Asset Allocation Presentation

Asset AllocationReportVariable AnnuityPrepared for Bruce WaynePrepared by Kevin Scaltrito

Asset Allocation ToolBenefits

Prepared for Bruce WayneJune 17,2016

Prepared by Kevin Scaltrito

Page 1© 2016 New York Life Insurance Company, New York, NY. All rights reserved.

The Importance of Asset Allocation

A well-diversified, tailored asset allocation strategy provides the foundation for a sound investment. Asset allocation is theprocess of spreading your investments across a variety of asset classes such as equities (stock-related) and fixed income (bond-related). For the purposes of this report, asset allocation refers to the allocation among the investment options available throughyour variable annuity. Proper asset allocation gives you the potential to increase investment returns while lowering risk in yourportfolio. In fact, according to a prominent study, asset allocation is by far the largest determinant of a portfolio's success-significantly more important than the individual investment options selected and timing of an investment.1

The specific blend of asset classes -- your asset allocation strategy -- depends on three main factors: your investment objective,or what it is you are trying to accomplish by investing; your time horizon, which is the amount of time you plan to remaininvested; and how much risk you are willing to take on in exchange for growth in your portfolio, otherwise known as your risktolerance. Of course, asset allocation does not ensure investment success but it can help manage volatility in your investmentportfolio. When evaluating this asset allocation strategy in the context of your individual financial situation, you should alsoconsider your other investments, savings, and sources of income.

Variable Annuities are long-term investment products to help you save for retirement. They are contracts between you andan insurance company in which you make a lump sum or series of payments, and in return the issuer agrees to make periodicpayments to you immediately or at some date in the future. As with many investments, there are risks and charges that apply.The accumulation value fluctuates. Mortality and expense charges, underlying fund expenses and, if applicable, surrendercharges, optional rider fees, and a policy service charge apply. Withdrawals from a variable annuity are subject to federalincome tax and, if made prior to 59 1/2, a 10% IRS penalty tax.

1 Based on the study by Gary P. Brinson, Randolph L. Hood, and Gilbert L. Beebower, "Determinants of Portfolio Performance II," Financial Analysts Journal,May/June 1991. The study analyzed data from 82 large corporate pension plans with assets of at least $100 million over a 10-year period beginning in 1977and concluded that asset allocation policy explained, on average, 91.5% of variation in total plan return.

Investment Objectiveand Efficient Frontier




Your Investment Objectiveas of June 17, 2016

The Investor Profile questionnaire provided to you helps define your investment objective and risk tolerance. The questionnaireserves as an important tool, because understanding your investment goals, ability to handle risk, and time horizon will enableyou to put together an asset allocation strategy that is suited to your needs. The following chart indicates your investmentobjective. (See Important Disclosures at the end of this report for definitions.)

Income with CapitalPreservation

Income withModerate Growth Growth with Income Growth Aggressive Growth

Efficient FrontierComparing expected returns and average risk in a portfolio

Weighing the expected risk and return of an investment can help you understand whether the potential for positive returns isworth the amount of risk in a portfolio. A way to measure how effectively an investment balances the risk-reward relationship isby plotting the Investment Objective on the "efficient frontier" curve.

i Efficient FrontierThe efficient frontier is a concept introduced by Harry Markowitz that states that for any given level of risk there is an investment portfoliothat will have the greatest possible return. In other words it's highly unlikely to get a better return with less risk. Basically, a portfolio is moreefficient - or generates an optimal return for a given level of investment risk - if it is close to the line on the curve as shown in the chart. Thecurve below illustrates all the optimal (efficient) portfolios that an investor could theoretically invest in. While no one can know for certainwhat the optimal portfolio would be, financial professionals attempt to gauge future returns based on past performance and measure risk bystandard deviation. NYLIFE Securities can't know what the future optimal portfolio will be but we offer investment products that can help youbuild a portfolio that will meet your investment goals. (The appropriateness of where your allocation should appear is a decision you shouldmake based on your investment objectives, risk tolerance and time horizon.)

The efficient frontier is a theory. Neither it nor the results in this report should be interpreted as an indication of future results. For example,the efficient frontier and related model results do not account for important factors which affect client returns, such as how the client managesthe portfolio in reality, taxes, and investment fees and charges.

Asset AllocationAnalysis




Proposed Asset Class Allocationas of June 17, 2016

Based on your investment objective, risk tolerance, and time horizon, a Growth asset allocation strategy may be most effectivein meeting your needs. The pie graph and accompanying chart provide a detailed asset class breakdown of a Growth assetallocation.

Growth

Asset Classes $ %

Large Cap Value $47,025.00 20.90%

Large Cap Growth $41,625.00 18.50%

Mid Cap Value $11,587.50 5.15%

Mid Cap Growth $80,415.00 35.74%

Small Cap Growth $3,892.50 1.73%

Corporate Bond $4,860.00 2.16%

Mortgage-Backed Bond $9,135.00 4.06%

High Yield Bond $24,615.00 10.94%

Cash $1,845.00 0.82%

Total $225,000.00 100.00%

Proposed Investments Prepared for Bruce WayneJune 17,2016



Proposed Investmentsas of June 17, 2016

Based on a Growth asset allocation, here are the investment options you expressed interest in reviewing. These will be referredto as the portfolio. While there are other options, these options can be the building blocks of a Growth asset allocation.

New York Life Flexible Premium Variable Annuity III -Premium Based M&E

Investment Options $ %

MainStay VP Unconstrained Bond - Service Class $33,750.00 15.00%

Fidelity VIP Contrafund - Service Class 2 $67,500.00 30.00%

Neuberger Berman AMT Mid-Cap Growth - Class S $45,000.00 20.00%

MainStay VP MFS Utilities - Service Class $33,750.00 15.00%

Dreyfus IP Technology Growth - Service Shares $45,000.00 20.00%

Total $225,000.00 100.00%

Risk Return Analysis Prepared for Bruce WayneJune 17,2016



Historical Risk and Return of Asset Categoriesas of April 30, 2016

In addition to looking at how portfolios fall on the efficient frontier curve, another way to evaluate an investment is to compareits historical risk and return characteristics to a broad market index like the S&P 500. Here is what the historical risk and returnwould look like, based on monthly returns of indices representing the individual asset categories1.

i Historical Risk to ReturnFor an investor who had been invested in the asset classes represented by the proposed portfolio for the past ten years, the points on thischart show the average annual return as well as the average annual investment fluctuation as measured by standard deviation. Standarddeviation is a measurement of the historical volatility of an investment. Standard deviation is often used to gauge investment risk. Pastperformance is no guarantee of future results. Index returns do not represent actual returns of any investment or the applicable fees andcharges of those investments. An investor cannot invest directly in an index.

Risk: Standard Deviation

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MC RESC

Portfolio

Cash

Fixed Income

Internat ional

Large Cap

Mid Cap

Real Estate

Small Cap

0% 5% 10% 15% 20% 25% 30%- 2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

10-Year Results as of April 30, 2016

Average Annual Return 8.34%

Average Risk (Standard Deviation) 14.31%

Index returns do not represent the returns of a variable annuity. Index returns do not reflect the insurance- and investment-related fees andcharges which are applicable to variable products.

Please see the Important Disclosure section at the end of this report for a list of indices used and for more information on historical risk andreturn for each asset category.

1See the Important Disclosure section for a detailed description of Asset Classes and Asset Categories used in this report.

Proposed PortfolioHistorical Returns




Average Annualized Returns (with surrender charges)as of April 30, 2016

For a more long-term view, here is the performance history that spans a number of time periods for each investment optionwithin the portfolio you expressed an interest in reviewing. "Total Portfolio" shows the blended rate of return for the portfolio.

Total Portfolio Performance


Investment Name 1 year 3 year 5 year 10 year SinceInvestment

DivisionInception

InvestmentDivision

InceptionDate

PortfolioInception

Date

ExpenseRatio*

MainStay VP Unconstrained Bond - ServiceClass

-8.43% -1.26% 2.58% - -8.44% 05/01/2015 05/01/2011 0.90%

Fidelity VIP Contrafund - Service Class 2 -9.28% 8.16% 7.90% 6.23% -10.24% 05/01/2015 01/12/2000 0.88%

Neuberger Berman AMT Mid-Cap Growth -Class S

-14.04% 6.21% 6.44% 6.46% -14.91% 05/01/2015 02/18/2003 1.23%

MainStay VP MFS Utilities - Service Class -14.87% 1.28% 5.65% 8.48% -15.07% 05/01/2015 02/17/2012 1.02%

Dreyfus IP Technology Growth - Service Shares -8.40% 10.67% 6.98% 7.61% -8.56% 05/01/2015 12/29/2000 1.08%

Portfolio -10.77% 5.83% 6.29% 7.00% N/A N/A N/A 1.01%

% Excluded From Calculation** - - - 15.00% N/A N/A N/A -

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due tomarket volatility, current performance may be lower or higher than the figures shown. The investment return and theAccumulation Value of your policy will fluctuate so that a policy, when surrendered may be worth more or less than thepremium payment(s). For current to the most recent month-end performance information, please call 1-800-598-2019 orvisit www.newyorklife.com.

All performance reflects the percentage change for the period shown, with capital gains and dividends reinvested, and an annualizedSeparate Account Expense Charge deducted. Policy service charges are not included in these charges, but may be deducted from thepolicy's Accumulation Value. The performance shown, therefore, would be lower if these charges are deducted from your policy.





Non-Standardized Performance ("assuming no surrender ") reflects the Separate Account Expense Charge, but does not reflect thededuction of Surrender Charges, the policy service charge or charges for any optional riders. These charges if reflected would reduce theperformance shown.

Standardized Performance ("assuming surrender ") reflects the maximum Surrender Charge under the policy. This performance alsoreflects the Separate Account Expense Charge, but does not reflect any policy service charges or charges for any optional riders. TheseSurrender charges for New York Life Variable Annuities may be as high as 8% in any given year and may extend for as long as 9 yearsfrom the most recent premium payment. Consult the product prospectus for complete details.

Withdrawals and surrenders may be taxable transactions, and prior to age 591/2, may be subject to a 10% IRS penalty tax (the penalty tax isincreased to 25% in the case of a distribution from a SIMPLE IRA within the first two years of your participation in the SIMPLE IRA plan).

* The expense ratio shown are gross ratio as stated in the fund prospectus.

** % Excluded From Calculation represents a portion of the portfolio for which actual investment performance information is not availableand / or invested in the money market funds.

Investments in a money market portfolio are neither insured nor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. There can be no assurance that the portfolio will be able to maintain astable net asset value. Although the portfolio seeks to preserve the value of your shares at $1.00 per share, it is possible tolose money by investing in the fund.

Performance date quoted represents past performance. Past performance is no guarantee of future results. Due to marketvolatility, current yields may be less or higher than the yields shown. Yields are based on the latest seven-day periodended (date). The -7-Day Current Yield more closely reflects the current earnings of the fund than the total return. Yieldsshown reflect a fee waiver and/or expense limitation agreement in effect through (as-of date of the yields).

Yield without Subsidy is the yield without applicable waivers or reimbursements. The fund may be subsidizing all or aportion of the fund's expenses as of the current reporting period. Absent such waivers or reimbursements, the returnswould have been lower. Waivers and/or reimbursements may be discontinued any time.





Average Annualized Returns (with no surrender charge)as of April 30, 2016

This page, like the page before, shows the performance history of each investment option in which you have expressed interest,but without the effects of surrender charges.

Total Portfolio Performance


Investment Name 1 year 3 year 5 year 10 year SinceInvestment

DivisionInception

InvestmentDivision

InceptionDate

PortfolioInception

Date

ExpenseRatio*

MainStay VP Unconstrained Bond - ServiceClass

-1.53% 1.08% 3.47% - -1.55% 05/01/2015 05/01/2011 0.90%

Fidelity VIP Contrafund - Service Class 2 -2.46% 10.12% 8.63% 6.23% -3.49% 05/01/2015 01/12/2000 0.88%

Neuberger Berman AMT Mid-Cap Growth -Class S

-7.57% 8.24% 7.21% 6.46% -8.50% 05/01/2015 02/18/2003 1.23%

MainStay VP MFS Utilities - Service Class -8.46% 3.51% 6.44% 8.48% -8.68% 05/01/2015 02/17/2012 1.02%

Dreyfus IP Technology Growth - ServiceShares

-1.50% 12.55% 7.73% 7.61% -1.68% 05/01/2015 12/29/2000 1.08%

Portfolio -4.05% 7.88% 7.06% 7.00% N/A N/A N/A 1.01%

% Excluded From Calculation** - - - 15.00% N/A N/A N/A -

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due tomarket volatility, current performance may be lower or higher than the figures shown. The investment return and theAccumulation Value of your policy will fluctuate so that a policy, when surrendered may be worth more or less than thepremium payment(s). For current to the most recent month-end performance information, please call 1-800-598-2019 orvisit www.newyorklife.com.

All performance reflects the percentage change for the period shown, with capital gains and dividends reinvested, and includes anannualized Separate Account Expense charge. Policy service charges are not included in these charges, but may be deducted from thepolicy's Accumulation Value. The performance shown, therefore, would be lower if these charges are deducted from your policy.





Non-Standardized Performance ("assuming no surrender ") reflects the Separate Account Expense Charge, but does not reflect thededuction of Surrender Charges, the policy service charge or charges for any optional riders. These charges if reflected would reduce theperformance shown.

Investments in equities have been volatile historically, and a company's stock price can be impacted by factors related to the economy, thecompany's industry, the company itself, or other factors. Investments in fixed income securities fluctuate in value in response to interestrate changes. Many types of fixed income securities involve risk of default. Non-US securities have been volatile historically; they involvespecial currency fluctuation risks and can be affected by economic or political instability in the country of issuance. Any investment divisionconcentrated in a region or economic sector will tend to be more volatile than more broadly constructed portfolios.

* The expense ratio shown are gross ratio as stated in the fund prospectus.

** % Excluded From Calculation represents a portion of the portfolio for which actual investment performance information is not availableand / or invested in the money market funds.

Investments in a money market portfolio are neither insured nor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. There can be no assurance that the portfolio will be able to maintain astable net asset value. Although the portfolio seeks to preserve the value of your shares at $1.00 per share, it is possible tolose money by investing in the fund.

Performance date quoted represents past performance. Past performance is no guarantee of future results. Due to marketvolatility, current yields may be less or higher than the yields shown. Yields are based on the latest seven-day periodended (date). The -7-Day Current Yield more closely reflects the current earnings of the fund than the total return. Yieldsshown reflect a fee waiver and/or expense limitation agreement in effect through (as-of date of the yields).

Yield without Subsidy is the yield without applicable waivers or reimbursements. The fund may be subsidizing all or aportion of the fund's expenses as of the current reporting period. Absent such waivers or reimbursements, the returnswould have been lower. Waivers and/or reimbursements may be discontinued any time.

Portfolio Analysis Prepared for Bruce WayneJune 17,2016



Sector Analysisas of April 30, 2016

Asset allocation focuses on a mix of broad asset categories such as equity (stocks) and fixed income (bonds). Diversificationgoes a level deeper and considers the specific types of holdings by geography, investment styles, and sectors. Diversifying aportfolio among various economic sectors helps ensure that your portfolio's return is not limited to the performance of just onepart of the overall economy. While diversification can be a helpful tool in helping to manage risk, it does not guarantee a profitor protect against market loss.

This pie chart shows the equity portion of the portfolio, in which you have expressed interest, across industry sectors. The"Excluded" allocation represents the non equity holdings in the portfolio.

Sector %

Industrials 9.11%

Telecommunications Services 2.77%

Consumer Discretionary 7.90%

Energy 3.30%

Financials 7.78%

Health Care 7.18%

Materials 1.37%

Consumer Staples 10.47%

Information Technology 22.65%

Utilities 9.36%

Undefined 0.13%

Excluded (Non-equity holdings) 17.98%

Total 100%

Portfolio Analysis Prepared for Bruce WayneJune 17,2016



Geographic Breakdownas of April 30, 2016

Diversification is not limited to types of asset classes or investing styles. A portfolio may also benefit from geographicaldiversification, which is the practice of diversifying an investment portfolio across different geographic regions in order toreduce risk and improve returns. Financial markets in different parts of the world rarely perform in tandem; rather, they behavedifferently according to the regional economy, political stability, and several other factors. Diversification cannot guarantee aprofit or protect against market loss.

This pie graph shows the equity diversification of the portfolio, in which you have expressed interest, across geographic regions.

Country %

United States 88.40%

Canada 0.73%

Latin America States 0.67%

Americas 89.80%

Country %

United Kingdom 1.76%

Developed Europe ex UK 5.42%

Emerging Europe 0.10%

Africa/Middle East 0.00%

Europe, the Middle East and Africa 7.28%

Country %

Japan 0.15%

Developed Asia ex Japan 1.62%

Emerging Asia 1.14%

Australasia 0.01%

Asia Pacific 2.92%

"What Type ofInvestor Are You?"Questionnaire




Risk ToleranceThe information gathered through the following questions will assist us in determining the appropriateness of any portfoliowhich you might consider.

1. Which of the following investments would you feel most comfortable owning?Certificate of Deposit (CD)U.S. Government securities or other investment grade bondsStocks of companies in the S&P 500Stocks of new, growth, or emerging market companies

2. Which of the following investments would you least like to own?Stocks of new, growth, or emerging market companiesStocks of companies in the S&P 500U.S. Government securities or other investment grade bondsCertificate of Deposit (CD)

3. How optimistic are you about the long-term prospects for the U.S. economy?Very pessimisticUnsureSomewhat optimisticVery optimistic

4. Which of the following best describes your attitude about investments outside the U.S.?I believe that investing in foreign markets involves riskI believe that overseas markets provide attractive investment opportunities

5. "If the U.S. stock portion of my portfolio were to lose 10% of its value over a one month period, consistent withthe overall market, I would prefer to cut my losses and shift into a more conservative investment strategy." How doyou feel about the previous statement?

Strongly agreeAgreeDisagreeStrongly disagree

6. Choose the answer that best describes your response to the following statement: "I am comfortable withinvestments that may periodically decline in value if there is a potential for high returns."

Strongly disagreeDisagreeAgreeStrongly agree





Investment Objectives

1. Which of the following best describes your investment objective for this purchase?Preserving principal and generating a moderate amount of incomeGenerating a high amount of incomeGenerating some income and increasing my assets over an extended time frameIncreasing my assets substantially over an extended time frame

2. What do you expect your standard of living to be 10 years from now as compared to your standard of livingtoday?

Lower than it is todayThe same as it is todaySomewhat higher than it is todaySubstantially greater than it is today

3. Ten years from today, you expect the value of your purchase to be:The same as it is todaySomewhat more than it is todayGreater than it is todaySubstantially greater than it is today

Investment Time Horizon

1. What is your age?56 and older46-5536-4518-35

2. What is your primary financial goal for this purchase?Wealth preservationRetirement planningWealth accumulation

3. What is the time frame for you to achieve your financial goals for this purchase?0-5 years6-14 years15 years or more





Total Score & Reference TableEach answer is assigned a numeric value.Answer Value

A 1B 2C 3D 4

Here is how you score was calculated:

TOTALS

Risk Tolerance Total 15 X 3 = 45

Investment Objective Total 12 X 2 = 24

Investment Time Horizon Total 9 X 1 = 9

Total Score: 78

Total Score Investment Objective27-51 A Income with Capital Preservation40-70 B Income with Moderate Growth61-86 C Growth with Income72-97 D Growth84-100 E Aggressive Growth

Important Disclosures Prepared for Bruce WayneJune 17,2016



Investment ObjectivesThe characteristics of each investor type are varied and can depend on many factors. The definitions below provide a general illustration of thetypes of investors.

Income with Capital PreservationFor the investor seeking investment stability and liquidity with a primary portfolio objective of preserving capital while providing income.Fluctuations in the values of portfolios of this type are usually minimal. No amount may be allocated to High or Highest risk if the investor hasa Conservative risk tolerance or if the questionnaire score is between 27 and 39. No more than 20% of the investable asset may be allocatedto High or Highest risk for all other investors.

Income with Moderate GrowthFor the investor seeking current income and modest long-term growth, with a slightly higher risk tolerance than the investor in the incomewith capital preservation category. Primary portfolio objective is current income. Fluctuations in the values of portfolios of this type mayoccur from year to year. No more than 30% of the investable asset may be allocated to High or Highest risk if the investor has a ModeratelyConservative risk tolerance or if the questionnaire score is between 40 and 60. No more than 40% of the investable asset may be allocated toHigh or Highest risk for all other investors.

Growth with IncomeFor the investor seeking relatively stable long-term growth with a low level of income and has a Moderate risk tolerance. Primary portfolioobjective is to achieve steady long-term growth. Fluctuations in the values of portfolios of this type are usually less than those of the overallstock markets. No more than 50% of the investable asset may be allocated to High or Highest risk if the investor has a Moderate risk toleranceor if the questionnaire score is between 61 and 71. No more than 60% of the investable asset may be allocated to High or Highest risk for allother investors.

GrowthFor the investor seeking capital appreciation. Primary portfolio objective is above-average capital appreciation. Fluctuations in the values ofportfolios of this type are usually similar to those of the overall stock markets. No more than 80% of the investable asset may be allocated toHigh or Highest risk.

Aggressive GrowthFor the investor seeking maximum capital appreciation. Primary portfolio objective is aggressive capital appreciation. Fluctuations in the valuesof portfolios of this type are often substantial from year to year and are greater than those of the overall stock markets. Up to 100% of theinvestable asset may be allocated to High or Highest risk.

Asset Category DefinitionsThe following indices are reflected in the definitions of the asset classes used in this report:

Small Cap: Refers to stocks with a relatively small market capitalization. The definition of small-cap can vary but generally refers to stocks thatare more risky than those of large or mid cap stocks.

Mid Cap: Refers to stocks with a market capitalization between small cap and large cap. In general, these stocks are less risky than small capstocks and more risky than large cap stocks.

Large Cap: Refers to stocks with a market capitalization greater than both small and mid cap. In general, these stocks are less risky than bothsmall and mid cap stocks.

Exchange Traded Funds (ETF): A fund that trades like a stock. Generally ETFs track a market index and can benefit from lower managementfees than mutual funds. An investment in Exchange Traded Funds (ETF), structured similar to a mutual fund or unit investment trust, involvesthe risk of losing money and should be considered as part of an overall program, not a complete investment program. An investmentin ETFs involves additional risks such as not diversified, price volatility, competitive industry pressure, international political and economicdevelopments, possible trading halts, and index tracking errors.




Bond Funds: A fund that invests in fixed income instruments. A bond fund can range from very conservative government bond funds tomore volatile high yield funds. An increase in interest rates typically causes the price of bond mutual funds to decline.

Emerging Market Funds: A fund investing a majority of its assets in the financial markets of a developing country. Emerging marketinvesting involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.

International Funds: A fund that can invest in companies located in any geographic area outside the domestic country. Internationalinvesting involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.

Market Index: A pre-selected group of investments created to provide a representation of the performance of the overall stock or bondmarket or a segment of the stock or bond market.

Money Market Funds: A fund that invests in short-term debt instruments. Its objective is to earn interest for its investors while maintaining aconstant price of $1.00. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money byinvesting in the fund.

REIT Funds: A fund with an objective of investing in real estate. A REIT can invest in property directly or in the debt associated with realestate. Investing in Real Estate Investment Trusts (REITs) involves special risks such as potential illiquidity and may not be suitable for allinvestors.

Sector Funds: A fund whose objective is to invest in a particular industry or sector of the economy. Because of their narrow focus, sectorinvesting will be subject to greater volatility than investing more broadly across many sectors and companies.

Single Stock Risk: The risk of investing in a single stock can be much greater than investing in a fund product because a fund holds severalstocks, thus distributing the risk across multiple investments

Commodities: The investment category of commodities is excluded from this analysis due to its small exposure in the investment universe.

Style Benchmark IndicesAsset Allocation - The Style Benchmark Indexes use the following:

Large Cap Value represents exposure to the S&P 500 Equity Value Index.S&P measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the completemarket capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500. The S&P500 companieshave a market cap of U.S. dollar 4.6 Billion or greater and represents over 80% of available US market Cap.

Large Cap Growth represents exposure to the S&P 500 Equity Growth Index.S&P measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices dividethe complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500. TheS&P500 companies have a market cap of U.S. dollar 4.6 Billion or greater and represents over 80% of available US market Cap.

Mid Cap Value represents exposure to the S&P 400 Equity Value Index.S&P measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the completemarket capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 400. The S&P 400companies have a market cap of U.S. dollar 1.2 Billion to U.S. dollar 5.1 Billion and represents over 7% of available US market Cap.

Mid Cap Growth represents exposure to the S&P 400 Equity Growth Index.S&P measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices dividethe complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 400. The S&P400 companies have a market cap of U.S. dollar 1.2 Billion to U.S. dollar 5.1 Billion and represents over 7% of available US market Cap.

Small Cap Value represents exposure to the S&P 600 Equity Value Index.




S&P measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the completemarket capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 600. The S&P 600companies have a market cap of U.S. dollar 350 Million to U.S. dollar 1.6 Billion and represents over 3% of available US market Cap.

Small Cap Growth represents exposure to the S&P 600 Equity Growth Index.S&P measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices dividethe complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 600. The S&P600 companies have a market cap of U.S. dollar 350 Million to U.S. dollar 1.6 Billion and represents over 3% of available US market Cap.

Real Estate represents exposure to the National Association of Real Estate Equity Investment Trust Index.This Index is designed to present investors with a comprehensive family of REIT performance indexes that span the commercial real estatespace across the US economy, offering exposure to all investment and property sectors. In addition, the more narrowly focused propertysector and sub-sector indexes provide the facility to concentrate commercial real estate exposure in more selected markets.

International Developed Equity represents exposure to the MSCI EAFE - Developed Markets Index.This Index covers 23 Developed Markets countries. The MSCI Developed Markets Indexes also span large, mid, small and micro caps, whichcan be segmented across styles and sectors.

International Emerging Equity represents exposure to the MSCI Emerging Market Index.This Index captures large and mid cap representation across 21 Emerging Markets (EM) countries. With 822 constituents, the index coversapproximately 85% of the free float-adjusted market capitalization in each country and presents approximately 11% of the world market cap.

Government Bond represents exposure to the Barclays U.S. Government Bond Index.This Index is comprised of the U.S. Treasury and U.S. Agency Indices. This index includes Treasuries (public obligations of the U.S. Treasurythat have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government).

Treasury Inflation Protected Security (TIPS) represents exposure to the Barclays U.S. Treasury Index: U.S. TIPS.On March 1, 1997, Barclays Capital launched the Barclays Capital U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L), a rulesbased, market value-weighted index that tracks inflation-protected securities issued by the U.S. Treasury. The U.S. TIPS Index (Series-L) is asubset of the Global Inflation-Linked Index (Series-L), with a 38.5% market value weight in the index (as of December 31, 2010), but is noteligible for other nominal Treasury or Aggregate indices. To prevent the erosion of purchasing power, TIPS are indexed to the non-seasonallyadjusted Consumer Price Index for All Urban Consumers, or the CPI-U (CPI).

Municipal Bonds represents exposure to the Barclays Municipal Bond Index.This index covers the U.S. dollar-denominated long-term tax exempt bond market. The index has four main sectors: state and local generalobligation bonds, revenue bonds, insured bonds, and prerefunded bonds.

Corporate Bond represents exposure to the Barclays U.S. Corporate Bond Total Return Index.This Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bondmarket. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meetspecified maturity, liquidity, and quality requirements.

High Yield Bond represents exposure to the Barclays U.S. Corporate High Yield Index.This Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities areclassified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt.

Mortgage Backed Bond represents exposure to the Barclays U.S. Mortgage Backed Securities Index.This Index covers agency mortgage-backed pass-through securities (both fixed-rate and hybrid ARM) issued by Ginnie Mae (GNMA), FannieMae (FNMA), and Freddie Mac (FHLMC). Introduced in 1986, the GNMA, FHLMC, and FNMA fixed-rate indices for 30- and 15-year securitieswere backdated to January 1976, May 1977, and November 1982, respectively. Balloon securities were added in 1992 and removed onJanuary 1, 2008. 20-year securities were added in July 2000. On April 1, 2007, agency hybrid adjustable-rate mortgage (ARM) pass-throughsecurities were added to the index. Hybrid ARMs are eligible until 1 year prior to their floating coupon date.

International Bond represents exposure to the CITI Non-U.S. World Government Bond Total Return Index.This Index includes 23 government bond markets with a minimum credit rating of A-/A3 by either S&P or Moody's for all issuers.




Certificate of Deposit represents exposure to the Merrill Lynch U.S. Treasury: 0-1 Year Index.This Index measures the performance of the direct sovereign debt of the US government with a maturity on one year or less.

Cash represents exposure to the Merrill Lynch T-bills 3-months Index.This Index measures the performance of the returns of three-month maturity US Treasury Bills.

Long/Short Equity represents exposure to the Credit Suisse/Tremont Long/Short Equity Index.This Index measures the aggregate performance of long/short equity funds. Long/short equity funds typically invest in both long and shortsides of equity markets, generally focusing on diversifying or hedging across particular sectors, regions or market capitalizations. Managerstypically have the flexibility to shift from value to growth; small to medium to large capitalization stocks; and net long to net short. Managerscan also trade equity futures and options as well as equity related securities and debt or build portfolios that are more concentrated thantraditional long-only equity funds.

Global Macro represents exposure to the Credit Suisse/Tremont Global Macro Index.This Index measures the aggregate performance of global macro funds. Global macro funds typically focus on identifying extreme pricevaluations and leverage is often applied on the anticipated price movements in equity, currency, interest rate and commodity markets.Managers typically employ a top-down global approach to concentrate on forecasting how political trends and global macroeconomic eventsaffect the valuation of financial instruments. Profits can be made by correctly anticipating price movements in global markets and having theflexibility to use a broad investment mandate, with the ability to hold positions in practically any market with any instrument. These approachesmay be systematic trend following models, or discretionary.

Equity Market Neutral represents exposure to the Credit Suisse Equity Market Neutral Hedge Fund Index .This Index is a subset of the Dow Jones Credit Suisse Hedge Fund Index that measures the aggregate performance of equity market neutralfunds. Equity market neutral funds typically take both long and short positions in stocks while seeking to reduce exposure to the systematicrisk of the market (i.e., a beta of zero is desired). Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparisonto the market as a whole. Equity Market Neutral funds typically seek to exploit investment opportunities unique to a specific group of stocks,while maintaining a neutral exposure to broad groups of stocks defined for example by sector, industry, market capitalization, country,or region. The index has a number of subsectors including statistical arbitrage, quantitative long/short, fundamental long/short and indexarbitrage. Managers often apply leverage to enhance returns.

Dedicated Short Bias represents exposure to the Credit Suisse/Tremont Dedicated Short Bias Index.This Index measures the aggregate performance of dedicated short bias funds. Dedicated short bias funds typically take more short positionsthan long positions and earn returns by maintaining net short exposure in long and short equities. Detailed individual company researchtypically forms the core alpha generation driver of dedicated short bias managers, and a focus on companies with weak cash flow generationis common. Alpha is a measure of performance on a risk-adjusted basis. To effect the short sale, the manager typically borrows the stock froma counterparty and sells it in the market. Short positions are sometimes implemented by selling forward. Risk management often consists ofoffsetting long positions and stop-loss strategies.

Event Driven - Distressed represents exposure to the Credit Suisse/Tremont Event Driven - Distressed Index.This Index measures the aggregate performance of event driven funds. Event driven funds typically invest in various asset classes and seek toprofit from potential mispricing of securities related to a specific corporate or market event. Such events can include: mergers, bankruptcies,financial or operational stress, restructurings, asset sales, recapitalizations, spin-offs, litigation, regulatory and legislative changes as well asother types of corporate events. Event driven funds can invest in equities, fixed income instruments (investment grade, high yield, bank debt,convertible debt and distressed), and options, and various other derivatives. Many event driven fund managers use a combination of strategiesand adjust exposures based on the opportunity sets in each subsector.

Event Driven - Risk Arbitrage represents exposure to the Credit Suisse/Tremont Event Driven Index.This Index measures the aggregate performance of risk arbitrage funds. Risk arbitrage event driven hedge funds typically attempt to capturethe spreads in merger or acquisition transactions involving public companies after the terms of the transaction have been announced. Thespread is the difference between the transaction bid and the trading price. Typically, the target stock trades at a discount to the bid in orderto account for the risk of the transaction failing to close. In a cash deal, the manager will typically purchase the stock of the target and tenderit for the offer price at closing. In a fixed exchange ratio stock merger, one would go long the target stock and short the acquirer's stockaccording to the merger ratio, in order to isolate the spread and hedge out market risk. The principal risk is usually that the deal would fail toclose.




Fixed Income Arbitrage represents exposure to the Credit Suisse/Tremont Fixed Income Arbitrage Index.This index measures the aggregate performance of fixed income arbitrage funds. Fixed income arbitrage funds typically attempt to generateprofits by exploiting inefficiencies and price anomalies between related fixed income securities. Fixed income arbitrage funds seek to limitvolatility by hedging out exposure to the market and interest rate risk. Strategies may include leveraging long and short positions in similarfixed income securities that are related either mathematically or economically. The sector includes credit yield curve relative value tradinginvolving interest rate swaps, government securities and futures; volatility trading involving options; and mortgage-backed securities arbitrage(the mortgage-backed market is primarily U.S.-based and over-the-counter).

Convertible Arbitrage represents exposure to the Credit Suisse/Tremont Convertible Arbitrage Index.This index measures the aggregate performance of convertible arbitrage funds. Convertible arbitrage funds typically aim to profit fromthe purchase of convertible securities and the subsequent shorting of the corresponding stock when there is a pricing error made in theconversion factor of the security. Managers typically build long positions of convertible and other equity hybrid securities and then hedge theequity component of the long securities positions by shorting the underlying stock or options. The number of shares sold short usually reflectsa market neutral ratio. As a result, under normal market conditions, the manager generally expects the combined position to be insensitive tofluctuations in the price of the underlying stock.

Emerging Markets represents exposure to the Credit Suisse/Tremont Emerging Markets Index.This index measures the aggregate performance of emerging markets funds. Emerging markets funds typically invest in currencies, debtinstruments, equities and other instruments of countries with "emerging" or developing markets (typically measured by GDP per capita). Suchcountries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets includeChina, India, Latin America, much of Southeast Asia, parts of Eastern Europe, and parts of Africa. The index has a number of subsectors,including arbitrage, credit and event driven, fixed income bias, and equity bias.

Managed Futures represents exposure to the Credit Suisse/Tremont Managed Futures Index.This Index measures the aggregate performance of managed futures funds. Managed futures funds typically focus on investing in listed bond,equity, commodity futures and currency markets, globally. Managed futures fund managers tend to employ systematic trading programs thatlargely rely upon historical price data and market trends. A significant amount of leverage is often employed since the strategy involves the useof futures contracts. CTAs tend not to have a particular bias towards being net long or net short any particular market.

Style other represents other/unclassified assignments.This represents an allocation to an unclassified style.

Historical Risk to Return of Asset CategoriesThe historical risk graph is based upon a risk return analysis of several model asset allocations over the ten year period ending with thecalendar month end indicated above.

Asset Allocations are based on diversified indices representing each asset class. The risk and return of Large Cap Value within each model arebased on the S&P 500/Citigroup Value, Large Cap Growth is based on S&P 500/Citigroup Growth, Mid Cap Value is based on the S&P 400/Citigroup Value, Mid Cap Growth is based on the S&P 400/Citigroup Growth, Small Cap Value is based on the S&P 600/Citigroup Value, SmallCap Growth is based on the S&P 600/Citigroup Growth, International Equities are based on the MSCI EAFE Index, REIT is based on the NAREITIndex, Fixed Income is based on the Barclays Capital Aggregate Index, and Cash is based on the Merrill 3-Month T-Bill Index.

Asset categories listed in this report are a group of similar underlying asset classes. The Equity category consists of US Domestic Equity,International Equity, and Real Estate asset classes. The US Domestic Equity asset class is represented by Large Cap based on Large Cap Valueand Large Cap Growth, Mid Cap based on Mid Cap value and Mid Cap Growth, Small Cap based on Small Cap Value and Small Cap Growth.International Equity is based on the Developed Markets and Emerging Markets. The Fixed Income asset category consists of several assetclasses including; Government Bonds, Corporate Bonds, International Bonds, High Yield bonds, Inflation Protected Bonds, Municipal bondsand Mortgage Backed Securities.

The analysis of the current and proposed portfolios is based upon actual weighted monthly returns of the individual products held within eachportfolio. In the absence of a complete 10 year history of products monthly returns, historical performance is calculated based upon the benchmark returns associated with the products style allocation. These calculations do not consider the impact of taxes upon the portfolio.

Note: If a portion of a portfolio is categorized as Other, then that percentage of the portfolio is excluded from the calculation to determine aportfolio's risk and return.




AnalysisHistorical PerformanceThe historical performance graph is based on 10 years ending with the calendar month end preceding the month end indicated. The analysisperformed uses the benchmark returns associated with the portfolio(s) style allocations. These calculations do not consider the impact of taxesupon the portfolios.

Note: If a portion of a portfolio is categorized as "Other", then that percentage of the portfolio is excluded from the calculation to determine aportfolio's risk and return.

Sector AnalysisThe Sector Analysis follows the Standard and Poors and Morgan Stanley Capital International (MSCI) Global Industry Classification Standardsector classification. In 2004, MSCI acquired Barra, Inc., to form MSCI Barra. The company is headquartered in New York City.

Monte Carlo SimulationA commonly used simulation technique used to determine the possible future range of portfolio values given a specific time frame.

The range of portfolio values below can provide additional information about the relative risk of investing according to a specific assetallocation. These values are achieved using Monte Carlo simulation, a sophisticated mathematical approach used within the financial industryto model possible outcomes of future investment scenarios. While this method may reflect the uncertainty and randomness of future events,it is important to understand that it is based on assumptions about the future risk and expected returns of each asset class. Projected endingvalues are shown in nominal (i.e., not inflation-adjusted) terms.

IMPORTANT: The projections or other information regarding the likelihood of various outcomes are hypothetical in nature, do not reflectactual investment results, and are not guarantees of future results.

*In the case of taxable accounts, simulations assume an initial tax basis equal to the securities' starting value, no harvesting of tax losses, singlefiling status at $100K annual salary to determine marginal rates, no state taxes, and the tax impact of annual rebalancing back to the proposedallocation. Projected growth values are adjusted for portfolio taxes only, not income taxes on the base salary.

Percentile values, including the Median which is the 50th Percentile, are solely for comparison purposes. These values can be used to comparerelative probabilities of different outcomes. Half of the simulated outcomes fall between the 25th and the 75th percentiles and nine-tenthsfall between the 5th and 95th percentiles. The 5th Percentile corresponds to wealth values in which 95% of the simulated cases exceed thislevel and only 5% fall below. It reflects simulated results assuming a series of extremely poor market conditions. Remember that it is possibleto lose the entire value of a portfolio. A different set of assumptions would create a different probability distribution. Expert opinion regardingexpected returns, volatility and market trends varies widely. These strategic planning assumptions change periodically. The data presentedhere is as of a certain point in time and results may vary with each use and over time. Your actual experience may be different than the thesestrategic planning assumptions. This hypothetical example is for illustration only. There are no guarantees that any of the stated objectives willbe met.

Key Assumptions for Monte Carlo Simulation:The starting point for each portfolio simulation is the portfolio's projected average monthly return and associated Standard Deviation. Theprojected average return is tied to asset style with the return for each asset style calculated by applying hypotheses regarding current andfuture market trends to the historic average monthly return on the associated Style Benchmark Index. The projected Standard Deviation for theportfolio is based on the historic and anticipated volatility of the specific assets in the portfolio. If a portfolio includes securities whose styles arenot identified by the Service, those securities are excluded from the simulation with their value allocated among the remaining securities in theportfolio. Within the simulations, the probability distribution of returns is a modified normal distribution. As with the familiar "bell curve," not alloutcomes are treated as equally likely. Instead, returns are more likely to be clustered around the middle. To reflect the historic behavior of thesecurities markets, the Monte Carlo Simulator allows more extreme events than would be seen within a normal distribution. The simulationsassume no additional investments, no margin borrowing or short sales, quarterly rebalancing of the portfolio to the original securities weights,no transaction fees on securities purchases and sales.

The Expected Return for Equity modeled in the Monte Carlo simulation is 7.5%, of which 5.5% represents a forward-looking risk premium(an estimate of the future return investors would expect for the given level of risk involved with the asset class) over the historical rate ofinflation. The Expected Return for Fixed Income is 3.13%, of which 1.13% represents a forward-looking risk premium over the historical




rate of inflation. The Expected Return for Cash is 2.4%, of which 0.4% represents a forward-looking risk premium over the historical rate ofinflation.

The report was produced in partnership with Advisor Software (ASI). ASI brings institutional-caliber analytics to the retail investors throughfinancial institutions. ASI believes that in a Monte Carlo simulation, in which probabilities of certain outcomes are simulated, a forward lookingmodel in which historical prices changes are combined with an attempt to forecast the risk/reward equation for all the asset classes modeled,is potentially more valid than a model which uses strictly historical data. This is because a model confined to historical information would beasserting probabilities based on conditions which had only happened in the past and were inextricable from their past conditions, limiting thepossible relevance or accuracy of the probabilistic results.

Additional InformationThe asset allocation and proposed portfolio information presented herein are based on your stated investment objective and risk toleranceand/or the results of the investor questionnaire you completed and your expression of interest regarding these investments.

NYLIFE Securities LLC and its registered representatives do not act as fiduciaries or provide investment advice within the meaning of Section3(21) of the Employee Retirement Security Act of 1974, as amended ("ERISA") or Section 4975(e)(3) of the Internal Revenue Code of 1986,as amended ("Code") and the information contained herein is not individualized to your needs and is not intended to form the primary basisof your investment decision. NYLIFE Securities LLC, and its registered representatives and affiliates are not acting as a fiduciary as defined inSection 3(21) of ERISA and/or Section 4975(e)(3) of the Code with respect to the information in this presentation or any asset allocation orinvestment products you select.

The information in this presentation is based on the information and data you provided. This presentation is made as of the date set forthherein. NYLIFE Securities LLC, its registered representatives, and affiliates do not assume any responsibility or undertake any obligation toupdate this presentation.

The asset allocation and proposed portfolio information in this presentation are based on the results of the investor questionnaire youcompleted and the portfolio you selected. You should consult your registered representative if you have any concerns regarding whetherany asset allocation you have selected is still appropriate for you. Neither NYLIFE Securities LLC nor your Registered Representative have nodiscretionary authority or control over your investment decisions. We make available educational information and materials (e.g., investorquestionnaire, and product and fund prospectuses) that can help you select the proposed portfolio to fulfill the asset allocation you select, butwe do not recommend any particular asset allocation or investment product or otherwise provide investment advice within the meaning ofSection 3(21) of ERISA or Section 4975(e)(3) of the Code as to what asset allocation or investment product may be appropriate for you. Youare solely responsible for determining which asset allocation is best for you.

The proposed portfolio is comprised of the asset allocation model or the investment divisions you selected.

Some models or investment divisions may not be available in every product or policy. If optional benefits are elected, investment restrictionsmay also apply.

Variable annuities are long-term investment vehicles designed to help you save for retirement. In some situations, they may also be useful inleaving a legacy to your beneficiaries. There are fees, expenses, and risks associated with variable annuity contracts. Fees include a Mortality &Expense charge, a policy service charge and surrender charges, if applicable, and fund operating expenses.

All guarantees, including death benefit payments, are dependent on the claims-paying ability of NYLIAC and do not apply to the investmentperformance of the underlying investment divisions in the variable annuity. Assets in the investment divisions are subject to market risks andmay fluctuate in value.

In the case of withdrawals or surrenders, they may be subject to ordinary income taxes, and if made prior to age 591/2, may be subject to a10% IRS penalty (or a 25% penalty in the case of a withdrawal from a SIMPLE IRA within the first two years). Tax-qualified plans already providetax deferral; a variable annuity will not provide additional tax advantages. As variable annuities offer investment and insurance features, theymay be subject to fee to which other tax qualified funding vehicles are not.

We make available educational information and materials (e.g., investor questionnaire, and product and fund prospectuses) that can help youselect the proposed portfolio to fulfill the asset allocation you select. You are solely responsible for determining which asset allocation is best




for you. We do not (i) provide investment advice within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code or (ii) makerecommendations regarding any particular asset allocation or investment product within the meaning of Section 3(21) of ERISA or Section4975(e) (3) of the Code.

Data Vendor Disclosure StatementThe ASI application utilizes product and index data provided by multiple vendors to derived portfolio level analytics displayed throughout theapplication and in the proposal PDF document. The following are disclaimers provided by our data vendors;

Morningstar, Inc.© 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of futureresults.

MSCI Index DataMSCI provides Information Index Data.Certain information included herein is derived in part from MSCI's Index Data (the "Index Data"). However, MSCI has not reviewed this productor report, and does not endorse or express any opinion regarding this product or report or any analysis or other information containedherein or the author or source of any such information or analysis. Neither MSCI nor any third party involved in or related to the computingor compiling of the Index Data makes any express or implied warranties, representations or guarantees concerning the Index Data or anyinformation or derived data there from, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive,consequential or any other damages (including lost of profits) relating to any use of this information. Any use of MSCI Data requires a licensefrom MSCI. None of the Index Data is intended to constitute investment advice or recommendation to make (or refrain from making) any kindof investment decision and may not be relied on as such.

Lipper, a Thomson Reuters CompanyLipper, a Thomson Reuters company provides information on mutual funds and variable annuities.Portions of the mutual fund performance information contained in this display was supplied by Lipper, a Thomson Reuters company, subjectto the following: Copyright 2016 © Reuters. All rights Reserved. Any copying, replication or redistribution of Lipper content, including bycaching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors ordelays in the content, or for any actions taken in reliance thereon. Performance figures assume reinvestment of dividends and other earnings.Performance figures do not reflect the deduction of any investment advisory fees: client's return will be reduced by such advisory fees andother expenses they may incur in the management of their accounts.

Asset Allocation Presentation

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