Prospectuses to current and prospective Contract owners, and printing and delivery of the Trust's Prospectuses or Summary Prospectuses to prospective Contract Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provision and maintenance of internet websites other than the Fund Documents Web Site, including the Web site specified in paragraph (j)(1)(iii) of Rule 498A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) administration of the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) payment of all expenses of operating the Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) preparation, printing and delivery of all statements and notices to Contract Owners required by Applicable Law other than those paid for by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4. Other Expenses and Payments.** The Trust and the Distributor shall pay no fee or other compensation to the Company under this Agreement. Each party, however, shall, in accordance with the allocation of expenses specified in this Agreement, reimburse other parties for expenses paid by such other parties, but allocated to it. In addition, nothing herein shall prevent the parties from otherwise agreeing to perform, and arranging for appropriate compensation for, services relating to the Trust, the Distributor, the Company or the Accounts.

Notwithstanding anything else in this Agreement, pursuant to any Rule 12b-1 Plan adopted by the Trust, and as contemplated by Article 3.2(g) of this Agreement, the Trust or any Series or Class thereof may pay the Distributor, and the Distributor may pay the principal underwriter or distributor of one or more classes of Contracts, for activities primarily intended to result in the sale of Trust Shares to the Accounts through which such Contracts are issued. Likewise, pursuant to any shareholder service plan adopted and implemented by the Trust or any Series or Class thereof under Rule 12b-1 of the 1940 Act or otherwise, the Trust or the appropriate Series or Class may pay the Distributor and the Distributor may pay the principal underwriter or distributor of one or more classes of Contracts, or the Company, for activities related to personal service and/or

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maintenance of Contract Owner accounts and/or administration services, as permitted by such plan.

**ARTICLE VIII** 

**Potential Conflicts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1. SEC Order.** The parties to this Agreement acknowledge that the Trust has obtained the SEC Order granting exemptions from various provisions of the 1940 Act and the rules thereunder to Participating Accounts supporting variable life insurance policies to the extent necessary to permit them to hold Trust Shares when Trust Shares also are sold to and held by variable annuity and variable life insurance separate accounts of both affiliated and unaffiliated Participating Insurance Companies and other Qualified Persons (as defined in Section 1.18 hereof). The relief provided by the SEC Order is conditioned upon the Trust and each Participating Insurance Company complying with conditions and undertakings substantially as provided in this Article VIII. The Trust and the Distributor reserve the right to determine that one or more provisions of this Article VIII are no longer applicable, and in that event will notify the Company to that effect. Upon receipt of such notice by the Company, this Agreement shall be deemed amended to eliminate the provisions of Article VIII specified in the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2. Company Monitoring Requirements.** The Company will monitor its operations with respect to the Trust for the purpose of identifying any material irreconcilable conflicts or potential material irreconcilable conflicts between or among the interests of Participating Plans, Product Owners of variable life insurance policies and Product Owners of variable annuity contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3. Company Reporting Requirements.** The Company shall report any conflicts or potential conflicts to the Trust Board and will, at the request of the Trust, provide the Trust Board, at least annually, with all information reasonably necessary for the Trust Board to consider any issues raised by such existing or potential conflicts or by the conditions and undertakings required by the Exemptive Order. The Company also shall assist the Trust Board in carrying out its obligations including, but not limited to: (a) informing the Trust Board whenever it disregards Contract Owner voting instructions with respect to variable life insurance policies, and (b) providing such other information and reports as the Trust Board may reasonably request. The Company will carry out these obligations with a view only to the interests of Contract Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4. Trust Board Monitoring and Determination.** The Trust Board shall monitor the Trust for the existence of any material irreconcilable conflicts between or among the interests of Participating Plans, Product Owners of variable life insurance policies and Product Owners of variable annuity contracts and determine what action, if any, should be taken in response to those conflicts. A majority vote of Trustees who are not interested persons of the Trust as defined in the 1940 Act (the "disinterested trustees") shall represent a conclusive determination as to the existence of a material irreconcilable conflict between or among the interests of Product Owners and Participating Plans and as to whether any proposed action adequately remedies any material

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irreconcilable conflict. The Trust Board shall give prompt written notice to the Company and Participating Plan of any such determination. Minutes of the meetings of the Trust Board, or other appropriate records of the Trust, shall record all reports received by the Board regarding such conflicts and all actions taken by the Board in response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5. Undertaking to Resolve Conflict.** In the event that a material irreconcilable conflict of interest arises between Product Owners of variable life insurance policies or Product Owners of variable annuity contracts and Participating Plans, the Company will, at its own expense, take whatever action is necessary to remedy such conflict as it adversely affects Contract Owners up to and including: (1) establishing a new registered management investment company, and (2) withdrawing assets from the Trust attributable to reserves for the Contracts subject to the conflict and reinvesting such assets in a different investment medium (including another Fund) or submitting the question of whether such withdrawal should be implemented to a vote of all affected Contract Owners, and, as appropriate, segregating the assets supporting the Contracts of any group of such owners that votes in favor of such withdrawal, or offering to such owners the option of making such a change. The Company will carry out the responsibility to take the foregoing action with a view only to the interests of Contract Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6. Withdrawal.** If a material irreconcilable conflict arises because of the Company's decision to disregard the voting instructions of Contract Owners of variable life insurance policies and that decision represents a minority position or would preclude a majority vote at any Fund shareholder meeting, then, if Trust Board so requests, the Company will redeem the shares of the Trust to which the disregarded voting instructions relate and terminate this Agreement with respect to the Account through which such Contracts were issued. No charge or penalty, however, will be imposed in connection with such a redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7. Expenses Associated with Remedial Action.** In no event shall the Trust be required to bear the expense of establishing a new funding medium for any Contract. The Company shall not be required by this Article VIII to establish a new funding medium for any Contract if an offer to do so has been declined by vote of a majority of the Contract Owners materially adversely affected by the irreconcilable material conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8. Successor Rules.** If and to the extent that Rule 6e-2 and Rule 6e-3(T) are amended, or Rule 6e-3 is adopted, to provide exemptive relief from any provisions of the 1940 Act or the rules promulgated thereunder with respect to mixed and shared funding on terms and conditions materially different from those contained in the SEC Order, then: (a) the Trust and/or the Company, as appropriate, shall take such steps as may be necessary to comply with Rules 6e-2 and 6e-3(T), as amended, or Rule 6e-3, as adopted, as applicable, to the extent such rules are applicable, and (b) Sections 8.2 through 8.7 of this Agreement shall continue in effect only to the extent that terms and conditions substantially identical to such Sections are contained in such Rule(s) as so amended or adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9. Money Market Fund.** The Company acknowledges and agrees that the Trust's failure to maintain a constant net asset value per share for the Money Market Fund Class of Trust

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Shares, as contemplated by Section 4.17 of this Agreement, will not give rise to a material irreconcilable material conflict between the interests of Contract Owners or any class of Contract Owners and the interests of any other class of Product Owners, or Product Owners generally.

**ARTICLE IX** 

**Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1. Indemnification by the Company.** The Company hereby agrees to, and shall, indemnify and hold harmless the Trust, the Distributor and each person who controls or is affiliated with the Trust or the Distributor within the meaning of such terms under the 1933 Act or 1940 Act (but not any other Participating Insurance Companies or Qualified Persons) and any officer, trustee, partner, director, employee or agent of the foregoing, against any and all losses, claims, damages or liabilities, joint or several (including any investigative, legal and other expenses reasonably incurred in connection with, and any amounts paid in settlement of, any action, suit or proceeding or any claim asserted), to which they or any of them may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, expenses or liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arise out of or are based upon any untrue statement of any material fact or alleged untrue statement of material fact contained in a Contract Registration Statement, Contract Prospectus, sales literature or other promotional material for the Contracts or the Contracts themselves (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made; provided that this obligation to indemnify shall not apply if such statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by the Trust or the Distributor for use in a Contract Registration Statement, Contract Prospectus or in the Contracts or sales literature or promotional material for the Contracts (or any amendment or supplement to any of the foregoing) or otherwise for use in connection with the sale of the Contracts or Trust Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arise out of any untrue statement or alleged untrue statement of a material fact contained in the Trust Registration Statement, any Prospectus for Series or Classes or sales literature or other promotional material of the Trust (or any amendment or supplement to any of the foregoing), or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, if such statement or omission was made in reliance upon and in conformity with information furnished to the Trust or Distributor in writing by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arise out of or are based upon any wrongful conduct of, or violation of Applicable Law by, the Company or persons under its control or subject to its

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authorization, including without limitation, any broker-dealers or agents authorized to sell the Contracts, with respect to the sale, marketing or distribution of the Contracts or Trust Shares, including, without limitation, any impermissible use of broker-only material, unsuitable or improper sales of the Contracts or unauthorized representations about the Contracts or the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) arise as a result of any material failure by the Company or persons under its control (or subject to its authorization) to provide services, furnish materials or make payments as required under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) arise out of any material breach by the Company or persons under its control (or subject to its authorization) of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) arise out of any material breach of any warranties contained in Article II or III hereof, any material failure to comply with the procedures set forth in Article II, or any unauthorized use of the names or trade names of the Trust or the Distributor, to the extent such losses result from such breach or failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arise out of any negligent act or omission by the Company, the Company's correspondents or their agents relating to Networking and Fund/SERV; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) arise out of the execution and settlement of redemption of non-certificated book shares or certificated shares of a Series of the Trust pursuant to instructions received from the Company, its agents, employees or representatives under the Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arise out of the execution of any transactions with respect to Trust shares through Fund/SERV to the extent such execution is based on instructions or information supplied by or on behalf of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) arise out of the Trust's acceptance of any transaction or account maintenance information from the Company through Networking or Fund/SERV to the extent based on instructions or information supplied by or on behalf of the Company.

This indemnification is in addition to any liability that the Company may otherwise have; provided, however, that no party shall be entitled to indemnification if such loss, claim, damage, expense or liability is caused by the willful misfeasance, bad faith, gross negligence or reckless disregard of duty by the party seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2. Indemnification by the Trust.** The Trust hereby agrees to, and shall, indemnify and hold harmless the Company and each person who controls or is affiliated with the Company within the meaning of such terms under the 1933 Act or 1940 Act and any officer, director, employee or agent of the foregoing, against any and all losses, claims, damages or liabilities, joint or several (including any investigative, legal and other expenses reasonably incurred in connection

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with, and any amounts paid in settlement of, any action, suit or proceeding or any claim asserted), to which they or any of them may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, expenses or liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arise out of or are based upon any untrue statement of any material fact or alleged untrue statement of material fact contained in the Trust Registration Statement, any Prospectus for Series or Classes or sales literature or other promotional material of the Trust (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made; provided that this obligation to indemnify shall not apply if such statement or omission was made in reliance upon and in conformity with information furnished in writing by the Company to the Trust or the Distributor for use in the Trust Registration Statement, Trust Prospectus or sales literature or promotional material for the Trust (or any amendment or supplement to any of the foregoing) or otherwise for use in connection with the sale of the Contracts or Trust Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arise out of any untrue statement of a material fact or alleged untrue statement of material fact contained in a Contract Registration Statement, Contract Prospectus or sales literature or other promotional material for the Contracts (or any amendment or supplement to any of the foregoing), or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, if such statement or omission was made in strict conformity with and in reasonable reliance upon information furnished in writing by the Trust to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arise out of or are based upon wrongful conduct of the Trust or its Trustees or officers with respect to the sale of Trust Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) arise as a result of any material failure by the Trust to provide services, furnish materials or make payments as required under the terms of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) arise out of any material breach by the Trust of this Agreement (including any breach of Section 6.1 of this Agreement and any warranties contained in Article II or III hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) arise out of any negligent act or omission by the Trust or its agents relating to Networking and Fund/SERV, provided the Company has not acted negligently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arise out of the Trust's failure to comply with the procedures set forth in Article II; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) arise out of the Company's acceptance of any transaction or account maintenance information from the Trust through Networking or Fund/SERV to the extent such execution is based on instructions or information supplied by or on behalf of the Trust.

It being understood that in no way shall the Trust be liable to the Company with respect to any violation of insurance law, compliance with which is a responsibility of the Company under this Agreement or otherwise or as to which the Company failed to inform the Trust in accordance with Section 4.10 hereof. This indemnification is in addition to any liability that the Trust may otherwise have; provided, however, that no party shall be entitled to indemnification if such loss, claim, damage or liability is caused by the willful misfeasance, bad faith, gross negligence or reckless disregard of duty by the party seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3. Indemnification by the Distributor.** The Distributor hereby agrees to, and shall, indemnify and hold harmless the Company and each person who controls or is affiliated with the Company within the meaning of such terms under the 1933 Act or 1940 Act and any officer, director, employee or agent of the foregoing, against any and all losses, claims, damages or liabilities, joint or several (including any investigative, legal and other expenses reasonably incurred in connection with, and any amounts paid in settlement of, any action, suit or proceeding or any claim asserted), to which they or any of them may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, expenses or liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arise out of or are based upon any untrue statement of any material fact or alleged untrue statement of material fact contained in the Trust Registration Statement, any Prospectus for Series or Classes or sales literature or other promotional material of the Trust (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made; provided that this obligation to indemnify shall not apply if such statement or omission was made in reliance upon and in conformity with information furnished in writing by the Company to the Trust or Distributor for use in the Trust Registration Statement, Trust Prospectus or sales literature or promotional material for the Trust (or any amendment or supplement to any of the foregoing) or otherwise for use in connection with the sale of the Contracts or Trust Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arise out of any untrue statement of a material fact or alleged untrue statement of material fact contained in a Contract Registration Statement, Contract Prospectus or sales literature or other promotional material for the Contracts (or any amendment or supplement to any of the foregoing), or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, if such statement or omission was made in strict conformity with and in reasonable reliance upon information furnished in writing by the Distributor to the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arise out of or are based upon wrongful conduct of the Distributor or persons under its control with respect to the sale of Trust Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) arise as a result of any material failure by the Distributor or persons under its control to provide services, furnish materials or make payments as required under the terms of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) arise out of any material breach by the Distributor or persons under its control of this Agreement (including any breach of Section 6.1 of this Agreement and any warranties contained in Article III hereof);

it being understood that in no way shall the Distributor be liable to the Company with respect to any violation of insurance law, compliance with which is a responsibility of the Company under this Agreement or otherwise or as to which the Company failed to inform the Distributor in accordance with Section 4.10 hereof. This indemnification is in addition to any liability that the Distributor may otherwise have; provided, however, that no party shall be entitled to indemnification if such loss, claim, damage or liability is caused by the willful misfeasance, bad faith, gross negligence or reckless disregard of duty by the party seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4. Economic Responsibility of the Trust.** It is the parties' intention that, in the event of an occurrence for which the Trust has agreed to indemnify the Company, the Company shall seek indemnification from the Trust only in circumstances in which the Trust is entitled to seek indemnification from a third party with respect to the same event or cause thereof. The Trust represents that it has, or will have, indemnification agreements in place with its investment adviser and other service providers that are designed to ensure that the Trust is able to satisfy its indemnification obligations under this Agreement, specifically with respect to losses arising from the acts or omissions of such adviser or service providers for which the Trust has indemnification obligations hereunder. The parties acknowledge and agree that the Trust's right to seek indemnification from any third party shall not limit, delay or condition the Company's right to seek and obtain indemnification directly from the Trust in accordance with this Agreement, and the Company shall not be required to pursue or exhaust any remedies against such third parties prior to seeking indemnification from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5. Indemnification Procedures.** After receipt by a party entitled to indemnification ("indemnified party") under this Article IX of notice of the commencement of any action, if a claim in respect thereof is to be made by the indemnified party against any person obligated to provide indemnification under this Article IX ("indemnifying party"), such indemnified party will notify the indemnifying party in writing of the commencement thereof as soon as practicable thereafter, provided that the omission to so notify the indemnifying party will not relieve it from any liability under this Article IX, except to the extent that the omission results in a failure of actual notice to the indemnifying party and such indemnifying party is damaged solely as a result of the failure to give such notice. The indemnifying party, upon the request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the

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reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (a) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (b) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment.

A successor by law of the parties to this Agreement shall be entitled to the benefits of the indemnification contained in this Article IX. The indemnification provisions contained in this Article IX shall survive any termination of this Agreement.

**ARTICLE X** 

**Relationship of the Parties; Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1. Relationship of Parties.** The Company is to be an independent contractor vis-a-vis the Trust, the Distributor, or any of their affiliates for all purposes hereunder and has no authority to act for or represent any of them (except to the limited extent the Company acts as designee of the Trust pursuant to Section 2.3(a) of this Agreement). In addition, no officer or employee of the Company shall be deemed to be an employee or agent of the Trust, Distributor, or any of their affiliates. The Company does not act as an "underwriter" or "distributor" of Trust Shares, as those terms variously are used in the 1940 Act, the 1933 Act, and rules and regulations thereunder. Likewise, the Company is not a "transfer agent" of the Trust as that term is used in the 1934 Act and rules thereunder. Consistent with the foregoing, the Company is not a "transfer agent" or "administrator" to the Trust as those terms are referenced in Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2. Non-Exclusivity and Non-Interference.** The parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Trust Shares may be sold to other insurance companies and investors (subject to Section 2.8 hereof) and the cash value of the Contracts may be invested in other investment companies, provided, however, that until this Agreement is terminated pursuant to this Article X:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall promote the Trust and the Funds made available hereunder on the same basis as other funding vehicles available under the Contracts subject to Applicable Law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall not, without prior notice to the Distributor (unless otherwise required by Applicable Law), take any action to operate Schedule 1 Account as a management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall not, without the prior written consent of the Distributor (unless otherwise required by Applicable Law), solicit, induce or encourage Contract Owners to change or modify the Trust to change the Trust's distributor or investment adviser, to transfer or withdraw Contract Values allocated to a Fund, or to exchange their Contracts for contracts not allowing for investment in the Trust, except for disclosures or communications required by Applicable Law, regulatory authorities, or the terms of the Contracts.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall not substitute another investment company for one or more Funds without providing: (i) written notice to the Distributor as soon as reasonably practicable in advance of such substitution; and (ii) copies of any application by the Company to the SEC seeking approval of such substitution, if such application is required under Applicable Law, as required by Section 4.13 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company shall not redeem Trust Shares attributable to Contract Owner investments except as necessary to facilitate Contract Owner transactions, payment of expenses by Accounts, and routine Contract processing, or as permitted by Applicable Law or SEC Guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3. Termination of Agreement.** Except as otherwise provided herein, this Agreement shall not terminate until: (a) the Trust is dissolved, liquidated, or merged into another entity, or (b) as to any Fund that has been made available hereunder, the Account no longer invests in that Fund and the Company has confirmed in writing to the Distributor, if so requested by the Distributor, that it no longer intends to invest in such Fund. However, certain obligations of, or restrictions on, the parties to this Agreement may terminate as provided in Sections 10.4 through 10.6 and the Company may be required to redeem Trust Shares pursuant to Section 10.7 or in the circumstances contemplated by Article VIII. Articles III and IX and Section 10.8 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4. Termination of Offering of Trust Shares.** The obligation of the Trust and the Distributor to make Trust Shares available to the Company for purchase pursuant to Article II of this Agreement shall terminate at the option of the Distributor upon written notice to the Company as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon institution of formal proceedings against the Company, or the Distributor's reasonable determination that institution of such proceedings is being considered by FINRA, the SEC, the insurance commission of any state or any other regulatory body regarding the Company's duties under this Agreement or related to the sale of the Contracts, the operation of the Account, the administration of the Contracts or the purchase of Trust Shares, or an expected or anticipated ruling, judgment or outcome

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which would, in the Distributor's reasonable judgment exercised in good faith, materially impair the Company's or Trust's ability to meet and perform the Company's or Trust's obligations and duties hereunder, such termination effective upon 30 days prior written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event any of the Contracts are not registered, issued or sold in accordance with applicable federal and/or state law, such termination effective immediately upon receipt of written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Distributor shall determine, in its sole judgment exercised in good faith, that either (1) the Company shall have suffered a material adverse change in its business or financial condition or (2) the Company shall have been the subject of material adverse publicity which is likely to have a material adverse impact upon the business and operations of either the Trust or the Distributor, such termination effective upon 30 days prior written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Distributor suspends or terminates the offering of Trust Shares of any Series or Class to all Participating Investors or only designated Participating Investors, if such action is required by law or by regulatory authorities having jurisdiction or if, in the sole discretion of the Distributor acting in good faith, suspension or termination is necessary in the best interests of the shareholders of any Series or Class (*i.e.*, Product Owners indirectly invested in any Series or Class), such notice effective immediately upon receipt of written notice, it being understood that a lack of Participating Investor interest in a Series or Class may be grounds for a suspension or termination as to such Series or Class and that a suspension or termination shall apply only to the specified Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the Company's assignment of this Agreement (including, without limitation, any transfer of the Contracts or the Account to another insurance company pursuant to an assumption reinsurance agreement) unless the Trust consents thereto, such termination effective upon 30 days prior written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the Company is in material breach of any provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within 10 days, or such longer period as may be reasonably necessary to cure such breach, after written notice of such breach has been delivered to the Company, such termination effective upon expiration of such period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) upon the determination of the Trust's Board to dissolve, liquidate or merge the Trust as contemplated by Section 10.3(a), upon termination of the Agreement pursuant to Section 10.3(b), or upon notice from the Company pursuant to Section 10.5 or 10.6, such termination pursuant hereto to be effective upon 15 days prior written notice.

Except in the case of an option exercised under clause (b), (d) or (g), the obligations shall terminate only as to Contracts issued after the exercise of the option and the Distributor shall continue to

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make Trust Shares available to the extent necessary to permit owners of Contracts in effect on the effective date of such termination (hereinafter referred to as "Existing Contracts") to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the making of additional purchase payments under the Existing Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5. Termination of Investment in a Fund.** The Company may elect to cease investing in a Fund, promoting a Fund as an investment option under the Contracts, or withdraw its investment or the Account's investment in a Fund, subject to compliance with Applicable Law, upon written notice to the Trust within 15 days of the occurrence of any of the following events (unless provided otherwise below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trust informs the Company pursuant to Section 4.10 that it will not cause such Fund to comply with investment restrictions as requested by the Company and the Trust and the Company are unable to agree upon any reasonable alternative accommodations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shares in such Fund are not reasonably available to meet the requirements of the Contracts as determined by the Company (including any non-availability as a result of notice given by the Distributor pursuant to Section 10.4(d)), and the Distributor, after receiving written notice from the Company of such non-availability, fails to make available, within 10 days after receipt of such notice, a sufficient number of shares in such Fund or an alternate Fund to meet the requirements of the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Fund fails to meet the diversification requirements specified in Section 817(h) of the Code and any regulations thereunder and the Trust, upon written request, fails to provide reasonable assurance that it will take action to cure or correct such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Fund fails to qualify as a regulated investment company under Sub-Section 851 of the Code, or any successor provision, or if the Company reasonably believes that the Fund may fail to so qualify and the Trust, upon written request, fails to provide reasonable assurance that it will correct the failure within 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company reasonably determines, based on advice of counsel, that continued investment in such Fund could cause the Company, any Account or any Contract to be treated as providing Contract Owners with impermissible "investor control" over the underlying assets of the Fund within the meaning of applicable provisions of the Code, Treasury Regulations, or published rulings or guidance thereunder, and the Trust, upon written request, fails to provide reasonable assurance that it or its investment adviser will take action to eliminate or mitigate such risk within a reasonable period of time.

Such termination shall apply only as to the affected Fund and shall not apply to any other Fund in which the Company or the Account invests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6. Termination of Investment in the Trust.** The Company may elect to cease investing in all Series or Classes of the Trust made available hereunder, promoting the Trust as an investment option under the Contracts, or withdraw its investment or the Accounts' investment in the Trust, subject to compliance with applicable law, upon written notice to the Trust within 15 days of the occurrence of any of the following events (unless provided otherwise below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon institution of formal proceedings against the Trust or the Distributor (but only with regard to the Trust) by FINRA, the SEC or any state securities or insurance commission or any other regulatory body or upon the Company's reasonable determination, exercised in good faith, that the institution of such proceedings is being considered or that an expected or anticipated ruling, judgment or outcome could materially impair the Company's ability to meet its obligations under the Contracts or to administer the Accounts in compliance with applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Trust or Distributor is in material breach of a provision of this Agreement, which breach has not been cured to the satisfaction of the Company within 10 days after written notice of such breach has been delivered to the Trust or the Distributor, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7. Company Required to Redeem.** The parties understand and acknowledge that it is essential for compliance with Section 817(h) of the Code that the Contracts qualify as annuity contracts or life insurance policies, as applicable, under the Code. Accordingly, if any of the Contracts cease to qualify as annuity contracts or life insurance policies, as applicable, under the Code, or if the Trust reasonably believes that any such Contracts may fail to so qualify, the Trust shall have the right to require the Company to redeem Trust Shares attributable to such Contracts upon notice to the Company and the Company shall so redeem such Trust Shares or take such other action as may be reasonably necessary to address such failure or risk of failure, in each case to the extent required to preserve compliance with applicable provisions of the Code, including Section 817(h). Notice to the Company shall specify a reasonable period of time for the Company to redeem the Trust Shares or to make other arrangements satisfactory to the Trust and its counsel, such period of time to be determined with reference to the requirements of Section 817(h) of the Code. In addition, the Company may be required to redeem Trust Shares pursuant to action taken or request made by the Trust Board in accordance with the Exemptive Order described in Article VIII or any conditions or undertakings set forth or referenced therein, or other SEC rule, regulation or order that may be adopted after the date hereof. The Company agrees to redeem shares in the circumstances described herein and to comply with applicable terms and provisions. Also, in the event that the Distributor suspends or terminates the offering of a Series or Class pursuant to Section 10.4(d) of this Agreement, the Company, upon request by the Distributor, will cooperate in taking appropriate action to withdraw the Account's investment in the respective Fund. Notwithstanding the foregoing, any redemption of Trust Shares by the Company pursuant to this Section 10.7 shall be effected in a manner consistent with the terms of the applicable Contracts and in compliance with applicable federal securities laws, state insurance laws, and any required regulatory approvals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8. Confidentiality.** All "Confidential Information" (as defined in this section) supplied by one party to the another party in connection with the negotiation or carrying out of this Agreement shall remain the property of the party providing such information and shall be kept confidential by the receiving party or parties except: (a) as may be required by Applicable Law, (b) as authorized in writing by the party providing the information, or (c) in the event that such information is otherwise made public. Each party agrees to take all reasonable precautions to prevent any unauthorized disclosure of Confidential Information. Confidential Information means (individually or collectively) proprietary information of the parties to this Agreement, including but not limited to, their inventions, "know-how", trade secrets, business affairs, prospect lists, product designs, product plans, business strategies, finances, fee structures, etc. Without limiting the generality of the foregoing, Confidential Information includes: (a) information that the disclosing party designates in writing is confidential or proprietary, (b) any non-public personal information or personally identifiable financial information about any Contract Owner or prospective Contract Owner, and (c) information that a reasonable business-person would assume to be confidential or proprietary. Notwithstanding the foregoing, Confidential Information does not include information provided by the Company to the Distributor pursuant to section 2.9 of this Agreement.

**ARTICLE XI** 

**Applicability to New Accounts and New Contracts** 

The parties to this Agreement may amend the schedules to this Agreement from time to time to reflect, as appropriate, changes in or relating to the Contracts, any Series or Class, additions of new classes of Contracts to be issued by the Company and Accounts therefor investing in the Trust. Such amendments may be made effective by executing the form of amendment included on each schedule attached hereto. The provisions of this Agreement shall be equally applicable to each such class of Contracts, Series, Class or Account, as applicable, effective as of the date of amendment of such Schedule, unless the context otherwise requires. The parties to this Agreement may amend this Agreement from time to time by written agreement signed by all of the parties.

**ARTICLE XII** 

**Notice, Request or Consent** 

Any notice, request or consent to be provided pursuant to this Agreement is to be made in writing and shall be given:

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If to the Trust:

Caroline Kraus

Secretary

Goldman Sachs Variable Insurance Trust

200 West Street

New York, NY 10282

If to the Distributor:

James McNamara

Goldman Sachs & Co.

200 West Street

New York, NY 10282

If to the Company:

New York Life Insurance and Annuity Corporation

Office of General Counsel – 10SB

51 Madison Avenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10010

Attention Variable Products Attorney

or at such other address as such party may from time to time specify in writing to the other party. Each such notice, request or consent to a party shall be sent by registered or certified United States mail with return receipt requested or by overnight delivery with a nationally recognized courier, and shall be effective upon receipt. Notices pursuant to the provisions of Article II may be sent by facsimile to the person designated in writing for such notices.

**ARTICLE XIII** 

**Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1. Interpretation.** This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the state of Delaware, without giving effect to the principles of conflicts of laws, subject to the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be subject to Applicable Law and the terms hereof shall be limited, interpreted and construed in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2. Counterparts.** This Agreement may be executed simultaneously in two or more counterparts, each of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3. No Assignment.** Neither this Agreement nor any of the rights and obligations hereunder may be assigned by the Company, the Distributor or the Trust without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4. Declaration of Trust.** A copy of the Declaration of Trust of the Trust is on file with the Secretary of State of the state of Delaware, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Trust as trustees, and is not binding upon any of the Trustees, officers or shareholders of the Trust individually, but binding only upon the assets and property of the Trust. No Series of the Trust shall be liable for the obligations of any other Series of the Trust.

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and behalf by its duly authorized officer on the date specified below.

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| | | |
|:---|:---|:---|
|  | GOLDMAN SACHS VARIABLE INSURANCE TRUST | GOLDMAN SACHS VARIABLE INSURANCE TRUST |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Trust) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Trust) |
| Date: | By: |  |
|  |  | &nbsp;&nbsp;&nbsp; Name: |
|  |  | &nbsp;&nbsp;&nbsp; Title: |
|  | GOLDMAN SACHS & CO. LLC | GOLDMAN SACHS & CO. LLC |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Distributor) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Distributor) |
| Date: | By: |  |
|  |  | &nbsp;&nbsp;&nbsp; Name: |
|  |  | &nbsp;&nbsp;&nbsp; Title: |
|  | NEW YORK LIFE INSURANCE AND ANNUITY | NEW YORK LIFE INSURANCE AND ANNUITY |
| CORPORATION |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Company) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Company) |
| Date: | By: |  |
|  |  | &nbsp;&nbsp;&nbsp; Name: |
|  |  | &nbsp;&nbsp;&nbsp; Title: |

---

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**SCHEDULE 1** 

**<u>Schedule 1A</u>**

**Separate Accounts of the Company Registered Under the 1940 Act as Unit Investment** 

**Trusts** 

The following separate accounts of the Company are subject to the Agreement:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Account | Date Established by<br> Board of Directors of the Company | SEC 1940 Act<br> Registration Number | Type of Product<br> Supported by Account |
|  |  | 811- | Variable Annuity |
|  |  | 811- | Variable Annuity |
|  |  | 811- | Variable Annuity |
|  |  | 811- | Variable Life Insurance |

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**<u>Schedule 1B</u>**

**All Variable Annuity Contracts and Variable Life Insurance Contracts Registered Under** 

**the Securities Act of 1933 and issued under the Separate Accounts on Schedule 1A** 

**Available Funds** 

<u>Goldman Sachs VIT International Equity Insights – Institutional Shares; Service Shares</u> 

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**[Form of Amendment to Schedule 1A]** 

Effective as of _______, the following separate accounts of the Company are hereby added to this Schedule 1A and made subject to the Agreement:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Account | Date Established by<br> Board of Directors of the Company | SEC 1940 Act<br> Registration Number | Type of Product<br> Supported by Account |

---

IN WITNESS WHEREOF, the Trust, the Distributor and the Company hereby amend this Schedule 1A in accordance with Article XI of the Agreement.

---

| | |
|:---|:---|
| <u> </u><br> Goldman Sachs Variable Insurance Trust<br> Name:<br> Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ______________ Life Insurance Company<br> Name:<br> Title: |
| <u> </u><br> Goldman Sachs & Co. LLC<br> Name:<br> Title: |  |

---

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**[Form of Amendment to Schedule 1B]** 

Effective as of _______, the following Contracts are hereby added to this Schedule 1B and made subject to the Agreement:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Contract | Available Funds/Share<br> Classes | 1933 Act<br> Registration Number | Type of Product<br> Supported by Account |

---

IN WITNESS WHEREOF, the Trust, the Distributor and the Company hereby amend this Schedule 1B in accordance with Article XI of the Agreement.

---

| | |
|:---|:---|
| <u> </u><br> Goldman Sachs Variable Insurance Trust<br> Name:<br> Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ______________ Life Insurance Company<br> Name:<br> Title: |
| <u> </u><br> Goldman Sachs & Co. LLC<br> Name:<br> Title: |  |

---

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**SCHEDULE 2** 

**<u>Schedule 2A</u>**

**Separate Accounts of the Company Excluded From the Definition of an Investment** 

**Company as Provided for by Section 3(c)(11) of the 1940 Act** 

The following separate accounts of the Company are subject to the Agreement:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Account | Date Established by<br> Board of Directors of the Company | Type of Product<br> Supported by Account |
|  | | Variable Annuity |
|  | | Variable Annuity |
|  | | Variable Annuity |
|  | | Variable Life Insurance |

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**<u>Schedule 2B</u>**

**All Variable Annuity Contracts and Variable Life Insurance Contracts Not Registered** 

**Under the Securities Act of 1933 in Reliance Upon Section 3(a)(2) of the Act issued by the** 

**Separate Accounts listed on Schedule 2A** 

**Available Funds** 

<u>Goldman Sachs VIT International Equity Insights – Institutional Shares</u> 

------

**[Form of Amendment to Schedule 2A]** 

Effective as of _______, the following separate accounts of the Company are hereby added to this Schedule 2A and made subject to the Agreement:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Account | Date Established by<br> Board of Directors of the Company | Type of Product<br> Supported by Account |

---

IN WITNESS WHEREOF, the Trust, the Distributor and the Company hereby amend this Schedule 2A in accordance with Article XI of the Agreement.

---

| | |
|:---|:---|
| <u> </u><br> Goldman Sachs Variable Insurance Trust<br> Name:<br> Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ______________ Life Insurance Company<br> Name:<br> Title: |
| <u> </u><br> Goldman Sachs & Co. LLC<br> Name:<br> Title: |  |

---

------

**[Form of Amendment to Schedule 2B]** 

Effective as of _______, the following Contracts are hereby added to this Schedule 2B and made subject to the Agreement:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Contract | Available Funds/Share Classes | Group or Individual | Type of Product<br> Supported by Account |

---

IN WITNESS WHEREOF, the Trust, the Distributor and the Company hereby amend this Schedule 2B in accordance with Article XI of the Agreement.

---

| | |
|:---|:---|
| <u> </u><br> Goldman Sachs Variable Insurance Trust<br> Name:<br> Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ______________ Life Insurance Company<br> Name:<br> Title: |
| <u> </u><br> Goldman Sachs & Co. LLC<br> Name:<br> Title: |  |

---

------

**SCHEDULE 3** 

**<u>Schedule 3A</u>**

**Separate Accounts of the Company Excluded From the Definition of an Investment** 

**Company as Provided for by Section 3(c)(1) or 3(c)(7) of the 1940 Act** 

The following separate accounts of the Company are subject to the Agreement:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Account | Date Established by<br> Board of Directors of the Company | Type of Product<br> Supported by Account |
|  | | Variable Annuity |
|  | | Variable Annuity |
|  | | Variable Annuity |
|  | | Variable Life Insurance |

---

**<u>Schedule 3B</u>**

**All Variable Annuity Contracts and Variable Life Insurance Contracts Not Registered** 

**Under the Securities Act of 1933 in Reliance Upon Section 4(2) of the Act and Regulation D** 

**Thereunder issued by the Separate Accounts listed on Schedule 3A** 

**Available Funds** 

<u>Goldman Sachs VIT International Equity Insights – Institutional Shares</u> 

------

**[Form of Amendment to Schedule 3A]** 

Effective as of _______, the following separate accounts of the Company are hereby added to this Schedule 3A and made subject to the Agreement:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Account | Date Established by<br> Board of Directors of the Company | Type of Product<br> Supported by Account |

---

IN WITNESS WHEREOF, the Trust, the Distributor and the Company hereby amend this Schedule 3A in accordance with Article XI of the Agreement.

---

| | |
|:---|:---|
| <u> </u><br> Goldman Sachs Variable Insurance Trust<br> Name:<br> Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ______________ Life Insurance Company<br> Name:<br> Title: |
| <u> </u><br> Goldman Sachs & Co. LLC<br> Name:<br> Title: |  |

---

------

**[Form of Amendment to Schedule 3B]** 

Effective as of _______, the following Contracts are hereby added to this Schedule 3B and made subject to the Agreement:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Contract | Available Funds/Share Classes | Group or Individual | Type of Product<br> Supported by Account |

---

IN WITNESS WHEREOF, the Trust, the Distributor and the Company hereby amend this Schedule 3B in accordance with Article XI of the Agreement.

---

| | |
|:---|:---|
| <u> </u><br> Goldman Sachs Variable Insurance Trust<br> Name:<br> Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ______________ Life Insurance Company<br> Name:<br> Title: |
| <u> </u><br> Goldman Sachs & Co. LLC<br> Name:<br> Title: |  |

---

## Ex-99.(I)(24)

**<u>Services Agreement</u>** 

Franklin Distributors, LLC

New York Life Insurance and Annuity Corporation

**THIS AGREEMENT**, is by and between Franklin Distributors, LLC ("Franklin"), and New York Life Insurance and Annuity Corporation (the "Company"), concerning certain services with respect to each series ("Fund" or "Funds") of Franklin Templeton Variable Insurance Products Trust (the "Trust"), which Funds are specified in the Participation Agreement, as may be amended from time to time, among the Company, the Trust, and Franklin Distributors, LLC (the "Underwriter"), among others, dated May 1, 2026 (the "Participation Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administrative services</u>. Services for the Company's Separate Accounts (the "Account" or "Accounts") which invest in the Funds pursuant to the Participation Agreement, and services for purchasers of variable life and annuity contracts (the "Contracts") issued by the Company through the Accounts, are and shall be the responsibility of the Company. Services with respect to the Funds in which the Accounts invest, and for purchasers of shares of the Funds, are and shall be the responsibility of Franklin or its affiliates. The Company has agreed to assist Franklin or its affiliates, as Franklin may request from time to time, with the provision of services ("Administrative Services") to the Funds, on a sub-administration basis, as they may relate to the investment in the Funds by the Accounts. It is anticipated that the Administrative Services may include, but may not be limited to, the services listed on Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Marketing Support Services</u>. As part of efforts to promote sales of shares of the Funds, the Company may provide certain services to Franklin as mutually agreed to between Company and Franklin. These services may include (but are not limited to) any or all of the following: business planning assistance; advertising; education of Company's personnel about the Funds and the financial planning needs of Company's clients; use of Funds as underlying investment options of the Company's products (to the extent that the Funds satisfy Company's standards for such use); timely review and consideration of approval of new Funds as underlying investment options; and access by Franklin's and its affiliates' personnel to Company's personnel and representatives.

The Company agrees that it and its affiliates will not accept compensation for promoting or selling Fund shares in the form of commissions for brokerage transactions directed to it from a Fund portfolio transaction. In addition, the Company agrees that it or its affiliates will provide such point-of-sale disclosure as legally required regarding such services and related payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments for Services.</u> Franklin recognizes the Company, on behalf of the Accounts, as the shareholder of shares of the Funds purchased under the Participation Agreement on behalf of the Accounts. Franklin further recognizes that it will derive a substantial administrative convenience by virtue of having the Company be the shareholder of

------

record of shares of the Funds purchased under the Participation Agreement, rather than multiple shareholders having record ownership of such shares. Franklin recognizes that the Company will provide services necessary to facilitate investment in the Funds and may provide services which may be considered to be marketing support services or that otherwise may result in the sale of Fund shares.

In consideration of the services provided by the Company hereunder and the administrative convenience resulting to the Franklin described above and the potential provisions of marketing support services, Franklin agrees to pay the Company a fee as set forth in Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Computation of Payments for Services.</u> As soon as practicable after the end of each quarter, Franklin will determine the net assets for the preceding quarter, of shares of the Fund as to which the fee stated in Schedule B is to be calculated. Franklin will calculate and pay the Company its fee within thirty (30) days after the end of the three-month periods ending in January, April, July and October as well as provide a statement to Company setting forth the calculation within (30) days of the following month after the end of the three-month period. Such payment will be by wire transfer unless the amount thereof is less than $500. Wire transfers will be sent to the bank account and in the manner specified by the Company. Such wire transfer will be separate from wire transfers of redemption proceeds and distributions. Amounts less than $500 shall be paid by check or by another method acceptable to both parties.

For purposes of this Paragraph 3, the average daily net asset value of the shares of a Fund will be based on the net assets reported by the Trust on behalf of each Fund to the Company. No adjustments will be made to such net assets to correct errors in the net asset value so reported for any day unless such error is corrected and the corrected net asset value per share is reported to the Company before 5:00 p.m. Eastern time on the first Business Day after the day to which the error relates. "Business Day" will mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Confidentiality of Payment Rate.</u> The Company acknowledges that the rate and amount of payments to be made to the Company under this Agreement are proprietary and confidential information of Franklin and its affiliates, and that disclosure of this information to third parties may cause damage to Franklin or its affiliates. The Company agrees to take any and all reasonable actions to limit disclosure of this information to only those of its employees, officers, consultants and agents who need the information in order to perform their duties, and to notify such persons of the terms of this paragraph. In the event any other party seeks to compel disclosure of confidential information through judicial or administrative process, then the Company shall promptly give Franklin written notice of such demand and, if requested by Franklin, shall cooperate in Franklin's efforts to challenge or limit any such disclosure. Violation of the confidentiality provision shall be grounds for immediate termination of the Agreement by Franklin in its sole discretion. Nothing in this Agreement shall prevent the Company from disclosing the existence of this Agreement in the Contracts' prospectuses or elsewhere. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice.</u> Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth in Schedule C of this

------

Agreement or at such other address as such party may from time to time specify in writing to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination.</u> This Agreement may be terminated upon thirty (30) days' written notice from one party to the other party. Notwithstanding termination of this Agreement, Franklin will continue to pay the fee as set forth in Schedule B so long as nets assets of the Accounts remain in a Fund portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representation</u>. The parties represent and agree that they will maintain and preserve all records as required by law to be maintained and preserved in connection with this Agreement, and will otherwise comply with all laws, rules and regulations applicable to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Assignment.</u> This Agreement shall not be assigned by either party without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Counterparts.</u> This Agreement may be executed in counterparts, each of which will be deemed an original but all of which will together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement; Electronic Signatures.</u> This Agreement, together with the attached Schedules, contains the entire agreement among the parties with respect to the matters dealt with herein, and supersedes any prior or inconsistent agreements, documents, understandings or arrangements among the parties with respect to the subject matter of this Agreement. This Agreement may be executed and delivered by electronic signatures and any such signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u>. This Agreement will be subject to the indemnification provisions of the Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Trust Not a Party</u>. The parties to this Agreement acknowledge and agree that the Trust is not directly or indirectly a party to this Agreement. If, however, the Trust shall be so deemed, the parties to this Agreement acknowledge and agree that any liabilities of the Trust arising, directly or indirectly, under this Agreement will be satisfied out of the assets of the Trust and that no trustee, officer, agent or holder of shares of beneficial interest of the Trust or any Fund will be personally liable for such liabilities. No Fund of the Trust will be liable for the obligations or liabilities of any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Applicable Law.</u> This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>. This Agreement shall be severable as it applies to each Fund portfolio, and action on any matter shall be taken separately for each Fund portfolio affected by the matter. If any portion of this Agreement shall be found to be invalid or unenforceable by a court or tribunal or regulatory agency of competent jurisdiction, the remainder shall not be affected thereby, but shall have the same force and effect as if the invalid or unenforceable portion had not been inserted.

------

This Agreement is executed as of this<u> </u> day of 2026.

---

| | |
|:---|:---|
| FRANKLIN DISTRIBUTORS, LLC | FRANKLIN DISTRIBUTORS, LLC |
| By: <u>/s/ Robert Smith</u> | By: <u>/s/ Robert Smith</u> |
| Name: | Robert Smith |
| Title: | Head of Business Administration |

---

---

| |
|:---|
| NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION |
| By: <u>/s/ Janis Rubin</u> |
| Name: Janis Rubin |
| Title: Vice President |

---

------

**Schedule A** 

**<u>Services</u>** 

**<u>Maintenance of Books and Records</u>**

• Assist as necessary to maintain book entry records on behalf of the Funds regarding issuance to, transfer
within (via net purchase orders) and redemption by the Accounts of Fund shares.

• Maintain general ledgers regarding the Accounts' holdings of Fund shares, coordinate and reconcile
information, and coordinate maintenance of ledgers by financial institutions and other contract owner service providers.

**<u>Communication with the Funds</u>**

• Serve as the designee of the Funds for receipt of purchase and redemption orders from the Account and to
transmit such orders, and payment therefore, to the Funds.

• Coordinate with the Funds' agents respecting daily valuation of the Funds' shares and the
Accounts' units.

• Purchase Orders

Determine net amount available for investment in the Funds. <br>

- Deposit receipts at the Funds' custodians (generally by wire transfer).

Notify the custodians of the estimated amount required to pay dividends or distributions. <br>

• Redemption Orders

Determine net amount required for redemptions by the Funds. <br>

- Notify the custodian and Funds of cash required to meet payments.

• Purchase and redeem shares of the Funds on behalf of the Accounts at the then-current price in accordance with
the terms of each Fund's then current prospectus.

• Assistance in enforcing procedures adopted on behalf of the Trust to reduce, discourage, or eliminate market
timing transactions in a Fund's shares in order to reduce or eliminate adverse effects on a Fund or its shareholders.

**<u>Processing Distributions from the Funds</u>**

• Process ordinary dividends and capital gains.

• Reinvest the Funds' distributions.

------

**<u>Reports</u>**

• Periodic information reporting to the Funds, including, but not limited to, furnishing registration
statements, prospectuses or private offering memorandum, statements of additional information, reports, solicitations for instructions, disclosure statements, sales or promotional materials and any other filings with the Securities and Exchange
Commission with respect to the Accounts invested in the Funds, if necessary.

• Periodic information reporting about the Funds to contract owners, including necessary delivery of the
Funds' prospectus and annual and semi-annual reports.

**<u>Fund-related Contract Owner Services</u>**

• Maintain adequate fidelity bond or similar coverage for all Company officers, employees, investment advisors
and other individuals or entities controlled by the Company who deal with the money and/or securities of the Funds.

• Provide general information with respect to Fund inquiries (not including information about performance or
related to sales).

• Provide information regarding performance of the Funds.

• Oversee and assist the solicitation, counting and voting of contract owner pass-through voting interests in
the Funds pursuant to Fund proxy statements.

**<u>Other Support</u>**

• Provide other administrative support for the Funds as mutually agreed upon by the Company and the Funds or
Franklin.

• Relieve the Funds of other usual or incidental administrative services provided to individual contract owners.

------

**Schedule B** 

**<u>Payments for Services</u>** 

Franklin agrees to pay the Company a fee, computed daily and paid quarterly in arrears, equal to an annual rate as set forth below, applied to the average daily net assets of the shares of the Funds held in the subaccounts of the Accounts. The payment will be computed and paid in the manner described more completely in the Agreement.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**#** | **Company Name** | **Separate Account/**<br>**Registration Yes/No** | **Class/Funds of the Trust** | **Fee**<br> **Rate** | **Date of<br>beginning of<br>period for<br>computation<br>of fee** |
| &nbsp;&nbsp;&nbsp;1. | New York Life Insurance and Annuity<br>Corporation |  | Franklin Gold & Precious<br>Metals VIP Fund | [ ]% | May 1, 2026 |

---

------

**Schedule C** 

**Addresses for Notices** 

---

| |
|:---|
| If to the Company: |
| If to Franklin:<br> Franklin Distributors, LLC<br> 100 First Stamford Place, 5<sup>th</sup> Floor<br> Stamford, CT 06902<br> Attention: Intermediary Client Onboarding<br> Email: us_ico@franklintempleton.com |
| With a copy to:<br> Franklin Templeton<br> One Franklin Parkway, Bldg. 920, 2<sup>nd</sup> Floor<br> San Mateo, California 94403<br> Attention: Office of General Counsel |

---

## Ex-99.(I)(25)

Goldman Sachs Asset Management, L.P.

200 West Street

New York, NY 10282

[DATE]

New York Life Insurance and Annuity Corporation

51 Madison Ave.

New York, NY 10010

Ladies and Gentlemen:

This letter sets forth the agreement (the "Agreement") between New York Life Insurance and Annuity Corporation ("you" or the "Company") and the undersigned ("we" or "Goldman Sachs Asset Management, L.P.", or "GSAM") concerning certain administrative services to be provided by you, with respect to the Goldman Sachs Variable Insurance Trust (the "Trust").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>The Trust</u>. The Trust is a Delaware statutory trust registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust offers shares of one or more separate series, each representing an interest in a particular investment portfolio of securities and other assets ("Portfolios"), and serves as a funding vehicle for variable annuity contracts and variable life insurance contracts. As such, the Trust sells its shares to insurance companies and their separate accounts. With respect to various provisions of the Act, the SEC requires that owners of variable annuity contracts and variable life insurance contracts offering underlying mutual funds as investment options for their separate accounts be provided with certain materials and rights similar to those afforded to mutual fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>The Company</u>. The Company is a Delaware life insurance company. The Company issues variable annuity contracts and/or variable life insurance contracts (the "Contracts") supported by the Separate Account(s) identified on Schedule A (the "Separate Account"; if more than one, the term "Separate Account" shall apply to each Separate Account subject hereto). The Separate Account is registered with the SEC as a unit investment trust. The Company has entered into a participation agreement (the "Participation Agreement") with the Trust and Goldman Sachs & Co. LLC as the Trust's Distributor ("Distributor") with respect to the Portfolios listed on Schedule B (the "Funds"). The Participation Agreement governs the Company's purchases and redemptions of shares of the Trust for the Separate Account supporting the Company's Contracts, and related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Goldman Sachs</u> <u>& Co. LLC.</u> Goldman Sachs & Co. LLC serves as the distributor for the Trust. GSAM serves as the Trust's investment adviser. GSAM supervises and assists in the overall management of the Trust's affairs under an Investment Management Agreement with the Trust, subject to the overall authority of the Trust's Board of Trustees in accordance with

------

Delaware law. Under the Investment Management Agreement, we are compensated for providing investment advisory and certain administrative services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Administrative Services</u>. You have agreed to assist us, as we may request from time to time, with the provision of administrative services with respect to the Trust, as they may relate to the Separate Account's purchase and redemption of shares of the Funds. It is anticipated that such services may include (but shall not be limited to) the mailing of Trust reports, notices, proxies and proxy statements and other informational materials to owners of the Contracts supported by the Separate Account; the transmission of purchase and redemption requests to the Trust's transfer agent; the maintenance of separate records for each owner of a Contract reflecting shares purchased and redeemed and share balances attributable to such Contract Owner in the form of units; the preparation of various reports for submission to the Trust's Trustees; the provision of shareholder support services with respect to the Funds serving as funding vehicles for the Company's Contracts; and the services listed on Schedule C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Payment for Administrative Services</u>. In consideration of the services to be provided by you, we shall pay you on a quarterly basis, from our assets, including GSAM's bona fide profits as investment adviser to the Trust, amounts equal to those described in Schedule D. For purposes of computing the payment to the Company contemplated under this Section 5 for each Fund, the average aggregate net asset value of the relevant shares of the Fund held by the Separate Account over a one-month period shall be computed by totaling the Separate Account's aggregate investment (share net asset value multiplied by total number of the relevant shares held by the Separate Account) in each Fund on each calendar day during the month, and dividing by the total number of calendar days during such month. The payment contemplated by this Section 5 shall be calculated by GSAM at the end of each calendar quarter and will be paid to the Company within sixty (60) business days thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Nature of Payments</u>. The parties to this Agreement recognize and agree that GSAM's payments to the Company relate to administrative services only and do not constitute payment in any manner for investment advisory services or for costs of distribution of the Contracts or of Trust shares and are not otherwise related to investment advisory or distribution services or expenses. The Company represents that these payments are not for or related to administrative services which the Company is required to provide to owners of the Contracts by law or pursuant to the terms of the Contracts. The Parties acknowledge that there are substantial savings in administrative expenses to the Trust by virtue of having a Separate Account as the sole shareholder in a Fund rather than multiple accounts reflecting the Separate Account's investment. You represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● you may legally receive the payments contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the administrative services provided under this Agreement are not services that the Trust has agreed to
perform, provide or pay for under the Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to the extent required by applicable law, you have taken payments received from GSAM under this Agreement into
account in making any determinations pursuant to Section 26(f)(2)(A) and 26(f)(3) of the Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term</u>. Except as otherwise provided herein, this Agreement shall remain in full force and effect for an initial term of one year from the date hereof, and shall automatically renew for successive one-year periods unless either party notifies the other upon sixty (60) days' written notice of its intent not to continue this Agreement. This Agreement shall terminate automatically with respect to a Fund upon (i) the redemption of the Separate Account's investment in the Fund, or (ii) upon termination of the Trust's obligation to sell shares of a Fund under the Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Anti-Bribery.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company warrants that in any way related to this Agreement, it and its affiliates, agents, and employees will at all times comply with all applicable laws, regulations, including self-regulatory organization ("SRO") regulations, and administrative requirements, including those pertaining to tax reporting and tax compliance, tax evasion or the facilitation of tax evasion, and those dealing with bribery, corruption, improper or illegal payments, gifts, gratuities or money laundering, and shall take no action which would subject Goldman Sachs to penalties under applicable laws, regulations and administrative requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company represents that, in connection with this Agreement, it has not and warrants that it will not (i) make (or cause to be made), offer, promise, or authorize any payments or gifts or anything of value, directly or indirectly, to any Public Official (as defined below) or to any other person to secure an improper advantage, improperly obtain or retain business or an improper advantage in the conduct of business, or otherwise to induce any person to perform their duties improperly, or (ii) pay, offer, or agree to pay (or cause to be paid, offered or agreed to be paid) any political contributions or donations. In performing this Agreement, the Company agrees to not knowingly authorize, make, permit to be made, or allow any agents, subcontractors, vendors, consultants, or other third parties ("Third Parties") to make any payments, which, if made by the Company, would violate this Agreement. As used in this Agreement, "Public Official" means any person holding an elected or appointed office and any other officer or employee of a government or a department, agency, instrumentality or part thereof (including a state-owned or -controlled enterprise or a joint venture/partnership with a government entity), any officer or employee of a public international organization or a political party, and any candidate for political office; or any person exercising a public function or acting in an official capacity for or on behalf of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company represents that, in connection with this Agreement, it has not and warrants that it will not receive or solicit bribes, kickbacks, or other improper benefits related to its services to Goldman Sachs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company hereby acknowledges that it has received and reviewed a copy of the Goldman Sachs Anti-Bribery and Anti-Corruption Compliance Statement (available at https://www.goldmansachs.com/investor-relations/corporate-governance/corporate-governance-documents/anti-bribery-program.pdf , which may be amended from time to time), setting forth Goldman Sachs' anti-corruption policy with respect to its business activities and relations with clients and prospective clients, and warrants and agrees that in connection with this Agreement, the Company will act on a consistent basis with such Statement and in no event shall

------

take any action that would cause or reasonably be expected to cause Goldman Sachs to be in violation of such Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent the Company retains Third Parties to perform material administrative services directly on behalf of Goldman Sachs under this Agreement, the Company shall remain fully responsible for the performance of such Third Party under this Agreement and shall maintain policies and procedures reasonably designed to promote suchThird Party's compliance with applicable anti-corruption laws in connection with the services performed under this Agreement. The Company may engage vendors and other third parties in the ordinary course of its business (including, without limitation, printing, mailing, technology, custodial, proxy, and administrative support providers) without prior written approval of Goldman Sachs, provided that the Company remains responsible for their compliance with applicable laws in connection with this Agreement. Goldman Sachs' prior written consent shall be required only where the Company seeks to delegate primary responsibility for performing material administrative services under this Agreement to a subcontractor.

The Company shall ensure that its contracts with Third Parties approved by Goldman Sachs include clauses (a) – (c) above. The Company also agrees to comply with any other reasonable requirements set forth by Goldman Sachs as part of its approval of a Third Party related to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company agrees to give prompt written notice to Goldman Sachs in the event that, at any time during the term of this Agreement Company either becomes aware, or should have known, that any representations set forth in this Section 8 are no longer accurate or the Company has failed to comply with or has breached any of its warranties hereunder. In the event of such notice, or if Goldman Sachs otherwise verifies or determines reasonably and in good faith that the representations are no longer true and accurate or that the Company has failed to comply with or has breached any of its warranties hereunder, then Goldman Sachs shall have the unilateral right to terminate this Agreement; provided, however, that Goldman Sachs may provide the Company with the opportunity to cure such failure or breach in accordance with the following procedures: Goldman Sachs shall provide the Company with written notice describing such failure or breach with a request to cure such failure or breach. The Company shall then have thirty (30) days from receipt of such notice to cure such failure or breach, provided that no cure period shall apply in the case of fraud, willful misconduct, or violations of applicable anti-corruption laws. If the Company fails to cure such failure or breach within the applicable cure period (or if no cure period applies), Goldman Sachs may terminate this Agreement immediately upon written notice. In such event or upon Goldman Sachs' determination to terminate without a cure period, the Company shall not be entitled to receive any compensation from the time of such failure or breach, including for services previously rendered to the extent that those services are related to the failure or breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this Section 8 shall survive the expiry or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations and Warranties</u>. The Company represents and warrants that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is an insurance company duly organized and in good standing under Delaware insurance law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its entering into and performing its obligations under this Agreement does not and will not violate its
charter documents or by-laws, rules or regulations, or any agreement to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it will keep confidential any information acquired in connection with the matters contemplated by this
Agreement regarding the business and affairs of the Trust, GSAM and their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of laws, subject to the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be subject to the provisions of the Act, and the rules, regulations and rulings
thereunder, including such exemptions from that statute, rules and regulations as the SEC may grant, and the terms herein shall be limited, interpreted and construed in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The captions in this Agreement are included for convenience of reference and in no way define or delineate
any of the provisions herein or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment</u>. This Agreement may be amended only upon mutual agreement of the parties hereto in writing. Any notice to be provided pursuant to this Agreement is to be made in writing and shall be given:

If to GSAM:

Marci Green

Managing Director

Goldman, Sachs Asset Management, L.P.

200 West Street

New York, NY 10282

If to the Company:

Tom Rhee

Corporate Vice President

New York Life Insurance and Annuity Corporation

51 Madison Ave.

New York, NY 10010

or at such other address as such party may from time to time specify in writing to the other party. Each such notice to a party shall be sent by registered or certified United States mail with return

------

receipt requested or by overnight delivery with a nationally recognized courier, and shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall together constitute one and the same instrument.

If this Agreement is consistent with your understanding of the matters we discussed concerning your administrative services, kindly sign below and return a signed copy to us.

---

| |
|:---|
| Very truly yours, |
| Goldman Sachs Asset Management, L.P. |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| Acknowledged and Agreed to: |
| [New York Life Insurance Company] |
| By: |
| Name: |
| Title: |

---

------

**SCHEDULE A** 

**Separate Accounts** 

All current and future Separate Accounts of the Company available for sale through the Contracts.

------

**SCHEDULE B** 

**Funds** 

Goldman Sachs International Equity Insights Fund, a series of Goldman Sachs Variable Insurance Trust

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**SCHEDULE C** 

**Services** 

**Maintenance of books and records** 

- Record issuance of shares

- Record transfers (via net purchase orders)

- Reconciliation and balancing of the Separate Account at the Trust level in the general ledger, at various banks and within systems interface to the summary of each Contract Owner's position

**Fund-related Contract Owner services** 

- Printing and mailing costs associated with dissemination of Trust prospectus to existing Contract Owners

- Telephonic support for Contract Owners with respect to inquiries about the Trust (but not inquiries about the Contracts) unrelated to the sales of Contracts or distribution of Trust shares

Trust proxies (solicitation of voting instructions and preparation of materials, inclusive of printing, distribution, tabulation, and reporting) <br>

- Printing and mailing costs associated with dissemination of Trust reports and notices to existing Contract Owners

**Other administrative support** 

- Sub-accounting services

- Providing other administrative support to the Trust as mutually agreed between insurer and the Trust

- Relieving the Trust of the burden of providing other usual or incidental administrative services provided to individual shareholders

------

**SCHEDULE D** 

**Fees** 

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| | |
|:---|:---|
| **Share Class of the Trust** | **Amounts per annum of the average**<br> **aggregate net asset value of shares of the**<br> **Trust held by the Separate Account under**<br> **the Participation Agreement** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International Equity Insights Fund, a series of Goldman Sachs Variable Insurance Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Service and Institutional Class | [] basis points ([]%) |

---

## Ex-99.(J)(1)

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person in his capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Erik A. Anderson<br>Erik A. Anderson<br>

2.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for her in her name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as she might or could do in person in her capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Angela Chen<br>Angela Chen<br>

4.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person in his capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Craig L. DeSanto<br>Craig L. DeSanto<br>

2.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person in his capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Eric A. Feldstein<br>Eric A. Feldstein<br>

2.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person in his capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Thomas A. Hendry<br>Thomas A. Hendry<br>

2.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for her in her name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as she might or could do in person in her capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Jodi Kravitz<br>Jodi Kravitz<br>

2.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person in his capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Michael K. McDonnell<br>Michael K. McDonnell<br>

2.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for her in her name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as she might or could do in person in her capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Amy Miller<br>Amy Miller<br>

2.2026 ------

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION**

**POWERS OF ATTORNEY FOR A LIMITED PURPOSE**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Michael K. McDonnell, Eric J. Lynn, Ramon A. Casanova, Eric C. Sherman, Francis Citera and Charles A. Whites, Jr. as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission or any state regulatory agency or authority applicable to New York Life Insurance and Annuity Corporation Variable Universal Life Separate Account – I (including, File Numbers 033-64410, 333-79309, 333-39157, 333-47728, 333-57210, 333-102674, 333-147707, 333-156513, 333-166664, 333-190312, 333-222196, 333-263768, and 333-292917) and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person in his capacity as a Director or Officer of New York Life Insurance and Annuity Corporation, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Craig A. Sabal<br>Craig A. Sabal<br>

2.2026 ------

## Ex-99.(K)(1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ![](g430215imge3402c621.jpg) | &nbsp;&nbsp; **New York Life Insurance Company**<br> 51 Madison Avenue<br> New York, NY 10010<br>|
| ![](g430215imge3402c621.jpg) | &nbsp;&nbsp; **Charles A. Whites, Jr.**<br> Vice President & Associate General Counsel<br>|

---

VIA EDGAR

April 9, 2026

U.S. Securities and Exchange Commission <br> 100 F Street, N.E. <br>Washington, D.C. 20549

RE:

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION <br>VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT–I <br>INVESTMENT COMPANY ACT FILE NUMBER: 811-07798 <br><u>SECURITIES ACT FILE NUMBER:</u> <u>333-1477</u><u>07</u>

Ladies and Gentlemen:

This opinion is furnished in connection with the filing by New York Life Insurance and Annuity Corporation ("NYLIAC") of Post-Effective Amendment No. 29 to the registration statement on Form N-6 ("Registration Statement") under the Securities Act of 1933, as amended, of NYLIAC Variable Universal Life Separate Account–I ("Separate Account–I"). Separate Account-I receives and invests premiums allocated to it under a variable universal life insurance policy offered to corporations and individuals (the "Policy"). The Policy is offered in the manner described in the Registration Statement.

NYLIAC is a wholly-owned subsidiary of New York Life Insurance Company ("NYL"). My professional responsibilities at NYL include the provision of legal advice to NYLIAC. Also, I am a Vice President & Associate General Counsel of NYLIAC.

In connection with this opinion, I have consulted with relevant individuals under my supervision and have made such examination of the law and have examined such corporate records and such other documents as I consider appropriate as a basis for the opinions hereinafter expressed. On the basis of such consultation and examination, it is my opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NYLIAC is a corporation duly organized and validly existing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Separate Account-I is a separate account established and maintained by NYLIAC pursuant to Section 2932 of the Delaware Insurance Code, under which the income, gains and losses, realized or unrealized, from assets allocated to Separate Account-I shall be credited to or charged against Separate Account-I, without regard to other income, gains or losses of NYLIAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Policy has been duly authorized by NYLIAC and, when sold in jurisdictions authorizing such sales, in accordance with the Registration Statement, will constitute a validly issued and binding obligation of NYLIAC in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each owner of the Policy will not be subject to any deductions, charges, or assessments imposed by NYLIAC, other than those provided in the Policy.

I consent to the use of this opinion as an exhibit to the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Charles A. Whites, Jr.<br>Charles A. Whites, Jr.<br> Vice President & Associate General Counsel<br>|

---

------

## Ex-99.(N)(1)

(n)(1)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Post-Effective Amendment No. 29 to the Registration Statement on Form N-6 (No. 333-147707) (the "Registration Statement") of our report dated February 27, 2026 relating to the statutory financial statements of New York Life Insurance and Annuity Corporation and consent to the incorporation by reference in the Registration Statement of our report dated April 7, 2026 relating to the financial statements of each of the investment divisions of NYLIAC Variable Universal Life Separate Account - I indicated in our report. We also consent to the references to us under the headings "Financial Statements" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP<br>PricewaterhouseCoopers LLP<br> New York, New York<br>

April 9, 2026

------