Equitable Enhances Market Leading Buffered Annuity Suite

Introduces new investment features that help clients face a challenging market with confidence

First-of-its-kind investment feature continues the company’s track record of innovation

Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced enhancements to its Structured Capital Strategies PLUS^® 21 and Structured Capital Strategies^® Income variable and registered index-linked annuities (RILAs). The new enhancements are designed to provide clients with partial protection against market volatility along with the opportunity to capture upside market potential up to a cap.

The enhancements provide higher buffers to provide additional, partial protection against market turbulence; shorter investment durations that give clients the flexibility to reallocate underlying investments in times of uncertainty; and new investment options that can provide positive or enhanced performance even if market index returns are negative.

Continuing the company’s history of innovation, Equitable is launching Loss Limiter, a first-of-its-kind RILA investment feature that ensures clients will never lose more than 5% or 10% of their investment due to index performance in the Loss Limiter segment at maturity. Loss Limiter offers built-in downside protection with a buffer against loss up to -10%, and a 90% or 95% protection guarantee based on the chosen investment time frame, no matter how far the chosen equity index drops.

A second new investment option, Dual Step Up, guarantees a positive rate of return equal to the performance cap rate if the selected index return is greater than or equal to the selected buffer (-10% or -15%) at the end of the one-year period. Dual Step Up allows clients to participate in the combined benefits of Equitable’s Dual Direction and Step Up investment options, providing the potential for predictable, positive returns in flat or down markets.

“Clients continue to face persistent economic uncertainty and decreased investment returns, but still need to provide for themselves and their loved ones in retirement,” said Steve Scanlon, Head of Individual Retirement, Equitable. “That’s why we’re committed to constantly reimagining our products and rolling out new enhancements, including additional partial protection against market upheaval, increased flexibility or the option for monthly retirement income, that can help them meet their goals.”

Other enhancements to Equitable’s Structured Capital Strategies suite of RILAs include:

• Adding a -40% buffer for one-year and six-year investment segment options
• Adding higher buffers of -15% and -20% for most indices to meet clients’ interest in additional protection given market volatility
• Adding Dual Direction investment strategy options for one-year durations in Structured Capital Strategies PLUS^® 21

Equitable pioneered Structured Capital Strategies^®, the first registered index-linked, or buffered, annuity in 2010.

About Structured Capital Strategies^®

Through the Structured Capital Strategies^® suite of variable annuity products, clients can participate in one of several mainstream equity market indices up to a cap, with a buffer protecting against the first -10%, -15%, -20% or -40% of potential losses. Clients can choose the equity index on which the performance of their investment is based, such as the S&P 500 Price Return Index, Russell 2000^® Price Return Index, iShares^® MSCI EAFE Price Return Index or NASDAQ 100 Price Return Index. They can also select the duration of their investment and its level of downside protection based on their goals and risk tolerance.

The Dual Direction feature available in Structured Capital Strategies^® allows clients to earn a positive return even if the benchmark index declines. It does this by crediting a return equal to the percentage of the decline up to, or equal to, the amount of the buffer (-10%, -15% or -20%). Positive market returns are credited up to the cap.

Structured Capital Strategies^® Income adds two, new innovative ways to create guaranteed income in retirement, including the ability to start receiving income immediately from a registered index-linked annuity, a level income option which provides an income rate initially based on age at the time of purchase and that does not decrease, and an accelerated income option, which provides a higher rate of income in early retirement when individuals may have higher expenses.

About Equitable

Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country. Reference to the 1859 founding applies specifically and exclusively to Equitable Financial Life Insurance Company.

Registered index-linked annuities (RILA) include a partial protection feature that eliminates a portion of the contract holder’s downside risk, while still giving the contract holder the opportunity to invest for growth up to a cap. Through the partial protection feature, the buffer will absorb the loss up to the buffer selected. However, there is risk of substantial loss of principal because the investor agrees to absorb all losses that exceed the protection provided. An annuity is a long-term financial product designed for retirement purposes. Simply stated, an annuity is a contract between the contract holder and a life insurance company that lets the contract holder pursue the accumulation of assets through equities and other investment options. The contract holder may then take payments or a lump sum amount at a later date. There are fees and charges associated with variable annuities, which contain certain restrictions and limitations and are subject to market risk including loss of principal. All contract and rider guarantees are backed by the claims-paying ability of the issuing life insurance company. It is not possible to invest directly in an index. Equitable Holdings, Inc. subsidiaries do not provide tax, accounting or legal advice or services.

Variable and registered index-linked annuities are offered by prospectus, which contains detailed information about the contract and its charges, risks, expenses, and investment objectives. Prospective contract holders should read the prospectus and consider this information carefully before purchasing a contract or sending money.

This press release is not intended and should not be construed or relied upon as financial, insurance or investment advice. Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company, NJ, and Equitable Distributors, LLC. “Equitable” is used throughout this release to refer to Equitable Financial and Equitable America, issuers of the Structured Capital Strategies® variable annuities. When distributed outside of New York state by Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) through Equitable Advisors Financial Professionals (FP) whose business address is not in New York state, or when distributed by Equitable Distributors, LLC through financial professionals of unaffiliated broker/dealers when the solicitation state is not New York, Structured Capital Strategies^® Income and Structured Capital Strategies PLUS^® variable annuities are issued by Equitable Financial America. When offered by Equitable Advisors FPs whose business address is in New York state or when distributed by Equitable Distributors, LLC through financial professionals of unaffiliated broker/dealers when the solicitation state is New York, Structured Capital Strategies^® Income and Structured Capital Strategies PLUS^® are issued by Equitable Financial. The obligations of Equitable Financial and Equitable America are backed solely by their own claims-paying abilities. GE-5477606.1(02/23)(exp.02/25)

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