September 30, 208 Monthly Performance Annuities can provide an effective and systematic method of saving for retirement. Variable annuities offer growth potential which can help build wealth by keeping up with inflation. Variable annuities also offer the potential of greater returns in exchange for a higher degree of risk. The AFMAXX 47(b) Group Variable Annuity was designed for people seeking long-term tax-deferred earnings, generally for retirement savings. Investment in a variable annuity contract is subject to risks, including possible loss of the principal amount invested. The shorter the time period for the investment, the greater the possibility of loss. These investment accounts are not insured by the U.S. Government or any other agency. The performance data presented represents past performance, and is not a guarantee of future results. Current performance may be lower or higher than the performance presented here. Investment return and principal value will fluctuate so that an investor s units, when redeemed, may be worth more or less than their original cost. Consider the investment objectives, risks, charges and expenses of the investment product carefully before investing. The separate account and portfolio prospectuses contain this and other important information about the variable annuity product. Please contact your American Fidelity representative to obtain the separate account and portfolio prospectuses, or call American Fidelity directly at 800-662-3. The separate account and applicable portfolio prospectus should be read carefully before investing. In certain instances these pages contain measures of performance earned by the various portfolios, at times prior to their offering as eligible investment options in the AFMAXX 47(b) Group Variable Annuity - Separate Account C. This is referred to as pre-dated performance. These pre-dated fund performance measures are hypothetical because the portfolio was not available in the variable annuity prior to its inception date. Because of market volatility, current fund performance may have changed since these returns were compiled. Please reference these notes when reviewing the performance information on the following pages. N/A Performance information not available for all or part of the period indicated. () Date the sub-account was first offered by the AFMAXX 47(b) Group Variable Annuity - Separate Account C. (2) The original inception date of each portfolio offered by the AFMAXX 47(b) Group Variable Annuity - Separate Account C. (3) May be derived from the portfolio s performance prior to being offered by Separate Account C, if portfolio inception date is before the date of inclusion in Separate Account C. This performance is net of portfolio and Separate Account C expenses, except the early withdrawal charge. The early withdrawal charge is reflected in the Average Annual Total Return With Withdrawal Charges. (4) Reflects Average Annual Total Return Without Withdrawal Charges since the sub-account was first offered by the AFMAXX 47(b) Group Variable Annuity - Separate Account C. If less than one year, reflects total return for the period and is not annualized. ESB-7-0 Page of 6 - Not Complete Without All Pages.
September 30, 208 Monthly Performance () Average Annual Total Return With Withdrawal Charges assumes the funds were offered by the AFMAXX 47(b) Group Variable Annuity - Separate Account C for the periods indicated, and the original investment amount is $,000. It is calculated by determining the average annual compounded rate of return over each period, net of portfolio and Separate Account C annual expenses. Separate account annual expenses equal.0% of the average daily account value. (6) May be derived from the portfolio s performance prior to being offered by the AFMAXX 47(b) Group Variable Annuity - Separate Account C, if portfolio inception date is before the date of inclusion in Separate Account C. This performance is net of portfolio and Separate Account C expenses, including the early withdrawal charge. (7) Reflects Average Annual Total Return With Withdrawal Charges since the sub-account was first offered by the AFMAXX 47(b) Group Variable Annuity - Separate Account C. This performance is net of portfolio and Separate Account C expenses, including the early withdrawal charge. If less than one year, reflects total return for the period and is not annualized. The variable annuity policy contains a penalty for early withdrawal. The withdrawal charge is a percentage of the amount withdrawn, and would vary depending on the year a policy was surrendered, and if the withdrawal charge applied to the transaction. After one year of participation, there are no American Fidelity AFMAXX 47(b) Group Variable Annuity charges for plan benefit withdrawals paid to the participant or the participant s beneficiary. This waiver applies to withdrawals for the following plan benefit: Retirement; Separation from service; Certain unforeseen emergencies. A withdrawal charge is never applied to a death benefit. Under American Fidelity s AFMAXX 47(b) Group Variable Annuity, amounts withdrawn from the account for any other reason may be subject to withdrawal charges. The withdrawal charges are: years one-five, 8 percent; years six-ten, 4 percent; year eleven and thereafter, 0 percent. Total early withdrawal charges will never exceed 8 percent of total contributions. Inclusion of the withdrawal charge would affect the net performance. American Fidelity Assurance Company 9000 Cameron Parkway Oklahoma City, Oklahoma 734-800-662-3 www.americanfidelity.com ESB-7-0 Page 2 of 6 - Not Complete Without All Pages.
Separate Account C Date: June 4, 2002 September 30, 208 Monthly Performance Account C () Date (2) Year (3) Average Annual Total Return Without Withdrawal Charge 0 If Less Year (3) Year (3) Than 0 Years (3) Account C (4) Vanguard VIF Total Bond Market Index 0-May-200 Apr-99-2.82% 0.0% 2.08% 3.80% 2.07% Vanguard VIF Balanced 0-May-200 May-99 6.62% 7.43% 7.82% 7.84% 6.43% American Funds IS Blue Chip Income and Growth Fund 0-May-208 July-200 2.69% 9.40% 8.0% 4.78% 0.00% BlackRock Basic Value V.I. Fund 0-Jul-2003 Jul-993.43% 7.7% 8.2% 7.94% 6.88% Dreyfus Stock Index Fund, Inc. 0-Jul-2003 Sep-989.89%.97% 2.0% 8.64% 7.73% Vanguard VIF Total Stock Market Index 0-Dec-204 Jan-2003.69%.6% 0.22% 8.60% 9.93% Dreyfus Sustainable U.S. Equity, Inc. 0-Jul-2003 Oct-993 0.86% 9.24% 9.2% 6.60% 6.83% Vanguard VIF Capital Growth 0-May-200 Dec-2002 20.38%.8%.97% 0.93%.9% BlackRock Advantage U.S. Total Market V.I. Fund 0-Jul-2003 Apr-982.94% 7.62% 8.04%.26% 7.7% Dreyfus VIF Opportunistic Small Cap 0-Oct-207 Aug-990 3.76% 9.3% 9.49% 3.39% 4.8% Vanguard VIF Mid-Cap Index 0-Dec-204 Jan-999.9% 6.2% 8.90% 7.8% 7.78% American Funds IS International Fund 0-Dec-204 May-990.33% 4.7%.% 3.0% 4.33% ESB-7-0 Page 3 of 6 - Not Complete Without All Pages.
Separate Account C Date: June 4, 2002 September 30, 208 Monthly Performance Account C Date Year (6) Average Annual Total Return With Withdrawal Charge 0 If Less Year (6) Year (6) Than 0 Years (6)) Account C Vanguard VIF Total Bond Market Index 0-May-200 Apr-99-0.9% -0.24%.66% 3.80% 2.07% Vanguard VIF Balanced 0-May-200 May-99 -.38% 6.6% 7.4% 7.84% 6.43% American Funds IS Blue Chip Income and Growth Fund 0-May-208 July-200 -.3% 8.26% 8.% 4.78% -3.9% BlackRock Basic Value V.I. Fund 0-Jul-2003 Jul-993 3.43% 6.92% 7.8% 7.94% 6.88% Dreyfus Stock Index Fund, Inc. 0-Jul-2003 Sep-989 7.89%.6%.82% 8.64% 7.73% Vanguard VIF Total Stock Market Index 0-Dec-204 Jan-2003 7.69% 0.% 9.89% 8.60% 8.30% Dreyfus Sustainable U.S. Equity, Inc. 0-Jul-2003 Oct-993 2.86% 8.44% 8.84% 6.60% 6.83% Vanguard VIF Capital Growth 0-May-200 Dec-2002 2.38% 4.34%.68% 0.93%.26% BlackRock Advantage U.S. Total Market V.I. Fund 0-Jul-2003 Apr-982-2.07% 6.84% 7.64%.26% 7.7% Dreyfus VIF Opportunistic Small Cap 0-Oct-207 Aug-990.76% 8.40% 9.4% 3.39% 6.79% Vanguard VIF Mid-Cap Index 0-Dec-204 Jan-999 3.9%.2% 8.3% 7.8% 6.0% American Funds IS International Fund 0-Dec-204 May-990-6.67% 3.38% 4.68% 3.0% 2.43% ESB-7-0 Page 4 of 6 - Not Complete Without All Pages. American Fidelity Assurance Company 9000 Cameron Parkway Oklahoma City, Oklahoma 734-800-662-3 www.americanfidelity.com
Separate Account C Date: June 4, 2002 September 30, 208 Quarterly Performance Account C () Date (2) Year (3) Average Annual Total Return Without Withdrawal Charge 0 If Less Year (3) Year (3) Than 0 Years (3) Account C (4) Vanguard VIF Total Bond Market Index 0-May-200 Apr-99-2.82% 0.0% 2.08% 3.80% 2.07% Vanguard VIF Balanced 0-May-200 May-99 6.62% 7.43% 7.82% 7.84% 6.43% American Funds IS Blue Chip Income and Growth Fund 0-May-208 July-200 2.69% 9.40% 8.0% 4.78% 0.00% BlackRock Basic Value V.I. Fund 0-Jul-2003 Jul-993.43% 7.7% 8.2% 7.94% 6.88% Dreyfus Stock Index Fund, Inc. 0-Jul-2003 Sep-989.89%.97% 2.0% 8.64% 7.73% Vanguard VIF Total Stock Market Index 0-Dec-204 Jan-2003.69%.6% 0.22% 8.60% 9.93% Dreyfus Sustainable U.S. Equity, Inc. 0-Jul-2003 Oct-993 0.86% 9.24% 9.2% 6.60% 6.83% Vanguard VIF Capital Growth 0-May-200 Dec-2002 20.38%.8%.97% 0.93%.9% BlackRock Advantage U.S. Total Market V.I. Fund 0-Jul-2003 Apr-982.94% 7.62% 8.04%.26% 7.7% Dreyfus VIF Opportunistic Small Cap 0-Oct-207 Aug-990 3.76% 9.3% 9.49% 3.39% 4.8% Vanguard VIF Mid-Cap Index 0-Dec-204 Jan-999.9% 6.2% 8.90% 7.8% 7.78% American Funds IS International Fund 0-Dec-204 May-990.33% 4.7%.% 3.0% 4.33% ESB-74-0 Page of 6 - Not Complete Without All Pages.
Separate Account C Date: June 4, 2002 September 30, 208 Quarterly Performance Account C Date Year (6) Average Annual Total Return With Withdrawal Charge 0 If Less Year (6) Year (6) Than 0 Years (6) Account C (7) Vanguard VIF Total Bond Market Index 0-May-200 Apr-99-0.9% -0.24%.66% 3.80% 2.07% Vanguard VIF Balanced 0-May-200 May-99 -.38% 6.6% 7.4% 7.84% 6.43% American Funds IS Blue Chip Income and Growth Fund 0-May-208 July-200 -.3% 8.26% 8.% 4.78% -3.9% BlackRock Basic Value V.I. Fund 0-Jul-2003 Jul-993 3.43% 6.92% 7.8% 7.94% 6.88% Dreyfus Stock Index Fund, Inc. 0-Jul-2003 Sep-989 7.89%.6%.82% 8.64% 7.73% Vanguard VIF Total Stock Market Index 0-Dec-204 Jan-2003 7.69% 0.% 9.89% 8.60% 8.30% Dreyfus Sustainable U.S. Equity, Inc. 0-Jul-2003 Oct-993 2.86% 8.44% 8.84% 6.60% 6.83% Vanguard VIF Capital Growth 0-May-200 Dec-2002 2.38% 4.34%.68% 0.93%.26% BlackRock Advantage U.S. Total Market V.I. Fund 0-Jul-2003 Apr-982-2.07% 6.84% 7.64%.26% 7.7% Dreyfus VIF Opportunistic Small Cap 0-Oct-207 Aug-990.76% 8.40% 9.4% 3.39% 6.79% Vanguard VIF Mid-Cap Index 0-Dec-204 Jan-999 3.9%.2% 8.3% 7.8% 6.0% American Funds IS International Fund 0-Dec-204 May-990-6.67% 3.38% 4.68% 3.0% 2.43% ESB-74-0 Page 6 of 6 - Not Complete Without All Pages. American Fidelity Assurance Company 9000 Cameron Parkway Oklahoma City, Oklahoma 734-800-662-3 www.americanfidelity.com