Non-NY -VAIII
-----------------------------------------------------------------------------------------------------------------------------------
One
Quarter
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Soc. Resp. Interntl
Income
-----------------------------------------------------------------------------------------------------------------------------------
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 $0.50 $0.51 $0.47 $0.50 $0.50 $0.51 $0.51 $0.50 $0.50
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Surr Charge $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Final Value $1,021.47 $1,078.48 $907.79 $1,033.48 $1,017.05 $1,057.05 $1,062.68 $1,032.53 $1,043.10
Annual Return 2.147% 7.848% -9.221% 3.348% 1.705% 5.705% 6.268% 3.253% 4.310%
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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
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Date Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
09/30/96 14.957500 21.043200 16.199400 15.679900 22.819400 16.327100 14.851400 13.767400 11.762700
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12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
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Year To
Date
Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
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 $0.53 $0.54 $0.48 $0.52 $0.53 $0.53 $0.52 $0.52 $0.53
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Surr Charge $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-------------------------------------------------------------------------------------------------------------
Final Value $1,151.29 $1,209.99 $943.65 $1,107.78 $1,132.65 $1,131.65 $1,128.48 $1,112.09 $1,132.61
-------------------------------------------------------------------------------------------------------------
Annual Return 15.129% 20.999% -5.635% 10.778% 13.265% 13.165% 12.848% 11.209% 13.261%
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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
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Date Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
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12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
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Separate Account C - Standardized 1 Year Returns
One Year Returns Period Ending 12/31/96
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Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
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 $0.53 $0.54 $0.48 $0.52 $0.53 $0.53 $0.52 $0.52 $0.53
-----------------------------------------------------------------------------------------------------------------------------------
Surr Charge $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------
Final Value $1,151.29 $1,209.99 $943.65 $1,107.78 $1,132.65 $1,131.65 $1,128.48 $1,112.09 $1,132.61
---------------------------------------------------------------------------------------------------------------
Annual Return 15.129% 20.999% -5.635% 10.778% 13.265% 13.165% 12.848% 11.209% 13.261%
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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
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Date Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
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12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
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THREE YEAR RETURNS:
Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
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One Year $1,064.61 $996.75 $976.47 $994.05 $987.84 $927.85 $1,057.85 $956.08
------------------------------------------------------------------------------------------------------------
Fee $0.63 $0.61 $0.60 $0.61 $0.60 $0.59 $0.62 $0.59
------------------------------------------------------------------------------------------------------------
Final Value $1,063.99 $996.14 $975.87 $993.44 $987.24 $927.27 $1,057.22 $955.49
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Two Year $1,360.12 $1,346.19 $1,264.03 $1,189.01 $1,320.38 $1,071.52 $1,411.13 $1,225.15
------------------------------------------------------------------------------------------------------------
Fee $0.66 $0.64 $0.61 $0.60 $0.63 $0.55 $0.68 $0.60
------------------------------------------------------------------------------------------------------------
Final Value $1,359.46 $1,345.55 $1,263.42 $1,188.41 $1,319.75 $1,070.97 $1,410.46 $1,224.55
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Three Year $1,565.84 $1,628.84 $1,192.83 $1,317.11 $1,495.51 $1,212.53 $1,592.41 $1,362.45
------------------------------------------------------------------------------------------------------------
Fee $0.72 $0.73 $0.61 $0.62 $0.69 $0.56 $0.74 $0.64
===================================================================================================================================
Surr Charge $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
------------------------------------------------------------------------------------------------------------
Final Value $1,565.12 $1,628.11 $1,192.23 $1,316.49 $1,494.82 $1,211.96 $1,591.67 $1,361.81
------------------------------------------------------------------------------------------------------------
Annual Return 16.105% 17.642% 6.036% 9.599% 14.339% 6.618% 16.757% 10.842% 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. Equity Soc.
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
12/31/93 9.751704 13.924500 12.321200 12.295700 15.509400 14.224100 9.905037 10.427126 0.000000
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12/31/94 10.381800 13.879200 12.031300 12.222500 15.320800 13.197900 10.478000 9.969200 9.862200
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12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
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12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
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Separate Account L - Standardized 5 Year Returns
FIVE YEAR RETURNS PERIOD ENDING 12/31/96:
---------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Equity Soc.
Mgr. Income 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 $1.01 $0.77 $0.74 $0.72 $0.78 $0.79 $0.81 $0.77
------------------------------------------------------------------------------------------------
Final Value $1,692.68 $1,055.34 $974.03 $927.54 $1,079.27 $1,104.56 $1,154.00 $1,062.41
---------------------------------------------------------------------------------------------------------------------------
Two Year $2,812.34 $1,139.99 $1,061.60 $986.72 $1,272.86 $1,321.02 $1,348.73 $1,133.63
------------------------------------------------------------------------------------------------
Fee $1.52 $0.74 $0.69 $0.65 $0.79 $0.82 $0.84 $0.74
------------------------------------------------------------------------------------------------
Final Value $2,810.83 $1,139.25 $1,060.91 $986.07 $1,272.07 $1,320.21 $1,347.89 $1,132.89
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Three Year $2,992.44 $1,135.54 $1,035.95 $980.20 $1,256.60 $1,224.96 $1,425.86 $1,083.13
------------------------------------------------------------------------------------------------
Fee $1.76 $0.69 $0.64 $0.60 $0.77 $0.77 $0.84 $0.67
------------------------------------------------------------------------------------------------
Final Value $2,990.68 $1,134.85 $1,035.31 $979.61 $1,255.83 $1,224.19 $1,425.01 $1,082.46
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Four Year $3,823.06 $1,533.65 $1,341.03 $1,172.45 $1,679.62 $1,414.63 $1,902.05 $1,387.95
------------------------------------------------------------------------------------------------
Fee $1.86 $0.73 $0.65 $0.59 $0.80 $0.72 $0.91 $0.68
------------------------------------------------------------------------------------------------
Final Value $3,821.20 $1,532.92 $1,340.38 $1,171.86 $1,678.82 $1,413.90 $1,901.14 $1,387.28
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Five Year $4,401.31 $1,855.65 $1,265.49 $1,298.77 $1,902.39 $1,600.79 $2,146.39 $1,543.50
------------------------------------------------------------------------------------------------
Fee $2.03 $0.84 $0.64 $0.61 $0.88 $0.74 $1.00 $0.72
===========================================================================================================================
Surr Charge $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
------------------------------------------------------------------------------------------------
Final Value $4,399.29 $1,854.82 $1,264.85 $1,298.16 $1,901.51 $1,600.04 $2,145.40 $1,542.78
------------------------------------------------------------------------------------------------
Annual Return 34.486% 13.151% 4.811% 5.358% 13.716% 9.857% 16.493% 9.059%
===========================================================================================================================
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
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Date Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
12/31/91 3.465400 12.205700 11.597500 12.451500 12.175900 10.759800 7.338842 9.191348 0.000000
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12/31/92 5.869315 12.890600 11.304900 11.558200 13.150500 11.893300 8.474945 9.772041 0.000000
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12/31/93 9.751704 13.924500 12.321200 12.295700 15.509400 14.224100 9.905037 10.427126 0.000000
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12/31/94 10.381800 13.879200 12.031300 12.222500 15.320800 13.197900 10.478000 9.969200 9.862200
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12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
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12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
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Separate Account L - Standardized 10
Year
10 Year Returns for Period Ending
12/31/1996:
---------------------------------------------------------------
Growth I Equity Soc.
Income Resp.
---------------------------------------------------------------
Year One $1,024.20 $976.81 $1,055.29
-------------------------------------
Fee $1.28 $1.25 $1.30
-------------------------------------
Final Value $1,022.93 $975.56 $1,053.99
---------------------------------------------------------------
Year Two $1,168.13 $1,182.75 $1,162.51
-------------------------------------
Fee $1.24 $1.23 $1.26
-------------------------------------
Final Value $1,166.89 $1,181.53 $1,161.26
---------------------------------------------------------------
Year Three $1,516.24 $1,369.86 $1,385.04
-------------------------------------
Fee $1.37 $1.31 $1.30
-------------------------------------
Final Value $1,514.87 $1,368.56 $1,383.74
---------------------------------------------------------------
Year Four $1,320.98 $1,145.32 $1,424.27
-------------------------------------
Fee $1.31 $1.16 $1.29
-------------------------------------
Final Value $1,319.67 $1,144.16 $1,422.97
---------------------------------------------------------------
Year Five $1,897.27 $1,485.83 $1,635.31
-------------------------------------
Fee $1.34 $1.09 $1.27
-------------------------------------
Final Value $1,895.93 $1,484.73 $1,634.04
---------------------------------------------------------------
Year Six $2,047.69 $1,714.58 $1,737.28
-------------------------------------
Fee $1.48 $1.20 $1.26
-------------------------------------
Final Value $2,046.21 $1,713.38 $1,736.02
---------------------------------------------------------------
Year Seven $2,413.26 $2,002.51 $1,852.40
-------------------------------------
Fee $1.50 $1.25 $1.21
-------------------------------------
Final Value $2,411.75 $2,001.25 $1,851.19
---------------------------------------------------------------
Year Eight $2,382.43 $2,117.02 $1,769.89
-------------------------------------
Fee $1.46 $1.25 $1.10
-------------------------------------
Final Value $2,380.97 $2,115.77 $1,768.79
---------------------------------------------------------------
Year Nine $3,184.44 $2,824.04 $2,267.97
-------------------------------------
Fee $1.52 $1.35 $1.10
-------------------------------------
Final Value $3,182.92 $2,822.69 $2,266.87
---------------------------------------------------------------
Year Ten $3,606.81 $3,186.82 $2,522.15
-------------------------------------
Fee $1.67 $1.48 $1.18
-------------------------------------
Period $10.00 $10.00 $10.00
===============================================================
Surr Charge $0.00 $0.00 $0.00
-------------------------------------
Final Value $3,605.14 $3,185.34 $2,520.97
-------------------------------------
Annual Return 13.682% 12.283% 9.687%
===============================================================
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 Soc.
Income 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. Equity Soc. Interntl
Mgr. Income Resp.
-----------------------------------------------------------------------------------------------------------------------------------
Eleven Years Prior $1,000.25 $999.25 $964.34
-----------------------------------------------------------------------------------------------------------
Fee $1.40 $1.40 $1.37
-----------------------------------------------------------------------------------------------------------
Final Value $998.85 $997.85 $962.96
-----------------------------------------------------------------------------------------------------------------------------------
Ten Years Prior $1,070.57 $1,023.03 $974.71 $1,016.20
-----------------------------------------------------------------------------------------------------------
Fee $1.31 $1.27 $1.24 $1.25
-----------------------------------------------------------------------------------------------------------
Final Value $1,069.27 $1,021.75 $973.47 $1,014.95
-----------------------------------------------------------------------------------------------------------------------------------
Nine Years Prior $1,032.04 $1,166.79 $1,180.21 $1,119.46
-----------------------------------------------------------------------------------------------------------
Fee $1.19 $1.24 $1.22 $1.21
-----------------------------------------------------------------------------------------------------------
Final Value $1,030.85 $1,165.54 $1,178.99 $1,118.25
-----------------------------------------------------------------------------------------------------------------------------------
Eight Years Prior $1,013.97 $1,311.86 $1,514.50 $1,004.31 $1,366.92 $1,333.74
-----------------------------------------------------------------------------------------------------------
Fee $1.03 $1.20 $1.37 $1.03 $1.30 $1.25
-----------------------------------------------------------------------------------------------------------
Final Value $1,012.94 $1,310.66 $1,513.13 $1,003.28 $1,365.62 $1,332.49
-----------------------------------------------------------------------------------------------------------------------------------
Seven Years Prior $1,016.89 $965.40 $1,278.33 $1,319.46 $1,057.78 $1,142.87 $1,371.52
-----------------------------------------------------------------------------------------------------------
Fee $0.93 $0.91 $1.19 $1.31 $0.95 $1.16 $1.25
-----------------------------------------------------------------------------------------------------------
Final Value $1,015.96 $964.48 $1,277.14 $1,318.15 $1,056.83 $1,141.71 $1,370.27
-----------------------------------------------------------------------------------------------------------------------------------
Six Years Prior $2,607.12 $1,239.79 $1,788.01 $1,245.15 $1,895.09 $1,274.34 $1,482.64 $1,574.75
-----------------------------------------------------------------------------------------------------------
Fee $1.50 $0.92 $1.27 $0.93 $1.33 $0.97 $1.09 $1.22
-----------------------------------------------------------------------------------------------------------
Final Value $2,605.61 $1,238.88 $1,786.73 $1,244.22 $1,893.75 $1,273.37 $1,481.55 $1,573.52
-----------------------------------------------------------------------------------------------------------------------------------
Five Years Prior $4,413.10 $1,308.39 $1,741.65 $1,154.95 $2,045.34 $1,407.52 $1,710.90 $1,672.94
-----------------------------------------------------------------------------------------------------------
Fee $2.63 $0.95 $1.32 $0.90 $1.47 $1.00 $1.19 $1.21
-----------------------------------------------------------------------------------------------------------
Final Value $4,410.47 $1,307.44 $1,740.33 $1,154.06 $2,043.86 $1,406.52 $1,709.71 $1,671.72
-----------------------------------------------------------------------------------------------------------------------------------
Four Years Prior $7,327.88 $1,412.30 $1,896.79 $1,227.69 $2,410.48 $1,682.16 $1,998.21 $1,783.79
-----------------------------------------------------------------------------------------------------------
Fee $3.96 $0.92 $1.23 $0.80 $1.50 $1.04 $1.25 $1.16
-----------------------------------------------------------------------------------------------------------
Final Value $7,323.92 $1,411.39 $1,895.56 $1,226.89 $2,408.98 $1,681.12 $1,996.96 $1,782.62
-----------------------------------------------------------------------------------------------------------------------------------
Three Years Prior $7,797.14 $1,406.80 $1,850.96 $1,219.59 $2,379.69 $1,559.83 $2,112.47 $1,704.33 $1,008.82
-----------------------------------------------------------------------------------------------------------
Fee $4.59 $0.86 $1.14 $0.74 $1.45 $0.98 $1.25 $1.06 $0.61
-----------------------------------------------------------------------------------------------------------
Final Value $7,792.55 $1,405.94 $1,849.82 $1,218.84 $2,378.23 $1,558.85 $2,111.23 $1,703.28 $1,008.21
-----------------------------------------------------------------------------------------------------------------------------------
Two Years Prior $9,961.40 $1,900.00 $2,396.06 $1,458.78 $3,180.78 $1,801.35 $2,817.98 $2,183.97 $1,107.49
-----------------------------------------------------------------------------------------------------------
Fee $4.86 $0.90 $1.16 $0.73 $1.52 $0.92 $1.35 $1.06 $0.58
-----------------------------------------------------------------------------------------------------------
Final Value $9,956.55 $1,899.10 $2,394.89 $1,458.05 $3,179.26 $1,800.43 $2,816.63 $2,182.91 $1,106.91
-----------------------------------------------------------------------------------------------------------------------------------
One Year Prior $11,468.11 $2,298.92 $2,261.09 $1,615.95 $3,602.66 $2,038.40 $3,179.98 $2,428.73 $1,254.28
-----------------------------------------------------------------------------------------------------------
Fee $5.28 $1.03 $1.15 $0.76 $1.67 $0.95 $1.48 $1.14 $0.58
-----------------------------------------------------------------------------------------------------------
Period $6.34 $7.25 $9.12 $5.67 $10.24 $7.32 $10.24 $10.34 $2.76
===================================================================================================================================
Surr Charge $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------
Final Value $11,462.83 $2,297.89 $2,259.94 $1,615.19 $3,600.99 $2,037.45 $3,178.51 $2,427.60 $1,253.69
-----------------------------------------------------------------------------------------------------------
Annual Return 46.922% 12.156% 9.351% 8.817% 13.334% 10.206% 11.961% 8.959% 8.549%
===================================================================================================================================
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
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Date Small Cap Index Growth II Balanced Growth I Asst. Equity Soc. Interntl
Mgr. Income Resp.
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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
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Inception Date Unit Value 1.327993 8.066183 5.562404 8.030360 5.247336 7.832084 4.921813 5.804181 9.775967
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12/31/86 6.390635 4.918136 5.597187
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12/31/87 6.906269 6.545312 4.804088 5.906645
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12/31/88 6.665810 7.474411 5.824373 6.514813
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12/31/89 9.962900 8.482949 9.712202 8.463502 6.752771 7.770294
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12/31/90 1.350421 9.495300 8.273703 8.469114 8.923285 5.651296 7.997875
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12/31/91 3.465400 12.205700 11.597500 12.451500 12.175900 10.759800 7.338842 9.191348
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12/31/92 5.869315 12.890600 11.304900 11.558200 13.150500 11.893300 8.474945 9.772041
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12/31/93 9.751704 13.924500 12.321200 12.295700 15.509400 14.224100 9.905037 10.427126
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12/31/94 10.381800 13.879200 12.031300 12.222500 15.320800 13.197900 10.478000 9.969200 9.862200
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12/31/95 13.271300 18.756500 15.584000 14.628600 20.490900 15.251000 13.985600 12.782700 10.833300
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12/31/96 15.286100 22.705400 14.713300 16.212800 23.219800 17.266800 15.789800 14.222200 12.275600
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