Common use of CERTAIN RISKS TO CONSIDER Clause in Contracts

CERTAIN RISKS TO CONSIDER. Opening an account involves certain risks. Among other things discussed in this Program Disclosure Statement, you should carefully consider the following risks before completing an Enrollment Form. You also should read this Program Disclosure Statement carefully before making a decision to open an account. Each of the Investment Options is subject to certain risks that may affect performance. Except for the Bank Savings Investment Option and the Checking Investment Option, an account’s value may decline. As with any investment, there can be no assurance that the value of the account will grow at any particular rate. The value of the securities in which the Investment Options (other than the Bank Savings Investment Option and the Checking Investment Option) invest will change due to market fluctuations and a number of other factors, which will not be in the control of the Nebraska Investment Council, the Trustee or the Program Manager. If the value of these securities declines, you may lose some or all of the principal in the account. None of the State of Nebraska or its officials/employees, the Nebraska Investment Council, the Nebraska State Treasurer, the Nebraska State Investment Officer, First National Bank of Omaha or its authorized agents or their affiliates, or any other federal or state entity or person guarantees any minimum rate of return or any return on the account or that you will not lose some or all of the principal amount invested. For a description of the risks associated with the underlying investments of each of the Investment Options invests, see “Exhibit B.” Except as described herein for accounts invested in the Bank Savings Investment Option and the Checking Investment Option, the account is not insured by the FDIC. In addition, the account is not guaranteed or insured by the State of Nebraska or its officials/employees, the Nebraska Investment Council, the Nebraska State Treasurer, the Nebraska State Investment Officer, First National Bank of Omaha or its authorized agents or their affiliates, or any other federal or state entity or person.

CERTAIN RISKS TO CONSIDER. Opening an account involves certain risks. Among other things discussed in this Program Disclosure Statement, you should carefully consider the following risks before completing an Enrollment Form. You also should read this Program Disclosure Statement carefully before making a decision to open an account. Each of the Investment Options is subject to certain risks that may affect performance. Except for the Bank Savings Investment Option and the Checking Investment Option, an account’s value may decline. As with any investment, there can be no assurance that the value of the account will grow at any particular rate. The value of the securities in which the Investment Options (other than the Bank Savings Investment Option and the Checking Investment Option) invest will change due to market fluctuations and a number of other factors, which will not be in the control of the Nebraska Investment Council, the Trustee or the Program Manager. If the value of these securities declines, you may lose some or all of the principal in the account. None of the State of Alabama, the State of Nebraska or its their officials/employees, the Nebraska Investment Council, the Alabama State Treasurer, the Nebraska State Treasurer, the Nebraska State Investment Officer, First National Bank of Omaha or its authorized agents or their affiliates, or any other federal or state entity or person guarantees any minimum rate of return or any return on the account or that you will not lose some or all of the principal amount invested. For a description of the risks associated with the underlying investments of each of the Investment Options invests, see “Exhibit B.” Except as described herein for accounts invested in the Bank Savings Investment Option and the Checking Investment Option, the account is not insured by the FDIC. In addition, the account is not guaranteed or insured by the State of Alabama, the State of Nebraska or its officials/their officials/ employees, the Nebraska Investment Council, the Alabama State Treasurer, the Nebraska State Treasurer, the Nebraska State Investment Officer, First National Bank of Omaha or its authorized agents or their affiliates, or any other federal or state entity or person.

CERTAIN RISKS TO CONSIDER. Opening an account involves certain risks. Among other things discussed in this Program Disclosure Statement, you should carefully consider the following risks before completing an Enrollment Form. You also should read this Program Disclosure Statement carefully before making a decision to open an account. Each of the Investment Options is subject to certain risks that may affect performance. Except for the Bank Savings Investment Option and the Checking Investment Option, an account’s value may declinedecline when its Investment Option declines in value. As with any investment, there can be no assurance that the value of the account will grow at any particular rate. The value of the securities in which the Investment Options (other than the Bank Savings Investment Option and the Checking Investment Option) invest will change due to market fluctuations and a number of other factors, which will not be in the control of the Nebraska Investment Council, the Trustee or the Program Manager. If the value of these securities declines, you may lose some or all of the principal in the account. None of the State of Alabama, the State of Nebraska or its their officials/employees, the Nebraska Investment Council, the Alabama State Treasurer, the Nebraska State Treasurer, the Nebraska State Investment Officer, First National Bank of Omaha or its authorized agents or their affiliates, or any other federal or state entity or person guarantees any minimum rate of return or any return on the account or that you will not lose some or all of the principal amount invested. For a description of the risks associated with the underlying investments of each of the Investment Options invests, see “Exhibit B.” Except as described herein for accounts invested in the Bank Savings Investment Option and the Checking Investment Option, the account is not insured by the FDIC. In addition, the account is not guaranteed or insured by the State of Alabama, the State of Nebraska or its officials/their officials/ employees, the Nebraska Investment Council, the Alabama State Treasurer, the Nebraska State Treasurer, the Nebraska State Investment Officer, First National Bank of Omaha or its authorized agents or their affiliates, or any other federal or state entity or person.