Separate Account J (J for Jobs)

Separate Account J ("Fund"), commonly known as 'J for Jobs,' is a commercial real estate investment vehicle with a tradition of delivering attractive and competitive fixed-income performance to institutional investors over its long-term history, all while growing unions, creating union jobs and creating capital for their employers.

Separate Account J's objective is to outperform the Barclays Capital Aggregate Index ("Index") net of fees over a full market cycle. The Fund capitalizes on the income component of private commercial first mortgages as well as mortgage fees paid to the Fund by the borrower.

'J for Jobs' is managed by The Union Labor Life Insurance Company ("Union Labor Life"), a Ullico Inc. subsidiary. The Fund was established as an investment vehicle for union pension and annuity plans. Ullico's Real Estate Investment Group, which is a part of Union Labor Life, provides overall project management, loan servicing and real estate consulting services.

Loans made through 'J for Jobs' require that all construction is built with union labor as a condition of the lending agreement. Nationwide, J for Jobs has financed 425 projects totaling more than $12 billion.

Note: Separate Account J will only be sold to US pension and profit-sharing plans that meet the qualifications of Section 401 of the Internal Revenue Code of 1986 (IRC), annuity plans which meet the requirements for the deduction of the employers' contribution under IRC section 402(a)(2), or subject to certain conditions, governmental plans as defined in the IRC Section 414(d). Investment in illiquid real estate and commercial mortgage loans are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor's units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments. Furthermore, the loan values determined by Union Labor Life could vary significantly from the prices at which the investments would sell because market prices can only be determined by negotiation between a willing buyer and seller. The ability of borrowers to repay loans issued by the Fund will typically depend upon the successful construction or operation of the related real estate project and the availability of financing. The repayment of loans issued for the construction of multifamily housing (i.e condominium loans) will generally depend on the borrower's ability to sell the underlying housing units. There is no guaranteed that Union Labor Life will attain its investment objectives. Potential investors in the Fund should carefully read the Fund Disclosure Memorandum for a description of the potential risks associated with investment in the Fund.


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