P E R F O R M A N C E U P D A T E Security Life of Denver Insurance Company Voya Variable Universal Life-ECV Average Annual Total Returns as of: 11/30/2015 (shown in percentages) Mutual funds offered through a retirement plan are investments designed for retirement purposes. Early withdrawals will reduce your account value and if taken prior to age 59 1/2, a 10% IRS penalty may apply. The performance data quoted represents past performance. Past performance does not guarantee future results. Actual investment returns and principal value will fluctuate so that shares and\or units, at redemption, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end please call 877-253-5050. The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. The prospectus contains this and other information. Anyone who wishes to obtain a free copy of the fund prospectuses may call their Voya representative or the number above. Please read the prospectus carefully before investing. Returns less than one year are not annualized. is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Stability of Principal Money Market Voya Liquid Assets Portfolio - Service Class (1) 0.00 0.00 0.01 0.01 0.01 0.02 1.26 01/24/1989 The 7-day annualized yield as of 11/30/2015 is 0.00%, which more closely reflects current earnings. (7) Bonds High Yield Bond VY Pioneer High Yield Portfolio - Initial Class -1.50-2.03-1.67-3.83 4.05 5.76 1.36 01/03/2006 Intermediate-Term Bond Voya Intermediate Bond Portfolio - Class I -0.23 0.54 1.04 0.86 2.75 4.75 4.69 05/23/1973 Voya U.S. Bond Index Portfolio - Class I -0.28 0.38 0.62 0.60 1.13 2.70 3.89 03/04/2008 Short-Term Bond Voya Limited Maturity Bond Portfolio - Service Class -0.10 0.20 0.77 0.57 0.72 0.92 2.46 01/24/1989 World Bond Voya Global Bond Portfolio - Service Class -1.38-0.79-4.31-6.02-2.52 0.73 3.64 11/08/2004 Asset Allocation Lifestyle Voya Retirement Growth Portfolio - Institutional Class (2) -0.22 2.75 0.24-0.63 8.72 8.36 4.59 05/03/2004 Voya Retirement Moderate Growth Portfolio - Institutional Cl (3) -0.23 2.54 0.39-0.35 7.85 7.74 4.84 05/03/2004 Voya Retirement Moderate Portfolio - Institutional Class -0.25 1.99 0.20-0.57 5.67 6.40 4.53 05/03/2004 Balanced Moderate Allocation Voya Balanced Portfolio - Class I -0.21 2.58-0.26-1.27 7.95 7.57 4.66 04/03/1989 VY Invesco Equity and Income Portfolio - Initial Class 0.37 2.66 0.11 0.39 11.28 9.94 6.57 12/10/2001 VY T. Rowe Price Capital Appreciation Portfolio - Inst (4) 0.22 4.32 6.97 6.80 14.17 13.02 8.93 01/24/1989 Large Cap Value Page 1 of 6
Large Blend American s Insurance Series Growth-Income - Class 2 0.37 5.06 3.62 2.39 15.72 13.48 6.97 02/08/1984 Voya Growth and Income Portfolio - Class I -0.03 5.57 0.85 0.03 13.78 12.43 6.75 12/31/1979 Voya Index Plus LargeCap Portfolio - Class I 0.04 5.93 2.47 2.01 16.08 13.46 6.50 09/16/1996 Voya Multi-Manager Large Cap Core Port - Institutional Class 0.81 5.24 1.30 1.85 15.50 11.55 6.59 04/29/2005 Voya Russell Large Cap Index Portfolio - Class I 0.31 6.57 3.55 3.10 15.79 14.30 8.29 03/04/2008 Voya U.S. Stock Index Portfolio - Institutional Class 0.29 6.00 2.76 2.51 15.78 14.11 7.22 05/03/2004 Large Value Fidelity VIP Equity-Income Portfolio - Service Class -0.14 2.38-2.74-3.30 11.05 11.76 5.32 11/03/1997 Voya Large Cap Value Portfolio - Institutional Class 0.17 4.42-2.30-2.26 12.48 12.13 4.53 05/11/2007 Voya Russell Large Cap Value Index Portfolio - Class I 0.37 5.46-1.75-1.31 13.99 13.02 14.26 05/01/2009 VY Invesco Comstock Portfolio - Initial Class 0.62 4.27-2.02-1.79 14.27 12.77 6.29 05/01/2002 VY Invesco Growth and Income Portfolio - Service Class 0.64 3.55-0.19 0.13 14.26 12.23 6.43 10/04/1993 VY T. Rowe Price Equity Income Portfolio - Institutional (5) 0.00 3.99-4.46-3.86 10.92 11.12 6.03 01/24/1989 Large Cap Growth Large Growth American s Insurance Series Growth - Class 2 1.21 5.97 8.78 8.28 16.08 13.04 7.36 02/08/1984 Fidelity VIP Contrafund Portfolio - Service Class 0.86 4.72 2.52 2.16 14.79 12.86 7.51 11/03/1997 Neuberger Berman AMT Socially Responsive Portfolio - I Class 0.14 5.07 1.02 1.40 15.73 11.96 7.24 02/18/1999 Voya Large Cap Growth Portfolio - Institutional Class 0.94 7.29 7.60 6.48 17.09 15.29 10.55 05/03/2004 Voya Russell Large Cap Growth Index Portfolio - Class I 0.27 7.72 8.93 7.43 17.29 15.34 16.99 05/01/2009 Small/Mid/Specialty Mid-Cap Blend Voya Index Plus MidCap Portfolio - Class I 0.80 2.24 1.67 2.21 15.23 13.05 7.37 12/16/1997 Mid-Cap Growth Voya Russell Mid Cap Growth Index Portfolio - Class I 0.25 2.38 1.78 1.44 15.99 13.07 17.46 05/01/2009 VY Baron Growth Portfolio - Initial Class 0.17 1.15-2.47-1.80 12.88 13.46 7.97 05/01/2002 VY FMR Diversified Mid Cap Portfolio - Institutional Class 1.59 3.10 2.75 2.96 14.96 9.57 8.25 10/02/2000 VY T. Rowe Price Diversified Mid Cap Growth Port - Initial 0.74 2.55 4.62 4.69 17.19 13.62 8.95 12/10/2001 Mid-Cap Value VY JPMorgan Mid Cap Value Portfolio - Initial Class 0.20 2.19-0.62 1.03 15.01 14.53 8.86 05/01/2002 Small Blend Voya Index Plus SmallCap Portfolio - Class I 2.58 3.78 1.63 4.41 16.30 12.94 6.27 12/19/1997 Voya Russell Small Cap Index Portfolio - Class I 3.23 3.80 0.54 3.29 14.84 11.94 9.69 03/04/2008 Voya Small Company Portfolio - Class S 3.37 3.74 3.64 5.77 16.05 12.79 8.39 12/27/1996 VY JPMorgan Small Cap Core Equity Portfolio - Institutional 2.27 3.53 1.03 3.99 16.12 14.11 8.92 05/01/2002 Small Growth Voya SmallCap Opportunities Portfolio - Class I 3.46 3.16 3.97 5.86 16.32 13.87 9.55 05/06/1994 Small Value VY Columbia Small Cap Value II Portfolio - Initial Class 2.71 5.43 3.06 5.33 16.38 12.84 6.58 04/28/2006 Specialty - Real Estate VY Clarion Global Real Estate Portfolio - Service Class -2.43 4.32-2.45-2.05 6.38 7.78 4.78 01/03/2006 Global / International Diversified Emerging Mkts VY JPMorgan Emerging Markets Equity Portfolio - Inst (6) -2.09 1.01-12.26-18.16-4.04-2.73 5.11 02/18/1998 Foreign Large Blend American s Insurance Series International - Class 2-1.16 0.27-2.24-6.29 6.09 4.60 4.63 05/01/1990 Voya International Index Portfolio - Class S -1.08 0.88 0.81-3.15 5.99 5.12 0.79 03/04/2008 Foreign Large Growth VY T. Rowe Price International Stock Portfolio - Inst -0.99 1.09 0.91-2.76 5.76 4.95 4.41 04/29/2005 Foreign Large Value Page 2 of 6
VY Templeton Foreign Equity Portfolio - Initial Class -1.45-0.09-0.49-3.77 5.35 4.81 3.46 01/03/2006 World Allocation BlackRock Global Allocation V.I. - Class III -0.50 0.87-0.05-1.61 5.78 5.26 6.23 02/28/1992 Voya Global Perspectives Portfolio - Class I -0.79-0.10-2.38-3.44 2.76 04/25/2013 World Stock Voya Global Value Advantage Portfolio - Class I -0.76 3.74-3.24 03/06/2015 VY Oppenheimer Global Portfolio - Initial Class -0.87 1.79 5.69 2.69 12.40 10.45 6.83 05/01/2002 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. Page 3 of 6
P E R F O R M A N C E U P D A T E Security Life of Denver Insurance Company Voya Variable Universal Life-ECV Average Annual Total Returns as of: 09/30/2015 (shown in percentages) Mutual funds offered through a retirement plan are investments designed for retirement purposes. Early withdrawals will reduce your account value and if taken prior to age 59 1/2, a 10% IRS penalty may apply. The performance data quoted represents past performance. Past performance does not guarantee future results. Actual investment returns and principal value will fluctuate so that shares and\or units, at redemption, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end please call 877-253-5050. The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. Returns less than one year are not annualized. is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Stability of Principal Money Market Voya Liquid Assets Portfolio - Service Class (1) 0.00 0.01 0.01 0.01 0.01 0.02 1.32 01/24/1989 The 7-day annualized yield as of 09/30/2015 is 0.00%, which more closely reflects current earnings. (7) Bonds High Yield Bond VY Pioneer High Yield Portfolio - Initial Class -2.97-6.64-2.61-5.23 4.20 6.52 1.29 01/03/2006 Intermediate-Term Bond Voya Intermediate Bond Portfolio - Class I 0.23 0.46 0.73 2.08 2.90 4.65 4.63 05/23/1973 Voya U.S. Bond Index Portfolio - Class I 0.66 1.19 0.90 2.60 1.29 2.71 4.02 03/04/2008 Short-Term Bond Voya Limited Maturity Bond Portfolio - Service Class 0.20 0.18 0.77 0.87 0.75 0.94 2.49 01/24/1989 World Bond Voya Global Bond Portfolio - Service Class 0.40-0.69-3.16-4.80-2.16 0.88 3.69 11/08/2004 Asset Allocation Lifestyle Voya Retirement Growth Portfolio - Institutional Class (2) -2.44-6.66-4.82-2.91 6.98 7.63 4.17 05/03/2004 Voya Retirement Moderate Growth Portfolio - Institutional Cl (3) -1.98-5.51-4.04-2.08 6.34 7.11 4.44 05/03/2004 Voya Retirement Moderate Portfolio - Institutional Class -1.56-4.33-3.28-1.67 4.58 5.89 4.22 05/03/2004 Balanced Moderate Allocation Voya Balanced Portfolio - Class I -2.15-6.05-4.85-3.13 6.24 6.75 4.20 04/03/1989 VY Invesco Equity and Income Portfolio - Initial Class -2.78-6.45-5.20-3.26 9.08 9.35 6.03 12/10/2001 VY T. Rowe Price Capital Appreciation Portfolio - Inst (4) -1.52-2.76 0.99 5.83 12.30 12.43 8.41 01/24/1989 Large Cap Value Large Blend American s Insurance Series Growth-Income - Class 2-3.59-7.66-4.92-2.34 12.68 12.16 6.25 02/08/1984 Page 4 of 6
Voya Growth and Income Portfolio - Class I -2.63-8.51-6.99-4.22 9.98 11.37 6.17 12/31/1979 Voya Index Plus LargeCap Portfolio - Class I -2.48-6.79-5.66-1.82 12.22 12.35 5.82 09/16/1996 Voya Multi-Manager Large Cap Core Port - Institutional Class -3.11-7.74-6.74-0.87 12.07 10.72 5.92 04/29/2005 Voya Russell Large Cap Index Portfolio - Class I -2.43-6.31-5.19-1.09 11.83 13.09 7.23 03/04/2008 Voya U.S. Stock Index Portfolio - Institutional Class -2.54-6.55-5.53-0.91 12.10 13.03 6.53 05/03/2004 Large Value Fidelity VIP Equity-Income Portfolio - Service Class -3.47-9.14-8.30-6.46 8.77 11.00 4.96 11/03/1997 Voya Large Cap Value Portfolio - Institutional Class -3.25-9.70-9.48-6.56 9.25 11.29 3.68 05/11/2007 Voya Russell Large Cap Value Index Portfolio - Class I -2.87-8.52-9.51-5.55 10.39 11.52 13.19 05/01/2009 VY Invesco Comstock Portfolio - Initial Class -4.33-10.80-10.10-8.20 10.97 11.53 5.70 05/01/2002 VY Invesco Growth and Income Portfolio - Service Class -4.14-9.31-7.60-5.64 10.96 11.24 5.73 10/04/1993 VY T. Rowe Price Equity Income Portfolio - Institutional (5) -3.99-10.33-11.80-9.06 8.03 9.90 5.34 01/24/1989 Large Cap Growth Large Growth American s Insurance Series Growth - Class 2-3.55-6.47-0.99 2.26 12.53 12.08 6.71 02/08/1984 Fidelity VIP Contrafund Portfolio - Service Class -3.85-8.84-5.87-2.28 11.30 11.91 6.86 11/03/1997 Neuberger Berman AMT Socially Responsive Portfolio - I Class -2.13-6.45-5.90-0.97 13.30 11.65 6.50 02/18/1999 Voya Large Cap Growth Portfolio - Institutional Class -2.21-5.64-1.93 3.17 12.84 14.38 9.73 05/03/2004 Voya Russell Large Cap Growth Index Portfolio - Class I -1.93-4.25-0.83 3.32 12.99 14.39 15.77 05/01/2009 Small/Mid/Specialty Mid-Cap Blend Voya Index Plus MidCap Portfolio - Class I -3.90-8.36-4.44 0.81 13.07 12.96 6.91 12/16/1997 Mid-Cap Growth Voya Russell Mid Cap Growth Index Portfolio - Class I -3.87-8.07-4.43 1.05 13.52 13.23 16.80 05/01/2009 VY Baron Growth Portfolio - Initial Class -3.47-9.80-6.92-0.68 11.89 14.19 7.85 05/01/2002 VY FMR Diversified Mid Cap Portfolio - Institutional Class -3.88-8.95-4.20-0.04 12.40 9.30 7.59 10/02/2000 VY T. Rowe Price Diversified Mid Cap Growth Port - Initial -4.34-8.31-2.41 4.45 14.37 13.61 8.58 12/10/2001 Mid-Cap Value VY JPMorgan Mid Cap Value Portfolio - Initial Class -3.38-7.54-6.04 1.80 13.65 14.45 8.26 05/01/2002 Small Blend Voya Index Plus SmallCap Portfolio - Class I -4.05-9.50-6.03 3.11 12.97 12.81 5.63 12/19/1997 Voya Russell Small Cap Index Portfolio - Class I -4.84-11.85-7.83 1.11 10.94 11.67 8.66 03/04/2008 Voya Small Company Portfolio - Class S -4.61-9.57-4.71 4.38 12.19 11.97 7.70 12/27/1996 VY JPMorgan Small Cap Core Equity Portfolio - Institutional -4.20-10.32-6.51 3.11 13.18 13.97 8.21 05/01/2002 Small Growth Voya SmallCap Opportunities Portfolio - Class I -6.67-12.63-5.94 1.97 11.56 13.34 8.91 05/06/1994 Small Value VY Columbia Small Cap Value II Portfolio - Initial Class -2.84-9.07-5.03 1.62 12.98 12.64 5.77 04/28/2006 Specialty - Real Estate VY Clarion Global Real Estate Portfolio - Service Class 1.54-1.44-5.05 2.01 6.06 7.15 4.58 01/03/2006 Global / International Diversified Emerging Mkts VY JPMorgan Emerging Markets Equity Portfolio - Inst (6) -3.31-15.33-16.01-18.50-4.83-3.72 4.78 02/18/1998 Foreign Large Blend American s Insurance Series International - Class 2-4.61-11.76-7.00-8.29 5.07 3.21 4.34 05/01/1990 Voya International Index Portfolio - Class S -4.42-10.08-4.49-8.53 5.28 3.65 0.09 03/04/2008 Foreign Large Growth VY T. Rowe Price International Stock Portfolio - Inst -4.44-11.31-4.62-5.85 4.60 4.13 4.05 04/29/2005 Foreign Large Value VY Templeton Foreign Equity Portfolio - Initial Class -5.03-11.31-5.41-9.76 4.65 3.21 2.99 01/03/2006 World Allocation Page 5 of 6
BlackRock Global Allocation V.I. - Class III -2.89-6.48-3.77-4.32 4.41 4.69 5.85 02/28/1992 Voya Global Perspectives Portfolio - Class I -1.59-5.47-3.84-2.24 2.31 04/25/2013 World Stock Voya Global Value Advantage Portfolio - Class I -3.06-10.56-9.59 03/06/2015 VY Oppenheimer Global Portfolio - Initial Class -5.13-10.95-1.49-1.81 11.24 9.31 6.16 05/01/2002 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. Additional Notes (1)An investment in the Voya Liquid Assets Portfolio - Service Class is not insured or guaranteed 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, there is no assurance it will be able to do so. While the fund's objective includes the preservation of capital, it is possible to lose money by investing in the fund. (2)Voya Retirement Growth Portfolio - Institutional Class: The adviser is contractually obligated to limit expenses to 0.88% through May 1, 2015; the obligation does not extend to interest, taxes, brokerage commissions, and extraordinary expenses. The obligation will automatically renew for one-year terms unless: (i) the adviser provides 90 days written notice of its termination and such termination is approved by the Portfolio's board; or (ii) the management agreement has been terminated. The obligation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. (3)The Voya Retirement Moderate Growth Portfolio - Institutional Class commenced operations on October 23, 2009. The performance information above, prior to October 23, 2009, is based upon the Voya LifeStyle Moderate Growth Portfolio - Institutional Class performance. (4)The VY T. Rowe Price Capital Appreciation - Inst. Class commenced operations on May 1, 2003. The fund has identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as the Service Class of this fund. The performance information for the VY T.Rowe Price Capital Appreciation Portfolio - Inst. Class prior to May 1, 2003 is based upon the Service Class performance, NOT adjusted by fees associated with the Inst. Class. (5)VY T. Rowe Price Equity Income Portfolio - Class I commenced operations on May 1, 2003. Class I has identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as Class S. The performance information above prior to May 1, 2003 is based upon the Class S performance not adjusted by the fee differences between classes. (6)VY JPMorgan Emerging Markets Equity Portfolio - Institutional Class commenced operations on April 29, 2005. The Institutional Class has the identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as the Service Class. The performance information shown above prior to April 29, 2005 is based upon the Service Class performance adjusted by the fee differences between classes. (7)The current yield reflects the deduction of all charges that are deducted from the total return quotations shown. Variable insurance products are issued by Security Life of Denver Insurance Company and distributed by Voya America Equities, Inc., 1290 Broadway, Denver, CO 80203. Both are members of Voya. The chart shows the performance for each investment option for the time periods shown. Separate Account charges may be lower for your account and a Maintenance Fee may or may not apply to your account. A DSC may or may not apply to your account. Investment Options are listed in asset class order, each of which has unique risk characteristics. Creation : Wednesday, December 02, 2015 Page 6 of 6