Invesco Global Ret Acct

The TR Transamerica Oppenheimer Global Fund is a Separate Account portfolio maintained by Transamerica Financial Life Insurance Company (TFLIC). The TR Transamerica Oppenheimer Global Fund invests exclusively in the Transamerica Oppenheimer Global Fund¹, a Transamerica Life Insurance Company^ (TLIC) Separate Account, which had an inception date of October 1, 2000. The TLIC Separate Account invests exclusively in the OFI Trust Company Global Fund, a commingled trust managed by OFI Institutional Asset Management, a subsidiary of OppenheimerFunds, Inc. The commingled trust is managed by Rajeev Bhaman, CFA and William L. Wilby, Ph.D., CFA. Prior to January 14, 2005, the Transamerica Oppenheimer Global Fund (underlying TLIC Separate Account) invested exclusively in the Oppenheimer Global Fund (Class A shares), a mutual fund which had an inception date of December 1969.

Best suited for investors seeking capital growth in their investment over the long-term and who can accept the level of risk associated with global investing. The commingled trust invests primarily in developed international and U.S. markets using a disciplined approach. At times the commingled trust will invest in other equity type securities, such as preferred stocks, warrants and securities convertible into common stocks. The commingled trust may also invest in emerging and developing countries. The commingled trust’s allocation portfolio among different investments will vary over time based upon the manager's evaluation of economic and market trends. In selecting securities for the commingled trust, the portfolio manager looks for international and U.S. companies with high growth potential. The manager considers overall and relative economic conditions in U.S. and international markets, and seeks broad portfolio diversification in different countries to help moderate the special risks of international investing. Within the context of these themes, the manager generally takes a bottom-up approach, researching individual companies, using quantitative as well as fundamental research techniques. While the commingled trust may maintain a significant allocation to U.S. companies because of the relative size and importance of that market, the commingled trust is managed without geographic constraints.

While common stocks fluctuate in price, and their short-term volatility at times may be great, historically, common stocks have provided greater long-term returns than other investment choices. International stocks can be more volatile than domestic stocks and smaller or newer issuers carry more risk than larger, more established issuers. The commingled trust manages risk by investing a substantial percentage of its assets in developed markets and by diversifying its assets among a broad range of U.S and international securities. The commingled trust may also use futures, options and other derivative instruments in its portfolio.

There are no Investment Management or Administrative Charges applicable to the TR Transamerica Oppenheimer Global Fund Separate Account Portfolio. However, the assets in this Separate Account Portfolio are subject to the total operating expenses of the underlying Transamerica Oppenheimer Global Fund, which consists of the Investment Management Charge, which is 1.23% as of November 30, 2005.