Non-NY -VAII
One Quarter
------------------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
Fund Value $ 1,021.97 $1,078.99 $908.26 $1,033.99 $1,017.55 $1,057.55 $1,063.19 $1,033.03 $1,043.60
Fee $0.19 $0.20 $0.18 $0.19 $0.19 $0.19 $0.19 $0.19 $0.19
------------------------------------------------------------------------------------------------------------------------------------
Surr Charge $61.31 $64.73 $54.48 $62.03 $61.04 $63.44 $63.78 $61.97 $62.60
Final Value $960.47 $1,014.07 $853.60 $971.77 $956.32 $993.92 $999.21 $970.87 $980.81
Annual Return -3.953% 1.407% $14.640% -2.823% -4.368% -0.608% -0.079% -2.913% -1.919%
------------------------------------------------------------------------------------------------------------------------------------
Calculation of Previous Quarter's Return
Final Value Quarter One = 1,000 * (31-Dec-96 Unit Value/30-Sep-96 Unit Value) -
Annual Fee - Surrendrer Charge
Annual Return = Final Value Quarter One/1,000 - 1
-----------------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
09/30/96 14.957500 21.043200 16.199400 15.679900 22.819400 16.327100 14.851400 13.767400 11.762700
------------------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
------------------------------------------------------------------------------------------------------------------------------------
Year To Date
------------------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
Fund Value $1,151.82 $1,210.54 $944.13 $1,108.29 $1,133.18 $1,132.17 $1,129.00 $1,112.61 $1,133.14
------------------------------------------------------------------------------------------------------------
Fee $0.20 $0.21 $0.18 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20
------------------------------------------------------------------------------------------------------------------------------------
Surr Charge $69.10 $72.62 $56.64 $66.49 $67.98 $67.92 $67.73 $66.74 $67.98
------------------------------------------------------------------------------------------------------------
Final Value $1,082.52 $1,137.71 $887.31 $1,041.61 $1,065.00 $1,064.06 $1,061.08 $1,045.67 $1,064.96
------------------------------------------------------------------------------------------------------------
Annual Return 8.252% 13.771% -11.269% 4.161% 6.500% 6.406% 6.108% 4.567% 6.496%
------------------------------------------------------------------------------------------------------------------------------------
Calculation of Year to Date Return
Final Value Year to Date= 1,000 * (31-Dec-96 Unit Value/31-Dec-95 Unit value) -
Annual Fee - Surrender Charge
Annual Return = Final Value Year to Date/1,000- 1
-----------------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
------------------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
------------------------------------------------------------------------------------------------------------------------------------
Separate Account C - Standardized 1 Year Returns
One Year Returns Period Ending 12/31/96
------------------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
Fund Value $1,151.82 $1,210.54 $944.13 $1,108.29 $1,133.18 $1,132.17 $1,129.00 $1,112.61 $1,133.14
---------------------------------------------------------------------------------------------------------------
Fee $0.20 $0.21 $0.18 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20
------------------------------------------------------------------------------------------------------------------------------------
Surr Charge $69.10 $72.62 $56.64 $66.49 $67.98 $67.92 $67.73 $66.74 $67.98
---------------------------------------------------------------------------------------------------------------
Final Value $1,082.52 $1,137.71 $887.31 $1,041.61 $1,065.00 $1,064.06 $1,061.08 $1,045.67 $1,064.96
---------------------------------------------------------------------------------------------------------------
Annual Return 8.252% 13.771% -11.269% 4.161% 6.500% 6.406% 6.108% 4.567% 6.496%
------------------------------------------------------------------------------------------------------------------------------------
Calculation of Annual Return
Final Value = 1,000 * (31-Dec-96 Unit Value/31-Dec-95 Unit value) - Annual Fee -
Surrender Charge
Annual Return = Final Value/1,000 - 1
------------------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
------------------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
THREE YEAR RETURNS:
------------------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
One Year $1,064.61 $996.75 $976.47 $994.05 $987.84 $927.85 $1,057.85 $956.08
-----------------------------------------------------------------------------------------------------------
Fee $0.24 $0.23 $0.23 $0.23 $0.23 $0.22 $0.24 $0.23
-----------------------------------------------------------------------------------------------------------
Final Value $1,064.37 $996.52 $976.24 $993.82 $987.61 $927.63 $1,057.61 $955.86
-----------------------------------------------------------------------------------------------------------
Two Year $1,360.62 $1,346.70 $1,264.52 $1,189.46 $1,320.88 $1,071.94 $1,411.65 $1,225.62
-----------------------------------------------------------------------------------------------------------
Fee $0.25 $0.24 $0.23 $0.23 $0.24 $0.21 $0.26 $0.23
-----------------------------------------------------------------------------------------------------------
Final Value $1,360.36 $1,346.46 $1,264.28 $1,189.23 $1,320.64 $1,071.73 $1,411.39 $1,225.39
-----------------------------------------------------------------------------------------------------------
Three Year $1,566.89 $1,629.93 $1,193.64 $1,318.02 $1,496.52 $1,213.38 $1,593.47 $1,363.39
-----------------------------------------------------------------------------------------------------------
Fee $0.28 $0.28 $0.23 $0.24 $0.26 $0.21 $0.28 $0.24
====================================================================================================================================
Surr Charge $94.00 $97.78 $71.60 $79.07 $89.78 $72.79 $95.59 $81.79
-----------------------------------------------------------------------------------------------------------
Final Value $1,472.62 $1,531.87 $1,121.81 $1,238.71 $1,406.48 $1,140.38 $1,497.59 $1,281.35
-----------------------------------------------------------------------------------------------------------
Annual Return 13.771% 15.277% 3.906% 7.397% 12.041% 4.476% 14.410% 8.615% NA
====================================================================================================================================
Calculation of Three Year Return
Final Value Year One = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Three - Surrender Charge
Annual Return = (Final Value Year Five/1000) * (1/3) - 1
------------------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
12/31/93 9.751704 13.924500 12.321200 12.295700 15.509400 14.224100 9.905037 10.427126 0.000000
------------------------------------------------------------------------------------------------------------------------------------
12/31/94 10.381800 13.879200 12.031300 12.222500 15.320800 13.197900 10.478000 9.969200 9.862200
------------------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
------------------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
------------------------------------------------------------------------------------------------------------------------------------
Separate Account L - Standardized 5 Year Returns
FIVE YEAR RETURNS PERIOD ENDING 12/31/96:
------------------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp.
------------------------------------------------------------------------------------------------------------------------------------
One Year $1,693.69 $1,056.11 $974.77 $928.26 $1,080.04 $1,105.35 $1,154.81 $1,063.18
-----------------------------------------------------------------------------------------------------------
Fee $0.38 $0.29 $0.28 $0.28 $0.30 $0.30 $0.31 $0.29
-----------------------------------------------------------------------------------------------------------
Final Value $1,693.31 $1,055.82 $974.49 $927.98 $1,079.75 $1,105.05 $1,154.50 $1,062.88
------------------------------------------------------------------------------------------------------------------------------------
Two Year $2,813.38 $1,140.50 $1,062.09 $987.19 $1,273.43 $1,321.61 $1,349.31 $1,134.14
-----------------------------------------------------------------------------------------------------------
Fee $0.58 $0.28 $0.26 $0.25 $0.30 $0.31 $0.32 $0.28
-----------------------------------------------------------------------------------------------------------
Final Value $2,812.80 $1,140.22 $1,061.83 $986.95 $1,273.13 $1,321.30 $1,348.99 $1,133.85
------------------------------------------------------------------------------------------------------------------------------------
Three Year $2,994.55 $1,136.51 $1,036.85 $981.07 $1,257.64 $1,225.97 $1,427.03 $1,084.06
-----------------------------------------------------------------------------------------------------------
Fee $0.67 $0.26 $0.24 $0.23 $0.29 $0.30 $0.32 $0.26
-----------------------------------------------------------------------------------------------------------
Final Value $2,993.88 $1,136.25 $1,036.61 $980.84 $1,257.35 $1,225.68 $1,426.70 $1,083.80
------------------------------------------------------------------------------------------------------------------------------------
Four Year $3,827.14 $1,535.54 $1,342.70 $1,173.93 $1,681.65 $1,416.34 $1,904.30 $1,389.67
-----------------------------------------------------------------------------------------------------------
Fee $0.71 $0.28 $0.25 $0.22 $0.31 $0.28 $0.35 $0.26
-----------------------------------------------------------------------------------------------------------
Final Value $3,826.43 $1,535.26 $1,342.46 $1,173.71 $1,681.35 $1,416.07 $1,903.96 $1,389.41
------------------------------------------------------------------------------------------------------------------------------------
Five Year $4,407.34 $1,858.48 $1,267.45 $1,300.81 $1,905.26 $1,603.24 $2,149.58 $1,545.88
-----------------------------------------------------------------------------------------------------------
Fee $0.77 $0.32 $0.25 $0.23 $0.34 $0.28 $0.38 $0.28
====================================================================================================================================
Surr Charge $264.39 $111.49 $76.03 $78.03 $114.30 $96.18 $128.95 $92.74
-----------------------------------------------------------------------------------------------------------
Final Value $4,142.18 $1,746.67 $1,191.17 $1,222.55 $1,790.63 $1,506.78 $2,020.24 $1,452.87
-----------------------------------------------------------------------------------------------------------
Annual Return 32.876% 11.800% 3.561% 4.101% 12.357% 8.545% 15.101% 7.757%
====================================================================================================================================
Calculation of Five Year Return
Final Value Year One = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Five - Surrender Charge
Annual Return = (Final Value Year Five/1000) * (1/5) - 1
------------------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
12/31/91 3.465400 12.205700 11.597500 12.451500 12.175900 10.759800 7.338842 9.191348 0.000000
------------------------------------------------------------------------------------------------------------------------------------
12/31/92 5.869315 12.890600 11.304900 11.558200 13.150500 11.893300 8.474945 9.772041 0.000000
------------------------------------------------------------------------------------------------------------------------------------
12/31/93 9.751704 13.924500 12.321200 12.295700 15.509400 14.224100 9.905037 10.427126 0.000000
------------------------------------------------------------------------------------------------------------------------------------
12/31/94 10.381800 13.879200 12.031300 12.222500 15.320800 13.197900 10.478000 9.969200 9.862200
------------------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
------------------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
------------------------------------------------------------------------------------------------------------------------------------
Separate Account L - Standardized 10 Year
10 Year Returns for Period Ending 12/31/1996:
--------------------------------------------------------------------------------
Growth I Equity Income Soc. Resp
--------------------------------------------------------------------------------
Year One $1,024.20 $976.81 $1,055.29
--------------------------------------------------------
Fee $0.49 $0.48 $0.49
--------------------------------------------------------
Final Value $1,023.72 $976.34 $1,054.79
--------------------------------------------------------------------------------
Year Two $1,169.03 $1,183.69 $1,163.40
--------------------------------------------------------
Fee $0.48 $0.47 $0.48
--------------------------------------------------------
Final Value $1,168.56 $1,183.22 $1,162.92
--------------------------------------------------------------------------------
Year Three $1,518.42 $1,371.82 $1,387.03
--------------------------------------------------------
Fee $0.52 $0.50 $0.50
--------------------------------------------------------
Final Value $1,517.89 $1,371.33 $1,386.53
--------------------------------------------------------------------------------
Year Four $1,323.61 $1,147.64 $1,427.14
--------------------------------------------------------
Fee $0.50 $0.44 $0.49
--------------------------------------------------------
Final Value $1,323.11 $1,147.20 $1,426.64
--------------------------------------------------------------------------------
Year Five $1,902.22 $1,489.77 $1,639.53
--------------------------------------------------------
Fee $0.51 $0.42 $0.49
--------------------------------------------------------
Final Value $1,901.71 $1,489.35 $1,639.05
--------------------------------------------------------------------------------
Year Six $2,053.93 $1,719.91 $1,742.60
--------------------------------------------------------
Fee $0.56 $0.46 $0.48
--------------------------------------------------------
Final Value $2,053.36 $1,719.45 $1,742.12
--------------------------------------------------------------------------------
Year Seven $2,421.69 $2,009.60 $1,858.90
--------------------------------------------------------
Fee $0.58 $0.48 $0.46
--------------------------------------------------------------------------------
Final Value $2,421.11 $2,009.12 $1,858.44
--------------------------------------------------------
Year Eight $2,391.67 $2,125.34 $1,776.82
--------------------------------------------------------
Fee $0.56 $0.48 $0.42
--------------------------------------------------------
Final Value $2,391.11 $2,124.86 $1,776.40
--------------------------------------------------------------------------------
Year Nine $3,198.01 $2,836.17 $2,277.74
--------------------------------------------------------
Fee $0.58 $0.52 $0.42
--------------------------------------------------------
Final Value $3,197.43 $2,835.66 $2,277.31
--------------------------------------------------------------------------------
Year Ten $3,623.25 $3,201.47 $2,533.77
--------------------------------------------------------
Fee $0.64 $0.57 $0.45
--------------------------------------------------------
Period $10.00 $10.00 $10.00
================================================================================
Surr Charge $217.36 $192.05 $152.00
--------------------------------------------------------
Final Value $3,405.25 $3,008.85 $2,381.32
--------------------------------------------------------
Annual Return 13.036% 11.645% 9.064%
================================================================================
Calculation of Ten Year Return
Final Value Year One = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Ten - Surrender Charge
Annual Return = (Final Value for Year Ten/1,000) * (1/Ten) - 1
-------------------------------------------------------------------------------
Date Growth I Equity Income Soc. Resp
-------------------------------------------------------------------------------
12/31/86 6.390635 4.918136 5.597187
-------------------------------------------------------------------------------
12/31/87 6.545312 4.804088 5.906645
-------------------------------------------------------------------------------
12/31/88 7.474411 5.824373 6.514813
-------------------------------------------------------------------------------
12/31/89 9.712202 6.752771 7.770294
-------------------------------------------------------------------------------
12/31/90 8.469114 5.651296 7.997875
-------------------------------------------------------------------------------
12/31/91 12.175900 7.338842 9.191348
-------------------------------------------------------------------------------
12/31/92 13.150500 8.474945 9.772041
-------------------------------------------------------------------------------
12/31/93 15.509400 9.905037 10.427126
-------------------------------------------------------------------------------
12/31/94 15.320800 10.478000 9.969200
-------------------------------------------------------------------------------
12/31/95 20.490900 13.985600 12.782700
-------------------------------------------------------------------------------
12/31/96 23.219800 15.789800 14.222200
-------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Lifetime
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
Eleven Years Prior $1,000.25 $999.25 $964.34
-----------------------------------------------------------------------------------------------------------
Fee $0.53 $0.53 $0.52
-----------------------------------------------------------------------------------------------------------
Final Value $999.72 $998.72 $963.81
------------------------------------------------------------------------------------------------------------------------------------
Ten Years Prior $1,070.57 $1,023.91 $975.56 $1,017.10
-----------------------------------------------------------------------------------------------------------
Fee $0.50 $0.49 $0.47 $0.48
-----------------------------------------------------------------------------------------------------------
Final Value $1,070.08 $1,023.43 $975.09 $1,016.62
------------------------------------------------------------------------------------------------------------------------------------
Nine Years Prior $1,032.82 $1,168.70 $1,182.17 $1,121.30
-----------------------------------------------------------------------------------------------------------
Fee $0.47 $0.47 $0.46
-----------------------------------------------------------------------------------------------------------
Final Value $1,032.36 $1,168.23 $1,181.70 $1,120.84
------------------------------------------------------------------------------------------------------------------------------------
Eight Years Prior $1,013.97 $1,313.79 $1,517.99 $1,004.31 $1,370.07 $1,336.83
-----------------------------------------------------------------------------------------------------------
Fee $0.39 $0.46 $0.52 $0.39 $0.50 $0.48
-----------------------------------------------------------------------------------------------------------
Final Value $1,013.57 $1,313.33 $1,517.46 $1,003.92 $1,369.57 $1,336.35
------------------------------------------------------------------------------------------------------------------------------------
Seven Years Prior $1,016.89 $966.00 $1,280.94 $1,323.24 $1,058.45 $1,146.17 $1,375.49
-----------------------------------------------------------------------------------------------------------
Fee $0.35 $0.35 $0.46 $0.50 $0.36 $0.44 $0.48
-----------------------------------------------------------------------------------------------------------
Final Value $1,016.53 $965.65 $1,280.48 $1,322.74 $1,058.09 $1,145.73 $1,375.02
------------------------------------------------------------------------------------------------------------------------------------
Six Years Prior $2,608.59 $1,241.30 $1,792.69 $1,245.15 $1,901.68 $1,275.86 $1,487.86 $1,580.20
-----------------------------------------------------------------------------------------------------------
Fee $0.57 $0.35 $0.49 $0.36 $0.51 $0.37 $0.42 $0.47
-----------------------------------------------------------------------------------------------------------
Final Value $2,608.02 $1,240.95 $1,792.20 $1,244.79 $1,901.17 $1,275.49 $1,487.44 $1,579.73
------------------------------------------------------------------------------------------------------------------------------------
Five Years Prior $4,417.17 $1,310.58 $1,746.98 $1,155.49 $2,053.34 $1,409.86 $1,717.71 $1,679.54
-----------------------------------------------------------------------------------------------------------
Fee $1.00 $0.36 $0.51 $0.34 $0.56 $0.38 $0.46 $0.47
-----------------------------------------------------------------------------------------------------------
Final Value $4,416.17 $1,310.22 $1,746.48 $1,155.15 $2,052.78 $1,409.47 $1,717.25 $1,679.07
------------------------------------------------------------------------------------------------------------------------------------
Four Years Prior $7,337.35 $1,415.30 $1,903.49 $1,228.85 $2,421.00 $1,685.69 $2,007.03 $1,791.63
-----------------------------------------------------------------------------------------------------------
Fee $1.51 $0.35 $0.47 $0.31 $0.58 $0.40 $0.48 $0.45
-----------------------------------------------------------------------------------------------------------
Final Value $7,335.84 $1,414.95 $1,903.02 $1,228.55 $2,420.43 $1,685.30 $2,006.55 $1,791.19
------------------------------------------------------------------------------------------------------------------------------------
Three Years Prior $7,809.83 $1,410.35 $1,858.24 $1,221.23 $2,390.99 $1,563.71 $2,122.62 $1,712.52 $1,008.82
-----------------------------------------------------------------------------------------------------------
Fee $1.75 $0.33 $0.44 $0.28 $0.56 $0.38 $0.48 $0.41 $0.23
-----------------------------------------------------------------------------------------------------------
Final Value $7,808.08 $1,410.02 $1,857.81 $1,220.95 $2,390.43 $1,563.33 $2,122.14 $1,712.12 $1,008.59
------------------------------------------------------------------------------------------------------------------------------------
Two Years Prior $9,981.25 $1,905.52 $2,406.39 $1,461.30 $3,197.10 $1,806.53 $2,832.54 $2,195.31 $1,107.90
-----------------------------------------------------------------------------------------------------------
Fee $1.86 $0.35 $0.44 $0.28 $0.58 $0.35 $0.52 $0.41 $0.22
-----------------------------------------------------------------------------------------------------------
Final Value $9,979.40 $1,905.18 $2,405.95 $1,461.02 $3,196.52 $1,806.18 $2,832.03 $2,194.90 $1,107.68
------------------------------------------------------------------------------------------------------------------------------------
One Year Prior $11,494.43 $2,306.28 $2,271.53 $1,619.25 $3,622.22 $2,044.91 $3,197.37 $2,442.08 $1,255.15
-----------------------------------------------------------------------------------------------------------
Fee $2.02 $0.40 $0.44 $0.29 $0.64 $0.36 $0.57 $0.44 $0.22
-----------------------------------------------------------------------------------------------------------
Period $6.34 $7.25 $9.12 $5.67 $10.24 $7.32 $10.24 $10.34 $2.76
====================================================================================================================================
Surr Charge $689.54 $138.35 $136.27 $97.14 $217.29 $122.67 $191.81 $146.50 $75.30
-----------------------------------------------------------------------------------------------------------
Final Value $10,802.87 $2,167.53 $2,134.82 $1,521.82 $3,404.28 $1,921.88 $3,004.99 $2,295.14 $1,179.63
-----------------------------------------------------------------------------------------------------------
Annual Return 45.555% 11.257% 8.671% 7.681% 12.714% 9.331% 11.349% 8.369% 6.177%
====================================================================================================================================
Separate Account L - Standardized Lifetime Returns
Small Cap Fund
Final Value Year One = 1,000 * (31-Dec-90 Unit Value/ 31-Aug-90 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Seven - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
Index
Final Value Year One = 1,000 * (31-Dec-89 Unit Value/ 2-Oct-89 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eight - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
Growth II
Final Value Year One = 1,000 * (31-Dec-87 Unit Value/ 20-Nov-87 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Ten - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
Balanced
Final Value Year One = 1,000 * (31-Dec-91 Unit Value/ 1-May-91 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Six - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
Growth I
Final Value Year One = 1,000 * (31-Dec-86 Unit Value/ 9-Oct-86 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Ten
Final Value Year Eleven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eleven - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
Asset Manager
Final Value Year One = 1,000 * (31-Dec-89 Unit Value/ 6-Sep-89 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eight - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
Equity Income
Final Value Year One = 1,000 * (31-Dec-86 Unit Value/ 9-Oct-86 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Ten
Final Value Year Eleven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eleven - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
Socially Responsible
Final Value Year One = 1,000 * (31-Dec-86 Unit Value/ 2-Sep-86 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Ten
Final Value Year Eleven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eleven - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
International
Final Value Year One = 1,000 * (31-Dec-94 Unit Value/ 31-Mar-94 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Three - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) * (1/Period) - 1
------------------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Equity Soc.Resp. Interntl
------------------------------------------------------------------------------------------------------------------------------------
Inception Date 08/31/90 10/02/89 11/20/87 05/01/91 10/09/86 09/06/89 10/09/86 09/02/86 03/31/94
------------------------------------------------------------------------------------------------------------------------------------
Inception Date Unit Value 1.327993 8.066183 5.562404 8.030360 5.247336 7.832084 4.921813 5.804181 9.775967
------------------------------------------------------------------------------------------------------------------------------------
12/31/86 6.390635 4.918136 5.597187
------------------------------------------------------------------------------------------------------------------------------------
12/31/87 6.906269 6.545312 4.804088 5.906645
------------------------------------------------------------------------------------------------------------------------------------
12/31/88 6.665810 7.474411 5.824373 6.514813
-----------------------------------------------------------------------------------------------------------------------------------
12/31/89 9.962900 8.482949 9.712202 8.463502 6.752771 7.770294
------------------------------------------------------------------------------------------------------------------------------------
12/31/90 1.350421 9.495300 8.273703 8.469114 8.923285 5.651296 7.997875
------------------------------------------------------------------------------------------------------------------------------------
12/31/91 3.465400 12.205700 11.597500 12.451500 12.175900 10.759800 7.338842 9.191348
------------------------------------------------------------------------------------------------------------------------------------
12/31/92 5.869315 12.890600 11.304900 11.558200 13.150500 11.893300 8.474945 9.772041
------------------------------------------------------------------------------------------------------------------------------------
12/31/93 9.751704 13.924500 12.321200 12.295700 15.509400 14.224100 9.905037 10.427126
------------------------------------------------------------------------------------------------------------------------------------
12/31/94 10.381800 13.879200 12.031300 12.222500 15.320800 13.197900 10.478000 9.969200 9.862200
------------------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
------------------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
------------------------------------------------------------------------------------------------------------------------------------
