Sustainability For Our For Our Creating Value For the For Our Managing Appendix at MetLife Workforce Customers as an Investor Environment Communities Responsibly (32) excessive risk-taking; Explanatory Note (33) marketing and distribution difficulties; The following information is relevant to an Accordingly, the underlying investments within (34) pension and other postretirement benefit understanding of our assets under management certain real estate and real estate joint ventures assumption changes; (AUM). Our definitions may differ from those used that are primarily commercial mortgage loans (at (35) inability to protect our intellectual property by other companies. net asset value, net of deduction for encumbering or avoid infringement claims; debt) have been reclassified to exclude them from (36) acquisition, integration, growth, disposition Total Assets Under Management real estate equity and include them as commercial or reorganization difficulties; (Total AUM) is comprised of GA AUM plus mortgage loans. (37) Brighthouse Financial, Inc. separation risks; Institutional Client AUM (each, as defined below). Institutional Client AUM is comprised of SA (38) MetLife, Inc.’s Board of Directors influence General Account AUM (GA AUM) is used by AUM plus TP AUM (each, as defined below). over the outcome of stockholder votes MetLife to describe assets in its general account MetLife Investment Management manages through the voting provisions of the MetLife (GA) investment portfolio that are actively managed Institutional Client AUM in accordance with Policyholder Trust; and and stated at estimated fair value. GA AUM is client guidelines contained in each investment (39) legal- and corporate governance-related comprised of the GA total investments, the portion contract (Mandates). effects on business combinations. of GA investment portfolio classified within assets MetLife, Inc. does not undertake any obligation held-for-sale, and cash and cash equivalents, Separate Account AUM (SA AUM) is comprised to publicly correct or update any forward-looking excluding policy loans, contract-holder-directed of separate account investment portfolios statement if MetLife, Inc. later becomes aware equity securities, fair value option securities and of MetLife insurance companies, which are that such statement is not likely to be achieved. certain other invested assets, as substantially all of managed by MetLife and included in MetLife, Please consult any further disclosures MetLife, Inc. these assets are not actively managed in MetLife’s Inc.’s consolidated financial statements at makes on related subjects in subsequent reports GA investment portfolio. Mortgage loans (including estimated fair value. to the U.S. Securities and Exchange Commission. commercial, agricultural and residential) and real estate and real estate joint ventures included in Third Party AUM (TP AUM) is comprised of non- Additional information about MetLife’s general GA AUM (at net asset value, net of deduction for proprietary assets managed by MetLife on behalf account investment portfolio is available in encumbering debt) have been adjusted from of unaffiliated/third party clients, which are stated MetLife, Inc.’s quarterly financial materials for the carrying value to estimated fair value. Classification at estimated fair value. Such non-proprietary quarter ended December 31, 2021, which may be of GA AUM by sector is based on the nature and assets are owned by unaffiliated/third-party accessed through MetLife’s Investor Relations web characteristics of the underlying investments, clients and, accordingly, are not included in page at https://investor.metlife.com. which can vary from how they are classified MetLife, Inc.’s consolidated financial statements. under GAAP. 2021 SUSTAINABILITY REPORT 149