Guided Portfolio Services SM PORTFOLIO PERFORMANCE FOR RS/VP

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1 PORTFOLIO PERFORMANCE FOR RS/VP AS OF JUNE 30, 2011 Portfolio YEAR TO DATE YTD Peer Group Difference 1 Year ONE YEAR Peer Group Difference 3 Year THREE YEAR Peer Group Difference SINCE INCEPTION (ANNUALIZED) (11/2004) 1-Very Moderately Moderate Moderately Very The performance data quoted represents past performance which does not guarantee future results. Performance information shown for the above portfolios is net all fund fees and expenses, and does not include investment advisory fees which range from 0.45 to The inclusion of these would reduce the amounts shown. Investment advisory fees are described in Part II of Form ADV. Monthly performance data is calculated by Ibbotson and assumes that all rebalancing is completed the first day of the month following the portfolio inception date and the first day of each calendar quarter thereafter. VALIC Financial Advisors, Inc. (VFA) uses Ibbotson monthly performance data to calculate period performance. VFA uses Lipper performance to calculate peer group performance. The funds included in each category are based on the current Lipper classification as of the report date and are subject to change. Lipper portfolio peer groups are for comparative purposes only. Ibbotson uses a proprietary methodology to build portfolio models, which are not based on Lipper peer groups. PORTFOLIO PEER GROUPS - LIPPER MUTUAL FUND CLASSIFICATION ALLOCATIONS Classification Very Moderately Moderate Moderately Very Corp Debt A Rated International Large Cap Core Large Cap Core Mid Cap Core Money Market Small Cap Core See page 3 for index definitions. Mutual Fund - Minneapolis PS 6/30/2011 Page 1 of 3

2 PORTFOLIO COMPOSITION FOR RS/VP AS OF JUNE 30, 2011 Portfolio 1 - Very AMER FUNDS EUROPAC R DREYFUS BASIC S&P 500 ST 3.00 DREYFUS BOND MKT IDX INV DREYFUS CASH MGMT ADMIN 8.00 DREYFUS MIDCAP INDEX 3.00 PIMCO TOTAL RET ADMIN VALIC FIXED-INTEREST Portfolio 4 - Moderate BLACK ROCK INTL IDX FUND DAVIS NY VENTURE A 4.00 DREYFUS BASIC S&P 500 ST DREYFUS MIDCAP INDEX MUNDER VERACITY SM CAP VALUE Y 4.00 PIMCO TOTAL RET ADMIN VALIC FIXED-INTEREST Portfolio 7 - Very BLACK ROCK INTL IDX FUND DREYFUS BASIC S&P 500 ST DREYFUS MIDCAP INDEX MUNDER VERACITY SM CAP VALUE Y 9.00 Portfolio 2 - AMER FUNDS EUROPAC R BLACK ROCK INTL IDX FUND 4.00 DREYFUS BASIC S&P 500 ST DREYFUS BOND MKT IDX INV DREYFUS CASH MGMT ADMIN 5.00 DREYFUS MIDCAP INDEX 5.00 DREYFUS SM CAP STK INDX 3.00 PIMCO TOTAL RET ADMIN VALIC FIXED-INTEREST Portfolio 5 - Moderately BLACK ROCK INTL IDX FUND DREYFUS BASIC S&P 500 ST DREYFUS BOND MKT IDX INV DREYFUS MIDCAP INDEX MUNDER VERACITY SM CAP VALUE Y 4.00 VALIC FIXED-INTEREST 7.00 Portfolio 3 - Moderately AMER FUNDS EUROPAC R BLACK ROCK INTL IDX FUND 6.00 DREYFUS BASIC S&P 500 ST DREYFUS BOND MKT IDX INV 5.00 DREYFUS CASH MGMT ADMIN 3.00 DREYFUS MIDCAP INDEX MUNDER VERACITY SM CAP VALUE Y 3.00 PIMCO TOTAL RET ADMIN VALIC FIXED-INTEREST Portfolio 6 - BLACK ROCK INTL IDX FUND DREYFUS BASIC S&P 500 ST DREYFUS MIDCAP INDEX MUNDER VERACITY SM CAP VALUE Y 6.00 PIMCO TOTAL RET ADMIN 9.00 VALIC FIXED-INTEREST 4.00 NOTE:This data illustrates portfolio composition as of the end of stated period and may not be representative of the fund's future or current investments. Mutual Fund - Minneapolis PS 6/30/2011 Page 2 of 3

3 IMPORTANT DEFINITIONS LIPPER MUTUAL FUND CLASSIFICATION DEFINITIONS Large-Cap Core Funds (LCCE) - Funds that, by portfolio practice, invest at least 75 of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300 of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P Super Composite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index. Mid-Cap Core Funds (MCCE) - Funds that, by portfolio practice, invest at least 75 of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300 of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P Super Composite 1500 Index. Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index. Corporate Debt Funds A Rated (FI-A) - Fund invests primarily in corporate debt issues rated A or better or government issues. Money Market Instrument Funds (MM-MM) - A fund that invests in high quality financial instruments rated in the top two grades with dollar-weighted average maturities of less than 90 days. Intends to keep constant net asset value. International Large-Cap Core Funds - Funds that, by portfolio practice, invest at least 75 of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than 400 of the 75th market capitalization percentile of the S&P/Citigroup World ex-u.s. Broad Market Index. Large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-u.s. Broad Market Index. Small-Cap Core Funds (SCCE) - Funds that, by portfolio practice, invest at least 75 of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250 of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P Super Composite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. INDEX DEFINITIONS Standard & Poor s [S&P] 500 Index - The Standard & Poor's (S&P) 500 includes a representative sample of leading companies in leading industries that reflect the U.S. stock market. Standard & Poor s [S&P] Mid-Cap 400 Index - The Standard & Poor s (S&P) Mid-Cap 400 Index consists of domestic stocks chosen for market size liquidity and industry group representation. Standard & Poor s [S&P] SmallCap 600 Index -The Standard & Poor s (S&P) SmallCap 600 Index is a capitalization-weighted index that measures the performance of selected U.S. stocks with a S&P Super Composite 1500 Index - combines three leading indices - the S&P 500, the S&P MidCap 400, and the S&P SmallCap to form an investable benchmark of the U.S. equity market. S&P / Citigroup World Ex-U.S. Broad Market Index - provides a benchmark for the composite performance of the world's developed markets outside of the United States. Twenty-seven countries are represented in the index. It is a subset of the broader S&P /Citigroup Global Broad Market Index, which includes the U.S. market and emerging markets. Page 3 of 3

4 MINNEAPOLIS PUBLIC SCHOOLS - Historical Performance Results for Period Ending 06/30/2011 Average Annual Total Returns Fund Name Foreign Large Blend American Funds EuroPacific Growth R4 REREX /07/ BlackRock International Index I MAIIX (2.00) /09/ Small Blend Dreyfus Small Cap Stock Index DISSX (0.23) /30/ Small Value Munder Veracity Small-Cap Value Y VSVIX (2.14) N/A /07/ Mid-Cap Blend Dreyfus Midcap Index PESPX (0.82) /19/ Large Growth Calvert Equity A CSIEX /24/ Large Blend Davis New York Venture A NYVTX (2.06) /17/ Dreyfus Basic S&P 500 Stock Index DSPIX /30/ Target Date T. Rowe Price Retirement 2040 TRRDX N/A /30/ Target Date T. Rowe Price Retirement 2030 TRRCX N/A /30/ Target Date T. Rowe Price Retirement 2020 TRRBX N/A /30/ Target Date T. Rowe Price Retirement 2010 TRRAX N/A /30/ Retirement Income T. Rowe Price Retirement Income TRRIX N/A /30/ Intermediate-Term Bond Dreyfus Bond Market Index Inv DBMIX /28/ PIMCO Total Return Adm PTRAX /08/ Money Market Dreyfus Cash Management Adm DACXX /21/ Stable Value VALIC FIXED-INTEREST FB /01/98 N/A Other Options Ticker 3 MO SCHWAB PCRA SPCRA N/A N/A N/A N/A N/A N/A N/A N/A N/A YTD 1 YR 3 YR 5 YR 10 YR Since Incept. Incept. Date Exp. Ratio For Participant Use Run Date: August 25, 2011 Page: 1

5 Investment Option Notes: An investment in a money market fund is not insured by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The performance data quoted represents past performance. The Fixed-Interest Option performance is based on current interest rates. Current performance may be higher or lower than the performance stated due to recent market volatility. Past performance does not guarantee future result. Investment return and principal value will fluctuate so an investor's shares, when redeemed, may be worth more or less than their original cost. Please visit for recent month-end performance. Performance data prior to the inception date of the new class of funds is hypothetical and reflects historical returns of an existing share class at net asset value adjusted to reflect the additional 12B-1 fees relating to the new class of funds. Mutual funds are classified according to Morningstar. There can be no assurance that the funds will continue to achieve substantially similar performance as they previously experienced. The investment return and principal value will fluctuate so an investor s shares, when redeemed, may be worth more or less than their original cost. Data Source: Morningstar Generally, higher potential returns involve greater risk and short-term volatility. For example, small-cap, mid-cap, sector and emerging funds can experience significant price fluctuation due to business risks and adverse political developments. International (global) and foreign funds can experience price fluctuation due to changing market conditions, currency values, and economic and political climates. High-yield bond funds, which invest in bonds that have lower ratings, typically experience price fluctuation and a greater risk of loss of principal and income than when investing directly in U.S. government securities such as U.S. Treasury bonds and bills, which are guaranteed by the government for repayment of principal and interest if held to maturity. Mortgage-related funds' underlying mortgages are more likely to be prepaid during periods of declining interest rates, which could hurt the fund's share price or yield and may be prepaid more slowly during periods of rapidly rising interest rates, which might lengthen the fund's expected maturity. Investors should carefully assess the risks associated with an investment in the fund. Fund shares are not insured and are not backed by the U.S. government, and their value and yield will vary with market conditions. VALIC declares a portfolio interest rate monthly for the Fixed-Interest Option. That declared portfolio interest rate is guaranteed until the end of that month and is credited to all new and old deposits as well as credited interest. The contractual lifetime minimum guaranteed interest rate is 2. All interest is compounded daily at the declared annual effective rate. VALIC's interest-crediting policy is subject to change, but any changes will not reduce the current rate below the contractually guaranteed minimum or money already credited to the account. For the current crediting rate, please call or your VALIC financial advisor. To view or print a prospectus, visit and click on eprint under "Links to Login". Enter your Group ID in the Login field and click go. Click on "Funds" in Quick Links, and funds available for your plan are displayed. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You may also request a copy by calling Securities and investment advisor services are offered through VALIC Financial Advisors, Inc., Member FINRA and an SEC-registered investment advisor. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company. Copyright 2009, The Variable Annuity Life Insurance Company, Inc. All rights reserved, Houston, Texas. For Participant Use Run Date: August 25, 2011 Page: 2