RS Money Market VIP Series^*. An investment in RS Money Market VIP Series is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other Government agency, and there can be no assurance that it will be able to maintain a stable net asset value of $1.00 per share. It is possible to lose money investing in the RS Money Market VIP Series. Yields shown do not reflect the deduction of fund-level expenses, separate account level expenses, contract administration fees or CDSCs.

The yield more closely reflects the current earnings of the money market fund than the total return quotation.

Investments in The Guardian Investor Variable Annuity L Series^® variable annuity or any of its investment options are not deposits or obligations of, or guaranteed or endorsed by any bank or depository institution; further, neither the contract nor such investments are insured by the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Association (NCUA), the Federal Reserve Board, or any other agency. Investment in any of the variable investment options involves risk, including the possible loss of principal.

Performance data quoted is historical. Past performance is no guarantee of future results. Investment return and principal will fluctuate with changes in the market value of the underlying securities. Investors' units, when redeemed, may be worth more or less than the original investment.

You can view your annuity account information, including unit values from your contract, on My Account Manager. Just click on the Account Access tab above to register or log in to My Account Manager. You may also call 1-800-221-3253 for further information.

These returns, including historical fund performance results prior to the commencement of operations of the Separate Account (March 8, 2004), reflect the deduction of two types of charges:

a) the investment division charges consist of fund-level expenses, which are similar to the charges on traditional mutual funds.

b) the separate account level charges are the annual mortality and expense risk charge (M&E charge) of 1.45% and administrative expenses of .20%.

These returns are calculated from the inception date of each investment option. This section does not reflect the deduction of a $35.00 annual contract fee (which is waived for contracts with an accumulation value over $100,000).

Please note that performance figures for contract owners who elect an enhanced death benefit or other optional rider would be lower to reflect each rider’s applicable annual charges (for the Highest Anniversary Value Death Benefit Rider, 0.25% of variable investment option assets; for the Earnings Benefit Rider, 0.25% of variable investment option assets; for the Guaranteed Lifetime Withdrawal Benefit Rider (GLWB) single life options a current charge of 0.65% to 1.20% (1.00% to 2.50% maximum) of the adjusted guaranteed withdrawal balance at the time the change is deducted and, for the GLWB Rider with spousal options, a current charge of 0.85% to 1.60% (2.00% - 3.50% maximum) of the adjusted guaranteed withdrawal balance at the time the charge is deducted. The optional death benefit feature of the GLWB Rider will increase the rider percentage fee by 0.50% annually.

The following funds have asset-based distribution fees (12b-1 fees) that were imposed on the dates noted. Returns for these funds prior to the dates on which these fees were imposed do not include the effects of the 12b-1fees and returns listed would have been lower for these funds if these fees had been in place and reflected in the performance. All time periods for any funds not listed below reflect the effects of any applicable 12b-1 fees.

AIM Variable Insurance Funds (advisor: Invesco Aim Advisors, Inc.) For periods prior to April 30, 2004, performance shown for the AIM V.I. Global Real Estate Fund relates to a predecessor fund advised by IFG. On April 30, 2004, and again on July 3, 2006, the AIM V.I. Global Real Estate Fund changed its investment objective. Performance shown for the fund reflects the investment objective of the fund in effect during the periods shown. Effective September 30, 2002, the AIM V.I. Core Equity Fund changed its investment objective. As a result, performance shown for the fund reflects the investment objective of the fund in effect during the periods shown. Effective May 1, 2006, assets in the AIM V.I. Premier Equity Fund were transferred to the AIM V.I. Core Equity Fund. Performance for the variable investment option that invests in the AIM V.I. Core Equity Fund reflects returns of the AIM V.I. Premier Equity Fund for time periods up to May 1, 2006. and reflects returns of the AIM V.I. Core Equity Fund for time periods beginning on and after May 1, 2006.

Fidelity Management & Research Company. VIP refers to Variable Insurance Products Fund.

Oppenheimer Funds, Inc. Diversification does not guarantee profit or protect against loss. Investments in growth and technology may be especially volatile for Oppenheimer Capital Appreciation. Investment in growth may be especially volatile in Oppenheimer International Growth.

RS Investment Management Co. LLC. For periods prior to October 9, 2006, performance shown for the RS Investment Quality Bond VIP Series, RS Large Cap Value VIP Series, RS Low Duration Bond VIP Series, RS Money Market VIP Series, RS Partners, RS S&P 500 Index VIP Series, and the RS Small Cap Growth Equity VIP Series relates to a predecessor fund advised by Guardian Investor Services LLC. For periods prior to October 9, 2006, performance shown for the RS International Growth VIP Series and the RS Emerging Markets VIP Series relates to a predecessor fund advised by Guardian Baillie Gifford Limited.

Certain portfolios may have similar investment objectives and policies and, in some cases, similar names to retail mutual funds managed by the same manager. The portfolios named are not the same funds as the retail funds. As a result, specific investments may be different and investment results may be higher or lower. While all funds involve some risk, including possible loss of principal amount invested, there are some additional risks to consider when investing in certain types of funds or certain types of asset classes that comprise a fund’s portfolio.

[A] Foreign Securities and Emerging Markets Risk. Investing in International funds or funds that invest any of their assets in foreign securities has special risks relating to changes in currency rates, foreign taxation, differences in auditing and other financial standards, political uncertainty and greater volatility. These risks are even greater when investing in emerging markets.
[B] Small Cap and Mid Cap Companies Risk. Investing in Small Cap or Mid Cap Funds or funds that invest any of their assets in securities of Small Cap or Mid Cap companies entails special risks. Small Cap and Mid Cap stocks have tended to be more volatile, less liquid, more difficult to establish or close out at prevailing market prices, and more vulnerable to adverse developments than Large Cap stocks. This may happen because smaller companies may be limited in terms of product lines, financial resources and management. The securities of small- and medium-sized companies may trade less frequently and in smaller volume than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale.
[C] Industry or Sector Risk. Investing in funds which concentrate their investments in specific industries or market segments entails special risks. This type of fund may be susceptible to factors affecting these industries and its value may fluctuate more than the value of a fund that invests in a wider range of industries. In addition, the rapid pace of change within many of these industries tends to create a more volatile environment than in other industries which may lower the market value of the securities of the companies held in this type of fund.
[D] Debt Securities Risk. Investing in Bond funds or funds that invest any of their assets in debt securities exposes the contractowner to the general risks of investing in debt markets, such as interest rate, credit, and prepayment risk. Generally, when interest rates rise, bond prices fall, and when interest rates fall, bond prices rise. Therefore, an increase in interest rates would decrease the value of a bond fund’s holdings. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change. Duration is a measure of bond price sensitivity to a given change in interest rates. Generally, the longer a bond’s duration, the greater is its price sensitivity to a change in interest rates. However, low duration bond funds are not an alternative to money market funds. Low duration bond funds, unlike money market funds, do not seek to maintain a stable net asset value and as a result are a riskier asset class.
[E] High Yield Debt Securities Risk. Investing in High Yield Bond funds or funds that invest any of their assets in high yield debt securities entails special risks. Investments in lower rated and unrated debt securities are subject to greater loss of principal and interest than investments in higher rated securities.

¹Total returns. Total returns for these investment options reflect the effects of one or more of the following: fee waivers, expense reimbursements or reductions, and offset arrangements. In the absence of such arrangements, total returns would have been lower.

²Fixed Rate Option. GIAC guarantees that premium payments or transfers allocated to the Fixed-Rate Option will earn a minimum annual interest rate of 3%. At our discretion, interest in excess of the minimum 3% may be credited. GIAC reserves the right to change rates prospectively without notice.