# EDGAR Filing Document

**Accession Number:** 0001397940
**File Stem:** 0001193125-26-172793
**Filing Date:** 2026-4
**Character Count:** 360971
**Document Hash:** 75556251f491266dd334118c36399e3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-172793.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001193125-26-172793

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEPARATE ACCOUNT NO. 206
- **CENTRAL INDEX KEY:** 0001397940

**ORGANIZATION NAME:**
- **EIN:** 135570651
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-142455
- **FILM NUMBER:** 26887079

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT 206 OF EQUITABLE FINANCIAL LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT 206 OF AXA EQUITABLE LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20070427

## Series and Classes Contracts Data

### SEPARATE ACCOUNT NO. 206 (Series ID: S000018279)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000054344 | American Dental Association Members Retirement Plan |  |

?xml version='1.0' encoding='ASCII'? Separate Account 206

#### Filed with the Securities and Exchange Commission on April 23, 2026

#### Registration No. 333-142455

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-4

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 32 | ☒ |

---

#### (Check appropriate box or boxes)

## SEPARATE ACCOUNT NO. 206

#### (Exact Name of Separate Account)

## EQUITABLE FINANCIAL LIFE INSURANCE COMPANY

#### (Name of Insurance Company)

#### 1345 Avenue of the Americas, New York, New York 10105

#### (Address of Insurance Company's Principal Executive Offices)

#### Insurance Company's Telephone Number, including Area Code: (212) 554-1234

#### ALFRED AYENSU-GHARTEY

#### Vice President and Associate General Counsel

#### Equitable Financial Life Insurance Company

#### 1345 Avenue of the Americas, New York, New York 10105

#### (Names and Addresses of Agents for Service (212)554-1234)
Approximate Date of Proposed Public Offering: Continuous.

It is proposed that this filing will become effective (check appropriate box):

☐ Immediately upon filing pursuant to paragraph (b)

☒ On May 1, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ On (date) pursuant to paragraph (a)(1) of Rule 485 under the Securities Act of 1933 ("Securities Act")

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Check each box that appropriately characterizes the Registrant:

☐ New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"))

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

☐ Insurance Company relying on Rule 12h-7 under the Exchange Act

☐ Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

------

American Dental Association

Members Retirement Program

#### Prospectus dated May 1, 2026

#### Equitable Financial Life Insurance Company

#### Separate Account No. 206
Please read and keep this prospectus for future reference. It contains important information that you should know before participating in the Program or allocating amounts under the contract. You should read the prospectuses for each Investment Trust which contain important information about the portfolios.

#### About the ADA Program
The Program provides members of the American Dental Association (the "ADA") and their eligible employees several plans for the accumulation of retirement savings on a tax-deferred basis. Through trusts ("Plan Trusts") maintained under these plans, you can allocate contributions among the investment options offered under the Program. The investment options under the Program include: the Guaranteed Interest Option ("GIO") and the variable investment options (the "Funds"). The investment options are listed in Appendix: "Investment Options Available Under the Contract".

As previously notified, the Money Market Guarantee Account was closed to contributions, transfers and loan repayments on January 27, 2017.

#### What is the ADA Members Retirement Program contract?
The ADA Members Retirement Program (the "Program") contract is a deferred group annuity contract issued by Equitable Financial Life Insurance Company (the "Company," "we," "our," and "us"). Contributions to the Plan trusts retained under the plans will be allocated among the Funds, and the Guaranteed Interest Option, in accordance with participant instructions.

The contract is a complex investment and involves risk, including potential loss of principal. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in taxes and tax penalties. Our obligations under the contract are subject to our financial strength and claims-paying ability.

This prospectus is a disclosure document and describes all of the contract's material features, benefits, rights and obligations, as well as other information. The description of the contract's material provisions in this prospectus is current as of the date of this prospectus. If certain material provisions under the contract are changed after the date of this prospectus in accordance with the contract, those changes will be described in a supplement to this prospectus. You should carefully read this prospectus in conjunction with any applicable supplements.

**The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. The securities are not insured by the FDIC or any other agency. They are not deposits or other obligations of any bank and are not bank guaranteed. They are subject to investment risks and possible loss of principal. Additional information about certain investment products, including variable annuities, has been prepared by the SEC's staff and is available at Investor.gov** 

#41986

------

Contents of this Prospectus

---

| | |
|:---|:---|
| [Overview of the contract](#tx41986_2) | **4** |
|  [Contract Features](#tx41986_3) | 4 |
| [Important information you should consider about the contract](#tx41986_1) | **5** |
| [Fee table](#tx41986_4) | **8** |
|  [Examples](#tx41986_5) | 8 |
| [The Company](#tx41986_6) | **9** |
|  [How to reach us](#tx41986_7) | 10 |
| [1. ADA Program investment options](#tx41986_8) | **12** |
|  [Investment options](#tx41986_9) | 12 |
|  [About Separate Account No. 206](#tx41986_10) | 12 |
|  [The Investment Trusts](#tx41986_11) | 12 |
|  [About your voting rights](#tx41986_12) | 13 |
|  [Portfolios of the Investment Trusts](#tx41986_13) | 13 |
|  [Fixed investment options](#tx41986_14) | 15 |
| [2. Benefits Available Under the Contract](#tx41986_15) | **16** |
|  [Summary of Benefits](#pro41986_500) | 16 |
|  [Participant loans](#tx41986_16) | 16 |
| [3. Principal Risks of Investing in the Contract](#tx41986_17) | **17** |
|  [Risks Associated with Variable Investment Options](#tx41986_18) | 17 |
|  [Insurance Company Risk](#tx41986_19) | 17 |
|  [Possible Fees on Access to Account Value](#pro41986_501) | 17 |
|  [Possible Adverse Tax Consequences](#tx41986_20) | 17 |
|  [Not a Short-Term Investment](#tx41986_21) | 17 |
|  [Risk of Loss](#tx41986_22) | 17 |
|  [Risk Associated with Taking a Loan](#pro41986_502) | 17 |
|  [Contract Changes Risk](#tx41986_22a) | 17 |
|  [Limitations on access to cash value through withdrawals](#tx41986_23) | 17 |
|  [Business disruption, cybersecurity, and artificial intelligence ("AI") technologies risks](#tx41986_24) | 18 |

---

Please see the index of key words and phrases used in this prospectus. The index will refer you to the page where particular terms are defined or explained.

When we address the reader of this prospectus with words such as "you" and "your," we generally mean the individual plan participant in one or more of the plans available in the Program. For example, "you" and "your" may refer to the individual plan participant when the contract owner has instructed us to take participant in-plan instructions as the contract owner's instructions under the contract. For example, in "Transfers and access to your account."

As explained in certain sections, "you" and "your" may sometimes refer to the employer. For example, "The Program" section of this prospectus is primarily directed at the employer.

No person is authorized by the Company to give any information or make any representations other than those contained in this prospectus and the SAI, or in other printed or written materials issued by us. You should not rely on any other information or representation.

#### 2

------

---

| | |
|:---|:---|
| [4. How we value your account balance](#tx41986_26) | **19** |
|  [For amounts in the Funds](#tx41986_27) | 19 |
|  [How we determine the unit value](#tx41986_28) | 19 |
|  [How we value the assets of the Funds](#tx41986_29) | 19 |
| [5. Transferring your money among investment options](#tx41986_30) | **20** |
|  [Transfers among investment options](#tx41986_31) | 20 |
|  [Disruptive transfer activity](#tx41986_32) | 20 |
|  [Our Automated Voice Response System and our internet website](#tx41986_33) | 21 |
| [6. Benefit payment options](#tx41986_34) | **22** |
|  [Choosing benefit payment options](#tx41986_35) | 22 |
|  [Spousal consent](#tx41986_36) | 23 |
|  [Proof of correct information](#tx41986_37) | 24 |
|  [Required minimum distribution payments after you die](#tx41986_38) | 24 |
| [7. The ADA Members Retirement Program](#tx41986_39) | **26** |
|  [Eligible employers](#tx41986_40) | 26 |
|  [Summary of plan choices](#tx41986_41) | 26 |
|  [Getting started](#tx41986_42) | 26 |
|  [How to make Program contributions](#tx41986_43) | 26 |
|  [Discontinuance of Program Contributions](#tx41986_44) | 27 |
|  [Allocating Program contributions](#tx41986_45) | 27 |
| [8. Withdrawals](#tx41986_46) | **28** |
|  [Withdrawals from the investment options](#tx41986_47) | 28 |
|  [Rules applicable to participant withdrawals](#tx41986_48) | 28 |
| [9. Charges and expenses](#tx41986_49) | **29** |
|  [Charges for state premium and other applicable taxes](#tx41986_50) | 29 |
|  [Fees paid to the American Dental Association](#tx41986_51) | 30 |
|  [General information on fees and charges](#tx41986_52) | 30 |
| [10. Tax information](#tx41986_53) | **31** |
|  [Buying a contract to fund a retirement arrangement](#tx41986_55) | 31 |
|  [Lifetime required minimum distributions](#tx41986_56) | 31 |
|  [Mandatory Roth Catch-up Contributions](#pro41986_503) | 31 |
|  [Income taxation of distributions to qualified plan participants](#tx41986_57) | 31 |
|  [In-Plan Roth rollover](#tx41986_58) | 32 |
|  [Tax withholding and information reporting](#tx41986_59) | 33 |
|  [Impact of taxes to the Company](#tx41986_60) | 33 |
| [11. More information](#tx41986_69) | **34** |
|  [About program changes or terminations](#tx41986_70) | 34 |
|  [IRS disqualification](#tx41986_71) | 34 |
|  [About the separate account](#tx41986_72) | 34 |

---

---

| | |
|:---|:---|
|  [About the general account](#tx41986_73) | 34 |
|  [About legal proceedings](#tx41986_74) | 35 |
|  [Financial statements](#tx41986_75) | 35 |
|  [Distribution of the contracts](#tx41986_76) | 35 |
|  [Reports we provide and available information](#tx41986_77) | 35 |
|  [Acceptance](#tx41986_78) | 35 |
| Appendices | Appendices |
|  [Investment Options Available Under the Contract](#tx41986_79) | 36 |
|  [State contract variations of certain features and benefits](#tx41986_80) | 39 |

---

#### 3

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Overview of the contract

Purpose of the Contract. The ADA Program provides members of certain groups and other eligible persons several plans for the accumulation of retirement savings on a tax-deferred basis.

The Program consists of either a defined contribution IRS Pre-Approved Plan and Separate Trust ("IRS Pre-Approved Plan and Trust") that is sponsored by the Company or, for Employers who prefer to use their own individually-designed or an IRS Pre-Approved defined contribution Plan document, in conjunction with the Plan's Trust, or the Pooled Trust. The Program offers, according to the terms of either the IRS Pre-Approved Plan and Trust or Pooled Trust, a group variable annuity Contract as a funding vehicle for employers who sponsor qualified retirement Plans. Plan participants should refer to the provisions of their plan that describes their rights in more specific terms.

The contract is designed to help you accumulate assets through investments in the Funds or the underlying portfolios in which the Funds invest. It can provide or supplement your retirement income by offering a variety of benefit payment options, which are subject to the provisions of your employer's plan. Plan participants should consult their employer for details. An employer's plan may allow a choice of one or more forms of distribution. The contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently.

Phases of the Contract. The contract has two phases: an accumulation (savings) phase and an income (annuity) phase.

Accumulation (Savings) Phase

During the accumulation phase, you can allocate your contributions to one or more of the investment options available under the contracts or to the guaranteed interest option. Plan participant choices will be limited to the investment options selected by their employer.

Investment options

We offer various investment options under the Program, including the Funds and the guaranteed interest option. Each Fund has a different investment objective. The Funds try to meet their investment objectives by investing either in a portfolio of securities or by holding mutual fund shares. We cannot assure you that any of the Funds will meet their investment objectives.

For additional information about each investment option see Appendix: "Investment Options Available Under the Contract."

Guaranteed interest option

The guaranteed interest option is a fixed option that is part of our general account. This option pays interest at guaranteed rates and we guarantee principal. The amount allocated to the guaranteed interest option earns interest at the current guaranteed interest rate which is an annual effective rate. After we credit the interest, we deduct certain charges and fees.

Income (Annuity) Phase

The Program offers a variety of benefit payment options. If you are a participant in an individually-designed plan, ask your employer for details. Once you are eligible, your plan may allow you the following forms of distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• installment payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualified joint and survivor annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• joint and survivor annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• joint and survivor annuity — period certain

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• life annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• life annuity — period certain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash refund annuity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lump sum payment

We reserve the right to remove or change these annuity payout options, other than the life annuity, or to add another payout option at any time. When you take a distribution, if you choose to purchase one of our annuities, your investments are converted to income payments and you will no longer be able to make any additional withdrawals from your contract.

#### Contract Features.
Transfers among investment options

You may transfer accumulated amounts among the investment options at any time and in any amount, subject to the transfer limitations described in this prospectus. In addition to our rules, transfers among the investment options may be subject to employer plan provisions which may limit or disallow such movements. We do not impose a charge for transfers among the investment options.

Access to your Money

The amounts in the Funds are generally available for distribution at any time, subject to the provisions of your plan. Distributions from Funds are permitted at any time except if there is any delay in redemptions from the corresponding portfolio of each Trust, as applicable.

Participant Loans

Depending on the terms of your employer plan, you may be permitted to take loans from your account value. Any interest charged on participant loans is determined by the employer plan.

Death Benefit

Upon death your employer will make a withdrawal to pay out any death benefit to your beneficiary in accordance with the employer plan, based on the participant's account value under the contract.

#### 4

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Important information you should consider about the contract

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| | |
|:---|:---|
| &nbsp;&nbsp; **FEES AND EXPENSES** | &nbsp;&nbsp; **FEES AND EXPENSES** |
| Are There Charges or Adjustments for Early Withdrawals? | No. There is no contingent withdrawal charge if you surrender or withdraw money from the contract.<br> For additional information about charges see "Charges and expenses" in this prospectus. |
| Are There Transaction Charges? | Yes. You will be charged an annuity administrative charge of $350 and may be charged a tax related charge if you annuitize under the contract. In addition you may also be charged for other transactions (if you elect an annuity payout option).<br>For additional information about transaction charges see "Annuity administrative charge" "Charges and expenses" in this prospectus. |

---

---

| | |
|:---|:---|
| Are There Ongoing Fees and Expenses? | Yes. The following tables describe the fees and expenses that you may pay each year, depending on the investment options and optional benefits you choose. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected. |

---

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| | | |
|:---|:---|:---|
| Annual Fee | Minimum | Maximum |
| Base contract fee<sup>(1)</sup> | 0.50% | 1.01% |
| Portfolio Company fees and expenses<sup>(2)</sup> | 0.13% | 2.79% |
| Record maintenance and report fee<sup>(</sup><sup>3</sup><sup>)</sup><sup>, (4)</sup> | $12.00 | $12.00 |

---

<br> (1) Expressed as an annual percentage of average daily net assets in the variable investment options. The maximum base contract expense includes a program expense charge (1.00%) and fund related other expenses (0.01%). The program expense charge will fluctuate from year to year based on assets in the Investment Trusts and the number of participants enrolled in the Program. Based on the number of participants in the program and the assets in the Investment Trusts, we anticipate that the program expense charge for the 12 month period beginning May 1, 2026 will be 0.49%. This charge is also deducted from amounts in the GIO and the Money Market Guarantee Account. The fund related other expenses vary by Fund and will fluctuate from year to year based on actual expenses. The fee of 0.01% represents the highest other expenses incurred by a Fund during the fiscal year ended December 31, 2025. These expenses are based on the expenses incurred by the Funds during the fiscal year ended December 31, 2025.<br>(2) Portfolio fees and expenses may be based, in part, on estimated amounts of such expenses.<br>(3) We deduct this fee on a quarterly basis at the rate of $3.00 per participant.<br>(4) For Investment Only retirement arrangements, the fee is $1.00 per quarter.<br>Because the contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract.<br>

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| | |
|:---|:---|
| **Lowest Annual Cost**<br> **$608** | **Highest Annual Cost**<br> **$3,104** |
| Assumes:<br> •  Investment of $100,000<br>•  5% annual appreciation<br>•  Least expensive combination of the Base Contract, Portfolio fees and expenses<br>•  No optional benefits<br>•  No sales charges<br>•  No additional contributions, transfers or withdrawals<br>| Assumes:<br> •  Investment of $100,000<br>•  5% annual appreciation<br>•  Most expensive combination of the Base Contract, Portfolio fees and expenses<br>•  No sales charges<br>•  No additional contributions, transfers or withdrawals<br>|

---

    <u>For additional information about ongoing fees and expenses see "Fee table" in this prospectus.</u>

#### 5

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| | |
|:---|:---|
| &nbsp;&nbsp; **RISKS** | &nbsp;&nbsp; **RISKS** |
| Is There a Risk of Loss from Poor Performance? | Yes. The contract is subject to the risk of loss. You could lose some or all of your account value depending on the investment options you choose.<br>For additional information about the risk of loss see "Principal risks of investing in the contract" in this prospectus. |
| Is this a Short-Term Investment? | No. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. Any withdrawals may also be subject to federal and state income taxes and tax penalties.<br>For additional information about the investment profile of the contract see "Fee table" in this prospectus. |
| What Are the Risks Associated with the Investment Options? | An investment in the contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the contract. Each investment option, including the fixed investment options, has its own unique risks. You should review the investment options available under the contract before making an investment decision.<br>For additional information about the risks associated with investment options see "Investment options" in "Program Investment options" and Appendix: Investment Options Available Under the Contract" in this prospectus. |
| What Are the Risks Related to the Insurance Company? | An investment in the contract is subject to the risks related to the Company. Equitable Financial Life Insurance Company is solely responsible to the contract owner and participants for the contract's account value. The general obligations under the contract including the fixed investment options, are supported by our general account and are subject to our claims paying ability. An owner and participant should look solely to our financial strength for our claims-paying ability. More information about Equitable Financial Life Insurance Company, including our financial strength ratings, may be obtained upon request by calling 1-800-789-7771.<br>For additional information about insurance company risks see "About the general account" in "More information" in this prospectus. |
| &nbsp;&nbsp; **RESTRICTIONS** | &nbsp;&nbsp; **RESTRICTIONS** |
| Are There Restrictions on the Investment Options? | Yes. We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options and to limit the number of variable investment options which you may select. Such rights include, among others, removing or substituting the Portfolios, combining any two or more variable investment options and transferring account value from any variable investment option to another variable investment option.<br>You may transfer accumulated amounts among the investment options under your contract at any time and in any amount, subject to certain transfer limitations described in this prospectus. We reserve the right to remove or substitute Portfolios as investment options.<br>Contributions and transfers into and out of the guaranteed interest option are limited.<br>For additional information about restrictions on the investment options see "Investment options" and "Guaranteed Interest Option" in "ADA Program investment options" and "Transferring your money among investment options" in this prospectus. |
| Are There Any Restrictions on Contract Benefits? | Yes. Participant Loans. Not all employer plans will offer loans. Loans are subject to restrictions under federal tax rules and ERISA. The minimum loan amount and maximum loan amount is determined by your employer plan. The maximum amount of a loan is also limited by federal tax rules. Any interest charged on participant loans is determined by the employer plan.<br>See "Participant Loans" in "Benefits Available Under the Contract" in this prospectus. |
| &nbsp;&nbsp; **TAXES** | &nbsp;&nbsp; **TAXES** |
| What Are the Contract's Tax Implications? | You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract<br>For additional information about tax implications see "Tax information" in this prospectus. |

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#### 6

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| | |
|:---|:---|
| &nbsp;&nbsp;**CONFLICTS OF INTEREST** | &nbsp;&nbsp;**CONFLICTS OF INTEREST** |
| How Are Investment Professionals Compensated? | Some employees may receive incentive compensation for performing marketing and service functions under the contract.<br>For additional information about compensation see "Distribution of the contracts" in this prospectus. |
| Should I Exchange My Contract? | Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, as well as any fees or penalties to terminate your existing contract, that it is preferable to purchase the new contract rather than continue to own your existing contract.<br>For additional information about the charges you might incur in connection with an exchange see "Charges and expenses" in this prospectus. |

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#### 7

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Fee table

The following tables describe the fees and expenses that you will pay when enrolling in, owning, or making withdrawals from an investment option or from the contract. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes fees and expenses that you will pay at the time that you purchase the contract, surrender or make withdrawals from an investment option or the contract, or transfer account value between investment options. State premium taxes may also apply.

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| |
|:---|
| &nbsp;&nbsp;**Transaction Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Load Imposed on Purchases (as a percentage of purchase payments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal Charge |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Fee |

---

The next table describes the fees and expenses that you will pay each year during the time that you own the contract (not including underlying Trust portfolio fees and expenses).

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| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Contract Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base contract expenses (expressed as an annual percentage)<sup>(1)</sup> | 1.01% |

---

(1) Expressed as an annual percentage of average daily net assets in the variable investment options. The base contract expense includes a program expense charge (1.00%) and fund related other expenses (0.01%). The program expense charge will fluctuate from year to year based on assets in the Investment Trusts and the number of participants enrolled in the Program. Based on the number of participants in the program and the assets in the Investment Trusts, we anticipate that the program expense charge for the 12 month period beginning May 1, 2026 will be 0.49%. This charge is also deducted from amounts in the GIO and the Money Market Guarantee Account. The fund related other expenses vary by Fund and will fluctuate from year to year based on actual expenses. The fee of 0.01% represents the highest other expenses incurred by a Fund during the fiscal year ended December 31, 2025. These expenses may be higher or lower based on the expenses incurred by the Funds during the fiscal year ended December 31, 2025.

The next item shows the minimum and maximum total operating expenses charged by any portfolio that corresponds to any variable investment option of the Trusts that you may pay periodically during the time that you own the contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of portfolios available under the contract, including their annual expenses, may be found at the back of this document. See Appendix: "Investment Options Available Under the Contract."

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Annual Portfolio Expenses** | Minimum | Maximum |
| Expenses that are deducted from portfolio assets including management fees, 12b-1 fees, service fees, and/or other expenses<sup>(1)</sup> | 0.13% | 2.79% |

---

(1) Annual portfolio expenses may be based, in part, on estimated amounts of such expenses. The expenses listed are for the year ended December 31, 2025.

#### Examples
These examples are intended to help you compare the cost of investing in the variable investment options with the cost of investing in other annuity contracts that offer variable investment options. These costs include transaction expenses, annual contract expenses, and annual portfolio fees and expenses.

Separate Account No. 206. The examples assume all account value is allocated to the variable investment options. Your costs could differ from those shown below if you invest in the fixed investment options.

**These examples assume that you invest $100,000 in the variable investment options for the time periods indicated. The examples also assume that your investment has a 5% return each year and assume the most expensive combination of annual portfolio expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:** 

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| | | | | |
|:---|:---|:---|:---|:---|
| If you surrender your contract at the end of the applicable time period: | <u>1 year</u><br>$3,870 | <u>3 years</u><br>$11,683 | <u>5 years</u><br>$19,662 | <u>10 years</u><br>$40,361 |
| If you annuitize at the end of the applicable time period: | <u>1 year</u><br>$4,220 | <u>3 years</u><br>$12,033 | <u>5 years</u><br>$20,012 | <u>10 years</u><br>$40,711 |
| If you do not surrender your contract: | <u>1 year</u><br>$4,220 | <u>3 years</u><br>$12,033 | <u>5 years</u><br>$20,012 | <u>10 years</u><br>$40,711 |

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The Company

Equitable Financial is a New York stock life insurance corporation doing business since 1859 with its home office located at 1345 Avenue of the Americas, New York, NY 10105. We are an indirect wholly owned subsidiary of Equitable Holdings, Inc.

We are licensed to sell life insurance and annuities in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. No other company has any legal responsibility to pay amounts that the Company owes under the contracts. The Company is solely responsible for paying all amounts owed to you under the contract, subject to our financial strength and claims-paying ability.

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#### How to reach us
You may communicate with us at the mailing addresses listed below for the purposes described. You can also use the Internet to access information about your account and to complete certain requests. Certain methods of contacting us, such as by telephone or electronically may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence to the appropriate location listed below.

You can reach us as indicated below to obtain:

&nbsp;&nbsp;&nbsp;&nbsp;• Copies of any plans, trusts, adoption agreements, or enrollment or other forms used in the Program.

&nbsp;&nbsp;&nbsp;&nbsp;• Unit values and other account information under your plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Any other information or materials that we provide in connection with the Program.

#### Information on joining the Program

#### By Internet:
The ADA Members Retirement Program Website ada.equitable.com, provides information about the Program, as well as several interactive tools and resources that can help answer some of your retirement planning questions. The website also provides an e-mail feature that can be accessed by clicking on "Contact us."

**No person is authorized by the Company to give any information or make any representations other than those contained in this prospectus and the SAI, or in other printed or written material issued by the Company. You should not rely on any other information or representation.** 

#### By phone:
1-800-523-1125

(Retirement Program Specialists

available weekdays 9 a.m. to 5 p.m. Eastern Time)

#### By regular mail:
The ADA Members Retirement Program

c/o Equitable Financial Life Insurance Company

Box 4875

Syracuse, NY 13221

#### By registered, certified, or overnight delivery:
The ADA Members Retirement Program

c/o Equitable Financial Life Insurance Company

100 Madison St., MD-32-04

Syracuse, NY 13202

#### Information once you join the Program

#### By phone:
1-800-223-5790 (U.S.) or 1-800-223-5790-0 from France, Israel, Italy, Republic of Korea, Switzerland, and the United Kingdom. (Retirement Plan Account Managers available weekdays 9 a.m. to 5 p.m. Eastern Time)

#### By Internet for amounts in the Plan Trust:
By logging on to ada.equitable.com, both participants and employers can access certain retirement account information and perform certain financial transactions. Participants can access the information by clicking on Participant Log-In and entering their credentials. Participants can use the Internet to access certain retirement account information and perform certain transactions such as:

&nbsp;&nbsp;&nbsp;&nbsp;• Investment performance, current Fund unit values, and current guaranteed option interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;• Transfer assets between investment options and obtain account balance information.

&nbsp;&nbsp;&nbsp;&nbsp;• Change the allocation of future contributions.

Employers can access information by clicking on Employer Log-In and entering their User ID and Password. Employers can use the Internet to access certain plan level retirement account information and perform certain transactions such as:

&nbsp;&nbsp;&nbsp;&nbsp;• Online remittal of Contributions

&nbsp;&nbsp;&nbsp;&nbsp;• Online remittal of annual Plan and Participant Census Information

&nbsp;&nbsp;&nbsp;&nbsp;• Online Form 5500 review and filing (IRS Pre-Approved Plans only)

#### Toll-free Automated Voice Response System for amounts in the Plan Trust:
By calling 1-800-223-5790 or 1-800-223-5790-0 you may, with your assigned personal security code, use our Automated Voice Response System to:

&nbsp;&nbsp;&nbsp;&nbsp;• Transfer assets between investment options and obtain account information.

&nbsp;&nbsp;&nbsp;&nbsp;• Change the allocation of future contributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Hear personalized performance information and Fund unit values.

Our Automated Voice Response System operates 24 hours a day. You may speak with our Retirement Plan Account Managers during regular business hours.

#### For correspondence without contribution checks sent by regular mail:
The ADA Members Retirement Program

P.O. Box 4872

Syracuse, NY 13221

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#### For correspondence with contribution checks sent by regular mail:
The Association Members Retirement Program

P.O. Box 13678

Newark, NJ 07188-3678

#### For all correspondence (with or without contribution checks) sent by registered, certified, or overnight delivery:
Equitable Financial Life Insurance Company

Association Service MD-32-04

100 Madison Street

Syracuse, NY 13202

Your correspondence will be picked up at the mailing address noted above and delivered to our Processing Office. Your correspondence, however, is not considered received by us until it is received at our Processing Office. Our Processing Office is located at 100 Madison Street, Syracuse, NY 13202.

#### By E-Mail:
We welcome your comments and questions regarding the ADA Members Retirement Program or website. If you have a comment or suggestion please email us at adamrp@equitable.com.

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1. ADA Program investment options

#### Investment options
We offer various investment options under the contract which include: variable investment options that we call the "Funds", and the Guaranteed Interest Option. You should refer to your plan documents for a list of the investment options available to you. The Money Market Guarantee Account is no longer being offered. We reserve the right to discontinue the offering of any Funds or any guaranteed options at any time.

You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The prospectuses for the Investment Trusts contain this and other important information about those funds. The prospectuses should be read carefully before investing.

The group annuity contract that covers the qualified plan in which you participate is not an investment advisory account, and the Company is not providing any investment advice or managing the allocations under this contract. In the absence of a specific written arrangement to the contrary, you, as the participant under this contract, have the sole authority to make investment allocations and other decisions under the contract. Your Retirement Plan Account Manager is acting as a broker-dealer registered representative, and may not be authorized to act as an investment advisor or to manage the allocations under your contract.

#### About Separate Account No. 206
Each variable investment option is a subaccount of Separate Account No. 206. We established Separate Account No. 206 in 1999 under special provisions of the New York Insurance Law. These provisions prevent creditors from any other business we conduct from reaching the assets we hold in our variable investment options for owners of our variable annuity contracts. We are the legal owner of all of the assets in Separate Account No. 206 and may withdraw any amounts that exceed our reserves and other liabilities with respect to variable investment options under our contracts. The results of Separate Account No. 206 operations are accounted for without regard to the Company's other operations. The amount of some of our obligations under the contracts is based on the assets in Separate Account No. 206. However, the obligations themselves are obligations of the Company.

Separate Account No. 206 and the Company are not required to register, and are not registered, as investment companies under the Investment Company Act of 1940.

Each sub-account (Fund) within the Separate Account invests (i) with respect to the Insurance company dedicated Portfolios, solely in class K shares issued by the corresponding portfolio of its Investment Trust and (ii) with respect to the Retail Portfolios, solely in class I shares issued by the corresponding portfolio of its Investment Trust. Please note that the Vanguard portfolios do not have separate share classes.

We reserve the right subject to compliance with laws that apply:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to add Funds to, or to remove Funds from, the Separate Account, or to add other separate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;(2) to combine any two or more Funds;

&nbsp;&nbsp;&nbsp;&nbsp;(3) to transfer the assets we determine to be the shares of the class of contracts to which the contracts belong from any Fund to another Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(4) to operate the Separate Account or any Fund as a management investment company (in which case, charges and expenses that otherwise would be assessed against an underlying mutual fund would be assessed against the Separate Account or a Fund directly);

&nbsp;&nbsp;&nbsp;&nbsp;(5) to restrict or eliminate any voting rights as to the Separate Account;

&nbsp;&nbsp;&nbsp;&nbsp;(6) to register or deregister the Separate Account or any variable investment option under the Investment Company Act of 1940, provided that such action conforms with the requirements of applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;(7) to cause one or more Funds to invest some or all of their assets in one or more other trusts or investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;(8) to unilaterally change your contract in order to comply with any applicable laws and regulations, including but not limited to changes in the Internal Revenue Code, in Treasury regulations or in published rulings of the Internal Revenue Service, ERISA and in Department of Labor regulations.

Any change in the contract must be in writing and made by our authorized officer. We will provide notice of any contract change.

#### The Investment Trusts
The Investment Trusts are registered under the Investment Company Act of 1940. They are classified as "open-end management investment companies," more commonly called mutual funds. Each Investment Trust issues different shares relating to each portfolio.

The Investment Trusts do not impose sales charges or "loads" for buying and selling their shares. All dividends and other distributions on Investment Trust shares are reinvested in full. The Board of Trustees of each Investment Trust serves for the benefit of each Investment Trust's shareholders. The Board of Trustees may take many actions regarding the portfolios (for example, the Board of Trustees can establish additional portfolios or eliminate existing portfolios; change portfolio investment objectives; and change portfolio investment policies and strategies). In accordance with applicable law, certain of these changes may be implemented without a shareholder

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vote and, in certain instances, without advanced notice. More detailed information about certain actions subject to notice and shareholder vote for each Investment Trust, and other information about the portfolios, including portfolio investment objectives, policies, restrictions, risks, expenses, its Rule 12b-1 plan and other aspects of its operations, appears in the prospectuses for each Investment Trust, which generally accompany this prospectus, or in their respective SAIs, which are available upon request.

The Funds invest in corresponding portfolios of the Investment Trusts. Contract value allocated to one of those Funds will vary based on the investment performance of the corresponding portfolios. There is a risk of loss of the entire amount invested.

#### About your voting rights
No voting rights apply to any of the separate accounts or to the Guaranteed Options.

However, as the owner of shares of the Investment Trusts, we have the right to vote on certain matters involving the Portfolios, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• the election of trustees;

&nbsp;&nbsp;&nbsp;&nbsp;• the formal approval of independent public accounting firms selected for each Investment Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;• any other matters described in each prospectus for the Investment Trusts or requiring a shareholders' vote under the Investment Company Act of 1940.

We will give contract owners/participants the opportunity to instruct us how to vote the number of shares attributable to their contracts if a shareholder vote is taken. If we do not receive instructions in time from all contract owners/participants, we will vote the shares of a portfolio for which no instructions have been received in the same proportion as we vote shares of that portfolio for which we have received instructions. We will also vote any shares that we are entitled to vote directly because of amounts we have in a portfolio in the same proportions that contract owners/participants vote. One effect of proportional voting is that a small number of contract owners may determine the outcome of a vote.

The Investment Trusts sell their shares to our separate accounts in connection with the Company's annuity and/or variable life insurance products, and to separate accounts of insurance companies, both affiliated and unaffiliated with us. American Funds Insurance Series, Vanguard Variable Insurance Fund and EQ Advisors Trust also sell their shares to the trustee of a qualified plan for the Company. 1290 Funds® also sells its shares directly to the public. We currently do not foresee any disadvantages to our contract owners arising out of these arrangements. However, the Board of Trustees of each Investment Trust intends to monitor events to identify any material irreconcilable conflicts that may arise and to determine what action, if any, should be taken in response. If we believe that a Board's response insufficiently protects our contract owners, we will see to it that appropriate action is taken to do so.

The voting rights we describe in this prospectus are created under applicable federal securities laws. To the extent that

those laws or the regulations published under those laws eliminate the necessity to submit matters for approval by persons having voting rights in separate accounts of insurance companies, we reserve the right to proceed in accordance with those laws or regulations.

#### Separate Account No. 206 voting rights
If actions relating to the Separate Account require contract owner/participant approval, contract owners/participants will be entitled to one vote for each unit they have in the variable investment options. Each contract owner/participant who has elected a variable annuity payout option may cast the number of votes equal to the dollar amount of reserves we are holding for that annuity in a variable investment option divided by the annuity unit value for that option. We will cast votes attributable to any amounts we have in the variable investment options in the same proportion as votes cast by contract owners/participants.

#### Portfolios of the Investment Trusts
We offer both affiliated and unaffiliated Investment Trusts, which in turn offer one or more Portfolios. Equitable Investment Management Group, LLC ("Equitable IMG"), is an affiliate of the Company and serves as the investment adviser of the Portfolios of EQ Advisors Trust and 1290 Funds®. For some Portfolios, Equitable IMG has entered into sub-advisory agreements with one or more other investment advisers (the "sub-advisers") to carry out the investment decisions for the Portfolios. As such, among other responsibilities, Equitable IMG oversees the activities of the sub-advisers and is responsible for retaining or discontinuing the services of those sub-advisers.

You should be aware that Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN), ("Equitable Advisors") and Equitable Distributors, LLC ("Equitable Distributors"), (together, the "Distributors") may directly or indirectly receive 12b-1 fees from the Portfolios for providing certain distribution and/or shareholder support services. These fees, if any will not exceed 0.25% of the Portfolios' average daily net assets. The Portfolios' sub-advisers and/or their affiliates may also contribute to the cost of expenses for sales meetings or seminar sponsorships that may relate to the contracts and/or the sub-advisers' respective Portfolios. In addition, Equitable IMG receives advisory fees and Equitable Investment Management, LLC, an affiliate of Equitable IMG, receives administration fees in connection with the services they provide to the affiliated Portfolios. As such, it is generally more profitable for us to offer affiliated portfolios than to offer unaffiliated portfolios.

As a participant, you may bear the costs of some or all of these fees and payments through your indirect investment in the Portfolios. (See the Portfolios' prospectuses for more information.) These fees and payments, if any as well as the Portfolios' investment management fees and administrative expenses, will reduce the underlying Portfolios' investment returns. The Company may profit from these fees and payments. The Company considers the availability of these fees and payment arrangements during the selection process for the underlying Portfolios. These fees and payment

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arrangements may create an incentive for us to select Portfolios (and classes of shares of Portfolios) that pay us higher amounts.

Some affiliated Portfolios invest in other affiliated Portfolios (the "EQ Fund of Fund Portfolios"). The EQ Fund of Fund Portfolios offer participants a convenient opportunity to invest in other Portfolios that are managed and have been selected for inclusion in the EQ Fund of Fund Portfolios by Equitable IMG. Equitable Advisors, an affiliated broker-dealer of the Company, may promote the benefits of such Portfolios to participants and/or suggest that participants consider whether allocating some or all of their account value to such Portfolios is consistent with their desired investment objectives. In doing so, the Company, and/or its affiliates, may be subject to conflicts of interest insofar as the Company may derive greater revenues from the EQ Fund of Fund Portfolios than certain other Portfolios available to you under your contract. Please see "Allocating Program contributions" in "The ADA Members Retirement Program" for more information about your role in managing your allocations.

As described in more detail in the Portfolio prospectuses, the EQ Managed Volatility Portfolios may utilize a proprietary volatility management strategy developed by Equitable IMG (the "EQ volatility management strategy"), and, in addition, certain EQ Fund of Fund Portfolios may invest in affiliated Portfolios that utilize this strategy. The EQ volatility management strategy employs various volatility management techniques, such as the use of ETFs or futures and options, to reduce the Portfolio's equity exposure during periods when certain market indicators indicate that market volatility is above specific thresholds set for the Portfolio. When market volatility is increasing above the specific thresholds set for a Portfolio utilizing the EQ volatility management strategy, the adviser of the Portfolio may reduce equity exposure. Although this strategy is intended to reduce the overall risk of investing in the Portfolio, it may not effectively protect the Portfolio from market declines and may increase its losses. Further, during such times, the Portfolio's exposure to equity securities may be less than that of a traditional equity portfolio. This may limit the Portfolio's participation in market gains and result in periods of underperformance, including those periods when the specified benchmark index is appreciating, but market volatility is high.

Portfolios that utilize the EQ volatility management strategy (or, in the case of certain EQ Fund of Fund Portfolios, invest in other Portfolios that use the EQ volatility management strategy) are designed to reduce the overall volatility of your account value and provide you with risk-adjusted returns over time. The reduction in volatility helps us manage the risks associated with providing guaranteed benefits during times of high volatility in the equity market. During rising markets, the EQ volatility management strategy, however, could result in your account value rising less than would have been the case had you been invested in a Portfolio that does not utilize the EQ volatility management strategy or, in the case of the EQ Fund of Fund Portfolios, that invest exclusively in other Portfolios that do not use the EQ volatility management strategy. Conversely, investing in investment options that use the EQ volatility management strategy may be helpful in a

declining market when high market volatility triggers a reduction in the investment option'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 account value may decline less than would have been the case had you not been invested in investment options that use the EQ volatility management strategy. Please see the underlying Portfolio prospectuses for more information in general, as well as more information about the EQ volatility management strategy. See also Appendix: "Investment Options Available Under the Contract" for more information.

Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques (including Fund of Fund Portfolios that invest in other Portfolios that utilize volatility management techniques) that differ from the EQ volatility management strategy. Such techniques could also impact your account value in the same manner described above. Please see the Portfolio prospectuses for more information in general, as well as more information about the Portfolio's objective, strategies, and volatility management techniques.

Asset Transfer Program. Portfolio allocations in certain of our variable annuity contracts with guaranteed benefits are subject to our Asset Transfer Program (ATP) feature. The ATP helps us manage our financial exposure in connection with providing certain guaranteed benefits, by using predetermined mathematical formulas to move account value between the EQ/Ultra Conservative Strategy Portfolio (an investment option utilized solely by the ATP) and the other Portfolios offered under those contracts. You should be aware that operation of the predetermined mathematical formulas underpinning the ATP has the potential to adversely impact the Portfolios, including their performance, risk profile and expenses. This means that Portfolio investments in contracts with no ATP feature, such as yours, could still be adversely impacted. Particularly during times of high market volatility, if the ATP triggers substantial asset flows into and out of a Portfolio, it could have the following effects on all contract owners invested in that Portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By requiring a Portfolio sub-adviser to buy and sell large amounts of securities at inopportune times, a Portfolio's investment performance and the ability of the sub-adviser to fully implement the Portfolio's investment strategy could be negatively affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By generating higher turnover in its securities or other assets than it would have experienced without being impacted by the ATP, a Portfolio could incur higher operating expense ratios and transaction costs than comparable funds. In addition, even Portfolios structured as funds-of-funds that are not available for investment by contract owners who are subject to the ATP could also be impacted by the ATP if those Portfolios invest in underlying funds that are themselves subject to significant asset turnover caused by the ATP. Because the ATP formulas generate unique results for each contract, not all contract owners who are subject to the ATP will be affected by operation of the ATP in the same way. On any particular day on which the ATP is activated, some contract owners may have a

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portion of their account value transferred to the EQ/Ultra Conservative Strategy Portfolio investment option and others may not. If the ATP causes significant transfers of account value out of one or more Portfolios, any resulting negative effect on the performance of those Portfolios will be experienced to a greater extent by a contract owner (with or without the ATP) invested in those Portfolios whose account value was not subject to the transfers.

#### Fixed investment options
Information regarding each currently offered fixed option, including its name, its term and its minimum guaranteed interest rate is available in an appendix to this prospectus. See Appendix: "Investment Options Available Under the Contract."

We currently offer one guaranteed option:

&nbsp;&nbsp;&nbsp;&nbsp;• the Guaranteed Interest Option ("GIO").

We also have another guaranteed option for existing contract owners who have allocated amounts to it:

&nbsp;&nbsp;&nbsp;&nbsp;• our Money Market Guarantee Account.

The Money Market Guarantee Account is no longer being offered for contribution or transfer of additional amounts.

We guarantee the amount of your contributions to the guaranteed options and the interest credited. Contributions to the GIO become part of our general account, which supports all of our insurance and annuity guarantees as well as our general obligations. The general account, as part of our insurance and annuity operations, is subject to regulation and supervision by the New York Department of Financial Services and to insurance laws and regulations of all jurisdictions in which we are authorized to do business. Interests in the general account have not been registered under the Securities Act of 1933, nor is the general account registered as an investment company under the Investment Company Act of 1940. Accordingly, neither the general account nor any interests therein are generally subject to the provisions of the Securities Act of 1933 or Investment Company Act of 1940. Disclosures relating to interests in the general account are, however, subject to certain generally applicable provisions of the federal securities laws relating to the accuracy of statements made in a registration statement.

Your investment in a guaranteed option is not regulated by the Securities and Exchange Commission. The discussion, however, is subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of the statements made.

#### Guaranteed Interest Option
The GIO is a fixed option that is part of our general account, pays interest at guaranteed rates, and provides an investment option in which the value of the principal will not fluctuate. Contributions allocated to the GIO will receive the interest rate in effect for that business day.

We credit interest daily to amounts in the GIO. All interest rates are effective annual rates net of program expense and other expenses. Your lifetime minimum rate is 1.00%. The current interest rate will never be less than the lifetime minimum rate.

Transfers to and from the GIO to other investment options are permitted. Withdrawals are also permitted from the GIO, subject to a market value adjustment if plan-initiated. See "Procedures for withdrawals, distributions and transfers — Plan-initiated withdrawals and the market value adjustment" in the SAI for more information.

#### Money Market Guarantee Account
**The Money Market Guarantee Account is not a "money market fund" subject to Rule 2a-7 of the Investment Company Act of 1940, and investors in the Money Market Guarantee Account are not entitled to any protections afforded by Rule 2a-7. In addition, an investment in the Money Market Guarantee Account is not insured by the FDIC or other governmental agency.** 

On January 27, 2017, the Money Market Guarantee Account was closed to new contributions and loan repayments. Any amounts you have in the Money Market Guarantee Account can remain in your account, but you can no longer transfer or contribute any additional amounts to your account. Any amounts that remained in your Money Market Guarantee Account will continue to accrue interest as described below.

You can always transfer amounts out of the Money Market Guarantee Account to another investment option, or take distributions from the Money Market Guarantee Account, but you can no longer transfer any such amounts back into the Money Market Guarantee Account.

#### The Money Market Guarantee Account Guarantee
We guarantee the amount of your contributions to the Money Market Guarantee Account and the interest credited. We hold assets in our Separate Account No. 43 sufficient to pay all principal and accrued interest under the Money Market Guarantee Account option, less applicable fees, as required by law. Assets we hold in Separate Account No. 43 attributable to participants are available to Program participants who have allocated amounts to the Money Market Guarantee Account. We may not use these amounts to satisfy obligations that may arise out of any other business we conduct. If the assets in Separate Account No. 43 are insufficient to provide for payment of all principal and accrued interest under the Money Market Guarantee Account, we will transfer additional assets into Separate Account No. 43 from the Company's general account, to make up for any shortfall. We may remove assets from Separate Account No. 43 that are in excess of those attributable to the combined account values of all Program participants.

Please see Appendix: "State contract variations of certain features and benefits" in this prospectus for variations that may apply in your state.

Calculation of our rates. The interest rate we credit to the Money Market Guarantee Account approximates:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the average over each calendar year of "domestic prime" money market funds (funds with the highest quality investments); plus

&nbsp;&nbsp;&nbsp;&nbsp;(2) an amount which approximates the average expenses deducted from such funds; less

&nbsp;&nbsp;&nbsp;&nbsp;(3) 0.15% (Administration Fee) and the applicable Program Expense Charge. See "Charges and expenses" in this prospectus.

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2. Benefits Available Under the Contract

#### Summary of Benefits
The following tables summarize important information about the benefits available under the contract.

#### Death Benefits
This death benefit is available during the accumulation phase:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Benefit** | Purpose | **Standard/**<br>**Optional** | Annual Fee | Brief Description of Restrictions/Limitations |
| Death Benefit | Beneficiaries will receive a benefit under the terms of the employer plan based on the participant's account value under the contract. | Standard | No additional charge | • The contract does not have a separate death benefit provision.<br>• Any death benefits are provided in accordance with the employer plan.<br>|

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#### Other Benefits
These benefits are available during the accumulation phase:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Benefit** | Purpose | **Standard/**<br>**Optional** | Annual Fee | Brief Description of Restrictions/Limitations |
| Participant Loans | Loans may be available to participants | Optional | Any fees or interest are determined by employer plan | • Not all employer plans will offer loans.<br>• Loans are subject to restrictions under federal tax laws and ERISA.<br>|

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#### Participant loans
Participant loans are available if the employer plan permits them. Participants must apply for a plan loan through the employer. Loan packages containing all necessary forms, along with an explanation of how interest rates are set, are available from our Retirement Plan Account Managers. The number of plan loans outstanding are subject to the terms of the employer's plan.

Loans are subject to restrictions under federal tax laws and ERISA, and are also subject to the limits of the plan. If a participant is married, written spousal consent may be required for a loan.

Generally, the loan amount will be transferred from the investment options into a loan account. The loan amount will not earn interest under the contract while the loan is outstanding, and you may be charged interest as set by the employer plan. The participant must pay the interest as required by federal income tax rules. If you fail to repay the loan when due, the amount of the unpaid balance may be taxable and subject to additional penalty taxes. No participant who has defaulted on a loan under the employer plan shall be granted any additional loans under this plan. Interest paid on a retirement plan loan is not deductible.

Amounts borrowed from your contract do not participate in separate account investment experience and therefore, loans can affect the account value whether or not you repay the loan. The account value when you surrender, die, or terminate your contract will be reduced by the amount of any outstanding loan plus accrued interest.

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3. Principal Risks of Investing in the Contract

The risks identified below are the principal risks of investing in the contract. The contract may be subject to additional risks other than those identified and described in this prospectus.

#### Risks Associated with Variable Investment Options
You take all the investment risk for amounts allocated to one or more of the investment options. If the Funds you select increase in value, then your account value goes up; if they decrease in value, your account value goes down. How much your account value goes up or down depends on the performance of the Funds in which you invest. We do not guarantee the investment results of any Fund. An investment in the contract is subject to the risk of poor investment performance, and the value of your investment can vary depending on the performance of the selected Fund(s), each of which has its own unique risks. You should review the Funds before making an investment decision.

#### Insurance Company Risk
No company other than Equitable Financial Life Insurance Company has any legal responsibility to pay amounts that we owe under the contract. The general obligations and any Guaranteed benefits under the contract are supported by our general account and are subject to our claims paying ability. You should look solely to our financial strength for our claims-paying ability.

#### Possible Fees on Access to Account Value
We may apply fees (and you may incur possible tax consequences) if you access your account value during the accumulation period or surrender your contract.

#### Possible Adverse Tax Consequences
The tax considerations associated with the contract vary and can be complicated. The applicable tax rules can differ, depending on the type of plan. We cannot provide detailed information on all tax aspects of the contract. Moreover, the tax aspects that apply to a particular person's contract may vary depending on the facts applicable to that person. Tax rules may change without notice. We cannot predict whether, when, or how these rules could change. Any change could affect contracts purchased before the change. Congress may also consider further proposals to comprehensively reform or overhaul the United States tax and retirement systems, which if enacted, could affect the tax benefits of a contract. We cannot predict what, if any, legislation will actually be proposed or enacted. Before making contributions to your contract or taking other action related to your contract, you should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract.

#### Not a Short-Term Investment
The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle and you should consider whether investing in the contract is consistent with the purpose for which the investment is being considered.

#### Risk of Loss
All investments have risks to some degree and it is possible that you could lose money by investing in the contract. An investment in the contract is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

#### Risk Associated with Taking a Loan
Loans will decrease your account value and death benefit, and loaned amounts will not participate in the investment experience of your investment options. There may be adverse tax consequences associated with taking a loan from your contract.

#### Contract Changes Risk
We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options. We reserve the right, subject to compliance with laws that apply, to remove variable investment options from the Separate Account, to combine any two or more variable investment options, to restrict or eliminate any voting rights as to the Separate Account, to limit or terminate contributions or transfers into any of the variable investment options, and to limit the number of variable investment options you may select.

You should evaluate whether our ability to make the changes described above, and your ability to react to such changes, are appropriate based on your investment goals. When such changes occur, you should also evaluate whether those changes are appropriate based on your investment goals and, if not, you should evaluate your options under the Contract, which may be limited and may have negative consequences associated with them, as described in this prospectus.

#### Limitations on access to cash value through withdrawals
Withdrawals may be subject to income tax and may be subject to tax penalties if taken before age 59 1/2. Withdrawals will reduce your account value. Certain withdrawals may also terminate your contract.

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#### Business disruption, cybersecurity, and artificial intelligence ("AI") technologies risks
We rely heavily on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our business. Because our business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyberattacks. Cyberattacks may be systemic (e.g., affecting the internet, cloud services, or other infrastructure) or targeted (e.g., failures in or breach of our systems or those of third parties on whom we rely, including ransomware and malware attacks). Cybersecurity risks include, among other things, the loss, theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on our websites (or the websites of third parties on whom we rely), other operational disruption and unauthorized release, use or abuse of confidential customer information. The risk of cyberattacks may be higher during periods of geopolitical turmoil. Due to the increasing sophistication of cyberattacks, a cybersecurity breach could occur and persist for an extended period of time without detection. Systems failures and cyberattacks, as well as, any other catastrophic event, including natural and manmade disasters, public health emergencies, pandemic diseases, terrorist attacks, floods or severe storms affecting us, any third-party administrator, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us, our business operations and your account value and interfere with our ability to process contract transactions and calculate account values. Systems failures and cyberattacks may also interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate account values and unit values and/or the underlying funds to be unable to calculate share values, cause the release or possible destruction of confidential customer and/or business information, impede order processing or cause other operational issues, subject us and/or our service providers and intermediaries to regulatory fines, litigation and financial losses and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying funds invest, which may cause the underlying funds to lose value. The preventative actions we take to reduce the frequency and severity of cybersecurity incidents and protect our computer systems may be insufficient to prevent a cybersecurity breach from impacting our operations or your contract value. There can be no assurance that we or the underlying funds or our service providers and intermediaries will be able to avoid cybersecurity breaches affecting your contract.

The development and deployment of AI tools and technologies, including generative AI, and its use and anticipated use by us or by third parties on whom we rely, may increase

our existing operational risks or create new operational risks that we are not currently anticipating. AI and generative AI may be misused by us or by third parties upon which we rely, and that risk is increased by the relative newness of the technology, the speed at which it is being adopted, and the uncertain and evolving policy and regulatory landscape governing its use. Such misuse could expose us to legal or regulatory risk. Because the generative AI technology is so new, many of the potential risks of generative AI are currently unknowable.

In addition, we are also exposed to risks related to natural and man-made disasters, including, but not limited to, the occurrence of any storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts or any other event, which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic such as COVID-19, could result in our workforce, and/or employees of service providers and/or third-party administrators, being compromised and unable or unwilling to fully perform their responsibilities, which could likewise result in interruptions in our service. This could interfere with our processing of contract transactions, including processing orders from owners and orders with the underlying funds, impact our ability to calculate contract value, or have other adverse impacts on our operations. These events may also negatively affect our service providers and intermediaries, the underlying funds and issuers of securities in which the underlying funds invest, which may cause the funds underlying your contract to lose value. There can be no assurance that we or the underlying funds or our service providers and intermediaries will be able to avoid negative impacts associated with natural and man-made disasters.

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4. How we value your account balance

We credit the full amount of your contributions under the Program. At any time, your value under the Program is the "account balance" in the Funds, GIO and the Money Market Guarantee Account to which you have allocated contributions. These amounts are subject to certain fees and charges that are reflected in your account balance, as applicable. See "Charges and expenses" in your prospectus.

#### For amounts in the Funds
When you invest in a Fund, your contribution or transfer purchases "units" of that Fund. The unit value on any day reflects the value of the Fund's investments for the day and the charges and expenses we deduct from the Fund. We calculate the number of units you purchase by dividing the amount you invest by the unit value of the Fund as of the close of business on the day we receive your contribution or transfer request. A contribution or a transfer request will be effective on the business day we receive the contribution or the transfer request. Contributions and transfer requests received after the end of a business day will be credited the next business day. We will confirm all transfers in writing.

Our "business day" is generally any day the New York Stock Exchange is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. For more information about our business day and our pricing of transactions, please see "Dates and prices at which contract events occur."

On any given day, your account value in any Fund equals the number of the Fund's units credited to your account, multiplied by that day's value for one Fund unit. In order to take deductions from any Fund, we cancel units having a value equal to the amount we need to deduct. Otherwise, the number of your Fund units of any Fund does not change unless you make additional contributions, make a withdrawal, effect a transfer, or request some other transaction that involves moving assets into or out of that Fund option.

#### How we determine the unit value
We determine the unit value for each Fund at the end of each business day. The unit value for each Fund is calculated by first determining a gross unit value, which reflects only investment performance, and then adjusting it for Fund expenses to obtain the Fund unit value. We determine the gross unit value by multiplying the gross unit value for the preceding business day

by the net investment factor for that subsequent business day. We calculate the net investment factor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• First, we take the value of the Fund's assets at the close of business on the preceding business day.

&nbsp;&nbsp;&nbsp;&nbsp;• Next, we add the investment income and capital gains, realized and unrealized, that are credited to the assets of the Fund during the business day for which we are calculating the net investment factor.

&nbsp;&nbsp;&nbsp;&nbsp;• Then we subtract the capital losses, realized and unrealized, charged to the Fund during that business day.

&nbsp;&nbsp;&nbsp;&nbsp;• Finally, we divide this amount by the value of the Fund's assets at the close of the preceding business day.

The Fund unit value is calculated on every business day by multiplying the Fund unit value for the last business day of the previous month by the net change factor for that business day. The net change factor for each business day is equal to (a) minus (b) where:

&nbsp;&nbsp;&nbsp;&nbsp;(a) is the gross unit value for that business day divided by the gross unit value for the last business day of the previous month; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) is the charge to the Fund for that month for the daily accrual of fees and other expenses times the number of days since the end of the preceding month.

#### How we value the assets of the Funds
The Funds invest in corresponding Portfolios of EQ Advisors Trust, American Funds Insurance Series, Vanguard Variable Insurance Fund and 1290 Funds® (the "Investment Trusts"), and the asset value of each Portfolio is computed on a daily basis. See the prospectus for the Investment Trust for information on valuation methodology used by the corresponding Portfolios.

#### Fair valuation
The Funds may invest in securities and other assets for which market quotations are not readily available (or for which market quotations may not be reliable), which are valued at their fair value under policies and procedures established by the Investment Trusts. For more information, please see the prospectus for the applicable Investment Trust.

The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method deemed to reflect fair value. Such a policy is intended to assure that the net asset value of a separate account or fund fairly reflects security values as of the time of pricing.

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5. Transferring your money among investment options

#### Transfers among investment options
You may transfer some or all of your amounts among the investment options if you participate in the IRS Pre-Approved Plan. Participants in other plans may make transfers as allowed by the plan.

No transfers to the Money Market Guarantee Account are permitted as of January 27, 2017. Transfers to and from the other investment options are permitted at any time except if there is any delay in redemptions from the corresponding portfolio of the Investment Trusts. In addition, we reserve the right to restrict transfers among investment options as described in your contract including limitations on the number, frequency or dollar amount of transfers.

Please see "Allocating Program contributions" in "The ADA Members Retirement Program" for more information about your role in managing your allocations.

#### Disruptive transfer activity
You should note that the contract is not designed for professional "market timing" organizations, or other organizations or individuals engaging in a market timing strategy. The contract is not designed to accommodate programmed transfers, frequent transfers or transfers that are large in relation to the total assets of the variable investment options or the underlying portfolio.

Frequent transfers, including market timing and other program trading or short-term trading strategies, may be disruptive to the Funds or the underlying portfolios. Disruptive transfer activity may adversely affect performance and the interests of long-term investors by requiring a Fund or portfolio to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. For example, when market timing occurs, a Fund or portfolio may have to sell its holdings to have the cash necessary to redeem the market timer's investment. This can happen when it is not advantageous to sell any securities, so investment performance may be hurt. When large dollar amounts are involved, market timing can also make it difficult to use long-term investment strategies because a Fund or portfolio cannot predict how much cash it will have to invest. In addition, disruptive transfers or purchases and redemptions of portfolio investments may impede efficient portfolio management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to effect more frequent purchases and sales of portfolio securities. Similarly, a Fund or portfolio may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of excessive or short-term trading. Funds or portfolios that invest a significant portion of their assets in foreign securities or the securities of small and mid-capitalization companies tend to be subject to the risks associated with market timing and short-term trading strategies to a greater extent than Funds or portfolios that do not. Securities trading

in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. markets. Securities of small and mid-capitalization companies present arbitrage opportunities because the market for such securities may be less liquid than the market for securities of larger companies, which could result in pricing inefficiencies. Please see the prospectus for the Investment Trusts for more information on how portfolio shares are priced.

We currently use the procedures described below to discourage disruptive transfer activity. You should understand, however, that these procedures are subject to the following limitations: (1) they primarily rely on the policies and procedures implemented by the underlying portfolios; (2) they do not eliminate the possibility that disruptive transfer activity, including market timing, will occur or that portfolio performance will be affected by such activity; and (3) the design of market timing procedures involves inherently subjective judgments, which we seek to make in a fair and reasonable manner consistent with the interests of all contract owners/participants.

We offer investment options with underlying portfolios that are part of EQ Advisors Trust and 1290 Funds® (together, the "affiliated Investment Trusts") as well as investment options with underlying Portfolios of outside trusts with which the Company has entered participation agreements (the "unaffiliated Investment Trusts". The affiliated Investment Trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the affiliated Investment Trust obtains from us owner trading activity. Certain affiliated Investment Trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity.

When a contract owner/participant is identified in connection with potentially disruptive transfer activity for the first time, a letter is sent to the contract owner/participant explaining that the Company has a policy against disruptive transfer activity and that if such activity continues, certain transfer privileges may be eliminated. If and when the contract owner/participant is identified a second time as engaged in potentially disruptive transfer activity under the contract, we currently prohibit the use of voice, fax and automated transaction services. We currently apply such action for the remaining life of each affected contract. We or an Investment Trust may change the definition of potentially disruptive transfer activity, the monitoring procedures and thresholds, any notification procedures, and the procedures to restrict

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this activity. Any new or revised policies and procedures will apply to all contract owners/participants uniformly. We do not permit exceptions to our policies restricting disruptive transfer activity.

Each unaffiliated Investment Trust may have its own policies and procedures regarding disruptive transfer activity. If an unaffiliated trust advises us that there may be disruptive activity from one of our contract owners/participants, we will work with the unaffiliated trust to review contract owner/participant trading activity. Each Investment Trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its Portfolios. Please see the prospectuses for the Investment Trusts for more information.

It is possible that the Investment Trusts may impose a redemption fee designed to discourage frequent or disruptive trading by contract owners/participants. As of the date of this prospectus, the Investment Trusts had not implemented such a fee. If a redemption fee is implemented by the Investment Trusts, that fee, like any other Investment Trust fee, will be borne by the contract owner/participant.

Contract owners/participants should note that it is not always possible for us and the Investment Trusts to identify and prevent disruptive transfer activity. Our ability to monitor potentially disruptive transfer activity is limited in particular with respect to certain group contracts. Group annuity contracts may be owned by retirement plans that provide transfer instructions on an omnibus (aggregate) basis, which may mask the disruptive transfer activity of individual plan participants, and/or interfere with our ability to restrict communication services. In addition, because we do not monitor for all frequent trading in the Investment Trust portfolios at the separate account level, contract owners/participants may engage in frequent trading which may not be detected, for example due to low net inflows or outflows on the particular day(s). Therefore, no assurance can be given that we or the Investment Trusts will successfully impose restrictions on all potentially disruptive transfers. Because there is no guarantee that disruptive trading will be stopped, some contract owners/participants may be treated differently than others, resulting in the risk that some contract owners/participants may be able to engage in frequent transfer activity while others will bear the effect of that frequent transfer activity. The potential effects of frequent transfer activity are discussed above.

#### Our Automated Voice Response System and our internet website
Participants may use our Automated Voice Response System, or our internet website to transfer between investment options, obtain account information, change the allocation of future contributions and hear investment performance information. To use our Automated Voice Response System, you must have a touch-tone telephone. Our Participant Services website can be accessed at adapar.equitable.com.

Employers may also access our Plan Services website to have plan level access to transaction activity, reports, census features, make online contributions and review and file annual 5500 reports. The Plan Services website can be accessed at adaemp.equitable.com.

We have established procedures to reasonably confirm the genuineness of instructions communicated to us by telephone when using the Automated Voice Response System and by the Program website. The procedures require personal identification information, including entering credentials, prior to acting on telephone instructions or accessing information on the internet website, and providing written confirmation of the transfers. We assign credentials to you after we receive your completed enrollment form. Thus, we will not be liable for following telephone instructions, or internet instructions, we reasonably believe to be genuine.

We reserve the right to limit access to this service if we determine that you are engaged in a market timing strategy (see "Disruptive transfer activity" above).

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6. Benefit payment options

#### Choosing benefit payment options
Benefit payments are subject to plan provisions. The Setting Every Community Up for Retirement Enhancement Act ("SECURE Act") enacted at the end of 2019 significantly amended the required minimum distribution rules and it may restrict the availability of payment options. See the discussion under "Required minimum distribution payments after you die" in this prospectus.

The Program offers a variety of benefit payment options for participants in the IRS Pre-Approved Plan. The earliest and latest dates that you may begin benefit payments are determined by your employer plan. Plan participants will not be able to make transfers, change annuity options, or withdraw account value after the benefit payments begin. Your plan may allow you a choice of one or more of the following payout options:

&nbsp;&nbsp;&nbsp;&nbsp;• Qualified Joint and Survivor Annuity

&nbsp;&nbsp;&nbsp;&nbsp;• Lump Sum Payment

&nbsp;&nbsp;&nbsp;&nbsp;• Installment Payments

&nbsp;&nbsp;&nbsp;&nbsp;• Life Annuity

&nbsp;&nbsp;&nbsp;&nbsp;• Life Annuity — Period Certain

&nbsp;&nbsp;&nbsp;&nbsp;• Joint and Survivor Annuity

&nbsp;&nbsp;&nbsp;&nbsp;• Joint and Survivor Annuity — Period Certain

&nbsp;&nbsp;&nbsp;&nbsp;• Cash Refund Annuity

#### Types of benefits
Under the IRS Pre-Approved Plan, you may select one or more of the following payout options explained below once you are eligible to receive benefits. If your employer has adopted an individually designed plan that does not offer annuity benefits, not all of these payout options may be available to you. We suggest you ask your employer what types of benefits are available under your plan. The payout option will be in the form of a life annuity or another form that you choose and is offered by us at the time. We reserve the right to remove or change these annuity payout options, other than the life annuity, or to add another payout option at any time.

The minimum amount that can be used to purchase any type of annuity is $7,000. If the amount to be applied is less than $7,000 or would result in an initial monthly payment of less than $300, we will pay the amount in a lump sum. In most cases a variable annuity administrative charge of $350 will be deducted from the amount used to purchase an annuity from the Company. The remaining amount will be applied to purchase an annuity on the basis of the Table of Guaranteed Annuity Payments contained in the contract or

our then-current annuity rates applicable at that time, whichever would provide a larger benefit. Payments depend on the annuity selected, your age, and the age of your beneficiary if you select a joint and survivor annuity. After the contract's fifth anniversary, we may change the actuarial basis used in the Table of Guaranteed Annuity Payments no more often than once every five years. We will provide advance notice of this change, and it will not apply to any annuity benefit that began before the change. Annuities purchased from other providers may also be subject to fees and charges.

The amount of the annuity payments will depend on the amount applied to purchase the annuity and the applicable annuity purchase factors, discussed below. The amount of each annuity payment will be less with a greater frequency of payments, or with a longer certain period of a life contingent annuity. Once elected, the frequency with which you receive payments cannot be changed.

Qualified Joint and Survivor Annuity. An annuity providing equal monthly payments for your life and, after your death, for your surviving spouse's life. No payments will be made after you and your spouse die, even if you have received only one payment prior to the last death. In some plans, the law requires that if the value of your vested benefits exceeds $7,000, you must receive a Qualified Joint and Survivor Annuity unless your spouse consents in writing to a contrary election. Please see "Spousal consent requirements" below.

Lump sum payment. A single payment of all or part of your vested benefits. If you take a partial payment of your balance, it must be at least $1,000. You may designate the investment options from which a partial payment will be made. If you do not designate the investment options from which you want the partial payment to be drawn, it will be drawn pro rata from all the investment options in which your account balance is invested. If you terminated employment and your vested account balance is less than $1,000, you will receive a lump sum payment of the entire vested amount unless alternate instructions are provided in a reasonable period after receiving your Election of Benefits Package.

Periodic installments. Monthly, quarterly, semi-annual or annual payments over a period of at least three years, where the initial payment on a monthly basis is at least $300. You can choose either a time-certain payout, which provides variable payments over a specified period of time, or a dollar-certain payout, which provides level payments over a variable period of time. During the installment period, your remaining account balance will be invested in whatever investment options you designate; each payment will be drawn pro rata from all the investment options you have selected. If you die before receiving all the installments, we

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will make the remaining payments to your beneficiary, subject to IRS minimum distribution rules and beneficiary election.

Life Annuity. An annuity providing monthly payments for your life. No payments will be made after your death, even if you have received only one payment prior to your death.

Life Annuity — Period Certain. An annuity providing monthly payments for your life or, if longer, a specified period of time. If you die before the end of that specified period, payments will continue to your beneficiary until the end of the period subject to required minimum distribution rules. Subject to legal limitations, you may specify a minimum payment period of 5 or 10 years. The longer the specified period, the smaller the monthly payments will be.

Joint and Survivor Annuity. An annuity providing monthly payments for your life and that of your beneficiary subject to required minimum distribution rules. You may specify the percentage of the original annuity payment to be made to your beneficiary. Subject to legal limitations, that percentage may be 100%, 75%, 50%, or any other percentage you specify.

Joint and Survivor Annuity — Period Certain. An annuity providing monthly payments for your life and that of your beneficiary or, if longer, a specified period of time subject to required minimum distribution rules. If you and your beneficiary both die before the end of the specified period, payments will continue to your contingent beneficiary until the end of the period. Subject to legal limitations, you may specify a minimum payment period of 5 or 10 years and the percentage of the annuity payment to be made to your beneficiary (as noted above under Joint and Survivor Annuity). The longer the specified period, the smaller your monthly payments will be.

Cash Refund Annuity. An annuity providing equal monthly payments for your life with a guarantee that the sum of those payments will be at least equal to the portion of your vested benefits used to purchase the annuity. If upon your death the sum of the monthly payments to you is less than that amount, your beneficiary will receive a lump sum payment of the remaining guaranteed amount.

#### Fixed and variable annuity choices
Under a Qualified Joint and Survivor Annuity or a Cash Refund Annuity, the amount of the monthly payments is fixed at retirement and remains level throughout the distribution period. Under the Life Annuity, Life Annuity — Period Certain, Joint and Survivor Annuity and Joint and Survivor Annuity — Period Certain, you may select either fixed or variable payments. All forms of fixed and variable annuity benefits under the Program will be provided by us. If you are interested in a variable annuity, when you are ready to select your benefit please ask our Retirement Plan Account Managers for our variable annuity prospectus.

#### Spousal consent requirements
Under the IRS Pre-Approved Plan, you may designate a non-spouse beneficiary any time after the earlier of: (1) the first day of the plan year in which you attain age 35, or (2) the date on which you separate from service with your employer.

If you designate a beneficiary other than your spouse prior to you reaching age 35, your spouse must consent to the designation and, upon you reaching age 35, must again give his or her consent or the designation will lapse. In some plans, in order for you to make a withdrawal or elect a form of benefit other than a Qualified Joint and Survivor Annuity or designate a non-spouse beneficiary, your spouse must consent to your election in writing within the 90 day period before your annuity starting date. In addition if you want to designate a non-spouse beneficiary, to consent, your spouse must sign on the appropriate line on your election of benefits or beneficiary designation form. Your spouse's signature must be witnessed by a notary public or plan representative.

If you change your mind, you may revoke your election and elect a Qualified Joint and Survivor Annuity or designate your spouse as beneficiary, simply by filing the appropriate form. Your spouse's consent is not required for this revocation.

It is also possible for your spouse to sign a blanket consent form. By signing this form, your spouse consents not just to a specific beneficiary or, with respect to the waiver of the Qualified Joint and Survivor Annuity, the form of distribution, but gives you the right to name any beneficiary, or if applicable, form of distribution you want. Once you file such a form, you may change your election whenever you want, even without spousal consent. No spousal consent to a withdrawal or benefit in a form other than a Qualified Joint and Survivor Annuity is required under certain plans that do not offer life annuity benefits.

All of these options can be either fixed or variable except for the Cash Refund Annuity and the Qualified Joint and Survivor Annuity which are fixed options only.

#### Fixed annuity payout options
With fixed annuities, we guarantee fixed annuity payments will be based either on the tables of guaranteed annuity purchase factors in your contract or on our then current annuity purchase factors, whichever is more favorable for you.

#### Variable Immediate Annuity payout options
Variable Immediate Annuities are described in a separate prospectus that is available from your financial professional. Before you select a Variable Immediate Annuity payout option, you should read the prospectus which contains important information that you should know.

Variable Immediate Annuities may be funded through your choice of available Funds investing in Portfolios of EQ Advisors Trust and 1290 Funds®. The contract also offers a fixed income annuity payout option that can be elected in combination with the variable income annuity payout option. The amount of each variable income annuity payment will fluctuate, depending upon the performance of the Funds, and whether the actual rate of investment return is higher or lower than an assumed base rate.

#### Spousal consent
If a participant is married and has an account balance greater than $7,000 (except for amounts contributed to the Rollover Account), federal law generally requires payment (subject to plan rules) of a Qualified Joint and Survivor

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Annuity payable to the participant for life and then to the surviving spouse for life, unless you and your spouse have properly waived that form of payment in advance. Please see "Spousal consent requirements" above.

#### Proof of correct information
If any information on which an annuity benefit payable under the contract was based has been misstated, the benefit will not be invalidated, but based on the correct information. The Company will adjust the amount of the annuity payments with respect to a fixed annuity benefit, the number of variable annuity units with respect to a variable annuity benefit and the amount used to provide the annuity benefit. Overpayments will be charged against any annuity payments and underpayments will be added to any annuity payments made under the annuity benefit after this adjustment. The Company will provide you with a written explanation, based solely on the information in its possession, of the reason for the adjustment. The Company's liability to you is limited to the amount of annuity benefit that can be provided on the basis of correct information with the actual amount available under the contract.

#### Required minimum distribution payments after you die
These vary, depending on the status of your beneficiary (individual or entity) and when you die. The SECURE Act significantly amended the post-death required minimum distribution rules for distributions made beginning January 1, 2020, and in some cases may affect payouts for pre-December 31, 2019 deaths. Federal tax rules governing post-death required minimum distribution payments are highly complex. For complete information on these rules, qualified legal and tax advisers should be consulted.

#### Individual beneficiary
Unless the individual beneficiary has a special status as an "eligible designated beneficiary" or "EDB" described below, distributions of the remaining amount in the defined contribution plan following your death must generally be distributed within 10 years in accordance with federal tax rules. If your beneficiary is not an EDB, the entire interest must be distributed by the end of the calendar year which contains the tenth anniversary of your death. If you die before your Required Beginning Date, no distribution is required for a year before that tenth year. If you die on or after your Required Beginning date, your beneficiary will be required to take an annual post-death required minimum distribution and all remaining amounts must be fully distributed by the end of the year containing the tenth anniversary of your death. It is the beneficiary's responsibility to calculate and satisfy the required minimum distribution rules. Please consult your tax adviser to determine whether annual post-death required minimum distribution payments are required from your contract during the 10-year period.

Individual beneficiary who has "eligible designated beneficiary" or "EDB" status. An individual beneficiary who is an "eligible designated beneficiary" or "EDB" is able to take annual post-death required minimum distribution payments over the life of the EDB or over a period not extending beyond the life expectancy of the EDB, as long as the distributions start no later than one year after your death.

The following individuals are EDBs:

&nbsp;&nbsp;&nbsp;&nbsp;• your surviving spouse (see spousal beneficiary, below);

&nbsp;&nbsp;&nbsp;&nbsp;• your minor children (only while they are minors);

&nbsp;&nbsp;&nbsp;&nbsp;• a disabled individual (Code definition applies);

&nbsp;&nbsp;&nbsp;&nbsp;• a chronically ill individual (Code definition applies); and

&nbsp;&nbsp;&nbsp;&nbsp;• any individual who is not more than 10 years younger than you.

In certain cases, a trust for a disabled individual or a chronically ill individual may be treated as an individual and not an entity beneficiary. When minor children reach the age of majority, they stop EDB status and the remainder of the portion of their interest not yet distributed must be distributed within 10 years in accordance with federal tax rules.

Spousal beneficiary. If your death beneficiary is your surviving spouse, your spouse has a number of choices. As noted above, post-death distributions may be made over your spouse's life or period of life expectancy. Effective beginning after 2023, your spouse may elect to have RMDs determined using the Uniform Lifetime Table and, if applicable, may delay starting payments over his/her life or life expectancy period until the year in which you would have attained the applicable RMD age (as described under "Tax Information" in this prospectus). Your surviving spouse may be able to roll over amounts from your plan into an IRA or other eligible retirement plan. If your spouse beneficiary is subject to the 10 year rule and wants to roll over the death benefit in or after the calendar year in which the surviving spouse attains the applicable RMD age, the spouse may not roll over a "hypothetical RMD" amount. To determine the "hypothetical RMD" amount, qualified legal and tax advisers should be consulted.

#### Non-individual beneficiary
Pre-January 1, 2020 rules continue to apply. If you die before your Required Beginning Date for lifetime required minimum distributions, and your death beneficiary is a non-individual such as your estate, the "5-year rule" applies. Under this rule, the entire interest must be distributed by the end of the calendar year which contains the fifth anniversary of the participant's death. No distribution is required for a year before that fifth year. Please note that we need an individual annuitant to keep an annuity contract in force. If the beneficiary is not an individual, we must distribute amounts remaining in the annuity contract after the death of the participant.

If you die after your Required Beginning Date for lifetime required minimum distributions, and your death beneficiary is a non-individual such as your estate, the rules permit the beneficiary to calculate the post-death required minimum distribution amounts based on the participant's life expectancy in the year of death. However, note that we need an individual annuitant to keep an annuity contract in force. If the beneficiary is not an individual, we must distribute amounts remaining in the annuity contract after the death of the participant.

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#### Additional Changes to post-death distributions after the SECURE Act
The SECURE Act applies to deaths after December 31, 2019, so that the post-death required minimum distribution rules in effect before January 1, 2020 continue to apply initially. As long as payments start no later than December 31 following the calendar year of the participant's death, individuals who are non-spouse beneficiaries may continue to stretch post-death payments over their life. It is also permissible to stretch post-death payments over a period not longer than their life expectancy based on IRS tables as of the calendar year after the participant's death on a term certain method. In certain cases a "see-through" trust which is the death beneficiary will be treated as an individual for measuring the distribution period.

However, the death of the original individual beneficiary will trigger the "10-year" distribution period. Prior to 2019, for example, if an individual beneficiary who had a 20-year life expectancy period in the year after the participant's death died in the 7th year of post-death payments, the beneficiary named by the original beneficiary could continue the payments over the remaining 13 years of the original beneficiary's life expectancy period. Even if the participant in this example died before December 31, 2019 the legislation caps the length of any post-death payment period after the death of the original beneficiary at 10 years. As noted above, a rule similar to this applies when an EDB dies, or a minor child reaches majority-the remaining interest must be distributed within 10 years in accordance with federal tax rules.

A non-spousal beneficiary may be able to directly roll over a death benefit into an inherited individual retirement arrangement dedicated to making post-death payments. The SECURE Act may restrict the availability of payment options under such individual retirement arrangements.

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7. The ADA Members Retirement Program

This section explains the ADA Members Retirement Program in further detail. It is intended for employers who wish to enroll in the Program, but contains information of interest to participants as well. You should, of course, understand the provisions of your plan and the Adoption Agreement that define the scope of the Program in more specific terms. The Program is described in the prospectus solely to provide a more complete understanding of how the Funds operate within the Program.

ADA Members Retirement Program consists of either a defined contribution IRS Pre-Approved Plan and Separate Trust ("IRS Pre-Approved Plan and Trust") that is sponsored by the Company or, for Employers who prefer to use their own individually designed or an IRS Pre-Approved defined contribution Plan document, in conjunction with the Plan's Trust, or the Pooled Trust. The Program offers, according to the terms of either the IRS Pre-Approved Plan and Trust or Pooled Trust, a group variable annuity Contract as a funding vehicle for employers who sponsor qualified retirement Plans. The Program is endorsed by the ADA, and the Trustee under the Separate Trust is Benefit Trust Company. The Program has 8,404 participants and $1.38 billion in assets on December 31, 2025.

Our Retirement Program Specialists are available to answer employer questions about joining the Program. Please contact us by using the telephone number or addresses listed under "How to reach us — Information on joining the Program" in this prospectus.

#### Eligible employers
Your employer can adopt the Program if they or at least one of their partners or other shareholders is a member of: (1) the ADA, (2) a constituent or component society of the ADA, or (3) an ADA-affiliated organization. Participation by an affiliated organization must first be approved by the ADA's Council on Insurance and Retirement Programs.

#### Summary of plan choices
Your employer has a choice of two retirement plan arrangements under the Program. They can:

&nbsp;&nbsp;&nbsp;&nbsp;• Choose the IRS Pre-Approved Plan and Trust — which automatically gives your employer a full range of services from the Company. These include the choice of the Program investment options, plan-level and participant-level recordkeeping, benefit payments and tax withholding and reporting. Under the IRS Pre-Approved Plan and Trust, the only investment choices are from the Investment Options.

The IRS Pre-Approved Defined Contribution Plan can be adopted as a profit sharing plan; a defined contribution pension plan, or both. Traditional 401(k), SIMPLE 401(k), and Safe Harbor 401(k) are also available. A Roth 401(k) option is available for all 401(k) plan types.

&nbsp;&nbsp;&nbsp;&nbsp;• Maintain their own individually designed plan — and use the Pooled Trust for investment options in the Program and their own individual investments. The Pooled Trust is for investment only and can be used for both defined benefit and defined contribution plans.

The Pooled Trust is an investment vehicle used with individually designed qualified retirement plans. It can be used for both defined contribution and defined benefit plans. We provide recordkeeping services for plan assets held in the Pooled Trust.

Choosing the right plan depends on the employer's own set of circumstances. We recommend that the employer review all plan, trust, participation and related agreements with their legal and tax counsel.

#### Getting started
If your employer chooses the IRS Pre-Approved Plan, the employer must complete an Adoption Agreement. If the employer has their own individually designed plan and wishes to use the Pooled Trust as an investment vehicle, the trustee of your plan must complete an Adoption Agreement. Your employer is responsible for the administration of the plan they choose. Please see "Your responsibilities as employer" in the SAI.

#### How to make Program contributions
Contributions can be made by your employer using the online contribution feature at ada.equitable.com by clicking Employer Log-In or by mail to the Association Members Retirement Program, PO Box 13678, Newark, NJ 07188-3678. If using the online contribution feature employers will need their User ID and Password. If the contribution is remitted by mail it must be in the form of a check drawn on a bank in the U.S., clearing through the Federal Reserve System, in U.S. dollars, and made payable to the Company (for subsequent contributions employers must write the contract number on the check). Third party checks are not acceptable, except for rollover contributions, tax-free exchanges or trustee checks that involve no refund. All checks are subject to collection. We reserve the right to reject a contribution if it is received in an unacceptable form. All contributions sent in by mail must be accompanied by a form acceptable to us which designates the amount to be allocated to each participant by contribution type. The

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Statement of Additional Information provides additional details on how to make contributions to the Program.

Contributions are normally credited on the business day that we receive them, provided the Contribution Remittance form is properly completed and matches the check/contribution amount. Contributions are only accepted from the employer for properly enrolled participants. <u>Employees may not send contributions directly to the Program.</u> There is no minimum amount which must be contributed for investment if your employer adopts either Plan or if they have their own individually designed plan that uses the Pooled Trust.

#### Discontinuance of Program Contributions
Contributions under the group annuity contract will continue with respect to the Plan unless one of the following circumstances occurs which would result in the discontinuance of such contributions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Internal Revenue Service has determined that the Plan fails to qualify under Section 401(a) of the Code and applicable Treasury Regulation and we receive notice of such fact,

&nbsp;&nbsp;&nbsp;&nbsp;(b) the contract owner notifies us that participation of the Plan under the group annuity contract is to be terminated, in which case the contract owner will discontinue contributions to the contract,

&nbsp;&nbsp;&nbsp;&nbsp;(c) the contract fails to qualify as an annuity; if this occurs, we will have the right, upon receiving notice of such fact, to terminate the group annuity contract, or

&nbsp;&nbsp;&nbsp;&nbsp;(d) we decide to replace the terms of the group annuity contract with terms available under a different group annuity contract issued by the Company or one of its affiliated or subsidiary life insurance companies for plans qualified under Section 401(a) of the Code and the contract owner disapproves of such change after we provide notice to the contract owner of such change.

Written notice regarding the discontinuance of contributions will be provided.

#### Allocating Program contributions
The group annuity contract that covers the qualified plan in which you participate is not an investment advisory account, and the Company is not providing any investment advice or managing the allocations under this contract. In the absence of a specific written arrangement to the contrary, you, as the participant under this contract, have the sole authority to make investment allocations and other decisions under the contract. Your Retirement Plan Account Manager is acting as a broker-dealer registered representative, and may not be authorized to act as an investment advisor or to manage the allocations under your contract.

Investment decisions for individually designed plans are made either by the participant or by the plan trustees depending on the terms of the plan.

Participants may allocate contributions among any number of Program investment options. Allocation instructions can be changed at any time.

**The Employee Retirement Income Security Act of 1974 provides relief to a plan fiduciary of a qualified plan with participant directed accounts, if the fiduciary allocates to a Qualified Default Investment Alternative (QDIA) contributions which the participant has failed to direct to an investment option under the plan after notice by the plan. The QDIA under the ADA Program is the EQ/Moderate Allocation fund unless the plan fiduciary has chosen an alternate QDIA. If you have not selected an investment option(s) under the Program to allocate your contributions, the plan fiduciary will allocate your contributions to the plan's QDIA, after the fiduciary has given you notice in accordance with the regulations. After funds have been allocated to the plan's QDIA, you may reallocate those funds to any other investment option under the Program.** 

When transaction requests are effective. Contributions, as well as transfer requests and allocation changes are effective on the business day they are received. Distribution requests are also effective on the business day they are received unless, as in the IRS Pre-Approved Plan, there are plan provisions to the contrary. Transaction requests received after the end of a business day will be credited the next business day. Processing of any transaction may be delayed if a properly completed form is not received.

Trustee-to-trustee transfers of plan assets are effective the business day after we receive all items we require, including check and mailing instructions, and a plan opinion/IRS determination letter from the new or amended plan, or adequate proof of qualified plan status.

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8. Withdrawals

#### Withdrawals from the investment options
Keep in mind two sets of rules when considering withdrawals from the Program. The first are rules and procedures that apply to the investment options, exclusive of the provisions of your plan. We discuss those in this section. The second are rules specific to your plan. We discuss those "Rules applicable to participant withdrawals" below. Certain plan distributions may be subject to federal income tax, and penalty taxes. See "Tax information" in this prospectus and the SAI.

There is no minimum withdrawal amount. Withdrawals reduce your account value and may be subject to withdrawal charges and have tax consequences, including possible tax penalties. Unless you specify otherwise, withdrawals will be taken from the investment options in your account pro rata. Additionally, withdrawals may reduce any death benefit provided by your plan.

Amounts in the Funds , the Guaranteed Interest Option and Money Market Guarantee Account. These are generally available for withdrawal at any time, subject to the provisions of your plan. However, there may be a delay for withdrawals from the Funds if there is any delay in redemptions from the corresponding portfolio of the Investment Trusts.

Payments or withdrawals and application of proceeds to an annuity ordinarily will be made promptly upon request in accordance with plan provisions. However, we can defer payments, applications and withdrawals for any period during which:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the New York Stock Exchange is closed or restricts trading,

&nbsp;&nbsp;&nbsp;&nbsp;(2) the SEC determines that an emergency exists as a result of which sales of securities or determination of fair value of a variable investment option's assets is not reasonably practicable, or

&nbsp;&nbsp;&nbsp;&nbsp;(3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options.

#### If your plan is an employer or trustee-directed plan, your employer is responsible for ensuring that there is sufficient cash available to pay benefits.

#### Rules applicable to participant withdrawals
In addition to our own procedures, withdrawals and benefit payment options under a tax qualified retirement plan are subject to complicated legal requirements. A general explanation of the federal income tax treatment of withdrawals and benefit payment options is provided in "Tax information" in this prospectus and the SAI. You should discuss your options with a qualified financial advisor. Our Retirement Plan Account Managers also can be of assistance.

In general, under the IRS Pre-Approved Plan, participants are eligible for benefits upon retirement, death or disability,

or upon termination of employment with a vested benefit. Participants in an individually designed plan are eligible for retirement benefits depending on the terms of their plan. See "Benefit payment options" in this prospectus, "Tax information" in this prospectus and the SAI for more details. For participants who own more than 5% of the business, benefits must begin no later than April 1 of the year after the participant reaches the applicable RMD age (as described under "Tax Information" in this prospectus). For all other participants, withdrawals must begin by April 1 of the later of the year after attaining the applicable RMD age or retirement from the employer sponsoring the plan. For more information, see "Lifetime required minimum distributions" in "Tax information" in this prospectus.

Withdrawals must be made according to the terms of the plan, rules in the Code and Treasury Regulations. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from annuity contracts funding qualified plans and other tax qualified retirement arrangements such as IRAs. These provisions could apply to participants who satisfy required minimum distributions through annual withdrawals instead of receiving annuity payments. For this purpose additional annuity contract benefits may include enhanced death benefits and guaranteed minimum income benefits. Currently we believe that these provisions would not apply to ADA Members Retirement Program contracts because of the type of benefits provided under the contract. However, you should consider the potential implication of these Regulations before you purchase or contribute to this annuity contract.

&nbsp;&nbsp;&nbsp;&nbsp;• A participant may withdraw all or part of his/her account balance under either Plan attributable to post-tax employee contributions at any time, provided that he/she withdraw at least $300 at a time (or, if less, your entire post-tax account balance).

&nbsp;&nbsp;&nbsp;&nbsp;• If a participant is married, his/her spouse must generally consent in writing before he/she can make any type of withdrawal except to purchase a Qualified Joint and Survivor Annuity. Self-employed persons may generally not receive a distribution prior to age 59 <sup>1</sup> ⁄ 2 .

&nbsp;&nbsp;&nbsp;&nbsp;• Employees may generally not receive a distribution prior to severance from employment.

&nbsp;&nbsp;&nbsp;&nbsp;• Hardship withdrawals before age 59 <sup>1</sup> ⁄ 2 may be permitted under 401(k) and certain other profit sharing plans.

Under an individually designed plan, the availability of pre-retirement withdrawals depends on the terms of the plan. We suggest that participants ask his/her employer what types of withdrawals are available under his/her plan. See "Procedures for withdrawals, distributions and transfers" in the SAI for a more detailed discussion of these general rules.

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9. Charges and expenses

You will incur two general types of charges under the Program:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Charges based on the value of your assets in the Plan Trusts — these apply to all amounts invested in the Plan Trusts (including installment payout option payments), and do not vary by plan. These are, in general, reflected as reductions in the unit values of the Funds or as reductions from the rates credited to the guaranteed options.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Plan and transaction charges — these vary by plan or are charged for specific transactions, and are typically stated in a dollar amount. Unless otherwise noted, these are deducted in fixed dollar amounts by reducing the number of units in the appropriate Funds and the dollars in the guaranteed options.

We make no deduction from your contributions or withdrawals for sales expenses.

#### Annuity administrative charge
If a participant elects a variable annuity payment option, we deduct a $350 charge from the amount used to purchase the annuity. This charge reimburses us for administrative expenses associated with processing the application for the annuity and issuing each month's annuity payment. The minimum amount that can be converted to an annuity, so that the charge would apply, is $5,000. Annuities purchased from other providers may also be subject to fees and charges.

#### Charges for state premium and other applicable taxes
We deduct a charge designed to approximate certain applicable taxes that may be imposed on us, such as our state premium tax. Currently, we deduct the charge from the amount applied to provide an annuity payout option. The current tax charge that might be imposed on us varies by state and ranges from 0% to 1%.

We reserve the right to deduct any applicable charges such as our premium taxes from each contribution or from distributions or upon termination of your contract. If we have deducted any applicable tax charges from contributions, we will not deduct a charge for the same taxes later. If, however, an additional tax is later imposed on us when you make a partial or full withdrawal, or your contract is terminated, or you begin receiving annuity payments, we reserve the right to deduct a charge at that time.

#### Program expense charge
(Based on amounts invested in the Program)

We assess the Program expense charge as a daily charge calculated at an annual rate of your account balance held in the Plan Trusts. Based on the number of participants in the program and the assets in the Plan Trusts, we anticipate that the Program expense charge for the 12 month period

beginning May 1, 2026 will be 0.49%. Under the terms of the contract, the maximum Program expense charge is 1.00%. The purpose of this charge is to cover the expenses that we incur in connection with the Program.

We apply the Program expense charge toward the cost of maintenance of the investment and options, the promotion of the Program, Funds, Guaranteed Interest Option, Money Market Guarantee Account, administrative costs, such as enrollment and answering participant inquiries, and overhead expenses such as salaries, rent, postage, telephone, travel, legal, actuarial, accounting costs, office equipment and stationery. During 2025 we received $6,427,717 compensation under the Program Expense Charge.

#### Fund related other expenses
(Borne by the Portfolios and Funds and based on amounts invested in the Program)

Certain other expenses are charged directly to the investment funds. These include SEC filing fees and certain related expenses such as printing of SEC filings, prospectuses and reports, mailing costs, custodians' fees, financial accounting costs, outside auditing and legal expenses, and other costs related to the Program.

#### The IRS Pre-Approved Plan and Individually-Designed Plan Fees (Plan and transaction expenses)
Record maintenance and report fee. At the end of each calendar quarter, we deduct a record maintenance and report fee from each participant's account balance. We charge this fee in part to offset the expenses that we incur in providing the participant-level record-keeping and reporting that we perform for those enrolled in the Program. This fee is:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS Pre-Approved<br> Plan participants | $3 per quarter |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Only | $1 per quarter |

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#### Portfolio operating expenses
(Borne by the Portfolios and Funds and based on amounts invested in the Program)

The Funds are indirectly subject to investment management fees and other expenses charged against assets of the corresponding Portfolios of the Investment Trusts.

The Trusts deduct charges for the following types of fees and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;• Management fees.

&nbsp;&nbsp;&nbsp;&nbsp;• Operating expenses, such as trustees' fees, independent public accounting firms' fees, legal counsel fees, administrative service fees, custodian fees and liability insurance.

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&nbsp;&nbsp;&nbsp;&nbsp;• Investment-related expenses, such as brokerage commissions.

These charges are reflected in the daily share price of each Portfolio. Since shares of each Trust are purchased at their net asset value, these fees and expenses are, in effect, passed on to the variable investment options and are reflected in their unit values. Certain Portfolios available under the contract in turn invest in shares of other Portfolios of the Trusts and/or shares of unaffiliated Portfolios (collectively, the "underlying Portfolios"). The underlying Portfolios each have their own fees and expenses, including management fees, operating expenses, and investment related expenses such as brokerage commissions. For more information about these charges, please refer to the prospectuses for the Trusts.

#### Fees paid to the American Dental Association
We may pay the American Dental Association a fee for enabling the Program to be made available to their memberships. The fee may be based on the number of employers whom we solicit, the number who participate in the Program, and/or the value of Program assets. We make these payments without any additional deduction or charge under the Program.

#### General information on fees and charges
We will give you written notice of any change in the fees and charges. We may also establish a separate fee schedule for requested non-routine administrative services. For the year 2025, we received total fees and charges under the Program of $6,553,348.

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10. Tax information

In this section, we briefly outline current federal income tax rules relating to the adoption of the Program, contributions to the Program and distributions to participants under qualified retirement plans. Certain other information about qualified retirement plans appears here and in the SAI.

Federal income tax rules include the United States laws in the Internal Revenue Code, and Treasury Department Regulations and Internal Revenue Service ("IRS") interpretations of the Internal Revenue Code. These tax rules may change without notice. We cannot predict whether, when, or how these rules could change. Any change could affect annuity contracts purchased before the change. Congress may also consider further proposals to comprehensively reform or overhaul the United States tax and retirement systems, which if enacted, could affect the tax aspects of an annuity contract. We cannot predict, what, if any, legislation will actually be proposed or enacted that may affect annuity contracts.

We cannot provide detailed information on all tax aspects of the Program, plans and contracts. Moreover, the tax aspects that apply to a particular person's situation may vary depending on the facts applicable to that person. We do not discuss state income and other state taxes, federal income tax and withholding rules for non-U.S. taxpayers, or federal gift and estate taxes. Rights or values under plans or contracts, or payments under plans or contracts, for example, amounts due to beneficiaries, may be subject to federal or state gift, estate, or inheritance taxes. You should not rely only on this document, but should consult your tax advisor before your purchase.

#### Buying a contract to fund a retirement arrangement
Annuity contracts can be purchased in connection with retirement plans qualified under Code section 401. You should be aware that the funding vehicle for a qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Before choosing an annuity contract, therefore, you should consider the annuity's features and benefits, such as the selection of Funds, availability of guaranteed options, and choices of pay-out options, as well as the features and benefits of other permissible funding vehicles and the relative costs of annuities and other arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the investment options or funds that you elect.

#### Lifetime required minimum distributions
When you have to start lifetime required minimum distributions from your plan depends on your birthdate and retirement status. Lifetime required minimum distributions from your plan must start for the year in which you attain the applicable RMD age as defined under federal tax law. If you attain age 72 after 2022 and age 73 before 2033, your applicable RMD age is 73. If you attain age 73 after 2032, your applicable RMD age is 75. If you were

born prior to July 1, 1949, your applicable RMD age is 70 <sup>1</sup>⁄2, and if you were born on or after July 1, 1949 and before January 1, 1951, your applicable RMD age is 72. Subject to the terms of your plan, the start of required minimum distributions can be delayed to April 1<sup>st</sup> following the calendar year of retirement. However, if you own more than 5% of the business, you cannot delay the start of your lifetime required minimum distributions, even if you are still working. Beginning in 2024, amounts in designated Roth accounts are not subject to RMD rules nor does a withdrawal from designated Roth accounts count towards satisfying the RMD amount.

#### Mandatory Roth Catch-up Contributions
SECURE 2.0 requires that age 50 or over catch-up contributions be made to a designated Roth account, except for eligible participants whose prior year wages do not exceed a certain amount (indexed for inflation). The wage threshold for 2025 will be $150,000. This means that individuals who had wages in excess of $150,000 in 2025 must make any age-based catch-up contributions on a Roth basis in 2026. Self-employed individuals and employees (such as certain state and local government employees) whose compensation is not considered wages for FICA purposes will not be subject to this requirement.

#### Income taxation of distributions to qualified plan participants
In this section, the word "you" refers to the plan participant.

Amounts distributed to a participant from a qualified plan are generally subject to federal income tax as ordinary income when benefits are distributed to you or your beneficiary. Generally, only your post-tax contributions, if any, are not taxed when distributed.

If an employer's 401(k) plan permits, an employee may designate some or all of elective deferral contributions as "designated Roth contributions", which are made on a post-tax basis to the 401(k) arrangement. Effective for contributions made after December 29, 2022, the plan may permit participants to designate employer matching or nonelective contributions as Roth contributions. Such Roth contributions must be 100% vested when made and must be included in the participant's income for the year in which the contributions are allocated to the participant's account. Additional IRS guidance will be needed to properly administer this option. Designated Roth contributions must be separately accounted for. If certain timing and distribution event requirements are satisfied, distributions from a designated Roth contribution account under a 401(k) plan will be tax-free. If both the aging and event tests are not met, earnings attributable to a designated Roth account may be includible in income. Distributions from a designated Roth contribution account may be rolled over to other designated Roth

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contribution accounts under an eligible retirement plan (401(k) plan, 403(b) plan, governmental employer Section 457 plan) or to Roth IRAs.

Eligible rollover distributions. Many types of distributions from qualified plans are "eligible rollover distributions" that can be rolled over to another "eligible retirement plan" which will accept the rollover. Eligible retirement plans include qualified plans, individual retirement arrangements ("IRAs"), Section 403(b) plans, and governmental employer Section 457(b) plans. Eligible rollover distributions may also be rolled over to another eligible retirement plan within 60 days of the receipt of the distribution, but the distribution will be subject to mandatory 20% federal income tax withholding if the distribution is not directly rolled over. If the eligible rollover distribution is directly rolled over, there is no mandatory 20% federal income tax withholding. Eligible rollover distributions to employees under age 59<sup>1</sup>⁄2 may be subject to an additional 10% federal income tax penalty if the distribution is not rolled over. If the plan permits, distributions from an eligible retirement plan made in connection with the birth or adoption of a child as specified in the Code can be made free of income tax withholding and penalty-free. Effective for distributions made after December 29, 2022, repayments made within three years of these distributions to an eligible retirement plan can be treated as deemed rollover contributions. The SECURE 2.0 Act of 2022 (SECURE 2.0) also added new in-service distribution options that can be repaid within three years of such distribution if permitted by the plan. Eligible rollover distributions from qualified plans may also be rolled over to a SIMPLE IRA that the participant has participated in for at least two years. An employee's surviving spouse beneficiary may also roll over an eligible rollover distribution to another eligible retirement plan under certain circumstances. A non-spousal death beneficiary may be able to directly roll over death benefits to a new traditional inherited IRA under certain circumstances. Legislation enacted at the end of 2019 may restrict the availability of payment options under such IRAs. Distributions from a qualified plan can also be rolled over to a Roth IRA. Any taxable portion of the amount rolled over will be taxed at the time of the rollover. See "Eligible rollover distributions and federal income tax withholding" in the SAI for a more detailed discussion.

The IRS has issued ordering rules and related guidance on allocation between pre-tax and post-tax amounts on distributions from the plan before annuity payments start, including distributions to be made to multiple destinations, and the effect of direct rollovers. This guidance indicates that all disbursements from the plan that are "scheduled to be made at the same time" are treated as a single distribution even if the recipient has directed that the disbursement be divided among multiple destinations. Multiple destinations include payment to the recipient and direct rollovers to one or more eligible retirement plans.

The guidance generally requires that the pre-tax amount for the aggregated distribution is first assigned to the amount directly rolled over to one or more eligible retirement plans (so that the pre-tax amount would not be currently taxable). If the recipient wants to divide the direct rollover amount among two or more eligible retirement plans, before the

distribution is made, the recipient can choose how the pre-tax amount is to be allocated among the plans.

If the pre-tax amount for the aggregated distribution is more than the amount directly rolled over, the guidance indicates that any remaining pre-tax amount is next assigned to any 60-day rollovers up to the amount of the 60-day rollovers. (Please note that the recipient is responsible for the tax treatment of 60-day rollovers and that our information report on Form 1099-R will reflect distribution to the recipient and any required 20% withholding.) The guidance further indicates that any remaining pre-tax amount after assignment of the pre-tax amount to direct rollovers and 60-day rollovers is includible in gross income. Finally, if the amount rolled over to an eligible retirement plan exceeds the portion of the pre-tax amount assigned or allocated to the plan, the excess is a post-tax amount.

This guidance clarifies that a plan participant can use rollovers to separate the pre-tax and post-tax amounts of a distribution. For example, if a plan participant takes a distribution of $100,000 from a plan, $80,000 of which is pre-tax and $20,000 of which is attributable to non-Roth post-tax contributions, the participant could choose to allocate the distribution so that the entire pre-tax amount of $80,000 could be directly rolled over to a traditional IRA and the $20,000 non-Roth post-tax contributions could be rolled over to a Roth IRA.

#### In-Plan Roth rollover
If the plan permits and according to plan terms, participants who are eligible to take a distribution from their 401(k) retirement plan can convert their existing plan account into the designated Roth account by either a direct rollover or by taking a distribution and then rolling over the account into the designated Roth account within 60 days. Any pre-tax amounts converted must be included in the participant's taxable income for the same year as the conversion.

Tax law permits a plan to allow an internal direct transfer from a pre-tax or non-Roth post-tax account to a designated Roth account under the plan, even though the transferred amounts are not eligible for withdrawal by the individual electing the transaction. The transfer would be taxable and withdrawals would not be permitted from the designated Roth account under the plan. Additional separate accounting will be required to implement this provision.

Annuity or installment payments. Each payment you receive is ordinary income for tax purposes, except where you have a "cost basis" in the benefit. Your cost basis is equal to the amount of your post-tax employee contributions, plus any employer contributions you had to include in gross income in prior years. You may exclude from gross income a portion of each annuity or installment payment you receive. If you (and your survivor) continue to receive payments after you have received your cost basis in the contract, all amounts will be taxable.

In-service withdrawals. Some plans allow in-service withdrawals of post-tax contributions. The portion of each withdrawal attributable to cost basis is not taxable. The portion of each withdrawal attributable to earnings is taxable. Withdrawals are taxable only after they exceed your cost basis if

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they are attributable to your pre-January 1, 1987 contributions under plans that permitted those withdrawals as of May 5, 1986. Amounts that you include in gross income under this rule may also be subject to the additional 10% penalty tax on premature distributions described below. In addition, 20% mandatory federal income tax withholding may also apply. Plans may allow other in-service distribution options as permitted under federal tax rules.

Premature distributions. You may be liable for an additional 10% penalty tax on all taxable amounts distributed before age 59<sup>1</sup>⁄2 unless the distribution falls within a specified exception or is rolled over into an IRA or other eligible retirement plan.

Some of the exceptions to the penalty tax include (a) distributions made on account of your death or disability, (b) distributions beginning after separation from service in the form of a life annuity or installments over your life expectancy (or the joint lives or life expectancies of you and your beneficiary), (c) distributions due to separation from active service after age 55 (d) distributions in connection with the birth or adoption of a child as specified in the Code, and (e) distributions you use to pay deductible medical expenses. SECURE 2.0 added new exceptions to the 10% early distribution penalty. See IRS Form 5329 for more information on the additional 10% tax penalty.

#### Tax withholding and information reporting
Status for income tax purposes; FATCA. In order for us to comply with income tax withholding and information reporting rules which may apply to annuity contracts and tax-qualified plans, we request documentation of "status" for tax purposes. "Status" for tax purposes generally means whether a person is a "U.S. person" or a foreign person with respect to the United States; whether a person is an individual or an entity, and if an entity, the type of entity. Status for tax purposes is best documented on the appropriate IRS Form or substitute certification form (IRS Form W-9 for a U.S. person or the appropriate type of IRS Form W-8 for a foreign person). If we do not have appropriate certification or documentation of a person's status for tax purposes on file, it could affect the rate at which we are required to withhold income tax, and penalties could apply. Information reporting rules could apply not only to specified transactions, but also to contract ownership. For example, under the Foreign Account Tax Compliance Act ("FATCA"), which applies to certain U.S.-source payments, and similar or related withholding and information reporting rules, we may be required to report contract values and other information for certain contract owners/participants. For this reason, we and our affiliates intend to require appropriate status documentation at purchase, change of ownership, and affected payment transactions, including death benefit payments. FATCA and its related guidance is extraordinarily complex and its effect varies considerably by type of payor, type of payee and type of recipient.

Tax Withholding. In almost all cases, 20% mandatory income tax withholding will apply to all "eligible rollover distributions" that are not directly rolled over to a qualified plan, Section 403(b) plan, governmental employer plan under Section 457 of the Code or a traditional IRA. If a distribution is not

an eligible rollover distribution, the recipient may elect out of withholding. The rate of withholding depends on the type of distribution. See "Eligible rollover distributions and federal income tax withholding" in the SAI. Under the IRS Pre-Approved Plan, we will withhold the tax and send you the remaining amount. Under an individually designed plan, we will pay the full amount of the distribution to the plan's trustee. The trustee is then responsible for withholding federal income tax upon distributions to you or your beneficiary.

#### Impact of taxes to the Company
Under existing federal income tax law, no taxes are payable on investment income and capital gains of the Funds that are applied to increase the reserves under the contracts. Accordingly, the Company does not anticipate that it will incur any federal income tax liability attributable to income allocated to the variable annuity contracts participating in the Funds and it does not currently impose a charge for federal income tax on this income when it computes unit values for the Funds. If changes in federal tax laws or interpretations thereof would result in the Company being taxed, then the Company may impose a charge against the Funds (on some or all contracts) to provide for payment of such taxes.

The Company is entitled to certain tax benefits related to the investment of company assets, including assets of the separate accounts. These tax benefits, which may include the foreign tax credit and the corporate dividends received deduction, are not passed back to you, since the Company is the owner of the assets from which tax benefits may be derived.

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11. More information

#### About program changes or terminations
Amendments. The group annuity contract may be changed by amendment or replacement provided that such change does not reduce any annuity benefit provided before such change and provided that no rights, privileges, or benefits under the group annuity contract with respect to contributions made prior to the effective date of such change may be adversely affected by an amendment to the group annuity contract without the consent of the participant. No future change can affect annuity benefits in the course of payment. If certain conditions are met, we may: (1) terminate the offer of any of the investment options and transfer any amounts in that investment option to another option and (2) offer new investment options with different terms.

Termination. We may terminate the group annuity contract upon 24 months written notice to contract owners. If the contract is terminated, we will not accept further contributions or perform any recordkeeping functions after the date of termination.

If your plan's trustee makes arrangements with us, you may be able to continue to invest amounts in the investment options that we provide and elect payment of benefits through us.

Assignment. You may not assign your rights or obligations under the contract without the Company's prior written consent. The Company may not assign its rights or obligations under the contract without your prior written consent, except that the Company will not require your written consent to assign the contract to a corporation in which it has a direct or indirect ownership interest, provided that the Company remains liable for the failure of that corporation to perform its obligations.

#### IRS disqualification
If your plan is found not to qualify under the Internal Revenue Code, we may: (1) return the plan's assets to the employer (in our capacity as the plan administrator), or (2) prevent plan participants from investing in the separate accounts.

#### About the separate account
Each Fund is part of our Separate Account No. 206. We established the separate account under special provisions of the New York Insurance Law. These provisions prevent creditors from any other business we conduct from reaching the assets we hold in the separate account for owners of our variable annuity contracts, including our group annuity contracts issued under the Program. The results of the separate account's operations are accounted for without regard to the Company's, or any other separate account's, operating

results. Income, gains, and losses credited to, or charged against, the separate account reflect the separate account's own investment experience and not the investment experience of the Company's other assets, and the assets of the separate account may not be used to pay any liabilities of the Company other than those arising from the contracts. We are the legal owner of all of the assets in the separate account and may withdraw any amounts we have in the separate account that exceed our reserves and other liabilities under variable annuity contracts. The amount of some of our obligations is based on the assets in the separate account. However, the obligations themselves are obligations of the Company. We reserve the right to take certain actions in connection with our operations and the operations of the separate account as permitted by applicable law. If necessary, we will seek approval by participants in the Program. Separate Account No. 206 has twenty-five sub-accounts corresponding to each of the portfolios of the Investment Trusts. Because of exclusionary provisions, Separate Account No. 206 is not subject to regulation under the Investment Company Act of 1940. The Company is not required to register, and is not registered, as an investment company under the Investment Company Act of 1940.

#### About the general account
Our general obligations and any guaranteed benefits under the contract, including those that apply to the GIO and Money Market Guarantee Account, are supported by the Company's general account and are subject to the Company's claims paying ability. An owner should look to the financial strength of the Company for its claims paying ability. Assets in the general account are not segregated for the exclusive benefit of any particular contract or obligation. General account assets are also available to the insurer's general creditors and the conduct of its routine business activities, such as the payment of salaries, rent and other ordinary business expenses. For more information about the Company's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the separate accounts.

The general account is subject to regulation and supervision by the New York State Department of Financial Services and to the insurance laws and regulations of all jurisdictions where we are authorized to do business. Interests under the contracts in the general account have not been registered and are not required to be registered under the Securities Act of 1933 because of exemptions and exclusionary provisions that apply. The general account is not required to register as an investment company under the Investment Company Act of 1940.

#### 34

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The disclosure with regard to the general account, however, is subject to certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses.

#### About legal proceedings
The Company and its affiliates are parties to various legal proceedings. In our view, none of these proceedings would be considered material with respect to a contract owner's interest in Separate Account No. 206, nor would any of these proceedings be likely to have a material adverse effect upon Separate Account No. 206, our ability to meet our obligations under the Program, or the ability of the principal underwriter (if applicable) to perform its contract with Separate Account No. 206.

#### Financial statements
The financial statements of Separate Account No. 206, as well as financial statements and supplemental schedules of the Company, are incorporated by reference in the SAI. The financial statements and supplemental schedules of the Company have relevance to the contracts only to the extent that they bear upon the ability of the Company to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our Processing Office or calling 1-877-522-5035.

#### Distribution of the contracts
The Company performs all marketing and service functions under the contract. No sales commissions are paid with respect to units of interest in any of the separate accounts available under the contract; however, incentive compensation is paid to our employees performing these functions, based upon sales and the amount of first year plan contributions, as discussed in the SAI. The offering of the units is continuous.

#### Reports we provide and available information
We send reports annually to employers showing the aggregate account balances of all participants and information necessary to complete annual IRS filings.

The registration statement, including this prospectus and the SAI, can be obtained from the SEC's website at www.sec.gov.

#### Acceptance
The employer or plan sponsor, as the case may be: (1) is solely responsible for determining whether the Program is a suitable funding vehicle and (2) should carefully read the prospectus and other materials before entering into an Adoption Agreement.

#### 35

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Appendix : Investment Options Available Under the Contract

#### Variable investment options
The following is a list of Portfolio Companies available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH147067. You can also request this information at no cost by calling 1-877-522-5035 or by sending an email request to EquitableFunds@dfinsolutions.com.

The current expenses and performance information below reflects fee and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio Company's past performance is not necessarily an indication of future performance.

#### Affiliated Portfolio Companies:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | **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) |
| &nbsp;&nbsp;&nbsp;TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | **Current**<br> **Expenses**  | 1 year | 5 year | 10 year |
| &nbsp;&nbsp;&nbsp;Equity | 1290 Avantis® U.S. Large Cap Growth — Equitable Investment Management, LLC ("EIM"); *American Century Investment Management, Inc.* | 0.65 | 17.03% | 12.18% |  |
| &nbsp;&nbsp;&nbsp;Equity | 1290 VT Equity Income — Equitable Investment Management Group, LLC ("EIMG"); *Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors* | 0.70 | 13.21% | 11.52% | 9.11% |
| &nbsp;&nbsp;&nbsp;Specialty | 1290 VT GAMCO Mergers & Acquisitions — EIMG; *GAMCO Asset Management, Inc.* | 1.04 | 16.16% | 7.96% | 5.65% |
| &nbsp;&nbsp;&nbsp;Equity | 1290 VT GAMCO Small Company Value — EIMG; *GAMCO Asset Management, Inc.* | 0.80 | 13.11% | 11.52% | 11.04% |
| &nbsp;&nbsp;&nbsp;Equity | 1290 VT SmartBeta Equity ESG — EIMG; *AXA Investment Managers US Inc.* | 0.85 | 14.31% | 10.49% | 11.01% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/AB Small Cap Growth — EIMG; *AllianceBernstein L.P.* | 0.67 | 9.52% | 3.69% | 10.37% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | EQ/Aggressive Allocation† — EIMG | 0.90 | 13.21% | 8.07% | 9.75% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | EQ/All Asset Growth Allocation — EIMG | 1.00 | 17.53% | 7.40% | 8.55% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/ClearBridge Large Cap Growth ESG — EIMG; *ClearBridge Investments, LLC* | 0.75 | 7.96% | 10.75% | 13.91% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | EQ/Conservative Allocation† — EIMG | 0.75 | 7.89% | 2.00% | 3.38% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | EQ/Conservative-Plus Allocation† — EIMG | 0.84 | 9.32% | 3.64% | 5.19% |
| &nbsp;&nbsp;&nbsp;Fixed Income | EQ/Core Bond Index(1) — EIMG; *SSGA Funds Management, Inc.* | 0.37 | 6.59% | 0.60% | 1.95% |
| &nbsp;&nbsp;&nbsp;Fixed Income | EQ/Core Plus Bond — EIMG; *Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P.* | 0.68 | 8.76% | -0.44% | 2.43% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Equity 500 Index — EIMG; *AllianceBernstein L.P.* | 0.28 | 17.53% | 14.08% | 14.44% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Global Equity Managed Volatility† — EIMG; *BlackRock Investment Management, LLC* | 0.83 | 19.42% | 8.59% | 9.74% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/International Core Managed Volatility† — EIMG; *BlackRock Investment Management, LLC* | 0.81 | 26.31% | 7.77% | 7.74% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Invesco Comstock — EIMG; *Invesco Advisers, Inc.* | 0.75 | 17.20% | 15.27% | 11.98% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Janus Enterprise — EIMG; *Janus Henderson Investors US LLC* | 0.79 | 8.34% | 7.34% | 10.89% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/JPMorgan Growth Stock — EIMG; *J.P. Morgan Investment Management Inc.* | 0.71 | 15.03% | 9.70% | 14.37% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/JPMorgan Value Opportunities — EIMG; *J.P. Morgan Investment Management Inc.* | 0.70 | 15.66% | 13.05% | 12.36% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Large Cap Growth Index — EIMG; *AllianceBernstein L.P.* | 0.46 | 18.00% | 14.80% | 17.55% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Large Cap Growth Managed Volatility† — EIMG; *BlackRock Investment Management, LLC* | 0.62 | 11.34% | 11.91% | 15.30% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Large Cap Value Managed Volatility† — EIMG; *AllianceBernstein L.P.* | 0.61 | 10.86% | 9.96% | 9.82% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/MFS International Growth — EIMG; *Massachusetts Financial Services Company d/b/a MFS Investment Management* | 0.85 | 21.38% | 7.19% | 9.88% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Mid Cap Index — EIMG; *AllianceBernstein L.P.* | 0.39 | 7.10% | 8.69% | 10.26% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Mid Cap Value Managed Volatility† — EIMG; *BlackRock Investment Management, LLC* | 0.72 | 5.20% | 7.89% | 8.47% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | EQ/Moderate Allocation† — EIMG | 0.83 | 10.45% | 4.40% | 6.04% |

---

#### 36

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | **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) |
| &nbsp;&nbsp;&nbsp;TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | **Current**<br> **Expenses**  | 1 year | 5 year | 10 year |
| &nbsp;&nbsp;&nbsp;Asset Allocation | EQ/Moderate-Plus Allocation† — EIMG | 0.86 | 11.74% | 6.16% | 7.94% |
| &nbsp;&nbsp;&nbsp;Fixed Income | EQ/PIMCO Global Real Return — EIMG; *Pacific Investment Management Company LLC* | 2.49 | 5.75% | -0.68% | 2.73% |
| &nbsp;&nbsp;&nbsp;Equity | EQ/Small Company Index — EIMG; *AllianceBernstein L.P.* | 0.38 | 12.82% | 6.41% | 9.70% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | Equitable Conservative Growth MF/ETF Portfolio — EIMG | 0.85 | 12.36% | 5.22% | 7.12% |
| &nbsp;&nbsp;&nbsp;Fixed Income | Multimanager Core Bond(1) — EIMG; *BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc.* | 0.68 | 7.40% | 0.00% | 1.97% |
| &nbsp;&nbsp;&nbsp;Specialty | Multimanager Technology — EIMG; *AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP* | 0.98 | 26.21% | 12.74% | 19.71% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | Target 2015 Allocation — EIMG | 0.85 | 9.69% | 3.09% | 5.33% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | Target 2025 Allocation — EIMG | 0.85 | 13.38% | 5.82% | 7.68% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | Target 2035 Allocation — EIMG | 0.80 | 16.03% | 7.77% | 9.23% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | Target 2045 Allocation — EIMG | 0.78 | 17.08% | 8.85% | 10.14% |
| &nbsp;&nbsp;&nbsp;Asset Allocation | Target 2055 Allocation — EIMG | 0.85 | 18.22% | 9.78% | 11.08% |

---

^ This Portfolio's annual expenses reflect temporary fee reductions.

† EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a "†". See "Portfolios of the Trusts" for more information regarding volatility management.

<sup>(1)</sup> Effective on or about June 29, 2026, and subject to shareholder approval, SSGA Funds Management, Inc. will be replaced as a sub-adviser to the Portfolio (or an allocated portion thereof) with AllianceBernstein L.P.

#### Unaffiliated Portfolio Companies:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **TYPE** | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | **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) |
| &nbsp;&nbsp;&nbsp; **TYPE** | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | **Current**<br> **Expenses** | 1 year | 5 year | 10 year |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2010 Target Date Fund — Capital Research and Management Company | 0.33 | 13.08% | 5.70% |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2015 Target Date Fund — Capital Research and Management Company | 0.35 | 13.40% | 5.94% |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2020 Target Date Fund — Capital Research and Management Company | 0.35 | 14.30% | 6.23% |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2025 Target Date Fund — Capital Research and Management Company | 0.35 | 14.79% | 6.35% |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2030 Target Date Fund — Capital Research and Management Company | 0.35 | 16.09% | 7.33% |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2035 Target Date Fund — Capital Research and Management Company | 0.39 | 17.73% | 8.43% |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2040 Target Date Fund — Capital Research and Management Company | 0.39 | 20.66% |  |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2045 Target Date Fund — Capital Research and Management Company | 0.42 | 21.55% |  |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2050 Target Date Fund — Capital Research and Management Company | 0.42 | 21.94% |  |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2055 Target Date Fund — Capital Research and Management Company | 0.43 | 22.28% |  |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2060 Target Date Fund — Capital Research and Management Company | 0.41 | 20.90% |  |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2065 Target Date Fund — Capital Research and Management Company | 0.44 | 20.61% |  |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation | American Funds® IS 2070 Target Date Fund — Capital Research and Management Company | 0.42 | 20.45% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | Vanguard® VIF Total Bond Market Index Portfolio — The Vanguard Group, Inc. | 0.14 | 6.94% | -0.51% | 1.90% |
| &nbsp;&nbsp;&nbsp;Equity | Vanguard® VIF Total Stock Market Index Portfolio — The Vanguard Group, Inc. | 0.13 | 16.93% | 12.98% | 14.10% |

---

^ This Portfolio's annual expenses reflect temporary fee reductions.

#### 37

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#### Fixed investment options
The following is a list of fixed investment options currently available under the Contract. We may change the features of the fixed investment options listed below, offer new Fixed investment options, and terminate existing Fixed investment options. We will provide you with written notice before doing so.

See "Fixed investment options" in "ADA Program investment options" in the prospectus for a description of the Fixed investment options' features.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name | Term | Minimum Guaranteed Interest Rate |
| &nbsp;&nbsp;&nbsp;Guaranteedinterest option | N/A | 1.00% |
| &nbsp;&nbsp;&nbsp;MoneyMarket Guarantee Account\* | N/A | 1.00% |

---

\* Closed to new contributions and loan repayments as of January 27, 2017

#### 38

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Appendix: State contract variations of certain features and benefits

The following information is a summary of the states where certain features and/or benefits are either not available as of the date of this prospectus or vary from the contract's features and benefits as previously described in this prospectus.

#### States where certain American Dental Association Members Retirement Program features and/or benefits are not available or vary:

---

| | | |
|:---|:---|:---|
| State | Features and Benefits | Availability or Variation |
| Connecticut | See "Disruptive transfer activity" in the "Transfers and access to your account" section. | The following sentence is added to the end of the fifth paragraph in this section:<br> In addition to the foregoing, we may also refuse any transfer request if an individual has made more than one transfer to or from that same investment option within the last thirty days. |
| Minnesota | See "The Money Market Guarantee Account Guarantee" under "The guaranteed options" in the "Program investment options" section | We guarantee the amount of your contributions to the Money Market Guarantee Account. Any amount held in the Money Market Guarantee Account becomes part of the assets in our general account, which supports the guarantees of your contract and other contracts. No company other than us has any financial responsibility for the contributions allocated to the Money Market Guarantee Account or the interest credited to them. |
| Utah | See "Types of benefits" in "Choosing benefit payment options" | The fifth and sixth sentences of the second paragraph are deleted in their entirety. |

---

#### 39

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#### American Dental Association Members Retirement Program
Issued by

Equitable Financial Life Insurance Company

This prospectus describes the important features of the contract and provides information about Equitable Financial Life Insurance Company (the "Company", "we", "our" and "us").

We have filed with the Securities and Exchange Commission ("SEC") a Statement of Additional Information ("SAI") that includes additional information about the American Dental Association Members Retirement Program, the Company, and Separate Account No. 206. The SAI is incorporated by reference into this prospectus. The SAI is available free of charge. To request a copy of the SAI, to ask about your contract, or to make other investor inquiries, please call 1-877-522-5035. The SAI is also available at our website, www.equitable.com/ICSR#EQH147067.

Reports and other information about the Company and Separate Account No. 206 are available on the SEC's website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

#### Class/Contract Identifier: C000054344

------

American Dental Association

Members Retirement Program

#### Statement of Additional Information dated

#### May 1, 2026

#### Equitable Financial Life Insurance Company

#### Separate Account No. 206
This Statement of Additional Information ("SAI") is not a prospectus. You should read this SAI in conjunction with the Company's prospectus dated May 1, 2026, for the American Dental Association Members Retirement Program.

A copy of the prospectus to which this SAI relates is available at no charge by writing to Equitable Financial Life Insurance Company at Box 4872, Syracuse, NY, 13221 or by calling our toll-free telephone number, in the US

1-800-223-5790 or 1-800-223-5790-0 from France, Israel, Italy, Republic of Korea, Switzerland, and the United Kingdom. Definitions of special terms used in this SAI are found in the prospectus.

Certain of the cross references in this SAI are contained in the prospectus dated May 1, 2026, to which this SAI relates.

---

| | |
|:---|:---|
| **Table of Contents** | |
|  | <br>**Page in SAI** |
|  [The Company](#sai41463_1) | 2 |
|  [Funding of the Program](#sai41463_2) | 2 |
|  [Your responsibilities as employer](#sai41463_3) | 2 |
|  [Procedures for withdrawals, distributions and transfers](#sai41463_4) | 2 |
|  [Provisions of the IRS Pre-Approved Plan](#sai41463_5) | 6 |
|  [Distribution of the contracts](#sai41463_6) | 9 |
|  [Custodian](#sai41463_7) | 9 |
|  [Independent registered public accounting firm](#sai41463_8) | 9 |

---

Copyright 2026 Equitable Financial Life Insurance Company.

1345 Avenue of the Americas, New York, New York 10105. All rights reserved.

#41463

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#### The Company
We are Equitable Financial Life Insurance Company (the "Company", "we", "our" and "us"), a New York stock life insurance corporation organized in 1859. The Company is an indirect wholly owned subsidiary of Equitable Holdings, Inc. No other company has any legal responsibility to pay amounts that the Company owes under the contracts. The Company is solely responsible for paying all amounts owed to you under your contract.

#### Funding of the Program
The Program is primarily funded through a group annuity contract issued by the Company. The plan's trustee holds all contracts for the benefit of employers and participants in the Program.

#### Your responsibilities as employer
If you adopt the IRS Pre-Approved Plan, you as the employer and plan administrator will have certain responsibilities, including:

&nbsp;&nbsp;&nbsp;&nbsp;• sending us your contributions at the proper time and in the proper format (including contribution type and fiscal year);

&nbsp;&nbsp;&nbsp;&nbsp;• maintaining all personnel records necessary for administering your plan;

&nbsp;&nbsp;&nbsp;&nbsp;• determining who is eligible to receive benefits;

&nbsp;&nbsp;&nbsp;&nbsp;• forwarding to us, and when required, signing, all the forms your employees are required to submit;

&nbsp;&nbsp;&nbsp;&nbsp;• distributing summary plan descriptions and summary annual reports, fee disclosure documents, qualified default investment alternative notice, and other annual notices as required;

&nbsp;&nbsp;&nbsp;&nbsp;• distributing our prospectuses and confirmation notices to your employees and, in some cases, former employees;

&nbsp;&nbsp;&nbsp;&nbsp;• filing an annual information return for your plan with the Department of Labor or Internal Revenue Service, if required;

&nbsp;&nbsp;&nbsp;&nbsp;• providing us the information with which to run special non-discrimination tests, if you have a 401(k) plan or your plan accepts post-tax employee or employer matching contributions;

&nbsp;&nbsp;&nbsp;&nbsp;• determining the amount of all contributions for each participant in the plan;

&nbsp;&nbsp;&nbsp;&nbsp;• forwarding salary deferral, including designated Roth contributions if applicable, and post-tax employee contributions to us as soon as administratively feasible (and in any event, no later than the 15<sup>th</sup> business day of the month following the month in which the employer withholds or receives participant contributions); The Department of Labor, provides that if an employer (with less than 100 participants) deposits participant contribution

amounts within seven business days of when they are withheld or received then it is considered to be a timely deposit and satisfies the plan asset rules. <br>

&nbsp;&nbsp;&nbsp;&nbsp;• selecting interest rates and monitoring default procedures if you elect the loan provision in your plan; and

&nbsp;&nbsp;&nbsp;&nbsp;• providing us with written instructions for allocating amounts in the plan's forfeiture account.

If you, as an employer, have an individually designed plan, your responsibilities will not be increased in any way by adopting the Pooled Trust for investment only.

We can provide guidance and assistance in the performance of your responsibilities. If you have questions about any of your obligations, you can contact our Retirement Plan Account Manager at 1-800-223-5790 or write to us at Box 4872 Syracuse, NY 13221.

#### Procedures for withdrawals, distributions and transfers
Pre-retirement withdrawals. Under the IRS Pre-Approved Plan, self-employed persons generally may not receive a distribution prior to age 59<sup>1</sup>⁄<sub>2</sub>, and employees generally may not receive a distribution prior to separation from service. However, if the IRS Pre-Approved Plan is maintained as a profit sharing plan, you may request distribution of benefits after you reach age 59<sup>1</sup>⁄<sub>2</sub> even if you are still working, as long as you are 100% vested.

If the IRS Pre-Approved Plan is maintained as a 401(k) plan and you are under age 59<sup>1</sup>⁄<sub>2</sub>, you may withdraw amounts on account of financial hardship within the meaning of applicable income tax regulations, if the employer has elected this option on its adoption agreement. The employer also elects the sources available for withdrawal and other provisions related to hardship distributions. Each withdrawal must be at least $1,000 (or, if less, your entire account balance). Your plan may allow other in-service distribution options as permitted under federal tax rules. If your employer terminates the plan, all amounts may be distributed to participants at that time (except elective deferral contribution amounts including Roth if there is a successor plan).

You may withdraw all or part of your account balance under the IRS Pre-Approved Plan attributable to post-tax employee contributions at any time, subject to any withdrawal restrictions applicable to the Investment Options, provided that you withdraw at least $300 at a time (or, if less, your account balance attributable to post-tax employee contributions). See "Tax information" in the prospectus. If an employer's 401(k) plan permits, an employee may designate some or all of elective deferral contributions as "designated Roth contributions", which are made on a post-tax basis to the 401(k) arrangement. These contributions are subject to the same withdrawal restrictions as pre-tax elective deferral contributions.

We pay all benefit payments (including withdrawals due to plan terminations) in accordance with the rules described below in the "Benefit Distributions" discussion. We effect all

#### 2

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other participant withdrawals as of the close of the business day we receive the properly completed form.

In addition, if you are married, your spouse may have to consent in writing before you can make any type of withdrawal, except for the purchase of a Qualified Joint and Survivor Annuity. See "Spousal consent requirement" in the prospectus.

Under an individually designed plan, the availability of pre-retirement withdrawals depends on the terms of the plan. We suggest that you ask your employer what types of withdrawals are available under your plan.

Transfers and withdrawals from certain of the Funds may be delayed if there is any delay in redemption of shares of the respective portfolios in which the Funds invest. We generally do not expect any delays.

Benefit distributions. In order for you to begin receiving benefits under the IRS Pre-Approved Plan, your employer must send us your properly completed Election of Benefits form and, if applicable, Beneficiary Designation form. Benefit payments will be made according to the provisions of your plan.

Under an individually designed plan your employer must send us a Request for Disbursement Form. We will process single sum payments as of the close of business on the day we receive a properly completed form. A check payable to the plan's trustee will be forwarded within five days after processing begins. If you wish to receive annuity payments, your plan's trustee may purchase a variable annuity contract from us. Fixed annuities are available from the Company. We will pay annuity payments directly to you and payments will commence according to the provisions of your plan.

Please note that we use the value of your vested benefits at the close of the business day payment is due to determine the amount of benefits you receive. We will not, therefore, begin processing your check until the following business day. You should expect your check to be mailed within five days after processing begins. Annuity checks can take longer. If you would like expedited delivery at your expense, you may request it on your Election of Benefits form.

Distributions under a qualified retirement plan such as yours are subject to extremely complicated legal requirements. When you are ready to retire, we suggest that you discuss the available payment options with your employer or financial advisor. Our Retirement Plan Account Manager can provide you or your employer with information.

Mandatory cashouts. The Internal Revenue Code of 1986 (Code) provides that a trust under a qualified plan would not be a qualified trust unless the plan provides that when a mandatory distribution of more than $1,000 is to be made and the participant does not elect a distribution, the plan administrator must roll over such distribution to an individual retirement plan and must provide the plan participant with notice of such direct rollover.

Death benefits. If a participant in the IRS Pre-Approved Plan dies without designating a beneficiary, unless otherwise elected

on the adoption agreement, the vested benefit will automatically be paid to the spouse or, if the participant is not married, to the participant's surviving children. If the participant has no surviving children, the participant's vested benefit will be paid to the participant's estate.

Eligible rollover distributions and federal income tax withholding. All "eligible rollover distributions" are subject to mandatory federal income tax withholding of 20% unless the participant to have the distribution directly rolled over to an eligible retirement plan which will accept the rollover. Eligible retirement plans include qualified plans, individual retirement arrangements ("IRAs"), Section 403(b) plans, and governmental employer Section 457(b) plans. Eligible rollover distributions from qualified plans may be rolled over to a SIMPLE IRA that the participant has participated in for at least two years.

An "eligible rollover distribution" is generally any distribution that is not one of a series of substantially equal periodic payments made (not less frequently than annually): (1) for the life (or life expectancy) of the plan participant or the joint lives (or joint life expectancies) of the plan participant and his or her designated beneficiary subject to required minimum distribution rules, or (2) for a specified period of 10 years or more. In addition, the following are not subject to mandatory 20% withholding:

&nbsp;&nbsp;&nbsp;&nbsp;• hardship withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;• certain corrective distributions under Code Section 401(k) plans;

&nbsp;&nbsp;&nbsp;&nbsp;• loans that are treated as distributions;

&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that it is a post-death required minimum distribution not eligible to be rolled over, a death benefit payment to a beneficiary who is not the plan participant's surviving spouse;

&nbsp;&nbsp;&nbsp;&nbsp;• a qualified domestic relations order distribution to a beneficiary who is not the plan participant's current spouse or former spouse;

&nbsp;&nbsp;&nbsp;&nbsp;• a direct rollover to an inherited IRA maintained for the benefit of the beneficiary; and

&nbsp;&nbsp;&nbsp;&nbsp;• required minimum distributions under Code Section 401(a)(9).

If the plan permits, distributions from an eligible retirement plan made in connection with the birth or adoption of a child as specified in the Code can be made free of income tax withholding and penalty-free. Effective for distributions made after December 29, 2022, repayments made within three years of these distributions to an eligible retirement plan can be treated as deemed rollover contributions. SECURE 2.0 also added new in-service distribution options that can be repaid within three years of such distribution if permitted by the plan.

If we make a distribution to a participant's surviving spouse, or to a current or former spouse under a qualified domestic

#### 3

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relations order, the distribution may be an eligible rollover distribution, subject to mandatory 20% withholding, unless one of the exceptions described above applies.

If a distribution is not an "eligible rollover distribution", we will withhold income tax from all taxable payments unless the recipient elects not to have income tax withheld.

Distributions applicable to GIO upon plan termination or owner termination of contract.In the event of Plan termination or Owner termination of participation in the Contract, withdrawals from the GIO and any Benefit Distributions will be available and paid in accordance with the terms of the Contract (including applicable riders). Please see the Contract (including applicable riders) for information.

Plan-initiated withdrawals and the market value adjustment. The Market Value Adjustment only applies to certain withdrawals from the GIO that may occur if (1) the Plan terminates, in whole or in part, without immediate establishment of a successor plan sponsored by the Employer or (2) the Owner terminates its participation in the contract. Except as described below, we will generally pay such post-termination withdrawals in annual installments over a five-year period, and those withdrawals will not be subject to any Market Value Adjustment.

A Market Value Adjustment will apply only when, following a termination described in clause (1) or (2) above, we (a) elect to pay any amount withdrawn from the Guaranteed Interest Option in a single lump sum in lieu of installment payments (in which case the MVA cannot exceed 7%) or (b) agree, in our discretion, to make such a single lump sum payment in lieu of installment payments at the request of the Owner (if clause (1) applies) or the Employer (if clause (2) applies). Absent such a request, however, we generally do not have the right to elect to make such a single lump sum payment unless the aggregate amount held in the GIO with respect to the plan is less than $1,000,000.

After any applicable Market Value Adjustment, no single lump sum payment will not be less than the sum of (a) all amounts, other than interest, allocated or transferred to the Guaranteed Interest Option with respect to the Participant and not subsequently withdrawn, transferred or deducted therefrom, and (b) interest earned on such amounts, accrued at the respective minimum guaranteed rate.

The term "Market Value Adjustment" means the greater of (A) zero, and (B) a percentage equal to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of all market value adjustments for quarterly generations in the Guaranteed Interest Option, as determined pursuant to the next paragraph, with respect to the Plan as of the "Effective Date of Withdrawal," divided by

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount held in the Guaranteed Interest Option with respect to the Plan as of the Effective Date of Withdrawal.

For purposes of such calculation, the Guaranteed Interest Option will be deemed to consist of a series of quarterly

generations ("QGs"), one for each calendar quarter during which the Plan participated in the Guaranteed Interest Option.

The Market Value Adjustment for each such quarterly generation is the product of (A), (B) and (C) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount of the Plan's "net cash flow" in the given quarterly generation as of the Effective Date of Withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;(B) the rate equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the interest rate, as of the applicable "Calculation Date," for a five-year Treasury bond, minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the "average interest rate," during the calendar quarter in which such quarterly generation was first established, for five-year Treasury bonds, less up to 0.25%, subject to the following provisions of this subsection;

&nbsp;&nbsp;&nbsp;&nbsp;(C) the fraction equal to the number of calendar days from the Effective Date of Withdrawal which occasioned this calculation to the maturity date for the given quarterly generation divided by 365. Such maturity date will be the quinquennial anniversary of the first Business Day of the given quarterly generation.

"Effective Date of Withdrawal" for this purpose means the Business Day on which we are to make payment of the requested withdrawal.

"Calculation Date" for this purpose means the Business Day on which the Company receives the Owner's request for payment or, if that day is not a Business Day, we will use the next Business Day.

The "average interest rate" with respect to a given quarterly generation whose first Business Day was more than five

years before the Calculation Date will be the average interest rate for the most recent calendar quarter whose first Business Day was a quinquennial anniversary of the first Business Day of the given quarterly generation.

The Plan's "net cash flow" in a given quarterly generation is the sum of all allocations (including interest credited) and

transfers to, minus all withdrawals, deductions and transfers from, the Guaranteed Interest Option with respect to such quarterly generation. We may, to the extent that such data are unavailable on the Calculation Date, estimate the applicable amount on the basis of appropriate historical data. The interest rate on a five-year Treasury bond will be determined by using the applicable rate of interest (on an annual effective yield basis) specified in the United States Treasury Department's Constant Maturity Series for that date. If the interest rate associated with a five-year Treasury bond is not available in that series, the rate will be determined by linear interpolation between the next lower and next higher available maturities. The source for the United States Treasury Department's Constant Maturity Series will be the Federal Reserve Statistical Release F.15 Bulletin. If for any reason this series is not available, the interest rate will be based on a comparable series.

#### 4

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We may at any time substitute a bond of different maturity for the five-year Treasury bond referred to in this subsection, provided that (i) any such change will apply only to Plans which begin participation under this Contract after such change, and (ii) such change will be made by advance written notice to the Owner. In such event, the references in this subsection to "five years" and "quinquennial anniversary" will be deemed to have been correspondingly changed.

Expressed as a formula, the Market Value Adjustment is equal to:

---

| | |
|:---|:---|
| MVA = | Greater of zero or ($MVA) / (GIO account value on the Effective Date of Withdrawal)  |

---

where:

---

| | |
|:---|:---|
| $MVA = | greater of zero or Σ QMVAs  |

---

For each quarterly generation, the QMVA can be calculated as follows:

QMVA = (Employer plan's Net Cash Flow in GIO) x (Calculation Date Rate – QG Average Rate) x (MVA period / 365)

Net Cash Flow:

Within a given calendar quarter, the net cash flow (at plan level) equals (a) - (b), where:

(a) = sum of all contributions, interest credited, and transfers into the GIO; and

(b) = sum of all withdrawals, deductions and transfers from the GIO.

In other words, Net Cash Flow equals the net change in the GIO account balance for the entire plan.

Quarterly Generation (QG):

Each calendar quarter in which a plan participates in the GIO constitutes a "quarterly generation".

Maturity Date for a Quarterly Generation:

Each quarterly generation matures 5 years from the first Business Day of the quarterly generation, i.e., its "quinquennial anniversary".

QG Average Rate:

The average rate of the 5-year Treasury bond during the calendar quarter beginning the 5-year period containing the time of withdrawal. The beginning of the 5-year period is either (a) the first business day of the calendar quarter of the QG, if the Calculation Date is less than 5 years from the first business day of the QG, or (b) the first business day of the most recent calendar quarter whose first business day was a quinquennial anniversary of the first business day of the QG. For example, if the withdrawal was made within the first five years after the QG, then the average rate for the calendar quarter of the QG is chosen. Similarly, if the withdrawal is made more than five years after the QG, but less than ten years after the QG, then the average rate for the calendar quarter of the QG + 5 years is chosen. The Company reserves the right to reduce the five-year bond rate by 0.25%.

Calculation Date Rate:

The 5-year treasury bond rate as of the Calculation Date.

MVA period:

The number of calendar days from the Effective Date of Withdrawal to the maturity date of the QG.

The following example illustrates a hypothetical MVA calculation:

---

| | |
|:---|:---|
| Initial QG Calendar Quarter Beginning: | 07/01/2015 |
| Contribution: | 07/15/2015 |
| Contribution Amount: | $10000.00 |
| Effective Date of Withdrawal: | 05/10/2017 |
| GIO Account Value at Date of Withdrawal: | $10995.00 |
| Calculation Date Rate: | 6.50% |

---

#### 5

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **QG** | **Net Cash<br>Flow** | **QG<br>Beginning<br>Date** | **QG<br>Average<br>Rate** | **Current<br>Maturity<br>Date** | **MVA<br>Period<br>(days)** | **QMVA** | **QMVA** | **QMVA Calculation** |
| 1 | $10100 | 07/01/2015 | 4.90% | 06/30/2020 | 1147 | $| 507.82 | QMVA1 = 10100 x (0.065-0.049) x (1147/365) |
| 2 | $125 | 10/01/2015 | 4.90% | 09/30/2020 | 1239 | $| 6.79 | QMVA2 = 125 x (0.065-0.049) x (1239/365) |
| 3 | $130 | 01/01/2016 | 5.20% | 12/31/2020 | 1331 | $| 6.16 | QMVA3 = 130 x (0.065-0.052) x (1331/365) |
| 4 | $135 | 04/01/2016 | 5.40% | 03/31/2021 | 1421 | $| 5.78 | QMVA4 = 135 x (0.065-0.054) x (1421/365) |
| 5 | $140 | 07/01/2016 | 6.00% | 06/30/2021 | 1512 | $| 2.90 | QMVA5 = 140 x (0.065-0.06) x (1512/365) |
| 6 | $145 | 10/01/2016 | 6.00% | 09/30/2021 | 1604 | $| 3.19 | QMVA6 = 145 x (0.065-0.06) x (1604/365) |
| 7 | $150 | 01/01/2017 | 6.10% | 12/31/2021 | 1696 | $| 2.79 | QMVA7 = 150 x (0.065-0.061) x (1696/365) |
| 8 | $70 | 04/01/2017 | 6.20% | 03/31/2022 | 1786 | $| 1.03 | QMVA8 = 70 x (0.065-0.062) x (1786/365) |
|  | $10995 |  |  |  |  | $| 536.46 |  |
|  | $MVA = sum of the QMVAs = $536.46 | $MVA = sum of the QMVAs = $536.46 | $MVA = sum of the QMVAs = $536.46 | $MVA = sum of the QMVAs = $536.46 | $MVA = sum of the QMVAs = $536.46 | $MVA = sum of the QMVAs = $536.46 | $MVA = sum of the QMVAs = $536.46 | $MVA = sum of the QMVAs = $536.46 |
|  | MVA = $536.46 / $10,995.00 = 4.879127% | MVA = $536.46 / $10,995.00 = 4.879127% | MVA = $536.46 / $10,995.00 = 4.879127% | MVA = $536.46 / $10,995.00 = 4.879127% | MVA = $536.46 / $10,995.00 = 4.879127% | MVA = $536.46 / $10,995.00 = 4.879127% | MVA = $536.46 / $10,995.00 = 4.879127% | MVA = $536.46 / $10,995.00 = 4.879127% |

---

In this example, the total funds returned after the application of the $536.46 Market Value Adjustment is $10,458.54.

#### Provisions of the IRS Pre-Approved Plan
Plan eligibility requirements. Under the IRS Pre-Approved Plan, the employer specifies the eligibility requirements for its plan in the Adoption Agreement. The employer may exclude any employee who has not attained a specified age (not to exceed 21) and completed a specified number of years (not to exceed two) in each of which he completed 1,000 hours of service. No more than one year of eligible service may be required for a 401(k) arrangement.

The employer may also exclude salaried dentists (those with no ownership interest in the practice), employees of related employers, leased employees and certain other types of employees at the employer's election, provided such exclusion does not cause the plan to discriminate in favor of "highly compensated" employees (defined below). Effective for plan years beginning after December 31, 2020, 401(k) plans are required to allow employees age 21 or older that work 500 hours or more for three consecutive 12-month periods to make elective deferrals. For this purpose, 12-month periods beginning before January 1, 2021, are not taken into account. As such, employees who meet this criteria are not required to be eligible to participate until January 1, 2024, at the earliest. Further, employers are not required to make matching or non-elective contributions on behalf of such employees, and can exclude such employees from nondiscrimination and top-heavy testing.

Effective for plan years beginning after December 31, 2024, the SECURE 2.0 Act of 2022 ("SECURE 2.0") makes further changes to this rule to require two consecutive years of service where the employee completes at least 500 hours of service. 12-month periods beginning before January 1, 2023 shall not be taken into account for purposes of eligibility and vesting rules for long-term, part-time employees.

Automatic Enrollment. Effective for plan years beginning after 2024, SECURE 2.0 requires newly established 401(k) plans to automatically enroll participants upon becoming eligible (and the employees may opt out of coverage). The initial automatic enrollment amount is at least 3 percent but not more than 10 percent. Each year thereafter that amount is

increased by 1 percent until it reaches at least 10 percent, but not more than 15 percent. Exceptions apply to plans established before December 29, 2022, governmental and church plans, new plan sponsors in business less than 3 years, and small businesses with 10 or fewer employees.

Contributions to Qualified Plans. We outline below the current federal income tax rules relating to contributions under qualified retirement plans. This outline assumes that you are not a participant in any other qualified retirement plan.

The employer deducts contributions to the plan in the year it makes them. As a general rule, an employer must make contributions for any year by the due date (including extensions) for filing its federal income tax return for that year. However, Department of Labor ("DOL") rules generally require that the employer contribute participants' salary deferral contribution amounts, including designated Roth contributions if applicable, (or any non-Roth post-tax employee contribution amounts) under a 401(k) plan as soon as practicable after the payroll period applicable to a deferral. In any event, the employer must make these contributions no later than the 15<sup>th</sup> business day of the month following the month in which the employer withholds or receives participant contributions. The Department of Labor, provides that if an employer (with less than 100 participants) deposits participant contribution amounts within seven business days of when they are withheld or received then it is considered to be a timely deposit and satisfies the plan asset rules.

If the employer contributes more to the plan than it may deduct under the rules we describe below, the employer (a) may be liable for a 10% penalty tax on that nondeductible amount and (b) may risk disqualifying the plan.

Contributions to the IRS Pre-Approved Plan. The employer makes annual contributions to its plan based on the plan's provisions.

An employer that adopts the IRS Pre-Approved Plan as a profit sharing plan makes discretionary contributions as it

#### 6

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determines annually. The aggregate employer contribution to the plan may not exceed 25% of all participants' compensation for the plan year. For plan purposes, compensation for self-employed persons does not include deductible plan contributions on behalf of the self-employed person.

A 401(k) arrangement is available as part of the profit sharing plan. Employees may make pre-tax contributions to a plan under a 401(k) arrangement. The maximum amount that highly compensated employees may contribute depends on (a) the amount that non-highly compensated employees contribute and (b) the amount the employer designates as a nonforfeitable 401(k) contribution. Different rules apply to a SIMPLE 401(k), starter 401(k), or safe harbor 401(k).

A designated Roth contribution feature which permits elective deferrals to be made on a post-tax basis "Roth 401(k)" option may be added to a 401(k) plan by an employer. Effective for contributions made after December 29, 2022, the plan may permit participants to designate employer matching or nonelective contributions as Roth contributions. Such Roth contributions must be 100% vested when made and must be included in the participant's income for the year in which the contributions are allocated to the participant's account. Additional IRS guidance will be needed to properly administer this option. These amounts can be withdrawn tax-free if it is considered a qualified Roth distribution. A qualified Roth distribution is one that is made at least five taxable years after the first designated Roth contribution is made under the plan and after attainment of age 59<sup>1</sup>⁄<sub>2</sub>, death or disability.

For 2026, a "highly compensated" employee, for this purpose, is (a) an owner of more than 5% of the practice, or (b) anyone with earnings of more than $160,000 from the practice. For (b), the employer may elect to include only employees in the highest paid 20%. In any event, the maximum amount each employee may defer is limited to $24,500 for 2026, reduced by that employee's salary reduction contributions to simplified employee pension plans established before 1997 (SARSEPs), SIMPLE plans, employee contributions to tax deferred Section 403(b) arrangements, and contributions deductible by the employee under a trust described under Section 501(c)(18) of the Internal Revenue Code. The maximum amount a participant may defer in a SIMPLE 401(k) plan for 2026 is $17,000.

The additional "catch-up" elective deferral for 2026 is up to $8,000 and can be made by any employees who are at least age 50 at any time during 2026. For a SIMPLE 401(k), the "catch-up" elective deferral is $4,000 for 2026. If the plan permits, a higher catch-up contribution limit can apply for individuals aged 60, 61, 62 and 63. For 2026, this higher catch-up contribution limit is $5,250.

If the employer sponsoring a SIMPLE 401(k) Plan has 25 or fewer employees, the salary reduction contribution limit is increased to $18,100, and the age 50 catch-up and age 60-63 limits are $3,850 and $5,250, respectively, for 2026. For employers with 26 to 100 employees may elect to apply the higher limits only if the employer either provides a 4% matching contribution or a 3% nonelective contribution.

SECURE 2.0 requires that age 50 or over catch-up contributions be made to a designated Roth account, except for eligible participants whose prior year wages do not exceed a certain amount (indexed for inflation). The wage threshold for 2025 will be $150,000. This means that individuals who had wages in excess of $150,000 in 2025 must make any age-based catch-up contributions on a Roth basis in 2026. Self-employed individuals and employees (such as certain state and local government employees) whose compensation is not considered wages for FICA purposes will not be subject to this requirement.

Matching contributions to a 401(k) plan on behalf of a self-employed individual are not treated as elective deferrals, and are the same as matching contributions for other employees.

Employers may adopt a safe harbor 401(k) arrangement. Under this arrangement, an employer agrees to offer a matching contribution equal to (a) 100% of salary deferral contributions, both pre-tax and Roth, up to 3% of compensation and (b) 50% of salary deferral contributions, both pre-tax and Roth that exceed 3% but are less than 5% of compensation or a 3% non-elective contribution to all eligible employees. These contributions must be non-forfeitable. If the employer makes these contributions and meets the notice requirements for safe harbor 401(k) plans (if applicable), the plan is not subject to non-discrimination testing on salary deferral and matching or non-elective contributions described above. Effective for plan years beginning after December 31, 2019, if the employer makes non-elective contributions described above to satisfy the safe harbor status, the notice requirement no longer applies.

If the employer adopts the IRS Pre-Approved Plan as a defined contribution pension plan, its contribution is equal to the percentage of each participant's compensation that the Adoption Agreement specifies.

Under any type of plan, an employer must disregard compensation in excess of $360,000 in 2026 in making contributions. This amount will generally be adjusted for cost-of-living changes in future years in $5,000 increments rounded to the next lowest multiple of $5,000. An employer may integrate contributions with Social Security. This means that contributions, for each participant's compensation, that exceed the integration level may be greater than contributions for compensation below the integration level. The federal tax law imposes limits on this excess. Your retirement plan account manager can help you determine the legally permissible contribution.

Except in the case of certain non-top heavy plans, contributions for non-key employees must be at least 3% of compensation (or, under the profit sharing plan, the percentage the employer contributes for key employees, if less than 3%). In 2026, "key employee" means (a) an officer of the practice with earnings of more than $235,000 or (b) an owner of more than 5% of the practice, or (c) an owner of more than 1% of the practice with earnings of more than $150,000. For purposes of (a), no more than 50 employees (or, if less, the greater of three or 10% of the employees) shall be treated as officers.

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Certain plans may also permit participants to make non-Roth post-tax contributions. We will maintain a separate account to reflect each participant's post-tax contributions and the earnings (or losses) on those contributions. Post-tax contributions are subject to complex rules under which the maximum amount that a highly compensated employee may contribute depends on the amount that non-highly compensated employees contribute. **Before permitting any highly-compensated employee to make post-tax contributions, the employer should verify that it has passed all non-discrimination tests.** If an employer employs only "highly compensated" employees (as defined above), the plan will not accept post-tax contributions. In addition, the employer may make matching contributions to certain plans, i.e., contributions based on the amount of post-tax or pre-tax 401(k) contributions that plan participants make. Special non-discrimination rules apply to matching contributions. These rules may limit the amount of matching contributions that an employer may make for highly compensated employees. These non-discrimination rules for matching contributions generally do not apply to SIMPLE and safe harbor 401(k) plans.

Contributions (including forfeiture amounts) for each participant in 2026 may not exceed the lesser of (a) $72,000 or (b) 100% of the participant's earnings (excluding, in the case of self-employed persons, all deductible plan contributions). The participant's post-tax contributions count toward this limitation.

Under a starter 401(k) plan the employer must offer all eligible employees the opportunity to defer part of their salary into the plan. Eligible employees are automatically enrolled (but they can opt out of the program if they wish) with contribution levels of at least 3% of their salary. They can also choose to contribute at a different level -- up to as much as 15%. The 2026 contribution limit is $6,000 with an additional $1,100 catch-up limit for employers age 50 and over. There are no employer contributions permitted in this plan type.

Each participant's account balance equals the sum of the amounts accumulated in each investment option. We will maintain separate records of each participant's interest in each of the investment options attributable to employer contributions, 401(k) non-elective contributions, 401(k) elective contributions, post-tax employee contributions, SIMPLE employer, safe harbor non-elective, safe harbor matching and employer matching contributions. We will also account separately for any amounts rolled over or transferred from an IRA or eligible employer plan. Our records will also reflect each participant's percentage of vesting (see below) in his account balance attributable to employer contributions and employer matching contributions.

The participant will receive confirmation of transactions (including the deduction of record maintenance and report fees). The participant will also receive an annual statement showing the participant's account balance in each investment option attributable to each type of contribution. Based on information that you supply, we will run the required special non-discrimination tests (Actual Deferral Percentage and Actual Contribution Percentage) applicable to (a) 401(k) plans (other than starter 401(k), SIMPLE 401(k) and safe harbor 401(k)) and (b) plans that accept post-tax employee contributions or employer matching contributions.

Non-discrimination tests do not apply to SIMPLE 401(k) plans, if the employer makes (a) a matching contribution equal to 100% of the amount of the elective deferral contribution, whether pre-tax or Roth, up to 3% of compensation, or (b) a 2% non-elective contribution to all eligible employees. Effective for taxable years beginning after December 31, 2023, the employer can make additional contributions to each employee of the plan in a uniform manner, provided that the contribution may not exceed the lesser of up to 10% of compensation or $5,300 (indexed). The employer must also follow the notification and filing requirements outlined in the IRS Pre-Approved Plan to avoid non-discrimination tests.

Under a SIMPLE 401(k) the employer must offer all eligible employees the opportunity to defer part of their salary into the plan and make either a matching or non-elective contribution. The matching contribution must be 100% of the elective deferral contribution, whether pre-tax or Roth, up to 3% of compensation. The non-elective contribution is 2% of compensation, which the employer must make for all eligible employees, even those not deferring. The matching or non-elective contribution must be non-forfeitable. The employer must notify employees which contribution the employer will make 60 days before the beginning of the year.

Elective deferrals to a 401(k) plan are subject to applicable FICA (social security), Medicare and FUTA (unemployment) taxes. They may also be subject to state income taxes.

Allocation of contributions. You, as employer or participant, may allocate contributions among any number of the investment options. You may change allocation instructions at any time, and as often as needed, by calling our Automated Voice Response System or accessing the Website on the Internet. New instructions become effective on the business day we receive them. Your allocation percentages for future contributions apply to all money types available in your plan. **If we have not received valid instructions, we will allocate contributions to the plan's Qualified Default Investment Alternative which is the EQ/Moderate Allocation Fund,** unless the plan has elected an alternative investment option(s). You may, of course, transfer to another investment option at any time.

If you do not submit investment instructions, you will be treated as exercising actual control over your assets and the IRS Pre-Approved Plan's fiduciary will not be subject to fiduciary liability under ERISA if the IRS Pre-Approved Plan's fiduciary makes investments in default investment options in accordance with rules provided by the DOL. The Pension Protection Act of 2006 instructs the DOL that the default investments must include a mix of asset classes consistent with capital preservation, long term capital appreciation or a blend of both. In order for this exemption to apply to the IRS Pre-Approved Plan's fiduciary, the IRS Pre-Approved Plan must provide notice to participants of their rights and obligations within a reasonable time before the beginning of each plan year.

The Plan and Section 404(c) of ERISA. The IRS Pre-Approved Plan is a participant directed individual account plan designed to comply with the requirements of Section 404(c)

#### 8

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of ERISA. Compliance with the requirements of Section 404 (c) of ERISA and the related DOL regulation may relieve plan fiduciaries of liability for any loss that is the direct and necessary result of the participant's or beneficiary's exercise of control. This means that if the employer plan complies with Section 404(c), participants can make and are responsible for the results of their own investment decisions.

The IRS Pre-Approved Plan intending to comply with Section 404(c) must, among other things, (a) make a broad range of investment choices available to participants and beneficiaries and (b) provide them with adequate information to make informed investment decisions. The Investment Options and documentation available under the ADA Program provide the broad range of investment choices and information needed in order to meet the requirements of Section 404(c). However, while our suggested summary plan descriptions, annual reports, prospectuses, and confirmation notices provide the required investment information, the employer is responsible for distributing this information in a timely manner to participants and beneficiaries. You should read this information carefully before making your investment decisions.

Vesting. Vesting refers to the participant's rights with respect to that portion of a participant's Account Balance attributable to employer contributions under the IRS Pre-Approved Plan. If a participant is "vested," the amount or benefit in which the participant is vested belongs to the participant, and may not be forfeited. The participant's Account Balance attributable to (a) 401(k) contributions (including salary deferral, qualified non-elective and qualified matching contributions), (b) post-tax employee contributions and (c) rollover contributions always belong to the participant, and is nonforfeitable at all times.

A participant becomes fully vested in all benefits if still employed at death, disability, attainment of normal retirement age or upon termination of the plan. If the participant terminates employment before that time, any benefits that have not yet vested under the plan's vesting schedule are forfeited. The normal retirement age is 65 under the IRS Pre-Approved Plan unless the employer elects a lower age on its Adoption Agreement.

Benefits must vest in accordance with any of the schedules below or one at least as favorable to participants:

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| | | | |
|:---|:---|:---|:---|
|  | **Schedule A** | **Schedule B** | **Schedule C** |
| **Years of**<br> **Service** | **Vested**<br> **Percentage** | **Vested**<br> **Percentage** | **Vested**<br> **Percentage** |
| 1 | 0% | 0% | 100% |
| 2 | 20 | 0 | 100 |
| 3 | 40 | 100 | 100 |
| 4 | 60 | 100 | 100 |
| 5 | 80 | 100 | 100 |
| 6 | 100 | 100 | 100 |

---

If the plan requires more than one year of service for participation in the plan, the plan must use Schedule C.

All contributions to a SIMPLE 401(k) plan are 100% vested and not subject to the vesting schedule above. This rule, however, does not apply to employer and matching contributions made to a plan before the plan is amended to become a SIMPLE 401(k) plan. Non-elective and matching contributions required under a safe harbor 401(k) arrangement are 100% vested and not subject to the vesting schedule above.

Employer contributions are required to vest at least as quickly as under a 3-year cliff or a 6-year "graded vesting" schedule. The 6-year schedule requires 20% vesting after 2 years of service increasing 20% per year thereafter.

#### Distribution of the contracts
Employees of the Company perform all marketing and service functions under the contract. The Company pays no sales commissions with respect to units of interest in any of the Separate Accounts available under the contracts; however, incentive compensation that ranges from 0.40% to 2% of first-year plan contributions, plus $65 per plan sale is paid on a periodic basis to the Company employees. No contribution-based or asset-based incentive compensation is awarded on existing plans in subsequent years. This compensation is not paid out of plan or participant funds, and has no effect on plan fees, charges and expenses.

#### Custodian
There is no custodian for the shares of the Trusts owned by Separate Account No. 206.

#### Independent registered public accounting firm
The (i) financial statements of each of the variable investment options of Separate Account No. 206 as of December 31, 2025 and for each of the periods indicated therein and the (ii) statutory financial statements and supplemental schedules of Equitable Financial Life Insurance Company as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 incorporated in this Statement of Additional Information by reference to the filed [Form N-VPFS](http://www.sec.gov/Archives/edgar/data/1397940/000119312526149763/d93634dnvpfs.htm) (for Separate Account No. 206) and [Form N-VPFS](http://www.sec.gov/Archives/edgar/data/89024/000119312526149018/d901221dnvpfs.htm) (for Equitable Financial Life Insurance Company) have been so incorporated in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

PricewaterhouseCoopers LLP provides independent audit services and certain other non-audit services to Equitable Financial Life Insurance Company. PricewaterhouseCoopers LLP's address is 214 North Tryon Street, Suite 4200, Charlotte, North Carolina 28202.

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

#### 9

------

PART C

OTHER INFORMATION

**Item 27.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibits** <br>

---

| | | |
|:---|:---|:---|
| (a) |  | [Board of Directors Resolutions.](http://www.sec.gov/Archives/edgar/data/727920/000095013699001376/0000950136-99-001376.txt) |
|  |  | [Action, dated April 6, 1999 regarding the establishment of Separate Account 206, dated April 6, 1999 pursuant to Resolution Nos. 21-69, B46-70, B42-84 and B57-91, previously filed with this Registration Statement, File No. 333-77117, on October 26, 1999.](http://www.sec.gov/Archives/edgar/data/727920/0000950136-99-001376-index.html) |
| (b) |  | Custodial Agreements. |
|  |  | Not Applicable. |
| (c) |  | Underwriting Contracts. |
|  | (1)(a) | [Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable Life Insurance Company ("AXA Equitable"), AXA Distributors, LLC and AXA Advisors dated July 15, 2002 is incorporated herein by reference to Post-Effective Amendment No. 25 to the EQ Advisor's Trust Registration Statement on Form N-1A (File No. 333-17217 and 811-07953), filed on February 7, 2003.](http://www.sec.gov/Archives/edgar/data/1027263/000095013603000235/file024.txt) |
|  | (1)(a)(i) | [Amendment No. 1, dated May 2, 2003, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 28 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on February 10, 2004.](http://www.sec.gov/Archives/edgar/data/1027263/000119312504018480/dex99h4x.txt) |
|  | (1)(a)(ii) | [Amendment No. 2, dated July 9, 2004, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 35 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on October 15, 2004.](http://www.sec.gov/Archives/edgar/data/1027263/000119312504172243/dex99h4xi.htm) |
|  | (1)(a)(iii) | [Amendment No. 3, dated October 1, 2004, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 35 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on October 15, 2004.](http://www.sec.gov/Archives/edgar/data/1027263/000119312504172243/dex99h4xii.htm) |
|  | (1)(a)(iv) | [Amendment No. 4, dated May 1, 2005, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 37 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on April 7, 2005.](http://www.sec.gov/Archives/edgar/data/1027263/000119312505072205/dex99h4xiii.htm) |
|  | (1)(a)(v) | [Amendment No. 5, dated September 30, 2005, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 44 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on April 5, 2006.](http://www.sec.gov/Archives/edgar/data/1027263/000119312506073846/dex99h4xiv.htm) |
|  | (1)(a)(vi) | [Amendment No. 6, dated August 1, 2006, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 51 To the EQ. Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on February 2, 2007.](http://www.sec.gov/Archives/edgar/data/1027263/000119312507019396/dex99h4xv.htm) |
|  | (1)(a)(vii) | [Amendment No. 7, dated May 1, 2007, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 53 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on April 27, 2007.](http://www.sec.gov/Archives/edgar/data/1027263/000119312507093825/dex99h4xvi.htm) |
|  | (1)(a)(viii) | [Amendment No. 8, dated January 1, 2008, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 56 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on December 27, 2007.](http://www.sec.gov/Archives/edgar/data/1027263/000119312507272165/dex99h4xvii.htm) |
|  | (1)(a)(ix) | [Amendment No. 9, dated May 1, 2008, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 61 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on February 13, 2009.](http://www.sec.gov/Archives/edgar/data/1027263/000119312509029347/dex99h4xviii.htm) |
|  | (1)(a)(x) | [Amendment No. 10, dated January 15, 2009, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 64 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on March 16, 2009.](http://www.sec.gov/Archives/edgar/data/1027263/000119312509055627/dex99h4xix.htm) |
|  | (1)(a)(xi) | [Amendment No. 11, dated May 1, 2009, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 67 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on April 15, 2009.](http://www.sec.gov/Archives/edgar/data/1027263/000119312509079614/dex99h4xx.htm) |
|  | (1)(a)(xii) | [Amendment No. 12, dated September 29, 2009, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 70 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on January 21, 2010.](http://www.sec.gov/Archives/edgar/data/1027263/000119312510009822/dex99h4xxi.htm) |
|  | (1)(a)(xiii) | [Amendment No. 13, dated August 16, 2010, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 77 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on February 3, 2011.](http://www.sec.gov/Archives/edgar/data/1027263/000119312511022980/dex99h4xxii.htm) |
|  | (1)(a)(xiv) | [Amendment No. 14, dated December 15, 2010, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 77 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on February 3, 2011.](http://www.sec.gov/Archives/edgar/data/1027263/000119312511022980/dex99h4xxiii.htm) |
|  | (1)(a)(xv) | [Amendment No. 15, dated June 7, 2011, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable, AXA Distributors, LLC and AXA Advisors dated July 15, 2002 incorporated herein by reference and/or previously filed with Post-Effective Amendment No. 84 To the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on August 17, 2011.](http://www.sec.gov/Archives/edgar/data/1027263/000119312511225532/dex99h4xvi.htm) |
|  | (1)(a)(xvi) | [Amendment No. 16, dated April 30, 2012, to the Amended and Restated Participation Agreement among EQ Advisors Trust, AXA Equitable and AXA Distributors, LLC, dated July 15, 2002 incorporated herein by reference to Post-Effective Amendment No. 96 to the EQ Advisor's Trust Registration Statement (File No. 333-17217) on Form N-1A filed on February 7, 2013.](http://www.sec.gov/Archives/edgar/data/1027263/000119312513043195/d428453dex99h4xvii.htm) |
|  | (1)(a)(b)(i) | [Second Amended and Restated Participation Agreement among the Trust, AXA Equitable, FMG LLC and AXA Distributors, LLC, dated May 23, 2012, incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217) filed on July 22, 2013.](http://www.sec.gov/Archives/edgar/data/1027263/000119312513297460/d562572dex99h4xviii.htm) |
|  | (1)(a)(b)(ii) | [Amendment No. 1 dated as of June 4, 2013 to the Second Amended and Restated Participation Agreement among the Trust, AXA Equitable, FMG LLC and AXA Distributors, LLC, dated May 23, 2012, incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217) filed on October 1, 2013.](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99h4xix.htm) |
|  | (1)(a)(b)(iii) | [Amendment No. 2 dated as of October 21, 2013 to the Second Amended and Restated Participation Agreement among the Trust, AXA Equitable, FMG LLC and AXA Distributors, LLC, dated May 23, 2012, incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217) filed on October 1, 2013.](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99h4xx.htm) |
|  | (1)(a)(b)(iv) | [Amendment No. 3, dated as of April 4, 2014 ("Amendment No. 3"), to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties"), incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217) filed on April 30, 2014.](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h4xxi.htm) |
|  | (1)(a)(b)(v) | [Amendment No. 4, dated as of June 1, 2014 ("Amendment No. 4"), to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties"), incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217) filed on April 30, 2014.](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h4xxii.htm) |
|  | (1)(a)(b)(vi) | [Amendment No. 5, dated as of July 16, 2014 ("Amendment No. 5"), to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties"), incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217) filed on February 5, 2015.](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h4xxiii.htm) |
|  | (1)(a)(b)(vii) | [Amendment No. 6, dated as of April 30, 2015 ("Amendment No. 6"), to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties"), incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217) filed on April 17, 2015.](http://www.sec.gov/Archives/edgar/data/1027263/000119312515136153/d834999dex99h4xxiv.htm) |
|  | (1)(a)(b)(viii) | [Amendment No. 7, dated as of December 21, 2015 ("Amendment No. 7"), to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties") incorporated herein by reference to EQ Advisors Trust Registration Statement on Form 485 (a) (File No. 333-17217) filed on February 11, 2016.](http://www.sec.gov/Archives/edgar/data/1027263/000119312516460017/d137642dex99h4xxv.htm) |
|  | (1)(a)(b)(ix) | [Amendment No. 8, dated as of December 9, 2016 ("Amendment No. 8"), to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties") incorporated herein by reference to EQ Advisors Trust Registration Statement on Form 485 (a) (File No. 333-17217) filed on January 31, 2017.](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99h4xxvi.htm) |
|  | (1)(a)(b)(x) | [Amendment No. 9 dated as of May 1, 2017 ("Amendment No. 9") to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement") by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties"), incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217), filed on April 28, 2017.](http://www.sec.gov/Archives/edgar/data/1027263/000119312517148664/d252890dex99h4xxvii.htm) |
|  | (1)(a)(b)(xi) | [Amendment No. 10 dated as of November 1, 2017 ("Amendment No. 10") to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement") by and among EQ Advisors Trust ("Trust"), AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC (collectively, the "Parties"), incorporated herein by reference to EQ Advisors Trust Registration Statement on Form N-1A (File No. 333-17217), filed on October 27, 2017.](http://www.sec.gov/Archives/edgar/data/1027263/000119312517323091/d422414dex99h4xxviii.htm) |
|  | (1)(a)(b)(xii) | [Amendment No. 11 dated as of July 12, 2018 to the Second Amended and Restated Participation Agreement among EQ Advisor Trust, AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors dated May 23, 2012, incorporated herein by reference to Registration Statement on Form N-1a (File No. 333-17217) filed on July 31, 2018.](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99h4xxix.htm) |
|  | (1)(a)(b)(xiii) | [Amendment No. 12 dated as of December 6, 2018 to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, AXA Equitable Life Insurance Company, AXA Equitable Funds Management Group, LLC and AXA Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217), filed on April 26, 2019.](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99h4xxx.htm) |
|  | (1)(a)(b)(xiv) | [Amendment No. 13 dated July 16, 2020 to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on January 19, 2021.](http://www.sec.gov/Archives/edgar/data/1027263/000119312521011224/d108378dex99h4xxxi.htm) |
|  | (1)(a)(b)(xv) | [Amendment No. 14 dated February 1, 2021 to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on January 19, 2021.](http://www.sec.gov/Archives/edgar/data/1027263/000119312521011224/d108378dex99h4xxxii.htm) |
|  | (1)(a)(b)(xvi) | [Amendment No. 15 dated February 26, 2021 to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on April 29, 2021.](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99h4xxxiii.htm) |
|  | (1)(a)(b)(xvii) | [Amendment No. 16 dated July 22, 2021 to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on September 24, 2021.](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99h4xxxiv.htm) |
|  | (1)(a)(b)(xviii) | [Amendment No. 17 dated January 13, 2022 to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on April 28, 2022.](http://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h4xviii.htm) |
|  | (1)(b)(xix) | [Amendment No. 18 dated August 19, 2022, to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on April 26, 2023.](http://www.sec.gov/Archives/edgar/data/1027263/000119312523118649/d453298dex99h4xix.htm) |
|  | (1)(b)(xx) | [Amendment No. 19 dated November 17, 2022, to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on April 26, 2023.](http://www.sec.gov/Archives/edgar/data/1027263/000119312523118649/d453298dex99h4xx.htm) |
|  | (1)(b)(xxi) | [Amendment No. 20 dated March 16, 2023, to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on March 29, 2023.](http://www.sec.gov/Archives/edgar/data/1027263/000119312523083537/d434904dex99h4xix.htm) |
|  | (1)(b)(xxii) | [Amendment No. 21 dated July 31, 2023, to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-229766) filed on February 7, 2024.](http://www.sec.gov/Archives/edgar/data/1537470/000119312524026021/d607768dex99h1qxxi.htm) |
|  | (1)(b)(xxiii) | [Amendment No. 22 dated November 12, 2023, to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on April 26, 2024.](http://www.sec.gov/Archives/edgar/data/771726/000119312522112835/d235812dex9914av.htm) |
|  | (1)(b)(xxiv) | [Amendment No. 23 dated October 27, 2025 to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended by and among EQ Advisors Trust, Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC, incorporated herein by reference to Registration Statement on Form N-1A (File No. 333-17217) filed on February 6, 2026.](http://www.sec.gov/Archives/edgar/data/1027263/000119312526040506/d45182dex99h4xxiv.htm) |
|  | (2)(c) | [General Agent Sales Agreement dated January 1, 2000 between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries, previously filed with this Registration Statement (File No. 2-30070) on April 19, 2004.](http://www.sec.gov/Archives/edgar/data/89024/000077172604000112/file003.txt) |
|  | (2)(c)(i) | [First Amendment dated as of January 1, 2003 to General Agent Sales Agreement dated January 1, 2000 between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-05593) on April 24, 2012.](http://www.sec.gov/Archives/edgar/data/1015570/000119312512177976/d236060dex993di.htm) |
|  | (2)(c)(ii) | [Second Amendment dated as of January 1, 2004 to General Agent Sales Agreement dated January 1, 2000 between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-05593) on April 24, 2012.](http://www.sec.gov/Archives/edgar/data/1015570/000119312512177976/d236060dex993dii.htm) |
|  | (2)(c)(iii) | [Third Amendment dated as of July 19, 2004 to General Agent Sales Agreement dated as of January 1, 2000 by and between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-127445), filed on August 11, 2005.](http://www.sec.gov/Archives/edgar/data/1015570/000077172605000313/e7453_ex99-3k.txt) |
|  | (2)(c)(iv) | [Fourth Amendment dated as of November 1, 2004 to General Agent Sales Agreement dated as of January 1, 2000 by and between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-127445), filed on August 11, 2005.](http://www.sec.gov/Archives/edgar/data/1015570/000077172605000313/e7453_ex99-3l.txt) |
|  | (2)(c)(v) | [Fifth Amendment dated as of November 1, 2006, to General Agent Sales Agreement dated as of January 1, 2000 by and between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-05593) filed on April 24, 2012.](http://www.sec.gov/Archives/edgar/data/1015570/000119312512177976/d236060dex993dv.htm) |
|  | (2)(c)(vi) | [Sixth Amendment dated as of February 15, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-05593) filed on April 24, 2012.](http://www.sec.gov/Archives/edgar/data/1015570/000119312512177976/d236060dex993dvi.htm) |
|  | (2)(c)(vii) | [Seventh Amendment dated as of February 15, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries previously filed with this Registration Statement on Form N-4 (File No. 2-30070) to Exhibit 3(r), filed April 20, 2009.](http://www.sec.gov/Archives/edgar/data/89024/000008902409000180/e11133_ex99-3r.txt) |
|  | (2)(c)(viii) | [Eighth Amendment dated as of November 1, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries previously filed with this Registration Statement on Form N-4 (File No. 2-30070) filed on April 20, 2009.](http://www.sec.gov/Archives/edgar/data/89024/000008902409000180/e11133_ex99-3s.txt) |
|  | (2)(c)(ix) | [Ninth Amendment dated as of November 1, 2011 to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries incorporated herein by reference to the Registration Statement filed on Form N-4 (File No. 333-05593) filed on April 24, 2012.](http://www.sec.gov/Archives/edgar/data/1015570/000119312512177976/d236060dex993dix.htm) |
|  | (2)(c)(x) | [Tenth Amendment dated as of November 1, 2013, to General Agent Sales Agreement dated as of January 1, 2000, by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-178750) filed on October 16, 2014.](http://www.sec.gov/Archives/edgar/data/1537470/000119312514373941/d797230dex993dx.htm) |
|  | (2)(c)(xi) | [Eleventh Amendment dated as of November 1, 2013, to General Agent Sales Agreement dated as of January 1, 2000, by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-178750) filed on October 16, 2014.](http://www.sec.gov/Archives/edgar/data/1537470/000119312514373941/d797230dex993dxi.htm) |
|  | (2)(c)(xii) | [Twelfth Amendment dated as of November 1, 2013, to General Agent Sales Agreement dated as of January 1, 2000, by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-178750) filed on October 16, 2014.](http://www.sec.gov/Archives/edgar/data/1537470/000119312514373941/d797230dex993dxii.htm) |
|  | (2)(c)(xiii) | [Thirteenth Amendment dated as of October 1, 2014 to General Agent Sales Agreement dated as of January 1, 2000, by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to the Registration Statement on Form N-4 (File No. 333-202147), filed on September 9, 2015.](http://www.sec.gov/Archives/edgar/data/1537470/000119312515315851/d41968dex993d13.htm) |
|  | (2)(c)(xiv) | [Fourteenth Amendment dated as of August 1, 2015 to General Agent Sales Agreement dated as of January 1, 2000, by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to this Registration Statement on Form N-4 (File No. 2-30070), filed on April 19, 2016.](http://www.sec.gov/Archives/edgar/data/89024/000119312516546094/d104872dex993dxiv.htm) |
|  | (2)(c)(xv) | [Sixteenth Amendment dated May 1, 2016 to the General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company, (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) filed on April 18, 2017.](http://www.sec.gov/Archives/edgar/data/89024/000119312517127071/d296763dex993dxv.htm) |
|  | (2)(c)(xvi) | [Seventeenth Amendment to General Agent Sales Agreement, dated as of August 1, 2016, by and between AXA Equitable Life Insurance Company, formerly known as The Equitable Life Assurance Society of the United States, ("AXA Equitable"), and AXA NETWORK, LLC, ("General Agent") ") incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) filed on April 17, 2018.](http://www.sec.gov/Archives/edgar/data/89024/000119312518119507/d480399dex993dxvi.htm) |
|  | (2)(c)(xvii) | [Eighteenth Amendment to General Agent Sales Agreement, dated as of March 1, 2017, by and between AXA Equitable Life Insurance Company, formerly known as The Equitable Life Assurance Society of the United States, ("AXA Equitable"), and AXA NETWORK, LLC ("General Agent") incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) filed on April 17, 2018.](http://www.sec.gov/Archives/edgar/data/89024/000119312518119507/d480399dex993dxvii.htm) |
|  | (2)(c)(xviii) | [Nineteenth Amendment to General Agent Sales Agreement, dated January 1, 2020, by and between AXA Equitable Life Insurance Company and AXA Network, LLC, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) filed on April 20, 2021.](http://www.sec.gov/Archives/edgar/data/89024/000119312521122748/d112918dex99dxviii.htm) |
|  | (2)(c)(xix) | [Twentieth Amendment to General Agent Sales Agreement dated September 1, 2021, by and between Equitable Financial Life Insurance Company and Equitable Network, LLC, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) filed on April 20, 2022.](http://www.sec.gov/Archives/edgar/data/89024/000119312522111094/d213268dex99dxix.htm) |
|  | (2)(c)(xx) | [Twenty First Amendment to General Agent Sales Agreement dated January 1, 2022, by and between Equitable Financial Life Insurance Company and Equitable Network, LLC, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) filed on April 20, 2022.](http://www.sec.gov/Archives/edgar/data/89024/000119312522111094/d213268dex99dxx.htm) |
|  | (2)(c)(xxi) | [Twenty Second Amendment to General Agent Sales Agreement dated November 13, 2023, by and between Equitable Financial Life Insurance Company and Equitable Network, LLC, incorporated herein by reference to Registration Statement on Form N-4 (File 333-142455) filed on April 23, 2024.](http://www.sec.gov/Archives/edgar/data/1397940/000119312524106596/d709350dex99c2xxi.htm) |
|  | (2)(c)(xxii) | [Twenty Third Amendment to General Agent Sales Agreement dated January 1, 2025, by and between Equitable Financial Life Insurance Company and Equitable Network, LLC, filed previously with this Registration Statement (File No. 333-142456) on April 24, 2025.](http://www.sec.gov/Archives/edgar/data/1397940/000119312525093438/d887761dex99c2xxii.htm) |
|  | (2)(c)(xxiii) | [Twenty Fourth Amendment to General Agent Sales Agreement dated March 1, 2025, by and between Equitable Financial Life Insurance Company and Equitable Network, LLC, incorporated herein by reference to Registration Statement on Form S-1, (File No. 333-284948), filed February 13, 2026.](http://www.sec.gov/Archives/edgar/data/727920/000119312526050327/d13732dex99kxxiii.htm) |
|  | (3) | [Distribution and Servicing Agreement among Equico Securities, Inc., (now AXA Advisors, LLC) Equitable and Equitable Variable dated as of May 1, 1994, incorporated by reference to Exhibit No. 3(c) to Registration Statement (File No. 2-74667) filed on Form N-4 on August 3, 1998.](http://www.sec.gov/Archives/edgar/data/356076/0000950136-98-001351.txt) |
|  | (4) | [Servicing Agreement among Legg Mason Wood Walker ("Legg Mason") and Equitable Life Assurance Society dated July 12, 2002 previously filed with this Registration Statement, File No. 333-104774, on April 25, 2003.](http://www.sec.gov/Archives/edgar/data/727920/000095013603000957/file002.txt) |
|  | (5) | [Servicing Agreement among Equitable Life Assurance Society, Strong Investor Services, Inc. and Strong Investments Inc. dated July 22, 2002 previously filed with this Registration Statement, File No. 333-104774, on April 25, 2003.](http://www.sec.gov/Archives/edgar/data/727920/000095013603000957/file003.txt) |
|  | (6) | [Administrative Services Agreement as of July 20, 2016 by and among AXA Equitable Life Insurance Company and 1290 Funds, incorporated herein by reference to Registration Statement No. 333-142459 on Form N-3 filed on April 19, 2018.](http://www.sec.gov/Archives/edgar/data/1397933/000119312518122328/d522056dex997x.htm) |
|  | (6)(i) | [Amendment No. 1 to the Administrative Services Agreement effective as of March 1, 2018 to the Administrative Services Agreement dated as of July 20, 2016 by and among AXA Equitable Life Insurance Company and 1290 Funds incorporated herein by reference to Registration Statement No. 333-142459 on Form N-3 filed on April 19, 2018.](http://www.sec.gov/Archives/edgar/data/1397933/000119312518122328/d522056dex997xi.htm) |
| (d) |  | Contracts. |
|  | (1) | Exhibit 6(a)(2) (Group Annuity Contract AC 2100, as amended and restated effective February 1, 1991 on contract Form No. APC 1,000- 91, among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States), incorporated by reference to Post-Effective Amendment No. 1 on Form N-3 to Registration Statement 33-40162, filed December 20, 1991. |
|  | (2) | Rider No. 1 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans |

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|:---|:---|
|  | and The Equitable Life Assurance Society of the United States, incorporated by reference to Registration No. 33-46995 on Form N-3 of Registrant, filed April 8, 1992. |
| (3) | Form of Rider No. 2 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Registration No. 33-46995 on Form N-3 of Registrant, filed April 8, 1992. |
| (4) | Rider No. 3 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Registration No. 33-75616 on Form N-4 of Registrant, filed April 29, 1994. |
| (5) | Form of Rider No. 4 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Registration No. 33-75616 on Form N-4 of Registrant, filed April 29, 1994. |

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(6) Form of Rider No. 5 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Registration No. 33-75616 on Form N-4 of Registrant, filed on February 27, 1995.

(7) [Form of Rider No. 6 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, previously filed with Registration Statement on Form N-4 No. 33-63113 on September 29, 1995.](http://www.sec.gov/Archives/edgar/data/727920/0000950136-95-000329.txt)

(8) [Form of Rider No. 7 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement No. 33-63113 on Form N-4 of Registrant, filed on November 21, 1995.](http://www.sec.gov/Archives/edgar/data/727920/0000950136-95-000410.txt)

(9) [Form of Rider No. 8 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement No. 333-01301 on Form N-4 of Registrant filed April 30, 1996.](http://www.sec.gov/Archives/edgar/data/727920/0000950136-96-000220.txt)

(10) [Form of Rider No. 9 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Registration Statement No. 333-25807 on form N-4, filed on April 24, 1997.](http://www.sec.gov/Archives/edgar/data/727920/0000950136-97-000493.txt)

(11) [Form of Rider No. 10 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, and of the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 333-124408 on Form N-3 of Registrant, filed April 28, 2006.](http://www.sec.gov/Archives/edgar/data/727920/000077172606000244/ex99-6k_exhibit.htm)

(12) [Form of Rider No. 11 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, and of the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 333-124408 on Form N-3 of Registrant, filed April 28, 2006.](http://www.sec.gov/Archives/edgar/data/727920/000077172606000244/ex99-6l_exhibit.htm)

(13) [Form of Rider No. 12 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, and of the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 333-124408 on Form N-3 of Registrant, filed April 28, 2006.](http://www.sec.gov/Archives/edgar/data/727920/000077172606000244/ex99-6m_exhibit.htm)

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|:---|:---|:---|
|  | (14) | [Form of Rider No. 13 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, and of the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 333-124408 on Form N-3 of Registrant, filed April 28, 2006.](http://www.sec.gov/Archives/edgar/data/727920/000077172606000244/ex99-6n_exhibit.htm) |
|  | (15) | [Form of Rider No. 14 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, and of the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 333-124408 on Form N-3 of Registrant, filed April 28, 2006.](http://www.sec.gov/Archives/edgar/data/727920/000077172606000244/ex99-6o_exhibit.htm) |
|  | (16) | Form of Rider 15 to Group Annuity Contract AC 2100 among the Trustees of the American Dental Association Members Retirement Trust, and of the American Dental Association Members Pooled Trust for Retirement Plans and The Equitable Life Assurance Society of the United States, incorporated by reference to Exhibit 6(p) to Registration Statement No. 333-124408 on Form N-3, filed on April 27, 2007. |
|  | (17) | [Form of Rider 1 Attached to and made part of Group Annuity Contract No. AC \[5108\] *between* AXA Equitable Life Insurance Company ("AXA Equitable") *and* \[Reliance Trust Company, As Trustee\], Contract Holder (Form No. 2014ADAREV), previously filed with this Registration Statement on Form N-4 (File No. 333-142455) on April 23, 2015.](http://www.sec.gov/Archives/edgar/data/1397940/000119312515143797/d830036dex994q.htm) |
|  | (18) | [Form of Rider 2 Attached to and made part of Group Annuity Contract No. AC \[5108\] Between AXA Equitable Life Insurance Company ("AXA Equitable") AND \[Reliance Trust Company, As Trustee\], Contract Holder (Form No. 2015ADAREV), previously filed with this Registration Statement on Form N-4 (File No. 333-142455) on April 20, 2017.](http://www.sec.gov/Archives/edgar/data/1397940/000119312517130340/d298960dex994r.htm) |
|  | (19) | [Form of Rider 3 Attached to and made part of Group Annuity Contract No. AC 2015 Between Equitable Financial Life Insurance Company and Benefit Trust Company, As Trustee, filed previously with this Form N-4 Registration Statement (File No. 333-142455) on April 23, 2021.](http://www.sec.gov/Archives/edgar/data/1397940/000119312521128602/d140412dex994s.htm) |
| (e) |  | Applications. |
|  | (1) | Exhibit 11(a)(2) (Form of American Dental Association Members Retirement Plan, as filed with the Internal Revenue Service), incorporated by reference to Post-Effective Amendment No. 2 to Registration No. 33-21417 on Form N-3 of Registrant, filed April 26, 1989. |
|  | (2) | Exhibit 11(g)(2) (Form of American Dental Association Members Retirement Trust, as filed with the Internal Revenue Service), incorporated by reference to Post-Effective Amendment No. 2 to Registration No. 33-21417 on Form N-3 of Registrant, filed April 26, 1989. |
|  | (3) | Exhibit 11(i) (Form of First Amendment to the American Dental Association Members Retirement Trust), incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 33-40162 on Form N-3 of Registrant, filed December 20, 1991. |
|  | (4) | Exhibit 11(o) (Copy of Administration Services Agreement, dated May 1, 1994, among The Equitable Life Assurance Society of the United States, the Trustees of the American Dental Association Members Retirement Trust, and of the American Dental Association Members Pooled Trust for Retirement Plans and the Council of Insurance of the American Dental Association), incorporated by reference to Registration Statement No. 33-75614 on Form N-3 of Registrant, filed February 23, 1994. |
|  | (5) | Exhibit 11(j) (Copy of American Dental Association Members Pooled Trust for Retirement Plans, dated as of January 1, 1984), incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 33-40162 on Form N-3 of Registrant, filed December 20, 1991. |
|  | (6) | Exhibit 11(k) (Form of First Amendment to the American Dental Association Members Pooled Trust for Retirement Plans, dated as of January 1, 1984), incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 33-40162 on Form N-3 of Registrant, filed December 20, 1991. |
|  | (7) | [Form of Basic Plan Document (No. 1) for the Volume Submitter Plan as filed with the Internal Revenue Service in November 2003, incorporated herein by reference to Exhibit 7(m) to the Registration Statement File No. 333-114882 on Form N-3 with respect to Separate Account 4, filed on April 27, 2004.](http://www.sec.gov/Archives/edgar/data/727920/000095013604001294/file002.txt) |
|  | (8) | [Membership Retirement Program Form of IRS Pre-Approved Defined Contribution Prototype Plan and Trust Basic Plan Document \[DC-BPD #03\] as filed with the Internal Revenue Service in April 2012, is incorporated herein by reference to the Registration Statement (File No. 333-142459) filed on April 21, 2016.](http://www.sec.gov/Archives/edgar/data/1397933/000119312516550044/d104852dex9911h.htm) |
|  | (9) | [ADA Members Retirement Program Group Annuity Application (Form No. 2014 APP ADA), previously filed with this Registration Statement on Form N-4 (File No. 333-142455) on April 23, 2015.](http://www.sec.gov/Archives/edgar/data/1397940/000119312515143797/d830036dex995h.htm) |
|  | (10) | [ADA Members Retirement Program Group Annuity Application (Form No. 2015 APP ADA), incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-142455) on April 24, 2020.](http://www.sec.gov/Archives/edgar/data/1397940/000119312520118634/d758920dex995j.htm) |
|  | (11) | [ADA Members Retirement Program Group Annuity Application (Form No. 2015 APP ADA), filed previously with this Registration Statement on Form N-4 (File No. 333-142455) on April 23, 2021.](http://www.sec.gov/Archives/edgar/data/1397940/000119312521128602/d140412dex995k.htm) |

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| (f) |  | Insurance Company's Certificate of Incorporation And By-Laws. |
|  | (1) | [Restated Charter of AXA Equitable, as amended August 31, 2010, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333-05593) on April 24, 2012.](http://www.sec.gov/Archives/edgar/data/1015570/000119312512177976/d236060dex996a.htm) |
|  | (1)(i) | [Restated Charter of Equitable Financial Life Insurance Company incorporated herein by reference to Registration Statement on Form N-6 (File No. 333-232418) filed on June 29, 2020.](http://www.sec.gov/Archives/edgar/data/771726/000119312520182252/d169270dex99f1.htm) |
|  | (2) | [By-Laws of AXA Equitable, as amended September 7, 2004, incorporated herein by reference to Exhibit No. 6.(c) to Registration Statement on Form N-4, (File No. 333-05593), filed on April 20, 2006.](http://www.sec.gov/Archives/edgar/data/1015570/000077172606000176/e7828_ex99-6c.txt) |
|  | (2)(i) | [By-Laws of Equitable Financial Life Insurance Company, as amended, June 15, 2020, incorporated hereby by reference to Registration Statement on Form N-6 (File 333-232418), filed on June 29, 2020.](http://www.sec.gov/Archives/edgar/data/771726/000119312520182252/d169270dex99f2.htm) |
|  | (2)(ii) | [Amended and Restated By-Laws of Equitable Financial Life Insurance Company dated September 23, 2020, incorporated herein by reference to Registration Statement on Form N-4 (file No. 333-254385) filed on March 17, 2021.](http://www.sec.gov/Archives/edgar/data/1015570/000119312521083785/d157953dex996b.htm) |
| (g) |  | Reinsurance Contracts. Not Applicable. |
| (h) |  | Participation Agreements. |
|  | (1) | Exhibit 7(a) (Form of Participation Agreement for the standardized Profit-Sharing Plan under the ADA Program), incorporated by reference to Post-Effective Amendment No. 1 on Form N-3 to Registration Statement on Form S-1 of Registrant, filed April l6, 1986. |
|  | (2) | Exhibit 7(b) (Form of Participation Agreement for the nonstandardized Profit-Sharing Plan under the ADA Program), incorporated by reference to Post-Effective Amendment No. 1 on Form N-3 to Registration Statement on Form S-1 of Registrant, filed April l6, 1986. |
|  | (3) | Exhibit 7(e) (Copy of Attachment to Profit Sharing Participation Agreement under the American Dental Association Members Retirement Plan), incorporated by reference to Registration No. 33-21417 on Form N-3 of Registrant, filed April 26, 1988. |
|  | (4) | Exhibit 7(e)(2) (Form of Participant Enrollment Form under the ADA Program), incorporated by reference to Post-Effective Amendment No. 2 on Form N-3 to Registration Statement on Form S-1 of Registrant, filed April 2l, l987. |
|  | (5) | Exhibit 7(v) (Form of Simplified Participation Agreement for the Profit-Sharing Plan under the ADA Program, as filed with the Internal Revenue Service), incorporated by reference to Post-Effective Amendment No. 2 to Registration No. 33-21417 on Form N-3 of Registrant, filed April 26, 1989. |
|  | (6) | Exhibit 7(w) (Form of Non-Standardized Participation Agreement for the Profit-Sharing Plan under the ADA Program, as filed with the Internal Revenue Service), incorporated by reference to Post- Effective Amendment No. 2 to Registration No. 33-21417 on Form N-3 of Registrant, filed April 26, 1989. |
|  | (7) | Exhibit 7(x) (Form of Standardized Participation Agreement for the Profit-Sharing Plan under the ADA Program, as filed with the Internal Revenue Service), incorporated by reference to Post-Effective Amendment No. 2 to Registration No. 33-21417 on Form N-3 of Registrant, filed April 26, 1989. |
|  | (8) | Buy-Sell Agreement by and among the Trustees of the American Dental Association Members Retirement Trust and of the American Dental Association Members Pooled Trust for Retirement Plans, The Equitable Life Assurance Society of the United States, Templeton Funds, Inc. and Templeton Funds Distributor, Inc., incorporated by reference to Registration Statement No. 33-46995 on Form N-3 of Registrant, filed April 8, 1992. |
|  | (9) | Amended and Restated Buy-Sell Agreement effective April 17, 1995 between The Equitable Life Assurance Society of the United States and Franklin Templeton Distributors, Inc., incorporated by reference to Registration Statement No. 33-91588 on Form N-3 of Registrant, filed April 28, 1995. |
|  | (10) | [ADA Membership Retirement Program Enrollment Form, previously filed with this Registration Statement (File No. 333-142455) on April 24, 2009.](http://www.sec.gov/Archives/edgar/data/1397940/000008902409000258/e11153_ex99-5j.htm) |
|  | (10)(i) | [ADA Membership Retirement Program Enrollment Form, filed previously with this Registration Statement (File No. 333-142455) on April 23, 2021.](http://www.sec.gov/Archives/edgar/data/1397940/000119312521128602/d140412dex998j1.htm) |
|  | (10)(ii) | [ADA Membership Retirement Program Enrollment Form previously filed with this Registration Statement (File No. 333-142455) on April 22, 2022.](http://www.sec.gov/Archives/edgar/data/1397940/000119312522114745/d300358dex99hj2.htm) |
|  | (10)(iii) | [ADA Membership Retirement Program Enrollment Form filed previously with this Registration Statement (File No. 333-142455) on April 21, 2023.](http://www.sec.gov/Archives/edgar/data/1397940/000119312523110025/d369451dex99j3.htm) |
|  | (10)(iv) | [Form of ADA Members Retirement Program Group Annuity Enrollment Form (2015ENRL-ADA, rev 11/23), filed previously with this Registration Statement on Form N-4 (File No. 333-142455) on April 23, 2024.](http://www.sec.gov/Archives/edgar/data/1397940/000119312524106596/d709350dex99h10iv.htm) |
|  | (10)(v) | [Form of ADA Members Retirement Program Group Annuity Enrollment Form (2015ENRL-ADA, rev 01/25), filed previously with this Registration Statement (File No. 333-142456) on April 24, 2025.](http://www.sec.gov/Archives/edgar/data/1397940/000119312525093438/d887761dex99h10v.htm) |
|  | (11) | [Participation Agreement, dated as of April 25, 2002 among Vanguard Variable Insurance Fund, The Van Guard Group, Inc., Vanguard Marketing Corporation and The Equitable Life Assurance Society of the United States is incorporated herein by reference to Registration Statement File No. 333-142459 on Form N-3 filed on April 19, 2018.](http://www.sec.gov/Archives/edgar/data/1397933/000119312518122328/d522056dex994c.htm) |
|  | (11)(i) | [Form of Amendment to Participation Agreement, dated as of April 3, 2018, by and among Vanguard Variable Insurance Fund, The Van Guard Group, Inc., Vanguard Marketing Corporation and The Equitable Life Assurance Society of the United States is incorporated herein by reference to Registration Statement File No. 333-142459 on Form N-3 filed on April 19, 2018.](http://www.sec.gov/Archives/edgar/data/1397933/000119312518122328/d522056dex994ci.htm) |
|  | (11)(ii) | [Third Amendment to Participation Agreement, entered into as of November 12, 2021, to Participation Agreement dated April 25, 2002, by and among Equitable Financial Life Insurance Company, Vanguard Variable Insurance Fund, The Van Guard Group, Inc., and Vanguard Marketing Corporation previously filed with this Form N-3 Registration Statement (File No. 333-142461) on April 22, 2022.](http://www.sec.gov/Archives/edgar/data/1397940/000119312522114745/d300358dex99hkii.htm) |
|  | (12) | [Participation and Service Agreement among AXA Equitable Life Insurance Company and American Funds Distributors, Inc., American Funds Service Company, Capital Research and Management Company and the American Funds Insurance Series (collectively the "Funds"), dated January 2, 2013, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) filed on April 23, 2013.](http://www.sec.gov/Archives/edgar/data/89024/000119312513167216/d464004dex998j.htm) |
|  | (12)(i) | [First Amendment, effective April 19, 2013, to the Participation Agreement dated January 2, 2013, as amended, by and among AXA Equitable Life Insurance Company, MONY Life Insurance Company of America, American Funds Distributors, Inc. American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series, incorporated herein by reference to Registration Statement on Form N-4 (2-30070) filed on April 20, 2021.](http://www.sec.gov/Archives/edgar/data/89024/000119312521122748/d112918dex99ji.htm) |
|  | (12)(ii) | Second Amendment, effective October 8, 2013, to the Participation Agreement dated January 2, 2013, as amended, by and among AXA Equitable Life Insurance Company, MONY Life Insurance Company of America, American Funds Distributors, Inc. American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series, incorporated herein by reference to Registration Statement on Form N-4 (333-248907) filed on December 16, 2020. |
|  | (12)(iii) | [Third Amendment, effective September 10, 2020, to the Participation Agreement dated January 2, 2013, as amended, by and among AXA Equitable Life Insurance Company, American Funds Distributors, Inc. American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series, incorporated herein by reference to Registration Statement on Form N-4 (2-30070) filed on April 20, 2021.](http://www.sec.gov/Archives/edgar/data/89024/000119312521122748/d112918dex99jiii.htm) |
|  | (12)(iv) | [Fourth Amendment, effective November 17, 2020, to the Participation Agreement dated January 2, 2013, as amended, by and among Equitable Financial Life Insurance Company, Equitable Financial Life Insurance Company of America, American Funds Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series, incorporated herein by reference to Registration Statement on Form N-4 (333-248907) filed on December 16, 2020.](http://www.sec.gov/Archives/edgar/data/1822818/000119312520319077/d44001dex998a9aii.htm) |
|  | (12)(v) | [Fifth Amendment, effective February 5, 2021, to the Participation Agreement dated January 2, 2013, as amended, by and among Equitable Financial Life Insurance Company, Equitable Financial Life Insurance Company of America, American Funds Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series, incorporated herein by reference to Registration Statement filed on Form N-6 (File No. 333-103199) filed on April 21, 2022.](http://www.sec.gov/Archives/edgar/data/771726/000119312522112835/d235812dex9914av.htm) |
|  | (12)(vi) | [Sixth Amendment dated September 25, 2023, to Participation Agreement dated January 2, 2013, by and among Equitable Financial Life Insurance Company, Equitable Financial Life Insurance Company of America, American Funds Distributors, Inc., American Funds Services Company, Capital Research and Management Company and the American Funds Insurance Series, incorporated herein by reference to Registration Statement on Form N-4 (File No. 333- 229766) filed on February 7, 2024.](http://www.sec.gov/Archives/edgar/data/1537470/000119312524026021/d607768dex99h12f.htm) |
|  | (12)(vii) | [Seventh Amendment dated August 29, 2024, to Participation Agreement dated January 2, 2013, by and among Equitable Financial Life Insurance Company, Equitable Financial Life Insurance Company of America, Capital Client Group, Inc., American Funds Services Company, Capital Research and Management Company and the American Funds Insurance Series, filed previously with this Registration Statement (File No. 333-142456) on April 24, 2025.](http://www.sec.gov/Archives/edgar/data/1397940/000119312525093438/d887761dex99h12vii.htm) |

---

------

---

| | | |
|:---|:---|:---|
| (i) |  | Administrative Contracts. Not Applicable. |
| (j) |  | Other Material Contracts. Not Applicable. |
| (k) |  | Legal Opinion. |
|  |  | [Opinion and Consent of Alfred Ayensu-Ghartey, Esq., Vice President and Associate General Counsel of Equitable Financial, as to the legality of the securities being registered, filed herewith.](d35994dex99k.htm) |
| (l) |  | Other Opinions. |
|  | (1) | [Consent of PricewaterhouseCoopers LLP, filed herewith.](d35994dex99l1.htm) |
| (m) |  | Omitted Financial Statements. Not applicable. |
| (n) |  | Initial Capital Agreements. Not applicable. |
| (o) |  | [Form of Initial Summary Prospectus, filed previously with this Registration Statement (File No. 333-142456) on April 24, 2025.](http://www.sec.gov/Archives/edgar/data/1397940/000119312525093438/d887761dex99o.htm) |
| (p) |  | [Power of Attorney, filed herewith.](d35994dex99p.htm) |
| (q) |  | Letter Regarding Change in Certifying Accountant. Not applicable. |
| (r) |  | Historical Current Limits on Index Gains. Not Applicable. |

---

101. INS XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101. SCH XBRL Taxonomy Extension Schema Document

101. CAL XBRL Taxonomy Extension Calculation Linkbase Document

101. DEF XBRL Taxonomy Extension Definition Linkbase Document

101. LAB XBRL Taxonomy Extension Label Linkbase Document

101. PRE XBRL Taxonomy Extension Presentation Linkbase Document

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**Item 28.** **Directors and Officers of the Insurance Company** <br>

Set forth below is information regarding the directors and principal officers of the Insurance Company. The Insurance Company's address is 1345 Avenue of the Americas, New York, New York 10105. The business address of the persons whose names are preceded by an asterisk is that of the Insurance Company.

---

| | |
|:---|:---|
| NAME AND PRINCIPAL<br> BUSINESS ADDRESS | POSITIONS AND OFFICES WITH<br> THE INSURANCE COMPANY |
| DIRECTORS |  |
| Francis Hondal | Director |
| 10050 W. Suburban Drive |  |
| Pinecrest, FL 33156 |  |
| Arlene Isaacs-Lowe | Director |
| 1830 South Ocean Drive, #1411 |  |
| Hallandale, FL 33009 |  |
| Daniel G. Kaye | Director |
| 767 Quail Run |  |
| Inverness, IL 60067 |  |
| Joan Lamm-Tennant | Director |
| 846 9th Ave. S. |  |
| Naples, FL 34102 |  |
| Craig MacKay | Director |
| England & Company |  |
| 1133 Avenue of the Americas |  |
| Suite 2719 |  |
| New York, NY 10036 |  |
| Bertram L. Scott | Director |
| 3601 Hampton Manor Drive |  |
| Charlotte, NC 28226 |  |
| George Stansfield | Director |
| AXA |  |
| 25, Avenue Matignon |  |
| 75008 Paris, France |  |
| Charles G.T. Stonehill | Director |
| Founding Partner |  |
| Green & Blue Advisors |  |
| 525 Park Avenue, 8D |  |
| New York, NY 10065 |  |
| Douglas A. Dachille | Director |
| Legacy Liability Solutions, LLC |  |
| 161 N. Clark Street |  |
| Chicago, IL 60602 |  |
| OFFICER-DIRECTOR |  |
| \*Mark Pearson | Director and Chief Executive Officer |
| OTHER OFFICERS |  |
| \*Nicholas B. Lane | President |
| \*Kurt W. Meyers | Chief Legal Officer and Secretary |

---

------

---

| | |
|:---|:---|
| \*Jeffrey J. Hurd | Chief Operating Officer |
| \*Robin M. Raju | Chief Financial Officer |
| \*Michael B. Healy | Chief Information Officer |
| \*Nicholas Huth | Chief Compliance Officer |
| \*William Eckert | Chief Accounting Officer |
| \*David W. Karr | Signatory Officer |
| \*Erik Bass | Chief Strategy Officer and Signatory Officer |
| \*Mary Jean Bonadonna | Signatory Officer |
| \*Nicholas Chan | Deputy Treasurer |
| \*Eric Colby | Signatory Officer |
| \*Glen Gardner | Chief Investment Officer |
| \*Kenneth Kozlowski | Signatory Officer |
| \*Carol Macaluso | Signatory Officer |
| \*James Mellin | Signatory Officer |
| \*Hillary Menard | Signatory Officer |
| \*Ralph Petruzzo | Deputy General Counsel, Assistant Secretary and Signatory Officer |
| \*Maryanne ("Masha") Mousserie | Signatory Officer |
| \*Prabha ("Mary") Ng | Chief Information Security Officer |
| \*Antonio Di Caro | Signatory Officer |
| \*Dorothy (Jean) Kelley | Signatory Officer |
| \*Stephen Scanlon | Signatory Officer |
| \*Samuel Schwartz | Signatory Officer |
| \*Stephanie Shields | Signatory Officer |

---

------

---

| | |
|:---|:---|
| \*Joseph M. Spagnuolo | Signatory Officer |
| \*Qi Ning ("Peter") Tian | Treasurer |
| \*Gina Tyler | Chief Communications Officer |
| \*David Ward | Head of Government Relations and Signatory Officer |
| \*Xu ("Vincent") Xuan | Head of Life Insurance and Signatory Officer, Appointed Actuary |
| \*Yun ("Julia") Zhang | Chief Risk Officer |

---

**Item 29.** **Persons Controlled by or Under Common Control with the Insurance Company or the Registered Separate Account** <br>

Separate Account No. 206 (the "Separate Accounts") is a separate account of Equitable Financial Life Insurance Company. Equitable Financial, a New York stock life insurance company is an indirect wholly owned subsidiary of Equitable Holdings, Inc. (the "Holding Company").

Set forth below is the subsidiary chart for the Holding 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Equitable Holdings, Inc. - Subsidiary Organization Chart: Q4-2025, is filed herewith.](d35994dex9929.htm)

------

**Item 30.** **Indemnification** <br>

(a) Indemnification of Directors and Officers

The by-laws of Equitable Financial Life Insurance Company ("Equitable Financial") provide, in Article VII, as follows:

7.4 Indemnification of Directors, Officer and Employees. (a) To the extent permitted by law of the State of New York and subject to all applicable requirements thereof:

(i) Any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate is or was a director, officer or employee of the Company shall be indemnified by the Company;

(ii) any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate serves or served any other organization in any capacity at the request of the Company may be indemnified by the Company; and

(iii) the related expenses of any such person in any of said categories may be advanced by the Company.

(b)To the extent permitted by the law of the State of New York, the Company may provide for further indemnification or advancement of expenses by resolution of shareholders of the Company or Board of Directors, by amendment of these By-Laws, or by agreement. (Business Corporation Law ss.ss.721-726; Insurance Law ss.1216)

The directors and officers of Equitable Financial are insured under policies issued by X.L. Insurance Company, Arch Insurance Company, ACE, Chubb Insurance Company, AXIS Insurance Company, Zurich Insurance Company, AWAC (Allied World Assurance Company, Ltd.), Aspen Bermuda XS, CNA, AIG, Nationwide, Berkley, Berkshire, SOMPO, Chubb, Markel, Ascot, Bowhead and Westfield. The annual limit of such policies is $300 million, and the policies insure the officers and directors against certain liabilities arising out of their conduct in such capacities.

(b) Indemnification of Principal Underwriter. Not Applicable

Presently, there is no Principal Underwriter of the contracts. Equitable Financial provides marketing and sales services for distribution of the contracts. No commissions are paid; however, incentive compensation is paid to Equitable Financial employees who provide these services based upon first year plan contributions and number of plans sold.

(c) Undertaking

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, 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. |
|  <br> **Item 31. Principal Underwriters** | <br> **Item 31. Principal Underwriters** |
| (a) | Other Activity. Not applicable. Presently, there is no Principal Underwriter of the contracts. See Item 30(b). |
| (b) | Management. See Item 28 of this Part C. |
| (c) | Compensation From the Registrant. Not Applicable. |

---

#### Item 31A. Information about Contracts with Index-Linked Options and Fixed Options Subject to a Contract Adjustment
Not Applicable.

------

**Item 32.** **Location of Accounts and Records** <br>

Not Applicable.

**Item 33.** **Management Services** <br>

Not applicable.

**Item 34.** **Fee Representation and Undertakings** <br>

(a) The Insurance Company represents that the fees and charges deducted under the Contract described in this Registration Statement, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by the Insurance Company.

(b) Not applicable.

------

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City and State of New York, on this 23rd day of April, 2026.

---

| | |
|:---|:---|
| Separate Account No. 206 | Separate Account No. 206 |
|  (Separate Account) | (Separate Account) |
| Equitable Financial Life Insurance Company<br> (Insurance Company) | Equitable Financial Life Insurance Company<br> (Insurance Company) |
| By: | /s/ Alfred Ayensu-Ghartey |
|  | Alfred Ayensu-Ghartey |
|  | Vice President and Associate General Counsel |

---

------

SIGNATURES

As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated:

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER: |  |
| \*Mark Pearson | Chief Executive Officer and Director |
| PRINCIPAL FINANCIAL OFFICER: |  |
| \*Robin Raju | Chief Financial Officer |
| PRINCIPAL ACCOUNTING OFFICER: |  |
| \*William Eckert | Chief Accounting Officer |

---

---

| | |
|:---|:---|
| \*DIRECTORS: |  |
| Douglas A. Dachille | Bertram L. Scott |
| Daniel G. Kaye | George Stansfield |
| Mark Pearson | Charles G.T. Stonehill |
| Arlene Isaacs-Lowe | Joan Lamm-Tennant |
| Craig MacKay | Francis Hondal |

---

---

| | |
|:---|:---|
| \*By: | /s/ Alfred Ayensu-Ghartey |
|  | Alfred Ayensu-Ghartey |
|  | Attorney-in-Fact |
|  | April 23, 2026 |

---

## Ex-99.(K)

Alfred Ayensu-Ghartey

Vice President and

Associate General Counsel

(212) 314-2777

Alfred Ayensu-Ghartey@equtiable.com

LAW DEPARTMENT

![LOGO](g35994g22b80.jpg)

April 23, 2026

VIA EDGAR

Equitable Financial Life Insurance Company

1345 Avenue of the Americas

New York, New York 10105

Dear Sirs:

This opinion is furnished in connection with the Form N-4 Registration Statement of Equitable Financial Life Insurance Company ("Equitable Financial") under the Securities Act of 1933, as amended (the "Act"), relating to separate account units of interest ("Units") under group annuity contracts issued by Equitable Financial in connection with certain American Dental Association retirement plans (the "Contracts") (the separate account related to the Contracts, separate account 206, being referred to herein collectively as the "Separate Account"). The securities being registered are to be offered in the manner described in the Registration Statement covering the Units and the Contracts.

I have examined all such corporate records of Equitable Financial and such other documents and such laws as I consider appropriate as a basis for the opinion hereinafter expressed. On the basis of such examination, it is my opinion that:

1. Equitable Financial is a corporation duly organized and validly existing under the laws of the State of New York.

2. The Separate Account has been duly created pursuant to the provisions of the New York Insurance Law.

3. The assets of the Separate Account is owned by Equitable Financial; Equitable Financial is not a trustee with respect thereto. Under New York law, the income, gains and losses, whether or not realized, from assets allocated to the Separate Account must be credited to or charged against the Separate Account, without regard to the other income, gains or losses of Equitable Financial.

4. The Contracts provide that the portion of the assets of the Separate Account equal to the reserves and other contract liabilities with respect to the Separate Account shall not be chargeable with liabilities arising out of any other business Equitable Financial may conduct.

5. The Contracts and the Units issued thereunder have been duly authorized; and the Contracts (including the Units duly issued thereunder) constitute validly issued and binding obligations of Equitable Financial in accordance with their terms.

I hereby consent to the use of this opinion as an exhibit to the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Alfred Ayensu-Ghartey |
| Alfred Ayensu-Ghartey |

---

## Ex-99.(L)(1)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Post-Effective Amendment No. 32 to the Registration Statement on Form N-4 (No. 333-142455) (the "Registration Statement") of our report dated April 7, 2026 relating to the statutory financial statements of Equitable Financial Life Insurance Company and consent to the incorporation by reference in the Registration Statement of our report dated April 9, 2026 relating to the financial statements of each of the variable investment options of Separate Account No. 206 indicated in our report. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 23, 2026

## Ex-99.(P)

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or Director of Equitable Financial Life Insurance Company (the "Company"), a New York stock life insurance company, hereby constitutes and appoints Darin D. Smith, Kurt Meyers, Ralph A. Petruzzo, Nicholas Huth, and Alfred Ayensu-Ghartey, each of them (with full power to each of them to act alone), his or her true and lawful attorney-in-fact and agent for him or her and on his or her behalf and in his or her name, place and stead, to execute and file any and all reports (and amendments thereto) by the Company under the Securities Exchange Act of 1934 and any and all registration statements (and amendments thereto) by the Company or its separate accounts relating to annuity contracts and life insurance policies under the Securities Act of 1933 and/or the Investment Company Act of 1940, including but not limited to the "Registration Statements," as defined below, with all exhibits and all instruments necessary or appropriate in connection therewith, each of said attorneys-in-fact and agents being empowered to act with or without the others, and to have full power and authority to do or cause to be done in the name and on behalf of the undersigned each and every act and thing requisite and necessary or appropriate with respect thereto to be done in and about the premises in order to effectuate the same, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may do or cause to be done by virtue hereof.

The "Registration Statements" covered by the Power of Attorney are defined to include the registration statements listed below:

<u>Separate Account No. 45 (811-08754)</u> 

33-83750

333-44996

333-61380

333-64751

333-73121

Form N-4 registration statement(s) to be filed as necessary.

<u>Separate Account No. 49 (811-07659)</u> 

---

| | |
|:---|:---|
|  333-05593  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-142414 |
|  333-31131  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-160951 |
|  333-60730  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-165395 |
|  333-64749  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-207256 |
|  333-79379  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-216084 |
|  333-96177  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-254385 |
|  333-127445  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-258709 |
|  333-137206  |  |

---

Form N-4 registration statement(s) to be filed as necessary.

<u>Separate Account No. 70 (811-22651)</u> 

---

| | |
|:---|:---|
|  333-178750  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-220167 |
|  333-182795  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-220168 |
|  333-182796  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-229766 |
|  333-182903  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-229769 |
|  333-190033  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-248863 |
|  333-202147  |  |

---

Form N-4 registration statement(s) to be filed as necessary.

EFLIC

------

<u>Separate Account A (811-01705)</u> 

---

| | |
|:---|:---|
| 2-30070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-137052 |
| 33-47949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-141082 |
| 33-58950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-141292 |
|  333-19925  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-146143 |
|  333-81393  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-153809 |
|  333-81501  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-186807 |
|  333-130988  |  |

---

Form N-4 registration statements for EQUI-VEST<sup>®</sup> contracts currently included in Reg. No. 2-30070 (EQUI-VEST<sup>®</sup> Individual, EQUI-VEST<sup>®</sup> Employer Sponsored, EQUI-VEST<sup>®</sup> Vantage<sup>SM</sup>, EQUI-VEST<sup>®</sup> TSA Advantage<sup>SM</sup>)

Form N-4 registration statements to be filed as necessary.

<u>Separate Account 301 (811-03301)</u> 

2-74667

Form N-4 registration statement(s) to be filed as necessary.

<u>Separate Account I (811-02581)</u> 

333-17633

Form N-6 registration statements(s) to be filed as necessary.

<u>Separate Account FP (811-04335)</u> 

---

| | |
|:---|:---|
| 333-17639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-132200 |
| 333-17641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-134307 |
| 333-17663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-207015 |
|  333-17665  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-229235 |
|  333-17669  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-229236 |
| 333-17671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-232418 |
| 333-76130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-232533 |
| 333-103199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-256251 |
|  333-103202  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-257925 |
|  333-115985  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-271990 |
|  333-281512  |  |

---

Form N-6 registration statement(s) to be filed as necessary.

<u>Equitable Financial Life Insurance Company (RILA)(CIK: 0002039145)</u> 

---

| | |
|:---|:---|
| 333-284599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-285624 |
| 333-283623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-283585 |
| 333-283608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-283597 |
|  333-283595  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-283599 |
|  333-283601  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-283589 |
| 333-283600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-283587 |
| 333-283583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-283581 |
| 333-283592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-282690 |
|  333-283602  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-282436 |

---

Form N-4 registration statements for EQUI-VEST<sup>®</sup> contracts currently included in Reg. No. 333-283608 (EQUI-VEST<sup>®</sup> Individual, EQUI-VEST<sup>®</sup> Employer Sponsored, EQUI-VEST<sup>®</sup> Vantage<sup>SM</sup>, EQUI-VEST<sup>®</sup> TSA Advantage<sup>SM</sup>)

Form N-4 registration statement(s) to be filed as necessary.

EFLIC

------

<u>Equitable Financial Life Insurance Company (CIK: 0000727920)</u> 

---

| | |
|:---|:---|
| 333-142453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-284947 |
| 333-142454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-284948 |
| 333-142455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-284949 |
|  333-142456  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-293448 |
|  333-142457  |  |
| 333-142458 |  |
| 333-142459 |  |
| 333-142461 |  |

---

Form S-1 or S-3 registration statements to be filed, as necessary, for index-linked investment options to be offered in connection with certain flexible premium variable life insurance policies. This includes, but is not limited to, each Market Stabilizer Option<sup>®</sup>.

Form S-1 or S-3 registration statement(s) to be filed, as necessary, relating to funding agreements issued as an alternative to an escrow account.

Form S-1, S-3, N-3, N-4 or N-6 registration statements to be filed, as necessary, including but not limited to, any registration statements filed to continue the offering of, and/or register more securities for, any securities offered by the registration statements identified above.

This instrument may be executed in one or more counterparts.

The undersigned has hereunto set his or her hand on the date(s) below.

---

| | | |
|:---|:---|:---|
| **Date** | **Signature** | **Title** |
| 3/27/2026 | /s/ Douglas A. Dachille<br> Douglas A. Dachille | Director |
| 3/26/2026 | /s/ Daniel G. Kaye<br> Daniel G. Kaye | Director |
| 3/28/2026 | /s/ Francis Hondal<br> Francis Hondal | Director |
| 3/27/2026 | /s/ Arlene Isaacs-Lowe<br> Arlene Isaacs-Lowe | Director |
| 3/30/2026 | /s/ Joan Lamm-Tennant<br> Joan Lamm-Tennant | Director |
| 3/29/2026 | /s/ Craig MacKay<br> Craig MacKay | Director |

---

EFLIC

------

---

| | | |
|:---|:---|:---|
| **Date** | **Signature** | **Title** |
| 3/30/2026 | /s/ Mark Pearson<br> Mark Pearson | Chief Executive Officer and<br> Director |
| 3/27/2026 | /s/ Bertram Scott<br> Bertram Scott | Director |
| 3/26/2026 | /s/ George Stansfield<br> George Stansfield | Director |
| 3/26/2026 | /s/ Charles G.T. Stonehill<br> Charles G.T. Stonehill | Director |
| 3/26/2026 | /s/ Robin Raju<br> Robin Raju | Chief Financial Officer |
| 3/29/2026 | /s/ William Eckert<br> William Eckert | Chief Accounting Officer |

---

EFLIC

## Ex-99.(29)

***<u>EQUITABLE HOLDINGS, INC. - SUBSIDIARY ORGANIZATION CHART : DECEMBER 31, 2025</u>***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Type of<br>Subsidiary | State of<br>Incorp. or<br>Domicile | State of<br>Principal<br>Operation | Federal<br>Tax ID # | Number of<br>Shares<br>Owned | Parent's<br>Percent of<br>Ownership<br>or Control | Comments (e.g.,<br>Basis of Control) | Address | CityStZip |
|  Equitable Holdings, Inc. |  | DE | NY | 90-0226248 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Units Holdings, Inc | HCO | DE | NY | 83-2796390 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Units Holdings II, Inc | HCO | DE | NY | 68-0461436 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 Holdings, LLC | HCO | DE | NY | See Note<br>19 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285 Holdings, LLC | HCO | DE | NY | 46-1106388 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Services, LLC (Notes 2 &16) |  | DE | NY | 52-2197822 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CS Life Re Company | Insurance | AZ |  | 46-5697182 | 250000 | 100.00% |  | 8501 IBM Dr | Charlotte,<br>NC 28262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Investment Management, LLC | Investment | DE | NY | 87-1424173 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Investment Management, LLC | Investment | DE | NY | 88-2794295 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Bermuda RE Ltd. | Insurance | Bermuda | Hamilton | 98-1809871 | 250000 | 100.00% |  | Clarendon, 2 Church St | Hamilton,<br>HM-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ AZ Life Re Company | Insurance | AZ | AZ | 82-3971925 | 250000 | 100.00% | NAIC # 16234 | 3030 N. Third Street Suite<br>790 | Phoenix,<br>AZ 85012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Distribution Holding Corporation (Note 2) |  | DE | NY | 13-4078005 | 1000 | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Advisors, LLC (Note 5) |  | DE | NY | 13-4071393 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Network, LLC (Note 6) | Operating | DE | NY | 06-1555494 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Network of Puerto Rico, Inc. | Operating | P.R. | P.R. | 66-0577477 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Investment Advisors, Inc | Operating | NY | NY |  |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PlanConnect, LLC | Operating | DE | NY | 27-1540220 |  | 100.00% |  | 100 Madison Street | Syracuse,<br>NY 13221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Insurance Company (Note 2 & 9) \* | Insurance | NY | NY | 13-5570651 | 2000000 | 100.00% | NAIC # 62944; General Partner of Equitable Managed Asset | NAIC # 62944; General Partner of Equitable Managed Asset |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Investment Management Group LLC | Operating | DE | NY | 27-5373651 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VA Capital Company LLC | Investment | DE | NY |  |  | 9.10% | EIM owns 9.1% | EIM owns 9.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broad Vista Partners, LLC | Investment | DE | NY | 81-3019204 |  | 70.00% | 70% by Equitable Financial & 30% by AXA France | 70% by Equitable Financial & 30% by AXA France |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 East 87th Street Company, LLC | Investment | DE | NY | 86-3691523 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westory 14th Street LLC | Investment | DE | Washington,<br>DC | 99-1043155 |  | 100.00% |  | 1345 Avenue of the Americas | New York,<br> NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ European Commercial Real Estate Debt Holdings LLC | Investment | DE | NY | 85-3881722 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ European Commercial Real Estate Debt Holdings GP S.à r.l. | Investment | Luxembourg | Luxembourg |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ European Commercial Real Estate Debt,SICAV-RAIF | Investment | Luxembourg | Luxembourg |  |  |  | Jointly owned by both EQ European Commercial Real Estate Debt Holdings LLC and EQ European Real Estate Debt Holdings GP S.a.r.l. | Jointly owned by both EQ European Commercial Real Estate Debt Holdings LLC and EQ European Real Estate Debt Holdings GP S.a.r.l. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ ECRED Investments I S.à r.l. | Investment | Luxembourg | Luxembourg |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ ECRED Investments II S.à r.l. | Investment | Luxembourg | Luxembourg |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ Holdings, LLC (Notes 3 & 4) | HCO | NY | NY | 22-2766036 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Attached Listing A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Managed Assets, L.P. | Investment | DE | NY | 13-3385080 |  |  | General Partner of Equitable Deal Flow Fund | General Partner of Equitable Deal Flow Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVSA, Inc. | Investment | DE | PA | 23-2671508 | 50 | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECA Residential LLC | Investment | DE | DE | 92-0830868 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmland Investors, LLC | Investment | DE | NY | 33-3290749 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Partnership Equities (various) | Investment | \*\* |  |  |  |  | \*\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switchyard 500 Santa Fe LLC (a Delaware Limited Liability Company) | Investment | DE | CA | 39-2904495 |  | 100.00% |  | 1345 Avenue of the<br>Americas, New York,<br>New York 10105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account 166, LLC | Investment | DE | NY | 47-4180335 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life and Annuity Company \* (Note 10,17 & 18) | Insurance | Colorado | Colorado | 13-3198083 | 1000000 | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MONY International Holdings, LLC | HCO | DE | NY | 13-3790446 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MONY International Life Insurance Co. Seguros de Vida S.A.\* | Insurance | Argentina | Argentina | 98-0157781 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MONY Financial Resources of the Americas Limited | Insurance | Jamaica | Jamaica | 13-3790446 | 1000 | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBT, Ltd. | Operating | Cayman<br>Islands | Cayman<br>Islands | 98-0152047 | 633 | 100.00% | 79% by MONY Int'l Holdings & 21% by MONY Financial Resources | 79% by MONY Int'l Holdings & 21% by MONY Financial Resources |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MONY Participacoes LTDA (f/k/a MONY Consultoria e Corretagem de Seguros Ltda) | Operating | Brazil | Brazil |  |  | 99.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Insurance Company of America\* | Insurance | AZ | NY | 86-0222062 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Investment Management America, LLC | Investment | DE | NY | 93-2098229 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECA AZ Residential LLC | Investment | DE | DE | 93-3718520 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MONY Financial Services, Inc. | HCO | DE | NY | 11-3722370 | 1000 | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Marketing Agency, Inc. | Operating | OH | OH | 31-1465146 | 99 | 99.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740 Advisers, Inc. | Operating | NY | NY | 13-2645490 | 15000 | 100.00% |  |  |  |

---

Page 1 of 5

------

***<u>EQUITABLE HOLDINGS, INC. - SUBSIDIARY ORGANIZATION CHART : DECEMBER 31</u><u>, 2025</u>***

\* Affiliated Insurer

\*\* Information relating to Equitable's Real Estate Partnership Equities is disclosed in Schedule BA, Part 1 of AXA Equitable Life's Annual Statement, which has been filed with the N.Y.S. Insurance Department.

\*\*\* All subsidiaries are corporations, except as otherwise noted.

**1.** The Equitable Companies Incorporated changed its name to AXA Financial, Inc. on Sept. 3, 1999.

**2.** Effective Sept. 20, 1999, AXA Financial, Inc. transferred ownership of Equitable Life to AXA Client
Solutions, LLC, which was formed on July 19, 1999.

Effective January 1, 2002, AXA Client Solutions, LLC transferred ownership of Equitable Life and AXA Distribution Holding Corp. to AXA Financial, Inc.

Effective May 1, 2002, AXA Client Solutions, LLC changed its name to AXA Financial Services, LLC.

Effective June 1, 2002, AXA Financial, Inc. transferred ownership of Equitable Life and AXA Distribution Holding Corp. to AXA Financial Services, LLC.

Effective November 30, 2007, the name of AXA Financial Services, LLC was changed to AXA Equitable Financial Services, LLC.

**3.** Equitable Holding Corp. was merged into Equitable Holdings, LLC on Dec. 19, 1997. Equitable Holdings,
LLC had its name changed to EQ Holdings, LLC, effective November 4, 2019.

**4.** In October 1999, AllianceBernstein Holding L.P. ("AllianceBernstein Holding L.P.")
reorganized by transferring its business and assets to AllianceBernstein L.P., a newly formed private partnership ("AllianceBernstein").

As of December 31, 2025 Equitable Holdings, Inc and its subsidiaries own 68.26% of the issued and outstanding public and private units in AllianceBernstein (the "AllianceBernstein Units"), as follows:

Equitable Holdings, held directly 81,520,154 AllianceBernstein Units (27.50%),

Alpha Units Holdings owns 75,851,289 AllianceBernstein Units (25.58%)

GP (GP owned by Alpha Units), owns 3,064,732 (1.03%), and

Alpha Units Holdings II owns 41,934,582 (14.14%)

***As of September 26, 2019, Certificate of Cancellation filed for ACMC, LLC***

**5.** EQ Financial Consultants (formerly, Equico Securities, Inc.) was merged into AXA Advisors, LLC on Sept.
20, 1999. AXA Advisors, LLC was transferred from Equitable Holdings, LLC to AXA Distribution Holding Corporation on Sept. 21, 1999.

**6.** Effective March 15, 2000, Equisource of New York, Inc. and 14 of its subsidiaries were merged into
AXA Network, LLC, which was then sold to AXA Distribution Holding Corp. EquiSource of Alabama, Inc. became AXA Network of Alabama, LLC. EquiSource Insurance Agency of Massachusetts, Inc. became AXA Network Insurance Agency of Massachusetts, LLC.
Equisource of Nevada, Inc., of Puerto Rico, Inc., and of Texas, Inc., changed their names from "EquiSource" to become "AXA Network", respectively. Effective February 1, 2002, Equitable Distributors Insurance Agency of
Texas, Inc. changed its name to AXA Distributors Insurance Agency of Texas, Inc. Effective February 13, 2002 Equitable Distributors Insurance Agency of Massachusetts, LLC changed its name to AXA Distributors Insurance Agency of Massachusetts,
LLC. **7.** Effective June 6, 2000, Frontier Trust Company was sold by ELAS to AXF and merged into Frontier
Trust Company, FSB.

**8.** Effective June 1, 2001, Equitable Structured Settlement Corp was transferred from ELAS to Equitable
Holdings, LLC.

**9.** Effective September 2004, The Equitable Life Assurance Society of the United States changed its name to
AXA Equitable Life Insurance Company.

**10.** Effective September 2004, The Equitable of Colorado changed its name to AXA Life and Annuity Company.

**11.** Effective February 18, 2005, MONY Realty Capital, Inc. was sold.

**12.** Effective May 26, 2005, Matrix Capital Markets Group was sold.

**12.** Effective May 26, 2005, Matrix Private Equities was sold.

**13.** Effective December 2, 2005, Advest Group was sold.

**14.** Effective February 24, 2006, Alliance Capital Management Corporation changed its name to
AllianceBernstein Corporation.

**15.** Effective July 11, 2007, Frontier Trust Company, FSB was sold.

**16.** Effective November 30, 2007, AXA Financial Services, LLC changed its name to AXA Equitable
Financial Services, LLC.

**17.** Effective August 1, 2008, AXA Equitable Life Insurance Company transferred ownership of AXA Life
and Annuity Company to AXA Equitable Financial Services, LLC.

**18.** Effective September 22, 2008, AXA Life and Annuity Company changed its name to AXA Equitable Life
and Annuity Company.

**19.** The EIN for 787 Holdings, LLC is 27-0294443, to be used for
federal employment taxes and certain federal excise taxes.

For federal tax purposes, it should generally use AXA Financial's EIN, which is 13-3623351.

**20.** Effective June 29, 2012, AXA Financial (Bermuda) Ltd. was redomesticated to Arizona and its name
was changed to AXA RE Arizona Company.

**21.** Effective December 15, 2014, AXA Strategic Ventures US, LLC. was formed.

**22.** Effective April 4, 2018, AXA America Corporate Solutions Inc was sold to AXA US Holdings Inc.

**23.** AXA RE Arizona Company was merged into AXA Equitable Life Insurance Company 4/12/18

**24.** EQ AZ Life Re Company was formed on 1/3/18

**25.** AXA Technology Services America, Inc merged into AXA Equitable Holdings, Inc. effective 11/30/19

**26.** Effective December 13, 2019, MONY Life Insurance Company of America changed its name to Equitable
Financial Life Insurance Company of America

**27.** Effective January 13, 2020, AXA Equitable Holdings, Inc. changed its name to Equitable Holdings,
Inc.

**28.** Effective April 1, 2020, US Financial Life Insurance was sold

**29.** Effective April 1, 2020, MONY Life Insurance Company of the Americas, Ltd was sold

**30.** Effective June 15, 2020, AXA-IM Holding U.S., Inc changed
its name to Alpha Units Holdings II, Inc

**31.** Effective June 15, 2020, AXA Equitable Life Insurance Company changed its name to Equitable
Financial Life Insurance Company

**32.** Effective June 1, 2021, Corporate Solutions Life Reinsurance Co was sold to Venerable Insurance and
Annuity Company

**33.** Effective June 1, 2021, CS Life Re owned 100% by Equitable Financial Services, LLC

**34.** Effective December 30, 2022 Equitable Investment Management, LLC (EIM, LLC) changed its name to
Equitable Financial Investment Management, LLC

**35.** Effective December 30, 2022 Equitable Investment Management II, LLC (EIM II, LLC) changed its name
to Equitable Investment Management, LLC

Page 2 of 5

------

***<u>EQUITABLE HOLDINGS, INC. - SUBSIDIARY ORGANIZATION CHART : DECEMBER 31</u><u>, 2025</u>***

---

| | |
|:---|:---|
|  Dissolved or | - On November 3, 2000, Donaldson, Lufkin & Jenrette, Inc. was sold to Credit Suisse Group. |
|  Merged | - 100 Federal Street Funding Corporation was dissolved August 31, 1998. |
|  | - 100 Federal Street Realty Corporation was dissolved December 20, 2001. |
|  | - CCMI Corp. was dissolved on October 7, 1999. |
|  | - ELAS Realty, Inc. was dissolved January 29, 2002. |
|  | - EML Associates, L.P. was dissolved March 27, 2001. |
|  | - EQ Services, Inc. was dissolved May 11, 2001. |
|  | - Equitable BJVS, Inc. was dissolved October 3, 1999. |
|  | - Equitable Capital Management Corp. became ECMC, LLC on November 30, 1999. |
|  | - Equitable JV Holding Corp. was dissolved on June 1, 2002.F142 |
|  | - Equitable JVS II, Inc. was dissolved December 4, 1996 |
|  | - Equitable Underwriting & Sales Agency (Bahamas) Ltd. was dissolved on December 31, 2000. |
|  | - EREIM LP Associates (L.P.) was dissolved March 27, 2001. |
|  | - EREIM Managers Corporation was dissolved March 27, 2001. |
|  | - EVLICO East Ridge, Inc. was dissolved Jan. 13, 2001 |
|  | - EVLICO, Inc. was dissolved in 1999. |
|  | - Franconom, Inc. was dissolved on December 4, 2000. |
|  | - GP/EQ Southwest, Inc. was dissolved October 21, 1997 |
|  | - HVM Corp. was dissolved on Feb. 16, 1999. |
|  | - ML/EQ Real Estate Portfolio, L.P. was dissolved March 27, 2001. |
|  | - Prime Property Funding, Inc. was dissolved in Feb. 1999. |
|  | - Sarasota Prime Hotels, Inc. became Sarasota Prime Hotels, LLC. |
|  | - Six-Pac G.P., Inc. was dissolved July 12, 1999 |
|  | - Paramount Planners, LLC., a direct subsidiary of AXA Distribution Holding Corporation, was dissolved on December 5, 2003 |
|  | - Equitable Rowes Wharf, Inc. was dissolved October 12, 2004 |
|  | - ECLL Inc. was dissolved July 15, 2003 |
|  | - MONY Realty Partners, Inc. was dissolved February 2005. |
|  | - Wil-Gro, Inc. was dissolved June, 2005. |
|  | - Sagamore Financial LLC was dissolved August 31, 2006. |
|  | - Equitable JVS was dissolved August, 2007. |
|  | - Astor Times Square Corp. dissolved as of April 2007. |
|  | - Astor/Broadway Acquisition Corp. dissolved as of August 2007. |
|  | - PC Landmark, Inc. has been administratively dissolved. |
|  | - EJSVS, Inc. has been administratively dissolved. |
|  | - STCS, Inc. was dissolved on August 15, 2007. |
|  | - AXA Network of Alabama was merged into AXA Network, LLC. on November 18, 2011 |
|  | - AXA Network of Connecticut, Maine and New York, LLC was merged into AXA Network, LLC. on November 17, 2011 |
|  | - AXA Network Insurance Agency of Massachusetts, LLC was merged into AXA Network, LLC. on November 17, 2011 |
|  | - AXA Network Insurance Agency of Texas, Inc. was merged into AXA Network, LLC. effective January 1, 2012. |
|  | - AXA Network of Nevada, Inc. was merged into AXA Network, LLC. effective January 1, 2012. |
|  | - Equitable Deal Flow Fund, L.P. dissolved effective December 2013. |
|  | - ACMC, LLC dissolved September 26, 2019 |

---

Page 3 of 5

------

***EQUITABLE HOLDINGS, INC. - SUBSIDIARY ORGANIZATION CHART : DECEMBER 31, 2025***

***LISTING A - EQ Holdings, LLC***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Type of<br>Subsidiary** | **State of<br>Incorp. or<br>Domicile** | **State of<br>Principal<br>Operation** | **Federal<br>Tax ID #** | **Number of<br>Shares<br>Owned** | **Parent's<br>Percent of<br>Ownership<br>or Control** | **Comments (e.g., Basis<br>of Control)** | **Address** | **CityStZip** |
|  Equitable Holdings, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Equitable Financial Services, LLC (Note 2) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Equitable Life Insurance Company \* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQ Holdings, 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;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Casualty Insurance Company \* | Operating | VT | VT | 06-1166226 | 1000 | 100.00% |  | KeyState Captive Management, LLC 100 Main Street, Suite 1 | Burlington, VT 05402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Corporation (See Note 4 on Page 2) | Operating | DE | NY | 13-3633538 | 100 | 100.00% |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Attached Listing B |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Distributors, LLC | Operating | DE | NY | 52-2233674 |  | 100.00% |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M.R. Realty Services, Inc. | Operating | DE | NY | 13-3813232 | 1000 | 100.00% |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Structured Settlement Corp. (See Note 8 on Page 2) | Operating | DE | NJ | 22-3492811 | 100 | 100.00% |  |  |  |

---

\* Affiliated Insurer

---

| | |
|:---|:---|
| Dissolved or | Equitable Investment Corp merged into Equitable Holdings, LLC on November 30, 1999. |
| Merged | Equitable Capital Management Corp. became ECMC, LLC on November 30, 1999.<br> Effective March 15, 2000, Equisource of New York, Inc. and its subsidiaries were merged into AXA Network, LLC, which was then sold to AXA Distribution Holding Corp.<br> Effective January 1, 2002, Equitable Distributors, Inc. merged into AXA Distributors, LLC. AXA Distributors Insurance Agency of Alabama, LLC was merged into AXA Distributors, LLC effective November 30, 2011.<br> AXA Distributors Insurance Agency, LLC was merged into AXA Distributors, LLC effective November 28, 2011.<br> AXA Distributors Insurance Agency of Massachusetts, LLC was merged into AXA Distributors, LLC effective November 29, 2011.<br> AXA Distributors Insurance Agency of Texas Inc. LLC was merged into AXA Distributors, LLC effective November 29, 2011.<br> ELAS Securities Acquisition Corp. was merged into Equitable Holdings, LLC effective July 16, 2012 |

---

***<u>EQUITABLE HOLDINGS, INC. - SUBSIDIARY ORGANIZATION CHART : DECEMBER 31</u><u>, 2025</u><u> </u>***

***<u>LISTING B - AllianceBernstein Corporation</u>*** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Type of<br>Subsidiary** | **State of<br>Incorp. or<br>Domicile** | **State of<br>Principal<br>Operation** | **Federal<br>Tax ID #** | **Number of<br>Shares<br>Owned** | **Parent's<br>Percent of<br>Ownership<br>or Control** | **Comments (e.g., Basis<br>of Control)** | **Address** | **CityStZip** |
|  Equitable Holdings, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Units Holdings, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Corporation |  | DE | NY | 13-3633538 |  |  | owns 1% GP interest in AllianceBernstein L.P. and 100,000 GP units in AllianceBernstein Holding L.P. | 1345 Avenue of the Americas | New York, New York 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Services, LLC (Note 2) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Holding L.P. (See Note 4 on Page 2) | HCO (NYSE: AB) | DE | NY | 13-3434400 |  |  |  | 1345 Avenue of the Americas | New York, New York 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein L.P. (See Note 4 on Page 2) | Operating | DE | NY | 13-4064930 |  |  |  | 1345 Avenue of the Americas | New York, New York 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Investments Taiwan Limited | Operating | Taiwan | Taiwan |  |  | 75.12% | AllianceBernstein Hong Kong Limited owns 24.88% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Trust Company, LLC | Operating | NH | NY |  |  | 100.00% | Sole member interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Distribution Vehicle LLC (100% owned by ABLP) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Capital Management LLC | HCO | DE | NY |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Real Estate Investments LLC | Operating | DE | NY |  |  | 100.00% | Sole member interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Private Credit Investors LLC | Operating | DE | NY | 47-1265381 |  | 100.00% | Sole member interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Custom Alternative Solutions LLC | Operating | DE | NY |  |  | 100.00% | Sole member interest (formerly known as RASL) | 1345 Avenue of the Americas | New York, New York 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein & Co., LLC | Operating | DE | NY | 13-4132953 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autonomous Research US LP ['99.9% owned by SCB & Co. LLC & 0.01% by ABLP] |  | NY | NY |  |  |  | '99.9% owned by SCB & Co. LLC & 0.01% by ABLP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AnchorPath Financial, LLC |  | DE | NY |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AnchorPath GP, LLC |  | DE | NY |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Broadly Syndicated Loan Manager LLC |  | DE | NY |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB Global Holdings LLC (100% owned by Alliance Capital Mgmt. LLC) |  | DE | NY |  |  | 100.00% | Owned by Alliance Capital Mgmt. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bernstein North America Holdings LLC (66.7% (Class A)/95.01 (Class B) owned by<br>SCB Global Holdings LLC and 33.3% (Class A)/4.99% (Class B) by Societe Generale) |  | DE | NY |  |  | 100.00% | SCB Global Holdings 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bernstein Institutional Services LLC (100% owned by Bernstein North America Holdings LLC) |  | DE | NY |  |  | 100.00% | SCB Global Holdings LLC 0 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein (Canada) Limited (100% owned by Bernstein North America Holdings LLC) |  |  |  |  |  | 100.00% | Owned by SCB Global Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Business Services Private Limited |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein International LLC | HCO | DE | NY |  |  |  | 100.00% | Owned by AllianceBernstein L.P. | 1345 Avenue of the Americas New York, New York 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein Holdings Limited (43.89% owned by AB International LLC, 5.11% by SCB Global Holdings LLC & 51% by Societe Generale) |  | U.K. | London |  |  |  |  | 33.33% owned each by AB International LLC, AB Corp. of Delaware & SCB Glbl. Holdings 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein (Hong Kong) Limited (100% owned by SCB Holdings Limited) (2) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein Japan KK (100% owned by SCB Holdings Limited) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein (Singapore) Private Limited (100% owned by SCB Holdings Limited) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein Ireland Limited (100% owned by SCB Holdings Limited) (no Spain branch) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein (Schweiz) GmbH (100% owned by SCB Holdings Limited) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein Limited (100% owned by SCB Holdings Limited) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein (Autonomous UK) 1 Limited (100% owned by SCB Limited) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bernstein Autonomous LLP (100% by SCB (Autonomous UK) 1 Ltd.) (3) Bernstein Autonomous LLP (50% by SCB Ltd. and 50% by SCB (Autonomous UK) 1 Ltd.) (2) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procensus Limited (100% owned by SCB (Autonomous UK) 1 Ltd.) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein (CREST Nominees) Ltd. (100% by SCB Limited) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford C. Bernstein (India) Private Limited (99.99% owned by SCB Holdings Limited & 0.01% by SCB Limited) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSG France S.A. (100% by SCB Holdings Limited) (4) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein (Europe) Limited |  | Dublin | Ireland |  |  | 100.00% | AB International LLC owns the other 50% by AB Corp. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPH Capital Fondsmaeglerselskab A/S (100% by AB Europe Ltd.) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Holdings Limited | HCO | U.K. | London |  |  | 100.00% | Owned by AllianceBernstein International 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;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein ECRED Managment Limited |  | U.K. | London |  |  | 100.00% | Owned by AB International 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;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein ECRED Co-Investment Limited |  | U.K. | London |  |  | 100.00% | Owned by AB International 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Corporation of Delaware | HCO | DE | NY | 13-2778645 | 10 | 100.00% |  | 1345 Avenue of the Americas | New York, New York 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein (Argentina) S.R.L. | Operating | Argentina | Buenos Aires |  |  | 99.00% | AllianceBernstein Oceanic Corporation owns 1% and 99% by AB Corporation 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Germany GmbH |  | Germany | Frankfurt |  |  | 100.00% | AB Corporation 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein (Chile) SpA | Operating | Chile | Santiago |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Japan Ltd. | Operating | Japan | Tokyo |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Invest. Manage. Australia Limited | Operating | Australia | Sydney & Melbourne |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Administradora de Carteiras (Brasil) Ltda. | Operating | Brazil | Sao Paulo |  |  | 99.99% | AllianceBernstein Oceanic Corporation owns **0.01% and 99.99% by** AB Corporation of Delaware | Rua Jaoquim No. 72, Suite 62 | Sao Paulo, Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Holdings (Cayman) Ltd. | HCO | Cayman Isles | Cayman Isles |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Preferred Limited | HCO | U.K. | London |  |  | 100.00% | Owned by AllianceBernstein Holdings (Cayman) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Bernstein Israel Ltd. | Operating | Israel | Tel Aviv |  |  | 100.00% | AB Preferred |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Limited | Operating | U.K. | London |  | 250000 | 100.00% | AB Preferred owns 100% of preference shares (50.05% of ABL issued shares) & AB Holdings Limited owns 100% of ordinary shares (49.95% of ABL issues 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein (DIFC) Limited (100% owned by AB Ltd.) |  | United Arib Emirates | Dubai |  |  | 100.00% | AB Limited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Schweiz AG | Operating | Switzerland | Zurich |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein (Luxembourg) S.a.r.l. (1) | Operating | Lux. | Lux. |  | 3999 | 100.00% | AB Holdings Limited owns 79.75% class b ordinary & AB Preferred owns 20.25% preference 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein (Mexico) S. de R.L. de C.V. | Operating | Mexico | Mexico City |  |  | 99.00% | AllianceBernstein Oceanic Corp. owns 1% and 99 & by AB Corp 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Australia Limited | Operating | Australia | Sydney & Melbourne |  |  | 50.00% | AB International LLC owns the other 50% by AB Corp. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Canada, Inc. | Operating | Canada | Toronto | 13-3630460 | 18750 | 100.00% |  |  |  |

---

Page 4 of 5

------

***EQUITABLE HOLDINGS, INC. - SUBSIDIARY ORGANIZATION CHART : DECEMBER 31, 2025***

***LISTING B - AllianceBernstein Corporation***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Type of<br>Subsidiary** | **State of<br>Incorp. or<br>Domicile** | **State of<br>Principal<br>Operation** | **Federal<br>Tax ID #** | **Number<br>of Shares<br>Owned** | **Parent's<br>Percent of<br>Ownership<br>or Control** | **Comments<br>(e.g., Basis<br>of Control)** | **Address** | **CityStZip** |
|  Equitable Holdings, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Services, LLC (Note 2) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Corporation |  | DE | NY | 13-3633538 |  |  |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein L.P. | Operating | DE | NY | 13-4064930 |  |  |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein International LLC | HCO | DE | NY |  |  | 100.00% | Owned by AllianceBernstein L.P. | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Corporation of Delaware (Cont'd) | HCO | DE | NY | 13-2778645 |  |  |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein (Singapore) Ltd. | Operating | Singapore | Singapore |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Portugal, Unipessoal LDA. | Operating | Portugal | Lisbon |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Capital (Mauritius) Private Ltd. | HCO | Mauritius | Port Louis |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Invest. Res. & Man. (India) Pvt. Ltd. | Operating | India | Mumbai |  |  |  | 99.99% AC (Muaritius) and 0.01% ABCD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Oceanic Corporation | HCO | DE | NY | 13-3441277 | 1000 | 100.00% |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Asset Management (Korea) Ltd. | Operating | Korea | Seoul |  |  | 100.00% |  | 14th Floor, Seoul Finance Center, 84 Taepyungro 1-ga, Jung-gu |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Investments, Inc. | Operating | DE | NY | 13-3191825 | 100 | 100.00% |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Investor Services, Inc. | Operating | DE | TX | 13-3211780 | 100 | 100.00% |  | 1345 Avenue of the Americas | New York, NY 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Hong Kong Limited | Operating | Hong Kong | Hong Kong |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Management Consulting (Shanghai) Co., Ltd. (Name chage-formerly AB (Shanghai) Investment Mangagment Co., Ltd.) | Operating | China | Shanghai |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AllianceBernstein Fund Management Co., Ltd. (CSRC license issued) |  | China | Shanghai |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB (Shanghai) Overseas Investment Fund Management Co., Ltd. |  | China | Shanghai |  |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.P. Stewart & Co., LLC. | Operating | DE | NY | 98-0201080 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPS Advisors, LLC. | Operating | DE | NY | 13-4008818 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.P. Stewart Asset Management LLC | Operating | DE | NY | 98-0201079 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.P. Stewart Securities LLC | Dormant | DE | NY | 27-2713894 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.P. Stewart Asset Management (NA), LLC. | Operating | NY | NY | 11-2650769 |  | 100.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB CarVal Investors L.P. |  | DE |  |  |  |  | 99.9% AllianceBernstein L.P. (98.9% LP / 1% GP interests) and AB Corp. of Del. (0.1% preferred LP interest) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO Management GP, LLC |  | DE |  |  |  |  | 100% by ABCarVal Investors L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO Management Holdings, L.P. |  | DE |  |  |  |  | 10% by CarVal CLO Mgmt GP, LLC and 90% by ABCarVal Invstrs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO Management, LLC |  | DE |  |  |  |  | 100% CarVal CLO Mgmt Hldngs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Carry GP Corp. |  | Cayman |  |  |  |  | 100% ABCarVal Invstrs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVI General Partner, LLC |  | DE |  |  |  |  | 100% CarVal Carry GP Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVI Resi Manager, LLC (100% owned by CarVal Carry GP Corp.) |  | DE |  |  |  |  | 100% CarVal Carry GP Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Investors Luxembourg S.a.r.l. |  | Luxembourg |  |  |  |  | 100% ABCarVal Invstrs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Investors UK Limited |  | U.K. |  |  |  |  | 100% ABCarVal Invstrs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Investors GB LLP |  | U.K. |  |  |  |  | 97.9% by CarVal Invstrs UK Ltd. and 2.1% by 5 UK members |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Portugal LDA (now 100% owned by ABCarVal Invstrs LP) |  | Portugal |  |  |  |  | 100% by ABCarVal Invstrs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Investors Pte Ltd. |  | Singapore |  |  |  |  | 100% ABCarVal Invstrs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Investors PRC Holdings Pte. Ltd. |  | Singapore |  |  |  |  | 100% ABCarVal Invstrs LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal Wensheng Private Fund Management (Shanghai) Co., Ltd. |  | China |  |  |  |  | 80% by ABCarVal Invstrs PRC Hldns Pte Ltd. and 20% by Third Party Parnter |  |  |

---

(1) AB (Luxembourg) S.a. r.l. has branch offices in Amsterdam Netherlands; Madrid, Spain, Milan, Italy; Paris,
France; Munich, Germany (with satellite office in Frankfurt) and Stockholm, Sweden.

(2) Bernstein Autonomous LLP has branch office in Dubai.

(3) BSG France SA has branch offices in Amsterdam-Netherlands, Frankfurt-Germany, Madrid-Spain, Milan-Italy and
Stockholm-Sweden.

(4) SCB Hong Kong has branch office in Australia.

(5) AB (Europe) Ltd. had branch office in Frankfurt, Germany.and Copenhagen, Denmark

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