THE UNIVERSITY OF TEXAS SYSTEM

All options listed (except where noted) are available for 401(a), 403(a), 401(k), 403(b) and 457(b) eligible deferred compensationplans, as well as individual retirement annuities.Investment options bearing the " " symbol are available innonqualified, tax-deferred variable annuities [under IRC Section 72],ineligible deferred-compensation 457(f) plans and for-profit top-hatplans.

Current performance may be higher or lower than the performance stated dueto recent stock market volatility. The performance data quoted representspast performance. Past Performance does not guarantee future results.The investment return and principal value of an investment will fluctuate sothat an investor’s units, when withdrawn, may be worth more or less thanthe original cost.For month-end performance please go to www.valic.comReturns reflect deduction of account maintenance fees and surrender charges,but not IncomeLOCK fees or premium taxes. Certain fees may notapply to some contracts.

S T A N D A R D A V E R A G EA N N U A L R E T U R N

YEARTO DATE

1 YEAR 2 YEARS 3 YEARS 5 YEARS 10 YEARS/SINCE INCLUSION 1

INCLUSIONDATE 1

10 YEARS/SINCEINCEPTION 2

INCEPTIONDATE 2

INVESTMENT OPTIONS PERFORMANCE

AS OF JUNE 30, 2012

Page 1

Domestic EquityDomestic Large Cap Equity

Large Cap Value Dividend Value Fund (BlackRock/SunAmerica) [21] 7.47 7.37 17.77 16.06 -1.74 4.21 12/8/2000 4.21 12/8/2000

Large Cap Blend Large Cap Core Fund(Columbia Mgmt Inv Adv)[76] 8.99 -0.15 16.63 15.24 2.57 4.99 5/30/2006 4.58 12/5/2005

Stock Index Fund (SunAmerica)[10] 8.82 4.22 16.05 15.20 -0.89 4.14 4/20/1987 4.14 4/20/1987

Large Cap Growth Growth Fund (American Century) [78] 10.07 2.43 17.05 15.71 3.07 4.04 5/30/2006 2.32 12/5/2005

Domestic Mid Cap EquityMid Cap Value Mid Cap Value Fund (Wngtn/Rbco/Tocq)[38] 8.97 -4.12 12.21 15.12 -2.15 6.22 9/22/1998 6.22 9/22/1998

Mid Cap Blend Mid Cap Index Fund (SunAmerica)[4] 7.28 -3.43 15.37 18.17 1.47 7.02 10/1/1991 7.02 10/1/1991

Mid CapGrowth

Mid Cap Strategic Growth (RCM/Morgan Stanley) [83] 5.55 -10.63 12.76 14.94 0.48 3.38 5/30/2006 4.66 12/20/2004

Domestic Small Cap Equity

Small Cap ValueSmall Cap Value Fund (JP Morgan/SunAmerica/Metropolitan West) [36] 4.86 -9.68 10.27 15.17 -2.01 5.13 9/22/1998 5.13 9/22/1998

Small Cap Blend Small Cap Index Fund (SunAmerica)[14] 7.88 -3.12 14.82 16.73 -0.47 5.86 5/1/1992 5.86 5/1/1992

Small Cap Growth Small Cap Aggressive Growth (RS Investments)[86] 9.41 -7.45 11.99 15.48 1.64 4.07 5/30/2006 3.83 12/5/2005

Global EquityGlobal Strategy (Franklin Templeton) [88] 5.02 -4.51 8.94 9.61 2.09 4.89 5/30/2006 5.83 12/5/2005

International EquityEmerging Economies (formerly Global Equity) Fund (JP Morgan) [87]~ 4.27 -12.24 5.96 6.17 -8.22 -2.72 5/30/2006 -1.58 12/5/2005

International Growth Fund (American Century/Invesco/MFS) [20] 4.86 -11.75 8.35 9.02 -3.64 4.53 12/8/2000 4.53 12/8/2000

SpecialityGlobal Real Estate Fund (Invesco/Goldman Sachs) [101] 16.18 0.50 14.42 17.77 - -1.85 5/1/2008 1.08 3/10/2008

Invesco Balanced-Risk Commodity Strategy Fund [102] -0.20 - - - - -3.47 11/1/2011 -3.47 11/30/2010

HybridLifestyle Aggressive Growth Lifestyle Fund (PineBridge)[48] 7.51 1.64 13.22 14.43 1.18 6.53 9/22/1998 6.53 9/22/1998

Conservative Growth Lifestyle Fund (PineBridge)[50] 6.05 4.54 10.99 12.71 4.01 6.17 9/22/1998 6.17 9/22/1998

Moderate Growth Lifestyle Fund (PineBridge)[49] 6.92 2.99 12.22 13.59 2.79 6.38 9/22/1998 6.38 9/22/1998

Fixed IncomeInvestment Grade Inflation Protected Fund (PineBridge) [77] 3.92 8.75 8.13 8.93 6.10 4.20 2/22/2005 4.20 12/20/2004

Strategic Bond Fund (PineBridge) [59] 5.36 5.56 8.19 10.47 5.75 7.58 9/22/1998 7.58 9/22/1998

High Yield High Yield Bond Fund (Wellington) [60] 6.15 5.55 9.80 13.56 3.69 8.25 9/22/1998 8.25 9/22/1998

Stable Value Money Market II Fund (SunAmerica) [44] -0.27 -0.54 -0.54 -0.53 0.40 1.09 9/22/1998 1.09 9/22/1998

7-Day current yield at 30-Jun-2012: -0.54%

Fixed Account Plus [1]* 2.25 3.00 3.00 3.62 4.37 3.70 1/1/1982 3.70 1/1/1982

Short-Term Fixed Account [2]* 1.00 1.00 1.25 1.66 2.20 2.60 1/1/1991 2.60 1/1/1991

THE UNIVERSITY OF TEXAS SYSTEM(Cont.)

All options listed (except where noted) are available for 401(a), 403(a), 401(k), 403(b) and 457(b) eligible deferred compensationplans, as well as individual retirement annuities.Investment options bearing the " " symbol are available innonqualified, tax-deferred variable annuities [under IRC Section 72],ineligible deferred-compensation 457(f) plans and for-profit top-hatplans.

A variety of investment options are available in different plans. Pleasereview your plan for a list of available options or call yourfinancial advisor at 1-800-448-2542 (option 2).

S T A N D A R D A V E R A G EA N N U A L R E T U R N

YEARTO DATE

1 YEAR 2 YEARS 3 YEARS 5 YEARS 10 YEARS/SINCE INCLUSION 1

INCLUSIONDATE 1

10 YEARS/SINCEINCEPTION 2

INCEPTIONDATE 2

INVESTMENT OPTIONS PERFORMANCE

AS OF JUNE 30, 2012

Page 2

To obtain either a contract or underlying fund prospectuses, visit www.valic.com or call 1-800-428-2542 (press 1, then 3). The prospectus contains the investment objectives, risks, charges and expenses, and other information about the investment company, which you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. Annuity contracts are issued by The Variable Annuity Life Insurance Company and distributed by its affiliate, American General Distributors, Inc., member FINRA. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.

Copyright© The Variable Annuity Life Insurance Company. All rights reserved.Houston, Texas68429

An investment in money market funds is not insuredor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency.Although the funds seek to preserve the value of yourinvestment at $1.00 per share, it is possible to losemoney by investing in the funds.

Returns for periods prior to the date the funds becameavailable in the Separate Account are hypothetical andare derived from the performance of the underlyingfund, adjusted to reflect fees, expenses, and surrendercharges if applicable, of Portfolio Director as if the fundhad been in the Separate Account during the statedperiod.If applicable, returns on pages 1 & 2 reflect deduction ofaccount maintenance fees and surrender charges, butnot premium taxes or IncomeLOCK fees, if applicable.Partial or full surrenders may be subject to a surrendercharge of the lesser of either 5% of the sum of thecontributions received during the prior 60 months, or5% of the amount withdrawn. There may be a quarterlyaccount maintenance fee of $3.75 for investments in thevariable options, depending on the contract. There areno account maintenance fees for investments in thefixed options.

The current 7-day yield more closely reflects thecurrent earnings of the money market fund than doesthe total average annual return. Yields are historical anddo not guarantee future performance. Yields do notreflect deduction of surrender charges or premiumtaxes, if applicable.

1) The inclusion data found in this chart are based uponthe date the funds were included in the SeparateAccount or for the General Account, when added to thecontract. 2) The inception data are based upon the inception dateof the underlying fund.

For funds with less than a full year of performance thereturns are cumulative. Generally, higher potential returns involve greater riskand short-term volatility. For example: -Small-cap, mid-cap, sector and emerging funds canexperience significant price fluctuation due to businessrisks and adverse political developments.

-International (global) and foreign funds can experienceprice fluctuation due to hanging market conditions,currency values, and economic and political climates. -High-yield bond funds, which invest in bonds thathave lower ratings, typically experience pricefluctuation and a greater risk of loss of principal andincome than when investing directly in U.S.government securities such as U.S. Treasury bonds andbills, which are guaranteed by the government forrepayment of principal and interest if held to maturity. -Mortgage-related funds' underlying mortgages aremore likely to be prepaid during periods of declininginterest rates, which could hurt the fund's share price oryield, and may be prepaid more slowly during periodsof rapidly rising interest rates, which may lengthen thefund's expected maturity. -Investors should carefully assess the risks associatedwith an investment in the fund. Fund shares are notinsured and are not backed by the U.S. government,and their value and yield will vary with market

THE UNIVERSITY OF TEXAS SYSTEM

All options listed (except where noted) are available for 401(a), 403(a), 401(k), 403(b) and 457(b) eligible deferred compensationplans, as well as individual retirement annuities.Investment options bearing the " " symbol are available innonqualified, tax-deferred variable annuities [under IRC Section 72],ineligible deferred-compensation 457(f) plans and for-profit top-hatplans.

Returns are based on the inception date of the underlying funds. Theyassume no account maintenance fees, surrender charges, premiumtaxes or IncomeLOCK fees, if applicable.

N O N - S T A N D A R D A V E R A G E

A N N U A L R E T U R NYEAR

TO DATE1 YEAR 2 YEARS 3 YEARS 5 YEARS 10 YEARS/SINCE

INCEPTION 2

INCEPTIONDATE 2

INVESTMENT OPTIONS PERFORMANCE

AS OF AUGUST 31, 2012

Page 3

Domestic EquityDomestic Large Cap Equity

Large Cap Value Dividend Value Fund (BlackRock/SunAmerica) [21] 9.95 16.44 17.09 12.83 -0.51 5.20 12/8/2000

Large Cap Blend Large Cap Core Fund(Columbia Mgmt Inv Adv)[76] 13.81 15.51 17.88 12.64 3.67 5.14 12/5/2005

Stock Index Fund (SunAmerica)[10] 12.59 16.64 16.90 12.37 0.15 5.31 4/20/1987

Large Cap Growth Growth Fund (American Century) [78] 13.77 14.74 18.21 13.80 3.34 2.77 12/5/2005

Domestic Mid Cap Equity

Mid Cap Value Mid Cap Value Fund (Wngtn/Rbco/Tocq)[38] 12.57 13.23 12.79 11.04 -0.49 7.78 9/22/1998

Mid Cap Blend Mid Cap Index Fund (SunAmerica)[4] 10.76 11.45 16.40 14.51 2.87 8.43 10/1/1991

Mid Cap Growth Mid Cap Strategic Growth (RCM/Morgan Stanley) [83] 4.18 -2.39 9.90 10.51 0.06 4.38 12/20/2004

Domestic Small Cap Equity

Small CapValue

Small Cap Value Fund (JP Morgan/SunAmerica/Metropolitan West) [36] 6.70 5.99 13.43 10.33 -0.29 6.90 9/22/1998

Small Cap Blend Small Cap Index Fund (SunAmerica)[14] 9.78 12.28 16.54 12.79 0.90 7.84 5/1/1992

Small Cap Growth Small Cap Aggressive Growth (RS Investments)[86] 13.95 14.23 16.85 13.64 2.91 4.36 12/5/2005

Global EquityGlobal Strategy (Franklin Templeton) [88] 9.91 5.32 8.87 8.32 3.55 6.39 12/5/2005

International EquityEmerging Economies (formerly Global Equity) Fund (JP Morgan) [87]~ 4.13 -1.74 3.72 2.15 -7.57 -1.56 12/5/2005

International Growth Fund (American Century/Invesco/MFS) [20] 8.75 1.57 7.35 6.34 -2.63 6.11 12/8/2000

SpecialityGlobal Real Estate Fund (Invesco/Goldman Sachs) [101] 19.94 11.53 11.27 12.63 - 1.76 3/10/2008

Invesco Balanced-Risk Commodity Strategy Fund [102] 8.86 -8.00 - - - 9.65 11/30/2010

HybridLifestyle Aggressive Growth Lifestyle Fund (PineBridge)[48] 10.28 10.54 13.08 11.20 2.09 7.76 9/22/1998

Conservative Growth Lifestyle Fund (PineBridge)[50] 8.48 9.89 10.55 10.39 4.65 6.72 9/22/1998

Moderate Growth Lifestyle Fund (PineBridge)[49] 9.49 10.39 11.97 10.79 3.52 7.26 9/22/1998

Fixed IncomeInvestment Grade Inflation Protected Fund (PineBridge) [77] 5.80 7.14 7.78 9.01 6.01 4.35 12/20/2004

Strategic Bond Fund (PineBridge) [59] 8.67 9.37 7.55 9.59 6.56 7.89 9/22/1998

High Yield High Yield Bond Fund (Wellington) [60] 8.90 12.40 9.44 12.09 4.74 8.93 9/22/1998

Stable Value Money Market II Fund (SunAmerica) [44] -0.36 -0.54 -0.54 -0.54 0.24 1.07 9/22/1998

Fixed Account Plus [1]* 2.25 2.75 2.58 3.55 4.28 3.58 1/1/1982

Short-Term Fixed Account [2]* 1.00 1.00 1.17 1.55 2.13 2.56 1/1/1991

An investment in money market funds is not insuredor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency.Although the funds seek to preserve the value of yourinvestment at $1.00 per share, it is possible to losemoney by investing in the funds.Returns reflect overall changes in accumulation unitvalue from the beginning to the end of the periodsshown, after deduction of fund expenses. Figures onpages 3 & 4 do not reflect deduction of accountmaintenance fees, surrender charges, premium taxes orIncomeLOCK fees, if applicable. Separate Accountexpenses are deducted only from variable options. Theexpenses are calculated each day and are based on theaverage daily net asset value of each option at theSeparate Account level. The expenses are annualized at0.35% to 1.25%, depending on the variable option andcontract. Returns for periods prior to the date the fundsbecame available in the Separate Account arehypothetical and are calculated as if the fund had beenin the Separate Account during the stated period.

Bear in mind that annuities also provide additionalfeatures and benefits, including, but not limited to, aguaranteed death benefit and guaranteed lifetimeincome options, for which a Separate Account fee ischarged. Annuities are long-term investments. Income taxes arepayable upon withdrawal. Federal restrictions and a10% federal tax penalty may apply to withdrawals priorto age 59½.Retirement plans and accounts that satisfy relevantqualification rules, such as 403(b)s, IRAs, 401(k)s, etc.,can be tax deferred regardless of whether or not theyare funded with an annuity. If you are consideringfunding a tax-qualified retirement plan or account withan annuity, you should know that an annuity does notprovide any additional tax-deferred treatment ofearnings beyond the tax deferral of the tax-qualifiedretirement plan or account itself. However, annuities doprovide other features and benefits.Fixed Account Plus contributions received anddeposited during a given month will earn that month'scurrent interest rate for the remainder of that calendaryear (for all contract series except 7.0, 7.20, 12.0,12.20, 12.40 and 13.20). VALIC intends (though doesnot guarantee) to pay this same interest rate for thosedeposits and transfers through the end of the followingcalendar year. The current interest rate may differ frommonth to month.

*Performance numbers for Fixed Account Plus andShort Term Fixed are based on annualized returns.

All Fixed Account Plus deposits for series 7.0, 7.20,12.0, 12.20, 12.40 and 13.20 will earn the monthlydeclared interest rate until that rate is changed. Theinterest rate for the Short-Term Fixed Account isdeclared annually in January.All Short-Term Fixed Account deposits will earn theannual declared interest rate for the remainder of thatcalendar year. Interest is credited daily and subject tothe claims-paying ability of the insurance company.Please refer to your contract for the minimumguaranteed rate. VALIC's interest-crediting policy issubject to change. Premium taxes will be deductedwhen required by state law.

Returns for fixed options were calculated assuming alump-sum deposit on the first day of each period andinterest credited to the account according to VALIC'sinterest crediting policy. Equivalent rates were used,even though the contract may not have been availablefor sale during all periods shown.

Applicable to Portfolio Director Fixed and VariablePolicy Form series UIT-194, UITG-194, UITG-194P,and UITN-194.

# This fund closed to new deposits effective 2/12/2010.

~ Effective 10/01/2011, the Global Equity Fund [87]was renamed Emerging Economies Fund and has a newinvestment strategy that focuses primarily on companiesdomiciled in emerging markets countries. The newsub-adviser to the fund is JP Morgan. Performance as of9/30/2011 and prior is attributable to the Global EquityFund.