EMPOWER ANNUITY INSURANCE COMPANY

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Market Risk: Stock and bond markets are volatile and can decline significantly in response to adverse Issuer, political, regulatory, market, or economic developments in the U.S. and in other countries. Market risk may affect as Ingle company, a sector of thee conomy, a country or geopolitical region, or the market as a whole. Market risk may impact stock and or bond markets in unanticipated and different ways. Business Risk: These risks are associated with particular Industry or a particular company within an Industry. Capitalization Risk: Small -cap and mid -cap companies may be hindered due to limited resources or less diverse products or services, Their stocks have historically been more volatile than the stocks of larger, more established companies. Category or Style Risk: During various periods of time, one category or style may underperforn or outperform other categories and styles. Credit Risk: The risk that the Issuer of a security may be unable to make Interest payments and/or repay principalwhen due. A downgrade to an issuer's credit rating or a perceived change In an Issuer's financial strength may affect a security's value and impact the performance of the Issue — along with any mutual fund or exchange -traded fund which holds it. Interest Rate Risk: The market value of debt security Is affected significantly by changes in Interest rates. When interest rates rise the security's marketvalue declines. When Interest rates decline, marketvalues rise. The longer bond maturity results In the greater the risk and the higher yield. Conversely, the shorter bond maturity results in the lower risk and the lower yleld. Inflation Risk: When any type of Inflation Is present, purchasing power may be eroding at the rate of inflation. Reinvestment Risk: The risk that future proceeds from Investments may have to be reinvested at a potentially lower rate of return (i.e., Interest rate). This relates primarily to fixed Income securitles. + Exchange -traded funds: Exchange -Traded funds present market and liquidity risks, because they are listed on a public securitles exchange and are purchased and sold via the exchange at the listed price. The price - - - will vary based on current market conditions and may deviate from the net asset value of the exchange - traded fund's underlying portfolio. There may also be an Inactive market for certain funds, and/or losses from tradingin secondary markets. • Target Date Funds:Generally, the asset allocation of each targetdate fund will change an anannual basis with the asset allocation becoming more conservative as the fund nears the target retirement date. The target date Is the approximate date when Investors plan to start withdrawing their money. The principal :: -.... value of the funds) In a plan's lineup Is not guaranteed artery time, including at the time of target date and/or withdrawal. An investment In a money marketfUnd is not insured or guaranteed by the FDIC or any other government agency. :. Although some money market funds such as U.S. Government money market funds strive to preserve the value of the Investment at $1.00 per share, ii Is possible to lose money, by Investing in a money market fund. Additionally, other money market funds may operate under new rules and regulations permitting them to have .. a ficadng value per share. A floating value may be more or less than $1..00 per share depending on market conditions and impose liquidity/redemption fees is large or frequent withdrawals. For more complete Information about any of the mutual funds or Investment product available within the retirement plan, please contact your retirement plan service provider. Risks Asserclated with particular Types of Securities .. Neither LAG nor its sub -advisers recommend a particular type of security. The plan sponsor or Its agent Is responsible for determining the retirement plan's menu of Investment options. It is the participant's responsibility 12 City Council 19 — 90 9/19/2023