Reliance MetLife Stable Value Series Class 35

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1 Release Date: Reliance MetLife Stable Value Series Class Benchmark Net Crediting Rate Overall Morningstar Rating Morningstar Return Morningstar Risk Money Market-Taxable 2.29% QQQQ Above Average Low Out of 463 Stable Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Investment Objective & Strategy The primary investment objective of the Fund is to preserve principal while generating earnings at rates competitive over time with short-term high quality fixed income investments, while maintaining sufficient liquidity to provide Participant- Directed Withdrawals (as defined in the Declaration of Trust) at their proportionate share of Contract Value (as defined in the Declaration of Trust) Fees and Expenses Total Annual Operating Expense Net 0.97% Fees per $1,000 $9.70 Portfolio Manager(s) Management Team. Since Operations and Management Inception Date Trustee Reliance Trust Company Web Site CUSIP Wrap Provider Metropolitan Life Insurance Co Morningstar Category: Stable Value Stable value funds seek to provide income while preventing price fluctuations. The most common stable value funds invest in a diversified portfolio of bonds and enter into wrapper agreements with financial companies to guarantee against fluctuations in their share prices. The safety of these funds therefore depends on both the fund s investments as well as the financial strength of the insurance companies and banks that back the wrapper agreements. What do Stable Value Funds invest in? Stable value funds tend to invest in high-quality bonds with short- to intermediate-term maturities. They also purchase insurance contracts which aim to provide price stability on a day-to-day basis. The horizontal axis of the Morningstar Fixed Income Style Box shows duration, a measure of how the funds price will change in response to interest-rate changes. Because stable value funds insurance contracts usually prevent any fluctuations in the funds prices, these funds are insulated from interest-rate volatility and their duration is effectively zero. Volatility Analysis Investment Category Low Moderate High In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Performance Total Return % as of Investment Return Benchmark Average annual, if greater than 1 year QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment Return % Benchmark Return % Performance Disclosure: (1) The Fund s returns are net of operating expenses applicable to the share class. Current performance may be lower or higher. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. (2) Morningstar Money Market Average. This is an average of all the Money Market Funds in the Morningstar Principia database Current Fund crediting rates and rates of return are available by contacting Reliance_CITgroup@fisglobal.com. Portfolio Analysis Allocation by Separate Account SA T Rowe 1-3 Year SA Loomis Sayles Medium Grade SA 41 - BlackRock Broad Market MetLife Separate Account LIBOR Index 9.36% 30.77% 46.96% 12.91% Morningstar Fixed Income Style Box as of Blended Duration (yrs) 4.81 Mkt Value/Book Value % Annual Turnover Ratio % 8 Ltd Mod Ext High Med Low Credit Analysis: as of AM Best A+ Fitch AA- Moody's Investors Aa3 Standard & Poor's AA- >Average Credit Qual. AA- Principal Risks Crediting Rates Class th Qtr 2.55% st Qtr 2.50% 2nd Qtr 2.20% 3rd Qtr 2.10% 4th Qtr 2.05% st Qtr 2.00% 2nd Qtr 2.00% 3rd Qtr 1.99% 4th Qtr 2.15% st Qtr 2.27% 2nd Qtr 2.24% 3rd Qtr 2.16% 4th Qtr 1.88% st Qtr 1.88% 2nd Qtr 1.93% 3rd Qtr 1.94% 4th Qtr 2.06% st Qtr 2.08% 2nd Qtr 2.21% 3rd Qtr 2.28% 4th Qtr 2.29% Credit and Counterparty, Extension, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, High Portfolio Turnover, Income, Issuer, Interest Rate, Market/ Market Volatility, Bank Loans, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Restricted/Illiquid Securities, U.S. Government Obligations, Derivatives, Fixed-Income Securities, Maturity/ Duration, Sovereign Debt, Investment-Grade Securities, Unrated Securities, Variable-Rate Securities, Zero-Coupon Bond... Please refer to the Fund s Offering Statement for more information. For use with Institutions (Plan Fiduciary, Investment Professional and Authorized Agents of Plan Fiduciary) only, not for use with retail investors or the general public. ß 2017 Morningstar, Inc., Morningstar Investment Profiles 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 content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at Page 1 of 2

2 Disclosure About the Fund The Fund is a bank collective trust fund for which Reliance Trust Company serves as trustee and investment manager. The Fund is not FDIC-insured or registered with the Securities and Exchange Commission. Investors should carefully consider the fund s investment objectives, risks, charges and expenses before investing. To obtain an offering circular containing this and other information, contact us at Reliance_CITGroup@FISglobal.com. About Metropolitan Life Insurance Company For over 140 years MetLife has been one of the most Trusted financial institutions in the United States and is a leading global provider of insurance, employee benefits and other financial services. General This Fund is a bank collective trust fund for which Reliance Trust Company, an FIS Company, ( RTC ) serves as trustee and investment manager. The Fund is not FDIC insured and is not guaranteed by Reliance Trust nor guaranteed by any governmental agency. Units of beneficial interest in the Fund are not registered under the Securities Act of 1933 in reliance on an exemption under that Act for interests in a collective trust fund maintained by a bank for certain types of employee benefit trusts. Participation in the Fund is limited to eligible trusts that are accepted by the Trustee as participating trusts as more fully described in the Offering Statement. Performance The performance information provided is historical and past performance is not a guarantee of future results. Current performance may be lower or higher than performance information shown. RTC charges a total annualized fee for investment and administrative services equivalent to 0.62% of assets invested in the Fund. The fee will be calculated and accrued daily in the Fund s net asset value and will be paid from the Fund s assets monthly or quarterly as determined by RTC. These charges are reflected in the returns presented. Returns also include all income, realized and unrealized capital gains and losses, and all transactional and contract execution costs. Consider these risks before investing: The Fund is not intended as a complete investment program, and there can be no guarantee that it will achieve its investment objective. No Fund is insured or guaranteed by any government agency, by the Trustee or by the Advisor. See also Fund- Specific Risks in the relevant Fund s appendix to the Offering Statement. The risk factors are not intended to be exhaustive and there may be other risks that should be taken into account in relation to an investment in a particular Fund. Fee and Expense Disclosure The Fund shall have multiple class available for eligible participating trust as more fully described in the Offering Statement. Morningstar Rating The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/ 20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Return The Morningstar Return rates a fund s performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (- Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated. Morningstar Risk Morningstar Risk evaluates a fund s downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated. Morningstar Style Box The Morningstar Style Box reveals a fund's investment style as of the date noted on this report. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/ agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weightedaverage credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-us taxable and non-us domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years. ß 2017 Morningstar, Inc., Morningstar Investment Profiles 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 content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at Page 2 of 2

3 Stable Value Fund - MetLife Series (A RELIANCE TRUST COMPANY COLLECTIVE INVESTMENT FUND) Offering Statement Multiple Share Class AVAILABLE EXCLUSIVELY TO QUALIFIED RETIREMENT PLANS (SEE PARTICIPATING PLANS ) 04/01/2017 Contract Issuer to Reliance Trust Company: Metropolitan Life Insurance Company ( MetLife ) The Fund s objective is the safety and preservation of principal and accumulated interest for participant-initiated transactions. The interest credited to balances in the Fund will reflect both current market conditions and performance of the underlying investments in the Fund. There can be no guarantee or assurance that the Fund(s) will achieve its investment objective. Each Participating Plan solely bears the risk of a decrease in value of its investment in the Fund(s). NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

4 CONTENTS PLEASE TAKE NOTE OF THE FOLLOWING:... 1 INVESTMENT OBJECTIVE... 2 GENERAL INFORMATION... 2 INVESTMENT STRATEGY... 2 INVESTMENT RISKS... 9 VALUATION OF UNITS...11 PURCHASES AND REDEMPTIONS PROXY VOTING FEES AND EXPENSES OTHER FUND PROVISIONS FUND MANAGEMENT REGULATION OF THE FUND AND ITS GROUP TRUST REPORTS TO PARTICIPATING PLANS ADDITIONAL INFORMATION... 23

5 PLEASE TAKE NOTE OF THE FOLLOWING: The Reliance Trust Stable Value Fund MetLife Series (the Fund(s) ) consists of six available share classes of Units, representing beneficial interests in the Fund as fully described in the Investment Objective Section. The Units are available for purchase only by Eligible Plans that are accepted as Participating Plans. Eligible Plans are defined in the Declaration of Trust and generally refers to certain tax qualified retirement plans. A Participating Plan is an Eligible Plan that has been accepted for participation in the Fund. This Offering Circular ( Offering Circular ) has been prepared for sponsors and/or other authorized representatives to assist them and their advisers with analysis of the fund in comparison to industry and other established benchmarks for periodic due diligence or initial decisions for investment into the fund. This Offering Statement does not constitute an offer to sell Units of beneficial interest in the Fund to, or a solicitation of an offer to buy from, any person or entity that does not constitute an Eligible Plan. Nor does it constitute such an offer or solicitation in any jurisdiction where the same would be prohibited by law. The Units are not registered under the Securities Act pursuant to the Collective Trust Fund exclusion under Section 3(c)(11). Neither the U.S. Securities and Exchange Commission nor any other federal or state regulatory agency has passed upon or approved the merits of an investment in Units or the accuracy or adequacy of this Offering Circular. This Offering Circular is not to be construed as investment, tax, or legal advice. A fiduciary of each Eligible Plan should review the Offering Circular along with professional consultation in regards to plan design, legal, tax, and economic benefit. This Offering Circular contains information, believed and intended to be accurate, in regards to certain terms as of the date published. For complete information concerning the rights and obligations of the Trustee and Participating Plans, reference is hereby made to the actual participation and disclosure documents, copies of which will be furnished to Eligible Plans at or before their acceptance into the Fund. All such summaries are qualified in their entirety by this reference. Certain statutory references used in this Offering Statement are defined as follows: Advisers Act the U.S. Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder. Code the U.S. Internal Revenue Code of 1986, as amended, the Treasury Regulations promulgated thereunder, and administrative and judicial interpretations thereof. ERISA the U.S. Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

6 Exchange Act the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. Investment Company Act the U.S. Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. Securities Act the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. Securities Laws the Exchange Act, together with the Securities Act.

7 INVESTMENT OBJECTIVE The primary investment objective of the Fund is to preserve principal while generating earnings at rates competitive over time with short-term high quality fixed income investments, while maintaining sufficient liquidity to provide Participant-Directed Withdrawals (as defined in the Declaration of Trust) at their proportionate share of Contract Value (as defined in the Declaration of Trust). There is no assurance that each Fund will meet these objectives. The Reliance Trust Stable Value Fund MetLife Series includes the following share classes: Reliance Trust Stable Value Fund MetLife Series Class 0 Reliance Trust Stable Value Fund MetLife Series Class 10 Reliance Trust Stable Value Fund MetLife Series Class 15 Reliance Trust Stable Value Fund MetLife Series Class 20 Reliance Trust Stable Value Fund MetLife Series Class 25 Reliance Trust Stable Value Fund MetLife Series Class 35 Reliance Trust Stable Value Fund MetLife Series Class 50 Reliance Trust Stable Value Fund MetLife Series Class 60 Reliance Trust Stable Value Fund MetLife Series Class 65 Reliance Trust Stable Value Fund MetLife Series Class 75* *MetLife Stable Value Class 75 is not open to new investors* GENERAL INFORMATION Reliance Trust Company ( Reliance Trust or the Trustee ) maintains the Fund(s) pursuant to the Amended and Restated Declaration of Trust for the Reliance Trust Stable Value Fund (the Group Trust ), dated October 1, 2016 (the Declaration of Trust ) creating the Fund(s) as a separate Series of the Group Trust. Reliance Trust is a trust company chartered by the State of Georgia and regulated by the Georgia Department of Banking and Finance and is a wholly owned subsidiary of Reliance Financial Corporation. Reliance Trust is headquartered in Atlanta, Georgia. INVESTMENT STRATEGY The Trustee has broad investment authority to invest the Fund s assets into varying types of securities in order to achieve the Fund s investment objective. The Fund is currently invested in Group Annuity Contracts ( GAC ) issued by MetLife ( Issuer ). The Trustee allocates the monies within the GAC for management by various separate investment account managers ( Separate Accounts ) made available by the Issuer. Such Separate Accounts are described in this Offering Statement.

8 The Trustee reserves the right to change the investment of the assets of the Fund, including without limitation, re-allocating assets among any Separate Accounts or investing the assets in investments other than Separate Accounts. It is the intent of the Trustee that Units of the Fund and Share Class qualify for accounting at stable net asset value under applicable financial accounting rules. For that reason, the Trustee intends to invest the assets of the Trust in fully benefit-responsive investment contracts within the meaning of FASB Staff Position Nos. AAG INV-1 and SOP (the FASB Staff Position ). The Trustee may not always be able to purchase such contracts or may decide not to purchase such contracts based on an exercise of fiduciary discretion, or some contracts once entered might at some future point in time fail to maintain their status as fully benefit-responsive investment contracts or fail to qualify for accounting at contract value (within the meaning of the FASB Staff Position) pursuant to the FASB Staff Position. In those cases, the Trustee may be unable to achieve its intent of maintaining a stable net asset value for Units of the Fund and Share Class. The Trustee is not a guarantor of the contract value within the meaning of the FASB Staff Position of any investment contract within the meaning of the FASB Staff Position. The Issuer of any investment contract is the sole obligor for payment of the contract value. The Reliance Trust Stable Value Fund MetLife Series currently invests in the following Separate Accounts:

9 SEPARATE INVESTMENT ACCOUNTS Account ID Separate Account No. 41 Investment Broad Market Core Bond Account Mandate Asset Class Domestic Core Fixed Income Securities Investment BlackRock Financial Management, Inc. Manager Investment To provide competitive total returns relative to the benchmark. Objective Benchmark The Barclays Capital Aggregate Bond Index is used as a benchmark over a lagged three-year basis. Type of The Account may invest in fixed-income securities such as U.S. government and Investments agency securities, publicly traded mortgage and asset-backed securities (including CMOs), Yankee securities, public corporate debt (including Capital Securities) and cash equivalents. The Account may also invest in Rule 144A issues. The Account may also use futures, options, forward commitments and swaps to provide liquidity manage portfolio duration and limit risk. Asset Quality The Account weighted average quality will be A+ or higher. Assets which are downgraded below these ratings will be liquidated as market conditions reasonably permit. Duration Other Index duration ± 1 years. The Broad Market Separate Account s assets may be invested in other MetLife separate investment accounts, provided such other accounts have the same investment description as Separate Account No. 41. Account ID Separate Account No. 239 Investment Mandate Asset Class Total Return Fixed Income Account U.S. Dollar and non-u.s. Dollar Denominated Fixed Income Securities Investment Manager Investment Objective Benchmark Type of Investments Loomis, Sayles & Company, L.P. To provide long-term growth by seeking to outperform the Account s benchmark. The Barclays Capital Aggregate Bond Index is used as a benchmark over a full market cycle. The Account invests primarily in publicly traded fixed-income securities issued by U.S. domiciled corporations, U.S. Treasuries and Agencies and foreign issuers including convertible bonds, convertible preferred equities, warrants, asset and mortgage backed securities and cash equivalents. The Account may also invest in forward contracts for hedging the currency risk on foreign issues. Asset Quality Securities in the Account will generally maintain an average quality level of BBB or better.

10 Duration Other Index duration ± 2 years The Medium Grade Account s assets may be invested in other MetLife separate investment accounts, provided such other accounts have the same investment description as Separate Account No Account ID Separate Account No. 725 Investment Core Fixed Income Mandate Asset Class Domestic Core Fixed Income Securities Investment T. Rowe Price Manager Investment To provide competitive total returns relative to the benchmark. Objective Benchmark The Barclays 1-3 Year US Government/Credit Index is used as the benchmark. Type of Investments Asset Quality Duration The Fund may invest in fixed-income securities such as U.S. government and agency securities, publicly traded mortgage and asset-backed securities (including CMOs), Yankee securities, public corporate debt (including Capital Securities) and cash equivalents. The Fund may also invest in Rule 144A issues. The Fund may also use futures, options, forward commitments and swaps to provide liquidity, manage portfolio duration and limit risk. The average credit rating of the Portfolio must be at least A1 or its equivalent by a Nationally Recognized Statistical Rating Organization ( NRSRO ). The Manager is prohibited from purchasing any security rated below Baa2 or its equivalent by a NRSRO. The collective value of all securities rated below Baa2 or its equivalent will never exceed five percent (5%) of the total value of the Portfolio. Index duration ± ½ years. Other

11 Account ID Separate Account 729 Investment Book Value Separate Account GIC Mandate Asset Class Cash Investment Metropolitan Life Insurance Company Manager Investment Objective To provide returns sufficient to fund the interest rate guarantees specified under the Contracts invested in the Separate Account. Benchmark 90 Day US T-bills Type of The Account may invest in fixed-income securities such as U.S. government and Investments agency securities, mortgage loan and asset-backed securities (including CMOs and CMBS), corporate debt including municipals and sovereigns rated NAIC 1 or NAIC 2, equity including real estate equity and alternative investments, and cash equivalents. The Account may also use futures, forward commitments, options, swaps, and other derivative instruments for hedging, including anticipatory transactions and duration management, creation of synthetic asset exposures (replication) and other risk management purposes. Asset Quality No security will be rated below B3 or the equivalent at time of purchase. The Separate Account will generally seek to maintain an average credit quality not less than Baa2 or its equivalent. MetLife will seek to cure any downgrade that causes the average credit quality to below Baa2 within 90 days of such downgrade. Below Investment Grade obligations cannot exceed 10% of the Separate Account. Duration The effective duration of the assets will be managed to achieve a match to the liabilities of +/- one year. Other The Book Value Separate Account GIC may not hold securities issued by MetLife or MetLife affiliates other than limited partnerships or other investment funds or entities managed by MetLife or a MetLife affiliate. The Separate Account may utilize a non-metlife STIF vehicle to manage the Account s liability cash flow needs. The Separate Account may participate in MetLife s securities lending program with no more than 15% of book value being lent.

12 INVESTMENT RISKS The Fund is not intended to represent a complete investment program, and there can be no guarantee that it will achieve its goal. Each of the underlying Contracts and Separate Accounts in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund. Investment in the Fund is not insured or guaranteed by any government agency or by Reliance Trust Company. The terms of the Issuer s (MetLife s) guarantee are defined further within the Declaration of Trust. The following is a summary of the principal investment risks associated with an investment in the Fund. Contract Issuer Risk - The Fund invests in benefit-responsive group annuity contract, which present risks to the Fund. These risks include, without limitation, the risks that the issuer will default on its obligations under the contract, the premium or other fee payments under the contract will reduce the performance of the Fund, the contract term will expire before a replacement contract with favorable terms can be secured, the issuer could control the investment management activities of the Fund, or the occurrence of certain events could cause the contract to lose its benefit responsive or stable value features. Market Risk - The prices of securities held by the Fund may fluctuate to the detriment of the Fund. Crediting Rate Risk - In some circumstances, the Fund s yield may not reflect prevailing market interest rates. The basic function of the crediting rate formula used to determine the Fund s yield is to amortize the gain or loss experience of the underlying portfolio over the duration of the contract, also known as "smoothing". The formula's components include portfolio duration, market value and book value. An investment contract's crediting rate provides a fixed return for a period of time until the next rate reset. The use of the crediting rate formula and periodic reset schedule allow the portfolio s return to track market interest rates on a lagged basis. Additional information regarding the crediting rate formula and calculation are available by contacting the Trustee at Reliance_citgroup@fisglobal.com Inflation Risk - Inflation risk is the possibility that your principal investment will not maintain the same purchasing power in the future. Interest Rate Risk - Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Yield Curve Risk - Yield curve risk refers to the risk that the Fund will be adversely impacted by changes in the differences between interest rates on shorter term and longer term debt instruments. Credit Risk - Credit risk is the risk of loss on an investment due to the deterioration of an issuer's financial health. Such a deterioration of financial health may result in a reduction of the credit rating of the issuer's securities and may lead to the issuer's inability to honor its contractual obligations including making timely payment of interest and principal.

13 Spread Risk - Spread risk is the risk that changes in the difference between the yields of debt instruments (whether due to credit quality or otherwise) could adversely affect the fund. Liquidity Risk - Liquidity risk is the risk that arises from the difficulty of selling an asset. Call Risk - Call risk is the cash flow risk resulting from the possibility that a callable bond will be redeemed before maturity. The fund may be forced to reinvest the principal sooner than expected, which may be at a lower interest rate. Prepayment Risk - Prepayment risk refers to the possibility that a borrower may repay a debt obligation before it matures, forcing the investor to reinvest the principal sooner than expected, which could be at a lower interest rate. Derivatives Risk - The Fund may use enhanced investment techniques such as derivatives. The principal risk of derivatives is that the fluctuations in their values may not correlate perfectly with the values of their underlying assets. Derivatives are subject to counterparty risk - the risk that the other party will not perform its obligations under the transaction. For some derivatives, it is possible to lose more than the amount invested in the derivative. Active Trading Risk - The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. If the Fund does trade in this way, it may incur increased costs, which can lower the actual return of the Fund. Management Risk - There is no guarantee that the investment techniques and risk analyses used by the Fund s portfolio managers will produce the desired results. VALUATION OF UNITS Except as the Fund s Declaration of Trust may otherwise provide the Trustee will value each Unit at its Contract Value (as defined in the Declaration of Trust) as of the close of business on each Valuation Date in accordance with generally accepted valuation principles consistently followed and uniformly applied. The Contact Value of a Unit will be determined after allocation of any expenses properly allocable to the Fund s portfolio as of the related Valuation Date. Investments purchased and sold will be included for valuation purposes on the settlement date, which value will include an allowance for any broker s commissions or other expenses associated with the purchase or sale. Contract Value represents a Participating Plan s contribution to the Fund, plus interest at a fixed periodic rate set by the Issuer, less withdrawals (calculated at Contract Value), and less expenses of the Fund allocated to the Participating Plan, other than fees and expenses that the Contract Issuer has taken into account in determining the fixed periodic interest rate, such as the Trustee s fees, Issuer fees, and fees and expenses that a Participating Plan authorizes and directs the Trustee to pay to providers of services to the Plan as described in the Disclosure Statement. The Fund s Contract Value is calculated for the entire Fund and represents the sum of all Participating Plan s Contract Values. A Participating Plan s Contract Value (i.e., the Plan s

14 interest in the Contract Value of the Fund) will be recorded by a designated number of units ( Units ). There will be a different share class of Units for each group of Participating Plans that has authorized and directed the Trustee to pay a different amount to the Plans Recordkeeper and/or other providers of services to the plans. The Fund will pay withdrawals, initiated by the Plan s participants under the terms of the Plan, up to the full amount of the Plan s Contract Value, subject to the terms contained in the GAC and the Declaration of Trust. The Trustee may, in certain circumstances, as described in the Declaration of Trust, suspend the valuation of Units of the Fund and/or the right to make withdrawals from the Fund. See the Purchases and Redemptions section of this Circular and/or the Withdrawals section of the Disclosure Statement for more information. PURCHASES AND REDEMPTIONS A Participating Plan making an addition to or a withdrawal from the Fund is considered for accounting purposes to have purchased or redeemed, respectively, Units of the fund equating to the dollar amount or value of the transaction determined pursuant to the Asset Valuation rules specified in 5.01 of the Declaration of Trust. The Trustee shall be fully protected in following the instructions of the Plan Fiduciary, whether delivered directly or through a service provider whom the Trustee has reason to believe in good faith has authority to act on behalf of the participating plan. Purchases Current or prospective Participating Plans may subscribe for Units of the Fund by transferring to the Trustee cash or other property acceptable to the Trustee. All subscriptions to the Fund shall be deemed to have been made as of the date set forth below under Effective Date of Purchase / Redemption Orders. The Trustee retains the right in its sole discretion to reject any request for purchase of Units of the Fund. In accordance with instructions from the Recordkeeper and upon acceptance of a subscription, the Trustee shall credit the appropriate number of Units to the account of the Participating Plan. Redemptions Subject to restrictions set forth in the Declaration of Trust and the Series Amendment, redemptions of Units will generally be permitted on any Valuation Date at the Contract Value of each of the Units redeemed as of the close of business on the relevant Valuation Date for Participant-Directed Withdrawals. See Appendix B of the Declaration of Trust. (a) Participant-Directed Withdrawals are withdrawals that are made by a participant in a Participating Plan without advice, suggestion, guidance or direction to do so by the plan sponsor, plan administrator, Plan Fiduciary, Plan Recordkeeper or other Plan service provider, or an agent of any of the foregoing, in the following circumstances (each such withdrawal, a Benefit Responsive Withdrawal ):

15 (i) for an election to transfer within the plan to another investment alternative that is not a competing fund or that is a competing fund which the Trustee and the Issuer have consented in writing not to treat as a competing fund. See the section Competing Fund in this Circular and the definition of Competing Fund in the Disclosure Statement for more information; (ii) for participants of a Participating Plan (or beneficiaries thereof) upon death, retirement, disability, or termination of employment; (iii) for the purpose of providing in-service participant-directed distributions from a Participating Plan; (iv) for the purpose of providing mandatory or required distributions from a Participating Plan; (v) for loans to participants; or (vi) for withdrawals pursuant to the provisions of a qualified domestic relations order (within the meaning of Code Section 414(p)). The Trustee normally will satisfy all Benefit Responsive Withdrawals in cash in accordance with processing procedures of the National Securities Clearing Corporation (NSCC), following the receipt of withdrawal instructions and any necessary documentation, however, the contract permits the Trustee the option to satisfy a withdrawal by issuance of an annuity contract. See the Withdrawals section of the Disclosure Statement for more information. (b) Participating Plan-Directed withdrawals are deemed withdrawals under any of the following circumstances below: (i) Participant Withdrawals based on Advice or Direction. Participants make withdrawal requests with advice or direction from the plan sponsor, plan administrator, Plan Fiduciary or agent of any of the foregoing to do so. (ii) Additional Investment Option. If an investment option has been established by the Participating Plan or the investment objective of an existing investment option of the Participating Plan (including the nature or length of maturity of investments or the operation of any investment option offered) has been modified so as to constitute or create a Competing Fund, unless the Trustee and the Issuer have consented in writing to exempt such fund from the application of this paragraph. See definition of a Competing Fund in this Circular and Disclosure Statement for more information. (iii) New Eligible Plan. The plan sponsor, plan administrator, Plan Fiduciary, or any agent of any of the preceding, of the Participating Plan establishes a new Eligible Plan (or a plan that would be an Eligible Plan except that it covers self-employed individuals and does not satisfy Rule 180) or amends an existing Eligible Plan (or a plan that would be an Eligible

16 Plan except that it covers self-employed individuals and does not satisfy Rule 180), and such plan covers participants in the Participating Plan and offers participants a Competing Fund; (iv) Action of Participating Plan. The Participating Plan makes a withdrawal for any reason, except for a Participant-Directed Withdrawal. All Participating Plan-Directed withdrawals initiated by a Participating Plan or its sponsor will be paid and distributed with a Market Value Adjusted Payment. Market Value Adjusted Payment means (1) if Contract Value is less than or equal to Market Value, the withdrawal s proportionate share of Contract Value, or (2) if Market Value is less than Contract Value, the amount of the withdrawal requested multiplied by the ratio that Market Value bears to Contract Value. (c) Participating Plan-Directed Withdrawals will normally be paid, subject to the receipt of funds from the GAC issuer pursuant to the Investment Contract, no later than two Business Days (60 Business Days as to a withdrawal in connection with terminating a Participating Plan s participation in the Trust) following the Trustee s receipt of withdrawal instructions and all necessary documentation. The Trustee may take up to seven additional calendar days after the receipt of instructions in good order to fund any withdrawal, if the Trustee determines such delay is necessary to maintain adequate liquidity for the Trust or the Issuer advises the Trustee that such delay is necessary to maintain liquidity of the Separate Accounts. The Trustee also reserves the right to delay any withdrawal pursuant to Section 5.03 of the Declaration of Trust or in the event that the Trustee determines in its discretion that an earlier withdrawal may have an adverse impact on the Trust, the Issuer advises the Trustee that an earlier withdrawal may have an adverse impact on the Separate Account or the Trustee determines that it cannot reasonably make the distribution because of an order, directive, or other interference by an official or agency of any government, or any other cause beyond the Trustee s control, including but not limited to illiquid markets or illiquid assets. Competing Funds A Competing Fund is: (i) a fixed income fund (including without limitation, a money market fund or a bond fund) with a targeted average duration of two (2) years or less ; a. the fund offering will allow for the use of a Competing Fixed Income Fund, (including without limitation, a money market fund or a bond fund) with a targeted average duration of two (2) years or less within a participating plan s lineup, along with a recordkeeper or third party administrator attesting to the implementation of a 90-day Equity Wash. (ii) any investment fund that is reported to participants on a valuation basis comparable to that for the Fund, or

17 (iii) a balanced, lifestyle, target-date or other similar type of asset allocation fund if the fund contains a fund of the type described in the preceding item (i), (ii), or (iii) that exceeds 70% of that fund; a. The offering can be utilized within customized Model Portfolio Structures, including Advice Models and Programs. Models utilizing the offering must have a static allocation to the Reliance Stable Value Fund. Effective Date of Purchase / Redemption Orders A notice, request, or direction from a Participating Plan to purchase or redeem Units ( Order ) received in proper form and approved by the Trustee before the close of business on a Valuation Date is effective on that Valuation Date. An Order received and approved by the Trustee at or after the Close of Trading on a Valuation Date is effective on the next following Valuation Date. In the event the Trustee has authorized a Recordkeeper (or other Plan agent, such as a trust custodial platform) to receive and accept Orders from a Participating Plan or a Participant on the Trustee s behalf, the Trustee will be deemed to have received and approved an Order when the Recordkeeper receives and accepts the Order. An Order may not be cancelled or countermanded after the Valuation Date as of which a purchase or redemption of Units was initiated. Frequent Trading of Fund Units The Fund is intended for long-term investment purposes and not for market timing, excessive trading or other abusive trading practices. Market timing refers to the practice of frequent purchase and redemption of Units of the Fund, often with the intent to earn arbitrage profits. Frequent and abusive trading of Units of the Fund can harm other Unit holders, including by diluting the Unit value, increasing Fund transaction costs and disrupting the management strategy of the Fund. The Trustee has adopted excessive trading policies designed to discourage and detect abusive trading. Accordingly, purchases, exchanges or redemptions that the Trustee determines to be actually or potentially harmful to the Fund will be rejected. Although the Fund's trading policy is designed to detect and discourage these abusive trading schemes, there can be no guarantee that all instances of market timing, excessive or other short-term trading in the Units of the Fund will be detected or prevented. Ending Plan Participation in the Fund A Participating Plan can end its participation in the Fund by notifying the Plan s Recordkeeper. If the Participating Plan chooses to end its participation in the Fund, or the plan sponsor makes a decision to withdraw a portion of the Plan s participation in the Fund, the Plan may be subject to a Market Value Adjusted payment which is the lesser of the Plan s Contract Value or the Plan s Market Value. Please also note that as discussed above, withdrawals in connection with a Participating Plan-Directed termination of participation in the Fund will normally be paid within 60 days following the Trustee s receipt of instructions in good order.

18 PROXY VOTING The Trustee will vote proxies on securities held in the Fund but reserves the right to obtain advice to the extent Trustee determines that such advice is necessary or desirable. FEES AND EXPENSES Trustee Fee The Trustee receives a fee from the assets of the Fund for the Trustee s management and administration of the Fund (the Trustee Fee ). The Trustee Fee is based on the percentage of the Participating Plan s assets invested in the Fund as set forth below. The Trustee Fee shall accrue daily and be payable monthly in arrears. The Trustee will communicate any changes in fees to the Recordkeeper who will subsequently notify the Participating Plan. If the Participating Plan Sponsor is not in agreement with the newly established fees, steps to terminate from the contract will be required, as described above in Ending Plan Participation in the Fund. Contract Issuer Fee The Contract Issuer receives a fee from the assets of the Fund. The Contract Issuer s fee is based on the GAC value. The actual Contract Issuer Fee will be the sum of the portion of the Contract Charge for each Separate Account. The total Contract Charge as a percentage will vary depending upon the relative proportions of the GAC invested in each Separate Account. Administrative Service Fees The Administrative Services Fee is intended to enable a Participating Plan to fund plan level fees and expenses paid to third parties for services, including, among others, participant recordkeeping, communication, and education services and other administrative services provided to the Participating Plan or its accompanying Plan. A Participating Plan may choose a Share Class subject to an Administrative Services Fee considered appropriate for the Participating Plan, as described below. The Trustee charges the Administrative Services Fee against the assets of the relevant Share Class and pays the Fee to the third-party service provider(s) designated in the instructions from the Participating Plan in the Disclosure Statement. A Participating Plan may change the Administrative Services Fee only by redeeming Units of the Fund and reinvesting the proceeds in a Share Class with a different Administrative Service Fee.

19 Fund Fees Trustee Fee 1 Contract Issuer Fee 2 Administrative Service Fee 3 Total Fee Share Class % 0.42% % Share Class % 0.42% 0.10% 0.72% Share Class % 0.42% 0.15% 0.77% Share Class % 0.42% 0.20% 0.82% Share Class % 0.42% 0.25% 0.87% Share Class % 0.42% 0.35% 0.97% Share Class % 0.42% 0.50% 1.12% Share Class % 0.42% 0.60% 1.22% Share Class % 0.42% 0.65% 1.27% Share Class 75* 0.20% 0.42% 0.75% 1.37% *MetLife Stable Value Share Class 75 is not open to new investors* 1. The Trustee, in its capacity as Trustee for the Fund, charges a fee for investment, administration, custodial, fund accounting, and administrative services. These fees are not taken into account in setting the interest rate but are charged by the Trustee against the assets of the relevant Share Class. These fees are paid from the Separate Accounts. The Trustee may charge to the Fund or otherwise disburse from the Fund all reasonable costs and expenses incurred in the administration of the Fund, as more fully described in the Declaration of Trust and the Series Amendment (such expenses may include but are not limited to legal fees, litigation expenses, brokerage fees and audit fees). First $2.0 Billion Over $2.0 Billion MetLife Series Trustee Fee Schedule 20 basis points 18 basis points 2. Actual MetLife Contract charge may be based on the fee schedule for each Separate Account that is applied to the Contract s contract value and may be higher or lower depending on the relative proportions of the Contract invested in each Separate Account at any given time. See Appendix A for full fee disclosure. These fees are taken into account in setting the interest rate and are not applied to reduce the Contract Value. These fees are paid from the Separate Accounts. 3. An administrative service fee from the Fund s operating expense is intended to enable a Participating Plan to fund plan level fees and expenses paid to third parties for services, including, among others, participant recordkeeping, communication and education services and other administrative services provided to the Participating Plan or its accompanying Plan. This fee may also be passed through entirely to the Participating Plan s fiduciary advisor for its services related to the provision of investment advice to your Participating Plan. This fee is used to offset any fee that is otherwise due to the fiduciary adviser in connection with investment