Assured Edge Income Builder FIXED ANNUITY Assured Edge

Assured Edge Income Builder FIXED ANNUITY Assured Edge Income Builder - NY ® A fixed annuity with a guaranteed lifetime withdrawal benefit Guarantee retirement income. Grow future income. Protect your principal. Annuities issued by The United States Life Insurance Company in the City of New York (US Life) Guarantees are backed by the claims-paying ability of US Life. Not FDIC or NCUA/NCUSIF Insured May Lose Value • No Bank or Credit Union Guarantee • Not a Deposit • Not Insured by any Federal Government Agency

There’s a simple solution for a greater sense of security • • • Know today what your retirement income could be Grow your future lifetime income with an annual income percentage increase for up to 15 years Maintain access to your money Assured Edge Income Builder is available to clients age 50 -80. Retirement accounts such as IRAs can be tax deferred regardless of whether or not they are funded with an annuity. The purchase of an annuity within an IRA does not provide additional tax-deferred treatment of earnings. However, annuities do provide other features and benefits. 2

Preparing for the challenges of retirement You may live longer than you expect. 50% For a couple, both age 65: 25% chance that one spouse will live to age 97 chance that at least one spouse will live to age 93 Source: Society of Actuaries 2012 Individual Annuitant Mortality Tables, assumes a couple both age 65. FOR FINANCIAL PROFESSIONAL USE ONLY- NOT FOR PUBLIC DISTRIBUTION. 3

Preparing for the challenges of retirement You may not know how much to safely withdraw from savings & investments. FOR FINANCIAL PROFESSIONAL USE ONLY- NOT FOR PUBLIC DISTRIBUTION. 4 4

Preparing for the challenges of retirement Research shows that in today’s interest rate and market environment, you may only be able to withdraw 2. 3% (inflation adjusted spending) from a portfolio allocated 50% to stocks and 50% to bonds and have a 90% chance of your income lasting for a 30 -year retirement. Today’s Sustainable Withdrawal Rate from an investment portfolio as of April 2020 Investment Strategy Inflation (CPI-U) Adjusted Spending , Rule”) (i. e. , “the 4% Conservative Moderate Aggressive 1. 55% 2. 29% 3. 41% Note: The Conservative strategy uses a 25% stock allocation and seeks a 95% chance that real wealth will not fall below 20% of its initial level by year 35 of retirement. The moderate strategy uses a 50% stock allocation and seeks a 90% chance that real wealth will not fall below 15% of its initial level by year 30 of retirement. The aggressive strategy uses a 75% stock allocation and seeks an 80% chance that real wealth will not fall below 10% of its initial level by year 25 of retirement. Analysis assumes that withdrawals are made at the start of each year, retirees earn the underlying indexed market returns, and market return simulations are based on capital market assumptions starting from today’s level of interest rates. Source: Wade D. Pfau, Ph. D. , CFA, www. retirementresearcher. com/dashboard. FOR FINANCIAL PROFESSIONAL USE ONLY- NOT FOR PUBLIC DISTRIBUTION. 5 5

Generating more guaranteed income Assured Edge Income Builder can provide you with an additional stream of guaranteed lifetime income to help enhance your retirement income security Other Savings and Investments Reposition Assets Social Security and Pensions NON-GUARANTEED income sources Annuities Social Security and Pensions GUARANTEED income sources 6

Putting guaranteed income to work Meet Richard • • Needs $50, 000 per year to cover his total annual retirement expenses. He will receive $20, 000 in guaranteed income from Social Security and a pension, leaving a $30, 000 income gap. He has $750, 000 in retirement assets earmarked for retirement income and he is considering two different income strategies. Scenario 1: Unprotected systematic withdrawal strategy In this scenario, Richard takes a $30, 000 systematic withdrawal from his $750, 000 portfolio to cover the income gap. • His portfolio withdrawal rate – how much he withdraws from his retirement savings portfolio each year – is 4% ($30, 000/$750, 000). • His income reliability ratio – how much he can rely on his portfolio for guaranteed income – is 40% ($20, 000/$50, 000). After 20% decline in account value After 0% 0% decline in in account value After Portfolio balance: $750, 000 Portfolio withdrawal rate: 4% Income reliability ratio: 40% Social Security/ Pension $20, 000 Portfolio balance: $600, 000 Portfolio withdrawal rate: Portfolio withdrawal $30, 000 5% Income reliability ratio: 40% Assuming a 20% decline in account value, his new portfolio withdrawal rate is 5%, putting greater pressure on his portfolio to provide lifetime income. In today’s environment, Richard’s portfolio withdrawal rate and low income reliability ratio increase his probability of outliving his savings. If the market declines, even more pressure will be put on his portfolio to provide lasting income while using a withdrawal rate that may not be sustainable over the long term. This hypothetical example is for illustrative purposes only. Not an actual case and intended solely to depict how the product features might work. It does not reflect the value of any specific policy. Restrictions and limitations apply. 7 FOR FINANCIAL PROFESSIONAL USE ONLY- NOT FOR PUBLIC DISTRIBUTION.

Putting guaranteed lifetime income to work Scenario 2: Protected income floor strategy with Assured Edge Income Builder • Richard repositions $200, 000 of his overall portfolio to Assured Edge Income Builder fixed annuity to generate an annual guaranteed lifetime income amount of $11, 400, assuming a current income percentage of 5. 7% Single Life. • This strategy reduces his income gap from $30, 000 to $18, 600. After 20% decline in account value Portfolio balance: $750, 000 Social Security/ Pension $20, 000 • Investments: $550, 000 • Annuity: $200, 000 Portfolio withdrawal rate: 3. 4% Income reliability ratio: Portfolio balance: $640, 000 Portfolio withdrawal $18, 600 Assured Edge $12, 550 $11, 400 63% • Investments: $440, 000 • Annuity: $200, 000 Portfolio withdrawal rate: 4. 3% Income reliability ratio: 63% In the event of a portfolio decline of 20%, Richard’s withdrawal rate would be 4. 3% (vs. the 5% associated with the systematic withdrawal strategy, post decline). The result? Richard is protected and: • Pressure is taken off of Richard’s investment portfolio withdrawal strategy • His income reliability ratio has increased from 40% to 63% What’s more, with Assured Edge Income Builder, if Richard did not need income right away, he would also have the opportunity to increase his guaranteed lifetime income amount with a. 20% income percentage increase for up to 15 years or until lifetime withdrawals begin, whichever comes first. This hypothetical example is for illustrative purposes only. Not an actual case and intended solely to depict how the product features might work. It does not reflect the value of any specific policy. Restrictions and limitations apply. FOR FINANCIAL PROFESSIONAL USE ONLY- NOT FOR PUBLIC DISTRIBUTION. 8 8

Protecting against the unexpected Asset Insured? Value ? ? Odds of major fire damage over the next 30 years: less than 1% Probability of a 60 -year-old male dying within five years: less than 10% In 2013, there was only 1 crash for every 45 registered vehicles in the U. S Historically, the stock market has experienced a decline of 20% or more approximately once every three years Sources (in order of boxes above): True Odds: How Risk Affects Your Everyday Life; U. S. 1991, Age Nearest, Male, Mortality Table; U. S. Department of Transportation 2015; Dow Jones Industrial Average, daily closes, 1/2/1900 -12/31/2015. 9

Guarantee your retirement income – for life A guaranteed lifetime withdrawal benefit (GLWB) provides you with: • Income certainty AND • Flexibility to receive guaranteed lifetime income now or in the future You can start receiving lifetime income as early as age 50. Income can be received on a monthly, quarterly, semiannual or annual basis. When you decide to begin your GLWB income, you must submit an election form. 10

Know today what your retirement income will be The maximum amount that you may withdraw each contract year under the guaranteed lifetime withdrawal benefit is referred to as the guaranteed lifetime income amount (GLIA). Here’s how we calculate your initial guaranteed lifetime income amount: Initial Guaranteed Lifetime Income Amount (GLIA) 5. 7% X Income percentage $100, 000 Contract value = $5, 700 Per year Hypothetical example assumes a single covered person with a $100, 000 premium • • You can elect to start lifetime income when the time is right for you Once you start taking lifetime income withdrawals, you can count on guaranteed income for as long as you – or you and your spouse – live, based on the options you choose This hypothetical example is for illustrative purposes only. Not an actual case and intended solely to depict how the product features might work. It does not reflect the value of any specific contract. NOTE: GLIA is recalculated at each contract anniversary. 11

Guaranteed lifetime income A hypothetical example • • • $100, 000 eligible premium Initial income percentage: 5. 7% Income percentage increase: 0. 20% Credited interest rate: 1% • • Step 1: First, we determine the initial income percentage: Initial Income Percentage AT AGE 65 Step 2: Then, we add the income percentage increase for each year of deferral: Step 3: We calculate the GLIA when client elects to begin taking lifetime income withdrawals: GLIA Income Percentage AT AGE 65 GLIA After Year Five AT AGE 65 No withdrawals taken for five years Guaranteed lifetime income withdrawals begin in five years Contract value: $105, 101 5. 7% Income percentage 5. 7% + Increase percentage Initial income % 6. 7% GLIA income % 0. 20% x 5 yrs = X $105, 101 Contract value = 6. 7% GLIA income % $7, 042 Per year This hypothetical example is for illustrative purposes only. Not an actual case and intended solely to depict how the product features might work. It does not reflect the value of any specific contract. The GLIA amount can decrease if excess withdrawals are taken outside the rider. FOR FINANCIAL PROFESSIONAL USE ONLY- NOT FOR PUBLIC DISTRIBUTION. 12

Case study: Meet Ingrid A hypothetical example AT AGE 65 Ingrid wants to retire in seven years. Objective • Income that will last for the rest of her life when she retires • Generate more retirement income without the risk of market volatility • Maintain access to her money for life’s unexpected moments Solution • Ingrid uses $100, 000 of her savings to purchase the Assured Edge Income Builder fixed annuity. • Because she waits seven years before taking lifetime income withdrawals from her contract, she will receive $7, 612 each year for life. 1 • Ingrid can be confident knowing that her principal is protected. • What’s more, she still has access to her contract value in case of an emergency. 1 Income may be less than shown if any withdrawals are taken before the election of lifetime income withdrawals, if excess withdrawals are taken after the election of lifetime income withdrawals, or if the contract is annuitized using the contract’s annuity provisions. This hypothetical example is for illustrative purposes only. Not an actual case and intended solely to depict how the product features might work. It does not reflect the value of any specific contract. NOTE: GLIA is recalculated at each contract anniversary. Assumes 1% contract credited rate. 13

Hypothetical example assumptions: Assured Edge Income Builder (Single Life); $100, 000 premium; 1% interest rate; 5. 7% hypothetical initial income percentage to establish initial guaranteed lifetime income amount; no withdrawals are taken during the first seven years; 0. 20% annual income percentage increase for seven years; lifetime income withdrawals begin in seven years. This hypothetical example is not to scale. It is provided for illustrative purposes only and is not an actual case. The chart is intended solely to depict how Assured Edge Income Builder might work and does not reflect the performance of any specific contract. Income percentages are periodically set by the company and may be different than what is shown in the example. 2 To realize the full benefit of lifetime income, withdrawals must not exceed the guaranteed lifetime income amount. Guaranteed lifetime income amount (GLIA) Predictable lifetime income that increases After seven years, Ingrid requests lifetime income withdrawals to begin. She is guaranteed to receive $7, 612 each year for as long as she lives. 2 Issue Age: 65 and wants to retire at AT AGE 65 Ingrid’s income amount age 72 be will automatically increased by the income percentage for up to 15 years or until she elects to begin income. $7, 612 7. 10% $7, 324 $7, 042 6. 90% 6. 70% $6, 764 6. 50% $6, 491 $6, 228 6. 30% 6. 10% $5, 959 5. 90% $5, 700 5. 70% 0 1 2 3 4 Contract Anniversary 5 6 7 14

Maintain access and protect your principal If you need access to your money before or after lifetime income withdrawals begin, certain withdrawals are available without a withdrawal charge or market value adjustment. These withdrawals are referred to as penalty-free: • 10% withdrawal privilege: Beginning in the first contract year, you may take multiple withdrawals ($250 minimum amount) of up to 10% of the contract value, as of the previous anniversary, with no withdrawal charge or MVA. If a withdrawal occurs in the first contract year, the withdrawal amount is based on the total eligible premiums received at the time of the withdrawal • Withdrawals taken to satisfy Required Minimum Distributions (RMDs) permitted under the contract • Withdrawals up to the guaranteed lifetime income amount (GLIA) after lifetime income withdrawals have begun • Systematic interest only ($100 minimum amount). Allowed beginning 30 days after the contract is issued • Withdrawals taken under the following waivers: Extended Care, Terminal Illness or Activities of Daily Living 15

Excess withdrawals Before lifetime income withdrawals begin: Withdrawals are NOT considered excess, however any withdrawal will reduce the contract value and therefore reduce the future withdrawal benefit. After lifetime income withdrawals begin: • Amounts withdrawn that exceed the annual GLIA are excess withdrawals except for permitted RMDs. Permitted RMDs are based on this contract and do not exceed the greater of the GLIA or the RMD as calculated by us. Excess withdrawals will reduce the GLIA available for future years. Excess withdrawals may be subject to withdrawal charges during the withdrawal charge period and market value adjustment (during years one through five). If an excess withdrawal reduces your contract value to zero, then the contract and GLWB terminate. 16

Withdrawal charge schedule • Withdrawals in excess of penalty-free withdrawal amounts will be subject to a withdrawal charge from the contract date as follows: Seven-Year Initial Guarantee Rate Term Contract year 1 2 3 4 5 6 7 Withdrawal charge 7% ✓ 6% ✓ 5% ✓ 4% ✓ 3% ✓ 2% 1% MVA Thereafter 0% Withdrawal charges are applied as a percentage of the contract value being withdrawn (after application of the MVA, if any) in excess of free withdrawal amounts. • Withdrawals made during the first five years of the initial interest rate guarantee term will be subject to MVA. After the first five years of the initial interest rate guarantee term, the MVA will end, but withdrawal charges will continue in years six and seven. 17

Market value adjustment (MVA) The MVA is an adjustment that can either increase or decrease the withdrawal amount depending on the current interest rate environment. • Withdrawals above the penalty-free withdrawal amount during the first five contract years may be increased or decreased by an MVA. • When interest rates at the time of withdrawal are higher than the level at the time the contract is issued, the MVA will result in a decrease. • If interest rates are down, the MVA will increase the withdrawal amount. 18

Withdrawal charge waivers You’re prepared for life’s “just in case” moments These riders allow you to make withdrawals without a withdrawal charge or MVA decrease when certain conditions are met. They are not available in all states. If you choose to take a withdrawal under these riders, they may reduce benefits under the GLWB benefit. Extended Care waiver In case you are confined to a qualifying institution or extended care facility for 90 consecutive days or longer beginning after the second contract year. Terminal Illness waiver In the event you are diagnosed with a terminal illness that is expected to result in death within one year. Activities of Daily Living waiver In case you cannot perform two or more of the six defined activities of daily living for at least 90 consecutive days. 19

Additional details Annuitization • You can decide to permanently convert the contract value to a series of payments after 13 months. Withdrawal charges and MVA will not apply to annuitized funds. • If you annuitize the contract, the GLWB feature is automatically cancelled and lifetime income withdrawals will stop. Protection for your family • The death benefit equals the contract value (without withdrawal charge or MVA). For Joint GLWB coverage, surviving spouse must continue the contract to receive lifetime income payments. 20

Assured Edge Income Builder A tax-deferred fixed annuity that features a guaranteed lifetime withdrawal benefit can: • GUARANTEE your retirement income – for life • GROW future lifetime income with an annual income percentage increase for up to 15 years • MAINTAIN ACCESS to your money and protect your principal Assured Edge Income Builder can help you prepare today for a more secure retirement tomorrow. 21

Important information The lifetime income withdrawal benefit offers clients longevity protection if, for example, they make withdrawals permitted under the rider and those withdrawals reduce the contract value to zero, in which case the insurance company will continue to pay the guaranteed lifetime income withdrawal benefit. However, clients may pay for this income feature without using it or fully benefiting from it if they make excess withdrawals, do not elect to begin lifetime income withdrawals and/or die prior to the contract value reducing to zero. Annuities are long-term products designed for retirement. Retirement accounts such as IRAs can be tax deferred regardless of whether or not they are funded with an annuity. The purchase of an annuity within an IRA does not provide additional tax-deferred treatment of earnings. However, annuities do provide other features and benefits. Withdrawals may be subject to federal and/or state income taxes. A 10% federal early withdrawal tax penalty may apply if taken before age 59½ in addition to ordinary income tax. Partial withdrawals may reduce benefits and contract value. This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional. Annuities issued by The United States Life Insurance Company in the City of New York (US Life). Issuing company US Life is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). May not be available in all states and product features may vary by state. Please refer to your contract. © American International Group, Inc. All rights reserved. USL 2031. 9 (12/2020) J 557902 Contract #s: USL 224 -17 Rider #s: USLGLB 2 (2/17); R 348 -06 -NY; R 389 -11 -NY; R 342 -06 -NY 22