<PAGE>
As filed with the Securities and Exchange Commission on April 29, 1999
Registration No. 333 - 7509
811 - 7689
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- -------------------------------------------------------------------------------
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No.
---
Post-Effective Amendment No. 8
---
and
REGISTRATION STATEMENT UNDER THE [X]
INVESTMENT COMPANY ACT OF 1940
Amendment No. 12
---
PFL RETIREMENT BUILDER VARIABLE ANNUITY ACCOUNT
-----------------------------------------------
(Exact Name of Registrant)
PFL LIFE INSURANCE COMPANY
--------------------------
(Name of Depositor)
4333 Edgewood Road N.E., Cedar Rapids, Iowa 52499-0001
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code
(319) 297-8468
Frank A. Camp, Esquire
PFL Life Insurance Company
4333 Edgewood Road, N.E.
Cedar Rapids, Iowa 52499-0001
(Name and Address of Agent for Service)
Copy to:
Frederick R. Bellamy, Esquire
Sutherland, Asbill and Brennan L.L.P.
1275 Pennsylvania Avenue, N.W.
Washington, D.C. 20004-2404
<PAGE>
Title of Securities Being Registered:
Flexible Premium Variable Annuity Policies
------------------------
------------------------
It is proposed that this filing will become effective:
immediately upon filing pursuant to paragraph (b) of Rule 485.
- -----
X
- ----- on May 1, 1999 pursuant to paragraph (b)(1)(iii) of Rule 485.
60 days after filing pursuant to paragraph (a)(i) of Rule 485
- -----
on May 1, 1999 pursuant to paragraph (a)(i) of Rule 485
- -----
If appropriate, check the following box:
This post-effective amendment designates a new effective date
---
for a previously filed post-effective amendment.
<PAGE>
CROSS REFERENCE SHEET
Pursuant to Rule 495
Showing Location in Part A (Prospectus) and
Part B (Statement of Additional Information)
of Registration Statement of Information Required by Form N-4
-------------------------------------------------------------
PART A
------
<TABLE>
<CAPTION>
Item of Form N-4 Prospectus Caption
- ---------------- ------------------
<S> <C>
1. Cover Page................................ Cover Page
2. Definitions............................... Glossary of Terms
3. Synopsis.................................. Summary; Fee Table
4. Condensed Financial Information........... Financial Information;
5. General Description of Registrant,
Depositor and Portfolio Companies
(a) Depositor............................ PFL Life Insurance Company
(b) Registrant........................... The Separate Account
(c) Portfolio Company.................... The Separate Account
(d) Fund Prospectus...................... Underlying Funds
(e) Voting Rights........................ Voting Rights
6. Deductions and Expenses
(a) General.............................. Expenses
(b) Sales Load %......................... Surrender Charge
(c) Special Purchase Plan................ N/A
(d) Commissions.......................... Distributor of the Policies
(e) Expenses - Registrant................ N/A
(f) Fund Expenses........................ Portfolio Management Fees
(g) Organizational Expenses.............. N/A
7. Policies
(a) Persons with Rights.................. The Annuity Policy; Annuity Payment Option;
Annuity Payments; Ownership;
Voting Rights
(b) (i) Allocation of Premium
Payments....................... Allocation of Premium Payments
(ii) Transfers...................... Transfers
(iii) Exchanges...................... N/A
(c) Changes.............................. Policy Value; Annuity Payment Options;
Allocation of Premium Payments; Ownership
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(d) Inquiries............................ Summary
8. Annuity Period............................ Annuity Payments
.......................................
9. Death Benefit............................. Death Benefit
10. Purchases and Contract Value
(a) Purchases............................ Purchase
.....................................
(b) Valuation............................ Policy Value;
..................................... Policy Value
(c) Daily Calculation.................... The Mutual Fund Account Value
(d) Underwriter.......................... Distributor of the Policies
11. Redemptions
(a) By Owners............................ Surrender Charges
By Annuitant......................... N/A
(b) Texas ORP............................ Restrictions Under the Texas Optional
..................................... Retirement Program
(c) Check Delay.......................... Annuity Payments
(d) Lapse................................ N/A
(e) Free Look............................ Summary
12. Taxes..................................... Taxes
13. Legal Proceedings......................... Legal Proceedings
14. Table of Contents for the
Statement of Additional Information....... Table of Contents of the
Statement of Additional Information
<CAPTION>
PART B
------
Item of Form N-4 Statement of Additional
- ---------------- Information Caption
-------------------
<S> <C>
15. Cover Page................................ Cover Page
16. Table of Contents......................... Table of Contents
17. General Information and History........... (Prospectus) PFL Life Insurance Company
18. Services
(a) Fees and Expenses of Registrant...... N/A
(b) Management Policies.................. N/A
(c) Custodian............................ Custody of Assets
</TABLE>
<PAGE>
<TABLE>
Independent
Auditors............................. Independent Auditors
(d) Assets of Registrant................. Custody of Assets
(e) Affiliated Person.................... N/A
(f) Principal Underwriter................ Distribution of the Policies
19. Purchase of Securities Being Offered...... Distribution of the Policies
Offering Sales Load....................... N/A
20. Underwriters.............................. Distribution of the Policies;
(Prospectus) Distributor of the
Policies
21. Calculation of Performance Data........... Historical Performance Data
22. Annuity Payments.......................... (Prospectus) Annuity Payment Options
23. Financial Statements...................... Financial Statements
<CAPTION>
PART C -- OTHER INFORMATION
---------------------------
Item of Form N-4 Part C Caption
- ---------------- --------------
<S> <C>
24. Financial Statements
and Exhibits
(a) Financial Statements................. Financial Statements
(b) Exhibits............................. Exhibits
25. Directors and Officers of
the Depositor............................. Directors and Officers of the Depositor
26. Persons Controlled By or
Under Common Control with the
Depositor or Registrant................... Persons Controlled By or Under Common Control
with the Depositor or Registrant
27. Number of Contractowners.................. Number of Contractowners
28. Indemnification........................... Indemnification
29. Principal Underwriters.................... Principal Underwriters
30. Location of Accounts and Records.......... Location of Accounts and Records
31. Management Services....................... Management Services
32. Undertakings.............................. Undertakings
Signature Page............................ Signature Page
</TABLE>
<PAGE>
RETIREMENT
INCOME BUILDER
VARIABLE ANNUITY
Issued Through
PFL RETIREMENT BUILDER VARIABLE
ANNUITY ACCOUNT
by
PFL LIFE INSURANCE COMPANY
Prospectus
May 1, 1999
This prospectus and the mutual fund prospectuses give you important
information about the policies and the mutual funds. Please read them
carefully before you invest and keep them for future reference.
If you would like more information about the Retirement Income Builder
Variable Annuity Policy, you can obtain a free copy of the Statement of
Additional Information (SAI) dated May 1, 1999. Please call us at (800) 525-
6205 or write us at: PFL Life Insurance Company, Financial Markets Division,
Variable Annuity Department, 4333 Edgewood Road N.E., Cedar Rapids, Iowa,
52499-0001. A registration statement, including the SAI, has been filed with
the Securities and Exchange Commission (SEC) and is incorporated herein by
reference. Information about the separate account can be reviewed and copied
at the SEC's Public Reference Room in Washington, D.C. You may obtain
information about the operation of the public reference room by calling the
SEC at 1-800-SEC-0330. The SEC also maintains a web site (http://www.sec.gov)
that contains the prospectus, the SAI, material incorporated by reference, and
other information. The table of contents of the SAI is included at the end of
this prospectus.
Please note that the policies and the mutual funds:
. are not bank deposits
. are not federally insured
. are not endorsed by any bank or government agency
. are not guaranteed to achieve their goal
. are subject to risks, including loss of premium
The Securities and Exchange Commission has not approved or disapproved these
securities, or passed upon the adequacy of this prospectus. Any representation
to the contrary is a criminal offense.
The flexible premium annuity policy has many investment choices. There is a
fixed account, which offers interest at rates that are guaranteed by PFL Life
Insurance Company (PFL), and fourteen mutual fund portfolios offered by the
underlying funds listed below. You can choose any combination of these
investment choices. You bear the entire investment risk for all amounts you
put in the mutual fund portfolios.
MANAGED BY FIDELITY MANAGEMENT & RESEARCH COMPANY:
Variable Insurance Products Fund (VIP):
VIP Money Market
VIP High Income
VIP Equity-Income
VIP Growth
VIP Overseas
Variable Insurance Products Fund II (VIP II):
VIP II Investment Grade Bond
VIP II Asset Manager
VIP II Asset Manager: Growth
VIP II Index 500
VIP II Contrafund
Variable Insurance Products Fund III (VIP III):
VIP III Balanced
VIP III Growth & Income
VIP III Growth Opportunities
VIP III Mid Cap
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS Page
<S> <C>
GLOSSARY OF TERMS.......................................................... 3
SUMMARY.................................................................... 4
ANNUITY POLICY FEE TABLE................................................... 7
EXAMPLES................................................................... 9
1. THE ANNUITY POLICY...................................................... 10
2. ANNUITY PAYMENTS
(THE INCOME PHASE)...................................................... 10
Annuity Payment Options.................................................. 10
3.PURCHASE................................................................. 12
Policy Issue Requirements................................................ 12
Premium Payments......................................................... 12
Initial Premium Requirements............................................. 12
Additional Premium Payments.............................................. 12
Maximum Total Premium Payments........................................... 12
Allocation of Premium Payments........................................... 12
Policy Value............................................................. 12
4. INVESTMENT CHOICES...................................................... 13
The Separate Account..................................................... 13
The Fixed Account........................................................ 13
Transfers................................................................ 14
Family Income Protector.................................................. 14
Dollar Cost Averaging Program............................................ 16
Asset Rebalancing........................................................ 16
Telephone Transactions................................................... 17
5. EXPENSES................................................................ 17
Surrender Charges........................................................ 17
Mortality and Expense Risk Fee........................................... 17
Administrative Charges................................................... 18
Premium Taxes............................................................ 18
Federal, State and Local Taxes........................................... 18
Transfer Fee............................................................. 18
Family Income Protector.................................................. 18
Portfolio Management Fees................................................ 18
6. TAXES................................................................... 18
Annuity Policies in General.............................................. 18
Qualified and Nonqualified Policies...................................... 19
Withdrawals--Nonqualified Policies....................................... 19
Withdrawals--Qualified Policies.......................................... 19
Withdrawals--403(b) Policies............................................. 20
Diversification and Distribution Requirements............................ 20
</TABLE>
<TABLE>
<CAPTION>
Page
<S> <C>
Taxation of Death Benefit Proceeds....................................... 20
Annuity Payments......................................................... 20
Transfers, Assignments or Exchanges of Policies.......................... 21
Possible Tax Law Changes................................................. 21
7. ACCESS TO YOUR MONEY.................................................... 21
Surrenders............................................................... 21
Delay of Payment and Transfers........................................... 21
Excess Interest Adjustment............................................... 21
Systematic Payout Option................................................. 22
Nursing Care and Terminal Condition Withdrawal Option.................... 22
Unemployment Waiver...................................................... 22
8. PERFORMANCE............................................................. 22
9. DEATH BENEFIT........................................................... 23
When We Pay A Death Benefit.............................................. 23
When We Do Not Pay A Death Benefit....................................... 23
Amount of Death Benefit.................................................. 24
Guaranteed Minimum Death Benefit......................................... 24
Adjusted Partial Withdrawal.............................................. 24
10. OTHER INFORMATION...................................................... 25
Ownership................................................................ 25
Assignment............................................................... 25
PFL Life Insurance Company............................................... 25
The Separate Account..................................................... 25
Mixed and Shared Funding................................................. 25
Reinstatements........................................................... 26
Voting Rights............................................................ 26
Distributor of the Policies.............................................. 26
Non-participating Policy................................................. 26
Variations in Policy Provisions.......................................... 26
Year 2000 Matters........................................................ 27
IMSA..................................................................... 27
Legal Proceedings........................................................ 27
Financial Statements..................................................... 27
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION............... 27
APPENDIX A
Condensed Financial Information............................................ 28
APPENDIX B
Historical Performance Data................................................ 30
</TABLE>
2
<PAGE>
GLOSSARY OF TERMS
Accumulation Unit--An accounting unit of measure used in calculating the policy
value in the separate account before the annuity commencement date.
Annuitant--The person entitled to receive annuity payments after the annuity
commencement date and during whose life any annuity payments involving life
contingencies will continue.
Annuity Commencement Date--The date upon which annuity payments are to
commence. The annuity commencement date may not be later than the last day of
the policy month starting after the annuitant attains age 85, except as
expressly allowed by PFL, but in no event later than the last day of the policy
month following the month in which the annuitant attains age 95. The annuity
commencement date may be required to be earlier for qualified policies.
Annuity Payment Option--A method of receiving a stream of annuity payments
selected by the owner.
Cash Value--The policy value increased or decreased by an excess interest
adjustment, less the surrender charge, if any.
Cumulative Free Percentage--The percentage (as applied to the policy value)
which is available free of any surrender charge.
Excess Interest Adjustment--A positive or negative adjustment to amounts
withdrawn upon partial or full surrenders from the fixed account guaranteed
period options, or to amounts applied to annuity payment options. The
adjustment reflects changes in the interest rates declared by PFL since the
date any payment was received by or an amount was transferred to the guaranteed
period option. The excess interest adjustment can either decrease or increase
the amount to be received by the owner upon full surrender or commencement of
annuity payments, depending upon whether there has been an increase or decrease
in interest rates, respectively.
Fixed Account--One or more investment choices under the policy that are part of
the general assets of PFL and are not in the separate account.
Guaranteed Period Options--The various guaranteed interest rate periods of the
fixed account which may be offered by PFL and into which premium payments may
be paid or amounts transferred.
Owner or Owners--The person who may exercise all rights and privileges under
the policy. The owner during the lifetime of the annuitant and prior to the
annuity commencement date is the person designated as the owner or a successor
owner in the information that we require to issue a policy.
Policy Value--On or before the annuity commencement date, the policy value is
equal to the owner's:
. premium payments; minus
. partial withdrawals (including any applicable excess interest adjustments
and/or surrender charges on such withdrawals); plus
. interest credited in the fixed account; plus
. accumulated gains or losses in the separate account; minus
. service charges, premium taxes and transfer fees, if any.
Separate Account--The Retirement Income Builder Variable Annuity division of
the PFL Retirement Builder Variable Annuity Account. The PFL Retirement Income
Builder Variable Annuity Account is a separate account established and
registered as a unit investment trust under the Investment Company Act of 1940,
(the "1940 Act"), as amended, to which premium payments under the policies may
be allocated.
Subaccount--A subdivision within the separate account, the assets of which are
invested in a specified portfolio of the underlying funds.
(Note: The Statement of Additional Information contains a more extensive
Glossary.)
3
<PAGE>
SUMMARY
The sections in this summary correspond to sections in this prospectus, which
discuss the topics in more detail. Words printed in italics in this prospectus
are defined in the Glossary.
1.THE ANNUITY POLICY
The Flexible Premium Variable Annuity Policy offered by PFL Life Insurance
Company (PFL, we, us or our) is a policy between you, as the owner, and PFL, an
insurance company. The policy provides a way to invest on a tax-deferred basis
in the following investment choices: subaccounts of the separate account, and a
fixed account of PFL. The policy is intended to accumulate money for retirement
or other long-term investment purposes.
This policy offers fourteen subaccounts that are listed in Section 4. Each
subaccount invests exclusively in shares of one of the portfolios of the
underlying funds. The policy value may depend on the investment experience of
the selected subaccounts. Therefore, you bear the entire investment risk with
respect to all policy value in any subaccount. You could lose the amount that
you invest.
The fixed account offers an interest rate that is guaranteed by PFL. We
guarantee to return your investment with interest credited for all amounts
allocated to the fixed account.
You can transfer money between any of the investment choices within certain
limits. During the accumulation phase, we reserve the right to impose a $10 fee
for each transfer in excess of 12 transfers per policy year.
The policy, like all deferred annuity policies, has two phases: the
"accumulation phase" and the "income phase." During the accumulation phase,
earnings accumulate on a tax-deferred basis and are taxed as income when you
take them out of the policy. The income phase occurs when you begin receiving
regular payments from your policy. The money you can accumulate during the
accumulation phase will largely determine the income payments you receive
during the income phase.
2. ANNUITY PAYMENTS (THE INCOME PHASE)
The policy allows you to receive income under one of five annuity payment
options. You may choose from fixed payment options, variable payment options,
or a combination of both. If you select a variable payment option, the dollar
amount of your payments may go up or down.
3.PURCHASE
You can buy this policy with $2,000 or more under most circumstances. You can
add as little as $50 at any time during the accumulation phase.
4.INVESTMENT CHOICES
You can allocate your premium payments to one or more of the following
portfolios described in the fund prospectuses:
MANAGED BY FIDELITY MANAGEMENT & RESEARCH COMPANY
VIP Money Market
VIP Equity-Income
VIP Growth
VIP High Income
VIP Overseas
VIP II Asset Manager
VIP II Investment Grade Bond
VIP II Asset Manager: Growth
VIP II Index 500
VIP II Contrafund
VIP III Balanced
VIP III Growth & Income
VIP III Growth Opportunities
VIP III Mid Cap
Depending upon their investment performance, you can make or lose money in any
of these subaccounts.
You can also allocate your premium payments to the fixed account.
5.EXPENSES
No deductions are made from premium payments at the time you buy the policy so
that the full amount of each premium payment is invested in one or more of your
investment choices.
4
<PAGE>
We may deduct a surrender charge of up to 6.0% of premium payments withdrawn
within five years after the premium is paid. However, after the tenth policy
year, no surrender charges apply, regardless of when you made your last premium
payment. To calculate surrender charges, we consider the premium you paid to
come out before any earnings.
Full surrenders and partial withdrawals from a guaranteed period option of the
fixed account may also be subject to an excess interest adjustment, which may
increase or decrease the amount you receive. This adjustment may also apply to
amounts applied to an annuity payment option from a guaranteed period option of
the fixed account.
We deduct daily mortality and expense risk fees and administrative charges of
1.25% to 1.40% per year from the assets in each subaccount.
During the accumulation phase, we deduct an annual service charge of no more
than $30 from the policy value on each policy anniversary and at the time of
surrender. The charge is waived if either the policy value or the sum of all
premium payments, minus all partial withdrawals, is at least $50,000.
We will deduct state premium taxes, which currently range from 0% to 3.50%,
upon total surrender, payment of a death benefit, or when annuity payments
begin.
If you elect the "family income protector" rider, there is an annual fee during
the accumulation phase of 0.30% of the minimum annuitization value. If you
annuitize under this rider, then there is a stabilized payment fee at an annual
rate of 1.25% of the daily net asset value in the separate account.
The value of the net assets of the mutual fund subaccounts will reflect the
investment advisory fee and other expenses incurred by the underlying funds.
Those fees and expenses are detailed in the underlying funds' prospectuses that
are attached to this prospectus.
6.TAXES
Your earnings, if any, are not taxed until you take them out. If you take money
out during the accumulation phase, earnings come out first for federal tax
purposes, and are taxed as income. If you are younger than 59 1/2 when you take
money out, you may be charged a 10% federal penalty tax on the earnings.
Payments during the income phase may be considered partly a return of your
original investment so that part of each payment would not be taxable as
income.
7.ACCESS TO YOUR MONEY
You can take money out anytime during the accumulation phase. You may take out
up to 10% of the policy value free of surrender charges each policy year. The
percentage that may be taken free of surrender charges is referred to as the
cumulative free percentage. Any cumulative free percentage that is not taken in
one year is carried forward and is available to be taken in the following
policy year free of surrender charges. Amounts withdrawn in excess of the
cumulative free percentage may be subject to a surrender charge. You may also
have to pay income tax and a tax penalty on any money you take out.
8.PERFORMANCE
The value of the policy will vary up or down depending upon the investment
performance of the subaccounts you choose. We provide performance information
in Appendix B and in the Statement of Additional Information. This data is not
intended to indicate future performance.
9.DEATH BENEFIT
If you are both the owner and the annuitant and you die before the income phase
begins, then your beneficiary will receive a death benefit.
Naming different persons as owner and annuitant can affect whether the death
benefit is payable and to whom amounts will be paid. Use care when naming
owners, annuitants and beneficiaries, and consult your agent if you have
questions.
5
<PAGE>
You may choose one of the following guaranteed minimum death benefits:
. 5% Annually Compounding
. Annual Step-Up
. Return of Premium
10.OTHER INFORMATION
Right to Cancel Period. You may return your policy for a refund. The amount of
time you have to return the policy will depend on the state where the policy
was issued. It is generally only 10 days. The amount of the refund will
generally be the policy value. PFL will pay the refund within 7 days after it
receives written notice of cancellation and the returned policy. The policy
will then be deemed void. In some states you may have more than ten days to
return a policy, or receive a refund of more (or less) than the policy value.
No Probate. Usually when you die, the person you choose as your beneficiary
will receive the death benefit under this policy without going through
probate. State laws vary on how the amount that may be paid is treated for
estate tax purposes.
Who should purchase the policy? This policy is designed for people seeking
long-term tax-deferred accumulation of assets, generally for retirement or
other long-term purposes; and for persons who have maximized their use of
other retirement savings methods, such as 401(k) plans and individual
retirement accounts. The tax-deferred feature is most attractive to people in
high federal and state tax brackets. You should not buy this policy if you are
looking for a short-term investment or if you cannot take the risk of losing
the money that you put in.
Financial Statements. Financial statements for PFL and the subaccounts are in
the Statement of Additional Information.
Additional Features. This policy has additional features that might interest
you. These include the following:
. You can arrange to have money automatically sent to you monthly, quarterly,
semi-annually, or annually while your policy is in the accumulation phase.
This feature is referred to as the "systematic payout option." Amounts you
receive may be included in your gross income, and in certain circumstances,
may be subject to penalty taxes.
. You can arrange to have a certain amount of money automatically transferred
from the fixed account, either monthly or quarterly, to your choice of
subaccounts. This feature is called "dollar cost averaging."
. You can elect an optional rider that guarantees you a minimum annuitization
value. This feature is called the "family income protector."
. We will, upon your request, automatically transfer amounts among the
subaccounts on a regular basis to maintain a desired allocation of the
policy value among the various subaccounts. This feature is called "asset
rebalancing."
. Under certain medically related circumstances, we will allow you to
surrender or partially withdraw your policy value without a surrender
charge and excess interest adjustment. This feature is called the "nursing
care and terminal condition withdrawal option."
. Under certain unemployment circumstances, you may withdraw all or a portion
of the policy value free of surrender charges and excess interest
adjustments. This feature is called the "unemployment waiver."
. You may make transfers and/or change the allocation of additional premium
payments by telephone.
These features are not available in all states and may not be suitable for
your particular situation.
Inquiries
If you need more information, please contact us at:
Administrative and Service Office
Financial Markets Division
Variable Annuity Department
PFL Life Insurance Company
4333 Edgewood Road N.E.
P.O. Box 3183
Cedar Rapids, IA 52406-3183
6
<PAGE>
ANNUITY POLICY FEE TABLE
Separate Account Annual Expenses
Policy Owner Transaction Expenses
(as a percentage of average account
value)
<TABLE>
- ------------------------------------------
<S> <C>
Sales Load On Purchase
Payments................ 0
Maximum Surrender Charge
(as a % of Premium
Payments
Surrendered)(/1/)(/2/).. 6%
Surrender Fees........... 0
Service Charge(/2/)...... $30 Per Policy
Transfer Fee(/2/)........ Currently No Fee
Family Income Protector
(optional)(/3/) Rider
Fee..................... 0.30%
</TABLE>
<TABLE>
<S> <C>
Mortality and Expense Risk Fees(/4/).. 1.25%
Administrative Charge................. 0.15%
-----
TOTAL SEPARATE ACCOUNT
ANNUAL EXPENSES....................... 1.40%
</TABLE>
- -------------------------------------------------------------------------------
Portfolio Annual Expenses(/5/)
(as a percentage of average net assets and after expense reimbursements)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rule Total Portfolio
Management Fees Other Expenses 12b 1 Fees Annual Expenses
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP Money Market........ 0.20% 0.10% -- 0.30%
VIP High Income......... 0.58% 0.12% -- 0.70%
VIP Equity-Income(/6/).. 0.49% 0.08% -- 0.57%
VIP Growth(/6/)......... 0.59% 0.07% -- 0.66%
VIP Overseas(/6/)....... 0.74% 0.15% -- 0.89%
VIP II Investment Grade
Bond................... 0.43% 0.14% -- 0.57%
VIP II Asset
Manager(/6/)........... 0.54% 0.09% -- 0.63%
VIP II Contrafund(/6/).. 0.59% 0.13% -- 0.72%
VIP II Asset Manager:
Growth(/6/)............ 0.59% 0.07% -- 0.66%
VIP II Index 500(/6/)... 0.24% 0.04% -- 0.28%
VIP III Balanced(/6/)... 0.44% 0.14% -- 0.58%
VIP III Growth
Opportunities(/6/)..... 0.59% 0.11% -- 0.70%
VIP III Growth &
Income(/6/)............ 0.49% 0.11% -- 0.60%
VIP III Mid Cap(/6/).... 0.56% 0.44% -- 1.00%
</TABLE>
7
<PAGE>
(/1/) The surrender charge is decreased based on the number of years since the
premium payment was made, from 6% in the year in which the premium payment was
made to 0% in the sixth year after the premium payment was made. However, after
the tenth policy year, no surrender charges apply, regardless of when you made
your last premium payment. If applicable, a surrender charge will only be
applied to withdrawals that exceed the amount available under certain listed
exceptions.
(/2/) The surrender charge and transfer fee, if any is imposed, apply to each
policy, regardless of how policy value is allocated among the separate account
and the fixed account. The service charge is the lesser of $30 or 2% of the
policy value. It applies to both the fixed account and the separate account,
and is assessed on a pro rata basis relative to each account's policy value as
a percentage of the policy's total policy value. There is no fee for the first
12 transfers per year. For additional transfers, PFL may charge a fee of $10
per transfer, but currently does not charge for any transfers. Separate account
annual expenses do not apply to the fixed account.
(/3/) The annual rider fee is currently equal to 0.30% of the minimum
annuitization value on the previous policy anniversary; PFL may at its
discretion change the rate in the future, but the rate will never be greater
than 0.50% per year. The stabilized payment fee is only charged if you
annuitize under the family income protector rider, and then only after
annuitization. This fee is reflected in the amount of the variable payments.
The stabilized payment fee is currently equal to an effective annual rate of
1.25% of the daily net asset value in the variable investment options; PFL may
at its discretion change the rate in the future, but the rate will never be
greater than 2.25% per year. Once the family income protector rider is added to
your policy, neither the rider fee nor the stabilized payment fee that is in
effect at that time will change during the life of that family income protector
rider.
(/4/) Mortality and expense risk fees shown (1.25%) are for the "5% Annually
Compounding Death Benefit" and the "Annual Step-Up Death Benefit." The
corresponding fees for the "Return of Premium Death Benefit" are 1.10% for each
subaccount.
(/5/) The fee table information relating to the underlying funds is for 1998 and
was provided to PFL by the underlying funds, and PFL has not independently
verified such information.
(/6/) A portion of the brokerage commissions that certain funds pay was used to
reduce fund expenses. In addition, certain funds, or FMR on behalf of certain
funds, have entered into arrangements with their custodian whereby credits
realized as a result of uninvested cash balances were used to reduce custodian
expenses. The total operating expenses, after reimbursement for the VIP II
Index 500 Portfolio and the VIP III Mid Cap Portfolio reflect these reductions
in the table above.
8
<PAGE>
EXAMPLES
You would pay the following expenses on a $1,000 investment, assuming a
hypothetical 5% annual return on assets, assuming the entire policy value is in
the applicable subaccount, and assuming the family income protector rider has
been selected:
The expenses reflect different mortality and expense risk fees depending on
which death benefit you select:
A = Return of Premium Death Benefit (1.10% charge)
B = 5 % Annually Compounding Death Benefit or the Annual Step-Up Death Benefit
(1.25% charge)
<TABLE>
<CAPTION>
If the policy is annuitized at
If the policy is surrendered the end of the applicable time period
at the end of the applicable or if the policy is not surrendered
time period. or annuitized.
------------------------------------------------------------------------------
Subaccounts 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
VIP Money Market A $73 $ 99 $110 $220 $ 19 $ 59 $ 101 $ 220
----------------------------------------------------------------------------------
B $74 $104 $117 $235 $ 21 $ 63 $ 109 $ 235
- -------------------------------------------------------------------------------------------------------
VIP High Income A $77 $112 $130 $261 $ 23 $ 71 $ 122 $ 261
----------------------------------------------------------------------------------
B $78 $116 $138 $276 $ 25 $ 76 $ 129 $ 276
- -------------------------------------------------------------------------------------------------------
VIP Equity-Income A $76 $108 $124 $248 $ 22 $ 67 $ 115 $ 248
----------------------------------------------------------------------------------
B $77 $112 $131 $263 $ 23 $ 72 $ 123 $ 263
- -------------------------------------------------------------------------------------------------------
VIP Growth A $76 $110 $128 $257 $ 23 $ 70 $ 120 $ 257
----------------------------------------------------------------------------------
B $78 $115 $136 $272 $ 24 $ 74 $ 127 $ 272
- -------------------------------------------------------------------------------------------------------
VIP Overseas A $79 $117 $140 $280 $ 25 $ 77 $ 131 $ 280
----------------------------------------------------------------------------------
B $80 $122 $147 $295 $ 26 $ 81 $ 139 $ 295
- -------------------------------------------------------------------------------------------------------
VIP II Investment Grade
Bond A $76 $108 $124 $248 $ 22 $ 67 $ 115 $ 248
----------------------------------------------------------------------------------
B $77 $112 $131 $263 $ 23 $ 72 $ 123 $ 263
- -------------------------------------------------------------------------------------------------------
VIP II Asset Manager A $76 $109 $127 $254 $ 22 $ 69 $ 118 $ 254
----------------------------------------------------------------------------------
B $78 $114 $134 $269 $ 24 $ 73 $ 126 $ 269
- -------------------------------------------------------------------------------------------------------
VIP II Asset Manager:
Growth A $76 $110 $128 $257 $ 23 $ 70 $ 120 $ 257
----------------------------------------------------------------------------------
B $78 $115 $136 $272 $ 24 $ 74 $ 127 $ 272
- -------------------------------------------------------------------------------------------------------
VIP II Contrafund A $77 $112 $131 $263 $ 23 $ 72 $ 123 $ 263
----------------------------------------------------------------------------------
B $79 $117 $139 $278 $25 $ 76 $ 130 $ 278
- -------------------------------------------------------------------------------------------------------
VIP II Index 500 A $73 $ 99 $109 $217 $ 19 $ 58 $ 100 $ 217
----------------------------------------------------------------------------------
B $74 $103 $116 $233 $ 20 $ 63 $ 108 $ 233
- -------------------------------------------------------------------------------------------------------
VIP III Balanced A $76 $108 $124 $249 $ 22 $ 67 $ 116 $ 249
----------------------------------------------------------------------------------
B $77 $112 $132 $264 $ 23 $ 72 $ 123 $ 264
- -------------------------------------------------------------------------------------------------------
VIP III Growth
Opportunities A $77 $112 $130 $261 $ 23 $ 71 $ 122 $ 261
----------------------------------------------------------------------------------
B $78 $116 $138 $276 $ 25 $ 76 $ 129 $ 276
- -------------------------------------------------------------------------------------------------------
VIP III Growth & Income A $76 $108 $125 $251 $ 22 $ 68 $ 117 $ 251
----------------------------------------------------------------------------------
B $77 $113 $133 $266 $ 24 $ 73 $ 124 $ 266
- -------------------------------------------------------------------------------------------------------
VIP III Mid Cap A $80 $121 $145 $291 $ 26 $ 80 $ 137 $ 291
----------------------------------------------------------------------------------
B $81 $125 $153 $306 $ 28 $ 85 $ 144 $ 306
</TABLE>
The above table will assist you in understanding the costs and expenses of the
policy and the underlying funds that you will bear, directly or indirectly.
These include the 1998 expenses of the underlying funds. In addition to the
expenses listed above, premium taxes, currently ranging from 0% to 3.50% of
premium payments may be applicable.
The examples should not be considered a representation of past or future
expenses, and actual expenses may be greater or lesser than those shown. The
assumed 5% annual return is hypothetical and should not be considered a
representation of past or future annual returns, which may be greater or less
than the assumed rate.
In these examples, the $30 service charge is reflected as a charge of 0.0239%
based on an average policy value of $125,351.43.
Financial Information. Condensed financial information for the subaccounts is
in Appendix A to this prospectus.
9
<PAGE>
1.THE ANNUITY POLICY
This prospectus describes the Retirement Income Builder Variable Annuity Policy
offered by PFL Life Insurance Company.
An annuity is a policy between you, the owner, and an insurance company (in
this case PFL), where the insurance company promises to pay you an income in
the form of annuity payments. These payments begin on a designated date,
referred to as the annuity commencement date. Until the annuity commencement
date, your annuity is in the accumulation phase and the earnings are tax
deferred. Tax deferral means you generally are not taxed on your annuity until
you take money out of your annuity. After the annuity commencement date, your
annuity switches to the income phase.
The policy is a flexible premium variable annuity. You can use the policy to
accumulate funds for retirement or other long-term financial planning purposes.
It is a "flexible premium" policy because after you purchase it, you can
generally make additional investments of any amount of $50 or more, until the
annuity commencement date. But you are not required to make any additional
investments.
The policy is a "variable" annuity because the value of your investments can go
up or down based on the performance of your investment choices. If you select
the variable annuity portion of the policy, the amount of money you are able to
accumulate in your policy during the accumulation phase depends upon the
performance of your investment choices. The amount of annuity payments you
receive during the income phase from the variable annuity portion of your
policy also depends upon the investment performance of your investment choices
for the income phase.
The policy also contains a fixed account. The fixed account offers interest at
rates that are guaranteed by PFL not to decrease during each one year period.
There may be different interest rates for each different guaranteed period
selected.
2. ANNUITY PAYMENTS (THE INCOME PHASE)
You choose the annuity commencement date. You can change this date by giving us
30 days written notice before the current annuity commencement date. The new
annuity commencement date must be at least 30 days after we receive the change.
The latest annuity commencement date cannot be after the policy month following
the month in which the annuitant attains age 95.
Election of Annuity Payment Option. Before the annuity commencement date, if
the annuitant is alive, you may choose an annuity payment option or change your
election. If the annuitant dies before the annuity commencement date, the
beneficiary may elect to receive the death benefit in a lump sum or under one
of the annuity payment options.
Unless you specify otherwise, the annuitant will receive the annuity payments.
After the annuitant's death, the beneficiary will receive any remaining
guaranteed payments.
Supplemental Policy. Once you annuitize and select an annuity payment option,
your policy will be supplemented with who will receive the annuity payments and
when the annuity payments will be made.
Annuity Payment Options
The policy provides five annuity payment options that are described below. You
may chose any combination of annuity payment options. We will use your
"adjusted policy value" to provide these annuity payments. The adjusted policy
value is the policy value increased or decreased by any applicable excess
interest adjustment. If the adjusted policy value on the annuity commencement
date is less than $2,000, PFL reserves the right to pay it in one lump sum in
lieu of applying it under an annuity payment option. You can receive payments
monthly, quarterly, semi-annually, or annually.
Unless you choose to receive variable payments under annuity payment options 3
or 5, the amount of each payment will be set on the
10
<PAGE>
annuity commencement date and will not change. You may, however, choose to
receive variable payments under payment options 3 and 5. The dollar amount of
the first variable payment will be determined in accordance with the annuity
payment rates set forth in the applicable table contained in the policy. The
dollar amount of additional variable payments will vary based on the investment
performance of the subaccount(s) that you select. The dollar amount of each
variable payment after the first may increase, decrease or remain constant. If
the actual investment performance exactly matched the assumed investment return
of 5% at all times, the amount of each variable annuity payment would remain
equal. If actual investment performance exceeds the assumed investment return,
the amount of the variable annuity payments would increase. Conversely, if
actual investment performance is lower than the assumed investment return, the
amount of the variable annuity payments would decrease.
A charge for premium taxes and an excess interest adjustment may be made when
annuity payments begin.
The annuity payment options are explained below. Options 1, 2, and 4 are fixed
only. Options 3 and 5 can be fixed or variable.
Payment Option 1--Interest Payments. We will pay the interest on the amount we
use to provide annuity payments in equal payments, or this amount may be left
to accumulate for a period of time you and PFL agree to. You and PFL will agree
on withdrawal rights when you elect this option.
Payment Option 2--Income for a Specified Period. We will make level payments
only for the fixed period you choose. No funds will remain at the end.
Payment Option 3--Life Income. You may choose between:
Fixed Payments
. No Period Certain--We will make level payments only during the annuitant's
lifetime.
. 10 Years Certain--We will make level payments for the longer of the
annuitant's lifetime or ten years.
. Guaranteed Return of Policy Proceeds--We will make level payments for the
longer of the annuitant's lifetime or until the total dollar amount of
payments we made to you equals the amount applied to this option.
Variable Payments
. No Period Certain--Payments will be made only during the lifetime of the
annuitant.
. 10 Years Certain--Payments will be made for the longer of the annuitant's
lifetime or ten years.
Payment Option 4--Income of a Specified Amount. Payments are made for any
specified amount until the amount applied to this option, with interest, is
exhausted. This will be a series of level payments followed by a smaller final
payment.
Payment Option 5--Joint and Survivor Annuity. You may choose between:
Fixed Payments
. Payments are made during the joint lifetime of the payee and a joint payee
of your selection. Payments will be made as long as either person is
living.
Variable Payments
. Payments are made as long as either the payee or the joint payee is
living.
Other annuity payment options may be arranged by agreement with PFL. Certain
annuity payment options may not be available in all states.
NOTE CAREFULLY:
IF:
. you choose Life Income with No Period Certain or a Joint and Survivor
Annuity; and
. the annuitant(s) dies before the due date of the second annuity payment;
THEN:
. we may make only one annuity payment.
IF:
. you choose Income for a Specified Period, Life Income with 10 years Certain,
Life Income with Guaranteed Return of Policy Proceeds, or Income of a
Specified Amount; and
11
<PAGE>
. the person receiving payments dies prior to the end of the guaranteed
period;
THEN:
. the remaining guaranteed payments will be continued to that person's
beneficiary, or their present value may be paid in a single sum.
We will not pay interest on amounts represented by uncashed annuity payment
checks if the postal or other delivery service is unable to deliver checks to
the payee's address of record. The payee is responsible to keep PFL informed of
the payee's current address of record.
3.PURCHASE
Policy Issue Requirements
PFL will issue a policy IF:
. PFL receives all information needed to issue the policy;
. PFL receives a minimum initial premium payment; and
. You (annuitant and any joint owner) are age 80 or younger.
Premium Payments
You should make checks for premium payments payable only to PFL Life Insurance
Company and send them to the Administrative and Service Office. Your check must
be honored in order for PFL to pay any associated payments and benefits due
under the policy.
Initial Premium Requirements
The initial premium payment for most policies must be at least $2,000. There is
no minimum initial premium payment for policies issued under section 403(b) of
the Internal Revenue Code; however, your premium must be received within 90
days of the policy date or your policy will be canceled. We will credit your
initial premium payment to your policy within two business days after the day
we receive it and your complete policy information. If we are unable to credit
your initial premium payment, we will contact you within five business days and
explain why. We will also return your initial premium payment at that time
unless you tell us to keep it and credit it as soon as possible.
The date on which we credit your initial premium payment to your policy is the
policy date. The policy date is used to determine policy years, policy months
and policy anniversaries.
Additional Premium Payments
You are not required to make any additional premium payments. However, you can
make additional premium payments as often as you like during the lifetime of
the annuitant and during the accumulation phase. Additional premium payments
must be at least $50. We will credit additional premium payments to your policy
as of the business day we receive your premium and required information.
Maximum Total Premium Payments
We allow premium payments up to a total of $1,000,000 without prior approval.
Allocation of Premium Payments
When you purchase a policy, we will allocate your premium payment to the
investment choices you select. Your allocation must be in whole percentages and
must total 100%. We will allocate additional premium payments the same way,
unless you request a different allocation.
If you allocate premium payment to the dollar cost averaging fixed account, you
must give us directions regarding the subaccount(s) to which transfers are to
be made.
You may change allocations for future additional premium payments by sending us
written instructions or by telephone, subject to the limitations described
below under "Telephone Transactions." The allocation change will apply to
premium payments received after the date we receive the change request.
Policy Value
You should expect your policy value to change from valuation period to
valuation period. A valuation period begins at the close of trading on the New
York Stock Exchange on each business day and ends at the close of trading on
the next succeeding business day. A business day
12
<PAGE>
is each day that the New York Stock Exchange is open. The New York Stock
Exchange generally closes at 4:00 p.m. eastern time. Holidays are generally not
business days.
4.INVESTMENT CHOICES
The Separate Account
The Retirement Income Builder Variable Annuity separate account currently
consists of fourteen subaccounts.
The Underlying Funds. The subaccounts invest in shares of the underlying funds.
Fidelity Management & Research Company provides investment advice and
administrative services for all of the underlying funds offered through this
policy. The following subaccounts are currently offered:
VARIABLE INSURANCE PRODUCTS FUND (VIP):
VIP Money Market
VIP High Income
VIP Equity-Income
VIP Growth
VIP Overseas
VARIABLE INSURANCE PRODUCTS FUND II (VIP II):
VIP II Investment Grade Bond
VIP II Asset Manager
VIP II Asset Manager: Growth
VIP II Index 500
VIP II Contrafund
VARIABLE INSURANCE PRODUCTS FUND III (VIP III):
VIP III Balanced
VIP III Growth & Income
VIP III Growth Opportunities
VIP III Mid Cap
The general public may not purchase these underlying funds. The investment
objectives and policies may be similar to other portfolios and mutual funds
managed by the same investment adviser or manager that are sold directly to the
public. You should not expect that the investment results of the other
portfolios and mutual funds will be comparable to those of the underlying
funds.
More detailed information, including an explanation of the portfolios'
investment objectives, may be found in the underlying funds' current
prospectuses, which are attached to this prospectus. You should read the
prospectuses for each of the underlying funds carefully before you invest.
We may receive expense reimbursements or other revenues from the underlying
funds or their investment advisors. The amount of these reimbursements or
revenues, if any, may be based on the amount of assets that PFL or the separate
account invests in the underlying funds.
The Fixed Account
Premium payments allocated and amounts transferred to the fixed account become
part of the general account of PFL. Interests in the general account have not
been registered under the Securities Act of 1933 (the "1933 Act"), nor is the
general account registered as an investment company under the Investment
Company Act of 1940 (the "1940 Act"). Accordingly, neither the general account
nor any interests therein are generally subject to the provisions of the 1933
or 1940 Acts. PFL has been advised that the staff of the SEC has not reviewed
the disclosures in this prospectus which relate to the fixed account.
We guarantee that the interest credited to the fixed account will not be less
than 3% per year. At the end of a guaranteed period, the value in that
guaranteed period option will automatically be transferred into a new
guaranteed period option of the same length (or the next shorter period if the
same period is no longer offered) at the current interest rate for that period.
You can transfer to another investment choice by giving us notice within 30
days before the end of the expiring guaranteed period.
Surrenders or partial withdrawals from a guaranteed period option of the fixed
account are subject to an excess interest adjustment. This adjustment may
increase or decrease the amount of interest credited to your policy. The excess
interest adjustment will not decrease the interest credited to your policy
below 3% per year,
13
<PAGE>
however. You bear the risk that we will not credit interest greater than 3% per
year. We determine credited rates, which are guaranteed for at least one year,
in our sole discretion.
If you select the fixed account, your money will be placed with the other
general assets of PFL. The amount of money you are able to accumulate in the
fixed account during the accumulation phase depends upon the total interest
credited. The amount of annuity payments you receive during the income phase
from the fixed portion of your policy will remain level for the entire income
phase.
Transfers
During the accumulation phase, you may make transfers from any subaccount as
often as you wish. However, transfers from a guaranteed period option of the
fixed account are allowed only under the following circumstances:
. At the end of a guaranteed period, you must notify us within 30 days prior
to the end of the guaranteed period that you wish to transfer the amount in
the guaranteed period option to another investment choice.
. Transfers of amounts equal to interest credited on a monthly, quarterly,
semi-annual or annual basis. This may affect your overall interest-crediting
rate, because transfers are deemed to come from the oldest premium payment
first.
There are no transfers permitted out of the dollar cost averaging fixed account
option except through the dollar cost averaging program.
Each transfer must be at least $500 (or the entire subaccount value), except
for transfers out of a guaranteed period option of the fixed account of amounts
equal to interest credited for which there is a minimum transfer amount of $50.
If the subaccount value remaining after the transfer is less than $500, we
reserve the right to include that amount as part of the transfer.
During the income phase of your policy, you may transfer values out of any
subaccount up to four times per policy year. However, you cannot transfer
values out of the fixed account in this phase. The minimum amount that can be
transferred during this phase is the lesser of $10 of monthly income, or the
entire monthly income of the annuity units in the subaccount from which the
transfer is being made.
Transfers may be made by telephone, subject to the limitations described below
under "Telephone Transactions."
Currently, there is no charge for transfers. However, the number of transfers
permitted may be limited in the future and charges per transfer may apply in
the future.
Family Income Protector
The family income protector assures you of a minimum level of income in the
future by guaranteeing a minimum annuitization value (discussed below) after 10
years. You may elect to purchase this benefit, which guarantees the total
amount you will have to apply to a family income protector payment option and
which guarantees the amounts of those payments once you begin to receive them.
By electing this benefit, you can participate in the gains of the underlying
variable investment options you select while knowing that you are guaranteed a
minimum level of income in the future, regardless of the performance of the
underlying variable investment options.
Minimum Annuitization Value. The minimum annuitization value is:
. the policy value on the date the rider is issued,
. plus any additional premium payments,
. minus an adjustment for any withdrawals made after the date the rider is
issued,
. accumulated at the annual growth rate written on page one of the rider,
. minus any premium taxes.
The annual growth rate is currently 6% per year; PFL may, at its discretion,
change the rate in the future, but the rate will never be less than 3% per
year, and once the rider is added to your policy, the annual growth rate will
not vary during the life of that rider. Withdrawals may reduce the minimum
annuitization value on a basis greater than dollar-for-dollar. See the
Statement of Additional Information for more information.
14
<PAGE>
The minimum annuitization value may only be used to annuitize using the family
income protector payment options and may not be used with any of the annuity
payment options listed in section 2. The family income protector payment
options are:
. Life Income--An election may be made for "No Period Certain" or "10 Years
Certain". In the event of the death of the annuitant prior to the end of the
chosen period certain, the remaining period certain payments will be
continued to the beneficiary.
. Joint and Full Survivor--An election may be made for "No Period Certain" or
"10 Years Certain". Payments will be made as long as either the annuitant or
joint annuitant is living. In the event of the death of both the annuitant
and joint annuitant prior to the end of the chosen period certain, the
remaining period certain payments will be continued to the beneficiary.
The minimum annuitization value is used to calculate the family income
protector payment and does not establish or guarantee a policy value or
guarantee performance of any investment option.
Other benefits and fees under the rider (the rider fee, the fee waiver
threshold, the stabilized payment fee, and the waiting period before the family
income protector can be exercised, as well as the annual growth rate) are also
guaranteed not to change after the rider is added. However, all of these
benefit specifications may change if you elect to upgrade the minimum
annuitization value.
Minimum Annuitization Value Upgrade. You can upgrade your minimum annuitization
value to the policy value within 30 days after any policy anniversary before
your 85th birthday (earlier if required by state law). For your convenience, we
will put the last date to upgrade on page one of the rider.
If you upgrade, the current rider will terminate and a new one will be issued
with its own specified guaranteed benefits and fees. Please note that the
benefits and fees under the new rider may differ from your benefits and fees
prior to upgrading.
Conditions of Exercise of the Guaranteed Minimum Income Option. You can only
annuitize using the family income protector within the 30 days after the tenth
or later policy anniversary after the family income protector is elected or, in
the case of an upgrade of the minimum annuitization value, the tenth or later
policy anniversary following the upgrade; PFL may, at its discretion, change
the waiting period before the family income protector can be exercised in the
future. You cannot, however, annuitize using the family income protector after
the policy anniversary after your 94th birthday (earlier if required by state
law). For your convenience, we will put the first and last date to annuitize
using the family income protector on page one of the rider.
Note Carefully--If you annuitize at any time other than indicated above, you
cannot use the family income protector.
Guaranteed Minimum Stabilized Payments. Annuity payments under the family
income protector are guaranteed to never be less than the initial annuity
payment. See the Statement of Additional Information for information concerning
the calculation of the initial payment. The payments will also be "stabilized"
or held constant during each policy year.
Under the family income protector, each annuity payment will be the greater of
the stabilized payment or the payment calculated without regard to the
stabilized payments. During the first policy year after annuitizing using the
family income protector, each stabilized payment will equal the initial
payment. On each policy anniversary thereafter, the stabilized payment will
increase or decrease depending on the performance of the investment options you
selected, and then be held constant at that amount for that policy year. The
stabilized payment on each policy anniversary will equal the greater of the
initial payment or the payment supportable by the annuity units in the selected
investment options. See the Statement of Additional Information for additional
information concerning stabilized payments.
Family Income Protector Rider Fee. A rider fee, currently 0.30% of the minimum
annuitization
15
<PAGE>
value on the prior policy anniversary, is charged annually prior to
annuitization. PFL may change the rider fee percentage in the future, but it
will never be greater than 0.50%. The rider fee is deducted from each variable
investment option in proportion to the amount of policy value in each
subaccount.
The rider fee on any given policy anniversary will be waived if the policy
value exceeds the fee waiver threshold. The fee waiver threshold currently is
two times the minimum annuitization value; PFL may, at its discretion, change
the fee waiver threshold in the future, but it will never be greater than two
and one-half times the minimum annuitization value.
Stabilized Payment Fee. A stabilized payment fee, currently equal to an
effective annual rate of 1.25% of the daily net asset value in the variable
investment options, is reflected in the amount of the variable payments you
receive if you annuitize under the family income protector rider. PFL may
change the stabilized payment fee in the future, but it will never be greater
than 2.25%. The stabilized payment fee is included on page one of the rider.
Termination. The family income protector is irrevocable. You have the option
not to use the benefit but you will not receive a refund any fees you have
paid. The family income protector will terminate upon the earliest of the
following:
. annuitization (you will still get guaranteed minimum stabilized payments if
you annuitize using the minimum annuitization value under the family income
protector),
. upgrade of the minimum annuitization value (although a new rider will be
issued),
. termination of your policy, or
. 30 days after the policy anniversary after your 94th birthday (earlier if
required by state law).
The family income protector does not establish or guarantee policy value or
guarantee performance of any investment option. Because this benefit is based
on conservative actuarial factors, the level of lifetime income that it
guarantees may be less than the level that would be provided by application of
the policy value at otherwise applicable annuity factors. Therefore, the family
income protector should be regarded as a safety net. The family income
protector may not be available in all states.
Dollar Cost Averaging Program
During the accumulation phase, you may instruct us to automatically transfer
money from the dollar cost averaging fixed account option into one or more
variable subaccounts. You may specify the dollar amount to be transferred
either monthly or quarterly; however each transfer must be at least $500. A
minimum of 6 monthly or 4 quarterly transfers are required and a maximum of 24
months or 8 quarterly transfers are allowed. Transfers must begin within 30
days. We will make the transfers on the 28th day of the applicable month. There
is no charge for this program.
Dollar cost averaging buys more accumulation units when prices are low and
fewer accumulation units when prices are high. It does not guarantee profits or
assure that you will not experience a loss.
We may credit different interest rates for dollar cost averaging programs of
varying time periods. If you discontinue the dollar cost averaging program
before its completion, then the interest credited on amounts in the dollar cost
averaging fixed account may be adjusted downward, but not below the minimum
guaranteed effective annual interest rate of 3%.
Asset Rebalancing
During the accumulation phase you can instruct us to automatically rebalance
the amounts in your subaccounts to maintain your desired asset allocation. This
feature is called asset rebalancing and can be started and stopped at any time
free of charge. However, we will not rebalance if you are in the dollar cost
averaging program or if any other transfer is requested. Asset rebalancing
ignores amounts in the fixed account. You can choose to rebalance monthly,
quarterly, semi-annually, or annually.
16
<PAGE>
Telephone Transactions
You may make transfers and change the allocation of additional premium payments
by telephone IF:
. you select the "Telephone Transfer/Reallocation Authorization" box in the
policy application or enrollment information; or
. you later make this request in writing.
You will be required to provide certain information for identification purposes
when requesting a transaction by telephone. We may also require written
confirmation of your request. We will not be liable for following telephone
requests that we believe are genuine.
Telephone requests must be received before 3:00 p.m. central time to assure
same-day pricing of the transaction. We may discontinue this option at any
time.
5.EXPENSES
There are charges and expenses associated with your policy that reduce the
return on your investment in the policy.
Surrender Charges
During the accumulation phase, you can withdraw part or all of the cash value.
Cash value is the policy value increased or decreased by any excess interest
adjustment and decreased by an applicable surrender charge. We may apply a
surrender charge to compensate us for expenses relating to policy sales,
including commissions to registered representatives and other promotional
expenses.
You can withdraw up to 10% of your policy value each year free of surrender
charges. This free amount is cumulative and is referred to as the cumulative
free percentage and is determined at the time of the withdrawal. If you
withdraw money in excess of the cumulative free percentage, you might have to
pay a surrender charge, which is a contingent deferred sales charge, on the
excess amount. The following schedule shows the surrender charges that apply
during the five years following each premium payment:
<TABLE>
<CAPTION>
Surrender Charge
Number of Years Since (as a percentage of
Premium Payment Date premium withdrawn)
- ------------------------------------------------------------------------------
<S> <C>
0-1 6%
- ------------------------------------------------------------------------------
1-2 6%
- ------------------------------------------------------------------------------
2-3 6%
- ------------------------------------------------------------------------------
3-4 4%
- ------------------------------------------------------------------------------
4-5 2%
- ------------------------------------------------------------------------------
5 or more 0%
</TABLE>
For example, assume your policy value is $100,000 at the beginning of policy
year 2 and you withdraw $30,000. Since that amount is more than your cumulative
free percentage of 20% that is available at that time, you would pay a
surrender charge of $600 on the remaining $10,000 (6% of $30,000--$20,000).
You receive the full amount of a requested partial withdrawal because we deduct
any applicable excess interest adjustment and surrender charge from your
remaining policy value. You receive your cash value upon full surrender.
For surrender charge purposes, the oldest premium is considered to be withdrawn
first. After the tenth policy year, no surrender charges apply, regardless of
when you made your last premium payment.
Keep in mind that withdrawals may be taxable, and if made before age 59 1/2,
may be subject to a 10% federal penalty tax. For tax purposes, withdrawals are
considered to come from earnings first.
Surrender charges are waived if you withdraw money under the nursing care and
terminal condition withdrawal option or unemployment waiver.
Mortality and Expense Risk Fee
We charge a fee as compensation for bearing certain mortality and expense risks
under the policy. Examples include a guarantee of annuity rates, the death
benefits, certain expenses of the policy, and assuming the risk that the
current charges will be insufficient in the future to cover costs of
administering the policy. For the Return
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of Premium Death Benefit the mortality and expense risk fee is at an annual
rate of 1.10% of assets. For the 5% Annually Compounding Death Benefit and the
Annual Step-Up Death Benefit, the mortality and expense risk fee is at an
annual rate of 1.25% of assets. This annual fee is assessed daily based on the
net asset value of each subaccount.
If this charge does not cover our actual costs, we absorb the loss. Conversely,
if the charge more than covers actual costs, the excess is added to our
surplus. We expect to profit from this charge. We may use our surplus for any
proper purpose, including distribution expenses.
Administrative Charges
We deduct an annual administrative charge to cover the costs of administering
the policies. This charge is equal to 0.15% per year of the daily net asset
value of the separate account.
In addition, an annual service charge of $30 (but not more than 2% of the
policy value) is charged on each policy anniversary and at surrender. The
service charge is waived if your policy value or the sum of your premiums, less
all partial withdrawals, is at least $50,000.
Premium Taxes
Some states assess premium taxes on the premium payments you make. We currently
do not deduct for these taxes at the time you make a premium payment. However,
we will deduct the total amount of premium taxes, if any, from the policy value
when:
. you elect to begin receiving annuity payments;
. you surrender the policy; or
. you die and a death benefit is paid (you must also be the annuitant for the
death benefit to be paid).
Generally, premium taxes range from 0% to 3.50%, depending on the state.
Federal, State and Local Taxes
We may in the future deduct charges from the policy for any taxes we incur
because of the policy. However, no deductions are being made at the present
time.
Transfer Fee
You are allowed to make 12 free transfers per year before the annuity
commencement date. If you make more than 12 transfers per year, we reserve the
right to charge $10 for each transfer. Premium payments, asset rebalancing and
dollar cost averaging transfers are not considered transfers. All transfer
requests made at the same time are treated as a single request.
Family Income Protector
If you elect the family income protector, there is an annual rider fee during
the accumulation phase of 0.30% of the minimum annuitization value, and a
stabilized payment fee of 1.25% of the daily net asset value if you annuitize
under the rider. The annual rider fee is also deducted upon a complete
withdrawal.
Portfolio Management Fees
The value of the assets in each subaccount will reflect the fees and expenses
paid by the underlying fund. A description of these expenses is found in the
"Fee Table" section of this prospectus and in the underlying fund's prospectus.
6.TAXES
NOTE: PFL has prepared the following information on federal income taxes as a
general discussion of the subject. It is not intended as tax advice to any
individual. You should consult your own tax adviser about your own
circumstances. PFL has included an additional discussion regarding taxes in the
Statement of Additional Information.
Annuity Policies in General
Deferred annuity policies are a way of setting aside money for future needs
like retirement. Congress recognized how important saving for retirement is and
provided special rules in the Internal Revenue Code for annuities.
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Simply stated, these rules provide that generally you will not be taxed on the
earnings, if any, on the money held in your annuity policy until you take the
money out. This is referred to as tax deferral. There are different rules as to
how you will be taxed depending on how you take the money out and the type of
policy - qualified or nonqualified (discussed below).
You will not be taxed on increases in the value of your policy until a
distribution occurs - either as a withdrawal or as annuity payments.
When a non-natural person (e.g., corporation or certain other entities other
than tax-qualified trusts) owns a nonqualified policy, the policy will
generally not be treated as an annuity for tax purposes.
Qualified and Nonqualified Policies
If you purchase the policy under an individual retirement annuity, a pension
plan, or specially sponsored program, your policy is referred to as a qualified
policy.
Qualified policies are issued in connection with the following plans:
. Individual Retirement Annuity (IRA): A traditional IRA allows individuals to
make contributions, which may be deductible, to the Contract. A Roth IRA
also allows individuals to make contributions to the Contract, but it does
not allow a deduction for contributions, and distributions may be tax-free
if the owner meets certain rules.
. Tax-Sheltered Annuity (403(b) Plan): A 403(b) Plan may be made available to
employees of certain public school systems and tax-exempt organizations and
permits contributions to the Contract on a pre-tax basis.
. Corporate Pension and Profit-Sharing and H.R. 10 Plan: Employers and self-
employed individuals can establish pension or profit-sharing plans for their
employees or themselves and make contributions to the Contract on a pre-tax
basis.
. Deferred Compensation Plan (457 Plan): Certain governmental and tax-exempt
organizations can establish a plan to defer compensation on behalf of their
employees through contributions to the Contract.
If you purchase the policy as an individual and not under an individual
retirement annuity, 403(b) plan, 457 plan, or pension or profit sharing plan,
your policy is referred to as a nonqualified policy.
Withdrawals - Nonqualified Policies
If you make a withdrawal from your policy before the annuity commencement date,
the Internal Revenue Code treats that withdrawal as first coming from earnings
and then from your premium payments. When you make a withdrawal you are taxed
on the amount of the withdrawal that is earnings. (The excess interest
adjustment resulting from the withdrawal may affect the amount on which you are
taxed.) Different rules apply for annuity payments. See "Annuity Payments"
below.
The Internal Revenue Code also provides that withdrawn earnings may be subject
to a penalty. The amount of the penalty is equal to 10% of the amount that is
includable in income. Some withdrawals will be exempt from the penalty. They
include any amounts:
. paid on or after the taxpayer reaches age 59 1/2;
. paid after the taxpayer dies;
. paid if the taxpayer becomes totally disabled (as that term is defined in
the Internal Revenue Code);
. paid in a series of substantially equal payments made annually (or more
frequently) under a lifetime annuity;
. paid under an immediate annuity; or
. which come from premium payments made prior to August 14, 1982.
All deferred non-qualified annuity policies that are issued by AUSA Life (or
its affiliates) to the same owner during any calendar year are treated as one
annuity for purposes of determining the amount includable in the owner's income
when a taxable distributions occurs.
Withdrawals - Qualified Policies
The above information describing the taxation of nonqualified policies does not
apply to qualified policies. There are special rules that govern with
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respect to qualified policies. Generally, these rules restrict:
. the amount that can be contributed to the policy during any year; and
. the time when amounts can be paid from the policies.
In addition, a penalty tax may be assessed on amounts withdrawn from the policy
prior to the date you reach age 59 1/2, unless you meet one of the exceptions
to this rule. You may also be required to begin taking minimum distributions
from the policy by a certain rule. The terms of the plan may limit the rights
otherwise available to you under the policies.
We have provided more information in the Statement of Additional Information.
You should consult your legal counsel or tax adviser if you are considering
purchasing a policy for use with any retirement plan.
Withdrawals - 403(b) Policies
The Internal Revenue Code limits the withdrawal of premium payments from
certain 403(b) policies. Withdrawals can generally only be made when an owner:
. reaches age 59 1/2;
. leaves his/her job;
. dies;
. becomes disabled (as that term is defined in the Internal Revenue Code); or
. in the case of hardship. However, in the case of hardship, the owner can
only withdraw the premium payments and not any earnings.
Diversification and Distribution Requirements
The Internal Revenue Code provides that the underlying investments for a
variable annuity must satisfy certain diversification requirements in order to
be treated as an annuity policy. The policy must also meet certain distribution
requirements at the death of an owner in order to be treated as an annuity
policy. These diversification and distribution requirements are discussed in
the Statement of Additional Information. PFL may modify the policy to attempt
to maintain favorable tax treatment.
Taxation of Death Benefit Proceeds
Amounts may be distributed from the policy because of the death of an owner or
the annuitant. Generally, such amounts are includable in the income of the
recipient:
. if distributed in a lump sum, these amounts are taxed in the same manner as
a full surrender; or
. if distributed under an annuity payment option, these amounts are taxed in
the same manner as annuity payments.
For these purposes, the "investment in the contract" is not affected by the
owner's or annuitant's death. That is, the "investment in the contract" remains
generally the total premium payments, less amounts received, which were not
includable in gross income.
Annuity Payments
Although the tax consequences may vary depending on the annuity payment option
you select, in general, for nonqualified and certain qualified policies, only a
portion of the annuity payments you receive will be includable in your gross
income.
In general, the excludable portion of each annuity payment you receive will be
determined as follows:
. Fixed payments - by dividing the "investment in the contract" on the annuity
commencement date by the total expected value of the annuity payments for
the term of the payments. This is the percentage of each annuity payment
that is excludable.
. Variable payments - by dividing the "investment in the contract" on the
annuity commencement date by the total number of expected periodic payments.
This is the amount of each annuity payment that is excludable.
The remainder of each annuity payment is includable in gross income. Once the
"investment in the contract" has been fully recovered, the full amount of any
additional annuity payments is includable in gross income.
If you select more than one annuity payment option, special rules govern the
allocation of the
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policy's entire "investment in the contract" to each such option, for purposes
of determining the excludable amount of each payment received under that
option. We advise you to consult a competent tax adviser as to the potential
tax effects of allocating amounts to any particular annuity payment option.
If, after the annuity commencement date, annuity payments stop because an
annuitant died, the excess (if any) of the "investment in the contract" as of
the annuity commencement date over the aggregate amount of annuity payments
received that was excluded from gross income is generally allowable as a
deduction for your last taxable year.
Transfers, Assignments or Exchanges of Policies
A transfer of ownership or assignment of a policy, the designation of an
annuitant or other beneficiary who is not also the owner, the selection of
certain annuity commencement dates, or a change of annuitant, may result in
certain income or gift tax consequences to the owner that are beyond the scope
of this discussion. An owner contemplating any such transfer, assignment,
selection, or change should contact a competent tax adviser in respect to the
potential tax effects of such a transaction.
Possible Tax Law Changes
Although the likelihood of legislative changes in uncertain, there is always
the possibility that the tax treatment of the policy could change by
legislation or otherwise. You should consult a tax adviser with respect to
legislative developments and their effect on the policy.
7.ACCESS TO YOUR MONEY
Surrenders
You can have access to the money in your policy in several ways:
. by making a withdrawal (either a complete or partial withdrawal); or
. by taking annuity payments.
If you want to make a complete withdrawal, you will receive the value of your
policy including an excess interest adjustment, minus:
. surrender charges;
. premium taxes; and
. service charges.
If you want to take a partial withdrawal, in most cases it must be for at least
$500. Unless you tell us otherwise, we will take the withdrawal from each of
the investment choices in proportion to the policy value.
Remember that any withdrawal you take will reduce the policy value, and might
reduce the amount of the death benefit. See Section 9, Death Benefit, for more
details.
Income taxes, federal tax penalties and certain restrictions may apply to any
withdrawals you make.
Delay of Payment and Transfers
Payment of any amount due from the separate account for a surrender, a death
benefit, or the death of the owner of a nonqualified policy, will generally
occur within seven business days from the date all required information is
received by PFL. PFL may be permitted to defer such payment from the separate
account if:
. the New York Stock Exchange is closed other than for usual weekends or
holidays or trading on the Exchange is otherwise restricted; or
. an emergency exists as defined by the SEC or the SEC requires that trading
be restricted; or
. the SEC permits a delay for the protection of owners.
In addition, transfers of amounts from the subaccounts may be deferred under
these circumstances.
Pursuant to the requirements of certain state laws, we reserve the right to
defer payment of the cash value from the fixed account for up to six months.
Excess Interest Adjustment
Money that you withdraw from a guaranteed period option of the fixed account
before the
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end of its guaranteed period (the number of years you specified the money would
remain in a guaranteed period option of the fixed account) may be subject to an
excess interest adjustment. At the time you request a withdrawal, if interest
rates set by PFL have risen since the date of the initial guarantee, the excess
interest adjustment will result in a lower cash value on surrender. However, if
interest rates have fallen since the date of the initial guarantee, the excess
interest adjustment will result in a higher cash value on surrender.
There will be no excess interest adjustment on any of the following:
. lump sum withdrawals of the cumulative free percentage available;
. nursing care and terminal condition withdrawals;
. unemployment withdrawals;
. periodic withdrawals of cumulative interest credited;
. withdrawals to satisfy any minimum distribution requirements; and
. systematic payout option payments, which do not exceed the cumulative
interest credited.
Certain conditions must be satisfied. See the Statement of Additional
Information for more details.
Systematic Payout Option
You can receive regular payments from your policy by using the systematic
payout option. Under this option, you can receive up to 10% (annually) of your
policy's value free of surrender charges. Payments can be made monthly,
quarterly, semi-annually, or annually.
Nursing Care and Terminal Condition Withdrawal Option
No surrender charges or excess interest adjustment will apply if you or your
spouse has been:
. confined in a hospital or nursing facility for 30 days in a row; or
. diagnosed with a terminal condition (usually a life expectancy of 12 months
or less).
This benefit is also available to the annuitant or annuitant's spouse if the
owner is not a natural person.
This benefit may not be available in all states. See the policy or endorsement
for details and conditions.
Unemployment Waiver
No surrender charges or excess interest adjustment will apply to withdrawals if
you or your spouse is unemployed. In order to qualify, you must have been:
. employed full time for at least two years prior to becoming unemployed; and
. employed full time on the policy date; and
. unemployed for at least 60 days in a row at the time of withdrawal; and
. must have a minimum cash value at the time of withdrawal of $5,000.
This benefit is also available to the annuitant or annuitant's spouse if the
owner is not a natural person.
You must provide written proof from your State's Department of Labor, which
verifies that you qualify for and are receiving unemployment benefits at the
time of withdrawal. This benefit may not be available in all states.
8.PERFORMANCE
PFL periodically advertises performance of the various investment portfolios.
We may disclose at least four different kinds of performance. First, we may
calculate performance by determining the percentage change in the value of an
accumulation unit by dividing the increase (decrease) for that unit by the
value of the accumulation unit at the beginning of the period. This performance
number reflects the deduction of the mortality and expense risk fees and
administrative charges. It does not reflect the deduction of any applicable
premium taxes or surrender charges. The deduction of any applicable premium
taxes or surrender charges would reduce the percentage increase or make greater
any percentage decrease.
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Second, any advertisement will also include total return figures, which reflect
the deduction of the mortality and expense risk fees, administrative charges
and surrender charges.
Third, for periods starting prior to the date the policies were first offered,
the performance will be based on the historical performance of the
corresponding investment portfolios for the periods commencing from the date on
which the particular investment portfolio was made available through the
separate account.
Fourth, in addition, for certain investment portfolios, performance may be
shown for the period commencing from the inception date of the investment
portfolio. These figures should not be interpreted to reflect actual historical
performance of the separate account.
We also may, from time to time, include in our advertising and sales materials,
tax deferred compounding charts and other hypothetical illustrations, which may
include, comparisons of currently taxable and tax deferred investment programs,
based on selected tax brackets.
Appendix B contains performance information that you may find useful. It is
divided into various parts, depending upon the type of performance information
shown. Future performance will vary and future results will not be the same as
the results shown.
9.DEATH BENEFIT
We will pay a death benefit to your beneficiary, under certain circumstances,
if the annuitant dies during the accumulation phase and the annuitant was also
an owner. (If the annuitant was not an owner, a death benefit may or may not be
paid. See below.) The beneficiary may receive an amount payable under one of
the annuity payment options, or may receive a lump sum.
When We Pay A Death Benefit
Before the Annuity Commencement Date
- ------------------------------------
We will pay a death benefit to your beneficiary IF:
. you are both the annuitant and the owner of the policy; and
. you die before the annuity commencement date.
If the only beneficiary is your surviving spouse, then he or she may elect to
continue the policy as the new annuitant and owner, instead of receiving the
death benefit. We will also pay a death benefit to your beneficiary IF:
. you are not the annuitant; and
. the annuitant dies before the annuity commencement date; and
. you specifically requested that the death benefit be paid upon the
annuitant's death.
Distribution requirements apply to the policy value upon the death of any
owner. These requirements are detailed in the Statement of Additional
Information.
After the Annuity Commencement Date
- -----------------------------------
The death benefit payable, if any, on or after the annuity commencement date
depends on the annuity payment option selected.
IF:
. you are not the annuitant; and
. you die on or after the annuity commencement date; and
. the entire interest in the policy has not been paid to you;
THEN:
. the remaining portion of such interest in the policy will be distributed at
least as rapidly as under the method of distribution being used as of the
date of your death.
When We Do Not Pay A Death Benefit
No death benefit is paid in the following cases:
IF:
. you are not the annuitant; and
. the annuitant dies prior to the annuity commencement date; and
. you did not specifically request that the death benefit be paid upon the
annuitant's death;
THEN:
. you will become the new annuitant and the policy will continue.
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IF:
. you are not the annuitant; and
. you die prior to the annuity commencement date;
THEN:
. the new owner must surrender the policy for the policy value increased or
decreased by an excess interest adjustment within five years of your death.
Note carefully. If the owner does not name a contingent owner, the owner's
estate will become the new owner. If no probate estate is opened (because, for
example, the owner has precluded the opening of a probate estate by means of a
trust or other instrument), and PFL has not received written notice of the
trust as a successor owner signed prior to the owner's death, then that trust
may not exercise ownership rights to the policy. It may be necessary to open a
probate estate in order to exercise ownership rights to the policy if no
contingent owner is named in a written notice received by PFL.
Amount of Death Benefit
Death benefit provisions may differ from state to state. The death benefit may
be paid as a lump sum or as annuity payments. The amount of the death benefit
depends on the guaranteed minimum death benefit option you chose when you
bought the policy. The death benefit will be the greatest of:
. policy value on the date we receive the required information; or
. cash value on the date we receive the required information; or
. guaranteed minimum death benefit (discussed below), plus premium payments,
less partial withdrawals from the date of death to the date the death
benefit is paid.
Guaranteed Minimum Death Benefit
On the policy application, you may choose one of the three guaranteed minimum
death benefit options listed below.
The Return of Premium Death Benefit will be in effect if you do not choose one
of the other options on the policy application. After the policy is issued, you
cannot make an election and the death benefit cannot be changed.
Return of Premium Death Benefit
Total premium payments, less any adjusted partial withdrawals (discussed below)
as of the date of death.
5% Annually Compounding Death Benefit
Total premium payments, less any adjusted partial withdrawals, plus interest at
an effective annual rate of 5% from the premium payment date or withdrawal date
to the date of death (but not later than your 81st birthday). There is an extra
charge for this death benefit.
Annual Step-Up Death Benefit
On each policy anniversary before your 81st birthday, a new "stepped-up" death
benefit is determined and becomes the guaranteed minimum death benefit for that
policy year. The death benefit is equal to:
. the largest policy value on the policy date or on any policy anniversary
before you reach age 81; plus
. any premium payments you have made since then; minus
. any adjusted partial withdrawals we have paid to you since then.
There is an extra charge for this death benefit.
IF, under all three death benefit options:
. the surviving spouse elects to continue the policy instead of receiving the
death benefit; and
. the guaranteed minimum death benefit is greater than the policy value;
THEN:
. we will increase the policy value to be equal to the guaranteed minimum
death benefit. This increase is made only at the time the surviving spouse
elects to continue the policy.
Adjusted Partial Withdrawal
When you request a partial withdrawal, your guaranteed minimum death benefit
will be reduced by an amount called the adjusted partial withdrawal. Under
certain circumstances, the
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adjusted partial withdrawal may be more than the amount of your withdrawal
request. It is also possible that if a death benefit is paid after you have
made a partial withdrawal, then the total amount paid could be less than the
total premium payments. We have included a detailed explanation of this
adjustment in the Statement of Additional Information.
10. OTHER INFORMATION
Ownership
You, as owner of the policy, exercise all rights under the policy. You can
change the owner at any time by notifying us in writing. An ownership change
may be a taxable event.
Assignment
You can also assign the policy any time during your lifetime. PFL will not be
bound by the assignment until we receive written notice of the assignment. We
will not be liable for any payment or other action we take in accordance with
the policy before we receive notice of the assignment. An assignment may be a
taxable event. There may be limitations on your ability to assign a qualified
policy.
PFL Life Insurance Company
PFL Life Insurance Company was incorporated under the laws of the State of Iowa
on April 19, 1961 as NN Investors Life Insurance Company, Inc. It is engaged in
the sale of life and health insurance and annuity policies. PFL is a wholly-
owned indirect subsidiary of AEGON USA, Inc. which conducts most of its
operations through subsidiary companies engaged in the insurance business or in
providing non-insurance financial services. All of the stock of AEGON USA,
Inc., is indirectly owned by AEGON N.V. of The Netherlands, the securities of
which are publicly traded. AEGON N.V., a holding company, conducts its business
through subsidiary companies engaged primarily in the insurance business. PFL
is licensed in the District of Columbia, Guam, and in all states except New
York.
All obligations arising under the policies, including the promise to make
annuity payments, are general corporate obligations of PFL.
The Separate Account
PFL established a separate account, called the PFL Retirement Builder Variable
Annuity Account, under the laws of the State of Iowa on March 29, 1996. The
Retirement Income Builder Variable Annuity divisions of the separate account
receive and currently invest the premium payments that are allocated to the
separate account for investment in shares of the underlying mutual fund
portfolios.
The separate account is registered with the SEC as a unit investment trust
under the Investment Company Act of 1940. However, the SEC does not supervise
the management, the investment practices, or the policies of the separate
account or PFL.
The assets of the separate account are held in PFL's name on behalf of the
separate account and belong to PFL. However, those assets that underlie the
policies are not chargeable with liabilities arising out of any other business
PFL may conduct. The separate account includes other subaccounts that are not
available under these policies. Income, gains, and losses, whether or not
realized, from assets allocated to the separate account are, in accordance with
the policies, credited or charged against the separate account without regard
to PFL's other income, gains or losses.
Information about the separate account can be reviewed and copied at the SEC's
Public Reference Room in Washington, D.C. You may obtain information about the
operation of the public reference room by calling the Commission at 1-800-SEC-
0330. In addition, the SEC maintains a web site (http://www.sec.gov) that
contains other information regarding the separate account.
Mixed and Shared Funding
Before making a decision concerning the allocation of premium payments to a
particular subaccount, please read the underlying funds'
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prospectuses. The underlying funds are not limited to selling their shares to
this separate account and are permitted to accept investments from any separate
account of an insurance company. Since the portfolios of the underlying funds
are available to registered separate accounts offering variable annuity
products of PFL, as well as variable annuity and variable life products of
other insurance companies, and qualified retirement plans, there is a
possibility that a material conflict may arise between the interests of this
separate account and one or more of the separate accounts of another
participating insurance company. In the event of a material conflict, the
affected insurance companies, including PFL, agree to take any necessary steps
to resolve the matter. This includes removing their separate accounts from the
underlying funds. See the underlying funds' prospectuses for more details.
Reinstatements
You may surrender your policy and transfer your money directly to another life
insurance company (sometimes referred to as a 1035 Exchange or a trustee-to-
trustee transfer). You may also request us to reinstate your policy after such
a transfer by returning the same total dollar amount of funds to the applicable
investment choices. The dollar amount will be used to purchase new accumulation
units at the then current price. Because of changes in market value, your new
accumulation units may be worth more or less than the units you previously
owned. We recommend that you consult a tax professional to explain the possible
tax consequences of exchanges and/or reinstatements.
Voting Rights
PFL will vote all shares of the underlying funds in accordance with
instructions we receive from you and other owners that have voting interests in
the portfolios. We will send you and other owners written requests for
instructions on how to vote those shares. When we receive those instructions,
we will vote all of the shares in proportion to those instructions. If,
however, we determine that we are permitted to vote the shares in our own
right, we may do so.
Each person having a voting interest will receive proxy material, reports, and
other materials relating to the appropriate portfolio.
Distributor of the Policies
AFSG Securities Corporation is the principal underwriter of the policies. Like
PFL, it is an indirect wholly-owned subsidiary of AEGON USA, Inc. It is located
at 4333 Edgewood Road N.E., Cedar Rapids, IA 52499-0001. AFSG Securities
Corporation is registered as a broker/dealer under the Securities Exchange Act
of 1934. It is a member of the National Association of Securities Dealers, Inc.
("NASD"). It was incorporated in Pennsylvania on March 12, 1986.
Commissions of up to 5% of premium payments will be paid to broker/dealers who
sell the policies under agreements with AFSG Securities Corporation. These
commissions are not deducted from premium payments. In addition, certain
production, persistency and managerial bonuses may be paid. PFL may also pay
compensation to banks and other financial institutions for their services in
connection with the sale and servicing of the policies.
Non-participating Policy
The policy does not participate or share in the profits or surplus earnings of
PFL. No dividends are payable on the policy.
Variations in Policy Provisions
Certain provisions of the policies may vary from the descriptions in this
prospectus in order to comply with different state laws. See your policy for
variations since any such state variations will be included in your policy or
in riders or endorsements attached to your policy. New Jersey residents:
Annuity payments must begin on or before the later of: (1) the policy
anniversary that is closest to the annuitant's 70th birthday or (2) the 10th
policy anniversary. You may not select a guaranteed period option that would
extend beyond that date. Your options at the annuity commencement date are to
elect a lump sum payment, or elect to receive annuity payments under one of the
fixed payment options. New Jersey residents cannot elect
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variable payment options. Consult your agent and the policy form itself for
details regarding these and other terms applicable to policies sold in New
Jersey.
Year 2000 Matters
In May 1996, PFL Life Insurance Company (PFL) adopted and presently has in
place a Year 2000 Project Plan (the "Plan") to review and analyze existing
hardware and software systems, as well as voice and data communications
systems, to determine if they are Year 2000 compliant. As of March 1, 1999,
substantially all of PFL's mission-critical systems are Year 2000 compliant.
The Year 2000 Project Plan remains on track as PFL continues with the
validation of its mission-critical and non-mission-critical systems, including
revalidation testing in 1999. In addition, PFL has undertaken aggressive
initiatives to test all systems that interface with any third parties and other
business partners. All of these steps are aimed at allowing current operations
to remain unaffected by the year 2000 date change.
As of the date of this prospectus, PFL has identified and made available what
it believes are the appropriate resources of hardware, people, and dollars,
including the engagement of outside third parties, to ensure that the Plan will
be completed.
The actions taken by management under The Year 2000 Project Plan are intended
to significantly reduce PFL's risk of a material business interruption based on
the Year 2000 issues. It should be noted that the Year 2000 computer problem,
and its resolution, is complex and multifaceted, and any company's success
cannot be conclusively known until the Year 2000 is reached. In spite of its
efforts or results, PFL's ability to function unaffected to and through the
Year 2000 may be adversely affected by actions, or failure to act, of third
parties beyond our knowledge or control.
This statement is a Year 2000 Readiness Disclosure pursuant to Section 3(9) of
the Year 2000 Information and Readiness Disclosure Act, 15 U.S.C. Section 1
(1998).
IMSA
PFL is a member of the Insurance Marketplace Standards Association (IMSA). IMSA
members subscribe to a set of ethical standards involving the sales and service
of individually sold life insurance and annuities. As a member, we may use the
IMSA logo and language in advertisements.
Legal Proceedings
There are no legal proceedings to which the separate account is a party or to
which the assets of the account are subject. PFL, like other life insurance
companies, is involved in lawsuits. In some class action and other lawsuits
involving other insurers, substantial damages have been sought and/or material
settlement payments have been made. Although the outcome of any litigation
cannot be predicted with certainty, PFL believes that at the present time there
are no pending or threatened lawsuits that are reasonably likely to have a
material adverse impact on the separate account or PFL.
Financial Statements
The financial statements of PFL and the separate account are included in the
Statement of Additional Information.
Table of Contents of the Statement of Additional Information
Glossary of Terms
The Policy - General Provisions
Certain Federal Income Tax Consequences
Investment Experience
Family Income Protector - Hypothetical Illustration
Historical Performance Data
Published Ratings
State Regulation of PFL
Administration
Records and Reports
Distribution of the Policies
Other Products
Custody of Assets
Legal Matters
Independent Auditors
Other Information
Financial Statements
27
<PAGE>
APPENDIX A
CONDENSED FINANCIAL INFORMATION
The accumulation unit values and the number of accumulation units outstanding
for each subaccount from the date of inception are shown in the following
tables.
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Separate Account Annual Expenses: 1.40%)
<TABLE>
<CAPTION>
Accumulation Unit Value Accumulation Unit Value Number of Accumulation
at Beginning of Year at End of Year Units at End of Year
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
VIP Money Market
Subaccount
1998................... $1.040117 $1.081944 2,988,629.347
1997(/1/).............. $1.000000 $1.040117 1,504,396.531
- -----------------------------------------------------------------------------------------------
VIP High Income
Subaccount
1998................... $1.163294 $1.097571 3,341,320.094
1997(/1/).............. $1.000000 $1.163294 713,496.095
- -----------------------------------------------------------------------------------------------
VIP Equity-Income
Subaccount
1998................... $1.272579 $1.400941 7,455,271.936
1997(/1/).............. $1.000000 $1.272579 2,325,232.286
- -----------------------------------------------------------------------------------------------
VIP Growth Subaccount
1998................... $1.230106 $1.692203 4,143,718.939
1997(/1/).............. $1.000000 $1.230106 1,450,130.335
- -----------------------------------------------------------------------------------------------
VIP Overseas Subaccount
1998................... $1.111441 $1.235851 1,721,436.380
1997(/1/).............. $1.000000 $1.111441 702,293.009
- -----------------------------------------------------------------------------------------------
VIP II Investment Grade
Bond Subaccount
1998................... $1.080052 $1.159355 4,223,443.679
1997(/1/).............. $1.000000 $1.080052 1,020,909.375
- -----------------------------------------------------------------------------------------------
VIP II Asset Manager
Subaccount
1998................... $1.193482 $1.354149 3,561,799.239
1997(/1/).............. $1.000000 $1.193482 1,048,640.321
- -----------------------------------------------------------------------------------------------
VIP II Asset Manager:
Growth Subaccount
1998................... $1.237304 $1.434634 2,011,876.137
1997(/1/).............. $1.000000 $1.237304 937,197.160
- -----------------------------------------------------------------------------------------------
VIP II Index 500
Subaccount
1998................... $1.315713 $1.665101 9,688,729.936
1997(/1/).............. $1.000000 $1.315713 3,420,336.530
- -----------------------------------------------------------------------------------------------
VIP II Contrafund
Subaccount
1998................... $1.237079 $1.585759 5,025,033.251
1997(/1/).............. $1.000000 $1.237079 1,948,498.226
- -----------------------------------------------------------------------------------------------
VIP III Balanced
Subaccount
1998................... $1.145544 $1.329025 3,032,873.614
1997(/2/).............. $1.000000 $1.145544 280,038.882
- -----------------------------------------------------------------------------------------------
VIP III Growth & Income
Subaccount
1998................... $1.236456 $1.580209 4,746,215.367
1997(/2/).............. $1.000000 $1.236456 479,129.254
- -----------------------------------------------------------------------------------------------
VIP III Growth
Opportunities
Subaccount
1998................... $1.227778 $1.508883 2,898,237.147
1997(/2/).............. $1.000000 $1.227778 791,157.687
</TABLE>
28
<PAGE>
Return of Premium Death Benefit
(Total Separate Account Annual Expenses: 1.25%)
<TABLE>
<CAPTION>
Accumulation Unit Value Accumulation Unit Value Number of Accumulation
at Beginning of Year at End of Year Units at End of Year
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
VIP Money Market
Subaccount
1998................... $1.041652 $1.085122 1,952,491.941
1997(/1/).............. $1.000000 $1.041652 1,538,095.590
- -----------------------------------------------------------------------------------------------
VIP High Income
Subaccount
1998................... $1.165012 $1.100826 3,973,865.276
1997(/1/).............. $1.000000 $1.165012 790,218.659
- -----------------------------------------------------------------------------------------------
VIP Equity-Income
Subaccount
1998................... $1.274458 $1.405087 6,154,860.923
1997(/1/).............. $1.000000 $1.274458 1,955,419.658
- -----------------------------------------------------------------------------------------------
VIP Growth Subaccount
1998................... $1.231921 $1.697223 3,459,954.944
1997(/1/).............. $1.000000 $1.231921 1,653,392.152
- -----------------------------------------------------------------------------------------------
VIP Overseas Subaccount
1998................... $1.113081 $1.239514 1,077,780.755
1997(/1/).............. $1.000000 $1.113081 560,955.405
- -----------------------------------------------------------------------------------------------
VIP II Investment Grade
Bond Subaccount
1998................... $1.081642 $1.162796 4,681,970.439
1997(/1/).............. $1.000000 $1.081642 894,679.948
- -----------------------------------------------------------------------------------------------
VIP II Asset Manager
Subaccount
1998................... $1.195229 $1.358156 3,008,465.716
1997(/1/).............. $1.000000 $1.195229 713,379.802
- -----------------------------------------------------------------------------------------------
VIP II Asset Manager:
Growth Subaccount
1998................... $1.239118 $1.438856 1,655,971.767
1997(/1/).............. $1.000000 $1.239118 465,131.055
- -----------------------------------------------------------------------------------------------
VIP II Index 500
Subaccount
1998................... $1.317652 $1.670024 8,270,753.106
1997(/1/).............. $1.000000 $1.317652 2,083,207.545
- -----------------------------------------------------------------------------------------------
VIP II Contrafund
Subaccount
1998................... $1.238907 $1.590458 3,910,309.755
1997(/1/).............. $1.000000 $1.238907 1,157,189.672
- -----------------------------------------------------------------------------------------------
VIP III Balanced
Subaccount
1998................... $1.146670 $1.332300 3,111,696.936
1997(/2/).............. $1.000000 $1.146670 184,894.892
- -----------------------------------------------------------------------------------------------
VIP III Growth & Income
Subaccount
1998................... $1.237676 $1.584114 3,639,176.416
1997(/2/).............. $1.000000 $1.237676 295,288.778
- -----------------------------------------------------------------------------------------------
VIP III Growth
Opportunities
Subaccount
1998................... $1.228996 $1.512606 2,924,155.413
1997(/2/).............. $1.000000 $1.228996 856,473.567
</TABLE>
(/1/) Period from January 2, 1997 through December 31, 1997.
(/2/) Period from May 1, 1997 through December 31, 1997.
The VIP III Mid Cap Subaccount had not commenced operations as of December 31,
1998, therefore, comparable data is not available.
29
<PAGE>
APPENDIX B
HISTORICAL PERFORMANCE DATA
Standardized Performance Data
PFL may advertise historical yields and total returns for the subaccounts of
the separate account. These figures are based on historical earnings and are
calculated according to guidelines from the SEC. They do not indicate future
performance.
VIP Money Market Subaccount. The yield of the VIP Money Market Subaccount for a
policy refers to the annualized income generated by an investment under a
policy in the subaccount over a specified seven-day period. The yield is
calculated by assuming that the income generated for that seven-day period is
generated each seven-day period over a 52-week period and is shown as a
percentage of the investment. The effective yield is calculated similarly but,
when annualized, the income earned by an investment under a policy in the
subaccount is assumed to be reinvested. The effective yield will be slightly
higher than the yield because of the compounding effect of this assumed
reinvestment.
Other Subaccounts. The yield of a subaccount of the separate account (other
than the VIP Money Market Subaccount) for a policy refers to the annualized
income generated by an investment under a policy in the subaccount over a
specified 30-day period. The yield is calculated by assuming that the income
generated by the investment during that 30-day period is generated each 30-day
period over a 12-month period and is shown as a percentage of the investment.
The total return of a subaccount of the separate account refers to return
quotations assuming an investment under a policy has been held in the
subaccount for various periods of time including a period measured from the
date the subaccount commenced operations. When a subaccount has been in
operation for 1, 5, and 10 years, respectively, the total return for these
periods will be provided. The total return quotations for a subaccount will
represent the average annual compounded rates of return that equate an initial
investment of $1,000 in the subaccount to the redemption value of that
investment as of the last day of each of the periods for which total return
quotations are provided.
The yield and total return calculations for a subaccount do not reflect the
effect of any premium taxes that may be applicable to a particular policy, and
they do not reflect the rider charge for the optional family income protector.
The yield calculations also do not reflect the effect of any surrender charge
that may be applicable to a particular policy. To the extent that any or all of
a premium tax and/or surrender charge is applicable to a particular policy, the
yield and/or total return of that policy will be reduced. For additional
information regarding yields and total returns calculated using the standard
formats briefly summarized above, please refer to the Statement of Additional
Information.
Based on the method of calculation described in the Statement of Additional
Information, the average annual total returns for periods from inception of the
subaccounts to December 31, 1998, and for the one and five year periods ended
December 31, 1998 are shown in Table 1 below. Total returns shown reflect
deductions for the mortality and expense risk fee and the administrative
charges. Performance figures may reflect the 1.25% mortality and expense risk
fee for the 5% Annually Compounding and Annual Step-Up Death Benefits, or the
1.10% mortality and expense risk fee for the Return of Premium Death Benefit.
Standard total return calculations will reflect the effect of surrender charges
that may be applicable to a particular period.
30
<PAGE>
TABLE 1
Standard Average Annual Total Returns
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Separate Account Annual Expenses: 1.40%)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount Inception
Subaccount 12/31/98 12/31/98 to 12/31/98 Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income............ (10.52%) N/A 2.51% January 2, 1997
VIP Equity-Income.......... 5.41% N/A 16.57% January 2, 1997
VIP Growth................. 33.22% N/A 28.64% January 2, 1997
VIP Overseas............... 6.53% N/A 9.14% January 2, 1997
VIP II Investment Grade
Bond...................... 2.63% N/A 5.53% January 2, 1997
VIP II Asset Manager....... 8.82% N/A 14.52% January 2, 1997
VIP II Asset Manager:
Growth.................... 11.34% N/A 18.03% January 2, 1997
VIP II Contrafund.......... 23.72% N/A 24.36% January 2, 1997
VIP II Index 500........... 22.07% N/A 27.56% January 2, 1997
VIP III Balanced........... 11.41% N/A 16.22% May 1, 1997
VIP III Growth
Opportunities............. 18.37% N/A 25.82% May 1, 1997
VIP III Growth & Income.... 23.34% N/A 29.49% May 1, 1997
VIP III Mid Cap(/1/)....... N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Separate Account Annual Expenses: 1.25%)
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount Inception
Subaccount 12/31/98 12/31/98 to 12/31/98 Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income............ (10.38%) N/A 2.67% January 2, 1997
VIP Equity-Income.......... 5.57% N/A 16.75% January 2, 1997
VIP Growth................. 33.42% N/A 28.84% January 2, 1997
VIP Overseas............... 6.70% N/A 9.31% January 2, 1997
VIP II Investment Grade
Bond...................... 2.79% N/A 5.69% January 2, 1997
VIP II Asset Manager....... 9.00% N/A 14.69% January 2, 1997
VIP II Asset Manager:
Growth.................... 11.51% N/A 18.21% January 2, 1997
VIP II Contrafund.......... 23.92% N/A 24.56% January 2, 1997
VIP II Index 500........... 22.26% N/A 27.76% January 2, 1997
VIP III Balanced........... 11.58% N/A 16.40% May 1, 1997
VIP III Growth
Opportunities............. 18.55% N/A 26.01% May 1, 1997
VIP III Growth & Income.... 23.53% N/A 29.69% May 1, 1997
VIP III Mid Cap(/1/)....... N/A N/A N/A N/A
</TABLE>
(/1/The)VIP III Mid Cap Subaccount had not commenced operations as of December
31, 1998, therefore comparable information is not available.
Non-Standardized Performance Data
In addition to the standard data discussed above, similar performance data for
other periods may also be shown.
PFL may also advertise or disclose average annual total return or other
performance data in non-standard formats for a subaccount of the separate
account. The non-standard performance data may assume that no surrender charge
is applicable, and may also make other assumptions such as the amount invested
in a subaccount, differences in time periods to be shown, or the effect of
partial withdrawals or annuity payments.
All non-standard performance data will be advertised only if the standard
performance data is also disclosed. For additional information regarding the
calculation of other performance data, please refer to the Statement of
Additional Information.
31
<PAGE>
The non-standardized average annual total return figures shown in Table 2 are
based on the assumption that the policy is not surrendered, and therefore the
surrender charge is not imposed. Also, Table 2 does not reflect the rider
charge for the optional family income protector.
TABLE 2
Non-Standard Average Annual Total Returns
(Assuming No Surrender Charge)
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Separate Account Annual Expenses: 1.40%)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount Inception
Subaccount 12/31/98 12/31/98 to 12/31/98 Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income............ (5.65%) N/A 4.78% January 2, 1997
VIP Equity-Income.......... 10.09% N/A 18.42% January 2, 1997
VIP Growth................. 37.57% N/A 30.18% January 2, 1997
VIP Overseas............... 11.19% N/A 11.20% January 2, 1997
VIP II Investment Grade
Bond...................... 7.34% N/A 7.70% January 2, 1997
VIP II Asset Manager....... 13.46% N/A 16.42% January 2, 1997
VIP II Asset Manager:
Growth.................... 15.95% N/A 19.84% January 2, 1997
VIP II Contrafund.......... 28.19% N/A 26.01% January 2, 1997
VIP II Index 500........... 26.56% N/A 29.13% January 2, 1997
VIP III Balanced........... 16.02% N/A 18.59% May 1, 1997
VIP III Growth
Opportunities............. 22.90% N/A 27.96% May 1, 1997
VIP III Growth & Income.... 27.80% N/A 31.55% May 1, 1997
VIP III Mid Cap(/1/)....... N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Separate Account Annual Expenses: 1.25%)
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount Inception
Subaccount 12/31/98 12/31/98 to 12/31/98 Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income............ (5.51%) N/A 4.93% January 2, 1997
VIP Equity-Income.......... 10.25% N/A 18.59% January 2, 1997
VIP Growth................. 37.77% N/A 30.37% January 2, 1997
VIP Overseas............... 11.36% N/A 11.37% January 2, 1997
VIP II Investment Grade
Bond...................... 7.50% N/A 7.86% January 2, 1997
VIP II Asset Manager....... 13.63% N/A 16.59% January 2, 1997
VIP II Asset Manager:
Growth.................... 16.12% N/A 20.01% January 2, 1997
VIP II Contrafund.......... 28.38% N/A 26.19% January 2, 1997
VIP II Index 500........... 26.74% N/A 29.32% January 2, 1997
VIP III Balanced........... 16.19% N/A 18.76% May 1, 1997
VIP III Growth
Opportunities............. 23.08% N/A 28.15% May 1, 1997
VIP III Growth & Income.... 27.99% N/A 31.75% May 1, 1997
VIP III Mid Cap(/1/)....... N/A N/A N/A N/A
</TABLE>
(/1/The)VIP III Mid Cap Subaccount had not commenced operations as of December
31, 1998, therefore comparable information is not available.
Adjusted Historical Performance Data. The following performance data is
historic performance data for the underlying portfolios since their inception
reduced by some or all of the fees and charges under the policy. Such adjusted
historic performance includes data that precedes the inception dates of the
subaccounts. This data is designed to show the performance that would have
resulted if the policy had been in existence during that time, based on the
performance of the applicable portfolio and the assumption that the applicable
subaccount was in
32
<PAGE>
existence for the same period as the portfolio with a level of charges equal to
those currently assessed under the policies. This data is not intended to
indicate future performance.
For instance, as shown in Table 3 and Table 4 below, PFL may disclose average
annual total returns for the portfolios reduced by all fees and charges under
the policy, as if the policy had been in existence since the inception of the
portfolio. Such fees and charges include the mortality and expense risk fee,
administrative charge and surrender charges. Table 3 assumes a complete
surrender of the policy at the end of the period, and therefore the surrender
charge is deducted. Table 4 assumes that the policy is not surrendered, and
therefore the surrender charge is not deducted. Also, Table 3 and Table 4 do
not reflect the rider charge for the optional family income protector.
The following information is also based on the method of calculation described
in the Statement of Additional Information. The adjusted historical average
annual total returns for periods ended December 31, 1998, were as follows:
TABLE 3
Adjusted Historical Average Annual Total Returns(/1/)
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Separate Account Annual Expenses: 1.40%)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Corresponding
10 Year Portfolio
Portfolio 1 Year 5 Year or Inception Inception Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income................. (5.65%) 7.29% 9.54%+ September 19, 1985
VIP Equity-Income............... 10.09% 17.13% 14.03%+ October 9, 1986
VIP Growth...................... 37.57% 20.05% 17.77%+ October 9, 1986
VIP Overseas.................... 11.19% 8.18% 8.56%+ January 28, 1987
VIP II Investment Grade Bond.... 7.34% 5.22% 6.85%+ December 5, 1988
VIP II Asset Manager............ 13.46% 10.26% 11.42%+ December 5, 1988
VIP II Asset Manager: Growth.... 15.95% N/A 19.75%+ January 3, 1995
VIP II Contrafund............... 28.19% N/A 26.86%+ January 3, 1995
VIP II Index 500................ 26.56% 22.01% 19.50%+ August 27, 1992
VIP III Balanced................ 16.02% N/A 14.27%+ January 3, 1995
VIP III Growth Opportunities.... 22.90% N/A 24.53%+ January 3, 1995
VIP III Growth & Income......... 27.80% N/A 27.41%+ December 31, 1996
VIP III Mid Cap (/2/)........... N/A N/A (2.29%) December 28, 1998
- ----------------------------------------------------------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Separate Account Annual Expenses: 1.25%)
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Corresponding
10 Year Portfolio
Portfolio 1 Year 5 Year or Inception Inception Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income................. (5.51%) 7.45% 9.71%+ September 19, 1985
VIP Equity-Income............... 10.25% 17.30% 14.20%+ October 9, 1986
VIP Growth...................... 37.77% 20.23% 17.94%+ October 9, 1986
VIP Overseas.................... 11.36% 8.34% 8.72%+ January 28, 1987
VIP II Investment Grade Bond.... 7.50% 5.38% 7.01%+ December 5, 1988
VIP II Asset Manager............ 13.63% 10.42% 11.59%+ December 5, 1988
VIP II Asset Manager: Growth.... 16.12% N/A 19.93%+ January 3, 1995
VIP II Contrafund............... 28.38% N/A 27.04%+ January 3, 1995
VIP II Index 500................ 26.74% 22.19% 19.67%+ August 27, 1992
VIP III Balanced................ 16.19% N/A 14.44%+ January 3, 1995
VIP III Growth Opportunities.... 23.08% N/A 24.71%+ January 3, 1995
VIP III Growth & Income......... 27.99% N/A 27.60%+ December 31, 1996
VIP III Mid Cap (/2/)........... N/A N/A (2.29%) December 28, 1998
</TABLE>
+ Ten Year Date
33
<PAGE>
TABLE 4
Adjusted Historical Average Annual Total Returns (1)
(Assuming No Surrender Charge)
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Separate Account Annual Expenses: 1.40%)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Corresponding
10 Year Portfolio
Portfolio 1 Year 5 Year or Inception Inception Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income......... (10.52%) 7.29% 9.54%+ September 19, 1985
VIP Equity-Income....... 5.41% 17.13% 14.03%+ October 9, 1986
VIP Growth.............. 33.22% 20.05% 17.77%+ October 9, 1986
VIP Overseas............ 6.53% 8.18% 8.56%+ January 28, 1987
VIP II Investment Grade
Bond................... 2.63% 5.22% 6.85%+ December 5, 1988
VIP II Asset Manager.... 8.82% 10.26% 11.42%+ December 5, 1988
VIP II Asset Manager:
Growth................. 11.34% N/A 19.65%+ January 3, 1995
VIP II Contrafund....... 23.72% N/A 26.86%+ January 3, 1995
VIP II Index 500........ 22.07% 22.01% 19.50%+ August 27, 1992
VIP III Balanced........ 11.41% N/A 14.05%+ January 3, 1995
VIP III Growth
Opportunities.......... 18.37% N/A 24.51%+ January 3, 1995
VIP III Growth &
Income................. 23.34% N/A 26.19%+ December 31, 1996
VIP III Mid Cap (/2/)... N/A N/A 3.09% December 28, 1998
- ----------------------------------------------------------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Separate Account Annual Expenses: 1.25%)
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Corresponding
10 Year Portfolio
Portfolio 1 Year 5 Year or Inception Inception Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
VIP High Income......... (10.38%) 7.45% 9.71%+ September 19, 1985
VIP Equity-Income....... 5.57% 17.30% 14.20%+ October 9, 1986
VIP Growth.............. 33.42% 20.23% 17.94%+ October 9, 1986
VIP Overseas............ 6.70% 8.34% 8.72%+ January 28, 1987
VIP II Investment Grade
Bond................... 2.79% 5.38% 7.01%+ December 5, 1988
VIP II Asset Manager.... 9.00% 10.42% 11.59%+ December 5, 1988
VIP II Asset Manager:
Growth................. 11.51% N/A 19.83%+ January 3, 1995
VIP II Contrafund....... 23.92% N/A 27.04%+ January 3, 1995
VIP II Index 500........ 22.26% 22.19% 19.67%+ August 27, 1992
VIP III Balanced........ 11.58% N/A 14.23%+ January 3, 1995
VIP III Growth
Opportunities.......... 18.55% N/A 24.69%+ January 3, 1995
VIP III Growth &
Income................. 23.53% N/A 26.39%+ December 31, 1996
VIP III Mid Cap (/2/)... N/A N/A 3.09% December 28, 1998
</TABLE>
+ Ten Year Date
(/1/The)calculation of total return performance for periods prior to inception
of the subaccounts reflects deductions for the mortality and expense risk
fee and administrative charge on a monthly basis, rather than a daily
basis. The monthly deduction is made at the beginning of each month and
generally approximates the performance that would have resulted if the
subaccounts had actually been in existence since the inception of the
portfolio.
(/2/The)VIP III Mid Cap Subaccount had not commenced operations as of December
31, 1998, therefore comparable information is not available.
34
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
RETIREMENT INCOME BUILDER
VARIABLE ANNUITY
Issued through
PFL RETIREMENT BUILDER VARIABLE
ANNUITY ACCOUNT
Offered by
PFL LIFE INSURANCE COMPANY
4333 Edgewood Road, N.E.
Cedar Rapids, Iowa 52499-0001
This Statement of Additional Information expands upon subjects discussed in the
current prospectus for the Retirement Income Builder Variable Annuity offered
by PFL Life Insurance Company. You may obtain a copy of the prospectus dated
May 1, 1999, by calling 1-800-525-6205, or by writing to the Administrative and
Service Office, Financial Markets Division-Variable Annuity Dept., 4333
Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001. The prospectus sets forth
information that a prospective investor should know before investing in a
policy. Terms used in the current prospectus for the policy are incorporated in
this Statement of Additional Information.
This Statement of Additional Information is not a prospectus and should be read
only in conjunction with the prospectus for the policy and the PFL Retirement
Builder Variable Annuity Account.
Dated: May 1, 1999
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
GLOSSARY OF TERMS.......................................................... 3
THE POLICY--GENERAL PROVISIONS............................................. 6
Owner.................................................................... 6
Entire Policy............................................................ 6
Misstatement of Age or Sex............................................... 6
Addition, Deletion, or Substitution of Investments....................... 7
Excess Interest Adjustment............................................... 7
Reallocation of Policy Values After the Annuity Commencement Date........ 11
Annuity Payment Options.................................................. 12
Death Benefit............................................................ 13
Death of Owner........................................................... 15
Assignment............................................................... 15
Evidence of Survival..................................................... 15
Non Participating........................................................ 15
Employee and Agent Purchases............................................. 15
CERTAIN FEDERAL INCOME TAX CONSEQUENCES.................................... 16
Tax Status of the Policy................................................. 16
Taxation of PFL.......................................................... 20
INVESTMENT EXPERIENCE...................................................... 20
Accumulation Units....................................................... 20
Annuity Unit Value and Annuity Payment Rates............................. 22
FAMILY INCOME PROTECTOR--HYPOTHETICAL ILLUSTRATION......................... 23
HISTORICAL PERFORMANCE DATA................................................ 25
Money Market Yields...................................................... 25
Other Subaccount Yields.................................................. 26
Total Returns............................................................ 27
Other Performance Data................................................... 27
Adjusted Historical Performance Data..................................... 28
PUBLISHED RATINGS.......................................................... 28
STATE REGULATION OF PFL.................................................... 28
ADMINISTRATION............................................................. 29
RECORDS AND REPORTS........................................................ 29
DISTRIBUTION OF THE POLICIES............................................... 29
OTHER PRODUCTS............................................................. 29
CUSTODY OF ASSETS.......................................................... 29
LEGAL MATTERS.............................................................. 29
INDEPENDENT AUDITORS....................................................... 30
OTHER INFORMATION.......................................................... 30
FINANCIAL STATEMENTS....................................................... 30
</TABLE>
-2-
<PAGE>
GLOSSARY OF TERMS
Accumulation Unit--An accounting unit of measure used in calculating the policy
value in the separate account before the annuity commencement date.
Adjusted Policy Value--An amount equal to the policy value increased or
decreased by any excess interest adjustments applied at the time of surrender
or on the annuity commencement date.
Administrative and Service Office--Financial Markets Division Variable Annuity
Department, 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001.
Annuitant--The person entitled to receive annuity payments after the annuity
commencement date and during whose life any annuity payments involving life
contingencies will continue.
Annuity Commencement Date--The date upon which annuity payments are to
commence. The annuity commencement date may not be later than the last day of
the policy month starting after the annuitant attains age 85, except as
expressly allowed by PFL, but in no event later than the last day of the policy
month following the month in which the annuitant attains age 95. The annuity
commencement date may be required to be earlier for qualified policies.
Annuity Payment Option--A method of receiving a stream of annuity payments
selected by the owner.
Annuity Unit--An accounting unit of measure used in the calculation of the
amount of the second and each subsequent variable annuity payment.
Application--A written application, order form, or any other information
received electronically or otherwise upon which the policy is issued and/or is
reflected on the data or specifications page.
Beneficiary--The person who has the right to the death benefit set forth in the
policy.
Business Day--A day when the New York Stock Exchange is open for business.
Cash Value--The policy value increased or decreased by an excess interest
adjustment, less the surrender charge, if any.
Code--The Internal Revenue Code of 1986, as amended.
Cumulative Free Percentage--The percentage (as applied to the policy value)
which is available free of any surrender charge.
Due Proof of Death--A certified copy of a death certificate, a certified copy
of a decree of a court of competent jurisdiction as to the finding of death, a
written statement by the attending physician, or any other proof satisfactory
to PFL, will constitute due proof of death.
Excess Interest Adjustment ("EIA")--A positive or negative adjustment to
amounts withdrawn upon partial or full surrenders from the fixed account
guaranteed period options, or to amounts applied to annuity payment options.
The adjustment reflects changes in the interest rates declared by PFL since the
date any payment was received by or an amount was transferred to the guaranteed
period option. The excess interest adjustment can either decrease or increase
the amount to be received by the owner upon full surrender or commencement of
annuity payments, depending upon whether there has been an increase or decrease
in interest rates, respectively.
Excess Partial Withdrawal (EPW)--The portion of a partial withdrawal
(surrender) that can be subject to a surrender charge.
-3-
<PAGE>
Fixed Account--One or more investment choices under the policy that are part of
the general assets of PFL and are not in the separate accounts.
Guaranteed Period Options--The various guaranteed interest rate periods of the
fixed account which may be offered by PFL and into which premium payments may
be paid or amounts transferred.
Investment Choices--Any of the guaranteed period options of the fixed account,
the dollar cost averaging fixed account option, and any of the subaccounts of
the separate account.
Nonqualified Policy--A policy other than a qualified policy.
Owner or Owners--The person who may exercise all rights and privileges under
the policy. The owner during the lifetime of the annuitant and prior to the
annuity commencement date is the person designated as the owner or a successor
owner in the application.
Policy Value--On or before the annuity commencement date, the policy value is
equal to the owner's:
. premium payments; minus
. partial withdrawals (including any applicable excess interest adjustments
and/or surrender charges on such withdrawals); plus
. interest credited in the fixed account; plus
. accumulated gains or losses in the separate account; minus
. service charges, premium taxes and transfer fees, if any.
Policy Year--A policy year begins on the policy date and on each policy
anniversary.
Premium Payment--An amount paid to PFL by the owner or on the owner's behalf as
consideration for the benefits provided by the policy.
Qualified Policy--A policy issued in connection with retirement plans that
qualify for special federal income tax treatment under the Code.
Separate Account--The Retirement Income Builder Variable Annuity division of
the PFL Retirement Builder Variable Annuity Account. The PFL Retirement Builder
Variable Annuity Account is a separate account established and registered as a
unit investment trust under the Investment Company Act of 1940, (the "1940
Act"), as amended, to which premium payments under the policies may be
allocated.
Service Charge--There is an annual service charge on each policy anniversary
(and a charge at the time of surrender during any policy year) for policy
maintenance and related administrative expenses. This annual charge is $30, but
in no event will this charge be more than 2% of the policy value.
Subaccount--A subdivision within the separate account, the assets of which are
invested in a specified portfolio of the underlying funds.
Successor Owner--A person appointed by the owner to succeed to ownership of the
policy in the event of the death of the owner who is not the annuitant before
the annuity commencement date.
Surrender Charge--The applicable contingent deferred sales charge, assessed on
certain full surrenders or partial withdrawals of premium payments to cover
expenses relating to the sale of the policies.
Underlying Funds--The designated portfolios of: (1) the Variable Insurance
Products Fund ("VIP"); (2) the Variable Insurance Products Fund II ("VIP II");
and (3) the Variable Insurance Products Fund III ("VIP III"), managed by
Fidelity Management & Research Company.
-4-
<PAGE>
Valuation Period--The period of time from one determination of accumulation
unit and annuity unit values to the next subsequent determination of values.
Such determinations shall be made on each business day.
Variable Annuity Payment(s)--Payment(s) made pursuant to an annuity payment
option which fluctuate as to dollar amount or payment term in relation to the
investment performance of the specified subaccounts within the separate
account.
Written Notice--Written notice, signed by the owner, that gives PFL the
information it requires and is received at the administrative and service
office. For some transactions, PFL may accept an electronic notice such as
telephone instructions. Such electronic notice must meet the requirements PFL
establishes for such notices.
-5-
<PAGE>
In order to supplement the description in the prospectus, the following
provides additional information about PFL and the policy, which may be of
interest to a prospective purchaser. Words printed in italics in this Statement
of Additional Information are defined in the Glossary of Terms, found on page
3.
THE POLICY--GENERAL PROVISIONS
Owner
The policy shall belong to the owner upon issuance of the policy after
completion of an application and delivery of the initial premium payment. While
the annuitant is living, the owner may: (1) assign the policy; (2) surrender
the policy; (3) amend or modify the policy with PFL's consent; (4) receive
annuity payments or name a payee to receive the payments; and (5) exercise,
receive and enjoy every other right and benefit contained in the policy. The
exercise of these rights may be subject to the consent of any assignee or
irrevocable beneficiary; and of the owner's spouse in a community or marital
property state.
A successor owner can be named in the application or in a written notice. The
successor owner will become the new owner upon the owner's death, if the owner
predeceases the annuitant. If no successor owner survives the owner and the
owner predeceases the annuitant, the owner's estate will become the owner.
Note Carefully. If the owner does not name a successor owner, the owner's
estate will become the new owner if the owner predeceases the annuitant. If no
probate estate is opened because the owner has precluded the opening of a
probate estate by means of a trust or other instrument, unless PFL has received
written notice of the trust as a successor owner signed prior to the owner's
death, that trust may not exercise ownership rights to the policy. It may be
necessary to open a probate estate in order to exercise ownership rights to the
policy if no successor owner is named in a written notice received by PFL.
The owner may change the ownership of the policy in a written notice. When this
change takes effect, all rights of ownership in the policy will pass to the new
owner. A change of ownership may have tax consequences.
When there is a change of owner or successor owner, the change will take effect
as of the date the owner signs the written notice, subject to any payment PFL
has made or action PFL has taken before recording the change. Changing the
owner or naming a new successor owner cancels any prior choice of successor
owner, but does not change the designation of the beneficiary or the annuitant.
If ownership is transferred (except to the owner's spouse) because the owner
dies before the annuitant, the adjusted policy value generally must be
distributed to the successor owner within five years of the owner's death, or
if the first payment begins within one year of the owner's death, payments must
be made for a period certain which does not exceed that successor owner's life
expectancy.
Entire Policy
The policy, any endorsements thereon, and the application constitute the entire
contract between PFL and the owner. All statements in the application are
representations and not warranties. No statement will cause the policy to be
void or to be used in defense of a claim unless contained in the application.
Misstatement of Age or Sex
If the age or sex of the annuitant has been misstated, PFL will change the
annuity benefit payable to that which the premium payments would have purchased
for the correct age or sex. The dollar amount
-6-
<PAGE>
of any underpayment made by PFL shall be paid in full with the next payment due
such person or the beneficiary. The dollar amount of any overpayment made by
PFL due to any misstatement shall be deducted from payments subsequently
accruing to such person or beneficiary. Any underpayment or overpayment will
include interest at 5% per year, from the date of the wrong payment to the date
of the adjustment. The age of the annuitant may be established at any time by
the submission of proof satisfactory to PFL.
Addition, Deletion, or Substitution of Investments
PFL cannot and does not guarantee that any of the subaccounts or portfolios
will always be available for premium payments, allocations, or transfers. PFL
retains the right, subject to any applicable law, to make certain changes in
the separate account and its investments. PFL reserves the right to eliminate
the shares of any portfolio held by a subaccount and/or to substitute shares of
another portfolio of the underlying funds, or of another registered open-end
management investment company for the shares of any portfolio, if the shares of
the portfolio are no longer available for investment or if, in PFL's judgment,
investment in any portfolio would be inappropriate in view of the purposes of
the separate account. To the extent required by the 1940 Act, substitutions of
shares attributable to an owner's interest in a subaccount will not be made
without prior notice to the owner and the prior approval of the SEC. Nothing
contained herein shall prevent the separate account from purchasing other
securities for other series or classes of variable annuity policies, or from
effecting an exchange between series or classes of variable annuity policies on
the basis of requests made by owners.
New subaccounts may be established when, in the sole discretion of PFL,
marketing, tax, investment or other conditions warrant. Any new subaccounts may
be made available to existing owners on a basis to be determined by PFL. Each
additional subaccount will purchase shares in a mutual fund portfolio or other
investment vehicle. PFL may also eliminate one or more subaccounts if, in its
sole discretion, marketing, tax, investment or other conditions warrant such
change. In the event any subaccount is eliminated, PFL will notify owners and
request a reallocation of the amounts invested in the eliminated subaccount. If
no such reallocation is provided by the owner, PFL will reinvest the amounts
invested in the eliminated subaccount in the subaccount that invests in the
Money Market portfolio (or in a similar portfolio of money market instruments)
or in another subaccount, if appropriate.
In the event of any such substitution or change, PFL may, by appropriate
endorsement, make such changes in the policies as may be necessary or
appropriate to reflect such substitution or change. Furthermore, if deemed to
be in the best interests of persons having voting rights under the policies,
the separate account may be (i) operated as a management company under the 1940
Act or any other form permitted by law, (ii) deregistered under the 1940 Act in
the event such registration is no longer required or (iii) combined with one or
more other separate accounts. To the extent permitted by applicable law, PFL
also may (1) transfer the assets of the separate account associated with the
policies to another account or accounts, (2) restrict or eliminate any voting
rights of owners or other persons who have voting rights as to the separate
account, (3) create new separate accounts, (4) add new subaccounts to or remove
existing subaccounts from the separate account, or combine subaccounts, or (5)
add new underlying funds, or substitute a new fund for an existing fund.
Excess Interest Adjustment
Money that you withdraw from a guaranteed period option of the fixed account
before the end of its guaranteed period (the number of years you specified the
money would remain in the guaranteed period option) may be subject to an excess
interest adjustment. At the time you request a withdrawal, if interest rates
set by PFL have risen since the date of the initial guarantee, the excess
interest adjustment will result in a lower cash value. However, if interest
rates have fallen since the date of the initial guarantee, the excess interest
adjustment will result in a higher cash value.
-7-
<PAGE>
At the time of a full surrender, excess interest adjustments will not reduce
the adjusted policy value for a guaranteed period option below the amount paid
into it, less any prior partial withdrawals and transfers from that guaranteed
period option, plus interest at the policy's minimum guaranteed effective
annual interest rate of 3%. This is referred to as the EIA floor.
The formula which will be used to determine the excess interest adjustment is:
S*(G -C)* (M/12)
S= Gross amount being withdrawn that is subject to the excess interest
adjustment
G= Guaranteed Interest Rate applicable to S.
C= Current Guaranteed Interest Rate then being offered on new premium payments
for the next longer guaranteed period than "M". If this policy form or such
a guaranteed period is no longer offered, "C" will be the U.S. Treasury rate
for the next longer maturity (in whole years) than "M" on the 25th day of
the previous calendar month, plus up to 2%.
M= Number of months remaining in the current guaranteed period, rounded up to
the next higher whole number of months.
*= multiplication
^= exponentiation
Example 1 (Full Surrender, rates increase by 3%):
<TABLE>
<C> <S>
Single Premium: $50,000
- ------------------------------------------------------------------------------
Guarantee Period: 5 Years
- ------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- ------------------------------------------------------------------------------
Full Surrender: Middle of Contract Year 3
- ------------------------------------------------------------------------------
Policy Value ("PV") at middle of Contract = 50,000* (1.055) ^2.5 =
Year 3 57,161.18
- ------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
Policy Year 3 = 57,161.18* .30 = 17,148.35
- ------------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 -50,000 = 7,161.18
- ------------------------------------------------------------------------------
Amount Subject to EIA = 57,161.18 -7,161.18 =
50,000.00
- ------------------------------------------------------------------------------
EIA Floor = 50,000* (1.03) ^2.5 =
53,834.80
- ------------------------------------------------------------------------------
Excess Interest Adjustment
G=.055
C=.085
M=30
- ------------------------------------------------------------------------------
Excess Interest Adjustment = S* (G -C)* (M/12)
- ------------------------------------------------------------------------------
= 50,000.00* (.055 -.085)*
(30/12)
- ------------------------------------------------------------------------------
= -3,750.00, but excess interest
adjustment cannot cause the
adjusted policy value to fall
below the EIA floor, so the
adjustment is limited to
53,834.80 -57,161.18 = -3,326.38
- ------------------------------------------------------------------------------
Adjusted Policy Value = PV + EIA = 57,161.18 -3,326.38
= 53,834.80
- ------------------------------------------------------------------------------
Surrender Charge = (50,000 -17,148.35)* .06 =
1,971.10
- ------------------------------------------------------------------------------
Cash Value at middle of policy year 3 = PV + EIA -surrender charge
- ------------------------------------------------------------------------------
= 57,161.18 -3,326.38 -1,971.10
- ------------------------------------------------------------------------------
= 51,863.70
</TABLE>
-8-
<PAGE>
Example 2 (Full Surrender, rates decrease by 1%):
<TABLE>
<C> <S>
Single Premium: $50,000
- -----------------------------------------------------------------------------
Guarantee Period: 5 Years
- -----------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- -----------------------------------------------------------------------------
Full Surrender: Middle of Contract Year 3
- -----------------------------------------------------------------------------
Policy Value at middle of policy year 3 = 50,000* (1.055) ^2.5 =
57,161.18
- -----------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
policy year 3 = 57,161.18* .30 = 17,148.35
- -----------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 -50,000 = 7,161.18
- -----------------------------------------------------------------------------
Amount Subject to EIA = 57,161.18 -7,161.18 =
50,000.00
- -----------------------------------------------------------------------------
EIA Floor = 50,000* (1.03) ^2.5 =
53,834.80
- -----------------------------------------------------------------------------
Excess Interest Adjustment
G=.055
C=.045
M=30
- -----------------------------------------------------------------------------
Excess Interest Adjustment = S* (G -C)* (M/12)
- -----------------------------------------------------------------------------
= 50,000* (.055 -.045)* (30/12)
- -----------------------------------------------------------------------------
= 1,250.00
- -----------------------------------------------------------------------------
Adjusted Policy Value = PV + EIA
- -----------------------------------------------------------------------------
= 57,161.18 + 1,250.00 =
58,411.18
- -----------------------------------------------------------------------------
Surrender Charge = (50,000 -17,148.35)* .06 =
1,971.10
- -----------------------------------------------------------------------------
Cash Value at middle of policy year 3 = PV + EIA -surrender charge
- -----------------------------------------------------------------------------
= 57,161.18 + 1,250 -1,971.10
- -----------------------------------------------------------------------------
= 56,440.08
</TABLE>
On a partial withdrawal, PFL will pay the owner the full amount of withdrawal
requested (as long as the policy value is sufficient). Surrender charge--Free
withdrawals will reduce the policy value by the amount withdrawn. Amounts
withdrawn in excess of the surrender charge--Free amount will reduce the policy
value by an amount equal to:
X -Y + Z
X= excess partial withdrawal = requested withdrawal less surrender charge--free
amount
A= amount of partial withdrawal which is subject to excess interest adjustment
= requested withdrawal--excess interest adjustment--free amount, where
excess interest adjustment--free amount = cumulative interest credited at
time of, but prior to, withdrawal.
Y= excess interest adjustment = (A)*(G -C)*(M/12) where G, C, and M are defined
above, with "A" substituted for "S" in the definition of G and M.
Z= surrender charge on X minus Y.
-9-
<PAGE>
Example 3 (Partial Withdrawal, rates increase by 1%):
<TABLE>
<C> <S>
Single Premium: $50,000
- ------------------------------------------------------------------------------
Guarantee Period: 5 Years
- ------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- ------------------------------------------------------------------------------
Partial Surrender: $30,000; Middle of Contract Year
3
- ------------------------------------------------------------------------------
Policy Value at middle of policy year 3 = 50,000* (1.055) ^2.5 =
57,161.18
- ------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
policy year 3 = 57,161.18* .30 = 17,148.35
- ------------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 -50,000 = 7,161.18
- ------------------------------------------------------------------------------
Excess Interest Adjustment/Surrender Charge
X=30,000 -17,148.35 = 12,851.65
A=30,000 -7,161.18 = 22,838.82
G=.055
C=.065
M=30
Y=22,838.82* (.055 -.065)* (30/12) = -
570.97
Z=.06* [12,851.65 -(-570.97)] = 805.36
- ------------------------------------------------------------------------------
Reduction to policy value due to Surrender
Charge--Free withdrawal = 17,148.35
- ------------------------------------------------------------------------------
Reduction to policy value due to Excess
Withdrawal = X -Y + Z
- ------------------------------------------------------------------------------
= 12,851.65 -(-570.97) + 805.36
- ------------------------------------------------------------------------------
= 14,227.98
- ------------------------------------------------------------------------------
Policy Value after withdrawal at middle of = 57,161.18 -[17,148.35 +
policy year 3 14,227.98]
- ------------------------------------------------------------------------------
= 57,161.18 -[17,148.35 +
12,851.65
-(-570.97) + 805.36]
- ------------------------------------------------------------------------------
= 57,161.18 -[30,000 -(-570.97)
+ 805.36]
- ------------------------------------------------------------------------------
= 57,161.18 -31,376.33 =
25,784.85
</TABLE>
-10-
<PAGE>
Example 4 (Partial Withdrawal, rates decrease by 1%):
<TABLE>
<C> <S>
Single Premium: $50,000
- ------------------------------------------------------------------------------
Guarantee Period: 5 Years
- ------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- ------------------------------------------------------------------------------
Partial Surrender: $30,000; Middle of Contract Year
3
- ------------------------------------------------------------------------------
Policy Value at middle of policy year 3 = 50,000* (1.055) ^2.5 =
57,161.18
- ------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of = 57,161.18* .30 = 17,148.35
policy year 3
- ------------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 -50,000 = 7,161.18
- ------------------------------------------------------------------------------
Excess Interest Adjustment/Surrender Charge
X = 30,000--17,148.35 = 12,851.65
A = 30,000--7,161.18 = 22,838.82
G = .055
C = .045
M = 30
Y = 22,838.82* (.055--.045)* (30/12) =
570.97
Z = .06* [12,851.65--(570.97)] = 736.84
- ------------------------------------------------------------------------------
Reduction to policy value due to Surrender = 17,148.35
Charge--Free Withdrawal
- ------------------------------------------------------------------------------
Reduction to policy value due to Excess = X -Y + Z
Withdrawal
- ------------------------------------------------------------------------------
= 12,851.65 -570.97 + 736.84
- ------------------------------------------------------------------------------
= 13,017.52
- ------------------------------------------------------------------------------
Policy Value after withdrawal at middle of = 57,161.18 -[17,148.35 +
policy year 3 13,017.52]
- ------------------------------------------------------------------------------
= 57,161.18 -[17,148.35 +
12,851.65 -570.97 + 736.84]
- ------------------------------------------------------------------------------
= 57,161.18 -[30,000 (+/-
)(570.97) + 736.84]
- ------------------------------------------------------------------------------
= 57,161.18 -30,165.87 =
26,995.31
</TABLE>
Reallocation of Policy Values After the Annuity Commencement Date
After the annuity commencement date, the owner may reallocate the value of a
designated number of annuity units of a subaccount of the separate account then
credited to a policy into an equal value of annuity units of one or more other
subaccounts of the separate account, or the fixed account. An annuity unit is
an accounting unit used in the calculation of the amount of the second and each
subsequent variable annuity payment. The reallocation shall be based on the
relative value of the annuity units of the account(s) or subaccount(s) at the
end of the business day on the next payment date. The minimum amount which may
be reallocated is the lesser of (1) $10 of monthly income or (2) the entire
monthly income of the annuity units in the account or subaccount from which the
transfer is being made. If the monthly income of the annuity units remaining in
an account or subaccount after a reallocation is less than $10, PFL reserves
the right to include the value of those annuity units as part of the transfer.
The request must be in writing to PFL's administrative and service office.
There is no charge assessed in connection with such reallocation. PFL reserves
the right to limit the number of times a reallocation of policy value may be
made in any given policy year.
After the annuity commencement date, no transfers may be made from the fixed
account to the separate account.
-11-
<PAGE>
Annuity Payment Options
During the lifetime of the annuitant and prior to the annuity commencement
date, the owner may choose an annuity payment option or change the election,
but written notice of any election or change of election must be received by
PFL at its administrative and service office at least thirty (30) days prior to
the annuity commencement date. If no election is made prior to the annuity
commencement date, annuity payments will be made under (i) Payment Option 3,
life income with fixed (level) payments for 10 years certain, using the
existing adjusted policy value of the fixed account, or (ii) under Payment
Option 3, life income with variable payments for 10 years certain using the
existing policy value of the separate account, or (iii) in a combination of (i)
and (ii).
The person who elects an annuity payment option can also name one or more
successor payees to receive any unpaid amount PFL has at the death of a payee.
Naming these payees cancels any prior choice of a successor payee.
A payee who did not elect the annuity payment option does not have the right to
advance or assign payments, take the payments in one sum, or make any other
change. However, the payee may be given the right to do one or more of these
things if the person who elects the option tells PFL in writing and PFL agrees.
Variable Payment Options. The dollar amount of the first variable annuity
payment will be determined in accordance with the annuity payment rates set
forth in the applicable table contained in the policy. The tables are based on
a 5% effective annual Assumed Investment Return and the "1983 Table a" (male,
female, and unisex if required by law) mortality table improved to the year
2000 with projection Scale G. ("The 1983 Table a" mortality rates are adjusted
based on improvements in mortality since 1983 to more appropriately reflect
increased longevity. This is accomplished using a set of improvement factors
referred to as projection scale G.) The dollar amount of additional variable
annuity payments will vary based on the investment performance of the
subaccount(s) of the separate account selected by the annuitant or beneficiary.
Determination of the First Variable Payment. The amount of the first variable
payment depends upon the sex (if consideration of sex is allowed under state
law) and adjusted age of the annuitant. The adjusted age is the annuitant's
actual age nearest birthday, on the annuity commencement date, adjusted as
follows:
<TABLE>
<CAPTION>
Annuity Commencement Date Adjusted Age
------------------------- ------------
<C> <S>
Before 2001 Actual Age
2001-2010 Actual Age minus 1
2011-2020 Actual Age minus 2
2021-2030 Actual Age minus 3
2031-2040 Actual Age minus 4
After 2040 As determined by PFL
</TABLE>
This adjustment assumes an increase in life expectancy, and therefore it
results in lower payments than without such an adjustment.
Determination of Additional Variable Payments. All variable annuity payments
other than the first are calculated using annuity units which are credited to
the policy. The number of annuity units to be credited in respect of a
particular subaccount is determined by dividing that portion of the first
variable annuity payment attributable to that subaccount by the annuity unit
value of that subaccount on the annuity commencement date. The number of
annuity units of each particular subaccount credited to the policy then remains
fixed, assuming no transfers to or from that subaccount occur. The dollar value
of variable annuity units in the chosen subaccount will increase or decrease
reflecting the investment experience of the chosen subaccount. The dollar
amount of each variable annuity payment after the
-12-
<PAGE>
first may increase, decrease or remain constant, and is equal to the sum of the
amounts determined by multiplying the number of annuity units of each
particular subaccount credited to the policy by the annuity unit value for the
particular subaccount on the date the payment is made.
Death Benefit
Adjusted Partial Withdrawal. The amount of your Guaranteed Minimum Death
Benefit is reduced due to a partial withdrawal called the adjusted partial
withdrawal. The reduction amount depends on the relationship between your
Guaranteed Minimum Death Benefit and policy value. The adjusted partial
withdrawal is the sum of (1) and (2), where:
(1) The surrender charge-free withdrawal amount taken; and
(2) The amount that an excess partial withdrawal (the portion of a
withdrawal that can be subject to a surrender charge) reduces the
policy value times [(a) divided by (b)] where:
(a) is the amount of the death benefit prior to the excess partial
withdrawal; and
(b) is the policy value prior to the excess partial withdrawal.
The following examples describe the effect of a withdrawal on the Guaranteed
Minimum Death Benefit and policy value.
EXAMPLE 1
(Assumed Facts for Example)
<TABLE>
- ------------------------------------------------------------------------------------------------------
<S> <C>
$75,000 current Guaranteed Minimum Death Benefit (GMDB) before withdrawal
- ------------------------------------------------------------------------------------------------------
$50,000 current policy value before withdrawal
- ------------------------------------------------------------------------------------------------------
$75,000 current death benefit (larger of policy value and GMDB)
- ------------------------------------------------------------------------------------------------------
6% current surrender charge percentage
- ------------------------------------------------------------------------------------------------------
$15,000 requested withdrawal
- ------------------------------------------------------------------------------------------------------
$10,000 surrender charge-free amount (assumes 20% cumulative free percentage is available)
- ------------------------------------------------------------------------------------------------------
$5,000 excess partial withdrawal (EPW) (amount subject to surrender charge)
- ------------------------------------------------------------------------------------------------------
$100 excess interest adjustment--(assumes interest rates have decreased since initial guarantee)
- ------------------------------------------------------------------------------------------------------
$294 surrender charge on (EPW less EIA)=0.06*(5000-100)
- ------------------------------------------------------------------------------------------------------
$5,194 reduction in policy value due to excess partial withdrawal = 5000-100+294
- ------------------------------------------------------------------------------------------------------
$17,791 adjusted partial withdrawal = $10,000+ [$5,194 * (75,000/50,000)]
- ------------------------------------------------------------------------------------------------------
$57,209 New GMDB (after withdrawal) = 75,000- 17,791
- ------------------------------------------------------------------------------------------------------
$34,806 New policy value (after withdrawal)=50,000-10,000-5,194
</TABLE>
<TABLE>
<C> <S>
Summary:
Reduction in Guaranteed Minimum Death Benefit = $17,791
Reduction in policy value = $15,194
</TABLE>
Note, Guaranteed Minimum Death Benefit is reduced more than the policy value
since the Guaranteed Minimum Death Benefit was greater than the policy value
just prior to the withdrawal.
-13-
<PAGE>
EXAMPLE 2
(Assumed Facts for Example)
<TABLE>
- ------------------------------------------------------------------------------------------------------
<S> <C>
$50,000 current Guaranteed Minimum Death Benefit (GMDB) before withdrawal
- ------------------------------------------------------------------------------------------------------
$75,000 current policy value before withdrawal
- ------------------------------------------------------------------------------------------------------
$75,000 current death benefit (larger of policy value and GMDB)
- ------------------------------------------------------------------------------------------------------
6% current surrender charge percentage
- ------------------------------------------------------------------------------------------------------
$15,000 requested withdrawal
- ------------------------------------------------------------------------------------------------------
$11,250 surrender charge-free amount (assumes 15% cumulative free percentage is available)
- ------------------------------------------------------------------------------------------------------
$3,750 excess partial withdrawal (EPW) (amount subject to surrender charge)
- ------------------------------------------------------------------------------------------------------
$-100 excess interest adjustment--(assumes interest rates have increased since initial guarantee)
- ------------------------------------------------------------------------------------------------------
$ 231 surrender charge on (EPW less EIA)=0.06*[(3750-(-100))]
- ------------------------------------------------------------------------------------------------------
$4,081 reduction in policy value due to EPW=3750-(-100) +231 =3750 + 100 +231
- ------------------------------------------------------------------------------------------------------
$15,331 Adjusted Partial Withdrawal = $11,250+ [$4,081 * (75,000/75,000)]
- ------------------------------------------------------------------------------------------------------
$34,669 New GMDB (after withdrawal) = 50,000-15,331
- ------------------------------------------------------------------------------------------------------
$59,669 New policy value (after withdrawal)=75,000-11,250-4,081
</TABLE>
<TABLE>
<C> <S>
Summary:
Reduction in GMDB = $15,331
Reduction in policy value = $15,331
</TABLE>
Note, GMDB and policy value are reduced by the same amount since the policy
value was higher than the GMDB just prior to the withdrawal.
Due proof of death of the annuitant is proof that the annuitant who is the
owner died prior to the commencement of annuity payments. Upon receipt of this
proof and an election of a method of settlement and return of the policy, the
death benefit generally will be paid within seven days, or as soon thereafter
as PFL has sufficient information about the beneficiary to make the payment.
The beneficiary may receive the amount payable in a lump sum cash benefit, or,
subject to any limitation under any state or federal law, rule, or regulation,
under one of the annuity payment options described above, unless a settlement
agreement is effective at the death of the owner preventing such election.
Distribution Requirements. If the annuitant was the owner, and the beneficiary
was not the annuitant's spouse, the death benefit must (1) be distributed
within five years of the date of the deceased owner's death, or (2) payments
under an annuity payment option must begin no later than one year after the
deceased owner's death and must be made for the beneficiary's lifetime or for a
period certain (so long as any certain period does not exceed the beneficiary's
life expectancy). Death proceeds which are not paid to or for the benefit of a
natural person must be distributed within five years of the date of the
deceased owner's death. If the sole beneficiary is the deceased owner's
surviving spouse, such spouse may elect to continue the policy as the new
annuitant and owner instead of receiving the death benefit. (See "Certain
Federal Income Tax Consequences")
If the annuitant is not the owner, and the owner dies prior to the annuity
commencement date, a successor owner may surrender the policy at any time for
the amount of the adjusted policy value. If the successor owner is not the
deceased owner's spouse, however, the adjusted policy value must be
distributed: (1) within five years after the date of the deceased owner's
death, or (2) payments under an annuity payment option must begin no later than
one year after the deceased owner's death and must be made for the successor
owner's lifetime or for a period certain (so long as any period certain does
not exceed the successor owner's life expectancy).
-14-
<PAGE>
Beneficiary. The beneficiary designation in the application will remain in
effect until changed. The owner may change the designated beneficiary by
sending written notice to PFL. The beneficiary's consent to such change is not
required unless the beneficiary was irrevocably designated or law requires
consent. (If an irrevocable beneficiary dies, the owner may then designate a
new beneficiary.) The change will take effect as of the date the owner signs
the written notice, whether or not the owner is living when the Notice is
received by PFL. PFL will not be liable for any payment made before the written
notice is received. If more than one beneficiary is designated, and the owner
fails to specify their interests, they will share equally.
Death of Owner
Federal tax law requires that if any owner (including any joint owner or any
successor owner who has become a current owner) dies before the annuity
commencement date, then the entire value of the policy must generally be
distributed within five years of the date of death of such owner. Certain rules
apply where (1) the spouse of the deceased owner is the sole beneficiary; (2)
the owner is not a natural person and the primary annuitant dies or is changed;
or (3) any owner dies after the annuity commencement date. See "Certain Federal
Income Tax Consequences" below for a detailed description of these rules. Other
rules may apply to qualified policies.
Assignment
During the lifetime of the annuitant the owner may assign any rights or
benefits provided by a nonqualified policy. An assignment will not be binding
on PFL until a copy has been filed at its administrative and service office.
The rights and benefits of the owner and beneficiary are subject to the rights
of the assignee. PFL assumes no responsibility for the validity or effect of
any assignment. Any claim made under an assignment shall be subject to proof of
interest and the extent of the assignment. An assignment may have tax
consequences.
Unless the owner so directs by filing written notice with PFL, no beneficiary
may assign any payments under the policy before they are due. To the extent
permitted by law, no payments will be subject to the claims of any
beneficiary's creditors.
Ownership under qualified policies is restricted to comply with the Code.
Evidence of Survival
PFL reserves the right to require satisfactory evidence that a person is alive
if a payment is based on that person being alive. No payment will be made until
PFL receives such evidence.
Non-Participating
The policy will not share in PFL's surplus earnings; no dividends will be paid.
Employee and Agent Purchases
The policy may be acquired by an employee or registered representative of any
broker/dealer authorized to sell the policy or their spouse or minor children,
or by an officer, director, trustee or bona-fide full-time employee of PFL or
its affiliated companies or their spouse or minor children. In such a case, PFL
may credit an amount equal to a percentage of each premium payment to the
policy due to lower acquisition costs PFL experiences on those purchases. The
credit will be reported to the Internal Revenue Service as taxable income to
the employee or registered representative. PFL may offer certain employer
sponsored savings plans, in its discretion reduced fees and charges including,
but not limited to, the surrender charges, the mortality and expense risk fee
and the administrative charge for certain sales under circumstances which may
result in savings of certain costs and expenses. In addition, there
-15-
<PAGE>
may be other circumstances of which PFL is not presently aware which could
result in reduced sales or distribution expenses. Credits to the policy or
reductions in these fees and charges will not be unfairly discriminatory
against any owner.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
The following summary does not constitute tax advice. It is a general
discussion of certain of the expected federal income tax consequences of
investment in and distributions with respect to a policy, based on the Internal
Revenue Code of 1986, as amended, proposed and final Treasury Regulations
thereunder, judicial authority, and current administrative rulings and
practice. This summary discusses only certain federal income tax consequences
to "United States Persons," and does not discuss state, local, or foreign tax
consequences. United States Persons means citizens or residents of the United
States, domestic corporations, domestic partnerships and trusts or estates that
are subject to United States federal income tax regardless of the source of
their income.
Tax Status of the Policy
The following discussion is based on the assumption that the policy qualifies
as an annuity contract for federal income tax purposes.
Diversification Requirements. Section 817(h) of the Code provides that in order
for a variable contract which is based on a segregated asset account to qualify
as an annuity contract under the Code, the investments made by such account
must be "adequately diversified" in accordance with Treasury regulations. The
Treasury regulations issued under Section 817(h) (Treas. Reg. ((S)) 1.817-5)
apply a diversification requirement to each of the subaccounts of the separate
account. The separate account, through the underlying funds and their
portfolios, intends to comply with the diversification requirements of the
Treasury. PFL has entered into agreements regarding participation in the
Retirement Income Builder that require the underlying funds and their
portfolios to be operated in compliance with the Treasury regulations.
Owner Control. In certain circumstances, owners of variable annuity contracts
may be considered the owners, for federal income tax purposes, of the assets of
the separate account used to support their contracts. In those circumstances,
income and gains from the separate account assets would be includable in the
variable annuity contractowner's gross income. Several years ago, the Internal
Revenue Service stated in published rulings that a variable contractowner will
be considered the owner of separate account assets if the contractowner
possesses incidents of ownership in those assets, such as the ability to
exercise investment control over the assets. More recently, the Treasury
Department announced, in connection with the issuance of regulations concerning
investment diversification, that those regulations "do not provide guidance
concerning the circumstances in which investor control of the investments of a
segregated asset account may cause the investor, rather than the insurance
company, to be treated as the owner of the assets in the account." This
announcement also stated that guidance would be issued by way of regulations or
rulings on the "extent to which policyholders may direct their investments to
particular subaccounts without being treated as owners of underlying assets."
The ownership rights under the contract are similar to, but different in
certain respects from those described by the IRS in rulings in which it was
determined that contractowners were not owners of separate account assets. For
example, the owner of a policy has the choice of one or more subaccounts in
which to allocate premiums and policy values, and may be able to transfer among
these accounts more frequently than in such rulings. These differences could
result in policyowners being treated as the owners of the assets of the
separate account. In addition, PFL does not know what standards will be set
-16-
<PAGE>
forth, if any, in the regulations or rulings which the Treasury Department has
stated it expects to issue. PFL therefore reserves the right to modify the
policies as necessary to attempt to prevent the policyowners from being
considered the owners of a pro rata share of the assets of the separate
account.
Distribution Requirements. The Code also requires that nonqualified policies
contain specific provisions for distribution of policy proceeds upon the death
of any owner. In order to be treated as an annuity contract for federal income
tax purposes, the Code requires that such policies provide that if any owner
dies on or after the annuity commencement date and before the entire interest
in the policy has been distributed, the remaining portion must be distributed
at least as rapidly as under the method in effect on such owner's death. If any
owner dies before the annuity commencement date, the entire interest in the
policy must generally be distributed within five years after such owner's date
of death or be applied to provide an immediate annuity under which payments
will begin within one year of such owner's death and will be made for the life
of the beneficiary or for a period not extending beyond the life expectancy of
the beneficiary. However, if such owner's death occurs prior to the annuity
commencement date, and such owner's surviving spouse is named beneficiary, then
the policy may be continued with the surviving spouse as the new owner. If any
owner is not a natural person, then for purposes of these distribution
requirements, the primary annuitant shall be treated as the owner and any death
or change of such primary annuitant shall be treated as the death of an owner.
The policy contains provisions intended to comply with these requirements of
the Code. No regulations interpreting these requirements of the Code have yet
been issued and thus no assurance can be given that the provisions contained in
the policies satisfy all such Code requirements. The provisions contained in
the policies will be reviewed and modified if necessary to maintain their
compliance with the Code requirements when clarified by regulation or
otherwise.
Withholding. The portion of any distribution under a policy that is includable
in gross income will be subject to federal income tax withholding unless the
recipient of such distribution elects not to have federal income tax withheld.
Election forms will be provided at the time distributions are requested or
made. For certain qualified policies, certain distributions are subject to
mandatory withholding. The withholding rate varies according to the type of
distribution and the owner's tax status. For qualified policies, "eligible
rollover distributions" from Section 401(a) plans and Section 403(b) tax-
sheltered annuities are subject to a mandatory federal income tax withholding
of 20%. An eligible rollover distribution is the taxable portion of any
distribution from such a plan, except certain distributions such as
distributions required by the Code or distributions in a specified annuity
form. The 20% withholding does not apply, however, if the owner chooses a
"direct rollover" from the plan to another tax-qualified plan or IRA.
Qualified Policies. The qualified policy is designed for use with several types
of tax-qualified retirement plans. The tax rules applicable to participants and
beneficiaries in tax-qualified retirement plans vary according to the type of
plan and the terms and conditions of the plan. Special favorable tax treatment
may be available for certain types of contributions and distributions. Adverse
tax consequences may result from contributions in excess of specified limits;
distributions prior to age 59 1/2 (subject to certain exceptions);
distributions that do not conform to specified commencement and minimum
distribution rules; and in other specified circumstances. Some retirement plans
are subject to distribution and other requirements that are not incorporated
into PFL's policy administration procedures. Owners, participants and
beneficiaries are responsible for determining that contributions, distributions
and other transactions with respect to the policies comply with applicable law.
For qualified plans under Section 401(a), 403(a), 403(b), and 457, the Code
requires that distributions generally must commence no later than the later of
April 1 of the calendar year following the calendar year in which the owner (or
plan participant) (i) reaches age 70 1/2 or (ii) retires, and must be made in a
specified form or manner. If the plan participant is a "5 percent owner" (as
defined in the Code), or if the policy is a traditional individual retirement
annuity, then distributions generally must begin no later
-17-
<PAGE>
than April 1 of the calendar year in which the owner (or plan participant)
reaches age 70 1/2. Each owner is responsible for requesting distributions
under the policy that satisfy applicable tax rules.
PFL makes no attempt to provide more than general information about use of the
policy with the various types of retirement plans. Purchasers of policies for
use with any retirement plan should consult their legal counsel and tax adviser
regarding the suitability of the policy.
Individual Retirement Annuities. In order to qualify as a traditional
individual retirement annuity under Section 408(b) of the Code, a policy must
contain certain provisions: (i) the owner must be the annuitant; (ii) the
policy generally is not transferable by the owner, e.g., the owner may not
designate a new owner, designate a successor owner or assign the policy as
collateral security; (iii) the total premium payments for any calendar year on
behalf of any individual may not exceed $2,000, except in the case of a
rollover amount or contribution under Sections 402(c), 403(a)(4), 403(b)(8) or
408(d)(3) of the Code; (iv) annuity payments or partial withdrawals must begin
no later than April 1 of the calendar year following the calendar year in which
the annuitant attains age 70 1/2; (v) an annuity payment option with a Period
Certain that will guarantee annuity payments beyond the life expectancy of the
annuitant and the beneficiary may not be selected; (vi) certain payments of
death benefits must be made in the event the annuitant dies prior to the
distribution of the policy value; and (vii) the entire interest of the owner is
non-forfeitable. Policies intended to qualify as traditional individual
retirement annuities under Section 408(b) of the Code contain such provisions.
Amounts in the IRA (other than nondeductible contributions) are taxed when
distributed from the IRA. Distributions prior to age 59 1/2 (unless certain
exceptions apply) are subject to a 10% penalty tax.
Section 408 of the Code also indicates that no part of the funds for an
individual retirement account or annuity ("IRA") may be invested in a life
insurance contract, but the regulations thereunder allow such funds to be
invested in an annuity policy that provides a death benefit that equals the
greater of the premiums paid or the cash value for the contract. The policy
provides an enhanced death benefit that could exceed the amount of such a
permissible death benefit, but it is unclear to what extent such an enhanced
death benefit could disqualify the policy under Section 408 of the Code. The
Internal Revenue Service has not reviewed the policy for qualification as an
IRA, and has not addressed in a ruling of general applicability whether an
enhanced death benefit provision, such as the provision in the policy, comports
with IRA qualification requirements.
Roth Individual Retirement Annuities (Roth IRA). The Roth IRA, under Section
408A of the Code, contains many of the same provisions as a traditional IRA.
However, there are some differences. First, the contributions are not
deductible and must be made in cash or as a rollover or transfer from another
Roth IRA or other IRA. A rollover from or conversion of an IRA to a Roth IRA
may be subject to tax and other special rules may apply. You should consult a
tax adviser before combining any converted amounts with any other Roth IRA
contributions, including any other conversion amounts from other tax years. The
Roth IRA is available to individuals with earned income and whose adjusted
gross income is under $110,000 for single filers, $160,000 for married filing
jointly, and $10,000 for married filing separately. The amount per individual
that may be contributed to all IRAs (Roth and traditional) is $2,000. Secondly,
the distributions are taxed differently. The Roth IRA offers tax-free
distributions when made from assets which have been held in the account for 5
tax years and are made after attaining age 59 1/2, to pay for qualified first
time homebuyer expenses (lifetime maximum of $10,000) or due to death or
disability. All other distributions are subject to income tax when made from
earnings and may be subject to a premature withdrawal penalty tax unless an
exception applies. Unlike the traditional IRA, there are no minimum required
distributions during the owner's lifetime; however, required distributions at
death are the same.
Section 403(b) Plans. Under Section 403(b) of the Code, payments made by public
school systems and certain tax exempt organizations to purchase policies for
their employees are excludable from the gross income of the employee, subject
to certain limitations. However, such payments may be subject to FICA
-18-
<PAGE>
(Social Security) taxes. The policy includes a death benefit that in some cases
may exceed the greater of the premium payments or the policy value. The death
benefit could be characterized as an incidental benefit, the amount of which is
limited in any tax-sheltered annuity under Section 403(b). Because the death
benefit may exceed this limitation, employers using the policy in connection
with such plans should consult their tax adviser. Additionally, in accordance
with the requirements of the Code, Section 403(b) annuities generally may not
permit distribution of (i) elective contributions made in years beginning after
December 31, 1988, and (ii) earnings on those contributions and (iii) earnings
on amounts attributed to elective contributions held as of the end of the last
year beginning before January 1, 1989. Distributions of such amounts will be
allowed only upon the death of the employee, on or after attainment of age 59
1/2, separation from service, disability, or financial hardship, except that
income attributable to elective contributions may not be distributed in the
case of hardship.
Corporate Pension and Profit Sharing Plans and H.R. 10 Plans. Sections 401(a)
and 403(a) of the Code permit corporate employers to establish various types of
retirement plans for employees and self-employed individuals to establish
qualified plans for themselves and their employees. Such retirement plans may
permit the purchase of the policies to accumulate retirement savings. Adverse
tax consequences to the plan, the participant or both may result if the policy
is assigned or transferred to any individual as a means to provide benefit
payments. The policy includes a death benefit that in some cases may exceed the
greater of the premium payments or the policy value. The death benefit could be
characterized as an incidental benefit, the amount of which is limited in an
pension or profit sharing plan. Because the death benefit may exceed this
limitation, employers using the policy in connection with such plans should
consult their tax adviser.
Deferred Compensation Plans. Section 457 of the Code, while not actually
providing for a qualified plan (as that term is not used in the Code), provides
for certain deferred compensation plans with respect to service for state
governments, local governments, political sub-divisions, agencies,
instrumentalities and certain affiliates of such entities, and tax exempt
organizations. The policies can be used with such plans. Under such plans a
participant may specify the form of investment in which his or her
participation will be made. For non-governmental 457 plans, all such
investments, however, are owned by, and are subject to, the claims of the
general creditors of the sponsoring employer. Depending on the terms of the
particular plan, a non-governmental employer may be entitled to draw on
deferred amounts for purposes unrelated to its Section 457 plan obligations. In
general, all amounts received under a Section 457 plan are taxable and are
subject to federal income tax withholding as wages.
Non-natural Persons. Pursuant to Section 72(u) of the Code, an annuity contract
held by a taxpayer other than a natural person generally will not be treated as
an annuity contract under the Code; accordingly, an owner who is not a natural
person will recognize as ordinary income for a taxable year the excess of (i)
the sum of the cash value as of the close of the taxable year and all previous
distributions under the policy over (ii) the sum of the premium payments paid
for the taxable year and any prior taxable year and the amounts includable in
gross income for any prior taxable year with respect to the policy. For these
purposes, the policy value at year-end may have to be increased by any positive
excess interest adjustment which could result from a full surrender at such
time. There is, however, no definitive guidance on the proper tax treatment of
excess interest adjustments and the owner should contact a competent tax
adviser with respect to the potential tax consequences of an excess interest
adjustment. Notwithstanding the preceding sentences in that paragraph, Section
72(u) of the Code does not apply to (i) a policy the nominal owner of which is
not a natural person but the beneficial owner of which is a natural person,
(ii) a policy acquired by the estate of a decedent by reason of such decedent's
death, (iii) a qualified policy (other than one qualifying under Section 457)
or (iv) a single-payment annuity the commencement date for which is no later
than one year from the date of the single premium payment; such policies are
taxed as described in the prospectus.
-19-
<PAGE>
Taxation of PFL
PFL at present is taxed as a life insurance company under part I of subchapter
L of the Code. The separate account is treated as part of PFL and, accordingly,
will not be taxed separately as a "regulated investment company" under
subchapter M of the Code. PFL does not expect to incur any federal income tax
liability with respect to investment income and net capital gains arising from
the activities of the separate account retained as part of the reserves under
the policy. Based on this expectation, it is anticipated that no charges will
be made against the separate account for federal income taxes. If, in future
years, any federal income taxes are incurred by PFL with respect to the
separate account, PFL may make a charge to the separate account.
INVESTMENT EXPERIENCE
A "Net Investment Factor" is used to determine the value of accumulation units
and annuity units, and to determine annuity payment rates.
Accumulation Units
Allocations of a premium payment directed to a subaccount are credited in the
form of accumulation units. Each subaccount has a distinct accumulation unit
value. The number of units credited is determined by dividing the premium
payment or amount transferred to the subaccount by the accumulation unit value
of the subaccount as of the end of the valuation period during which the
allocation is made. For each subaccount, the accumulation unit value for a
given business day is based on the net asset value of a share of the
corresponding portfolio of the underlying funds less any applicable charges or
fees.
Upon allocation to the selected subaccount of the separate account, premium
payments are converted into accumulation units of the subaccount. The number of
accumulation units to be credited is determined by dividing the dollar amount
allocated to each subaccount by the value of an accumulation unit for that
subaccount as next determined after the premium payment is received at the
administrative and service office or, in the case of the initial premium
payment, when the application is completed, whichever is later. The value of an
accumulation unit was arbitrarily established at $1.000000 at the inception of
each subaccount. Thereafter, the value of an accumulation unit is determined as
of the close of trading on each day the New York Stock Exchange is open for
trading.
An index (the "Net Investment Factor") which measures the investment
performance of a subaccount during a valuation period, is used to determine the
value of an accumulation unit for the next subsequent valuation period. The Net
Investment Factor may be greater or less than or equal to one; therefore, the
value of an accumulation unit may increase, decrease or remain the same from
one valuation period to the next. The owner bears this investment risk. The net
investment performance of a subaccount and deduction of certain charges affect
the accumulation unit value.
The Net Investment Factor for any subaccount for any valuation period is
determined by dividing (a) by (b) and subtracting (c) from the result, where:
(a) is the net result of:
(1) the net asset value per share of the shares held in the subaccount
determined at the end of the current valuation period, plus
(2) the per share amount of any dividend or capital gain distribution
made with respect to the shares held in the subaccount if the ex-
dividend date occurs during the current valuation period, plus or minus
-20-
<PAGE>
(3) a per share credit or charge for any taxes determined by PFL to
have resulted from the investment operations of the subaccount;
(b) the net asset value per share of the shares held in the subaccount
determined as of the end of the immediately preceding valuation period; and
(c) is the charge for mortality and expense risk during the valuation
period (equal on an annual basis to 1.10% for the Return of Premium Death
Benefit and 1.25% for both the 5% Annually Compounding Death Benefit or the
Annual Step-Up Death Benefit) of the daily net asset value of the
subaccount, plus the .15% administrative charge for all three Death Benefit
Options.
Illustration of Accumulation Unit Value Calculations
Formula and Illustration for Determining the Net Investment Factor
(Assume Either the 5% Annually Compounding Death Benefit or
the Annual Step-Up Death Benefit is in effect.)
Investment Experience Factor = (A + B - C) - E
D
<TABLE>
<C> <S> <C>
Where: A = The Net Asset Value of an underlying fund share as of the end of
the current valuation period.
Assume.....................................A = $11.57
B = The per share amount of any dividend or capital gains distribution
since the end of the immediately preceding valuation period.
Assume..........................................B = 0
C = The per share charge or credit for any taxes reserved for at the
end of the current valuation period.
Assume..........................................C = 0
D = The Net Asset Value of an underlying fund share at the end of the
immediately preceding valuation period.
Assume.....................................D = $11.40
E = The daily deduction for mortality and expense risk fee and
administrative charges, which totals 1.40% on an annual basis.
On a daily basis....................... = .0000380909
</TABLE>
Then, the Investment Experience Factor = (11.57 + 0 - 0) -
.0000380909 = Z = 1.0148741898
11.40
Formula and Illustration for Determining Accumulation Unit Value
Accumulation Unit Value = A * B
<TABLE>
<C> <S> <C>
Where: A = The accumulation unit value for the immediately preceding valuation
period.
Assume............................................ = $X
B = The Net Investment Factor for the current valuation period.
Assume............................................. = Y
</TABLE>
Then, the accumulation unit value = $X * Y = $Z
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<PAGE>
Annuity Unit Value and Annuity Payment Rates
The amount of variable annuity payments will vary with annuity unit values.
Annuity unit values rise if the net investment performance of the subaccount
exceeds the assumed interest rate of 5% annually. Conversely, annuity unit
values fall if the net investment performance of the subaccount is less than
the assumed rate. The value of a variable annuity unit in each subaccount was
established at $1.00 on the date operations began for that subaccount. The
value of a variable annuity unit on any subsequent business day is equal to (a)
multiplied by (b) multiplied by (c), where:
(a) is the variable annuity unit value for that subaccount on the
immediately preceding business day;
(b) is the net investment factor for that subaccount for the valuation
period; and
(c) is the investment result adjustment factor for the valuation period.
The investment result adjustment factor for the valuation period is the product
of discount factors of .99986634 per day to recognize the 5% effective annual
Assumed Investment Return. The valuation period is the period from the close of
the immediately preceding business day to the close of the current business
day.
The net investment factor for the policy used to calculate the value of a
variable annuity unit in each subaccount for the valuation period is determined
by dividing (i) by (ii) and subtracting (iii) from the result, where:
(i) is the result of:
(1) the net asset value of a fund share held in that subaccount
determined at the end of the current valuation period; plus
(2) the per share amount of any dividend or capital gain distributions
made by the fund for shares held in that subaccount if the ex-dividend
date occurs during the valuation period; plus or minus
(3) a per share charge or credit for any taxes reserved for, which PFL
determines to have resulted from the investment operations of the
subaccount.
(ii) is the net asset value of a fund share held in that subaccount
determined as of the end of the immediately preceding valuation period.
(iii) is a factor representing the mortality and expense risk fee and
administrative charge. This factor is equal, on an annual basis, to 1.25%
(for Death Benefit Option A) or 1.40% (for Death Benefit Options B and C)
of the daily net asset value of a fund share held in that subaccount.
The dollar amount of subsequent variable annuity payments will depend upon
changes in applicable annuity unit values.
The annuity payment rates vary according to the annuity option elected and the
sex and adjusted age of the annuitant at the annuity commencement date. The
policy also contains a table for determining the adjusted age of the annuitant.
-22-
<PAGE>
Illustration of Calculations for Annuity Unit Value
and Variable Annuity Payments
Formula and Illustration for Determining Annuity Unit Value
Annuity unit value = A * B * C
<TABLE>
<C> <S> <C>
Where: A = Annuity unit value for the immediately preceding valuation period.
Assume..............................................= $X
B = Investment Experience Factor for the valuation period for which the
annuity unit value is being calculated.
Assume..............................................= Y
C = A factor to neutralize the assumed interest rate of 5% built into the
annuity tables used.
Assume..............................................= Z
</TABLE>
Then, the annuity unit value is:
$X * Y * Z = $Q
Formula and Illustration for Determining Amount of First Monthly Variable
Annuity Payment
First monthly variable annuity payment = A * B
$1,000
<TABLE>
<C> <S> <C>
Where: A = The policy value as of the annuity commencement date.
Assume..........................................= $X
B = The Annuity purchase rate per $1,000 based upon the option
selected, the sex and adjusted age of the annuitant according to
the tables contained in the policy.
Assume..........................................= $Y
</TABLE>
Then, the first monthly variable annuity payment = $X * $Y = $Z
1,000
Formula and Illustration for Determining the Number of Annuity Units
Represented by Each Monthly Variable Annuity Payment
Number of annuity units = A
B
<TABLE>
<C> <S> <C>
Where: A = The dollar amount of the first monthly variable annuity payment.
Assume............................................= $X
B = The annuity unit value for the valuation date on which the first
monthly payment is due.
Assume............................................= $Y
</TABLE>
Then, the number of annuity units = $X = Z
$Y
FAMILY INCOME PROTECTOR--HYPOTHETICAL ILLUSTRATION
The amounts shown below are hypothetical guaranteed minimum monthly payment
amounts under the "family income protector" for a $100,000 premium when annuity
payments do not begin until the rider anniversary indicated in the left-hand
column. These figures assume the following:
. there were no subsequent premium payments or withdrawals;
-23-
<PAGE>
. there were no premium taxes;
. the $100,000 premium is subject to the family income protector;
. the annuitant is (or both annuitants are) 60 years old when the rider is
issued;
. the annual growth rate is 6.0% (once established an annual growth rate
will not change during the life of the family income protector rider);
and
. there was no upgrade of the minimum annuitization value.
Six different annuity payment options are illustrated: a male annuitant, a
female annuitant and a joint and survivor annuity, each on a Life Only and a
Life with 10 Year Certain basis. The figures below, which are the amount of the
first monthly payment, are based on an assumed investment return of 3%.
Subsequent payments will never be less than the amount of the first payment
(although subsequent payments are calculated using a 5% assumed investment
return).
Illustrations of guaranteed minimum payments based on other assumptions will be
provided upon request.
Life Only = Life Annuity with No Period Certain
Life 10 = Life Annuity with 10 Years
Certain
<TABLE>
<CAPTION>
Rider Anniversary at
Exercise Date Male Female Joint & Survivor
- ------------------------------------------------------------------------------
Life Only Life 10 Life Only Life 10 Life Only Life 10
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
10 (age 70) $1,135 $1,067 $ 976 $ 949 $ 854 $ 852
- ------------------------------------------------------------------------------
15 1,833 1,634 1,562 1,469 1,332 1,318
- ------------------------------------------------------------------------------
20 (age 80) 3,049 2,479 2,597 2,286 2,145 2,078
</TABLE>
This hypothetical illustration should not be deemed representative of past or
future performance of any underlying variable investment option.
Withdrawals will affect the minimum annuitization value as follows: Each policy
year, withdrawals up to the limit of the total free amount (the minimum
annuitization value on the last policy anniversary multiplied by the annual
growth rate) reduce the minimum annuitization value on a dollar-for-dollar
basis. Withdrawals over this free amount will reduce the minimum annuitization
value on a pro rata basis by an amount equal to the minimum annuitization value
immediately prior to the excess withdrawal multiplied by the percentage
reduction in the policy value resulting from the excess withdrawal. The free
amount will always be a relatively small fraction of the minimum annuitization
value.
The amount of the first payment provided by the family income protector will be
determined by multiplying each $1,000 of minimum annuitization value by the
applicable annuity factor shown on Schedule I of the family income protector
rider. The applicable annuity factor depends upon the annuitant's (and joint
annuitant's, if any) sex (or without regard to gender if required by law), age,
and the family income protector payment option selected and is based on a
guaranteed interest rate of 3% and the "1983 Table a" mortality table improved
to the year 2000 with projection Scale G. Subsequent payments will be
calculated as described in the family income protector rider using a 5% assumed
investment return. Subsequent payments may fluctuate annually in accordance
with the investment performance of the annuity subaccounts. However, subsequent
payments are guaranteed to never be less than the initial payment.
The stabilized payment on each subsequent policy anniversary after
annuitization using the family income protector will equal the greater of the
initial payment or the payment supportable by the annuity units in the selected
subaccounts. The supportable payment is equal to the number of variable annuity
units in the selected subaccounts multiplied by the variable annuity unit
values in those subaccounts on the date the payment is made. The variable
annuity unit values used to calculate the
-24-
<PAGE>
supportable payment will assume a 5% assumed investment return. If the
supportable payment at any payment date during a policy year is greater than
the stabilized payment for that policy year, the excess will be used to
purchase additional annuity units. Conversely, if the supportable payment at
any payment date during a policy year is less than the stabilized payment for
that policy year, there will be a reduction in the number of annuity units
credited to the policy to fund the deficiency. In the case of a reduction, you
will not participate as fully in the future investment performance of the
subaccounts you selected since fewer annuity units are credited to your policy.
Purchases and reductions will be allocated to each subaccount on a
proportionate basis.
PFL bears the risk that it will need to make payments if all annuity units have
been used in an attempt to maintain the stabilized payment at the initial
payment level. In such an event, PFL will make all future payments equal to the
initial payment. Once all the annuity units have been used, the amount of your
payment will not increase or decrease and will not depend upon the performance
of any subaccounts. To compensate PFL for this risk, a stabilized payment fee
will be deducted.
HISTORICAL PERFORMANCE DATA
Money Market Yields
PFL may from time to time disclose the current annualized yield of the VIP
Money Market Subaccount for a 7-day period in a manner which does not take into
consideration any realized or unrealized gains or losses on shares of the
portfolio securities. This current annualized yield is computed by determining
the net change (exclusive of realized gains and losses on the sale of
securities and unrealized appreciation and depreciation and income other than
investment income) at the end of the 7-day period in the value of a
hypothetical account having a balance of 1 unit at the beginning of the 7-day
period, dividing such net change in account value by the value of the account
at the beginning of the period to determine the base period return, and
annualizing this quotient on a 365-day basis. The net change in account value
reflects (i) net income from the portfolio attributable to the hypothetical
account; and (ii) charges and deductions imposed under a policy that are
attributable to the hypothetical account. The charges and deductions include
the per unit charges for the hypothetical account for (i) the administrative
charges; and (ii) the mortality and expense risk fee. Current Yield will be
calculated according to the following formula:
Current Yield = ((NCS * ES)/UV) * (365/7)
Where:
NCS= The net change in the value of the portfolio (exclusive of realized
gains and losses on the sale of securities and unrealized
appreciation and depreciation and income other than investment
income) for the 7-day period attributable to a hypothetical account
having a balance of 1 subaccount unit.
ES= Per unit expenses of the subaccount for the 7-day period.
UV= The unit value on the first day of the 7-day period.
Because of the charges and deductions imposed under a policy, the yield for the
VIP Money Market Subaccount will be lower than the yield for the VIP Money
Market Portfolio. The yield calculations do not reflect the effect of any
premium taxes or surrender charges that may be applicable to a particular
policy. Surrender charges range from 6% to 0% of the amount of premium payments
withdrawn based on the number of years since the premium payment was made.
However, surrender charges will not be assessed after the tenth policy year.
-25-
<PAGE>
PFL may also disclose the effective yield of the VIP Money Market Subaccount
for the same 7-day period, determined on a compounded basis. The effective
yield is calculated by compounding the base period return according to the
following formula:
Effective Yield = (1 + ((NCS - ES)/UV))/365///7/ - 1
Where:
NCS= The net change in the value of the account (exclusive of realized
gains and losses on the sale of securities and unrealized
appreciation and depreciation and income other than investment
income) for the 7-day period attributable to a hypothetical account
having a balance of 1 subaccount unit.
ES= Per unit expenses of the subaccount for the 7-day period.
UV= The unit value on the first day of the 7-day period.
The yield on amounts held in the VIP Money Market Subaccount normally will
fluctuate on a daily basis. Therefore, the disclosed yield for any given past
period is not an indication or representation of future yields or rates of
return. The VIP Money Market Subaccount actual yield is affected by changes in
interest rates on money market securities, average portfolio maturity of the
VIP Money Market Portfolio, the types and quality of portfolio securities held
by the VIP Money Market Portfolio and its operating expenses. For the seven
days ended December 31, 1998, the yield of the VIP Money Market Subaccount was
3.782%, and the effective yield was 3.853% for the Return of Premium Death
Benefit. For the seven days ended December 31, 1998, the yield of the VIP Money
Market Subaccount was 3.634%, and the effective yield was 3.699% for the 5%
Annually Compounding Death Benefit or Annual Step-Up Death Benefit.
Other Subaccount Yields
PFL may from time to time advertise or disclose the current annualized yield of
one or more of the subaccounts of the separate account (except the VIP Money
Market Subaccount) for 30-day periods. The annualized yield of a subaccount
refers to income generated by the subaccount over a specific 30-day period.
Because the yield is annualized, the yield generated by a subaccount during the
30-day period is assumed to be generated each 30-day period over a 12-month
period. The yield is computed by: (i) dividing the net investment income of the
subaccount less subaccount expenses for the period, by (ii) the maximum
offering price per unit on the last day of the period times the daily average
number of units outstanding for the period, compounding that yield for a 6-
month period, and (iii) multiplying that result by 2. Expenses attributable to
the subaccount include (i) the administrative charge and (ii) the mortality and
expense risk fee. The 30-day yield is calculated according to the following
formula:
Yield = 2 * ((((NI - ES)/(U * UV)) + 1)/6/ -1)
Where:
NI= Net investment income of the subaccount for the 30-day period
attributable to the subaccount's unit.
ES= Expenses of the subaccount for the 30-day period.
U= The average number of units outstanding.
UV=
The unit value at the close (highest) of the last day in the 30-day
period.
-26-
<PAGE>
Because of the charges and deductions imposed by the separate account, the
yield for a subaccount of the separate account will be lower than the yield for
its corresponding portfolio. The yield calculations do not reflect the effect
of any premium taxes or surrender charges that may be applicable to a
particular policy. Surrender charges range from 6% to 0% of the amount of
premium payments withdrawn based on the number of years since the premium
payment was made. However, surrender charges will not be assessed after the
tenth policy year.
The yield on amounts held in the subaccounts of the separate account normally
will fluctuate over time. Therefore, the disclosed yield for any given past
period is not an indication or representation of future yields or rates of
return. The types and quality of its investments and its operating expenses
affect a subaccount's actual yield.
Total Returns
PFL may from time to time also advertise or disclose total returns for one or
more of the subaccounts of the separate account for various periods of time.
One of the periods of time will include the period measured from the date the
subaccount commenced operations. When a subaccount has been in operation for 1,
5 and 10 years, respectively, the total return for these periods will be
provided. Total returns for other periods of time may from time to time also be
disclosed. Total returns represent the average annual compounded rates of
return that would equate an initial investment of $1,000 to the redemption
value of that investment as of the last day of each of the periods. The ending
date for each period for which total return quotations are provided will be for
the most recent month end practicable, considering the type and media of the
communication and will be stated in the communication.
Total returns will be calculated using subaccount unit values which PFL
calculates on each business day based on the performance of the subaccount's
underlying portfolio, and the deductions for the mortality and expense risk fee
and the administrative charges. Total return calculations will reflect the
effect of surrender charges that may be applicable to a particular period. The
total return will then be calculated according to the following formula:
P (1 + T)N = ERV
Where:
T= The average annual total return net of subaccount recurring charges.
ERV= The ending redeemable value of the hypothetical account at the end of
the period.
P= A hypothetical initial payment of $1,000.
N= The number of years in the period.
Other Performance Data
PFL may from time to time also disclose average annual total returns in a non-
standard format in conjunction with the standard format described above. The
non-standard format will be identical to the standard format except that the
surrender charge percentage will be assumed to be 0%.
PFL may from time to time also disclose cumulative total returns in conjunction
with the standard format described above. The cumulative returns will be
calculated using the following formula assuming that the surrender charge
percentage will be 0%.
-27-
<PAGE>
CTR = (ERV/P) -1
Where:
CTR= The cumulative total return net of subaccount recurring charges for
the period.
ERV= The ending redeemable value of the hypothetical investment at the end
of the period.
P= A hypothetical initial payment of $1,000.
All non-standard performance data will only be advertised if the standard
performance data for the same period, as well as for the required period, is
also disclosed.
Adjusted Historical Performance Data
From time to time, sales literature or advertisements may quote average annual
total returns for periods prior to the date the separate account commenced
operations. Such performance information for the subaccounts will be calculated
based on the performance of the various portfolios and the assumption that the
subaccounts were in existence for the same periods as those indicated for the
portfolios, with the level of policy charges that were in effect at the
inception of the subaccounts.
PUBLISHED RATINGS
PFL may from time to time publish in advertisements, sales literature and
reports to owners, the ratings and other information assigned to it by one or
more independent rating organizations such as A.M. Best Company, Standard &
Poor's Insurance Ratings Services, Moody's Investors Service and Duff & Phelps
Credit Rating Co. The purpose of the ratings is to reflect the financial
strength and/or claims-paying ability of PFL and they should not be considered
as bearing on the investment performance of assets held in the separate account
or of the safety or riskiness of an investment in the separate account. Each
year the A.M. Best Company reviews the financial status of thousands of
insurers, culminating in the assignment of Best's ratings. These ratings
reflect their current opinion of the relative financial strength and operating
performance of an insurance company in comparison to the norms of the
life/health insurance industry. In addition, the claims-paying ability of PFL
as measured by Standard & Poor's Insurance Ratings Services, Moody's Investors
Service or Duff & Phelps Credit Rating Co. may be referred to in advertisements
or sales literature or in reports to owners. These ratings are opinions of an
operating insurance company's financial capacity to meet the obligations of its
insurance policies in accordance with their terms. Claims-paying ability
ratings do not refer to an insurer's ability to meet non-policy obligations
such as debt or commercial paper obligations.
STATE REGULATION OF PFL
PFL is subject to the laws of Iowa governing insurance companies and to
regulation by the Iowa Division of Insurance. An annual statement in a
prescribed form is filed with the Division of Insurance each year covering the
operation of PFL for the preceding year and its financial condition as of the
end of such year. Regulation by the Division of Insurance includes periodic
examination to determine PFL's contract liabilities and reserves so that the
Division may determine the items are correct. PFL's books and accounts are
subject to review by the Division of Insurance at all times and a full
examination of its operations is conducted periodically by the National
Association of Insurance Commissioners. In addition, PFL is subject to
regulation under the insurance laws of other jurisdictions in which it may
operate.
-28-
<PAGE>
ADMINISTRATION
PFL performs administrative services for the policies. These services include
issuance of the policies, maintenance of records concerning the policies, and
certain valuation services.
RECORDS AND REPORTS
All records and accounts relating to the separate account will be maintained by
PFL. As presently required by the Investment Company Act of 1940 and
regulations promulgated thereunder, PFL will mail to all owners at their last
known address of record, at least annually, reports containing such information
as may be required under that Act or by any other applicable law or regulation.
Owners will also receive confirmation of each financial transaction and any
other reports required by law or regulation.
DISTRIBUTION OF THE POLICIES
The policies are offered to the public through brokers licensed under the
federal securities laws and state insurance laws. The offering of the policies
is continuous and PFL does not anticipate discontinuing the offering of the
policies. However, PFL reserves the right to discontinue the offering of the
policies.
AFSG Securities Corporation, an affiliate of PFL, is the principal underwriter
of the policies and may enter into agreements with broker-dealers for the
distribution of the policies. Prior to April 30, 1998, AEGON USA Securities,
Inc. (also an affiliate of PFL) was the principal underwriter. During 1998 and
1997, the amount paid to AFSG Securities Corporation, AEGON USA Securities,
Inc. and/or the broker-dealers for their services related to the Retirement
Income Builder Variable Annuity policies was $6,793,427.04 and $2,337,939.76.
No fees had been paid to any broker/dealers for their services prior to 1997.
OTHER PRODUCTS
PFL makes other variable annuity policies available that may also be funded
through the separate account. These variable annuity policies may have
different features, such as different investment choices or charges.
CUSTODY OF ASSETS
The assets of each of the subaccounts of the separate account are held by PFL.
The assets of each of the subaccounts of the separate account are segregated
and held separate and apart from the assets of the other subaccounts and from
PFL's general account assets. PFL maintains records of all purchases and
redemptions of shares of the underlying funds held by each of the subaccounts.
Additional protection for the assets of the separate account is afforded by
PFL's fidelity bond, presently in the amount of $5,000,000, covering the acts
of officers and employees of PFL.
LEGAL MATTERS
Sutherland Asbill & Brennan LLP, of Washington D.C has provided legal advice
relating to certain matters under the federal securities laws applicable to the
issue and sale of the policies to PFL.
-29-
<PAGE>
INDEPENDENT AUDITORS
The financial statements and schedules of PFL as of December 31, 1998 and 1997,
and for each of the three years in the period ended December 31, 1998, and the
financial statements of certain subaccounts of the PFL Retirement Builder
Variable Annuity Account which are available for investment by PFL Retirement
Income Builder Variable Annuity contract owners, as of December 31, 1998 and
for the year then ended and the period January 2, 1997 (commencement of
operations) through December 31, 1997, included in this Statement of Additional
Information have been audited by Ernst & Young LLP, Independent Auditors, Suite
3400, 801 Grand Avenue, Des Moines, Iowa 50309.
OTHER INFORMATION
A Registration Statement has been filed with the Securities and Exchange
Commission, under the Securities Act of 1933 as amended, with respect to the
policies discussed in this Statement of Additional Information. Not all of the
information set forth in the Registration Statement, amendments and exhibits
thereto has been included in the prospectus or this Statement of Additional
Information. Statements contained in the prospectus and this Statement of
Additional Information concerning the content of the policies and other legal
instruments are intended to be summaries. For a complete statement of the terms
of these documents, reference should be made to the instruments filed with the
Securities and Exchange Commission.
FINANCIAL STATEMENTS
The values of the interest of owners in the separate account will be affected
solely by the investment results of the selected subaccount(s). The financial
statements of PFL, which are included in this Statement of Additional
Information, should be considered only as bearing on the ability of PFL to meet
its obligations under the policies. They should not be considered as bearing on
the investment performance of the assets held in the separate account.
-30-
<PAGE>
FINANCIAL STATEMENTS--STATUTORY BASIS
PFL LIFE INSURANCE COMPANY
Years ended December 31, 1998, 1997 and 1996
with Report of Independent Auditors
<PAGE>
PFL LIFE INSURANCE COMPANY
FINANCIAL STATEMENTS--STATUTORY BASIS
Years ended December 31, 1998, 1997 and 1996
Contents
<TABLE>
<S> <C>
Report of Independent Auditors.............................................. 1
Audited Financial Statements
Balance Sheets--Statutory Basis........................................... 2
Statements of Operations--Statutory Basis................................. 3
Statements of Changes in Capital and Surplus--Statutory Basis............. 4
Statements of Cash Flows--Statutory Basis................................. 5
Notes to Financial Statements--Statutory Basis............................ 6
Statutory-Basis Financial Statement Schedules
Summary of Investments--Other Than Investments in Related Parties......... 24
Supplementary Insurance Information....................................... 25
Reinsurance............................................................... 26
</TABLE>
<PAGE>
[LETTERHEAD OF ERNST & YOUNG LLP APPEARS HERE]
Report of Independent Auditors
The Board of Directors
PFL Life Insurance Company
We have audited the accompanying statutory-basis balance sheets of PFL Life
Insurance Company as of December 31, 1998 and 1997, and the related statutory-
basis statements of operations, changes in capital and surplus, and cash flows
for each of the three years in the period ended December 31, 1998. Our audits
also included the accompanying statutory-basis financial statement schedules
required by Article 7 of Regulation S-X. These financial statements and
schedules are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
As described in Note 1 to the financial statements, the Company presents its
financial statements in conformity with accounting practices prescribed or
permitted by the Insurance Division, Department of Commerce, of the State of
Iowa, which practices differ from generally accepted accounting principles.
The variances between such practices and generally accepted accounting
principles also are described in Note 1. The effects on the financial
statements of these variances are not reasonably determinable but are presumed
to be material.
In our opinion, because of the effects of the matters described in the
preceding paragraph, the financial statements referred to above do not present
fairly, in conformity with generally accepted accounting principles, the
financial position of PFL Life Insurance Company at December 31, 1998 and
1997, or the results of its operations or its cash flows for each of the three
years in the period ended December 31, 1998.
However, in our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of PFL Life Insurance
Company at December 31, 1998 and 1997, and the results of its operations and
its cash flows for each of the three years in the period ended December 31,
1998 in conformity with accounting practices prescribed or permitted by the
Insurance Division, Department of Commerce, of the State of Iowa. Also, in our
opinion, the related financial statement schedules, when considered in
relation to the basic statutory-basis financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
/s/ Ernst & Young LLP
Des Moines, Iowa
February 19, 1999
1
<PAGE>
PFL LIFE INSURANCE COMPANY
BALANCE SHEETS--STATUTORY BASIS
(Dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
December 31
---------------------
1998 1997
---------- ----------
ADMITTED ASSETS
---------------
<S> <C> <C>
Cash and invested assets:
Cash and short-term investments............................ $ 83,289 $ 23,939
Bonds...................................................... 4,822,442 4,913,144
Stocks:
Preferred................................................ 14,754 2,750
Common (cost: 1998--$34,731; 1997--$33,058).............. 49,448 42,345
Affiliated entities (cost: 1998--$8,060; 1997--$10,798).. 5,613 8,031
Mortgage loans on real estate.............................. 1,012,433 935,207
Real estate, at cost less accumulated depreciation ($9,500
in 1998; $8,655 in 1997):
Home office properties................................... 8,056 8,283
Properties acquired in satisfaction of debt.............. 11,778 11,814
Investment properties.................................... 44,325 36,416
Policy loans............................................... 60,058 57,136
Other invested assets...................................... 76,482 29,864
---------- ----------
Total cash and invested assets......................... 6,188,678 6,068,929
Premiums deferred and uncollected........................... 15,318 16,101
Accrued investment income................................... 65,308 69,662
Receivable from affiliate................................... 643 --
Federal income taxes recoverable............................ 639 --
Transfers from separate accounts............................ 70,866 60,193
Other assets................................................ 29,511 37,624
Separate account assets..................................... 3,348,611 2,517,365
---------- ----------
Total admitted assets.................................. $9,719,574 $8,769,874
========== ==========
<CAPTION>
LIABILITIES AND CAPITAL AND SURPLUS
-----------------------------------
<S> <C> <C>
Liabilities:
Aggregate reserves for policies and contracts:
Life..................................................... $1,357,175 $ 884,018
Annuity.................................................. 3,925,293 4,204,125
Accident and health...................................... 205,736 169,328
Policy and contract claim reserves:
Life..................................................... 9,101 8,635
Accident and health...................................... 48,906 57,713
Other policyholders' funds................................. 162,266 143,831
Remittances and items not allocated........................ 19,690 153,745
Asset valuation reserve.................................... 91,588 69,825
Interest maintenance reserve............................... 50,575 30,287
Federal income taxes payable............................... -- 1,889
Short-term notes payable to affiliates..................... 9,421 16,400
Other liabilities.......................................... 76,766 75,070
Payable for securities..................................... 57,645 --
Payable to affiliates...................................... -- 13,240
Separate account liabilities............................... 3,342,884 2,512,406
---------- ----------
Total liabilities...................................... 9,357,046 8,340,512
Commitments and contingencies
Capital and surplus:
Common stock, $10 par value, 500 shares authorized, 266
issued and outstanding.................................... 2,660 2,660
Paid-in surplus............................................ 154,282 154,282
Unassigned surplus......................................... 205,586 272,420
---------- ----------
Total capital and surplus.............................. 362,528 429,362
---------- ----------
Total liabilities and capital and surplus.............. $9,719,574 $8,769,874
========== ==========
</TABLE>
See accompanying notes.
2
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Revenues:
Premiums and other considerations, net
of reinsurance:
Life.................................. $ 516,111 $ 202,435 $ 204,872
Annuity............................... 667,920 657,695 725,966
Accident and health................... 178,593 207,982 227,862
Net investment income................... 446,984 446,424 428,337
Amortization of interest maintenance re-
serve.................................. 8,656 3,645 2,434
Commissions and expense allowances on
reinsurance ceded...................... 32,781 49,859 73,931
---------- ---------- ----------
1,851,045 1,568,040 1,663,402
Benefits and expenses:
Benefits paid or provided for:
Life and accident and health bene-
fits................................. 135,184 146,583 147,024
Surrender benefits.................... 732,796 658,071 512,810
Other benefits........................ 152,209 126,495 101,288
Increase (decrease) in aggregate
reserves for policies and contracts:
Life.................................. 473,158 149,575 140,126
Annuity............................... (278,665) (203,139) 188,002
Accident and health................... 36,407 30,059 26,790
Other................................. 17,550 16,998 19,969
---------- ---------- ----------
1,268,639 924,642 1,136,009
Insurance expenses:
Commissions............................. 136,569 157,300 177,466
General insurance expenses.............. 48,018 57,571 57,282
Taxes, licenses and fees................ 19,166 8,715 13,889
Net transfers to separate accounts...... 265,702 297,480 171,785
Other expenses.......................... 1,016 119 526
---------- ---------- ----------
470,471 521,185 420,948
---------- ---------- ----------
1,739,110 1,445,827 1,556,957
---------- ---------- ----------
Gain from operations before federal income
tax expense and net realized capital
gains (losses) on investments............ 111,935 122,213 106,445
Federal income tax expense................ 49,835 43,381 41,177
---------- ---------- ----------
Gain from operations before net realized
capital gains (losses) on investments.... 62,100 78,832 65,268
Net realized capital gains (losses) on
investments (net of related federal
income taxes and amounts transferred to
interest maintenance reserve)............ 3,398 7,159 (3,503)
---------- ---------- ----------
Net income................................ $ 65,498 $ 85,991 $ 61,765
========== ========== ==========
</TABLE>
See accompanying notes.
3
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Total
Capital
Common Paid-in Unassigned and
Stock Surplus Surplus Surplus
------ -------- ---------- ---------
<S> <C> <C> <C> <C>
Balance at January 1, 1996............... $2,660 $154,129 $ 220,739 $ 377,528
Net income............................. -- -- 61,765 61,765
Change in net unrealized capital
gains................................. -- -- 2,351 2,351
Change in non-admitted assets.......... -- -- (148) (148)
Change in asset valuation reserve...... -- -- (10,930) (10,930)
Dividend to stockholder................ -- -- (20,000) (20,000)
Prior period adjustment................ -- -- 5,025 5,025
Surplus effect of sales of divisions... -- -- (384) (384)
Surplus effect of ceding commissions
associated with the sale of a
division.............................. -- -- 29 29
Amendment of reinsurance agreement..... -- -- 421 421
Change in liability for reinsurance in
unauthorized companies................ -- -- 2,690 2,690
------ -------- --------- ---------
Balance at December 31, 1996............. 2,660 154,129 261,558 418,347
Capital contribution................... -- 153 -- 153
Net income............................. -- -- 85,991 85,991
Change in net unrealized capital
gains................................. -- -- 3,592 3,592
Change in non-admitted assets.......... -- -- (481) (481)
Change in asset valuation reserve...... -- -- (14,974) (14,974)
Dividend to stockholder................ -- -- (62,000) (62,000)
Surplus effect of sale of a division... -- -- (161) (161)
Surplus effect of ceding commissions
associated with the sale of a
division.............................. -- -- 5 5
Amendment of reinsurance agreement..... -- -- 389 389
Surplus effect of reinsurance
agreement............................. -- -- 402 402
Change in liability for reinsurance in
unauthorized companies................ -- -- (1,901) (1,901)
------ -------- --------- ---------
Balance at December 31, 1997............. 2,660 154,282 272,420 429,362
Net income............................. -- -- 65,498 65,498
Change in net unrealized capital
gains................................. -- -- 4,504 4,504
Change in non-admitted assets.......... -- -- (260) (260)
Change in asset valuation reserve...... -- -- (21,763) (21,763)
Dividend to stockholder................ -- -- (120,000) (120,000)
Increase in liability for reinsurance
in unauthorized companies............. -- -- 2,036 2,036
Tax benefit on stock options
exercised............................. -- -- 2,476 2,476
Change in surplus in separate
accounts.............................. -- -- 675 675
------ -------- --------- ---------
Balance at December 31, 1998............. $2,660 $154,282 $ 205,586 $ 362,528
====== ======== ========= =========
</TABLE>
See accompanying notes.
4
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF CASH FLOWS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Year Ended December 31
-------------------------------------
1998 1997 1996
----------- ----------- -----------
<S> <C> <C> <C>
Operating Activities
Premiums and other considerations, net
of reinsurance......................... $ 1,396,428 $ 1,119,936 $ 1,240,748
Net investment income................... 469,246 452,091 431,456
Life and accident and health claims..... (138,249) (154,383) (147,556)
Surrender benefits and other fund
withdrawals............................ (732,796) (658,071) (512,810)
Other benefits to policyholders......... (152,167) (126,462) (101,254)
Commissions, other expenses and other
taxes.................................. (197,135) (225,042) (248,321)
Net transfers to separate accounts...... (276,375) (319,146) (210,312)
Federal income taxes.................... (72,176) (47,909) (35,551)
Cash paid in conjunction with an
amendment of a reinsurance agreement... -- (4,826) (5,812)
Cash received in connection with a
reinsurance agreement.................. -- 1,477 --
Other, net.............................. (93,095) 89,693 (41,677)
Net cash provided by operating
activities............................. 203,681 127,358 368,911
Investing Activities
Proceeds from investments sold, matured
or repaid:
Bonds and preferred stocks............ 3,347,174 3,284,095 2,112,831
Common stocks......................... 34,564 34,004 27,214
Mortgage loans on real estate......... 192,210 138,162 74,351
Real estate........................... 5,624 6,897 18,077
Cash received from ceding commissions
associated with the sale of a
division............................. -- 8 45
Other................................. 7,210 57,683 22,568
----------- ----------- -----------
3,586,782 3,520,849 2,255,086
Cost of investments acquired:
Bonds and preferred stocks............ (3,251,822) (3,411,442) (2,270,105)
Common stocks......................... (36,379) (37,339) (29,799)
Mortgage loans on real estate......... (257,039) (159,577) (324,381)
Real estate........................... (11,458) (2,013) (222)
Policy loans.......................... (2,922) (2,922) (1,539)
Cash paid in association with the sale
of a division........................ -- (591) (662)
Other................................. (44,514) (15,674) (6,404)
----------- ----------- -----------
(3,604,134) (3,629,558) (2,633,112)
----------- ----------- -----------
Net cash used in investing activities... (17,352) (108,709) (378,026)
Financing Activities
Issuance (repayment) of short-term
intercompany notes payable............. $ (6,979) $ 16,400 $ --
Capital contribution.................... -- 153 --
Dividends to stockholder................ (120,000) (62,000) (20,000)
----------- ----------- -----------
Net cash used in financing activities... (126,979) (45,447) (20,000)
----------- ----------- -----------
Increase (decrease) in cash and short-
term investments....................... 59,350 (26,798) (29,115)
Cash and short-term investments at
beginning of year...................... 23,939 50,737 79,852
----------- ----------- -----------
Cash and short-term investments at end
of year................................ $ 83,289 $ 23,939 $ 50,737
=========== =========== ===========
</TABLE>
See accompanying notes.
5
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS
(Dollars in thousands)
December 31, 1998
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
PFL Life Insurance Company ("the Company") is a stock life insurance company
and is a wholly-owned subsidiary of First AUSA Life Insurance Company ("First
AUSA"), which, in turn, is a wholly-owned subsidiary of AEGON USA, Inc.
("AEGON"). AEGON is an indirect wholly-owned subsidiary of AEGON N.V., a
holding company organized under the laws of The Netherlands.
In connection with the sale of certain affiliated business units, the
Company has assumed various blocks of business from these former affiliates
through mergers. In addition, the Company has canceled or entered into several
coinsurance and reinsurance agreements with affiliates and non-affiliates. The
following is a description of those transactions:
. During 1996, the Company sold its North Richland Hills, Texas health
administrative operations known as The Insurance Center. The transaction
resulted in the transfer of substantially all employees and office
facilities to United Insurance Companies, Inc. ("UICI"). All inforce
business will continue to be shared by UICI and the Company and its
affiliates through the existing coinsurance agreements. After a short
transition period, all new business produced by United Group Association,
an independent insurance agency, will be written by the insurance
subsidiaries of UICI and will not be shared with the Company and its
affiliates through coinsurance arrangements. As a result of the sale,
during 1996 the Company transferred $123 in assets, substantially all of
which was cash, and $70 of liabilities. The difference between the assets
and liabilities of $(53) plus a tax credit of $19 was charged directly to
unassigned surplus. During 1997, the Company transferred $591 in assets,
substantially all of which was cash and $343 of liabilities. The difference
between the assets and liabilities of $(248) net of a tax credit of $87 was
charged directly to unassigned surplus.
. On January 1, 1994, the Company entered into an agreement with a non-
affiliate reinsurer to annually increase reinsurance ceded (primarily group
health business) by 2 1/2% through 1997. As a result, during 1996, the
Company transferred $5,991 in assets, including $5,812 of cash and short-
term investments and liabilities of $6,146. The difference between the
assets and liabilities of $155, plus a tax credit of $266 was credited
directly to unassigned surplus. During 1997, the Company transferred $5,045
in assets, including $4,826 of cash and short-term investments, and
liabilities of $5,164. The difference between the assets and liabilities of
$119 plus a tax credit of $270 was credited directly to unassigned surplus.
. During 1993, the Company sold the Oakbrook Division (primarily group health
business). The initial transfer of risk occurred through an indemnity
reinsurance agreement. The policies will then be assumed by the reinsurer
by novation as state regulatory and policyholder approvals are received.
During 1996, the Company paid $539 in association with this sale; the
payment, net of a tax credit of $189, was charged directly to unassigned
surplus. In addition, the Company received from the third party
administrator a ceding commission of one percent of the premiums collected
between January 1, 1994 and December 31, 1996. As a result of the sale, in
1996, the Company received $45 for ceding commissions; the commissions net
of the related tax effect of $(16) were charged directly to unassigned
surplus. Also, during 1996, the Company paid $539 in association with this
sale; this payment, net of a tax credit of $189, was charged directly to
unassigned surplus. In 1997,
6
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the Company received $8 for ceding commissions; the commissions net of the
related tax effect of $3 were credited directly to unassigned surplus.
. During 1997, the Company entered into a reinsurance agreement with a non-
affiliate. As a result of the agreement, the Company received $1,480 of
assets, including $1,477 of cash and short-term securities, and $861 of
liabilities. The difference between the assets and liabilities of $619, net
of a tax effect of $217 was credited directly to unassigned surplus.
Nature of Business
The Company sells individual non-participating whole life, endowment and
term contracts, as well as a broad line of single fixed and flexible premium
annuity products. In addition, the Company offers group life, universal life,
and individual and specialty health coverages. The Company is licensed in 49
states and the District of Columbia. Sales of the Company's products are
primarily through the Company's agents and financial institutions.
Basis of Presentation
The preparation of financial statements of insurance companies requires
management to make estimates and assumptions that affect amounts reported in
the financial statements and accompanying notes. Actual results could differ
from those estimates.
Significant estimates and assumptions are utilized in the calculation of
aggregate policy reserves, policy and contract claim reserves, guaranty fund
assessment accruals and valuation allowances on investments. It is reasonably
possible that actual experience could differ from the estimates and
assumptions utilized which could have a material impact on the financial
statements.
The accompanying financial statements have been prepared on the basis of
accounting practices prescribed or permitted by the Insurance Division,
Department of Commerce, of the State of Iowa ("Insurance Department"), which
practices differ in some respects from generally accepted accounting
principles. The more significant of these differences are as follows: (a)
bonds are generally reported at amortized cost rather than segregating the
portfolio into held-to-maturity (reported at amortized cost), available-for-
sale (reported at fair value), and trading (reported at fair value)
classifications; (b) acquisition costs of acquiring new business are charged
to current operations as incurred rather than deferred and amortized over the
life of the policies; (c) policy reserves on traditional life products are
based on statutory mortality rates and interest which may differ from reserves
based on reasonable assumptions of expected mortality, interest, and
withdrawals which include a provision for possible unfavorable deviation from
such assumptions; (d) policy reserves on certain investment products use
discounting methodologies based on statutory interest rates rather than full
account values; (e) reinsurance amounts are netted against the corresponding
asset or liability rather than shown as gross amounts on the balance sheet;
(f) deferred income taxes are not provided for the difference between the
financial statement and income tax bases of assets and liabilities; (g) net
realized gains or losses attributed to changes in the level of interest rates
in the market are deferred and amortized over the remaining life of the bond
or mortgage loan, rather than recognized as gains or losses in the statement
of operations when the sale is completed; (h) potential declines in the
estimated realizable value of investments are provided for through the
establishment of a formula-determined statutory investment reserve (reported
as a liability), changes to which are charged directly to surplus, rather than
through recognition in the statement of operations for declines in value, when
such declines are judged to be other than temporary; (i) certain assets
designated as "non-admitted assets" have been charged to surplus rather than
being reported as assets; (j) revenues for universal life and investment
products
7
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
consist of premiums received rather than policy charges for the cost of
insurance, policy administration charges, amortization of policy initiation
fees and surrender charges assessed; (k) pension expense is recorded as
amounts are paid; (l) adjustments to federal income taxes of prior years are
charged or credited directly to unassigned surplus, rather than reported as a
component of expense in the statement of operations; (m) gains or losses on
dispositions of business are charged or credited directly to unassigned
surplus rather than being reported in the statement of operations; and (n) a
liability is established for "unauthorized reinsurers" and changes in this
liability are charged or credited directly to unassigned surplus. The effects
of these variances have not been determined by the Company but are presumed to
be material.
In 1998, the National Association of Insurance Commissioners ("NAIC")
adopted codified statutory accounting principles ("Codification").
Codification will likely change, to some extent, prescribed statutory
accounting practices and may result in changes to the accounting practices
that the Company uses to prepare its statutory-basis financial statements.
Codification will require adoption by the various states before it becomes the
prescribed statutory basis of accounting for insurance companies domesticated
within those states. Accordingly, before Codification becomes effective for
the Company, the State of Iowa must adopt Codification as the prescribed basis
of accounting on which domestic insurers must report their statutory-basis
results to the Insurance Department. At this time, it is unclear whether the
State of Iowa will adopt Codification. However, based on current guidance,
management believes that the impact of Codification will not be material to
the Company's statutory-basis financial statements.
Cash and Cash Equivalents
For purposes of the statements of cash flows, the Company considers all
highly liquid investments with remaining maturity of one year or less when
purchased to be cash equivalents.
Investments
Investments in bonds (except those to which the Securities Valuation Office
of the NAIC has ascribed a value), mortgage loans on real estate and short-
term investments are reported at cost adjusted for amortization of premiums
and accrual of discounts. Amortization is computed using methods which result
in a level yield over the expected life of the investment. The Company reviews
its prepayment assumptions on mortgage and other asset-backed securities at
regular intervals and adjusts amortization rates retrospectively when such
assumptions are changed due to experience and/or expected future patterns.
Investments in preferred stocks in good standing are reported at cost.
Investments in preferred stocks not in good standing are reported at the lower
of cost or market. Common stocks of unaffiliated and affiliated companies,
which includes shares of mutual funds and real estate investment trusts, are
carried at market value. Real estate is reported at cost less allowances for
depreciation. Depreciation is computed principally by the straight-line
method. Policy loans are reported at unpaid principal. Other invested assets
consist principally of investments in various joint ventures and are recorded
at equity in underlying net assets. Other "admitted assets" are valued,
principally at cost, as required or permitted by Iowa Insurance Laws.
Net realized capital gains and losses are determined on the basis of
specific identification and are recorded net of related federal income taxes.
The Asset Valuation Reserve ("AVR") is established by the Company to provide
for potential losses in the event of default by issuers of certain invested
assets. These amounts are determined using a formula prescribed by the NAIC
and are reported as a liability. The formula for the AVR provides for a
corresponding adjustment for realized gains and losses. Under
8
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
a formula prescribed by the NAIC, the Company defers, in the Interest
Maintenance Reserve ("IMR"), the portion of realized gains and losses on sales
of fixed income investments, principally bonds and mortgage loans,
attributable to changes in the general level of interest rates and amortizes
those deferrals over the remaining period to maturity of the security.
Interest income is recognized on an accrual basis. The Company does not
accrue income on bonds in default, mortgage loans on real estate in default
and/or foreclosure or which are delinquent more than twelve months, or on real
estate where rent is in arrears for more than three months. Further, income is
not accrued when collection is uncertain. At December 31, 1998, 1997 and 1996,
the Company excluded investment income due and accrued of $102, $177 and
$1,541, respectively, with respect to such practices.
The Company uses interest rate swaps and caps as part of its overall
interest rate risk management strategy for certain life insurance and annuity
products. The Company entered into several interest rate swap contracts to
modify the interest rate characteristics of the underlying liabilities. The
net interest effect of such swap transactions is reported as an adjustment of
interest income from the hedged items as incurred.
The Company has entered into an interest rate cap agreement to hedge the
exposure of changing interest rates. The cash flows from the interest rate cap
will help offset losses that might occur from changes in interest rates. The
cost of such agreement is included in interest expense ratably during the life
of the agreement. Income received as a result of the cap agreement will be
recognized in investment income as earned. Unamortized cost of the agreements
is included in other invested assets.
Aggregate Policy Reserves
Life, annuity and accident and health benefit reserves are developed by
actuarial methods and are determined based on published tables based on
statutorily specified interest rates and valuation methods that will provide,
in the aggregate, reserves that are greater than or equal to the minimum
required by law.
The aggregate policy reserves for life insurance policies are based
principally upon the 1941, 1958 and 1980 Commissioners' Standard Ordinary
Mortality and American Experience Mortality Tables. The reserves are
calculated using interest rates ranging from 2.00 to 6.00 percent and are
computed principally on the Net Level Premium Valuation and the Commissioners'
Reserve Valuation Methods. Reserves for universal life policies are based on
account balances adjusted for the Commissioners' Reserve Valuation Method.
Deferred annuity reserves are calculated according to the Commissioners'
Annuity Reserve Valuation Method including excess interest reserves to cover
situations where the future interest guarantees plus the decrease in surrender
charges are in excess of the maximum valuation rates of interest. Reserves for
immediate annuities and supplementary contracts with life contingencies are
equal to the present value of future payments assuming interest rates ranging
from 2.50 to 11.25 percent and mortality rates, where appropriate, from a
variety of tables.
Accident and health policy reserves are equal to the greater of the gross
unearned premiums or any required midterminal reserves plus net unearned
premiums and the present value of amounts not yet due on both reported and
unreported claims.
9
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Policy and Contract Claim Reserves
Claim reserves represent the estimated accrued liability for claims reported
to the Company and claims incurred but not yet reported through the statement
date. These reserves are estimated using either individual case-basis
valuations or statistical analysis techniques. These estimates are subject to
the effects of trends in claim severity and frequency. The estimates are
continually reviewed and adjusted as necessary as experience develops or new
information becomes available.
Separate Accounts
Assets held in trust for purchases of variable annuity contracts and the
Company's corresponding obligation to the contract owners are shown separately
in the balance sheets. The assets in the separate accounts are valued at
market. Income and gains and losses with respect to the assets in the separate
accounts accrue to the benefit of the policyholders and, accordingly, the
operations of the separate accounts are not included in the accompanying
financial statements. The separate accounts do not have any minimum guarantees
and the investment risks associated with market value changes are borne
entirely by the policyholders. The Company received variable contract premiums
of $345,319, $281,095 and $227,864 in 1998, 1997 and 1996, respectively. All
variable account contracts are subject to discretionary withdrawal by the
policyholder at the market value of the underlying assets less the current
surrender charge.
Stock Option Plan
AEGON N.V. sponsors a stock option plan for eligible employees of the
Company. Under this plan, certain employees have indicated a preference to
immediately sell shares received as a result of their exercise of the stock
options; in these situations, AEGON N.V. has settled such options in cash
rather than issuing stock to these employees. These cash settlements are paid
by the Company, and AEGON N.V. subsequently reimburses the Company for such
payments. Under statutory accounting principles, the Company does not record
any expense related to this plan, as the expense is recognized by AEGON N.V.
However, the Company is allowed to record a deduction in the consolidated tax
return filed by the Company and certain affiliates. The tax benefit of this
deduction has been credited directly to surplus.
Reclassifications
Certain reclassifications have been made to the 1997 and 1996 financial
statements to conform to the 1998 presentation.
2. FAIR VALUES OF FINANCIAL INSTRUMENTS
Statement of Financial Accounting Standard ("SFAS") No. 107, Disclosures
about Fair Value of Financial Instruments, requires disclosure of fair value
information about financial instruments, whether or not recognized in the
statutory-basis balance sheet, for which it is practicable to estimate that
value. SFAS No. 119, Disclosures about Derivative Financial Instruments and
Fair Value of Financial Instruments, requires additional disclosure about
derivatives. In cases where quoted market prices are not available, fair
values are based on estimates using present value or other valuation
techniques. Those techniques are significantly affected by the assumptions
used, including the discount rate and estimates of future cash flows. In that
regard, the derived fair value estimates cannot be substantiated by
comparisons to independent markets and, in many cases, could not be realized
in immediate settlement of the instrument. SFAS No. 107 and No. 119 exclude
certain financial instruments and all nonfinancial instruments from their
disclosure requirements and allow companies to forego the
10
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
disclosures when those estimates can only be made at excessive cost.
Accordingly, the aggregate fair value amounts presented do not represent the
underlying value of the Company.
The following methods and assumptions were used by the Company in estimating
its fair value disclosures for financial instruments:
Cash and short-term investments: The carrying amounts reported in the
balance sheet for these instruments approximate their fair values.
Investment securities: Fair values for fixed maturity securities
(including redeemable preferred stocks) are based on quoted market prices,
where available. For fixed maturity securities not actively traded, fair
values are estimated using values obtained from independent pricing
services or, in the case of private placements, are estimated by
discounting expected future cash flows using a current market rate
applicable to the yield, credit quality, and maturity of the investments.
The fair values for equity securities, including affiliated mutual funds
and real estate investment trusts, are based on quoted market prices.
Mortgage loans and policy loans: The fair values for mortgage loans are
estimated utilizing discounted cash flow analyses, using interest rates
reflective of current market conditions and the risk characteristics of the
loans. The fair value of policy loans is assumed to equal their carrying
value.
Investment contracts: Fair values for the Company's liabilities under
investment-type insurance contracts are estimated using discounted cash
flow calculations, based on interest rates currently being offered for
similar contracts with maturities consistent with those remaining for the
contracts being valued.
Interest rate cap and interest rate swaps: Estimated fair value of the
interest rate cap is based upon the latest quoted market price. Estimated
fair value of interest rate swaps are based upon the pricing differential
for similar swap agreements.
Fair values for the Company's insurance contracts other than investment
contracts are not required to be disclosed. However, the fair values of
liabilities under all insurance contracts are taken into consideration in the
Company's overall management of interest rate risk, which minimizes exposure
to changing interest rates through the matching of investment maturities with
amounts due under insurance contracts.
11
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
The following sets forth a comparison of the fair values and carrying values
of the Company's financial instruments subject to the provisions of SFAS No.
107 and No. 119:
<TABLE>
<CAPTION>
December 31
-------------------------------------------
1998 1997
--------------------- ---------------------
Carrying Carrying
Value Fair Value Value Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Admitted Assets
Cash and short-term investments.... $ 83,289 $ 83,289 $ 23,939 $ 23,939
Bonds.............................. 4,822,442 4,900,516 4,913,144 5,046,527
Preferred stocks................... 14,754 14,738 2,750 8,029
Common stocks...................... 49,448 49,448 42,345 42,345
Affiliated common stock............ 5,613 5,613 8,031 8,031
Mortgage loans on real estate...... 1,012,433 1,089,315 935,207 983,720
Policy loans....................... 60,058 60,058 57,136 57,136
Interest rate cap.................. 4,445 725 5,618 1,513
Interest rate swaps................ 1,916 6,667 -- 2,546
Separate account assets............ 3,348,611 3,348,611 2,517,365 2,517,365
Liabilities
Investment contract liabilities.... 4,084,683 4,017,509 4,345,181 4,283,461
Separate account liabilities....... 3,271,005 3,213,251 2,452,205 2,452,205
</TABLE>
3. INVESTMENTS
The carrying value and estimated fair value of investments in debt securities
were as follows:
<TABLE>
<CAPTION>
Gross Gross
Carrying Unrealized Unrealized Estimated
Value Gains Losses Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
December 31, 1998
Bonds:
United States Government and
agencies........................ $ 150,085 $ 2,841 $ 321 $ 152,605
State, municipal and other
government...................... 62,948 918 1,651 62,215
Public utilities................. 139,732 5,053 2,555 142,230
Industrial and miscellaneous..... 2,068,086 78,141 34,493 2,111,734
Mortgage and other asset-backed
securities...................... 2,401,591 45,185 15,044 2,431,732
---------- -------- ------- ----------
4,822,442 132,138 54,064 4,900,516
Preferred stocks................... 14,754 75 91 14,738
---------- -------- ------- ----------
$4,837,196 $132,213 $54,155 $4,915,254
========== ======== ======= ==========
</TABLE>
12
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
<TABLE>
<CAPTION>
Gross Gross
Carrying Unrealized Unrealized Estimated
Value Gains Losses Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
December 31, 1997
Bonds:
United States Government and
agencies........................ $ 188,241 $ 2,562 $ 21 $ 190,782
State, municipal and other
government...................... 61,532 2,584 1,774 62,342
Public utilities................. 121,582 5,384 2,952 124,014
Industrial and miscellaneous..... 1,955,587 85,233 7,752 2,033,068
Mortgage and other asset-backed
securities...................... 2,586,202 55,382 5,263 2,636,321
---------- -------- ------- ----------
4,913,144 151,145 17,762 5,046,527
Preferred stocks................... 2,750 5,279 -- 8,029
---------- -------- ------- ----------
$4,915,894 $156,424 $17,762 $5,054,556
========== ======== ======= ==========
</TABLE>
The carrying value and estimated fair value of bonds at December 31, 1998,
by contractual maturity, are shown below. Expected maturities may differ from
contractual maturities because borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.
<TABLE>
<CAPTION>
Carrying Estimated
Value Fair Value
---------- ----------
<S> <C> <C>
Due in one year or less............................... $ 151,747 $ 148,410
Due after one year through five years................. 1,211,064 1,232,329
Due after five years through ten years................ 753,543 761,787
Due after ten years................................... 304,497 326,258
---------- ----------
2,420,851 2,468,784
Mortgage and other asset-backed securities............ 2,401,591 2,431,732
---------- ----------
$4,822,442 $4,900,516
========== ==========
</TABLE>
A detail of net investment income is presented below:
<TABLE>
<CAPTION>
Year Ended December 31
--------------------------
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Interest on bonds and notes......................... $374,478 $373,496 $364,356
Dividends on equity investments..................... 1,357 1,460 1,436
Interest on mortgage loans.......................... 77,960 80,266 69,418
Rental income on real estate........................ 6,553 7,501 9,526
Interest on policy loans............................ 4,080 3,400 3,273
Other investment income............................. 2,576 613 1,799
-------- -------- --------
Gross investment income............................. 467,004 466,736 449,808
Investment expenses................................. 20,020 20,312 21,471
-------- -------- --------
Net investment income............................... $446,984 $446,424 $428,337
======== ======== ========
</TABLE>
13
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Proceeds from sales and maturities of debt securities and related gross
realized gains and losses were as follows:
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Proceeds.................................... $3,347,174 $3,284,095 $2,112,831
========== ========== ==========
Gross realized gains........................ $ 48,760 $ 30,094 $ 19,876
Gross realized losses....................... (8,072) (17,265) (19,634)
---------- ---------- ----------
Net realized gains.......................... $ 40,688 $ 12,829 $ 242
========== ========== ==========
</TABLE>
At December 31, 1998, investments with an aggregate carrying value of
$5,935,160 were on deposit with regulatory authorities or were restrictively
held in bank custodial accounts for the benefit of such regulatory authorities
as required by statute.
Realized investment gains (losses) and changes in unrealized gains (losses)
for investments are summarized below:
<TABLE>
<CAPTION>
Realized
---------------------------
Year Ended December 31
---------------------------
1998 1997 1996
-------- -------- -------
<S> <C> <C> <C>
Debt securities................................... $ 40,688 $ 12,829 $ 242
Short-term investments............................ 1,533 (19) (197)
Equity securities................................. (879) 6,972 1,798
Mortgage loans on real estate..................... 12,637 2,252 (5,530)
Real estate....................................... 3,176 4,252 1,210
Other invested assets............................. (2,523) 1,632 12
-------- -------- -------
54,632 27,918 (2,465)
Tax effect........................................ (22,290) (10,572) (1,235)
Transfer to interest maintenance reserve.......... (28,944) (10,187) 197
-------- -------- -------
Net realized gains (losses)....................... $ 3,398 $ 7,159 $(3,503)
======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
Change in Unrealized
---------------------------
Year Ended December 31
---------------------------
1998 1997 1996
-------- ------- ---------
<S> <C> <C> <C>
Debt securities.................................. $(60,604) $40,289 $(115,867)
Equity securities................................ 5,750 5,653 2,929
-------- ------- ---------
Change in unrealized appreciation
(depreciation).................................. $(54,854) $45,942 $(112,938)
======== ======= =========
</TABLE>
Gross unrealized gains and gross unrealized losses on equity securities were
as follows:
<TABLE>
<CAPTION>
December 31
-------------------------
1998 1997 1996
------- ------- -------
<S> <C> <C> <C>
Unrealized gains..................................... $15,980 $10,356 $ 9,590
Unrealized losses.................................... (3,710) (3,836) (8,723)
------- ------- -------
Net unrealized gains................................. $12,270 $ 6,520 $ 867
======= ======= =======
</TABLE>
14
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
During 1998, the Company issued mortgage loans with interest rates ranging
from 5.88% to 7.86%. The maximum percentage of any one mortgage loan to the
value of the underlying real estate at origination was 90% for commercial
loans and 95% for residential loans. Mortgage loans with a carrying value of
$245 were non-income producing for the previous twelve months. Accrued
interest of $89 related to these mortgage loans was excluded from investment
income. The Company requires all mortgaged properties to carry fire insurance
equal to the value of the underlying property.
At December 31, 1998 and 1997, the Company held a mortgage loan loss reserve
in the asset valuation reserve of $16,104 and $11,985, respectively. The
mortgage loan portfolio is diversified by geographic region and specific
collateral property type as follows:
Geographic Distribution
<TABLE>
<CAPTION>
December 31
-------------
1998 1997
----- -----
<S> <C> <C>
South Atlantic............................ 32% 29%
E. North Central.......................... 16 12
Pacific................................... 15 15
Mountain.................................. 10 10
Middle Atlantic........................... 10 7
W. South Central.......................... 6 9
W. North Central.......................... 5 6
E. South Central.......................... 3 8
New England............................... 3 4
</TABLE>
Property Type Distribution
<TABLE>
<CAPTION>
December 31
-------------
1998 1997
----- -----
<S> <C> <C>
Retail.................................... 35% 35%
Office.................................... 30 31
Industrial................................ 21 6
Apartment................................. 12 14
Other..................................... 2 14
</TABLE>
At December 31, 1998, the Company had no investments (excluding U.S.
Government guaranteed or insured issues) which individually represented more
than ten percent of capital and surplus and the asset valuation reserve.
The Company utilizes a variety of off-balance sheet financial instruments as
part of its efforts to hedge and manage fluctuations in the market value of
its investment portfolio attributable to changes in general interest rate
levels and to manage duration mismatch of assets and liabilities. These
instruments include interest rate exchange agreements (swaps and caps),
options, and commitments to extend credit and all involve elements of credit
and market risks in excess of the amounts recognized in the accompanying
financial statements at a given point in time. The contract or notional
amounts of those instruments reflect the extent of involvement in the various
types of financial instruments.
The Company's exposure to credit risk is the risk of loss from a
counterparty failing to perform according to the terms of the contract. That
exposure includes settlement risk (i.e., the risk that the
15
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
counterparty defaults after the Company has delivered funds or securities
under terms of the contract) that would result in an accounting loss and
replacement cost risk (i.e., the cost to replace the contract at current
market rates should the counterparty default prior to settlement date). Credit
loss exposure resulting from nonperformance by a counterparty for commitments
to extend credit is represented by the contractual amounts of the instruments.
At December 31, 1998 and 1997, the Company's outstanding financial
instruments with on and off-balance sheet risks, shown in notional amounts,
are summarized as follows:
<TABLE>
<CAPTION>
Notional Amount
-----------------
1998 1997
-------- --------
<S> <C> <C>
Derivative securities:
Interest rate swaps:
Receive fixed--pay floating............................... $100,000 $100,000
Receive floating (uncapped)--pay floating (capped)........ 53,011 67,229
Receive floating (LIBOR)--pay floating (S&P).............. 60,000 --
Interest rate cap agreements................................ 500,000 500,000
</TABLE>
4. REINSURANCE
The Company reinsures portions of risk on certain insurance policies which
exceed its established limits, thereby providing a greater diversification of
risk and minimizing exposure on larger risks. The Company remains contingently
liable with respect to any insurance ceded, and this would become an actual
liability in the event that the assuming insurance company became unable to
meet its obligation under the reinsurance treaty.
Reinsurance assumption and cession treaties are transacted primarily with
affiliates. Premiums earned reflect the following reinsurance assumed and
ceded amounts:
<TABLE>
<CAPTION>
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Direct premiums............................. $1,533,822 $1,312,446 $1,457,450
Reinsurance assumed......................... 2,366 2,038 1,796
Reinsurance ceded........................... (173,564) (246,372) (300,546)
---------- ---------- ----------
Net premiums earned......................... $1,362,624 $1,068,112 $1,158,700
========== ========== ==========
</TABLE>
The Company received reinsurance recoveries in the amount of $173,297,
$183,638 and $168,155 during 1998, 1997 and 1996, respectively. At December
31, 1998 and 1997, estimated amounts recoverable from reinsurers that have
been deducted from policy and contract claim reserves totaled $47,956 and
$60,437, respectively. The aggregate reserves for policies and contracts were
reduced for reserve credits for reinsurance ceded at December 31, 1998 and
1997 of $2,163,905 and $2,434,130, respectively.
At December 31, 1998, amounts recoverable from unauthorized reinsurers of
$55,379 (1997--$73,080) and reserve credits for reinsurance ceded of $49,835
(1997--$78,838) were associated with a single reinsurer and its affiliates.
The Company holds collateral under these reinsurance agreements in the form of
trust agreements totaling $106,226 at December 31, 1998 that can be drawn on
for amounts that remain unpaid for more than 120 days.
16
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
5. INCOME TAXES
For federal income tax purposes, the Company joins in a consolidated tax
return filing with certain affiliated companies. Under the terms of a tax-
sharing agreement between the Company and its affiliates, the Company computes
federal income tax expense as if it were filing a separate income tax return,
except that tax credits and net operating loss carryforwards are determined on
the basis of the consolidated group. Additionally, the alternative minimum tax
is computed for the consolidated group and the resulting tax, if any, is
allocated back to the separate companies on the basis of the separate
companies' alternative minimum taxable income.
Federal income tax expense differs from the amount computed by applying the
statutory federal income tax rate to gain from operations before federal
income tax expense and net realized capital gains (losses) on investments for
the following reasons:
<TABLE>
<CAPTION>
Year Ended December 31
-------------------------
1998 1997 1996
------- ------- -------
<S> <C> <C> <C>
Computed tax at federal statutory rate (35%)......... $39,177 $42,775 $37,256
Tax reserve adjustment............................... 607 2,004 2,211
Excess tax depreciation.............................. (223) (392) (384)
Deferred acquisition costs--tax basis................ 11,827 4,308 5,583
Prior year under (over) accrual...................... 1,750 (1,016) (499)
Dividend received deduction.......................... (1,053) (941) (454)
Charitable contribution.............................. -- (848) --
Other items--net..................................... (2,250) (2,509) (2,536)
------- ------- -------
Federal income tax expense........................... $49,835 $43,381 $41,177
======= ======= =======
</TABLE>
Prior to 1984, as provided for under the Life Insurance Company Tax Act of
1959, a portion of statutory income was not subject to current taxation but
was accumulated for income tax purposes in a memorandum account referred to as
the policyholders' surplus account. No federal income taxes have been provided
for in the financial statements on income deferred in the policyholders'
surplus account ($20,387 at December 31, 1998). To the extent dividends are
paid from the amount accumulated in the policyholders' surplus account, net
earnings would be reduced by the amount of tax required to be paid. Should the
entire amount in the policyholders' surplus account become taxable, the tax
thereon computed at current rates would amount to approximately $7,135.
The Company's federal income tax returns have been examined and closing
agreements have been executed with the Internal Revenue Service through 1987.
During 1996, there was a $5,025 prior period adjustment to the tax accrual.
This included a $2,100 writeoff of an intangible asset for tax purposes, and a
federal income tax refund of $1,829 for tax years 1984 through 1986 and
related interest of $1,686, net of a tax effect of $590. An examination is
underway for years 1993 through 1995.
6. POLICY AND CONTRACT ATTRIBUTES
A portion of the Company's policy reserves and other policyholders' funds
(including separate account liabilities) relates to liabilities established on
a variety of the Company's products that are not subject to significant
mortality or morbidity risk; however, there may be certain restrictions placed
upon
17
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the amount of funds that can be withdrawn without penalty. The amount of
reserves on these products, by withdrawal characteristics, are summarized as
follows:
<TABLE>
<CAPTION>
December 31
-------------------------------------
1998 1997
------------------ ------------------
Percent Percent
of of
Amount Total Amount Total
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Subject to discretionary withdrawal with
market value adjustment................. $ 82,048 1% $ 8,912 0%
Subject to discretionary withdrawal at
book value less surrender charge........ 515,778 5 755,300 8
Subject to discretionary withdrawal at
market value............................ 3,211,896 34 2,454,845 27
Subject to discretionary withdrawal at
book value (minimal or no charges or
adjustments)............................ 5,519,265 58 5,821,049 63
Not subject to discretionary withdrawal
provision............................... 228,030 2 203,522 2
---------- --- ---------- ---
9,557,017 100% 9,243,628 100%
Less reinsurance ceded................... 2,124,769 2,372,495
---------- ----------
Total policy reserves on annuities and
deposit fund liabilities................ $7,432,248 $6,871,134
========== ==========
</TABLE>
A reconciliation of the amounts transferred to and from the separate accounts
is presented below:
<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Transfers as reported in the summary of operations
of the separate accounts statement:
Transfers to separate accounts.................... $345,319 $281,095 $227,864
Transfers from separate accounts.................. 79,808 9,819 75,172
-------- -------- --------
Net transfers to separate accounts.................. 265,511 271,276 152,692
Reconciling adjustments--charges for investment
management, administration fees and contract
guarantees......................................... 191 26,204 19,093
-------- -------- --------
Transfers as reported in the summary of operations
of the life, accident and health annual statement.. $265,702 $297,480 $171,785
======== ======== ========
</TABLE>
18
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Reserves on the Company's traditional life products are computed using mean
reserving methodologies. These methodologies result in the establishment of
assets for the amount of the net valuation premiums that are anticipated to be
received between the policy's paid-through date to the policy's next
anniversary date. At December 31, 1998 and 1997, these assets (which are
reported as premiums deferred and uncollected) and the amounts of the related
gross premiums and loadings, are as follows:
<TABLE>
<CAPTION>
Gross Loading Net
------- ------- -------
<S> <C> <C> <C>
December 31, 1998
Life and annuity:
Ordinary direct first year business................ $ 3,346 $2,500 $ 846
Ordinary direct renewal business................... 21,435 6,365 15,070
Group life direct business......................... 1,171 536 635
Reinsurance ceded.................................. (1,367) (44) (1,323)
------- ------ -------
24,585 9,357 15,228
Accident and health:
Direct............................................. 108 -- 108
Reinsurance ceded.................................. (18) -- (18)
------- ------ -------
Total accident and health............................ 90 -- 90
------- ------ -------
$24,675 $9,357 $15,318
======= ====== =======
December 31, 1997
Life and annuity:
Ordinary direct first year business................ $ 2,316 $1,698 $ 618
Ordinary direct renewal business................... 22,724 6,834 15,890
Group life direct business......................... 1,523 646 877
Reinsurance ceded.................................. (1,464) (81) (1,383)
------- ------ -------
25,099 9,097 16,002
Accident and health:
Direct............................................. 148 -- 148
Reinsurance ceded.................................. (49) -- (49)
------- ------ -------
Total accident and health............................ 99 -- 99
------- ------ -------
$25,198 $9,097 $16,101
======= ====== =======
</TABLE>
At December 31, 1998 and 1997, the Company had insurance in force
aggregating $44,233 and $69,271, respectively, in which the gross premiums are
less than the net premiums required by the standard valuation standards
established by the Insurance Division, Department of Commerce, of the State of
Iowa. The Company established policy reserves of $998 and $1,128 to cover
these deficiencies at December 31, 1998 and 1997, respectively.
7. DIVIDEND RESTRICTIONS
The Company is subject to limitations, imposed by the State of Iowa, on the
payment of dividends to its parent company. Generally, dividends during any
twelve-month period may not be paid, without prior regulatory approval, in
excess of the greater of (a) 10 percent of statutory capital and surplus as of
the preceding December 31, or (b) statutory gain from operations for the
preceding year. Subject to
19
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the availability of unassigned surplus at the time of such dividend, the
maximum payment which may be made in 1999, without the prior approval of
insurance regulatory authorities, is $62,100.
The Company paid dividends to its parent of $120,000, $62,000 and $20,000 in
1998, 1997 and 1996, respectively.
8. RETIREMENT AND COMPENSATION PLANS
The Company's employees participate in a qualified benefit pension plan
sponsored by AEGON. The Company has no legal obligation for the plan. The
Company recognizes pension expense equal to its allocation from AEGON. The
pension expense is allocated among the participating companies based on the
FASB No. 87 expense as a percent of salaries. The benefits are based on years
of service and the employee's compensation during the highest five consecutive
years of employment. Pension expense aggregated $380, $422 and $1,056 for the
years ended December 31, 1998, 1997 and 1996, respectively. The plan is
subject to the reporting and disclosure requirements of the Employee
Retirement and Income Security Act of 1974.
The Company's employees also participate in a contributory defined
contribution plan sponsored by AEGON which is qualified under Section 401(k)
of the Internal Revenue Service Code. Employees of the Company who customarily
work at least 1,000 hours during each calendar year and meet the other
eligibility requirements, are participants of the plan. Participants may elect
to contribute up to fifteen percent of their salary to the plan. The Company
will match an amount up to three percent of the participant's salary.
Participants may direct all of their contributions and plan balances to be
invested in a variety of investment options. The plan is subject to the
reporting and disclosure requirements of the Employee Retirement and Income
Security Act of 1974. Expense related to this plan was $233, $226 and $297 for
the years ended December 31, 1998, 1997 and 1996, respectively.
AEGON sponsors supplemental retirement plans to provide the Company's senior
management with benefits in excess of normal pension benefits. The plans are
noncontributory, and benefits are based on years of service and the employee's
compensation level. The plans are unfunded and nonqualified under the Internal
Revenue Service Code. In addition, AEGON has established incentive deferred
compensation plans for certain key employees of the Company. AEGON also
sponsors an employee stock option plan for individuals employed at least three
years and a stock purchase plan for its producers, with the participating
affiliated companies establishing their own eligibility criteria, producer
contribution limits and company matching formula. These plans have been
accrued or funded as deemed appropriate by management of AEGON and the
Company.
In addition to pension benefits, the Company participates in plans sponsored
by AEGON that provide postretirement medical, dental and life insurance
benefits to employees meeting certain eligibility requirements. Portions of
the medical and dental plans are contributory. The expenses of the
postretirement plans calculated on the pay-as-you-go basis are charged to
affiliates in accordance with an intercompany cost sharing arrangement. The
Company expensed $62, $62 and $184 for the years ended December 31, 1998, 1997
and 1996, respectively.
9. RELATED PARTY TRANSACTIONS
The Company shares certain offices, employees and general expenses with
affiliated companies.
The Company receives data processing, investment advisory and management,
marketing and administration services from certain affiliates. During 1998,
1997 and 1996, the Company paid $18,706, $18,705 and $17,028, respectively,
for these services, which approximates their costs to the affiliates.
20
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Payables to affiliates bear interest at the thirty-day commercial paper rate
of 4.95% at December 31, 1998. During 1998, 1997 and 1996, the Company paid
net interest of $1,491, $1,188 and $174, respectively, to affiliates.
During 1997, the Company received a capital contribution of $153 in cash
from its parent.
At December 31, 1998 and 1997, the Company has short-term notes payable to
an affiliate of $9,421 and $16,400, respectively. Interest on these notes
accrues at rates ranging from 5.13% to 5.52% at December 31, 1998 and at 5.60%
at December 31, 1997.
During 1998, the Company issued life insurance policies to certain
affiliated companies, covering the lives of certain employees of those
affiliates. Premiums of $174,000 related to these policies were recognized
during the year, and aggregate reserves for policies and contracts are
$181,720 at December 31, 1998.
10. COMMITMENTS AND CONTINGENCIES
The Company is a party to legal proceedings incidental to its business.
Although such litigation sometimes includes substantial demands for
compensatory and punitive damages, in addition to contract liability, it is
management's opinion, after consultation with counsel and a review of
available facts, that damages arising from such demands will not be material
to the Company's financial position.
The Company is subject to insurance guaranty laws in the states in which it
writes business. These laws provide for assessments against insurance
companies for the benefit of policyholders and claimants in the event of
insolvency of other insurance companies. Assessments are charged to operations
when received by the Company except where right of offset against other taxes
paid is allowed by law; amounts available for future offsets are recorded as
an asset on the Company's balance sheet. Potential future obligations for
unknown insolvencies are not determinable by the Company. The future
obligation has been based on the most recent information available from the
National Organization of Life and Health Insurance Guaranty Associations. The
Company has established a reserve of $17,901 and $17,700 and an offsetting
premium tax benefit of $7,631 and $7,984 at December 31, 1998 and 1997,
respectively, for its estimated share of future guaranty fund assessments
related to several major insurer insolvencies. The guaranty fund expense
(benefit) was $1,985, $(975) and $2,617 for December 31, 1998, 1997 and 1996,
respectively.
11. YEAR 2000 (UNAUDITED)
The term Year 2000 issue generally refers to the improper processing of
dates and incorrect date calculations that might occur in computer software
and hardware and embedded systems as the Year 2000 is approached. The use of
computer programs that rely on two-digit date fields to perform computations
and decision-making functions may cause systems to malfunction when processing
information involving dates after 1999. For example, any computer software
that has date-sensitive coding might recognize a code of 00 as the year 1900
rather than the year 2000.
The Company has developed a Year 2000 Project Plan (the "Plan") to address
the Year 2000 issue as it affects the Company's internal IT ("Information
Technology") and non-IT systems, and to assess Year 2000 issues relating to
third parties with whom the Company has critical relationships.
The Plan for addressing internal systems generally includes an assessment of
internal IT and non-IT systems and equipment affected by the Year 2000 issue;
definition of strategies to address affected
21
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
systems and equipment; remediation of identified systems and equipment;
internal testing and certification that each internal system is Year 2000
compliant; and a review of existing and revised business resumption and
contingency plans to address potential Year 2000 issues. The Company has
remediated and tested substantially all of its mission-critical internal IT
systems as of December 31, 1998. The Company continues to remediate and test
certain non-critical internal IT systems, internal non-IT systems and will
continue with a revalidation testing program throughout 1999.
The Company's Year 2000 issues are more complex because a number of its
systems interface with other systems not under the Company's control. The
Company's most significant interfaces and uses of third-party vendor systems
are in the bank, financial services and trust areas. The Company utilizes
various banks to handle numerous types of financial and sales transactions.
Several of these banks also provide trustee and custodial services for the
Company's investment holdings and transactions. These services are critical to
a financial services company such as the Company as its business centers
around cash receipts and disbursements to policyholders and the investment of
policyholder funds. The Company has received written confirmation from its
vendor banks regarding their status on Year 2000. The banks indicate their
dedication to resolving any Year 2000 issues related to their systems and
services prior to December 31, 1999. The Company anticipates that a
considerable effort will be necessary to ensure that its corrected or new
systems can properly interface with those business partners with whom it
transmits and receives data and other information (external systems). The
Company has undertaken specific testing regimes with these third-party
business partners and expects to continue working with its business partners
on any interfacing of systems. However, the timing of external system
compliance cannot currently be predicted with accuracy because the
implementation of Year 2000 readiness will vary from one company to another.
The Company does have some exposure to date-sensitive embedded technology
such as micro-controllers, but the Company views this exposure as minimal.
Unlike other industries that may be equipment intensive, like manufacturing,
the Company is a life insurance, and financial services organization providing
insurance annuities and pension products to its customers. As such, the
primary equipment and electronic devices in use are computers and telephone-
related equipment. This type of hardware can have date-sensitive embedded
technology which could have Year 2000 problems. Because of this exposure, the
Company has reviewed its computer hardware and telephone systems, with
assistance from the applicable vendors, and has upgraded, or replaced, or is
in the process of replacing any equipment that will not properly process date-
sensitive data in the Year 2000 or beyond.
For the Company, a reasonably likely worst case scenario might include one
or more of the Company's significant policyholder systems being non-compliant.
Such an event could result in a material disruption of the Company's
operations. Specifically, a number of the Company's operations could
experience an interruption in the ability to collect and process premiums or
deposits, process claim payments, accurately maintain policyholder
information, accurately maintain accounting records, and/or perform adequate
customer service. Should the worst case scenario occur, it could, dependent
upon its duration, have a material impact on the Company's business and
financial condition. Simple failures can be repaired and returned to
production within a matter of hours with no material impact. Unanticipated
failures with a longer service disruption period could have a more serious
impact. For this reason, the Company is placing significant emphasis on risk
management and Year 2000 business resumption contingency planning in 1999 by
modifying its existing business resumption and disaster recovery plans to
address potential Year 2000 issues.
The actions taken by management under the Year 2000 Project Plans are
intended to significantly reduce the Company's risk of a material business
interruption based on the Year 2000 issues. It should
22
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
be noted that the Year 2000 computer problem, and its resolution, is complex
and multifaceted, and any company's success cannot be conclusively known until
the Year 2000 is reached. In spite of its efforts or results, the Company's
ability to function unaffected to and through the Year 2000 may be adversely
affected by actions (or failure to act) of third parties beyond our knowledge
or control. It is anticipated that there may be problems that will have to be
resolved in the ordinary course of business on and after the Year 2000.
However, the Company does not believe that the problems will have a material
adverse affect on the Company's operations or financial condition.
23
<PAGE>
PFL LIFE INSURANCE COMPANY
SUMMARY OF INVESTMENTS--OTHER THAN
INVESTMENTS IN RELATED PARTIES
December 31, 1998
(Dollars in thousands)
SCHEDULE I
<TABLE>
<CAPTION>
Amount at Which
Market Shown in the
Type of Investment Cost(1) Value Balance Sheet
------------------ ---------- ---------- ---------------
<S> <C> <C> <C>
Fixed Maturities
Bonds:
United States Government and government
agencies and authorities.............. $ 926,370 $ 943,313 $ 926,370
States, municipalities and political
subdivisions.......................... 107,975 114,146 107,975
Foreign governments.................... 54,670 53,950 54,670
Public utilities....................... 139,732 142,230 139,732
All other corporate bonds.............. 3,593,695 3,646,877 3,593,695
Redeemable preferred stock............... 14,754 14,738 14,754
---------- ---------- ----------
Total fixed maturities................... 4,837,196 4,915,254 4,837,196
Equity Securities
Common stocks:
Affiliated entities.................... 8,060 5,613 5,613
Banks, trust and insurance............. 5,935 7,193 7,193
Industrial, miscellaneous and all
other................................. 28,796 42,255 42,255
---------- ---------- ----------
Total equity securities.................. 42,791 55,061 55,061
Mortgage loans on real estate............ 1,012,433 1,012,433
Real estate.............................. 52,381 52,381
Real estate acquired in satisfaction of
debt.................................... 11,778 11,778
Policy loans............................. 60,058 60,058
Other long-term investments.............. 76,482 76,482
Cash and short-term investments.......... 83,289 83,289
---------- ----------
Total investments........................ $6,176,408 $6,188,678
========== ==========
</TABLE>
- -------------------------
(1) Original cost of equity securities and, as to fixed maturities, original
cost reduced by repayments and adjusted for amortization of premiums or
accrual of discounts.
24
<PAGE>
PFL LIFE INSURANCE COMPANY
SUPPLEMENTARY INSURANCE INFORMATION
(Dollars in thousands)
SCHEDULE III
<TABLE>
<CAPTION>
Future Benefits,
Policy Claims
Benefits Policy and Net Losses and Other
and Unearned Contract Premium Investment Settlement Operating Premiums
Expenses Premiums Liabilities Revenue Income* Expenses Expenses* Written
---------- -------- ----------- ---------- ---------- ---------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended December 31,
1998
Individual life......... $1,355,283 $ -- $ 8,976 $ 514,194 $ 85,258 $ 545,720 $ 87,455 --
Individual health....... 94,294 9,631 12,123 68,963 8,004 48,144 30,442 $ 68,745
Group life and health... 93,405 10,298 36,908 111,547 11,426 82,690 54,352 108,769
Annuity................. 3,925,293 -- -- 667,920 342,296 592,085 298,222 --
---------- ------- ------- ---------- -------- ---------- --------
$5,468,275 $19,929 $58,007 $1,362,624 $446,984 $1,268,639 $470,471
========== ======= ======= ========== ======== ========== ========
Year Ended December 31,
1997
Individual life......... $ 882,003 $ -- $ 8,550 $ 200,175 $ 75,914 $ 211,921 $ 36,185 --
Individual health....... 62,033 9,207 12,821 63,548 5,934 37,706 29,216 $ 63,383
Group life and health... 88,211 11,892 44,977 146,694 11,888 103,581 91,568 143,580
Annuity................. 4,204,125 -- -- 657,695 352,688 571,434 364,216 --
---------- ------- ------- ---------- -------- ---------- --------
$5,236,372 $21,099 $66,348 $1,068,112 $446,424 $ 924,642 $521,185
========== ======= ======= ========== ======== ========== ========
Year Ended December 31,
1996
Individual life......... $ 734,350 $ -- $ 7,240 $ 202,082 $ 66,538 $ 197,526 $ 38,067 --
Individual health....... 39,219 8,680 13,631 55,871 5,263 32,903 29,511 $ 55,678
Group life and health... 78,418 14,702 53,486 174,781 12,877 105,459 122,953 171,320
Annuity................. 4,408,419 -- -- 725,966 343,659 800,121 230,417 --
---------- ------- ------- ---------- -------- ---------- --------
$5,260,406 $23,382 $74,357 $1,158,700 $428,337 $1,136,009 $420,948
========== ======= ======= ========== ======== ========== ========
</TABLE>
- -------------
* Allocations of net investment income and other operating expenses are based
on a number of assumptions and estimates, and the results would change if
different methods were applied.
25
<PAGE>
PFL LIFE INSURANCE COMPANY
REINSURANCE
(Dollars in thousands)
SCHEDULE IV
<TABLE>
<CAPTION>
Assumed Percentage
Ceded to From of Amount
Gross Other Other Net Assumed
Amount Companies Companies Amount to Net
---------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Year Ended December 31,
1998
Life insurance in force.. $6,384,095 $438,590 $39,116 $5,984,621 .6%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 515,164 $ 3,692 $ 2,366 $ 513,838 .5%
Individual health...... 76,438 7,475 -- 68,963 --
Group life and health.. 255,848 144,301 -- 111,547 --
Annuity................ 686,372 18,096 -- 668,276 --
---------- -------- ------- ---------- ---
$1,533,822 $173,564 $ 2,366 $1,362,624 .2%
========== ======== ======= ========== ===
Year Ended December 31,
1997
Life insurance in force.. $5,025,027 $420,519 $35,486 $4,639,994 .8%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 201,691 $ 3,554 $ 2,038 $ 200,175 1.0%
Individual health...... 73,593 10,045 -- 63,548 --
Group life and health.. 339,269 192,575 -- 146,694 --
Annuity................ 697,893 40,198 -- 657,695 --
---------- -------- ------- ---------- ---
$1,312,446 $246,372 $ 2,038 $1,068,112 .2%
========== ======== ======= ========== ===
Year Ended December 31,
1996
Life insurance in force.. $4,863,416 $477,112 $30,685 $4,416,989 .7%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 204,144 $ 3,858 $ 1,796 $ 202,082 .9%
Individual health...... 68,699 12,828 -- 55,871 --
Group life and health.. 390,296 215,515 -- 174,781 --
Annuity................ 794,311 68,345 -- 725,966 --
---------- -------- ------- ---------- ---
$1,457,450 $300,546 $ 1,796 $1,158,700 .2%
========== ======== ======= ========== ===
</TABLE>
26
<PAGE>
FINANCIAL STATEMENTS
PFL RETIREMENT BUILDER VARIABLE
ANNUITY ACCOUNT - RETIREMENT
INCOME BUILDER VARIABLE ANNUITY
YEAR ENDED DECEMBER 31, 1998
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Financial Statements
Year ended December 31, 1998
CONTENTS
<TABLE>
<S> <C>
Report of Independent Auditors..................................... 1
Financial Statements
Balance Sheet...................................................... 2
Statement of Operations............................................ 6
Statement of Changes in Contract Owners' Equity.................... 10
Notes to Financial Statements...................................... 16
</TABLE>
<PAGE>
Report of Independent Auditors
The Board of Directors and Contract Owners of
PFL Retirement Builder Variable Annuity
Account, PFL Life Insurance Company
We have audited the accompanying balance sheet of certain subaccounts of PFL
Retirement Builder Variable Annuity Account which are available for investment
by PFL Retirement Builder Variable Annuity contract owners, as of December 31,
1998, and the related statements of operations for the year then ended and
changes in contract owners' equity for the year then ended and for the period
January 2, 1997 (commencement of operations) through December 31, 1997. These
financial statements are the responsibility of the Variable Account's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of mutual fund shares owned as of December 31, 1998 by
correspondence with the mutual funds' transfer agent. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the PFL Retirement Builder
Variable Annuity Account which are available for investment by PFL Retirement
Builder Variable Annuity contract owners, at December 31, 1998, and the results
of its operations for the year then ended and changes in its contract owners'
equity for the year then ended and for the period January 2, 1997 through
December 31, 1997 in conformity with generally accepted accounting principles.
Des Moines, Iowa
January 29, 1999
1
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Balance Sheet
December 31, 1998
<TABLE>
<CAPTION>
MONEY
MARKET
TOTAL SUBACCOUNT
--------------------------------
ASSETS
<S> <C> <C>
Cash $ 21 $ 11
Investments in mutual funds, at current market value:
Variable Insurance Products Fund:
Money Market Portfolio 5,352,211 5,352,211
High Income Portfolio 8,041,870 -
Equity-Income Portfolio 19,092,514 -
Growth Portfolio 12,884,327 -
Overseas Portfolio 3,463,362 -
Variable Insurance Products Fund II:
Investment Grade Bond Portfolio 10,340,648 -
Asset Manager Portfolio 8,909,169 -
Asset Manager: Growth Portfolio 5,269,011 -
Contrafund Portfolio 14,187,630 -
Index 500 Portfolio 29,945,087 -
Variable Insurance Products Fund III:
Growth Opportunities Portfolio 8,796,193 -
Growth & Income Portfolio 13,264,882 -
Balanced Portfolio 8,176,480 -
Total investments in mutual funds 147,723,384 5,352,211
------------------------------
Total assets $ 147,723,405 $ 5,352,222
==============================
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable $ 25 $ -
------------------------------
Total liabilities 25 -
Contract owners' equity:
Deferred annuity contracts terminable by owners 147,723,380 5,352,222
------------------------------
Total liabilities and contract owners' equity $ 147,723,405 $ 5,352,222
==============================
</TABLE>
See accompanying notes.
2
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT
HIGH INCOME EQUITY-INCOME GROWTH OVERSEAS GRADE BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ - $ - $ 2 $ 1 $ -
8,041,870 - - - -
- 19,092,514 - - -
- - 12,884,327 - -
- - - 3,463,362 -
- - - - 10,340,648
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - -
- - - -
- -------------------------------------------------------------------------
8,041,870 19,092,514 12,884,327 3,463,362 10,340,648
- -------------------------------------------------------------------------
$ 8,041,870 $ 19,092,514 $ 12,884,329 $ 3,463,363 $ 10,340,648
=========================================================================
$ - $ 3 $ - $ - $ 1
- -------------------------------------------------------------------------
- 3 - - 1
8,041,870 19,092,511 12,884,329 3,463,363 10,340,647
- -------------------------------------------------------------------------
$ 8,041,870 $ 19,092,514 $ 12,884,329 $ 3,463,363 $ 10,340,648
=========================================================================
</TABLE>
3
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Balance Sheet (continued)
<TABLE>
<CAPTION>
ASSET MANAGER ASSET MANAGER:
SUBACCOUNT GROWTH SUBACCOUNT
---------------------------------------
<S> <C> <C>
ASSETS
Cash $ 4 $ -
Investments in mutual funds, at current market value:
Variable Insurance Products Fund:
Money Market Portfolio - -
High Income Portfolio - -
Equity-Income Portfolio - -
Growth Portfolio - -
Overseas Portfolio - -
Variable Insurance Products Fund II:
Investment Grade Bond Portfolio - -
Asset Manager Portfolio 8,909,169 -
Asset Manager: Growth Portfolio - 5,269,011
Contrafund Portfolio - -
Index 500 Portfolio - -
Variable Insurance Products Fund III:
Growth Opportunities Portfolio - -
Growth & Income Portfolio - -
Balanced Portfolio - -
--------------------------------------
Total investments in mutual funds 8,909,169 5,269,011
--------------------------------------
Total assets $ 8,909,173 $ 5,269,011
======================================
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable $ - $ -
---------------------------------------
Total liabilities - -
Contract owners' equity:
Deferred annuity contracts terminable by owners 8,909,173 5,269,011
---------------------------------------
Total liabilities and contract owners' equity $ 8,909,173 $ 5,269,011
=======================================
</TABLE>
See accompanying notes.
4
<PAGE>
<TABLE>
<CAPTION>
GROWTH GROWTH &
CONTRAFUND INDEX 500 OPPORTUNITIES INCOME BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ - $ - $ 3 $ - $ -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
14,187,630 - - - -
- 29,945,087 - - -
- - 8,796,193 - -
- - - 13,264,882 -
- - - - 8,176,480
- --------------------------------------------------------------------------------------------
14,187,630 29,945,087 8,796,193 13,264,882 8,176,480
- --------------------------------------------------------------------------------------------
$14,187,630 $29,945,087 $8,796,196 $13,264,882 $8,176,480
============================================================================================
$ 3 $ 17 $ - $ - $ 1
- --------------------------------------------------------------------------------------------
3 17 - - 1
14,187,627 29,945,070 8,796,196 13,264,882 8,176,479
- --------------------------------------------------------------------------------------------
$14,187,630 $29,945,087 $8,796,196 $13,264,882 $8,176,480
============================================================================================
</TABLE>
5
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Statement of Operations
Year ended December 31, 1998
<TABLE>
<CAPTION>
MONEY
MARKET
TOTAL SUBACCOUNT
------------------------------------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends $ 3,004,526 $ 267,271
Expenses:
Administration fee 21,998 487
Mortality and expense risk charge 1,081,872 66,863
------------------------------------
Net investment income (loss) 1,900,656 199,921
NET REALIZED AND UNREALIZED CAPITAL GAIN (LOSS) FROM INVESTMENTS
Net realized capital gain (loss) from sales of investments:
Proceeds from sales 28,311,242 21,757,278
Cost of investments sold 27,691,430 21,757,278
------------------------------------
Net realized capital gain (loss) from sales of investments 619,812 -
Net change in unrealized appreciation/depreciation of investments:
Beginning of period 1,544,857 -
End of period 14,160,687 -
------------------------------------
Net change in unrealized appreciation/depreciation of investments 12,615,830 -
Net realized and unrealized capital gain (loss) from investments 13,235,642 -
------------------------------------
Increase (decrease) from operations $15,136,298 $ 199,921
====================================
</TABLE>
See accompanying notes.
6
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT
HIGH INCOME EQUITY-INCOME GROWTH OVERSEAS GRADE BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 254,503 $ 387,277 $ 583,434 $115,196 $ 119,781
794 3,706 2,805 920 613
60,633 151,744 96,834 30,205 65,756
- ------------------------------------------------------------------------------------------------------------
193,076 231,827 483,795 84,071 53,412
668,926 784,057 455,360 118,266 1,174,924
723,471 697,473 370,132 115,809 1,099,018
- ------------------------------------------------------------------------------------------------------------
(54,545) 86,584 85,228 2,457 75,906
75,871 318,208 165,093 (36,265) 85,548
(487,036) 1,106,287 2,273,112 81,975 327,428
- ------------------------------------------------------------------------------------------------------------
(562,907) 788,079 2,108,019 118,240 241,880
(617,452) 874,663 2,193,247 120,697 317,786
- ------------------------------------------------------------------------------------------------------------
$(424,376) $1,106,490 $2,677,042 $204,768 $ 371,198
============================================================================================================
</TABLE>
7
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Statement of Operations (continued)
<TABLE>
<CAPTION>
ASSET
ASSET MANAGER:
MANAGER GROWTH
SUBACCOUNT SUBACCOUNT
-----------------------------------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends $298,493 $241,725
Expenses:
Administration fee 1,334 1,401
Mortality and expense risk charge 63,853 44,564
-----------------------------------
Net investment income (loss) 233,306 195,760
NET REALIZED AND UNREALIZED CAPITAL GAIN (LOSS) FROM INVESTMENTS
Net realized capital gain (loss) from sales of investments:
Proceeds from sales 281,113 329,498
Cost of investments sold 269,663 318,834
-----------------------------------
Net realized capital gain (loss) from sales of investments 11,450 10,664
Net change in unrealized appreciation/depreciation of investments:
Beginning of period 86,225 94,664
End of period 543,827 419,919
-----------------------------------
Net change in unrealized appreciation/depreciation of investments 457,602 325,255
Net realized and unrealized capital gain (loss) from investments 469,052 335,919
-----------------------------------
Increase (decrease) from operations $702,358 $531,679
===================================
</TABLE>
See accompanying notes.
8
<PAGE>
<TABLE>
<CAPTION>
GROWTH GROWTH &
CONTRAFUND INDEX 500 OPPORTUNITIES INCOME BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 258,396 $ 312,721 $ 121,476 $ 6,376 $ 37,877
2,638 4,964 1,173 544 619
104,768 216,128 65,486 70,388 44,650
- -----------------------------------------------------------------------------------------
150,990 91,629 54,817 (64,556) (7,392)
246,277 1,097,755 717,198 304,665 375,925
189,133 864,054 664,401 263,643 358,521
- -----------------------------------------------------------------------------------------
57,144 233,701 52,797 41,022 17,404
232,437 414,528 83,717 12,585 12,246
2,347,796 4,180,458 1,142,056 1,704,874 519,991
- -----------------------------------------------------------------------------------------
2,115,359 3,765,930 1,058,339 1,692,289 507,745
2,172,503 3,999,631 1,111,136 1,733,311 525,149
- -----------------------------------------------------------------------------------------
$2,323,493 $4,091,260 $1,165,953 $1,668,755 $517,757
=========================================================================================
</TABLE>
9
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Statement of Changes in Contract Owners' Equity
Year ended December 31, 1998 and the period
January 2, 1997 (commencement of operations)
through December 31, 1997, except as noted
<TABLE>
<CAPTION>
TOTAL MONEY MARKET SUBACCOUNT
------------------------------------- -------------------------------------
1998 1997 1998 1997
------------------------------------- -------------------------------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) $ 1,900,656 $ (51,512) $ 199,921 $ 68,794
Net realized capital gain (loss) 619,812 81,173 - -
Net change in unrealized appreciation/
depreciation of investments 12,615,830 1,544,857 - -
------------------------------------- -------------------------------------
15,136,298 1,574,518 199,921 68,794
Contract transactions:
Net contract purchase payments 42,045,847 20,891,560 35,617,427 19,401,194
Transfer payments from (to) other
subaccounts or general account 57,497,753 13,877,698 (33,247,696) (16,283,970)
Contract terminations, withdrawals,
and other deductions (3,065,183) (235,111) (384,338) (19,110)
------------------------------------- -------------------------------------
Increase from contract transactions 96,478,417 34,534,147 1,985,393 3,098,114
------------------------------------- -------------------------------------
Net increase in contract owners' equity 111,614,715 36,108,665 2,185,314 3,166,908
Contract owners' equity at beginning of
period 36,108,665 - 3,166,908 -
------------------------------------- -------------------------------------
Contract owners' equity at end of period $147,723,380 $36,108,665 $ 5,352,222 $ 3,166,908
===================================== =====================================
</TABLE>
(1) Commencement of operations, May 3, 1997.
See accompanying notes.
10
<PAGE>
<TABLE>
<CAPTION>
HIGH INCOME SUBACCOUNT EQUITY-INCOME SUBACCOUNT GROWTH SUBACCOUNT
- -------------------------------- ----------------------------------- -----------------------------------
1998 1997 1998 1997 1998 1997
- -------------------------------- ----------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C>
$ 193,076 $ (7,501) $ 231,827 $ (23,141) $ 483,795 $ (16,940)
(54,545) 5,446 86,584 16,388 85,228 14,319
(562,907) 75,871 788,079 318,208 2,108,019 165,093
- -------------------------------- ----------------------------------- -----------------------------------
(424,376) 73,816 1,106,490 311,455 2,677,042 162,472
380,247 106,207 777,059 217,414 531,615 143,537
6,678,886 1,581,209 12,153,685 4,967,638 6,046,570 3,552,092
(343,507) (10,612) (395,865) (45,365) (191,561) (37,438)
- -------------------------------- ----------------------------------- -----------------------------------
6,715,626 1,676,804 12,534,879 5,139,687 6,386,624 3,658,191
- -------------------------------- ----------------------------------- -----------------------------------
6,291,250 1,750,620 13,641,369 5,451,142 9,063,666 3,820,663
1,750,620 - 5,451,142 - 3,820,663 -
- -------------------------------- ----------------------------------- -----------------------------------
$8,041,870 $1,750,620 $19,092,511 $5,451,142 $12,884,329 $3,820,663
================================ =================================== ===================================
</TABLE>
11
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Statement of Changes in Contract Owners' Equity (continued)
<TABLE>
<CAPTION>
OVERSEAS SUBACCOUNT INVESTMENT GRADE BOND SUBACCOUNT
--------------------------------------- -----------------------------------
1998 1997 1998 1997
--------------------------------------- -----------------------------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) $ 84,071 $ (6,722) $ 53,412 $ (10,290)
Net realized capital gain (loss) 2,457 1,146 75,906 2,344
Net change in unrealized appreciation/
depreciation of investments 118,240 (36,265) 241,880 85,548
--------------------------------------- -----------------------------------
204,768 (41,841) 371,198 77,602
Contract transactions:
Net contract purchase payments 151,791 100,095 377,104 271,416
Transfer payments from (to) other
subaccounts or general account 1,747,157 1,352,946 7,803,520 1,749,133
Contract terminations, withdrawals, and
other deductions (45,299) (6,254) (281,533) (27,793)
--------------------------------------- -----------------------------------
Increase from contract transactions 1,853,649 1,446,787 7,899,091 1,992,756
--------------------------------------- -----------------------------------
Net increase in contract owners' equity 2,058,417 1,404,946 8,270,289 2,070,358
Contract owners' equity at beginning of
period 1,404,946 - 2,070,358 -
--------------------------------------- -----------------------------------
Contract owners' equity at end of period $3,463,363 $1,404,946 $10,340,647 $2,070,358
======================================= ===================================
</TABLE>
(1) Commencement of operations, May 3, 1997.
See accompanying notes.
12
<PAGE>
<TABLE>
<CAPTION>
ASSET MANAGER: GROWTH
ASSET MANAGER SUBACCOUNT SUBACCOUNT CONTRAFUND SUBACCOUNT
- --------------------------------- --------------------------------- ---------------------------------
1998 1997 1998 1997 1998 1997
- --------------------------------- --------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C>
$ 233,306 $ (8,607) $ 195,760 $ (8,643) $ 150,990 $ (16,958)
11,450 8,326 10,664 8,182 57,144 3,520
457,602 86,225 325,255 94,664 2,115,359 232,437
- --------------------------------- --------------------------------- ---------------------------------
702,358 85,944 531,679 94,203 2,323,493 218,999
274,834 61,883 224,033 101,792 714,036 81,941
5,927,236 1,964,920 2,828,204 1,553,083 7,535,024 3,554,196
(99,440) (8,562) (50,855) (13,128) (229,022) (11,040)
- --------------------------------- --------------------------------- ---------------------------------
6,102,630 2,018,241 3,001,382 1,641,747 8,020,038 3,625,097
- --------------------------------- --------------------------------- ---------------------------------
6,804,988 2,104,185 3,533,061 1,735,950 10,343,531 3,844,096
2,104,185 - 1,735,950 - 3,844,096 -
- --------------------------------- --------------------------------- ---------------------------------
$8,909,173 $2,104,185 $5,269,011 $1,735,950 $14,187,627 $3,844,096
================================= ================================= =================================
</TABLE>
13
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Statements of Changes in Contract Owners' Equity (continued)
<TABLE>
<CAPTION>
INDEX 500 SUBACCOUNT
-----------------------------
1998 1997
-----------------------------
<S> <C> <C>
Operations:
Net investment income (loss) $ 91,629 $ (30,793)
Net realized capital gain (loss) 233,701 12,755
Net change in unrealized appreciation/depreciation of investments 3,765,930 414,528
-----------------------------
4,091,260 396,490
Contract transactions:
Net contract purchase payments 1,423,052 319,407
Transfer payments from (to) other subaccounts or general account 17,653,806 6,576,519
Contract terminations, withdrawals, and other deductions (468,172) (47,292)
-----------------------------
Increase from contract transactions 18,608,686 6,848,634
-----------------------------
Net increase in contract owners' equity 22,699,946 7,245,124
Contract owners' equity at beginning of period 7,245,124 -
-----------------------------
Contract owners' equity at end of period $29,945,070 $7,245,124
=============================
</TABLE>
(1) Commencement of operations, May 3, 1997.
See accompanying notes.
14
<PAGE>
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES SUBACCOUNT GROWTH & INCOME SUBACCOUNT BALANCED SUBACCOUNT
- -------------------------------- ------------------------------------- -----------------------------------
1998 1997 (1) 1998 1997 (1) 1998 1997 (1)
- -------------------------------- ------------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C>
$ 54,817 $ (5,468) $ (64,556) $ 15,926 $ (7,392) $ (1,169)
52,797 5,197 41,022 3,271 17,404 279
1,058,339 83,717 1,692,289 12,585 507,745 12,246
- -------------------------------- ------------------------------------- -----------------------------------
1,165,953 83,446 1,668,755 31,782 517,757 11,356
598,448 56,584 697,263 15,930 278,938 14,160
5,284,884 1,886,944 10,090,745 912,735 6,995,732 510,253
(277,058) (3,005) (149,775) (2,553) (148,758) (2,959)
- -------------------------------- ------------------------------------- -----------------------------------
5,606,274 1,940,523 10,638,233 926,112 7,125,912 521,454
- -------------------------------- ------------------------------------- -----------------------------------
6,772,227 2,023,969 12,306,988 957,894 7,643,669 532,810
2,023,969 - 957,894 - 532,810 -
- -------------------------------- ------------------------------------- -----------------------------------
$ 8,796,196 $ 2,023,969 $ 13,264,882 $ 957,894 $ 8,176,479 $ 532,810
================================ ===================================== ===================================
</TABLE>
15
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements
December 31, 1998
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
The PFL Retirement Builder Variable Annuity Account ("Mutual Fund Account") is a
segregated investment account of PFL Life Insurance Company ("PFL Life"), an
indirect, wholly-owned subsidiary of AEGON N.V., a holding company organized
under the laws of The Netherlands.
The Mutual Fund Account is registered with the Securities and Exchange
Commission as a Unit Investment Trust pursuant to provisions of the Investment
Company Act of 1940. The Mutual Fund Account consists of forty-two investment
subaccounts, five of which are invested in specified portfolios of the Variable
Insurance Products Fund, five of which are invested in specified portfolios of
the Variable Insurance Products Fund II, and three of which are invested in
specified portfolios of the Variable Insurance Products Fund III (each a "Series
Fund" and collectively "the Series Funds"), and other subaccounts not presented
herein. Activity in the thirteen subaccounts described herein is available to
contract owners of the Retirement Income Builder Variable Annuity. Activity in
the remaining twenty-nine subaccounts (not included herein) are available to
contract owners of other variable annuity products, also offered by PFL Life.
INVESTMENTS
Net purchase payments received by the Mutual Fund Account are invested in the
portfolios of the Variable Insurance Products Fund, Variable Insurance Products
Fund II and Variable Insurance Products Fund III, as selected by the contract
owner. Investments are stated at the closing net asset values per share as of
December 31, 1998.
Realized capital gains and losses from sale of shares in the mutual funds are
determined on the first-in, first-out basis. Investment transactions are
accounted for on the trade date (date the order to buy or sell is executed) and
dividend income is recorded on the ex-dividend date. Unrealized gains or losses
from investments in the mutual funds are credited or charged to contract owners'
equity.
DIVIDEND INCOME
Dividends received from the mutual fund investments are reinvested to purchase
additional mutual fund shares.
16
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements (continued)
2. INVESTMENTS
A summary of the mutual fund investment at December 31, 1998 follows:
<TABLE>
<CAPTION>
NUMBER OF SHARES NET ASSET VALUE
HELD PER SHARE MARKET VALUE COST
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Variable Insurance Products Fund:
Money Market Portfolio 5,352,210.730 $ 1.00 $ 5,352,211 $ 5,352,211
High Income Portfolio 697,473.590 11.53 8,041,870 8,528,906
Equity-Income Portfolio 751,082.394 25.42 19,092,514 17,986,227
Growth Portfolio 287,147.918 44.87 12,884,327 10,611,215
Overseas Portfolio 172,736.272 20.05 3,463,362 3,381,387
Variable Insurance Products Fund II:
Investment Grade Bond Portfolio 797,889.487 12.96 10,340,648 10,013,220
Asset Manager Portfolio 490,592.992 18.16 8,909,169 8,365,342
Asset Manager: Growth Portfolio 309,395.833 17.03 5,269,011 4,849,092
Contrafund Portfolio 580,508.588 24.44 14,187,630 11,839,834
Index 500 Portfolio 212,000.617 141.25 29,945,087 25,764,629
Variable Insurance Products Fund III:
Growth Opportunities Portfolio 384,449.013 22.88 8,796,193 7,654,137
Growth & Income Portfolio 821,354.893 16.15 13,264,882 11,560,008
Balanced Portfolio 507,540.630 16.11 8,176,480 7,656,489
---------------------------------
$ 147,723,384 $ 133,562,697
=================================
</TABLE>
The aggregate cost of purchases and proceeds from sales of investments were as
follows:
<TABLE>
<CAPTION>
YEAR ENDING COMMENCEMENT OF
DECEMBER 31 OPERATIONS TO DECEMBER 31
1998 1997
------------------------------------ -----------------------------------
PURCHASES SALES PURCHASES SALES
------------------------------------ -----------------------------------
<S> <C> <C> <C> <C>
Variable Insurance Products Fund:
Money Market Portfolio $ 23,942,596 $ 21,757,278 $ 15,094,646 $ 11,927,753
High Income Portfolio 7,577,621 668,926 1,735,063 65,753
Equity-Income Portfolio 13,550,635 784,057 5,220,514 103,837
Growth Portfolio 7,325,655 455,360 3,720,968 79,595
Overseas Portfolio 2,055,955 118,266 1,455,768 15,673
Variable Insurance Products Fund II:
Investment Grade Bond Portfolio 9,127,427 1,174,924 2,024,413 41,946
Asset Manager Portfolio 6,616,999 281,113 2,087,459 77,779
Asset Manager: Growth Portfolio 3,526,594 329,498 1,681,718 48,568
Contrafund Portfolio 8,417,189 246,277 3,629,883 21,625
Index 500 Portfolio 19,797,897 1,097,755 6,893,402 75,371
Variable Insurance Products Fund III:
Growth Opportunities Portfolio 6,378,240 717,198 1,973,446 38,345
Growth & Income Portfolio 10,878,320 304,665 970,925 28,865
Balanced Portfolio 7,494,438 375,925 522,455 2,162
------------------------------------ -----------------------------------
$ 126,689,566 $ 28,311,242 $ 47,010,660 $ 12,527,272
==================================== ===================================
</TABLE>
17
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at December 31,
1998 follows:
<TABLE>
<CAPTION>
RETURN OF PREMIUM DEATH BENEFIT
-------------------------------------------------------------
ACCUMULATION ACCUMULATION TOTAL CONTRACT
SUBACCOUNT UNITS OWNED UNIT VALUE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market 1,952,491.941 $1.085122 $ 2,118,692
High Income 3,973,865.276 1.100826 4,374,534
Equity-Income 6,154,860.928 1.405087 8,648,115
Growth 3,459,954.944 1.697223 5,872,315
Overseas 1,077,780.755 1.239514 1,335,924
Investment Grade Bond 4,681,970.439 1.162796 5,444,176
Asset Manager 3,008,465.716 1.358156 4,085,966
Asset Manager: Growth 1,655,971.767 1.438856 2,382,705
Contrafund 3,910,309.755 1.590458 6,219,183
Index 500 8,270,753.106 1.670024 13,812,356
Growth Opportunities 2,924,155.413 1.512606 4,423,095
Growth & Income 3,639,176.416 1.584114 5,764,870
Balanced 3,111,696.936 1.332300 4,145,714
------------------
$ 68,627,645
==================
</TABLE>
<TABLE>
<CAPTION>
5% ANNUALLY COMPOUNDING DEATH BENEFIT
ANNUAL STEP-UP DEATH BENEFIT
---------------------------------------------------------------
ACCUMULATION ACCUMULATION TOTAL CONTRACT
SUBACCOUNT UNITS OWNED UNIT VALUE VALUE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market 2,988,629.347 $1.081944 $ 3,233,530
High Income 3,341,320.094 1.097571 3,667,336
Equity-Income 7,455,271.936 1.400941 10,444,396
Growth 4,143,718.939 1.692203 7,012,014
Overseas 1,721,436.380 1.235851 2,127,439
Investment Grade Bond 4,223,443.679 1.159355 4,896,471
Asset Manager 3,561,799.239 1.354149 4,823,207
Asset Manager: Growth 2,011,876.137 1.434634 2,886,306
Contrafund 5,025,003.251 1.585759 7,968,444
Index 500 9,688,729.936 1.665101 16,132,714
Growth Opportunities 2,898,237.147 1.508883 4,373,101
Growth & Income 4,746,215.367 1.580209 7,500,012
Balanced 3,032,873.614 1.329025 4,030,765
---------------
$ 79,095,735
===============
</TABLE>
18
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
At December 31, 1998, contract owners' equity was comprised of:
<TABLE>
<CAPTION>
MONEY HIGH EQUITY-
MARKET INCOME INCOME GROWTH
TOTAL SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Unit transactions, accumulated net
investment income and realized
capital gains $ 133,562,693 $ 5,352,222 $ 8,528,906 $ 17,986,224 $ 10,611,217
Adjustment for appreciation
(depreciation) to market value 14,160,687 - (487,036) 1,106,287 2,273,112
-------------------------------------------------------------------------------------
Total contract owners' equity $ 147,723,380 $ 5,352,222 $ 8,041,870 $ 19,092,511 $ 12,884,329
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
ASSET
INVESTMENT ASSET MANAGER:
OVERSEAS GRADE BOND MANAGER GROWTH CONTRAFUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Unit transactions, accumulated net
investment income and realized
capital gains $ 3,381,388 $ 10,013,219 $ 8,365,346 $ 4,849,092 $ 11,839,831
Adjustment for appreciation
(depreciation) to market value 81,975 327,428 543,827 419,919 2,347,796
-----------------------------------------------------------------------------------------
Total contract owners' equity $ 3,463,363 $ 10,340,647 $ 8,909,173 $ 5,269,011 $ 14,187,627
=========================================================================================
</TABLE>
<TABLE>
<CAPTION>
GROWTH GROWTH &
INDEX 500 OPPORTUNITIES INCOME BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net
investment income and realized
capital gains $25,764,612 $7,654,140 $11,560,008 $7,656,488
Adjustment for appreciation
(depreciation) to market value 4,180,458 1,142,056 1,704,874 519,991
---------------------------------------------------------------------------
Total contract owners' equity $29,945,070 $8,796,196 $13,264,882 $8,176,479
===========================================================================
</TABLE>
19
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
A summary of changes in contract owners' account units follows:
<TABLE>
<CAPTION>
MONEY MARKET HIGH INCOME EQUITY- INCOME GROWTH OVERSEAS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Units outstanding at January 2,
1997 - - - - -
Units purchased 18,906,680 95,261 179,649 119,792 87,023
Units redeemed and
transferred (15,864,188) 1,408,454 4,101,003 2,983,730 1,176,225
------------------------------------------------------------------------------------------
Units outstanding at Decem-
ber 31, 1997 3,042,492 1,503,715 4,280,652 3,103,522 1,263,248
Units purchased 55,491,757 337,085 706,558 413,851 125,355
Units redeemed and
transferred (53,593,128) 5,474,385 8,622,923 4,086,301 1,410,614
------------------------------------------------------------------------------------------
Units outstanding at Decem-
ber 31, 1998 4,941,121 7,315,185 13,610,133 7,603,674 2,799,217
==========================================================================================
<CAPTION>
INVESTMENT ASSET ASSET MANAGER:
GRADE BOND MANAGER GROWTH CONTRAFUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Units outstanding at January 2,
1997 - - - -
Units purchased 261,320 52,572 88,662 69,851
Units redeemed and
transferred 1,654,269 1,709,448 1,313,666 3,035,837
------------------------------------------------------------------------------
Units outstanding at Decem-
ber 31, 1997 1,915,589 1,762,020 1,402,328 3,105,688
Units purchased 347,468 231,143 197,170 533,713
Units redeemed and
transferred 6,642,357 4,577,102 2,068,350 5,295,912
------------------------------------------------------------------------------
Units outstanding at Decem-
ber 31, 1998 8,905,414 6,570,265 3,667,848 8,935,313
==============================================================================
</TABLE>
20
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
<TABLE>
<CAPTION>
GROWTH GROWTH
INDEX 500 OPPORTUNITIES & INCOME BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Units outstanding at January 2,
1997 - - - -
Units purchased 254,517 48,106 13,590 12,784
Units redeemed and
transferred 5,249,027 1,599,525 760,828 452,150
-----------------------------------------------------------------------------
Units outstanding at Decem-
ber 31, 1997 5,503,544 1,647,631 774,418 464,934
Units purchased 1,006,308 468,163 555,489 324,109
Units redeemed and
transferred 11,449,631 3,706,599 7,055,485 5,355,528
-----------------------------------------------------------------------------
Units outstanding at Decem-
ber 31, 1998 17,959,483 5,822,393 8,385,392 6,144,571
=============================================================================
</TABLE>
4. ADMINISTRATIVE, MORTALITY AND EXPENSE RISK CHARGE
Administrative charges include an annual charge of $30 per contract. Charges for
administrative fees to the variable annuity contracts are an expense of the
Mutual Fund Account.
PFL Life deducts a daily charge for assuming certain mortality and expense
risks. For the 5% Annually Compounding Death Benefit and the Annual Step-Up
Death Benefit, this charge is equal to an effective annual rate of 1.25% of the
value of the contract owners' individual account. For the Return of Premium
Death Benefit, the corresponding charge is equal to an effective annual rate of
1.10% of the value of the contract owners' individual account. PFL Life also
deducts a daily charge equal to an annual rate of .15% of the contract owners'
account for administrative expenses.
5. TAXES
Operations of the Mutual Fund Account form a part of PFL Life, which is taxed as
a life insurance company under Subchapter L of the Internal Revenue Code of
1986, as amended (the "Code"). The operations of the Mutual Fund Account are
accounted for separately from other operations of PFL Life for purposes of
federal income taxation. The Mutual Fund Account is not separately taxable as a
regulated investment company under Subchapter M of the Code and is not otherwise
taxable as an entity separate from PFL Life. Under existing federal income tax
laws, the income of the Mutual Fund Account, to the extent applied to increase
reserves under the variable annuity contracts, is not taxable to PFL Life.
21
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements (continued)
6. YEAR 2000 (UNAUDITED)
The term Year 2000 Issue generally refers to the improper processing of dates
and incorrect date calculations that might occur in computer software and
hardware and embedded systems as the Year 2000 is approached. The use of
computer programs that rely on two-digit date fields to perform computations and
decision-making functions may cause systems to malfunction when processing
information involving dates after 1999. For example, any computer software that
has date-sensitive coding might recognize a code of 00 as the year 1900 rather
than the year 2000.
PFL Life has developed a Year 2000 Project Plan (the Plan) to address the Year
2000 issue as it affects PFL Life's internal IT and non-IT systems, and to
assess Year 2000 issues relating to third parties with whom PFL Life has
critical relationships.
The Plan for addressing internal systems generally includes an assessment of
internal IT and non-IT systems and equipment affected by the Year 2000 issue;
definition of strategies to address affected systems and equipment; remediation
of identified systems and equipment; internal testing and certification that
each internal system is Year 2000 compliant; and a review of existing and
revised business resumption and contingency plans to address potential Year 2000
issues. PFL Life has remediated and tested substantially all of its mission-
critical internal IT systems as of December 31, 1998. PFL Life continues to
remediate and test certain non-critical internal IT systems, internal non-IT
systems and will continue with a revalidation testing program throughout 1999.
PFL Life's Year 2000 issues are more complex because a number of its systems
interface with other systems not under PFL Life's control. PFL Life's most
significant interfaces and uses of third-party vendor systems are in the bank,
financial services and trust areas. PFL Life utilizes various banks to handle
numerous types of financial and sales transactions. Several of these banks also
provide trustee and custodial services for PFL Life's investment holdings and
transactions. These services are critical to a financial services company such
as PFL Life as its business centers around cash receipts and disbursements to
policyholders and the investment of policyholder funds. PFL Life has received
written confirmation from its vendor banks regarding their status on Year 2000.
The banks indicate their dedication to resolving any Year 2000 issues related to
their systems and services prior to December 31, 1999. PFL Life anticipates that
a considerable effort will be necessary to ensure that its corrected or new
systems can properly interface with those business partners with whom it
transmits and receives data and other information (external systems). PFL Life
has undertaken specific testing regimes with these third-party business partners
and expects to continue working with its business partners on any interfacing of
systems. However, the timing of external system compliance cannot currently be
predicted with accuracy because the implementation of Year 2000 readiness will
vary from one company to another.
22
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Retirement Income Builder Variable Annuity
Notes to Financial Statements (continued)
6. YEAR 2000 (UNAUDITED) (CONTINUED)
PFL Life does have some exposure to date sensitive embedded technology such as
micro-controllers, but PFL Life views this exposure as minimal. Unlike other
industries that may be equipment intensive, like manufacturing, PFL Life is a
life insurance and financial services organization providing insurance,
annuities and pension products to its customers. As such, the primary equipment
and electronic devices in use are computers and telephone related equipment.
This type of hardware can have date sensitive embedded technology which could
have Year 2000 problems. Because of this exposure, PFL Life has reviewed its
computer hardware and telephone systems, with assistance from the applicable
vendors, and has upgraded, or replaced, or is in the process of replacing any
equipment that will not properly process date sensitive data in the Year 2000 or
beyond. This undertaking has been substantially completed for all operations.
For PFL Life, a reasonably likely worst case scenario might include one or more
of PFL Life's significant policyholder systems being non-compliant. Such an
event could result in a material disruption of PFL Life's operations.
Specifically, a number of PFL Life's operations could experience an interruption
in the ability to collect and process premiums or deposits, process claim
payments, accurately maintain policyholder information, accurately maintain
accounting records, and or perform adequate customer service. Should the worst
case scenario occur, it could, dependent upon its duration, have a material
impact on PFL Life's business and financial condition. Simple failures can be
repaired and returned to production within a matter of hours with no material
impact. Unanticipated failures with a longer service disruption period could
have a more serious impact. For this reason, PFL Life is placing significant
emphasis on risk management and Year 2000 business resumption contingency
planning in 1999 by modifying its existing business resumption and disaster
recovery plans to address potential Year 2000 issues.
The actions taken by management under the Year 2000 Project Plans are intended
to significantly reduce PFL Life's risk of a material business interruption
based on the Year 2000 issues. It should be noted that the Year 2000 computer
problem, and its resolution, is complex and multifaceted, and any company's
success cannot be conclusively known until the Year 2000 is reached. In spite of
its efforts or results, PFL Life's ability to function unaffected to and through
the Year 2000 may be adversely affected by actions (or failure to act) of third
parties beyond our knowledge or control. It is anticipated that there may be
problems that will have to be resolved in the ordinary course of business on and
after the Year 2000. However, PFL Life does not believe that the problems will
have a material adverse affect on PFL Life's operations or financial condition.
23
<PAGE>
RETIREMENT
INCOME BUILDER II
VARIABLE ANNUITY
Issued Through
PFL RETIREMENT BUILDER VARIABLE ANNUITY ACCOUNT
by
PFL LIFE INSURANCE COMPANY
Prospectus - May 1, 1999
This prospectus and the mutual fund prospectuses give you important
information about the policies and the mutual funds. Please read them
carefully before you invest and keep them for future reference.
If you would like more information about the Retirement Income Builder II
Variable Annuity Policy, you can obtain a free copy of the Statement of
Additional Information (SAI) dated May 1, 1999. Please call us at (800) 525-
6205 or write us at: PFL Life Insurance Company, Financial Markets Division,
Variable Annuity Department, 4333 Edgewood Road N.E., Cedar Rapids, Iowa,
52499-0001. A registration statement, including the SAI, has been filed with
the Securities and Exchange Commission (SEC) and is incorporated herein by
reference. Information about the separate account can be reviewed and copied
at the SEC's Public Reference Room in Washington, D.C. You may obtain
information about the operation of the public reference room by calling the
SEC at 1-800-SEC-0330. The SEC also maintains a web site (http://www.sec.gov)
that contains the prospectus, the SAI, material incorporated by reference and
other information. The table of contents of the SAI is included at the end of
this prospectus.
Please note that the policies and the mutual funds:
. are not bank deposits
. are not federally insured
. are not endorsed by any bank or government agency
. are not guaranteed to achieve their goal
. are subject to risks, including loss of premium
The Securities and Exchange Commission has not approved or disapproved these
securities, or passed upon the adequacy of this prospectus. Any representation
to the contrary is a criminal offense.
The annuity policy has many investment choices. There is a fixed account,
which offers interest at rates that are guaranteed by PFL Life Insurance
Company (PFL), and twenty mutual fund portfolios offered by the underlying
funds listed below. You can choose any combination of these investment
choices. You bear the entire investment risk for all amounts you put in the
mutual fund portfolios.
AIM Variable Insurance Funds, Inc.
Managed by A I M Advisors, Inc.
AIM V.I. Capital Appreciation Fund
AIM V.I. Government Securities Fund
AIM V.I. Growth and Income Fund
AIM V.I. Value Fund
Dreyfus Stock Index Fund
Managed by The Dreyfus Corporation and Mellon Equity Associates
Dreyfus Variable Investment Fund
Managed by The Dreyfus Corporation
Dreyfus - Money Market Portfolio
Dreyfus - Small Company Stock Portfolio
MFS Variable Insurance Trust
Managed by Massachusetts Financial Services Company
MFS Emerging Growth Series
MFS Foreign & Colonial Emerging Markets Equity Series
MFS Research Series
MFS Total Return Series
MFS Utilities Series
Oppenheimer Variable Account Funds
Managed by OppenheimerFunds, Inc.
Oppenheimer Capital Appreciation Fund/VA
Oppenheimer Global Securities Fund/VA
Oppenheimer High Income Fund/VA
Oppenheimer Main Street Growth & Income Fund/VA
Oppenheimer Strategic Bond Fund/VA
WRL Series Fund, Inc.
Subadvised by Van Kampen Asset Management Inc.
WRL VKAM Emerging Growth
Subadvised by Janus Capital Corporation
WRL Janus Global
WRL Janus Growth
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS Page
<S> <C>
GLOSSARY OF TERMS.......................................................... 3
SUMMARY.................................................................... 4
ANNUITY POLICY FEE TABLE................................................... 8
EXAMPLES................................................................... 10
1.THE ANNUITY POLICY....................................................... 12
2.ANNUITY PAYMENTS
(THE INCOME PHASE)....................................................... 12
Annuity Payment Options.................................................. 12
3.PURCHASE................................................................. 14
Policy Issue Requirements................................................ 14
Premium Payments......................................................... 14
Initial Premium Requirements............................................. 14
Additional Premium Payments.............................................. 14
Maximum Total Premium Payments........................................... 14
Allocation of Premium Payments........................................... 14
Policy Value............................................................. 14
4.INVESTMENT CHOICES....................................................... 15
The Separate Account..................................................... 15
The Fixed Account........................................................ 15
Transfers................................................................ 16
Family Income Protector.................................................. 16
Dollar Cost Averaging Program............................................ 18
Asset Rebalancing........................................................ 19
Telephone Transactions................................................... 19
5.EXPENSES................................................................. 19
Surrender Charges........................................................ 19
Mortality and Expense Risk Fee........................................... 20
Administrative Charges................................................... 20
Premium Taxes............................................................ 20
Federal, State and Local Taxes........................................... 20
Transfer Fee............................................................. 20
Family Income Protector.................................................. 20
Portfolio Management Fees................................................ 20
6.TAXES.................................................................... 20
Annuity Policies in General.............................................. 21
Qualified and Nonqualified Policies...................................... 21
Withdrawals - Nonqualified Policies...................................... 21
Withdrawals - Qualified Policies......................................... 22
Withdrawals - 403(b) Policies............................................ 22
Diversification and Distribution Requirements............................ 22
</TABLE>
<TABLE>
<S> <C>
Taxation of Death Benefit Proceeds........................................ 22
Annuity Payments.......................................................... 22
Transfers, Assignments and Exchanges of Policies.......................... 23
Possible Tax Law Changes.................................................. 23
7.ACCESS TO YOUR MONEY...................................................... 23
Surrenders................................................................ 23
Delay of Payment and Transfers............................................ 23
Excess Interest Adjustment................................................ 24
Systematic Payout Option.................................................. 24
Nursing Care and Terminal Condition Withdrawal Option..................... 24
Unemployment Waiver....................................................... 24
8.PERFORMANCE............................................................... 25
9.DEATH BENEFIT............................................................. 25
When We Pay A Death Benefit............................................... 25
When We Do Not Pay A Death Benefit........................................ 26
Amount of Death Benefit................................................... 26
Guaranteed Minimum Death Benefit.......................................... 26
Adjusted Partial Withdrawal............................................... 27
10.OTHER INFORMATION........................................................ 27
Ownership................................................................. 27
Assignment................................................................ 27
PFL Life Insurance Company................................................ 27
The Separate Account...................................................... 27
Mixed and Shared Funding.................................................. 28
Reinstatements............................................................ 28
Voting Rights............................................................. 28
Distributor of the Policies............................................... 28
Non-participating Policy.................................................. 29
Variations in Policy Provisions........................................... 29
Year 2000 Matters......................................................... 29
IMSA...................................................................... 29
Legal Proceedings......................................................... 29
Financial Statements...................................................... 30
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION................ 30
APPENDIX A
Condensed Financial Information........................................... 31
APPENDIX B
Historical Performance Data............................................... 33
</TABLE>
2
<PAGE>
GLOSSARY OF TERMS
Accumulation Unit--An accounting unit of measure used in calculating the policy
value in the separate account before the annuity commencement date.
Annuitant--The person entitled to receive annuity payments after the annuity
commencement date and during whose life any annuity payments involving life
contingencies will continue.
Annuity Commencement Date--The date upon which Annuity Payments are to
commence. The annuity commencement date may not be later than the last day of
the policy month starting after the annuitant attains age 85, except as
expressly allowed by PFL, but in no event later than the last day of the policy
month following the month in which the annuitant attains age 95. The annuity
commencement date may be required to be earlier for qualified policies.
Annuity Payment Option--A method of receiving a stream of annuity payments
selected by the owner.
Cash Value--The policy value increased or decreased by any excess interest
adjustment, less the surrender charge, if any.
Cumulative Free Percentage--The percentage (as applied to the policy value)
which is available free of any surrender charge.
Excess Interest Adjustment--A positive or negative adjustment to amounts
withdrawn upon partial or full surrenders from the fixed account guaranteed
period options, or to amounts applied to annuity payment options. The
adjustment reflects changes in the interest rates declared by PFL since the
date any payment was received by or an amount was transferred to the guaranteed
period option. The excess interest adjustment can either decrease or increase
the amount to be received by the owner upon full surrender or commencement of
annuity payments, depending upon whether there has been an increase or decrease
in interest rates, respectively.
Fixed Account--One or more investment choices under the policy that are part of
the general assets of PFL and are not in the separate account.
Guaranteed Period Options--The various guaranteed interest rate periods of the
fixed account which may be offered by PFL and into which premium payments may
be paid or amounts transferred.
Owner or Owners--The person who may exercise all rights and privileges under
the policy. The owner during the lifetime of the annuitant and prior to the
annuity commencement date is the person designated as the owner or a successor
owner in the information that we require to issue a policy.
Policy Value--On or before the annuity commencement date, the policy value is
equal to the owner's:
. premium payments; minus
. partial withdrawals (including any applicable excess interest adjustments
and/or surrender charges on such withdrawals); plus
. interest credited in the fixed account; plus
. accumulated gains or losses in the separate account; minus
. service charges, premium taxes and transfer fees, if any.
Separate Account--The Retirement Income Builder II Variable Annuity division of
the PFL Retirement Builder Variable Annuity Account. The PFL Retirement Builder
Variable Annuity Account is a separate account established and registered as a
unit investment trust under the Investment Company Act of 1940, (the "1940
Act"), as amended, to which premium payments under the policies may be
allocated.
Subaccount--A subdivision within the separate account, the assets of which are
invested in a specified portfolio of the underlying funds.
(Note: The Statement of Additional Information contains a more extensive
Glossary.)
3
<PAGE>
SUMMARY
The sections in this summary correspond to sections in this prospectus, which
discuss the topics in more detail. Words printed in italics in this prospectus
are defined in the Glossary.
1.THE ANNUITY POLICY
The Flexible Premium Variable Annuity policy offered by PFL Life Insurance
Company (PFL) is a policy between you, as the owner, and PFL, an insurance
company. The policy provides a way to invest on a tax-deferred basis in the
following investment choices: subaccounts of the separate account, and a fixed
account of PFL. The policy is intended to accumulate money for retirement or
other long-term investment purposes.
This policy offers twenty subaccounts that are listed in Section 4. Each
subaccount invests exclusively in shares of one of the Portfolios of the
underlying funds. The policy value may depend on the investment experience of
the selected subaccounts. Therefore, you bear the entire investment risk with
respect to all policy value in any subaccount. You could lose the amount that
you invest.
The fixed account offers an interest rate that is guaranteed by PFL. We
guarantee to return your investment with interest credited for all amounts
allocated to the fixed account.
You can transfer money between any of the investment choices within certain
limits. During the accumulation phase, we reserve the right to impose a $10 fee
for each transfer in excess of 12 transfers per policy year.
The policy, like all deferred annuity policies, has two phases: the
"accumulation phase" and the "income phase." During the accumulation phase,
earnings accumulate on a tax-deferred basis and are taxed as income when you
take them out of the policy. The income phase occurs when you begin receiving
regular payments from your policy. The money you can accumulate during the
accumulation phase will largely determine the income payments you receive
during the income phase.
2.ANNUITY PAYMENTS (THE INCOME PHASE)
The policy allows you to receive income under one of five annuity payment
options. You may choose from fixed payment options, variable payment options,
or a combination of both. If you select a variable payment option, the dollar
amount of your payments may go up or down.
3.PURCHASE
You can buy this policy with $2,000 or more under most circumstances. You can
add as little as $50 at any time during the accumulation phase.
4.INVESTMENT CHOICES
You can allocate your premium payments to one or more of the following
portfolios described in the fund prospectuses:
MANAGED BY A I M ADVISORS, INC.
AIM V.I. Capital Appreciation Fund
AIM V.I. Government Securities Fund
AIM V.I. Growth and Income Fund
AIM V.I. Value Fund
MANAGED BY THE DREYFUS CORPORATION
Dreyfus - Money Market Portfolio
Dreyfus - Small Company Stock Portfolio
MANAGED BY THE DREYFUS CORPORATION AND MELLON EQUITY ASSOCIATES
Dreyfus Stock Index Fund
MANAGED BY MASSACHUSETTS FINANCIAL SERVICES COMPANY
MFS Emerging Growth Series
MFS Foreign & Colonial Emerging
Markets Equity Series
MFS Research Series
MFS Total Return Series
MFS Utilities Series
MANAGED BY OPPENHEIMERFUNDS, INC.
Oppenheimer Capital Appreciation Fund/VA(/1/)
Oppenheimer Global Securities Fund/VA
Oppenheimer High Income Fund/VA
Oppenheimer Main Street
Growth & Income Fund/VA(/2/)
Oppenheimer Strategic Bond Fund/VA
4
<PAGE>
SUBADVISED BY VAN KAMPEN ASSET
MANAGEMENT INC.
WRL VKAM Emerging Growth
SUBADVISED BY JANUS CAPITAL CORPORATION
WRL Janus Global
WRL Janus Growth
(/1/Formerly)known as Oppenheimer Growth Fund.
(/2/Formerly)known as Oppenheimer Growth & Income Fund.
Depending upon their investment performance, you can make or lose money in any
of these subaccounts.
You can also allocate your premium payments to the fixed account.
5.EXPENSES
No deductions are made from premium payments at the time you buy the policy so
that the full amount of each premium payment is invested in one or more of your
investment choices.
We may deduct a surrender charge of up to 6.0% of premium payments withdrawn
within five years after the premium is paid. However, after the tenth policy
year, no surrender charges apply, regardless of when you made your last premium
payment. To calculate surrender charges, we consider the premium you paid to
come out before any earnings.
Full surrenders and partial withdrawals from a guaranteed period option of the
fixed account may also be subject to an excess interest adjustment, which may
increase or decrease the amount you receive. This adjustment may also apply to
amounts applied to an annuity payment option from a guaranteed period option of
the fixed account.
We deduct daily mortality and expense risk fees and administrative charges of
1.25% to 1.40% per year from the assets in each subaccount.
During the accumulation phase, we deduct an annual service charge of no more
than $30 from the policy value on each policy anniversary and at the time of
surrender. The charge is waived if either the policy value or the sum of all
premium payments, minus all partial withdrawals, is at least $50,000.
We will deduct state premium taxes, which currently range from 0% to 3.50%,
when annuity payments begin, upon total surrender, or payment of a death
benefit.
If you elect the family income protector rider, there is an annual fee during
the accumulation phase of 0.30% of the minimum annuitization value. If you
annuitize under this rider, then there is a stabilized payment fee at an annual
rate of 1.25% of the daily net asset value in the separate account.
The value of the net assets of the subaccounts will reflect the investment
advisory fee and other expenses incurred by the underlying funds. Those fees
and expenses are detailed in the underlying funds' prospectuses that are
attached to this prospectus.
6.TAXES
Your earnings, if any, are not taxed until you take them out. If you take money
out during the accumulation phase, earnings come out first for federal tax
purposes, and are taxed as income. If you are younger than 59 1/2 when you take
money out, you may be charged a 10% federal penalty tax on the earnings.
Payments during the income phase are considered partly a return of your
original investment so that part of each payment is not taxable as income.
7.ACCESS TO YOUR MONEY
You can take money out anytime during the accumulation phase. You may take out
up to 10% of the policy value free of surrender charges each policy year. The
percentage that may be taken free of surrender charges is referred to as the
cumulative free percentage. Any cumulative free percentage that is not taken in
one year is carried forward and is available to be taken in the following
policy year free of surrender charges. Amounts withdrawn in excess of the
cumulative free percentage may be subject to a surrender charge. You may also
have to pay income tax and a tax penalty on any money you take out.
5
<PAGE>
8.PERFORMANCE
The value of the policy will vary up or down depending upon the investment
performance of the subaccounts you choose.
We provide performance information in Appendix B and in the Statement of
Additional Information. This data is not intended to indicate future
performance.
9.DEATH BENEFIT
If you are both the owner and the annuitant and you die before the income phase
begins, then your beneficiary will receive a death benefit.
Naming different persons as owner and annuitant can affect whether the death
benefit is payable and to whom amounts will be paid. Use care when naming
owners, annuitants and beneficiaries, and consult your agent if you have
questions.
You may choose one of the following guaranteed minimum death benefits:
. 5% Annually Compounding
. Annual Step-Up
. Return of Premium
10.OTHER INFORMATION
Right to Cancel Period. You may return your policy for a refund. The amount of
time you have to return the policy will depend on the state where the policy
was issued. It is generally only 10 days. The amount of the refund will
generally be the policy value. PFL will pay the refund within 7 days after it
receives written notice of cancellation and the returned policy. The policy
will then be deemed void. In some states you may have more than 10 days to
return a policy, or receive a refund of more (or less) than the policy value.
No Probate. Usually when you die, the person you choose as your beneficiary
will receive the death benefit under this policy without going through probate.
State laws vary on how the amount that may be paid is treated for estate tax
purposes.
Who should purchase the Policy? This policy is designed for people seeking
long-term tax-deferred accumulation of assets, generally for retirement or
other long-term purposes; and for persons who have maximized their use of other
retirement savings methods, such as 401(k) plans and individual retirement
accounts. The tax-deferred feature is most attractive to people in high federal
and state tax brackets. You should not buy this policy if you are looking for a
short-term investment or if you cannot take the risk of losing the money that
you put in.
Financial Statements. Financial statements for PFL and the subaccounts are in
the Statement of Additional Information.
Additional Features. This policy has additional features that might interest
you. These include the following:
. You can arrange to have money automatically sent to you monthly, quarterly,
semi-annually or annually while your policy is in the accumulation phase.
This feature is referred to as the "systematic payout option." Amounts you
receive may be included in your gross income, and in certain circumstances,
may be subject to penalty taxes.
. You can arrange to have a certain amount of money automatically transferred
from the fixed account, either monthly or quarterly, to your choice of
subaccounts. This feature is called "dollar cost averaging."
. You can elect an optional rider that guarantees you a minimum annuitization
value. This feature is called the "family income protector."
. We will, upon your request, automatically transfer amounts among the
subaccounts on a regular basis to maintain a desired allocation of the
policy value among the various subaccounts. This feature is called "asset
rebalancing."
. Under certain medically related circumstances, we will allow you to
surrender or partially withdraw your policy value without a surrender charge
and excess interest adjustment. This feature is called the "nursing care and
terminal condition withdrawal option."
6
<PAGE>
. Under certain unemployment circumstances, you may withdraw all or a portion
of the policy value free of surrender charges and excess interest
adjustments. This feature is called the "unemployment waiver."
. You may make transfers and/or change the allocation of additional premium
payments by telephone.
These features are not available in all states and may not be suitable for your
particular situation.
11.INQUIRIES
If you need more information, please contact us at:
Administrative and Service Office
Financial Markets Division
Variable Annuity Department
PFL Life Insurance Company
4333 Edgewood Road N.E.
P.O. Box 3183
Cedar Rapids, IA 52406-3183
7
<PAGE>
ANNUITY POLICY FEE TABLE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Policy Owner Transaction Expenses
- -----------------------------------------------
<S> <C>
Sales Load On Purchase
Payments..................... 0
Maximum Surrender Charge
(as a % of Premium Payments
Surrendered)(/1/)(/2/)...... 6%
Surrender Fees................ 0
Service Charge(/2/)........... $30 Per Policy
Transfer Fee(/2/)............. Currently No Fee
Family Income Protector
(optional)(/3/)
Rider Fee.................... 0.30%
</TABLE>
<TABLE>
<CAPTION>
Separate Account Annual Expenses
(as a percentage of average account value)
<S> <C>
Mortality and Expense Risk
Fees(/4/)..................... 1.25%
Administrative Charge.......... 0.15%
------------
TOTAL SEPARATE ACCOUNT
ANNUAL EXPENSES............... 1.40%
</TABLE>
- --------------------
Portfolio Annual
Expenses(/5/)
(as a percentage of
average net assets
and after expense
reimbursements)
- --------------------
<TABLE>
<CAPTION>
Management Other Rule Total Portfolio
Fees Expenses 12b-1 Fees Annual Expenses
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital Appreciation
Fund........................ 0.62% 0.05% -- 0.67%
AIM V.I. Government
Securities Fund............. 0.50% 0.26% -- 0.76%
AIM V.I. Growth and Income
Fund........................ 0.61% 0.04% -- 0.65%
AIM V.I. Value Fund.......... 0.61% 0.05% -- 0.66%
Dreyfus -- Money Market
Portfolio................... 0.50% 0.06% -- 0.56%
Dreyfus -- Small Company
Stock Portfolio............. 0.75% 0.23% -- 0.98%
Dreyfus Stock Index Fund..... 0.25% 0.01% -- 0.26%
MFS Emerging Growth
Series(/6/)................. 0.75% 0.10% -- 0.85%
MFS Foreign & Colonial
Emerging Markets Equity
Series(/6/)(/7/)............ 1.25% 0.28% -- 1.53%
MFS Research Series(/6/)..... 0.75% 0.11% -- 0.86%
MFS Total Return
Series(/6/)................. 0.75% 0.16% -- 0.91%
MFS Utilities Series(/6/).... 0.75% 0.26% -- 1.01%
Oppenheimer Capital
Appreciation Fund/VA........ 0.72% 0.03% -- 0.75%
Oppenheimer Global Securities
Fund/VA..................... 0.68% 0.06% -- 0.74%
Oppenheimer High Income
Fund/VA..................... 0.74% 0.04% -- 0.78%
Oppenheimer Main Street
Growth & Income Fund/VA..... 0.74% 0.05% -- 0.79%
Oppenheimer Strategic Bond
Fund/VA..................... 0.74% 0.06% -- 0.80%
WRL VKAM Emerging
Growth(/8/)................. 0.80% 0.09% -- 0.89%
WRL Janus Global(/8/)........ 0.80% 0.15% -- 0.95%
WRL Janus Growth(/8/)(/9/)... 0.78% 0.05% -- 0.83%
</TABLE>
8
<PAGE>
(/1/The)surrender charge is decreased based on the number of years since the
premium payment was made, from 6% in the year in which the premium payment
was made to 0% in the sixth year after the premium payment was made.
However, after the tenth policy year, no surrender charges apply,
regardless of when you made your last premium payment. If applicable, a
surrender charge will only be applied to withdrawals that exceed the amount
available under certain listed exceptions.
(/2/The)surrender charge and transfer fee, if any is imposed, apply to each
policy, regardless of how policy value is allocated among the separate
account and the fixed account. The service charge is the lesser of $30 or
2% of the policy value. It applies to both the fixed account and the
separate account, and is assessed on a prorata basis relative to each
account's policy value as a percentage of the policy's total policy value.
There is no fee for the first 12 transfers per policy year. For additional
transfers, PFL may charge a fee of $10 per transfer, but currently does not
charge for any transfers. Separate account expenses do not apply to the
fixed account.
(/3/The)annual rider fee is currently equal to 0.30% of the minimum
annuitization value on the previous policy anniversary; PFL may at its
discretion change the rate in the future, but the rate will never be
greater than 0.50% per year. The stabilized payment fee is only charged if
you annuitize under the family income protector rider, and then only after
annuitization. This fee is reflected in the amount of the variable
payments. The stabilized payment fee is currently equal to an effective
annual rate of 1.25% of the daily net asset value in the variable
investment options; PFL may at its discretion change the rate in the
future, but the rate will never be greater than 2.25% per year. Once the
family income protector rider is added to your policy, neither the rider
fee nor the stabilized payment fee that is in effect at that time will
change during the life of that family income protector rider.
(/4/Mortality)and expense risk fees shown (1.25%) are for the "5% Annually
Compounding Death Benefit" and the "Annual Step Up Death Benefit." The
corresponding fees for the "Return of Premium Death Benefit" are 1.10% for
each subaccount.
(/5/The)fee table information relating to the underlying funds is for 1998 and
was provided to PFL by the underlying funds, and PFL has not independently
verified such information. Actual future expenses of the underlying funds
may be greater or less than those shown in the Table.
(/6/Each)series has an expense offset arrangement which reduces the series'
custodian fee based upon the amount of cash maintained by the series with
its custodian and dividend disbursing agent. Each series may enter into
other such arrangements and directed brokerage arrangements, which would
also have the effect of reducing the series' expenses. Expenses do not take
into account these expense reductions, and are therefore higher than the
actual expenses of the series.
(/7/MFS)has agreed to bear expenses for these series, subject to reimbursement
by these series, such that each such series' "Other Expenses" shall not
exceed 0.25% of the average daily net assets of the series during the
current fiscal year. The payments made by MFS on behalf of each series
under this arrangement are subject to reimbursement by the series to MFS,
which will be accomplished by the payment of an expense reimbursement fee
by the series to MFS computed and paid monthly at a percentage of the
series' average daily net assets for its then current fiscal year with a
limitation that immediately after such payment the series' "Other Expenses"
will not exceed the percentage set forth above for that series. The
obligation of MFS to bear a series' "Other Expenses" pursuant to this
arrangement and the series' obligation to pay the reimbursement fee to MFS,
terminates on the earlier of the date on which payments made by the series'
equal the prior payment of such reimbursable expenses by MFS, or
December 31, 2004. MFS may, in its discretion, terminate this arrangement
at an earlier date, provided that the arrangement will continue for each
series until at least May 1, 2000, unless terminated with the consent of
the board of trustees which oversees the series.
(/8/Effective)January 1, 1997, the Board of the WRL Series Fund, Inc.
authorized the Fund to charge each portfolio of the Fund, including WRL
Janus Growth, WRL Janus Global and WRL VKAM Emerging Growth, an annual Rule
12b-1 fee of up to 0.15% of each portfolio's average daily net assets.
However, the Fund will not deduct the fee from any portfolio before April
30, 2000. Owners will receive advance written notice if a Rule 12b-1 fee is
deducted. See the WRL Series Fund, Inc.'s prospectus for more details.
(/9/The)WRL Janus Growth Portfolio's management and advisory expenses reflects
0.80% of the average daily net assets for the period prior to May 1, 1998,
and 0.775% of the first $3 billion of average daily net assets and 0.75% of
the average daily net assets in excess of $3 billion for the period May 1,
1998 to December 31, 1998.
9
<PAGE>
EXAMPLES
You would pay the following expenses on a $1,000 investment, assuming a
hypothetical 5% annual return on assets, assuming the entire policy value is in
the applicable subaccount, and assuming the family income protector benefit has
been selected:
The expenses reflect different mortality and expense risk fees depending on
which death benefit you select:
A = Return of Premium Death Benefit (1.10% charge)
B = 5% Annually Compounding Death Benefit or the Annual Step-Up Death Benefit
(1.25% charge)
<TABLE>
<CAPTION>
If the Policy is annuitized at
If the Policy is surrendered the end of the applicable time
at the end of the applicable period or if the Policy is not
time period. surrendered or annuitized.
-------------------------------------------------------------
1 3 5 10 1 3 5 10
Subaccounts Year Years Years Years Year Years Years Years
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AIM V.I. Capital
Appreciation Fund A $ 77 $ 113 $ 133 $ 266 $ 24 $ 72 $ 124 $ 266
----------------------------------------------------------------
B $ 79 $ 118 $ 140 $ 281 $ 25 $ 77 $ 132 $ 281
- ---------------------------------------------------------------------------------------------
AIM V.I. Government
Securities Fund A $ 78 $ 116 $ 137 $ 275 $ 24 $ 75 $ 129 $ 275
----------------------------------------------------------------
B $ 80 $ 120 $ 145 $ 290 $ 26 $ 80 $ 136 $ 290
- ---------------------------------------------------------------------------------------------
AIM V.I. Growth and
Income Fund A $ 77 $ 112 $ 132 $ 264 $ 23 $ 72 $ 123 $ 264
----------------------------------------------------------------
B $ 79 $ 117 $ 139 $ 279 $ 25 $ 76 $ 131 $ 279
- ---------------------------------------------------------------------------------------------
AIM V.I. Value Fund A $ 77 $ 113 $ 132 $ 265 $ 23 $ 72 $ 124 $ 265
----------------------------------------------------------------
B $ 79 $ 117 $ 140 $ 280 $ 25 $ 77 $ 131 $ 280
- ---------------------------------------------------------------------------------------------
Dreyfus Money Market
Portfolio A $ 76 $ 110 $ 127 $ 255 $ 22 $ 69 $ 119 $ 255
----------------------------------------------------------------
B $ 78 $ 114 $ 135 $ 270 $ 24 $ 74 $ 126 $ 270
- ---------------------------------------------------------------------------------------------
Dreyfus Small Company
Stock Portfolio A $ 80 $ 122 $ 148 $ 296 $ 27 $ 82 $ 140 $ 296
----------------------------------------------------------------
B $ 82 $ 127 $ 156 $ 311 $ 28 $ 86 $ 147 $ 311
- ---------------------------------------------------------------------------------------------
Dreyfus Stock Index Fund A $ 73 $ 100 $ 112 $ 223 $ 19 $ 60 $ 103 $ 223
----------------------------------------------------------------
B $ 75 $ 105 $ 119 $ 239 $ 21 $ 65 $ 111 $ 239
- ---------------------------------------------------------------------------------------------
MFS Emerging Growth
Series A $ 79 $ 119 $ 142 $ 284 $ 25 $ 78 $ 133 $ 284
----------------------------------------------------------------
B $ 81 $ 123 $ 149 $ 298 $ 27 $ 82 $ 141 $ 298
- ---------------------------------------------------------------------------------------------
MFS Foreign & Colonial A $ 86 $ 139 $ 176 $ 349 $ 32 $ 98 $ 166 $ 349
----------------------------------------------------------------
Emerging Markets Equity
Series B $ 87 $ 144 $ 183 $ 362 $ 34 $ 102 $ 174 $ 362
- ---------------------------------------------------------------------------------------------
MFS Research Series A $ 79 $ 119 $ 142 $ 285 $ 25 $ 78 $ 134 $ 285
----------------------------------------------------------------
B $ 81 $ 123 $ 150 $ 299 $ 27 $ 83 $ 141 $ 299
- ---------------------------------------------------------------------------------------------
MFS Total Return Series A $ 80 $ 120 $ 145 $ 290 $ 26 $ 80 $ 136 $ 290
----------------------------------------------------------------
B $ 81 $ 125 $ 152 $ 304 $ 27 $ 84 $ 144 $ 304
- ---------------------------------------------------------------------------------------------
MFS Utilities Series A $ 81 $ 123 $ 150 $ 299 $ 27 $ 83 $ 141 $ 299
----------------------------------------------------------------
B $ 82 $ 128 $ 157 $ 314 $ 28 $ 87 $ 148 $ 314
- ---------------------------------------------------------------------------------------------
Oppenheimer Capital
Appreciation Fund/VA A $ 78 $ 115 $ 137 $ 274 $ 24 $ 75 $ 128 $ 274
----------------------------------------------------------------
B $ 80 $ 120 $ 144 $ 289 $ 26 $ 79 $ 136 $ 289
- ---------------------------------------------------------------------------------------------
Oppenheimer Global
Securities Fund/VA A $ 78 $ 115 $ 136 $ 273 $ 24 $ 75 $ 128 $ 273
----------------------------------------------------------------
B $ 80 $ 120 $ 144 $ 288 $ 26 $ 79 $ 135 $ 288
</TABLE>
10
<PAGE>
EXAMPLES continued
<TABLE>
<CAPTION>
If the Policy is annuitized at
If the Policy is surrendered the end of the applicable time
at the end of the applicable period or if the Policy is not
time period. surrendered or annuitized.
--------------------------------------------------------------
1 3 5 10 1 3 5 10
Subaccounts Year Years Years Years Year Years Years Years
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Oppenheimer High Income
Fund/VA A $ 78 $ 116 $ 138 $ 277 $ 25 $ 76$ 130$ 277
-----------------------------------------------------------------
B $ 80 $ 121 $ 146 $ 292 $ 26 $ 80$ 137$ 292
- ----------------------------------------------------------------------------------------------
Oppenheimer Main Street A $ 79 $ 117 $ 139 $ 278 $ 25 $ 76$ 130$ 278
-----------------------------------------------------------------
Growth & Income Fund/VA B $ 80 $ 121 $ 146 $ 293 $ 26 $ 81$ 138$ 293
- ----------------------------------------------------------------------------------------------
Oppenheimer Strategic
Bond Fund/VA A $ 79 $ 117 $ 139 $ 279 $ 25 $ 76$ 131$ 279
-----------------------------------------------------------------
B $ 80 $ 122 $ 147 $ 294 $ 26 $ 81$ 138$ 294
- ----------------------------------------------------------------------------------------------
WRL VKAM Emerging Growth A $ 80 $ 120 $ 144 $ 288 $ 26 $ 79$ 135$ 288
-----------------------------------------------------------------
B $ 81 $ 124 $ 151 $ 302 $ 27 $ 84$ 143$ 302
- ----------------------------------------------------------------------------------------------
WRL Janus Global A $ 80 $ 122 $ 147 $ 294 $ 26 $ 81$ 138$ 294
-----------------------------------------------------------------
B $ 82 $ 126 $ 154 $ 308 $ 28 $ 85$ 146$ 308
- ----------------------------------------------------------------------------------------------
WRL Janus Growth A $ 79 $ 118 $ 141 $ 282 $ 25 $ 77$ 132$ 282
-----------------------------------------------------------------
B $ 80 $ 122 $ 148 $ 296 $ 27 $ 82$ 140$ 296
</TABLE>
The above tables will assist you in understanding the costs and expenses of the
policy underlying funds that you will bear, directly or indirectly. These
include the 1998 expenses of the underlying funds. In addition to the expenses
listed above, premium taxes, currently ranging from 0% to 3.50% of premium
payments may be applicable.
The examples should not be considered a representation of past or future
expenses, and actual expenses may be greater or less than those shown. The
assumed 5% annual return is hypothetical and should not be considered a
representation of past or future annual returns, which may be greater or less
than the assumed rate.
In these examples, the $30 service charge is reflected as a charge of .10%
based on an average policy value of $30,000.
Financial Information. Condensed financial information for the subaccounts is
in Appendix A to this prospectus.
11
<PAGE>
1.THE ANNUITY POLICY
This prospectus describes the Retirement Income Builder II Variable Annuity
Policy offered by PFL Life Insurance Company.
An annuity is a policy between you, the owner, and an insurance company (in
this case PFL), where the insurance company promises to pay you an income in
the form of annuity payments. These payments begin on a designated date,
referred to as the annuity commencement date. Until the annuity commencement
date, your annuity is in the accumulation phase and the earnings are tax
deferred. Tax deferral means you generally are not taxed on your annuity until
you take money out of your annuity. After the annuity commencement date, your
annuity switches to the income phase.
The policy is a flexible premium variable annuity. You can use the policy to
accumulate funds for retirement or other long-term financial planning purposes.
It is a "flexible premium" policy because after you purchase it, you can
generally make additional investments of any amount of $50 or more, until the
annuity commencement date. But you are not required to make any additional
investments.
The policy is a "variable" annuity because the value of your investments can go
up or down based on the performance of your investment choices. If you select
the variable annuity portion of the policy, the amount of money you are able to
accumulate in your policy during the accumulation phase depends upon the
performance of your investment choices. The amount of annuity payments you
receive during the income phase from the variable annuity portion of your
policy also depends upon the investment performance of your investment choices
for the income phase.
The policy also contains a fixed account. The fixed account offers an interest
rate that is guaranteed by PFL not to decrease during the selected guaranteed
period. There may be different interest rates for each different guaranteed
period selected.
2. ANNUITY PAYMENTS (THE INCOME PHASE)
You choose the annuity commencement date. You can change this date by giving us
30 days written notice before the current annuity commencement date. The new
annuity commencement date must be at least 30 days after we receive the change.
The latest annuity commencement date cannot be after the policy month following
the month in which the annuitant attains age 95.
Election of Annuity Payment Option. Before the annuity commencement date, if
the annuitant is alive, you may choose an annuity payment option or change your
election. If the annuitant dies before the annuity commencement date, the
beneficiary may elect to receive the death benefit in a lump sum or under one
of the annuity payment options.
Unless you specify otherwise, the annuitant will receive the annuity payments.
After the annuitant's death, the beneficiary will receive any remaining
guaranteed payments.
Annuity Payment Options
The policy provides five annuity payment options that are described below. You
may chose any combination of annuity payment options. We will use your
"adjusted policy value" to provide these annuity payments. The adjusted policy
value is the policy value increased or decreased by an applicable excess
interest adjustment. If the adjusted policy value on the annuity commencement
date is less than $2,000, PFL reserves the right to pay it in one lump sum in
lieu of applying it under a payment option. You can receive annuity payments
monthly, quarterly, semi-annually, or annually.
Unless you choose to receive variable payments under annuity payment options 3
or 5, the amount of each payment will be set on the annuity commencement date
and will not change. You may, however, choose to receive variable payments
under either annuity payment option 3 or 5. The dollar amount of the first
variable payment will be determined in accordance with the annuity payment
rates set forth in the applicable table contained in the
12
<PAGE>
policy. The dollar amount of additional variable payments will vary based on
the investment performance of the subaccount(s) that you select. The dollar
amount of each variable payment after the first may increase, decrease or
remain constant. If the actual investment performance exactly matched the
assumed investment return of 5% at all times, the amount of each variable
annuity payment would remain equal. If actual investment performance exceeds
the assumed investment return, the amount of the variable annuity payments
would increase. Conversely, if actual investment performance is lower than the
assumed investment return, the amount of the variable annuity payments would
decrease.
A charge for premium taxes and an excess interest adjustment may be made when
annuity payments begin.
The annuity payment options are explained below. Options 1, 2, and 4 are fixed
only. Options 3 and 5 can be fixed or variable.
Payment Option 1--Interest Payments. We will pay the interest on the amount we
use to provide annuity payments in equal payments, or this amount may be left
to accumulate for a period of time you and PFL agree to. You and PFL will agree
on withdrawal rights when you elect this option.
Payment Option 2--Income for a Specified Period. We will make level payments
only for the fixed period you choose. No funds will remain at the end.
Payment Option 3--Life Income. You may choose between:
Fixed Payments
. No Period Certain--We will make level payments only during the annuitant's
lifetime.
. 10 Years Certain--We will make level payments for the longer of the
annuitant's lifetime or ten years.
. Guaranteed Return of Policy Proceeds--We will make level payments for the
longer of the annuitant's lifetime or until the total dollar amount of
payments we made to you equals the amount applied to this option.
Variable Payments
. No Period Certain--Payments will be made only during the lifetime of the
annuitant.
. 10 Years Certain--Payments will be made for the longer of the annuitant's
lifetime or ten years.
Payment Option 4--Income of a Specified Amount. Payments are made for any
specified amount until the amount applied to this option, with interest, are
exhausted. This will be a series of level payments followed by a smaller final
payment.
Payment Option 5--Joint and Survivor Annuity. You may choose between:
Fixed Payments
. Payments are made during the joint lifetime of the payee and a joint payee
of your selection. Payments will be made as long as either person is
living.
Variable Payments
. Payments are made as long as either the payee or the joint payee is
living.
Other annuity payment options may be arranged by agreement with PFL. Certain
annuity payment options may not be available in all states.
NOTE CAREFULLY:
IF:
. you choose Life Income with No Period Certain or a Joint and Survivor
Annuity; and
. the annuitant(s) dies before the due date of the second annuity payment;
THEN:
. we may make only one annuity payment.
IF:
. you choose Income for a Specified Period, Life Income with 10 years Certain,
Life Income with Guaranteed Return of Policy Proceeds, or Income of a
Specified Amount; and
. the person receiving payments dies prior to the end of the guaranteed
period;
THEN:
. the remaining guaranteed payments will be continued to that person's
beneficiary, or their present value may be paid in a single sum.
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We will not pay interest on amounts represented by uncashed annuity payment
checks if the postal or other delivery service is unable to deliver checks to
the payee's address of record. The payee is responsible to keep PFL informed of
the payee's current address of record.
3.PURCHASE
Policy Issue Requirements
PFL will issue a policy IF:
. PFL receives information needed to issue the policy;
. PFL receives a minimum initial premium payment;
. You (annuitant and any joint owner) are age 80 or younger; and
Premium Payments
You should make checks for premium payments payable only to PFL Life Insurance
Company and send them to the Administrative and Service Office. Your check must
be honored in order for PFL to pay any associated payments and benefits due
under the policy.
Initial Premium Requirements
The initial premium payment for most policies must be at least $2,000. There is
no minimum initial premium payment for policies issued under 403(b) policies of
the Internal Revenue Code; however, your premium must be received within 90
days of the policy date or your policy will be canceled. PFL will credit your
initial premium payment to your policy within two business days after the day
PFL receives it and your complete policy information. If we are unable to
credit your initial premium payment, we will contact you within five business
days and explain why. We will also return your initial premium payment at that
time unless you tell us to keep it and credit it as soon as possible.
The date on which we credit your initial premium payment to your policy is the
policy date. The policy date is used to determine policy years, policy months
and policy anniversaries.
Additional Premium Payments
You are not required to make any additional premium payments. However, you can
make additional premium payments as often as you like during the lifetime of
the annuitant and during the accumulation phase. Additional premium payments
must be at least $50. PFL will credit additional premium payments to your
policy as of the business day we receive your premium and required information.
Maximum Total Premium Payments
We allow premium payments up to a total of $1,000,000 without prior approval.
Allocation of Premium Payments
When you purchase a policy, PFL will allocate your premium payment to the
investment choices you select. Your allocation must be in whole percentages and
must total 100%. We will allocate additional premium payments the same way,
unless you request a different allocation.
If you allocate premium payments to the dollar cost averaging fixed account,
you must give us directions regarding the subaccount(s) to which transfers are
to be made.
You may change allocations for future additional premium payments by sending
written instructions or by telephone, subject to the limitations described
below under "Telephone Transactions." The allocation change will apply to
premium payments received after the date we receive the change request.
Policy Value
You should expect your policy value to change from valuation period to
valuation period. A valuation period begins at the close of trading on the New
York Stock Exchange on each business day and ends at the close of trading on
the next succeeding business day. A business day is each day that the New York
Stock Exchange is open. The New York Stock Exchange generally closes at 4:00
p.m. eastern time. Holidays are generally not business days.
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<PAGE>
4.INVESTMENT CHOICES
The Separate Account
The Retirement Income Builder II separate account currently consists of twenty
subaccounts.
The Underlying Funds. The subaccounts invest in shares of the underlying funds.
The companies that provide investment advice and administrative services for
the underlying funds offered through this policy are listed below. The
following investment choices are currently offered through this policy:
AIM VARIABLE INSURANCE FUNDS, INC.
Managed by A I M Advisors, Inc.:
AIM V.I. Capital Appreciation Fund
AIM V.I. Government Securities Fund
AIM V.I. Growth and Income Fund
AIM V.I. Value Fund
DREYFUS STOCK INDEX FUND
Managed by The Dreyfus Corporation And Mellon Equity Associates
DREYFUS VARIABLE INVESTMENT FUND
Managed by The Dreyfus Corporation:
Dreyfus Money Market Portfolio
Dreyfus Small Company Stock Portfolio
MFS VARIABLE INSURANCE TRUST
Managed by Massachusetts Financial Services Company:
MFS Emerging Growth Series
MFS Foreign & Colonial Emerging Markets Equity Series
MFS Research Series
MFS Total Return Series
MFS Utilities Series
OPPENHEIMER VARIABLE ACCOUNT FUNDS
Managed by OppenheimerFunds, Inc.
Oppenheimer Capital Appreciation Fund/VA
Oppenheimer Global Securities Fund/VA
Oppenheimer High Income Fund/VA
Oppenheimer Main Street Growth & Income Fund/VA
Oppenheimer Strategic Bond Fund/VA
WRL SERIES FUND, INC.
Subadvised by Van Kampen Asset Management Inc.:
WRL VKAM Emerging Growth
Subadvised by Janus Capital Corporation
WRL Janus Global
WRL Janus Growth
The general public may not purchase shares of these underlying funds. The
investment objectives and policies may be similar to other portfolios and
mutual funds managed by the same investment adviser or manager that are sold
directly to the public. You should not expect that the investment results of
the other portfolios and mutual funds will be comparable to those of the
underlying funds.
More detailed information, including an explanation of the portfolios'
investment objectives, may be found in the underlying funds' current
prospectuses, which are attached to this prospectus. You should read the
prospectuses for each of the underlying funds carefully before you invest.
PFL may receive expense reimbursements or other revenues from the underlying
funds or their investment advisors. The amount of these reimbursements or
revenues, if any, may be based on the amount of assets that PFL or the separate
account invests in the underlying funds.
The Fixed Account
Premium payments allocated and amounts transferred to the fixed account become
part of the general account of PFL. Interests in the general account have not
been registered under the Securities Act of 1933 (the "1933 Act"), nor is the
general account registered as an investment company under the Investment
Company Act of 1940 (the "1940 Act"). Accordingly, neither the general account
nor any interests therein are generally subject to the provisions of the 1933
or 1940 Acts. PFL has been advised that the staff of the SEC has not reviewed
the disclosures in this Prospectus which relate to the fixed account.
We guarantee that the interest credited to the fixed account will not be less
than 3% per year.
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<PAGE>
At the end of the guaranteed period, the value in that guaranteed period option
will automatically be transferred into a new guaranteed period option of the
same length (or the next shorter period if the same period is no longer
offered) at the current interest rate for that period. You can transfer to
another investment choice by giving us notice within 30 days before the end of
the expiring guaranteed period.
Surrenders or partial withdrawals from a guaranteed period option of the fixed
account are subject to an excess interest adjustment. This adjustment may
increase or decrease the amount of interest credited to your policy. The excess
interest adjustment will not decrease the interest credited to your policy
below 3% per year, however. You bear the risk that we will not credit interest
greater than 3% per year. We determine credited rates, which are guaranteed for
at least one year, in our sole discretion.
If you select the fixed account, your money will be placed with the other
general assets of PFL. The amount of money you are able to accumulate in the
fixed account during the accumulation phase depends upon the total interest
credited. The amount of annuity payments you receive during the income phase
from the fixed portion of your policy will remain level for the entire income
phase.
Transfers
During the accumulation phase, you may make transfers from any subaccount as
often as you wish. However, transfers from a guaranteed period option of the
fixed account are allowed only under the following circumstances:
. At the end of the guaranteed period, you must notify us within 30 days prior
to the end of the guaranteed period that you wish to transfer the amount in
the guaranteed period option to another investment choice.
. Transfers of amounts equal to interest credited on a monthly, quarterly,
semi-annual or annual basis. This may affect your overall interest-crediting
rate, because transfers are deemed to come from the oldest premium payment
first.
There are no transfers permitted out of the dollar cost averaging fixed account
option except through the dollar cost averaging program.
Each transfer must be at least $500 (or the entire subaccount value), except
for transfers of interest from a guaranteed period option of the fixed account,
for which there is a minimum transfer amount of $50. If the subaccount value
remaining after the transfer is less than $500, we reserve the right to include
that amount as part of the transfer.
During the income phase of your policy, you may transfer values out of any
subaccount up to four times per policy year. However, you cannot transfer out
of the fixed account in this phase. The minimum amount that can be transferred
during this phase is the lesser of $10 of monthly income, or the entire monthly
income of the variable annuity units in the subaccount from which the transfer
is being made.
Transfers may be made by telephone, subject to limitations described below
under "Telephone Transactions."
Currently, there is no charge for transfers. However, the number of transfers
permitted may be limited in the future and charges per transfer may apply in
the future.
Family Income Protector
The "family income protector" assures you of a minimum level of income in the
future by guaranteeing a minimum annuitization value (discussed below) after 10
years. You may elect to purchase this benefit, which guarantees the total
amount you will have to apply to a family income protector payment option and
which guarantees the amounts of those payments once you begin to receive them.
By electing this benefit, you can participate in the gains of the underlying
variable investment options you select while knowing that you are guaranteed a
minimum level of income in the future, regardless of the performance of the
underlying variable investment options.
Minimum Annuitization Value. The minimum annuitization value is:
. the policy value on the date the rider is issued,
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<PAGE>
. plus any additional premium payments,
. minus an adjustment for any withdrawals made after the date the rider is
issued,
. accumulated at the annual growth rate written on page one of the rider,
. minus any premium taxes.
The annual growth rate is currently 6% per year; PFL may, at its discretion,
change the rate in the future, but the rate will never be less than 3% per
year, and once the rider is added to your policy, the annual growth rate will
not vary during the life of that rider. Withdrawals may reduce the minimum
annuitization value on a basis greater than dollar-for-dollar. See the
Statement of Additional Information for more information.
The minimum annuitization value may only be used to annuitize using the family
income protector payment options and may not be used with any of the annuity
payment options listed in section 2. The family income protector payment
options are:
. Life Income--An election may be made for "No Period Certain" or "10 Years
Certain". In the event of the death of the annuitant prior to the end of the
chosen period certain, the remaining period certain payments will be
continued to the beneficiary.
. Joint and Full Survivor--An election may be made for "No Period Certain" or
"10 Years Certain". Payments will be made as long as either the annuitant or
joint annuitant is living. In the event of the death of both the annuitant
and joint annuitant prior to the end of the chosen period certain, the
remaining period certain payments will be continued to the beneficiary.
The minimum annuitization value is used to calculate the family income
protector payment and does not establish or guarantee a policy value or
guarantee performance of any investment option.
Other benefits and fees under the rider (the rider fee, the fee waiver
threshold, the stabilized payment fee, and the waiting period before the family
income protector can be exercised, as well as the annual growth rate) are also
guaranteed not to change after the rider is added. However, all of these
benefit specifications may change if you elect to upgrade the minimum
annuitization value.
Minimum Annuitization Value Upgrade. You can upgrade your minimum annuitization
value to the policy value within 30 days after any policy anniversary before
your 85th birthday (earlier if required by state law). For your convenience, we
will put the last date to upgrade on page one of the rider.
If you upgrade, the current rider will terminate and a new one will be issued
with its own specified guaranteed benefits and fees. Please note that the
benefits and fees under the new rider may differ from your benefits and fees
prior to upgrading.
Conditions of Exercise of the Family Income Protector. You can only annuitize
using the family income protector within the 30 days after the tenth or later
policy anniversary after the family income protector is elected or, in the case
of an upgrade of the minimum annuitization value, the tenth or later policy
anniversary following the upgrade; PFL may, at its discretion, change the
waiting period before the family income protector can be exercised in the
future. You cannot, however, annuitize using the family income protector after
the policy anniversary after your 94th birthday (earlier if required by state
law). For your convenience, we will put the first and last date to annuitize
using the family income protector on page one of the rider.
Note Carefully--If you annuitize at any time other than indicated above, you
cannot use the family income protector.
Guaranteed Minimum Stabilized Payments. Annuity payments under the family
income protector are guaranteed to never be less than the initial payment. See
the Statement of Additional Information for information concerning the
calculation of the initial payment. The payments will also be "stabilized" or
held constant during each policy year.
Under the family income protector, each annuity payment will be the greater of
the stabilized
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payment or the payment calculated without regard to the stabilized payments.
During the first policy year after annuitizing using the family income
protector, each stabilized payment will equal the initial payment. On each
policy anniversary thereafter, the stabilized payment will increase or decrease
depending on the performance of the investment options you selected, and then
be held constant at that amount for that policy year. The stabilized payment on
each policy anniversary will equal the greater of the initial payment or the
payment supportable by the annuity units in the selected investment options.
See the Statement of Additional Information for additional information
concerning stabilized payments.
Family Income Protector Rider Fee. A rider fee, currently 0.30% of the minimum
annuitization value on the prior policy anniversary, is charged annually prior
to annuitization. We will also charge this fee if you take a complete
withdrawal. PFL may change the rider fee percentage in the future, but it will
never be greater than 0.50%. The rider fee is deducted from each variable
investment option in proportion to the amount of policy value in each
subaccount.
The rider fee on any given policy anniversary will be waived if the policy
value exceeds the fee waiver threshold. The fee waiver threshold currently is
two times the minimum annuitization value; PFL may, at its discretion, change
the fee waiver threshold in the future, but it will never be greater than two
and one-half times the minimum annuitization value.
Stabilized Payment Fee. A stabilized payment fee, currently equal to an
effective annual rate of 1.25% of the daily net asset value in the variable
investment options, is reflected in the amount of the variable payments you
receive if you annuitize under the family income protector rider. PFL may
change the stabilized payment fee in the future, but it will never be greater
than 2.25%. The stabilized payment fee is included on page one of the rider.
Termination. The family income protector is irrevocable. You have the option
not to use the benefit but you will not receive a refund of any fees you have
paid. The family income protector will terminate upon the earliest of the
following:
. annuitization (you will still get guaranteed minimum stabilized payments if
you annuitize using the minimum annuitization value under the family income
protector),
. upgrade of the minimum annuitization value (although a new rider will be
issued),
. termination of your policy, or
. 30 days after the policy anniversary after your 94th birthday (earlier if
required by state law).
The family income protector does not establish or guarantee policy value or
guarantee performance of any investment option. Because this benefit is based
on conservative actuarial factors, the level of lifetime income that it
guarantees may be less than the level that would be provided by application of
the policy value at otherwise applicable annuity factors. Therefore, the family
income protector should be regarded as a safety net.
The family income protector may not be available in all states.
Dollar Cost Averaging Program
During the accumulation phase, you may instruct us to automatically transfer
money from the dollar cost averaging fixed account option into one or more
variable subaccounts. You may specify the dollar amount to be transferred
either monthly or quarterly; however each transfer must be at least $500. A
minimum of 6 monthly or 4 quarterly transfers are required and a maximum of 24
months or 8 quarterly transfers are allowed. Transfers must begin within 30
days. We will make the transfers on the 28th day of the applicable month. There
is no charge for this program.
Dollar cost averaging buys more accumulation units when prices are low and
fewer accumulation units when prices are high. It does not guarantee profits or
assure that you will not experience a loss.
We may credit different interest rates for dollar cost averaging programs of
varying time periods.
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If you discontinue the dollar cost averaging program before its completion,
then the interest credited on amounts in the dollar cost averaging fixed
account may be adjusted downward, but not below the minimum guaranteed
effective annual interest rate of 3%.
Asset Rebalancing
During the accumulation phase you can instruct us to automatically rebalance
the amounts in your subaccounts to maintain your desired asset allocation. This
feature is called asset rebalancing and can be started and stopped at any time
free of charge. However, we will not rebalance if you are in the dollar cost
averaging program or if any other transfer is requested. Asset rebalancing
ignores amounts in the fixed account. You can choose to rebalance monthly,
quarterly, semi-annually, or annually.
Telephone Transactions
You may make transfers and change the allocation of additional premium payments
by telephone IF:
. you select the "Telephone Transfer/ Reallocation Authorization" box in the
policy application or enrollment information; or
. you later make this request in writing.
You will be required to provide certain information for identification purposes
when requesting a transaction by the telephone. PFL may also require written
confirmation of your request. PFL will not be liable for following telephone
requests that it believes are genuine.
Telephone requests must be received before 3:00 p.m. central time to assure
same-day pricing of the transaction. PFL may discontinue this option at any
time.
5. EXPENSES
There are charges and expenses associated with your policy that reduce the
return on your investment in the policy.
Surrender Charges
During the accumulation phase, you can withdraw part or all of the cash value.
Cash value is the policy value increased or decreased by any excess interest
adjustment and decreased by an applicable surrender charge. We may apply a
surrender charge to compensate us for expenses relating to policy sales,
including commissions to registered representatives and other promotional
expenses. You can withdraw up to 10% of your policy value each year free of
surrender charges. This free amount is cumulative and is referred to as the
cumulative free percentage and is determined at the time of the withdrawal. If
you withdraw money in excess of the cumulative free percentage, you might have
to pay a surrender charge, which is a contingent deferred sales charge, on the
excess amount. The following schedule shows the surrender charges that apply
during the five years following each premium payment:
<TABLE>
<CAPTION>
Number of
Years
Since
Premium Surrender Charge
Payment (as a percentage of
Date premium withdrawn)
- ---------------------------------
<S> <C>
0 - 1 6%
- ---------------------------------
1 - 2 6%
- ---------------------------------
2 - 3 6%
- ---------------------------------
3 - 4 4%
- ---------------------------------
4 - 5 2%
- ---------------------------------
5 or more 0%
</TABLE>
For example, assume your policy value is $100,000 at the beginning of policy
year 2 and you withdraw $30,000. Since that amount is more than your cumulative
free percentage of 20% that is available at that time, you would pay a
surrender charge of $600 on the remaining $10,000 (6% of $30,000 - $20,000).
You receive the full amount of a requested partial withdrawal because we deduct
any applicable excess interest adjustment and surrender charge from your
remaining policy value. You receive your cash value upon full surrender.
For surrender charge purposes, the oldest premium is considered to be withdrawn
first. After the tenth policy year, no surrender charges apply, regardless of
when you made your last premium payment.
Keep in mind that withdrawals may be taxable, and if made before age 59 1/2,
may be subject to a
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10% federal penalty tax. For tax purposes, withdrawals are considered to come
from earnings first.
Surrender charges are also waived if you withdraw money under the nursing care
and terminal condition withdrawal option or unemployment waiver.
Mortality and Expense Risk Fee
We charge a fee as compensation for bearing certain mortality and expense risks
under the policy. Examples include a guarantee of annuity rates, the death
benefits, certain expenses of the policy, and assuming the risk that the
current charges will be insufficient in the future to cover costs of
administering the policy. For the Return of Premium Death Benefit the mortality
and expense risk fee is at an annual rate of 1.10% of assets. For the 5%
Annually Compounding Death Benefit and the Annual Step-Up Death Benefit, the
mortality and expense risk fee is at an annual rate of 1.25% of assets. This
annual fee is assessed daily based on the net asset value of each subaccount.
If this charge does not cover our actual costs, we absorb the loss. Conversely,
if the charge more than covers actual costs, the excess is added to our
surplus. We expect to profit from this charge. We may use our surplus for any
proper purpose, including distribution expenses.
Administrative Charges
We deduct an annual administrative charge to cover the costs of administering
the policies. This charge is equal to 0.15% per year of the daily net asset
value of the separate account.
In addition, an annual service charge of $30 (but not more than 2% of the
policy value) is charged on each policy anniversary and at surrender. The
service charge is waived if your policy value or the sum of your premiums, less
all partial withdrawals, is at least $50,000.
Premium Taxes
Some states assess premium taxes on the premium payments you make. Currently we
do not deduct for these taxes at the time you make a premium payment. However,
we will deduct the total amount of premium taxes, if any, from the policy value
when:
. you elect to begin receiving annuity payments;
. you surrender the policy; or
. you die and a death benefit is paid (you must also be the annuitant for the
death benefit to be paid).
Generally, premium taxes range from 0% to 3.50%, depending on the state.
Federal, State and Local Taxes
We may in the future deduct charges from the policy for any taxes it incurs
because of the policy. However, no deductions are being made at the present
time.
Transfer Fee
You are allowed to make 12 free transfers per year before the annuity
commencement date. If you make more than 12 transfers per year, we reserve the
right to charge $10 for each transfer. Premium payments, asset rebalancing and
dollar cost averaging transfers are not considered transfers. All transfer
requests made at the same time are treated as a single request.
Family Income Protector
If you elect the family income protector, there is an annual rider fee during
the accumulation phase of 0.30% of the minimum annuitization value, and a
stabilized payment fee of 1.25% of the daily net asset value if you annuitize
under the rider. The annual rider fee is also deducted upon a complete
withdrawal.
Portfolio Management Fees
The value of the assets in each subaccount will reflect the fees and expenses
paid by the underlying fund. A description of these expenses is found in the
"Fee Table" section of this prospectus and in the underlying fund's prospectus.
6. TAXES
NOTE: PFL has prepared the following information on federal income taxes as a
general
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discussion of the subject. It is not intended as tax advice to any individual.
You should consult your own tax adviser about your own circumstances. PFL has
included an additional discussion regarding taxes in the Statement of
Additional Information.
Annuity Policies in General
Deferred annuity policies are a way of setting aside money for future needs
like retirement. Congress recognized how important saving for retirement is
and provided special rules in the Internal Revenue Code for annuities. Simply
stated, these rules provide that you will not be taxed on the earnings, if
any, on the money held in your annuity policy until you take the money out.
This is referred to as tax deferral. There are different rules as to how you
will be taxed depending on how you take the money out and the type of policy--
qualified or nonqualified (discussed below).
You will not be taxed on increases in the value of your policy until a
distribution occurs--either as a withdrawal or as annuity payments.
When a non-natural person (e.g., corporation or certain other entities other
than tax-qualified trusts) owns a nonqualified policy, the policy will
generally not be treated as an annuity for tax purposes.
Qualified and Nonqualified Policies
If you purchase the policy under an individual retirement annuity, a pension
plan, or specially sponsored program, your policy is referred to as a
qualified policy.
Qualified policies are issued in connection with the following plans:
. Individual Retirement Annuity (IRA): A traditional IRA allows individuals
to make contributions, which may be deductible, to the Contract. A Roth IRA
also allows individuals to make contributions to the Contract, but it does
not allow a deduction for contributions, and distributions may be tax-free
if the owner meets certain rules.
. Tax-Sheltered Annuity (403(b) Plan): A 403(b) Plan may be made available to
employees of certain public school systems and tax-exempt organizations and
permits contributions to the Contract on a pre-tax basis.
. Corporate Pension and Profit-Sharing and H.R. 10 Plan: Employers and self-
employed individuals can establish pension or profit-sharing plans for
their employees or themselves and make contributions to the Contract on a
pre-tax basis.
. Deferred Compensation Plan (457 Plan): Certain governmental and tax-exempt
organizations can establish a plan to defer compensation on behalf of their
employees through contributions to the Contract.
If you purchase the policy as an individual and not under an individual
retirement annuity, 403(b) plan, 457 plan, or pension or profit sharing plan,
your policy is referred to as a nonqualified policy.
Withdrawals--Nonqualified Policies
If you make a withdrawal from your policy before the annuity commencement
date, the Internal Revenue Code treats that withdrawal as first coming from
earnings and then from your premium payments. When you make a withdrawal you
are taxed on the amount of the withdrawal that is earnings. (The excess
interest adjustment resulting from the withdrawal may affect the amount on
which you are taxed.) Different rules apply for annuity payments. See "Annuity
Payments" below.
The Internal Revenue Code also provides that withdrawn earnings may be subject
to a penalty. The amount of the penalty is equal to 10% of the amount that is
includable in income. Some withdrawals will be exempt from the penalty. They
include any amounts:
. paid on or after the taxpayer reaches age 59 1/2;
. paid after the taxpayer dies;
. paid if the taxpayer becomes totally disabled (as that term is defined in
the Internal Revenue Code);
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. paid in a series of substantially equal payments made annually (or more
frequently) under a lifetime annuity;
. paid under an immediate annuity; or
. which come from premium payments made prior to August 14, 1982.
All deferred non-qualified annuity policies that are issued by AUSA Life (or
its affiliates) to the same owner during any calendar year are treated as one
annuity for purposes of determining the amount includable in the owner's income
when a taxable distributions occurs.
Withdrawals--Qualified Policies
The above information describing the taxation of nonqualified policies does not
apply to qualified policies. There are special rules that govern with respect
to qualified policies. Generally, these rules restrict:
. the amount that can be contributed to the policy during any year; and
. the time when amounts can be paid from the policies.
In addition, a penalty tax may be assessed on amounts withdrawn from the policy
prior to the date you reach age 59 1/2, unless you meet one of the exceptions
to this rule. You may also be required to begin taking minimum distributions
from the policy by a certain rule. The terms of the plan may limit the rights
otherwise available to you under the policies.
We have provided more information in the Statement of Additional Information.
You should consult your legal counsel or tax adviser if you are considering
purchasing a policy for use with any retirement plan.
Withdrawals--403(b) Policies
The Internal Revenue Code limits the withdrawal of premium payments from
certain 403(b) policies. Withdrawals can generally only be made when an owner:
. reaches age 59 1/2;
. leaves his/her job;
. dies;
. becomes disabled (as that term is defined in the Internal Revenue Code); or
. in the case of hardship. However, in the case of hardship, the owner can
only withdraw the premium payments and not any earnings.
Diversification and Distribution Requirements
The Internal Revenue Code provides that the underlying investments for a
variable annuity must satisfy certain diversification requirements in order to
be treated as an annuity policy. The policy must also meet certain distribution
requirements at the death of an owner in order to be treated as an annuity
policy. These diversification and distribution requirements are discussed in
the Statement of Additional Information. PFL may modify the policy to attempt
to maintain favorable tax treatment.
Taxation of Death Benefit Proceeds
Amounts may be distributed from the policy because of the death of an owner or
the annuitant. Generally, such amounts are includable in the income of the
recipient:
. if distributed in a lump sum, these amounts are taxed in the same manner as
a full surrender; or
. if distributed under an annuity payment option, these amounts are taxed in
the same manner as annuity payments.
For these purposes, the "investment in the contract" is not affected by the
owner's or annuitant's death. That is, the "investment in the contract" remains
generally the total premium payments, less amounts received, which were not
includable in gross income.
Annuity Payments
Although the tax consequences may vary depending on the annuity payment option
you select, in general, for nonqualified and certain qualified policies, only a
portion of the annuity payments you receive will be includable in your
22
<PAGE>
gross income. In general, the excludable portion of each annuity payment you
receive will be determined as follows:
. Fixed payments--by dividing the "investment in the contract" on the annuity
commencement date by the total expected value of the annuity payments for
the term of the payments. This is the percentage of each annuity payment
that is excludable.
. Variable payments--by dividing the "investment in the contract" on the
annuity commencement date by the total number of expected periodic payments.
This is the amount of each annuity payment that is excludable.
The remainder of each annuity payment is includable in gross income. Once the
"investment in the contract" has been fully recovered, the full amount of any
additional annuity payments is includable in gross income.
If you select more than one annuity payment option, special rules govern the
allocation of the policy's entire "investment in the contract" to each such
option, for purposes of determining the excludable amount of each payment
received under that option. We advise you to consult a competent tax adviser as
to the potential tax effects of allocating amounts to any particular annuity
payment option.
If, after the annuity commencement date, annuity payments stop because an
annuitant died, the excess (if any) of the "investment in the contract" as of
the annuity commencement date over the aggregate amount of annuity payments
received that was excluded from gross income is generally allowable as a
deduction for your last taxable year.
Transfers, Assignments or Exchanges of Policies
A transfer of ownership or assignment of a policy, the designation of an
annuitant or other beneficiary who is not also the owner, the selection of
certain annuity commencement dates, or a change of annuitant, may result in
certain income or gift tax consequences to the owner that are beyond the scope
of this discussion. An owner contemplating any such transfer, assignment,
selection, or change should contact a competent tax adviser in respect to the
potential tax effects of such a transaction.
Possible Tax Law Changes
Although the likelihood of legislative changes is uncertain, there is always
the possibility that the tax treatment of the policy could change by
legislation or otherwise. You should consult a tax adviser with respect to
legislative developments and their effect on the policy.
7. ACCESS TO YOUR MONEY
Surrenders
You can have access to the money in your policy in several ways:
. by making a withdrawal (either a complete or partial withdrawal); or
. by taking annuity payments.
If you want to make a complete withdrawal, you will receive the value of your
policy including an excess interest adjustment, minus:
. surrender charges;
. premium taxes; and
. service charges.
If you want to take a partial withdrawal, in most cases it must be for at least
$500. Unless you tell us otherwise, we will take the withdrawal from each of
the investment choices in proportion to the policy value.
Remember that any withdrawal you take will reduce the policy value, and might
reduce the amount of the death benefit. See Section 9, Death Benefit, for more
details. Income taxes, federal tax penalties and certain restrictions may apply
to any withdrawals you make.
Delay of Payment and Transfers
Payment of any amount due from the separate account for a surrender, a death
benefit, or the death of the owner of a nonqualified policy, will generally
occur within seven business days from
23
<PAGE>
the date all required information is received by PFL. PFL may be permitted to
defer such payment from the separate account if:
. the New York Stock Exchange is closed for other than usual weekends or
holidays or trading on the Exchange is otherwise restricted; or
. an emergency exists as defined by the SEC or the SEC requires that trading
be restricted; or
. the SEC permits a delay for the protection of owners.
In addition, transfers of amounts from the subaccounts may be deferred under
these circumstances.
Pursuant to the requirements of certain state laws, we reserve the right to
defer payment of the cash value from the fixed account for up to six months.
Excess Interest Adjustment
Money that you withdraw from a guaranteed period option of the fixed account
before the end of its guaranteed period (the number of years you specified the
money would remain in the guaranteed period option) may be subject to an excess
interest adjustment. At the time you request a withdrawal, if interest rates
set by PFL have risen since the date of the initial guarantee, the excess
interest adjustment will result in a lower cash value on surrender. However, if
interest rates have fallen since the date of the initial guarantee, the excess
interest adjustment will result in a higher cash value on surrender.
There will be no excess interest adjustment on any of the following:
. lump sum withdrawals of the cumulative free percentage available;
. nursing care or terminal condition withdrawals;
. unemployment withdrawals;
. periodic withdrawals of cumulative interest credited;
. withdrawals to satisfy any minimum distribution requirements; and
. systematic payout option payments, which do not exceed the cumulative
interest credited.
Certain conditions must be satisfied. See the Statement of Additional
Information for more details.
Systematic Payout Option
You can receive regular payments from your policy by using the systematic
payout option. Under this option, you can receive up to 10% (annually) of your
policy's value free of surrender charges. Payments can be made monthly,
quarterly, semi-annually, or annually.
Nursing Care and Terminal Condition Withdrawal Option
No surrender charges or excess interest adjustment will apply if you or your
spouse has been:
. confined in a hospital or nursing facility for 30 days in a row; or
. diagnosed with a terminal condition (usually a life expectancy of 12 months
or less).
This benefit is also available to the annuitant or annuitant's spouse if the
owner is not a natural person. This benefit may not be available in all states.
See the policy or endorsement for details and conditions.
Unemployment Waiver
No surrender charges or excess interest adjustment will apply to withdrawals if
you or your spouse is unemployed. In order to qualify, you must have been:
. employed full time for at least two years prior to becoming unemployed; and
. employed full time on the policy date; and
. unemployed for at least 60 days in a row at the time of withdrawal; and
. must have a minimum cash value at the time of withdrawal of $5,000.
This benefit is also available to the annuitant or annuitant's spouse if the
owner is not a natural person.
You must provide written proof from your State's Department of Labor, which
verifies that you qualify for and are receiving unemployment
24
<PAGE>
benefits at the time of withdrawal. This benefit may not be available in all
states.
8. PERFORMANCE
PFL periodically advertises performance of the various investment portfolios.
We may disclose at least four different kinds of performance. First, we may
calculate performance by determining the percentage change in the value of an
accumulation unit by dividing the increase (decrease) for that unit by the
value of the accumulation unit at the beginning of the period. This performance
number reflects the deduction of the mortality and expense risk fees and
administrative charges. It does not reflect the deduction of any applicable
premium taxes or surrender charges. The deduction of any applicable premium
taxes or surrender charges would reduce the percentage increase or make greater
any percentage decrease.
Second, any advertisement will also include total return figures, which reflect
the deduction of the mortality and expense risk fees, administrative charges
and surrender charges.
Third, for periods starting prior to the date the policies were first offered,
the performance will be based on the historical performance of the
corresponding investment portfolios for the periods commencing from the date on
which the particular investment portfolio was made available through the
separate account.
Fourth, in addition, for certain investment portfolios, performance may be
shown for the period commencing from the inception date of the investment
portfolio. These figures should not be interpreted to reflect actual historical
performance of the separate account.
We also may, from time to time, include in our advertising and sales materials,
tax deferred compounding charts and other hypothetical illustrations, which may
include, comparisons of currently taxable and tax deferred investment programs,
based on selected tax brackets.
Appendix B contains performance information that you may find useful. It is
divided into various parts, depending upon the type of performance information
shown. Future performance will vary and future results will not be the same as
the results shown.
9. DEATH BENEFIT
We will pay a death benefit to your beneficiary, under certain circumstances,
if the annuitant dies during the accumulation phase and the annuitant was also
an owner. (If the annuitant was not an owner, a death benefit may or may not be
paid. See below.) The beneficiary may choose an annuity payment option, or may
choose to receive a lump sum.
When We Pay A Death Benefit
Before the Annuity Commencement Date
We will pay a death benefit to your beneficiary IF:
. you are both the annuitant and the owner of the policy; and
. you die before the annuity commencement date.
If the only beneficiary is your surviving spouse, then he or she may elect to
continue the policy as the new annuitant and owner, instead of receiving the
death benefit.
We will also pay a death benefit to your beneficiary IF:
. you are not the annuitant; and
. the annuitant dies before the annuity commencement date; and
. you specifically requested that the death benefit be paid upon the
annuitant's death.
Distribution requirements apply to the policy value upon the death of any
owner. These restrictions are detailed in the Statement of Additional
Information.
After the Annuity Commencement Date
The death benefit payable, if any, on or after the annuity commencement date
depends on the annuity payment option selected.
IF:
. you are not the annuitant; and
25
<PAGE>
. you die on or after the annuity commencement date; and
. the entire interest in the policy has not been paid to you;
THEN:
. the remaining portion of such interest in the policy will be distributed at
least as rapidly as under the method of distribution being used as of the
date of your death.
When We Do Not Pay A Death Benefit
No death benefit is paid in the following cases:
IF:
. you are not the annuitant; and
. the annuitant dies prior to the annuity commencement date; and
. you did not specifically request that the death benefit be paid upon the
annuitant's death;
THEN:
. you will become the new annuitant and the policy will continue.
IF:
. you are not the annuitant; and
. you die prior to the annuity commencement date;
THEN:
. the new owner must surrender the policy for the policy value increased or
decreased by an excess interest adjustment within five years of your death.
Note carefully. If the owner does not name a contingent owner, the owner's
estate will become the new owner. If no probate estate is opened (because, for
example, the owner has precluded the opening of a probate estate by means of a
trust or other instrument), and PFL has not received written notice of the
trust as a successor owner signed prior to the owner's death, then that trust
may not exercise ownership rights to the policy. It may be necessary to open a
probate estate in order to exercise ownership rights to the policy if no
contingent owner is named in a written notice received by PFL.
Amount of Death Benefit
Death benefit provisions may differ from state to state. The death benefit may
be paid as a lump sum or as annuity payments. The amount of the death benefit
depends on the guaranteed minimum death benefit option you choose when you buy
the policy. The death benefit will be the greatest of:
. policy value on the date we receive the required information; or
. cash value on the date we receive the required information; or
. guaranteed minimum death benefit (discussed below), plus premium payments,
less partial withdrawals from the date of death to the date the death
benefit is paid.
Guaranteed Minimum Death Benefit
On the application, you may choose one of the three guaranteed minimum death
benefit options listed below.
The Return of Premium Death Benefit will be in effect if you do not choose one
of the other options on the policy application. After the policy is issued, you
cannot make an election and the death benefit cannot be changed.
Return of Premium Death Benefit
Total premium payments, less any adjusted partial withdrawals (discussed below)
as of the date of death.
5% Annually Compounding Death Benefit
Total premium payments, less any adjusted partial withdrawals, plus interest at
an effective annual rate of 5% from the premium payment date or withdrawal date
to the date of death (but not later than your 81st birthday). There is an extra
charge for this death benefit.
Annual Step-Up Death Benefit
On each policy anniversary before your 81st birthday, a new "stepped-up" death
benefit is
26
<PAGE>
determined and becomes the guaranteed minimum death benefit for that policy
year. The death benefit is equal to:
. the largest policy value on the policy date or on any policy anniversary
before you reach age 81; plus
. any premium payments you have made since then; minus
. any adjusted partial withdrawals we have paid to you since then.
There is an extra charge for this death benefit.
IF, under all three death benefit options:
. the surviving spouse elects to continue the policy instead of receiving the
death benefit; and
. the guaranteed minimum death benefit is greater than the policy value;
THEN:
. we will increase the policy value to be equal to the guaranteed minimum
death benefit. This increase is made only at the time the surviving spouse
elects to continue the policy.
Adjusted Partial Withdrawal
When you request a partial withdrawal, your guaranteed minimum death benefit
will be reduced by an amount called the adjusted partial withdrawal. Under
certain circumstances, the adjusted partial withdrawal may be more than the
amount of your withdrawal request. It is also possible that if a death benefit
is paid after you have made a partial withdrawal, then the total amount paid
could be less than total premium payments. We have included a detailed
explanation of this adjustment in the Statement of Additional Information.
10. OTHER INFORMATION
Ownership
You, as owner of the policy, exercise all rights under the policy. You can
change the owner at any time by notifying PFL in writing. An ownership change
may be a taxable event.
Assignment
You can also assign the policy any time during your lifetime. PFL will not be
bound by the assignment until we receive written notice of the assignment. PFL
will not be liable for any payment or other action we take in accordance with
the policy before we receive notice of the assignment. An assignment may be a
taxable event. There may be limitations on your ability to assign a qualified
policy.
PFL Life Insurance Company
PFL Life Insurance Company was incorporated under the laws of the State of Iowa
on April 19, 1961 as NN Investors Life Insurance Company, Inc. It is engaged in
the sale of life and health insurance and annuity policies. PFL is a wholly
owned indirect subsidiary of AEGON USA, Inc. which conducts most of its
operations through subsidiary companies engaged in the insurance business or in
providing non-insurance financial services. All of the stock of AEGON USA,
Inc., is indirectly owned by AEGON N.V. of The Netherlands, the securities of
which are publicly traded. AEGON N.V., a holding company, conducts its business
through subsidiary companies engaged primarily in the insurance business. PFL
is licensed in the District of Columbia, Guam, and in all states except New
York.
All obligations arising under the policies, including the promote to make
annuity payments, are general corporate obligations of PFL.
The Separate Account
PFL established a separate account, called the PFL Retirement Builder Variable
Annuity Account, under the laws of the State of Iowa on March 29, 1996. The
Retirement Income Builder II divisions of the separate account receive and
currently invest the premium payments that are allocated to the separate
account for investment in shares of the underlying mutual fund portfolios.
The separate account is registered with the SEC as a unit investment trust
under the Investment Company Act of 1940. However, the SEC does not supervise
the management, the investment
27
<PAGE>
practices, or the policies of the separate account or PFL.
The assets of the separate account are held in PFL's name on behalf of the
separate account and belong to PFL. However, those assets that underlie the
policies are not chargeable with liabilities arising out of any other business
PFL may conduct. The separate account includes other subaccounts that are not
available under these policies. Income, gains, and losses, whether or not
realized, from assets allocated to the separate account are, in accordance with
the policies, credited or charged against the separate account without regard
to PFL's other income, gains or losses.
Information about the separate account can be reviewed and copied at the SEC's
Public Reference Room in Washington, D.C. You may obtain information about the
operation of the public reference room by calling the Commission at 1-800-SEC-
0330. In addition, the SEC maintains a web site (http://www.sec.gov) that
contains other information regarding the separate account.
Mixed and Shared Funding
Before making a decision concerning the allocation of premium payments to a
particular subaccount, please read the underlying funds' prospectuses. The
underlying funds are not limited to selling their shares to this separate
account and are permitted to accept investments from any separate account of an
insurance company. Since the portfolios of the underlying funds are available
to registered separate accounts offering variable annuity products of PFL, as
well as variable annuity and variable life products of other insurance
companies, and qualified retirement plans, there is a possibility that a
material conflict may arise between the interests of this separate account and
one or more of the separate accounts of another participating insurance
company. In the event of a material conflict, the affected insurance companies,
including PFL, agree to take any necessary steps to resolve the matter. This
includes removing their separate accounts from the underlying funds. See the
underlying funds' prospectuses for more details.
Reinstatements
You may surrender your policy and transfer your money directly to another life
insurance company (sometimes referred to as a 1035 Exchange or a trustee-to-
trustee transfer). You may also request us to reinstate your policy after such
a transfer by returning the same total dollar amount of funds to the applicable
investment choices. The dollar amount will be used to purchase new accumulation
units at the then current price. Because of changes in market value, your new
accumulation units may be worth more or less than the units you previously
owned. We recommend that you consult a tax professional to explain the possible
tax consequences of exchanges and/or reinstatements.
Voting Rights
PFL will vote all shares of the underlying funds in accordance with
instructions we receive from you and other owners that have voting interests in
the portfolios. We will send you and other owners written requests for
instructions on how to vote those shares. When we receive those instructions,
we will vote all of the shares in proportion to those instructions. If,
however, we determine that we are permitted to vote the shares in our own
right, we may do so. Each person having a voting interest will receive proxy
material, reports, and other materials relating to the appropriate portfolio.
Distributor of the Policies
AFSG Securities Corporation is the principal underwriter of the policies. Like
PFL, it is an indirect wholly owned subsidiary of AEGON USA, Inc. It is located
at 4333 Edgewood Road N.E., Cedar Rapids, IA 52499-0001. AFSG Securities
Corporation is registered as a broker/dealer under the Securities Exchange Act
of 1934. It is a member of the National Association of Securities Dealers, Inc.
("NASD"). It was incorporated in Pennsylvania on March 12, 1986.
Commissions of up to 5% of premium payments will be paid to broker/dealers who
sell the policies under agreements with AFSG Securities Corporation. These
commissions are not deducted from premium payments. In addition, certain
production, persistency and managerial
28
<PAGE>
bonuses may be paid. PFL may also pay compensation to banks and other financial
institutions for their services in connection with the sale and servicing of
the policies.
Non-participating Policy
The policy does not participate or share in the profits or surplus earnings of
PFL. No dividends are payable on the policy.
Variations in Policy Provisions
Certain provisions of the policies may vary from the descriptions in this
prospectus in order to comply with different state laws. See your policy for
variations since any such state variations will be included in your policy or
in riders or endorsements attached to your policy.
New Jersey residents: Annuity payments must begin on or before the later of:
(1) the policy anniversary that is closest to the annuitant's 70th birthday or
(2) the 10th policy anniversary. You may not select a guaranteed period option
that would extend beyond that date. Your options at the annuity commencement
date are to elect a lump sum payment, or elect to receive annuity payments
under one of the fixed payment options. New Jersey residents cannot elect
variable payment options. Consult your agent and the policy form itself for
details regarding these and other terms applicable to policies sold in New
Jersey.
Year 2000 Matters
In May 1996, PFL Life Insurance Company (PFL) adopted and presently has in
place a Year 2000 Project Plan (the "Plan") to review and analyze existing
hardware and software systems, as well as voice and data communications
systems, to determine if they are Year 2000 compliant. As of March 1, 1999,
substantially all of PFL's mission-critical systems are Year 2000 compliant.
The Year 2000 Project Plan remains on track as PFL continues with the
validation of its mission-critical and non-mission-critical systems, including
revalidation testing in 1999. In addition, PFL has undertaken aggressive
initiatives to test all systems that interface with any third parties and other
business partners. All of these steps are aimed at allowing current operations
to remain unaffected by the year 2000 date change.
As of the date of this prospectus, PFL has identified and made available what
it believes are the appropriate resources of hardware, people, and dollars,
including the engagement of outside third parties, to ensure that the Plan will
be completed.
The actions taken by management under The Year 2000 Project Plan are intended
to significantly reduce PFL's risk of a material business interruption based on
the Year 2000 issues. It should be noted that the Year 2000 computer problem,
and its resolution, is complex and multifaceted, and any company's success
cannot be conclusively known until the Year 2000 is reached. In spite of its
efforts or results, PFL's ability to function unaffected to and through the
Year 2000 may be adversely affected by actions, or failure to act, of third
parties beyond our knowledge or control.
This statement is a Year 2000 Readiness Disclosure pursuant to Section 3(9) of
the Year 2000 Information and Readiness Disclosure Act, 15 U.S.C. Section 1
(1998).
IMSA
PFL is a member of the Insurance Marketplace Standards Association (IMSA). IMSA
members subscribe to a set of ethical standards involving the sales and service
of individually sold life insurance and annuities. As a member, we may use the
IMSA logo and language in advertisements.
Legal Proceedings
There are no legal proceedings to which the separate account is a party or to
which the assets of the account are subject. PFL, like other life insurance
companies, is involved in lawsuits. In some class action and other lawsuits
involving other insurers, substantial damages have been sought and/or material
settlement payments have been made. Although the outcome of any litigation
cannot be predicted with certainty, PFL believes that at the present time there
are no pending or threatened lawsuits that are reasonably likely to have a
material adverse impact on the separate account or PFL.
29
<PAGE>
Financial Statements
The financial statements of PFL and the separate account are included in the
Statement of Additional Information.
Table of Contents of the Statement of Additional Information
Glossary of Terms
The Policy--General Provisions
Certain Federal Income Tax Consequences
Investment Experience
Family Income Protector-- Hypothetical Illustrations
Historical Performance Data
Published Ratings
State Regulation of PFL
Administration
Records and Reports
Distribution of the Policies
Other Products
Custody of Assets
Legal Matters
Independent Auditors
Other Information
Financial Statements
30
<PAGE>
APPENDIX A
CONDENSED FINANCIAL INFORMATION
The accumulation unit values and the number of accumulation units outstanding
for each subaccount from the date of inception are shown in the following
tables.
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Separate Account Annual Expenses: 1.40%)
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Value Value Accumulation
Subaccount at Beginning of Year at End of Year Units at End of Year
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Capital Appre-
ciation Fund
1998(/1/).............. $ 1.000000 $ 1.236035 16,140.294
- ---------------------------------------------------------------------------------------
AIM V.I. Government Se-
curities Fund
1998(/1/).............. $ 1.000000 $ 0.996068 1,000.000
- ---------------------------------------------------------------------------------------
AIM V.I. Growth and In-
come Fund
1998(/1/).............. $ 1.000000 $ 1.260383 24,295.424
- ---------------------------------------------------------------------------------------
AIM V.I. Value Fund
1998(/1/).............. $ 1.000000 $ 1.265957 77,450.159
- ---------------------------------------------------------------------------------------
Dreyfus Money Market
1998(/1/).............. $ 1.000000 $ 1.008557 4,812.918
- ---------------------------------------------------------------------------------------
Dreyfus Small Company
Stock
1998(/1/).............. $ 1.000000 $ 1.160376 1,727.775
- ---------------------------------------------------------------------------------------
Dreyfus Stock Index Fund
1998(/1/).............. $ 1.000000 $ 1.208018 22,149.833
- ---------------------------------------------------------------------------------------
MFS Emerging Growth Se-
ries
1998(/1/).............. $ 1.000000 $ 1.265976 19,506.272
- ---------------------------------------------------------------------------------------
MFS Foreign & Colonial
Emerging
Markets Equity Series
1998(/1/).............. $ 1.000000 $ 1.048257 1,314.230
- ---------------------------------------------------------------------------------------
MFS Research Series
1998(/1/).............. $ 1.000000 $ 1.212231 1,000.000
- ---------------------------------------------------------------------------------------
MFS Total Return Series
1998(/1/).............. $ 1.000000 $ 1.076083 22,214.590
- ---------------------------------------------------------------------------------------
MFS Utilities Series
1998(/1/).............. $ 1.000000 $ 1.096045 38,962.685
- ---------------------------------------------------------------------------------------
Oppenheimer Capital Ap-
preciation Fund/VA(/2/)
1998(/1/).............. $ 1.000000 $ 1.263125 4,185.246
- ---------------------------------------------------------------------------------------
Oppenheimer Global Secu-
rities Fund/VA
1998(/1/).............. $ 1.000000 $ 1.201147 9,328.475
- ---------------------------------------------------------------------------------------
Oppenheimer High Income
Fund/VA
1998(/1/).............. $ 1.000000 $ 1.027262 51,275.380
- ---------------------------------------------------------------------------------------
Oppenheimer Main Street
Growth & Income
Fund/VA(/3/)
1998(/1/).............. $ 1.000000 $ 1.188617 2,300.849
- ---------------------------------------------------------------------------------------
Oppenheimer Strategic
Bond Fund/VA
1998(/1/).............. $ 1.000000 $ 1.014327 1,000.000
- ---------------------------------------------------------------------------------------
WRL VKAM Emerging Growth
1998(/1/).............. $ 1.000000 $ 1.277710 18,154.685
- ---------------------------------------------------------------------------------------
WRL Janus Global
1998(/1/).............. $ 1.000000 $ 1.224958 43,161.863
- ---------------------------------------------------------------------------------------
WRL Janus Growth
1998(/1/).............. $24.866333 $31.898334 4,221.779
</TABLE>
31
<PAGE>
Return of Premium Death Benefit
(Total Separate Account Annual Expenses: 1.25%)
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Value Value Accumulation
Subaccount at Beginning of Year at End of Year Units at End of Year
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Capital Appre-
ciation Fund
1998(/1/).............. $ 1.000000 $ 1.236494 5,643.068
- ---------------------------------------------------------------------------------------
AIM V.I. Government Se-
curities Fund
1998(/1/).............. $ 1.000000 $ 0.996434 1,242.352
- ---------------------------------------------------------------------------------------
AIM V.I. Growth and In-
come Fund
1998(/1/).............. $ 1.000000 $ 1.260851 9,888.276
- ---------------------------------------------------------------------------------------
AIM V.I. Value Fund
1998(/1/).............. $ 1.000000 $ 1.266420 25,924.011
- ---------------------------------------------------------------------------------------
Dreyfus Money Market
1998(/1/).............. $ 1.000000 $ 1.008931 49,469.204
- ---------------------------------------------------------------------------------------
Dreyfus Small Company
Stock
1998(/1/).............. $ 1.000000 $ 1.160806 1,815.395
- ---------------------------------------------------------------------------------------
Dreyfus Stock Index Fund
1998(/1/).............. $ 1.000000 $ 1.208468 1,000.000
- ---------------------------------------------------------------------------------------
MFS Emerging Growth Se-
ries
1998(/1/).............. $ 1.000000 $ 1.266452 6,087.050
- ---------------------------------------------------------------------------------------
MFS Foreign & Colonial
Emerging Markets Equity
Series
1998(/1/).............. $ 1.000000 $ 1.048650 1,000.000
- ---------------------------------------------------------------------------------------
MFS Research Series
1998(/1/).............. $ 1.000000 $ 1.212676 1,000.000
- ---------------------------------------------------------------------------------------
MFS Total Return Series
1998(/1/).............. $ 1.000000 $ 1.076484 18,274.251
- ---------------------------------------------------------------------------------------
MFS Utilities Series
1998(/1/).............. $ 1.000000 $ 1.096455 35,198.960
- ---------------------------------------------------------------------------------------
Oppenheimer Capital Ap-
preciation Fund/VA(/2/)
1998(/1/).............. $ 1.000000 $ 1.263592 24,594.049
- ---------------------------------------------------------------------------------------
Oppenheimer Global Secu-
rities Fund/VA
1998(/1/).............. $ 1.000000 $ 1.201594 1,000.000
- ---------------------------------------------------------------------------------------
Oppenheimer High Income
Fund/VA
1998(/1/).............. $ 1.000000 $ 1.027647 2,175.664
- ---------------------------------------------------------------------------------------
Oppenheimer Main Street
Growth & Income
Fund/VA(/3/)
1998(/1/).............. $ 1.000000 $ 1.189058 7,214.278
- ---------------------------------------------------------------------------------------
Oppenheimer Strategic
Bond Fund/VA
1998(/1/).............. $ 1.000000 $ 1.014714 1,739.591
- ---------------------------------------------------------------------------------------
WRL VKAM Emerging Growth
1998(/1/).............. $ 1.000000 $ 1.277918 2,275.052
- ---------------------------------------------------------------------------------------
WRL Janus Global
1998(/1/).............. $ 1.000000 $ 1.204408 60,664.783
- ---------------------------------------------------------------------------------------
WRL Janus Growth
1998(/1/).............. $ 1.000000 $ 1.283263 85,687.614
</TABLE>
(/1/Period)from September 30, 1998 through December 31, 1998
(/2/Formerly)known as Oppenheimer Growth Fund.
(/3/Formerly)known as Oppenheimer Growth and Income Fund.
32
<PAGE>
APPENDIX B
HISTORICAL PERFORMANCE DATA
Standardized Performance Data
PFL may advertise historical yields and total returns for the subaccounts of
the separate account. These figures are based on historical earnings and will
be calculated according to guidelines from the SEC. They do not indicate future
performance.
Dreyfus Money Market Subaccount. The yield of the Dreyfus Money Market
Subaccount for a policy refers to the annualized income generated by an
investment under a policy in the subaccount over a specified seven-day period.
The yield is calculated by assuming that the income generated for that seven-
day period is generated each seven-day period over a 52-week period and is
shown as a percentage of the investment. The effective yield is calculated
similarly but, when annualized, the income earned by an investment under a
policy in the subaccount is assumed to be reinvested. The effective yield will
be slightly higher than the yield because of the compounding effect of this
assumed reinvestment.
Other Subaccounts. The yield of a subaccount of the separate account (other
than the Dreyfus Money Market Subaccount) for a policy refers to the annualized
income generated by an investment under a policy in the subaccount over a
specified 30-day period. The yield is calculated by assuming that the income
generated by the investment during that 30-day period is generated each 30-day
period over a 12-month period and is shown as a percentage of the investment.
The total return of a subaccount of the separate account refers to return
quotations assuming an investment under a policy has been held in the
subaccount for various periods of time including a period measured from the
date the subaccount commenced operations. When a subaccount has been in
operation for 1, 5, and 10 years, respectively, the total return for these
periods will be provided. The total return quotations for a subaccount will
represent the average annual compounded rates of return that equate an initial
investment of $1,000 in the subaccount to the redemption value of that
investment as of the last day of each of the periods for which total return
quotations are provided.
The yield and total return calculations for a subaccount do not reflect the
effect of any premium taxes that may be applicable to a particular policy, and
they do not reflect the rider charge for the optional family income protector.
The yield calculations also do not reflect the effect of any surrender charge
that may be applicable to a particular policy. To the extent that any or all of
a premium tax and/or surrender charge is applicable to a particular policy, the
yield and/or total return of that policy will be reduced. For additional
information regarding yields and total returns calculated using the standard
formats briefly summarized above, please refer to the Statement of Additional
Information.
Based on the method of calculation described in the Statement of Additional
Information, the average annual total returns for periods from inception of the
subaccounts to December 31, 1998, and for the one and five year periods ended
December 31, 1998 are shown in Table 1 below. Total returns shown reflect
deductions for the mortality and expense risk fee and the administrative
charges. Performance figures may reflect the 1.25% mortality and expense risk
fee for the 5% Annually Compounding and Annual Step-Up Death Benefits, or the
1.10% mortality and expense risk fee for the Return of Premium Death Benefit.
Standard total return calculations will reflect the effect of surrender charges
that may be applicable to a particular period.
33
<PAGE>
TABLE 1
Standard Average Annual Total Returns
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
<TABLE>
- ---------------------------------------------------------------------------------
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital
Appreciation Fund...... N/A N/A 18.36% September 30, 1998
AIM V.I. Government
Securities Fund........ N/A N/A <5.78%> September 30, 1998
AIM V.I. Growth and
Income Fund............ N/A N/A 20.81% September 30, 1998
AIM V.I. Value Fund..... N/A N/A 21.37% September 30, 1998
Dreyfus--Small Company
Stock.................. N/A N/A 10.75% September 30, 1998
Dreyfus Stock Index
Fund................... N/A N/A 15.54% September 30, 1998
MFS Emerging Growth
Series................. N/A N/A 21.38% September 30, 1998
MFS Foreign & Colonial
Emerging Markets Equity
Series................. N/A N/A <0.53%> September 30, 1998
MFS Research Series..... N/A N/A 15.97% September 30, 1998
MFS Total Return
Series................. N/A N/A 2.27% September 30, 1998
MFS Utilities Series.... N/A N/A 4.28% September 30, 1998
Oppenheimer Capital
Appreciation
Fund/VA(/1/)........... N/A N/A 21.12% September 30, 1998
Oppenheimer Global
Securities Fund/VA..... N/A N/A 14.85% September 30, 1998
Oppenheimer High Income
Fund/VA................ N/A N/A <2.64%> September 30, 1998
Oppenheimer Main Street
Growth & Income
Fund/VA(/2/)........... N/A N/A 13.59% September 30, 1998
Oppenheimer Strategic
Bond Fund/VA........... N/A N/A <3.95%> September 30, 1998
WRL VKAM Emerging
Growth................. N/A N/A 22.53% September 30, 1998
WRL Janus Global........ N/A N/A 15.13% September 30, 1998
WRL Janus Growth........ N/A N/A 23.07% September 30, 1998
- ---------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- ---------------------------------------------------------------------------------
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital
Appreciation Fund...... N/A N/A 18.32% September 30, 1998
AIM V.I. Government
Securities Fund........ N/A N/A <5.82%> September 30, 1998
AIM V.I. Growth and
Income Fund............ N/A N/A 20.76% September 30, 1998
AIM V.I. Value Fund..... N/A N/A 21.33% September 30, 1998
Dreyfus--Small Company
Stock.................. N/A N/A 10.71% September 30, 1998
Dreyfus Stock Index
Fund................... N/A N/A 15.50% September 30, 1998
MFS Emerging Growth
Series................. N/A N/A 21.33% September 30, 1998
MFS Foreign & Colonial
Emerging Markets Equity
Series................. N/A N/A <0.57%> September 30, 1998
MFS Research Series..... N/A N/A 15.92% September 30, 1998
MFS Total Return
Series................. N/A N/A 2.23% September 30, 1998
MFS Utilities Series.... N/A N/A 4.24% September 30, 1998
Oppenheimer Capital
Appreciation
Fund/VA(/1/)........... N/A N/A 14.81% September 30, 1998
Oppenheimer Global
Securities Fund/VA..... N/A N/A 21.07% September 30, 1998
Oppenheimer High Income
Fund/VA................ N/A N/A 13.55% September 30, 1998
Oppenheimer Main Street
Growth & Income
Fund/VA(/2/)........... N/A N/A <2.68%> September 30, 1998
Oppenheimer Strategic
Bond Fund/VA........... N/A N/A <3.98%> September 30, 1998
WRL VKAM Emerging
Growth................. N/A N/A 22.48% September 30, 1998
WRL Janus Global........ N/A N/A 15.09% September 30, 1998
WRL Janus Growth........ N/A N/A 23.02% September 30, 1998
</TABLE>
(/1/Formerly)known as Oppenheimer Growth Fund.
(/2/Formerly)known as Oppenheimer Growth & Income Fund.
Non-Standardized Performance Data
In addition to the Standard data discussed above, similar performance data for
other periods may also be shown.
PFL may from time to time also advertise or disclose average annual total
return or other performance data in non-standard formats for a subaccount of
the separate account. The non-standard performance data may assume that no
surrender charge is applicable, and may also make other assumptions such as the
amount invested in a subaccount, differences in time periods to be shown, or
the effect of partial withdrawals or annuity payments.
34
<PAGE>
All non-standard performance data will be advertised only if the standard
performance data is also disclosed. For additional information regarding the
calculation of other performance data, please refer to the Statement of
Additional Information.
The non-standardized average annual total return figures shown in Table 2 are
based on the assumption that the policy is not surrendered, and therefore the
surrender charge is not imposed. Also, Table 2 does not reflect the rider
charge for the optional family income protector.
TABLE 2
Non-Standard Average Annual Total Returns
(Assuming No Surrender Charge)
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
<TABLE>
- ---------------------------------------------------------------------------------
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital
Appreciation Fund...... N/A N/A 23.62% September 30, 1998
AIM V.I. Government
Securities Fund........ N/A N/A <0.38%> September 30, 1998
AIM V.I. Growth and
Income Fund............ N/A N/A 26.06% September 30, 1998
AIM V.I. Value Fund..... N/A N/A 26.61% September 30, 1998
Dreyfus--Small Company
Stock.................. N/A N/A 16.05% September 30, 1998
Dreyfus Stock Index
Fund................... N/A N/A 20.82% September 30, 1998
MFS Emerging Growth
Series................. N/A N/A 26.62% September 30, 1998
MFS Foreign & Colonial
Emerging Markets Equity
Series................. N/A N/A 4.84% September 30, 1998
MFS Research Series..... N/A N/A 21.24% September 30, 1998
MFS Total Return
Series................. N/A N/A 7.62% September 30, 1998
MFS Utilities Series.... N/A N/A 9.62% September 30, 1998
Oppenheimer Capital
Appreciation Fund/VA
(/1/).................. N/A N/A 26.36% September 30, 1998
Oppenheimer Global
Securities Fund/VA..... N/A N/A 20.13% September 30, 1998
Oppenheimer High Income
Fund/VA................ N/A N/A 2.74% September 30, 1998
Oppenheimer Main Street
Growth & Income Fund/VA
(/2/).................. N/A N/A 18.88% September 30, 1998
Oppenheimer Strategic
Bond Fund/VA........... N/A N/A 1.45% September 30, 1998
WRL VKAM Emerging
Growth................. N/A N/A 27.76% September 30, 1998
WRL Janus Global........ N/A N/A 20.41% September 30, 1998
WRL Janus Growth........ N/A N/A 28.30% September 30, 1998
- ---------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- ---------------------------------------------------------------------------------
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital
Appreciation Fund...... N/A N/A 23.57% September 30, 1998
AIM V.I. Government
Securities Fund........ N/A N/A <0.42%> September 30, 1998
AIM V.I. Growth and
Income Fund............ N/A N/A 26.01% September 30, 1998
AIM V.I. Value Fund..... N/A N/A 26.57% September 30, 1998
Dreyfus--Small Company
Stock.................. N/A N/A 16.01% September 30, 1998
Dreyfus Stock Index
Fund................... N/A N/A 20.77% September 30, 1998
MFS Emerging Growth
Series................. N/A N/A 26.57% September 30, 1998
MFS Foreign & Colonial
Emerging Markets Equity
Series................. N/A N/A 4.80% September 30, 1998
MFS Research Series..... N/A N/A 21.19% September 30, 1998
MFS Total Return
Series................. N/A N/A 7.58% September 30, 1998
MFS Utilities Series.... N/A N/A 9.58% September 30, 1998
Oppenheimer Capital
Appreciation Fund/VA)
(/1/).................. N/A N/A 20.09% September 30, 1998
Oppenheimer Global
Securities Fund/VA..... N/A N/A 26.31% September 30, 1998
Oppenheimer High Income
Fund/VA................ N/A N/A 18.83% September 30, 1998
Oppenheimer Main Street
Growth & Income Fund/VA
(/2/).................. N/A N/A 2.70% September 30, 1998
Oppenheimer Strategic
Bond Fund/VA........... N/A N/A 1.41% September 30, 1998
WRL VKAM Emerging
Growth................. N/A N/A 27.71% September 30, 1998
WRL Janus Global........ N/A N/A 20.37% September 30, 1998
WRL Janus Growth........ N/A N/A 28.25% September 30, 1998
</TABLE>
(/1/Formerly)known as Oppenheimer Growth Fund.
(/2/Formerly)known as Oppenheimer Growth & Income Fund.
35
<PAGE>
Adjusted Historical Performance Data. The following performance data is
historic performance data for the underlying portfolios since their inception
reduced by some or all of the fees and charges under the policy. Such adjusted
historic performance includes data that precedes the inception dates of the
subaccounts. This data is designed to show the performance that would have
resulted if the policy had been in existence during that time, based on the
performance of the applicable portfolio and the assumption that the applicable
subaccount was in existence for the same period as the portfolio with a level
of charges equal to those currently assessed under the policies. This data is
not intended to indicate future performance.
For instance, as shown in Table 3 and Table 4 below, PFL may disclose average
annual total returns for the portfolios reduced by all fees and charges under
the policy, as if the policy had been in existence since the inception of the
portfolio. Such fees and charges include the mortality and expense risk fee,
administrative charge and surrender charges. Table 3 assumes a complete
surrender of the policy at the end of the period, and therefore the surrender
charge is deducted. Table 4 assumes that the policy is not surrendered, and
therefore the surrender charge is not deducted. Also, Table 3 and Table 4 do
not reflect the rider charge for the optional family income protector.
The following information is also based on the method of calculation described
in the Statement of Additional Information. The adjusted historical average
annual total returns for periods ended December 31, 1998, were as follows:
TABLE 3
Adjusted Historical Average Annual Total Returns (1)
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
10 Year Corresponding
or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital Appreciation
Fund........................ 13.11% 15.67% 17.18% May 5, 1993
AIM V.I. Government
Securities Fund............. 1.57% 4.39% 4.35% May 5, 1993
AIM V.I. Growth and Income
Fund........................ 21.49% N/A 20.86% May 2, 1994
AIM V.I. Value Fund.......... 26.19% 20.09% 20.27% May 5, 1993
Dreyfus--Small Company
Stock....................... <12.14%> N/A 5.80% May 1, 1996
Dreyfus Stock Index Fund..... 22.02% 22.43% 15.57% September 29, 1989
MFS Emerging Growth Series... 27.96% N/A 24.75% July 24, 1995
MFS Foreign & Colonial
Emerging Markets Equity
Series...................... <39.52%> N/A <40.26%> October 16, 1997
MFS Research Series.......... 17.19% N/A 20.70% July 26, 1995
MFS Total Return Series...... 6.16% N/A 16.99% January 3, 1995
MFS Utilities Series......... 11.89% N/A 23.69% January 3, 1995
Oppenheimer Capital
Appreciation Fund/VA(/2/)... 17.92% 20.60% 15.42%+ April 3, 1985
Oppenheimer Global Securities
Fund/VA..................... 7.92% 8.20% 10.98% November 12, 1990
Oppenheimer High Income
Fund/VA..................... <5.86%> 7.17% 11.21%+ December 31, 1987
Oppenheimer Main Street
Growth & Income
Fund/VA(/3/)................ <1.48%> N/A 25.20% July 5, 1995
Oppenheimer Strategic Bond
Fund/VA..................... <3.26%> 5.40% 5.36% May 5, 1993
WRL VKAM Emerging Growth..... 31.12% 20.33% 21.46% March 1, 1993
WRL Janus Global............. 23.82% 17.88% 20.32% December 3, 1992
WRL Janus Growth............. 58.26% 23.54% 20.98%+ October 2, 1986
- -------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- -------------------------------------------------------------------------------
<CAPTION>
10 Year Corresponding
or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital Appreciation
Fund........................ 12.93% 15.50% 17.01% May 5, 1993
AIM V.I. Government
Securities Fund............. 1.41% 4.24% 4.19% May 5, 1993
AIM V.I. Growth and Income
Fund........................ 21.30% N/A 20.68% May 2, 1994
AIM V.I. Value Fund.......... 26.00% 19.91% 20.09% May 5, 1993
Dreyfus--Small Company
Stock....................... <12.29%> N/A 5.64% May 1, 1996
Dreyfus Stock Index Fund..... 21.83% 22.25% 15.40% September 29, 1989
MFS Emerging Growth Series... 27.76% N/A 24.57% July 24, 1995
MFS Foreign & Colonial
Emerging Markets Equity
Series...................... <39.62%> N/A <40.36%> October 16, 1997
MFS Research Series.......... 17.01% N/A 20.52% July 26, 1995
MFS Total Return Series...... 6.00% N/A 16.81% January 3, 1995
MFS Utilities Series......... 11.71% N/A 23.51% January 3, 1995
Oppenheimer Capital
Appreciation Fund/VA(/2/)... 17.74% 20.42% 15.24%+ April 3, 1985
Oppenheimer Global Securities
Fund/VA..................... 7.75% 8.04% 10.82% November 12, 1990
Oppenheimer High Income
Fund/VA..................... <6.01%> 7.01% 11.05%+ December 31, 1987
Oppenheimer Main Street
Growth & Income
Fund/VA(/3/)................ <1.64%> N/A 25.01% July 5, 1995
Oppenheimer Strategic Bond
Fund/VA..................... <3.42%> 5.24% 5.21% May 5, 1993
WRL VKAM Emerging Growth..... 30.92% 20.15% 21.28% March 1, 1993
WRL Janus Global............. 23.63% 17.70% 20.14% December 3, 1992
WRL Janus Growth............. 58.02% 23.36% 20.80%+ October 2, 1986
- -------------------------------------------------------------------------------
+Ten Year Date
</TABLE>
36
<PAGE>
TABLE 4
Adjusted Historical Average Annual Total Returns(/1/)
(Assuming No Surrender Charge)
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
10 Year Corresponding
or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital Appreciation
Fund........................ 17.70% 15.67% 17.18% May 5, 1993
AIM V.I. Government
Securities Fund............. 6.30% 4.39% 4.35% May 5, 1993
AIM V.I. Growth and Income
Fund........................ 25.98% N/A 20.86% May 2, 1994
AIM V.I. Value Fund.......... 30.62% 20.09% 20.27% May 5, 1993
Dreyfus--Small Company
Stock....................... (7.26%) N/A 7.10% May 1, 1996
Dreyfus Stock Index Fund..... 26.50% 22.43% 15.57% September 29, 1989
MFS Emerging Growth Series... 32.37% N/A 24.85% July 24, 1995
MFS Foreign & Colonial
Emerging Markets Equity
Series...................... (34.30%) N/A <35.42%> October 16, 1997
MFS Research Series.......... 21.73% N/A 20.87% July 26, 1995
MFS Total Return Series...... 10.83% N/A 17.15% January 3, 1995
MFS Utilities Series......... 16.49% N/A 23.72% January 3, 1995
Oppenheimer Capital
Appreciation Fund/VA(2)..... 22.45% 20.60% 15.42%+ April 3, 1985
Oppenheimer Global Securities
Fund/VA..................... 12.57% 8.20% 10.98% November 12, 1990
Oppenheimer High Income
Fund/VA..................... (1.04%) 7.17% 11.21%+ December 31, 1987
Oppenheimer Main Street
Growth & Income Fund/VA(3).. 3.28% N/A 25.28% July 5, 1995
Oppenheimer Strategic Bond
Fund/VA..................... 1.52% 5.40% 5.36% May 5, 1993
WRL VKAM Emerging Growth..... 35.50% 20.33% 21.46% March 1, 1993
WRL Janus Global............. 28.28% 17.88% 20.32% December 3, 1992
WRL Janus Growth............. 62.31% 23.54% 20.98%+ October 2, 1986
- -------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- -------------------------------------------------------------------------------
<CAPTION>
10 Year Corresponding
or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Capital Appreciation
Fund........................ 17.52% 15.50% 17.01% May 5, 1993
AIM V.I. Government
Securities Fund............. 6.14% 4.24% 4.19% May 5, 1993
AIM V.I. Growth and Income
Fund........................ 25.79% N/A 20.68% May 2, 1994
AIM V.I. Value Fund.......... 30.43% 19.91% 20.09% May 5, 1993
Dreyfus--Small Company
Stock....................... (7.40%) N/A 6.94% May 1, 1996
Dreyfus Stock Index Fund..... 26.31% 22.25% 15.40% September 29, 1989
MFS Emerging Growth Series... 32.17% N/A 24.67% July 24, 1995
MFS Foreign & Colonial
Emerging Markets Equity
Series...................... (34.41%) N/A <35.52%> October 16, 1997
MFS Research Series.......... 21.55% N/A 20.69% July 26, 1995
MFS Total Return Series...... 10.67% N/A 16.97% January 3, 1995
MFS Utilities Series......... 16.31% N/A 23.54% January 3, 1995
Oppenheimer Capital
Appreciation Fund/VA(/2/)... 22.27% 20.42% 15.24%+ April 3, 1985
Oppenheimer Global Securities
Fund/VA..................... 12.40% 8.04% 10.82% November 12, 1990
Oppenheimer High Income
Fund/VA..................... (1.19%) 7.01% 11.05%+ December 31, 1987
Oppenheimer Main Street
Growth & Income
Fund/VA(/3/)................ 3.12% N/A 25.10% July 5, 1995
Oppenheimer Strategic Bond
Fund/VA..................... 1.37% 5.24% 5.21% May 5, 1993
WRL VKAM Emerging Growth..... 35.30% 20.15% 21.28% March 1, 1993
WRL Janus Global............. 28.09% 17.70% 20.14% December 3, 1992
WRL Janus Growth............. 62.07% 23.36% 20.80%+ October 2, 1986
- -------------------------------------------------------------------------------
+Ten Year Date
</TABLE>
(/1/) The calculation of total return performance for periods prior to inception
of the subaccounts reflects deductions for the mortality and expense risk
fee and administrative charge on a monthly basis, rather than a daily
basis. The monthly deduction is made at the beginning of each month and
generally approximates the performance which would have resulted if the
subaccount had been in existence since the inception of the portfolio.
(/2/) Formerly known as Oppenheimer Growth Fund.
(/3/) Formerly known as Oppenheimer Growth & Income Fund.
37
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
RETIREMENT INCOME BUILDER II
VARIABLE ANNUITY
Issued through
PFL RETIREMENT BUILDER VARIABLE
ANNUITY ACCOUNT
Offered by
PFL LIFE INSURANCE COMPANY
4333 Edgewood Road, N.E.
Cedar Rapids, Iowa 52499-0001
This Statement of Additional Information expands upon subjects discussed in the
current prospectus for the Retirement Income Builder II Variable Annuity
offered by PFL Life Insurance Company. You may obtain a copy of the prospectus
dated May 1, 1999, by calling 1-800-525-6205, or by writing to the
administrative and service office, Financial Markets Division-Variable Annuity
Dept., 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001. The prospectus
sets forth information that a prospective investor should know before investing
in a policy. Terms used in the current prospectus for the policy are
incorporated in this Statement of Additional Information.
This Statement of Additional Information is not a prospectus and should be read
only in conjunction with the prospectus for the policy and the PFL Retirement
Builder Variable Annuity Account.
Dated: May 1, 1999
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
GLOSSARY OF TERMS.......................................................... 3
THE POLICY--GENERAL PROVISIONS............................................. 6
Owner.................................................................... 6
Entire Policy............................................................ 6
Misstatement of Age or Sex............................................... 6
Addition, Deletion or Substitution of Investments........................ 7
Excess Interest Adjustment............................................... 7
Reallocation of Policy Values After the Annuity Commencement Date........ 11
Annuity Payment Options.................................................. 12
Death Benefit............................................................ 13
Death of Owner........................................................... 15
Assignment............................................................... 15
Evidence of Survival..................................................... 15
Non Participating........................................................ 15
Employee and Agent Purchases............................................. 15
CERTAIN FEDERAL INCOME TAX CONSEQUENCES.................................... 16
Tax Status of the Policy................................................. 16
Taxation of PFL.......................................................... 20
INVESTMENT EXPERIENCE...................................................... 20
Accumulation Units....................................................... 20
Annuity Unit Value and Annuity Payment Rates............................. 22
FAMILY INCOME PROTECTOR--HYPOTHETICAL ILLUSTRATION......................... 24
HISTORICAL PERFORMANCE DATA................................................ 25
Money Market Yields...................................................... 25
Other Subaccount Yields.................................................. 26
Total Returns............................................................ 27
Other Performance Data................................................... 27
Adjusted Historical Performance Data..................................... 28
PUBLISHED RATINGS.......................................................... 28
STATE REGULATION OF PFL.................................................... 28
ADMINISTRATION............................................................. 28
RECORDS AND REPORTS........................................................ 29
DISTRIBUTION OF THE POLICIES............................................... 29
OTHER PRODUCTS............................................................. 29
CUSTODY OF ASSETS.......................................................... 29
LEGAL MATTERS.............................................................. 29
INDEPENDENT AUDITORS....................................................... 29
OTHER INFORMATION.......................................................... 30
FINANCIAL STATEMENTS....................................................... 30
</TABLE>
-2-
<PAGE>
GLOSSARY OF TERMS
Accumulation Unit--An accounting unit of measure used in calculating the policy
value in the separate account before the annuity commencement date.
Adjusted Policy Value--An amount equal to the policy value increased or
decreased by any excess interest adjustments applied at the time of surrender
or on the annuity commencement date.
Administrative and Service Office--Financial Markets Division Variable Annuity
Department, 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001.
Annuitant--The person entitled to receive annuity payments after the annuity
commencement date and during whose life any annuity payments involving life
contingencies will continue.
Annuity Commencement Date--The date upon which annuity payments are to
commence. The annuity commencement date may not be later than the last day of
the policy month starting after the annuitant attains age 85, except as
expressly allowed by PFL, but in no event later than the last day of the policy
month following the month in which the annuitant attains age 95. The annuity
commencement date may be required to be earlier for qualified policies.
Annuity Payment Option--A method of receiving a stream of annuity payments
selected by the owner.
Annuity Unit--An accounting unit of measure used in the calculation of the
amount of the second and each subsequent variable annuity payment.
Application--A written application, order form, or any other information
received electronically or otherwise upon which the policy is issued and/or is
reflected on the data or specifications page.
Beneficiary--The person who has the right to the death benefit set forth in the
policy.
Business Day--A day when the New York Stock Exchange is open for business.
Cash Value--The policy value increased or decreased by an excess interest
adjustment, less the surrender charge, if any.
Code--The Internal Revenue Code of 1986, as amended.
Cumulative Free Percentage--The percentage (as applied to the policy value)
which is available free of any surrender charge.
Due Proof of Death--A certified copy of a death certificate, a certified copy
of a decree of a court of competent jurisdiction as to the finding of death, a
written statement by the attending physician, or any other proof satisfactory
to PFL, will constitute due proof of death.
Excess Interest Adjustment ("EIA")--A positive or negative adjustment to
amounts withdrawn upon partial or full surrenders from the guaranteed period
options of the fixed account, or to amounts applied to annuity payment options.
The adjustment reflects changes in the interest rates declared by PFL since the
date any payment was received by or an amount was transferred to the guaranteed
period option. The excess interest adjustment can either decrease or increase
the amount to be received by the owner upon full surrender or commencement of
annuity payments, depending upon whether there has been an increase or decrease
in interest rates, respectively.
Excess Partial Withdrawal--The portion of a partial withdrawal (surrender) that
can be subject to a surrender charge.
-3-
<PAGE>
Fixed Account--One or more investment choices under the policy that are part of
the general assets of PFL and are not in the separate accounts.
Guaranteed Period Options--The various guaranteed interest rate periods of the
fixed account which may be offered by PFL and into which premium payments may
be paid or amounts transferred.
Investment Choices--Any of the guaranteed period options of the fixed account,
the dollar cost averaging fixed account option, and any of the subaccounts of
the separate account.
Nonqualified Policy--A policy other than a qualified policy.
Owner or Owners--The person who may exercise all rights and privileges under
the policy. The owner during the lifetime of the annuitant and prior to the
annuity commencement date is the person designated as the owner or a successor
owner in the application.
Policy Value--On or before the annuity commencement date, the policy value is
equal to the owner's:
. premium payments; minus
. partial withdrawals (including any applicable excess interest adjustments
and/or surrender charges on such withdrawals); plus
. interest credited in the fixed account; plus
. accumulated gains or losses in the separate account; minus
. service charges, premium taxes and transfer fees, if any.
Policy Year--A policy year begins on the policy date and on each policy
anniversary.
Premium Payment--An amount paid to PFL by the owner or on the owner's behalf as
consideration for the benefits provided by the policy.
Qualified Policy--A policy issued in connection with retirement plans that
qualify for special federal income tax treatment under the Code.
Service Charge--There is an annual service charge on each policy anniversary
(and a charge at the time of surrender during any policy year) for policy
maintenance and related administrative expenses. This annual charge is $30, but
in no event will this charge be more than 2% of the policy value.
Separate Account--The Retirement Income Builder II Variable Annuity division of
the PFL Retirement Builder Variable Annuity Account, a separate account
established and registered as a unit investment trust under the Investment
Company Act of 1940, (the "1940 Act"), as amended, to which premium payments
under the policies may be allocated.
Subaccount--A subdivision within the separate account, the assets of which are
invested in a specified portfolio of the underlying funds.
Successor Owner--A person appointed by the owner to succeed to ownership of the
policy in the event of the death of the owner who is not the annuitant before
the annuity commencement date.
Surrender Charge--The applicable contingent deferred sales charge, assessed on
certain full surrenders or partial withdrawals of premium payments to cover
expenses relating to the sale of the policies.
Underlying Funds--The designated portfolios of: (1) AIM Variable Insurance
Funds, Inc., managed by A I M Advisors, Inc. ("AIM"); (2) Dreyfus Variable
Investment Fund, managed by The Dreyfus Corporation; (3) Dreyfus Stock Index
Fund, managed by The Dreyfus Corporation and Mellon Equity Associates;
-4-
<PAGE>
(4) MFS Variable Insurance Trust, managed by Massachusetts Financial Services
Company; (5) Oppenheimer Variable Account Funds, managed by OppenheimerFunds,
Inc.; and (6) WRL Series Fund, Inc. (WRL VKAM Emerging Growth managed by Van
Kampen Asset Management Inc.; WRL Janus Global and WRL Janus Growth managed by
Janus Capital Corporation).
Valuation Period--The period of time from one determination of accumulation
unit and annuity unit values to the next subsequent determination of values.
Such determinations shall be made on each business day.
Variable Annuity Payment(s)--Payment(s) made pursuant to an annuity payment
option which fluctuate as to dollar amount or payment term in relation to the
investment performance of the specified subaccounts within the separate
account.
Written Notice--Written notice, signed by the owner, that gives PFL the
information it requires and is received at the administrative and service
office. For some transactions, PFL may accept an electronic notice such as
telephone instructions. Such electronic notice must meet the requirements PFL
establishes for such notices.
-5-
<PAGE>
In order to supplement the description in the prospectus, the following
provides additional information about PFL and the policy, which may be of
interest to a prospective purchaser. Words printed in italics in this Statement
of Additional Information are defined in the Glossary of Terms, found on page
3.
THE POLICY--GENERAL PROVISIONS
Owner
The policy shall belong to the owner upon issuance of the policy after
completion of an application and delivery of the initial premium payment. While
the annuitant is living, the owner may: (1) assign the policy; (2) surrender
the policy; (3) amend or modify the policy with PFL's consent; (4) receive
annuity payments or name a payee to receive the payments; and (5) exercise,
receive and enjoy every other right and benefit contained in the policy. The
exercise of these rights may be subject to the consent of any assignee or
irrevocable beneficiary; and of the owner's spouse in a community or marital
property state.
A successor owner can be named in the application or in a written notice. The
successor owner will become the new owner upon the owner's death, if the owner
predeceases the annuitant. If no successor owner survives the owner and the
owner predeceases the annuitant, the owner's estate will become the owner.
Note carefully. If the owner does not name a contingent owner, the owner's
estate will become the new owner. If no probate estate is opened because the
owner has precluded the opening of a probate estate by means of a trust or
other instrument, unless PFL has received written notice of the trust as a
successor owner signed prior to the owner's death, that trust may not exercise
ownership rights to the policy. It may be necessary to open a probate estate in
order to exercise ownership rights to the policy if no contingent owner is
named in a written notice received by PFL.
The owner may change the ownership of the policy in a written notice. When this
change takes effect, all rights of ownership in the policy will pass to the new
owner. A change of ownership may have tax consequences.
When there is a change of owner or successor owner, the change will take effect
as of the date the owner signs the written notice, subject to any payment PFL
has made or action PFL has taken before recording the change. Changing the
owner or naming a new successor owner cancels any prior choice of successor
owner, but does not change the designation of the beneficiary or the annuitant.
If ownership is transferred (except to the owner's spouse) because the owner
dies before the annuitant, the adjusted policy value generally must be
distributed to the successor owner within five years of the owner's death, or
if the first payment begins within one year of the owner's death, payments must
be made for a period certain which does not exceed that successor owner's life
expectancy.
Entire Policy
The policy, any endorsements thereon, and the application constitute the entire
contract between PFL and the owner. All statements in the application are
representations and not warranties. No statement will cause the policy to be
void or to be used in defense of a claim unless contained in the application.
Misstatement of Age or Sex
If the age or sex of the annuitant has been misstated, PFL will change the
annuity benefit payable to that which the premium payments would have purchased
for the correct age or sex. The dollar amount
-6-
<PAGE>
of any underpayment made by PFL shall be paid in full with the next payment
due such person or the beneficiary. The dollar amount of any overpayment made
by PFL due to any misstatement shall be deducted from payments subsequently
accruing to such person or beneficiary. Any underpayment or overpayment will
include interest at 5% per year, from the date of the wrong payment to the
date of the adjustment. The age of the annuitant may be established at any
time by the submission of proof satisfactory to PFL.
Addition, Deletion, or Substitution of Investments
PFL cannot and does not guarantee that any of the subaccounts or portfolios
will always be available for premium payments, allocations, or transfers. PFL
retains the right, subject to any applicable law, to make certain changes in
the separate account and its investments. PFL reserves the right to eliminate
the shares of any portfolio held by a subaccount and/or to substitute shares
of another portfolio of the underlying funds, or of another registered open-
end management investment company for the shares of any portfolio, if the
shares of the portfolio are no longer available for investment or if, in PFL's
judgment, investment in any portfolio would be inappropriate in view of the
purposes of the separate account. To the extent required by the 1940 Act,
substitutions of shares attributable to an owner's interest in a subaccount
will not be made without prior notice to the owner and the prior approval of
the SEC. Nothing contained herein shall prevent the separate account from
purchasing other securities for other series or classes of variable annuity
policies, or from effecting an exchange between series or classes of variable
annuity policies on the basis of requests made by owners.
New subaccounts may be established when, in the sole discretion of PFL,
marketing, tax, investment or other conditions warrant. Any new subaccounts
may be made available to existing owners on a basis to be determined by PFL.
Each additional subaccount will purchase shares in a mutual fund portfolio or
other investment vehicle. PFL may also eliminate one or more subaccounts if,
in its sole discretion, marketing, tax, investment or other conditions warrant
such change. In the event any subaccount is eliminated, PFL will notify owners
and request a reallocation of the amounts invested in the eliminated
subaccount. If no such reallocation is provided by the owner, PFL will
reinvest the amounts invested in the eliminated subaccount in the subaccount
that invests in the Money Market Portfolio (or in a similar portfolio of money
market instruments) or in another subaccount, if appropriate.
In the event of any such substitution or change, PFL may, by appropriate
endorsement, make such changes in the policies as may be necessary or
appropriate to reflect such substitution or change. Furthermore, if deemed to
be in the best interests of persons having voting rights under the policies,
the separate account may be (i) operated as a management company under the
1940 Act or any other form permitted by law, (ii) deregistered under the 1940
Act in the event such registration is no longer required or (iii) combined
with one or more other separate accounts. To the extent permitted by
applicable law, PFL also may (1) transfer the assets of the separate account
associated with the policies to another account or accounts, (2) restrict or
eliminate any voting rights of owners or other persons who have voting rights
as to the separate account, (3) create new separate accounts, (4) add new
subaccounts to or remove existing subaccounts from the separate account, or
combine subaccounts, or (5) add new underlying funds, or substitute a new fund
for an existing fund.
Excess Interest Adjustment
Money that you withdraw from a guaranteed period option of the fixed account
before the end of its guaranteed period (the number of years you specified the
money would remain in the guaranteed period option) may be subject to an
excess interest adjustment. At the time you request a withdrawal, if interest
rates set by PFL have risen since the date of the initial guarantee, the
excess interest adjustment will result in a lower cash value. However, if
interest rates have fallen since the date of the initial guarantee, the excess
interest adjustment will result in a higher cash value.
-7-
<PAGE>
At the time of a full surrender, excess interest adjustments will not reduce
the adjusted policy value for a guaranteed period option below the amount paid
into it, less any prior partial withdrawals and transfers from that guaranteed
period option, plus interest at the policy's minimum guaranteed effective
annual interest rate of 3%. This is referred to as the EIA floor.
The formula which will be used to determine the excess interest adjustment is:
S*(G-C)* (M/12)
S= Gross amount being withdrawn that is subject to the excess interest
adjustment
G= Guaranteed Interest Rate applicable to S.
C= Current Guaranteed Interest Rate then being offered on new premium payments
for the next longer guaranteed period than "M". If this policy form or such
a guaranteed period is no longer offered, "C" will be the U.S. Treasury rate
for the next longer maturity (in whole years) than "M" on the 25th day of
the previous calendar month, plus up to 2%.
M= Number of months remaining in the current guaranteed period, rounded up to
the next higher whole number of months.
*= multiplication
^= exponentiation
Example 1 (Full Surrender, rates increase by 3%):
<TABLE>
<S> <C>
Single Premium: $50,000
- -----------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- -----------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- -----------------------------------------------------------------------------------------
Full Surrender: Middle of Contract Year 3
- -----------------------------------------------------------------------------------------
Policy Value ("PV") at middle of Contract = 50,000* (1.055) ^2.5 = 57,161.18
Year 3
- -----------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
Policy Year 3 = 57,161.18* .30 = 17,148.35
- -----------------------------------------------------------------------------------------
EIA Free Amount at middle of Policy Year 3 = 57,161.18 - 50,000 = 7,161.18
- -----------------------------------------------------------------------------------------
Amount Subject to EIA = 57,161.18 - 7,161.18 = 50,000.00
- -----------------------------------------------------------------------------------------
EIA Floor = 50,000* (1.03) ^2.5 = 53,834.80
- -----------------------------------------------------------------------------------------
Excess Interest Adjustment
G= .055
C= .085
M = 30
- -----------------------------------------------------------------------------------------
Excess Interest Adjustment = S* (G-C)* (M/12)
- -----------------------------------------------------------------------------------------
= 50,000.00* (.055 - .085)* (30/12)
- -----------------------------------------------------------------------------------------
= -3,750.00, but excess interest adjustment
cannot cause the adjusted policy value to
fall below the EIA floor, so the adjustment
is limited to 53,834.80 - 57,161.18 = -
3,326.38
- -----------------------------------------------------------------------------------------
Adjusted Policy Value = PV + EIA = 57,161.18 -
3,326.38 = 53,834.80
- -----------------------------------------------------------------------------------------
Surrender Charge = (50,000 - 17,148.35)* .06 = 1,971.10
- -----------------------------------------------------------------------------------------
Cash Value at middle of Policy Year 3 = PV + EIA - surrender charge
- -----------------------------------------------------------------------------------------
= 57,161.18 - 3,326.38 - 1,971.10
- -----------------------------------------------------------------------------------------
= 51,863.70
</TABLE>
-8-
<PAGE>
Example 2 (Full Surrender, rates decrease by 1%):
<TABLE>
<S> <C>
Single Premium: $50,000
- ------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- ------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- ------------------------------------------------------------------------------------
Full Surrender: Middle of Contract Year 3
- ------------------------------------------------------------------------------------
Policy Value at middle of Policy Year 3 = 50,000* (1.055) ^ 2.5 = 57,161.18
- ------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of = 57,161.18* .30 = 17,148.35
Policy Year 3
- ------------------------------------------------------------------------------------
EIA Free Amount at middle of Policy Year 3 = 57,161.18 - 50,000 = 7,161.18
- ------------------------------------------------------------------------------------
Amount Subject to EIA = 57,161.18 - 7,161.18 = 50,000.00
- ------------------------------------------------------------------------------------
EIA Floor = 50,000* (1.03) ^ 2.5 = 53,834.80
- ------------------------------------------------------------------------------------
Excess Interest Adjustment
G= .055
C= .045
M= 30
- ------------------------------------------------------------------------------------
Excess Interest Adjustment = S* (G - C)* (M/12)
- ------------------------------------------------------------------------------------
= 50,000* (.055 - .045)* (30/12)
- ------------------------------------------------------------------------------------
= 1,250.00
- ------------------------------------------------------------------------------------
Adjusted Policy Value = PV + EIA
- ------------------------------------------------------------------------------------
= 57,161.18 + 1,250.00 = 58,411.18
- ------------------------------------------------------------------------------------
Surrender Charge = (50,000 - 17,148.35)* .06 = 1,971.10
- ------------------------------------------------------------------------------------
Cash Value at middle of Policy Year 3 = PV + EIA - surrender charge
- ------------------------------------------------------------------------------------
= 57,161.18 + 1,250 - 1,971.10
- ------------------------------------------------------------------------------------
= 56,440.08
</TABLE>
On a partial withdrawal, PFL will pay the owner the full amount of withdrawal
requested (as long as the policy value is sufficient). Surrender charge--free
withdrawals will reduce the policy value by the amount withdrawn. Amounts
withdrawn in excess of the surrender charge--free amount will reduce the policy
value by an amount equal to:
X - Y + Z
X= excess partial withdrawal = requested withdrawal less surrender charge--free
amount
A= amount of partial withdrawal which is subject to excess interest
adjustment = requested withdrawal - excess interest adjustment--free amount,
where excess interest adjustment--free amount = cumulative interest credited
at time of, but prior to, withdrawal.
Y= excess interest adjustment = (A)*(G-C)*(M/12) where G, C, and M are defined
above, with "A" substituted for "S" in the definition of G and M.
Z= surrender charge on X minus Y.
-9-
<PAGE>
Example 3 (Partial Withdrawal, rates increase by 1%):
<TABLE>
<S> <C>
Single Premium: $50,000
- ------------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- ------------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- ------------------------------------------------------------------------------------------
Partial Surrender: $30,000; Middle of Contract Year 3
- ------------------------------------------------------------------------------------------
Policy Value at middle of Policy Year 3 = 50,000* (1.055) ^ 2.5 = 57,161.18
- ------------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of = 57,161.18* .30 = 17,148.35
Policy Year 3
- ------------------------------------------------------------------------------------------
EIA Free Amount at middle of Policy Year 3 = 57,161.18 - 50,000 = 7,161.18
- ------------------------------------------------------------------------------------------
Excess Interest Adjustment/Surrender Charge
X= 30,000 - 17,148.35 = 12,851.65
A= 30,000 - 7,161.18 = 22,838.82
G= .055
C= .065
M= 30
Y= 22,838.82* (.055 - .065)* (30/12) = -
570.97
Z= .06* [12,851.65 - (-570.97)] = 805.36
- ------------------------------------------------------------------------------------------
Reduction to Policy Value due to Surrender = 17,148.35
Charge--Free withdrawal
- ------------------------------------------------------------------------------------------
Reduction to Policy Value due to Excess = X - Y + Z
Withdrawal
- ------------------------------------------------------------------------------------------
= 12,851.65 - (-570.97) + 805.36
- ------------------------------------------------------------------------------------------
= 14,227.98
- ------------------------------------------------------------------------------------------
Policy Value after withdrawal at middle of
Policy Year 3 = 57,161.18 - [17,148.35 + 14,227.98]
- ------------------------------------------------------------------------------------------
= 57,161.18 - [17,148.35 + 12,851.65 -
(-570.97) + 805.36]
- ------------------------------------------------------------------------------------------
= 57,161.18 - [30,000 - (-570.97) + 805.36]
- ------------------------------------------------------------------------------------------
= 57,161.18 - 31,376.33 = 25,784.85
</TABLE>
-10-
<PAGE>
Example 4 (Partial Withdrawal, rates decrease by 1%):
<TABLE>
<S> <C>
Single Premium: $50,000
- -----------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- -----------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- -----------------------------------------------------------------------------------------
Partial Surrender: $30,000; Middle of Contract Year 3
- -----------------------------------------------------------------------------------------
Policy Value at middle of Policy Year 3 = 50,000* (1.055) ^ 2.5 = 57,161.18
- -----------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
Policy Year 3 = 57,161.18* .30 = 17,148.35
- -----------------------------------------------------------------------------------------
EIA Free Amount at middle of Policy Year 3 = 57,161.18 - 50,000 = 7,161.18
- -----------------------------------------------------------------------------------------
Excess Interest Adjustment/Surrender Charge
X= 30,000 - 17,148.35 = 12,851.65
A= 30,000 - 7,161.18 = 22,838.82
G= .055
C= .045
M= 30
Y= 22,838.82* (.055 - .045)*
(30/12) = 570.97
Z= .06* [12,851.65 - (570.97)] = 736.84
- -----------------------------------------------------------------------------------------
Reduction to Policy Value due to Surrender
Charge--Free Withdrawal = 17,148.35
- -----------------------------------------------------------------------------------------
Reduction to Policy Value due to Excess
Withdrawal = X - Y + Z
- -----------------------------------------------------------------------------------------
= 12,851.65 - 570.97 + 736.84
- -----------------------------------------------------------------------------------------
= 13,017.52
- -----------------------------------------------------------------------------------------
Policy Value after withdrawal at middle of
Policy Year 3 = 57,161.18 - [17,148.35 + 13,017.52]
- -----------------------------------------------------------------------------------------
= 57,161.18 - [17,148.35 + 12,851.65 -
570.97 + 736.84]
- -----------------------------------------------------------------------------------------
= 57,161.18 - [30,000 - (570.97) + 736.84]
- -----------------------------------------------------------------------------------------
= 57,161.18 - 30,165.87 = 26,995.31
</TABLE>
Reallocation of Policy Values After the Annuity Commencement Date
After the annuity commencement date, the owner may reallocate the value of a
designated number of annuity units of a subaccount of the separate account then
credited to a policy into an equal value of annuity units of one or more other
subaccounts of the separate account, or the fixed account. An annuity unit is
an accounting unit used in the calculation of the amount of the second and each
subsequent variable annuity payment. The reallocation shall be based on the
relative value of the annuity units of the account(s) or subaccount(s) at the
end of the business day on the next payment date. The minimum amount which may
be reallocated is the lesser of (1) $10 of monthly income or (2) the entire
monthly income of the annuity units in the account or subaccount from which the
transfer is being made. If the monthly income of the annuity units remaining in
an account or subaccount after a reallocation is less than $10, PFL reserves
the right to include the value of those annuity units as part of the transfer.
The request must be in writing to PFL's administrative and service office.
There is no charge assessed in connection with such reallocation. PFL reserves
the right to limit the number of times a reallocation of policy value may be
made in any given policy year.
-11-
<PAGE>
After the annuity commencement date, no transfers may be made from the fixed
account to the separate account.
Annuity Payment Options
During the lifetime of the annuitant and prior to the annuity commencement
date, the owner may choose an annuity payment option or change the election,
but written notice of any election or change of election must be received by
PFL at its administrative and service office at least thirty (30) days prior to
the annuity commencement date. If no election is made prior to the annuity
commencement date, annuity payments will be made under (i) Payment Option 3,
life income with level payments for 10 years certain, using the existing
adjusted policy value of the fixed account, or (ii) under Payment Option 3,
life income with variable payments for 10 years certain using the existing
policy value of the separate account, or (iii) in a combination of (i) and
(ii).
The person who elects an annuity payment option can also name one or more
successor payees to receive any unpaid amount PFL has at the death of a payee.
Naming these payees cancels any prior choice of a successor payee.
A payee who did not elect the annuity payment option does not have the right to
advance or assign payments, take the payments in one sum, or make any other
change. However, the payee may be given the right to do one or more of these
things if the person who elects the option tells PFL in writing and PFL agrees.
Variable Payment Options. The dollar amount of the first variable annuity
payment will be determined in accordance with the annuity payment rates set
forth in the applicable table contained in the policy. The tables are based on
a 5% effective annual Assumed Investment Return and the "1983 Table a" (male,
female, and unisex if required by law) mortality table improved to the year
2000 with projection Scale G. ("The 1983 Table a" mortality rates are adjusted
based on improvements in mortality since 1983 to more appropriately reflect
increased longevity. This is accomplished using a set of improvement factors
referred to as projection scale G.) The dollar amount of additional variable
annuity payments will vary based on the investment performance of the
subaccount(s) of the separate account selected by the annuitant or beneficiary.
Determination of the First Variable Payment. The amount of the first variable
payment depends upon the sex (if consideration of sex is allowed under state
law) and adjusted age of the annuitant. The adjusted age is the annuitant's
actual age nearest birthday, on the annuity commencement date, adjusted as
follows:
<TABLE>
<CAPTION>
Annuity Commencement Date Adjusted Age
------------------------- --------------------
<S> <C>
Before 2001 Actual Age
2001-2010 Actual Age minus 1
2011-2020 Actual Age minus 2
2021-2030 Actual Age minus 3
2031-2040 Actual Age minus 4
After 2040 As determined by PFL
</TABLE>
This adjustment assumes an increase in life expectancy, and therefore it
results in lower payments than without such an adjustment.
Determination of Additional Variable Payments. All variable annuity payments
other than the first are calculated using annuity units which are credited to
the policy. The number of annuity units to be credited in respect of a
particular subaccount is determined by dividing that portion of the first
variable annuity payment attributable to that subaccount by the annuity unit
value of that subaccount on the
-12-
<PAGE>
annuity commencement date. The number of annuity units of each particular
subaccount credited to the policy then remains fixed, assuming no transfers to
or from that subaccount occur. The dollar value of variable annuity units in
the chosen subaccount will increase or decrease reflecting the investment
experience of the chosen subaccount. The dollar amount of each variable annuity
payment after the first may increase, decrease or remain constant, and is equal
to the sum of the amounts determined by multiplying the number of annuity units
of each particular subaccount credited to the policy by the annuity unit value
for the particular subaccount on the date the payment is made.
Death Benefit
Adjusted Partial Withdrawal. The amount of your Guaranteed Minimum Death
Benefit is reduced due to a partial withdrawal called the adjusted partial
withdrawal. The reduction amount depends on the relationship between your
Guaranteed Minimum Death Benefit and policy value. The adjusted partial
withdrawal is the sum of (1) and (2), where:
(1) The surrender charge-free withdrawal amount taken; and
(2) The amount that an excess partial withdrawal (the portion of a
withdrawal that can be subject to a surrender charge) reduces the
policy value times [(a) divided by (b)] where:
(a) is the amount of the death benefit prior to the excess partial
withdrawal; and
(b) is the policy value prior to the excess partial withdrawal.
The following examples describe the effect of a withdrawal on the Guaranteed
Minimum Death Benefit and policy value.
EXAMPLE 1
(Assumed Facts for Example)
<TABLE>
- ------------------------------------------------------------------------------
<C> <S>
$75,000 current Guaranteed Minimum Death Benefit (GMDB) before withdrawal
- ------------------------------------------------------------------------------
$50,000 current policy value before withdrawal
- ------------------------------------------------------------------------------
$75,000 current death benefit (larger of policy value and GMDB)
- ------------------------------------------------------------------------------
6% current surrender charge percentage
- ------------------------------------------------------------------------------
$15,000 requested withdrawal
- ------------------------------------------------------------------------------
$10,000 surrender charge-free amount (assumes 20% cumulative free percentage
is available)
- ------------------------------------------------------------------------------
$ 5,000 excess partial withdrawal--EPW (amount subject to surrender charge)
- ------------------------------------------------------------------------------
$ 100 excess interest adjustment
(assumes interest rates have decreased since initial guarantee)
- ------------------------------------------------------------------------------
$ 294 surrender charge on (EPW less EIA) = 0.06*(5000 - 100)
- ------------------------------------------------------------------------------
$ 5,194 reduction in policy value due to excess partial withdrawal = 5000 -
100 + 294
- ------------------------------------------------------------------------------
$17,791 adjusted partial withdrawal = $10,000 + [$5,194* (75,000/50,000)]
- ------------------------------------------------------------------------------
$57,209 New GMDB (after withdrawal) = 75,000 - 17,791
- ------------------------------------------------------------------------------
$34,806 New policy value (after withdrawal) = 50,000 - 10,000 - 5,194
</TABLE>
<TABLE>
<CAPTION>
Summary:
- --------
<S> <C>
Reduction in Guaranteed Minimum Death Benefit = $17,791
Reduction in policy value = $15,194
</TABLE>
Note, Guaranteed Minimum Death Benefit is reduced more than the policy value
since the Guaranteed Minimum Death Benefit was greater than the policy value
just prior to the withdrawal.
-13-
<PAGE>
EXAMPLE 2
(Assumed Facts for Example)
<TABLE>
- ------------------------------------------------------------------------------
<C> <S>
$50,000 current Guaranteed Minimum Death Benefit (GMDB) before withdrawal
- ------------------------------------------------------------------------------
$75,000 current policy value before withdrawal
- ------------------------------------------------------------------------------
$75,000 current death benefit (larger of policy value and GMDB)
- ------------------------------------------------------------------------------
6% current surrender charge percentage
- ------------------------------------------------------------------------------
$15,000 requested withdrawal
- ------------------------------------------------------------------------------
$11,250 surrender charge-free amount (assumes 15% cumulative free percentage
is available)
- ------------------------------------------------------------------------------
$ 3,750 excess partial withdrawal--EPW (amount subject to surrender charge)
- ------------------------------------------------------------------------------
$-100 excess interest adjustment
(assumes interest rates have increased since initial guarantee)
- ------------------------------------------------------------------------------
$ 231 surrender charge on (EPW less EIA) = 0.06*[(3750-(-100)]
- ------------------------------------------------------------------------------
$ 4,081 reduction in policy value due to EPW = 3750 - (-
100) + 231 = 3750 + 100 + 231
- ------------------------------------------------------------------------------
$15,331 adjusted partial withdrawal = $11,250 + [$4,081* (75,000/75,000)]
- ------------------------------------------------------------------------------
$34,669 New GMDB (after withdrawal) = 50,000 - 15,331
- ------------------------------------------------------------------------------
$59,669 New policy value (after withdrawal) = 75,000 - 11,250 - 4,081
</TABLE>
<TABLE>
<CAPTION>
Summary:
- --------
<S> <C>
Reduction in guaranteed minimum death benefit = $15,331
Reduction in policy value = $15,331
</TABLE>
Note, the guaranteed minimum death benefit and policy value are reduced by the
same amount since the policy value was higher than the guaranteed minimum death
benefit just prior to the withdrawal.
Due proof of death of the annuitant is proof that the annuitant who is the
owner died prior to the commencement of annuity payments. Upon receipt of this
proof and an election of a method of settlement and return of the policy, the
death benefit generally will be paid within seven days, or as soon thereafter
as PFL has sufficient information about the beneficiary to make the payment.
The beneficiary may receive the amount payable in a lump sum cash benefit, or,
subject to any limitation under any state or federal law, rule, or regulation,
under one of the annuity payment options described above, unless a settlement
agreement is effective at the death of the owner preventing such election.
Distribution Requirements. If the annuitant was the owner, and the beneficiary
was not the annuitant's spouse, the death benefit must (1) be distributed
within five years of the date of the deceased owner's death, or (2) payments
under an annuity payment option must begin no later than one year after the
deceased owner's death and must be made for the beneficiary's lifetime or for a
period certain (so long as any certain period does not exceed the beneficiary's
life expectancy). Death Proceeds which are not paid to or for the benefit of a
natural person must be distributed within five years of the date of the
deceased owner's death. If the sole beneficiary is the deceased owner's
surviving spouse, such spouse may elect to continue the policy as the new
annuitant and owner instead of receiving the death benefit.
If the annuitant is not the owner, and the owner dies prior to the annuity
commencement date, a successor owner may surrender the policy at any time for
the amount of the adjusted policy value. If the successor owner is not the
deceased owner's spouse, however, the adjusted policy value must be
distributed: (1) within five years after the date of the deceased owner's
death, or (2) payments under an annuity payment option must begin no later than
one year after the deceased owner's death and must
-14-
<PAGE>
be made for the successor owner's lifetime or for a period certain (so long as
any period certain does not exceed the successor owner's life expectancy).
Beneficiary. The beneficiary designation in the application will remain in
effect until changed. The owner may change the designated beneficiary by
sending written notice to PFL. The beneficiary's consent to such change is not
required unless the beneficiary was irrevocably designated or law requires
consent. (If an irrevocable beneficiary dies, the owner may then designate a
new beneficiary.) The change will take effect as of the date the owner signs
the written notice, whether or not the owner is living when the notice is
received by PFL. PFL will not be liable for any payment made before the written
notice is received. If more than one beneficiary is designated, and the owner
fails to specify their interests, they will share equally.
Death of Owner
Federal tax law requires that if any owner (including any joint owner or any
successor owner who has become a current owner) dies before the annuity
commencement date, then the entire value of the policy must generally be
distributed within five years of the date of death of such owner. Certain rules
apply where (1) the spouse of the deceased owner is the sole beneficiary, (2)
the owner is not a natural person and the primary annuitant dies or is changed,
or (3) any owner dies after the annuity commencement date. See "Certain Federal
Income Tax Consequences" below for a detailed description of these rules. Other
rules may apply to qualified policies.
Assignment
During the lifetime of the annuitant the owner may assign any rights or
benefits provided by a nonqualified policy. An assignment will not be binding
on PFL until a copy has been filed at its administrative and service office.
The rights and benefits of the owner and beneficiary are subject to the rights
of the assignee. PFL assumes no responsibility for the validity or effect of
any assignment. Any claim made under an assignment shall be subject to proof of
interest and the extent of the assignment. An assignment may have tax
consequences.
Unless the owner so directs by filing written notice with PFL, no beneficiary
may assign any payments under the policy before they are due. To the extent
permitted by law, no payments will be subject to the claims of any
beneficiary's creditors.
Ownership under qualified policies is restricted to comply with the Code.
Evidence of Survival
PFL reserves the right to require satisfactory evidence that a person is alive
if a payment is based on that person being alive. No payment will be made until
PFL receives such evidence.
Non-Participating
The policy will not share in PFL's surplus earnings; no dividends will be paid.
Employee and Agent Purchases
The policy may be acquired by an employee or registered representative of any
broker/dealer authorized to sell the policy or their spouse or minor children,
or by an officer, director, trustee or bona-fide full-time employee of PFL or
its affiliated companies or their spouse or minor children. In such a case, PFL
may credit an amount equal to a percentage of each premium payment to the
policy due to lower acquisition costs PFL experiences on those purchases. The
credit will be reported to the Internal Revenue Service as taxable income to
the employee or registered representative. PFL may offer certain
-15-
<PAGE>
employer sponsored savings plans, in its discretion, reduced fees and charges
including, but not limited to, the surrender charges, the mortality and expense
risk fee and the administrative charge for certain sales under circumstances
which may result in savings of certain costs and expenses. In addition, there
may be other circumstances of which PFL is not presently aware which could
result in reduced sales or distribution expenses. Credits to the policy or
reductions in these fees and charges will not be unfairly discriminatory
against any owner.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
The following summary does not constitute tax advice. It is a general
discussion of certain of the expected federal income tax consequences of
investment in and distributions with respect to a policy, based on the Internal
Revenue Code of 1986, as amended, proposed and final Treasury Regulations
thereunder, judicial authority, and current administrative rulings and
practice. This summary discusses only certain federal income tax consequences
to "United States Persons," and does not discuss state, local, or foreign tax
consequences. United States Persons means citizens or residents of the United
States, domestic corporations, domestic partnerships and trusts or estates that
are subject to United States federal income tax regardless of the source of
their income.
Tax Status of the Policy
The following discussion is based on the assumption that the policy qualifies
as an annuity contract for federal income tax purposes.
Diversification Requirements. Section 817(h) of the Code provides that in order
for a variable contract which is based on a segregated asset account to qualify
as an annuity contract under the Code, the investments made by such account
must be "adequately diversified" in accordance with Treasury regulations. The
Treasury regulations issued under Section 817(h) (Treas. Reg. ((S)) 1.817-5)
apply a diversification requirement to each of the subaccounts of the separate
account. The separate account, through the underlying funds and their
portfolios, intends to comply with the diversification requirements of the
Treasury. PFL has entered into agreements regarding participation in the
Retirement Income Builder II that require the underlying funds and their
portfolios to be operated in compliance with the Treasury regulations.
Owner Control. In certain circumstances, owners of variable annuity contracts
may be considered the owners, for Federal income tax purposes, of the assets of
the separate account used to support their contracts. In those circumstances,
income and gains from the separate account assets would be includable in the
variable annuity contractowner's gross income. Several years ago, the IRS state
in published rulings that a variable contract owner will be considered the
owner of separate account assets if the contractowner possesses incidents of
ownership in those assets, such as the ability to exercise investment control
over the assets. More recently, the Treasury Department announced, in
connection with the issuance of regulations concerning investment
diversification, that those regulations "do not provide guidance concerning the
circumstances in which investor control of the investments of a segregated
asset account may cause the investor, rather than the insurance company, to be
treated as the owner of the assets in the account." This announcement also
stated that guidance would be issued by way of regulations or rulings on the
"extent to which policyholders may direct their investments to particular
subaccounts without being treated as owners of underlying assets."
The ownership rights under the contract are similar to, but different in
certain respects from those described by the IRS in rulings in which it was
determined that contractowners were not owners of separate account assets. For
example, the owner of a policy has the choice of one or more subaccounts in
which to allocate premiums and policy values, and may be able to transfer among
these accounts
-16-
<PAGE>
more frequently than in such rulings. These differences could result in
policyowners being treated as the owners of the assets of the separate account.
In addition, PFL does not know what standards will be set forth, if any, in the
regulations or rulings which the Treasury Department has stated it expects to
issue. PFL therefore reserves the right to modify the policies as necessary to
attempt to prevent the policyowners from being considered the owners of a pro
rata share of the assets of the separate account.
Distribution Requirements. The Code also requires that nonqualified policies
contain specific provisions for distribution of policy proceeds upon the death
of any owner. In order to be treated as an annuity contract for federal income
tax purposes, the Code requires that such policies provide that if any owner
dies on or after the annuity commencement date and before the entire interest
in the policy has been distributed, the remaining portion must be distributed
at least as rapidly as under the method in effect on such owner's death. If any
owner dies before the annuity commencement date, the entire interest in the
policy must generally be distributed within 5 years after such owner's date of
death or be applied to provide an immediate annuity under which payments will
begin within one year of such owner's death and will be made for the life of
the beneficiary or for a period not extending beyond the life expectancy of the
beneficiary. However, if such owner's death occurs prior to the annuity
commencement date, and such owner's surviving spouse is named beneficiary, then
the policy may be continued with the surviving spouse as the new owner. If any
owner is not a natural person, then for purposes of these distribution
requirements, the primary annuitant shall be treated as the owner and any death
or change of such primary annuitant shall be treated as the death of an owner.
The policy contains provisions intended to comply with these requirements of
the Code. No regulations interpreting these requirements of the Code have yet
been issued and thus no assurance can be given that the provisions contained in
the policies satisfy all such Code requirements. The provisions contained in
the policies will be reviewed and modified if necessary to maintain their
compliance with the Code requirements when clarified by regulation or
otherwise.
Withholding. The portion of any distribution under a policy that is includable
in gross income will be subject to federal income tax withholding unless the
recipient of such distribution elects not to have federal income tax withheld.
Election forms will be provided at the time distributions are requested or
made. For certain qualified policies, certain distributions are subject to
mandatory withholding. The withholding rate varies according to the type of
distribution and the owner's tax status. For qualified policies, "eligible
rollover distributions" from section 401(a) plans and section 403(b) tax-
sheltered annuities are subject to a mandatory federal income tax withholding
of 20%. An eligible rollover distribution is the taxable portion of any
distribution from such a plan, except certain distributions such as
distributions required by the Code or distributions in a specified annuity
form. The 20% withholding does not apply, however, if the owner chooses a
"direct rollover" from the plan to another tax-qualified plan or IRA.
Qualified Policies. The qualified policy is designed for use with several types
of tax-qualified retirement plans. The tax rules applicable to participants and
beneficiaries in tax-qualified retirement plans vary according to the type of
plan and the terms and conditions of the plan. Special favorable tax treatment
may be available for certain types of contributions and distributions. Adverse
tax consequences may result from contributions in excess of specified limits;
distributions prior to age 59 1/2 (subject to certain exceptions);
distributions that do not conform to specified commencement and minimum
distribution rules; and in other specified circumstances. Some retirement plans
are subject to distribution and other requirements that are not incorporated
into PFL's Policy administration procedures. Owners, participants and
beneficiaries are responsible for determining that contributions, distributions
and other transactions with respect to the policies comply with applicable law.
For qualified plans under section 401(a), 403(a), 403(b), and 457, the Code
requires that distributions generally must commence no later than the later of
April 1 of the calendar year following the calendar
-17-
<PAGE>
year in which the owner (or plan participant) (i) reaches age 70 1/2 or (ii)
retires, and must be made in a specified form or manner. If the plan
participant is a "5 percent owner" (as defined in the Code), distributions
generally must begin no later than April 1 of the calendar year in which the
owner (or plan participant) reaches age 70 1/2. Each owner is responsible for
requesting distributions under the policy that satisfy applicable tax rules.
PFL makes no attempt to provide more than general information about use of the
policy with the various types of retirement plans. Purchasers of policies for
use with any retirement plan should consult their legal counsel and tax adviser
regarding the suitability of the policy.
Individual Retirement Annuities. In order to qualify as a traditional
individual retirement annuity under Section 408(b) of the Code, a policy must
contain certain provisions: (i) the owner must be the annuitant; (ii) the
policy generally is not transferable by the owner, e.g., the owner may not
designate a new owner, designate a contingent owner or assign the policy as
collateral security; (iii) the total premium payments for any calendar year on
behalf of any individual may not exceed $2,000, except in the case of a
rollover amount or contribution under Sections 402(c), 403(a)(4), 403(b)(8) or
408(d)(3) of the Code; (iv) annuity payments or partial withdrawals must begin
no later than April 1 of the calendar year following the calendar year in which
the annuitant attains age 70 1/2; (v) an annuity payment optionaj with a period
certain that will guarantee annuity payments beyond the life expectancy of the
annuitant and the beneficiary may not be selected; (vi) certain payments of
death benefits must be made in the event the annuitant dies prior to the
distribution of the policy value; and (vii) the entire interest of the owner is
non-forfeitable. Policies intended to qualify as traditional individual
retirement annuities under Section 408(b) of the Code contain such provisions.
Amounts in the IRA (other than nondeductible contributions) are taxed when
distributed from the IRA. Distributions prior to age 59 1/2 (unless certain
exceptions apply) are subject to a 10% penalty tax.
Section 408 of the Code also indicates that no part of the funds for an
individual retirement account or annuity ("IRA") may be invested in a life
insurance contract, but the regulations thereunder allow such funds to be
invested in an annuity policy that provides a death benefit that equals the
greater of the premiums paid or the cash value for the contract. The policy
provides an enhanced death benefit that could exceed the amount of such a
permissible death benefit, but it is unclear to what extent such an enhanced
death benefit could disqualify the policy under Section 408 of the Code. The
Internal Revenue Service has not reviewed the policy for qualification as an
IRA, and has not addressed in a ruling of general applicability whether an
enhanced death benefit provision, such as the provision in the policy, comports
with IRA qualification requirements.
Roth Individual Retirement Annuities (Roth IRA). The Roth IRA, under Section
408A of the Code, contains many of the same provisions as a traditional IRA.
However, there are some differences. First, the contributions are not
deductible and must be made in cash or as a rollover or transfer from another
Roth IRA or other IRA. A rollover from or conversion of an IRA to a Roth IRA
may be subject to tax and other special rules may apply. You should consult a
tax adviser before combining any converted amounts with any other Roth IRA
contributions, including any other conversion amounts from other tax years. The
Roth IRA is available to individuals with earned income and whose adjusted
gross income is under $110,000 for single filers, $160,000 for married filing
jointly, and $10,000 for married filing separately. The amount per individual
that may be contributed to all IRAs (Roth and traditional) is $2,000. Secondly,
the distributions are taxed differently. The Roth IRA offers tax-free
distributions when made from assets which have been held in the account for 5
tax years and are made after attaining age 59 1/2, or to pay for qualified
first time homebuyer expenses (lifetime maximum of $10,000), or due to death or
disability. All other distributions are subject to income tax when made from
earnings and may be subject to a premature withdrawal penalty tax unless an
exception applies. Unlike the traditional IRA, there are no minimum required
distributions during the owner's lifetime; however, required distributions at
death are the same.
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<PAGE>
Section 403(b) Plans. Under Section 403(b) of the Code, payments made by public
school systems and certain tax exempt organizations to purchase policies for
their employees are excludable from the gross income of the employee, subject
to certain limitations. However, such payments may be subject to FICA (Social
Security) taxes. The policy includes a death benefit that in some cases may
exceed the greater of the premium payments or the policy value. The death
benefit could be characterized as an incidental benefit, the amount of which is
limited in any tax-sheltered annuity under section 403(b). Because the death
benefit may exceed this limitation, employers using the policy in connection
with such plans should consult their tax adviser. Additionally, in accordance
with the requirements of the Code, Section 403(b) annuities generally may not
permit distribution of (i) elective contributions made in years beginning after
December 31, 1988, (ii) earnings on those contributions, and (iii) earnings on
amounts attributed to elective contributions held as of the end of the last
year beginning before January 1, 1989. Distributions of such amounts will be
allowed only upon the death of the employee, on or after attainment of age 59
1/2, separation from service, disability, or financial hardship, except that
income attributable to elective contributions may not be distributed in the
case of hardship.
Corporate Pension and Profit Sharing Plans and H.R. 10 Plans. Sections 401(a)
and 403(a) of the Code permit corporate employers to establish various types of
retirement plans for employees and self-employed individuals to establish
qualified plans for themselves and their employees. Such retirement plans may
permit the purchase of the policies to accumulate retirement savings. Adverse
tax consequences to the plan, the participant or both may result if the policy
is assigned or transferred to any individual as a means to provide benefit
payments. The policy includes a death benefit that in some cases may exceed the
greater of the premium payments or the policy value. The death benefit could be
characterized as an incidental benefit, the amount of which is limited in an
pension or profit-sharing plan. Because the death benefit may exceed this
limitation, employers using the policy in connection with such plans should
consult their tax adviser.
Deferred Compensation Plans. Section 457 of the Code, while not actually
providing for a qualified plan (as that term is used in the Code), provides for
certain deferred compensation plans with respect to service for state
governments, local governments, political subdivisions, agencies,
instrumentalities and certain affiliates of such entities, and tax exempt
organizations. The policies can be used with such plans. Under such plans a
participant may specify the form of investment in which his or her
participation will be made. For non-governmental Section 457 plans, all such
investments, however, are owned by the sponsoring employer, and are subject to
the claims of the general creditors of the sponsoring employer. Depending on
the terms of the particular plan, a non-governmental employer may be entitled
to draw on deferred amounts for purposes unrelated to its Section 457 plan
obligations. In general, all amounts received under a Section 457 plan are
taxable and are subject to federal income tax withholding as wages.
Non-natural Persons. Pursuant to Section 72(u) of the Code, an annuity contract
held by a taxpayer other than a natural person generally will not be treated as
an annuity contract under the Code; accordingly, an owner who is not a natural
person will recognize as ordinary income for a taxable year the excess of (i)
the sum of the cash value as of the close of the taxable year and all previous
distributions under the policy over (ii) the sum of the premium payments paid
for the taxable year and any prior taxable year and the amounts includable in
gross income for any prior taxable year with respect to the policy. For these
purposes, the policy value at year end may have to be increased by any positive
excess interest adjustment which could result from a full surrender at such
time. There is, however, no definitive guidance on the proper tax treatment of
excess interest adjustments and the owner should contact a competent tax
adviser with respect to the potential tax consequences of an excess interest
adjustment. Notwithstanding the preceding sentences in that paragraph, Section
72(u) of the Code does not apply to (i) a policy the nominal owner of which is
not a natural person but the beneficial owner of which is a natural person,
(ii) a policy acquired by the estate of a decedent by reason of such decedent's
death, (iii) a qualified policy (other than one qualifying under Section 457)
or
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<PAGE>
(iv) a single-payment annuity the Commencement Date for which is no later than
one year from the date of the single premium payment; such policies are taxed
as described above under the heading "Taxation of Annuities."
Taxation of PFL
PFL at present is taxed as a life insurance company under part I of Subchapter
L of the Code. The separate account is treated as part of PFL and, accordingly,
will not be taxed separately as a "regulated investment company" under
Subchapter M of the Code. PFL does not expect to incur any federal income tax
liability with respect to investment income and net capital gains arising from
the activities of the separate account retained as part of the reserves under
the policy. Based on this expectation, it is anticipated that no charges will
be made against the separate account for federal income taxes. If, in future
years, any federal income taxes are incurred by PFL with respect to the
separate account, PFL may make a charge to the separate account.
INVESTMENT EXPERIENCE
A "Net Investment Factor" is used to determine the value of accumulation units
and annuity units, and to determine annuity payment rates.
Accumulation Units
Allocations of a premium payment directed to a subaccount are credited in the
form of accumulation units. Each subaccount has a distinct accumulation unit
value. The number of units credited is determined by dividing the premium
payment or amount transferred to the subaccount by the accumulation unit value
of the subaccount as of the end of the valuation period during which the
allocation is made. For each subaccount, the accumulation unit value for a
given business day is based on the net asset value of a share of the
corresponding portfolio of the underlying funds less any applicable charges or
fees.
Upon allocation to the selected subaccount of the separate account, premium
payments are converted into accumulation units of the subaccount. The number of
accumulation Junits to be credited is determined by dividing the dollar amount
allocated to each subaccount by the value of an accumulation unit for that
subaccount as next determined after the premium payment is received at the
administrative and service office or, in the case of the initial premium
payment, when the application is completed, whichever is later. The value of an
accumulation unit was arbitrarily established at $1.000000 at the inception of
each subaccount. Thereafter, the value of an accumulation unit is determined as
of the close of trading on each day the New York Stock Exchange is open for
trading.
An index (the "Net Investment Factor") which measures the investment
performance of a subaccount during a valuation period, is used to determine the
value of an accumulation unit for the next subsequent valuation period. The Net
Investment Factor may be greater or less than or equal to one; therefore, the
value of an accumulation unit may increase, decrease or remain the same from
one valuation period to the next. The owner bears this investment risk. The net
investment performance of a subaccount and deduction of certain charges affect
the accumulation unit value.
The Net Investment Factor for any subaccount for any valuation period is
determined by dividing (a) by (b) and subtracting (c) from the result, where:
(a) is the net result of:
(1) the net asset value per share of the shares held in the subaccount
determined at the end of the current valuation period, plus
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<PAGE>
(2) the per share amount of any dividend or capital gain distribution
made with respect to the shares held in the subaccount if the ex-
dividend date occurs during the current valuation period, plus or minus
(3) a per share credit or charge for any taxes determined by PFL to
have resulted from the investment operations of the subaccount;
(b) the net asset value per share of the shares held in the subaccount
determined as of the end of the immediately preceding valuation period; and
(c) is the charge for mortality and expense risk during the valuation
period (equal on an annual basis to 1.10% for the Return of Premium Death
Benefit and 1.25% for both the 5% Annually Compounding Death Benefit or the
Annual Step-Up Death Benefit) of the daily net asset value of the
subaccount, plus the .15% administrative charge for all three death benefit
options.
Illustration of Accumulation Unit Value Calculations
Formula and Illustration for Determining the Net Investment Factor
(Assume Either the 5% Annually Compounding Death Benefit or
the Annual Step-Up Death Benefit is in effect.)
Investment Experience Factor = (A + B - C) - E
D
<TABLE>
<C> <S> <C>
Where: A = The Net Asset Value of an underlying fund share as of the end of
the current valuation period.
Assume.....................................A = $11.57
B = The per share amount of any dividend or capital gains distribution
since the end of the immediately preceding valuation period.
Assume..........................................B = 0
C = The per share charge or credit for any taxes reserved for at the
end of the current valuation period.
Assume..........................................C = 0
D = The Net Asset Value of an underlying fund share at the end of the
immediately preceding valuation period.
Assume.....................................D = $11.40
E = The daily deduction for mortality and expense risk fee and
administrative charges, which totals 1.40% on an annual basis.
On a daily basis....................... = .0000380909
</TABLE>
Then, the Investment Experience Factor = (11.57 + 0 - 0) -
.0000380909 = Z = 1.0148741898
11.40
Formula and Illustration for Determining Accumulation Unit Value
Accumulation Unit Value = A * B
<TABLE>
<C> <S> <C>
Where: A = The accumulation unit value for the immediately preceding valuation
period.
Assume............................................ = $X
B = The Net Investment Factor for the current valuation period.
Assume............................................. = Y
</TABLE>
Then, the accumulation unit value = $X * Y = $Z
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<PAGE>
Annuity Unit Value and Annuity Payment Rates
The amount of variable annuity payments will vary with annuity unit values.
Annuity unit values rise if the net investment performance of the subaccount
exceeds the assumed interest rate of 5% annually. Conversely, annuity unit
values fall if the net investment performance of the subaccount is less than
the assumed rate. The value of a variable annuity unit in each subaccount was
established at $1.00 on the date operations began for that subaccount. The
value of a variable annuity unit on any subsequent business day is equal to (a)
multiplied by (b) multiplied by (c), where:
(a) is the variable annuity unit value for that subaccount on the
immediately preceding business day;
(b) is the net investment factor for that subaccount for the valuation
period; and
(c) is the investment result adjustment factor for the valuation period.
The investment result adjustment factor for the valuation period is the product
of discount factors of .99986634 per day to recognize the 5% effective annual
Assumed Investment Return. The valuation period is the period from the close of
the immediately preceding business day to the close of the current business
day.
The net investment factor for the policy used to calculate the value of a
variable annuity unit in each subaccount for the valuation period is determined
by dividing (i) by (ii) and subtracting (iii) from the result, where:
(i) is the result of:
(1) the net asset value of a fund share held in that subaccount
determined at the end of the current valuation period; plus
(2) the per share amount of any dividend or capital gain distributions
made by the fund for shares held in that subaccount if the ex-dividend
date occurs during the valuation period; plus or minus
(3) a per share charge or credit for any taxes reserved for, which PFL
determines to have resulted from the investment operations of the
subaccount.
(ii) is the net asset value of a fund share held in that subaccount
determined as of the end of the immediately preceding valuation period.
(iii) is a factor representing the mortality and expense risk fee and
administrative charge. This factor is equal, on an annual basis, to 1.25%
(for the Return of Premium Death Benefit) or 1.40% (for the 5% Annually
Compounding Death Benefit and the Annual Step-Up Death Benefit) of the
daily net asset value of a fund share held in that subaccount.
The dollar amount of subsequent variable annuity payments will depend upon
changes in applicable annuity unit values.
The annuity payment rates vary according to the annuity option elected and the
sex and adjusted age of the annuitant at the annuity commencement date. The
policy also contains a table for determining the adjusted age of the annuitant.
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<PAGE>
Illustration of Calculations for Annuity Unit Value
and Variable Annuity Payments
Formula and Illustration for Determining Annuity Unit Value
Annuity Unit Value = A * B * C
<TABLE>
<C> <S> <C>
Where: A = Annuity unit value for the immediately preceding valuation period.
Assume..............................................= $X
B = Investment Experience Factor for the valuation period for which the
annuity unit value is being calculated.
Assume..............................................= Y
C = A factor to neutralize the assumed interest rate of 5% built into the
Annuity Tables used.
Assume..............................................= Z
</TABLE>
Then, the annuity unit value is: $X * Y * Z = $Q
Formula and Illustration for Determining Amount of
First Monthly Variable Annuity Payment
First Monthly Variable Annuity Payment = A * B
$1,000
<TABLE>
<C> <S> <C>
Where: A = The policy value as of the annuity commencement date.
Assume..........................................= $X
B = The Annuity purchase rate per $1,000 based upon the option
selected, the sex and adjusted age of the annuitant according to
the tables contained in the policy.
Assume..........................................= $Y
</TABLE>
Then, the first Monthly Variable Annuity Payment = $X * $Y = $Z
1,000
Formula and Illustration for Determining the Number of Annuity Units
Represented by Each Monthly Variable Annuity Payment
Number of annuity units = A
B
<TABLE>
<C> <S> <C>
Where: A = The dollar amount of the first monthly Variable Annuity Payment.
Assume............................................= $X
B = The annuity unit value for the Valuation Date on which the first
monthly payment is due.
Assume............................................= $Y
</TABLE>
Then, the number of annuity units = $X = Z
$Y
-23-
<PAGE>
FAMILY INCOME PROTECTOR -- HYPOTHETICAL ILLUSTRATION
The amounts shown below are hypothetical guaranteed minimum monthly payment
amounts under the "family income protector" for a $100,000 premium when annuity
payments do not begin until the rider anniversary indicated in the left-hand
column. These figures assume that there were no subsequent premium payments, or
withdrawals, that there were no premium taxes and that the $100,000 premium is
subject to the family income protector. Six different annuity payment options
are illustrated: a male annuitant, a female annuitant and a joint and survivor
annuity, each on a Life Only and a Life with 10 Year Certain basis. These
hypothetical illustrations assume that the annuitant is (or both annuitants
are) 60 years old when the rider is issued, that the annual growth rate is 6.0%
(once established an annual growth rate will not change during the life of the
family income protector rider), and that there was no upgrade of the minimum
annuitization value. The figures below, which are the amount of the first
monthly payment, are based on an assumed investment return of 3%. Subsequent
payments will never be less than the amount of the first payment (although
subsequent payments are calculated using a 5% assumed investment return).
Illustrations of guaranteed minimum payments based on other assumptions will be
provided upon request.
Life Only = Life Annuity with No Period Certain
Life 10 = Life Annuity with 10 Years
Certain
<TABLE>
<CAPTION>
Rider Anniversary at Male Female Joint & Survivor
Exercise Date
- ------------------------------------------------------------------------------
Life Only Life 10 Life Only Life 10 Life Only Life 10
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
10 (age 70) $1,135 $1,067 $ 976 $ 949 $ 854 $ 852
- ------------------------------------------------------------------------------
15 1,833 1,634 1,562 1,469 1,332 1,318
- ------------------------------------------------------------------------------
20 (age 80) 3,049 2,479 2,597 2,286 2,145 2,078
</TABLE>
This hypothetical illustration should not be deemed representative of past or
future performance of any underlying variable investment option.
Withdrawals will affect the minimum annuitization value as follows: Each policy
year, withdrawals up to the limit of the total free amount (the minimum
annuitization value on the last policy anniversary multiplied by the annual
growth rate) reduce the minimum annuitization value on a dollar-for-dollar
basis. Withdrawals over this free amount will reduce the minimum annuitization
value on a pro rata basis by an amount equal to the minimum annuitization value
immediately prior to the excess withdrawal multiplied by the percentage
reduction in the policy value resulting from the excess withdrawal. The free
amount will always be a relatively small fraction of the minimum annuitization
value.
The amount of the first payment provided by the family income protector will be
determined by multiplying each $1,000 of minimum annuitization value by the
applicable annuity factor shown on Schedule I of the family income protector
rider. The applicable annuity factor depends upon the annuitant's (and joint
annuitant's, if any) sex (or without regard to gender if required by law), age,
and the family income protector payment option selected and is based on a
guaranteed interest rate of 3% and the "1983 Table a" mortality table improved
to the year 2000 with projection Scale G. Subsequent payments will be
calculated as described in the family income protector rider using a 5% assumed
investment return. Subsequent payments may fluctuate annually in accordance
with the investment performance of the annuity subaccounts. However, subsequent
payments are guaranteed to never be less than the initial payment.
-24-
<PAGE>
The stabilized payment on each subsequent policy anniversary after
annuitization using the family income protector will equal the greater of the
initial payment or the payment supportable by the annuity units in the selected
subaccounts. The supportable payment is equal to the number of variable annuity
units in the selected subaccounts multiplied by the variable annuity unit
values in those subaccounts on the date the payment is made. The variable
annuity unit values used to calculate the supportable payment will assume a 5%
assumed investment return. If the supportable payment at any payment date
during a policy year is greater than the stabilized payment for that policy
year, the excess will be used to purchase additional annuity units. Conversely,
if the supportable payment at any payment date during a policy year is less
than the stabilized payment for that policy year, there will be a reduction in
the number of annuity units credited to the policy to fund the deficiency. In
the case of a reduction, you will not participate as fully in the future
investment performance of the subaccounts you selected since fewer annuity
units are credited to your policy. Purchases and reductions will be allocated
to each subaccount on a proportionate basis.
PFL bears the risk that it will need to make payments if all annuity units have
been used in an attempt to maintain the stabilized payment at the initial
payment level. In such an event, PFL will make all future payments equal to the
initial payment. Once all the annuity units have been used, the amount of your
payment will not increase or decrease and will not depend upon the performance
of any subaccounts. To compensate PFL for this risk, a stabilized payment fee
will be deducted.
HISTORICAL PERFORMANCE DATA
Money Market Yields
PFL may from time to time disclose the current annualized yield of the Dreyfus
Money Market Subaccount for a 7-day period in a manner which does not take into
consideration any realized or unrealized gains or losses on shares of the
portfolio securities. This current annualized yield is computed by determining
the net change (exclusive of realized gains and losses on the sale of
securities and unrealized appreciation and depreciation and income other than
investment income) at the end of the 7-day period in the value of a
hypothetical account having a balance of 1 unit at the beginning of the 7-day
period, dividing such net change in account value by the value of the account
at the beginning of the period to determine the base period return, and
annualizing this quotient on a 365-day basis. The net change in account value
reflects (i) net income from the portfolio attributable to the hypothetical
account; and (ii) charges and deductions imposed under a policy that are
attributable to the hypothetical account. The charges and deductions include
the per unit charges for the hypothetical account for (i) the administrative
charges; and (ii) the mortality and expense risk fee. Current Yield will be
calculated according to the following formula:
Current Yield = ((NCS * ES)/UV) * (365/7)
Where:
NCS=
The net change in the value of the portfolio (exclusive of realized
gains and losses on the sale of securities and unrealized
appreciation and depreciation and income other than investment
income) for the 7-day period attributable to a hypothetical account
having a balance of 1 subaccount unit.
ES=
Per unit expenses of the subaccount for the 7-day period.
UV= The unit value on the first day of the 7-day period.
Because of the charges and deductions imposed under a policy, the yield for the
Dreyfus Money Market Subaccount will be lower than the yield for the Dreyfus--
Money Market Portfolio. The yield calculations
-25-
<PAGE>
do not reflect the effect of any premium taxes or surrender charges that may be
applicable to a particular policy. Surrender charges range from 6% to 0% of the
amount of premium payments withdrawn based on the number of years since the
premium payment was made. However, surrender charges will not be assessed after
the tenth policy year.
PFL may also disclose the effective yield of the Dreyfus Money Market
Subaccount for the same 7-day period, determined on a compounded basis. The
effective yield is calculated by compounding the base period return according
to the following formula:
Effective Yield = (1 + ((NCS - ES)/UV))/365///7/ - 1
Where:
NCS=
The net change in the value of the portfolio (exclusive of realized
gains and losses on the sale of securities and unrealized
appreciation and depreciation and income other than investment
income) for the 7-day period attributable to a hypothetical account
having a balance of 1 subaccount unit.
ES=
Per unit expenses of the subaccount for the 7-day period.
UV= The unit value on the first day of the 7-day period.
The yield on amounts held in the Dreyfus--Money Market Subaccount normally will
fluctuate on a daily basis. Therefore, the disclosed yield for any given past
period is not an indication or representation of future yields or rates of
return. The Dreyfus Money Market Subaccount actual yield is affected by changes
in interest rates on money market securities, average portfolio maturity of the
Dreyfus--Money Market Portfolio, the types and quality of portfolio securities
held by the Dreyfus Money Market Portfolio and its operating expenses. For the
seven days ended December 31, 1998, the yield of the Dreyfus Money Market
Subaccount was 3.278%, and the effective yield was 3.331% for the Return of
Premium Death Benefit. For the seven days ended December 31, 1998, the yield of
the Dreyfus Money Market Subaccount was 3.124%, and the effective yield was
3.172% for the 5% Annually Compounding Death Benefit or Annual Step-Up Death
Benefit.
Other Subaccount Yields
PFL may from time to time advertise or disclose the current annualized yield of
one or more of the subaccounts of the separate account (except the Dreyfus
Money Market Subaccount) for 30-day periods. The annualized yield of a
subaccount refers to income generated by the subaccount over a specific 30-day
period. Because the yield is annualized, the yield generated by a subaccount
during the 30-day period is assumed to be generated each 30-day period over a
12-month period. The yield is computed by: (i) dividing the net investment
income of the subaccount less subaccount expenses for the period, by (ii) the
maximum offering price per unit on the last day of the period times the daily
average number of units outstanding for the period, compounding that yield for
a 6-month period, and (iv) multiplying that result by 2. Expenses attributable
to the subaccount include (i) the administrative charge and (ii) the mortality
and expense risk fee. The 30-day yield is calculated according to the following
formula:
Yield = 2 * ((((NI - ES)/(U * UV)) + 1)/6/ -1)
Where:
NI=
Net investment income of the subaccount for the 30-day period
attributable to the subaccount's unit.
ES=
Expenses of the subaccount for the 30-day period.
U= The average number of units outstanding.
UV=
The unit value at the close (highest) of the last day in the 30-day
period.
-26-
<PAGE>
Because of the charges and deductions imposed by the separate account, the
yield for a subaccount of the separate account will be lower than the yield for
its corresponding portfolio. The yield calculations do not reflect the effect
of any premium taxes or surrender charges that may be applicable to a
particular policy. Surrender charges range from 6% to 0% of the amount of
premium payments withdrawn based on the number of years since the premium
payment was made. However, surrender charges will not be assessed after the
tenth policy year.
The yield on amounts held in the subaccounts of the separate account normally
will fluctuate over time. Therefore, the disclosed yield for any given past
period is not an indication or representation of future yields or rates of
return. A subaccount's actual yield is affected by the types and quality of its
investments and its operating expenses.
Total Returns
PFL may from time to time also advertise or disclose total returns for one or
more of the subaccounts of the separate account for various periods of time.
One of the periods of time will include the period measured from the date the
subaccount commenced operations. When a subaccount has been in operation for 1,
5 and 10 years, respectively, the total return for these periods will be
provided. Total returns for other periods of time may from time to time also be
disclosed. Total returns represent the average annual compounded rates of
return that would equate an initial investment of $1,000 to the redemption
value of that investment as of the last day of each of the periods. The ending
date for each period for which total return quotations are provided will be for
the most recent month end practicable, considering the type and media of the
communication and will be stated in the communication.
Total returns will be calculated using subaccount unit values which PFL
calculates on each business day based on the performance of the subaccount's
underlying portfolio, and the deductions for the mortality and expense risk fee
and the administrative charges. Total return calculations will reflect the
effect of surrender charges that may be applicable to a particular period. The
total return will then be calculated according to the following formula:
P (1 + T)N = ERV
Where:
T=
The average annual total return net of subaccount recurring charges.
ERV= The ending redeemable value of the hypothetical account at the end of
the period.
P= A hypothetical initial payment of $1,000.
N= The number of years in the period.
Other Performance Data
PFL may from time to time also disclose average annual total returns in a non-
standard format in conjunction with the standard format described above. The
non-standard format will be identical to the standard format except that the
surrender charge percentage will be assumed to be 0%.
PFL may from time to time also disclose cumulative total returns in conjunction
with the standard format described above. The cumulative returns will be
calculated using the following formula assuming that the surrender charge
percentage will be 0%.
CTR = (ERV/P) -1
-27-
<PAGE>
Where:
CTR=The cumulative total return net of subaccount recurring charges for the
period.
ERV=The ending redeemable value of the hypothetical investment at the end of
the period.
P=A hypothetical initial payment of $1,000.
All non-standard performance data will only be advertised if the standard
performance data for the same period, as well as for the required period, is
also disclosed.
Adjusted Historical Performance Data
From time to time, sales literature or advertisements may quote average annual
total returns for periods prior to the date the separate account commenced
operations. Such performance information for the subaccounts will be calculated
based on the performance of the various portfolios and the assumption that the
subaccounts were in existence for the same periods as those indicated for the
portfolios, with the level of policy charges that were in effect at the
inception of the subaccounts.
PUBLISHED RATINGS
PFL may from time to time publish in advertisements, sales literature and
reports to owners, the ratings and other information assigned to it by one or
more independent rating organizations such as A.M. Best Company, Standard &
Poor's Insurance Ratings Services, Moody's Investors Service and Duff & Phelps
Credit Rating Co. The purpose of the ratings is to reflect the financial
strength and/or claims-paying ability of PFL and they should not be considered
as bearing on the investment performance of assets held in the separate account
or of the safety or riskiness of an investment in the separate account. Each
year the A.M. Best Company reviews the financial status of thousands of
insurers, culminating in the assignment of Best's ratings. These ratings
reflect their current opinion of the relative financial strength and operating
performance of an insurance company in comparison to the norms of the
life/health insurance industry. In addition, the claims-paying ability of PFL
as measured by Standard & Poor's Insurance Ratings Services, Moody's Investors
Service or Duff & Phelps Credit Rating Co. may be referred to in advertisements
or sales literature or in reports to owners. These ratings are opinions of an
operating insurance company's financial capacity to meet the obligations of its
insurance policies in accordance with their terms. Claims-paying ability
ratings do not refer to an insurer's ability to meet non-policy obligations
such as debt or commercial paper obligations.
STATE REGULATION OF PFL
PFL is subject to the laws of Iowa governing insurance companies and to
regulation by the Iowa Division of Insurance. An annual statement in a
prescribed form is filed with the Division of Insurance each year covering the
operation of PFL for the preceding year and its financial condition as of the
end of such year. Regulation by the Division of Insurance includes periodic
examination to determine PFL's contract liabilities and reserves so that the
Division may determine the items are correct. PFL's books and accounts are
subject to review by the Division of Insurance at all times and a full
examination of its operations is conducted periodically by the National
Association of Insurance Commissioners. In addition, PFL is subject to
regulation under the insurance laws of other jurisdictions in which it may
operate.
ADMINISTRATION
PFL performs administrative services for the policies. These services include
issuance of the policies, maintenance of records concerning the policies, and
certain valuation services.
-28-
<PAGE>
RECORDS AND REPORTS
All records and accounts relating to the separate account will be maintained by
PFL. As presently required by the Investment Company Act of 1940 and
regulations promulgated thereunder, PFL will mail to all owners at their last
known address of record, at least annually, reports containing such information
as may be required under that Act or by any other applicable law or regulation.
Owners will also receive confirmation of each financial transaction and any
other reports required by law or regulation.
DISTRIBUTION OF THE POLICIES
The policies are offered to the public through brokers licensed under the
federal securities laws and state insurance laws. The offering of the policies
is continuous and PFL does not anticipate discontinuing the offering of the
policies. However, PFL reserves the right to discontinue the offering of the
policies.
AFSG Securities Corporation, an affiliate of PFL, is the principal underwriter
of the policies and may enter into agreements with broker-dealers for the
distribution of the policies. Prior to April 30, 1998, AEGON USA Securities,
Inc. (also an affiliate of PFL) was the principal underwriter. During 1998, the
amount paid to AFSG Securities Corporation, AEGON USA Securities, Inc. and/or
the broker-dealers for their services related to Retirement Income Builder II
Variable Annuity policies was $7,913.51. No fees had been paid to any
broker/dealers for their services prior to 1998.
OTHER PRODUCTS
PFL makes other variable annuity policies available that may also be funded
through the separate account. These variable annuity policies may have
different features, such as different investment choices or charges.
CUSTODY OF ASSETS
The assets of each of the subaccounts of the separate account are held by PFL.
The assets of each of the subaccounts of the separate account are segregated
and held separate and apart from the assets of the other subaccounts and from
PFL's general account assets. PFL maintains records of all purchases and
redemptions of shares of the underlying funds held by each of the subaccounts.
Additional protection for the assets of the separate account is afforded by
PFL's fidelity bond, presently in the amount of $5,000,000, covering the acts
of officers and employees of PFL.
LEGAL MATTERS
Legal advice relating to certain matters under the federal securities laws
applicable to the issue and sale of the policies has been provided to PFL by
Sutherland Asbill & Brennan LLP, of Washington D.C.
INDEPENDENT AUDITORS
The statutory-basis financial statements and schedules of PFL as of December
31, 1998 and 1997, and for each of the three years in the period ended December
31, 1998, and the Financial Statements of certain subaccounts of the PFL
Retirement Builder Variable Annuity Account, which are available for investment
by the Flexible Premium Individual Deferred Variable Annuity (now known as the
Retirement Income Builder II Variable Annuity) contract owners as of December
31, 1998 and for the period September 30, 1998 (commencement of operations)
through December 31, 1998, included in this Statement of Additional Information
have been audited by Ernst & Young LLP, Independent Auditors, Suite 3400, 801
Grand Avenue, Des Moines, Iowa 50309.
-29-
<PAGE>
OTHER INFORMATION
A Registration Statement has been filed with the Securities and Exchange
Commission, under the Securities Act of 1933 as amended, with respect to the
policies discussed in this Statement of Additional Information. Not all of the
information set forth in the Registration Statement, amendments and exhibits
thereto has been included in the Prospectus or this Statement of Additional
Information. Statements contained in the Prospectus and this Statement of
Additional Information concerning the content of the policies and other legal
instruments are intended to be summaries. For a complete statement of the terms
of these documents, reference should be made to the instruments filed with the
Securities and Exchange Commission.
FINANCIAL STATEMENTS
The values of the interest of owners in the separate account will be affected
solely by the investment results of the selected subaccount(s). The financial
statements of PFL, which are included in this Statement of Additional
Information, should be considered only as bearing on the ability of PFL to meet
its obligations under the policies. They should not be considered as bearing on
the investment performance of the assets held in the separate account.
-30-
<PAGE>
FINANCIAL STATEMENTS--STATUTORY BASIS
PFL LIFE INSURANCE COMPANY
Years ended December 31, 1998, 1997 and 1996
with Report of Independent Auditors
<PAGE>
PFL LIFE INSURANCE COMPANY
FINANCIAL STATEMENTS--STATUTORY BASIS
Years ended December 31, 1998, 1997 and 1996
Contents
<TABLE>
<S> <C>
Report of Independent Auditors.............................................. 1
Audited Financial Statements
Balance Sheets--Statutory Basis........................................... 2
Statements of Operations--Statutory Basis................................. 3
Statements of Changes in Capital and Surplus--Statutory Basis............. 4
Statements of Cash Flows--Statutory Basis................................. 5
Notes to Financial Statements--Statutory Basis............................ 6
Statutory-Basis Financial Statement Schedules
Summary of Investments--Other Than Investments in Related Parties......... 24
Supplementary Insurance Information....................................... 25
Reinsurance............................................................... 26
</TABLE>
<PAGE>
[LETTERHEAD OF ERNST & YOUNG LLP APPEARS HERE]
Report of Independent Auditors
The Board of Directors
PFL Life Insurance Company
We have audited the accompanying statutory-basis balance sheets of PFL Life
Insurance Company as of December 31, 1998 and 1997, and the related statutory-
basis statements of operations, changes in capital and surplus, and cash flows
for each of the three years in the period ended December 31, 1998. Our audits
also included the accompanying statutory-basis financial statement schedules
required by Article 7 of Regulation S-X. These financial statements and
schedules are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
As described in Note 1 to the financial statements, the Company presents its
financial statements in conformity with accounting practices prescribed or
permitted by the Insurance Division, Department of Commerce, of the State of
Iowa, which practices differ from generally accepted accounting principles.
The variances between such practices and generally accepted accounting
principles also are described in Note 1. The effects on the financial
statements of these variances are not reasonably determinable but are presumed
to be material.
In our opinion, because of the effects of the matters described in the
preceding paragraph, the financial statements referred to above do not present
fairly, in conformity with generally accepted accounting principles, the
financial position of PFL Life Insurance Company at December 31, 1998 and
1997, or the results of its operations or its cash flows for each of the three
years in the period ended December 31, 1998.
However, in our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of PFL Life Insurance
Company at December 31, 1998 and 1997, and the results of its operations and
its cash flows for each of the three years in the period ended December 31,
1998 in conformity with accounting practices prescribed or permitted by the
Insurance Division, Department of Commerce, of the State of Iowa. Also, in our
opinion, the related financial statement schedules, when considered in
relation to the basic statutory-basis financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
/s/ Ernst & Young LLP
Des Moines, Iowa
February 19, 1999
1
<PAGE>
PFL LIFE INSURANCE COMPANY
BALANCE SHEETS--STATUTORY BASIS
(Dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
December 31
---------------------
1998 1997
---------- ----------
ADMITTED ASSETS
---------------
<S> <C> <C>
Cash and invested assets:
Cash and short-term investments............................ $ 83,289 $ 23,939
Bonds...................................................... 4,822,442 4,913,144
Stocks:
Preferred................................................ 14,754 2,750
Common (cost: 1998--$34,731; 1997--$33,058).............. 49,448 42,345
Affiliated entities (cost: 1998--$8,060; 1997--$10,798).. 5,613 8,031
Mortgage loans on real estate.............................. 1,012,433 935,207
Real estate, at cost less accumulated depreciation ($9,500
in 1998; $8,655 in 1997):
Home office properties................................... 8,056 8,283
Properties acquired in satisfaction of debt.............. 11,778 11,814
Investment properties.................................... 44,325 36,416
Policy loans............................................... 60,058 57,136
Other invested assets...................................... 76,482 29,864
---------- ----------
Total cash and invested assets......................... 6,188,678 6,068,929
Premiums deferred and uncollected........................... 15,318 16,101
Accrued investment income................................... 65,308 69,662
Receivable from affiliate................................... 643 --
Federal income taxes recoverable............................ 639 --
Transfers from separate accounts............................ 70,866 60,193
Other assets................................................ 29,511 37,624
Separate account assets..................................... 3,348,611 2,517,365
---------- ----------
Total admitted assets.................................. $9,719,574 $8,769,874
========== ==========
<CAPTION>
LIABILITIES AND CAPITAL AND SURPLUS
-----------------------------------
<S> <C> <C>
Liabilities:
Aggregate reserves for policies and contracts:
Life..................................................... $1,357,175 $ 884,018
Annuity.................................................. 3,925,293 4,204,125
Accident and health...................................... 205,736 169,328
Policy and contract claim reserves:
Life..................................................... 9,101 8,635
Accident and health...................................... 48,906 57,713
Other policyholders' funds................................. 162,266 143,831
Remittances and items not allocated........................ 19,690 153,745
Asset valuation reserve.................................... 91,588 69,825
Interest maintenance reserve............................... 50,575 30,287
Federal income taxes payable............................... -- 1,889
Short-term notes payable to affiliates..................... 9,421 16,400
Other liabilities.......................................... 76,766 75,070
Payable for securities..................................... 57,645 --
Payable to affiliates...................................... -- 13,240
Separate account liabilities............................... 3,342,884 2,512,406
---------- ----------
Total liabilities...................................... 9,357,046 8,340,512
Commitments and contingencies
Capital and surplus:
Common stock, $10 par value, 500 shares authorized, 266
issued and outstanding.................................... 2,660 2,660
Paid-in surplus............................................ 154,282 154,282
Unassigned surplus......................................... 205,586 272,420
---------- ----------
Total capital and surplus.............................. 362,528 429,362
---------- ----------
Total liabilities and capital and surplus.............. $9,719,574 $8,769,874
========== ==========
</TABLE>
See accompanying notes.
2
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Revenues:
Premiums and other considerations, net
of reinsurance:
Life.................................. $ 516,111 $ 202,435 $ 204,872
Annuity............................... 667,920 657,695 725,966
Accident and health................... 178,593 207,982 227,862
Net investment income................... 446,984 446,424 428,337
Amortization of interest maintenance re-
serve.................................. 8,656 3,645 2,434
Commissions and expense allowances on
reinsurance ceded...................... 32,781 49,859 73,931
---------- ---------- ----------
1,851,045 1,568,040 1,663,402
Benefits and expenses:
Benefits paid or provided for:
Life and accident and health bene-
fits................................. 135,184 146,583 147,024
Surrender benefits.................... 732,796 658,071 512,810
Other benefits........................ 152,209 126,495 101,288
Increase (decrease) in aggregate
reserves for policies and contracts:
Life.................................. 473,158 149,575 140,126
Annuity............................... (278,665) (203,139) 188,002
Accident and health................... 36,407 30,059 26,790
Other................................. 17,550 16,998 19,969
---------- ---------- ----------
1,268,639 924,642 1,136,009
Insurance expenses:
Commissions............................. 136,569 157,300 177,466
General insurance expenses.............. 48,018 57,571 57,282
Taxes, licenses and fees................ 19,166 8,715 13,889
Net transfers to separate accounts...... 265,702 297,480 171,785
Other expenses.......................... 1,016 119 526
---------- ---------- ----------
470,471 521,185 420,948
---------- ---------- ----------
1,739,110 1,445,827 1,556,957
---------- ---------- ----------
Gain from operations before federal income
tax expense and net realized capital
gains (losses) on investments............ 111,935 122,213 106,445
Federal income tax expense................ 49,835 43,381 41,177
---------- ---------- ----------
Gain from operations before net realized
capital gains (losses) on investments.... 62,100 78,832 65,268
Net realized capital gains (losses) on
investments (net of related federal
income taxes and amounts transferred to
interest maintenance reserve)............ 3,398 7,159 (3,503)
---------- ---------- ----------
Net income................................ $ 65,498 $ 85,991 $ 61,765
========== ========== ==========
</TABLE>
See accompanying notes.
3
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Total
Capital
Common Paid-in Unassigned and
Stock Surplus Surplus Surplus
------ -------- ---------- ---------
<S> <C> <C> <C> <C>
Balance at January 1, 1996............... $2,660 $154,129 $ 220,739 $ 377,528
Net income............................. -- -- 61,765 61,765
Change in net unrealized capital
gains................................. -- -- 2,351 2,351
Change in non-admitted assets.......... -- -- (148) (148)
Change in asset valuation reserve...... -- -- (10,930) (10,930)
Dividend to stockholder................ -- -- (20,000) (20,000)
Prior period adjustment................ -- -- 5,025 5,025
Surplus effect of sales of divisions... -- -- (384) (384)
Surplus effect of ceding commissions
associated with the sale of a
division.............................. -- -- 29 29
Amendment of reinsurance agreement..... -- -- 421 421
Change in liability for reinsurance in
unauthorized companies................ -- -- 2,690 2,690
------ -------- --------- ---------
Balance at December 31, 1996............. 2,660 154,129 261,558 418,347
Capital contribution................... -- 153 -- 153
Net income............................. -- -- 85,991 85,991
Change in net unrealized capital
gains................................. -- -- 3,592 3,592
Change in non-admitted assets.......... -- -- (481) (481)
Change in asset valuation reserve...... -- -- (14,974) (14,974)
Dividend to stockholder................ -- -- (62,000) (62,000)
Surplus effect of sale of a division... -- -- (161) (161)
Surplus effect of ceding commissions
associated with the sale of a
division.............................. -- -- 5 5
Amendment of reinsurance agreement..... -- -- 389 389
Surplus effect of reinsurance
agreement............................. -- -- 402 402
Change in liability for reinsurance in
unauthorized companies................ -- -- (1,901) (1,901)
------ -------- --------- ---------
Balance at December 31, 1997............. 2,660 154,282 272,420 429,362
Net income............................. -- -- 65,498 65,498
Change in net unrealized capital
gains................................. -- -- 4,504 4,504
Change in non-admitted assets.......... -- -- (260) (260)
Change in asset valuation reserve...... -- -- (21,763) (21,763)
Dividend to stockholder................ -- -- (120,000) (120,000)
Increase in liability for reinsurance
in unauthorized companies............. -- -- 2,036 2,036
Tax benefit on stock options
exercised............................. -- -- 2,476 2,476
Change in surplus in separate
accounts.............................. -- -- 675 675
------ -------- --------- ---------
Balance at December 31, 1998............. $2,660 $154,282 $ 205,586 $ 362,528
====== ======== ========= =========
</TABLE>
See accompanying notes.
4
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF CASH FLOWS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Year Ended December 31
-------------------------------------
1998 1997 1996
----------- ----------- -----------
<S> <C> <C> <C>
Operating Activities
Premiums and other considerations, net
of reinsurance......................... $ 1,396,428 $ 1,119,936 $ 1,240,748
Net investment income................... 469,246 452,091 431,456
Life and accident and health claims..... (138,249) (154,383) (147,556)
Surrender benefits and other fund
withdrawals............................ (732,796) (658,071) (512,810)
Other benefits to policyholders......... (152,167) (126,462) (101,254)
Commissions, other expenses and other
taxes.................................. (197,135) (225,042) (248,321)
Net transfers to separate accounts...... (276,375) (319,146) (210,312)
Federal income taxes.................... (72,176) (47,909) (35,551)
Cash paid in conjunction with an
amendment of a reinsurance agreement... -- (4,826) (5,812)
Cash received in connection with a
reinsurance agreement.................. -- 1,477 --
Other, net.............................. (93,095) 89,693 (41,677)
Net cash provided by operating
activities............................. 203,681 127,358 368,911
Investing Activities
Proceeds from investments sold, matured
or repaid:
Bonds and preferred stocks............ 3,347,174 3,284,095 2,112,831
Common stocks......................... 34,564 34,004 27,214
Mortgage loans on real estate......... 192,210 138,162 74,351
Real estate........................... 5,624 6,897 18,077
Cash received from ceding commissions
associated with the sale of a
division............................. -- 8 45
Other................................. 7,210 57,683 22,568
----------- ----------- -----------
3,586,782 3,520,849 2,255,086
Cost of investments acquired:
Bonds and preferred stocks............ (3,251,822) (3,411,442) (2,270,105)
Common stocks......................... (36,379) (37,339) (29,799)
Mortgage loans on real estate......... (257,039) (159,577) (324,381)
Real estate........................... (11,458) (2,013) (222)
Policy loans.......................... (2,922) (2,922) (1,539)
Cash paid in association with the sale
of a division........................ -- (591) (662)
Other................................. (44,514) (15,674) (6,404)
----------- ----------- -----------
(3,604,134) (3,629,558) (2,633,112)
----------- ----------- -----------
Net cash used in investing activities... (17,352) (108,709) (378,026)
Financing Activities
Issuance (repayment) of short-term
intercompany notes payable............. $ (6,979) $ 16,400 $ --
Capital contribution.................... -- 153 --
Dividends to stockholder................ (120,000) (62,000) (20,000)
----------- ----------- -----------
Net cash used in financing activities... (126,979) (45,447) (20,000)
----------- ----------- -----------
Increase (decrease) in cash and short-
term investments....................... 59,350 (26,798) (29,115)
Cash and short-term investments at
beginning of year...................... 23,939 50,737 79,852
----------- ----------- -----------
Cash and short-term investments at end
of year................................ $ 83,289 $ 23,939 $ 50,737
=========== =========== ===========
</TABLE>
See accompanying notes.
5
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS
(Dollars in thousands)
December 31, 1998
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
PFL Life Insurance Company ("the Company") is a stock life insurance company
and is a wholly-owned subsidiary of First AUSA Life Insurance Company ("First
AUSA"), which, in turn, is a wholly-owned subsidiary of AEGON USA, Inc.
("AEGON"). AEGON is an indirect wholly-owned subsidiary of AEGON N.V., a
holding company organized under the laws of The Netherlands.
In connection with the sale of certain affiliated business units, the
Company has assumed various blocks of business from these former affiliates
through mergers. In addition, the Company has canceled or entered into several
coinsurance and reinsurance agreements with affiliates and non-affiliates. The
following is a description of those transactions:
. During 1996, the Company sold its North Richland Hills, Texas health
administrative operations known as The Insurance Center. The transaction
resulted in the transfer of substantially all employees and office
facilities to United Insurance Companies, Inc. ("UICI"). All inforce
business will continue to be shared by UICI and the Company and its
affiliates through the existing coinsurance agreements. After a short
transition period, all new business produced by United Group Association,
an independent insurance agency, will be written by the insurance
subsidiaries of UICI and will not be shared with the Company and its
affiliates through coinsurance arrangements. As a result of the sale,
during 1996 the Company transferred $123 in assets, substantially all of
which was cash, and $70 of liabilities. The difference between the assets
and liabilities of $(53) plus a tax credit of $19 was charged directly to
unassigned surplus. During 1997, the Company transferred $591 in assets,
substantially all of which was cash and $343 of liabilities. The difference
between the assets and liabilities of $(248) net of a tax credit of $87 was
charged directly to unassigned surplus.
. On January 1, 1994, the Company entered into an agreement with a non-
affiliate reinsurer to annually increase reinsurance ceded (primarily group
health business) by 2 1/2% through 1997. As a result, during 1996, the
Company transferred $5,991 in assets, including $5,812 of cash and short-
term investments and liabilities of $6,146. The difference between the
assets and liabilities of $155, plus a tax credit of $266 was credited
directly to unassigned surplus. During 1997, the Company transferred $5,045
in assets, including $4,826 of cash and short-term investments, and
liabilities of $5,164. The difference between the assets and liabilities of
$119 plus a tax credit of $270 was credited directly to unassigned surplus.
. During 1993, the Company sold the Oakbrook Division (primarily group health
business). The initial transfer of risk occurred through an indemnity
reinsurance agreement. The policies will then be assumed by the reinsurer
by novation as state regulatory and policyholder approvals are received.
During 1996, the Company paid $539 in association with this sale; the
payment, net of a tax credit of $189, was charged directly to unassigned
surplus. In addition, the Company received from the third party
administrator a ceding commission of one percent of the premiums collected
between January 1, 1994 and December 31, 1996. As a result of the sale, in
1996, the Company received $45 for ceding commissions; the commissions net
of the related tax effect of $(16) were charged directly to unassigned
surplus. Also, during 1996, the Company paid $539 in association with this
sale; this payment, net of a tax credit of $189, was charged directly to
unassigned surplus. In 1997,
6
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the Company received $8 for ceding commissions; the commissions net of the
related tax effect of $3 were credited directly to unassigned surplus.
. During 1997, the Company entered into a reinsurance agreement with a non-
affiliate. As a result of the agreement, the Company received $1,480 of
assets, including $1,477 of cash and short-term securities, and $861 of
liabilities. The difference between the assets and liabilities of $619, net
of a tax effect of $217 was credited directly to unassigned surplus.
Nature of Business
The Company sells individual non-participating whole life, endowment and
term contracts, as well as a broad line of single fixed and flexible premium
annuity products. In addition, the Company offers group life, universal life,
and individual and specialty health coverages. The Company is licensed in 49
states and the District of Columbia. Sales of the Company's products are
primarily through the Company's agents and financial institutions.
Basis of Presentation
The preparation of financial statements of insurance companies requires
management to make estimates and assumptions that affect amounts reported in
the financial statements and accompanying notes. Actual results could differ
from those estimates.
Significant estimates and assumptions are utilized in the calculation of
aggregate policy reserves, policy and contract claim reserves, guaranty fund
assessment accruals and valuation allowances on investments. It is reasonably
possible that actual experience could differ from the estimates and
assumptions utilized which could have a material impact on the financial
statements.
The accompanying financial statements have been prepared on the basis of
accounting practices prescribed or permitted by the Insurance Division,
Department of Commerce, of the State of Iowa ("Insurance Department"), which
practices differ in some respects from generally accepted accounting
principles. The more significant of these differences are as follows: (a)
bonds are generally reported at amortized cost rather than segregating the
portfolio into held-to-maturity (reported at amortized cost), available-for-
sale (reported at fair value), and trading (reported at fair value)
classifications; (b) acquisition costs of acquiring new business are charged
to current operations as incurred rather than deferred and amortized over the
life of the policies; (c) policy reserves on traditional life products are
based on statutory mortality rates and interest which may differ from reserves
based on reasonable assumptions of expected mortality, interest, and
withdrawals which include a provision for possible unfavorable deviation from
such assumptions; (d) policy reserves on certain investment products use
discounting methodologies based on statutory interest rates rather than full
account values; (e) reinsurance amounts are netted against the corresponding
asset or liability rather than shown as gross amounts on the balance sheet;
(f) deferred income taxes are not provided for the difference between the
financial statement and income tax bases of assets and liabilities; (g) net
realized gains or losses attributed to changes in the level of interest rates
in the market are deferred and amortized over the remaining life of the bond
or mortgage loan, rather than recognized as gains or losses in the statement
of operations when the sale is completed; (h) potential declines in the
estimated realizable value of investments are provided for through the
establishment of a formula-determined statutory investment reserve (reported
as a liability), changes to which are charged directly to surplus, rather than
through recognition in the statement of operations for declines in value, when
such declines are judged to be other than temporary; (i) certain assets
designated as "non-admitted assets" have been charged to surplus rather than
being reported as assets; (j) revenues for universal life and investment
products
7
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
consist of premiums received rather than policy charges for the cost of
insurance, policy administration charges, amortization of policy initiation
fees and surrender charges assessed; (k) pension expense is recorded as
amounts are paid; (l) adjustments to federal income taxes of prior years are
charged or credited directly to unassigned surplus, rather than reported as a
component of expense in the statement of operations; (m) gains or losses on
dispositions of business are charged or credited directly to unassigned
surplus rather than being reported in the statement of operations; and (n) a
liability is established for "unauthorized reinsurers" and changes in this
liability are charged or credited directly to unassigned surplus. The effects
of these variances have not been determined by the Company but are presumed to
be material.
In 1998, the National Association of Insurance Commissioners ("NAIC")
adopted codified statutory accounting principles ("Codification").
Codification will likely change, to some extent, prescribed statutory
accounting practices and may result in changes to the accounting practices
that the Company uses to prepare its statutory-basis financial statements.
Codification will require adoption by the various states before it becomes the
prescribed statutory basis of accounting for insurance companies domesticated
within those states. Accordingly, before Codification becomes effective for
the Company, the State of Iowa must adopt Codification as the prescribed basis
of accounting on which domestic insurers must report their statutory-basis
results to the Insurance Department. At this time, it is unclear whether the
State of Iowa will adopt Codification. However, based on current guidance,
management believes that the impact of Codification will not be material to
the Company's statutory-basis financial statements.
Cash and Cash Equivalents
For purposes of the statements of cash flows, the Company considers all
highly liquid investments with remaining maturity of one year or less when
purchased to be cash equivalents.
Investments
Investments in bonds (except those to which the Securities Valuation Office
of the NAIC has ascribed a value), mortgage loans on real estate and short-
term investments are reported at cost adjusted for amortization of premiums
and accrual of discounts. Amortization is computed using methods which result
in a level yield over the expected life of the investment. The Company reviews
its prepayment assumptions on mortgage and other asset-backed securities at
regular intervals and adjusts amortization rates retrospectively when such
assumptions are changed due to experience and/or expected future patterns.
Investments in preferred stocks in good standing are reported at cost.
Investments in preferred stocks not in good standing are reported at the lower
of cost or market. Common stocks of unaffiliated and affiliated companies,
which includes shares of mutual funds and real estate investment trusts, are
carried at market value. Real estate is reported at cost less allowances for
depreciation. Depreciation is computed principally by the straight-line
method. Policy loans are reported at unpaid principal. Other invested assets
consist principally of investments in various joint ventures and are recorded
at equity in underlying net assets. Other "admitted assets" are valued,
principally at cost, as required or permitted by Iowa Insurance Laws.
Net realized capital gains and losses are determined on the basis of
specific identification and are recorded net of related federal income taxes.
The Asset Valuation Reserve ("AVR") is established by the Company to provide
for potential losses in the event of default by issuers of certain invested
assets. These amounts are determined using a formula prescribed by the NAIC
and are reported as a liability. The formula for the AVR provides for a
corresponding adjustment for realized gains and losses. Under
8
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
a formula prescribed by the NAIC, the Company defers, in the Interest
Maintenance Reserve ("IMR"), the portion of realized gains and losses on sales
of fixed income investments, principally bonds and mortgage loans,
attributable to changes in the general level of interest rates and amortizes
those deferrals over the remaining period to maturity of the security.
Interest income is recognized on an accrual basis. The Company does not
accrue income on bonds in default, mortgage loans on real estate in default
and/or foreclosure or which are delinquent more than twelve months, or on real
estate where rent is in arrears for more than three months. Further, income is
not accrued when collection is uncertain. At December 31, 1998, 1997 and 1996,
the Company excluded investment income due and accrued of $102, $177 and
$1,541, respectively, with respect to such practices.
The Company uses interest rate swaps and caps as part of its overall
interest rate risk management strategy for certain life insurance and annuity
products. The Company entered into several interest rate swap contracts to
modify the interest rate characteristics of the underlying liabilities. The
net interest effect of such swap transactions is reported as an adjustment of
interest income from the hedged items as incurred.
The Company has entered into an interest rate cap agreement to hedge the
exposure of changing interest rates. The cash flows from the interest rate cap
will help offset losses that might occur from changes in interest rates. The
cost of such agreement is included in interest expense ratably during the life
of the agreement. Income received as a result of the cap agreement will be
recognized in investment income as earned. Unamortized cost of the agreements
is included in other invested assets.
Aggregate Policy Reserves
Life, annuity and accident and health benefit reserves are developed by
actuarial methods and are determined based on published tables based on
statutorily specified interest rates and valuation methods that will provide,
in the aggregate, reserves that are greater than or equal to the minimum
required by law.
The aggregate policy reserves for life insurance policies are based
principally upon the 1941, 1958 and 1980 Commissioners' Standard Ordinary
Mortality and American Experience Mortality Tables. The reserves are
calculated using interest rates ranging from 2.00 to 6.00 percent and are
computed principally on the Net Level Premium Valuation and the Commissioners'
Reserve Valuation Methods. Reserves for universal life policies are based on
account balances adjusted for the Commissioners' Reserve Valuation Method.
Deferred annuity reserves are calculated according to the Commissioners'
Annuity Reserve Valuation Method including excess interest reserves to cover
situations where the future interest guarantees plus the decrease in surrender
charges are in excess of the maximum valuation rates of interest. Reserves for
immediate annuities and supplementary contracts with life contingencies are
equal to the present value of future payments assuming interest rates ranging
from 2.50 to 11.25 percent and mortality rates, where appropriate, from a
variety of tables.
Accident and health policy reserves are equal to the greater of the gross
unearned premiums or any required midterminal reserves plus net unearned
premiums and the present value of amounts not yet due on both reported and
unreported claims.
9
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Policy and Contract Claim Reserves
Claim reserves represent the estimated accrued liability for claims reported
to the Company and claims incurred but not yet reported through the statement
date. These reserves are estimated using either individual case-basis
valuations or statistical analysis techniques. These estimates are subject to
the effects of trends in claim severity and frequency. The estimates are
continually reviewed and adjusted as necessary as experience develops or new
information becomes available.
Separate Accounts
Assets held in trust for purchases of variable annuity contracts and the
Company's corresponding obligation to the contract owners are shown separately
in the balance sheets. The assets in the separate accounts are valued at
market. Income and gains and losses with respect to the assets in the separate
accounts accrue to the benefit of the policyholders and, accordingly, the
operations of the separate accounts are not included in the accompanying
financial statements. The separate accounts do not have any minimum guarantees
and the investment risks associated with market value changes are borne
entirely by the policyholders. The Company received variable contract premiums
of $345,319, $281,095 and $227,864 in 1998, 1997 and 1996, respectively. All
variable account contracts are subject to discretionary withdrawal by the
policyholder at the market value of the underlying assets less the current
surrender charge.
Stock Option Plan
AEGON N.V. sponsors a stock option plan for eligible employees of the
Company. Under this plan, certain employees have indicated a preference to
immediately sell shares received as a result of their exercise of the stock
options; in these situations, AEGON N.V. has settled such options in cash
rather than issuing stock to these employees. These cash settlements are paid
by the Company, and AEGON N.V. subsequently reimburses the Company for such
payments. Under statutory accounting principles, the Company does not record
any expense related to this plan, as the expense is recognized by AEGON N.V.
However, the Company is allowed to record a deduction in the consolidated tax
return filed by the Company and certain affiliates. The tax benefit of this
deduction has been credited directly to surplus.
Reclassifications
Certain reclassifications have been made to the 1997 and 1996 financial
statements to conform to the 1998 presentation.
2. FAIR VALUES OF FINANCIAL INSTRUMENTS
Statement of Financial Accounting Standard ("SFAS") No. 107, Disclosures
about Fair Value of Financial Instruments, requires disclosure of fair value
information about financial instruments, whether or not recognized in the
statutory-basis balance sheet, for which it is practicable to estimate that
value. SFAS No. 119, Disclosures about Derivative Financial Instruments and
Fair Value of Financial Instruments, requires additional disclosure about
derivatives. In cases where quoted market prices are not available, fair
values are based on estimates using present value or other valuation
techniques. Those techniques are significantly affected by the assumptions
used, including the discount rate and estimates of future cash flows. In that
regard, the derived fair value estimates cannot be substantiated by
comparisons to independent markets and, in many cases, could not be realized
in immediate settlement of the instrument. SFAS No. 107 and No. 119 exclude
certain financial instruments and all nonfinancial instruments from their
disclosure requirements and allow companies to forego the
10
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
disclosures when those estimates can only be made at excessive cost.
Accordingly, the aggregate fair value amounts presented do not represent the
underlying value of the Company.
The following methods and assumptions were used by the Company in estimating
its fair value disclosures for financial instruments:
Cash and short-term investments: The carrying amounts reported in the
balance sheet for these instruments approximate their fair values.
Investment securities: Fair values for fixed maturity securities
(including redeemable preferred stocks) are based on quoted market prices,
where available. For fixed maturity securities not actively traded, fair
values are estimated using values obtained from independent pricing
services or, in the case of private placements, are estimated by
discounting expected future cash flows using a current market rate
applicable to the yield, credit quality, and maturity of the investments.
The fair values for equity securities, including affiliated mutual funds
and real estate investment trusts, are based on quoted market prices.
Mortgage loans and policy loans: The fair values for mortgage loans are
estimated utilizing discounted cash flow analyses, using interest rates
reflective of current market conditions and the risk characteristics of the
loans. The fair value of policy loans is assumed to equal their carrying
value.
Investment contracts: Fair values for the Company's liabilities under
investment-type insurance contracts are estimated using discounted cash
flow calculations, based on interest rates currently being offered for
similar contracts with maturities consistent with those remaining for the
contracts being valued.
Interest rate cap and interest rate swaps: Estimated fair value of the
interest rate cap is based upon the latest quoted market price. Estimated
fair value of interest rate swaps are based upon the pricing differential
for similar swap agreements.
Fair values for the Company's insurance contracts other than investment
contracts are not required to be disclosed. However, the fair values of
liabilities under all insurance contracts are taken into consideration in the
Company's overall management of interest rate risk, which minimizes exposure
to changing interest rates through the matching of investment maturities with
amounts due under insurance contracts.
11
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
The following sets forth a comparison of the fair values and carrying values
of the Company's financial instruments subject to the provisions of SFAS No.
107 and No. 119:
<TABLE>
<CAPTION>
December 31
-------------------------------------------
1998 1997
--------------------- ---------------------
Carrying Carrying
Value Fair Value Value Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Admitted Assets
Cash and short-term investments.... $ 83,289 $ 83,289 $ 23,939 $ 23,939
Bonds.............................. 4,822,442 4,900,516 4,913,144 5,046,527
Preferred stocks................... 14,754 14,738 2,750 8,029
Common stocks...................... 49,448 49,448 42,345 42,345
Affiliated common stock............ 5,613 5,613 8,031 8,031
Mortgage loans on real estate...... 1,012,433 1,089,315 935,207 983,720
Policy loans....................... 60,058 60,058 57,136 57,136
Interest rate cap.................. 4,445 725 5,618 1,513
Interest rate swaps................ 1,916 6,667 -- 2,546
Separate account assets............ 3,348,611 3,348,611 2,517,365 2,517,365
Liabilities
Investment contract liabilities.... 4,084,683 4,017,509 4,345,181 4,283,461
Separate account liabilities....... 3,271,005 3,213,251 2,452,205 2,452,205
</TABLE>
3. INVESTMENTS
The carrying value and estimated fair value of investments in debt securities
were as follows:
<TABLE>
<CAPTION>
Gross Gross
Carrying Unrealized Unrealized Estimated
Value Gains Losses Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
December 31, 1998
Bonds:
United States Government and
agencies........................ $ 150,085 $ 2,841 $ 321 $ 152,605
State, municipal and other
government...................... 62,948 918 1,651 62,215
Public utilities................. 139,732 5,053 2,555 142,230
Industrial and miscellaneous..... 2,068,086 78,141 34,493 2,111,734
Mortgage and other asset-backed
securities...................... 2,401,591 45,185 15,044 2,431,732
---------- -------- ------- ----------
4,822,442 132,138 54,064 4,900,516
Preferred stocks................... 14,754 75 91 14,738
---------- -------- ------- ----------
$4,837,196 $132,213 $54,155 $4,915,254
========== ======== ======= ==========
</TABLE>
12
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
<TABLE>
<CAPTION>
Gross Gross
Carrying Unrealized Unrealized Estimated
Value Gains Losses Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
December 31, 1997
Bonds:
United States Government and
agencies........................ $ 188,241 $ 2,562 $ 21 $ 190,782
State, municipal and other
government...................... 61,532 2,584 1,774 62,342
Public utilities................. 121,582 5,384 2,952 124,014
Industrial and miscellaneous..... 1,955,587 85,233 7,752 2,033,068
Mortgage and other asset-backed
securities...................... 2,586,202 55,382 5,263 2,636,321
---------- -------- ------- ----------
4,913,144 151,145 17,762 5,046,527
Preferred stocks................... 2,750 5,279 -- 8,029
---------- -------- ------- ----------
$4,915,894 $156,424 $17,762 $5,054,556
========== ======== ======= ==========
</TABLE>
The carrying value and estimated fair value of bonds at December 31, 1998,
by contractual maturity, are shown below. Expected maturities may differ from
contractual maturities because borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.
<TABLE>
<CAPTION>
Carrying Estimated
Value Fair Value
---------- ----------
<S> <C> <C>
Due in one year or less............................... $ 151,747 $ 148,410
Due after one year through five years................. 1,211,064 1,232,329
Due after five years through ten years................ 753,543 761,787
Due after ten years................................... 304,497 326,258
---------- ----------
2,420,851 2,468,784
Mortgage and other asset-backed securities............ 2,401,591 2,431,732
---------- ----------
$4,822,442 $4,900,516
========== ==========
</TABLE>
A detail of net investment income is presented below:
<TABLE>
<CAPTION>
Year Ended December 31
--------------------------
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Interest on bonds and notes......................... $374,478 $373,496 $364,356
Dividends on equity investments..................... 1,357 1,460 1,436
Interest on mortgage loans.......................... 77,960 80,266 69,418
Rental income on real estate........................ 6,553 7,501 9,526
Interest on policy loans............................ 4,080 3,400 3,273
Other investment income............................. 2,576 613 1,799
-------- -------- --------
Gross investment income............................. 467,004 466,736 449,808
Investment expenses................................. 20,020 20,312 21,471
-------- -------- --------
Net investment income............................... $446,984 $446,424 $428,337
======== ======== ========
</TABLE>
13
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Proceeds from sales and maturities of debt securities and related gross
realized gains and losses were as follows:
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Proceeds.................................... $3,347,174 $3,284,095 $2,112,831
========== ========== ==========
Gross realized gains........................ $ 48,760 $ 30,094 $ 19,876
Gross realized losses....................... (8,072) (17,265) (19,634)
---------- ---------- ----------
Net realized gains.......................... $ 40,688 $ 12,829 $ 242
========== ========== ==========
</TABLE>
At December 31, 1998, investments with an aggregate carrying value of
$5,935,160 were on deposit with regulatory authorities or were restrictively
held in bank custodial accounts for the benefit of such regulatory authorities
as required by statute.
Realized investment gains (losses) and changes in unrealized gains (losses)
for investments are summarized below:
<TABLE>
<CAPTION>
Realized
---------------------------
Year Ended December 31
---------------------------
1998 1997 1996
-------- -------- -------
<S> <C> <C> <C>
Debt securities................................... $ 40,688 $ 12,829 $ 242
Short-term investments............................ 1,533 (19) (197)
Equity securities................................. (879) 6,972 1,798
Mortgage loans on real estate..................... 12,637 2,252 (5,530)
Real estate....................................... 3,176 4,252 1,210
Other invested assets............................. (2,523) 1,632 12
-------- -------- -------
54,632 27,918 (2,465)
Tax effect........................................ (22,290) (10,572) (1,235)
Transfer to interest maintenance reserve.......... (28,944) (10,187) 197
-------- -------- -------
Net realized gains (losses)....................... $ 3,398 $ 7,159 $(3,503)
======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
Change in Unrealized
---------------------------
Year Ended December 31
---------------------------
1998 1997 1996
-------- ------- ---------
<S> <C> <C> <C>
Debt securities.................................. $(60,604) $40,289 $(115,867)
Equity securities................................ 5,750 5,653 2,929
-------- ------- ---------
Change in unrealized appreciation
(depreciation).................................. $(54,854) $45,942 $(112,938)
======== ======= =========
</TABLE>
Gross unrealized gains and gross unrealized losses on equity securities were
as follows:
<TABLE>
<CAPTION>
December 31
-------------------------
1998 1997 1996
------- ------- -------
<S> <C> <C> <C>
Unrealized gains..................................... $15,980 $10,356 $ 9,590
Unrealized losses.................................... (3,710) (3,836) (8,723)
------- ------- -------
Net unrealized gains................................. $12,270 $ 6,520 $ 867
======= ======= =======
</TABLE>
14
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
During 1998, the Company issued mortgage loans with interest rates ranging
from 5.88% to 7.86%. The maximum percentage of any one mortgage loan to the
value of the underlying real estate at origination was 90% for commercial
loans and 95% for residential loans. Mortgage loans with a carrying value of
$245 were non-income producing for the previous twelve months. Accrued
interest of $89 related to these mortgage loans was excluded from investment
income. The Company requires all mortgaged properties to carry fire insurance
equal to the value of the underlying property.
At December 31, 1998 and 1997, the Company held a mortgage loan loss reserve
in the asset valuation reserve of $16,104 and $11,985, respectively. The
mortgage loan portfolio is diversified by geographic region and specific
collateral property type as follows:
Geographic Distribution
<TABLE>
<CAPTION>
December 31
-------------
1998 1997
----- -----
<S> <C> <C>
South Atlantic............................ 32% 29%
E. North Central.......................... 16 12
Pacific................................... 15 15
Mountain.................................. 10 10
Middle Atlantic........................... 10 7
W. South Central.......................... 6 9
W. North Central.......................... 5 6
E. South Central.......................... 3 8
New England............................... 3 4
</TABLE>
Property Type Distribution
<TABLE>
<CAPTION>
December 31
-------------
1998 1997
----- -----
<S> <C> <C>
Retail.................................... 35% 35%
Office.................................... 30 31
Industrial................................ 21 6
Apartment................................. 12 14
Other..................................... 2 14
</TABLE>
At December 31, 1998, the Company had no investments (excluding U.S.
Government guaranteed or insured issues) which individually represented more
than ten percent of capital and surplus and the asset valuation reserve.
The Company utilizes a variety of off-balance sheet financial instruments as
part of its efforts to hedge and manage fluctuations in the market value of
its investment portfolio attributable to changes in general interest rate
levels and to manage duration mismatch of assets and liabilities. These
instruments include interest rate exchange agreements (swaps and caps),
options, and commitments to extend credit and all involve elements of credit
and market risks in excess of the amounts recognized in the accompanying
financial statements at a given point in time. The contract or notional
amounts of those instruments reflect the extent of involvement in the various
types of financial instruments.
The Company's exposure to credit risk is the risk of loss from a
counterparty failing to perform according to the terms of the contract. That
exposure includes settlement risk (i.e., the risk that the
15
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
counterparty defaults after the Company has delivered funds or securities
under terms of the contract) that would result in an accounting loss and
replacement cost risk (i.e., the cost to replace the contract at current
market rates should the counterparty default prior to settlement date). Credit
loss exposure resulting from nonperformance by a counterparty for commitments
to extend credit is represented by the contractual amounts of the instruments.
At December 31, 1998 and 1997, the Company's outstanding financial
instruments with on and off-balance sheet risks, shown in notional amounts,
are summarized as follows:
<TABLE>
<CAPTION>
Notional Amount
-----------------
1998 1997
-------- --------
<S> <C> <C>
Derivative securities:
Interest rate swaps:
Receive fixed--pay floating............................... $100,000 $100,000
Receive floating (uncapped)--pay floating (capped)........ 53,011 67,229
Receive floating (LIBOR)--pay floating (S&P).............. 60,000 --
Interest rate cap agreements................................ 500,000 500,000
</TABLE>
4. REINSURANCE
The Company reinsures portions of risk on certain insurance policies which
exceed its established limits, thereby providing a greater diversification of
risk and minimizing exposure on larger risks. The Company remains contingently
liable with respect to any insurance ceded, and this would become an actual
liability in the event that the assuming insurance company became unable to
meet its obligation under the reinsurance treaty.
Reinsurance assumption and cession treaties are transacted primarily with
affiliates. Premiums earned reflect the following reinsurance assumed and
ceded amounts:
<TABLE>
<CAPTION>
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Direct premiums............................. $1,533,822 $1,312,446 $1,457,450
Reinsurance assumed......................... 2,366 2,038 1,796
Reinsurance ceded........................... (173,564) (246,372) (300,546)
---------- ---------- ----------
Net premiums earned......................... $1,362,624 $1,068,112 $1,158,700
========== ========== ==========
</TABLE>
The Company received reinsurance recoveries in the amount of $173,297,
$183,638 and $168,155 during 1998, 1997 and 1996, respectively. At December
31, 1998 and 1997, estimated amounts recoverable from reinsurers that have
been deducted from policy and contract claim reserves totaled $47,956 and
$60,437, respectively. The aggregate reserves for policies and contracts were
reduced for reserve credits for reinsurance ceded at December 31, 1998 and
1997 of $2,163,905 and $2,434,130, respectively.
At December 31, 1998, amounts recoverable from unauthorized reinsurers of
$55,379 (1997--$73,080) and reserve credits for reinsurance ceded of $49,835
(1997--$78,838) were associated with a single reinsurer and its affiliates.
The Company holds collateral under these reinsurance agreements in the form of
trust agreements totaling $106,226 at December 31, 1998 that can be drawn on
for amounts that remain unpaid for more than 120 days.
16
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
5. INCOME TAXES
For federal income tax purposes, the Company joins in a consolidated tax
return filing with certain affiliated companies. Under the terms of a tax-
sharing agreement between the Company and its affiliates, the Company computes
federal income tax expense as if it were filing a separate income tax return,
except that tax credits and net operating loss carryforwards are determined on
the basis of the consolidated group. Additionally, the alternative minimum tax
is computed for the consolidated group and the resulting tax, if any, is
allocated back to the separate companies on the basis of the separate
companies' alternative minimum taxable income.
Federal income tax expense differs from the amount computed by applying the
statutory federal income tax rate to gain from operations before federal
income tax expense and net realized capital gains (losses) on investments for
the following reasons:
<TABLE>
<CAPTION>
Year Ended December 31
-------------------------
1998 1997 1996
------- ------- -------
<S> <C> <C> <C>
Computed tax at federal statutory rate (35%)......... $39,177 $42,775 $37,256
Tax reserve adjustment............................... 607 2,004 2,211
Excess tax depreciation.............................. (223) (392) (384)
Deferred acquisition costs--tax basis................ 11,827 4,308 5,583
Prior year under (over) accrual...................... 1,750 (1,016) (499)
Dividend received deduction.......................... (1,053) (941) (454)
Charitable contribution.............................. -- (848) --
Other items--net..................................... (2,250) (2,509) (2,536)
------- ------- -------
Federal income tax expense........................... $49,835 $43,381 $41,177
======= ======= =======
</TABLE>
Prior to 1984, as provided for under the Life Insurance Company Tax Act of
1959, a portion of statutory income was not subject to current taxation but
was accumulated for income tax purposes in a memorandum account referred to as
the policyholders' surplus account. No federal income taxes have been provided
for in the financial statements on income deferred in the policyholders'
surplus account ($20,387 at December 31, 1998). To the extent dividends are
paid from the amount accumulated in the policyholders' surplus account, net
earnings would be reduced by the amount of tax required to be paid. Should the
entire amount in the policyholders' surplus account become taxable, the tax
thereon computed at current rates would amount to approximately $7,135.
The Company's federal income tax returns have been examined and closing
agreements have been executed with the Internal Revenue Service through 1987.
During 1996, there was a $5,025 prior period adjustment to the tax accrual.
This included a $2,100 writeoff of an intangible asset for tax purposes, and a
federal income tax refund of $1,829 for tax years 1984 through 1986 and
related interest of $1,686, net of a tax effect of $590. An examination is
underway for years 1993 through 1995.
6. POLICY AND CONTRACT ATTRIBUTES
A portion of the Company's policy reserves and other policyholders' funds
(including separate account liabilities) relates to liabilities established on
a variety of the Company's products that are not subject to significant
mortality or morbidity risk; however, there may be certain restrictions placed
upon
17
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the amount of funds that can be withdrawn without penalty. The amount of
reserves on these products, by withdrawal characteristics, are summarized as
follows:
<TABLE>
<CAPTION>
December 31
-------------------------------------
1998 1997
------------------ ------------------
Percent Percent
of of
Amount Total Amount Total
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Subject to discretionary withdrawal with
market value adjustment................. $ 82,048 1% $ 8,912 0%
Subject to discretionary withdrawal at
book value less surrender charge........ 515,778 5 755,300 8
Subject to discretionary withdrawal at
market value............................ 3,211,896 34 2,454,845 27
Subject to discretionary withdrawal at
book value (minimal or no charges or
adjustments)............................ 5,519,265 58 5,821,049 63
Not subject to discretionary withdrawal
provision............................... 228,030 2 203,522 2
---------- --- ---------- ---
9,557,017 100% 9,243,628 100%
Less reinsurance ceded................... 2,124,769 2,372,495
---------- ----------
Total policy reserves on annuities and
deposit fund liabilities................ $7,432,248 $6,871,134
========== ==========
</TABLE>
A reconciliation of the amounts transferred to and from the separate accounts
is presented below:
<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Transfers as reported in the summary of operations
of the separate accounts statement:
Transfers to separate accounts.................... $345,319 $281,095 $227,864
Transfers from separate accounts.................. 79,808 9,819 75,172
-------- -------- --------
Net transfers to separate accounts.................. 265,511 271,276 152,692
Reconciling adjustments--charges for investment
management, administration fees and contract
guarantees......................................... 191 26,204 19,093
-------- -------- --------
Transfers as reported in the summary of operations
of the life, accident and health annual statement.. $265,702 $297,480 $171,785
======== ======== ========
</TABLE>
18
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Reserves on the Company's traditional life products are computed using mean
reserving methodologies. These methodologies result in the establishment of
assets for the amount of the net valuation premiums that are anticipated to be
received between the policy's paid-through date to the policy's next
anniversary date. At December 31, 1998 and 1997, these assets (which are
reported as premiums deferred and uncollected) and the amounts of the related
gross premiums and loadings, are as follows:
<TABLE>
<CAPTION>
Gross Loading Net
------- ------- -------
<S> <C> <C> <C>
December 31, 1998
Life and annuity:
Ordinary direct first year business................ $ 3,346 $2,500 $ 846
Ordinary direct renewal business................... 21,435 6,365 15,070
Group life direct business......................... 1,171 536 635
Reinsurance ceded.................................. (1,367) (44) (1,323)
------- ------ -------
24,585 9,357 15,228
Accident and health:
Direct............................................. 108 -- 108
Reinsurance ceded.................................. (18) -- (18)
------- ------ -------
Total accident and health............................ 90 -- 90
------- ------ -------
$24,675 $9,357 $15,318
======= ====== =======
December 31, 1997
Life and annuity:
Ordinary direct first year business................ $ 2,316 $1,698 $ 618
Ordinary direct renewal business................... 22,724 6,834 15,890
Group life direct business......................... 1,523 646 877
Reinsurance ceded.................................. (1,464) (81) (1,383)
------- ------ -------
25,099 9,097 16,002
Accident and health:
Direct............................................. 148 -- 148
Reinsurance ceded.................................. (49) -- (49)
------- ------ -------
Total accident and health............................ 99 -- 99
------- ------ -------
$25,198 $9,097 $16,101
======= ====== =======
</TABLE>
At December 31, 1998 and 1997, the Company had insurance in force
aggregating $44,233 and $69,271, respectively, in which the gross premiums are
less than the net premiums required by the standard valuation standards
established by the Insurance Division, Department of Commerce, of the State of
Iowa. The Company established policy reserves of $998 and $1,128 to cover
these deficiencies at December 31, 1998 and 1997, respectively.
7. DIVIDEND RESTRICTIONS
The Company is subject to limitations, imposed by the State of Iowa, on the
payment of dividends to its parent company. Generally, dividends during any
twelve-month period may not be paid, without prior regulatory approval, in
excess of the greater of (a) 10 percent of statutory capital and surplus as of
the preceding December 31, or (b) statutory gain from operations for the
preceding year. Subject to
19
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the availability of unassigned surplus at the time of such dividend, the
maximum payment which may be made in 1999, without the prior approval of
insurance regulatory authorities, is $62,100.
The Company paid dividends to its parent of $120,000, $62,000 and $20,000 in
1998, 1997 and 1996, respectively.
8. RETIREMENT AND COMPENSATION PLANS
The Company's employees participate in a qualified benefit pension plan
sponsored by AEGON. The Company has no legal obligation for the plan. The
Company recognizes pension expense equal to its allocation from AEGON. The
pension expense is allocated among the participating companies based on the
FASB No. 87 expense as a percent of salaries. The benefits are based on years
of service and the employee's compensation during the highest five consecutive
years of employment. Pension expense aggregated $380, $422 and $1,056 for the
years ended December 31, 1998, 1997 and 1996, respectively. The plan is
subject to the reporting and disclosure requirements of the Employee
Retirement and Income Security Act of 1974.
The Company's employees also participate in a contributory defined
contribution plan sponsored by AEGON which is qualified under Section 401(k)
of the Internal Revenue Service Code. Employees of the Company who customarily
work at least 1,000 hours during each calendar year and meet the other
eligibility requirements, are participants of the plan. Participants may elect
to contribute up to fifteen percent of their salary to the plan. The Company
will match an amount up to three percent of the participant's salary.
Participants may direct all of their contributions and plan balances to be
invested in a variety of investment options. The plan is subject to the
reporting and disclosure requirements of the Employee Retirement and Income
Security Act of 1974. Expense related to this plan was $233, $226 and $297 for
the years ended December 31, 1998, 1997 and 1996, respectively.
AEGON sponsors supplemental retirement plans to provide the Company's senior
management with benefits in excess of normal pension benefits. The plans are
noncontributory, and benefits are based on years of service and the employee's
compensation level. The plans are unfunded and nonqualified under the Internal
Revenue Service Code. In addition, AEGON has established incentive deferred
compensation plans for certain key employees of the Company. AEGON also
sponsors an employee stock option plan for individuals employed at least three
years and a stock purchase plan for its producers, with the participating
affiliated companies establishing their own eligibility criteria, producer
contribution limits and company matching formula. These plans have been
accrued or funded as deemed appropriate by management of AEGON and the
Company.
In addition to pension benefits, the Company participates in plans sponsored
by AEGON that provide postretirement medical, dental and life insurance
benefits to employees meeting certain eligibility requirements. Portions of
the medical and dental plans are contributory. The expenses of the
postretirement plans calculated on the pay-as-you-go basis are charged to
affiliates in accordance with an intercompany cost sharing arrangement. The
Company expensed $62, $62 and $184 for the years ended December 31, 1998, 1997
and 1996, respectively.
9. RELATED PARTY TRANSACTIONS
The Company shares certain offices, employees and general expenses with
affiliated companies.
The Company receives data processing, investment advisory and management,
marketing and administration services from certain affiliates. During 1998,
1997 and 1996, the Company paid $18,706, $18,705 and $17,028, respectively,
for these services, which approximates their costs to the affiliates.
20
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Payables to affiliates bear interest at the thirty-day commercial paper rate
of 4.95% at December 31, 1998. During 1998, 1997 and 1996, the Company paid
net interest of $1,491, $1,188 and $174, respectively, to affiliates.
During 1997, the Company received a capital contribution of $153 in cash
from its parent.
At December 31, 1998 and 1997, the Company has short-term notes payable to
an affiliate of $9,421 and $16,400, respectively. Interest on these notes
accrues at rates ranging from 5.13% to 5.52% at December 31, 1998 and at 5.60%
at December 31, 1997.
During 1998, the Company issued life insurance policies to certain
affiliated companies, covering the lives of certain employees of those
affiliates. Premiums of $174,000 related to these policies were recognized
during the year, and aggregate reserves for policies and contracts are
$181,720 at December 31, 1998.
10. COMMITMENTS AND CONTINGENCIES
The Company is a party to legal proceedings incidental to its business.
Although such litigation sometimes includes substantial demands for
compensatory and punitive damages, in addition to contract liability, it is
management's opinion, after consultation with counsel and a review of
available facts, that damages arising from such demands will not be material
to the Company's financial position.
The Company is subject to insurance guaranty laws in the states in which it
writes business. These laws provide for assessments against insurance
companies for the benefit of policyholders and claimants in the event of
insolvency of other insurance companies. Assessments are charged to operations
when received by the Company except where right of offset against other taxes
paid is allowed by law; amounts available for future offsets are recorded as
an asset on the Company's balance sheet. Potential future obligations for
unknown insolvencies are not determinable by the Company. The future
obligation has been based on the most recent information available from the
National Organization of Life and Health Insurance Guaranty Associations. The
Company has established a reserve of $17,901 and $17,700 and an offsetting
premium tax benefit of $7,631 and $7,984 at December 31, 1998 and 1997,
respectively, for its estimated share of future guaranty fund assessments
related to several major insurer insolvencies. The guaranty fund expense
(benefit) was $1,985, $(975) and $2,617 for December 31, 1998, 1997 and 1996,
respectively.
11. YEAR 2000 (UNAUDITED)
The term Year 2000 issue generally refers to the improper processing of
dates and incorrect date calculations that might occur in computer software
and hardware and embedded systems as the Year 2000 is approached. The use of
computer programs that rely on two-digit date fields to perform computations
and decision-making functions may cause systems to malfunction when processing
information involving dates after 1999. For example, any computer software
that has date-sensitive coding might recognize a code of 00 as the year 1900
rather than the year 2000.
The Company has developed a Year 2000 Project Plan (the "Plan") to address
the Year 2000 issue as it affects the Company's internal IT ("Information
Technology") and non-IT systems, and to assess Year 2000 issues relating to
third parties with whom the Company has critical relationships.
The Plan for addressing internal systems generally includes an assessment of
internal IT and non-IT systems and equipment affected by the Year 2000 issue;
definition of strategies to address affected
21
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
systems and equipment; remediation of identified systems and equipment;
internal testing and certification that each internal system is Year 2000
compliant; and a review of existing and revised business resumption and
contingency plans to address potential Year 2000 issues. The Company has
remediated and tested substantially all of its mission-critical internal IT
systems as of December 31, 1998. The Company continues to remediate and test
certain non-critical internal IT systems, internal non-IT systems and will
continue with a revalidation testing program throughout 1999.
The Company's Year 2000 issues are more complex because a number of its
systems interface with other systems not under the Company's control. The
Company's most significant interfaces and uses of third-party vendor systems
are in the bank, financial services and trust areas. The Company utilizes
various banks to handle numerous types of financial and sales transactions.
Several of these banks also provide trustee and custodial services for the
Company's investment holdings and transactions. These services are critical to
a financial services company such as the Company as its business centers
around cash receipts and disbursements to policyholders and the investment of
policyholder funds. The Company has received written confirmation from its
vendor banks regarding their status on Year 2000. The banks indicate their
dedication to resolving any Year 2000 issues related to their systems and
services prior to December 31, 1999. The Company anticipates that a
considerable effort will be necessary to ensure that its corrected or new
systems can properly interface with those business partners with whom it
transmits and receives data and other information (external systems). The
Company has undertaken specific testing regimes with these third-party
business partners and expects to continue working with its business partners
on any interfacing of systems. However, the timing of external system
compliance cannot currently be predicted with accuracy because the
implementation of Year 2000 readiness will vary from one company to another.
The Company does have some exposure to date-sensitive embedded technology
such as micro-controllers, but the Company views this exposure as minimal.
Unlike other industries that may be equipment intensive, like manufacturing,
the Company is a life insurance, and financial services organization providing
insurance annuities and pension products to its customers. As such, the
primary equipment and electronic devices in use are computers and telephone-
related equipment. This type of hardware can have date-sensitive embedded
technology which could have Year 2000 problems. Because of this exposure, the
Company has reviewed its computer hardware and telephone systems, with
assistance from the applicable vendors, and has upgraded, or replaced, or is
in the process of replacing any equipment that will not properly process date-
sensitive data in the Year 2000 or beyond.
For the Company, a reasonably likely worst case scenario might include one
or more of the Company's significant policyholder systems being non-compliant.
Such an event could result in a material disruption of the Company's
operations. Specifically, a number of the Company's operations could
experience an interruption in the ability to collect and process premiums or
deposits, process claim payments, accurately maintain policyholder
information, accurately maintain accounting records, and/or perform adequate
customer service. Should the worst case scenario occur, it could, dependent
upon its duration, have a material impact on the Company's business and
financial condition. Simple failures can be repaired and returned to
production within a matter of hours with no material impact. Unanticipated
failures with a longer service disruption period could have a more serious
impact. For this reason, the Company is placing significant emphasis on risk
management and Year 2000 business resumption contingency planning in 1999 by
modifying its existing business resumption and disaster recovery plans to
address potential Year 2000 issues.
The actions taken by management under the Year 2000 Project Plans are
intended to significantly reduce the Company's risk of a material business
interruption based on the Year 2000 issues. It should
22
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
be noted that the Year 2000 computer problem, and its resolution, is complex
and multifaceted, and any company's success cannot be conclusively known until
the Year 2000 is reached. In spite of its efforts or results, the Company's
ability to function unaffected to and through the Year 2000 may be adversely
affected by actions (or failure to act) of third parties beyond our knowledge
or control. It is anticipated that there may be problems that will have to be
resolved in the ordinary course of business on and after the Year 2000.
However, the Company does not believe that the problems will have a material
adverse affect on the Company's operations or financial condition.
23
<PAGE>
PFL LIFE INSURANCE COMPANY
SUMMARY OF INVESTMENTS--OTHER THAN
INVESTMENTS IN RELATED PARTIES
December 31, 1998
(Dollars in thousands)
SCHEDULE I
<TABLE>
<CAPTION>
Amount at Which
Market Shown in the
Type of Investment Cost(1) Value Balance Sheet
------------------ ---------- ---------- ---------------
<S> <C> <C> <C>
Fixed Maturities
Bonds:
United States Government and government
agencies and authorities.............. $ 926,370 $ 943,313 $ 926,370
States, municipalities and political
subdivisions.......................... 107,975 114,146 107,975
Foreign governments.................... 54,670 53,950 54,670
Public utilities....................... 139,732 142,230 139,732
All other corporate bonds.............. 3,593,695 3,646,877 3,593,695
Redeemable preferred stock............... 14,754 14,738 14,754
---------- ---------- ----------
Total fixed maturities................... 4,837,196 4,915,254 4,837,196
Equity Securities
Common stocks:
Affiliated entities.................... 8,060 5,613 5,613
Banks, trust and insurance............. 5,935 7,193 7,193
Industrial, miscellaneous and all
other................................. 28,796 42,255 42,255
---------- ---------- ----------
Total equity securities.................. 42,791 55,061 55,061
Mortgage loans on real estate............ 1,012,433 1,012,433
Real estate.............................. 52,381 52,381
Real estate acquired in satisfaction of
debt.................................... 11,778 11,778
Policy loans............................. 60,058 60,058
Other long-term investments.............. 76,482 76,482
Cash and short-term investments.......... 83,289 83,289
---------- ----------
Total investments........................ $6,176,408 $6,188,678
========== ==========
</TABLE>
- -------------------------
(1) Original cost of equity securities and, as to fixed maturities, original
cost reduced by repayments and adjusted for amortization of premiums or
accrual of discounts.
24
<PAGE>
PFL LIFE INSURANCE COMPANY
SUPPLEMENTARY INSURANCE INFORMATION
(Dollars in thousands)
SCHEDULE III
<TABLE>
<CAPTION>
Future Benefits,
Policy Claims
Benefits Policy and Net Losses and Other
and Unearned Contract Premium Investment Settlement Operating Premiums
Expenses Premiums Liabilities Revenue Income* Expenses Expenses* Written
---------- -------- ----------- ---------- ---------- ---------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended December 31,
1998
Individual life......... $1,355,283 $ -- $ 8,976 $ 514,194 $ 85,258 $ 545,720 $ 87,455 --
Individual health....... 94,294 9,631 12,123 68,963 8,004 48,144 30,442 $ 68,745
Group life and health... 93,405 10,298 36,908 111,547 11,426 82,690 54,352 108,769
Annuity................. 3,925,293 -- -- 667,920 342,296 592,085 298,222 --
---------- ------- ------- ---------- -------- ---------- --------
$5,468,275 $19,929 $58,007 $1,362,624 $446,984 $1,268,639 $470,471
========== ======= ======= ========== ======== ========== ========
Year Ended December 31,
1997
Individual life......... $ 882,003 $ -- $ 8,550 $ 200,175 $ 75,914 $ 211,921 $ 36,185 --
Individual health....... 62,033 9,207 12,821 63,548 5,934 37,706 29,216 $ 63,383
Group life and health... 88,211 11,892 44,977 146,694 11,888 103,581 91,568 143,580
Annuity................. 4,204,125 -- -- 657,695 352,688 571,434 364,216 --
---------- ------- ------- ---------- -------- ---------- --------
$5,236,372 $21,099 $66,348 $1,068,112 $446,424 $ 924,642 $521,185
========== ======= ======= ========== ======== ========== ========
Year Ended December 31,
1996
Individual life......... $ 734,350 $ -- $ 7,240 $ 202,082 $ 66,538 $ 197,526 $ 38,067 --
Individual health....... 39,219 8,680 13,631 55,871 5,263 32,903 29,511 $ 55,678
Group life and health... 78,418 14,702 53,486 174,781 12,877 105,459 122,953 171,320
Annuity................. 4,408,419 -- -- 725,966 343,659 800,121 230,417 --
---------- ------- ------- ---------- -------- ---------- --------
$5,260,406 $23,382 $74,357 $1,158,700 $428,337 $1,136,009 $420,948
========== ======= ======= ========== ======== ========== ========
</TABLE>
- -------------
* Allocations of net investment income and other operating expenses are based
on a number of assumptions and estimates, and the results would change if
different methods were applied.
25
<PAGE>
PFL LIFE INSURANCE COMPANY
REINSURANCE
(Dollars in thousands)
SCHEDULE IV
<TABLE>
<CAPTION>
Assumed Percentage
Ceded to From of Amount
Gross Other Other Net Assumed
Amount Companies Companies Amount to Net
---------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Year Ended December 31,
1998
Life insurance in force.. $6,384,095 $438,590 $39,116 $5,984,621 .6%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 515,164 $ 3,692 $ 2,366 $ 513,838 .5%
Individual health...... 76,438 7,475 -- 68,963 --
Group life and health.. 255,848 144,301 -- 111,547 --
Annuity................ 686,372 18,096 -- 668,276 --
---------- -------- ------- ---------- ---
$1,533,822 $173,564 $ 2,366 $1,362,624 .2%
========== ======== ======= ========== ===
Year Ended December 31,
1997
Life insurance in force.. $5,025,027 $420,519 $35,486 $4,639,994 .8%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 201,691 $ 3,554 $ 2,038 $ 200,175 1.0%
Individual health...... 73,593 10,045 -- 63,548 --
Group life and health.. 339,269 192,575 -- 146,694 --
Annuity................ 697,893 40,198 -- 657,695 --
---------- -------- ------- ---------- ---
$1,312,446 $246,372 $ 2,038 $1,068,112 .2%
========== ======== ======= ========== ===
Year Ended December 31,
1996
Life insurance in force.. $4,863,416 $477,112 $30,685 $4,416,989 .7%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 204,144 $ 3,858 $ 1,796 $ 202,082 .9%
Individual health...... 68,699 12,828 -- 55,871 --
Group life and health.. 390,296 215,515 -- 174,781 --
Annuity................ 794,311 68,345 -- 725,966 --
---------- -------- ------- ---------- ---
$1,457,450 $300,546 $ 1,796 $1,158,700 .2%
========== ======== ======= ========== ===
</TABLE>
26
<PAGE>
FINANCIAL STATEMENTS
PFL RETIREMENT BUILDER VARIABLE ANNUITY
ACCOUNT - FLEXIBLE PREMIUM INDIVIDUAL
DEFERRED VARIABLE ANNUITY
PERIOD FROM SEPTEMBER 30, 1998
THROUGH DECEMBER 31, 1998
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Financial Statements
Period from September 30, 1998
through December 31, 1998
CONTENTS
<TABLE>
<S> <C>
Report of Independent Auditors..................................... 1
Financial Statements
Balance Sheet...................................................... 2
Statement of Operations............................................ 8
Statement of Changes in Contract Owners' Equity.................... 14
Notes to Financial Statements...................................... 20
</TABLE>
<PAGE>
Report of Independent Auditors
The Board of Directors and Contract Owners of the
Flexible Premium Individual Deferred Variable Annuity,
PFL Life Insurance Company
We have audited the accompanying balance sheet of certain subaccounts of PFL
Retirement Builder Variable Annuity Account, which are available for investment
by the Flexible Premium Individual Deferred Variable Annuity contract owners, as
of December 31, 1998, and the related statements of operations and changes in
contract owners' equity for the period September 30, 1998 (commencement of
operations) through December 31, 1998. These financial statements are the
responsibility of the Variable Account's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of mutual fund shares owned as of December 31, 1998 by
correspondence with the mutual funds' transfer agent. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of certain subaccounts of the PFL
Retirement Builder Variable Annuity Account, which are available for investment
by the Flexible Premium Individual Deferred Variable Annuity contract owners, at
December 31, 1998, and the results of their operations and changes in their
contract owners' equity for the period September 30, 1998 through December 31,
1998 in conformity with generally accepted accounting principles.
Des Moines, Iowa
January 29, 1999
1
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Balance Sheet
December 31, 1998
<TABLE>
<CAPTION>
TOTAL
---------------
<S> <C>
ASSETS
Cash $ 1
Investments in mutual funds, at current market value:
AIM Variable Insurance Funds, Inc.:
AIM V.I. Capital Appreciation Fund 26,929
AIM V.I. Government Securities Fund 2,235
AIM V.I. Growth & Income Fund 43,092
AIM V.I. Value Fund 130,885
Dreyfus Stock Index Fund 27,967
Dreyfus Variable Investment Fund:
Dreyfus Money Market Portfolio 54,765
Dreyfus Small Company Stock Portfolio 4,113
MFS Variable Insurance Trust:
MFS Emerging Growth Series 32,405
MFS Foreign & Colonial Emerging Markets Equity Series 2,426
MFS Research Series 2,425
MFS Total Return Series 43,577
MFS Utilities Series 81,300
Oppenheimer Variable Account Funds:
Oppenheimer Global Securities Fund 6,230
Oppenheimer Growth Fund 42,862
Oppenheimer Growth & Income Fund 69,527
Oppenheimer High Income Fund 4,600
Oppenheimer Strategic Bond Fund 2,780
WRL Series Fund, Inc.:
WRL Emerging Growth 26,107
WRL Global 125,941
WRL Growth 244,636
---------------
Total investments in mutual funds 974,802
---------------
Total assets $974,803
===============
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable $ 37
---------------
Total liabilities 37
Contract owners' equity:
Deferred annuity contracts terminable by owners 974,766
---------------
Total liabilities and contract owners' equity $974,803
===============
</TABLE>
See accompanying notes.
2
<PAGE>
<TABLE>
<CAPTION>
AIM V.I. AIM V.I.
CAPITAL GOVERNMENT DREYFUS STOCK
APPRECIATION SECURITIES AIM V.I. GROWTH & AIM V.I. VALUE INDEX DREYFUS MONEY
SUBACCOUNT SUBACCOUNT INCOME SUBACCOUNT SUBACCOUNT SUBACCOUNT MARKET SUBACCOUNT
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ - $ - $ - $ - $ -
26,929 - - - - -
- 2,235 - - - -
- - 43,092 - - -
- - - 130,885 - -
- - - - 27,967 -
- - - - - 54,765
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- ------------------------------------------------------------------------------------------------------------------
26,929 2,235 43,092 130,885 27,967 54,765
- ------------------------------------------------------------------------------------------------------------------
$ 26,929 $ 2,235 $43,092 $130,885 $27,967 $54,765
==================================================================================================================
$ 1 $ 1 $ 2 $ 5 $ 2 $ -
- ------------------------------------------------------------------------------------------------------------------
1 1 2 5 2 -
26,928 2,234 43,090 130,880 27,965 54,765
- ------------------------------------------------------------------------------------------------------------------
$ 26,929 $ 2,235 $43,092 $130,885 $27,967 $54,765
==================================================================================================================
</TABLE>
3
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Balance Sheet (continued)
<TABLE>
<CAPTION>
DREYFUS SMALL
COMPANY STOCK
SUBACCOUNT
---------------------
<S> <C>
ASSETS
Cash $ -
Investments in mutual funds, at current market value:
AIM Variable Insurance Funds, Inc.:
AIM V.I. Capital Appreciation Fund -
AIM V.I. Government Securities Fund -
AIM V.I. Growth & Income Fund -
AIM V.I. Value Fund -
Dreyfus Stock Index Portfolio -
Dreyfus Variable Investment Fund:
Dreyfus Money Market Portfolio -
Dreyfus Small Company Stock Portfolio 4,113
MFS Variable Insurance Trust:
MFS Emerging Growth Series -
MFS Foreign & Colonial Emerging Markets Equity Series -
MFS Research Series -
MFS Total Return Series -
MFS Utilities Series -
Oppenheimer Variable Account Funds:
Oppenheimer Global Securities Fund -
Oppenheimer Growth Fund -
Oppenheimer Growth & Income Fund -
Oppenheimer High Income Fund -
Oppenheimer Strategic Bond Fund -
WRL Series Fund, Inc.:
WRL Emerging Growth -
WRL Global -
WRL Growth -
---------------------
Total investments in mutual funds 4,113
---------------------
Total assets $ 4,113
=====================
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable $ 1
---------------------
Total liabilities 1
Contract owners' equity:
Deferred annuity contracts terminable by owners 4,112
---------------------
Total liabilities and contract owners' equity $ 4,113
=====================
</TABLE>
See accompanying notes.
4
<PAGE>
<TABLE>
<CAPTION>
MFS FOREIGN &
MFS EMERGING COLONIAL EMERGING OPPENHEIMER GLOBAL
GROWTH MARKETS EQUITY MFS RESEARCH MFS TOTAL RETURN MFS UTILITIES SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ 1 $ - $ - $ - $ -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
32,405 - - - -
- 2,426 - - -
- - 2,425 - -
- - - 43,577 -
- - - - 81,300 -
- - - - - 6,230
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- -----------------------------------------------------------------------------------------------------------------------
32,405 2,426 2,425 43,577 81,300 6,230
- -----------------------------------------------------------------------------------------------------------------------
$32,405 $2,427 $2,425 $43,577 $81,300 $6,230
=======================================================================================================================
$ 2 $ - $ - $ - $ 1 $ 1
- -----------------------------------------------------------------------------------------------------------------------
2 - - - 1 1
32,403 2,427 2,425 43,577 81,299 6,229
- -----------------------------------------------------------------------------------------------------------------------
$32,405 $2,427 $2,425 $43,577 $81,300 $6,230
=======================================================================================================================
</TABLE>
5
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Balance Sheet (continued)
<TABLE>
<CAPTION>
OPPENHEIMER
GROWTH
SUBACCOUNT
----------------
<S> <C>
ASSETS
Cash $ -
Investments in mutual funds, at current market value:
AIM Variable Insurance Funds, Inc.:
AIM V.I. Capital Appreciation Fund -
AIM V.I. Government Securities Fund -
AIM V.I. Growth & Income Fund -
AIM V.I. Value Fund -
Dreyfus Stock Index Portfolio -
Dreyfus Variable Investment Fund:
Dreyfus Money Market Portfolio -
Dreyfus Small Company Stock Portfolio -
MFS Variable Insurance Trust:
MFS Emerging Growth Series -
MFS Foreign & Colonial Emerging Markets Equity Series -
MFS Research Series -
MFS Total Return Series -
MFS Utilities Series -
Oppenheimer Variable Account Funds:
Oppenheimer Global Securities Fund -
Oppenheimer Growth Fund 42,862
Oppenheimer Growth & Income Fund -
Oppenheimer High Income Fund -
Oppenheimer Strategic Bond Fund -
WRL Series Fund, Inc.:
WRL Emerging Growth -
WRL Global -
WRL Growth -
---------------
Total investments in mutual funds 42,862
---------------
Total assets $ 42,862
===============
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable $ 2
---------------
Total liabilities 2
Contract owners' equity:
Deferred annuity contracts terminable by owners 42,860
---------------
Total liabilities and contract owners' equity $ 42,862
===============
</TABLE>
See accompanying notes.
6
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMER OPPENHEIMER WRL
GROWTH & OPPENHEIMER STRATEGIC EMERGING
INCOME HIGH INCOME BOND GROWTH WRL GLOBAL WRL GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ - $ - $ - $ - $ -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
69,527 - - - - -
- 4,600 - - - -
- - 2,780 - - -
- - - 26,107 - -
- - - - 125,941 -
- - - - - 244,636
- -----------------------------------------------------------------------------------------------------------
69,527 4,600 2,780 26,107 125,941 244,636
- -----------------------------------------------------------------------------------------------------------
$ 69,527 $ 4,600 $ 2,780 $ 26,107 $ 125,941 $244,636
===========================================================================================================
$ 2 $ - $ 1 $ 4 $ 3 $ 9
- -----------------------------------------------------------------------------------------------------------
2 - 1 4 3 9
69,525 4,600 2,779 26,103 125,938 244,627
- -----------------------------------------------------------------------------------------------------------
$ 69,527 $ 4,600 $ 2,780 $ 26,107 $ 125,941 $244,636
===========================================================================================================
</TABLE>
7
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Statement of Operations
Period from September 30, 1998 (commencement
of operations) through December 31, 1998
<TABLE>
<CAPTION>
TOTAL
--------------
<S> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends $ 6,879
Expenses:
Administrative, mortality and expense risk charge 776
--------------
Net investment income (loss) 6,103
NET REALIZED AND UNREALIZED CAPITAL GAIN (LOSS) FROM INVESTMENTS
Net realized capital gain from sales of investments:
Proceeds from sales 34,250
Cost of investments sold 30,512
--------------
Net realized capital gain from sales of investments 3,738
Net change in unrealized appreciation (depreciation) of investments:
Beginning of the period -
End of the period 52,433
--------------
Net change in unrealized appreciation (depreciation) of investments 52,433
Net realized and unrealized capital gain (loss) from investments 56,171
--------------
Increase (decrease) from operations $62,274
==============
</TABLE>
See accompanying notes.
8
<PAGE>
<TABLE>
<CAPTION>
AIM V.I. AIM V.I. AIM V.I.
CAPITAL GOVERNMENT GROWTH & AIM V.I. DREYFUS DREYFUS
APPRECIATION SECURITIES INCOME VALUE STOCK INDEX MONEY MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 160 $ 55 $ 616 $ 3,846 $ 71 $233
13 6 59 123 19 63
- ----------------------------------------------------------------------------------------------------------------------
147 49 557 3,723 52 170
273 6 25,491 101 16 63
220 6 23,006 78 13 63
- ----------------------------------------------------------------------------------------------------------------------
53 - 2,485 23 3 -
- - - - - -
1,338 (66) 1,179 6,954 1,024 -
- ----------------------------------------------------------------------------------------------------------------------
1,338 (66) 1,179 6,954 1,024 -
1,391 (66) 3,664 6,977 1,027 -
- ----------------------------------------------------------------------------------------------------------------------
$1,538 $(17) $ 4,221 $10,700 $1,079 $170
======================================================================================================================
</TABLE>
9
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Statement of Operations (continued)
<TABLE>
<CAPTION>
DREYFUS SMALL
COMPANY STOCK
SUBACCOUNT
-------------------
<S> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends $ 8
Expenses:
Administrative, mortality and expense risk charge 8
-------------------
Net investment income (loss) -
NET REALIZED AND UNREALIZED CAPITAL GAIN (LOSS) FROM INVESTMENTS
Net realized capital gain from sales of investments:
Proceeds from sales 5
Cost of investments sold 4
-------------------
Net realized capital gain from sales of investments 1
Net change in unrealized appreciation (depreciation) of investments:
Beginning of the period -
End of the period 558
-------------------
Net change in unrealized appreciation (depreciation) of investments 558
Net realized and unrealized capital gain (loss) from investments 559
-------------------
Increase (decrease) from operations $559
===================
</TABLE>
See accompanying notes.
10
<PAGE>
<TABLE>
<CAPTION>
MFS FOREIGN &
MFS COLONIAL OPPENHEIMER
EMERGING EMERGING MFS MFS TOTAL GLOBAL
GROWTH MARKETS EQUITY RESEARCH RETURN MFS UTILITIES SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ 39 $ - $ - $ - $ -
26 7 7 29 36 9
- ----------------------------------------------------------------------------------------------------------------------
(26) 32 (7) (29) (36) (9)
3,827 4 7 29 4 9
3,231 4 6 27 4 7
- ----------------------------------------------------------------------------------------------------------------------
596 - 1 2 - 2
- - - - - -
2,076 211 565 896 1,721 720
- ----------------------------------------------------------------------------------------------------------------------
2,076 211 565 896 1,721 720
2,672 211 566 898 1,721 722
- ----------------------------------------------------------------------------------------------------------------------
$ 2,646 $ 243 $559 $ 869 $1,685 $713
======================================================================================================================
</TABLE>
11
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Statement of Operations (continued)
<TABLE>
<CAPTION>
OPPENHEIMER
GROWTH
SUBACCOUNT
-----------
<S> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends $ -
Expenses:
Administrative, mortality and expense risk charge 33
-----------
Net investment income (loss) (33)
NET REALIZED AND UNREALIZED CAPITAL GAIN (LOSS) FROM INVESTMENTS
Net realized capital gain from sales of investments:
Proceeds from sales 29
Cost of investments sold 21
-----------
Net realized capital gain from sales of investments 8
Net change in unrealized appreciation (depreciation) of investments:
Beginning of the period -
End of the period 3,269
-----------
Net change in unrealized appreciation (depreciation) of investments 3,269
Net realized and unrealized capital gain (loss) from investments 3,277
-----------
Increase (decrease) from operations $3,244
===========
</TABLE>
See accompanying notes.
12
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMER
GROWTH & OPPENHEIMER WRL EMERGING
INCOME OPPENHEIMER HIGH STRATEGIC BOND GROWTH WRL GLOBAL WRL GROWTH
SUBACCOUNT INCOME SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ - $ - $ 780 $ 853 $ 218
45 8 7 33 70 175
- -----------------------------------------------------------------------------------------------------------------
(45) (8) (7) 747 783 43
2 5 7 33 4,062 277
2 5 7 24 3,560 224
- -----------------------------------------------------------------------------------------------------------------
- - - 9 502 53
- - - - - -
3,103 90 38 3,027 4,164 21,566
- -----------------------------------------------------------------------------------------------------------------
3,103 90 38 3,027 4,164 21,566
3,103 90 38 3,036 4,666 21,619
- -----------------------------------------------------------------------------------------------------------------
$3,058 $82 $31 $3,783 $5,449 $21,662
=================================================================================================================
</TABLE>
13
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Statement of Changes in Contract Owners' Equity
Period from September 30, 1998 (commencement
of operations) through December 31, 1998
<TABLE>
<CAPTION>
TOTAL
--------
<S> <C>
Operations:
Net investment income (loss) $ 6,103
Net realized capital gain 3,738
Net change in unrealized appreciation (depreciation) of investments 52,433
--------
Increase (decrease) from operations 62,274
Contract transactions:
Net contract purchase payments 461,834
Transfer payments from (to) other subaccounts or general account 450,658
--------
Increase from contract transactions 912,492
--------
Net increase in contract owners' equity 974,766
Contract owners' equity:
Beginning of the period -
--------
End of the period $974,766
========
</TABLE>
See accompanying notes.
14
<PAGE>
<TABLE>
<CAPTION>
AIM V.I. DREYFUS
AIM V.I. CAPITAL GOVERNMENT MONEY
APPRECIATION SECURITIES AIM V.I. GROWTH & AIM V.I. VALUE DREYFUS STOCK MARKET
SUBACCOUNT SUBACCOUNT INCOME SUBACCOUNT SUBACCOUNT INDEX SUBACCOUNT SUBACCOUNT
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 147 $ 49 $ 557 $ 3,723 $ 52 $ 170
53 - 2,485 23 3 -
1,338 (66) 1,179 6,954 1,024 -
- -------------------------------------------------------------------------------------------------------------------
1,538 (17) 4,221 10,700 1,079 170
7,425 1,999 11,725 59,208 18,300 54,558
17,965 252 27,144 60,972 8,586 37
- -------------------------------------------------------------------------------------------------------------------
25,390 2,251 38,869 120,180 26,886 54,595
- -------------------------------------------------------------------------------------------------------------------
26,928 2,234 43,090 130,880 27,965 54,765
- - - - - -
- -------------------------------------------------------------------------------------------------------------------
$26,928 $2,234 $43,090 $130,880 $27,965 $54,765
===================================================================================================================
</TABLE>
15
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Statement of Changes in Contract Owners' Equity (continued)
<TABLE>
<CAPTION>
DREYFUS SMALL
COMPANY STOCK
SUBACCOUNT
-------------
<S> <C>
Operations:
Net investment income (loss) $ -
Net realized capital gain 1
Net change in unrealized appreciation (depreciation) of investments 558
-------------
Increase (decrease) from operations 559
Contract transactions:
Net contract purchase payments 2,474
Transfer payments from (to) other subaccounts or general account 1,079
-------------
Increase from contract transactions 3,553
-------------
Net increase in contract owners' equity 4,112
Contract owners' equity
Beginning of the period -
-------------
End of the period $4,112
=============
</TABLE>
See accompanying notes.
16
<PAGE>
<TABLE>
<CAPTION>
MFS FOREIGN &
MFS EMERGING COLONIAL EMERGING OPPENHEIMER GLOBAL
GROWTH MARKETS EQUITY MFS RESEARCH MFS TOTAL RETURN MFS UTILITIES SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ (26) $ 32 $ (7) $ (29) $ (36) $ (9)
596 - 1 2 - 2
2,076 211 565 896 1,721 720
- -------------------------------------------------------------------------------------------------------------------
2,646 243 559 869 1,685 713
6,520 2,002 2,001 38,899 38,889 1,999
23,237 182 (135) 3,809 40,725 3,517
- -------------------------------------------------------------------------------------------------------------------
29,757 2,184 1,866 42,708 79,614 5,516
- -------------------------------------------------------------------------------------------------------------------
32,403 2,427 2,425 43,577 81,299 6,229
- - - - - -
- -------------------------------------------------------------------------------------------------------------------
$32,403 $2,427 $2,425 $43,577 $81,299 $6,229
==================================================================================================================
</TABLE>
17
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Statement of Changes in Contract Owners' Equity (continued)
<TABLE>
<CAPTION>
OPPENHEIMER
GROWTH
SUBACCOUNT
-----------
<S> <C>
Operations:
Net investment income (loss) $ (33)
Net realized capital gain 8
Net change in unrealized appreciation (depreciation) of investments 3,269
-----------
Increase (decrease) from operations 3,244
Contract transactions:
Net contract purchase payments 29,615
Transfer payments from (to) other subaccounts or general account 10,001
-----------
Increase from contract transactions 39,616
-----------
Net increase in contract owners' equity 42,860
Contract owners' equity:
Beginning of the period -
-----------
End of the period $42,860
===========
</TABLE>
See accompanying notes.
18
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMER
GROWTH & OPPENHEIMER OPPENHEIMER WRL EMERGING
INCOME HIGH INCOME STRATEGIC BOND GROWTH WRL GLOBAL WRL GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ (45) $ (8) $ (7) $ 747 $ 783 $ 43
- - - 9 502 53
3,103 90 38 3,027 4,164 21,566
- -------------------------------------------------------------------------------------------------
3,058 82 31 3,783 5,449 21,662
30,429 3,001 2,025 1,999 61,367 87,399
36,038 1,517 723 20,321 59,122 135,566
- -------------------------------------------------------------------------------------------------
66,467 4,518 2,748 22,320 120,489 222,965
- -------------------------------------------------------------------------------------------------
69,525 4,600 2,779 26,103 125,938 244,627
- - - - - -
- -------------------------------------------------------------------------------------------------
$69,525 $4,600 $2,779 $26,103 $125,938 $244,627
=================================================================================================
</TABLE>
19
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements
December 31, 1998
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
PFL Retirement Builder Variable Annuity Account, Flexible Premium Individual
Deferred Variable Annuity (the "Mutual Fund Account") is a segregated investment
account of PFL Life Insurance Company ("PFL Life"), an indirect, wholly-owned
subsidiary of AEGON N.V., a holding company organized under the laws of The
Netherlands.
The Mutual Fund Account is registered with the Securities and Exchange
Commission as a Unit Investment Trust pursuant to provisions of the Investment
Company Act of 1940. The Mutual Fund Account consists of forty-two investment
subaccounts, four of which are invested in specific portfolios of the AIM
Variable Insurance Funds, Inc., one of which is invested in the Dreyfus Stock
Index Fund, two of which are invested in the Dreyfus Variable Investment Fund,
five of which are invested in the MFS Variable Insurance Trust, five of which
are invested in the Oppenheimer Variable Account Funds, and three of which are
invested in the WRL Series Fund, Inc. Activity in the twenty investment
subaccounts described herein is available to contract owners of the Flexible
Premium Individual Deferred Variable Annuity. The remaining twenty-two
subaccounts, not presented herein, are available for investment by contract
owners of other variable annuity products offered by PFL.
The subaccounts commenced operations on September 30, 1998. The investment
advisor of the AIM Variable Insurance Funds, Inc. is AIM Advisors, Inc. The
investment advisor of the Dreyfus Variable Investment Fund and Dreyfus Stock
Index Fund is The Dreyfus Corporation. The investment advisor of the MFS
Variable Insurance Trust is Massachusetts Financial Services Company. The
investment advisor of the Oppenheimer Variable Account Funds is Oppenheimer
Funds, Inc. Within the WRL Series Fund, Inc., the investment advisor for the WRL
Emerging Growth is Van Kampen American Capital Asset Management, Inc. and for
WRL Global and WRL Growth is Janus Capital Corporation.
INVESTMENTS
Net purchase payments received by the Mutual Fund Account for the Flexible
Premium Individual Deferred Variable Annuity are invested in the portfolios of
the AIM Variable Insurance Funds, Inc., Dreyfus Stock Index Fund, Dreyfus
Variable Investment Fund, MFS Variable Insurance Trust, Oppenheimer Variable
Account Funds and WRL Series Fund, Inc. (collectively, the "Series Funds"), as
selected by the contract owner. Investments are stated at the closing net asset
values per share as of December 31, 1998.
Realized capital gains and losses from sale of shares in the mutual funds are
determined on the first-in, first-out basis. Investment transactions are
accounted for on the trade date (date the order to buy or sell is executed) and
dividend income is recorded on the ex-dividend date. Unrealized gains or losses
from investments in the Series Funds are credited or charged to contract owners'
equity.
20
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
DIVIDEND INCOME
Dividends received from the Series Funds investments are reinvested to purchase
additional mutual fund shares.
2. INVESTMENTS
A summary of the mutual fund investments at December 31, 1998 follows:
<TABLE>
<CAPTION>
NUMBER OF NET ASSET VALUE MARKET
SHARES HELD PER SHARE VALUE COST
------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM Variable Insurance Funds, Inc.:
AIM V.I. Capital Appreciation Fund
1,068.604 $25.20 $26,929 $ 25,591
AIM V.I. Government Securities Fund
199.872 11.18 2,235 2,301
AIM V.I. Growth & Income Fund
1,814.413 23.75 43,092 41,913
AIM V.I. Value Fund 4,986.109 26.25 130,885 123,931
Dreyfus Stock Index Fund 859.987 32.52 27,967 26,943
Dreyfus Variable Investment Fund:
Dreyfus Money Market Portfolio 54,765.280 1.00 54,765 54,765
Dreyfus Small Company Stock
Portfolio 272.566 15.09 4,113 3,555
MFS Variable Insurance Trust:
MFS Emerging Growth Series 1,509.331 21.47 32,405 30,329
MFS Foreign & Colonial Emerging
Markets Equity Series 411.231 5.90 2,426 2,215
MFS Research Series 127.309 19.05 2,425 1,860
MFS Total Return Series 2,404.936 18.12 43,577 42,681
MFS Utilities Series 4,101.911 19.82 81,300 79,579
Oppenheimer Variable Account Funds:
Oppenheimer Global Securities Fund 282.263 22.07 6,230 5,510
Oppenheimer Growth Fund 1,168.844 36.67 42,862 39,593
Oppenheimer Growth & Income Fund 3,394.885 20.48 69,527 66,424
Oppenheimer High Income Fund 417.422 11.02 4,600 4,510
Oppenheimer Strategic Bond Fund 542.978 5.12 2,780 2,742
</TABLE>
21
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
2. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
NUMBER OF NET ASSET VALUE MARKET
SHARES HELD PER SHARE VALUE COST
-----------------------------------------------------
<S> <C> <C> <C> <C>
WRL Series Fund, Inc.:
WRL Emerging Growth 969.662 $26.924 $ 26,107 $ 23,080
WRL Global 5,311.929 23.709 125,941 121,777
WRL Growth 4,081.418 59.939 244,636 223,070
-------------------
$974,802 $922,369
===================
</TABLE>
The aggregate cost of purchases and proceeds from sales of investments were as
follows for the period ended December 31, 1998:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------------------
<S> <C> <C>
AIM Variable Insurance Funds, Inc.:
AIM V.I. Capital Appreciation Fund $ 25,811 $ 273
AIM V.I. Government Securities Fund 2,307 6
AIM V.I. Growth & Income Fund 64,919 25,491
AIM V.I. Value Fund 124,009 101
Dreyfus Stock Index Fund 26,956 16
Dreyfus Variable Investment Fund:
Dreyfus Money Market Portfolio 54,828 63
Dreyfus Small Company Stock Portfolio 3,559 5
MFS Variable Insurance Trust:
MFS Emerging Growth Series 33,560 3,827
MFS Foreign & Colonial Emerging Markets Equity
Series 2,219 4
MFS Research Series 1,866 7
MFS Total Return Series 42,708 29
MFS Utilities Series 79,583 4
Oppenheimer Variable Account Funds:
Oppenheimer Global Securities Fund 5,517 9
Oppenheimer Growth Fund 39,614 29
Oppenheimer Growth & Income Fund 66,426 2
Oppenheimer High Income Fund 4,515 5
Oppenheimer Strategic Bond Fund 2,749 7
WRL Series Fund, Inc.:
WRL Emerging Growth 23,104 33
WRL Global 125,337 4,062
WRL Growth 223,294 277
-------------------------
$952,881 $34,250
=========================
</TABLE>
22
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at December 31,
1998 follows:
<TABLE>
<CAPTION>
RETURN OF PREMIUM DEATH BENEFIT
---------------------------------------------------------
ACCUMULATION ACCUMULATION TOTAL CONTRACT
SUBACCOUNT UNITS OWNED UNIT VALUE VALUE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Capital Appreciation 5,643.068 $ 1.236494 $ 6,978
AIM V.I. Government Securities 1,242.352 0.996434 1,238
AIM V.I. Growth & Income 9,888.276 1.260851 12,468
AIM V.I. Value 25,924.011 1.266420 32,831
Dreyfus Stock Index 1,000.000 1.208468 1,208
Dreyfus Money Market 49,469.204 1.008931 49,911
Dreyfus Small Company Stock 1,815.395 1.160806 2,107
MFS Emerging Growth 6,087.050 1.266452 7,709
MFS Foreign & Colonial Emerging Markets Equity
1,000.000 1.048650 1,049
MFS Research 1,000.000 1.212676 1,213
MFS Total Return 18,274.251 1.076484 19,672
MFS Utilities 35,198.960 1.096455 38,594
Oppenheimer Global Securities 1,000.000 1.201594 1,202
Oppenheimer Growth 24,594.049 1.263592 31,077
Oppenheimer Growth & Income 7,214.278 1.189058 8,578
Oppenheimer High Income 2,175.664 1.027647 2,236
Oppenheimer Strategic Bond 1,739.591 1.014714 1,765
WRL Emerging Growth 2,275.052 1.277918 2,907
WRL Global 60,664.783 1.204408 73,066
WRL Growth 85,687.614 1.283263 109,960
----------------
$ 405,769
================
</TABLE>
23
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
<TABLE>
<CAPTION>
5% ANNUALLY COMPOUNDING DEATH BENEFIT
ANNUAL STEP-UP DEATH BENEFIT
---------------------------------------------------------
ACCUMULATION ACCUMULATION TOTAL CONTRACT
SUBACCOUNT UNITS OWNED UNIT VALUE VALUE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Capital Appreciation 16,140.294 $ 1.236035 $ 19,950
AIM V.I. Government Securities 1,000.000 0.996068 996
AIM V.I. Growth & Income 24,295.424 1.260383 30,622
AIM V.I. Value 77,450.159 1.265957 98,049
Dreyfus Stock Index 22,149.833 1.208018 26,757
Dreyfus Money Market 4,812.918 1.008557 4,854
Dreyfus Small Company Stock 1,727.775 1.160376 2,005
MFS Emerging Growth 19,506.272 1.265976 24,694
MFS Foreign & Colonial Emerging Markets Equity 1,314.230 1.048257 1,378
MFS Research 1,000.000 1.212231 1,212
MFS Total Return 22,214.590 1.076083 23,905
MFS Utilities 38,962.685 1.096045 42,705
Oppenheimer Global Securities 4,185.246 1.201147 5,027
Oppenheimer Growth 9,328.475 1.263125 11,783
Oppenheimer Growth & Income 51,275.380 1.188617 60,947
Oppenheimer High Income 2,300.849 1.027262 2,364
Oppenheimer Strategic Bond 1,000.000 1.014327 1,014
WRL Emerging Growth 18,154.685 1.277710 23,196
WRL Global 43,161.863 1.224958 52,872
WRL Growth 4,221.779 31.898334 134,667
------------
$568,997
============
</TABLE>
At December 31, 1998, contract owners' equity was comprised of:
<TABLE>
<CAPTION>
AIM V.I. AIM V.I. AIM V.I.
CAPITAL GOVERNMENT GROWTH &
APPRECIATION SECURITIES INCOME
TOTAL SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $922,333 $25,590 $2,300 $41,911
Adjustment for appreciation (depreciation) to
market value 52,433 1,338 (66) 1,179
Total contract owners' equity $974,766 $26,928 $2,234 $43,090
==========================================================================
</TABLE>
24
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
<TABLE>
<CAPTION>
DREYFUS
DREYFUS SMALL
AIM V.I. DREYFUS MONEY COMPANY
VALUE STOCK INDEX MARKET STOCK
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $123,926 $26,941 $54,765 $3,554
Adjustment for appreciation (depreciation) to
market value 6,954 1,024 - 558
---------------------------------------------------------------------------
Total contract owners' equity $130,880 $27,965 $54,765 $4,112
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
MFS FOREIGN &
MFS COLONIAL
EMERGING EMERGING MFS MFS TOTAL
GROWTH MARKETS EQUITY RESEARCH RETURN
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $30,327 $2,216 $1,860 $42,681
Adjustment for appreciation (depreciation) to
market value 2,076 211 565 896
-------------------------------------------------------------------------
Total contract owners' equity $32,403 $2,427 $2,425 $43,577
=========================================================================
</TABLE>
<TABLE>
<CAPTION>
MFS OPPENHEIMER OPPENHEIMER
UTILITIES GLOBAL OPPENHEIMER GROWTH &
SUB- SECURITIES GROWTH INCOME
ACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $79,578 $5,509 $39,591 $66,422
Adjustment for appreciation (depreciation) to
market value 1,721 720 3,269 3,103
---------------------------------------------------------------------------
Total contract owners' equity $81,299 $6,229 $42,860 $69,525
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
WRL
OPPENHEIMER EMERGING WRL WRL
OPPENHEIMER STRATEGIC GROWTH GLOBAL GROWTH
HIGH INCOME BOND SUB- SUB- SUB-
SUBACCOUNT SUBACCOUNT ACCOUNT ACCOUNT ACCOUNT
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $4,510 $2,741 $23,076 $121,774 $223,061
Adjustment for appreciation (depreciation) to
market value 90 38 3,027 4,164 21,566
------------------------------------------------------------------------------
Total contract owners' equity $4,600 $2,779 $26,103 $125,938 $244,627
==============================================================================
</TABLE>
25
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
A summary of changes in contract owners' account units follows:
<TABLE>
<CAPTION>
AIM V.I.
AIM V.I. AIM V.I. GROWTH & AIM V.I. DREYFUS
CAPITAL GOVERNMENT INCOME VALUE STOCK
APPRECIATION SECURITIES SUB- SUB- INDEX SUB-
SUBACCOUNT SUBACCOUNT ACCOUNT ACCOUNT ACCOUNT
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Units outstanding at September 30,
1998 - - - - -
Units purchased 18,744 2,002 32,040 98,945 21,335
Units redeemed and transferred 3,039 240 2,144 4,429 1,815
---------------------------------------------------------------------------------
Units outstanding at December 31,
1998 21,783 2,242 34,184 103,374 23,150
================================================================================
</TABLE>
<TABLE>
<CAPTION>
DREYFUS DREYFUS MFS MFS FOREIGN &
MONEY SMALL EMERGING COLONIAL MFS
MARKET COMPANY GROWTH EMERGING RESEARCH
SUB- STOCK SUB- SUB- MARKETS EQUITY SUB-
ACCOUNT ACCOUNT ACCOUNT SUBACCOUNT ACCOUNT
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Units outstanding at September 30,
1998 - - - - -
Units purchased 54,284 3,238 25,310 2,002 2,002
Units redeemed and transferred (2) 305 283 312 (2)
-----------------------------------------------------------------------------------
Units outstanding at December 31,
1998 54,282 3,543 25,593 2,314 2,000
===================================================================================
</TABLE>
<TABLE>
<CAPTION>
MFS
TOTAL MFS OPPENHEIMER OPPENHEIMER
RETURN UTILITIES GLOBAL OPPENHEIMER GROWTH &
SUB- SUB- SECURITIES GROWTH INCOME
ACCOUNT ACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Units outstanding at September 30,
1998 - - - - -
Units purchased 39,438 71,973 4,802 33,172 57,402
Units redeemed and transferred 1,051 2,189 383 751 1,088
-----------------------------------------------------------------------------------
Units outstanding at December 31,
1998 40,489 74,162 5,185 33,923 58,490
===================================================================================
</TABLE>
26
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
<TABLE>
<CAPTION>
WRL
OPPENHEIMER EMERGING WRL WRL
OPPENHEIMER STRATEGIC GROWTH GLOBAL GROWTH
HIGH INCOME BOND SUB- SUB- SUB-
SUBACCOUNT SUBACCOUNT ACCOUNT ACCOUNT ACCOUNT
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Units outstanding at September 30,
1998 - - - - -
Units purchased 2,975 2,504 20,432 98,571 85,911
Units redeemed and transferred 1,502 236 (2) 5,256 3,998
-----------------------------------------------------------------------------
Units outstanding at December 31,
1998 4,477 2,740 20,430 103,827 89,909
=============================================================================
</TABLE>
4. ADMINISTRATIVE, MORTALITY AND EXPENSE RISK CHARGE
PFL deducts a daily administrative charge from the net assets of the Mutual Fund
Account at an effective annual rate of .15% of net assets. In addition,
administrative charges include an annual charge of the lesser of 2% of the
policy value or $30 per contract.
PFL Life deducts a daily charge for assuming certain mortality and expense
risks. For the 5% Annually Compounding Death Benefit and the Annual Step-Up
Death Benefit, this charge is equal to an effective annual rate of 1.25% of the
value of the contract owners' individual account. For the Return of Premium
Death Benefit, the corresponding charge is equal to an effective annual rate of
1.10% of the value of the contract owners' individual account. PFL Life also
deducts a daily charge equal to an annual rate of .15% of the contract owners'
account for administrative expenses.
5. TAXES
Operations of the Mutual Fund Account form a part of PFL Life, which is taxed as
a life insurance company under Subchapter L of the Internal Revenue Code of
1986, as amended (the "Code"). The operations of the Mutual Fund Account are
accounted for separately from other operations of PFL Life for purposes of
federal income taxation. The Mutual Fund Account is not separately taxable as a
regulated investment company under Subchapter M of the Code and is not otherwise
taxable as an entity separate from PFL Life. Under existing federal income tax
laws, the income of the Mutual Fund Account, to the extent applied to increase
reserves under the variable annuity contracts, is not taxable to PFL Life.
27
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
6. YEAR 2000 (UNAUDITED)
The term Year 2000 Issue generally refers to the improper processing of dates
and incorrect date calculations that might occur in computer software and
hardware and embedded systems as the Year 2000 is approached. The use of
computer programs that rely on two-digit date fields to perform computations and
decision-making functions may cause systems to malfunction when processing
information involving dates after 1999. For example, any computer software that
has date-sensitive coding might recognize a code of 00 as the year 1900 rather
than the year 2000.
PFL Life has developed a Year 2000 Project Plan (the Plan) to address the Year
2000 issue as it affects PFL Life's internal IT and non-IT systems, and to
assess Year 2000 issues relating to third parties with whom PFL Life has
critical relationships.
The Plan for addressing internal systems generally includes an assessment of
internal IT and non-IT systems and equipment affected by the Year 2000 issue;
definition of strategies to address affected systems and equipment; remediation
of identified systems and equipment; internal testing and certification that
each internal system is Year 2000 compliant; and a review of existing and
revised business resumption and contingency plans to address potential Year 2000
issues. PFL Life has remediated and tested substantially all of its mission-
critical internal IT systems as of December 31, 1998. PFL Life continues to
remediate and test certain non-critical internal IT systems, internal non-IT
systems and will continue with a revalidation testing program throughout 1999.
PFL Life's Year 2000 issues are more complex because a number of its systems
interface with other systems not under PFL Life's control. PFL Life's most
significant interfaces and uses of third-party vendor systems are in the bank,
financial services and trust areas. PFL Life utilizes various banks to handle
numerous types of financial and sales transactions. Several of these banks also
provide trustee and custodial services for PFL Life's investment holdings and
transactions. These services are critical to a financial services company such
as PFL Life as its business centers around cash receipts and disbursements to
policyholders and the investment of policyholder funds. PFL Life has received
written confirmation from its vendor banks regarding their status on Year 2000.
The banks indicate their dedication to resolving any Year 2000 issues related to
their systems and services prior to December 31, 1999. PFL Life anticipates that
a considerable effort will be necessary to ensure that its corrected or new
systems can properly interface with those business partners with whom it
transmits and receives data and other information (external systems). PFL Life
has undertaken specific testing regimes with these third-party business partners
and expects to continue working with its business partners on any interfacing of
systems. However, the timing of external system compliance cannot currently be
predicted with accuracy because the implementation of Year 2000 readiness will
vary from one company to another.
28
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
Notes to Financial Statements (continued)
6. YEAR 2000 (UNAUDITED)(CONTINUED)
PFL Life does have some exposure to date sensitive embedded technology such as
micro-controllers, but PFL Life views this exposure as minimal. Unlike other
industries that may be equipment intensive, like manufacturing, PFL Life is a
life insurance, and financial services organization providing insurance,
annuities and pension products to its customers. As such, the primary equipment
and electronic devices in use are computers and telephone related equipment.
This type of hardware can have date sensitive embedded technology which could
have Year 2000 problems. Because of this exposure, PFL Life has reviewed its
computer hardware and telephone systems, with assistance from the applicable
vendors, and has upgraded, or replaced, or is in the process of replacing any
equipment that will not properly process date sensitive data in the Year 2000 or
beyond. This undertaking has been substantially completed for all operations.
For PFL Life, a reasonably likely worst case scenario might include one or more
of PFL Life's significant policyholder systems being non-compliant. Such an
event could result in a material disruption of PFL Life's operations.
Specifically, a number of PFL Life's operations could experience an interruption
in the ability to collect and process premiums or deposits, process claim
payments, accurately maintain policyholder information, accurately maintain
accounting records, and or perform adequate customer service. Should the worst
case scenario occur, it could, dependent upon its duration, have a material
impact on PFL Life's business and financial condition. Simple failures can be
repaired and returned to production within a matter of hours with no material
impact. Unanticipated failures with a longer service disruption period could
have a more serious impact. For this reason, PFL Life is placing significant
emphasis on risk management and Year 2000 business resumption contingency
planning in 1999 by modifying its existing business resumption and disaster
recovery plans to address potential Year 2000 issues.
The actions taken by management under the Year 2000 Project Plans are intended
to significantly reduce PFL Life's risk of a material business interruption
based on the Year 2000 issues. It should be noted that the Year 2000 computer
problem, and its resolution, is complex and multifaceted, and any company's
success cannot be conclusively known until the Year 2000 is reached. In spite of
its efforts or results, PFL Life's ability to function unaffected to and through
the Year 2000 may be adversely affected by actions (or failure to act) of third
parties beyond our knowledge or control. It is anticipated that there may be
problems that will have to be resolved in the ordinary course of business on and
after the Year 2000. However, PFL Life does not believe that the problems will
have a material adverse affect on PFL Life's operations or financial condition.
29
<PAGE>
PORTFOLIO SELECT
VARIABLE ANNUITY(SM)
Issued Through
PFL RETIREMENT BUILDER VARIABLE
ANNUITY ACCOUNT
by
PFL LIFE INSURANCE COMPANY
Prospectus
May 1, 1999
This prospectus and the mutual fund prospectuses give you important
information about the policies and the mutual funds. Please read them
carefully before you invest and keep them for future reference.
If you would like more information about the Portfolio Select Variable
AnnuitySM Policy, you can obtain a free copy of the Statement of Additional
Information (SAI) dated May 1, 1999. Please call us at (800) 525-6205 or write
us at: PFL Life Insurance Company, Financial Markets Division, Variable
Annuity Department, 4333 Edgewood Road N.E., Cedar Rapids, Iowa, 52499-0001. A
registration statement, including the SAI, has been filed with the Securities
and Exchange Commission (SEC) and is incorporated herein by reference.
Information about the separate account can be reviewed and copied at the SEC's
Public Reference Room in Washington, D.C. You may obtain information about the
operation of the public reference room by calling the SEC at 1-800-SEC-0330.
The SEC also maintains a web site (http://www.sec.gov) that contains the
prospectus, the SAI, material incorporated by reference, and other
information. The table of contents of the SAI is included at the end of this
prospectus.
Please note that the Policies and the mutual funds:
. are not bank deposits
. are not federally insured
. are not endorsed by any bank or government agency
. are not guaranteed to achieve their goal
. are subject to risks, including loss of premium
The Securities and Exchange Commission has not approved or disapproved these
securities, or passed upon the adequacy of this prospectus. Any representation
to the contrary is a criminal offense.
The flexible premium annuity policy has many investment choices. There is a
fixed account, which offers interest at rates that are guaranteed by PFL Life
Insurance Company (PFL), and twenty-eight mutual fund portfolios offered by
the underlying funds listed below. You can choose any combination of these
investment choices. You bear the entire investment risk for all amounts you
put in the mutual fund portfolios.
AIM Variable Insurance Funds, Inc.
AIM V.I. Growth and Income Fund
AIM V.I. International Equity Fund
AIM V.I. Value Fund
Evergreen Variable Trust
Evergreen VA Fund
Evergreen VA Foundation Fund
Evergreen VA Global Leaders Fund
Evergreen VA Growth and Income Fund
Evergreen VA International Growth Fund
Federated Insurance Series
Federated High Income Bond Fund II
Variable Insurance Products Fund ("VIP") Service Class
VIP High Income Portfolio
Variable Insurance Products Fund II ("VIP II") Initial Class
VIP II Index 500 Portfolio
VIP II Investment Grade Bond Portfolio
Variable Insurance Products Fund III ("VIP III") Service Class
VIP III Growth Opportunities Portfolio
Mentor Variable Investment Portfolios
Mentor VIP Capital Growth Portfolio
Mentor VIP Growth Portfolio
MFS Variable Insurance Trust
MFS Emerging Growth Series
MFS Research Series
MFS Total Return Series
MFS Utilities Series
Oppenheimer Variable Account Funds
Oppenheimer Capital Appreciation Fund/VA
Oppenheimer Multiple Strategies Fund/VA
Oppenheimer Strategic Bond Fund/VA
Putnam Variable Trust
Putnam VT Global Growth Fund--Class IB Shares
Putnam VT Money Market Fund--Class IB Shares
Putnam VT New Value Fund--Class IB Shares
Templeton Variable Products Series Fund
Templeton Asset Allocation Fund--Class 2
Templeton International Fund--Class 2
Franklin Small Cap Investments Fund--Class 2
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS Page
<S> <C>
GLOSSARY OF TERMS........................................................... 3
SUMMARY..................................................................... 4
ANNUITY POLICY FEE TABLE.................................................... 8
EXAMPLES.................................................................... 11
1. THE ANNUITY POLICY....................................................... 13
2. ANNUITY PAYMENTS (THE INCOME PHASE)...................................... 13
Annuity Payment Options................................................... 13
3. PURCHASE................................................................. 15
Policy Issue Requirements................................................. 15
Premium Payments.......................................................... 15
Initial Premium Requirements.............................................. 15
Additional Premium Payments............................................... 15
Maximum Total Premium Payments............................................ 15
Allocation of Premium Payments............................................ 15
Policy Value.............................................................. 16
4. INVESTMENT CHOICES....................................................... 16
The Separate Account...................................................... 16
The Fixed Account......................................................... 17
Transfers................................................................. 17
Family Income Protector................................................... 18
Dollar Cost Averaging Program............................................. 20
Asset Rebalancing......................................................... 20
Telephone Transactions.................................................... 20
5. EXPENSES................................................................. 20
Surrender Charges......................................................... 20
Mortality and Expense Risk Fee............................................ 21
Administrative Charges.................................................... 21
Premium Taxes............................................................. 21
Federal, State and Local Taxes............................................ 21
Transfer Fee.............................................................. 22
Family Income Protector................................................... 22
Portfolio Management Fees................................................. 22
6. TAXES.................................................................... 22
Annuity Policies in General............................................... 22
Qualified and Nonqualified Policies....................................... 22
Withdrawals - Nonqualified Policies....................................... 23
Withdrawals - Qualified Policies.......................................... 23
Withdrawals - 403(b) Policies............................................. 23
Diversification and Distribution Requirements............................. 23
Taxation of Death Benefit Proceeds........................................ 24
Annuity Payments.......................................................... 24
Transfers, Assignments and Exchanges of Policies.......................... 24
Possible Tax Law Changes.................................................. 24
7. ACCESS TO YOUR MONEY..................................................... 24
Surrenders................................................................ 24
Delay of Payment and Transfers............................................ 25
Excess Interest Adjustment................................................ 25
Systematic Payout Option.................................................. 25
Nursing Care and Terminal Condition Withdrawal Option .................... 25
Unemployment Waiver....................................................... 26
8. PERFORMANCE.............................................................. 26
9. DEATH BENEFIT............................................................ 26
When We Pay A Death Benefit............................................... 26
When We Do Not Pay A Death Benefit........................................ 27
Amount of Death Benefit................................................... 27
Guaranteed Minimum Death Benefit.......................................... 27
Adjusted Partial Withdrawal............................................... 28
10. OTHER INFORMATION....................................................... 28
Ownership................................................................. 28
Assignment................................................................ 28
PFL Life Insurance Company................................................ 28
The Separate Account...................................................... 28
Mixed and Shared Funding.................................................. 29
Reinstatements............................................................ 29
Voting Rights............................................................. 29
Distributor of the Policies............................................... 29
Non-participating Policy.................................................. 30
Variations in Policy Provisions........................................... 30
Year 2000 Matters......................................................... 30
IMSA...................................................................... 30
Legal Proceedings......................................................... 31
Financial Statements...................................................... 31
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION................ 31
APPENDIX A
Condensed Financial Information............................................. 32
APPENDIX B
Historical Performance Data................................................. 34
</TABLE>
2
<PAGE>
GLOSSARY OF TERMS
Accumulation Unit--An accounting unit of measure used in calculating the policy
value in the separate account before the annuity commencement date.
Annuitant--The person entitled to receive annuity payments after the annuity
commencement date and during whose life any annuity payments involving life
contingencies will continue.
Annuity Commencement Date--The date upon which annuity payments are to
commence. The annuity commencement date may not be later than the last day of
the policy month starting after the annuitant attains age 85, except as
expressly allowed by PFL. In no event will this date be later than the last day
of the policy month following the month in which the annuitant attains age 95.
The annuity commencement date may be required to be earlier for qualified
policies.
Annuity Payment Option--A method of receiving a stream of annuity payments
selected by the owner.
Cash Value--The policy value increased or decreased by an excess interest
adjustment, less the surrender charge, if any.
Cumulative Free Percentage--The percentage (as applied to the policy value)
which is available free of any surrender charge.
Excess Interest Adjustment--A positive or negative adjustment to amounts
withdrawn upon partial or full surrenders from the fixed account guaranteed
period options, or to amounts applied to annuity payment options. The
adjustment reflects changes in the interest rates declared by PFL since the
date any payment was received by or an amount was transferred to the guaranteed
period option. The excess interest adjustment can either decrease or increase
the amount to be received by the owner upon full surrender or commencement of
annuity payments, depending upon whether there has been an increase or decrease
in interest rates, respectively.
Fixed Account--One or more investment choices under the policy that are part of
the general assets of PFL that are not in separate account.
Guaranteed Period Options--The various guaranteed interest rate periods of the
fixed account which may be offered by PFL and into which premium payments may
be paid or amounts transferred.
Owner or Owners--The person who may exercise all rights and privileges under
the policy. The owner during the lifetime of the annuitant and prior to the
annuity commencement date is the person designated as the owner or a successor
owner in the information that we require to issue a policy.
Policy Value--On or before the annuity commencement date, the policy value is
equal to the owner's:
. premium payments; minus
. partial withdrawals (including any applicable excess interest adjustments
and/or surrender charges on such withdrawals); plus
. interest credited in the fixed account; plus
. accumulated gains or losses in the separate account; minus
. service charges, premium taxes and transfer fees, if any.
Separate Account--The Portfolio Select Variable Annuity division of the PFL
Retirement Builder Variable Annuity Account. The PFL Retirement Builder
Variable Annuity Account is a separate account established and registered as a
unit investment trust under the Investment Company Act of 1940, (the "1940
Act"), as amended, to which premium payments under the policies may be
allocated.
Subaccount--A subdivision within the separate account, the assets of which are
invested in a specified portfolio of the underlying funds.
(Note: The Statement of Additional Information contains a more extensive
Glossary.)
3
<PAGE>
SUMMARY
The sections in this summary correspond to sections in this prospectus, which
discuss the topics in more detail. Words printed in italics in this prospectus
are defined in the Glossary.
1. THE ANNUITY POLICY
The Flexible Premium Variable Annuity Policy offered by PFL Life Insurance
Company (PFL, we, us, or our) through First Union Brokerage Services, Inc. is a
policy between you, as the owner, and PFL, an insurance company. The policy
provides a way to invest on a tax-deferred basis in the following investment
choices: subaccounts of the separate account, and a fixed account of PFL. The
policy is intended to accumulate money for retirement or other long-term
investment purposes.
This policy offers twenty-eight subaccounts that are listed in Section 4. Each
subaccount invests exclusively in shares of one of the portfolios of the
underlying funds. The policy value may depend on the investment experience of
the selected subaccounts. Therefore, you bear the entire investment risk with
respect to all policy value in any subaccount. You could lose the amount that
you invest.
The fixed account offers an interest rate that is guaranteed by PFL. We
guarantee to return your investment with interest credited for all amounts
allocated to the fixed account.
You can transfer money between any of the investment choices within certain
limits. During the accumulation phase, we reserve the right to impose a $10 fee
for each transfer in excess of 12 transfers per policy year.
The policy, like all deferred annuity policies, has two phases: the
"accumulation phase" and the "income phase." During the accumulation phase,
earnings accumulate on a tax-deferred basis and are taxed as income when you
take them out of the policy. The income phase occurs when you begin receiving
regular payments from your policy. The money you can accumulate during the
accumulation phase will largely determine the income payments you receive
during the income phase.
2. ANNUITY PAYMENTS (THE INCOME PHASE)
The policy allows you to receive income under one of five annuity payment
options. You may choose from fixed payment options, variable payment options,
or a combination of both. If you select a variable payment option, the dollar
amount of your payments may go up or down.
3. PURCHASE
You can buy this policy with $2,000 or more under most circumstances. You can
add as little as $50 at any time during the accumulation phase.
4. INVESTMENT OPTIONS
You can allocate your premium payments to one or more of the following
portfolios described in the fund prospectuses:
MANAGED BY A I M ADVISORS, INC.
AIM V.I. Growth and Income Fund
AIM V.I. International Equity Fund
AIM V.I. Value Fund
MANAGED BY EVERGREEN ASSET
MANAGEMENT CORP.
Evergreen VA Fund
Evergreen VA Foundation Fund
Evergreen VA Global Leaders Fund
Evergreen VA Growth and Income Fund
Evergreen VA International Growth Fund
MANAGED BY FEDERATED ADVISERS
Federated High Income Bond Fund II
MANAGED BY FIDELITY MANAGEMENT & RESEARCH COMPANY
VIP High Income Portfolio
VIP II Index 500 Portfolio
VIP II Investment Grade Bond Portfolio
VIP III Growth Opportunities Portfolio
MANAGED BY MENTOR INVESTMENT ADVISORS, LLC
Mentor VIP Capital Growth Portfolio
Mentor VIP Growth Portfolio
4
<PAGE>
MANAGED BY MASSACHUSETTS FINANCIAL SERVICES COMPANY
MFS Emerging Growth Series
MFS Research Series
MFS Total Return Series
MFS Utilities Series
MANAGED BY OPPENHEIMERFUNDS, INC.
Oppenheimer Capital Appreciation Fund/VA(/1/)
Oppenheimer Multiple Strategies Fund/VA
Oppenheimer Strategic Bond Fund/VA
MANAGED BY PUTNAM INVESTMENT
MANAGEMENT, INC.
Putnam VT Global Growth Fund--Class IB Shares
Putnam VT Money Market Fund--Class IB Shares
Putnam VT New Value Fund--Class IB Shares
MANAGED BY TEMPLETON INVESTMENT COUNSEL, INC.
Templeton Asset Allocation Fund
Templeton International Fund
MANAGED BY FRANKLIN ADVISERS, INC.
Franklin Small Cap Investments Fund
(/1/)Formerly known as Oppenheimer Growth Fund.
Depending upon their investment performance, you can make or lose money in any
of these subaccounts.
5. EXPENSES
No deductions are made from premium payments at the time you buy the policy so
that the full amount of each premium payment is invested in one or more of your
investment choices.
We may deduct a surrender charge of up to 6.0% of premium payments withdrawn
within five years after the premium is paid. However, after the tenth policy
year, no surrender charges apply, regardless of when you made your last premium
payment. To calculate surrender charges, we consider the premium you paid to
come out before any earnings.
Full surrenders and partial withdrawals from a guaranteed period option of the
fixed account may also be subject to an excess interest adjustment, which may
increase or decrease the amount you receive. This adjustment may also apply to
amounts applied to an annuity payment option from a guaranteed period option of
the fixed account.
We deduct daily mortality and expense risk fees and administrative charges of
1.25% to 1.40% per year from the assets in each subaccount.
During the accumulation phase, we deduct an annual service charge of no more
than $30 from the policy value on each policy anniversary and at the time of
surrender. The charge is waived if either the policy value or the sum of all
premium payments, minus all partial withdrawals, is at least $50,000.
We will deduct state premium taxes, which currently range from 0% to 3.50%,
upon total surrender, payment of a death benefit or when annuity payments
begin.
If you elect the family income protector rider, there is an annual fee during
the accumulation phase of 0.30% of the minimum annuitization value. If you
annuitize under this rider, then there is a stabilized payment fee at an annual
rate of 1.25% of the daily net asset value in the separate account.
The value of the net assets of the subaccounts will reflect the investment
advisory fee and other expenses incurred by the underlying funds. Those fees
and expenses are detailed in the underlying funds' prospectuses that are
attached to this prospectus.
6. TAXES
Your earnings, if any, are not taxed until you take them out. If you take money
out during the accumulation phase, earnings come out first for federal tax
purposes, and are taxed as income. If you are younger than 59 1/2 when you take
money out, you may be charged a 10% federal penalty tax on the earnings.
Payments during the income phase may be considered partly a return of your
original investment so that part of each payment would not be taxable as
income.
5
<PAGE>
7. ACCESS TO YOUR MONEY
You can take money out anytime during the accumulation phase. You may take out
up to 10% of the policy value free of surrender charges each policy year. The
percentage that may be taken free of surrender charges is referred to as the
cumulative free percentage. Any cumulative free percentage that is not taken in
one year is carried forward and is available to be taken in the following
policy year free of surrender charges. Amounts withdrawn in excess of the
cumulative free percentage may be subject to a surrender charge. You may also
have to pay income tax and a tax penalty on any money you take out.
8. PERFORMANCE
The value of the policy will vary up or down depending upon the investment
performance of the subaccounts you choose. We provide performance information
in Appendix B and in the Statement of Additional Information. This data is not
intended to indicate future performance.
9. DEATH BENEFIT
If you are both the owner and the annuitant and you die before the income phase
begins, then your beneficiary will receive a death benefit.
Naming different persons as owner and annuitant can affect whether the death
benefit is payable and to whom amounts will be paid. Use care when naming
owners, annuitants and beneficiaries, and consult your agent if you have
questions.
You may chose one of the following guaranteed minimum death benefits:
.5% Annually Compounding
.Annual Step-Up
.Return of Premium
10. OTHER INFORMATION
Right to Cancel Period. You may return your policy for a refund within 10 days
after you receive it. The amount of time you have to return the policy will
depend on the state where the policy was issued. It is generally only 10 days.
The amount of the refund will generally be the policy value. We will pay the
refund within 7 days after we receive written notice of cancellation and the
returned policy. The policy will then be deemed void. In some states you may
have more than 10 days to return a policy, or receive a refund of more (or
less) than the policy value.
No Probate. Usually when you die, the person you choose as your beneficiary
will receive the death benefit without going through probate. State laws vary
on how the amount that may be paid is treated for estate tax purposes.
Who should purchase the Policy? This policy is designed for people seeking
long-term tax-deferred accumulation of assets, generally for retirement or
other long-term purposes; and for persons who have maximized their use of other
retirement savings methods, such as 401(k) plans and individual retirement
accounts. The tax-deferred feature is most attractive to people in high federal
and state tax brackets. You should not buy this policy if you are looking for a
short-term investment or if you cannot take the risk of losing the money that
you put in.
Financial Statements. Financial statements for PFL and the subaccounts are in
the Statement of Additional Information.
Additional Features. This policy has additional features that might interest
you. These include the following:
. You can arrange to have money automatically sent to you monthly, quarterly,
semi-annually, or annually while your policy is in the accumulation phase.
This feature is referred to as the "systematic payout option." Amounts you
receive may be included in your gross income, and in certain circumstances,
may be subject to penalty taxes.
. You can arrange to have a certain amount of money automatically transferred
from the fixed account, either monthly or quarterly, to your choice of
subaccounts . This feature is called "dollar cost averaging."
. You can elect an optional rider that guarantees you a minimum annuitization
value. This feature is called the "family income protector."
6
<PAGE>
. We will, upon your request, automatically transfer amounts among the
subaccounts on a regular basis to maintain a desired allocation of the
policy value among the various subaccounts. This feature is called "asset
rebalancing."
. Under certain unemployment circumstances, you may withdraw all or a portion
of the policy value free of surrender charges and excess interest
adjustments. This feature is called the "unemployment waiver."
. You may make transfer and/or change the allocation of additional premium
payments by telephone.
These features are not available in all states and may not be suitable for your
particular situation.
11. INQUIRIES
If you need more information, please contact us at:
Administrative and Service Office
Financial Markets Division
Variable Annuity Department
PFL Life Insurance Company
4333 Edgewood Road N.E.
P.O. Box 3183
Cedar Rapids, IA 52406-3183
7
<PAGE>
ANNUITY POLICY FEE TABLE
- --------------------------------------------------------------------------------
Policy Owner Transaction Expenses
- -----------------------------------------------
Sales Load On Purchase
Payments..................... 0
Maximum Surrender Charge
(as a % of Premium Payments
Surrendered)(/1/)(/2/)....... 6%
Surrender Fees................ 0
Annual Service Charge(/2/).... $30 Per Policy
Transfer Fee(/2/)............. Currently No Fee
Family Income Protector
(optional)(/3/) Rider Fee.... 0.30%
Separate Account Annual Expenses
(as a percentage of average account value)
Mortality and Expense Risk Fee(/4/)..... 1.25%
Administrative Charge................... 0.15%
-----
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES.. 1.40%
- --------------------------------------------------------------------------------
Portfolio Annual Expenses(/5/)
(as a percentage of average net assets and after expense reimbursements)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Management Other Rule Total Portfolio
Fees Expenses 12b-1 Fees Annual Expenses
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund........................ 0.61% 0.04% -- 0.65%
AIM V.I. International Equity
Fund........................ 0.75% 0.16% -- 0.91%
AIM V.I. Value Fund.......... 0.61% 0.05% -- 0.66%
Evergreen VA Fund(/6/)....... 0.81% 0.19% -- 1.00%
Evergreen VA Foundation
Fund(/6/)................... 0.83% 0.17% -- 1.00%
Evergreen VA Global Leaders
Fund(/6/)................... 0.39% 0.61% -- 1.00%
Evergreen VA Growth and In-
come Fund(/6/).............. 0.79% 0.21% -- 1.00%
Evergreen VA International
Growth Fund(/6/)............ 0.00% 1.00% -- 1.00%
Federated High Income Bond
Fund II..................... 0.60% 0.18% -- 0.78%
VIP High Income Portfo-
lio(/7/).................... 0.58% 0.14% 0.10% 0.82%
VIP II Index 500 Portfo-
lio(/7/).................... 0.24% 0.04% -- 0.28%
VIP II Investment Grade Bond
Portfolio(/7/).............. 0.43% 0.14% -- 0.57%
VIP III Growth Opportunities
Portfolio(/7/).............. 0.59% 0.10% 0.10% 0.79%
Mentor VIP Capital Growth
Portfolio(/8/).............. 0.80% 0.27% 0.25% 1.07%
Mentor VIP Growth Portfo-
lio(/8/).................... 0.70% 0.27% 0.25% 0.97%
MFS Emerging Growth Se-
ries(/9/)................... 0.75% 0.10% -- 0.85%
MFS Research Series(/9/)..... 0.75% 0.11% -- 0.86%
MFS Total Return Se-
ries(/9/)................... 0.75% 0.16% -- 0.91%
MFS Utilities Series(/9/).... 0.75% 0.26% -- 1.01%
Oppenheimer Capital Apprecia-
tion Fund/VA................ 0.72% 0.03% -- 0.75%
Oppenheimer Multiple Strate-
gies Fund/VA................ 0.72% 0.04% -- 0.76%
Oppenheimer Strategic Bond
Fund/VA..................... 0.74% 0.06% -- 0.80%
Putnam VT Global Growth Fund
Class IB Shares(/10/)....... 0.60% 0.12% 0.15% 0.87%
Putnam VT Money Market Fund
Class IB Shares(/10/)....... 0.45% 0.08% 0.15% 0.68%
Putnam VT New Value Fund
Class IB Shares(/10/)....... 0.70% 0.11% 0.15% 0.96%
Templeton Asset Allocation
Fund--Class 2(/11/)......... 0.60% 0.25% 0.18% 1.03%
Templeton International
Fund--Class 2(/11/)......... 0.69% 0.25% 0.17% 1.11%
Franklin Small Cap Invest-
ments Fund--Class
2(/11/)(/12/)............... 0.15% 0.85% 0.25% 1.25%
</TABLE>
8
<PAGE>
(/1/)The surrender charge is decreased based on the number of years since the
premium payment was made, from 6% in the year in which the premium payment
was made to 0% in the sixth year after the premium payment was made.
However, after the tenth policy year, no surrender charges apply,
regardless of when you made your last premium payment. If applicable, a
surrender charge will only be applied to withdrawals that exceed the
amount available under certain listed exceptions.
(/2/)The surrender charge and transfer fee, if any is imposed, apply to each
policy, regardless of how policy value is allocated among the separate
account and the fixed account. The service charge is the lesser of $30 or
2% of the policy value. It applies to both the fixed account and the
separate account, and is assessed on a pro rata basis relative to each
account's policy value as a percentage of the policy's total policy value.
There is no fee for the first 12 transfers per year. For additional
transfers, PFL may charge a fee of $10 per transfer, but currently PFL
does not charge for any transfers. Separate account and annual expenses do
not apply to the fixed account.
(/3/)The annual rider fee is currently equal to 0.30% of the minimum
annuitization value on the previous policy anniversary; PFL may at its
discretion change the rate in the future, but the rate will never be
greater than 0.50% per year. The stabilized payment fee is only charged if
you annuitize under the family income protector rider, and then only after
annuitization. This fee is reflected in the amount of the variable
payments. The stabilized payment fee is currently equal to an effective
annual rate of 1.25% of the daily net asset value in the variable
investment options; PFL may at its discretion change the rate in the
future, but the rate will never be greater than 2.25% per year. Once the
family income protector rider is added to your policy, neither the rider
fee nor the stabilized payment fee that is in effect at that time will
change during the life of that family income protector rider.
(/4/)Mortality and expense risk fees shown (1.25%) are for the "5% Annually
Compounding Death Benefit" and the "Annual Step Up Death Benefit." The
corresponding fees for the "Return of Premium Death Benefit" are 1.10% for
each subaccount.
(/5/)The fee table information relating to the underlying funds is for 1998 and
was provided to PFL by the underlying funds, and PFL has not independently
verified such information.
(/6/)Annual results for the Evergreen VA Funds for the year ended December 31,
1998, net of expense waivers and reimbursements. If the underlying funds
had borne all expenses that were assumed or waived by the investment
advisor, the ratios for Other Expenses and Total Underlying Fund Annual
Expenses respectively would have been as follows: Evergreen VA Fund:
0.19%, 1.14%; Evergreen VA Foundation Fund: 0.17%, 1.00%; Evergreen VA
Global Leaders Fund: 0.61%, 1.56%; Evergreen VA Growth & Income Fund:
0.21%, 1.16%; and Evergreen VA International Growth Fund: 7.51%, 8.26%.
(/7/)A portion of the brokerage commissions that certain funds pay was used to
reduce fund expenses. In addition, certain funds, or FMR on behalf of
certain funds, have entered into arrangements with their custodian whereby
credits realized as a result of uninvested cash balances were used to
reduce custodian expenses. The total operating expenses, after
reimbursement for the VIP II Index 500 Portfolio and the VIP III Mid Cap
Portfolio reflect these reductions in the table above.
(/8/)The portfolios have adopted a Distribution Plan (the Plan) pursuant to
Rule 12b-1 under the investment Company Act of 1940. Under a Distribution
Agreement between the portfolios and mentor Distributors, LLC ("Mentor
Distributors") a wholly-owned subsidiary of BISYS Fund Services, Inc.,
Mentor Distributors was appointed distributor of the portfolios. To
compensate mentor Distributors for the services it provides and for the
expenses it incurs under the Distribution Agreement, the portfolios pay a
distribution fee, which is accrued daily and paid monthly at the annual
rate of 0.25% of the portfolios' average daily net assets. For the period
ended December 31, 1998, Mentor Distributors waived such fees in the
amount of $9,226 and $17,544 for the Growth Portfolio and Capital Growth
Portfolio, respectively.
(/9/)Each series has an expense offset arrangement which reduces the series'
custodian fee based upon the amount of cash maintained by the series with
its custodian and dividend disbursing agent. Each series may enter into
other such arrangements and directed brokerage arrangements, which would
also have the effect of reducing the series' expenses. Expenses do not
take into account these expense reductions, and are therefore higher than
the actual expenses of the series.
9
<PAGE>
(/10/)Expenses shown are based on estimated expenses for the first fiscal year.
The Class IB 12b-1 plans provided for payments by each fund to Putnam
Mutual Funds at the annual rate of up to 0.35%. The Trustees currently
limit 12b-1 payments on Class IB shares to 0.15% of average net assets.
(/11/)The fund has a distribution plan or "Rule 12b-1 plan" which is described
in the fund's prospectus.
(/12/)Figures reflect expenses from the fund's inception on May 1, 1998 and are
annualized. The Investment Manager agreed in advance to limit management
fees and make certain payments to reduce Fund expenses as necessary so
that Total Portfolio Annual Expenses did not exceed 1.25% of the Fund's
Class 2 net assets in 1998. The Investment Manager has agreed to continue
this arrangement through 1999. Management Fees, Other Expenses and Total
Portfolio Annual Expenses in 1998 before any waivers were 0.75%, 1.00%,
and 2.00% respectively.
10
<PAGE>
EXAMPLES
You would pay the following expenses on a $1,000 investment, assuming a
hypothetical 5% annual return on assets, assuming the entire policy value is in
the applicable subaccount, and assuming the family income protector rider has
been selected:
The expenses reflect different mortality and expense risk fees depending on
which death benefit you select:
A = Return of Premium Death Benefit (1.10% charge)
B = 5% Annually Compounding Death Benefit or the Annual Step-Up Death Benefit
(1.25% charge)
<TABLE>
<CAPTION>
If the Policy is annuitized at
the end of the applicable time
period or if the Policy is not
If the Policy is surrendered surrendered
at the end of the applicable or
time period. annuitized.
----------------------------
1 3 5 10 1 3 5 10
Subaccounts Year Years Years Years Year Years Years Years
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund A $55 $ 42 $ 12 $ 11 $ 1 $ 3 $ 5 $ 11
--------------------------------------------------
B $55 $ 42 $ 12 $ 11 $ 1 $ 3 $ 5 $ 11
- -------------------------------------------------------------------------------
AIM V.I. International
Equity Fund A $80 $120 $144 $288 $26 $79 $135 $288
--------------------------------------------------
B $81 $124 $152 $303 $27 $84 $143 $303
- -------------------------------------------------------------------------------
AIM V.I. Value Fund A $77 $112 $131 $263 $23 $72 $123 $263
--------------------------------------------------
B $79 $117 $139 $278 $25 $76 $130 $278
- -------------------------------------------------------------------------------
Evergreen VA Fund A $81 $123 $149 $297 $27 $82 $140 $297
--------------------------------------------------
B $82 $127 $156 $312 $28 $86 $147 $312
- -------------------------------------------------------------------------------
Evergreen VA Foundation
Fund A $81 $123 $149 $297 $27 $82 $140 $297
--------------------------------------------------
B $82 $127 $156 $312 $28 $86 $147 $312
- -------------------------------------------------------------------------------
Evergreen VA Global
Leaders Fund A $81 $123 $149 $297 $27 $82 $140 $297
--------------------------------------------------
B $82 $127 $156 $312 $28 $86 $147 $312
- -------------------------------------------------------------------------------
Evergreen VA Growth and
Income Fund A $81 $123 $149 $297 $27 $82 $140 $297
--------------------------------------------------
B $82 $127 $156 $312 $28 $86 $147 $312
- -------------------------------------------------------------------------------
Evergreen VA International
Growth Fund A $81 $123 $149 $297 $27 $82 $140 $297
--------------------------------------------------
B $82 $127 $156 $312 $28 $86 $147 $312
- -------------------------------------------------------------------------------
Federated High Income Bond
Fund II A $78 $116 $138 $275 $24 $75 $129 $275
--------------------------------------------------
B $80 $121 $145 $290 $26 $80 $136 $290
- -------------------------------------------------------------------------------
VIP High Income A $79 $117 $140 $279 $25 $77 $131 $279
--------------------------------------------------
B $80 $122 $147 $294 $26 $81 $138 $294
- -------------------------------------------------------------------------------
VIP II Index 500 A $73 $100 $112 $224 $19 $60 $140 $224
--------------------------------------------------
B $75 $105 $120 $240 $21 $65 $111 $240
- -------------------------------------------------------------------------------
VIP II Investment Grade
Bond A $76 $109 $127 $254 $22 $69 $118 $254
--------------------------------------------------
B $78 $114 $134 $269 $24 $74 $126 $269
- -------------------------------------------------------------------------------
VIP III Growth
Opportunities A $78 $116 $138 $276 $25 $76 $129 $276
--------------------------------------------------
B $80 $121 $146 $291 $26 $80 $137 $291
- -------------------------------------------------------------------------------
Mentor VIP Capital Growth A $81 $125 $152 $304 $27 $84 $143 $304
--------------------------------------------------
B $83 $129 $160 $318 $29 $89 $151 $318
</TABLE>
11
<PAGE>
EXAMPLES continued
<TABLE>
<CAPTION>
If the Policy is annuitized at
the end of the applicable time
period or if the Policy is not
If thePolicy is surrendered surrendered
at theend of the applicable or
time period. annuitized.
-----------------------------------------------
1 3 5 10 1 3 5 10
Subaccounts Year Years Years Years Year Years Years Years
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Mentor VIP Growth A $80 $122 $147 $294 $26 $81 $138 $294
--------------------------------------------------
B $82 $126 $155 $309 $28 $86 $146 $309
- -------------------------------------------------------------------------------
MFS Emerging Growth Series A $79 $118 $141 $282 $25 $77 $132 $282
--------------------------------------------------
B $81 $123 $149 $297 $27 $82 $140 $297
- -------------------------------------------------------------------------------
MFS Research Series A $79 $118 $142 $283 $25 $78 $133 $283
--------------------------------------------------
B $81 $123 $149 $298 $27 $82 $140 $298
- -------------------------------------------------------------------------------
MFS Total Return Series A $80 $120 $144 $288 $26 $79 $135 $288
--------------------------------------------------
B $81 $124 $152 $303 $27 $84 $143 $303
- -------------------------------------------------------------------------------
MFS Utilities Series A $81 $123 $149 $298 $27 $82 $140 $298
--------------------------------------------------
B $82 $128 $157 $312 $28 $87 $148 $312
- -------------------------------------------------------------------------------
Oppenheimer Capital
Appreciation A $78 $115 $136 $272 $24 $74 $127 $272
--------------------------------------------------
Fund/VA B $80 $120 $144 $287 $26 $79 $135 $287
- -------------------------------------------------------------------------------
Oppenheimer Multiple
Strategies A $78 $115 $137 $273 $24 $75 $128 $273
--------------------------------------------------
Fund/VA B $80 $120 $144 $288 $26 $79 $135 $288
- -------------------------------------------------------------------------------
Oppenheimer Strategic Bond
Fund/VA A $79 $117 $139 $277 $25 $76 $130 $277
--------------------------------------------------
B $80 $120 $146 $292 $26 $80 $137 $292
- -------------------------------------------------------------------------------
Putnam VT Global Growth
Fund-- A $79 $119 $142 $284 $25 $78 $133 $284
--------------------------------------------------
Class IB Shares B $81 $123 $150 $299 $27 $83 $141 $299
- -------------------------------------------------------------------------------
Putnam VT Money Market
Fund-- A $77 $113 $132 $265 $23 $72 $124 $265
--------------------------------------------------
Class IB Shares B $79 $117 $140 $280 $25 $77 $131 $280
- -------------------------------------------------------------------------------
Putnam VT New Value Fund-- A $80 $121 $147 $293 $26 $81 $138 $293
--------------------------------------------------
Class IB Shares B $82 $126 $154 $308 $28 $85 $145 $308
- -------------------------------------------------------------------------------
Templeton Asset Allocation
Fund A $81 $124 $150 $300 $27 $83 $141 $300
--------------------------------------------------
B $82 $128 $158 $314 $28 $87 $149 $314
- -------------------------------------------------------------------------------
Templeton International
Fund A $82 $126 $154 $308 $28 $85 $145 $308
--------------------------------------------------
B $82 $128 $158 $314 $29 $90 $153 $322
- -------------------------------------------------------------------------------
Franklin Small Cap
Investments Fund A $83 $130 $161 $321 $29 $89 $152 $321
--------------------------------------------------
B $85 $135 $168 $335 $31 $94 $159 $335
</TABLE>
- --------------------------------------------------------------------------------
The above table will assist you in understanding the costs and expenses of the
policy and the underlying funds that you will bear, directly or indirectly.
These include the 1998 expenses of the underlying funds. In addition to the
expenses listed above, premium taxes, currently ranging from 0% to 3.50% of
premium payments may be applicable.
The examples should not be considered a representation of past or future
expenses, and actual expenses may be greater or less than those shown. The
assumed 5% annual return is hypothetical and should not be considered a
representation of past or future annual returns, which may be greater or less
than the assumed rate.
In these examples, the $30 service charge is reflected as a charge of .086%
based on an estimated average policy value of $35,000.
Financial Information. Condensed financial information for the subaccounts is
in Appendix A to this prospectus.
12
<PAGE>
1. THE ANNUITY POLICY
This prospectus describes the Portfolio Select Variable Annuity Policy offered
by PFL Life Insurance Company through First Union Brokerage Services, Inc.
First Union Brokerage Services, Inc. is a corporate affiliate of First Union
National Bank of North Carolina, which in turn is a subsidiary of First Union
Corporation, the sixth largest bank holding company in the United States.
An annuity is a policy between you, the owner, and an insurance company (in
this case PFL), where the insurance company promises to pay you an income in
the form of annuity payments. These payments begin on a designated date,
referred to as the annuity commencement date. Until the annuity commencement
date, your annuity is in the accumulation phase and the earnings are tax
deferred. Tax deferral means you generally are not taxed on your annuity until
you take money out of your annuity. After the annuity commencement date, your
annuity switches to the income phase.
The policy is a flexible premium variable annuity. You can use the policy to
accumulate funds for retirement or other long-term financial planning purposes.
It is a "flexible premium" policy because after you purchase it, you can
generally make additional investments of any amount of $50 or more, until the
annuity commencement date. But you are not required to make any additional
investments.
The policy is a "variable" annuity because the value of your investments can go
up or down based on the performance of your investment choices. If you select
the variable annuity portion of the policy, the amount of money you are able to
accumulate in your policy during the accumulation phase depends upon the
performance of your investment choices. The amount of annuity payments you
receive during the income phase from the variable annuity portion of your
policy also depends upon the investment performance of your investment choices
for the income phase.
The policy also contains a fixed account. The fixed account offers an interest
rate that is guaranteed by PFL not to decrease during each one year period.
There may be different interest rates for each different guaranteed period
selected.
2. ANNUITY PAYMENTS (THE INCOME PHASE)
You choose the annuity commencement date. You can change this date by giving us
30 days written notice before the annuity commencement date. The new annuity
commencement date must be at least 30 days after we receive the change. The
latest annuity commencement date cannot be after the policy month following the
month in which the annuitant attains age 95.
Election of Annuity Payment Option. Before the annuity commencement date, if
the annuitant is alive, you may choose an annuity payment option or change your
election. If the annuitant dies before the annuity commencement date, the
beneficiary may elect to receive the death benefit in a lump sum or under one
of the annuity payment options.
Unless you specify otherwise, the annuitant will receive the annuity payments.
After the annuitant's death, the beneficiary will receive any remaining
guaranteed payments.
Annuity Payment Options
The policy provides five annuity payment options that are described below. You
may chose any combination of annuity payment options. We will use your
"adjusted policy value" to provide these annuity payments. The adjusted policy
value is the policy value increased or decreased by any applicable excess
interest adjustment. If the adjusted policy value on the annuity commencement
date is less than $2,000, PFL reserves the right to pay it in one lump sum in
lieu of applying it under an annuity payment option. You can receive payments
monthly, quarterly, semi-annually, or annually.
Unless you choose to receive variable payments under annuity payment options 3
or 5, the
13
<PAGE>
amount of each payment will be set on the annuity commencement date and will
not change. You may, however, choose to receive variable payments under payment
options 3 and 5. The dollar amount of the first variable payment will be
determined in accordance with the annuity payment rates set forth in the
applicable table contained in the policy. The dollar amount of additional
variable payments will vary based on the investment performance of the
subaccount(s) that you select. The dollar amount of each variable payment after
the first may increase, decrease or remain constant. If the actual investment
performance exactly matched the assumed investment return of 5% at all times,
the amount of each variable annuity payment would remain equal. If actual
investment performance exceeds the assumed investment return, the amount of the
variable annuity payments would increase. Conversely, if actual investment
performance is lower than the assumed investment return, the amount of the
variable annuity payments would decrease.
A charge for premium taxes and an excess interest adjustment may be made when
annuity payments begin.
The annuity payment options are explained below. Options 1, 2, and 4 are fixed
only. Options 3 and 5 can be fixed or variable.
Payment Option 1--Interest Payments. We will pay the interest on the amount we
use to provide annuity payments in equal payments, or this amount may be left
to accumulate for a period of time you and PFL agree to. You and PFL will agree
on withdrawal rights when you elect this option.
Payment Option 2--Income for a Specified Period. We will make level payments
only for the fixed period you choose. No funds will remain at the end.
Payment Option 3--Life Income. You may choose between:
Fixed Payments
. No Period Certain--We will make level payments only during the
annuitant's lifetime.
. 10 Years Certain--We will make level payments for the longer of the
annuitant's lifetime or ten years.
. Guaranteed Return of Policy Proceeds--We will make level payments for
the longer of the annuitant's lifetime or until the total dollar amount
of payments we made to you equals the amount applied to this option.
Variable Payments
. No Period Certain--Payments will be made only during the lifetime of the
annuitant.
. 10 Years Certain--Payments will be made for the longer of the
annuitant's lifetime or ten years.
Payment Option 4--Income of a Specified Amount. Payments are made for any
specified amount until the amount applied to this option, with interest, is
exhausted. This will be a series of level payments followed by a smaller final
payment.
Payment Option 5--Joint and Survivor Annuity. You may choose between:
Fixed Payments
. Payments are made during the joint lifetime of the payee and a joint
payee of your selection. Payments will be made as long as either person
is living.
Variable Payments
. Payments are made as long as either the payee or the joint payee is
living.
Other annuity payment options may be arranged by agreement with PFL. Certain
annuity payment options may not be available in all states.
NOTE CAREFULLY:
IF:
. you choose Life Income with No Period Certain or a Joint and Survivor
Annuity; and
. the annuitant(s) dies before the due date of the second annuity payment;
THEN:
. we may make only one annuity payment.
14
<PAGE>
IF:
. you choose Income for a Specified Period, Life Income with 10 years Certain,
Life Income with Guaranteed Return of Policy Proceeds, or Income of a
Specified Amount; and
. the person receiving payments dies prior to the end of the guaranteed
period;
THEN:
. the remaining guaranteed payments will be continued to that person's
beneficiary, or their present value may be paid in a single sum.
We will not pay interest on amounts represented by uncashed annuity payment
checks if the postal or other delivery service is unable to deliver checks to
the payee's address of record. The payee is responsible to keep PFL informed of
the payee's current address of record.
3. PURCHASE
Policy Issue Requirements
PFL will issue a policy IF:
. PFL receives all information needed to issue the policy;
. PFL receives a minimum initial premium payment; and
. You (annuitant and any joint owner) are age 80 or younger.
Premium Payments
You should make checks or drafts for premium payments payable only to PFL Life
Insurance Company and send them to the Administrative and Service Office. Your
check or draft must be honored in order for PFL to pay any associated payments
and benefits due under the policy.
Initial Premium Requirements
The initial premium payment for most policies must be at least $2,000. There is
no minimum initial premium payment for policies issued under section 403(b) of
the Internal Revenue Code; however, your premium must be received within 90
days of the policy date or your policy will be canceled. We will credit your
initial premium payment to your policy within two business days after the day
we receive it and your complete policy information. If we are unable to credit
your initial premium payment, we will contact you within five business days and
explain why. We will also return your initial premium payment at that time
unless you tell us to keep it and credit it as soon as possible.
The date on which we credit your initial premium payment to your policy is the
policy date. The policy date is used to determine policy years, policy months
and policy anniversaries.
Additional Premium Payments
You are not required to make any additional premium payments. However, you can
make additional premium payments as often as you like during the lifetime of
the annuitant and during the accumulation phase. Additional premium payments
must be at least $50. We will credit additional premium payments to your policy
as of the business day we receive your premium and required information.
Maximum Total Premium Payments
We allow premium payments up to a total of $1,000,000 without prior approval.
Allocation of Premium Payments
When you purchase a policy, we will allocate your premium payment to the
investment choices you select. Your allocation must be in whole percentages and
must total 100%. We will allocate additional premium payments the same way,
unless you request a different allocation. If you allocate premium payment to
the dollar cost averaging fixed account, you must give us directions regarding
the subaccount(s) to which transfers are to be made.
You may change allocations for future additional premium payments by sending us
written instructions or by telephone, subject to the limitations described
below under "Telephone Transactions." The allocation change will apply to
premium payments received after the date we receive the change request.
15
<PAGE>
Policy Value
You should expect your policy value to change from valuation period to
valuation period. A valuation period begins at the close of trading on the New
York Stock Exchange on each business day and ends at the close of trading on
the next succeeding business day. A business day is each day that the New York
Stock Exchange is open. The New York Stock Exchange generally closes at 4:00
p.m eastern time. Holidays are generally not business days.
4. INVESTMENT CHOICES
The Separate Account
The Portfolio Select Variable Annuity separate account currently consists of
twenty-eight subaccounts.
The Underlying Funds. The subaccounts invest in shares of the underlying funds.
The companies that provide investment advice and administrative services for
the underlying funds offered through this policy are listed below. The
following investment choices are currently offered through this policy:
AIM VARIABLE INSURANCE FUNDS, INC.
Managed by A I M Advisors, Inc.:
AIM V.I. Growth and Income Fund
AIM V.I. International Equity Fund
AIM V.I. Value Fund
EVERGREEN VARIABLE TRUST
Managed by Evergreen Asset Management Corp.
Evergreen VA Fund
Evergreen VA Foundation Fund
Evergreen VA Global Leaders Fund
Evergreen VA Growth and Income Fund
Evergreen VA International Growth Fund
FEDERATED INSURANCE SERIES
Managed by Federated Advisers
Federated High Income Bond Fund II
VARIABLE INSURANCE PRODUCTS FUND - SERVICE CLASS
Managed by Fidelity Management & Research Company
VIP High Income Portfolio
VARIABLE INSURANCE PRODUCTS FUND II - INITIAL CLASS
Managed by Fidelity Management & Research Company
VIP II Index 500 Portfolio
VIP II Investment Grade Bond Portfolio
VARIABLE INSURANCE PRODUCTS FUND III -SERVICE CLASS
Managed by Fidelity Management & Research Company
VIP III Growth Opportunities Portfolio
MENTOR VARIABLE INVESTMENT PORTFOLIOS
Managed by Mentor Investment Advisors, LLC
Mentor VIP Capital Growth Portfolio
Mentor VIP Growth Portfolio
MFS VARIABLE INSURANCE TRUST
Managed by Massachusetts Financial Services Company
MFS Emerging Growth Series
MFS Research Series
MFS Total Return Series
MFS Utilities Series
OPPENHEIMER VARIABLE ACCOUNT FUNDS
Managed by OppenheimerFunds, Inc.
Oppenheimer Capital Appreciation Fund/VA
Oppenheimer Multiple Strategies Fund/VA
Oppenheimer Strategic Bond Fund/VA
PUTNAM VARIABLE TRUST
Managed by Putnam Investment Management, Inc.
Putnam VT Global Growth Fund - Class IB Shares
Putnam VT Money Market Fund - Class IB Shares
Putnam VT New Value Fund - Class IB Shares
TEMPLETON VARIABLE PRODUCTS SERIES FUND
Managed by Templeton Investment Counsel, Inc.
Templeton Asset Allocation Fund
Templeton International Fund
Managed by Franklin Advisers, Inc.
Franklin Small Cap Investments Fund
The general public may not purchase these underlying funds. The investment
objectives and policies may be similar to other portfolios and
16
<PAGE>
mutual funds managed by the same investment adviser or manager that are sold
directly to the public. You should not expect that the investment results of
the other portfolios and mutual funds will be comparable to those of the
underlying funds.
More detailed information, including an explanation of the portfolio's
investment objectives, may be found in the underlying funds' current
prospectuses, which are attached to this prospectus. You should read the
prospectuses for each of the underlying funds carefully before you invest. We
may receive expense reimbursements or other revenues from the underlying funds
or their investment advisors. The amount of these reimbursements or revenues,
if any, may be based on the amount of assets that PFL or the separate account
invests in the underlying funds.
The Fixed Account
Premium payments allocated and amounts transferred to the fixed account become
part of the general account of PFL. Interests in the general account have not
been registered under the Securities Act of 1933 (the "1933 Act"), nor is the
general account registered as an investment company under the Investment
Company Act of 1940 (the "1940 Act"). Accordingly, neither the general account
nor any interests therein are generally subject to the provisions of the 1933
or 1940 Acts. PFL has been advised that the staff of the SEC has not reviewed
the disclosures in this prospectus which relate to the fixed account.
We guarantee that the interest credited to the fixed account will not be less
than 3% per year. At the end of a guaranteed period, the value in that
guaranteed period option will automatically be transferred into a new
guaranteed period option of the same length (or the next shorter period if the
same period is no longer offered) at the current interest rate for that period.
You can transfer to another investment choice by giving us notice within 30
days before the end of the expiring guaranteed period.
Surrenders or partial withdrawals from a guaranteed period option of the fixed
account are subject to an excess interest adjustment. This adjustment may
increase or decrease the amount of interest credited to your policy. The excess
interest adjustment will not decrease the interest credited to your policy
below 3% per year, however. You bear the risk that we will not credit interest
greater than 3% per year. We determine credited rates, which are guaranteed for
at least one year, in our sole discretion.
If you select the fixed account, your money will be placed with the other
general assets of PFL. The amount of money you are able to accumulate in the
fixed account during the accumulation phase depends upon the total interest
credited. The amount of annuity payments you receive during the income phase
from the fixed portion of your policy will remain level for the entire income
phase.
Transfers
During the accumulation phase, you may make transfers from any subaccount as
often as you wish. However, transfers from a guaranteed period option of the
fixed account are allowed only under the following circumstances:
. At the end of a guaranteed period, you must notify us within 30 days prior
to the end of the guaranteed period that you wish to transfer the amount in
the guaranteed period option to another investment choice.
. Transfers of amounts equal to interest credited on a monthly, quarterly,
semi-annual or annual basis. This may affect your overall interest-crediting
rate, because transfers are deemed to come from the oldest premium payment
first.
There are no transfers permitted out of the dollar cost averaging fixed account
option except through the dollar cost averaging program.
Each transfer must be at least $500 (or the entire subaccount value), except
for transfers out of a guaranteed period option of the fixed account of amounts
equal to interest credited for which there is a minimum transfer amount of $50.
If the subaccount value remaining after the transfer is less than $500, we
reserve the right to include that amount as part of the transfer.
17
<PAGE>
During the income phase of your policy, you may transfer values out of any
subaccount up to four times per policy year. However, you cannot transfer
values out of the fixed account in this phase. The minimum amount that can be
transferred during this phase is the lesser of $10 of monthly income, or the
entire monthly income of the annuity units in the subaccount from which the
transfer is being made.
Transfers may be made by telephone, subject to the limitations described below
under "Telephone Transactions."
Currently, there is no charge for transfers. However, the number of transfers
permitted may be limited in the future and charges per transfer may apply in
the future.
Family Income Protector
The "family income protector" assures you of a minimum level of income in the
future by guaranteeing a minimum annuitization value (discussed below) after 10
years. You may elect to purchase this benefit, which guarantees the total
amount you will have to apply to a family income protector payment option and
which guarantees the amounts of those payments once you begin to receive them.
By electing this benefit, you can participate in the gains of the underlying
variable investment options you select while knowing that you are guaranteed a
minimum level of income in the future, regardless of the performance of the
underlying variable investment options.
Minimum Annuitization Value. The minimum annuitization value is:
. the policy value on the date the rider is issued,
. plus any additional premium payments,
. minus an adjustment for any withdrawals made after the date the rider is
issued, accumulated at the annual growth rate written on page one of the
rider,
. minus any premium taxes.
The annual growth rate is currently 6% per year; PFL may, at its discretion,
change the rate in the future, but the rate will never be less than 3% per
year, and once the rider is added to your policy,
the annual growth rate will not vary during the life of that rider. Withdrawals
may reduce the minimum annuitization value on a basis greater than dollar-for-
dollar. See the Statement of Additional Information for more information.
The minimum annuitization value may only be used to annuitize using the family
income protector payment options and may not be used with any of the annuity
payment options listed in section 2. The family income protector payment
options are:
. Life Income--An election may be made for "No Period Certain" or "10 Years
Certain". In the event of the death of the annuitant prior to the end of the
chosen period certain, the remaining period certain payments will be
continued to the beneficiary.
. Joint and Full Survivor--An election may be made for "No Period Certain" or
"10 Years Certain". Payments will be made as long as either the annuitant or
joint annuitant is living. In the event of the death of both the annuitant
and joint annuitant prior to the end of the chosen period certain, the
remaining period certain payments will be continued to the beneficiary.
The minimum annuitization value is used to calculate the family income
protector payment and does not establish or guarantee a policy value or
guarantee performance of any investment option.
Other benefits and fees under the rider (the rider fee, the fee waiver
threshold, the stabilized payment fee, and the waiting period before the family
income protector can be exercised, as well as the annual growth rate) are also
guaranteed not to change after the rider is added. However. All of these
benefit specifications may change if you elect to upgrade the minimum
annuitization value.
Minimum Annuitization Value Upgrade. You can upgrade your minimum annuitization
value to the policy value within 30 days after any policy anniversary before
your 85th birthday (earlier if required by state law). For your convenience, we
will put the last date to upgrade on page one of the rider.
18
<PAGE>
If you upgrade, the current rider will terminate and a new one will be issued
with its own specified guaranteed benefits and fees. Please note that the
benefits and fees under the new rider may differ from your benefits and fees
prior to upgrading.
Conditions of Exercise of the Family Income Protector. You can only annuitize
using the family income protector within the 30 days after the tenth or later
policy anniversary after the family income protector is elected or, in the case
of an upgrade of the minimum annuitization value, the tenth or later policy
anniversary following the upgrade; PFL may, at its discretion, change the
waiting period before the family income protector can be exercised in the
future. You cannot, however, annuitize using the family income protector after
the policy anniversary after your 94th birthday (earlier if required by state
law). For your convenience, we will put the first and last date to annuitize
using the family income protector on page one of the rider.
Note Carefully--If you annuitize at any time other than indicated above, you
cannot use the family income protector.
Guaranteed Minimum Stabilized Payments. Annuity payments under the family
income protector are guaranteed to never be less than the initial payment. See
the Statement of Additional Information for information concerning the
calculation of the initial payment. The payments will also be "stabilized" or
held constant during each policy year.
Under the family income protector, each annuity payment will be the greater of
the stabilized payment or the payment calculated without regard to the
stabilized payments. During the first policy year after annuitizing using the
family income protector, each stabilized payment will equal the initial
payment. On each policy anniversary thereafter, the stabilized payment will
increase or decrease depending on the performance of the investment options you
selected, and then be held constant at that amount for that policy year. The
stabilized payment on each policy anniversary will equal the greater of the
initial payment or the payment supportable by the annuity units in the selected
investment options. See the Statement of Additional Information for additional
information concerning stabilized payments.
Family Income Protector Rider Fee. A rider fee, currently 0.30% of the minimum
annuitization value on the prior anniversary, is charged annually prior to
annuitization. PFL may change the rider fee percentage in the future, but it
will never be greater than 0.50%. The rider fee is deducted from each variable
investment option in proportion to the amount of policy value in each
subaccount.
The rider fee on any given policy anniversary will be waived if the policy
value exceeds the fee waiver threshold. The fee waiver threshold currently is
two times the minimum annuitization value; PFL may, at its discretion, change
the fee waiver threshold in the future, but it will never be greater than two
and one-half times the minimum annuitization value.
Stabilized Payment Fee. A stabilized payment fee, currently equal to an
effective annual rate of 1.25% of the daily net asset value in the variable
investment options, is reflected in the amount of the variable payments you
receive if you annuitize under the family income protector rider. PFL may
change the stabilized payment fee in the future, but it will never be greater
than 2.25%. The stabilized payment fee is included on page one of the rider.
Termination. The family income protector is irrevocable. You have the option
not to use the benefit but you will not receive a refund any fees you have
paid. The family income protector will terminate upon the earliest of the
following:
. annuitization (you will still get guaranteed minimum stabilized payments if
you annuitize using the minimum annuitization value under the family income
protector),
. upgrade of the minimum annuitization value (although a new rider will be
issued),
. termination of your policy, or
. 30 days after the policy anniversary after your 94th birthday (earlier if
required by state law).
The family income protector does not establish or guarantee policy value or
19
<PAGE>
guarantee performance of any investment option. Because this benefit is based
on conservative actuarial factors, the level of lifetime income that it
guarantees may be less than the level that would be provided by application of
the policy value at otherwise applicable annuity factors. Therefore, the family
income protector should be regarded as a safety net.
The family income protector may not be available in all states.
Dollar Cost Averaging Program
During the accumulation phase, you may instruct us to automatically transfer
money from the dollar cost averaging fixed account option into one or more
variable subaccounts. You may specify the dollar amount to be transferred
either monthly or quarterly; however each transfer must be at least $500. A
minimum of 6 monthly or 4 quarterly transfers are required and a maximum of 24
months or 8 quarterly transfers are allowed. Transfers must begin within 30
days. We will make the transfers on the 28th day of the applicable month. There
is no charge for this program.
Dollar cost averaging buys more accumulation units when prices are low and
fewer accumulation units when prices are high. It does not guarantee profits or
assure that you will not experience a loss.
We may credit different interest rates for dollar cost averaging programs of
varying time periods. If you discontinue the dollar cost averaging program
before its completion, then the interest credited on amounts in the dollar cost
averaging fixed account may be adjusted downward, but not below the minimum
guaranteed effective annual interest rate of 3%.
Asset Rebalancing
During the accumulation phase you can instruct us to automatically rebalance
the amounts in your subaccounts to maintain your desired asset allocation. This
feature is called asset rebalancing and can be started and stopped at any time
free of charge. However, we will not rebalance if you are in the dollar cost
averaging program or if any other transfer is requested. Asset rebalancing
ignores amounts in the fixed account. You can choose to rebalance monthly,
quarterly, semi-annually, or annually.
Telephone Transactions
You may make transfers and change the allocation of additional premium payments
by telephone IF:
. you select the "Telephone Transfer/Reallocation Authorization" box in the
policy application or enrollment information; or
. you later make this request in writing.
You will be required to provide certain information for identification purposes
when requesting a transaction by telephone. We may also require written
confirmation of your request. We will not be liable for following telephone
requests that we believe are genuine.
Telephone requests must be received before 3:00 p.m. central time to assure
same-day pricing of the transaction. We may discontinue this option at any
time.
5. EXPENSES
There are charges and expenses associated with your policy that reduce the
return on your investment in the policy.
Surrender Charges
During the accumulation phase, you can withdraw part or all of the cash value.
Cash value is the policy value increased or decreased by any excess interest
adjustment and decreased by an applicable surrender charge. We may apply a
surrender charge to compensate us for expenses relating to policy sales,
including commission to registered representatives and other promotional
expenses. You can withdraw up to 10% of your policy value each year free of
surrender charges. This free amount is cumulative and is referred to as the
cumulative free percentage and is determined at the time of the withdrawal. If
you withdraw money in excess of the cumulative free percentage, you might have
to pay a surrender charge, which is a contingent deferred sales charge, on the
excess
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amount. The following schedule shows the surrender charges that apply during
the five years following each premium payment:
<TABLE>
<CAPTION>
Surrender Charge
Number of Years Since (as a percentage of
Premium Payment Date premium withdrawn)
- ------------------------------------------------------------------------------
<S> <C>
0 - 1 6%
1 - 2 6%
2 - 3 6%
3 - 4 4%
4 - 5 2%
5 or more 0%
</TABLE>
For example, assume your policy value is $100,000 at the beginning of policy
year 2 and you withdraw $30,000. Since that amount is more than your cumulative
free percentage of 20% that is available at that time, you would pay a
surrender charge of $600 on the remaining $10,000 (6% of $30,000--$20,000).
You receive the full amount of a requested partial withdrawal because we deduct
any applicable excess interest adjustment and surrender charge from your
remaining policy value. You receive your cash value upon full surrender.
For surrender charge purposes, the oldest premium is considered to be withdrawn
first. After the tenth policy year, no surrender charges apply, regardless of
when you made your last premium payment.
Keep in mind that withdrawals may be taxable, and if made before age 59 1/2,
may be subject to a 10% federal penalty tax. For tax purposes, withdrawals are
considered to come from earnings first.
Surrender charges are waived if you withdraw money under the nursing care and
terminal condition withdrawal option or unemployment waiver.
Mortality and Expense Risk Fee
We charge a fee as compensation for bearing certain mortality and expense risks
under the policy. Examples include a guarantee of annuity rates, the death
benefits, certain expenses of the policy, and assuming the risk that the
current charges will be insufficient in the future to cover costs of
administering the policy. For the Return of Premium Death Benefit the mortality
and expense risk fee is at an annual rate of 1.10% of assets. For the 5%
Annually Compounding Death Benefit and the Annual Step-Up Death Benefit, the
mortality and expense risk fee is at an annual rate of 1.25% of assets. This
annual fee is assessed daily based on the net asset value of each subaccount.
If this charge does not cover our actual costs, we absorb the loss. Conversely,
if the charge more than covers actual costs, the excess is added to our
surplus. We expect to profit from this charge. We may use our surplus for any
proper purpose, including distribution expenses.
Administrative Charges
We deduct an annual administrative charge to cover the costs of administering
the policies. This charge is equal to 0.15% per year of the daily net asset
value of the separate account.
In addition, an annual service charge of $30 (but not more than 2% of the
policy value) is charged on each policy anniversary and at surrender. The
service charge is waived if your policy value or the sum of your premiums, less
all partial withdrawals, is at least $50,000.
Premium Taxes
Some states assess premium taxes on the premium payments you make. We currently
do not deduct for these taxes at the time you make a premium payment. However,
we will deduct the total amount of premium taxes, if any, from the policy value
when:
. you elect to begin receiving annuity payments;
. you surrender the policy; or
. you die and a death benefit is paid (you must also be the annuitant for the
death benefit to be paid).
Generally, premium taxes range from 0% to 3.50%, depending on the state.
Federal, State and Local Taxes
We may in the future deduct charges from the policy for any taxes we incur
because of the
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policy. However, no deductions are being made at the present time.
Transfer Fee
You are allowed to make 12 free transfers per year before the annuity
commencement date. If you make more than 12 transfers per year, we reserve the
right to charge $10 for each transfer. Premium payments, asset rebalancing and
dollar cost averaging transfers are not considered transfers. All transfer
requests made at the same time are treated as a single request.
Family Income Protector
If you elect the family income protector, there is an annual rider fee during
the accumulation phase of 0.30% of the minimum annuitization value, and a
stabilized payment fee of 1.25% of the daily net asset value if you annuitize
under the rider. The annual rider fee is also deducted upon a complete
withdrawal.
Portfolio Management Fees
The value of the assets in each subaccount will reflect the fees and expenses
paid by the underlying fund. A description of these expenses is found in the
"Fee Table" section of this prospectus and in the underlying fund's prospectus.
6. TAXES
NOTE: PFL has prepared the following information on federal income taxes as a
general discussion of the subject. It is not intended as tax advice to any
individual. You should consult your own tax adviser about your own
circumstances. PFL has included an additional discussion regarding taxes in the
Statement of Additional Information.
Annuity Policies in General
Deferred annuity policies are a way of setting aside money for future needs
like retirement. Congress recognized how important saving for retirement is and
provided special rules in the Internal Revenue Code for annuities.
Simply stated, these rules provide that generally you will not be taxed on the
earnings, if any, on the money held in your annuity policy until you take the
money out. This is referred to as tax deferral. There are different rules as to
how you will be taxed depending on how you take the money out and the type of
policy - qualified or nonqualified (discussed below).
You will not be taxed on increases in the value of your policy until a
distribution occurs - either as a withdrawal or as annuity payments.
When a non-natural person (e.g., corporation or certain other entities other
than tax-qualified trusts) owns a nonqualified policy, the policy will
generally not be treated as an annuity for tax purposes.
Qualified and Nonqualified Policies
If you purchase the policy under an individual retirement annuity, a pension
plan, or specially sponsored program, your policy is referred to as a qualified
policy.
Qualified policies are issued in connection with the following plans:
. Individual Retirement Annuity (IRA): A traditional IRA allows individuals to
make contributions, which may be deductible, to the Contract. A Roth IRA
also allows individuals to make contributions to the Contract, but it does
not allow a deduction for contributions, and distributions may be tax-free
if the owner meets certain rules.
. Tax-Sheltered Annuity (403(b) Plan): A 403(b) Plan may be made available to
employees of certain public school systems and tax-exempt organizations and
permits contributions to the Contract on a pre-tax basis.
. Corporate Pension and Profit-Sharing and H.R. 10 Plan: Employers and self-
employed individuals can establish pension or profit-sharing plans for their
employees or themselves and make contributions to the Contract on a pre-tax
basis.
. Deferred Compensation Plan (457 Plan): Certain governmental and tax-exempt
organizations can establish a plan to defer compensation on behalf of their
employees through contributions to the Contract.
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<PAGE>
If you purchase the policy as an individual and not under an individual
retirement annuity, 403(b) plan, 457 plan, or pension or profit sharing plan,
your policy is referred to as a nonqualified policy.
Withdrawals - Nonqualified Policies
If you make a withdrawal from your policy before the annuity commencement date,
the Internal Revenue Code treats that withdrawal as first coming from earnings
and then from your premium payments. When you make a withdrawal you are taxed
on the amount of the withdrawal that is earnings. (The excess interest
adjustment resulting from the withdrawal may affect the amount on which you are
taxed.) Different rules apply for annuity payments. (See "Annuity Payments"
below.)
The Internal Revenue Code also provides that withdrawn earnings may be subject
to a penalty. The amount of the penalty is equal to 10% of the amount that is
includable in income. Some withdrawals will be exempt from the penalty. They
include any amounts:
. paid on or after the taxpayer reaches age 59 1/2;
. paid after the taxpayer dies;
. paid if the taxpayer becomes totally disabled (as that term is defined in
the Internal Revenue Code);
. paid in a series of substantially equal payments made annually (or more
frequently) under a lifetime annuity;
. paid under an immediate annuity; or
. which come from premium payments made prior to August 14, 1982.
All deferred non-qualified annuity policies that are issued by AUSA Life (or
its affiliates) to the same owner during any calendar year are treated as one
annuity for purposes of determining the amount includable in the owner's income
when a taxable distributions occurs.
Withdrawals - Qualified Policies
The above information describing the taxation of nonqualified policies does not
apply to qualified policies. There are special rules that govern with respect
to qualified policies. Generally, these rules restrict:
. the amount that can be contributed to the policy during any year; and
. the time when amounts can be paid from the policies.
In addition, a penalty tax may be assessed on amounts withdrawn from the policy
prior to the date you reach age 59 1/2, unless you meet one of the exceptions
to this rule. You may also be required to begin taking minimum distributions
from the policy by a certain rule. The terms of the plan may limit the rights
otherwise available to you under the policies.
We have provided more information in the Statement of Additional Information.
You should consult your legal counsel or tax adviser if you are considering
purchasing a policy for use with any retirement plan.
Withdrawals - 403(b) Policies
The Internal Revenue Code limits the withdrawal of premium payments from
certain 403(b) policies. Withdrawals can generally only be made when an owner:
. reaches age 59 1/2;
. leaves his/her job;
. dies;
. becomes disabled (as that term is defined in the Internal Revenue Code); or
. in the case of hardship. However, in the case of hardship, the owner can
only withdraw the premium payments and not any earnings.
Diversification and Distribution Requirements
The Internal Revenue Code provides that the underlying investments for a
variable annuity must satisfy certain diversification requirements in order to
be treated as an annuity policy. The policy must also meet certain distribution
requirements at the death of an owner in order to be treated as an annuity
policy. These diversification and distribution requirements are discussed in
the Statement of Additional Information. PFL may modify the policy to attempt
to maintain favorable tax treatment.
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<PAGE>
Taxation of Death Benefit Proceeds
Amounts may be distributed from the policy because of the death of an owner or
the annuitant. Generally, such amounts are includable in the income of the
recipient:
. if distributed in a lump sum, these amounts are taxed in the same manner as
a full surrender; or
. if distributed under an annuity payment option, these amounts are taxed in
the same manner as annuity payments.
For these purposes, the "investment in the contract" is not affected by the
owner's or annuitant's death. That is, the "investment in the contract" remains
generally the total premium payments, less amounts received, which were not
includable in gross income.
Annuity Payments
Although the tax consequences may vary depending on the annuity payment option
you select, in general, for nonqualified and certain qualified policies, only a
portion of the annuity payments you receive will be includable in your gross
income.
In general, the excludable portion of each annuity payment you receive will be
determined as follows:
. Fixed payments - by dividing the "investment in the contract" on the annuity
commencement date by the total expected value of the annuity payments for
the term of the payments. This is the percentage of each annuity payment
that is excludable.
. Variable payments - by dividing the "investment in the contract" on the
annuity commencement date by the total number of expected periodic payments.
This is the amount of each annuity payment that is excludable.
The remainder of each annuity payment is includable in gross income. Once the
"investment in the contract" has been fully recovered, the full amount of any
additional annuity payments is includable in gross income.
If you select more than one annuity payment option, special rules govern the
allocation of the policy's entire "investment in the contract" to each such
option, for purposes of determining the excludable amount of each payment
received under that option. We advise you to consult a competent tax adviser as
to the potential tax effects of allocating amounts to any particular annuity
payment option.
If, after the annuity commencement date, annuity payments stop because an
annuitant died, the excess (if any) of the "investment in the contract" as of
the annuity commencement date over the aggregate amount of annuity payments
received that was excluded from gross income is generally allowable as a
deduction for your last taxable year.
Transfers, Assignments or Exchanges of Policies
A transfer of ownership or assignment of a policy, the designation of an
annuitant or other beneficiary who is not also the owner, the selection of
certain annuity commencement dates, or a change of annuitant, may result in
certain income or gift tax consequences to the owner that are beyond the scope
of this discussion. An owner contemplating any such transfer, assignment,
selection, or change should contact a competent tax adviser in respect to the
potential tax effects of such a transaction.
Possible Tax Law Changes
Although the likelihood of legislative changes in uncertain, there is always
the possibility that the tax treatment of the policy could change by
legislation or otherwise. You should consult a tax adviser with respect to
legislative developments and their effect on the policy.
7. ACCESS TO YOUR MONEY
Surrenders
You can have access to the money in your policy in several ways:
. by making a withdrawal (either a complete or partial withdrawal); or
. by taking annuity payments.
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<PAGE>
If you want to make a complete withdrawal, you will receive the value of your
policy including an excess interest adjustment, minus:
. surrender charges;
. premium taxes; and
. service charges.
If you want to take a partial withdrawal, in most cases it must be for at least
$500. Unless you tell us otherwise, we will take the withdrawal from each of
the investment choices in proportion to the policy value.
Remember that any withdrawal you take will reduce the policy value, and might
reduce the amount of the death benefit. See Section 9, Death Benefit, for more
details. Income taxes, federal tax penalties and certain restrictions may apply
to any withdrawals you make.
Delay of Payment and Transfers
Payment of any amount due from the separate account for a surrender, a death
benefit, or the death of the owner of a nonqualified policy, will generally
occur within seven business days from the date all required information is
received by PFL. PFL may be permitted to defer such payment from the separate
account if:
. the New York Stock Exchange is closed other than for usual weekends or
holidays or trading on the Exchange is otherwise restricted; or
. an emergency exists as defined by the SEC or the SEC requires that trading
be restricted; or
. the SEC permits a delay for the protection of owners.
In addition, transfers of amounts from the subaccounts may be deferred under
these circumstances.
Pursuant to the requirements of certain state laws, we reserve the right to
defer payment of the cash value from the fixed account for up to six months.
Excess Interest Adjustment
Money that you withdraw from a guaranteed period option of the fixed account
before the end of its guaranteed period (the number of years you specified the
money would remain in the guaranteed period option) may be subject to an excess
interest adjustment. At the time you request a withdrawal, if interest rates
set by PFL have risen since the date of the initial guarantee, the excess
interest adjustment will result in a lower cash value on surrender. However, if
interest rates have fallen since the date of the initial guarantee, the excess
interest adjustment will result in a higher cash value on surrender.
There will be no excess interest adjustment on any of the following:
. lump sum withdrawals of the cumulative free percentage available;
. nursing care and terminal condition withdrawals;
. unemployment withdrawals;
. periodic withdrawals of cumulative interest credited;
. withdrawals to satisfy any minimum distribution requirements; and
. systematic payout option payments, which do not exceed the cumulative
interest credited.
Certain conditions must be satisfied. See the Statement of Additional
Information for more details.
Systematic Payout Option
You can receive regular payments from your policy by using the systematic
payout option. Under this option, you can receive up to 10% (annually) of your
policy's value free of surrender charges. Payments can be made monthly,
quarterly, semi-annually, or annually.
Nursing Care and Terminal Condition Withdrawal Option
No surrender charges or excess interest adjustment will apply if you or your
spouse has been:
. confined in a hospital or nursing facility for 30 days in a row; or
. diagnosed with a terminal condition (usually a life expectancy of 12 months
or less).
This benefit is also available to the annuitant or annuitant's spouse if the
owner is not a natural person.
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<PAGE>
This benefit may not be available in all states. See the policy or endorsement
for details and conditions.
Unemployment Waiver
No surrender charges or excess interest adjustment will apply to withdrawals if
you or your spouse is unemployed. In order to qualify, you must have been:
. employed full time for at least two years prior to becoming unemployed; and
. employed full time on the policy date; and
. unemployed for at least 60 days in a row at the time of withdrawal; and
. must have a minimum cash value at the time of withdrawal of $5,000.
This benefit is also available to the annuitant or annuitant's spouse if the
owner is not a natural person.
You must provide written proof from your State's Department of Labor, which
verifies that you qualify for and are receiving unemployment benefits at the
time of withdrawal. This benefit may not be available in all states.
8. PERFORMANCE
PFL periodically advertises performance of the various investment portfolios.
We may disclose at least four different kinds of performance. First, we may
calculate performance by determining the percentage change in the value of an
accumulation unit by dividing the increase (decrease) for that unit by the
value of the accumulation unit at the beginning of the period. This performance
number reflects the deduction of the mortality and expense risk fees and
administrative charges. It does not reflect the deduction of any applicable
premium taxes or surrender charges. The deduction of any applicable premium
taxes or surrender charges would reduce the percentage increase or make greater
any percentage decrease.
Second, any advertisement will also include total return figures, which reflect
the deduction of the mortality and expense risk fees, administrative charges
and surrender charges.
Third, for periods starting prior to the date the policies were first offered,
the performance will be based on the historical performance of the
corresponding investment portfolios for the periods commencing from the date on
which the particular investment portfolio was made available through the
separate account.
Fourth, in addition, for certain investment portfolios, performance may be
shown for the period commencing from the inception date of the investment
portfolio. These figures should not be interpreted to reflect actual historical
performance of the separate account.
We also may, from time to time, include in our advertising and sales materials,
tax deferred compounding charts and other hypothetical illustrations, which may
include, comparisons of currently taxable and tax deferred investment programs,
based on selected tax brackets.
Appendix B contains performance information that you may find useful. It is
divided into various parts, depending upon the type of performance information
shown. Future performance will vary and future results will not be the same as
the results shown.
9. DEATH BENEFIT
We will pay a death benefit to your beneficiary, under certain circumstances,
if the annuitant dies during the accumulation phase and the annuitant was also
an owner. (If the annuitant was not an owner, a death benefit may or may not be
paid. See below.) The beneficiary may receive an amount payable under one of
the annuity payment options or may receive a lump sum.
When We Pay A Death Benefit
Before the Annuity Commencement Date
We will pay a death benefit to your beneficiary IF:
. you are both the annuitant and the owner of the policy; and
. you die before the annuity commencement date.
If the only beneficiary is your surviving spouse, then he or she may elect to
continue the policy
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<PAGE>
as the new annuitant and owner, instead of receiving the death benefit. We will
also pay a death benefit to your beneficiary IF:
. you are not the annuitant; and
. the annuitant dies before the annuity commencement date; and
. you specifically requested that the death benefit be paid upon the
annuitant's death.
Distribution requirements apply to the policy value upon the death of any
owner. These requirements are detailed in the Statement of Additional
Information.
After the Annuity Commencement Date
The death benefit payable, if any, on or after the annuity commencement date
depends on the annuity payment option selected.
IF:
. you are not the annuitant; and
. you die on or after the annuity commencement date; and
. the entire interest in the policy has not been paid to you;
THEN:
. the remaining portion of such interest in the policy will be distributed at
least as rapidly as under the method of distribution being used as of the
date of your death.
When We Do Not Pay A Death Benefit
No death benefit is paid in the following cases:
IF:
. you are not the annuitant; and
. the annuitant dies prior to the annuity commencement date; and
. you did not specifically request that the death benefit be paid upon the
annuitant's death;
THEN:
. you will become the new annuitant and the policy will continue.
IF:
. you are not the annuitant; and
. you die prior to the annuity commencement date;
THEN:
. the new owner must surrender the policy for the policy value increased or
decreased by an excess interest adjustment within five years of your death.
Note carefully. If the owner does not name a contingent owner, the owner's
estate will become the new owner. If no probate estate is opened (because, for
example, the owner has precluded the opening of a probate estate by means of a
trust or other instrument), and PFL has not received written notice of the
trust as a successor owner signed prior to the owner's death, then that trust
may not exercise ownership rights to the policy. It may be necessary to open a
probate estate in order to exercise ownership rights to the policy if no
contingent owner is named in a written notice received by PFL.
Amount of Death Benefit
Death benefit provisions may differ from state to state. The death benefit may
be paid as a lump sum or as annuity payments. The amount of the death benefit
depends on the guaranteed minimum death benefit option you chose when you
bought the policy. The death benefit will be the greatest of:
. policy value on the date we receive the required information; or
. cash value on the date we receive the required information; or
. guaranteed minimum death benefit (discussed below), plus premium payments,
less partial withdrawals from the date of death to the date the death
benefit is paid.
Guaranteed Minimum Death Benefit
On the policy application, you may choose one of the three guaranteed minimum
death benefit options listed below.
The Return of Premium Death Benefit will be in effect if you do not choose one
of the other options on the policy application. After the policy is issued, you
cannot make an election and the death benefit cannot be changed.
Return of Premium Death Benefit
Total premium payments, less any adjusted partial withdrawals (discussed below)
as of the date of death.
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<PAGE>
5% Annually Compounding Death Benefit
Total premium payments, less any adjusted partial withdrawals, plus interest at
an effective annual rate of 5% from the premium payment date or withdrawal date
to the date of death (but not later than your 81st birthday). There is an extra
charge for this death benefit.
Annual Step-Up Death Benefit
On each policy anniversary before your 81st birthday, a new "stepped-up" death
benefit is determined and becomes the guaranteed minimum death benefit for that
policy year. The death benefit is equal to:
. the largest policy value on the policy date or on any policy anniversary
before you reach age 81; plus
. any premium payments you have made since then; minus
. any adjusted partial withdrawals we have paid to you since then.
There is an extra charge for this death benefit.
IF, under all three death benefit options:
. the surviving spouse elects to continue the policy instead of receiving the
death benefit; and
. the guaranteed minimum death benefit is greater than the policy value;
THEN:
. we will increase the policy value to be equal to the guaranteed minimum
death benefit.
This increase is made only at the time the surviving spouse elects to
continue the policy.
Adjusted Partial Withdrawal
When you request a partial withdrawal, your guaranteed minimum death benefit
will be reduced by an amount called the adjusted partial withdrawal. Under
certain circumstances, the adjusted partial withdrawal may be more than the
amount of your withdrawal request. It is also possible that if a death benefit
is paid after you have made a partial withdrawal, then the total amount paid
could be less than the total premium payments. We have included a detailed
explanation of this adjustment in the Statement of Additional Information.
10. OTHER INFORMATION
Ownership
You, as owner of the policy, exercise all rights under the policy. You can
change the owner at any time by notifying us in writing. An ownership change
may be a taxable event.
Assignment
You can also assign the policy any time during your lifetime. PFL will not be
bound by the assignment until we receive written notice of the assignment. We
will not be liable for any payment or other action we take in accordance with
the policy before we receive notice of the assignment. An assignment may be a
taxable event. There may be limitations on your ability to assign a qualified
policy.
PFL Life Insurance Company
PFL Life Insurance Company was incorporated under the laws of the State of Iowa
on April 19, 1961 as NN Investors Life Insurance Company, Inc. It is engaged in
the sale of life and health insurance and annuity policies. PFL is a wholly-
owned indirect subsidiary of AEGON USA, Inc. which conducts most of its
operations through subsidiary companies engaged in the insurance business or in
providing non-insurance financial services. All of the stock of AEGON USA,
Inc., is indirectly owned by AEGON N.V. of The Netherlands, the securities of
which are publicly traded. AEGON N.V., a holding company, conducts its business
through subsidiary companies engaged primarily in the insurance business. PFL
is licensed in the District of Columbia, Guam, and in all states except New
York.
All obligations arising under the policies, including the promote to make
annuity payments, are general corporate obligations of PFL.
The Separate Account
PFL established a separate account, called the PFL Retirement Builder Variable
Annuity Account, under the laws of the State of Iowa on March 29,
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<PAGE>
1996. The Portfolio Select Variable Annuity divisions of the separate account
receive and currently invest the premium payments that are allocated to the
separate account for investment in shares of the underlying mutual fund
portfolios.
The separate account is registered with the SEC as a unit investment trust
under the Investment Company Act of 1940. However, the SEC does not supervise
the management, the investment practices, or the policies of the separate
account or PFL.
The assets of the separate account are held in PFL's name on behalf of the
separate account and belong to PFL. However, those assets that underlie the
policies are not chargeable with liabilities arising out of any other business
PFL may conduct. The separate account includes other subaccounts that are not
available under these policies. Income, gains, and losses, whether or not
realized, from assets allocated to the separate account are, in accordance with
the policies, credited or charged against the separate account without regard
to PFL's other income, gains or losses.
Information about the separate account can be reviewed and copied at the SEC's
Public Reference Room in Washington, D.C. You may obtain information about the
operation of the public reference room by calling the Commission at 1-800-SEC-
0330. In addition, the SEC maintains a web site (http://www.sec.gov) that
contains other information regarding the separate account.
Mixed and Shared Funding
Before making a decision concerning the allocation of premium payments to a
particular subaccount, please read the underlying funds' prospectuses. The
underlying funds are not limited to selling their shares to this separate
account and are permitted to accept investments from any separate account of an
insurance company. Since the portfolios of the underlying funds are available
to registered separate accounts offering variable annuity products of PFL, as
well as variable annuity and variable life products of other insurance
companies, and qualified retirement plans, there is a possibility that a
material conflict may arise between the interests of this separate account and
one or more of the separate accounts of another participating insurance
company. In the event of a material conflict, the affected insurance companies,
including PFL, agree to take any necessary steps to resolve the matter. This
includes removing their separate accounts from the underlying funds. See the
underlying funds' prospectuses for more details.
Reinstatements
You may surrender your policy and transfer your money directly to another life
insurance company (sometimes referred to as a 1035 Exchange or a trustee-to-
trustee transfer). You may also request us to reinstate your policy after such
a transfer by returning the same total dollar amount of funds to the applicable
investment choices. The dollar amount will be used to purchase new accumulation
units at the then current price. Because of changes in market value, your new
accumulation units may be worth more or less than the units you previously
owned. We recommend that you consult a tax professional to explain the possible
tax consequences of exchanges and/or reinstatements.
Voting Rights
PFL will vote all shares of the underlying funds in accordance with
instructions we receive from you and other owners that have voting interests in
the portfolios. We will send you and other owners written requests for
instructions on how to vote those shares. When we receive those instructions,
we will vote all of the shares in proportion to those instructions. If,
however, we determine that we are permitted to vote the shares in our own
right, we may do so.
Each person having a voting interest will receive proxy material, reports, and
other materials relating to the appropriate portfolio.
Distributor of the Policies
AFSG Securities Corporation is the principal underwriter of the policies. Like
PFL, it is an
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indirect wholly-owned subsidiary of AEGON USA, Inc. It is located at 4333
Edgewood Road N.E., Cedar Rapids, IA 52499-0001. AFSG Securities Corporation is
registered as a broker/dealer under the Securities Exchange Act of 1934. It is
a member of the National Association of Securities Dealers, Inc. ("NASD"). It
was incorporated in Pennsylvania on March 12, 1986.
Commissions of up to 5% of premium payments will be paid to broker/dealers who
sell the policies under agreements with AFSG Securities Corporation. These
commissions are not deducted from premium payments. In addition, certain
production, persistency and managerial bonuses may be paid. PFL may also pay
compensation to banks and other financial institutions for their services in
connection with the sale and servicing of the policies.
Non-participating Policy
The policy does not participate or share in the profits or surplus earnings of
PFL. No dividends are payable on the policy.
Variations in Policy Provisions
Certain provisions of the policies may vary from the descriptions in this
prospectus in order to comply with different state laws. See your policy for
variations since any such state variations will be included in your policy or
in riders or endorsements attached to your policy.
New Jersey residents: Annuity payments must begin on or before the later of:
(1) the policy anniversary that is closest to the annuitant's 70th birthday or
(2) the 10th policy anniversary. You may not select a guaranteed period option
that would extend beyond that date. Your options at the annuity commencement
date are to elect a lump sum payment, or elect to receive annuity payments
under one of the fixed payment options. New Jersey residents cannot elect
variable payment options. Consult your agent and the policy form itself for
details regarding these and other terms applicable to policies sold in New
Jersey.
Year 2000 Matters
In May 1996, PFL Life Insurance Company (PFL) adopted and presently has in
place a Year 2000 Project Plan (the "Plan") to review and analyze existing
hardware and software systems, as well as voice and data communications
systems, to determine if they are Year 2000 compliant. As of March 1, 1999,
substantially all of PFL's mission-critical systems are Year 2000 compliant.
The Year 2000 Project Plan remains on track as PFL continues with the
validation of its mission-critical and non-mission-critical systems, including
revalidation testing in 1999. In addition, PFL has undertaken aggressive
initiatives to test all systems that interface with any third parties and other
business partners. All of these steps are aimed at allowing current operations
to remain unaffected by the year 2000 date change.
As of the date of this prospectus, PFL has identified and made available what
it believes are the appropriate resources of hardware, people, and dollars,
including the engagement of outside third parties, to ensure that the Plan will
be completed.
The actions taken by management under The Year 2000 Project Plan are intended
to significantly reduce PFL's risk of a material business interruption based on
the Year 2000 issues. It should be noted that the Year 2000 computer problem,
and its resolution, is complex and multifaceted, and any company's success
cannot be conclusively known until the Year 2000 is reached. In spite of its
efforts or results, PFL's ability to function unaffected to and through the
Year 2000 may be adversely affected by actions, or failure to act, of third
parties beyond our knowledge or control.
This statement is a Year 2000 Readiness Disclosure pursuant to Section 3(9) of
the Year 2000 Information and Readiness Disclosure Act, 15 U.S.C. Section 1
(1998).
IMSA
PFL is a member of the Insurance Marketplace Standards Association (IMSA). IMSA
members subscribe to a set of ethical standards involving the sales and service
of individually sold life
30
<PAGE>
insurance and annuities. As a member, we may use the IMSA logo and language in
advertisements.
Legal Proceedings
There are no legal proceedings to which the separate account is a party or to
which the assets of the account are subject. PFL, like other life insurance
companies, is involved in lawsuits. In some class action and other lawsuits
involving other insurers, substantial damages have been sought and/or material
settlement payments have been made. Although the outcome of any litigation
cannot be predicted with certainty, PFL believes that at the present time there
are no pending or threatened lawsuits that are reasonably likely to have a
material adverse impact on the separate account or PFL.
Financial Statements
The financial statements of PFL and the separate account are included in the
Statement of Additional Information.
Table of Contents of the Statement of Additional Information
<TABLE>
<S> <C>
Glossary of Terms
The Policy - General Provisions
Certain Federal Income Tax Consequences
Investment Experience
Family Income Protector - Hypothetical Illustration
Historical Performance Data
Published Ratings
State Regulation of PFL
Administration
Records and Reports
Distribution of the Policies
Other Products
Custody of Assets
Legal Matters
Independent Auditors
Other Information
Financial Statements
</TABLE>
31
<PAGE>
APPENDIX A
CONDENSED FINANCIAL INFORMATION
The accumulation unit values and the number of accumulation units outstanding
for each subaccount from the date of inception are shown in the following
tables.
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Separate Account Annual Expenses: 1.40%)
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Value Value Accumulation
Subaccount at Beginning of Year at End of Year Units at End of Year
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Growth and
Income Fund 1998(/1/).. $1.086034 $1.260851 4,908.801
- -------------------------------------------------------------------------------------
AIM V.I. International
Equity Fund 1998(/1/).. $1.000000 $1.077586 14,039.712
- -------------------------------------------------------------------------------------
AIM V.I. Value Fund
1998(/1/).............. $1.083189 $1.266642 90,487.213
- -------------------------------------------------------------------------------------
Evergreen VA Fund
1998(/1/).............. $1.000000 $1.123643 24,377.368
- -------------------------------------------------------------------------------------
Evergreen VA Foundation
Fund 1998(/1/)......... $1.000000 $1.066605 60,151.622
- -------------------------------------------------------------------------------------
Evergreen VA Growth and
Income Fund
1998(/1/).............. $1.000000 $1.077823 99,286.054
- -------------------------------------------------------------------------------------
Federated High Income
Bond Fund II
1998(/1/).............. $1.000000 $1.053867 26,497.028
- -------------------------------------------------------------------------------------
MFS Emerging Growth
Series 1998(/1/)....... $1.023216 $1.266452 53,172.589
- -------------------------------------------------------------------------------------
MFS Research Series
1998(/1/).............. $1.056392 $1.212676 31,821.450
- -------------------------------------------------------------------------------------
MFS Total Return Series
1998(/1/) ............. $1.025771 $1.076484 97,238.01
- -------------------------------------------------------------------------------------
Oppenheimer Capital
Appreciation
Fund/VA(/2/)
1998(/1/).............. $1.084275 $1.263592 2,801.984
- -------------------------------------------------------------------------------------
Oppenheimer Multiple
Strategies Fund/VA
1998(/1/).............. $1.000000 $1.062052 110,363.654
- -------------------------------------------------------------------------------------
Oppenheimer Strategic
Bond Fund/VA
1998(/1/).............. $0.989048 $1.014714 11,646.573
- -------------------------------------------------------------------------------------
Putnam VT Global Growth
Fund Class IB Shares
1998(/1/).............. $1.000000 $1.165076 14,249.515
- -------------------------------------------------------------------------------------
Putnam VT Money Market
Fund Class IB Shares
1998(/1/).............. $1.000000 $ 1.00594 1,000.00
- -------------------------------------------------------------------------------------
Putnam VT New Value Fund
Class IB Shares
1998(/1/).............. $1.000000 $1.084332 95,008.528
</TABLE>
(/1/)Period from October 30, 1998 through December 31, 1998
(/2/)Formerly known as Oppenheimer Growth Fund.
32
<PAGE>
Return of Premium Death Benefit
(Total Separate Account Annual Expenses: 1.25%)
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Value Value Accumulation
Subaccount at Beginning of Year at End of Year Units at End of Year
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Growth and
Income Fund
1998(/1/).............. $1.085904 $1.260383 213,324.783
- -------------------------------------------------------------------------------------
AIM V.I. International
Equity Fund
1998(/1/).............. $1.000000 $1.077315 85,589.093
- -------------------------------------------------------------------------------------
AIM V.I. Value Fund
1998(/1/).............. $ 1.08306 $1.265957 710,879.859
- -------------------------------------------------------------------------------------
Evergreen VA Fund
1998(/1/).............. $1.000000 $ 1.12336 176,094.122
- -------------------------------------------------------------------------------------
Evergreen VA Foundation
Fund 1998(/1/)......... $1.000000 $1.066334 730,048.182
- -------------------------------------------------------------------------------------
Evergreen VA Growth and
Income Fund
1998(/1/).............. $1.000000 $1.077551 423,067.758
- -------------------------------------------------------------------------------------
Federated High Income
Bond Fund II
1998(/1/).............. $ 0.97756 $1.029959 565,655.506
- -------------------------------------------------------------------------------------
MFS Emerging Growth
Series 1998(/1/)....... $1.023088 $1.265976 370,997.778
- -------------------------------------------------------------------------------------
MFS Research Series
1998(/1/).............. $1.056268 $1.212231 420,718.942
- -------------------------------------------------------------------------------------
MFS Total Return Series
1998(/1/) ............. $1.025646 $1.076083 361,289.760
- -------------------------------------------------------------------------------------
Oppenheimer Capital
Appreciation
Fund/VA(/2/)
1998(/1/).............. $1.084144 $1.263125 323,537.371
- -------------------------------------------------------------------------------------
Oppenheimer Multiple
Strategies Fund/VA
1998(/1/).............. $1.000000 $1.061787 118,249.261
- -------------------------------------------------------------------------------------
Oppenheimer Strategic
Bond Fund/VA
1998(/1/).............. $0.988927 $1.014327 543,298.914
- -------------------------------------------------------------------------------------
Putnam VT Global Growth
Fund Class IB Shares
1998(/1/).............. $1.000000 $ 1.16479 58,681.348
- -------------------------------------------------------------------------------------
Putnam VT Money Market
Fund Class IB Shares
1998(/1/).............. $1.000000 $ 1.00569 78,629.855
- -------------------------------------------------------------------------------------
Putnam VT New Value Fund
Class IB Shares
1998(/1/).............. $1.000000 $1.084061 62,564.405
</TABLE>
(/1/)Period from October 30, 1998 through December 31, 1998
(/2/)Formerly known as Oppenheimer Growth Fund.
The Evergreen VA Global Leaders Fund Subaccount, Evergreen VA International
Growth Fund Subaccount, VIP High Income Subaccount, VIP II Index 500
Subaccount, VIP II Investment Grade Bond Subaccount, VIP III Growth
Opportunities Subaccount, Mentor VIP Capital Growth Subaccount, Mentor VIP
Growth Subaccount, MFS Utilities Series Subaccount, Templeton Asset Allocation
Fund Subaccount, Templeton International Fund Subaccount, and the Franklin
Small Cap Investments Fund Subaccount had not commenced operations as of
December 31, 1998, therefore, comparable data is not available.
33
<PAGE>
APPENDIX B
HISTORICAL PERFORMANCE DATA
Standardized Performance Data
PFL may advertise historical yields and total returns for the subaccounts of
the separate account. These figures are based on historical earnings and are
calculated according to guidelines from the SEC. They do not indicate future
performance.
Putnam VT Money Market Fund Subaccount. The yield of the Putnam VT Money Market
Fund Subaccount for a policy refers to the annualized income generated by an
investment under a policy in the subaccount over a specified seven-day period.
The yield is calculated by assuming that the income generated for that seven-
day period is generated each seven-day period over a 52-week period and is
shown as a percentage of the investment. The effective yield is calculated
similarly but, when annualized, the income earned by an investment under a
policy in the subaccount is assumed to be reinvested. The effective yield will
be slightly higher than the yield because of the compounding effect of this
assumed reinvestment.
Other Subaccounts. The yield of a subaccount of the separate account (other
than the Putnam VT Money Market Fund Subaccount) for a policy refers to the
annualized income generated by an investment under a policy in the subaccount
over a specified 30-day period. The yield is calculated by assuming that the
income generated by the investment during that 30-day period is generated each
30-day period over a 12-month period and is shown as a percentage of the
investment.
The total return of a subaccount of the separate account refers to return
quotations assuming an investment under a policy has been held in the
subaccount for various periods of time including a period measured from the
date the subaccount commenced operations. When a subaccount has been in
operation for 1, 5, and 10 years, respectively, the total return for these
periods will be provided. The total return quotations for a subaccount will
represent the average annual compounded rates of return that equate an initial
investment of $1,000 in the subaccount to the redemption value of that
investment as of the last day of each of the periods for which total return
quotations are provided.
The yield and total return calculations for a subaccount do not reflect the
effect of any premium taxes that may be applicable to a particular policy, and
they do not reflect the rider charge for the optional family income protector.
The yield calculations also do not reflect the effect of any surrender charge
that may be applicable to a particular policy. To the extent that any or all of
a premium tax and/or surrender charge is applicable to a particular policy, the
yield and/or total return of that policy will be reduced. For additional
information regarding yields and total returns calculated using the standard
formats briefly summarized above, please refer to the Statement of Additional
Information.
Based on the method of calculation described in the Statement of Additional
Information, the average annual total returns for periods from inception of the
subaccounts to December 31, 1998, and for the one and five year periods ended
December 31, 1998 are shown in Table 1 below. Total returns shown reflect
deductions for the mortality and expense risk fee and the administrative
charges. Performance figures may reflect the 1.25% mortality and expense risk
fee for the 5% Annually Compounding and Annual Step-Up Death Benefits, or the
1.10% mortality and expense risk fee for the Return of Premium Death Benefit.
Standard total return calculations will reflect the effect of surrender charges
that may be applicable to a particular period.
34
<PAGE>
TABLE 1
Standard Average Annual Total Returns
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund..................... N/A N/A 10.78% October 31, 1998
AIM V.I. International
Equity Fund.............. N/A N/A 2.39% October 31, 1998
AIM V.I. Value Fund....... N/A N/A 11.60% October 31, 1998
Evergreen VA Fund......... N/A N/A 7.02% October 31, 1998
Evergreen VA Foundation
Fund..................... N/A N/A 1.28% October 31,1998
Evergreen VA Global
Leaders Fund(/1/)........ N/A N/A 2.41% October 31, 1998
Evergreen VA Growth and
Income Fund.............. N/A N/A N/A N/A
Evergreen VA International
Growth Fund(/1/)......... N/A N/A N/A N/A
Federated High Income Bond
Fund II.................. N/A N/A 0.00% October 31, 1998
VIP High Income(/1/)...... N/A N/A N/A N/A
VIP II Index 500(/1/)..... N/A N/A N/A N/A
VIP II Investment Grade
Bond(/1/)................ N/A N/A N/A N/A
VIP III Growth
Opportunities(/1/)....... N/A N/A N/A N/A
Mentor VIP Capital
Growth(/1/).............. N/A N/A N/A N/A
Mentor VIP Growth(/1/).... N/A N/A N/A N/A
MFS Emerging Growth
Series................... N/A N/A 18.50% October 31, 1998
MFS Research Series....... N/A N/A 9.46% October 31, 1998
MFS Total Return Series... N/A N/A (0.44%) October 31, 1998
MFS Utilities
Series(/1/).............. N/A N/A N/A N/A
Oppenheimer Capital
Appreciation
Fund/VA(/2/)............. N/A N/A 11.24% October 31, 1998
Oppenheimer Multiple
Strategies Fund/VA....... N/A N/A 0.83% October 31, 1998
Oppenheimer Strategic Bond
Fund/VA.................. N/A N/A (2.81%) October 31, 1998
Putnam VT Global Growth
Fund Class IB Shares..... N/A N/A 11.19% October 31, 1998
Putnam VT New Value Fund
Class IB Shares.......... N/A N/A 3.07% October 31, 1998
Templeton Asset Allocation
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Templeton International
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Franklin Small Cap
Investments Fund - Class
2(/1/)................... N/A N/A N/A N/A
</TABLE>
35
<PAGE>
TABLE 1 continued
Standard Average Annual Total Returns
- --------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund..................... N/A N/A 10.73% October 31, 1998
AIM V.I. International
Equity Fund.............. N/A N/A 2.36% October 31, 1998
AIM V.I. Value Fund....... N/A N/A 11.56% October 31, 1998
Evergreen VA Fund......... N/A N/A 6.99% October 31, 1998
Evergreen VA Foundation
Fund..................... N/A N/A 1.26% October 31,1998
Evergreen VA Global
Leaders Fund(/1/)........ N/A N/A 2.38% October 31, 1998
Evergreen VA Growth and
Income Fund.............. N/A N/A N/A N/A
Evergreen VA International
Growth Fund(/1/) ........ N/A N/A N/A N/A
Federated High Income Bond
Fund II.................. N/A N/A (0.02%) October 31, 1998
VIP High Income(/1/)...... N/A N/A N/A N/A
VIP II Index 500(/1/)..... N/A N/A N/A N/A
VIP II Investment Grade
Bond(/1/)................ N/A N/A N/A N/A
VIP III Growth
Opportunities(/1/)....... N/A N/A N/A N/A
Mentor VIP Capital
Growth(/1/).............. N/A N/A N/A N/A
Mentor VIP Growth(/1/).... N/A N/A N/A N/A
MFS Emerging Growth
Series................... N/A N/A 18.45% October 31, 1998
MFS Research Series....... N/A N/A 9.42% October 31, 1998
MFS Total Return Series... N/A N/A (0.48%) October 31, 1998
MFS Utilities
Series(/1/).............. N/A N/A N/A N/A
Oppenheimer Capital
Appreciation
Fund/VA(/2/)............. N/A N/A 11.19% October 31, 1998
Oppenheimer Multiple
Strategies Fund/VA....... N/A N/A 0.80% October 31, 1998
Oppenheimer Strategic Bond
Fund/VA.................. N/A N/A (2.85%) October 31, 1998
Putnam VT Global Growth
Fund Class IB Shares..... N/A N/A 11.16% October 31, 1998
Putnam VT New Value Fund
Class IB Shares.......... N/A N/A 3.04% October 31, 1998
Templeton Asset Allocation
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Templeton International
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Franklin Small Cap
Investments Fund - Class
2(/1/)................... N/A N/A N/A N/A
</TABLE>
(/1/)The Evergreen VA Global Leaders Fund Subaccount, Evergreen VA
International Growth Fund Subaccount, VIP High Income Subaccount, VIP II
Index 500 Subaccount, VIP II Investment Grade Bond Subaccount, VIP III
Growth Opportunities Subaccount, Mentor VIP Capital Growth Subaccount,
Mentor VIP Growth Subaccount, MFS Utilities Series Subaccount, Templeton
Asset Allocation Fund Subaccount, Templeton International Fund Subaccount,
and the Franklin Small Cap Investments Fund Subaccount had not commenced
operations as of December 31, 1998, therefore, comparable information is
not available.
(/2/)Formerly known as Oppenheimer Growth Fund.
36
<PAGE>
Non-Standardized Performance Data
In addition to the Standard data discussed above, similar performance data for
other periods may also be shown.
PFL may from time to time also advertise or disclose average annual total
return or other performance data in non-standard formats for a subaccount of
the separate account. The non-standard performance data may assume that no
surrender charge is applicable, and may also make other assumptions such as the
amount invested in a subaccount, differences in time periods to be shown, or
the effect of partial withdrawals or annuity payments.
All non-standard performance data will be advertised only if the standard
performance data is also disclosed. For additional information regarding the
calculation of other performance data, please refer to the Statement of
Additional Information.
The non-standardized average annual total return figures shown in Table 2 are
based on the assumption that the policy is not surrendered, and therefore the
surrender charge is not imposed. Also, Table 2 does not reflect the rider
charge for the optional family income protector.
37
<PAGE>
TABLE 2
Non-Standard Average Annual Total Returns
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund..................... N/A N/A 16.08% October 31, 1998
AIM V.I. International
Equity Fund.............. N/A N/A 7.74% October 31, 1998
AIM V.I. Value Fund....... N/A N/A 16.90% October 31, 1998
Evergreen VA Fund......... N/A N/A 12.35% October 31, 1998
Evergreen VA Foundation
Fund..................... N/A N/A 6.64% October 31, 1998
Evergreen VA Global
Leaders Fund(/1/)........ N/A N/A 7.76% October 31, 1998
Evergreen VA Growth and
Income Fund.............. N/A N/A N/A N/A
Evergreen VA International
Growth Fund(/1/)......... N/A N/A N/A N/A
Federated High Income Bond
Fund II.................. N/A N/A 5.37% October 31, 1998
VIP High Income(/1/)...... N/A N/A N/A N/A
VIP II Index 500(/1/)..... N/A N/A N/A N/A
VIP II Investment Grade
Bond(/1/)................ N/A N/A N/A N/A
VIP III Growth
Opportunities(/1/)....... N/A N/A N/A N/A
Mentor VIP Capital
Growth(/1/).............. N/A N/A N/A N/A
Mentor VIP Growth(/1/).... N/A N/A N/A N/A
MFS Emerging Growth
Series................... N/A N/A 23.75% October 31, 1998
MFS Research Series....... N/A N/A 14.78% October 31, 1998
MFS Total Return Series... N/A N/A 4.93% October 31, 1998
MFS Utilities
Series(/1/).............. N/A N/A N/A N/A
Oppenheimer Capital
Appreciation
Fund/VA(/2/)............. N/A N/A 16.54% October 31, 1998
Oppenheimer Multiple
Strategies Fund/VA....... N/A N/A 6.19% October 31, 1998
Oppenheimer Strategic Bond
Fund/VA.................. N/A N/A 2.58% October 31, 1998
Putnam VT Global Growth
Fund Class IB Shares..... N/A N/A 16.49% October 31, 1998
Putnam VT New Value Fund
Class IB Shares.......... N/A N/A 8.42% October 31, 1998
Templeton Asset Allocation
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Templeton International
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Franklin Small Cap
Investments Fund - Class
2(/1/)................... N/A N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
38
<PAGE>
TABLE 2 continued
Non-Standard Average Annual Total Returns
- --------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1 Year 5 Year Inception of the Subaccount
Ended Ended Subaccount to Inception
Subaccount 12/31/98 12/31/98 12/31/98 Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund..................... N/A N/A 16.04% October 31, 1998
AIM V.I. International
Equity Fund.............. N/A N/A 7.71% October 31, 1998
AIM V.I. Value Fund....... N/A N/A 16.86% October 31, 1998
Evergreen VA Fund......... N/A N/A 12.32% October 31, 1998
Evergreen VA Foundation
Fund..................... N/A N/A 6.62% October 31, 1998
Evergreen VA Global
Leaders Fund(/1/)........ N/A N/A 7.74% October 31, 1998
Evergreen VA Growth and
Income Fund.............. N/A N/A N/A N/A
Evergreen VA International
Growth Fund(/1/)......... N/A N/A N/A N/A
Federated High Income Bond
Fund II.................. N/A N/A 5.34% October 31, 1998
VIP High Income(/1/)...... N/A N/A N/A N/A
VIP II Index 500(/1/)..... N/A N/A N/A N/A
VIP II Investment Grade
Bond(/1/)................ N/A N/A N/A N/A
VIP III Growth
Opportunities(/1/)....... N/A N/A N/A N/A
Mentor VIP Capital
Growth(/1/).............. N/A N/A N/A N/A
Mentor VIP Growth(/1/).... N/A N/A N/A N/A
MFS Emerging Growth
Series................... N/A N/A 23.71% October 31, 1998
MFS Research Series....... N/A N/A 14.73% October 31, 1998
MFS Total Return Series... N/A N/A 4.89% October 31, 1998
MFS Utilities
Series(/1/).............. N/A N/A N/A N/A
Oppenheimer Capital
Appreciation
Fund/VA(/1/)............. N/A N/A 16.49% October 31, 1998
Oppenheimer Multiple
Strategies Fund/VA....... N/A N/A 6.16% October 31, 1998
Oppenheimer Strategic Bond
Fund/VA.................. N/A N/A 2.54% October 31, 1998
Putnam VT Global Growth
Fund Class IB Shares..... N/A N/A 16.46% October 31, 1998
Putnam VT New Value Fund
Class IB Shares.......... N/A N/A 8.39% October 31, 1998
Templeton Asset Allocation
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Templeton International
Fund - Class 2(/1/)...... N/A N/A N/A N/A
Franklin Small Cap
Investments Fund - Class
2(/1/)................... N/A N/A N/A N/A
</TABLE>
(/1/)The Evergreen VA Global Leaders Fund Subaccount, Evergreen VA
International Growth Fund Subaccount, VIP High Income Subaccount, VIP II
Index 500 Subaccount, VIP II Investment Grade Bond Subaccount, VIP III
Growth Opportunities Subaccount, Mentor VIP Capital Growth Subaccount,
Mentor VIP Growth Subaccount, MFS Utilities Series Subaccount, Templeton
Asset Allocation Fund Subaccount, Templeton International Fund Subaccount,
and the Franklin Small Cap Investments Fund Subaccount had not commenced
operations as of December 31, 1998, therefore, comparable information is
not available.
(/2/)Formerly known as Oppenheimer Growth Fund.
39
<PAGE>
Adjusted Historical Performance. The following performance data is historic
performance data for the underlying portfolios since their inception reduced by
some or all of the fees and charges under the policy. Such adjusted historic
performance includes data that precedes the inception dates of the subaccounts.
This data is designed to show the performance that would have resulted if the
policy had been in existence during that time, based on the performance of the
applicable portfolio and the assumption that the applicable subaccount was in
existence for the same period as the portfolio with a level of charges equal to
those currently assessed under the policies. This data is not intended to
indicate future performance.
For instance, as shown in Table 3 and Table 4 below, PFL Life may disclose
average annual total returns for the portfolios reduced by all fees and charges
under the policy, as if the policy had been in existence since the inception of
the portfolio. Such fees and charges include the mortality and expense risk
fee, administrative charge and surrender charges. Table 3 assumes a complete
surrender of the policy at the end of the period, and therefore the surrender
charge is deducted. Table 4 assumes that the policy is not surrendered, and
therefore the surrender charge is not deducted. Also, Table 3 and Table 4 do
not reflect the rider charge for the optional family income protector.
The following information is also based on the method of calculation described
in the Statement of Additional Information. The adjusted historical average
annual total returns for periods ended December 31, 1998, were as follows:
TABLE 3
Adjusted Historical Average Annual Total Returns(/1/)
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Corresponding
10 Year or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund........................... 21.49% N/A 20.89% May 2, 1994
AIM V.I. International Equity
Fund........................... 9.31% 9.84% 11.86% May 5, 1993
AIM V.I. Value Fund............. 26.20% 20.09% 20.29% May 5, 1993
Evergreen VA Fund............... 0.26% N/A 17.62% March 1, 1996
Evergreen VA Foundation Fund.... 4.46% N/A 16.40% March 1, 1996
Evergreen VA Global Leaders
Fund........................... (1.40%) N/A 17.67% March 1, 1996
Evergreen VA Growth and Income
Fund........................... 12.75% N/A 11.42% March 6, 1997
Evergreen VA International
Growth Fund.................... N/A N/A (12.01%) August 17, 1998
Federated High Income Bond Fund
II............................. (3.47%) N/A 7.95% February 2, 1994
VIP High Income................. (10.40%) 7.43% 9.70%+ September 18, 1985
VIP II Index 500................ 22.27% 22.21% 19.68% August 27, 1992
VIP II Investment Grade Bond.... 2.79% 5.38% 7.02%+ December 5, 1988
VIP III Growth Opportunities.... 18.46% N/A 24.67% January 3, 1995
Mentor VIP Capital Growth....... N/A N/A 2.08% March 3, 1998
Mentor VIP Growth............... N/A N/A (14.81%) March 3, 1998
MFS Emerging Growth Series...... 27.95% N/A 24.78% July 24, 1995
MFS Research Series............. 17.19% N/A 20.74% July 26, 1995
MFS Total Return Series......... 6.16% N/A 17.00% January 3, 1995
MFS Utilities Series............ 11.89% N/A 23.69% January 3, 1995
Oppenheimer Capital Appreciation
Fund/VA(/2/)................... 17.97% 20.61% 15.42%+ April 3, 1985
Oppenheimer Multiple Strategies
Fund/VA........................ 0.48% 9.95% 9.74%+ February 9, 1987
Oppenheimer Strategic Bond
Fund/VA........................ (3.27%) 5.40% 5.36% May 3, 1993
Putnam VT Global Growth Fund
Class IB Shares................ 23.46% 13.09% 11.03% May 1, 1990
Putnam VT New Value Fund Class
IB Shares...................... (0.11%) N/A 8.19% January 1, 1997
Templeton Asset Allocation
Fund - Class 2(/3/)............ 0.04% 10.23% 10.75% August 24, 1988
Templeton International Fund -
Class 2(/3/).................. 2.91% 10.25% 12.57% May 1, 1992
Franklin Small Cap Investments
Fund - Class 2(/4/)............ N/A N/A (13.99%) May 1, 1998
- -------------------------------------------------------------------------------
</TABLE>
+ Ten Year Date
40
<PAGE>
TABLE 3 continued
Adjusted Historical Average Annual Total Returns(/1/)
- --------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Corresponding
10 Year or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income
Fund........................... 21.29% N/A 20.72% May 2, 1994
AIM V.I. International Equity
Fund........................... 9.14% 9.68% 11.70% May 5, 1993
AIM V.I. Value Fund............. 25.98% 19.91% 20.12% May 5, 1993
Evergreen VA Fund............... 0.10% N/A 17.43% March 1, 1996
Evergreen VA Foundation Fund.... 4.29% N/A 16.22% March 1, 1996
Evergreen VA Global Leaders
Fund........................... (1.56%) N/A 17.49% March 1, 1996
Evergreen VA Growth and Income
Fund........................... 12.58% N/A 11.25% March 6, 1997
Evergreen VA International
Growth Fund.................... B/A N/A (12.07%) August 17, 1998
Federated High Income Bond Fund
II............................. (3.62%) N/A 7.79% February 2, 1994
VIP High Income................. (10.55%) 7.27% 9.54%+ September 18, 1985
VIP II Index 500................ 22.08% 22.03% 19.50% August 27, 1992
VIP II Investment Grade Bond.... 2.63% 5.22% 6.86% December 5, 1988
VIP III Growth Opportunities.... 18.28% 22.21% 24.49% January 3, 1995
Mentor VIP Capital Growth....... N/A N/A 1.95% March 3, 1998
Mentor VIP Growth............... N/A N/A (14.93%) March 3, 1998
MFS Emerging Growth Series...... 27.74% N/A 24.60% July 24, 1995
MFS Research Series............. 17.00% N/A 20.55% July 26, 1995
MFS Total Return Series......... 5.98% N/A 16.82% January 3, 1995
MFS Utilities Series............ 11.72% N/A 23.51% January 3, 1995
Oppenheimer Capital Appreciation
Fund/VA(/2/)................... 17.77% 20.43% 15.25%+ April 3, 1985
Oppenheimer Multiple Strategies
Fund/VA........................ 0.32% 9.79% 9.58%+ February 9, 1987
Oppenheimer Strategic Bond
Fund/VA........................ (3.44%) 5.24% 5.21% May 3, 1993
Putnam VT Global Growth Fund
Class IB Shares................ 23.26% 12.92% 10.87% May 1, 1990
Putnam VT New Value Fund Class
IB Shares...................... (0.27%) N/A 8.02% January 1, 1997
Templeton Asset Allocation
Fund - Class 2(/3/)............ (0.12%) 10.06% 10.58%+ August 24, 1988
Templeton International Fund -
Class 2(/3/).................. 2.75% 10.09% 12.41% May 1, 1992
Franklin Small Cap Investments
Fund - Class 2(/4/) ........... N/A N/A (14.09%) May 1, 1998
- -------------------------------------------------------------------------------
</TABLE>
+ Ten Year Date
(/1/)The calculation of total return performance for periods prior to inception
of the subaccounts reflects deductions for the mortality and expense risk
fee and administrative charge on a monthly basis, rather than a daily
basis. The monthly deduction is made at the beginning of each month and
generally approximates the performance that would have resulted if the
subaccounts had actually been in existence since the inception of the
portfolio.
(/2/)Formerly known as Oppenheimer Growth Fund.
(/3/)Because Class 2 shares of the underlying fund were not offered until May
1, 1997, performance shown for periods prior to that date reflects the
historical results of Class 1 shares. Performance of Class 2 shares for
periods after May 1, 1997 reflect Class 2's higher annual fees and
expenses resulting from its rule 12b-1 plan. Maximum annual plan expenses
are 0.25%.
(/4/)Because Class 2 shares of the underlying fund were not offered until July
29, 1998, performance shown for periods prior to that date reflect the
historical results of Class 1 shares. Performance of Class 2 shares for
periods after July 29, 1998 reflect Class 2's higher annual fees and
expenses resulting from its Rule 12b-1 Plan. Maximum annual plan expenses
are 0.25%.
41
<PAGE>
TABLE 4
Adjusted Historical Average Annual Total Returns(/1/)
(Assuming No Surrender Charge)
- --------------------------------------------------------------------------------
Return of Premium Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.25%)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Corresponding
10 Year or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income Fund.. 25.98% N/A 20.89% May 2, 1994
AIM V.I. International Equity
Fund............................ 13.94% 9.84% 11.86% May 5, 1993
AIM V.I. Value Fund.............. 30.63% 20.09% 20.29% May 5, 1993
Evergreen VA Fund................ 5.00% N/A 18.42% March 1, 1996
Evergreen VA Foundation Fund..... 9.15% N/A 17.24% March 1, 1996
Evergreen VA Global Leaders
Fund............................ 3.36% N/A 18.47% March 1, 1996
Evergreen VA Growth and Income
Fund............................ 17.34% N/A 13.66% March 6, 1997
Evergreen VA International Growth
Fund............................ N/A N/A (6.57%) August 17, 1998
Federated High Income Bond Fund
II.............................. 1.32% N/A 8.04% February 2, 1994
VIP High Income.................. (5.54%) 7.43% 9.70%+ September 18, 1985
VIP II Index 500................. 26.75% 22.21% 19.68% August 27, 1992
VIP II Investment Grade Bond..... 7.50% 5.38% 7.02%+ December 5, 1988
VIP III Growth Opportunities..... 22.98% N/A 24.69% January 3, 1995
Mentor VIP Capital Growth........ N/A N/A 7.44% March 3, 1998
Mentor VIP Growth................ N/A N/A (9.35%) March 3, 1998
MFS Emerging Growth Series....... 32.37% N/A 24.87% July 24, 1995
MFS Research Series.............. 21.73% N/A 20.91% July 26, 1995
MFS Total Return Series.......... 10.83% N/A 17.16% January 3, 1995
MFS Utilities Series............. 16.50% N/A 23.73% January 3, 1995
Oppenheimer Capital Appreciation
Fund/VA(/2/).................... 22.50% 20.61% 15.42%+ April 3, 1985
Oppenheimer Multiple Strategies
Fund/VA......................... 5.22% 9.95% 9.74%+ February 9, 1987
Oppenheimer Strategic Bond
Fund/VA......................... 1.51% 5.40% 5.36% May 3, 1993
Putnam VT Global Growth Fund
Class IB Shares................. 27.92% 13.09% 11.03% May 1, 1990
Putnam VT New Value Fund Class IB
Shares.......................... 4.64% N/A 10.27% January 1, 1997
Templeton Asset Allocation Fund -
Class 2(/3/)................... 4.78% 10.23% 10.75%+ August 24, 1988
Templeton International Fund -
Class 2(/3/)................... 7.62% 10.25% 12.57% May 1, 1992
Franklin Small Cap Investments
Fund - Class 2(/4/)............. N/A N/A (8.54%) May 1, 1998
- -------------------------------------------------------------------------------
</TABLE>
+ Ten Year Date
42
<PAGE>
TABLE 4 continued
Adjusted Historical Average Annual Total Returns(/1/)
(Assuming No Surrender Charge)
<TABLE>
- --------------------------------------------------------------------------------
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit
(Total Mutual Fund Account Annual Expenses: 1.40%)
- --------------------------------------------------------------------------------
<CAPTION>
Corresponding
10 Year or Portfolio
Portfolio 1 Year 5 Year Inception Inception Date
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM V.I. Growth and Income Fund.. 25.78% N/A 20.72% May 2, 1994
AIM V.I. International Equity
Fund............................ 13.77% 9.68% 11.70% May 5, 1993
AIM V.I. Value Fund.............. 30.42% 19.91% 20.12% May 5, 1993
Evergreen VA Fund................ 4.84% N/A 18.25% March 1, 1996
Evergreen VA Foundation Fund..... 8.99% N/A 17.07% March 1, 1996
Evergreen VA Global Leaders
Fund............................ 3.21% N/A 18.30% March 1, 1996
Evergreen VA Growth and Income
Fund............................ 17.17% N/A 13.49% March 6, 1997
Evergreen VA International Growth
Fund............................ N/A N/A (6.63%) August 17, 1998
Federated High Income Bond Fund
II.............................. 1.16% N/A 7.88% February 2, 1994
VIP High Income.................. (5.68%) 7.27% 9.54%+ September 18, 1985
VIP II Index 500................. 26.56% 22.03% 19.50% August 27, 1992
VIP II Investment Grade Bond..... 7.34% 5.22% 6.86%+ December 5, 1988
VIP III Growth Opportunities..... 22.80% N/A 24.51% January 3, 1995
Mentor VIP Capital Growth........ N/A N/A 7.30% March 3, 1998
Mentor VIP Growth................ N/A N/A (9.47%) March 3, 1998
MFS Emerging Growth Series....... 32.15% N/A 24.70% July 24, 1995
MFS Research Series.............. 21.54% N/A 20.73% July 26, 1995
MFS Total Return Series.......... 10.65% N/A 16.98% January 3, 1995
MFS Utilities Series............. 16.32% N/A 23.54% January 3, 1995
Oppenheimer Capital Appreciation
Fund/VA(/2/).................... 22.30% 20.43% 15.25%+ April 3, 1985
Oppenheimer Multiple Strategies
Fund/VA......................... 5.06% 9.79% 9.58%+ February 9, 1987
Oppenheimer Strategic Bond
Fund/VA......................... 1.35% 5.24% 5.21% May 3, 1993
Putnam VT Global Growth Fund
Class IB Shares................. 27.73% 12.92% 10.87% May 1, 1990
Putnam VT New Value Fund Class IB
Shares.......................... 4.48% N/A 10.11% January 1, 1997
Templeton Asset Allocation Fund -
Class 2(/3/)................... 4.63% 10.06% 10.58%+ August 24, 1988
Templeton International Fund -
Class 2(/3/)................... 7.46% 10.09% 12.41% May 1, 1992
Franklin Small Cap Investments
Fund - Class 2(/4/)............. N/A N/A (8.63%) May 1, 1998
- -------------------------------------------------------------------------------
</TABLE>
+ Ten Year Date
(/1/)The calculation of total return performance for periods prior to inception
of the subaccounts reflects deductions for the mortality and expense risk
fee and administrative charge on a monthly basis, rather than a daily
basis. The monthly deduction is made at the beginning of each month and
generally approximates the performance that would have resulted if the
subaccounts had actually been in existence since the inception of the
portfolio.
(/2/)Formerly known as Oppenheimer Growth Fund.
(/3/)Because Class 2 shares of the underlying fund were not offered until May
1, 1997, performance shown for periods prior to that date reflects the
historical results of Class 1 shares. Performance of Class 2 shares for
periods after May 1, 1997 reflect Class 2's higher annual fees and
expenses resulting from its rule 12b-1 plan. Maximum annual plan expenses
are 0.25%.
(/4/)Because Class 2 shares of the underlying fund were not offered until July
29, 1998, performance shown for periods prior to that date reflect the
historical results of Class 1 shares. Performance of Class 2 shares for
periods after July 29, 1998 reflect Class 2's higher annual fees and
expenses resulting from its Rule 12b-1 Plan. Maximum annual plan expenses
are 0.25%.
43
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
PORTFOLIO SELECT VARIABLE ANNUITY
Issued through
PFL RETIREMENT BUILDER VARIABLE ANNUITY ACCOUNT
Offered by
PFL LIFE INSURANCE COMPANY
4333 Edgewood Road, N.E.
Cedar Rapids, Iowa 52499-0001
This Statement of Additional Information expands upon subjects discussed in the
current prospectus for the Portfolio Select Variable Annuity offered by PFL
Life Insurance Company. You may obtain a copy of the prospectus dated May 1,
1999, by calling 1-800-525-6205, or by writing to the Administrative and
Service Office, Financial Markets Division-Variable Annuity Dept., 4333
Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001. The prospectus sets forth
information that a prospective investor should know before investing in a
policy. Terms used in the current prospectus for the policy are incorporated in
this Statement of Additional Information.
This Statement of Additional Information is not a prospectus and should be read
only in conjunction with the prospectus for the policy and the PFL Retirement
Builder Variable Annuity Account.
Dated: May 1, 1999
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
GLOSSARY OF TERMS.......................................................... 3
THE POLICY--GENERAL PROVISIONS............................................. 6
Owner.................................................................... 6
Entire Policy............................................................ 6
Misstatement of Age or Sex............................................... 6
Addition, Deletion, or Substitution of Investments....................... 7
Excess Interest Adjustment............................................... 7
Reallocation of Policy Values After the Annuity Commencement Date........ 11
Annuity Payment Options.................................................. 12
Death Benefit............................................................ 13
Death of Owner........................................................... 15
Assignment............................................................... 15
Evidence of Survival..................................................... 15
Non Participating........................................................ 15
Employee and Agent Purchases............................................. 15
CERTAIN FEDERAL INCOME TAX CONSEQUENCES.................................... 16
Tax Status of the Policy................................................. 16
Taxation of PFL.......................................................... 20
INVESTMENT EXPERIENCE...................................................... 20
Accumulation Units....................................................... 20
Annuity Unit Value and Annuity Payment Rates............................. 21
FAMILY INCOME PROTECTOR--HYPOTHETICAL ILLUSTRATION......................... 23
HISTORICAL PERFORMANCE DATA................................................ 25
Money Market Yields...................................................... 25
Other Subaccount Yields.................................................. 26
Total Returns............................................................ 27
Other Performance Data................................................... 27
Adjusted Historical Performance Data..................................... 28
PUBLISHED RATINGS.......................................................... 28
STATE REGULATION OF PFL.................................................... 28
ADMINISTRATION............................................................. 28
RECORDS AND REPORTS........................................................ 28
DISTRIBUTION OF THE POLICIES............................................... 29
OTHER PRODUCTS............................................................. 29
CUSTODY OF ASSETS.......................................................... 29
LEGAL MATTERS.............................................................. 29
INDEPENDENT AUDITORS....................................................... 29
OTHER INFORMATION.......................................................... 29
FINANCIAL STATEMENTS....................................................... 30
</TABLE>
-2-
<PAGE>
GLOSSARY OF TERMS
Accumulation Unit--An accounting unit of measure used in calculating the policy
value in the separate account before the annuity commencement date.
Adjusted Policy Value--An amount equal to the policy value increased or
decreased by any excess interest adjustments applied at the time of surrender
or on the annuity commencement date.
Administrative and Service Office--Financial Markets Division Variable Annuity
Department, 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001.
Annuitant--The person entitled to receive annuity payments after the annuity
commencement date and during whose life any annuity payments involving life
contingencies will continue.
Annuity Commencement Date--The date upon which annuity payments are to
commence. The annuity commencement date may not be later than the last day of
the policy month starting after the annuitant attains age 85, except as
expressly allowed by PFL, but in no event later than the last day of the policy
month following the month in which the annuitant attains age 95. The annuity
commencement date may be required to be earlier for qualified policies.
Annuity Payment Option--A method of receiving a stream of annuity payments
selected by the owner.
Annuity Unit--An accounting unit of measure used in the calculation of the
amount of the second and each subsequent variable annuity payment.
Application--A written application, order form, or any other information
received electronically or otherwise upon which the policy is issued and/or is
reflected on the data or specifications page.
Beneficiary--The person who has the right to the death benefit set forth in the
policy.
Business Day--A day when the New York Stock Exchange is open for business.
Cash Value--The policy value increased or decreased by an excess interest
adjustment, less the surrender charge, if any.
Code--The Internal Revenue Code of 1986, as amended.
Cumulative Free Percentage--The percentage (as applied to the policy value)
which is available free of any surrender charge.
Due Proof of Death--A certified copy of a death certificate, a certified copy
of a decree of a court of competent jurisdiction as to the finding of death, a
written statement by the attending physician, or any other proof satisfactory
to PFL, will constitute due proof of death.
Excess Interest Adjustment ("EIA")--A positive or negative adjustment to
amounts withdrawn upon partial or full surrenders from the fixed account
guaranteed period options, or to amounts applied to annuity payment options.
The adjustment reflects changes in the interest rates declared by PFL since the
date any payment was received by or an amount was transferred to the guaranteed
period option. The excess interest adjustment can either decrease or increase
the amount to be received by the owner upon full surrender or commencement of
annuity payments, depending upon whether there has been an increase or decrease
in interest rates, respectively.
Excess Partial Withdrawal--The portion of a partial withdrawal (surrender) that
can be subject to a surrender charge.
-3-
<PAGE>
Fixed Account--One or more investment choices under the policy that are part of
the general assets of PFL and are not in the separate accounts.
Guaranteed Period Options--The various guaranteed interest rate periods of the
fixed account which may be offered by PFL and into which premium payments may
be paid or amounts transferred.
Investment Choices--Any of the guaranteed period options of the fixed account,
the dollar cost averaging fixed account option, and any of the subaccounts of
the separate account.
Nonqualified Policy--A policy other than a qualified policy.
Owner or Owners--The person who may exercise all rights and privileges under
the policy. The owner during the lifetime of the annuitant and prior to the
annuity commencement date is the person designated as the owner or a successor
owner in the application.
Policy Value--On or before the annuity commencement date, the policy value is
equal to the owner's:
. premium payments; minus
. partial withdrawals (including any applicable excess interest adjustments
and/or surrender charges on such withdrawals); plus
. interest credited in the fixed account; plus
. accumulated gains or losses in the separate account; minus
. service charges, premium taxes and transfer fees, if any.
Policy Year--A policy year begins on the policy date and on each policy
anniversary.
Premium Payment--An amount paid to PFL by the owner or on the owner's behalf as
consideration for the benefits provided by the policy.
Qualified Policy--A policy issued in connection with retirement plans that
qualify for special federal income tax treatment under the Code.
Separate Account--The Portfolio Select Variable Annuity division of the PFL
Retirement Builder Variable Annuity Account, a separate account established and
registered as a unit investment trust under the Investment Company Act of 1940,
(the "1940 Act"), as amended, which is dedicated to the Policy and to which
premium payments under the policies may be allocated.
Service Charge--There is an annual service charge on each policy anniversary
(and a charge at the time of surrender during any policy year) for policy
maintenance and related administrative expenses. This annual charge is $30, but
in no event will the service charge be more than 2% of the policy value.
Subaccount--A subdivision within the separate account, the assets of which are
invested in a specified portfolio of the underlying funds.
Successor Owner--A person appointed by the owner to succeed to ownership of the
policy in the event of the death of the owner who is not the annuitant before
the annuity commencement date.
Surrender Charge--The applicable contingent deferred sales charge, assessed on
certain full surrenders or partial withdrawals of premium payments to cover
expenses relating to the sale of the policies.
Underlying Funds--The designated portfolios of: (1) AIM Variable Insurance
Funds, Inc., managed by A I M Advisors, Inc. ("AIM"); (2) Evergreen Variable
Trust, managed by Evergreen Asset Management Corp.; (3) Federated Insurance
Series, managed by Federated Advisers; (4) Variable Insurance Products
-4-
<PAGE>
Fund--Service Class, Variable Insurance Products Fund II--Initial Class, and
Variable Insurance Products Fund III--Service Class, managed by Fidelity
Management & Research Company; (5) Mentor Variable Investment Portfolios,
managed by Mentor Investment Advisors, LLC; (6) MFS Variable Insurance Trust,
managed by Massachusetts Financial Services Company; (7) Oppenheimer Variable
Account Funds, managed by OppenheimerFunds, Inc.; (8) Putnam Variable Trust,
managed by Putnam Investment Management, Inc.; and (9) Templeton Variable
products Series Fund, managed by Templeton Investment Counsel, Inc. and
Franklin Advisers, Inc.
Valuation Period--The period of time from one determination of accumulation
unit and annuity unit values to the next subsequent determination of values.
Such determinations shall be made on each business day.
Variable Annuity Payment(s)--Payment(s) made pursuant to an annuity payment
option which fluctuate as to dollar amount or payment term in relation to the
investment performance of the specified subaccounts within the separate
account.
Written Notice--Written notice, signed by the owner, that gives PFL the
information it requires and is received at the administrative and service
office. For some transactions, PFL may accept an electronic notice such as
telephone instructions. Such electronic notice must meet the requirements PFL
establishes for such notices.
-5-
<PAGE>
In order to supplement the description in the prospectus, the following
provides additional information about PFL and the policy, which may be of
interest to a prospective purchaser. Words printed in italics in this Statement
of Additional Information are defined in the Glossary of Terms, found on page
3.
THE POLICY--GENERAL PROVISIONS
Owner
The policy shall belong to the owner upon issuance of the policy after
completion of an application and delivery of the initial premium payment. While
the annuitant is living, the owner may: (1) assign the policy; (2) surrender
the policy; (3) amend or modify the policy with PFL's consent; (4) receive
annuity payments or name a payee to receive the payments; and (5) exercise,
receive and enjoy every other right and benefit contained in the policy. The
exercise of these rights may be subject to the consent of any assignee or
irrevocable beneficiary; and of the owner's spouse in a community or marital
property state.
A successor owner can be named in the application or in a written notice. The
successor owner will become the new owner upon the owner's death, if the owner
predeceases the annuitant. If no successor owner survives the owner and the
owner predeceases the annuitant, the owner's estate will become the owner.
Note Carefully. If the owner does not name a successor owner, the owner's
estate will become the new owner if the owner predeceases the annuitant. If no
probate estate is opened because the owner has precluded the opening of a
probate estate by means of a trust or other instrument, unless PFL has received
written notice of the trust as a successor owner signed prior to the owner's
death, that trust may not exercise ownership rights to the policy. It may be
necessary to open a probate estate in order to exercise ownership rights to the
policy if no successor owner is named in a written notice received by PFL.
The owner may change the ownership of the policy in a written notice. When this
change takes effect, all rights of ownership in the policy will pass to the new
owner. A change of ownership may have tax consequences.
When there is a change of owner or successor owner, the change will take effect
as of the date the owner signs the written notice, subject to any payment PFL
has made or action PFL has taken before recording the change. Changing the
owner or naming a new successor owner cancels any prior choice of successor
owner, but does not change the designation of the beneficiary or the annuitant.
If ownership is transferred (except to the owner's spouse) because the owner
dies before the annuitant, the adjusted policy value generally must be
distributed to the successor owner within five years of the owner's death, or
if the first payment begins within one year of the owner's death, payments must
be made for a period certain which does not exceed that successor owner's life
expectancy.
Entire Policy
The policy, any endorsements thereon, and the application constitute the entire
contract between PFL and the owner. All statements in the application are
representations and not warranties. No statement will cause the policy to be
void or to be used in defense of a claim unless contained in the application.
Misstatement of Age or Sex
If the age or sex of the annuitant has been misstated, PFL will change the
annuity benefit payable to that which the premium payments would have purchased
for the correct age or sex. The dollar amount
-6-
<PAGE>
of any underpayment made by PFL shall be paid in full with the next payment due
such person or the beneficiary. The dollar amount of any overpayment made by
PFL due to any misstatement shall be deducted from payments subsequently
accruing to such person or beneficiary. Any underpayment or overpayment will
include interest at 5% per year, from the date of the wrong payment to the date
of the adjustment. The age of the annuitant may be established at any time by
the submission of proof satisfactory to PFL.
Addition, Deletion, or Substitution of Investments
PFL cannot and does not guarantee that any of the subaccounts or portfolios
will always be available for premium payments, allocations, or transfers. PFL
retains the right, subject to any applicable law, to make certain changes in
the separate account and its investments. PFL reserves the right to eliminate
the shares of any portfolio held by a subaccount and/or to substitute shares of
another portfolio of the underlying funds, or of another registered open-end
management investment company for the shares of any portfolio, if the shares of
the portfolio are no longer available for investment or if, in PFL's judgment,
investment in any portfolio would be inappropriate in view of the purposes of
the separate account. To the extent required by the 1940 Act, substitutions of
shares attributable to an owner's interest in a subaccount will not be made
without prior notice to the owner and the prior approval of the SEC. Nothing
contained herein shall prevent the separate account from purchasing other
securities for other series or classes of variable annuity policies, or from
effecting an exchange between series or classes of variable annuity policies on
the basis of requests made by owners.
New subaccounts may be established when, in the sole discretion of PFL,
marketing, tax, investment or other conditions warrant. Any new subaccounts may
be made available to existing owners on a basis to be determined by PFL. Each
additional subaccount will purchase shares in a mutual fund portfolio or other
investment vehicle. PFL may also eliminate one or more subaccounts if, in its
sole discretion, marketing, tax, investment or other conditions warrant such
change. In the event any subaccount is eliminated, PFL will notify owners and
request a reallocation of the amounts invested in the eliminated subaccount. If
no such reallocation is provided by the owner, PFL will reinvest the amounts
invested in the eliminated subaccount in the subaccount that invests in the
Money Market portfolio (or in a similar portfolio of money market instruments)
or in another subaccount, if appropriate.
In the event of any such substitution or change, PFL may, by appropriate
endorsement, make such changes in the policies as may be necessary or
appropriate to reflect such substitution or change. Furthermore, if deemed to
be in the best interests of persons having voting rights under the policies,
the separate account may be (i) operated as a management company under the 1940
Act or any other form permitted by law, (ii) deregistered under the 1940 Act in
the event such registration is no longer required or (iii) combined with one or
more other separate accounts. To the extent permitted by applicable law, PFL
also may (1) transfer the assets of the separate account associated with the
policies to another account or accounts, (2) restrict or eliminate any voting
rights of owners or other persons who have voting rights as to the separate
account, (3) create new separate accounts, (4) add new subaccounts to or remove
existing subaccounts from the separate account, or combine subaccounts, or (5)
add new underlying funds, or substitute a new fund for an existing fund.
Excess Interest Adjustment
Money that you withdraw from a guaranteed period option of the fixed account
before the end of its guaranteed period (the number of years you specified the
money would remain in the guaranteed period option) may be subject to an excess
interest adjustment. At the time you request a withdrawal, if interest rates
set by PFL have risen since the date of the initial guarantee, the excess
interest adjustment will result in a lower cash value. However, if interest
rates have fallen since the date of the initial guarantee, the excess interest
adjustment will result in a higher cash value.
-7-
<PAGE>
At the time of a full surrender, excess interest adjustments will not reduce
the adjusted policy value for a guaranteed period option below the amount paid
into it, less any prior partial withdrawals and transfers from that guaranteed
period option, plus interest at the policy's minimum guaranteed effective
annual interest rate of 3%. This is referred to as the EIA floor.
The formula which will be used to determine the excess interest adjustment is:
S*(G-C)* (M/12)
S= Gross amount being withdrawn that is subject to the excess interest
adjustment
G= Guaranteed Interest Rate applicable to S.
C= Current Guaranteed Interest Rate then being offered on new premium payments
for the next longer guaranteed period than "M". If this policy form or such
a guaranteed period is no longer offered, "C" will be the U.S. Treasury rate
for the next longer maturity (in whole years) than "M" on the 25th day of
the previous calendar month, plus up to 2%.
M= Number of months remaining in the current guaranteed period, rounded up to
the next higher whole number of months.
*= multiplication
^= exponentiation
Example 1 (Full Surrender, rates increase by 3%):
<TABLE>
<S> <C>
Single Premium: $50,000
- -----------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- -----------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- -----------------------------------------------------------------------------------------
Full Surrender: Middle of Contract Year 3
- -----------------------------------------------------------------------------------------
Policy Value ("PV") at middle of Contract = 50,000* (1.055)^ 2.5 = 57,161.18
Year 3
- -----------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
Policy Year 3 = 57,161.18* .30 = 17,148.35
- -----------------------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 - 50,000 = 7,161.18
- -----------------------------------------------------------------------------------------
Amount Subject to EIA = 57,161.18 - 7,161.18 = 50,000.00
- -----------------------------------------------------------------------------------------
EIA Floor = 50,000* (1.03)^ 2.5 = 53,834.80
- -----------------------------------------------------------------------------------------
Excess Interest Adjustment
G= .055
C= .085
M = 30
- -----------------------------------------------------------------------------------------
Excess Interest Adjustment = S* (G-C)* (M/12)
- -----------------------------------------------------------------------------------------
= 50,000.00* (.055 - .085)* (30/12)
- -----------------------------------------------------------------------------------------
= -3,750.00, but excess interest adjustment
cannot cause the adjusted policy value to
fall below the EIA floor, so the adjustment
is limited to 53,834.80 - 57,161.18 = -
3,326.38
- -----------------------------------------------------------------------------------------
Adjusted Policy Value = PV + EIA = 57,161.18 -
3,326.38 = 53,834.80
- -----------------------------------------------------------------------------------------
Surrender Charge = (50,000 - 17,148.35)* .06 = 1,971.10
- -----------------------------------------------------------------------------------------
Cash Value at middle of policy year 3 = PV + EIA - surrender charge
- -----------------------------------------------------------------------------------------
= 57,161.18 - 3,326.38 - 1,971.10
- -----------------------------------------------------------------------------------------
= 51,863.70
</TABLE>
-8-
<PAGE>
Example 2 (Full Surrender, rates decrease by 1%):
<TABLE>
<S> <C>
Single Premium: $50,000
- ------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- ------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- ------------------------------------------------------------------------------------
Full Surrender: Middle of Contract Year 3
- ------------------------------------------------------------------------------------
Policy Value at middle of policy year 3 = 50,000* (1.055)^ 2.5 = 57,161.18
- ------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of = 57,161.18* .30 = 17,148.35
policy year 3
- ------------------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 - 50,000 = 7,161.18
- ------------------------------------------------------------------------------------
Amount Subject to EIA = 57,161.18 - 7,161.18 = 50,000.00
- ------------------------------------------------------------------------------------
EIA Floor = 50,000* (1.03)^ 2.5 = 53,834.80
- ------------------------------------------------------------------------------------
Excess Interest Adjustment
G= .055
C= .045
M= 30
- ------------------------------------------------------------------------------------
Excess Interest Adjustment = S* (G - C)* (M/12)
- ------------------------------------------------------------------------------------
= 50,000* (.055 - .045)* (30/12)
- ------------------------------------------------------------------------------------
= 1,250.00
- ------------------------------------------------------------------------------------
Adjusted Policy Value = PV + EIA
- ------------------------------------------------------------------------------------
= 57,161.18 + 1,250.00 = 58,411.18
- ------------------------------------------------------------------------------------
Surrender Charge = (50,000 - 17,148.35)* .06 = 1,971.10
- ------------------------------------------------------------------------------------
Cash Value at middle of policy year 3 = PV + EIA - surrender charge
- ------------------------------------------------------------------------------------
= 57,161.18 + 1,250 - 1,971.10
- ------------------------------------------------------------------------------------
= 56,440.08
</TABLE>
On a partial withdrawal, PFL will pay the owner the full amount of withdrawal
requested (as long as the policy value is sufficient). Surrender charge--Free
withdrawals will reduce the policy value by the amount withdrawn. Amounts
withdrawn in excess of the surrender charge--Free amount will reduce the policy
value by an amount equal to:
X - Y + Z
X= excess partial withdrawal = requested withdrawal less surrender charge -
free amount
A= amount of partial withdrawal which is subject to excess interest
adjustment = requested withdrawal - excess interest adjustment - free
amount, where excess interest adjustment - free amount = cumulative interest
credited at time of, but prior to, withdrawal.
Y= excess interest adjustment = (A)*(G - C)*(M/12) where G, C, and M are
defined above, with "A" substituted for "S" in the definition of G and M.
Z= surrender charge on X minus Y.
-9-
<PAGE>
Example 3 (Partial Withdrawal, rates increase by 1%):
<TABLE>
<S> <C>
Single Premium: $50,000
- ------------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- ------------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- ------------------------------------------------------------------------------------------
Partial Surrender: $30,000; Middle of Contract Year 3
- ------------------------------------------------------------------------------------------
Policy Value at middle of policy year 3 = 50,000* (1.055)^ 2.5 = 57,161.18
- ------------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
policy year 3 = 57,161.18* .30 = 17,148.35
- ------------------------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 - 50,000 = 7,161.18
- ------------------------------------------------------------------------------------------
Excess Interest Adjustment/Surrender Charge
X= 30,000 - 17,148.35 = 12,851.65
A= 30,000 - 7,161.18 = 22,838.82
G= .055
C= .065
M= 30
Y= 22,838.82* (.055 - .065)* (30/12) = -
570.97
Z= .06* [12,851.65 - (-570.97)] = 805.36
- ------------------------------------------------------------------------------------------
Reduction to policy value due to Surrender
Charge--Free withdrawal = 17,148.35
- ------------------------------------------------------------------------------------------
Reduction to policy value due to Excess
Withdrawal = X - Y + Z
- ------------------------------------------------------------------------------------------
= 12,851.65 - (-570.97) + 805.36
- ------------------------------------------------------------------------------------------
= 14,227.98
- ------------------------------------------------------------------------------------------
Policy Value after withdrawal at middle of
policy year 3 = 57,161.18 - [17,148.35 + 14,227.98]
- ------------------------------------------------------------------------------------------
= 57,161.18 - [17,148.35 + 12,851.65 -
(-570.97) + 805.36]
- ------------------------------------------------------------------------------------------
= 57,161.18 - [30,000 - (-570.97) + 805.36]
- ------------------------------------------------------------------------------------------
= 57,161.18 - 31,376.33 = 25,784.85
</TABLE>
-10-
<PAGE>
Example 4 (Partial Withdrawal, rates decrease by 1%):
<TABLE>
<S> <C>
Single Premium: $50,000
- -----------------------------------------------------------------------------------------
Guarantee Period: 5 Years
- -----------------------------------------------------------------------------------------
Guarantee Rate: 5.50% per annum
- -----------------------------------------------------------------------------------------
Partial Surrender: $30,000; Middle of Contract Year 3
- -----------------------------------------------------------------------------------------
Policy Value at middle of policy year 3 = 50,000* (1.055)^ 2.5 = 57,161.18
- -----------------------------------------------------------------------------------------
Surrender Charge Free Amount at middle of
policy year 3 = 57,161.18* .30 = 17,148.35
- -----------------------------------------------------------------------------------------
EIA Free Amount at middle of policy year 3 = 57,161.18 - 50,000 = 7,161.18
- -----------------------------------------------------------------------------------------
Excess Interest Adjustment/Surrender Charge
X= 30,000 - 17,148.35 = 12,851.65
A= 30,000 - 7,161.18 = 22,838.82
G= .055
C= .045
M= 30
Y= 22,838.82* (.055 - .045)*
(30/12) = 570.97
Z= .06* [12,851.65 - (570.97)] = 736.84
- -----------------------------------------------------------------------------------------
Reduction to policy value due to Surrender
Charge--Free Withdrawal = 17,148.35
- -----------------------------------------------------------------------------------------
Reduction to Policy Value due to Excess
Withdrawal = X - Y + Z
- -----------------------------------------------------------------------------------------
= 12,851.65 - 570.97 + 736.84
- -----------------------------------------------------------------------------------------
= 13,017.52
- -----------------------------------------------------------------------------------------
Policy Value after withdrawal at middle of
policy year 3 = 57,161.18 - [17,148.35 + 13,017.52]
- -----------------------------------------------------------------------------------------
= 57,161.18 - [17,148.35 + 12,851.65 -
570.97 + 736.84]
- -----------------------------------------------------------------------------------------
= 57,161.18 - [30,000 - (570.97) + 736.84]
- -----------------------------------------------------------------------------------------
= 57,161.18 - 30,165.87 = 26,995.31
</TABLE>
Reallocation of Policy Values After the Annuity Commencement Date
After the annuity commencement date, the owner may reallocate the value of a
designated number of annuity units of a subaccount of the separate account then
credited to a policy into an equal value of annuity units of one or more other
subaccounts of the separate account, or the fixed account. An annuity unit is
an accounting unit used in the calculation of the amount of the second and each
subsequent variable annuity payment. The reallocation shall be based on the
relative value of the annuity units of the account(s) or subaccount(s) at the
end of the business day on the next payment date. The minimum amount which may
be reallocated is the lesser of (1) $10 of monthly income or (2) the entire
monthly income of the annuity units in the account or subaccount from which the
transfer is being made. If the monthly income of the annuity units remaining in
an account or subaccount after a reallocation is less than $10, PFL reserves
the right to include the value of those annuity units as part of the transfer.
The request must be in writing to PFL's administrative and service office.
There is no charge assessed in connection with such reallocation. PFL reserves
the right to limit the number of times a reallocation of policy value may be
made in any given policy year.
-11-
<PAGE>
After the annuity commencement date, no transfers may be made from the fixed
account to the separate account.
Annuity Payment Options
During the lifetime of the annuitant and prior to the annuity commencement
date, the owner may choose an annuity payment option or change the election,
but written notice of any election or change of election must be received by
PFL at its administrative and service office at least thirty (30) days prior to
the annuity commencement date. If no election is made prior to the annuity
commencement date, annuity payments will be made under (i) Payment Option 3,
life income with fixed (level) payments for 10 years certain, using the
existing adjusted policy value of the fixed account, or (ii) under Payment
Option 3, life income with variable payments for 10 years certain using the
existing policy value of the separate account, or (iii) in a combination of (i)
and (ii).
The person who elects an annuity payment option can also name one or more
successor payees to receive any unpaid amount PFL has at the death of a payee.
Naming these payees cancels any prior choice of a successor payee.
A payee who did not elect the annuity payment option does not have the right to
advance or assign payments, take the payments in one sum, or make any other
change. However, the payee may be given the right to do one or more of these
things if the person who elects the option tells PFL in writing and PFL agrees.
Variable Payment Options. The dollar amount of the first variable annuity
payment will be determined in accordance with the annuity payment rates set
forth in the applicable table contained in the policy. The tables are based on
a 5% effective annual Assumed Investment Return and the "1983 Table a" (male,
female, and unisex if required by law) mortality table improved to the year
2000 with projection Scale G. ("The 1983 Table a" mortality rates are adjusted
based on improvements in mortality since 1983 to more appropriately reflect
increased longevity. This is accomplished using a set of improvement factors
referred to as projection scale G.) The dollar amount of additional variable
annuity payments will vary based on the investment performance of the
subaccount(s) of the separate account selected by the annuitant or beneficiary.
Determination of the First Variable Payment. The amount of the first variable
payment depends upon the sex (if consideration of sex is allowed under state
law) and adjusted age of the annuitant. The adjusted age is the annuitant's
actual age nearest birthday, on the annuity commencement date, adjusted as
follows:
<TABLE>
<CAPTION>
Annuity Commencement Date Adjusted Age
------------------------- --------------------
<S> <C>
Before 2001 Actual Age
2001-2010 Actual Age minus 1
2011-2020 Actual Age minus 2
2021-2030 Actual Age minus 3
2031-2040 Actual Age minus 4
After 2040 As determined by PFL
</TABLE>
This adjustment assumes an increase in life expectancy, and therefore it
results in lower payments than without such an adjustment.
Determination of Additional Variable Payments. All variable annuity payments
other than the first are calculated using annuity units which are credited to
the policy. The number of annuity units to be credited in respect of a
particular subaccount is determined by dividing that portion of the first
variable annuity payment attributable to that subaccount by the annuity unit
value of that subaccount on the
-12-
<PAGE>
annuity commencement date. The number of annuity units of each particular
subaccount credited to the policy then remains fixed, assuming no transfers to
or from that subaccount occur. The dollar value of variable annuity units in
the chosen subaccount will increase or decrease reflecting the investment
experience of the chosen subaccount. The dollar amount of each variable annuity
payment after the first may increase, decrease or remain constant, and is equal
to the sum of the amounts determined by multiplying the number of annuity units
of each particular subaccount credited to the policy by the annuity unit value
for the particular subaccount on the date the payment is made.
Death Benefit
Adjusted Partial Withdrawal. The amount of your Guaranteed Minimum Death
Benefit is reduced due to a partial withdrawal called the adjusted partial
withdrawal. The reduction amount depends on the relationship between your
Guaranteed Minimum Death Benefit and policy value. The adjusted partial
withdrawal is the sum of (1) and (2), where:
(1) The surrender charge-free withdrawal amount taken; and
(2) The amount that an excess partial withdrawal (the portion of a
withdrawal that can be subject to a surrender charge) reduces the
policy value times [(a) divided by (b)] where:
(a) is the amount of the death benefit prior to the excess partial
withdrawal; and
(b) is the policy value prior to the excess partial withdrawal.
The following examples describe the effect of a withdrawal on the Guaranteed
Minimum Death Benefit and policy value.
EXAMPLE 1
(Assumed Facts for Example)
<TABLE>
- ------------------------------------------------------------------------------
<C> <S>
$75,000 current Guaranteed Minimum Death Benefit (GMDB) before withdrawal
- ------------------------------------------------------------------------------
$50,000 current policy value before withdrawal
- ------------------------------------------------------------------------------
$75,000 current death benefit (larger of policy value and GMDB)
- ------------------------------------------------------------------------------
6% current surrender charge percentage
- ------------------------------------------------------------------------------
$15,000 requested withdrawal
- ------------------------------------------------------------------------------
$10,000 surrender charge-free amount (assumes 20% cumulative free percentage
is available)
- ------------------------------------------------------------------------------
$ 5,000 excess partial withdrawal (EPW) (amount subject to surrender charge)
- ------------------------------------------------------------------------------
$ 100 excess interest adjustment--
(assumes interest rates have decreased since initial guarantee)
- ------------------------------------------------------------------------------
$ 294 surrender charge on (EPW less EIA) = 0.06*(5000 - 100)
- ------------------------------------------------------------------------------
$ 5,194 reduction in policy value due to excess partial withdrawal = 5000 -
100 + 294
- ------------------------------------------------------------------------------
$17,791 adjusted partial withdrawal = $10,000 + [$5,194* (75,000/50,000)]
- ------------------------------------------------------------------------------
$57,209 New GMDB (after withdrawal) = 75,000 - 17,791
- ------------------------------------------------------------------------------
$34,806 New policy value (after withdrawal) = 50,000 - 10,000 - 5,194
</TABLE>
<TABLE>
<CAPTION>
Summary:
- --------
<S> <C>
Reduction in Guaranteed Minimum Death Benefit = $17,791
Reduction in policy value = $15,194
</TABLE>
Note, Guaranteed Minimum Death Benefit is reduced more than the policy value
since the Guaranteed Minimum Death Benefit was greater than the policy value
just prior to the withdrawal.
-13-
<PAGE>
EXAMPLE 2
(Assumed Facts for Example)
<TABLE>
- ------------------------------------------------------------------------------
<C> <S>
$50,000 current Guaranteed Minimum Death Benefit (GMDB) before withdrawal
- ------------------------------------------------------------------------------
$75,000 current policy value before withdrawal
- ------------------------------------------------------------------------------
$75,000 current death benefit (larger of policy value and GMDB)
- ------------------------------------------------------------------------------
6% current surrender charge percentage
- ------------------------------------------------------------------------------
$15,000 requested withdrawal
- ------------------------------------------------------------------------------
$11,250 surrender charge-free amount (assumes 15% cumulative free percentage
is available)
- ------------------------------------------------------------------------------
$ 3,750 excess partial withdrawal (EPW) (amount subject to surrender charge)
- ------------------------------------------------------------------------------
$ -100 excess interest adjustment--
(assumes interest rates have increased since initial guarantee)
- ------------------------------------------------------------------------------
$ 231 surrender charge on (EPW less EIA) = 0.06*[(3750-(-100))]
- ------------------------------------------------------------------------------
$ 4,081 reduction in policy value due to EPW = 3750 - (-
100) + 231 = 3750 + 100 + 231
- ------------------------------------------------------------------------------
$15,331 Adjusted Partial Withdrawal = $11,250 + [$4,081* (75,000/75,000)]
- ------------------------------------------------------------------------------
$34,669 New GMDB (after withdrawal) = 50,000 - 15,331
- ------------------------------------------------------------------------------
$59,669 New policy value (after withdrawal) = 75,000 - 11,250 - 4,081
</TABLE>
<TABLE>
<CAPTION>
Summary:
- --------
<S> <C>
Reduction in GMDB = $15,331
Reduction in policy value = $15,331
</TABLE>
Note, GMDB and policy value are reduced by the same amount since the policy
value was higher than the GMDB just prior to the withdrawal.
Due proof of death of the annuitant is proof that the annuitant who is the
owner died prior to the commencement of annuity payments. Upon receipt of this
proof and an election of a method of settlement and return of the policy, the
death benefit generally will be paid within seven days, or as soon thereafter
as PFL has sufficient information about the beneficiary to make the payment.
The beneficiary may receive the amount payable in a lump sum cash benefit, or,
subject to any limitation under any state or federal law, rule, or regulation,
under one of the annuity payment options described above, unless a settlement
agreement is effective at the death of the owner preventing such election.
Distribution Requirements. If the annuitant was the owner, and the beneficiary
was not the annuitant's spouse, the death benefit must (1) be distributed
within five years of the date of the deceased owner's death, or (2) payments
under an annuity payment option must begin no later than one year after the
deceased owner's death and must be made for the beneficiary's lifetime or for a
period certain (so long as any certain period does not exceed the beneficiary's
life expectancy). Death proceeds which are not paid to or for the benefit of a
natural person must be distributed within five years of the date of the
deceased owner's death. If the sole beneficiary is the deceased owner's
surviving spouse, such spouse may elect to continue the policy as the new
annuitant and owner instead of receiving the death benefit. (See "Certain
Federal Income Tax Consequences")
If the annuitant is not the owner, and the owner dies prior to the annuity
commencement date, a successor owner may surrender the policy at any time for
the amount of the adjusted policy value. If the successor owner is not the
deceased owner's spouse, however, the adjusted policy value must be
distributed: (1) within five years after the date of the deceased owner's
death, or (2) payments under an
-14-
<PAGE>
annuity payment option must begin no later than one year after the deceased
owner's death and must be made for the successor owner's lifetime or for a
period certain (so long as any period certain does not exceed the successor
owner's life expectancy).
Beneficiary. The beneficiary designation in the application will remain in
effect until changed. The owner may change the designated beneficiary by
sending written notice to PFL. The beneficiary's consent to such change is not
required unless the beneficiary was irrevocably designated or law requires
consent. (If an irrevocable beneficiary dies, the owner may then designate a
new beneficiary.) The change will take effect as of the date the owner signs
the written notice, whether or not the owner is living when the Notice is
received by PFL. PFL will not be liable for any payment made before the written
notice is received. If more than one beneficiary is designated, and the owner
fails to specify their interests, they will share equally.
Death of Owner
Federal tax law requires that if any owner (including any joint owner or any
successor owner who has become a current owner) dies before the annuity
commencement date, then the entire value of the policy must generally be
distributed within five years of the date of death of such owner. Certain rules
apply where (1) the spouse of the deceased owner is the sole beneficiary; (2)
the owner is not a natural person and the primary annuitant dies or is changed;
or (3) any owner dies after the annuity commencement date. See "Certain Federal
Income Tax Consequences" below for a detailed description of these rules. Other
rules may apply to qualified policies.
Assignment
During the lifetime of the annuitant the owner may assign any rights or
benefits provided by a nonqualified policy. An assignment will not be binding
on PFL until a copy has been filed at its administrative and service office.
The rights and benefits of the owner and beneficiary are subject to the rights
of the assignee. PFL assumes no responsibility for the validity or effect of
any assignment. Any claim made under an assignment shall be subject to proof of
interest and the extent of the assignment. An assignment may have tax
consequences.
Unless the owner so directs by filing written notice with PFL, no beneficiary
may assign any payments under the policy before they are due. To the extent
permitted by law, no payments will be subject to the claims of any
beneficiary's creditors.
Ownership under qualified policies is restricted to comply with the Code.
Evidence of Survival
PFL reserves the right to require satisfactory evidence that a person is alive
if a payment is based on that person being alive. No payment will be made until
PFL receives such evidence.
Non-Participating
The policy will not share in PFL's surplus earnings; no dividends will be paid.
Employee and Agent Purchases
The policy may be acquired by an employee or registered representative of any
broker/dealer authorized to sell the policy or their spouse or minor children,
or by an officer, director, trustee or bona-fide full-time employee of PFL or
its affiliated companies or their spouse or minor children. In such a case, PFL
may credit an amount equal to a percentage of each premium payment to the
policy due to lower acquisition costs PFL experiences on those purchases. The
credit will be reported to the Internal
-15-
<PAGE>
Revenue Service as taxable income to the employee or registered representative.
PFL may offer certain employer sponsored savings plans, in its discretion
reduced fees and charges including, but not limited to, the surrender charges,
the mortality and expense risk fee and the administrative charge for certain
sales under circumstances which may result in savings of certain costs and
expenses. In addition, there may be other circumstances of which PFL is not
presently aware which could result in reduced sales or distribution expenses.
Credits to the policy or reductions in these fees and charges will not be
unfairly discriminatory against any owner.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
The following summary does not constitute tax advice. It is a general
discussion of certain of the expected federal income tax consequences of
investment in and distributions with respect to a policy, based on the Internal
Revenue Code of 1986, as amended, proposed and final Treasury Regulations
thereunder, judicial authority, and current administrative rulings and
practice. This summary discusses only certain federal income tax consequences
to "United States Persons," and does not discuss state, local, or foreign tax
consequences. United States Persons means citizens or residents of the United
States, domestic corporations, domestic partnerships and trusts or estates that
are subject to United States federal income tax regardless of the source of
their income.
Tax Status of the Policy
The following discussion is based on the assumption that the policy qualifies
as an annuity contract for federal income tax purposes.
Diversification Requirements. Section 817(h) of the Code provides that in order
for a variable contract which is based on a segregated asset account to qualify
as an annuity contract under the Code, the investments made by such account
must be "adequately diversified" in accordance with Treasury regulations. The
Treasury regulations issued under Section 817(h) (Treas. Reg. ((S)) 1.817-5)
apply a diversification requirement to each of the subaccounts of the separate
account. The separate account, through the underlying funds and their
portfolios, intends to comply with the diversification requirements of the
Treasury. PFL has entered into agreements regarding participation in the
Retirement Income Builder that require the underlying funds and their
portfolios to be operated in compliance with the Treasury regulations.
Owner Control. In certain circumstances, owners of variable annuity contracts
may be considered the owners, for federal income tax purposes, of the assets of
the separate account used to support their contracts. In those circumstances,
income and gains from the separate account assets would be includable in the
variable annuity contractowner's gross income. Several years ago, the Internal
Revenue Service stated in published rulings that a variable contractowner will
be considered the owner of separate account assets if the contractowner
possesses incidents of ownership in those assets, such as the ability to
exercise investment control over the assets. More recently, the Treasury
Department announced, in connection with the issuance of regulations concerning
investment diversification, that those regulations "do not provide guidance
concerning the circumstances in which investor control of the investments of a
segregated asset account may cause the investor, rather than the insurance
company, to be treated as the owner of the assets in the account." This
announcement also stated that guidance would be issued by way of regulations or
rulings on the "extent to which policyholders may direct their investments to
particular subaccounts without being treated as owners of underlying assets."
The ownership rights under the contract are similar to, but different in
certain respects from those described by the IRS in rulings in which it was
determined that contractowners were not owners of separate account assets. For
example, the owner of a policy has the choice of one or more subaccounts
-16-
<PAGE>
in which to allocate premiums and policy values, and may be able to transfer
among these accounts more frequently than in such rulings. These differences
could result in policyowners being treated as the owners of the assets of the
separate account. In addition, PFL does not know what standards will be set
forth, if any, in the regulations or rulings which the Treasury Department has
stated it expects to issue. PFL therefore reserves the right to modify the
policies as necessary to attempt to prevent the policyowners from being
considered the owners of a pro rata share of the assets of the separate
account.
Distribution Requirements. The Code also requires that nonqualified policies
contain specific provisions for distribution of policy proceeds upon the death
of any owner. In order to be treated as an annuity contract for federal income
tax purposes, the Code requires that such policies provide that if any owner
dies on or after the annuity commencement date and before the entire interest
in the policy has been distributed, the remaining portion must be distributed
at least as rapidly as under the method in effect on such owner's death. If any
owner dies before the annuity commencement date, the entire interest in the
policy must generally be distributed within five years after such owner's date
of death or be applied to provide an immediate annuity under which payments
will begin within one year of such owner's death and will be made for the life
of the beneficiary or for a period not extending beyond the life expectancy of
the beneficiary. However, if such owner's death occurs prior to the annuity
commencement date, and such owner's surviving spouse is named beneficiary, then
the policy may be continued with the surviving spouse as the new owner. If any
owner is not a natural person, then for purposes of these distribution
requirements, the primary annuitant shall be treated as the owner and any death
or change of such primary annuitant shall be treated as the death of an owner.
The policy contains provisions intended to comply with these requirements of
the Code. No regulations interpreting these requirements of the Code have yet
been issued and thus no assurance can be given that the provisions contained in
the policies satisfy all such Code requirements. The provisions contained in
the policies will be reviewed and modified if necessary to maintain their
compliance with the Code requirements when clarified by regulation or
otherwise.
Withholding. The portion of any distribution under a policy that is includable
in gross income will be subject to federal income tax withholding unless the
recipient of such distribution elects not to have federal income tax withheld.
Election forms will be provided at the time distributions are requested or
made. For certain qualified policies, certain distributions are subject to
mandatory withholding. The withholding rate varies according to the type of
distribution and the owner's tax status. For qualified policies, "eligible
rollover distributions" from Section 401(a) plans and Section 403(b) tax-
sheltered annuities are subject to a mandatory federal income tax withholding
of 20%. An eligible rollover distribution is the taxable portion of any
distribution from such a plan, except certain distributions such as
distributions required by the Code or distributions in a specified annuity
form. The 20% withholding does not apply, however, if the owner chooses a
"direct rollover" from the plan to another tax-qualified plan or IRA.
Qualified Policies. The qualified policy is designed for use with several types
of tax-qualified retirement plans. The tax rules applicable to participants and
beneficiaries in tax-qualified retirement plans vary according to the type of
plan and the terms and conditions of the plan. Special favorable tax treatment
may be available for certain types of contributions and distributions. Adverse
tax consequences may result from contributions in excess of specified limits;
distributions prior to age 59 1/2 (subject to certain exceptions);
distributions that do not conform to specified commencement and minimum
distribution rules; and in other specified circumstances. Some retirement plans
are subject to distribution and other requirements that are not incorporated
into PFL's policy administration procedures. Owners, participants and
beneficiaries are responsible for determining that contributions, distributions
and other transactions with respect to the policies comply with applicable law.
For qualified plans under Section 401(a), 403(a), 403(b), and 457, the Code
requires that distributions generally must commence no later than the later of
April 1 of the calendar year following the calendar
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year in which the owner (or plan participant) (i) reaches age 70 1/2 or (ii)
retires, and must be made in a specified form or manner. If the plan
participant is a "5 percent owner" (as defined in the Code), or if the policy
is a traditional individual retirement annuity, then distributions generally
must begin no later than April 1 of the calendar year in which the owner (or
plan participant) reaches age 70 1/2. Each owner is responsible for requesting
distributions under the policy that satisfy applicable tax rules.
PFL makes no attempt to provide more than general information about use of the
policy with the various types of retirement plans. Purchasers of policies for
use with any retirement plan should consult their legal counsel and tax adviser
regarding the suitability of the policy.
Individual Retirement Annuities. In order to qualify as a traditional
individual retirement annuity under Section 408(b) of the Code, a policy must
contain certain provisions: (i) the owner must be the annuitant; (ii) the
policy generally is not transferable by the owner, e.g., the owner may not
designate a new owner, designate a successor owner or assign the policy as
collateral security; (iii) the total premium payments for any calendar year on
behalf of any individual may not exceed $2,000, except in the case of a
rollover amount or contribution under Sections 402(c), 403(a)(4), 403(b)(8) or
408(d)(3) of the Code; (iv) annuity payments or partial withdrawals must begin
no later than April 1 of the calendar year following the calendar year in which
the annuitant attains age 70 1/2; (v) an annuity payment option with a Period
Certain that will guarantee annuity payments beyond the life expectancy of the
annuitant and the beneficiary may not be selected; (vi) certain payments of
death benefits must be made in the event the annuitant dies prior to the
distribution of the policy value; and (vii) the entire interest of the owner is
non-forfeitable. Policies intended to qualify as traditional individual
retirement annuities under Section 408(b) of the Code contain such provisions.
Amounts in the IRA (other than nondeductible contributions) are taxed when
distributed from the IRA. Distributions prior to age 59 1/2 (unless certain
exceptions apply) are subject to a 10% penalty tax.
Section 408 of the Code also indicates that no part of the funds for an
individual retirement account or annuity ("IRA") may be invested in a life
insurance contract, but the regulations thereunder allow such funds to be
invested in an annuity policy that provides a death benefit that equals the
greater of the premiums paid or the cash value for the contract. The policy
provides an enhanced death benefit that could exceed the amount of such a
permissible death benefit, but it is unclear to what extent such an enhanced
death benefit could disqualify the policy under Section 408 of the Code. The
Internal Revenue Service has not reviewed the policy for qualification as an
IRA, and has not addressed in a ruling of general applicability whether an
enhanced death benefit provision, such as the provision in the policy, comports
with IRA qualification requirements.
Roth Individual Retirement Annuities (Roth IRA). The Roth IRA, under Section
408A of the Code, contains many of the same provisions as a traditional IRA.
However, there are some differences. First, the contributions are not
deductible and must be made in cash or as a rollover or transfer from another
Roth IRA or other IRA. A rollover from or conversion of an IRA to a Roth IRA
may be subject to tax and other special rules may apply. You should consult a
tax adviser before combining any converted amounts with any other Roth IRA
contributions, including any other conversion amounts from other tax years. The
Roth IRA is available to individuals with earned income and whose adjusted
gross income is under $110,000 for single filers, $160,000 for married filing
jointly, and $10,000 for married filing separately. The amount per individual
that may be contributed to all IRAs (Roth and traditional) is $2,000. Secondly,
the distributions are taxed differently. The Roth IRA offers tax-free
distributions when made from assets which have been held in the account for 5
tax years and are made after attaining age 59 1/2, to pay for qualified first
time homebuyer expenses (lifetime maximum of $10,000) or due to death or
disability. All other distributions are subject to income tax when made from
earnings and may be subject to a premature withdrawal penalty tax unless an
exception applies. Unlike the traditional IRA, there are no minimum required
distributions during the owner's lifetime; however, required distributions at
death are the same.
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<PAGE>
Section 403(b) Plans. Under Section 403(b) of the Code, payments made by public
school systems and certain tax exempt organizations to purchase policies for
their employees are excludable from the gross income of the employee, subject
to certain limitations. However, such payments may be subject to FICA (Social
Security) taxes. The policy includes a death benefit that in some cases may
exceed the greater of the premium payments or the policy value. The death
benefit could be characterized as an incidental benefit, the amount of which is
limited in any tax-sheltered annuity under Section 403(b). Because the death
benefit may exceed this limitation, employers using the policy in connection
with such plans should consult their tax adviser. Additionally, in accordance
with the requirements of the Code, Section 403(b) annuities generally may not
permit distribution of (i) elective contributions made in years beginning after
December 31, 1988, and (ii) earnings on those contributions and (iii) earnings
on amounts attributed to elective contributions held as of the end of the last
year beginning before January 1, 1989. Distributions of such amounts will be
allowed only upon the death of the employee, on or after attainment of age 59
1/2, separation from service, disability, or financial hardship, except that
income attributable to elective contributions may not be distributed in the
case of hardship.
Corporate Pension and Profit Sharing Plans and H.R. 10 Plans. Sections 401(a)
and 403(a) of the Code permit corporate employers to establish various types of
retirement plans for employees and self-employed individuals to establish
qualified plans for themselves and their employees. Such retirement plans may
permit the purchase of the policies to accumulate retirement savings. Adverse
tax consequences to the plan, the participant or both may result if the policy
is assigned or transferred to any individual as a means to provide benefit
payments. The policy includes a death benefit that in some cases may exceed the
greater of the premium payments or the policy value. The death benefit could be
characterized as an incidental benefit, the amount of which is limited in an
pension or profit-sharing plan. Because the death benefit may exceed this
limitation, employers using the policy in connection with such plans should
consult their tax adviser.
Deferred Compensation Plans. Section 457 of the Code, while not actually
providing for a qualified plan (as that term is not used in the Code), provides
for certain deferred compensation plans with respect to service for state
governments, local governments, political sub-divisions, agencies,
instrumentalities and certain affiliates of such entities, and tax exempt
organizations. The policies can be used with such plans. Under such plans a
participant may specify the form of investment in which his or her
participation will be made. For non-governmental 457 plans, all such
investments, however, are owned by, and are subject to, the claims of the
general creditors of the sponsoring employer. Depending on the terms of the
particular plan, a non-governmental employer may be entitled to draw on
deferred amounts for purposes unrelated to its Section 457 plan obligations. In
general, all amounts received under a Section 457 plan are taxable and are
subject to federal income tax withholding as wages.
Non-natural Persons. Pursuant to Section 72(u) of the code, an annuity contract
held by a taxpayer other than a natural person generally will not be treated as
an annuity contract under the code; accordingly, an owner who is not a natural
person will recognize as ordinary income for a taxable year the excess of (i)
the sum of the cash value as of the close of the taxable year and all previous
distributions under the policy over (ii) the sum of the premium payments paid
for the taxable year and any prior taxable year and the amounts includable in
gross income for any prior taxable year with respect to the policy. For these
purposes, the policy value at year end may have to be increased by any positive
excess interest adjustment which could result from a full surrender at such
time. There is, however, no definitive guidance on the proper tax treatment of
excess interest adjustments and the owner should contact a competent tax
adviser with respect to the potential tax consequences of an excess interest
adjustment. Notwithstanding the preceding sentences in that paragraph, Section
72(u) of the code does not apply to (i) a policy the nominal owner of which is
not a natural person but the beneficial owner of which is a natural person,
(ii) a policy acquired by the estate of a decedent by reason of such decedent's
death, (iii) a qualified policy (other than one qualifying under Section 457)
or (iv) a single-payment annuity the commencement date for which is no later
than one year from the date of the single premium payment; such policies are
taxed as described in the prospectus.
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<PAGE>
Taxation of PFL
PFL at present is taxed as a life insurance company under part I of subchapter
L of the code. The separate account is treated as part of PFL and, accordingly,
will not be taxed separately as a "regulated investment company" under
subchapter M of the code. PFL does not expect to incur any federal income tax
liability with respect to investment income and net capital gains arising from
the activities of the separate account retained as part of the reserves under
the policy. Based on this expectation, it is anticipated that no charges will
be made against the separate account for federal income taxes. If, in future
years, any federal income taxes are incurred by PFL with respect to the
separate account, PFL may make a charge to the separate account.
INVESTMENT EXPERIENCE
A "Net Investment Factor" is used to determine the value of accumulation units
and annuity units, and to determine annuity payment rates.
Accumulation Units
Allocations of a premium payment directed to a subaccount are credited in the
form of accumulation units. Each subaccount has a distinct accumulation unit
value. The number of units credited is determined by dividing the premium
payment or amount transferred to the subaccount by the accumulation unit value
of the subaccount as of the end of the valuation period during which the
allocation is made. For each subaccount, the accumulation unit value for a
given business day is based on the net asset value of a share of the
corresponding portfolio of the underlying funds less any applicable charges or
fees.
Upon allocation to the selected subaccount of the separate account, premium
payments are converted into accumulation units of the subaccount. The number of
accumulation units to be credited is determined by dividing the dollar amount
allocated to each subaccount by the value of an accumulation unit for that
subaccount as next determined after the premium payment is received at the
administrative and service office or, in the case of the initial premium
payment, when the application is completed, whichever is later. The value of an
accumulation unit was arbitrarily established at $1.000000 at the inception of
each subaccount. Thereafter, the value of an accumulation unit is determined as
of the close of trading on each day the New York Stock Exchange is open for
trading.
An index (the "Net Investment Factor") which measures the investment
performance of a subaccount during a valuation period, is used to determine the
value of an accumulation unit for the next subsequent valuation period. The Net
Investment Factor may be greater or less than or equal to one; therefore, the
value of an accumulation unit may increase, decrease or remain the same from
one valuation period to the next. The owner bears this investment risk. The net
investment performance of a subaccount and deduction of certain charges affect
the accumulation unit value.
The Net Investment Factor for any subaccount for any valuation period is
determined by dividing (a) by (b) and subtracting (c) from the result, where:
(a) is the net result of:
(1) the net asset value per share of the shares held in the subaccount
determined at the end of the current valuation period, plus
(2) the per share amount of any dividend or capital gain distribution
made with respect to the shares held in the subaccount if the ex-
dividend date occurs during the current valuation period, plus or minus
(3) a per share credit or charge for any taxes determined by PFL to
have resulted from the investment operations of the subaccount;
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<PAGE>
(b) the net asset value per share of the shares held in the subaccount
determined as of the end of the immediately preceding valuation period; and
(c) is the charge for mortality and expense risk during the valuation
period (equal on an annual basis to 1.10% for the Return of Premium Death
Benefit and 1.25% for both the 5% Annually Compounding Death Benefit or the
Annual Step-Up Death Benefit) of the daily net asset value of the
subaccount, plus the .15% administrative charge for all three Death Benefit
Options.
Illustration of Accumulation Unit Value Calculations
Formula and Illustration for Determining the Net Investment Factor
(Assume Either the 5% Annually Compounding Death Benefit or
the Annual Step-Up Death Benefit is in effect.)
Investment Experience Factor = (A + B - C) - E
-----------
D
Where: A = The Net Asset Value of an underlying fund share as of the end of
the current valuation period.
Assume.....................................A = $11.57
B = The per share amount of any dividend or capital gains distribution
since the end of the immediately preceding valuation period.
Assume..........................................B = 0
C = The per share charge or credit for any taxes reserved for at the
end of the current valuation period.
Assume..........................................C = 0
D = The Net Asset Value of an underlying fund share at the end of the
immediately preceding valuation period.
Assume.....................................D = $11.40
E = The daily deduction for mortality and expense risk fee and
administrative charges, which totals 1.40% on an annual basis.
On a daily basis....................... = .0000380909
Then, the Investment Experience Factor =
(11.57 + 0 - 0) - .0000380909 = Z = 1.0148741898
---------------
11.40
Formula and Illustration for Determining Accumulation Unit Value
Accumulation Unit Value = A * B
Where: A = The accumulation unit value for the immediately preceding valuation
period.
Assume............................................ = $X
B = The Net Investment Factor for the current valuation period.
Assume............................................. = Y
Then, the accumulation unit value = $X * Y = $Z
Annuity Unit Value and Annuity Payment Rates
The amount of variable annuity payments will vary with annuity unit values.
Annuity unit values rise if the net investment performance of the subaccount
exceeds the assumed interest rate of 5% annually.
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<PAGE>
Conversely, annuity unit values fall if the net investment performance of the
subaccount is less than the assumed rate. The value of a variable annuity unit
in each subaccount was established at $1.00 on the date operations began for
that subaccount. The value of a variable annuity unit on any subsequent
business day is equal to (a) multiplied by (b) multiplied by (c), where:
(a) is the variable annuity unit value for that subaccount on the
immediately preceding business day;
(b) is the net investment factor for that subaccount for the valuation
period; and
(c) is the investment result adjustment factor for the valuation period.
The investment result adjustment factor for the valuation period is the product
of discount factors of .99986634 per day to recognize the 5% effective annual
Assumed Investment Return. The valuation period is the period from the close of
the immediately preceding business day to the close of the current business
day.
The net investment factor for the policy used to calculate the value of a
variable annuity unit in each subaccount for the valuation period is determined
by dividing (i) by (ii) and subtracting (iii) from the result, where:
(i) is the result of:
(1) the net asset value of a fund share held in that subaccount
determined at the end of the current valuation period; plus
(2) the per share amount of any dividend or capital gain distributions
made by the fund for shares held in that subaccount if the ex-dividend
date occurs during the valuation period; plus or minus
(3) a per share charge or credit for any taxes reserved for, which PFL
determines to have resulted from the investment operations of the
subaccount.
(ii) is the net asset value of a fund share held in that subaccount
determined as of the end of the immediately preceding valuation period.
(iii) is a factor representing the mortality and expense risk fee and
administrative charge. This factor is equal, on an annual basis, to 1.25%
(for Death Benefit Option A) or 1.40% (for Death Benefit Options B and C)
of the daily net asset value of a fund share held in that subaccount.
The dollar amount of subsequent variable annuity payments will depend upon
changes in applicable annuity unit values.
The annuity payment rates vary according to the annuity option elected and the
sex and adjusted age of the annuitant at the annuity commencement date. The
policy also contains a table for determining the adjusted age of the annuitant.
Illustration of Calculations for Annuity Unit Value
and Variable Annuity Payments
Formula and Illustration for Determining Annuity Unit Value
Annuity unit value = A * B * C
Where: A = Annuity unit value for the immediately preceding valuation period.
Assume..............................................= $X
B = Investment Experience Factor for the valuation period for which the
annuity unit value is being calculated.
Assume..............................................= Y
C = A factor to neutralize the assumed interest rate of 5% built into
the annuity tables used.
Assume..............................................= Z
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<PAGE>
Then, the annuity unit value is:
$X * Y * Z = $Q
Formula and Illustration for Determining Amount of First Monthly Variable
Annuity Payment
First monthly variable annuity payment = A * B
$1,000
Where: A = The policy value as of the annuity commencement date.
Assume..........................................= $X
B = The Annuity purchase rate per $1,000 based upon the option
selected, the sex and adjusted age of the annuitant according to
the tables contained in the policy.
Assume..........................................= $Y
Then, the first monthly variable annuity payment = $X * $Y
------- = $Z
1,000
Formula and Illustration for Determining the Number of Annuity Units
Represented by Each Monthly Variable Annuity Payment
Number of annuity units = A
---
B
Where: A = The dollar amount of the first monthly variable annuity payment.
Assume............................................= $X
B = The annuity unit value for the valuation date on which the first
monthly payment is due.
Assume............................................= $Y
Then, the number of annuity units = $X = Z
--
$Y
FAMILY INCOME PROTECTOR -- HYPOTHETICAL ILLUSTRATION
The amounts shown below are hypothetical guaranteed minimum monthly payment
amounts under the "family income protector" for a $100,000 premium when annuity
payments do not begin until the rider anniversary indicated in the left-hand
column. These figures assume that there were no subsequent premium payments, or
withdrawals, that there were no premium taxes and that the $100,000 premium is
subject to the family income protector. Six different annuity payment options
are illustrated: a male annuitant, a female annuitant and a joint and survivor
annuity, each on a Life Only and a Life with 10 Year Certain basis. These
hypothetical illustrations assume that the annuitant is (or both annuitants
are) 60 years old when the rider is issued, that the annual growth rate is 6.0%
(once established an annual growth rate will not change during the life of the
family income protector rider), and that there was no upgrade of the minimum
annuitization value. The figures below, which are the amount of the first
monthly payment, are based on an assumed investment return of 3%. Subsequent
payments will never be less than the amount of the first payment (although
subsequent payments are calculated using a 5% assumed investment return).
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<PAGE>
Illustrations of guaranteed minimum payments based on other assumptions will be
provided upon request.
Life Only = Life Annuity with No Period Certain
Life 10 = Life Annuity with 10 Years
Certain
<TABLE>
<CAPTION>
Rider Anniversary at
Exercise Date Male Female Joint & Survivor
- ------------------------------------------------------------------------------
Life Only Life 10 Life Only Life 10 Life Only Life 10
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
10 (age 70) $1,135 $1,067 $ 976 $ 949 $ 854 $ 852
- ------------------------------------------------------------------------------
15 1,833 1,634 1,562 1,469 1,332 1,318
- ------------------------------------------------------------------------------
20 (age 80) 3,049 2,479 2,597 2,286 2,145 2,078
</TABLE>
This hypothetical illustration should not be deemed representative of past or
future performance of any underlying variable investment option.
Withdrawals will affect the minimum annuitization value as follows: Each policy
year, withdrawals up to the limit of the total free amount (the minimum
annuitization value on the last policy anniversary multiplied by the annual
growth rate) reduce the minimum annuitization value on a dollar-for-dollar
basis. Withdrawals over this free amount will reduce the minimum annuitization
value on a pro rata basis by an amount equal to the minimum annuitization value
immediately prior to the excess withdrawal multiplied by the percentage
reduction in the policy value resulting from the excess withdrawal. The free
amount will always be a relatively small fraction of the minimum annuitization
value.
The amount of the first payment provided by the family income protector will be
determined by multiplying each $1,000 of minimum annuitization value by the
applicable annuity factor shown on Schedule I of the family income protector
rider. The applicable annuity factor depends upon the annuitant's (and joint
annuitant's, if any) sex (or without regard to gender if required by law), age,
and the family income protector payment option selected and is based on a
guaranteed interest rate of 3% and the "1983 Table a" mortality table improved
to the year 2000 with projection Scale G. Subsequent payments will be
calculated as described in the family income protector rider using a 5% assumed
investment return. Subsequent payments may fluctuate annually in accordance
with the investment performance of the annuity subaccounts. However, subsequent
payments are guaranteed to never be less than the initial payment.
The stabilized payment on each subsequent policy anniversary after
annuitization using the family income protector will equal the greater of the
initial payment or the payment supportable by the annuity units in the selected
subaccounts. The supportable payment is equal to the number of variable annuity
units in the selected subaccounts multiplied by the variable annuity unit
values in those subaccounts on the date the payment is made. The variable
annuity unit values used to calculate the supportable payment will assume a 5%
assumed investment return. If the supportable payment at any payment date
during a policy year is greater than the stabilized payment for that policy
year, the excess will be used to purchase additional annuity units. Conversely,
if the supportable payment at any payment date during a policy year is less
than the stabilized payment for that policy year, there will be a reduction in
the number of annuity units credited to the policy to fund the deficiency. In
the case of a reduction, you will not participate as fully in the future
investment performance of the subaccounts you selected since fewer annuity
units are credited to your policy. Purchases and reductions will be allocated
to each subaccount on a proportionate basis.
PFL bears the risk that it will need to make payments if all annuity units have
been used in an attempt to maintain the stabilized payment at the initial
payment level. In such an event, PFL will make all future payments equal to the
initial payment. Once all the annuity units have been used, the amount of your
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<PAGE>
payment will not increase or decrease and will not depend upon the performance
of any subaccounts. To compensate PFL for this risk, a stabilized payment fee
will be deducted.
HISTORICAL PERFORMANCE DATA
Money Market Yields
PFL may from time to time disclose the current annualized yield of the Money
Market Subaccount for a 7-day period in a manner which does not take into
consideration any realized or unrealized gains or losses on shares of the
portfolio securities. This current annualized yield is computed by determining
the net change (exclusive of realized gains and losses on the sale of
securities and unrealized appreciation and depreciation and income other than
investment income) at the end of the 7-day period in the value of a
hypothetical account having a balance of 1 unit at the beginning of the 7-day
period, dividing such net change in account value by the value of the account
at the beginning of the period to determine the base period return, and
annualizing this quotient on a 365-day basis. The net change in account value
reflects (i) net income from the portfolio attributable to the hypothetical
account; and (ii) charges and deductions imposed under a policy that are
attributable to the hypothetical account. The charges and deductions include
the per unit charges for the hypothetical account for (i) the administrative
charges; and (ii) the mortality and expense risk fee. Current Yield will be
calculated according to the following formula:
Current Yield = ((NCS * ES)/UV) * (365/7)
Where:
NCS= The net change in the value of the portfolio (exclusive of realized
gains and losses on the sale of securities and unrealized
appreciation and depreciation and income other than investment
income) for the 7-day period attributable to a hypothetical account
having a balance of 1 subaccount unit.
ES= Per unit expenses of the subaccount for the 7-day period.
UV= The unit value on the first day of the 7-day period.
Because of the charges and deductions imposed under a policy, the yield for the
Money Market Subaccount will be lower than the yield for the Money Market
Portfolio. The yield calculations do not reflect the effect of any premium
taxes or surrender charges that may be applicable to a particular policy.
Surrender charges range from 6% to 0% of the amount of premium payments
withdrawn based on the number of years since the premium payment was made.
However, surrender charges will not be assessed after the tenth policy year.
PFL may also disclose the effective yield of the Money Market Subaccount for
the same 7-day period, determined on a compounded basis. The effective yield is
calculated by compounding the base period return according to the following
formula:
Effective Yield = (1 + ((NCS - ES)/UV))/365/7/ - 1
Where:
NCS= The net change in the value of the account (exclusive of realized
gains and losses on the sale of securities and unrealized
appreciation and depreciation and income other than investment
income) for the 7-day period attributable to a hypothetical account
having a balance of 1 subaccount unit.
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<PAGE>
ES=
Per unit expenses of the subaccount for the 7-day period.
UV= The unit value on the first day of the 7-day period.
The yield on amounts held in the Money Market Subaccount normally will
fluctuate on a daily basis. Therefore, the disclosed yield for any given past
period is not an indication or representation of future yields or rates of
return. The Money Market Subaccount actual yield is affected by changes in
interest rates on money market securities, average portfolio maturity of the
Money Market Portfolio, the types and quality of portfolio securities held by
the Money Market Portfolio and its operating expenses. For the seven days ended
December 31, 1998, the yield of the Putnam VT Money Market Subaccount was
3.386%, and the effective yield was 3.443% for the Return of Premium Death
Benefit. For the seven days ended December 31, 1998, the yield of the Putnam VT
Money Market Subaccount was 3.242%, and the effective yield was 3.294% for the
5% Annually Compounding Death Benefit or Annual Step-Up Death Benefit.
Other Subaccount Yields
PFL may from time to time advertise or disclose the current annualized yield of
one or more of the subaccounts of the separate account (except the Money Market
Subaccount) for 30-day periods. The annualized yield of a subaccount refers to
income generated by the subaccount over a specific 30-day period. Because the
yield is annualized, the yield generated by a subaccount during the 30-day
period is assumed to be generated each 30-day period over a 12-month period.
The yield is computed by: (i) dividing the net investment income of the
subaccount less subaccount expenses for the period, by (ii) the maximum
offering price per unit on the last day of the period times the daily average
number of units outstanding for the period, compounding that yield for a 6-
month period, and (iii) multiplying that result by 2. Expenses attributable to
the subaccount include (i) the administrative charge and (ii) the mortality and
expense risk fee. The 30-day yield is calculated according to the following
formula:
Yield = 2 * ((((NI - ES)/(U * UV)) + 1)/6/ -1)
Where:
NI= Net investment income of the subaccount for the 30-day period
attributable to the subaccount's unit.
ES= Expenses of the subaccount for the 30-day period.
U= The average number of units outstanding.
UV= The unit value at the close (highest) of the last day in the 30-day
period.
Because of the charges and deductions imposed by the separate account, the
yield for a subaccount of the separate account will be lower than the yield for
its corresponding portfolio. The yield calculations do not reflect the effect
of any premium taxes or surrender charges that may be applicable to a
particular policy. Surrender charges range from 6% to 0% of the amount of
premium payments withdrawn based on the number of years since the premium
payment was made. However, surrender charges will not be assessed after the
tenth policy year.
The yield on amounts held in the subaccounts of the separate account normally
will fluctuate over time. Therefore, the disclosed yield for any given past
period is not an indication or representation of future yields or rates of
return. The types and quality of its investments and its operating expenses
affect a subaccount's actual yield.
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<PAGE>
Total Returns
PFL may from time to time also advertise or disclose total returns for one or
more of the subaccounts of the separate account for various periods of time.
One of the periods of time will include the period measured from the date the
subaccount commenced operations. When a subaccount has been in operation for 1,
5 and 10 years, respectively, the total return for these periods will be
provided. Total returns for other periods of time may from time to time also be
disclosed. Total returns represent the average annual compounded rates of
return that would equate an initial investment of $1,000 to the redemption
value of that investment as of the last day of each of the periods. The ending
date for each period for which total return quotations are provided will be for
the most recent month end practicable, considering the type and media of the
communication and will be stated in the communication.
Total returns will be calculated using subaccount unit values which PFL
calculates on each business day based on the performance of the subaccount's
underlying portfolio, and the deductions for the mortality and expense risk fee
and the administrative charges. Total return calculations will reflect the
effect of surrender charges that may be applicable to a particular period. The
total return will then be calculated according to the following formula:
P (1 + T)N = ERV
Where:
T= The average annual total return net of subaccount recurring charges.
ERV= The ending redeemable value of the hypothetical account at the end of
the period.
P= A hypothetical initial payment of $1,000.
N= The number of years in the period.
Other Performance Data
PFL may from time to time also disclose average annual total returns in a non-
standard format in conjunction with the standard format described above. The
non-standard format will be identical to the standard format except that the
surrender charge percentage will be assumed to be 0%.
PFL may from time to time also disclose cumulative total returns in conjunction
with the standard format described above. The cumulative returns will be
calculated using the following formula assuming that the surrender charge
percentage will be 0%.
CTR = (ERV/P) -1
Where:
CTR= The cumulative total return net of subaccount recurring charges for
the period.
ERV= The ending redeemable value of the hypothetical investment at the end
of the period.
P= A hypothetical initial payment of $1,000.
All non-standard performance data will only be advertised if the standard
performance data for the same period, as well as for the required period, is
also disclosed.
-27-
<PAGE>
Adjusted Historical Performance Data
From time to time, sales literature or advertisements may quote average annual
total returns for periods prior to the date the separate account commenced
operations. Such performance information for the subaccounts will be calculated
based on the performance of the various portfolios and the assumption that the
subaccounts were in existence for the same periods as those indicated for the
portfolios, with the level of policy charges that were in effect at the
inception of the subaccounts.
PUBLISHED RATINGS
PFL may from time to time publish in advertisements, sales literature and
reports to owners, the ratings and other information assigned to it by one or
more independent rating organizations such as A.M. Best Company, Standard &
Poor's Insurance Ratings Services, Moody's Investors Service and Duff & Phelps
Credit Rating Co. The purpose of the ratings is to reflect the financial
strength and/or claims-paying ability of PFL and they should not be considered
as bearing on the investment performance of assets held in the separate account
or of the safety or riskiness of an investment in the separate account. Each
year the A.M. Best Company reviews the financial status of thousands of
insurers, culminating in the assignment of Best's ratings. These ratings
reflect their current opinion of the relative financial strength and operating
performance of an insurance company in comparison to the norms of the
life/health insurance industry. In addition, the claims-paying ability of PFL
as measured by Standard & Poor's Insurance Ratings Services, Moody's Investors
Service or Duff & Phelps Credit Rating Co. may be referred to in advertisements
or sales literature or in reports to owners. These ratings are opinions of an
operating insurance company's financial capacity to meet the obligations of its
insurance policies in accordance with their terms. Claims-paying ability
ratings do not refer to an insurer's ability to meet non-policy obligations
such as debt or commercial paper obligations.
STATE REGULATION OF PFL
PFL is subject to the laws of Iowa governing insurance companies and to
regulation by the Iowa Division of Insurance. An annual statement in a
prescribed form is filed with the Division of Insurance each year covering the
operation of PFL for the preceding year and its financial condition as of the
end of such year. Regulation by the Division of Insurance includes periodic
examination to determine PFL's contract liabilities and reserves so that the
Division may determine the items are correct. PFL's books and accounts are
subject to review by the Division of Insurance at all times and a full
examination of its operations is conducted periodically by the National
Association of Insurance Commissioners. In addition, PFL is subject to
regulation under the insurance laws of other jurisdictions in which it may
operate.
ADMINISTRATION
PFL performs administrative services for the policies. These services include
issuance of the policies, maintenance of records concerning the policies, and
certain valuation services.
RECORDS AND REPORTS
All records and accounts relating to the separate account will be maintained by
PFL. As presently required by the Investment Company Act of 1940 and
regulations promulgated thereunder, PFL will mail to all owners at their last
known address of record, at least annually, reports containing such information
as may be required under that Act or by any other applicable law or regulation.
Owners will also receive confirmation of each financial transaction and any
other reports required by law or regulation.
-28-
<PAGE>
DISTRIBUTION OF THE POLICIES
The policies are offered to the public through brokers licensed under the
federal securities laws and state insurance laws. The offering of the policies
is continuous and PFL does not anticipate discontinuing the offering of the
policies. However, PFL reserves the right to discontinue the offering of the
policies.
AFSG Securities Corporation, an affiliate of PFL, is the principal underwriter
of the policies and may enter into agreements with broker-dealers for the
distribution of the policies. Prior to April 30, 1998, AEGON USA Securities,
Inc. (also an affiliate of PFL) was the principal underwriter. During 1998, the
amount paid to AFSG Securities Corporation, AEGON USA Securities, Inc. and/or
the broker-dealers for their services related to Portfolio Select Variable
Annuity policies was $868,731.60. No fees had been paid to any broker/dealers
for their services prior to 1998.
OTHER PRODUCTS
PFL makes other variable annuity policies available that may also be funded
through the separate account. These variable annuity policies may have
different features, such as different investment choices or charges.
CUSTODY OF ASSETS
The assets of each of the subaccounts of the separate account are held by PFL.
The assets of each of the subaccounts of the separate account are segregated
and held separate and apart from the assets of the other subaccounts and from
PFL's general account assets. PFL maintains records of all purchases and
redemptions of shares of the underlying funds held by each of the subaccounts.
Additional protection for the assets of the separate account is afforded by
PFL's fidelity bond, presently in the amount of $5,000,000, covering the acts
of officers and employees of PFL.
LEGAL MATTERS
Sutherland Asbill & Brennan LLP, of Washington D.C has provided legal advice
relating to certain matters under the federal securities laws applicable to the
issue and sale of the policies to PFL.
INDEPENDENT AUDITORS
The statutory-basis financial statements and schedules of PFL as of December
31, 1998 and 1997, and for each of the three years in the period ended December
31, 1998, and the financial statements of certain subaccounts of the PFL
Retirement Builder Variable Annuity Account which are available for investment
by the Flexible Premium Individual Deferred Variable Annuity (now known as the
Portfolio Select Variable Annuity) contract owners as of December 31, 1998 and
for the period October 31, 1998 (commencement of operations) through December
31, 1998, included in this Statement of Additional Information have been
audited by Ernst & Young LLP, Independent Auditors, Suite 3400, 801 Grand
Avenue, Des Moines, Iowa 50309.
OTHER INFORMATION
A Registration Statement has been filed with the Securities and Exchange
Commission, under the Securities Act of 1933 as amended, with respect to the
policies discussed in this Statement of Additional Information. Not all of the
information set forth in the Registration Statement, amendments and exhibits
thereto has been included in the prospectus or this Statement of Additional
Information. Statements contained in the prospectus and this Statement of
Additional Information concerning the content of the
-29-
<PAGE>
policies and other legal instruments are intended to be summaries. For a
complete statement of the terms of these documents, reference should be made to
the instruments filed with the Securities and Exchange Commission.
FINANCIAL STATEMENTS
The values of the interest of owners in the separate account will be affected
solely by the investment results of the selected subaccount(s). The financial
statements of PFL, which are included in this Statement of Additional
Information, should be considered only as bearing on the ability of PFL to meet
its obligations under the policies. They should not be considered as bearing on
the investment performance of the assets held in the separate account.
-30-
<PAGE>
FINANCIAL STATEMENTS--STATUTORY BASIS
PFL LIFE INSURANCE COMPANY
Years ended December 31, 1998, 1997 and 1996
with Report of Independent Auditors
<PAGE>
PFL LIFE INSURANCE COMPANY
FINANCIAL STATEMENTS--STATUTORY BASIS
Years ended December 31, 1998, 1997 and 1996
Contents
<TABLE>
<S> <C>
Report of Independent Auditors.............................................. 1
Audited Financial Statements
Balance Sheets--Statutory Basis........................................... 2
Statements of Operations--Statutory Basis................................. 3
Statements of Changes in Capital and Surplus--Statutory Basis............. 4
Statements of Cash Flows--Statutory Basis................................. 5
Notes to Financial Statements--Statutory Basis............................ 6
Statutory-Basis Financial Statement Schedules
Summary of Investments--Other Than Investments in Related Parties......... 24
Supplementary Insurance Information....................................... 25
Reinsurance............................................................... 26
</TABLE>
<PAGE>
[LETTERHEAD OF ERNST & YOUNG LLP APPEARS HERE]
Report of Independent Auditors
The Board of Directors
PFL Life Insurance Company
We have audited the accompanying statutory-basis balance sheets of PFL Life
Insurance Company as of December 31, 1998 and 1997, and the related statutory-
basis statements of operations, changes in capital and surplus, and cash flows
for each of the three years in the period ended December 31, 1998. Our audits
also included the accompanying statutory-basis financial statement schedules
required by Article 7 of Regulation S-X. These financial statements and
schedules are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
As described in Note 1 to the financial statements, the Company presents its
financial statements in conformity with accounting practices prescribed or
permitted by the Insurance Division, Department of Commerce, of the State of
Iowa, which practices differ from generally accepted accounting principles.
The variances between such practices and generally accepted accounting
principles also are described in Note 1. The effects on the financial
statements of these variances are not reasonably determinable but are presumed
to be material.
In our opinion, because of the effects of the matters described in the
preceding paragraph, the financial statements referred to above do not present
fairly, in conformity with generally accepted accounting principles, the
financial position of PFL Life Insurance Company at December 31, 1998 and
1997, or the results of its operations or its cash flows for each of the three
years in the period ended December 31, 1998.
However, in our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of PFL Life Insurance
Company at December 31, 1998 and 1997, and the results of its operations and
its cash flows for each of the three years in the period ended December 31,
1998 in conformity with accounting practices prescribed or permitted by the
Insurance Division, Department of Commerce, of the State of Iowa. Also, in our
opinion, the related financial statement schedules, when considered in
relation to the basic statutory-basis financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
/s/ Ernst & Young LLP
Des Moines, Iowa
February 19, 1999
1
<PAGE>
PFL LIFE INSURANCE COMPANY
BALANCE SHEETS--STATUTORY BASIS
(Dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
December 31
---------------------
1998 1997
---------- ----------
ADMITTED ASSETS
---------------
<S> <C> <C>
Cash and invested assets:
Cash and short-term investments............................ $ 83,289 $ 23,939
Bonds...................................................... 4,822,442 4,913,144
Stocks:
Preferred................................................ 14,754 2,750
Common (cost: 1998--$34,731; 1997--$33,058).............. 49,448 42,345
Affiliated entities (cost: 1998--$8,060; 1997--$10,798).. 5,613 8,031
Mortgage loans on real estate.............................. 1,012,433 935,207
Real estate, at cost less accumulated depreciation ($9,500
in 1998; $8,655 in 1997):
Home office properties................................... 8,056 8,283
Properties acquired in satisfaction of debt.............. 11,778 11,814
Investment properties.................................... 44,325 36,416
Policy loans............................................... 60,058 57,136
Other invested assets...................................... 76,482 29,864
---------- ----------
Total cash and invested assets......................... 6,188,678 6,068,929
Premiums deferred and uncollected........................... 15,318 16,101
Accrued investment income................................... 65,308 69,662
Receivable from affiliate................................... 643 --
Federal income taxes recoverable............................ 639 --
Transfers from separate accounts............................ 70,866 60,193
Other assets................................................ 29,511 37,624
Separate account assets..................................... 3,348,611 2,517,365
---------- ----------
Total admitted assets.................................. $9,719,574 $8,769,874
========== ==========
<CAPTION>
LIABILITIES AND CAPITAL AND SURPLUS
-----------------------------------
<S> <C> <C>
Liabilities:
Aggregate reserves for policies and contracts:
Life..................................................... $1,357,175 $ 884,018
Annuity.................................................. 3,925,293 4,204,125
Accident and health...................................... 205,736 169,328
Policy and contract claim reserves:
Life..................................................... 9,101 8,635
Accident and health...................................... 48,906 57,713
Other policyholders' funds................................. 162,266 143,831
Remittances and items not allocated........................ 19,690 153,745
Asset valuation reserve.................................... 91,588 69,825
Interest maintenance reserve............................... 50,575 30,287
Federal income taxes payable............................... -- 1,889
Short-term notes payable to affiliates..................... 9,421 16,400
Other liabilities.......................................... 76,766 75,070
Payable for securities..................................... 57,645 --
Payable to affiliates...................................... -- 13,240
Separate account liabilities............................... 3,342,884 2,512,406
---------- ----------
Total liabilities...................................... 9,357,046 8,340,512
Commitments and contingencies
Capital and surplus:
Common stock, $10 par value, 500 shares authorized, 266
issued and outstanding.................................... 2,660 2,660
Paid-in surplus............................................ 154,282 154,282
Unassigned surplus......................................... 205,586 272,420
---------- ----------
Total capital and surplus.............................. 362,528 429,362
---------- ----------
Total liabilities and capital and surplus.............. $9,719,574 $8,769,874
========== ==========
</TABLE>
See accompanying notes.
2
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Revenues:
Premiums and other considerations, net
of reinsurance:
Life.................................. $ 516,111 $ 202,435 $ 204,872
Annuity............................... 667,920 657,695 725,966
Accident and health................... 178,593 207,982 227,862
Net investment income................... 446,984 446,424 428,337
Amortization of interest maintenance re-
serve.................................. 8,656 3,645 2,434
Commissions and expense allowances on
reinsurance ceded...................... 32,781 49,859 73,931
---------- ---------- ----------
1,851,045 1,568,040 1,663,402
Benefits and expenses:
Benefits paid or provided for:
Life and accident and health bene-
fits................................. 135,184 146,583 147,024
Surrender benefits.................... 732,796 658,071 512,810
Other benefits........................ 152,209 126,495 101,288
Increase (decrease) in aggregate
reserves for policies and contracts:
Life.................................. 473,158 149,575 140,126
Annuity............................... (278,665) (203,139) 188,002
Accident and health................... 36,407 30,059 26,790
Other................................. 17,550 16,998 19,969
---------- ---------- ----------
1,268,639 924,642 1,136,009
Insurance expenses:
Commissions............................. 136,569 157,300 177,466
General insurance expenses.............. 48,018 57,571 57,282
Taxes, licenses and fees................ 19,166 8,715 13,889
Net transfers to separate accounts...... 265,702 297,480 171,785
Other expenses.......................... 1,016 119 526
---------- ---------- ----------
470,471 521,185 420,948
---------- ---------- ----------
1,739,110 1,445,827 1,556,957
---------- ---------- ----------
Gain from operations before federal income
tax expense and net realized capital
gains (losses) on investments............ 111,935 122,213 106,445
Federal income tax expense................ 49,835 43,381 41,177
---------- ---------- ----------
Gain from operations before net realized
capital gains (losses) on investments.... 62,100 78,832 65,268
Net realized capital gains (losses) on
investments (net of related federal
income taxes and amounts transferred to
interest maintenance reserve)............ 3,398 7,159 (3,503)
---------- ---------- ----------
Net income................................ $ 65,498 $ 85,991 $ 61,765
========== ========== ==========
</TABLE>
See accompanying notes.
3
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Total
Capital
Common Paid-in Unassigned and
Stock Surplus Surplus Surplus
------ -------- ---------- ---------
<S> <C> <C> <C> <C>
Balance at January 1, 1996............... $2,660 $154,129 $ 220,739 $ 377,528
Net income............................. -- -- 61,765 61,765
Change in net unrealized capital
gains................................. -- -- 2,351 2,351
Change in non-admitted assets.......... -- -- (148) (148)
Change in asset valuation reserve...... -- -- (10,930) (10,930)
Dividend to stockholder................ -- -- (20,000) (20,000)
Prior period adjustment................ -- -- 5,025 5,025
Surplus effect of sales of divisions... -- -- (384) (384)
Surplus effect of ceding commissions
associated with the sale of a
division.............................. -- -- 29 29
Amendment of reinsurance agreement..... -- -- 421 421
Change in liability for reinsurance in
unauthorized companies................ -- -- 2,690 2,690
------ -------- --------- ---------
Balance at December 31, 1996............. 2,660 154,129 261,558 418,347
Capital contribution................... -- 153 -- 153
Net income............................. -- -- 85,991 85,991
Change in net unrealized capital
gains................................. -- -- 3,592 3,592
Change in non-admitted assets.......... -- -- (481) (481)
Change in asset valuation reserve...... -- -- (14,974) (14,974)
Dividend to stockholder................ -- -- (62,000) (62,000)
Surplus effect of sale of a division... -- -- (161) (161)
Surplus effect of ceding commissions
associated with the sale of a
division.............................. -- -- 5 5
Amendment of reinsurance agreement..... -- -- 389 389
Surplus effect of reinsurance
agreement............................. -- -- 402 402
Change in liability for reinsurance in
unauthorized companies................ -- -- (1,901) (1,901)
------ -------- --------- ---------
Balance at December 31, 1997............. 2,660 154,282 272,420 429,362
Net income............................. -- -- 65,498 65,498
Change in net unrealized capital
gains................................. -- -- 4,504 4,504
Change in non-admitted assets.......... -- -- (260) (260)
Change in asset valuation reserve...... -- -- (21,763) (21,763)
Dividend to stockholder................ -- -- (120,000) (120,000)
Increase in liability for reinsurance
in unauthorized companies............. -- -- 2,036 2,036
Tax benefit on stock options
exercised............................. -- -- 2,476 2,476
Change in surplus in separate
accounts.............................. -- -- 675 675
------ -------- --------- ---------
Balance at December 31, 1998............. $2,660 $154,282 $ 205,586 $ 362,528
====== ======== ========= =========
</TABLE>
See accompanying notes.
4
<PAGE>
PFL LIFE INSURANCE COMPANY
STATEMENTS OF CASH FLOWS--STATUTORY BASIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Year Ended December 31
-------------------------------------
1998 1997 1996
----------- ----------- -----------
<S> <C> <C> <C>
Operating Activities
Premiums and other considerations, net
of reinsurance......................... $ 1,396,428 $ 1,119,936 $ 1,240,748
Net investment income................... 469,246 452,091 431,456
Life and accident and health claims..... (138,249) (154,383) (147,556)
Surrender benefits and other fund
withdrawals............................ (732,796) (658,071) (512,810)
Other benefits to policyholders......... (152,167) (126,462) (101,254)
Commissions, other expenses and other
taxes.................................. (197,135) (225,042) (248,321)
Net transfers to separate accounts...... (276,375) (319,146) (210,312)
Federal income taxes.................... (72,176) (47,909) (35,551)
Cash paid in conjunction with an
amendment of a reinsurance agreement... -- (4,826) (5,812)
Cash received in connection with a
reinsurance agreement.................. -- 1,477 --
Other, net.............................. (93,095) 89,693 (41,677)
Net cash provided by operating
activities............................. 203,681 127,358 368,911
Investing Activities
Proceeds from investments sold, matured
or repaid:
Bonds and preferred stocks............ 3,347,174 3,284,095 2,112,831
Common stocks......................... 34,564 34,004 27,214
Mortgage loans on real estate......... 192,210 138,162 74,351
Real estate........................... 5,624 6,897 18,077
Cash received from ceding commissions
associated with the sale of a
division............................. -- 8 45
Other................................. 7,210 57,683 22,568
----------- ----------- -----------
3,586,782 3,520,849 2,255,086
Cost of investments acquired:
Bonds and preferred stocks............ (3,251,822) (3,411,442) (2,270,105)
Common stocks......................... (36,379) (37,339) (29,799)
Mortgage loans on real estate......... (257,039) (159,577) (324,381)
Real estate........................... (11,458) (2,013) (222)
Policy loans.......................... (2,922) (2,922) (1,539)
Cash paid in association with the sale
of a division........................ -- (591) (662)
Other................................. (44,514) (15,674) (6,404)
----------- ----------- -----------
(3,604,134) (3,629,558) (2,633,112)
----------- ----------- -----------
Net cash used in investing activities... (17,352) (108,709) (378,026)
Financing Activities
Issuance (repayment) of short-term
intercompany notes payable............. $ (6,979) $ 16,400 $ --
Capital contribution.................... -- 153 --
Dividends to stockholder................ (120,000) (62,000) (20,000)
----------- ----------- -----------
Net cash used in financing activities... (126,979) (45,447) (20,000)
----------- ----------- -----------
Increase (decrease) in cash and short-
term investments....................... 59,350 (26,798) (29,115)
Cash and short-term investments at
beginning of year...................... 23,939 50,737 79,852
----------- ----------- -----------
Cash and short-term investments at end
of year................................ $ 83,289 $ 23,939 $ 50,737
=========== =========== ===========
</TABLE>
See accompanying notes.
5
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS
(Dollars in thousands)
December 31, 1998
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
PFL Life Insurance Company ("the Company") is a stock life insurance company
and is a wholly-owned subsidiary of First AUSA Life Insurance Company ("First
AUSA"), which, in turn, is a wholly-owned subsidiary of AEGON USA, Inc.
("AEGON"). AEGON is an indirect wholly-owned subsidiary of AEGON N.V., a
holding company organized under the laws of The Netherlands.
In connection with the sale of certain affiliated business units, the
Company has assumed various blocks of business from these former affiliates
through mergers. In addition, the Company has canceled or entered into several
coinsurance and reinsurance agreements with affiliates and non-affiliates. The
following is a description of those transactions:
. During 1996, the Company sold its North Richland Hills, Texas health
administrative operations known as The Insurance Center. The transaction
resulted in the transfer of substantially all employees and office
facilities to United Insurance Companies, Inc. ("UICI"). All inforce
business will continue to be shared by UICI and the Company and its
affiliates through the existing coinsurance agreements. After a short
transition period, all new business produced by United Group Association,
an independent insurance agency, will be written by the insurance
subsidiaries of UICI and will not be shared with the Company and its
affiliates through coinsurance arrangements. As a result of the sale,
during 1996 the Company transferred $123 in assets, substantially all of
which was cash, and $70 of liabilities. The difference between the assets
and liabilities of $(53) plus a tax credit of $19 was charged directly to
unassigned surplus. During 1997, the Company transferred $591 in assets,
substantially all of which was cash and $343 of liabilities. The difference
between the assets and liabilities of $(248) net of a tax credit of $87 was
charged directly to unassigned surplus.
. On January 1, 1994, the Company entered into an agreement with a non-
affiliate reinsurer to annually increase reinsurance ceded (primarily group
health business) by 2 1/2% through 1997. As a result, during 1996, the
Company transferred $5,991 in assets, including $5,812 of cash and short-
term investments and liabilities of $6,146. The difference between the
assets and liabilities of $155, plus a tax credit of $266 was credited
directly to unassigned surplus. During 1997, the Company transferred $5,045
in assets, including $4,826 of cash and short-term investments, and
liabilities of $5,164. The difference between the assets and liabilities of
$119 plus a tax credit of $270 was credited directly to unassigned surplus.
. During 1993, the Company sold the Oakbrook Division (primarily group health
business). The initial transfer of risk occurred through an indemnity
reinsurance agreement. The policies will then be assumed by the reinsurer
by novation as state regulatory and policyholder approvals are received.
During 1996, the Company paid $539 in association with this sale; the
payment, net of a tax credit of $189, was charged directly to unassigned
surplus. In addition, the Company received from the third party
administrator a ceding commission of one percent of the premiums collected
between January 1, 1994 and December 31, 1996. As a result of the sale, in
1996, the Company received $45 for ceding commissions; the commissions net
of the related tax effect of $(16) were charged directly to unassigned
surplus. Also, during 1996, the Company paid $539 in association with this
sale; this payment, net of a tax credit of $189, was charged directly to
unassigned surplus. In 1997,
6
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the Company received $8 for ceding commissions; the commissions net of the
related tax effect of $3 were credited directly to unassigned surplus.
. During 1997, the Company entered into a reinsurance agreement with a non-
affiliate. As a result of the agreement, the Company received $1,480 of
assets, including $1,477 of cash and short-term securities, and $861 of
liabilities. The difference between the assets and liabilities of $619, net
of a tax effect of $217 was credited directly to unassigned surplus.
Nature of Business
The Company sells individual non-participating whole life, endowment and
term contracts, as well as a broad line of single fixed and flexible premium
annuity products. In addition, the Company offers group life, universal life,
and individual and specialty health coverages. The Company is licensed in 49
states and the District of Columbia. Sales of the Company's products are
primarily through the Company's agents and financial institutions.
Basis of Presentation
The preparation of financial statements of insurance companies requires
management to make estimates and assumptions that affect amounts reported in
the financial statements and accompanying notes. Actual results could differ
from those estimates.
Significant estimates and assumptions are utilized in the calculation of
aggregate policy reserves, policy and contract claim reserves, guaranty fund
assessment accruals and valuation allowances on investments. It is reasonably
possible that actual experience could differ from the estimates and
assumptions utilized which could have a material impact on the financial
statements.
The accompanying financial statements have been prepared on the basis of
accounting practices prescribed or permitted by the Insurance Division,
Department of Commerce, of the State of Iowa ("Insurance Department"), which
practices differ in some respects from generally accepted accounting
principles. The more significant of these differences are as follows: (a)
bonds are generally reported at amortized cost rather than segregating the
portfolio into held-to-maturity (reported at amortized cost), available-for-
sale (reported at fair value), and trading (reported at fair value)
classifications; (b) acquisition costs of acquiring new business are charged
to current operations as incurred rather than deferred and amortized over the
life of the policies; (c) policy reserves on traditional life products are
based on statutory mortality rates and interest which may differ from reserves
based on reasonable assumptions of expected mortality, interest, and
withdrawals which include a provision for possible unfavorable deviation from
such assumptions; (d) policy reserves on certain investment products use
discounting methodologies based on statutory interest rates rather than full
account values; (e) reinsurance amounts are netted against the corresponding
asset or liability rather than shown as gross amounts on the balance sheet;
(f) deferred income taxes are not provided for the difference between the
financial statement and income tax bases of assets and liabilities; (g) net
realized gains or losses attributed to changes in the level of interest rates
in the market are deferred and amortized over the remaining life of the bond
or mortgage loan, rather than recognized as gains or losses in the statement
of operations when the sale is completed; (h) potential declines in the
estimated realizable value of investments are provided for through the
establishment of a formula-determined statutory investment reserve (reported
as a liability), changes to which are charged directly to surplus, rather than
through recognition in the statement of operations for declines in value, when
such declines are judged to be other than temporary; (i) certain assets
designated as "non-admitted assets" have been charged to surplus rather than
being reported as assets; (j) revenues for universal life and investment
products
7
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
consist of premiums received rather than policy charges for the cost of
insurance, policy administration charges, amortization of policy initiation
fees and surrender charges assessed; (k) pension expense is recorded as
amounts are paid; (l) adjustments to federal income taxes of prior years are
charged or credited directly to unassigned surplus, rather than reported as a
component of expense in the statement of operations; (m) gains or losses on
dispositions of business are charged or credited directly to unassigned
surplus rather than being reported in the statement of operations; and (n) a
liability is established for "unauthorized reinsurers" and changes in this
liability are charged or credited directly to unassigned surplus. The effects
of these variances have not been determined by the Company but are presumed to
be material.
In 1998, the National Association of Insurance Commissioners ("NAIC")
adopted codified statutory accounting principles ("Codification").
Codification will likely change, to some extent, prescribed statutory
accounting practices and may result in changes to the accounting practices
that the Company uses to prepare its statutory-basis financial statements.
Codification will require adoption by the various states before it becomes the
prescribed statutory basis of accounting for insurance companies domesticated
within those states. Accordingly, before Codification becomes effective for
the Company, the State of Iowa must adopt Codification as the prescribed basis
of accounting on which domestic insurers must report their statutory-basis
results to the Insurance Department. At this time, it is unclear whether the
State of Iowa will adopt Codification. However, based on current guidance,
management believes that the impact of Codification will not be material to
the Company's statutory-basis financial statements.
Cash and Cash Equivalents
For purposes of the statements of cash flows, the Company considers all
highly liquid investments with remaining maturity of one year or less when
purchased to be cash equivalents.
Investments
Investments in bonds (except those to which the Securities Valuation Office
of the NAIC has ascribed a value), mortgage loans on real estate and short-
term investments are reported at cost adjusted for amortization of premiums
and accrual of discounts. Amortization is computed using methods which result
in a level yield over the expected life of the investment. The Company reviews
its prepayment assumptions on mortgage and other asset-backed securities at
regular intervals and adjusts amortization rates retrospectively when such
assumptions are changed due to experience and/or expected future patterns.
Investments in preferred stocks in good standing are reported at cost.
Investments in preferred stocks not in good standing are reported at the lower
of cost or market. Common stocks of unaffiliated and affiliated companies,
which includes shares of mutual funds and real estate investment trusts, are
carried at market value. Real estate is reported at cost less allowances for
depreciation. Depreciation is computed principally by the straight-line
method. Policy loans are reported at unpaid principal. Other invested assets
consist principally of investments in various joint ventures and are recorded
at equity in underlying net assets. Other "admitted assets" are valued,
principally at cost, as required or permitted by Iowa Insurance Laws.
Net realized capital gains and losses are determined on the basis of
specific identification and are recorded net of related federal income taxes.
The Asset Valuation Reserve ("AVR") is established by the Company to provide
for potential losses in the event of default by issuers of certain invested
assets. These amounts are determined using a formula prescribed by the NAIC
and are reported as a liability. The formula for the AVR provides for a
corresponding adjustment for realized gains and losses. Under
8
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
a formula prescribed by the NAIC, the Company defers, in the Interest
Maintenance Reserve ("IMR"), the portion of realized gains and losses on sales
of fixed income investments, principally bonds and mortgage loans,
attributable to changes in the general level of interest rates and amortizes
those deferrals over the remaining period to maturity of the security.
Interest income is recognized on an accrual basis. The Company does not
accrue income on bonds in default, mortgage loans on real estate in default
and/or foreclosure or which are delinquent more than twelve months, or on real
estate where rent is in arrears for more than three months. Further, income is
not accrued when collection is uncertain. At December 31, 1998, 1997 and 1996,
the Company excluded investment income due and accrued of $102, $177 and
$1,541, respectively, with respect to such practices.
The Company uses interest rate swaps and caps as part of its overall
interest rate risk management strategy for certain life insurance and annuity
products. The Company entered into several interest rate swap contracts to
modify the interest rate characteristics of the underlying liabilities. The
net interest effect of such swap transactions is reported as an adjustment of
interest income from the hedged items as incurred.
The Company has entered into an interest rate cap agreement to hedge the
exposure of changing interest rates. The cash flows from the interest rate cap
will help offset losses that might occur from changes in interest rates. The
cost of such agreement is included in interest expense ratably during the life
of the agreement. Income received as a result of the cap agreement will be
recognized in investment income as earned. Unamortized cost of the agreements
is included in other invested assets.
Aggregate Policy Reserves
Life, annuity and accident and health benefit reserves are developed by
actuarial methods and are determined based on published tables based on
statutorily specified interest rates and valuation methods that will provide,
in the aggregate, reserves that are greater than or equal to the minimum
required by law.
The aggregate policy reserves for life insurance policies are based
principally upon the 1941, 1958 and 1980 Commissioners' Standard Ordinary
Mortality and American Experience Mortality Tables. The reserves are
calculated using interest rates ranging from 2.00 to 6.00 percent and are
computed principally on the Net Level Premium Valuation and the Commissioners'
Reserve Valuation Methods. Reserves for universal life policies are based on
account balances adjusted for the Commissioners' Reserve Valuation Method.
Deferred annuity reserves are calculated according to the Commissioners'
Annuity Reserve Valuation Method including excess interest reserves to cover
situations where the future interest guarantees plus the decrease in surrender
charges are in excess of the maximum valuation rates of interest. Reserves for
immediate annuities and supplementary contracts with life contingencies are
equal to the present value of future payments assuming interest rates ranging
from 2.50 to 11.25 percent and mortality rates, where appropriate, from a
variety of tables.
Accident and health policy reserves are equal to the greater of the gross
unearned premiums or any required midterminal reserves plus net unearned
premiums and the present value of amounts not yet due on both reported and
unreported claims.
9
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Policy and Contract Claim Reserves
Claim reserves represent the estimated accrued liability for claims reported
to the Company and claims incurred but not yet reported through the statement
date. These reserves are estimated using either individual case-basis
valuations or statistical analysis techniques. These estimates are subject to
the effects of trends in claim severity and frequency. The estimates are
continually reviewed and adjusted as necessary as experience develops or new
information becomes available.
Separate Accounts
Assets held in trust for purchases of variable annuity contracts and the
Company's corresponding obligation to the contract owners are shown separately
in the balance sheets. The assets in the separate accounts are valued at
market. Income and gains and losses with respect to the assets in the separate
accounts accrue to the benefit of the policyholders and, accordingly, the
operations of the separate accounts are not included in the accompanying
financial statements. The separate accounts do not have any minimum guarantees
and the investment risks associated with market value changes are borne
entirely by the policyholders. The Company received variable contract premiums
of $345,319, $281,095 and $227,864 in 1998, 1997 and 1996, respectively. All
variable account contracts are subject to discretionary withdrawal by the
policyholder at the market value of the underlying assets less the current
surrender charge.
Stock Option Plan
AEGON N.V. sponsors a stock option plan for eligible employees of the
Company. Under this plan, certain employees have indicated a preference to
immediately sell shares received as a result of their exercise of the stock
options; in these situations, AEGON N.V. has settled such options in cash
rather than issuing stock to these employees. These cash settlements are paid
by the Company, and AEGON N.V. subsequently reimburses the Company for such
payments. Under statutory accounting principles, the Company does not record
any expense related to this plan, as the expense is recognized by AEGON N.V.
However, the Company is allowed to record a deduction in the consolidated tax
return filed by the Company and certain affiliates. The tax benefit of this
deduction has been credited directly to surplus.
Reclassifications
Certain reclassifications have been made to the 1997 and 1996 financial
statements to conform to the 1998 presentation.
2. FAIR VALUES OF FINANCIAL INSTRUMENTS
Statement of Financial Accounting Standard ("SFAS") No. 107, Disclosures
about Fair Value of Financial Instruments, requires disclosure of fair value
information about financial instruments, whether or not recognized in the
statutory-basis balance sheet, for which it is practicable to estimate that
value. SFAS No. 119, Disclosures about Derivative Financial Instruments and
Fair Value of Financial Instruments, requires additional disclosure about
derivatives. In cases where quoted market prices are not available, fair
values are based on estimates using present value or other valuation
techniques. Those techniques are significantly affected by the assumptions
used, including the discount rate and estimates of future cash flows. In that
regard, the derived fair value estimates cannot be substantiated by
comparisons to independent markets and, in many cases, could not be realized
in immediate settlement of the instrument. SFAS No. 107 and No. 119 exclude
certain financial instruments and all nonfinancial instruments from their
disclosure requirements and allow companies to forego the
10
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
disclosures when those estimates can only be made at excessive cost.
Accordingly, the aggregate fair value amounts presented do not represent the
underlying value of the Company.
The following methods and assumptions were used by the Company in estimating
its fair value disclosures for financial instruments:
Cash and short-term investments: The carrying amounts reported in the
balance sheet for these instruments approximate their fair values.
Investment securities: Fair values for fixed maturity securities
(including redeemable preferred stocks) are based on quoted market prices,
where available. For fixed maturity securities not actively traded, fair
values are estimated using values obtained from independent pricing
services or, in the case of private placements, are estimated by
discounting expected future cash flows using a current market rate
applicable to the yield, credit quality, and maturity of the investments.
The fair values for equity securities, including affiliated mutual funds
and real estate investment trusts, are based on quoted market prices.
Mortgage loans and policy loans: The fair values for mortgage loans are
estimated utilizing discounted cash flow analyses, using interest rates
reflective of current market conditions and the risk characteristics of the
loans. The fair value of policy loans is assumed to equal their carrying
value.
Investment contracts: Fair values for the Company's liabilities under
investment-type insurance contracts are estimated using discounted cash
flow calculations, based on interest rates currently being offered for
similar contracts with maturities consistent with those remaining for the
contracts being valued.
Interest rate cap and interest rate swaps: Estimated fair value of the
interest rate cap is based upon the latest quoted market price. Estimated
fair value of interest rate swaps are based upon the pricing differential
for similar swap agreements.
Fair values for the Company's insurance contracts other than investment
contracts are not required to be disclosed. However, the fair values of
liabilities under all insurance contracts are taken into consideration in the
Company's overall management of interest rate risk, which minimizes exposure
to changing interest rates through the matching of investment maturities with
amounts due under insurance contracts.
11
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
The following sets forth a comparison of the fair values and carrying values
of the Company's financial instruments subject to the provisions of SFAS No.
107 and No. 119:
<TABLE>
<CAPTION>
December 31
-------------------------------------------
1998 1997
--------------------- ---------------------
Carrying Carrying
Value Fair Value Value Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Admitted Assets
Cash and short-term investments.... $ 83,289 $ 83,289 $ 23,939 $ 23,939
Bonds.............................. 4,822,442 4,900,516 4,913,144 5,046,527
Preferred stocks................... 14,754 14,738 2,750 8,029
Common stocks...................... 49,448 49,448 42,345 42,345
Affiliated common stock............ 5,613 5,613 8,031 8,031
Mortgage loans on real estate...... 1,012,433 1,089,315 935,207 983,720
Policy loans....................... 60,058 60,058 57,136 57,136
Interest rate cap.................. 4,445 725 5,618 1,513
Interest rate swaps................ 1,916 6,667 -- 2,546
Separate account assets............ 3,348,611 3,348,611 2,517,365 2,517,365
Liabilities
Investment contract liabilities.... 4,084,683 4,017,509 4,345,181 4,283,461
Separate account liabilities....... 3,271,005 3,213,251 2,452,205 2,452,205
</TABLE>
3. INVESTMENTS
The carrying value and estimated fair value of investments in debt securities
were as follows:
<TABLE>
<CAPTION>
Gross Gross
Carrying Unrealized Unrealized Estimated
Value Gains Losses Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
December 31, 1998
Bonds:
United States Government and
agencies........................ $ 150,085 $ 2,841 $ 321 $ 152,605
State, municipal and other
government...................... 62,948 918 1,651 62,215
Public utilities................. 139,732 5,053 2,555 142,230
Industrial and miscellaneous..... 2,068,086 78,141 34,493 2,111,734
Mortgage and other asset-backed
securities...................... 2,401,591 45,185 15,044 2,431,732
---------- -------- ------- ----------
4,822,442 132,138 54,064 4,900,516
Preferred stocks................... 14,754 75 91 14,738
---------- -------- ------- ----------
$4,837,196 $132,213 $54,155 $4,915,254
========== ======== ======= ==========
</TABLE>
12
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
<TABLE>
<CAPTION>
Gross Gross
Carrying Unrealized Unrealized Estimated
Value Gains Losses Fair Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
December 31, 1997
Bonds:
United States Government and
agencies........................ $ 188,241 $ 2,562 $ 21 $ 190,782
State, municipal and other
government...................... 61,532 2,584 1,774 62,342
Public utilities................. 121,582 5,384 2,952 124,014
Industrial and miscellaneous..... 1,955,587 85,233 7,752 2,033,068
Mortgage and other asset-backed
securities...................... 2,586,202 55,382 5,263 2,636,321
---------- -------- ------- ----------
4,913,144 151,145 17,762 5,046,527
Preferred stocks................... 2,750 5,279 -- 8,029
---------- -------- ------- ----------
$4,915,894 $156,424 $17,762 $5,054,556
========== ======== ======= ==========
</TABLE>
The carrying value and estimated fair value of bonds at December 31, 1998,
by contractual maturity, are shown below. Expected maturities may differ from
contractual maturities because borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.
<TABLE>
<CAPTION>
Carrying Estimated
Value Fair Value
---------- ----------
<S> <C> <C>
Due in one year or less............................... $ 151,747 $ 148,410
Due after one year through five years................. 1,211,064 1,232,329
Due after five years through ten years................ 753,543 761,787
Due after ten years................................... 304,497 326,258
---------- ----------
2,420,851 2,468,784
Mortgage and other asset-backed securities............ 2,401,591 2,431,732
---------- ----------
$4,822,442 $4,900,516
========== ==========
</TABLE>
A detail of net investment income is presented below:
<TABLE>
<CAPTION>
Year Ended December 31
--------------------------
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Interest on bonds and notes......................... $374,478 $373,496 $364,356
Dividends on equity investments..................... 1,357 1,460 1,436
Interest on mortgage loans.......................... 77,960 80,266 69,418
Rental income on real estate........................ 6,553 7,501 9,526
Interest on policy loans............................ 4,080 3,400 3,273
Other investment income............................. 2,576 613 1,799
-------- -------- --------
Gross investment income............................. 467,004 466,736 449,808
Investment expenses................................. 20,020 20,312 21,471
-------- -------- --------
Net investment income............................... $446,984 $446,424 $428,337
======== ======== ========
</TABLE>
13
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Proceeds from sales and maturities of debt securities and related gross
realized gains and losses were as follows:
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Proceeds.................................... $3,347,174 $3,284,095 $2,112,831
========== ========== ==========
Gross realized gains........................ $ 48,760 $ 30,094 $ 19,876
Gross realized losses....................... (8,072) (17,265) (19,634)
---------- ---------- ----------
Net realized gains.......................... $ 40,688 $ 12,829 $ 242
========== ========== ==========
</TABLE>
At December 31, 1998, investments with an aggregate carrying value of
$5,935,160 were on deposit with regulatory authorities or were restrictively
held in bank custodial accounts for the benefit of such regulatory authorities
as required by statute.
Realized investment gains (losses) and changes in unrealized gains (losses)
for investments are summarized below:
<TABLE>
<CAPTION>
Realized
---------------------------
Year Ended December 31
---------------------------
1998 1997 1996
-------- -------- -------
<S> <C> <C> <C>
Debt securities................................... $ 40,688 $ 12,829 $ 242
Short-term investments............................ 1,533 (19) (197)
Equity securities................................. (879) 6,972 1,798
Mortgage loans on real estate..................... 12,637 2,252 (5,530)
Real estate....................................... 3,176 4,252 1,210
Other invested assets............................. (2,523) 1,632 12
-------- -------- -------
54,632 27,918 (2,465)
Tax effect........................................ (22,290) (10,572) (1,235)
Transfer to interest maintenance reserve.......... (28,944) (10,187) 197
-------- -------- -------
Net realized gains (losses)....................... $ 3,398 $ 7,159 $(3,503)
======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
Change in Unrealized
---------------------------
Year Ended December 31
---------------------------
1998 1997 1996
-------- ------- ---------
<S> <C> <C> <C>
Debt securities.................................. $(60,604) $40,289 $(115,867)
Equity securities................................ 5,750 5,653 2,929
-------- ------- ---------
Change in unrealized appreciation
(depreciation).................................. $(54,854) $45,942 $(112,938)
======== ======= =========
</TABLE>
Gross unrealized gains and gross unrealized losses on equity securities were
as follows:
<TABLE>
<CAPTION>
December 31
-------------------------
1998 1997 1996
------- ------- -------
<S> <C> <C> <C>
Unrealized gains..................................... $15,980 $10,356 $ 9,590
Unrealized losses.................................... (3,710) (3,836) (8,723)
------- ------- -------
Net unrealized gains................................. $12,270 $ 6,520 $ 867
======= ======= =======
</TABLE>
14
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
During 1998, the Company issued mortgage loans with interest rates ranging
from 5.88% to 7.86%. The maximum percentage of any one mortgage loan to the
value of the underlying real estate at origination was 90% for commercial
loans and 95% for residential loans. Mortgage loans with a carrying value of
$245 were non-income producing for the previous twelve months. Accrued
interest of $89 related to these mortgage loans was excluded from investment
income. The Company requires all mortgaged properties to carry fire insurance
equal to the value of the underlying property.
At December 31, 1998 and 1997, the Company held a mortgage loan loss reserve
in the asset valuation reserve of $16,104 and $11,985, respectively. The
mortgage loan portfolio is diversified by geographic region and specific
collateral property type as follows:
Geographic Distribution
<TABLE>
<CAPTION>
December 31
-------------
1998 1997
----- -----
<S> <C> <C>
South Atlantic............................ 32% 29%
E. North Central.......................... 16 12
Pacific................................... 15 15
Mountain.................................. 10 10
Middle Atlantic........................... 10 7
W. South Central.......................... 6 9
W. North Central.......................... 5 6
E. South Central.......................... 3 8
New England............................... 3 4
</TABLE>
Property Type Distribution
<TABLE>
<CAPTION>
December 31
-------------
1998 1997
----- -----
<S> <C> <C>
Retail.................................... 35% 35%
Office.................................... 30 31
Industrial................................ 21 6
Apartment................................. 12 14
Other..................................... 2 14
</TABLE>
At December 31, 1998, the Company had no investments (excluding U.S.
Government guaranteed or insured issues) which individually represented more
than ten percent of capital and surplus and the asset valuation reserve.
The Company utilizes a variety of off-balance sheet financial instruments as
part of its efforts to hedge and manage fluctuations in the market value of
its investment portfolio attributable to changes in general interest rate
levels and to manage duration mismatch of assets and liabilities. These
instruments include interest rate exchange agreements (swaps and caps),
options, and commitments to extend credit and all involve elements of credit
and market risks in excess of the amounts recognized in the accompanying
financial statements at a given point in time. The contract or notional
amounts of those instruments reflect the extent of involvement in the various
types of financial instruments.
The Company's exposure to credit risk is the risk of loss from a
counterparty failing to perform according to the terms of the contract. That
exposure includes settlement risk (i.e., the risk that the
15
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
counterparty defaults after the Company has delivered funds or securities
under terms of the contract) that would result in an accounting loss and
replacement cost risk (i.e., the cost to replace the contract at current
market rates should the counterparty default prior to settlement date). Credit
loss exposure resulting from nonperformance by a counterparty for commitments
to extend credit is represented by the contractual amounts of the instruments.
At December 31, 1998 and 1997, the Company's outstanding financial
instruments with on and off-balance sheet risks, shown in notional amounts,
are summarized as follows:
<TABLE>
<CAPTION>
Notional Amount
-----------------
1998 1997
-------- --------
<S> <C> <C>
Derivative securities:
Interest rate swaps:
Receive fixed--pay floating............................... $100,000 $100,000
Receive floating (uncapped)--pay floating (capped)........ 53,011 67,229
Receive floating (LIBOR)--pay floating (S&P).............. 60,000 --
Interest rate cap agreements................................ 500,000 500,000
</TABLE>
4. REINSURANCE
The Company reinsures portions of risk on certain insurance policies which
exceed its established limits, thereby providing a greater diversification of
risk and minimizing exposure on larger risks. The Company remains contingently
liable with respect to any insurance ceded, and this would become an actual
liability in the event that the assuming insurance company became unable to
meet its obligation under the reinsurance treaty.
Reinsurance assumption and cession treaties are transacted primarily with
affiliates. Premiums earned reflect the following reinsurance assumed and
ceded amounts:
<TABLE>
<CAPTION>
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Direct premiums............................. $1,533,822 $1,312,446 $1,457,450
Reinsurance assumed......................... 2,366 2,038 1,796
Reinsurance ceded........................... (173,564) (246,372) (300,546)
---------- ---------- ----------
Net premiums earned......................... $1,362,624 $1,068,112 $1,158,700
========== ========== ==========
</TABLE>
The Company received reinsurance recoveries in the amount of $173,297,
$183,638 and $168,155 during 1998, 1997 and 1996, respectively. At December
31, 1998 and 1997, estimated amounts recoverable from reinsurers that have
been deducted from policy and contract claim reserves totaled $47,956 and
$60,437, respectively. The aggregate reserves for policies and contracts were
reduced for reserve credits for reinsurance ceded at December 31, 1998 and
1997 of $2,163,905 and $2,434,130, respectively.
At December 31, 1998, amounts recoverable from unauthorized reinsurers of
$55,379 (1997--$73,080) and reserve credits for reinsurance ceded of $49,835
(1997--$78,838) were associated with a single reinsurer and its affiliates.
The Company holds collateral under these reinsurance agreements in the form of
trust agreements totaling $106,226 at December 31, 1998 that can be drawn on
for amounts that remain unpaid for more than 120 days.
16
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
5. INCOME TAXES
For federal income tax purposes, the Company joins in a consolidated tax
return filing with certain affiliated companies. Under the terms of a tax-
sharing agreement between the Company and its affiliates, the Company computes
federal income tax expense as if it were filing a separate income tax return,
except that tax credits and net operating loss carryforwards are determined on
the basis of the consolidated group. Additionally, the alternative minimum tax
is computed for the consolidated group and the resulting tax, if any, is
allocated back to the separate companies on the basis of the separate
companies' alternative minimum taxable income.
Federal income tax expense differs from the amount computed by applying the
statutory federal income tax rate to gain from operations before federal
income tax expense and net realized capital gains (losses) on investments for
the following reasons:
<TABLE>
<CAPTION>
Year Ended December 31
-------------------------
1998 1997 1996
------- ------- -------
<S> <C> <C> <C>
Computed tax at federal statutory rate (35%)......... $39,177 $42,775 $37,256
Tax reserve adjustment............................... 607 2,004 2,211
Excess tax depreciation.............................. (223) (392) (384)
Deferred acquisition costs--tax basis................ 11,827 4,308 5,583
Prior year under (over) accrual...................... 1,750 (1,016) (499)
Dividend received deduction.......................... (1,053) (941) (454)
Charitable contribution.............................. -- (848) --
Other items--net..................................... (2,250) (2,509) (2,536)
------- ------- -------
Federal income tax expense........................... $49,835 $43,381 $41,177
======= ======= =======
</TABLE>
Prior to 1984, as provided for under the Life Insurance Company Tax Act of
1959, a portion of statutory income was not subject to current taxation but
was accumulated for income tax purposes in a memorandum account referred to as
the policyholders' surplus account. No federal income taxes have been provided
for in the financial statements on income deferred in the policyholders'
surplus account ($20,387 at December 31, 1998). To the extent dividends are
paid from the amount accumulated in the policyholders' surplus account, net
earnings would be reduced by the amount of tax required to be paid. Should the
entire amount in the policyholders' surplus account become taxable, the tax
thereon computed at current rates would amount to approximately $7,135.
The Company's federal income tax returns have been examined and closing
agreements have been executed with the Internal Revenue Service through 1987.
During 1996, there was a $5,025 prior period adjustment to the tax accrual.
This included a $2,100 writeoff of an intangible asset for tax purposes, and a
federal income tax refund of $1,829 for tax years 1984 through 1986 and
related interest of $1,686, net of a tax effect of $590. An examination is
underway for years 1993 through 1995.
6. POLICY AND CONTRACT ATTRIBUTES
A portion of the Company's policy reserves and other policyholders' funds
(including separate account liabilities) relates to liabilities established on
a variety of the Company's products that are not subject to significant
mortality or morbidity risk; however, there may be certain restrictions placed
upon
17
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the amount of funds that can be withdrawn without penalty. The amount of
reserves on these products, by withdrawal characteristics, are summarized as
follows:
<TABLE>
<CAPTION>
December 31
-------------------------------------
1998 1997
------------------ ------------------
Percent Percent
of of
Amount Total Amount Total
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Subject to discretionary withdrawal with
market value adjustment................. $ 82,048 1% $ 8,912 0%
Subject to discretionary withdrawal at
book value less surrender charge........ 515,778 5 755,300 8
Subject to discretionary withdrawal at
market value............................ 3,211,896 34 2,454,845 27
Subject to discretionary withdrawal at
book value (minimal or no charges or
adjustments)............................ 5,519,265 58 5,821,049 63
Not subject to discretionary withdrawal
provision............................... 228,030 2 203,522 2
---------- --- ---------- ---
9,557,017 100% 9,243,628 100%
Less reinsurance ceded................... 2,124,769 2,372,495
---------- ----------
Total policy reserves on annuities and
deposit fund liabilities................ $7,432,248 $6,871,134
========== ==========
</TABLE>
A reconciliation of the amounts transferred to and from the separate accounts
is presented below:
<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Transfers as reported in the summary of operations
of the separate accounts statement:
Transfers to separate accounts.................... $345,319 $281,095 $227,864
Transfers from separate accounts.................. 79,808 9,819 75,172
-------- -------- --------
Net transfers to separate accounts.................. 265,511 271,276 152,692
Reconciling adjustments--charges for investment
management, administration fees and contract
guarantees......................................... 191 26,204 19,093
-------- -------- --------
Transfers as reported in the summary of operations
of the life, accident and health annual statement.. $265,702 $297,480 $171,785
======== ======== ========
</TABLE>
18
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Reserves on the Company's traditional life products are computed using mean
reserving methodologies. These methodologies result in the establishment of
assets for the amount of the net valuation premiums that are anticipated to be
received between the policy's paid-through date to the policy's next
anniversary date. At December 31, 1998 and 1997, these assets (which are
reported as premiums deferred and uncollected) and the amounts of the related
gross premiums and loadings, are as follows:
<TABLE>
<CAPTION>
Gross Loading Net
------- ------- -------
<S> <C> <C> <C>
December 31, 1998
Life and annuity:
Ordinary direct first year business................ $ 3,346 $2,500 $ 846
Ordinary direct renewal business................... 21,435 6,365 15,070
Group life direct business......................... 1,171 536 635
Reinsurance ceded.................................. (1,367) (44) (1,323)
------- ------ -------
24,585 9,357 15,228
Accident and health:
Direct............................................. 108 -- 108
Reinsurance ceded.................................. (18) -- (18)
------- ------ -------
Total accident and health............................ 90 -- 90
------- ------ -------
$24,675 $9,357 $15,318
======= ====== =======
December 31, 1997
Life and annuity:
Ordinary direct first year business................ $ 2,316 $1,698 $ 618
Ordinary direct renewal business................... 22,724 6,834 15,890
Group life direct business......................... 1,523 646 877
Reinsurance ceded.................................. (1,464) (81) (1,383)
------- ------ -------
25,099 9,097 16,002
Accident and health:
Direct............................................. 148 -- 148
Reinsurance ceded.................................. (49) -- (49)
------- ------ -------
Total accident and health............................ 99 -- 99
------- ------ -------
$25,198 $9,097 $16,101
======= ====== =======
</TABLE>
At December 31, 1998 and 1997, the Company had insurance in force
aggregating $44,233 and $69,271, respectively, in which the gross premiums are
less than the net premiums required by the standard valuation standards
established by the Insurance Division, Department of Commerce, of the State of
Iowa. The Company established policy reserves of $998 and $1,128 to cover
these deficiencies at December 31, 1998 and 1997, respectively.
7. DIVIDEND RESTRICTIONS
The Company is subject to limitations, imposed by the State of Iowa, on the
payment of dividends to its parent company. Generally, dividends during any
twelve-month period may not be paid, without prior regulatory approval, in
excess of the greater of (a) 10 percent of statutory capital and surplus as of
the preceding December 31, or (b) statutory gain from operations for the
preceding year. Subject to
19
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
the availability of unassigned surplus at the time of such dividend, the
maximum payment which may be made in 1999, without the prior approval of
insurance regulatory authorities, is $62,100.
The Company paid dividends to its parent of $120,000, $62,000 and $20,000 in
1998, 1997 and 1996, respectively.
8. RETIREMENT AND COMPENSATION PLANS
The Company's employees participate in a qualified benefit pension plan
sponsored by AEGON. The Company has no legal obligation for the plan. The
Company recognizes pension expense equal to its allocation from AEGON. The
pension expense is allocated among the participating companies based on the
FASB No. 87 expense as a percent of salaries. The benefits are based on years
of service and the employee's compensation during the highest five consecutive
years of employment. Pension expense aggregated $380, $422 and $1,056 for the
years ended December 31, 1998, 1997 and 1996, respectively. The plan is
subject to the reporting and disclosure requirements of the Employee
Retirement and Income Security Act of 1974.
The Company's employees also participate in a contributory defined
contribution plan sponsored by AEGON which is qualified under Section 401(k)
of the Internal Revenue Service Code. Employees of the Company who customarily
work at least 1,000 hours during each calendar year and meet the other
eligibility requirements, are participants of the plan. Participants may elect
to contribute up to fifteen percent of their salary to the plan. The Company
will match an amount up to three percent of the participant's salary.
Participants may direct all of their contributions and plan balances to be
invested in a variety of investment options. The plan is subject to the
reporting and disclosure requirements of the Employee Retirement and Income
Security Act of 1974. Expense related to this plan was $233, $226 and $297 for
the years ended December 31, 1998, 1997 and 1996, respectively.
AEGON sponsors supplemental retirement plans to provide the Company's senior
management with benefits in excess of normal pension benefits. The plans are
noncontributory, and benefits are based on years of service and the employee's
compensation level. The plans are unfunded and nonqualified under the Internal
Revenue Service Code. In addition, AEGON has established incentive deferred
compensation plans for certain key employees of the Company. AEGON also
sponsors an employee stock option plan for individuals employed at least three
years and a stock purchase plan for its producers, with the participating
affiliated companies establishing their own eligibility criteria, producer
contribution limits and company matching formula. These plans have been
accrued or funded as deemed appropriate by management of AEGON and the
Company.
In addition to pension benefits, the Company participates in plans sponsored
by AEGON that provide postretirement medical, dental and life insurance
benefits to employees meeting certain eligibility requirements. Portions of
the medical and dental plans are contributory. The expenses of the
postretirement plans calculated on the pay-as-you-go basis are charged to
affiliates in accordance with an intercompany cost sharing arrangement. The
Company expensed $62, $62 and $184 for the years ended December 31, 1998, 1997
and 1996, respectively.
9. RELATED PARTY TRANSACTIONS
The Company shares certain offices, employees and general expenses with
affiliated companies.
The Company receives data processing, investment advisory and management,
marketing and administration services from certain affiliates. During 1998,
1997 and 1996, the Company paid $18,706, $18,705 and $17,028, respectively,
for these services, which approximates their costs to the affiliates.
20
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
Payables to affiliates bear interest at the thirty-day commercial paper rate
of 4.95% at December 31, 1998. During 1998, 1997 and 1996, the Company paid
net interest of $1,491, $1,188 and $174, respectively, to affiliates.
During 1997, the Company received a capital contribution of $153 in cash
from its parent.
At December 31, 1998 and 1997, the Company has short-term notes payable to
an affiliate of $9,421 and $16,400, respectively. Interest on these notes
accrues at rates ranging from 5.13% to 5.52% at December 31, 1998 and at 5.60%
at December 31, 1997.
During 1998, the Company issued life insurance policies to certain
affiliated companies, covering the lives of certain employees of those
affiliates. Premiums of $174,000 related to these policies were recognized
during the year, and aggregate reserves for policies and contracts are
$181,720 at December 31, 1998.
10. COMMITMENTS AND CONTINGENCIES
The Company is a party to legal proceedings incidental to its business.
Although such litigation sometimes includes substantial demands for
compensatory and punitive damages, in addition to contract liability, it is
management's opinion, after consultation with counsel and a review of
available facts, that damages arising from such demands will not be material
to the Company's financial position.
The Company is subject to insurance guaranty laws in the states in which it
writes business. These laws provide for assessments against insurance
companies for the benefit of policyholders and claimants in the event of
insolvency of other insurance companies. Assessments are charged to operations
when received by the Company except where right of offset against other taxes
paid is allowed by law; amounts available for future offsets are recorded as
an asset on the Company's balance sheet. Potential future obligations for
unknown insolvencies are not determinable by the Company. The future
obligation has been based on the most recent information available from the
National Organization of Life and Health Insurance Guaranty Associations. The
Company has established a reserve of $17,901 and $17,700 and an offsetting
premium tax benefit of $7,631 and $7,984 at December 31, 1998 and 1997,
respectively, for its estimated share of future guaranty fund assessments
related to several major insurer insolvencies. The guaranty fund expense
(benefit) was $1,985, $(975) and $2,617 for December 31, 1998, 1997 and 1996,
respectively.
11. YEAR 2000 (UNAUDITED)
The term Year 2000 issue generally refers to the improper processing of
dates and incorrect date calculations that might occur in computer software
and hardware and embedded systems as the Year 2000 is approached. The use of
computer programs that rely on two-digit date fields to perform computations
and decision-making functions may cause systems to malfunction when processing
information involving dates after 1999. For example, any computer software
that has date-sensitive coding might recognize a code of 00 as the year 1900
rather than the year 2000.
The Company has developed a Year 2000 Project Plan (the "Plan") to address
the Year 2000 issue as it affects the Company's internal IT ("Information
Technology") and non-IT systems, and to assess Year 2000 issues relating to
third parties with whom the Company has critical relationships.
The Plan for addressing internal systems generally includes an assessment of
internal IT and non-IT systems and equipment affected by the Year 2000 issue;
definition of strategies to address affected
21
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
systems and equipment; remediation of identified systems and equipment;
internal testing and certification that each internal system is Year 2000
compliant; and a review of existing and revised business resumption and
contingency plans to address potential Year 2000 issues. The Company has
remediated and tested substantially all of its mission-critical internal IT
systems as of December 31, 1998. The Company continues to remediate and test
certain non-critical internal IT systems, internal non-IT systems and will
continue with a revalidation testing program throughout 1999.
The Company's Year 2000 issues are more complex because a number of its
systems interface with other systems not under the Company's control. The
Company's most significant interfaces and uses of third-party vendor systems
are in the bank, financial services and trust areas. The Company utilizes
various banks to handle numerous types of financial and sales transactions.
Several of these banks also provide trustee and custodial services for the
Company's investment holdings and transactions. These services are critical to
a financial services company such as the Company as its business centers
around cash receipts and disbursements to policyholders and the investment of
policyholder funds. The Company has received written confirmation from its
vendor banks regarding their status on Year 2000. The banks indicate their
dedication to resolving any Year 2000 issues related to their systems and
services prior to December 31, 1999. The Company anticipates that a
considerable effort will be necessary to ensure that its corrected or new
systems can properly interface with those business partners with whom it
transmits and receives data and other information (external systems). The
Company has undertaken specific testing regimes with these third-party
business partners and expects to continue working with its business partners
on any interfacing of systems. However, the timing of external system
compliance cannot currently be predicted with accuracy because the
implementation of Year 2000 readiness will vary from one company to another.
The Company does have some exposure to date-sensitive embedded technology
such as micro-controllers, but the Company views this exposure as minimal.
Unlike other industries that may be equipment intensive, like manufacturing,
the Company is a life insurance, and financial services organization providing
insurance annuities and pension products to its customers. As such, the
primary equipment and electronic devices in use are computers and telephone-
related equipment. This type of hardware can have date-sensitive embedded
technology which could have Year 2000 problems. Because of this exposure, the
Company has reviewed its computer hardware and telephone systems, with
assistance from the applicable vendors, and has upgraded, or replaced, or is
in the process of replacing any equipment that will not properly process date-
sensitive data in the Year 2000 or beyond.
For the Company, a reasonably likely worst case scenario might include one
or more of the Company's significant policyholder systems being non-compliant.
Such an event could result in a material disruption of the Company's
operations. Specifically, a number of the Company's operations could
experience an interruption in the ability to collect and process premiums or
deposits, process claim payments, accurately maintain policyholder
information, accurately maintain accounting records, and/or perform adequate
customer service. Should the worst case scenario occur, it could, dependent
upon its duration, have a material impact on the Company's business and
financial condition. Simple failures can be repaired and returned to
production within a matter of hours with no material impact. Unanticipated
failures with a longer service disruption period could have a more serious
impact. For this reason, the Company is placing significant emphasis on risk
management and Year 2000 business resumption contingency planning in 1999 by
modifying its existing business resumption and disaster recovery plans to
address potential Year 2000 issues.
The actions taken by management under the Year 2000 Project Plans are
intended to significantly reduce the Company's risk of a material business
interruption based on the Year 2000 issues. It should
22
<PAGE>
PFL LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--STATUTORY BASIS--(Continued)
be noted that the Year 2000 computer problem, and its resolution, is complex
and multifaceted, and any company's success cannot be conclusively known until
the Year 2000 is reached. In spite of its efforts or results, the Company's
ability to function unaffected to and through the Year 2000 may be adversely
affected by actions (or failure to act) of third parties beyond our knowledge
or control. It is anticipated that there may be problems that will have to be
resolved in the ordinary course of business on and after the Year 2000.
However, the Company does not believe that the problems will have a material
adverse affect on the Company's operations or financial condition.
23
<PAGE>
PFL LIFE INSURANCE COMPANY
SUMMARY OF INVESTMENTS--OTHER THAN
INVESTMENTS IN RELATED PARTIES
December 31, 1998
(Dollars in thousands)
SCHEDULE I
<TABLE>
<CAPTION>
Amount at Which
Market Shown in the
Type of Investment Cost(1) Value Balance Sheet
------------------ ---------- ---------- ---------------
<S> <C> <C> <C>
Fixed Maturities
Bonds:
United States Government and government
agencies and authorities.............. $ 926,370 $ 943,313 $ 926,370
States, municipalities and political
subdivisions.......................... 107,975 114,146 107,975
Foreign governments.................... 54,670 53,950 54,670
Public utilities....................... 139,732 142,230 139,732
All other corporate bonds.............. 3,593,695 3,646,877 3,593,695
Redeemable preferred stock............... 14,754 14,738 14,754
---------- ---------- ----------
Total fixed maturities................... 4,837,196 4,915,254 4,837,196
Equity Securities
Common stocks:
Affiliated entities.................... 8,060 5,613 5,613
Banks, trust and insurance............. 5,935 7,193 7,193
Industrial, miscellaneous and all
other................................. 28,796 42,255 42,255
---------- ---------- ----------
Total equity securities.................. 42,791 55,061 55,061
Mortgage loans on real estate............ 1,012,433 1,012,433
Real estate.............................. 52,381 52,381
Real estate acquired in satisfaction of
debt.................................... 11,778 11,778
Policy loans............................. 60,058 60,058
Other long-term investments.............. 76,482 76,482
Cash and short-term investments.......... 83,289 83,289
---------- ----------
Total investments........................ $6,176,408 $6,188,678
========== ==========
</TABLE>
- -------------------------
(1) Original cost of equity securities and, as to fixed maturities, original
cost reduced by repayments and adjusted for amortization of premiums or
accrual of discounts.
24
<PAGE>
PFL LIFE INSURANCE COMPANY
SUPPLEMENTARY INSURANCE INFORMATION
(Dollars in thousands)
SCHEDULE III
<TABLE>
<CAPTION>
Future Benefits,
Policy Claims
Benefits Policy and Net Losses and Other
and Unearned Contract Premium Investment Settlement Operating Premiums
Expenses Premiums Liabilities Revenue Income* Expenses Expenses* Written
---------- -------- ----------- ---------- ---------- ---------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended December 31,
1998
Individual life......... $1,355,283 $ -- $ 8,976 $ 514,194 $ 85,258 $ 545,720 $ 87,455 --
Individual health....... 94,294 9,631 12,123 68,963 8,004 48,144 30,442 $ 68,745
Group life and health... 93,405 10,298 36,908 111,547 11,426 82,690 54,352 108,769
Annuity................. 3,925,293 -- -- 667,920 342,296 592,085 298,222 --
---------- ------- ------- ---------- -------- ---------- --------
$5,468,275 $19,929 $58,007 $1,362,624 $446,984 $1,268,639 $470,471
========== ======= ======= ========== ======== ========== ========
Year Ended December 31,
1997
Individual life......... $ 882,003 $ -- $ 8,550 $ 200,175 $ 75,914 $ 211,921 $ 36,185 --
Individual health....... 62,033 9,207 12,821 63,548 5,934 37,706 29,216 $ 63,383
Group life and health... 88,211 11,892 44,977 146,694 11,888 103,581 91,568 143,580
Annuity................. 4,204,125 -- -- 657,695 352,688 571,434 364,216 --
---------- ------- ------- ---------- -------- ---------- --------
$5,236,372 $21,099 $66,348 $1,068,112 $446,424 $ 924,642 $521,185
========== ======= ======= ========== ======== ========== ========
Year Ended December 31,
1996
Individual life......... $ 734,350 $ -- $ 7,240 $ 202,082 $ 66,538 $ 197,526 $ 38,067 --
Individual health....... 39,219 8,680 13,631 55,871 5,263 32,903 29,511 $ 55,678
Group life and health... 78,418 14,702 53,486 174,781 12,877 105,459 122,953 171,320
Annuity................. 4,408,419 -- -- 725,966 343,659 800,121 230,417 --
---------- ------- ------- ---------- -------- ---------- --------
$5,260,406 $23,382 $74,357 $1,158,700 $428,337 $1,136,009 $420,948
========== ======= ======= ========== ======== ========== ========
</TABLE>
- -------------
* Allocations of net investment income and other operating expenses are based
on a number of assumptions and estimates, and the results would change if
different methods were applied.
25
<PAGE>
PFL LIFE INSURANCE COMPANY
REINSURANCE
(Dollars in thousands)
SCHEDULE IV
<TABLE>
<CAPTION>
Assumed Percentage
Ceded to From of Amount
Gross Other Other Net Assumed
Amount Companies Companies Amount to Net
---------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Year Ended December 31,
1998
Life insurance in force.. $6,384,095 $438,590 $39,116 $5,984,621 .6%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 515,164 $ 3,692 $ 2,366 $ 513,838 .5%
Individual health...... 76,438 7,475 -- 68,963 --
Group life and health.. 255,848 144,301 -- 111,547 --
Annuity................ 686,372 18,096 -- 668,276 --
---------- -------- ------- ---------- ---
$1,533,822 $173,564 $ 2,366 $1,362,624 .2%
========== ======== ======= ========== ===
Year Ended December 31,
1997
Life insurance in force.. $5,025,027 $420,519 $35,486 $4,639,994 .8%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 201,691 $ 3,554 $ 2,038 $ 200,175 1.0%
Individual health...... 73,593 10,045 -- 63,548 --
Group life and health.. 339,269 192,575 -- 146,694 --
Annuity................ 697,893 40,198 -- 657,695 --
---------- -------- ------- ---------- ---
$1,312,446 $246,372 $ 2,038 $1,068,112 .2%
========== ======== ======= ========== ===
Year Ended December 31,
1996
Life insurance in force.. $4,863,416 $477,112 $30,685 $4,416,989 .7%
========== ======== ======= ========== ===
Premiums:
Individual life........ $ 204,144 $ 3,858 $ 1,796 $ 202,082 .9%
Individual health...... 68,699 12,828 -- 55,871 --
Group life and health.. 390,296 215,515 -- 174,781 --
Annuity................ 794,311 68,345 -- 725,966 --
---------- -------- ------- ---------- ---
$1,457,450 $300,546 $ 1,796 $1,158,700 .2%
========== ======== ======= ========== ===
</TABLE>
26
<PAGE>
FINANCIAL STATEMENTS
PFL RETIREMENT BUILDER VARIABLE ANNUITY
ACCOUNT - FLEXIBLE PREMIUM INDIVIDUAL
DEFERRED VARIABLE ANNUITY - PORTFOLIO SELECT VARIABLE ANNUITY
FOR THE PERIOD OCTOBER 31, 1998 (COMMENCEMENT
OF OPERATIONS) THROUGH DECEMBER 31, 1998
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable Annuity
- Portfolio Select Variable Annuity
Financial Statements
For the period October 31, 1998 (commencement
of operations) through December 31, 1998
CONTENTS
<TABLE>
<S> <C>
Report of Independent Auditors............................. 1
Financial Statements
Balance Sheet.............................................. 2
Statement of Operations.................................... 6
Statement of Changes in Contract Owners' Equity............ 10
Notes to Financial Statements.............................. 14
</TABLE>
<PAGE>
Report of Independent Auditors
The Board of Directors and Contract Owners of the
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity,
PFL Life Insurance Company
We have audited the accompanying balance sheet of certain subaccounts of the PFL
Retirement Builder Variable Annuity Account, which are available for investment
by the Flexible Premium Individual Deferred Variable Annuity - Portfolio Select
Variable Annuity contract owners, as of December 31, 1998, and the related
statements of operations and changes in contract owners' equity for the period
October 31, 1998 (commencement of operations) through December 31, 1998. These
financial statements are the responsibility of the Variable Account's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of mutual fund shares owned as of December 31, 1998 by
correspondence with the mutual funds' transfer agent. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of certain subaccounts of the PFL
Retirement Builder Variable Annuity Account, which are available for investment
by the Flexible Premium Individual Deferred Variable Annuity - Portfolio Select
Variable Annuity contract owners, at December 31, 1998, and the results of its
operations and changes in its contract owners' equity for the period October 31,
1998 through December 31, 1998 in conformity with generally accepted accounting
principles.
/s/ Ernst & Young LLP
Des Moines, Iowa
January 29, 1999
1
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Balance Sheet
December 31, 1998
<TABLE>
<CAPTION>
AIM V.I. GROWTH
AND INCOME FUND
TOTAL SUBACCOUNT
---------------------------------------
<S> <C> <C>
ASSETS
Cash $ 6,461 $ -
Investments in mutual funds, at current market value:
AIM Variable Insurance Funds, Inc.:
AIM V.I. Growth and Income Fund 275,070 275,070
AIM V.I. International Equity Fund 107,341 -
AIM V.I. Value Fund 1,014,569 -
Evergreen Variable Trust:
Evergreen VA Fund 225,213 -
Evergreen VA Foundation Fund 837,692 -
Evergreen VA Growth and Income Fund 561,370 -
Federated Insurance Series:
Federated High Income Bond Fund II 610,527 -
MFS Variable Insurance Trust:
MFS Emerging Growth Series 537,029 -
MFS Research Series 548,614 -
MFS Total Return Series 493,458 -
Oppenheimer Variable Account Funds:
Oppenheimer Growth Fund 412,216 -
Oppenheimer Multiple Strategies Fund 242,770 -
Oppenheimer Strategic Bond Fund 562,902 -
Putnam Variable Trust:
Putnam VT Global Growth Fund 84,956 -
Putnam VT Money Market Fund 80,083 -
Putnam VT New Value Fund 170,847 -
---------------------------------------
Total investments in mutual funds 6,764,657 275,070
---------------------------------------
Total assets $6,771,118 $275,070
=======================================
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable $ 103 $ 10
---------------------------------------
Total liabilities 103 10
Contract owners' equity:
Deferred annuity contracts terminable by owners 6,771,015 275,060
---------------------------------------
Total liabilities and contract owners' equity $6,771,118 $275,070
=======================================
</TABLE>
See accompanying notes.
2
<PAGE>
<TABLE>
<CAPTION>
AIM V.I. EVERGREEN VA EVERGREEN VA FEDERATED
INTERNATIONAL AIM V.I. EVERGREEN FOUNDATION GROWTH AND HIGH INCOME
EQUITY FUND VALUE FUND VA FUND FUND INCOME FUND BOND FUND II
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ - $ - $ 4,941 $ 1,520 $ -
- - - - - -
107,341 - - - - -
- 1,014,569 - - - -
- - 225,213 - - -
- - - 837,692 - -
- - - - 561,370 -
- - - - - 610,527
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- -------------------------------------------------------------------------------------------------------------
107,341 1,014,569 225,213 837,692 561,370 610,527
- -------------------------------------------------------------------------------------------------------------
$ 107,341 $ 1,014,569 $ 225,213 $ 842,633 $ 562,890 $ 610,527
=============================================================================================================
$ 6 $ 31 $ 5 $ - $ - $ 1
- -------------------------------------------------------------------------------------------------------------
6 31 5 - - 1
107,335 1,014,538 225,208 842,633 562,890 610,526
- -------------------------------------------------------------------------------------------------------------
$ 107,341 $ 1,014,569 $ 225,213 $ 842,633 $ 562,890 $ 610,527
=============================================================================================================
</TABLE>
3
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Balance Sheet (continued)
<TABLE>
<CAPTION>
MFS MFS
EMERGING RESEARCH MFS TOTAL
GROWTH SERIES SERIES RETURN SERIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Cash $ - $ - $ -
Investments in mutual funds, at current market value:
AIM Variable Insurance Funds, Inc.:
AIM V.I. Growth and Income Fund - - -
AIM V.I. International Equity Fund - - -
AIM V.I. Value Fund - - -
Evergreen Variable Trust:
Evergreen VA Fund - - -
Evergreen VA Foundation Fund - - -
Evergreen VA Growth and Income Fund - - -
Federated Insurance Series:
Federated High Income Bond Fund II - - -
MFS Variable Insurance Trust:
MFS Emerging Growth Series 537,029 - -
MFS Research Series - 548,614 -
MFS Total Return Series - - 493,458
Oppenheimer Variable Account Funds:
Oppenheimer Growth Fund - - -
Oppenheimer Multiple Strategies Fund - - -
Oppenheimer Strategic Bond Fund - - -
Putnam Variable Trust:
Putnam VT Global Growth Fund - - -
Putnam VT Money Market Fund - - -
Putnam VT New Value Fund - - -
---------------------------------------------------
Total investments in mutual funds 537,029 548,614 493,458
---------------------------------------------------
Total assets $ 537,029 $ 548,614 $ 493,458
===================================================
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable $ 14 $ 16 $ 5
---------------------------------------------------
Total liabilities 14 16 5
Contract owners' equity:
Deferred annuity contracts terminable by owners 537,015 548,598 493,453
---------------------------------------------------
Total liabilities and contract owners' equity $ 537,029 $ 548,614 $ 493,458
===================================================
</TABLE>
4
<PAGE>
See accompanying notes.
5
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMER OPPENHEIMER
OPPENHEIMER MULTIPLE STRATEGIC PUTNAM VT GLOBAL PUTNAM VT MONEY PUTNAM VT NEW
GROWTH FUND STRATEGIES FUND BOND FUND GROWTH FUND MARKET FUND VALUE FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ - $ - $ - $ - $ -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
412,216 - - - - -
- 242,770 - - - -
- - 562,902 - - -
- - - 84,956 - -
- - - - 80,083 -
- - - - - 170,847
- ---------------------------------------------------------------------------------------------------------------------
412,216 242,770 562,902 84,956 80,083 170,847
- ---------------------------------------------------------------------------------------------------------------------
$412,216 $242,770 $562,902 $84,956 $80,083 $170,847
=====================================================================================================================
$ 7 $ 2 $ 1 $ 3 $ - $ 2
- ---------------------------------------------------------------------------------------------------------------------
7 2 1 3 - 2
412,209 242,768 562,901 84,953 80,083 170,845
- ---------------------------------------------------------------------------------------------------------------------
$412,216 $242,770 $562,902 $84,956 $80,083 $170,847
=====================================================================================================================
</TABLE>
6
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Statement of Operations
For the period October 31, 1998 (commencement
of operations) through December 31, 1998
<TABLE>
<CAPTION>
AIM V.I. GROWTH
AND INCOME FUND
TOTAL SUBACCOUNT
---------------------------------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends $ 49,282 $ 2,980
Expenses:
Administrative, mortality and expense risk charge 4,859 257
---------------------------------
Net investment income (loss) 44,423 2,723
NET REALIZED AND UNREALIZED CAPITAL GAIN FROM INVESTMENTS
Net realized capital gain from sales of investments:
Proceeds from sales 376,987 741
Cost of investments sold 363,378 646
---------------------------------
Net realized capital gain from sales of investments 13,609 95
Net change in unrealized appreciation of investments:
Beginning of period - -
End of period 167,591 14,814
---------------------------------
Net change in unrealized appreciation of investments 167,591 14,814
Net realized and unrealized capital gain from investments 181,200 14,909
---------------------------------
Increase from operations $225,623 $17,632
=================================
</TABLE>
See accompanying notes.
7
<PAGE>
<TABLE>
<CAPTION>
AIM V.I.
INTERNATIONAL EVERGREEN VA EVERGREEN VA FEDERATED HIGH
EQUITY FUND AIM V.I. VALUE EVERGREEN FOUNDATION FUND GROWTH AND INCOME INCOME BOND FUND
SUBACCOUNT FUND SUBACCOUNT VA FUND SUBACCOUNT SUBACCOUNT FUND SUBACCOUNT II SUBACCOUNT
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,058 $ 28,499 $ 464 $10,830 $ 3,353 $ -
167 739 147 658 358 409
- ------------------------------------------------------------------------------------------------------------------
891 27,760 317 10,172 2,995 (409)
72,097 115,893 6,660 - 334 91
70,175 110,252 6,335 - 324 86
- ------------------------------------------------------------------------------------------------------------------
1,922 5,641 325 - 10 5
- - - - - -
2,580 29,306 7,610 4,053 14,333 1,692
- ------------------------------------------------------------------------------------------------------------------
2,580 29,306 7,610 4,053 14,333 1,692
4,502 34,947 7,935 4,053 14,343 1,697
- ------------------------------------------------------------------------------------------------------------------
$ 5,393 $ 62,707 $8,252 $14,225 $17,338 $1,288
==================================================================================================================
</TABLE>
8
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Statement of Operations (continued)
<TABLE>
<CAPTION>
MFS EMERGING MFS RESEARCH
GROWTH SERIES SERIES MFS TOTAL RETURN
SUBACCOUNT SUBACCOUNT SERIES SUBACCOUNT
------------------------------------------------------
<S> <C> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends $ - $ - $ -
Expenses:
Administrative, mortality and expense risk charge 344 421 329
------------------------------------------------------
Net investment income (loss) (344) (421) (329)
NET REALIZED AND UNREALIZED CAPITAL GAIN FROM
INVESTMENTS
Net realized capital gain from sales of investments:
Proceeds from sales - 93,150 192
Cost of investments sold - 88,148 184
------------------------------------------------------
Net realized capital gain from sales of investments - 5,002 8
Net change in unrealized appreciation of investments:
Beginning of period - - -
End of period 32,092 24,590 6,524
------------------------------------------------------
Net change in unrealized appreciation of investments 32,092 24,590 6,524
Net realized and unrealized capital gain from
investments 32,092 29,592 6,532
------------------------------------------------------
Increase from operations $31,748 $29,171 $6,203
======================================================
</TABLE>
See accompanying notes.
9
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMER OPPENHEIMER
OPPENHEIMER MULTIPLE STRATEGIC PUTNAM VT PUTNAM VT MONEY PUTNAM VT NEW
GROWTH FUND STRATEGIES FUND BOND FUND GLOBAL GROWTH MARKET FUND VALUE FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT FUND SUBACCOUNT SUBACCOUNT SUBACCOUNT
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ - $ - $ - $ - $108 $ 1,990
226 142 415 73 31 143
- -----------------------------------------------------------------------------------------------------------------
(226) (142) (415) 77 1,847
- 234 87,411 153 31 -
- 220 86,845 132 31 -
- -----------------------------------------------------------------------------------------------------------------
- 14 566 21 - -
- - - - - -
17,186 3,928 2,340 5,637 - 906
- -----------------------------------------------------------------------------------------------------------------
17,186 3,928 2,340 5,637 - 906
17,186 3,942 2,906 5,658 - 906
- -----------------------------------------------------------------------------------------------------------------
$ 16,960 $ 3,800 $ 2,491 $ 5,585 $ 77 $ 2,753
=================================================================================================================
</TABLE>
10
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Statement of Changes in Contract Owners' Equity
For the period October 31, 1998 (commencement
of operations) through December 31, 1998
<TABLE>
<CAPTION>
AIM V.I. GROWTH
AND INCOME FUND
TOTAL SUBACCOUNT
----------------------------------
<S> <C> <C>
Operations:
Net investment income (loss) $ 44,423 $ 2,723
Net realized capital gain 13,609 95
Net change in unrealized appreciation of investments 167,591 14,814
----------------------------------
Increase from operations 225,623 17,632
Contract transactions:
Net contract purchase payments 6,290,599 221,460
Transfer payments from (to) other subaccounts or general account
624,923 35,968
Contract terminations, withdrawals, and other deductions (370,130) -
----------------------------------
Increase from contract transactions 6,545,392 257,428
----------------------------------
Net increase in contract owners' equity 6,771,015 275,060
Contract owners' equity:
Beginning of period - -
----------------------------------
End of period $6,771,015 $275,060
==================================
</TABLE>
See accompanying notes.
11
<PAGE>
<TABLE>
<CAPTION>
AIM V.I.
INTERNATIONAL EVERGREEN VA EVERGREEN VA FEDERATED HIGH
EQUITY FUND AIM V.I. VALUE EVERGREEN FOUNDATION FUND GROWTH AND INCOME INCOME BOND FUND
SUBACCOUNT FUND SUBACCOUNT VA FUND SUBACCOUNT SUBACCOUNT FUND SUBACCOUNT II SUBACCOUNT
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 891 $ 27,760 $ 317 $ 10,172 $ 2,995 $ (409)
1,922 5,641 325 - 10 5
2,580 29,306 7,610 4,053 14,333 1,692
- -------------------------------------------------------------------------------------------------------------------
5,393 62,707 8,252 14,225 17,338 1,288
163,982 982,593 200,260 750,146 510,222 555,215
10,057 85,240 16,696 78,262 35,661 54,212
(72,097) (116,002) - - (331) (189)
- -------------------------------------------------------------------------------------------------------------------
101,942 951,831 216,956 828,408 545,552 609,238
- -------------------------------------------------------------------------------------------------------------------
107,335 1,014,538 225,208 842,633 562,890 610,526
- - - - - -
- -------------------------------------------------------------------------------------------------------------------
$107,335 $1,014,538 $225,208 $842,633 $562,890 $610,526
===================================================================================================================
</TABLE>
12
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Statement of Changes in Contract Owners' Equity (continued)
<TABLE>
<CAPTION>
MFS
MFS RESEARCH MFS TOTAL
EMERGING SERIES RETURN SERIES
GROWTH SERIES SUBACCOUNT SUBACCOUNT
SUBACCOUNT
------------------------------------------------------------
<S> <C> <C> <C>
Operations:
Net investment income (loss) $ (344) $ (421) $ (329)
Net realized capital gain - 5,002 8
Net change in unrealized appreciation of
investments 32,092 24,590 6,524
------------------------------------------------------------
Increase from operations 31,748 29,171 6,203
Contract transactions:
Net contract purchase payments 469,969 564,741 414,561
Transfer payments from (to) other subaccounts
or general account 35,407 48,044 72,881
Contract terminations, withdrawals, and other
deductions (109) (93,358) (192)
------------------------------------------------------------
Increase from contract transactions 505,267 519,427 487,250
------------------------------------------------------------
Net increase in contract owners' equity 537,015 548,598 493,453
Contract owners' equity:
Beginning of period - - -
------------------------------------------------------------
End of period $537,015 $548,598 $493,453
============================================================
</TABLE>
See accompanying notes.
13
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMER
MULTIPLE OPPENHEIMER PUTNAM VT PUTNAM VT PUTNAM VT
OPPENHEIMER STRATEGIES STRATEGIC GLOBAL MONEY NEW VALUE
GROWTH FUND FUND BOND FUND GROWTH FUND MARKET FUND FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ (226) $ (142) $ (415) $ (73) $ 77 $ 1,847
- 14 566 21 - -
17,186 3,928 2,340 5,637 - 906
- -------------------------------------------------------------------------------------------------------------------
16,960 3,800 2,491 5,585 77 2,753
351,436 231,350 589,303 56,340 79,999 149,022
43,813 7,710 58,616 23,279 7 19,070
- (92) (87,509) (251) - -
395,249 238,968 560,410 79,368 80,006 168,092
- -------------------------------------------------------------------------------------------------------------------
412,209 242,768 562,901 84,953 80,083 170,845
- - - - - -
- -------------------------------------------------------------------------------------------------------------------
$412,209 $242,768 $562,901 $84,953 $80,083 $170,845
===================================================================================================================
</TABLE>
14
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements
December 31, 1998
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
The PFL Retirement Builder Variable Annuity Account (the "Mutual Fund Account")
is a segregated investment account of PFL Life Insurance Company ("PFL Life"),
an indirect, wholly-owned subsidiary of AEGON N.V., a holding company organized
under the laws of The Netherlands.
The Mutual Fund Account is registered with the Securities and Exchange
Commission as a Unit Investment Trust pursuant to provisions of the Investment
Company Act of 1940. The Mutual Fund Account consists of forty-two investment
subaccounts, three of which are invested in specified portfolios of the AIM
Variable Insurance Funds, Inc., three of which are invested in specified
portfolios of the Evergreen Variable Trust, one of which is invested in the
Federated High Income Bond Fund II of the Federated Insurance Series, three of
which are invested in specified portfolios of the MFS Variable Insurance Trust,
three of which are invested in specified portfolios of the Oppenheimer Variable
Account Funds, and three of which are invested in specified portfolios of the
Putnam Variable Trust (each a "Series Fund" and collectively "the Series
Funds"), and twenty-six other subaccounts not presented herein. Activity in the
sixteen subaccounts described herein is available to contract owners of the
Flexible Premium Individual Deferred Variable Annuity - Portfolio Select
Variable Annuity offered through First Union Brokerage Services. Activity in the
remaining twenty-six subaccounts (not included herein) are available to contract
owners of other variable annuity products offered by PFL Life.
INVESTMENTS
Net purchase payments received by the Mutual Fund Account are invested in the
portfolios of the Series Funds, as selected by the contract owner. Investments
are stated at the closing net asset values per share as of December 31, 1998.
Realized capital gains and losses from sale of shares in the mutual funds are
determined on the first-in, first-out basis. Investment transactions are
accounted for on the trade date (date the order to buy or sell is executed) and
dividend income is recorded on the ex-dividend date. Unrealized gains or losses
from investments in the mutual funds are credited or charged to contract owners'
equity.
DIVIDEND INCOME
Dividends received from the Series Funds investments are reinvested to purchase
additional mutual fund shares.
15
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
2. INVESTMENTS
A summary of the mutual fund investment at December 31, 1998 follows:
<TABLE>
<CAPTION>
NUMBER OF NET ASSET VALUE MARKET
SHARES HELD PER SHARE VALUE COST
------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIM Variable Insurance Funds, Inc.:
AIM V.I. Growth and Income Fund
11,581.911 $23.75 $ 275,070 $ 260,256
AIM V.I. International Equity Fund
5,470.974 19.62 107,341 104,761
AIM V.I. Value Fund 38,650.232 26.25 1,014,569 985,263
Evergreen Variable Trust:
Evergreen VA Fund 14,710.216 15.31 225,213 217,603
Evergreen VA Foundation Fund 57,851.684 14.48 837,692 833,639
Evergreen VA Growth and Income Fund
36,031.425 15.58 561,370 547,037
Federated Insurance Series:
Federated High Income Bond Fund II
55,909.104 10.92 610,527 608,835
MFS Variable Insurance Trust:
MFS Emerging Growth Series 25,012.975 21.47 537,029 504,937
MFS Research Series 28,798.613 19.05 548,614 524,024
MFS Total Return Series 27,232.766 18.12 493,458 486,934
Oppenheimer Variable Account Funds:
Oppenheimer Growth Fund 11,241.219 36.67 412,216 395,030
Oppenheimer Multiple Strategies
Fund 14,238.708 17.05 242,770 238,842
Oppenheimer Strategic Bond Fund
109,941.852 5.12 562,902 560,562
Putnam Variable Trust:
Putnam VT Global Growth Fund 4,189.155 20.28 84,956 79,319
Putnam VT Money Market Fund 80,083.370 1.00 80,083 80,083
Putnam VT New Value Fund 14,213.552 12.02 170,847 169,941
---------------------------------------------------------------
$6,764,657 $6,597,066
==================================
</TABLE>
16
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
2. INVESTMENTS (CONTINUED)
The aggregate cost of purchases and proceeds from sales of investments for the
period May 1, 1998 through December 31, 1998 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------------------------------
<S> <C> <C>
AIM Variable Insurance Funds, Inc.:
AIM V.I. Growth and Income Fund $ 260,902 $ 741
AIM V.I. International Equity Fund 174,936 72,097
AIM V.I. Value Fund 1,095,515 115,893
Evergreen Variable Trust:
Evergreen VA Fund 223,938 6,660
Evergreen VA Foundation Fund 833,639 -
Evergreen VA Growth and Income Fund 547,361 334
Federated Insurance Series:
Federated High Income Bond Fund II 608,921 91
MFS Variable Insurance Trust:
MFS Emerging Growth Series 504,937 -
MFS Research Series 612,172 93,150
MFS Total Return Series 487,118 192
Oppenheimer Variable Account Funds:
Oppenheimer Growth Fund 395,030 -
Oppenheimer Multiple Strategies Fund 239,062 234
Oppenheimer Strategic Bond Fund 647,407 87,411
Putnam Variable Trust:
Putnam VT Global Growth Fund 79,451 153
Putnam VT Money Market Fund 80,114 31
Putnam VT New Value Fund 169,941 -
----------------------------------
$6,960,444 $376,987
==================================
</TABLE>
17
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at December 31,
1998 follows:
<TABLE>
<CAPTION>
RETURN OF PREMIUM DEATH BENEFIT
---------------------------------------------------------
ACCUMULATION ACCUMULATION TOTAL CONTRACT
SUBACCOUNTS UNITS OWNED UNIT VALUE VALUE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Growth and Income Fund 213,324.783 $1.260383 $ 268,871
AIM V.I. International Equity Fund 85,589.093 1.077315 92,206
AIM V.I. Value Fund 710,879.859 1.265957 899,943
Evergreen VA Fund 176,094.122 1.123360 197,817
Evergreen VA Foundation Fund 730,048.182 1.066334 778,475
Evergreen VA Growth and Income Fund 423,067.758 1.077551 455,877
Federated High Income Bond Fund II 565,655.506 1.029959 582,602
MFS Emerging Growth Series 370,997.778 1.265976 469,674
MFS Research Series 420,718.941 1.212231 510,009
MFS Total Return Series 361,289.760 1.076083 388,778
Oppenheimer Growth Fund 323,537.371 1.263125 408,668
Oppenheimer Multiple Strategies Fund 118,249.261 1.061787 125,556
Oppenheimer Strategic Bond Fund 543,298.914 1.014327 551,083
Putnam VT Global Growth Fund 58,681.348 1.164790 68,351
Putnam VT Money Market Fund 78,629.855 1.005690 79,077
Putnam VT New Value Fund 62,564.405 1.084061 67,824
----------------
$5,944,811
================
</TABLE>
18
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
<TABLE>
<CAPTION>
5% ANNUALLY COMPOUNDING DEATH BENEFIT
ANNUAL STEP-UP DEATH BENEFIT
---------------------------------------------------------
Accumulation ACCUMULATION TOTAL CONTRACT
SUBACCOUNTS Units Owned UNIT VALUE VALUE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AIM V.I. Growth and Income Fund 4,908.801 $1.260851 $ 6,189
AIM V.I. International Equity Fund 14,039.712 1.077586 15,129
AIM V.I. Value Fund 90,487.213 1.266420 114,595
Evergreen VA Fund 24,377.368 1.123643 27,391
Evergreen VA Foundation Fund 60,151.622 1.066605 64,158
Evergreen VA Growth and Income Fund 99,286.054 1.077823 107,013
Federated High Income Bond Fund II 26,497.028 1.053867 27,924
MFS Emerging Growth Series 53,172.589 1.266452 67,341
MFS Research Series 31,821.450 1.212676 38,589
MFS Total Return Series 97,238.010 1.076484 104,675
Oppenheimer Growth Fund 2,801.984 1.263592 3,541
Oppenheimer Multiple Strategies Fund 110,363.654 1.062052 117,212
Oppenheimer Strategic Bond Fund 11,646.573 1.014714 11,818
Putnam VT Global Growth Fund 14,249.515 1.165076 16,602
Putnam VT Money Market Fund 1,000.000 1.005940 1,006
Putnam VT New Value Fund 95,008.528 1.084332 103,021
----------------
$826,204
================
</TABLE>
At December 31, 1998, contract owners' equity was comprised of:
<TABLE>
<CAPTION>
AIM V.I.
AIM V.I. GROWTH INTERNATIONAL
AND INCOME FUND EQUITY FUND AIM V.I. VALUE
TOTAL SUBACCOUNT SUBACCOUNT FUND SUBACCOUNT
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $6,603,424 $260,246 $104,755 $ 985,232
Adjustment for appreciation to market value 167,591 14,814 2,580 29,306
----------------------------------------------------------------------------
Total contract owners' equity $6,771,015 $275,060 $107,335 $1,014,538
============================================================================
</TABLE>
19
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
<TABLE>
<CAPTION>
EVERGREEN
EVERGREEN VA VA GROWTH FEDERATED
EVERGREEN FOUNDATION AND INCOME HIGH INCOME
VA FUND FUND FUND BOND FUND II
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $217,598 $838,580 $548,557 $608,834
Adjustment for appreciation to market value 7,610 4,053 14,333 1,692
--------------------------------------------------------------------------
Total contract owners' equity $225,208 $842,633 $562,890 $610,526
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
MFS
EMERGING MFS MFS TOTAL
GROWTH RESEARCH RETURN OPPENHEIMER
SERIES SERIES SERIES GROWTH FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Unit transactions, accumulated net investment
income and realized capital gains $504,923 $524,008 $486,929 $395,023
Adjustment for appreciation to market value 32,092 24,590 6,524 17,186
---------------------------------------------------------------------------
Total contract owners' equity $537,015 $548,598 $493,453 $412,209
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
OPPENHEIMER PUTNAM VT PUTNAM VT
MULTIPLE OPPENHEIMER GLOBAL MONEY PUTNAM VT
STRATEGIES STRATEGIC GROWTH MARKET NEW VALUE
FUND BOND FUND FUND FUND FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Unit transactions, accumulated net
investment income and realized capital
gains $238,840 $560,561 $79,316 $80,083 $169,939
Adjustment for appreciation to market
value 3,928 2,340 5,637 - 906
-----------------------------------------------------------------------------------------
Total contract owners' equity $242,768 $562,901 $84,953 $80,083 $170,845
=========================================================================================
</TABLE>
20
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
A summary of changes in contract owners' account units follows:
<TABLE>
<CAPTION>
AIM V.I.
GROWTH AND AIM V.I.
INCOME INTERNATIONAL AIM V.I. EVERGREEN
FUND EQUITY FUND VALUE FUND VA FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Units outstanding at beginning of period - - - -
Units purchased 194,908 164,865 825,683 185,748
Units redeemed and transferred 23,326 (65,236) (24,316) 14,723
---------------------------------------------------------------------------
Units outstanding at December 31, 1998 218,234 99,629 801,367 200,471
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
MFS
EVERGREEN VA EVERGREEN VA FEDERATED EMERGING
FOUNDATION GROWTH AND HIGH INCOME GROWTH
FUND INCOME FUND BOND FUND II SERIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Units outstanding at beginning of period - - - -
Units purchased 716,537 489,890 539,714 397,029
Units redeemed and transferred 73,663 32,464 52,439 27,141
-----------------------------------------------------------------------------
Units outstanding at December 31, 1998 790,200 522,354 592,153 424,170
=============================================================================
</TABLE>
<TABLE>
<CAPTION>
OPPENHEIMER
MFS MULTIPLE
RESEARCH MFS TOTAL OPPENHEIMER STRATEGIES
SERIES RETURN SERIES GROWTH FUND FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Units outstanding at beginning of period - - - -
Units purchased 491,482 397,802 292,656 221,734
Units redeemed and transferred (38,942) 60,726 33,683 6,879
------------------------------------------------------------------------------
Units outstanding at December 31, 1998 452,540 458,528 326,339 228,613
==============================================================================
</TABLE>
21
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
3. CONTRACT OWNERS' EQUITY (CONTINUED)
<TABLE>
<CAPTION>
PUTNAM VT
OPPENHEIMER GLOBAL PUTNAM VT PUTNAM VT
STRATEGIC GROWTH MONEY NEW VALUE
BOND FUND FUND MARKET FUND FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Units outstanding at beginning of period - - - -
Units purchased 590,418 52,289 79,630 139,854
Units redeemed and transferred (35,473) 20,642 - 17,719
-------------------------------------------------------------------------------
Units outstanding at December 31, 1998 554,945 72,931 79,630 157,573
===============================================================================
</TABLE>
4. ADMINISTRATIVE, MORTALITY AND EXPENSE RISK CHARGE
An annual charge is deducted from the unit values of the subaccounts of the
Mutual Fund Account for PFL Life's assumption of certain mortality and expense
risks incurred in connection with the contract. The charge is assessed daily
based on the net asset value of the account. For the 5% Annually Compounding
Death Benefit and the Annual Step-Up Death Benefit, this charge is equal to an
effective annual rate of 1.25% of the value of the contract owners' individual
account. For the Return of Premium Death Benefit, the corresponding charge is
equal to an effective annual rate of 1.10% of the value of the contract owners'
individual account.
An administrative charge of .15% annually is deducted from the client values of
the subaccounts of the Mutual Fund Account. This charge is assessed daily along
with an annual policy fee of $30 per contract. The annual policy fee is deducted
proportionately from the subaccounts' accumulated values. These deductions
represent reimbursement for the costs expected to be incurred over the life of
the contract for issuing and maintaining each contract and the Mutual Fund
Account.
5. TAXES
Operations of the Mutual Fund Account form a part of PFL Life, which is taxed as
a life insurance company under Subchapter L of the Internal Revenue Code of
1986, as amended (the "Code"). The operations of the Mutual Fund Account are
accounted for separately from other operations of PFL Life for purposes of
federal income taxation. The Mutual Fund Account is not separately taxable as a
regulated investment company under Subchapter M of the Code and is not otherwise
taxable as an entity separate from PFL Life. Under existing federal income tax
laws, the income of the Mutual Fund Account, to the extent applied to increase
reserves under the variable annuity contracts, is not taxable to PFL Life.
22
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
6. YEAR 2000 (UNAUDITED)
The term Year 2000 Issue generally refers to the improper processing of dates
and incorrect date calculations that might occur in computer software and
hardware and embedded systems as the Year 2000 is approached. The use of
computer programs that rely on two-digit date fields to perform computations and
decision-making functions may cause systems to malfunction when processing
information involving dates after 1999. For example, any computer software that
has date-sensitive coding might recognize a code of 00 as the year 1900 rather
than the year 2000.
PFL Life has developed a Year 2000 Project Plan (the Plan) to address the Year
2000 issue as it affects PFL Life's internal IT and non-IT systems, and to
assess Year 2000 issues relating to third parties with whom PFL Life has
critical relationships.
The Plan for addressing internal systems generally includes an assessment of
internal IT and non-IT systems and equipment affected by the Year 2000 issue;
definition of strategies to address affected systems and equipment; remediation
of identified systems and equipment; internal testing and certification that
each internal system is Year 2000 compliant; and a review of existing and
revised business resumption and contingency plans to address potential Year 2000
issues. PFL Life has remediated and tested substantially all of its mission-
critical internal IT systems as of December 31, 1998. PFL Life continues to
remediate and test certain non-critical internal IT systems, internal non-IT
systems and will continue with a revalidation testing program throughout 1999.
PFL Life's Year 2000 issues are more complex because a number of its systems
interface with other systems not under PFL Life's control. PFL Life's most
significant interfaces and uses of third-party vendor systems are in the bank,
financial services and trust areas. PFL Life utilizes various banks to handle
numerous types of financial and sales transactions. Several of these banks also
provide trustee and custodial services for PFL Life's investment holdings and
transactions. These services are critical to a financial services company such
as PFL Life as its business centers around cash receipts and disbursements to
policyholders and the investment of policyholder funds. PFL Life has received
written confirmation from its vendor banks regarding their status on Year 2000.
The banks indicate their dedication to resolving any Year 2000 issues related to
their systems and services prior to December 31, 1999. PFL Life anticipates that
a considerable effort will be necessary to ensure that its corrected or new
systems can properly interface with those business partners with whom it
transmits and receives data and other information (external systems). PFL Life
has undertaken specific testing regimes with these third-party business partners
and expects to continue working with its business partners on any interfacing of
systems. However, the timing of external system compliance cannot currently be
predicted with accuracy because the implementation of Year 2000 readiness will
vary from one company to another.
23
<PAGE>
PFL Retirement Builder Variable Annuity Account -
Flexible Premium Individual Deferred Variable
Annuity - Portfolio Select Variable Annuity
Notes to Financial Statements (continued)
6. YEAR 2000 (UNAUDITED) (CONTINUED)
PFL Life does have some exposure to date sensitive embedded technology such as
micro-controllers, but PFL Life views this exposure as minimal. Unlike other
industries that may be equipment intensive, like manufacturing, PFL Life is a
life insurance and financial services organization providing insurance,
annuities and pension products to its customers. As such, the primary equipment
and electronic devices in use are computers and telephone related equipment.
This type of hardware can have date sensitive embedded technology which could
have Year 2000 problems. Because of this exposure, PFL Life has reviewed its
computer hardware and telephone systems, with assistance from the applicable
vendors, and has upgraded, or replaced, or is in the process of replacing any
equipment that will not properly process date sensitive data in the Year 2000 or
beyond. This undertaking has been substantially completed for all operations.
For PFL Life, a reasonably likely worst case scenario might include one or more
of PFL Life's significant policyholder systems being non-compliant. Such an
event could result in a material disruption of PFL Life's operations.
Specifically, a number of PFL Life's operations could experience an interruption
in the ability to collect and process premiums or deposits, process claim
payments, accurately maintain policyholder information, accurately maintain
accounting records, and or perform adequate customer service. Should the worst
case scenario occur, it could, dependent upon its duration, have a material
impact on PFL Life's business and financial condition. Simple failures can be
repaired and returned to production within a matter of hours with no material
impact. Unanticipated failures with a longer service disruption period could
have a more serious impact. For this reason, PFL Life is placing significant
emphasis on risk management and Year 2000 business resumption contingency
planning in 1999 by modifying its existing business resumption and disaster
recovery plans to address potential Year 2000 issues.
The actions taken by management under the Year 2000 Project Plans are intended
to significantly reduce PFL Life's risk of a material business interruption
based on the Year 2000 issues. It should be noted that the Year 2000 computer
problem, and its resolution, is complex and multifaceted, and any company's
success cannot be conclusively known until the Year 2000 is reached. In spite of
its efforts or results, PFL Life's ability to function unaffected to and through
the Year 2000 may be adversely affected by actions (or failure to act) of third
parties beyond our knowledge or control. It is anticipated that there may be
problems that will have to be resolved in the ordinary course of business on and
after the Year 2000. However, PFL Life does not believe that the problems will
have a material adverse affect on PFL Life's operations or financial condition.
24
<PAGE>
PART C OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements
All required financial statements are included in Part B of this
Registration Statement.
(b) Exhibits:
(1) (a) Resolution of the Board of Directors of PFL Life Insurance
Company authorizing establishment of the Mutual Fund
Account. Note 1.
(2) Not Applicable.
(3) (a) Principal Distribution Agreement by and between PFL Life
Insurance Company on its own behalf and on the behalf of the
Mutual Fund Account, and AEGON USA Securities, Inc. Note 2.
(a)(1) Principal Underwriting Agreement by and between PFL Life
Insurance Company on its own behalf and on behalf of the
Mutual Fund Account, and AFSG Securities Corporation.
Note 5.
(a)(2) Termination of Principal Distribution Agreement by and
between PFL Life Insurance Company on its own behalf and
on the behalf of the Mutual Fund Account, and AEGON USA
Securities Inc. Note 6
(b) Form of Broker/Dealer Supervision and Sales Agreement by and
between AFSG Securities Corporation and the Broker/Dealer.
Note 5.
(4) (a) Form of Policy for the Retirement Income Builder Variable
Annuity. Note 2
(b) Form of Policy Endorsements for the Retirement Income
Builder Variable Annuity. Note 6.
(c) Form of Policy Endorsement for the Retirement Income Builder
Variable Annuity. (GMIB) Note 7.
(d) Form of Policy Endorsement for the Retirement Income Builder
Variable Annuity (403(b)) Note 7.
(5) (a) Form of Application for the Retirement Income Builder
Variable Annuity. Note 3
(b) Form of Application for the First Union "Flexible Premium
Individual Deferred" Variable Annuity. Note 5.
(c) Form of Application for the Retirement Income Builder
Variable Annuity. Note 5.
(d) Form of Application for the Multi-Manager Retirement Income
Builder "Flexible Premium Individual Deferred Variable
Annuity." Note 6.
(6) (a) Articles of Incorporation of PFL Life Insurance Company.
Note 1.
(b) ByLaws of PFL Life Insurance Company. Note 1.
(7) Not Applicable.
(8) (a) Participation Agreement by and between PFL Life Insurance
Company and Fidelity Distributors Corporation and Addendum
thereto. Note 2
(8) (a)(1) Participation Agreement between Variable Insurance
Products Fund III, Fidelity Distributors Corporation
(Underwriter), and PFL Life Insurance Company (Depositor).
Note 3
(8) (a)(2) Addendum to Participation Agreement between Variable
Insurance Product Funds, Fidelity Distributors
Corporation, and PFL Life Insurance Company. Note 5.
(8) (a)(3) Addendums to Participation Agreements between PFL Life
Insurance Company, Fidelity Distributors and Variable
Insurance Products Funds, Variable Insurance Products
Funds II, and Variable Insurance Products Funds III. Note
8.
(8) (b) Participation Agreement by and among AIM Variable
Insurance Funds, Inc., PFL Life Insurance Company, and
AFSG Securities Corporation. Note 6
(8) (b)(1) Amendment No.1 to Participation Agreement by and among AIM
Variable Insurance Funds, Inc., PFL Life Insurance
Company, AFSG Securities Corporation. Note 6.
(8) (c) Form of Participation Agreement by and between PFL Life
Insurance Company and Evergreen Variable Trust. Note 5
(c)(1) Addendum to Participation Agreement between PFL Life
Insurance Company and Evergreen Variable Trust. Note 8.
(8) (d) Amended Exhibit A and Exhibit B to Participation Agreement
by and between PFL Life Insurance Company, Federated
Insurance Series and Federated Securities Corp. Note 5
(8) (e) Participation Agreement among MFS Variable Insurance
Trust, PFL Life Insurance Company and Massachusetts
Financial Services Company. Note 4
(8) (e)(1) Addendum to Participation Agreement, dated as of November
24, 1997 by and among MFS Variable Insurance Trust,
Massachusetts Financial Services Company, and PFL Life
Insurance Company. Note 6.
(8) (e)(2) Partial Termination of Participation Agreement among MFS
Variable Insurance Trust, PFL Life Insurance Company and
Massachusetts Financial Services Company. Note 8.
(8) (f) Participation Agreement among Oppenheimer Variable Account
Funds, Oppenheimer Funds, Inc. and PFL Life Insurance
Company. Note 4
(8) (f)(1) Amendment to Participation Agreement, dated as of December
15, 1997 by and among Oppenheimer Variable Account Funds,
OppenheimerFunds, Inc., and PFL Life Insurance Company.
Note 6.
(8) (g) Participation Agreement by and between Putnam Variable
Trust, Putnam Mutual Funds Corp. and PFL Life Insurance
Company. Note 6
(8) (h) Amendment to Participation Agreement, dated as of April
15, 1997, between Dreyfus Variable Investment Fund, the
Dreyfus Socially Responsible Growth Fund, Inc., Dreyfus
Life and Annuity Index fund, Inc., (d/b/a Dreyfus Stock
Index fund), and, PFL Life Insurance Company. Note 6.
(8) (i) Amendment No. 5 to Participation Agreement among WRL
Series Fund, Inc., Western Reserve Life Assurance Co. of
Ohio, and PFL Life Insurance Company. Note 7.
(j) Participation Agreement among Templeton Variable Products
Series Fund, Franklin Templeton Distributors, Inc. and
PFL Life Insurance Company. Note 8.
(k) Participation Agreement between Mentor Variable Investment
Portfolios and PFL Life Insurance Company. Note 9.
(9) Opinion and Consent of Counsel. Note 2
<PAGE>
(10) (a) Consent of Independent Auditors. Note 8
(b) Opinion and Consent of Actuary. Note 6
(11) Not applicable.
(12) Not applicable.
(13) (a) Performance Data Calculations (PFL RIB). Note 8
(13) (b) Performance Data Calculations. (PFL RIB II) Note 8
(13) (c) Performance Data Calculations. (Portfolio Select) Note 8
(14) Powers of Attorney. Note 1. (Patrick S. Baird, Craig D.
Vermie, William L. Busler, Douglas C. Kolsrud, Robert J.
Kontz) Note 2. Brendy K. Clancy. Note 6. Larry N.
Norman
------------------------
Note 1. Filed with one Initial filing of this Form N-4 Registration
Statement (File No. 333-7509) on July 3, 1996.
Note 2. Filed with Pre-Effective Amendment No. 1 to this Form N-4
Registration Statement (File No. 333-7509) on December 6,
1996.
Note 3. Filed with Post-Effective Amendment No. 1 to this Form N-4
Registration Statement (File No. 333-7509) on April 29,
1997.
Note 4. Filed with Post-Effective Amendment No. 2 to this form N-4
Registration Statement (File No. 333-7509) on December 23,
1997.
Note 5. Filed with Post-Effective Amendment No. 4 to this Form N-4
Registration Statement (File No. 333-7509) on April 30,
1998.
Note 6. Filed with Post Effective Amendment No. 5 to this Form N-4
Registration Statement (File No. 333-7509) on July 16,
1998.
Note 7. Filed with Post-Effective Amendment No. 6 to this Form N-4
Registration Statement (File No 333-7509) on January 22,
1999.
Note 8. Filed herewith.
Note 9. To be filed by amendment.
<PAGE>
Item 25. Directors and Officers of the Depositor
<TABLE>
<CAPTION>
Principal Positions
Name and and Offices with
Business Address Depositor
- ---------------- ---------
<S> <C>
William L. Busler Director, Chairman of the Board and
4333 Edgewood Road N.E. President
Cedar Rapids, Iowa 52499-0001
Patrick S. Baird Director, Senior Vice President and
4333 Edgewood Road N.E. Chief Operating Officer
Cedar Rapids, Iowa 52499-0001
Craig D. Vermie Director, Vice President, Secretary and
4333 Edgewood Road N.E. General Counsel
Cedar Rapids, Iowa 52499-0001
Douglas C. Kolsrud Director, Senior Vice President, Chief
4333 Edgewood Road N.E. Investment Officer and Corporate Actuary
Cedar Rapids, Iowa 52499-0001
Larry N. Norman Director and Executive Vice President
4333 Edgewood Road N.E.
Cedar Rapids, Iowa 52499-0001
Robert J. Kontz Vice President and
4333 Edgewood Road N.E. Corporate Controller
Cedar Rapids, Iowa 52499-0001
Brenda K. Clancy Vice President, Treasurer and Chief
4333 Edgewood Road N.E. Financial Officer
Cedar Rapids, Iowa 52499-0001
</TABLE>
<PAGE>
Item 26. Persons Controlled by or Under Common Control with the Depositor or
Registrant
<TABLE>
<CAPTION>
Jurisdication of Percent of Voting
Name Incorporation Securities Owned Business
- ---- ------------- ---------------- --------
<S> <C> <C> <C>
AEGON N.V. Netherlands 53.63% of Vereniging Holding company
Corporation AEGON Netherlands
Membership Association
Groninger Financieringen B.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
AEGON Netherland N.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
AEGON Nevak Holding B.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
AEGON International N.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
Voting Trust Delaware Voting Trust
Trustees:
K.J. Storm
Donald J. Shepard
H.B. Van Wijk
Dennis Hersch
AEGON U.S. Holding Delaware 100% of Voting Trust Holding company
Corporation
Short Hills Management New Jersey 100% of AEGON U.S. Holding company
Company Holding Corporation
CORPA Reinsurance New York 100% of AEGON U.S. Holding company
Company Holding Corporation
AEGON Management Indiana 100% of AEGON U.S. Holding company
Company Holding Corporation
RCC North America Inc Delaware 100% of AEGON U.S. Holding company
Holding Corporation
AEGON USA, Inc. Iowa 100% AEGON U.S. Holding company
Holding Corporation
AUSA Holding Company Maryland 100% AEGON USA, Inc. Holding company
Monumental General Insurance Maryland 100% AUSA Holding Co. Holding company
Group, Inc.
Trip Mate Insurance Agency, Inc. Kansas 100% Monumental General Sale/admin. of travel
Insurance Group, Inc. insurance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Monumental General Maryland 100% Monumental General Provides management srvcs.
Administrators, Inc. Insurance Group, Inc. to unaffiliated third party
administrator
Executive Management and Maryland 100% Monumental General Provides actuarial consulting
Consultant Services, Inc. Administrators, Inc. services
Monumental General Mass Maryland 100% Monumental General Marketing arm for sale of
Marketing, Inc. Insurance Group, Inc. mass marketed insurance
coverages
Diversified Investment Delaware 100% AUSA Holding Co. Registered investment advisor
Advisors, Inc.
Diversified Investors Securities Delaware 100% Diversified Investment Broker-Dealer
Corp. Advsiors, Inc.
AEGON USA Securities, Inc. Iowa 100% AUSA Holding Co. Broker-Dealer
Supplemental Ins. Division, Inc. Tennessee 100% AUSA Holding Co. Insurance
Creditor Resources, Inc. Michigan 100% AUSA Holding Co. Credit insurance
CRC Creditor Resources Canada 100% Creditor Resources, Inc. Insurance agency
Canadian Dealer Network Inc.
AEGON USA Investment Iowa 100% AUSA Holding Co. Investment advisor
Management, Inc.
AEGON USA Realty Iowa 100% AUSA Holding Co. Provides real estate
Advisors, Inc. administrative and real
estate investment services
Quantra Corporation Delaware 100% AEGON USA Realty Real estate and financial
Advisors, Inc. software production and sales
Quantra Software Corporation Delaware 100% Quantra Corporation Manufacture and sell
mortgage loan and security
management software
Landauer Realty Advisors, Inc. Iowa 100% AEGON USA Realty Real estate counseling
Advisors, Inc.
Landauer Associates, Inc. Delaware 100% AEGON USA Realty Real estate counseling
Advisors, Inc.
Realty Information Systems, Inc. Iowa 100% AEGON USA Realty Information Systems for
Advisors, Inc. real estate investment
management
AEGON USA Realty Iowa 100% AEGON USA Real estate management
Management, Inc. Realty Advisors, Inc.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
USP Real Estate Investment Trust Iowa 21.89% First AUSA Life Ins. Co. Real estate investment trust
13.11% PFL Life Ins. Co.
4.86% Bankers United Life
Assurance Co.
RCC Properties Limited Iowa AEGON USA Realty Advisors, Limited Partnership
Partnership Inc. is General Partner and 5%
owner.
AUSA Financial Markets, Inc. Iowa 100% AUSA Holding Co. Marketing
Endeavor Investment Advisors California 49.9% AUSA Financial General Partnership
Markets, Inc.
Universal Benefits Corporation Iowa 100% AUSA Holding Co. Third party administrator
Investors Warranty of Iowa 100% AUSA Holding Co. Provider of automobile
America, Inc. extended maintenance
contracts
Massachusetts Fidelity Trust Co. Iowa 100% AUSA Holding Co. Trust company
Money Services, Inc. Delaware 100% AUSA Holding Co. Provides financial counseling
for employees and agents of
affiliated companies
Zahorik Company, Inc. California 100% AUSA Holding Co. Broker-Dealer
ZCI, Inc. Alabama 100% Zahorik Company, Inc. Insurance agency
AEGON Asset Management Delaware 100% AUSA Holding Co. Registered investment advisor
Services, Inc.
Intersecurities, Inc. Delaware 100% AUSA Holding Co. Broker-Dealer
ISI Insurance Agency, Inc. California 100% Western Reserve Life Insurance agency
Assurance Co. of Ohio
ISI Insurance Agency Ohio 100% ISI Insurance Agency, Inc. Insurance agency
of Ohio, Inc.
ISI Insurance Agency Texas 100% ISI Insurance Agency, Inc. Insurance agency
of Texas, Inc.
ISI Insurance Agency Massachusetts 100% ISI Insurance Agency Inc. Insurance Agency
of Massachusetts, Inc.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Associated Mariner Financial Michigan 100% Intersecurities, Inc. Holding co./management
Group, Inc. services
Mariner Financial Services, Inc. Michigan 100% Associated Mariner Broker/Dealer
Financial Group, Inc.
Mariner Planning Corporation Michigan 100% Mariner Financial Financial planning
Services, Inc.
Associated Mariner Agency, Inc. Michigan 100% Associated Mariner Insurance agency
Financial Group, Inc.
Associated Mariner Agency Hawaii 100% Associated Mariner Insurance agency
of Hawaii, Inc. Agency, Inc.
Associated Mariner Ins. Agency Massachusetts 100% Associated Mariner Insurance agency
of Massachusetts, Inc. Agency, Inc.
Associated Mariner Agency Ohio 100% Associated Mariner Insurance agency
Ohio, Inc. Agency, Inc.
Associated Mariner Agency Texas 100% Associated Mariner Insurance agency
Texas, Inc. Agency, Inc.
Associated Mariner Agency New Mexico 100% Associated Mariner Insurance agency
New Mexico, Inc. Agency, Inc.
Mariner Mortgage Corp. Michigan 100% Associated Mariner Mortgage origination
Financial Group, Inc.
Idex Investor Services, Inc. Florida 100% AUSA Holding Co. Shareholder services
Idex Management, Inc. Delaware 50% AUSA Holding Co. Investment advisor
50% Janus Capital Corp.
IDEX II Series Fund Massachusetts Various Mutual fund
IDEX Fund Massachusetts Various Mutual fund
IDEX Fund 3 Massachusetts Various Mutual fund
First AUSA Life Insurance Maryland 100% AEGON USA, Inc. Insurance holding company
Company
AUSA Life Insurance New York 100% First AUSA Life Insurance
Company, Inc. Insurance Company
Life Investors Insurance Iowa 100% First AUSA Life Ins. Co. Insurance
Company of America
Life Investors Alliance, LLC Delaware 100% LIICA Purchase, own, and hold
the equity interest of other
entities.
Bankers United Life Iowa 100% Life Investors Ins. Insurance
Assurance Company Company of America
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Life Investors Agency Iowa 100% Life Investors Ins. Marketing
Group, Inc. Company of America
PFL Life Insurance Company Iowa 100% First AUSA Life Ins. Co. Insurance
AEGON Financial Services Minnesota 100% PFL Life Insurance Co. Marketing
Group, Inc.
AEGON Assignment Corporation Kentucky 100% AEGON Financial Administrator of structured
of Kentucky Services Group, Inc. settlements
AEGON Assignment Corporation Illinois 100% AEGON Financial Services Administrator of structured
Group, Inc. settlements
Southwest Equity Life Ins. Co. Arizona 100% of Common Voting Stock Insurance
First AUSA Life Ins. Co.
Iowa Fidelity Life Insurance Co. Arizona 100% of Common Voting Stock Insurance
First AUSA Life Ins. Co.
Western Reserve Life Assurance Ohio 100% First AUSA Life Ins. Co. Insurance
Co. of Ohio
WRL Series Fund, Inc. Maryland Various Mutual fund
WRL Investment Services, Inc. Florida 100% Western Reserve Life Provides administration for
Assurance Co. of Ohio affiliated mutual fund
WRL Investment Florida 100% Western Reserve Life Registered investment advisor
Management, Inc. Assurance Co. of Ohio
AEGON Equity Group, Inc. Florida 100% Western Reserve Life Insurance Agency
Assurance Co. of Ohio
Monumental Life Insurance Co. Maryland 100% First AUSA Life Ins. Co. Insurance
AEGON Special Markets Maryland 100% Monumental Life Ins. Co. Marketing
Group, Inc.
Monumental General Casualty Co. Maryland 100% First AUSA Life Ins. Co. Insurance
United Financial Services, Inc. Maryland 100% First AUSA Life Ins. Co. General agency
Bankers Financial Life Ins. Co. Arizona 100% First AUSA Life Ins. Co. Insurance
The Whitestone Corporation Maryland 100% First AUSA Life Ins. Co. Insurance agency
Cadet Holding Corp. Iowa 100% First AUSA Life Holding company
Insurance Company
Commonwealth General Delaware 100% AEGON USA Holding company
Corporation ("CGC")
PB Series Trust Massachusetts N/A Mutual fund
Monumental Agency Group, Inc. Kentucky 100% CGC Provider of srvcs. to ins. cos.
Benefit Plans, Inc. Delaware 100% CGC TPA for Peoples Security Life
Insurance Company
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Durco Agency, Inc. Virginia 100% Benefit Plans, Inc. General agent
Commonwealth General. Kentucky 100% CGC Administrator of structured
Assignment Corporation settlements
AFSG Securities Corporation Pennsylvania 100% CGC Broker-Dealer
PB Investment Advisors, Inc. Delaware 100% CGC Registered investment advisor
Diversified Financial Products Inc. Delaware 100% CGC Provider of investment,
marketing and admin.
services to ins. cos.
AEGON USA Real Estate Delaware 100% Diversified Financial Real estate and mortgage
Services, Inc. Products Inc. holding company
Capital Real Estate Delaware 100% CGC Furniture and equiment lessor
Development Corporation
Capital General Development Delaware 100% CGC Holding company
Corporation
Ammest Realty Corporation Texas 100% Peoples Security Life Special purpose subsidiary
Insurance Company
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
JMH Operating Company, Inc. Mississippi 100% Peoples Security Life Real estate holdings
Insurance Company
Independence Automobile Florida 100% Capital Security Automobile Club
Association, Inc. Life Insurance Company
Independence Automobile Georgia 100% Capital Security Automobile Club
Club, Inc. Life Insurance Company
Capital 200 Block Corporation Delaware 100% CGC Real estate holdings
Capital Broadway Corporation Kentucky 100% CGC Real estate holdings
Southlife, Inc. Tennessee 100% CGC Investment subsidiary
Ampac Insurance Agency, Inc. Pennsylvania 100% CGC Provider of management
(EIN 23-1720755) support services
National Home Life Corporation Pennsylvania 100% Ampac Insurance Special-purpose subsidiary
Agency, Inc.
Compass Rose Development Pennsylvania 100% Ampac Insurance Special-purpose subsidiary
Corporation Agency, Inc.
Frazer Association Consultants, Inc. Illinois 100% Ampac Insurance TPA license-holder
Agency, Inc.
Valley Forge Associates, Inc. Pennsylvania 100% Ampac Insurance Furniture & equipment lessor
Agency, Inc.
Veterans Benefits Plans, Inc. Pennsylvania 100% Ampac Insurance Administator of group
Agency, Inc. insurance programs
Veterans Insurance Services, Inc. Delaware 100% Ampac Insurance Special-purpose subsidiary
Agency, Inc.
Financial Planning Services, Inc. Dist. Columbia 100% Ampac Insurance Special-purpose subsidiary
Agency, Inc.
Academy Insurance Group, Inc. Delaware 100% CGC Holding company
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Academy Life Insurance Co. Missouri 100% Academy Insurance Insurance company
Group, Inc.
Pension Life Insurance New Jersey 100% Academy Insurance Insurance company
Company of America Group, Inc.
Academy Services, Inc. Delaware 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Ammest Development Corp. Inc. Kansas 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Ammest Insurance Agency, Inc. California 100% Academy Insurance General agent
Group, Inc.
Ammest Massachusetts Massachusetts 100% Academy Insurance Special-purpose subsidiary
Insurance Agency, Inc. Group, Inc.
Ammest Realty, Inc. Pennsylvania 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Ampac, Inc. Texas 100% Academy Insurance Managing general agent
Group, Inc.
Ampac Insurance Agency, Inc. Pennsylvania 100% Academy Insurance Special-purpose subsidiary
(EIN 23-2364438) Group, Inc.
Data/Mark Services, Inc. Delaware 100% Academy Insurance Provider of mgmt. services
Group, Inc.
Force Financial Group, Inc. Delaware 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Force Financial Services, Inc. Massachusetts 100% Force Fin. Group, Inc. Special-purpose subsidiary
Military Associates, Inc. Pennsylvania 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
NCOA Motor Club, Inc. Georgia 100% Academy Insurance Automobile club
Group, Inc.
NCOAA Management Company Texas 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Unicom Administrative Pennsylvania 100% Academy Insurance Provider of admin. services
Services, Inc. Group, Inc.
Unicom Administrative Germany 100%Unicom Administrative Provider of admin. servcies
Services, GmbH Services, Inc.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Capital Liberty, L.P. Delaware 79.2% Commonwealth Life Holding Company
Insurance Company
19.8% Peoples Security Life
Insurance Company
1% CGC
Commonwealth General LLC Turks & 100% CGC Special-purpose subsidiary
Caicos Islands
Peoples Benefit Life Missouri 3.7% CGC Insurance company
Insurance Company 20% Capital Liberty, L.P.
76.3% Monumental Life
Ins. Co.
Veterans Life Insurance Co. Illinois 100% Peoples Benefit Life Insurance company
Insurance Company
Peoples Benefit Services, Inc. Pennsylvania 100% Veterans Life Ins. Co. Special-purpose subsidiary
</TABLE>
<PAGE>
Item 27. Number of Contract Owners
As of December 31, 1998, there were 3,975 Owners of the Policies.
Item 28. Indemnification
The Iowa Code (Sections 490.850 et. seq.) provides for permissive
--------
indemnification in certain situations, mandatory indemnification in other
situations, and prohibits indemnification in certain situations. The Code also
specifies procedures for determining when indemnification payments can be made.
Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
Depositor pursuant to the foregoing provisions, or otherwise, the Depositor has
been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Depositor of expenses incurred
or paid by a director, officer or controlling person in connection with the
securities being registered), the Depositor will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
<PAGE>
Item 29. Principal Underwriters
AFSG Securities Corporation
4333 Edgewood Road, N.E.
Cedar Rapids, IA 52499-0001
The directors and officers of
AFSG Securities Corporation
are as follows:
<TABLE>
<S> <C>
Larry N. Norman Sarah J. Strange
Director and President Director and Vice President
Frank A. Camp Bob Warner
Director and Secretary Assistant Compliance Officer
Lisa Wachendorf Linda Gilmer
Vice President and Chief Treasurer/Controller
Compliance President
Debra C. Cubero Priscilla Hechler
Vice President Assistant Secretary and Assistant Vice President
Emily Bates Thomas Pierpan
Assistant Treasurer Assistant Secretary and Assistant Vice President
Clifton Flenniken Darin D. Smith
Assistant Treasurer Assistant Secretary and Assistant Vice President
Anne Spaes
Vice President
</TABLE>
- --------------------
The principal business address of each person listed is AFSG Securities
Corporation, 4333 Edgewood Road, N.E., Cedar Rapids, IA 52499-0001.
Commissions and Other Compensation Received by Principal Underwriter.
- --------------------------------------------------------------------
AFSG Securities Corporation, the broker/dealer, received $5,794,363.93 from the
Registrant from May 1, 1998 through December 31, 1998, for its services in
distributing the Policies. AEGON USA Securities, Inc., its predecessor, received
$1,872,219.13 from the Registrant from January 1, 1998 through April 30, 1998,
for its services in distributing the Policies. No other commission or
compensation was received by the principal underwriter, directly or indirectly,
from the Registrant during the fiscal year.
AFSG Securities Corporation serves as the principal underwriter for the PFL
Endeavor VA Separate Account, the PFL Retirement Builder Variable Annuity
Account, the PFL Life Variable Annuity Account A, the PFL Wright Variable
Annuity Account and the AUSA Endeavor Variable Annuity account. These accounts
are separate accounts of PFL Life Insurance Company or AUSA Life Insurance
Company, Inc. AFSG Securities Corporation also serves as principal underwriter
for Separate Account I, Separate Account II, Separate Account IV and Separate
Account V of Peoples Benefit Life Insurance Company, and for Separate Account B
and Separate Account C of AUSA Life Insurance Company, Inc.
Item 30. Location of Accounts and Records
The records required to be maintained by Section 31(a) of the Investment Company
Act of 1940 and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained by
PFL Life Insurance Company at 4333 Edgewood Road, N.E., Cedar Rapids, Iowa
52499-0001.
<PAGE>
Item 31. Management Services.
All management Contracts are discussed in Part A or Part B.
Item 32. Undertakings
(a) Registrant undertakes that it will file a post-effective amendment to this
registration statement as frequently as necessary to ensure that the
audited financial statements in the registration statement are never more
than 16 months old for so long as Premiums under the Policy may be
accepted.
(b) Registrant undertakes that it will include either (i) a postcard or similar
written communication affixed to or included in the Prospectus that the
applicant can remove to send for a Statement of Additional Information or
(ii) a space in the Policy application that an applicant can check to
request a Statement of Additional Information.
(c) Registrant undertakes to deliver any Statement of Additional Information
and any financial statements required to be made available under this Form
promptly upon written or oral request to PFL at the address or phone number
listed in the Prospectus.
(d) PFL Life Insurance Company hereby represents that the fees and charges
deducted under the policies, in the aggregate, are reasonable in relation
to the services rendered, the expenses expected to be incurred, and the
risks assumed by PFL Life Insurance Company.
Section 403(b) Representations
- ------------------------------
PFL represents that it is relying on a no-action letter dated November 28, 1988,
to the American Council of Life Insurance (Ref. No. IP-6-88), regarding Sections
22(e), 27(c)(1), and 27(d) of the Investment Company Act of 1940, in connection
with redeemability restrictions on Section 403(b) Policies, and that paragraphs
numbered (1) through (4) of that letter will be complied with.
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Registrant hereby certifies that this Amendment to the Registration
Statement meets the requirements for effectiveness pursuant to paragraph (b) of
Rule 485 and has caused this Registration Statement to be signed on its behalf,
in the City of Cedar Rapids and State of Iowa, on this 27th day of April, 1999.
PFL RETIREMENT BUILDER
VARIABLE ANNUITY ACCOUNT
PFL LIFE INSURANCE COMPANY
Depositor
/s/ William L. Busler
---------------------
William L. Busler
President
As required by the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the duties indicated.
Signatures Title Date
- ---------- ----- -----
/s/ Patrick S. Baird Director April 27, 1999
- ------------------------------
Patrick S. Baird
/s/ Craig D.Vermie Director April 27, 1999
- ------------------------------
Craig D. Vermie
/s/ William L. Busler Director April 27, 1999
- ------------------------------
William L. Busler (Principal Executive Officer)
/s/ Larry N. Norman Director April 27, 1999
- ------------------------------
Larry N. Norman
/s/ Douglas C. Kolsrud Director April 27, 1999
- ------------------------------
Douglas C. Kolsrud
/s/ Robert J. Kontz Vice President and April 27, 1999
- ------------------------------
Robert J. Kontz Corporate Controller
/s/ Brenda K. Clancy Treasurer April 27, 1999
- ------------------------------
Brenda K. Clancy
<PAGE>
REGISTRATION NO.
333 - 7509
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
EXHIBITS
TO
FORM N-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
FOR
PFL RETIREMENT BUILDER VARIABLE ANNUITY ACCOUNT
_______________
<PAGE>
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION OF EXHIBIT PAGE NO.*
- ----------- ---------------------- ---------
(8)(a)(3) Addendums to Participation Agreements between PFL
Life Insurance Company, Fidelity Distributors, and
Variable Insurance Products Funds, Variable
Insurance Products Funds II and Variable Insurance
Products Funds III.
(8)(c)(1) Addendum to Participation Agreement between PFL Life
Insurance Company and Evergreen Variable Trust.
(8)(e)(2) Partial Termination of Participation Agreement among
MFS Variable Insurance Trust, PFL Life Insurance
Company and Massachusetts Financial Services Company.
(8)(j) Participation Agreement among Templeton Variable
Products Series Fund, Franklin Templeton Distributors,
Inc. and PFL Life Insurance Company.
(10)(a) Consent of Independent Auditors.
(13)(a) Performance Data Calculations (PFL RIB)
(13)(b) Performance Data Calculations (PFL RIB II)
(13)(c) Performance Data Calculations (Portfolio Select)
__________________________
* Page numbers included only in manually executed original.
<PAGE>
EXHIBIT (8)(a)(3)
-----------------
Addendums to Participation Agreements between PFL Life Insurance Company,
Fidelity Distributors, and Variable Insurance Products Funds, Variable
Insurance Products Funds II and Variable Insurance Products Funds III.
<PAGE>
PARTICIPATION AGREEMENT ADDENDUM
SCHEDULE A
----------
ACCOUNTS
--------
This Schedule shall be effective as of the date of the last signature below, and
replaces and supersedes Schedule A to the Participation Agreement dated April 1,
1991 (as amended) among the Variable Insurance Products Fund, Fidelity
Distributors Corporation and PFL Life Insurance Company.
<TABLE>
<CAPTION>
Date of Resolutions of
Company's Board which
Name of Contracts Name of Accounts established the Accounts
----------------- ---------------- ------------------------
<S> <C> <C>
Fidelity Income Plus Fidelity Variable Annuity August 24, 1979 (by an
Individual Variable Annuity Account affiliate subsequently
Contracts acquired by the Company)
PFL Retirement Builder PFL Retirement Builder
Individual Variable Annuity Variable Annuity Account March 29, 1996
Contracts
PFL Retirement Builder PFL Retirement Builder
Immediate Variable Annuity Variable Annuity Account March 29, 1996
Contracts
Portfolio Select Individual PFL Retirement Builder
Variable Annuity Contracts Variable Annuity Account March 29, 1996
</TABLE>
In witness whereof, we have hereunto set our hand as of the dates indicated:
PFL Life Insurance Company Variable Insurance Products Fund
By: /s/ William L. Busler By: /s/ [SIGNATURE ILLEGIBLE]
---------------------------- ----------------------------
Title: President Title: Senior Vice President
---------------------------- ----------------------------
Date: 3/12/99 Date: 3/9/99
---------------------------- ----------------------------
Fidelity Distributors Corporation
By: /s/ [SIGNATURE ILLEGIBLE]
----------------------------
Title: Vice President
----------------------------
Date: 3/4/99
----------------------------
<PAGE>
PARTICIPATION AGREEMENT ADDENDUM
SCHEDULE A
----------
ACCOUNTS
--------
This Schedule shall be effective as of the date of the last signature below, and
replaces and supersedes Schedule A to the Participation Agreement dated April 1,
1991 (as amended) among Variable Insurance Products Fund II, Fidelity
Distributors Corporation and PFL Life Insurance Company.
<TABLE>
<CAPTION>
Date of Resolutions of
Company's Board which
Name of Contracts Name of Accounts established the Accounts
----------------- ---------------- ------------------------
<S> <C> <C>
Fidelity Income Plus Fidelity Variable Annuity August 24, 1979 (by an
Individual Variable Annuity Account affiliate subsequently
Contracts acquired by the Company)
PFL Retirement Builder PFL Retirement Builder
Individual Variable Annuity Variable Annuity Account March 29, 1996
Contracts
PFL Retirement Builder PFL Retirement Builder
Immediate Variable Annuity Variable Annuity Account March 29, 1996
Contracts
Portfolio Select Individual PFL Retirement Builder
Variable Annuity Contracts Variable Annuity Account March 29, 1996
</TABLE>
In witness whereof, we have hereunto set our hand as of the dates indicated:
PFL Life Insurance Company Variable Insurance Products Fund II
By: /s/ William L. Busler By: /s/ [SIGNATURE ILLEGIBLE]
----------------------------- ---------------------------
Title: President Title: Senior Vice President
---------------------------- ---------------------------
Date: 3/12/99 Date: 3/9/99
---------------------------- ---------------------------
Fidelity Distributors Corporation
By: /s/ [SIGNATURE ILLEGIBLE]
---------------------------
Title: Vice President
---------------------------
Date: 3/4/99
---------------------------
<PAGE>
PARTICIPATION AGREEMENT ADDENDUM
SCHEDULE A
----------
Separate Accounts and Associated Contracts
------------------------------------------
This Schedule shall be effective as of the date of the last signature below, and
replaces and supersedes Schedule A to the Participation Agreement dated March
21, 1997 among Variable Insurance Products Fund III, Fidelity Distributors
Corporation and PFL Life Insurance Company.
<TABLE>
<CAPTION>
Date of Resolutions of
Company's Board which
Name of Contracts Name of Accounts established the Accounts
----------------- ---------------- ------------------------
<S> <C> <C>
Fidelity Income Plus Fidelity Variable Annuity August 24, 1979 (by an
Individual Variable Annuity Account affiliate subsequently
Contracts acquired by the Company)
PFL Retirement Builder PFL Retirement Builder
Individual Variable Annuity Variable Annuity Account March 29, 1996
Contracts
PFL Retirement Builder PFL Retirement Builder
Immediate Variable Annuity Variable Annuity Account March 29, 1996
Contracts
Portfolio Select Individual PFL Retirement Builder
Variable Annuity Contracts Variable Annuity Account March 29, 1996
</TABLE>
In witness whereof, we have hereunto set our hand as of the dates indicated:
PFL Life Insurance Company Variable Insurance Products Fund III
By: /s/ William L. Busler By: /s/ [SIGNATURE ILLEGIBLE]
---------------------------- --------------------------
Title: President Title: Senior Vice President
---------------------------- ---------------------------
Date: 3/12/99 Date: 3/9/99
---------------------------- ---------------------------
Fidelity Distributors Corporation
By: /s/ [SIGNATURE ILLEGIBLE]
---------------------------
Title: Vice President
---------------------------
Date: 3/4/99
---------------------------
<PAGE>
PARTICIPATION AGREEMENT ADDENDUM
SCHEDULE A
----------
ACCOUNTS, POLICIES AND PORTFOLIOS
SUBJECT TO THE PARTICIPATION AGREEMENT
This Schedule shall be effective as of the date of the last signature below, and
replaces and supersedes Schedule A to the Participation Agreement dated May 1,
1998 (as amended) between Evergreen Variable Annuity Trust and PFL Life
Insurance Company.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
NAME OF SEPARATE ACCOUNT POLICIES FUNDED BY PORTFOLIOS APPLICABLE
AND DATE ESTABLISHED BY SEPARATE ACCOUNT TO POLICIES
BOARD OF DIRECTORS
- ------------------------------------------------------------------------------------------
<S> <C> <C>
PFL Retirement Builder PFL Life Insurance Company Evergreen VA Fund
Variable Annuity Account Policy Form Evergreen VA Foundation Fund
March 29, 1996 No. AV288-101-95-796 Evergreen VA Growth & Income Fund
(including successor forms, Evergreen VA Global Leaders Fund
addenda and endorsements - Evergreen VA International
may vary by state under Growth Fund
marketing names:
"Retirement Income Builder
Variable Annuity"
"Portfolio Select
Variable annuity"
(or successor marketing names)
- ---------------------------------------------------------------------------------------------
</TABLE>
In witness whereof, we have hereunto set our hand as of the dates indicated:
PFL Life Insurance Company Evergreen Variable Annuity Trust
By: /s/ William L. Busler By: /s/ [SIGNATURE ILLEGIBLE]
--------------------------- ---------------------------
Title: President Title: Assistant Secretary
--------------------------- ---------------------------
Date: March 15, 1999 Date: 10 March 1999
--------------------------- ---------------------------
<PAGE>
Exhibit (8)(c)(1)
-----------------
Addendums to Participation Agreement between PFL Life Insurance Company and
Evergreen Variable Trust.
<PAGE>
Exhibit (8)(e)(2)
-----------------
Partial Termination of Participation Agreement among MFS Variable Insurance
Trust, PFL Life Insurance Company and Massachusetts Financial Services Company.
<PAGE>
PARTIAL TERMINATION OF PARTICIPATION AGREEMENT
This PARTIAL TERMINATION OF PARTICIPATION AGREEMENT is made and entered
into this 28/th/ day of January, 1999, by and among MFS VARIABLE INSURANCE
TRUST, a Massachusetts business trust (the "Trust"), PFL LIFE INSURANCE COMPANY,
an Iowa stock life insurance company (the "Company"), and MASSACHUSETTS
FINANCIAL SERVICES COMPANY, a Delaware corporation ("MFS").
WHEREAS, the Trust, the Company and MFS entered into a Participation
Agreement dated November 24, 1997, as amended by Amendment No. 1 dated November
24, 1997 (the "Participation Agreement");
WHEREAS, the Trust and MFS desire to terminate the Participation Agreement
with respect to one of the Portfolios, the MFS/Foreign & Colonial Emerging
Markets Equity Series;
WHEREAS, the Company desires to waive notice of such termination so as
to make it effective on May 1, 1999;
WHEREAS, defined terms used in this instrument have the same meaning as
defined in the Participation Agreement;
NOW, THEREFORE, in consideration of their mutual promises, the Trust, MFS
and the Company agree as follows:
1. Pursuant to Section 11.1(a) of the Participation Agreement, the
Participation Agreement is hereby terminated with respect to one of the
Portfolios, the MFS/Foreign & Colonial Emerging Markets Equity Series (the
"Terminated Portfolio"), effective May 1, 1999. The Company hereby waives
its right to receive six (6) months advance written notice of this
termination.
2. Pursuant to Section 11.5 of the Participation Agreement, the owners of
existing Policies as of May 1, 1999 ("Existing Policies") shall be
permitted to transfer or reallocate investment under the Policies into or
out of the Terminated Portfolio, redeem investments in the Terminated
Portfolio, and invest in the Terminated Portfolio upon making additional
purchase payments under their Existing Policies. Policies not in effect on
---
May 1, 1999 shall not be permitted to make any investment of any nature in
---
the Terminated Portfolio.
3. Schedule A to the Participation Agreement is hereby amended by the attached
Schedule A, which has been modified to clarify that the Terminated
Portfolio is only available for investment by owners of Existing Policies.
<PAGE>
IN WITNESS WHEREOF, each of the parties hereto has caused this instrument
to be executed in its name and on its behalf by its duly authorized
representative.
PFL LIFE INSURANCE COMPANY
By its authorized officer,
By: /s/ Larry N. Norman
------------------------------------------
Title: EXECUTIVE VICE PRESIDENT
---------------------------------------
MFS VARIABLE INSURANCE TRUST,
ON BEHALF OF THE PORTFOLIOS
By its authorized officer,
By:James R. Bordewick, Jr
------------------------------------------
James R. Bordewick, Jr.
Assistant Secretary
MASSACHUSETTS FINANCIAL SERVICES COMPANY
By its authorized officer,
By:Jeffrey L. Shames
------------------------------------------
Jeffrey L. Shames
Chairman and Chief Executive Officer
<PAGE>
January 28, 1999
SCHEDULE A
ACCOUNTS, POLICIES AND PORTFOLIOS
SUBJECT TO THE PARTICIPATION AGREEMENT
--------------------------------------
<TABLE>
<CAPTION>
========================================================================================================================
NAME OF SEPARATE
ACCOUNT AND DATE POLICIES FUNDED PORTFOLIOS
ESTABLISHED BY BOARD OF DIRECTORS BY SEPARATE ACCOUNT APPLICABLE TO POLICIES
========================================================================================================================
<S> <C> <C>
PFL Retirement Builder PFL Life Insurance Company MFS Emerging Growth Series
Variable Annuity Account Policy Form MFS Research Series
March 29, 1996 No. AV288-101-985-796 MFS Total Return Series
(including successor forms, addenda and MFS Utilities Series
Legacy Builder Variable Life endorsements - may vary by state) MFS Foreign & Colonial Emerging
Separate Account under marketing names: Markets Equity Series
November 20, 1998 "Retirement Income Builder Variable Annuity"
"Portfolio Select Variable Annuity"
PFL Life Insurance Company
Policy Form No.'s VL20 & JL20
Under the marketing name "Legacy Builder II"
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
____________________________
* This Series is only available for investment by owners of Policies
which were in existence on May 1, 1999.
<PAGE>
Exhibit (8)(j)
--------------
Participation Agreement among Templeton Variable Products Series Fund,
Franklin Templeton Distributors, Inc. and PFL Life Insurance Company.
<PAGE>
PARTICIPATION AGREEMENT
AMONG TEMPLETON VARIABLE PRODUCTS SERIES FUND,
FRANKLIN TEMPLETON DISTRIBUTORS, INC. AND
PFL LIFE INSURANCE COMPANY
THIS AGREEMENT made as of May 1, 1999, among Templeton Variable Products
Series Fund (the "Trust"), an open-end management investment company organized
as a business trust under Massachusetts law, Franklin Templeton Distributors,
Inc., a California corporation, the Trust's principal underwriter
("Underwriter"), and PFL Life Insurance Company, a life insurance company
organized as a corporation under Iowa law (the "Company"), on its own behalf and
on behalf of each segregated asset account of the Company set forth in Schedule
A, as may be amended from time to time (the "Accounts").
W I T N E S S E T H:
--------------------
WHEREAS, the Trust is registered with the Securities and Exchange
Commission (the "SEC") as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and has an
effective registration statement relating to the offer and sale of the various
series of its shares under the Securities Act of 1933, as amended (the "1933
Act");
WHEREAS, the Trust and the Underwriter desire that Trust shares be used as
an investment vehicle for separate accounts established for variable life
insurance policies and variable annuity contracts to be offered by life
insurance companies which have entered into fund participation agreements with
the Trust (the "Participating Insurance Companies");
WHEREAS, the beneficial interest in the Trust is divided into several
series of shares, each series representing an interest in a particular managed
portfolio of securities and other assets, and certain of those series, named in
Schedule B, (the "Portfolios") are to be made available for purchase by the
Company for the Accounts; and
WHEREAS, the Trust has received an order from the SEC, dated November 16,
1993 (File No. 812-8546), granting Participating Insurance Companies and their
separate accounts exemptions from the provisions of Sections 9(a), 13(a), 15(a)
and 15(b) of the 1940 Act, and Rules 6e-2 (b) (15) and 6e-3 (T) (b) (15)
thereunder, to the extent necessary to permit shares of the Trust to be sold to
and held by variable annuity and variable life insurance separate accounts of
both affiliated and unaffiliated life insurance companies and certain qualified
pension and retirement plans (the "Shared Funding Exemptive Order");
WHEREAS, the Company has registered or will register each Account as a unit
investment trust under the 1940 Act unless an exemption from registration
1
<PAGE>
under the 1940 Act is available and the Trust has been so advised; and has
registered or will register certain variable annuity contracts and variable life
insurance policies, listed on Schedule C attached hereto, under which the
portfolios are to be made available as investment vehicles (the "Contracts")
under the 1933 Act unless such interests under the Contracts in the Accounts are
exempt from registration under the 1933 Act and the Trust has been so advised;
WHEREAS, each Account is a duly organized, validly existing segregated
asset account, established by resolution of the Board of Directors of the
Company, on the date shown for such account on Schedule A hereto, to set aside
and invest assets attributable to one or more Contracts; and
WHEREAS, the Underwriter is registered as a broker dealer with the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as
amended (the "1934 Act"), and is a member in good standing of the National
Association of Securities Dealers, Inc. ("NASD"); and
WHEREAS, each investment adviser listed on Schedule B (each, an "Adviser")
is duly registered as an investment adviser under the Investment Advisers Act of
1940, as amended ("Advisers Act") and any applicable state securities laws;
WHEREAS, to the extent permitted by applicable insurance laws and
regulations, the Company intends to purchase shares in the Portfolios on behalf
of each Account to fund certain of the aforesaid Contracts and the Underwriter
is authorized to sell such shares to unit investment trusts such as each Account
at net asset value;
NOW THEREFORE, in consideration of their mutual promises, the parties agree
as follows:
ARTICLE I.
PURCHASE AND REDEMPTION OF TRUST PORTFOLIO SHARES
-------------------------------------------------
1.1 For purposes of this Article I, the Company shall be the Trust's agent
for receipt of purchase orders and requests for redemption relating to each
Portfolio from each Account, provided that the Company notifies the Trust of
such purchase orders and requests for redemption by 9:00 a.m. Eastern time on
the next following Business Day, as defined in Section 1.3.
1.2 The Trust agrees to make shares of the Portfolios available to the
Accounts for purchase at the net asset value per share next computed after
receipt of a purchase order by the Trust (or its agent), as established in
accordance with the provisions of the then current prospectus of the Trust
describing Portfolio purchase procedures on those days on which the Trust
calculates its net asset value pursuant to rules of the SEC, and the Trust shall
use
2
<PAGE>
its best efforts to calculate such net asset value on each day on which the New
York Stock Exchange ("NYSE") is open for trading. The Company will transmit
orders from time to time to the Trust for the purchase of shares of the
Portfolios. The Trustees of the Trust (the "Trustees") may refuse to sell shares
of any Portfolio to any person, or suspend or terminate the offering of shares
of any Portfolio if such action is required by law or by regulatory authorities
having jurisdiction or if, in the sole discretion of the Trustees acting in good
faith and in light of their fiduciary duties under federal and any applicable
state laws, such action is deemed in the best interests of the shareholders of
such Portfolio. Without limiting the foregoing, the Trustees have determined
that there is a significant risk that the Trust and its shareholders may be
adversely affected by investors whose purchase and redemption activity follows a
market timing pattern, and have authorized the Trust, the Underwriter and the
Trust's transfer agent to adopt procedures and take other action (including
without limitation rejecting specific purchase orders) as they deem necessary to
reduce, discourage or eliminate market timing activity.
1.3 The Company shall submit payment for the purchase of shares of a
Portfolio on behalf of an Account no later than the close of business on the
next Business Day after the Trust receives the purchase order. Payment shall be
made in federal funds transmitted by wire to the Trust or its designated
custodian. Upon receipt by the Trust of the federal funds so wired, such funds
shall cease to be the responsibility of the Company and shall become the
responsibility of the Trust for this purpose. "Business Day" shall mean any day
on which the NYSE is open for trading and on which the Trust calculates its net
asset value pursuant to the rules of the SEC.
1.4 The Trust will redeem for cash any full or fractional shares of any
Portfolio, when requested by the Company on behalf of an Account, at the net
asset value next computed after receipt by the Trust (or its agent) of the
request for redemption, as established in accordance with the provisions of the
then current prospectus of the Trust describing Portfolio redemption procedures.
The Trust shall make payment for such shares in the manner established from time
to time by the Trust. Redemption with respect to a Portfolio will normally be
paid to the Company for an Account in federal funds transmitted by wire to the
Company before the close of business on the next Business Day after the receipt
of the request for redemption. Such payment may be delayed if, for example, the
Portfolio's cash position so requires or if extraordinary market conditions
exist, but in no event shall payment be delayed for a greater period than is
permitted by the 1940 Act.
1.5 Payments for the purchase of shares of the Trust's Portfolios by the
Company under Section 1.3 and payments for the redemption of shares of the
Trust's Portfolios under Section 1.4 may be netted against one another on any
3
<PAGE>
Business Day for the purpose of determining the amount of any wire transfer on
that Business Day.
1.6 Issuance and transfer of the Trust's Portfolio shares will be by book
entry only. Stock certificates will not be issued to the Company or the Account.
Portfolio Shares purchased from the Trust will be recorded in the appropriate
title for each Account or the appropriate subaccount of each Account.
1.7 The Trust shall furnish, on or before the ex-dividend date, notice to
the Company of any income dividends or capital gain distributions payable on the
shares of any Portfolio of the Trust. The Company hereby elects to receive all
such income dividends and capital gain distributions as are payable on a
Portfolio's shares in additional shares of the Portfolio. The Trust shall notify
the Company of the number of shares so issued as payment of such dividends and
distributions.
1.8 The Trust shall calculate the net asset value of each Portfolio on each
Business Day, as defined in Section 1.3. The Trust shall make the net asset
value per share for each Portfolio available to the Company or its designated
agent on a daily basis as soon as reasonably practical after the net asset value
per share is calculated (normally by 6:30 p.m. Eastern time) and shall use
reasonable efforts to make such net asset value per share available by 7:00 p.m.
Eastern time each Business Day.
1.9 The Trust agrees that its Portfolio shares will be sold only to
Participating Insurance Companies and their separate accounts and to certain
qualified pension and retirement plans to the extent permitted by the Shared
Funding Exemptive Order. No shares of any Portfolio will be sold directly to the
general public. The Company agrees that it will use Trust shares only for the
purposes of funding the Contracts through the Accounts listed in Schedule A, as
amended from time to time.
1.10 The Company agrees that all net amounts available under the Contracts
shall be invested in the Trust, in such other Funds advised by an Adviser or its
affiliates as may be mutually agreed to in writing by the parties hereto, or in
the Company's general account, provided that such amounts may also be invested
in an investment company other than the Trust if: (a) such other investment
company, or series thereof, has investment objectives or policies that are
substantially different from the investment objectives and policies of the
Portfolios; or (b) the Company gives the Trust and the Underwriter 45 days
written notice of its intention to make such other investment company available
as a funding vehicle for the Contracts; or (c) such other investment company is
available as a funding vehicle for the Contracts at the date of this Agreement
and the Company so informs the Trust and the Underwriter prior to their signing
this Agreement (a list of such investment companies appearing on Schedule D to
4
<PAGE>
this Agreement); or (d) the Trust or Underwriter consents to the use of such
other investment company.
1.11 The Trust agrees that all Participating Insurance Companies shall have
the obligations and responsibilities regarding pass-through voting and conflicts
of interest corresponding to those contained in Section 2.10 and Article IV of
this Agreement.
1.12 Each party to this Agreement shall have the right to rely on
information or confirmations provided by any other party (or by any affiliate of
any other party), and shall not be liable in the event that an error results
from any incorrect information or confirmations supplied by any other party. If
an error is made in reliance upon incorrect information or confirmations, any
amount required to make a Contract owner's account whole shall be borne by the
party who provided the incorrect information or confirmation.
ARTICLE II.
OBLIGATIONS OF THE PARTIES; FEES AND EXPENSES
---------------------------------------------
2.1 The Trust shall prepare and be responsible for filing with the SEC and
any state regulators requiring such filing all shareholder reports, notices,
proxy materials (or similar materials such as voting instruction solicitation
materials), prospectuses and statements of additional information of the Trust.
The Trust shall bear the costs of registration and qualification of its shares
of the Portfolios, preparation and filing of the documents listed in this
Section 2.1 and all taxes to which an issuer is subject on the issuance and
transfer of its shares.
2.2 At the option of the Company, the Trust or the Underwriter shall either
(a) provide the Company with as many copies of portions of the Trust's current
prospectus, annual report, semi-annual report and other shareholder
communications, including any amendments or supplements to any of the foregoing,
pertaining specifically to the Portfolios as the Company shall reasonably
request; or (b) provide the Company with a camera ready copy of such documents
in a form suitable for printing and from which information relating to series of
the Trust other than the Portfolios has been deleted to the extent practicable;
all such documents shall be provided to the Company within time reasonably
required to allow for printing and delivery to Contract owners, but no later
than five business days prior to the date the documents are required under then
current regulations to be sent to Contract owners. The Trust or the Underwriter
shall provide the Company with a copy of its current statement of additional
information, including any amendments or supplements, in a form suitable for
duplication by the Company. Expenses of furnishing such documents for marketing
purposes shall be borne by the Company and expenses of furnishing such documents
for current Contract owners invested in the Trust shall be borne by the Trust or
the Underwriter.
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2.3 The Trust (at its expense) shall provide the Company with copies of any
Trust-sponsored proxy materials in such quantity as the Company shall reasonably
require for distribution to Contract owners. The Company shall bear the costs of
distributing proxy materials (or similar materials such as voting solicitation
instructions), prospectuses and statements of additional information to Contract
owners. The Company assumes sole responsibility for ensuring that such materials
are delivered to Contract owners in accordance with applicable federal and state
securities laws.
2.4 If and to the extent required by law, the Company shall: (i) solicit
voting instructions from Contract owners; (ii) vote the Trust shares in
accordance with the instructions received from Contract owners; and (iii) vote
Trust shares for which no instructions have been received in the same proportion
as Trust shares of such Portfolio for which instructions have been received; so
long as and to the extent that the SEC continues to interpret the 1940 Act to
require pass-through voting privileges for variable contract owners. The Company
reserves the right to vote Trust shares held in any segregated asset account in
its own right, to the extent permitted by law.
2.5 Except as provided in section 2.6, the Company shall not use any
designation comprised in whole or part of the names or marks "Franklin" or
"Templeton" or any other Trademark relating to the Trust or Underwriter without
prior written consent, and upon termination of this Agreement for any reason,
the Company shall cease all use of any such name or mark as soon as reasonably
practicable.
2.6 The Company shall furnish, or cause to be furnished to the Trust or its
designee, at least one complete copy of each registration statement, prospectus,
statement of additional information, retirement plan disclosure information or
other disclosure documents or similar information, as applicable (collectively
"disclosure documents"), as well as any report, solicitation for voting
instructions, sales literature and other promotional materials, and all
amendments to any of the above that relate to the Contracts or the Accounts
prior to its first use. The Company shall furnish, or shall cause to be
furnished, to the Trust or its designee each piece of sales literature or other
promotional material in which the Trust or an Adviser is named, at least 15
Business Days prior to its use. No such material shall be used if the Trust or
its designee reasonably objects to such use within five Business Days after
receipt of such material. For purposes of this paragraph, "sales literature or
other promotional material" includes, but is not limited to, portions of the
following that use any Trademark related to the Trust or Underwriter or refer to
the Trust or affiliates of the Trust: advertisements (such as material published
or designed for use in a newspaper, magazine or other periodical, radio,
television, telephone or tape recording, videotape display, signs or billboards,
motion pictures or electronic communication or other public media), sales
literature (i.e., any written
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communication distributed or made generally available to customers or the
public, including brochures, circulars, research reports, market letters, form
letters, seminar texts, reprints or excerpts or any other advertisement, sales
literature or published article or electronic communication), educational or
training materials or other communications distributed or made generally
available to some or all agents or employees, and disclosure documents,
shareholder reports and proxy materials.
2.7 The Company and its agents shall not give any information or make any
representations or statements on behalf of the Trust or concerning the Trust,
the Underwriter or an Adviser in connection with the sale of the Contracts other
than information or representations contained in and accurately derived from the
registration statement or prospectus for the Trust shares (as such registration
statement and prospectus may be amended or supplemented from time to time),
annual and semi-annual reports of the Trust, Trust-sponsored proxy statements,
or in sales literature or other promotional material approved by the Trust or
its designee, except as required by legal process or regulatory authorities or
with the written permission of the Trust or its designee.
2.8 The Trust shall use its best efforts to provide the Company, on a
timely basis, with such information about the Trust, the Portfolios and each
Adviser, in such form as the Company may reasonably require, as the Company
shall reasonably request in connection with the preparation of disclosure
documents and annual and semi-annual reports pertaining to the Contracts.
2.9 The Trust shall not give any information or make any representations
or statements on behalf of the Company or concerning the Company, the Accounts
or the Contracts other than information or representations contained in and
accurately derived from disclosure documents for the Contracts (as such
disclosure documents may be amended or supplemented from time to time), or in
materials approved by the Company for distribution including sales literature or
other promotional materials, except as required by legal process or regulatory
authorities or with the written permission of the Company.
2.10 So long as, and to the extent that, the SEC interprets the 1940 Act to
require pass-through voting privileges for Contract owners, the Company will
provide pass-through voting privileges to Contract owners whose Contract values
are invested, through the registered Accounts, in shares of one or more
Portfolios of the Trust. The Trust shall require all Participating Insurance
Companies to calculate voting privileges in the same manner and the Company
shall be responsible for assuring that the Accounts calculate voting privileges
in the manner established by the Trust. With respect to each registered Account,
the Company will vote shares of each Portfolio of the Trust held by a registered
Account and for which no timely voting instructions from Contract owners are
received in the same proportion as those shares held by that registered Account
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for which voting instructions are received. The Company and its agents will in
no way recommend or oppose or interfere with the solicitation of proxies for
Portfolio shares held to fund the Contracts without the prior written consent of
the Trust, which consent may be withheld in the Trust's sole discretion.
2.11 The Trust and Underwriter shall pay no fee or other compensation to
the Company under this Agreement except as provided on Schedule E, if attached.
Nevertheless, the Trust or the Underwriter or an affiliate may make payments
(other than pursuant to a Rule 12b-1 Plan) to the Company or its affiliates or
to the Contracts' underwriter in amounts agreed to by the Underwriter in writing
and such payments may be made out of fees otherwise payable to the Underwriter
or its affiliates, profits of the Underwriter or its affiliates, or other
resources available to the Underwriter or its affiliates.
ARTICLE III.
REPRESENTATIONS AND WARRANTIES
------------------------------
3.1 The Company represents and warrants that it is an insurance company
duly organized and in good standing under the laws of its state of incorporation
and that it has legally and validly established each Account as a segregated
asset account under such law as of the date set forth in Schedule A.
3.2 The Company represents and warrants that, with respect to each
Account, (1) the Company has registered or, prior to any issuance or sale of the
Contracts, will register the Account as a unit investment trust in accordance
with the provisions of the 1940 Act to serve as a segregated asset account for
the Contracts, or (2) if the Account is exempt from registration as an
investment company under Section 3(c) of the 1940 Act, the Company will make
every effort to maintain such exemption and will notify the Trust and the
Adviser immediately upon having a reasonable basis for believing that such
exemption no longer applies or might not apply in the future.
3.3 The Company represents and warrants that, with respect to each
Contract, (1) the Contract will be registered under the 1933 Act, or (2) if the
Contract is exempt from registration under Section 3(a)(2) of the 1933 Act or
under Section 4(2) and Regulation D of the 1933 Act, the Company will make every
effort to maintain such exemption and will notify the Trust and the Adviser
immediately upon having a reasonable basis for believing that such exemption no
longer applies or might not apply in the future. The Company further represents
and warrants that the Contracts will be sold by broker-dealers, or their
registered representatives, who are registered with the SEC under the 1934 Act
and who are members in good standing of the NASD; the Contracts will be issued
and sold in compliance in all material respects with all
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applicable federal and state laws; and the sale of the Contracts shall comply in
all material respects with state insurance suitability requirements.
For any unregistered Accounts which are exempt from registration under the
`40 Act in reliance upon Sections 3(c)(1) or 3(c)(7) thereof, the Company
represents and warrants that:
(a) each Account and sub-account thereof has a principal underwriter which
is registered as a broker-dealer under the Securities Exchange Act of
1934, as amended;
(b) Trust shares are and will continue to be the only investment
securities held by the corresponding Account sub-accounts; and
(c) with regard to each Portfolio, the Company, on behalf of the
corresponding sub-account, will:
(1) seek instructions from all Contract owners with regard to the
voting of all proxies with respect to Trust shares and vote such
proxies only in accordance with such instructions or vote such
shares held by it in the same proportion as the vote of all other
holders of such shares; and
(2) refrain from substituting shares of another security for such
shares unless the SEC has approved such substitution in the
manner provided in Section 26 of the `40 Act.
3.4 The Trust represents and warrants that it is duly organized and
validly existing under the laws of the State of Massachusetts and that it does
and will comply in all material respects with the 1940 Act and the rules and
regulations thereunder.
3.5 The Trust represents and warrants that the Portfolio shares offered
and sold pursuant to this Agreement will be registered under the 1933 Act and
the Trust shall be registered under the 1940 Act prior to and at the time of any
issuance or sale of such shares. The Trust shall amend its registration
statement under the 1933 Act and the 1940 Act from time to time as required in
order to effect the continuous offering of its shares. The Trust shall register
and qualify its shares for sale in accordance with the laws of the various
states only if and to the extent deemed advisable by the Trust or the
Underwriter.
3.6 The Trust represents and warrants that the investments of each
Portfolio will comply with the diversification requirements for variable
annuity,
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endowment or life insurance contracts set forth in Section 817(h) of the
Internal Revenue Code of 1986, as amended ("Code"), and the rules and
regulations thereunder, including without limitation Treasury Regulation 1.817-
5, and will notify the Company immediately upon having a reasonable basis for
believing any Portfolio has ceased to comply or might not so comply and will in
that event immediately take all reasonable steps to adequately diversify the
Portfolio to achieve compliance within the grace period afforded by Regulation
1.817-5.
3.7 The Trust represents and warrants that it is currently qualified as a
"regulated investment company" under Subchapter M of the Code, that it will make
every effort to maintain such qualification and will notify the Company
immediately upon having a reasonable basis for believing it has ceased to so
qualify or might not so qualify in the future.
3.8 The Trust represents and warrants that should it ever desire to make
any payments to finance distribution expenses pursuant to Rule 12b-1 under the
1940 Act, the Trustees, including a majority who are not "interested persons" of
the Trust under the 1940 Act ( "disinterested Trustees" ), will formulate and
approve any plan under Rule 12b-1 to finance distribution expenses.
3.9 The Trust represents and warrants that it, its directors, officers,
employees and others dealing with the money or securities, or both, of a
Portfolio shall at all times be covered by a blanket fidelity bond or similar
coverage for the benefit of the Trust in an amount not less that the minimum
coverage required by Rule 17g-1 or other regulations under the 1940 Act. Such
bond shall include coverage for larceny and embezzlement and be issued by a
reputable bonding company.
3.10 The Company represents and warrants that all of its directors,
officers, employees, investment advisers, and other individuals or entities
dealing with the money and/or securities of the Trust are and shall be at all
times covered by a blanket fidelity bond or similar coverage for the benefit of
the Trust, in an amount not less than $5 million. The aforesaid bond shall
include coverage for larceny and embezzlement and shall be issued by a reputable
bonding company. The Company agrees to make all reasonable efforts to see that
this bond or another bond containing these provisions is always in effect, and
agrees to notify the Trust and the Underwriter in the event that such coverage
no longer applies.
3.11 The Underwriter represents that each Adviser is duly organized and
validly existing under applicable corporate law and that it is registered and
will during the term of this Agreement remain registered as an investment
adviser under the Advisers Act.
3.12 The Trust currently intends for one or more classes of shares (each, a
"Class") to make payments to finance its distribution expenses, including
service
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fees, pursuant to a Plan adopted under Rule 12b-1 under the 1940 Act ("Rule 12b-
1"), although it may determine to discontinue such practice in the future. To
the extent that any Class of the Trust finances its distribution expenses
pursuant to a Plan adopted under Rule 12b-1, the Trust undertakes to comply with
any then current SEC and SEC staff interpretations concerning Rule 12b-1 or any
successor provisions.
ARTICLE IV.
POTENTIAL CONFLICTS
-------------------
4.1 The parties acknowledge that a Portfolio's shares may be made available
for investment to other Participating Insurance Companies. In such event, the
Trustees will monitor the Trust for the existence of any material irreconcilable
conflict between the interests of the contract owners of all Participating
Insurance Companies. An irreconcilable material conflict may arise for a variety
of reasons, including: (a) an action by any state insurance regulatory
authority; (b) a change in applicable federal or state insurance, tax, or
securities laws or regulations, or a public ruling, private letter ruling, no-
action or interpretative letter, or any similar action by insurance, tax, or
securities regulatory authorities; (c) an administrative or judicial decision in
any relevant proceeding; (d) the manner in which the investments of any
Portfolio are being managed; (e) a difference in voting instructions given by
variable annuity contract and variable life insurance contract owners; or (f) a
decision by an insurer to disregard the voting instructions of contract owners.
The Trust shall promptly inform the Company of any determination by the Trustees
that an irreconcilable material conflict exists and of the implications thereof.
4.2 The Company agrees to promptly report any potential or existing
conflicts of which it is aware to the Trustees. The Company will assist the
Trustees in carrying out their responsibilities under the Shared Funding
Exemptive Order by providing the Trustees with all information reasonably
necessary for the Trustees to consider any issues raised including, but not
limited to, information as to a decision by the Company to disregard Contract
owner voting instructions. All communications from the Company to the Trustees
may be made in care of the Trust.
4.3 If it is determined by a majority of the Trustees, or a majority of the
disinterested Trustees, that a material irreconcilable conflict exists that
affects the interests of Contract owners, the Company shall, in cooperation with
other Participating Insurance Companies whose contract owners are also affected,
at its own expense and to the extent reasonably practicable (as determined by
the Trustees) take whatever steps are necessary to remedy or eliminate the
irreconcilable material conflict, which steps could include: (a) withdrawing the
assets allocable to some or all of the Accounts from the Trust or any Portfolio
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and reinvesting such assets in a different investment medium, including (but not
limited to) another Portfolio of the Trust, or submitting the question of
whether or not such withdrawal should be implemented to a vote of all affected
Contract owners and, as appropriate, withdrawal of the assets of any appropriate
group (i.e. , annuity contract owners, life insurance policy owners, or variable
contract owners of one or more Participating Insurance Companies) that votes in
favor of such withdrawal, or offering to the affected Contract owners the option
of making such a change; and (b) establishing a new registered management
investment company or managed separate account.
4.4 If a material irreconcilable conflict arises because of a decision by
the Company to disregard Contract owner voting instructions and that decision
represents a minority position or would preclude a majority vote, the Company
may be required, at the Trust's election, to withdraw the affected Account's
investment in the Trust and terminate this Agreement with respect to such
Account; provided, however, that such withdrawal and termination shall be
limited to the extent required by the foregoing material irreconcilable conflict
as determined by a majority of the disinterested Trustees. Any such withdrawal
and termination must take place within six (6) months after the Trust gives
written notice that this provision is being implemented. Until the end of such
six (6) month period, the Trust shall continue to accept and implement orders by
the Company for the purchase and redemption of shares of the Trust.
4.5 If a material irreconcilable conflict arises because a particular state
insurance regulator's decision applicable to the Company conflicts with a
majority of other state regulators, then the Company will withdraw the affected
Account's investment in the Trust and terminate this Agreement with respect to
such Account within six (6) months after the Trustees inform the Company in
writing that it has determined that such decision has created an irreconcilable
material conflict; provided, however, that such withdrawal and termination shall
be limited to the extent required by the foregoing material irreconcilable
conflict as determined by a majority of the disinterested Trustees. Until the
end of such six (6) month period, the Trust shall continue to accept and
implement orders by the Company for the purchase and redemption of shares of the
Trust.
4.6 For purposes of Sections 4.3 through 4.6 of this Agreement, a majority
of the disinterested Trustees shall determine whether any proposed action
adequately remedies any irreconcilable material conflict, but in no event will
the Trust be required to establish a new funding medium for the Contracts. In
the event that the Trustees determine that any proposed action does not
adequately remedy any irreconcilable material conflict, then the Company will
withdraw the Account's investment in the Trust and terminate this Agreement
within six (6) months after the Trustees inform the Company in writing of the
foregoing determination; provided, however, that such withdrawal and
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termination shall be limited to the extent required by any such material
irreconcilable conflict as determined by a majority of the disinterested
Trustees.
4.7 The Company shall at least annually submit to the Trustees such
reports, materials or data as the Trustees may reasonably request so that the
Trustees may fully carry out the duties imposed upon them by the Shared Funding
Exemptive Order, and said reports, materials and data shall be submitted more
frequently if reasonably deemed appropriate by the Trustees.
4.8 If and to the extent that Rule 6e-2 and Rule 6e-3(T) are amended, or
Rule 6e-3 is adopted, to provide exemptive relief from any provision of the 1940
Act or the rules promulgated thereunder with respect to mixed or shared funding
(as defined in the Shared Funding Exemptive Order) on terms and conditions
materially different from those contained in the Shared Funding Exemptive Order,
then the Trust and/or the Participating Insurance Companies, as appropriate,
shall take such steps as may be necessary to comply with Rules 6e-2 and 6e-3(T),
as amended, and Rule 6e-3, as adopted, to the extent such rules are applicable.
ARTICLE V.
INDEMNIFICATION
---------------
5.1 Indemnification By the Company
------------------------------
(a) The Company agrees to indemnify and hold harmless the
Underwriter, the Trust and each of its Trustees, officers, employees
and agents and each person, if any, who controls the Trust within the
meaning of Section 15 of the 1933 Act (collectively, the "Indemnified
Parties" and individually the "Indemnified Party" for purposes of this
Article V) against any and all losses, claims, damages, liabilities
(including amounts paid in settlement with the written consent of the
Company, which consent shall not be unreasonably withheld) or expenses
(including the reasonable costs of investigating or defending any
alleged loss, claim, damage, liability or expense and reasonable legal
counsel fees incurred in connection therewith) (collectively,
"Losses"), to which the Indemnified Parties may become subject under
any statute or regulation, or at common law or otherwise, insofar as
such Losses are related to the sale or acquisition of Trust Shares or
the Contracts and
(i) arise out of or are based upon any untrue statements or
alleged untrue statements of any material fact contained in a
disclosure document for the Contracts or in the Contracts
themselves or in sales literature generated or approved by the
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Company on behalf of the Contracts or Accounts (or any amendment
or supplement to any of the foregoing) (collectively, "Company
Documents" for the purposes of this Article V), or arise out of
or are based upon the omission or the alleged omission to state
therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, provided
that this indemnity shall not apply as to any Indemnified Party
if such statement or omission or such alleged statement or
omission was made in reliance upon and was accurately derived
from written information furnished to the Company by or on behalf
of the Trust for use in Company Documents or otherwise for use in
connection with the sale of the Contracts or Trust shares; or
(ii) arise out of or result from statements or
representations (other than statements or representations
contained in and accurately derived from Trust Documents as
defined in Section 5.2 (a)(i)) or wrongful conduct of the Company
or persons under its control, with respect to the sale or
acquisition of the Contracts or Trust shares; or
(iii) arise out of or result from any untrue statement or
alleged untrue statement of a material fact contained in Trust
Documents as defined in Section 5.2(a)(i) or the omission or
alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not
misleading if such statement or omission was made in reliance
upon and accurately derived from written information furnished to
the Trust by or on behalf of the Company; or
(iv) arise out of or result from any failure by the Company
to provide the services or furnish the materials required under
the terms of this Agreement; or
(v) arise out of or result from any material breach of any
representation and/or warranty made by the Company in this
Agreement or arise out of or result from any other material
breach of this Agreement by the Company.
(b) The Company shall not be liable under this indemnification
provision with respect to any Losses to which an Indemnified Party
would otherwise be subject by reason of such Indemnified Party's
willful misfeasance, bad faith, or gross negligence in the performance
of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations and duties
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under this Agreement or to the Trust or Underwriter, whichever is
applicable. The Company shall also not be liable under this
indemnification provision with respect to any claim made against an
Indemnified Party unless such Indemnified Party shall have notified
the Company in writing within a reasonable time after the summons or
other first legal process giving information of the nature of the
claim shall have been served upon such Indemnified Party (or after
such Indemnified Party shall have received notice of such service on
any designated agent), but failure to notify the Company of any such
claim shall not relieve the Company from any liability which it may
have to the Indemnified Party against whom such action is brought
otherwise than on account of this indemnification provision. In case
any such action is brought against the Indemnified Parties, the
Company shall be entitled to participate, at its own expense, in the
defense of such action. The Company also shall be entitled to assume
the defense thereof, with counsel satisfactory to the party named in
the action. After notice from the Company to such party of the
Company's election to assume the defense thereof, the Indemnified
Party shall bear the fees and expenses of any additional counsel
retained by it, and the Company will not be liable to such party under
this Agreement for any legal or other expenses subsequently incurred
by such party independently in connection with the defense thereof
other than reasonable costs of investigation.
(c) The Indemnified Parties will promptly notify the Company of
the commencement of any litigation or proceedings against them in
connection with the issuance or sale of the Trust shares or the
Contracts or the operation of the Trust.
5.2 Indemnification By The Underwriter
----------------------------------
(a) The Underwriter agrees to indemnify and hold harmless the Company,
the underwriter of the Contracts and each of its directors and officers and
each person, if any, who controls the Company within the meaning of Section
15 of the 1933 Act (collectively, the "Indemnified Parties" and
individually an "Indemnified Party" for purposes of this Section 5.2)
against any and all losses, claims, damages, liabilities (including amounts
paid in settlement with the written consent of the Underwriter, which
consent shall not be unreasonably withheld) or expenses (including the
reasonable costs of investigating or defending any alleged loss, claim,
damage, liability or expense and reasonable legal counsel fees incurred in
connection therewith) (collectively, "Losses") to which the Indemnified
Parties may become subject under any statute, at common law or otherwise,
insofar as such Losses are related to the sale or acquisition of
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<PAGE>
the Trust's Shares or the Contracts and:
(i) arise out of or are based upon any untrue statements or
alleged untrue statements of any material fact contained in the
Registration Statement, prospectus or sales literature of the Trust
(or any amendment or supplement to any of the foregoing)
(collectively, the "Trust Documents") or arise out of or are based
upon the omission or the alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements
therein not misleading, provided that this agreement to indemnify
shall not apply as to any Indemnified Party if such statement or
omission of such alleged statement or omission was made in reliance
upon and in conformity with information furnished to the Underwriter
or Trust by or on behalf of the Company for use in the Registration
Statement or prospectus for the Trust or in sales literature (or any
amendment or supplement) or otherwise for use in connection with the
sale of the Contracts or Trust shares; or
(ii) arise out of or as a result of statements or
representations (other than statements or representations contained in
the disclosure documents or sales literature for the Contracts not
supplied by the Underwriter or persons under its control) or wrongful
conduct of the Trust, Adviser or Underwriter or persons under their
control, with respect to the sale or distribution of the Contracts or
Trust shares; or
(iii) arise out of any untrue statement or alleged untrue
statement of a material fact contained in a disclosure document or
sales literature covering the Contracts, or any amendment thereof or
supplement thereto, or the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to
make the statement or statements therein not misleading, if such
statement or omission was made in reliance upon information furnished
to the Company by or on behalf of the Trust; or
(iv) arise as a result of any failure by the Trust to provide
the services and furnish the materials under the terms of this
Agreement (including a failure, whether unintentional or in good faith
or otherwise, to comply with the qualification representation
specified in Section 3.7 of this Agreement and the diversification
requirements specified in Section 3.6 of this Agreement); or
(v) arise out of or result from any material breach of any
representation and/or warranty made by the Underwriter in this
Agreement or arise out of or result from any other material breach
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of this Agreement by the Underwriter; as limited by and in accordance
with the provisions of Sections 5.2(b) and 5.2(c) hereof.
(b) The Underwriter shall not be liable under this indemnification
provision with respect to any Losses to which an Indemnified Party would
otherwise be subject by reason of such Indemnified Party's willful
misfeasance, bad faith, or gross negligence in the performance of such
Indemnified Party's duties or by reason of such Indemnified Party's
reckless disregard of obligations and duties under this Agreement or to
each Company or the Account, whichever is applicable.
(c) The Underwriter shall not be liable under this indemnification
provision with respect to any claim made against an Indemnified Party
unless such Indemnified Party shall have notified the Underwriter in
writing within a reasonable time after the summons or other first legal
process giving information of the nature of the claim shall have been
served upon such Indemnified Party (or after such Indemnified Party shall
have received notice of such service on any designated agent), but failure
to notify the Underwriter of any such claim shall not relieve the
Underwriter from any liability which it may have to the Indemnified Party
against whom such action is brought otherwise than on account of this
indemnification provision. In case any such action is brought against the
Indemnified Parties, the Underwriter will be entitled to participate, at
its own expense, in the defense thereof. The Underwriter also shall be
entitled to assume the defense thereof, with counsel satisfactory to the
party named in the action. After notice from the Underwriter to such party
of the Underwriter's election to assume the defense thereof, the
Indemnified Party shall bear the expenses of any additional counsel
retained by it, and the Underwriter will not be liable to such party under
this Agreement for any legal or other expenses subsequently incurred by
such party independently in connection with the defense thereof other than
reasonable costs of investigation.
(d) The Company agrees promptly to notify the Underwriter of the
commencement of any litigation or proceedings against it or any of its
officers or directors in connection with the issuance or sale of the
Contracts or the operation of each Account.
5.3 Indemnification By The Trust
----------------------------
(a) The Trust agrees to indemnify and hold harmless the Company, and
each of its directors and officers and each person, if any, who controls
the Company within the meaning of Section 15 of the 1933 Act (collectively,
the "Indemnified Parties" for purposes of this Section 5.3) against any and
all losses, claims, damages, liabilities (including amounts
17
<PAGE>
paid in settlement with the written consent of the Trust, which consent
shall not be unreasonably withheld) or litigation (including legal and
other expenses) to which the Indemnified Parties may become subject under
any statute, at common law or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions in respect thereof) or
settlements result from the gross negligence, bad faith or willful
misconduct of the Board or any member thereof, are related to the
operations of the Trust, and arise out of or result from any material
breach of any representation and/or warranty made by the Trust in this
Agreement or arise out of or result from any other material breach of this
Agreement by the Trust; as limited by and in accordance with the provisions
of Section 5.3(b) and 5.3(c) hereof. It is understood and expressly
stipulated that neither the holders of shares of the Trust nor any Trustee,
officer, agent or employee of the Trust shall be personally liable
hereunder, nor shall any resort be had to other private property for the
satisfaction of any claim or obligation hereunder, but the Trust only shall
be liable.
(b) The Trust shall not be liable under this indemnification provision
with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed against any Indemnified Party as such may arise from
such Indemnified Party's willful misfeasance, bad faith, or gross
negligence in the performance of such Indemnified Party's duties or by
reason of such Indemnified Party's reckless disregard of obligations and
duties under this Agreement or to the Company, the Trust, the Underwriter
or each Account, whichever is applicable.
(c) The Trust shall not be liable under this indemnification provision
with respect to any claim made against an Indemnified Party unless such
Indemnified Party shall have notified the Trust in writing within a
reasonable time after the summons or other first legal process giving
information of the nature of the claims shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received
notice of such service on any designated agent), but failure to notify the
Trust of any such claim shall not relieve the Trust from any liability
which it may have to the Indemnified Party against whom such action is
brought otherwise than on account of this indemnification provision. In
case any such action is brought against the Indemnified Parties, the Trust
will be entitled to participate, at its own expense, in the defense
thereof. The Trust also shall be entitled to assume the defense thereof,
with counsel satisfactory to the party named in the action. After notice
from the Trust to such party of the Trust's election to assume the defense
thereof, the Indemnified Party shall bear the fees and expenses of any
additional counsel retained by it, and the Trust will not be liable to such
party under this Agreement for any legal or other expenses subsequently
incurred by
18
<PAGE>
such party independently in connection with the defense thereof other than
reasonable costs of investigation.
(d) The Company and the Underwriter agree promptly to notify the Trust
of the commencement of any litigation or proceedings against it or any of
its respective officers or directors in connection with this Agreement, the
issuance or sale of the Contracts, with respect to the operation of either
the Account, or the sale or acquisition of share of the Trust.
ARTICLE VI.
TERMINATION
-----------
6.1 This Agreement may be terminated by any party in its entirety or with
respect to one, some or all Portfolios or any reason by one hundred eighty (180)
days advance written notice delivered to the other parties, and shall terminate
immediately in the event of its assignment, as that term is used in the 1940
Act.
6.2 This Agreement may be terminated immediately by either the Trust or the
Underwriter following consultation with the Trustees upon written notice to the
Company if :
(a) the Company notifies the Trust or the Underwriter that the
exemption from registration under Section 3(c) of the 1940 Act no longer
applies, or might not apply in the future, to the unregistered Accounts, or
that the exemption from registration under Section 4(2) or Regulation D
promulgated under the 1933 Act no longer applies or might not apply in the
future, to interests under the unregistered Contracts; or
(b) either one or both of the Trust or the Underwriter respectively,
shall determine, in their sole judgment exercised in good faith, that the
Company has suffered a material adverse change in its business, operations,
financial condition or prospects since the date of this Agreement or is the
subject of material adverse publicity; or
(c) the Company gives the Trust and the Underwriter the written
notice specified in Section 1.10 hereof and at the same time such notice
was given there was no notice of termination outstanding under any other
provision of this Agreement; provided, however, that any termination under
this Section 6.2(c) shall be effective forty-five (45) days after the
notice specified in Section 1.10 was given; or
19
<PAGE>
6.3 If this Agreement is terminated for any reason, except under Article IV
(Potential Conflicts) above, the Trust shall, at the option of the Company,
continue to make available additional shares of any Portfolio and redeem shares
of any Portfolio pursuant to all of the terms and conditions of this Agreement
for all Contracts in effect on the effective date of termination of this
Agreement. If this Agreement is terminated pursuant to Article IV, the
provisions of Article IV shall govern.
6.4 The provisions of Articles II (Representations and Warranties) and V
(Indemnification) shall survive the termination of this Agreement. All other
applicable provisions of this Agreement shall survive the termination of this
Agreement, as long as shares of the Trust are held on behalf of Contract owners
in accordance with Section 6.3, except that the Trust and the Underwriter shall
have no further obligation to sell Trust shares with respect to Contracts issued
after termination.
6.5 The Company shall not redeem Trust shares attributable to the Contracts
(as opposed to Trust shares attributable to the Company's assets held in the
Account) except (i) as necessary to implement Contract owner initiated or
approved transactions, (ii) as required by state and/or federal laws or
regulations or judicial or other legal precedent of general application
(hereinafter referred to as a "Legally Required Redemption"), or (iii) as
permitted by an order of the SEC pursuant to Section 26(b) of the 1940 Act. Upon
request, the Company will promptly furnish to the Trust and the Underwriter the
opinion of counsel for the Company (which counsel shall be reasonably
satisfactory to the Trust and the Underwriter) to the effect that any redemption
pursuant to clause (ii) above is a Legally Required Redemption. Furthermore,
except in cases where permitted under the terms of the Contracts, the Company
shall not prevent Contract owners from allocating payments to a Portfolio that
was otherwise available under the Contracts without first giving the Trust or
the Underwriter 90 days notice of its intention to do so.
ARTICLE VII.
NOTICES.
--------
Any notice shall be sufficiently given when sent by registered or certified
mail to the other party at the address of such party set forth below or at such
other address as such party may from time to time specify in writing to the
other party.
If to the Trust or the Underwriter:
Templeton Variable Products Series Fund or
20
<PAGE>
Franklin Templeton Distributors, Inc.
500 E. Broward Boulevard
Fort Lauderdale, FL 33394-3091
Attention: Barbara J. Green, Trust Secretary
WITH A COPY TO
Franklin Resources, Inc.
777 Mariners Island Boulevard
San Mateo, CA 94404
Attention: Karen L. Skidmore, Senior Corporate Counsel
If to the Company:
PFL Life Insurance Company
4333 Edgewood Road, N.E.
Cedar Rapids, IA 52499-0001
Attention: Frank A. Camp, Esq.
ARTICLE VIII.
MISCELLANEOUS
-------------
8.1 The captions in this Agreement are included for convenience of
reference only and in no way define or delineate any of the provisions hereof or
otherwise affect their construction or effect.
8.2 This Agreement may be executed simultaneously in two or more
counterparts, each of which taken together shall constitute one and the same
instrument.
8.3 If any provision of this Agreement shall be held or made invalid by a
court decision, statute, rule or otherwise, the remainder of the Agreement shall
not be affected thereby.
8.4 This Agreement shall be construed and the provisions hereof interpreted
under and in accordance with the laws of the State of Florida. It shall also be
subject to the provisions of the federal securities laws and the rules and
regulations thereunder and to any orders of the SEC granting exemptive relief
therefrom and the conditions of such orders. Copies of any such orders shall be
promptly forwarded by the Trust to the Company.
8.5 The parties to this Agreement acknowledge and agree that all
liabilities of the Trust arising, directly or indirectly, under this Agreement,
of any and every nature whatsoever, shall be satisfied solely out of the assets
of the Trust and that no Trustee, officer, agent or holder of shares of
beneficial interest of the Trust shall be personally liable for any such
liabilities.
21
<PAGE>
8.6 Each party shall cooperate with each other party and all appropriate
governmental authorities (including without limitation the SEC, the NASD, and
state insurance regulators) and shall permit such authorities reasonable access
to its books and records in connection with any investigation or inquiry
relating to this Agreement or the transactions contemplated hereby.
8.7 Each party hereto shall treat as confidential the names and addresses
of the Contract owners and all information reasonably identified as confidential
in writing by any other party hereto, and, except as permitted by this Agreement
or as required by legal process or regulatory authorities, shall not disclose,
disseminate, or utilize such names and addresses and other confidential
information until such time as they may come into the public domain, without the
express written consent of the affected party. Without limiting the foregoing,
no party hereto shall disclose any information that such party has been advised
is proprietary, except such information that such party is required to disclose
by any appropriate governmental authority (including, without limitation, the
SEC, the NASD, and state securities and insurance regulators).
8.8 The rights, remedies and obligations contained in this Agreement are
cumulative and are in addition to any and all rights, remedies and obligations,
at law or in equity, which the parties hereto are entitled to under state and
federal laws.
8.9 The parties to this Agreement acknowledge and agree that this
Agreement shall not be exclusive in any respect, except as provided in Section
1.10.
8.10 Neither this Agreement nor any rights or obligations hereunder may be
assigned by either party without the prior written approval of the other party.
8.11 No provisions of this Agreement may be amended or modified in any
manner except by a written agreement properly authorized and executed by both
parties.
22
<PAGE>
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this Participation Agreement as of the date and year first
above written.
The Company:
PFL Life Insurance Company
---------------------------------------
By its authorized officer
By: /s/ Ronald L. Ziegler
--------------------------------
Name: Ronald L. Ziegler
Title: VP & Secretary
The Trust:
Templeton Variable Products Series Fund
---------------------------------------
By its authorized officer
By: /s/ Karen L. Skidmore
--------------------------------
Name: Karen L. Skidmore
Title: Assistant Vice President, Assistant Secretary
The Underwriter:
Franklin Templeton Distributors, Inc.
---------------------------------------
By its authorized officer
By: /s/ Deborah R. Gatzek
--------------------------------
Name: Deborah R. Gatzek
Title: Senior Vice President, Assistant Secretary
23
<PAGE>
SCHEDULE A
SEPARATE ACCOUNTS OF
--------------------
PFL LIFE INSURANCE COMPANY
--------------------------
1. PFL Retirement Builder Variable Annuity Account
Date Established: March 29, 1996
SEC Registration Number: 811-7689
24
<PAGE>
SCHEDULE B
TRUST PORTFOLIOS AND CLASSES AVAILABLE
--------------------------------------
Templeton Variable Products Series Adviser
- ---------------------------------- -------
Templeton Asset Allocation Fund Templeton Investment Counsel, Inc.
-Class 2
Templeton International Fund Templeton Investment Counsel, Inc.
-Class 2
Franklin Small Cap Investments Fund Franklin Advisers, Inc.
-Class 2
25
<PAGE>
SCHEDULE C
VARIABLE ANNUITY CONTRACTS
ISSUED BY PFL LIFE INSURANCE COMPANY
------------------------------------
<TABLE>
<CAPTION>
CONTRACT 1 CONTRACT 2 CONTRACT 3
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
CONTRACT/PRODUCT First Union Portfolio
NAME Select
- ------------------------------------------------------------------------------------------------------
REGISTERED (Y/N) Yes
- ------------------------------------------------------------------------------------------------------
SEC REGISTRATION 333-07509
NUMBER
- ------------------------------------------------------------------------------------------------------
REPRESENTATIVE AV 288 101 95 796
FORM NUMBERS (may vary by state)
- ------------------------------------------------------------------------------------------------------
SEPARATE ACCOUNT PFL Retirement Builder
NAME Variable Annuity Account
- ------------------------------------------------------------------------------------------------------
SEC REGISTRATION 811-07689
NUMBER
- ------------------------------------------------------------------------------------------------------
TEMPLETON Templeton Asset
VARIABLE Allocation Fund - Class 2
PRODUCTS SERIES Shares (Templeton
PORTFOLIOS AND Investment Counsel, Inc.)
CLASSES (ADVISER)
Templeton International
Fund - Class 2 Shares
(Templeton Investment
Counsel, Inc.)
Franklin Small Cap
Investments Fund - Class
2 Shares (Franklin
Advisers, Inc.)
- ------------------------------------------------------------------------------------------------------
</TABLE>
26
<PAGE>
SCHEDULE D
OTHER PORTFOLIOS AVAILABLE UNDER THE CONTRACTS
----------------------------------------------
FIRST UNION PORTFOLIO SELECT
MENTOR VARIABLE INVESTMENT PORTFOLIOS
- -------------------------------------
Mentor VIP Capital Growth Portfolio
Mentor VIP Perpetual International Portfolio
Mentor VIP Growth Portfolio
FIDELITY VARIABLE INSURANCE PRODUCTS FUND
- -----------------------------------------
Initial Class:
Index 500 Portfolio
Investment Grade Bond Portfolio
Service Class:
Growth Opportunities Portfolio
High Income Portfolio
TEMPLETON VARIABLE PRODUCTS SERIES FUND
- ---------------------------------------
Class 2 Shares
Templeton International Fund
Templeton Asset Allocation Fund
Franklin Small Cap Investments Fund
EVERGREEN VARIABLE ANNUITY TRUST
- --------------------------------
Evergreen VA Global Leaders Fund
Evergreen VA International Growth Fund
Evergreen VA Fund
Evergreen VA Foundation Fund
Evergreen VA Growth and Income Fund
AIM VARIABLE INSURANCE FUNDS, INC.
- ----------------------------------
AIM VI Growth and Income Fund
AIM VI International Equity Fund
AIM VI Value Fund
FEDERATED INSURANCE SERIES
- --------------------------
Federated High Income Bond Fund II
MFS VARIABLE INSURANCE TRUST
- ----------------------------
MFS Emerging Growth Series
MFS Research Series
MFS Total Return Series
MFS Utilities Series
OPPENHEIMER VARIABLE ACCOUNT FUNDS
- ----------------------------------
OVAF/Oppenheimer Growth Fund
OVAF/Oppenheimer Multiple Strategies Fund
OVAF/Oppenheimer Strategic Bond Fund
PUTNAM VARIABLE TRUST
- ---------------------
Putnam VT Global Growth Fund
Putnam VT Money Market Fund
Putnam VT New Value Fund
27
<PAGE>
SCHEDULE E
RULE 12B-1 PLANS
COMPENSATION SCHEDULE
---------------------
Each Portfolio named below shall pay the following amounts pursuant to the terms
and conditions referenced below under its Class 2 Rule 12b-1 Distribution Plan,
stated as a percentage per year of Class 2's average daily net assets
represented by shares of Class 2.
PORTFOLIO NAME MAXIMUM ANNUAL PAYMENT RATE
- -------------------------------------------------------------------
TEMPLETON ASSET ALLOCATION FUND 0.25%
TEMPLETON INTERNATIONAL FUND 0.25%
FRANKLIN SMALL CAP INVESTMENTS FUND 0.25%
Agreement Provisions
--------------------
If the Company, on behalf of any Account, purchases Trust Portfolio shares
("Eligible Shares") which are subject to a Rule 12b-1 Plan adopted under the
1940 Act (the "Plan"), the Company may participate in the Plan.
To the extent the Company or its affiliates, agents or designees
(collectively "you") you provide administrative and other services which assist
in the promotion and distribution of Eligible Shares or Variable Contracts
offering Eligible Shares, the Underwriter, the Trust or their affiliates
(collectively, "we") may pay you a Rule 12b-1 fee. "Administrative and other
services" may include, but are not limited to, furnishing personal services to
owners of Contracts which may invest in Eligible Shares ("Contract Owners"),
answering routine inquiries regarding a Portfolio, coordinating responses to
Contract Owner inquiries regarding the Portfolios, maintaining such accounts or
providing such other enhanced services as a Trust Portfolio or Contract may
require, maintaining customer accounts and records, or providing other services
eligible for service fees as defined under NASD rules. Your acceptance of such
compensation is your acknowledgment that eligible services have been rendered.
All Rule 12b-1 fees, shall be based on the value of Eligible Shares owned by the
Company on behalf of its Accounts, and shall be calculated on the basis and at
the rates set forth in the Compensation Schedule stated above. The aggregate
annual fees paid pursuant to each Plan shall not exceed the amounts stated as
the "annual maximums" in the Portfolio's prospectus, unless an increase is
approved by shareholders as provided in the Plan. These maximums shall be a
specified percent of the value of a Portfolio's net
28
<PAGE>
assets attributable to Eligible Shares owned by the Company on behalf of its
Accounts (determined in the same manner as the Portfolio uses to compute its net
assets as set forth in its effective Prospectus).
You shall furnish us with such information as shall reasonably be requested
by the Trust's Boards of Trustees ("Trustees") with respect to the Rule 12b-1
fees paid to you pursuant to the Plans. We shall furnish to the Trustees, for
their review on a quarterly basis, a written report of the amounts expended
under the Plans and the purposes for which such expenditures were made.
The Plans and provisions of any agreement relating to such Plans must be
approved annually by a vote of the Trustees, including the Trustees who are not
interested persons of the Trust and who have no financial interest in the Plans
or any related agreement ("Disinterested Trustees"). Each Plan may be terminated
at any time by the vote of a majority of the Disinterested Trustees, or by a
vote of a majority of the outstanding shares as provided in the Plan, on sixty
(60) days' written notice, without payment of any penalty. The Plans may also be
terminated by any act that terminates the Underwriting Agreement between the
Underwriter and the Trust, and/or the management or administration agreement
between Franklin Advisers, Inc. or Templeton Investment Counsel, Inc. or their
affiliates and the Trust. Continuation of the Plans is also conditioned on
Disinterested Trustees being ultimately responsible for selecting and nominating
any new Disinterested Trustees. Under Rule 12b-1, the Trustees have a duty to
request and evaluate, and persons who are party to any agreement related to a
Plan have a duty to furnish, such information as may reasonably be necessary to
an informed determination of whether the Plan or any agreement should be
implemented or continued. Under Rule 12b-1, the Trust is permitted to implement
or continue Plans or the provisions of any agreement relating to such Plans from
year-to-year only if, based on certain legal considerations, the Trustees are
able to conclude that the Plans will benefit each affected Trust Portfolio and
class. Absent such yearly determination, the Plans must be terminated as set
forth above. In the event of the termination of the Plans for any reason, the
provisions of this Schedule E relating to the Plans will also terminate.
Any obligation assumed by the Trust pursuant to this Agreement shall be limited
in all cases to the assets of the Trust and no person shall seek satisfaction
thereof from shareholders of the Trust. You agree to waive payment of any
amounts payable to you by Underwriter under a Plan until such time as the
Underwriter has received such fee from the Fund.
29
<PAGE>
The provisions of the Plans shall control over the provisions of the
Participation Agreement, including this Schedule E, in the event of any
inconsistency.
You agree to provide complete disclosure as required by all applicable statutes,
rules and regulations of all rule 12b-1 fees received from us in the prospectus
of the contracts.
30
<PAGE>
Exhibit (10)(a)
---------------
Consent of Independent Auditors
<PAGE>
Consent of Independent Auditors
We consent to the reference to our firm under the caption "Independent Auditors"
in the Statements of Additional Information and to the use of our reports (1)
dated February 19, 1999 with respect to the statutory-basis financial statements
and schedules of PFL Life Insurance Company, (2) dated January 29, 1999 with
respect to the financial statements of certain subaccounts of PFL Retirement
Builder Variable Annuity Account, which are available for investment by PFL
Retirement Builder Variable Annuity contract owners, (3) dated January 29, 1999
with respect to the financial statements of certain subaccounts of PFL
Retirement Builder Variable Annuity Account, which are available for investment
by Flexible Premium Individual Deferred Variable Annuity contract owners, and
(4) dated January 29, 1999 with respect to the financial statements of certain
subaccounts of PFL Retirement Builder Variable Annuity Account, which are
available for investment by Flexible Premium Individual Deferred Variable
Annuity - Portfolio select Variable Annuity contract owners, included in
Post-Effective Amendment No. 8 to the Registration Statement (Form N-4 No.
333-7509) and related Prospectuses of Retirement Income Builder Variable
Annuity, Retirement Income Builder II Variable Annuity and Portfolio Select
Variable Annuity.
Des Moines, Iowa
April 27, 1999
<PAGE>
Exhibit (13)(a)
---------------
Performance Data Calculations (PFLRIB)
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
MONEY MARKET SUBACCOUNT Surrender
FUND 120 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.443836 -----------------------------
Units purchased 2,263.084 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/01/1982 0.443836 2,253.084 1,000.00 1,000.00 2,444.87 0.00%
04/30/1982 0.448282 2,253.084 1,010.02 0.00002 0.018989037 1,010.02 2,444.87 0.00%
05/31/1982 0.452985 2,253.084 1,020.61 0.00002 0.020501962 1,020.61 2,444.87 0.00%
06/30/1982 0.457596 2,253.084 1,031.00 0.00002 0.020048759 1,031.00 2,444.87 0.00%
07/31/1982 0.462491 2,253.084 1,042.03 0.00002 0.020927933 1,042.03 2,444.87 0.00%
08/31/1982 0.466752 2,253.084 1,051.63 0.00002 0.021151803 1,051.63 2,444.87 0.00%
09/30/1982 0.470445 2,253.084 1,059.95 0.00002 0.020658076 1,059.95 2,444.87 0.00%
10/31/1982 0.474008 2,253.084 1,067.98 0.00002 0.021515576 1,067.98 2,444.87 0.00%
11/30/1982 0.477293 2,253.084 1,075.38 0.00002 0.02097922 1,075.38 2,444.87 0.00%
12/31/1982 0.480449 2,253.084 1,082.49 0.00002 0.021828766 1,082.49 2,444.87 0.00%
01/31/1983 0.483400 2,253.084 1,089.14 0.00002 0.021973104 1,089.14 2,444.87 0.00%
02/28/1983 0.485994 2,253.084 1,094.99 0.00002 0.019968576 1,094.99 2,444.87 0.00%
03/31/1983 0.488870 2,253.084 1,101.47 0.00002 0.022226702 1,101.47 2,444.87 0.00%
04/30/1983 0.491699 2,253.084 1,107.84 0.00002 0.021637001 1,107.84 2,444.87 0.00%
05/31/1983 0.494575 2,253.084 1,114.32 0.00002 0.022487617 1,114.32 2,444.87 0.00%
06/30/1983 0.497449 2,253.084 1,120.79 0.00002 0.0218895 1,120.79 2,444.87 0.00%
07/31/1983 0.500758 2,253.084 1,128.25 0.00002 0.022750591 1,128.25 2,444.87 0.00%
08/31/1983 0.504243 2,253.084 1,136.10 0.00002 0.022901926 1,136.10 2,444.87 0.00%
09/30/1983 0.507685 2,253.084 1,143.86 0.00002 0.022317398 1,143.86 2,444.87 0.00%
10/31/1983 0.511215 2,253.084 1,151.81 0.00002 0.023218729 1,151.81 2,444.87 0.00%
11/30/1983 0.514589 2,253.084 1,159.41 0.00002 0.022625973 1,159.41 2,444.87 0.00%
12/31/1983 0.518003 2,253.084 1,167.10 0.00002 0.02353448 1,167.10 2,444.87 0.00%
01/31/1984 0.521466 2,253.084 1,174.91 0.00002 0.023690618 1,174.91 2,444.87 0.00%
02/29/1984 0.524740 2,253.084 1,182.28 0.00002 0.022310352 1,182.28 2,444.87 0.00%
03/31/1984 0.528361 2,253.084 1,190.44 0.00002 0.023998731 1,190.44 2,444.87 0.00%
04/30/1984 0.532061 2,253.084 1,198.78 0.00002 0.023384841 1,198.78 2,444.87 0.00%
05/31/1984 0.536020 2,253.084 1,207.70 0.00002 0.024333554 1,207.70 2,444.87 0.00%
06/30/1984 0.540032 2,253.084 1,216.74 0.00002 0.023723823 1,216.74 2,444.87 0.00%
07/31/1984 0.544349 2,253.084 1,226.46 0.00002 0.024698104 1,226.46 2,444.87 0.00%
08/31/1984 0.548777 2,253.084 1,236.44 0.00002 0.02489554 1,236.44 2,444.87 0.00%
09/30/1984 0.553149 2,253.084 1,246.29 0.00002 0.024288437 1,246.29 2,444.87 0.00%
10/31/1984 0.557514 2,253.084 1,256.13 0.00002 0.025298003 1,256.13 2,444.87 0.00%
11/30/1984 0.561364 2,253.084 1,264.80 0.00002 0.02467513 1,264.80 2,444.87 0.00%
12/31/1984 0.564980 2,253.084 1,272.95 0.00002 0.025673712 1,272.95 2,444.87 0.00%
01/31/1985 0.568378 2,253.084 1,280.60 0.00002 0.025839088 1,280.60 2,444.87 0.00%
02/28/1982 0.592667 2,253.084 1,335.33 0.00070 0.895552256 1,335.33 2,444.87 0.00%
03/31/1982 0.596172 2,253.084 1,343.23 0.00002 0.02710534 1,343.23 2,444.87 0.00%
04/30/1985 0.577255 2,253.084 1,300.60 0.00074 0.990358391 1,300.60 2,444.87 0.00%
05/31/1985 0.580588 2,253.084 1,308.11 0.00002 0.02640048 1,308.11 2,444.87 0.00%
06/30/1985 0.583592 2,253.084 1,314.88 0.00002 0.025696367 1,314.88 2,444.87 0.00%
07/31/1985 0.586642 2,253.084 1,321.75 0.00002 0.026690299 1,321.75 2,444.87 0.00%
08/31/1985 0.589736 2,253.084 1,328.72 0.00002 0.02682979 1,328.72 2,444.87 0.00%
09/30/1985 0.592771 2,253.084 1,335.56 0.00002 0.02610125 1,335.56 2,444.87 0.00%
10/31/1985 0.595978 2,253.084 1,342.79 0.00002 0.027110096 1,342.79 2,444.87 0.00%
11/30/1985 0.599139 2,253.084 1,349.91 0.00002 0.026377516 1,349.91 2,444.87 0.00%
12/31/1985 0.602420 2,253.084 1,357.30 0.00002 0.027401334 1,357.30 2,444.87 0.00%
01/31/1986 0.605689 2,253.084 1,364.67 0.00002 0.027551389 1,364.67 2,444.87 0.00%
02/28/1986 0.608591 2,253.084 1,371.21 0.00002 0.025020163 1,371.21 2,444.87 0.00%
03/31/1986 0.611728 2,253.084 1,378.27 0.00002 0.027833617 1,378.27 2,444.87 0.00%
04/30/1986 0.614592 2,253.084 1,384.73 0.00002 0.027074599 1,384.73 2,444.87 0.00%
05/31/1986 0.617365 2,253.084 1,390.98 0.00002 0.028108069 1,390.98 2,444.87 0.00%
06/30/1986 0.620052 2,253.084 1,397.03 0.00002 0.027324088 1,397.03 2,444.87 0.00%
07/31/1986 0.622783 2,253.084 1,403.18 0.00002 0.02835778 1,403.18 2,444.87 0.00%
08/31/1986 0.625390 2,253.084 1,409.06 0.00002 0.028482681 1,409.06 2,444.87 0.00%
09/30/1986 0.627731 2,253.084 1,414.33 0.00002 0.027679268 1,414.33 2,444.87 0.00%
10/31/1986 0.630112 2,253.084 1,419.70 0.00002 0.028708975 1,419.70 2,444.87 0.00%
11/30/1986 0.632396 2,253.084 1,424.84 0.00002 0.02788826 1,424.84 2,444.87 0.00%
12/31/1986 0.634824 2,253.084 1,430.31 0.00002 0.028922327 1,430.31 2,444.87 0.00%
01/31/1987 0.637296 2,253.084 1,435.88 0.00002 0.02903337 1,435.88 2,444.87 0.00%
02/28/1987 0.639452 2,253.084 1,440.74 0.00002 0.026325804 1,440.74 2,444.87 0.00%
03/31/1987 0.641867 2,253.084 1,446.18 0.00002 0.02924503 1,446.18 2,444.87 0.00%
04/30/1987 0.644282 2,253.084 1,451.62 0.00002 0.028408527 1,451.62 2,444.87 0.00%
05/31/1987 0.646952 2,253.084 1,457.64 0.00002 0.029465927 1,457.64 2,444.87 0.00%
06/30/1987 0.649671 2,253.084 1,463.76 0.00002 0.028633586 1,463.76 2,444.87 0.00%
07/31/1987 0.652490 2,253.084 1,470.11 0.00002 0.029712391 1,470.11 2,444.87 0.00%
08/31/1987 0.655315 2,253.084 1,476.48 0.00002 0.029841316 1,476.48 2,444.87 0.00%
09/30/1987 0.658139 2,253.084 1,482.84 0.00002 0.029003725 1,482.84 2,444.87 0.00%
10/31/1987 0.661224 2,253.084 1,489.79 0.00002 0.03009967 1,489.79 2,444.87 0.00%
11/30/1987 0.664117 2,253.084 1,496.31 0.00002 0.029265253 1,496.31 2,444.87 0.00%
12/31/1987 0.667357 2,253.084 1,503.61 0.00002 0.030373071 1,503.61 2,444.87 0.00%
01/31/1988 0.670490 2,253.084 1,510.67 0.00002 0.030521251 1,510.67 2,444.87 0.00%
02/29/1988 0.673266 2,253.084 1,516.92 0.00002 0.02868618 1,516.92 2,444.87 0.00%
03/31/1988 0.676192 2,253.084 1,523.52 0.00002 0.030791497 1,523.52 2,444.87 0.00%
04/30/1988 0.679031 2,253.084 1,529.91 0.00002 0.029927725 1,529.91 2,444.87 0.00%
05/31/1988 0.682075 2,253.084 1,536.77 0.00002 0.031055156 1,536.77 2,444.87 0.00%
06/30/1988 0.685184 2,253.084 1,543.78 0.00002 0.030188102 1,543.78 2,444.87 0.00%
07/31/1988 0.688558 2,253.084 1,551.38 0.00002 0.031336561 1,551.38 2,444.87 0.00%
08/31/1988 0.692182 2,253.084 1,559.54 0.00002 0.031490869 1,559.54 2,444.87 0.00%
09/30/1988 0.695858 2,253.084 1,567.83 0.00002 0.03063543 1,567.83 2,444.87 0.00%
10/31/1988 0.699698 2,253.084 1,576.48 0.00002 0.031824731 1,576.48 2,444.87 0.00%
11/30/1988 0.703516 2,253.084 1,585.08 0.00002 0.030968082 1,585.08 2,444.87 0.00%
12/31/1988 0.707775 2,253.084 1,594.68 0.00002 0.032174966 1,594.68 2,444.87 0.00%
01/31/1989 0.712240 2,253.084 1,604.74 0.00002 0.032369749 1,604.74 2,444.87 0.00%
02/28/1989 0.716320 2,253.084 1,613.93 0.00002 0.029421636 1,613.93 2,444.87 0.00%
03/31/1989 0.721124 2,253.084 1,624.75 0.00002 0.03276055 1,624.75 2,444.87 0.00%
04/30/1989 0.725941 2,253.084 1,635.61 0.00002 0.03191638 1,635.61 2,444.87 0.00%
05/31/1989 0.730938 2,253.084 1,646.86 0.00002 0.033200562 1,646.86 2,444.87 0.00%
06/30/1989 0.735657 2,253.084 1,657.50 0.00002 0.03235074 1,657.50 2,444.87 0.00%
07/31/1989 0.740401 2,253.084 1,668.19 0.00002 0.033644919 1,668.19 2,444.87 0.00%
08/31/1989 0.745000 2,253.084 1,678.55 0.00002 0.033861883 1,678.55 2,444.87 0.00%
09/30/1989 0.749554 2,253.084 1,688.81 0.00002 0.032973113 1,688.81 2,444.87 0.00%
10/31/1989 0.753919 2,253.084 1,698.64 0.00002 0.034280491 1,698.64 2,444.87 0.00%
11/30/1989 0.758235 2,253.084 1,708.37 0.00002 0.033367861 1,708.37 2,444.87 0.00%
12/31/1989 0.762789 2,253.084 1,718.63 0.00002 0.034677513 1,718.63 2,444.87 0.00%
01/31/1990 0.766991 2,253.084 1,728.10 0.00002 0.034885788 1,728.10 2,444.87 0.00%
02/28/1990 0.770892 2,253.084 1,736.88 0.00002 0.031683323 1,736.88 2,444.87 0.00%
03/31/1990 0.775392 2,253.084 1,747.02 0.00002 0.035256375 1,747.02 2,444.87 0.00%
04/30/1990 0.779467 2,253.084 1,756.20 0.00002 0.034318239 1,756.20 2,444.87 0.00%
05/31/1990 0.783859 2,253.084 1,766.10 0.00002 0.035648548 1,766.10 2,444.87 0.00%
06/30/1990 0.788083 2,253.084 1,775.62 0.00002 0.034692981 1,775.62 2,444.87 0.00%
07/31/1990 0.792455 2,253.084 1,785.47 0.00002 0.036042597 1,785.47 2,444.87 0.00%
08/31/1990 0.796761 2,253.084 1,795.17 0.00002 0.036242548 1,795.17 2,444.87 0.00%
09/30/1990 0.800932 2,253.084 1,804.57 0.00002 0.035264014 1,804.57 2,444.87 0.00%
10/31/1990 0.805306 2,253.084 1,814.42 0.00002 0.03663024 1,814.42 2,444.87 0.00%
11/30/1990 0.809538 2,253.084 1,823.96 0.00002 0.035642209 1,823.96 2,444.87 0.00%
12/31/1990 0.813920 2,253.084 1,833.83 0.00002 0.037023831 1,833.83 2,444.87 0.00%
01/31/1991 0.818232 2,253.084 1,843.55 0.00002 0.03722424 1,843.55 2,444.87 0.00%
02/28/1991 0.821840 2,253.084 1,851.67 0.00002 0.033800016 1,851.67 2,444.87 0.00%
03/31/1991 0.825070 2,253.084 1,858.95 0.00002 0.037586457 1,858.95 2,444.87 0.00%
04/30/1991 0.828840 2,253.084 1,867.45 0.00002 0.036516948 1,867.45 2,444.87 0.00%
05/31/1991 0.832109 2,253.084 1,874.81 0.00002 0.037906599 1,874.81 2,444.87 0.00%
06/30/1991 0.834917 2,253.084 1,881.14 0.00002 0.036828488 1,881.14 2,444.87 0.00%
07/31/1991 0.838357 2,253.084 1,888.89 0.00002 0.038184527 1,888.89 2,444.87 0.00%
08/31/1991 0.841363 2,253.084 1,895.66 0.00002 0.038341854 1,895.66 2,444.87 0.00%
09/30/1991 0.844449 2,253.084 1,902.61 0.00002 0.037238063 1,902.61 2,444.87 0.00%
10/31/1991 0.847377 2,253.084 1,909.21 0.00002 0.038620469 1,909.21 2,444.87 0.00%
11/30/1991 0.849977 2,253.084 1,915.07 0.00002 0.037504238 1,915.07 2,444.87 0.00%
12/31/1991 0.852809 2,253.084 1,921.45 0.00002 0.038873289 1,921.45 2,444.87 0.00%
01/31/1992 0.855378 2,253.084 1,927.24 0.00002 0.039002809 1,927.24 2,444.87 0.00%
02/29/1992 0.857427 2,253.084 1,931.86 0.00002 0.036596411 1,931.86 2,444.87 0.00%
03/31/1992 0.859663 2,253.084 1,936.89 0.00002 0.039214011 1,936.89 2,444.87 0.00%
04/30/1992 0.861618 2,253.084 1,941.30 0.00002 0.038048007 1,941.30 2,444.87 0.00%
05/31/1992 0.863319 2,253.084 1,945.13 0.00002 0.039405685 1,945.13 2,444.87 0.00%
06/30/1992 0.865276 2,253.084 1,949.54 0.00002 0.038209818 1,949.54 2,444.87 0.00%
07/31/1992 0.867038 2,253.084 1,953.51 0.00002 0.039572981 1,953.51 2,444.87 0.00%
08/31/1992 0.868725 2,253.084 1,957.31 0.00002 0.039653566 1,957.31 2,444.87 0.00%
09/30/1992 0.870297 2,253.084 1,960.85 0.00002 0.038449084 1,960.85 2,444.87 0.00%
10/31/1992 0.871777 2,253.084 1,964.19 0.00002 0.039802614 1,964.19 2,444.87 0.00%
11/30/1992 0.873380 2,253.084 1,967.80 0.00002 0.038584163 1,967.80 2,444.87 0.00%
12/31/1992 0.875050 2,253.084 1,971.56 0.00002 0.039943614 1,971.56 2,444.87 0.00%
01/31/1993 0.876537 2,253.084 1,974.91 0.00002 0.040019991 1,974.91 2,444.87 0.00%
02/28/1993 0.877935 2,253.084 1,978.06 0.00002 0.036208514 1,978.06 2,444.87 0.00%
03/31/1993 0.879572 2,253.084 1,981.75 0.00002 0.040151935 1,981.75 2,444.87 0.00%
04/30/1993 0.880976 2,253.084 1,984.91 0.00002 0.038929163 1,984.91 2,444.87 0.00%
05/31/1993 0.882180 2,253.084 1,987.63 0.00002 0.040291013 1,987.63 2,444.87 0.00%
06/30/1993 0.883789 2,253.084 1,991.25 0.00002 0.039044591 1,991.25 2,444.87 0.00%
07/31/1993 0.885124 2,253.084 1,994.26 0.00002 0.040419665 1,994.26 2,444.87 0.00%
08/31/1993 0.886586 2,253.084 1,997.55 0.00002 0.04048072 1,997.55 2,444.87 0.00%
09/30/1993 0.887921 2,253.084 2,000.56 0.00002 0.039239597 2,000.56 2,444.87 0.00%
10/31/1993 0.889153 2,253.084 2,003.34 0.00002 0.04060864 2,003.34 2,444.87 0.00%
11/30/1993 0.890653 2,253.084 2,006.72 0.00002 0.039353211 2,006.72 2,444.87 0.00%
12/31/1993 0.892134 2,253.084 2,010.05 0.00002 0.040733586 2,010.05 2,444.87 0.00%
01/31/1994 0.893584 2,253.084 2,013.32 0.00002 0.040801319 2,013.32 2,444.87 2.00%
02/28/1994 0.894889 2,253.084 2,016.26 0.00002 0.036912702 2,016.26 2,444.87 2.00%
03/31/1994 0.896496 2,253.084 2,019.88 0.00002 0.040927318 2,019.88 2,444.87 2.00%
04/30/1994 0.898121 2,253.084 2,023.54 0.00002 0.039678206 2,023.54 2,444.87 2.00%
05/31/1994 0.900257 2,253.084 2,028.35 0.00002 0.041075132 2,028.35 2,444.87 2.00%
06/30/1994 0.902426 2,253.084 2,033.24 0.00002 0.039844665 2,033.24 2,444.87 2.00%
07/31/1994 0.904562 2,253.084 2,038.05 0.00002 0.041272019 2,038.05 2,444.87 2.00%
08/31/1994 0.907248 2,253.084 2,044.11 0.00002 0.041369708 2,044.11 2,444.87 2.00%
09/30/1994 0.909787 2,253.084 2,049.83 0.00002 0.040154081 2,049.83 2,444.87 2.00%
10/31/1994 0.912509 2,253.084 2,055.96 0.00002 0.041608671 2,055.96 2,444.87 2.00%
11/30/1994 0.915358 2,253.084 2,062.38 0.00002 0.040386929 2,062.38 2,444.87 2.00%
12/31/1994 0.918524 2,253.084 2,069.51 0.00002 0.041863458 2,069.51 2,444.87 2.00%
01/31/1995 0.922099 2,253.084 2,077.57 0.00002 0.042008253 2,077.57 2,444.87 4.00%
02/28/1995 0.925356 2,253.084 2,084.90 0.00002 0.038090617 2,084.90 2,444.87 4.00%
03/31/1995 0.929024 2,253.084 2,093.17 0.00002 0.042320711 2,093.17 2,444.87 4.00%
04/30/1995 0.932274 2,253.084 2,100.49 0.00002 0.04111787 2,100.49 2,444.87 4.00%
05/31/1995 0.936241 2,253.084 2,109.43 0.00002 0.042637103 2,109.43 2,444.87 4.00%
06/30/1995 0.939772 2,253.084 2,117.39 0.00002 0.041437289 2,117.39 2,444.87 4.00%
07/31/1995 0.943375 2,253.084 2,125.50 0.00002 0.04298002 2,125.50 2,444.87 4.00%
08/31/1995 0.946928 2,253.084 2,133.51 0.00002 0.043144802 2,133.51 2,444.87 4.00%
09/30/1995 0.950190 2,253.084 2,140.86 0.00002 0.041910287 2,140.86 2,444.87 4.00%
10/31/1995 0.953843 2,253.084 2,149.09 0.00002 0.043456482 2,149.09 2,444.87 4.00%
11/30/1995 0.957220 2,253.084 2,156.70 0.00002 0.042216339 2,156.70 2,444.87 4.00%
12/31/1995 0.960422 2,253.084 2,163.91 0.00002 0.043777996 2,163.91 2,444.87 4.00%
01/31/1996 0.964154 2,253.084 2,172.32 0.00002 0.043924438 2,172.32 2,444.87 6.00%
02/29/1996 0.967282 2,253.084 2,179.37 0.00002 0.041250273 2,179.37 2,444.87 6.00%
03/31/1996 0.970247 2,253.084 2,186.05 0.00002 0.044238177 2,186.05 2,444.87 6.00%
04/30/1996 0.973596 2,253.084 2,193.59 0.00002 0.042942367 2,193.59 2,444.87 6.00%
05/31/1996 0.976788 2,253.084 2,200.79 0.00002 0.044526945 2,200.79 2,444.87 6.00%
06/30/1996 0.979627 2,253.084 2,207.18 0.00002 0.043231867 2,207.18 2,444.87 6.00%
07/31/1996 0.983168 2,253.084 2,215.16 0.00002 0.044802769 2,215.16 2,444.87 6.00%
08/31/1996 0.986355 2,253.084 2,222.34 0.00002 0.044964715 2,222.34 2,444.87 6.00%
09/30/1996 0.989757 2,253.084 2,230.01 0.00002 0.043655295 2,230.01 2,444.87 6.00%
10/31/1996 0.993132 2,253.084 2,237.61 0.00002 0.04526606 2,237.61 2,444.87 6.00%
11/30/1996 0.996248 2,253.084 2,244.63 0.00002 0.043955239 2,244.63 2,444.87 6.00%
12/31/1996 0.999781 2,253.084 2,252.59 0.00002 0.045562923 2,252.59 2,444.87 6.00%
01/02/1997 1.000000 2,253.084 2,253.08 0.00000 0.002939543 2,253.08 2,444.87 6.00%
01/31/1997 1.003198 2,253.084 2,260.29 0.00002 0.042774535 2,260.29 2,444.87 6.00%
02/28/1997 1.006244 2,253.084 2,267.15 0.00002 0.041440703 2,267.15 2,444.87 6.00%
03/31/1997 1.009613 2,253.084 2,274.74 0.00002 0.046020085 2,274.74 2,444.87 6.00%
04/30/1997 1.013009 2,253.084 2,282.39 0.00002 0.044684676 2,282.39 2,444.87 6.00%
05/31/1997 1.016469 2,253.084 2,290.19 0.00002 0.046329479 2,290.19 2,444.87 6.00%
06/30/1997 1.020034 2,253.084 2,298.22 0.00002 0.044988117 2,298.22 2,444.87 6.00%
07/31/1997 1.023637 2,253.084 2,306.34 0.00002 0.046650764 2,306.34 2,444.87 6.00%
08/31/1997 1.027000 2,253.084 2,313.92 0.00002 0.046815546 2,313.92 2,444.87 6.00%
09/30/1997 1.030727 2,253.084 2,322.31 0.00002 0.04545421 2,322.31 2,444.87 6.00%
10/31/1997 1.034343 2,253.084 2,330.46 0.00002 0.047139803 2,330.46 2,444.87 6.00%
11/30/1997 1.037646 2,253.084 2,337.90 0.00002 0.045779206 2,337.90 2,444.87 6.00%
12/31/1997 1.041652 2,253.084 2,346.93 0.00002 0.04745624 2,346.93 2,444.87 6.00%
01/31/1998 1.045303 2,253.084 2,355.16 0.00002 0.047639453 2,355.16 2,444.87 6.00%
02/28/1998 1.048647 2,253.084 2,362.69 0.00002 0.043180001 2,362.69 2,444.87 6.00%
03/31/1998 1.052475 2,253.084 2,371.31 0.00002 0.047959366 2,371.31 2,444.87 6.00%
04/30/1998 1.056043 2,253.084 2,379.35 0.00002 0.046581714 2,379.35 2,444.87 6.00%
05/31/1998 1.059497 2,253.084 2,387.14 0.00002 0.048297618 2,387.14 2,444.87 6.00%
06/30/1998 1.063356 2,253.084 2,395.83 0.00002 0.046892502 2,395.83 2,444.87 6.00%
07/31/1998 1.067104 2,253.084 2,404.27 0.00002 0.048632075 2,404.27 2,444.87 6.00%
08/31/1998 1.070852 2,253.084 2,412.72 0.00002 0.048803488 2,412.72 2,444.87 6.00%
09/30/1998 1.074493 2,253.084 2,420.92 0.00002 0.047395065 2,420.92 2,444.87 6.00%
10/31/1998 1.078036 2,253.084 2,428.91 0.00002 0.04914142 2,428.91 2,444.87 6.00%
11/30/1998 1.081600 2,253.084 2,436.94 0.00002 0.047713024 2,436.94 2,444.87 6.00%
12/31/1998 1.085122 2,253.084 2,444.87 0.00002 0.049466456 2,444.87 2,444.87 6.00%
12/31/1998 2,444.87
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/01/1982 100.00% 2,444.87 16.7616 5.48% 5.48% 2,444.87 2,444.87 17
04/30/1982 100.00% 2,444.87 16.6822 5.44% 5.44% 2,420.62 2,420.62 17
05/31/1982 100.00% 2,444.87 16.5973 5.40% 5.40% 2,395.49 2,395.49 17
06/30/1982 100.00% 2,444.87 16.5151 5.37% 5.37% 2,371.35 2,371.35 17
07/31/1982 100.00% 2,444.87 16.4301 5.33% 5.33% 2,346.26 2,346.26 17
08/31/1982 100.00% 2,444.87 16.3452 5.30% 5.30% 2,324.84 2,324.84 17
09/30/1982 100.00% 2,444.87 16.2630 5.27% 5.27% 2,306.59 2,306.59 17
10/31/1982 100.00% 2,444.87 16.1781 5.25% 5.25% 2,289.25 2,289.25 17
11/30/1982 100.00% 2,444.87 16.0959 5.24% 5.24% 2,273.49 2,273.49 17
12/31/1982 100.00% 2,444.87 16.0110 5.22% 5.22% 2,258.56 2,258.56 17
01/31/1983 100.00% 2,444.87 15.9260 5.21% 5.21% 2,244.77 2,244.77 16
02/28/1983 100.00% 2,444.87 15.8493 5.20% 5.20% 2,232.79 2,232.79 16
03/31/1983 100.00% 2,444.87 15.7644 5.19% 5.19% 2,219.65 2,219.65 16
04/30/1983 100.00% 2,444.87 15.6822 5.18% 5.18% 2,206.88 2,206.88 16
05/31/1983 100.00% 2,444.87 15.5973 5.17% 5.17% 2,194.05 2,194.05 16
06/30/1983 100.00% 2,444.87 15.5151 5.16% 5.16% 2,181.37 2,181.37 16
07/31/1983 100.00% 2,444.87 15.4301 5.14% 5.14% 2,166.96 2,166.96 16
08/31/1983 100.00% 2,444.87 15.3452 5.12% 5.12% 2,151.98 2,151.98 16
09/30/1983 100.00% 2,444.87 15.2630 5.10% 5.10% 2,137.39 2,137.39 16
10/31/1983 100.00% 2,444.87 15.1781 5.08% 5.08% 2,122.63 2,122.63 16
11/30/1983 100.00% 2,444.87 15.0959 5.07% 5.07% 2,108.72 2,108.72 16
12/31/1983 100.00% 2,444.87 15.0110 5.05% 5.05% 2,094.82 2,094.82 16
01/31/1984 100.00% 2,444.87 14.9260 5.03% 5.03% 2,080.91 2,080.91 15
02/29/1984 100.00% 2,444.87 14.8466 5.02% 5.02% 2,067.92 2,067.92 15
03/31/1984 100.00% 2,444.87 14.7616 5.00% 5.00% 2,053.75 2,053.75 15
04/30/1984 100.00% 2,444.87 14.6795 4.97% 4.97% 2,039.47 2,039.47 15
05/31/1984 100.00% 2,444.87 14.5945 4.95% 4.95% 2,024.41 2,024.41 15
06/30/1984 100.00% 2,444.87 14.5123 4.93% 4.93% 2,009.37 2,009.37 15
07/31/1984 100.00% 2,444.87 14.4274 4.90% 4.90% 1,993.43 1,993.43 15
08/31/1984 100.00% 2,444.87 14.3425 4.87% 4.87% 1,977.35 1,977.35 15
09/30/1984 100.00% 2,444.87 14.2603 4.84% 4.84% 1,961.72 1,961.72 15
10/31/1984 100.00% 2,444.87 14.1753 4.81% 4.81% 1,946.36 1,946.36 15
11/30/1984 100.00% 2,444.87 14.0932 4.79% 4.79% 1,933.01 1,933.01 15
12/31/1984 100.00% 2,444.87 14.0082 4.77% 4.77% 1,920.64 1,920.64 15
01/31/1985 100.00% 2,444.87 13.9233 4.75% 4.75% 1,909.16 1,909.16 14
02/28/1982 100.00% 2,444.87 16.8493 3.65% 3.65% 1,830.91 1,830.91 17
03/31/1982 100.00% 2,444.87 16.7644 3.64% 3.64% 1,820.15 1,820.15 17
04/30/1985 100.00% 2,444.87 13.6795 4.72% 4.72% 1,879.80 1,879.80 14
05/31/1985 100.00% 2,444.87 13.5945 4.71% 4.71% 1,869.01 1,869.01 14
06/30/1985 100.00% 2,444.87 13.5123 4.70% 4.70% 1,859.38 1,859.38 14
07/31/1985 100.00% 2,444.87 13.4274 4.69% 4.69% 1,849.72 1,849.72 14
08/31/1985 100.00% 2,444.87 13.3425 4.68% 4.68% 1,840.01 1,840.01 14
09/30/1985 100.00% 2,444.87 13.2603 4.67% 4.67% 1,830.59 1,830.59 14
10/31/1985 100.00% 2,444.87 13.1753 4.65% 4.65% 1,820.74 1,820.74 14
11/30/1985 100.00% 2,444.87 13.0932 4.64% 4.64% 1,811.14 1,811.14 14
12/31/1985 100.00% 2,444.87 13.0082 4.63% 4.63% 1,801.27 1,801.27 14
01/31/1986 100.00% 2,444.87 12.9233 4.62% 4.62% 1,791.55 1,791.55 13
02/28/1986 100.00% 2,444.87 12.8466 4.60% 4.60% 1,783.01 1,783.01 13
03/31/1986 100.00% 2,444.87 12.7616 4.59% 4.59% 1,773.86 1,773.86 13
04/30/1986 100.00% 2,444.87 12.6795 4.59% 4.59% 1,765.60 1,765.60 13
05/31/1986 100.00% 2,444.87 12.5945 4.58% 4.58% 1,757.67 1,757.67 13
06/30/1986 100.00% 2,444.87 12.5123 4.57% 4.57% 1,750.05 1,750.05 13
07/31/1986 100.00% 2,444.87 12.4274 4.57% 4.57% 1,742.38 1,742.38 13
08/31/1986 100.00% 2,444.87 12.3425 4.57% 4.57% 1,735.11 1,735.11 13
09/30/1986 100.00% 2,444.87 12.2603 4.57% 4.57% 1,728.64 1,728.64 13
10/31/1986 100.00% 2,444.87 12.1753 4.57% 4.57% 1,722.11 1,722.11 13
11/30/1986 100.00% 2,444.87 12.0932 4.57% 4.57% 1,715.89 1,715.89 13
12/31/1986 100.00% 2,444.87 12.0082 4.57% 4.57% 1,709.33 1,709.33 13
01/31/1987 100.00% 2,444.87 11.9233 4.56% 4.56% 1,702.70 1,702.70 12
02/28/1987 100.00% 2,444.87 11.8466 4.57% 4.57% 1,696.96 1,696.96 12
03/31/1987 100.00% 2,444.87 11.7616 4.57% 4.57% 1,690.57 1,690.57 12
04/30/1987 100.00% 2,444.87 11.6795 4.56% 4.56% 1,684.23 1,684.23 12
05/31/1987 100.00% 2,444.87 11.5945 4.56% 4.56% 1,677.28 1,677.28 12
06/30/1987 100.00% 2,444.87 11.5123 4.56% 4.56% 1,670.26 1,670.26 12
07/31/1987 100.00% 2,444.87 11.4274 4.55% 4.55% 1,663.05 1,663.05 12
08/31/1987 100.00% 2,444.87 11.3425 4.55% 4.55% 1,655.88 1,655.88 12
09/30/1987 100.00% 2,444.87 11.2603 4.54% 4.54% 1,648.77 1,648.77 12
10/31/1987 100.00% 2,444.87 11.1753 4.53% 4.53% 1,641.08 1,641.08 12
11/30/1987 100.00% 2,444.87 11.0932 4.53% 4.53% 1,633.93 1,633.93 12
12/31/1987 100.00% 2,444.87 11.0082 4.51% 4.51% 1,626.00 1,626.00 12
01/31/1988 100.00% 2,444.87 10.9233 4.51% 4.51% 1,618.40 1,618.40 11
02/29/1988 100.00% 2,444.87 10.8438 4.50% 4.50% 1,611.73 1,611.73 11
03/31/1988 100.00% 2,444.87 10.7589 4.49% 4.49% 1,604.75 1,604.75 11
04/30/1988 100.00% 2,444.87 10.6767 4.49% 4.49% 1,598.04 1,598.04 11
05/31/1988 100.00% 2,444.87 10.5918 4.48% 4.48% 1,590.91 1,590.91 11
06/30/1988 100.00% 2,444.87 10.5096 4.47% 4.47% 1,583.69 1,583.69 11
07/31/1988 100.00% 2,444.87 10.4247 4.46% 4.46% 1,575.93 1,575.93 11
08/31/1988 100.00% 2,444.87 10.3397 4.44% 4.44% 1,567.68 1,567.68 11
09/30/1988 100.00% 2,444.87 10.2575 4.43% 4.43% 1,559.40 1,559.40 11
10/31/1988 100.00% 2,444.87 10.1726 4.41% 4.41% 1,550.84 1,550.84 11
11/30/1988 100.00% 2,444.87 10.0904 4.39% 4.39% 1,542.43 1,542.43 11
12/31/1988 100.00% 2,444.87 10.0055 4.36% 4.36% 1,533.15 1,533.15 11
01/31/1989 100.00% 2,444.87 9.9205 4.34% 4.34% 1,523.53 1,523.53 10
02/28/1989 100.00% 2,444.87 9.8438 4.31% 4.31% 1,514.86 1,514.86 10
03/31/1989 100.00% 2,444.87 9.7589 4.28% 4.28% 1,504.76 1,504.76 10
04/30/1989 100.00% 2,444.87 9.6767 4.24% 4.24% 1,494.78 1,494.78 10
05/31/1989 100.00% 2,444.87 9.5918 4.21% 4.21% 1,484.56 1,484.56 10
06/30/1989 100.00% 2,444.87 9.5096 4.17% 4.17% 1,475.04 1,475.04 10
07/31/1989 100.00% 2,444.87 9.4247 4.14% 4.14% 1,465.59 1,465.59 10
08/31/1989 100.00% 2,444.87 9.3397 4.11% 4.11% 1,456.54 1,456.54 10
09/30/1989 100.00% 2,444.87 9.2575 4.08% 4.08% 1,447.69 1,447.69 10
10/31/1989 100.00% 2,444.87 9.1726 4.05% 4.05% 1,439.31 1,439.31 10
11/30/1989 100.00% 2,444.87 9.0904 4.02% 4.02% 1,431.12 1,431.12 10
12/31/1989 100.00% 2,444.87 9.0055 3.99% 3.99% 1,422.57 1,422.57 10
01/31/1990 90.00% 2,444.87 8.9205 3.97% 3.97% 1,414.78 1,414.78 9
02/28/1990 90.00% 2,444.87 8.8438 3.94% 3.94% 1,407.62 1,407.62 9
03/31/1990 90.00% 2,444.87 8.7589 3.91% 3.91% 1,399.45 1,399.45 9
04/30/1990 90.00% 2,444.87 8.6767 3.89% 3.89% 1,392.13 1,392.13 9
05/31/1990 90.00% 2,444.87 8.5918 3.86% 3.86% 1,384.33 1,384.33 9
06/30/1990 90.00% 2,444.87 8.5096 3.83% 3.83% 1,376.91 1,376.91 9
07/31/1990 90.00% 2,444.87 8.4247 3.80% 3.80% 1,369.32 1,369.32 9
08/31/1990 90.00% 2,444.87 8.3397 3.77% 3.77% 1,361.92 1,361.92 9
09/30/1990 90.00% 2,444.87 8.2575 3.75% 3.75% 1,354.82 1,354.82 9
10/31/1990 90.00% 2,444.87 8.1726 3.72% 3.72% 1,347.47 1,347.47 9
11/30/1990 90.00% 2,444.87 8.0904 3.69% 3.69% 1,340.42 1,340.42 9
12/31/1990 90.00% 2,444.87 8.0055 3.66% 3.66% 1,333.20 1,333.20 9
01/31/1991 80.00% 2,444.87 7.9205 3.63% 3.63% 1,326.18 1,326.18 8
02/28/1991 80.00% 2,444.87 7.8438 3.61% 3.61% 1,320.36 1,320.36 8
03/31/1991 80.00% 2,444.87 7.7589 3.59% 3.59% 1,315.19 1,315.19 8
04/30/1991 80.00% 2,444.87 7.6767 3.57% 3.57% 1,309.21 1,309.21 8
05/31/1991 80.00% 2,444.87 7.5918 3.56% 3.56% 1,304.06 1,304.06 8
06/30/1991 80.00% 2,444.87 7.5096 3.55% 3.55% 1,299.68 1,299.68 8
07/31/1991 80.00% 2,444.87 7.4247 3.54% 3.54% 1,294.34 1,294.34 8
08/31/1991 80.00% 2,444.87 7.3397 3.53% 3.53% 1,289.72 1,289.72 8
09/30/1991 80.00% 2,444.87 7.2575 3.52% 3.52% 1,285.01 1,285.01 8
10/31/1991 80.00% 2,444.87 7.1726 3.51% 3.51% 1,280.57 1,280.57 8
11/30/1991 80.00% 2,444.87 7.0904 3.50% 3.50% 1,276.65 1,276.65 8
12/31/1991 80.00% 2,444.87 7.0055 3.50% 3.50% 1,272.41 1,272.41 8
01/31/1992 70.00% 2,444.87 6.9205 3.50% 3.50% 1,268.59 1,268.59 7
02/29/1992 70.00% 2,444.87 6.8411 3.50% 3.50% 1,265.56 1,265.56 7
03/31/1992 70.00% 2,444.87 6.7562 3.51% 3.51% 1,262.26 1,262.26 7
04/30/1992 70.00% 2,444.87 6.6740 3.52% 3.52% 1,259.40 1,259.40 7
05/31/1992 70.00% 2,444.87 6.5890 3.53% 3.53% 1,256.92 1,256.92 7
06/30/1992 70.00% 2,444.87 6.5068 3.54% 3.54% 1,254.08 1,254.08 7
07/31/1992 70.00% 2,444.87 6.4219 3.56% 3.56% 1,251.53 1,251.53 7
08/31/1992 70.00% 2,444.87 6.3370 3.57% 3.57% 1,249.10 1,249.10 7
09/30/1992 70.00% 2,444.87 6.2548 3.59% 3.59% 1,246.84 1,246.84 7
10/31/1992 70.00% 2,444.87 6.1699 3.61% 3.61% 1,244.72 1,244.72 7
11/30/1992 70.00% 2,444.87 6.0877 3.63% 3.63% 1,242.44 1,242.44 7
12/31/1992 70.00% 2,444.87 6.0027 3.65% 3.65% 1,240.07 1,240.07 7
01/31/1993 60.00% 2,444.87 5.9178 3.67% 3.67% 1,237.96 1,237.96 6
02/28/1993 60.00% 2,444.87 5.8411 3.69% 3.69% 1,235.99 1,235.99 6
03/31/1993 60.00% 2,444.87 5.7562 3.72% 3.72% 1,233.69 1,233.69 6
04/30/1993 60.00% 2,444.87 5.6740 3.74% 3.74% 1,231.73 1,231.73 6
05/31/1993 60.00% 2,444.87 5.5890 3.77% 3.77% 1,230.05 1,230.05 6
06/30/1993 60.00% 2,444.87 5.5068 3.80% 3.80% 1,227.81 1,227.81 6
07/31/1993 60.00% 2,444.87 5.4219 3.83% 3.83% 1,225.95 1,225.95 6
08/31/1993 60.00% 2,444.87 5.3370 3.86% 3.86% 1,223.93 1,223.93 6
09/30/1993 60.00% 2,444.87 5.2548 3.89% 3.89% 1,222.09 1,222.09 6
10/31/1993 60.00% 2,444.87 5.1699 3.93% 3.93% 1,220.40 1,220.40 6
11/30/1993 60.00% 2,444.87 5.0877 3.96% 3.96% 1,218.34 1,218.34 6
12/31/1993 60.00% 2,444.87 5.0027 3.99% 3.99% 1,216.32 1,216.32 6
01/31/1994 50.00% 2,429.05 4.9178 3.89% 4.03% 1,206.49 1,214.35 5
02/28/1994 50.00% 2,428.99 4.8411 3.92% 4.06% 1,204.70 1,212.58 5
03/31/1994 50.00% 2,428.92 4.7562 3.95% 4.10% 1,202.51 1,210.40 5
04/30/1994 50.00% 2,428.85 4.6740 3.98% 4.13% 1,200.30 1,208.21 5
05/31/1994 50.00% 2,428.75 4.5890 4.00% 4.15% 1,197.40 1,205.35 5
06/30/1994 50.00% 2,428.65 4.5068 4.02% 4.18% 1,194.47 1,202.45 5
07/31/1994 50.00% 2,428.56 4.4219 4.04% 4.20% 1,191.61 1,199.61 5
08/31/1994 50.00% 2,428.44 4.3370 4.05% 4.21% 1,188.02 1,196.06 5
09/30/1994 50.00% 2,428.32 4.2548 4.06% 4.23% 1,184.65 1,192.72 5
10/31/1994 50.00% 2,428.20 4.1699 4.07% 4.24% 1,181.05 1,189.16 5
11/30/1994 50.00% 2,428.07 4.0877 4.07% 4.25% 1,177.32 1,185.46 5
12/31/1994 50.00% 2,427.93 4.0027 4.07% 4.25% 1,173.19 1,181.38 5
01/31/1995 40.00% 2,400.89 3.9178 3.76% 4.24% 1,155.62 1,176.80 4
02/28/1995 40.00% 2,400.59 3.8411 3.74% 4.23% 1,151.42 1,172.65 4
03/31/1995 40.00% 2,400.26 3.7562 3.71% 4.22% 1,146.71 1,168.02 4
04/30/1995 40.00% 2,399.97 3.6740 3.69% 4.22% 1,142.58 1,163.95 4
05/31/1995 40.00% 2,399.61 3.5890 3.66% 4.20% 1,137.56 1,159.02 4
06/30/1995 40.00% 2,399.29 3.5068 3.63% 4.19% 1,133.14 1,154.67 4
07/31/1995 40.00% 2,398.97 3.4219 3.60% 4.18% 1,128.66 1,150.26 4
08/31/1995 40.00% 2,398.65 3.3370 3.57% 4.17% 1,124.27 1,145.94 4
09/30/1995 40.00% 2,398.35 3.2548 3.55% 4.16% 1,120.28 1,142.01 4
10/31/1995 40.00% 2,398.03 3.1699 3.52% 4.15% 1,115.83 1,137.63 4
11/30/1995 40.00% 2,397.72 3.0877 3.49% 4.15% 1,111.76 1,133.62 4
12/31/1995 40.00% 2,397.43 3.0027 3.47% 4.15% 1,107.92 1,129.84 4
01/31/1996 30.00% 2,358.54 2.9178 2.86% 4.13% 1,085.72 1,125.47 3
02/29/1996 30.00% 2,358.12 2.8384 2.82% 4.13% 1,082.02 1,121.83 3
03/31/1996 30.00% 2,357.72 2.7534 2.78% 4.15% 1,078.53 1,118.40 3
04/30/1996 30.00% 2,357.26 2.6712 2.73% 4.14% 1,074.61 1,114.55 3
05/31/1996 30.00% 2,356.83 2.5863 2.68% 4.15% 1,070.90 1,110.91 3
06/30/1996 30.00% 2,356.45 2.5041 2.65% 4.17% 1,067.63 1,107.69 3
07/31/1996 30.00% 2,355.97 2.4192 2.58% 4.16% 1,063.57 1,103.70 3
08/31/1996 30.00% 2,355.54 2.3342 2.53% 4.17% 1,059.94 1,100.13 3
09/30/1996 30.00% 2,355.08 2.2521 2.45% 4.17% 1,056.09 1,096.35 3
10/31/1996 30.00% 2,354.62 2.1671 2.38% 4.17% 1,052.29 1,092.63 3
11/30/1996 30.00% 2,354.20 2.0849 2.31% 4.18% 1,048.81 1,089.21 3
12/31/1996 30.00% 2,353.72 2.0000 2.22% 4.18% 1,044.90 1,085.36 3
01/02/1997 20.00% 2,339.02 1.9945 1.89% 4.18% 1,038.14 1,085.12 2
01/31/1997 20.00% 2,338.59 1.9151 1.79% 4.18% 1,034.64 1,081.66 2
02/28/1997 20.00% 2,338.18 1.8384 1.69% 4.19% 1,031.33 1,078.39 2
03/31/1997 20.00% 2,337.72 1.7534 1.57% 4.20% 1,027.69 1,074.79 2
04/30/1997 20.00% 2,337.27 1.6712 1.43% 4.20% 1,024.04 1,071.19 2
05/31/1997 20.00% 2,336.80 1.5863 1.28% 4.21% 1,020.35 1,067.54 2
06/30/1997 20.00% 2,336.32 1.5041 1.10% 4.20% 1,016.58 1,063.81 2
07/31/1997 20.00% 2,335.83 1.4192 0.90% 4.20% 1,012.79 1,060.07 2
08/31/1997 20.00% 2,335.37 1.3342 0.69% 4.21% 1,009.27 1,056.59 2
09/30/1997 20.00% 2,334.87 1.2521 0.43% 4.19% 1,005.41 1,052.77 2
10/31/1997 20.00% 2,334.38 1.1671 0.14% 4.19% 1,001.68 1,049.09 2
11/30/1997 20.00% 2,333.94 1.0849 -0.16% 4.21% 998.30 1,045.75 2
12/31/1997 20.00% 2,333.39 1.0000 -0.58% 4.17% 994.23 1,041.73 2
01/31/1998 10.00% 2,318.23 0.9151 -1.57% 3.81% 985.64 1,034.80 1
02/28/1998 10.00% 2,317.78 0.8384 -1.90% 3.48% 984.04 1,029.08 1
03/31/1998 10.00% 2,317.26 0.7534 -2.28% 3.10% 982.78 1,023.28 1
04/30/1998 10.00% 2,316.78 0.6712 -2.63% 2.75% 982.27 1,018.40 1
05/31/1998 10.00% 2,316.31 0.5863 -2.97% 2.42% 982.50 1,014.11 1
06/30/1998 10.00% 2,315.79 0.5041 -3.34% 2.05% 983.02 1,010.27 1
07/31/1998 10.00% 2,315.28 0.4192 -3.70% 1.69% 984.31 1,007.04 1
08/31/1998 10.00% 2,314.78 0.3342 -4.06% 1.33% 986.25 1,004.43 1
09/30/1998 10.00% 2,314.28 0.2521 -4.40% 0.99% 988.71 1,002.48 1
10/31/1998 10.00% 2,313.81 0.1671 -4.74% 0.66% 991.92 1,001.10 1
11/30/1998 10.00% 2,313.32 0.0849 -5.07% 0.33% 995.59 1,000.28 1
12/31/1998 10.00% 2,312.85 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
MONEY MARKET SUBACCOUNT Surrender
FUND 120 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.443836 -----------------------------
Units purchased 2,253.084 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,436.94 2,313.32 2,444.87 -5.07% 0.33%
09/30/1998 0.25 0.25 3 mths 2,420.92 2,314.28 2,444.87 -4.40% 0.99%
12/31/1997 1.00 1.00 YTD 2,346.93 2,333.39 2,444.87 -0.58% 4.17%
12/31/1997 1.00 1.00 1 Year 2,346.93 2,333.39 2,444.87 -0.58% 4.17%
12/31/1996 2.00 2.00 2 Year 2,252.59 2,353.72 2,444.87 2.22% 4.18%
12/31/1995 3.00 3.00 3 Year 2,163.91 2,397.43 2,444.87 3.47% 4.15%
12/31/1994 4.00 4.00 4 Year 2,069.51 2,427.93 2,444.87 4.07% 4.25%
12/31/1993 5.00 5.00 5 Year 2,010.05 2,444.87 2,444.87 3.99% 3.99%
12/31/1988 10.01 10.00 10 Year 1,594.68 2,444.87 2,444.87 4.37% 4.37%
04/01/1982 16.76 16.76 Portfolio Inc Dt 1,000.00 2,444.87 2,444.87 5.48% 5.48%
01/02/1997 1.99 1.99 Subacct Inc Dt 2,253.08 2,339.02 2,444.87 1.89% 4.18%
12/31/1992 1,971.56
12/31/1993 1 2,010.05 1.95%
12/31/1994 1 2,069.51 2.96%
12/31/1995 1 2,163.91 4.56%
12/31/1996 1 2,252.59 4.10%
12/31/1997 1 2,346.93 4.19%
12/31/1998 1 2,444.87 4.17%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
MONEY MARKET SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
04/01/1982 0 1000 1 1,000.00
04/30/1982 1000 0.01101 1 1011.014 1 1,011.01 1.10%
05/31/1982 1011.01 0.01155 1 1022.693 1 1,022.69 1.16%
06/30/1982 1022.69 0.01121 1 1034.153 1 1,034.15 1.12%
07/31/1982 1034.15 0.01175 1 1046.308 1 1,046.31 1.18%
08/31/1982 1046.31 0.01027 1 1057.058 1 1,057.06 1.03%
09/30/1982 1057.06 0.00894 1 1066.509 1 1,066.51 0.89%
10/31/1982 1066.51 0.00863 1 1075.717 1 1,075.72 0.86%
11/30/1982 1075.72 0.00796 1 1084.283 1 1,084.28 0.80%
12/31/1982 1084.28 0.00767 1 1092.597 1 1,092.60 0.77%
01/31/1983 1092.6 0.00721 1 1100.472 1 1,100.47 0.72%
02/28/1983 1100.47 0.00633 1 1107.434 1 1,107.43 0.63%
03/31/1983 1107.43 0.00698 1 1115.164 1 1,115.16 0.70%
04/30/1983 1115.16 0.00682 1 1122.764 1 1,122.76 0.68%
05/31/1983 1122.76 0.00691 1 1130.52 1 1,130.52 0.69%
06/30/1983 1130.52 0.00683 1 1138.245 1 1,138.25 0.68%
07/31/1983 1138.25 0.00772 1 1147.028 1 1,147.03 0.77%
08/31/1983 1147.03 0.00803 1 1156.233 1 1,156.23 0.80%
09/30/1983 1156.23 0.00785 1 1165.313 1 1,165.31 0.79%
10/31/1983 1165.31 0.00801 1 1174.647 1 1,174.65 0.80%
11/30/1983 1174.65 0.00763 1 1183.608 1 1,183.61 0.76%
12/31/1983 1183.61 0.00770 1 1192.723 1 1,192.72 0.77%
01/31/1984 1192.72 0.00774 1 1201.959 1 1,201.96 0.77%
02/29/1984 1201.96 0.00727 1 1210.701 1 1,210.70 0.73%
03/31/1984 1210.7 0.00796 1 1220.341 1 1,220.34 0.80%
04/30/1984 1220.34 0.00803 1 1230.138 1 1,230.14 0.80%
05/31/1984 1230.14 0.00850 1 1240.598 1 1,240.60 0.85%
06/30/1984 1240.6 0.00851 1 1251.157 1 1,251.16 0.85%
07/31/1984 1251.16 0.00906 1 1262.486 1 1,262.49 0.91%
08/31/1984 1262.49 0.00920 1 1274.102 1 1,274.10 0.92%
09/30/1984 1274.1 0.00899 1 1285.561 1 1,285.56 0.90%
10/31/1984 1285.56 0.00895 1 1297.068 1 1,297.07 0.90%
11/30/1984 1297.07 0.00793 1 1307.359 1 1,307.36 0.79%
12/31/1984 1307.36 0.00750 1 1317.167 1 1,317.17 0.75%
01/31/1985 1317.17 0.00707 1 1326.485 1 1,326.49 0.71%
02/28/1985 1326.49 0.00616 1 1334.655 1 1,334.66 0.62%
03/31/1985 1334.66 0.00698 1 1343.97 1 1,343.97 0.70%
04/30/1985 1343.97 0.00683 1 1353.145 1 1,353.15 0.68%
05/31/1985 1353.15 0.00684 1 1362.396 1 1,362.40 0.68%
06/30/1985 1362.4 0.00621 1 1370.85 1 1,370.85 0.62%
07/31/1985 1370.85 0.00629 1 1379.469 1 1,379.47 0.63%
08/31/1985 1379.47 0.00634 1 1388.212 1 1,388.21 0.63%
09/30/1985 1388.21 0.00617 1 1396.777 1 1,396.78 0.62%
10/31/1985 1396.78 0.00648 1 1405.824 1 1,405.82 0.65%
11/30/1985 1405.82 0.00633 1 1414.716 1 1,414.72 0.63%
12/31/1985 1414.72 0.00654 1 1423.968 1 1,423.97 0.65%
01/31/1986 1423.97 0.00649 1 1433.214 1 1,433.21 0.65%
02/28/1986 1433.21 0.00575 1 1441.451 1 1,441.45 0.57%
03/31/1986 1441.45 0.00622 1 1450.413 1 1,450.41 0.62%
04/30/1986 1450.41 0.00570 1 1458.685 1 1,458.69 0.57%
05/31/1986 1458.69 0.00558 1 1466.82 1 1,466.82 0.56%
06/30/1986 1466.82 0.00538 1 1474.707 1 1,474.71 0.54%
07/31/1986 1474.71 0.00547 1 1482.774 1 1,482.77 0.55%
08/31/1986 1482.77 0.00525 1 1490.553 1 1,490.55 0.52%
09/30/1986 1490.55 0.00477 1 1497.655 1 1,497.66 0.48%
10/31/1986 1497.66 0.00485 1 1504.925 1 1,504.93 0.49%
11/30/1986 1504.93 0.00465 1 1511.929 1 1,511.93 0.47%
12/31/1986 1511.93 0.00490 1 1519.336 1 1,519.34 0.49%
01/31/1987 1519.34 0.00496 1 1526.87 1 1,526.87 0.50%
02/28/1987 1526.87 0.00434 1 1533.497 1 1,533.50 0.43%
03/31/1987 1533.5 0.00484 1 1540.916 1 1,540.92 0.48%
04/30/1987 1540.92 0.00479 1 1548.303 1 1,548.30 0.48%
05/31/1987 1548.3 0.00521 1 1556.363 1 1,556.36 0.52%
06/30/1987 1556.36 0.00523 1 1564.495 1 1,564.50 0.52%
07/31/1987 1564.5 0.00541 1 1572.951 1 1,572.95 0.54%
08/31/1987 1572.95 0.00539 1 1581.434 1 1,581.43 0.54%
09/30/1987 1581.43 0.00534 1 1589.873 1 1,589.87 0.53%
10/31/1987 1589.87 0.00575 1 1599.012 1 1,599.01 0.57%
11/30/1987 1599.01 0.00540 1 1607.653 1 1,607.65 0.54%
12/31/1987 1607.65 0.00594 1 1617.204 1 1,617.20 0.59%
01/31/1988 1617.2 0.00576 1 1626.513 1 1,626.51 0.58%
02/29/1988 1626.51 0.00513 1 1634.857 1 1,634.86 0.51%
03/31/1988 1634.86 0.00541 1 1643.702 1 1,643.70 0.54%
04/30/1988 1643.7 0.00522 1 1652.289 1 1,652.29 0.52%
05/31/1988 1652.29 0.00555 1 1661.451 1 1,661.45 0.55%
06/30/1988 1661.45 0.00558 1 1670.725 1 1,670.73 0.56%
07/31/1988 1670.73 0.00599 1 1680.729 1 1,680.73 0.60%
08/31/1988 1680.73 0.00632 1 1691.356 1 1,691.36 0.63%
09/30/1988 1691.36 0.00634 1 1702.079 1 1,702.08 0.63%
10/31/1988 1702.08 0.00658 1 1713.284 1 1,713.28 0.66%
11/30/1988 1713.28 0.00648 1 1724.39 1 1,724.39 0.65%
12/31/1988 1724.39 0.00712 1 1736.664 1 1,736.66 0.71%
01/31/1989 1736.66 0.00737 1 1749.458 1 1,749.46 0.74%
02/28/1989 1749.46 0.00669 1 1761.157 1 1,761.16 0.67%
03/31/1989 1761.16 0.00777 1 1774.836 1 1,774.84 0.78%
04/30/1989 1774.84 0.00771 1 1788.524 1 1,788.52 0.77%
05/31/1989 1788.52 0.00794 1 1802.727 1 1,802.73 0.79%
06/30/1989 1802.73 0.00749 1 1816.22 1 1,816.22 0.75%
07/31/1989 1816.22 0.00751 1 1829.862 1 1,829.86 0.75%
08/31/1989 1829.86 0.00727 1 1843.167 1 1,843.17 0.73%
09/30/1989 1843.17 0.00714 1 1856.331 1 1,856.33 0.71%
10/31/1989 1856.33 0.00689 1 1869.114 1 1,869.11 0.69%
11/30/1989 1869.11 0.00675 1 1881.732 1 1,881.73 0.68%
12/31/1989 1881.73 0.00707 1 1895.026 1 1,895.03 0.71%
01/31/1990 1895.03 0.00657 1 1907.48 1 1,907.48 0.66%
02/28/1990 1907.48 0.00604 1 1919.007 1 1,919.01 0.60%
03/31/1990 1919.01 0.00690 1 1932.25 1 1,932.25 0.69%
04/30/1990 1932.25 0.00628 1 1944.388 1 1,944.39 0.63%
05/31/1990 1944.39 0.00670 1 1957.408 1 1,957.41 0.67%
06/30/1990 1957.41 0.00642 1 1969.967 1 1,969.97 0.64%
07/31/1990 1969.97 0.00661 1 1982.987 1 1,982.99 0.66%
08/31/1990 1982.99 0.00650 1 1995.867 1 1,995.87 0.65%
09/30/1990 1995.87 0.00627 1 2008.373 1 2,008.37 0.63%
10/31/1990 2008.37 0.00652 1 2021.468 1 2,021.47 0.65%
11/30/1990 2021.47 0.00628 1 2034.165 1 2,034.17 0.63%
12/31/1990 2034.17 0.00648 1 2047.34 1 2,047.34 0.65%
01/31/1991 2047.34 0.00636 1 2060.363 1 2,060.36 0.64%
02/28/1991 2060.36 0.00537 1 2071.421 1 2,071.42 0.54%
03/31/1991 2071.42 0.00499 1 2081.755 1 2,081.76 0.50%
04/30/1991 2081.76 0.00560 1 2093.411 1 2,093.41 0.56%
05/31/1991 2093.41 0.00501 1 2103.891 1 2,103.89 0.50%
06/30/1991 2103.89 0.00440 1 2113.146 1 2,113.15 0.44%
07/31/1991 2113.15 0.00518 1 2124.098 1 2,124.10 0.52%
08/31/1991 2124.1 0.00465 1 2133.969 1 2,133.97 0.46%
09/30/1991 2133.97 0.00469 1 2143.986 1 2,143.99 0.47%
10/31/1991 2143.99 0.00453 1 2153.7 1 2,153.70 0.45%
11/30/1991 2153.7 0.00410 1 2162.524 1 2,162.52 0.41%
12/31/1991 2162.52 0.00439 1 2172.02 1 2,172.02 0.44%
01/31/1992 2172.02 0.00407 1 2180.867 1 2,180.87 0.41%
02/29/1992 2180.87 0.00339 1 2188.256 1 2,188.26 0.34%
03/31/1992 2188.26 0.00367 1 2196.287 1 2,196.29 0.37%
04/30/1992 2196.29 0.00330 1 2203.539 1 2,203.54 0.33%
05/31/1992 2203.54 0.00303 1 2210.225 1 2,210.23 0.30%
06/30/1992 2210.23 0.00329 1 2217.505 1 2,217.51 0.33%
07/31/1992 2217.51 0.00310 1 2224.381 1 2,224.38 0.31%
08/31/1992 2224.38 0.00301 1 2231.067 1 2,231.07 0.30%
09/30/1992 2231.07 0.00284 1 2237.401 1 2,237.40 0.28%
10/31/1992 2237.4 0.00276 1 2243.578 1 2,243.58 0.28%
11/30/1992 2243.58 0.00287 1 2250.013 1 2,250.01 0.29%
12/31/1992 2250.01 0.00297 1 2256.696 1 2,256.70 0.30%
01/31/1993 2256.7 0.00276 1 2262.931 1 2,262.93 0.28%
02/28/1993 2262.93 0.00255 1 2268.706 1 2,268.71 0.26%
03/31/1993 2268.71 0.00293 1 2275.351 1 2,275.35 0.29%
04/30/1993 2275.35 0.00262 1 2281.322 1 2,281.32 0.26%
05/31/1993 2281.32 0.00243 1 2286.861 1 2,286.86 0.24%
06/30/1993 2286.86 0.00285 1 2293.383 1 2,293.38 0.29%
07/31/1993 2293.38 0.00257 1 2299.279 1 2,299.28 0.26%
08/31/1993 2299.28 0.00271 1 2305.517 1 2,305.52 0.27%
09/30/1993 2305.52 0.00253 1 2311.357 1 2,311.36 0.25%
10/31/1993 2311.36 0.00245 1 2317.018 1 2,317.02 0.24%
11/30/1993 2317.02 0.00271 1 2323.306 1 2,323.31 0.27%
12/31/1993 2323.31 0.00273 1 2329.637 1 2,329.64 0.27%
01/31/1994 2329.64 0.00269 1 2335.901 1 2,335.90 0.27%
02/28/1994 2335.9 0.00242 1 2341.554 1 2,341.55 0.24%
03/31/1994 2341.55 0.00286 1 2348.239 1 2,348.24 0.29%
04/30/1994 2348.24 0.00284 1 2354.908 1 2,354.91 0.28%
05/31/1994 2354.91 0.00344 1 2363.007 1 2,363.01 0.34%
06/30/1994 2363.01 0.00344 1 2371.129 1 2,371.13 0.34%
07/31/1994 2371.13 0.00343 1 2379.264 1 2,379.26 0.34%
08/31/1994 2379.26 0.00403 1 2388.85 1 2,388.85 0.40%
09/30/1994 2388.85 0.00383 1 2397.992 1 2,397.99 0.38%
10/31/1994 2397.99 0.00405 1 2407.713 1 2,407.71 0.41%
11/30/1994 2407.71 0.00415 1 2417.7 1 2,417.70 0.41%
12/31/1994 2417.7 0.00452 1 2428.628 1 2,428.63 0.45%
01/31/1995 2428.63 0.00495 1 2440.655 1 2,440.66 0.50%
02/28/1995 2440.66 0.00449 1 2451.618 1 2,451.62 0.45%
03/31/1995 2451.62 0.00503 1 2463.94 1 2,463.94 0.50%
04/30/1995 2463.94 0.00453 1 2475.092 1 2,475.09 0.45%
05/31/1995 2475.09 0.00532 1 2488.25 1 2,488.25 0.53%
06/30/1995 2488.25 0.00480 1 2500.191 1 2,500.19 0.48%
07/31/1995 2500.19 0.00490 1 2512.434 1 2,512.43 0.49%
08/31/1995 2512.43 0.00483 1 2524.562 1 2,524.56 0.48%
09/30/1995 2524.56 0.00447 1 2535.849 1 2,535.85 0.45%
10/31/1995 2535.85 0.00491 1 2548.29 1 2,548.29 0.49%
11/30/1995 2548.29 0.00457 1 2559.933 1 2,559.93 0.46%
12/31/1995 2559.93 0.00441 1 2571.212 1 2,571.21 0.44%
01/31/1996 2571.21 0.00495 1 2583.934 1 2,583.93 0.49%
02/29/1996 2583.93 0.00424 1 2594.88 1 2,594.88 0.42%
03/31/1996 2594.88 0.00413 1 2605.592 1 2,605.59 0.41%
04/30/1996 2605.59 0.00448 1 2617.262 1 2,617.26 0.45%
05/31/1996 2617.26 0.00434 1 2628.618 1 2,628.62 0.43%
06/30/1996 2628.62 0.00394 1 2638.964 1 2,638.96 0.39%
07/31/1996 2638.96 0.00467 1 2651.299 1 2,651.30 0.47%
08/31/1996 2651.3 0.00430 1 2662.71 1 2,662.71 0.43%
09/30/1996 2662.71 0.00448 1 2674.626 1 2,674.63 0.45%
10/31/1996 2674.63 0.00447 1 2686.587 1 2,686.59 0.45%
11/30/1996 2686.59 0.00417 1 2697.779 1 2,697.78 0.42%
12/31/1996 2697.78 0.00461 1 2710.208 1 2,710.21 0.46%
01/02/1997 2710.21 0.00029 1 2710.99 1 2,710.99 0.03%
01/31/1997 2710.99 0.00418 1 2722.329 1 2,722.33 0.42%
02/28/1997 2722.33 0.00399 1 2733.177 1 2,733.18 0.40%
03/31/1997 2733.18 0.00440 1 2745.189 1 2,745.19 0.44%
04/30/1997 2745.19 0.00438 1 2757.224 1 2,757.22 0.44%
05/31/1997 2757.22 0.00443 1 2769.433 1 2,769.43 0.44%
06/30/1997 2769.43 0.00456 1 2782.053 1 2,782.05 0.46%
07/31/1997 2782.05 0.00458 1 2794.803 1 2,794.80 0.46%
08/31/1997 2794.8 0.00456 1 2807.536 1 2,807.54 0.46%
09/30/1997 2807.54 0.00472 1 2820.776 1 2,820.78 0.47%
10/31/1997 2820.78 0.00455 1 2833.622 1 2,833.62 0.46%
11/30/1997 2833.62 0.00414 1 2845.356 1 2,845.36 0.41%
12/31/1997 2845.36 0.00498 1 2859.517 1 2,859.52 0.50%
01/31/1998 2859.52 0.00452 1 2872.445 1 2,872.45 0.45%
02/28/1998 2872.45 0.00415 1 2884.369 1 2,884.37 0.41%
03/31/1998 2884.37 0.00473 1 2898.006 1 2,898.01 0.47%
04/30/1998 2898.01 0.00441 1 2910.778 1 2,910.78 0.44%
05/31/1998 2910.78 0.00425 1 2923.16 1 2,923.16 0.43%
06/30/1998 2923.16 0.00472 1 2936.966 1 2,936.97 0.47%
07/31/1998 2936.97 0.00458 1 2950.406 1 2,950.41 0.46%
08/31/1998 2950.41 0.00456 1 2963.857 1 2,963.86 0.46%
09/30/1998 2963.86 0.00442 1 2976.951 1 2,976.95 0.44%
10/31/1998 2976.95 0.00432 1 2989.808 1 2,989.81 0.43%
11/30/1998 2989.81 0.00436 1 3002.847 1 3,002.85 0.44%
12/31/1998 3002.85 0.00430 1 3015.768 1 3,015.77 0.43%
0.0546
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
04/01/1982 1,000.00 0.443836
04/30/1982 0.00099 0.993150685 1,010.02 (0.00) 0.448282
05/31/1982 0.00106 1.072278162 1,020.61 (0.00) 0.452985
06/30/1982 0.00103 1.048575100 1,031.00 (0.00) 0.457596
07/31/1982 0.00106 1.094556121 1,042.03 (0.00) 0.462491
08/31/1982 0.00106 1.106264374 1,051.63 (0.00) 0.466752
09/30/1982 0.00103 1.080441192 1,059.95 (0.00) 0.470445
10/31/1982 0.00106 1.125289848 1,067.98 (0.00) 0.474008
11/30/1982 0.00103 1.097238186 1,075.38 (0.00) 0.477293
12/31/1982 0.00106 1.141670188 1,082.49 (0.00) 0.480449
01/31/1983 0.00106 1.149218512 1,089.14 (0.00) 0.483400
02/28/1983 0.00096 1.044378571 1,094.98 (0.00) 0.485994
03/31/1983 0.00106 1.162480467 1,101.46 (0.00) 0.488870
04/30/1983 0.00103 1.131639277 1,107.84 (0.00) 0.491699
05/31/1983 0.00106 1.176128574 1,114.32 (0.00) 0.494575
06/30/1983 0.00103 1.144847230 1,120.79 (0.00) 0.497449
07/31/1983 0.00106 1.189882279 1,128.25 (0.00) 0.500758
08/31/1983 0.00106 1.197797319 1,136.10 (0.00) 0.504243
09/30/1983 0.00103 1.167225363 1,143.85 (0.00) 0.507685
10/31/1983 0.00106 1.214365590 1,151.81 (0.00) 0.511215
11/30/1983 0.00103 1.183364079 1,159.41 (0.00) 0.514589
12/31/1983 0.00106 1.230880589 1,167.10 (0.00) 0.518003
01/31/1984 0.00106 1.239047664 1,174.91 (0.00) 0.521466
02/29/1984 0.00099 1.166858160 1,182.28 (0.00) 0.524740
03/31/1984 0.00106 1.255162263 1,190.44 (0.00) 0.528361
04/30/1984 0.00103 1.223055243 1,198.78 (0.00) 0.532061
05/31/1984 0.00106 1.272674501 1,207.70 (0.00) 0.536020
06/30/1984 0.00103 1.240785531 1,216.74 (0.00) 0.540032
07/31/1984 0.00106 1.291741408 1,226.46 (0.00) 0.544349
08/31/1984 0.00106 1.302067528 1,236.44 (0.00) 0.548777
09/30/1984 0.00103 1.270315312 1,246.29 0.00 0.553149
10/31/1984 0.00106 1.323117356 1,256.13 0.00 0.557514
11/30/1984 0.00103 1.290540909 1,264.80 0.00 0.561364
12/31/1984 0.00106 1.342768321 1,272.95 0.00 0.564980
01/31/1985 0.00106 1.351418472 1,280.60 0.00 0.568378
02/28/1985 0.03658 -46.838555305 1,335.33 0.00 0.592667
03/31/1985 0.00106 1.417645541 1,343.23 0.00 0.596172
04/30/1985 0.03856 51.797067028 1,300.61 0.00 0.577255
05/31/1985 0.00106 1.380779847 1,308.12 0.00 0.580588
06/30/1985 0.00103 1.343954347 1,314.88 0.00 0.583592
07/31/1985 0.00106 1.395939472 1,321.76 0.00 0.586642
08/31/1985 0.00106 1.403235246 1,328.73 0.00 0.589736
09/30/1985 0.00103 1.365131692 1,335.57 0.00 0.592771
10/31/1985 0.00106 1.417895243 1,342.79 0.00 0.595978
11/30/1985 0.00103 1.379580582 1,349.91 0.00 0.599139
12/31/1985 0.00106 1.433126991 1,357.31 0.00 0.602420
01/31/1986 0.00106 1.440975873 1,364.67 0.00 0.605689
02/28/1986 0.00096 1.308590314 1,371.21 0.00 0.608591
03/31/1986 0.00106 1.455736774 1,378.28 0.00 0.611728
04/30/1986 0.00103 1.416038812 1,384.73 0.00 0.614592
05/31/1986 0.00106 1.470090020 1,390.98 0.00 0.617365
06/30/1986 0.00103 1.429086626 1,397.03 0.00 0.620052
07/31/1986 0.00106 1.483148933 1,403.18 0.00 0.622783
08/31/1986 0.00106 1.489680480 1,409.06 (0.00) 0.625390
09/30/1986 0.00103 1.447659898 1,414.33 (0.00) 0.627731
10/31/1986 0.00106 1.501513921 1,419.69 (0.00) 0.630112
11/30/1986 0.00103 1.458588925 1,424.84 (0.00) 0.632396
12/31/1986 0.00106 1.512670653 1,430.31 (0.00) 0.634824
01/31/1987 0.00106 1.518478365 1,435.88 (0.00) 0.637296
02/28/1987 0.00096 1.376870204 1,440.74 (0.00) 0.639452
03/31/1987 0.00106 1.529549506 1,446.18 (0.00) 0.641867
04/30/1987 0.00103 1.485799891 1,451.62 (0.00) 0.644282
05/31/1987 0.00106 1.541102375 1,457.63 (0.00) 0.646952
06/30/1987 0.00103 1.497569811 1,463.76 (0.00) 0.649671
07/31/1987 0.00106 1.553992521 1,470.11 (0.00) 0.652490
08/31/1987 0.00106 1.560735983 1,476.48 (0.00) 0.655315
09/30/1987 0.00103 1.516928893 1,482.84 (0.00) 0.658139
10/31/1987 0.00106 1.574248371 1,489.79 (0.00) 0.661224
11/30/1987 0.00103 1.530607038 1,496.31 (0.00) 0.664117
12/31/1987 0.00106 1.588548389 1,503.61 (0.00) 0.667357
01/31/1988 0.00106 1.596298446 1,510.67 (0.00) 0.670490
02/29/1988 0.00099 1.500322875 1,516.92 0.00 0.673266
03/31/1988 0.00106 1.610433990 1,523.52 (0.00) 0.676192
04/30/1988 0.00103 1.565256974 1,529.91 (0.00) 0.679031
05/31/1988 0.00106 1.624223185 1,536.77 (0.00) 0.682075
06/30/1988 0.00103 1.578874104 1,543.78 (0.00) 0.685184
07/31/1988 0.00106 1.638939772 1,551.38 (0.00) 0.688558
08/31/1988 0.00106 1.647009524 1,559.54 (0.00) 0.692182
09/30/1988 0.00103 1.602268758 1,567.82 (0.00) 0.695858
10/31/1988 0.00106 1.664470521 1,576.48 (0.00) 0.699698
11/30/1988 0.00103 1.619667066 1,585.08 (0.00) 0.703516
12/31/1988 0.00106 1.682789511 1,594.68 (0.00) 0.707775
01/31/1989 0.00106 1.692976977 1,604.74 (0.00) 0.712240
02/28/1989 0.00096 1.538787577 1,613.93 (0.00) 0.716320
03/31/1989 0.00106 1.713417714 1,624.75 (0.00) 0.721124
04/30/1989 0.00103 1.669265644 1,635.61 (0.00) 0.725941
05/31/1989 0.00106 1.736430802 1,646.86 (0.00) 0.730938
06/30/1989 0.00103 1.691984009 1,657.50 (0.00) 0.735657
07/31/1989 0.00106 1.759670512 1,668.18 (0.00) 0.740401
08/31/1989 0.00106 1.771017676 1,678.55 (0.00) 0.745000
09/30/1989 0.00103 1.724534980 1,688.81 (0.00) 0.749554
10/31/1989 0.00106 1.792912031 1,698.64 (0.00) 0.753919
11/30/1989 0.00103 1.745179348 1,708.37 (0.00) 0.758235
12/31/1989 0.00106 1.813675244 1,718.63 (0.00) 0.762789
01/31/1990 0.00106 1.824568758 1,728.09 (0.00) 0.766991
02/28/1990 0.00096 1.657075044 1,736.88 (0.00) 0.770892
03/31/1990 0.00106 1.843949156 1,747.02 (0.00) 0.775392
04/30/1990 0.00103 1.794884192 1,756.20 (0.00) 0.779467
05/31/1990 0.00106 1.864460989 1,766.10 (0.00) 0.783859
06/30/1990 0.00103 1.814483590 1,775.62 (0.00) 0.788083
07/31/1990 0.00106 1.885071030 1,785.47 (0.00) 0.792455
08/31/1990 0.00106 1.895528638 1,795.17 (0.00) 0.796761
09/30/1990 0.00103 1.844349851 1,804.57 (0.00) 0.800932
10/31/1990 0.00106 1.915806211 1,814.42 (0.00) 0.805306
11/30/1990 0.00103 1.864130846 1,823.96 (0.00) 0.809538
12/31/1990 0.00106 1.936391389 1,833.83 (0.00) 0.813920
01/31/1991 0.00106 1.946872575 1,843.54 (0.00) 0.818232
02/28/1991 0.00096 1.767781598 1,851.67 (0.00) 0.821840
03/31/1991 0.00106 1.965816182 1,858.95 (0.00) 0.825070
04/30/1991 0.00103 1.909879392 1,867.44 (0.00) 0.828840
05/31/1991 0.00106 1.982558814 1,874.81 (0.00) 0.832109
06/30/1991 0.00103 1.926173324 1,881.13 (0.00) 0.834917
07/31/1991 0.00106 1.997094588 1,888.88 (0.00) 0.838357
08/31/1991 0.00106 2.005323004 1,895.66 (0.00) 0.841363
09/30/1991 0.00103 1.947592401 1,902.61 (0.00) 0.844449
10/31/1991 0.00106 2.019894196 1,909.21 (0.00) 0.847377
11/30/1991 0.00103 1.961513966 1,915.06 (0.01) 0.849977
12/31/1991 0.00106 2.033116046 1,921.44 (0.01) 0.852809
01/31/1992 0.00106 2.039889126 1,927.23 (0.01) 0.855378
02/29/1992 0.00099 1.914032851 1,931.85 (0.01) 0.857427
03/31/1992 0.00106 2.050936200 1,936.89 (0.01) 0.859663
04/30/1992 0.00103 1.989953144 1,941.29 (0.01) 0.861618
05/31/1992 0.00106 2.060960134 1,945.12 (0.01) 0.863319
06/30/1992 0.00103 1.998415406 1,949.53 (0.01) 0.865276
07/31/1992 0.00106 2.069709388 1,953.50 (0.01) 0.867038
08/31/1992 0.00106 2.073924198 1,957.30 (0.01) 0.868725
09/30/1992 0.00103 2.010928956 1,960.85 (0.01) 0.870297
10/31/1992 0.00106 2.081720626 1,964.18 (0.01) 0.871777
11/30/1992 0.00103 2.017994103 1,967.79 (0.01) 0.873380
12/31/1992 0.00106 2.089094446 1,971.55 (0.01) 0.875050
01/31/1993 0.00106 2.093088118 1,974.90 (0.01) 0.876537
02/28/1993 0.00096 1.893743262 1,978.05 (0.01) 0.877935
03/31/1993 0.00106 2.099989116 1,981.74 (0.01) 0.879572
04/30/1993 0.00103 2.036037937 1,984.91 (0.01) 0.880976
05/31/1993 0.00106 2.107264490 1,987.62 (0.01) 0.882180
06/30/1993 0.00103 2.042075464 1,991.24 (0.01) 0.883789
07/31/1993 0.00106 2.113992862 1,994.25 (0.01) 0.885124
08/31/1993 0.00106 2.117187059 1,997.55 (0.00) 0.886586
09/30/1993 0.00103 2.052275980 2,000.56 (0.00) 0.887921
10/31/1993 0.00106 2.123878197 2,003.33 (0.01) 0.889153
11/30/1993 0.00103 2.058217059 2,006.71 (0.00) 0.890653
12/31/1993 0.00106 2.130412878 2,010.05 (0.00) 0.892134
01/31/1994 0.00106 2.133955578 2,013.32 (0.00) 0.893584
02/28/1994 0.00096 1.930576743 2,016.25 (0.01) 0.894889
03/31/1994 0.00106 2.140544600 2,019.87 (0.01) 0.896496
04/30/1994 0.00103 2.075214015 2,023.54 (0.00) 0.898121
05/31/1994 0.00106 2.148275650 2,028.35 (0.01) 0.900257
06/30/1994 0.00103 2.083920196 2,033.24 (0.01) 0.902426
07/31/1994 0.00106 2.158571485 2,038.05 (0.01) 0.904562
08/31/1994 0.00106 2.163681042 2,044.10 (0.01) 0.907248
09/30/1994 0.00103 2.100101668 2,049.82 (0.01) 0.909787
10/31/1994 0.00106 2.176178555 2,055.95 (0.01) 0.912509
11/30/1994 0.00103 2.112279812 2,062.37 (0.01) 0.915358
12/31/1994 0.00106 2.189503000 2,069.50 (0.01) 0.918524
01/31/1995 0.00106 2.197076889 2,077.56 (0.01) 0.922099
02/28/1995 0.00096 1.992179586 2,084.90 (0.01) 0.925356
03/31/1995 0.00106 2.213416979 2,093.16 (0.01) 0.929024
04/30/1995 0.00103 2.150506537 2,100.48 (0.01) 0.932274
05/31/1995 0.00106 2.229963032 2,109.42 (0.01) 0.936241
06/30/1995 0.00103 2.167211875 2,117.37 (0.01) 0.939772
07/31/1995 0.00106 2.247897595 2,125.49 (0.01) 0.943375
08/31/1995 0.00106 2.256515999 2,133.50 (0.01) 0.946928
09/30/1995 0.00103 2.191949836 2,140.85 (0.01) 0.950190
10/31/1995 0.00106 2.272817057 2,149.08 (0.01) 0.953843
11/30/1995 0.00103 2.207955278 2,156.68 (0.01) 0.957220
12/31/1995 0.00106 2.289631335 2,163.90 (0.01) 0.960422
01/31/1996 0.00106 2.297289526 2,172.31 (0.01) 0.964154
02/29/1996 0.00099 2.157427417 2,179.35 (0.01) 0.967282
03/31/1996 0.00106 2.313698216 2,186.04 (0.01) 0.970247
04/30/1996 0.00103 2.245927117 2,193.58 (0.01) 0.973596
05/31/1996 0.00106 2.328801414 2,200.77 (0.01) 0.976788
06/30/1996 0.00103 2.261068090 2,207.17 (0.01) 0.979627
07/31/1996 0.00106 2.343227239 2,215.15 (0.01) 0.983168
08/31/1996 0.00106 2.351696695 2,222.33 (0.01) 0.986355
09/30/1996 0.00103 2.283213555 2,229.99 (0.01) 0.989757
10/31/1996 0.00106 2.367458548 2,237.60 (0.01) 0.993132
11/30/1996 0.00103 2.298901537 2,244.62 (0.01) 0.996248
12/31/1996 0.00106 2.382985375 2,252.58 (0.01) 0.999781
01/02/1997 0.00007 0.154286134 2,253.07 (0.01) 1.000000
01/31/1997 0.00099 2.237639568 2,260.26 (0.03)
02/28/1997 0.00096 2.167371131 2,267.10 (0.05)
03/31/1997 0.00106 2.406852190 2,274.65 (0.09)
04/30/1997 0.00103 2.336973907 2,282.29 (0.11)
05/31/1997 0.00106 2.422974484 2,289.97 (0.22)
06/30/1997 0.00103 2.352708372 2,298.05 (0.17)
07/31/1997 0.00106 2.439712658 2,306.14 (0.20)
08/31/1997 0.00106 2.448303637 2,314.21 0.29
09/30/1997 0.00103 2.377611211 2,322.74 0.43
10/31/1997 0.00106 2.465927003 2,330.85 0.39
11/30/1997 0.00103 2.394710129 2,338.11 0.21
12/31/1997 0.00106 2.482243737 2,347.27 0.34
01/31/1998 0.00106 2.491961422 2,355.39 0.23
02/28/1998 0.00096 2.258591858 2,362.90 0.21
03/31/1998 0.00106 2.508562865 2,371.57 0.26
04/30/1998 0.00103 2.436544351 2,379.58 0.23
05/31/1998 0.00106 2.526270204 2,387.18 0.04
06/30/1998 0.00103 2.452580153 2,396.00 0.17
07/31/1998 0.00106 2.543702107 2,404.42 0.15
08/31/1998 0.00106 2.552641950 2,412.83 0.11
09/30/1998 0.00103 2.478937406 2,421.01 0.09
10/31/1998 0.00106 2.570250170 2,428.90 (0.01)
11/30/1998 0.00103 2.495443156 2,437.00 0.06
12/31/1998 0.00106 2.587221945 2,444.89 0.02
0.0416 #DIV/0
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
MONEY MARKET SUBACCOUNT Surrender
FUND 180 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.453894 -----------------------------
Units purchased 2,203.158 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/01/1982 0.453894 2,203.158 1,000.00 1,000.00 2,383.69 0.00%
04/30/1982 0.458386 2,203.158 1,009.90 0.00002 0.018989045 1,009.90 2,383.69 0.00%
05/31/1982 0.463137 2,203.158 1,020.36 0.00002 0.020499521 1,020.36 2,383.69 0.00%
06/30/1982 0.467794 2,203.158 1,030.62 0.00002 0.020043862 1,030.62 2,383.69 0.00%
07/31/1982 0.472738 2,203.158 1,041.52 0.00002 0.020920257 1,041.52 2,383.69 0.00%
08/31/1982 0.477033 2,203.158 1,050.98 0.00002 0.021141358 1,050.98 2,383.69 0.00%
09/30/1982 0.480749 2,203.158 1,059.17 0.00002 0.02064526 1,059.17 2,383.69 0.00%
10/31/1982 0.484329 2,203.158 1,067.05 0.00002 0.021499619 1,067.05 2,383.69 0.00%
11/30/1982 0.487626 2,203.158 1,074.32 0.00002 0.02096102 1,074.32 2,383.69 0.00%
12/31/1982 0.490788 2,203.158 1,081.28 0.00002 0.021807166 1,081.28 2,383.69 0.00%
01/31/1983 0.493740 2,203.158 1,087.79 0.00002 0.021948574 1,087.79 2,383.69 0.00%
02/28/1983 0.496332 2,203.158 1,093.50 0.00002 0.019943759 1,093.50 2,383.69 0.00%
03/31/1983 0.499206 2,203.158 1,099.83 0.00002 0.022196508 1,099.83 2,383.69 0.00%
04/30/1983 0.502034 2,203.158 1,106.06 0.00002 0.021604874 1,106.06 2,383.69 0.00%
05/31/1983 0.504907 2,203.158 1,112.39 0.00002 0.022451507 1,112.39 2,383.69 0.00%
06/30/1983 0.507778 2,203.158 1,118.72 0.00002 0.021851604 1,118.72 2,383.69 0.00%
07/31/1983 0.511091 2,203.158 1,126.01 0.00002 0.022708385 1,126.01 2,383.69 0.00%
08/31/1983 0.514583 2,203.158 1,133.71 0.00002 0.022856546 1,133.71 2,383.69 0.00%
09/30/1983 0.518032 2,203.158 1,141.31 0.00002 0.022270367 1,141.31 2,383.69 0.00%
10/31/1983 0.521568 2,203.158 1,149.10 0.00002 0.023166955 1,149.10 2,383.69 0.00%
11/30/1983 0.524946 2,203.158 1,156.54 0.00002 0.022572667 1,156.54 2,383.69 0.00%
12/31/1983 0.528362 2,203.158 1,164.06 0.00002 0.023476157 1,164.06 2,383.69 0.00%
01/31/1984 0.531827 2,203.158 1,171.70 0.00002 0.023628924 1,171.70 2,383.69 0.00%
02/29/1984 0.535103 2,203.158 1,178.92 0.00002 0.022249439 1,178.92 2,383.69 0.00%
03/31/1984 0.538727 2,203.158 1,186.90 0.00002 0.023930389 1,186.90 2,383.69 0.00%
04/30/1984 0.542433 2,203.158 1,195.07 0.00002 0.023315282 1,195.07 2,383.69 0.00%
05/31/1984 0.546400 2,203.158 1,203.81 0.00002 0.024258195 1,203.81 2,383.69 0.00%
06/30/1984 0.550422 2,203.158 1,212.67 0.00002 0.023647358 1,212.67 2,383.69 0.00%
07/31/1984 0.554752 2,203.158 1,222.21 0.00002 0.024615471 1,222.21 2,383.69 0.00%
08/31/1984 0.559194 2,203.158 1,231.99 0.00002 0.024809114 1,231.99 2,383.69 0.00%
09/30/1984 0.563580 2,203.158 1,241.66 0.00002 0.024201063 1,241.66 2,383.69 0.00%
10/31/1984 0.567956 2,203.158 1,251.30 0.00002 0.025203912 1,251.30 2,383.69 0.00%
11/30/1984 0.571808 2,203.158 1,259.78 0.00002 0.024580269 1,259.78 2,383.69 0.00%
12/31/1984 0.575419 2,203.158 1,267.74 0.00002 0.025571877 1,267.74 2,383.69 0.00%
01/31/1985 0.578806 2,203.158 1,275.20 0.00002 0.025733365 1,275.20 2,383.69 0.00%
02/28/1982 0.606081 2,203.158 1,335.29 -0.00070 -0.891774311 1,335.29 2,383.69 0.00%
03/31/1982 0.609588 2,203.158 1,343.02 0.00002 0.027104603 1,343.02 2,383.69 0.00%
04/30/1985 0.587424 2,203.158 1,294.19 0.00074 0.990205832 1,294.19 2,383.69 0.00%
05/31/1985 0.590741 2,203.158 1,301.50 0.00002 0.026270241 1,301.50 2,383.69 0.00%
06/30/1985 0.593725 2,203.158 1,308.07 0.00002 0.025566369 1,308.07 2,383.69 0.00%
07/31/1985 0.596752 2,203.158 1,314.74 0.00002 0.026552029 1,314.74 2,383.69 0.00%
08/31/1985 0.599823 2,203.158 1,321.50 0.00002 0.0266874 1,321.50 2,383.69 0.00%
09/30/1985 0.602836 2,203.158 1,328.14 0.00002 0.025959424 1,328.14 2,383.69 0.00%
10/31/1985 0.606021 2,203.158 1,335.16 0.00002 0.026959483 1,335.16 2,383.69 0.00%
11/30/1985 0.609160 2,203.158 1,342.08 0.00002 0.026227664 1,342.08 2,383.69 0.00%
12/31/1985 0.612419 2,203.158 1,349.26 0.00002 0.027242299 1,349.26 2,383.69 0.00%
01/31/1986 0.615665 2,203.158 1,356.41 0.00002 0.027388045 1,356.41 2,383.69 0.00%
02/28/1986 0.618543 2,203.158 1,362.75 0.00002 0.024868705 1,362.75 2,383.69 0.00%
03/31/1986 0.621652 2,203.158 1,369.60 0.00002 0.027661917 1,369.60 2,383.69 0.00%
04/30/1986 0.624486 2,203.158 1,375.84 0.00002 0.02690415 1,375.84 2,383.69 0.00%
05/31/1986 0.627224 2,203.158 1,381.87 0.00002 0.027927694 1,381.87 2,383.69 0.00%
06/30/1986 0.629876 2,203.158 1,387.72 0.00002 0.027145297 1,387.72 2,383.69 0.00%
07/31/1986 0.632570 2,203.158 1,393.65 0.00002 0.028168741 1,393.65 2,383.69 0.00%
08/31/1986 0.635137 2,203.158 1,399.31 0.00002 0.02828922 1,399.31 2,383.69 0.00%
09/30/1986 0.637436 2,203.158 1,404.37 0.00002 0.02748776 1,404.37 2,383.69 0.00%
10/31/1986 0.639772 2,203.158 1,409.52 0.00002 0.028506832 1,409.52 2,383.69 0.00%
11/30/1986 0.642012 2,203.158 1,414.45 0.00002 0.027688356 1,414.45 2,383.69 0.00%
12/31/1986 0.644395 2,203.158 1,419.70 0.00002 0.028711476 1,419.70 2,383.69 0.00%
01/31/1987 0.646822 2,203.158 1,425.05 0.00002 0.028818046 1,425.05 2,383.69 0.00%
02/28/1987 0.648936 2,203.158 1,429.71 0.00002 0.026127238 1,429.71 2,383.69 0.00%
03/31/1987 0.651304 2,203.158 1,434.93 0.00002 0.029021125 1,434.93 2,383.69 0.00%
04/30/1987 0.653674 2,203.158 1,440.15 0.00002 0.028187443 1,440.15 2,383.69 0.00%
05/31/1987 0.656300 2,203.158 1,445.93 0.00002 0.029233013 1,445.93 2,383.69 0.00%
06/30/1987 0.658977 2,203.158 1,451.83 0.00002 0.028403662 1,451.83 2,383.69 0.00%
07/31/1987 0.661753 2,203.158 1,457.95 0.00002 0.029470169 1,457.95 2,383.69 0.00%
08/31/1987 0.664534 2,203.158 1,464.07 0.00002 0.029594315 1,464.07 2,383.69 0.00%
09/30/1987 0.667316 2,203.158 1,470.20 0.00002 0.028760017 1,470.20 2,383.69 0.00%
10/31/1987 0.670359 2,203.158 1,476.91 0.00002 0.029843098 1,476.91 2,383.69 0.00%
11/30/1987 0.673210 2,203.158 1,483.19 0.00002 0.029012114 1,483.19 2,383.69 0.00%
12/31/1987 0.676409 2,203.158 1,490.24 0.00002 0.030106685 1,490.24 2,383.69 0.00%
01/31/1988 0.679499 2,203.158 1,497.04 0.00002 0.030249747 1,497.04 2,383.69 0.00%
02/29/1988 0.682232 2,203.158 1,503.06 0.00002 0.028427424 1,503.06 2,383.69 0.00%
03/31/1988 0.685110 2,203.158 1,509.41 0.00002 0.030510158 1,509.41 2,383.69 0.00%
04/30/1988 0.687902 2,203.158 1,515.56 0.00002 0.029650515 1,515.56 2,383.69 0.00%
05/31/1988 0.690898 2,203.158 1,522.16 0.00002 0.030763727 1,522.16 2,383.69 0.00%
06/30/1988 0.693962 2,203.158 1,528.91 0.00002 0.029901011 1,528.91 2,383.69 0.00%
07/31/1988 0.697290 2,203.158 1,536.24 0.00002 0.031034737 1,536.24 2,383.69 0.00%
08/31/1988 0.700871 2,203.158 1,544.13 0.00002 0.031183568 1,544.13 2,383.69 0.00%
09/30/1988 0.704507 2,203.158 1,552.14 0.00002 0.030332627 1,552.14 2,383.69 0.00%
10/31/1988 0.708305 2,203.158 1,560.51 0.00002 0.031506321 1,560.51 2,383.69 0.00%
11/30/1988 0.712083 2,203.158 1,568.83 0.00002 0.030654359 1,568.83 2,383.69 0.00%
12/31/1988 0.716303 2,203.158 1,578.13 0.00002 0.031845127 1,578.13 2,383.69 0.00%
01/31/1989 0.720731 2,203.158 1,587.88 0.00002 0.03203385 1,587.88 2,383.69 0.00%
02/28/1989 0.724777 2,203.158 1,596.80 0.00002 0.029112662 1,596.80 2,383.69 0.00%
03/31/1989 0.729545 2,203.158 1,607.30 0.00002 0.032412817 1,607.30 2,383.69 0.00%
04/30/1989 0.734329 2,203.158 1,617.84 0.00002 0.031573594 1,617.84 2,383.69 0.00%
05/31/1989 0.739290 2,203.158 1,628.77 0.00002 0.032839993 1,628.77 2,383.69 0.00%
06/30/1989 0.743971 2,203.158 1,639.09 0.00002 0.031995343 1,639.09 2,383.69 0.00%
07/31/1989 0.748674 2,203.158 1,649.45 0.00002 0.033271194 1,649.45 2,383.69 0.00%
08/31/1989 0.753229 2,203.158 1,659.48 0.00002 0.033481517 1,659.48 2,383.69 0.00%
09/30/1989 0.757740 2,203.158 1,669.42 0.00002 0.032598601 1,669.42 2,383.69 0.00%
10/31/1989 0.762056 2,203.158 1,678.93 0.00002 0.033886958 1,678.93 2,383.69 0.00%
11/30/1989 0.766324 2,203.158 1,688.33 0.00002 0.03298062 1,688.33 2,383.69 0.00%
12/31/1989 0.770829 2,203.158 1,698.26 0.00002 0.034270844 1,698.26 2,383.69 0.00%
01/31/1990 0.774977 2,203.158 1,707.40 0.00002 0.034472313 1,707.40 2,383.69 0.00%
02/28/1990 0.778829 2,203.158 1,715.88 0.00002 0.031303834 1,715.88 2,383.69 0.00%
03/31/1990 0.783276 2,203.158 1,725.68 0.00002 0.034830081 1,725.68 2,383.69 0.00%
04/30/1990 0.787296 2,203.158 1,734.54 0.00002 0.03389899 1,734.54 2,383.69 0.00%
05/31/1990 0.791632 2,203.158 1,744.09 0.00002 0.035208735 1,744.09 2,383.69 0.00%
06/30/1990 0.795801 2,203.158 1,753.28 0.00002 0.034260625 1,753.28 2,383.69 0.00%
07/31/1990 0.800114 2,203.158 1,762.78 0.00002 0.035589088 1,762.78 2,383.69 0.00%
08/31/1990 0.804360 2,203.158 1,772.13 0.00002 0.03578197 1,772.13 2,383.69 0.00%
09/30/1990 0.808472 2,203.158 1,781.19 0.00002 0.034811473 1,781.19 2,383.69 0.00%
10/31/1990 0.812784 2,203.158 1,790.69 0.00002 0.036155749 1,790.69 2,383.69 0.00%
11/30/1990 0.816955 2,203.158 1,799.88 0.00002 0.035176051 1,799.88 2,383.69 0.00%
12/31/1990 0.821273 2,203.158 1,809.39 0.00002 0.036535118 1,809.39 2,383.69 0.00%
01/31/1991 0.825519 2,203.158 1,818.75 0.00002 0.036728223 1,818.75 2,383.69 0.00%
02/28/1991 0.829064 2,203.158 1,826.56 0.00002 0.033345389 1,826.56 2,383.69 0.00%
03/31/1991 0.832217 2,203.158 1,833.51 0.00002 0.037076645 1,833.51 2,383.69 0.00%
04/30/1991 0.835917 2,203.158 1,841.66 0.00002 0.036017081 1,841.66 2,383.69 0.00%
05/31/1991 0.839108 2,203.158 1,848.69 0.00002 0.037383119 1,848.69 2,383.69 0.00%
06/30/1991 0.841836 2,203.158 1,854.70 0.00002 0.036315313 1,854.70 2,383.69 0.00%
07/31/1991 0.845197 2,203.158 1,862.10 0.00002 0.037647823 1,862.10 2,383.69 0.00%
08/31/1991 0.848119 2,203.158 1,868.54 0.00002 0.037798131 1,868.54 2,383.69 0.00%
09/30/1991 0.851125 2,203.158 1,875.16 0.00002 0.036705296 1,875.16 2,383.69 0.00%
10/31/1991 0.853968 2,203.158 1,881.43 0.00002 0.038063237 1,881.43 2,383.69 0.00%
11/30/1991 0.856483 2,203.158 1,886.97 0.00002 0.036958432 1,886.97 2,383.69 0.00%
12/31/1991 0.859227 2,203.158 1,893.01 0.00002 0.038302853 1,893.01 2,383.69 0.00%
01/31/1992 0.861706 2,203.158 1,898.47 0.00002 0.038425567 1,898.47 2,383.69 0.00%
02/29/1992 0.863667 2,203.158 1,902.79 0.00002 0.03605021 1,902.79 2,383.69 0.00%
03/31/1992 0.865809 2,203.158 1,907.51 0.00002 0.038624129 1,907.51 2,383.69 0.00%
04/30/1992 0.867671 2,203.158 1,911.62 0.00002 0.037470892 1,911.62 2,383.69 0.00%
05/31/1992 0.869274 2,203.158 1,915.15 0.00002 0.038803192 1,915.15 2,383.69 0.00%
06/30/1992 0.871137 2,203.158 1,919.25 0.00002 0.037620852 1,919.25 2,383.69 0.00%
07/31/1992 0.872800 2,203.158 1,922.92 0.00002 0.038958196 1,922.92 2,383.69 0.00%
08/31/1992 0.874387 2,203.158 1,926.41 0.00002 0.039032567 1,926.41 2,383.69 0.00%
09/30/1992 0.875862 2,203.158 1,929.66 0.00002 0.037842135 1,929.66 2,383.69 0.00%
10/31/1992 0.877240 2,203.158 1,932.70 0.00002 0.039169503 1,932.70 2,383.69 0.00%
11/30/1992 0.878745 2,203.158 1,936.01 0.00002 0.037965608 1,936.01 2,383.69 0.00%
12/31/1992 0.880313 2,203.158 1,939.47 0.00002 0.039298434 1,939.47 2,383.69 0.00%
01/31/1993 0.881697 2,203.158 1,942.52 0.00002 0.039368556 1,942.52 2,383.69 0.00%
02/28/1993 0.883002 2,203.158 1,945.39 0.00002 0.0356146 1,945.39 2,383.69 0.00%
03/31/1993 0.884536 2,203.158 1,948.77 0.00002 0.039488811 1,948.77 2,383.69 0.00%
04/30/1993 0.885839 2,203.158 1,951.64 0.00002 0.038281368 1,951.64 2,383.69 0.00%
05/31/1993 0.886937 2,203.158 1,954.06 0.00002 0.039615685 1,954.06 2,383.69 0.00%
06/30/1993 0.888445 2,203.158 1,957.38 0.00002 0.03838528 1,957.38 2,383.69 0.00%
07/31/1993 0.889674 2,203.158 1,960.09 0.00002 0.039732228 1,960.09 2,383.69 0.00%
08/31/1993 0.891031 2,203.158 1,963.08 0.00002 0.03978719 1,963.08 2,383.69 0.00%
09/30/1993 0.892263 2,203.158 1,965.80 0.00002 0.038562462 1,965.80 2,383.69 0.00%
10/31/1993 0.893387 2,203.158 1,968.27 0.00002 0.039902973 1,968.27 2,383.69 0.00%
11/30/1993 0.894784 2,203.158 1,971.35 0.00002 0.038664426 1,971.35 2,383.69 0.00%
12/31/1993 0.896158 2,203.158 1,974.38 0.00002 0.040015715 1,974.38 2,383.69 0.00%
01/31/1994 0.897501 2,203.158 1,977.34 0.00002 0.040077162 1,977.34 2,383.69 2.00%
02/28/1994 0.898708 2,203.158 1,980.00 0.00002 0.036252975 1,980.00 2,383.69 2.00%
03/31/1994 0.900207 2,203.158 1,983.30 0.00002 0.040191201 1,983.30 2,383.69 2.00%
04/30/1994 0.901728 2,203.158 1,986.65 0.00002 0.038959585 1,986.65 2,383.69 2.00%
05/31/1994 0.903757 2,203.158 1,991.12 0.00002 0.040326258 1,991.12 2,383.69 2.00%
06/30/1994 0.905823 2,203.158 1,995.67 0.00002 0.039113223 1,995.67 2,383.69 2.00%
07/31/1994 0.907852 2,203.158 2,000.14 0.00002 0.040509391 2,000.14 2,383.69 2.00%
08/31/1994 0.910432 2,203.158 2,005.83 0.00002 0.04060013 2,005.83 2,383.69 2.00%
09/30/1994 0.912868 2,203.158 2,011.19 0.00002 0.039402107 2,011.19 2,383.69 2.00%
10/31/1994 0.915483 2,203.158 2,016.95 0.00002 0.040824451 2,016.95 2,383.69 2.00%
11/30/1994 0.918228 2,203.158 2,023.00 0.00002 0.039620707 2,023.00 2,383.69 2.00%
12/31/1994 0.921287 2,203.158 2,029.74 0.00002 0.041064156 2,029.74 2,383.69 2.00%
01/31/1995 0.924755 2,203.158 2,037.38 0.00002 0.041200958 2,037.38 2,383.69 4.00%
02/28/1995 0.927915 2,203.158 2,044.34 0.00002 0.037353853 2,044.34 2,383.69 4.00%
03/31/1995 0.931475 2,203.158 2,052.19 0.00002 0.04149737 2,052.19 2,383.69 4.00%
04/30/1995 0.934618 2,203.158 2,059.11 0.00002 0.040312816 2,059.11 2,383.69 4.00%
05/31/1995 0.938476 2,203.158 2,067.61 0.00002 0.041797135 2,067.61 2,383.69 4.00%
06/30/1995 0.941899 2,203.158 2,075.15 0.00002 0.040615809 2,075.15 2,383.69 4.00%
07/31/1995 0.945390 2,203.158 2,082.84 0.00002 0.042122749 2,082.84 2,383.69 4.00%
08/31/1995 0.948830 2,203.158 2,090.42 0.00002 0.042278871 2,090.42 2,383.69 4.00%
09/30/1995 0.951981 2,203.158 2,097.36 0.00002 0.041063914 2,097.36 2,383.69 4.00%
10/31/1995 0.955519 2,203.158 2,105.16 0.00002 0.042573627 2,105.16 2,383.69 4.00%
11/30/1995 0.958784 2,203.158 2,112.35 0.00002 0.041353404 2,112.35 2,383.69 4.00%
12/31/1995 0.961869 2,203.158 2,119.15 0.00002 0.042877865 2,119.15 2,383.69 4.00%
01/31/1996 0.965484 2,203.158 2,127.11 0.00002 0.04301583 2,127.11 2,383.69 6.00%
02/29/1996 0.968502 2,203.158 2,133.76 0.00002 0.040391851 2,133.76 2,383.69 6.00%
03/31/1996 0.971348 2,203.158 2,140.03 0.00002 0.043312465 2,140.03 2,383.69 6.00%
04/30/1996 0.974581 2,203.158 2,147.16 0.00002 0.042038459 2,147.16 2,383.69 6.00%
05/31/1996 0.977652 2,203.158 2,153.92 0.00002 0.043584324 2,153.92 2,383.69 6.00%
06/30/1996 0.980373 2,203.158 2,159.92 0.00002 0.042311286 2,159.92 2,383.69 6.00%
07/31/1996 0.983792 2,203.158 2,167.45 0.00002 0.043843349 2,167.45 2,383.69 6.00%
08/31/1996 0.986856 2,203.158 2,174.20 0.00002 0.04399625 2,174.20 2,383.69 6.00%
09/30/1996 0.990138 2,203.158 2,181.43 0.00002 0.042709621 2,181.43 2,383.69 6.00%
10/31/1996 0.993388 2,203.158 2,188.59 0.00002 0.04428005 2,188.59 2,383.69 6.00%
11/30/1996 0.996383 2,203.158 2,195.19 0.00002 0.042992316 2,195.19 2,383.69 6.00%
12/31/1996 0.999789 2,203.158 2,202.69 0.00002 0.044559333 2,202.69 2,383.69 6.00%
01/02/1997 1.000000 2,203.158 2,203.16 0.00000 0.002874796 2,203.16 2,383.69 6.00%
01/31/1997 1.003081 2,203.158 2,209.95 0.00002 0.04182703 2,209.95 2,383.69 6.00%
02/28/1997 1.006010 2,203.158 2,216.40 0.00002 0.040517694 2,216.40 2,383.69 6.00%
03/31/1997 1.009253 2,203.158 2,223.54 0.00002 0.044989863 2,223.54 2,383.69 6.00%
04/30/1997 1.012528 2,203.158 2,230.76 0.00002 0.043678929 2,230.76 2,383.69 6.00%
05/31/1997 1.015858 2,203.158 2,238.10 0.00002 0.045281355 2,238.10 2,383.69 6.00%
06/30/1997 1.019296 2,203.158 2,245.67 0.00002 0.043964784 2,245.67 2,383.69 6.00%
07/31/1997 1.022765 2,203.158 2,253.31 0.00002 0.045584028 2,253.31 2,383.69 6.00%
08/31/1997 1.026003 2,203.158 2,260.45 0.00002 0.045739165 2,260.45 2,383.69 6.00%
09/30/1997 1.029597 2,203.158 2,268.36 0.00002 0.044403844 2,268.36 2,383.69 6.00%
10/31/1997 1.033073 2,203.158 2,276.02 0.00002 0.046044699 2,276.02 2,383.69 6.00%
11/30/1997 1.036258 2,203.158 2,283.04 0.00002 0.044709823 2,283.04 2,383.69 6.00%
12/31/1997 1.040117 2,203.158 2,291.54 0.00002 0.046342587 2,291.54 2,383.69 6.00%
01/31/1998 1.043642 2,203.158 2,299.31 0.00002 0.046515165 2,299.31 2,383.69 6.00%
02/28/1998 1.046866 2,203.158 2,306.41 0.00002 0.042156084 2,306.41 2,383.69 6.00%
03/31/1998 1.050542 2,203.158 2,314.51 0.00002 0.046816988 2,314.51 2,383.69 6.00%
04/30/1998 1.053979 2,203.158 2,322.08 0.00002 0.045465854 2,322.08 2,383.69 6.00%
05/31/1998 1.057304 2,203.158 2,329.41 0.00002 0.047135089 2,329.41 2,383.69 6.00%
06/30/1998 1.061011 2,203.158 2,337.57 0.00002 0.045758503 2,337.57 2,383.69 6.00%
07/31/1998 1.064623 2,203.158 2,345.53 0.00002 0.047449568 2,345.53 2,383.69 6.00%
08/31/1998 1.068223 2,203.158 2,353.46 0.00002 0.0476111 2,353.46 2,383.69 6.00%
09/30/1998 1.071729 2,203.158 2,361.19 0.00002 0.046231061 2,361.19 2,383.69 6.00%
10/31/1998 1.075143 2,203.158 2,368.71 0.00002 0.047928888 2,368.71 2,383.69 6.00%
11/30/1998 1.078570 2,203.158 2,376.26 0.00002 0.046530548 2,376.26 2,383.69 6.00%
12/31/1998 1.081944 2,203.158 2,383.69 0.00002 0.048234825 2,383.69 2,383.69 6.00%
12/31/1998 2,383.69
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/01/1982 100.00% 2,383.69 16.7616 5.32% 5.32% 2,383.69 2,383.69 17
04/30/1982 100.00% 2,383.69 16.6822 5.28% 5.28% 2,360.33 2,360.33 17
05/31/1982 100.00% 2,383.69 16.5973 5.25% 5.25% 2,336.12 2,336.12 17
06/30/1982 100.00% 2,383.69 16.5151 5.21% 5.21% 2,312.86 2,312.86 17
07/31/1982 100.00% 2,383.69 16.4301 5.17% 5.17% 2,288.68 2,288.68 17
08/31/1982 100.00% 2,383.69 16.3452 5.14% 5.14% 2,268.07 2,268.07 17
09/30/1982 100.00% 2,383.69 16.2630 5.11% 5.11% 2,250.54 2,250.54 17
10/31/1982 100.00% 2,383.69 16.1781 5.09% 5.09% 2,233.90 2,233.90 17
11/30/1982 100.00% 2,383.69 16.0959 5.08% 5.08% 2,218.80 2,218.80 17
12/31/1982 100.00% 2,383.69 16.0110 5.06% 5.06% 2,204.50 2,204.50 17
01/31/1983 100.00% 2,383.69 15.9260 5.05% 5.05% 2,191.32 2,191.32 16
02/28/1983 100.00% 2,383.69 15.8493 5.04% 5.04% 2,179.88 2,179.88 16
03/31/1983 100.00% 2,383.69 15.7644 5.03% 5.03% 2,167.33 2,167.33 16
04/30/1983 100.00% 2,383.69 15.6822 5.02% 5.02% 2,155.12 2,155.12 16
05/31/1983 100.00% 2,383.69 15.5973 5.01% 5.01% 2,142.86 2,142.86 16
06/30/1983 100.00% 2,383.69 15.5151 5.00% 5.00% 2,130.74 2,130.74 16
07/31/1983 100.00% 2,383.69 15.4301 4.98% 4.98% 2,116.93 2,116.93 16
08/31/1983 100.00% 2,383.69 15.3452 4.96% 4.96% 2,102.56 2,102.56 16
09/30/1983 100.00% 2,383.69 15.2630 4.94% 4.94% 2,088.57 2,088.57 16
10/31/1983 100.00% 2,383.69 15.1781 4.92% 4.92% 2,074.41 2,074.41 16
11/30/1983 100.00% 2,383.69 15.0959 4.91% 4.91% 2,061.06 2,061.06 16
12/31/1983 100.00% 2,383.69 15.0110 4.89% 4.89% 2,047.73 2,047.73 16
01/31/1984 100.00% 2,383.69 14.9260 4.87% 4.87% 2,034.39 2,034.39 15
02/29/1984 100.00% 2,383.69 14.8466 4.86% 4.86% 2,021.94 2,021.94 15
03/31/1984 100.00% 2,383.69 14.7616 4.84% 4.84% 2,008.33 2,008.33 15
04/30/1984 100.00% 2,383.69 14.6795 4.82% 4.82% 1,994.61 1,994.61 15
05/31/1984 100.00% 2,383.69 14.5945 4.79% 4.79% 1,980.13 1,980.13 15
06/30/1984 100.00% 2,383.69 14.5123 4.77% 4.77% 1,965.66 1,965.66 15
07/31/1984 100.00% 2,383.69 14.4274 4.74% 4.74% 1,950.32 1,950.32 15
08/31/1984 100.00% 2,383.69 14.3425 4.71% 4.71% 1,934.83 1,934.83 15
09/30/1984 100.00% 2,383.69 14.2603 4.68% 4.68% 1,919.77 1,919.77 15
10/31/1984 100.00% 2,383.69 14.1753 4.65% 4.65% 1,904.98 1,904.98 15
11/30/1984 100.00% 2,383.69 14.0932 4.63% 4.63% 1,892.15 1,892.15 15
12/31/1984 100.00% 2,383.69 14.0082 4.61% 4.61% 1,880.27 1,880.27 15
01/31/1985 100.00% 2,383.69 13.9233 4.60% 4.60% 1,869.27 1,869.27 14
02/28/1982 100.00% 2,383.69 16.8493 3.50% 3.50% 1,785.15 1,785.15 17
03/31/1982 100.00% 2,383.69 16.7644 3.48% 3.48% 1,774.88 1,774.88 17
04/30/1985 100.00% 2,383.69 13.6795 4.57% 4.57% 1,841.85 1,841.85 14
05/31/1985 100.00% 2,383.69 13.5945 4.55% 4.55% 1,831.50 1,831.50 14
06/30/1985 100.00% 2,383.69 13.5123 4.54% 4.54% 1,822.30 1,822.30 14
07/31/1985 100.00% 2,383.69 13.4274 4.53% 4.53% 1,813.05 1,813.05 14
08/31/1985 100.00% 2,383.69 13.3425 4.52% 4.52% 1,803.77 1,803.77 14
09/30/1985 100.00% 2,383.69 13.2603 4.51% 4.51% 1,794.76 1,794.76 14
10/31/1985 100.00% 2,383.69 13.1753 4.50% 4.50% 1,785.32 1,785.32 14
11/30/1985 100.00% 2,383.69 13.0932 4.48% 4.48% 1,776.12 1,776.12 14
12/31/1985 100.00% 2,383.69 13.0082 4.47% 4.47% 1,766.67 1,766.67 14
01/31/1986 100.00% 2,383.69 12.9233 4.46% 4.46% 1,757.36 1,757.36 13
02/28/1986 100.00% 2,383.69 12.8466 4.45% 4.45% 1,749.18 1,749.18 13
03/31/1986 100.00% 2,383.69 12.7616 4.44% 4.44% 1,740.43 1,740.43 13
04/30/1986 100.00% 2,383.69 12.6795 4.43% 4.43% 1,732.54 1,732.54 13
05/31/1986 100.00% 2,383.69 12.5945 4.42% 4.42% 1,724.97 1,724.97 13
06/30/1986 100.00% 2,383.69 12.5123 4.42% 4.42% 1,717.71 1,717.71 13
07/31/1986 100.00% 2,383.69 12.4274 4.41% 4.41% 1,710.39 1,710.39 13
08/31/1986 100.00% 2,383.69 12.3425 4.41% 4.41% 1,703.48 1,703.48 13
09/30/1986 100.00% 2,383.69 12.2603 4.41% 4.41% 1,697.34 1,697.34 13
10/31/1986 100.00% 2,383.69 12.1753 4.41% 4.41% 1,691.14 1,691.14 13
11/30/1986 100.00% 2,383.69 12.0932 4.41% 4.41% 1,685.24 1,685.24 13
12/31/1986 100.00% 2,383.69 12.0082 4.41% 4.41% 1,679.01 1,679.01 13
01/31/1987 100.00% 2,383.69 11.9233 4.41% 4.41% 1,672.71 1,672.71 12
02/28/1987 100.00% 2,383.69 11.8466 4.41% 4.41% 1,667.26 1,667.26 12
03/31/1987 100.00% 2,383.69 11.7616 4.41% 4.41% 1,661.20 1,661.20 12
04/30/1987 100.00% 2,383.69 11.6795 4.41% 4.41% 1,655.17 1,655.17 12
05/31/1987 100.00% 2,383.69 11.5945 4.41% 4.41% 1,648.55 1,648.55 12
06/30/1987 100.00% 2,383.69 11.5123 4.40% 4.40% 1,641.85 1,641.85 12
07/31/1987 100.00% 2,383.69 11.4274 4.40% 4.40% 1,634.97 1,634.97 12
08/31/1987 100.00% 2,383.69 11.3425 4.39% 4.39% 1,628.12 1,628.12 12
09/30/1987 100.00% 2,383.69 11.2603 4.39% 4.39% 1,621.34 1,621.34 12
10/31/1987 100.00% 2,383.69 11.1753 4.38% 4.38% 1,613.98 1,613.98 12
11/30/1987 100.00% 2,383.69 11.0932 4.37% 4.37% 1,607.14 1,607.14 12
12/31/1987 100.00% 2,383.69 11.0082 4.36% 4.36% 1,599.54 1,599.54 12
01/31/1988 100.00% 2,383.69 10.9233 4.35% 4.35% 1,592.27 1,592.27 11
02/29/1988 100.00% 2,383.69 10.8438 4.34% 4.34% 1,585.89 1,585.89 11
03/31/1988 100.00% 2,383.69 10.7589 4.34% 4.34% 1,579.23 1,579.23 11
04/30/1988 100.00% 2,383.69 10.6767 4.33% 4.33% 1,572.82 1,572.82 11
05/31/1988 100.00% 2,383.69 10.5918 4.33% 4.33% 1,566.00 1,566.00 11
06/30/1988 100.00% 2,383.69 10.5096 4.32% 4.32% 1,559.08 1,559.08 11
07/31/1988 100.00% 2,383.69 10.4247 4.30% 4.30% 1,551.64 1,551.64 11
08/31/1988 100.00% 2,383.69 10.3397 4.29% 4.29% 1,543.71 1,543.71 11
09/30/1988 100.00% 2,383.69 10.2575 4.27% 4.27% 1,535.75 1,535.75 11
10/31/1988 100.00% 2,383.69 10.1726 4.25% 4.25% 1,527.51 1,527.51 11
11/30/1988 100.00% 2,383.69 10.0904 4.23% 4.23% 1,519.41 1,519.41 11
12/31/1988 100.00% 2,383.69 10.0055 4.21% 4.21% 1,510.46 1,510.46 11
01/31/1989 100.00% 2,383.69 9.9205 4.18% 4.18% 1,501.18 1,501.18 10
02/28/1989 100.00% 2,383.69 9.8438 4.15% 4.15% 1,492.80 1,492.80 10
03/31/1989 100.00% 2,383.69 9.7589 4.12% 4.12% 1,483.04 1,483.04 10
04/30/1989 100.00% 2,383.69 9.6767 4.09% 4.09% 1,473.38 1,473.38 10
05/31/1989 100.00% 2,383.69 9.5918 4.05% 4.05% 1,463.49 1,463.49 10
06/30/1989 100.00% 2,383.69 9.5096 4.02% 4.02% 1,454.28 1,454.28 10
07/31/1989 100.00% 2,383.69 9.4247 3.98% 3.98% 1,445.15 1,445.15 10
08/31/1989 100.00% 2,383.69 9.3397 3.95% 3.95% 1,436.41 1,436.41 10
09/30/1989 100.00% 2,383.69 9.2575 3.92% 3.92% 1,427.86 1,427.86 10
10/31/1989 100.00% 2,383.69 9.1726 3.90% 3.90% 1,419.77 1,419.77 10
11/30/1989 100.00% 2,383.69 9.0904 3.87% 3.87% 1,411.86 1,411.86 10
12/31/1989 100.00% 2,383.69 9.0055 3.84% 3.84% 1,403.61 1,403.61 10
01/31/1990 90.00% 2,383.69 8.9205 3.81% 3.81% 1,396.10 1,396.10 9
02/28/1990 90.00% 2,383.69 8.8438 3.79% 3.79% 1,389.19 1,389.19 9
03/31/1990 90.00% 2,383.69 8.7589 3.76% 3.76% 1,381.31 1,381.31 9
04/30/1990 90.00% 2,383.69 8.6767 3.73% 3.73% 1,374.25 1,374.25 9
05/31/1990 90.00% 2,383.69 8.5918 3.70% 3.70% 1,366.73 1,366.73 9
06/30/1990 90.00% 2,383.69 8.5096 3.68% 3.68% 1,359.57 1,359.57 9
07/31/1990 90.00% 2,383.69 8.4247 3.65% 3.65% 1,352.24 1,352.24 9
08/31/1990 90.00% 2,383.69 8.3397 3.62% 3.62% 1,345.10 1,345.10 9
09/30/1990 90.00% 2,383.69 8.2575 3.59% 3.59% 1,338.26 1,338.26 9
10/31/1990 90.00% 2,383.69 8.1726 3.56% 3.56% 1,331.16 1,331.16 9
11/30/1990 90.00% 2,383.69 8.0904 3.53% 3.53% 1,324.36 1,324.36 9
12/31/1990 90.00% 2,383.69 8.0055 3.50% 3.50% 1,317.40 1,317.40 9
01/31/1991 80.00% 2,383.69 7.9205 3.47% 3.47% 1,310.62 1,310.62 8
02/28/1991 80.00% 2,383.69 7.8438 3.45% 3.45% 1,305.02 1,305.02 8
03/31/1991 80.00% 2,383.69 7.7589 3.44% 3.44% 1,300.07 1,300.07 8
04/30/1991 80.00% 2,383.69 7.6767 3.42% 3.42% 1,294.32 1,294.32 8
05/31/1991 80.00% 2,383.69 7.5918 3.40% 3.40% 1,289.40 1,289.40 8
06/30/1991 80.00% 2,383.69 7.5096 3.40% 3.40% 1,285.22 1,285.22 8
07/31/1991 80.00% 2,383.69 7.4247 3.38% 3.38% 1,280.11 1,280.11 8
08/31/1991 80.00% 2,383.69 7.3397 3.37% 3.37% 1,275.70 1,275.70 8
09/30/1991 80.00% 2,383.69 7.2575 3.36% 3.36% 1,271.19 1,271.19 8
10/31/1991 80.00% 2,383.69 7.1726 3.35% 3.35% 1,266.96 1,266.96 8
11/30/1991 80.00% 2,383.69 7.0904 3.35% 3.35% 1,263.24 1,263.24 8
12/31/1991 80.00% 2,383.69 7.0055 3.34% 3.34% 1,259.21 1,259.21 8
01/31/1992 70.00% 2,383.69 6.9205 3.34% 3.34% 1,255.58 1,255.58 7
02/29/1992 70.00% 2,383.69 6.8411 3.35% 3.35% 1,252.73 1,252.73 7
03/31/1992 70.00% 2,383.69 6.7562 3.35% 3.35% 1,249.63 1,249.63 7
04/30/1992 70.00% 2,383.69 6.6740 3.36% 3.36% 1,246.95 1,246.95 7
05/31/1992 70.00% 2,383.69 6.5890 3.38% 3.38% 1,244.65 1,244.65 7
06/30/1992 70.00% 2,383.69 6.5068 3.39% 3.39% 1,241.99 1,241.99 7
07/31/1992 70.00% 2,383.69 6.4219 3.40% 3.40% 1,239.62 1,239.62 7
08/31/1992 70.00% 2,383.69 6.3370 3.42% 3.42% 1,237.37 1,237.37 7
09/30/1992 70.00% 2,383.69 6.2548 3.44% 3.44% 1,235.29 1,235.29 7
10/31/1992 70.00% 2,383.69 6.1699 3.46% 3.46% 1,233.35 1,233.35 7
11/30/1992 70.00% 2,383.69 6.0877 3.48% 3.48% 1,231.24 1,231.24 7
12/31/1992 70.00% 2,383.69 6.0027 3.50% 3.50% 1,229.04 1,229.04 7
01/31/1993 60.00% 2,383.69 5.9178 3.52% 3.52% 1,227.12 1,227.12 6
02/28/1993 60.00% 2,383.69 5.8411 3.54% 3.54% 1,225.30 1,225.30 6
03/31/1993 60.00% 2,383.69 5.7562 3.56% 3.56% 1,223.18 1,223.18 6
04/30/1993 60.00% 2,383.69 5.6740 3.59% 3.59% 1,221.38 1,221.38 6
05/31/1993 60.00% 2,383.69 5.5890 3.62% 3.62% 1,219.87 1,219.87 6
06/30/1993 60.00% 2,383.69 5.5068 3.64% 3.64% 1,217.80 1,217.80 6
07/31/1993 60.00% 2,383.69 5.4219 3.67% 3.67% 1,216.11 1,216.11 6
08/31/1993 60.00% 2,383.69 5.3370 3.70% 3.70% 1,214.26 1,214.26 6
09/30/1993 60.00% 2,383.69 5.2548 3.74% 3.74% 1,212.58 1,212.58 6
10/31/1993 60.00% 2,383.69 5.1699 3.77% 3.77% 1,211.06 1,211.06 6
11/30/1993 60.00% 2,383.69 5.0877 3.80% 3.80% 1,209.17 1,209.17 6
12/31/1993 60.00% 2,383.69 5.0027 3.84% 3.84% 1,207.31 1,207.31 6
01/31/1994 50.00% 2,367.98 4.9178 3.73% 3.87% 1,197.56 1,205.51 5
02/28/1994 50.00% 2,367.93 4.8411 3.77% 3.91% 1,195.93 1,203.89 5
03/31/1994 50.00% 2,367.86 4.7562 3.80% 3.94% 1,193.90 1,201.88 5
04/30/1994 50.00% 2,367.80 4.6740 3.83% 3.98% 1,191.85 1,199.86 5
05/31/1994 50.00% 2,367.71 4.5890 3.85% 4.00% 1,189.13 1,197.16 5
06/30/1994 50.00% 2,367.62 4.5068 3.86% 4.02% 1,186.38 1,194.43 5
07/31/1994 50.00% 2,367.53 4.4219 3.89% 4.05% 1,183.68 1,191.76 5
08/31/1994 50.00% 2,367.41 4.3370 3.90% 4.06% 1,180.27 1,188.39 5
09/30/1994 50.00% 2,367.31 4.2548 3.91% 4.07% 1,177.07 1,185.21 5
10/31/1994 50.00% 2,367.19 4.1699 3.91% 4.09% 1,173.65 1,181.83 5
11/30/1994 50.00% 2,367.07 4.0877 3.92% 4.10% 1,170.08 1,178.30 5
12/31/1994 50.00% 2,366.94 4.0027 3.91% 4.10% 1,166.13 1,174.38 5
01/31/1995 40.00% 2,340.34 3.9178 3.60% 4.09% 1,148.70 1,169.98 4
02/28/1995 40.00% 2,340.06 3.8411 3.58% 4.08% 1,144.65 1,165.99 4
03/31/1995 40.00% 2,339.75 3.7562 3.55% 4.07% 1,140.12 1,161.54 4
04/30/1995 40.00% 2,339.47 3.6740 3.54% 4.06% 1,136.15 1,157.63 4
05/31/1995 40.00% 2,339.13 3.5890 3.50% 4.04% 1,131.32 1,152.87 4
06/30/1995 40.00% 2,338.83 3.5068 3.47% 4.03% 1,127.06 1,148.68 4
07/31/1995 40.00% 2,338.52 3.4219 3.44% 4.02% 1,122.75 1,144.44 4
08/31/1995 40.00% 2,338.22 3.3370 3.41% 4.01% 1,118.54 1,140.29 4
09/30/1995 40.00% 2,337.94 3.2548 3.39% 4.01% 1,114.70 1,136.52 4
10/31/1995 40.00% 2,337.63 3.1699 3.36% 4.00% 1,110.43 1,132.31 4
11/30/1995 40.00% 2,337.34 3.0877 3.33% 3.99% 1,106.51 1,128.45 4
12/31/1995 40.00% 2,337.07 3.0027 3.31% 4.00% 1,102.83 1,124.84 4
01/31/1996 30.00% 2,298.97 2.9178 2.70% 3.98% 1,080.79 1,120.62 3
02/29/1996 30.00% 2,298.57 2.8384 2.66% 3.98% 1,077.24 1,117.13 3
03/31/1996 30.00% 2,298.20 2.7534 2.62% 3.99% 1,073.91 1,113.86 3
04/30/1996 30.00% 2,297.77 2.6712 2.57% 3.99% 1,070.15 1,110.16 3
05/31/1996 30.00% 2,297.36 2.5863 2.52% 4.00% 1,066.60 1,106.68 3
06/30/1996 30.00% 2,297.01 2.5041 2.49% 4.02% 1,063.47 1,103.60 3
07/31/1996 30.00% 2,296.55 2.4192 2.42% 4.01% 1,059.56 1,099.77 3
08/31/1996 30.00% 2,296.15 2.3342 2.37% 4.02% 1,056.09 1,096.35 3
09/30/1996 30.00% 2,295.71 2.2521 2.29% 4.02% 1,052.39 1,092.72 3
10/31/1996 30.00% 2,295.28 2.1671 2.22% 4.02% 1,048.75 1,089.15 3
11/30/1996 30.00% 2,294.89 2.0849 2.15% 4.03% 1,045.42 1,085.87 3
12/31/1996 30.00% 2,294.44 2.0000 2.06% 4.03% 1,041.65 1,082.17 3
01/02/1997 20.00% 2,280.11 1.9945 1.74% 4.03% 1,034.93 1,081.94 2
01/31/1997 20.00% 2,279.70 1.9151 1.64% 4.03% 1,031.56 1,078.62 2
02/28/1997 20.00% 2,279.31 1.8384 1.53% 4.04% 1,028.39 1,075.48 2
03/31/1997 20.00% 2,278.89 1.7534 1.41% 4.05% 1,024.89 1,072.02 2
04/30/1997 20.00% 2,278.45 1.6712 1.27% 4.05% 1,021.38 1,068.56 2
05/31/1997 20.00% 2,278.01 1.5863 1.12% 4.05% 1,017.84 1,065.05 2
06/30/1997 20.00% 2,277.56 1.5041 0.94% 4.05% 1,014.20 1,061.46 2
07/31/1997 20.00% 2,277.10 1.4192 0.74% 4.04% 1,010.56 1,057.86 2
08/31/1997 20.00% 2,276.67 1.3342 0.54% 4.06% 1,007.18 1,054.52 2
09/30/1997 20.00% 2,276.20 1.2521 0.28% 4.04% 1,003.45 1,050.84 2
10/31/1997 20.00% 2,275.74 1.1671 -0.01% 4.04% 999.87 1,047.31 2
11/30/1997 20.00% 2,275.32 1.0849 -0.31% 4.06% 996.62 1,044.09 2
12/31/1997 20.00% 2,274.81 1.0000 -0.73% 4.02% 992.70 1,040.21 2
01/31/1998 10.00% 2,260.04 0.9151 -1.71% 3.67% 984.36 1,033.53 1
02/28/1998 10.00% 2,259.61 0.8384 -2.03% 3.35% 982.96 1,028.02 1
03/31/1998 10.00% 2,259.13 0.7534 -2.39% 2.99% 981.92 1,022.44 1
04/30/1998 10.00% 2,258.67 0.6712 -2.73% 2.65% 981.59 1,017.73 1
05/31/1998 10.00% 2,258.23 0.5863 -3.06% 2.33% 981.97 1,013.60 1
06/30/1998 10.00% 2,257.74 0.5041 -3.42% 1.97% 982.64 1,009.90 1
07/31/1998 10.00% 2,257.26 0.4192 -3.76% 1.63% 984.05 1,006.79 1
08/31/1998 10.00% 2,256.79 0.3342 -4.11% 1.28% 986.08 1,004.27 1
09/30/1998 10.00% 2,256.32 0.2521 -4.44% 0.95% 988.61 1,002.39 1
10/31/1998 10.00% 2,255.87 0.1671 -4.76% 0.63% 991.88 1,001.05 1
11/30/1998 10.00% 2,255.42 0.0849 -5.09% 0.31% 995.58 1,000.27 1
12/31/1998 10.00% 2,254.97 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
MONEY MARKET SUBACCOUNT Surrender
FUND 180 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.453894 -----------------------------
Units purchased 2,203.158 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,376.26 2,255.42 2,383.69 -5.09% 0.31%
09/30/1998 0.25 0.25 3 mths 2,361.19 2,256.32 2,383.69 -4.44% 0.95%
12/31/1997 1.00 1.00 YTD 2,291.54 2,274.81 2,383.69 -0.73% 4.02%
12/31/1997 1.00 1.00 1 Year 2,291.54 2,274.81 2,383.69 -0.73% 4.02%
12/31/1996 2.00 2.00 2 Year 2,202.69 2,294.44 2,383.69 2.06% 4.03%
12/31/1995 3.00 3.00 3 Year 2,119.15 2,337.07 2,383.69 3.31% 4.00%
12/31/1994 4.00 4.00 4 Year 2,029.74 2,366.94 2,383.69 3.91% 4.10%
12/31/1993 5.00 5.00 5 Year 1,974.38 2,383.69 2,383.69 3.84% 3.84%
12/31/1988 10.01 10.00 10 Year 1,578.13 2,383.69 2,383.69 4.21% 4.21%
04/01/1982 16.76 16.76 Portfolio Inc Dt 1,000.00 2,383.69 2,383.69 5.32% 5.32%
01/02/1997 1.99 1.99 Subacct Inc Dt 2,203.16 2,280.11 2,383.69 1.74% 4.03%
12/31/1992 1,939.47
12/31/1993 1 1,974.38 1.80%
12/31/1994 1 2,029.74 2.80%
12/31/1995 1 2,119.15 4.40%
12/31/1996 1 2,202.69 3.94%
12/31/1997 1 2,291.54 4.03%
12/31/1998 1 2,383.69 4.02%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
MONEY MARKET SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
04/01/1982 0 1000 1 1,000.00
04/30/1982 1000 0.01101 1 1011.014 1 1,011.01 1.10%
05/31/1982 1011.01 0.01155 1 1022.693 1 1,022.69 1.16%
06/30/1982 1022.69 0.01121 1 1034.153 1 1,034.15 1.12%
07/31/1982 1034.15 0.01175 1 1046.308 1 1,046.31 1.18%
08/31/1982 1046.31 0.01027 1 1057.058 1 1,057.06 1.03%
09/30/1982 1057.06 0.00894 1 1066.509 1 1,066.51 0.89%
10/31/1982 1066.51 0.00863 1 1075.717 1 1,075.72 0.86%
11/30/1982 1075.72 0.00796 1 1084.283 1 1,084.28 0.80%
12/31/1982 1084.28 0.00767 1 1092.597 1 1,092.60 0.77%
01/31/1983 1092.6 0.00721 1 1100.472 1 1,100.47 0.72%
02/28/1983 1100.47 0.00633 1 1107.434 1 1,107.43 0.63%
03/31/1983 1107.43 0.00698 1 1115.164 1 1,115.16 0.70%
04/30/1983 1115.16 0.00682 1 1122.764 1 1,122.76 0.68%
05/31/1983 1122.76 0.00691 1 1130.52 1 1,130.52 0.69%
06/30/1983 1130.52 0.00683 1 1138.245 1 1,138.25 0.68%
07/31/1983 1138.25 0.00772 1 1147.028 1 1,147.03 0.77%
08/31/1983 1147.03 0.00803 1 1156.233 1 1,156.23 0.80%
09/30/1983 1156.23 0.00785 1 1165.313 1 1,165.31 0.79%
10/31/1983 1165.31 0.00801 1 1174.647 1 1,174.65 0.80%
11/30/1983 1174.65 0.00763 1 1183.608 1 1,183.61 0.76%
12/31/1983 1183.61 0.00770 1 1192.723 1 1,192.72 0.77%
01/31/1984 1192.72 0.00774 1 1201.959 1 1,201.96 0.77%
02/29/1984 1201.96 0.00727 1 1210.701 1 1,210.70 0.73%
03/31/1984 1210.7 0.00796 1 1220.341 1 1,220.34 0.80%
04/30/1984 1220.34 0.00803 1 1230.138 1 1,230.14 0.80%
05/31/1984 1230.14 0.00850 1 1240.598 1 1,240.60 0.85%
06/30/1984 1240.6 0.00851 1 1251.157 1 1,251.16 0.85%
07/31/1984 1251.16 0.00906 1 1262.486 1 1,262.49 0.91%
08/31/1984 1262.49 0.00920 1 1274.102 1 1,274.10 0.92%
09/30/1984 1274.1 0.00899 1 1285.561 1 1,285.56 0.90%
10/31/1984 1285.56 0.00895 1 1297.068 1 1,297.07 0.90%
11/30/1984 1297.07 0.00793 1 1307.359 1 1,307.36 0.79%
12/31/1984 1307.36 0.00750 1 1317.167 1 1,317.17 0.75%
01/31/1985 1317.17 0.00707 1 1326.485 1 1,326.49 0.71%
02/28/1985 1326.49 0.00616 1 1334.655 1 1,334.66 0.62%
03/31/1985 1334.66 0.00698 1 1343.97 1 1,343.97 0.70%
04/30/1985 1343.97 0.00683 1 1353.145 1 1,353.15 0.68%
05/31/1985 1353.15 0.00684 1 1362.396 1 1,362.40 0.68%
06/30/1985 1362.4 0.00621 1 1370.85 1 1,370.85 0.62%
07/31/1985 1370.85 0.00629 1 1379.469 1 1,379.47 0.63%
08/31/1985 1379.47 0.00634 1 1388.212 1 1,388.21 0.63%
09/30/1985 1388.21 0.00617 1 1396.777 1 1,396.78 0.62%
10/31/1985 1396.78 0.00648 1 1405.824 1 1,405.82 0.65%
11/30/1985 1405.82 0.00633 1 1414.716 1 1,414.72 0.63%
12/31/1985 1414.72 0.00654 1 1423.968 1 1,423.97 0.65%
01/31/1986 1423.97 0.00649 1 1433.214 1 1,433.21 0.65%
02/28/1986 1433.21 0.00575 1 1441.451 1 1,441.45 0.57%
03/31/1986 1441.45 0.00622 1 1450.413 1 1,450.41 0.62%
04/30/1986 1450.41 0.00570 1 1458.685 1 1,458.69 0.57%
05/31/1986 1458.69 0.00558 1 1466.82 1 1,466.82 0.56%
06/30/1986 1466.82 0.00538 1 1474.707 1 1,474.71 0.54%
07/31/1986 1474.71 0.00547 1 1482.774 1 1,482.77 0.55%
08/31/1986 1482.77 0.00525 1 1490.553 1 1,490.55 0.52%
09/30/1986 1490.55 0.00477 1 1497.655 1 1,497.66 0.48%
10/31/1986 1497.66 0.00485 1 1504.925 1 1,504.93 0.49%
11/30/1986 1504.93 0.00465 1 1511.929 1 1,511.93 0.47%
12/31/1986 1511.93 0.00490 1 1519.336 1 1,519.34 0.49%
01/31/1987 1519.34 0.00496 1 1526.87 1 1,526.87 0.50%
02/28/1987 1526.87 0.00434 1 1533.497 1 1,533.50 0.43%
03/31/1987 1533.5 0.00484 1 1540.916 1 1,540.92 0.48%
04/30/1987 1540.92 0.00479 1 1548.303 1 1,548.30 0.48%
05/31/1987 1548.3 0.00521 1 1556.363 1 1,556.36 0.52%
06/30/1987 1556.36 0.00523 1 1564.495 1 1,564.50 0.52%
07/31/1987 1564.5 0.00541 1 1572.951 1 1,572.95 0.54%
08/31/1987 1572.95 0.00539 1 1581.434 1 1,581.43 0.54%
09/30/1987 1581.43 0.00534 1 1589.873 1 1,589.87 0.53%
10/31/1987 1589.87 0.00575 1 1599.012 1 1,599.01 0.57%
11/30/1987 1599.01 0.00540 1 1607.653 1 1,607.65 0.54%
12/31/1987 1607.65 0.00594 1 1617.204 1 1,617.20 0.59%
01/31/1988 1617.2 0.00576 1 1626.513 1 1,626.51 0.58%
02/29/1988 1626.51 0.00513 1 1634.857 1 1,634.86 0.51%
03/31/1988 1634.86 0.00541 1 1643.702 1 1,643.70 0.54%
04/30/1988 1643.7 0.00522 1 1652.289 1 1,652.29 0.52%
05/31/1988 1652.29 0.00555 1 1661.451 1 1,661.45 0.55%
06/30/1988 1661.45 0.00558 1 1670.725 1 1,670.73 0.56%
07/31/1988 1670.73 0.00599 1 1680.729 1 1,680.73 0.60%
08/31/1988 1680.73 0.00632 1 1691.356 1 1,691.36 0.63%
09/30/1988 1691.36 0.00634 1 1702.079 1 1,702.08 0.63%
10/31/1988 1702.08 0.00658 1 1713.284 1 1,713.28 0.66%
11/30/1988 1713.28 0.00648 1 1724.39 1 1,724.39 0.65%
12/31/1988 1724.39 0.00712 1 1736.664 1 1,736.66 0.71%
01/31/1989 1736.66 0.00737 1 1749.458 1 1,749.46 0.74%
02/28/1989 1749.46 0.00669 1 1761.157 1 1,761.16 0.67%
03/31/1989 1761.16 0.00777 1 1774.836 1 1,774.84 0.78%
04/30/1989 1774.84 0.00771 1 1788.524 1 1,788.52 0.77%
05/31/1989 1788.52 0.00794 1 1802.727 1 1,802.73 0.79%
06/30/1989 1802.73 0.00749 1 1816.22 1 1,816.22 0.75%
07/31/1989 1816.22 0.00751 1 1829.862 1 1,829.86 0.75%
08/31/1989 1829.86 0.00727 1 1843.167 1 1,843.17 0.73%
09/30/1989 1843.17 0.00714 1 1856.331 1 1,856.33 0.71%
10/31/1989 1856.33 0.00689 1 1869.114 1 1,869.11 0.69%
11/30/1989 1869.11 0.00675 1 1881.732 1 1,881.73 0.68%
12/31/1989 1881.73 0.00707 1 1895.026 1 1,895.03 0.71%
01/31/1990 1895.03 0.00657 1 1907.48 1 1,907.48 0.66%
02/28/1990 1907.48 0.00604 1 1919.007 1 1,919.01 0.60%
03/31/1990 1919.01 0.00690 1 1932.25 1 1,932.25 0.69%
04/30/1990 1932.25 0.00628 1 1944.388 1 1,944.39 0.63%
05/31/1990 1944.39 0.00670 1 1957.408 1 1,957.41 0.67%
06/30/1990 1957.41 0.00642 1 1969.967 1 1,969.97 0.64%
07/31/1990 1969.97 0.00661 1 1982.987 1 1,982.99 0.66%
08/31/1990 1982.99 0.00650 1 1995.867 1 1,995.87 0.65%
09/30/1990 1995.87 0.00627 1 2008.373 1 2,008.37 0.63%
10/31/1990 2008.37 0.00652 1 2021.468 1 2,021.47 0.65%
11/30/1990 2021.47 0.00628 1 2034.165 1 2,034.17 0.63%
12/31/1990 2034.17 0.00648 1 2047.34 1 2,047.34 0.65%
01/31/1991 2047.34 0.00636 1 2060.363 1 2,060.36 0.64%
02/28/1991 2060.36 0.00537 1 2071.421 1 2,071.42 0.54%
03/31/1991 2071.42 0.00499 1 2081.755 1 2,081.76 0.50%
04/30/1991 2081.76 0.00560 1 2093.411 1 2,093.41 0.56%
05/31/1991 2093.41 0.00501 1 2103.891 1 2,103.89 0.50%
06/30/1991 2103.89 0.00440 1 2113.146 1 2,113.15 0.44%
07/31/1991 2113.15 0.00518 1 2124.098 1 2,124.10 0.52%
08/31/1991 2124.1 0.00465 1 2133.969 1 2,133.97 0.46%
09/30/1991 2133.97 0.00469 1 2143.986 1 2,143.99 0.47%
10/31/1991 2143.99 0.00453 1 2153.7 1 2,153.70 0.45%
11/30/1991 2153.7 0.00410 1 2162.524 1 2,162.52 0.41%
12/31/1991 2162.52 0.00439 1 2172.02 1 2,172.02 0.44%
01/31/1992 2172.02 0.00407 1 2180.867 1 2,180.87 0.41%
02/29/1992 2180.87 0.00339 1 2188.256 1 2,188.26 0.34%
03/31/1992 2188.26 0.00367 1 2196.287 1 2,196.29 0.37%
04/30/1992 2196.29 0.00330 1 2203.539 1 2,203.54 0.33%
05/31/1992 2203.54 0.00303 1 2210.225 1 2,210.23 0.30%
06/30/1992 2210.23 0.00329 1 2217.505 1 2,217.51 0.33%
07/31/1992 2217.51 0.00310 1 2224.381 1 2,224.38 0.31%
08/31/1992 2224.38 0.00301 1 2231.067 1 2,231.07 0.30%
09/30/1992 2231.07 0.00284 1 2237.401 1 2,237.40 0.28%
10/31/1992 2237.4 0.00276 1 2243.578 1 2,243.58 0.28%
11/30/1992 2243.58 0.00287 1 2250.013 1 2,250.01 0.29%
12/31/1992 2250.01 0.00297 1 2256.696 1 2,256.70 0.30%
01/31/1993 2256.7 0.00276 1 2262.931 1 2,262.93 0.28%
02/28/1993 2262.93 0.00255 1 2268.706 1 2,268.71 0.26%
03/31/1993 2268.71 0.00293 1 2275.351 1 2,275.35 0.29%
04/30/1993 2275.35 0.00262 1 2281.322 1 2,281.32 0.26%
05/31/1993 2281.32 0.00243 1 2286.861 1 2,286.86 0.24%
06/30/1993 2286.86 0.00285 1 2293.383 1 2,293.38 0.29%
07/31/1993 2293.38 0.00257 1 2299.279 1 2,299.28 0.26%
08/31/1993 2299.28 0.00271 1 2305.517 1 2,305.52 0.27%
09/30/1993 2305.52 0.00253 1 2311.357 1 2,311.36 0.25%
10/31/1993 2311.36 0.00245 1 2317.018 1 2,317.02 0.24%
11/30/1993 2317.02 0.00271 1 2323.306 1 2,323.31 0.27%
12/31/1993 2323.31 0.00273 1 2329.637 1 2,329.64 0.27%
01/31/1994 2329.64 0.00269 1 2335.901 1 2,335.90 0.27%
02/28/1994 2335.9 0.00242 1 2341.554 1 2,341.55 0.24%
03/31/1994 2341.55 0.00286 1 2348.239 1 2,348.24 0.29%
04/30/1994 2348.24 0.00284 1 2354.908 1 2,354.91 0.28%
05/31/1994 2354.91 0.00344 1 2363.007 1 2,363.01 0.34%
06/30/1994 2363.01 0.00344 1 2371.129 1 2,371.13 0.34%
07/31/1994 2371.13 0.00343 1 2379.264 1 2,379.26 0.34%
08/31/1994 2379.26 0.00403 1 2388.85 1 2,388.85 0.40%
09/30/1994 2388.85 0.00383 1 2397.992 1 2,397.99 0.38%
10/31/1994 2397.99 0.00405 1 2407.713 1 2,407.71 0.41%
11/30/1994 2407.71 0.00415 1 2417.7 1 2,417.70 0.41%
12/31/1994 2417.7 0.00452 1 2428.628 1 2,428.63 0.45%
01/31/1995 2428.63 0.00495 1 2440.655 1 2,440.66 0.50%
02/28/1995 2440.66 0.00449 1 2451.618 1 2,451.62 0.45%
03/31/1995 2451.62 0.00503 1 2463.94 1 2,463.94 0.50%
04/30/1995 2463.94 0.00453 1 2475.092 1 2,475.09 0.45%
05/31/1995 2475.09 0.00532 1 2488.25 1 2,488.25 0.53%
06/30/1995 2488.25 0.00480 1 2500.191 1 2,500.19 0.48%
07/31/1995 2500.19 0.00490 1 2512.434 1 2,512.43 0.49%
08/31/1995 2512.43 0.00483 1 2524.562 1 2,524.56 0.48%
09/30/1995 2524.56 0.00447 1 2535.849 1 2,535.85 0.45%
10/31/1995 2535.85 0.00491 1 2548.29 1 2,548.29 0.49%
11/30/1995 2548.29 0.00457 1 2559.933 1 2,559.93 0.46%
12/31/1995 2559.93 0.00441 1 2571.212 1 2,571.21 0.44%
01/31/1996 2571.21 0.00495 1 2583.934 1 2,583.93 0.49%
02/29/1996 2583.93 0.00424 1 2594.88 1 2,594.88 0.42%
03/31/1996 2594.88 0.00413 1 2605.592 1 2,605.59 0.41%
04/30/1996 2605.59 0.00448 1 2617.262 1 2,617.26 0.45%
05/31/1996 2617.26 0.00434 1 2628.618 1 2,628.62 0.43%
06/30/1996 2628.62 0.00394 1 2638.964 1 2,638.96 0.39%
07/31/1996 2638.96 0.00467 1 2651.299 1 2,651.30 0.47%
08/31/1996 2651.3 0.00430 1 2662.71 1 2,662.71 0.43%
09/30/1996 2662.71 0.00448 1 2674.626 1 2,674.63 0.45%
10/31/1996 2674.63 0.00447 1 2686.587 1 2,686.59 0.45%
11/30/1996 2686.59 0.00417 1 2697.779 1 2,697.78 0.42%
12/31/1996 2697.78 0.00461 1 2710.208 1 2,710.21 0.46%
01/02/1997 2710.21 0.00029 1 2710.99 1 2,710.99 0.03%
01/31/1997 2710.99 0.00418 1 2722.329 1 2,722.33 0.42%
02/28/1997 2722.33 0.00399 1 2733.177 1 2,733.18 0.40%
03/31/1997 2733.18 0.00440 1 2745.189 1 2,745.19 0.44%
04/30/1997 2745.19 0.00438 1 2757.224 1 2,757.22 0.44%
05/31/1997 2757.22 0.00443 1 2769.433 1 2,769.43 0.44%
06/30/1997 2769.43 0.00456 1 2782.053 1 2,782.05 0.46%
07/31/1997 2782.05 0.00458 1 2794.803 1 2,794.80 0.46%
08/31/1997 2794.8 0.00456 1 2807.536 1 2,807.54 0.46%
09/30/1997 2807.54 0.00472 1 2820.776 1 2,820.78 0.47%
10/31/1997 2820.78 0.00455 1 2833.622 1 2,833.62 0.46%
11/30/1997 2833.62 0.00414 1 2845.356 1 2,845.36 0.41%
12/31/1997 2845.36 0.00498 1 2859.517 1 2,859.52 0.50%
01/31/1998 2859.52 0.00452 1 2872.445 1 2,872.45 0.45%
02/28/1998 2872.45 0.00415 1 2884.369 1 2,884.37 0.41%
03/31/1998 2884.37 0.00473 1 2898.006 1 2,898.01 0.47%
04/30/1998 2898.01 0.00441 1 2910.778 1 2,910.78 0.44%
05/31/1998 2910.78 0.00425 1 2923.16 1 2,923.16 0.43%
06/30/1998 2923.16 0.00472 1 2936.966 1 2,936.97 0.47%
07/31/1998 2936.97 0.00458 1 2950.406 1 2,950.41 0.46%
08/31/1998 2950.41 0.00456 1 2963.857 1 2,963.86 0.46%
09/30/1998 2963.86 0.00442 1 2976.951 1 2,976.95 0.44%
10/31/1998 2976.95 0.00432 1 2989.808 1 2,989.81 0.43%
11/30/1998 2989.81 0.00436 1 3002.847 1 3,002.85 0.44%
12/31/1998 3002.85 0.00430 1 3015.768 1 3,015.77 0.43%
0.0546
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
04/01/1982 1,000.00 0.453894
04/30/1982 0.00111 1.112328767 1,009.90 0.00 0.458386
05/31/1982 0.00119 1.200809834 1,020.36 0.00 0.463137
06/30/1982 0.00115 1.174117492 1,030.62 (0.00) 0.467794
07/31/1982 0.00119 1.225454087 1,041.52 0.00 0.472738
08/31/1982 0.00119 1.238406411 1,050.98 0.00 0.477033
09/30/1982 0.00115 1.209345999 1,059.17 (0.00) 0.480749
10/31/1982 0.00119 1.259391371 1,067.05 (0.00) 0.484329
11/30/1982 0.00115 1.227841507 1,074.32 (0.00) 0.487626
12/31/1982 0.00119 1.277405788 1,081.28 (0.00) 0.490788
01/31/1983 0.00119 1.285688811 1,087.78 (0.00) 0.493740
02/28/1983 0.00107 1.168251129 1,093.50 (0.00) 0.496332
03/31/1983 0.00119 1.300212126 1,099.83 (0.00) 0.499206
04/30/1983 0.00115 1.265556546 1,106.06 (0.00) 0.502034
05/31/1983 0.00119 1.315149442 1,112.39 (0.00) 0.504907
06/30/1983 0.00115 1.280008434 1,118.71 (0.00) 0.507778
07/31/1983 0.00119 1.330197274 1,126.01 (0.00) 0.511091
08/31/1983 0.00119 1.338876218 1,133.71 (0.00) 0.514583
09/30/1983 0.00115 1.304538371 1,141.30 (0.00) 0.518032
10/31/1983 0.00119 1.357058004 1,149.10 (0.00) 0.521568
11/30/1983 0.00115 1.322246394 1,156.54 (0.00) 0.524946
12/31/1983 0.00119 1.375171099 1,164.06 (0.00) 0.528362
01/31/1984 0.00119 1.384120370 1,171.70 (0.00) 0.531827
02/29/1984 0.00111 1.303313671 1,178.91 (0.00) 0.535103
03/31/1984 0.00119 1.401778253 1,186.90 (0.00) 0.538727
04/30/1984 0.00115 1.365747978 1,195.07 0.00 0.542433
05/31/1984 0.00119 1.420982276 1,203.81 0.00 0.546400
06/30/1984 0.00115 1.385202020 1,212.67 0.00 0.550422
07/31/1984 0.00119 1.441912241 1,222.21 0.00 0.554752
08/31/1984 0.00119 1.453255123 1,231.99 0.00 0.559194
09/30/1984 0.00115 1.417636878 1,241.66 0.00 0.563580
10/31/1984 0.00119 1.476381902 1,251.30 0.00 0.567956
11/30/1984 0.00115 1.439849911 1,259.79 0.00 0.571808
12/31/1984 0.00119 1.497936335 1,267.74 0.00 0.575419
01/31/1985 0.00119 1.507395249 1,275.20 0.00 0.578806
02/28/1985 -0.04096 -52.237908713 1,335.30 0.00 0.606081
03/31/1985 0.00119 1.587720775 1,343.02 0.00 0.609588
04/30/1985 0.04319 58.003825084 1,294.19 0.00 0.587424
05/31/1985 0.00119 1.538846915 1,301.50 0.00 0.590741
06/30/1985 0.00115 1.497616034 1,308.07 0.00 0.593725
07/31/1985 0.00119 1.555354113 1,314.74 0.01 0.596752
08/31/1985 0.00119 1.563284907 1,321.51 0.01 0.599823
09/30/1985 0.00115 1.520642618 1,328.15 0.01 0.602836
10/31/1985 0.00119 1.579223080 1,335.17 0.01 0.606021
11/30/1985 0.00115 1.536354286 1,342.08 0.01 0.609160
12/31/1985 0.00119 1.595789910 1,349.26 0.00 0.612419
01/31/1986 0.00119 1.604326357 1,356.41 0.00 0.615665
02/28/1986 0.00107 1.456748830 1,362.75 0.01 0.618543
03/31/1986 0.00119 1.620369617 1,369.60 0.01 0.621652
04/30/1986 0.00115 1.575982344 1,375.85 0.01 0.624486
05/31/1986 0.00119 1.635937935 1,381.88 0.01 0.627224
06/30/1986 0.00115 1.590107059 1,387.72 0.01 0.629876
07/31/1986 0.00119 1.650058189 1,393.66 0.00 0.632570
08/31/1986 0.00119 1.657114564 1,399.31 0.00 0.635137
09/30/1986 0.00115 1.610166737 1,404.38 0.00 0.637436
10/31/1986 0.00119 1.669861005 1,409.52 0.00 0.639772
11/30/1986 0.00115 1.621917461 1,414.46 0.00 0.642012
12/31/1986 0.00119 1.681848474 1,419.71 0.00 0.644395
01/31/1987 0.00119 1.688091461 1,425.06 0.01 0.646822
02/28/1987 0.00107 1.530471510 1,429.71 0.01 0.648936
03/31/1987 0.00119 1.699988478 1,434.93 0.01 0.651304
04/30/1987 0.00115 1.651154220 1,440.15 0.01 0.653674
05/31/1987 0.00119 1.712400952 1,445.94 0.00 0.656300
06/30/1987 0.00115 1.663818482 1,451.84 0.01 0.658977
07/31/1987 0.00119 1.726292842 1,457.95 0.00 0.661753
08/31/1987 0.00119 1.733564066 1,464.08 0.00 0.664534
09/30/1987 0.00115 1.684692271 1,470.21 0.00 0.667316
10/31/1987 0.00119 1.748136320 1,476.91 0.00 0.670359
11/30/1987 0.00115 1.699458940 1,483.19 0.00 0.673210
12/31/1987 0.00119 1.763575697 1,490.24 0.00 0.676409
01/31/1988 0.00119 1.771954986 1,497.05 0.00 0.679499
02/29/1988 0.00111 1.665207093 1,503.07 0.00 0.682232
03/31/1988 0.00119 1.787207184 1,509.41 0.00 0.685110
04/30/1988 0.00115 1.736850862 1,515.56 0.00 0.687902
05/31/1988 0.00119 1.802060072 1,522.16 (0.00) 0.690898
06/30/1988 0.00115 1.751523530 1,528.91 (0.00) 0.693962
07/31/1988 0.00119 1.817934221 1,536.24 0.00 0.697290
08/31/1988 0.00119 1.826653700 1,544.13 0.00 0.700871
09/30/1988 0.00115 1.776807723 1,552.14 0.00 0.704507
10/31/1988 0.00119 1.845558912 1,560.51 0.00 0.708305
11/30/1988 0.00115 1.795653468 1,568.83 0.00 0.712083
12/31/1988 0.00119 1.865405779 1,578.13 0.00 0.716303
01/31/1989 0.00119 1.876461141 1,587.88 0.00 0.720731
02/28/1989 0.00107 1.705344834 1,596.80 0.00 0.724777
03/31/1989 0.00119 1.898659555 1,607.30 0.00 0.729545
04/30/1989 0.00115 1.849500013 1,617.84 (0.00) 0.734329
05/31/1989 0.00119 1.923681524 1,628.77 0.00 0.739290
06/30/1989 0.00115 1.874204576 1,639.09 0.00 0.743971
07/31/1989 0.00119 1.948941901 1,649.45 0.00 0.748674
08/31/1989 0.00119 1.961261284 1,659.48 0.00 0.753229
09/30/1989 0.00115 1.909543595 1,669.42 0.00 0.757740
10/31/1989 0.00119 1.985012885 1,678.93 0.00 0.762056
11/30/1989 0.00115 1.931921174 1,688.34 0.00 0.766324
12/31/1989 0.00119 2.007500310 1,698.26 0.00 0.770829
01/31/1990 0.00119 2.019302249 1,707.40 0.00 0.774977
02/28/1990 0.00107 1.833699824 1,715.89 0.00 0.778829
03/31/1990 0.00119 2.040258918 1,725.68 0.00 0.783276
04/30/1990 0.00115 1.985718881 1,734.54 0.00 0.787296
05/31/1990 0.00119 2.062440209 1,744.09 0.00 0.791632
06/30/1990 0.00115 2.006901648 1,753.28 0.00 0.795801
07/31/1990 0.00119 2.084718903 1,762.78 0.00 0.800114
08/31/1990 0.00119 2.096018490 1,772.13 0.00 0.804360
09/30/1990 0.00115 2.039168115 1,781.19 0.00 0.808472
10/31/1990 0.00119 2.117912609 1,790.69 0.00 0.812784
11/30/1990 0.00115 2.060524682 1,799.88 0.00 0.816955
12/31/1990 0.00119 2.140135665 1,809.40 0.00 0.821273
01/31/1991 0.00119 2.151447018 1,818.75 0.00 0.825519
02/28/1991 0.00107 1.953289868 1,826.56 0.00 0.829064
03/31/1991 0.00119 2.171857051 1,833.51 0.00 0.832217
04/30/1991 0.00115 2.109789658 1,841.66 0.00 0.835917
05/31/1991 0.00119 2.189807775 1,848.69 0.00 0.839108
06/30/1991 0.00115 2.127257989 1,854.70 0.00 0.841836
07/31/1991 0.00119 2.205312138 1,862.10 0.00 0.845197
08/31/1991 0.00119 2.214117500 1,868.54 0.00 0.848119
09/30/1991 0.00115 2.150103005 1,875.17 0.00 0.851125
10/31/1991 0.00119 2.229648822 1,881.43 0.00 0.853968
11/30/1991 0.00115 2.164931247 1,886.97 0.00 0.856483
12/31/1991 0.00119 2.243682958 1,893.01 0.00 0.859227
01/31/1992 0.00119 2.250871677 1,898.48 0.00 0.861706
02/29/1992 0.00111 2.111730029 1,902.80 0.00 0.863667
03/31/1992 0.00119 2.262504862 1,907.52 0.00 0.865809
04/30/1992 0.00115 2.194952031 1,911.62 0.00 0.867671
05/31/1992 0.00119 2.272994313 1,915.15 0.00 0.869274
06/30/1992 0.00115 2.203734672 1,919.25 0.00 0.871137
07/31/1992 0.00119 2.282072723 1,922.92 0.00 0.872800
08/31/1992 0.00119 2.286429264 1,926.42 0.00 0.874387
09/30/1992 0.00115 2.216697314 1,929.66 0.00 0.875862
10/31/1992 0.00119 2.294450342 1,932.70 0.00 0.877240
11/30/1992 0.00115 2.223928768 1,936.02 0.00 0.878745
12/31/1992 0.00119 2.302001521 1,939.47 0.00 0.880313
01/31/1993 0.00119 2.306108934 1,942.52 (0.00) 0.881697
02/28/1993 0.00107 2.086210702 1,945.39 0.00 0.883002
03/31/1993 0.00119 2.313152233 1,948.77 0.00 0.884536
04/30/1993 0.00115 2.242424392 1,951.64 0.00 0.885839
05/31/1993 0.00119 2.320585268 1,954.06 0.00 0.886937
06/30/1993 0.00115 2.248510983 1,957.39 0.00 0.888445
07/31/1993 0.00119 2.327412131 1,960.09 0.00 0.889674
08/31/1993 0.00119 2.330632294 1,963.08 0.00 0.891031
09/30/1993 0.00115 2.258889835 1,965.80 0.00 0.892263
10/31/1993 0.00119 2.337412863 1,968.27 0.00 0.893387
11/30/1993 0.00115 2.264861981 1,971.35 0.00 0.894784
12/31/1993 0.00119 2.344017720 1,974.38 0.00 0.896158
01/31/1994 0.00119 2.347617007 1,977.34 (0.00) 0.897501
02/28/1994 0.00107 2.123604813 1,980.00 (0.00) 0.898708
03/31/1994 0.00119 2.354295694 1,983.30 (0.00) 0.900207
04/30/1994 0.00115 2.282151053 1,986.65 (0.00) 0.901728
05/31/1994 0.00119 2.362207539 1,991.12 0.00 0.903757
06/30/1994 0.00115 2.291152139 1,995.67 0.00 0.905823
07/31/1994 0.00119 2.372935114 2,000.14 (0.00) 0.907852
08/31/1994 0.00119 2.378249786 2,005.82 (0.00) 0.910432
09/30/1994 0.00115 2.308072140 2,011.19 (0.00) 0.912868
10/31/1994 0.00119 2.391388785 2,016.95 (0.00) 0.915483
11/30/1994 0.00115 2.320876033 2,023.00 (0.00) 0.918228
12/31/1994 0.00119 2.405429652 2,029.74 (0.00) 0.921287
01/31/1995 0.00119 2.413444026 2,037.38 (0.00) 0.924755
02/28/1995 0.00107 2.188090817 2,044.34 (0.00) 0.927915
03/31/1995 0.00119 2.430805971 2,052.18 (0.00) 0.931475
04/30/1995 0.00115 2.361417142 2,059.11 (0.00) 0.934618
05/31/1995 0.00119 2.448365483 2,067.61 (0.00) 0.938476
06/30/1995 0.00115 2.379166628 2,075.15 (0.00) 0.941899
07/31/1995 0.00119 2.467440365 2,082.84 (0.00) 0.945390
08/31/1995 0.00119 2.476586147 2,090.42 0.00 0.948830
09/30/1995 0.00115 2.405417739 2,097.37 0.00 0.951981
10/31/1995 0.00119 2.493853950 2,105.16 0.00 0.955519
11/30/1995 0.00115 2.422376746 2,112.35 0.00 0.958784
12/31/1995 0.00119 2.511676018 2,119.15 0.00 0.961869
01/31/1996 0.00119 2.519756907 2,127.11 0.00 0.965484
02/29/1996 0.00111 2.366050381 2,133.76 (0.00) 0.968502
03/31/1996 0.00119 2.537131119 2,140.03 (0.00) 0.971348
04/30/1996 0.00115 2.462502595 2,147.15 (0.00) 0.974581
05/31/1996 0.00119 2.553054772 2,153.92 (0.00) 0.977652
06/30/1996 0.00115 2.478484265 2,159.92 (0.00) 0.980373
07/31/1996 0.00119 2.568227791 2,167.45 (0.00) 0.983792
08/31/1996 0.00119 2.577183313 2,174.20 (0.00) 0.986856
09/30/1996 0.00115 2.501816101 2,181.43 (0.00) 0.990138
10/31/1996 0.00119 2.593808269 2,188.59 (0.00) 0.993388
11/30/1996 0.00115 2.518376824 2,195.19 (0.00) 0.996383
12/31/1996 0.00119 2.610167280 2,202.69 (0.00) 0.999789
01/02/1997 0.00008 0.168973549 2,203.16 (0.00) 1.000000
01/31/1997 0.00111 2.450633651 2,209.92 (0.02)
02/28/1997 0.00107 2.373394585 2,216.36 (0.04)
03/31/1997 0.00119 2.635337592 2,223.46 (0.08)
04/30/1997 0.00115 2.558500774 2,230.64 (0.11)
05/31/1997 0.00119 2.652327589 2,237.87 (0.23)
06/30/1997 0.00115 2.575083252 2,245.49 (0.18)
07/31/1997 0.00119 2.669983009 2,253.11 (0.20)
08/31/1997 0.00119 2.679044691 2,260.71 0.26
09/30/1997 0.00115 2.601359546 2,268.77 0.40
10/31/1997 0.00119 2.697655009 2,276.39 0.37
11/30/1997 0.00115 2.619413158 2,283.21 0.17
12/31/1997 0.00119 2.714826608 2,291.85 0.31
01/31/1998 0.00119 2.725108965 2,299.49 0.18
02/28/1998 0.00107 2.469591805 2,306.57 0.15
03/31/1998 0.00119 2.742600738 2,314.73 0.22
04/30/1998 0.00115 2.663525086 2,322.27 0.18
05/31/1998 0.00119 2.761270188 2,329.38 (0.03)
06/30/1998 0.00115 2.680384874 2,337.71 0.13
07/31/1998 0.00119 2.779629098 2,345.62 0.09
08/31/1998 0.00119 2.789043990 2,353.53 0.06
09/30/1998 0.00115 2.708169759 2,361.21 0.03
10/31/1998 0.00119 2.807581385 2,368.61 (0.10)
11/30/1998 0.00115 2.725520716 2,376.21 (0.05)
12/31/1998 0.00119 2.825414202 2,383.61 (0.08)
0.0400 #DIV/0!
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
HIGH INCOME SUBACCOUNT Surrender
FUND 121 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.320804 -----------------------------
Units purchased 3,117.168 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/19/1985 0.320804 3,117.168 1,000.00 1,000.00 3,431.46 0.00%
09/30/1985 0.321399 3,117.168 1,001.85 0.00001 0.007202739 1,001.85 3,431.46 0.00%
10/31/1985 0.325066 3,117.168 1,013.29 0.00002 0.020336278 1,013.29 3,431.46 0.00%
11/30/1985 0.329422 3,117.168 1,026.86 0.00002 0.019904811 1,026.86 3,431.46 0.00%
12/31/1985 0.340084 3,117.168 1,060.10 0.00002 0.020843927 1,060.10 3,431.46 0.00%
01/31/1986 0.343933 3,117.168 1,072.10 0.00002 0.021518557 1,072.10 3,431.46 0.00%
02/28/1986 0.355241 3,117.168 1,107.35 0.00002 0.01965609 1,107.35 3,431.46 0.00%
03/31/1986 0.363625 3,117.168 1,133.48 0.00002 0.022477604 1,133.48 3,431.46 0.00%
04/30/1986 0.369422 3,117.168 1,151.55 0.00002 0.022265899 1,151.55 3,431.46 0.00%
05/31/1986 0.374669 3,117.168 1,167.91 0.00002 0.023374896 1,167.91 3,431.46 0.00%
06/30/1986 0.378992 3,117.168 1,181.38 0.00002 0.022942158 1,181.38 3,431.46 0.00%
07/31/1986 0.377436 3,117.168 1,176.53 0.00002 0.023980431 1,176.53 3,431.46 0.00%
08/31/1986 0.378562 3,117.168 1,180.04 0.00002 0.023881976 1,180.04 3,431.46 0.00%
09/30/1986 0.381388 3,117.168 1,188.85 0.00002 0.023180538 1,188.85 3,431.46 0.00%
10/31/1986 0.392377 3,117.168 1,223.11 0.00002 0.024132036 1,223.11 3,431.46 0.00%
11/30/1986 0.393230 3,117.168 1,225.76 0.00002 0.024026474 1,225.76 3,431.46 0.00%
12/31/1986 0.395300 3,117.168 1,232.22 0.00002 0.02488133 1,232.22 3,431.46 0.00%
01/31/1987 0.409292 3,117.168 1,275.83 0.00002 0.025012307 1,275.83 3,431.46 0.00%
02/28/1987 0.415981 3,117.168 1,296.68 0.00002 0.023391417 1,296.68 3,431.46 0.00%
03/31/1987 0.419287 3,117.168 1,306.99 0.00002 0.026320882 1,306.99 3,431.46 0.00%
04/30/1987 0.405757 3,117.168 1,264.81 0.00002 0.025674258 1,264.81 3,431.46 0.00%
05/31/1987 0.401552 3,117.168 1,251.71 0.00002 0.025673966 1,251.71 3,431.46 0.00%
06/30/1987 0.409813 3,117.168 1,277.46 0.00002 0.024588288 1,277.46 3,431.46 0.00%
07/31/1987 0.409817 3,117.168 1,277.47 0.00002 0.025930606 1,277.47 3,431.46 0.00%
08/31/1987 0.412777 3,117.168 1,286.70 0.00002 0.025930859 1,286.70 3,431.46 0.00%
09/30/1987 0.397982 3,117.168 1,240.58 0.00002 0.02527563 1,240.58 3,431.46 0.00%
10/31/1987 0.378526 3,117.168 1,179.93 0.00002 0.025182009 1,179.93 3,431.46 0.00%
11/30/1987 0.389284 3,117.168 1,213.46 0.00002 0.023178334 1,213.46 3,431.46 0.00%
12/31/1987 0.395102 3,117.168 1,231.60 0.00002 0.024631649 1,231.60 3,431.46 0.00%
01/31/1988 0.407671 3,117.168 1,270.78 0.00002 0.024999779 1,270.78 3,431.46 0.00%
02/29/1988 0.419472 3,117.168 1,307.56 0.00002 0.024130875 1,307.56 3,431.46 0.00%
03/31/1988 0.416014 3,117.168 1,296.79 0.00002 0.026541772 1,296.79 3,431.46 0.00%
04/30/1988 0.418826 3,117.168 1,305.55 0.00002 0.025473842 1,305.55 3,431.46 0.00%
05/31/1988 0.417760 3,117.168 1,302.23 0.00002 0.026500897 1,302.23 3,431.46 0.00%
06/30/1988 0.426086 3,117.168 1,328.18 0.00002 0.025580755 1,328.18 3,431.46 0.00%
07/31/1988 0.430072 3,117.168 1,340.61 0.00002 0.026960268 1,340.61 3,431.46 0.00%
08/31/1988 0.427560 3,117.168 1,332.78 0.00002 0.027212479 1,332.78 3,431.46 0.00%
09/30/1988 0.430548 3,117.168 1,342.09 0.00002 0.02618084 1,342.09 3,431.46 0.00%
10/31/1988 0.434778 3,117.168 1,355.28 0.00002 0.027242598 1,355.28 3,431.46 0.00%
11/30/1988 0.432671 3,117.168 1,348.71 0.00002 0.02662282 1,348.71 3,431.46 0.00%
12/31/1988 0.435653 3,117.168 1,358.00 0.00002 0.027376929 1,358.00 3,431.46 0.00%
01/31/1989 0.445659 3,117.168 1,389.19 0.00002 0.027565613 1,389.19 3,431.46 0.00%
02/28/1989 0.447422 3,117.168 1,394.69 0.00002 0.025469825 1,394.69 3,431.46 0.00%
03/31/1989 0.441202 3,117.168 1,375.30 0.00002 0.028310287 1,375.30 3,431.46 0.00%
04/30/1989 0.435863 3,117.168 1,358.66 0.00002 0.027016182 1,358.66 3,431.46 0.00%
05/31/1989 0.443452 3,117.168 1,382.31 0.00002 0.0275789 1,382.31 3,431.46 0.00%
06/30/1989 0.455700 3,117.168 1,420.49 0.00002 0.027153957 1,420.49 3,431.46 0.00%
07/31/1989 0.452216 3,117.168 1,409.63 0.00002 0.028834071 1,409.63 3,431.46 0.00%
08/31/1989 0.449112 3,117.168 1,399.96 0.00002 0.028613624 1,399.96 3,431.46 0.00%
09/30/1989 0.432938 3,117.168 1,349.54 0.00002 0.027500536 1,349.54 3,431.46 0.00%
10/31/1989 0.413920 3,117.168 1,290.26 0.00002 0.027393823 1,290.26 3,431.46 0.00%
11/30/1989 0.413842 3,117.168 1,290.02 0.00002 0.02534562 1,290.02 3,431.46 0.00%
12/31/1989 0.412270 3,117.168 1,285.11 0.00002 0.026185538 1,285.11 3,431.46 0.00%
01/31/1990 0.402720 3,117.168 1,255.35 0.00002 0.026086071 1,255.35 3,431.46 0.00%
02/28/1990 0.396133 3,117.168 1,234.81 0.00002 0.023015821 1,234.81 3,431.46 0.00%
03/31/1990 0.391530 3,117.168 1,220.46 0.00002 0.025065015 1,220.46 3,431.46 0.00%
04/30/1990 0.392289 3,117.168 1,222.83 0.00002 0.02397461 1,222.83 3,431.46 0.00%
05/31/1990 0.399933 3,117.168 1,246.66 0.00002 0.024821788 1,246.66 3,431.46 0.00%
06/30/1990 0.405822 3,117.168 1,265.02 0.00002 0.024489152 1,265.02 3,431.46 0.00%
07/31/1990 0.411660 3,117.168 1,283.21 0.00002 0.025678079 1,283.21 3,431.46 0.00%
08/31/1990 0.404335 3,117.168 1,260.38 0.00002 0.026047474 1,260.38 3,431.46 0.00%
09/30/1990 0.394334 3,117.168 1,229.21 0.00002 0.0247587 1,229.21 3,431.46 0.00%
10/31/1990 0.384346 3,117.168 1,198.07 0.00002 0.024951184 1,198.07 3,431.46 0.00%
11/30/1990 0.392966 3,117.168 1,224.94 0.00002 0.023534711 1,224.94 3,431.46 0.00%
12/31/1990 0.398042 3,117.168 1,240.76 0.00002 0.024864625 1,240.76 3,431.46 0.00%
01/31/1991 0.406066 3,117.168 1,265.78 0.00002 0.025185805 1,265.78 3,431.46 0.00%
02/28/1991 0.428172 3,117.168 1,334.68 0.00002 0.023207048 1,334.68 3,431.46 0.00%
03/31/1991 0.442889 3,117.168 1,380.56 0.00002 0.027092258 1,380.56 3,431.46 0.00%
04/30/1991 0.458150 3,117.168 1,428.13 0.00002 0.027119482 1,428.13 3,431.46 0.00%
05/31/1991 0.464392 3,117.168 1,447.59 0.00002 0.028989093 1,447.59 3,431.46 0.00%
06/30/1991 0.473999 3,117.168 1,477.53 0.00002 0.028436178 1,477.53 3,431.46 0.00%
07/31/1991 0.491404 3,117.168 1,531.79 0.00002 0.029991927 1,531.79 3,431.46 0.00%
08/31/1991 0.497590 3,117.168 1,551.07 0.00002 0.031093215 1,551.07 3,431.46 0.00%
09/30/1991 0.508249 3,117.168 1,584.30 0.00002 0.030468996 1,584.30 3,431.46 0.00%
10/31/1991 0.525006 3,117.168 1,636.53 0.00002 0.032159069 1,636.53 3,431.46 0.00%
11/30/1991 0.528924 3,117.168 1,648.74 0.00002 0.032147764 1,648.74 3,431.46 0.00%
12/31/1991 0.531146 3,117.168 1,655.67 0.00002 0.033467264 1,655.67 3,431.46 0.00%
01/31/1992 0.558949 3,117.168 1,742.34 0.00002 0.03360786 1,742.34 3,431.46 0.00%
02/29/1992 0.578687 3,117.168 1,803.86 0.00002 0.033085327 1,803.86 3,431.46 0.00%
03/31/1992 0.596777 3,117.168 1,860.25 0.00002 0.03661598 1,860.25 3,431.46 0.00%
04/30/1992 0.600385 3,117.168 1,871.50 0.00002 0.036542527 1,871.50 3,431.46 0.00%
05/31/1992 0.606973 3,117.168 1,892.04 0.00002 0.037988905 1,892.04 3,431.46 0.00%
06/30/1992 0.612965 3,117.168 1,910.71 0.00002 0.03716686 1,910.71 3,431.46 0.00%
07/31/1992 0.624332 3,117.168 1,946.15 0.00002 0.038784895 1,946.15 3,431.46 0.00%
08/31/1992 0.636877 3,117.168 1,985.25 0.00002 0.039504133 1,985.25 3,431.46 0.00%
09/30/1992 0.642821 3,117.168 2,003.78 0.00002 0.038997976 2,003.78 3,431.46 0.00%
10/31/1992 0.632551 3,117.168 1,971.77 0.00002 0.04067401 1,971.77 3,431.46 0.00%
11/30/1992 0.639681 3,117.168 1,993.99 0.00002 0.038733081 1,993.99 3,431.46 0.00%
12/31/1992 0.646175 3,117.168 2,014.24 0.00002 0.040475329 2,014.24 3,431.46 0.00%
01/31/1993 0.662811 3,117.168 2,066.09 0.00002 0.040886232 2,066.09 3,431.46 0.00%
02/28/1993 0.673480 3,117.168 2,099.35 0.00002 0.037880263 2,099.35 3,431.46 0.00%
03/31/1993 0.688309 3,117.168 2,145.57 0.00002 0.042613935 2,145.57 3,431.46 0.00%
04/30/1993 0.692128 3,117.168 2,157.48 0.00002 0.042147318 2,157.48 3,431.46 0.00%
05/31/1993 0.701736 3,117.168 2,187.43 0.00002 0.043793873 2,187.43 3,431.46 0.00%
06/30/1993 0.719089 3,117.168 2,241.52 0.00002 0.042969496 2,241.52 3,431.46 0.00%
07/31/1993 0.725422 3,117.168 2,261.26 0.00002 0.04549981 2,261.26 3,431.46 0.00%
08/31/1993 0.732381 3,117.168 2,282.95 0.00002 0.045900526 2,282.95 3,431.46 0.00%
09/30/1993 0.734204 3,117.168 2,288.64 0.00002 0.044845985 2,288.64 3,431.46 0.00%
10/31/1993 0.750782 3,117.168 2,340.31 0.00002 0.0464562 2,340.31 3,431.46 0.00%
11/30/1993 0.757075 3,117.168 2,359.93 0.00002 0.045972736 2,359.93 3,431.46 0.00%
12/31/1993 0.768463 3,117.168 2,395.43 0.00002 0.047903345 2,395.43 3,431.46 0.00%
01/31/1994 0.793283 3,117.168 2,472.80 0.00002 0.048623913 2,472.80 3,431.46 2.00%
02/28/1994 0.791574 3,117.168 2,467.47 0.00002 0.045336859 2,467.47 3,431.46 2.00%
03/31/1994 0.764066 3,117.168 2,381.72 0.00002 0.050086243 2,381.72 3,431.46 2.00%
04/30/1994 0.755572 3,117.168 2,355.24 0.00002 0.046786157 2,355.24 3,431.46 2.00%
05/31/1994 0.756168 3,117.168 2,357.10 0.00002 0.047808244 2,357.10 3,431.46 2.00%
06/30/1994 0.752595 3,117.168 2,345.97 0.00002 0.046302538 2,345.97 3,431.46 2.00%
07/31/1994 0.754590 3,117.168 2,352.18 0.00002 0.047619877 2,352.18 3,431.46 2.00%
08/31/1994 0.753789 3,117.168 2,349.69 0.00002 0.047746109 2,349.69 3,431.46 2.00%
09/30/1994 0.758593 3,117.168 2,364.66 0.00002 0.046156864 2,364.66 3,431.46 2.00%
10/31/1994 0.750824 3,117.168 2,340.44 0.00002 0.047999396 2,340.44 3,431.46 2.00%
11/30/1994 0.743790 3,117.168 2,318.52 0.00002 0.045975308 2,318.52 3,431.46 2.00%
12/31/1994 0.746475 3,117.168 2,326.89 0.00002 0.047062747 2,326.89 3,431.46 2.00%
01/31/1995 0.754017 3,117.168 2,350.40 0.00002 0.047232639 2,350.40 3,431.46 4.00%
02/28/1995 0.779172 3,117.168 2,428.81 0.00002 0.04309277 2,428.81 3,431.46 4.00%
03/31/1995 0.788046 3,117.168 2,456.47 0.00002 0.049301516 2,456.47 3,431.46 4.00%
04/30/1995 0.810350 3,117.168 2,526.00 0.00002 0.048254528 2,526.00 3,431.46 4.00%
05/31/1995 0.830342 3,117.168 2,588.32 0.00002 0.051274281 2,588.32 3,431.46 4.00%
06/30/1995 0.831722 3,117.168 2,592.62 0.00002 0.050844444 2,592.62 3,431.46 4.00%
07/31/1995 0.850907 3,117.168 2,652.42 0.00002 0.052626578 2,652.42 3,431.46 4.00%
08/31/1995 0.856686 3,117.168 2,670.43 0.00002 0.053840494 2,670.43 3,431.46 4.00%
09/30/1995 0.869899 3,117.168 2,711.62 0.00002 0.05245757 2,711.62 3,431.46 4.00%
10/31/1995 0.877126 3,117.168 2,734.15 0.00002 0.055042198 2,734.15 3,431.46 4.00%
11/30/1995 0.880668 3,117.168 2,745.19 0.00002 0.053709175 2,745.19 3,431.46 4.00%
12/31/1995 0.890083 3,117.168 2,774.54 0.00002 0.055723599 2,774.54 3,431.46 4.00%
01/31/1996 0.909821 3,117.168 2,836.06 0.00002 0.056319326 2,836.06 3,431.46 6.00%
02/29/1996 0.923945 3,117.168 2,880.09 0.00002 0.053854153 2,880.09 3,431.46 6.00%
03/31/1996 0.920538 3,117.168 2,869.47 0.00002 0.058461918 2,869.47 3,431.46 6.00%
04/30/1996 0.933331 3,117.168 2,909.35 0.00002 0.056367428 2,909.35 3,431.46 6.00%
05/31/1996 0.945258 3,117.168 2,946.53 0.00002 0.05905581 2,946.53 3,431.46 6.00%
06/30/1996 0.949125 3,117.168 2,958.58 0.00002 0.057881111 2,958.58 3,431.46 6.00%
07/31/1996 0.944895 3,117.168 2,945.40 0.00002 0.060055163 2,945.40 3,431.46 6.00%
08/31/1996 0.957574 3,117.168 2,984.92 0.00002 0.059787513 2,984.92 3,431.46 6.00%
09/30/1996 0.984732 3,117.168 3,069.58 0.00002 0.058635259 3,069.58 3,431.46 6.00%
10/31/1996 0.980475 3,117.168 3,056.31 0.00002 0.062308169 3,056.31 3,431.46 6.00%
11/30/1996 0.989896 3,117.168 3,085.67 0.00002 0.060037559 3,085.67 3,431.46 6.00%
12/31/1996 1.002473 3,117.168 3,124.88 0.00002 0.062634917 3,124.88 3,431.46 6.00%
01/02/1997 1.000000 3,117.168 3,117.17 0.00000 0.004040962 3,117.17 3,431.46 6.00%
01/31/1997 1.015010 3,117.168 3,163.96 0.00002 0.059338413 3,163.96 3,431.46 6.00%
02/28/1997 1.032439 3,117.168 3,218.29 0.00002 0.058008762 3,218.29 3,431.46 6.00%
03/31/1997 0.999309 3,117.168 3,115.01 0.00002 0.065326793 3,115.01 3,431.46 6.00%
04/30/1997 1.013858 3,117.168 3,160.37 0.00002 0.061190824 3,160.37 3,431.46 6.00%
05/31/1997 1.055170 3,117.168 3,289.14 0.00002 0.064151095 3,289.14 3,431.46 6.00%
06/30/1997 1.073051 3,117.168 3,344.88 0.00002 0.064611368 3,344.88 3,431.46 6.00%
07/31/1997 1.110727 3,117.168 3,462.32 0.00002 0.067896487 3,462.32 3,431.46 6.00%
08/31/1997 1.119108 3,117.168 3,488.45 0.00002 0.070280407 3,488.45 3,431.46 6.00%
09/30/1997 1.157479 3,117.168 3,608.06 0.00002 0.068526492 3,608.06 3,431.46 6.00%
10/31/1997 1.145941 3,117.168 3,572.09 0.00002 0.073238604 3,572.09 3,431.46 6.00%
11/30/1997 1.153439 3,117.168 3,595.46 0.00002 0.070169561 3,595.46 3,431.46 6.00%
12/31/1997 1.165012 3,117.168 3,631.54 0.00002 0.072982976 3,631.54 3,431.46 6.00%
01/31/1998 1.190392 3,117.168 3,710.65 0.00002 0.073715249 3,710.65 3,431.46 6.00%
02/28/1998 1.198254 3,117.168 3,735.16 0.00002 0.068032006 3,735.16 3,431.46 6.00%
03/31/1998 1.222007 3,117.168 3,809.20 0.00002 0.075818612 3,809.20 3,431.46 6.00%
04/30/1998 1.225574 3,117.168 3,820.32 0.00002 0.074827321 3,820.32 3,431.46 6.00%
05/31/1998 1.215711 3,117.168 3,789.58 0.00002 0.077547264 3,789.58 3,431.46 6.00%
06/30/1998 1.213426 3,117.168 3,782.45 0.00002 0.074441797 3,782.45 3,431.46 6.00%
07/31/1998 1.218866 3,117.168 3,799.41 0.00002 0.076778608 3,799.41 3,431.46 6.00%
08/31/1998 1.067054 3,117.168 3,326.19 0.00002 0.07712282 3,326.19 3,431.46 6.00%
09/30/1998 1.055431 3,117.168 3,289.96 0.00002 0.065339062 3,289.96 3,431.46 6.00%
10/31/1998 1.025650 3,117.168 3,197.12 0.00002 0.066781595 3,197.12 3,431.46 6.00%
11/30/1998 1.108678 3,117.168 3,455.94 0.00002 0.062803766 3,455.94 3,431.46 6.00%
12/31/1998 1.100826 3,117.168 3,431.46 0.00002 0.070150758 3,431.46 3,431.46 6.00%
12/31/1998 3,431.46
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C>
09/19/1985 100.00% 3,431.46 13.2904 9.72% 9.72% 3,431.46 3,431.46 14
09/30/1985 100.00% 3,431.46 13.2603 9.73% 9.73% 3,425.11 3,425.11 14
10/31/1985 100.00% 3,431.46 13.1753 9.70% 9.70% 3,386.47 3,386.47 14
11/30/1985 100.00% 3,431.46 13.0932 9.65% 9.65% 3,341.69 3,341.69 14
12/31/1985 100.00% 3,431.46 13.0082 9.45% 9.45% 3,236.92 3,236.92 14
01/31/1986 100.00% 3,431.46 12.9233 9.42% 9.42% 3,200.70 3,200.70 13
02/28/1986 100.00% 3,431.46 12.8466 9.20% 9.20% 3,098.81 3,098.81 13
03/31/1986 100.00% 3,431.46 12.7616 9.07% 9.07% 3,027.37 3,027.37 13
04/30/1986 100.00% 3,431.46 12.6795 8.99% 8.99% 2,979.86 2,979.86 13
05/31/1986 100.00% 3,431.46 12.5945 8.93% 8.93% 2,938.13 2,938.13 13
06/30/1986 100.00% 3,431.46 12.5123 8.90% 8.90% 2,904.62 2,904.62 13
07/31/1986 100.00% 3,431.46 12.4274 9.00% 9.00% 2,916.59 2,916.59 13
08/31/1986 100.00% 3,431.46 12.3425 9.03% 9.03% 2,907.91 2,907.91 13
09/30/1986 100.00% 3,431.46 12.2603 9.03% 9.03% 2,886.37 2,886.37 13
10/31/1986 100.00% 3,431.46 12.1753 8.84% 8.84% 2,805.53 2,805.53 13
11/30/1986 100.00% 3,431.46 12.0932 8.89% 8.89% 2,799.45 2,799.45 13
12/31/1986 100.00% 3,431.46 12.0082 8.90% 8.90% 2,784.79 2,784.79 13
01/31/1987 100.00% 3,431.46 11.9233 8.65% 8.65% 2,689.59 2,689.59 12
02/28/1987 100.00% 3,431.46 11.8466 8.56% 8.56% 2,646.34 2,646.34 12
03/31/1987 100.00% 3,431.46 11.7616 8.55% 8.55% 2,625.47 2,625.47 12
04/30/1987 100.00% 3,431.46 11.6795 8.92% 8.92% 2,713.02 2,713.02 12
05/31/1987 100.00% 3,431.46 11.5945 9.09% 9.09% 2,741.43 2,741.43 12
06/30/1987 100.00% 3,431.46 11.5123 8.96% 8.96% 2,686.17 2,686.17 12
07/31/1987 100.00% 3,431.46 11.4274 9.03% 9.03% 2,686.14 2,686.14 12
08/31/1987 100.00% 3,431.46 11.3425 9.03% 9.03% 2,666.88 2,666.88 12
09/30/1987 100.00% 3,431.46 11.2603 9.46% 9.46% 2,766.02 2,766.02 12
10/31/1987 100.00% 3,431.46 11.1753 10.02% 10.02% 2,908.19 2,908.19 12
11/30/1987 100.00% 3,431.46 11.0932 9.82% 9.82% 2,827.82 2,827.82 12
12/31/1987 100.00% 3,431.46 11.0082 9.76% 9.76% 2,786.18 2,786.18 12
01/31/1988 100.00% 3,431.46 10.9233 9.52% 9.52% 2,700.28 2,700.28 11
02/29/1988 100.00% 3,431.46 10.8438 9.31% 9.31% 2,624.31 2,624.31 11
03/31/1988 100.00% 3,431.46 10.7589 9.47% 9.47% 2,646.13 2,646.13 11
04/30/1988 100.00% 3,431.46 10.6767 9.47% 9.47% 2,628.36 2,628.36 11
05/31/1988 100.00% 3,431.46 10.5918 9.58% 9.58% 2,635.07 2,635.07 11
06/30/1988 100.00% 3,431.46 10.5096 9.45% 9.45% 2,583.58 2,583.58 11
07/31/1988 100.00% 3,431.46 10.4247 9.43% 9.43% 2,559.63 2,559.63 11
08/31/1988 100.00% 3,431.46 10.3397 9.58% 9.58% 2,574.67 2,574.67 11
09/30/1988 100.00% 3,431.46 10.2575 9.58% 9.58% 2,556.80 2,556.80 11
10/31/1988 100.00% 3,431.46 10.1726 9.56% 9.56% 2,531.93 2,531.93 11
11/30/1988 100.00% 3,431.46 10.0904 9.70% 9.70% 2,544.26 2,544.26 11
12/31/1988 100.00% 3,431.46 10.0055 9.71% 9.71% 2,526.84 2,526.84 11
01/31/1989 100.00% 3,431.46 9.9205 9.54% 9.54% 2,470.11 2,470.11 10
02/28/1989 100.00% 3,431.46 9.8438 9.58% 9.58% 2,460.38 2,460.38 10
03/31/1989 100.00% 3,431.46 9.7589 9.82% 9.82% 2,495.06 2,495.06 10
04/30/1989 100.00% 3,431.46 9.6767 10.05% 10.05% 2,525.62 2,525.62 10
05/31/1989 100.00% 3,431.46 9.5918 9.94% 9.94% 2,482.40 2,482.40 10
06/30/1989 100.00% 3,431.46 9.5096 9.72% 9.72% 2,415.68 2,415.68 10
07/31/1989 100.00% 3,431.46 9.4247 9.90% 9.90% 2,434.29 2,434.29 10
08/31/1989 100.00% 3,431.46 9.3397 10.08% 10.08% 2,451.12 2,451.12 10
09/30/1989 100.00% 3,431.46 9.2575 10.61% 10.61% 2,542.69 2,542.69 10
10/31/1989 100.00% 3,431.46 9.1726 11.25% 11.25% 2,659.51 2,659.51 10
11/30/1989 100.00% 3,431.46 9.0904 11.36% 11.36% 2,660.02 2,660.02 10
12/31/1989 100.00% 3,431.46 9.0055 11.52% 11.52% 2,670.16 2,670.16 10
01/31/1990 90.00% 3,431.46 8.9205 11.93% 11.93% 2,733.48 2,733.48 9
02/28/1990 90.00% 3,431.46 8.8438 12.25% 12.25% 2,778.93 2,778.93 9
03/31/1990 90.00% 3,431.46 8.7589 12.53% 12.53% 2,811.60 2,811.60 9
04/30/1990 90.00% 3,431.46 8.6767 12.63% 12.63% 2,806.16 2,806.16 9
05/31/1990 90.00% 3,431.46 8.5918 12.51% 12.51% 2,752.53 2,752.53 9
06/30/1990 90.00% 3,431.46 8.5096 12.44% 12.44% 2,712.58 2,712.58 9
07/31/1990 90.00% 3,431.46 8.4247 12.38% 12.38% 2,674.11 2,674.11 9
08/31/1990 90.00% 3,431.46 8.3397 12.76% 12.76% 2,722.56 2,722.56 9
09/30/1990 90.00% 3,431.46 8.2575 13.24% 13.24% 2,791.61 2,791.61 9
10/31/1990 90.00% 3,431.46 8.1726 13.74% 13.74% 2,864.15 2,864.15 9
11/30/1990 90.00% 3,431.46 8.0904 13.58% 13.58% 2,801.33 2,801.33 9
12/31/1990 90.00% 3,431.46 8.0055 13.55% 13.55% 2,765.60 2,765.60 9
01/31/1991 80.00% 3,431.46 7.9205 13.42% 13.42% 2,710.95 2,710.95 8
02/28/1991 80.00% 3,431.46 7.8438 12.79% 12.79% 2,570.99 2,570.99 8
03/31/1991 80.00% 3,431.46 7.7589 12.45% 12.45% 2,485.56 2,485.56 8
04/30/1991 80.00% 3,431.46 7.6767 12.10% 12.10% 2,402.76 2,402.76 8
05/31/1991 80.00% 3,431.46 7.5918 12.04% 12.04% 2,370.47 2,370.47 8
06/30/1991 80.00% 3,431.46 7.5096 11.87% 11.87% 2,322.42 2,322.42 8
07/31/1991 80.00% 3,431.46 7.4247 11.48% 11.48% 2,240.16 2,240.16 8
08/31/1991 80.00% 3,431.46 7.3397 11.43% 11.43% 2,212.32 2,212.32 8
09/30/1991 80.00% 3,431.46 7.2575 11.24% 11.24% 2,165.92 2,165.92 8
10/31/1991 80.00% 3,431.46 7.1726 10.87% 10.87% 2,096.79 2,096.79 8
11/30/1991 80.00% 3,431.46 7.0904 10.89% 10.89% 2,081.26 2,081.26 8
12/31/1991 80.00% 3,431.46 7.0055 10.96% 10.96% 2,072.55 2,072.55 8
01/31/1992 70.00% 3,431.46 6.9205 10.29% 10.29% 1,969.46 1,969.46 7
02/29/1992 70.00% 3,431.46 6.8411 9.86% 9.86% 1,902.28 1,902.28 7
03/31/1992 70.00% 3,431.46 6.7562 9.49% 9.49% 1,844.62 1,844.62 7
04/30/1992 70.00% 3,431.46 6.6740 9.51% 9.51% 1,833.53 1,833.53 7
05/31/1992 70.00% 3,431.46 6.5890 9.46% 9.46% 1,813.63 1,813.63 7
06/30/1992 70.00% 3,431.46 6.5068 9.42% 9.42% 1,795.90 1,795.90 7
07/31/1992 70.00% 3,431.46 6.4219 9.23% 9.23% 1,763.21 1,763.21 7
08/31/1992 70.00% 3,431.46 6.3370 9.02% 9.02% 1,728.48 1,728.48 7
09/30/1992 70.00% 3,431.46 6.2548 8.98% 8.98% 1,712.49 1,712.49 7
10/31/1992 70.00% 3,431.46 6.1699 9.40% 9.40% 1,740.30 1,740.30 7
11/30/1992 70.00% 3,431.46 6.0877 9.33% 9.33% 1,720.90 1,720.90 7
12/31/1992 70.00% 3,431.46 6.0027 9.28% 9.28% 1,703.60 1,703.60 7
01/31/1993 60.00% 3,431.46 5.9178 8.95% 8.95% 1,660.84 1,660.84 6
02/28/1993 60.00% 3,431.46 5.8411 8.78% 8.78% 1,634.53 1,634.53 6
03/31/1993 60.00% 3,431.46 5.7562 8.50% 8.50% 1,599.32 1,599.32 6
04/30/1993 60.00% 3,431.46 5.6740 8.52% 8.52% 1,590.49 1,590.49 6
05/31/1993 60.00% 3,431.46 5.5890 8.39% 8.39% 1,568.72 1,568.72 6
06/30/1993 60.00% 3,431.46 5.5068 8.04% 8.04% 1,530.86 1,530.86 6
07/31/1993 60.00% 3,431.46 5.4219 8.00% 8.00% 1,517.50 1,517.50 6
08/31/1993 60.00% 3,431.46 5.3370 7.93% 7.93% 1,503.08 1,503.08 6
09/30/1993 60.00% 3,431.46 5.2548 8.01% 8.01% 1,499.35 1,499.35 6
10/31/1993 60.00% 3,431.46 5.1699 7.68% 7.68% 1,466.24 1,466.24 6
11/30/1993 60.00% 3,431.46 5.0877 7.64% 7.64% 1,454.05 1,454.05 6
12/31/1993 60.00% 3,431.46 5.0027 7.45% 7.45% 1,432.50 1,432.50 6
01/31/1994 50.00% 3,416.32 4.9178 6.79% 6.89% 1,381.56 1,387.68 5
02/28/1994 50.00% 3,416.42 4.8411 6.95% 7.05% 1,384.59 1,390.68 5
03/31/1994 50.00% 3,418.14 4.7562 7.89% 7.98% 1,435.15 1,440.75 5
04/30/1994 50.00% 3,418.67 4.6740 8.30% 8.38% 1,451.51 1,456.94 5
05/31/1994 50.00% 3,418.63 4.5890 8.44% 8.53% 1,450.35 1,455.80 5
06/30/1994 50.00% 3,418.85 4.5068 8.72% 8.80% 1,457.33 1,462.71 5
07/31/1994 50.00% 3,418.73 4.4219 8.82% 8.92% 1,453.43 1,458.84 5
08/31/1994 50.00% 3,418.78 4.3370 9.03% 9.12% 1,454.99 1,460.39 5
09/30/1994 50.00% 3,418.48 4.2548 9.05% 9.15% 1,445.65 1,451.14 5
10/31/1994 50.00% 3,418.97 4.1699 9.51% 9.61% 1,460.82 1,466.16 5
11/30/1994 50.00% 3,419.40 4.0877 9.97% 10.07% 1,474.82 1,480.02 5
12/31/1994 50.00% 3,419.24 4.0027 10.09% 10.19% 1,469.45 1,474.70 5
01/31/1995 40.00% 3,392.35 3.9178 9.82% 10.14% 1,443.31 1,459.95 4
02/28/1995 40.00% 3,389.21 3.8411 9.06% 9.41% 1,395.42 1,412.82 4
03/31/1995 40.00% 3,388.10 3.7562 8.94% 9.31% 1,379.26 1,396.91 4
04/30/1995 40.00% 3,385.32 3.6740 8.30% 8.70% 1,340.19 1,358.46 4
05/31/1995 40.00% 3,382.83 3.5890 7.74% 8.17% 1,306.96 1,325.75 4
06/30/1995 40.00% 3,382.66 3.5068 7.88% 8.32% 1,304.73 1,323.55 4
07/31/1995 40.00% 3,380.27 3.4219 7.34% 7.82% 1,274.41 1,293.71 4
08/31/1995 40.00% 3,379.55 3.3370 7.31% 7.80% 1,265.54 1,284.98 4
09/30/1995 40.00% 3,377.90 3.2548 6.98% 7.50% 1,245.71 1,265.46 4
10/31/1995 40.00% 3,377.00 3.1699 6.89% 7.43% 1,235.12 1,255.04 4
11/30/1995 40.00% 3,376.56 3.0877 6.93% 7.49% 1,229.99 1,249.99 4
12/31/1995 40.00% 3,375.38 3.0027 6.75% 7.33% 1,216.56 1,236.77 4
01/31/1996 30.00% 3,323.06 2.9178 5.58% 6.75% 1,171.72 1,209.94 3
02/29/1996 30.00% 3,320.42 2.8384 5.14% 6.37% 1,152.89 1,191.44 3
03/31/1996 30.00% 3,321.06 2.7534 5.45% 6.71% 1,157.38 1,195.85 3
04/30/1996 30.00% 3,318.66 2.6712 5.05% 6.37% 1,140.69 1,179.46 3
05/31/1996 30.00% 3,316.43 2.5863 4.68% 6.07% 1,125.54 1,164.58 3
06/30/1996 30.00% 3,315.71 2.5041 4.66% 6.10% 1,120.71 1,159.83 3
07/31/1996 30.00% 3,316.50 2.4192 5.03% 6.52% 1,126.00 1,165.02 3
08/31/1996 30.00% 3,314.13 2.3342 4.58% 6.15% 1,110.29 1,149.60 3
09/30/1996 30.00% 3,309.05 2.2521 3.39% 5.07% 1,078.02 1,117.89 3
10/31/1996 30.00% 3,309.85 2.1671 3.75% 5.49% 1,082.96 1,122.75 3
11/30/1996 30.00% 3,308.09 2.0849 3.39% 5.23% 1,072.08 1,112.06 3
12/31/1996 30.00% 3,305.73 2.0000 2.85% 4.79% 1,057.88 1,098.11 3
01/02/1997 20.00% 3,285.61 1.9945 2.67% 4.93% 1,054.04 1,100.83 2
01/31/1997 20.00% 3,282.80 1.9151 1.94% 4.33% 1,037.56 1,084.55 2
02/28/1997 20.00% 3,279.54 1.8384 1.03% 3.55% 1,019.03 1,066.24 2
03/31/1997 20.00% 3,285.74 1.7534 3.09% 5.67% 1,054.81 1,101.59 2
04/30/1997 20.00% 3,283.02 1.6712 2.30% 5.05% 1,038.81 1,085.78 2
05/31/1997 20.00% 3,275.29 1.5863 -0.27% 2.71% 995.79 1,043.27 2
06/30/1997 20.00% 3,271.94 1.5041 -1.46% 1.71% 978.19 1,025.88 2
07/31/1997 20.00% 3,264.90 1.4192 -4.05% -0.63% 942.98 991.09 2
08/31/1997 20.00% 3,263.33 1.3342 -4.88% -1.23% 935.47 983.66 2
09/30/1997 20.00% 3,256.15 1.2521 -7.87% -3.93% 902.47 951.05 2
10/31/1997 20.00% 3,258.31 1.1671 -7.58% -3.38% 912.16 960.63 2
11/30/1997 20.00% 3,256.91 1.0849 -8.71% -4.21% 905.84 954.39 2
12/31/1997 20.00% 3,254.74 1.0000 -10.38% -5.51% 896.24 944.91 2
01/31/1998 10.00% 3,229.41 0.9151 -12.97% -7.52% 880.63 930.92 1
02/28/1998 10.00% 3,227.94 0.8384 -13.58% -8.13% 884.83 931.37 1
03/31/1998 10.00% 3,223.50 0.7534 -15.38% -9.92% 881.81 924.34 1
04/30/1998 10.00% 3,222.83 0.6712 -15.64% -10.18% 892.12 930.48 1
05/31/1998 10.00% 3,224.67 0.5863 -14.91% -9.45% 909.70 943.46 1
06/30/1998 10.00% 3,225.10 0.5041 -14.74% -9.28% 922.79 952.09 1
07/31/1998 10.00% 3,224.08 0.4192 -15.14% -9.68% 933.48 958.20 1
08/31/1998 10.00% 3,252.48 0.3342 -2.22% 3.16% 992.54 1,010.47 1
09/30/1998 10.00% 3,254.65 0.2521 -1.07% 4.30% 997.28 1,010.67 1
10/31/1998 10.00% 3,260.22 0.1671 1.97% 7.33% 1,003.27 1,011.89 1
11/30/1998 10.00% 3,244.69 0.0849 -6.11% -0.71% 994.66 999.40 1
12/31/1998 10.00% 3,246.16 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
HIGH INCOME SUBACCOUNT Surrender
FUND 121 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.320804 -----------------------------
Units purchased 3,117.168 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 3,455.94 3,244.69 3,431.46 -6.11% -0.71%
09/30/1998 0.25 0.25 3 mths 3,289.96 3,254.65 3,431.46 -1.07% 4.30%
12/31/1997 1.00 1.00 YTD 3,631.54 3,254.74 3,431.46 -10.38% -5.51%
12/31/1997 1.00 1.00 1 Year 3,631.54 3,254.74 3,431.46 -10.38% -5.51%
12/31/1996 2.00 2.00 2 Year 3,124.88 3,305.73 3,431.46 2.85% 4.79%
12/31/1995 3.00 3.00 3 Year 2,774.54 3,375.38 3,431.46 6.75% 7.33%
12/31/1994 4.00 4.00 4 Year 2,326.89 3,419.24 3,431.46 10.09% 10.19%
12/31/1993 5.00 5.00 5 Year 2,395.43 3,431.46 3,431.46 7.45% 7.45%
12/31/1988 10.01 10.01 10 Year 1,358.00 3,431.46 3,431.46 9.71% 9.71%
09/19/1985 13.29 13.29 Portfolio Inc Dt 1,000.00 3,431.46 3,431.46 9.72% 9.72%
01/02/1997 1.99 1.99 Subacct Inc Dt 3,117.17 3,285.61 3,431.46 2.67% 4.93%
12/31/1992 2,014.24
12/31/1993 1 2,395.43 18.92%
12/31/1994 1 2,326.89 -2.86%
12/31/1995 1 2,774.54 19.24%
12/31/1996 1 3,124.88 12.63%
12/31/1997 1 3,631.54 16.21%
12/31/1998 1 3,431.46 -5.51%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
HIGH INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/19/1985 0 100 10 1,000.00
09/30/1985 1000 0.02231 10 100.223 10 1,002.23 0.22%
10/31/1985 1002.23 0.08478 10.04 101.069 10.04 1,014.73 1.25%
11/30/1985 1014.73 0.10482 10.08 102.12 10.08 1,029.37 1.44%
12/31/1985 1029.37 0.10692 10.31 103.179 10.31 1,063.78 3.34%
01/31/1986 1063.78 0.10769 10.33 104.255 10.33 1,076.95 1.24%
02/28/1986 1076.95 0.09944 10.58 105.235 10.58 1,113.39 3.38%
03/31/1986 1113.39 0.10097 10.74 106.224 10.74 1,140.85 2.47%
04/30/1986 1140.85 0.10223 10.82 107.228 10.82 1,160.21 1.70%
05/31/1986 1160.21 0.10522 10.88 108.265 10.88 1,177.92 1.53%
06/30/1986 1177.92 0.10674 10.91 109.324 10.91 1,192.72 1.26%
07/31/1986 1192.72 0.10683 10.77 110.408 10.77 1,189.09 -0.30%
08/31/1986 1189.09 0.10348 10.71 111.475 10.71 1,193.90 0.40%
09/30/1986 1193.9 0.10095 10.7 112.527 10.7 1,204.04 0.85%
10/31/1986 1204.04 0.09969 10.92 113.554 10.92 1,240.01 2.99%
11/30/1986 1240.01 0.09501 10.86 114.547 10.86 1,243.98 0.32%
12/31/1986 1243.98 0.09868 10.83 115.591 10.83 1,251.85 0.63%
01/31/1987 1251.85 0.09483 11.13 116.576 11.13 1,297.49 3.65%
02/28/1987 1297.49 0.09260 11.23 117.537 11.23 1,319.94 1.73%
03/31/1987 1319.94 0.24092 11.08 120.093 11.09 1,331.83 0.90%
04/30/1987 1331.83 0.09343 10.65 121.147 10.65 1,290.22 -3.12%
05/31/1987 1290.22 0.09099 10.46 122.201 10.46 1,278.22 -0.93%
06/30/1987 1278.22 0.09591 10.59 123.308 10.59 1,305.83 2.16%
07/31/1987 1305.83 0.10133 10.5 124.498 10.5 1,307.23 0.11%
08/31/1987 1307.23 0.09698 10.49 125.649 10.49 1,318.06 0.83%
09/30/1987 1318.06 0.09472 10.03 126.836 10.03 1,272.17 -3.48%
10/31/1987 1272.17 0.10036 9.45 128.183 9.45 1,211.33 -4.78%
11/30/1987 1211.33 0.08833 9.64 129.357 9.64 1,247.00 2.94%
12/31/1987 1247 0.11429 9.68 130.884 9.68 1,266.96 1.60%
01/31/1988 1266.96 0.09824 9.9 132.183 9.90 1,308.61 3.29%
02/29/1988 1308.61 0.09641 10.1 133.445 10.10 1,347.79 2.99%
03/31/1988 1347.79 0.09743 9.93 134.754 9.93 1,338.11 -0.72%
04/30/1988 1338.11 0.09740 9.91 136.078 9.91 1,348.53 0.78%
05/31/1988 1348.53 0.09527 9.8 137.401 9.80 1,346.53 -0.15%
06/30/1988 1346.53 0.09540 9.91 138.724 9.91 1,374.75 2.10%
07/31/1988 1374.75 0.09316 9.92 140.027 9.92 1,389.07 1.04%
08/31/1988 1389.07 0.09262 9.78 141.353 9.78 1,382.43 -0.48%
09/30/1988 1382.43 0.08840 9.77 142.632 9.77 1,393.51 0.80%
10/31/1988 1393.51 0.08636 9.79 143.89 9.79 1,408.68 1.09%
11/30/1988 1408.68 0.08262 9.67 145.119 9.67 1,403.30 -0.38%
12/31/1988 1403.3 0.08684 9.66 146.424 9.66 1,414.46 0.80%
01/31/1989 1414.46 0.10214 9.79 147.952 9.79 1,448.45 2.40%
02/28/1989 1448.45 0.09815 9.74 149.443 9.74 1,455.57 0.49%
03/31/1989 1455.57 0.10485 9.51 151.091 9.51 1,436.88 -1.28%
04/30/1989 1436.88 0.10468 9.3 152.792 9.30 1,420.97 -1.11%
05/31/1989 1420.97 0.10183 9.37 154.453 9.37 1,447.22 1.85%
06/30/1989 1447.22 0.09837 9.54 156.046 9.54 1,488.68 2.86%
07/31/1989 1488.68 0.09720 9.38 157.663 9.38 1,478.88 -0.66%
08/31/1989 1478.88 0.09559 9.23 159.296 9.23 1,470.30 -0.58%
09/30/1989 1470.3 0.09704 8.81 161.051 8.81 1,418.86 -3.50%
10/31/1989 1418.86 0.09231 8.34 162.834 8.34 1,358.04 -4.29%
11/30/1989 1358.04 0.09702 8.25 164.749 8.25 1,359.18 0.08%
12/31/1989 1359.18 0.11739 8.11 167.134 8.11 1,355.46 -0.27%
01/31/1990 1355.46 0.08073 7.85 168.853 7.85 1,325.50 -2.21%
02/28/1990 1325.5 0.06913 7.66 170.377 7.66 1,305.09 -1.54%
03/31/1990 1305.09 0.06918 7.51 171.946 7.51 1,291.31 -1.06%
04/30/1990 1291.31 0.06225 7.47 173.379 7.47 1,295.14 0.30%
05/31/1990 1295.14 0.06349 7.56 174.835 7.56 1,321.75 2.05%
06/30/1990 1321.75 0.06909 7.61 176.422 7.61 1,342.57 1.58%
07/31/1990 1342.57 0.06755 7.66 177.978 7.66 1,363.31 1.54%
08/31/1990 1363.31 0.07186 7.46 179.692 7.46 1,340.50 -1.67%
09/30/1990 1340.5 0.07311 7.21 181.514 7.21 1,308.72 -2.37%
10/31/1990 1308.72 0.07504 6.96 183.471 6.96 1,276.96 -2.43%
11/30/1990 1276.96 0.07325 7.05 185.377 7.05 1,306.91 2.35%
12/31/1990 1306.91 0.07858 7.07 187.437 7.07 1,325.18 1.40%
01/31/1991 1325.18 0.00000 10 187.437 7.22 1,353.30 2.12%
02/28/1991 1353.3 0.00000 10 187.437 7.62 1,428.27 5.54%
03/31/1991 1428.27 0.00000 10 187.437 7.89 1,478.88 3.54%
04/30/1991 1478.88 0.00000 10 187.437 8.17 1,531.36 3.55%
05/31/1991 1531.36 0.00000 10 187.437 8.29 1,553.85 1.47%
06/30/1991 1553.85 0.00000 10 187.437 8.47 1,587.59 2.17%
07/31/1991 1587.59 0.00000 10 187.437 8.79 1,647.57 3.78%
08/31/1991 1647.57 0.00000 10 187.437 8.91 1,670.06 1.37%
09/30/1991 1670.06 0.00000 10 187.437 9.11 1,707.55 2.24%
10/31/1991 1707.55 0.00000 10 187.437 9.42 1,765.66 3.40%
11/30/1991 1765.66 0.00000 10 187.437 9.50 1,780.65 0.85%
12/31/1991 1780.65 0.00000 10 187.437 9.55 1,790.02 0.53%
01/31/1992 1790.02 0.00000 10 187.437 10.06 1,885.62 5.34%
02/29/1992 1885.62 0.81000 9.3 203.762 9.59 1,954.08 3.63%
03/31/1992 1954.08 0.00000 10 203.762 9.90 2,017.24 3.23%
04/30/1992 2017.24 0.00000 10 203.762 9.97 2,031.51 0.71%
05/31/1992 2031.51 0.00000 10 203.762 10.09 2,055.96 1.20%
06/30/1992 2055.96 0.00000 10 203.762 10.20 2,078.37 1.09%
07/31/1992 2078.37 0.00000 10 203.762 10.40 2,119.12 1.96%
08/31/1992 2119.12 0.00000 10 203.762 10.62 2,163.95 2.12%
09/30/1992 2163.95 0.00000 10 203.762 10.73 2,186.37 1.04%
10/31/1992 2186.37 0.00000 10 203.762 10.57 2,153.76 -1.49%
11/30/1992 2153.76 0.00000 10 203.762 10.70 2,180.25 1.23%
12/31/1992 2180.25 0.00000 10 203.762 10.82 2,204.70 1.12%
01/31/1993 2204.7 0.00000 10 203.762 11.11 2,263.80 2.68%
02/28/1993 2263.8 0.89000 10.29 221.386 10.40 2,302.41 1.71%
03/31/1993 2302.41 0.00000 10 221.386 10.64 2,355.55 2.31%
04/30/1993 2355.55 0.00000 10 221.386 10.71 2,371.04 0.66%
05/31/1993 2371.04 0.00000 10 221.386 10.87 2,406.47 1.49%
06/30/1993 2406.47 0.00000 10 221.386 11.15 2,468.45 2.58%
07/31/1993 2468.45 0.00000 10 221.386 11.26 2,492.81 0.99%
08/31/1993 2492.81 0.00000 10 221.386 11.38 2,519.37 1.07%
09/30/1993 2519.37 0.00000 10 221.386 11.42 2,528.23 0.35%
10/31/1993 2528.23 0.00000 10 221.386 11.69 2,588.00 2.36%
11/30/1993 2588 0.00000 10 221.386 11.80 2,612.35 0.94%
12/31/1993 2612.35 0.00000 10 221.386 11.99 2,654.42 1.61%
01/31/1994 2654.42 0.00000 10 221.386 12.39 2,742.97 3.34%
02/28/1994 2742.97 1.10000 11.33 242.88 11.28 2,739.69 -0.12%
03/31/1994 2739.69 0.00000 10 242.88 10.90 2,647.39 -3.37%
04/30/1994 2647.39 0.00000 10 242.88 10.79 2,620.68 -1.01%
05/31/1994 2620.68 0.00000 10 242.88 10.81 2,625.53 0.19%
06/30/1994 2625.53 0.00000 10 242.88 10.77 2,615.82 -0.37%
07/31/1994 2615.82 0.00000 10 242.88 10.81 2,625.53 0.37%
08/31/1994 2625.53 0.00000 10 242.88 10.81 2,625.53 0.00%
09/30/1994 2625.53 0.00000 10 242.88 10.89 2,644.96 0.74%
10/31/1994 2644.96 0.00000 10 242.88 10.79 2,620.68 -0.92%
11/30/1994 2620.68 0.00000 10 242.88 10.70 2,598.82 -0.83%
12/31/1994 2598.82 0.00000 10 242.88 10.75 2,610.96 0.47%
01/31/1995 2610.96 0.00000 10 242.88 10.87 2,640.11 1.12%
02/28/1995 2640.11 0.78000 10.14 261.563 10.44 2,730.72 3.43%
03/31/1995 2730.72 0.00000 10 261.563 10.57 2,764.72 1.25%
04/30/1995 2764.72 0.00000 10 261.563 10.88 2,845.81 2.93%
05/31/1995 2845.81 0.00000 10 261.563 11.16 2,919.04 2.57%
06/30/1995 2919.04 0.00000 10 261.563 11.19 2,926.89 0.27%
07/31/1995 2926.89 0.00000 10 261.563 11.46 2,997.51 2.41%
08/31/1995 2997.51 0.00000 10 261.563 11.55 3,021.05 0.79%
09/30/1995 3021.05 0.00000 10 261.563 11.74 3,070.75 1.65%
10/31/1995 3070.75 0.00000 10 261.563 11.85 3,099.52 0.94%
11/30/1995 3099.52 0.00000 10 261.563 11.91 3,115.22 0.51%
12/31/1995 3115.22 0.00000 10 261.563 12.05 3,151.83 1.18%
01/31/1996 3151.83 0.00000 10 261.563 12.33 3,225.07 2.32%
02/29/1996 3225.07 1.10000 11.28 287.07 11.42 3,278.34 1.65%
03/31/1996 3278.34 0.00000 10 287.07 11.39 3,269.73 -0.26%
04/30/1996 3269.73 0.00000 10 287.07 11.56 3,318.53 1.49%
05/31/1996 3318.53 0.00000 10 287.07 11.72 3,364.46 1.38%
06/30/1996 3364.46 0.00000 10 287.07 11.78 3,381.68 0.51%
07/31/1996 3381.68 0.00000 10 287.07 11.74 3,370.20 -0.34%
08/31/1996 3370.2 0.00000 10 287.07 11.91 3,419.00 1.45%
09/30/1996 3419 0.00000 10 287.07 12.26 3,519.48 2.94%
10/31/1996 3519.48 0.00000 10 287.07 12.22 3,508.00 -0.33%
11/30/1996 3508 0.00000 10 287.07 12.35 3,545.31 1.06%
12/31/1996 3545.31 0.00000 10 287.07 12.52 3,594.12 1.38%
01/02/1997 3594.12 0.00000 10 287.07 12.49 3,585.50 -0.24%
01/31/1997 3585.5 0.00000 10 287.07 12.69 3,642.92 1.60%
02/28/1997 3642.92 1.00000 11.79 311.419 11.91 3,709.00 1.81%
03/31/1997 3709 0.00000 10 311.419 11.54 3,593.78 -3.11%
04/30/1997 3593.78 0.00000 10 311.419 11.72 3,649.83 1.56%
05/31/1997 3649.83 0.00000 10 311.419 12.21 3,802.43 4.18%
06/30/1997 3802.43 0.00000 10 311.419 12.43 3,870.94 1.80%
07/31/1997 3870.94 0.00000 10 311.419 12.88 4,011.08 3.62%
08/31/1997 4011.08 0.00000 10 311.419 12.99 4,045.33 0.85%
09/30/1997 4045.33 0.00000 10 311.419 13.45 4,188.59 3.54%
10/31/1997 4188.59 0.00000 10 311.419 13.33 4,151.22 -0.89%
11/30/1997 4151.22 0.00000 10 311.419 13.43 4,182.36 0.75%
12/31/1997 4182.36 0.00000 10 311.419 13.58 4,229.07 1.12%
01/31/1998 4229.07 0.00000 10 311.419 13.89 4,325.61 2.28%
02/28/1998 4325.61 1.57000 12.38 350.912 12.42 4,358.33 0.76%
03/31/1998 4358.33 0.00000 10 350.912 12.68 4,449.56 2.09%
04/30/1998 4449.56 0.00000 10 350.912 12.73 4,467.11 0.39%
05/31/1998 4467.11 0.00000 10 350.912 12.64 4,435.53 -0.71%
06/30/1998 4435.53 0.00000 10 350.912 12.63 4,432.02 -0.08%
07/31/1998 4432.02 0.00000 10 350.912 12.70 4,456.58 0.55%
08/31/1998 4456.58 0.00000 10 350.912 11.13 3,905.65 -12.36%
09/30/1998 3905.65 0.00000 10 350.912 11.02 3,867.05 -0.99%
10/31/1998 3867.05 0.00000 10 350.912 10.72 3,761.78 -2.72%
11/30/1998 3761.78 0.00000 10 350.912 11.60 4,070.58 8.21%
12/31/1998 4070.58 0.00000 10 350.912 11.53 4,046.02 -0.60%
2.86705
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
09/19/1985 1,000.00 0.320804
09/30/1985 0.00038 0.376712329 1,001.85 (0.00) 0.321399
10/31/1985 0.00106 1.063611367 1,013.28 (0.00) 0.325066
11/30/1985 0.00103 1.041046210 1,026.86 (0.00) 0.329422
12/31/1985 0.00106 1.090162863 1,060.10 0.00 0.340084
01/31/1986 0.00106 1.125447695 1,072.10 0.00 0.343933
02/28/1986 0.00096 1.028039275 1,107.35 0.00 0.355241
03/31/1986 0.00106 1.175606939 1,133.48 0.00 0.363625
04/30/1986 0.00103 1.164535496 1,151.55 0.00 0.369422
05/31/1986 0.00106 1.222537693 1,167.91 0.00 0.374669
06/30/1986 0.00103 1.199904380 1,181.38 (0.00) 0.378992
07/31/1986 0.00106 1.254206086 1,176.53 0.00 0.377436
08/31/1986 0.00106 1.249057435 1,180.04 0.00 0.378562
09/30/1986 0.00103 1.212371570 1,188.85 0.00 0.381388
10/31/1986 0.00106 1.262136961 1,223.11 0.00 0.392377
11/30/1986 0.00103 1.256615452 1,225.76 0.00 0.39323
12/31/1986 0.00106 1.301325825 1,232.22 0.00 0.3953
01/31/1987 0.00106 1.308177077 1,275.83 0.00 0.409292
02/28/1987 0.00096 1.223402947 1,296.69 0.00 0.415981
03/31/1987 0.00106 1.376619125 1,306.99 0.00 0.419287
04/30/1987 0.00103 1.342798268 1,264.81 0.00 0.405757
05/31/1987 0.00106 1.342781536 1,251.71 0.00 0.401552
06/30/1987 0.00103 1.286000438 1,277.46 0.00 0.409813
07/31/1987 0.00106 1.356205840 1,277.47 0.00 0.409817
08/31/1987 0.00106 1.356220041 1,286.70 0.00 0.412777
09/30/1987 0.00103 1.321951051 1,240.58 0.00 0.397982
10/31/1987 0.00106 1.317052990 1,179.93 0.00 0.378526
11/30/1987 0.00103 1.212259620 1,213.47 0.00 0.389284
12/31/1987 0.00106 1.288268573 1,231.60 0.00 0.395102
01/31/1988 0.00106 1.307521453 1,270.78 0.00 0.407671
02/29/1988 0.00099 1.262076956 1,307.57 0.00 0.419472
03/31/1988 0.00106 1.388169649 1,296.79 0.00 0.416014
04/30/1988 0.00103 1.332315382 1,305.55 0.00 0.418826
05/31/1988 0.00106 1.386032157 1,302.23 0.00 0.41776
06/30/1988 0.00103 1.337908127 1,328.18 0.00 0.426086
07/31/1988 0.00106 1.410058633 1,340.61 0.00 0.430072
08/31/1988 0.00106 1.423249443 1,332.78 0.00 0.42756
09/30/1988 0.00103 1.369292009 1,342.09 (0.00) 0.430548
10/31/1988 0.00106 1.424821899 1,355.28 (0.00) 0.434778
11/30/1988 0.00103 1.392406561 1,348.71 (0.00) 0.432671
12/31/1988 0.00106 1.431846762 1,358.00 (0.00) 0.435653
01/31/1989 0.00106 1.441713674 1,389.19 (0.00) 0.445659
02/28/1989 0.00096 1.332102713 1,394.69 (0.00) 0.447422
03/31/1989 0.00106 1.480663449 1,375.30 (0.00) 0.441202
04/30/1989 0.00103 1.412979971 1,358.66 0.00 0.435863
05/31/1989 0.00106 1.442412345 1,382.32 0.00 0.443452
06/30/1989 0.00103 1.420187543 1,420.50 0.00 0.4557
07/31/1989 0.00106 1.508061154 1,409.64 0.00 0.452216
08/31/1989 0.00106 1.496532544 1,399.96 0.00 0.449112
09/30/1989 0.00103 1.438317430 1,349.54 0.00 0.432938
10/31/1989 0.00106 1.432735939 1,290.26 0.01 0.41392
11/30/1989 0.00103 1.325612987 1,290.02 0.01 0.413842
12/31/1989 0.00106 1.369542629 1,285.12 0.01 0.41227
01/31/1990 0.00106 1.364340301 1,255.35 0.01 0.40272
02/28/1990 0.00096 1.203761164 1,234.82 0.00 0.396133
03/31/1990 0.00106 1.310936196 1,220.47 0.00 0.39153
04/30/1990 0.00103 1.253905858 1,222.83 0.00 0.392289
05/31/1990 0.00106 1.298214548 1,246.66 0.00 0.399933
06/30/1990 0.00103 1.280815622 1,265.02 0.00 0.405822
07/31/1990 0.00106 1.342997421 1,283.22 0.00 0.41166
08/31/1990 0.00106 1.362318239 1,260.38 0.00 0.404335
09/30/1990 0.00103 1.294914712 1,229.21 0.00 0.394334
10/31/1990 0.00106 1.304981204 1,198.07 0.00 0.384346
11/30/1990 0.00103 1.230896625 1,224.94 0.00 0.392966
12/31/1990 0.00106 1.300451682 1,240.77 0.00 0.398042
01/31/1991 0.00106 1.317250781 1,265.78 0.00 0.406066
02/28/1991 0.00096 1.213758519 1,334.68 0.00 0.428172
03/31/1991 0.00106 1.416959440 1,380.56 0.00 0.442889
04/30/1991 0.00103 1.418384855 1,428.13 0.00 0.45815
05/31/1991 0.00106 1.516169556 1,447.59 0.00 0.464392
06/30/1991 0.00103 1.487251774 1,477.54 0.00 0.473999
07/31/1991 0.00106 1.568618263 1,531.79 0.00 0.491404
08/31/1991 0.00106 1.626216187 1,551.07 0.00 0.49759
09/30/1991 0.00103 1.593569261 1,584.30 0.00 0.508249
10/31/1991 0.00106 1.681961777 1,636.53 0.00 0.525006
11/30/1991 0.00103 1.681369679 1,648.75 0.00 0.528924
12/31/1991 0.00106 1.750380529 1,655.67 (0.00) 0.531146
01/31/1992 0.00106 1.757732966 1,742.34 0.00 0.558949
02/29/1992 0.00099 1.730404292 1,803.87 0.00 0.578687
03/31/1992 0.00106 1.915062865 1,860.26 0.00 0.596777
04/30/1992 0.00103 1.911221259 1,871.50 0.00 0.600385
05/31/1992 0.00106 1.986870287 1,892.04 0.00 0.606973
06/30/1992 0.00103 1.943877757 1,910.72 0.01 0.612965
07/31/1992 0.00106 2.028504554 1,946.15 0.01 0.624332
08/31/1992 0.00106 2.066123308 1,985.26 0.01 0.636877
09/30/1992 0.00103 2.039650331 2,003.79 0.01 0.642821
10/31/1992 0.00106 2.127309869 1,971.77 0.01 0.632551
11/30/1992 0.00103 2.025795787 1,994.00 0.01 0.639681
12/31/1992 0.00106 2.116918291 2,014.24 0.01 0.646175
01/31/1993 0.00106 2.138410657 2,066.10 0.01 0.662811
02/28/1993 0.00096 1.981192793 2,099.36 0.01 0.67348
03/31/1993 0.00106 2.228770511 2,145.58 0.01 0.688309
04/30/1993 0.00103 2.204365877 2,157.49 0.01 0.692128
05/31/1993 0.00106 2.290483501 2,187.44 0.01 0.701736
06/30/1993 0.00103 2.247365887 2,241.53 0.01 0.719089
07/31/1993 0.00106 2.379703770 2,261.27 0.01 0.725422
08/31/1993 0.00106 2.400661577 2,282.96 0.01 0.732381
09/30/1993 0.00103 2.345507536 2,288.64 0.01 0.734204
10/31/1993 0.00106 2.429724548 2,340.32 0.01 0.750782
11/30/1993 0.00103 2.404438330 2,359.94 0.01 0.757075
12/31/1993 0.00106 2.505410617 2,395.43 0.01 0.768463
01/31/1994 0.00106 2.543098582 2,472.80 0.01 0.793283
02/28/1994 0.00096 2.371180086 2,467.47 0.00 0.791574
03/31/1994 0.00106 2.619578532 2,381.73 0.00 0.764066
04/30/1994 0.00103 2.446978085 2,355.25 0.00 0.755572
05/31/1994 0.00106 2.500435261 2,357.11 0.00 0.756168
06/30/1994 0.00103 2.421685313 2,345.97 0.00 0.752595
07/31/1994 0.00106 2.490582531 2,352.19 0.00 0.75459
08/31/1994 0.00106 2.497183534 2,349.69 0.00 0.753789
09/30/1994 0.00103 2.414063627 2,364.66 0.00 0.758593
10/31/1994 0.00106 2.510430103 2,340.45 0.00 0.750824
11/30/1994 0.00103 2.404567614 2,318.52 0.00 0.74379
12/31/1994 0.00106 2.461441164 2,326.89 (0.00) 0.746475
01/31/1995 0.00106 2.470326245 2,350.40 (0.00) 0.754017
02/28/1995 0.00096 2.253804484 2,428.81 (0.00) 0.779172
03/31/1995 0.00106 2.578530276 2,456.47 (0.00) 0.788046
04/30/1995 0.00103 2.523772153 2,526.00 (0.00) 0.81035
05/31/1995 0.00106 2.681708909 2,588.32 (0.00) 0.830342
06/30/1995 0.00103 2.659228207 2,592.62 (0.00) 0.831722
07/31/1995 0.00106 2.752435674 2,652.42 (0.00) 0.850907
08/31/1995 0.00106 2.815924334 2,670.43 (0.00) 0.856686
09/30/1995 0.00103 2.743595612 2,711.62 0.00 0.869899
10/31/1995 0.00106 2.878776129 2,734.15 (0.00) 0.877126
11/30/1995 0.00103 2.809056079 2,745.19 (0.00) 0.880668
12/31/1995 0.00106 2.914412068 2,774.54 (0.00) 0.890083
01/31/1996 0.00106 2.945568110 2,836.06 (0.00) 0.909821
02/29/1996 0.00099 2.816637159 2,880.09 (0.00) 0.923945
03/31/1996 0.00106 3.057629987 2,869.47 (0.00) 0.920538
04/30/1996 0.00103 2.948084061 2,909.35 (0.00) 0.933331
05/31/1996 0.00106 3.088689870 2,946.52 (0.00) 0.945258
06/30/1996 0.00103 3.027251310 2,958.58 (0.00) 0.949125
07/31/1996 0.00106 3.140956391 2,945.39 (0.00) 0.944895
08/31/1996 0.00106 3.126959013 2,984.92 (0.00) 0.957574
09/30/1996 0.00103 3.066694067 3,069.57 (0.00) 0.984732
10/31/1996 0.00106 3.258791855 3,056.30 (0.00) 0.980475
11/30/1996 0.00103 3.140034681 3,085.67 (0.01) 0.989896
12/31/1996 0.00106 3.275878554 3,124.87 (0.00) 1.002473
01/02/1997 0.00007 0.214032345 3,117.16 (0.00) 1
01/31/1997 0.00099 3.095813192 3,163.99 0.03
02/28/1997 0.00096 3.033960751 3,218.35 0.06
03/31/1997 0.00106 3.416737388 3,114.95 (0.06)
04/30/1997 0.00103 3.200292736 3,160.33 (0.03)
05/31/1997 0.00106 3.355148376 3,289.11 (0.03)
06/30/1997 0.00103 3.379224886 3,344.99 0.11
07/31/1997 0.00106 3.551192613 3,462.54 0.22
08/31/1997 0.00106 3.675986667 3,488.43 (0.02)
09/30/1997 0.00103 3.584005904 3,608.39 0.33
10/31/1997 0.00106 3.830821409 3,572.36 0.27
11/30/1997 0.00103 3.670235227 3,595.49 0.03
12/31/1997 0.00106 3.817129586 3,631.83 0.29
01/31/1998 0.00106 3.855708138 3,710.88 0.23
02/28/1998 0.00096 3.558377066 3,735.39 0.23
03/31/1998 0.00106 3.965654386 3,809.62 0.41
04/30/1998 0.00103 3.913988379 3,820.73 0.41
05/31/1998 0.00106 4.056251576 3,789.66 0.09
06/30/1998 0.00103 3.893486926 3,782.77 0.32
07/31/1998 0.00106 4.015952564 3,799.71 0.30
08/31/1998 0.00106 4.033943419 3,325.95 (0.23)
09/30/1998 0.00103 3.417075349 3,289.67 (0.29)
10/31/1998 0.00106 3.492453073 3,196.62 (0.50)
11/30/1998 0.00103 3.284199408 3,455.74 (0.19)
12/31/1998 0.00106 3.668768588 3,431.22 (0.24)
2.2896655 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
HIGH INCOME SUBACCOUNT Surrender
FUND 181 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.326239 -----------------------------
Units purchased 3,065.237 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/19/1985 0.326239 3,065.237 1,000.00 1,000.00 3,364.32 0.00%
09/30/1985 0.326829 3,065.237 1,001.81 0.00001 0.007202739 1,001.81 3,364.32 0.00%
10/31/1985 0.330517 3,065.237 1,013.11 0.00002 0.020335337 1,013.11 3,364.32 0.00%
11/30/1985 0.334905 3,065.237 1,026.56 0.00002 0.019901424 1,026.56 3,364.32 0.00%
12/31/1985 0.345702 3,065.237 1,059.66 0.00002 0.020837827 1,059.66 3,364.32 0.00%
01/31/1986 0.349571 3,065.237 1,071.52 0.00002 0.021509617 1,071.52 3,364.32 0.00%
02/28/1986 0.361024 3,065.237 1,106.62 0.00002 0.019645475 1,106.62 3,364.32 0.00%
03/31/1986 0.369499 3,065.237 1,132.60 0.00002 0.022462954 1,132.60 3,364.32 0.00%
04/30/1986 0.375344 3,065.237 1,150.52 0.00002 0.022248648 1,150.52 3,364.32 0.00%
05/31/1986 0.380627 3,065.237 1,166.71 0.00002 0.023353946 1,166.71 3,364.32 0.00%
06/30/1986 0.384971 3,065.237 1,180.03 0.00002 0.022918698 1,180.03 3,364.32 0.00%
07/31/1986 0.383342 3,065.237 1,175.03 0.00002 0.023952939 1,175.03 3,364.32 0.00%
08/31/1986 0.384437 3,065.237 1,178.39 0.00002 0.023851582 1,178.39 3,364.32 0.00%
09/30/1986 0.387260 3,065.237 1,187.04 0.00002 0.02314811 1,187.04 3,364.32 0.00%
10/31/1986 0.398369 3,065.237 1,221.10 0.00002 0.024095361 1,221.10 3,364.32 0.00%
11/30/1986 0.399186 3,065.237 1,223.60 0.00002 0.023986997 1,223.60 3,364.32 0.00%
12/31/1986 0.401237 3,065.237 1,229.89 0.00002 0.024837398 1,229.89 3,364.32 0.00%
01/31/1987 0.415388 3,065.237 1,273.26 0.00002 0.024965011 1,273.26 3,364.32 0.00%
02/28/1987 0.422129 3,065.237 1,293.93 0.00002 0.023344312 1,293.93 3,364.32 0.00%
03/31/1987 0.425430 3,065.237 1,304.04 0.00002 0.026264914 1,304.04 3,364.32 0.00%
04/30/1987 0.411649 3,065.237 1,261.80 0.00002 0.025616422 1,261.80 3,364.32 0.00%
05/31/1987 0.407331 3,065.237 1,248.57 0.00002 0.025612847 1,248.57 3,364.32 0.00%
06/30/1987 0.415661 3,065.237 1,274.10 0.00002 0.024526626 1,274.10 3,364.32 0.00%
07/31/1987 0.415612 3,065.237 1,273.95 0.00002 0.025862474 1,273.95 3,364.32 0.00%
08/31/1987 0.418561 3,065.237 1,282.99 0.00002 0.025859425 1,282.99 3,364.32 0.00%
09/30/1987 0.403507 3,065.237 1,236.84 0.00002 0.025202818 1,236.84 3,364.32 0.00%
10/31/1987 0.383730 3,065.237 1,176.22 0.00002 0.025106251 1,176.22 3,364.32 0.00%
11/30/1987 0.394588 3,065.237 1,209.51 0.00002 0.023105539 1,209.51 3,364.32 0.00%
12/31/1987 0.400435 3,065.237 1,227.43 0.00002 0.02455131 1,227.43 3,364.32 0.00%
01/31/1988 0.413123 3,065.237 1,266.32 0.00002 0.024915111 1,266.32 3,364.32 0.00%
02/29/1988 0.425032 3,065.237 1,302.82 0.00002 0.024046201 1,302.82 3,364.32 0.00%
03/31/1988 0.421474 3,065.237 1,291.92 0.00002 0.026445539 1,291.92 3,364.32 0.00%
04/30/1988 0.424271 3,065.237 1,300.49 0.00002 0.025378219 1,300.49 3,364.32 0.00%
05/31/1988 0.423137 3,065.237 1,297.02 0.00002 0.026398189 1,297.02 3,364.32 0.00%
06/30/1988 0.431518 3,065.237 1,322.70 0.00002 0.025478353 1,322.70 3,364.32 0.00%
07/31/1988 0.435500 3,065.237 1,334.91 0.00002 0.026849098 1,334.91 3,364.32 0.00%
08/31/1988 0.432900 3,065.237 1,326.94 0.00002 0.027096859 1,326.94 3,364.32 0.00%
09/30/1988 0.435872 3,065.237 1,336.05 0.00002 0.026066213 1,336.05 3,364.32 0.00%
10/31/1988 0.440099 3,065.237 1,349.01 0.00002 0.027120005 1,349.01 3,364.32 0.00%
11/30/1988 0.437912 3,065.237 1,342.30 0.00002 0.026499686 1,342.30 3,364.32 0.00%
12/31/1988 0.440874 3,065.237 1,351.38 0.00002 0.027246934 1,351.38 3,364.32 0.00%
01/31/1989 0.450944 3,065.237 1,382.25 0.00002 0.02743123 1,382.25 3,364.32 0.00%
02/28/1989 0.452676 3,065.237 1,387.56 0.00002 0.025342517 1,387.56 3,364.32 0.00%
03/31/1989 0.446325 3,065.237 1,368.09 0.00002 0.028165551 1,368.09 3,364.32 0.00%
04/30/1989 0.440869 3,065.237 1,351.37 0.00002 0.026874572 1,351.37 3,364.32 0.00%
05/31/1989 0.448489 3,065.237 1,374.73 0.00002 0.027430919 1,374.73 3,364.32 0.00%
06/30/1989 0.460821 3,065.237 1,412.53 0.00002 0.027004873 1,412.53 3,364.32 0.00%
07/31/1989 0.457239 3,065.237 1,401.55 0.00002 0.028672334 1,401.55 3,364.32 0.00%
08/31/1989 0.454043 3,065.237 1,391.75 0.00002 0.028449462 1,391.75 3,364.32 0.00%
09/30/1989 0.437635 3,065.237 1,341.45 0.00002 0.027339296 1,341.45 3,364.32 0.00%
10/31/1989 0.418355 3,065.237 1,282.36 0.00002 0.027229699 1,282.36 3,364.32 0.00%
11/30/1989 0.418225 3,065.237 1,281.96 0.00002 0.025190415 1,281.96 3,364.32 0.00%
12/31/1989 0.416583 3,065.237 1,276.93 0.00002 0.026022006 1,276.93 3,364.32 0.00%
01/31/1990 0.406880 3,065.237 1,247.18 0.00002 0.025919841 1,247.18 3,364.32 0.00%
02/28/1990 0.400178 3,065.237 1,226.64 0.00002 0.022866172 1,226.64 3,364.32 0.00%
03/31/1990 0.395477 3,065.237 1,212.23 0.00002 0.02489912 1,212.23 3,364.32 0.00%
04/30/1990 0.396195 3,065.237 1,214.43 0.00002 0.023812861 1,214.43 3,364.32 0.00%
05/31/1990 0.403864 3,065.237 1,237.94 0.00002 0.024651297 1,237.94 3,364.32 0.00%
06/30/1990 0.409761 3,065.237 1,256.01 0.00002 0.024317868 1,256.01 3,364.32 0.00%
07/31/1990 0.415604 3,065.237 1,273.92 0.00002 0.025495375 1,273.92 3,364.32 0.00%
08/31/1990 0.408156 3,065.237 1,251.09 0.00002 0.025858927 1,251.09 3,364.32 0.00%
09/30/1990 0.398010 3,065.237 1,219.99 0.00002 0.024576302 1,219.99 3,364.32 0.00%
10/31/1990 0.387878 3,065.237 1,188.94 0.00002 0.024764227 1,188.94 3,364.32 0.00%
11/30/1990 0.396529 3,065.237 1,215.46 0.00002 0.023355303 1,215.46 3,364.32 0.00%
12/31/1990 0.401601 3,065.237 1,231.00 0.00002 0.024672079 1,231.00 3,364.32 0.00%
01/31/1991 0.409645 3,065.237 1,255.66 0.00002 0.024987659 1,255.66 3,364.32 0.00%
02/28/1991 0.431899 3,065.237 1,323.87 0.00002 0.023021562 1,323.87 3,364.32 0.00%
03/31/1991 0.446690 3,065.237 1,369.21 0.00002 0.026872804 1,369.21 3,364.32 0.00%
04/30/1991 0.462027 3,065.237 1,416.22 0.00002 0.02689655 1,416.22 3,364.32 0.00%
05/31/1991 0.468263 3,065.237 1,435.34 0.00002 0.028747372 1,435.34 3,364.32 0.00%
06/30/1991 0.477892 3,065.237 1,464.85 0.00002 0.028195526 1,464.85 3,364.32 0.00%
07/31/1991 0.495379 3,065.237 1,518.45 0.00002 0.029734494 1,518.45 3,364.32 0.00%
08/31/1991 0.501552 3,065.237 1,537.38 0.00002 0.030822537 1,537.38 3,364.32 0.00%
09/30/1991 0.512234 3,065.237 1,570.12 0.00002 0.030199956 1,570.12 3,364.32 0.00%
10/31/1991 0.529057 3,065.237 1,621.69 0.00002 0.031871257 1,621.69 3,364.32 0.00%
11/30/1991 0.532940 3,065.237 1,633.59 0.00002 0.031856115 1,633.59 3,364.32 0.00%
12/31/1991 0.535111 3,065.237 1,640.24 0.00002 0.033159587 1,640.24 3,364.32 0.00%
01/31/1992 0.563053 3,065.237 1,725.89 0.00002 0.033294666 1,725.89 3,364.32 0.00%
02/29/1992 0.582869 3,065.237 1,786.63 0.00002 0.032773013 1,786.63 3,364.32 0.00%
03/31/1992 0.601016 3,065.237 1,842.26 0.00002 0.036266175 1,842.26 3,364.32 0.00%
04/30/1992 0.604576 3,065.237 1,853.17 0.00002 0.036188983 1,853.17 3,364.32 0.00%
05/31/1992 0.611133 3,065.237 1,873.27 0.00002 0.037616787 1,873.27 3,364.32 0.00%
06/30/1992 0.617091 3,065.237 1,891.53 0.00002 0.036798159 1,891.53 3,364.32 0.00%
07/31/1992 0.628456 3,065.237 1,926.37 0.00002 0.038395471 1,926.37 3,364.32 0.00%
08/31/1992 0.641004 3,065.237 1,964.83 0.00002 0.039102603 1,964.83 3,364.32 0.00%
09/30/1992 0.646908 3,065.237 1,982.93 0.00002 0.038596781 1,982.93 3,364.32 0.00%
10/31/1992 0.636490 3,065.237 1,950.99 0.00002 0.040250688 1,950.99 3,364.32 0.00%
11/30/1992 0.643586 3,065.237 1,972.74 0.00002 0.03832498 1,972.74 3,364.32 0.00%
12/31/1992 0.650038 3,065.237 1,992.52 0.00002 0.040043993 1,992.52 3,364.32 0.00%
01/31/1993 0.666690 3,065.237 2,043.56 0.00002 0.040445437 2,043.56 3,364.32 0.00%
02/28/1993 0.677345 3,065.237 2,076.22 0.00002 0.037467185 2,076.22 3,364.32 0.00%
03/31/1993 0.692173 3,065.237 2,121.67 0.00002 0.042144482 2,121.67 3,364.32 0.00%
04/30/1993 0.695928 3,065.237 2,133.18 0.00002 0.041677821 2,133.18 3,364.32 0.00%
05/31/1993 0.705500 3,065.237 2,162.52 0.00002 0.043300718 2,162.52 3,364.32 0.00%
06/30/1993 0.722859 3,065.237 2,215.73 0.00002 0.04248028 2,215.73 3,364.32 0.00%
07/31/1993 0.729133 3,065.237 2,234.97 0.00002 0.044976368 2,234.97 3,364.32 0.00%
08/31/1993 0.736035 3,065.237 2,256.12 0.00002 0.045366737 2,256.12 3,364.32 0.00%
09/30/1993 0.737777 3,065.237 2,261.46 0.00002 0.044318884 2,261.46 3,364.32 0.00%
10/31/1993 0.754342 3,065.237 2,312.24 0.00002 0.045904568 2,312.24 3,364.32 0.00%
11/30/1993 0.760571 3,065.237 2,331.33 0.00002 0.045421204 2,331.33 3,364.32 0.00%
12/31/1993 0.771915 3,065.237 2,366.10 0.00002 0.047322813 2,366.10 3,364.32 0.00%
01/31/1994 0.796748 3,065.237 2,442.22 0.00002 0.048028638 2,442.22 3,364.32 2.00%
02/28/1994 0.794940 3,065.237 2,436.68 0.00002 0.04477629 2,436.68 3,364.32 2.00%
03/31/1994 0.767213 3,065.237 2,351.69 0.00002 0.049461256 2,351.69 3,364.32 2.00%
04/30/1994 0.758590 3,065.237 2,325.26 0.00002 0.046196205 2,325.26 3,364.32 2.00%
05/31/1994 0.759092 3,065.237 2,326.80 0.00002 0.047199555 2,326.80 3,364.32 2.00%
06/30/1994 0.755411 3,065.237 2,315.51 0.00002 0.045707216 2,315.51 3,364.32 2.00%
07/31/1994 0.757317 3,065.237 2,321.36 0.00002 0.047001757 2,321.36 3,364.32 2.00%
08/31/1994 0.756417 3,065.237 2,318.60 0.00002 0.047120349 2,318.60 3,364.32 2.00%
09/30/1994 0.761144 3,065.237 2,333.09 0.00002 0.045546146 2,333.09 3,364.32 2.00%
10/31/1994 0.753252 3,065.237 2,308.90 0.00002 0.047358465 2,308.90 3,364.32 2.00%
11/30/1994 0.746102 3,065.237 2,286.98 0.00002 0.045355572 2,286.98 3,364.32 2.00%
12/31/1994 0.748700 3,065.237 2,294.94 0.00002 0.04642255 2,294.94 3,364.32 2.00%
01/31/1995 0.756169 3,065.237 2,317.84 0.00002 0.046584198 2,317.84 3,364.32 4.00%
02/28/1995 0.781309 3,065.237 2,394.90 0.00002 0.042495799 2,394.90 3,364.32 4.00%
03/31/1995 0.790108 3,065.237 2,421.87 0.00002 0.048613134 2,421.87 3,364.32 4.00%
04/30/1995 0.812373 3,065.237 2,490.12 0.00002 0.047574782 2,490.12 3,364.32 4.00%
05/31/1995 0.832311 3,065.237 2,551.23 0.00002 0.050545939 2,551.23 3,364.32 4.00%
06/30/1995 0.833592 3,065.237 2,555.16 0.00002 0.050115952 2,555.16 3,364.32 4.00%
07/31/1995 0.852714 3,065.237 2,613.77 0.00002 0.051866188 2,613.77 3,364.32 4.00%
08/31/1995 0.858397 3,065.237 2,631.19 0.00002 0.053055961 2,631.19 3,364.32 4.00%
09/30/1995 0.871531 3,065.237 2,671.45 0.00002 0.051686669 2,671.45 3,364.32 4.00%
10/31/1995 0.878660 3,065.237 2,693.30 0.00002 0.054226757 2,693.30 3,364.32 4.00%
11/30/1995 0.882100 3,065.237 2,703.85 0.00002 0.052906765 2,703.85 3,364.32 4.00%
12/31/1995 0.891418 3,065.237 2,732.41 0.00002 0.054884361 2,732.41 3,364.32 4.00%
01/31/1996 0.911072 3,065.237 2,792.65 0.00002 0.055464128 2,792.65 3,364.32 6.00%
02/29/1996 0.925107 3,065.237 2,835.67 0.00002 0.053029776 2,835.67 3,364.32 6.00%
03/31/1996 0.921577 3,065.237 2,824.85 0.00002 0.057560261 2,824.85 3,364.32 6.00%
04/30/1996 0.934271 3,065.237 2,863.76 0.00002 0.055490927 2,863.76 3,364.32 6.00%
05/31/1996 0.946091 3,065.237 2,899.99 0.00002 0.058130446 2,899.99 3,364.32 6.00%
06/30/1996 0.949845 3,065.237 2,911.50 0.00002 0.056966989 2,911.50 3,364.32 6.00%
07/31/1996 0.945491 3,065.237 2,898.15 0.00002 0.059099462 2,898.15 3,364.32 6.00%
08/31/1996 0.958057 3,065.237 2,936.67 0.00002 0.058828556 2,936.67 3,364.32 6.00%
09/30/1996 0.985111 3,065.237 3,019.60 0.00002 0.057687497 3,019.60 3,364.32 6.00%
10/31/1996 0.980726 3,065.237 3,006.16 0.00002 0.061293717 3,006.16 3,364.32 6.00%
11/30/1996 0.990028 3,065.237 3,034.67 0.00002 0.059052466 3,034.67 3,364.32 6.00%
12/31/1996 1.002481 3,065.237 3,072.84 0.00002 0.061599653 3,072.84 3,364.32 6.00%
01/02/1997 1.000000 3,065.237 3,065.24 0.00000 0.003974171 3,065.24 3,364.32 6.00%
01/31/1997 1.014892 3,065.237 3,110.88 0.00002 0.05835032 3,110.88 3,364.32 6.00%
02/28/1997 1.032200 3,065.237 3,163.94 0.00002 0.057035724 3,163.94 3,364.32 6.00%
03/31/1997 0.998950 3,065.237 3,062.02 0.00002 0.0642236 3,062.02 3,364.32 6.00%
04/30/1997 1.013374 3,065.237 3,106.23 0.00002 0.060149788 3,106.23 3,364.32 6.00%
05/31/1997 1.054539 3,065.237 3,232.41 0.00002 0.063052244 3,232.41 3,364.32 6.00%
06/30/1997 1.072274 3,065.237 3,286.77 0.00002 0.063496969 3,286.77 3,364.32 6.00%
07/31/1997 1.109783 3,065.237 3,401.75 0.00002 0.066717009 3,401.75 3,364.32 6.00%
08/31/1997 1.118026 3,065.237 3,427.01 0.00002 0.069050823 3,427.01 3,364.32 6.00%
09/30/1997 1.156206 3,065.237 3,544.05 0.00002 0.067319713 3,544.05 3,364.32 6.00%
10/31/1997 1.144535 3,065.237 3,508.27 0.00002 0.071939267 3,508.27 3,364.32 6.00%
11/30/1997 1.151892 3,065.237 3,530.82 0.00002 0.068915899 3,530.82 3,364.32 6.00%
12/31/1997 1.163294 3,065.237 3,565.77 0.00002 0.071670849 3,565.77 3,364.32 6.00%
01/31/1998 1.188492 3,065.237 3,643.01 0.00002 0.072380283 3,643.01 3,364.32 6.00%
02/28/1998 1.196206 3,065.237 3,666.65 0.00002 0.066791837 3,666.65 3,364.32 6.00%
03/31/1998 1.219761 3,065.237 3,738.86 0.00002 0.074428071 3,738.86 3,364.32 6.00%
04/30/1998 1.223172 3,065.237 3,749.31 0.00002 0.073445483 3,749.31 3,364.32 6.00%
05/31/1998 1.213185 3,065.237 3,718.70 0.00002 0.076105899 3,718.70 3,364.32 6.00%
06/30/1998 1.210747 3,065.237 3,711.23 0.00002 0.073049523 3,711.23 3,364.32 6.00%
07/31/1998 1.216022 3,065.237 3,727.40 0.00002 0.075332814 3,727.40 3,364.32 6.00%
08/31/1998 1.064430 3,065.237 3,262.73 0.00002 0.075661025 3,262.73 3,364.32 6.00%
09/30/1998 1.052706 3,065.237 3,226.79 0.00002 0.064092536 3,226.79 3,364.32 6.00%
10/31/1998 1.022874 3,065.237 3,135.35 0.00002 0.065499485 3,135.35 3,364.32 6.00%
11/30/1998 1.105540 3,065.237 3,388.74 0.00002 0.061590324 3,388.74 3,364.32 6.00%
12/31/1998 1.097571 3,065.237 3,364.32 0.00002 0.068786823 3,364.32 3,364.32 6.00%
12/31/1998 3,364.32
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
09/19/1985 100.00% 3,364.32 13.2904 9.56% 9.56% 3,364.32 3,364.32 14
09/30/1985 100.00% 3,364.32 13.2603 9.57% 9.57% 3,358.24 3,358.24 14
10/31/1985 100.00% 3,364.32 13.1753 9.54% 9.54% 3,320.77 3,320.77 14
11/30/1985 100.00% 3,364.32 13.0932 9.49% 9.49% 3,277.26 3,277.26 14
12/31/1985 100.00% 3,364.32 13.0082 9.29% 9.29% 3,174.90 3,174.90 14
01/31/1986 100.00% 3,364.32 12.9233 9.26% 9.26% 3,139.77 3,139.77 13
02/28/1986 100.00% 3,364.32 12.8466 9.04% 9.04% 3,040.16 3,040.16 13
03/31/1986 100.00% 3,364.32 12.7616 8.91% 8.91% 2,970.43 2,970.43 13
04/30/1986 100.00% 3,364.32 12.6795 8.83% 8.83% 2,924.17 2,924.17 13
05/31/1986 100.00% 3,364.32 12.5945 8.77% 8.77% 2,883.59 2,883.59 13
06/30/1986 100.00% 3,364.32 12.5123 8.73% 8.73% 2,851.05 2,851.05 13
07/31/1986 100.00% 3,364.32 12.4274 8.83% 8.83% 2,863.16 2,863.16 13
08/31/1986 100.00% 3,364.32 12.3425 8.87% 8.87% 2,855.01 2,855.01 13
09/30/1986 100.00% 3,364.32 12.2603 8.87% 8.87% 2,834.20 2,834.20 13
10/31/1986 100.00% 3,364.32 12.1753 8.68% 8.68% 2,755.16 2,755.16 13
11/30/1986 100.00% 3,364.32 12.0932 8.72% 8.72% 2,749.52 2,749.52 13
12/31/1986 100.00% 3,364.32 12.0082 8.74% 8.74% 2,735.47 2,735.47 13
01/31/1987 100.00% 3,364.32 11.9233 8.49% 8.49% 2,642.28 2,642.28 12
02/28/1987 100.00% 3,364.32 11.8466 8.40% 8.40% 2,600.08 2,600.08 12
03/31/1987 100.00% 3,364.32 11.7616 8.39% 8.39% 2,579.91 2,579.91 12
04/30/1987 100.00% 3,364.32 11.6795 8.76% 8.76% 2,666.28 2,666.28 12
05/31/1987 100.00% 3,364.32 11.5945 8.93% 8.93% 2,694.54 2,694.54 12
06/30/1987 100.00% 3,364.32 11.5123 8.80% 8.80% 2,640.54 2,640.54 12
07/31/1987 100.00% 3,364.32 11.4274 8.87% 8.87% 2,640.85 2,640.85 12
08/31/1987 100.00% 3,364.32 11.3425 8.87% 8.87% 2,622.25 2,622.25 12
09/30/1987 100.00% 3,364.32 11.2603 9.29% 9.29% 2,720.08 2,720.08 12
10/31/1987 100.00% 3,364.32 11.1753 9.86% 9.86% 2,860.27 2,860.27 12
11/30/1987 100.00% 3,364.32 11.0932 9.66% 9.66% 2,781.56 2,781.56 12
12/31/1987 100.00% 3,364.32 11.0082 9.59% 9.59% 2,740.95 2,740.95 12
01/31/1988 100.00% 3,364.32 10.9233 9.36% 9.36% 2,656.77 2,656.77 11
02/29/1988 100.00% 3,364.32 10.8438 9.14% 9.14% 2,582.33 2,582.33 11
03/31/1988 100.00% 3,364.32 10.7589 9.30% 9.30% 2,604.13 2,604.13 11
04/30/1988 100.00% 3,364.32 10.6767 9.31% 9.31% 2,586.96 2,586.96 11
05/31/1988 100.00% 3,364.32 10.5918 9.42% 9.42% 2,593.89 2,593.89 11
06/30/1988 100.00% 3,364.32 10.5096 9.29% 9.29% 2,543.51 2,543.51 11
07/31/1988 100.00% 3,364.32 10.4247 9.27% 9.27% 2,520.25 2,520.25 11
08/31/1988 100.00% 3,364.32 10.3397 9.42% 9.42% 2,535.39 2,535.39 11
09/30/1988 100.00% 3,364.32 10.2575 9.42% 9.42% 2,518.10 2,518.10 11
10/31/1988 100.00% 3,364.32 10.1726 9.40% 9.40% 2,493.92 2,493.92 11
11/30/1988 100.00% 3,364.32 10.0904 9.53% 9.53% 2,506.37 2,506.37 11
12/31/1988 100.00% 3,364.32 10.0055 9.54% 9.54% 2,489.53 2,489.53 11
01/31/1989 100.00% 3,364.32 9.9205 9.38% 9.38% 2,433.94 2,433.94 10
02/28/1989 100.00% 3,364.32 9.8438 9.41% 9.41% 2,424.63 2,424.63 10
03/31/1989 100.00% 3,364.32 9.7589 9.66% 9.66% 2,459.13 2,459.13 10
04/30/1989 100.00% 3,364.32 9.6767 9.88% 9.88% 2,489.56 2,489.56 10
05/31/1989 100.00% 3,364.32 9.5918 9.78% 9.78% 2,447.26 2,447.26 10
06/30/1989 100.00% 3,364.32 9.5096 9.56% 9.56% 2,381.77 2,381.77 10
07/31/1989 100.00% 3,364.32 9.4247 9.74% 9.74% 2,400.43 2,400.43 10
08/31/1989 100.00% 3,364.32 9.3397 9.91% 9.91% 2,417.33 2,417.33 10
09/30/1989 100.00% 3,364.32 9.2575 10.44% 10.44% 2,507.96 2,507.96 10
10/31/1989 100.00% 3,364.32 9.1726 11.09% 11.09% 2,623.54 2,623.54 10
11/30/1989 100.00% 3,364.32 9.0904 11.20% 11.20% 2,624.36 2,624.36 10
12/31/1989 100.00% 3,364.32 9.0055 11.36% 11.36% 2,634.70 2,634.70 10
01/31/1990 90.00% 3,364.32 8.9205 11.77% 11.77% 2,697.53 2,697.53 9
02/28/1990 90.00% 3,364.32 8.8438 12.08% 12.08% 2,742.71 2,742.71 9
03/31/1990 90.00% 3,364.32 8.7589 12.36% 12.36% 2,775.31 2,775.31 9
04/30/1990 90.00% 3,364.32 8.6767 12.46% 12.46% 2,770.28 2,770.28 9
05/31/1990 90.00% 3,364.32 8.5918 12.34% 12.34% 2,717.67 2,717.67 9
06/30/1990 90.00% 3,364.32 8.5096 12.28% 12.28% 2,678.56 2,678.56 9
07/31/1990 90.00% 3,364.32 8.4247 12.22% 12.22% 2,640.91 2,640.91 9
08/31/1990 90.00% 3,364.32 8.3397 12.59% 12.59% 2,689.10 2,689.10 9
09/30/1990 90.00% 3,364.32 8.2575 13.07% 13.07% 2,757.65 2,757.65 9
10/31/1990 90.00% 3,364.32 8.1726 13.57% 13.57% 2,829.68 2,829.68 9
11/30/1990 90.00% 3,364.32 8.0904 13.41% 13.41% 2,767.95 2,767.95 9
12/31/1990 90.00% 3,364.32 8.0055 13.38% 13.38% 2,732.99 2,732.99 9
01/31/1991 80.00% 3,364.32 7.9205 13.25% 13.25% 2,679.32 2,679.32 8
02/28/1991 80.00% 3,364.32 7.8438 12.63% 12.63% 2,541.27 2,541.27 8
03/31/1991 80.00% 3,364.32 7.7589 12.28% 12.28% 2,457.12 2,457.12 8
04/30/1991 80.00% 3,364.32 7.6767 11.93% 11.93% 2,375.56 2,375.56 8
05/31/1991 80.00% 3,364.32 7.5918 11.87% 11.87% 2,343.92 2,343.92 8
06/30/1991 80.00% 3,364.32 7.5096 11.71% 11.71% 2,296.69 2,296.69 8
07/31/1991 80.00% 3,364.32 7.4247 11.31% 11.31% 2,215.62 2,215.62 8
08/31/1991 80.00% 3,364.32 7.3397 11.26% 11.26% 2,188.35 2,188.35 8
09/30/1991 80.00% 3,364.32 7.2575 11.07% 11.07% 2,142.71 2,142.71 8
10/31/1991 80.00% 3,364.32 7.1726 10.71% 10.71% 2,074.58 2,074.58 8
11/30/1991 80.00% 3,364.32 7.0904 10.73% 10.73% 2,059.46 2,059.46 8
12/31/1991 80.00% 3,364.32 7.0055 10.80% 10.80% 2,051.11 2,051.11 8
01/31/1992 70.00% 3,364.32 6.9205 10.13% 10.13% 1,949.32 1,949.32 7
02/29/1992 70.00% 3,364.32 6.8411 9.69% 9.69% 1,883.05 1,883.05 7
03/31/1992 70.00% 3,364.32 6.7562 9.32% 9.32% 1,826.19 1,826.19 7
04/30/1992 70.00% 3,364.32 6.6740 9.35% 9.35% 1,815.44 1,815.44 7
05/31/1992 70.00% 3,364.32 6.5890 9.29% 9.29% 1,795.96 1,795.96 7
06/30/1992 70.00% 3,364.32 6.5068 9.25% 9.25% 1,778.62 1,778.62 7
07/31/1992 70.00% 3,364.32 6.4219 9.07% 9.07% 1,746.46 1,746.46 7
08/31/1992 70.00% 3,364.32 6.3370 8.86% 8.86% 1,712.27 1,712.27 7
09/30/1992 70.00% 3,364.32 6.2548 8.82% 8.82% 1,696.64 1,696.64 7
10/31/1992 70.00% 3,364.32 6.1699 9.23% 9.23% 1,724.41 1,724.41 7
11/30/1992 70.00% 3,364.32 6.0877 9.16% 9.16% 1,705.40 1,705.40 7
12/31/1992 70.00% 3,364.32 6.0027 9.12% 9.12% 1,688.47 1,688.47 7
01/31/1993 60.00% 3,364.32 5.9178 8.79% 8.79% 1,646.30 1,646.30 6
02/28/1993 60.00% 3,364.32 5.8411 8.61% 8.61% 1,620.40 1,620.40 6
03/31/1993 60.00% 3,364.32 5.7562 8.34% 8.34% 1,585.69 1,585.69 6
04/30/1993 60.00% 3,364.32 5.6740 8.36% 8.36% 1,577.13 1,577.13 6
05/31/1993 60.00% 3,364.32 5.5890 8.23% 8.23% 1,555.73 1,555.73 6
06/30/1993 60.00% 3,364.32 5.5068 7.88% 7.88% 1,518.37 1,518.37 6
07/31/1993 60.00% 3,364.32 5.4219 7.84% 7.84% 1,505.31 1,505.31 6
08/31/1993 60.00% 3,364.32 5.3370 7.77% 7.77% 1,491.19 1,491.19 6
09/30/1993 60.00% 3,364.32 5.2548 7.85% 7.85% 1,487.67 1,487.67 6
10/31/1993 60.00% 3,364.32 5.1699 7.52% 7.52% 1,455.00 1,455.00 6
11/30/1993 60.00% 3,364.32 5.0877 7.48% 7.48% 1,443.09 1,443.09 6
12/31/1993 60.00% 3,364.32 5.0027 7.29% 7.29% 1,421.88 1,421.88 6
01/31/1994 50.00% 3,349.11 4.9178 6.63% 6.73% 1,371.34 1,377.56 5
02/28/1994 50.00% 3,349.22 4.8411 6.79% 6.89% 1,374.50 1,380.70 5
03/31/1994 50.00% 3,350.92 4.7562 7.73% 7.82% 1,424.90 1,430.59 5
04/30/1994 50.00% 3,351.45 4.6740 8.14% 8.22% 1,441.33 1,446.86 5
05/31/1994 50.00% 3,351.42 4.5890 8.28% 8.37% 1,440.36 1,445.90 5
06/30/1994 50.00% 3,351.65 4.5068 8.55% 8.64% 1,447.47 1,452.95 5
07/31/1994 50.00% 3,351.53 4.4219 8.66% 8.75% 1,443.78 1,449.29 5
08/31/1994 50.00% 3,351.59 4.3370 8.87% 8.96% 1,445.52 1,451.01 5
09/30/1994 50.00% 3,351.30 4.2548 8.88% 8.98% 1,436.42 1,442.00 5
10/31/1994 50.00% 3,351.78 4.1699 9.35% 9.45% 1,451.68 1,457.11 5
11/30/1994 50.00% 3,352.22 4.0877 9.81% 9.90% 1,465.78 1,471.07 5
12/31/1994 50.00% 3,352.06 4.0027 9.93% 10.03% 1,460.63 1,465.97 5
01/31/1995 40.00% 3,325.43 3.9178 9.65% 9.98% 1,434.71 1,451.49 4
02/28/1995 40.00% 3,322.35 3.8411 8.90% 9.25% 1,387.26 1,404.78 4
03/31/1995 40.00% 3,321.27 3.7562 8.77% 9.14% 1,371.37 1,389.14 4
04/30/1995 40.00% 3,318.54 3.6740 8.13% 8.53% 1,332.68 1,351.07 4
05/31/1995 40.00% 3,316.10 3.5890 7.58% 8.01% 1,299.80 1,318.70 4
06/30/1995 40.00% 3,315.94 3.5068 7.72% 8.16% 1,297.74 1,316.68 4
07/31/1995 40.00% 3,313.59 3.4219 7.18% 7.66% 1,267.74 1,287.15 4
08/31/1995 40.00% 3,312.90 3.3370 7.15% 7.64% 1,259.09 1,278.63 4
09/30/1995 40.00% 3,311.29 3.2548 6.82% 7.34% 1,239.51 1,259.36 4
10/31/1995 40.00% 3,310.41 3.1699 6.72% 7.27% 1,229.13 1,249.14 4
11/30/1995 40.00% 3,309.99 3.0877 6.77% 7.33% 1,224.18 1,244.27 4
12/31/1995 40.00% 3,308.85 3.0027 6.58% 7.17% 1,210.96 1,231.26 4
01/31/1996 30.00% 3,257.31 2.9178 5.42% 6.59% 1,166.39 1,204.70 3
02/29/1996 30.00% 3,254.73 2.8384 4.98% 6.21% 1,147.78 1,186.43 3
03/31/1996 30.00% 3,255.38 2.7534 5.29% 6.55% 1,152.41 1,190.97 3
04/30/1996 30.00% 3,253.05 2.6712 4.89% 6.22% 1,135.93 1,174.79 3
05/31/1996 30.00% 3,250.87 2.5863 4.52% 5.91% 1,120.99 1,160.11 3
06/30/1996 30.00% 3,250.18 2.5041 4.49% 5.94% 1,116.33 1,155.53 3
07/31/1996 30.00% 3,250.98 2.4192 4.86% 6.36% 1,121.74 1,160.85 3
08/31/1996 30.00% 3,248.67 2.3342 4.42% 6.00% 1,106.24 1,145.62 3
09/30/1996 30.00% 3,243.70 2.2521 3.23% 4.92% 1,074.21 1,114.16 3
10/31/1996 30.00% 3,244.50 2.1671 3.58% 5.33% 1,079.29 1,119.14 3
11/30/1996 30.00% 3,242.79 2.0849 3.23% 5.07% 1,068.58 1,108.63 3
12/31/1996 30.00% 3,240.50 2.0000 2.69% 4.64% 1,054.56 1,094.85 3
01/02/1997 20.00% 3,220.77 1.9945 2.51% 4.78% 1,050.74 1,097.57 2
01/31/1997 20.00% 3,218.03 1.9151 1.78% 4.17% 1,034.44 1,081.47 2
02/28/1997 20.00% 3,214.85 1.8384 0.87% 3.40% 1,016.09 1,063.33 2
03/31/1997 20.00% 3,220.97 1.7534 2.93% 5.52% 1,051.91 1,098.72 2
04/30/1997 20.00% 3,218.31 1.6712 2.14% 4.89% 1,036.08 1,083.09 2
05/31/1997 20.00% 3,210.74 1.5863 -0.42% 2.55% 993.30 1,040.81 2
06/30/1997 20.00% 3,207.48 1.5041 -1.61% 1.56% 975.88 1,023.59 2
07/31/1997 20.00% 3,200.58 1.4192 -4.20% -0.78% 940.86 989.00 2
08/31/1997 20.00% 3,199.07 1.3342 -5.03% -1.37% 933.48 981.70 2
09/30/1997 20.00% 3,192.04 1.2521 -8.02% -4.07% 900.68 949.29 2
10/31/1997 20.00% 3,194.19 1.1671 -7.72% -3.53% 910.47 958.97 2
11/30/1997 20.00% 3,192.84 1.0849 -8.86% -4.35% 904.28 952.84 2
12/31/1997 20.00% 3,190.74 1.0000 -10.52% -5.65% 894.82 943.50 2
01/31/1998 10.00% 3,165.92 0.9151 -13.10% -7.65% 879.46 929.76 1
02/28/1998 10.00% 3,164.50 0.8384 -13.70% -8.25% 883.84 930.39 1
03/31/1998 10.00% 3,160.17 0.7534 -15.48% -10.02% 881.01 923.55 1
04/30/1998 10.00% 3,159.54 0.6712 -15.73% -10.27% 891.48 929.86 1
05/31/1998 10.00% 3,161.38 0.5863 -14.99% -9.53% 909.20 942.97 1
06/30/1998 10.00% 3,161.83 0.5041 -14.80% -9.35% 922.41 951.73 1
07/31/1998 10.00% 3,160.86 0.4192 -15.20% -9.74% 933.22 957.95 1
08/31/1998 10.00% 3,188.74 0.3342 -2.27% 3.11% 992.36 1,010.30 1
09/30/1998 10.00% 3,190.89 0.2521 -1.11% 4.26% 997.18 1,010.58 1
10/31/1998 10.00% 3,196.38 0.1671 1.95% 7.30% 1,003.23 1,011.85 1
11/30/1998 10.00% 3,181.18 0.0849 -6.13% -0.72% 994.65 999.39 1
12/31/1998 10.00% 3,182.64 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
MONEY MARKET SUBACCOUNT Surrender
FUND 181 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.326239 -----------------------------
Units purchased 3,065.237 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 MTD 3,388.74 3,181.18 3,364.32 -6.13% -0.72%
30-Sep-98 0.25 0.25 3 mths 3,226.79 3,190.89 3,364.32 -1.11% 4.26%
31-Dec-97 1.00 1.00 YTD 3,565.77 3,190.74 3,364.32 -10.52% -5.65%
31-Dec-97 1.00 1.00 1 Year 3,565.77 3,190.74 3,364.32 -10.52% -5.65%
31-Dec-96 2.00 2.00 2 Year 3,072.84 3,240.50 3,364.32 2.69% 4.64%
31-Dec-95 3.00 3.00 3 Year 2,732.41 3,308.85 3,364.32 6.58% 7.17%
31-Dec-94 4.00 4.00 4 Year 2,294.94 3,352.06 3,364.32 9.93% 10.03%
31-Dec-93 5.00 5.00 5 Year 2,366.10 3,364.32 3,364.32 7.29% 7.29%
31-Dec-88 10.01 10.01 10 Year 1,351.38 3,364.32 3,364.32 9.54% 9.54%
19-Sep-85 13.29 13.29 Portfolio Inc Dt 1,000.00 3,364.32 3,364.32 9.56% 9.56%
2-Jan-97 1.99 1.99 Subacct Inc Dt 3,065.24 3,220.77 3,364.32 2.51% 4.78%
12/31/1992 1,992.52
12/31/1993 1 2,366.10 18.75%
12/31/1994 1 2,294.94 -3.01%
12/31/1995 1 2,732.41 19.06%
12/31/1996 1 3,072.84 12.46%
12/31/1997 1 3,565.77 16.04%
12/31/1998 1 3,364.32 -5.65%
</TABLE>
M&E factor - Annual 1.40%
HIGH INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/19/1985 0 100 10 1,000.00
09/30/1985 1000 0.022311 10 100.223 10 1,002.23 0.22%
10/31/1985 1002.23 0.084781 10.04 101.069 10.04 1,014.73 1.25%
11/30/1985 1014.73 0.104821 10.08 102.12 10.08 1,029.37 1.44%
12/31/1985 1029.37 0.10692 10.31 103.179 10.31 1,063.78 3.34%
01/31/1986 1063.78 0.107691 10.33 104.255 10.33 1,076.95 1.24%
02/28/1986 1076.95 0.099438 10.58 105.235 10.58 1,113.39 3.38%
03/31/1986 1113.39 0.100971 10.74 106.224 10.74 1,140.85 2.47%
04/30/1986 1140.85 0.102227 10.82 107.228 10.82 1,160.21 1.70%
05/31/1986 1160.21 0.105223 10.88 108.265 10.88 1,177.92 1.53%
06/30/1986 1177.92 0.106736 10.91 109.324 10.91 1,192.72 1.26%
07/31/1986 1192.72 0.106831 10.77 110.408 10.77 1,189.09 -0.30%
08/31/1986 1189.09 0.103479 10.71 111.475 10.71 1,193.90 0.40%
09/30/1986 1193.9 0.100949 10.7 112.527 10.7 1,204.04 0.85%
10/31/1986 1204.04 0.099692 10.92 113.554 10.92 1,240.01 2.99%
11/30/1986 1240.01 0.095009 10.86 114.547 10.86 1,243.98 0.32%
12/31/1986 1243.98 0.098675 10.83 115.591 10.83 1,251.85 0.63%
01/31/1987 1251.85 0.094825 11.13 116.576 11.13 1,297.49 3.65%
02/28/1987 1297.49 0.092597 11.23 117.537 11.23 1,319.94 1.73%
03/31/1987 1319.94 0.24092 11.08 120.093 11.09 1,331.83 0.90%
04/30/1987 1331.83 0.093431 10.65 121.147 10.65 1,290.22 -3.12%
05/31/1987 1290.22 0.090988 10.46 122.201 10.46 1,278.22 -0.93%
06/30/1987 1278.22 0.095906 10.59 123.308 10.59 1,305.83 2.16%
07/31/1987 1305.83 0.101329 10.5 124.498 10.5 1,307.23 0.11%
08/31/1987 1307.23 0.096978 10.49 125.649 10.49 1,318.06 0.83%
09/30/1987 1318.06 0.094715 10.03 126.836 10.03 1,272.17 -3.48%
10/31/1987 1272.17 0.100364 9.45 128.183 9.45 1,211.33 -4.78%
11/30/1987 1211.33 0.088327 9.64 129.357 9.64 1,247.00 2.94%
12/31/1987 1247 0.114292 9.68 130.884 9.68 1,266.96 1.60%
01/31/1988 1266.96 0.098243 9.9 132.183 9.90 1,308.61 3.29%
02/29/1988 1308.61 0.096408 10.1 133.445 10.10 1,347.79 2.99%
03/31/1988 1347.79 0.097432 9.93 134.754 9.93 1,338.11 -0.72%
04/30/1988 1338.11 0.097401 9.91 136.078 9.91 1,348.53 0.78%
05/31/1988 1348.53 0.095265 9.8 137.401 9.80 1,346.53 -0.15%
06/30/1988 1346.53 0.095396 9.91 138.724 9.91 1,374.75 2.10%
07/31/1988 1374.75 0.093161 9.92 140.027 9.92 1,389.07 1.04%
08/31/1988 1389.07 0.092616 9.78 141.353 9.78 1,382.43 -0.48%
09/30/1988 1382.43 0.088402 9.77 142.632 9.77 1,393.51 0.80%
10/31/1988 1393.51 0.086355 9.79 143.89 9.79 1,408.68 1.09%
11/30/1988 1408.68 0.082621 9.67 145.119 9.67 1,403.30 -0.38%
12/31/1988 1403.3 0.08684 9.66 146.424 9.66 1,414.46 0.80%
01/31/1989 1414.46 0.102136 9.79 147.952 9.79 1,448.45 2.40%
02/28/1989 1448.45 0.098154 9.74 149.443 9.74 1,455.57 0.49%
03/31/1989 1455.57 0.104846 9.51 151.091 9.51 1,436.88 -1.28%
04/30/1989 1436.88 0.10468 9.3 152.792 9.30 1,420.97 -1.11%
05/31/1989 1420.97 0.101834 9.37 154.453 9.37 1,447.22 1.85%
06/30/1989 1447.22 0.09837 9.54 156.046 9.54 1,488.68 2.86%
07/31/1989 1488.68 0.097195 9.38 157.663 9.38 1,478.88 -0.66%
08/31/1989 1478.88 0.095594 9.23 159.296 9.23 1,470.30 -0.58%
09/30/1989 1470.3 0.097044 8.81 161.051 8.81 1,418.86 -3.50%
10/31/1989 1418.86 0.092308 8.34 162.834 8.34 1,358.04 -4.29%
11/30/1989 1358.04 0.097024 8.25 164.749 8.25 1,359.18 0.08%
12/31/1989 1359.18 0.117387 8.11 167.134 8.11 1,355.46 -0.27%
01/31/1990 1355.46 0.08073 7.85 168.853 7.85 1,325.50 -2.21%
02/28/1990 1325.5 0.069126 7.66 170.377 7.66 1,305.09 -1.54%
03/31/1990 1305.09 0.069179 7.51 171.946 7.51 1,291.31 -1.06%
04/30/1990 1291.31 0.06225 7.47 173.379 7.47 1,295.14 0.30%
05/31/1990 1295.14 0.063485 7.56 174.835 7.56 1,321.75 2.05%
06/30/1990 1321.75 0.069087 7.61 176.422 7.61 1,342.57 1.58%
07/31/1990 1342.57 0.067545 7.66 177.978 7.66 1,363.31 1.54%
08/31/1990 1363.31 0.071859 7.46 179.692 7.46 1,340.50 -1.67%
09/30/1990 1340.5 0.073114 7.21 181.514 7.21 1,308.72 -2.37%
10/31/1990 1308.72 0.075041 6.96 183.471 6.96 1,276.96 -2.43%
11/30/1990 1276.96 0.073253 7.05 185.377 7.05 1,306.91 2.35%
12/31/1990 1306.91 0.078581 7.07 187.437 7.07 1,325.18 1.40%
01/31/1991 1325.18 0 10 187.437 7.22 1,353.30 2.12%
02/28/1991 1353.3 0 10 187.437 7.62 1,428.27 5.54%
03/31/1991 1428.27 0 10 187.437 7.89 1,478.88 3.54%
04/30/1991 1478.88 0 10 187.437 8.17 1,531.36 3.55%
05/31/1991 1531.36 0 10 187.437 8.29 1,553.85 1.47%
06/30/1991 1553.85 0 10 187.437 8.47 1,587.59 2.17%
07/31/1991 1587.59 0 10 187.437 8.79 1,647.57 3.78%
08/31/1991 1647.57 0 10 187.437 8.91 1,670.06 1.37%
09/30/1991 1670.06 0 10 187.437 9.11 1,707.55 2.24%
10/31/1991 1707.55 0 10 187.437 9.42 1,765.66 3.40%
11/30/1991 1765.66 0 10 187.437 9.50 1,780.65 0.85%
12/31/1991 1780.65 0 10 187.437 9.55 1,790.02 0.53%
01/31/1992 1790.02 0 10 187.437 10.06 1,885.62 5.34%
02/29/1992 1885.62 0.81 9.3 203.762 9.59 1,954.08 3.63%
03/31/1992 1954.08 0 10 203.762 9.90 2,017.24 3.23%
04/30/1992 2017.24 0 10 203.762 9.97 2,031.51 0.71%
05/31/1992 2031.51 0 10 203.762 10.09 2,055.96 1.20%
06/30/1992 2055.96 0 10 203.762 10.20 2,078.37 1.09%
07/31/1992 2078.37 0 10 203.762 10.40 2,119.12 1.96%
08/31/1992 2119.12 0 10 203.762 10.62 2,163.95 2.12%
09/30/1992 2163.95 0 10 203.762 10.73 2,186.37 1.04%
10/31/1992 2186.37 0 10 203.762 10.57 2,153.76 -1.49%
11/30/1992 2153.76 0 10 203.762 10.70 2,180.25 1.23%
12/31/1992 2180.25 0 10 203.762 10.82 2,204.70 1.12%
01/31/1993 2204.7 0 10 203.762 11.11 2,263.80 2.68%
02/28/1993 2263.8 0.89 10.29 221.386 10.40 2,302.41 1.71%
03/31/1993 2302.41 0 10 221.386 10.64 2,355.55 2.31%
04/30/1993 2355.55 0 10 221.386 10.71 2,371.04 0.66%
05/31/1993 2371.04 0 10 221.386 10.87 2,406.47 1.49%
06/30/1993 2406.47 0 10 221.386 11.15 2,468.45 2.58%
07/31/1993 2468.45 0 10 221.386 11.26 2,492.81 0.99%
08/31/1993 2492.81 0 10 221.386 11.38 2,519.37 1.07%
09/30/1993 2519.37 0 10 221.386 11.42 2,528.23 0.35%
10/31/1993 2528.23 0 10 221.386 11.69 2,588.00 2.36%
11/30/1993 2588 0 10 221.386 11.80 2,612.35 0.94%
12/31/1993 2612.35 0 10 221.386 11.99 2,654.42 1.61%
01/31/1994 2654.42 0 10 221.386 12.39 2,742.97 3.34%
02/28/1994 2742.97 1.1 11.33 242.88 11.28 2,739.69 -0.12%
03/31/1994 2739.69 0 10 242.88 10.90 2,647.39 -3.37%
04/30/1994 2647.39 0 10 242.88 10.79 2,620.68 -1.01%
05/31/1994 2620.68 0 10 242.88 10.81 2,625.53 0.19%
06/30/1994 2625.53 0 10 242.88 10.77 2,615.82 -0.37%
07/31/1994 2615.82 0 10 242.88 10.81 2,625.53 0.37%
08/31/1994 2625.53 0 10 242.88 10.81 2,625.53 0.00%
09/30/1994 2625.53 0 10 242.88 10.89 2,644.96 0.74%
10/31/1994 2644.96 0 10 242.88 10.79 2,620.68 -0.92%
11/30/1994 2620.68 0 10 242.88 10.70 2,598.82 -0.83%
12/31/1994 2598.82 0 10 242.88 10.75 2,610.96 0.47%
01/31/1995 2610.96 0 10 242.88 10.87 2,640.11 1.12%
02/28/1995 2640.11 0.78 10.14 261.563 10.44 2,730.72 3.43%
03/31/1995 2730.72 0 10 261.563 10.57 2,764.72 1.25%
04/30/1995 2764.72 0 10 261.563 10.88 2,845.81 2.93%
05/31/1995 2845.81 0 10 261.563 11.16 2,919.04 2.57%
06/30/1995 2919.04 0 10 261.563 11.19 2,926.89 0.27%
07/31/1995 2926.89 0 10 261.563 11.46 2,997.51 2.41%
08/31/1995 2997.51 0 10 261.563 11.55 3,021.05 0.79%
09/30/1995 3021.05 0 10 261.563 11.74 3,070.75 1.65%
10/31/1995 3070.75 0 10 261.563 11.85 3,099.52 0.94%
11/30/1995 3099.52 0 10 261.563 11.91 3,115.22 0.51%
12/31/1995 3115.22 0 10 261.563 12.05 3,151.83 1.18%
01/31/1996 3151.83 0 10 261.563 12.33 3,225.07 2.32%
02/29/1996 3225.07 1.1 11.28 287.07 11.42 3,278.34 1.65%
03/31/1996 3278.34 0 10 287.07 11.39 3,269.73 -0.26%
04/30/1996 3269.73 0 10 287.07 11.56 3,318.53 1.49%
05/31/1996 3318.53 0 10 287.07 11.72 3,364.46 1.38%
06/30/1996 3364.46 0 10 287.07 11.78 3,381.68 0.51%
07/31/1996 3381.68 0 10 287.07 11.74 3,370.20 -0.34%
08/31/1996 3370.2 0 10 287.07 11.91 3,419.00 1.45%
09/30/1996 3419 0 10 287.07 12.26 3,519.48 2.94%
10/31/1996 3519.48 0 10 287.07 12.22 3,508.00 -0.33%
11/30/1996 3508 0 10 287.07 12.35 3,545.31 1.06%
12/31/1996 3545.31 0 10 287.07 12.52 3,594.12 1.38%
01/02/1997 3594.12 0 10 287.07 12.49 3,585.50 -0.24%
01/31/1997 3585.5 0 10 287.07 12.69 3,642.92 1.60%
02/28/1997 3642.92 1 11.79 311.419 11.91 3,709.00 1.81%
03/31/1997 3709 0 10 311.419 11.54 3,593.78 -3.11%
04/30/1997 3593.78 0 10 311.419 11.72 3,649.83 1.56%
05/31/1997 3649.83 0 10 311.419 12.21 3,802.43 4.18%
06/30/1997 3802.43 0 10 311.419 12.43 3,870.94 1.80%
07/31/1997 3870.94 0 10 311.419 12.88 4,011.08 3.62%
08/31/1997 4011.08 0 10 311.419 12.99 4,045.33 0.85%
09/30/1997 4045.33 0 10 311.419 13.45 4,188.59 3.54%
10/31/1997 4188.59 0 10 311.419 13.33 4,151.22 -0.89%
11/30/1997 4151.22 0 10 311.419 13.43 4,182.36 0.75%
12/31/1997 4182.36 0 10 311.419 13.58 4,229.07 1.12%
01/31/1998 4229.07 0 10 311.419 13.89 4,325.61 2.28%
02/28/1998 4325.61 1.57 12.38 350.912 12.42 4,358.33 0.76%
03/31/1998 4358.33 0 10 350.912 12.68 4,449.56 2.09%
04/30/1998 4449.56 0 10 350.912 12.73 4,467.11 0.39%
05/31/1998 4467.11 0 10 350.912 12.64 4,435.53 -0.71%
06/30/1998 4435.53 0 10 350.912 12.63 4,432.02 -0.08%
07/31/1998 4432.02 0 10 350.912 12.70 4,456.58 0.55%
08/31/1998 4456.58 0 10 350.912 11.13 3,905.65 -12.36%
09/30/1998 3905.65 0 10 350.912 11.02 3,867.05 -0.99%
10/31/1998 3867.05 0 10 350.912 10.72 3,761.78 -2.72%
11/30/1998 3761.78 0 10 350.912 11.60 4,070.58 8.21%
12/31/1998 4070.58 0 10 350.912 11.53 4,046.02 -0.60%
2.86705
</TABLE>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
09/19/1985 1,000.00 0.326239
09/30/1985 0.00042 0.421917808 1,001.81 (0.00) 0.326829
10/31/1985 0.00119 1.19119098 1,013.11 (0.00) 0.330517
11/30/1985 0.00115 1.165772285 1,026.56 (0.00) 0.334905
12/31/1985 0.00119 1.220625009 1,059.66 (0.00) 0.345702
01/31/1986 0.00119 1.259976949 1,071.52 (0.00) 0.349571
02/28/1986 0.00107 1.150779928 1,106.62 (0.00) 0.361024
03/31/1986 0.00119 1.315819527 1,132.60 (0.00) 0.369499
04/30/1986 0.00115 1.303265387 1,150.52 (0.00) 0.375344
05/31/1986 0.00119 1.368011293 1,166.71 (0.00) 0.380627
06/30/1986 0.00115 1.342516113 1,180.03 (0.00) 0.384971
07/31/1986 0.00119 1.403100683 1,175.03 (0.00) 0.383342
08/31/1986 0.00119 1.397162053 1,178.39 (0.00) 0.384437
09/30/1986 0.00115 1.355953978 1,187.04 (0.00) 0.38726
10/31/1986 0.00119 1.41144039 1,221.09 (0.00) 0.398369
11/30/1986 0.00115 1.405091706 1,223.60 (0.00) 0.399186
12/31/1986 0.00119 1.454905859 1,229.88 (0.00) 0.401237
01/31/1987 0.00119 1.462380332 1,273.26 (0.00) 0.415388
02/28/1987 0.00107 1.367445055 1,293.92 (0.00) 0.422129
03/31/1987 0.00119 1.538526527 1,304.04 (0.00) 0.42543
04/30/1987 0.00115 1.500538239 1,261.80 (0.00) 0.411649
05/31/1987 0.00119 1.500328376 1,248.56 (0.01) 0.407331
06/30/1987 0.00115 1.436700253 1,274.09 (0.01) 0.415661
07/31/1987 0.00119 1.514949635 1,273.94 (0.00) 0.415612
08/31/1987 0.00119 1.514772498 1,282.98 (0.00) 0.418561
09/30/1987 0.00115 1.476310449 1,236.84 (0.01) 0.403507
10/31/1987 0.00119 1.470652382 1,176.22 (0.01) 0.38373
11/30/1987 0.00115 1.353456324 1,209.50 (0.01) 0.394588
12/31/1987 0.00119 1.438145916 1,227.42 (0.01) 0.400435
01/31/1988 0.00119 1.459455462 1,266.31 (0.01) 0.413123
02/29/1988 0.00111 1.40855638 1,302.82 (0.01) 0.425032
03/31/1988 0.00119 1.549104221 1,291.91 (0.01) 0.421474
04/30/1988 0.00115 1.48658362 1,300.49 (0.01) 0.424271
05/31/1988 0.00119 1.546330851 1,297.01 (0.00) 0.423137
06/30/1988 0.00115 1.492450492 1,322.70 (0.00) 0.431518
07/31/1988 0.00119 1.572745001 1,334.91 (0.01) 0.4355
08/31/1988 0.00119 1.587257345 1,326.94 (0.00) 0.4329
09/30/1988 0.00115 1.526886446 1,336.05 (0.01) 0.435872
10/31/1988 0.00119 1.588612857 1,349.00 (0.01) 0.440099
11/30/1988 0.00115 1.552275344 1,342.30 (0.01) 0.437912
12/31/1988 0.00119 1.596046106 1,351.38 (0.01) 0.440874
01/31/1989 0.00119 1.60684119 1,382.24 (0.01) 0.450944
02/28/1989 0.00107 1.484490977 1,387.55 (0.01) 0.452676
03/31/1989 0.00119 1.649857463 1,368.09 (0.01) 0.446325
04/30/1989 0.00115 1.574236451 1,351.36 (0.00) 0.440869
05/31/1989 0.00119 1.606827244 1,374.72 (0.00) 0.448489
06/30/1989 0.00115 1.581871023 1,412.52 (0.00) 0.460821
07/31/1989 0.00119 1.679547216 1,401.54 (0.00) 0.457239
08/31/1989 0.00119 1.666493684 1,391.75 (0.00) 0.454043
09/30/1989 0.00115 1.601461625 1,341.45 (0.00) 0.437635
10/31/1989 0.00119 1.595043019 1,282.36 (0.00) 0.418355
11/30/1989 0.00115 1.475588025 1,281.96 (0.00) 0.418225
12/31/1989 0.00119 1.524299722 1,276.92 (0.00) 0.416583
01/31/1990 0.00119 1.518315343 1,247.18 (0.00) 0.40688
02/28/1990 0.00107 1.339439053 1,226.64 (0.00) 0.400178
03/31/1990 0.00119 1.458523317 1,212.23 (0.00) 0.395477
04/30/1990 0.00115 1.394892603 1,214.43 (0.00) 0.396195
05/31/1990 0.00119 1.444005569 1,237.94 (0.00) 0.403864
06/30/1990 0.00115 1.424474696 1,256.01 (0.00) 0.409761
07/31/1990 0.00119 1.493449467 1,273.92 (0.00) 0.415604
08/31/1990 0.00119 1.514744478 1,251.09 (0.00) 0.408156
09/30/1990 0.00115 1.439612596 1,219.99 (0.00) 0.39801
10/31/1990 0.00119 1.450620548 1,188.93 (0.00) 0.387878
11/30/1990 0.00115 1.36808909 1,215.45 (0.00) 0.396529
12/31/1990 0.00119 1.445222279 1,231.00 (0.00) 0.401601
01/31/1991 0.00119 1.463707392 1,255.66 (0.00) 0.409645
02/28/1991 0.00107 1.348540066 1,323.87 (0.00) 0.431899
03/31/1991 0.00119 1.574133589 1,369.20 (0.01) 0.44669
04/30/1991 0.00115 1.575523045 1,416.22 (0.01) 0.462027
05/31/1991 0.00119 1.683940274 1,435.33 (0.00) 0.468263
06/30/1991 0.00115 1.651615004 1,464.85 (0.01) 0.477892
07/31/1991 0.00119 1.741763279 1,518.45 (0.01) 0.495379
08/31/1991 0.00119 1.805496999 1,537.37 (0.01) 0.501552
09/30/1991 0.00115 1.769028345 1,570.11 (0.01) 0.512234
10/31/1991 0.00119 1.866927903 1,621.68 (0.01) 0.529057
11/30/1991 0.00115 1.866040521 1,633.58 (0.01) 0.53294
12/31/1991 0.00119 1.942393352 1,640.23 (0.01) 0.535111
01/31/1992 0.00119 1.95030488 1,725.88 (0.01) 0.563053
02/29/1992 0.00111 1.919749725 1,786.62 (0.01) 0.582869
03/31/1992 0.00119 2.124369558 1,842.25 (0.01) 0.601016
04/30/1992 0.00115 2.119846175 1,853.16 (0.01) 0.604576
05/31/1992 0.00119 2.20348283 1,873.26 (0.01) 0.611133
06/30/1992 0.00115 2.155531507 1,891.52 (0.01) 0.617091
07/31/1992 0.00119 2.24909805 1,926.36 (0.01) 0.628456
08/31/1992 0.00119 2.290521196 1,964.82 (0.01) 0.641004
09/30/1992 0.00115 2.260890644 1,982.92 (0.01) 0.646908
10/31/1992 0.00119 2.357770558 1,950.98 (0.01) 0.63649
11/30/1992 0.00115 2.244968332 1,972.74 (0.01) 0.643586
12/31/1992 0.00119 2.345663453 1,992.51 (0.01) 0.650038
01/31/1993 0.00119 2.369179361 2,043.56 (0.01) 0.66669
02/28/1993 0.00107 2.194722558 2,076.21 (0.01) 0.677345
03/31/1993 0.00119 2.468704201 2,121.67 (0.01) 0.692173
04/30/1993 0.00115 2.441367975 2,133.18 (0.01) 0.695928
05/31/1993 0.00119 2.536433501 2,162.51 (0.01) 0.7055
06/30/1993 0.00115 2.488373246 2,215.72 (0.01) 0.722859
07/31/1993 0.00119 2.634586023 2,234.95 (0.01) 0.729133
08/31/1993 0.00119 2.657452912 2,256.11 (0.01) 0.736035
09/30/1993 0.00115 2.596071583 2,261.45 (0.01) 0.737777
10/31/1993 0.00119 2.688954532 2,312.22 (0.02) 0.754342
11/30/1993 0.00115 2.660638984 2,331.32 (0.01) 0.760571
12/31/1993 0.00119 2.772031236 2,366.09 (0.01) 0.771915
01/31/1994 0.00119 2.813376727 2,442.21 (0.01) 0.796748
02/28/1994 0.00107 2.622863163 2,436.66 (0.02) 0.79494
03/31/1994 0.00119 2.897293106 2,351.68 (0.01) 0.767213
04/30/1994 0.00115 2.706037224 2,325.24 (0.02) 0.75859
05/31/1994 0.00119 2.764809117 2,326.78 (0.02) 0.759092
06/30/1994 0.00115 2.67739198 2,315.50 (0.02) 0.755411
07/31/1994 0.00119 2.753222989 2,321.34 (0.02) 0.757317
08/31/1994 0.00119 2.760169338 2,318.58 (0.02) 0.756417
09/30/1994 0.00115 2.667955532 2,333.07 (0.02) 0.761144
10/31/1994 0.00119 2.774117173 2,308.88 (0.02) 0.753252
11/30/1994 0.00115 2.656793232 2,286.96 (0.02) 0.746102
12/31/1994 0.00119 2.719294029 2,294.93 (0.02) 0.7487
01/31/1995 0.00119 2.728763453 2,317.82 (0.02) 0.756169
02/28/1995 0.00107 2.489275921 2,394.88 (0.02) 0.781309
03/31/1995 0.00119 2.847611064 2,421.85 (0.02) 0.790108
04/30/1995 0.00115 2.786787619 2,490.10 (0.02) 0.812373
05/31/1995 0.00119 2.960828759 2,551.21 (0.02) 0.832311
06/30/1995 0.00115 2.935643168 2,555.14 (0.02) 0.833592
07/31/1995 0.00119 3.038165145 2,613.75 (0.02) 0.852714
08/31/1995 0.00119 3.107857488 2,631.17 (0.02) 0.858397
09/30/1995 0.00115 3.027647126 2,671.43 (0.02) 0.871531
10/31/1995 0.00119 3.176437515 2,693.28 (0.02) 0.87866
11/30/1995 0.00115 3.099116895 2,703.82 (0.02) 0.8821
12/31/1995 0.00119 3.214957038 2,732.38 (0.02) 0.891418
01/31/1996 0.00119 3.24891643 2,792.63 (0.02) 0.911072
02/29/1996 0.00111 3.106320369 2,835.65 (0.02) 0.925107
03/31/1996 0.00119 3.371702895 2,824.83 (0.02) 0.921577
04/30/1996 0.00115 3.250488968 2,863.74 (0.02) 0.934271
05/31/1996 0.00119 3.405103562 2,899.97 (0.02) 0.946091
06/30/1996 0.00115 3.336951263 2,911.48 (0.02) 0.949845
07/31/1996 0.00119 3.461863711 2,898.13 (0.02) 0.945491
08/31/1996 0.00119 3.445995208 2,936.65 (0.02) 0.958057
09/30/1996 0.00115 3.379156724 3,019.57 (0.03) 0.985111
10/31/1996 0.00119 3.590396685 3,006.13 (0.02) 0.980726
11/30/1996 0.00115 3.459112487 3,034.65 (0.02) 0.990028
12/31/1996 0.00119 3.608319592 3,072.82 (0.02) 1.002481
01/02/1997 0.00008 0.235723009 3,065.21 (0.02) 1
01/31/1997 0.00111 3.409523864 3,110.89 0.01
02/28/1997 0.00107 3.341011348 3,163.98 0.04
03/31/1997 0.00119 3.762101082 3,061.93 (0.09)
04/30/1997 0.00115 3.523314392 3,106.16 (0.07)
05/31/1997 0.00119 3.69335153 3,232.34 (0.08)
06/30/1997 0.00115 3.719399638 3,286.85 0.08
07/31/1997 0.00119 3.908204914 3,401.94 0.19
08/31/1997 0.00119 4.045047002 3,426.94 (0.07)
09/30/1997 0.00115 3.943332885 3,544.36 0.32
10/31/1997 0.00119 4.214391367 3,508.52 0.25
11/30/1997 0.00115 4.037206535 3,530.81 (0.02)
12/31/1997 0.00119 4.198273912 3,566.04 0.27
01/31/1998 0.00119 4.240169723 3,643.21 0.20
02/28/1998 0.00107 3.912703172 3,666.85 0.20
03/31/1998 0.00119 4.360036744 3,739.25 0.39
04/30/1998 0.00115 4.30269504 3,749.69 0.38
05/31/1998 0.00119 4.458538551 3,718.73 0.03
06/30/1998 0.00115 4.279081704 3,711.50 0.28
07/31/1998 0.00119 4.413130687 3,727.66 0.26
08/31/1998 0.00119 4.432338619 3,262.41 (0.32)
09/30/1998 0.00115 3.754001755 3,226.41 (0.38)
10/31/1998 0.00119 3.836333534 3,134.74 (0.61)
11/30/1998 0.00115 3.607101434 3,388.46 (0.28)
12/31/1998 0.00119 4.029021866 3,363.99 (0.33)
2.2264095 -1.0000000
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
EQUITY INCOME Surrender
FUND 122 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.319602 -----------------------------
Units purchased 3,128.8927 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 0.319602 3,128.892 1,000.00 1,000.00 4,396.37 0.00%
10/31/1986 0.322877 3,128.892 1,010.25 0.00001 0.014405481 1,010.25 4,396.37 0.00%
11/30/1986 0.329571 3,128.892 1,031.19 0.00002 0.019845131 1,031.19 4,396.37 0.00%
12/31/1986 0.319331 3,128.892 999.15 0.00002 0.020931786 999.15 4,396.37 0.00%
01/31/1987 0.355642 3,128.892 1,112.77 0.00002 0.020281421 1,112.77 4,396.37 0.00%
02/28/1987 0.363579 3,128.892 1,137.60 0.00002 0.020401715 1,137.60 4,396.37 0.00%
03/31/1987 0.372421 3,128.892 1,165.27 0.00002 0.02309171 1,165.27 4,396.37 0.00%
04/30/1987 0.362769 3,128.892 1,135.07 0.00002 0.022890276 1,135.07 4,396.37 0.00%
05/31/1987 0.364619 3,128.892 1,140.85 0.00002 0.023040265 1,140.85 4,396.37 0.00%
06/30/1987 0.371845 3,128.892 1,163.46 0.00002 0.022410738 1,163.46 4,396.37 0.00%
07/31/1987 0.385616 3,128.892 1,206.55 0.00002 0.023616702 1,206.55 4,396.37 0.00%
08/31/1987 0.395820 3,128.892 1,238.48 0.00002 0.024491329 1,238.48 4,396.37 0.00%
09/30/1987 0.387106 3,128.892 1,211.21 0.00002 0.024328459 1,211.21 4,396.37 0.00%
10/31/1987 0.311155 3,128.892 973.57 0.00002 0.024585962 973.57 4,396.37 0.00%
11/30/1987 0.296912 3,128.892 929.01 0.00002 0.019124657 929.01 4,396.37 0.00%
12/31/1987 0.307264 3,128.892 961.40 0.00002 0.018857541 961.40 4,396.37 0.00%
01/31/1988 0.328792 3,128.892 1,028.75 0.00002 0.019515019 1,028.75 4,396.37 0.00%
02/29/1988 0.344758 3,128.892 1,078.71 0.00002 0.019535064 1,078.71 4,396.37 0.00%
03/31/1988 0.338389 3,128.892 1,058.78 0.00002 0.021896346 1,058.78 4,396.37 0.00%
04/30/1988 0.343645 3,128.892 1,075.23 0.00002 0.020798552 1,075.23 4,396.37 0.00%
05/31/1988 0.347888 3,128.892 1,088.50 0.00002 0.021825657 1,088.50 4,396.37 0.00%
06/30/1988 0.367323 3,128.892 1,149.31 0.00002 0.021382393 1,149.31 4,396.37 0.00%
07/31/1988 0.366267 3,128.892 1,146.01 0.00002 0.0233295 1,146.01 4,396.37 0.00%
08/31/1988 0.359563 3,128.892 1,125.03 0.00002 0.023262431 1,125.03 4,396.37 0.00%
09/30/1988 0.369878 3,128.892 1,157.31 0.00002 0.022099979 1,157.31 4,396.37 0.00%
10/31/1988 0.375869 3,128.892 1,176.05 0.00002 0.023491773 1,176.05 4,396.37 0.00%
11/30/1988 0.369443 3,128.892 1,155.95 0.00002 0.023102202 1,155.95 4,396.37 0.00%
12/31/1988 0.372421 3,128.892 1,165.27 0.00002 0.023464146 1,165.27 4,396.37 0.00%
01/31/1989 0.395029 3,128.892 1,236.00 0.00002 0.023653285 1,236.00 4,396.37 0.00%
02/28/1989 0.392622 3,128.892 1,228.47 0.00002 0.022661185 1,228.47 4,396.37 0.00%
03/31/1989 0.400709 3,128.892 1,253.78 0.00002 0.024936295 1,253.78 4,396.37 0.00%
04/30/1989 0.415762 3,128.892 1,300.87 0.00002 0.024628954 1,300.87 4,396.37 0.00%
05/31/1989 0.427681 3,128.892 1,338.17 0.00002 0.026405968 1,338.17 4,396.37 0.00%
06/30/1989 0.427532 3,128.892 1,337.70 0.00002 0.026286746 1,337.70 4,396.37 0.00%
07/31/1989 0.452004 3,128.892 1,414.27 0.00002 0.027153507 1,414.27 4,396.37 0.00%
08/31/1989 0.458787 3,128.892 1,435.49 0.00002 0.028707778 1,435.49 4,396.37 0.00%
09/30/1989 0.453157 3,128.892 1,417.88 0.00002 0.028198627 1,417.88 4,396.37 0.00%
10/31/1989 0.426531 3,128.892 1,334.57 0.00002 0.028781008 1,334.57 4,396.37 0.00%
11/30/1989 0.428533 3,128.892 1,340.83 0.00002 0.026216063 1,340.83 4,396.37 0.00%
12/31/1989 0.431653 3,128.892 1,350.60 0.00002 0.027217083 1,350.60 4,396.37 0.00%
01/31/1990 0.402044 3,128.892 1,257.95 0.00002 0.027415241 1,257.95 4,396.37 0.00%
02/28/1990 0.404038 3,128.892 1,264.19 0.00002 0.023063607 1,264.19 4,396.37 0.00%
03/31/1990 0.404274 3,128.892 1,264.93 0.00002 0.025661351 1,264.93 4,396.37 0.00%
04/30/1990 0.389843 3,128.892 1,219.78 0.00002 0.024848071 1,219.78 4,396.37 0.00%
05/31/1990 0.415222 3,128.892 1,299.18 0.00002 0.024759795 1,299.18 4,396.37 0.00%
06/30/1990 0.410660 3,128.892 1,284.91 0.00002 0.025520973 1,284.91 4,396.37 0.00%
07/31/1990 0.400182 3,128.892 1,252.13 0.00002 0.026081929 1,252.13 4,396.37 0.00%
08/31/1990 0.367802 3,128.892 1,150.81 0.00002 0.025416448 1,150.81 4,396.37 0.00%
09/30/1990 0.338892 3,128.892 1,060.36 0.00002 0.022606376 1,060.36 4,396.37 0.00%
10/31/1990 0.329893 3,128.892 1,032.20 0.00002 0.021523784 1,032.20 4,396.37 0.00%
11/30/1990 0.353197 3,128.892 1,105.12 0.00002 0.020276359 1,105.12 4,396.37 0.00%
12/31/1990 0.361040 3,128.892 1,129.66 0.00002 0.022432326 1,129.66 4,396.37 0.00%
01/31/1991 0.380017 3,128.892 1,189.03 0.00002 0.022930452 1,189.03 4,396.37 0.00%
02/28/1991 0.405823 3,128.892 1,269.78 0.00002 0.021800009 1,269.78 4,396.37 0.00%
03/31/1991 0.413810 3,128.892 1,294.77 0.00002 0.02577472 1,294.77 4,396.37 0.00%
04/30/1991 0.415319 3,128.892 1,299.49 0.00002 0.025434186 1,299.49 4,396.37 0.00%
05/31/1991 0.437671 3,128.892 1,369.43 0.00002 0.026377832 1,369.43 4,396.37 0.00%
06/30/1991 0.419327 3,128.892 1,312.03 0.00002 0.026900765 1,312.03 4,396.37 0.00%
07/31/1991 0.442655 3,128.892 1,385.02 0.00002 0.026632389 1,385.02 4,396.37 0.00%
08/31/1991 0.451526 3,128.892 1,412.78 0.00002 0.028114002 1,412.78 4,396.37 0.00%
09/30/1991 0.447965 3,128.892 1,401.63 0.00002 0.027752341 1,401.63 4,396.37 0.00%
10/31/1991 0.454949 3,128.892 1,423.49 0.00002 0.028451252 1,423.49 4,396.37 0.00%
11/30/1991 0.434873 3,128.892 1,360.67 0.00002 0.027962731 1,360.67 4,396.37 0.00%
12/31/1991 0.468778 3,128.892 1,466.76 0.00002 0.02761975 1,466.76 4,396.37 0.00%
01/31/1992 0.474608 3,128.892 1,485.00 0.00002 0.029773132 1,485.00 4,396.37 0.00%
02/29/1992 0.489550 3,128.892 1,531.75 0.00002 0.028198672 1,531.75 4,396.37 0.00%
03/31/1992 0.483035 3,128.892 1,511.36 0.00002 0.031092408 1,511.36 4,396.37 0.00%
04/30/1992 0.497670 3,128.892 1,557.16 0.00002 0.029688993 1,557.16 4,396.37 0.00%
05/31/1992 0.501120 3,128.892 1,567.95 0.00002 0.031608127 1,567.95 4,396.37 0.00%
06/30/1992 0.496216 3,128.892 1,552.61 0.00002 0.030800559 1,552.61 4,396.37 0.00%
07/31/1992 0.510896 3,128.892 1,598.54 0.00002 0.03151578 1,598.54 4,396.37 0.00%
08/31/1992 0.499159 3,128.892 1,561.81 0.00002 0.03244814 1,561.81 4,396.37 0.00%
09/30/1992 0.503826 3,128.892 1,576.42 0.00002 0.030680029 1,576.42 4,396.37 0.00%
10/31/1992 0.509323 3,128.892 1,593.62 0.00002 0.031999108 1,593.62 4,396.37 0.00%
11/30/1992 0.527277 3,128.892 1,649.79 0.00002 0.031304744 1,649.79 4,396.37 0.00%
12/31/1992 0.541197 3,128.892 1,693.35 0.00002 0.033488534 1,693.35 4,396.37 0.00%
01/31/1993 0.556779 3,128.892 1,742.10 0.00002 0.034372624 1,742.10 4,396.37 0.00%
02/28/1993 0.568753 3,128.892 1,779.57 0.00002 0.031940116 1,779.57 4,396.37 0.00%
03/31/1993 0.585098 3,128.892 1,830.71 0.00002 0.036122766 1,830.71 4,396.37 0.00%
04/30/1993 0.582064 3,128.892 1,821.22 0.00002 0.035962136 1,821.22 4,396.37 0.00%
05/31/1993 0.591978 3,128.892 1,852.24 0.00002 0.036968178 1,852.24 4,396.37 0.00%
06/30/1993 0.598333 3,128.892 1,872.12 0.00002 0.036385004 1,872.12 4,396.37 0.00%
07/31/1993 0.605839 3,128.892 1,895.60 0.00002 0.038001458 1,895.60 4,396.37 0.00%
08/31/1993 0.628371 3,128.892 1,966.10 0.00002 0.038478181 1,966.10 4,396.37 0.00%
09/30/1993 0.625325 3,128.892 1,956.57 0.00002 0.038621843 1,956.57 4,396.37 0.00%
10/31/1993 0.630379 3,128.892 1,972.39 0.00002 0.03971578 1,972.39 4,396.37 0.00%
11/30/1993 0.618714 3,128.892 1,935.89 0.00002 0.038745262 1,935.89 4,396.37 0.00%
12/31/1993 0.632356 3,128.892 1,978.57 0.00002 0.039295901 1,978.57 4,396.37 0.00%
01/31/1994 0.659534 3,128.892 2,063.61 0.00002 0.040162334 2,063.61 4,396.37 2.00%
02/28/1994 0.641920 3,128.892 2,008.50 0.00002 0.037834747 2,008.50 4,396.37 2.00%
03/31/1994 0.614383 3,128.892 1,922.34 0.00002 0.040769765 1,922.34 4,396.37 2.00%
04/30/1994 0.634921 3,128.892 1,986.60 0.00002 0.037762093 1,986.60 4,396.37 2.00%
05/31/1994 0.640290 3,128.892 2,003.40 0.00002 0.040325243 2,003.40 4,396.37 2.00%
06/30/1994 0.635673 3,128.892 1,988.95 0.00002 0.039354426 1,988.95 4,396.37 2.00%
07/31/1994 0.656233 3,128.892 2,053.28 0.00002 0.040373004 2,053.28 4,396.37 2.00%
08/31/1994 0.689300 3,128.892 2,156.75 0.00002 0.041678816 2,156.75 4,396.37 2.00%
09/30/1994 0.677299 3,128.892 2,119.20 0.00002 0.042366749 2,119.20 4,396.37 2.00%
10/31/1994 0.690483 3,128.892 2,160.45 0.00002 0.043016764 2,160.45 4,396.37 2.00%
11/30/1994 0.667207 3,128.892 2,087.62 0.00002 0.042439461 2,087.62 4,396.37 2.00%
12/31/1994 0.668671 3,128.892 2,092.20 0.00002 0.042375799 2,092.20 4,396.37 2.00%
01/31/1995 0.678416 3,128.892 2,122.69 0.00002 0.042468781 2,122.69 4,396.37 4.00%
02/28/1995 0.703634 3,128.892 2,201.59 0.00002 0.038917929 2,201.59 4,396.37 4.00%
03/31/1995 0.727185 3,128.892 2,275.28 0.00002 0.044689358 2,275.28 4,396.37 4.00%
04/30/1995 0.746663 3,128.892 2,336.23 0.00002 0.044695292 2,336.23 4,396.37 4.00%
05/31/1995 0.768372 3,128.892 2,404.15 0.00002 0.047422226 2,404.15 4,396.37 4.00%
06/30/1995 0.778622 3,128.892 2,436.22 0.00002 0.047226786 2,436.22 4,396.37 4.00%
07/31/1995 0.807760 3,128.892 2,527.39 0.00002 0.049452013 2,527.39 4,396.37 4.00%
08/31/1995 0.817034 3,128.892 2,556.41 0.00002 0.051302632 2,556.41 4,396.37 4.00%
09/30/1995 0.843318 3,128.892 2,638.65 0.00002 0.05021772 2,638.65 4,396.37 4.00%
10/31/1995 0.832718 3,128.892 2,605.48 0.00002 0.053561 2,605.48 4,396.37 4.00%
11/30/1995 0.867867 3,128.892 2,715.46 0.00002 0.051181713 2,715.46 4,396.37 4.00%
12/31/1995 0.892371 3,128.892 2,792.13 0.00002 0.055120161 2,792.13 4,396.37 4.00%
01/31/1996 0.917356 3,128.892 2,870.31 0.00002 0.056676465 2,870.31 4,396.37 6.00%
02/29/1996 0.919526 3,128.892 2,877.10 0.00002 0.054504394 2,877.10 4,396.37 6.00%
03/31/1996 0.928231 3,128.892 2,904.33 0.00002 0.058401139 2,904.33 4,396.37 6.00%
04/30/1996 0.939364 3,128.892 2,939.17 0.00002 0.05705227 2,939.17 4,396.37 6.00%
05/31/1996 0.948508 3,128.892 2,967.78 0.00002 0.059661094 2,967.78 4,396.37 6.00%
06/30/1996 0.938850 3,128.892 2,937.56 0.00002 0.058298565 2,937.56 4,396.37 6.00%
07/31/1996 0.892068 3,128.892 2,791.18 0.00002 0.059628449 2,791.18 4,396.37 6.00%
08/31/1996 0.909413 3,128.892 2,845.46 0.00002 0.05665722 2,845.46 4,396.37 6.00%
09/30/1996 0.947434 3,128.892 2,964.42 0.00002 0.055895651 2,964.42 4,396.37 6.00%
10/31/1996 0.961800 3,128.892 3,009.37 0.00002 0.060173638 3,009.37 4,396.37 6.00%
11/30/1996 1.025124 3,128.892 3,207.50 0.00002 0.059115537 3,207.50 4,396.37 6.00%
12/31/1996 1.007254 3,128.892 3,151.59 0.00002 0.065107902 3,151.59 4,396.37 6.00%
01/02/1997 1.000000 3,128.892 3,128.89 0.00000 0.00420051 3,128.89 4,396.37 6.00%
01/31/1997 1.045426 3,128.892 3,271.03 0.00002 0.059845653 3,271.03 4,396.37 6.00%
02/28/1997 1.056003 3,128.892 3,304.12 0.00002 0.05997178 3,304.12 4,396.37 6.00%
03/31/1997 1.015681 3,128.892 3,177.96 0.00002 0.067069096 3,177.96 4,396.37 6.00%
04/30/1997 1.050638 3,128.892 3,287.33 0.00002 0.062427248 3,287.33 4,396.37 6.00%
05/31/1997 1.114609 3,128.892 3,487.49 0.00002 0.066728353 3,487.49 4,396.37 6.00%
06/30/1997 1.165197 3,128.892 3,645.78 0.00002 0.068507704 3,645.78 4,396.37 6.00%
07/31/1997 1.248921 3,128.892 3,907.74 0.00002 0.07400425 3,907.74 4,396.37 6.00%
08/31/1997 1.189178 3,128.892 3,720.81 0.00002 0.079321747 3,720.81 4,396.37 6.00%
09/30/1997 1.253181 3,128.892 3,921.07 0.00002 0.073090971 3,921.07 4,396.37 6.00%
10/31/1997 1.206091 3,128.892 3,773.73 0.00002 0.079592309 3,773.73 4,396.37 6.00%
11/30/1997 1.249087 3,128.892 3,908.26 0.00002 0.074130502 3,908.26 4,396.37 6.00%
12/31/1997 1.274458 3,128.892 3,987.64 0.00002 0.07933229 3,987.64 4,396.37 6.00%
01/31/1998 1.270015 3,128.892 3,973.74 0.00002 0.080943659 3,973.74 4,396.37 6.00%
02/28/1998 1.350585 3,128.892 4,225.83 0.00002 0.072855525 4,225.83 4,396.37 6.00%
03/31/1998 1.411607 3,128.892 4,416.77 0.00002 0.085778654 4,416.77 4,396.37 6.00%
04/30/1998 1.410165 3,128.892 4,412.25 0.00002 0.086762222 4,412.25 4,396.37 6.00%
05/31/1998 1.385941 3,128.892 4,336.46 0.00002 0.089562712 4,336.46 4,396.37 6.00%
06/30/1998 1.400006 3,128.892 4,380.47 0.00002 0.085184702 4,380.47 4,396.37 6.00%
07/31/1998 1.364079 3,128.892 4,268.06 0.00002 0.088917491 4,268.06 4,396.37 6.00%
08/31/1998 1.154487 3,128.892 3,612.27 0.00002 0.086635688 3,612.27 4,396.37 6.00%
09/30/1998 1.220965 3,128.892 3,820.27 0.00002 0.070958743 3,820.27 4,396.37 6.00%
10/31/1998 1.310010 3,128.892 4,098.88 0.00002 0.077546199 4,098.88 4,396.37 6.00%
11/30/1998 1.363962 3,128.892 4,267.69 0.00002 0.080517721 4,267.69 4,396.37 6.00%
12/31/1998 1.405087 3,128.892 4,396.37 0.00002 0.086628257 4,396.37 4,396.37 6.00%
12/31/1998 4,396.37
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 100.00% 4,396.37 12.2356 12.86% 12.86% 4,396.36 4,396.36 13
10/31/1986 100.00% 4,396.37 12.1753 12.84% 12.84% 4,351.77 4,351.77 13
11/30/1986 100.00% 4,396.37 12.0932 12.74% 12.74% 4,263.38 4,263.38 13
12/31/1986 100.00% 4,396.37 12.0082 13.13% 13.13% 4,400.10 4,400.10 13
01/31/1987 100.00% 4,396.37 11.9233 12.21% 12.21% 3,950.85 3,950.85 12
02/28/1987 100.00% 4,396.37 11.8466 12.09% 12.09% 3,864.60 3,864.60 12
03/31/1987 100.00% 4,396.37 11.7616 11.95% 11.95% 3,772.85 3,772.85 12
04/30/1987 100.00% 4,396.37 11.6795 12.29% 12.29% 3,873.23 3,873.23 12
05/31/1987 100.00% 4,396.37 11.5945 12.34% 12.34% 3,853.58 3,853.58 12
06/30/1987 100.00% 4,396.37 11.5123 12.24% 12.24% 3,778.69 3,778.69 12
07/31/1987 100.00% 4,396.37 11.4274 11.98% 11.98% 3,643.75 3,643.75 12
08/31/1987 100.00% 4,396.37 11.3425 11.82% 11.82% 3,549.81 3,549.81 12
09/30/1987 100.00% 4,396.37 11.2603 12.13% 12.13% 3,629.72 3,629.72 12
10/31/1987 100.00% 4,396.37 11.1753 14.44% 14.44% 4,515.71 4,515.71 12
11/30/1987 100.00% 4,396.37 11.0932 15.04% 15.04% 4,732.33 4,732.33 12
12/31/1987 100.00% 4,396.37 11.0082 14.81% 14.81% 4,572.90 4,572.90 12
01/31/1988 100.00% 4,396.37 10.9233 14.22% 14.22% 4,273.48 4,273.48 11
02/29/1988 100.00% 4,396.37 10.8438 13.83% 13.83% 4,075.57 4,075.57 11
03/31/1988 100.00% 4,396.37 10.7589 14.15% 14.15% 4,152.28 4,152.28 11
04/30/1988 100.00% 4,396.37 10.6767 14.10% 14.10% 4,088.77 4,088.77 11
05/31/1988 100.00% 4,396.37 10.5918 14.09% 14.09% 4,038.91 4,038.91 11
06/30/1988 100.00% 4,396.37 10.5096 13.62% 13.62% 3,825.21 3,825.21 11
07/31/1988 100.00% 4,396.37 10.4247 13.77% 13.77% 3,836.24 3,836.24 11
08/31/1988 100.00% 4,396.37 10.3397 14.09% 14.09% 3,907.76 3,907.76 11
09/30/1988 100.00% 4,396.37 10.2575 13.90% 13.90% 3,798.79 3,798.79 11
10/31/1988 100.00% 4,396.37 10.1726 13.84% 13.84% 3,738.24 3,738.24 11
11/30/1988 100.00% 4,396.37 10.0904 14.16% 14.16% 3,803.26 3,803.26 11
12/31/1988 100.00% 4,396.37 10.0055 14.19% 14.19% 3,772.85 3,772.85 11
01/31/1989 100.00% 4,396.37 9.9205 13.64% 13.64% 3,556.92 3,556.92 10
02/28/1989 100.00% 4,396.37 9.8438 13.83% 13.83% 3,578.73 3,578.73 10
03/31/1989 100.00% 4,396.37 9.7589 13.72% 13.72% 3,506.50 3,506.50 10
04/30/1989 100.00% 4,396.37 9.6767 13.41% 13.41% 3,379.55 3,379.55 10
05/31/1989 100.00% 4,396.37 9.5918 13.20% 13.20% 3,285.36 3,285.36 10
06/30/1989 100.00% 4,396.37 9.5096 13.33% 13.33% 3,286.51 3,286.51 10
07/31/1989 100.00% 4,396.37 9.4247 12.79% 12.79% 3,108.57 3,108.57 10
08/31/1989 100.00% 4,396.37 9.3397 12.73% 12.73% 3,062.61 3,062.61 10
09/30/1989 100.00% 4,396.37 9.2575 13.00% 13.00% 3,100.66 3,100.66 10
10/31/1989 100.00% 4,396.37 9.1726 13.88% 13.88% 3,294.22 3,294.22 10
11/30/1989 100.00% 4,396.37 9.0904 13.95% 13.95% 3,278.83 3,278.83 10
12/31/1989 100.00% 4,396.37 9.0055 14.00% 14.00% 3,255.13 3,255.13 10
01/31/1990 90.00% 4,396.37 8.9205 15.06% 15.06% 3,494.86 3,494.86 9
02/28/1990 90.00% 4,396.37 8.8438 15.13% 15.13% 3,477.61 3,477.61 9
03/31/1990 90.00% 4,396.37 8.7589 15.28% 15.28% 3,475.58 3,475.58 9
04/30/1990 90.00% 4,396.37 8.6767 15.92% 15.92% 3,604.24 3,604.24 9
05/31/1990 90.00% 4,396.37 8.5918 15.24% 15.24% 3,383.94 3,383.94 9
06/30/1990 90.00% 4,396.37 8.5096 15.55% 15.55% 3,421.53 3,421.53 9
07/31/1990 90.00% 4,396.37 8.4247 16.08% 16.08% 3,511.12 3,511.12 9
08/31/1990 90.00% 4,396.37 8.3397 17.43% 17.43% 3,820.23 3,820.23 9
09/30/1990 90.00% 4,396.37 8.2575 18.79% 18.79% 4,146.12 4,146.12 9
10/31/1990 90.00% 4,396.37 8.1726 19.40% 19.40% 4,259.22 4,259.22 9
11/30/1990 90.00% 4,396.37 8.0904 18.61% 18.61% 3,978.20 3,978.20 9
12/31/1990 90.00% 4,396.37 8.0055 18.50% 18.50% 3,891.78 3,891.78 9
01/31/1991 80.00% 4,396.37 7.9205 17.95% 17.95% 3,697.43 3,697.43 8
02/28/1991 80.00% 4,396.37 7.8438 17.16% 17.16% 3,462.31 3,462.31 8
03/31/1991 80.00% 4,396.37 7.7589 17.06% 17.06% 3,395.49 3,395.49 8
04/30/1991 80.00% 4,396.37 7.6767 17.21% 17.21% 3,383.15 3,383.15 8
05/31/1991 80.00% 4,396.37 7.5918 16.61% 16.61% 3,210.37 3,210.37 8
06/30/1991 80.00% 4,396.37 7.5096 17.47% 17.47% 3,350.81 3,350.81 8
07/31/1991 80.00% 4,396.37 7.4247 16.83% 16.83% 3,174.23 3,174.23 8
08/31/1991 80.00% 4,396.37 7.3397 16.73% 16.73% 3,111.86 3,111.86 8
09/30/1991 80.00% 4,396.37 7.2575 17.06% 17.06% 3,136.60 3,136.60 8
10/31/1991 80.00% 4,396.37 7.1726 17.03% 17.03% 3,088.45 3,088.45 8
11/30/1991 80.00% 4,396.37 7.0904 17.99% 17.99% 3,231.03 3,231.03 8
12/31/1991 80.00% 4,396.37 7.0055 16.96% 16.96% 2,997.34 2,997.34 8
01/31/1992 70.00% 4,396.37 6.9205 16.98% 16.98% 2,960.52 2,960.52 7
02/29/1992 70.00% 4,396.37 6.8411 16.66% 16.66% 2,870.16 2,870.16 7
03/31/1992 70.00% 4,396.37 6.7562 17.12% 17.12% 2,908.87 2,908.87 7
04/30/1992 70.00% 4,396.37 6.6740 16.83% 16.83% 2,823.33 2,823.33 7
05/31/1992 70.00% 4,396.37 6.5890 16.94% 16.94% 2,803.89 2,803.89 7
06/30/1992 70.00% 4,396.37 6.5068 17.35% 17.35% 2,831.60 2,831.60 7
07/31/1992 70.00% 4,396.37 6.4219 17.06% 17.06% 2,750.24 2,750.24 7
08/31/1992 70.00% 4,396.37 6.3370 17.74% 17.74% 2,814.91 2,814.91 7
09/30/1992 70.00% 4,396.37 6.2548 17.82% 17.82% 2,788.83 2,788.83 7
10/31/1992 70.00% 4,396.37 6.1699 17.88% 17.88% 2,758.73 2,758.73 7
11/30/1992 70.00% 4,396.37 6.0877 17.47% 17.47% 2,664.80 2,664.80 7
12/31/1992 70.00% 4,396.37 6.0027 17.23% 17.23% 2,596.26 2,596.26 7
01/31/1993 60.00% 4,396.37 5.9178 16.93% 16.93% 2,523.60 2,523.60 6
02/28/1993 60.00% 4,396.37 5.8411 16.75% 16.75% 2,470.47 2,470.47 6
03/31/1993 60.00% 4,396.37 5.7562 16.44% 16.44% 2,401.46 2,401.46 6
04/30/1993 60.00% 4,396.37 5.6740 16.80% 16.80% 2,413.97 2,413.97 6
05/31/1993 60.00% 4,396.37 5.5890 16.73% 16.73% 2,373.55 2,373.55 6
06/30/1993 60.00% 4,396.37 5.5068 16.77% 16.77% 2,348.34 2,348.34 6
07/31/1993 60.00% 4,396.37 5.4219 16.78% 16.78% 2,319.24 2,319.24 6
08/31/1993 60.00% 4,396.37 5.3370 16.27% 16.27% 2,236.08 2,236.08 6
09/30/1993 60.00% 4,396.37 5.2548 16.66% 16.66% 2,246.97 2,246.97 6
10/31/1993 60.00% 4,396.37 5.1699 16.77% 16.77% 2,228.96 2,228.96 6
11/30/1993 60.00% 4,396.37 5.0877 17.49% 17.49% 2,270.98 2,270.98 6
12/31/1993 60.00% 4,396.37 5.0027 17.30% 17.30% 2,221.99 2,221.99 6
01/31/1994 50.00% 4,396.37 4.9178 16.62% 16.62% 2,130.42 2,130.42 5
02/28/1994 50.00% 4,396.37 4.8411 17.56% 17.56% 2,188.88 2,188.88 5
03/31/1994 50.00% 4,396.37 4.7562 19.00% 19.00% 2,286.99 2,286.99 5
04/30/1994 50.00% 4,396.37 4.6740 18.52% 18.52% 2,213.01 2,213.01 5
05/31/1994 50.00% 4,396.37 4.5890 18.68% 18.68% 2,194.45 2,194.45 5
06/30/1994 50.00% 4,396.37 4.5068 19.24% 19.24% 2,210.39 2,210.39 5
07/31/1994 50.00% 4,396.37 4.4219 18.79% 18.79% 2,141.14 2,141.14 5
08/31/1994 50.00% 4,396.37 4.3370 17.85% 17.85% 2,038.43 2,038.43 5
09/30/1994 50.00% 4,396.37 4.2548 18.71% 18.71% 2,074.54 2,074.54 5
10/31/1994 50.00% 4,396.37 4.1699 18.58% 18.58% 2,034.93 2,034.93 5
11/30/1994 50.00% 4,396.37 4.0877 19.98% 19.98% 2,105.92 2,105.92 5
12/31/1994 50.00% 4,396.37 4.0027 20.38% 20.38% 2,101.31 2,101.31 5
01/31/1995 40.00% 4,381.80 3.9178 20.32% 20.42% 2,064.27 2,071.13 4
02/28/1995 40.00% 4,378.64 3.8411 19.60% 19.73% 1,988.85 1,996.90 4
03/31/1995 40.00% 4,375.70 3.7562 19.02% 19.17% 1,923.14 1,932.23 4
04/30/1995 40.00% 4,373.26 3.6740 18.61% 18.78% 1,871.93 1,881.82 4
05/31/1995 40.00% 4,370.54 3.5890 18.12% 18.31% 1,817.91 1,828.65 4
06/30/1995 40.00% 4,369.26 3.5068 18.13% 18.33% 1,793.45 1,804.58 4
07/31/1995 40.00% 4,365.61 3.4219 17.32% 17.56% 1,727.32 1,739.49 4
08/31/1995 40.00% 4,364.45 3.3370 17.39% 17.64% 1,707.26 1,719.74 4
09/30/1995 40.00% 4,361.16 3.2548 16.69% 16.98% 1,652.80 1,666.14 4
10/31/1995 40.00% 4,362.49 3.1699 17.66% 17.94% 1,674.35 1,687.35 4
11/30/1995 40.00% 4,358.09 3.0877 16.56% 16.89% 1,604.92 1,619.01 4
12/31/1995 40.00% 4,355.02 3.0027 15.96% 16.32% 1,559.75 1,574.55 4
01/31/1996 30.00% 4,303.28 2.9178 14.89% 15.73% 1,499.24 1,531.67 3
02/29/1996 30.00% 4,302.87 2.8384 15.24% 16.11% 1,495.56 1,528.06 3
03/31/1996 30.00% 4,301.24 2.7534 15.33% 16.25% 1,480.97 1,513.73 3
04/30/1996 30.00% 4,299.15 2.6712 15.30% 16.27% 1,462.71 1,495.79 3
05/31/1996 30.00% 4,297.43 2.5863 15.39% 16.41% 1,448.03 1,481.37 3
06/30/1996 30.00% 4,299.25 2.5041 16.43% 17.47% 1,463.54 1,496.60 3
07/31/1996 30.00% 4,308.03 2.4192 19.65% 20.66% 1,543.44 1,575.09 3
08/31/1996 30.00% 4,304.77 2.3342 19.41% 20.49% 1,512.86 1,545.05 3
09/30/1996 30.00% 4,297.63 2.2521 17.93% 19.12% 1,449.74 1,483.04 3
10/31/1996 30.00% 4,294.94 2.1671 17.84% 19.11% 1,427.19 1,460.89 3
11/30/1996 30.00% 4,283.05 2.0849 14.88% 16.33% 1,335.32 1,370.65 3
12/31/1996 30.00% 4,286.40 2.0000 16.62% 18.11% 1,360.08 1,394.97 3
01/02/1997 20.00% 4,261.39 1.9945 16.75% 18.59% 1,361.95 1,405.09 2
01/31/1997 20.00% 4,252.86 1.9151 14.69% 16.69% 1,300.16 1,344.03 2
02/28/1997 20.00% 4,250.87 1.8384 14.69% 16.81% 1,286.54 1,330.57 2
03/31/1997 20.00% 4,258.44 1.7534 18.17% 20.33% 1,339.99 1,383.39 2
04/30/1997 20.00% 4,251.88 1.6712 16.64% 19.00% 1,293.41 1,337.37 2
05/31/1997 20.00% 4,239.87 1.5863 13.11% 15.72% 1,215.74 1,260.61 2
06/30/1997 20.00% 4,230.38 1.5041 10.39% 13.25% 1,160.35 1,205.88 2
07/31/1997 20.00% 4,214.66 1.4192 5.47% 8.66% 1,078.54 1,125.04 2
08/31/1997 20.00% 4,225.87 1.3342 10.01% 13.32% 1,135.74 1,181.56 2
09/30/1997 20.00% 4,213.86 1.2521 5.92% 9.57% 1,074.67 1,121.22 2
10/31/1997 20.00% 4,222.70 1.1671 10.11% 13.98% 1,118.97 1,164.99 2
11/30/1997 20.00% 4,214.63 1.0849 7.20% 11.46% 1,078.39 1,124.89 2
12/31/1997 20.00% 4,209.86 1.0000 5.57% 10.25% 1,055.73 1,102.50 2
01/31/1998 10.00% 4,184.32 0.9151 5.30% 10.64% 1,048.39 1,096.90 1
02/28/1998 10.00% 4,169.19 0.8384 -1.34% 4.04% 988.75 1,033.72 1
03/31/1998 10.00% 4,157.74 0.7534 -5.86% -0.46% 955.49 996.52 1
04/30/1998 10.00% 4,158.01 0.6712 -5.76% -0.36% 960.95 997.58 1
05/31/1998 10.00% 4,162.56 0.5863 -4.01% 1.38% 976.29 1,008.08 1
06/30/1998 10.00% 4,159.92 0.5041 -5.03% 0.36% 974.29 1,001.83 1
07/31/1998 10.00% 4,166.66 0.4192 -2.38% 3.01% 989.97 1,012.49 1
08/31/1998 10.00% 4,206.01 0.3342 16.44% 21.71% 1,052.17 1,067.85 1
09/30/1998 10.00% 4,193.53 0.2521 9.77% 15.08% 1,023.78 1,036.04 1
10/31/1998 10.00% 4,176.81 0.1671 1.90% 7.26% 1,003.15 1,011.78 1
11/30/1998 10.00% 4,166.68 0.0849 -2.37% 3.02% 997.97 1,002.53 1
12/31/1998 10.00% 4,158.96 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
EQUITY INCOME Surrender
FUND 122 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.319602 -----------------------------
Units purchased 3,128.8927 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 MTD 4,267.69 4,166.68 4,396.37 -2.37% 3.02%
30-Sep-98 0.25 0.25 3 mths 3,820.27 4,193.53 4,396.37 9.77% 15.08%
31-Dec-97 1.00 1.00 YTD 3,987.64 4,209.86 4,396.37 5.57% 10.25%
31-Dec-97 1.00 1.00 1 Year 3,987.64 4,209.86 4,396.37 5.57% 10.25%
31-Dec-96 2.00 2.00 2 Year 3,151.59 4,286.40 4,396.37 16.62% 18.11%
31-Dec-95 3.00 3.00 3 Year 2,792.13 4,355.02 4,396.37 15.96% 16.32%
31-Dec-94 4.00 4.00 4 Year 2,092.20 4,396.37 4,396.37 20.38% 20.38%
31-Dec-93 5.00 5.00 5 Year 1,978.57 4,396.37 4,396.37 17.30% 17.30%
31-Dec-88 10.01 10.00 10 Year 1,165.27 4,396.37 4,396.37 14.20% 14.20%
9-Oct-86 12.24 12.24 Portfolio Inc Dt 1,000.00 4,396.37 4,396.37 12.86% 12.86%
2-Jan-97 1.99 1.99 Subacct Inc Dt 3,128.89 4,261.39 4,396.37 16.75% 18.59%
12/31/1992 1,693.35
12/31/1993 1 1,978.57 16.84%
12/31/1994 1 2,092.20 5.74%
12/31/1995 1 2,792.13 33.45%
12/31/1996 1 3,151.59 12.87%
12/31/1997 1 3,987.64 26.53%
12/31/1998 1 4,396.37 10.25%
</TABLE>
M&E factor - Annual 1.25%
EQUITY INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 0 100 10 1,000.00
10/31/1986 1000 0 10 100 10.11 1,011.00 1.10%
11/30/1986 1011 0 10 100 10.33 1,033.00 2.18%
12/31/1986 1033 0 10 100 10.02 1,002.00 -3.00%
01/31/1987 1002 0 10 100 11.17 1,117.00 11.48%
02/28/1987 1117 0 10 100 11.43 1,143.00 2.33%
03/31/1987 1143 0.07 11.62 100.602 11.65 1,172.01 2.54%
04/30/1987 1172.01 0 10 100.602 11.36 1,142.84 -2.49%
05/31/1987 1142.84 0 10 100.602 11.43 1,149.88 0.62%
06/30/1987 1149.88 0.12 11.72 101.632 11.55 1,173.85 2.08%
07/31/1987 1173.85 0 10 101.632 11.99 1,218.57 3.81%
08/31/1987 1218.57 0 10 101.632 12.32 1,252.11 2.75%
09/30/1987 1252.11 0.12 11.8 102.666 11.94 1,225.83 -2.10%
10/31/1987 1225.83 0 10 102.666 9.61 986.62 -19.51%
11/30/1987 986.62 0 10 102.666 9.18 942.47 -4.47%
12/31/1987 942.47 0.09 9.45 103.644 9.42 976.33 3.59%
01/31/1988 976.33 0 10 103.644 10.09 1,045.77 7.11%
02/29/1988 1045.77 0 10 103.644 10.59 1,097.59 4.96%
03/31/1988 1097.59 0.14 10.6 105.013 10.27 1,078.48 -1.74%
04/30/1988 1078.48 0 10 105.013 10.44 1,096.34 1.66%
05/31/1988 1096.34 0 10 105.013 10.58 1,111.04 1.34%
06/30/1988 1111.04 0.14 10.89 106.363 11.04 1,174.25 5.69%
07/31/1988 1174.25 0 10 106.363 11.02 1,172.12 -0.18%
08/31/1988 1172.12 0 10 106.363 10.83 1,151.91 -1.72%
09/30/1988 1151.91 0.14 10.87 107.733 11.01 1,186.14 2.97%
10/31/1988 1186.14 0 10 107.733 11.20 1,206.61 1.73%
11/30/1988 1206.61 0 10 107.733 11.02 1,187.22 -1.61%
12/31/1988 1187.22 0.11 10.95 108.815 11.01 1,198.05 0.91%
01/31/1989 1198.05 0 10 108.815 11.69 1,272.05 6.18%
02/28/1989 1272.05 0 10 108.815 11.63 1,265.52 -0.51%
03/31/1989 1265.52 0.22 11.56 110.886 11.66 1,292.93 2.17%
04/30/1989 1292.93 0 10 110.886 12.11 1,342.83 3.86%
05/31/1989 1342.83 0 10 110.886 12.47 1,382.75 2.97%
06/30/1989 1382.75 0.13 12.49 112.04 12.35 1,383.69 0.07%
07/31/1989 1383.69 0 10 112.04 13.07 1,464.36 5.83%
08/31/1989 1464.36 0 10 112.04 13.28 1,487.89 1.61%
09/30/1989 1487.89 0.13 12.93 113.166 13.00 1,471.16 -1.12%
10/31/1989 1471.16 0 10 113.166 12.25 1,386.28 -5.77%
11/30/1989 1386.28 0 10 113.166 12.32 1,394.21 0.57%
12/31/1989 1394.21 0.13 12.03 114.389 12.29 1,405.84 0.83%
01/31/1990 1405.84 0 10 114.389 11.46 1,310.90 -6.75%
02/28/1990 1310.9 0.39 11.2 118.372 11.14 1,318.66 0.59%
03/31/1990 1318.66 0.2 11.05 120.514 10.96 1,320.83 0.16%
04/30/1990 1320.83 0 10 120.514 10.58 1,275.04 -3.47%
05/31/1990 1275.04 0 10 120.514 11.28 1,359.40 6.62%
06/30/1990 1359.4 0.13 11.24 121.908 11.04 1,345.86 -1.00%
07/31/1990 1345.86 0 10 121.908 10.77 1,312.95 -2.45%
08/31/1990 1312.95 0 10 121.908 9.91 1,208.11 -7.99%
09/30/1990 1208.11 0.13 9.67 123.547 9.02 1,114.39 -7.76%
10/31/1990 1114.39 0 10 123.547 8.79 1,085.98 -2.55%
11/30/1990 1085.98 0 10 123.547 9.42 1,163.81 7.17%
12/31/1990 1163.81 0.13 9.57 125.225 9.51 1,190.89 2.33%
01/31/1991 1190.89 0 10 125.225 10.02 1,254.75 5.36%
02/28/1991 1254.75 0 10 125.225 10.71 1,341.16 6.89%
03/31/1991 1341.16 0.23 10.6 127.942 10.70 1,368.98 2.07%
04/30/1991 1368.98 0 10 127.942 10.75 1,375.38 0.47%
05/31/1991 1375.38 0 10 127.942 11.34 1,450.86 5.49%
06/30/1991 1450.86 0.12 11.1 129.325 10.76 1,391.54 -4.09%
07/31/1991 1391.54 0 10 129.325 11.37 1,470.43 5.67%
08/31/1991 1470.43 0 10 129.325 11.61 1,501.46 2.11%
09/30/1991 1501.46 0.12 11.38 130.689 11.41 1,491.16 -0.69%
10/31/1991 1491.16 0 10 130.689 11.60 1,515.99 1.67%
11/30/1991 1515.99 0 10 130.689 11.10 1,450.65 -4.31%
12/31/1991 1450.65 0.12 11.18 132.092 11.85 1,565.29 7.90%
01/31/1992 1565.29 0 10 132.092 12.01 1,586.42 1.35%
02/29/1992 1586.42 0 10 132.092 12.40 1,637.94 3.25%
03/31/1992 1637.94 0.12 12.33 133.378 12.13 1,617.88 -1.22%
04/30/1992 1617.88 0 10 133.378 12.51 1,668.56 3.13%
05/31/1992 1668.56 0 10 133.378 12.61 1,681.90 0.80%
06/30/1992 1681.9 0.1 12.45 134.449 12.40 1,667.17 -0.88%
07/31/1992 1667.17 0 10 134.449 12.78 1,718.26 3.06%
08/31/1992 1718.26 0 10 134.449 12.50 1,680.61 -2.19%
09/30/1992 1680.61 0.1 12.56 135.519 12.53 1,698.05 1.04%
10/31/1992 1698.05 0 10 135.519 12.68 1,718.38 1.20%
11/30/1992 1718.38 0 10 135.519 13.14 1,780.72 3.63%
12/31/1992 1780.72 0.1 13.29 136.539 13.40 1,829.62 2.75%
01/31/1993 1829.62 0 10 136.539 13.80 1,884.24 2.99%
02/28/1993 1884.24 0 10 136.539 14.11 1,926.57 2.25%
03/31/1993 1926.57 0.1 14.36 137.49 14.43 1,983.98 2.98%
04/30/1993 1983.98 0 10 137.49 14.37 1,975.73 -0.42%
05/31/1993 1975.73 0 10 137.49 14.63 2,011.48 1.81%
06/30/1993 2011.48 0.1 14.4 138.445 14.70 2,035.14 1.18%
07/31/1993 2035.14 0 10 138.445 14.90 2,062.83 1.36%
08/31/1993 2062.83 0 10 138.445 15.47 2,141.74 3.83%
09/30/1993 2141.74 0.1 15.18 139.357 15.31 2,133.56 -0.38%
10/31/1993 2133.56 0 10 139.357 15.45 2,153.07 0.91%
11/30/1993 2153.07 0 10 139.357 15.18 2,115.44 -1.75%
12/31/1993 2115.44 0.09 15.29 140.177 15.44 2,164.33 2.31%
01/31/1994 2164.33 0 10 140.177 16.12 2,259.65 4.40%
02/28/1994 2259.65 0.77 15.04 147.354 14.94 2,201.47 -2.57%
03/31/1994 2201.47 0.1 14.97 148.338 14.22 2,109.37 -4.18%
04/30/1994 2109.37 0 10 148.338 14.71 2,182.05 3.45%
05/31/1994 2182.05 0 10 148.338 14.85 2,202.82 0.95%
06/30/1994 2202.82 0.09 14.96 149.23 14.67 2,189.20 -0.62%
07/31/1994 2189.2 0 10 149.23 15.16 2,262.33 3.34%
08/31/1994 2262.33 0 10 149.23 15.94 2,378.73 5.15%
09/30/1994 2378.73 0.09 15.79 150.081 15.59 2,339.76 -1.64%
10/31/1994 2339.76 0 10 150.081 15.91 2,387.79 2.05%
11/30/1994 2387.79 0 10 150.081 15.39 2,309.75 -3.27%
12/31/1994 2309.75 0.09 15.34 150.962 15.35 2,317.27 0.33%
01/31/1995 2317.27 0 10 150.962 15.59 2,353.50 1.56%
02/28/1995 2353.5 0.78 15.11 158.755 15.39 2,443.24 3.81%
03/31/1995 2443.24 0.1 15.6 159.773 15.82 2,527.61 3.45%
04/30/1995 2527.61 0 10 159.773 16.26 2,597.91 2.78%
05/31/1995 2597.91 0 10 159.773 16.75 2,676.20 3.01%
06/30/1995 2676.2 0.1 16.78 160.725 16.89 2,714.65 1.44%
07/31/1995 2714.65 0 10 160.725 17.54 2,819.12 3.85%
08/31/1995 2819.12 0 10 160.725 17.76 2,854.48 1.25%
09/30/1995 2854.48 0.1 18.32 161.602 18.25 2,949.24 3.32%
10/31/1995 2949.24 0 10 161.602 18.04 2,915.30 -1.15%
11/30/1995 2915.3 0 10 161.602 18.82 3,041.35 4.32%
12/31/1995 3041.35 0.1 19.01 162.452 19.27 3,130.45 2.93%
01/31/1996 3130.45 0 10 162.452 19.83 3,221.42 2.91%
02/29/1996 3221.42 0.89 18.86 170.118 19.00 3,232.24 0.34%
03/31/1996 3232.24 0 10 170.118 19.20 3,266.27 1.05%
04/30/1996 3266.27 0 10 170.118 19.45 3,308.80 1.30%
05/31/1996 3308.8 0 10 170.118 19.66 3,344.52 1.08%
06/30/1996 3344.52 0 10 170.118 19.48 3,313.90 -0.92%
07/31/1996 3313.9 0 10 170.118 18.53 3,152.29 -4.88%
08/31/1996 3152.29 0 10 170.118 18.91 3,216.93 2.05%
09/30/1996 3216.93 0 10 170.118 19.72 3,354.73 4.28%
10/31/1996 3354.73 0 10 170.118 20.04 3,409.16 1.62%
11/30/1996 3409.16 0 10 170.118 21.38 3,637.12 6.69%
12/31/1996 3637.12 0 10 170.118 21.03 3,577.58 -1.64%
01/02/1997 3577.58 0 10 170.118 20.88 3,552.06 -0.71%
01/31/1997 3552.06 0 10 170.118 21.85 3,717.08 4.65%
02/28/1997 3717.08 2.17 19.8 188.762 19.91 3,758.25 1.11%
03/31/1997 3758.25 0 10 188.762 19.17 3,618.57 -3.72%
04/30/1997 3618.57 0 10 188.762 19.85 3,746.93 3.55%
05/31/1997 3746.93 0 10 188.762 21.08 3,979.10 6.20%
06/30/1997 3979.1 0 10 188.762 22.06 4,164.09 4.65%
07/31/1997 4164.09 0 10 188.762 23.67 4,468.00 7.30%
08/31/1997 4468 0 10 188.762 22.56 4,258.47 -4.69%
09/30/1997 4258.47 0 10 188.762 23.80 4,492.54 5.50%
10/31/1997 4492.54 0 10 188.762 22.93 4,328.31 -3.66%
11/30/1997 4328.31 0 10 188.762 23.77 4,486.87 3.66%
12/31/1997 4486.87 0 10 188.762 24.28 4,583.14 2.15%
01/31/1998 4583.14 0 10 188.762 24.22 4,571.82 -0.25%
02/28/1998 4571.82 1.55 23.41 201.26 24.18 4,866.47 6.44%
03/31/1998 4866.47 0 10 201.26 25.30 5,091.88 4.63%
04/30/1998 5091.88 0 10 201.26 25.30 5,091.88 0.00%
05/31/1998 5091.88 0 10 201.26 24.89 5,009.36 -1.62%
06/30/1998 5009.36 0 10 201.26 25.17 5,065.71 1.12%
07/31/1998 5065.71 0 10 201.26 24.55 4,940.93 -2.46%
08/31/1998 4940.93 0 10 201.26 20.80 4,186.21 -15.27%
09/30/1998 4186.21 0 10 201.26 22.02 4,431.75 5.87%
10/31/1998 4431.75 0 10 201.26 23.65 4,759.80 7.40%
11/30/1998 4759.8 0 10 201.26 24.65 4,961.06 4.23%
12/31/1998 4961.06 0 10 201.26 25.42 5,116.03 3.12%
3.43175
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
10/09/1986 1,000.00 0.319602
10/31/1986 0.00075 0.753424658 1,010.25 (0.00) 0.322877
11/30/1986 0.00103 1.037924564 1,031.19 0.00 0.329571
12/31/1986 0.00106 1.094758902 999.15 (0.00) 0.319331
01/31/1987 0.00106 1.060743293 1,112.76 (0.00) 0.355642
02/28/1987 0.00096 1.067034076 1,137.60 (0.00) 0.363579
03/31/1987 0.00106 1.20772441 1,165.26 (0.00) 0.372421
04/30/1987 0.00103 1.19718869 1,135.06 (0.00) 0.362769
05/31/1987 0.00106 1.205034101 1,140.85 (0.00) 0.364619
06/30/1987 0.00103 1.17210765 1,163.46 (0.00) 0.371845
07/31/1987 0.00106 1.235181339 1,206.55 (0.00) 0.385616
08/31/1987 0.00106 1.280926548 1,238.48 0.00 0.39582
09/30/1987 0.00103 1.272409322 1,211.21 (0.00) 0.387106
10/31/1987 0.00106 1.285875865 973.57 (0.00) 0.311155
11/30/1987 0.00103 1.000241901 929.00 (0.00) 0.296912
12/31/1987 0.00106 0.986269848 961.39 (0.00) 0.307264
01/31/1988 0.00106 1.020656373 1,028.75 (0.01) 0.328792
02/29/1988 0.00099 1.021703159 1,078.70 (0.01) 0.344758
03/31/1988 0.00106 1.145199748 1,058.78 (0.00) 0.338389
04/30/1988 0.00103 1.08778551 1,075.22 (0.00) 0.343645
05/31/1988 0.00106 1.141504758 1,088.50 (0.00) 0.347888
06/30/1988 0.00103 1.118321097 1,149.31 (0.01) 0.367323
07/31/1988 0.00106 1.220156257 1,146.00 (0.01) 0.366267
08/31/1988 0.00106 1.216647615 1,125.03 (0.01) 0.359563
09/30/1988 0.00103 1.155849883 1,157.30 (0.01) 0.369878
10/31/1988 0.00106 1.228643091 1,176.05 (0.01) 0.375869
11/30/1988 0.00103 1.208266658 1,155.94 (0.01) 0.369443
12/31/1988 0.00106 1.227195622 1,165.26 (0.01) 0.372421
01/31/1989 0.00106 1.237087441 1,235.99 (0.01) 0.395029
02/28/1989 0.00096 1.185199645 1,228.46 (0.01) 0.392622
03/31/1989 0.00106 1.304191029 1,253.77 (0.01) 0.400709
04/30/1989 0.00103 1.288116795 1,300.87 (0.01) 0.415762
05/31/1989 0.00106 1.381057878 1,338.16 (0.01) 0.427681
06/30/1989 0.00103 1.374820776 1,337.69 (0.01) 0.427532
07/31/1989 0.00106 1.420154328 1,414.26 (0.01) 0.452004
08/31/1989 0.00106 1.501442524 1,435.49 (0.01) 0.458787
09/30/1989 0.00103 1.474813921 1,417.87 (0.01) 0.453157
10/31/1989 0.00106 1.505272921 1,334.56 (0.01) 0.426531
11/30/1989 0.00103 1.371122593 1,340.82 (0.01) 0.428533
12/31/1989 0.00106 1.423475773 1,350.58 (0.01) 0.431653
01/31/1990 0.00106 1.433838674 1,257.94 (0.01) 0.402044
02/28/1990 0.00096 1.206245081 1,264.18 (0.01) 0.404038
03/31/1990 0.00106 1.342110559 1,264.92 (0.01) 0.404274
04/30/1990 0.00103 1.299575135 1,219.77 (0.01) 0.389843
05/31/1990 0.00106 1.294959704 1,299.18 (0.01) 0.415222
06/30/1990 0.00103 1.334770508 1,284.90 (0.01) 0.41066
07/31/1990 0.00106 1.364107968 1,252.12 (0.01) 0.400182
08/31/1990 0.00106 1.329303557 1,150.81 (0.01) 0.367802
09/30/1990 0.00103 1.182335291 1,060.35 (0.01) 0.338892
10/31/1990 0.00106 1.12571339 1,032.19 (0.01) 0.329893
11/30/1990 0.00103 1.060470587 1,105.11 (0.01) 0.353197
12/31/1990 0.00106 1.17322895 1,129.65 (0.01) 0.36104
01/31/1991 0.00106 1.199282562 1,189.02 (0.01) 0.380017
02/28/1991 0.00096 1.140159451 1,269.77 (0.01) 0.405823
03/31/1991 0.00106 1.348040225 1,294.76 (0.01) 0.41381
04/30/1991 0.00103 1.330230779 1,299.48 (0.01) 0.415319
05/31/1991 0.00106 1.379585715 1,369.42 (0.01) 0.437671
06/30/1991 0.00103 1.40693409 1,312.02 (0.01) 0.419327
07/31/1991 0.00106 1.392896721 1,385.01 (0.01) 0.442655
08/31/1991 0.00106 1.470384877 1,412.76 (0.01) 0.451526
09/30/1991 0.00103 1.451470548 1,401.62 (0.01) 0.447965
10/31/1991 0.00106 1.48802298 1,423.47 (0.01) 0.454949
11/30/1991 0.00103 1.462471929 1,360.66 (0.01) 0.434873
12/31/1991 0.00106 1.444533916 1,466.74 (0.01) 0.468778
01/31/1992 0.00106 1.557157002 1,484.98 (0.01) 0.474608
02/29/1992 0.00099 1.474812837 1,531.73 (0.01) 0.48955
03/31/1992 0.00106 1.626156965 1,511.35 (0.01) 0.483035
04/30/1992 0.00103 1.552756329 1,557.14 (0.02) 0.49767
05/31/1992 0.00106 1.653127737 1,567.94 (0.01) 0.50112
06/30/1992 0.00103 1.610892895 1,552.59 (0.01) 0.496216
07/31/1992 0.00106 1.648300736 1,598.52 (0.01) 0.510896
08/31/1992 0.00106 1.697062584 1,561.80 (0.01) 0.499159
09/30/1992 0.00103 1.604589077 1,576.40 (0.01) 0.503826
10/31/1992 0.00106 1.673578032 1,593.60 (0.01) 0.509323
11/30/1992 0.00103 1.637262867 1,649.78 (0.01) 0.527277
12/31/1992 0.00106 1.751477216 1,693.33 (0.02) 0.541197
01/31/1993 0.00106 1.797714741 1,742.08 (0.02) 0.556779
02/28/1993 0.00096 1.670492405 1,779.55 (0.02) 0.568753
03/31/1993 0.00106 1.889249232 1,830.69 (0.02) 0.585098
04/30/1993 0.00103 1.880846514 1,821.20 (0.02) 0.582064
05/31/1993 0.00106 1.933462765 1,852.22 (0.02) 0.591978
06/30/1993 0.00103 1.902963202 1,872.10 (0.02) 0.598333
07/31/1993 0.00106 1.987504731 1,895.59 (0.02) 0.605839
08/31/1993 0.00106 2.012436587 1,966.09 (0.02) 0.628371
09/30/1993 0.00103 2.019950693 1,956.56 (0.02) 0.625325
10/31/1993 0.00106 2.077165906 1,972.37 (0.02) 0.630379
11/30/1993 0.00103 2.026408073 1,935.87 (0.02) 0.618714
12/31/1993 0.00106 2.055206859 1,978.56 (0.02) 0.632356
01/31/1994 0.00106 2.100522912 2,063.59 (0.02) 0.659534
02/28/1994 0.00096 1.978789585 2,008.48 (0.01) 0.64192
03/31/1994 0.00106 2.132294619 1,922.33 (0.01) 0.614383
04/30/1994 0.00103 1.97499182 1,986.59 (0.01) 0.634921
05/31/1994 0.00106 2.109046367 2,003.39 (0.01) 0.64029
06/30/1994 0.00103 2.05827331 1,988.94 (0.01) 0.635673
07/31/1994 0.00106 2.111546788 2,053.27 (0.01) 0.656233
08/31/1994 0.00106 2.17984108 2,156.73 (0.01) 0.6893
09/30/1994 0.00103 2.215821964 2,119.18 (0.01) 0.677299
10/31/1994 0.00106 2.249819117 2,160.44 (0.01) 0.690483
11/30/1994 0.00103 2.219626768 2,087.61 (0.01) 0.667207
12/31/1994 0.00106 2.216295812 2,092.19 (0.01) 0.668671
01/31/1995 0.00106 2.221158631 2,122.68 (0.01) 0.678416
02/28/1995 0.00096 2.035444529 2,201.58 (0.01) 0.703634
03/31/1995 0.00106 2.337294973 2,275.27 (0.01) 0.727185
04/30/1995 0.00103 2.337604938 2,336.21 (0.02) 0.746663
05/31/1995 0.00106 2.480226 2,404.14 (0.02) 0.768372
06/30/1995 0.00103 2.470002954 2,436.21 (0.02) 0.778622
07/31/1995 0.00106 2.586384526 2,527.38 (0.02) 0.80776
08/31/1995 0.00106 2.683172566 2,556.39 (0.02) 0.817034
09/30/1995 0.00103 2.626431111 2,638.63 (0.02) 0.843318
10/31/1995 0.00106 2.801286271 2,605.46 (0.02) 0.832718
11/30/1995 0.00103 2.676846737 2,715.44 (0.02) 0.867867
12/31/1995 0.00106 2.882831001 2,792.11 (0.02) 0.892371
01/31/1996 0.00106 2.964226457 2,870.28 (0.02) 0.917356
02/29/1996 0.00099 2.850624314 2,877.07 (0.02) 0.919526
03/31/1996 0.00106 3.054427646 2,904.31 (0.02) 0.928231
04/30/1996 0.00103 2.983880196 2,939.14 (0.03) 0.939364
05/31/1996 0.00106 3.120323163 2,967.75 (0.03) 0.948508
06/30/1996 0.00103 3.04906045 2,937.53 (0.03) 0.93885
07/31/1996 0.00106 3.118613296 2,791.16 (0.03) 0.892068
08/31/1996 0.00106 2.963216047 2,845.43 (0.03) 0.909413
09/30/1996 0.00103 2.92338684 2,964.39 (0.03) 0.947434
10/31/1996 0.00106 3.14712949 3,009.34 (0.03) 0.9618
11/30/1996 0.00103 3.091790392 3,207.48 (0.03) 1.025124
12/31/1996 0.00106 3.405197448 3,151.56 (0.02) 1.007254
01/02/1997 0.00007 0.215860576 3,128.87 (0.02) 1
01/31/1997 0.00099 3.10743686 3,271.12 0.09
02/28/1997 0.00096 3.136689964 3,304.21 0.09
03/31/1997 0.00106 3.507897821 3,177.90 (0.06)
04/30/1997 0.00103 3.264966126 3,287.36 0.03
05/31/1997 0.00106 3.490009417 3,487.57 0.08
06/30/1997 0.00103 3.58311752 3,646.12 0.35
07/31/1997 0.00106 3.870884074 3,908.36 0.62
08/31/1997 0.00106 4.14928537 3,720.92 0.12
09/30/1997 0.00103 3.822867729 3,921.63 0.56
10/31/1997 0.00106 4.16336915 3,774.10 0.37
11/30/1997 0.00103 3.87750228 3,908.48 0.22
12/31/1997 0.00106 4.149416133 3,988.19 0.55
01/31/1998 0.00106 4.234040542 3,974.11 0.37
02/28/1998 0.00096 3.810788933 4,226.43 0.59
03/31/1998 0.00106 4.486958746 4,417.70 0.94
04/30/1998 0.00103 4.538735433 4,413.16 0.91
05/31/1998 0.00106 4.685208093 4,336.96 0.50
06/30/1998 0.00103 4.455778718 4,381.29 0.82
07/31/1998 0.00106 4.651367781 4,268.72 0.66
08/31/1998 0.00106 4.53185588 3,612.14 (0.12)
09/30/1998 0.00103 3.711106598 3,820.30 0.03
10/31/1998 0.00106 4.055799099 4,099.03 0.15
11/30/1998 0.00103 4.21133651 4,268.14 0.45
12/31/1998 0.00106 4.531248252 4,396.94 0.57
2.8203011 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ADVANCED DEATH BENEFIT -----------------------------
EQUITY INCOME Surrender
FUND 182 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.324509 -----------------------------
Units purchased 3,081.579 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 0.324509 3,081.579 1,000.00 1,000.00 4,317.11 0.00%
10/31/1986 0.327805 3,081.579 1,010.16 0.00001 0.014405481 1,010.16 4,317.11 0.00%
11/30/1986 0.334561 3,081.579 1,030.98 0.00002 0.019843358 1,030.98 4,317.11 0.00%
12/31/1986 0.324123 3,081.579 998.81 0.00002 0.020927404 998.81 4,317.11 0.00%
01/31/1987 0.360937 3,081.579 1,112.26 0.00002 0.020274488 1,112.26 4,317.11 0.00%
02/28/1987 0.368951 3,081.579 1,136.95 0.00002 0.020392374 1,136.95 4,317.11 0.00%
03/31/1987 0.377877 3,081.579 1,164.46 0.00002 0.023078561 1,164.46 4,317.11 0.00%
04/30/1987 0.368037 3,081.579 1,134.14 0.00002 0.022874418 1,134.14 4,317.11 0.00%
05/31/1987 0.369867 3,081.579 1,139.77 0.00002 0.023021389 1,139.77 4,317.11 0.00%
06/30/1987 0.377152 3,081.579 1,162.22 0.00002 0.022389541 1,162.22 4,317.11 0.00%
07/31/1987 0.391072 3,081.579 1,205.12 0.00002 0.023591549 1,205.12 4,317.11 0.00%
08/31/1987 0.401371 3,081.579 1,236.86 0.00002 0.02446227 1,236.86 4,317.11 0.00%
09/30/1987 0.392485 3,081.579 1,209.47 0.00002 0.024296605 1,209.47 4,317.11 0.00%
10/31/1987 0.315428 3,081.579 972.02 0.00002 0.024550656 972.02 4,317.11 0.00%
11/30/1987 0.300950 3,081.579 927.40 0.00002 0.019094128 927.40 4,317.11 0.00%
12/31/1987 0.311404 3,081.579 959.62 0.00002 0.018824974 959.62 4,317.11 0.00%
01/31/1988 0.333182 3,081.579 1,026.73 0.00002 0.019478891 1,026.73 4,317.11 0.00%
02/29/1988 0.349321 3,081.579 1,076.46 0.00002 0.019496555 1,076.46 4,317.11 0.00%
03/31/1988 0.342824 3,081.579 1,056.44 0.00002 0.021850669 1,056.44 4,317.11 0.00%
04/30/1988 0.348107 3,081.579 1,072.72 0.00002 0.020752519 1,072.72 4,317.11 0.00%
05/31/1988 0.352361 3,081.579 1,085.83 0.00002 0.021774731 1,085.83 4,317.11 0.00%
06/30/1988 0.372002 3,081.579 1,146.35 0.00002 0.021329832 1,146.35 4,317.11 0.00%
07/31/1988 0.370885 3,081.579 1,142.91 0.00002 0.023269407 1,142.91 4,317.11 0.00%
08/31/1988 0.364049 3,081.579 1,121.85 0.00002 0.023199536 1,121.85 4,317.11 0.00%
09/30/1988 0.374448 3,081.579 1,153.89 0.00002 0.022037354 1,153.89 4,317.11 0.00%
10/31/1988 0.380465 3,081.579 1,172.43 0.00002 0.023422409 1,172.43 4,317.11 0.00%
11/30/1988 0.373913 3,081.579 1,152.24 0.00002 0.02303108 1,152.24 4,317.11 0.00%
12/31/1988 0.376879 3,081.579 1,161.38 0.00002 0.023388943 1,161.38 4,317.11 0.00%
01/31/1989 0.399710 3,081.579 1,231.74 0.00002 0.023574472 1,231.74 4,317.11 0.00%
02/28/1989 0.397229 3,081.579 1,224.09 0.00002 0.022582987 1,224.09 4,317.11 0.00%
03/31/1989 0.405360 3,081.579 1,249.15 0.00002 0.024847402 1,249.15 4,317.11 0.00%
04/30/1989 0.420538 3,081.579 1,295.92 0.00002 0.024538075 1,295.92 4,317.11 0.00%
05/31/1989 0.432540 3,081.579 1,332.91 0.00002 0.026305422 1,332.91 4,317.11 0.00%
06/30/1989 0.432336 3,081.579 1,332.28 0.00002 0.02618339 1,332.28 4,317.11 0.00%
07/31/1989 0.457027 3,081.579 1,408.36 0.00002 0.027043409 1,408.36 4,317.11 0.00%
08/31/1989 0.463827 3,081.579 1,429.32 0.00002 0.028587876 1,429.32 4,317.11 0.00%
09/30/1989 0.458078 3,081.579 1,411.60 0.00002 0.028077318 1,411.60 4,317.11 0.00%
10/31/1989 0.431104 3,081.579 1,328.48 0.00002 0.028653618 1,328.48 4,317.11 0.00%
11/30/1989 0.433074 3,081.579 1,334.55 0.00002 0.026096463 1,334.55 4,317.11 0.00%
12/31/1989 0.436172 3,081.579 1,344.10 0.00002 0.027089572 1,344.10 4,317.11 0.00%
01/31/1990 0.406198 3,081.579 1,251.73 0.00002 0.027283358 1,251.73 4,317.11 0.00%
02/28/1990 0.408166 3,081.579 1,257.80 0.00002 0.022949549 1,257.80 4,317.11 0.00%
03/31/1990 0.408352 3,081.579 1,258.37 0.00002 0.025531531 1,258.37 4,317.11 0.00%
04/30/1990 0.393726 3,081.579 1,213.30 0.00002 0.024719193 1,213.30 4,317.11 0.00%
05/31/1990 0.419308 3,081.579 1,292.13 0.00002 0.024628283 1,292.13 4,317.11 0.00%
06/30/1990 0.414649 3,081.579 1,277.77 0.00002 0.025382404 1,277.77 4,317.11 0.00%
07/31/1990 0.404017 3,081.579 1,245.01 0.00002 0.025937055 1,245.01 4,317.11 0.00%
08/31/1990 0.371276 3,081.579 1,144.12 0.00002 0.025272004 1,144.12 4,317.11 0.00%
09/30/1990 0.342047 3,081.579 1,054.04 0.00002 0.022474833 1,054.04 4,317.11 0.00%
10/31/1990 0.332920 3,081.579 1,025.92 0.00002 0.021395667 1,025.92 4,317.11 0.00%
11/30/1990 0.356397 3,081.579 1,098.27 0.00002 0.02015299 1,098.27 4,317.11 0.00%
12/31/1990 0.364266 3,081.579 1,122.51 0.00002 0.022293285 1,122.51 4,317.11 0.00%
01/31/1991 0.383366 3,081.579 1,181.37 0.00002 0.022785506 1,181.37 4,317.11 0.00%
02/28/1991 0.409355 3,081.579 1,261.46 0.00002 0.021659577 1,261.46 4,317.11 0.00%
03/31/1991 0.417360 3,081.579 1,286.13 0.00002 0.025605905 1,286.13 4,317.11 0.00%
04/30/1991 0.418831 3,081.579 1,290.66 0.00002 0.025264483 1,290.66 4,317.11 0.00%
05/31/1991 0.441318 3,081.579 1,359.96 0.00002 0.026198646 1,359.96 4,317.11 0.00%
06/30/1991 0.422766 3,081.579 1,302.79 0.00002 0.026714758 1,302.79 4,317.11 0.00%
07/31/1991 0.446231 3,081.579 1,375.10 0.00002 0.026444788 1,375.10 4,317.11 0.00%
08/31/1991 0.455117 3,081.579 1,402.48 0.00002 0.027912567 1,402.48 4,317.11 0.00%
09/30/1991 0.451471 3,081.579 1,391.24 0.00002 0.027550067 1,391.24 4,317.11 0.00%
10/31/1991 0.458452 3,081.579 1,412.76 0.00002 0.028240338 1,412.76 4,317.11 0.00%
11/30/1991 0.438165 3,081.579 1,350.24 0.00002 0.027751948 1,350.24 4,317.11 0.00%
12/31/1991 0.472271 3,081.579 1,455.34 0.00002 0.027408024 1,455.34 4,317.11 0.00%
01/31/1992 0.478085 3,081.579 1,473.26 0.00002 0.029541416 1,473.26 4,317.11 0.00%
02/29/1992 0.493079 3,081.579 1,519.46 0.00002 0.027975732 1,519.46 4,317.11 0.00%
03/31/1992 0.486454 3,081.579 1,499.05 0.00002 0.030842995 1,499.05 4,317.11 0.00%
04/30/1992 0.501132 3,081.579 1,544.28 0.00002 0.029447022 1,544.28 4,317.11 0.00%
05/31/1992 0.504543 3,081.579 1,554.79 0.00002 0.031346725 1,554.79 4,317.11 0.00%
06/30/1992 0.499544 3,081.579 1,539.38 0.00002 0.030542022 1,539.38 4,317.11 0.00%
07/31/1992 0.514258 3,081.579 1,584.73 0.00002 0.031247393 1,584.73 4,317.11 0.00%
08/31/1992 0.502378 3,081.579 1,548.12 0.00002 0.03216778 1,548.12 4,317.11 0.00%
09/30/1992 0.507013 3,081.579 1,562.40 0.00002 0.030410966 1,562.40 4,317.11 0.00%
10/31/1992 0.512480 3,081.579 1,579.25 0.00002 0.031714592 1,579.25 4,317.11 0.00%
11/30/1992 0.530482 3,081.579 1,634.72 0.00002 0.03102248 1,634.72 4,317.11 0.00%
12/31/1992 0.544419 3,081.579 1,677.67 0.00002 0.033182621 1,677.67 4,317.11 0.00%
01/31/1993 0.560024 3,081.579 1,725.76 0.00002 0.034054406 1,725.76 4,317.11 0.00%
02/28/1993 0.572004 3,081.579 1,762.68 0.00002 0.031640476 1,762.68 4,317.11 0.00%
03/31/1993 0.588369 3,081.579 1,813.11 0.00002 0.035779898 1,813.11 4,317.11 0.00%
04/30/1993 0.585245 3,081.579 1,803.48 0.00002 0.035616347 1,803.48 4,317.11 0.00%
05/31/1993 0.595139 3,081.579 1,833.97 0.00002 0.036608147 1,833.97 4,317.11 0.00%
06/30/1993 0.601455 3,081.579 1,853.43 0.00002 0.036026163 1,853.43 4,317.11 0.00%
07/31/1993 0.608923 3,081.579 1,876.44 0.00002 0.037622112 1,876.44 4,317.11 0.00%
08/31/1993 0.631492 3,081.579 1,945.99 0.00002 0.038089249 1,945.99 4,317.11 0.00%
09/30/1993 0.628353 3,081.579 1,936.32 0.00002 0.038226757 1,936.32 4,317.11 0.00%
10/31/1993 0.633352 3,081.579 1,951.72 0.00002 0.039304632 1,951.72 4,317.11 0.00%
11/30/1993 0.621554 3,081.579 1,915.37 0.00002 0.03833935 1,915.37 4,317.11 0.00%
12/31/1993 0.635180 3,081.579 1,957.36 0.00002 0.038879342 1,957.36 4,317.11 0.00%
01/31/1994 0.662399 3,081.579 2,041.23 0.00002 0.039731673 2,041.23 4,317.11 2.00%
02/28/1994 0.644633 3,081.579 1,986.49 0.00002 0.037424503 1,986.49 4,317.11 2.00%
03/31/1994 0.616898 3,081.579 1,901.02 0.00002 0.040322975 1,901.02 4,317.11 2.00%
04/30/1994 0.637444 3,081.579 1,964.33 0.00002 0.037343323 1,964.33 4,317.11 2.00%
05/31/1994 0.642754 3,081.579 1,980.70 0.00002 0.03987329 1,980.70 4,317.11 2.00%
06/30/1994 0.638040 3,081.579 1,966.17 0.00002 0.038908491 1,966.17 4,317.11 2.00%
07/31/1994 0.658595 3,081.579 2,029.51 0.00002 0.039910571 2,029.51 4,317.11 2.00%
08/31/1994 0.691698 3,081.579 2,131.52 0.00002 0.041196324 2,131.52 4,317.11 2.00%
09/30/1994 0.679570 3,081.579 2,094.15 0.00002 0.041871268 2,094.15 4,317.11 2.00%
10/31/1994 0.692712 3,081.579 2,134.65 0.00002 0.042508349 2,134.65 4,317.11 2.00%
11/30/1994 0.669275 3,081.579 2,062.42 0.00002 0.04193265 2,062.42 4,317.11 2.00%
12/31/1994 0.670658 3,081.579 2,066.69 0.00002 0.041864378 2,066.69 4,317.11 2.00%
01/31/1995 0.680346 3,081.579 2,096.54 0.00002 0.041950887 2,096.54 4,317.11 4.00%
02/28/1995 0.705557 3,081.579 2,174.23 0.00002 0.03843848 2,174.23 4,317.11 4.00%
03/31/1995 0.729082 3,081.579 2,246.72 0.00002 0.044133883 2,246.72 4,317.11 4.00%
04/30/1995 0.748521 3,081.579 2,306.63 0.00002 0.044134273 2,306.63 4,317.11 4.00%
05/31/1995 0.770188 3,081.579 2,373.40 0.00002 0.04682136 2,373.40 4,317.11 4.00%
06/30/1995 0.780367 3,081.579 2,404.76 0.00002 0.046622585 2,404.76 4,317.11 4.00%
07/31/1995 0.809471 3,081.579 2,494.45 0.00002 0.048813386 2,494.45 4,317.11 4.00%
08/31/1995 0.818662 3,081.579 2,522.77 0.00002 0.050633894 2,522.77 4,317.11 4.00%
09/30/1995 0.844897 3,081.579 2,603.62 0.00002 0.049556911 2,603.62 4,317.11 4.00%
10/31/1995 0.834169 3,081.579 2,570.56 0.00002 0.052849856 2,570.56 4,317.11 4.00%
11/30/1995 0.869276 3,081.579 2,678.74 0.00002 0.050495612 2,678.74 4,317.11 4.00%
12/31/1995 0.893709 3,081.579 2,754.03 0.00002 0.054374807 2,754.03 4,317.11 4.00%
01/31/1996 0.918617 3,081.579 2,830.79 0.00002 0.055903136 2,830.79 4,317.11 6.00%
02/29/1996 0.920681 3,081.579 2,837.15 0.00002 0.053754004 2,837.15 4,317.11 6.00%
03/31/1996 0.929279 3,081.579 2,863.65 0.00002 0.057590284 2,863.65 4,317.11 6.00%
04/30/1996 0.940310 3,081.579 2,897.64 0.00002 0.056253004 2,897.64 4,317.11 6.00%
05/31/1996 0.949343 3,081.579 2,925.48 0.00002 0.058818113 2,925.48 4,317.11 6.00%
06/30/1996 0.939559 3,081.579 2,895.33 0.00002 0.057467559 2,895.33 4,317.11 6.00%
07/31/1996 0.892622 3,081.579 2,750.69 0.00002 0.058771137 2,750.69 4,317.11 6.00%
08/31/1996 0.909864 3,081.579 2,803.82 0.00002 0.055835142 2,803.82 4,317.11 6.00%
09/30/1996 0.947792 3,081.579 2,920.70 0.00002 0.055077736 2,920.70 4,317.11 6.00%
10/31/1996 0.962043 3,081.579 2,964.61 0.00002 0.059286126 2,964.61 4,317.11 6.00%
11/30/1996 1.025265 3,081.579 3,159.44 0.00002 0.058236341 3,159.44 4,317.11 6.00%
12/31/1996 1.007262 3,081.579 3,103.96 0.00002 0.064132204 3,103.96 4,317.11 6.00%
01/02/1997 1.000000 3,081.579 3,081.58 0.00000 0.004137562 3,081.58 4,317.11 6.00%
01/31/1997 1.045303 3,081.579 3,221.18 0.00002 0.058941175 3,221.18 4,317.11 6.00%
02/28/1997 1.055757 3,081.579 3,253.40 0.00002 0.059057978 3,253.40 4,317.11 6.00%
03/31/1997 1.015316 3,081.579 3,128.78 0.00002 0.066039535 3,128.78 4,317.11 6.00%
04/30/1997 1.050133 3,081.579 3,236.07 0.00002 0.061461171 3,236.07 4,317.11 6.00%
05/31/1997 1.113934 3,081.579 3,432.68 0.00002 0.065687743 3,432.68 4,317.11 6.00%
06/30/1997 1.164343 3,081.579 3,588.01 0.00002 0.067430916 3,588.01 4,317.11 6.00%
07/31/1997 1.247846 3,081.579 3,845.34 0.00002 0.072831788 3,845.34 4,317.11 6.00%
08/31/1997 1.188013 3,081.579 3,660.96 0.00002 0.078055054 3,660.96 4,317.11 6.00%
09/30/1997 1.251792 3,081.579 3,857.50 0.00002 0.071915216 3,857.50 4,317.11 6.00%
10/31/1997 1.204605 3,081.579 3,712.09 0.00002 0.078301883 3,712.09 4,317.11 6.00%
11/30/1997 1.247409 3,081.579 3,843.99 0.00002 0.072919597 3,843.99 4,317.11 6.00%
12/31/1997 1.272579 3,081.579 3,921.55 0.00002 0.078027719 3,921.55 4,317.11 6.00%
01/31/1998 1.267988 3,081.579 3,907.41 0.00002 0.079602148 3,907.41 4,317.11 6.00%
02/28/1998 1.348278 3,081.579 4,154.83 0.00002 0.07163933 4,154.83 4,317.11 6.00%
03/31/1998 1.409013 3,081.579 4,341.98 0.00002 0.084337259 4,341.98 4,317.11 6.00%
04/30/1998 1.407403 3,081.579 4,337.02 0.00002 0.085293237 4,337.02 4,317.11 6.00%
05/31/1998 1.383063 3,081.579 4,262.02 0.00002 0.088035637 4,262.02 4,317.11 6.00%
06/30/1998 1.396917 3,081.579 4,304.71 0.00002 0.083722379 4,304.71 4,317.11 6.00%
07/31/1998 1.360900 3,081.579 4,193.72 0.00002 0.087379718 4,193.72 4,317.11 6.00%
08/31/1998 1.151649 3,081.579 3,548.90 0.00002 0.085126789 3,548.90 4,317.11 6.00%
09/30/1998 1.217818 3,081.579 3,752.80 0.00002 0.069713957 3,752.80 4,317.11 6.00%
10/31/1998 1.306474 3,081.579 4,026.00 0.00002 0.076176747 4,026.00 4,317.11 6.00%
11/30/1998 1.360109 3,081.579 4,191.28 0.00002 0.079086138 4,191.28 4,317.11 6.00%
12/31/1998 1.400941 3,081.579 4,317.11 0.00002 0.08507731 4,317.11 4,317.11 6.00%
12/31/1998 4,317.11
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 100.00% 4,317.11 12.2356 12.70% 12.70% 4,317.11 4,317.11 13
10/31/1986 100.00% 4,317.11 12.1753 12.67% 12.67% 4,273.70 4,273.70 13
11/30/1986 100.00% 4,317.11 12.0932 12.57% 12.57% 4,187.40 4,187.40 13
12/31/1986 100.00% 4,317.11 12.0082 12.96% 12.96% 4,322.25 4,322.25 13
01/31/1987 100.00% 4,317.11 11.9233 12.05% 12.05% 3,881.40 3,881.40 12
02/28/1987 100.00% 4,317.11 11.8466 11.92% 11.92% 3,797.09 3,797.09 12
03/31/1987 100.00% 4,317.11 11.7616 11.79% 11.79% 3,707.40 3,707.40 12
04/30/1987 100.00% 4,317.11 11.6795 12.13% 12.13% 3,806.52 3,806.52 12
05/31/1987 100.00% 4,317.11 11.5945 12.17% 12.17% 3,787.69 3,787.69 12
06/30/1987 100.00% 4,317.11 11.5123 12.07% 12.07% 3,714.53 3,714.53 12
07/31/1987 100.00% 4,317.11 11.4274 11.81% 11.81% 3,582.31 3,582.31 12
08/31/1987 100.00% 4,317.11 11.3425 11.65% 11.65% 3,490.39 3,490.39 12
09/30/1987 100.00% 4,317.11 11.2603 11.96% 11.96% 3,569.41 3,569.41 12
10/31/1987 100.00% 4,317.11 11.1753 14.27% 14.27% 4,441.40 4,441.40 12
11/30/1987 100.00% 4,317.11 11.0932 14.87% 14.87% 4,655.06 4,655.06 12
12/31/1987 100.00% 4,317.11 11.0082 14.64% 14.64% 4,498.79 4,498.79 12
01/31/1988 100.00% 4,317.11 10.9233 14.05% 14.05% 4,204.73 4,204.73 11
02/29/1988 100.00% 4,317.11 10.8438 13.66% 13.66% 4,010.47 4,010.47 11
03/31/1988 100.00% 4,317.11 10.7589 13.98% 13.98% 4,086.47 4,086.47 11
04/30/1988 100.00% 4,317.11 10.6767 13.93% 13.93% 4,024.46 4,024.46 11
05/31/1988 100.00% 4,317.11 10.5918 13.92% 13.92% 3,975.87 3,975.87 11
06/30/1988 100.00% 4,317.11 10.5096 13.45% 13.45% 3,765.95 3,765.95 11
07/31/1988 100.00% 4,317.11 10.4247 13.60% 13.60% 3,777.29 3,777.29 11
08/31/1988 100.00% 4,317.11 10.3397 13.92% 13.92% 3,848.22 3,848.22 11
09/30/1988 100.00% 4,317.11 10.2575 13.73% 13.73% 3,741.35 3,741.35 11
10/31/1988 100.00% 4,317.11 10.1726 13.67% 13.67% 3,682.18 3,682.18 11
11/30/1988 100.00% 4,317.11 10.0904 13.99% 13.99% 3,746.70 3,746.70 11
12/31/1988 100.00% 4,317.11 10.0055 14.02% 14.02% 3,717.22 3,717.22 11
01/31/1989 100.00% 4,317.11 9.9205 13.48% 13.48% 3,504.89 3,504.89 10
02/28/1989 100.00% 4,317.11 9.8438 13.66% 13.66% 3,526.78 3,526.78 10
03/31/1989 100.00% 4,317.11 9.7589 13.55% 13.55% 3,456.04 3,456.04 10
04/30/1989 100.00% 4,317.11 9.6767 13.24% 13.24% 3,331.31 3,331.31 10
05/31/1989 100.00% 4,317.11 9.5918 13.03% 13.03% 3,238.87 3,238.87 10
06/30/1989 100.00% 4,317.11 9.5096 13.16% 13.16% 3,240.40 3,240.40 10
07/31/1989 100.00% 4,317.11 9.4247 12.62% 12.62% 3,065.34 3,065.34 10
08/31/1989 100.00% 4,317.11 9.3397 12.56% 12.56% 3,020.40 3,020.40 10
09/30/1989 100.00% 4,317.11 9.2575 12.83% 12.83% 3,058.30 3,058.30 10
10/31/1989 100.00% 4,317.11 9.1726 13.71% 13.71% 3,249.66 3,249.66 10
11/30/1989 100.00% 4,317.11 9.0904 13.79% 13.79% 3,234.88 3,234.88 10
12/31/1989 100.00% 4,317.11 9.0055 13.83% 13.83% 3,211.90 3,211.90 10
01/31/1990 90.00% 4,317.11 8.9205 14.89% 14.89% 3,448.91 3,448.91 9
02/28/1990 90.00% 4,317.11 8.8438 14.96% 14.96% 3,432.28 3,432.28 9
03/31/1990 90.00% 4,317.11 8.7589 15.11% 15.11% 3,430.72 3,430.72 9
04/30/1990 90.00% 4,317.11 8.6767 15.75% 15.75% 3,558.16 3,558.16 9
05/31/1990 90.00% 4,317.11 8.5918 15.07% 15.07% 3,341.08 3,341.08 9
06/30/1990 90.00% 4,317.11 8.5096 15.38% 15.38% 3,378.62 3,378.62 9
07/31/1990 90.00% 4,317.11 8.4247 15.90% 15.90% 3,467.53 3,467.53 9
08/31/1990 90.00% 4,317.11 8.3397 17.26% 17.26% 3,773.31 3,773.31 9
09/30/1990 90.00% 4,317.11 8.2575 18.62% 18.62% 4,095.76 4,095.76 9
10/31/1990 90.00% 4,317.11 8.1726 19.22% 19.22% 4,208.04 4,208.04 9
11/30/1990 90.00% 4,317.11 8.0904 18.44% 18.44% 3,930.84 3,930.84 9
12/31/1990 90.00% 4,317.11 8.0055 18.32% 18.32% 3,845.93 3,845.93 9
01/31/1991 80.00% 4,317.11 7.9205 17.78% 17.78% 3,654.32 3,654.32 8
02/28/1991 80.00% 4,317.11 7.8438 16.98% 16.98% 3,422.31 3,422.31 8
03/31/1991 80.00% 4,317.11 7.7589 16.89% 16.89% 3,356.67 3,356.67 8
04/30/1991 80.00% 4,317.11 7.6767 17.03% 17.03% 3,344.88 3,344.88 8
05/31/1991 80.00% 4,317.11 7.5918 16.43% 16.43% 3,174.45 3,174.45 8
06/30/1991 80.00% 4,317.11 7.5096 17.30% 17.30% 3,313.75 3,313.75 8
07/31/1991 80.00% 4,317.11 7.4247 16.66% 16.66% 3,139.50 3,139.50 8
08/31/1991 80.00% 4,317.11 7.3397 16.55% 16.55% 3,078.20 3,078.20 8
09/30/1991 80.00% 4,317.11 7.2575 16.89% 16.89% 3,103.06 3,103.06 8
10/31/1991 80.00% 4,317.11 7.1726 16.85% 16.85% 3,055.81 3,055.81 8
11/30/1991 80.00% 4,317.11 7.0904 17.81% 17.81% 3,197.29 3,197.29 8
12/31/1991 80.00% 4,317.11 7.0055 16.79% 16.79% 2,966.39 2,966.39 8
01/31/1992 70.00% 4,317.11 6.9205 16.81% 16.81% 2,930.32 2,930.32 7
02/29/1992 70.00% 4,317.11 6.8411 16.49% 16.49% 2,841.21 2,841.21 7
03/31/1992 70.00% 4,317.11 6.7562 16.95% 16.95% 2,879.90 2,879.90 7
04/30/1992 70.00% 4,317.11 6.6740 16.65% 16.65% 2,795.55 2,795.55 7
05/31/1992 70.00% 4,317.11 6.5890 16.76% 16.76% 2,776.65 2,776.65 7
06/30/1992 70.00% 4,317.11 6.5068 17.17% 17.17% 2,804.44 2,804.44 7
07/31/1992 70.00% 4,317.11 6.4219 16.89% 16.89% 2,724.20 2,724.20 7
08/31/1992 70.00% 4,317.11 6.3370 17.57% 17.57% 2,788.62 2,788.62 7
09/30/1992 70.00% 4,317.11 6.2548 17.64% 17.64% 2,763.13 2,763.13 7
10/31/1992 70.00% 4,317.11 6.1699 17.70% 17.70% 2,733.65 2,733.65 7
11/30/1992 70.00% 4,317.11 6.0877 17.29% 17.29% 2,640.88 2,640.88 7
12/31/1992 70.00% 4,317.11 6.0027 17.05% 17.05% 2,573.28 2,573.28 7
01/31/1993 60.00% 4,317.11 5.9178 16.76% 16.76% 2,501.57 2,501.57 6
02/28/1993 60.00% 4,317.11 5.8411 16.57% 16.57% 2,449.18 2,449.18 6
03/31/1993 60.00% 4,317.11 5.7562 16.27% 16.27% 2,381.06 2,381.06 6
04/30/1993 60.00% 4,317.11 5.6740 16.63% 16.63% 2,393.77 2,393.77 6
05/31/1993 60.00% 4,317.11 5.5890 16.55% 16.55% 2,353.97 2,353.97 6
06/30/1993 60.00% 4,317.11 5.5068 16.60% 16.60% 2,329.25 2,329.25 6
07/31/1993 60.00% 4,317.11 5.4219 16.61% 16.61% 2,300.69 2,300.69 6
08/31/1993 60.00% 4,317.11 5.3370 16.10% 16.10% 2,218.46 2,218.46 6
09/30/1993 60.00% 4,317.11 5.2548 16.48% 16.48% 2,229.54 2,229.54 6
10/31/1993 60.00% 4,317.11 5.1699 16.60% 16.60% 2,211.95 2,211.95 6
11/30/1993 60.00% 4,317.11 5.0877 17.32% 17.32% 2,253.93 2,253.93 6
12/31/1993 60.00% 4,317.11 5.0027 17.13% 17.13% 2,205.58 2,205.58 6
01/31/1994 50.00% 4,317.11 4.9178 16.45% 16.45% 2,114.95 2,114.95 5
02/28/1994 50.00% 4,317.11 4.8411 17.39% 17.39% 2,173.24 2,173.24 5
03/31/1994 50.00% 4,317.11 4.7562 18.82% 18.82% 2,270.94 2,270.94 5
04/30/1994 50.00% 4,317.11 4.6740 18.35% 18.35% 2,197.75 2,197.75 5
05/31/1994 50.00% 4,317.11 4.5890 18.50% 18.50% 2,179.59 2,179.59 5
06/30/1994 50.00% 4,317.11 4.5068 19.07% 19.07% 2,195.69 2,195.69 5
07/31/1994 50.00% 4,317.11 4.4219 18.61% 18.61% 2,127.17 2,127.17 5
08/31/1994 50.00% 4,317.11 4.3370 17.67% 17.67% 2,025.37 2,025.37 5
09/30/1994 50.00% 4,317.11 4.2548 18.53% 18.53% 2,061.51 2,061.51 5
10/31/1994 50.00% 4,317.11 4.1699 18.40% 18.40% 2,022.40 2,022.40 5
11/30/1994 50.00% 4,317.11 4.0877 19.81% 19.81% 2,093.22 2,093.22 5
12/31/1994 50.00% 4,317.11 4.0027 20.21% 20.21% 2,088.91 2,088.91 5
01/31/1995 40.00% 4,302.32 3.9178 20.14% 20.25% 2,052.11 2,059.16 4
02/28/1995 40.00% 4,299.21 3.8411 19.42% 19.55% 1,977.35 1,985.58 4
03/31/1995 40.00% 4,296.32 3.7562 18.84% 18.99% 1,912.26 1,921.51 4
04/30/1995 40.00% 4,293.92 3.6740 18.43% 18.60% 1,861.56 1,871.61 4
05/31/1995 40.00% 4,291.25 3.5890 17.94% 18.14% 1,808.06 1,818.96 4
06/30/1995 40.00% 4,289.99 3.5068 17.95% 18.16% 1,783.96 1,795.23 4
07/31/1995 40.00% 4,286.41 3.4219 17.14% 17.39% 1,718.38 1,730.69 4
08/31/1995 40.00% 4,285.27 3.3370 17.21% 17.47% 1,698.64 1,711.26 4
09/30/1995 40.00% 4,282.04 3.2548 16.52% 16.81% 1,644.65 1,658.12 4
10/31/1995 40.00% 4,283.36 3.1699 17.48% 17.77% 1,666.32 1,679.45 4
11/30/1995 40.00% 4,279.03 3.0877 16.38% 16.71% 1,597.40 1,611.62 4
12/31/1995 40.00% 4,276.02 3.0027 15.78% 16.15% 1,552.64 1,567.56 4
01/31/1996 30.00% 4,224.97 2.9178 14.71% 15.56% 1,492.51 1,525.05 3
02/29/1996 30.00% 4,224.59 2.8384 15.06% 15.94% 1,489.03 1,521.64 3
03/31/1996 30.00% 4,223.00 2.7534 15.15% 16.08% 1,474.69 1,507.56 3
04/30/1996 30.00% 4,220.96 2.6712 15.12% 16.10% 1,456.69 1,489.87 3
05/31/1996 30.00% 4,219.29 2.5863 15.21% 16.24% 1,442.26 1,475.70 3
06/30/1996 30.00% 4,221.10 2.5041 16.25% 17.30% 1,457.90 1,491.06 3
07/31/1996 30.00% 4,229.78 2.4192 19.47% 20.48% 1,537.72 1,569.47 3
08/31/1996 30.00% 4,226.59 2.3342 19.22% 20.31% 1,507.44 1,539.73 3
09/30/1996 30.00% 4,219.58 2.2521 17.75% 18.95% 1,444.72 1,478.11 3
10/31/1996 30.00% 4,216.94 2.1671 17.66% 18.94% 1,422.43 1,456.21 3
11/30/1996 30.00% 4,205.25 2.0849 14.70% 16.15% 1,331.01 1,366.42 3
12/31/1996 30.00% 4,208.58 2.0000 16.44% 17.93% 1,355.88 1,390.84 3
01/02/1997 20.00% 4,184.02 1.9945 16.57% 18.42% 1,357.75 1,400.94 2
01/31/1997 20.00% 4,175.64 1.9151 14.51% 16.52% 1,296.31 1,340.22 2
02/28/1997 20.00% 4,173.71 1.8384 14.51% 16.63% 1,282.88 1,326.95 2
03/31/1997 20.00% 4,181.19 1.7534 17.98% 20.15% 1,336.37 1,379.81 2
04/30/1997 20.00% 4,174.75 1.6712 16.46% 18.82% 1,290.07 1,334.06 2
05/31/1997 20.00% 4,162.96 1.5863 12.93% 15.55% 1,212.74 1,257.65 2
06/30/1997 20.00% 4,153.63 1.5041 10.22% 13.09% 1,157.64 1,203.20 2
07/31/1997 20.00% 4,138.20 1.4192 5.31% 8.50% 1,076.16 1,122.69 2
08/31/1997 20.00% 4,149.26 1.3342 9.84% 13.15% 1,133.38 1,179.23 2
09/30/1997 20.00% 4,137.47 1.2521 5.76% 9.41% 1,072.58 1,119.15 2
10/31/1997 20.00% 4,146.19 1.1671 9.94% 13.81% 1,116.94 1,162.99 2
11/30/1997 20.00% 4,138.28 1.0849 7.04% 11.29% 1,076.56 1,123.08 2
12/31/1997 20.00% 4,133.62 1.0000 5.41% 10.09% 1,054.08 1,100.87 2
01/31/1998 10.00% 4,108.57 0.9151 5.15% 10.49% 1,047.01 1,095.54 1
02/28/1998 10.00% 4,093.72 0.8384 -1.47% 3.91% 987.66 1,032.65 1
03/31/1998 10.00% 4,082.49 0.7534 -5.98% -0.57% 954.63 995.68 1
04/30/1998 10.00% 4,082.79 0.6712 -5.86% -0.46% 960.27 996.92 1
05/31/1998 10.00% 4,087.29 0.5863 -4.10% 1.29% 975.76 1,007.56 1
06/30/1998 10.00% 4,084.73 0.5041 -5.11% 0.29% 973.90 1,001.45 1
07/31/1998 10.00% 4,091.39 0.4192 -2.44% 2.94% 989.70 1,012.23 1
08/31/1998 10.00% 4,130.08 0.3342 16.38% 21.65% 1,051.99 1,067.68 1
09/30/1998 10.00% 4,117.84 0.2521 9.73% 15.04% 1,023.68 1,035.95 1
10/31/1998 10.00% 4,101.45 0.1671 1.87% 7.23% 1,003.11 1,011.73 1
11/30/1998 10.00% 4,091.54 0.0849 -2.38% 3.00% 997.96 1,002.51 1
12/31/1998 10.00% 4,083.99 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ADVANCED DEATH BENEFIT -----------------------------
EQUITY INCOME Surrender
FUND 182 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.324509 -----------------------------
Units purchased 3,081.579 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 MTD 4,191.28 4,091.54 4,317.11 -2.38% 3.00%
30-Sep-98 0.25 0.25 3 mths 3,752.80 4,117.84 4,317.11 9.73% 15.04%
31-Dec-97 1.00 1.00 YTD 3,921.55 4,133.62 4,317.11 5.41% 10.09%
31-Dec-97 1.00 1.00 1 Year 3,921.55 4,133.62 4,317.11 5.41% 10.09%
31-Dec-96 2.00 2.00 2 Year 3,103.96 4,208.58 4,317.11 16.44% 17.93%
31-Dec-95 3.00 3.00 3 Year 2,754.03 4,276.02 4,317.11 15.78% 16.15%
31-Dec-94 4.00 4.00 4 Year 2,066.69 4,317.11 4,317.11 20.21% 20.21%
31-Dec-93 5.00 5.00 5 Year 1,957.36 4,317.11 4,317.11 17.13% 17.13%
31-Dec-88 10.01 10.00 10 Year 1,161.38 4,317.11 4,317.11 14.03% 14.03%
9-Oct-86 12.24 12.24 Portfolio Inc Dt 1,000.00 4,317.11 4,317.11 12.70% 12.70%
2-Jan-97 1.99 1.99 Subacct Inc Dt 3,081.58 4,184.02 4,317.11 16.57% 18.42%
12/31/1992 1,677.67
12/31/1993 1 1,957.36 16.67%
12/31/1994 1 2,066.69 5.59%
12/31/1995 1 2,754.03 33.26%
12/31/1996 1 3,103.96 12.71%
12/31/1997 1 3,921.55 26.34%
12/31/1998 1 4,317.11 10.09%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
EQUITY INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 0 100 10 1,000.00
10/31/1986 1000 0 10 100 10.11 1,011.00 1.10%
11/30/1986 1011 0 10 100 10.33 1,033.00 2.18%
12/31/1986 1033 0 10 100 10.02 1,002.00 -3.00%
01/31/1987 1002 0 10 100 11.17 1,117.00 11.48%
02/28/1987 1117 0 10 100 11.43 1,143.00 2.33%
03/31/1987 1143 0.07 11.62 100.602 11.65 1,172.01 2.54%
04/30/1987 1172.01 0 10 100.602 11.36 1,142.84 -2.49%
05/31/1987 1142.84 0 10 100.602 11.43 1,149.88 0.62%
06/30/1987 1149.88 0.12 11.72 101.632 11.55 1,173.85 2.08%
07/31/1987 1173.85 0 10 101.632 11.99 1,218.57 3.81%
08/31/1987 1218.57 0 10 101.632 12.32 1,252.11 2.75%
09/30/1987 1252.11 0.12 11.8 102.666 11.94 1,225.83 -2.10%
10/31/1987 1225.83 0 10 102.666 9.61 986.62 -19.51%
11/30/1987 986.62 0 10 102.666 9.18 942.47 -4.47%
12/31/1987 942.47 0.09 9.45 103.644 9.42 976.33 3.59%
01/31/1988 976.33 0 10 103.644 10.09 1,045.77 7.11%
02/29/1988 1045.77 0 10 103.644 10.59 1,097.59 4.96%
03/31/1988 1097.59 0.14 10.6 105.013 10.27 1,078.48 -1.74%
04/30/1988 1078.48 0 10 105.013 10.44 1,096.34 1.66%
05/31/1988 1096.34 0 10 105.013 10.58 1,111.04 1.34%
06/30/1988 1111.04 0.14 10.89 106.363 11.04 1,174.25 5.69%
07/31/1988 1174.25 0 10 106.363 11.02 1,172.12 -0.18%
08/31/1988 1172.12 0 10 106.363 10.83 1,151.91 -1.72%
09/30/1988 1151.91 0.14 10.87 107.733 11.01 1,186.14 2.97%
10/31/1988 1186.14 0 10 107.733 11.20 1,206.61 1.73%
11/30/1988 1206.61 0 10 107.733 11.02 1,187.22 -1.61%
12/31/1988 1187.22 0.11 10.95 108.815 11.01 1,198.05 0.91%
01/31/1989 1198.05 0 10 108.815 11.69 1,272.05 6.18%
02/28/1989 1272.05 0 10 108.815 11.63 1,265.52 -0.51%
03/31/1989 1265.52 0.22 11.56 110.886 11.66 1,292.93 2.17%
04/30/1989 1292.93 0 10 110.886 12.11 1,342.83 3.86%
05/31/1989 1342.83 0 10 110.886 12.47 1,382.75 2.97%
06/30/1989 1382.75 0.13 12.49 112.04 12.35 1,383.69 0.07%
07/31/1989 1383.69 0 10 112.04 13.07 1,464.36 5.83%
08/31/1989 1464.36 0 10 112.04 13.28 1,487.89 1.61%
09/30/1989 1487.89 0.13 12.93 113.166 13.00 1,471.16 -1.12%
10/31/1989 1471.16 0 10 113.166 12.25 1,386.28 -5.77%
11/30/1989 1386.28 0 10 113.166 12.32 1,394.21 0.57%
12/31/1989 1394.21 0.13 12.03 114.389 12.29 1,405.84 0.83%
01/31/1990 1405.84 0 10 114.389 11.46 1,310.90 -6.75%
02/28/1990 1310.9 0.39 11.2 118.372 11.14 1,318.66 0.59%
03/31/1990 1318.66 0.2 11.05 120.514 10.96 1,320.83 0.16%
04/30/1990 1320.83 0 10 120.514 10.58 1,275.04 -3.47%
05/31/1990 1275.04 0 10 120.514 11.28 1,359.40 6.62%
06/30/1990 1359.4 0.13 11.24 121.908 11.04 1,345.86 -1.00%
07/31/1990 1345.86 0 10 121.908 10.77 1,312.95 -2.45%
08/31/1990 1312.95 0 10 121.908 9.91 1,208.11 -7.99%
09/30/1990 1208.11 0.13 9.67 123.547 9.02 1,114.39 -7.76%
10/31/1990 1114.39 0 10 123.547 8.79 1,085.98 -2.55%
11/30/1990 1085.98 0 10 123.547 9.42 1,163.81 7.17%
12/31/1990 1163.81 0.13 9.57 125.225 9.51 1,190.89 2.33%
01/31/1991 1190.89 0 10 125.225 10.02 1,254.75 5.36%
02/28/1991 1254.75 0 10 125.225 10.71 1,341.16 6.89%
03/31/1991 1341.16 0.23 10.6 127.942 10.70 1,368.98 2.07%
04/30/1991 1368.98 0 10 127.942 10.75 1,375.38 0.47%
05/31/1991 1375.38 0 10 127.942 11.34 1,450.86 5.49%
06/30/1991 1450.86 0.12 11.1 129.325 10.76 1,391.54 -4.09%
07/31/1991 1391.54 0 10 129.325 11.37 1,470.43 5.67%
08/31/1991 1470.43 0 10 129.325 11.61 1,501.46 2.11%
09/30/1991 1501.46 0.12 11.38 130.689 11.41 1,491.16 -0.69%
10/31/1991 1491.16 0 10 130.689 11.60 1,515.99 1.67%
11/30/1991 1515.99 0 10 130.689 11.10 1,450.65 -4.31%
12/31/1991 1450.65 0.12 11.18 132.092 11.85 1,565.29 7.90%
01/31/1992 1565.29 0 10 132.092 12.01 1,586.42 1.35%
02/29/1992 1586.42 0 10 132.092 12.40 1,637.94 3.25%
03/31/1992 1637.94 0.12 12.33 133.378 12.13 1,617.88 -1.22%
04/30/1992 1617.88 0 10 133.378 12.51 1,668.56 3.13%
05/31/1992 1668.56 0 10 133.378 12.61 1,681.90 0.80%
06/30/1992 1681.9 0.1 12.45 134.449 12.40 1,667.17 -0.88%
07/31/1992 1667.17 0 10 134.449 12.78 1,718.26 3.06%
08/31/1992 1718.26 0 10 134.449 12.50 1,680.61 -2.19%
09/30/1992 1680.61 0.1 12.56 135.519 12.53 1,698.05 1.04%
10/31/1992 1698.05 0 10 135.519 12.68 1,718.38 1.20%
11/30/1992 1718.38 0 10 135.519 13.14 1,780.72 3.63%
12/31/1992 1780.72 0.1 13.29 136.539 13.40 1,829.62 2.75%
01/31/1993 1829.62 0 10 136.539 13.80 1,884.24 2.99%
02/28/1993 1884.24 0 10 136.539 14.11 1,926.57 2.25%
03/31/1993 1926.57 0.1 14.36 137.49 14.43 1,983.98 2.98%
04/30/1993 1983.98 0 10 137.49 14.37 1,975.73 -0.42%
05/31/1993 1975.73 0 10 137.49 14.63 2,011.48 1.81%
06/30/1993 2011.48 0.1 14.4 138.445 14.70 2,035.14 1.18%
07/31/1993 2035.14 0 10 138.445 14.90 2,062.83 1.36%
08/31/1993 2062.83 0 10 138.445 15.47 2,141.74 3.83%
09/30/1993 2141.74 0.1 15.18 139.357 15.31 2,133.56 -0.38%
10/31/1993 2133.56 0 10 139.357 15.45 2,153.07 0.91%
11/30/1993 2153.07 0 10 139.357 15.18 2,115.44 -1.75%
12/31/1993 2115.44 0.09 15.29 140.177 15.44 2,164.33 2.31%
01/31/1994 2164.33 0 10 140.177 16.12 2,259.65 4.40%
02/28/1994 2259.65 0.77 15.04 147.354 14.94 2,201.47 -2.57%
03/31/1994 2201.47 0.1 14.97 148.338 14.22 2,109.37 -4.18%
04/30/1994 2109.37 0 10 148.338 14.71 2,182.05 3.45%
05/31/1994 2182.05 0 10 148.338 14.85 2,202.82 0.95%
06/30/1994 2202.82 0.09 14.96 149.23 14.67 2,189.20 -0.62%
07/31/1994 2189.2 0 10 149.23 15.16 2,262.33 3.34%
08/31/1994 2262.33 0 10 149.23 15.94 2,378.73 5.15%
09/30/1994 2378.73 0.09 15.79 150.081 15.59 2,339.76 -1.64%
10/31/1994 2339.76 0 10 150.081 15.91 2,387.79 2.05%
11/30/1994 2387.79 0 10 150.081 15.39 2,309.75 -3.27%
12/31/1994 2309.75 0.09 15.34 150.962 15.35 2,317.27 0.33%
01/31/1995 2317.27 0 10 150.962 15.59 2,353.50 1.56%
02/28/1995 2353.5 0.78 15.11 158.755 15.39 2,443.24 3.81%
03/31/1995 2443.24 0.1 15.6 159.773 15.82 2,527.61 3.45%
04/30/1995 2527.61 0 10 159.773 16.26 2,597.91 2.78%
05/31/1995 2597.91 0 10 159.773 16.75 2,676.20 3.01%
06/30/1995 2676.2 0.1 16.78 160.725 16.89 2,714.65 1.44%
07/31/1995 2714.65 0 10 160.725 17.54 2,819.12 3.85%
08/31/1995 2819.12 0 10 160.725 17.76 2,854.48 1.25%
09/30/1995 2854.48 0.1 18.32 161.602 18.25 2,949.24 3.32%
10/31/1995 2949.24 0 10 161.602 18.04 2,915.30 -1.15%
11/30/1995 2915.3 0 10 161.602 18.82 3,041.35 4.32%
12/31/1995 3041.35 0.1 19.01 162.452 19.27 3,130.45 2.93%
01/31/1996 3130.45 0 10 162.452 19.83 3,221.42 2.91%
02/29/1996 3221.42 0.89 18.86 170.118 19.00 3,232.24 0.34%
03/31/1996 3232.24 0 10 170.118 19.20 3,266.27 1.05%
04/30/1996 3266.27 0 10 170.118 19.45 3,308.80 1.30%
05/31/1996 3308.8 0 10 170.118 19.66 3,344.52 1.08%
06/30/1996 3344.52 0 10 170.118 19.48 3,313.90 -0.92%
07/31/1996 3313.9 0 10 170.118 18.53 3,152.29 -4.88%
08/31/1996 3152.29 0 10 170.118 18.91 3,216.93 2.05%
09/30/1996 3216.93 0 10 170.118 19.72 3,354.73 4.28%
10/31/1996 3354.73 0 10 170.118 20.04 3,409.16 1.62%
11/30/1996 3409.16 0 10 170.118 21.38 3,637.12 6.69%
12/31/1996 3637.12 0 10 170.118 21.03 3,577.58 -1.64%
01/02/1997 3577.58 0 10 170.118 20.88 3,552.06 -0.71%
01/31/1997 3552.06 0 10 170.118 21.85 3,717.08 4.65%
02/28/1997 3717.08 2.17 19.8 188.762 19.91 3,758.25 1.11%
03/31/1997 3758.25 0 10 188.762 19.17 3,618.57 -3.72%
04/30/1997 3618.57 0 10 188.762 19.85 3,746.93 3.55%
05/31/1997 3746.93 0 10 188.762 21.08 3,979.10 6.20%
06/30/1997 3979.1 0 10 188.762 22.06 4,164.09 4.65%
07/31/1997 4164.09 0 10 188.762 23.67 4,468.00 7.30%
08/31/1997 4468 0 10 188.762 22.56 4,258.47 -4.69%
09/30/1997 4258.47 0 10 188.762 23.80 4,492.54 5.50%
10/31/1997 4492.54 0 10 188.762 22.93 4,328.31 -3.66%
11/30/1997 4328.31 0 10 188.762 23.77 4,486.87 3.66%
12/31/1997 4486.87 0 10 188.762 24.28 4,583.14 2.15%
01/31/1998 4583.14 0 10 188.762 24.22 4,571.82 -0.25%
02/28/1998 4571.82 1.55 23.41 201.26 24.18 4,866.47 6.44%
03/31/1998 4866.47 0 10 201.26 25.30 5,091.88 4.63%
04/30/1998 5091.88 0 10 201.26 25.30 5,091.88 0.00%
05/31/1998 5091.88 0 10 201.26 24.89 5,009.36 -1.62%
06/30/1998 5009.36 0 10 201.26 25.17 5,065.71 1.12%
07/31/1998 5065.71 0 10 201.26 24.55 4,940.93 -2.46%
08/31/1998 4940.93 0 10 201.26 20.80 4,186.21 -15.27%
09/30/1998 4186.21 0 10 201.26 22.02 4,431.75 5.87%
10/31/1998 4431.75 0 10 201.26 23.65 4,759.80 7.40%
11/30/1998 4759.8 0 10 201.26 24.65 4,961.06 4.23%
12/31/1998 4961.06 0 10 201.26 25.42 5,116.03 3.12%
3.43175
</TABLE>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
10/09/1986 1,000.00 0.324509
10/31/1986 0.00084 0.843835616 1,010.16 (0.00) 0.327805
11/30/1986 0.00115 1.162371477 1,030.98 (0.00) 0.334561
12/31/1986 0.00119 1.225872156 998.81 (0.00) 0.324123
01/31/1987 0.00119 1.187626512 1,112.26 0.00 0.360937
02/28/1987 0.00107 1.194533123 1,136.95 0.00 0.368951
03/31/1987 0.00119 1.351882252 1,164.46 (0.00) 0.377877
04/30/1987 0.00115 1.339922284 1,134.13 (0.00) 0.368037
05/31/1987 0.00119 1.348532353 1,139.77 (0.00) 0.369867
06/30/1987 0.00115 1.311518687 1,162.22 (0.00) 0.377152
07/31/1987 0.00119 1.381927307 1,205.11 (0.00) 0.391072
08/31/1987 0.00119 1.432931231 1,236.85 (0.00) 0.401371
09/30/1987 0.00115 1.423226622 1,209.47 (0.00) 0.392485
10/31/1987 0.00119 1.438108024 972.01 (0.00) 0.315428
11/30/1987 0.00115 1.11848115 927.40 (0.00) 0.30095
12/31/1987 0.00119 1.102714961 959.61 (0.00) 0.311404
01/31/1988 0.00119 1.141020888 1,026.72 (0.00) 0.333182
02/29/1988 0.00111 1.142055136 1,076.46 (0.00) 0.349321
03/31/1988 0.00119 1.279953566 1,056.44 (0.00) 0.342824
04/30/1988 0.00115 1.215625683 1,072.72 (0.00) 0.348107
05/31/1988 0.00119 1.27550333 1,085.82 (0.00) 0.352361
06/30/1988 0.00115 1.249440939 1,146.35 (0.00) 0.372002
07/31/1988 0.00119 1.363056795 1,142.91 (0.00) 0.370885
08/31/1988 0.00119 1.358963583 1,121.84 (0.00) 0.364049
09/30/1988 0.00115 1.290886562 1,153.89 (0.00) 0.374448
10/31/1988 0.00119 1.372019666 1,172.43 (0.00) 0.380465
11/30/1988 0.00115 1.349096251 1,152.24 (0.00) 0.373913
12/31/1988 0.00119 1.370059609 1,161.38 (0.00) 0.376879
01/31/1989 0.00119 1.380928443 1,231.73 (0.00) 0.39971
02/28/1989 0.00107 1.322848549 1,224.09 (0.00) 0.397229
03/31/1989 0.00119 1.455491046 1,249.15 (0.00) 0.40536
04/30/1989 0.00115 1.437372586 1,295.92 (0.00) 0.420538
05/31/1989 0.00119 1.540899758 1,332.90 (0.00) 0.43254
06/30/1989 0.00115 1.533750807 1,332.27 (0.00) 0.432336
07/31/1989 0.00119 1.584129548 1,408.36 (0.00) 0.457027
08/31/1989 0.00119 1.674601705 1,429.32 (0.00) 0.463827
09/30/1989 0.00115 1.644695606 1,411.60 (0.00) 0.458078
10/31/1989 0.00119 1.678453605 1,328.48 (0.00) 0.431104
11/30/1989 0.00115 1.528662435 1,334.55 (0.00) 0.433074
12/31/1989 0.00119 1.586836166 1,344.10 (0.00) 0.436172
01/31/1990 0.00119 1.598186171 1,251.73 (0.00) 0.406198
02/28/1990 0.00107 1.344321756 1,257.79 (0.00) 0.408166
03/31/1990 0.00119 1.495568245 1,258.37 (0.00) 0.408352
04/30/1990 0.00115 1.447984911 1,213.30 (0.00) 0.393726
05/31/1990 0.00119 1.442657934 1,292.13 (0.00) 0.419308
06/30/1990 0.00115 1.486831547 1,277.77 (0.00) 0.414649
07/31/1990 0.00119 1.519321799 1,245.01 (0.00) 0.404017
08/31/1990 0.00119 1.480363642 1,144.11 (0.01) 0.371276
09/30/1990 0.00115 1.316511609 1,054.04 (0.01) 0.342047
10/31/1990 0.00119 1.2532963 1,025.91 (0.00) 0.33292
11/30/1990 0.00115 1.180504678 1,098.26 (0.01) 0.356397
12/31/1990 0.00119 1.305875705 1,122.51 (0.01) 0.364266
01/31/1991 0.00119 1.334708607 1,181.37 (0.01) 0.383366
02/28/1991 0.00107 1.26875558 1,261.45 (0.01) 0.409355
03/31/1991 0.00119 1.499921143 1,286.12 (0.01) 0.41736
04/30/1991 0.00115 1.479920221 1,290.65 (0.01) 0.418831
05/31/1991 0.00119 1.534640478 1,359.95 (0.01) 0.441318
06/30/1991 0.00115 1.564873397 1,302.78 (0.01) 0.422766
07/31/1991 0.00119 1.549060863 1,375.09 (0.01) 0.446231
08/31/1991 0.00119 1.635039231 1,402.47 (0.01) 0.455117
09/30/1991 0.00115 1.613805287 1,391.24 (0.00) 0.451471
10/31/1991 0.00119 1.654240206 1,412.75 (0.01) 0.458452
11/30/1991 0.00115 1.625631068 1,350.23 (0.01) 0.438165
12/31/1991 0.00119 1.605484719 1,455.33 (0.01) 0.472271
01/31/1992 0.00119 1.730451799 1,473.25 (0.01) 0.478085
02/29/1992 0.00111 1.638737385 1,519.46 (0.01) 0.493079
03/31/1992 0.00119 1.806694549 1,499.04 (0.01) 0.486454
04/30/1992 0.00115 1.724922158 1,544.27 (0.01) 0.501132
05/31/1992 0.00119 1.836202752 1,554.78 (0.01) 0.504543
06/30/1992 0.00115 1.789064247 1,539.38 (0.01) 0.499544
07/31/1992 0.00119 1.830381627 1,584.72 (0.01) 0.514258
08/31/1992 0.00119 1.884296806 1,548.11 (0.01) 0.502378
09/30/1992 0.00115 1.781388533 1,562.40 (0.01) 0.507013
10/31/1992 0.00119 1.857751998 1,579.24 (0.00) 0.51248
11/30/1992 0.00115 1.817211383 1,634.72 (0.00) 0.530482
12/31/1992 0.00119 1.943747311 1,677.67 (0.00) 0.544419
01/31/1993 0.00119 1.994812976 1,725.75 (0.00) 0.560024
02/28/1993 0.00107 1.853412671 1,762.67 (0.01) 0.572004
03/31/1993 0.00119 2.095887427 1,813.10 (0.01) 0.588369
04/30/1993 0.00115 2.086307258 1,803.47 (0.00) 0.585245
05/31/1993 0.00119 2.144405436 1,833.96 (0.00) 0.595139
06/30/1993 0.00115 2.110313962 1,853.42 (0.01) 0.601455
07/31/1993 0.00119 2.203798461 1,876.44 (0.01) 0.608923
08/31/1993 0.00119 2.231162812 1,945.99 (0.00) 0.631492
09/30/1993 0.00115 2.239218531 1,936.32 (0.00) 0.628353
10/31/1993 0.00119 2.302359247 1,951.72 (0.00) 0.633352
11/30/1993 0.00115 2.245814714 1,915.36 (0.00) 0.621554
12/31/1993 0.00119 2.277445541 1,957.35 (0.01) 0.63518
01/31/1994 0.00119 2.327371679 2,041.23 (0.01) 0.662399
02/28/1994 0.00107 2.192223793 1,986.48 (0.01) 0.644633
03/31/1994 0.00119 2.362006749 1,901.01 (0.01) 0.616898
04/30/1994 0.00115 2.187466511 1,964.33 (0.01) 0.637444
05/31/1994 0.00119 2.335664313 1,980.69 (0.01) 0.642754
06/30/1994 0.00115 2.279147711 1,966.16 (0.01) 0.63804
07/31/1994 0.00119 2.337847637 2,029.50 (0.01) 0.658595
08/31/1994 0.00119 2.413163399 2,131.51 (0.01) 0.691698
09/30/1994 0.00115 2.452698034 2,094.14 (0.01) 0.67957
10/31/1994 0.00119 2.490017087 2,134.64 (0.01) 0.692712
11/30/1994 0.00115 2.456294317 2,062.41 (0.01) 0.669275
12/31/1994 0.00119 2.452295272 2,066.68 (0.01) 0.670658
01/31/1995 0.00119 2.457363486 2,096.53 (0.01) 0.680346
02/28/1995 0.00107 2.25161721 2,174.22 (0.01) 0.705557
03/31/1995 0.00119 2.585238577 2,246.72 (0.01) 0.729082
04/30/1995 0.00115 2.585262696 2,306.62 (0.01) 0.748521
05/31/1995 0.00119 2.742664403 2,373.39 (0.01) 0.770188
06/30/1995 0.00115 2.731021497 2,404.76 (0.01) 0.780367
07/31/1995 0.00119 2.859353813 2,494.44 (0.01) 0.809471
08/31/1995 0.00119 2.965992674 2,522.76 (0.01) 0.818662
09/30/1995 0.00115 2.902904709 2,603.61 (0.01) 0.844897
10/31/1995 0.00119 3.09579633 2,570.55 (0.01) 0.834169
11/30/1995 0.00115 2.957892313 2,678.74 (0.01) 0.869276
12/31/1995 0.00119 3.185126301 2,754.03 (0.01) 0.893709
01/31/1996 0.00119 3.274651155 2,830.78 (0.01) 0.918617
02/29/1996 0.00111 3.148761911 2,837.14 (0.01) 0.920681
03/31/1996 0.00119 3.373479233 2,863.64 (0.01) 0.929279
04/30/1996 0.00115 3.295146809 2,897.63 (0.01) 0.94031
05/31/1996 0.00119 3.445403176 2,925.47 (0.01) 0.949343
06/30/1996 0.00115 3.366291429 2,895.32 (0.01) 0.939559
07/31/1996 0.00119 3.44265185 2,750.68 (0.01) 0.892622
08/31/1996 0.00119 3.270669514 2,803.81 (0.01) 0.909864
09/30/1996 0.00115 3.226304527 2,920.69 (0.01) 0.947792
10/31/1996 0.00119 3.472820087 2,964.60 (0.01) 0.962043
11/30/1996 0.00115 3.411325893 3,159.43 (0.01) 1.025265
12/31/1996 0.00119 3.75668887 3,103.95 (0.01) 1.007262
01/02/1997 0.00008 0.238111268 3,081.57 (0.01) 1
01/31/1997 0.00111 3.427719958 3,221.31 0.12
02/28/1997 0.00107 3.459593754 3,253.52 0.13
03/31/1997 0.00119 3.868574534 3,128.73 (0.04)
04/30/1997 0.00115 3.600188025 3,236.12 0.05
05/31/1997 0.00119 3.847878396 3,432.79 0.11
06/30/1997 0.00115 3.950059499 3,588.43 0.42
07/31/1997 0.00119 4.266792591 3,846.06 0.73
08/31/1997 0.00119 4.573124797 3,661.12 0.17
09/30/1997 0.00115 4.212800576 3,858.15 0.65
10/31/1997 0.00119 4.587496473 3,712.52 0.44
11/30/1997 0.00115 4.271942427 3,844.25 0.26
12/31/1997 0.00119 4.570972568 3,922.16 0.61
01/31/1998 0.00119 4.663611994 3,907.81 0.41
02/28/1998 0.00107 4.196882071 4,155.47 0.64
03/31/1998 0.00119 4.9410239 4,343.01 1.02
04/30/1998 0.00115 4.997431047 4,338.01 0.98
05/31/1998 0.00119 5.158069931 4,262.55 0.53
06/30/1998 0.00115 4.904849116 4,305.59 0.88
07/31/1998 0.00119 5.119525528 4,194.42 0.69
08/31/1998 0.00119 4.987332603 3,548.74 (0.16)
09/30/1998 0.00115 4.083478575 3,752.80 0.00
10/31/1998 0.00119 4.462237256 4,026.13 0.13
11/30/1998 0.00115 4.632811182 4,191.74 0.46
12/31/1998 0.00119 4.984149797 4,317.69 0.58
2.7528032 -1.0000000
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
MONEY MARKET SUBACCOUNT Surrender
FUND 123 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.282903 -----------------------------
Units purchased 3,534.780 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/9/1986 0.282903 3,534.780 1,000.00 1,000.00 5,999.31 0.00%
10/31/1986 0.282690 3,534.780 999.25 0.00001 0.014405478 999.25 5,999.31 0.00%
11/30/1986 0.288619 3,534.780 1,020.20 0.00002 0.019629043 1,020.20 5,999.31 0.00%
12/31/1986 0.282947 3,534.780 1,000.16 0.00002 0.020708757 1,000.16 5,999.31 0.00%
01/31/1987 0.312831 3,534.780 1,105.79 0.00002 0.020301784 1,105.79 5,999.31 0.00%
02/28/1987 0.328032 3,534.780 1,159.52 0.00002 0.020273804 1,159.52 5,999.31 0.00%
03/31/1987 0.333034 3,534.780 1,177.20 0.00002 0.023536687 1,177.20 5,999.31 0.00%
04/30/1987 0.332692 3,534.780 1,175.99 0.00002 0.023124761 1,175.99 5,999.31 0.00%
05/31/1987 0.334590 3,534.780 1,182.70 0.00002 0.023871048 1,182.70 5,999.31 0.00%
06/30/1987 0.344087 3,534.780 1,216.27 0.00002 0.023232804 1,216.27 5,999.31 0.00%
07/31/1987 0.357484 3,534.780 1,263.63 0.00002 0.024688652 1,263.63 5,999.31 0.00%
08/31/1987 0.367769 3,534.780 1,299.98 0.00002 0.025649903 1,299.98 5,999.31 0.00%
09/30/1987 0.363185 3,534.780 1,283.78 0.00002 0.025536643 1,283.78 5,999.31 0.00%
10/31/1987 0.282994 3,534.780 1,000.32 0.00002 0.026058957 1,000.32 5,999.31 0.00%
11/30/1987 0.262849 3,534.780 929.11 0.00002 0.019650152 929.11 5,999.31 0.00%
12/31/1987 0.285475 3,534.780 1,009.09 0.00002 0.018859729 1,009.09 5,999.31 0.00%
01/31/1988 0.291365 3,534.780 1,029.91 0.00002 0.020483171 1,029.91 5,999.31 0.00%
02/29/1988 0.314700 3,534.780 1,112.40 0.00002 0.019557026 1,112.40 5,999.31 0.00%
03/31/1988 0.311555 3,534.780 1,101.28 0.00002 0.0225801 1,101.28 5,999.31 0.00%
04/30/1988 0.315165 3,534.780 1,114.04 0.00002 0.021633332 1,114.04 5,999.31 0.00%
05/31/1988 0.312028 3,534.780 1,102.95 0.00002 0.022613464 1,102.95 5,999.31 0.00%
06/30/1988 0.327392 3,534.780 1,157.26 0.00002 0.021666175 1,157.26 5,999.31 0.00%
07/31/1988 0.325366 3,534.780 1,150.10 0.00002 0.023490766 1,150.10 5,999.31 0.00%
08/31/1988 0.317193 3,534.780 1,121.21 0.00002 0.023345398 1,121.21 5,999.31 0.00%
09/30/1988 0.325803 3,534.780 1,151.64 0.00002 0.022024815 1,151.64 5,999.31 0.00%
10/31/1988 0.326293 3,534.780 1,153.37 0.00002 0.023376754 1,153.37 5,999.31 0.00%
11/30/1988 0.322892 3,534.780 1,141.35 0.00002 0.022656689 1,141.35 5,999.31 0.00%
12/31/1988 0.325890 3,534.780 1,151.95 0.00002 0.023167886 1,151.95 5,999.31 0.00%
01/31/1989 0.348902 3,534.780 1,233.29 0.00002 0.023382996 1,233.29 5,999.31 0.00%
02/28/1989 0.341344 3,534.780 1,206.58 0.00002 0.022611476 1,206.58 5,999.31 0.00%
03/31/1989 0.351301 3,534.780 1,241.77 0.00002 0.024491839 1,241.77 5,999.31 0.00%
04/30/1989 0.369518 3,534.780 1,306.16 0.00002 0.02439316 1,306.16 5,999.31 0.00%
05/31/1989 0.382344 3,534.780 1,351.50 0.00002 0.026513357 1,351.50 5,999.31 0.00%
06/30/1989 0.376894 3,534.780 1,332.24 0.00002 0.026548682 1,332.24 5,999.31 0.00%
07/31/1989 0.410169 3,534.780 1,449.86 0.00002 0.027042594 1,449.86 5,999.31 0.00%
08/31/1989 0.416742 3,534.780 1,473.09 0.00002 0.029430115 1,473.09 5,999.31 0.00%
09/30/1989 0.419955 3,534.780 1,484.45 0.00002 0.028937163 1,484.45 5,999.31 0.00%
10/31/1989 0.407757 3,534.780 1,441.33 0.00002 0.030132272 1,441.33 5,999.31 0.00%
11/30/1989 0.414046 3,534.780 1,463.56 0.00002 0.028313275 1,463.56 5,999.31 0.00%
12/31/1989 0.423377 3,534.780 1,496.54 0.00002 0.029708294 1,496.54 5,999.31 0.00%
01/31/1990 0.398386 3,534.780 1,408.21 0.00002 0.030377804 1,408.21 5,999.31 0.00%
02/28/1990 0.401810 3,534.780 1,420.31 0.00002 0.025818412 1,420.31 5,999.31 0.00%
03/31/1990 0.406293 3,534.780 1,436.16 0.00002 0.028830346 1,436.16 5,999.31 0.00%
04/30/1990 0.394045 3,534.780 1,392.86 0.00002 0.02821162 1,392.86 5,999.31 0.00%
05/31/1990 0.428506 3,534.780 1,514.67 0.00002 0.028273198 1,514.67 5,999.31 0.00%
06/30/1990 0.436992 3,534.780 1,544.67 0.00002 0.029754016 1,544.67 5,999.31 0.00%
07/31/1990 0.429626 3,534.780 1,518.63 0.00002 0.031354697 1,518.63 5,999.31 0.00%
08/31/1990 0.384913 3,534.780 1,360.58 0.00002 0.030826178 1,360.58 5,999.31 0.00%
09/30/1990 0.344908 3,534.780 1,219.17 0.00002 0.026727064 1,219.17 5,999.31 0.00%
10/31/1990 0.332212 3,534.780 1,174.30 0.00002 0.02474756 1,174.30 5,999.31 0.00%
11/30/1990 0.358792 3,534.780 1,268.25 0.00002 0.023067684 1,268.25 5,999.31 0.00%
12/31/1990 0.368997 3,534.780 1,304.32 0.00002 0.025743754 1,304.32 5,999.31 0.00%
01/31/1991 0.393187 3,534.780 1,389.83 0.00002 0.026475975 1,389.83 5,999.31 0.00%
02/28/1991 0.422143 3,534.780 1,492.18 0.00002 0.025481478 1,492.18 5,999.31 0.00%
03/31/1991 0.434435 3,534.780 1,535.63 0.00002 0.030289263 1,535.63 5,999.31 0.00%
04/30/1991 0.429940 3,534.780 1,519.74 0.00002 0.030165706 1,519.74 5,999.31 0.00%
05/31/1991 0.454909 3,534.780 1,608.00 0.00002 0.030848707 1,608.00 5,999.31 0.00%
06/30/1991 0.420669 3,534.780 1,486.97 0.00002 0.031587351 1,486.97 5,999.31 0.00%
07/31/1991 0.460301 3,534.780 1,627.06 0.00002 0.030183502 1,627.06 5,999.31 0.00%
08/31/1991 0.480264 3,534.780 1,697.63 0.00002 0.033027145 1,697.63 5,999.31 0.00%
09/30/1991 0.483511 3,534.780 1,709.11 0.00002 0.033347917 1,709.11 5,999.31 0.00%
10/31/1991 0.497945 3,534.780 1,760.13 0.00002 0.034692491 1,760.13 5,999.31 0.00%
11/30/1991 0.469005 3,534.780 1,657.83 0.00002 0.034575626 1,657.83 5,999.31 0.00%
12/31/1991 0.530468 3,534.780 1,875.09 0.00002 0.033651668 1,875.09 5,999.31 0.00%
01/31/1992 0.562288 3,534.780 1,987.56 0.00002 0.038061711 1,987.56 5,999.31 0.00%
02/29/1992 0.573491 3,534.780 2,027.16 0.00002 0.037741942 2,027.16 5,999.31 0.00%
03/31/1992 0.537737 3,534.780 1,900.78 0.00002 0.041148663 1,900.78 5,999.31 0.00%
04/30/1992 0.516117 3,534.780 1,824.36 0.00002 0.037338649 1,824.36 5,999.31 0.00%
05/31/1992 0.511186 3,534.780 1,806.93 0.00002 0.03703201 1,806.93 5,999.31 0.00%
06/30/1992 0.490810 3,534.780 1,734.91 0.00002 0.035495037 1,734.91 5,999.31 0.00%
07/31/1992 0.509244 3,534.780 1,800.07 0.00002 0.035216202 1,800.07 5,999.31 0.00%
08/31/1992 0.494719 3,534.780 1,748.72 0.00002 0.036538864 1,748.72 5,999.31 0.00%
09/30/1992 0.502942 3,534.780 1,777.79 0.00002 0.034351624 1,777.79 5,999.31 0.00%
10/31/1992 0.521887 3,534.780 1,844.76 0.00002 0.036086688 1,844.76 5,999.31 0.00%
11/30/1992 0.556199 3,534.780 1,966.04 0.00002 0.036238078 1,966.04 5,999.31 0.00%
12/31/1992 0.572729 3,534.780 2,024.47 0.00002 0.039907941 2,024.47 5,999.31 0.00%
01/31/1993 0.583423 3,534.780 2,062.27 0.00002 0.041093988 2,062.27 5,999.31 0.00%
02/28/1993 0.570838 3,534.780 2,017.79 0.00002 0.037810202 2,017.79 5,999.31 0.00%
03/31/1993 0.592995 3,534.780 2,096.11 0.00002 0.040958307 2,096.11 5,999.31 0.00%
04/30/1993 0.586183 3,534.780 2,072.03 0.00002 0.041175579 2,072.03 5,999.31 0.00%
05/31/1993 0.629224 3,534.780 2,224.17 0.00002 0.042059329 2,224.17 5,999.31 0.00%
06/30/1993 0.635060 3,534.780 2,244.80 0.00002 0.043691199 2,244.80 5,999.31 0.00%
07/31/1993 0.632621 3,534.780 2,236.18 0.00002 0.045566312 2,236.18 5,999.31 0.00%
08/31/1993 0.663711 3,534.780 2,346.07 0.00002 0.045391311 2,346.07 5,999.31 0.00%
09/30/1993 0.675369 3,534.780 2,387.28 0.00002 0.04608586 2,387.28 5,999.31 0.00%
10/31/1993 0.681108 3,534.780 2,407.57 0.00002 0.048458531 2,407.57 5,999.31 0.00%
11/30/1993 0.652850 3,534.780 2,307.68 0.00002 0.047293849 2,307.68 5,999.31 0.00%
12/31/1993 0.675295 3,534.780 2,387.02 0.00002 0.046842766 2,387.02 5,999.31 0.00%
01/31/1994 0.691546 3,534.780 2,444.46 0.00002 0.048453221 2,444.46 5,999.31 2.00%
02/28/1994 0.683754 3,534.780 2,416.92 0.00002 0.044817387 2,416.92 5,999.31 2.00%
03/31/1994 0.651963 3,534.780 2,304.55 0.00002 0.049060164 2,304.55 5,999.31 2.00%
04/30/1994 0.655326 3,534.780 2,316.43 0.00002 0.045270118 2,316.43 5,999.31 2.00%
05/31/1994 0.639440 3,534.780 2,260.28 0.00002 0.047020422 2,260.28 5,999.31 2.00%
06/30/1994 0.606269 3,534.780 2,143.03 0.00002 0.044400563 2,143.03 5,999.31 2.00%
07/31/1994 0.626661 3,534.780 2,215.11 0.00002 0.043500523 2,215.11 5,999.31 2.00%
08/31/1994 0.661530 3,534.780 2,338.36 0.00002 0.044963674 2,338.36 5,999.31 2.00%
09/30/1994 0.652824 3,534.780 2,307.59 0.00002 0.045934419 2,307.59 5,999.31 2.00%
10/31/1994 0.678650 3,534.780 2,398.88 0.00002 0.0468409 2,398.88 5,999.31 2.00%
11/30/1994 0.650844 3,534.780 2,300.59 0.00002 0.047123174 2,300.59 5,999.31 2.00%
12/31/1994 0.666772 3,534.780 2,356.89 0.00002 0.046698833 2,356.89 5,999.31 2.00%
01/31/1995 0.653460 3,534.780 2,309.84 0.00002 0.047841686 2,309.84 5,999.31 4.00%
02/28/1995 0.679894 3,534.780 2,403.28 0.00002 0.042349127 2,403.28 5,999.31 4.00%
03/31/1995 0.703850 3,534.780 2,487.95 0.00002 0.048783205 2,487.95 5,999.31 4.00%
04/30/1995 0.726855 3,534.780 2,569.27 0.00002 0.048872977 2,569.27 5,999.31 4.00%
05/31/1995 0.754408 3,534.780 2,666.67 0.00002 0.052152713 2,666.67 5,999.31 4.00%
06/30/1995 0.820371 3,534.780 2,899.83 0.00002 0.052383555 2,899.83 5,999.31 4.00%
07/31/1995 0.900615 3,534.780 3,183.48 0.00002 0.058862597 3,183.48 5,999.31 4.00%
08/31/1995 0.910709 3,534.780 3,219.16 0.00002 0.0646202 3,219.16 5,999.31 4.00%
09/30/1995 0.933384 3,534.780 3,299.31 0.00002 0.06323657 3,299.31 5,999.31 4.00%
10/31/1995 0.922897 3,534.780 3,262.24 0.00002 0.066971414 3,262.24 5,999.31 4.00%
11/30/1995 0.921337 3,534.780 3,256.72 0.00002 0.064082864 3,256.72 5,999.31 4.00%
12/31/1995 0.891625 3,534.780 3,151.70 0.00002 0.066107028 3,151.70 5,999.31 4.00%
01/31/1996 0.904724 3,534.780 3,198.00 0.00002 0.063975156 3,198.00 5,999.31 6.00%
02/29/1996 0.934156 3,534.780 3,302.04 0.00002 0.060726959 3,302.04 5,999.31 6.00%
03/31/1996 0.936771 3,534.780 3,311.28 0.00002 0.067026806 3,311.28 5,999.31 6.00%
04/30/1996 0.972481 3,534.780 3,437.51 0.00002 0.065046228 3,437.51 5,999.31 6.00%
05/31/1996 1.001869 3,534.780 3,541.39 0.00002 0.069776671 3,541.39 5,999.31 6.00%
06/30/1996 0.981234 3,534.780 3,468.45 0.00002 0.069566414 3,468.45 5,999.31 6.00%
07/31/1996 0.905114 3,534.780 3,199.38 0.00002 0.070404709 3,199.38 5,999.31 6.00%
08/31/1996 0.931216 3,534.780 3,291.64 0.00002 0.064943008 3,291.64 5,999.31 6.00%
09/30/1996 0.992796 3,534.780 3,509.32 0.00002 0.064660508 3,509.32 5,999.31 6.00%
10/31/1996 0.989464 3,534.780 3,497.54 0.00002 0.071234296 3,497.54 5,999.31 6.00%
11/30/1996 1.043380 3,534.780 3,688.12 0.00002 0.068705053 3,688.12 5,999.31 6.00%
12/31/1996 1.010123 3,534.780 3,570.56 0.00002 0.074863759 3,570.56 5,999.31 6.00%
01/2/1997 1.000000 3,534.780 3,534.78 0.00000 0.00482992 3,534.78 5,999.31 6.00%
01/31/1997 1.067065 3,534.780 3,771.84 0.00002 0.06780156 3,771.84 5,999.31 6.00%
02/28/1997 1.041812 3,534.780 3,682.58 0.00002 0.069153845 3,682.58 5,999.31 6.00%
03/31/1997 0.982390 3,534.780 3,472.53 0.00002 0.074751253 3,472.53 5,999.31 6.00%
04/30/1997 1.028601 3,534.780 3,635.88 0.00002 0.068213858 3,635.88 5,999.31 6.00%
05/31/1997 1.098803 3,534.780 3,884.03 0.00002 0.073803348 3,884.03 5,999.31 6.00%
06/30/1997 1.142753 3,534.780 4,039.38 0.00002 0.076297185 4,039.38 5,999.31 6.00%
07/31/1997 1.227333 3,534.780 4,338.35 0.00002 0.08199389 4,338.35 5,999.31 6.00%
08/31/1997 1.178769 3,534.780 4,166.69 0.00002 0.088062606 4,166.69 5,999.31 6.00%
09/30/1997 1.245775 3,534.780 4,403.54 0.00002 0.081849755 4,403.54 5,999.31 6.00%
10/31/1997 1.197538 3,534.780 4,233.03 0.00002 0.089385841 4,233.03 5,999.31 6.00%
11/30/1997 1.230641 3,534.780 4,350.05 0.00002 0.083153012 4,350.05 5,999.31 6.00%
12/31/1997 1.231921 3,534.780 4,354.57 0.00002 0.088299958 4,354.57 5,999.31 6.00%
01/31/1998 1.247251 3,534.780 4,408.76 0.00002 0.0883918 4,408.76 5,999.31 6.00%
02/28/1998 1.339680 3,534.780 4,735.47 0.00002 0.080831254 4,735.47 5,999.31 6.00%
03/31/1998 1.385187 3,534.780 4,896.33 0.00002 0.096123637 4,896.33 5,999.31 6.00%
04/30/1998 1.410853 3,534.780 4,987.05 0.00002 0.096182727 4,987.05 5,999.31 6.00%
05/31/1998 1.373258 3,534.780 4,854.16 0.00002 0.101230384 4,854.16 5,999.31 6.00%
06/30/1998 1.458547 3,534.780 5,155.64 0.00002 0.095354418 5,155.64 5,999.31 6.00%
07/31/1998 1.486671 3,534.780 5,255.05 0.00002 0.104652486 5,255.05 5,999.31 6.00%
08/31/1998 1.242764 3,534.780 4,392.90 0.00002 0.106670416 4,392.90 5,999.31 6.00%
09/30/1998 1.369762 3,534.780 4,841.81 0.00002 0.086293353 4,841.81 5,999.31 6.00%
10/31/1998 1.465027 3,534.780 5,178.55 0.00002 0.098282056 5,178.55 5,999.31 6.00%
11/30/1998 1.565344 3,534.780 5,533.15 0.00002 0.101726548 5,533.15 5,999.31 6.00%
12/31/1998 1.697223 3,534.780 5,999.31 0.00002 0.112315298 5,999.31 5,999.31 6.00%
12/31/1998 5,999.31
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
10/9/1986 100.00% 5,999.31 12.2356 15.77% 15.77% 5,999.31 5,999.31 13
10/31/1986 100.00% 5,999.31 12.1753 15.86% 15.86% 6,003.83 6,003.83 13
11/30/1986 100.00% 5,999.31 12.0932 15.78% 15.78% 5,880.50 5,880.50 13
12/31/1986 100.00% 5,999.31 12.0082 16.09% 16.09% 5,998.38 5,998.38 13
01/31/1987 100.00% 5,999.31 11.9233 15.24% 15.24% 5,425.37 5,425.37 12
02/28/1987 100.00% 5,999.31 11.8466 14.88% 14.88% 5,173.96 5,173.96 12
03/31/1987 100.00% 5,999.31 11.7616 14.85% 14.85% 5,096.25 5,096.25 12
04/30/1987 100.00% 5,999.31 11.6795 14.97% 14.97% 5,101.48 5,101.48 12
05/31/1987 100.00% 5,999.31 11.5945 15.03% 15.03% 5,072.55 5,072.55 12
06/30/1987 100.00% 5,999.31 11.5123 14.87% 14.87% 4,932.54 4,932.54 12
07/31/1987 100.00% 5,999.31 11.4274 14.60% 14.60% 4,747.69 4,747.69 12
08/31/1987 100.00% 5,999.31 11.3425 14.43% 14.43% 4,614.92 4,614.92 12
09/30/1987 100.00% 5,999.31 11.2603 14.67% 14.67% 4,673.16 4,673.16 12
10/31/1987 100.00% 5,999.31 11.1753 17.39% 17.39% 5,997.38 5,997.38 12
11/30/1987 100.00% 5,999.31 11.0932 18.31% 18.31% 6,457.03 6,457.03 12
12/31/1987 100.00% 5,999.31 11.0082 17.58% 17.58% 5,945.26 5,945.26 12
01/31/1988 100.00% 5,999.31 10.9233 17.51% 17.51% 5,825.08 5,825.08 11
02/29/1988 100.00% 5,999.31 10.8438 16.81% 16.81% 5,393.15 5,393.15 11
03/31/1988 100.00% 5,999.31 10.7589 17.07% 17.07% 5,447.59 5,447.59 11
04/30/1988 100.00% 5,999.31 10.6767 17.08% 17.08% 5,385.19 5,385.19 11
05/31/1988 100.00% 5,999.31 10.5918 17.34% 17.34% 5,439.33 5,439.33 11
06/30/1988 100.00% 5,999.31 10.5096 16.95% 16.95% 5,184.07 5,184.07 11
07/31/1988 100.00% 5,999.31 10.4247 17.17% 17.17% 5,216.35 5,216.35 11
08/31/1988 100.00% 5,999.31 10.3397 17.61% 17.61% 5,350.76 5,350.76 11
09/30/1988 100.00% 5,999.31 10.2575 17.46% 17.46% 5,209.35 5,209.35 11
10/31/1988 100.00% 5,999.31 10.1726 17.60% 17.60% 5,201.53 5,201.53 11
11/30/1988 100.00% 5,999.31 10.0904 17.88% 17.88% 5,256.32 5,256.32 11
12/31/1988 100.00% 5,999.31 10.0055 17.93% 17.93% 5,207.96 5,207.96 11
01/31/1989 100.00% 5,999.31 9.9205 17.29% 17.29% 4,864.47 4,864.47 10
02/28/1989 100.00% 5,999.31 9.8438 17.70% 17.70% 4,972.18 4,972.18 10
03/31/1989 100.00% 5,999.31 9.7589 17.52% 17.52% 4,831.25 4,831.25 10
04/30/1989 100.00% 5,999.31 9.6767 17.06% 17.06% 4,593.07 4,593.07 10
05/31/1989 100.00% 5,999.31 9.5918 16.81% 16.81% 4,438.99 4,438.99 10
06/30/1989 100.00% 5,999.31 9.5096 17.14% 17.14% 4,503.18 4,503.18 10
07/31/1989 100.00% 5,999.31 9.4247 16.26% 16.26% 4,137.86 4,137.86 10
08/31/1989 100.00% 5,999.31 9.3397 16.22% 16.22% 4,072.60 4,072.60 10
09/30/1989 100.00% 5,999.31 9.2575 16.28% 16.28% 4,041.44 4,041.44 10
10/31/1989 100.00% 5,999.31 9.1726 16.82% 16.82% 4,162.34 4,162.34 10
11/30/1989 100.00% 5,999.31 9.0904 16.79% 16.79% 4,099.12 4,099.12 10
12/31/1989 100.00% 5,999.31 9.0055 16.67% 16.67% 4,008.77 4,008.77 10
01/31/1990 90.00% 5,999.31 8.9205 17.64% 17.64% 4,260.25 4,260.25 9
02/28/1990 90.00% 5,999.31 8.8438 17.69% 17.69% 4,223.94 4,223.94 9
03/31/1990 90.00% 5,999.31 8.7589 17.73% 17.73% 4,177.34 4,177.34 9
04/30/1990 90.00% 5,999.31 8.6767 18.33% 18.33% 4,307.18 4,307.18 9
05/31/1990 90.00% 5,999.31 8.5918 17.38% 17.38% 3,960.79 3,960.79 9
06/30/1990 90.00% 5,999.31 8.5096 17.29% 17.29% 3,883.88 3,883.88 9
07/31/1990 90.00% 5,999.31 8.4247 17.71% 17.71% 3,950.47 3,950.47 9
08/31/1990 90.00% 5,999.31 8.3397 19.47% 19.47% 4,409.37 4,409.37 9
09/30/1990 90.00% 5,999.31 8.2575 21.28% 21.28% 4,920.80 4,920.80 9
10/31/1990 90.00% 5,999.31 8.1726 22.09% 22.09% 5,108.86 5,108.86 9
11/30/1990 90.00% 5,999.31 8.0904 21.18% 21.18% 4,730.38 4,730.38 9
12/31/1990 90.00% 5,999.31 8.0055 21.00% 21.00% 4,599.56 4,599.56 9
01/31/1991 80.00% 5,999.31 7.9205 20.28% 20.28% 4,316.58 4,316.58 8
02/28/1991 80.00% 5,999.31 7.8438 19.41% 19.41% 4,020.49 4,020.49 8
03/31/1991 80.00% 5,999.31 7.7589 19.20% 19.20% 3,906.74 3,906.74 8
04/30/1991 80.00% 5,999.31 7.6767 19.59% 19.59% 3,947.58 3,947.58 8
05/31/1991 80.00% 5,999.31 7.5918 18.94% 18.94% 3,730.91 3,730.91 8
06/30/1991 80.00% 5,999.31 7.5096 20.41% 20.41% 4,034.58 4,034.58 8
07/31/1991 80.00% 5,999.31 7.4247 19.21% 19.21% 3,687.20 3,687.20 8
08/31/1991 80.00% 5,999.31 7.3397 18.77% 18.77% 3,533.94 3,533.94 8
09/30/1991 80.00% 5,999.31 7.2575 18.89% 18.89% 3,510.21 3,510.21 8
10/31/1991 80.00% 5,999.31 7.1726 18.64% 18.64% 3,408.45 3,408.45 8
11/30/1991 80.00% 5,999.31 7.0904 19.89% 19.89% 3,618.77 3,618.77 8
12/31/1991 80.00% 5,999.31 7.0055 18.06% 18.06% 3,199.48 3,199.48 8
01/31/1992 70.00% 5,999.31 6.9205 17.31% 17.31% 3,018.42 3,018.42 7
02/29/1992 70.00% 5,999.31 6.8411 17.19% 17.19% 2,959.46 2,959.46 7
03/31/1992 70.00% 5,999.31 6.7562 18.54% 18.54% 3,156.23 3,156.23 7
04/30/1992 70.00% 5,999.31 6.6740 19.53% 19.53% 3,288.45 3,288.45 7
05/31/1992 70.00% 5,999.31 6.5890 19.98% 19.98% 3,320.17 3,320.17 7
06/30/1992 70.00% 5,999.31 6.5068 21.01% 21.01% 3,458.00 3,458.00 7
07/31/1992 70.00% 5,999.31 6.4219 20.62% 20.62% 3,332.83 3,332.83 7
08/31/1992 70.00% 5,999.31 6.3370 21.47% 21.47% 3,430.68 3,430.68 7
09/30/1992 70.00% 5,999.31 6.2548 21.46% 21.46% 3,374.59 3,374.59 7
10/31/1992 70.00% 5,999.31 6.1699 21.06% 21.06% 3,252.09 3,252.09 7
11/30/1992 70.00% 5,999.31 6.0877 20.11% 20.11% 3,051.47 3,051.47 7
12/31/1992 70.00% 5,999.31 6.0027 19.84% 19.84% 2,963.40 2,963.40 7
01/31/1993 60.00% 5,999.31 5.9178 19.77% 19.77% 2,909.08 2,909.08 6
02/28/1993 60.00% 5,999.31 5.8411 20.51% 20.51% 2,973.21 2,973.21 6
03/31/1993 60.00% 5,999.31 5.7562 20.04% 20.04% 2,862.12 2,862.12 6
04/30/1993 60.00% 5,999.31 5.6740 20.61% 20.61% 2,895.38 2,895.38 6
05/31/1993 60.00% 5,999.31 5.5890 19.43% 19.43% 2,697.33 2,697.33 6
06/30/1993 60.00% 5,999.31 5.5068 19.54% 19.54% 2,672.54 2,672.54 6
07/31/1993 60.00% 5,999.31 5.4219 19.96% 19.96% 2,682.84 2,682.84 6
08/31/1993 60.00% 5,999.31 5.3370 19.23% 19.23% 2,557.17 2,557.17 6
09/30/1993 60.00% 5,999.31 5.2548 19.17% 19.17% 2,513.03 2,513.03 6
10/31/1993 60.00% 5,999.31 5.1699 19.32% 19.32% 2,491.86 2,491.86 6
11/30/1993 60.00% 5,999.31 5.0877 20.66% 20.66% 2,599.71 2,599.71 6
12/31/1993 60.00% 5,999.31 5.0027 20.23% 20.23% 2,513.31 2,513.31 6
01/31/1994 50.00% 5,999.31 4.9178 20.03% 20.03% 2,454.24 2,454.24 5
02/28/1994 50.00% 5,999.31 4.8411 20.66% 20.66% 2,482.21 2,482.21 5
03/31/1994 50.00% 5,999.31 4.7562 22.28% 22.28% 2,603.25 2,603.25 5
04/30/1994 50.00% 5,999.31 4.6740 22.58% 22.58% 2,589.89 2,589.89 5
05/31/1994 50.00% 5,999.31 4.5890 23.70% 23.70% 2,654.23 2,654.23 5
06/30/1994 50.00% 5,999.31 4.5068 25.66% 25.66% 2,799.46 2,799.46 5
07/31/1994 50.00% 5,999.31 4.4219 25.27% 25.27% 2,708.36 2,708.36 5
08/31/1994 50.00% 5,999.31 4.3370 24.26% 24.26% 2,565.60 2,565.60 5
09/30/1994 50.00% 5,999.31 4.2548 25.18% 25.18% 2,599.82 2,599.82 5
10/31/1994 50.00% 5,999.31 4.1699 24.59% 24.59% 2,500.88 2,500.88 5
11/30/1994 50.00% 5,999.31 4.0877 26.42% 26.42% 2,607.73 2,607.73 5
12/31/1994 50.00% 5,999.31 4.0027 26.29% 26.29% 2,545.43 2,545.43 5
01/31/1995 40.00% 5,999.31 3.9178 27.59% 27.59% 2,597.29 2,597.29 4
02/28/1995 40.00% 5,999.17 3.8411 26.89% 26.89% 2,496.25 2,496.31 4
03/31/1995 40.00% 5,995.78 3.7562 26.39% 26.41% 2,409.92 2,411.34 4
04/30/1995 40.00% 5,992.53 3.6740 25.92% 25.96% 2,332.38 2,335.02 4
05/31/1995 40.00% 5,988.63 3.5890 25.28% 25.35% 2,245.74 2,249.74 4
06/30/1995 40.00% 5,979.31 3.5068 22.92% 23.04% 2,061.95 2,068.85 4
07/31/1995 40.00% 5,967.96 3.4219 20.16% 20.34% 1,874.67 1,884.52 4
08/31/1995 40.00% 5,966.53 3.3370 20.31% 20.51% 1,853.45 1,863.63 4
09/30/1995 40.00% 5,963.33 3.2548 19.94% 20.17% 1,807.45 1,818.35 4
10/31/1995 40.00% 5,964.81 3.1699 20.97% 21.19% 1,828.44 1,839.02 4
11/30/1995 40.00% 5,965.03 3.0877 21.65% 21.88% 1,831.60 1,842.13 4
12/31/1995 40.00% 5,969.23 3.0027 23.70% 23.91% 1,893.97 1,903.52 4
01/31/1996 30.00% 5,915.42 2.9178 23.47% 24.06% 1,849.72 1,875.96 3
02/29/1996 30.00% 5,909.18 2.8384 22.76% 23.41% 1,789.56 1,816.85 3
03/31/1996 30.00% 5,908.62 2.7534 23.41% 24.09% 1,784.39 1,811.78 3
04/30/1996 30.00% 5,901.05 2.6712 22.42% 23.18% 1,716.67 1,745.25 3
05/31/1996 30.00% 5,894.81 2.5863 21.78% 22.61% 1,664.55 1,694.06 3
06/30/1996 30.00% 5,899.19 2.5041 23.63% 24.46% 1,700.82 1,729.68 3
07/31/1996 30.00% 5,915.33 2.4192 28.92% 29.68% 1,848.90 1,875.15 3
08/31/1996 30.00% 5,909.80 2.3342 28.49% 29.32% 1,795.39 1,822.59 3
09/30/1996 30.00% 5,896.74 2.2521 25.92% 26.88% 1,680.31 1,709.54 3
10/31/1996 30.00% 5,897.45 2.1671 27.26% 28.27% 1,686.17 1,715.30 3
11/30/1996 30.00% 5,886.01 2.0849 25.13% 26.28% 1,595.94 1,626.66 3
12/31/1996 30.00% 5,893.06 2.0000 28.47% 29.62% 1,650.46 1,680.21 3
01/02/1997 20.00% 5,859.21 1.9945 28.84% 30.37% 1,657.59 1,697.22 2
01/31/1997 20.00% 5,844.99 1.9151 25.70% 27.42% 1,549.64 1,590.55 2
02/28/1997 20.00% 5,850.35 1.8384 28.63% 30.40% 1,588.66 1,629.11 2
03/31/1997 20.00% 5,862.95 1.7534 34.81% 36.59% 1,688.38 1,727.65 2
04/30/1997 20.00% 5,853.15 1.6712 32.96% 34.94% 1,609.83 1,650.03 2
05/31/1997 20.00% 5,838.26 1.5863 29.29% 31.53% 1,503.15 1,544.61 2
06/30/1997 20.00% 5,828.94 1.5041 27.61% 30.08% 1,443.03 1,485.21 2
07/31/1997 20.00% 5,811.00 1.4192 22.87% 25.66% 1,339.45 1,382.85 2
08/31/1997 20.00% 5,821.30 1.3342 28.48% 31.42% 1,397.10 1,439.83 2
09/30/1997 20.00% 5,807.09 1.2521 24.73% 28.01% 1,318.73 1,362.38 2
10/31/1997 20.00% 5,817.32 1.1671 31.31% 34.82% 1,374.27 1,417.26 2
11/30/1997 20.00% 5,810.30 1.0849 30.58% 34.49% 1,335.69 1,379.14 2
12/31/1997 20.00% 5,810.03 1.0000 33.42% 37.77% 1,334.24 1,377.70 2
01/31/1998 10.00% 5,770.78 0.9151 30.89% 36.08% 1,279.36 1,325.64 1
02/28/1998 10.00% 5,751.18 0.8384 21.45% 26.69% 1,176.94 1,219.37 1
03/31/1998 10.00% 5,741.53 0.7534 17.26% 22.53% 1,127.46 1,165.39 1
04/30/1998 10.00% 5,736.08 0.6712 15.02% 20.30% 1,098.47 1,132.06 1
05/31/1998 10.00% 5,744.06 0.5863 18.33% 23.59% 1,103.73 1,132.22 1
06/30/1998 10.00% 5,725.97 0.5041 11.06% 16.36% 1,054.31 1,079.39 1
07/31/1998 10.00% 5,720.00 0.4192 8.85% 14.16% 1,036.18 1,057.10 1
08/31/1998 10.00% 5,771.73 0.3342 31.39% 36.57% 1,095.52 1,109.77 1
09/30/1998 10.00% 5,744.80 0.2521 18.65% 23.91% 1,044.05 1,055.53 1
10/31/1998 10.00% 5,724.59 0.1671 10.54% 15.85% 1,016.89 1,024.89 1
11/30/1998 10.00% 5,703.32 0.0849 3.08% 8.42% 1,002.58 1,006.89 1
12/31/1998 10.00% 5,675.35 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
MONEY MARKET SUBACCOUNT Surrender
FUND 123 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.282903 -----------------------------
Units purchased 3,534.780 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 MTD 5,533.15 5,703.32 5,999.31 3.08% 8.42%
30-Sep-98 0.25 0.25 3 mths 4,841.81 5,744.80 5,999.31 18.65% 23.91%
31-Dec-97 1.00 1.00 YTD 4,354.57 5,810.03 5,999.31 33.42% 37.77%
31-Dec-97 1.00 1.00 1 Year 4,354.57 5,810.03 5,999.31 33.42% 37.77%
31-Dec-96 2.00 2.00 2 Year 3,570.56 5,893.06 5,999.31 28.47% 29.62%
31-Dec-95 3.00 3.00 3 Year 3,151.70 5,969.23 5,999.31 23.70% 23.91%
31-Dec-94 4.00 4.00 4 Year 2,356.89 5,999.31 5,999.31 26.29% 26.29%
31-Dec-93 5.00 5.00 5 Year 2,387.02 5,999.31 5,999.31 20.23% 20.23%
31-Dec-88 10.01 10.00 10 Year 1,151.95 5,999.31 5,999.31 17.94% 17.94%
9-Oct-86 12.24 12.24 Portfolio Inc Dt 1,000.00 5,999.31 5,999.31 15.77% 15.77%
2-Jan-97 1.99 1.99 Subacct Inc Dt 3,534.78 5,859.21 5,999.31 28.84% 30.37%
12/31/1992 2,024.47
12/31/1993 1 2,387.02 17.91%
12/31/1994 1 2,356.89 -1.26%
12/31/1995 1 3,151.70 33.72%
12/31/1996 1 3,570.56 13.29%
12/31/1997 1 4,354.57 21.96%
12/31/1998 1 5,999.31 37.77%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
GROWTH INCOME
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 0 100 10 1,000.00
10/31/1986 1000 0 10 100 10 1,000.00 0.00%
11/30/1986 1000 0 10 100 10.22 1,022.00 2.20%
12/31/1986 1022 0 10 100 10.03 1,003.00 -1.86%
01/31/1987 1003 0 10 100 11.1 1,110.00 10.67%
02/28/1987 1110 0 10 100 11.65 1,165.00 4.95%
03/31/1987 1165 0.02 11.84 100.169 11.82 1,184.00 1.63%
04/30/1987 1184 0 10 100.169 11.82 1,184.00 0.00%
05/31/1987 1184 0 10 100.169 11.9 1,192.01 0.68%
06/30/1987 1192.01 0 10 100.169 12.25 1,227.07 2.94%
07/31/1987 1227.07 0 10 100.169 12.74 1,276.15 4.00%
08/31/1987 1276.15 0 10 100.169 13.12 1,314.22 2.98%
09/30/1987 1314.22 0 10 100.169 12.97 1,299.19 -1.14%
10/31/1987 1299.19 0 10 100.169 10.12 1,013.71 -21.97%
11/30/1987 1013.71 0 10 100.169 9.41 942.59 -7.02%
12/31/1987 942.59 0.09 10.14 101.058 10.14 1,024.73 8.71%
01/31/1988 1024.73 0 10 101.058 10.36 1,046.96 2.17%
02/29/1988 1046.96 0 10 101.058 11.20 1,131.85 8.11%
03/31/1988 1131.85 0 10 101.058 11.10 1,121.74 -0.89%
04/30/1988 1121.74 0 10 101.058 11.24 1,135.89 1.26%
05/31/1988 1135.89 0 10 101.058 11.14 1,125.79 -0.89%
06/30/1988 1125.79 0 10 101.058 11.70 1,182.38 5.03%
07/31/1988 1182.38 0 10 101.058 11.64 1,176.32 -0.51%
08/31/1988 1176.32 0 10 101.058 11.36 1,148.02 -2.41%
09/30/1988 1148.02 0 10 101.058 11.68 1,180.36 2.82%
10/31/1988 1180.36 0 10 101.058 11.71 1,183.39 0.26%
11/30/1988 1183.39 0 10 101.058 11.60 1,172.27 -0.94%
12/31/1988 1172.27 0 10 101.058 11.72 1,184.40 1.03%
01/31/1989 1184.4 0 10 101.058 12.56 1,269.29 7.17%
02/28/1989 1269.29 0 10 101.058 12.30 1,243.01 -2.07%
03/31/1989 1243.01 0.19 12.36 102.611 12.48 1,280.59 3.02%
04/30/1989 1280.59 0 10 102.611 13.14 1,348.31 5.29%
05/31/1989 1348.31 0 10 102.611 13.61 1,396.54 3.58%
06/30/1989 1396.54 0 10 102.611 13.43 1,378.07 -1.32%
07/31/1989 1378.07 0 10 102.611 14.63 1,501.20 8.93%
08/31/1989 1501.2 0 10 102.611 14.88 1,526.85 1.71%
09/30/1989 1526.85 0 10 102.611 15.01 1,540.19 0.87%
10/31/1989 1540.19 0 10 102.611 14.59 1,497.09 -2.80%
11/30/1989 1497.09 0 10 102.611 14.83 1,521.72 1.65%
12/31/1989 1521.72 0 10 102.611 15.18 1,557.63 2.36%
01/31/1990 1557.63 0 10 102.611 14.30 1,467.34 -5.80%
02/28/1990 1467.34 0.53 14 106.496 13.91 1,481.36 0.96%
03/31/1990 1481.36 0 10 106.496 14.08 1,499.46 1.22%
04/30/1990 1499.46 0 10 106.496 13.67 1,455.80 -2.91%
05/31/1990 1455.8 0 10 106.496 14.88 1,584.66 8.85%
06/30/1990 1584.66 0 10 106.496 15.19 1,617.67 2.08%
07/31/1990 1617.67 0 10 106.496 14.95 1,592.12 -1.58%
08/31/1990 1592.12 0 10 106.496 13.41 1,428.11 -10.30%
09/30/1990 1428.11 0 10 106.496 12.03 1,281.15 -10.29%
10/31/1990 1281.15 0 10 106.496 11.60 1,235.35 -3.57%
11/30/1990 1235.35 0 10 106.496 12.54 1,335.46 8.10%
12/31/1990 1335.46 0 10 106.496 12.91 1,374.86 2.95%
01/31/1991 1374.86 0 10 106.496 13.77 1,466.45 6.66%
02/28/1991 1466.45 0.21 14.09 108.083 14.58 1,575.85 7.46%
03/31/1991 1575.85 0 10 108.083 15.02 1,623.41 3.02%
04/30/1991 1623.41 0 10 108.083 14.88 1,608.28 -0.93%
05/31/1991 1608.28 0 10 108.083 15.76 1,703.39 5.91%
06/30/1991 1703.39 0 10 108.083 14.59 1,576.93 -7.42%
07/31/1991 1576.93 0 10 108.083 15.98 1,727.17 9.53%
08/31/1991 1727.17 0 10 108.083 16.69 1,803.91 4.44%
09/30/1991 1803.91 0 10 108.083 16.82 1,817.96 0.78%
10/31/1991 1817.96 0 10 108.083 17.34 1,874.16 3.09%
11/30/1991 1874.16 0 10 108.083 16.35 1,767.16 -5.71%
12/31/1991 1767.16 0 10 108.083 18.51 2,000.62 13.21%
01/31/1992 2000.62 0 10 108.083 19.64 2,122.75 6.10%
02/29/1992 2122.75 0.48 19.96 110.682 19.58 2,167.15 2.09%
03/31/1992 2167.15 0 10 110.682 18.38 2,034.34 -6.13%
04/30/1992 2034.34 0 10 110.682 17.66 1,954.64 -3.92%
05/31/1992 1954.64 0 10 110.682 17.51 1,938.04 -0.85%
06/30/1992 1938.04 0 10 110.682 16.83 1,862.78 -3.88%
07/31/1992 1862.78 0 10 110.682 17.48 1,934.72 3.86%
08/31/1992 1934.72 0 10 110.682 17.00 1,881.59 -2.75%
09/30/1992 1881.59 0 10 110.682 17.30 1,914.80 1.76%
10/31/1992 1914.8 0 10 110.682 17.97 1,988.96 3.87%
11/30/1992 1988.96 0 10 110.682 19.17 2,121.77 6.68%
12/31/1992 2121.77 0 10 110.682 19.76 2,187.08 3.08%
01/31/1993 2187.08 0 10 110.682 20.15 2,230.24 1.97%
02/28/1993 2230.24 0.44 20.01 113.116 19.31 2,184.27 -2.06%
03/31/1993 2184.27 0 10 113.116 20.08 2,271.37 3.99%
04/30/1993 2271.37 0 10 113.116 19.87 2,247.61 -1.05%
05/31/1993 2247.61 0 10 113.116 21.35 2,415.03 7.45%
06/30/1993 2415.03 0 10 113.116 21.57 2,439.91 1.03%
07/31/1993 2439.91 0 10 113.116 21.51 2,433.13 -0.28%
08/31/1993 2433.13 0 10 113.116 22.59 2,555.29 5.02%
09/30/1993 2555.29 0 10 113.116 23.01 2,602.80 1.86%
10/31/1993 2602.8 0 10 113.116 23.23 2,627.68 0.96%
11/30/1993 2627.68 0 10 113.116 22.29 2,521.36 -4.05%
12/31/1993 2521.36 0 10 113.116 23.08 2,610.72 3.54%
01/31/1994 2610.72 0 10 113.116 23.66 2,676.32 2.51%
02/28/1994 2676.32 1.39 21.76 120.342 22.01 2,648.73 -1.03%
03/31/1994 2648.73 0 10 120.342 21.01 2,528.39 -4.54%
04/30/1994 2528.39 0 10 120.342 21.14 2,544.03 0.62%
05/31/1994 2544.03 0 10 120.342 20.65 2,485.06 -2.32%
06/30/1994 2485.06 0 10 120.342 19.60 2,358.70 -5.08%
07/31/1994 2358.7 0 10 120.342 20.28 2,440.54 3.47%
08/31/1994 2440.54 0 10 120.342 21.43 2,578.93 5.67%
09/30/1994 2578.93 0 10 120.342 21.17 2,547.64 -1.21%
10/31/1994 2547.64 0 10 120.342 22.03 2,651.13 4.06%
11/30/1994 2651.13 0 10 120.342 21.15 2,545.23 -3.99%
12/31/1994 2545.23 0 10 120.342 21.69 2,610.22 2.55%
01/31/1995 2610.22 0 10 120.342 21.28 2,560.88 -1.89%
02/28/1995 2560.88 0.12 21.81 121.004 22.04 2,666.93 4.14%
03/31/1995 2666.93 0 10 121.004 22.84 2,763.73 3.63%
04/30/1995 2763.73 0 10 121.004 23.61 2,856.90 3.37%
05/31/1995 2856.9 0 10 121.004 24.53 2,968.23 3.90%
06/30/1995 2968.23 0 10 121.004 26.70 3,230.81 8.85%
07/31/1995 3230.81 0 10 121.004 29.34 3,550.26 9.89%
08/31/1995 3550.26 0 10 121.004 29.70 3,593.82 1.23%
09/30/1995 3593.82 0 10 121.004 30.47 3,686.99 2.59%
10/31/1995 3686.99 0 10 121.004 30.16 3,649.48 -1.02%
11/30/1995 3649.48 0 10 121.004 30.14 3,647.06 -0.07%
12/31/1995 3647.06 0 10 121.004 29.20 3,533.32 -3.12%
01/31/1996 3533.32 0 10 121.004 29.66 3,588.98 1.58%
02/29/1996 3588.98 2.1 27.78 130.151 28.50 3,709.30 3.35%
03/31/1996 3709.3 0 10 130.151 28.61 3,723.62 0.39%
04/30/1996 3723.62 0 10 130.151 29.73 3,869.39 3.91%
05/31/1996 3869.39 0 10 130.151 30.66 3,990.43 3.13%
06/30/1996 3990.43 0 10 130.151 30.06 3,912.34 -1.96%
07/31/1996 3912.34 0 10 130.151 27.76 3,612.99 -7.65%
08/31/1996 3612.99 0 10 130.151 28.59 3,721.02 2.99%
09/30/1996 3721.02 0 10 130.151 30.51 3,970.91 6.72%
10/31/1996 3970.91 0 10 130.151 30.44 3,961.80 -0.23%
11/30/1996 3961.8 0 10 130.151 32.13 4,181.75 5.55%
12/31/1996 4181.75 0 10 130.151 31.14 4,052.90 -3.08%
01/2/1997 4052.9 0 10 130.151 30.83 4,012.56 -1.00%
01/31/1997 4012.56 0 10 130.151 32.93 4,285.87 6.81%
02/28/1997 4285.87 1.15 31.56 134.894 31.05 4,188.46 -2.27%
03/31/1997 4188.46 0 10 134.894 29.31 3,953.74 -5.60%
04/30/1997 3953.74 0 10 134.894 30.72 4,143.94 4.81%
05/31/1997 4143.94 0 10 134.894 32.85 4,431.27 6.93%
06/30/1997 4431.27 0 10 134.894 34.20 4,613.37 4.11%
07/31/1997 4613.37 0 10 134.894 36.77 4,960.05 7.51%
08/31/1997 4960.05 0 10 134.894 35.35 4,768.50 -3.86%
09/30/1997 4768.5 0 10 134.894 37.40 5,045.04 5.80%
10/31/1997 5045.04 0 10 134.894 35.99 4,854.84 -3.77%
11/30/1997 4854.84 0 10 134.894 37.02 4,993.78 2.86%
12/31/1997 4993.78 0 10 134.894 37.10 5,004.57 0.22%
01/31/1998 5004.57 0 10 134.894 37.60 5,072.01 1.35%
02/28/1998 5072.01 5.16 33.65 155.579 35.05 5,453.04 7.51%
03/31/1998 5453.04 0 10 155.579 36.28 5,644.41 3.51%
04/30/1998 5644.41 0 10 155.579 36.99 5,754.87 1.96%
05/31/1998 5754.87 0 10 155.579 36.04 5,607.07 -2.57%
06/30/1998 5607.07 0 10 155.579 38.32 5,961.79 6.33%
07/31/1998 5961.79 0 10 155.579 39.10 6,083.14 2.04%
08/31/1998 6083.14 0 10 155.579 32.72 5,090.54 -16.32%
09/30/1998 5090.54 0 10 155.579 36.10 5,616.40 10.33%
10/31/1998 5616.4 0 10 155.579 38.65 6,013.13 7.06%
11/30/1998 6013.13 0 10 155.579 41.34 6,431.64 6.96%
12/31/1998 6431.64 0 10 155.579 44.87 6,980.83 8.54%
4.6164
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
10/09/1986 1,000.00 0.282903
10/31/1986 0.00075 0.753424658 999.25 (0.00) 0.28269
11/30/1986 0.00103 1.026623194 1,020.20 (0.00) 0.288619
12/31/1986 0.00106 1.083092626 1,000.15 (0.00) 0.282947
01/31/1987 0.00106 1.061806995 1,105.79 (0.00) 0.312831
02/28/1987 0.00096 1.060344881 1,159.52 (0.00) 0.328032
03/31/1987 0.00106 1.230996408 1,177.20 (0.00) 0.333034
04/30/1987 0.00103 1.209450837 1,175.99 (0.00) 0.332692
05/31/1987 0.00106 1.248481859 1,182.70 (0.01) 0.33459
06/30/1987 0.00103 1.215099337 1,216.27 (0.00) 0.344087
07/31/1987 0.00106 1.291243065 1,263.62 (0.00) 0.357484
08/31/1987 0.00106 1.341519001 1,299.98 (0.00) 0.367769
09/30/1987 0.00103 1.335595034 1,283.78 (0.00) 0.363185
10/31/1987 0.00106 1.362913339 1,000.32 (0.00) 0.282994
11/30/1987 0.00103 1.027726491 929.11 (0.00) 0.262849
12/31/1987 0.00106 0.986386145 1,009.09 (0.00) 0.285475
01/31/1988 0.00106 1.071295476 1,029.91 (0.00) 0.291365
02/29/1988 0.00099 1.022856484 1,112.40 0.00 0.3147
03/31/1988 0.00106 1.18096773 1,101.28 (0.00) 0.311555
04/30/1988 0.00103 1.131450222 1,114.04 (0.00) 0.315165
05/31/1988 0.00106 1.18271227 1,102.95 (0.00) 0.312028
06/30/1988 0.00103 1.133168052 1,157.26 0.00 0.327392
07/31/1988 0.00106 1.228596867 1,150.10 0.00 0.325366
08/31/1988 0.00106 1.220995662 1,121.21 0.00 0.317193
09/30/1988 0.00103 1.151927021 1,151.64 (0.00) 0.325803
10/31/1988 0.00106 1.222633383 1,153.38 0.00 0.326293
11/30/1988 0.00103 1.18497474 1,141.35 0.00 0.322892
12/31/1988 0.00106 1.211709823 1,151.95 0.00 0.32589
01/31/1989 0.00106 1.22296152 1,233.29 0.00 0.348902
02/28/1989 0.00096 1.182608909 1,206.57 (0.00) 0.341344
03/31/1989 0.00106 1.280952758 1,241.77 0.00 0.351301
04/30/1989 0.00103 1.275793518 1,306.16 (0.00) 0.369518
05/31/1989 0.00106 1.386680761 1,351.50 (0.00) 0.382344
06/30/1989 0.00103 1.388526919 1,332.24 (0.00) 0.376894
07/31/1989 0.00106 1.414360872 1,449.86 (0.00) 0.410169
08/31/1989 0.00106 1.539231899 1,473.09 (0.00) 0.416742
09/30/1989 0.00103 1.513449299 1,484.45 (0.00) 0.419955
10/31/1989 0.00106 1.575954547 1,441.33 0.00 0.407757
11/30/1989 0.00103 1.48081996 1,463.56 0.00 0.414046
12/31/1989 0.00106 1.553782926 1,496.55 0.00 0.423377
01/31/1990 0.00106 1.588799993 1,408.21 0.00 0.398386
02/28/1990 0.00096 1.350337434 1,420.31 0.00 0.40181
03/31/1990 0.00106 1.507867308 1,436.16 0.00 0.406293
04/30/1990 0.00103 1.475506809 1,392.87 0.01 0.394045
05/31/1990 0.00106 1.47872927 1,514.68 0.00 0.428506
06/30/1990 0.00103 1.556176421 1,544.67 0.00 0.436992
07/31/1990 0.00106 1.639894078 1,518.64 0.00 0.429626
08/31/1990 0.00106 1.61225208 1,360.58 0.00 0.384913
09/30/1990 0.00103 1.397861192 1,219.18 0.00 0.344908
10/31/1990 0.00106 1.294330387 1,174.30 0.00 0.332212
11/30/1990 0.00103 1.206469434 1,268.25 0.00 0.358792
12/31/1990 0.00106 1.346432811 1,304.32 0.00 0.368997
01/31/1991 0.00106 1.384727109 1,389.83 0.00 0.393187
02/28/1991 0.00096 1.332713603 1,492.18 (0.00) 0.422143
03/31/1991 0.00106 1.58416495 1,535.63 (0.00) 0.434435
04/30/1991 0.00103 1.577703949 1,519.74 (0.00) 0.42994
05/31/1991 0.00106 1.613424962 1,608.00 (0.00) 0.454909
06/30/1991 0.00103 1.652057749 1,486.97 0.00 0.420669
07/31/1991 0.00106 1.578635058 1,627.06 0.00 0.460301
08/31/1991 0.00106 1.727361557 1,697.63 0.00 0.480264
09/30/1991 0.00103 1.744138282 1,709.11 0.00 0.483511
10/31/1991 0.00106 1.814461846 1,760.13 0.00 0.497945
11/30/1991 0.00103 1.80834909 1,657.83 (0.00) 0.469005
12/31/1991 0.00106 1.760023439 1,875.08 (0.00) 0.530468
01/31/1992 0.00106 1.990672108 1,987.56 (0.00) 0.562288
02/29/1992 0.00099 1.973947157 2,027.16 (0.01) 0.573491
03/31/1992 0.00106 2.152120836 1,900.78 (0.01) 0.537737
04/30/1992 0.00103 1.952852019 1,824.36 (0.00) 0.516117
05/31/1992 0.00106 1.936816083 1,806.93 (0.00) 0.511186
06/30/1992 0.00103 1.856430238 1,734.90 (0.00) 0.49081
07/31/1992 0.00106 1.841846506 1,800.06 (0.01) 0.509244
08/31/1992 0.00106 1.911022676 1,748.72 (0.01) 0.494719
09/30/1992 0.00103 1.796627043 1,777.79 (0.00) 0.502942
10/31/1992 0.00106 1.887374653 1,844.75 (0.00) 0.521887
11/30/1992 0.00103 1.895292341 1,966.04 (0.00) 0.556199
12/31/1992 0.00106 2.087230617 2,024.47 (0.01) 0.572729
01/31/1993 0.00106 2.149261568 2,062.27 (0.00) 0.583423
02/28/1993 0.00096 1.977516715 2,017.78 (0.00) 0.570838
03/31/1993 0.00106 2.142166021 2,096.10 (0.01) 0.592995
04/30/1993 0.00103 2.153528578 2,072.02 (0.01) 0.586183
05/31/1993 0.00106 2.199748371 2,224.16 (0.01) 0.629224
06/30/1993 0.00103 2.285097972 2,244.79 (0.01) 0.63506
07/31/1993 0.00106 2.383168079 2,236.17 (0.01) 0.632621
08/31/1993 0.00106 2.374015677 2,346.07 (0.01) 0.663711
09/30/1993 0.00103 2.410342615 2,387.28 (0.00) 0.675369
10/31/1993 0.00106 2.5344373 2,407.56 (0.01) 0.681108
11/30/1993 0.00103 2.473522409 2,307.67 (0.01) 0.65285
12/31/1993 0.00106 2.449928526 2,387.01 (0.01) 0.675295
01/31/1994 0.00106 2.534155958 2,444.46 (0.01) 0.691546
02/28/1994 0.00096 2.343998999 2,416.91 (0.01) 0.683754
03/31/1994 0.00106 2.565900118 2,304.54 (0.01) 0.651963
04/30/1994 0.00103 2.367676707 2,316.43 (0.01) 0.655326
05/31/1994 0.00106 2.459219697 2,260.27 (0.01) 0.63944
06/30/1994 0.00103 2.322198159 2,143.02 (0.01) 0.606269
07/31/1994 0.00106 2.275124633 2,215.10 (0.01) 0.626661
08/31/1994 0.00106 2.35164944 2,338.36 (0.01) 0.66153
09/30/1994 0.00103 2.402421596 2,307.58 (0.01) 0.652824
10/31/1994 0.00106 2.449831751 2,398.87 (0.01) 0.67865
11/30/1994 0.00103 2.464594592 2,300.58 (0.01) 0.650844
12/31/1994 0.00106 2.442400797 2,356.88 (0.01) 0.666772
01/31/1995 0.00106 2.502172192 2,309.83 (0.01) 0.65346
02/28/1995 0.00096 2.214906728 2,403.27 (0.01) 0.679894
03/31/1995 0.00106 2.551416866 2,487.95 (0.01) 0.70385
04/30/1995 0.00103 2.556111733 2,569.27 (0.01) 0.726855
05/31/1995 0.00106 2.727644977 2,666.66 (0.01) 0.754408
06/30/1995 0.00103 2.73971833 2,899.82 (0.01) 0.820371
07/31/1995 0.00106 3.078577564 3,183.47 (0.01) 0.900615
08/31/1995 0.00106 3.379707056 3,219.15 (0.01) 0.910709
09/30/1995 0.00103 3.307341685 3,299.30 (0.01) 0.933384
10/31/1995 0.00106 3.502676322 3,262.23 (0.01) 0.922897
11/30/1995 0.00103 3.351602771 3,256.71 (0.01) 0.921337
12/31/1995 0.00106 3.457468097 3,151.69 (0.01) 0.891625
01/31/1996 0.00106 3.345970255 3,197.99 (0.01) 0.904724
02/29/1996 0.00099 3.176086293 3,302.03 (0.01) 0.934156
03/31/1996 0.00106 3.505575953 3,311.27 (0.01) 0.936771
04/30/1996 0.00103 3.401988184 3,437.49 (0.01) 0.972481
05/31/1996 0.00106 3.649394343 3,541.37 (0.01) 1.001869
06/30/1996 0.00103 3.638398268 3,468.43 (0.01) 0.981234
07/31/1996 0.00106 3.682241182 3,199.37 (0.01) 0.905114
08/31/1996 0.00106 3.396587806 3,291.63 (0.01) 0.931216
09/30/1996 0.00103 3.381814179 3,509.30 (0.01) 0.992796
10/31/1996 0.00106 3.725631562 3,497.53 (0.01) 0.989464
11/30/1996 0.00103 3.593350628 3,688.11 (0.01) 1.04338
12/31/1996 0.00106 3.915458482 3,570.55 (0.01) 1.010123
01/02/1997 0.00007 0.2445585 3,534.77 (0.01) 1
01/31/1997 0.00099 3.510559756 3,772.03 0.19
02/28/1997 0.00096 3.617011214 3,682.68 0.10
03/31/1997 0.00106 3.909692084 3,472.39 (0.14)
04/30/1997 0.00103 3.567525921 3,635.87 (0.01)
05/31/1997 0.00106 3.859997348 3,884.11 0.08
06/30/1997 0.00103 3.990524093 4,039.73 0.35
07/31/1997 0.00106 4.288759158 4,339.02 0.67
08/31/1997 0.00106 4.606492557 4,166.85 0.16
09/30/1997 0.00103 4.28100579 4,404.21 0.67
10/31/1997 0.00106 4.675705412 4,233.50 0.46
11/30/1997 0.00103 4.349482779 4,350.30 0.26
12/31/1997 0.00106 4.618474429 4,355.09 0.52
01/31/1998 0.00106 4.623550336 4,409.15 0.39
02/28/1998 0.00096 4.227952375 4,736.16 0.68
03/31/1998 0.00106 5.028110472 4,897.34 1.01
04/30/1998 0.00103 5.031512761 4,988.15 1.09
05/31/1998 0.00106 5.29563609 4,854.74 0.58
06/30/1998 0.00103 4.987749996 5,156.88 1.24
07/31/1998 0.00106 5.474771081 5,256.37 1.32
08/31/1998 0.00106 5.580395736 4,393.10 0.20
09/30/1998 0.00103 4.513456728 4,842.40 0.59
10/31/1998 0.00106 5.140901632 5,179.31 0.76
11/30/1998 0.00103 5.321211947 5,534.47 1.32
12/31/1998 0.00106 5.875634491 6,001.17 1.86
3.84239767 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
GROWTH INCOME Surrender
FUND 183 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.287247 1 6.00% 10%
Units purchased 3,481.324 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.0239% 4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 0.287247 3,481.324 1,000.00 1,000.00 5,891.11 0.00%
10/31/1986 0.287005 3,481.324 999.16 0.00001 0.014405478 999.16 5,891.11 0.00%
11/30/1986 0.292989 3,481.324 1,019.99 0.00002 0.019627284 1,019.99 5,891.11 0.00%
12/31/1986 0.287194 3,481.324 999.82 0.00002 0.020704392 999.82 5,891.11 0.00%
01/31/1987 0.317490 3,481.324 1,105.29 0.00002 0.020294882 1,105.29 5,891.11 0.00%
02/28/1987 0.332881 3,481.324 1,158.87 0.00002 0.020264578 1,158.87 5,891.11 0.00%
03/31/1987 0.337914 3,481.324 1,176.39 0.00002 0.023523405 1,176.39 5,891.11 0.00%
04/30/1987 0.337525 3,481.324 1,175.03 0.00002 0.023108775 1,175.03 5,891.11 0.00%
05/31/1987 0.339407 3,481.324 1,181.59 0.00002 0.023851578 1,181.59 5,891.11 0.00%
06/30/1987 0.348999 3,481.324 1,214.98 0.00002 0.023210876 1,214.98 5,891.11 0.00%
07/31/1987 0.362543 3,481.324 1,262.13 0.00002 0.024662401 1,262.13 5,891.11 0.00%
08/31/1987 0.372927 3,481.324 1,298.28 0.00002 0.025619503 1,298.28 5,891.11 0.00%
09/30/1987 0.368233 3,481.324 1,281.94 0.00002 0.025503193 1,281.94 5,891.11 0.00%
10/31/1987 0.286881 3,481.324 998.73 0.00002 0.026021593 998.73 5,891.11 0.00%
11/30/1987 0.266424 3,481.324 927.51 0.00002 0.019618804 927.51 5,891.11 0.00%
12/31/1987 0.289324 3,481.324 1,007.23 0.00002 0.018827147 1,007.23 5,891.11 0.00%
01/31/1988 0.295256 3,481.324 1,027.88 0.00002 0.020445401 1,027.88 5,891.11 0.00%
02/29/1988 0.318868 3,481.324 1,110.08 0.00002 0.01951849 1,110.08 5,891.11 0.00%
03/31/1988 0.315641 3,481.324 1,098.85 0.00002 0.022533161 1,098.85 5,891.11 0.00%
04/30/1988 0.319259 3,481.324 1,111.44 0.00002 0.021585601 1,111.44 5,891.11 0.00%
05/31/1988 0.316041 3,481.324 1,100.24 0.00002 0.022560791 1,100.24 5,891.11 0.00%
06/30/1988 0.331564 3,481.324 1,154.28 0.00002 0.021612956 1,154.28 5,891.11 0.00%
07/31/1988 0.329470 3,481.324 1,146.99 0.00002 0.023430338 1,146.99 5,891.11 0.00%
08/31/1988 0.321152 3,481.324 1,118.03 0.00002 0.023282363 1,118.03 5,891.11 0.00%
09/30/1988 0.329829 3,481.324 1,148.24 0.00002 0.021962479 1,148.24 5,891.11 0.00%
10/31/1988 0.330283 3,481.324 1,149.82 0.00002 0.023307732 1,149.82 5,891.11 0.00%
11/30/1988 0.326799 3,481.324 1,137.69 0.00002 0.022586917 1,137.69 5,891.11 0.00%
12/31/1988 0.329792 3,481.324 1,148.11 0.00002 0.023093614 1,148.11 5,891.11 0.00%
01/31/1989 0.353037 3,481.324 1,229.04 0.00002 0.023305117 1,229.04 5,891.11 0.00%
02/28/1989 0.345348 3,481.324 1,202.27 0.00002 0.022533452 1,202.27 5,891.11 0.00%
03/31/1989 0.355378 3,481.324 1,237.19 0.00002 0.024404399 1,237.19 5,891.11 0.00%
04/30/1989 0.373762 3,481.324 1,301.19 0.00002 0.024303078 1,301.19 5,891.11 0.00%
05/31/1989 0.386687 3,481.324 1,346.18 0.00002 0.026412306 1,346.18 5,891.11 0.00%
06/30/1989 0.381128 3,481.324 1,326.83 0.00002 0.026444192 1,326.83 5,891.11 0.00%
07/31/1989 0.414729 3,481.324 1,443.81 0.00002 0.026932833 1,443.81 5,891.11 0.00%
08/31/1989 0.421322 3,481.324 1,466.76 0.00002 0.029307284 1,466.76 5,891.11 0.00%
09/30/1989 0.424518 3,481.324 1,477.88 0.00002 0.028812761 1,477.88 5,891.11 0.00%
10/31/1989 0.412134 3,481.324 1,434.77 0.00002 0.029999035 1,434.77 5,891.11 0.00%
11/30/1989 0.418440 3,481.324 1,456.73 0.00002 0.028184425 1,456.73 5,891.11 0.00%
12/31/1989 0.427817 3,481.324 1,489.37 0.00002 0.029569526 1,489.37 5,891.11 0.00%
01/31/1990 0.402509 3,481.324 1,401.26 0.00002 0.030232162 1,401.26 5,891.11 0.00%
02/28/1990 0.405923 3,481.324 1,413.15 0.00002 0.025691124 1,413.15 5,891.11 0.00%
03/31/1990 0.410400 3,481.324 1,428.74 0.00002 0.028684999 1,428.74 5,891.11 0.00%
04/30/1990 0.397978 3,481.324 1,385.49 0.00002 0.028065843 1,385.49 5,891.11 0.00%
05/31/1990 0.432732 3,481.324 1,506.48 0.00002 0.028123556 1,506.48 5,891.11 0.00%
06/30/1990 0.441248 3,481.324 1,536.13 0.00002 0.029593051 1,536.13 5,891.11 0.00%
07/31/1990 0.433754 3,481.324 1,510.04 0.00002 0.031181279 1,510.04 5,891.11 0.00%
08/31/1990 0.388556 3,481.324 1,352.69 0.00002 0.030651707 1,352.69 5,891.11 0.00%
09/30/1990 0.348124 3,481.324 1,211.93 0.00002 0.026572007 1,211.93 5,891.11 0.00%
10/31/1990 0.335265 3,481.324 1,167.17 0.00002 0.024600568 1,167.17 5,891.11 0.00%
11/30/1990 0.362048 3,481.324 1,260.41 0.00002 0.022927619 1,260.41 5,891.11 0.00%
12/31/1990 0.372299 3,481.324 1,296.09 0.00002 0.025584523 1,296.09 5,891.11 0.00%
01/31/1991 0.396658 3,481.324 1,380.90 0.00002 0.026308921 1,380.90 5,891.11 0.00%
02/28/1991 0.425823 3,481.324 1,482.43 0.00002 0.02531767 1,482.43 5,891.11 0.00%
03/31/1991 0.438168 3,481.324 1,525.40 0.00002 0.030091254 1,525.40 5,891.11 0.00%
04/30/1991 0.433580 3,481.324 1,509.43 0.00002 0.029964801 1,509.43 5,891.11 0.00%
05/31/1991 0.458705 3,481.324 1,596.90 0.00002 0.030639411 1,596.90 5,891.11 0.00%
06/30/1991 0.424123 3,481.324 1,476.51 0.00002 0.031369255 1,476.51 5,891.11 0.00%
07/31/1991 0.464026 3,481.324 1,615.42 0.00002 0.029971122 1,615.42 5,891.11 0.00%
08/31/1991 0.484091 3,481.324 1,685.28 0.00002 0.032790912 1,685.28 5,891.11 0.00%
09/30/1991 0.487304 3,481.324 1,696.46 0.00002 0.033105316 1,696.46 5,891.11 0.00%
10/31/1991 0.501789 3,481.324 1,746.89 0.00002 0.034435877 1,746.89 5,891.11 0.00%
11/30/1991 0.472563 3,481.324 1,645.14 0.00002 0.034315622 1,645.14 5,891.11 0.00%
12/31/1991 0.534432 3,481.324 1,860.53 0.00002 0.033394188 1,860.53 5,891.11 0.00%
01/31/1992 0.566421 3,481.324 1,971.90 0.00002 0.03776623 1,971.90 5,891.11 0.00%
02/29/1992 0.577638 3,481.324 2,010.95 0.00002 0.037444396 2,010.95 5,891.11 0.00%
03/31/1992 0.541552 3,481.324 1,885.32 0.00002 0.040819429 1,885.32 5,891.11 0.00%
04/30/1992 0.519712 3,481.324 1,809.29 0.00002 0.037034876 1,809.29 5,891.11 0.00%
05/31/1992 0.514680 3,481.324 1,791.77 0.00002 0.036726024 1,791.77 5,891.11 0.00%
06/30/1992 0.494101 3,481.324 1,720.13 0.00002 0.035197193 1,720.13 5,891.11 0.00%
07/31/1992 0.512596 3,481.324 1,784.51 0.00002 0.034916195 1,784.51 5,891.11 0.00%
08/31/1992 0.497910 3,481.324 1,733.39 0.00002 0.036223164 1,733.39 5,891.11 0.00%
09/30/1992 0.506125 3,481.324 1,761.99 0.00002 0.03405035 1,761.99 5,891.11 0.00%
10/31/1992 0.525125 3,481.324 1,828.13 0.00002 0.035765884 1,828.13 5,891.11 0.00%
11/30/1992 0.559585 3,481.324 1,948.10 0.00002 0.03591149 1,948.10 5,891.11 0.00%
12/31/1992 0.576144 3,481.324 2,005.74 0.00002 0.039543694 2,005.74 5,891.11 0.00%
01/31/1993 0.586829 3,481.324 2,042.94 0.00002 0.040713854 2,042.94 5,891.11 0.00%
02/28/1993 0.574103 3,481.324 1,998.64 0.00002 0.0374558 1,998.64 5,891.11 0.00%
03/31/1993 0.596313 3,481.324 2,075.96 0.00002 0.040569625 2,075.96 5,891.11 0.00%
04/30/1993 0.589389 3,481.324 2,051.85 0.00002 0.040779793 2,051.85 5,891.11 0.00%
05/31/1993 0.632591 3,481.324 2,202.25 0.00002 0.041649827 2,202.25 5,891.11 0.00%
06/30/1993 0.638380 3,481.324 2,222.41 0.00002 0.04326072 2,222.41 5,891.11 0.00%
07/31/1993 0.635847 3,481.324 2,213.59 0.00002 0.04511183 2,213.59 5,891.11 0.00%
08/31/1993 0.667015 3,481.324 2,322.10 0.00002 0.044932833 2,322.10 5,891.11 0.00%
09/30/1993 0.678649 3,481.324 2,362.60 0.00002 0.045614859 2,362.60 5,891.11 0.00%
10/31/1993 0.684329 3,481.324 2,382.37 0.00002 0.047957484 2,382.37 5,891.11 0.00%
11/30/1993 0.655853 3,481.324 2,283.24 0.00002 0.046798904 2,283.24 5,891.11 0.00%
12/31/1993 0.678317 3,481.324 2,361.44 0.00002 0.046346579 2,361.44 5,891.11 0.00%
01/31/1994 0.694555 3,481.324 2,417.97 0.00002 0.047934023 2,417.97 5,891.11 2.00%
02/28/1994 0.686649 3,481.324 2,390.45 0.00002 0.044331676 2,390.45 5,891.11 2.00%
03/31/1994 0.654636 3,481.324 2,279.00 0.00002 0.048522813 2,279.00 5,891.11 2.00%
04/30/1994 0.657932 3,481.324 2,290.47 0.00002 0.044768302 2,290.47 5,891.11 2.00%
05/31/1994 0.641899 3,481.324 2,234.66 0.00002 0.046493494 2,234.66 5,891.11 2.00%
06/30/1994 0.608521 3,481.324 2,118.46 0.00002 0.043897262 2,118.46 5,891.11 2.00%
07/31/1994 0.628911 3,481.324 2,189.44 0.00002 0.043001811 2,189.44 5,891.11 2.00%
08/31/1994 0.663825 3,481.324 2,310.99 0.00002 0.044442693 2,310.99 5,891.11 2.00%
09/30/1994 0.655007 3,481.324 2,280.29 0.00002 0.045396706 2,280.29 5,891.11 2.00%
10/31/1994 0.680836 3,481.324 2,370.21 0.00002 0.046286796 2,370.21 5,891.11 2.00%
11/30/1994 0.652856 3,481.324 2,272.80 0.00002 0.04656003 2,272.80 5,891.11 2.00%
12/31/1994 0.668750 3,481.324 2,328.14 0.00002 0.046134793 2,328.14 5,891.11 2.00%
01/31/1995 0.655314 3,481.324 2,281.36 0.00002 0.04725796 2,281.36 5,891.11 4.00%
02/28/1995 0.681748 3,481.324 2,373.39 0.00002 0.041827023 2,373.39 5,891.11 4.00%
03/31/1995 0.705682 3,481.324 2,456.71 0.00002 0.048176478 2,456.71 5,891.11 4.00%
04/30/1995 0.728660 3,481.324 2,536.70 0.00002 0.048259162 2,536.70 5,891.11 4.00%
05/31/1995 0.756189 3,481.324 2,632.54 0.00002 0.051491566 2,632.54 5,891.11 4.00%
06/30/1995 0.822214 3,481.324 2,862.39 0.00002 0.051713162 2,862.39 5,891.11 4.00%
07/31/1995 0.902534 3,481.324 3,142.01 0.00002 0.058102664 3,142.01 5,891.11 4.00%
08/31/1995 0.912535 3,481.324 3,176.83 0.00002 0.063778565 3,176.83 5,891.11 4.00%
09/30/1995 0.935142 3,481.324 3,255.53 0.00002 0.062405126 3,255.53 5,891.11 4.00%
10/31/1995 0.924516 3,481.324 3,218.54 0.00002 0.066082846 3,218.54 5,891.11 4.00%
11/30/1995 0.922839 3,481.324 3,212.70 0.00002 0.063224466 3,212.70 5,891.11 4.00%
12/31/1995 0.892961 3,481.324 3,108.69 0.00002 0.065213441 3,108.69 5,891.11 4.00%
01/31/1996 0.905966 3,481.324 3,153.96 0.00002 0.063102079 3,153.96 5,891.11 6.00%
02/29/1996 0.935331 3,481.324 3,256.19 0.00002 0.059890698 3,256.19 5,891.11 6.00%
03/31/1996 0.937830 3,481.324 3,264.89 0.00002 0.066096202 3,264.89 5,891.11 6.00%
04/30/1996 0.973464 3,481.324 3,388.94 0.00002 0.064134964 3,388.94 5,891.11 6.00%
05/31/1996 1.002758 3,481.324 3,490.93 0.00002 0.068790912 3,490.93 5,891.11 6.00%
06/30/1996 0.981981 3,481.324 3,418.59 0.00002 0.068575167 3,418.59 5,891.11 6.00%
07/31/1996 0.905678 3,481.324 3,152.96 0.00002 0.069392776 3,152.96 5,891.11 6.00%
08/31/1996 0.931681 3,481.324 3,243.48 0.00002 0.06400074 3,243.48 5,891.11 6.00%
09/30/1996 0.993177 3,481.324 3,457.57 0.00002 0.063714455 3,457.57 5,891.11 6.00%
10/31/1996 0.989718 3,481.324 3,445.53 0.00002 0.070183953 3,445.53 5,891.11 6.00%
11/30/1996 1.043526 3,481.324 3,632.85 0.00002 0.067683406 3,632.85 5,891.11 6.00%
12/31/1996 1.010132 3,481.324 3,516.60 0.00002 0.073741921 3,516.60 5,891.11 6.00%
01/02/1997 1.000000 3,481.324 3,481.32 0.00000 0.004757543 3,481.32 5,891.11 6.00%
01/31/1997 1.066940 3,481.324 3,714.36 0.00002 0.066776801 3,714.36 5,891.11 6.00%
02/28/1997 1.041572 3,481.324 3,626.05 0.00002 0.068100062 3,626.05 5,891.11 6.00%
03/31/1997 0.982037 3,481.324 3,418.79 0.00002 0.07360384 3,418.79 5,891.11 6.00%
04/30/1997 1.028105 3,481.324 3,579.17 0.00002 0.067158129 3,579.17 5,891.11 6.00%
05/31/1997 1.098140 3,481.324 3,822.98 0.00002 0.072652179 3,822.98 5,891.11 6.00%
06/30/1997 1.141922 3,481.324 3,975.40 0.00002 0.075098013 3,975.40 5,891.11 6.00%
07/31/1997 1.226285 3,481.324 4,269.10 0.00002 0.080695184 4,269.10 5,891.11 6.00%
08/31/1997 1.177624 3,481.324 4,099.69 0.00002 0.086656789 4,099.69 5,891.11 6.00%
09/30/1997 1.244407 3,481.324 4,332.18 0.00002 0.08053365 4,332.18 5,891.11 6.00%
10/31/1997 1.196071 3,481.324 4,163.91 0.00002 0.0879374 4,163.91 5,891.11 6.00%
11/30/1997 1.228994 3,481.324 4,278.53 0.00002 0.081795177 4,278.53 5,891.11 6.00%
12/31/1997 1.230106 3,481.324 4,282.40 0.00002 0.086848223 4,282.40 5,891.11 6.00%
01/31/1998 1.245266 3,481.324 4,335.17 0.00002 0.086926804 4,335.17 5,891.11 6.00%
02/28/1998 1.337394 3,481.324 4,655.90 0.00002 0.079482157 4,655.90 5,891.11 6.00%
03/31/1998 1.382642 3,481.324 4,813.42 0.00002 0.094508429 4,813.42 5,891.11 6.00%
04/30/1998 1.408087 3,481.324 4,902.01 0.00002 0.094554125 4,902.01 5,891.11 6.00%
05/31/1998 1.370404 3,481.324 4,770.82 0.00002 0.099504028 4,770.82 5,891.11 6.00%
06/30/1998 1.455330 3,481.324 5,066.48 0.00002 0.09371721 5,066.48 5,891.11 6.00%
07/31/1998 1.483204 3,481.324 5,163.51 0.00002 0.102842507 5,163.51 5,891.11 6.00%
08/31/1998 1.239705 3,481.324 4,315.81 0.00002 0.104812254 4,315.81 5,891.11 6.00%
09/30/1998 1.366223 3,481.324 4,756.26 0.00002 0.084779156 4,756.26 5,891.11 6.00%
10/31/1998 1.461061 3,481.324 5,086.43 0.00002 0.096545662 5,086.43 5,891.11 6.00%
11/30/1998 1.560910 3,481.324 5,434.03 0.00002 0.09991693 5,434.03 5,891.11 6.00%
12/31/1998 1.692203 3,481.324 5,891.11 0.00002 0.110303435 5,891.11 5,891.11 6.00%
12/31/1998 5,891.11
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 100.00% 5,891.11 12.2356 15.60% 15.60% 5,891.11 5,891.11 13
10/31/1986 100.00% 5,891.11 12.1753 15.69% 15.69% 5,896.07 5,896.07 13
11/30/1986 100.00% 5,891.11 12.0932 15.61% 15.61% 5,775.65 5,775.65 13
12/31/1986 100.00% 5,891.11 12.0082 15.92% 15.92% 5,892.19 5,892.19 13
01/31/1987 100.00% 5,891.11 11.9233 15.07% 15.07% 5,329.94 5,329.94 12
02/28/1987 100.00% 5,891.11 11.8466 14.71% 14.71% 5,083.51 5,083.51 12
03/31/1987 100.00% 5,891.11 11.7616 14.68% 14.68% 5,007.79 5,007.79 12
04/30/1987 100.00% 5,891.11 11.6795 14.80% 14.80% 5,013.56 5,013.56 12
05/31/1987 100.00% 5,891.11 11.5945 14.86% 14.86% 4,985.76 4,985.76 12
06/30/1987 100.00% 5,891.11 11.5123 14.70% 14.70% 4,848.73 4,848.73 12
07/31/1987 100.00% 5,891.11 11.4274 14.43% 14.43% 4,667.59 4,667.59 12
08/31/1987 100.00% 5,891.11 11.3425 14.26% 14.26% 4,537.63 4,537.63 12
09/30/1987 100.00% 5,891.11 11.2603 14.50% 14.50% 4,595.47 4,595.47 12
10/31/1987 100.00% 5,891.11 11.1753 17.21% 17.21% 5,898.62 5,898.62 12
11/30/1987 100.00% 5,891.11 11.0932 18.13% 18.13% 6,351.54 6,351.54 12
12/31/1987 100.00% 5,891.11 11.0082 17.40% 17.40% 5,848.82 5,848.82 12
01/31/1988 100.00% 5,891.11 10.9233 17.33% 17.33% 5,731.31 5,731.31 11
02/29/1988 100.00% 5,891.11 10.8438 16.64% 16.64% 5,306.91 5,306.91 11
03/31/1988 100.00% 5,891.11 10.7589 16.89% 16.89% 5,361.16 5,361.16 11
04/30/1988 100.00% 5,891.11 10.6767 16.91% 16.91% 5,300.41 5,300.41 11
05/31/1988 100.00% 5,891.11 10.5918 17.17% 17.17% 5,354.38 5,354.38 11
06/30/1988 100.00% 5,891.11 10.5096 16.78% 16.78% 5,103.70 5,103.70 11
07/31/1988 100.00% 5,891.11 10.4247 17.00% 17.00% 5,136.14 5,136.14 11
08/31/1988 100.00% 5,891.11 10.3397 17.44% 17.44% 5,269.17 5,269.17 11
09/30/1988 100.00% 5,891.11 10.2575 17.28% 17.28% 5,130.55 5,130.55 11
10/31/1988 100.00% 5,891.11 10.1726 17.42% 17.42% 5,123.49 5,123.49 11
11/30/1988 100.00% 5,891.11 10.0904 17.70% 17.70% 5,178.12 5,178.12 11
12/31/1988 100.00% 5,891.11 10.0055 17.76% 17.76% 5,131.12 5,131.12 11
01/31/1989 100.00% 5,891.11 9.9205 17.11% 17.11% 4,793.27 4,793.27 10
02/28/1989 100.00% 5,891.11 9.8438 17.52% 17.52% 4,899.99 4,899.99 10
03/31/1989 100.00% 5,891.11 9.7589 17.34% 17.34% 4,761.70 4,761.70 10
04/30/1989 100.00% 5,891.11 9.6767 16.89% 16.89% 4,527.49 4,527.49 10
05/31/1989 100.00% 5,891.11 9.5918 16.64% 16.64% 4,376.16 4,376.16 10
06/30/1989 100.00% 5,891.11 9.5096 16.97% 16.97% 4,439.99 4,439.99 10
07/31/1989 100.00% 5,891.11 9.4247 16.09% 16.09% 4,080.26 4,080.26 10
08/31/1989 100.00% 5,891.11 9.3397 16.05% 16.05% 4,016.41 4,016.41 10
09/30/1989 100.00% 5,891.11 9.2575 16.11% 16.11% 3,986.17 3,986.17 10
10/31/1989 100.00% 5,891.11 9.1726 16.65% 16.65% 4,105.95 4,105.95 10
11/30/1989 100.00% 5,891.11 9.0904 16.61% 16.61% 4,044.08 4,044.08 10
12/31/1989 100.00% 5,891.11 9.0055 16.50% 16.50% 3,955.44 3,955.44 10
01/31/1990 90.00% 5,891.11 8.9205 17.47% 17.47% 4,204.14 4,204.14 9
02/28/1990 90.00% 5,891.11 8.8438 17.52% 17.52% 4,168.78 4,168.78 9
03/31/1990 90.00% 5,891.11 8.7589 17.56% 17.56% 4,123.30 4,123.30 9
04/30/1990 90.00% 5,891.11 8.6767 18.15% 18.15% 4,252.00 4,252.00 9
05/31/1990 90.00% 5,891.11 8.5918 17.20% 17.20% 3,910.51 3,910.51 9
06/30/1990 90.00% 5,891.11 8.5096 17.11% 17.11% 3,835.04 3,835.04 9
07/31/1990 90.00% 5,891.11 8.4247 17.54% 17.54% 3,901.30 3,901.30 9
08/31/1990 90.00% 5,891.11 8.3397 19.29% 19.29% 4,355.11 4,355.11 9
09/30/1990 90.00% 5,891.11 8.2575 21.11% 21.11% 4,860.92 4,860.92 9
10/31/1990 90.00% 5,891.11 8.1726 21.91% 21.91% 5,047.36 5,047.36 9
11/30/1990 90.00% 5,891.11 8.0904 21.00% 21.00% 4,673.97 4,673.97 9
12/31/1990 90.00% 5,891.11 8.0055 20.82% 20.82% 4,545.28 4,545.28 9
01/31/1991 80.00% 5,891.11 7.9205 20.10% 20.10% 4,266.15 4,266.15 8
02/28/1991 80.00% 5,891.11 7.8438 19.23% 19.23% 3,973.96 3,973.96 8
03/31/1991 80.00% 5,891.11 7.7589 19.02% 19.02% 3,862.00 3,862.00 8
04/30/1991 80.00% 5,891.11 7.6767 19.41% 19.41% 3,902.86 3,902.86 8
05/31/1991 80.00% 5,891.11 7.5918 18.76% 18.76% 3,689.09 3,689.09 8
06/30/1991 80.00% 5,891.11 7.5096 20.23% 20.23% 3,989.89 3,989.89 8
07/31/1991 80.00% 5,891.11 7.4247 19.04% 19.04% 3,646.78 3,646.78 8
08/31/1991 80.00% 5,891.11 7.3397 18.59% 18.59% 3,495.63 3,495.63 8
09/30/1991 80.00% 5,891.11 7.2575 18.71% 18.71% 3,472.58 3,472.58 8
10/31/1991 80.00% 5,891.11 7.1726 18.47% 18.47% 3,372.34 3,372.34 8
11/30/1991 80.00% 5,891.11 7.0904 19.71% 19.71% 3,580.90 3,580.90 8
12/31/1991 80.00% 5,891.11 7.0055 17.88% 17.88% 3,166.36 3,166.36 8
01/31/1992 70.00% 5,891.11 6.9205 17.13% 17.13% 2,987.54 2,987.54 7
02/29/1992 70.00% 5,891.11 6.8411 17.01% 17.01% 2,929.52 2,929.52 7
03/31/1992 70.00% 5,891.11 6.7562 18.37% 18.37% 3,124.73 3,124.73 7
04/30/1992 70.00% 5,891.11 6.6740 19.35% 19.35% 3,256.04 3,256.04 7
05/31/1992 70.00% 5,891.11 6.5890 19.80% 19.80% 3,287.87 3,287.87 7
06/30/1992 70.00% 5,891.11 6.5068 20.83% 20.83% 3,424.81 3,424.81 7
07/31/1992 70.00% 5,891.11 6.4219 20.44% 20.44% 3,301.24 3,301.24 7
08/31/1992 70.00% 5,891.11 6.3370 21.29% 21.29% 3,398.61 3,398.61 7
09/30/1992 70.00% 5,891.11 6.2548 21.28% 21.28% 3,343.45 3,343.45 7
10/31/1992 70.00% 5,891.11 6.1699 20.88% 20.88% 3,222.48 3,222.48 7
11/30/1992 70.00% 5,891.11 6.0877 19.93% 19.93% 3,024.03 3,024.03 7
12/31/1992 70.00% 5,891.11 6.0027 19.66% 19.66% 2,937.12 2,937.12 7
01/31/1993 60.00% 5,891.11 5.9178 19.60% 19.60% 2,883.64 2,883.64 6
02/28/1993 60.00% 5,891.11 5.8411 20.33% 20.33% 2,947.56 2,947.56 6
03/31/1993 60.00% 5,891.11 5.7562 19.87% 19.87% 2,837.78 2,837.78 6
04/30/1993 60.00% 5,891.11 5.6740 20.43% 20.43% 2,871.11 2,871.11 6
05/31/1993 60.00% 5,891.11 5.5890 19.25% 19.25% 2,675.03 2,675.03 6
06/30/1993 60.00% 5,891.11 5.5068 19.37% 19.37% 2,650.78 2,650.78 6
07/31/1993 60.00% 5,891.11 5.4219 19.79% 19.79% 2,661.34 2,661.34 6
08/31/1993 60.00% 5,891.11 5.3370 19.06% 19.06% 2,536.98 2,536.98 6
09/30/1993 60.00% 5,891.11 5.2548 18.99% 18.99% 2,493.49 2,493.49 6
10/31/1993 60.00% 5,891.11 5.1699 19.14% 19.14% 2,472.79 2,472.79 6
11/30/1993 60.00% 5,891.11 5.0877 20.48% 20.48% 2,580.16 2,580.16 6
12/31/1993 60.00% 5,891.11 5.0027 20.05% 20.05% 2,494.71 2,494.71 6
01/31/1994 50.00% 5,891.11 4.9178 19.85% 19.85% 2,436.38 2,436.38 5
02/28/1994 50.00% 5,891.11 4.8411 20.48% 20.48% 2,464.44 2,464.44 5
03/31/1994 50.00% 5,891.11 4.7562 22.10% 22.10% 2,584.95 2,584.95 5
04/30/1994 50.00% 5,891.11 4.6740 22.40% 22.40% 2,572.00 2,572.00 5
05/31/1994 50.00% 5,891.11 4.5890 23.52% 23.52% 2,636.24 2,636.24 5
06/30/1994 50.00% 5,891.11 4.5068 25.47% 25.47% 2,780.85 2,780.85 5
07/31/1994 50.00% 5,891.11 4.4219 25.09% 25.09% 2,690.69 2,690.69 5
08/31/1994 50.00% 5,891.11 4.3370 24.08% 24.08% 2,549.17 2,549.17 5
09/30/1994 50.00% 5,891.11 4.2548 24.99% 24.99% 2,583.49 2,583.49 5
10/31/1994 50.00% 5,891.11 4.1699 24.40% 24.40% 2,485.48 2,485.48 5
11/30/1994 50.00% 5,891.11 4.0877 26.24% 26.24% 2,592.00 2,592.00 5
12/31/1994 50.00% 5,891.11 4.0027 26.10% 26.10% 2,530.40 2,530.40 5
01/31/1995 40.00% 5,891.11 3.9178 27.40% 27.40% 2,582.28 2,582.28 4
02/28/1995 40.00% 5,890.43 3.8411 26.70% 26.70% 2,481.87 2,482.15 4
03/31/1995 40.00% 5,887.10 3.7562 26.20% 26.22% 2,396.34 2,397.97 4
04/30/1995 40.00% 5,883.90 3.6740 25.73% 25.78% 2,319.51 2,322.35 4
05/31/1995 40.00% 5,880.06 3.5890 25.10% 25.16% 2,233.61 2,237.80 4
06/30/1995 40.00% 5,870.87 3.5068 22.73% 22.85% 2,051.03 2,058.11 4
07/31/1995 40.00% 5,859.68 3.4219 19.98% 20.16% 1,864.95 1,874.95 4
08/31/1995 40.00% 5,858.29 3.3370 20.13% 20.33% 1,844.07 1,854.40 4
09/30/1995 40.00% 5,855.14 3.2548 19.76% 19.99% 1,798.52 1,809.57 4
10/31/1995 40.00% 5,856.62 3.1699 20.79% 21.01% 1,819.65 1,830.37 4
11/30/1995 40.00% 5,856.86 3.0877 21.47% 21.70% 1,823.03 1,833.69 4
12/31/1995 40.00% 5,861.02 3.0027 23.51% 23.72% 1,885.37 1,895.05 4
01/31/1996 30.00% 5,807.91 2.9178 23.28% 23.88% 1,841.47 1,867.84 3
02/29/1996 30.00% 5,801.78 2.8384 22.57% 23.23% 1,781.77 1,809.20 3
03/31/1996 30.00% 5,801.25 2.7534 23.22% 23.91% 1,776.86 1,804.38 3
04/30/1996 30.00% 5,793.81 2.6712 22.23% 23.00% 1,709.62 1,738.33 3
05/31/1996 30.00% 5,787.69 2.5863 21.59% 22.42% 1,657.92 1,687.55 3
06/30/1996 30.00% 5,792.03 2.5041 23.44% 24.28% 1,694.27 1,723.25 3
07/31/1996 30.00% 5,807.97 2.4192 28.73% 29.48% 1,842.07 1,868.44 3
08/31/1996 30.00% 5,802.54 2.3342 28.30% 29.13% 1,788.98 1,816.29 3
09/30/1996 30.00% 5,789.69 2.2521 25.72% 26.70% 1,674.50 1,703.83 3
10/31/1996 30.00% 5,790.42 2.1671 27.07% 28.08% 1,680.56 1,709.78 3
11/30/1996 30.00% 5,779.18 2.0849 24.94% 26.10% 1,590.81 1,621.62 3
12/31/1996 30.00% 5,786.15 2.0000 28.27% 29.43% 1,645.38 1,675.23 3
01/02/1997 20.00% 5,752.92 1.9945 28.64% 30.18% 1,652.51 1,692.20 2
01/31/1997 20.00% 5,738.94 1.9151 25.51% 27.23% 1,545.07 1,586.03 2
02/28/1997 20.00% 5,744.24 1.8384 28.43% 30.21% 1,584.16 1,624.66 2
03/31/1997 20.00% 5,756.67 1.7534 34.61% 36.39% 1,683.83 1,723.16 2
04/30/1997 20.00% 5,747.05 1.6712 32.76% 34.74% 1,605.70 1,645.94 2
05/31/1997 20.00% 5,732.42 1.5863 29.10% 31.34% 1,499.46 1,540.97 2
06/30/1997 20.00% 5,723.28 1.5041 27.42% 29.89% 1,439.67 1,481.89 2
07/31/1997 20.00% 5,705.65 1.4192 22.68% 25.47% 1,336.50 1,379.94 2
08/31/1997 20.00% 5,715.82 1.3342 28.28% 31.22% 1,394.21 1,436.96 2
09/30/1997 20.00% 5,701.87 1.2521 24.53% 27.82% 1,316.17 1,359.85 2
10/31/1997 20.00% 5,711.97 1.1671 31.11% 34.62% 1,371.78 1,414.80 2
11/30/1997 20.00% 5,705.09 1.0849 30.37% 34.29% 1,333.42 1,376.90 2
12/31/1997 20.00% 5,704.86 1.0000 33.22% 37.57% 1,332.16 1,375.66 2
01/31/1998 10.00% 5,666.34 0.9151 30.71% 35.89% 1,277.68 1,323.98 1
02/28/1998 10.00% 5,647.10 0.8384 21.29% 26.53% 1,175.64 1,218.09 1
03/31/1998 10.00% 5,637.65 0.7534 17.12% 22.39% 1,126.46 1,164.41 1
04/30/1998 10.00% 5,632.33 0.6712 14.90% 20.18% 1,097.70 1,131.30 1
05/31/1998 10.00% 5,640.20 0.5863 18.22% 23.48% 1,103.13 1,131.64 1
06/30/1998 10.00% 5,622.47 0.5041 10.97% 16.28% 1,053.89 1,078.98 1
07/31/1998 10.00% 5,616.64 0.4192 8.78% 14.09% 1,035.89 1,056.82 1
08/31/1998 10.00% 5,667.50 0.3342 31.32% 36.50% 1,095.33 1,109.59 1
09/30/1998 10.00% 5,641.08 0.2521 18.60% 23.86% 1,043.95 1,055.43 1
10/31/1998 10.00% 5,621.27 0.1671 10.52% 15.82% 1,016.85 1,024.85 1
11/30/1998 10.00% 5,600.41 0.0849 3.06% 8.41% 1,002.56 1,006.88 1
12/31/1998 10.00% 5,572.99 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
GROWTH INCOME Surrender
FUND 183 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.287247 1 6.00% 10%
Units purchased 3,481.324 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.0239% 4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 MTD 5,434.03 5,600.41 5,891.11 3.06% 8.41%
30-Sep-98 0.25 0.25 3 mths 4,756.26 5,641.08 5,891.11 18.60% 23.86%
31-Dec-97 1.00 1.00 YTD 4,282.40 5,704.86 5,891.11 33.22% 37.57%
31-Dec-97 1.00 1.00 1 Year 4,282.40 5,704.86 5,891.11 33.22% 37.57%
31-Dec-96 2.00 2.00 2 Year 3,516.60 5,786.15 5,891.11 28.27% 29.43%
31-Dec-95 3.00 3.00 3 Year 3,108.69 5,861.02 5,891.11 23.51% 23.72%
31-Dec-94 4.00 4.00 4 Year 2,328.14 5,891.11 5,891.11 26.10% 26.10%
31-Dec-93 5.00 5.00 5 Year 2,361.44 5,891.11 5,891.11 20.05% 20.05%
31-Dec-88 10.01 10.00 10 Year 1,148.11 5,891.11 5,891.11 17.77% 17.77%
09-Oct-86 12.24 12.24 Portfolio Inc Dt 1,000.00 5,891.11 5,891.11 15.60% 15.60%
02-Jan-97 1.99 1.99 Subacct Inc Dt 3,481.32 5,752.92 5,891.11 28.64% 30.18%
12/31/1992 2,005.74
12/31/1993 1 2,361.44 17.73%
12/31/1994 1 2,328.14 -1.41%
12/31/1995 1 3,108.69 33.53%
12/31/1996 1 3,516.60 13.12%
12/31/1997 1 4,282.40 21.78%
12/31/1998 1 5,891.11 37.57%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
GROWTH INCOME
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/09/1986 0 100 10 1,000.00
10/31/1986 1000 0 10 100 10 1,000.00 0.00%
11/30/1986 1000 0 10 100 10.22 1,022.00 2.20%
12/31/1986 1022 0 10 100 10.03 1,003.00 -1.86%
01/31/1987 1003 0 10 100 11.1 1,110.00 10.67%
02/28/1987 1110 0 10 100 11.65 1,165.00 4.95%
03/31/1987 1165 0.02 11.84 100.169 11.82 1,184.00 1.63%
04/30/1987 1184 0 10 100.169 11.82 1,184.00 0.00%
05/31/1987 1184 0 10 100.169 11.9 1,192.01 0.68%
06/30/1987 1192.01 0 10 100.169 12.25 1,227.07 2.94%
07/31/1987 1227.07 0 10 100.169 12.74 1,276.15 4.00%
08/31/1987 1276.15 0 10 100.169 13.12 1,314.22 2.98%
09/30/1987 1314.22 0 10 100.169 12.97 1,299.19 -1.14%
10/31/1987 1299.19 0 10 100.169 10.12 1,013.71 -21.97%
11/30/1987 1013.71 0 10 100.169 9.41 942.59 -7.02%
12/31/1987 942.59 0.09 10.14 101.058 10.14 1,024.73 8.71%
01/31/1988 1024.73 0 10 101.058 10.36 1,046.96 2.17%
02/29/1988 1046.96 0 10 101.058 11.20 1,131.85 8.11%
03/31/1988 1131.85 0 10 101.058 11.10 1,121.74 -0.89%
04/30/1988 1121.74 0 10 101.058 11.24 1,135.89 1.26%
05/31/1988 1135.89 0 10 101.058 11.14 1,125.79 -0.89%
06/30/1988 1125.79 0 10 101.058 11.70 1,182.38 5.03%
07/31/1988 1182.38 0 10 101.058 11.64 1,176.32 -0.51%
08/31/1988 1176.32 0 10 101.058 11.36 1,148.02 -2.41%
09/30/1988 1148.02 0 10 101.058 11.68 1,180.36 2.82%
10/31/1988 1180.36 0 10 101.058 11.71 1,183.39 0.26%
11/30/1988 1183.39 0 10 101.058 11.60 1,172.27 -0.94%
12/31/1988 1172.27 0 10 101.058 11.72 1,184.40 1.03%
01/31/1989 1184.4 0 10 101.058 12.56 1,269.29 7.17%
02/28/1989 1269.29 0 10 101.058 12.30 1,243.01 -2.07%
03/31/1989 1243.01 0.19 12.36 102.611 12.48 1,280.59 3.02%
04/30/1989 1280.59 0 10 102.611 13.14 1,348.31 5.29%
05/31/1989 1348.31 0 10 102.611 13.61 1,396.54 3.58%
06/30/1989 1396.54 0 10 102.611 13.43 1,378.07 -1.32%
07/31/1989 1378.07 0 10 102.611 14.63 1,501.20 8.93%
08/31/1989 1501.2 0 10 102.611 14.88 1,526.85 1.71%
09/30/1989 1526.85 0 10 102.611 15.01 1,540.19 0.87%
10/31/1989 1540.19 0 10 102.611 14.59 1,497.09 -2.80%
11/30/1989 1497.09 0 10 102.611 14.83 1,521.72 1.65%
12/31/1989 1521.72 0 10 102.611 15.18 1,557.63 2.36%
01/31/1990 1557.63 0 10 102.611 14.30 1,467.34 -5.80%
02/28/1990 1467.34 0.53 14 106.496 13.91 1,481.36 0.96%
03/31/1990 1481.36 0 10 106.496 14.08 1,499.46 1.22%
04/30/1990 1499.46 0 10 106.496 13.67 1,455.80 -2.91%
05/31/1990 1455.8 0 10 106.496 14.88 1,584.66 8.85%
06/30/1990 1584.66 0 10 106.496 15.19 1,617.67 2.08%
07/31/1990 1617.67 0 10 106.496 14.95 1,592.12 -1.58%
08/31/1990 1592.12 0 10 106.496 13.41 1,428.11 -10.30%
09/30/1990 1428.11 0 10 106.496 12.03 1,281.15 -10.29%
10/31/1990 1281.15 0 10 106.496 11.60 1,235.35 -3.57%
11/30/1990 1235.35 0 10 106.496 12.54 1,335.46 8.10%
12/31/1990 1335.46 0 10 106.496 12.91 1,374.86 2.95%
01/31/1991 1374.86 0 10 106.496 13.77 1,466.45 6.66%
02/28/1991 1466.45 0.21 14.09 108.083 14.58 1,575.85 7.46%
03/31/1991 1575.85 0 10 108.083 15.02 1,623.41 3.02%
04/30/1991 1623.41 0 10 108.083 14.88 1,608.28 -0.93%
05/31/1991 1608.28 0 10 108.083 15.76 1,703.39 5.91%
06/30/1991 1703.39 0 10 108.083 14.59 1,576.93 -7.42%
07/31/1991 1576.93 0 10 108.083 15.98 1,727.17 9.53%
08/31/1991 1727.17 0 10 108.083 16.69 1,803.91 4.44%
09/30/1991 1803.91 0 10 108.083 16.82 1,817.96 0.78%
10/31/1991 1817.96 0 10 108.083 17.34 1,874.16 3.09%
11/30/1991 1874.16 0 10 108.083 16.35 1,767.16 -5.71%
12/31/1991 1767.16 0 10 108.083 18.51 2,000.62 13.21%
01/31/1992 2000.62 0 10 108.083 19.64 2,122.75 6.10%
02/29/1992 2122.75 0.48 19.96 110.682 19.58 2,167.15 2.09%
03/31/1992 2167.15 0 10 110.682 18.38 2,034.34 -6.13%
04/30/1992 2034.34 0 10 110.682 17.66 1,954.64 -3.92%
05/31/1992 1954.64 0 10 110.682 17.51 1,938.04 -0.85%
06/30/1992 1938.04 0 10 110.682 16.83 1,862.78 -3.88%
07/31/1992 1862.78 0 10 110.682 17.48 1,934.72 3.86%
08/31/1992 1934.72 0 10 110.682 17.00 1,881.59 -2.75%
09/30/1992 1881.59 0 10 110.682 17.30 1,914.80 1.76%
10/31/1992 1914.8 0 10 110.682 17.97 1,988.96 3.87%
11/30/1992 1988.96 0 10 110.682 19.17 2,121.77 6.68%
12/31/1992 2121.77 0 10 110.682 19.76 2,187.08 3.08%
01/31/1993 2187.08 0 10 110.682 20.15 2,230.24 1.97%
02/28/1993 2230.24 0.44 20.01 113.116 19.31 2,184.27 -2.06%
03/31/1993 2184.27 0 10 113.116 20.08 2,271.37 3.99%
04/30/1993 2271.37 0 10 113.116 19.87 2,247.61 -1.05%
05/31/1993 2247.61 0 10 113.116 21.35 2,415.03 7.45%
06/30/1993 2415.03 0 10 113.116 21.57 2,439.91 1.03%
07/31/1993 2439.91 0 10 113.116 21.51 2,433.13 -0.28%
08/31/1993 2433.13 0 10 113.116 22.59 2,555.29 5.02%
09/30/1993 2555.29 0 10 113.116 23.01 2,602.80 1.86%
10/31/1993 2602.8 0 10 113.116 23.23 2,627.68 0.96%
11/30/1993 2627.68 0 10 113.116 22.29 2,521.36 -4.05%
12/31/1993 2521.36 0 10 113.116 23.08 2,610.72 3.54%
01/31/1994 2610.72 0 10 113.116 23.66 2,676.32 2.51%
02/28/1994 2676.32 1.39 21.76 120.342 22.01 2,648.73 -1.03%
03/31/1994 2648.73 0 10 120.342 21.01 2,528.39 -4.54%
04/30/1994 2528.39 0 10 120.342 21.14 2,544.03 0.62%
05/31/1994 2544.03 0 10 120.342 20.65 2,485.06 -2.32%
06/30/1994 2485.06 0 10 120.342 19.60 2,358.70 -5.08%
07/31/1994 2358.7 0 10 120.342 20.28 2,440.54 3.47%
08/31/1994 2440.54 0 10 120.342 21.43 2,578.93 5.67%
09/30/1994 2578.93 0 10 120.342 21.17 2,547.64 -1.21%
10/31/1994 2547.64 0 10 120.342 22.03 2,651.13 4.06%
11/30/1994 2651.13 0 10 120.342 21.15 2,545.23 -3.99%
12/31/1994 2545.23 0 10 120.342 21.69 2,610.22 2.55%
01/31/1995 2610.22 0 10 120.342 21.28 2,560.88 -1.89%
02/28/1995 2560.88 0.12 21.81 121.004 22.04 2,666.93 4.14%
03/31/1995 2666.93 0 10 121.004 22.84 2,763.73 3.63%
04/30/1995 2763.73 0 10 121.004 23.61 2,856.90 3.37%
05/31/1995 2856.9 0 10 121.004 24.53 2,968.23 3.90%
06/30/1995 2968.23 0 10 121.004 26.70 3,230.81 8.85%
07/31/1995 3230.81 0 10 121.004 29.34 3,550.26 9.89%
08/31/1995 3550.26 0 10 121.004 29.70 3,593.82 1.23%
09/30/1995 3593.82 0 10 121.004 30.47 3,686.99 2.59%
10/31/1995 3686.99 0 10 121.004 30.16 3,649.48 -1.02%
11/30/1995 3649.48 0 10 121.004 30.14 3,647.06 -0.07%
12/31/1995 3647.06 0 10 121.004 29.20 3,533.32 -3.12%
01/31/1996 3533.32 0 10 121.004 29.66 3,588.98 1.58%
02/29/1996 3588.98 2.1 27.78 130.151 28.50 3,709.30 3.35%
03/31/1996 3709.3 0 10 130.151 28.61 3,723.62 0.39%
04/30/1996 3723.62 0 10 130.151 29.73 3,869.39 3.91%
05/31/1996 3869.39 0 10 130.151 30.66 3,990.43 3.13%
06/30/1996 3990.43 0 10 130.151 30.06 3,912.34 -1.96%
07/31/1996 3912.34 0 10 130.151 27.76 3,612.99 -7.65%
08/31/1996 3612.99 0 10 130.151 28.59 3,721.02 2.99%
09/30/1996 3721.02 0 10 130.151 30.51 3,970.91 6.72%
10/31/1996 3970.91 0 10 130.151 30.44 3,961.80 -0.23%
11/30/1996 3961.8 0 10 130.151 32.13 4,181.75 5.55%
12/31/1996 4181.75 0 10 130.151 31.14 4,052.90 -3.08%
01/02/1997 4052.9 0 10 130.151 30.83 4,012.56 -1.00%
01/31/1997 4012.56 0 10 130.151 32.93 4,285.87 6.81%
02/28/1997 4285.87 1.15 31.56 134.894 31.05 4,188.46 -2.27%
03/31/1997 4188.46 0 10 134.894 29.31 3,953.74 -5.60%
04/30/1997 3953.74 0 10 134.894 30.72 4,143.94 4.81%
05/31/1997 4143.94 0 10 134.894 32.85 4,431.27 6.93%
06/30/1997 4431.27 0 10 134.894 34.20 4,613.37 4.11%
07/31/1997 4613.37 0 10 134.894 36.77 4,960.05 7.51%
08/31/1997 4960.05 0 10 134.894 35.35 4,768.50 -3.86%
09/30/1997 4768.5 0 10 134.894 37.40 5,045.04 5.80%
10/31/1997 5045.04 0 10 134.894 35.99 4,854.84 -3.77%
11/30/1997 4854.84 0 10 134.894 37.02 4,993.78 2.86%
12/31/1997 4993.78 0 10 134.894 37.10 5,004.57 0.22%
01/31/1998 5004.57 0 10 134.894 37.60 5,072.01 1.35%
02/28/1998 5072.01 5.16 33.65 155.579 35.05 5,453.04 7.51%
03/31/1998 5453.04 0 10 155.579 36.28 5,644.41 3.51%
04/30/1998 5644.41 0 10 155.579 36.99 5,754.87 1.96%
05/31/1998 5754.87 0 10 155.579 36.04 5,607.07 -2.57%
06/30/1998 5607.07 0 10 155.579 38.32 5,961.79 6.33%
07/31/1998 5961.79 0 10 155.579 39.10 6,083.14 2.04%
08/31/1998 6083.14 0 10 155.579 32.72 5,090.54 -16.32%
09/30/1998 5090.54 0 10 155.579 36.10 5,616.40 10.33%
10/31/1998 5616.4 0 10 155.579 38.65 6,013.13 7.06%
11/30/1998 6013.13 0 10 155.579 41.34 6,431.64 6.96%
12/31/1998 6431.64 0 10 155.579 44.87 6,980.83 8.54%
4.6164
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
10/09/1986 1,000.00 0.287247
10/31/1986 0.00084 0.843835616 999.16 (0.00) 0.287005
11/30/1986 0.00115 1.149713943 1,019.99 (0.00) 0.292989
12/31/1986 0.00119 1.212807514 999.81 (0.00) 0.287194
01/31/1987 0.00119 1.188818134 1,105.28 (0.00) 0.31749
02/28/1987 0.00107 1.18704433 1,158.86 (0.00) 0.332881
03/31/1987 0.00119 1.377935595 1,176.38 (0.00) 0.337914
04/30/1987 0.00115 1.353648331 1,175.03 (0.00) 0.337525
05/31/1987 0.00119 1.397160399 1,181.58 (0.00) 0.339407
06/30/1987 0.00115 1.359630185 1,214.98 (0.00) 0.348999
07/31/1987 0.00119 1.444657669 1,262.13 (0.00) 0.362543
08/31/1987 0.00119 1.500722921 1,298.28 0.00 0.372927
09/30/1987 0.00115 1.49391091 1,281.94 (0.00) 0.368233
10/31/1987 0.00119 1.524277094 998.72 (0.00) 0.286881
11/30/1987 0.00115 1.149217474 927.51 (0.00) 0.266424
12/31/1987 0.00119 1.10284374 1,007.23 (0.00) 0.289324
01/31/1988 0.00119 1.197637384 1,027.88 0.00 0.295256
02/29/1988 0.00111 1.143343068 1,110.08 (0.00) 0.318868
03/31/1988 0.00119 1.319933246 1,098.85 (0.00) 0.315641
04/30/1988 0.00115 1.264426238 1,111.44 (0.00) 0.319259
05/31/1988 0.00119 1.321551879 1,100.24 (0.00) 0.316041
06/30/1988 0.00115 1.266028692 1,154.28 (0.00) 0.331564
07/31/1988 0.00119 1.372484968 1,146.99 (0.00) 0.32947
08/31/1988 0.00119 1.36381869 1,118.03 (0.00) 0.321152
09/30/1988 0.00115 1.28650277 1,148.24 (0.00) 0.329829
10/31/1988 0.00119 1.36530562 1,149.82 0.00 0.330283
11/30/1988 0.00115 1.323084168 1,137.70 0.00 0.326799
12/31/1988 0.00119 1.352766681 1,148.11 0.00 0.329792
01/31/1989 0.00119 1.365155865 1,229.04 0.00 0.353037
02/28/1989 0.00107 1.31995435 1,202.27 0.00 0.345348
03/31/1989 0.00119 1.429551466 1,237.19 0.01 0.355378
04/30/1989 0.00115 1.423617475 1,301.19 0.01 0.373762
05/31/1989 0.00119 1.547171664 1,346.19 0.01 0.386687
06/30/1989 0.00115 1.549040744 1,326.84 0.01 0.381128
07/31/1989 0.00119 1.57766376 1,443.81 0.01 0.414729
08/31/1989 0.00119 1.716751475 1,466.76 0.01 0.421322
09/30/1989 0.00115 1.687783714 1,477.89 0.01 0.424518
10/31/1989 0.00119 1.757273931 1,434.78 0.01 0.412134
11/30/1989 0.00115 1.650977108 1,456.73 0.01 0.41844
12/31/1989 0.00119 1.732113728 1,489.38 0.01 0.427817
01/31/1990 0.00119 1.770929107 1,401.27 0.01 0.402509
02/28/1990 0.00107 1.504927061 1,413.16 0.01 0.405923
03/31/1990 0.00119 1.680299581 1,428.74 0.01 0.4104
04/30/1990 0.00115 1.644031335 1,385.50 0.01 0.397978
05/31/1990 0.00119 1.647412403 1,506.49 0.01 0.432732
06/30/1990 0.00115 1.73349108 1,536.13 0.01 0.441248
07/31/1990 0.00119 1.826526896 1,510.05 0.01 0.433754
08/31/1990 0.00119 1.795506327 1,352.69 0.01 0.388556
09/30/1990 0.00115 1.556525652 1,211.94 0.01 0.348124
10/31/1990 0.00119 1.441045269 1,167.17 0.01 0.335265
11/30/1990 0.00115 1.343047442 1,260.41 0.01 0.362048
12/31/1990 0.00119 1.49868423 1,296.10 0.01 0.372299
01/31/1991 0.00119 1.541117828 1,380.90 0.01 0.396658
02/28/1991 0.00107 1.483052596 1,482.44 0.01 0.425823
03/31/1991 0.00119 1.762680398 1,525.42 0.01 0.438168
04/30/1991 0.00115 1.755274007 1,509.44 0.01 0.43358
05/31/1991 0.00119 1.794791791 1,596.92 0.01 0.458705
06/30/1991 0.00115 1.837546055 1,476.52 0.01 0.424123
07/31/1991 0.00119 1.755645576 1,615.44 0.02 0.464026
08/31/1991 0.00119 1.92082494 1,685.30 0.02 0.484091
09/30/1991 0.00115 1.939243834 1,696.48 0.02 0.487304
10/31/1991 0.00119 2.017186989 1,746.91 0.02 0.501789
11/30/1991 0.00115 2.010142576 1,645.16 0.02 0.472563
12/31/1991 0.00119 1.956168185 1,860.55 0.02 0.534432
01/31/1992 0.00119 2.212272144 1,971.92 0.02 0.566421
02/29/1992 0.00111 2.19342173 2,010.97 0.03 0.577638
03/31/1992 0.00119 2.391126328 1,885.34 0.02 0.541552
04/30/1992 0.00115 2.169432757 1,809.31 0.02 0.519712
05/31/1992 0.00119 2.151341979 1,791.79 0.02 0.51468
06/30/1992 0.00115 2.061787192 1,720.15 0.02 0.494101
07/31/1992 0.00119 2.045327552 1,784.54 0.02 0.512596
08/31/1992 0.00119 2.121885504 1,733.41 0.02 0.49791
09/30/1992 0.00115 1.994605819 1,762.01 0.02 0.506125
10/31/1992 0.00119 2.095099228 1,828.15 0.02 0.525125
11/30/1992 0.00115 2.103630038 1,948.12 0.03 0.559585
12/31/1992 0.00119 2.316398897 2,005.77 0.03 0.576144
01/31/1993 0.00119 2.384945457 2,042.97 0.03 0.586829
02/28/1993 0.00107 2.194092962 1,998.67 0.03 0.574103
03/31/1993 0.00119 2.376495023 2,075.99 0.03 0.596313
04/30/1993 0.00115 2.388807525 2,051.88 0.03 0.589389
05/31/1993 0.00119 2.43977263 2,202.28 0.03 0.632591
06/30/1993 0.00115 2.534134309 2,222.44 0.03 0.63838
07/31/1993 0.00119 2.642569528 2,213.62 0.03 0.635847
08/31/1993 0.00119 2.632084255 2,322.13 0.03 0.667015
09/30/1993 0.00115 2.672035628 2,362.63 0.03 0.678649
10/31/1993 0.00119 2.809262972 2,382.40 0.03 0.684329
11/30/1993 0.00115 2.741396331 2,283.27 0.03 0.655853
12/31/1993 0.00119 2.714898066 2,361.47 0.03 0.678317
01/31/1994 0.00119 2.80788916 2,418.00 0.03 0.694555
02/28/1994 0.00107 2.596868822 2,390.48 0.03 0.686649
03/31/1994 0.00119 2.842377725 2,279.03 0.03 0.654636
04/30/1994 0.00115 2.622445167 2,290.50 0.03 0.657932
05/31/1994 0.00119 2.723504339 2,234.69 0.03 0.641899
06/30/1994 0.00115 2.571421751 2,118.49 0.03 0.608521
07/31/1994 0.00119 2.518968595 2,189.47 0.03 0.628911
08/31/1994 0.00119 2.60337429 2,311.02 0.03 0.663825
09/30/1994 0.00115 2.659260227 2,280.32 0.03 0.655007
10/31/1994 0.00119 2.711400135 2,370.24 0.03 0.680836
11/30/1994 0.00115 2.727404921 2,272.84 0.03 0.652856
12/31/1994 0.00119 2.702497042 2,328.17 0.03 0.66875
01/31/1995 0.00119 2.768289324 2,281.39 0.03 0.655314
02/28/1995 0.00107 2.450153359 2,373.42 0.03 0.681748
03/31/1995 0.00119 2.822092307 2,456.74 0.04 0.705682
04/30/1995 0.00115 2.826937315 2,536.74 0.04 0.72866
05/31/1995 0.00119 3.016284733 2,632.57 0.04 0.756189
06/30/1995 0.00115 3.02926382 2,862.43 0.04 0.822214
07/31/1995 0.00119 3.403549269 3,142.05 0.04 0.902534
08/31/1995 0.00119 3.7360321 3,176.87 0.04 0.912535
09/30/1995 0.00115 3.655576586 3,255.58 0.04 0.935142
10/31/1995 0.00119 3.871012586 3,218.58 0.04 0.924516
11/30/1995 0.00115 3.703575115 3,212.75 0.04 0.922839
12/31/1995 0.00119 3.820086183 3,108.73 0.04 0.892961
01/31/1996 0.00119 3.696407817 3,154.01 0.04 0.905966
02/29/1996 0.00111 3.50829066 3,256.23 0.04 0.935331
03/31/1996 0.00119 3.871796513 3,264.93 0.04 0.93783
04/30/1996 0.00115 3.75690979 3,388.99 0.05 0.973464
05/31/1996 0.00119 4.029648645 3,490.97 0.05 1.002758
06/30/1996 0.00115 4.017010011 3,418.64 0.05 0.981981
07/31/1996 0.00119 4.064903464 3,153.00 0.04 0.905678
08/31/1996 0.00119 3.749046838 3,243.53 0.04 0.931681
09/30/1996 0.00115 3.732277962 3,457.62 0.05 0.993177
10/31/1996 0.00119 4.111250307 3,445.57 0.05 0.989718
11/30/1996 0.00115 3.964770866 3,632.90 0.05 1.043526
12/31/1996 0.00119 4.319667719 3,516.64 0.05 1.010132
01/02/1997 0.00008 0.269769798 3,481.37 0.05 1
01/31/1997 0.00111 3.872427795 3,714.63 0.26
02/28/1997 0.00107 3.98940666 3,626.21 0.16
03/31/1997 0.00119 4.31171274 3,418.69 (0.10)
04/30/1997 0.00115 3.933831185 3,579.21 0.05
05/31/1997 0.00119 4.255831739 3,823.13 0.15
06/30/1997 0.00115 4.399219028 3,975.84 0.44
07/31/1997 0.00119 4.727437793 4,269.88 0.79
08/31/1997 0.00119 5.077068505 4,099.91 0.22
09/30/1997 0.00115 4.717705719 4,332.96 0.78
10/31/1997 0.00119 5.152067123 4,164.45 0.54
11/30/1997 0.00115 4.791973682 4,278.84 0.32
12/31/1997 0.00119 5.087720483 4,283.00 0.60
01/31/1998 0.00119 5.092663951 4,335.62 0.45
02/28/1998 0.00107 4.656341914 4,656.68 0.78
03/31/1998 0.00119 5.53698136 4,814.56 1.14
04/30/1998 0.00115 5.540045338 4,903.24 1.24
05/31/1998 0.00119 5.830157698 4,771.49 0.66
06/30/1998 0.00115 5.490475952 5,067.85 1.38
07/31/1998 0.00119 6.025885459 5,164.98 1.47
08/31/1998 0.00119 6.141375072 4,316.06 0.24
09/30/1998 0.00115 4.966422942 4,756.95 0.68
10/31/1998 0.00119 5.656204909 5,087.31 0.88
11/30/1998 0.00115 5.853891464 5,435.53 1.50
12/31/1998 0.00119 6.463068665 5,893.20 2.09
3.756946525 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT
OVERSEAS INCOME -----------------------------
FUND 124 Surrender
PERFORMANCE CALCULATIONS provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.537844 -----------------------------
Units purchased 1,859.275 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/28/1987 0.537844 1,859.275 1,000.00 1,000.00 2,304.60 0.00%
01/31/1987 0.537789 1,859.275 999.90 0.00000 0.001964383 999.90 2,304.60 0.00%
02/28/1987 0.537811 1,859.275 999.94 0.00002 0.01833237 999.94 2,304.60 0.00%
03/31/1987 0.561417 1,859.275 1,043.83 0.00002 0.020297383 1,043.83 2,304.60 0.00%
04/30/1987 0.601631 1,859.275 1,118.60 0.00002 0.020504797 1,118.60 2,304.60 0.00%
05/31/1987 0.592413 1,859.275 1,101.46 0.00002 0.022705996 1,101.46 2,304.60 0.00%
06/30/1987 0.562880 1,859.275 1,046.55 0.00002 0.021636873 1,046.55 2,304.60 0.00%
07/31/1987 0.555862 1,859.275 1,033.50 0.00002 0.021243505 1,033.50 2,304.60 0.00%
08/31/1987 0.604444 1,859.275 1,123.83 0.00002 0.020978641 1,123.83 2,304.60 0.00%
09/30/1987 0.590474 1,859.275 1,097.85 0.00002 0.022076285 1,097.85 2,304.60 0.00%
10/31/1987 0.466632 1,859.275 867.60 0.00002 0.022284923 867.60 2,304.60 0.00%
11/30/1987 0.470414 1,859.275 874.63 0.00002 0.017042937 874.63 2,304.60 0.00%
12/31/1987 0.503024 1,859.275 935.26 0.00002 0.01775377 935.26 2,304.60 0.00%
01/31/1988 0.485276 1,859.275 902.26 0.00002 0.018984496 902.26 2,304.60 0.00%
02/29/1988 0.497687 1,859.275 925.34 0.00002 0.017133081 925.34 2,304.60 0.00%
03/31/1988 0.519711 1,859.275 966.29 0.00002 0.018783073 966.29 2,304.60 0.00%
04/30/1988 0.527757 1,859.275 981.25 0.00002 0.018981557 981.25 2,304.60 0.00%
05/31/1988 0.517550 1,859.275 962.27 0.00002 0.019917937 962.27 2,304.60 0.00%
06/30/1988 0.507922 1,859.275 944.37 0.00002 0.01890263 944.37 2,304.60 0.00%
07/31/1988 0.503642 1,859.275 936.41 0.00002 0.01916935 936.41 2,304.60 0.00%
08/31/1988 0.485480 1,859.275 902.64 0.00002 0.01900782 902.64 2,304.60 0.00%
09/30/1988 0.505789 1,859.275 940.40 0.00002 0.017731328 940.40 2,304.60 0.00%
10/31/1988 0.527635 1,859.275 981.02 0.00002 0.019088849 981.02 2,304.60 0.00%
11/30/1988 0.536679 1,859.275 997.83 0.00002 0.019270967 997.83 2,304.60 0.00%
12/31/1988 0.537171 1,859.275 998.75 0.00002 0.02025466 998.75 2,304.60 0.00%
01/31/1989 0.552541 1,859.275 1,027.33 0.00002 0.020273229 1,027.33 2,304.60 0.00%
02/28/1989 0.561567 1,859.275 1,044.11 0.00002 0.018835242 1,044.11 2,304.60 0.00%
03/31/1989 0.560463 1,859.275 1,042.05 0.00002 0.021193952 1,042.05 2,304.60 0.00%
04/30/1989 0.576433 1,859.275 1,071.75 0.00002 0.020469954 1,071.75 2,304.60 0.00%
05/31/1989 0.554491 1,859.275 1,030.95 0.00002 0.021755005 1,030.95 2,304.60 0.00%
06/30/1989 0.551790 1,859.275 1,025.93 0.00002 0.020251837 1,025.93 2,304.60 0.00%
07/31/1989 0.602820 1,859.275 1,120.81 0.00002 0.02082496 1,120.81 2,304.60 0.00%
08/31/1989 0.597926 1,859.275 1,111.71 0.00002 0.02275087 1,111.71 2,304.60 0.00%
09/30/1989 0.634482 1,859.275 1,179.68 0.00002 0.021838226 1,179.68 2,304.60 0.00%
10/31/1989 0.599328 1,859.275 1,114.32 0.00002 0.023945817 1,114.32 2,304.60 0.00%
11/30/1989 0.631034 1,859.275 1,173.27 0.00002 0.021889432 1,173.27 2,304.60 0.00%
12/31/1989 0.670068 1,859.275 1,245.84 0.00002 0.023815687 1,245.84 2,304.60 0.00%
01/31/1990 0.660369 1,859.275 1,227.81 0.00002 0.025288859 1,227.81 2,304.60 0.00%
02/28/1990 0.644318 1,859.275 1,197.96 0.00002 0.022510927 1,197.96 2,304.60 0.00%
03/31/1990 0.667990 1,859.275 1,241.98 0.00002 0.024317035 1,241.98 2,304.60 0.00%
04/30/1990 0.671006 1,859.275 1,247.58 0.00002 0.024397194 1,247.58 2,304.60 0.00%
05/31/1990 0.714144 1,859.275 1,327.79 0.00002 0.02532426 1,327.79 2,304.60 0.00%
06/30/1990 0.729246 1,859.275 1,355.87 0.00002 0.02608289 1,355.87 2,304.60 0.00%
07/31/1990 0.765384 1,859.275 1,423.06 0.00002 0.02752228 1,423.06 2,304.60 0.00%
08/31/1990 0.686609 1,859.275 1,276.59 0.00002 0.028886155 1,276.59 2,304.60 0.00%
09/30/1990 0.620660 1,859.275 1,153.98 0.00002 0.025077221 1,153.98 2,304.60 0.00%
10/31/1990 0.677813 1,859.275 1,260.24 0.00002 0.023424165 1,260.24 2,304.60 0.00%
11/30/1990 0.656114 1,859.275 1,219.90 0.00002 0.024755962 1,219.90 2,304.60 0.00%
12/31/1990 0.650695 1,859.275 1,209.82 0.00002 0.024762225 1,209.82 2,304.60 0.00%
01/31/1991 0.656293 1,859.275 1,220.23 0.00002 0.024557708 1,220.23 2,304.60 0.00%
02/28/1991 0.677776 1,859.275 1,260.17 0.00002 0.022371982 1,260.17 2,304.60 0.00%
03/31/1991 0.657229 1,859.275 1,221.97 0.00002 0.025579765 1,221.97 2,304.60 0.00%
04/30/1991 0.671008 1,859.275 1,247.59 0.00002 0.024004167 1,247.59 2,304.60 0.00%
05/31/1991 0.671897 1,859.275 1,249.24 0.00002 0.025324335 1,249.24 2,304.60 0.00%
06/30/1991 0.634352 1,859.275 1,179.43 0.00002 0.024539891 1,179.43 2,304.60 0.00%
07/31/1991 0.665159 1,859.275 1,236.71 0.00002 0.023940911 1,236.71 2,304.60 0.00%
08/31/1991 0.666583 1,859.275 1,239.36 0.00002 0.02510359 1,239.36 2,304.60 0.00%
09/30/1991 0.693052 1,859.275 1,288.57 0.00002 0.024345806 1,288.57 2,304.60 0.00%
10/31/1991 0.697101 1,859.275 1,296.10 0.00002 0.026156292 1,296.10 2,304.60 0.00%
11/30/1991 0.671416 1,859.275 1,248.35 0.00002 0.025460424 1,248.35 2,304.60 0.00%
12/31/1991 0.694056 1,859.275 1,290.44 0.00002 0.025339734 1,290.44 2,304.60 0.00%
01/31/1992 0.701802 1,859.275 1,304.84 0.00002 0.026194184 1,304.84 2,304.60 0.00%
02/29/1992 0.686482 1,859.275 1,276.36 0.00002 0.024777716 1,276.36 2,304.60 0.00%
03/31/1992 0.671806 1,859.275 1,249.07 0.00002 0.025908336 1,249.07 2,304.60 0.00%
04/30/1992 0.712907 1,859.275 1,325.49 0.00002 0.024536567 1,325.49 2,304.60 0.00%
05/31/1992 0.743191 1,859.275 1,381.80 0.00002 0.026905635 1,381.80 2,304.60 0.00%
06/30/1992 0.728528 1,859.275 1,354.53 0.00002 0.027143782 1,354.53 2,304.60 0.00%
07/31/1992 0.681284 1,859.275 1,266.69 0.00002 0.027495183 1,266.69 2,304.60 0.00%
08/31/1992 0.674691 1,859.275 1,254.44 0.00002 0.025712159 1,254.44 2,304.60 0.00%
09/30/1992 0.646821 1,859.275 1,202.62 0.00002 0.024641937 1,202.62 2,304.60 0.00%
10/31/1992 0.601945 1,859.275 1,119.18 0.00002 0.0244115 1,119.18 2,304.60 0.00%
11/30/1992 0.598138 1,859.275 1,112.10 0.00002 0.021985013 1,112.10 2,304.60 0.00%
12/31/1992 0.611847 1,859.275 1,137.59 0.00002 0.022574168 1,137.59 2,304.60 0.00%
01/31/1993 0.628708 1,859.275 1,168.94 0.00002 0.023091556 1,168.94 2,304.60 0.00%
02/28/1993 0.640419 1,859.275 1,190.72 0.00002 0.021431654 1,190.72 2,304.60 0.00%
03/31/1993 0.684168 1,859.275 1,272.06 0.00002 0.024169884 1,272.06 2,304.60 0.00%
04/30/1993 0.728936 1,859.275 1,355.29 0.00002 0.024988068 1,355.29 2,304.60 0.00%
05/31/1993 0.743843 1,859.275 1,383.01 0.00002 0.027510581 1,383.01 2,304.60 0.00%
06/30/1993 0.724710 1,859.275 1,347.44 0.00002 0.027167595 1,347.44 2,304.60 0.00%
07/31/1993 0.752542 1,859.275 1,399.18 0.00002 0.027351088 1,399.18 2,304.60 0.00%
08/31/1993 0.792173 1,859.275 1,472.87 0.00002 0.028401489 1,472.87 2,304.60 0.00%
09/30/1993 0.787049 1,859.275 1,463.34 0.00002 0.028932766 1,463.34 2,304.60 0.00%
10/31/1993 0.814727 1,859.275 1,514.80 0.00002 0.029703808 1,514.80 2,304.60 0.00%
11/30/1993 0.779497 1,859.275 1,449.30 0.00002 0.029756513 1,449.30 2,304.60 0.00%
12/31/1993 0.830203 1,859.275 1,543.58 0.00002 0.02941879 1,543.58 2,304.60 0.00%
01/31/1994 0.883488 1,859.275 1,642.65 0.00002 0.031332472 1,642.65 2,304.60 2.00%
02/28/1994 0.867065 1,859.275 1,612.11 0.00002 0.030116698 1,612.11 2,304.60 2.00%
03/31/1994 0.844625 1,859.275 1,570.39 0.00002 0.032723671 1,570.39 2,304.60 2.00%
04/30/1994 0.871697 1,859.275 1,620.72 0.00002 0.030848486 1,620.72 2,304.60 2.00%
05/31/1994 0.860039 1,859.275 1,599.05 0.00002 0.032898486 1,599.05 2,304.60 2.00%
06/30/1994 0.850040 1,859.275 1,580.46 0.00002 0.031411456 1,580.46 2,304.60 2.00%
07/31/1994 0.871631 1,859.275 1,620.60 0.00002 0.032081135 1,620.60 2,304.60 2.00%
08/31/1994 0.880875 1,859.275 1,637.79 0.00002 0.032895995 1,637.79 2,304.60 2.00%
09/30/1994 0.856985 1,859.275 1,593.37 0.00002 0.032172455 1,593.37 2,304.60 2.00%
10/31/1994 0.873693 1,859.275 1,624.44 0.00002 0.032343244 1,624.44 2,304.60 2.00%
11/30/1994 0.839726 1,859.275 1,561.28 0.00002 0.031910145 1,561.28 2,304.60 2.00%
12/31/1994 0.834039 1,859.275 1,550.71 0.00002 0.031691877 1,550.71 2,304.60 2.00%
01/31/1995 0.798556 1,859.275 1,484.74 0.00002 0.031477245 1,484.74 2,304.60 4.00%
02/28/1995 0.799893 1,859.275 1,487.22 0.00002 0.027221501 1,487.22 2,304.60 4.00%
03/31/1995 0.823674 1,859.275 1,531.44 0.00002 0.03018855 1,531.44 2,304.60 4.00%
04/30/1995 0.846364 1,859.275 1,573.62 0.00002 0.030083286 1,573.62 2,304.60 4.00%
05/31/1995 0.857219 1,859.275 1,593.81 0.00002 0.0319424 1,593.81 2,304.60 4.00%
06/30/1995 0.864342 1,859.275 1,607.05 0.00002 0.03130846 1,607.05 2,304.60 4.00%
07/31/1995 0.901819 1,859.275 1,676.73 0.00002 0.032620903 1,676.73 2,304.60 4.00%
08/31/1995 0.875825 1,859.275 1,628.40 0.00002 0.034035312 1,628.40 2,304.60 4.00%
09/30/1995 0.887693 1,859.275 1,650.47 0.00002 0.031988013 1,650.47 2,304.60 4.00%
10/31/1995 0.869211 1,859.275 1,616.10 0.00002 0.033502187 1,616.10 2,304.60 4.00%
11/30/1995 0.878407 1,859.275 1,633.20 0.00002 0.031746448 1,633.20 2,304.60 4.00%
12/31/1995 0.903996 1,859.275 1,680.78 0.00002 0.033151726 1,680.78 2,304.60 4.00%
01/31/1996 0.919992 1,859.275 1,710.52 0.00002 0.034117474 1,710.52 2,304.60 6.00%
02/29/1996 0.921107 1,859.275 1,712.59 0.00002 0.032481099 1,712.59 2,304.60 6.00%
03/31/1996 0.934216 1,859.275 1,736.96 0.00002 0.034763256 1,736.96 2,304.60 6.00%
04/30/1996 0.959237 1,859.275 1,783.49 0.00002 0.034120644 1,783.49 2,304.60 6.00%
05/31/1996 0.958760 1,859.275 1,782.60 0.00002 0.03620231 1,782.60 2,304.60 6.00%
06/30/1996 0.964794 1,859.275 1,793.82 0.00002 0.035017072 1,793.82 2,304.60 6.00%
07/31/1996 0.935171 1,859.275 1,738.74 0.00002 0.036412035 1,738.74 2,304.60 6.00%
08/31/1996 0.941187 1,859.275 1,749.93 0.00002 0.035294041 1,749.93 2,304.60 6.00%
09/30/1996 0.967678 1,859.275 1,799.18 0.00002 0.034375248 1,799.18 2,304.60 6.00%
10/31/1996 0.956967 1,859.275 1,779.26 0.00002 0.036520879 1,779.26 2,304.60 6.00%
11/30/1996 1.005957 1,859.275 1,870.35 0.00002 0.034951586 1,870.35 2,304.60 6.00%
12/31/1996 1.010256 1,859.275 1,878.34 0.00002 0.037965557 1,878.34 2,304.60 6.00%
01/02/1997 1.000000 1,859.275 1,859.28 0.00000 0.002459858 1,859.28 2,304.60 6.00%
01/31/1997 1.009191 1,859.275 1,876.36 0.00002 0.035667946 1,876.36 2,304.60 6.00%
02/28/1997 1.031590 1,859.275 1,918.01 0.00002 0.034401713 1,918.01 2,304.60 6.00%
03/31/1997 1.039864 1,859.275 1,933.39 0.00002 0.038932965 1,933.39 2,304.60 6.00%
04/30/1997 1.047569 1,859.275 1,947.72 0.00002 0.037979257 1,947.72 2,304.60 6.00%
05/31/1997 1.111912 1,859.275 2,067.35 0.00002 0.039536025 2,067.35 2,304.60 6.00%
06/30/1997 1.169078 1,859.275 2,173.64 0.00002 0.040610687 2,173.64 2,304.60 6.00%
07/31/1997 1.207472 1,859.275 2,245.02 0.00002 0.044121864 2,245.02 2,304.60 6.00%
08/31/1997 1.115454 1,859.275 2,073.94 0.00002 0.045570881 2,073.94 2,304.60 6.00%
09/30/1997 1.196243 1,859.275 2,224.14 0.00002 0.040740053 2,224.14 2,304.60 6.00%
10/31/1997 1.111321 1,859.275 2,066.25 0.00002 0.045147091 2,066.25 2,304.60 6.00%
11/30/1997 1.105041 1,859.275 2,054.58 0.00002 0.040589102 2,054.58 2,304.60 6.00%
12/31/1997 1.113081 1,859.275 2,069.52 0.00002 0.04170506 2,069.52 2,304.60 6.00%
01/31/1998 1.148432 1,859.275 2,135.25 0.00002 0.042008496 2,135.25 2,304.60 6.00%
02/28/1998 1.211928 1,859.275 2,253.31 0.00002 0.039148217 2,253.31 2,304.60 6.00%
03/31/1998 1.265526 1,859.275 2,352.96 0.00002 0.045739054 2,352.96 2,304.60 6.00%
04/30/1998 1.299766 1,859.275 2,416.62 0.00002 0.046221176 2,416.62 2,304.60 6.00%
05/31/1998 1.296617 1,859.275 2,410.77 0.00002 0.049054125 2,410.77 2,304.60 6.00%
06/30/1998 1.282761 1,859.275 2,385.01 0.00002 0.047356722 2,385.01 2,304.60 6.00%
07/31/1998 1.291352 1,859.275 2,400.98 0.00002 0.048412344 2,400.98 2,304.60 6.00%
08/31/1998 1.055320 1,859.275 1,962.13 0.00002 0.048736574 1,962.13 2,304.60 6.00%
09/30/1998 1.053007 1,859.275 1,957.83 0.00002 0.038543761 1,957.83 2,304.60 6.00%
10/31/1998 1.147963 1,859.275 2,134.38 0.00002 0.039741259 2,134.38 2,304.60 6.00%
11/30/1998 1.214212 1,859.275 2,257.55 0.00002 0.041927388 2,257.55 2,304.60 6.00%
12/31/1998 1.239514 1,859.275 2,304.60 0.00002 0.045825254 2,304.60 2,304.60 6.00%
12/31/1998 2,304.60
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/28/1987 100.00% 2,304.60 11.9315 7.25% 7.25% 2,304.60 2,304.60 12
01/31/1987 100.00% 2,304.60 11.9233 7.25% 7.25% 2,304.83 2,304.83 12
02/28/1987 100.00% 2,304.60 11.8466 7.30% 7.30% 2,304.74 2,304.74 12
03/31/1987 100.00% 2,304.60 11.7616 6.97% 6.97% 2,207.83 2,207.83 12
04/30/1987 100.00% 2,304.60 11.6795 6.38% 6.38% 2,060.26 2,060.26 12
05/31/1987 100.00% 2,304.60 11.5945 6.57% 6.57% 2,092.31 2,092.31 12
06/30/1987 100.00% 2,304.60 11.5123 7.10% 7.10% 2,202.09 2,202.09 12
07/31/1987 100.00% 2,304.60 11.4274 7.27% 7.27% 2,229.90 2,229.90 12
08/31/1987 100.00% 2,304.60 11.3425 6.54% 6.54% 2,050.67 2,050.67 12
09/30/1987 100.00% 2,304.60 11.2603 6.81% 6.81% 2,099.18 2,099.18 12
10/31/1987 100.00% 2,304.60 11.1753 9.14% 9.14% 2,656.30 2,656.30 12
11/30/1987 100.00% 2,304.60 11.0932 9.13% 9.13% 2,634.94 2,634.94 12
12/31/1987 100.00% 2,304.60 11.0082 8.54% 8.54% 2,464.12 2,464.12 12
01/31/1988 100.00% 2,304.60 10.9233 8.96% 8.96% 2,554.25 2,554.25 11
02/29/1988 100.00% 2,304.60 10.8438 8.78% 8.78% 2,490.55 2,490.55 11
03/31/1988 100.00% 2,304.60 10.7589 8.41% 8.41% 2,385.01 2,385.01 11
04/30/1988 100.00% 2,304.60 10.6767 8.33% 8.33% 2,348.65 2,348.65 11
05/31/1988 100.00% 2,304.60 10.5918 8.60% 8.60% 2,394.96 2,394.96 11
06/30/1988 100.00% 2,304.60 10.5096 8.86% 8.86% 2,440.36 2,440.36 11
07/31/1988 100.00% 2,304.60 10.4247 9.02% 9.02% 2,461.10 2,461.10 11
08/31/1988 100.00% 2,304.60 10.3397 9.49% 9.49% 2,553.17 2,553.17 11
09/30/1988 100.00% 2,304.60 10.2575 9.13% 9.13% 2,450.65 2,450.65 11
10/31/1988 100.00% 2,304.60 10.1726 8.76% 8.76% 2,349.19 2,349.19 11
11/30/1988 100.00% 2,304.60 10.0904 8.65% 8.65% 2,309.60 2,309.60 11
12/31/1988 100.00% 2,304.60 10.0055 8.72% 8.72% 2,307.48 2,307.48 11
01/31/1989 100.00% 2,304.60 9.9205 8.49% 8.49% 2,243.30 2,243.30 10
02/28/1989 100.00% 2,304.60 9.8438 8.38% 8.38% 2,207.24 2,207.24 10
03/31/1989 100.00% 2,304.60 9.7589 8.47% 8.47% 2,211.59 2,211.59 10
04/30/1989 100.00% 2,304.60 9.6767 8.23% 8.23% 2,150.32 2,150.32 10
05/31/1989 100.00% 2,304.60 9.5918 8.75% 8.75% 2,235.41 2,235.41 10
06/30/1989 100.00% 2,304.60 9.5096 8.88% 8.88% 2,246.35 2,246.35 10
07/31/1989 100.00% 2,304.60 9.4247 7.95% 7.95% 2,056.19 2,056.19 10
08/31/1989 100.00% 2,304.60 9.3397 8.12% 8.12% 2,073.02 2,073.02 10
09/30/1989 100.00% 2,304.60 9.2575 7.50% 7.50% 1,953.58 1,953.58 10
10/31/1989 100.00% 2,304.60 9.1726 8.24% 8.24% 2,068.17 2,068.17 10
11/30/1989 100.00% 2,304.60 9.0904 7.71% 7.71% 1,964.26 1,964.26 10
12/31/1989 100.00% 2,304.60 9.0055 7.07% 7.07% 1,849.83 1,849.83 10
01/31/1990 90.00% 2,304.60 8.9205 7.31% 7.31% 1,877.00 1,877.00 9
02/28/1990 90.00% 2,304.60 8.8438 7.68% 7.68% 1,923.76 1,923.76 9
03/31/1990 90.00% 2,304.60 8.7589 7.31% 7.31% 1,855.59 1,855.59 9
04/30/1990 90.00% 2,304.60 8.6767 7.33% 7.33% 1,847.25 1,847.25 9
05/31/1990 90.00% 2,304.60 8.5918 6.63% 6.63% 1,735.66 1,735.66 9
06/30/1990 90.00% 2,304.60 8.5096 6.43% 6.43% 1,699.72 1,699.72 9
07/31/1990 90.00% 2,304.60 8.4247 5.89% 5.89% 1,619.47 1,619.47 9
08/31/1990 90.00% 2,304.60 8.3397 7.34% 7.34% 1,805.27 1,805.27 9
09/30/1990 90.00% 2,304.60 8.2575 8.74% 8.74% 1,997.09 1,997.09 9
10/31/1990 90.00% 2,304.60 8.1726 7.67% 7.67% 1,828.70 1,828.70 9
11/30/1990 90.00% 2,304.60 8.0904 8.18% 8.18% 1,889.17 1,889.17 9
12/31/1990 90.00% 2,304.60 8.0055 8.38% 8.38% 1,904.91 1,904.91 9
01/31/1991 80.00% 2,304.60 7.9205 8.36% 8.36% 1,888.66 1,888.66 8
02/28/1991 80.00% 2,304.60 7.8438 8.00% 8.00% 1,828.80 1,828.80 8
03/31/1991 80.00% 2,304.60 7.7589 8.52% 8.52% 1,885.97 1,885.97 8
04/30/1991 80.00% 2,304.60 7.6767 8.32% 8.32% 1,847.24 1,847.24 8
05/31/1991 80.00% 2,304.60 7.5918 8.40% 8.40% 1,844.80 1,844.80 8
06/30/1991 80.00% 2,304.60 7.5096 9.33% 9.33% 1,953.98 1,953.98 8
07/31/1991 80.00% 2,304.60 7.4247 8.74% 8.74% 1,863.49 1,863.49 8
08/31/1991 80.00% 2,304.60 7.3397 8.82% 8.82% 1,859.50 1,859.50 8
09/30/1991 80.00% 2,304.60 7.2575 8.34% 8.34% 1,788.49 1,788.49 8
10/31/1991 80.00% 2,304.60 7.1726 8.35% 8.35% 1,778.10 1,778.10 8
11/30/1991 80.00% 2,304.60 7.0904 9.03% 9.03% 1,846.12 1,846.12 8
12/31/1991 80.00% 2,304.60 7.0055 8.63% 8.63% 1,785.90 1,785.90 8
01/31/1992 70.00% 2,304.60 6.9205 8.57% 8.57% 1,766.19 1,766.19 7
02/29/1992 70.00% 2,304.60 6.8411 9.02% 9.02% 1,805.60 1,805.60 7
03/31/1992 70.00% 2,304.60 6.7562 9.49% 9.49% 1,845.05 1,845.05 7
04/30/1992 70.00% 2,304.60 6.6740 8.64% 8.64% 1,738.68 1,738.68 7
05/31/1992 70.00% 2,304.60 6.5890 8.07% 8.07% 1,667.83 1,667.83 7
06/30/1992 70.00% 2,304.60 6.5068 8.51% 8.51% 1,701.40 1,701.40 7
07/31/1992 70.00% 2,304.60 6.4219 9.77% 9.77% 1,819.38 1,819.38 7
08/31/1992 70.00% 2,304.60 6.3370 10.07% 10.07% 1,837.16 1,837.16 7
09/30/1992 70.00% 2,304.60 6.2548 10.96% 10.96% 1,916.32 1,916.32 7
10/31/1992 70.00% 2,304.60 6.1699 12.42% 12.42% 2,059.18 2,059.18 7
11/30/1992 70.00% 2,304.60 6.0877 12.72% 12.72% 2,072.29 2,072.29 7
12/31/1992 70.00% 2,304.60 6.0027 12.48% 12.48% 2,025.86 2,025.86 7
01/31/1993 60.00% 2,304.60 5.9178 12.15% 12.15% 1,971.53 1,971.53 6
02/28/1993 60.00% 2,304.60 5.8411 11.97% 11.97% 1,935.47 1,935.47 6
03/31/1993 60.00% 2,304.60 5.7562 10.88% 10.88% 1,811.71 1,811.71 6
04/30/1993 60.00% 2,304.60 5.6740 9.81% 9.81% 1,700.44 1,700.44 6
05/31/1993 60.00% 2,304.60 5.5890 9.57% 9.57% 1,666.37 1,666.37 6
06/30/1993 60.00% 2,304.60 5.5068 10.24% 10.24% 1,710.36 1,710.36 6
07/31/1993 60.00% 2,304.60 5.4219 9.64% 9.64% 1,647.10 1,647.10 6
08/31/1993 60.00% 2,304.60 5.3370 8.75% 8.75% 1,564.70 1,564.70 6
09/30/1993 60.00% 2,304.60 5.2548 9.03% 9.03% 1,574.89 1,574.89 6
10/31/1993 60.00% 2,304.60 5.1699 8.46% 8.46% 1,521.39 1,521.39 6
11/30/1993 60.00% 2,304.60 5.0877 9.55% 9.55% 1,590.15 1,590.15 6
12/31/1993 60.00% 2,304.60 5.0027 8.34% 8.34% 1,493.03 1,493.03 6
01/31/1994 50.00% 2,294.79 4.9178 7.03% 7.13% 1,397.01 1,402.98 5
02/28/1994 50.00% 2,295.40 4.8411 7.57% 7.66% 1,423.85 1,429.55 5
03/31/1994 50.00% 2,296.24 4.7562 8.32% 8.40% 1,462.21 1,467.53 5
04/30/1994 50.00% 2,295.23 4.6740 7.73% 7.82% 1,416.17 1,421.96 5
05/31/1994 50.00% 2,295.66 4.5890 8.20% 8.29% 1,435.64 1,441.23 5
06/30/1994 50.00% 2,296.03 4.5068 8.64% 8.73% 1,452.76 1,458.18 5
07/31/1994 50.00% 2,295.23 4.4219 8.19% 8.29% 1,416.28 1,422.06 5
08/31/1994 50.00% 2,294.89 4.3370 8.09% 8.19% 1,401.21 1,407.14 5
09/30/1994 50.00% 2,295.78 4.2548 8.96% 9.06% 1,440.83 1,446.37 5
10/31/1994 50.00% 2,295.15 4.1699 8.64% 8.75% 1,412.89 1,418.71 5
11/30/1994 50.00% 2,296.42 4.0877 9.90% 9.99% 1,470.85 1,476.09 5
12/31/1994 50.00% 2,296.63 4.0027 10.31% 10.40% 1,481.02 1,486.16 5
01/31/1995 40.00% 2,282.08 3.9178 11.60% 11.88% 1,537.03 1,552.19 4
02/28/1995 40.00% 2,281.98 3.8411 11.79% 12.08% 1,534.39 1,549.60 4
03/31/1995 40.00% 2,280.21 3.7562 11.18% 11.49% 1,488.94 1,504.86 4
04/30/1995 40.00% 2,278.53 3.6740 10.60% 10.94% 1,447.95 1,464.52 4
05/31/1995 40.00% 2,277.72 3.5890 10.46% 10.82% 1,429.11 1,445.97 4
06/30/1995 40.00% 2,277.19 3.5068 10.45% 10.83% 1,417.00 1,434.06 4
07/31/1995 40.00% 2,274.40 3.4219 9.32% 9.74% 1,356.45 1,374.46 4
08/31/1995 40.00% 2,276.33 3.3370 10.56% 10.97% 1,397.90 1,415.25 4
09/30/1995 40.00% 2,275.45 3.2548 10.37% 10.80% 1,378.67 1,396.33 4
10/31/1995 40.00% 2,276.83 3.1699 11.42% 11.85% 1,408.84 1,426.02 4
11/30/1995 40.00% 2,276.14 3.0877 11.35% 11.80% 1,393.67 1,411.09 4
12/31/1995 40.00% 2,274.24 3.0027 10.60% 11.08% 1,353.09 1,371.15 4
01/31/1996 30.00% 2,243.45 2.9178 9.74% 10.76% 1,311.56 1,347.31 3
02/29/1996 30.00% 2,243.32 2.8384 9.98% 11.03% 1,309.90 1,345.68 3
03/31/1996 30.00% 2,241.86 2.7534 9.71% 10.82% 1,290.68 1,326.80 3
04/30/1996 30.00% 2,239.07 2.6712 8.89% 10.07% 1,255.45 1,292.19 3
05/31/1996 30.00% 2,239.12 2.5863 9.22% 10.44% 1,256.10 1,292.83 3
06/30/1996 30.00% 2,238.45 2.5041 9.25% 10.52% 1,247.87 1,284.74 3
07/31/1996 30.00% 2,241.76 2.4192 11.07% 12.35% 1,289.30 1,325.44 3
08/31/1996 30.00% 2,241.08 2.3342 11.18% 12.52% 1,280.67 1,316.97 3
09/30/1996 30.00% 2,238.13 2.2521 10.18% 11.62% 1,243.97 1,280.92 3
10/31/1996 30.00% 2,239.32 2.1671 11.20% 12.68% 1,258.57 1,295.25 3
11/30/1996 30.00% 2,233.86 2.0849 8.89% 10.53% 1,194.35 1,232.17 3
12/31/1996 30.00% 2,233.38 2.0000 9.04% 10.77% 1,189.02 1,226.93 3
01/02/1997 20.00% 2,220.70 1.9945 9.31% 11.37% 1,194.39 1,239.51 2
01/31/1997 20.00% 2,219.67 1.9151 9.17% 11.33% 1,182.96 1,228.23 2
02/28/1997 20.00% 2,217.17 1.8384 8.20% 10.50% 1,155.98 1,201.56 2
03/31/1997 20.00% 2,216.25 1.7534 8.10% 10.54% 1,146.30 1,192.00 2
04/30/1997 20.00% 2,215.39 1.6712 8.01% 10.59% 1,137.43 1,183.23 2
05/31/1997 20.00% 2,208.21 1.5863 4.24% 7.09% 1,068.14 1,114.76 2
06/30/1997 20.00% 2,201.83 1.5041 0.86% 3.97% 1,012.97 1,060.25 2
07/31/1997 20.00% 2,197.55 1.4192 -1.49% 1.86% 978.85 1,026.54 2
08/31/1997 20.00% 2,207.82 1.3342 4.80% 8.22% 1,064.55 1,111.22 2
09/30/1997 20.00% 2,198.80 1.2521 -0.91% 2.88% 988.61 1,036.17 2
10/31/1997 20.00% 2,208.28 1.1671 5.86% 9.81% 1,068.74 1,115.35 2
11/30/1997 20.00% 2,208.98 1.0849 6.91% 11.17% 1,075.15 1,121.69 2
12/31/1997 20.00% 2,208.08 1.0000 6.70% 11.36% 1,066.95 1,113.59 2
01/31/1998 10.00% 2,190.31 0.9151 2.58% 7.93% 1,023.57 1,072.34 1
02/28/1998 10.00% 2,183.23 0.8384 -3.11% 2.28% 973.86 1,019.05 1
03/31/1998 10.00% 2,177.25 0.7534 -7.47% -2.06% 943.20 984.47 1
04/30/1998 10.00% 2,173.43 0.6712 -10.06% -4.64% 931.28 968.64 1
05/31/1998 10.00% 2,173.78 0.5863 -9.83% -4.40% 941.13 973.94 1
06/30/1998 10.00% 2,175.32 0.5041 -8.79% -3.37% 954.67 982.86 1
07/31/1998 10.00% 2,174.37 0.4192 -9.44% -4.01% 959.29 982.97 1
08/31/1998 10.00% 2,200.70 0.3342 12.16% 17.45% 1,039.09 1,055.24 1
09/30/1998 10.00% 2,200.96 0.2521 12.42% 17.71% 1,029.95 1,041.97 1
10/31/1998 10.00% 2,190.36 0.1671 2.62% 7.98% 1,004.34 1,012.90 1
11/30/1998 10.00% 2,182.97 0.0849 -3.30% 2.08% 997.15 1,001.75 1
12/31/1998 10.00% 2,180.15 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT
OVERSEAS INCOME -----------------------------
FUND 124 Surrender
PERFORMANCE CALCULATIONS provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.537844 -----------------------------
Units purchased 1,859.275 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,257.55 2,182.97 2,304.60 -3.30% 2.08%
09/30/1998 0.25 0.25 3 mths 1,957.83 2,200.96 2,304.60 12.42% 17.71%
12/31/1997 1.00 1.00 YTD 2,069.52 2,208.08 2,304.60 6.70% 11.36%
12/31/1997 1.00 1.00 1 Year 2,069.52 2,208.08 2,304.60 6.70% 11.36%
12/31/1996 2.00 2.00 2 Year 1,878.34 2,233.38 2,304.60 9.04% 10.77%
12/31/1995 3.00 3.00 3 Year 1,680.78 2,274.24 2,304.60 10.59% 11.08%
12/31/1994 4.00 4.00 4 Year 1,550.71 2,296.63 2,304.60 10.31% 10.40%
12/31/1993 5.00 5.00 5 Year 1,543.58 2,304.60 2,304.60 8.34% 8.34%
12/31/1988 10.01 10.00 10 Year 998.75 2,304.60 2,304.60 8.72% 8.72%
01/28/1987 11.93 11.93 Portfolio Inc Dt 1,000.00 2,304.60 2,304.60 7.25% 7.25%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,859.28 2,220.70 2,304.60 9.31% 11.37%
12/31/1992 1,137.59
12/31/1993 1 1,543.58 35.69%
12/31/1994 1 1,550.71 0.46%
12/31/1995 1 1,680.78 8.39%
12/31/1996 1 1,878.34 11.75%
12/31/1997 1 2,069.52 10.18%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
OVERSEAS INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/28/1987 0 100 10 1,000.00
01/31/1987 1000 0 10 100 10 1,000.00 0.00%
02/28/1987 1000 0 10 100 10.01 1,001.00 0.10%
03/31/1987 1001 0 10 100 10.46 1,046.00 4.50%
04/30/1987 1046 0 10 100 11.22 1,122.00 7.27%
05/31/1987 1122 0 10 100 11.06 1,106.00 -1.43%
06/30/1987 1106 0 10 100 10.52 1,052.00 -4.88%
07/31/1987 1052 0 10 100 10.4 1,040.00 -1.14%
08/31/1987 1040 0 10 100 11.32 1,132.00 8.85%
09/30/1987 1132 0 10 100 11.07 1,107.00 -2.21%
10/31/1987 1107 0 10 100 8.76 876.00 -20.87%
11/30/1987 876 0 10 100 8.84 884.00 0.91%
12/31/1987 884 0.11 9.17 101.2 9.35 946.22 7.04%
01/31/1988 946.22 0 10 101.2 9.03 913.84 -3.42%
02/29/1988 913.84 0 10 101.2 9.27 938.12 2.66%
03/31/1988 938.12 0 10 101.2 9.69 980.63 4.53%
04/30/1988 980.63 0 10 101.2 9.85 996.82 1.65%
05/31/1988 996.82 0 10 101.2 9.67 978.60 -1.83%
06/30/1988 978.6 0 10 101.2 9.50 961.40 -1.76%
07/31/1988 961.4 0 10 101.2 9.43 954.32 -0.74%
08/31/1988 954.32 0 10 101.2 9.10 920.92 -3.50%
09/30/1988 920.92 0 10 101.2 9.49 960.39 4.29%
10/31/1988 960.39 0 10 101.2 9.91 1,002.89 4.43%
11/30/1988 1002.89 0 10 101.2 10.09 1,021.11 1.82%
12/31/1988 1021.11 0 10 101.2 10.11 1,023.13 0.20%
01/31/1989 1023.13 0 10 101.2 10.41 1,053.49 2.97%
02/28/1989 1053.49 0 10 101.2 10.59 1,071.71 1.73%
03/31/1989 1071.71 0.08 10.44 101.975 10.50 1,070.74 -0.09%
04/30/1989 1070.74 0 10 101.975 10.81 1,102.35 2.95%
05/31/1989 1102.35 0 10 101.975 10.41 1,061.56 -3.70%
06/30/1989 1061.56 0 10 101.975 10.37 1,057.48 -0.38%
07/31/1989 1057.48 0 10 101.975 11.34 1,156.40 9.35%
08/31/1989 1156.4 0 10 101.975 11.26 1,148.24 -0.71%
09/30/1989 1148.24 0 10 101.975 11.96 1,219.62 6.22%
10/31/1989 1219.62 0 10 101.975 11.31 1,153.34 -5.43%
11/30/1989 1153.34 0 10 101.975 11.92 1,215.54 5.39%
12/31/1989 1215.54 0 10 101.975 12.67 1,292.02 6.29%
01/31/1990 1292.02 0 10 101.975 12.50 1,274.69 -1.34%
02/28/1990 1274.69 0.04 12.73 102.295 12.17 1,244.93 -2.33%
03/31/1990 1244.93 0 10 102.295 12.63 1,291.99 3.78%
04/30/1990 1291.99 0 10 102.295 12.70 1,299.15 0.55%
05/31/1990 1299.15 0 10 102.295 13.53 1,384.05 6.54%
06/30/1990 1384.05 0 10 102.295 13.83 1,414.74 2.22%
07/31/1990 1414.74 0 10 102.295 14.53 1,486.35 5.06%
08/31/1990 1486.35 0 10 102.295 13.05 1,334.95 -10.19%
09/30/1990 1334.95 0 10 102.295 11.81 1,208.10 -9.50%
10/31/1990 1208.1 0 10 102.295 12.91 1,320.63 9.31%
11/30/1990 1320.63 0 10 102.295 12.51 1,279.71 -3.10%
12/31/1990 1279.71 0 10 102.295 12.42 1,270.50 -0.72%
01/31/1991 1270.5 0 10 102.295 12.54 1,282.78 0.97%
02/28/1991 1282.78 0.31 12.55 104.822 12.65 1,326.00 3.37%
03/31/1991 1326 0 10 104.822 12.28 1,287.21 -2.93%
04/30/1991 1287.21 0 10 104.822 12.55 1,315.52 2.20%
05/31/1991 1315.52 0 10 104.822 12.58 1,318.66 0.24%
06/30/1991 1318.66 0 10 104.822 11.89 1,246.33 -5.49%
07/31/1991 1246.33 0 10 104.822 12.48 1,308.18 4.96%
08/31/1991 1308.18 0 10 104.822 12.52 1,312.37 0.32%
09/30/1991 1312.37 0 10 104.822 13.03 1,365.83 4.07%
10/31/1991 1365.83 0 10 104.822 13.12 1,375.26 0.69%
11/30/1991 1375.26 0 10 104.822 12.65 1,326.00 -3.58%
12/31/1991 1326 0 10 104.822 13.09 1,372.12 3.48%
01/31/1992 1372.12 0 10 104.822 13.25 1,388.89 1.22%
02/29/1992 1388.89 0.18 13.25 106.246 12.80 1,359.95 -2.08%
03/31/1992 1359.95 0 10 106.246 12.54 1,332.32 -2.03%
04/30/1992 1332.32 0 10 106.246 13.32 1,415.20 6.22%
05/31/1992 1415.2 0 10 106.246 13.90 1,476.82 4.35%
06/30/1992 1476.82 0 10 106.246 13.64 1,449.20 -1.87%
07/31/1992 1449.2 0 10 106.246 12.77 1,356.76 -6.38%
08/31/1992 1356.76 0 10 106.246 12.66 1,345.07 -0.86%
09/30/1992 1345.07 0 10 106.246 12.15 1,290.89 -4.03%
10/31/1992 1290.89 0 10 106.246 11.32 1,202.70 -6.83%
11/30/1992 1202.7 0 10 106.246 11.26 1,196.33 -0.53%
12/31/1992 1196.33 0 10 106.246 11.53 1,225.02 2.40%
01/31/1993 1225.02 0 10 106.246 11.86 1,260.08 2.86%
02/28/1993 1260.08 0.27 11.72 108.694 11.82 1,284.76 1.96%
03/31/1993 1284.76 0 10 108.694 12.64 1,373.89 6.94%
04/30/1993 1373.89 0 10 108.694 13.48 1,465.20 6.65%
05/31/1993 1465.2 0 10 108.694 13.77 1,496.72 2.15%
06/30/1993 1496.72 0 10 108.694 13.43 1,459.76 -2.47%
07/31/1993 1459.76 0 10 108.694 13.96 1,517.37 3.95%
08/31/1993 1517.37 0 10 108.694 14.71 1,598.89 5.37%
09/30/1993 1598.89 0 10 108.694 14.63 1,590.19 -0.54%
10/31/1993 1590.19 0 10 108.694 15.16 1,647.80 3.62%
11/30/1993 1647.8 0 10 108.694 14.52 1,578.24 -4.22%
12/31/1993 1578.24 0 10 108.694 15.48 1,682.58 6.61%
01/31/1994 1682.58 0 10 108.694 16.49 1,792.36 6.52%
02/28/1994 1792.36 0.08 16.29 109.228 16.12 1,760.76 -1.76%
03/31/1994 1760.76 0 10 109.228 15.72 1,717.06 -2.48%
04/30/1994 1717.06 0 10 109.228 16.24 1,773.86 3.31%
05/31/1994 1773.86 0 10 109.228 16.04 1,752.02 -1.23%
06/30/1994 1752.02 0 10 109.228 15.87 1,733.45 -1.06%
07/31/1994 1733.45 0 10 109.228 16.29 1,779.32 2.65%
08/31/1994 1779.32 0 10 109.228 16.48 1,800.08 1.17%
09/30/1994 1800.08 0 10 109.228 16.05 1,753.11 -2.61%
10/31/1994 1753.11 0 10 109.228 16.38 1,789.15 2.06%
11/30/1994 1789.15 0 10 109.228 15.76 1,721.43 -3.79%
12/31/1994 1721.43 0 10 109.228 15.67 1,711.60 -0.57%
01/31/1995 1711.6 0 10 109.228 15.02 1,640.60 -4.15%
02/28/1995 1640.6 0.12 15 110.102 14.94 1,644.92 0.26%
03/31/1995 1644.92 0 10 110.102 15.40 1,695.57 3.08%
04/30/1995 1695.57 0 10 110.102 15.84 1,744.02 2.86%
05/31/1995 1744.02 0 10 110.102 16.06 1,768.24 1.39%
06/30/1995 1768.24 0 10 110.102 16.21 1,784.75 0.93%
07/31/1995 1784.75 0 10 110.102 16.93 1,864.03 4.44%
08/31/1995 1864.03 0 10 110.102 16.46 1,812.28 -2.78%
09/30/1995 1812.28 0 10 110.102 16.70 1,838.70 1.46%
10/31/1995 1838.7 0 10 110.102 16.37 1,802.37 -1.98%
11/30/1995 1802.37 0 10 110.102 16.56 1,823.29 1.16%
12/31/1995 1823.29 0 10 110.102 17.06 1,878.34 3.02%
01/31/1996 1878.34 0 10 110.102 17.38 1,913.57 1.88%
02/29/1996 1913.57 0.42 17.07 112.811 17.00 1,917.79 0.22%
03/31/1996 1917.79 0 10 112.811 17.26 1,947.12 1.53%
04/30/1996 1947.12 0 10 112.811 17.74 2,001.27 2.78%
05/31/1996 2001.27 0 10 112.811 17.75 2,002.40 0.06%
06/30/1996 2002.4 0 10 112.811 17.88 2,017.06 0.73%
07/31/1996 2017.06 0 10 112.811 17.35 1,957.27 -2.96%
08/31/1996 1957.27 0 10 112.811 17.48 1,971.94 0.75%
09/30/1996 1971.94 0 10 112.811 17.99 2,029.47 2.92%
10/31/1996 2029.47 0 10 112.811 17.81 2,009.16 -1.00%
11/30/1996 2009.16 0 10 112.811 18.74 2,114.08 5.22%
12/31/1996 2114.08 0 10 112.811 18.84 2,125.36 0.53%
01/02/1997 2125.36 0 10 112.811 18.65 2,103.93 -1.01%
01/31/1997 2103.93 0 10 112.811 18.84 2,125.36 1.02%
02/28/1997 2125.36 1.64 17.33 123.487 17.61 2,174.61 2.32%
03/31/1997 2174.61 0 10 123.487 17.77 2,194.36 0.91%
04/30/1997 2194.36 0 10 123.487 17.92 2,212.89 0.84%
05/31/1997 2212.89 0 10 123.487 19.04 2,351.19 6.25%
06/30/1997 2351.19 0 10 123.487 20.04 2,474.68 5.25%
07/31/1997 2474.68 0 10 123.487 20.72 2,558.65 3.39%
08/31/1997 2558.65 0 10 123.487 19.16 2,366.01 -7.53%
09/30/1997 2366.01 0 10 123.487 20.57 2,540.13 7.36%
10/31/1997 2540.13 0 10 123.487 19.13 2,362.31 -7.00%
11/30/1997 2362.31 0 10 123.487 19.04 2,351.19 -0.47%
12/31/1997 2351.19 0 10 123.487 19.20 2,370.95 0.84%
01/31/1998 2370.95 0 10 123.487 19.83 2,448.75 3.28%
02/28/1998 2448.75 1.5 18.82 133.329 19.40 2,586.58 5.63%
03/31/1998 2586.58 0 10 133.329 20.28 2,703.91 4.54%
04/30/1998 2703.91 0 10 133.329 20.85 2,779.91 2.81%
05/31/1998 2779.91 0 10 133.329 20.82 2,775.91 -0.14%
06/30/1998 2775.91 0 10 133.329 20.62 2,749.24 -0.96%
07/31/1998 2749.24 0 10 133.329 20.78 2,770.58 0.78%
08/31/1998 2770.58 0 10 133.329 17.00 2,266.59 -18.19%
09/30/1998 2266.59 0 10 133.329 16.98 2,263.93 -0.12%
10/31/1998 2263.93 0 10 133.329 18.53 2,470.59 9.13%
11/30/1998 2470.59 0 10 133.329 19.62 2,615.91 5.88%
12/31/1998 2615.91 0 10 133.329 20.06 2,674.58 2.24%
1.26393
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
01/28/1987 1,000.00 0.537844
01/31/1987 0.00010 0.102739726 999.90 (0.00) 0.537789
02/28/1987 0.00096 0.958805592 999.94 (0.00) 0.537811
03/31/1987 0.00106 1.061578387 1,043.83 0.00 0.561417
04/30/1987 0.00103 1.072427103 1,118.60 0.00 0.601631
05/31/1987 0.00106 1.187553609 1,101.46 0.00 0.592413
06/30/1987 0.00103 1.131636812 1,046.55 0.00 0.56288
07/31/1987 0.00106 1.111063214 1,033.50 0.00 0.555862
08/31/1987 0.00106 1.097209935 1,123.83 0.00 0.604444
09/30/1987 0.00103 1.154618679 1,097.85 0.00 0.590474
10/31/1987 0.00106 1.165530661 867.60 0.00 0.466632
11/30/1987 0.00103 0.891367323 874.63 0.00 0.470414
12/31/1987 0.00106 0.928544938 935.26 0.00 0.503024
01/31/1988 0.00106 0.992914433 902.26 0.00 0.485276
02/29/1988 0.00099 0.896083545 925.34 0.00 0.497687
03/31/1988 0.00106 0.98238126 966.29 0.00 0.519711
04/30/1988 0.00103 0.992761914 981.25 0.00 0.527757
05/31/1988 0.00106 1.041736657 962.27 0.00 0.51755
06/30/1988 0.00103 0.988635204 944.37 0.00 0.507922
07/31/1988 0.00106 1.00258454 936.41 0.00 0.503642
08/31/1988 0.00106 0.994136858 902.65 0.00 0.48548
09/30/1988 0.00103 0.927375386 940.40 0.00 0.505789
10/31/1988 0.00106 0.998374919 981.02 0.00 0.527635
11/30/1988 0.00103 1.007899299 997.84 0.00 0.536679
12/31/1988 0.00106 1.059347285 998.75 0.00 0.537171
01/31/1989 0.00106 1.060318278 1,027.33 0.00 0.552541
02/28/1989 0.00096 0.985108744 1,044.11 0.00 0.561567
03/31/1989 0.00106 1.108473059 1,042.06 0.00 0.560463
04/30/1989 0.00103 1.070606111 1,071.75 0.00 0.576433
05/31/1989 0.00106 1.137815961 1,030.95 0.00 0.554491
06/30/1989 0.00103 1.059199033 1,025.93 0.00 0.55179
07/31/1989 0.00106 1.089174552 1,120.81 0.00 0.60282
08/31/1989 0.00106 1.189903044 1,111.71 0.00 0.597926
09/30/1989 0.00103 1.142171014 1,179.68 0.00 0.634482
10/31/1989 0.00106 1.252400283 1,114.32 0.00 0.599328
11/30/1989 0.00103 1.144847653 1,173.27 0.00 0.631034
12/31/1989 0.00106 1.245593893 1,245.84 0.00 0.670068
01/31/1990 0.00106 1.322642463 1,227.81 0.00 0.660369
02/28/1990 0.00096 1.177352622 1,197.97 0.00 0.644318
03/31/1990 0.00106 1.271815051 1,241.98 0.00 0.66799
04/30/1990 0.00103 1.276007542 1,247.59 0.00 0.671006
05/31/1990 0.00106 1.324493603 1,327.79 0.00 0.714144
06/30/1990 0.00103 1.364171301 1,355.87 0.00 0.729246
07/31/1990 0.00106 1.43945293 1,423.06 0.00 0.765384
08/31/1990 0.00106 1.510785639 1,276.60 0.00 0.686609
09/30/1990 0.00103 1.311573583 1,153.98 0.00 0.62066
10/31/1990 0.00106 1.225117268 1,260.25 0.00 0.677813
11/30/1990 0.00103 1.294772637 1,219.90 0.01 0.656114
12/31/1990 0.00106 1.29510104 1,209.83 0.01 0.650695
01/31/1991 0.00106 1.284405336 1,220.24 0.01 0.656293
02/28/1991 0.00096 1.170089432 1,260.18 0.01 0.677776
03/31/1991 0.00106 1.337861029 1,221.98 0.01 0.657229
04/30/1991 0.00103 1.255455215 1,247.60 0.01 0.671008
05/31/1991 0.00106 1.32450287 1,249.25 0.01 0.671897
06/30/1991 0.00103 1.283475639 1,179.44 0.01 0.634352
07/31/1991 0.00106 1.252148799 1,236.72 0.01 0.665159
08/31/1991 0.00106 1.312958225 1,239.37 0.01 0.666583
09/30/1991 0.00103 1.273325453 1,288.58 0.01 0.693052
10/31/1991 0.00106 1.368016303 1,296.11 0.01 0.697101
11/30/1991 0.00103 1.331621663 1,248.36 0.01 0.671416
12/31/1991 0.00106 1.325308513 1,290.45 0.01 0.694056
01/31/1992 0.00106 1.369997457 1,304.85 0.01 0.701802
02/29/1992 0.00099 1.295913707 1,276.37 0.01 0.686482
03/31/1992 0.00106 1.355046341 1,249.08 0.01 0.671806
04/30/1992 0.00103 1.283300701 1,325.50 0.01 0.712907
05/31/1992 0.00106 1.407206647 1,381.80 0.01 0.743191
06/30/1992 0.00103 1.419662567 1,354.54 0.01 0.728528
07/31/1992 0.00106 1.43804142 1,266.70 0.01 0.681284
08/31/1992 0.00106 1.344786504 1,254.44 0.01 0.674691
09/30/1992 0.00103 1.288811598 1,202.62 0.01 0.646821
10/31/1992 0.00106 1.276759375 1,119.19 0.01 0.601945
11/30/1992 0.00103 1.149850913 1,112.11 0.01 0.598138
12/31/1992 0.00106 1.180665452 1,137.60 0.01 0.611847
01/31/1993 0.00106 1.207726344 1,168.95 0.01 0.628708
02/28/1993 0.00096 1.120911558 1,190.72 0.01 0.640419
03/31/1993 0.00106 1.264125695 1,272.07 0.01 0.684168
04/30/1993 0.00103 1.306918202 1,355.30 0.01 0.728936
05/31/1993 0.00106 1.438848953 1,383.02 0.01 0.743843
06/30/1993 0.00103 1.420910838 1,347.45 0.01 0.72471
07/31/1993 0.00106 1.430508464 1,399.19 0.01 0.752542
08/31/1993 0.00106 1.48544535 1,472.88 0.01 0.792173
09/30/1993 0.00103 1.513232129 1,463.35 0.01 0.787049
10/31/1993 0.00106 1.55355831 1,514.81 0.01 0.814727
11/30/1993 0.00103 1.556314721 1,449.31 0.01 0.779497
12/31/1993 0.00106 1.538651638 1,543.59 0.01 0.830203
01/31/1994 0.00106 1.638740887 1,642.66 0.01 0.883488
02/28/1994 0.00096 1.57515431 1,612.13 0.01 0.867065
03/31/1994 0.00106 1.711502591 1,570.40 0.01 0.844625
04/30/1994 0.00103 1.61342719 1,620.74 0.01 0.871697
05/31/1994 0.00106 1.72064612 1,599.06 0.01 0.860039
06/30/1994 0.00103 1.642872178 1,580.47 0.01 0.85004
07/31/1994 0.00106 1.67789688 1,620.61 0.01 0.871631
08/31/1994 0.00106 1.720515522 1,637.80 0.01 0.880875
09/30/1994 0.00103 1.682673729 1,593.38 0.01 0.856985
10/31/1994 0.00106 1.691606419 1,624.45 0.01 0.873693
11/30/1994 0.00103 1.668954348 1,561.29 0.01 0.839726
12/31/1994 0.00106 1.657538091 1,550.72 0.01 0.834039
01/31/1995 0.00106 1.646313222 1,484.75 0.01 0.798556
02/28/1995 0.00096 1.423731018 1,487.23 0.01 0.799893
03/31/1995 0.00106 1.578912749 1,531.45 0.01 0.823674
04/30/1995 0.00103 1.573407122 1,573.64 0.01 0.846364
05/31/1995 0.00106 1.670641531 1,593.82 0.01 0.857219
06/30/1995 0.00103 1.637485998 1,607.06 0.01 0.864342
07/31/1995 0.00106 1.70612923 1,676.74 0.02 0.901819
08/31/1995 0.00106 1.780105532 1,628.41 0.01 0.875825
09/30/1995 0.00103 1.67302804 1,650.48 0.02 0.887693
10/31/1995 0.00106 1.75222242 1,616.12 0.01 0.869211
11/30/1995 0.00103 1.660394374 1,633.21 0.01 0.878407
12/31/1995 0.00106 1.733892606 1,680.79 0.02 0.903996
01/31/1996 0.00106 1.784402683 1,710.53 0.01 0.919992
02/29/1996 0.00099 1.698816634 1,712.61 0.01 0.921107
03/31/1996 0.00106 1.818177641 1,736.98 0.02 0.934216
04/30/1996 0.00103 1.784568336 1,783.50 0.02 0.959237
05/31/1996 0.00106 1.893443073 1,782.61 0.02 0.95876
06/30/1996 0.00103 1.831453575 1,793.83 0.02 0.964794
07/31/1996 0.00106 1.904413089 1,738.76 0.02 0.935171
08/31/1996 0.00106 1.845940378 1,749.94 0.02 0.941187
09/30/1996 0.00103 1.797886661 1,799.20 0.02 0.967678
10/31/1996 0.00106 1.910108018 1,779.28 0.02 0.956967
11/30/1996 0.00103 1.828030338 1,870.37 0.02 1.005957
12/31/1996 0.00106 1.985667267 1,878.36 0.02 1.010256
01/02/1997 0.00007 0.128655099 1,859.30 0.02 1
01/31/1997 0.00099 1.846561335 1,876.39 0.02
02/28/1997 0.00096 1.799276082 1,918.07 0.06
03/31/1997 0.00106 2.036306471 1,933.45 0.06
04/30/1997 0.00103 1.986424407 1,947.79 0.07
05/31/1997 0.00106 2.067862929 2,067.46 0.11
06/30/1997 0.00103 2.124100425 2,173.92 0.28
07/31/1997 0.00106 2.307930216 2,245.38 0.36
08/31/1997 0.00106 2.383791919 2,073.94 0.00
09/30/1997 0.00103 2.130760833 2,224.44 0.29
10/31/1997 0.00106 2.361558485 2,066.35 0.10
11/30/1997 0.00103 2.122966571 2,054.50 (0.07)
12/31/1997 0.00106 2.181151829 2,069.59 0.07
01/31/1998 0.00106 2.197167178 2,135.30 0.05
02/28/1998 0.00096 2.047551561 2,253.44 0.14
03/31/1998 0.00106 2.392354537 2,353.27 0.31
04/30/1998 0.00103 2.417743003 2,417.00 0.37
05/31/1998 0.00106 2.565989451 2,410.95 0.19
06/30/1998 0.00103 2.47700622 2,385.31 0.31
07/31/1998 0.00106 2.532351887 2,401.29 0.32
08/31/1998 0.00106 2.549319914 1,961.93 (0.20)
09/30/1998 0.00103 2.015682939 1,957.61 (0.22)
10/31/1998 0.00106 2.078288039 2,134.23 (0.15)
11/30/1998 0.00103 2.192705365 2,257.58 0.02
12/31/1998 0.00106 2.396741671 2,305.81 1.22
0.9576132 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
--------------------------------------
RETIREMENT INCOME BUILDER Surrender provisions: Withdrawal
ENHANCED DEATH BENEFIT
OVERSEAS INCOME
FUND 184
PERFORMANCE CALCULATIONS
Year Rate Available
--------------------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.545878 2 6.00% 20%
Units purchased 1,831,911 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.0239% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
--------------------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable
AUV # Units Before Chrge Factor Deduction Acct Value Value
<S> <C> <C> <C> <C> <C> <C> <C>
01/28/1987 0.545878 1,831.911 1,000.00 1,000.00 2,263.97
01/31/1987 0.545815 1,831.911 999.88 0.00000 0.001964383 999.88 2,263.97
02/28/1987 0.545775 1,831.911 999.81 0.00002 0.018332129 999.81 2,263.97
03/31/1987 0.569661 1,831.911 1,043.57 0.00002 0.020294798 1,043.57 2,263.97
04/30/1987 0.610396 1,831.911 1,118.19 0.00002 0.020499683 1,118.19 2,263.97
05/31/1987 0.600966 1,831.911 1,100.92 0.00002 0.022697749 1,100.92 2,263.97
06/30/1987 0.570933 1,831.911 1,045.90 0.00002 0.021626217 1,045.90 2,263.97
07/31/1987 0.563742 1,831.911 1,032.73 0.00002 0.021230306 1,032.73 2,263.97
08/31/1987 0.612941 1,831.911 1,122.85 0.00002 0.020962906 1,122.85 2,263.97
09/30/1987 0.598699 1,831.911 1,096.76 0.00002 0.022057147 1,096.76 2,263.97
10/31/1987 0.473055 1,831.911 866.59 0.00002 0.022262792 866.59 2,263.97
11/30/1987 0.476831 1,831.911 873.51 0.00002 0.017023243 873.51 2,263.97
12/31/1987 0.509826 1,831.911 933.96 0.00002 0.017731096 933.96 2,263.97
01/31/1988 0.491773 1,831.911 900.88 0.00002 0.018958025 900.88 2,263.97
02/29/1988 0.504292 1,831.911 923.82 0.00002 0.01710693 923.82 2,263.97
03/31/1988 0.526544 1,831.911 964.58 0.00002 0.018752241 964.58 2,263.97
04/30/1988 0.534631 1,831.911 979.40 0.00002 0.018948085 979.40 2,263.97
05/31/1988 0.524223 1,831.911 960.33 0.00002 0.019880405 960.33 2,263.97
06/30/1988 0.514406 1,831.911 942.35 0.00002 0.018864562 942.35 2,263.97
07/31/1988 0.510006 1,831.911 934.29 0.00002 0.019128333 934.29 2,263.97
08/31/1988 0.491550 1,831.911 900.48 0.00002 0.018964718 900.48 2,263.97
09/30/1988 0.512052 1,831.911 938.03 0.00002 0.0176888 938.03 2,263.97
10/31/1988 0.534103 1,831.911 978.43 0.00002 0.019040799 978.43 2,263.97
11/30/1988 0.543192 1,831.911 995.08 0.00002 0.019220102 995.08 2,263.97
12/31/1988 0.543621 1,831.911 995.87 0.00002 0.020198749 995.87 2,263.97
01/31/1989 0.559106 1,831.911 1,024.23 0.00002 0.020214701 1,024.23 2,263.97
02/28/1989 0.568175 1,831.911 1,040.85 0.00002 0.01877853 1,040.85 2,263.97
03/31/1989 0.566985 1,831.911 1,038.67 0.00002 0.021127749 1,038.67 2,263.97
04/30/1989 0.583071 1,831.911 1,068.13 0.00002 0.020403385 1,068.13 2,263.97
05/31/1989 0.560802 1,831.911 1,027.34 0.00002 0.021681661 1,027.34 2,263.97
06/30/1989 0.558001 1,831.911 1,022.21 0.00002 0.020180885 1,022.21 2,263.97
07/31/1989 0.609535 1,831.911 1,116.61 0.00002 0.020749426 1,116.61 2,263.97
08/31/1989 0.604509 1,831.911 1,107.41 0.00002 0.022665732 1,107.41 2,263.97
09/30/1989 0.641392 1,831.911 1,174.97 0.00002 0.021753715 1,174.97 2,263.97
10/31/1989 0.605773 1,831.911 1,109.72 0.00002 0.023850344 1,109.72 2,263.97
11/30/1989 0.637746 1,831.911 1,168.29 0.00002 0.021799201 1,168.29 2,263.97
12/31/1989 0.677114 1,831.911 1,240.41 0.00002 0.023714766 1,240.41 2,263.97
01/31/1990 0.667227 1,831.911 1,222.30 0.00002 0.025178676 1,222.30 2,263.97
02/28/1990 0.650933 1,831.911 1,192.45 0.00002 0.022409958 1,192.45 2,263.97
03/31/1990 0.674765 1,831.911 1,236.11 0.00002 0.024205128 1,236.11 2,263.97
04/30/1990 0.677728 1,831.911 1,241.54 0.00002 0.02428193 1,241.54 2,263.97
05/31/1990 0.721212 1,831.911 1,321.20 0.00002 0.025201508 1,321.20 2,263.97
06/30/1990 0.736374 1,831.911 1,348.97 0.00002 0.025953361 1,348.97 2,263.97
07/31/1990 0.772772 1,831.911 1,415.65 0.00002 0.027382276 1,415.65 2,263.97
08/31/1990 0.693138 1,831.911 1,269.77 0.00002 0.028735746 1,269.77 2,263.97
09/30/1990 0.626477 1,831.911 1,147.65 0.00002 0.024943097 1,147.65 2,263.97
10/31/1990 0.684086 1,831.911 1,253.18 0.00002 0.023295725 1,253.18 2,263.97
11/30/1990 0.662102 1,831.911 1,212.91 0.00002 0.024617354 1,212.91 2,263.97
12/31/1990 0.656550 1,831.911 1,202.74 0.00002 0.024620451 1,202.74 2,263.97
01/31/1991 0.662115 1,831.911 1,212.94 0.00002 0.024413998 1,212.94 2,263.97
02/28/1991 0.683712 1,831.911 1,252.50 0.00002 0.022238263 1,252.50 2,263.97
03/31/1991 0.662898 1,831.911 1,214.37 0.00002 0.025424025 1,214.37 2,263.97
04/30/1991 0.676715 1,831.911 1,239.68 0.00002 0.023854887 1,239.68 2,263.97
05/31/1991 0.677526 1,831.911 1,241.17 0.00002 0.025163839 1,241.17 2,263.97
06/30/1991 0.639583 1,831.911 1,171.66 0.00002 0.024381287 1,171.66 2,263.97
07/31/1991 0.670562 1,831.911 1,228.41 0.00002 0.023783075 1,228.41 2,263.97
08/31/1991 0.671912 1,831.911 1,230.88 0.00002 0.024935038 1,230.88 2,263.97
09/30/1991 0.698510 1,831.911 1,279.61 0.00002 0.024179263 1,279.61 2,263.97
10/31/1991 0.702502 1,831.911 1,286.92 0.00002 0.025974293 1,286.92 2,263.97
11/30/1991 0.676531 1,831.911 1,239.34 0.00002 0.025280067 1,239.34 2,263.97
12/31/1991 0.699257 1,831.911 1,280.98 0.00002 0.025156997 1,280.98 2,263.97
01/31/1992 0.706972 1,831.911 1,295.11 0.00002 0.02600207 1,295.11 2,263.97
02/29/1992 0.691455 1,831.911 1,266.68 0.00002 0.024592893 1,266.68 2,263.97
03/31/1992 0.676585 1,831.911 1,239.44 0.00002 0.02571195 1,239.44 2,263.97
04/30/1992 0.717895 1,831.911 1,315.12 0.00002 0.024347424 1,315.12 2,263.97
05/31/1992 0.748300 1,831.911 1,370.82 0.00002 0.026695129 1,370.82 2,263.97
06/30/1992 0.733444 1,831.911 1,343.60 0.00002 0.026928143 1,343.60 2,263.97
07/31/1992 0.685788 1,831.911 1,256.30 0.00002 0.027273323 1,256.30 2,263.97
08/31/1992 0.679064 1,831.911 1,243.98 0.00002 0.025501221 1,243.98 2,263.97
09/30/1992 0.650930 1,831.911 1,192.45 0.00002 0.024436633 1,192.45 2,263.97
10/31/1992 0.605686 1,831.911 1,109.56 0.00002 0.024205017 1,109.56 2,263.97
11/30/1992 0.601781 1,831.911 1,102.41 0.00002 0.02179607 1,102.41 2,263.97
12/31/1992 0.615497 1,831.911 1,127.54 0.00002 0.022377397 1,127.54 2,263.97
01/31/1993 0.632381 1,831.911 1,158.47 0.00002 0.022887431 1,158.47 2,263.97
02/28/1993 0.644088 1,831.911 1,179.91 0.00002 0.021239596 1,179.91 2,263.97
03/31/1993 0.688006 1,831.911 1,260.37 0.00002 0.023950595 1,260.37 2,263.97
04/30/1993 0.732940 1,831.911 1,342.68 0.00002 0.024758418 1,342.68 2,263.97
05/31/1993 0.747836 1,831.911 1,369.97 0.00002 0.027254582 1,369.97 2,263.97
06/30/1993 0.728508 1,831.911 1,334.56 0.00002 0.026911446 1,334.56 2,263.97
07/31/1993 0.756393 1,831.911 1,385.64 0.00002 0.027089777 1,385.64 2,263.97
08/31/1993 0.796131 1,831.911 1,458.44 0.00002 0.028126688 1,458.44 2,263.97
09/30/1993 0.790883 1,831.911 1,448.83 0.00002 0.028649378 1,448.83 2,263.97
10/31/1993 0.818595 1,831.911 1,499.59 0.00002 0.029409209 1,499.59 2,263.97
11/30/1993 0.783097 1,831.911 1,434.56 0.00002 0.029457762 1,434.56 2,263.97
12/31/1993 0.833938 1,831.911 1,527.70 0.00002 0.029119684 1,527.70 2,263.97
01/31/1994 0.887357 1,831.911 1,625.56 0.00002 0.031010221 1,625.56 2,263.97
06/30/1997 1.168231 1,831.911 2,140.10 0.00002 0.039988958 2,140.10 2,263.97
07/31/1997 1.206446 1,831.911 2,210.10 0.00002 0.043441001 2,210.10 2,263.97
08/31/1997 1.114375 1,831.911 2,041.44 0.00002 0.044862037 2,041.44 2,263.97
09/30/1997 1.194930 1,831.911 2,189.01 0.00002 0.04010163 2,189.01 2,263.97
10/31/1997 1.109961 1,831.911 2,033.35 0.00002 0.044433811 2,033.35 2,263.97
11/30/1997 1.103563 1,831.911 2,021.63 0.00002 0.039942789 2,021.63 2,263.97
12/31/1997 1.111441 1,831.911 2,036.06 0.00002 0.041036303 2,036.06 2,263.97
01/31/1998 1.146600 1,831.911 2,100.47 0.00002 0.041329249 2,100.47 2,263.97
02/28/1998 1.209856 1,831.911 2,216.35 0.00002 0.038510519 2,216.35 2,263.97
03/31/1998 1.263198 1,831.911 2,314.07 0.00002 0.044988839 2,314.07 2,263.97
04/30/1998 1.297217 1,831.911 2,376.39 0.00002 0.045457138 2,376.39 2,263.97
05/31/1998 1.293919 1,831.911 2,370.34 0.00002 0.048237382 2,370.34 2,263.97
06/30/1998 1.279925 1,831.911 2,344.71 0.00002 0.046562657 2,344.71 2,263.97
07/31/1998 1.288335 1,831.911 2,360.12 0.00002 0.047594374 2,360.12 2,263.97
08/31/1998 1.052720 1,831.911 1,928.49 0.00002 0.047907103 1,928.49 2,263.97
09/30/1998 1.050284 1,831.911 1,924.03 0.00002 0.037882928 1,924.03 2,263.97
10/31/1998 1.144852 1,831.911 2,097.27 0.00002 0.039055109 2,097.27 2,263.97
11/30/1998 1.210772 1,831.911 2,218.03 0.00002 0.041198368 2,218.03 2,263.97
12/31/1998 1.235851 1,831.911 2,263.97 0.00002 0.0450229 2,263.97 2,263.97
<CAPTION>
ERV of ERV of
Surrender W/D ERV Avg Ann Avg Ann $1,000 $1,000
Charge Available W/Surr n W/Surr W/O Surr W/Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01/28/1987 0.00% 100.00% 2,263.97 11.9315 7.09% 7.09% 2,263.97 2,263.97 12
01/31/1987 0.00% 100.00% 2,263.97 11.9233 7.09% 7.09% 2,264.23 2,264.23 12
02/28/1987 0.00% 100.00% 2,263.97 11.8466 7.14% 7.14% 2,264.40 2,264.40 12
03/31/1987 0.00% 100.00% 2,263.97 11.7616 6.81% 6.81% 2,169.45 2,169.45 12
04/30/1987 0.00% 100.00% 2,263.97 11.6795 6.23% 6.23% 2,024.67 2,024.67 12
05/31/1987 0.00% 100.00% 2,263.97 11.5945 6.42% 6.42% 2,056.44 2,056.44 12
06/30/1987 0.00% 100.00% 2,263.97 11.5123 6.94% 6.94% 2,164.62 2,164.62 12
07/31/1987 0.00% 100.00% 2,263.97 11.4274 7.11% 7.11% 2,192.23 2,192.23 12
08/31/1987 0.00% 100.00% 2,263.97 11.3425 6.38% 6.38% 2,016.26 2,016.26 12
09/30/1987 0.00% 100.00% 2,263.97 11.2603 6.65% 6.65% 2,064.23 2,064.23 12
10/31/1987 0.00% 100.00% 2,263.97 11.1753 8.97% 8.97% 2,612.49 2,612.49 12
11/30/1987 0.00% 100.00% 2,263.97 11.0932 8.96% 8.96% 2,591.80 2,591.80 12
12/31/1987 0.00% 100.00% 2,263.97 11.0082 8.38% 8.38% 2,424.06 2,424.06 12
01/31/1988 0.00% 100.00% 2,263.97 10.9233 8.80% 8.80% 2,513.05 2,513.05 11
02/29/1988 0.00% 100.00% 2,263.97 10.8438 8.62% 8.62% 2,450.67 2,450.67 11
03/31/1988 0.00% 100.00% 2,263.97 10.7589 8.25% 8.25% 2,347.10 2,347.10 11
04/30/1988 0.00% 100.00% 2,263.97 10.6767 8.16% 8.16% 2,311.60 2,311.60 11
05/31/1988 0.00% 100.00% 2,263.97 10.5918 8.43% 8.43% 2,357.49 2,357.49 11
06/30/1988 0.00% 100.00% 2,263.97 10.5096 8.70% 8.70% 2,402.48 2,402.48 11
07/31/1988 0.00% 100.00% 2,263.97 10.4247 8.86% 8.86% 2,423.21 2,423.21 11
08/31/1988 0.00% 100.00% 2,263.97 10.3397 9.33% 9.33% 2,514.19 2,514.19 11
09/30/1988 0.00% 100.00% 2,263.97 10.2575 8.97% 8.97% 2,413.53 2,413.53 11
10/31/1988 0.00% 100.00% 2,263.97 10.1726 8.60% 8.60% 2,313.88 2,313.88 11
11/30/1988 0.00% 100.00% 2,263.97 10.0904 8.49% 8.49% 2,275.16 2,275.16 11
12/31/1988 0.00% 100.00% 2,263.97 10.0055 8.55% 8.55% 2,273.37 2,273.37 11
01/31/1989 0.00% 100.00% 2,263.97 9.9205 8.32% 8.32% 2,210.41 2,210.41 10
02/28/1989 0.00% 100.00% 2,263.97 9.8438 8.21% 8.21% 2,175.12 2,175.12 10
03/31/1989 0.00% 100.00% 2,263.97 9.7589 8.31% 8.31% 2,179.69 2,179.69 10
04/30/1989 0.00% 100.00% 2,263.97 9.6767 8.07% 8.07% 2,119.55 2,119.55 10
05/31/1989 0.00% 100.00% 2,263.97 9.5918 8.59% 8.59% 2,203.72 2,203.72 10
06/30/1989 0.00% 100.00% 2,263.97 9.5096 8.72% 8.72% 2,214.78 2,214.78 10
07/31/1989 0.00% 100.00% 2,263.97 9.4247 7.79% 7.79% 2,027.53 2,027.53 10
08/31/1989 0.00% 100.00% 2,263.97 9.3397 7.96% 7.96% 2,044.39 2,044.39 10
09/30/1989 0.00% 100.00% 2,263.97 9.2575 7.34% 7.34% 1,926.83 1,926.83 10
10/31/1989 0.00% 100.00% 2,263.97 9.1726 8.08% 8.08% 2,040.12 2,040.12 10
11/30/1989 0.00% 100.00% 2,263.97 9.0904 7.55% 7.55% 1,937.84 1,937.84 10
12/31/1989 0.00% 100.00% 2,263.97 9.0055 6.91% 6.91% 1,825.17 1,825.17 10
01/31/1990 0.00% 90.00% 2,263.97 8.9205 7.15% 7.15% 1,852.22 1,852.22 9
02/28/1990 0.00% 90.00% 2,263.97 8.8438 7.52% 7.52% 1,898.58 1,898.58 9
03/31/1990 0.00% 90.00% 2,263.97 8.7589 7.15% 7.15% 1,831.53 1,831.53 9
04/30/1990 0.00% 90.00% 2,263.97 8.6767 7.17% 7.17% 1,823.52 1,823.52 9
05/31/1990 0.00% 90.00% 2,263.97 8.5918 6.47% 6.47% 1,713.58 1,713.58 9
06/30/1990 0.00% 90.00% 2,263.97 8.5096 6.27% 6.27% 1,678.29 1,678.29 9
07/31/1990 0.00% 90.00% 2,263.97 8.4247 5.73% 5.73% 1,599.24 1,599.24 9
08/31/1990 0.00% 90.00% 2,263.97 8.3397 7.18% 7.18% 1,782.98 1,782.98 9
09/30/1990 0.00% 90.00% 2,263.97 8.2575 8.58% 8.58% 1,972.70 1,972.70 9
10/31/1990 0.00% 90.00% 2,263.97 8.1726 7.51% 7.51% 1,806.57 1,806.57 9
11/30/1990 0.00% 90.00% 2,263.97 8.0904 8.02% 8.02% 1,866.56 1,866.56 9
12/31/1990 0.00% 90.00% 2,263.97 8.0055 8.22% 8.22% 1,882.34 1,882.34 9
01/31/1991 0.00% 80.00% 2,263.97 7.9205 8.20% 8.20% 1,866.52 1,866.52 8
02/28/1991 0.00% 80.00% 2,263.97 7.8438 7.84% 7.84% 1,807.56 1,807.56 8
03/31/1991 0.00% 80.00% 2,263.97 7.7589 8.36% 8.36% 1,864.32 1,864.32 8
04/30/1991 0.00% 80.00% 2,263.97 7.6767 8.16% 8.16% 1,826.25 1,826.25 8
05/31/1991 0.00% 80.00% 2,263.97 7.5918 8.24% 8.24% 1,824.06 1,824.06 8
06/30/1991 0.00% 80.00% 2,263.97 7.5096 9.17% 9.17% 1,932.28 1,932.28 8
07/31/1991 0.00% 80.00% 2,263.97 7.4247 8.58% 8.58% 1,843.01 1,843.01 8
08/31/1991 0.00% 80.00% 2,263.97 7.3397 8.66% 8.66% 1,839.30 1,839.30 8
09/30/1991 0.00% 80.00% 2,263.97 7.2575 8.18% 8.18% 1,769.27 1,769.27 8
10/31/1991 0.00% 80.00% 2,263.97 7.1726 8.19% 8.19% 1,759.21 1,759.21 8
11/30/1991 0.00% 80.00% 2,263.97 7.0904 8.87% 8.87% 1,826.75 1,826.75 8
12/31/1991 0.00% 80.00% 2,263.97 7.0055 8.47% 8.47% 1,767.38 1,767.38 8
01/31/1992 0.00% 70.00% 2,263.97 6.9205 8.41% 8.41% 1,748.09 1,748.09 7
02/29/1992 0.00% 70.00% 2,263.97 6.8411 8.86% 8.86% 1,787.32 1,787.32 7
03/31/1992 0.00% 70.00% 2,263.97 6.7562 9.33% 9.33% 1,826.60 1,826.60 7
04/30/1992 0.00% 70.00% 2,263.97 6.6740 8.48% 8.48% 1,721.49 1,721.49 7
05/31/1992 0.00% 70.00% 2,263.97 6.5890 7.91% 7.91% 1,651.54 1,651.54 7
06/30/1992 0.00% 70.00% 2,263.97 6.5068 8.35% 8.35% 1,685.00 1,685.00 7
07/31/1992 0.00% 70.00% 2,263.97 6.4219 9.60% 9.60% 1,802.09 1,802.09 7
08/31/1992 0.00% 70.00% 2,263.97 6.3370 9.91% 9.91% 1,819.93 1,819.93 7
09/30/1992 0.00% 70.00% 2,263.97 6.2548 10.79% 10.79% 1,898.59 1,898.59 7
10/31/1992 0.00% 70.00% 2,263.97 6.1699 12.25% 12.25% 2,040.42 2,040.42 7
11/30/1992 0.00% 70.00% 2,263.97 6.0877 12.55% 12.55% 2,053.66 2,053.66 7
12/31/1992 0.00% 70.00% 2,263.97 6.0027 12.31% 12.31% 2,007.89 2,007.89 7
01/31/1993 0.00% 60.00% 2,263.97 5.9178 11.99% 11.99% 1,954.28 1,954.28 6
02/28/1993 0.00% 60.00% 2,263.97 5.8411 11.80% 11.80% 1,918.76 1,918.76 6
03/31/1993 0.00% 60.00% 2,263.97 5.7562 10.71% 10.71% 1,796.28 1,796.28 6
04/30/1993 0.00% 60.00% 2,263.97 5.6740 9.65% 9.65% 1,686.16 1,686.16 6
05/31/1993 0.00% 60.00% 2,263.97 5.5890 9.40% 9.40% 1,652.57 1,652.57 6
06/30/1993 0.00% 60.00% 2,263.97 5.5068 10.07% 10.07% 1,696.41 1,696.41 6
07/31/1993 0.00% 60.00% 2,263.97 5.4219 9.48% 9.48% 1,633.87 1,633.87 6
08/31/1993 0.00% 60.00% 2,263.97 5.3370 8.59% 8.59% 1,552.32 1,552.32 6
09/30/1993 0.00% 60.00% 2,263.97 5.2548 8.87% 8.87% 1,562.62 1,562.62 6
10/31/1993 0.00% 60.00% 2,263.97 5.1699 8.29% 8.29% 1,509.72 1,509.72 6
11/30/1993 0.00% 60.00% 2,263.97 5.0877 9.38% 9.38% 1,578.16 1,578.16 6
12/31/1993 0.00% 60.00% 2,263.97 5.0027 8.18% 8.18% 1,481.95 1,481.95 6
01/31/1994 2.00% 50.00% 2,254.10 4.9178 6.87% 6.97% 1,386.66 1,392.73 5
06/30/1997 6.00% 20.00% 2,162.73 1.5041 0.70% 3.81% 1,010.58 1,057.88 2
07/31/1997 6.00% 20.00% 2,158.53 1.4192 -1.65% 1.71% 976.67 1,024.37 2
08/31/1997 6.00% 20.00% 2,168.65 1.3342 4.64% 8.06% 1,062.32 1,109.01 2
09/30/1997 6.00% 20.00% 2,159.80 1.2521 -1.07% 2.73% 986.66 1,034.25 2
10/31/1997 6.00% 20.00% 2,169.14 1.1671 5.70% 9.64% 1,066.78 1,113.42 2
11/30/1997 6.00% 20.00% 2,169.84 1.0849 6.74% 11.00% 1,073.31 1,119.87 2
12/31/1997 6.00% 20.00% 2,168.97 1.0000 6.53% 11.19% 1,065.28 1,111.94 2
01/31/1998 6.00% 10.00% 2,151.52 0.9151 2.43% 7.78% 1,022.22 1,071.00 1
02/28/1998 6.00% 10.00% 2,144.57 0.8384 -3.24% 2.15% 972.78 1,017.98 1
03/31/1998 6.00% 10.00% 2,138.71 0.7534 -7.58% -2.16% 942.36 983.65 1
04/30/1998 6.00% 10.00% 2,134.97 0.6712 -10.16% -4.73% 930.62 968.00 1
05/31/1998 6.00% 10.00% 2,135.33 0.5863 -9.91% -4.49% 940.62 973.44 1
06/30/1998 6.00% 10.00% 2,136.87 0.5041 -8.86% -3.44% 954.29 982.49 1
07/31/1998 6.00% 10.00% 2,135.95 0.4192 -9.50% -4.07% 959.03 982.72 1
08/31/1998 6.00% 10.00% 2,161.84 0.3342 12.10% 17.40% 1,038.91 1,055.06 1
09/30/1998 6.00% 10.00% 2,162.11 0.2521 12.37% 17.67% 1,029.85 1,041.87 1
10/31/1998 6.00% 10.00% 2,151.72 0.1671 2.60% 7.95% 1,004.29 1,012.86 1
11/30/1998 6.00% 10.00% 2,144.47 0.0849 -3.32% 2.07% 997.14 1,001.74 1
12/31/1998 6.00% 10.00% 2,141.71 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
--------------------------------------
RETIREMENT INCOME BUILDER Surrender provisions: Withdrawal
ENHANCED DEATH BENEFIT
OVERSEAS INCOME
FUND 184
PERFORMANCE CALCULATIONS
Year Rate Available
--------------------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.545878 2 6.00% 20%
Units purchased 1,831,911 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.0239% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
--------------------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 MTD 2,218.03 2,144.47 2,263.97 -3.32% 2.07%
30-Sep-98 0.25 0.25 3 mths 1,924.03 2,162.11 2,263.97 12.37% 17.67%
31-Dec-97 1.00 1.00 YTD 2,036.06 2,168.97 2,263.97 6.53% 11.19%
31-Dec-97 1.00 1.00 1 Year 2,036.06 2,168.97 2,263.97 6.53% 11.19%
31-Dec-96 2.00 2.00 2 Year 1,850.71 2,193.68 2,263.97 8.87% 10.60%
31-Dec-95 3.00 3.00 3 Year 1,658.52 2,233.85 2,263.97 10.43% 10.92%
31-Dec-94 4.00 4.00 4 Year 1,532.46 2,255.96 2,263.97 10.14% 10.24%
31-Dec-93 5.00 5.00 5 Year 1,527.70 2,263.97 2,263.97 8.18% 8.18%
31-Dec-88 10.01 10.00 10 Year 995.87 2,263.97 2,263.97 8.56% 8.56%
28-Jan-87 11.93 11.93 Portfolio Inc Dt 1,000.00 2,263.97 2,263.97 7.09% 7.09%
2-Jan-97 1.99 1.99 Subacct Inc Dt 1,831.91 2,181.22 2,263.97 9.14% 11.20%
12/31/1992 1,127.54
12/31/1993 1 1,527.70 35.49%
12/31/1994 1 1,532.46 0.31%
12/31/1995 1 1,658.52 8.23%
12/31/1996 1 1,850.71 11.59%
12/31/1997 1 2,036.06 10.01%
12/31/1998 1 2,263.97 11.19%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
OVERSEAS INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount % M&E
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change M&E Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01/28/1987 0 100 10 1,000.00
01/31/1987 1000 0 10 100 10 1,000.00 0.00% 0.00012 0.115068493
02/28/1987 1000 0 10 100 10.01 1,001.00 0.10% 0.00107 1.073849022
03/31/1987 1001 0 10 100 10.46 1,046.00 4.50% 0.00119 1.188816328
04/30/1987 1046 0 10 100 11.22 1,122.00 7.27% 0.00115 1.200818776
05/31/1987 1122 0 10 100 11.06 1,106.00 -1.43% 0.00119 1.329575321
06/30/1987 1106 0 10 100 10.52 1,052.00 -4.88% 0.00115 1.266807412
07/31/1987 1052 0 10 100 10.4 1,040.00 -1.14% 0.00119 1.243614971
08/31/1987 1040 0 10 100 11.32 1,132.00 8.85% 0.00119 1.22795054
09/30/1987 1132 0 10 100 11.07 1,107.00 -2.21% 0.00115 1.292048565
10/31/1987 1107 0 10 100 8.76 876.00 -20.87% 0.00119 1.304094755
11/30/1987 876 0 10 100 8.84 884.00 0.91% 0.00115 0.997176735
12/31/1987 884 0.11 9.17 101.2 9.35 946.22 7.04% 0.00119 1.038640466
01/31/1988 946.22 0 10 101.2 9.03 913.84 -3.42% 0.00119 1.11050979
02/29/1988 913.84 0 10 101.2 9.27 938.12 2.66% 0.00111 1.002078433
03/31/1988 938.12 0 10 101.2 9.69 980.63 4.53% 0.00119 1.09845637
04/30/1988 980.63 0 10 101.2 9.85 996.82 1.65% 0.00115 1.109928143
05/31/1988 996.82 0 10 101.2 9.67 978.60 -1.83% 0.00119 1.164541506
06/30/1988 978.6 0 10 101.2 9.50 961.40 -1.76% 0.00115 1.10503663
07/31/1988 961.4 0 10 101.2 9.43 954.32 -0.74% 0.00119 1.120487574
08/31/1988 954.32 0 10 101.2 9.10 920.92 -3.50% 0.00119 1.110903706
09/30/1988 920.92 0 10 101.2 9.49 960.39 4.29% 0.00115 1.036163771
10/31/1988 960.39 0 10 101.2 9.91 1,002.89 4.43% 0.00119 1.1153601
11/30/1988 1002.89 0 10 101.2 10.09 1,021.11 1.82% 0.00115 1.125862994
12/31/1988 1021.11 0 10 101.2 10.11 1,023.13 0.20% 0.00119 1.183188978
01/31/1989 1023.13 0 10 101.2 10.41 1,053.49 2.97% 0.00119 1.184122749
02/28/1989 1053.49 0 10 101.2 10.59 1,071.71 1.73% 0.00107 1.099995373
03/31/1989 1071.71 0.08 10.44 101.975 10.50 1,070.74 -0.09% 0.00119 1.237606705
04/30/1989 1070.74 0 10 101.975 10.81 1,102.35 2.95% 0.00115 1.195175794
05/31/1989 1102.35 0 10 101.975 10.41 1,061.56 -3.70% 0.00119 1.270053541
06/30/1989 1061.56 0 10 101.975 10.37 1,057.48 -0.38% 0.00115 1.182143129
07/31/1989 1057.48 0 10 101.975 11.34 1,156.40 9.35% 0.00119 1.215447386
08/31/1989 1156.4 0 10 101.975 11.26 1,148.24 -0.71% 0.00119 1.327698934
09/30/1989 1148.24 0 10 101.975 11.96 1,219.62 6.22% 0.00115 1.27427564
10/31/1989 1219.62 0 10 101.975 11.31 1,153.34 -5.43% 0.00119 1.397091796
11/30/1989 1153.34 0 10 101.975 11.92 1,215.54 5.39% 0.00115 1.276941221
12/31/1989 1215.54 0 10 101.975 12.67 1,292.02 6.29% 0.00119 1.389148975
01/31/1990 1292.02 0 10 101.975 12.50 1,274.69 -1.34% 0.00119 1.474900443
02/28/1990 1274.69 0.04 12.73 102.295 12.17 1,244.93 -2.33% 0.00107 1.312715628
03/31/1990 1244.93 0 10 102.295 12.63 1,291.99 3.78% 0.00119 1.417871389
04/30/1990 1291.99 0 10 102.295 12.70 1,299.15 0.55% 0.00115 1.422370543
05/31/1990 1299.15 0 10 102.295 13.53 1,384.05 6.54% 0.00119 1.476236937
06/30/1990 1384.05 0 10 102.295 13.83 1,414.74 2.22% 0.00115 1.52027839
07/31/1990 1414.74 0 10 102.295 14.53 1,486.35 5.06% 0.00119 1.60398109
08/31/1990 1486.35 0 10 102.295 13.05 1,334.95 -10.19% 0.00119 1.683262721
09/30/1990 1334.95 0 10 102.295 11.81 1,208.10 -9.50% 0.00115 1.461100327
10/31/1990 1208.1 0 10 102.295 12.91 1,320.63 9.31% 0.00119 1.364601367
11/30/1990 1320.63 0 10 102.295 12.51 1,279.71 -3.10% 0.00115 1.442019017
12/31/1990 1279.71 0 10 102.295 12.42 1,270.50 -0.72% 0.00119 1.442201058
01/31/1991 1270.5 0 10 102.295 12.54 1,282.78 0.97% 0.00119 1.430106783
02/28/1991 1282.78 0.31 12.55 104.822 12.65 1,326.00 3.37% 0.00107 1.302658455
03/31/1991 1326 0 10 104.822 12.28 1,287.21 -2.93% 0.00119 1.489272317
04/30/1991 1287.21 0 10 104.822 12.55 1,315.52 2.20% 0.00115 1.397356686
05/31/1991 1315.52 0 10 104.822 12.58 1,318.66 0.24% 0.00119 1.474030633
06/30/1991 1318.66 0 10 104.822 11.89 1,246.33 -5.49% 0.00115 1.428189965
07/31/1991 1246.33 0 10 104.822 12.48 1,308.18 4.96% 0.00119 1.393149016
08/31/1991 1308.18 0 10 104.822 12.52 1,312.37 0.32% 0.00119 1.460628501
09/30/1991 1312.37 0 10 104.822 13.03 1,365.83 4.07% 0.00115 1.416358098
10/31/1991 1365.83 0 10 104.822 13.12 1,375.26 0.69% 0.00119 1.52150513
11/30/1991 1375.26 0 10 104.822 12.65 1,326.00 -3.58% 0.00115 1.480839498
12/31/1991 1326 0 10 104.822 13.09 1,372.12 3.48% 0.00119 1.47363026
01/31/1992 1372.12 0 10 104.822 13.25 1,388.89 1.22% 0.00119 1.523132825
02/29/1992 1388.89 0.18 13.25 106.246 12.80 1,359.95 -2.08% 0.00111 1.440586629
03/31/1992 1359.95 0 10 106.246 12.54 1,332.32 -2.03% 0.00119 1.506137171
04/30/1992 1332.32 0 10 106.246 13.32 1,415.20 6.22% 0.00115 1.426206037
05/31/1992 1415.2 0 10 106.246 13.90 1,476.82 4.35% 0.00119 1.563728162
06/30/1992 1476.82 0 10 106.246 13.64 1,449.20 -1.87% 0.00115 1.577376747
07/31/1992 1449.2 0 10 106.246 12.77 1,356.76 -6.38% 0.00119 1.597596404
08/31/1992 1356.76 0 10 106.246 12.66 1,345.07 -0.86% 0.00119 1.493791047
09/30/1992 1345.07 0 10 106.246 12.15 1,290.89 -4.03% 0.00115 1.431429864
10/31/1992 1290.89 0 10 106.246 11.32 1,202.70 -6.83% 0.00119 1.417861597
11/30/1992 1202.7 0 10 106.246 11.26 1,196.33 -0.53% 0.00115 1.276752926
12/31/1992 1196.33 0 10 106.246 11.53 1,225.02 2.40% 0.00119 1.310805623
01/31/1993 1225.02 0 10 106.246 11.86 1,260.08 2.86% 0.00119 1.340682338
02/28/1993 1260.08 0.27 11.72 108.694 11.82 1,284.76 1.96% 0.00107 1.24415603
03/31/1993 1284.76 0 10 108.694 12.64 1,373.89 6.94% 0.00119 1.40295809
04/30/1993 1373.89 0 10 108.694 13.48 1,465.20 6.65% 0.00115 1.45027731
05/31/1993 1465.2 0 10 108.694 13.77 1,496.72 2.15% 0.00119 1.596495111
06/30/1993 1496.72 0 10 108.694 13.43 1,459.76 -2.47% 0.00115 1.576394796
07/31/1993 1459.76 0 10 108.694 13.96 1,517.37 3.95% 0.00119 1.586841818
08/31/1993 1517.37 0 10 108.694 14.71 1,598.89 5.37% 0.00119 1.647580332
09/30/1993 1598.89 0 10 108.694 14.63 1,590.19 -0.54% 0.00115 1.678196885
10/31/1993 1590.19 0 10 108.694 15.16 1,647.80 3.62% 0.00119 1.722705421
11/30/1993 1647.8 0 10 108.694 14.52 1,578.24 -4.22% 0.00115 1.725549554
12/31/1993 1578.24 0 10 108.694 15.48 1,682.58 6.61% 0.00119 1.705745943
01/31/1994 1682.58 0 10 108.694 16.49 1,792.36 6.52% 0.00119 1.816487366
02/28/1994 1792.36 0.08 16.29 109.228 16.12 1,760.76 -1.76% 0.00107 1.745794833
03/31/1994 1760.76 0 10 109.228 15.72 1,717.06 -2.48% 0.00119 1.896691665
04/30/1994 1717.06 0 10 109.228 16.24 1,773.86 3.31% 0.00115 1.787770409
05/31/1994 1773.86 0 10 109.228 16.04 1,752.02 -1.23% 0.00119 1.906347413
06/30/1994 1752.02 0 10 109.228 15.87 1,733.45 -1.06% 0.00115 1.819944662
07/31/1994 1733.45 0 10 109.228 16.29 1,779.32 2.65% 0.00119 1.858512551
08/31/1994 1779.32 0 10 109.228 16.48 1,800.08 1.17% 0.00119 1.905482068
09/30/1994 1800.08 0 10 109.228 16.05 1,753.11 -2.61% 0.00115 1.863337115
10/31/1994 1753.11 0 10 109.228 16.38 1,789.15 2.06% 0.00119 1.872991496
11/30/1994 1789.15 0 10 109.228 15.76 1,721.43 -3.79% 0.00115 1.847679606
12/31/1994 1721.43 0 10 109.228 15.67 1,711.60 -0.57% 0.00119 1.834805412
01/31/1995 1711.6 0 10 109.228 15.02 1,640.60 -4.15% 0.00119 1.822146338
02/28/1995 1640.6 0.12 15 110.102 14.94 1,644.92 0.26% 0.00107 1.575581755
03/31/1995 1644.92 0 10 110.102 15.40 1,695.57 3.08% 0.00119 1.747113963
04/30/1995 1695.57 0 10 110.102 15.84 1,744.02 2.86% 0.00115 1.740806425
05/31/1995 1744.02 0 10 110.102 16.06 1,768.24 1.39% 0.00119 1.848164109
06/30/1995 1768.24 0 10 110.102 16.21 1,784.75 0.93% 0.00115 1.811257609
07/31/1995 1784.75 0 10 110.102 16.93 1,864.03 4.44% 0.00119 1.886954579
08/31/1995 1864.03 0 10 110.102 16.46 1,812.28 -2.78% 0.00119 1.96853092
09/30/1995 1812.28 0 10 110.102 16.70 1,838.70 1.46% 0.00115 1.849876507
10/31/1995 1838.7 0 10 110.102 16.37 1,802.37 -1.98% 0.00119 1.937206508
11/30/1995 1802.37 0 10 110.102 16.56 1,823.29 1.16% 0.00115 1.835445239
12/31/1995 1823.29 0 10 110.102 17.06 1,878.34 3.02% 0.00119 1.916458359
01/31/1996 1878.34 0 10 110.102 17.38 1,913.57 1.88% 0.00119 1.972042613
02/29/1996 1913.57 0.42 17.07 112.811 17.00 1,917.79 0.22% 0.00111 1.877221688
03/31/1996 1917.79 0 10 112.811 17.26 1,947.12 1.53% 0.00119 2.008878506
04/30/1996 1947.12 0 10 112.811 17.74 2,001.27 2.78% 0.00115 1.971496396
05/31/1996 2001.27 0 10 112.811 17.75 2,002.40 0.06% 0.00119 2.091524264
06/30/1996 2002.4 0 10 112.811 17.88 2,017.06 0.73% 0.00115 2.02279192
07/31/1996 2017.06 0 10 112.811 17.35 1,957.27 -2.96% 0.00119 2.103116071
08/31/1996 1957.27 0 10 112.811 17.48 1,971.94 0.75% 0.00119 2.038274493
09/30/1996 1971.94 0 10 112.811 17.99 2,029.47 2.92% 0.00115 1.984962619
10/31/1996 2029.47 0 10 112.811 17.81 2,009.16 -1.00% 0.00119 2.108608095
11/30/1996 2009.16 0 10 112.811 18.74 2,114.08 5.22% 0.00115 2.017740867
12/31/1996 2114.08 0 10 112.811 18.84 2,125.36 0.53% 0.00119 2.191480089
01/02/1997 2125.36 0 10 112.811 18.65 2,103.93 -1.01% 0.00008 0.141972084
01/31/1997 2103.93 0 10 112.811 18.84 2,125.36 1.02% 0.00111 2.037680494
02/28/1997 2125.36 1.64 17.33 123.487 17.61 2,174.61 2.32% 0.00107 1.985266742
03/31/1997 2174.61 0 10 123.487 17.77 2,194.36 0.91% 0.00119 2.246545978
04/30/1997 2194.36 0 10 123.487 17.92 2,212.89 0.84% 0.00115 2.191236843
05/31/1997 2212.89 0 10 123.487 19.04 2,351.19 6.25% 0.00119 2.280793015
06/30/1997 2351.19 0 10 123.487 20.04 2,474.68 5.25% 0.00115 2.342540152
07/31/1997 2474.68 0 10 123.487 20.72 2,558.65 3.39% 0.00119 2.544976327
08/31/1997 2558.65 0 10 123.487 19.16 2,366.01 -7.53% 0.00119 2.628305517
09/30/1997 2366.01 0 10 123.487 20.57 2,540.13 7.36% 0.00115 2.348996139
10/31/1997 2540.13 0 10 123.487 19.13 2,362.31 -7.00% 0.00119 2.603133133
11/30/1997 2362.31 0 10 123.487 19.04 2,351.19 -0.47% 0.00115 2.339813623
12/31/1997 2351.19 0 10 123.487 19.20 2,370.95 0.84% 0.00119 2.403644036
01/31/1998 2370.95 0 10 123.487 19.83 2,448.75 3.28% 0.00119 2.420986841
02/28/1998 2448.75 1.5 18.82 133.329 19.40 2,586.58 5.63% 0.00107 2.255851694
03/31/1998 2586.58 0 10 133.329 20.28 2,703.91 4.54% 0.00119 2.635444544
04/30/1998 2703.91 0 10 133.329 20.85 2,779.91 2.81% 0.00115 2.663087845
05/31/1998 2779.91 0 10 133.329 20.82 2,775.91 -0.14% 0.00119 2.826038599
06/30/1998 2775.91 0 10 133.329 20.62 2,749.24 -0.96% 0.00115 2.727688983
07/31/1998 2749.24 0 10 133.329 20.78 2,770.58 0.78% 0.00119 2.788288349
08/31/1998 2770.58 0 10 133.329 17.00 2,266.59 -18.19% 0.00119 2.806616058
09/30/1998 2266.59 0 10 133.329 16.98 2,263.93 -0.12% 0.00115 2.218774488
10/31/1998 2263.93 0 10 133.329 18.53 2,470.59 9.13% 0.00119 2.287404742
11/30/1998 2470.59 0 10 133.329 19.62 2,615.91 5.88% 0.00115 2.413052697
12/31/1998 2615.91 0 10 133.329 20.06 2,674.58 2.24% 0.00119 2.637285414
1.26393
<CAPTION>
Ending
Amount Recalc'd
Date After M&E Check AUV
<S> <C> <C> <C>
01/28/1987 1,000.00 0.545878
01/31/1987 999.88 0.00 0.545815
02/28/1987 999.81 (0.00) 0.545775
03/31/1987 1,043.57 0.00 0.569661
04/30/1987 1,118.19 0.00 0.610396
05/31/1987 1,100.92 (0.00) 0.600966
06/30/1987 1,045.90 (0.00) 0.570933
07/31/1987 1,032.72 (0.00) 0.563742
08/31/1987 1,122.85 (0.00) 0.612941
09/30/1987 1,096.76 (0.00) 0.598699
10/31/1987 866.59 (0.00) 0.473055
11/30/1987 873.51 (0.00) 0.476831
12/31/1987 933.95 (0.00) 0.509826
01/31/1988 900.88 (0.00) 0.491773
02/29/1988 923.82 (0.00) 0.504292
03/31/1988 964.58 (0.00) 0.526544
04/30/1988 979.40 (0.00) 0.534631
05/31/1988 960.33 (0.00) 0.524223
06/30/1988 942.35 (0.00) 0.514406
07/31/1988 934.29 (0.00) 0.510006
08/31/1988 900.48 (0.00) 0.49155
09/30/1988 938.03 (0.00) 0.512052
10/31/1988 978.43 (0.00) 0.534103
11/30/1988 995.08 (0.00) 0.543192
12/31/1988 995.86 (0.00) 0.543621
01/31/1989 1,024.23 (0.00) 0.559106
02/28/1989 1,040.84 (0.00) 0.568175
03/31/1989 1,038.66 (0.00) 0.566985
04/30/1989 1,068.13 (0.00) 0.583071
05/31/1989 1,027.34 (0.00) 0.560802
06/30/1989 1,022.21 (0.00) 0.558001
07/31/1989 1,116.61 (0.00) 0.609535
08/31/1989 1,107.41 (0.00) 0.604509
09/30/1989 1,174.97 0.00 0.641392
10/31/1989 1,109.72 0.00 0.605773
11/30/1989 1,168.29 (0.00) 0.637746
12/31/1989 1,240.41 (0.00) 0.677114
01/31/1990 1,222.30 (0.00) 0.667227
02/28/1990 1,192.45 (0.00) 0.650933
03/31/1990 1,236.11 (0.00) 0.674765
04/30/1990 1,241.54 (0.00) 0.677728
05/31/1990 1,321.19 (0.00) 0.721212
06/30/1990 1,348.97 (0.00) 0.736374
07/31/1990 1,415.65 (0.00) 0.772772
08/31/1990 1,269.77 (0.00) 0.693138
09/30/1990 1,147.65 (0.00) 0.626477
10/31/1990 1,253.18 (0.00) 0.684086
11/30/1990 1,212.91 (0.00) 0.662102
12/31/1990 1,202.74 (0.00) 0.65655
01/31/1991 1,212.93 (0.00) 0.662115
02/28/1991 1,252.50 (0.00) 0.683712
03/31/1991 1,214.37 (0.00) 0.662898
04/30/1991 1,239.68 (0.00) 0.676715
05/31/1991 1,241.17 (0.00) 0.677526
06/30/1991 1,171.66 (0.00) 0.639583
07/31/1991 1,228.41 (0.00) 0.670562
08/31/1991 1,230.88 (0.00) 0.671912
09/30/1991 1,279.61 (0.00) 0.69851
10/31/1991 1,286.92 (0.00) 0.702502
11/30/1991 1,239.34 (0.00) 0.676531
12/31/1991 1,280.98 (0.00) 0.699257
01/31/1992 1,295.11 (0.00) 0.706972
02/29/1992 1,266.68 (0.00) 0.691455
03/31/1992 1,239.44 (0.00) 0.676585
04/30/1992 1,315.12 (0.00) 0.717895
05/31/1992 1,370.82 (0.00) 0.7483
06/30/1992 1,343.60 (0.00) 0.733444
07/31/1992 1,256.30 (0.00) 0.685788
08/31/1992 1,243.98 (0.00) 0.679064
09/30/1992 1,192.44 (0.00) 0.65093
10/31/1992 1,109.56 (0.00) 0.605686
11/30/1992 1,102.41 (0.00) 0.601781
12/31/1992 1,127.53 (0.00) 0.615497
01/31/1993 1,158.46 (0.00) 0.632381
02/28/1993 1,179.91 (0.00) 0.644088
03/31/1993 1,260.36 (0.01) 0.688006
04/30/1993 1,342.67 (0.01) 0.73294
05/31/1993 1,369.96 (0.01) 0.747836
06/30/1993 1,334.56 (0.01) 0.728508
07/31/1993 1,385.64 (0.01) 0.756393
08/31/1993 1,458.43 (0.01) 0.796131
09/30/1993 1,448.82 (0.01) 0.790883
10/31/1993 1,499.58 (0.01) 0.818595
11/30/1993 1,434.56 (0.01) 0.783097
12/31/1993 1,527.69 (0.01) 0.833938
01/31/1994 1,625.55 (0.01) 0.887357
02/28/1994 1,595.14 (0.01) 0.87076
03/31/1994 1,553.66 (0.01) 0.848113
04/30/1994 1,603.26 (0.01) 0.875193
05/31/1994 1,581.62 (0.01) 0.863377
06/30/1994 1,563.03 (0.01) 0.853232
07/31/1994 1,602.54 (0.01) 0.874795
08/31/1994 1,619.33 (0.01) 0.883961
09/30/1994 1,575.21 (0.01) 0.859878
10/31/1994 1,605.72 (0.01) 0.876533
11/30/1994 1,543.10 (0.01) 0.842347
12/31/1994 1,532.45 (0.01) 0.836535
01/31/1995 1,467.06 (0.01) 0.800839
02/28/1995 1,469.35 (0.01) 0.802088
03/31/1995 1,512.84 (0.01) 0.825832
04/30/1995 1,554.33 (0.01) 0.848479
05/31/1995 1,574.07 (0.01) 0.859253
06/30/1995 1,586.95 (0.01) 0.866287
07/31/1995 1,655.56 (0.01) 0.903738
08/31/1995 1,607.63 (0.00) 0.877573
09/30/1995 1,629.22 (0.01) 0.889357
10/31/1995 1,595.09 (0.01) 0.870727
11/30/1995 1,611.77 (0.01) 0.879832
12/31/1995 1,658.52 (0.01) 0.90535
01/31/1996 1,687.65 (0.01) 0.921254
02/29/1996 1,689.49 (0.01) 0.922261
03/31/1996 1,713.32 (0.01) 0.935269
04/30/1996 1,759.00 (0.01) 0.960203
05/31/1996 1,757.90 (0.00) 0.959603
06/30/1996 1,768.75 (0.00) 0.965524
07/31/1996 1,714.22 (0.00) 0.935756
08/31/1996 1,725.03 (0.00) 0.941657
09/30/1996 1,773.37 (0.01) 0.968046
10/31/1996 1,753.51 (0.01) 0.957207
11/30/1996 1,843.07 (0.01) 1.006092
12/31/1996 1,850.71 (0.01) 1.010264
01/02/1997 1,831.90 (0.01) 1
01/31/1997 1,848.53 (0.01)
02/28/1997 1,889.38 0.03
03/31/1997 1,904.29 0.03
04/30/1997 1,918.18 0.04
05/31/1997 2,035.78 0.08
06/30/1997 2,140.36 0.27
07/31/1997 2,210.44 0.34
08/31/1997 2,041.39 (0.05)
09/30/1997 2,189.27 0.27
10/31/1997 2,033.41 0.06
11/30/1997 2,021.50 (0.13)
12/31/1997 2,036.08 0.02
01/31/1998 2,100.47 0.01
02/28/1998 2,216.45 0.10
03/31/1998 2,314.35 0.28
04/30/1998 2,376.74 0.35
05/31/1998 2,370.49 0.15
06/30/1998 2,344.99 0.28
07/31/1998 2,360.40 0.29
08/31/1998 1,928.22 (0.27)
09/30/1998 1,923.74 (0.29)
10/31/1998 2,097.06 (0.21)
11/30/1998 2,217.99 (0.03)
12/31/1998 2,265.10 1.13
0.9237390 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
INVESTMENT GRADE BOND Surrender
FUND 125 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.587697 -----------------------------
Units purchased 1,701.557 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0.587697 1,701.557 1,000.00 1,000.00 1,978.56 0.00%
12/31/1988 0.590206 1,701.557 1,004.27 0.00002 0.017024657 1,004.27 1,978.56 0.00%
01/31/1989 0.594705 1,701.557 1,011.92 0.00002 0.020385288 1,011.92 1,978.56 0.00%
02/28/1989 0.595449 1,701.557 1,013.19 0.00002 0.018552872 1,013.19 1,978.56 0.00%
03/31/1989 0.598514 1,701.557 1,018.41 0.00002 0.020566377 1,018.41 1,978.56 0.00%
04/30/1989 0.604567 1,701.557 1,028.71 0.00002 0.020005394 1,028.71 1,978.56 0.00%
05/31/1989 0.610662 1,701.557 1,039.08 0.00002 0.020881307 1,039.08 1,978.56 0.00%
06/30/1989 0.621782 1,701.557 1,058.00 0.00002 0.020411442 1,058.00 1,978.56 0.00%
07/31/1989 0.630821 1,701.557 1,073.38 0.00002 0.0214759 1,073.38 1,978.56 0.00%
08/31/1989 0.625126 1,701.557 1,063.69 0.00002 0.021788101 1,063.69 1,978.56 0.00%
09/30/1989 0.626947 1,701.557 1,066.79 0.00002 0.020894903 1,066.79 1,978.56 0.00%
10/31/1989 0.635985 1,701.557 1,082.16 0.00002 0.021654296 1,082.16 1,978.56 0.00%
11/30/1989 0.640806 1,701.557 1,090.37 0.00002 0.021257866 1,090.37 1,978.56 0.00%
12/31/1989 0.642744 1,701.557 1,093.67 0.00002 0.022132975 1,093.67 1,978.56 0.00%
01/31/1990 0.640600 1,701.557 1,090.02 0.00002 0.022199913 1,090.02 1,978.56 0.00%
02/28/1990 0.643618 1,701.557 1,095.15 0.00002 0.019984648 1,095.15 1,978.56 0.00%
03/31/1990 0.644891 1,701.557 1,097.32 0.00002 0.0222301 1,097.32 1,978.56 0.00%
04/30/1990 0.644500 1,701.557 1,096.65 0.00002 0.02155555 1,096.65 1,978.56 0.00%
05/31/1990 0.653935 1,701.557 1,112.71 0.00002 0.022260564 1,112.71 1,978.56 0.00%
06/30/1990 0.658363 1,701.557 1,120.24 0.00002 0.021857847 1,120.24 1,978.56 0.00%
07/31/1990 0.664200 1,701.557 1,130.17 0.00002 0.022739381 1,130.17 1,978.56 0.00%
08/31/1990 0.663432 1,701.557 1,128.87 0.00002 0.022940987 1,128.87 1,978.56 0.00%
09/30/1990 0.665344 1,701.557 1,132.12 0.00002 0.022175285 1,132.12 1,978.56 0.00%
10/31/1990 0.664678 1,701.557 1,130.99 0.00002 0.0229805 1,130.99 1,978.56 0.00%
11/30/1990 0.668001 1,701.557 1,136.64 0.00002 0.022216933 1,136.64 1,978.56 0.00%
12/31/1990 0.674247 1,701.557 1,147.27 0.00002 0.023072271 1,147.27 1,978.56 0.00%
01/31/1991 0.674889 1,701.557 1,148.36 0.00002 0.023288003 1,148.36 1,978.56 0.00%
02/28/1991 0.681033 1,701.557 1,158.82 0.00002 0.021054354 1,158.82 1,978.56 0.00%
03/31/1991 0.691839 1,701.557 1,177.20 0.00002 0.023522387 1,177.20 1,978.56 0.00%
04/30/1991 0.701292 1,701.557 1,193.29 0.00002 0.023124792 1,193.29 1,978.56 0.00%
05/31/1991 0.705961 1,701.557 1,201.23 0.00002 0.024222118 1,201.23 1,978.56 0.00%
06/30/1991 0.706592 1,701.557 1,202.31 0.00002 0.023596821 1,202.31 1,978.56 0.00%
07/31/1991 0.711921 1,701.557 1,211.37 0.00002 0.024405176 1,211.37 1,978.56 0.00%
08/31/1991 0.726007 1,701.557 1,235.34 0.00002 0.024589236 1,235.34 1,978.56 0.00%
09/30/1991 0.738747 1,701.557 1,257.02 0.00002 0.024266861 1,257.02 1,978.56 0.00%
10/31/1991 0.746044 1,701.557 1,269.44 0.00002 0.025515787 1,269.44 1,978.56 0.00%
11/30/1991 0.753350 1,701.557 1,281.87 0.00002 0.0249366 1,281.87 1,978.56 0.00%
12/31/1991 0.775033 1,701.557 1,318.76 0.00002 0.026020164 1,318.76 1,978.56 0.00%
01/31/1992 0.766516 1,701.557 1,304.27 0.00002 0.026769079 1,304.27 1,978.56 0.00%
02/29/1992 0.769948 1,701.557 1,310.11 0.00002 0.024766849 1,310.11 1,978.56 0.00%
03/31/1992 0.767730 1,701.557 1,306.34 0.00002 0.026593447 1,306.34 1,978.56 0.00%
04/30/1992 0.772541 1,701.557 1,314.52 0.00002 0.025661457 1,314.52 1,978.56 0.00%
05/31/1992 0.783603 1,701.557 1,333.35 0.00002 0.026683007 1,333.35 1,978.56 0.00%
06/30/1992 0.791882 1,701.557 1,347.43 0.00002 0.026192013 1,347.43 1,978.56 0.00%
07/31/1992 0.807087 1,701.557 1,373.30 0.00002 0.027351031 1,373.30 1,978.56 0.00%
08/31/1992 0.811105 1,701.557 1,380.14 0.00002 0.027876201 1,380.14 1,978.56 0.00%
09/30/1992 0.820023 1,701.557 1,395.32 0.00002 0.027111271 1,395.32 1,978.56 0.00%
10/31/1992 0.808716 1,701.557 1,376.08 0.00002 0.028323001 1,376.08 1,978.56 0.00%
11/30/1992 0.805802 1,701.557 1,371.12 0.00002 0.027031418 1,371.12 1,978.56 0.00%
12/31/1992 0.816356 1,701.557 1,389.08 0.00002 0.027831818 1,389.08 1,978.56 0.00%
01/31/1993 0.832603 1,701.557 1,416.72 0.00002 0.028196345 1,416.72 1,978.56 0.00%
02/28/1993 0.845937 1,701.557 1,439.41 0.00002 0.025974521 1,439.41 1,978.56 0.00%
03/31/1993 0.848753 1,701.557 1,444.20 0.00002 0.029218052 1,444.20 1,978.56 0.00%
04/30/1993 0.853084 1,701.557 1,451.57 0.00002 0.028369659 1,451.57 1,978.56 0.00%
05/31/1993 0.853658 1,701.557 1,452.55 0.00002 0.029464904 1,452.55 1,978.56 0.00%
06/30/1993 0.869084 1,701.557 1,478.80 0.00002 0.028533609 1,478.80 1,978.56 0.00%
07/31/1993 0.874081 1,701.557 1,487.30 0.00002 0.030017532 1,487.30 1,978.56 0.00%
08/31/1993 0.888685 1,701.557 1,512.15 0.00002 0.030190125 1,512.15 1,978.56 0.00%
09/30/1993 0.892205 1,701.557 1,518.14 0.00002 0.02970439 1,518.14 1,978.56 0.00%
10/31/1993 0.895686 1,701.557 1,524.06 0.00002 0.030816115 1,524.06 1,978.56 0.00%
11/30/1993 0.890342 1,701.557 1,514.97 0.00002 0.029938399 1,514.97 1,978.56 0.00%
12/31/1993 0.894683 1,701.557 1,522.35 0.00002 0.030751768 1,522.35 1,978.56 0.00%
01/31/1994 0.903865 1,701.557 1,537.98 0.00002 0.030901703 1,537.98 1,978.56 2.00%
02/28/1994 0.888181 1,701.557 1,511.29 0.00002 0.028197665 1,511.29 1,978.56 2.00%
03/31/1994 0.866961 1,701.557 1,475.18 0.00002 0.030677129 1,475.18 1,978.56 2.00%
04/30/1994 0.858281 1,701.557 1,460.41 0.00002 0.028978263 1,460.41 1,978.56 2.00%
05/31/1994 0.855040 1,701.557 1,454.90 0.00002 0.029644405 1,454.90 1,978.56 2.00%
06/30/1994 0.851828 1,701.557 1,449.43 0.00002 0.028579803 1,449.43 1,978.56 2.00%
07/31/1994 0.864897 1,701.557 1,471.67 0.00002 0.029421523 1,471.67 1,978.56 2.00%
08/31/1994 0.864757 1,701.557 1,471.43 0.00002 0.029872916 1,471.43 1,978.56 2.00%
09/30/1994 0.854571 1,701.557 1,454.10 0.00002 0.028904594 1,454.10 1,978.56 2.00%
10/31/1994 0.854435 1,701.557 1,453.87 0.00002 0.029516264 1,453.87 1,978.56 2.00%
11/30/1994 0.855108 1,701.557 1,455.02 0.00002 0.02855958 1,455.02 1,978.56 2.00%
12/31/1994 0.850338 1,701.557 1,446.90 0.00002 0.029534811 1,446.90 1,978.56 2.00%
01/31/1995 0.861778 1,701.557 1,466.36 0.00002 0.029370059 1,466.36 1,978.56 4.00%
02/28/1995 0.877583 1,701.557 1,493.26 0.00002 0.026884686 1,493.26 1,978.56 4.00%
03/31/1995 0.882237 1,701.557 1,501.18 0.00002 0.030311082 1,501.18 1,978.56 4.00%
04/30/1995 0.893283 1,701.557 1,519.97 0.00002 0.029488865 1,519.97 1,978.56 4.00%
05/31/1995 0.928161 1,701.557 1,579.32 0.00002 0.030853348 1,579.32 1,978.56 4.00%
06/30/1995 0.934364 1,701.557 1,589.87 0.00002 0.03102388 1,589.87 1,978.56 4.00%
07/31/1995 0.930198 1,701.557 1,582.78 0.00002 0.032272256 1,582.78 1,978.56 4.00%
08/31/1995 0.940319 1,701.557 1,600.01 0.00002 0.032128366 1,600.01 1,978.56 4.00%
09/30/1995 0.948077 1,701.557 1,613.21 0.00002 0.031430262 1,613.21 1,978.56 4.00%
10/31/1995 0.959743 1,701.557 1,633.06 0.00002 0.032745893 1,633.06 1,978.56 4.00%
11/30/1995 0.972997 1,701.557 1,655.61 0.00002 0.032079512 1,655.61 1,978.56 4.00%
12/31/1995 0.985403 1,701.557 1,676.72 0.00002 0.033606612 1,676.72 1,978.56 4.00%
01/31/1996 0.990671 1,701.557 1,685.68 0.00002 0.034035106 1,685.68 1,978.56 6.00%
02/29/1996 0.971599 1,701.557 1,653.23 0.00002 0.032009507 1,653.23 1,978.56 6.00%
03/31/1996 0.963106 1,701.557 1,638.78 0.00002 0.033558326 1,638.78 1,978.56 6.00%
04/30/1996 0.956321 1,701.557 1,627.23 0.00002 0.03219192 1,627.23 1,978.56 6.00%
05/31/1996 0.953649 1,701.557 1,622.69 0.00002 0.033030635 1,622.69 1,978.56 6.00%
06/30/1996 0.964241 1,701.557 1,640.71 0.00002 0.031875819 1,640.71 1,978.56 6.00%
07/31/1996 0.965694 1,701.557 1,643.18 0.00002 0.033304186 1,643.18 1,978.56 6.00%
08/31/1996 0.963841 1,701.557 1,640.03 0.00002 0.033354372 1,640.03 1,978.56 6.00%
09/30/1996 0.978507 1,701.557 1,664.99 0.00002 0.032216488 1,664.99 1,978.56 6.00%
10/31/1996 0.998862 1,701.557 1,699.62 0.00002 0.033796924 1,699.62 1,978.56 6.00%
11/30/1996 1.014280 1,701.557 1,725.86 0.00002 0.033387068 1,725.86 1,978.56 6.00%
12/31/1996 1.004167 1,701.557 1,708.65 0.00002 0.035032497 1,708.65 1,978.56 6.00%
01/02/1997 1.000000 1,701.557 1,701.56 0.00000 0.002237626 1,701.56 1,978.56 6.00%
01/31/1997 1.005570 1,701.557 1,711.03 0.00002 0.032310936 1,711.03 1,978.56 6.00%
02/28/1997 1.005941 1,701.557 1,711.67 0.00002 0.031370532 1,711.67 1,978.56 6.00%
03/31/1997 0.994450 1,701.557 1,692.11 0.00002 0.034744474 1,692.11 1,978.56 6.00%
04/30/1997 1.008197 1,701.557 1,715.50 0.00002 0.033239597 1,715.50 1,978.56 6.00%
05/31/1997 1.014977 1,701.557 1,727.04 0.00002 0.034822395 1,727.04 1,978.56 6.00%
06/30/1997 1.026038 1,701.557 1,745.86 0.00002 0.033925714 1,745.86 1,978.56 6.00%
07/31/1997 1.052660 1,701.557 1,791.16 0.00002 0.03543861 1,791.16 1,978.56 6.00%
08/31/1997 1.042108 1,701.557 1,773.21 0.00002 0.036358114 1,773.21 1,978.56 6.00%
09/30/1997 1.056526 1,701.557 1,797.74 0.00002 0.03483257 1,797.74 1,978.56 6.00%
10/31/1997 1.069221 1,701.557 1,819.34 0.00002 0.036491643 1,819.34 1,978.56 6.00%
11/30/1997 1.070787 1,701.557 1,822.01 0.00002 0.035738825 1,822.01 1,978.56 6.00%
12/31/1997 1.081642 1,701.557 1,840.48 0.00002 0.036984208 1,840.48 1,978.56 6.00%
01/31/1998 1.094306 1,701.557 1,862.02 0.00002 0.037359132 1,862.02 1,978.56 6.00%
02/28/1998 1.092499 1,701.557 1,858.95 0.00002 0.034138808 1,858.95 1,978.56 6.00%
03/31/1998 1.095839 1,701.557 1,864.63 0.00002 0.037734125 1,864.63 1,978.56 6.00%
04/30/1998 1.100150 1,701.557 1,871.97 0.00002 0.036628535 1,871.97 1,978.56 6.00%
05/31/1998 1.109006 1,701.557 1,887.04 0.00002 0.037998385 1,887.04 1,978.56 6.00%
06/30/1998 1.116828 1,701.557 1,900.35 0.00002 0.037068643 1,900.35 1,978.56 6.00%
07/31/1998 1.118358 1,701.557 1,902.95 0.00002 0.038574431 1,902.95 1,978.56 6.00%
08/31/1998 1.130696 1,701.557 1,923.94 0.00002 0.038627276 1,923.94 1,978.56 6.00%
09/30/1998 1.157443 1,701.557 1,969.46 0.00002 0.037793634 1,969.46 1,978.56 6.00%
10/31/1998 1.149968 1,701.557 1,956.74 0.00002 0.039977243 1,956.74 1,978.56 6.00%
11/30/1998 1.158636 1,701.557 1,971.49 0.00002 0.038437802 1,971.49 1,978.56 6.00%
12/31/1998 1.162796 1,701.557 1,978.56 0.00002 0.040018449 1,978.56 1,978.56 6.00%
12/31/1998 1,978.56
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 100.00% 1,978.56 10.0767 7.01% 7.01% 1,978.56 1,978.56 11
12/31/1988 100.00% 1,978.56 10.0055 7.01% 7.01% 1,970.15 1,970.15 11
01/31/1989 100.00% 1,978.56 9.9205 6.99% 6.99% 1,955.25 1,955.25 10
02/28/1989 100.00% 1,978.56 9.8438 7.04% 7.04% 1,952.81 1,952.81 10
03/31/1989 100.00% 1,978.56 9.7589 7.04% 7.04% 1,942.81 1,942.81 10
04/30/1989 100.00% 1,978.56 9.6767 6.99% 6.99% 1,923.35 1,923.35 10
05/31/1989 100.00% 1,978.56 9.5918 6.95% 6.95% 1,904.16 1,904.16 10
06/30/1989 100.00% 1,978.56 9.5096 6.80% 6.80% 1,870.10 1,870.10 10
07/31/1989 100.00% 1,978.56 9.4247 6.70% 6.70% 1,843.31 1,843.31 10
08/31/1989 100.00% 1,978.56 9.3397 6.87% 6.87% 1,860.10 1,860.10 10
09/30/1989 100.00% 1,978.56 9.2575 6.90% 6.90% 1,854.70 1,854.70 10
10/31/1989 100.00% 1,978.56 9.1726 6.80% 6.80% 1,828.34 1,828.34 10
11/30/1989 100.00% 1,978.56 9.0904 6.77% 6.77% 1,814.58 1,814.58 10
12/31/1989 100.00% 1,978.56 9.0055 6.80% 6.80% 1,809.11 1,809.11 10
01/31/1990 90.00% 1,978.56 8.9205 6.91% 6.91% 1,815.17 1,815.17 9
02/28/1990 90.00% 1,978.56 8.8438 6.92% 6.92% 1,806.66 1,806.66 9
03/31/1990 90.00% 1,978.56 8.7589 6.96% 6.96% 1,803.09 1,803.09 9
04/30/1990 90.00% 1,978.56 8.6767 7.04% 7.04% 1,804.18 1,804.18 9
05/31/1990 90.00% 1,978.56 8.5918 6.93% 6.93% 1,778.15 1,778.15 9
06/30/1990 90.00% 1,978.56 8.5096 6.91% 6.91% 1,766.19 1,766.19 9
07/31/1990 90.00% 1,978.56 8.4247 6.87% 6.87% 1,750.67 1,750.67 9
08/31/1990 90.00% 1,978.56 8.3397 6.96% 6.96% 1,752.70 1,752.70 9
09/30/1990 90.00% 1,978.56 8.2575 6.99% 6.99% 1,747.66 1,747.66 9
10/31/1990 90.00% 1,978.56 8.1726 7.08% 7.08% 1,749.41 1,749.41 9
11/30/1990 90.00% 1,978.56 8.0904 7.09% 7.09% 1,740.71 1,740.71 9
12/31/1990 90.00% 1,978.56 8.0055 7.04% 7.04% 1,724.58 1,724.58 9
01/31/1991 80.00% 1,978.56 7.9205 7.11% 7.11% 1,722.94 1,722.94 8
02/28/1991 80.00% 1,978.56 7.8438 7.06% 7.06% 1,707.40 1,707.40 8
03/31/1991 80.00% 1,978.56 7.7589 6.92% 6.92% 1,680.73 1,680.73 8
04/30/1991 80.00% 1,978.56 7.6767 6.81% 6.81% 1,658.08 1,658.08 8
05/31/1991 80.00% 1,978.56 7.5918 6.79% 6.79% 1,647.11 1,647.11 8
06/30/1991 80.00% 1,978.56 7.5096 6.86% 6.86% 1,645.64 1,645.64 8
07/31/1991 80.00% 1,978.56 7.4247 6.83% 6.83% 1,633.32 1,633.32 8
08/31/1991 80.00% 1,978.56 7.3397 6.63% 6.63% 1,601.63 1,601.63 8
09/30/1991 80.00% 1,978.56 7.2575 6.45% 6.45% 1,574.01 1,574.01 8
10/31/1991 80.00% 1,978.56 7.1726 6.38% 6.38% 1,558.62 1,558.62 8
11/30/1991 80.00% 1,978.56 7.0904 6.31% 6.31% 1,543.50 1,543.50 8
12/31/1991 80.00% 1,978.56 7.0055 5.96% 5.96% 1,500.32 1,500.32 8
01/31/1992 70.00% 1,978.56 6.9205 6.21% 6.21% 1,516.99 1,516.99 7
02/29/1992 70.00% 1,978.56 6.8411 6.21% 6.21% 1,510.23 1,510.23 7
03/31/1992 70.00% 1,978.56 6.7562 6.34% 6.34% 1,514.59 1,514.59 7
04/30/1992 70.00% 1,978.56 6.6740 6.32% 6.32% 1,505.16 1,505.16 7
05/31/1992 70.00% 1,978.56 6.5890 6.17% 6.17% 1,483.91 1,483.91 7
06/30/1992 70.00% 1,978.56 6.5068 6.08% 6.08% 1,468.40 1,468.40 7
07/31/1992 70.00% 1,978.56 6.4219 5.85% 5.85% 1,440.73 1,440.73 7
08/31/1992 70.00% 1,978.56 6.3370 5.85% 5.85% 1,433.59 1,433.59 7
09/30/1992 70.00% 1,978.56 6.2548 5.74% 5.74% 1,418.00 1,418.00 7
10/31/1992 70.00% 1,978.56 6.1699 6.06% 6.06% 1,437.83 1,437.83 7
11/30/1992 70.00% 1,978.56 6.0877 6.21% 6.21% 1,443.03 1,443.03 7
12/31/1992 70.00% 1,978.56 6.0027 6.07% 6.07% 1,424.37 1,424.37 7
01/31/1993 60.00% 1,978.56 5.9178 5.81% 5.81% 1,396.58 1,396.58 6
02/28/1993 60.00% 1,978.56 5.8411 5.60% 5.60% 1,374.57 1,374.57 6
03/31/1993 60.00% 1,978.56 5.7562 5.62% 5.62% 1,370.01 1,370.01 6
04/30/1993 60.00% 1,978.56 5.6740 5.61% 5.61% 1,363.05 1,363.05 6
05/31/1993 60.00% 1,978.56 5.5890 5.69% 5.69% 1,362.13 1,362.13 6
06/30/1993 60.00% 1,978.56 5.5068 5.43% 5.43% 1,337.96 1,337.96 6
07/31/1993 60.00% 1,978.56 5.4219 5.41% 5.41% 1,330.31 1,330.31 6
08/31/1993 60.00% 1,978.56 5.3370 5.17% 5.17% 1,308.45 1,308.45 6
09/30/1993 60.00% 1,978.56 5.2548 5.17% 5.17% 1,303.28 1,303.28 6
10/31/1993 60.00% 1,978.56 5.1699 5.18% 5.18% 1,298.22 1,298.22 6
11/30/1993 60.00% 1,978.56 5.0877 5.39% 5.39% 1,306.01 1,306.01 6
12/31/1993 60.00% 1,978.56 5.0027 5.38% 5.38% 1,299.67 1,299.67 6
01/31/1994 50.00% 1,967.59 4.9178 5.14% 5.26% 1,279.34 1,286.47 5
02/28/1994 50.00% 1,968.12 4.8411 5.61% 5.72% 1,302.28 1,309.19 5
03/31/1994 50.00% 1,968.85 4.7562 6.26% 6.37% 1,334.64 1,341.23 5
04/30/1994 50.00% 1,969.14 4.6740 6.60% 6.71% 1,348.34 1,354.80 5
05/31/1994 50.00% 1,969.25 4.5890 6.82% 6.93% 1,353.53 1,359.93 5
06/30/1994 50.00% 1,969.36 4.5068 7.04% 7.15% 1,358.71 1,365.06 5
07/31/1994 50.00% 1,968.92 4.4219 6.80% 6.92% 1,337.88 1,344.43 5
08/31/1994 50.00% 1,968.92 4.3370 6.95% 7.07% 1,338.10 1,344.65 5
09/30/1994 50.00% 1,969.27 4.2548 7.39% 7.51% 1,354.28 1,360.68 5
10/31/1994 50.00% 1,969.27 4.1699 7.55% 7.67% 1,354.50 1,360.89 5
11/30/1994 50.00% 1,969.25 4.0877 7.68% 7.81% 1,353.42 1,359.82 5
12/31/1994 50.00% 1,969.41 4.0027 8.01% 8.13% 1,361.13 1,367.45 5
01/31/1995 40.00% 1,951.57 3.9178 7.57% 7.95% 1,330.89 1,349.30 4
02/28/1995 40.00% 1,950.49 3.8411 7.20% 7.60% 1,306.20 1,325.00 4
03/31/1995 40.00% 1,950.17 3.7562 7.21% 7.63% 1,299.10 1,318.01 4
04/30/1995 40.00% 1,949.42 3.6740 7.01% 7.44% 1,282.54 1,301.71 4
05/31/1995 40.00% 1,947.05 3.5890 6.01% 6.48% 1,232.84 1,252.80 4
06/30/1995 40.00% 1,946.63 3.5068 5.94% 6.44% 1,224.39 1,244.48 4
07/31/1995 40.00% 1,946.91 3.4219 6.24% 6.74% 1,230.05 1,250.05 4
08/31/1995 40.00% 1,946.22 3.3370 6.05% 6.57% 1,216.38 1,236.60 4
09/30/1995 40.00% 1,945.69 3.2548 5.93% 6.47% 1,206.10 1,226.48 4
10/31/1995 40.00% 1,944.90 3.1699 5.67% 6.24% 1,190.96 1,211.57 4
11/30/1995 40.00% 1,944.00 3.0877 5.34% 5.94% 1,174.19 1,195.07 4
12/31/1995 40.00% 1,943.15 3.0027 5.03% 5.67% 1,158.90 1,180.02 4
01/31/1996 30.00% 1,913.04 2.9178 4.43% 5.64% 1,134.87 1,173.75 3
02/29/1996 30.00% 1,914.98 2.8384 5.31% 6.53% 1,158.33 1,196.79 3
03/31/1996 30.00% 1,915.85 2.7534 5.84% 7.08% 1,169.07 1,207.34 3
04/30/1996 30.00% 1,916.54 2.6712 6.32% 7.59% 1,177.79 1,215.91 3
05/31/1996 30.00% 1,916.82 2.5863 6.65% 7.97% 1,181.26 1,219.31 3
06/30/1996 30.00% 1,915.74 2.5041 6.38% 7.76% 1,167.62 1,205.92 3
07/31/1996 30.00% 1,915.59 2.4192 6.55% 7.98% 1,165.78 1,204.10 3
08/31/1996 30.00% 1,915.78 2.3342 6.88% 8.37% 1,168.13 1,206.42 3
09/30/1996 30.00% 1,914.28 2.2521 6.39% 7.96% 1,149.73 1,188.34 3
10/31/1996 30.00% 1,912.20 2.1671 5.59% 7.26% 1,125.07 1,164.12 3
11/30/1996 30.00% 1,910.63 2.0849 5.00% 6.77% 1,107.06 1,146.43 3
12/31/1996 30.00% 1,911.66 2.0000 5.77% 7.61% 1,118.81 1,157.97 3
01/02/1997 20.00% 1,900.21 1.9945 5.69% 7.86% 1,116.75 1,162.80 2
01/31/1997 20.00% 1,899.64 1.9151 5.61% 7.88% 1,110.23 1,156.36 2
02/28/1997 20.00% 1,899.61 1.8384 5.83% 8.20% 1,109.80 1,155.93 2
03/31/1997 20.00% 1,900.78 1.7534 6.86% 9.33% 1,123.32 1,169.29 2
04/30/1997 20.00% 1,899.38 1.6712 6.28% 8.91% 1,107.18 1,153.34 2
05/31/1997 20.00% 1,898.68 1.5863 6.16% 8.95% 1,099.39 1,145.64 2
06/30/1997 20.00% 1,897.55 1.5041 5.70% 8.67% 1,086.89 1,133.29 2
07/31/1997 20.00% 1,894.84 1.4192 4.04% 7.26% 1,057.88 1,104.63 2
08/31/1997 20.00% 1,895.91 1.3342 5.14% 8.56% 1,069.20 1,115.81 2
09/30/1997 20.00% 1,894.44 1.2521 4.27% 7.96% 1,053.79 1,100.58 2
10/31/1997 20.00% 1,893.15 1.1671 3.47% 7.45% 1,040.57 1,087.52 2
11/30/1997 20.00% 1,892.99 1.0849 3.59% 7.89% 1,038.96 1,085.93 2
12/31/1997 20.00% 1,891.88 1.0000 2.79% 7.50% 1,027.93 1,075.03 2
01/31/1998 10.00% 1,878.71 0.9151 0.90% 6.26% 1,008.20 1,057.13 1
02/28/1998 10.00% 1,878.90 0.8384 1.07% 6.43% 1,008.99 1,053.67 1
03/31/1998 10.00% 1,878.56 0.7534 0.75% 6.11% 1,005.62 1,045.70 1
04/30/1998 10.00% 1,878.12 0.6712 0.33% 5.69% 1,002.20 1,037.87 1
05/31/1998 10.00% 1,877.21 0.5863 -0.52% 4.85% 996.94 1,028.16 1
06/30/1998 10.00% 1,876.41 0.5041 -1.26% 4.12% 993.63 1,020.54 1
07/31/1998 10.00% 1,876.26 0.4192 -1.40% 3.97% 994.10 1,016.47 1
08/31/1998 10.00% 1,875.00 0.3342 -2.54% 2.84% 991.42 1,009.40 1
09/30/1998 10.00% 1,872.27 0.2521 -4.93% 0.46% 987.32 1,001.16 1
10/31/1998 10.00% 1,873.03 0.1671 -4.28% 1.12% 992.72 1,001.86 1
11/30/1998 10.00% 1,872.15 0.0849 -5.04% 0.36% 995.62 1,000.30 1
12/31/1998 10.00% 1,871.72 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
INVESTMENT GRADE BOND Surrender
FUND 125 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.587697 -----------------------------
Units purchased 1,701.557 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,971.49 1,872.15 1,978.56 -5.04% 0.36%
09/30/1998 0.25 0.25 3 mths 1,969.46 1,872.27 1,978.56 -4.93% 0.46%
12/31/1997 1.00 1.00 YTD 1,840.48 1,891.88 1,978.56 2.79% 7.50%
12/31/1997 1.00 1.00 1 Year 1,840.48 1,891.88 1,978.56 2.79% 7.50%
12/31/1996 2.00 2.00 2 Year 1,708.65 1,911.66 1,978.56 5.77% 7.61%
12/31/1995 3.00 3.00 3 Year 1,676.72 1,943.15 1,978.56 5.03% 5.67%
12/31/1994 4.00 4.00 4 Year 1,446.90 1,969.41 1,978.56 8.01% 8.13%
12/31/1993 5.00 5.00 5 Year 1,522.35 1,978.56 1,978.56 5.38% 5.38%
12/31/1988 10.01 10.01 10 Year 1,004.27 1,978.56 1,978.56 7.01% 7.01%
12/05/1988 10.08 10.08 Portfolio Inc Dt 1,000.00 1,978.56 1,978.56 7.01% 7.01%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,701.56 1,900.21 1,978.56 5.69% 7.86%
12/31/1992 1,389.08
12/31/1993 1 1,522.35 9.59%
12/31/1994 1 1,446.90 -4.96%
12/31/1995 1 1,676.72 15.88%
12/31/1996 1 1,708.65 1.90%
12/31/1997 1 1,840.48 7.72%
12/31/1998 1 1,978.56 7.50%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
INVESTMENT GRADE BOND
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0 100 10.00 1,000.00
12/31/1988 1000 0.051646 10 100.516 10.00 1,005.16 0.52%
01/31/1989 1005.16 0.066918 10.02 101.187 10.02 1,013.89 0.87%
02/28/1989 1013.89 0.06218 9.98 101.817 9.98 1,016.13 0.22%
03/31/1989 1016.13 0.071973 9.97 102.552 9.97 1,022.44 0.62%
04/30/1989 1022.44 0.071043 10.01 103.28 10.01 1,033.83 1.11%
05/31/1989 1033.83 0.071527 10.05 104.015 10.05 1,045.35 1.11%
06/30/1989 1045.35 0.073362 10.17 104.765 10.17 1,065.46 1.92%
07/31/1989 1065.46 0.068643 10.26 105.466 10.26 1,082.08 1.56%
08/31/1989 1082.08 0.068236 10.11 106.178 10.11 1,073.46 -0.80%
09/30/1989 1073.46 0.069879 10.08 106.914 10.08 1,077.69 0.39%
10/31/1989 1077.69 0.066062 10.17 107.608 10.17 1,094.37 1.55%
11/30/1989 1094.37 0.067503 10.19 108.321 10.19 1,103.79 0.86%
12/31/1989 1103.79 0.091534 10.13 109.3 10.14 1,108.30 0.41%
01/31/1990 1108.3 0.066921 10.05 110.028 10.05 1,105.78 -0.23%
02/28/1990 1105.78 0.067008 10.04 110.762 10.04 1,112.05 0.57%
03/31/1990 1112.05 0.070481 10 111.543 10.00 1,115.43 0.30%
04/30/1990 1115.43 0.064244 9.94 112.264 9.94 1,115.90 0.04%
05/31/1990 1115.9 0.066053 10.03 113.003 10.03 1,133.42 1.57%
06/30/1990 1133.42 0.068242 10.04 113.771 10.04 1,142.26 0.78%
07/31/1990 1142.26 0.069671 10.07 114.558 10.07 1,153.60 0.99%
08/31/1990 1153.6 0.069037 10 115.349 10.00 1,153.49 -0.01%
09/30/1990 1153.49 0.069102 9.97 116.148 9.97 1,158.00 0.39%
10/31/1990 1158 0.070621 9.9 116.977 9.90 1,158.07 0.01%
11/30/1990 1158.07 0.069626 9.89 117.801 9.89 1,165.05 0.60%
12/31/1990 1165.05 0.072952 9.92 118.667 9.92 1,177.18 1.04%
01/31/1991 1177.18 0 10 118.667 9.94 1,179.55 0.20%
02/28/1991 1179.55 0 10 118.667 10.04 1,191.42 1.01%
03/31/1991 1191.42 0 10 118.667 10.21 1,211.59 1.69%
04/30/1991 1211.59 0 10 118.667 10.36 1,229.39 1.47%
05/31/1991 1229.39 0 10 118.667 10.44 1,238.88 0.77%
06/30/1991 1238.88 0 10 118.667 10.46 1,241.26 0.19%
07/31/1991 1241.26 0 10 118.667 10.55 1,251.94 0.86%
08/31/1991 1251.94 0 10 118.667 10.77 1,278.04 2.08%
09/30/1991 1278.04 0 10 118.667 10.97 1,301.78 1.86%
10/31/1991 1301.78 0 10 118.667 11.09 1,316.02 1.09%
11/30/1991 1316.02 0 10 118.667 11.21 1,330.26 1.08%
12/31/1991 1330.26 0.46 10.97 123.643 11.08 1,369.96 2.98%
01/31/1992 1369.96 0 10 123.643 10.97 1,356.36 -0.99%
02/29/1992 1356.36 0.04 10.98 124.093 10.99 1,363.78 0.55%
03/31/1992 1363.78 0 10 124.093 10.97 1,361.30 -0.18%
04/30/1992 1361.3 0 10 124.093 11.05 1,371.23 0.73%
05/31/1992 1371.23 0 10 124.093 11.22 1,392.32 1.54%
06/30/1992 1392.32 0 10 124.093 11.35 1,408.46 1.16%
07/31/1992 1408.46 0 10 124.093 11.58 1,437.00 2.03%
08/31/1992 1437 0 10 124.093 11.65 1,445.68 0.60%
09/30/1992 1445.68 0 10 124.093 11.79 1,463.06 1.20%
10/31/1992 1463.06 0 10 124.093 11.64 1,444.44 -1.27%
11/30/1992 1444.44 0 10 124.093 11.61 1,440.72 -0.26%
12/31/1992 1440.72 0.8 10.91 133.192 10.97 1,461.12 1.42%
01/31/1993 1461.12 0 10 133.192 11.20 1,491.75 2.10%
02/28/1993 1491.75 0.01 11.24 133.31 11.38 1,517.07 1.70%
03/31/1993 1517.07 0 10 133.31 11.43 1,523.73 0.44%
04/30/1993 1523.73 0 10 133.31 11.50 1,533.07 0.61%
05/31/1993 1533.07 0 10 133.31 11.52 1,535.73 0.17%
06/30/1993 1535.73 0 10 133.31 11.74 1,565.06 1.91%
07/31/1993 1565.06 0 10 133.31 11.82 1,575.72 0.68%
08/31/1993 1575.72 0 10 133.31 12.03 1,603.72 1.78%
09/30/1993 1603.72 0 10 133.31 12.09 1,611.72 0.50%
10/31/1993 1611.72 0 10 133.31 12.15 1,619.72 0.50%
11/30/1993 1619.72 0 10 133.31 12.09 1,611.72 -0.49%
12/31/1993 1611.72 0.68 11.45 141.227 11.48 1,621.29 0.59%
01/31/1994 1621.29 0 10 141.227 11.61 1,639.65 1.13%
02/28/1994 1639.65 0.03 11.51 141.595 11.39 1,612.77 -1.64%
03/31/1994 1612.77 0 10 141.595 11.13 1,575.95 -2.28%
04/30/1994 1575.95 0 10 141.595 11.03 1,561.79 -0.90%
05/31/1994 1561.79 0 10 141.595 11.00 1,557.55 -0.27%
06/30/1994 1557.55 0 10 141.595 10.97 1,553.30 -0.27%
07/31/1994 1553.3 0 10 141.595 11.15 1,578.78 1.64%
08/31/1994 1578.78 0 10 141.595 11.16 1,580.20 0.09%
09/30/1994 1580.2 0 10 141.595 11.04 1,563.21 -1.08%
10/31/1994 1563.21 0 10 141.595 11.05 1,564.62 0.09%
11/30/1994 1564.62 0 10 141.595 11.07 1,567.46 0.18%
12/31/1994 1567.46 0 10 141.595 11.02 1,560.38 -0.45%
01/31/1995 1560.38 0 10 141.595 11.18 1,583.03 1.45%
02/28/1995 1583.03 0.39 10.84 146.689 11.00 1,613.58 1.93%
03/31/1995 1613.58 0 10 146.689 11.07 1,623.85 0.64%
04/30/1995 1623.85 0 10 146.689 11.22 1,645.85 1.35%
05/31/1995 1645.85 0 10 146.689 11.67 1,711.86 4.01%
06/30/1995 1711.86 0 10 146.689 11.76 1,725.06 0.77%
07/31/1995 1725.06 0 10 146.689 11.72 1,719.20 -0.34%
08/31/1995 1719.2 0 10 146.689 11.86 1,739.73 1.19%
09/30/1995 1739.73 0 10 146.689 11.97 1,755.87 0.93%
10/31/1995 1755.87 0 10 146.689 12.13 1,779.34 1.34%
11/30/1995 1779.34 0 10 146.689 12.31 1,805.74 1.48%
12/31/1995 1805.74 0 10 146.689 12.48 1,830.68 1.38%
01/31/1996 1830.68 0 10 146.689 12.56 1,842.41 0.64%
02/29/1996 1842.41 0.62 11.9 154.332 11.72 1,808.77 -1.83%
03/31/1996 1808.77 0 10 154.332 11.63 1,794.88 -0.77%
04/30/1996 1794.88 0 10 154.332 11.56 1,784.08 -0.60%
05/31/1996 1784.08 0 10 154.332 11.54 1,780.99 -0.17%
06/30/1996 1780.99 0 10 154.332 11.68 1,802.60 1.21%
07/31/1996 1802.6 0 10 154.332 11.71 1,807.23 0.26%
08/31/1996 1807.23 0 10 154.332 11.70 1,805.68 -0.09%
09/30/1996 1805.68 0 10 154.332 11.89 1,835.01 1.62%
10/31/1996 1835.01 0 10 154.332 12.15 1,875.13 2.19%
11/30/1996 1875.13 0 10 154.332 12.35 1,906.00 1.65%
12/31/1996 1906 0 10 154.332 12.24 1,889.02 -0.89%
01/02/1997 1889.02 0 10 154.332 12.19 1,881.31 -0.41%
01/31/1997 1881.31 0 10 154.332 12.27 1,893.65 0.66%
02/28/1997 1893.65 0.73 11.62 164.028 11.56 1,896.16 0.13%
03/31/1997 1896.16 0 10 164.028 11.44 1,876.48 -1.04%
04/30/1997 1876.48 0 10 164.028 11.61 1,904.37 1.49%
05/31/1997 1904.37 0 10 164.028 11.70 1,919.13 0.78%
06/30/1997 1919.13 0 10 164.028 11.84 1,942.09 1.20%
07/31/1997 1942.09 0 10 164.028 12.16 1,994.58 2.70%
08/31/1997 1994.58 0 10 164.028 12.05 1,976.54 -0.90%
09/30/1997 1976.54 0 10 164.028 12.23 2,006.06 1.49%
10/31/1997 2006.06 0 10 164.028 12.39 2,032.31 1.31%
11/30/1997 2032.31 0 10 164.028 12.42 2,037.23 0.24%
12/31/1997 2037.23 0 10 164.028 12.56 2,060.19 1.13%
01/31/1998 2060.19 0 10 164.028 12.72 2,086.44 1.27%
02/28/1998 2086.44 0.66 12.03 173.027 12.05 2,084.98 -0.07%
03/31/1998 2084.98 0 10 173.027 12.10 2,093.63 0.41%
04/30/1998 2093.63 0 10 173.027 12.16 2,104.01 0.50%
05/31/1998 2104.01 0 10 173.027 12.27 2,123.04 0.90%
06/30/1998 2123.04 0 10 173.027 12.37 2,140.34 0.81%
07/31/1998 2140.34 0 10 173.027 12.40 2,145.53 0.24%
08/31/1998 2145.53 0 10 173.027 12.55 2,171.49 1.21%
09/30/1998 2171.49 0 10 173.027 12.86 2,225.13 2.47%
10/31/1998 2225.13 0 10 173.027 12.79 2,213.02 -0.54%
11/30/1998 2213.02 0 10 173.027 12.90 2,232.05 0.86%
12/31/1998 2232.05 0 10 173.027 12.96 2,242.43 0.47%
1.22513
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
12/05/1988 1,000.00 0.587697
12/31/1988 0.00089 0.890410959 1,004.27 0.00 0.590206
01/31/1989 0.00106 1.066176619 1,011.93 0.00 0.594705
02/28/1989 0.00096 0.970339692 1,013.19 0.00 0.595449
03/31/1989 0.00106 1.075647979 1,018.41 0.00 0.598514
04/30/1989 0.00103 1.046308665 1,028.71 0.00 0.604567
05/31/1989 0.00106 1.092119241 1,039.08 0.00 0.610662
06/30/1989 0.00103 1.067544501 1,058.00 0.00 0.621782
07/31/1989 0.00106 1.1232175 1,073.38 0.00 0.630821
08/31/1989 0.00106 1.139545996 1,063.69 0.00 0.625126
09/30/1989 0.00103 1.092830731 1,066.79 0.00 0.626947
10/31/1989 0.00106 1.132548101 1,082.17 0.00 0.635985
11/30/1989 0.00103 1.111814329 1,090.37 0.00 0.640806
12/31/1989 0.00106 1.157583617 1,093.67 0.00 0.642744
01/31/1990 0.00106 1.161084472 1,090.02 0.00 0.6406
02/28/1990 0.00096 1.045223556 1,095.15 0.00 0.643618
03/31/1990 0.00106 1.162663768 1,097.32 0.00 0.644891
04/30/1990 0.00103 1.12738381 1,096.66 0.00 0.6445
05/31/1990 0.00106 1.164257262 1,112.71 0.00 0.653935
06/30/1990 0.00103 1.143193994 1,120.24 0.00 0.658363
07/31/1990 0.00106 1.189300235 1,130.18 0.00 0.6642
08/31/1990 0.00106 1.199844622 1,128.87 0.00 0.663432
09/30/1990 0.00103 1.159796521 1,132.12 0.00 0.665344
10/31/1990 0.00106 1.201910927 1,130.99 0.00 0.664678
11/30/1990 0.00103 1.161975077 1,136.64 0.00 0.668001
12/31/1990 0.00106 1.206710965 1,147.27 0.00 0.674247
01/31/1991 0.00106 1.217993623 1,148.36 0.00 0.674889
02/28/1991 0.00096 1.101170196 1,158.82 0.00 0.681033
03/31/1991 0.00106 1.230252195 1,177.21 0.00 0.691839
04/30/1991 0.00103 1.209458236 1,193.29 0.00 0.701292
05/31/1991 0.00106 1.266850467 1,201.24 0.00 0.705961
06/30/1991 0.00103 1.234146475 1,202.31 0.00 0.706592
07/31/1991 0.00106 1.276424404 1,211.38 0.00 0.711921
08/31/1991 0.00106 1.286051856 1,235.35 0.00 0.726007
09/30/1991 0.00103 1.269191302 1,257.02 0.00 0.738747
10/31/1991 0.00106 1.334511737 1,269.44 0.00 0.746044
11/30/1991 0.00103 1.304219041 1,281.87 0.00 0.75335
12/31/1991 0.00106 1.36089111 1,318.77 0.00 0.775033
01/31/1992 0.00106 1.400060477 1,304.27 0.00 0.766516
02/29/1992 0.00099 1.295341405 1,310.11 0.00 0.769948
03/31/1992 0.00106 1.390875003 1,306.34 0.00 0.76773
04/30/1992 0.00103 1.342131405 1,314.53 0.01 0.772541
05/31/1992 0.00106 1.395560766 1,333.35 0.01 0.783603
06/30/1992 0.00103 1.369880703 1,347.44 0.00 0.791882
07/31/1992 0.00106 1.430498278 1,373.31 0.01 0.807087
08/31/1992 0.00106 1.457966165 1,380.15 0.01 0.811105
09/30/1992 0.00103 1.417959646 1,395.32 0.01 0.820023
10/31/1992 0.00106 1.48133457 1,376.08 0.01 0.808716
11/30/1992 0.00103 1.413783236 1,371.12 0.01 0.805802
12/31/1992 0.00106 1.455645995 1,389.08 0.01 0.816356
01/31/1993 0.00106 1.474711963 1,416.73 0.01 0.832603
02/28/1993 0.00096 1.35850696 1,439.42 0.01 0.845937
03/31/1993 0.00106 1.528147991 1,444.21 0.01 0.848753
04/30/1993 0.00103 1.483775105 1,451.58 0.01 0.853084
05/31/1993 0.00106 1.541057292 1,452.55 0.01 0.853658
06/30/1993 0.00103 1.492350094 1,478.80 0.01 0.869084
07/31/1993 0.00106 1.569962316 1,487.31 0.01 0.874081
08/31/1993 0.00106 1.578988966 1,512.16 0.01 0.888685
09/30/1993 0.00103 1.553584578 1,518.15 0.01 0.892205
10/31/1993 0.00106 1.611729611 1,524.07 0.01 0.895686
11/30/1993 0.00103 1.565824429 1,514.98 0.01 0.890342
12/31/1993 0.00106 1.608364632 1,522.36 0.01 0.894683
01/31/1994 0.00106 1.616207198 1,537.99 0.01 0.903865
02/28/1994 0.00096 1.474781499 1,511.30 0.01 0.888181
03/31/1994 0.00106 1.604460509 1,475.19 0.01 0.866961
04/30/1994 0.00103 1.51560663 1,460.42 0.01 0.858281
05/31/1994 0.00106 1.550446078 1,454.90 0.01 0.85504
06/30/1994 0.00103 1.494765342 1,449.44 0.01 0.851828
07/31/1994 0.00106 1.538789306 1,471.68 0.01 0.864897
08/31/1994 0.00106 1.56239763 1,471.44 0.01 0.864757
09/30/1994 0.00103 1.511752437 1,454.11 0.01 0.854571
10/31/1994 0.00106 1.543743375 1,453.87 0.00 0.854435
11/30/1994 0.00103 1.493706688 1,455.02 0.00 0.855108
12/31/1994 0.00106 1.544712785 1,446.90 0.00 0.850338
01/31/1995 0.00106 1.536095596 1,466.37 0.01 0.861778
02/28/1995 0.00096 1.406107888 1,493.26 0.00 0.877583
03/31/1995 0.00106 1.585312593 1,501.18 0.00 0.882237
04/30/1995 0.00103 1.542309331 1,519.98 0.00 0.893283
05/31/1995 0.00106 1.613674051 1,579.32 0.01 0.928161
06/30/1995 0.00103 1.62259396 1,589.88 0.01 0.934364
07/31/1995 0.00106 1.687886542 1,582.79 0.01 0.930198
08/31/1995 0.00106 1.680360885 1,600.01 0.01 0.940319
09/30/1995 0.00103 1.643848199 1,613.21 0.01 0.948077
10/31/1995 0.00106 1.712656782 1,633.06 0.01 0.959743
11/30/1995 0.00103 1.677804133 1,655.61 0.00 0.972997
12/31/1995 0.00106 1.757673007 1,676.72 0.00 0.985403
01/31/1996 0.00106 1.780083107 1,685.69 0.00 0.990671
02/29/1996 0.00099 1.674141089 1,653.23 0.00 0.971599
03/31/1996 0.00106 1.755146012 1,638.78 0.00 0.963106
04/30/1996 0.00103 1.683681739 1,627.24 0.00 0.956321
05/31/1996 0.00106 1.727548389 1,622.69 0.01 0.953649
06/30/1996 0.00103 1.667150574 1,640.72 0.00 0.964241
07/31/1996 0.00106 1.741855337 1,643.19 0.00 0.965694
08/31/1996 0.00106 1.744480083 1,640.03 0.00 0.963841
09/30/1996 0.00103 1.68496634 1,664.99 0.00 0.978507
10/31/1996 0.00106 1.767624584 1,699.62 0.00 0.998862
11/30/1996 0.00103 1.746188425 1,725.86 0.00 1.01428
12/31/1996 0.00106 1.83224637 1,708.65 0.00 1.004167
01/02/1997 0.00007 0.117030853 1,701.56 0.00 1
01/31/1997 0.00099 1.689905085 1,711.03 (0.00)
02/28/1997 0.00096 1.640714339 1,711.66 (0.01)
03/31/1997 0.00106 1.817171053 1,692.08 (0.04)
04/30/1997 0.00103 1.738433885 1,715.49 (0.02)
05/31/1997 0.00106 1.821235587 1,726.96 (0.08)
06/30/1997 0.00103 1.774275235 1,745.85 (0.01)
07/31/1997 0.00106 1.853468654 1,791.18 0.02
08/31/1997 0.00106 1.901595709 1,773.08 (0.13)
09/30/1997 0.00103 1.821656022 1,797.74 (0.00)
10/31/1997 0.00106 1.90855761 1,819.35 0.01
11/30/1997 0.00103 1.869198918 1,821.89 (0.12)
12/31/1997 0.00106 1.934197089 1,840.49 0.01
01/31/1998 0.00106 1.953942458 1,861.98 (0.04)
02/28/1998 0.00096 1.785464538 1,858.90 (0.05)
03/31/1998 0.00106 1.973485529 1,864.63 0.00
04/30/1998 0.00103 1.915720481 1,871.96 (0.00)
05/31/1998 0.00106 1.987358559 1,886.91 (0.13)
06/30/1998 0.00103 1.938603505 1,900.34 (0.00)
07/31/1998 0.00106 2.017489169 1,902.94 (0.01)
08/31/1998 0.00106 2.020239419 1,923.94 (0.00)
09/30/1998 0.00103 1.976650337 1,969.49 0.03
10/31/1998 0.00106 2.090894837 1,956.68 (0.06)
11/30/1998 0.00103 2.010286074 1,971.49 0.01
12/31/1998 0.00106 2.093024293 1,978.57 0.01
0.9694880 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
INVESTMENT GRADE BOND Surrender
FUND 185 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.594827 -----------------------------
Units purchased 1,681.161 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0.594827 1,681.161 1,000.00 1,000.00 1,949.06 0.00%
12/31/1988 0.597303 1,681.161 1,004.16 0.00002 0.017024657 1,004.16 1,949.06 0.00%
01/31/1989 0.601780 1,681.161 1,011.69 0.00002 0.020383123 1,011.69 1,949.06 0.00%
02/28/1989 0.602463 1,681.161 1,012.84 0.00002 0.018548557 1,012.84 1,949.06 0.00%
03/31/1989 0.605488 1,681.161 1,017.92 0.00002 0.02055921 1,017.92 1,949.06 0.00%
04/30/1989 0.611536 1,681.161 1,028.09 0.00002 0.019995908 1,028.09 1,949.06 0.00%
05/31/1989 0.617623 1,681.161 1,038.32 0.00002 0.020868828 1,038.32 1,949.06 0.00%
06/30/1989 0.628794 1,681.161 1,057.10 0.00002 0.02039666 1,057.10 1,949.06 0.00%
07/31/1989 0.637855 1,681.161 1,072.34 0.00002 0.021457762 1,072.34 1,949.06 0.00%
08/31/1989 0.632015 1,681.161 1,062.52 0.00002 0.021766971 1,062.52 1,949.06 0.00%
09/30/1989 0.633778 1,681.161 1,065.48 0.00002 0.020871948 1,065.48 1,949.06 0.00%
10/31/1989 0.642834 1,681.161 1,080.71 0.00002 0.021627842 1,080.71 1,949.06 0.00%
11/30/1989 0.647628 1,681.161 1,088.77 0.00002 0.02122924 1,088.77 1,949.06 0.00%
12/31/1989 0.649504 1,681.161 1,091.92 0.00002 0.022100477 1,091.92 1,949.06 0.00%
01/31/1990 0.647255 1,681.161 1,088.14 0.00002 0.022164496 1,088.14 1,949.06 0.00%
02/28/1990 0.650230 1,681.161 1,093.14 0.00002 0.019950225 1,093.14 1,949.06 0.00%
03/31/1990 0.651433 1,681.161 1,095.16 0.00002 0.022189271 1,095.16 1,949.06 0.00%
04/30/1990 0.650958 1,681.161 1,094.37 0.00002 0.021513217 1,094.37 1,949.06 0.00%
05/31/1990 0.660404 1,681.161 1,110.25 0.00002 0.022214114 1,110.25 1,949.06 0.00%
06/30/1990 0.664795 1,681.161 1,117.63 0.00002 0.021809479 1,117.63 1,949.06 0.00%
07/31/1990 0.670604 1,681.161 1,127.39 0.00002 0.022686306 1,127.39 1,949.06 0.00%
08/31/1990 0.669743 1,681.161 1,125.95 0.00002 0.022884539 1,125.95 1,949.06 0.00%
09/30/1990 0.671591 1,681.161 1,129.05 0.00002 0.022117894 1,129.05 1,949.06 0.00%
10/31/1990 0.670833 1,681.161 1,127.78 0.00002 0.022918221 1,127.78 1,949.06 0.00%
11/30/1990 0.674104 1,681.161 1,133.28 0.00002 0.022153891 1,133.28 1,949.06 0.00%
12/31/1990 0.680321 1,681.161 1,143.73 0.00002 0.023003978 1,143.73 1,949.06 0.00%
01/31/1991 0.680882 1,681.161 1,144.67 0.00002 0.023216135 1,144.67 1,949.06 0.00%
02/28/1991 0.687003 1,681.161 1,154.96 0.00002 0.020986704 1,154.96 1,949.06 0.00%
03/31/1991 0.697817 1,681.161 1,173.14 0.00002 0.02344416 1,173.14 1,949.06 0.00%
04/30/1991 0.707266 1,681.161 1,189.03 0.00002 0.023045023 1,189.03 1,949.06 0.00%
05/31/1991 0.711885 1,681.161 1,196.79 0.00002 0.02413564 1,196.79 1,949.06 0.00%
06/30/1991 0.712433 1,681.161 1,197.71 0.00002 0.023509611 1,197.71 1,949.06 0.00%
07/31/1991 0.717716 1,681.161 1,206.60 0.00002 0.024311965 1,206.60 1,949.06 0.00%
08/31/1991 0.731825 1,681.161 1,230.32 0.00002 0.024492249 1,230.32 1,949.06 0.00%
09/30/1991 0.744577 1,681.161 1,251.75 0.00002 0.024168118 1,251.75 1,949.06 0.00%
10/31/1991 0.751836 1,681.161 1,263.96 0.00002 0.025408888 1,263.96 1,949.06 0.00%
11/30/1991 0.759106 1,681.161 1,276.18 0.00002 0.024828971 1,276.18 1,949.06 0.00%
12/31/1991 0.780858 1,681.161 1,312.75 0.00002 0.025904694 1,312.75 1,949.06 0.00%
01/31/1992 0.772178 1,681.161 1,298.16 0.00002 0.026646986 1,298.16 1,949.06 0.00%
02/29/1992 0.775543 1,681.161 1,303.81 0.00002 0.024650729 1,303.81 1,949.06 0.00%
03/31/1992 0.773211 1,681.161 1,299.89 0.00002 0.026465611 1,299.89 1,949.06 0.00%
04/30/1992 0.777961 1,681.161 1,307.88 0.00002 0.025534868 1,307.88 1,949.06 0.00%
05/31/1992 0.789001 1,681.161 1,326.44 0.00002 0.026548126 1,326.44 1,949.06 0.00%
06/30/1992 0.797239 1,681.161 1,340.29 0.00002 0.026056324 1,340.29 1,949.06 0.00%
07/31/1992 0.812446 1,681.161 1,365.85 0.00002 0.027205992 1,365.85 1,949.06 0.00%
08/31/1992 0.816387 1,681.161 1,372.48 0.00002 0.027724935 1,372.48 1,949.06 0.00%
09/30/1992 0.825262 1,681.161 1,387.40 0.00002 0.026960732 1,387.40 1,949.06 0.00%
10/31/1992 0.813778 1,681.161 1,368.09 0.00002 0.028162285 1,368.09 1,949.06 0.00%
11/30/1992 0.810746 1,681.161 1,362.99 0.00002 0.026874571 1,362.99 1,949.06 0.00%
12/31/1992 0.821262 1,681.161 1,380.67 0.00002 0.027666922 1,380.67 1,949.06 0.00%
01/31/1993 0.837502 1,681.161 1,407.98 0.00002 0.028025784 1,407.98 1,949.06 0.00%
02/28/1993 0.850818 1,681.161 1,430.36 0.00002 0.025814174 1,430.36 1,949.06 0.00%
03/31/1993 0.853541 1,681.161 1,434.94 0.00002 0.02903439 1,434.94 1,949.06 0.00%
04/30/1993 0.857791 1,681.161 1,442.08 0.00002 0.028187722 1,442.08 1,949.06 0.00%
05/31/1993 0.858259 1,681.161 1,442.87 0.00002 0.029272345 1,442.87 1,949.06 0.00%
06/30/1993 0.873663 1,681.161 1,468.77 0.00002 0.028343532 1,468.77 1,949.06 0.00%
07/31/1993 0.878575 1,681.161 1,477.03 0.00002 0.029813982 1,477.03 1,949.06 0.00%
08/31/1993 0.893142 1,681.161 1,501.52 0.00002 0.029981605 1,501.52 1,949.06 0.00%
09/30/1993 0.896570 1,681.161 1,507.28 0.00002 0.029495524 1,507.28 1,949.06 0.00%
10/31/1993 0.899954 1,681.161 1,512.97 0.00002 0.030595689 1,512.97 1,949.06 0.00%
11/30/1993 0.894473 1,681.161 1,503.75 0.00002 0.029720486 1,503.75 1,949.06 0.00%
12/31/1993 0.898721 1,681.161 1,510.89 0.00002 0.030524128 1,510.89 1,949.06 0.00%
01/31/1994 0.907830 1,681.161 1,526.21 0.00002 0.030669093 1,526.21 1,949.06 2.00%
02/28/1994 0.891972 1,681.161 1,499.55 0.00002 0.027981881 1,499.55 1,949.06 2.00%
03/31/1994 0.870547 1,681.161 1,463.53 0.00002 0.030438781 1,463.53 1,949.06 2.00%
04/30/1994 0.861723 1,681.161 1,448.70 0.00002 0.028749336 1,448.70 1,949.06 2.00%
05/31/1994 0.858359 1,681.161 1,443.04 0.00002 0.029406526 1,443.04 1,949.06 2.00%
06/30/1994 0.855029 1,681.161 1,437.44 0.00002 0.028346834 1,437.44 1,949.06 2.00%
07/31/1994 0.868038 1,681.161 1,459.31 0.00002 0.029178091 1,459.31 1,949.06 2.00%
08/31/1994 0.867787 1,681.161 1,458.89 0.00002 0.029622027 1,458.89 1,949.06 2.00%
09/30/1994 0.857458 1,681.161 1,441.52 0.00002 0.028658189 1,441.52 1,949.06 2.00%
10/31/1994 0.857212 1,681.161 1,441.11 0.00002 0.029260982 1,441.11 1,949.06 2.00%
11/30/1994 0.857782 1,681.161 1,442.07 0.00002 0.028308955 1,442.07 1,949.06 2.00%
12/31/1994 0.852888 1,681.161 1,433.84 0.00002 0.029272038 1,433.84 1,949.06 2.00%
01/31/1995 0.864254 1,681.161 1,452.95 0.00002 0.029105029 1,452.95 1,949.06 4.00%
02/28/1995 0.880005 1,681.161 1,479.43 0.00002 0.026638746 1,479.43 1,949.06 4.00%
03/31/1995 0.884560 1,681.161 1,487.09 0.00002 0.030030404 1,487.09 1,949.06 4.00%
04/30/1995 0.895526 1,681.161 1,505.52 0.00002 0.029212108 1,505.52 1,949.06 4.00%
05/31/1995 0.930378 1,681.161 1,564.12 0.00002 0.030560062 1,564.12 1,949.06 4.00%
06/30/1995 0.936481 1,681.161 1,574.38 0.00002 0.030725222 1,574.38 1,949.06 4.00%
07/31/1995 0.932186 1,681.161 1,567.15 0.00002 0.031957663 1,567.15 1,949.06 4.00%
08/31/1995 0.942209 1,681.161 1,584.01 0.00002 0.031811095 1,584.01 1,949.06 4.00%
09/30/1995 0.949866 1,681.161 1,596.88 0.00002 0.031115934 1,596.88 1,949.06 4.00%
10/31/1995 0.961433 1,681.161 1,616.32 0.00002 0.032414429 1,616.32 1,949.06 4.00%
11/30/1995 0.974591 1,681.161 1,638.44 0.00002 0.031750796 1,638.44 1,949.06 4.00%
12/31/1995 0.986893 1,681.161 1,659.13 0.00002 0.033258176 1,659.13 1,949.06 4.00%
01/31/1996 0.992043 1,681.161 1,667.78 0.00002 0.033677985 1,667.78 1,949.06 6.00%
02/29/1996 0.972826 1,681.161 1,635.48 0.00002 0.031669619 1,635.48 1,949.06 6.00%
03/31/1996 0.964199 1,681.161 1,620.97 0.00002 0.033197945 1,620.97 1,949.06 6.00%
04/30/1996 0.957288 1,681.161 1,609.36 0.00002 0.031842142 1,609.36 1,949.06 6.00%
05/31/1996 0.954492 1,681.161 1,604.65 0.00002 0.032667707 1,604.65 1,949.06 6.00%
06/30/1996 0.964975 1,681.161 1,622.28 0.00002 0.031521574 1,622.28 1,949.06 6.00%
07/31/1996 0.966306 1,681.161 1,624.52 0.00002 0.032930028 1,624.52 1,949.06 6.00%
08/31/1996 0.964328 1,681.161 1,621.19 0.00002 0.032975449 1,621.19 1,949.06 6.00%
09/30/1996 0.978882 1,681.161 1,645.66 0.00002 0.031846402 1,645.66 1,949.06 6.00%
10/31/1996 0.999120 1,681.161 1,679.68 0.00002 0.033404608 1,679.68 1,949.06 6.00%
11/30/1996 1.014419 1,681.161 1,705.40 0.00002 0.032995389 1,705.40 1,949.06 6.00%
12/31/1996 1.004176 1,681.161 1,688.18 0.00002 0.034617318 1,688.18 1,949.06 6.00%
01/02/1997 1.000000 1,681.161 1,681.16 0.00000 0.002210824 1,681.16 1,949.06 6.00%
01/31/1997 1.005451 1,681.161 1,690.33 0.00002 0.031923635 1,690.33 1,949.06 6.00%
02/28/1997 1.005709 1,681.161 1,690.76 0.00002 0.030990836 1,690.76 1,949.06 6.00%
03/31/1997 0.994094 1,681.161 1,671.23 0.00002 0.034320086 1,671.23 1,949.06 6.00%
04/30/1997 1.007714 1,681.161 1,694.13 0.00002 0.032829408 1,694.13 1,949.06 6.00%
05/31/1997 1.014368 1,681.161 1,705.32 0.00002 0.034388508 1,705.32 1,949.06 6.00%
06/30/1997 1.025295 1,681.161 1,723.69 0.00002 0.033498946 1,723.69 1,949.06 6.00%
07/31/1997 1.051765 1,681.161 1,768.19 0.00002 0.034988464 1,768.19 1,949.06 6.00%
08/31/1997 1.041101 1,681.161 1,750.26 0.00002 0.03589176 1,750.26 1,949.06 6.00%
09/30/1997 1.055365 1,681.161 1,774.24 0.00002 0.034381788 1,774.24 1,949.06 6.00%
10/31/1997 1.067912 1,681.161 1,795.33 0.00002 0.036014611 1,795.33 1,949.06 6.00%
11/30/1997 1.069355 1,681.161 1,797.76 0.00002 0.035267207 1,797.76 1,949.06 6.00%
12/31/1997 1.080052 1,681.161 1,815.74 0.00002 0.036492023 1,815.74 1,949.06 6.00%
01/31/1998 1.092561 1,681.161 1,836.77 0.00002 0.036857061 1,836.77 1,949.06 6.00%
02/28/1998 1.090631 1,681.161 1,833.53 0.00002 0.033675811 1,833.53 1,949.06 6.00%
03/31/1998 1.093823 1,681.161 1,838.89 0.00002 0.037218072 1,838.89 1,949.06 6.00%
04/30/1998 1.097991 1,681.161 1,845.90 0.00002 0.036122903 1,845.90 1,949.06 6.00%
05/31/1998 1.106700 1,681.161 1,860.54 0.00002 0.037469234 1,860.54 1,949.06 6.00%
06/30/1998 1.114362 1,681.161 1,873.42 0.00002 0.036548159 1,873.42 1,949.06 6.00%
07/31/1998 1.115744 1,681.161 1,875.75 0.00002 0.038027899 1,875.75 1,949.06 6.00%
08/31/1998 1.127908 1,681.161 1,896.19 0.00002 0.03807506 1,896.19 1,949.06 6.00%
09/30/1998 1.154447 1,681.161 1,940.81 0.00002 0.037248542 1,940.81 1,949.06 6.00%
10/31/1998 1.146852 1,681.161 1,928.04 0.00002 0.03939581 1,928.04 1,949.06 6.00%
11/30/1998 1.155351 1,681.161 1,942.33 0.00002 0.037874157 1,942.33 1,949.06 6.00%
12/31/1998 1.159355 1,681.161 1,949.06 0.00002 0.039426659 1,949.06 1,949.06 6.00%
12/31/1998 1,949.06
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 100.00% 1,949.06 10.0767 6.85% 6.85% 1,949.06 1,949.06 11
12/31/1988 100.00% 1,949.06 10.0055 6.85% 6.85% 1,940.98 1,940.98 11
01/31/1989 100.00% 1,949.06 9.9205 6.83% 6.83% 1,926.54 1,926.54 10
02/28/1989 100.00% 1,949.06 9.8438 6.88% 6.88% 1,924.36 1,924.36 10
03/31/1989 100.00% 1,949.06 9.7589 6.88% 6.88% 1,914.74 1,914.74 10
04/30/1989 100.00% 1,949.06 9.6767 6.83% 6.83% 1,895.81 1,895.81 10
05/31/1989 100.00% 1,949.06 9.5918 6.79% 6.79% 1,877.12 1,877.12 10
06/30/1989 100.00% 1,949.06 9.5096 6.65% 6.65% 1,843.78 1,843.78 10
07/31/1989 100.00% 1,949.06 9.4247 6.55% 6.55% 1,817.58 1,817.58 10
08/31/1989 100.00% 1,949.06 9.3397 6.71% 6.71% 1,834.38 1,834.38 10
09/30/1989 100.00% 1,949.06 9.2575 6.74% 6.74% 1,829.28 1,829.28 10
10/31/1989 100.00% 1,949.06 9.1726 6.64% 6.64% 1,803.51 1,803.51 10
11/30/1989 100.00% 1,949.06 9.0904 6.62% 6.62% 1,790.16 1,790.16 10
12/31/1989 100.00% 1,949.06 9.0055 6.65% 6.65% 1,784.99 1,784.99 10
01/31/1990 90.00% 1,949.06 8.9205 6.75% 6.75% 1,791.19 1,791.19 9
02/28/1990 90.00% 1,949.06 8.8438 6.76% 6.76% 1,782.99 1,782.99 9
03/31/1990 90.00% 1,949.06 8.7589 6.80% 6.80% 1,779.70 1,779.70 9
04/30/1990 90.00% 1,949.06 8.6767 6.88% 6.88% 1,781.00 1,781.00 9
05/31/1990 90.00% 1,949.06 8.5918 6.77% 6.77% 1,755.52 1,755.52 9
06/30/1990 90.00% 1,949.06 8.5096 6.75% 6.75% 1,743.93 1,743.93 9
07/31/1990 90.00% 1,949.06 8.4247 6.71% 6.71% 1,728.82 1,728.82 9
08/31/1990 90.00% 1,949.06 8.3397 6.80% 6.80% 1,731.04 1,731.04 9
09/30/1990 90.00% 1,949.06 8.2575 6.84% 6.84% 1,726.28 1,726.28 9
10/31/1990 90.00% 1,949.06 8.1726 6.92% 6.92% 1,728.23 1,728.23 9
11/30/1990 90.00% 1,949.06 8.0904 6.93% 6.93% 1,719.85 1,719.85 9
12/31/1990 90.00% 1,949.06 8.0055 6.89% 6.89% 1,704.13 1,704.13 9
01/31/1991 80.00% 1,949.06 7.9205 6.95% 6.95% 1,702.73 1,702.73 8
02/28/1991 80.00% 1,949.06 7.8438 6.90% 6.90% 1,687.55 1,687.55 8
03/31/1991 80.00% 1,949.06 7.7589 6.76% 6.76% 1,661.40 1,661.40 8
04/30/1991 80.00% 1,949.06 7.6767 6.65% 6.65% 1,639.21 1,639.21 8
05/31/1991 80.00% 1,949.06 7.5918 6.63% 6.63% 1,628.57 1,628.57 8
06/30/1991 80.00% 1,949.06 7.5096 6.70% 6.70% 1,627.32 1,627.32 8
07/31/1991 80.00% 1,949.06 7.4247 6.67% 6.67% 1,615.34 1,615.34 8
08/31/1991 80.00% 1,949.06 7.3397 6.47% 6.47% 1,584.20 1,584.20 8
09/30/1991 80.00% 1,949.06 7.2575 6.29% 6.29% 1,557.07 1,557.07 8
10/31/1991 80.00% 1,949.06 7.1726 6.22% 6.22% 1,542.03 1,542.03 8
11/30/1991 80.00% 1,949.06 7.0904 6.15% 6.15% 1,527.26 1,527.26 8
12/31/1991 80.00% 1,949.06 7.0055 5.80% 5.80% 1,484.72 1,484.72 8
01/31/1992 70.00% 1,949.06 6.9205 6.05% 6.05% 1,501.41 1,501.41 7
02/29/1992 70.00% 1,949.06 6.8411 6.05% 6.05% 1,494.89 1,494.89 7
03/31/1992 70.00% 1,949.06 6.7562 6.18% 6.18% 1,499.40 1,499.40 7
04/30/1992 70.00% 1,949.06 6.6740 6.16% 6.16% 1,490.25 1,490.25 7
05/31/1992 70.00% 1,949.06 6.5890 6.01% 6.01% 1,469.40 1,469.40 7
06/30/1992 70.00% 1,949.06 6.5068 5.92% 5.92% 1,454.21 1,454.21 7
07/31/1992 70.00% 1,949.06 6.4219 5.69% 5.69% 1,426.99 1,426.99 7
08/31/1992 70.00% 1,949.06 6.3370 5.69% 5.69% 1,420.10 1,420.10 7
09/30/1992 70.00% 1,949.06 6.2548 5.58% 5.58% 1,404.83 1,404.83 7
10/31/1992 70.00% 1,949.06 6.1699 5.90% 5.90% 1,424.66 1,424.66 7
11/30/1992 70.00% 1,949.06 6.0877 6.05% 6.05% 1,429.99 1,429.99 7
12/31/1992 70.00% 1,949.06 6.0027 5.91% 5.91% 1,411.67 1,411.67 7
01/31/1993 60.00% 1,949.06 5.9178 5.65% 5.65% 1,384.30 1,384.30 6
02/28/1993 60.00% 1,949.06 5.8411 5.44% 5.44% 1,362.64 1,362.64 6
03/31/1993 60.00% 1,949.06 5.7562 5.46% 5.46% 1,358.29 1,358.29 6
04/30/1993 60.00% 1,949.06 5.6740 5.45% 5.45% 1,351.56 1,351.56 6
05/31/1993 60.00% 1,949.06 5.5890 5.53% 5.53% 1,350.82 1,350.82 6
06/30/1993 60.00% 1,949.06 5.5068 5.27% 5.27% 1,327.00 1,327.00 6
07/31/1993 60.00% 1,949.06 5.4219 5.25% 5.25% 1,319.59 1,319.59 6
08/31/1993 60.00% 1,949.06 5.3370 5.01% 5.01% 1,298.06 1,298.06 6
09/30/1993 60.00% 1,949.06 5.2548 5.01% 5.01% 1,293.10 1,293.10 6
10/31/1993 60.00% 1,949.06 5.1699 5.02% 5.02% 1,288.24 1,288.24 6
11/30/1993 60.00% 1,949.06 5.0877 5.23% 5.23% 1,296.13 1,296.13 6
12/31/1993 60.00% 1,949.06 5.0027 5.22% 5.22% 1,290.01 1,290.01 6
01/31/1994 50.00% 1,938.03 4.9178 4.98% 5.10% 1,269.83 1,277.06 5
02/28/1994 50.00% 1,938.56 4.8411 5.45% 5.57% 1,292.76 1,299.77 5
03/31/1994 50.00% 1,939.28 4.7562 6.10% 6.21% 1,325.07 1,331.75 5
04/30/1994 50.00% 1,939.58 4.6740 6.44% 6.55% 1,338.85 1,345.39 5
05/31/1994 50.00% 1,939.69 4.5890 6.66% 6.77% 1,344.17 1,350.66 5
06/30/1994 50.00% 1,939.80 4.5068 6.88% 6.99% 1,349.48 1,355.92 5
07/31/1994 50.00% 1,939.37 4.4219 6.64% 6.76% 1,328.96 1,335.60 5
08/31/1994 50.00% 1,939.38 4.3370 6.78% 6.91% 1,329.35 1,335.99 5
09/30/1994 50.00% 1,939.72 4.2548 7.23% 7.35% 1,345.60 1,352.08 5
10/31/1994 50.00% 1,939.73 4.1699 7.39% 7.51% 1,346.00 1,352.47 5
11/30/1994 50.00% 1,939.71 4.0877 7.52% 7.65% 1,345.09 1,351.57 5
12/31/1994 50.00% 1,939.88 4.0027 7.84% 7.97% 1,352.92 1,359.33 5
01/31/1995 40.00% 1,922.13 3.9178 7.40% 7.79% 1,322.91 1,341.45 4
02/28/1995 40.00% 1,921.07 3.8411 7.04% 7.44% 1,298.52 1,317.44 4
03/31/1995 40.00% 1,920.76 3.7562 7.05% 7.47% 1,291.63 1,310.66 4
04/30/1995 40.00% 1,920.03 3.6740 6.84% 7.28% 1,275.32 1,294.61 4
05/31/1995 40.00% 1,917.68 3.5890 5.84% 6.32% 1,226.05 1,246.11 4
06/30/1995 40.00% 1,917.27 3.5068 5.78% 6.28% 1,217.80 1,237.99 4
07/31/1995 40.00% 1,917.56 3.4219 6.07% 6.58% 1,223.59 1,243.69 4
08/31/1995 40.00% 1,916.89 3.3370 5.88% 6.41% 1,210.15 1,230.46 4
09/30/1995 40.00% 1,916.37 3.2548 5.76% 6.31% 1,200.07 1,220.55 4
10/31/1995 40.00% 1,915.59 3.1699 5.51% 6.08% 1,185.16 1,205.86 4
11/30/1995 40.00% 1,914.71 3.0877 5.18% 5.78% 1,168.61 1,189.58 4
12/31/1995 40.00% 1,913.88 3.0027 4.87% 5.51% 1,153.55 1,174.75 4
01/31/1996 30.00% 1,884.08 2.9178 4.27% 5.49% 1,129.69 1,168.65 3
02/29/1996 30.00% 1,886.02 2.8384 5.15% 6.37% 1,153.19 1,191.74 3
03/31/1996 30.00% 1,886.89 2.7534 5.67% 6.92% 1,164.05 1,202.40 3
04/30/1996 30.00% 1,887.58 2.6712 6.15% 7.43% 1,172.88 1,211.08 3
05/31/1996 30.00% 1,887.87 2.5863 6.49% 7.81% 1,176.49 1,214.63 3
06/30/1996 30.00% 1,886.81 2.5041 6.22% 7.60% 1,163.06 1,201.44 3
07/31/1996 30.00% 1,886.67 2.4192 6.38% 7.82% 1,161.38 1,199.78 3
08/31/1996 30.00% 1,886.87 2.3342 6.72% 8.21% 1,163.88 1,202.24 3
09/30/1996 30.00% 1,885.41 2.2521 6.23% 7.80% 1,145.69 1,184.37 3
10/31/1996 30.00% 1,883.36 2.1671 5.42% 7.10% 1,121.26 1,160.38 3
11/30/1996 30.00% 1,881.82 2.0849 4.83% 6.62% 1,103.45 1,142.88 3
12/31/1996 30.00% 1,882.85 2.0000 5.61% 7.45% 1,115.32 1,154.53 3
01/02/1997 20.00% 1,871.58 1.9945 5.53% 7.70% 1,113.27 1,159.36 2
01/31/1997 20.00% 1,871.03 1.9151 5.45% 7.72% 1,106.91 1,153.07 2
02/28/1997 20.00% 1,871.01 1.8384 5.66% 8.04% 1,106.61 1,152.77 2
03/31/1997 20.00% 1,872.18 1.7534 6.69% 9.17% 1,120.24 1,166.24 2
04/30/1997 20.00% 1,870.80 1.6712 6.12% 8.75% 1,104.29 1,150.48 2
05/31/1997 20.00% 1,870.13 1.5863 5.99% 8.79% 1,096.65 1,142.93 2
06/30/1997 20.00% 1,869.03 1.5041 5.53% 8.51% 1,084.32 1,130.75 2
07/31/1997 20.00% 1,866.36 1.4192 3.88% 7.10% 1,055.52 1,102.29 2
08/31/1997 20.00% 1,867.44 1.3342 4.98% 8.40% 1,066.95 1,113.59 2
09/30/1997 20.00% 1,866.00 1.2521 4.11% 7.79% 1,051.72 1,098.53 2
10/31/1997 20.00% 1,864.73 1.1671 3.30% 7.29% 1,038.66 1,085.63 2
11/30/1997 20.00% 1,864.59 1.0849 3.42% 7.73% 1,037.17 1,084.16 2
12/31/1997 20.00% 1,863.51 1.0000 2.63% 7.34% 1,026.31 1,073.43 2
01/31/1998 10.00% 1,850.55 0.9151 0.75% 6.11% 1,006.86 1,055.80 1
02/28/1998 10.00% 1,850.75 0.8384 0.94% 6.30% 1,007.87 1,052.57 1
03/31/1998 10.00% 1,850.42 0.7534 0.63% 5.99% 1,004.72 1,044.81 1
04/30/1998 10.00% 1,850.00 0.6712 0.22% 5.59% 1,001.49 1,037.18 1
05/31/1998 10.00% 1,849.12 0.5863 -0.61% 4.76% 996.40 1,027.63 1
06/30/1998 10.00% 1,848.35 0.5041 -1.34% 4.04% 993.23 1,020.15 1
07/31/1998 10.00% 1,848.21 0.4192 -1.47% 3.91% 993.82 1,016.20 1
08/31/1998 10.00% 1,846.99 0.3342 -2.60% 2.79% 991.25 1,009.23 1
09/30/1998 10.00% 1,844.31 0.2521 -4.97% 0.43% 987.22 1,001.07 1
10/31/1998 10.00% 1,845.07 0.1671 -4.30% 1.09% 992.68 1,001.81 1
11/30/1998 10.00% 1,844.22 0.0849 -5.05% 0.35% 995.61 1,000.29 1
12/31/1998 10.00% 1,843.81 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
INVESTMENT GRADE BOND Surrender
FUND 185 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.594827 -----------------------------
Units purchased 1,681.161 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,942.33 1,844.22 1,949.06 -5.05% 0.35%
09/30/1998 0.25 0.25 3 mths 1,940.81 1,844.31 1,949.06 -4.97% 0.43%
12/31/1997 1.00 1.00 YTD 1,815.74 1,863.51 1,949.06 2.63% 7.34%
12/31/1997 1.00 1.00 1 Year 1,815.74 1,863.51 1,949.06 2.63% 7.34%
12/31/1996 2.00 2.00 2 Year 1,688.18 1,882.85 1,949.06 5.61% 7.45%
12/31/1995 3.00 3.00 3 Year 1,659.13 1,913.88 1,949.06 4.87% 5.51%
12/31/1994 4.00 4.00 4 Year 1,433.84 1,939.88 1,949.06 7.84% 7.97%
12/31/1993 5.00 5.00 5 Year 1,510.89 1,949.06 1,949.06 5.22% 5.22%
12/31/1988 10.01 10.01 10 Year 1,004.16 1,949.06 1,949.06 6.85% 6.85%
12/05/1988 10.08 10.08 Portfolio Inc Dt 1,000.00 1,949.06 1,949.06 6.85% 6.85%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,681.16 1,871.58 1,949.06 5.53% 7.70%
12/31/1992 1,380.67
12/31/1993 1 1,510.89 9.43%
12/31/1994 1 1,433.84 -5.10%
12/31/1995 1 1,659.13 15.71%
12/31/1996 1 1,688.18 1.75%
12/31/1997 1 1,815.74 7.56%
12/31/1998 1 1,949.06 7.34%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
INVESTMENT GRADE BOND
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0 100 10.00 1,000.00
12/31/1988 1000 0.051646 10 100.516 10.00 1,005.16 0.52%
01/31/1989 1005.16 0.066918 10.02 101.187 10.02 1,013.89 0.87%
02/28/1989 1013.89 0.06218 9.98 101.817 9.98 1,016.13 0.22%
03/31/1989 1016.13 0.071973 9.97 102.552 9.97 1,022.44 0.62%
04/30/1989 1022.44 0.071043 10.01 103.28 10.01 1,033.83 1.11%
05/31/1989 1033.83 0.071527 10.05 104.015 10.05 1,045.35 1.11%
06/30/1989 1045.35 0.073362 10.17 104.765 10.17 1,065.46 1.92%
07/31/1989 1065.46 0.068643 10.26 105.466 10.26 1,082.08 1.56%
08/31/1989 1082.08 0.068236 10.11 106.178 10.11 1,073.46 -0.80%
09/30/1989 1073.46 0.069879 10.08 106.914 10.08 1,077.69 0.39%
10/31/1989 1077.69 0.066062 10.17 107.608 10.17 1,094.37 1.55%
11/30/1989 1094.37 0.067503 10.19 108.321 10.19 1,103.79 0.86%
12/31/1989 1103.79 0.091534 10.13 109.3 10.14 1,108.30 0.41%
01/31/1990 1108.3 0.066921 10.05 110.028 10.05 1,105.78 -0.23%
02/28/1990 1105.78 0.067008 10.04 110.762 10.04 1,112.05 0.57%
03/31/1990 1112.05 0.070481 10 111.543 10.00 1,115.43 0.30%
04/30/1990 1115.43 0.064244 9.94 112.264 9.94 1,115.90 0.04%
05/31/1990 1115.9 0.066053 10.03 113.003 10.03 1,133.42 1.57%
06/30/1990 1133.42 0.068242 10.04 113.771 10.04 1,142.26 0.78%
07/31/1990 1142.26 0.069671 10.07 114.558 10.07 1,153.60 0.99%
08/31/1990 1153.6 0.069037 10 115.349 10.00 1,153.49 -0.01%
09/30/1990 1153.49 0.069102 9.97 116.148 9.97 1,158.00 0.39%
10/31/1990 1158 0.070621 9.9 116.977 9.90 1,158.07 0.01%
11/30/1990 1158.07 0.069626 9.89 117.801 9.89 1,165.05 0.60%
12/31/1990 1165.05 0.072952 9.92 118.667 9.92 1,177.18 1.04%
01/31/1991 1177.18 0 10 118.667 9.94 1,179.55 0.20%
02/28/1991 1179.55 0 10 118.667 10.04 1,191.42 1.01%
03/31/1991 1191.42 0 10 118.667 10.21 1,211.59 1.69%
04/30/1991 1211.59 0 10 118.667 10.36 1,229.39 1.47%
05/31/1991 1229.39 0 10 118.667 10.44 1,238.88 0.77%
06/30/1991 1238.88 0 10 118.667 10.46 1,241.26 0.19%
07/31/1991 1241.26 0 10 118.667 10.55 1,251.94 0.86%
08/31/1991 1251.94 0 10 118.667 10.77 1,278.04 2.08%
09/30/1991 1278.04 0 10 118.667 10.97 1,301.78 1.86%
10/31/1991 1301.78 0 10 118.667 11.09 1,316.02 1.09%
11/30/1991 1316.02 0 10 118.667 11.21 1,330.26 1.08%
12/31/1991 1330.26 0.46 10.97 123.643 11.08 1,369.96 2.98%
01/31/1992 1369.96 0 10 123.643 10.97 1,356.36 -0.99%
02/29/1992 1356.36 0.04 10.98 124.093 10.99 1,363.78 0.55%
03/31/1992 1363.78 0 10 124.093 10.97 1,361.30 -0.18%
04/30/1992 1361.3 0 10 124.093 11.05 1,371.23 0.73%
05/31/1992 1371.23 0 10 124.093 11.22 1,392.32 1.54%
06/30/1992 1392.32 0 10 124.093 11.35 1,408.46 1.16%
07/31/1992 1408.46 0 10 124.093 11.58 1,437.00 2.03%
08/31/1992 1437 0 10 124.093 11.65 1,445.68 0.60%
09/30/1992 1445.68 0 10 124.093 11.79 1,463.06 1.20%
10/31/1992 1463.06 0 10 124.093 11.64 1,444.44 -1.27%
11/30/1992 1444.44 0 10 124.093 11.61 1,440.72 -0.26%
12/31/1992 1440.72 0.8 10.91 133.192 10.97 1,461.12 1.42%
01/31/1993 1461.12 0 10 133.192 11.20 1,491.75 2.10%
02/28/1993 1491.75 0.01 11.24 133.31 11.38 1,517.07 1.70%
03/31/1993 1517.07 0 10 133.31 11.43 1,523.73 0.44%
04/30/1993 1523.73 0 10 133.31 11.50 1,533.07 0.61%
05/31/1993 1533.07 0 10 133.31 11.52 1,535.73 0.17%
06/30/1993 1535.73 0 10 133.31 11.74 1,565.06 1.91%
07/31/1993 1565.06 0 10 133.31 11.82 1,575.72 0.68%
08/31/1993 1575.72 0 10 133.31 12.03 1,603.72 1.78%
09/30/1993 1603.72 0 10 133.31 12.09 1,611.72 0.50%
10/31/1993 1611.72 0 10 133.31 12.15 1,619.72 0.50%
11/30/1993 1619.72 0 10 133.31 12.09 1,611.72 -0.49%
12/31/1993 1611.72 0.68 11.45 141.227 11.48 1,621.29 0.59%
01/31/1994 1621.29 0 10 141.227 11.61 1,639.65 1.13%
02/28/1994 1639.65 0.03 11.51 141.595 11.39 1,612.77 -1.64%
03/31/1994 1612.77 0 10 141.595 11.13 1,575.95 -2.28%
04/30/1994 1575.95 0 10 141.595 11.03 1,561.79 -0.90%
05/31/1994 1561.79 0 10 141.595 11.00 1,557.55 -0.27%
06/30/1994 1557.55 0 10 141.595 10.97 1,553.30 -0.27%
07/31/1994 1553.3 0 10 141.595 11.15 1,578.78 1.64%
08/31/1994 1578.78 0 10 141.595 11.16 1,580.20 0.09%
09/30/1994 1580.2 0 10 141.595 11.04 1,563.21 -1.08%
10/31/1994 1563.21 0 10 141.595 11.05 1,564.62 0.09%
11/30/1994 1564.62 0 10 141.595 11.07 1,567.46 0.18%
12/31/1994 1567.46 0 10 141.595 11.02 1,560.38 -0.45%
01/31/1995 1560.38 0 10 141.595 11.18 1,583.03 1.45%
02/28/1995 1583.03 0.39 10.84 146.689 11.00 1,613.58 1.93%
03/31/1995 1613.58 0 10 146.689 11.07 1,623.85 0.64%
04/30/1995 1623.85 0 10 146.689 11.22 1,645.85 1.35%
05/31/1995 1645.85 0 10 146.689 11.67 1,711.86 4.01%
06/30/1995 1711.86 0 10 146.689 11.76 1,725.06 0.77%
07/31/1995 1725.06 0 10 146.689 11.72 1,719.20 -0.34%
08/31/1995 1719.2 0 10 146.689 11.86 1,739.73 1.19%
09/30/1995 1739.73 0 10 146.689 11.97 1,755.87 0.93%
10/31/1995 1755.87 0 10 146.689 12.13 1,779.34 1.34%
11/30/1995 1779.34 0 10 146.689 12.31 1,805.74 1.48%
12/31/1995 1805.74 0 10 146.689 12.48 1,830.68 1.38%
01/31/1996 1830.68 0 10 146.689 12.56 1,842.41 0.64%
02/29/1996 1842.41 0.62 11.9 154.332 11.72 1,808.77 -1.83%
03/31/1996 1808.77 0 10 154.332 11.63 1,794.88 -0.77%
04/30/1996 1794.88 0 10 154.332 11.56 1,784.08 -0.60%
05/31/1996 1784.08 0 10 154.332 11.54 1,780.99 -0.17%
06/30/1996 1780.99 0 10 154.332 11.68 1,802.60 1.21%
07/31/1996 1802.6 0 10 154.332 11.71 1,807.23 0.26%
08/31/1996 1807.23 0 10 154.332 11.70 1,805.68 -0.09%
09/30/1996 1805.68 0 10 154.332 11.89 1,835.01 1.62%
10/31/1996 1835.01 0 10 154.332 12.15 1,875.13 2.19%
11/30/1996 1875.13 0 10 154.332 12.35 1,906.00 1.65%
12/31/1996 1906 0 10 154.332 12.24 1,889.02 -0.89%
01/02/1997 1889.02 0 10 154.332 12.19 1,881.31 -0.41%
01/31/1997 1881.31 0 10 154.332 12.27 1,893.65 0.66%
02/28/1997 1893.65 0.73 11.62 164.028 11.56 1,896.16 0.13%
03/31/1997 1896.16 0 10 164.028 11.44 1,876.48 -1.04%
04/30/1997 1876.48 0 10 164.028 11.61 1,904.37 1.49%
05/31/1997 1904.37 0 10 164.028 11.70 1,919.13 0.78%
06/30/1997 1919.13 0 10 164.028 11.84 1,942.09 1.20%
07/31/1997 1942.09 0 10 164.028 12.16 1,994.58 2.70%
08/31/1997 1994.58 0 10 164.028 12.05 1,976.54 -0.90%
09/30/1997 1976.54 0 10 164.028 12.23 2,006.06 1.49%
10/31/1997 2006.06 0 10 164.028 12.39 2,032.31 1.31%
11/30/1997 2032.31 0 10 164.028 12.42 2,037.23 0.24%
12/31/1997 2037.23 0 10 164.028 12.56 2,060.19 1.13%
01/31/1998 2060.19 0 10 164.028 12.72 2,086.44 1.27%
02/28/1998 2086.44 0.66 12.03 173.027 12.05 2,084.98 -0.07%
03/31/1998 2084.98 0 10 173.027 12.10 2,093.63 0.41%
04/30/1998 2093.63 0 10 173.027 12.16 2,104.01 0.50%
05/31/1998 2104.01 0 10 173.027 12.27 2,123.04 0.90%
06/30/1998 2123.04 0 10 173.027 12.37 2,140.34 0.81%
07/31/1998 2140.34 0 10 173.027 12.40 2,145.53 0.24%
08/31/1998 2145.53 0 10 173.027 12.55 2,171.49 1.21%
09/30/1998 2171.49 0 10 173.027 12.86 2,225.13 2.47%
10/31/1998 2225.13 0 10 173.027 12.79 2,213.02 -0.54%
11/30/1998 2213.02 0 10 173.027 12.90 2,232.05 0.86%
12/31/1998 2232.05 0 10 173.027 12.96 2,242.43 0.47%
1.22513
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
12/05/1988 1,000.00 0.594827
12/31/1988 0.00100 0.997260274 1,004.16 0.00 0.597303
01/31/1989 0.00119 1.193990764 1,011.69 0.00 0.60178
02/28/1989 0.00107 1.086527437 1,012.84 0.00 0.602463
03/31/1989 0.00119 1.204306838 1,017.92 0.00 0.605488
04/30/1989 0.00115 1.171309756 1,028.09 0.00 0.611536
05/31/1989 0.00119 1.222444038 1,038.33 0.00 0.617623
06/30/1989 0.00115 1.194786033 1,057.11 0.00 0.628794
07/31/1989 0.00119 1.256942531 1,072.34 0.00 0.637855
08/31/1989 0.00119 1.27505489 1,062.52 0.00 0.632015
09/30/1989 0.00115 1.22262729 1,065.49 0.00 0.633778
10/31/1989 0.00119 1.26690617 1,080.71 0.00 0.642834
11/30/1989 0.00115 1.243556486 1,088.77 0.00 0.647628
12/31/1989 0.00119 1.294590686 1,091.92 0.00 0.649504
01/31/1990 0.00119 1.298340961 1,088.14 0.00 0.647255
02/28/1990 0.00107 1.168634261 1,093.14 0.00 0.65023
03/31/1990 0.00119 1.299791888 1,095.17 0.00 0.651433
04/30/1990 0.00115 1.260190655 1,094.37 0.00 0.650958
05/31/1990 0.00119 1.301247288 1,110.25 0.00 0.660404
06/30/1990 0.00115 1.277545225 1,117.63 0.00 0.664795
07/31/1990 0.00119 1.328907239 1,127.40 0.00 0.670604
08/31/1990 0.00119 1.340520089 1,125.95 0.00 0.669743
09/30/1990 0.00115 1.295611289 1,129.05 0.00 0.671591
10/31/1990 0.00119 1.342492329 1,127.78 0.00 0.670833
11/30/1990 0.00115 1.297719874 1,133.28 0.00 0.674104
12/31/1990 0.00119 1.347516592 1,143.73 0.00 0.680321
01/31/1991 0.00119 1.359944103 1,144.67 0.00 0.680882
02/28/1991 0.00107 1.229349059 1,154.96 0.00 0.687003
03/31/1991 0.00119 1.373299898 1,173.14 0.00 0.697817
04/30/1991 0.00115 1.349918808 1,189.03 0.00 0.707266
05/31/1991 0.00119 1.413804317 1,196.79 0.00 0.711885
06/30/1991 0.00115 1.377132378 1,197.72 0.00 0.712433
07/31/1991 0.00119 1.424133105 1,206.60 0.00 0.717716
08/31/1991 0.00119 1.434693222 1,230.32 0.00 0.731825
09/30/1991 0.00115 1.415707052 1,251.75 0.00 0.744577
10/31/1991 0.00119 1.488387736 1,263.96 0.00 0.751836
11/30/1991 0.00115 1.454418638 1,276.18 0.00 0.759106
12/31/1991 0.00119 1.517432024 1,312.75 0.00 0.780858
01/31/1992 0.00119 1.560913657 1,298.16 0.00 0.772178
02/29/1992 0.00111 1.443977367 1,303.81 0.00 0.775543
03/31/1992 0.00119 1.550289158 1,299.89 0.00 0.773211
04/30/1992 0.00115 1.495767714 1,307.88 0.00 0.777961
05/31/1992 0.00119 1.555122679 1,326.44 0.00 0.789001
06/30/1992 0.00115 1.52631475 1,340.29 0.00 0.797239
07/31/1992 0.00119 1.593660123 1,365.86 0.00 0.812446
08/31/1992 0.00119 1.624057955 1,372.48 0.00 0.816387
09/30/1992 0.00115 1.579293659 1,387.40 0.00 0.825262
10/31/1992 0.00119 1.649678119 1,368.10 0.00 0.813778
11/30/1992 0.00115 1.574246653 1,363.00 0.00 0.810746
12/31/1992 0.00119 1.620660251 1,380.68 0.00 0.821262
01/31/1993 0.00119 1.641681099 1,407.98 0.00 0.837502
02/28/1993 0.00107 1.512130283 1,430.36 0.00 0.850818
03/31/1993 0.00119 1.700762099 1,434.94 0.00 0.853541
04/30/1993 0.00115 1.651167328 1,442.09 0.00 0.857791
05/31/1993 0.00119 1.714701457 1,442.88 0.00 0.858259
06/30/1993 0.00115 1.660294598 1,468.77 0.00 0.873663
07/31/1993 0.00119 1.746429545 1,477.03 0.00 0.878575
08/31/1993 0.00119 1.75624832 1,501.52 0.00 0.893142
09/30/1993 0.00115 1.727775478 1,507.28 0.00 0.89657
10/31/1993 0.00119 1.792219732 1,512.97 0.00 0.899954
11/30/1993 0.00115 1.740952882 1,503.76 0.00 0.894473
12/31/1993 0.00119 1.788029169 1,510.90 0.00 0.898721
01/31/1994 0.00119 1.79652001 1,526.21 0.00 0.90783
02/28/1994 0.00107 1.639109373 1,499.55 0.00 0.891972
03/31/1994 0.00119 1.783029078 1,463.53 0.00 0.870547
04/30/1994 0.00115 1.684066374 1,448.70 0.00 0.861723
05/31/1994 0.00119 1.722563683 1,443.04 0.00 0.858359
06/30/1994 0.00115 1.660489365 1,437.45 0.00 0.855029
07/31/1994 0.00119 1.709182706 1,459.32 0.01 0.868038
08/31/1994 0.00119 1.735187484 1,458.89 0.00 0.867787
09/30/1994 0.00115 1.678727373 1,441.53 0.00 0.857458
10/31/1994 0.00119 1.714037884 1,441.12 0.00 0.857212
11/30/1994 0.00115 1.658270195 1,442.07 0.00 0.857782
12/31/1994 0.00119 1.714684437 1,433.84 0.00 0.852888
01/31/1995 0.00119 1.704900615 1,452.95 0.00 0.864254
02/28/1995 0.00107 1.560432083 1,479.43 0.00 0.880005
03/31/1995 0.00119 1.759106201 1,487.09 0.00 0.88456
04/30/1995 0.00115 1.711171729 1,505.53 0.00 0.895526
05/31/1995 0.00119 1.79013194 1,564.12 0.00 0.930378
06/30/1995 0.00115 1.799806555 1,574.38 0.00 0.936481
07/31/1995 0.00119 1.872000815 1,567.16 0.00 0.932186
08/31/1995 0.00119 1.863415774 1,584.01 0.00 0.942209
09/30/1995 0.00115 1.822695739 1,596.88 0.00 0.949866
10/31/1995 0.00119 1.898758358 1,616.33 0.00 0.961433
11/30/1995 0.00115 1.859884439 1,638.45 0.01 0.974591
12/31/1995 0.00119 1.948183977 1,659.13 0.00 0.986893
01/31/1996 0.00119 1.972774873 1,667.79 0.00 0.992043
02/29/1996 0.00111 1.855129653 1,635.48 0.01 0.972826
03/31/1996 0.00119 1.944655542 1,620.98 0.00 0.964199
04/30/1996 0.00115 1.865235259 1,609.36 0.00 0.957288
05/31/1996 0.00119 1.91359448 1,604.66 0.00 0.954492
06/30/1996 0.00115 1.846456277 1,622.28 0.00 0.964975
07/31/1996 0.00119 1.928960467 1,624.52 0.00 0.966306
08/31/1996 0.00119 1.931621413 1,621.20 0.00 0.964328
09/30/1996 0.00115 1.865485112 1,645.66 0.01 0.978882
10/31/1996 0.00119 1.956761284 1,679.69 0.01 0.99912
11/30/1996 0.00115 1.9327902 1,705.41 0.00 1.014419
12/31/1996 0.00119 2.027798267 1,688.19 0.00 1.004176
01/02/1997 0.00008 0.129504649 1,681.17 0.00 1
01/31/1997 0.00111 1.870009088 1,690.32 (0.00)
02/28/1997 0.00107 1.815360591 1,690.75 (0.01)
03/31/1997 0.00119 2.010369012 1,671.19 (0.04)
04/30/1997 0.00115 1.923012813 1,694.11 (0.02)
05/31/1997 0.00119 2.014361033 1,705.22 (0.09)
06/30/1997 0.00115 1.962172617 1,723.66 (0.03)
07/31/1997 0.00119 2.049502717 1,768.20 0.01
08/31/1997 0.00119 2.10245888 1,750.10 (0.16)
09/30/1997 0.00115 2.013816057 1,774.23 (0.01)
10/31/1997 0.00119 2.109628031 1,795.33 0.00
11/30/1997 0.00115 2.06586273 1,797.61 (0.14)
12/31/1997 0.00119 2.13743636 1,815.74 (0.01)
01/31/1998 0.00119 2.158984207 1,836.71 (0.06)
02/28/1998 0.00107 1.972578211 1,833.45 (0.07)
03/31/1998 0.00119 2.180052183 1,838.88 (0.01)
04/30/1998 0.00115 2.115972038 1,845.88 (0.02)
05/31/1998 0.00119 2.194828924 1,860.38 (0.16)
06/30/1998 0.00115 2.14071349 1,873.40 (0.02)
07/31/1998 0.00119 2.227550693 1,875.72 (0.03)
08/31/1998 0.00119 2.230303516 1,896.18 (0.01)
09/30/1998 0.00115 2.181907081 1,940.84 0.03
10/31/1998 0.00119 2.307736839 1,927.97 (0.07)
11/30/1998 0.00115 2.218483807 1,942.33 (0.00)
12/31/1998 0.00119 2.309508282 1,949.05 (0.01)
0.9408386 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
ASSET MANAGER Surrender
FUND 126 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.488633 -----------------------------
Units purchased 2,046.526 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/1989 0.488633 2,046.526 1,000.00 1,000.00 2,779.50 0.00%
09/30/1989 0.487743 2,046.526 998.18 0.00002 0.015715071 998.18 2,779.50 0.00%
10/31/1989 0.488202 2,046.526 999.12 0.00002 0.020261661 999.12 2,779.50 0.00%
11/30/1989 0.489651 2,046.526 1,002.08 0.00002 0.019626511 1,002.08 2,779.50 0.00%
12/31/1989 0.490642 2,046.526 1,004.11 0.00002 0.020340922 1,004.11 2,779.50 0.00%
01/31/1990 0.479292 2,046.526 980.88 0.00002 0.02038209 980.88 2,779.50 0.00%
02/28/1990 0.483748 2,046.526 990.00 0.00002 0.017983761 990.00 2,779.50 0.00%
03/31/1990 0.487164 2,046.526 996.99 0.00002 0.020095702 996.99 2,779.50 0.00%
04/30/1990 0.480288 2,046.526 982.92 0.00002 0.019584782 982.92 2,779.50 0.00%
05/31/1990 0.504279 2,046.526 1,032.02 0.00002 0.019951968 1,032.02 2,779.50 0.00%
06/30/1990 0.507678 2,046.526 1,038.98 0.00002 0.020272833 1,038.98 2,779.50 0.00%
07/31/1990 0.506162 2,046.526 1,035.87 0.00002 0.021089794 1,035.87 2,779.50 0.00%
08/31/1990 0.489012 2,046.526 1,000.78 0.00002 0.021026817 1,000.78 2,779.50 0.00%
09/30/1990 0.478263 2,046.526 978.78 0.00002 0.019659075 978.78 2,779.50 0.00%
10/31/1990 0.480190 2,046.526 982.72 0.00002 0.019867846 982.72 2,779.50 0.00%
11/30/1990 0.503076 2,046.526 1,029.56 0.00002 0.019304416 1,029.56 2,779.50 0.00%
12/31/1990 0.517141 2,046.526 1,058.34 0.00002 0.020898619 1,058.34 2,779.50 0.00%
01/31/1991 0.541337 2,046.526 1,107.86 0.00002 0.021482903 1,107.86 2,779.50 0.00%
02/28/1991 0.562004 2,046.526 1,150.16 0.00002 0.020311783 1,150.16 2,779.50 0.00%
03/31/1991 0.570479 2,046.526 1,167.50 0.00002 0.023346587 1,167.50 2,779.50 0.00%
04/30/1991 0.578452 2,046.526 1,183.82 0.00002 0.02293418 1,183.82 2,779.50 0.00%
05/31/1991 0.590918 2,046.526 1,209.33 0.00002 0.024029865 1,209.33 2,779.50 0.00%
06/30/1991 0.579760 2,046.526 1,186.49 0.00002 0.023755861 1,186.49 2,779.50 0.00%
07/31/1991 0.593702 2,046.526 1,215.03 0.00002 0.024084201 1,215.03 2,779.50 0.00%
08/31/1991 0.605104 2,046.526 1,238.36 0.00002 0.024663375 1,238.36 2,779.50 0.00%
09/30/1991 0.607991 2,046.526 1,244.27 0.00002 0.024326161 1,244.27 2,779.50 0.00%
10/31/1991 0.611346 2,046.526 1,251.14 0.00002 0.025256964 1,251.14 2,779.50 0.00%
11/30/1991 0.600722 2,046.526 1,229.39 0.00002 0.0245771 1,229.39 2,779.50 0.00%
12/31/1991 0.626049 2,046.526 1,281.23 0.00002 0.024954998 1,281.23 2,779.50 0.00%
01/31/1992 0.633366 2,046.526 1,296.20 0.00002 0.026007124 1,296.20 2,779.50 0.00%
02/29/1992 0.645040 2,046.526 1,320.09 0.00002 0.024613595 1,320.09 2,779.50 0.00%
03/31/1992 0.642782 2,046.526 1,315.47 0.00002 0.026796042 1,315.47 2,779.50 0.00%
04/30/1992 0.651546 2,046.526 1,333.41 0.00002 0.025840878 1,333.41 2,779.50 0.00%
05/31/1992 0.657649 2,046.526 1,345.90 0.00002 0.027066312 1,345.90 2,779.50 0.00%
06/30/1992 0.656454 2,046.526 1,343.45 0.00002 0.026438555 1,343.45 2,779.50 0.00%
07/31/1992 0.666714 2,046.526 1,364.45 0.00002 0.027270198 1,364.45 2,779.50 0.00%
08/31/1992 0.663923 2,046.526 1,358.74 0.00002 0.027696416 1,358.74 2,779.50 0.00%
09/30/1992 0.667404 2,046.526 1,365.86 0.00002 0.02669078 1,365.86 2,779.50 0.00%
10/31/1992 0.667735 2,046.526 1,366.54 0.00002 0.02772508 1,366.54 2,779.50 0.00%
11/30/1992 0.681602 2,046.526 1,394.92 0.00002 0.026844029 1,394.92 2,779.50 0.00%
12/31/1992 0.690741 2,046.526 1,413.62 0.00002 0.028314888 1,413.62 2,779.50 0.00%
01/31/1993 0.702453 2,046.526 1,437.59 0.00002 0.028694538 1,437.59 2,779.50 0.00%
02/28/1993 0.708366 2,046.526 1,449.69 0.00002 0.026357099 1,449.69 2,779.50 0.00%
03/31/1993 0.727668 2,046.526 1,489.19 0.00002 0.02942671 1,489.19 2,779.50 0.00%
04/30/1993 0.731254 2,046.526 1,496.53 0.00002 0.029253433 1,496.53 2,779.50 0.00%
05/31/1993 0.742915 2,046.526 1,520.39 0.00002 0.030377516 1,520.39 2,779.50 0.00%
06/30/1993 0.748096 2,046.526 1,531.00 0.00002 0.029866387 1,531.00 2,779.50 0.00%
07/31/1993 0.756479 2,046.526 1,548.15 0.00002 0.03107716 1,548.15 2,779.50 0.00%
08/31/1993 0.777782 2,046.526 1,591.75 0.00002 0.031425404 1,591.75 2,779.50 0.00%
09/30/1993 0.777522 2,046.526 1,591.22 0.00002 0.031268097 1,591.22 2,779.50 0.00%
10/31/1993 0.797680 2,046.526 1,632.47 0.00002 0.032299566 1,632.47 2,779.50 0.00%
11/30/1993 0.795784 2,046.526 1,628.59 0.00002 0.032068029 1,628.59 2,779.50 0.00%
12/31/1993 0.827160 2,046.526 1,692.80 0.00002 0.0330582 1,692.80 2,779.50 0.00%
01/31/1994 0.852564 2,046.526 1,744.79 0.00002 0.034361611 1,744.79 2,779.50 2.00%
02/28/1994 0.824672 2,046.526 1,687.71 0.00002 0.031989491 1,687.71 2,779.50 2.00%
03/31/1994 0.785035 2,046.526 1,606.59 0.00002 0.034258256 1,606.59 2,779.50 2.00%
04/30/1994 0.784787 2,046.526 1,606.09 0.00002 0.031559679 1,606.09 2,779.50 2.00%
05/31/1994 0.790679 2,046.526 1,618.15 0.00002 0.032601366 1,618.15 2,779.50 2.00%
06/30/1994 0.774748 2,046.526 1,585.54 0.00002 0.031786577 1,585.54 2,779.50 2.00%
07/31/1994 0.787353 2,046.526 1,611.34 0.00002 0.032184329 1,611.34 2,779.50 2.00%
08/31/1994 0.804956 2,046.526 1,647.36 0.00002 0.032707962 1,647.36 2,779.50 2.00%
09/30/1994 0.794639 2,046.526 1,626.25 0.00002 0.032360535 1,626.25 2,779.50 2.00%
10/31/1994 0.797700 2,046.526 1,632.51 0.00002 0.033010635 1,632.51 2,779.50 2.00%
11/30/1994 0.785173 2,046.526 1,606.88 0.00002 0.032068833 1,606.88 2,779.50 2.00%
12/31/1994 0.767076 2,046.526 1,569.84 0.00002 0.032617401 1,569.84 2,779.50 2.00%
01/31/1995 0.761257 2,046.526 1,557.93 0.00002 0.031865621 1,557.93 2,779.50 4.00%
02/28/1995 0.772860 2,046.526 1,581.68 0.00002 0.028563514 1,581.68 2,779.50 4.00%
03/31/1995 0.782247 2,046.526 1,600.89 0.00002 0.032105898 1,600.89 2,779.50 4.00%
04/30/1995 0.793906 2,046.526 1,624.75 0.00002 0.031447597 1,624.75 2,779.50 4.00%
05/31/1995 0.803249 2,046.526 1,643.87 0.00002 0.032980185 1,643.87 2,779.50 4.00%
06/30/1995 0.809204 2,046.526 1,656.06 0.00002 0.032291911 1,656.06 2,779.50 4.00%
07/31/1995 0.837145 2,046.526 1,713.24 0.00002 0.033615689 1,713.24 2,779.50 4.00%
08/31/1995 0.846411 2,046.526 1,732.20 0.00002 0.034776405 1,732.20 2,779.50 4.00%
09/30/1995 0.856248 2,046.526 1,752.33 0.00002 0.034027094 1,752.33 2,779.50 4.00%
10/31/1995 0.844081 2,046.526 1,727.43 0.00002 0.035569976 1,727.43 2,779.50 4.00%
11/30/1995 0.865144 2,046.526 1,770.54 0.00002 0.033933424 1,770.54 2,779.50 4.00%
12/31/1995 0.886134 2,046.526 1,813.50 0.00002 0.03593953 1,813.50 2,779.50 4.00%
01/31/1996 0.904277 2,046.526 1,850.63 0.00002 0.03681149 1,850.63 2,779.50 6.00%
02/29/1996 0.900942 2,046.526 1,843.80 0.00002 0.035141621 1,843.80 2,779.50 6.00%
03/31/1996 0.909562 2,046.526 1,861.44 0.00002 0.037426639 1,861.44 2,779.50 6.00%
04/30/1996 0.918194 2,046.526 1,879.11 0.00002 0.036565866 1,879.11 2,779.50 6.00%
05/31/1996 0.924391 2,046.526 1,891.79 0.00002 0.038143316 1,891.79 2,779.50 6.00%
06/30/1996 0.931793 2,046.526 1,906.94 0.00002 0.037162016 1,906.94 2,779.50 6.00%
07/31/1996 0.915304 2,046.526 1,873.19 0.00002 0.038708241 1,873.19 2,779.50 6.00%
08/31/1996 0.916122 2,046.526 1,874.87 0.00002 0.038023261 1,874.87 2,779.50 6.00%
09/30/1996 0.948494 2,046.526 1,941.12 0.00002 0.036829589 1,941.12 2,779.50 6.00%
10/31/1996 0.971851 2,046.526 1,988.92 0.00002 0.039402029 1,988.92 2,779.50 6.00%
11/30/1996 1.018940 2,046.526 2,085.29 0.00002 0.039069985 2,085.29 2,779.50 6.00%
12/31/1996 1.003032 2,046.526 2,052.73 0.00002 0.042328474 2,052.73 2,779.50 6.00%
01/02/1997 1.000000 2,046.526 2,046.53 0.00000 0.002730869 2,046.53 2,779.50 6.00%
01/31/1997 1.032156 2,046.526 2,112.33 0.00002 0.038979395 2,112.33 2,779.50 6.00%
02/28/1997 1.040087 2,046.526 2,128.57 0.00002 0.038728054 2,128.57 2,779.50 6.00%
03/31/1997 0.999465 2,046.526 2,045.43 0.00002 0.043206955 2,045.43 2,779.50 6.00%
04/30/1997 1.032575 2,046.526 2,113.19 0.00002 0.040180112 2,113.19 2,779.50 6.00%
05/31/1997 1.080996 2,046.526 2,212.29 0.00002 0.042894894 2,212.29 2,779.50 6.00%
06/30/1997 1.108573 2,046.526 2,268.72 0.00002 0.043457791 2,268.72 2,779.50 6.00%
07/31/1997 1.171446 2,046.526 2,397.39 0.00002 0.046051979 2,397.39 2,779.50 6.00%
08/31/1997 1.138300 2,046.526 2,329.56 0.00002 0.048663828 2,329.56 2,779.50 6.00%
09/30/1997 1.173679 2,046.526 2,401.96 0.00002 0.045761504 2,401.96 2,779.50 6.00%
10/31/1997 1.153152 2,046.526 2,359.96 0.00002 0.048756591 2,359.96 2,779.50 6.00%
11/30/1997 1.178631 2,046.526 2,412.10 0.00002 0.046358579 2,412.10 2,779.50 6.00%
12/31/1997 1.195229 2,046.526 2,446.07 0.00002 0.048962305 2,446.07 2,779.50 6.00%
01/31/1998 1.197990 2,046.526 2,451.72 0.00002 0.049651814 2,451.72 2,779.50 6.00%
02/28/1998 1.250737 2,046.526 2,559.67 0.00002 0.044950397 2,559.67 2,779.50 6.00%
03/31/1998 1.285613 2,046.526 2,631.04 0.00002 0.051957709 2,631.04 2,779.50 6.00%
04/30/1998 1.282792 2,046.526 2,625.27 0.00002 0.051683726 2,625.27 2,779.50 6.00%
05/31/1998 1.274746 2,046.526 2,608.80 0.00002 0.053289328 2,608.80 2,779.50 6.00%
06/30/1998 1.298195 2,046.526 2,656.79 0.00002 0.051246855 2,656.79 2,779.50 6.00%
07/31/1998 1.288557 2,046.526 2,637.07 0.00002 0.053929194 2,637.07 2,779.50 6.00%
08/31/1998 1.170041 2,046.526 2,394.52 0.00002 0.053528815 2,394.52 2,779.50 6.00%
09/30/1998 1.207864 2,046.526 2,471.93 0.00002 0.047037544 2,471.93 2,779.50 6.00%
10/31/1998 1.259095 2,046.526 2,576.77 0.00002 0.050176693 2,576.77 2,779.50 6.00%
11/30/1998 1.305684 2,046.526 2,672.12 0.00002 0.050617659 2,672.12 2,779.50 6.00%
12/31/1998 1.358156 2,046.526 2,779.50 0.00002 0.0542403 2,779.50 2,779.50 6.00%
12/31/1998 2,779.50
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/1989 100.00% 2,779.50 9.3233 11.59% 11.59% 2,779.50 2,779.50 10
09/30/1989 100.00% 2,779.50 9.2575 11.70% 11.70% 2,784.57 2,784.57 10
10/31/1989 100.00% 2,779.50 9.1726 11.80% 11.80% 2,781.96 2,781.96 10
11/30/1989 100.00% 2,779.50 9.0904 11.88% 11.88% 2,773.72 2,773.72 10
12/31/1989 100.00% 2,779.50 9.0055 11.97% 11.97% 2,768.12 2,768.12 10
01/31/1990 90.00% 2,779.50 8.9205 12.39% 12.39% 2,833.67 2,833.67 9
02/28/1990 90.00% 2,779.50 8.8438 12.38% 12.38% 2,807.57 2,807.57 9
03/31/1990 90.00% 2,779.50 8.7589 12.42% 12.42% 2,787.88 2,787.88 9
04/30/1990 90.00% 2,779.50 8.6767 12.73% 12.73% 2,827.79 2,827.79 9
05/31/1990 90.00% 2,779.50 8.5918 12.22% 12.22% 2,693.26 2,693.26 9
06/30/1990 90.00% 2,779.50 8.5096 12.26% 12.26% 2,675.23 2,675.23 9
07/31/1990 90.00% 2,779.50 8.4247 12.43% 12.43% 2,683.24 2,683.24 9
08/31/1990 90.00% 2,779.50 8.3397 13.03% 13.03% 2,777.35 2,777.35 9
09/30/1990 90.00% 2,779.50 8.2575 13.47% 13.47% 2,839.77 2,839.77 9
10/31/1990 90.00% 2,779.50 8.1726 13.57% 13.57% 2,828.37 2,828.37 9
11/30/1990 90.00% 2,779.50 8.0904 13.06% 13.06% 2,699.70 2,699.70 9
12/31/1990 90.00% 2,779.50 8.0055 12.82% 12.82% 2,626.28 2,626.28 9
01/31/1991 80.00% 2,779.50 7.9205 12.31% 12.31% 2,508.89 2,508.89 8
02/28/1991 80.00% 2,779.50 7.8438 11.91% 11.91% 2,416.63 2,416.63 8
03/31/1991 80.00% 2,779.50 7.7589 11.83% 11.83% 2,380.73 2,380.73 8
04/30/1991 80.00% 2,779.50 7.6767 11.76% 11.76% 2,347.91 2,347.91 8
05/31/1991 80.00% 2,779.50 7.5918 11.59% 11.59% 2,298.38 2,298.38 8
06/30/1991 80.00% 2,779.50 7.5096 12.00% 12.00% 2,342.62 2,342.62 8
07/31/1991 80.00% 2,779.50 7.4247 11.79% 11.79% 2,287.61 2,287.61 8
08/31/1991 80.00% 2,779.50 7.3397 11.64% 11.64% 2,244.50 2,244.50 8
09/30/1991 80.00% 2,779.50 7.2575 11.71% 11.71% 2,233.84 2,233.84 8
10/31/1991 80.00% 2,779.50 7.1726 11.77% 11.77% 2,221.58 2,221.58 8
11/30/1991 80.00% 2,779.50 7.0904 12.19% 12.19% 2,260.87 2,260.87 8
12/31/1991 80.00% 2,779.50 7.0055 11.69% 11.69% 2,169.41 2,169.41 8
01/31/1992 70.00% 2,779.50 6.9205 11.65% 11.65% 2,144.35 2,144.35 7
02/29/1992 70.00% 2,779.50 6.8411 11.50% 11.50% 2,105.54 2,105.54 7
03/31/1992 70.00% 2,779.50 6.7562 11.71% 11.71% 2,112.93 2,112.93 7
04/30/1992 70.00% 2,779.50 6.6740 11.63% 11.63% 2,084.51 2,084.51 7
05/31/1992 70.00% 2,779.50 6.5890 11.63% 11.63% 2,065.17 2,065.17 7
06/30/1992 70.00% 2,779.50 6.5068 11.82% 11.82% 2,068.93 2,068.93 7
07/31/1992 70.00% 2,779.50 6.4219 11.72% 11.72% 2,037.09 2,037.09 7
08/31/1992 70.00% 2,779.50 6.3370 11.96% 11.96% 2,045.65 2,045.65 7
09/30/1992 70.00% 2,779.50 6.2548 12.03% 12.03% 2,034.98 2,034.98 7
10/31/1992 70.00% 2,779.50 6.1699 12.20% 12.20% 2,033.97 2,033.97 7
11/30/1992 70.00% 2,779.50 6.0877 11.99% 11.99% 1,992.59 1,992.59 7
12/31/1992 70.00% 2,779.50 6.0027 11.92% 11.92% 1,966.23 1,966.23 7
01/31/1993 60.00% 2,779.50 5.9178 11.79% 11.79% 1,933.45 1,933.45 6
02/28/1993 60.00% 2,779.50 5.8411 11.79% 11.79% 1,917.31 1,917.31 6
03/31/1993 60.00% 2,779.50 5.7562 11.45% 11.45% 1,866.45 1,866.45 6
04/30/1993 60.00% 2,779.50 5.6740 11.53% 11.53% 1,857.30 1,857.30 6
05/31/1993 60.00% 2,779.50 5.5890 11.40% 11.40% 1,828.14 1,828.14 6
06/30/1993 60.00% 2,779.50 5.5068 11.44% 11.44% 1,815.48 1,815.48 6
07/31/1993 60.00% 2,779.50 5.4219 11.40% 11.40% 1,795.37 1,795.37 6
08/31/1993 60.00% 2,779.50 5.3370 11.01% 11.01% 1,746.19 1,746.19 6
09/30/1993 60.00% 2,779.50 5.2548 11.20% 11.20% 1,746.78 1,746.78 6
10/31/1993 60.00% 2,779.50 5.1699 10.84% 10.84% 1,702.63 1,702.63 6
11/30/1993 60.00% 2,779.50 5.0877 11.08% 11.08% 1,706.69 1,706.69 6
12/31/1993 60.00% 2,779.50 5.0027 10.42% 10.42% 1,641.95 1,641.95 6
01/31/1994 50.00% 2,772.40 4.9178 9.87% 9.93% 1,588.96 1,593.03 5
02/28/1994 50.00% 2,773.54 4.8411 10.81% 10.86% 1,643.37 1,646.90 5
03/31/1994 50.00% 2,775.16 4.7562 12.18% 12.22% 1,727.36 1,730.06 5
04/30/1994 50.00% 2,775.17 4.6740 12.41% 12.45% 1,727.91 1,730.60 5
05/31/1994 50.00% 2,774.93 4.5890 12.47% 12.51% 1,714.89 1,717.71 5
06/30/1994 50.00% 2,775.59 4.5068 13.23% 13.26% 1,750.56 1,753.03 5
07/31/1994 50.00% 2,775.07 4.4219 13.08% 13.12% 1,722.21 1,724.96 5
08/31/1994 50.00% 2,774.35 4.3370 12.77% 12.82% 1,684.11 1,687.24 5
09/30/1994 50.00% 2,774.77 4.2548 13.38% 13.43% 1,706.24 1,709.15 5
10/31/1994 50.00% 2,774.65 4.1699 13.56% 13.61% 1,699.62 1,702.59 5
11/30/1994 50.00% 2,775.16 4.0877 14.30% 14.35% 1,727.05 1,729.75 5
12/31/1994 50.00% 2,775.90 4.0027 15.30% 15.34% 1,768.27 1,770.56 5
01/31/1995 40.00% 2,761.66 3.9178 15.73% 15.92% 1,772.64 1,784.10 4
02/28/1995 40.00% 2,760.71 3.8411 15.61% 15.81% 1,745.43 1,757.31 4
03/31/1995 40.00% 2,759.94 3.7562 15.60% 15.82% 1,724.00 1,736.22 4
04/30/1995 40.00% 2,758.98 3.6740 15.50% 15.74% 1,698.10 1,710.73 4
05/31/1995 40.00% 2,758.22 3.5890 15.51% 15.76% 1,677.88 1,690.83 4
06/30/1995 40.00% 2,757.73 3.5068 15.65% 15.91% 1,665.24 1,678.39 4
07/31/1995 40.00% 2,755.44 3.4219 14.90% 15.19% 1,608.32 1,622.37 4
08/31/1995 40.00% 2,754.69 3.3370 14.91% 15.22% 1,590.28 1,604.61 4
09/30/1995 40.00% 2,753.88 3.2548 14.90% 15.23% 1,571.55 1,586.17 4
10/31/1995 40.00% 2,754.88 3.1699 15.86% 16.19% 1,594.78 1,609.04 4
11/30/1995 40.00% 2,753.15 3.0877 15.37% 15.73% 1,554.98 1,569.86 4
12/31/1995 40.00% 2,751.43 3.0027 14.89% 15.28% 1,517.20 1,532.68 4
01/31/1996 30.00% 2,718.50 2.9178 14.09% 14.96% 1,468.96 1,501.92 3
02/29/1996 30.00% 2,718.90 2.8384 14.66% 15.56% 1,474.62 1,507.48 3
03/31/1996 30.00% 2,717.85 2.7534 14.74% 15.67% 1,460.08 1,493.20 3
04/30/1996 30.00% 2,716.79 2.6712 14.80% 15.78% 1,445.79 1,479.16 3
05/31/1996 30.00% 2,716.03 2.5863 15.01% 16.04% 1,435.69 1,469.24 3
06/30/1996 30.00% 2,715.12 2.5041 15.15% 16.24% 1,423.81 1,457.57 3
07/31/1996 30.00% 2,717.14 2.4192 16.62% 17.72% 1,450.54 1,483.83 3
08/31/1996 30.00% 2,717.04 2.3342 17.23% 18.37% 1,449.19 1,482.51 3
09/30/1996 30.00% 2,713.07 2.2521 16.03% 17.28% 1,397.68 1,431.91 3
10/31/1996 30.00% 2,710.20 2.1671 15.35% 16.70% 1,362.65 1,397.49 3
11/30/1996 30.00% 2,704.42 2.0849 13.28% 14.78% 1,296.90 1,332.91 3
12/31/1996 30.00% 2,706.37 2.0000 14.82% 16.36% 1,318.42 1,354.05 3
01/02/1997 20.00% 2,690.06 1.9945 14.69% 16.59% 1,314.45 1,358.16 2
01/31/1997 20.00% 2,686.12 1.9151 13.37% 15.41% 1,271.63 1,315.84 2
02/28/1997 20.00% 2,685.14 1.8384 13.47% 15.62% 1,261.48 1,305.81 2
03/31/1997 20.00% 2,690.13 1.7534 16.91% 19.11% 1,315.19 1,358.88 2
04/30/1997 20.00% 2,686.06 1.6712 15.43% 17.82% 1,271.09 1,315.31 2
05/31/1997 20.00% 2,680.12 1.5863 12.85% 15.48% 1,211.47 1,256.39 2
06/30/1997 20.00% 2,676.73 1.5041 11.62% 14.45% 1,179.84 1,225.14 2
07/31/1997 20.00% 2,669.01 1.4192 7.86% 10.98% 1,113.30 1,159.38 2
08/31/1997 20.00% 2,673.08 1.3342 10.86% 14.15% 1,147.46 1,193.14 2
09/30/1997 20.00% 2,668.74 1.2521 8.78% 12.37% 1,111.06 1,157.18 2
10/31/1997 20.00% 2,671.26 1.1671 11.20% 15.05% 1,131.91 1,177.78 2
11/30/1997 20.00% 2,668.13 1.0849 9.74% 13.96% 1,106.14 1,152.32 2
12/31/1997 20.00% 2,666.09 1.0000 9.00% 13.63% 1,089.95 1,136.31 2
01/31/1998 10.00% 2,649.08 0.9151 8.05% 13.37% 1,073.42 1,121.68 1
02/28/1998 10.00% 2,642.60 0.8384 3.24% 8.59% 1,027.09 1,071.52 1
03/31/1998 10.00% 2,638.32 0.7534 0.28% 5.64% 1,002.08 1,042.22 1
04/30/1998 10.00% 2,638.66 0.6712 0.51% 5.87% 1,003.42 1,039.06 1
05/31/1998 10.00% 2,639.65 0.5863 1.18% 6.54% 1,006.92 1,037.86 1
06/30/1998 10.00% 2,636.77 0.5041 -0.75% 4.62% 996.19 1,023.02 1
07/31/1998 10.00% 2,637.95 0.4192 0.03% 5.40% 1,000.14 1,022.30 1
08/31/1998 10.00% 2,652.51 0.3342 10.77% 16.08% 1,034.79 1,051.09 1
09/30/1998 10.00% 2,647.86 0.2521 7.12% 12.44% 1,017.48 1,030.01 1
10/31/1998 10.00% 2,641.57 0.1671 2.51% 7.87% 1,004.16 1,012.74 1
11/30/1998 10.00% 2,635.85 0.0849 -1.36% 4.02% 998.84 1,003.35 1
12/31/1998 10.00% 2,629.41 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
ASSET MANAGER Surrender
FUND 126 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.488633 -----------------------------
Units purchased 2,046.526 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,672.12 2,635.85 2,779.50 -1.36% 4.02%
09/30/1998 0.25 0.25 3 mths 2,471.93 2,647.86 2,779.50 7.12% 12.44%
12/31/1997 1.00 1.00 YTD 2,446.07 2,666.09 2,779.50 9.00% 13.63%
12/31/1997 1.00 1.00 1 Year 2,446.07 2,666.09 2,779.50 9.00% 13.63%
12/31/1996 2.00 2.00 2 Year 2,052.73 2,706.37 2,779.50 14.82% 16.36%
12/31/1995 3.00 3.00 3 Year 1,813.50 2,751.43 2,779.50 14.89% 15.28%
12/31/1994 4.00 4.00 4 Year 1,569.84 2,775.90 2,779.50 15.30% 15.34%
12/31/1993 5.00 5.00 5 Year 1,692.80 2,779.50 2,779.50 10.42% 10.42%
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
09/06/1989 9.32 9.32 Portfolio Inc Dt 1,000.00 2,779.50 2,779.50 11.59% 11.59%
01/02/1997 1.99 1.99 Subacct Inc Dt 2,046.53 2,690.06 2,779.50 14.69% 16.59%
12/31/1992 1,413.62
12/31/1993 1 1,692.80 19.75%
12/31/1994 1 1,569.84 -7.26%
12/31/1995 1 1,813.50 15.52%
12/31/1996 1 2,052.73 13.19%
12/31/1997 1 2,446.07 19.16%
12/31/1998 1 2,779.50 13.63%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
ASSET MANAGER SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/06/1989 0 100 10 1,000.00
09/30/1989 1000 0 10 100 9.99 999.00 -0.10%
10/31/1989 999 0 10 100 10.01 1,001.00 0.20%
11/30/1989 1001 0 10 100 10.05 1,005.00 0.40%
12/31/1989 1005 0.11 9.88 101.113 9.97 1,008.10 0.31%
01/31/1990 1008.1 0 10 101.113 9.75 985.85 -2.21%
02/28/1990 985.85 0 10 101.113 9.85 995.96 1.03%
03/31/1990 995.96 0 10 101.113 9.93 1,004.05 0.81%
04/30/1990 1004.05 0 10 101.113 9.80 990.91 -1.31%
05/31/1990 990.91 0 10 101.113 10.30 1,041.46 5.10%
06/30/1990 1041.46 0 10 101.113 10.38 1,049.55 0.78%
07/31/1990 1049.55 0 10 101.113 10.36 1,047.53 -0.19%
08/31/1990 1047.53 0 10 101.113 10.02 1,013.15 -3.28%
09/30/1990 1013.15 0 10 101.113 9.81 991.92 -2.10%
10/31/1990 991.92 0 10 101.113 9.86 996.97 0.51%
11/30/1990 996.97 0 10 101.113 10.34 1,045.51 4.87%
12/31/1990 1045.51 0.4 10.24 105.063 10.24 1,075.85 2.90%
01/31/1991 1075.85 0 10 105.063 10.73 1,127.33 4.79%
02/28/1991 1127.33 0 10 105.063 11.15 1,171.45 3.91%
03/31/1991 1171.45 0 10 105.063 11.33 1,190.36 1.61%
04/30/1991 1190.36 0 10 105.063 11.50 1,208.22 1.50%
05/31/1991 1208.22 0 10 105.063 11.76 1,235.54 2.26%
06/30/1991 1235.54 0 10 105.063 11.55 1,213.48 -1.79%
07/31/1991 1213.48 0 10 105.063 11.84 1,243.95 2.51%
08/31/1991 1243.95 0 10 105.063 12.08 1,269.16 2.03%
09/30/1991 1269.16 0 10 105.063 12.15 1,276.52 0.58%
10/31/1991 1276.52 0 10 105.063 12.23 1,284.92 0.66%
11/30/1991 1284.92 0 10 105.063 12.03 1,263.91 -1.64%
12/31/1991 1263.91 0 10 105.063 12.55 1,318.54 4.32%
01/31/1992 1318.54 0 10 105.063 12.71 1,335.35 1.27%
02/29/1992 1335.35 0.64 12.18 110.584 12.31 1,361.29 1.94%
03/31/1992 1361.29 0 10 110.584 12.28 1,357.97 -0.24%
04/30/1992 1357.97 0 10 110.584 12.46 1,377.88 1.47%
05/31/1992 1377.88 0 10 110.584 12.59 1,392.25 1.04%
06/30/1992 1392.25 0 10 110.584 12.58 1,391.15 -0.08%
07/31/1992 1391.15 0 10 110.584 12.79 1,414.37 1.67%
08/31/1992 1414.37 0 10 110.584 12.75 1,409.95 -0.31%
09/30/1992 1409.95 0 10 110.584 12.83 1,418.79 0.63%
10/31/1992 1418.79 0 10 110.584 12.85 1,421.00 0.16%
11/30/1992 1421 0 10 110.584 13.13 1,451.97 2.18%
12/31/1992 1451.97 0 10 110.584 13.32 1,472.98 1.45%
01/31/1993 1472.98 0 10 110.584 13.56 1,499.52 1.80%
02/28/1993 1499.52 0.62 13.13 115.806 13.07 1,513.58 0.94%
03/31/1993 1513.58 0 10 115.806 13.44 1,556.43 2.83%
04/30/1993 1556.43 0 10 115.806 13.52 1,565.70 0.60%
05/31/1993 1565.7 0 10 115.806 13.75 1,592.33 1.70%
06/30/1993 1592.33 0 10 115.806 13.86 1,605.07 0.80%
07/31/1993 1605.07 0 10 115.806 14.03 1,624.76 1.23%
08/31/1993 1624.76 0 10 115.806 14.44 1,672.24 2.92%
09/30/1993 1672.24 0 10 115.806 14.45 1,673.40 0.07%
10/31/1993 1673.4 0 10 115.806 14.84 1,718.56 2.70%
11/30/1993 1718.56 0 10 115.806 14.82 1,716.24 -0.13%
12/31/1993 1716.24 0 10 115.806 15.42 1,785.73 4.05%
01/31/1994 1785.73 0 10 115.806 15.91 1,842.47 3.18%
02/28/1994 1842.47 0.74 14.99 121.523 14.68 1,783.96 -3.18%
03/31/1994 1783.96 0 10 121.523 13.99 1,700.11 -4.70%
04/30/1994 1700.11 0 10 121.523 14.00 1,701.32 0.07%
05/31/1994 1701.32 0 10 121.523 14.12 1,715.90 0.86%
06/30/1994 1715.9 0 10 121.523 13.85 1,683.09 -1.91%
07/31/1994 1683.09 0 10 121.523 14.09 1,712.26 1.73%
08/31/1994 1712.26 0 10 121.523 14.42 1,752.36 2.34%
09/30/1994 1752.36 0.01 14.37 121.608 14.24 1,731.70 -1.18%
10/31/1994 1731.7 0 10 121.608 14.31 1,740.21 0.49%
11/30/1994 1740.21 0 10 121.608 14.10 1,714.67 -1.47%
12/31/1994 1714.67 0 10 121.608 13.79 1,676.97 -2.20%
01/31/1995 1676.97 0 10 121.608 13.70 1,666.03 -0.65%
02/28/1995 1666.03 0.29 13.54 124.213 13.63 1,693.02 1.62%
03/31/1995 1693.02 0 10 124.213 13.81 1,715.38 1.32%
04/30/1995 1715.38 0 10 124.213 14.03 1,742.71 1.59%
05/31/1995 1742.71 0 10 124.213 14.21 1,765.07 1.28%
06/30/1995 1765.07 0 10 124.213 14.33 1,779.97 0.84%
07/31/1995 1779.97 0 10 124.213 14.84 1,843.32 3.56%
08/31/1995 1843.32 0 10 124.213 15.02 1,865.68 1.21%
09/30/1995 1865.68 0 10 124.213 15.21 1,889.28 1.26%
10/31/1995 1889.28 0 10 124.213 15.01 1,864.44 -1.31%
11/30/1995 1864.44 0 10 124.213 15.40 1,912.88 2.60%
12/31/1995 1912.88 0 10 124.213 15.79 1,961.32 2.53%
01/31/1996 1961.32 0 10 124.213 16.13 2,003.56 2.15%
02/29/1996 2003.56 1.04 15.1 132.768 15.05 1,998.16 -0.27%
03/31/1996 1998.16 0 10 132.768 15.21 2,019.40 1.06%
04/30/1996 2019.4 0 10 132.768 15.37 2,040.64 1.05%
05/31/1996 2040.64 0 10 132.768 15.49 2,056.58 0.78%
06/30/1996 2056.58 0 10 132.768 15.63 2,075.16 0.90%
07/31/1996 2075.16 0 10 132.768 15.37 2,040.64 -1.66%
08/31/1996 2040.64 0 10 132.768 15.40 2,044.63 0.20%
09/30/1996 2044.63 0 10 132.768 15.96 2,118.98 3.64%
10/31/1996 2118.98 0 10 132.768 16.37 2,173.41 2.57%
11/30/1996 2173.41 0 10 132.768 17.18 2,280.95 4.95%
12/31/1996 2280.95 0 10 132.768 16.93 2,247.76 -1.46%
01/02/1997 2247.76 0 10 132.768 16.88 2,241.12 -0.30%
01/31/1997 2241.12 0 10 132.768 17.44 2,315.47 3.32%
02/28/1997 2315.47 2.07 15.43 150.579 15.51 2,335.48 0.86%
03/31/1997 2335.48 0 10 150.579 14.92 2,246.64 -3.80%
04/30/1997 2246.64 0 10 150.579 15.43 2,323.43 3.42%
05/31/1997 2323.43 0 10 150.579 16.17 2,434.86 4.80%
06/30/1997 2434.86 0 10 150.579 16.60 2,499.61 2.66%
07/31/1997 2499.61 0 10 150.579 17.56 2,644.17 5.78%
08/31/1997 2644.17 0 10 150.579 17.08 2,571.89 -2.73%
09/30/1997 2571.89 0 10 150.579 17.63 2,654.71 3.22%
10/31/1997 2654.71 0 10 150.579 17.34 2,611.04 -1.65%
11/30/1997 2611.04 0 10 150.579 17.74 2,671.27 2.31%
12/31/1997 2671.27 0 10 150.579 18.01 2,711.93 1.52%
01/31/1998 2711.93 0 10 150.579 18.07 2,720.96 0.33%
02/28/1998 2720.96 2.28 16.17 171.811 16.55 2,843.47 4.50%
03/31/1998 2843.47 0 10 171.811 17.03 2,925.94 2.90%
04/30/1998 2925.94 0 10 171.811 17.01 2,922.51 -0.12%
05/31/1998 2922.51 0 10 171.811 16.92 2,907.04 -0.53%
06/30/1998 2907.04 0 10 171.811 17.25 2,963.74 1.95%
07/31/1998 2963.74 0 10 171.811 17.14 2,944.84 -0.64%
08/31/1998 2944.84 0 10 171.811 15.58 2,676.82 -9.10%
09/30/1998 2676.82 0 10 171.811 16.10 2,766.16 3.34%
10/31/1998 2766.16 0 10 171.811 16.80 2,886.42 4.35%
11/30/1998 2886.42 0 10 171.811 17.44 2,996.38 3.81%
12/31/1998 2996.38 0 10 171.811 18.16 3,120.09 4.13%
1.76616
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
09/06/1989 1,000.00 0.488633
09/30/1989 0.00082 0.821917808 998.18 (0.00) 0.487743
10/31/1989 0.00106 1.059709608 999.12 (0.00) 0.488202
11/30/1989 0.00103 1.026489788 1,002.08 (0.00) 0.489651
12/31/1989 0.00106 1.063854934 1,004.11 (0.00) 0.490642
01/31/1990 0.00106 1.066007041 980.88 (0.00) 0.479292
02/28/1990 0.00096 0.940571703 990.00 (0.00) 0.483748
03/31/1990 0.00106 1.05102782 996.99 (0.00) 0.487164
04/30/1990 0.00103 1.024305783 982.92 (0.00) 0.480288
05/31/1990 0.00106 1.043509937 1,032.02 (0.00) 0.504279
06/30/1990 0.00103 1.060292342 1,038.97 (0.00) 0.507678
07/31/1990 0.00106 1.103020598 1,035.87 (0.00) 0.506162
08/31/1990 0.00106 1.099726672 1,000.77 (0.00) 0.489012
09/30/1990 0.00103 1.028192957 978.78 (0.00) 0.478263
10/31/1990 0.00106 1.03911109 982.72 (0.00) 0.48019
11/30/1990 0.00103 1.009643401 1,029.56 (0.00) 0.503076
12/31/1990 0.00106 1.093021904 1,058.34 (0.00) 0.517141
01/31/1991 0.00106 1.123580267 1,107.86 (0.00) 0.541337
02/28/1991 0.00096 1.062330246 1,150.15 (0.00) 0.562004
03/31/1991 0.00106 1.221054235 1,167.50 (0.00) 0.570479
04/30/1991 0.00103 1.199485782 1,183.82 (0.00) 0.578452
05/31/1991 0.00106 1.256792034 1,209.33 (0.00) 0.590918
06/30/1991 0.00103 1.242460711 1,186.49 0.00 0.57976
07/31/1991 0.00106 1.259633999 1,215.03 0.00 0.593702
08/31/1991 0.00106 1.289925625 1,238.36 (0.00) 0.605104
09/30/1991 0.00103 1.272288319 1,244.27 0.00 0.607991
10/31/1991 0.00106 1.320971292 1,251.14 0.00 0.611346
11/30/1991 0.00103 1.285414256 1,229.39 0.00 0.600722
12/31/1991 0.00106 1.305178061 1,281.23 0.00 0.626049
01/31/1992 0.00106 1.360206157 1,296.20 0.00 0.633366
02/29/1992 0.00099 1.287322444 1,320.09 0.00 0.64504
03/31/1992 0.00106 1.401468282 1,315.47 0.00 0.642782
04/30/1992 0.00103 1.351512032 1,333.41 0.00 0.651546
05/31/1992 0.00106 1.415603435 1,345.90 0.00 0.657649
06/30/1992 0.00103 1.382771602 1,343.45 0.00 0.656454
07/31/1992 0.00106 1.426267049 1,364.45 0.00 0.666714
08/31/1992 0.00106 1.448559008 1,358.74 0.00 0.663923
09/30/1992 0.00103 1.395962237 1,365.86 (0.00) 0.667404
10/31/1992 0.00106 1.450056341 1,366.54 (0.00) 0.667735
11/30/1992 0.00103 1.403976387 1,394.92 (0.00) 0.681602
12/31/1992 0.00106 1.480904022 1,413.62 0.00 0.690741
01/31/1993 0.00106 1.500760504 1,437.59 0.00 0.702453
02/28/1993 0.00096 1.37851025 1,449.69 0.00 0.708366
03/31/1993 0.00106 1.539054524 1,489.19 0.00 0.727668
04/30/1993 0.00103 1.529992054 1,496.53 0.00 0.731254
05/31/1993 0.00106 1.588783771 1,520.40 0.00 0.742915
06/30/1993 0.00103 1.562051289 1,531.00 0.00 0.748096
07/31/1993 0.00106 1.62537566 1,548.15 0.00 0.756479
08/31/1993 0.00106 1.643589187 1,591.75 0.00 0.777782
09/30/1993 0.00103 1.63536244 1,591.22 0.00 0.777522
10/31/1993 0.00106 1.689310582 1,632.47 0.00 0.79768
11/30/1993 0.00103 1.677199852 1,628.59 0.00 0.795784
12/31/1993 0.00106 1.728986288 1,692.81 0.00 0.82716
01/31/1994 0.00106 1.797156813 1,744.80 0.00 0.852564
02/28/1994 0.00096 1.673092084 1,687.71 0.00 0.824672
03/31/1994 0.00106 1.791751908 1,606.60 0.00 0.785035
04/30/1994 0.00103 1.650613034 1,606.09 0.00 0.784787
05/31/1994 0.00106 1.705095037 1,618.15 0.00 0.790679
06/30/1994 0.00103 1.662481146 1,585.54 0.00 0.774748
07/31/1994 0.00106 1.683284033 1,611.34 0.00 0.787353
08/31/1994 0.00106 1.710670348 1,647.37 0.00 0.804956
09/30/1994 0.00103 1.692500319 1,626.25 0.00 0.794639
10/31/1994 0.00106 1.726500757 1,632.52 0.00 0.7977
11/30/1994 0.00103 1.677244139 1,606.88 0.00 0.785173
12/31/1994 0.00106 1.705935223 1,569.84 0.00 0.767076
01/31/1995 0.00106 1.666616177 1,557.94 0.00 0.761257
02/28/1995 0.00096 1.493912333 1,581.68 0.00 0.77286
03/31/1995 0.00106 1.679183063 1,600.89 0.00 0.782247
04/30/1995 0.00103 1.644752537 1,624.75 0.00 0.793906
05/31/1995 0.00106 1.724909712 1,643.88 0.01 0.803249
06/30/1995 0.00103 1.688912984 1,656.06 0.01 0.809204
07/31/1995 0.00106 1.75814941 1,713.25 0.01 0.837145
08/31/1995 0.00106 1.818856276 1,732.21 0.01 0.846411
09/30/1995 0.00103 1.779666336 1,752.34 0.01 0.856248
10/31/1995 0.00106 1.86036154 1,727.44 0.01 0.844081
11/30/1995 0.00103 1.774767789 1,770.55 0.01 0.865144
12/31/1995 0.00106 1.879689778 1,813.50 0.01 0.886134
01/31/1996 0.00106 1.925293739 1,850.63 0.01 0.904277
02/29/1996 0.00099 1.837958148 1,843.81 0.01 0.900942
03/31/1996 0.00106 1.957467324 1,861.45 0.01 0.909562
04/30/1996 0.00103 1.912448358 1,879.12 0.01 0.918194
05/31/1996 0.00106 1.994951885 1,891.80 0.01 0.924391
06/30/1996 0.00103 1.943629427 1,906.95 0.01 0.931793
07/31/1996 0.00106 2.024498509 1,873.20 0.01 0.915304
08/31/1996 0.00106 1.988671959 1,874.87 0.01 0.916122
09/30/1996 0.00103 1.926241051 1,941.13 0.01 0.948494
10/31/1996 0.00106 2.060783894 1,988.93 0.01 0.971851
11/30/1996 0.00103 2.043417289 2,085.29 0.01 1.01894
12/31/1996 0.00106 2.213840064 2,052.74 0.01 1.003032
01/02/1997 0.00007 0.140598469 2,046.53 0.01 1
01/31/1997 0.00099 2.032515803 2,112.40 0.06
02/28/1997 0.00096 2.025584386 2,128.62 0.06
03/31/1997 0.00106 2.2598412 2,045.39 (0.04)
04/30/1997 0.00103 2.10143158 2,113.20 0.01
05/31/1997 0.00106 2.24346934 2,212.31 0.02
06/30/1997 0.00103 2.272918761 2,268.87 0.14
07/31/1997 0.00106 2.408727986 2,397.67 0.28
08/31/1997 0.00106 2.545474793 2,329.59 0.03
09/30/1997 0.00103 2.393409967 2,402.21 0.25
10/31/1997 0.00106 2.550291022 2,360.14 0.19
11/30/1997 0.00103 2.424804401 2,412.16 0.06
12/31/1997 0.00106 2.560855425 2,446.32 0.25
01/31/1998 0.00106 2.597116064 2,451.86 0.15
02/28/1998 0.00096 2.351102692 2,559.91 0.24
03/31/1998 0.00106 2.717709718 2,631.44 0.39
04/30/1998 0.00103 2.703529369 2,625.65 0.38
05/31/1998 0.00106 2.787501913 2,608.96 0.16
06/30/1998 0.00103 2.680439255 2,657.17 0.38
07/31/1998 0.00106 2.820964529 2,637.40 0.34
08/31/1998 0.00106 2.79998016 2,394.56 0.04
09/30/1998 0.00103 2.460166228 2,472.02 0.10
10/31/1998 0.00106 2.624406007 2,576.87 0.10
11/30/1998 0.00103 2.647468071 2,672.39 0.27
12/31/1998 0.00106 2.837125213 2,779.89 0.38
1.4720211 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
ASSET MANAGER Surrender
FUND 186 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.493989 -----------------------------
Units purchased 2,024.337 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/1989 0.493989 2,024.337 1,000.00 1,000.00 2,741.25 0.00%
09/30/1989 0.493040 2,024.337 998.08 0.00002 0.015715072 998.08 2,741.25 0.00%
10/31/1989 0.493441 2,024.337 998.89 0.00002 0.020259639 998.89 2,741.25 0.00%
11/30/1989 0.494845 2,024.337 1,001.73 0.00002 0.019622048 1,001.73 2,741.25 0.00%
12/31/1989 0.495783 2,024.337 1,003.63 0.00002 0.020333809 1,003.63 2,741.25 0.00%
01/31/1990 0.484251 2,024.337 980.29 0.00002 0.020372352 980.29 2,741.25 0.00%
02/28/1990 0.488697 2,024.337 989.29 0.00002 0.017972828 989.29 2,741.25 0.00%
03/31/1990 0.492086 2,024.337 996.15 0.00002 0.020081179 996.15 2,741.25 0.00%
04/30/1990 0.485080 2,024.337 981.97 0.00002 0.019568166 981.97 2,741.25 0.00%
05/31/1990 0.509249 2,024.337 1,030.89 0.00002 0.019932552 1,030.89 2,741.25 0.00%
06/30/1990 0.512619 2,024.337 1,037.71 0.00002 0.020250665 1,037.71 2,741.25 0.00%
07/31/1990 0.511023 2,024.337 1,034.48 0.00002 0.021064165 1,034.48 2,741.25 0.00%
08/31/1990 0.493644 2,024.337 999.30 0.00002 0.020998583 999.30 2,741.25 0.00%
09/30/1990 0.482732 2,024.337 977.21 0.00002 0.019630121 977.21 2,741.25 0.00%
10/31/1990 0.484616 2,024.337 981.03 0.00002 0.01983607 981.03 2,741.25 0.00%
11/30/1990 0.507653 2,024.337 1,027.66 0.00002 0.019271115 1,027.66 2,741.25 0.00%
12/31/1990 0.521781 2,024.337 1,056.26 0.00002 0.020860105 1,056.26 2,741.25 0.00%
01/31/1991 0.546128 2,024.337 1,105.55 0.00002 0.021440643 1,105.55 2,741.25 0.00%
02/28/1991 0.566915 2,024.337 1,147.63 0.00002 0.020269373 1,147.63 2,741.25 0.00%
03/31/1991 0.575392 2,024.337 1,164.79 0.00002 0.023295256 1,164.79 2,741.25 0.00%
04/30/1991 0.583363 2,024.337 1,180.92 0.00002 0.022880891 1,180.92 2,741.25 0.00%
05/31/1991 0.595860 2,024.337 1,206.22 0.00002 0.023971125 1,206.22 2,741.25 0.00%
06/30/1991 0.584536 2,024.337 1,183.30 0.00002 0.023694816 1,183.30 2,741.25 0.00%
07/31/1991 0.598518 2,024.337 1,211.60 0.00002 0.024019325 1,211.60 2,741.25 0.00%
08/31/1991 0.609936 2,024.337 1,234.72 0.00002 0.024593864 1,234.72 2,741.25 0.00%
09/30/1991 0.612771 2,024.337 1,240.46 0.00002 0.024254558 1,240.46 2,741.25 0.00%
10/31/1991 0.616075 2,024.337 1,247.14 0.00002 0.025179537 1,247.14 2,741.25 0.00%
11/30/1991 0.605293 2,024.337 1,225.32 0.00002 0.02449868 1,225.32 2,741.25 0.00%
12/31/1991 0.630736 2,024.337 1,276.82 0.00002 0.024872257 1,276.82 2,741.25 0.00%
01/31/1992 0.638027 2,024.337 1,291.58 0.00002 0.025917742 1,291.58 2,741.25 0.00%
02/29/1992 0.649711 2,024.337 1,315.23 0.00002 0.024525897 1,315.23 2,741.25 0.00%
03/31/1992 0.647354 2,024.337 1,310.46 0.00002 0.026697449 1,310.46 2,741.25 0.00%
04/30/1992 0.656100 2,024.337 1,328.17 0.00002 0.025742513 1,328.17 2,741.25 0.00%
05/31/1992 0.662162 2,024.337 1,340.44 0.00002 0.026959981 1,340.44 2,741.25 0.00%
06/30/1992 0.660877 2,024.337 1,337.84 0.00002 0.026331364 1,337.84 2,741.25 0.00%
07/31/1992 0.671122 2,024.337 1,358.58 0.00002 0.027156274 1,358.58 2,741.25 0.00%
08/31/1992 0.668227 2,024.337 1,352.72 0.00002 0.027577254 1,352.72 2,741.25 0.00%
09/30/1992 0.671648 2,024.337 1,359.64 0.00002 0.026572543 1,359.64 2,741.25 0.00%
10/31/1992 0.671896 2,024.337 1,360.14 0.00002 0.027598868 1,360.14 2,741.25 0.00%
11/30/1992 0.685767 2,024.337 1,388.22 0.00002 0.026718444 1,388.22 2,741.25 0.00%
12/31/1992 0.694875 2,024.337 1,406.66 0.00002 0.028179036 1,406.66 2,741.25 0.00%
01/31/1993 0.706569 2,024.337 1,430.33 0.00002 0.028553295 1,430.33 2,741.25 0.00%
02/28/1993 0.712435 2,024.337 1,442.21 0.00002 0.026224092 1,442.21 2,741.25 0.00%
03/31/1993 0.731757 2,024.337 1,481.32 0.00002 0.029274858 1,481.32 2,741.25 0.00%
04/30/1993 0.735273 2,024.337 1,488.44 0.00002 0.029098861 1,488.44 2,741.25 0.00%
05/31/1993 0.746905 2,024.337 1,511.99 0.00002 0.0302133 1,511.99 2,741.25 0.00%
06/30/1993 0.752021 2,024.337 1,522.34 0.00002 0.029701232 1,522.34 2,741.25 0.00%
07/31/1993 0.760352 2,024.337 1,539.21 0.00002 0.030901496 1,539.21 2,741.25 0.00%
08/31/1993 0.781667 2,024.337 1,582.36 0.00002 0.031243828 1,582.36 2,741.25 0.00%
09/30/1993 0.781310 2,024.337 1,581.63 0.00002 0.031083569 1,581.63 2,741.25 0.00%
10/31/1993 0.801466 2,024.337 1,622.44 0.00002 0.032105019 1,622.44 2,741.25 0.00%
11/30/1993 0.799462 2,024.337 1,618.38 0.00002 0.031870891 1,618.38 2,741.25 0.00%
12/31/1993 0.830881 2,024.337 1,681.98 0.00002 0.032850907 1,681.98 2,741.25 0.00%
01/31/1994 0.856294 2,024.337 1,733.43 0.00002 0.034141954 1,733.43 2,741.25 2.00%
02/28/1994 0.828182 2,024.337 1,676.52 0.00002 0.03178109 1,676.52 2,741.25 2.00%
03/31/1994 0.788271 2,024.337 1,595.73 0.00002 0.034031049 1,595.73 2,741.25 2.00%
04/30/1994 0.787925 2,024.337 1,595.03 0.00002 0.031346182 1,595.03 2,741.25 2.00%
05/31/1994 0.793740 2,024.337 1,606.80 0.00002 0.032376837 1,606.80 2,741.25 2.00%
06/30/1994 0.777649 2,024.337 1,574.22 0.00002 0.031563661 1,574.22 2,741.25 2.00%
07/31/1994 0.790202 2,024.337 1,599.64 0.00002 0.031954583 1,599.64 2,741.25 2.00%
08/31/1994 0.807768 2,024.337 1,635.19 0.00002 0.032470402 1,635.19 2,741.25 2.00%
09/30/1994 0.797315 2,024.337 1,614.03 0.00002 0.032121495 1,614.03 2,741.25 2.00%
10/31/1994 0.800285 2,024.337 1,620.05 0.00002 0.032762684 1,620.05 2,741.25 2.00%
11/30/1994 0.787619 2,024.337 1,594.41 0.00002 0.031823928 1,594.41 2,741.25 2.00%
12/31/1994 0.769365 2,024.337 1,557.45 0.00002 0.032364263 1,557.45 2,741.25 2.00%
01/31/1995 0.763431 2,024.337 1,545.44 0.00002 0.031614183 1,545.44 2,741.25 4.00%
02/28/1995 0.774979 2,024.337 1,568.82 0.00002 0.028334508 1,568.82 2,741.25 4.00%
03/31/1995 0.784293 2,024.337 1,587.67 0.00002 0.03184487 1,587.67 2,741.25 4.00%
04/30/1995 0.795886 2,024.337 1,611.14 0.00002 0.031187994 1,611.14 2,741.25 4.00%
05/31/1995 0.805151 2,024.337 1,629.90 0.00002 0.032703965 1,629.90 2,741.25 4.00%
06/30/1995 0.811021 2,024.337 1,641.78 0.00002 0.032017428 1,641.78 2,741.25 4.00%
07/31/1995 0.838921 2,024.337 1,698.26 0.00002 0.033325881 1,698.26 2,741.25 4.00%
08/31/1995 0.848100 2,024.337 1,716.84 0.00002 0.034472328 1,716.84 2,741.25 4.00%
09/30/1995 0.857852 2,024.337 1,736.58 0.00002 0.033725327 1,736.58 2,741.25 4.00%
10/31/1995 0.845553 2,024.337 1,711.68 0.00002 0.035250226 1,711.68 2,741.25 4.00%
11/30/1995 0.866548 2,024.337 1,754.19 0.00002 0.033624044 1,754.19 2,741.25 4.00%
12/31/1995 0.887461 2,024.337 1,796.52 0.00002 0.035607556 1,796.52 2,741.25 4.00%
01/31/1996 0.905519 2,024.337 1,833.08 0.00002 0.036466898 1,833.08 2,741.25 6.00%
02/29/1996 0.902071 2,024.337 1,826.10 0.00002 0.034808348 1,826.10 2,741.25 6.00%
03/31/1996 0.910587 2,024.337 1,843.33 0.00002 0.037067241 1,843.33 2,741.25 6.00%
04/30/1996 0.919117 2,024.337 1,860.60 0.00002 0.036210169 1,860.60 2,741.25 6.00%
05/31/1996 0.925204 2,024.337 1,872.92 0.00002 0.037767683 1,872.92 2,741.25 6.00%
06/30/1996 0.932498 2,024.337 1,887.69 0.00002 0.036791425 1,887.69 2,741.25 6.00%
07/31/1996 0.915877 2,024.337 1,854.04 0.00002 0.038317525 1,854.04 2,741.25 6.00%
08/31/1996 0.916579 2,024.337 1,855.46 0.00002 0.037634547 1,855.46 2,741.25 6.00%
09/30/1996 0.948854 2,024.337 1,920.80 0.00002 0.036448445 1,920.80 2,741.25 6.00%
10/31/1996 0.972099 2,024.337 1,967.86 0.00002 0.038989614 1,967.86 2,741.25 6.00%
11/30/1996 1.019080 2,024.337 2,062.96 0.00002 0.038656239 2,062.96 2,741.25 6.00%
12/31/1996 1.003040 2,024.337 2,030.49 0.00002 0.041875289 2,030.49 2,741.25 6.00%
01/02/1997 1.000000 2,024.337 2,024.34 0.00000 0.002701632 2,024.34 2,741.25 6.00%
01/31/1997 1.032036 2,024.337 2,089.19 0.00002 0.038557077 2,089.19 2,741.25 6.00%
02/28/1997 1.039848 2,024.337 2,105.00 0.00002 0.0383037 2,105.00 2,741.25 6.00%
03/31/1997 0.999110 2,024.337 2,022.54 0.00002 0.042728673 2,022.54 2,741.25 6.00%
04/30/1997 1.032084 2,024.337 2,089.29 0.00002 0.039730352 2,089.29 2,741.25 6.00%
05/31/1997 1.080349 2,024.337 2,186.99 0.00002 0.04240964 2,186.99 2,741.25 6.00%
06/30/1997 1.107771 2,024.337 2,242.50 0.00002 0.042960881 2,242.50 2,741.25 6.00%
07/31/1997 1.036178 2,024.337 2,097.57 0.00002 0.045519715 2,097.57 2,741.25 6.00%
08/31/1997 1.137201 2,024.337 2,302.08 0.00002 0.042577868 2,302.08 2,741.25 6.00%
09/30/1997 1.172395 2,024.337 2,373.32 0.00002 0.045221643 2,373.32 2,741.25 6.00%
10/31/1997 1.151748 2,024.337 2,331.53 0.00002 0.048175197 2,331.53 2,741.25 6.00%
11/30/1997 1.177065 2,024.337 2,382.78 0.00002 0.045800115 2,382.78 2,741.25 6.00%
12/31/1997 1.193482 2,024.337 2,416.01 0.00002 0.048367093 2,416.01 2,741.25 6.00%
01/31/1998 1.196093 2,024.337 2,421.30 0.00002 0.049041689 2,421.30 2,741.25 6.00%
02/28/1998 1.248617 2,024.337 2,527.62 0.00002 0.044392625 2,527.62 2,741.25 6.00%
03/31/1998 1.283263 2,024.337 2,597.76 0.00002 0.051307256 2,597.76 2,741.25 6.00%
04/30/1998 1.280289 2,024.337 2,591.74 0.00002 0.051029907 2,591.74 2,741.25 6.00%
05/31/1998 1.272108 2,024.337 2,575.18 0.00002 0.052608698 2,575.18 2,741.25 6.00%
06/30/1998 1.295339 2,024.337 2,622.20 0.00002 0.05058632 2,622.20 2,741.25 6.00%
07/31/1998 1.285561 2,024.337 2,602.41 0.00002 0.053227122 2,602.41 2,741.25 6.00%
08/31/1998 1.167168 2,024.337 2,362.74 0.00002 0.052825332 2,362.74 2,741.25 6.00%
09/30/1998 1.204751 2,024.337 2,438.82 0.00002 0.046413303 2,438.82 2,741.25 6.00%
10/31/1998 1.255696 2,024.337 2,541.95 0.00002 0.049504746 2,541.95 2,741.25 6.00%
11/30/1998 1.301996 2,024.337 2,635.68 0.00002 0.049933685 2,635.68 2,741.25 6.00%
12/31/1998 1.354149 2,024.337 2,741.25 0.00002 0.053500667 2,741.25 2,741.25 6.00%
12/31/1998 2,741.25
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/1989 100.00% 2,741.25 9.3233 11.42% 11.42% 2,741.25 2,741.25 10
09/30/1989 100.00% 2,741.25 9.2575 11.53% 11.53% 2,746.53 2,746.53 10
10/31/1989 100.00% 2,741.25 9.1726 11.63% 11.63% 2,744.30 2,744.30 10
11/30/1989 100.00% 2,741.25 9.0904 11.71% 11.71% 2,736.51 2,736.51 10
12/31/1989 100.00% 2,741.25 9.0055 11.80% 11.80% 2,731.33 2,731.33 10
01/31/1990 90.00% 2,741.25 8.9205 12.22% 12.22% 2,796.38 2,796.38 9
02/28/1990 90.00% 2,741.25 8.8438 12.21% 12.21% 2,770.94 2,770.94 9
03/31/1990 90.00% 2,741.25 8.7589 12.25% 12.25% 2,751.85 2,751.85 9
04/30/1990 90.00% 2,741.25 8.6767 12.56% 12.56% 2,791.60 2,791.60 9
05/31/1990 90.00% 2,741.25 8.5918 12.06% 12.06% 2,659.11 2,659.11 9
06/30/1990 90.00% 2,741.25 8.5096 12.09% 12.09% 2,641.63 2,641.63 9
07/31/1990 90.00% 2,741.25 8.4247 12.26% 12.26% 2,649.88 2,649.88 9
08/31/1990 90.00% 2,741.25 8.3397 12.86% 12.86% 2,743.17 2,743.17 9
09/30/1990 90.00% 2,741.25 8.2575 13.30% 13.30% 2,805.18 2,805.18 9
10/31/1990 90.00% 2,741.25 8.1726 13.40% 13.40% 2,794.27 2,794.27 9
11/30/1990 90.00% 2,741.25 8.0904 12.89% 12.89% 2,667.47 2,667.47 9
12/31/1990 90.00% 2,741.25 8.0055 12.65% 12.65% 2,595.24 2,595.24 9
01/31/1991 80.00% 2,741.25 7.9205 12.15% 12.15% 2,479.55 2,479.55 8
02/28/1991 80.00% 2,741.25 7.8438 11.74% 11.74% 2,388.63 2,388.63 8
03/31/1991 80.00% 2,741.25 7.7589 11.66% 11.66% 2,353.44 2,353.44 8
04/30/1991 80.00% 2,741.25 7.6767 11.59% 11.59% 2,321.28 2,321.28 8
05/31/1991 80.00% 2,741.25 7.5918 11.42% 11.42% 2,272.60 2,272.60 8
06/30/1991 80.00% 2,741.25 7.5096 11.84% 11.84% 2,316.62 2,316.62 8
07/31/1991 80.00% 2,741.25 7.4247 11.62% 11.62% 2,262.50 2,262.50 8
08/31/1991 80.00% 2,741.25 7.3397 11.48% 11.48% 2,220.15 2,220.15 8
09/30/1991 80.00% 2,741.25 7.2575 11.54% 11.54% 2,209.88 2,209.88 8
10/31/1991 80.00% 2,741.25 7.1726 11.61% 11.61% 2,198.03 2,198.03 8
11/30/1991 80.00% 2,741.25 7.0904 12.03% 12.03% 2,237.18 2,237.18 8
12/31/1991 80.00% 2,741.25 7.0055 11.52% 11.52% 2,146.93 2,146.93 8
01/31/1992 70.00% 2,741.25 6.9205 11.49% 11.49% 2,122.40 2,122.40 7
02/29/1992 70.00% 2,741.25 6.8411 11.33% 11.33% 2,084.23 2,084.23 7
03/31/1992 70.00% 2,741.25 6.7562 11.54% 11.54% 2,091.82 2,091.82 7
04/30/1992 70.00% 2,741.25 6.6740 11.47% 11.47% 2,063.94 2,063.94 7
05/31/1992 70.00% 2,741.25 6.5890 11.47% 11.47% 2,045.04 2,045.04 7
06/30/1992 70.00% 2,741.25 6.5068 11.66% 11.66% 2,049.02 2,049.02 7
07/31/1992 70.00% 2,741.25 6.4219 11.55% 11.55% 2,017.74 2,017.74 7
08/31/1992 70.00% 2,741.25 6.3370 11.79% 11.79% 2,026.48 2,026.48 7
09/30/1992 70.00% 2,741.25 6.2548 11.86% 11.86% 2,016.16 2,016.16 7
10/31/1992 70.00% 2,741.25 6.1699 12.03% 12.03% 2,015.41 2,015.41 7
11/30/1992 70.00% 2,741.25 6.0877 11.82% 11.82% 1,974.65 1,974.65 7
12/31/1992 70.00% 2,741.25 6.0027 11.76% 11.76% 1,948.77 1,948.77 7
01/31/1993 60.00% 2,741.25 5.9178 11.62% 11.62% 1,916.51 1,916.51 6
02/28/1993 60.00% 2,741.25 5.8411 11.62% 11.62% 1,900.73 1,900.73 6
03/31/1993 60.00% 2,741.25 5.7562 11.29% 11.29% 1,850.54 1,850.54 6
04/30/1993 60.00% 2,741.25 5.6740 11.36% 11.36% 1,841.70 1,841.70 6
05/31/1993 60.00% 2,741.25 5.5890 11.23% 11.23% 1,813.01 1,813.01 6
06/30/1993 60.00% 2,741.25 5.5068 11.27% 11.27% 1,800.68 1,800.68 6
07/31/1993 60.00% 2,741.25 5.4219 11.23% 11.23% 1,780.95 1,780.95 6
08/31/1993 60.00% 2,741.25 5.3370 10.84% 10.84% 1,732.39 1,732.39 6
09/30/1993 60.00% 2,741.25 5.2548 11.03% 11.03% 1,733.18 1,733.18 6
10/31/1993 60.00% 2,741.25 5.1699 10.68% 10.68% 1,689.59 1,689.59 6
11/30/1993 60.00% 2,741.25 5.0877 10.91% 10.91% 1,693.83 1,693.83 6
12/31/1993 60.00% 2,741.25 5.0027 10.26% 10.26% 1,629.77 1,629.77 6
01/31/1994 50.00% 2,734.00 4.9178 9.71% 9.77% 1,577.22 1,581.41 5
02/28/1994 50.00% 2,735.14 4.8411 10.64% 10.69% 1,631.44 1,635.09 5
03/31/1994 50.00% 2,736.75 4.7562 12.01% 12.05% 1,715.05 1,717.87 5
04/30/1994 50.00% 2,736.77 4.6740 12.24% 12.28% 1,715.81 1,718.63 5
05/31/1994 50.00% 2,736.53 4.5890 12.30% 12.34% 1,703.10 1,706.04 5
06/30/1994 50.00% 2,737.18 4.5068 13.06% 13.10% 1,738.75 1,741.34 5
07/31/1994 50.00% 2,736.67 4.4219 12.91% 12.95% 1,710.81 1,713.67 5
08/31/1994 50.00% 2,735.96 4.3370 12.60% 12.65% 1,673.17 1,676.41 5
09/30/1994 50.00% 2,736.39 4.2548 13.21% 13.26% 1,695.37 1,698.39 5
10/31/1994 50.00% 2,736.27 4.1699 13.39% 13.44% 1,689.00 1,692.08 5
11/30/1994 50.00% 2,736.78 4.0877 14.13% 14.18% 1,716.49 1,719.29 5
12/31/1994 50.00% 2,737.52 4.0027 15.13% 15.17% 1,757.69 1,760.09 5
01/31/1995 40.00% 2,723.30 3.9178 15.56% 15.75% 1,762.15 1,773.77 4
02/28/1995 40.00% 2,722.36 3.8411 15.43% 15.64% 1,735.29 1,747.34 4
03/31/1995 40.00% 2,721.61 3.7562 15.43% 15.65% 1,714.21 1,726.59 4
04/30/1995 40.00% 2,720.67 3.6740 15.33% 15.56% 1,688.66 1,701.44 4
05/31/1995 40.00% 2,719.92 3.5890 15.34% 15.59% 1,668.77 1,681.86 4
06/30/1995 40.00% 2,719.44 3.5068 15.48% 15.74% 1,656.40 1,669.68 4
07/31/1995 40.00% 2,717.18 3.4219 14.72% 15.02% 1,599.98 1,614.16 4
08/31/1995 40.00% 2,716.44 3.3370 14.74% 15.05% 1,582.23 1,596.69 4
09/30/1995 40.00% 2,715.65 3.2548 14.73% 15.06% 1,563.79 1,578.53 4
10/31/1995 40.00% 2,716.65 3.1699 15.69% 16.02% 1,587.12 1,601.50 4
11/30/1995 40.00% 2,714.95 3.0877 15.19% 15.56% 1,547.70 1,562.69 4
12/31/1995 40.00% 2,713.25 3.0027 14.72% 15.11% 1,510.28 1,525.87 4
01/31/1996 30.00% 2,680.61 2.9178 13.91% 14.79% 1,462.36 1,495.44 3
02/29/1996 30.00% 2,681.03 2.8384 14.49% 15.39% 1,468.18 1,501.16 3
03/31/1996 30.00% 2,680.00 2.7534 14.56% 15.50% 1,453.88 1,487.12 3
04/30/1996 30.00% 2,678.96 2.6712 14.62% 15.61% 1,439.83 1,473.32 3
05/31/1996 30.00% 2,678.22 2.5863 14.83% 15.87% 1,429.97 1,463.62 3
06/30/1996 30.00% 2,677.34 2.5041 14.98% 16.07% 1,418.31 1,452.17 3
07/31/1996 30.00% 2,679.35 2.4192 16.44% 17.54% 1,445.14 1,478.53 3
08/31/1996 30.00% 2,679.27 2.3342 17.05% 18.20% 1,443.99 1,477.39 3
09/30/1996 30.00% 2,675.35 2.2521 15.85% 17.11% 1,392.83 1,427.14 3
10/31/1996 30.00% 2,672.53 2.1671 15.17% 16.53% 1,358.09 1,393.02 3
11/30/1996 30.00% 2,666.82 2.0849 13.10% 14.61% 1,292.71 1,328.80 3
12/31/1996 30.00% 2,668.77 2.0000 14.64% 16.19% 1,314.35 1,350.04 3
01/02/1997 20.00% 2,652.69 1.9945 14.52% 16.42% 1,310.40 1,354.15 2
01/31/1997 20.00% 2,648.80 1.9151 13.19% 15.24% 1,267.86 1,312.11 2
02/28/1997 20.00% 2,647.85 1.8384 13.29% 15.45% 1,257.88 1,302.26 2
03/31/1997 20.00% 2,652.80 1.7534 16.73% 18.94% 1,311.62 1,355.36 2
04/30/1997 20.00% 2,648.79 1.6712 15.26% 17.65% 1,267.80 1,312.05 2
05/31/1997 20.00% 2,642.93 1.5863 12.68% 15.30% 1,208.48 1,253.44 2
06/30/1997 20.00% 2,639.60 1.5041 11.45% 14.28% 1,177.08 1,222.41 2
07/31/1997 20.00% 2,648.29 1.4192 17.85% 20.75% 1,262.55 1,306.87 2
08/31/1997 20.00% 2,636.02 1.3342 10.69% 13.98% 1,145.06 1,190.77 2
09/30/1997 20.00% 2,631.75 1.2521 8.61% 12.20% 1,108.89 1,155.03 2
10/31/1997 20.00% 2,634.26 1.1671 11.03% 14.88% 1,129.84 1,175.73 2
11/30/1997 20.00% 2,631.18 1.0849 9.57% 13.79% 1,104.25 1,150.45 2
12/31/1997 20.00% 2,629.19 1.0000 8.82% 13.46% 1,088.24 1,134.62 2
01/31/1998 10.00% 2,612.42 0.9151 7.89% 13.21% 1,072.00 1,120.28 1
02/28/1998 10.00% 2,606.04 0.8384 3.10% 8.45% 1,025.95 1,070.39 1
03/31/1998 10.00% 2,601.84 0.7534 0.16% 5.52% 1,001.18 1,041.34 1
04/30/1998 10.00% 2,602.20 0.6712 0.40% 5.77% 1,002.71 1,038.36 1
05/31/1998 10.00% 2,603.19 0.5863 1.09% 6.45% 1,006.36 1,037.32 1
06/30/1998 10.00% 2,600.37 0.5041 -0.83% 4.54% 995.79 1,022.63 1
07/31/1998 10.00% 2,601.56 0.4192 -0.03% 5.34% 999.86 1,022.03 1
08/31/1998 10.00% 2,615.94 0.3342 10.72% 16.02% 1,034.61 1,050.91 1
09/30/1998 10.00% 2,611.37 0.2521 7.08% 12.40% 1,017.38 1,029.91 1
10/31/1998 10.00% 2,605.18 0.1671 2.49% 7.84% 1,004.11 1,012.69 1
11/30/1998 10.00% 2,599.56 0.0849 -1.37% 4.01% 998.83 1,003.34 1
12/31/1998 10.00% 2,593.23 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
ASSET MANAGER Surrender
FUND 186 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.493989 -----------------------------
Units purchased 2,024.337 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,635.68 2,599.56 2,741.25 -1.37% 4.01%
09/30/1998 0.25 0.25 3 mths 2,438.82 2,611.37 2,741.25 7.08% 12.40%
12/31/1997 1.00 1.00 YTD 2,416.01 2,629.19 2,741.25 8.82% 13.46%
12/31/1997 1.00 1.00 1 Year 2,416.01 2,629.19 2,741.25 8.82% 13.46%
12/31/1996 2.00 2.00 2 Year 2,030.49 2,668.77 2,741.25 14.64% 16.19%
12/31/1995 3.00 3.00 3 Year 1,796.52 2,713.25 2,741.25 14.72% 15.11%
12/31/1994 4.00 4.00 4 Year 1,557.45 2,737.52 2,741.25 15.13% 15.17%
12/31/1993 5.00 5.00 5 Year 1,681.98 2,741.25 2,741.25 10.26% 10.26%
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
09/06/1989 9.32 9.32 Portfolio Inc Dt 1,000.00 2,741.25 2,741.25 11.42% 11.42%
01/02/1997 1.99 1.99 Subacct Inc Dt 2,024.34 2,652.69 2,741.25 14.52% 16.42%
12/31/1992 1,406.66
12/31/1993 1 1,681.98 19.57%
12/31/1994 1 1,557.45 -7.40%
12/31/1995 1 1,796.52 15.35%
12/31/1996 1 2,030.49 13.02%
12/31/1997 1 2,416.01 18.99%
12/31/1998 1 2,741.25 13.46%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
ASSET MANAGER SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/06/1989 0 100 10 1,000.00
09/30/1989 1000 0 10 100 9.99 999.00 -0.10%
10/31/1989 999 0 10 100 10.01 1,001.00 0.20%
11/30/1989 1001 0 10 100 10.05 1,005.00 0.40%
12/31/1989 1005 0.11 9.88 101.113 9.97 1,008.10 0.31%
01/31/1990 1008.1 0 10 101.113 9.75 985.85 -2.21%
02/28/1990 985.85 0 10 101.113 9.85 995.96 1.03%
03/31/1990 995.96 0 10 101.113 9.93 1,004.05 0.81%
04/30/1990 1004.05 0 10 101.113 9.80 990.91 -1.31%
05/31/1990 990.91 0 10 101.113 10.30 1,041.46 5.10%
06/30/1990 1041.46 0 10 101.113 10.38 1,049.55 0.78%
07/31/1990 1049.55 0 10 101.113 10.36 1,047.53 -0.19%
08/31/1990 1047.53 0 10 101.113 10.02 1,013.15 -3.28%
09/30/1990 1013.15 0 10 101.113 9.81 991.92 -2.10%
10/31/1990 991.92 0 10 101.113 9.86 996.97 0.51%
11/30/1990 996.97 0 10 101.113 10.34 1,045.51 4.87%
12/31/1990 1045.51 0.4 10.24 105.063 10.24 1,075.85 2.90%
01/31/1991 1075.85 0 10 105.063 10.73 1,127.33 4.79%
02/28/1991 1127.33 0 10 105.063 11.15 1,171.45 3.91%
03/31/1991 1171.45 0 10 105.063 11.33 1,190.36 1.61%
04/30/1991 1190.36 0 10 105.063 11.50 1,208.22 1.50%
05/31/1991 1208.22 0 10 105.063 11.76 1,235.54 2.26%
06/30/1991 1235.54 0 10 105.063 11.55 1,213.48 -1.79%
07/31/1991 1213.48 0 10 105.063 11.84 1,243.95 2.51%
08/31/1991 1243.95 0 10 105.063 12.08 1,269.16 2.03%
09/30/1991 1269.16 0 10 105.063 12.15 1,276.52 0.58%
10/31/1991 1276.52 0 10 105.063 12.23 1,284.92 0.66%
11/30/1991 1284.92 0 10 105.063 12.03 1,263.91 -1.64%
12/31/1991 1263.91 0 10 105.063 12.55 1,318.54 4.32%
01/31/1992 1318.54 0 10 105.063 12.71 1,335.35 1.27%
02/29/1992 1335.35 0.64 12.18 110.584 12.31 1,361.29 1.94%
03/31/1992 1361.29 0 10 110.584 12.28 1,357.97 -0.24%
04/30/1992 1357.97 0 10 110.584 12.46 1,377.88 1.47%
05/31/1992 1377.88 0 10 110.584 12.59 1,392.25 1.04%
06/30/1992 1392.25 0 10 110.584 12.58 1,391.15 -0.08%
07/31/1992 1391.15 0 10 110.584 12.79 1,414.37 1.67%
08/31/1992 1414.37 0 10 110.584 12.75 1,409.95 -0.31%
09/30/1992 1409.95 0 10 110.584 12.83 1,418.79 0.63%
10/31/1992 1418.79 0 10 110.584 12.85 1,421.00 0.16%
11/30/1992 1421 0 10 110.584 13.13 1,451.97 2.18%
12/31/1992 1451.97 0 10 110.584 13.32 1,472.98 1.45%
01/31/1993 1472.98 0 10 110.584 13.56 1,499.52 1.80%
02/28/1993 1499.52 0.62 13.13 115.806 13.07 1,513.58 0.94%
03/31/1993 1513.58 0 10 115.806 13.44 1,556.43 2.83%
04/30/1993 1556.43 0 10 115.806 13.52 1,565.70 0.60%
05/31/1993 1565.7 0 10 115.806 13.75 1,592.33 1.70%
06/30/1993 1592.33 0 10 115.806 13.86 1,605.07 0.80%
07/31/1993 1605.07 0 10 115.806 14.03 1,624.76 1.23%
08/31/1993 1624.76 0 10 115.806 14.44 1,672.24 2.92%
09/30/1993 1672.24 0 10 115.806 14.45 1,673.40 0.07%
10/31/1993 1673.4 0 10 115.806 14.84 1,718.56 2.70%
11/30/1993 1718.56 0 10 115.806 14.82 1,716.24 -0.13%
12/31/1993 1716.24 0 10 115.806 15.42 1,785.73 4.05%
01/31/1994 1785.73 0 10 115.806 15.91 1,842.47 3.18%
02/28/1994 1842.47 0.74 14.99 121.523 14.68 1,783.96 -3.18%
03/31/1994 1783.96 0 10 121.523 13.99 1,700.11 -4.70%
04/30/1994 1700.11 0 10 121.523 14.00 1,701.32 0.07%
05/31/1994 1701.32 0 10 121.523 14.12 1,715.90 0.86%
06/30/1994 1715.9 0 10 121.523 13.85 1,683.09 -1.91%
07/31/1994 1683.09 0 10 121.523 14.09 1,712.26 1.73%
08/31/1994 1712.26 0 10 121.523 14.42 1,752.36 2.34%
09/30/1994 1752.36 0.01 14.37 121.608 14.24 1,731.70 -1.18%
10/31/1994 1731.7 0 10 121.608 14.31 1,740.21 0.49%
11/30/1994 1740.21 0 10 121.608 14.10 1,714.67 -1.47%
12/31/1994 1714.67 0 10 121.608 13.79 1,676.97 -2.20%
01/31/1995 1676.97 0 10 121.608 13.70 1,666.03 -0.65%
02/28/1995 1666.03 0.29 13.54 124.213 13.63 1,693.02 1.62%
03/31/1995 1693.02 0 10 124.213 13.81 1,715.38 1.32%
04/30/1995 1715.38 0 10 124.213 14.03 1,742.71 1.59%
05/31/1995 1742.71 0 10 124.213 14.21 1,765.07 1.28%
06/30/1995 1765.07 0 10 124.213 14.33 1,779.97 0.84%
07/31/1995 1779.97 0 10 124.213 14.84 1,843.32 3.56%
08/31/1995 1843.32 0 10 124.213 15.02 1,865.68 1.21%
09/30/1995 1865.68 0 10 124.213 15.21 1,889.28 1.26%
10/31/1995 1889.28 0 10 124.213 15.01 1,864.44 -1.31%
11/30/1995 1864.44 0 10 124.213 15.40 1,912.88 2.60%
12/31/1995 1912.88 0 10 124.213 15.79 1,961.32 2.53%
01/31/1996 1961.32 0 10 124.213 16.13 2,003.56 2.15%
02/29/1996 2003.56 1.04 15.1 132.768 15.05 1,998.16 -0.27%
03/31/1996 1998.16 0 10 132.768 15.21 2,019.40 1.06%
04/30/1996 2019.4 0 10 132.768 15.37 2,040.64 1.05%
05/31/1996 2040.64 0 10 132.768 15.49 2,056.58 0.78%
06/30/1996 2056.58 0 10 132.768 15.63 2,075.16 0.90%
07/31/1996 2075.16 0 10 132.768 15.37 2,040.64 -1.66%
08/31/1996 2040.64 0 10 132.768 15.40 2,044.63 0.20%
09/30/1996 2044.63 0 10 132.768 15.96 2,118.98 3.64%
10/31/1996 2118.98 0 10 132.768 16.37 2,173.41 2.57%
11/30/1996 2173.41 0 10 132.768 17.18 2,280.95 4.95%
12/31/1996 2280.95 0 10 132.768 16.93 2,247.76 -1.46%
01/02/1997 2247.76 0 10 132.768 16.88 2,241.12 -0.30%
01/31/1997 2241.12 0 10 132.768 17.44 2,315.47 3.32%
02/28/1997 2315.47 2.07 15.43 150.579 15.51 2,335.48 0.86%
03/31/1997 2335.48 0 10 150.579 14.92 2,246.64 -3.80%
04/30/1997 2246.64 0 10 150.579 15.43 2,323.43 3.42%
05/31/1997 2323.43 0 10 150.579 16.17 2,434.86 4.80%
06/30/1997 2434.86 0 10 150.579 16.60 2,499.61 2.66%
07/31/1997 2499.61 0 10 150.579 17.56 2,644.17 5.78%
08/31/1997 2644.17 0 10 150.579 17.08 2,571.89 -2.73%
09/30/1997 2571.89 0 10 150.579 17.63 2,654.71 3.22%
10/31/1997 2654.71 0 10 150.579 17.34 2,611.04 -1.65%
11/30/1997 2611.04 0 10 150.579 17.74 2,671.27 2.31%
12/31/1997 2671.27 0 10 150.579 18.01 2,711.93 1.52%
01/31/1998 2711.93 0 10 150.579 18.07 2,720.96 0.33%
02/28/1998 2720.96 2.28 16.17 171.811 16.55 2,843.47 4.50%
03/31/1998 2843.47 0 10 171.811 17.03 2,925.94 2.90%
04/30/1998 2925.94 0 10 171.811 17.01 2,922.51 -0.12%
05/31/1998 2922.51 0 10 171.811 16.92 2,907.04 -0.53%
06/30/1998 2907.04 0 10 171.811 17.25 2,963.74 1.95%
07/31/1998 2963.74 0 10 171.811 17.14 2,944.84 -0.64%
08/31/1998 2944.84 0 10 171.811 15.58 2,676.82 -9.10%
09/30/1998 2676.82 0 10 171.811 16.10 2,766.16 3.34%
10/31/1998 2766.16 0 10 171.811 16.80 2,886.42 4.35%
11/30/1998 2886.42 0 10 171.811 17.44 2,996.38 3.81%
12/31/1998 2996.38 0 10 171.811 18.16 3,120.09 4.13%
1.76616
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
09/06/1989 1,000.00 0.493989
09/30/1989 0.00092 0.920547945 998.08 0.00 0.49304
10/31/1989 0.00119 1.186757485 998.89 (0.00) 0.493441
11/30/1989 0.00115 1.149408651 1,001.73 (0.00) 0.494845
12/31/1989 0.00119 1.191101722 1,003.63 (0.00) 0.495783
01/31/1990 0.00119 1.193359498 980.29 (0.00) 0.484251
02/28/1990 0.00107 1.052801482 989.29 (0.00) 0.488697
03/31/1990 0.00119 1.176303189 996.15 (0.00) 0.492086
04/30/1990 0.00115 1.146251043 981.96 (0.00) 0.48508
05/31/1990 0.00119 1.167595454 1,030.89 (0.00) 0.509249
06/30/1990 0.00115 1.186229532 1,037.71 (0.00) 0.512619
07/31/1990 0.00119 1.233881754 1,034.48 (0.00) 0.511023
08/31/1990 0.00119 1.230039847 999.30 (0.00) 0.493644
09/30/1990 0.00115 1.149878026 977.21 (0.00) 0.482732
10/31/1990 0.00119 1.161941813 981.02 (0.00) 0.484616
11/30/1990 0.00115 1.128847568 1,027.66 (0.00) 0.507653
12/31/1990 0.00119 1.221926393 1,056.26 (0.00) 0.521781
01/31/1991 0.00119 1.255932958 1,105.54 (0.00) 0.546128
02/28/1991 0.00107 1.187323442 1,147.62 (0.00) 0.566915
03/31/1991 0.00119 1.364571547 1,164.78 (0.00) 0.575392
04/30/1991 0.00115 1.340299798 1,180.92 (0.00) 0.583363
05/31/1991 0.00119 1.404162785 1,206.22 (0.00) 0.59586
06/30/1991 0.00115 1.387977864 1,183.29 (0.00) 0.584536
07/31/1991 0.00119 1.406985665 1,211.60 (0.00) 0.598518
08/31/1991 0.00119 1.440641551 1,234.71 (0.00) 0.609936
09/30/1991 0.00115 1.420765875 1,240.45 (0.00) 0.612771
10/31/1991 0.00119 1.474949207 1,247.14 (0.00) 0.616075
11/30/1991 0.00115 1.435065652 1,225.31 (0.00) 0.605293
12/31/1991 0.00119 1.456947589 1,276.82 (0.00) 0.630736
01/31/1992 0.00119 1.518188885 1,291.58 (0.00) 0.638027
02/29/1992 0.00111 1.436659074 1,315.23 (0.00) 0.649711
03/31/1992 0.00119 1.563863444 1,310.46 (0.00) 0.647354
04/30/1992 0.00115 1.507925707 1,328.16 (0.00) 0.6561
05/31/1992 0.00119 1.579242453 1,340.44 (0.00) 0.662162
06/30/1992 0.00115 1.542420669 1,337.84 (0.00) 0.660877
07/31/1992 0.00119 1.59074142 1,358.57 (0.00) 0.671122
08/31/1992 0.00119 1.615401389 1,352.71 (0.00) 0.668227
09/30/1992 0.00115 1.556547458 1,359.64 (0.00) 0.671648
10/31/1992 0.00119 1.616666005 1,360.14 (0.00) 0.671896
11/30/1992 0.00115 1.565092207 1,388.22 (0.01) 0.685767
12/31/1992 0.00119 1.650648421 1,406.66 (0.01) 0.694875
01/31/1993 0.00119 1.672570608 1,430.33 (0.01) 0.706569
02/28/1993 0.00107 1.536132438 1,442.20 (0.01) 0.712435
03/31/1993 0.00119 1.714838031 1,481.32 (0.01) 0.731757
04/30/1993 0.00115 1.704529071 1,488.44 (0.01) 0.735273
05/31/1993 0.00119 1.769810423 1,511.98 (0.01) 0.746905
06/30/1993 0.00115 1.739813836 1,522.34 (0.01) 0.752021
07/31/1993 0.00119 1.810122917 1,539.20 (0.01) 0.760352
08/31/1993 0.00119 1.830176068 1,582.35 (0.00) 0.781667
09/30/1993 0.00115 1.82078975 1,581.63 (0.00) 0.78131
10/31/1993 0.00119 1.880622895 1,622.43 (0.00) 0.801466
11/30/1993 0.00115 1.866908783 1,618.38 (0.01) 0.799462
12/31/1993 0.00119 1.924314969 1,681.98 (0.00) 0.830881
01/31/1994 0.00119 1.999941768 1,733.42 (0.01) 0.856294
02/28/1994 0.00107 1.861647873 1,676.51 (0.01) 0.828182
03/31/1994 0.00119 1.993443371 1,595.72 (0.01) 0.788271
04/30/1994 0.00115 1.836171204 1,595.02 (0.01) 0.787925
05/31/1994 0.00119 1.896544026 1,606.79 (0.01) 0.79374
06/30/1994 0.00115 1.848911605 1,574.22 (0.00) 0.777649
07/31/1994 0.00119 1.871811779 1,599.63 (0.00) 0.790202
08/31/1994 0.00119 1.902026896 1,635.19 (0.00) 0.807768
09/30/1994 0.00115 1.881589862 1,614.03 (0.00) 0.797315
10/31/1994 0.00119 1.919149187 1,620.04 (0.00) 0.800285
11/30/1994 0.00115 1.864159752 1,594.40 (0.00) 0.787619
12/31/1994 0.00119 1.895810742 1,557.45 (0.00) 0.769365
01/31/1995 0.00119 1.851873851 1,545.44 (0.00) 0.763431
02/28/1995 0.00107 1.659759506 1,568.82 (0.00) 0.774979
03/31/1995 0.00119 1.865386678 1,587.67 (0.00) 0.784293
04/30/1995 0.00115 1.826908193 1,611.14 (0.00) 0.795886
05/31/1995 0.00119 1.915709998 1,629.89 (0.00) 0.805151
06/30/1995 0.00115 1.875495321 1,641.78 (0.00) 0.811021
07/31/1995 0.00119 1.952141695 1,698.26 (0.00) 0.838921
08/31/1995 0.00119 2.019298193 1,716.84 (0.00) 0.8481
09/30/1995 0.00115 1.975540481 1,736.58 (0.00) 0.857852
10/31/1995 0.00119 2.064865506 1,711.68 (0.00) 0.845553
11/30/1995 0.00115 1.969608118 1,754.18 (0.00) 0.866548
12/31/1995 0.00119 2.085797894 1,796.52 0.00 0.887461
01/31/1996 0.00119 2.136136608 1,833.08 (0.00) 0.905519
02/29/1996 0.00111 2.038982136 1,826.10 (0.00) 0.902071
03/31/1996 0.00119 2.171302693 1,843.34 0.00 0.910587
04/30/1996 0.00115 2.121098122 1,860.60 (0.00) 0.919117
05/31/1996 0.00119 2.212332634 1,872.92 (0.00) 0.925204
06/30/1996 0.00115 2.15514505 1,887.69 (0.00) 0.932498
07/31/1996 0.00119 2.244540156 1,854.04 (0.00) 0.915877
08/31/1996 0.00119 2.20453369 1,855.46 (0.00) 0.916579
09/30/1996 0.00115 2.135054385 1,920.80 (0.00) 0.948854
10/31/1996 0.00119 2.283910287 1,967.86 (0.00) 0.972099
11/30/1996 0.00115 2.264381777 2,062.96 (0.00) 1.01908
12/31/1996 0.00119 2.452944705 2,030.49 (0.00) 1.00304
01/02/1997 0.00008 0.155763572 2,024.34 (0.00) 1
01/31/1997 0.00111 2.251726595 2,089.24 0.05
02/28/1997 0.00107 2.243788509 2,105.05 0.05
03/31/1997 0.00119 2.502994559 2,022.48 (0.06)
04/30/1997 0.00115 2.327231865 2,089.28 (0.01)
05/31/1997 0.00119 2.484235198 2,186.99 0.00
06/30/1997 0.00115 2.516538813 2,242.63 0.13
07/31/1997 0.00119 2.666583985 2,369.67 272.09
08/31/1997 0.00119 2.817629917 2,302.07 (0.01)
09/30/1997 0.00115 2.648959361 2,373.55 0.23
10/31/1997 0.00119 2.822253465 2,331.69 0.16
11/30/1997 0.00115 2.683037031 2,382.79 0.01
12/31/1997 0.00119 2.833235171 2,416.23 0.22
01/31/1998 0.00119 2.872991646 2,421.40 0.10
02/28/1998 0.00107 2.600515204 2,527.82 0.20
03/31/1998 0.00119 3.005681779 2,598.13 0.37
04/30/1998 0.00115 2.989628299 2,592.09 0.36
05/31/1998 0.00119 3.082106303 2,575.29 0.12
06/30/1998 0.00115 2.963348464 2,622.56 0.35
07/31/1998 0.00119 3.118328073 2,602.71 0.31
08/31/1998 0.00119 3.094734432 2,362.74 (0.00)
09/30/1998 0.00115 2.718766702 2,438.88 0.05
10/31/1998 0.00119 2.899924189 2,542.01 0.06
11/30/1998 0.00115 2.925049854 2,635.92 0.24
12/31/1998 0.00119 3.134219528 2,741.62 0.36
1.4388763 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
ASSET MANAGER GROWTH Surrender
FUND 127 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.696180 -----------------------------
Units purchased 1,436.410 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.696180 1,436.410 1,000.00 1,000.00 2,066.79 4.00%
01/31/1995 0.696905 1,436.410 1,001.04 0.00002 0.018334245 1,001.04 2,066.79 4.00%
02/28/1995 0.706669 1,436.410 1,015.07 0.00002 0.018353338 1,015.07 2,066.79 4.00%
03/31/1995 0.715647 1,436.410 1,027.96 0.00002 0.020604458 1,027.96 2,066.79 4.00%
04/30/1995 0.733653 1,436.410 1,053.83 0.00002 0.020193127 1,053.83 2,066.79 4.00%
05/31/1995 0.743276 1,436.410 1,067.65 0.00002 0.021391234 1,067.65 2,066.79 4.00%
06/30/1995 0.772299 1,436.410 1,109.34 0.00002 0.020972723 1,109.34 2,066.79 4.00%
07/31/1995 0.799852 1,436.410 1,148.92 0.00002 0.022518042 1,148.92 2,066.79 4.00%
08/31/1995 0.834951 1,436.410 1,199.33 0.00002 0.023321409 1,199.33 2,066.79 4.00%
09/30/1995 0.846524 1,436.410 1,215.96 0.00002 0.02355948 1,215.96 2,066.79 4.00%
10/31/1995 0.813199 1,436.410 1,168.09 0.00002 0.024682232 1,168.09 2,066.79 4.00%
11/30/1995 0.826836 1,436.410 1,187.68 0.00002 0.022945712 1,187.68 2,066.79 4.00%
12/31/1995 0.846075 1,436.410 1,215.31 0.00002 0.024108186 1,215.31 2,066.79 4.00%
01/31/1996 0.865307 1,436.410 1,242.94 0.00002 0.02466914 1,242.94 2,066.79 6.00%
02/29/1996 0.867450 1,436.410 1,246.01 0.00002 0.023602156 1,246.01 2,066.79 6.00%
03/31/1996 0.882137 1,436.410 1,267.11 0.00002 0.025292374 1,267.11 2,066.79 6.00%
04/30/1996 0.902026 1,436.410 1,295.68 0.00002 0.024890909 1,295.68 2,066.79 6.00%
05/31/1996 0.915165 1,436.410 1,314.55 0.00002 0.026300512 1,314.55 2,066.79 6.00%
06/30/1996 0.917926 1,436.410 1,318.52 0.00002 0.025822846 1,318.52 2,066.79 6.00%
07/31/1996 0.894005 1,436.410 1,284.16 0.00002 0.026764111 1,284.16 2,066.79 6.00%
08/31/1996 0.899706 1,436.410 1,292.35 0.00002 0.026066643 1,292.35 2,066.79 6.00%
09/30/1996 0.935716 1,436.410 1,344.07 0.00002 0.025386646 1,344.07 2,066.79 6.00%
10/31/1996 0.962033 1,436.410 1,381.87 0.00002 0.027282817 1,381.87 2,066.79 6.00%
11/30/1996 1.023702 1,436.410 1,470.46 0.00002 0.027145302 1,470.46 2,066.79 6.00%
12/31/1996 1.003132 1,436.410 1,440.91 0.00002 0.029848238 1,440.91 2,066.79 6.00%
01/02/1997 1.000000 1,436.410 1,436.41 0.00000 0.001886998 1,436.41 2,066.79 6.00%
01/31/1997 1.044907 1,436.410 1,500.91 0.00002 0.027361477 1,500.91 2,066.79 6.00%
02/28/1997 1.053861 1,436.410 1,513.78 0.00002 0.027518143 1,513.78 2,066.79 6.00%
03/31/1997 1.003054 1,436.410 1,440.80 0.00002 0.030727589 1,440.80 2,066.79 6.00%
04/30/1997 1.044037 1,436.410 1,499.67 0.00002 0.028302775 1,499.67 2,066.79 6.00%
05/31/1997 1.106302 1,436.410 1,589.10 0.00002 0.030441149 1,589.10 2,066.79 6.00%
06/30/1997 1.137908 1,436.410 1,634.50 0.00002 0.031216083 1,634.50 2,066.79 6.00%
07/31/1997 1.213607 1,436.410 1,743.24 0.00002 0.03317816 1,743.24 2,066.79 6.00%
08/31/1997 1.174377 1,436.410 1,686.89 0.00002 0.035385328 1,686.89 2,066.79 6.00%
09/30/1997 1.216411 1,436.410 1,747.26 0.00002 0.033136928 1,747.26 2,066.79 6.00%
10/31/1997 1.186283 1,436.410 1,703.99 0.00002 0.035467084 1,703.99 2,066.79 6.00%
11/30/1997 1.219276 1,436.410 1,751.38 0.00002 0.033472875 1,751.38 2,066.79 6.00%
12/31/1997 1.239118 1,436.410 1,779.88 0.00002 0.03555062 1,779.88 2,066.79 6.00%
01/31/1998 1.237854 1,436.410 1,778.07 0.00002 0.036129156 1,778.07 2,066.79 6.00%
02/28/1998 1.312238 1,436.410 1,884.91 0.00002 0.032599498 1,884.91 2,066.79 6.00%
03/31/1998 1.359422 1,436.410 1,952.69 0.00002 0.038261127 1,952.69 2,066.79 6.00%
04/30/1998 1.353775 1,436.410 1,944.58 0.00002 0.038358269 1,944.58 2,066.79 6.00%
05/31/1998 1.338821 1,436.410 1,923.10 0.00002 0.039472228 1,923.10 2,066.79 6.00%
06/30/1998 1.368821 1,436.410 1,966.19 0.00002 0.037776979 1,966.19 2,066.79 6.00%
07/31/1998 1.355489 1,436.410 1,947.04 0.00002 0.039910926 1,947.04 2,066.79 6.00%
08/31/1998 1.183520 1,436.410 1,700.02 0.00002 0.039522203 1,700.02 2,066.79 6.00%
09/30/1998 1.226391 1,436.410 1,761.60 0.00002 0.033394913 1,761.60 2,066.79 6.00%
10/31/1998 1.303036 1,436.410 1,871.69 0.00002 0.035758073 1,871.69 2,066.79 6.00%
11/30/1998 1.366790 1,436.410 1,963.27 0.00002 0.036767248 1,963.27 2,066.79 6.00%
12/31/1998 1.438856 1,436.410 2,066.79 0.00002 0.039851708 2,066.79 2,066.79 6.00%
12/31/1998 2,066.79
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,059.86 3.9945 19.83% 19.93% 2,059.86 2,066.79 4
01/31/1995 40.00% 2,059.81 3.9178 20.22% 20.33% 2,057.67 2,064.64 4
02/28/1995 40.00% 2,059.25 3.8411 20.22% 20.34% 2,028.69 2,036.11 4
03/31/1995 40.00% 2,058.74 3.7562 20.31% 20.43% 2,002.74 2,010.57 4
04/30/1995 40.00% 2,057.70 3.6740 19.98% 20.12% 1,952.60 1,961.22 4
05/31/1995 40.00% 2,057.15 3.5890 20.05% 20.21% 1,926.80 1,935.83 4
06/30/1995 40.00% 2,055.48 3.5068 19.23% 19.42% 1,852.89 1,863.08 4
07/31/1995 40.00% 2,053.90 3.4219 18.50% 18.72% 1,787.69 1,798.90 4
08/31/1995 40.00% 2,051.88 3.3370 17.46% 17.71% 1,710.85 1,723.28 4
09/30/1995 40.00% 2,051.22 3.2548 17.43% 17.70% 1,686.92 1,699.72 4
10/31/1995 40.00% 2,053.13 3.1699 19.47% 19.72% 1,757.69 1,769.38 4
11/30/1995 40.00% 2,052.35 3.0877 19.38% 19.65% 1,728.04 1,740.20 4
12/31/1995 40.00% 2,051.24 3.0027 19.04% 19.34% 1,687.83 1,700.62 4
01/31/1996 30.00% 2,029.41 2.9178 18.30% 19.04% 1,632.76 1,662.83 3
02/29/1996 30.00% 2,029.23 2.8384 18.75% 19.52% 1,628.58 1,658.72 3
03/31/1996 30.00% 2,027.96 2.7534 18.63% 19.45% 1,600.46 1,631.10 3
04/30/1996 30.00% 2,026.25 2.6712 18.22% 19.10% 1,563.85 1,595.14 3
05/31/1996 30.00% 2,025.12 2.5863 18.19% 19.12% 1,540.54 1,572.24 3
06/30/1996 30.00% 2,024.88 2.5041 18.69% 19.66% 1,535.72 1,567.51 3
07/31/1996 30.00% 2,026.94 2.4192 20.76% 21.74% 1,578.42 1,609.45 3
08/31/1996 30.00% 2,026.45 2.3342 21.25% 22.28% 1,568.04 1,599.25 3
09/30/1996 30.00% 2,023.35 2.2521 19.92% 21.05% 1,505.38 1,537.71 3
10/31/1996 30.00% 2,021.08 2.1671 19.18% 20.41% 1,462.56 1,495.64 3
11/30/1996 30.00% 2,015.76 2.0849 16.33% 17.74% 1,370.84 1,405.54 3
12/31/1996 30.00% 2,017.53 2.0000 18.33% 19.76% 1,400.18 1,434.36 3
01/02/1997 20.00% 2,005.40 1.9945 18.21% 20.01% 1,396.12 1,438.86 2
01/31/1997 20.00% 2,001.53 1.9151 16.22% 18.18% 1,333.54 1,377.02 2
02/28/1997 20.00% 2,000.76 1.8384 16.38% 18.46% 1,321.70 1,365.32 2
03/31/1997 20.00% 2,005.14 1.7534 20.74% 22.85% 1,391.69 1,434.48 2
04/30/1997 20.00% 2,001.61 1.6712 18.86% 21.16% 1,334.70 1,378.17 2
05/31/1997 20.00% 1,996.24 1.5863 15.46% 18.02% 1,256.21 1,300.60 2
06/30/1997 20.00% 1,993.52 1.5041 14.11% 16.88% 1,219.65 1,264.47 2
07/31/1997 20.00% 1,986.99 1.4192 9.66% 12.75% 1,139.83 1,185.60 2
08/31/1997 20.00% 1,990.38 1.3342 13.20% 16.44% 1,179.91 1,225.21 2
09/30/1997 20.00% 1,986.75 1.2521 10.80% 14.35% 1,137.06 1,182.87 2
10/31/1997 20.00% 1,989.35 1.1671 14.19% 17.98% 1,167.47 1,212.91 2
11/30/1997 20.00% 1,986.51 1.0849 12.31% 16.49% 1,134.25 1,180.09 2
12/31/1997 20.00% 1,984.80 1.0000 11.51% 16.12% 1,115.13 1,161.19 2
01/31/1998 10.00% 1,972.50 0.9151 10.94% 16.24% 1,099.62 1,147.62 1
02/28/1998 10.00% 1,966.09 0.8384 4.31% 9.65% 1,035.99 1,080.29 1
03/31/1998 10.00% 1,962.03 0.7534 0.48% 5.84% 1,003.60 1,043.71 1
04/30/1998 10.00% 1,962.51 0.6712 0.92% 6.28% 1,006.18 1,041.76 1
05/31/1998 10.00% 1,963.80 0.5863 2.12% 7.47% 1,012.36 1,043.15 1
06/30/1998 10.00% 1,961.22 0.5041 -0.25% 5.12% 998.72 1,025.47 1
07/31/1998 10.00% 1,962.37 0.4192 0.79% 6.15% 1,003.29 1,025.34 1
08/31/1998 10.00% 1,977.19 0.3342 16.30% 21.57% 1,051.77 1,067.47 1
09/30/1998 10.00% 1,973.49 0.2521 12.03% 17.32% 1,029.05 1,041.10 1
10/31/1998 10.00% 1,966.89 0.1671 5.09% 10.42% 1,008.32 1,016.71 1
11/30/1998 10.00% 1,961.39 0.0849 -0.10% 5.27% 999.92 1,004.37 1
12/31/1998 10.00% 1,955.18 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
ASSET MANAGER GROWTH Surrender
FUND 127 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.696180 -----------------------------
Units purchased 1,436.410 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,963.27 1,961.39 2,066.79 -0.10% 5.27%
09/30/1998 0.25 0.25 3 mths 1,761.60 1,973.49 2,066.79 12.03% 17.32%
12/31/1997 1.00 1.00 YTD 1,779.88 1,984.80 2,066.79 11.51% 16.12%
12/31/1997 1.00 1.00 1 Year 1,779.88 1,984.80 2,066.79 11.51% 16.12%
12/31/1996 2.00 2.00 2 Year 1,440.91 2,017.53 2,066.79 18.33% 19.76%
12/31/1995 3.00 3.00 3 Year 1,215.31 2,051.24 2,066.79 19.04% 19.34%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 2,059.86 2,066.79 19.83% 19.93%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,436.41 2,005.40 2,066.79 18.21% 20.01%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,215.31 #N/A
12/31/1996 1 1,440.91 18.56%
12/31/1997 1 1,779.88 23.52%
12/31/1998 1 2,066.79 16.12%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
ASSET MANAGER GROWTH SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10 1,000.00
01/31/1995 1000 0 10 100 10.02 1,002.00 0.20%
02/28/1995 1002 0 10 100 10.17 1,017.00 1.50%
03/31/1995 1017 0 10 100 10.31 1,031.00 1.38%
04/30/1995 1031 0 10 100 10.58 1,058.00 2.62%
05/31/1995 1058 0 10 100 10.73 1,073.00 1.42%
06/30/1995 1073 0 10 100 11.16 1,116.00 4.01%
07/31/1995 1116 0 10 100 11.57 1,157.00 3.67%
08/31/1995 1157 0 10 100 12.09 1,209.00 4.49%
09/30/1995 1209 0 10 100 12.27 1,227.00 1.49%
10/31/1995 1227 0 10 100 11.80 1,180.00 -3.83%
11/30/1995 1180 0 10 100 12.01 1,201.00 1.78%
12/31/1995 1201 0.53 11.72 104.522 11.77 1,230.22 2.43%
01/31/1996 1230.22 0 10 104.522 12.05 1,259.49 2.38%
02/29/1996 1259.49 0.42 11.62 108.3 11.67 1,263.86 0.35%
03/31/1996 1263.86 0 10 108.3 11.88 1,286.60 1.80%
04/30/1996 1286.6 0 10 108.3 12.16 1,316.93 2.36%
05/31/1996 1316.93 0 10 108.3 12.35 1,337.51 1.56%
06/30/1996 1337.51 0 10 108.3 12.40 1,342.92 0.40%
07/31/1996 1342.92 0 10 108.3 12.09 1,309.35 -2.50%
08/31/1996 1309.35 0 10 108.3 12.18 1,319.09 0.74%
09/30/1996 1319.09 0 10 108.3 12.68 1,373.24 4.11%
10/31/1996 1373.24 0 10 108.3 13.05 1,413.32 2.92%
11/30/1996 1413.32 0 10 108.3 13.90 1,505.37 6.51%
12/31/1996 1505.37 0.54 13.21 112.727 13.10 1,476.72 -1.90%
01/02/1997 1476.72 0 10 112.727 13.06 1,472.21 -0.31%
01/31/1997 1472.21 0 10 112.727 13.66 1,539.85 4.59%
02/28/1997 1539.85 0.02 13.67 112.892 13.77 1,554.52 0.95%
03/31/1997 1554.52 0 10 112.892 13.12 1,481.14 -4.72%
04/30/1997 1481.14 0 10 112.892 13.67 1,543.23 4.19%
05/31/1997 1543.23 0 10 112.892 14.50 1,636.93 6.07%
06/30/1997 1636.93 0 10 112.892 14.93 1,685.48 2.97%
07/31/1997 1685.48 0 10 112.892 15.94 1,799.50 6.76%
08/31/1997 1799.5 0 10 112.892 15.44 1,743.05 -3.14%
09/30/1997 1743.05 0 10 112.892 16.01 1,807.40 3.69%
10/31/1997 1807.4 0 10 112.892 15.63 1,764.50 -2.37%
11/30/1997 1764.5 0 10 112.892 16.08 1,815.30 2.88%
12/31/1997 1815.3 0 10 112.892 16.36 1,846.91 1.74%
01/31/1998 1846.91 0 10 112.892 16.36 1,846.91 0.00%
02/28/1998 1846.91 1.93 14.91 127.505 15.37 1,959.75 6.11%
03/31/1998 1959.75 0 10 127.505 15.94 2,032.43 3.71%
04/30/1998 2032.43 0 10 127.505 15.89 2,026.05 -0.31%
05/31/1998 2026.05 0 10 127.505 15.73 2,005.65 -1.01%
06/30/1998 2005.65 0 10 127.505 16.10 2,052.83 2.35%
07/31/1998 2052.83 0 10 127.505 15.96 2,034.98 -0.87%
08/31/1998 2034.98 0 10 127.505 13.95 1,778.69 -12.59%
09/30/1998 1778.69 0 10 127.505 14.47 1,845.00 3.73%
10/31/1998 1845 0 10 127.505 15.39 1,962.30 6.36%
11/30/1998 1962.3 0 10 127.505 16.16 2,060.48 5.00%
12/31/1998 2060.48 0 10 127.505 17.03 2,171.41 5.38%
0.845
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.69618
01/31/1995 0.00096 0.95890411 1,001.04 (0.00) 0.696905
02/28/1995 0.00096 0.959902421 1,015.07 0.00 0.706669
03/31/1995 0.00106 1.077639452 1,027.96 0.00 0.715647
04/30/1995 0.00103 1.056125946 1,053.83 0.00 0.733653
05/31/1995 0.00106 1.11878885 1,067.65 (0.00) 0.743276
06/30/1995 0.00103 1.09689962 1,109.34 (0.00) 0.772299
07/31/1995 0.00106 1.17772145 1,148.92 (0.00) 0.799852
08/31/1995 0.00106 1.219738673 1,199.33 0.00 0.834951
09/30/1995 0.00103 1.232190446 1,215.96 0.00 0.846524
10/31/1995 0.00106 1.29091209 1,168.09 0.00 0.813199
11/30/1995 0.00103 1.200090445 1,187.68 0.00 0.826836
12/31/1995 0.00106 1.260888852 1,215.31 0.00 0.846075
01/31/1996 0.00106 1.290227316 1,242.94 0.00 0.865307
02/29/1996 0.00099 1.234422679 1,246.01 0.00 0.86745
03/31/1996 0.00106 1.322823166 1,267.11 (0.00) 0.882137
04/30/1996 0.00103 1.30182551 1,295.68 (0.00) 0.902026
05/31/1996 0.00106 1.375549506 1,314.55 (0.00) 0.915165
06/30/1996 0.00103 1.350566346 1,318.52 (0.00) 0.917926
07/31/1996 0.00106 1.399796308 1,284.16 0.00 0.894005
08/31/1996 0.00106 1.363318442 1,292.35 0.00 0.899706
09/30/1996 0.00103 1.327754075 1,344.07 (0.00) 0.935716
10/31/1996 0.00106 1.426925467 1,381.87 (0.00) 0.962033
11/30/1996 0.00103 1.419733034 1,470.46 (0.00) 1.023702
12/31/1996 0.00106 1.561100157 1,440.91 0.00 1.003132
01/02/1997 0.00007 0.098692398 1,436.41 (0.00) 1
01/31/1997 0.00099 1.426571271 1,500.98 0.06
02/28/1997 0.00096 1.439294255 1,513.84 0.06
03/31/1997 0.00106 1.607157496 1,440.77 (0.02)
04/30/1997 0.00103 1.48024505 1,499.69 0.02
05/31/1997 0.00106 1.592135958 1,589.15 0.05
06/30/1997 0.00103 1.632692023 1,634.65 0.15
07/31/1997 0.00106 1.735420201 1,743.50 0.26
08/31/1997 0.00106 1.850976177 1,686.96 0.07
09/30/1997 0.00103 1.73317384 1,747.50 0.24
10/31/1997 0.00106 1.855224526 1,704.17 0.18
11/30/1997 0.00103 1.750857858 1,751.48 0.10
12/31/1997 0.00106 1.859448483 1,780.12 0.24
01/31/1998 0.00106 1.889853173 1,778.23 0.16
02/28/1998 0.00096 1.705151968 1,885.17 0.26
03/31/1998 0.00106 2.00137766 1,953.08 0.39
04/30/1998 0.00103 2.006590383 1,944.94 0.37
05/31/1998 0.00106 2.064837595 1,923.30 0.20
06/30/1998 0.00103 1.975988638 1,966.56 0.37
07/31/1998 0.00106 2.087788798 1,947.37 0.34
08/31/1998 0.00106 2.067418332 1,700.05 0.03
09/30/1998 0.00103 1.746627206 1,761.68 0.08
10/31/1998 0.00106 1.870278998 1,871.81 0.12
11/30/1998 0.00103 1.923097352 1,963.54 0.27
12/31/1998 0.00106 2.084584807 2,067.17 0.38
0.7616822 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENCHANCED DEATH BENEFIT -----------------------------
ASSET MANAGER GROWTH Surrender
FUND 187 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.698241 -----------------------------
Units purchased 1,432.170 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.698241 1,432.170 1,000.00 1,000.00 2,054.64 4.00%
01/31/1995 0.698888 1,432.170 1,000.93 0.00002 0.018334243 1,000.93 2,054.64 4.00%
02/28/1995 0.708600 1,432.170 1,014.84 0.00002 0.018351232 1,014.84 2,054.64 4.00%
03/31/1995 0.717512 1,432.170 1,027.60 0.00002 0.020599774 1,027.60 2,054.64 4.00%
04/30/1995 0.735477 1,432.170 1,053.33 0.00002 0.020185989 1,053.33 2,054.64 4.00%
05/31/1995 0.745030 1,432.170 1,067.01 0.00002 0.021381117 1,067.01 2,054.64 4.00%
06/30/1995 0.774029 1,432.170 1,108.54 0.00002 0.020960161 1,108.54 2,054.64 4.00%
07/31/1995 0.801545 1,432.170 1,147.95 0.00002 0.022501866 1,147.95 2,054.64 4.00%
08/31/1995 0.836616 1,432.170 1,198.18 0.00002 0.023301786 1,198.18 2,054.64 4.00%
09/30/1995 0.848109 1,432.170 1,214.64 0.00002 0.023536779 1,214.64 2,054.64 4.00%
10/31/1995 0.814614 1,432.170 1,166.67 0.00002 0.024655452 1,166.67 2,054.64 4.00%
11/30/1995 0.828174 1,432.170 1,186.09 0.00002 0.02291779 1,186.09 2,054.64 4.00%
12/31/1995 0.847339 1,432.170 1,213.53 0.00002 0.02407592 1,213.53 2,054.64 4.00%
01/31/1996 0.866492 1,432.170 1,240.96 0.00002 0.024633068 1,240.96 2,054.64 6.00%
02/29/1996 0.868535 1,432.170 1,243.89 0.00002 0.023564714 1,243.89 2,054.64 6.00%
03/31/1996 0.883129 1,432.170 1,264.79 0.00002 0.025249258 1,264.79 2,054.64 6.00%
04/30/1996 0.902931 1,432.170 1,293.15 0.00002 0.024845344 1,293.15 2,054.64 6.00%
05/31/1996 0.915968 1,432.170 1,311.82 0.00002 0.026249188 1,311.82 2,054.64 6.00%
06/30/1996 0.918619 1,432.170 1,315.62 0.00002 0.025769214 1,315.62 2,054.64 6.00%
07/31/1996 0.894563 1,432.170 1,281.17 0.00002 0.026705255 1,281.17 2,054.64 6.00%
08/31/1996 0.900154 1,432.170 1,289.17 0.00002 0.026005921 1,289.17 2,054.64 6.00%
09/30/1996 0.936070 1,432.170 1,340.61 0.00002 0.025324313 1,340.61 2,054.64 6.00%
10/31/1996 0.962278 1,432.170 1,378.15 0.00002 0.027212574 1,378.15 2,054.64 6.00%
11/30/1996 1.023844 1,432.170 1,466.32 0.00002 0.027072067 1,466.32 2,054.64 6.00%
12/31/1996 1.003141 1,432.170 1,436.67 0.00002 0.02976426 1,436.67 2,054.64 6.00%
01/02/1997 1.000000 1,432.170 1,432.17 0.00000 0.001881445 1,432.17 2,054.64 6.00%
01/31/1997 1.044788 1,432.170 1,496.31 0.00002 0.027280956 1,496.31 2,054.64 6.00%
02/28/1997 1.053620 1,432.170 1,508.96 0.00002 0.02743379 1,508.96 2,054.64 6.00%
03/31/1997 1.002697 1,432.170 1,436.03 0.00002 0.030629881 1,436.03 2,054.64 6.00%
04/30/1997 1.043540 1,432.170 1,494.53 0.00002 0.028209188 1,494.53 2,054.64 6.00%
05/31/1997 1.105640 1,432.170 1,583.46 0.00002 0.030336844 1,583.46 2,054.64 6.00%
06/30/1997 1.137084 1,432.170 1,628.50 0.00002 0.031105315 1,628.50 2,054.64 6.00%
07/31/1997 1.212575 1,432.170 1,736.61 0.00002 0.03305627 1,736.61 2,054.64 6.00%
08/31/1997 1.173245 1,432.170 1,680.29 0.00002 0.035250876 1,680.29 2,054.64 6.00%
09/30/1997 1.215083 1,432.170 1,740.21 0.00002 0.033007268 1,740.21 2,054.64 6.00%
10/31/1997 1.184836 1,432.170 1,696.89 0.00002 0.035323786 1,696.89 2,054.64 6.00%
11/30/1997 1.217652 1,432.170 1,743.88 0.00002 0.033333361 1,743.88 2,054.64 6.00%
12/31/1997 1.237304 1,432.170 1,772.03 0.00002 0.03539847 1,772.03 2,054.64 6.00%
01/31/1998 1.235894 1,432.170 1,770.01 0.00002 0.035969775 1,770.01 2,054.64 6.00%
02/28/1998 1.310011 1,432.170 1,876.16 0.00002 0.032451805 1,876.16 2,054.64 6.00%
03/31/1998 1.356942 1,432.170 1,943.37 0.00002 0.038083447 1,943.37 2,054.64 6.00%
04/30/1998 1.351140 1,432.170 1,935.06 0.00002 0.038175273 1,935.06 2,054.64 6.00%
05/31/1998 1.336057 1,432.170 1,913.46 0.00002 0.039279111 1,913.46 2,054.64 6.00%
06/30/1998 1.365821 1,432.170 1,956.09 0.00002 0.037587709 1,956.09 2,054.64 6.00%
07/31/1998 1.352347 1,432.170 1,936.79 0.00002 0.039705904 1,936.79 2,054.64 6.00%
08/31/1998 1.180626 1,432.170 1,690.86 0.00002 0.0393142 1,690.86 2,054.64 6.00%
09/30/1998 1.223245 1,432.170 1,751.89 0.00002 0.03321492 1,751.89 2,054.64 6.00%
10/31/1998 1.299537 1,432.170 1,861.16 0.00002 0.035561064 1,861.16 2,054.64 6.00%
11/30/1998 1.362950 1,432.170 1,951.98 0.00002 0.03656028 1,951.98 2,054.64 6.00%
12/31/1998 1.434634 1,432.170 2,054.64 0.00002 0.039622441 2,054.64 2,054.64 6.00%
12/31/1998 2,054.64
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,047.51 3.9945 19.65% 19.75% 2,047.51 2,054.64 4
01/31/1995 40.00% 2,047.48 3.9178 20.04% 20.15% 2,045.58 2,052.74 4
02/28/1995 40.00% 2,046.92 3.8411 20.04% 20.16% 2,017.00 2,024.60 4
03/31/1995 40.00% 2,046.41 3.7562 20.13% 20.26% 1,991.45 1,999.46 4
04/30/1995 40.00% 2,045.38 3.6740 19.80% 19.94% 1,941.83 1,950.62 4
05/31/1995 40.00% 2,044.83 3.5890 19.87% 20.03% 1,916.42 1,925.61 4
06/30/1995 40.00% 2,043.17 3.5068 19.05% 19.24% 1,843.12 1,853.46 4
07/31/1995 40.00% 2,041.60 3.4219 18.32% 18.54% 1,778.47 1,789.84 4
08/31/1995 40.00% 2,039.59 3.3370 17.28% 17.54% 1,702.24 1,714.81 4
09/30/1995 40.00% 2,038.93 3.2548 17.25% 17.53% 1,678.63 1,691.57 4
10/31/1995 40.00% 2,040.85 3.1699 19.29% 19.55% 1,749.30 1,761.12 4
11/30/1995 40.00% 2,040.07 3.0877 19.20% 19.48% 1,720.00 1,732.29 4
12/31/1995 40.00% 2,038.97 3.0027 18.86% 19.17% 1,680.19 1,693.11 4
01/31/1996 30.00% 2,017.17 2.9178 18.12% 18.86% 1,625.48 1,655.68 3
02/29/1996 30.00% 2,016.99 2.8384 18.57% 19.34% 1,621.52 1,651.79 3
03/31/1996 30.00% 2,015.74 2.7534 18.44% 19.27% 1,593.73 1,624.49 3
04/30/1996 30.00% 2,014.03 2.6712 18.04% 18.93% 1,557.46 1,588.86 3
05/31/1996 30.00% 2,012.91 2.5863 18.00% 18.94% 1,534.44 1,566.25 3
06/30/1996 30.00% 2,012.69 2.5041 18.51% 19.49% 1,529.84 1,561.73 3
07/31/1996 30.00% 2,014.75 2.4192 20.58% 21.56% 1,572.59 1,603.73 3
08/31/1996 30.00% 2,014.27 2.3342 21.07% 22.10% 1,562.45 1,593.77 3
09/30/1996 30.00% 2,011.19 2.2521 19.73% 20.88% 1,500.20 1,532.61 3
10/31/1996 30.00% 2,008.93 2.1671 18.99% 20.24% 1,457.71 1,490.87 3
11/30/1996 30.00% 2,003.64 2.0849 16.15% 17.56% 1,366.45 1,401.22 3
12/31/1996 30.00% 2,005.42 2.0000 18.15% 19.59% 1,395.88 1,430.14 3
01/02/1997 20.00% 1,993.37 1.9945 18.03% 19.84% 1,391.85 1,434.63 2
01/31/1997 20.00% 1,989.52 1.9151 16.04% 18.01% 1,329.61 1,373.13 2
02/28/1997 20.00% 1,988.76 1.8384 16.20% 18.28% 1,317.96 1,361.62 2
03/31/1997 20.00% 1,993.13 1.7534 20.56% 22.67% 1,387.94 1,430.78 2
04/30/1997 20.00% 1,989.62 1.6712 18.67% 20.98% 1,331.27 1,374.78 2
05/31/1997 20.00% 1,984.29 1.5863 15.29% 17.85% 1,253.13 1,297.56 2
06/30/1997 20.00% 1,981.59 1.5041 13.94% 16.71% 1,216.82 1,261.68 2
07/31/1997 20.00% 1,975.10 1.4192 9.49% 12.58% 1,137.33 1,183.13 2
08/31/1997 20.00% 1,978.48 1.3342 13.03% 16.27% 1,177.46 1,222.79 2
09/30/1997 20.00% 1,974.88 1.2521 10.63% 14.19% 1,134.86 1,180.69 2
10/31/1997 20.00% 1,977.48 1.1671 14.01% 17.81% 1,165.36 1,210.83 2
11/30/1997 20.00% 1,974.66 1.0849 12.14% 16.32% 1,132.34 1,178.20 2
12/31/1997 20.00% 1,972.97 1.0000 11.34% 15.95% 1,113.40 1,159.48 2
01/31/1998 10.00% 1,960.77 0.9151 10.78% 16.08% 1,098.19 1,146.20 1
02/28/1998 10.00% 1,954.40 0.8384 4.17% 9.51% 1,034.85 1,079.17 1
03/31/1998 10.00% 1,950.37 0.7534 0.36% 5.73% 1,002.71 1,042.84 1
04/30/1998 10.00% 1,950.86 0.6712 0.82% 6.18% 1,005.47 1,041.07 1
05/31/1998 10.00% 1,952.16 0.5863 2.02% 7.38% 1,011.81 1,042.62 1
06/30/1998 10.00% 1,949.60 0.5041 -0.33% 5.04% 998.33 1,025.09 1
07/31/1998 10.00% 1,950.76 0.4192 0.72% 6.08% 1,003.02 1,025.07 1
08/31/1998 10.00% 1,965.52 0.3342 16.24% 21.51% 1,051.59 1,067.29 1
09/30/1998 10.00% 1,961.85 0.2521 11.98% 17.28% 1,028.95 1,041.00 1
10/31/1998 10.00% 1,955.30 0.1671 5.06% 10.40% 1,008.28 1,016.66 1
11/30/1998 10.00% 1,949.85 0.0849 -0.11% 5.26% 999.91 1,004.36 1
12/31/1998 10.00% 1,943.69 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENCHANCED DEATH BENEFIT -----------------------------
ASSET MANAGER GROWTH Surrender
FUND 187 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.698241 -----------------------------
Units purchased 1,432.170 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,951.98 1,949.85 2,054.64 -0.11% 5.26%
09/30/1998 0.25 0.25 3 mths 1,751.89 1,961.85 2,054.64 11.98% 17.28%
12/31/1997 1.00 1.00 YTD 1,772.03 1,972.97 2,054.64 11.34% 15.95%
12/31/1997 1.00 1.00 1 Year 1,772.03 1,972.97 2,054.64 11.34% 15.95%
12/31/1996 2.00 2.00 2 Year 1,436.67 2,005.42 2,054.64 18.15% 19.59%
12/31/1995 3.00 3.00 3 Year 1,213.53 2,038.97 2,054.64 18.86% 19.17%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 2,047.51 2,054.64 19.65% 19.75%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,432.17 1,993.37 2,054.64 18.03% 19.84%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,213.53 #N/A
12/31/1996 1 1,436.67 18.39%
12/31/1997 1 1,772.03 23.34%
12/31/1998 1 2,054.64 15.95%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
ASSET MANAGER GROWTH SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10 1,000.00
01/31/1995 1000 0 10 100 10.02 1,002.00 0.20%
02/28/1995 1002 0 10 100 10.17 1,017.00 1.50%
03/31/1995 1017 0 10 100 10.31 1,031.00 1.38%
04/30/1995 1031 0 10 100 10.58 1,058.00 2.62%
05/31/1995 1058 0 10 100 10.73 1,073.00 1.42%
06/30/1995 1073 0 10 100 11.16 1,116.00 4.01%
07/31/1995 1116 0 10 100 11.57 1,157.00 3.67%
08/31/1995 1157 0 10 100 12.09 1,209.00 4.49%
09/30/1995 1209 0 10 100 12.27 1,227.00 1.49%
10/31/1995 1227 0 10 100 11.80 1,180.00 -3.83%
11/30/1995 1180 0 10 100 12.01 1,201.00 1.78%
12/31/1995 1201 0.53 11.72 104.522 11.77 1,230.22 2.43%
01/31/1996 1230.22 0 10 104.522 12.05 1,259.49 2.38%
02/29/1996 1259.49 0.42 11.62 108.3 11.67 1,263.86 0.35%
03/31/1996 1263.86 0 10 108.3 11.88 1,286.60 1.80%
04/30/1996 1286.6 0 10 108.3 12.16 1,316.93 2.36%
05/31/1996 1316.93 0 10 108.3 12.35 1,337.51 1.56%
06/30/1996 1337.51 0 10 108.3 12.40 1,342.92 0.40%
07/31/1996 1342.92 0 10 108.3 12.09 1,309.35 -2.50%
08/31/1996 1309.35 0 10 108.3 12.18 1,319.09 0.74%
09/30/1996 1319.09 0 10 108.3 12.68 1,373.24 4.11%
10/31/1996 1373.24 0 10 108.3 13.05 1,413.32 2.92%
11/30/1996 1413.32 0 10 108.3 13.90 1,505.37 6.51%
12/31/1996 1505.37 0.54 13.21 112.727 13.10 1,476.72 -1.90%
01/02/1997 1476.72 0 10 112.727 13.06 1,472.21 -0.31%
01/31/1997 1472.21 0 10 112.727 13.66 1,539.85 4.59%
02/28/1997 1539.85 0.02 13.67 112.892 13.77 1,554.52 0.95%
03/31/1997 1554.52 0 10 112.892 13.12 1,481.14 -4.72%
04/30/1997 1481.14 0 10 112.892 13.67 1,543.23 4.19%
05/31/1997 1543.23 0 10 112.892 14.50 1,636.93 6.07%
06/30/1997 1636.93 0 10 112.892 14.93 1,685.48 2.97%
07/31/1997 1685.48 0 10 112.892 15.94 1,799.50 6.76%
08/31/1997 1799.5 0 10 112.892 15.44 1,743.05 -3.14%
09/30/1997 1743.05 0 10 112.892 16.01 1,807.40 3.69%
10/31/1997 1807.4 0 10 112.892 15.63 1,764.50 -2.37%
11/30/1997 1764.5 0 10 112.892 16.08 1,815.30 2.88%
12/31/1997 1815.3 0 10 112.892 16.36 1,846.91 1.74%
01/31/1998 1846.91 0 10 112.892 16.36 1,846.91 0.00%
02/28/1998 1846.91 1.93 14.91 127.505 15.37 1,959.75 6.11%
03/31/1998 1959.75 0 10 127.505 15.94 2,032.43 3.71%
04/30/1998 2032.43 0 10 127.505 15.89 2,026.05 -0.31%
05/31/1998 2026.05 0 10 127.505 15.73 2,005.65 -1.01%
06/30/1998 2005.65 0 10 127.505 16.10 2,052.83 2.35%
07/31/1998 2052.83 0 10 127.505 15.96 2,034.98 -0.87%
08/31/1998 2034.98 0 10 127.505 13.95 1,778.69 -12.59%
09/30/1998 1778.69 0 10 127.505 14.47 1,845.00 3.73%
10/31/1998 1845 0 10 127.505 15.39 1,962.30 6.36%
11/30/1998 1962.3 0 10 127.505 16.16 2,060.48 5.00%
12/31/1998 2060.48 0 10 127.505 17.03 2,171.41 5.38%
0.845
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.698241
01/31/1995 0.00107 1.073972603 1,000.93 (0.00) 0.698888
02/28/1995 0.00107 1.074967131 1,014.83 (0.00) 0.7086
03/31/1995 0.00119 1.2066805 1,027.60 (0.00) 0.717512
04/30/1995 0.00115 1.182442108 1,053.33 (0.00) 0.735477
05/31/1995 0.00119 1.252449064 1,067.01 (0.00) 0.74503
06/30/1995 0.00115 1.227790345 1,108.54 (0.00) 0.774029
07/31/1995 0.00119 1.318100056 1,147.95 (0.00) 0.801545
08/31/1995 0.00119 1.364957604 1,198.18 0.00 0.836616
09/30/1995 0.00115 1.37872357 1,214.64 0.00 0.848109
10/31/1995 0.00119 1.444252795 1,166.67 0.00 0.814614
11/30/1995 0.00115 1.342464864 1,186.09 0.00 0.828174
12/31/1995 0.00119 1.410305148 1,213.53 (0.00) 0.847339
01/31/1996 0.00119 1.442940574 1,240.96 (0.00) 0.866492
02/29/1996 0.00111 1.380358849 1,243.89 (0.00) 0.868535
03/31/1996 0.00119 1.479034383 1,264.79 (0.00) 0.883129
04/30/1996 0.00115 1.455374782 1,293.15 (0.00) 0.902931
05/31/1996 0.00119 1.537609053 1,311.82 (0.00) 0.915968
06/30/1996 0.00115 1.509492948 1,315.62 (0.00) 0.918619
07/31/1996 0.00119 1.564323694 1,281.17 (0.00) 0.894563
08/31/1996 0.00119 1.523359051 1,289.17 (0.00) 0.900154
09/30/1996 0.00115 1.483431954 1,340.61 0.00 0.93607
10/31/1996 0.00119 1.594042111 1,378.15 (0.00) 0.962278
11/30/1996 0.00115 1.585810799 1,466.32 (0.00) 1.023844
12/31/1996 0.00119 1.743512761 1,436.67 (0.00) 1.003141
01/02/1997 0.00008 0.110210152 1,432.17 0.00 1
01/31/1997 0.00111 1.593044068 1,496.38 0.06
02/28/1997 0.00107 1.607068443 1,509.03 0.06
03/31/1997 0.00119 1.794294259 1,436.00 (0.03)
04/30/1997 0.00115 1.652382965 1,494.54 0.02
05/31/1997 0.00119 1.777075174 1,583.51 0.05
06/30/1997 0.00115 1.822123056 1,628.66 0.16
07/31/1997 0.00119 1.936538009 1,736.89 0.28
08/31/1997 0.00119 2.065239055 1,680.34 0.06
09/30/1997 0.00115 1.93354569 1,740.44 0.24
10/31/1997 0.00119 2.0694603 1,697.06 0.18
11/30/1997 0.00115 1.952786544 1,743.97 0.09
12/31/1997 0.00119 2.073652285 1,772.26 0.23
01/31/1998 0.00119 2.107295342 1,770.16 0.15
02/28/1998 0.00107 1.901100357 1,876.41 0.25
03/31/1998 0.00119 2.231124777 1,943.76 0.39
04/30/1998 0.00115 2.236660821 1,935.43 0.36
05/31/1998 0.00119 2.301301562 1,913.64 0.18
06/30/1998 0.00115 2.201993954 1,956.45 0.36
07/31/1998 0.00119 2.326300821 1,937.11 0.32
08/31/1998 0.00119 2.303306839 1,690.85 (0.01)
09/30/1998 0.00115 1.945630085 1,751.93 0.04
10/31/1998 0.00119 2.08312234 1,861.23 0.08
11/30/1998 0.00115 2.141694757 1,952.22 0.24
12/31/1998 0.00119 2.321265556 2,055.00 0.36
0.7519347 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
CONTRAFUND Surrender
FUND 128 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.611337 -----------------------------
Units purchased 1,635.759 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.611337 1,635.759 1,000.00 1,000.00 2,601.61 4.00%
01/31/1995 0.602803 1,635.759 986.04 0.00002 0.018334247 986.04 2,601.61 4.00%
02/28/1995 0.632762 1,635.759 1,035.05 0.00002 0.018078308 1,035.05 2,601.61 4.00%
03/31/1995 0.663820 1,635.759 1,085.85 0.00002 0.021010019 1,085.85 2,601.61 4.00%
04/30/1995 0.699103 1,635.759 1,143.56 0.00002 0.02133025 1,143.56 2,601.61 4.00%
05/31/1995 0.713585 1,635.759 1,167.25 0.00002 0.023212783 1,167.25 2,601.61 4.00%
06/30/1995 0.759086 1,635.759 1,241.68 0.00002 0.022929328 1,241.68 2,601.61 4.00%
07/31/1995 0.817840 1,635.759 1,337.79 0.00002 0.025204439 1,337.79 2,601.61 4.00%
08/31/1995 0.827293 1,635.759 1,353.25 0.00002 0.027155287 1,353.25 2,601.61 4.00%
09/30/1995 0.844639 1,635.759 1,381.63 0.00002 0.026583059 1,381.63 2,601.61 4.00%
10/31/1995 0.826171 1,635.759 1,351.42 0.00002 0.028045112 1,351.42 2,601.61 4.00%
11/30/1995 0.840454 1,635.759 1,374.78 0.00002 0.026547006 1,374.78 2,601.61 4.00%
12/31/1995 0.843915 1,635.759 1,380.44 0.00002 0.027906155 1,380.44 2,601.61 4.00%
01/31/1996 0.849138 1,635.759 1,388.99 0.00002 0.028021073 1,388.99 2,601.61 6.00%
02/29/1996 0.851372 1,635.759 1,392.64 0.00002 0.026375496 1,392.64 2,601.61 6.00%
03/31/1996 0.878214 1,635.759 1,436.55 0.00002 0.028268672 1,436.55 2,601.61 6.00%
04/30/1996 0.906257 1,635.759 1,482.42 0.00002 0.028219282 1,482.42 2,601.61 6.00%
05/31/1996 0.915750 1,635.759 1,497.95 0.00002 0.030091056 1,497.95 2,601.61 6.00%
06/30/1996 0.907436 1,635.759 1,484.35 0.00002 0.029425411 1,484.35 2,601.61 6.00%
07/31/1996 0.864110 1,635.759 1,413.48 0.00002 0.030130203 1,413.48 2,601.61 6.00%
08/31/1996 0.896310 1,635.759 1,466.15 0.00002 0.028691621 1,466.15 2,601.61 6.00%
09/30/1996 0.933373 1,635.759 1,526.77 0.00002 0.028800754 1,526.77 2,601.61 6.00%
10/31/1996 0.961148 1,635.759 1,572.21 0.00002 0.030991406 1,572.21 2,601.61 6.00%
11/30/1996 1.017634 1,635.759 1,664.60 0.00002 0.030884166 1,664.60 2,601.61 6.00%
12/31/1996 1.010444 1,635.759 1,652.84 0.00002 0.03378918 1,652.84 2,601.61 6.00%
01/02/1997 1.000000 1,635.759 1,635.76 0.00000 0.002164545 1,635.76 2,601.61 6.00%
01/31/1997 1.048386 1,635.759 1,714.91 0.00002 0.031385901 1,714.91 2,601.61 6.00%
02/28/1997 1.018314 1,635.759 1,665.72 0.00002 0.031441525 1,665.72 2,601.61 6.00%
03/31/1997 0.990896 1,635.759 1,620.87 0.00002 0.033811759 1,620.87 2,601.61 6.00%
04/30/1997 1.013691 1,635.759 1,658.15 0.00002 0.031840046 1,658.15 2,601.61 6.00%
05/31/1997 1.075249 1,635.759 1,758.85 0.00002 0.033658258 1,758.85 2,601.61 6.00%
06/30/1997 1.121008 1,635.759 1,833.70 0.00002 0.034550525 1,833.70 2,601.61 6.00%
07/31/1997 1.216011 1,635.759 1,989.10 0.00002 0.037221576 1,989.10 2,601.61 6.00%
08/31/1997 1.180496 1,635.759 1,931.01 0.00002 0.040376024 1,931.01 2,601.61 6.00%
09/30/1997 1.258997 1,635.759 2,059.42 0.00002 0.037932383 2,059.42 2,601.61 6.00%
10/31/1997 1.219685 1,635.759 1,995.11 0.00002 0.041803317 1,995.11 2,601.61 6.00%
11/30/1997 1.217903 1,635.759 1,992.20 0.00002 0.039191627 1,992.20 2,601.61 6.00%
12/31/1997 1.238907 1,635.759 2,026.55 0.00002 0.040438846 2,026.55 2,601.61 6.00%
01/31/1998 1.236402 1,635.759 2,022.46 0.00002 0.041136255 2,022.46 2,601.61 6.00%
02/28/1998 1.325042 1,635.759 2,167.45 0.00002 0.037080201 2,167.45 2,601.61 6.00%
03/31/1998 1.387978 1,635.759 2,270.40 0.00002 0.043996253 2,270.40 2,601.61 6.00%
04/30/1998 1.399682 1,635.759 2,289.54 0.00002 0.044599315 2,289.54 2,601.61 6.00%
05/31/1998 1.365517 1,635.759 2,233.66 0.00002 0.046474575 2,233.66 2,601.61 6.00%
06/30/1998 1.437375 1,635.759 2,351.20 0.00002 0.043877585 2,351.20 2,601.61 6.00%
07/31/1998 1.437825 1,635.759 2,351.94 0.00002 0.047726121 2,351.94 2,601.61 6.00%
08/31/1998 1.221308 1,635.759 1,997.77 0.00002 0.047741062 1,997.77 2,601.61 6.00%
09/30/1998 1.291227 1,635.759 2,112.14 0.00002 0.039243778 2,112.14 2,601.61 6.00%
10/31/1998 1.332299 1,635.759 2,179.32 0.00002 0.042873471 2,179.32 2,601.61 6.00%
11/30/1998 1.419495 1,635.759 2,321.95 0.00002 0.042810205 2,321.95 2,601.61 6.00%
12/31/1998 1.590458 1,635.759 2,601.61 0.00002 0.047132439 2,601.61 2,601.61 6.00%
12/31/1998 2,601.61
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,601.61 3.9945 27.04% 27.04% 2,601.61 2,601.61 4
01/31/1995 40.00% 2,601.61 3.9178 28.10% 28.10% 2,638.44 2,638.44 4
02/28/1995 40.00% 2,601.61 3.8411 27.12% 27.12% 2,513.52 2,513.52 4
03/31/1995 40.00% 2,599.80 3.7562 26.17% 26.19% 2,394.25 2,395.92 4
04/30/1995 40.00% 2,597.49 3.6740 25.02% 25.07% 2,271.40 2,275.00 4
05/31/1995 40.00% 2,596.54 3.5890 24.95% 25.02% 2,224.49 2,228.83 4
06/30/1995 40.00% 2,593.56 3.5068 23.37% 23.48% 2,088.75 2,095.23 4
07/31/1995 40.00% 2,589.72 3.4219 21.29% 21.45% 1,935.82 1,944.71 4
08/31/1995 40.00% 2,589.10 3.3370 21.46% 21.64% 1,913.24 1,922.48 4
09/30/1995 40.00% 2,587.97 3.2548 21.27% 21.46% 1,873.13 1,883.00 4
10/31/1995 40.00% 2,589.18 3.1699 22.77% 22.95% 1,915.90 1,925.10 4
11/30/1995 40.00% 2,588.24 3.0877 22.74% 22.95% 1,882.66 1,892.38 4
12/31/1995 40.00% 2,588.01 3.0027 23.28% 23.50% 1,874.77 1,884.62 4
01/31/1996 30.00% 2,565.10 2.9178 23.40% 24.00% 1,846.74 1,873.03 3
02/29/1996 30.00% 2,564.88 2.8384 24.01% 24.63% 1,841.74 1,868.11 3
03/31/1996 30.00% 2,562.24 2.7534 23.39% 24.07% 1,783.61 1,811.01 3
04/30/1996 30.00% 2,559.49 2.6712 22.69% 23.44% 1,726.56 1,754.97 3
05/31/1996 30.00% 2,558.56 2.5863 23.00% 23.79% 1,708.04 1,736.78 3
06/30/1996 30.00% 2,559.37 2.5041 24.30% 25.12% 1,724.24 1,752.69 3
07/31/1996 30.00% 2,563.63 2.4192 27.90% 28.68% 1,813.70 1,840.57 3
08/31/1996 30.00% 2,560.47 2.3342 26.98% 27.85% 1,746.39 1,774.45 3
09/30/1996 30.00% 2,556.83 2.2521 25.73% 26.70% 1,674.66 1,703.99 3
10/31/1996 30.00% 2,554.10 2.1671 25.10% 26.16% 1,624.53 1,654.75 3
11/30/1996 30.00% 2,548.56 2.0849 22.67% 23.88% 1,531.03 1,562.90 3
12/31/1996 30.00% 2,549.26 2.0000 24.19% 25.46% 1,542.35 1,574.02 3
01/02/1997 20.00% 2,534.68 1.9945 24.56% 26.19% 1,549.54 1,590.46 2
01/31/1997 20.00% 2,529.93 1.9151 22.51% 24.31% 1,475.26 1,517.05 2
02/28/1997 20.00% 2,532.88 1.8384 25.60% 27.45% 1,520.60 1,561.85 2
03/31/1997 20.00% 2,535.57 1.7534 29.07% 30.98% 1,564.33 1,605.07 2
04/30/1997 20.00% 2,533.34 1.6712 28.87% 30.93% 1,527.80 1,568.98 2
05/31/1997 20.00% 2,527.29 1.5863 25.67% 27.99% 1,436.90 1,479.15 2
06/30/1997 20.00% 2,522.80 1.5041 23.63% 26.18% 1,375.80 1,418.77 2
07/31/1997 20.00% 2,513.48 1.4192 17.92% 20.82% 1,263.63 1,307.93 2
08/31/1997 20.00% 2,516.96 1.3342 21.97% 25.03% 1,303.45 1,347.28 2
09/30/1997 20.00% 2,509.26 1.2521 17.09% 20.52% 1,218.43 1,263.27 2
10/31/1997 20.00% 2,513.12 1.1671 21.87% 25.54% 1,259.64 1,303.99 2
11/30/1997 20.00% 2,513.29 1.0849 23.88% 27.89% 1,261.57 1,305.90 2
12/31/1997 20.00% 2,511.23 1.0000 23.92% 28.38% 1,239.16 1,283.76 2
01/31/1998 10.00% 2,495.87 0.9151 23.41% 28.64% 1,212.24 1,259.15 1
02/28/1998 10.00% 2,487.17 0.8384 14.75% 20.03% 1,122.28 1,165.41 1
03/31/1998 10.00% 2,480.99 0.7534 9.28% 14.59% 1,069.11 1,108.04 1
04/30/1998 10.00% 2,479.84 0.6712 8.31% 13.63% 1,055.05 1,089.55 1
05/31/1998 10.00% 2,483.20 0.5863 11.17% 16.47% 1,064.06 1,093.52 1
06/30/1998 10.00% 2,476.14 0.5041 5.31% 10.65% 1,026.44 1,052.34 1
07/31/1998 10.00% 2,476.10 0.4192 5.28% 10.62% 1,021.80 1,043.20 1
08/31/1998 10.00% 2,497.35 0.3342 25.01% 30.23% 1,077.45 1,092.27 1
09/30/1998 10.00% 2,490.49 0.2521 17.91% 23.17% 1,042.42 1,053.95 1
10/31/1998 10.00% 2,486.46 0.1671 14.09% 19.38% 1,022.28 1,030.04 1
11/30/1998 10.00% 2,477.90 0.0849 6.72% 12.04% 1,005.53 1,009.70 1
12/31/1998 10.00% 2,461.12 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
CONTRAFUND Surrender
FUND 128 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.611337 -----------------------------
Units purchased 1,635.759 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,321.95 2,477.90 2,601.61 6.72% 12.04%
09/30/1998 0.25 0.25 3 mths 2,112.14 2,490.49 2,601.61 17.91% 23.17%
12/31/1997 1.00 1.00 YTD 2,026.55 2,511.23 2,601.61 23.92% 28.38%
12/31/1997 1.00 1.00 1 Year 2,026.55 2,511.23 2,601.61 23.92% 28.38%
12/31/1996 2.00 2.00 2 Year 1,652.84 2,549.26 2,601.61 24.19% 25.46%
12/31/1995 3.00 3.00 3 Year 1,380.44 2,588.01 2,601.61 23.28% 23.50%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 2,601.61 2,601.61 27.04% 27.04%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,635.76 2,534.68 2,601.61 24.56% 26.19%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,380.44 #N/A
12/31/1996 1 1,652.84 19.73%
12/31/1997 1 2,026.55 22.61%
12/31/1998 1 2,601.61 28.38%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
CONTRAFUND SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/31/1982 0 100 10 1,000.00
01/31/1995 1000 0 10 100 9.87 987.00 -1.30%
02/28/1995 987 0 10 100 10.37 1,037.00 5.07%
03/31/1995 1037 0 10 100 10.89 1,089.00 5.01%
04/30/1995 1089 0 10 100 11.48 1,148.00 5.42%
05/31/1995 1148 0 10 100 11.73 1,173.00 2.18%
06/30/1995 1173 0 10 100 12.49 1,249.00 6.48%
07/31/1995 1249 0 10 100 13.47 1,347.00 7.85%
08/31/1995 1347 0 10 100 13.64 1,364.00 1.26%
09/30/1995 1364 0 10 100 13.94 1,394.00 2.20%
10/31/1995 1394 0 10 100 13.65 1,365.00 -2.08%
11/30/1995 1365 0 10 100 13.90 1,390.00 1.83%
12/31/1995 1390 0.18 13.64 101.32 13.79 1,397.20 0.52%
01/31/1996 1397.2 0 10 101.32 13.89 1,407.33 0.73%
02/29/1996 1407.33 0.13 13.78 102.276 13.81 1,412.43 0.36%
03/31/1996 1412.43 0 10 102.276 14.26 1,458.46 3.26%
04/30/1996 1458.46 0 10 102.276 14.73 1,506.53 3.30%
05/31/1996 1506.53 0 10 102.276 14.90 1,523.91 1.15%
06/30/1996 1523.91 0 10 102.276 14.78 1,511.64 -0.81%
07/31/1996 1511.64 0 10 102.276 14.09 1,441.07 -4.67%
08/31/1996 1441.07 0 10 102.276 14.63 1,496.30 3.83%
09/30/1996 1496.3 0 10 102.276 15.25 1,559.71 4.24%
10/31/1996 1559.71 0 10 102.276 15.72 1,607.78 3.08%
11/30/1996 1607.78 0 10 102.276 16.66 1,703.92 5.98%
12/31/1996 1703.92 0 10 102.276 16.56 1,693.69 -0.60%
01/02/1997 1693.69 0 10 102.276 16.39 1,676.30 -1.03%
01/31/1997 1676.3 0 10 102.276 17.20 1,759.15 4.94%
02/28/1997 1759.15 0.51 16.46 105.445 16.22 1,710.32 -2.78%
03/31/1997 1710.32 0 10 105.445 15.80 1,666.03 -2.59%
04/30/1997 1666.03 0 10 105.445 16.18 1,706.10 2.41%
05/31/1997 1706.1 0 10 105.445 17.18 1,811.55 6.18%
06/30/1997 1811.55 0 10 105.445 17.93 1,890.63 4.37%
07/31/1997 1890.63 0 10 105.445 19.47 2,053.01 8.59%
08/31/1997 2053.01 0 10 105.445 18.92 1,995.02 -2.82%
09/30/1997 1995.02 0 10 105.445 20.20 2,129.99 6.77%
10/31/1997 2129.99 0 10 105.445 19.59 2,065.67 -3.02%
11/30/1997 2065.67 0 10 105.445 19.58 2,064.61 -0.05%
12/31/1997 2064.61 0 10 105.445 19.94 2,102.57 1.84%
01/31/1998 2102.57 0 10 105.445 19.92 2,100.46 -0.10%
02/28/1998 2100.46 1.17 19.35 111.821 20.15 2,253.19 7.27%
03/31/1998 2253.19 0 10 111.821 21.13 2,362.78 4.86%
04/30/1998 2362.78 0 10 111.821 21.33 2,385.14 0.95%
05/31/1998 2385.14 0 10 111.821 20.83 2,329.23 -2.34%
06/30/1998 2329.23 0 10 111.821 21.95 2,454.47 5.38%
07/31/1998 2454.47 0 10 111.821 21.98 2,457.83 0.14%
08/31/1998 2457.83 0 10 111.821 18.69 2,089.93 -14.97%
09/30/1998 2089.93 0 10 111.821 19.78 2,211.82 5.83%
10/31/1998 2211.82 0 10 111.821 20.43 2,284.50 3.29%
11/30/1998 2284.5 0 10 111.821 21.79 2,436.58 6.66%
12/31/1998 2436.58 0 10 111.821 24.44 2,732.91 12.16%
1.21182
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/31/1982 1,000.00 0.611337
01/31/1995 0.00096 0.95890411 986.04 0.00 0.602803
02/28/1995 0.00096 0.945518859 1,035.05 0.00 0.632762
03/31/1995 0.00106 1.098851267 1,085.85 0.00 0.66382
04/30/1995 0.00103 1.115599538 1,143.56 (0.00) 0.699103
05/31/1995 0.00106 1.214057637 1,167.25 0.00 0.713585
06/30/1995 0.00103 1.199232849 1,241.68 (0.00) 0.759086
07/31/1995 0.00106 1.318223764 1,337.79 0.00 0.81784
08/31/1995 0.00106 1.420255768 1,353.25 0.00 0.827293
09/30/1995 0.00103 1.390328223 1,381.63 0.00 0.844639
10/31/1995 0.00106 1.466794832 1,351.42 0.00 0.826171
11/30/1995 0.00103 1.388441841 1,374.78 (0.00) 0.840454
12/31/1995 0.00106 1.459526187 1,380.44 (0.00) 0.843915
01/31/1996 0.00106 1.465536826 1,388.98 (0.00) 0.849138
02/29/1996 0.00099 1.379470507 1,392.64 (0.00) 0.851372
03/31/1996 0.00106 1.4784857 1,436.54 (0.00) 0.878214
04/30/1996 0.00103 1.475902044 1,482.42 (0.00) 0.906257
05/31/1996 0.00106 1.573798272 1,497.94 (0.00) 0.91575
06/30/1996 0.00103 1.538984028 1,484.34 (0.00) 0.907436
07/31/1996 0.00106 1.575845226 1,413.47 (0.00) 0.86411
08/31/1996 0.00106 1.500604857 1,466.14 (0.00) 0.89631
09/30/1996 0.00103 1.506313029 1,526.77 (0.00) 0.933373
10/31/1996 0.00106 1.620886438 1,572.20 (0.00) 0.961148
11/30/1996 0.00103 1.615278465 1,664.60 (0.00) 1.017634
12/31/1996 0.00106 1.767214227 1,652.84 (0.00) 1.010444
01/02/1997 0.00007 0.113208263 1,635.76 (0.00) 1
01/31/1997 0.00099 1.624553032 1,714.98 0.07
02/28/1997 0.00096 1.644499908 1,665.73 0.01
03/31/1997 0.00106 1.768412067 1,620.83 (0.04)
04/30/1997 0.00103 1.665232555 1,658.14 (0.01)
05/31/1997 0.00106 1.76035827 1,758.87 0.02
06/30/1997 0.00103 1.807057715 1,833.84 0.14
07/31/1997 0.00106 1.946887881 1,989.40 0.30
08/31/1997 0.00106 2.112032784 1,931.09 0.09
09/30/1997 0.00103 1.984000045 2,059.75 0.34
10/31/1997 0.00106 2.18672569 1,995.37 0.26
11/30/1997 0.00103 2.050036355 1,992.29 0.10
12/31/1997 0.00106 2.115107448 2,026.81 0.26
01/31/1998 0.00106 2.151750405 2,022.62 0.17
02/28/1998 0.00096 1.939502788 2,167.76 0.31
03/31/1998 0.00106 2.301383941 2,270.89 0.49
04/30/1998 0.00103 2.333104582 2,290.05 0.50
05/31/1998 0.00106 2.431212949 2,233.93 0.28
06/30/1998 0.00103 2.295137296 2,351.75 0.56
07/31/1998 0.00106 2.496725691 2,352.48 0.54
08/31/1998 0.00106 2.497492903 1,997.85 0.08
09/30/1998 0.00103 2.052585017 2,112.32 0.18
10/31/1998 0.00106 2.242527748 2,179.48 0.16
11/30/1998 0.00103 2.239196161 2,322.33 0.38
12/31/1998 0.00106 2.465491715 2,602.30 0.70
1.1123165 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENCHANCED DEATH BENEFIT -----------------------------
CONTRAFUND Surrender
FUND 188 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.613135 -----------------------------
Units purchased 1,630.962 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.613135 1,630.962 1,000.00 1,000.00 2,586.31 4.00%
01/31/1995 0.604506 1,630.962 985.93 0.00002 0.018334244 985.93 2,586.31 4.00%
02/28/1995 0.634480 1,630.962 1,034.81 0.00002 0.018076216 1,034.81 2,586.31 4.00%
03/31/1995 0.665541 1,630.962 1,085.47 0.00002 0.021005282 1,085.47 2,586.31 4.00%
04/30/1995 0.700833 1,630.962 1,143.03 0.00002 0.021322835 1,143.03 2,586.31 4.00%
05/31/1995 0.715262 1,630.962 1,166.57 0.00002 0.023201984 1,166.57 2,586.31 4.00%
06/30/1995 0.760782 1,630.962 1,240.81 0.00002 0.022915814 1,240.81 2,586.31 4.00%
07/31/1995 0.819571 1,630.962 1,336.69 0.00002 0.025186673 1,336.69 2,586.31 4.00%
08/31/1995 0.828940 1,630.962 1,351.97 0.00002 0.027132959 1,351.97 2,586.31 4.00%
09/30/1995 0.846218 1,630.962 1,380.15 0.00002 0.026557869 1,380.15 2,586.31 4.00%
10/31/1995 0.827608 1,630.962 1,349.80 0.00002 0.028015142 1,349.80 2,586.31 4.00%
11/30/1995 0.841813 1,630.962 1,372.97 0.00002 0.026515194 1,372.97 2,586.31 4.00%
12/31/1995 0.845173 1,630.962 1,378.45 0.00002 0.027869309 1,378.45 2,586.31 4.00%
01/31/1996 0.850296 1,630.962 1,386.80 0.00002 0.027980546 1,386.80 2,586.31 6.00%
02/29/1996 0.852432 1,630.962 1,390.28 0.00002 0.026334011 1,390.28 2,586.31 6.00%
03/31/1996 0.879199 1,630.962 1,433.94 0.00002 0.028220865 1,433.94 2,586.31 6.00%
04/30/1996 0.907165 1,630.962 1,479.55 0.00002 0.028168085 1,479.55 2,586.31 6.00%
05/31/1996 0.916552 1,630.962 1,494.86 0.00002 0.030032872 1,494.86 2,586.31 6.00%
06/30/1996 0.908118 1,630.962 1,481.11 0.00002 0.029364813 1,481.11 2,586.31 6.00%
07/31/1996 0.864643 1,630.962 1,410.20 0.00002 0.030064422 1,410.20 2,586.31 6.00%
08/31/1996 0.896753 1,630.962 1,462.57 0.00002 0.028625126 1,462.57 2,586.31 6.00%
09/30/1996 0.933724 1,630.962 1,522.87 0.00002 0.028730486 1,522.87 2,586.31 6.00%
10/31/1996 0.961391 1,630.962 1,567.99 0.00002 0.030912142 1,567.99 2,586.31 6.00%
11/30/1996 1.017773 1,630.962 1,659.95 0.00002 0.030801381 1,659.95 2,586.31 6.00%
12/31/1996 1.010452 1,630.962 1,648.01 0.00002 0.033694693 1,648.01 2,586.31 6.00%
01/02/1997 1.000000 1,630.962 1,630.96 0.00000 0.002158214 1,630.96 2,586.31 6.00%
01/31/1997 1.048264 1,630.962 1,709.68 0.00002 0.031294107 1,709.68 2,586.31 6.00%
02/28/1997 1.018077 1,630.962 1,660.44 0.00002 0.031345672 1,660.44 2,586.31 6.00%
03/31/1997 0.990541 1,630.962 1,615.53 0.00002 0.033704757 1,615.53 2,586.31 6.00%
04/30/1997 1.013206 1,630.962 1,652.50 0.00002 0.031735299 1,652.50 2,586.31 6.00%
05/31/1997 1.074602 1,630.962 1,752.64 0.00002 0.033543496 1,752.64 2,586.31 6.00%
06/30/1997 1.120191 1,630.962 1,826.99 0.00002 0.034428474 1,826.99 2,586.31 6.00%
07/31/1997 1.214971 1,630.962 1,981.57 0.00002 0.037085373 1,981.57 2,586.31 6.00%
08/31/1997 1.179345 1,630.962 1,923.47 0.00002 0.040223188 1,923.47 2,586.31 6.00%
09/30/1997 1.257606 1,630.962 2,051.11 0.00002 0.037784267 2,051.11 2,586.31 6.00%
10/31/1997 1.218185 1,630.962 1,986.81 0.00002 0.041634674 1,986.81 2,586.31 6.00%
11/30/1997 1.216267 1,630.962 1,983.69 0.00002 0.039028637 1,983.69 2,586.31 6.00%
12/31/1997 1.237079 1,630.962 2,017.63 0.00002 0.040266093 2,017.63 2,586.31 6.00%
01/31/1998 1.234428 1,630.962 2,013.31 0.00002 0.040955102 2,013.31 2,586.31 6.00%
02/28/1998 1.322774 1,630.962 2,157.39 0.00002 0.036912433 2,157.39 2,586.31 6.00%
03/31/1998 1.385421 1,630.962 2,259.57 0.00002 0.043792145 2,259.57 2,586.31 6.00%
04/30/1998 1.396932 1,630.962 2,278.34 0.00002 0.044386602 2,278.34 2,586.31 6.00%
05/31/1998 1.362677 1,630.962 2,222.47 0.00002 0.046247242 2,222.47 2,586.31 6.00%
06/30/1998 1.434201 1,630.962 2,339.13 0.00002 0.043657922 2,339.13 2,586.31 6.00%
07/31/1998 1.434468 1,630.962 2,339.56 0.00002 0.047481081 2,339.56 2,586.31 6.00%
08/31/1998 1.218302 1,630.962 1,987.00 0.00002 0.04748992 1,987.00 2,586.31 6.00%
09/30/1998 1.287891 1,630.962 2,100.50 0.00002 0.039032385 2,100.50 2,586.31 6.00%
10/31/1998 1.328696 1,630.962 2,167.05 0.00002 0.042637299 2,167.05 2,586.31 6.00%
11/30/1998 1.415479 1,630.962 2,308.59 0.00002 0.042569227 2,308.59 2,586.31 6.00%
12/31/1998 1.585759 1,630.962 2,586.31 0.00002 0.046861264 2,586.31 2,586.31 6.00%
12/31/1998 2,586.31
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,586.31 3.9945 26.86% 26.86% 2,586.31 2,586.31 4
01/31/1995 40.00% 2,586.31 3.9178 27.91% 27.91% 2,623.23 2,623.23 4
02/28/1995 40.00% 2,586.30 3.8411 26.93% 26.93% 2,499.29 2,499.30 4
03/31/1995 40.00% 2,584.27 3.7562 25.98% 26.00% 2,380.78 2,382.66 4
04/30/1995 40.00% 2,581.97 3.6740 24.83% 24.89% 2,258.88 2,262.68 4
05/31/1995 40.00% 2,581.03 3.5890 24.77% 24.84% 2,212.50 2,217.03 4
06/30/1995 40.00% 2,578.06 3.5068 23.19% 23.30% 2,077.73 2,084.38 4
07/31/1995 40.00% 2,574.23 3.4219 21.11% 21.27% 1,925.82 1,934.86 4
08/31/1995 40.00% 2,573.61 3.3370 21.28% 21.46% 1,903.60 1,913.00 4
09/30/1995 40.00% 2,572.49 3.2548 21.08% 21.28% 1,863.92 1,873.94 4
10/31/1995 40.00% 2,573.70 3.1699 22.58% 22.77% 1,906.73 1,916.08 4
11/30/1995 40.00% 2,572.78 3.0877 22.56% 22.76% 1,873.88 1,883.74 4
12/31/1995 40.00% 2,572.56 3.0027 23.10% 23.31% 1,866.27 1,876.25 4
01/31/1996 30.00% 2,549.66 2.9178 23.21% 23.81% 1,838.52 1,864.95 3
02/29/1996 30.00% 2,549.45 2.8384 23.82% 24.44% 1,833.76 1,860.28 3
03/31/1996 30.00% 2,546.83 2.7534 23.20% 23.89% 1,776.11 1,803.64 3
04/30/1996 30.00% 2,544.09 2.6712 22.50% 23.25% 1,719.50 1,748.04 3
05/31/1996 30.00% 2,543.17 2.5863 22.81% 23.61% 1,701.28 1,730.14 3
06/30/1996 30.00% 2,544.00 2.5041 24.11% 24.93% 1,717.64 1,746.20 3
07/31/1996 30.00% 2,548.25 2.4192 27.71% 28.49% 1,807.02 1,834.00 3
08/31/1996 30.00% 2,545.11 2.3342 26.79% 27.66% 1,740.16 1,768.33 3
09/30/1996 30.00% 2,541.49 2.2521 25.53% 26.51% 1,668.89 1,698.32 3
10/31/1996 30.00% 2,538.79 2.1671 24.90% 25.98% 1,619.13 1,649.44 3
11/30/1996 30.00% 2,533.27 2.0849 22.48% 23.70% 1,526.11 1,558.07 3
12/31/1996 30.00% 2,533.99 2.0000 24.00% 25.27% 1,537.60 1,569.36 3
01/02/1997 20.00% 2,519.49 1.9945 24.36% 26.01% 1,544.79 1,585.76 2
01/31/1997 20.00% 2,514.77 1.9151 22.32% 24.13% 1,470.90 1,512.75 2
02/28/1997 20.00% 2,517.72 1.8384 25.41% 27.26% 1,516.29 1,557.60 2
03/31/1997 20.00% 2,520.42 1.7534 28.87% 30.78% 1,560.11 1,600.90 2
04/30/1997 20.00% 2,518.20 1.6712 28.67% 30.74% 1,523.87 1,565.09 2
05/31/1997 20.00% 2,512.19 1.5863 25.48% 27.80% 1,433.38 1,475.67 2
06/30/1997 20.00% 2,507.73 1.5041 23.44% 26.00% 1,372.60 1,415.61 2
07/31/1997 20.00% 2,498.45 1.4192 17.74% 20.64% 1,260.84 1,305.18 2
08/31/1997 20.00% 2,501.94 1.3342 21.78% 24.85% 1,300.75 1,344.61 2
09/30/1997 20.00% 2,494.28 1.2521 16.91% 20.34% 1,216.07 1,260.93 2
10/31/1997 20.00% 2,498.14 1.1671 21.68% 25.35% 1,257.36 1,301.74 2
11/30/1997 20.00% 2,498.33 1.0849 23.69% 27.70% 1,259.44 1,303.79 2
12/31/1997 20.00% 2,496.29 1.0000 23.72% 28.19% 1,237.24 1,281.86 2
01/31/1998 10.00% 2,481.03 0.9151 23.23% 28.46% 1,210.66 1,257.58 1
02/28/1998 10.00% 2,472.39 0.8384 14.60% 19.88% 1,121.04 1,164.19 1
03/31/1998 10.00% 2,466.26 0.7534 9.15% 14.46% 1,068.17 1,107.11 1
04/30/1998 10.00% 2,465.13 0.6712 8.20% 13.52% 1,054.31 1,088.82 1
05/31/1998 10.00% 2,468.48 0.5863 11.07% 16.37% 1,063.48 1,092.96 1
06/30/1998 10.00% 2,461.48 0.5041 5.23% 10.57% 1,026.04 1,051.94 1
07/31/1998 10.00% 2,461.46 0.4192 5.21% 10.55% 1,021.52 1,042.93 1
08/31/1998 10.00% 2,482.61 0.3342 24.94% 30.16% 1,077.26 1,092.09 1
09/30/1998 10.00% 2,475.80 0.2521 17.87% 23.13% 1,042.31 1,053.85 1
10/31/1998 10.00% 2,471.81 0.1671 14.06% 19.35% 1,022.23 1,030.00 1
11/30/1998 10.00% 2,463.31 0.0849 6.70% 12.03% 1,005.52 1,009.69 1
12/31/1998 10.00% 2,446.65 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENCHANCED DEATH BENEFIT -----------------------------
CONTRAFUND Surrender
FUND 188 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.613135 -----------------------------
Units purchased 1,630.962 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,308.59 2,463.31 2,586.31 6.70% 12.03%
09/30/1998 0.25 0.25 3 mths 2,100.50 2,475.80 2,586.31 17.87% 23.13%
12/31/1997 1.00 1.00 YTD 2,017.63 2,496.29 2,586.31 23.72% 28.19%
12/31/1997 1.00 1.00 1 Year 2,017.63 2,496.29 2,586.31 23.72% 28.19%
12/31/1996 2.00 2.00 2 Year 1,648.01 2,533.99 2,586.31 24.00% 25.27%
12/31/1995 3.00 3.00 3 Year 1,378.45 2,572.56 2,586.31 23.10% 23.31%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 2,586.31 2,586.31 26.86% 26.86%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,630.96 2,519.49 2,586.31 24.36% 26.01%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,378.45 #N/A
12/31/1996 1 1,648.01 19.56%
12/31/1997 1 2,017.63 22.43%
12/31/1998 1 2,586.31 28.19%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
CONTRAFUND SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/31/1982 0 100 10 1,000.00
01/31/1995 1000 0 10 100 9.87 987.00 -1.30%
02/28/1995 987 0 10 100 10.37 1,037.00 5.07%
03/31/1995 1037 0 10 100 10.89 1,089.00 5.01%
04/30/1995 1089 0 10 100 11.48 1,148.00 5.42%
05/31/1995 1148 0 10 100 11.73 1,173.00 2.18%
06/30/1995 1173 0 10 100 12.49 1,249.00 6.48%
07/31/1995 1249 0 10 100 13.47 1,347.00 7.85%
08/31/1995 1347 0 10 100 13.64 1,364.00 1.26%
09/30/1995 1364 0 10 100 13.94 1,394.00 2.20%
10/31/1995 1394 0 10 100 13.65 1,365.00 -2.08%
11/30/1995 1365 0 10 100 13.90 1,390.00 1.83%
12/31/1995 1390 0.18 13.64 101.32 13.79 1,397.20 0.52%
01/31/1996 1397.2 0 10 101.32 13.89 1,407.33 0.73%
02/29/1996 1407.33 0.13 13.78 102.276 13.81 1,412.43 0.36%
03/31/1996 1412.43 0 10 102.276 14.26 1,458.46 3.26%
04/30/1996 1458.46 0 10 102.276 14.73 1,506.53 3.30%
05/31/1996 1506.53 0 10 102.276 14.90 1,523.91 1.15%
06/30/1996 1523.91 0 10 102.276 14.78 1,511.64 -0.81%
07/31/1996 1511.64 0 10 102.276 14.09 1,441.07 -4.67%
08/31/1996 1441.07 0 10 102.276 14.63 1,496.30 3.83%
09/30/1996 1496.3 0 10 102.276 15.25 1,559.71 4.24%
10/31/1996 1559.71 0 10 102.276 15.72 1,607.78 3.08%
11/30/1996 1607.78 0 10 102.276 16.66 1,703.92 5.98%
12/31/1996 1703.92 0 10 102.276 16.56 1,693.69 -0.60%
01/02/1997 1693.69 0 10 102.276 16.39 1,676.30 -1.03%
01/31/1997 1676.3 0 10 102.276 17.20 1,759.15 4.94%
02/28/1997 1759.15 0.51 16.46 105.445 16.22 1,710.32 -2.78%
03/31/1997 1710.32 0 10 105.445 15.80 1,666.03 -2.59%
04/30/1997 1666.03 0 10 105.445 16.18 1,706.10 2.41%
05/31/1997 1706.1 0 10 105.445 17.18 1,811.55 6.18%
06/30/1997 1811.55 0 10 105.445 17.93 1,890.63 4.37%
07/31/1997 1890.63 0 10 105.445 19.47 2,053.01 8.59%
08/31/1997 2053.01 0 10 105.445 18.92 1,995.02 -2.82%
09/30/1997 1995.02 0 10 105.445 20.20 2,129.99 6.77%
10/31/1997 2129.99 0 10 105.445 19.59 2,065.67 -3.02%
11/30/1997 2065.67 0 10 105.445 19.58 2,064.61 -0.05%
12/31/1997 2064.61 0 10 105.445 19.94 2,102.57 1.84%
01/31/1998 2102.57 0 10 105.445 19.92 2,100.46 -0.10%
02/28/1998 2100.46 1.17 19.35 111.821 20.15 2,253.19 7.27%
03/31/1998 2253.19 0 10 111.821 21.13 2,362.78 4.86%
04/30/1998 2362.78 0 10 111.821 21.33 2,385.14 0.95%
05/31/1998 2385.14 0 10 111.821 20.83 2,329.23 -2.34%
06/30/1998 2329.23 0 10 111.821 21.95 2,454.47 5.38%
07/31/1998 2454.47 0 10 111.821 21.98 2,457.83 0.14%
08/31/1998 2457.83 0 10 111.821 18.69 2,089.93 -14.97%
09/30/1998 2089.93 0 10 111.821 19.78 2,211.82 5.83%
10/31/1998 2211.82 0 10 111.821 20.43 2,284.50 3.29%
11/30/1998 2284.5 0 10 111.821 21.79 2,436.58 6.66%
12/31/1998 2436.58 0 10 111.821 24.44 2,732.91 12.16%
1.21182
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/31/1982 1,000.00 0.613135
01/31/1995 0.00107 1.073972603 985.93 (0.00) 0.604506
02/28/1995 0.00107 1.058857542 1,034.81 (0.00) 0.63448
03/31/1995 0.00119 1.230434903 1,085.47 0.00 0.665541
04/30/1995 0.00115 1.249037023 1,143.03 0.00 0.700833
05/31/1995 0.00119 1.359112627 1,166.57 0.00 0.715262
06/30/1995 0.00115 1.342349019 1,240.81 (0.00) 0.760782
07/31/1995 0.00119 1.47536927 1,336.69 (0.00) 0.819571
08/31/1995 0.00119 1.589376556 1,351.97 (0.00) 0.82894
09/30/1995 0.00115 1.555689357 1,380.15 (0.00) 0.846218
10/31/1995 0.00119 1.641052466 1,349.79 (0.00) 0.827608
11/30/1995 0.00115 1.553188689 1,372.96 (0.00) 0.841813
12/31/1995 0.00119 1.632509742 1,378.44 (0.00) 0.845173
01/31/1996 0.00119 1.639024787 1,386.80 (0.00) 0.850296
02/29/1996 0.00111 1.542574736 1,390.28 (0.00) 0.852432
03/31/1996 0.00119 1.653100652 1,433.94 (0.00) 0.879199
04/30/1996 0.00115 1.650008049 1,479.55 (0.00) 0.907165
05/31/1996 0.00119 1.75924248 1,494.86 (0.00) 0.916552
06/30/1996 0.00115 1.720109102 1,481.10 (0.01) 0.908118
07/31/1996 0.00119 1.761089406 1,410.20 (0.00) 0.864643
08/31/1996 0.00119 1.676780004 1,462.57 (0.00) 0.896753
09/30/1996 0.00115 1.682951605 1,522.86 (0.01) 0.933724
10/31/1996 0.00119 1.810746119 1,567.99 (0.01) 0.961391
11/30/1996 0.00115 1.804258025 1,659.94 (0.01) 1.017773
12/31/1996 0.00119 1.973739659 1,648.00 (0.01) 1.010452
01/02/1997 0.00008 0.12642212 1,630.96 (0.01) 1
01/31/1997 0.00111 1.814158506 1,709.75 0.07
02/28/1997 0.00107 1.836224676 1,660.46 0.01
03/31/1997 0.00119 1.974349261 1,615.48 (0.05)
04/30/1997 0.00115 1.858910754 1,652.48 (0.02)
05/31/1997 0.00119 1.964863436 1,752.65 0.01
06/30/1997 0.00115 2.016745827 1,827.14 0.15
07/31/1997 0.00119 2.172544736 1,981.89 0.32
08/31/1997 0.00119 2.356554222 1,923.56 0.09
09/30/1997 0.00115 2.213407908 2,051.48 0.37
10/31/1997 0.00119 2.439292525 1,987.09 0.28
11/30/1997 0.00115 2.286514836 1,983.78 0.10
12/31/1997 0.00119 2.3588008 2,017.90 0.27
01/31/1998 0.00119 2.399365092 2,013.47 0.17
02/28/1998 0.00107 2.162416791 2,157.72 0.32
03/31/1998 0.00119 2.565614756 2,260.10 0.53
04/30/1998 0.00115 2.600661057 2,278.89 0.54
05/31/1998 0.00119 2.709689009 2,222.76 0.28
06/30/1998 0.00115 2.557692903 2,339.71 0.59
07/31/1998 0.00119 2.782016456 2,340.14 0.57
08/31/1998 0.00119 2.782516913 1,987.07 0.07
09/30/1998 0.00115 2.286491287 2,100.67 0.17
10/31/1998 0.00119 2.497788013 2,167.20 0.15
11/30/1998 0.00115 2.493769256 2,308.98 0.39
12/31/1998 0.00119 2.745474538 2,587.05 0.74
1.1006743 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
INDEX 500 Surrender
FUND 129 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.534101 -----------------------------
Units purchased 1,872.305 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0.534101 1,872.305 1,000.00 1,000.00 3,126.79 0.00%
08/31/1992 0.534776 1,872.305 1,001.26 0.00000 0.002619178 1,001.26 3,126.79 0.00%
09/30/1992 0.540421 1,872.305 1,011.83 0.00002 0.019668661 1,011.83 3,126.79 0.00%
10/31/1992 0.541021 1,872.305 1,012.96 0.00002 0.020538823 1,012.96 3,126.79 0.00%
11/30/1992 0.558904 1,872.305 1,046.44 0.00002 0.019898348 1,046.44 3,126.79 0.00%
12/31/1992 0.565365 1,872.305 1,058.54 0.00002 0.021241273 1,058.54 3,126.79 0.00%
01/31/1993 0.568849 1,872.305 1,065.06 0.00002 0.021486825 1,065.06 3,126.79 0.00%
02/28/1993 0.576230 1,872.305 1,078.88 0.00002 0.019527051 1,078.88 3,126.79 0.00%
03/31/1993 0.588309 1,872.305 1,101.49 0.00002 0.021899752 1,101.49 3,126.79 0.00%
04/30/1993 0.573198 1,872.305 1,073.20 0.00002 0.021637565 1,073.20 3,126.79 0.00%
05/31/1993 0.587510 1,872.305 1,100.00 0.00002 0.02178452 1,100.00 3,126.79 0.00%
06/30/1993 0.588409 1,872.305 1,101.68 0.00002 0.021608178 1,101.68 3,126.79 0.00%
07/31/1993 0.585104 1,872.305 1,095.49 0.00002 0.022362617 1,095.49 3,126.79 0.00%
08/31/1993 0.606638 1,872.305 1,135.81 0.00002 0.02223701 1,135.81 3,126.79 0.00%
09/30/1993 0.601093 1,872.305 1,125.43 0.00002 0.022311692 1,125.43 3,126.79 0.00%
10/31/1993 0.612737 1,872.305 1,147.23 0.00002 0.022844676 1,147.23 3,126.79 0.00%
11/30/1993 0.606133 1,872.305 1,134.87 0.00002 0.022536008 1,134.87 3,126.79 0.00%
12/31/1993 0.612772 1,872.305 1,147.30 0.00002 0.023036222 1,147.30 3,126.79 0.00%
01/31/1994 0.632791 1,872.305 1,184.78 0.00002 0.023288539 1,184.78 3,126.79 2.00%
02/28/1994 0.615041 1,872.305 1,151.54 0.00002 0.021722007 1,151.54 3,126.79 2.00%
03/31/1994 0.587679 1,872.305 1,100.31 0.00002 0.023374773 1,100.31 3,126.79 2.00%
04/30/1994 0.594102 1,872.305 1,112.34 0.00002 0.021614394 1,112.34 3,126.79 2.00%
05/31/1994 0.602683 1,872.305 1,128.41 0.00002 0.022578981 1,128.41 3,126.79 2.00%
06/30/1994 0.587385 1,872.305 1,099.76 0.00002 0.02216623 1,099.76 3,126.79 2.00%
07/31/1994 0.606133 1,872.305 1,134.87 0.00002 0.0223237 1,134.87 3,126.79 2.00%
08/31/1994 0.629649 1,872.305 1,178.89 0.00002 0.023036222 1,178.89 3,126.79 2.00%
09/30/1994 0.613713 1,872.305 1,149.06 0.00002 0.023158019 1,149.06 3,126.79 2.00%
10/31/1994 0.626701 1,872.305 1,173.38 0.00002 0.023324302 1,173.38 3,126.79 2.00%
11/30/1994 0.603277 1,872.305 1,129.52 0.00002 0.023049594 1,129.52 3,126.79 2.00%
12/31/1994 0.611454 1,872.305 1,144.83 0.00002 0.022927679 1,144.83 3,126.79 2.00%
01/31/1995 0.627011 1,872.305 1,173.96 0.00002 0.023238448 1,173.96 3,126.79 4.00%
02/28/1995 0.650450 1,872.305 1,217.84 0.00002 0.021523596 1,217.84 3,126.79 4.00%
03/31/1995 0.668776 1,872.305 1,252.15 0.00002 0.0247205 1,252.15 3,126.79 4.00%
04/30/1995 0.687753 1,872.305 1,287.68 0.00002 0.024597081 1,287.68 3,126.79 4.00%
05/31/1995 0.714061 1,872.305 1,336.94 0.00002 0.026138209 1,336.94 3,126.79 4.00%
06/30/1995 0.729535 1,872.305 1,365.91 0.00002 0.026262629 1,365.91 3,126.79 4.00%
07/31/1995 0.753099 1,872.305 1,410.03 0.00002 0.027726143 1,410.03 3,126.79 4.00%
08/31/1995 0.754169 1,872.305 1,412.03 0.00002 0.028621698 1,412.03 3,126.79 4.00%
09/30/1995 0.784937 1,872.305 1,469.64 0.00002 0.027737771 1,469.64 3,126.79 4.00%
10/31/1995 0.781472 1,872.305 1,463.15 0.00002 0.029831709 1,463.15 3,126.79 4.00%
11/30/1995 0.814669 1,872.305 1,525.31 0.00002 0.028741955 1,525.31 3,126.79 4.00%
12/31/1995 0.828707 1,872.305 1,551.59 0.00002 0.03096168 1,551.59 3,126.79 4.00%
01/31/1996 0.856177 1,872.305 1,603.02 0.00002 0.031495197 1,603.02 3,126.79 6.00%
02/29/1996 0.863313 1,872.305 1,616.39 0.00002 0.030439898 1,616.39 3,126.79 6.00%
03/31/1996 0.871285 1,872.305 1,631.31 0.00002 0.032810406 1,631.31 3,126.79 6.00%
04/30/1996 0.882575 1,872.305 1,652.45 0.00002 0.03204521 1,652.45 3,126.79 6.00%
05/31/1996 0.904156 1,872.305 1,692.86 0.00002 0.033542463 1,692.86 3,126.79 6.00%
06/30/1996 0.907092 1,872.305 1,698.35 0.00002 0.033254181 1,698.35 3,126.79 6.00%
07/31/1996 0.865948 1,872.305 1,621.32 0.00002 0.034474237 1,621.32 3,126.79 6.00%
08/31/1996 0.882830 1,872.305 1,652.93 0.00002 0.03291055 1,652.93 3,126.79 6.00%
09/30/1996 0.931303 1,872.305 1,743.68 0.00002 0.032469827 1,743.68 3,126.79 6.00%
10/31/1996 0.955996 1,872.305 1,789.92 0.00002 0.035394382 1,789.92 3,126.79 6.00%
11/30/1996 1.026674 1,872.305 1,922.25 0.00002 0.035160817 1,922.25 3,126.79 6.00%
12/31/1996 1.004468 1,872.305 1,880.67 0.00002 0.039018978 1,880.67 3,126.79 6.00%
01/02/1997 1.000000 1,872.305 1,872.31 0.00000 0.002517353 1,872.31 3,126.79 6.00%
01/31/1997 1.065611 1,872.305 1,995.15 0.00002 0.035712129 1,995.15 3,126.79 6.00%
02/28/1997 1.072566 1,872.305 2,008.17 0.00002 0.03657955 2,008.17 3,126.79 6.00%
03/31/1997 1.026901 1,872.305 1,922.67 0.00002 0.040763114 1,922.67 3,126.79 6.00%
04/30/1997 1.086835 1,872.305 2,034.89 0.00002 0.03776865 2,034.89 3,126.79 6.00%
05/31/1997 1.151753 1,872.305 2,156.43 0.00002 0.041305411 2,156.43 3,126.79 6.00%
06/30/1997 1.201078 1,872.305 2,248.78 0.00002 0.042360613 2,248.78 3,126.79 6.00%
07/31/1997 1.295223 1,872.305 2,425.05 0.00002 0.045647242 2,425.05 3,126.79 6.00%
08/31/1997 1.221534 1,872.305 2,287.08 0.00002 0.049225244 2,287.08 3,126.79 6.00%
09/30/1997 1.286191 1,872.305 2,408.14 0.00002 0.044927106 2,408.14 3,126.79 6.00%
10/31/1997 1.242351 1,872.305 2,326.06 0.00002 0.048881981 2,326.06 3,126.79 6.00%
11/30/1997 1.297331 1,872.305 2,429.00 0.00002 0.04569274 2,429.00 3,126.79 6.00%
12/31/1997 1.317652 1,872.305 2,467.05 0.00002 0.049305359 2,467.05 3,126.79 6.00%
01/31/1998 1.330696 1,872.305 2,491.47 0.00002 0.050077663 2,491.47 3,126.79 6.00%
02/28/1998 1.423880 1,872.305 2,665.94 0.00002 0.045679203 2,665.94 3,126.79 6.00%
03/31/1998 1.494296 1,872.305 2,797.78 0.00002 0.054114882 2,797.78 3,126.79 6.00%
04/30/1998 1.507551 1,872.305 2,822.60 0.00002 0.054959089 2,822.60 3,126.79 6.00%
05/31/1998 1.479141 1,872.305 2,769.40 0.00002 0.057294818 2,769.40 3,126.79 6.00%
06/30/1998 1.537732 1,872.305 2,879.10 0.00002 0.054401699 2,879.10 3,126.79 6.00%
07/31/1998 1.519472 1,872.305 2,844.92 0.00002 0.058441853 2,844.92 3,126.79 6.00%
08/31/1998 1.298222 1,872.305 2,430.67 0.00002 0.057747878 2,430.67 3,126.79 6.00%
09/30/1998 1.380287 1,872.305 2,584.32 0.00002 0.047747634 2,584.32 3,126.79 6.00%
10/31/1998 1.490846 1,872.305 2,791.32 0.00002 0.05245812 2,791.32 3,126.79 6.00%
11/30/1998 1.578993 1,872.305 2,956.36 0.00002 0.0548322 2,956.36 3,126.79 6.00%
12/31/1998 1.670024 1,872.305 3,126.79 0.00002 0.060009987 3,126.79 3,126.79 6.00%
12/31/1998 3,126.79
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 70.00% 3,126.79 6.3479 19.67% 19.67% 3,126.79 3,126.79 7
08/31/1992 70.00% 3,126.79 6.3370 19.69% 19.69% 3,122.85 3,122.85 7
09/30/1992 70.00% 3,126.79 6.2548 19.77% 19.77% 3,090.23 3,090.23 7
10/31/1992 70.00% 3,126.79 6.1699 20.04% 20.04% 3,086.80 3,086.80 7
11/30/1992 70.00% 3,126.79 6.0877 19.70% 19.70% 2,988.03 2,988.03 7
12/31/1992 70.00% 3,126.79 6.0027 19.77% 19.77% 2,953.89 2,953.89 7
01/31/1993 60.00% 3,126.79 5.9178 19.96% 19.96% 2,935.79 2,935.79 6
02/28/1993 60.00% 3,126.79 5.8411 19.98% 19.98% 2,898.19 2,898.19 6
03/31/1993 60.00% 3,126.79 5.7562 19.87% 19.87% 2,838.69 2,838.69 6
04/30/1993 60.00% 3,126.79 5.6740 20.74% 20.74% 2,913.52 2,913.52 6
05/31/1993 60.00% 3,126.79 5.5890 20.55% 20.55% 2,842.55 2,842.55 6
06/30/1993 60.00% 3,126.79 5.5068 20.86% 20.86% 2,838.20 2,838.20 6
07/31/1993 60.00% 3,126.79 5.4219 21.34% 21.34% 2,854.23 2,854.23 6
08/31/1993 60.00% 3,126.79 5.3370 20.89% 20.89% 2,752.92 2,752.92 6
09/30/1993 60.00% 3,126.79 5.2548 21.47% 21.47% 2,778.31 2,778.31 6
10/31/1993 60.00% 3,126.79 5.1699 21.40% 21.40% 2,725.52 2,725.52 6
11/30/1993 60.00% 3,126.79 5.0877 22.04% 22.04% 2,755.21 2,755.21 6
12/31/1993 60.00% 3,126.79 5.0027 22.19% 22.19% 2,725.36 2,725.36 6
01/31/1994 50.00% 3,126.79 4.9178 21.82% 21.82% 2,639.14 2,639.14 5
02/28/1994 50.00% 3,126.79 4.8411 22.92% 22.92% 2,715.31 2,715.31 5
03/31/1994 50.00% 3,126.79 4.7562 24.56% 24.56% 2,841.73 2,841.73 5
04/30/1994 50.00% 3,126.79 4.6740 24.75% 24.75% 2,811.01 2,811.01 5
05/31/1994 50.00% 3,126.79 4.5890 24.87% 24.87% 2,770.98 2,770.98 5
06/30/1994 50.00% 3,126.79 4.5068 26.09% 26.09% 2,843.15 2,843.15 5
07/31/1994 50.00% 3,126.79 4.4219 25.76% 25.76% 2,755.21 2,755.21 5
08/31/1994 50.00% 3,126.79 4.3370 25.22% 25.22% 2,652.31 2,652.31 5
09/30/1994 50.00% 3,126.79 4.2548 26.53% 26.53% 2,721.18 2,721.18 5
10/31/1994 50.00% 3,126.79 4.1699 26.50% 26.50% 2,664.79 2,664.79 5
11/30/1994 50.00% 3,126.79 4.0877 28.29% 28.29% 2,768.25 2,768.25 5
12/31/1994 50.00% 3,126.79 4.0027 28.53% 28.53% 2,731.23 2,731.23 5
01/31/1995 40.00% 3,126.79 3.9178 28.41% 28.41% 2,663.47 2,663.47 4
02/28/1995 40.00% 3,126.79 3.8411 27.82% 27.82% 2,567.49 2,567.49 4
03/31/1995 40.00% 3,126.74 3.7562 27.59% 27.59% 2,497.09 2,497.14 4
04/30/1995 40.00% 3,125.32 3.6740 27.30% 27.31% 2,427.08 2,428.23 4
05/31/1995 40.00% 3,123.35 3.5890 26.67% 26.71% 2,336.19 2,338.77 4
06/30/1995 40.00% 3,122.19 3.5068 26.59% 26.64% 2,285.79 2,289.16 4
07/31/1995 40.00% 3,120.42 3.4219 26.13% 26.20% 2,213.02 2,217.54 4
08/31/1995 40.00% 3,120.34 3.3370 26.82% 26.90% 2,209.82 2,214.39 4
09/30/1995 40.00% 3,118.04 3.2548 26.00% 26.11% 2,121.63 2,127.59 4
10/31/1995 40.00% 3,118.30 3.1699 26.96% 27.07% 2,131.22 2,137.02 4
11/30/1995 40.00% 3,115.81 3.0877 26.03% 26.17% 2,042.74 2,049.94 4
12/31/1995 40.00% 3,114.76 3.0027 26.12% 26.28% 2,007.46 2,015.22 4
01/31/1996 30.00% 3,086.90 2.9178 25.18% 25.73% 1,925.67 1,950.56 3
02/29/1996 30.00% 3,086.09 2.8384 25.59% 26.17% 1,909.26 1,934.44 3
03/31/1996 30.00% 3,085.20 2.7534 26.04% 26.66% 1,891.24 1,916.74 3
04/30/1996 30.00% 3,083.93 2.6712 26.31% 26.97% 1,866.28 1,892.22 3
05/31/1996 30.00% 3,081.51 2.5863 26.06% 26.78% 1,820.30 1,847.05 3
06/30/1996 30.00% 3,081.18 2.5041 26.85% 27.60% 1,814.21 1,841.07 3
07/31/1996 30.00% 3,085.80 2.4192 30.48% 31.19% 1,903.26 1,928.55 3
08/31/1996 30.00% 3,083.90 2.3342 30.63% 31.40% 1,865.72 1,891.67 3
09/30/1996 30.00% 3,078.46 2.2521 28.71% 29.60% 1,765.49 1,793.21 3
10/31/1996 30.00% 3,075.68 2.1671 28.38% 29.36% 1,718.34 1,746.89 3
11/30/1996 30.00% 3,067.74 2.0849 25.13% 26.28% 1,595.91 1,626.64 3
12/31/1996 30.00% 3,070.24 2.0000 27.77% 28.94% 1,632.52 1,662.60 3
01/02/1997 20.00% 3,051.98 1.9945 27.76% 29.32% 1,630.06 1,670.02 2
01/31/1997 20.00% 3,044.61 1.9151 24.69% 26.44% 1,526.00 1,567.20 2
02/28/1997 20.00% 3,043.83 1.8384 25.39% 27.23% 1,515.72 1,557.04 2
03/31/1997 20.00% 3,048.96 1.7534 30.08% 31.96% 1,585.79 1,626.28 2
04/30/1997 20.00% 3,042.22 1.6712 27.21% 29.31% 1,495.03 1,536.59 2
05/31/1997 20.00% 3,034.93 1.5863 24.04% 26.39% 1,407.38 1,449.98 2
06/30/1997 20.00% 3,029.39 1.5041 21.91% 24.50% 1,347.12 1,390.44 2
07/31/1997 20.00% 3,018.81 1.4192 16.69% 19.61% 1,244.84 1,289.37 2
08/31/1997 20.00% 3,027.09 1.3342 23.38% 26.41% 1,323.56 1,367.15 2
09/30/1997 20.00% 3,019.83 1.2521 19.81% 23.19% 1,254.01 1,298.43 2
10/31/1997 20.00% 3,024.75 1.1671 25.24% 28.85% 1,300.38 1,344.24 2
11/30/1997 20.00% 3,018.58 1.0849 22.18% 26.21% 1,242.72 1,287.28 2
12/31/1997 20.00% 3,016.29 1.0000 22.26% 26.74% 1,222.63 1,267.42 2
01/31/1998 10.00% 2,996.07 0.9151 20.25% 25.50% 1,183.85 1,231.03 1
02/28/1998 10.00% 2,985.60 0.8384 11.99% 17.29% 1,099.60 1,143.03 1
03/31/1998 10.00% 2,977.69 0.7534 6.43% 11.76% 1,048.07 1,087.37 1
04/30/1998 10.00% 2,976.20 0.6712 5.44% 10.78% 1,036.21 1,071.11 1
05/31/1998 10.00% 2,979.39 0.5863 7.58% 12.90% 1,043.78 1,073.76 1
06/30/1998 10.00% 2,972.81 0.5041 3.25% 8.60% 1,016.28 1,042.48 1
07/31/1998 10.00% 2,974.86 0.4192 4.57% 9.91% 1,018.90 1,040.40 1
08/31/1998 10.00% 2,999.71 0.3342 23.41% 28.64% 1,072.83 1,087.81 1
09/30/1998 10.00% 2,990.50 0.2521 15.72% 20.99% 1,037.49 1,049.21 1
10/31/1998 10.00% 2,978.08 0.1671 6.69% 12.02% 1,010.88 1,019.15 1
11/30/1998 10.00% 2,968.17 0.0849 0.40% 5.77% 1,000.34 1,004.77 1
12/31/1998 10.00% 2,957.95 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
INDEX 500 Surrender
FUND 129 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.534101 -----------------------------
Units purchased 1,872.305 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,956.36 2,968.17 3,126.79 0.40% 5.77%
09/30/1998 0.25 0.25 3 mths 2,584.32 2,990.50 3,126.79 15.72% 20.99%
12/31/1997 1.00 1.00 YTD 2,467.05 3,016.29 3,126.79 22.26% 26.74%
12/31/1997 1.00 1.00 1 Year 2,467.05 3,016.29 3,126.79 22.26% 26.74%
12/31/1996 2.00 2.00 2 Year 1,880.67 3,070.24 3,126.79 27.77% 28.94%
12/31/1995 3.00 3.00 3 Year 1,551.59 3,114.76 3,126.79 26.12% 26.28%
12/31/1994 4.00 4.00 4 Year 1,144.83 3,126.79 3,126.79 28.53% 28.53%
12/31/1993 5.00 5.00 5 Year 1,147.30 3,126.79 3,126.79 22.19% 22.19%
12/31/1988 10.01 10.01 10 Year #N/A #N/A #N/A #N/A #N/A
08/27/1992 6.35 6.35 Portfolio Inc Dt 1,000.00 3,126.79 3,126.79 19.67% 19.67%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,872.31 3,051.98 3,126.79 27.76% 29.32%
12/31/1992 1,058.54
12/31/1993 1 1,147.30 8.39%
12/31/1994 1 1,144.83 -0.22%
12/31/1995 1 1,551.59 35.53%
12/31/1996 1 1,880.67 21.21%
12/31/1997 1 2,467.05 31.18%
12/31/1998 1 3,126.79 26.74%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
INDEX 500
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0 20 50.00 1,000.00
08/31/1992 1000 0 10 20 50.07 1,001.40 0.14%
09/30/1992 1001.4 0 10 20 50.65 1,013.00 1.16%
10/31/1992 1013 0 10 20 50.76 1,015.20 0.22%
11/30/1992 1015.2 0 10 20 52.49 1,049.80 3.41%
12/31/1992 1049.8 0.55 52.28 20.21 52.60 1,063.05 1.26%
01/31/1993 1063.05 0 10 20.21 52.98 1,070.73 0.72%
02/28/1993 1070.73 0.15 54.16 20.266 53.57 1,085.65 1.39%
03/31/1993 1085.65 0 10 20.266 54.75 1,109.56 2.20%
04/30/1993 1109.56 0 10 20.266 53.40 1,082.20 -2.47%
05/31/1993 1082.2 0 10 20.266 54.79 1,110.37 2.60%
06/30/1993 1110.37 0 10 20.266 54.93 1,113.21 0.26%
07/31/1993 1113.21 0 10 20.266 54.68 1,108.14 -0.46%
08/31/1993 1108.14 0 10 20.266 56.75 1,150.10 3.79%
09/30/1993 1150.1 0 10 20.266 56.29 1,140.77 -0.81%
10/31/1993 1140.77 0 10 20.266 57.44 1,164.08 2.04%
11/30/1993 1164.08 0 10 20.266 56.88 1,152.73 -0.98%
12/31/1993 1152.73 1.82 55.63 20.929 55.74 1,166.58 1.20%
01/31/1994 1166.58 0 10 20.929 57.62 1,205.93 3.37%
02/28/1994 1205.93 0.1 56.17 20.966 55.96 1,173.26 -2.71%
03/31/1994 1173.26 0 10 20.966 53.53 1,122.31 -4.34%
04/30/1994 1122.31 0 10 20.966 54.17 1,135.73 1.20%
05/31/1994 1135.73 0 10 20.966 55.01 1,153.34 1.55%
06/30/1994 1153.34 0 10 20.966 53.67 1,125.25 -2.44%
07/31/1994 1125.25 0 10 20.966 55.44 1,162.36 3.30%
08/31/1994 1162.36 0 10 20.966 57.65 1,208.69 3.99%
09/30/1994 1208.69 0 10 20.966 56.25 1,179.34 -2.43%
10/31/1994 1179.34 0 10 20.966 57.50 1,205.55 2.22%
11/30/1994 1205.55 0 10 20.966 55.41 1,161.73 -3.63%
12/31/1994 1161.73 0 10 20.966 56.22 1,178.71 1.46%
01/31/1995 1178.71 0 10 20.966 57.71 1,209.95 2.65%
02/28/1995 1209.95 1.08 57.65 21.359 58.82 1,256.34 3.83%
03/31/1995 1256.34 0 10 21.359 60.54 1,293.07 2.92%
04/30/1995 1293.07 0 10 21.359 62.32 1,331.09 2.94%
05/31/1995 1331.09 0 10 21.359 64.77 1,383.42 3.93%
06/30/1995 1383.42 0 10 21.359 66.24 1,414.82 2.27%
07/31/1995 1414.82 0 10 21.359 68.45 1,462.02 3.34%
08/31/1995 1462.02 0 10 21.359 68.62 1,465.65 0.25%
09/30/1995 1465.65 0 10 21.359 71.49 1,526.95 4.18%
10/31/1995 1526.95 0 10 21.359 71.25 1,521.83 -0.34%
11/30/1995 1521.83 0 10 21.359 74.35 1,588.04 4.35%
12/31/1995 1588.04 0 10 21.359 75.71 1,617.09 1.83%
01/31/1996 1617.09 0 10 21.359 78.30 1,672.41 3.42%
02/29/1996 1672.41 3.25 75.06 22.284 75.75 1,688.01 0.93%
03/31/1996 1688.01 0 10 22.284 76.53 1,705.39 1.03%
04/30/1996 1705.39 0 10 22.284 77.60 1,729.24 1.40%
05/31/1996 1729.24 0 10 22.284 79.58 1,773.36 2.55%
06/30/1996 1773.36 0 10 22.284 79.92 1,780.94 0.43%
07/31/1996 1780.94 0 10 22.284 76.38 1,702.05 -4.43%
08/31/1996 1702.05 0 10 22.284 77.95 1,737.04 2.06%
09/30/1996 1737.04 0 10 22.284 82.31 1,834.20 5.59%
10/31/1996 1834.2 0 10 22.284 84.58 1,884.78 2.76%
11/30/1996 1884.78 0 10 22.284 90.92 2,026.06 7.50%
12/31/1996 2026.06 0 10 22.284 89.05 1,984.39 -2.06%
01/02/1997 1984.39 0 10 22.284 88.66 1,975.70 -0.44%
01/31/1997 1975.7 0 10 22.284 94.57 2,107.40 6.67%
02/28/1997 2107.4 3.12 91.92 23.04 92.15 2,123.14 0.75%
03/31/1997 2123.14 0 10 23.04 88.32 2,034.89 -4.16%
04/30/1997 2034.89 0 10 23.04 93.57 2,155.85 5.94%
05/31/1997 2155.85 0 10 23.04 99.26 2,286.95 6.08%
06/30/1997 2286.95 0 10 23.04 103.62 2,387.40 4.39%
07/31/1997 2387.4 0 10 23.04 111.86 2,577.25 7.95%
08/31/1997 2577.25 0 10 23.04 105.60 2,433.02 -5.60%
09/30/1997 2433.02 0 10 23.04 111.31 2,564.58 5.41%
10/31/1997 2564.58 0 10 23.04 107.63 2,479.80 -3.31%
11/30/1997 2479.8 0 10 23.04 112.50 2,592.00 4.52%
12/31/1997 2592 0 10 23.04 114.40 2,635.78 1.69%
01/31/1998 2635.78 0 10 23.04 115.64 2,664.35 1.08%
02/28/1998 2664.35 4.51 114.96 23.944 119.18 2,853.65 7.10%
03/31/1998 2853.65 0 10 23.944 125.21 2,998.03 5.06%
04/30/1998 2998.03 0 10 23.944 126.45 3,027.72 0.99%
05/31/1998 3027.72 0 10 23.944 124.19 2,973.61 -1.79%
06/30/1998 2973.61 0 10 23.944 129.25 3,094.76 4.07%
07/31/1998 3094.76 0 10 23.944 127.85 3,061.24 -1.08%
08/31/1998 3061.24 0 10 23.944 109.35 2,618.28 -14.47%
09/30/1998 2618.28 0 10 23.944 116.38 2,786.60 6.43%
10/31/1998 2786.6 0 10 23.944 125.83 3,012.87 8.12%
11/30/1998 3012.87 0 10 23.944 133.41 3,194.37 6.02%
12/31/1998 3194.37 0 10 23.944 141.25 3,382.09 5.88%
1.7866
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/27/1992 1,000.00 0.534101
08/31/1992 0.00014 0.136986301 1,001.26 (0.00) 0.534776
09/30/1992 0.00103 1.028694877 1,011.83 (0.00) 0.540421
10/31/1992 0.00106 1.074205983 1,012.96 (0.00) 0.541021
11/30/1992 0.00103 1.04070821 1,046.44 0.00 0.558904
12/31/1992 0.00106 1.110945304 1,058.54 (0.00) 0.565365
01/31/1993 0.00106 1.123787618 1,065.06 0.00 0.568849
02/28/1993 0.00096 1.021289482 1,078.88 0.00 0.57623
03/31/1993 0.00106 1.145384942 1,101.49 0.00 0.588309
04/30/1993 0.00103 1.13167213 1,073.20 (0.00) 0.573198
05/31/1993 0.00106 1.139357676 1,100.00 (0.00) 0.58751
06/30/1993 0.00103 1.130134758 1,101.68 0.00 0.588409
07/31/1993 0.00106 1.16959302 1,095.49 0.00 0.585104
08/31/1993 0.00106 1.163024538 1,135.81 0.00 0.606638
09/30/1993 0.00103 1.166930358 1,125.43 0.00 0.601093
10/31/1993 0.00106 1.194807088 1,147.23 0.00 0.612737
11/30/1993 0.00103 1.178663999 1,134.87 0.00 0.606133
12/31/1993 0.00106 1.204826207 1,147.30 0.00 0.612772
01/31/1994 0.00106 1.218023045 1,184.78 0.00 0.632791
02/28/1994 0.00096 1.136091119 1,151.55 0.00 0.615041
03/31/1994 0.00106 1.222533416 1,100.32 0.00 0.587679
04/30/1994 0.00103 1.130463651 1,112.34 0.00 0.594102
05/31/1994 0.00106 1.180913703 1,128.41 0.00 0.602683
06/30/1994 0.00103 1.159326375 1,099.77 0.00 0.587385
07/31/1994 0.00106 1.167562802 1,134.87 0.01 0.606133
08/31/1994 0.00106 1.204828714 1,178.90 0.01 0.629649
09/30/1994 0.00103 1.211199055 1,149.06 0.00 0.613713
10/31/1994 0.00106 1.219895205 1,173.38 0.00 0.626701
11/30/1994 0.00103 1.205527182 1,129.52 0.01 0.603277
12/31/1994 0.00106 1.199151771 1,144.83 0.01 0.611454
01/31/1995 0.00106 1.215405661 1,173.96 0.00 0.627011
02/28/1995 0.00096 1.125715521 1,217.84 0.00 0.65045
03/31/1995 0.00106 1.292917533 1,252.16 0.00 0.668776
04/30/1995 0.00103 1.286462212 1,287.69 0.00 0.687753
05/31/1995 0.00106 1.36706509 1,336.94 0.00 0.714061
06/30/1995 0.00103 1.373572322 1,365.92 0.00 0.729535
07/31/1995 0.00106 1.450115521 1,410.03 0.00 0.753099
08/31/1995 0.00106 1.496953513 1,412.04 0.00 0.754169
09/30/1995 0.00103 1.450723565 1,469.64 0.00 0.784937
10/31/1995 0.00106 1.560239099 1,463.16 0.00 0.781472
11/30/1995 0.00103 1.503242961 1,525.31 0.00 0.814669
12/31/1995 0.00106 1.619336532 1,551.59 0.00 0.828707
01/31/1996 0.00106 1.647239881 1,603.03 0.00 0.856177
02/29/1996 0.00099 1.592046223 1,616.39 0.00 0.863313
03/31/1996 0.00106 1.71602687 1,631.31 0.00 0.871285
04/30/1996 0.00103 1.676006639 1,652.45 0.00 0.882575
05/31/1996 0.00106 1.754314579 1,692.86 0.00 0.904156
06/30/1996 0.00103 1.7392373 1,698.35 0.00 0.907092
07/31/1996 0.00106 1.803047378 1,621.32 0.00 0.865948
08/31/1996 0.00106 1.721263897 1,652.93 0.00 0.88283
09/30/1996 0.00103 1.698214373 1,743.69 0.00 0.931303
10/31/1996 0.00106 1.851173215 1,789.92 0.00 0.955996
11/30/1996 0.00103 1.838957403 1,922.25 0.00 1.026674
12/31/1996 0.00106 2.040743719 1,880.67 0.00 1.004468
01/02/1997 0.00007 0.128813237 1,872.31 0.00 1
01/31/1997 0.00099 1.859484612 1,995.26 0.11
02/28/1997 0.00096 1.913260233 2,008.25 0.08
03/31/1997 0.00106 2.132042255 1,922.64 (0.03)
04/30/1997 0.00103 1.975314926 2,034.95 0.07
05/31/1997 0.00106 2.160394309 2,156.54 0.11
06/30/1997 0.00103 2.215622986 2,249.05 0.26
07/31/1997 0.00106 2.38768588 2,425.51 0.45
08/31/1997 0.00106 2.575023742 2,287.19 0.11
09/30/1997 0.00103 2.349856037 2,408.52 0.38
10/31/1997 0.00106 2.556988396 2,326.34 0.28
11/30/1997 0.00103 2.390075564 2,429.21 0.21
12/31/1997 0.00106 2.578952384 2,467.66 0.61
01/31/1998 0.00106 2.619774076 2,491.79 0.32
02/28/1998 0.00096 2.389383898 2,666.44 0.50
03/31/1998 0.00106 2.830805499 2,798.51 0.74
04/30/1998 0.00103 2.875184882 2,823.35 0.76
05/31/1998 0.00106 2.997394514 2,769.90 0.49
06/30/1998 0.00103 2.845784818 2,879.90 0.80
07/31/1998 0.00106 3.057430023 2,845.65 0.74
08/31/1998 0.00106 3.02106845 2,430.87 0.20
09/30/1998 0.00103 2.497465118 2,584.64 0.32
10/31/1998 0.00106 2.743967549 2,791.77 0.45
11/30/1998 0.00103 2.868254232 2,957.08 0.72
12/31/1998 0.00106 3.139365366 3,127.72 0.92
1.5846404 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
INDEX 500 Surrender
FUND 189 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.537558 -----------------------------
Units purchased 1,860.264 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0.537558 1,860.264 1,000.00 1,000.00 3,097.53 0.00%
08/31/1992 0.538228 1,860.264 1,001.25 0.00000 0.002619178 1,001.25 3,097.53 0.00%
09/30/1992 0.543843 1,860.264 1,011.69 0.00002 0.019668315 1,011.69 3,097.53 0.00%
10/31/1992 0.544377 1,860.264 1,012.68 0.00002 0.020535953 1,012.68 3,097.53 0.00%
11/30/1992 0.562304 1,860.264 1,046.03 0.00002 0.019893016 1,046.03 3,097.53 0.00%
12/31/1992 0.568732 1,860.264 1,057.99 0.00002 0.021233055 1,057.99 3,097.53 0.00%
01/31/1993 0.572165 1,860.264 1,064.38 0.00002 0.021475782 1,064.38 3,097.53 0.00%
02/28/1993 0.579523 1,860.264 1,078.07 0.00002 0.019514568 1,078.07 3,097.53 0.00%
03/31/1993 0.591597 1,860.264 1,100.53 0.00002 0.021883258 1,100.53 3,097.53 0.00%
04/30/1993 0.576328 1,860.264 1,072.12 0.00002 0.021618564 1,072.12 3,097.53 0.00%
05/31/1993 0.590645 1,860.264 1,098.76 0.00002 0.021762613 1,098.76 3,097.53 0.00%
06/30/1993 0.591476 1,860.264 1,100.30 0.00002 0.021583775 1,100.30 3,097.53 0.00%
07/31/1993 0.588079 1,860.264 1,093.98 0.00002 0.022334613 1,093.98 3,097.53 0.00%
08/31/1993 0.609648 1,860.264 1,134.11 0.00002 0.02220634 1,134.11 3,097.53 0.00%
09/30/1993 0.604001 1,860.264 1,123.60 0.00002 0.022278196 1,123.60 3,097.53 0.00%
10/31/1993 0.615625 1,860.264 1,145.23 0.00002 0.022807568 1,145.23 3,097.53 0.00%
11/30/1993 0.608914 1,860.264 1,132.74 0.00002 0.022496612 1,132.74 3,097.53 0.00%
12/31/1993 0.615506 1,860.264 1,145.00 0.00002 0.022993086 1,145.00 3,097.53 0.00%
01/31/1994 0.635536 1,860.264 1,182.26 0.00002 0.023242006 1,182.26 3,097.53 2.00%
02/28/1994 0.617636 1,860.264 1,148.97 0.00002 0.021675933 1,148.97 3,097.53 2.00%
03/31/1994 0.590080 1,860.264 1,097.70 0.00002 0.023322436 1,097.70 3,097.53 2.00%
04/30/1994 0.596457 1,860.264 1,109.57 0.00002 0.021563128 1,109.57 3,097.53 2.00%
05/31/1994 0.604996 1,860.264 1,125.45 0.00002 0.0225227 1,125.45 3,097.53 2.00%
06/30/1994 0.589565 1,860.264 1,096.75 0.00002 0.0221082 1,096.75 3,097.53 2.00%
07/31/1994 0.608307 1,860.264 1,131.61 0.00002 0.022262452 1,131.61 3,097.53 2.00%
08/31/1994 0.631830 1,860.264 1,175.37 0.00002 0.022970166 1,175.37 3,097.53 2.00%
09/30/1994 0.615761 1,860.264 1,145.48 0.00002 0.023088787 1,145.48 3,097.53 2.00%
10/31/1994 0.628714 1,860.264 1,169.57 0.00002 0.023251635 1,169.57 3,097.53 2.00%
11/30/1994 0.605138 1,860.264 1,125.72 0.00002 0.02297492 1,125.72 3,097.53 2.00%
12/31/1994 0.613263 1,860.264 1,140.83 0.00002 0.022850502 1,140.83 3,097.53 2.00%
01/31/1995 0.628787 1,860.264 1,169.71 0.00002 0.023157308 1,169.71 3,097.53 4.00%
02/28/1995 0.652220 1,860.264 1,213.30 0.00002 0.021445748 1,213.30 3,097.53 4.00%
03/31/1995 0.670513 1,860.264 1,247.33 0.00002 0.024628356 1,247.33 3,097.53 4.00%
04/30/1995 0.689456 1,860.264 1,282.57 0.00002 0.024502369 1,282.57 3,097.53 4.00%
05/31/1995 0.715741 1,860.264 1,331.47 0.00002 0.026034418 1,331.47 3,097.53 4.00%
06/30/1995 0.731163 1,860.264 1,360.16 0.00002 0.026155123 1,360.16 3,097.53 4.00%
07/31/1995 0.754686 1,860.264 1,403.92 0.00002 0.027609308 1,403.92 3,097.53 4.00%
08/31/1995 0.755662 1,860.264 1,405.73 0.00002 0.028497555 1,405.73 3,097.53 4.00%
09/30/1995 0.786398 1,860.264 1,462.91 0.00002 0.027613945 1,462.91 3,097.53 4.00%
10/31/1995 0.782826 1,860.264 1,456.26 0.00002 0.029695026 1,456.26 3,097.53 4.00%
11/30/1995 0.815984 1,860.264 1,517.95 0.00002 0.028606591 1,517.95 3,097.53 4.00%
12/31/1995 0.829941 1,860.264 1,543.91 0.00002 0.030812218 1,543.91 3,097.53 4.00%
01/31/1996 0.857346 1,860.264 1,594.89 0.00002 0.031339245 1,594.89 3,097.53 6.00%
02/29/1996 0.864390 1,860.264 1,607.99 0.00002 0.03028543 1,607.99 3,097.53 6.00%
03/31/1996 0.872262 1,860.264 1,622.64 0.00002 0.032640067 1,622.64 3,097.53 6.00%
04/30/1996 0.883457 1,860.264 1,643.46 0.00002 0.031874826 1,643.46 3,097.53 6.00%
05/31/1996 0.904947 1,860.264 1,683.44 0.00002 0.033360053 1,683.44 3,097.53 6.00%
06/30/1996 0.907774 1,860.264 1,688.70 0.00002 0.033069225 1,688.70 3,097.53 6.00%
07/31/1996 0.866483 1,860.264 1,611.89 0.00002 0.034278282 1,611.89 3,097.53 6.00%
08/31/1996 0.883265 1,860.264 1,643.11 0.00002 0.032719101 1,643.11 3,097.53 6.00%
09/30/1996 0.931653 1,860.264 1,733.12 0.00002 0.032276906 1,733.12 3,097.53 6.00%
10/31/1996 0.956237 1,860.264 1,778.85 0.00002 0.035179973 1,778.85 3,097.53 6.00%
11/30/1996 1.026815 1,860.264 1,910.15 0.00002 0.034943501 1,910.15 3,097.53 6.00%
12/31/1996 1.004476 1,860.264 1,868.59 0.00002 0.038773367 1,868.59 3,097.53 6.00%
01/02/1997 1.000000 1,860.264 1,860.26 0.00000 0.002501508 1,860.26 3,097.53 6.00%
01/31/1997 1.065484 1,860.264 1,982.08 0.00002 0.035482743 1,982.08 3,097.53 6.00%
02/28/1997 1.072317 1,860.264 1,994.79 0.00002 0.036339971 1,994.79 3,097.53 6.00%
03/31/1997 1.026533 1,860.264 1,909.62 0.00002 0.040491559 1,909.62 3,097.53 6.00%
04/30/1997 1.086315 1,860.264 2,020.83 0.00002 0.037512308 2,020.83 3,097.53 6.00%
05/31/1997 1.151063 1,860.264 2,141.28 0.00002 0.041020135 2,141.28 3,097.53 6.00%
06/30/1997 1.200206 1,860.264 2,232.70 0.00002 0.042062973 2,232.70 3,097.53 6.00%
07/31/1997 1.294120 1,860.264 2,407.40 0.00002 0.045320752 2,407.40 3,097.53 6.00%
08/31/1997 1.220348 1,860.264 2,270.17 0.00002 0.048867021 2,270.17 3,097.53 6.00%
09/30/1997 1.284777 1,860.264 2,390.02 0.00002 0.044594836 2,390.02 3,097.53 6.00%
10/31/1997 1.240827 1,860.264 2,308.27 0.00002 0.048514221 2,308.27 3,097.53 6.00%
11/30/1997 1.295596 1,860.264 2,410.15 0.00002 0.045343194 2,410.15 3,097.53 6.00%
12/31/1997 1.315713 1,860.264 2,447.57 0.00002 0.048922756 2,447.57 3,097.53 6.00%
01/31/1998 1.328575 1,860.264 2,471.50 0.00002 0.04968239 2,471.50 3,097.53 6.00%
02/28/1998 1.421452 1,860.264 2,644.28 0.00002 0.045313095 2,644.28 3,097.53 6.00%
03/31/1998 1.491553 1,860.264 2,774.68 0.00002 0.05367518 2,774.68 3,097.53 6.00%
04/30/1998 1.504601 1,860.264 2,798.96 0.00002 0.054505404 2,798.96 3,097.53 6.00%
05/31/1998 1.476073 1,860.264 2,745.89 0.00002 0.056814954 2,745.89 3,097.53 6.00%
06/30/1998 1.534346 1,860.264 2,854.29 0.00002 0.053939723 2,854.29 3,097.53 6.00%
07/31/1998 1.515936 1,860.264 2,820.04 0.00002 0.057938149 2,820.04 3,097.53 6.00%
08/31/1998 1.295035 1,860.264 2,409.11 0.00002 0.057242973 2,409.11 3,097.53 6.00%
09/30/1998 1.376729 1,860.264 2,561.08 0.00002 0.047324102 2,561.08 3,097.53 6.00%
10/31/1998 1.486824 1,860.264 2,765.89 0.00002 0.051986403 2,765.89 3,097.53 6.00%
11/30/1998 1.574535 1,860.264 2,929.05 0.00002 0.054332593 2,929.05 3,097.53 6.00%
12/31/1998 1.665101 1,860.264 3,097.53 0.00002 0.059455718 3,097.53 3,097.53 6.00%
12/31/1998 3,097.53
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 70.00% 3,097.53 6.3479 19.50% 19.50% 3,097.53 3,097.53 7
08/31/1992 70.00% 3,097.53 6.3370 19.51% 19.51% 3,093.67 3,093.67 7
09/30/1992 70.00% 3,097.53 6.2548 19.59% 19.59% 3,061.73 3,061.73 7
10/31/1992 70.00% 3,097.53 6.1699 19.87% 19.87% 3,058.73 3,058.73 7
11/30/1992 70.00% 3,097.53 6.0877 19.52% 19.52% 2,961.21 2,961.21 7
12/31/1992 70.00% 3,097.53 6.0027 19.60% 19.60% 2,927.74 2,927.74 7
01/31/1993 60.00% 3,097.53 5.9178 19.78% 19.78% 2,910.18 2,910.18 6
02/28/1993 60.00% 3,097.53 5.8411 19.80% 19.80% 2,873.23 2,873.23 6
03/31/1993 60.00% 3,097.53 5.7562 19.69% 19.69% 2,814.59 2,814.59 6
04/30/1993 60.00% 3,097.53 5.6740 20.56% 20.56% 2,889.16 2,889.16 6
05/31/1993 60.00% 3,097.53 5.5890 20.37% 20.37% 2,819.12 2,819.12 6
06/30/1993 60.00% 3,097.53 5.5068 20.68% 20.68% 2,815.16 2,815.16 6
07/31/1993 60.00% 3,097.53 5.4219 21.16% 21.16% 2,831.42 2,831.42 6
08/31/1993 60.00% 3,097.53 5.3370 20.72% 20.72% 2,731.25 2,731.25 6
09/30/1993 60.00% 3,097.53 5.2548 21.29% 21.29% 2,756.79 2,756.79 6
10/31/1993 60.00% 3,097.53 5.1699 21.22% 21.22% 2,704.73 2,704.73 6
11/30/1993 60.00% 3,097.53 5.0877 21.86% 21.86% 2,734.54 2,734.54 6
12/31/1993 60.00% 3,097.53 5.0027 22.01% 22.01% 2,705.26 2,705.26 6
01/31/1994 50.00% 3,097.53 4.9178 21.63% 21.63% 2,619.99 2,619.99 5
02/28/1994 50.00% 3,097.53 4.8411 22.74% 22.74% 2,695.93 2,695.93 5
03/31/1994 50.00% 3,097.53 4.7562 24.37% 24.37% 2,821.82 2,821.82 5
04/30/1994 50.00% 3,097.53 4.6740 24.56% 24.56% 2,791.65 2,791.65 5
05/31/1994 50.00% 3,097.53 4.5890 24.68% 24.68% 2,752.25 2,752.25 5
06/30/1994 50.00% 3,097.53 4.5068 25.91% 25.91% 2,824.29 2,824.29 5
07/31/1994 50.00% 3,097.53 4.4219 25.57% 25.57% 2,737.27 2,737.27 5
08/31/1994 50.00% 3,097.53 4.3370 25.04% 25.04% 2,635.36 2,635.36 5
09/30/1994 50.00% 3,097.53 4.2548 26.34% 26.34% 2,704.14 2,704.14 5
10/31/1994 50.00% 3,097.53 4.1699 26.31% 26.31% 2,648.42 2,648.42 5
11/30/1994 50.00% 3,097.53 4.0877 28.10% 28.10% 2,751.61 2,751.61 5
12/31/1994 50.00% 3,097.53 4.0027 28.34% 28.34% 2,715.15 2,715.15 5
01/31/1995 40.00% 3,097.53 3.9178 28.22% 28.22% 2,648.12 2,648.12 4
02/28/1995 40.00% 3,097.53 3.8411 27.64% 27.64% 2,552.97 2,552.97 4
03/31/1995 40.00% 3,097.19 3.7562 27.40% 27.40% 2,483.06 2,483.32 4
04/30/1995 40.00% 3,095.79 3.6740 27.10% 27.12% 2,413.74 2,415.09 4
05/31/1995 40.00% 3,093.83 3.5890 26.48% 26.52% 2,323.62 2,326.40 4
06/30/1995 40.00% 3,092.68 3.5068 26.40% 26.45% 2,273.77 2,277.33 4
07/31/1995 40.00% 3,090.93 3.4219 25.94% 26.02% 2,201.65 2,206.35 4
08/31/1995 40.00% 3,090.86 3.3370 26.63% 26.71% 2,198.76 2,203.50 4
09/30/1995 40.00% 3,088.57 3.2548 25.81% 25.92% 2,111.25 2,117.38 4
10/31/1995 40.00% 3,088.84 3.1699 26.77% 26.88% 2,121.07 2,127.04 4
11/30/1995 40.00% 3,086.37 3.0877 25.84% 25.99% 2,033.25 2,040.60 4
12/31/1995 40.00% 3,085.33 3.0027 25.93% 26.10% 1,998.39 2,006.29 4
01/31/1996 30.00% 3,057.59 2.9178 24.99% 25.55% 1,917.12 1,942.16 3
02/29/1996 30.00% 3,056.80 2.8384 25.40% 25.98% 1,901.00 1,926.33 3
03/31/1996 30.00% 3,055.92 2.7534 25.85% 26.47% 1,883.31 1,908.95 3
04/30/1996 30.00% 3,054.68 2.6712 26.12% 26.78% 1,858.68 1,884.76 3
05/31/1996 30.00% 3,052.28 2.5863 25.87% 26.59% 1,813.12 1,840.00 3
06/30/1996 30.00% 3,051.96 2.5041 26.66% 27.41% 1,807.29 1,834.27 3
07/31/1996 30.00% 3,056.57 2.4192 30.28% 31.00% 1,896.27 1,921.68 3
08/31/1996 30.00% 3,054.70 2.3342 30.43% 31.21% 1,859.10 1,885.17 3
09/30/1996 30.00% 3,049.30 2.2521 28.51% 29.41% 1,759.43 1,787.25 3
10/31/1996 30.00% 3,046.55 2.1671 28.18% 29.17% 1,712.65 1,741.31 3
11/30/1996 30.00% 3,038.67 2.0849 24.94% 26.10% 1,590.81 1,621.62 3
12/31/1996 30.00% 3,041.17 2.0000 27.57% 28.75% 1,627.52 1,657.68 3
01/02/1997 20.00% 3,023.08 1.9945 27.56% 29.13% 1,625.08 1,665.10 2
01/31/1997 20.00% 3,015.77 1.9151 24.50% 26.25% 1,521.52 1,562.76 2
02/28/1997 20.00% 3,015.01 1.8384 25.19% 27.05% 1,511.44 1,552.81 2
03/31/1997 20.00% 3,020.12 1.7534 29.88% 31.77% 1,581.53 1,622.06 2
04/30/1997 20.00% 3,013.45 1.6712 27.01% 29.12% 1,491.19 1,532.80 2
05/31/1997 20.00% 3,006.22 1.5863 23.85% 26.21% 1,403.94 1,446.58 2
06/30/1997 20.00% 3,000.74 1.5041 21.72% 24.32% 1,343.99 1,387.35 2
07/31/1997 20.00% 2,990.25 1.4192 16.51% 19.44% 1,242.11 1,286.67 2
08/31/1997 20.00% 2,998.49 1.3342 23.19% 26.23% 1,320.82 1,364.45 2
09/30/1997 20.00% 2,991.30 1.2521 19.63% 23.01% 1,251.58 1,296.02 2
10/31/1997 20.00% 2,996.20 1.1671 25.04% 28.66% 1,298.03 1,341.93 2
11/30/1997 20.00% 2,990.09 1.0849 21.99% 26.02% 1,240.62 1,285.20 2
12/31/1997 20.00% 2,987.84 1.0000 22.07% 26.56% 1,220.74 1,265.55 2
01/31/1998 10.00% 2,967.82 0.9151 20.08% 25.33% 1,182.31 1,229.50 1
02/28/1998 10.00% 2,957.46 0.8384 11.84% 17.14% 1,098.39 1,141.84 1
03/31/1998 10.00% 2,949.63 0.7534 6.31% 11.64% 1,047.14 1,086.46 1
04/30/1998 10.00% 2,948.18 0.6712 5.33% 10.67% 1,035.48 1,070.40 1
05/31/1998 10.00% 2,951.36 0.5863 7.48% 12.81% 1,043.22 1,073.21 1
06/30/1998 10.00% 2,944.86 0.5041 3.17% 8.52% 1,015.87 1,042.09 1
07/31/1998 10.00% 2,946.91 0.4192 4.50% 9.84% 1,018.62 1,040.13 1
08/31/1998 10.00% 2,971.57 0.3342 23.35% 28.58% 1,072.64 1,087.63 1
09/30/1998 10.00% 2,962.45 0.2521 15.67% 20.95% 1,037.38 1,049.11 1
10/31/1998 10.00% 2,950.16 0.1671 6.66% 11.99% 1,010.84 1,019.10 1
11/30/1998 10.00% 2,940.37 0.0849 0.39% 5.75% 1,000.33 1,004.76 1
12/31/1998 10.00% 2,930.26 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
INDEX 500 Surrender
FUND 189 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.537558 -----------------------------
Units purchased 1,860.264 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,929.05 2,940.37 3,097.53 0.39% 5.75%
09/30/1998 0.25 0.25 3 mths 2,561.08 2,962.45 3,097.53 15.67% 20.95%
12/31/1997 1.00 1.00 YTD 2,447.57 2,987.84 3,097.53 22.07% 26.56%
12/31/1997 1.00 1.00 1 Year 2,447.57 2,987.84 3,097.53 22.07% 26.56%
12/31/1996 2.00 2.00 2 Year 1,868.59 3,041.17 3,097.53 27.57% 28.75%
12/31/1995 3.00 3.00 3 Year 1,543.91 3,085.33 3,097.53 25.93% 26.10%
12/31/1994 4.00 4.00 4 Year 1,140.83 3,097.53 3,097.53 28.34% 28.34%
12/31/1993 5.00 5.00 5 Year 1,145.00 3,097.53 3,097.53 22.01% 22.01%
12/31/1988 10.01 10.01 10 Year #N/A #N/A #N/A #N/A #N/A
08/27/1992 6.35 6.35 Portfolio Inc Dt 1,000.00 3,097.53 3,097.53 19.50% 19.50%
01/02/1997 1.99 1.99 Subacct Inc Dt 1,860.26 3,023.08 3,097.53 27.56% 29.13%
12/31/1992 1,057.99
12/31/1993 1 1,145.00 8.22%
12/31/1994 1 1,140.83 -0.36%
12/31/1995 1 1,543.91 35.33%
12/31/1996 1 1,868.59 21.03%
12/31/1997 1 2,447.57 30.99%
12/31/1998 1 3,097.53 26.56%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
INDEX 500
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0 20 50.00 1,000.00
08/31/1992 1000 0 10 20 50.07 1,001.40 0.14%
09/30/1992 1001.4 0 10 20 50.65 1,013.00 1.16%
10/31/1992 1013 0 10 20 50.76 1,015.20 0.22%
11/30/1992 1015.2 0 10 20 52.49 1,049.80 3.41%
12/31/1992 1049.8 0.55 52.28 20.21 52.60 1,063.05 1.26%
01/31/1993 1063.05 0 10 20.21 52.98 1,070.73 0.72%
02/28/1993 1070.73 0.15 54.16 20.266 53.57 1,085.65 1.39%
03/31/1993 1085.65 0 10 20.266 54.75 1,109.56 2.20%
04/30/1993 1109.56 0 10 20.266 53.40 1,082.20 -2.47%
05/31/1993 1082.2 0 10 20.266 54.79 1,110.37 2.60%
06/30/1993 1110.37 0 10 20.266 54.93 1,113.21 0.26%
07/31/1993 1113.21 0 10 20.266 54.68 1,108.14 -0.46%
08/31/1993 1108.14 0 10 20.266 56.75 1,150.10 3.79%
09/30/1993 1150.1 0 10 20.266 56.29 1,140.77 -0.81%
10/31/1993 1140.77 0 10 20.266 57.44 1,164.08 2.04%
11/30/1993 1164.08 0 10 20.266 56.88 1,152.73 -0.98%
12/31/1993 1152.73 1.82 55.63 20.929 55.74 1,166.58 1.20%
01/31/1994 1166.58 0 10 20.929 57.62 1,205.93 3.37%
02/28/1994 1205.93 0.1 56.17 20.966 55.96 1,173.26 -2.71%
03/31/1994 1173.26 0 10 20.966 53.53 1,122.31 -4.34%
04/30/1994 1122.31 0 10 20.966 54.17 1,135.73 1.20%
05/31/1994 1135.73 0 10 20.966 55.01 1,153.34 1.55%
06/30/1994 1153.34 0 10 20.966 53.67 1,125.25 -2.44%
07/31/1994 1125.25 0 10 20.966 55.44 1,162.36 3.30%
08/31/1994 1162.36 0 10 20.966 57.65 1,208.69 3.99%
09/30/1994 1208.69 0 10 20.966 56.25 1,179.34 -2.43%
10/31/1994 1179.34 0 10 20.966 57.50 1,205.55 2.22%
11/30/1994 1205.55 0 10 20.966 55.41 1,161.73 -3.63%
12/31/1994 1161.73 0 10 20.966 56.22 1,178.71 1.46%
01/31/1995 1178.71 0 10 20.966 57.71 1,209.95 2.65%
02/28/1995 1209.95 1.08 57.65 21.359 58.82 1,256.34 3.83%
03/31/1995 1256.34 0 10 21.359 60.54 1,293.07 2.92%
04/30/1995 1293.07 0 10 21.359 62.32 1,331.09 2.94%
05/31/1995 1331.09 0 10 21.359 64.77 1,383.42 3.93%
06/30/1995 1383.42 0 10 21.359 66.24 1,414.82 2.27%
07/31/1995 1414.82 0 10 21.359 68.45 1,462.02 3.34%
08/31/1995 1462.02 0 10 21.359 68.62 1,465.65 0.25%
09/30/1995 1465.65 0 10 21.359 71.49 1,526.95 4.18%
10/31/1995 1526.95 0 10 21.359 71.25 1,521.83 -0.34%
11/30/1995 1521.83 0 10 21.359 74.35 1,588.04 4.35%
12/31/1995 1588.04 0 10 21.359 75.71 1,617.09 1.83%
01/31/1996 1617.09 0 10 21.359 78.30 1,672.41 3.42%
02/29/1996 1672.41 3.25 75.06 22.284 75.75 1,688.01 0.93%
03/31/1996 1688.01 0 10 22.284 76.53 1,705.39 1.03%
04/30/1996 1705.39 0 10 22.284 77.60 1,729.24 1.40%
05/31/1996 1729.24 0 10 22.284 79.58 1,773.36 2.55%
06/30/1996 1773.36 0 10 22.284 79.92 1,780.94 0.43%
07/31/1996 1780.94 0 10 22.284 76.38 1,702.05 -4.43%
08/31/1996 1702.05 0 10 22.284 77.95 1,737.04 2.06%
09/30/1996 1737.04 0 10 22.284 82.31 1,834.20 5.59%
10/31/1996 1834.2 0 10 22.284 84.58 1,884.78 2.76%
11/30/1996 1884.78 0 10 22.284 90.92 2,026.06 7.50%
12/31/1996 2026.06 0 10 22.284 89.05 1,984.39 -2.06%
01/02/1997 1984.39 0 10 22.284 88.66 1,975.70 -0.44%
01/31/1997 1975.7 0 10 22.284 94.57 2,107.40 6.67%
02/28/1997 2107.4 3.12 91.92 23.04 92.15 2,123.14 0.75%
03/31/1997 2123.14 0 10 23.04 88.32 2,034.89 -4.16%
04/30/1997 2034.89 0 10 23.04 93.57 2,155.85 5.94%
05/31/1997 2155.85 0 10 23.04 99.26 2,286.95 6.08%
06/30/1997 2286.95 0 10 23.04 103.62 2,387.40 4.39%
07/31/1997 2387.4 0 10 23.04 111.86 2,577.25 7.95%
08/31/1997 2577.25 0 10 23.04 105.60 2,433.02 -5.60%
09/30/1997 2433.02 0 10 23.04 111.31 2,564.58 5.41%
10/31/1997 2564.58 0 10 23.04 107.63 2,479.80 -3.31%
11/30/1997 2479.8 0 10 23.04 112.50 2,592.00 4.52%
12/31/1997 2592 0 10 23.04 114.40 2,635.78 1.69%
01/31/1998 2635.78 0 10 23.04 115.64 2,664.35 1.08%
02/28/1998 2664.35 4.51 114.96 23.944 119.18 2,853.65 7.10%
03/31/1998 2853.65 0 10 23.944 125.21 2,998.03 5.06%
04/30/1998 2998.03 0 10 23.944 126.45 3,027.72 0.99%
05/31/1998 3027.72 0 10 23.944 124.19 2,973.61 -1.79%
06/30/1998 2973.61 0 10 23.944 129.25 3,094.76 4.07%
07/31/1998 3094.76 0 10 23.944 127.85 3,061.24 -1.08%
08/31/1998 3061.24 0 10 23.944 109.35 2,618.28 -14.47%
09/30/1998 2618.28 0 10 23.944 116.38 2,786.60 6.43%
10/31/1998 2786.6 0 10 23.944 125.83 3,012.87 8.12%
11/30/1998 3012.87 0 10 23.944 133.41 3,194.37 6.02%
12/31/1998 3194.37 0 10 23.944 141.25 3,382.09 5.88%
1.7866
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/27/1992 1,000.00 0.537558
08/31/1992 0.00015 0.153424658 1,001.25 0.00 0.538228
09/30/1992 0.00115 1.152119347 1,011.69 0.00 0.543843
10/31/1992 0.00119 1.202944171 1,012.69 0.00 0.544377
11/30/1992 0.00115 1.165283551 1,046.04 0.00 0.562304
12/31/1992 0.00119 1.243779745 1,057.99 0.00 0.568732
01/31/1993 0.00119 1.257999145 1,064.38 0.00 0.572165
02/28/1993 0.00107 1.143115122 1,078.07 0.00 0.579523
03/31/1993 0.00119 1.281867816 1,100.53 0.00 0.591597
04/30/1993 0.00115 1.266362961 1,072.13 0.00 0.576328
05/31/1993 0.00119 1.274801904 1,098.76 0.00 0.590645
06/30/1993 0.00115 1.264325419 1,100.30 0.00 0.591476
07/31/1993 0.00119 1.30830783 1,093.99 0.00 0.588079
08/31/1993 0.00119 1.300793645 1,134.11 0.00 0.609648
09/30/1993 0.00115 1.305001768 1,123.60 0.00 0.604001
10/31/1993 0.00119 1.336010623 1,145.23 0.00 0.615625
11/30/1993 0.00115 1.317795014 1,132.74 0.00 0.608914
12/31/1993 0.00119 1.34687756 1,145.01 0.00 0.615506
01/31/1994 0.00119 1.361458741 1,182.27 0.00 0.635536
02/28/1994 0.00107 1.269721763 1,148.97 0.00 0.617636
03/31/1994 0.00119 1.366169918 1,097.71 0.00 0.59008
04/30/1994 0.00115 1.263114366 1,109.57 0.00 0.596457
05/31/1994 0.00119 1.319323404 1,125.45 0.00 0.604996
06/30/1994 0.00115 1.295043263 1,096.75 0.00 0.589565
07/31/1994 0.00119 1.304078905 1,131.61 0.00 0.608307
08/31/1994 0.00119 1.345535961 1,175.37 0.00 0.63183
09/30/1994 0.00115 1.352484381 1,145.48 0.00 0.615761
10/31/1994 0.00119 1.362022626 1,169.58 0.00 0.628714
11/30/1994 0.00115 1.345812695 1,125.72 0.00 0.605138
12/31/1994 0.00119 1.338523934 1,140.83 0.00 0.613263
01/31/1995 0.00119 1.356496417 1,169.71 0.00 0.628787
02/28/1995 0.00107 1.256238479 1,213.30 0.00 0.65222
03/31/1995 0.00119 1.442666965 1,247.33 0.00 0.670513
04/30/1995 0.00115 1.435286107 1,282.57 0.00 0.689456
05/31/1995 0.00119 1.525030647 1,331.47 0.00 0.715741
06/30/1995 0.00115 1.532101777 1,360.16 0.00 0.731163
07/31/1995 0.00119 1.617283947 1,403.92 0.00 0.754686
08/31/1995 0.00119 1.669315356 1,405.73 0.00 0.755662
09/30/1995 0.00115 1.617556605 1,462.91 0.00 0.786398
10/31/1995 0.00119 1.739460341 1,456.27 0.00 0.782826
11/30/1995 0.00115 1.675702727 1,517.95 0.00 0.815984
12/31/1995 0.00119 1.80490167 1,543.91 0.00 0.829941
01/31/1996 0.00119 1.835772616 1,594.89 0.00 0.857346
02/29/1996 0.00111 1.774043055 1,607.99 0.00 0.86439
03/31/1996 0.00119 1.911970703 1,622.64 0.00 0.872262
04/30/1996 0.00115 1.867145055 1,643.46 0.00 0.883457
05/31/1996 0.00119 1.954145673 1,683.44 0.00 0.904947
06/30/1996 0.00115 1.937110044 1,688.70 0.00 0.907774
07/31/1996 0.00119 2.007933001 1,611.89 0.00 0.866483
08/31/1996 0.00119 1.916600416 1,643.11 0.00 0.883265
09/30/1996 0.00115 1.890698838 1,733.12 0.00 0.931653
10/31/1996 0.00119 2.060753963 1,778.85 0.00 0.956237
11/30/1996 0.00115 2.046901071 1,910.15 0.00 1.026815
12/31/1996 0.00119 2.271243996 1,868.59 (0.00) 1.004476
01/02/1997 0.00008 0.143343916 1,860.26 0.00 1
01/31/1997 0.00111 2.069225263 1,982.20 0.12
02/28/1997 0.00107 2.128828405 1,994.88 0.08
03/31/1997 0.00119 2.371989522 1,909.59 (0.04)
04/30/1997 0.00115 2.19733113 2,020.90 0.07
05/31/1997 0.00119 2.402932641 2,141.39 0.11
06/30/1997 0.00115 2.464065355 2,232.98 0.28
07/31/1997 0.00119 2.655108101 2,407.90 0.49
08/31/1997 0.00119 2.86308966 2,270.28 0.11
09/30/1997 0.00115 2.612379634 2,390.43 0.41
10/31/1997 0.00119 2.842319806 2,308.56 0.30
11/30/1997 0.00115 2.656430939 2,410.36 0.21
12/31/1997 0.00119 2.866018193 2,448.21 0.63
01/31/1998 0.00119 2.911018666 2,471.83 0.33
02/28/1998 0.00107 2.654680667 2,644.80 0.52
03/31/1998 0.00119 3.144775751 2,775.47 0.79
04/30/1998 0.00115 3.193689627 2,799.76 0.81
05/31/1998 0.00119 3.329030425 2,746.40 0.51
06/30/1998 0.00115 3.160235992 2,855.13 0.84
07/31/1998 0.00119 3.394864788 2,820.81 0.77
08/31/1998 0.00119 3.354057656 2,409.29 0.18
09/30/1998 0.00115 2.772328031 2,561.40 0.32
10/31/1998 0.00119 3.045606532 2,766.34 0.45
11/30/1998 0.00115 3.183180322 2,929.80 0.75
12/31/1998 0.00119 3.483653153 3,098.49 0.96
1.5613972 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
GROWTH OPPORTUNITIES Surrender
FUND 130 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.626080 -----------------------------
Units purchased 1,597.240 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.626080 1,597.240 1,000.00 1,000.00 2,415.99 4.00%
01/31/1995 0.629236 1,597.240 1,005.04 0.00002 0.018334247 1,005.04 2,415.99 4.00%
02/28/1995 0.648023 1,597.240 1,035.05 0.00002 0.018426668 1,035.05 2,415.99 4.00%
03/31/1995 0.659208 1,597.240 1,052.91 0.00002 0.021010062 1,052.91 2,415.99 4.00%
04/30/1995 0.681628 1,597.240 1,088.72 0.00002 0.020683257 1,088.72 2,415.99 4.00%
05/31/1995 0.712710 1,597.240 1,138.37 0.00002 0.022099596 1,138.37 2,415.99 4.00%
06/30/1995 0.733783 1,597.240 1,172.03 0.00002 0.022361932 1,172.03 2,415.99 4.00%
07/31/1995 0.757277 1,597.240 1,209.55 0.00002 0.023790554 1,209.55 2,415.99 4.00%
08/31/1995 0.761447 1,597.240 1,216.21 0.00002 0.024552271 1,216.21 2,415.99 4.00%
09/30/1995 0.773707 1,597.240 1,235.80 0.00002 0.0238911 1,235.80 2,415.99 4.00%
10/31/1995 0.778470 1,597.240 1,243.40 0.00002 0.025084961 1,243.40 2,415.99 4.00%
11/30/1995 0.799983 1,597.240 1,277.76 0.00002 0.024425212 1,277.76 2,415.99 4.00%
12/31/1995 0.819678 1,597.240 1,309.22 0.00002 0.025936876 1,309.22 2,415.99 4.00%
01/31/1996 0.830721 1,597.240 1,326.86 0.00002 0.026575423 1,326.86 2,415.99 6.00%
02/29/1996 0.829278 1,597.240 1,324.56 0.00002 0.025195814 1,324.56 2,415.99 6.00%
03/31/1996 0.825885 1,597.240 1,319.14 0.00002 0.026886672 1,319.14 2,415.99 6.00%
04/30/1996 0.838220 1,597.240 1,338.84 0.00002 0.025912902 1,338.84 2,415.99 6.00%
05/31/1996 0.856137 1,597.240 1,367.46 0.00002 0.027176588 1,367.46 2,415.99 6.00%
06/30/1996 0.862143 1,597.240 1,377.05 0.00002 0.026862086 1,377.05 2,415.99 6.00%
07/31/1996 0.836202 1,597.240 1,335.62 0.00002 0.027952214 1,335.62 2,415.99 6.00%
08/31/1996 0.840313 1,597.240 1,342.18 0.00002 0.027111161 1,342.18 2,415.99 6.00%
09/30/1996 0.880033 1,597.240 1,405.62 0.00002 0.026365593 1,405.62 2,415.99 6.00%
10/31/1996 0.915273 1,597.240 1,461.91 0.00002 0.02853224 1,461.91 2,415.99 6.00%
11/30/1996 0.983491 1,597.240 1,570.87 0.00002 0.028717532 1,570.87 2,415.99 6.00%
12/31/1996 0.957549 1,597.240 1,529.44 0.00002 0.031886533 1,529.44 2,415.99 6.00%
01/31/1997 1.001925 1,597.240 1,600.31 0.00002 0.031045447 1,600.31 2,415.99 6.00%
02/28/1997 1.010516 1,597.240 1,614.04 0.00002 0.029340564 1,614.04 2,415.99 6.00%
03/31/1997 0.957884 1,597.240 1,529.97 0.00002 0.032762731 1,529.97 2,415.99 6.00%
04/30/1997 1.000673 1,597.240 1,598.31 0.00002 0.030054492 1,598.31 2,415.99 6.00%
05/01/1997 1.000000 1,597.240 1,597.24 0.00000 0.001046568 1,597.24 2,415.99 6.00%
05/31/1997 1.064548 1,597.240 1,700.34 0.00002 0.031397036 1,700.34 2,415.99 6.00%
06/30/1997 1.098725 1,597.240 1,754.93 0.00002 0.033401173 1,754.93 2,415.99 6.00%
07/31/1997 1.182194 1,597.240 1,888.25 0.00002 0.035622625 1,888.25 2,415.99 6.00%
08/31/1997 1.136194 1,597.240 1,814.77 0.00002 0.038328839 1,814.77 2,415.99 6.00%
09/30/1997 1.182304 1,597.240 1,888.42 0.00002 0.035649132 1,888.42 2,415.99 6.00%
10/31/1997 1.157407 1,597.240 1,848.66 0.00002 0.038332405 1,848.66 2,415.99 6.00%
11/30/1997 1.197174 1,597.240 1,912.17 0.00002 0.036314709 1,912.17 2,415.99 6.00%
12/31/1997 1.228996 1,597.240 1,963.00 0.00002 0.038814517 1,963.00 2,415.99 6.00%
01/31/1998 1.232842 1,597.240 1,969.14 0.00002 0.039846243 1,969.14 2,415.99 6.00%
02/28/1998 1.308706 1,597.240 2,090.32 0.00002 0.036102782 2,090.32 2,415.99 6.00%
03/31/1998 1.347988 1,597.240 2,153.06 0.00002 0.042430583 2,153.06 2,415.99 6.00%
04/30/1998 1.339942 1,597.240 2,140.21 0.00002 0.042294364 2,140.21 2,415.99 6.00%
05/31/1998 1.329292 1,597.240 2,123.20 0.00002 0.04344331 2,123.20 2,415.99 6.00%
06/30/1998 1.359777 1,597.240 2,171.89 0.00002 0.041707759 2,171.89 2,415.99 6.00%
07/31/1998 1.362996 1,597.240 2,177.03 0.00002 0.044086396 2,177.03 2,415.99 6.00%
08/31/1998 1.184963 1,597.240 1,892.67 0.00002 0.044190762 1,892.67 2,415.99 6.00%
09/30/1998 1.256712 1,597.240 2,007.27 0.00002 0.037179304 2,007.27 2,415.99 6.00%
10/31/1998 1.351496 1,597.240 2,158.66 0.00002 0.040744845 2,158.66 2,415.99 6.00%
11/30/1998 1.436771 1,597.240 2,294.87 0.00002 0.04240443 2,294.87 2,415.99 6.00%
12/31/1998 1.512606 1,597.240 2,415.99 0.00002 0.046582679 2,415.99 2,415.99 6.00%
12/31/1998 2,415.99
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,414.65 3.9945 24.69% 24.71% 2,414.65 2,415.99 4
01/31/1995 40.00% 2,414.45 3.9178 25.07% 25.09% 2,402.34 2,403.88 4
02/28/1995 40.00% 2,413.25 3.8411 24.66% 24.69% 2,331.53 2,334.19 4
03/31/1995 40.00% 2,412.53 3.7562 24.70% 24.75% 2,291.29 2,294.58 4
04/30/1995 40.00% 2,411.10 3.6740 24.16% 24.23% 2,214.61 2,219.11 4
05/31/1995 40.00% 2,409.12 3.5890 23.23% 23.33% 2,116.29 2,122.33 4
06/30/1995 40.00% 2,407.77 3.5068 22.79% 22.91% 2,054.36 2,061.38 4
07/31/1995 40.00% 2,406.27 3.4219 22.26% 22.41% 1,989.39 1,997.43 4
08/31/1995 40.00% 2,406.00 3.3370 22.68% 22.84% 1,978.27 1,986.49 4
09/30/1995 40.00% 2,405.22 3.2548 22.70% 22.87% 1,946.29 1,955.01 4
10/31/1995 40.00% 2,404.91 3.1699 23.13% 23.31% 1,934.14 1,943.05 4
11/30/1995 40.00% 2,403.54 3.0877 22.71% 22.91% 1,881.05 1,890.80 4
12/31/1995 40.00% 2,402.28 3.0027 22.40% 22.63% 1,834.89 1,845.37 4
01/31/1996 30.00% 2,379.87 2.9178 22.17% 22.80% 1,793.61 1,820.84 3
02/29/1996 30.00% 2,380.01 2.8384 22.93% 23.58% 1,796.84 1,824.00 3
03/31/1996 30.00% 2,380.33 2.7534 23.91% 24.58% 1,804.46 1,831.50 3
04/30/1996 30.00% 2,379.15 2.6712 24.02% 24.73% 1,777.03 1,804.55 3
05/31/1996 30.00% 2,377.44 2.5863 23.84% 24.62% 1,738.58 1,766.78 3
06/30/1996 30.00% 2,376.86 2.5041 24.36% 25.17% 1,726.05 1,754.47 3
07/31/1996 30.00% 2,379.35 2.4192 26.96% 27.76% 1,781.46 1,808.90 3
08/31/1996 30.00% 2,378.95 2.3342 27.79% 28.64% 1,772.45 1,800.05 3
09/30/1996 30.00% 2,375.15 2.2521 26.23% 27.19% 1,689.74 1,718.81 3
10/31/1996 30.00% 2,371.77 2.1671 25.02% 26.09% 1,622.38 1,652.63 3
11/30/1996 30.00% 2,365.23 2.0849 21.69% 22.93% 1,505.68 1,538.00 3
12/31/1996 30.00% 2,367.72 2.0000 24.42% 25.68% 1,548.10 1,579.66 3
01/31/1997 20.00% 2,348.97 1.9151 22.19% 24.00% 1,467.82 1,509.70 2
02/28/1997 20.00% 2,348.14 1.8384 22.62% 24.53% 1,454.83 1,496.86 2
03/31/1997 20.00% 2,353.19 1.7534 27.83% 29.77% 1,538.06 1,579.11 2
04/30/1997 20.00% 2,349.09 1.6712 25.91% 28.05% 1,469.73 1,511.59 2
05/01/1997 20.00% 2,349.15 1.6685 26.01% 28.15% 1,470.76 1,512.61 2
05/31/1997 20.00% 2,342.97 1.5863 22.40% 24.79% 1,377.94 1,420.89 2
06/30/1997 20.00% 2,339.69 1.5041 21.07% 23.68% 1,333.21 1,376.69 2
07/31/1997 20.00% 2,331.69 1.4192 16.03% 18.97% 1,234.84 1,279.49 2
08/31/1997 20.00% 2,336.10 1.3342 20.84% 23.92% 1,287.27 1,331.29 2
09/30/1997 20.00% 2,331.68 1.2521 18.34% 21.75% 1,234.72 1,279.37 2
10/31/1997 20.00% 2,334.07 1.1671 22.11% 25.78% 1,262.57 1,306.89 2
11/30/1997 20.00% 2,330.26 1.0849 19.99% 24.06% 1,218.64 1,263.48 2
12/31/1997 20.00% 2,327.21 1.0000 18.55% 23.08% 1,185.53 1,230.77 2
01/31/1998 10.00% 2,312.34 0.9151 17.43% 22.69% 1,158.38 1,205.81 1
02/28/1998 10.00% 2,305.07 0.8384 10.27% 15.58% 1,085.45 1,129.07 1
03/31/1998 10.00% 2,301.31 0.7534 6.89% 12.21% 1,051.45 1,090.69 1
04/30/1998 10.00% 2,302.08 0.6712 7.56% 12.89% 1,050.15 1,084.76 1
05/31/1998 10.00% 2,303.10 0.5863 8.47% 13.79% 1,048.84 1,078.68 1
06/30/1998 10.00% 2,300.18 0.5041 5.91% 11.24% 1,029.35 1,055.16 1
07/31/1998 10.00% 2,299.87 0.4192 5.64% 10.98% 1,023.28 1,044.63 1
08/31/1998 10.00% 2,316.93 0.3342 22.42% 27.65% 1,069.93 1,085.01 1
09/30/1998 10.00% 2,310.05 0.2521 15.08% 20.36% 1,036.05 1,047.83 1
10/31/1998 10.00% 2,300.97 0.1671 6.59% 11.92% 1,010.73 1,019.00 1
11/30/1998 10.00% 2,292.80 0.0849 -0.09% 5.28% 999.92 1,004.38 1
12/31/1998 10.00% 2,285.53 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
GROWTH OPPORTUNITIES Surrender
FUND 130 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.626080 -----------------------------
Units purchased 1,597.240 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,294.87 2,292.80 2,415.99 -0.09% 5.28%
09/30/1998 0.25 0.25 3 mths 2,007.27 2,310.05 2,415.99 15.08% 20.36%
12/31/1997 1.00 1.00 YTD 1,963.00 2,327.21 2,415.99 18.55% 23.08%
12/31/1997 1.00 1.00 1 Year 1,963.00 2,327.21 2,415.99 18.55% 23.08%
12/31/1996 2.00 2.00 2 Year 1,529.44 2,367.72 2,415.99 24.42% 25.68%
12/31/1995 3.00 3.00 3 Year 1,309.22 2,402.28 2,415.99 22.40% 22.63%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.01 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 2,414.65 2,415.99 24.69% 24.71%
05/01/1997 1.67 1.67 Subacct Inc Dt 1,597.24 2,349.15 2,415.99 26.01% 28.15%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,309.22 #N/A
12/31/1996 1 1,529.44 16.82%
12/31/1997 1 1,963.00 28.35%
12/31/1998 1 2,415.99 23.08%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
GROWTH OPPORTUNITIES
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10.00 1,000.00
01/31/1995 1000 0 10 100 10.06 1,006.00 0.60%
02/28/1995 1006 0 10 100 10.37 1,037.00 3.08%
03/31/1995 1037 0 10 100 10.56 1,056.00 1.83%
04/30/1995 1056 0 10 100 10.93 1,093.00 3.50%
05/31/1995 1093 0 10 100 11.44 1,144.00 4.67%
06/30/1995 1144 0 10 100 11.79 1,179.00 3.06%
07/31/1995 1179 0 10 100 12.18 1,218.00 3.31%
08/31/1995 1218 0 10 100 12.26 1,226.00 0.66%
09/30/1995 1226 0 10 100 12.47 1,247.00 1.71%
10/31/1995 1247 0 10 100 12.56 1,256.00 0.72%
11/30/1995 1256 0 10 100 12.92 1,292.00 2.87%
12/31/1995 1292 0.18 12.94 101.391 13.07 1,325.18 2.57%
01/31/1996 1325.18 0 10 101.391 13.26 1,344.44 1.45%
02/29/1996 1344.44 0.05 13.17 101.776 13.20 1,343.44 -0.07%
03/31/1996 1343.44 0 10 101.776 13.16 1,339.37 -0.30%
04/30/1996 1339.37 0 10 101.776 13.37 1,360.75 1.60%
05/31/1996 1360.75 0 10 101.776 13.67 1,391.28 2.24%
06/30/1996 1391.28 0 10 101.776 13.78 1,402.47 0.80%
07/31/1996 1402.47 0 10 101.776 13.38 1,361.76 -2.90%
08/31/1996 1361.76 0 10 101.776 13.46 1,369.90 0.60%
09/30/1996 1369.9 0 10 101.776 14.11 1,436.06 4.83%
10/31/1996 1436.06 0 10 101.776 14.69 1,495.09 4.11%
11/30/1996 1495.09 0 10 101.776 15.80 1,608.06 7.56%
12/31/1996 1608.06 0 10 101.776 15.40 1,567.35 -2.53%
01/31/1997 1567.35 0 10 101.776 16.13 1,641.65 4.74%
02/28/1997 1641.65 0.6 15.58 105.695 15.68 1,657.30 0.95%
03/31/1997 1657.3 0 10 105.695 14.88 1,572.74 -5.10%
04/30/1997 1572.74 0 10 105.695 15.56 1,644.61 4.57%
05/01/1997 1644.61 0 10 105.695 15.55 1,643.56 -0.06%
05/31/1997 1643.56 0 10 105.695 16.57 1,751.37 6.56%
06/30/1997 1751.37 0 10 105.695 17.12 1,809.50 3.32%
07/31/1997 1809.5 0 10 105.695 18.44 1,949.02 7.71%
08/31/1997 1949.02 0 10 105.695 17.74 1,875.03 -3.80%
09/30/1997 1875.03 0 10 105.695 18.48 1,953.24 4.17%
10/31/1997 1953.24 0 10 105.695 18.11 1,914.14 -2.00%
11/30/1997 1914.14 0 10 105.695 18.75 1,981.78 3.53%
12/31/1997 1981.78 0 10 105.695 19.27 2,036.74 2.77%
01/31/1998 2036.74 0 10 105.695 19.35 2,045.20 0.42%
02/28/1998 2045.2 0.94 18.98 110.93 19.59 2,173.12 6.25%
03/31/1998 2173.12 0 10 110.93 20.20 2,240.79 3.11%
04/30/1998 2240.79 0 10 110.93 20.10 2,229.69 -0.50%
05/31/1998 2229.69 0 10 110.93 19.96 2,214.16 -0.70%
06/30/1998 2214.16 0 10 110.93 20.44 2,267.41 2.40%
07/31/1998 2267.41 0 10 110.93 20.51 2,275.17 0.34%
08/31/1998 2275.17 0 10 110.93 17.85 1,980.10 -12.97%
09/30/1998 1980.1 0 10 110.93 18.95 2,102.12 6.16%
10/31/1998 2102.12 0 10 110.93 20.40 2,262.97 7.65%
11/30/1998 2262.97 0 10 110.93 21.71 2,408.29 6.42%
12/31/1998 2408.29 0 10 110.93 22.88 2,538.08 5.39%
1.10212
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.62608
01/31/1995 0.00096 0.95890411 1,005.04 0.00 0.629236
02/28/1995 0.00096 0.963738037 1,035.05 (0.00) 0.648023
03/31/1995 0.00106 1.098852126 1,052.91 (0.00) 0.659208
04/30/1995 0.00103 1.081760125 1,088.72 (0.00) 0.681628
05/31/1995 0.00106 1.155836352 1,138.37 (0.00) 0.71271
06/30/1995 0.00103 1.169556044 1,172.03 (0.00) 0.733783
07/31/1995 0.00106 1.244274194 1,209.55 (0.00) 0.757277
08/31/1995 0.00106 1.284112415 1,216.21 (0.00) 0.761447
09/30/1995 0.00103 1.249532304 1,235.79 (0.00) 0.773707
10/31/1995 0.00106 1.311973341 1,243.40 (0.00) 0.77847
11/30/1995 0.00103 1.277467187 1,277.76 (0.00) 0.799983
12/31/1995 0.00106 1.356529022 1,309.22 (0.00) 0.819678
01/31/1996 0.00106 1.389926049 1,326.86 (0.00) 0.830721
02/29/1996 0.00099 1.317770715 1,324.55 (0.00) 0.829278
03/31/1996 0.00106 1.40620469 1,319.14 (0.00) 0.825885
04/30/1996 0.00103 1.355275793 1,338.84 (0.00) 0.83822
05/31/1996 0.00106 1.421367863 1,367.45 (0.00) 0.856137
06/30/1996 0.00103 1.404918298 1,377.05 (0.00) 0.862143
07/31/1996 0.00106 1.461933734 1,335.61 (0.00) 0.836202
08/31/1996 0.00106 1.417945606 1,342.18 (0.00) 0.840313
09/30/1996 0.00103 1.37895107 1,405.62 (0.00) 0.880033
10/31/1996 0.00106 1.492269181 1,461.91 (0.00) 0.915273
11/30/1996 0.00103 1.501960094 1,570.87 (0.00) 0.983491
12/31/1996 0.00106 1.667702963 1,529.43 (0.00) 0.957549
01/31/1997 0.00106 1.623712522 1,600.31 (0.00) 1.001925
02/28/1997 0.00096 1.534545035 1,614.03 (0.00) 1.010516
03/31/1997 0.00106 1.713527781 1,529.97 (0.00) 0.957884
04/30/1997 0.00103 1.571883609 1,598.31 (0.00) 1.000673
05/01/1997 0.00003 0.054736651 1,597.24 (0.00) 1
05/31/1997 0.00103 1.640994892 1,700.37 0.03
06/30/1997 0.00103 1.746950679 1,755.06 0.13
07/31/1997 0.00106 1.863243823 1,888.51 0.27
08/31/1997 0.00106 2.004929595 1,814.82 0.04
09/30/1997 0.00103 1.864537352 1,888.65 0.23
10/31/1997 0.00106 2.005073871 1,848.84 0.18
11/30/1997 0.00103 1.899491211 1,912.27 0.10
12/31/1997 0.00106 2.030150769 1,963.27 0.27
01/31/1998 0.00106 2.084296922 1,969.34 0.20
02/28/1998 0.00096 1.888411838 2,090.63 0.31
03/31/1998 0.00106 2.219505327 2,153.51 0.45
04/30/1998 0.00103 2.212512989 2,140.63 0.42
05/31/1998 0.00106 2.272589263 2,123.45 0.25
06/30/1998 0.00103 2.181626889 2,172.34 0.45
07/31/1998 0.00106 2.306248181 2,177.47 0.43
08/31/1998 0.00106 2.311692687 1,892.76 0.08
09/30/1998 0.00103 1.944611433 2,007.45 0.18
10/31/1998 0.00106 2.131194848 2,158.92 0.26
11/30/1998 0.00103 2.218071317 2,295.34 0.48
12/31/1998 0.00106 2.436836881 2,416.61 0.61
1.0074481 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
GROWTH OPPORTUNITIES Surrender
FUND 190 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.628232 -----------------------------
Units purchased 1,591.769 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.628232 1,591.769 1,000.00 1,000.00 2,401.79 4.00%
01/31/1995 0.631327 1,591.769 1,004.93 0.00002 0.018334251 1,004.93 2,401.79 4.00%
02/28/1995 0.650103 1,591.769 1,034.81 0.00002 0.018424575 1,034.81 2,401.79 4.00%
03/31/1995 0.661241 1,591.769 1,052.54 0.00002 0.021005303 1,052.54 2,401.79 4.00%
04/30/1995 0.683649 1,591.769 1,088.21 0.00002 0.02067598 1,088.21 2,401.79 4.00%
05/31/1995 0.714736 1,591.769 1,137.69 0.00002 0.022089198 1,137.69 2,401.79 4.00%
06/30/1995 0.735781 1,591.769 1,171.19 0.00002 0.022348686 1,171.19 2,401.79 4.00%
07/31/1995 0.759245 1,591.769 1,208.54 0.00002 0.023773621 1,208.54 2,401.79 4.00%
08/31/1995 0.763329 1,591.769 1,215.04 0.00002 0.02453176 1,215.04 2,401.79 4.00%
09/30/1995 0.775526 1,591.769 1,234.46 0.00002 0.023868114 1,234.46 2,401.79 4.00%
10/31/1995 0.780201 1,591.769 1,241.90 0.00002 0.025057811 1,241.90 2,401.79 4.00%
11/30/1995 0.801666 1,591.769 1,276.07 0.00002 0.024395675 1,276.07 2,401.79 4.00%
12/31/1995 0.821300 1,591.769 1,307.32 0.00002 0.025902414 1,307.32 2,401.79 4.00%
01/31/1996 0.832260 1,591.769 1,324.77 0.00002 0.026536803 1,324.77 2,401.79 6.00%
02/29/1996 0.830715 1,591.769 1,322.31 0.00002 0.02515603 1,322.31 2,401.79 6.00%
03/31/1996 0.827211 1,591.769 1,316.73 0.00002 0.026841008 1,316.73 2,401.79 6.00%
04/30/1996 0.839464 1,591.769 1,336.23 0.00002 0.025865605 1,336.23 2,401.79 6.00%
05/31/1996 0.857300 1,591.769 1,364.62 0.00002 0.027123695 1,364.62 2,401.79 6.00%
06/30/1996 0.863209 1,591.769 1,374.03 0.00002 0.026806441 1,374.03 2,401.79 6.00%
07/31/1996 0.837126 1,591.769 1,332.51 0.00002 0.027890913 1,332.51 2,401.79 6.00%
08/31/1996 0.841135 1,591.769 1,338.89 0.00002 0.027048152 1,338.89 2,401.79 6.00%
09/30/1996 0.880790 1,591.769 1,402.01 0.00002 0.026300986 1,402.01 2,401.79 6.00%
10/31/1996 0.915948 1,591.769 1,457.98 0.00002 0.028458968 1,457.98 2,401.79 6.00%
11/30/1996 0.984104 1,591.769 1,566.47 0.00002 0.028640273 1,566.47 2,401.79 6.00%
12/31/1996 0.958020 1,591.769 1,524.95 0.00002 0.031797119 1,524.95 2,401.79 6.00%
01/31/1997 1.002296 1,591.769 1,595.42 0.00002 0.030954326 1,595.42 2,401.79 6.00%
02/28/1997 1.010775 1,591.769 1,608.92 0.00002 0.029250892 1,608.92 2,401.79 6.00%
03/31/1997 0.958001 1,591.769 1,524.92 0.00002 0.032658878 1,524.92 2,401.79 6.00%
04/30/1997 1.000677 1,591.769 1,592.85 0.00002 0.029955205 1,592.85 2,401.79 6.00%
05/01/1997 1.000000 1,591.769 1,591.77 0.00000 0.001042987 1,591.77 2,401.79 6.00%
05/31/1997 1.064421 1,591.769 1,694.31 0.00002 0.031289617 1,694.31 2,401.79 6.00%
06/30/1997 1.098455 1,591.769 1,748.49 0.00002 0.033282793 1,748.49 2,401.79 6.00%
07/31/1997 1.181756 1,591.769 1,881.08 0.00002 0.035491883 1,881.08 2,401.79 6.00%
08/31/1997 1.135640 1,591.769 1,807.68 0.00002 0.038183399 1,807.68 2,401.79 6.00%
09/30/1997 1.181576 1,591.769 1,880.80 0.00002 0.035509701 1,880.80 2,401.79 6.00%
10/31/1997 1.156547 1,591.769 1,840.96 0.00002 0.038177583 1,840.96 2,401.79 6.00%
11/30/1997 1.196147 1,591.769 1,903.99 0.00002 0.03616343 1,903.99 2,401.79 6.00%
12/31/1997 1.227778 1,591.769 1,954.34 0.00002 0.038648383 1,954.34 2,401.79 6.00%
01/31/1998 1.231470 1,591.769 1,960.22 0.00002 0.039670404 1,960.22 2,401.79 6.00%
02/28/1998 1.307102 1,591.769 2,080.60 0.00002 0.035939079 2,080.60 2,401.79 6.00%
03/31/1998 1.346162 1,591.769 2,142.78 0.00002 0.04223342 2,142.78 2,401.79 6.00%
04/30/1998 1.337965 1,591.769 2,129.73 0.00002 0.042092397 2,129.73 2,401.79 6.00%
05/31/1998 1.327177 1,591.769 2,112.56 0.00002 0.043230626 2,112.56 2,401.79 6.00%
06/30/1998 1.357439 1,591.769 2,160.73 0.00002 0.041498766 2,160.73 2,401.79 6.00%
07/31/1998 1.360483 1,591.769 2,165.57 0.00002 0.043859845 2,165.57 2,401.79 6.00%
08/31/1998 1.182632 1,591.769 1,882.48 0.00002 0.043958199 1,882.48 2,401.79 6.00%
09/30/1998 1.254088 1,591.769 1,996.22 0.00002 0.036979068 1,996.22 2,401.79 6.00%
10/31/1998 1.348508 1,591.769 2,146.51 0.00002 0.040520499 2,146.51 2,401.79 6.00%
11/30/1998 1.433414 1,591.769 2,281.66 0.00002 0.042165753 2,281.66 2,401.79 6.00%
12/31/1998 1.508883 1,591.769 2,401.79 0.00002 0.046314653 2,401.79 2,401.79 6.00%
12/31/1998 2,401.79
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,400.22 3.9945 24.51% 24.53% 2,400.22 2,401.79 4
01/31/1995 40.00% 2,400.02 3.9178 24.88% 24.91% 2,388.26 2,390.02 4
02/28/1995 40.00% 2,398.83 3.8411 24.47% 24.51% 2,318.13 2,320.99 4
03/31/1995 40.00% 2,398.12 3.7562 24.51% 24.56% 2,278.41 2,281.90 4
04/30/1995 40.00% 2,396.69 3.6740 23.97% 24.05% 2,202.42 2,207.10 4
05/31/1995 40.00% 2,394.71 3.5890 23.04% 23.15% 2,104.88 2,111.11 4
06/30/1995 40.00% 2,393.37 3.5068 22.61% 22.73% 2,043.53 2,050.72 4
07/31/1995 40.00% 2,391.88 3.4219 22.08% 22.23% 1,979.14 1,987.35 4
08/31/1995 40.00% 2,391.62 3.3370 22.50% 22.66% 1,968.34 1,976.71 4
09/30/1995 40.00% 2,390.84 3.2548 22.52% 22.69% 1,936.76 1,945.63 4
10/31/1995 40.00% 2,390.55 3.1699 22.95% 23.13% 1,924.91 1,933.97 4
11/30/1995 40.00% 2,389.18 3.0877 22.52% 22.73% 1,872.30 1,882.18 4
12/31/1995 40.00% 2,387.93 3.0027 22.22% 22.45% 1,826.58 1,837.19 4
01/31/1996 30.00% 2,365.54 2.9178 21.98% 22.62% 1,785.63 1,812.99 3
02/29/1996 30.00% 2,365.69 2.8384 22.74% 23.40% 1,789.06 1,816.37 3
03/31/1996 30.00% 2,366.02 2.7534 23.72% 24.40% 1,796.89 1,824.06 3
04/30/1996 30.00% 2,364.85 2.6712 23.83% 24.55% 1,769.79 1,797.44 3
05/31/1996 30.00% 2,363.15 2.5863 23.65% 24.43% 1,731.72 1,760.04 3
06/30/1996 30.00% 2,362.58 2.5041 24.17% 24.98% 1,719.46 1,747.99 3
07/31/1996 30.00% 2,365.07 2.4192 26.76% 27.57% 1,774.90 1,802.46 3
08/31/1996 30.00% 2,364.69 2.3342 27.59% 28.45% 1,766.16 1,793.87 3
09/30/1996 30.00% 2,360.90 2.2521 26.04% 27.00% 1,683.94 1,713.10 3
10/31/1996 30.00% 2,357.55 2.1671 24.83% 25.90% 1,617.00 1,647.35 3
11/30/1996 30.00% 2,351.04 2.0849 21.50% 22.75% 1,500.85 1,533.26 3
12/31/1996 30.00% 2,353.53 2.0000 24.23% 25.50% 1,543.35 1,575.00 3
01/31/1997 20.00% 2,334.89 1.9151 22.00% 23.81% 1,463.49 1,505.43 2
02/28/1997 20.00% 2,334.08 1.8384 22.43% 24.35% 1,450.71 1,492.80 2
03/31/1997 20.00% 2,339.12 1.7534 27.63% 29.57% 1,533.93 1,575.03 2
04/30/1997 20.00% 2,335.04 1.6712 25.72% 27.86% 1,465.96 1,507.86 2
05/01/1997 20.00% 2,335.11 1.6685 25.82% 27.96% 1,466.99 1,508.88 2
05/31/1997 20.00% 2,328.96 1.5863 22.21% 24.60% 1,374.57 1,417.56 2
06/30/1997 20.00% 2,325.71 1.5041 20.88% 23.50% 1,330.12 1,373.64 2
07/31/1997 20.00% 2,317.75 1.4192 15.85% 18.79% 1,232.14 1,276.81 2
08/31/1997 20.00% 2,322.15 1.3342 20.65% 23.74% 1,284.61 1,328.66 2
09/30/1997 20.00% 2,317.77 1.2521 18.16% 21.57% 1,232.33 1,277.01 2
10/31/1997 20.00% 2,320.16 1.1671 21.92% 25.59% 1,260.30 1,304.64 2
11/30/1997 20.00% 2,316.38 1.0849 19.81% 23.87% 1,216.59 1,261.45 2
12/31/1997 20.00% 2,313.35 1.0000 18.37% 22.90% 1,183.70 1,228.95 2
01/31/1998 10.00% 2,298.59 0.9151 17.26% 22.53% 1,156.87 1,204.32 1
02/28/1998 10.00% 2,291.37 0.8384 10.13% 15.44% 1,084.26 1,127.90 1
03/31/1998 10.00% 2,287.64 0.7534 6.76% 12.09% 1,050.52 1,089.78 1
04/30/1998 10.00% 2,288.42 0.6712 7.45% 12.77% 1,049.42 1,084.04 1
05/31/1998 10.00% 2,289.45 0.5863 8.37% 13.69% 1,048.27 1,078.13 1
06/30/1998 10.00% 2,286.56 0.5041 5.82% 11.16% 1,028.94 1,054.77 1
07/31/1998 10.00% 2,286.27 0.4192 5.57% 10.91% 1,023.00 1,044.36 1
08/31/1998 10.00% 2,303.26 0.3342 22.35% 27.59% 1,069.74 1,084.83 1
09/30/1998 10.00% 2,296.43 0.2521 15.04% 20.32% 1,035.95 1,047.73 1
10/31/1998 10.00% 2,287.41 0.1671 6.56% 11.89% 1,010.68 1,018.95 1
11/30/1998 10.00% 2,279.30 0.0849 -0.10% 5.26% 999.91 1,004.37 1
12/31/1998 10.00% 2,272.10 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
GROWTH OPPORTUNITIES Surrender
FUND 190 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.628232 -----------------------------
Units purchased 1,591.769 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 2,281.66 2,279.30 2,401.79 -0.10% 5.26%
09/30/1998 0.25 0.25 3 mths 1,996.22 2,296.43 2,401.79 15.04% 20.32%
12/31/1997 1.00 1.00 YTD 1,954.34 2,313.35 2,401.79 18.37% 22.90%
12/31/1997 1.00 1.00 1 Year 1,954.34 2,313.35 2,401.79 18.37% 22.90%
12/31/1996 2.00 2.00 2 Year 1,524.95 2,353.53 2,401.79 24.23% 25.50%
12/31/1995 3.00 3.00 3 Year 1,307.32 2,387.93 2,401.79 22.22% 22.45%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.01 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 2,400.22 2,401.79 24.51% 24.53%
05/01/1997 1.67 1.67 Subacct Inc Dt 1,591.77 2,335.11 2,401.79 25.82% 27.96%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,307.32 #N/A
12/31/1996 1 1,524.95 16.65%
12/31/1997 1 1,954.34 28.16%
12/31/1998 1 2,401.79 22.90%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
GROWTH OPPORTUNITIES
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10.00 1,000.00
01/31/1995 1000 0 10 100 10.06 1,006.00 0.60%
02/28/1995 1006 0 10 100 10.37 1,037.00 3.08%
03/31/1995 1037 0 10 100 10.56 1,056.00 1.83%
04/30/1995 1056 0 10 100 10.93 1,093.00 3.50%
05/31/1995 1093 0 10 100 11.44 1,144.00 4.67%
06/30/1995 1144 0 10 100 11.79 1,179.00 3.06%
07/31/1995 1179 0 10 100 12.18 1,218.00 3.31%
08/31/1995 1218 0 10 100 12.26 1,226.00 0.66%
09/30/1995 1226 0 10 100 12.47 1,247.00 1.71%
10/31/1995 1247 0 10 100 12.56 1,256.00 0.72%
11/30/1995 1256 0 10 100 12.92 1,292.00 2.87%
12/31/1995 1292 0.18 12.94 101.391 13.07 1,325.18 2.57%
01/31/1996 1325.18 0 10 101.391 13.26 1,344.44 1.45%
02/29/1996 1344.44 0.05 13.17 101.776 13.20 1,343.44 -0.07%
03/31/1996 1343.44 0 10 101.776 13.16 1,339.37 -0.30%
04/30/1996 1339.37 0 10 101.776 13.37 1,360.75 1.60%
05/31/1996 1360.75 0 10 101.776 13.67 1,391.28 2.24%
06/30/1996 1391.28 0 10 101.776 13.78 1,402.47 0.80%
07/31/1996 1402.47 0 10 101.776 13.38 1,361.76 -2.90%
08/31/1996 1361.76 0 10 101.776 13.46 1,369.90 0.60%
09/30/1996 1369.9 0 10 101.776 14.11 1,436.06 4.83%
10/31/1996 1436.06 0 10 101.776 14.69 1,495.09 4.11%
11/30/1996 1495.09 0 10 101.776 15.80 1,608.06 7.56%
12/31/1996 1608.06 0 10 101.776 15.40 1,567.35 -2.53%
01/31/1997 1567.35 0 10 101.776 16.13 1,641.65 4.74%
02/28/1997 1641.65 0.6 15.58 105.695 15.68 1,657.30 0.95%
03/31/1997 1657.3 0 10 105.695 14.88 1,572.74 -5.10%
04/30/1997 1572.74 0 10 105.695 15.56 1,644.61 4.57%
05/01/1997 1644.61 0 10 105.695 15.55 1,643.56 -0.06%
05/31/1997 1643.56 0 10 105.695 16.57 1,751.37 6.56%
06/30/1997 1751.37 0 10 105.695 17.12 1,809.50 3.32%
07/31/1997 1809.5 0 10 105.695 18.44 1,949.02 7.71%
08/31/1997 1949.02 0 10 105.695 17.74 1,875.03 -3.80%
09/30/1997 1875.03 0 10 105.695 18.48 1,953.24 4.17%
10/31/1997 1953.24 0 10 105.695 18.11 1,914.14 -2.00%
11/30/1997 1914.14 0 10 105.695 18.75 1,981.78 3.53%
12/31/1997 1981.78 0 10 105.695 19.27 2,036.74 2.77%
01/31/1998 2036.74 0 10 105.695 19.35 2,045.20 0.42%
02/28/1998 2045.2 0.94 18.98 110.93 19.59 2,173.12 6.25%
03/31/1998 2173.12 0 10 110.93 20.20 2,240.79 3.11%
04/30/1998 2240.79 0 10 110.93 20.10 2,229.69 -0.50%
05/31/1998 2229.69 0 10 110.93 19.96 2,214.16 -0.70%
06/30/1998 2214.16 0 10 110.93 20.44 2,267.41 2.40%
07/31/1998 2267.41 0 10 110.93 20.51 2,275.17 0.34%
08/31/1998 2275.17 0 10 110.93 17.85 1,980.10 -12.97%
09/30/1998 1980.1 0 10 110.93 18.95 2,102.12 6.16%
10/31/1998 2102.12 0 10 110.93 20.40 2,262.97 7.65%
11/30/1998 2262.97 0 10 110.93 21.71 2,408.29 6.42%
12/31/1998 2408.29 0 10 110.93 22.88 2,538.08 5.39%
1.10212
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.628232
01/31/1995 0.00107 1.073972603 1,004.93 (0.00) 0.631327
02/28/1995 0.00107 1.079263021 1,034.81 (0.00) 0.650103
03/31/1995 0.00119 1.23043598 1,052.54 0.00 0.661241
04/30/1995 0.00115 1.211145572 1,088.21 (0.00) 0.683649
05/31/1995 0.00119 1.293927493 1,137.69 (0.00) 0.714736
06/30/1995 0.00115 1.309126792 1,171.19 (0.00) 0.735781
07/31/1995 0.00119 1.392594767 1,208.54 (0.00) 0.759245
08/31/1995 0.00119 1.43700439 1,215.04 (0.00) 0.763329
09/30/1995 0.00115 1.398129857 1,234.46 (0.00) 0.775526
10/31/1995 0.00119 1.467818422 1,241.90 (0.00) 0.780201
11/30/1995 0.00115 1.429032429 1,276.06 (0.00) 0.801666
12/31/1995 0.00119 1.517292511 1,307.32 (0.00) 0.8213
01/31/1996 0.00119 1.55445415 1,324.76 (0.00) 0.83226
02/29/1996 0.00111 1.473572399 1,322.30 (0.00) 0.830715
03/31/1996 0.00119 1.572274305 1,316.73 (0.00) 0.827211
04/30/1996 0.00115 1.515136979 1,336.23 (0.00) 0.839464
05/31/1996 0.00119 1.588831896 1,364.62 (0.00) 0.8573
06/30/1996 0.00115 1.570248378 1,374.03 (0.00) 0.863209
07/31/1996 0.00119 1.633773316 1,332.51 (0.00) 0.837126
08/31/1996 0.00119 1.584406568 1,338.89 (0.00) 0.841135
09/30/1996 0.00115 1.540638897 1,402.01 (0.00) 0.88079
10/31/1996 0.00119 1.667047761 1,457.97 (0.00) 0.915948
11/30/1996 0.00115 1.677668173 1,566.46 (0.00) 0.984104
12/31/1996 0.00119 1.862586882 1,524.94 (0.00) 0.95802
01/31/1997 0.00119 1.813218531 1,595.42 (0.01) 1.002296
02/28/1997 0.00107 1.713435524 1,608.91 (0.01) 1.010775
03/31/1997 0.00119 1.913065002 1,524.91 (0.01) 0.958001
04/30/1997 0.00115 1.754690764 1,592.84 (0.01) 1.000677
05/01/1997 0.00004 0.061095211 1,591.76 (0.01) 1
05/31/1997 0.00115 1.831615843 1,694.34 0.03
06/30/1997 0.00115 1.949653831 1,748.63 0.14
07/31/1997 0.00119 2.079192386 1,881.38 0.29
08/31/1997 0.00119 2.237034549 1,807.72 0.04
09/30/1997 0.00115 2.080113699 1,881.04 0.24
10/31/1997 0.00119 2.23663394 1,841.15 0.19
11/30/1997 0.00115 2.118582101 1,904.09 0.10
12/31/1997 0.00119 2.264042276 1,954.63 0.29
01/31/1998 0.00119 2.324138117 1,960.43 0.21
02/28/1998 0.00107 2.105444993 2,080.94 0.33
03/31/1998 0.00119 2.474322476 2,143.26 0.49
04/30/1998 0.00115 2.466222307 2,130.18 0.45
05/31/1998 0.00119 2.53287335 2,112.81 0.25
06/30/1998 0.00115 2.431180606 2,161.19 0.46
07/31/1998 0.00119 2.569747454 2,166.02 0.45
08/31/1998 0.00119 2.57548664 1,882.53 0.05
09/30/1998 0.00115 2.166199154 1,996.37 0.15
10/31/1998 0.00119 2.37376771 2,146.76 0.24
11/30/1998 0.00115 2.470239813 2,282.14 0.48
12/31/1998 0.00119 2.713561735 2,402.42 0.63
0.9963715 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
GROWTH & INCOME Surrender
FUND 131 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.972986 -----------------------------
Units purchased 1,027.764 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/1996 0.972986 1,027.764 1,000.00 1,000.00 1,628.10 6.00%
01/31/1997 0.996278 1,027.764 1,023.94 0.00002 0.02029863 1,023.94 1,628.10 6.00%
02/28/1997 0.997267 1,027.764 1,024.96 0.00002 0.018773144 1,024.96 1,628.10 6.00%
03/31/1997 0.952511 1,027.764 978.96 0.00002 0.020805185 978.96 1,628.10 6.00%
04/30/1997 1.002941 1,027.764 1,030.79 0.00002 0.019230461 1,030.79 1,628.10 6.00%
05/01/1997 1.000000 1,027.764 1,027.76 0.00000 0.000674953 1,027.76 1,628.10 6.00%
05/31/1997 1.058070 1,027.764 1,087.45 0.00002 0.020248604 1,087.45 1,628.10 6.00%
06/30/1997 1.111108 1,027.764 1,141.96 0.00002 0.021361615 1,141.96 1,628.10 6.00%
07/31/1997 1.199776 1,027.764 1,233.09 0.00002 0.023180159 1,233.09 1,628.10 6.00%
08/31/1997 1.137791 1,027.764 1,169.38 0.00002 0.025029968 1,169.38 1,628.10 6.00%
09/30/1997 1.196326 1,027.764 1,229.54 0.00002 0.022971121 1,229.54 1,628.10 6.00%
10/31/1997 1.161354 1,027.764 1,193.60 0.00002 0.024957994 1,193.60 1,628.10 6.00%
11/30/1997 1.212201 1,027.764 1,245.86 0.00002 0.02344684 1,245.86 1,628.10 6.00%
12/31/1997 1.237676 1,027.764 1,272.04 0.00002 0.025289181 1,272.04 1,628.10 6.00%
01/31/1998 1.243324 1,027.764 1,277.84 0.00002 0.025820646 1,277.84 1,628.10 6.00%
02/28/1998 1.327182 1,027.764 1,364.03 0.00002 0.023428301 1,364.03 1,628.10 6.00%
03/31/1998 1.393065 1,027.764 1,431.74 0.00002 0.027687938 1,431.74 1,628.10 6.00%
04/30/1998 1.391642 1,027.764 1,430.28 0.00002 0.028124906 1,430.28 1,628.10 6.00%
05/31/1998 1.369515 1,027.764 1,407.54 0.00002 0.029032716 1,407.54 1,628.10 6.00%
06/30/1998 1.438106 1,027.764 1,478.03 0.00002 0.027649449 1,478.03 1,628.10 6.00%
07/31/1998 1.426731 1,027.764 1,466.34 0.00002 0.030002057 1,466.34 1,628.10 6.00%
08/31/1998 1.223298 1,027.764 1,257.26 0.00002 0.029764749 1,257.26 1,628.10 6.00%
09/30/1998 1.313568 1,027.764 1,350.04 0.00002 0.024697441 1,350.04 1,628.10 6.00%
10/31/1998 1.414456 1,027.764 1,453.73 0.00002 0.02740392 1,453.73 1,628.10 6.00%
11/30/1998 1.503305 1,027.764 1,545.04 0.00002 0.028556773 1,545.04 1,628.10 6.00%
12/31/1998 1.584114 1,027.764 1,628.10 0.00002 0.031362252 1,628.10 1,628.10 6.00%
12/31/1998 1,628.10
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/1996 30.00% 1,597.40 2.0000 26.39% 27.60% 1,597.40 1,628.10 3
01/31/1997 20.00% 1,586.20 1.9151 25.68% 27.40% 1,549.11 1,590.03 2
02/28/1997 20.00% 1,586.14 1.8384 26.81% 28.62% 1,547.52 1,588.46 2
03/31/1997 20.00% 1,588.90 1.7534 31.81% 33.66% 1,623.05 1,663.09 2
04/30/1997 20.00% 1,585.79 1.6712 29.40% 31.46% 1,538.42 1,579.47 2
05/01/1997 20.00% 1,585.97 1.6685 29.69% 31.75% 1,543.12 1,584.11 2
05/31/1997 20.00% 1,582.39 1.5863 26.68% 28.97% 1,455.14 1,497.17 2
06/30/1997 20.00% 1,579.12 1.5041 24.05% 26.59% 1,382.82 1,425.71 2
07/31/1997 20.00% 1,573.65 1.4192 18.75% 21.63% 1,276.19 1,320.34 2
08/31/1997 20.00% 1,577.47 1.3342 25.15% 28.15% 1,348.98 1,392.27 2
09/30/1997 20.00% 1,573.86 1.2521 21.80% 25.14% 1,280.04 1,324.15 2
10/31/1997 20.00% 1,576.02 1.1671 26.89% 30.47% 1,320.39 1,364.02 2
11/30/1997 20.00% 1,572.88 1.0849 23.97% 27.97% 1,262.49 1,306.81 2
12/31/1997 20.00% 1,571.31 1.0000 23.53% 27.99% 1,235.27 1,279.91 2
01/31/1998 10.00% 1,561.19 0.9151 22.17% 27.41% 1,201.14 1,248.16 1
02/28/1998 10.00% 1,556.02 0.8384 14.08% 19.36% 1,116.73 1,159.94 1
03/31/1998 10.00% 1,551.96 0.7534 8.40% 13.71% 1,062.63 1,101.67 1
04/30/1998 10.00% 1,552.05 0.6712 8.51% 13.83% 1,056.37 1,090.84 1
05/31/1998 10.00% 1,553.41 0.5863 10.36% 15.67% 1,059.52 1,089.09 1
06/30/1998 10.00% 1,549.18 0.5041 4.81% 10.15% 1,023.98 1,049.95 1
07/31/1998 10.00% 1,549.88 0.4192 5.70% 11.03% 1,023.50 1,044.84 1
08/31/1998 10.00% 1,562.43 0.3342 24.27% 29.50% 1,075.33 1,090.22 1
09/30/1998 10.00% 1,556.86 0.2521 15.32% 20.60% 1,036.59 1,048.35 1
10/31/1998 10.00% 1,550.64 0.1671 6.67% 11.99% 1,010.84 1,019.11 1
11/30/1998 10.00% 1,545.16 0.0849 0.01% 5.38% 1,000.01 1,004.46 1
12/31/1998 10.00% 1,540.18 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
GROWTH & INCOME Surrender
FUND 131 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.972986 -----------------------------
Units purchased 1,027.764 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,545.04 1,545.16 1,628.10 0.01% 5.38%
09/30/1998 0.25 0.25 3 mths 1,350.04 1,556.86 1,628.10 15.32% 20.60%
12/31/1997 1.00 1.00 YTD 1,272.04 1,571.31 1,628.10 23.53% 27.99%
12/31/1997 1.00 1.00 1 Year 1,272.04 1,571.31 1,628.10 23.53% 27.99%
12/31/1996 2.00 2.00 2 Year 1,000.00 1,597.40 1,628.10 26.39% 27.60%
12/31/1995 3.00 3.00 3 Year #N/A #N/A #N/A #N/A #N/A
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
12/31/1996 2.00 2.00 Portfolio Inc Dt 1,000.00 1,597.40 1,628.10 26.39% 27.60%
05/01/1997 1.67 1.67 Subacct Inc Dt 1,027.76 1,585.97 1,628.10 29.69% 31.75%
12/31/1992 #N/A #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 #N/A #N/A
12/31/1996 1 1,000.00 #N/A
12/31/1997 1 1,272.04 27.20%
12/31/1998 1 1,628.10 27.99%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
GROWTH & INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/31/1996 0 100 10 1,000.00
01/31/1997 1000 0 10 100 10.25 1,025.00 2.50%
02/28/1997 1025 0 10 100 10.27 1,027.00 0.20%
03/31/1997 1027 0 10 100 9.82 982.00 -4.38%
04/30/1997 982 0 10 100 10.35 1,035.00 5.40%
05/01/1997 1035 0 10 100 10.32 1,032.00 -0.29%
05/31/1997 1032 0 10 100 10.93 1,093.00 5.91%
06/30/1997 1093 0 10 100 11.49 1,149.00 5.12%
07/31/1997 1149 0 10 100 12.42 1,242.00 8.09%
08/31/1997 1242 0 10 100 11.79 1,179.00 -5.07%
09/30/1997 1179 0 10 100 12.41 1,241.00 5.26%
10/31/1997 1241 0 10 100 12.06 1,206.00 -2.82%
11/30/1997 1206 0 10 100 12.6 1,260.00 4.48%
12/31/1997 1260 0.34 12.2 102.787 12.53 1,287.92 2.22%
01/31/1998 1287.92 0 10 102.787 12.6 1,295.12 0.56%
02/28/1998 1295.12 0.07 12.91 103.344 13.39 1,383.78 6.85%
03/31/1998 1383.78 0 10 103.344 14.07 1,454.05 5.08%
04/30/1998 1454.05 0 10 103.344 14.07 1,454.05 0.00%
05/31/1998 1454.05 0 10 103.344 13.86 1,432.35 -1.49%
06/30/1998 1432.35 0 10 103.344 14.57 1,505.72 5.12%
07/31/1998 1505.72 0 10 103.344 14.47 1,495.39 -0.69%
08/31/1998 1495.39 0 10 103.344 12.42 1,283.53 -14.17%
09/30/1998 1283.53 0 10 103.344 13.35 1,379.64 7.49%
10/31/1998 1379.64 0 10 103.344 14.39 1,487.12 7.79%
11/30/1998 1487.12 0 10 103.344 15.31 1,582.20 6.39%
12/31/1998 1582.2 0 10 103.344 16.15 1,669.01 5.49%
0.37964
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
12/31/1996 1,000.00 0.972986
01/31/1997 0.00106 1.061643836 1,023.94 (0.00) 0.996278
02/28/1997 0.00096 0.981858698 1,024.95 (0.00) 0.997267
03/31/1997 0.00106 1.088136548 978.96 (0.00) 0.952511
04/30/1997 0.00103 1.00577663 1,030.79 (0.00) 1.002941
05/01/1997 0.00003 0.035300885 1,027.76 (0.00) 1.000000
05/31/1997 0.00103 1.055920648 1,087.46 0.01
06/30/1997 0.00103 1.117249712 1,142.06 0.10
07/31/1997 0.00106 1.212455767 1,233.28 0.19
08/31/1997 0.00106 1.309304677 1,169.41 0.03
09/30/1997 0.00103 1.201452248 1,229.71 0.17
10/31/1997 0.00106 1.30551186 1,193.72 0.12
11/30/1997 0.00103 1.226425587 1,245.94 0.09
12/31/1997 0.00106 1.322749477 1,272.23 0.19
01/31/1998 0.00106 1.350655637 1,277.99 0.15
02/28/1998 0.00096 1.225471881 1,364.25 0.22
03/31/1998 0.00106 1.448351964 1,432.08 0.34
04/30/1998 0.00103 1.471319392 1,430.61 0.33
05/31/1998 0.00106 1.518801355 1,407.74 0.21
06/30/1998 0.00103 1.446312184 1,478.41 0.37
07/31/1998 0.00106 1.56954182 1,466.69 0.35
08/31/1998 0.00106 1.557107676 1,257.34 0.08
09/30/1998 0.00103 1.291791005 1,350.20 0.16
10/31/1998 0.00106 1.433432148 1,453.95 0.23
11/30/1998 0.00103 1.493788062 1,545.42 0.38
12/31/1998 0.00106 1.640684998 1,628.57 0.48
0.3502006 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
GROWTH & INCOME Surrender
FUND 191 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.973468 -----------------------------
Units purchased 1,027.255 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/1996 0.973468 1,027.255 1,000.00 1,000.00 1,623.28 6.00%
01/31/1997 0.996647 1,027.255 1,023.81 0.00002 0.020298628 1,023.81 1,623.28 6.00%
02/28/1997 0.997521 1,027.255 1,024.71 0.00002 0.018770796 1,024.71 1,623.28 6.00%
03/31/1997 0.952627 1,027.255 978.59 0.00002 0.020800178 978.59 1,623.28 6.00%
04/30/1997 1.002946 1,027.255 1,030.28 0.00002 0.019223278 1,030.28 1,623.28 6.00%
05/01/1997 1.000000 1,027.255 1,027.26 0.00000 0.000674623 1,027.26 1,623.28 6.00%
05/31/1997 1.057946 1,027.255 1,086.78 0.00002 0.020238676 1,086.78 1,623.28 6.00%
06/30/1997 1.110836 1,027.255 1,141.11 0.00002 0.021348534 1,141.11 1,623.28 6.00%
07/31/1997 1.199333 1,027.255 1,232.02 0.00002 0.023163007 1,232.02 1,623.28 6.00%
08/31/1997 1.137239 1,027.255 1,168.23 0.00002 0.025008335 1,168.23 1,623.28 6.00%
09/30/1997 1.195589 1,027.255 1,228.17 0.00002 0.022948605 1,228.17 1,623.28 6.00%
10/31/1997 1.160492 1,027.255 1,192.12 0.00002 0.024930266 1,192.12 1,623.28 6.00%
11/30/1997 1.211167 1,027.255 1,244.18 0.00002 0.023417833 1,244.18 1,623.28 6.00%
12/31/1997 1.236456 1,027.255 1,270.16 0.00002 0.025255096 1,270.16 1,623.28 6.00%
01/31/1998 1.241947 1,027.255 1,275.80 0.00002 0.025782419 1,275.80 1,623.28 6.00%
02/28/1998 1.325566 1,027.255 1,361.69 0.00002 0.023390763 1,361.69 1,623.28 6.00%
03/31/1998 1.391187 1,027.255 1,429.10 0.00002 0.027640529 1,429.10 1,623.28 6.00%
04/30/1998 1.389594 1,027.255 1,427.47 0.00002 0.02807308 1,427.47 1,623.28 6.00%
05/31/1998 1.367338 1,027.255 1,404.60 0.00002 0.028975632 1,404.60 1,623.28 6.00%
06/30/1998 1.435635 1,027.255 1,474.76 0.00002 0.027591826 1,474.76 1,623.28 6.00%
07/31/1998 1.424099 1,027.255 1,462.91 0.00002 0.029935673 1,462.91 1,623.28 6.00%
08/31/1998 1.220886 1,027.255 1,254.16 0.00002 0.029695126 1,254.16 1,623.28 6.00%
09/30/1998 1.310819 1,027.255 1,346.55 0.00002 0.024636537 1,346.55 1,623.28 6.00%
10/31/1998 1.411323 1,027.255 1,449.79 0.00002 0.027333026 1,449.79 1,623.28 6.00%
11/30/1998 1.499785 1,027.255 1,540.66 0.00002 0.028479409 1,540.66 1,623.28 6.00%
12/31/1998 1.580209 1,027.255 1,623.28 0.00002 0.031273321 1,623.28 1,623.28 6.00%
12/31/1998 1,623.28
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/1996 30.00% 1,592.50 2.0000 26.19% 27.41% 1,592.50 1,623.28 3
01/31/1997 20.00% 1,581.33 1.9151 25.48% 27.21% 1,544.55 1,585.53 2
02/28/1997 20.00% 1,581.27 1.8384 26.61% 28.43% 1,543.15 1,584.14 2
03/31/1997 20.00% 1,584.04 1.7534 31.61% 33.46% 1,618.70 1,658.79 2
04/30/1997 20.00% 1,580.94 1.6712 29.20% 31.26% 1,534.47 1,575.57 2
05/01/1997 20.00% 1,581.12 1.6685 29.49% 31.55% 1,539.17 1,580.21 2
05/31/1997 20.00% 1,577.55 1.5863 26.48% 28.78% 1,451.58 1,493.66 2
06/30/1997 20.00% 1,574.29 1.5041 23.86% 26.41% 1,379.61 1,422.54 2
07/31/1997 20.00% 1,568.84 1.4192 18.57% 21.45% 1,273.38 1,317.57 2
08/31/1997 20.00% 1,572.66 1.3342 24.96% 27.96% 1,346.19 1,389.51 2
09/30/1997 20.00% 1,569.07 1.2521 21.61% 24.95% 1,277.56 1,321.70 2
10/31/1997 20.00% 1,571.23 1.1671 26.69% 30.28% 1,318.01 1,361.67 2
11/30/1997 20.00% 1,568.11 1.0849 23.77% 27.78% 1,260.36 1,304.70 2
12/31/1997 20.00% 1,566.55 1.0000 23.34% 27.80% 1,233.35 1,278.01 2
01/31/1998 10.00% 1,556.47 0.9151 22.00% 27.24% 1,199.57 1,246.61 1
02/28/1998 10.00% 1,551.32 0.8384 13.93% 19.21% 1,115.50 1,158.73 1
03/31/1998 10.00% 1,547.27 0.7534 8.27% 13.59% 1,061.68 1,100.74 1
04/30/1998 10.00% 1,547.37 0.6712 8.40% 13.72% 1,055.63 1,090.11 1
05/31/1998 10.00% 1,548.74 0.5863 10.26% 15.57% 1,058.95 1,088.53 1
06/30/1998 10.00% 1,544.53 0.5041 4.73% 10.07% 1,023.57 1,049.56 1
07/31/1998 10.00% 1,545.24 0.4192 5.63% 10.96% 1,023.22 1,044.57 1
08/31/1998 10.00% 1,557.77 0.3342 24.21% 29.43% 1,075.14 1,090.04 1
09/30/1998 10.00% 1,552.22 0.2521 15.27% 20.55% 1,036.49 1,048.25 1
10/31/1998 10.00% 1,546.03 0.1671 6.64% 11.97% 1,010.80 1,019.07 1
11/30/1998 10.00% 1,540.58 0.0849 -0.01% 5.36% 1,000.00 1,004.44 1
12/31/1998 10.00% 1,535.62 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
GROWTH & INCOME Surrender
FUND 191 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.973468 -----------------------------
Units purchased 1,027.255 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,540.66 1,540.58 1,623.28 -0.01% 5.36%
09/30/1998 0.25 0.25 3 mths 1,346.55 1,552.22 1,623.28 15.27% 20.55%
12/31/1997 1.00 1.00 YTD 1,270.16 1,566.55 1,623.28 23.34% 27.80%
12/31/1997 1.00 1.00 1 Year 1,270.16 1,566.55 1,623.28 23.34% 27.80%
12/31/1996 2.00 2.00 2 Year 1,000.00 1,592.50 1,623.28 26.19% 27.41%
12/31/1995 3.00 3.00 3 Year #N/A #N/A #N/A #N/A #N/A
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
12/31/1996 2.00 2.00 Portfolio Inc Dt 1,000.00 1,592.50 1,623.28 26.19% 27.41%
05/01/1997 1.67 1.67 Subacct Inc Dt 1,027.26 1,581.12 1,623.28 29.49% 31.55%
12/31/1992 #N/A #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 #N/A #N/A
12/31/1996 1 1,000.00 #N/A
12/31/1997 1 1,270.16 27.02%
12/31/1998 1 1,623.28 27.80%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
GROWTH & INCOME SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/31/1996 0 100 10 1,000.00
01/31/1997 1000 0 10 100 10.25 1,025.00 2.50%
02/28/1997 1025 0 10 100 10.27 1,027.00 0.20%
03/31/1997 1027 0 10 100 9.82 982.00 -4.38%
04/30/1997 982 0 10 100 10.35 1,035.00 5.40%
05/01/1997 1035 0 10 100 10.32 1,032.00 -0.29%
05/31/1997 1032 0 10 100 10.93 1,093.00 5.91%
06/30/1997 1093 0 10 100 11.49 1,149.00 5.12%
07/31/1997 1149 0 10 100 12.42 1,242.00 8.09%
08/31/1997 1242 0 10 100 11.79 1,179.00 -5.07%
09/30/1997 1179 0 10 100 12.41 1,241.00 5.26%
10/31/1997 1241 0 10 100 12.06 1,206.00 -2.82%
11/30/1997 1206 0 10 100 12.6 1,260.00 4.48%
12/31/1997 1260 0.34 12.2 102.787 12.53 1,287.92 2.22%
01/31/1998 1287.92 0 10 102.787 12.6 1,295.12 0.56%
02/28/1998 1295.12 0.07 12.91 103.344 13.39 1,383.78 6.85%
03/31/1998 1383.78 0 10 103.344 14.07 1,454.05 5.08%
04/30/1998 1454.05 0 10 103.344 14.07 1,454.05 0.00%
05/31/1998 1454.05 0 10 103.344 13.86 1,432.35 -1.49%
06/30/1998 1432.35 0 10 103.344 14.57 1,505.72 5.12%
07/31/1998 1505.72 0 10 103.344 14.47 1,495.39 -0.69%
08/31/1998 1495.39 0 10 103.344 12.42 1,283.53 -14.17%
09/30/1998 1283.53 0 10 103.344 13.35 1,379.64 7.49%
10/31/1998 1379.64 0 10 103.344 14.39 1,487.12 7.79%
11/30/1998 1487.12 0 10 103.344 15.31 1,582.20 6.39%
12/31/1998 1582.2 0 10 103.344 16.15 1,669.01 5.49%
0.37964
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
12/31/1996 1,000.00 0.973468
01/31/1997 0.00119 1.189041096 1,023.81 0.00 0.996647
02/28/1997 0.00107 1.09954492 1,024.71 0.00 0.997521
03/31/1997 0.00119 1.218421224 978.59 0.00 0.952627
04/30/1997 0.00115 1.126049979 1,030.28 (0.00) 1.002946
05/01/1997 0.00004 0.039517628 1,027.26 0.00 1.000000
05/31/1997 0.00115 1.182047054 1,086.79 0.01
06/30/1997 0.00115 1.250555951 1,141.22 0.11
07/31/1997 0.00119 1.356962333 1,232.24 0.22
08/31/1997 0.00119 1.46518131 1,168.27 0.03
09/30/1997 0.00115 1.344308088 1,228.36 0.18
10/31/1997 0.00119 1.460569401 1,192.26 0.13
11/30/1997 0.00115 1.371909866 1,244.27 0.09
12/31/1997 0.00119 1.479485364 1,270.36 0.20
01/31/1998 0.00119 1.510509712 1,275.95 0.15
02/28/1998 0.00107 1.370336278 1,361.93 0.23
03/31/1998 0.00119 1.619388687 1,429.47 0.37
04/30/1998 0.00115 1.644868701 1,427.82 0.36
05/31/1998 0.00119 1.697741842 1,404.82 0.21
06/30/1998 0.00115 1.61650291 1,475.16 0.40
07/31/1998 0.00119 1.75402731 1,463.29 0.37
08/31/1998 0.00119 1.739908185 1,254.24 0.07
09/30/1998 0.00115 1.443229498 1,346.71 0.16
10/31/1998 0.00119 1.60129157 1,450.02 0.23
11/30/1998 0.00115 1.668517932 1,541.06 0.40
12/31/1998 0.00119 1.832384984 1,623.78 0.50
0.3467083 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
BALANCED Surrender
FUND 132 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.777409 -----------------------------
Units purchased 1,286.324 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.777409 1,286.324 1,000.00 1,000.00 1,713.77 4.00%
01/31/1995 0.775886 1,286.324 998.04 0.00002 0.018334244 998.04 1,713.77 4.00%
02/28/1995 0.790675 1,286.324 1,017.06 0.00002 0.018298326 1,017.06 1,713.77 4.00%
03/31/1995 0.795267 1,286.324 1,022.97 0.00002 0.020645011 1,022.97 1,713.77 4.00%
04/30/1995 0.804526 1,286.324 1,034.88 0.00002 0.020095075 1,034.88 1,713.77 4.00%
05/31/1995 0.820707 1,286.324 1,055.70 0.00002 0.021006669 1,055.70 1,713.77 4.00%
06/30/1995 0.829920 1,286.324 1,067.55 0.00002 0.020737901 1,067.55 1,713.77 4.00%
07/31/1995 0.839857 1,286.324 1,080.33 0.00002 0.021669722 1,080.33 1,713.77 4.00%
08/31/1995 0.842053 1,286.324 1,083.15 0.00002 0.021929183 1,083.15 1,713.77 4.00%
09/30/1995 0.848899 1,286.324 1,091.96 0.00002 0.021277279 1,091.96 1,713.77 4.00%
10/31/1995 0.837984 1,286.324 1,077.92 0.00002 0.022165275 1,077.92 1,713.77 4.00%
11/30/1995 0.861747 1,286.324 1,108.49 0.00002 0.021174462 1,108.49 1,713.77 4.00%
12/31/1995 0.874792 1,286.324 1,125.27 0.00002 0.022500744 1,125.27 1,713.77 4.00%
01/31/1996 0.880130 1,286.324 1,132.13 0.00002 0.022841357 1,132.13 1,713.77 6.00%
02/29/1996 0.867465 1,286.324 1,115.84 0.00002 0.021498108 1,115.84 1,713.77 6.00%
03/31/1996 0.859478 1,286.324 1,105.57 0.00002 0.022650045 1,105.57 1,713.77 6.00%
04/30/1996 0.860945 1,286.324 1,107.45 0.00002 0.02171758 1,107.45 1,713.77 6.00%
05/31/1996 0.869437 1,286.324 1,118.38 0.00002 0.022479804 1,118.38 1,713.77 6.00%
06/30/1996 0.874021 1,286.324 1,124.27 0.00002 0.021969227 1,124.27 1,713.77 6.00%
07/31/1996 0.855892 1,286.324 1,100.95 0.00002 0.022821226 1,100.95 1,713.77 6.00%
08/31/1996 0.860449 1,286.324 1,106.82 0.00002 0.022347867 1,106.82 1,713.77 6.00%
09/30/1996 0.896233 1,286.324 1,152.85 0.00002 0.021742115 1,152.85 1,713.77 6.00%
10/31/1996 0.919436 1,286.324 1,182.69 0.00002 0.023401195 1,182.69 1,713.77 6.00%
11/30/1996 0.966766 1,286.324 1,243.57 0.00002 0.023232619 1,243.57 1,713.77 6.00%
12/31/1996 0.950183 1,286.324 1,222.24 0.00002 0.025242855 1,222.24 1,713.77 6.00%
01/31/1997 0.979473 1,286.324 1,259.92 0.00002 0.024809863 1,259.92 1,713.77 6.00%
02/28/1997 0.994967 1,286.324 1,279.85 0.00002 0.023099677 1,279.85 1,713.77 6.00%
03/31/1997 0.966101 1,286.324 1,242.72 0.00002 0.0259792 1,242.72 1,713.77 6.00%
04/30/1997 1.001621 1,286.324 1,288.41 0.00002 0.024411766 1,288.41 1,713.77 6.00%
05/01/1997 1.000000 1,286.324 1,286.32 0.00000 0.000843643 1,286.32 1,713.77 6.00%
05/31/1997 1.040213 1,286.324 1,338.05 0.00002 0.025309297 1,338.05 1,713.77 6.00%
06/30/1997 1.077102 1,286.324 1,385.50 0.00002 0.026284453 1,385.50 1,713.77 6.00%
07/31/1997 1.136050 1,286.324 1,461.33 0.00002 0.028123796 1,461.33 1,713.77 6.00%
08/31/1997 1.082012 1,286.324 1,391.82 0.00002 0.029662964 1,391.82 1,713.77 6.00%
09/30/1997 1.124230 1,286.324 1,446.12 0.00002 0.027340644 1,446.12 1,713.77 6.00%
10/31/1997 1.099398 1,286.324 1,414.18 0.00002 0.029354337 1,414.18 1,713.77 6.00%
11/30/1997 1.125121 1,286.324 1,447.27 0.00002 0.027779959 1,447.27 1,713.77 6.00%
12/31/1997 1.146670 1,286.324 1,474.99 0.00002 0.029377601 1,474.99 1,713.77 6.00%
01/31/1998 1.158074 1,286.324 1,489.66 0.00002 0.029940259 1,489.66 1,713.77 6.00%
02/28/1998 1.200046 1,286.324 1,543.65 0.00002 0.027311764 1,543.65 1,713.77 6.00%
03/31/1998 1.243819 1,286.324 1,599.95 0.00002 0.031333939 1,599.95 1,713.77 6.00%
04/30/1998 1.252556 1,286.324 1,611.19 0.00002 0.031429238 1,611.19 1,713.77 6.00%
05/31/1998 1.251318 1,286.324 1,609.60 0.00002 0.032705008 1,609.60 1,713.77 6.00%
06/30/1998 1.278251 1,286.324 1,644.24 0.00002 0.031618725 1,644.24 1,713.77 6.00%
07/31/1998 1.276074 1,286.324 1,641.44 0.00002 0.03337592 1,641.44 1,713.77 6.00%
08/31/1998 1.136865 1,286.324 1,462.38 0.00002 0.033319077 1,462.38 1,713.77 6.00%
09/30/1998 1.200421 1,286.324 1,544.13 0.00002 0.028726688 1,544.13 1,713.77 6.00%
10/31/1998 1.243119 1,286.324 1,599.05 0.00002 0.031343731 1,599.05 1,713.77 6.00%
11/30/1998 1.288171 1,286.324 1,657.01 0.00002 0.03141155 1,657.01 1,713.77 6.00%
12/31/1998 1.332300 1,286.324 1,713.77 0.00002 0.033634937 1,713.77 1,713.77 6.00%
12/31/1998 1,713.77
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 1,701.19 3.9945 14.23% 14.44% 1,701.19 1,713.77 4
01/31/1995 40.00% 1,701.27 3.9178 14.58% 14.80% 1,704.61 1,717.13 4
02/28/1995 40.00% 1,700.51 3.8411 14.32% 14.55% 1,671.98 1,685.02 4
03/31/1995 40.00% 1,700.27 3.7562 14.48% 14.73% 1,662.09 1,675.29 4
04/30/1995 40.00% 1,699.79 3.6740 14.46% 14.72% 1,642.50 1,656.01 4
05/31/1995 40.00% 1,698.96 3.5890 14.18% 14.45% 1,609.33 1,623.36 4
06/30/1995 40.00% 1,698.49 3.5068 14.16% 14.45% 1,591.02 1,605.34 4
07/31/1995 40.00% 1,697.98 3.4219 14.13% 14.44% 1,571.72 1,586.34 4
08/31/1995 40.00% 1,697.86 3.3370 14.42% 14.74% 1,567.52 1,582.20 4
09/30/1995 40.00% 1,697.51 3.2548 14.52% 14.85% 1,554.56 1,569.44 4
10/31/1995 40.00% 1,698.07 3.1699 15.42% 15.75% 1,575.33 1,589.89 4
11/30/1995 40.00% 1,696.85 3.0877 14.79% 15.15% 1,530.78 1,546.05 4
12/31/1995 40.00% 1,696.18 3.0027 14.64% 15.04% 1,507.36 1,522.99 4
01/31/1996 30.00% 1,676.69 2.9178 14.41% 15.27% 1,481.00 1,513.75 3
02/29/1996 30.00% 1,677.67 2.8384 15.45% 16.32% 1,503.50 1,535.85 3
03/31/1996 30.00% 1,678.28 2.7534 16.37% 17.26% 1,518.03 1,550.13 3
04/30/1996 30.00% 1,678.17 2.6712 16.84% 17.76% 1,515.34 1,547.49 3
05/31/1996 30.00% 1,677.51 2.5863 16.97% 17.94% 1,499.95 1,532.37 3
06/30/1996 30.00% 1,677.16 2.5041 17.32% 18.33% 1,491.77 1,524.33 3
07/31/1996 30.00% 1,678.56 2.4192 19.05% 20.07% 1,524.64 1,556.62 3
08/31/1996 30.00% 1,678.21 2.3342 19.52% 20.60% 1,516.25 1,548.38 3
09/30/1996 30.00% 1,675.45 2.2521 18.06% 19.25% 1,453.31 1,486.56 3
10/31/1996 30.00% 1,673.66 2.1671 17.38% 18.67% 1,415.12 1,449.04 3
11/30/1996 30.00% 1,670.00 2.0849 15.19% 16.63% 1,342.91 1,378.10 3
12/31/1996 30.00% 1,671.28 2.0000 16.94% 18.41% 1,367.39 1,402.15 3
01/31/1997 20.00% 1,658.74 1.9151 15.44% 17.43% 1,316.54 1,360.22 2
02/28/1997 20.00% 1,657.54 1.8384 15.10% 17.21% 1,295.11 1,339.04 2
03/31/1997 20.00% 1,659.77 1.7534 17.94% 20.12% 1,335.60 1,379.05 2
04/30/1997 20.00% 1,657.03 1.6712 16.25% 18.61% 1,286.11 1,330.14 2
05/01/1997 20.00% 1,657.16 1.6685 16.40% 18.76% 1,288.29 1,332.30 2
05/31/1997 20.00% 1,654.05 1.5863 14.30% 16.88% 1,236.16 1,280.80 2
06/30/1997 20.00% 1,651.20 1.5041 12.37% 15.18% 1,191.77 1,236.93 2
07/31/1997 20.00% 1,646.65 1.4192 8.78% 11.88% 1,126.82 1,172.75 2
08/31/1997 20.00% 1,650.83 1.3342 13.65% 16.88% 1,186.09 1,231.32 2
09/30/1997 20.00% 1,647.57 1.2521 10.98% 14.52% 1,139.30 1,185.08 2
10/31/1997 20.00% 1,649.48 1.1671 14.10% 17.90% 1,166.39 1,211.85 2
11/30/1997 20.00% 1,647.50 1.0849 12.69% 16.86% 1,138.35 1,184.14 2
12/31/1997 20.00% 1,645.84 1.0000 11.58% 16.19% 1,115.83 1,161.89 2
01/31/1998 10.00% 1,634.67 0.9151 9.73% 15.04% 1,088.73 1,136.84 1
02/28/1998 10.00% 1,631.43 0.8384 5.69% 11.02% 1,047.46 1,091.61 1
03/31/1998 10.00% 1,628.05 0.7534 1.76% 7.11% 1,013.20 1,053.14 1
04/30/1998 10.00% 1,627.38 0.6712 1.00% 6.37% 1,006.73 1,042.30 1
05/31/1998 10.00% 1,627.48 0.5863 1.11% 6.47% 1,006.50 1,037.45 1
06/30/1998 10.00% 1,625.40 0.5041 -1.15% 4.23% 994.21 1,021.10 1
07/31/1998 10.00% 1,625.57 0.4192 -0.97% 4.41% 995.93 1,018.24 1
08/31/1998 10.00% 1,636.31 0.3342 11.89% 17.19% 1,038.27 1,054.45 1
09/30/1998 10.00% 1,631.40 0.2521 5.65% 10.99% 1,013.96 1,026.63 1
10/31/1998 10.00% 1,628.11 0.1671 1.82% 7.17% 1,003.01 1,011.64 1
11/30/1998 10.00% 1,624.63 0.0849 -1.95% 3.43% 998.33 1,002.86 1
12/31/1998 10.00% 1,621.23 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
RETURN OF PREMIUM DEATH BENEFIT -----------------------------
BALANCED Surrender
FUND 132 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.777409 -----------------------------
Units purchased 1,286.324 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,657.01 1,624.63 1,713.77 -1.95% 3.43%
09/30/1998 0.25 0.25 3 mths 1,544.13 1,631.40 1,713.77 5.65% 10.99%
12/31/1997 1.00 1.00 YTD 1,474.99 1,645.84 1,713.77 11.58% 16.19%
12/31/1997 1.00 1.00 1 Year 1,474.99 1,645.84 1,713.77 11.58% 16.19%
12/31/1996 2.00 2.00 2 Year 1,222.24 1,671.28 1,713.77 16.94% 18.41%
12/31/1995 3.00 3.00 3 Year 1,125.27 1,696.18 1,713.77 14.64% 15.04%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 1,701.19 1,713.77 14.23% 14.44%
05/01/1997 1.67 1.67 Subacct Inc Dt 1,286.32 1,657.16 1,713.77 16.40% 18.76%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,125.27 #N/A
12/31/1996 1 1,222.24 8.62%
12/31/1997 1 1,474.99 20.68%
12/31/1998 1 1,713.77 16.19%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
BALANCED SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10 1,000.00
01/31/1995 1,000.00 0 10 100 9.99 999.00 -0.10%
02/28/1995 999.00 0 10 100 10.19 1,019.00 2.00%
03/31/1995 1,019.00 0 10 100 10.26 1,026.00 0.69%
04/30/1995 1,026.00 0 10 100 10.39 1,039.00 1.27%
05/31/1995 1,039.00 0 10 100 10.61 1,061.00 2.12%
06/30/1995 1,061.00 0 10 100 10.74 1,074.00 1.23%
07/31/1995 1,074.00 0 10 100 10.88 1,088.00 1.30%
08/31/1995 1,088.00 0 10 100 10.92 1,092.00 0.37%
09/30/1995 1,092.00 0 10 100 11.02 1,102.00 0.92%
10/31/1995 1,102.00 0 10 100 10.89 1,089.00 -1.18%
11/30/1995 1,089.00 0 10 100 11.21 1,121.00 2.94%
12/31/1995 1,121.00 0.22 11.09 101.984 11.17 1,139.16 1.62%
01/31/1996 1,139.16 0 10 101.984 11.25 1,147.32 0.72%
02/29/1996 1,147.32 0.05 11.21 102.439 11.05 1,131.95 -1.34%
03/31/1996 1,131.95 0 10 102.439 10.96 1,122.73 -0.81%
04/30/1996 1,122.73 0 10 102.439 10.99 1,125.80 0.27%
05/31/1996 1,125.80 0 10 102.439 11.11 1,138.10 1.09%
06/30/1996 1,138.10 0 10 102.439 11.18 1,145.27 0.63%
07/31/1996 1,145.27 0 10 102.439 10.96 1,122.73 -1.97%
08/31/1996 1,122.73 0 10 102.439 11.03 1,129.90 0.64%
09/30/1996 1,129.90 0 10 102.439 11.5 1,178.05 4.26%
10/31/1996 1,178.05 0 10 102.439 11.81 1,209.80 2.70%
11/30/1996 1,209.80 0 10 102.439 12.43 1,273.32 5.25%
12/31/1996 1,273.32 0 10 102.439 12.23 1,252.83 -1.61%
01/31/1997 1,252.83 0 10 102.439 12.62 1,292.78 3.19%
02/28/1997 1,292.78 0.31 12.45 104.99 12.52 1,314.47 1.68%
03/31/1997 1,314.47 0 10 104.99 12.17 1,277.73 -2.80%
04/30/1997 1,277.73 0 10 104.99 12.63 1,326.02 3.78%
05/01/1997 1,326.02 0 10 104.99 12.61 1,323.92 -0.16%
05/31/1997 1,323.92 0 10 104.99 13.13 1,378.52 4.12%
06/30/1997 1,378.52 0 10 104.99 13.61 1,428.91 3.66%
07/31/1997 1,428.91 0 10 104.99 14.37 1,508.71 5.58%
08/31/1997 1,508.71 0 10 104.99 13.7 1,438.36 -4.66%
09/30/1997 1,438.36 0 10 104.99 14.25 1,496.11 4.01%
10/31/1997 1,496.11 0 10 104.99 13.95 1,464.61 -2.11%
11/30/1997 1,464.61 0 10 104.99 14.29 1,500.31 2.44%
12/31/1997 1,500.31 0 10 104.99 14.58 1,530.75 2.03%
01/31/1998 1,530.75 0 10 104.99 14.74 1,547.55 1.10%
02/28/1998 1,547.55 0.91 14.07 111.78 14.36 1,605.16 3.72%
03/31/1998 1,605.16 0 10 111.78 14.9 1,665.52 3.76%
04/30/1998 1,665.52 0 10 111.78 15.02 1,678.94 0.81%
05/31/1998 1,678.94 0 10 111.78 15.02 1,678.94 0.00%
06/30/1998 1,678.94 0 10 111.78 15.36 1,716.94 2.26%
07/31/1998 1,716.94 0 10 111.78 15.35 1,715.82 -0.07%
08/31/1998 1,715.82 0 10 111.78 13.69 1,530.27 -10.81%
09/30/1998 1,530.27 0 10 111.78 14.47 1,617.46 5.70%
10/31/1998 1,617.46 0 10 111.78 15 1,676.70 3.66%
11/30/1998 1,676.70 0 10 111.78 15.56 1,739.30 3.73%
12/31/1998 1,739.30 0 10 111.78 16.11 1,800.78 3.53%
0.61746
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.777409
01/31/1995 0.00096 0.95890411 998.04 0.00 0.775886
02/28/1995 0.00096 0.957025708 1,017.06 0.00 0.790675
03/31/1995 0.00106 1.079760653 1,022.97 0.00 0.795267
04/30/1995 0.00103 1.050998444 1,034.88 0.00 0.804526
05/31/1995 0.00106 1.098676575 1,055.70 0.00 0.820707
06/30/1995 0.00103 1.084619784 1,067.55 0.00 0.82992
07/31/1995 0.00106 1.13335468 1,080.33 0.00 0.839857
08/31/1995 0.00106 1.146925172 1,083.15 0.00 0.842053
09/30/1995 0.00103 1.112829854 1,091.96 0.00 0.848899
10/31/1995 0.00106 1.159273195 1,077.92 0.00 0.837984
11/30/1995 0.00103 1.107451764 1,108.49 0.00 0.861747
12/31/1995 0.00106 1.176818044 1,125.27 0.00 0.874792
01/31/1996 0.00106 1.194632925 1,132.13 0.00 0.88013
02/29/1996 0.00099 1.124378657 1,115.84 0.00 0.867465
03/31/1996 0.00106 1.18462685 1,105.57 0.00 0.859478
04/30/1996 0.00103 1.135858194 1,107.46 0.00 0.860945
05/31/1996 0.00106 1.175723684 1,118.38 0.00 0.869437
06/30/1996 0.00103 1.149020254 1,124.28 0.00 0.874021
07/31/1996 0.00106 1.193581169 1,100.96 0.00 0.855892
08/31/1996 0.00106 1.168823201 1,106.82 0.00 0.860449
09/30/1996 0.00103 1.137141957 1,152.85 0.00 0.896233
10/31/1996 0.00106 1.223913348 1,182.69 0.00 0.919436
11/30/1996 0.00103 1.215096837 1,243.58 0.00 0.966766
12/31/1996 0.00106 1.320234777 1,222.24 0.00 0.950183
01/31/1997 0.00106 1.297588215 1,259.92 0.00 0.979473
02/28/1997 0.00096 1.208143891 1,279.85 0.00 0.994967
03/31/1997 0.00106 1.358747039 1,242.72 0.00 0.966101
04/30/1997 0.00103 1.276768036 1,288.41 0.00 1.001621
05/01/1997 0.00003 0.044123664 1,286.33 0.00 1
05/31/1997 0.00103 1.321568258 1,338.05 0.00
06/30/1997 0.00103 1.374713494 1,385.59 0.09
07/31/1997 0.00106 1.471003708 1,461.50 0.17
08/31/1997 0.00106 1.551592823 1,391.80 (0.02)
09/30/1997 0.00103 1.429931604 1,446.25 0.13
10/31/1997 0.00106 1.535403234 1,414.27 0.08
11/30/1997 0.00103 1.453012141 1,447.28 0.01
12/31/1997 0.00106 1.536501175 1,475.11 0.12
01/31/1998 0.00106 1.566044246 1,489.74 0.08
02/28/1998 0.00096 1.428513953 1,543.77 0.12
03/31/1998 0.00106 1.638928859 1,600.18 0.22
04/30/1998 0.00103 1.64401813 1,611.43 0.23
05/31/1998 0.00106 1.710761679 1,609.72 0.12
06/30/1998 0.00103 1.653818187 1,644.50 0.25
07/31/1998 0.00106 1.745868817 1,641.68 0.23
08/31/1998 0.00106 1.742876455 1,462.40 0.03
09/30/1998 0.00103 1.502467971 1,544.22 0.09
10/31/1998 0.00106 1.639414609 1,599.14 0.09
11/30/1998 0.00103 1.642953125 1,657.20 0.20
12/31/1998 0.00106 1.759358719 1,714.02 0.25
0.5442228 -1.0000000
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
BALANCED Surrender
FUND 192 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.780101 -----------------------------
Units purchased 1,281.885 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.780101 1,281.885 1,000.00 1,000.00 1,703.66 4.00%
01/31/1995 0.778483 1,281.885 997.93 0.00002 0.018334242 997.93 1,703.66 4.00%
02/28/1995 0.793232 1,281.885 1,016.83 0.00002 0.018296215 1,016.83 1,703.66 4.00%
03/31/1995 0.797738 1,281.885 1,022.61 0.00002 0.020640301 1,022.61 1,703.66 4.00%
04/30/1995 0.806928 1,281.885 1,034.39 0.00002 0.020087951 1,034.39 1,703.66 4.00%
05/31/1995 0.823055 1,281.885 1,055.06 0.00002 0.020996678 1,055.06 1,703.66 4.00%
06/30/1995 0.832192 1,281.885 1,066.77 0.00002 0.020725462 1,066.77 1,703.66 4.00%
07/31/1995 0.842050 1,281.885 1,079.41 0.00002 0.02165406 1,079.41 1,703.66 4.00%
08/31/1995 0.844145 1,281.885 1,082.10 0.00002 0.02191057 1,082.10 1,703.66 4.00%
09/30/1995 0.850904 1,281.885 1,090.76 0.00002 0.021256532 1,090.76 1,703.66 4.00%
10/31/1995 0.839854 1,281.885 1,076.60 0.00002 0.022140956 1,076.60 1,703.66 4.00%
11/30/1995 0.863567 1,281.885 1,106.99 0.00002 0.02114848 1,106.99 1,703.66 4.00%
12/31/1995 0.876530 1,281.885 1,123.61 0.00002 0.022470453 1,123.61 1,703.66 4.00%
01/31/1996 0.881767 1,281.885 1,130.32 0.00002 0.022807757 1,130.32 1,703.66 6.00%
02/29/1996 0.868974 1,281.885 1,113.92 0.00002 0.021463767 1,113.92 1,703.66 6.00%
03/31/1996 0.860863 1,281.885 1,103.53 0.00002 0.022611146 1,103.53 1,703.66 6.00%
04/30/1996 0.862226 1,281.885 1,105.27 0.00002 0.02167751 1,105.27 1,703.66 6.00%
05/31/1996 0.870621 1,281.885 1,116.04 0.00002 0.02243556 1,116.04 1,703.66 6.00%
06/30/1996 0.875104 1,281.885 1,121.78 0.00002 0.021923228 1,121.78 1,703.66 6.00%
07/31/1996 0.856841 1,281.885 1,098.37 0.00002 0.022770652 1,098.37 1,703.66 6.00%
08/31/1996 0.861294 1,281.885 1,104.08 0.00002 0.022295439 1,104.08 1,703.66 6.00%
09/30/1996 0.897006 1,281.885 1,149.86 0.00002 0.021688363 1,149.86 1,703.66 6.00%
10/31/1996 0.920115 1,281.885 1,179.48 0.00002 0.023340553 1,179.48 1,703.66 6.00%
11/30/1996 0.967366 1,281.885 1,240.05 0.00002 0.023169543 1,240.05 1,703.66 6.00%
12/31/1996 0.950649 1,281.885 1,218.62 0.00002 0.025171356 1,218.62 1,703.66 6.00%
01/31/1997 0.979833 1,281.885 1,256.03 0.00002 0.024736371 1,256.03 1,703.66 6.00%
02/28/1997 0.995220 1,281.885 1,275.76 0.00002 0.023028423 1,275.76 1,703.66 6.00%
03/31/1997 0.966220 1,281.885 1,238.58 0.00002 0.025896131 1,238.58 1,703.66 6.00%
04/30/1997 1.001625 1,281.885 1,283.97 0.00002 0.024330519 1,283.97 1,703.66 6.00%
05/01/1997 1.000000 1,281.885 1,281.89 0.00000 0.000840735 1,281.89 1,703.66 6.00%
05/31/1997 1.040091 1,281.885 1,333.28 0.00002 0.025222058 1,333.28 1,703.66 6.00%
06/30/1997 1.076840 1,281.885 1,380.39 0.00002 0.026190675 1,380.39 1,703.66 6.00%
07/31/1997 1.135634 1,281.885 1,455.75 0.00002 0.028019925 1,455.75 1,703.66 6.00%
08/31/1997 1.081489 1,281.885 1,386.34 0.00002 0.029549775 1,386.34 1,703.66 6.00%
09/30/1997 1.123542 1,281.885 1,440.25 0.00002 0.027233124 1,440.25 1,703.66 6.00%
10/31/1997 1.098587 1,281.885 1,408.26 0.00002 0.029235135 1,408.26 1,703.66 6.00%
11/30/1997 1.124165 1,281.885 1,441.05 0.00002 0.027663671 1,441.05 1,703.66 6.00%
12/31/1997 1.145544 1,281.885 1,468.46 0.00002 0.029251346 1,468.46 1,703.66 6.00%
01/31/1998 1.156797 1,281.885 1,482.88 0.00002 0.029807639 1,482.88 1,703.66 6.00%
02/28/1998 1.198587 1,281.885 1,536.45 0.00002 0.027187501 1,536.45 1,703.66 6.00%
03/31/1998 1.242146 1,281.885 1,592.29 0.00002 0.031187844 1,592.29 1,703.66 6.00%
04/30/1998 1.250717 1,281.885 1,603.28 0.00002 0.03127865 1,603.28 1,703.66 6.00%
05/31/1998 1.249334 1,281.885 1,601.50 0.00002 0.032544294 1,601.50 1,703.66 6.00%
06/30/1998 1.276060 1,281.885 1,635.76 0.00002 0.031459652 1,635.76 1,703.66 6.00%
07/31/1998 1.273724 1,281.885 1,632.77 0.00002 0.033203731 1,632.77 1,703.66 6.00%
08/31/1998 1.134630 1,281.885 1,454.47 0.00002 0.033142947 1,454.47 1,703.66 6.00%
09/30/1998 1.197915 1,281.885 1,535.59 0.00002 0.028571275 1,535.59 1,703.66 6.00%
10/31/1998 1.240376 1,281.885 1,590.02 0.00002 0.031170359 1,590.02 1,703.66 6.00%
11/30/1998 1.285166 1,281.885 1,647.44 0.00002 0.031234079 1,647.44 1,703.66 6.00%
12/31/1998 1.329025 1,281.885 1,703.66 0.00002 0.033440674 1,703.66 1,703.66 6.00%
12/31/1998 1,703.66
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 1,690.92 3.9945 14.05% 14.27% 1,690.92 1,703.66 4
01/31/1995 40.00% 1,691.00 3.9178 14.41% 14.63% 1,694.51 1,707.20 4
02/28/1995 40.00% 1,690.24 3.8411 14.15% 14.38% 1,662.26 1,675.46 4
03/31/1995 40.00% 1,690.01 3.7562 14.31% 14.56% 1,652.65 1,665.99 4
04/30/1995 40.00% 1,689.54 3.6740 14.29% 14.55% 1,633.37 1,647.02 4
05/31/1995 40.00% 1,688.71 3.5890 14.00% 14.28% 1,600.58 1,614.75 4
06/30/1995 40.00% 1,688.24 3.5068 13.99% 14.28% 1,582.57 1,597.02 4
07/31/1995 40.00% 1,687.74 3.4219 13.95% 14.27% 1,563.57 1,578.32 4
08/31/1995 40.00% 1,687.63 3.3370 14.25% 14.57% 1,559.59 1,574.40 4
09/30/1995 40.00% 1,687.29 3.2548 14.34% 14.68% 1,546.89 1,561.90 4
10/31/1995 40.00% 1,687.85 3.1699 15.24% 15.58% 1,567.77 1,582.45 4
11/30/1995 40.00% 1,686.64 3.0877 14.61% 14.98% 1,523.62 1,538.99 4
12/31/1995 40.00% 1,685.97 3.0027 14.47% 14.87% 1,500.49 1,516.23 4
01/31/1996 30.00% 1,666.50 2.9178 14.23% 15.10% 1,474.36 1,507.23 3
02/29/1996 30.00% 1,667.49 2.8384 15.27% 16.15% 1,496.95 1,529.42 3
03/31/1996 30.00% 1,668.11 2.7534 16.19% 17.08% 1,511.62 1,543.83 3
04/30/1996 30.00% 1,668.01 2.6712 16.66% 17.58% 1,509.13 1,541.39 3
05/31/1996 30.00% 1,667.36 2.5863 16.79% 17.77% 1,494.00 1,526.53 3
06/30/1996 30.00% 1,667.02 2.5041 17.14% 18.16% 1,486.04 1,518.71 3
07/31/1996 30.00% 1,668.42 2.4192 18.86% 19.89% 1,518.99 1,551.08 3
08/31/1996 30.00% 1,668.08 2.3342 19.34% 20.42% 1,510.83 1,543.06 3
09/30/1996 30.00% 1,665.33 2.2521 17.88% 19.07% 1,448.29 1,481.62 3
10/31/1996 30.00% 1,663.55 2.1671 17.20% 18.49% 1,410.41 1,444.41 3
11/30/1996 30.00% 1,659.92 2.0849 15.01% 16.46% 1,338.59 1,373.86 3
12/31/1996 30.00% 1,661.21 2.0000 16.76% 18.24% 1,363.18 1,398.02 3
01/31/1997 20.00% 1,648.74 1.9151 15.26% 17.25% 1,312.66 1,356.38 2
02/28/1997 20.00% 1,647.56 1.8384 14.93% 17.04% 1,291.43 1,335.41 2
03/31/1997 20.00% 1,649.79 1.7534 17.76% 19.94% 1,331.99 1,375.49 2
04/30/1997 20.00% 1,647.06 1.6712 16.07% 18.44% 1,282.79 1,326.87 2
05/01/1997 20.00% 1,647.19 1.6685 16.22% 18.59% 1,284.97 1,329.03 2
05/31/1997 20.00% 1,644.10 1.5863 14.12% 16.71% 1,233.13 1,277.80 2
06/30/1997 20.00% 1,641.28 1.5041 12.20% 15.02% 1,189.00 1,234.19 2
07/31/1997 20.00% 1,636.76 1.4192 8.61% 11.72% 1,124.34 1,170.29 2
08/31/1997 20.00% 1,640.92 1.3342 13.47% 16.71% 1,183.63 1,228.88 2
09/30/1997 20.00% 1,637.69 1.2521 10.80% 14.36% 1,137.08 1,182.89 2
10/31/1997 20.00% 1,639.61 1.1671 13.92% 17.72% 1,164.28 1,209.76 2
11/30/1997 20.00% 1,637.64 1.0849 12.51% 16.68% 1,136.42 1,182.23 2
12/31/1997 20.00% 1,635.99 1.0000 11.41% 16.02% 1,114.09 1,160.17 2
01/31/1998 10.00% 1,624.91 0.9151 9.58% 14.89% 1,087.30 1,135.43 1
02/28/1998 10.00% 1,621.69 0.8384 5.55% 10.88% 1,046.31 1,090.47 1
03/31/1998 10.00% 1,618.34 0.7534 1.64% 6.99% 1,012.30 1,052.25 1
04/30/1998 10.00% 1,617.68 0.6712 0.90% 6.26% 1,006.02 1,041.60 1
05/31/1998 10.00% 1,617.79 0.5863 1.02% 6.38% 1,005.95 1,036.92 1
06/30/1998 10.00% 1,615.73 0.5041 -1.22% 4.15% 993.81 1,020.71 1
07/31/1998 10.00% 1,615.91 0.4192 -1.03% 4.34% 995.66 1,017.98 1
08/31/1998 10.00% 1,626.61 0.3342 11.84% 17.13% 1,038.09 1,054.27 1
09/30/1998 10.00% 1,621.74 0.2521 5.61% 10.94% 1,013.86 1,026.53 1
10/31/1998 10.00% 1,618.48 0.1671 1.79% 7.15% 1,002.97 1,011.60 1
11/30/1998 10.00% 1,615.03 0.0849 -1.97% 3.41% 998.31 1,002.85 1
12/31/1998 10.00% 1,611.66 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
RETIREMENT INCOME BUILDER
ENHANCED DEATH BENEFIT -----------------------------
BALANCED Surrender
FUND 192 provisions: Withdrawal
PERFORMANCE CALCULATIONS
Initial investment $1,000 Year Rate Available
AUV 0.780101 -----------------------------
Units purchased 1,281.885 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.0239% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 MTD 1,647.44 1,615.03 1,703.66 -1.97% 3.41%
09/30/1998 0.25 0.25 3 mths 1,535.59 1,621.74 1,703.66 5.61% 10.94%
12/31/1997 1.00 1.00 YTD 1,468.46 1,635.99 1,703.66 11.41% 16.02%
12/31/1997 1.00 1.00 1 Year 1,468.46 1,635.99 1,703.66 11.41% 16.02%
12/31/1996 2.00 2.00 2 Year 1,218.62 1,661.21 1,703.66 16.76% 18.24%
12/31/1995 3.00 3.00 3 Year 1,123.61 1,685.97 1,703.66 14.47% 14.87%
12/31/1994 4.00 4.00 4 Year #N/A #N/A #N/A #N/A #N/A
12/31/1993 5.00 5.00 5 Year #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.01 10.00 10 Year #N/A #N/A #N/A #N/A #N/A
01/03/1995 3.99 3.99 Portfolio Inc Dt 1,000.00 1,690.92 1,703.66 14.05% 14.27%
05/01/1997 1.67 1.67 Subacct Inc Dt 1,281.89 1,647.19 1,703.66 16.22% 18.59%
12/31/1992 #N/A
12/31/1993 1 #N/A #N/A
12/31/1994 1 #N/A #N/A
12/31/1995 1 1,123.61 #N/A
12/31/1996 1 1,218.62 8.46%
12/31/1997 1 1,468.46 20.50%
12/31/1998 1 1,703.66 16.02%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
BALANCED SUBACCOUNT
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10 1,000.00
01/31/1995 1,000.00 0 10 100 9.99 999.00 -0.10%
02/28/1995 999.00 0 10 100 10.19 1,019.00 2.00%
03/31/1995 1,019.00 0 10 100 10.26 1,026.00 0.69%
04/30/1995 1,026.00 0 10 100 10.39 1,039.00 1.27%
05/31/1995 1,039.00 0 10 100 10.61 1,061.00 2.12%
06/30/1995 1,061.00 0 10 100 10.74 1,074.00 1.23%
07/31/1995 1,074.00 0 10 100 10.88 1,088.00 1.30%
08/31/1995 1,088.00 0 10 100 10.92 1,092.00 0.37%
09/30/1995 1,092.00 0 10 100 11.02 1,102.00 0.92%
10/31/1995 1,102.00 0 10 100 10.89 1,089.00 -1.18%
11/30/1995 1,089.00 0 10 100 11.21 1,121.00 2.94%
12/31/1995 1,121.00 0.22 11.09 101.984 11.17 1,139.16 1.62%
01/31/1996 1,139.16 0 10 101.984 11.25 1,147.32 0.72%
02/29/1996 1,147.32 0.05 11.21 102.439 11.05 1,131.95 -1.34%
03/31/1996 1,131.95 0 10 102.439 10.96 1,122.73 -0.81%
04/30/1996 1,122.73 0 10 102.439 10.99 1,125.80 0.27%
05/31/1996 1,125.80 0 10 102.439 11.11 1,138.10 1.09%
06/30/1996 1,138.10 0 10 102.439 11.18 1,145.27 0.63%
07/31/1996 1,145.27 0 10 102.439 10.96 1,122.73 -1.97%
08/31/1996 1,122.73 0 10 102.439 11.03 1,129.90 0.64%
09/30/1996 1,129.90 0 10 102.439 11.5 1,178.05 4.26%
10/31/1996 1,178.05 0 10 102.439 11.81 1,209.80 2.70%
11/30/1996 1,209.80 0 10 102.439 12.43 1,273.32 5.25%
12/31/1996 1,273.32 0 10 102.439 12.23 1,252.83 -1.61%
01/31/1997 1,252.83 0 10 102.439 12.62 1,292.78 3.19%
02/28/1997 1,292.78 0.31 12.45 104.99 12.52 1,314.47 1.68%
03/31/1997 1,314.47 0 10 104.99 12.17 1,277.73 -2.80%
04/30/1997 1,277.73 0 10 104.99 12.63 1,326.02 3.78%
05/01/1997 1,326.02 0 10 104.99 12.61 1,323.92 -0.16%
05/31/1997 1,323.92 0 10 104.99 13.13 1,378.52 4.12%
06/30/1997 1,378.52 0 10 104.99 13.61 1,428.91 3.66%
07/31/1997 1,428.91 0 10 104.99 14.37 1,508.71 5.58%
08/31/1997 1,508.71 0 10 104.99 13.7 1,438.36 -4.66%
09/30/1997 1,438.36 0 10 104.99 14.25 1,496.11 4.01%
10/31/1997 1,496.11 0 10 104.99 13.95 1,464.61 -2.11%
11/30/1997 1,464.61 0 10 104.99 14.29 1,500.31 2.44%
12/31/1997 1,500.31 0 10 104.99 14.58 1,530.75 2.03%
01/31/1998 1,530.75 0 10 104.99 14.74 1,547.55 1.10%
02/28/1998 1,547.55 0.91 14.07 111.78 14.36 1,605.16 3.72%
03/31/1998 1,605.16 0 10 111.78 14.9 1,665.52 3.76%
04/30/1998 1,665.52 0 10 111.78 15.02 1,678.94 0.81%
05/31/1998 1,678.94 0 10 111.78 15.02 1,678.94 0.00%
06/30/1998 1,678.94 0 10 111.78 15.36 1,716.94 2.26%
07/31/1998 1,716.94 0 10 111.78 15.35 1,715.82 -0.07%
08/31/1998 1,715.82 0 10 111.78 13.69 1,530.27 -10.81%
09/30/1998 1,530.27 0 10 111.78 14.47 1,617.46 5.70%
10/31/1998 1,617.46 0 10 111.78 15 1,676.70 3.66%
11/30/1998 1,676.70 0 10 111.78 15.56 1,739.30 3.73%
12/31/1998 1,739.30 0 10 111.78 16.11 1,800.78 3.53%
0.61746
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.780101
01/31/1995 0.00107 1.073972603 997.93 0.00 0.778483
02/28/1995 0.00107 1.071745213 1,016.83 0.00 0.793232
03/31/1995 0.00119 1.209055965 1,022.61 0.00 0.797738
04/30/1995 0.00115 1.17670058 1,034.39 0.00 0.806928
05/31/1995 0.00119 1.229931231 1,055.06 (0.00) 0.823055
06/30/1995 0.00115 1.214043493 1,066.77 0.00 0.832192
07/31/1995 0.00119 1.268439081 1,079.41 0.00 0.84205
08/31/1995 0.00119 1.283465442 1,082.10 0.00 0.844145
09/30/1995 0.00115 1.245152876 1,090.76 0.00 0.850904
10/31/1995 0.00119 1.296960016 1,076.60 0.00 0.839854
11/30/1995 0.00115 1.238823858 1,106.99 0.00 0.863567
12/31/1995 0.00119 1.316260929 1,123.61 (0.00) 0.87653
01/31/1996 0.00119 1.336019033 1,130.32 (0.00) 0.881767
02/29/1996 0.00111 1.257290872 1,113.92 (0.00) 0.868974
03/31/1996 0.00119 1.324500797 1,103.53 (0.00) 0.860863
04/30/1996 0.00115 1.269810522 1,105.27 (0.00) 0.862226
05/31/1996 0.00119 1.3142156 1,116.04 (0.00) 0.870621
06/30/1996 0.00115 1.284204668 1,121.78 (0.00) 0.875104
07/31/1996 0.00119 1.333844656 1,098.37 (0.00) 0.856841
08/31/1996 0.00119 1.306007331 1,104.08 (0.00) 0.861294
09/30/1996 0.00115 1.270446662 1,149.86 (0.00) 0.897006
10/31/1996 0.00119 1.367228225 1,179.48 (0.00) 0.920115
11/30/1996 0.00115 1.357210778 1,240.05 (0.00) 0.967366
12/31/1996 0.00119 1.474472418 1,218.62 (0.00) 0.950649
01/31/1997 0.00119 1.448992307 1,256.03 (0.00) 0.979833
02/28/1997 0.00107 1.348944783 1,275.76 (0.00) 0.99522
03/31/1997 0.00119 1.516927843 1,238.58 (0.00) 0.96622
04/30/1997 0.00115 1.4252181 1,283.97 (0.00) 1.001625
05/01/1997 0.00004 0.049248074 1,281.88 (0.00) 1
05/31/1997 0.00115 1.475045753 1,333.28 (0.00)
06/30/1997 0.00115 1.534181042 1,380.48 0.09
07/31/1997 0.00119 1.641445525 1,455.93 0.18
08/31/1997 0.00119 1.7311632 1,386.31 (0.03)
09/30/1997 0.00115 1.595208341 1,440.38 0.13
10/31/1997 0.00119 1.712667543 1,408.34 0.08
11/30/1997 0.00115 1.62055314 1,441.05 (0.00)
12/31/1997 0.00119 1.713462506 1,468.57 0.11
01/31/1998 0.00119 1.74618981 1,482.94 0.06
02/28/1998 0.00107 1.592638169 1,536.55 0.10
03/31/1998 0.00119 1.827025076 1,592.51 0.22
04/30/1998 0.00115 1.832473183 1,603.51 0.23
05/31/1998 0.00119 1.906634143 1,601.60 0.10
06/30/1998 0.00115 1.842935881 1,636.01 0.24
07/31/1998 0.00119 1.945277916 1,632.99 0.23
08/31/1998 0.00119 1.94169595 1,454.46 (0.01)
09/30/1998 0.00115 1.673623362 1,535.66 0.07
10/31/1998 0.00119 1.825957221 1,590.07 0.05
11/30/1998 0.00115 1.829673253 1,647.61 0.17
12/31/1998 0.00119 1.959075141 1,703.89 0.23
0.5356553 -1.0000000
</TABLE>
<PAGE>
Exhibit (13)(b)
- ---------------
Performance Data Calculations (PFLRIB II)
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI CAPITAL APPRECIATION FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.501234 -----------------------------
Units purchased 1,995.076 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.501234 1,995.076 1,000.00 1,000.00 2,453.14 0.00%
05/31/1993 0.516827 1,995.076 1,031.11 0.00007 0.071232871 1,031.04 2,453.14 0.00%
06/30/1993 0.510287 1,995.076 1,018.06 0.00008 0.084742872 1,017.91 2,453.14 0.00%
07/31/1993 0.519250 1,995.076 1,035.94 0.00008 0.086452242 1,035.70 2,453.14 0.00%
08/31/1993 0.548684 1,995.076 1,094.67 0.00008 0.087963503 1,094.32 2,453.14 0.00%
09/30/1993 0.567093 1,995.076 1,131.39 0.00008 0.089944208 1,130.95 2,453.14 0.00%
10/31/1993 0.569982 1,995.076 1,137.16 0.00008 0.096052877 1,136.61 2,453.14 0.00%
11/30/1993 0.560428 1,995.076 1,118.10 0.00008 0.093420097 1,117.47 2,453.14 0.00%
12/31/1993 0.594136 1,995.076 1,185.35 0.00008 0.094908094 1,184.58 2,453.14 0.00%
01/31/1994 0.625352 1,995.076 1,247.62 0.00008 0.100608391 1,246.72 2,453.14 2.00%
02/28/1994 0.636683 1,995.076 1,270.23 0.00008 0.095638822 1,269.22 2,453.14 2.00%
03/31/1994 0.585846 1,995.076 1,168.81 0.00008 0.107796387 1,167.77 2,453.14 2.00%
04/30/1994 0.591198 1,995.076 1,179.48 0.00008 0.095980725 1,178.34 2,453.14 2.00%
05/31/1994 0.582147 1,995.076 1,161.43 0.00008 0.100077854 1,160.20 2,453.14 2.00%
06/30/1994 0.548378 1,995.076 1,094.06 0.00008 0.095358657 1,092.80 2,453.14 2.00%
07/31/1994 0.561646 1,995.076 1,120.53 0.00008 0.092813317 1,119.15 2,453.14 2.00%
08/31/1994 0.602047 1,995.076 1,201.13 0.00008 0.095050962 1,199.56 2,453.14 2.00%
09/30/1994 0.602908 1,995.076 1,202.85 0.00008 0.098593801 1,201.17 2,453.14 2.00%
10/31/1994 0.621001 1,995.076 1,238.94 0.00008 0.102017548 1,237.12 2,453.14 2.00%
11/30/1994 0.593279 1,995.076 1,183.64 0.00008 0.101681075 1,181.79 2,453.14 2.00%
12/31/1994 0.601413 1,995.076 1,199.87 0.00008 0.100371281 1,197.89 2,453.14 2.00%
01/31/1995 0.593380 1,995.076 1,183.84 0.00008 0.101738984 1,181.79 2,453.14 4.00%
02/28/1995 0.624817 1,995.076 1,246.56 0.00008 0.090657967 1,244.31 2,453.14 4.00%
03/31/1995 0.653181 1,995.076 1,303.14 0.00008 0.105681303 1,300.69 2,453.14 4.00%
04/30/1995 0.666271 1,995.076 1,329.26 0.00008 0.106906198 1,326.65 2,453.14 4.00%
05/31/1995 0.683733 1,995.076 1,364.10 0.00008 0.112674663 1,361.31 2,453.14 4.00%
06/30/1995 0.736984 1,995.076 1,470.34 0.00008 0.111888522 1,467.22 2,453.14 4.00%
07/31/1995 0.806270 1,995.076 1,608.57 0.00008 0.124613294 1,605.03 2,453.14 4.00%
08/31/1995 0.812271 1,995.076 1,620.54 0.00008 0.136317951 1,616.84 2,453.14 4.00%
09/30/1995 0.839797 1,995.076 1,675.46 0.00008 0.132891139 1,671.50 2,453.14 4.00%
10/31/1995 0.820831 1,995.076 1,637.62 0.00008 0.141963026 1,633.61 2,453.14 4.00%
11/30/1995 0.829749 1,995.076 1,655.41 0.00008 0.134269325 1,651.22 2,453.14 4.00%
12/31/1995 0.806131 1,995.076 1,608.29 0.00008 0.140240945 1,604.08 2,453.14 4.00%
01/31/1996 0.812581 1,995.076 1,621.16 0.00008 0.136237278 1,616.78 2,453.14 6.00%
02/29/1996 0.855081 1,995.076 1,705.95 0.00008 0.128456625 1,701.21 2,453.14 6.00%
03/31/1996 0.853200 1,995.076 1,702.20 0.00008 0.144486713 1,697.33 2,453.14 6.00%
04/30/1996 0.904766 1,995.076 1,805.08 0.00008 0.139506408 1,799.77 2,453.14 6.00%
05/31/1996 0.932431 1,995.076 1,860.27 0.00008 0.152857335 1,854.65 2,453.14 6.00%
06/30/1996 0.896578 1,995.076 1,788.74 0.00008 0.152437111 1,783.19 2,453.14 6.00%
07/31/1996 0.818655 1,995.076 1,633.28 0.00008 0.151448646 1,628.05 2,453.14 6.00%
08/31/1996 0.864685 1,995.076 1,725.11 0.00008 0.13827307 1,719.46 2,453.14 6.00%
09/30/1996 0.929499 1,995.076 1,854.42 0.00008 0.141325203 1,848.20 2,453.14 6.00%
10/31/1996 0.913550 1,995.076 1,822.60 0.00008 0.156970295 1,816.33 2,453.14 6.00%
11/30/1996 0.957924 1,995.076 1,911.13 0.00008 0.149287371 1,904.40 2,453.14 6.00%
12/31/1996 0.936191 1,995.076 1,867.77 0.00008 0.161743974 1,861.04 2,453.14 6.00%
01/31/1997 0.976152 1,995.076 1,947.50 0.00008 0.158060747 1,940.32 2,453.14 6.00%
02/28/1997 0.934782 1,995.076 1,864.96 0.00008 0.148846256 1,857.94 2,453.14 6.00%
03/31/1997 0.876569 1,995.076 1,748.82 0.00008 0.157797253 1,742.08 2,453.14 6.00%
04/30/1997 0.891520 1,995.076 1,778.65 0.00008 0.143184384 1,771.65 2,453.14 6.00%
05/31/1997 0.978380 1,995.076 1,951.94 0.00008 0.150468675 1,944.11 2,453.14 6.00%
06/30/1997 1.008053 1,995.076 2,011.14 0.00008 0.159789453 2,002.91 2,453.14 6.00%
07/31/1997 1.110425 1,995.076 2,215.38 0.00008 0.170109947 2,206.14 2,453.14 6.00%
08/31/1997 1.096326 1,995.076 2,187.25 0.00008 0.187370998 2,177.94 2,453.14 6.00%
09/30/1997 1.147773 1,995.076 2,289.89 0.00008 0.179008954 2,279.97 2,453.14 6.00%
10/31/1997 1.073504 1,995.076 2,141.72 0.00008 0.193641093 2,132.24 2,453.14 6.00%
11/30/1997 1.060479 1,995.076 2,115.74 0.00008 0.175252921 2,106.20 2,453.14 6.00%
12/31/1997 1.049542 1,995.076 2,093.92 0.00008 0.178882594 2,084.30 2,453.14 6.00%
01/31/1998 1.028160 1,995.076 2,051.26 0.00008 0.177022592 2,041.66 2,453.14 6.00%
02/28/1998 1.124065 1,995.076 2,242.59 0.00008 0.15662036 2,231.94 2,453.14 6.00%
03/31/1998 1.160432 1,995.076 2,315.15 0.00008 0.189562247 2,303.97 2,453.14 6.00%
04/30/1998 1.188110 1,995.076 2,370.37 0.00008 0.189366992 2,358.73 2,453.14 6.00%
05/31/1998 1.132537 1,995.076 2,259.50 0.00008 0.200330294 2,248.20 2,453.14 6.00%
06/30/1998 1.176981 1,995.076 2,348.17 0.00008 0.184783534 2,336.24 2,453.14 6.00%
07/31/1998 1.134487 1,995.076 2,263.39 0.00008 0.198420368 2,251.69 2,453.14 6.00%
08/31/1998 0.922960 1,995.076 1,841.38 0.00008 0.191239718 1,831.67 2,453.14 6.00%
09/30/1998 1.000000 1,995.076 1,995.08 0.00008 0.150548336 1,984.41 2,453.14 6.00%
10/31/1998 1.047689 1,995.076 2,090.22 0.00008 0.168538992 2,078.88 2,453.14 6.00%
11/30/1998 1.109555 1,995.076 2,213.65 0.00008 0.170866581 2,201.46 2,453.14 6.00%
12/31/1998 1.236494 1,995.076 2,466.90 0.00008 0.186973609 2,453.14 2,453.14 6.00%
12/31/1998 2,453.14
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 145.31% 145.31%
05/05/1993 100.00% 2,453.14 5.6603 17.18% 17.18% 2,453.14 2,453.14 6
05/31/1993 100.00% 2,453.14 5.5890 16.78% 16.78% 2,379.29 2,379.29 6
06/30/1993 100.00% 2,453.14 5.5068 17.32% 17.32% 2,409.98 2,409.98 6
07/31/1993 100.00% 2,453.14 5.4219 17.24% 17.24% 2,368.58 2,368.58 6
08/31/1993 100.00% 2,453.14 5.3370 16.33% 16.33% 2,241.70 2,241.70 6
09/30/1993 100.00% 2,453.14 5.2548 15.88% 15.88% 2,169.10 2,169.10 6
10/31/1993 100.00% 2,453.14 5.1699 16.04% 16.04% 2,158.29 2,158.29 6
11/30/1993 100.00% 2,453.14 5.0877 16.71% 16.71% 2,195.27 2,195.27 6
12/31/1993 100.00% 2,453.14 5.0027 15.66% 15.66% 2,070.89 2,070.89 6
01/31/1994 50.00% 2,452.73 4.9178 14.75% 14.76% 1,967.35 1,967.67 5
02/28/1994 50.00% 2,452.28 4.8411 14.57% 14.58% 1,932.12 1,932.80 5
03/31/1994 50.00% 2,453.14 4.7562 16.89% 16.89% 2,100.71 2,100.71 5
04/30/1994 50.00% 2,453.14 4.6740 16.99% 16.99% 2,081.86 2,081.86 5
05/31/1994 50.00% 2,453.14 4.5890 17.72% 17.72% 2,114.41 2,114.41 5
06/30/1994 50.00% 2,453.14 4.5068 19.65% 19.65% 2,244.81 2,244.81 5
07/31/1994 50.00% 2,453.14 4.4219 19.42% 19.42% 2,191.97 2,191.97 5
08/31/1994 50.00% 2,453.14 4.3370 17.93% 17.93% 2,045.03 2,045.03 5
09/30/1994 50.00% 2,453.14 4.2548 18.27% 18.27% 2,042.28 2,042.28 5
10/31/1994 50.00% 2,452.92 4.1699 17.84% 17.84% 1,982.77 1,982.94 5
11/30/1994 50.00% 2,453.14 4.0877 19.56% 19.56% 2,075.78 2,075.78 5
12/31/1994 50.00% 2,453.14 4.0027 19.61% 19.61% 2,047.87 2,047.87 5
01/31/1995 40.00% 2,445.11 3.9178 20.39% 20.49% 2,068.99 2,075.78 4
02/28/1995 40.00% 2,442.61 3.8411 19.20% 19.33% 1,963.02 1,971.48 4
03/31/1995 40.00% 2,440.36 3.7562 18.24% 18.40% 1,876.20 1,886.02 4
04/30/1995 40.00% 2,439.32 3.6740 18.03% 18.21% 1,838.70 1,849.12 4
05/31/1995 40.00% 2,437.93 3.5890 17.63% 17.83% 1,790.87 1,802.04 4
06/30/1995 40.00% 2,433.70 3.5068 15.52% 15.79% 1,658.71 1,671.96 4
07/31/1995 40.00% 2,428.18 3.4219 12.86% 13.20% 1,512.86 1,528.40 4
08/31/1995 40.00% 2,427.71 3.3370 12.95% 13.31% 1,501.51 1,517.24 4
09/30/1995 40.00% 2,425.53 3.2548 12.12% 12.51% 1,451.11 1,467.63 4
10/31/1995 40.00% 2,427.04 3.1699 13.30% 13.68% 1,485.69 1,501.67 4
11/30/1995 40.00% 2,426.34 3.0877 13.27% 13.68% 1,469.42 1,485.65 4
12/31/1995 40.00% 2,428.22 3.0027 14.81% 15.20% 1,513.78 1,529.31 4
01/31/1996 30.00% 2,400.29 2.9178 14.50% 15.36% 1,484.61 1,517.30 3
02/29/1996 30.00% 2,395.22 2.8384 12.81% 13.76% 1,407.95 1,441.99 3
03/31/1996 30.00% 2,395.45 2.7534 13.33% 14.31% 1,411.31 1,445.29 3
04/30/1996 30.00% 2,389.31 2.6712 11.19% 12.29% 1,327.56 1,363.03 3
05/31/1996 30.00% 2,386.01 2.5863 10.23% 11.42% 1,286.50 1,322.69 3
06/30/1996 30.00% 2,390.30 2.5041 12.41% 13.58% 1,340.47 1,375.70 3
07/31/1996 30.00% 2,399.61 2.4192 17.39% 18.47% 1,473.91 1,506.79 3
08/31/1996 30.00% 2,394.12 2.3342 15.24% 16.44% 1,392.37 1,426.69 3
09/30/1996 30.00% 2,386.40 2.2521 12.02% 13.40% 1,291.20 1,327.31 3
10/31/1996 30.00% 2,388.31 2.1671 13.47% 14.88% 1,314.91 1,350.60 3
11/30/1996 30.00% 2,383.03 2.0849 11.35% 12.91% 1,251.32 1,288.14 3
12/31/1996 30.00% 2,385.63 2.0000 13.22% 14.81% 1,281.88 1,318.15 3
01/31/1997 20.00% 2,366.15 1.9151 10.92% 13.03% 1,219.47 1,264.30 2
02/28/1997 20.00% 2,371.10 1.8384 14.19% 16.32% 1,276.20 1,320.36 2
03/31/1997 20.00% 2,378.05 1.7534 19.42% 21.56% 1,365.07 1,408.17 2
04/30/1997 20.00% 2,376.27 1.6712 19.21% 21.50% 1,341.28 1,384.66 2
05/31/1997 20.00% 2,365.93 1.5863 13.18% 15.79% 1,216.97 1,261.83 2
06/30/1997 20.00% 2,362.40 1.5041 11.60% 14.43% 1,179.48 1,224.79 2
07/31/1997 20.00% 2,350.20 1.4192 4.56% 7.76% 1,065.30 1,111.96 2
08/31/1997 20.00% 2,351.90 1.3342 5.93% 9.33% 1,079.87 1,126.35 2
09/30/1997 20.00% 2,345.78 1.2521 2.30% 6.02% 1,028.86 1,075.95 2
10/31/1997 20.00% 2,354.64 1.1671 8.87% 12.76% 1,104.30 1,150.49 2
11/30/1997 20.00% 2,356.20 1.0849 10.89% 15.09% 1,118.70 1,164.72 2
12/31/1997 20.00% 2,357.52 1.0000 13.11% 17.70% 1,131.08 1,176.96 2
01/31/1998 10.00% 2,345.35 0.9151 14.88% 20.15% 1,135.30 1,182.96 1
02/28/1998 10.00% 2,333.94 0.8384 4.57% 9.91% 1,038.17 1,082.45 1
03/31/1998 10.00% 2,329.62 0.7534 1.11% 6.47% 1,008.38 1,048.40 1
04/30/1998 10.00% 2,326.33 0.6712 -1.37% 4.00% 990.76 1,026.69 1
05/31/1998 10.00% 2,332.96 0.5863 3.77% 9.12% 1,021.94 1,052.48 1
06/30/1998 10.00% 2,327.68 0.5041 -0.37% 5.00% 998.15 1,024.92 1
07/31/1998 10.00% 2,332.75 0.4192 3.60% 8.95% 1,014.94 1,036.57 1
08/31/1998 10.00% 2,357.95 0.3342 28.73% 33.93% 1,088.07 1,102.56 1
09/30/1998 10.00% 2,348.79 0.2521 18.36% 23.62% 1,043.41 1,054.91 1
10/31/1998 10.00% 2,343.12 0.1671 12.71% 18.00% 1,020.20 1,028.05 1
11/30/1998 10.00% 2,335.77 0.0849 6.10% 11.43% 1,005.04 1,009.23 1
12/31/1998 10.00% 2,320.67 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI CAPITAL APPRECIATION FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.501234 -----------------------------
Units purchased 1,995.076 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,201.46 2,335.77 2,453.14 6.10% 11.43%
09/30/1998 0.25 0.25 1,984.41 2,348.79 2,453.14 18.36% 23.62%
12/31/1997 1.00 1.00 2,084.30 2,357.52 2,453.14 13.11% 17.70%
12/31/1997 1.00 1.00 2,084.30 2,357.52 2,453.14 13.11% 17.70%
12/31/1995 3.00 3.00 1,604.08 2,428.22 2,453.14 14.82% 15.21%
12/31/1993 5.00 5.00 1,184.58 2,453.14 2,453.14 15.67% 15.67%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/05/1993 5.66 5.66 1,000.00 2,453.14 2,453.14 17.18% 17.18%
12/31/1992 1,000.00
12/31/1993 1 1,184.58 18.46%
12/31/1994 1 1,197.89 1.12%
12/31/1995 1 1,604.08 33.91%
12/31/1996 1 1,861.04 16.02%
12/31/1997 1 2,084.30 12.00%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
AIM V.I. CAPITAL APPRECIATION FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 10.32 1,032.00 3.20%
06/30/1993 1032 0 10 100 10.2 1,020.00 -1.16%
07/31/1993 1020 0 10 100 10.39 1,039.00 1.86%
08/31/1993 1039 0 10 100 10.99 1,099.00 5.77%
09/30/1993 1099 0 10 100 11.37 1,137.00 3.46%
10/31/1993 1137 0 10 100 11.44 1,144.00 0.62%
11/30/1993 1144 0 10 100 11.26 1,126.00 -1.57%
12/31/1993 1126 0.0087 11.3 100.077 11.94 1,194.92 6.12%
01/31/1994 1194.92 0 11.3 100.077 12.58 1,258.97 5.36%
02/28/1994 1258.97 0 11.3 100.077 12.82 1,282.99 1.91%
03/31/1994 1282.99 0 11.3 100.077 11.81 1,181.91 -7.88%
04/30/1994 1181.91 0 11.3 100.077 11.93 1,193.92 1.02%
05/31/1994 1193.92 0 11.3 100.077 11.76 1,176.91 -1.42%
06/30/1994 1176.91 0 11.3 100.077 11.09 1,109.85 -5.70%
07/31/1994 1109.85 0 11.3 100.077 11.37 1,137.88 2.53%
08/31/1994 1137.88 0 11.3 100.077 12.2 1,220.94 7.30%
09/30/1994 1220.94 0 11.3 100.077 12.23 1,223.94 0.25%
10/31/1994 1223.94 0 11.3 100.077 12.61 1,261.97 3.11%
11/30/1994 1261.97 0 11.3 100.077 12.06 1,206.93 -4.36%
12/31/1994 1206.93 0.037 11.84 100.39 12.2 1,224.76 1.48%
01/31/1995 1224.76 0 11.84 100.39 12.05 1,209.70 -1.23%
02/28/1995 1209.7 0 11.84 100.39 12.7 1,274.95 5.39%
03/31/1995 1274.95 0 11.84 100.39 13.29 1,334.18 4.65%
04/30/1995 1334.18 0 11.84 100.39 13.57 1,362.29 2.11%
05/31/1995 1362.29 0 11.84 100.39 13.94 1,399.44 2.73%
06/30/1995 1399.44 0 11.84 100.39 15.04 1,509.87 7.89%
07/31/1995 1509.87 0 11.84 100.39 16.47 1,653.42 9.51%
08/31/1995 1653.42 0 11.84 100.39 16.61 1,667.48 0.85%
09/30/1995 1667.48 0 11.84 100.39 17.19 1,725.70 3.49%
10/31/1995 1725.7 0 11.84 100.39 16.82 1,688.56 -2.15%
11/30/1995 1688.56 0 11.84 100.39 17.02 1,708.64 1.19%
12/31/1995 1708.64 0.0036 16.07 100.412 16.55 1,661.82 -2.74%
01/31/1996 1661.82 0 16.07 100.412 16.7 1,676.88 0.91%
02/29/1996 1676.88 0 16.07 100.412 17.59 1,766.25 5.33%
03/31/1996 1766.25 0 16.07 100.412 17.57 1,764.24 -0.11%
04/30/1996 1764.24 0 16.07 100.412 18.65 1,872.68 6.15%
05/31/1996 1872.68 0 16.07 100.412 19.24 1,931.93 3.16%
06/30/1996 1931.93 0 16.07 100.412 18.52 1,859.63 -3.74%
07/31/1996 1859.63 0 16.07 100.412 16.93 1,699.98 -8.59%
08/31/1996 1699.98 0 16.07 100.412 17.9 1,797.37 5.73%
09/30/1996 1797.37 0 16.07 100.412 19.26 1,933.94 7.60%
10/31/1996 1933.94 0 16.07 100.412 18.95 1,902.81 -1.61%
11/30/1996 1902.81 0 16.07 100.412 19.89 1,997.19 4.96%
12/31/1996 1997.19 0.029 18.92 100.566 19.43 1,954.00 -2.16%
01/31/1997 1954 0 18.92 100.566 20.28 2,039.48 4.37%
02/28/1997 2039.48 0 18.92 100.566 19.44 1,955.00 -4.14%
03/31/1997 1955 0 18.92 100.566 18.25 1,835.33 -6.12%
04/30/1997 1835.33 0 18.92 100.566 18.58 1,868.52 1.81%
05/31/1997 1868.52 0 18.92 100.566 20.41 2,052.55 9.85%
06/30/1997 2052.55 0 18.92 100.566 21.05 2,116.91 3.14%
07/31/1997 2116.91 0 18.92 100.566 23.21 2,334.14 10.26%
08/31/1997 2334.14 0 18.92 100.566 22.94 2,306.98 -1.16%
09/30/1997 2306.98 0 18.92 100.566 24.04 2,417.61 4.80%
10/31/1997 2417.61 0 18.92 100.566 22.51 2,263.74 -6.36%
11/30/1997 2263.74 0 18.92 100.566 22.26 2,238.60 -1.11%
12/31/1997 2238.6 0.291 20.82 101.972 21.75 2,217.89 -0.93%
01/31/1998 2217.89 0 20.82 101.972 21.33 2,175.06 -1.93%
02/28/1998 2175.06 0 20.82 101.972 23.34 2,380.03 9.42%
03/31/1998 2380.03 0 20.82 101.972 24.12 2,459.56 3.34%
04/30/1998 2459.56 0 20.82 101.972 24.72 2,520.75 2.49%
05/31/1998 2520.75 0 20.82 101.972 23.59 2,405.52 -4.57%
06/30/1998 2405.52 0 20.82 101.972 24.54 2,502.39 4.03%
07/31/1998 2502.39 0 20.82 101.972 23.68 2,414.70 -3.50%
08/31/1998 2414.7 0 20.82 101.972 19.29 1,967.04 -18.54%
09/30/1998 1967.04 0 20.82 101.972 20.92 2,133.25 8.45%
1.13325
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000.00 0.501234
05/31/1993 0.00089 0.890410959 1,031.11 0.07 0.516827183
06/30/1993 0.00103 1.059359167 1,018.06 0.16 0.510286578
07/31/1993 0.00106 1.080817743 1,035.94 0.24 0.519250174
08/31/1993 0.00106 1.099803179 1,094.67 0.35 0.548684488
09/30/1993 0.00103 1.124658224 1,131.39 0.45 0.567092573
10/31/1993 0.00106 1.201136266 1,137.16 0.55 0.569981858
11/30/1993 0.00103 1.168312205 1,118.10 0.63 0.560428014
12/31/1993 0.00106 1.187020328 1,185.35 0.76 0.594135614 Dividend
01/31/1994 0.00106 1.258415056 1,247.62 0.90 0.62535166
02/28/1994 0.00096 1.196351957 1,270.23 1.02 0.636683147
03/31/1994 0.00106 1.348533298 1,168.81 1.04 0.585846317
04/30/1994 0.00103 1.200830154 1,179.48 1.15 0.591197508
05/31/1994 0.00106 1.252191971 1,161.43 1.23 0.582146966
06/30/1994 0.00103 1.193247462 1,094.06 1.25 0.5483783
07/31/1994 0.00106 1.161498306 1,120.53 1.38 0.561645776
08/31/1994 0.00106 1.189599621 1,201.13 1.57 0.602047064
09/30/1994 0.00103 1.234037404 1,202.85 1.67 0.602907826
10/31/1994 0.00106 1.276995131 1,238.94 1.82 0.621001175
11/30/1994 0.00103 1.272888323 1,183.64 1.85 0.593278598
12/31/1994 0.00106 1.256599845 1,199.87 1.97 0.601413263 Dividend
01/31/1995 0.00106 1.273829557 1,183.84 2.05 0.593379627
02/28/1995 0.00096 1.135186685 1,246.56 2.25 0.624816932
03/31/1995 0.00106 1.323399939 1,303.14 2.45 0.653180547
04/30/1995 0.00103 1.338847534 1,329.26 2.61 0.666271411
05/31/1995 0.00106 1.411203025 1,364.10 2.79 0.683733461
06/30/1995 0.00103 1.401472936 1,470.34 3.12 0.736984496
07/31/1995 0.00106 1.560977602 1,608.57 3.54 0.806270447
08/31/1995 0.00106 1.707729425 1,620.54 3.70 0.812270665
09/30/1995 0.00103 1.664940241 1,675.46 3.96 0.83979654
10/31/1995 0.00106 1.778739711 1,637.62 4.01 0.820831125
11/30/1995 0.00103 1.682486921 1,655.41 4.19 0.829748956
12/31/1995 0.00106 1.757458322 1,608.29 4.21 0.806131352 Dividend
01/31/1996 0.00106 1.707434812 1,621.16 4.38 0.812580974
02/29/1996 0.00099 1.610057083 1,705.95 4.74 0.855080792
03/31/1996 0.00106 1.811112678 1,702.20 4.87 0.853199915
04/30/1996 0.00103 1.748834388 1,805.08 5.30 0.90476575
05/31/1996 0.00106 1.916348417 1,860.27 5.62 0.932431229
06/30/1996 0.00103 1.911237647 1,788.74 5.56 0.89657821
07/31/1996 0.00106 1.899006712 1,633.28 5.22 0.818654755
08/31/1996 0.00106 1.733960137 1,725.11 5.66 0.864685474
09/30/1996 0.00103 1.772376749 1,854.42 6.22 0.929498704
10/31/1996 0.00106 1.968734304 1,822.60 6.27 0.913550071
11/30/1996 0.00103 1.872536261 1,911.13 6.73 0.957923875
12/31/1996 0.00106 2.02894053 1,867.77 6.74 0.936191429
01/31/1997 0.00106 1.9829099 1,947.50 7.18 0.976152309 Dividend
02/28/1997 0.00096 1.867464022 1,864.96 7.03 0.934781776
03/31/1997 0.00106 1.979924169 1,748.82 6.75 0.876569251
04/30/1997 0.00103 1.796735352 1,778.65 7.00 0.891520493
05/31/1997 0.00106 1.888294162 1,951.94 7.84 0.978379614
06/30/1997 0.00103 2.005419695 2,011.14 8.23 1.008052616
07/31/1997 0.00106 2.135116226 2,215.38 9.24 1.110425304
08/31/1997 0.00106 2.351947753 2,187.25 9.31 1.096325544
09/30/1997 0.00103 2.247177688 2,289.89 9.93 1.147772891
10/31/1997 0.00106 2.431052194 2,141.72 9.48 1.073503784
11/30/1997 0.00103 2.200399111 2,115.74 9.54 1.060479057
12/31/1997 0.00106 2.246158589 2,093.92 9.62 1.049542377 .021 Dividend .27 L/T Cap Gain
01/31/1998 0.00106 2.222994041 2,051.26 9.60 1.028160269
02/28/1998 0.00096 1.96695976 2,242.59 10.65 1.124064568
03/31/1998 0.00106 2.380836535 2,315.15 11.19 1.160432442
04/30/1998 0.00103 2.37857989 2,370.37 11.64 1.188109958
05/31/1998 0.00106 2.516488534 2,259.50 11.30 1.13253703
06/30/1998 0.00103 2.321401667 2,348.17 11.93 1.176980594
07/31/1998 0.00106 2.492915871 2,263.39 11.69 1.134486719
08/31/1998 0.00106 2.402911279 1,841.38 9.70 0.922960384
09/30/1998 0.00103 1.891824918 1,995.08 10.67 1
0.995076 0.995076153
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI CAPITAL APPRECIATION FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.505280 -----------------------------
Units purchased 1,979.099 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.505280 1,979.099 1,000.00 1,000.00 2,432.59 0.00%
05/31/1993 0.520945 1,979.099 1,031.00 0.00007 0.071232867 1,030.93 2,432.59 0.00%
06/30/1993 0.514288 1,979.099 1,017.83 0.00008 0.084734084 1,017.67 2,432.59 0.00%
07/31/1993 0.523257 1,979.099 1,035.58 0.00008 0.086432482 1,035.33 2,432.59 0.00%
08/31/1993 0.552852 1,979.099 1,094.15 0.00008 0.087932386 1,093.80 2,432.59 0.00%
09/30/1993 0.571331 1,979.099 1,130.72 0.00008 0.08990155 1,130.27 2,432.59 0.00%
10/31/1993 0.574169 1,979.099 1,136.34 0.00008 0.095995869 1,135.79 2,432.59 0.00%
11/30/1993 0.564475 1,979.099 1,117.15 0.00008 0.093352816 1,116.52 2,432.59 0.00%
12/31/1993 0.598354 1,979.099 1,184.20 0.00008 0.094827848 1,183.44 2,432.59 0.00%
01/31/1994 0.629715 1,979.099 1,246.27 0.00008 0.100511245 1,245.37 2,432.59 2.00%
02/28/1994 0.641053 1,979.099 1,268.71 0.00008 0.095534909 1,267.69 2,432.59 2.00%
03/31/1994 0.589786 1,979.099 1,167.24 0.00008 0.107667093 1,166.20 2,432.59 2.00%
04/30/1994 0.595100 1,979.099 1,177.76 0.00008 0.09585233 1,176.62 2,432.59 2.00%
05/31/1994 0.585914 1,979.099 1,159.58 0.00008 0.099931766 1,158.35 2,432.59 2.00%
06/30/1994 0.551855 1,979.099 1,092.18 0.00008 0.095207138 1,090.92 2,432.59 2.00%
07/31/1994 0.565136 1,979.099 1,118.46 0.00008 0.092653713 1,117.08 2,432.59 2.00%
08/31/1994 0.605716 1,979.099 1,198.77 0.00008 0.094875706 1,197.20 2,432.59 2.00%
09/30/1994 0.606508 1,979.099 1,200.34 0.00008 0.098400316 1,198.67 2,432.59 2.00%
10/31/1994 0.624632 1,979.099 1,236.21 0.00008 0.101804808 1,234.39 2,432.59 2.00%
11/30/1994 0.596670 1,979.099 1,180.87 0.00008 0.101456486 1,179.03 2,432.59 2.00%
12/31/1994 0.604775 1,979.099 1,196.91 0.00008 0.100136659 1,194.94 2,432.59 2.00%
01/31/1995 0.596620 1,979.099 1,180.77 0.00008 0.101488408 1,178.73 2,432.59 4.00%
02/28/1995 0.628160 1,979.099 1,243.19 0.00008 0.090423005 1,240.95 2,432.59 4.00%
03/31/1995 0.656595 1,979.099 1,299.47 0.00008 0.105395884 1,297.02 2,432.59 4.00%
04/30/1995 0.669674 1,979.099 1,325.35 0.00008 0.106604478 1,322.75 2,432.59 4.00%
05/31/1995 0.687140 1,979.099 1,359.92 0.00008 0.112343081 1,357.14 2,432.59 4.00%
06/30/1995 0.740571 1,979.099 1,465.66 0.00008 0.111545403 1,462.55 2,432.59 4.00%
07/31/1995 0.810100 1,979.099 1,603.27 0.00008 0.124216943 1,599.74 2,432.59 4.00%
08/31/1995 0.816026 1,979.099 1,615.00 0.00008 0.135868546 1,611.31 2,432.59 4.00%
09/30/1995 0.843578 1,979.099 1,669.52 0.00008 0.132436281 1,665.58 2,432.59 4.00%
10/31/1995 0.824420 1,979.099 1,631.61 0.00008 0.141460244 1,627.61 2,432.59 4.00%
11/30/1995 0.833275 1,979.099 1,649.13 0.00008 0.133776351 1,644.96 2,432.59 4.00%
12/31/1995 0.809451 1,979.099 1,601.98 0.00008 0.139709003 1,597.79 2,432.59 4.00%
01/31/1996 0.815824 1,979.099 1,614.60 0.00008 0.135702724 1,610.23 2,432.59 6.00%
02/29/1996 0.858396 1,979.099 1,698.85 0.00008 0.127936427 1,694.13 2,432.59 6.00%
03/31/1996 0.856399 1,979.099 1,694.90 0.00008 0.143885301 1,690.05 2,432.59 6.00%
04/30/1996 0.908052 1,979.099 1,797.13 0.00008 0.138907987 1,791.84 2,432.59 6.00%
05/31/1996 0.935702 1,979.099 1,851.85 0.00008 0.152183947 1,846.25 2,432.59 6.00%
06/30/1996 0.899608 1,979.099 1,780.41 0.00008 0.151746813 1,774.88 2,432.59 6.00%
07/31/1996 0.821307 1,979.099 1,625.45 0.00008 0.150743491 1,620.25 2,432.59 6.00%
08/31/1996 0.867382 1,979.099 1,716.64 0.00008 0.137610057 1,711.01 2,432.59 6.00%
09/30/1996 0.932290 1,979.099 1,845.10 0.00008 0.14063059 1,838.90 2,432.59 6.00%
10/31/1996 0.916175 1,979.099 1,813.20 0.00008 0.15618087 1,806.96 2,432.59 6.00%
11/30/1996 0.960564 1,979.099 1,901.05 0.00008 0.14851733 1,894.36 2,432.59 6.00%
12/31/1996 0.938649 1,979.099 1,857.68 0.00008 0.160890759 1,850.98 2,432.59 6.00%
01/31/1997 0.978595 1,979.099 1,936.74 0.00008 0.157206464 1,929.59 2,432.59 6.00%
02/28/1997 0.937008 1,979.099 1,854.43 0.00008 0.148023686 1,847.45 2,432.59 6.00%
03/31/1997 0.878538 1,979.099 1,738.71 0.00008 0.156906359 1,732.01 2,432.59 6.00%
04/30/1997 0.893414 1,979.099 1,768.16 0.00008 0.142356648 1,761.19 2,432.59 6.00%
05/31/1997 0.980344 1,979.099 1,940.20 0.00008 0.149580693 1,932.41 2,432.59 6.00%
06/30/1997 1.009956 1,979.099 1,998.80 0.00008 0.158828023 1,990.62 2,432.59 6.00%
07/31/1997 1.112393 1,979.099 2,201.54 0.00008 0.169066186 2,192.35 2,432.59 6.00%
08/31/1997 1.098127 1,979.099 2,173.30 0.00008 0.186199789 2,164.05 2,432.59 6.00%
09/30/1997 1.149523 1,979.099 2,275.02 0.00008 0.177867057 2,265.16 2,432.59 6.00%
10/31/1997 1.074994 1,979.099 2,127.52 0.00008 0.192383199 2,118.10 2,432.59 6.00%
11/30/1997 1.061819 1,979.099 2,101.44 0.00008 0.174090757 2,091.97 2,432.59 6.00%
12/31/1997 1.050733 1,979.099 2,079.51 0.00008 0.177674182 2,069.95 2,432.59 6.00%
01/31/1998 1.029193 1,979.099 2,036.87 0.00008 0.17580411 2,027.34 2,432.59 6.00%
02/28/1998 1.125075 1,979.099 2,226.64 0.00008 0.155522081 2,216.06 2,432.59 6.00%
03/31/1998 1.161332 1,979.099 2,298.39 0.00008 0.188213154 2,287.29 2,432.59 6.00%
04/30/1998 1.188888 1,979.099 2,352.93 0.00008 0.187996085 2,341.37 2,432.59 6.00%
05/31/1998 1.133127 1,979.099 2,242.57 0.00008 0.198856069 2,231.36 2,432.59 6.00%
06/30/1998 1.177455 1,979.099 2,330.30 0.00008 0.1833992 2,318.46 2,432.59 6.00%
07/31/1998 1.134794 1,979.099 2,245.87 0.00008 0.196910507 2,234.26 2,432.59 6.00%
08/31/1998 0.923065 1,979.099 1,826.84 0.00008 0.189759412 1,817.21 2,432.59 6.00%
09/30/1998 1.000000 1,979.099 1,979.10 0.00008 0.14935961 1,968.52 2,432.59 6.00%
10/31/1998 1.047561 1,979.099 2,073.23 0.00008 0.167189183 2,061.98 2,432.59 6.00%
11/30/1998 1.109279 1,979.099 2,195.37 0.00008 0.169477421 2,183.29 2,432.59 6.00%
12/31/1998 1.236035 1,979.099 2,446.24 0.00008 0.18543002 2,432.59 2,432.59 6.00%
12/31/1998 2,432.59
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 143.26% 143.26%
05/05/1993 100.00% 2,432.59 5.6603 17.01% 17.01% 2,432.59 2,432.59 6
05/31/1993 100.00% 2,432.59 5.5890 16.60% 16.60% 2,359.60 2,359.60 6
06/30/1993 100.00% 2,432.59 5.5068 17.15% 17.15% 2,390.34 2,390.34 6
07/31/1993 100.00% 2,432.59 5.4219 17.06% 17.06% 2,349.57 2,349.57 6
08/31/1993 100.00% 2,432.59 5.3370 16.16% 16.16% 2,223.97 2,223.97 6
09/30/1993 100.00% 2,432.59 5.2548 15.70% 15.70% 2,152.21 2,152.21 6
10/31/1993 100.00% 2,432.59 5.1699 15.87% 15.87% 2,141.75 2,141.75 6
11/30/1993 100.00% 2,432.59 5.0877 16.54% 16.54% 2,178.72 2,178.72 6
12/31/1993 100.00% 2,432.59 5.0027 15.49% 15.49% 2,055.52 2,055.52 6
01/31/1994 50.00% 2,432.00 4.9178 14.58% 14.58% 1,952.84 1,953.31 5
02/28/1994 50.00% 2,431.56 4.8411 14.40% 14.41% 1,918.10 1,918.91 5
03/31/1994 50.00% 2,432.59 4.7562 16.72% 16.72% 2,085.90 2,085.90 5
04/30/1994 50.00% 2,432.59 4.6740 16.81% 16.81% 2,067.44 2,067.44 5
05/31/1994 50.00% 2,432.59 4.5890 17.55% 17.55% 2,100.04 2,100.04 5
06/30/1994 50.00% 2,432.59 4.5068 19.48% 19.48% 2,229.84 2,229.84 5
07/31/1994 50.00% 2,432.59 4.4219 19.24% 19.24% 2,177.62 2,177.62 5
08/31/1994 50.00% 2,432.59 4.3370 17.76% 17.76% 2,031.89 2,031.89 5
09/30/1994 50.00% 2,432.59 4.2548 18.10% 18.10% 2,029.40 2,029.40 5
10/31/1994 50.00% 2,432.22 4.1699 17.66% 17.67% 1,970.39 1,970.68 5
11/30/1994 50.00% 2,432.59 4.0877 19.38% 19.38% 2,063.21 2,063.21 5
12/31/1994 50.00% 2,432.59 4.0027 19.43% 19.43% 2,035.73 2,035.73 5
01/31/1995 40.00% 2,424.36 3.9178 20.21% 20.31% 2,056.76 2,063.74 4
02/28/1995 40.00% 2,421.87 3.8411 19.02% 19.15% 1,951.62 1,960.26 4
03/31/1995 40.00% 2,419.63 3.7562 18.06% 18.23% 1,865.53 1,875.52 4
04/30/1995 40.00% 2,418.60 3.6740 17.85% 18.04% 1,828.46 1,839.04 4
05/31/1995 40.00% 2,417.22 3.5890 17.45% 17.66% 1,781.12 1,792.44 4
06/30/1995 40.00% 2,413.00 3.5068 15.35% 15.61% 1,649.86 1,663.24 4
07/31/1995 40.00% 2,407.52 3.4219 12.69% 13.03% 1,504.94 1,520.61 4
08/31/1995 40.00% 2,407.05 3.3370 12.78% 13.14% 1,493.85 1,509.70 4
09/30/1995 40.00% 2,404.88 3.2548 11.95% 12.34% 1,443.87 1,460.50 4
10/31/1995 40.00% 2,406.40 3.1699 13.13% 13.52% 1,478.49 1,494.57 4
11/30/1995 40.00% 2,405.71 3.0877 13.10% 13.51% 1,462.47 1,478.81 4
12/31/1995 40.00% 2,407.60 3.0027 14.63% 15.03% 1,506.83 1,522.47 4
01/31/1996 30.00% 2,379.76 2.9178 14.32% 15.19% 1,477.90 1,510.70 3
02/28/1997 30.00% 2,374.72 2.8384 12.63% 13.59% 1,401.73 1,435.89 3
03/31/1996 30.00% 2,374.97 2.7534 13.15% 14.14% 1,405.27 1,439.36 3
04/30/1996 30.00% 2,368.86 2.6712 11.02% 12.13% 1,322.02 1,357.59 3
05/31/1996 30.00% 2,365.60 2.5863 10.06% 11.25% 1,281.30 1,317.58 3
06/30/1996 30.00% 2,369.88 2.5041 12.24% 13.41% 1,335.23 1,370.56 3
07/31/1996 30.00% 2,379.16 2.4192 17.21% 18.29% 1,468.39 1,501.37 3
08/31/1996 30.00% 2,373.71 2.3342 15.06% 16.27% 1,387.32 1,421.73 3
09/30/1996 30.00% 2,366.04 2.2521 11.84% 13.23% 1,286.66 1,322.85 3
10/31/1996 30.00% 2,367.95 2.1671 13.29% 14.70% 1,310.46 1,346.23 3
11/30/1996 30.00% 2,362.71 2.0849 11.18% 12.74% 1,247.23 1,284.12 3
12/31/1996 30.00% 2,365.31 2.0000 13.04% 14.64% 1,277.87 1,314.22 3
01/31/1997 20.00% 2,346.00 1.9151 10.74% 12.86% 1,215.80 1,260.67 2
02/28/1997 20.00% 2,350.93 1.8384 14.01% 16.14% 1,272.53 1,316.73 2
03/31/1997 20.00% 2,357.86 1.7534 19.24% 21.38% 1,361.34 1,404.49 2
04/30/1997 20.00% 2,356.10 1.6712 19.02% 21.32% 1,337.79 1,381.22 2
05/31/1997 20.00% 2,345.83 1.5863 13.00% 15.62% 1,213.94 1,258.84 2
06/30/1997 20.00% 2,342.34 1.5041 11.42% 14.26% 1,176.69 1,222.03 2
07/31/1997 20.00% 2,330.24 1.4192 4.39% 7.60% 1,062.89 1,109.58 2
08/31/1997 20.00% 2,331.93 1.3342 5.76% 9.16% 1,077.58 1,124.09 2
09/30/1997 20.00% 2,325.87 1.2521 2.13% 5.86% 1,026.80 1,073.91 2
10/31/1997 20.00% 2,334.69 1.1671 8.70% 12.59% 1,102.25 1,148.47 2
11/30/1997 20.00% 2,336.26 1.0849 10.72% 14.92% 1,116.77 1,162.82 2
12/31/1997 20.00% 2,337.58 1.0000 12.93% 17.52% 1,129.29 1,175.19 2
01/31/1998 10.00% 2,325.54 0.9151 14.71% 19.99% 1,133.80 1,181.47 1
02/28/1998 10.00% 2,314.22 0.8384 4.43% 9.77% 1,037.01 1,081.30 1
03/31/1998 10.00% 2,309.94 0.7534 0.99% 6.35% 1,007.45 1,047.49 1
04/30/1998 10.00% 2,306.70 0.6712 -1.48% 3.90% 990.04 1,025.98 1
05/31/1998 10.00% 2,313.30 0.5863 3.67% 9.02% 1,021.37 1,051.93 1
06/30/1998 10.00% 2,308.07 0.5041 -0.45% 4.92% 997.74 1,024.52 1
07/31/1998 10.00% 2,313.13 0.4192 3.53% 8.88% 1,014.65 1,036.29 1
08/31/1998 10.00% 2,338.15 0.3342 28.67% 33.86% 1,087.89 1,102.38 1
09/30/1998 10.00% 2,329.07 0.2521 18.32% 23.57% 1,043.31 1,054.81 1
10/31/1998 10.00% 2,323.46 0.1671 12.68% 17.97% 1,020.15 1,028.00 1
11/30/1998 10.00% 2,316.18 0.0849 6.09% 11.42% 1,005.03 1,009.22 1
12/31/1998 10.00% 2,301.23 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI CAPITAL APPRECIATION FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.505280 -----------------------------
Units purchased 1,979.099 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,183.29 2,316.18 2,432.59 6.09% 11.42%
09/30/1998 0.25 0.25 1,968.52 2,329.07 2,432.59 18.32% 23.57%
12/31/1997 1.00 1.00 2,069.95 2,337.58 2,432.59 12.93% 17.52%
12/31/1997 1.00 1.00 2,069.95 2,337.58 2,432.59 12.93% 17.52%
12/31/1995 3.00 3.00 1,597.79 2,407.60 2,432.59 14.64% 15.04%
12/31/1993 5.00 5.00 1,183.44 2,432.59 2,432.59 15.50% 15.50%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/05/1993 5.66 5.66 1,000.00 2,432.59 2,432.59 17.01% 17.01%
12/31/1992 1,000.00
12/31/1993 1 1,183.44 18.34%
12/31/1994 1 1,194.94 0.97%
12/31/1995 1 1,597.79 33.71%
12/31/1996 1 1,850.98 15.85%
12/31/1997 1 2,069.95 11.83%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
AIM V.I. CAPITAL APPRECIATION FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 10.32 1,032.00 3.20%
06/30/1993 1032 0 10 100 10.2 1,020.00 -1.16%
07/31/1993 1020 0 10 100 10.39 1,039.00 1.86%
08/31/1993 1039 0 10 100 10.99 1,099.00 5.77%
09/30/1993 1099 0 10 100 11.37 1,137.00 3.46%
10/31/1993 1137 0 10 100 11.44 1,144.00 0.62%
11/30/1993 1144 0 10 100 11.26 1,126.00 -1.57%
12/31/1993 1126 0.0087 11.3 100.077 11.94 1,194.92 6.12%
01/31/1994 1194.92 0 11.3 100.077 12.58 1,258.97 5.36%
02/28/1994 1258.97 0 11.3 100.077 12.82 1,282.99 1.91%
03/31/1994 1282.99 0 11.3 100.077 11.81 1,181.91 -7.88%
04/30/1994 1181.91 0 11.3 100.077 11.93 1,193.92 1.02%
05/31/1994 1193.92 0 11.3 100.077 11.76 1,176.91 -1.42%
06/30/1994 1176.91 0 11.3 100.077 11.09 1,109.85 -5.70%
07/31/1994 1109.85 0 11.3 100.077 11.37 1,137.88 2.53%
08/31/1994 1137.88 0 11.3 100.077 12.2 1,220.94 7.30%
09/30/1994 1220.94 0 11.3 100.077 12.23 1,223.94 0.25%
10/31/1994 1223.94 0 11.3 100.077 12.61 1,261.97 3.11%
11/30/1994 1261.97 0 11.3 100.077 12.06 1,206.93 -4.36%
12/31/1994 1206.93 0.037 11.84 100.39 12.2 1,224.76 1.48%
01/31/1995 1224.76 0 11.84 100.39 12.05 1,209.70 -1.23%
02/28/1995 1209.7 0 11.84 100.39 12.7 1,274.95 5.39%
03/31/1995 1274.95 0 11.84 100.39 13.29 1,334.18 4.65%
04/30/1995 1334.18 0 11.84 100.39 13.57 1,362.29 2.11%
05/31/1995 1362.29 0 11.84 100.39 13.94 1,399.44 2.73%
06/30/1995 1399.44 0 11.84 100.39 15.04 1,509.87 7.89%
07/31/1995 1509.87 0 11.84 100.39 16.47 1,653.42 9.51%
08/31/1995 1653.42 0 11.84 100.39 16.61 1,667.48 0.85%
09/30/1995 1667.48 0 11.84 100.39 17.19 1,725.70 3.49%
10/31/1995 1725.7 0 11.84 100.39 16.82 1,688.56 -2.15%
11/30/1995 1688.56 0 11.84 100.39 17.02 1,708.64 1.19%
12/31/1995 1708.64 0.0036 16.07 100.412 16.55 1,661.82 -2.74%
01/31/1996 1661.82 0 16.07 100.412 16.7 1,676.88 0.91%
02/29/1996 1676.88 0 16.07 100.412 17.59 1,766.25 5.33%
03/31/1996 1766.25 0 16.07 100.412 17.57 1,764.24 -0.11%
04/30/1996 1764.24 0 16.07 100.412 18.65 1,872.68 6.15%
05/31/1996 1872.68 0 16.07 100.412 19.24 1,931.93 3.16%
06/30/1996 1931.93 0 16.07 100.412 18.52 1,859.63 -3.74%
07/31/1996 1859.63 0 16.07 100.412 16.93 1,699.98 -8.59%
08/31/1996 1699.98 0 16.07 100.412 17.9 1,797.37 5.73%
09/30/1996 1797.37 0 16.07 100.412 19.26 1,933.94 7.60%
10/31/1996 1933.94 0 16.07 100.412 18.95 1,902.81 -1.61%
11/30/1996 1902.81 0 16.07 100.412 19.89 1,997.19 4.96%
12/31/1996 1997.19 0.029 18.92 100.566 19.43 1,954.00 -2.16%
01/31/1997 1954 0 18.92 100.566 20.28 2,039.48 4.37%
02/28/1997 2039.48 0 18.92 100.566 19.44 1,955.00 -4.14%
03/31/1997 1955 0 18.92 100.566 18.25 1,835.33 -6.12%
04/30/1997 1835.33 0 18.92 100.566 18.58 1,868.52 1.81%
05/31/1997 1868.52 0 18.92 100.566 20.41 2,052.55 9.85%
06/30/1997 2052.55 0 18.92 100.566 21.05 2,116.91 3.14%
07/31/1997 2116.91 0 18.92 100.566 23.21 2,334.14 10.26%
08/31/1997 2334.14 0 18.92 100.566 22.94 2,306.98 -1.16%
09/30/1997 2306.98 0 18.92 100.566 24.04 2,417.61 4.80%
10/31/1997 2417.61 0 18.92 100.566 22.51 2,263.74 -6.36%
11/30/1997 2263.74 0 18.92 100.566 22.26 2,238.60 -1.11%
12/31/1997 2238.6 0.291 20.82 101.972 21.75 2,217.89 -0.93%
01/31/1998 2217.89 0 20.82 101.972 21.33 2,175.06 -1.93%
02/28/1998 2175.06 0 20.82 101.972 23.34 2,380.03 9.42%
03/31/1998 2380.03 0 20.82 101.972 24.12 2,459.56 3.34%
04/30/1998 2459.56 0 20.82 101.972 24.72 2,520.75 2.49%
05/31/1998 2520.75 0 20.82 101.972 23.59 2,405.52 -4.57%
06/30/1998 2405.52 0 20.82 101.972 24.54 2,502.39 4.03%
07/31/1998 2502.39 0 20.82 101.972 23.68 2,414.70 -3.50%
08/31/1998 2414.7 0 20.82 101.972 19.29 1,967.04 -18.54%
09/30/1998 1967.04 0 20.82 101.972 20.92 2,133.25 8.45%
1.13325
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000.00 0.505280361
05/31/1993 0.00100 0.997260274 1,031.00 0.07 0.520945437
06/30/1993 0.00115 1.186359317 1,017.83 0.16 0.514288488
07/31/1993 0.00119 1.210239293 1,035.58 0.24 0.523256861
08/31/1993 0.00119 1.231343941 1,094.15 0.35 0.552851638
09/30/1993 0.00115 1.259019938 1,130.72 0.45 0.571331369
10/31/1993 0.00119 1.344474334 1,136.34 0.55 0.574169464
11/30/1993 0.00115 1.307567444 1,117.15 0.63 0.564474641
12/31/1993 0.00119 1.328338873 1,184.20 0.76 0.598353717 Dividend
01/31/1994 0.00119 1.408064144 1,246.27 0.90 0.629715155
02/28/1994 0.00107 1.338458558 1,268.71 1.01 0.641053249
03/31/1994 0.00119 1.50854598 1,167.24 1.04 0.589785813
04/30/1994 0.00115 1.343130864 1,177.76 1.15 0.595100275
05/31/1994 0.00119 1.400408046 1,159.58 1.23 0.585914172
06/30/1994 0.00115 1.3343139 1,092.18 1.25 0.551854745
07/31/1994 0.00119 1.298641351 1,118.46 1.38 0.565136026
08/31/1994 0.00119 1.329895265 1,198.77 1.57 0.605716383
09/30/1994 0.00115 1.379409866 1,200.34 1.67 0.606507715
10/31/1994 0.00119 1.427252379 1,236.21 1.82 0.624631829
11/30/1994 0.00115 1.422486383 1,180.87 1.84 0.596670164
12/31/1994 0.00119 1.404102356 1,196.91 1.97 0.604775318 Dividend
01/31/1995 0.00119 1.423175652 1,180.77 2.04 0.596619725
02/28/1995 0.00107 1.268114275 1,243.19 2.24 0.628160039
03/31/1995 0.00119 1.478205287 1,299.47 2.45 0.656595388
04/30/1995 0.00115 1.495277627 1,325.35 2.60 0.669673742
05/31/1995 0.00119 1.575896593 1,359.92 2.78 0.687139648
06/30/1995 0.00115 1.564836672 1,465.66 3.11 0.740571249
07/31/1995 0.00119 1.742734762 1,603.27 3.53 0.810100055
08/31/1995 0.00119 1.906352059 1,615.00 3.69 0.816025568
09/30/1995 0.00115 1.85835112 1,669.52 3.94 0.843578081
10/31/1995 0.00119 1.985133568 1,631.61 4.00 0.824419797
11/30/1995 0.00115 1.877467462 1,649.13 4.17 0.833274976
12/31/1995 0.00119 1.960887987 1,601.98 4.19 0.809450852 Dividend
01/31/1996 0.00119 1.904824334 1,614.60 4.36 0.815823911
02/29/1996 0.00111 1.795962152 1,698.85 4.72 0.858396113
03/31/1996 0.00119 2.02000381 1,694.90 4.85 0.856398586
04/30/1996 0.00115 1.95029339 1,797.13 5.28 0.90805216
05/31/1996 0.00119 2.136855929 1,851.85 5.60 0.935702446
06/30/1996 0.00115 2.130893633 1,780.41 5.53 0.899608284
07/31/1996 0.00119 2.116985543 1,625.45 5.20 0.821306872
08/31/1996 0.00119 1.932724281 1,716.64 5.63 0.867382079
09/30/1996 0.00115 1.975306315 1,845.10 6.19 0.932290498
10/31/1996 0.00119 2.193894322 1,813.20 6.24 0.916175191
11/30/1996 0.00115 2.086423831 1,901.05 6.69 0.960563552
12/31/1996 0.00119 2.260427332 1,857.68 6.70 0.938648847
01/31/1997 0.00119 2.208856982 1,936.74 7.14 0.978595039 Dividend
02/28/1997 0.00107 2.080002197 1,854.43 6.99 0.937008375
03/31/1997 0.00119 2.204996573 1,738.71 6.71 0.878537818
04/30/1997 0.00115 2.000711499 1,768.16 6.96 0.893414324
05/31/1997 0.00119 2.102409729 1,940.20 7.79 0.980344139
06/30/1997 0.00115 2.232557041 1,998.80 8.18 1.009955858
07/31/1997 0.00119 2.376658807 2,201.54 9.18 1.112393165
08/31/1997 0.00119 2.617717388 2,173.30 9.25 1.098126702
09/30/1997 0.00115 2.500785595 2,275.02 9.86 1.149523186
10/31/1997 0.00119 2.705092883 2,127.52 9.42 1.074994377
11/30/1997 0.00115 2.448105895 2,101.45 9.48 1.06181903
12/31/1997 0.00119 2.498704799 2,079.51 9.55 1.050733258 .021 Dividend .27 L/T Cap Gain
01/31/1998 0.00119 2.472617424 2,036.88 9.53 1.029193029
02/28/1998 0.00107 2.187548143 2,226.64 10.58 1.125075233
03/31/1998 0.00119 2.647561217 2,298.39 11.11 1.161332474
04/30/1998 0.00115 2.644725347 2,352.93 11.56 1.188888279
05/31/1998 0.00119 2.797728016 2,242.57 11.21 1.133127485
06/30/1998 0.00115 2.580493569 2,330.30 11.84 1.17745452
07/31/1998 0.00119 2.770821745 2,245.87 11.61 1.134793528
08/31/1998 0.00119 2.670430605 1,826.84 9.63 0.92306542
09/30/1998 0.00115 2.102115084 1,979.10 10.58 1
0.979099 0.979099282
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GOVERNMENT SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.778674 -----------------------------
Units purchased 1,284.235 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.778674 1,284.235 1,000.00 1,000.00 1,272.46 0.00%
05/31/1993 0.777202 1,284.235 998.11 0.00007 0.071232865 998.04 1,272.46 0.00%
06/30/1993 0.788851 1,284.235 1,013.07 0.00008 0.082030536 1,012.92 1,272.46 0.00%
07/31/1993 0.790345 1,284.235 1,014.99 0.00008 0.086028429 1,014.75 1,272.46 0.00%
08/31/1993 0.801151 1,284.235 1,028.87 0.00008 0.086184062 1,028.54 1,272.46 0.00%
09/30/1993 0.802864 1,284.235 1,031.07 0.00008 0.08453724 1,030.65 1,272.46 0.00%
10/31/1993 0.804367 1,284.235 1,033.00 0.00008 0.087534746 1,032.49 1,272.46 0.00%
11/30/1993 0.797264 1,284.235 1,023.87 0.00008 0.084862425 1,023.29 1,272.46 0.00%
12/31/1993 0.799765 1,284.235 1,027.09 0.00008 0.086909595 1,026.41 1,272.46 0.00%
01/31/1994 0.808400 1,284.235 1,038.18 0.00008 0.087174879 1,037.41 1,272.46 2.00%
02/28/1994 0.791832 1,284.235 1,016.90 0.00008 0.079582055 1,016.07 1,272.46 2.00%
03/31/1994 0.774760 1,284.235 994.97 0.00008 0.086296167 994.07 1,272.46 2.00%
04/30/1994 0.764417 1,284.235 981.69 0.00008 0.0817047 980.72 1,272.46 2.00%
05/31/1994 0.764397 1,284.235 981.67 0.00008 0.083294133 980.61 1,272.46 2.00%
06/30/1994 0.761568 1,284.235 978.03 0.00008 0.08059834 976.90 1,272.46 2.00%
07/31/1994 0.771988 1,284.235 991.41 0.00008 0.082969868 990.19 1,272.46 2.00%
08/31/1994 0.771974 1,284.235 991.40 0.00008 0.084098067 990.08 1,272.46 2.00%
09/30/1994 0.762702 1,284.235 979.49 0.00008 0.081376782 978.11 1,272.46 2.00%
10/31/1994 0.760270 1,284.235 976.37 0.00008 0.083072492 974.91 1,272.46 2.00%
11/30/1994 0.757059 1,284.235 972.24 0.00008 0.080129588 970.71 1,272.46 2.00%
12/31/1994 0.760309 1,284.235 976.42 0.00008 0.082444002 974.80 1,272.46 2.00%
01/31/1995 0.771011 1,284.235 990.16 0.00008 0.082790978 988.44 1,272.46 4.00%
02/28/1995 0.785876 1,284.235 1,009.25 0.00008 0.075825165 1,007.42 1,272.46 4.00%
03/31/1995 0.788299 1,284.235 1,012.36 0.00008 0.085561313 1,010.44 1,272.46 4.00%
04/30/1995 0.796621 1,284.235 1,023.05 0.00008 0.083049587 1,021.02 1,272.46 4.00%
05/31/1995 0.823995 1,284.235 1,058.20 0.00008 0.086716851 1,056.02 1,272.46 4.00%
06/30/1995 0.828946 1,284.235 1,064.56 0.00008 0.086796062 1,062.28 1,272.46 4.00%
07/31/1995 0.823101 1,284.235 1,057.05 0.00008 0.090220778 1,054.70 1,272.46 4.00%
08/31/1995 0.831321 1,284.235 1,067.61 0.00008 0.089576926 1,065.14 1,272.46 4.00%
09/30/1995 0.837079 1,284.235 1,075.01 0.00008 0.087545768 1,072.43 1,272.46 4.00%
10/31/1995 0.846928 1,284.235 1,087.65 0.00008 0.091083027 1,084.96 1,272.46 4.00%
11/30/1995 0.858423 1,284.235 1,102.42 0.00008 0.089174536 1,099.59 1,272.46 4.00%
12/31/1995 0.867843 1,284.235 1,114.51 0.00008 0.093390107 1,111.57 1,272.46 4.00%
01/31/1996 0.872896 1,284.235 1,121.00 0.00008 0.094407014 1,117.94 1,272.46 6.00%
02/29/1996 0.854976 1,284.235 1,097.99 0.00008 0.088822913 1,094.90 1,272.46 6.00%
03/31/1996 0.848107 1,284.235 1,089.17 0.00008 0.092991921 1,086.01 1,272.46 6.00%
04/30/1996 0.842137 1,284.235 1,081.50 0.00008 0.089261503 1,078.28 1,272.46 6.00%
05/31/1996 0.837837 1,284.235 1,075.98 0.00008 0.091579985 1,072.68 1,272.46 6.00%
06/30/1996 0.847168 1,284.235 1,087.96 0.00008 0.088165744 1,084.54 1,272.46 6.00%
07/31/1996 0.848814 1,284.235 1,090.08 0.00008 0.092111743 1,086.56 1,272.46 6.00%
08/31/1996 0.846215 1,284.235 1,086.74 0.00008 0.092282884 1,083.14 1,272.46 6.00%
09/30/1996 0.858038 1,284.235 1,101.92 0.00008 0.089025011 1,098.18 1,272.46 6.00%
10/31/1996 0.873187 1,284.235 1,121.38 0.00008 0.093270224 1,117.48 1,272.46 6.00%
11/30/1996 0.884956 1,284.235 1,136.49 0.00008 0.091847465 1,132.45 1,272.46 6.00%
12/31/1996 0.876681 1,284.235 1,125.86 0.00008 0.096180464 1,121.76 1,272.46 6.00%
01/31/1997 0.878413 1,284.235 1,128.09 0.00008 0.095272897 1,123.88 1,272.46 6.00%
02/28/1997 0.878455 1,284.235 1,128.14 0.00008 0.086215704 1,123.85 1,272.46 6.00%
03/31/1997 0.870432 1,284.235 1,117.84 0.00008 0.095450349 1,113.49 1,272.46 6.00%
04/30/1997 0.881049 1,284.235 1,131.47 0.00008 0.091519816 1,126.98 1,272.46 6.00%
05/31/1997 0.886307 1,284.235 1,138.23 0.00008 0.095716146 1,133.61 1,272.46 6.00%
06/30/1997 0.894234 1,284.235 1,148.41 0.00008 0.093173528 1,143.66 1,272.46 6.00%
07/31/1997 0.913588 1,284.235 1,173.26 0.00008 0.097132461 1,168.31 1,272.46 6.00%
08/31/1997 0.905564 1,284.235 1,162.96 0.00008 0.099226457 1,157.95 1,272.46 6.00%
09/30/1997 0.916085 1,284.235 1,176.47 0.00008 0.095174098 1,171.31 1,272.46 6.00%
10/31/1997 0.925675 1,284.235 1,188.78 0.00008 0.099481049 1,183.47 1,272.46 6.00%
11/30/1997 0.927360 1,284.235 1,190.95 0.00008 0.097271593 1,185.53 1,272.46 6.00%
12/31/1997 0.936474 1,284.235 1,202.65 0.00008 0.100688673 1,197.08 1,272.46 6.00%
01/31/1998 0.946009 1,284.235 1,214.90 0.00008 0.101669734 1,209.17 1,272.46 6.00%
02/28/1998 0.944228 1,284.235 1,212.61 0.00008 0.092757939 1,206.80 1,272.46 6.00%
03/31/1998 0.946731 1,284.235 1,215.83 0.00008 0.102495115 1,209.89 1,272.46 6.00%
04/30/1998 0.950132 1,284.235 1,220.19 0.00008 0.099443301 1,214.14 1,272.46 6.00%
05/31/1998 0.957860 1,284.235 1,230.12 0.00008 0.103118719 1,223.91 1,272.46 6.00%
06/30/1998 0.964734 1,284.235 1,238.95 0.00008 0.100595573 1,232.60 1,272.46 6.00%
07/31/1998 0.966332 1,284.235 1,241.00 0.00008 0.104686212 1,234.53 1,272.46 6.00%
08/31/1998 0.980990 1,284.235 1,259.82 0.00008 0.104850661 1,253.15 1,272.46 6.00%
09/30/1998 1.000000 1,284.235 1,284.24 0.00008 0.102998906 1,277.33 1,272.46 6.00%
10/31/1998 0.993765 1,284.235 1,276.23 0.00008 0.108485951 1,269.26 1,272.46 6.00%
11/30/1998 0.995317 1,284.235 1,278.22 0.00008 0.104322897 1,271.14 1,272.46 6.00%
12/31/1998 0.996434 1,284.235 1,279.66 0.00008 0.107959823 1,272.46 1,272.46 6.00%
12/31/1998 1,272.46
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 27.25% 27.25%
05/05/1993 100.00% 1,272.46 5.6603 4.35% 4.35% 1,272.46 1,272.46 6
05/31/1993 100.00% 1,272.46 5.5890 4.44% 4.44% 1,274.96 1,274.96 6
06/30/1993 100.00% 1,272.46 5.5068 4.23% 4.23% 1,256.23 1,256.23 6
07/31/1993 100.00% 1,272.46 5.4219 4.26% 4.26% 1,253.97 1,253.97 6
08/31/1993 100.00% 1,272.46 5.3370 4.07% 4.07% 1,237.15 1,237.15 6
09/30/1993 100.00% 1,272.46 5.2548 4.09% 4.09% 1,234.62 1,234.62 6
10/31/1993 100.00% 1,272.46 5.1699 4.12% 4.12% 1,232.41 1,232.41 6
11/30/1993 100.00% 1,272.46 5.0877 4.38% 4.38% 1,243.50 1,243.50 6
12/31/1993 100.00% 1,272.46 5.0027 4.39% 4.39% 1,239.71 1,239.71 6
01/31/1994 50.00% 1,264.43 4.9178 4.11% 4.24% 1,218.84 1,226.57 5
02/28/1994 50.00% 1,264.86 4.8411 4.63% 4.76% 1,244.86 1,252.34 5
03/31/1994 50.00% 1,265.30 4.7562 5.20% 5.33% 1,272.84 1,280.04 5
04/30/1994 50.00% 1,265.57 4.6740 5.61% 5.73% 1,290.45 1,297.47 5
05/31/1994 50.00% 1,265.57 4.5890 5.72% 5.84% 1,290.59 1,297.62 5
06/30/1994 50.00% 1,265.64 4.5068 5.91% 6.04% 1,295.57 1,302.54 5
07/31/1994 50.00% 1,265.38 4.4219 5.70% 5.84% 1,277.92 1,285.07 5
08/31/1994 50.00% 1,265.38 4.3370 5.82% 5.96% 1,278.05 1,285.20 5
09/30/1994 50.00% 1,265.62 4.2548 6.24% 6.38% 1,293.94 1,300.93 5
10/31/1994 50.00% 1,265.68 4.1699 6.46% 6.60% 1,298.26 1,305.21 5
11/30/1994 50.00% 1,265.77 4.0877 6.71% 6.85% 1,303.96 1,310.85 5
12/31/1994 50.00% 1,265.69 4.0027 6.74% 6.88% 1,298.41 1,305.36 5
01/31/1995 40.00% 1,253.28 3.9178 6.25% 6.66% 1,267.94 1,287.35 4
02/28/1995 40.00% 1,252.52 3.8411 5.83% 6.27% 1,243.30 1,263.09 4
03/31/1995 40.00% 1,252.40 3.7562 5.88% 6.33% 1,239.46 1,259.32 4
04/30/1995 40.00% 1,251.98 3.6740 5.71% 6.18% 1,226.20 1,246.26 4
05/31/1995 40.00% 1,250.58 3.5890 4.82% 5.33% 1,184.24 1,204.96 4
06/30/1995 40.00% 1,250.33 3.5068 4.76% 5.28% 1,177.03 1,197.86 4
07/31/1995 40.00% 1,250.63 3.4219 5.11% 5.64% 1,185.77 1,206.47 4
08/31/1995 40.00% 1,250.21 3.3370 4.92% 5.47% 1,173.75 1,194.64 4
09/30/1995 40.00% 1,249.92 3.2548 4.82% 5.40% 1,165.50 1,186.52 4
10/31/1995 40.00% 1,249.42 3.1699 4.55% 5.16% 1,151.58 1,172.82 4
11/30/1995 40.00% 1,248.83 3.0877 4.21% 4.84% 1,135.72 1,157.21 4
12/31/1995 40.00% 1,248.36 3.0027 3.94% 4.60% 1,123.06 1,144.74 4
01/31/1996 30.00% 1,228.29 2.9178 3.28% 4.54% 1,098.70 1,138.21 3
02/29/1996 30.00% 1,229.67 2.8384 4.17% 5.44% 1,123.08 1,162.16 3
03/31/1996 30.00% 1,230.20 2.7534 4.63% 5.92% 1,132.77 1,171.68 3
04/30/1996 30.00% 1,230.67 2.6712 5.07% 6.39% 1,141.32 1,180.08 3
05/31/1996 30.00% 1,231.00 2.5863 5.47% 6.83% 1,147.59 1,186.24 3
06/30/1996 30.00% 1,230.29 2.5041 5.16% 6.59% 1,134.39 1,173.27 3
07/31/1996 30.00% 1,230.17 2.4192 5.27% 6.75% 1,132.17 1,171.09 3
08/31/1996 30.00% 1,230.37 2.3342 5.61% 7.14% 1,135.94 1,174.79 3
09/30/1996 30.00% 1,229.47 2.2521 5.14% 6.76% 1,119.55 1,158.70 3
10/31/1996 30.00% 1,228.31 2.1671 4.46% 6.18% 1,099.18 1,138.69 3
11/30/1996 30.00% 1,227.42 2.0849 3.94% 5.75% 1,083.86 1,123.64 3
12/31/1996 30.00% 1,228.06 2.0000 4.63% 6.51% 1,094.76 1,134.34 3
01/31/1997 20.00% 1,220.29 1.9151 4.39% 6.70% 1,085.78 1,132.20 2
02/28/1997 20.00% 1,220.30 1.8384 4.58% 6.99% 1,085.82 1,132.23 2
03/31/1997 20.00% 1,220.92 1.7534 5.39% 7.91% 1,096.48 1,142.76 2
04/30/1997 20.00% 1,220.11 1.6712 4.87% 7.54% 1,082.64 1,129.09 2
05/31/1997 20.00% 1,219.71 1.5863 4.72% 7.56% 1,075.95 1,122.48 2
06/30/1997 20.00% 1,219.11 1.5041 4.34% 7.35% 1,065.97 1,112.62 2
07/31/1997 20.00% 1,217.63 1.4192 2.96% 6.20% 1,042.21 1,089.14 2
08/31/1997 20.00% 1,218.25 1.3342 3.88% 7.32% 1,052.07 1,098.89 2
09/30/1997 20.00% 1,217.45 1.2521 3.13% 6.84% 1,039.39 1,086.36 2
10/31/1997 20.00% 1,216.72 1.1671 2.40% 6.41% 1,028.09 1,075.19 2
11/30/1997 20.00% 1,216.60 1.0849 2.41% 6.74% 1,026.21 1,073.33 2
12/31/1997 20.00% 1,215.90 1.0000 1.57% 6.30% 1,015.72 1,062.97 2
01/31/1998 10.00% 1,207.54 0.9151 -0.13% 5.23% 998.77 1,047.80 1
02/28/1998 10.00% 1,207.69 0.8384 0.07% 5.44% 1,000.62 1,045.42 1
03/31/1998 10.00% 1,207.50 0.7534 -0.20% 5.17% 998.51 1,038.72 1
04/30/1998 10.00% 1,207.24 0.6712 -0.57% 4.80% 996.18 1,031.99 1
05/31/1998 10.00% 1,206.66 0.5863 -1.41% 3.97% 991.71 1,023.07 1
06/30/1998 10.00% 1,206.14 0.5041 -2.15% 3.23% 989.12 1,016.17 1
07/31/1998 10.00% 1,206.02 0.4192 -2.31% 3.07% 990.25 1,012.77 1
08/31/1998 10.00% 1,204.90 0.3342 -3.85% 1.54% 986.96 1,005.12 1
09/30/1998 10.00% 1,203.45 0.2521 -5.78% -0.38% 985.09 999.04 1
10/31/1998 10.00% 1,203.94 0.1671 -5.15% 0.25% 991.21 1,000.42 1
11/30/1998 10.00% 1,203.82 0.0849 -5.30% 0.10% 995.39 1,000.09 1
12/31/1998 10.00% 1,203.75 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GOVERNMENT SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.778674 -----------------------------
Units purchased 1,284.235 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,271.14 1,203.82 1,272.46 -5.30% 0.10%
09/30/1998 0.25 0.25 1,277.33 1,203.45 1,272.46 -5.78% -0.38%
12/31/1997 1.00 1.00 1,197.08 1,215.90 1,272.46 1.57% 6.30%
12/31/1997 1.00 1.00 1,197.08 1,215.90 1,272.46 1.57% 6.30%
12/31/1995 3.00 3.00 1,111.57 1,248.36 1,272.46 3.94% 4.61%
12/31/1993 5.00 5.00 1,026.41 1,272.46 1,272.46 4.39% 4.39%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/05/1993 5.66 5.66 1,000.00 1,272.46 1,272.46 4.35% 4.35%
12/31/1992 1,000.00
12/31/1993 1 1,026.41 2.64%
12/31/1994 1 974.80 -5.03%
12/31/1995 1 1,111.57 14.03%
12/31/1996 1 1,121.76 0.92%
12/31/1997 1 1,197.08 6.71%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
AIM V.I. GOVERNMENT SECURITIES FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 9.99 999.00 -0.10%
06/30/1993 999 0 10 100 10.15 1,015.00 1.60%
07/31/1993 1015 0 10 100 10.18 1,018.00 0.30%
08/31/1993 1018 0 10 100 10.33 1,033.00 1.47%
09/30/1993 1033 0.1425 10.21 101.396 10.22 1,036.27 0.32%
10/31/1993 1036.27 0 10.21 101.396 10.25 1,039.31 0.29%
11/30/1993 1039.31 0 10.21 101.396 10.17 1,031.20 -0.78%
12/31/1993 1031.2 0.0925 10.1 102.325 10.12 1,035.53 0.42%
01/31/1994 1035.53 0 10.1 102.325 10.24 1,047.81 1.19%
02/28/1994 1047.81 0 10.1 102.325 10.04 1,027.34 -1.95%
03/31/1994 1027.34 0.095 9.83 103.314 9.74 1,006.28 -2.05%
04/30/1994 1006.28 0 9.83 103.314 9.62 993.88 -1.23%
05/31/1994 993.88 0 9.83 103.314 9.63 994.91 0.10%
06/30/1994 994.91 0.115 9.56 104.557 9.49 992.25 -0.27%
07/31/1994 992.25 0 9.56 104.557 9.63 1,006.88 1.47%
08/31/1994 1006.88 0 9.56 104.557 9.64 1,007.93 0.10%
09/30/1994 1007.93 0.125 9.48 105.936 9.41 996.86 -1.10%
10/31/1994 996.86 0 9.48 105.936 9.39 994.74 -0.21%
11/30/1994 994.74 0 9.48 105.936 9.36 991.56 -0.32%
12/31/1994 991.56 0.16 9.24 107.77 9.25 996.87 0.54%
01/31/1995 996.87 0 9.24 107.77 9.39 1,011.96 1.51%
02/28/1995 1011.96 0 9.24 107.77 9.58 1,032.44 2.02%
03/31/1995 1032.44 0.13 9.51 109.243 9.49 1,036.72 0.41%
04/30/1995 1036.72 0 9.51 109.243 9.6 1,048.73 1.16%
05/31/1995 1048.73 0 9.51 109.243 9.94 1,085.88 3.54%
06/30/1995 1085.88 0 9.51 109.243 10.01 1,093.52 0.70%
07/31/1995 1093.52 0 9.51 109.243 9.95 1,086.97 -0.60%
08/31/1995 1086.97 0 9.51 109.243 10.06 1,098.98 1.10%
09/30/1995 1098.98 0 9.51 109.243 10.14 1,107.72 0.80%
10/31/1995 1107.72 0 9.51 109.243 10.27 1,121.93 1.28%
11/30/1995 1121.93 0 9.51 109.243 10.42 1,138.31 1.46%
12/31/1995 1138.31 0.372 10.08 113.275 10.17 1,152.01 1.20%
01/31/1996 1152.01 0 10.08 113.275 10.24 1,159.94 0.69%
02/29/1996 1159.94 0 10.08 113.275 10.04 1,137.28 -1.95%
03/31/1996 1137.28 0 10.08 113.275 9.97 1,129.35 -0.70%
04/30/1996 1129.35 0 10.08 113.275 9.91 1,122.56 -0.60%
05/31/1996 1122.56 0 10.08 113.275 9.87 1,118.02 -0.40%
06/30/1996 1118.02 0 10.08 113.275 9.99 1,131.62 1.22%
07/31/1996 1131.62 0 10.08 113.275 10.02 1,135.02 0.30%
08/31/1996 1135.02 0 10.08 113.275 10 1,132.75 -0.20%
09/30/1996 1132.75 0 10.08 113.275 10.15 1,149.74 1.50%
10/31/1996 1149.74 0 10.08 113.275 10.34 1,171.26 1.87%
11/30/1996 1171.26 0 10.08 113.275 10.49 1,188.25 1.45%
12/31/1996 1188.25 0.533 9.87 119.392 9.87 1,178.40 -0.83%
01/31/1997 1178.4 0 9.87 119.392 9.9 1,181.98 0.30%
02/28/1997 1181.98 0 9.87 119.392 9.91 1,183.17 0.10%
03/31/1997 1183.17 0 9.87 119.392 9.83 1,173.62 -0.81%
04/30/1997 1173.62 0 9.87 119.392 9.96 1,189.14 1.32%
05/31/1997 1189.14 0 9.87 119.392 10.03 1,197.50 0.70%
06/30/1997 1197.5 0 9.87 119.392 10.13 1,209.44 1.00%
07/31/1997 1209.44 0 9.87 119.392 10.36 1,236.90 2.27%
08/31/1997 1236.9 0 9.87 119.392 10.28 1,227.35 -0.77%
09/30/1997 1227.35 0 9.87 119.392 10.41 1,242.87 1.26%
10/31/1997 1242.87 0 9.87 119.392 10.53 1,257.20 1.15%
11/30/1997 1257.2 0 9.87 119.392 10.56 1,260.78 0.28%
12/31/1997 1260.78 0.005 10.63 119.448 10.67 1,274.51 1.09%
01/31/1998 1274.51 0 10.63 119.448 10.79 1,288.84 1.12%
02/28/1998 1288.84 0 10.63 119.448 10.78 1,287.65 -0.09%
03/31/1998 1287.65 0 10.63 119.448 10.82 1,292.43 0.37%
04/30/1998 1292.43 0 10.63 119.448 10.87 1,298.40 0.46%
05/31/1998 1298.4 0 10.63 119.448 10.97 1,310.34 0.92%
06/30/1998 1310.34 0 10.63 119.448 11.06 1,321.09 0.82%
07/31/1998 1321.09 0 10.63 119.448 11.09 1,324.68 0.27%
08/31/1998 1324.68 0 10.63 119.448 11.27 1,346.18 1.62%
09/30/1998 1346.18 0 10.63 119.448 11.5 1,373.65 2.04%
0.37365
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000.00 0.778673556
05/31/1993 0.00089 0.890410959 998.11 0.07 0.777201543
06/30/1993 0.00103 1.025455057 1,013.07 0.15 0.788850721
07/31/1993 0.00106 1.075519386 1,014.99 0.24 0.790344821
08/31/1993 0.00106 1.077556442 1,028.87 0.33 0.801151309
09/30/1993 0.00103 1.05705485 1,031.07 0.42 0.802864282 Dividend
10/31/1993 0.00106 1.094625481 1,033.00 0.50 0.804367208
11/30/1993 0.00103 1.061297971 1,023.87 0.58 0.797264121
12/31/1993 0.00106 1.086990219 1,027.09 0.67 0.799765416 Dividend
01/31/1994 0.00106 1.090400486 1,038.18 0.77 0.808400498
02/28/1994 0.00096 0.995511602 1,016.90 0.83 0.791832419
03/31/1994 0.00106 1.079584635 994.97 0.90 0.774759573 Dividend
04/30/1994 0.00103 1.022233073 981.69 0.97 0.764416524
05/31/1994 0.00106 1.042205792 981.67 1.05 0.764397183
06/30/1994 0.00103 1.008560732 978.03 1.13 0.761568145 Dividend
07/31/1994 0.00106 1.038322311 991.41 1.23 0.771988396
08/31/1994 0.00106 1.052529285 991.40 1.31 0.771973868
09/30/1994 0.00103 1.018557559 979.49 1.38 0.762702228 Dividend
10/31/1994 0.00106 1.03986852 976.37 1.46 0.760270488
11/30/1994 0.00103 1.003115888 972.24 1.53 0.757058944
12/31/1994 0.00106 1.032174464 976.42 1.62 0.760309417 Dividend
01/31/1995 0.00106 1.036606161 990.16 1.72 0.771011332
02/28/1995 0.00096 0.949468399 1,009.25 1.83 0.785875698
03/31/1995 0.00106 1.071463238 1,012.36 1.93 0.788299241 Dividend
04/30/1995 0.00103 1.040097578 1,023.05 2.03 0.796621486
05/31/1995 0.00106 1.08611405 1,058.20 2.18 0.823995117
06/30/1995 0.00103 1.087195421 1,064.56 2.28 0.828945985
07/31/1995 0.00106 1.130185285 1,057.05 2.36 0.823100693
08/31/1995 0.00106 1.122215812 1,067.61 2.47 0.831321345
09/30/1995 0.00103 1.096861791 1,075.01 2.58 0.837078604
10/31/1995 0.00106 1.141273301 1,087.65 2.70 0.846928096
11/30/1995 0.00103 1.117453647 1,102.42 2.82 0.85842298
12/31/1995 0.00106 1.170374231 1,114.51 2.95 0.867843092 Dividend
01/31/1996 0.00106 1.183217616 1,121.00 3.06 0.872895655
02/29/1996 0.00099 1.113325232 1,097.99 3.09 0.854976291
03/31/1996 0.00106 1.165675014 1,089.17 3.15 0.848107051
04/30/1996 0.00103 1.119009184 1,081.50 3.22 0.842136628
05/31/1996 0.00106 1.148169412 1,075.98 3.30 0.837836702
06/30/1996 0.00103 1.105458283 1,087.96 3.42 0.84716766
07/31/1996 0.00106 1.155028724 1,090.08 3.52 0.848813621
08/31/1996 0.00106 1.157272827 1,086.74 3.60 0.846214886
09/30/1996 0.00103 1.116512623 1,101.92 3.74 0.858037776
10/31/1996 0.00106 1.169849045 1,121.38 3.90 0.873186975
11/30/1996 0.00103 1.15210013 1,136.49 4.04 0.884956094
12/31/1996 0.00106 1.206549489 1,125.86 4.10 0.876680741 Dividend
01/31/1997 0.00106 1.19526687 1,128.09 4.21 0.87841339
02/28/1997 0.00096 1.081729567 1,128.14 4.29 0.878455449
03/31/1997 0.00106 1.197686507 1,117.84 4.35 0.870432357
04/30/1997 0.00103 1.148465633 1,131.47 4.49 0.881048711
05/31/1997 0.00106 1.201222162 1,138.23 4.62 0.88630738
06/30/1997 0.00103 1.169411451 1,148.41 4.75 0.894233959
07/31/1997 0.00106 1.219198934 1,173.26 4.95 0.913587935
08/31/1997 0.00106 1.245586153 1,162.96 5.01 0.905564295
09/30/1997 0.00103 1.194819406 1,176.47 5.16 0.916084899
10/31/1997 0.00106 1.248990515 1,188.78 5.31 0.925674588
11/30/1997 0.00103 1.221353322 1,190.95 5.42 0.927359501
12/31/1997 0.00106 1.264362311 1,202.65 5.57 0.936473998 Dividend
01/31/1998 0.00106 1.276789021 1,214.90 5.73 0.946009076
02/28/1998 0.00096 1.164970845 1,212.61 5.81 0.944228484
03/31/1998 0.00106 1.287361489 1,215.83 5.93 0.946731204
04/30/1998 0.00103 1.249135837 1,220.19 6.05 0.950131681
05/31/1998 0.00106 1.295409911 1,230.12 6.21 0.957860327
06/30/1998 0.00103 1.263819823 1,238.95 6.35 0.964734489
07/31/1998 0.00106 1.315319385 1,241.00 6.47 0.966331905
08/31/1998 0.00106 1.317497302 1,259.82 6.67 0.980989895
09/30/1998 0.00103 1.294337431 1,284.24 6.90 1
0.28424 0.284235212
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GOVERNMENT SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.784992 -----------------------------
Units purchased 1,273.898 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.784992 1,273.898 1,000.00 1,000.00 1,261.75 0.00%
05/31/1993 0.783424 1,273.898 998.00 0.00007 0.071232861 997.93 1,261.75 0.00%
06/30/1993 0.795070 1,273.898 1,012.84 0.00008 0.082021749 1,012.68 1,261.75 0.00%
07/31/1993 0.796475 1,273.898 1,014.63 0.00008 0.086008764 1,014.39 1,261.75 0.00%
08/31/1993 0.807263 1,273.898 1,028.37 0.00008 0.086153405 1,028.04 1,261.75 0.00%
09/30/1993 0.808890 1,273.898 1,030.44 0.00008 0.084496547 1,030.03 1,261.75 0.00%
10/31/1993 0.810301 1,273.898 1,032.24 0.00008 0.087481845 1,031.74 1,261.75 0.00%
11/30/1993 0.803046 1,273.898 1,023.00 0.00008 0.084800354 1,022.41 1,261.75 0.00%
12/31/1993 0.805463 1,273.898 1,026.08 0.00008 0.086835223 1,025.41 1,261.75 0.00%
01/31/1994 0.814057 1,273.898 1,037.03 0.00008 0.087089217 1,036.26 1,261.75 2.00%
02/28/1994 0.797279 1,273.898 1,015.65 0.00008 0.079493833 1,014.82 1,261.75 2.00%
03/31/1994 0.779987 1,273.898 993.62 0.00008 0.086190375 992.73 1,261.75 2.00%
04/30/1994 0.769478 1,273.898 980.24 0.00008 0.08159391 979.27 1,261.75 2.00%
05/31/1994 0.769361 1,273.898 980.09 0.00008 0.083170794 979.04 1,261.75 2.00%
06/30/1994 0.766419 1,273.898 976.34 0.00008 0.080468738 975.21 1,261.75 2.00%
07/31/1994 0.776808 1,273.898 989.57 0.00008 0.082826201 988.35 1,261.75 2.00%
08/31/1994 0.776694 1,273.898 989.43 0.00008 0.083941895 988.12 1,261.75 2.00%
09/30/1994 0.767270 1,273.898 977.42 0.00008 0.081215315 976.05 1,261.75 2.00%
10/31/1994 0.764726 1,273.898 974.18 0.00008 0.082897313 972.73 1,261.75 2.00%
11/30/1994 0.761401 1,273.898 969.95 0.00008 0.079950395 968.42 1,261.75 2.00%
12/31/1994 0.764573 1,273.898 973.99 0.00008 0.082249447 972.37 1,261.75 2.00%
01/31/1995 0.775238 1,273.898 987.57 0.00008 0.082585126 985.85 1,261.75 4.00%
02/28/1995 0.790094 1,273.898 1,006.50 0.00008 0.07562713 1,004.67 1,261.75 4.00%
03/31/1995 0.792430 1,273.898 1,009.48 0.00008 0.085328215 1,007.56 1,261.75 4.00%
04/30/1995 0.800699 1,273.898 1,020.01 0.00008 0.082812812 1,017.99 1,261.75 4.00%
05/31/1995 0.828110 1,273.898 1,054.93 0.00008 0.08645907 1,052.75 1,261.75 4.00%
06/30/1995 0.832984 1,273.898 1,061.14 0.00008 0.086527386 1,058.86 1,261.75 4.00%
07/31/1995 0.827004 1,273.898 1,053.52 0.00008 0.089930479 1,051.17 1,261.75 4.00%
08/31/1995 0.835158 1,273.898 1,063.91 0.00008 0.089277241 1,061.44 1,261.75 4.00%
09/30/1995 0.840839 1,273.898 1,071.14 0.00008 0.087241872 1,068.58 1,261.75 4.00%
10/31/1995 0.850626 1,273.898 1,083.61 0.00008 0.090755738 1,080.92 1,261.75 4.00%
11/30/1995 0.862066 1,273.898 1,098.18 0.00008 0.088842915 1,095.37 1,261.75 4.00%
12/31/1995 0.871416 1,273.898 1,110.10 0.00008 0.093031491 1,107.16 1,261.75 4.00%
01/31/1996 0.876378 1,273.898 1,116.42 0.00008 0.094032641 1,113.37 1,261.75 6.00%
02/29/1996 0.858283 1,273.898 1,093.37 0.00008 0.088459478 1,090.29 1,261.75 6.00%
03/31/1996 0.851278 1,273.898 1,084.44 0.00008 0.092600158 1,081.30 1,261.75 6.00%
04/30/1996 0.845180 1,273.898 1,076.67 0.00008 0.088874039 1,073.47 1,261.75 6.00%
05/31/1996 0.840757 1,273.898 1,071.04 0.00008 0.091171135 1,067.76 1,261.75 6.00%
06/30/1996 0.850017 1,273.898 1,082.83 0.00008 0.087760896 1,079.43 1,261.75 6.00%
07/31/1996 0.851560 1,273.898 1,084.80 0.00008 0.091677595 1,081.30 1,261.75 6.00%
08/31/1996 0.848845 1,273.898 1,081.34 0.00008 0.09183625 1,077.76 1,261.75 6.00%
09/30/1996 0.860600 1,273.898 1,096.32 0.00008 0.088582823 1,092.59 1,261.75 6.00%
10/31/1996 0.875684 1,273.898 1,115.53 0.00008 0.092795664 1,111.65 1,261.75 6.00%
11/30/1996 0.887379 1,273.898 1,130.43 0.00008 0.091368703 1,126.41 1,261.75 6.00%
12/31/1996 0.878968 1,273.898 1,119.72 0.00008 0.095667476 1,115.64 1,261.75 6.00%
01/31/1997 0.880593 1,273.898 1,121.79 0.00008 0.094752562 1,117.60 1,261.75 6.00%
02/28/1997 0.880534 1,273.898 1,121.71 0.00008 0.085733932 1,117.44 1,261.75 6.00%
03/31/1997 0.872380 1,273.898 1,111.32 0.00008 0.094906051 1,107.00 1,261.75 6.00%
04/30/1997 0.882912 1,273.898 1,124.74 0.00008 0.090986232 1,120.27 1,261.75 6.00%
05/31/1997 0.888070 1,273.898 1,131.31 0.00008 0.095146505 1,126.72 1,261.75 6.00%
06/30/1997 0.895903 1,273.898 1,141.29 0.00008 0.092607289 1,136.57 1,261.75 6.00%
07/31/1997 0.915179 1,273.898 1,165.84 0.00008 0.096530364 1,160.92 1,261.75 6.00%
08/31/1997 0.907024 1,273.898 1,155.46 0.00008 0.098599082 1,150.48 1,261.75 6.00%
09/30/1997 0.917450 1,273.898 1,168.74 0.00008 0.094560188 1,163.61 1,261.75 6.00%
10/31/1997 0.926937 1,273.898 1,180.82 0.00008 0.098827311 1,175.55 1,261.75 6.00%
11/30/1997 0.928510 1,273.898 1,182.83 0.00008 0.09662019 1,177.44 1,261.75 6.00%
12/31/1997 0.937518 1,273.898 1,194.30 0.00008 0.100002078 1,188.77 1,261.75 6.00%
01/31/1998 0.946944 1,273.898 1,206.31 0.00008 0.10096371 1,200.62 1,261.75 6.00%
02/28/1998 0.945053 1,273.898 1,203.90 0.00008 0.092102183 1,198.13 1,261.75 6.00%
03/31/1998 0.947437 1,273.898 1,206.94 0.00008 0.101758788 1,201.05 1,261.75 6.00%
04/30/1998 0.950723 1,273.898 1,211.12 0.00008 0.098716353 1,205.12 1,261.75 6.00%
05/31/1998 0.958336 1,273.898 1,220.82 0.00008 0.102352327 1,214.66 1,261.75 6.00%
06/30/1998 0.965095 1,273.898 1,229.43 0.00008 0.099835314 1,223.13 1,261.75 6.00%
07/31/1998 0.966570 1,273.898 1,231.31 0.00008 0.103882319 1,224.90 1,261.75 6.00%
08/31/1998 0.981109 1,273.898 1,249.83 0.00008 0.104032271 1,243.22 1,261.75 6.00%
09/30/1998 1.000000 1,273.898 1,273.90 0.00008 0.102182144 1,267.05 1,261.75 6.00%
10/31/1998 0.993647 1,273.898 1,265.80 0.00008 0.107612659 1,258.90 1,261.75 6.00%
11/30/1998 0.995077 1,273.898 1,267.63 0.00008 0.103470829 1,260.60 1,261.75 6.00%
12/31/1998 0.996068 1,273.898 1,268.89 0.00008 0.107064941 1,261.75 1,261.75 6.00%
12/31/1998 1,261.75
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 26.18% 26.18%
05/05/1993 100.00% 1,261.75 5.6603 4.19% 4.19% 1,261.75 1,261.75 6
05/31/1993 100.00% 1,261.75 5.5890 4.29% 4.29% 1,264.37 1,264.37 6
06/30/1993 100.00% 1,261.75 5.5068 4.07% 4.07% 1,245.95 1,245.95 6
07/31/1993 100.00% 1,261.75 5.4219 4.11% 4.11% 1,243.86 1,243.86 6
08/31/1993 100.00% 1,261.75 5.3370 3.91% 3.91% 1,227.34 1,227.34 6
09/30/1993 100.00% 1,261.75 5.2548 3.94% 3.94% 1,224.97 1,224.97 6
10/31/1993 100.00% 1,261.75 5.1699 3.97% 3.97% 1,222.94 1,222.94 6
11/30/1993 100.00% 1,261.75 5.0877 4.22% 4.22% 1,234.09 1,234.09 6
12/31/1993 100.00% 1,261.75 5.0027 4.23% 4.23% 1,230.49 1,230.49 6
01/31/1994 50.00% 1,253.64 4.9178 3.95% 4.08% 1,209.78 1,217.60 5
02/28/1994 50.00% 1,254.07 4.8411 4.47% 4.60% 1,235.76 1,243.32 5
03/31/1994 50.00% 1,254.51 4.7562 5.04% 5.17% 1,263.71 1,271.00 5
04/30/1994 50.00% 1,254.78 4.6740 5.45% 5.57% 1,281.35 1,288.46 5
05/31/1994 50.00% 1,254.79 4.5890 5.56% 5.68% 1,281.66 1,288.77 5
06/30/1994 50.00% 1,254.86 4.5068 5.75% 5.88% 1,286.76 1,293.82 5
07/31/1994 50.00% 1,254.60 4.4219 5.54% 5.68% 1,269.39 1,276.63 5
08/31/1994 50.00% 1,254.61 4.3370 5.66% 5.80% 1,269.69 1,276.92 5
09/30/1994 50.00% 1,254.85 4.2548 6.08% 6.22% 1,285.64 1,292.71 5
10/31/1994 50.00% 1,254.91 4.1699 6.30% 6.44% 1,290.10 1,297.12 5
11/30/1994 50.00% 1,255.00 4.0877 6.55% 6.69% 1,295.92 1,302.90 5
12/31/1994 50.00% 1,254.92 4.0027 6.58% 6.72% 1,290.58 1,297.60 5
01/31/1995 40.00% 1,242.51 3.9178 6.08% 6.50% 1,260.33 1,279.86 4
02/28/1995 40.00% 1,241.75 3.8411 5.67% 6.11% 1,235.98 1,255.89 4
03/31/1995 40.00% 1,241.64 3.7562 5.72% 6.17% 1,232.33 1,252.29 4
04/30/1995 40.00% 1,241.22 3.6740 5.54% 6.02% 1,219.29 1,239.46 4
05/31/1995 40.00% 1,239.83 3.5890 4.66% 5.18% 1,177.71 1,198.53 4
06/30/1995 40.00% 1,239.59 3.5068 4.60% 5.13% 1,170.68 1,191.61 4
07/31/1995 40.00% 1,239.89 3.4219 4.94% 5.48% 1,179.54 1,200.33 4
08/31/1995 40.00% 1,239.48 3.3370 4.76% 5.32% 1,167.73 1,188.71 4
09/30/1995 40.00% 1,239.20 3.2548 4.66% 5.24% 1,159.67 1,180.78 4
10/31/1995 40.00% 1,238.70 3.1699 4.39% 5.00% 1,145.97 1,167.29 4
11/30/1995 40.00% 1,238.12 3.0877 4.05% 4.69% 1,130.32 1,151.89 4
12/31/1995 40.00% 1,237.65 3.0027 3.78% 4.45% 1,117.86 1,139.63 4
01/31/1996 30.00% 1,217.66 2.9178 3.12% 4.38% 1,093.67 1,133.27 3
02/29/1996 30.00% 1,219.05 2.8384 4.01% 5.28% 1,118.09 1,157.26 3
03/31/1996 30.00% 1,219.59 2.7534 4.47% 5.77% 1,127.89 1,166.88 3
04/30/1996 30.00% 1,220.06 2.6712 4.91% 6.24% 1,136.56 1,175.40 3
05/31/1996 30.00% 1,220.40 2.5863 5.30% 6.67% 1,142.95 1,181.68 3
06/30/1996 30.00% 1,219.70 2.5041 5.00% 6.43% 1,129.95 1,168.91 3
07/31/1996 30.00% 1,219.59 2.4192 5.10% 6.59% 1,127.89 1,166.89 3
08/31/1996 30.00% 1,219.80 2.3342 5.45% 6.99% 1,131.79 1,170.72 3
09/30/1996 30.00% 1,218.91 2.2521 4.98% 6.60% 1,115.61 1,154.82 3
10/31/1996 30.00% 1,217.76 2.1671 4.30% 6.02% 1,095.45 1,135.02 3
11/30/1996 30.00% 1,216.88 2.0849 3.78% 5.59% 1,080.32 1,120.16 3
12/31/1996 30.00% 1,217.53 2.0000 4.47% 6.35% 1,091.33 1,130.97 3
01/31/1997 20.00% 1,209.84 1.9151 4.23% 6.54% 1,082.53 1,128.98 2
02/28/1997 20.00% 1,209.85 1.8384 4.42% 6.83% 1,082.69 1,129.14 2
03/31/1997 20.00% 1,210.47 1.7534 5.23% 7.75% 1,093.47 1,139.79 2
04/30/1997 20.00% 1,209.68 1.6712 4.70% 7.38% 1,079.80 1,126.29 2
05/31/1997 20.00% 1,209.29 1.5863 4.56% 7.40% 1,073.28 1,119.84 2
06/30/1997 20.00% 1,208.70 1.5041 4.18% 7.19% 1,063.46 1,110.14 2
07/31/1997 20.00% 1,207.24 1.4192 2.79% 6.04% 1,039.89 1,086.85 2
08/31/1997 20.00% 1,207.86 1.3342 3.72% 7.16% 1,049.88 1,096.72 2
09/30/1997 20.00% 1,207.08 1.2521 2.97% 6.68% 1,037.35 1,084.34 2
10/31/1997 20.00% 1,206.36 1.1671 2.24% 6.25% 1,026.21 1,073.33 2
11/30/1997 20.00% 1,206.25 1.0849 2.25% 6.58% 1,024.46 1,071.60 2
12/31/1997 20.00% 1,205.57 1.0000 1.41% 6.14% 1,014.13 1,061.40 2
01/31/1998 10.00% 1,197.29 0.9151 -0.28% 5.09% 997.46 1,046.50 1
02/28/1998 10.00% 1,197.43 0.8384 -0.06% 5.31% 999.51 1,044.33 1
03/31/1998 10.00% 1,197.26 0.7534 -0.32% 5.05% 997.62 1,037.85 1
04/30/1998 10.00% 1,197.02 0.6712 -0.67% 4.70% 995.48 1,031.30 1
05/31/1998 10.00% 1,196.44 0.5863 -1.50% 3.88% 991.18 1,022.55 1
06/30/1998 10.00% 1,195.93 0.5041 -2.22% 3.16% 988.73 1,015.79 1
07/31/1998 10.00% 1,195.83 0.4192 -2.37% 3.01% 989.98 1,012.50 1
08/31/1998 10.00% 1,194.73 0.3342 -3.90% 1.49% 986.79 1,004.96 1
09/30/1998 10.00% 1,193.30 0.2521 -5.82% -0.42% 984.99 998.94 1
10/31/1998 10.00% 1,193.79 0.1671 -5.17% 0.23% 991.17 1,000.38 1
11/30/1998 10.00% 1,193.69 0.0849 -5.31% 0.09% 995.38 1,000.08 1
12/31/1998 10.00% 1,193.62 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GOVERNMENT SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.784992 -----------------------------
Units purchased 1,273.898 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,260.60 1,193.69 1,261.75 -5.31% 0.09%
09/30/1998 0.25 0.25 1,267.05 1,193.30 1,261.75 -5.82% -0.42%
12/31/1997 1.00 1.00 1,188.77 1,205.57 1,261.75 1.41% 6.14%
12/31/1997 1.00 1.00 1,188.77 1,205.57 1,261.75 1.41% 6.14%
12/31/1995 3.00 3.00 1,107.16 1,237.65 1,261.75 3.78% 4.45%
12/31/1993 5.00 5.00 1,025.41 1,261.75 1,261.75 4.24% 4.24%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/05/1993 5.66 5.66 1,000.00 1,261.75 1,261.75 4.19% 4.19%
12/31/1992 1,000.00
12/31/1993 1 1,025.41 2.54%
12/31/1994 1 972.37 -5.17%
12/31/1995 1 1,107.16 13.86%
12/31/1996 1 1,115.64 0.77%
12/31/1997 1 1,188.77 6.56%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
AIM V.I. GOVERNMENT SECURITIES FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 9.99 999.00 -0.10%
06/30/1993 999 0 10 100 10.15 1,015.00 1.60%
07/31/1993 1015 0 10 100 10.18 1,018.00 0.30%
08/31/1993 1018 0 10 100 10.33 1,033.00 1.47%
09/30/1993 1033 0.1425 10.21 101.396 10.22 1,036.27 0.32%
10/31/1993 1036.27 0 10.21 101.396 10.25 1,039.31 0.29%
11/30/1993 1039.31 0 10.21 101.396 10.17 1,031.20 -0.78%
12/31/1993 1031.2 0.0925 10.1 102.325 10.12 1,035.53 0.42%
01/31/1994 1035.53 0 10.1 102.325 10.24 1,047.81 1.19%
02/28/1994 1047.81 0 10.1 102.325 10.04 1,027.34 -1.95%
03/31/1994 1027.34 0.095 9.83 103.314 9.74 1,006.28 -2.05%
04/30/1994 1006.28 0 9.83 103.314 9.62 993.88 -1.23%
05/31/1994 993.88 0 9.83 103.314 9.63 994.91 0.10%
06/30/1994 994.91 0.115 9.56 104.557 9.49 992.25 -0.27%
07/31/1994 992.25 0 9.56 104.557 9.63 1,006.88 1.47%
08/31/1994 1006.88 0 9.56 104.557 9.64 1,007.93 0.10%
09/30/1994 1007.93 0.125 9.48 105.936 9.41 996.86 -1.10%
10/31/1994 996.86 0 9.48 105.936 9.39 994.74 -0.21%
11/30/1994 994.74 0 9.48 105.936 9.36 991.56 -0.32%
12/31/1994 991.56 0.16 9.24 107.77 9.25 996.87 0.54%
01/31/1995 996.87 0 9.24 107.77 9.39 1,011.96 1.51%
02/28/1995 1011.96 0 9.24 107.77 9.58 1,032.44 2.02%
03/31/1995 1032.44 0.13 9.51 109.243 9.49 1,036.72 0.41%
04/30/1995 1036.72 0 9.51 109.243 9.6 1,048.73 1.16%
05/31/1995 1048.73 0 9.51 109.243 9.94 1,085.88 3.54%
06/30/1995 1085.88 0 9.51 109.243 10.01 1,093.52 0.70%
07/31/1995 1093.52 0 9.51 109.243 9.95 1,086.97 -0.60%
08/31/1995 1086.97 0 9.51 109.243 10.06 1,098.98 1.10%
09/30/1995 1098.98 0 9.51 109.243 10.14 1,107.72 0.80%
10/31/1995 1107.72 0 9.51 109.243 10.27 1,121.93 1.28%
11/30/1995 1121.93 0 9.51 109.243 10.42 1,138.31 1.46%
12/31/1995 1138.31 0.372 10.08 113.275 10.17 1,152.01 1.20%
01/31/1996 1152.01 0 10.08 113.275 10.24 1,159.94 0.69%
02/29/1996 1159.94 0 10.08 113.275 10.04 1,137.28 -1.95%
03/31/1996 1137.28 0 10.08 113.275 9.97 1,129.35 -0.70%
04/30/1996 1129.35 0 10.08 113.275 9.91 1,122.56 -0.60%
05/31/1996 1122.56 0 10.08 113.275 9.87 1,118.02 -0.40%
06/30/1996 1118.02 0 10.08 113.275 9.99 1,131.62 1.22%
07/31/1996 1131.62 0 10.08 113.275 10.02 1,135.02 0.30%
08/31/1996 1135.02 0 10.08 113.275 10 1,132.75 -0.20%
09/30/1996 1132.75 0 10.08 113.275 10.15 1,149.74 1.50%
10/31/1996 1149.74 0 10.08 113.275 10.34 1,171.26 1.87%
11/30/1996 1171.26 0 10.08 113.275 10.49 1,188.25 1.45%
12/31/1996 1188.25 0.533 9.87 119.392 9.87 1,178.40 -0.83%
01/31/1997 1178.4 0 9.87 119.392 9.9 1,181.98 0.30%
02/28/1997 1181.98 0 9.87 119.392 9.91 1,183.17 0.10%
03/31/1997 1183.17 0 9.87 119.392 9.83 1,173.62 -0.81%
04/30/1997 1173.62 0 9.87 119.392 9.96 1,189.14 1.32%
05/31/1997 1189.14 0 9.87 119.392 10.03 1,197.50 0.70%
06/30/1997 1197.5 0 9.87 119.392 10.13 1,209.44 1.00%
07/31/1997 1209.44 0 9.87 119.392 10.36 1,236.90 2.27%
08/31/1997 1236.9 0 9.87 119.392 10.28 1,227.35 -0.77%
09/30/1997 1227.35 0 9.87 119.392 10.41 1,242.87 1.26%
10/31/1997 1242.87 0 9.87 119.392 10.53 1,257.20 1.15%
11/30/1997 1257.2 0 9.87 119.392 10.56 1,260.78 0.28%
12/31/1997 1260.78 0.005 10.63 119.448 10.67 1,274.51 1.09%
01/31/1998 1274.51 0 10.63 119.448 10.79 1,288.84 1.12%
02/28/1998 1288.84 0 10.63 119.448 10.78 1,287.65 -0.09%
03/31/1998 1287.65 0 10.63 119.448 10.82 1,292.43 0.37%
04/30/1998 1292.43 0 10.63 119.448 10.87 1,298.40 0.46%
05/31/1998 1298.4 0 10.63 119.448 10.97 1,310.34 0.92%
06/30/1998 1310.34 0 10.63 119.448 11.06 1,321.09 0.82%
07/31/1998 1321.09 0 10.63 119.448 11.09 1,324.68 0.27%
08/31/1998 1324.68 0 10.63 119.448 11.27 1,346.18 1.62%
09/30/1998 1346.18 0 10.63 119.448 11.5 1,373.65 2.04%
0.37365
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000.00 0.784992027
05/31/1993 0.00100 0.997260274 998.00 0.07 0.783424193
06/30/1993 0.00115 1.148386714 1,012.84 0.15 0.795070053
07/31/1993 0.00119 1.204306458 1,014.63 0.24 0.796474643
08/31/1993 0.00119 1.206434015 1,028.37 0.33 0.807263476
09/30/1993 0.00115 1.183331659 1,030.44 0.42 0.808889993 Dividend
10/31/1993 0.00119 1.225239761 1,032.24 0.50 0.810301148
11/30/1993 0.00115 1.187784447 1,023.00 0.58 0.80304576
12/31/1993 0.00119 1.216387401 1,026.08 0.67 0.805462888 Dividend
01/31/1994 0.00119 1.220048667 1,037.03 0.77 0.814056872
02/28/1994 0.00107 1.113737143 1,015.65 0.83 0.797279195
03/31/1994 0.00119 1.207652683 993.62 0.90 0.779987338 Dividend
04/30/1994 0.00115 1.143348781 980.24 0.97 0.769478336
05/31/1994 0.00119 1.165542238 980.09 1.05 0.769360837
06/30/1994 0.00115 1.127771865 976.34 1.13 0.766418575 Dividend
07/31/1994 0.00119 1.160907566 989.57 1.23 0.776807553
08/31/1994 0.00119 1.176643931 989.43 1.31 0.776693972
09/30/1994 0.00115 1.138521182 977.42 1.37 0.767269885 Dividend
10/31/1994 0.00119 1.162197059 974.18 1.45 0.764725834
11/30/1994 0.00115 1.12097762 969.95 1.53 0.761401188
12/31/1994 0.00119 1.153307642 973.99 1.62 0.764573305 Dividend
01/31/1995 0.00119 1.158112502 987.57 1.72 0.775237832
02/28/1995 0.00107 1.060627579 1,006.50 1.83 0.790094476
03/31/1995 0.00119 1.196769865 1,009.48 1.92 0.792430373 Dividend
04/30/1995 0.00115 1.161588473 1,020.01 2.02 0.800698535
05/31/1995 0.00119 1.212832017 1,054.93 2.18 0.828110255
06/30/1995 0.00115 1.213890026 1,061.14 2.28 0.832983752
07/31/1995 0.00119 1.261734999 1,053.52 2.35 0.827003869
08/31/1995 0.00119 1.252677165 1,063.91 2.46 0.835158145
09/30/1995 0.00115 1.224221215 1,071.14 2.57 0.840839011
10/31/1995 0.00119 1.273633496 1,083.61 2.69 0.850625629
11/30/1995 0.00115 1.246894313 1,098.18 2.81 0.862065826
12/31/1995 0.00119 1.305786122 1,110.10 2.94 0.871416089 Dividend
01/31/1996 0.00119 1.319949129 1,116.42 3.05 0.876378438
02/29/1996 0.00111 1.241822737 1,093.37 3.07 0.858283132
03/31/1996 0.00119 1.300056409 1,084.44 3.14 0.851277981
04/30/1996 0.00115 1.247850566 1,076.67 3.21 0.845180282
05/31/1996 0.00119 1.280209295 1,071.04 3.28 0.840757143
06/30/1996 0.00115 1.232428537 1,082.84 3.41 0.85001697
07/31/1996 0.00119 1.287535511 1,084.80 3.50 0.851560177
08/31/1996 0.00119 1.289873033 1,081.34 3.58 0.848844547
09/30/1996 0.00115 1.244283503 1,096.32 3.72 0.860599526
10/31/1996 0.00119 1.303565092 1,115.53 3.88 0.875684316
11/30/1996 0.00115 1.283626728 1,130.43 4.02 0.887379133
12/31/1996 0.00119 1.344128629 1,119.72 4.08 0.878968072 Dividend
01/31/1997 0.00119 1.331388249 1,121.79 4.18 0.880593264
02/28/1997 0.00107 1.204767701 1,121.71 4.27 0.880534099
03/31/1997 0.00119 1.333760337 1,111.32 4.32 0.872379844
04/30/1997 0.00115 1.278782851 1,124.74 4.47 0.882912398
05/31/1997 0.00119 1.337362787 1,131.31 4.59 0.888069709
06/30/1997 0.00115 1.301781926 1,141.29 4.72 0.895902562
07/31/1997 0.00119 1.357039216 1,165.84 4.92 0.915178516
08/31/1997 0.00119 1.386236839 1,155.46 4.97 0.907024316
09/30/1997 0.00115 1.329566642 1,168.74 5.13 0.917450057
10/31/1997 0.00119 1.389677581 1,180.82 5.28 0.926937155
11/30/1997 0.00115 1.358755988 1,182.83 5.38 0.928510087
12/31/1997 0.00119 1.406430401 1,194.30 5.54 0.937517603 Dividend
01/31/1998 0.00119 1.420074243 1,206.31 5.69 0.94694387
02/28/1998 0.00107 1.295544079 1,203.90 5.77 0.945052554
03/31/1998 0.00119 1.431487565 1,206.94 5.89 0.947437061
04/30/1998 0.00115 1.38880589 1,211.12 6.01 0.950723267
05/31/1998 0.00119 1.440077092 1,220.82 6.16 0.958335605
06/30/1998 0.00115 1.404781581 1,229.43 6.30 0.965095027
07/31/1998 0.00119 1.461846247 1,231.31 6.42 0.96657009
08/31/1998 0.00119 1.464080551 1,249.83 6.62 0.981108554
09/30/1998 0.00115 1.438163435 1,273.90 6.85 1
0.27390 0.273898289
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GROWTH & INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.518291 -----------------------------
Units purchased 1,929.418 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 0.518291 1,929.418 1,000.00 1,000.00 2,421.54 2.00%
05/31/1994 0.508447 1,929.418 981.01 0.00008 0.079452035 980.93 2,421.54 2.00%
06/30/1994 0.505336 1,929.418 975.00 0.00008 0.080624149 974.84 2,421.54 2.00%
07/31/1994 0.518247 1,929.418 999.92 0.00008 0.082794986 999.67 2,421.54 2.00%
08/31/1994 0.539398 1,929.418 1,040.72 0.00008 0.084903402 1,040.38 2,421.54 2.00%
09/30/1994 0.525615 1,929.418 1,014.13 0.00008 0.085510965 1,013.71 2,421.54 2.00%
10/31/1994 0.532827 1,929.418 1,028.05 0.00008 0.086096108 1,027.54 2,421.54 2.00%
11/30/1994 0.509518 1,929.418 983.07 0.00008 0.084455038 982.50 2,421.54 2.00%
12/31/1994 0.513948 1,929.418 991.62 0.00008 0.083445297 990.96 2,421.54 2.00%
01/31/1995 0.518079 1,929.418 999.59 0.00008 0.084163638 998.84 2,421.54 4.00%
02/28/1995 0.536272 1,929.418 1,034.69 0.00008 0.076623442 1,033.84 2,421.54 4.00%
03/31/1995 0.556858 1,929.418 1,074.41 0.00008 0.087805593 1,073.44 2,421.54 4.00%
04/30/1995 0.573433 1,929.418 1,106.39 0.00008 0.088227802 1,105.30 2,421.54 4.00%
05/31/1995 0.592022 1,929.418 1,142.26 0.00008 0.093874825 1,141.04 2,421.54 4.00%
06/30/1995 0.613706 1,929.418 1,184.10 0.00008 0.093783883 1,182.74 2,421.54 4.00%
07/31/1995 0.641022 1,929.418 1,236.80 0.00008 0.100451645 1,235.28 2,421.54 4.00%
08/31/1995 0.648620 1,929.418 1,251.46 0.00008 0.104914161 1,249.82 2,421.54 4.00%
09/30/1995 0.677413 1,929.418 1,307.01 0.00008 0.102724642 1,305.19 2,421.54 4.00%
10/31/1995 0.664301 1,929.418 1,281.71 0.00008 0.110852168 1,279.82 2,421.54 4.00%
11/30/1995 0.683732 1,929.418 1,319.20 0.00008 0.105190772 1,317.15 2,421.54 4.00%
12/31/1995 0.679621 1,929.418 1,311.27 0.00008 0.111867549 1,309.12 2,421.54 4.00%
01/31/1996 0.693903 1,929.418 1,338.83 0.00008 0.111185411 1,336.52 2,421.54 6.00%
02/29/1996 0.707670 1,929.418 1,365.39 0.00008 0.106189206 1,362.93 2,421.54 6.00%
03/31/1996 0.711201 1,929.418 1,372.20 0.00008 0.11575564 1,369.61 2,421.54 6.00%
04/30/1996 0.728101 1,929.418 1,404.81 0.00008 0.112570956 1,402.05 2,421.54 6.00%
05/31/1996 0.742807 1,929.418 1,433.19 0.00008 0.11907795 1,430.25 2,421.54 6.00%
06/30/1996 0.738846 1,929.418 1,425.54 0.00008 0.117554503 1,422.50 2,421.54 6.00%
07/31/1996 0.699709 1,929.418 1,350.03 0.00008 0.120815273 1,347.03 2,421.54 6.00%
08/31/1996 0.721312 1,929.418 1,391.71 0.00008 0.114405303 1,388.50 2,421.54 6.00%
09/30/1996 0.762563 1,929.418 1,471.30 0.00008 0.114123652 1,467.80 2,421.54 6.00%
10/31/1996 0.767594 1,929.418 1,481.01 0.00008 0.124662225 1,477.36 2,421.54 6.00%
11/30/1996 0.814552 1,929.418 1,571.61 0.00008 0.12142656 1,567.61 2,421.54 6.00%
12/31/1996 0.805157 1,929.418 1,553.49 0.00008 0.133139745 1,549.40 2,421.54 6.00%
01/31/1997 0.851445 1,929.418 1,642.79 0.00008 0.131592858 1,638.34 2,421.54 6.00%
02/28/1997 0.847417 1,929.418 1,635.02 0.00008 0.125681035 1,630.47 2,421.54 6.00%
03/31/1997 0.796264 1,929.418 1,536.33 0.00008 0.138477919 1,531.91 2,421.54 6.00%
04/30/1997 0.834964 1,929.418 1,610.99 0.00008 0.125910127 1,606.23 2,421.54 6.00%
05/31/1997 0.897566 1,929.418 1,731.78 0.00008 0.136419801 1,726.53 2,421.54 6.00%
06/30/1997 0.933953 1,929.418 1,801.99 0.00008 0.141906231 1,796.38 2,421.54 6.00%
07/31/1997 1.017092 1,929.418 1,962.40 0.00008 0.152568978 1,956.14 2,421.54 6.00%
08/31/1997 0.967606 1,929.418 1,866.92 0.00008 0.16613751 1,860.79 2,421.54 6.00%
09/30/1997 1.025595 1,929.418 1,978.80 0.00008 0.152941983 1,972.16 2,421.54 6.00%
10/31/1997 0.979913 1,929.418 1,890.66 0.00008 0.167498444 1,884.15 2,421.54 6.00%
11/30/1997 0.996405 1,929.418 1,922.48 0.00008 0.154861452 1,915.70 2,421.54 6.00%
12/31/1997 0.999880 1,929.418 1,929.19 0.00008 0.162703561 1,922.22 2,421.54 6.00%
01/31/1998 1.006239 1,929.418 1,941.46 0.00008 0.163257156 1,934.28 2,421.54 6.00%
02/28/1998 1.068262 1,929.418 2,061.12 0.00008 0.148383424 2,053.36 2,421.54 6.00%
03/31/1998 1.116842 1,929.418 2,154.86 0.00008 0.174395025 2,146.57 2,421.54 6.00%
04/30/1998 1.114109 1,929.418 2,149.58 0.00008 0.176430025 2,141.14 2,421.54 6.00%
05/31/1998 1.083371 1,929.418 2,090.27 0.00008 0.181849922 2,081.88 2,421.54 6.00%
06/30/1998 1.135503 1,929.418 2,190.86 0.00008 0.171113433 2,181.89 2,421.54 6.00%
07/31/1998 1.136932 1,929.418 2,193.62 0.00008 0.185311251 2,184.45 2,421.54 6.00%
08/31/1998 0.952109 1,929.418 1,837.02 0.00008 0.185528691 1,829.15 2,421.54 6.00%
09/30/1998 1.000000 1,929.418 1,929.42 0.00008 0.15034138 1,921.01 2,421.54 6.00%
10/31/1998 1.086034 1,929.418 2,095.41 0.00008 0.163154301 2,086.12 2,421.54 6.00%
11/30/1998 1.156136 1,929.418 2,230.67 0.00008 0.171461866 2,220.60 2,421.54 6.00%
12/31/1998 1.260851 1,929.418 2,432.71 0.00008 0.188599247 2,421.54 2,421.54 6.00%
12/31/1998 2,421.54
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 142.15% 142.15%
05/02/1994 50.00% 2,421.54 4.6685 20.86% 20.86% 2,421.54 2,421.54 5
05/31/1994 50.00% 2,421.54 4.5890 21.76% 21.76% 2,468.63 2,468.63 5
06/30/1994 50.00% 2,421.54 4.5068 22.37% 22.37% 2,484.03 2,484.03 5
07/31/1994 50.00% 2,421.54 4.4219 22.15% 22.15% 2,422.34 2,422.34 5
08/31/1994 50.00% 2,421.54 4.3370 21.51% 21.51% 2,327.55 2,327.55 5
09/30/1994 50.00% 2,421.54 4.2548 22.71% 22.71% 2,388.79 2,388.79 5
10/31/1994 50.00% 2,421.54 4.1699 22.82% 22.82% 2,356.65 2,356.65 5
11/30/1994 50.00% 2,421.54 4.0877 24.69% 24.69% 2,464.67 2,464.67 5
12/31/1994 50.00% 2,421.54 4.0027 25.01% 25.01% 2,443.64 2,443.64 5
01/31/1995 40.00% 2,420.33 3.9178 25.35% 25.36% 2,423.14 2,424.35 4
02/28/1995 40.00% 2,418.93 3.8411 24.77% 24.81% 2,339.76 2,342.28 4
03/31/1995 40.00% 2,417.35 3.7562 24.13% 24.18% 2,251.97 2,255.88 4
04/30/1995 40.00% 2,416.08 3.6740 23.72% 23.80% 2,185.90 2,190.85 4
05/31/1995 40.00% 2,414.65 3.5890 23.23% 23.33% 2,116.19 2,122.23 4
06/30/1995 40.00% 2,412.98 3.5068 22.55% 22.67% 2,040.16 2,047.41 4
07/31/1995 40.00% 2,410.88 3.4219 21.58% 21.74% 1,951.68 1,960.32 4
08/31/1995 40.00% 2,410.29 3.3370 21.75% 21.92% 1,928.52 1,937.52 4
09/30/1995 40.00% 2,408.08 3.2548 20.70% 20.91% 1,845.00 1,855.31 4
10/31/1995 40.00% 2,409.09 3.1699 22.08% 22.28% 1,882.37 1,892.09 4
11/30/1995 40.00% 2,407.60 3.0877 21.57% 21.80% 1,827.89 1,838.47 4
12/31/1995 40.00% 2,407.92 3.0027 22.50% 22.73% 1,839.35 1,849.75 4
01/31/1996 30.00% 2,384.94 2.9178 21.95% 22.59% 1,784.44 1,811.83 3
02/29/1996 30.00% 2,383.35 2.8384 21.76% 22.45% 1,748.70 1,776.72 3
03/31/1996 30.00% 2,382.95 2.7534 22.28% 22.99% 1,739.87 1,768.05 3
04/30/1996 30.00% 2,381.01 2.6712 21.93% 22.70% 1,698.24 1,727.15 3
05/31/1996 30.00% 2,379.32 2.5863 21.75% 22.58% 1,663.57 1,693.09 3
06/30/1996 30.00% 2,379.78 2.5041 22.81% 23.67% 1,672.95 1,702.31 3
07/31/1996 30.00% 2,384.31 2.4192 26.62% 27.44% 1,770.05 1,797.69 3
08/31/1996 30.00% 2,381.82 2.3342 26.01% 26.91% 1,715.39 1,743.99 3
09/30/1996 30.00% 2,377.06 2.2521 23.87% 24.89% 1,619.48 1,649.78 3
10/31/1996 30.00% 2,376.49 2.1671 24.53% 25.61% 1,608.61 1,639.11 3
11/30/1996 30.00% 2,371.07 2.0849 21.95% 23.19% 1,512.54 1,544.73 3
12/31/1996 30.00% 2,372.17 2.0000 23.73% 25.02% 1,531.02 1,562.89 3
01/31/1997 20.00% 2,352.30 1.9151 20.79% 22.63% 1,435.78 1,478.04 2
02/28/1997 20.00% 2,352.77 1.8384 22.08% 24.01% 1,443.01 1,485.18 2
03/31/1997 20.00% 2,358.69 1.7534 27.91% 29.84% 1,539.71 1,580.74 2
04/30/1997 20.00% 2,354.23 1.6712 25.71% 27.84% 1,465.68 1,507.59 2
05/31/1997 20.00% 2,347.01 1.5863 21.36% 23.77% 1,359.38 1,402.55 2
06/30/1997 20.00% 2,342.82 1.5041 19.31% 21.96% 1,304.19 1,348.02 2
07/31/1997 20.00% 2,333.23 1.4192 13.23% 16.23% 1,192.78 1,237.92 2
08/31/1997 20.00% 2,338.95 1.3342 18.70% 21.83% 1,256.97 1,301.35 2
09/30/1997 20.00% 2,332.27 1.2521 14.33% 17.81% 1,182.60 1,227.86 2
10/31/1997 20.00% 2,337.55 1.1671 20.29% 23.99% 1,240.64 1,285.22 2
11/30/1997 20.00% 2,335.66 1.0849 20.05% 24.11% 1,219.22 1,264.05 2
12/31/1997 20.00% 2,335.27 1.0000 21.49% 25.98% 1,214.88 1,259.76 2
01/31/1998 10.00% 2,320.01 0.9151 19.94% 25.19% 1,181.04 1,228.25 1
02/28/1998 10.00% 2,312.87 0.8384 12.64% 17.93% 1,104.93 1,148.29 1
03/31/1998 10.00% 2,307.28 0.7534 7.49% 12.81% 1,055.90 1,095.06 1
04/30/1998 10.00% 2,307.60 0.6712 7.77% 13.10% 1,051.54 1.00 1
05/31/1998 10.00% 2,311.16 0.5863 11.01% 16.32% 1,063.17 2.00 1
06/30/1998 10.00% 2,305.16 0.5041 5.65% 10.98% 1,028.09 2.00 1
07/31/1998 10.00% 2,305.00 0.4192 5.52% 10.85% 1,022.77 3.00 1
08/31/1998 10.00% 2,326.32 0.3342 27.18% 32.39% 1,083.67 4.00 1
09/30/1998 10.00% 2,320.81 0.2521 20.81% 26.06% 1,048.82 5.00 1
10/31/1998 10.00% 2,310.90 0.1671 10.78% 16.08% 1,017.25 5.00 1
11/30/1998 10.00% 2,302.84 0.0849 3.70% 9.05% 1,003.09 5.00 1
12/31/1998 10.00% 2,290.78 0.0000 -5.40% 0.00% 1,000.00 5.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GROWTH & INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.518291 -----------------------------
Units purchased 1,929.418 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,220.60 2,302.84 2,421.54 3.70% 9.05%
09/30/1998 0.25 0.25 1,921.01 2,320.81 2,421.54 20.81% 26.06%
12/31/1997 1.00 1.00 1,922.22 2,335.27 2,421.54 21.49% 25.98%
12/31/1997 1.00 1.00 1,922.22 2,335.27 2,421.54 21.49% 25.98%
12/31/1995 3.00 3.00 1,309.12 2,407.92 2,421.54 22.52% 22.75%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/02/1994 4.67 4.67 1,000.00 2,421.54 2,421.54 20.86% 20.86%
12/31/1992 -
12/31/1993 1 1,000.00
12/31/1994 1 990.96 -0.90%
12/31/1995 1 1,309.12 32.11%
12/31/1996 1 1,549.40 18.35%
12/31/1997 1 1,922.22 24.06%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
AIM V.I. GROWTH & INCOME FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 100 10 1000
05/31/1994 1000 0 10 100 9.82 982.00 -1.80%
06/30/1994 982 0 10 100 9.77 977.00 -0.51%
07/31/1994 977 0 10 100 10.03 1,003.00 2.66%
08/31/1994 1003 0 10 100 10.45 1,045.00 4.19%
09/30/1994 1045 0.045 10.44 100.431 10.15 1,019.37 -2.45%
10/31/1994 1019.37 0 10.44 100.431 10.30 1,034.44 1.48%
11/30/1994 1034.44 0 10.44 100.431 9.86 990.25 -4.27%
12/31/1994 990.25 0.065 9.72 101.103 9.89 999.91 0.98%
01/31/1995 999.91 0 9.72 101.103 9.98 1,009.01 0.91%
02/28/1995 1009.01 0 9.72 101.103 10.34 1,045.41 3.61%
03/31/1995 1045.41 0.0275 10.53 101.367 10.72 1,086.65 3.94%
04/30/1995 1086.65 0 10.53 101.367 11.05 1,120.11 3.08%
05/31/1995 1120.11 0 10.53 101.367 11.42 1,157.61 3.35%
06/30/1995 1157.61 0 10.53 101.367 11.85 1,201.20 3.77%
07/31/1995 1201.2 0 10.53 101.367 12.39 1,255.94 4.56%
08/31/1995 1255.94 0 10.53 101.367 12.55 1,272.16 1.29%
09/30/1995 1272.16 0 10.53 101.367 13.12 1,329.94 4.54%
10/31/1995 1329.94 0 10.53 101.367 12.88 1,305.61 -1.83%
11/30/1995 1305.61 0 10.53 101.367 13.27 1,345.14 3.03%
12/31/1995 1345.14 0.516 12.48 105.558 12.68 1,338.48 -0.50%
01/31/1996 1338.48 0 12.48 105.558 12.96 1,368.03 2.21%
02/29/1996 1368.03 0 12.48 105.558 13.23 1,396.53 2.08%
03/31/1996 1396.53 0 12.48 105.558 13.31 1,404.98 0.61%
04/30/1996 1404.98 0 12.48 105.558 13.64 1,439.81 2.48%
05/31/1996 1439.81 0 12.48 105.558 13.93 1,470.42 2.13%
06/30/1996 1470.42 0 12.48 105.558 13.87 1,464.09 -0.43%
07/31/1996 1464.09 0 12.48 105.558 13.15 1,388.09 -5.19%
08/31/1996 1388.09 0 12.48 105.558 13.57 1,432.42 3.19%
09/30/1996 1432.42 0 12.48 105.558 14.36 1,515.81 5.82%
10/31/1996 1515.81 0 12.48 105.558 14.47 1,527.42 0.77%
11/30/1996 1527.42 0 12.48 105.558 15.37 1,622.43 6.22%
12/31/1996 1622.43 0.174 14.6 106.816 15.03 1,605.44 -1.05%
01/31/1997 1605.44 0 14.6 106.816 15.91 1,699.44 5.86%
02/28/1997 1699.44 0 14.6 106.816 15.85 1,693.03 -0.38%
03/31/1997 1693.03 0 14.6 106.816 14.91 1,592.63 -5.93%
04/30/1997 1592.63 0 14.6 106.816 15.65 1,671.67 4.96%
05/31/1997 1671.67 0 14.6 106.816 16.84 1,798.78 7.60%
06/30/1997 1798.78 0 14.6 106.816 17.54 1,873.55 4.16%
07/31/1997 1873.55 0 14.6 106.816 19.12 2,042.32 9.01%
08/31/1997 2042.32 0 14.6 106.816 18.21 1,945.12 -4.76%
09/30/1997 1945.12 0 14.6 106.816 19.32 2,063.69 6.10%
10/31/1997 2063.69 0 14.6 106.816 18.48 1,973.96 -4.35%
11/30/1997 1973.96 0 14.6 106.816 18.81 2,009.21 1.79%
12/31/1997 2009.21 0.025 18.45 106.961 18.87 2,018.35 0.45%
01/31/1998 2018.35 0 18.45 106.961 19.01 2,033.33 0.74%
02/28/1998 2033.33 0 18.45 106.961 20.20 2,160.61 6.26%
03/31/1998 2160.61 0 18.45 106.961 21.14 2,261.16 4.65%
04/30/1998 2261.16 0 18.45 106.961 21.11 2,257.95 -0.14%
05/31/1998 2257.95 0 18.45 106.961 20.55 2,198.05 -2.65%
06/30/1998 2198.05 0 18.45 106.961 21.56 2,306.08 4.91%
07/31/1998 2306.08 0 18.45 106.961 21.61 2,311.43 0.23%
08/31/1998 2311.43 0 18.45 106.961 18.12 1,938.13 -16.15%
09/30/1998 1938.13 0 18.45 106.961 19.05 2,037.61 5.13%
1.0376
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/02/1994 1,000.00 0.518290877
05/31/1994 0.00099 0.993150685 981.01 0.08 0.5084469
06/30/1994 0.00103 1.007883749 975.00 0.16 0.50533569
07/31/1994 0.00106 1.03510701 999.92 0.25 0.518247236
08/31/1994 0.00106 1.061554443 1,040.73 0.34 0.539398322
09/30/1994 0.00103 1.069238111 1,014.13 0.42 0.525614692 Dividend
10/31/1994 0.00106 1.076645611 1,028.05 0.51 0.532827176
11/30/1994 0.00103 1.056212263 983.07 0.57 0.509518031
12/31/1994 0.00106 1.04367393 991.62 0.66 0.51394751 Dividend
01/31/1995 0.00106 1.052747077 999.59 0.75 0.518079224
02/28/1995 0.00096 0.958512525 1,034.69 0.85 0.536272126
03/31/1995 0.00106 1.09847582 1,074.41 0.97 0.556858 Dividend
04/30/1995 0.00103 1.103848069 1,106.39 1.09 0.573432592
05/31/1995 0.00106 1.174593657 1,142.26 1.22 0.592021678
06/30/1995 0.00103 1.173552297 1,184.10 1.36 0.613706112
07/31/1995 0.00106 1.257088133 1,236.80 1.52 0.641021835
08/31/1995 0.00106 1.313040436 1,251.46 1.64 0.648619858
09/30/1995 0.00103 1.285745696 1,307.01 1.82 0.677413013
10/31/1995 0.00106 1.387582497 1,281.72 1.89 0.664301208
11/30/1995 0.00103 1.316830513 1,319.20 2.05 0.683731778
12/31/1995 0.00106 1.400525573 1,311.27 2.15 0.679620635 .11 Dividend .315 ST/.091 LT
01/31/1996 0.00106 1.392104491 1,338.83 2.31 0.693903296
02/29/1996 0.00099 1.32965978 1,365.39 2.46 0.707670147
03/31/1996 0.00106 1.449559856 1,372.20 2.59 0.711200761
04/30/1996 0.00103 1.409798524 1,404.81 2.76 0.728101019
05/31/1996 0.00106 1.491409539 1,433.19 2.94 0.74280728
06/30/1996 0.00103 1.472451471 1,425.54 3.04 0.738846417
07/31/1996 0.00106 1.513419931 1,350.03 3.00 0.699708968
08/31/1996 0.00106 1.433252532 1,391.71 3.21 0.72131201
09/30/1996 0.00103 1.429841843 1,471.30 3.51 0.762562956
10/31/1996 0.00106 1.561999828 1,481.01 3.65 0.767594062
11/30/1996 0.00103 1.521585794 1,571.61 4.00 0.814552038
12/31/1996 0.00106 1.668491937 1,553.49 4.09 0.805157328 .143 Dividend .011 ST/.02 LT
01/31/1997 0.00106 1.649248235 1,642.79 4.45 0.851445246
02/28/1997 0.00096 1.575282108 1,635.02 4.56 0.847417284
03/31/1997 0.00106 1.735811637 1,536.33 4.42 0.796264122
04/30/1997 0.00103 1.57841786 1,610.99 4.76 0.834963517
05/31/1997 0.00106 1.710301898 1,731.78 5.25 0.897565818
06/30/1997 0.00103 1.779226111 1,801.99 5.61 0.933952835
07/31/1997 0.00106 1.913067186 1,962.40 6.26 1.017092088
08/31/1997 0.00106 2.083365911 1,866.92 6.12 0.967605903
09/30/1997 0.00103 1.918065119 1,978.80 6.64 1.025594797
10/31/1997 0.00106 2.100782479 1,890.66 6.51 0.979912741
11/30/1997 0.00103 1.942460711 1,922.48 6.78 0.996404778
12/31/1997 0.00106 2.040990951 1,929.19 6.96 0.999879648 .01 Dividend .015 LT
01/31/1998 0.00106 2.048108719 1,941.46 7.17 1.006239143
02/28/1998 0.00096 1.861670524 2,061.12 7.76 1.06826163
03/31/1998 0.00106 2.188179311 2,154.86 8.29 1.116842045
04/30/1998 0.00103 2.213892831 2,149.58 8.45 1.114109107
05/31/1998 0.00106 2.282091231 2,090.28 8.40 1.08337069
06/30/1998 0.00103 2.147543257 2,190.86 8.97 1.135503258
07/31/1998 0.00106 2.325914052 2,193.62 9.17 1.136932074
08/31/1998 0.00106 2.328840774 1,837.02 7.86 0.952108532
09/30/1998 0.00103 1.887345004 1,929.42 8.41 1
0.9294 0.929418487
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GROWTH & INCOME -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.521697 -----------------------------
Units purchased 1,916.820 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05-02-1994 0.521697 1,916.820 1,000.00 1,000.00 2,404.84 2.00%
05-31-1994 0.511726 1,916.820 980.89 0.00008 0.079452036 980.81 2,404.84 2.00%
06-30-1994 0.508532 1,916.820 974.76 0.00008 0.080614355 974.60 2,404.84 2.00%
07-31-1994 0.521460 1,916.820 999.55 0.00008 0.082774658 999.30 2,404.84 2.00%
08-31-1994 0.542676 1,916.820 1,040.21 0.00008 0.084872011 1,039.87 2,404.84 2.00%
09-30-1994 0.528742 1,916.820 1,013.50 0.00008 0.085468886 1,013.09 2,404.84 2.00%
10-31-1994 0.535930 1,916.820 1,027.28 0.00008 0.086042852 1,026.77 2,404.84 2.00%
11-30-1994 0.512419 1,916.820 982.22 0.00008 0.08439219 981.64 2,404.84 2.00%
12-31-1994 0.516808 1,916.820 990.63 0.00008 0.083372448 989.97 2,404.84 2.00%
01-31-1995 0.520897 1,916.820 998.47 0.00008 0.084079541 997.72 2,404.84 4.00%
02-28-1995 0.539129 1,916.820 1,033.41 0.00008 0.076537204 1,032.56 2,404.84 4.00%
03-31-1995 0.559756 1,916.820 1,072.95 0.00008 0.087697019 1,071.98 2,404.84 4.00%
04-30-1995 0.576348 1,916.820 1,104.76 0.00008 0.088107894 1,103.67 2,404.84 4.00%
05-31-1995 0.594958 1,916.820 1,140.43 0.00008 0.093736018 1,139.21 2,404.84 4.00%
06-30-1995 0.616677 1,916.820 1,182.06 0.00008 0.093633654 1,180.70 2,404.84 4.00%
07-31-1995 0.644046 1,916.820 1,234.52 0.00008 0.100278806 1,233.00 2,404.84 4.00%
08-31-1995 0.651598 1,916.820 1,249.00 0.00008 0.104720869 1,247.36 2,404.84 4.00%
09-30-1995 0.680443 1,916.820 1,304.29 0.00008 0.102522473 1,302.47 2,404.84 4.00%
10-31-1995 0.667186 1,916.820 1,278.88 0.00008 0.110620942 1,276.99 2,404.84 4.00%
11-30-1995 0.686619 1,916.820 1,316.12 0.00008 0.104957718 1,314.07 2,404.84 4.00%
12-31-1995 0.682403 1,916.820 1,308.04 0.00008 0.11160633 1,305.89 2,404.84 4.00%
01-31-1996 0.696657 1,916.820 1,335.37 0.00008 0.110911566 1,333.06 2,404.84 6.00%
02-29-1996 0.710395 1,916.820 1,361.70 0.00008 0.105914449 1,359.24 2,404.84 6.00%
03-31-1996 0.713849 1,916.820 1,368.32 0.00008 0.115442637 1,365.74 2,404.84 6.00%
04-30-1996 0.730724 1,916.820 1,400.67 0.00008 0.112252332 1,397.91 2,404.84 6.00%
05-31-1996 0.745390 1,916.820 1,428.78 0.00008 0.118726608 1,425.85 2,404.84 6.00%
06-30-1996 0.741324 1,916.820 1,420.98 0.00008 0.117193018 1,417.95 2,404.84 6.00%
07-31-1996 0.701961 1,916.820 1,345.53 0.00008 0.120428831 1,342.54 2,404.84 6.00%
08-31-1996 0.723544 1,916.820 1,386.90 0.00008 0.114024022 1,383.71 2,404.84 6.00%
09-30-1996 0.764833 1,916.820 1,466.05 0.00008 0.113729251 1,462.55 2,404.84 6.00%
10-31-1996 0.769782 1,916.820 1,475.53 0.00008 0.124216916 1,471.89 2,404.84 6.00%
11-30-1996 0.816779 1,916.820 1,565.62 0.00008 0.120977495 1,561.63 2,404.84 6.00%
12-31-1996 0.807254 1,916.820 1,547.36 0.00008 0.132631949 1,543.29 2,404.84 6.00%
01-31-1997 0.853560 1,916.820 1,636.12 0.00008 0.131074065 1,631.69 2,404.84 6.00%
02-28-1997 0.849424 1,916.820 1,628.19 0.00008 0.125170466 1,623.65 2,404.84 6.00%
03-31-1997 0.798041 1,916.820 1,529.70 0.00008 0.137899418 1,525.30 2,404.84 6.00%
04-30-1997 0.836729 1,916.820 1,603.86 0.00008 0.125367128 1,599.12 2,404.84 6.00%
05-31-1997 0.899357 1,916.820 1,723.90 0.00008 0.135815506 1,718.67 2,404.84 6.00%
06-30-1997 0.935705 1,916.820 1,793.58 0.00008 0.141260888 1,788.00 2,404.84 6.00%
07-31-1997 1.018881 1,916.820 1,953.01 0.00008 0.151857148 1,946.78 2,404.84 6.00%
08-31-1997 0.969178 1,916.820 1,857.74 0.00008 0.165343028 1,851.65 2,404.84 6.00%
09-30-1997 1.027142 1,916.820 1,968.85 0.00008 0.152190219 1,962.24 2,404.84 6.00%
10-31-1997 0.981260 1,916.820 1,880.90 0.00008 0.166655741 1,874.42 2,404.84 6.00%
11-30-1997 0.997654 1,916.820 1,912.32 0.00008 0.154061781 1,905.58 2,404.84 6.00%
12-31-1997 1.001006 1,916.820 1,918.75 0.00008 0.161843767 1,911.82 2,404.84 6.00%
01-31-1998 1.007245 1,916.820 1,930.71 0.00008 0.162373818 1,923.57 2,404.84 6.00%
02-28-1998 1.069214 1,916.820 2,049.49 0.00008 0.14756188 2,041.77 2,404.84 6.00%
03-31-1998 1.117701 1,916.820 2,142.43 0.00008 0.173410665 2,134.19 2,404.84 6.00%
04-30-1998 1.114828 1,916.820 2,136.93 0.00008 0.175412799 2,128.53 2,404.84 6.00%
05-31-1998 1.083928 1,916.820 2,077.70 0.00008 0.1807791 2,069.35 2,404.84 6.00%
06-30-1998 1.135954 1,916.820 2,177.42 0.00008 0.170083545 2,168.50 2,404.84 6.00%
07-31-1998 1.137239 1,916.820 2,179.88 0.00008 0.184174242 2,170.77 2,404.84 6.00%
08-31-1998 0.952220 1,916.820 1,825.23 0.00008 0.184366885 1,817.42 2,404.84 6.00%
09-30-1998 1.000000 1,916.820 1,916.82 0.00008 0.149377191 1,908.47 2,404.84 6.00%
10-31-1998 1.085904 1,916.820 2,081.48 0.00008 0.162088909 2,072.25 2,404.84 6.00%
11-30-1998 1.155851 1,916.820 2,215.56 0.00008 0.170321834 2,205.56 2,404.84 6.00%
12-31-1998 1.260383 1,916.820 2,415.93 0.00008 0.187321508 2,404.84 2,404.84 6.00%
12-31-1998 2,404.84
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 140.48% 140.48%
05-02-1994 50.00% 2,404.84 4.6685 20.68% 20.68% 2,404.84 2,404.84 5
05-31-1994 50.00% 2,404.84 4.5890 21.58% 21.58% 2,451.89 2,451.89 5
06-30-1994 50.00% 2,404.84 4.5068 22.19% 22.19% 2,467.50 2,467.50 5
07-31-1994 50.00% 2,404.84 4.4219 21.97% 21.97% 2,406.52 2,406.52 5
08-31-1994 50.00% 2,404.84 4.3370 21.33% 21.33% 2,312.63 2,312.63 5
09-30-1994 50.00% 2,404.84 4.2548 22.53% 22.53% 2,373.78 2,373.78 5
10-31-1994 50.00% 2,404.84 4.1699 22.64% 22.64% 2,342.13 2,342.13 5
11-30-1994 50.00% 2,404.84 4.0877 24.51% 24.51% 2,449.81 2,449.81 5
12-31-1994 50.00% 2,404.84 4.0027 24.82% 24.82% 2,429.21 2,429.21 5
01-31-1995 40.00% 2,403.41 3.9178 25.16% 25.18% 2,408.91 2,410.34 4
02-28-1995 40.00% 2,402.01 3.8411 24.58% 24.62% 2,326.26 2,329.00 4
03-31-1995 40.00% 2,400.44 3.7562 23.94% 24.00% 2,239.26 2,243.36 4
04-30-1995 40.00% 2,399.17 3.6740 23.53% 23.61% 2,173.82 2,178.95 4
05-31-1995 40.00% 2,397.75 3.5890 23.04% 23.14% 2,104.75 2,110.97 4
06-30-1995 40.00% 2,396.09 3.5068 22.36% 22.49% 2,029.37 2,036.79 4
07-31-1995 40.00% 2,393.99 3.4219 21.40% 21.56% 1,941.60 1,950.39 4
08-31-1995 40.00% 2,393.42 3.3370 21.57% 21.74% 1,918.79 1,927.95 4
09-30-1995 40.00% 2,391.22 3.2548 20.52% 20.73% 1,835.91 1,846.36 4
10-31-1995 40.00% 2,392.24 3.1699 21.90% 22.10% 1,873.35 1,883.21 4
11-30-1995 40.00% 2,390.75 3.0877 21.39% 21.62% 1,819.34 1,830.06 4
12-31-1995 40.00% 2,391.08 3.0027 22.32% 22.55% 1,830.99 1,841.53 4
01-31-1996 30.00% 2,368.14 2.9178 21.77% 22.41% 1,776.47 1,804.00 3
02-29-1996 30.00% 2,366.57 2.8384 21.57% 22.26% 1,741.09 1,769.25 3
03-31-1996 30.00% 2,366.18 2.7534 22.09% 22.81% 1,732.53 1,760.84 3
04-30-1996 30.00% 2,364.25 2.6712 21.74% 22.52% 1,691.27 1,720.31 3
05-31-1996 30.00% 2,362.57 2.5863 21.56% 22.40% 1,656.96 1,686.60 3
06-30-1996 30.00% 2,363.05 2.5041 22.63% 23.49% 1,666.52 1,695.99 3
07-31-1996 30.00% 2,367.57 2.4192 26.43% 27.25% 1,763.50 1,791.26 3
08-31-1996 30.00% 2,365.10 2.3342 25.82% 26.72% 1,709.25 1,737.97 3
09-30-1996 30.00% 2,360.37 2.2521 23.68% 24.71% 1,613.87 1,644.27 3
10-31-1996 30.00% 2,359.81 2.1671 24.34% 25.43% 1,603.25 1,633.84 3
11-30-1996 30.00% 2,354.43 2.0849 21.76% 23.01% 1,507.67 1,539.95 3
12-31-1996 30.00% 2,355.53 2.0000 23.54% 24.83% 1,526.30 1,558.25 3
01-31-1997 20.00% 2,335.79 1.9151 20.60% 22.45% 1,431.52 1,473.84 2
02-28-1997 20.00% 2,336.28 1.8384 21.89% 23.82% 1,438.90 1,481.13 2
03-31-1997 20.00% 2,342.18 1.7534 27.71% 29.65% 1,535.55 1,576.63 2
04-30-1997 20.00% 2,337.75 1.6712 25.51% 27.65% 1,461.90 1,503.85 2
05-31-1997 20.00% 2,330.57 1.5863 21.17% 23.59% 1,356.03 1,399.24 2
06-30-1997 20.00% 2,326.42 1.5041 19.13% 21.78% 1,301.13 1,344.99 2
07-31-1997 20.00% 2,316.89 1.4192 13.05% 16.05% 1,190.11 1,235.29 2
08-31-1997 20.00% 2,322.60 1.3342 18.51% 21.64% 1,254.34 1,298.76 2
09-30-1997 20.00% 2,315.96 1.2521 14.15% 17.64% 1,180.27 1,225.56 2
10-31-1997 20.00% 2,321.23 1.1671 20.10% 23.80% 1,238.37 1,282.98 2
11-30-1997 20.00% 2,319.36 1.0849 19.86% 23.92% 1,217.14 1,262.00 2
12-31-1997 20.00% 2,318.99 1.0000 21.30% 25.79% 1,212.97 1,257.88 2
01-31-1998 10.00% 2,303.85 0.9151 19.77% 25.02% 1,179.49 1,226.71 1
02-28-1998 10.00% 2,296.76 0.8384 12.49% 17.78% 1,103.70 1,147.08 1
03-31-1998 10.00% 2,291.21 0.7534 7.36% 12.68% 1,054.94 1,094.12 1
04-30-1998 10.00% 2,291.55 0.6712 7.66% 12.98% 1,050.78 1.00 1
05-31-1998 10.00% 2,295.11 0.5863 10.91% 16.21% 1,062.59 2.00 1
06-30-1998 10.00% 2,289.16 0.5041 5.56% 10.90% 1,027.67 2.00 1
07-31-1998 10.00% 2,289.02 0.4192 5.45% 10.78% 1,022.48 3.00 1
08-31-1998 10.00% 2,310.22 0.3342 27.12% 32.32% 1,083.48 4.00 1
09-30-1998 10.00% 2,304.76 0.2521 20.76% 26.01% 1,048.71 5.00 1
10-31-1998 10.00% 2,294.93 0.1671 10.75% 16.05% 1,017.20 5.00 1
11-30-1998 10.00% 2,286.93 0.0849 3.69% 9.04% 1,003.08 5.00 1
12-31-1998 10.00% 2,274.98 0.0000 -5.40% 0.00% 1,000.00 5.00 1
12-31-1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI GROWTH & INCOME -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.521697 -----------------------------
Units purchased 1,916.820 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11-30-1998 0.08 0.08 2,205.56 2,286.93 2,404.84 3.69% 9.04%
09-30-1998 0.25 0.25 1,908.47 2,304.76 2,404.84 20.76% 26.01%
12-31-1997 1.00 1.00 1,911.82 2,318.99 2,404.84 21.30% 25.79%
12-31-1997 1.00 1.00 1,911.82 2,318.99 2,404.84 21.30% 25.79%
12-31-1995 3.00 3.00 1,305.89 2,391.08 2,404.84 22.34% 22.57%
12-31-1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12-31-1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05-02-1994 4.67 4.67 1,000.00 2,404.84 2,404.84 20.68% 20.68%
12-31-1992 --
12-31-1993 1 1,000.00
12-31-1994 1 989.97 -1.00%
12-31-1995 1 1,305.89 31.91%
12-31-1996 1 1,543.29 18.18%
12-31-1997 1 1,911.82 23.88%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
AIM V.I. GROWTH & INCOME FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05-02-1994 100 10 1000
05-31-1994 1000 0 10 100 9.82 982.00 -1.80%
06-30-1994 982 0 10 100 9.77 977.00 -0.51%
07-31-1994 977 0 10 100 10.03 1,003.00 2.66%
08-31-1994 1003 0 10 100 10.45 1,045.00 4.19%
09-30-1994 1045 0.045 10.44 100.431 10.15 1,019.37 -2.45%
10-31-1994 1019.37 0 10.44 100.431 10.30 1,034.44 1.48%
11-30-1994 1034.44 0 10.44 100.431 9.86 990.25 -4.27%
12-31-1994 990.25 0.065 9.72 101.103 9.89 999.91 0.98%
01-31-1995 999.91 0 9.72 101.103 9.98 1,009.01 0.91%
02-28-1995 1009.01 0 9.72 101.103 10.34 1,045.41 3.61%
03-31-1995 1045.41 0.0275 10.53 101.367 10.72 1,086.65 3.94%
04-30-1995 1086.65 0 10.53 101.367 11.05 1,120.11 3.08%
05-31-1995 1120.11 0 10.53 101.367 11.42 1,157.61 3.35%
06-30-1995 1157.61 0 10.53 101.367 11.85 1,201.20 3.77%
07-31-1995 1201.2 0 10.53 101.367 12.39 1,255.94 4.56%
08-31-1995 1255.94 0 10.53 101.367 12.55 1,272.16 1.29%
09-30-1995 1272.16 0 10.53 101.367 13.12 1,329.94 4.54%
10-31-1995 1329.94 0 10.53 101.367 12.88 1,305.61 -1.83%
11-30-1995 1305.61 0 10.53 101.367 13.27 1,345.14 3.03%
12-31-1995 1345.14 0.516 12.48 105.558 12.68 1,338.48 -0.50%
01-31-1996 1338.48 0 12.48 105.558 12.96 1,368.03 2.21%
02-29-1996 1368.03 0 12.48 105.558 13.23 1,396.53 2.08%
03-31-1996 1396.53 0 12.48 105.558 13.31 1,404.98 0.61%
04-30-1996 1404.98 0 12.48 105.558 13.64 1,439.81 2.48%
05-31-1996 1439.81 0 12.48 105.558 13.93 1,470.42 2.13%
06-30-1996 1470.42 0 12.48 105.558 13.87 1,464.09 -0.43%
07-31-1996 1464.09 0 12.48 105.558 13.15 1,388.09 -5.19%
08-31-1996 1388.09 0 12.48 105.558 13.57 1,432.42 3.19%
09-30-1996 1432.42 0 12.48 105.558 14.36 1,515.81 5.82%
10-31-1996 1515.81 0 12.48 105.558 14.47 1,527.42 0.77%
11-30-1996 1527.42 0 12.48 105.558 15.37 1,622.43 6.22%
12-31-1996 1622.43 0.174 14.6 106.816 15.03 1,605.44 -1.05%
01-31-1997 1605.44 0 14.6 106.816 15.91 1,699.44 5.86%
02-28-1997 1699.44 0 14.6 106.816 15.85 1,693.03 -0.38%
03-31-1997 1693.03 0 14.6 106.816 14.91 1,592.63 -5.93%
04-30-1997 1592.63 0 14.6 106.816 15.65 1,671.67 4.96%
05-31-1997 1671.67 0 14.6 106.816 16.84 1,798.78 7.60%
06-30-1997 1798.78 0 14.6 106.816 17.54 1,873.55 4.16%
07-31-1997 1873.55 0 14.6 106.816 19.12 2,042.32 9.01%
08-31-1997 2042.32 0 14.6 106.816 18.21 1,945.12 -4.76%
09-30-1997 1945.12 0 14.6 106.816 19.32 2,063.69 6.10%
10-31-1997 2063.69 0 14.6 106.816 18.48 1,973.96 -4.35%
11-30-1997 1973.96 0 14.6 106.816 18.81 2,009.21 1.79%
12-31-1997 2009.21 0.025 18.45 106.961 18.87 2,018.35 0.45%
01-31-1998 2018.35 0 18.45 106.961 19.01 2,033.33 0.74%
02-28-1998 2033.33 0 18.45 106.961 20.20 2,160.61 6.26%
03-31-1998 2160.61 0 18.45 106.961 21.14 2,261.16 4.65%
04-30-1998 2261.16 0 18.45 106.961 21.11 2,257.95 -0.14%
05-31-1998 2257.95 0 18.45 106.961 20.55 2,198.05 -2.65%
06-30-1998 2198.05 0 18.45 106.961 21.56 2,306.08 4.91%
07-31-1998 2306.08 0 18.45 106.961 21.61 2,311.43 0.23%
08-31-1998 2311.43 0 18.45 106.961 18.12 1,938.13 -16.15%
09-30-1998 1938.13 0 18.45 106.961 19.05 2,037.61 5.13%
1.0376
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05-02-1994 1,000.00 0.521697271
05-31-1994 0.00111 1.112328767 980.89 0.08 0.511726421
06-30-1994 0.00115 1.128692663 974.76 0.16 0.508532054
07-31-1994 0.00119 1.159035218 999.55 0.25 0.521460483
08-31-1994 0.00119 1.188501413 1,040.21 0.34 0.542676277
09-30-1994 0.00115 1.196957412 1,013.50 0.42 0.528741978 Dividend
10-31-1994 0.00119 1.20509724 1,027.28 0.51 0.535930014
11-30-1994 0.00115 1.182077472 982.22 0.57 0.512419059
12-31-1994 0.00119 1.167894396 990.63 0.66 0.516808477 Dividend
01-31-1995 0.00119 1.177898662 998.47 0.75 0.520897351
02-28-1995 0.00107 1.072325877 1,033.41 0.85 0.539129275
03-31-1995 0.00119 1.228771741 1,072.95 0.97 0.559756143 Dividend
04-30-1995 0.00115 1.234629727 1,104.76 1.09 0.576347986
05-31-1995 0.00119 1.313599819 1,140.43 1.22 0.594958155
06-30-1995 0.00115 1.31227327 1,182.06 1.36 0.616676795
07-31-1995 0.00119 1.405516367 1,234.52 1.52 0.644046179
08-31-1995 0.00119 1.46789607 1,249.00 1.64 0.651597999
09-30-1995 0.00115 1.437201306 1,304.29 1.81 0.680443024
10-31-1995 0.00119 1.550850971 1,278.88 1.89 0.667185885
11-30-1995 0.00115 1.471582826 1,316.12 2.05 0.686618575
12-31-1995 0.00119 1.564926152 1,308.04 2.15 0.682402601 .11 Dividend .315 ST/.091 LT
01-31-1996 0.00119 1.555317195 1,335.37 2.30 0.69665679
02-29-1996 0.00111 1.485366 1,361.70 2.46 0.710395244
03-31-1996 0.00119 1.619117419 1,368.32 2.58 0.713848951
04-30-1996 0.00115 1.574505517 1,400.67 2.76 0.730724129
05-31-1996 0.00119 1.665450573 1,428.78 2.93 0.74539028
06-30-1996 0.00115 1.644074851 1,420.98 3.03 0.741323745
07-31-1996 0.00119 1.689608989 1,345.53 2.99 0.701960627
08-31-1996 0.00119 1.599893424 1,386.90 3.20 0.72354376
09-30-1996 0.00115 1.595888935 1,466.05 3.49 0.764833133
10-31-1996 0.00119 1.743191075 1,475.53 3.64 0.769781779
11-30-1996 0.00115 1.697874118 1,565.62 3.98 0.816778685
12-31-1996 0.00119 1.86158425 1,547.36 4.07 0.807254239 .143 Dividend .011 ST/.02 LT
01-31-1997 0.00119 1.83987634 1,636.12 4.43 0.853559865
02-28-1997 0.00107 1.757149137 1,628.19 4.54 0.849423681
03-31-1997 0.00119 1.935988017 1,529.70 4.40 0.798041191
04-30-1997 0.00115 1.760204672 1,603.86 4.74 0.836728566
05-31-1997 0.00119 1.907053585 1,723.91 5.23 0.899356606
06-30-1997 0.00115 1.983671666 1,793.58 5.58 0.935705342
07-31-1997 0.00119 2.132639304 1,953.01 6.23 1.018881394
08-31-1997 0.00119 2.322212358 1,857.74 6.09 0.969178348
09-30-1997 0.00115 2.137674439 1,968.85 6.61 1.027141991
10-31-1997 0.00119 2.341039732 1,880.90 6.48 0.981260166
11-30-1997 0.00115 2.164322778 1,912.32 6.74 0.997653903
12-31-1997 0.00119 2.27383112 1,918.75 6.93 1.00100603 .01 Dividend .015 LT
01-31-1998 0.00119 2.281471216 1,930.71 7.13 1.007245164
02-28-1998 0.00107 2.073527638 2,049.49 7.72 1.069213758
03-31-1998 0.00119 2.436928789 2,142.43 8.24 1.117701257
04-30-1998 0.00115 2.465264946 2,136.93 8.40 1.114828418
05-31-1998 0.00119 2.540892732 2,077.70 8.35 1.083928129
06-30-1998 0.00115 2.390773029 2,177.42 8.92 1.135953886
07-31-1998 0.00119 2.589041441 2,179.88 9.11 1.137238552
08-31-1998 0.00119 2.591969422 1,825.24 7.81 0.952220307
09-30-1998 0.00115 2.100270827 1,916.82 8.35 1
0.9168 0.916820455
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI VALUE FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.442990 -----------------------------
Units purchased 2,257.390 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05-05-1993 0.442990 2,257.390 1,000.00 1,000.00 2,842.90 0.00%
05-31-1993 0.450126 2,257.390 1,016.11 0.00007 0.07123289 1,016.04 2,842.90 0.00%
06-30-1993 0.472679 2,257.390 1,067.02 0.00008 0.083510017 1,066.86 2,842.90 0.00%
07-31-1993 0.472177 2,257.390 1,065.89 0.00008 0.090610197 1,065.64 2,842.90 0.00%
08-31-1993 0.487577 2,257.390 1,100.65 0.00008 0.090506306 1,100.30 2,842.90 0.00%
09-30-1993 0.495018 2,257.390 1,117.45 0.00008 0.090435923 1,117.01 2,842.90 0.00%
10-31-1993 0.500664 2,257.390 1,130.19 0.00008 0.094869032 1,129.65 2,842.90 0.00%
11-30-1993 0.482976 2,257.390 1,090.27 0.00008 0.092848019 1,089.65 2,842.90 0.00%
12-31-1993 0.504550 2,257.390 1,138.97 0.00008 0.092545576 1,138.23 2,842.90 0.00%
01-31-1994 0.535274 2,257.390 1,208.32 0.00008 0.096671445 1,207.44 2,842.90 2.00%
02-28-1994 0.536078 2,257.390 1,210.14 0.00008 0.092625903 1,209.17 2,842.90 2.00%
03-31-1994 0.517054 2,257.390 1,167.19 0.00008 0.102696211 1,166.15 2,842.90 2.00%
04-30-1994 0.516085 2,257.390 1,165.00 0.00008 0.095848156 1,163.87 2,842.90 2.00%
05-31-1994 0.511152 2,257.390 1,153.87 0.00008 0.098849281 1,152.65 2,842.90 2.00%
06-30-1994 0.493984 2,257.390 1,115.11 0.00008 0.094738106 1,113.84 2,842.90 2.00%
07-31-1994 0.505709 2,257.390 1,141.58 0.00008 0.094599988 1,140.18 2,842.90 2.00%
08-31-1994 0.532708 2,257.390 1,202.53 0.00008 0.096837329 1,200.96 2,842.90 2.00%
09-30-1994 0.524303 2,257.390 1,183.56 0.00008 0.098708791 1,181.91 2,842.90 2.00%
10-31-1994 0.528979 2,257.390 1,194.11 0.00008 0.100381392 1,192.35 2,842.90 2.00%
11-30-1994 0.510570 2,257.390 1,152.56 0.00008 0.098001462 1,150.76 2,842.90 2.00%
12-31-1994 0.518409 2,257.390 1,170.25 0.00008 0.097735636 1,168.33 2,842.90 2.00%
01-31-1995 0.517858 2,257.390 1,169.01 0.00008 0.099227748 1,166.99 2,842.90 4.00%
02-28-1995 0.544062 2,257.390 1,228.16 0.00008 0.0895223 1,225.95 2,842.90 4.00%
03-31-1995 0.567977 2,257.390 1,282.15 0.00008 0.104121565 1,279.73 2,842.90 4.00%
04-30-1995 0.579189 2,257.390 1,307.45 0.00008 0.1051835 1,304.89 2,842.90 4.00%
05-31-1995 0.599525 2,257.390 1,353.36 0.00008 0.110826121 1,350.59 2,842.90 4.00%
06-30-1995 0.638587 2,257.390 1,441.54 0.00008 0.111007706 1,438.48 2,842.90 4.00%
07-31-1995 0.682338 2,257.390 1,540.30 0.00008 0.122172418 1,536.91 2,842.90 4.00%
08-31-1995 0.685096 2,257.390 1,546.53 0.00008 0.130532272 1,542.99 2,842.90 4.00%
09-30-1995 0.710476 2,257.390 1,603.82 0.00008 0.126821369 1,600.03 2,842.90 4.00%
10-31-1995 0.693654 2,257.390 1,565.85 0.00008 0.135892871 1,562.01 2,842.90 4.00%
11-30-1995 0.713327 2,257.390 1,610.26 0.00008 0.128384308 1,606.18 2,842.90 4.00%
12-31-1995 0.697754 2,257.390 1,575.10 0.00008 0.136415292 1,570.98 2,842.90 4.00%
01-31-1996 0.700048 2,257.390 1,580.28 0.00008 0.133425617 1,576.01 2,842.90 6.00%
02-29-1996 0.706706 2,257.390 1,595.31 0.00008 0.125217372 1,590.88 2,842.90 6.00%
03-31-1996 0.700339 2,257.390 1,580.94 0.00008 0.13511547 1,576.41 2,842.90 6.00%
04-30-1996 0.715163 2,257.390 1,614.40 0.00008 0.129567603 1,609.64 2,842.90 6.00%
05-31-1996 0.720441 2,257.390 1,626.32 0.00008 0.136709571 1,621.39 2,842.90 6.00%
06-30-1996 0.732628 2,257.390 1,653.83 0.00008 0.133264719 1,648.68 2,842.90 6.00%
07-31-1996 0.697415 2,257.390 1,574.34 0.00008 0.140025052 1,569.30 2,842.90 6.00%
08-31-1996 0.713013 2,257.390 1,609.55 0.00008 0.133282964 1,604.27 2,842.90 6.00%
09-30-1996 0.741060 2,257.390 1,672.86 0.00008 0.131857409 1,667.24 2,842.90 6.00%
10-31-1996 0.757866 2,257.390 1,710.80 0.00008 0.141600975 1,704.91 2,842.90 6.00%
11-30-1996 0.790951 2,257.390 1,785.48 0.00008 0.140129241 1,779.19 2,842.90 6.00%
12-31-1996 0.792692 2,257.390 1,789.42 0.00008 0.151109574 1,782.96 2,842.90 6.00%
01-31-1997 0.818150 2,257.390 1,846.88 0.00008 0.151429495 1,840.07 2,842.90 6.00%
02-28-1997 0.820991 2,257.390 1,853.30 0.00008 0.141156039 1,846.32 2,842.90 6.00%
03-31-1997 0.781198 2,257.390 1,763.47 0.00008 0.156810505 1,756.67 2,842.90 6.00%
04-30-1997 0.815204 2,257.390 1,840.23 0.00008 0.144383954 1,833.00 2,842.90 6.00%
05-31-1997 0.875069 2,257.390 1,975.37 0.00008 0.155679048 1,967.45 2,842.90 6.00%
06-30-1997 0.913737 2,257.390 2,062.66 0.00008 0.161707897 2,054.22 2,842.90 6.00%
07-31-1997 0.979977 2,257.390 2,212.19 0.00008 0.174468373 2,202.97 2,842.90 6.00%
08-31-1997 0.930268 2,257.390 2,099.98 0.00008 0.187101344 2,091.04 2,842.90 6.00%
09-30-1997 0.986856 2,257.390 2,227.72 0.00008 0.171865982 2,218.06 2,842.90 6.00%
10-31-1997 0.951780 2,257.390 2,148.54 0.00008 0.188383163 2,139.03 2,842.90 6.00%
11-30-1997 0.963170 2,257.390 2,174.25 0.00008 0.175811049 2,164.46 2,842.90 6.00%
12-31-1997 0.968562 2,257.390 2,186.42 0.00008 0.18383065 2,176.39 2,842.90 6.00%
01-31-1998 0.973736 2,257.390 2,198.10 0.00008 0.184844138 2,187.83 2,842.90 6.00%
02-28-1998 1.035504 2,257.390 2,337.54 0.00008 0.167833768 2,326.45 2,842.90 6.00%
03-31-1998 1.083542 2,257.390 2,445.98 0.00008 0.197588734 2,434.18 2,842.90 6.00%
04-30-1998 1.091424 2,257.390 2,463.77 0.00008 0.200069198 2,451.68 2,842.90 6.00%
05-31-1998 1.078804 2,257.390 2,435.28 0.00008 0.208225018 2,423.13 2,842.90 6.00%
06-30-1998 1.140118 2,257.390 2,573.69 0.00008 0.199161114 2,560.64 2,842.90 6.00%
07-31-1998 1.136197 2,257.390 2,564.84 0.00008 0.21747943 2,551.62 2,842.90 6.00%
08-31-1998 0.938617 2,257.390 2,118.82 0.00008 0.216713017 2,107.69 2,842.90 6.00%
09-30-1998 1.000000 2,257.390 2,257.39 0.00008 0.173234644 2,245.35 2,842.90 6.00%
10-31-1998 1.083189 2,257.390 2,445.18 0.00008 0.190701153 2,431.95 2,842.90 6.00%
11-30-1998 1.141805 2,257.390 2,577.50 0.00008 0.199886317 2,563.35 2,842.90 6.00%
12-31-1998 1.266420 2,257.390 2,858.80 0.00008 0.21770948 2,842.90 2,842.90 6.00%
12-31-1998 2,842.90
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 184.29% 184.29%
05-05-1993 100.00% 2,842.90 5.6603 20.27% 20.27% 2,842.90 2,842.90 6
05-31-1993 100.00% 2,842.90 5.5890 20.21% 20.21% 2,798.02 2,798.02 6
06-30-1993 100.00% 2,842.90 5.5068 19.48% 19.48% 2,664.73 2,664.73 6
07-31-1993 100.00% 2,842.90 5.4219 19.84% 19.84% 2,667.79 2,667.79 6
08-31-1993 100.00% 2,842.90 5.3370 19.47% 19.47% 2,583.74 2,583.74 6
09-30-1993 100.00% 2,842.90 5.2548 19.46% 19.46% 2,545.10 2,545.10 6
10-31-1993 100.00% 2,842.90 5.1699 19.54% 19.54% 2,516.62 2,516.62 6
11-30-1993 100.00% 2,842.90 5.0877 20.74% 20.74% 2,609.00 2,609.00 6
12-31-1993 100.00% 2,842.90 5.0027 20.08% 20.08% 2,497.65 2,497.65 6
01-31-1994 50.00% 2,842.90 4.9178 19.02% 19.02% 2,354.47 2,354.47 5
02-28-1994 50.00% 2,842.90 4.8411 19.31% 19.31% 2,351.12 2,351.12 5
03-31-1994 50.00% 2,842.90 4.7562 20.61% 20.61% 2,437.84 2,437.84 5
04-30-1994 50.00% 2,842.90 4.6740 21.05% 21.05% 2,442.62 2,442.62 5
05-31-1994 50.00% 2,842.90 4.5890 21.74% 21.74% 2,466.41 2,466.41 5
06-30-1994 50.00% 2,842.90 4.5068 23.11% 23.11% 2,552.34 2,552.34 5
07-31-1994 50.00% 2,842.90 4.4219 22.95% 22.95% 2,493.37 2,493.37 5
08-31-1994 50.00% 2,842.90 4.3370 21.98% 21.98% 2,367.19 2,367.19 5
09-30-1994 50.00% 2,842.90 4.2548 22.91% 22.91% 2,405.34 2,405.34 5
10-31-1994 50.00% 2,842.90 4.1699 23.17% 23.17% 2,384.28 2,384.28 5
11-30-1994 50.00% 2,842.90 4.0877 24.76% 24.76% 2,470.46 2,470.46 5
12-31-1994 50.00% 2,842.90 4.0027 24.88% 24.88% 2,433.31 2,433.31 5
01-31-1995 40.00% 2,841.70 3.9178 25.50% 25.52% 2,435.08 2,436.10 4
02-28-1995 40.00% 2,839.35 3.8411 24.44% 24.48% 2,316.04 2,318.94 4
03-31-1995 40.00% 2,837.19 3.7562 23.61% 23.68% 2,217.02 2,221.48 4
04-30-1995 40.00% 2,836.19 3.6740 23.53% 23.61% 2,173.51 2,178.65 4
05-31-1995 40.00% 2,834.36 3.5890 22.94% 23.04% 2,098.60 2,104.92 4
06-30-1995 40.00% 2,830.84 3.5068 21.29% 21.44% 1,967.94 1,976.32 4
07-31-1995 40.00% 2,826.91 3.4219 19.49% 19.69% 1,839.34 1,849.75 4
08-31-1995 40.00% 2,826.66 3.3370 19.89% 20.10% 1,831.93 1,842.46 4
09-30-1995 40.00% 2,824.38 3.2548 19.08% 19.32% 1,765.21 1,776.78 4
10-31-1995 40.00% 2,825.90 3.1699 20.57% 20.79% 1,809.15 1,820.03 4
11-30-1995 40.00% 2,824.14 3.0877 20.05% 20.31% 1,758.29 1,769.97 4
12-31-1995 40.00% 2,825.54 3.0027 21.59% 21.84% 1,798.59 1,809.63 4
01-31-1996 30.00% 2,799.51 2.9178 21.76% 22.41% 1,776.32 1,803.85 3
02-29-1996 30.00% 2,798.62 2.8384 22.02% 22.69% 1,759.17 1,787.00 3
03-31-1996 30.00% 2,799.48 2.7534 23.19% 23.88% 1,775.87 1,803.40 3
04-30-1996 30.00% 2,797.49 2.6712 22.99% 23.73% 1,737.95 1,766.16 3
05-31-1996 30.00% 2,796.79 2.5863 23.47% 24.25% 1,724.93 1,753.37 3
06-30-1996 30.00% 2,795.15 2.5041 23.47% 24.31% 1,695.38 1,724.34 3
07-31-1996 30.00% 2,799.91 2.4192 27.04% 27.84% 1,784.18 1,811.57 3
08-31-1996 30.00% 2,797.81 2.3342 26.91% 27.78% 1,743.98 1,772.09 3
09-30-1996 30.00% 2,794.03 2.2521 25.77% 26.74% 1,675.85 1,705.15 3
10-31-1996 30.00% 2,791.77 2.1671 25.55% 26.61% 1,637.49 1,667.48 3
11-30-1996 30.00% 2,787.32 2.0849 24.03% 25.21% 1,566.62 1,597.86 3
12-31-1996 30.00% 2,787.09 2.0000 25.03% 26.27% 1,563.18 1,594.48 3
01-31-1997 20.00% 2,766.61 1.9151 23.73% 25.50% 1,503.53 1,544.99 2
02-28-1997 20.00% 2,766.23 1.8384 24.60% 26.46% 1,498.24 1,539.77 2
03-31-1997 20.00% 2,771.61 1.7534 29.70% 31.59% 1,577.76 1,618.34 2
04-30-1997 20.00% 2,767.03 1.6712 27.94% 30.03% 1,509.57 1,550.96 2
05-31-1997 20.00% 2,758.96 1.5863 23.76% 26.12% 1,402.31 1,444.97 2
06-30-1997 20.00% 2,753.76 1.5041 21.51% 24.11% 1,340.53 1,383.93 2
07-31-1997 20.00% 2,744.83 1.4192 16.76% 19.68% 1,245.97 1,290.49 2
08-31-1997 20.00% 2,751.55 1.3342 22.84% 25.89% 1,315.88 1,359.56 2
09-30-1997 20.00% 2,743.93 1.2521 18.52% 21.92% 1,237.08 1,281.70 2
10-31-1997 20.00% 2,748.67 1.1671 23.97% 27.60% 1,285.00 1,329.06 2
11-30-1997 20.00% 2,747.14 1.0849 24.57% 28.57% 1,269.21 1,313.45 2
12-31-1997 20.00% 2,746.43 1.0000 26.19% 30.62% 1,261.92 1,306.24 2
01-31-1998 10.00% 2,728.68 0.9151 24.72% 29.94% 1,224.04 1,270.84 1
02-28-1998 10.00% 2,720.37 0.8384 16.93% 22.20% 1,140.13 1,183.03 1
03-31-1998 10.00% 2,713.90 0.7534 11.49% 16.79% 1,085.41 1,124.05 1
04-30-1998 10.00% 2,712.85 0.6712 10.65% 15.96% 1,070.30 1,104.48 1
05-31-1998 10.00% 2,714.57 0.5863 12.03% 17.32% 1,068.86 1,098.20 1
06-30-1998 10.00% 2,706.32 0.5041 5.69% 11.02% 1,028.28 1,054.12 1
07-31-1998 10.00% 2,706.86 0.4192 6.08% 11.42% 1,025.07 1,046.36 1
08-31-1998 10.00% 2,733.49 0.3342 29.69% 34.88% 1,090.77 1,105.17 1
09-30-1998 10.00% 2,725.23 0.2521 21.37% 26.61% 1,050.04 1,061.29 1
10-31-1998 10.00% 2,714.04 0.1671 11.60% 16.90% 1,018.51 1,026.43 1
11-30-1998 10.00% 2,706.15 0.0849 5.57% 10.91% 1,004.61 1,008.83 1
12-31-1998 10.00% 2,689.38 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12-31-1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI VALUE FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.442990 -----------------------------
Units purchased 2,257.390 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11-30-1998 0.08 0.08 2,563.35 2,706.15 2,842.90 5.57% 10.91%
09-30-1998 0.25 0.25 2,245.35 2,725.23 2,842.90 21.37% 26.61%
12-31-1997 1.00 1.00 2,176.39 2,746.43 2,842.90 26.19% 30.62%
12-31-1997 1.00 1.00 2,176.39 2,746.43 2,842.90 26.19% 30.62%
12-31-1995 3.00 3.00 1,570.98 2,825.54 2,842.90 21.61% 21.86%
12-31-1993 5.00 5.00 1,138.23 2,842.90 2,842.90 20.09% 20.09%
12-31-1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05-05-1993 5.66 5.66 1,000.00 2,842.90 2,842.90 20.27% 20.27%
12-31-1992 1,000.00
12-31-1993 1 1,138.23 13.82%
12-31-1994 1 1,168.33 2.64%
12-31-1995 1 1,570.98 34.46%
12-31-1996 1 1,782.96 13.49%
12-31-1997 1 2,176.39 22.07%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
AIM V.I. VALUE FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05-05-1993 100 10 1000
05-31-1993 1000 0 10 100 10.17 1,017.00 1.70%
06-30-1993 1017 0 10 100 10.69 1,069.00 5.11%
07-31-1993 1069 0 10 100 10.69 1,069.00 0.00%
08-31-1993 1069 0 10 100 11.05 1,105.00 3.37%
09-30-1993 1105 0 10 100 11.23 1,123.00 1.63%
10-31-1993 1123 0 10 100 11.37 1,137.00 1.25%
11-30-1993 1137 0 10 100 10.98 1,098.00 -3.43%
12-31-1993 1098 0.0211 10.96 100.193 11.46 1,148.21 4.57%
01-31-1994 1148.21 0 10.96 100.193 12.17 1,219.35 6.20%
02-28-1994 1219.35 0 10.96 100.193 12.2 1,222.35 0.25%
03-31-1994 1222.35 0 10.96 100.193 11.78 1,180.27 -3.44%
04-30-1994 1180.27 0 10.96 100.193 11.77 1,179.27 -0.08%
05-31-1994 1179.27 0 10.96 100.193 11.67 1,169.25 -0.85%
06-30-1994 1169.25 0 10.96 100.193 11.29 1,131.18 -3.26%
07-31-1994 1131.18 0 10.96 100.193 11.57 1,159.23 2.48%
08-31-1994 1159.23 0 10.96 100.193 12.2 1,222.35 5.44%
09-30-1994 1222.35 0 10.96 100.193 12.02 1,204.32 -1.48%
10-31-1994 1204.32 0 10.96 100.193 12.14 1,216.34 1.00%
11-30-1994 1216.34 0 10.96 100.193 11.73 1,175.26 -3.38%
12-31-1994 1175.26 0.09 11.51 100.976 11.83 1,194.55 1.64%
01-31-1995 1194.55 0 11.51 100.976 11.83 1,194.55 0.00%
02-28-1995 1194.55 0 11.51 100.976 12.44 1,256.14 5.16%
03-31-1995 1256.14 0 11.51 100.976 13 1,312.69 4.50%
04-30-1995 1312.69 0 11.51 100.976 13.27 1,339.95 2.08%
05-31-1995 1339.95 0 11.51 100.976 13.75 1,388.42 3.62%
06-30-1995 1388.42 0 11.51 100.976 14.66 1,480.31 6.62%
07-31-1995 1480.31 0 11.51 100.976 15.68 1,583.30 6.96%
08-31-1995 1583.3 0 11.51 100.976 15.76 1,591.38 0.51%
09-30-1995 1591.38 0 11.51 100.976 16.36 1,651.97 3.81%
10-31-1995 1651.97 0 11.51 100.976 15.99 1,614.61 -2.26%
11-30-1995 1614.61 0 11.51 100.976 16.46 1,662.06 2.94%
12-31-1995 1662.06 0.008 15.8987656 101.027 16.11 1,627.54 -2.08%
01-31-1996 1627.54 0 15.8987656 101.027 16.18 1,634.62 0.44%
02-29-1996 1634.62 0 15.8987656 101.027 16.35 1,651.79 1.05%
03-31-1996 1651.79 0 15.8987656 101.027 16.22 1,638.66 -0.79%
04-30-1996 1638.66 0 15.8987656 101.027 16.58 1,675.03 2.22%
05-31-1996 1675.03 0 15.8987656 101.027 16.72 1,689.17 0.84%
06-30-1996 1689.17 0 15.8987656 101.027 17.02 1,719.48 1.79%
07-31-1996 1719.48 0 15.8987656 101.027 16.22 1,638.66 -4.70%
08-31-1996 1638.66 0 15.8987656 101.027 16.6 1,677.05 2.34%
09-30-1996 1677.05 0 15.8987656 101.027 17.27 1,744.74 4.04%
10-31-1996 1744.74 0 15.8987656 101.027 17.68 1,786.16 2.37%
11-30-1996 1786.16 0 15.8987656 101.027 18.47 1,865.97 4.47%
12-31-1996 1865.97 1.016 16.911 107.097 17.48 1,872.06 0.33%
01-31-1997 1872.06 0 16.911 107.097 18.06 1,934.17 3.32%
02-28-1997 1934.17 0 16.911 107.097 18.14 1,942.74 0.44%
03-31-1997 1942.74 0 16.911 107.097 17.28 1,850.64 -4.74%
04-30-1997 1850.64 0 16.911 107.097 18.05 1,933.10 4.46%
05-31-1997 1933.1 0 16.911 107.097 19.39466 2,077.11 7.45%
06-30-1997 2077.11 0 16.911 107.097 20.27162 2,171.03 4.52%
07-31-1997 2171.03 0 16.911 107.097 21.76272 2,330.72 7.36%
08-31-1997 2330.72 0 16.911 107.097 20.68192 2,214.97 -4.97%
09-30-1997 2214.97 0 16.911 107.097 21.9612 2,351.98 6.19%
10-31-1997 2351.98 0 16.911 107.097 21.20399 2,270.88 -3.45%
11-30-1997 2270.88 0 16.911 107.097 21.47946 2,300.39 1.30%
12-31-1997 2300.39 0.7835 20.64238 111.162 20.83188 2,315.71 0.67%
01-31-1998 2315.71 0 20.64238 111.162 20.96526 2,330.54 0.64%
02-28-1998 2330.54 0 20.64238 111.162 22.31529 2,480.61 6.44%
03-31-1998 2480.61 0 20.64238 111.162 23.37418 2,598.32 4.75%
04-30-1998 2598.32 0 20.64238 111.162 23.56819 2,619.89 0.83%
05-31-1998 2619.89 0 20.64238 111.162 23.32072 2,592.38 -1.05%
06-30-1998 2592.38 0 20.64238 111.162 24.67009 2,742.38 5.79%
07-31-1998 2742.38 0 20.64238 111.162 24.6115 2,735.86 -0.24%
08-31-1998 2735.86 0 20.64238 111.162 20.35779 2,263.01 -17.28%
09-30-1998 2263.01 0 20.64238 111.162 21.71 2,413.33 6.64%
1.41333
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05-05-1993 1,000.00 0.442989552
05-31-1993 0.00089 0.890410959 1,016.11 0.07 0.450125932
06-30-1993 0.00103 1.043948208 1,067.02 0.16 0.472678762
07-31-1993 0.00106 1.132795326 1,065.89 0.25 0.472176946
08-31-1993 0.00106 1.131592701 1,100.65 0.35 0.48757685
09-30-1993 0.00103 1.130805721 1,117.45 0.44 0.495018343
10-31-1993 0.00106 1.186333109 1,130.19 0.54 0.500664009
11-30-1993 0.00103 1.16115793 1,090.27 0.62 0.482976457
12-31-1993 0.00106 1.157474201 1,138.96 0.74 0.504549544 Dividend
01-31-1994 0.00106 1.209175048 1,208.32 0.88 0.535274423
02-28-1994 0.00096 1.1586658 1,210.14 0.97 0.536078096
03-31-1994 0.00106 1.284734603 1,167.19 1.04 0.51705422
04-30-1994 0.00103 1.199170695 1,165.00 1.13 0.516084919
05-31-1994 0.00106 1.236820079 1,153.87 1.22 0.511151959
06-30-1994 0.00103 1.18548196 1,115.11 1.28 0.493984036
07-31-1994 0.00106 1.183854348 1,141.58 1.40 0.50570898
08-31-1994 0.00106 1.211953688 1,202.53 1.57 0.532707919
09-30-1994 0.00103 1.235475315 1,183.56 1.65 0.524303028
10-31-1994 0.00106 1.256515136 1,194.11 1.76 0.528979335
11-30-1994 0.00103 1.226827849 1,152.56 1.80 0.510570405
12-31-1994 0.00106 1.223604305 1,170.25 1.92 0.518408552 Dividend
01-31-1995 0.00106 1.242388767 1,169.01 2.02 0.517858186
02-28-1995 0.00096 1.120966264 1,228.16 2.21 0.544061946
03-31-1995 0.00106 1.303868247 1,282.15 2.41 0.567977398
04-30-1995 0.00103 1.317273556 1,307.45 2.57 0.579188772
05-31-1995 0.00106 1.388051224 1,353.36 2.77 0.599524871
06-30-1995 0.00103 1.390439586 1,441.54 3.06 0.638587361
07-31-1995 0.00106 1.530402539 1,540.30 3.39 0.682338016
08-31-1995 0.00106 1.635252898 1,546.53 3.53 0.685095768
09-30-1995 0.00103 1.588898682 1,603.82 3.79 0.710476152
10-31-1995 0.00106 1.702687171 1,565.85 3.84 0.693654161
11-30-1995 0.00103 1.608747613 1,610.26 4.08 0.713326543
12-31-1995 0.00106 1.709518257 1,575.10 4.12 0.697753875 Dividend
01-31-1996 0.00106 1.672197678 1,580.28 4.27 0.700048424
02-29-1996 0.00099 1.569458171 1,595.31 4.44 0.706706459
03-31-1996 0.00106 1.693652936 1,580.94 4.53 0.700338612
04-30-1996 0.00103 1.624250432 1,614.40 4.76 0.715163077
05-31-1996 0.00106 1.713919591 1,626.32 4.93 0.720440977
06-30-1996 0.00103 1.670872559 1,653.83 5.15 0.732628192
07-31-1996 0.00106 1.755775504 1,574.34 5.04 0.697414985
08-31-1996 0.00106 1.671385513 1,609.55 5.28 0.713013393
09-30-1996 0.00103 1.653646239 1,672.86 5.62 0.741059878
10-31-1996 0.00106 1.775982407 1,710.80 5.89 0.757865843
11-30-1996 0.00103 1.75766965 1,785.48 6.29 0.790950515
12-31-1996 0.00106 1.8955475 1,789.42 6.46 0.792692246 .095 Dividend .541 ST/.38 LT
01-31-1997 0.00106 1.899721637 1,846.88 6.81 0.818150122
02-28-1997 0.00096 1.770984238 1,853.30 6.98 0.820990688
03-31-1997 0.00106 1.967540089 1,763.47 6.80 0.781198161
04-30-1997 0.00103 1.811782798 1,840.23 7.24 0.815203842
05-31-1997 0.00106 1.953671661 1,975.37 7.92 0.875068563
06-30-1997 0.00103 2.029490403 2,062.66 8.44 0.913737208
07-31-1997 0.00106 2.189811181 2,212.19 9.22 0.979977038
08-31-1997 0.00106 2.34855783 2,099.98 8.94 0.930268282
09-30-1997 0.00103 2.15751157 2,227.72 9.66 0.986855544
10-31-1997 0.00106 2.365042471 2,148.54 9.50 0.951779511
11-30-1997 0.00103 2.207401184 2,174.25 9.79 0.963169994
12-31-1997 0.00106 2.308279015 2,186.42 10.03 0.968561913 .1925 Dividend .115 ST/.476 LT
01-31-1998 0.00106 2.321200984 2,198.10 10.27 0.973736396
02-28-1998 0.00096 2.107769422 2,337.54 11.09 1.035504291
03-31-1998 0.00106 2.481631321 2,445.98 11.80 1.083541743
04-30-1998 0.00103 2.51298888 2,463.77 12.09 1.091423556
05-31-1998 0.00106 2.615644287 2,435.28 12.15 1.078804425
06-30-1998 0.00103 2.502001922 2,573.69 13.04 1.140117724
07-31-1998 0.00106 2.73234199 2,564.84 13.22 1.136196699
08-31-1998 0.00106 2.722945081 2,118.82 11.14 0.938616888
09-30-1998 0.00103 2.176873957 2,257.39 12.04 1
1.25739 1.257389583
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI VALUE FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.446557 -----------------------------
Units purchased 2,239.357 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.446557 2,239.357 1,000.00 1,000.00 2,819.15 0.00%
05/31/1993 0.453703 2,239.357 1,016.00 0.00007 0.071232885 1,015.93 2,819.15 0.00%
06/30/1993 0.476379 2,239.357 1,066.78 0.00008 0.08350123 1,066.62 2,819.15 0.00%
07/31/1993 0.475813 2,239.357 1,065.51 0.00008 0.090590025 1,065.27 2,819.15 0.00%
08/31/1993 0.491270 2,239.357 1,100.13 0.00008 0.090474615 1,099.78 2,819.15 0.00%
09/30/1993 0.498708 2,239.357 1,116.78 0.00008 0.090393103 1,116.34 2,819.15 0.00%
10/31/1993 0.504332 2,239.357 1,129.38 0.00008 0.094812597 1,128.84 2,819.15 0.00%
11/30/1993 0.486453 2,239.357 1,089.34 0.00008 0.092781097 1,088.72 2,819.15 0.00%
12/31/1993 0.508119 2,239.357 1,137.86 0.00008 0.092467052 1,137.12 2,819.15 0.00%
01/31/1994 0.538997 2,239.357 1,207.01 0.00008 0.09657764 1,206.13 2,819.15 2.00%
02/28/1994 0.539744 2,239.357 1,208.68 0.00008 0.09252491 1,207.71 2,819.15 2.00%
03/31/1994 0.520521 2,239.357 1,165.63 0.00008 0.102572451 1,164.59 2,819.15 2.00%
04/30/1994 0.519481 2,239.357 1,163.30 0.00008 0.095720003 1,162.17 2,819.15 2.00%
05/31/1994 0.514450 2,239.357 1,152.04 0.00008 0.098704922 1,150.82 2,819.15 2.00%
06/30/1994 0.497107 2,239.357 1,113.20 0.00008 0.094587581 1,111.93 2,819.15 2.00%
07/31/1994 0.508843 2,239.357 1,139.48 0.00008 0.094437633 1,138.08 2,819.15 2.00%
08/31/1994 0.535945 2,239.357 1,200.17 0.00008 0.096659102 1,198.60 2,819.15 2.00%
09/30/1994 0.527423 2,239.357 1,181.09 0.00008 0.098515203 1,179.44 2,819.15 2.00%
10/31/1994 0.532060 2,239.357 1,191.47 0.00008 0.100171974 1,189.71 2,819.15 2.00%
11/30/1994 0.513478 2,239.357 1,149.86 0.00008 0.097784659 1,148.07 2,819.15 2.00%
12/31/1994 0.521295 2,239.357 1,167.37 0.00008 0.097506963 1,165.45 2,819.15 2.00%
01/31/1995 0.520675 2,239.357 1,165.98 0.00008 0.098983161 1,163.96 2,819.15 4.00%
02/28/1995 0.546962 2,239.357 1,224.84 0.00008 0.089290247 1,222.64 2,819.15 4.00%
03/31/1995 0.570935 2,239.357 1,278.53 0.00008 0.103840294 1,276.12 2,819.15 4.00%
04/30/1995 0.582134 2,239.357 1,303.61 0.00008 0.104886558 1,301.05 2,819.15 4.00%
05/31/1995 0.602500 2,239.357 1,349.21 0.00008 0.110499886 1,346.45 2,819.15 4.00%
06/30/1995 0.641682 2,239.357 1,436.95 0.00008 0.110667314 1,433.90 2,819.15 4.00%
07/31/1995 0.685563 2,239.357 1,535.22 0.00008 0.121783691 1,531.84 2,819.15 4.00%
08/31/1995 0.688246 2,239.357 1,541.23 0.00008 0.130101431 1,537.71 2,819.15 4.00%
09/30/1995 0.713658 2,239.357 1,598.14 0.00008 0.126386737 1,594.36 2,819.15 4.00%
10/31/1995 0.696670 2,239.357 1,560.09 0.00008 0.135411048 1,556.27 2,819.15 4.00%
11/30/1995 0.716342 2,239.357 1,604.15 0.00008 0.127912413 1,600.08 2,819.15 4.00%
12/31/1995 0.700612 2,239.357 1,568.92 0.00008 0.135897583 1,564.81 2,819.15 4.00%
01/31/1996 0.702827 2,239.357 1,573.88 0.00008 0.132901941 1,569.63 2,819.15 6.00%
02/29/1996 0.709428 2,239.357 1,588.66 0.00008 0.124710073 1,584.24 2,819.15 6.00%
03/31/1996 0.702945 2,239.357 1,574.14 0.00008 0.134552183 1,569.63 2,819.15 6.00%
04/30/1996 0.717738 2,239.357 1,607.27 0.00008 0.129010856 1,602.53 2,819.15 6.00%
05/31/1996 0.722943 2,239.357 1,618.93 0.00008 0.136105699 1,614.02 2,819.15 6.00%
06/30/1996 0.735084 2,239.357 1,646.12 0.00008 0.132659284 1,640.99 2,819.15 6.00%
07/31/1996 0.699659 2,239.357 1,566.79 0.00008 0.139372004 1,561.77 2,819.15 6.00%
08/31/1996 0.715218 2,239.357 1,601.63 0.00008 0.132643604 1,596.37 2,819.15 6.00%
09/30/1996 0.743263 2,239.357 1,664.43 0.00008 0.131208533 1,658.84 2,819.15 6.00%
10/31/1996 0.760025 2,239.357 1,701.97 0.00008 0.140887435 1,696.10 2,819.15 6.00%
11/30/1996 0.793110 2,239.357 1,776.06 0.00008 0.139405748 1,769.80 2,819.15 6.00%
12/31/1996 0.794755 2,239.357 1,779.74 0.00008 0.15031163 1,773.32 2,819.15 6.00%
01/31/1997 0.820178 2,239.357 1,836.67 0.00008 0.150610712 1,829.89 2,819.15 6.00%
02/28/1997 0.822931 2,239.357 1,842.84 0.00008 0.140375473 1,835.90 2,819.15 6.00%
03/31/1997 0.782940 2,239.357 1,753.28 0.00008 0.155925491 1,746.52 2,819.15 6.00%
04/30/1997 0.816925 2,239.357 1,829.39 0.00008 0.143549849 1,822.19 2,819.15 6.00%
05/31/1997 0.876812 2,239.357 1,963.50 0.00008 0.154761404 1,955.62 2,819.15 6.00%
06/30/1997 0.915450 2,239.357 2,050.02 0.00008 0.160735636 2,041.63 2,819.15 6.00%
07/31/1997 0.981697 2,239.357 2,198.37 0.00008 0.173398912 2,189.20 2,819.15 6.00%
08/31/1997 0.931776 2,239.357 2,086.58 0.00008 0.185932355 2,077.69 2,819.15 6.00%
09/30/1997 0.988340 2,239.357 2,213.25 0.00008 0.170769259 2,203.65 2,819.15 6.00%
10/31/1997 0.953085 2,239.357 2,134.30 0.00008 0.187159284 2,124.86 2,819.15 6.00%
11/30/1997 0.964374 2,239.357 2,159.58 0.00008 0.174645773 2,149.85 2,819.15 6.00%
12/31/1997 0.969650 2,239.357 2,171.39 0.00008 0.182589971 2,161.43 2,819.15 6.00%
01/31/1998 0.974706 2,239.357 2,182.72 0.00008 0.183573358 2,172.52 2,819.15 6.00%
02/28/1998 1.036424 2,239.357 2,320.92 0.00008 0.166658809 2,309.91 2,819.15 6.00%
03/31/1998 1.084372 2,239.357 2,428.30 0.00008 0.196184236 2,416.58 2,819.15 6.00%
04/30/1998 1.092126 2,239.357 2,445.66 0.00008 0.198622881 2,433.66 2,819.15 6.00%
05/31/1998 1.079360 2,239.357 2,417.07 0.00008 0.206694438 2,405.01 2,819.15 6.00%
06/30/1998 1.140571 2,239.357 2,554.15 0.00008 0.197671676 2,541.20 2,819.15 6.00%
07/31/1998 1.136503 2,239.357 2,545.04 0.00008 0.215827815 2,531.92 2,819.15 6.00%
08/31/1998 0.938726 2,239.357 2,102.14 0.00008 0.215039726 2,091.09 2,819.15 6.00%
09/30/1998 1.000000 2,239.357 2,239.36 0.00008 0.171870548 2,227.41 2,819.15 6.00%
10/31/1998 1.083060 2,239.357 2,425.36 0.00008 0.189177625 2,412.23 2,819.15 6.00%
11/30/1998 1.141527 2,239.357 2,556.29 0.00008 0.198265791 2,542.26 2,819.15 6.00%
12/31/1998 1.265957 2,239.357 2,834.93 0.00008 0.215917593 2,819.15 2,819.15 6.00%
12/31/1998 2,819.15
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 181.92% 181.92%
05/05/1993 100.00% 2,819.15 5.6603 20.09% 20.09% 2,819.15 2,819.15 6
05/31/1993 100.00% 2,819.15 5.5890 20.04% 20.04% 2,774.94 2,774.94 6
06/30/1993 100.00% 2,819.15 5.5068 19.30% 19.30% 2,643.06 2,643.06 6
07/31/1993 100.00% 2,819.15 5.4219 19.66% 19.66% 2,646.43 2,646.43 6
08/31/1993 100.00% 2,819.15 5.3370 19.29% 19.29% 2,563.37 2,563.37 6
09/30/1993 100.00% 2,819.15 5.2548 19.28% 19.28% 2,525.35 2,525.35 6
10/31/1993 100.00% 2,819.15 5.1699 19.37% 19.37% 2,497.40 2,497.40 6
11/30/1993 100.00% 2,819.15 5.0877 20.56% 20.56% 2,589.41 2,589.41 6
12/31/1993 100.00% 2,819.15 5.0027 19.90% 19.90% 2,479.20 2,479.20 6
01/31/1994 50.00% 2,819.15 4.9178 18.84% 18.84% 2,337.36 2,337.36 5
02/28/1994 50.00% 2,819.15 4.8411 19.14% 19.14% 2,334.30 2,334.30 5
03/31/1994 50.00% 2,819.15 4.7562 20.43% 20.43% 2,420.72 2,420.72 5
04/30/1994 50.00% 2,819.15 4.6740 20.88% 20.88% 2,425.77 2,425.77 5
05/31/1994 50.00% 2,819.15 4.5890 21.56% 21.56% 2,449.70 2,449.70 5
06/30/1994 50.00% 2,819.15 4.5068 22.93% 22.93% 2,535.38 2,535.38 5
07/31/1994 50.00% 2,819.15 4.4219 22.77% 22.77% 2,477.11 2,477.11 5
08/31/1994 50.00% 2,819.15 4.3370 21.80% 21.80% 2,352.04 2,352.04 5
09/30/1994 50.00% 2,819.15 4.2548 22.73% 22.73% 2,390.24 2,390.24 5
10/31/1994 50.00% 2,819.15 4.1699 22.99% 22.99% 2,369.61 2,369.61 5
11/30/1994 50.00% 2,819.15 4.0877 24.58% 24.58% 2,455.57 2,455.57 5
12/31/1994 50.00% 2,819.15 4.0027 24.69% 24.69% 2,418.95 2,418.95 5
01/31/1995 40.00% 2,817.70 3.9178 25.31% 25.33% 2,420.78 2,422.03 4
02/28/1995 40.00% 2,815.35 3.8411 24.25% 24.30% 2,302.69 2,305.80 4
03/31/1995 40.00% 2,813.22 3.7562 23.42% 23.49% 2,204.51 2,209.16 4
04/30/1995 40.00% 2,812.22 3.6740 23.34% 23.43% 2,161.50 2,166.83 4
05/31/1995 40.00% 2,810.40 3.5890 22.76% 22.86% 2,087.26 2,093.76 4
06/30/1995 40.00% 2,806.90 3.5068 21.11% 21.26% 1,957.52 1,966.07 4
07/31/1995 40.00% 2,802.99 3.4219 19.31% 19.51% 1,829.82 1,840.37 4
08/31/1995 40.00% 2,802.75 3.3370 19.71% 19.92% 1,822.68 1,833.35 4
09/30/1995 40.00% 2,800.49 3.2548 18.90% 19.14% 1,756.50 1,768.21 4
10/31/1995 40.00% 2,802.01 3.1699 20.38% 20.62% 1,800.47 1,811.48 4
11/30/1995 40.00% 2,800.26 3.0877 19.87% 20.13% 1,750.07 1,761.88 4
12/31/1995 40.00% 2,801.67 3.0027 21.41% 21.66% 1,790.42 1,801.59 4
01/31/1996 30.00% 2,775.72 2.9178 21.58% 22.23% 1,768.40 1,796.07 3
02/29/1996 30.00% 2,774.84 2.8384 21.83% 22.51% 1,751.53 1,779.50 3
03/31/1996 30.00% 2,775.72 2.7534 23.00% 23.70% 1,768.39 1,796.06 3
04/30/1996 30.00% 2,773.75 2.6712 22.80% 23.55% 1,730.85 1,759.18 3
05/31/1996 30.00% 2,773.06 2.5863 23.28% 24.07% 1,718.10 1,746.66 3
06/30/1996 30.00% 2,771.44 2.5041 23.28% 24.12% 1,688.88 1,717.96 3
07/31/1996 30.00% 2,776.19 2.4192 26.84% 27.65% 1,777.59 1,805.10 3
08/31/1996 30.00% 2,774.12 2.3342 26.71% 27.59% 1,737.76 1,765.98 3
09/30/1996 30.00% 2,770.37 2.2521 25.57% 26.55% 1,670.07 1,699.48 3
10/31/1996 30.00% 2,768.13 2.1671 25.36% 26.42% 1,632.05 1,662.14 3
11/30/1996 30.00% 2,763.71 2.0849 23.83% 25.02% 1,561.60 1,592.92 3
12/31/1996 30.00% 2,763.50 2.0000 24.83% 26.09% 1,558.38 1,589.76 3
01/31/1997 20.00% 2,743.19 1.9151 23.54% 25.32% 1,499.10 1,540.61 2
02/28/1997 20.00% 2,742.83 1.8384 24.41% 26.28% 1,494.00 1,535.57 2
03/31/1997 20.00% 2,748.19 1.7534 29.50% 31.40% 1,573.52 1,614.15 2
04/30/1997 20.00% 2,743.65 1.6712 27.75% 29.84% 1,505.69 1,547.12 2
05/31/1997 20.00% 2,735.65 1.5863 23.57% 25.93% 1,398.87 1,441.57 2
06/30/1997 20.00% 2,730.49 1.5041 21.32% 23.93% 1,337.40 1,380.83 2
07/31/1997 20.00% 2,721.63 1.4192 16.58% 19.51% 1,243.21 1,287.75 2
08/31/1997 20.00% 2,728.32 1.3342 22.65% 25.70% 1,313.15 1,356.87 2
09/30/1997 20.00% 2,720.76 1.2521 18.34% 21.74% 1,234.66 1,279.31 2
10/31/1997 20.00% 2,725.49 1.1671 23.78% 27.41% 1,282.67 1,326.75 2
11/30/1997 20.00% 2,723.99 1.0849 24.38% 28.38% 1,267.06 1,311.33 2
12/31/1997 20.00% 2,723.30 1.0000 26.00% 30.43% 1,259.95 1,304.30 2
01/31/1998 10.00% 2,705.72 0.9151 24.54% 29.76% 1,222.44 1,269.25 1
02/28/1998 10.00% 2,697.47 0.8384 16.78% 22.05% 1,138.88 1,181.79 1
03/31/1998 10.00% 2,691.07 0.7534 11.36% 16.66% 1,084.43 1,123.09 1
04/30/1998 10.00% 2,690.05 0.6712 10.54% 15.84% 1,069.54 1,103.73 1
05/31/1998 10.00% 2,691.77 0.5863 11.92% 17.22% 1,068.27 1,097.63 1
06/30/1998 10.00% 2,683.60 0.5041 5.60% 10.94% 1,027.87 1,053.72 1
07/31/1998 10.00% 2,684.15 0.4192 6.01% 11.34% 1,024.78 1,046.08 1
08/31/1998 10.00% 2,710.60 0.3342 29.63% 34.82% 1,090.59 1,105.00 1
09/30/1998 10.00% 2,702.42 0.2521 21.33% 26.57% 1,049.94 1,061.19 1
10/31/1998 10.00% 2,691.33 0.1671 11.57% 16.87% 1,018.46 1,026.39 1
11/30/1998 10.00% 2,683.53 0.0849 5.56% 10.89% 1,004.60 1,008.82 1
12/31/1998 10.00% 2,666.92 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
AIM VI VALUE FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.446557 -----------------------------
Units purchased 2,239.357 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,542.26 2,683.53 2,819.15 5.56% 10.89%
09/30/1998 0.25 0.25 2,227.41 2,702.42 2,819.15 21.33% 26.57%
12/31/1997 1.00 1.00 2,161.43 2,723.30 2,819.15 26.00% 30.43%
12/31/1997 1.00 1.00 2,161.43 2,723.30 2,819.15 26.00% 30.43%
12/31/1995 3.00 3.00 1,564.81 2,801.67 2,819.15 21.43% 21.68%
12/31/1993 5.00 5.00 1,137.12 2,819.15 2,819.15 19.91% 19.91%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/05/1993 5.66 5.66 1,000.00 2,819.15 2,819.15 20.09% 20.09%
12/31/1992 1,000.00
12/31/1993 1 1,137.12 13.71%
12/31/1994 1 1,165.45 2.49%
12/31/1995 1 1,564.81 34.27%
12/31/1996 1 1,773.32 13.32%
12/31/1997 1 2,161.43 21.89%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
AIM V.I. VALUE FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 10.17 1,017.00 1.70%
06/30/1993 1017 0 10 100 10.69 1,069.00 5.11%
07/31/1993 1069 0 10 100 10.69 1,069.00 0.00%
08/31/1993 1069 0 10 100 11.05 1,105.00 3.37%
09/30/1993 1105 0 10 100 11.23 1,123.00 1.63%
10/31/1993 1123 0 10 100 11.37 1,137.00 1.25%
11/30/1993 1137 0 10 100 10.98 1,098.00 -3.43%
12/31/1993 1098 0.0211 10.96 100.193 11.46 1,148.21 4.57%
01/31/1994 1148.21 0 10.96 100.193 12.17 1,219.35 6.20%
02/28/1994 1219.35 0 10.96 100.193 12.2 1,222.35 0.25%
03/31/1994 1222.35 0 10.96 100.193 11.78 1,180.27 -3.44%
04/30/1994 1180.27 0 10.96 100.193 11.77 1,179.27 -0.08%
05/31/1994 1179.27 0 10.96 100.193 11.67 1,169.25 -0.85%
06/30/1994 1169.25 0 10.96 100.193 11.29 1,131.18 -3.26%
07/31/1994 1131.18 0 10.96 100.193 11.57 1,159.23 2.48%
08/31/1994 1159.23 0 10.96 100.193 12.2 1,222.35 5.44%
09/30/1994 1222.35 0 10.96 100.193 12.02 1,204.32 -1.48%
10/31/1994 1204.32 0 10.96 100.193 12.14 1,216.34 1.00%
11/30/1994 1216.34 0 10.96 100.193 11.73 1,175.26 -3.38%
12/31/1994 1175.26 0.09 11.51 100.976 11.83 1,194.55 1.64%
01/31/1995 1194.55 0 11.51 100.976 11.83 1,194.55 0.00%
02/28/1995 1194.55 0 11.51 100.976 12.44 1,256.14 5.16%
03/31/1995 1256.14 0 11.51 100.976 13 1,312.69 4.50%
04/30/1995 1312.69 0 11.51 100.976 13.27 1,339.95 2.08%
05/31/1995 1339.95 0 11.51 100.976 13.75 1,388.42 3.62%
06/30/1995 1388.42 0 11.51 100.976 14.66 1,480.31 6.62%
07/31/1995 1480.31 0 11.51 100.976 15.68 1,583.30 6.96%
08/31/1995 1583.3 0 11.51 100.976 15.76 1,591.38 0.51%
09/30/1995 1591.38 0 11.51 100.976 16.36 1,651.97 3.81%
10/31/1995 1651.97 0 11.51 100.976 15.99 1,614.61 -2.26%
11/30/1995 1614.61 0 11.51 100.976 16.46 1,662.06 2.94%
12/31/1995 1662.06 0.008 15.8987656 101.027 16.11 1,627.54 -2.08%
01/31/1996 1627.54 0 15.8987656 101.027 16.18 1,634.62 0.44%
02/29/1996 1634.62 0 15.8987656 101.027 16.35 1,651.79 1.05%
03/31/1996 1651.79 0 15.8987656 101.027 16.22 1,638.66 -0.79%
04/30/1996 1638.66 0 15.8987656 101.027 16.58 1,675.03 2.22%
05/31/1996 1675.03 0 15.8987656 101.027 16.72 1,689.17 0.84%
06/30/1996 1689.17 0 15.8987656 101.027 17.02 1,719.48 1.79%
07/31/1996 1719.48 0 15.8987656 101.027 16.22 1,638.66 -4.70%
08/31/1996 1638.66 0 15.8987656 101.027 16.6 1,677.05 2.34%
09/30/1996 1677.05 0 15.8987656 101.027 17.27 1,744.74 4.04%
10/31/1996 1744.74 0 15.8987656 101.027 17.68 1,786.16 2.37%
11/30/1996 1786.16 0 15.8987656 101.027 18.47 1,865.97 4.47%
12/31/1996 1865.97 1.016 16.911 107.097 17.48 1,872.06 0.33%
01/31/1997 1872.06 0 16.911 107.097 18.06 1,934.17 3.32%
02/28/1997 1934.17 0 16.911 107.097 18.14 1,942.74 0.44%
03/31/1997 1942.74 0 16.911 107.097 17.28 1,850.64 -4.74%
04/30/1997 1850.64 0 16.911 107.097 18.05 1,933.10 4.46%
05/31/1997 1933.1 0 16.911 107.097 19.39466 2,077.11 7.45%
06/30/1997 2077.11 0 16.911 107.097 20.27162 2,171.03 4.52%
07/31/1997 2171.03 0 16.911 107.097 21.76272 2,330.72 7.36%
08/31/1997 2330.72 0 16.911 107.097 20.68192 2,214.97 -4.97%
09/30/1997 2214.97 0 16.911 107.097 21.9612 2,351.98 6.19%
10/31/1997 2351.98 0 16.911 107.097 21.20399 2,270.88 -3.45%
11/30/1997 2270.88 0 16.911 107.097 21.47946 2,300.39 1.30%
12/31/1997 2300.39 0.7835 20.64238 111.162 20.83188 2,315.71 0.67%
01/31/1998 2315.71 0 20.64238 111.162 20.96526 2,330.54 0.64%
02/28/1998 2330.54 0 20.64238 111.162 22.31529 2,480.61 6.44%
03/31/1998 2480.61 0 20.64238 111.162 23.37418 2,598.32 4.75%
04/30/1998 2598.32 0 20.64238 111.162 23.56819 2,619.89 0.83%
05/31/1998 2619.89 0 20.64238 111.162 23.32072 2,592.38 -1.05%
06/30/1998 2592.38 0 20.64238 111.162 24.67009 2,742.38 5.79%
07/31/1998 2742.38 0 20.64238 111.162 24.6115 2,735.86 -0.24%
08/31/1998 2735.86 0 20.64238 111.162 20.35779 2,263.01 -17.28%
09/30/1998 2263.01 0 20.64238 111.162 21.71 2,413.33 6.64%
1.41333
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000.00 0.446556811
05/31/1993 0.00100 0.997260274 1,016.00 0.07 0.453702943
06/30/1993 0.00115 1.169099043 1,066.78 0.16 0.476379058
07/31/1993 0.00119 1.268448411 1,065.51 0.25 0.475812624
08/31/1993 0.00119 1.266940174 1,100.13 0.35 0.491270488
09/30/1993 0.00115 1.265902867 1,116.78 0.44 0.498707786
10/31/1993 0.00119 1.327902829 1,129.38 0.54 0.504331996
11/30/1993 0.00115 1.299559685 1,089.34 0.62 0.486452682
12/31/1993 0.00119 1.295271321 1,137.86 0.74 0.508119069 Dividend
01/31/1994 0.00119 1.352962131 1,207.01 0.88 0.538996584
02/28/1994 0.00107 1.296290975 1,208.68 0.97 0.539743824
03/31/1994 0.00119 1.437168962 1,165.63 1.04 0.5205211
04/30/1994 0.00115 1.341275671 1,163.30 1.13 0.519481126
05/31/1994 0.00119 1.383215734 1,152.04 1.22 0.514449523
06/30/1994 0.00115 1.325630469 1,113.20 1.27 0.497107421
07/31/1994 0.00119 1.323641557 1,139.48 1.40 0.508843169
08/31/1994 0.00119 1.354890184 1,200.17 1.57 0.535944612
09/30/1994 0.00115 1.381018885 1,181.09 1.64 0.527422578
10/31/1994 0.00119 1.404361336 1,191.47 1.76 0.532059516
11/30/1994 0.00115 1.371007793 1,149.86 1.79 0.513477797
12/31/1994 0.00119 1.367230747 1,167.37 1.92 0.521295162 Dividend
01/31/1995 0.00119 1.388045945 1,165.98 2.02 0.520675321
02/28/1995 0.00107 1.252228194 1,224.84 2.21 0.546961714
03/31/1995 0.00119 1.456387944 1,278.53 2.41 0.570934951
04/30/1995 0.00115 1.471181782 1,303.61 2.56 0.582134315
05/31/1995 0.00119 1.550041579 1,349.21 2.76 0.602499673
06/30/1995 0.00115 1.552517571 1,436.95 3.05 0.641681708
07/31/1995 0.00119 1.708597659 1,535.22 3.38 0.685562614
08/31/1995 0.00119 1.825438784 1,541.23 3.52 0.68824606
09/30/1995 0.00115 1.773468349 1,598.14 3.78 0.713658299
10/31/1995 0.00119 1.900248802 1,560.09 3.83 0.696670045
11/30/1995 0.00115 1.795175224 1,604.15 4.06 0.716342068
12/31/1995 0.00119 1.907394842 1,568.92 4.11 0.700612309 Dividend
01/31/1996 0.00119 1.865511412 1,573.88 4.25 0.702827002
02/29/1996 0.00111 1.750672419 1,588.66 4.42 0.709427701
03/31/1996 0.00119 1.888984045 1,574.14 4.51 0.702944955
04/30/1996 0.00115 1.811344375 1,607.27 4.74 0.717737925
05/31/1996 0.00119 1.911111572 1,618.93 4.91 0.722943391
06/30/1996 0.00115 1.862876224 1,646.11 5.12 0.735083807
07/31/1996 0.00119 1.957298229 1,566.79 5.01 0.699658925
08/31/1996 0.00119 1.86297285 1,601.63 5.26 0.715218386
09/30/1996 0.00115 1.842970479 1,664.43 5.60 0.743263427
10/31/1996 0.00119 1.979077999 1,701.97 5.86 0.760024676
11/30/1996 0.00115 1.958427059 1,776.06 6.26 0.793109889
12/31/1996 0.00119 2.111803535 1,779.74 6.42 0.794755336 .095 Dividend .541 ST/.38 LT
01/31/1997 0.00119 2.116184845 1,836.67 6.78 0.82017822
02/28/1997 0.00107 1.972534996 1,842.84 6.94 0.82293145
03/31/1997 0.00119 2.191209022 1,753.28 6.76 0.782940017
04/30/1997 0.00115 2.017475174 1,829.39 7.20 0.816924996
05/31/1997 0.00119 2.175215713 1,963.49 7.88 0.876812036
06/30/1997 0.00115 2.259364033 2,050.02 8.39 0.915449623
07/31/1997 0.00119 2.437555975 2,198.37 9.17 0.981696966
08/31/1997 0.00119 2.613951925 2,086.58 8.89 0.931775902
09/30/1997 0.00115 2.400994595 2,213.25 9.60 0.988339995
10/31/1997 0.00119 2.631640233 2,134.30 9.44 0.953085288
11/30/1997 0.00115 2.455904493 2,159.58 9.73 0.964373894
12/31/1997 0.00119 2.567826004 2,171.39 9.96 0.969649694 .1925 Dividend .115 ST/.476 LT
01/31/1998 0.00119 2.581873808 2,182.72 10.20 0.974706458
02/28/1998 0.00107 2.34417661 2,320.92 11.01 1.036423729
03/31/1998 0.00119 2.759672177 2,428.30 11.72 1.084371797
04/30/1998 0.00115 2.79420279 2,445.66 12.00 1.092125959
05/31/1998 0.00119 2.907989789 2,417.07 12.07 1.079359572
06/30/1998 0.00115 2.781287318 2,554.15 12.95 1.140571351
07/31/1998 0.00119 3.036984715 2,545.04 13.12 1.13650346
08/31/1998 0.00119 3.026153194 2,102.14 11.05 0.938725517
09/30/1998 0.00115 2.418902322 2,239.36 11.94 1
1.23936 1.23935673
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS MONEY MARKET PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.747946 -----------------------------
Units purchased 1,336.996 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/1990 0.747946 1,336.996 1,000.00 1,000.00 1,337.77 0.00%
08/31/1990 0.747946 1,336.996 1,000.00 0.00000 0 1,000.00 1,337.77 0.00%
09/30/1990 0.751215 1,336.996 1,004.37 0.00008 0.082191796 1,004.29 1,337.77 0.00%
10/31/1990 0.755497 1,336.996 1,010.10 0.00008 0.085295822 1,009.93 1,337.77 0.00%
11/30/1990 0.759273 1,336.996 1,015.15 0.00008 0.083007876 1,014.89 1,337.77 0.00%
12/31/1990 0.763089 1,336.996 1,020.25 0.00008 0.086196448 1,019.91 1,337.77 0.00%
01/31/1991 0.766598 1,336.996 1,024.94 0.00008 0.086622329 1,024.51 1,337.77 0.00%
02/28/1991 0.769657 1,336.996 1,029.03 0.00008 0.078592666 1,028.52 1,337.77 0.00%
03/31/1991 0.772630 1,336.996 1,033.00 0.00008 0.08735383 1,032.41 1,337.77 0.00%
04/30/1991 0.775920 1,336.996 1,037.40 0.00008 0.08485535 1,036.72 1,337.77 0.00%
05/31/1991 0.778879 1,336.996 1,041.36 0.00008 0.08804997 1,040.58 1,337.77 0.00%
06/30/1991 0.781486 1,336.996 1,044.84 0.00008 0.085527327 1,043.98 1,337.77 0.00%
07/31/1991 0.784653 1,336.996 1,049.08 0.00008 0.088666877 1,048.12 1,337.77 0.00%
08/31/1991 0.787517 1,336.996 1,052.91 0.00008 0.089018667 1,051.86 1,337.77 0.00%
09/30/1991 0.790475 1,336.996 1,056.86 0.00008 0.086454179 1,055.72 1,337.77 0.00%
10/31/1991 0.793324 1,336.996 1,060.67 0.00008 0.089664144 1,059.44 1,337.77 0.00%
11/30/1991 0.795900 1,336.996 1,064.11 0.00008 0.087077207 1,062.79 1,337.77 0.00%
12/31/1991 0.798736 1,336.996 1,067.91 0.00008 0.090264469 1,066.49 1,337.77 0.00%
01/31/1992 0.801345 1,336.996 1,071.39 0.00008 0.090578479 1,069.88 1,337.77 0.00%
02/29/1992 0.803194 1,336.996 1,073.87 0.00008 0.085004267 1,072.27 1,337.77 0.00%
03/31/1992 0.805350 1,336.996 1,076.75 0.00008 0.091069083 1,075.05 1,337.77 0.00%
04/30/1992 0.807236 1,336.996 1,079.27 0.00008 0.088360522 1,077.48 1,337.77 0.00%
05/31/1992 0.809089 1,336.996 1,081.75 0.00008 0.091512128 1,079.86 1,337.77 0.00%
06/30/1992 0.811111 1,336.996 1,084.45 0.00008 0.0887559 1,082.47 1,337.77 0.00%
07/31/1992 0.813028 1,336.996 1,087.01 0.00008 0.091936128 1,084.94 1,337.77 0.00%
08/31/1992 0.814866 1,336.996 1,089.47 0.00008 0.092145538 1,087.30 1,337.77 0.00%
09/30/1992 0.816655 1,336.996 1,091.86 0.00008 0.089367167 1,089.60 1,337.77 0.00%
10/31/1992 0.818119 1,336.996 1,093.82 0.00008 0.092541177 1,091.46 1,337.77 0.00%
11/30/1992 0.819753 1,336.996 1,096.01 0.00008 0.089708987 1,093.55 1,337.77 0.00%
12/31/1992 0.821501 1,336.996 1,098.34 0.00008 0.092876835 1,095.79 1,337.77 0.00%
01/31/1993 0.823026 1,336.996 1,100.38 0.00008 0.093066918 1,097.73 1,337.77 0.00%
02/28/1993 0.824413 1,336.996 1,102.24 0.00008 0.08420933 1,099.50 1,337.77 0.00%
03/31/1993 0.825930 1,336.996 1,104.27 0.00008 0.093381785 1,101.42 1,337.77 0.00%
04/30/1993 0.827254 1,336.996 1,106.04 0.00008 0.090528071 1,103.10 1,337.77 0.00%
05/31/1993 0.828329 1,336.996 1,107.47 0.00008 0.093687919 1,104.44 1,337.77 0.00%
06/30/1993 0.829862 1,336.996 1,109.52 0.00008 0.090775832 1,106.39 1,337.77 0.00%
07/31/1993 0.831147 1,336.996 1,111.24 0.00008 0.093967651 1,108.01 1,337.77 0.00%
08/31/1993 0.832572 1,336.996 1,113.15 0.00008 0.094105128 1,109.82 1,337.77 0.00%
09/30/1993 0.833878 1,336.996 1,114.89 0.00008 0.0912179 1,111.47 1,337.77 0.00%
10/31/1993 0.835079 1,336.996 1,116.50 0.00008 0.094398566 1,112.97 1,337.77 0.00%
11/30/1993 0.836593 1,336.996 1,118.52 0.00008 0.091477327 1,114.90 1,337.77 0.00%
12/31/1993 0.838003 1,336.996 1,120.41 0.00008 0.094690204 1,116.68 1,337.77 0.00%
01/31/1994 0.839409 1,336.996 1,122.29 0.00008 0.094841728 1,118.46 1,337.77 2.00%
02/28/1994 0.840754 1,336.996 1,124.08 0.00008 0.085799931 1,120.17 1,337.77 2.00%
03/31/1994 0.842295 1,336.996 1,126.15 0.00008 0.095137685 1,122.13 1,337.77 2.00%
04/30/1994 0.843862 1,336.996 1,128.24 0.00008 0.092229711 1,124.12 1,337.77 2.00%
05/31/1994 0.845823 1,336.996 1,130.86 0.00008 0.095473404 1,126.64 1,337.77 2.00%
06/30/1994 0.847880 1,336.996 1,133.61 0.00008 0.092600561 1,129.29 1,337.77 2.00%
07/31/1994 0.850046 1,336.996 1,136.51 0.00008 0.095912087 1,132.08 1,337.77 2.00%
08/31/1994 0.852633 1,336.996 1,139.97 0.00008 0.096148894 1,135.43 1,337.77 2.00%
09/30/1994 0.855172 1,336.996 1,143.36 0.00008 0.093322611 1,138.71 1,337.77 2.00%
10/31/1994 0.857888 1,336.996 1,146.99 0.00008 0.09671258 1,142.23 1,337.77 2.00%
11/30/1994 0.860770 1,336.996 1,150.85 0.00008 0.093882187 1,145.98 1,337.77 2.00%
12/31/1994 0.863827 1,336.996 1,154.93 0.00008 0.097329439 1,149.95 1,337.77 2.00%
01/31/1995 0.867374 1,336.996 1,159.68 0.00008 0.097666921 1,154.57 1,337.77 4.00%
02/28/1995 0.870293 1,336.996 1,163.58 0.00008 0.088569937 1,158.37 1,337.77 4.00%
03/31/1995 0.873611 1,336.996 1,168.01 0.00008 0.098382071 1,162.69 1,337.77 4.00%
04/30/1995 0.876527 1,336.996 1,171.91 0.00008 0.095563384 1,166.47 1,337.77 4.00%
05/31/1995 0.880113 1,336.996 1,176.71 0.00008 0.099070373 1,171.15 1,337.77 4.00%
06/30/1995 0.883226 1,336.996 1,180.87 0.00008 0.096258547 1,175.19 1,337.77 4.00%
07/31/1995 0.886442 1,336.996 1,185.17 0.00008 0.09981084 1,179.37 1,337.77 4.00%
08/31/1995 0.889581 1,336.996 1,189.37 0.00008 0.100165854 1,183.45 1,337.77 4.00%
09/30/1995 0.892391 1,336.996 1,193.12 0.00008 0.097269656 1,187.09 1,337.77 4.00%
10/31/1995 0.895655 1,336.996 1,197.49 0.00008 0.100821202 1,191.33 1,337.77 4.00%
11/30/1995 0.898661 1,336.996 1,201.51 0.00008 0.097917483 1,195.23 1,337.77 4.00%
12/31/1995 0.901419 1,336.996 1,205.19 0.00008 0.101512699 1,198.80 1,337.77 4.00%
01/31/1996 0.904660 1,336.996 1,209.53 0.00008 0.101815651 1,203.01 1,337.77 6.00%
02/29/1996 0.907327 1,336.996 1,213.09 0.00008 0.095581285 1,206.46 1,337.77 6.00%
03/31/1996 0.909855 1,336.996 1,216.47 0.00008 0.102466104 1,209.71 1,337.77 6.00%
04/30/1996 0.912826 1,336.996 1,220.44 0.00008 0.099428614 1,213.57 1,337.77 6.00%
05/31/1996 0.915620 1,336.996 1,224.18 0.00008 0.103069991 1,217.18 1,337.77 6.00%
06/30/1996 0.918090 1,336.996 1,227.48 0.00008 0.100041951 1,220.36 1,337.77 6.00%
07/31/1996 0.921148 1,336.996 1,231.57 0.00008 0.103647065 1,224.32 1,337.77 6.00%
08/31/1996 0.923991 1,336.996 1,235.37 0.00008 0.103983542 1,228.00 1,337.77 6.00%
09/30/1996 0.926927 1,336.996 1,239.30 0.00008 0.100931215 1,231.80 1,337.77 6.00%
10/31/1996 0.929894 1,336.996 1,243.26 0.00008 0.104618475 1,235.64 1,337.77 6.00%
11/30/1996 0.932609 1,336.996 1,246.89 0.00008 0.101559167 1,239.14 1,337.77 6.00%
12/31/1996 0.935631 1,336.996 1,250.93 0.00008 0.10524221 1,243.05 1,337.77 6.00%
01/31/1997 0.938576 1,336.996 1,254.87 0.00008 0.105574297 1,246.86 1,337.77 6.00%
02/28/1997 0.941197 1,336.996 1,258.38 0.00008 0.095649526 1,250.25 1,337.77 6.00%
03/31/1997 0.944197 1,336.996 1,262.39 0.00008 0.106185224 1,254.13 1,337.77 6.00%
04/30/1997 0.947154 1,336.996 1,266.34 0.00008 0.103078772 1,257.95 1,337.77 6.00%
05/31/1997 0.950140 1,336.996 1,270.33 0.00008 0.106839513 1,261.81 1,337.77 6.00%
06/30/1997 0.953357 1,336.996 1,274.63 0.00008 0.103710248 1,265.98 1,337.77 6.00%
07/31/1997 0.956466 1,336.996 1,278.79 0.00008 0.107521335 1,270.00 1,337.77 6.00%
08/31/1997 0.959361 1,336.996 1,282.66 0.00008 0.107862776 1,273.73 1,337.77 6.00%
09/30/1997 0.962624 1,336.996 1,287.02 0.00008 0.104690406 1,277.96 1,337.77 6.00%
10/31/1997 0.965778 1,336.996 1,291.24 0.00008 0.108539168 1,282.04 1,337.77 6.00%
11/30/1997 0.968547 1,336.996 1,294.94 0.00008 0.10537315 1,285.61 1,337.77 6.00%
12/31/1997 0.972028 1,336.996 1,299.60 0.00008 0.10918884 1,290.12 1,337.77 6.00%
01/31/1998 0.975091 1,336.996 1,303.69 0.00008 0.109571967 1,294.08 1,337.77 6.00%
02/28/1998 0.977905 1,336.996 1,307.46 0.00008 0.099271667 1,297.71 1,337.77 6.00%
03/31/1998 0.981226 1,336.996 1,311.90 0.00008 0.110216729 1,302.01 1,337.77 6.00%
04/30/1998 0.984232 1,336.996 1,315.91 0.00008 0.107014492 1,305.89 1,337.77 6.00%
05/31/1998 0.987197 1,336.996 1,319.88 0.00008 0.110911328 1,309.71 1,337.77 6.00%
06/30/1998 0.990528 1,336.996 1,324.33 0.00008 0.107647787 1,314.03 1,337.77 6.00%
07/31/1998 0.993818 1,336.996 1,328.73 0.00008 0.111602243 1,318.28 1,337.77 6.00%
08/31/1998 0.996760 1,336.996 1,332.66 0.00008 0.111963363 1,322.07 1,337.77 6.00%
09/30/1998 1.000000 1,336.996 1,337.00 0.00008 0.108663238 1,326.26 1,337.77 6.00%
10/31/1998 1.003034 1,336.996 1,341.05 0.00008 0.112641096 1,330.17 1,337.77 6.00%
11/30/1998 1.006032 1,336.996 1,345.06 0.00008 0.109328983 1,334.04 1,337.77 6.00%
12/31/1998 1.008931 1,336.996 1,348.94 0.00008 0.113301667 1,337.77 1,337.77 6.00%
12/31/1998 1,337.77
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 33.78% 33.78%
08/31/1990 100.00% 1,337.77 8.3397 3.55% 3.55% 1,337.77 1,337.77 9
08/31/1990 100.00% 1,337.77 8.3397 3.55% 3.55% 1,337.77 1,337.77 9
09/30/1990 100.00% 1,337.77 8.2575 3.53% 3.53% 1,332.05 1,332.05 9
10/31/1990 100.00% 1,337.77 8.1726 3.50% 3.50% 1,324.61 1,324.61 9
11/30/1990 100.00% 1,337.77 8.0904 3.47% 3.47% 1,318.13 1,318.13 9
12/31/1990 100.00% 1,337.77 8.0055 3.45% 3.45% 1,311.65 1,311.65 9
01/31/1991 100.00% 1,337.77 7.9205 3.43% 3.43% 1,305.76 1,305.76 8
02/28/1991 100.00% 1,337.77 7.8438 3.41% 3.41% 1,300.67 1,300.67 8
03/31/1991 100.00% 1,337.77 7.7589 3.40% 3.40% 1,295.77 1,295.77 8
04/30/1991 100.00% 1,337.77 7.6767 3.38% 3.38% 1,290.39 1,290.39 8
05/31/1991 100.00% 1,337.77 7.5918 3.36% 3.36% 1,285.59 1,285.59 8
06/30/1991 100.00% 1,337.77 7.5096 3.36% 3.36% 1,281.41 1,281.41 8
07/31/1991 100.00% 1,337.77 7.4247 3.34% 3.34% 1,276.35 1,276.35 8
08/31/1991 100.00% 1,337.77 7.3397 3.33% 3.33% 1,271.81 1,271.81 8
09/30/1991 100.00% 1,337.77 7.2575 3.32% 3.32% 1,267.16 1,267.16 8
10/31/1991 100.00% 1,337.77 7.1726 3.31% 3.31% 1,262.71 1,262.71 8
11/30/1991 100.00% 1,337.77 7.0904 3.30% 3.30% 1,258.73 1,258.73 8
12/31/1991 100.00% 1,337.77 7.0055 3.29% 3.29% 1,254.37 1,254.37 8
01/31/1992 100.00% 1,337.77 6.9205 3.28% 3.28% 1,250.39 1,250.39 7
02/29/1992 100.00% 1,337.77 6.8411 3.29% 3.29% 1,247.61 1,247.61 7
03/31/1992 100.00% 1,337.77 6.7562 3.29% 3.29% 1,244.37 1,244.37 7
04/30/1992 100.00% 1,337.77 6.6740 3.30% 3.30% 1,241.57 1,241.57 7
05/31/1992 100.00% 1,337.77 6.5890 3.30% 3.30% 1,238.83 1,238.83 7
06/30/1992 100.00% 1,337.77 6.5068 3.31% 3.31% 1,235.84 1,235.84 7
07/31/1992 100.00% 1,337.77 6.4219 3.32% 3.32% 1,233.03 1,233.03 7
08/31/1992 100.00% 1,337.77 6.3370 3.33% 3.33% 1,230.36 1,230.36 7
09/30/1992 100.00% 1,337.77 6.2548 3.33% 3.33% 1,227.76 1,227.76 7
10/31/1992 100.00% 1,337.77 6.1699 3.35% 3.35% 1,225.67 1,225.67 7
11/30/1992 100.00% 1,337.77 6.0877 3.37% 3.37% 1,223.32 1,223.32 7
12/31/1992 100.00% 1,337.77 6.0027 3.38% 3.38% 1,220.83 1,220.83 7
01/31/1993 100.00% 1,337.77 5.9178 3.40% 3.40% 1,218.67 1,218.67 6
02/28/1993 100.00% 1,337.77 5.8411 3.42% 3.42% 1,216.71 1,216.71 6
03/31/1993 100.00% 1,337.77 5.7562 3.43% 3.43% 1,214.58 1,214.58 6
04/30/1993 100.00% 1,337.77 5.6740 3.46% 3.46% 1,212.73 1,212.73 6
05/31/1993 100.00% 1,337.77 5.5890 3.49% 3.49% 1,211.26 1,211.26 6
06/30/1993 100.00% 1,337.77 5.5068 3.51% 3.51% 1,209.12 1,209.12 6
07/31/1993 100.00% 1,337.77 5.4219 3.54% 3.54% 1,207.36 1,207.36 6
08/31/1993 100.00% 1,337.77 5.3370 3.56% 3.56% 1,205.39 1,205.39 6
09/30/1993 100.00% 1,337.77 5.2548 3.59% 3.59% 1,203.60 1,203.60 6
10/31/1993 100.00% 1,337.77 5.1699 3.62% 3.62% 1,201.97 1,201.97 6
11/30/1993 100.00% 1,337.77 5.0877 3.65% 3.65% 1,199.90 1,199.90 6
12/31/1993 100.00% 1,337.77 5.0027 3.68% 3.68% 1,197.98 1,197.98 6
01/31/1994 50.00% 1,328.78 4.9178 3.57% 3.71% 1,188.04 1,196.08 5
02/28/1994 50.00% 1,328.74 4.8411 3.59% 3.74% 1,186.20 1,194.25 5
03/31/1994 50.00% 1,328.70 4.7562 3.62% 3.76% 1,184.09 1,192.17 5
04/30/1994 50.00% 1,328.66 4.6740 3.64% 3.79% 1,181.95 1,190.05 5
05/31/1994 50.00% 1,328.61 4.5890 3.66% 3.81% 1,179.27 1,187.39 5
06/30/1994 50.00% 1,328.56 4.5068 3.67% 3.83% 1,176.46 1,184.61 5
07/31/1994 50.00% 1,328.50 4.4219 3.68% 3.85% 1,173.51 1,181.69 5
08/31/1994 50.00% 1,328.44 4.3370 3.69% 3.85% 1,169.99 1,178.21 5
09/30/1994 50.00% 1,328.37 4.2548 3.69% 3.86% 1,166.55 1,174.81 5
10/31/1994 50.00% 1,328.30 4.1699 3.69% 3.86% 1,162.90 1,171.19 5
11/30/1994 50.00% 1,328.22 4.0877 3.68% 3.86% 1,159.03 1,167.36 5
12/31/1994 50.00% 1,328.15 4.0027 3.66% 3.85% 1,154.96 1,163.33 5
01/31/1995 40.00% 1,312.99 3.9178 3.34% 3.83% 1,137.21 1,158.67 4
02/28/1995 40.00% 1,312.84 3.8411 3.31% 3.82% 1,133.35 1,154.87 4
03/31/1995 40.00% 1,312.66 3.7562 3.28% 3.80% 1,128.99 1,150.58 4
04/30/1995 40.00% 1,312.51 3.6740 3.26% 3.80% 1,125.20 1,146.85 4
05/31/1995 40.00% 1,312.33 3.5890 3.22% 3.78% 1,120.55 1,142.27 4
06/30/1995 40.00% 1,312.16 3.5068 3.19% 3.76% 1,116.55 1,138.34 4
07/31/1995 40.00% 1,312.00 3.4219 3.16% 3.75% 1,112.45 1,134.30 4
08/31/1995 40.00% 1,311.83 3.3370 3.13% 3.74% 1,108.48 1,130.40 4
09/30/1995 40.00% 1,311.69 3.2548 3.11% 3.74% 1,104.96 1,126.93 4
10/31/1995 40.00% 1,311.52 3.1699 3.08% 3.72% 1,100.89 1,122.92 4
11/30/1995 40.00% 1,311.36 3.0877 3.05% 3.72% 1,097.16 1,119.25 4
12/31/1995 40.00% 1,311.22 3.0027 3.03% 3.72% 1,093.78 1,115.92 4
01/31/1996 30.00% 1,289.67 2.9178 2.41% 3.71% 1,072.04 1,112.02 3
02/29/1996 30.00% 1,289.46 2.8384 2.37% 3.71% 1,068.80 1,108.84 3
03/31/1996 30.00% 1,289.26 2.7534 2.34% 3.72% 1,065.76 1,105.85 3
04/30/1996 30.00% 1,289.03 2.6712 2.28% 3.72% 1,062.19 1,102.34 3
05/31/1996 30.00% 1,288.82 2.5863 2.24% 3.72% 1,058.86 1,099.07 3
06/30/1996 30.00% 1,288.62 2.5041 2.20% 3.74% 1,055.94 1,096.21 3
07/31/1996 30.00% 1,288.39 2.4192 2.13% 3.73% 1,052.33 1,092.66 3
08/31/1996 30.00% 1,288.17 2.3342 2.07% 3.74% 1,049.00 1,089.39 3
09/30/1996 30.00% 1,287.94 2.2521 2.00% 3.73% 1,045.58 1,086.03 3
10/31/1996 30.00% 1,287.71 2.1671 1.92% 3.73% 1,042.14 1,082.65 3
11/30/1996 30.00% 1,287.50 2.0849 1.85% 3.74% 1,039.02 1,079.59 3
12/31/1996 30.00% 1,287.26 2.0000 1.76% 3.74% 1,035.57 1,076.20 3
01/31/1997 20.00% 1,279.01 1.9151 1.34% 3.74% 1,025.78 1,072.91 2
02/28/1997 20.00% 1,278.81 1.8384 1.24% 3.75% 1,022.84 1,070.00 2
03/31/1997 20.00% 1,278.57 1.7534 1.11% 3.75% 1,019.49 1,066.69 2
04/30/1997 20.00% 1,278.34 1.6712 0.97% 3.75% 1,016.21 1,063.45 2
05/31/1997 20.00% 1,278.11 1.5863 0.81% 3.75% 1,012.92 1,060.20 2
06/30/1997 20.00% 1,277.86 1.5041 0.62% 3.74% 1,009.39 1,056.71 2
07/31/1997 20.00% 1,277.62 1.4192 0.42% 3.73% 1,006.00 1,053.36 2
08/31/1997 20.00% 1,277.40 1.3342 0.22% 3.74% 1,002.88 1,050.27 2
09/30/1997 20.00% 1,277.14 1.2521 -0.05% 3.72% 999.36 1,046.80 2
10/31/1997 20.00% 1,276.90 1.1671 -0.34% 3.71% 995.99 1,043.47 2
11/30/1997 20.00% 1,276.68 1.0849 -0.64% 3.73% 993.06 1,040.57 2
12/31/1997 20.00% 1,276.41 1.0000 -1.06% 3.69% 989.37 1,036.93 2
01/31/1998 10.00% 1,268.15 0.9151 -2.00% 3.38% 981.65 1,030.85 1
02/28/1998 10.00% 1,267.93 0.8384 -2.30% 3.09% 980.72 1,025.81 1
03/31/1998 10.00% 1,267.67 0.7534 -2.64% 2.75% 980.07 1,020.62 1
04/30/1998 10.00% 1,267.44 0.6712 -2.94% 2.44% 980.14 1,016.32 1
05/31/1998 10.00% 1,267.21 0.5863 -3.25% 2.14% 980.84 1,012.50 1
06/30/1998 10.00% 1,266.95 0.5041 -3.58% 1.81% 981.78 1,009.07 1
07/31/1998 10.00% 1,266.70 0.4192 -3.91% 1.48% 983.41 1,006.17 1
08/31/1998 10.00% 1,266.47 0.3342 -4.21% 1.19% 985.74 1,003.95 1
09/30/1998 10.00% 1,266.22 0.2521 -4.53% 0.87% 988.39 1,002.18 1
10/31/1998 10.00% 1,265.98 0.1671 -4.83% 0.57% 991.77 1,000.95 1
11/30/1998 10.00% 1,265.75 0.0849 -5.12% 0.28% 995.55 1,000.24 1
12/31/1998 10.00% 1,265.53 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS MONEY MARKET PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.747946 -----------------------------
Units purchased 1,336.996 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,334.04 1,265.75 1,337.77 -5.12% 0.28%
09/30/1998 0.25 0.25 1,326.26 1,266.22 1,337.77 -4.53% 0.87%
12/31/1997 1.00 1.00 1,290.12 1,276.41 1,337.77 -1.06% 3.69%
12/31/1997 1.00 1.00 1,290.12 1,276.41 1,337.77 -1.06% 3.69%
12/31/1995 3.00 3.00 1,198.80 1,311.22 1,337.77 3.03% 3.72%
12/31/1993 5.00 5.00 1,116.68 1,337.77 1,337.77 3.68% 3.68%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
08/31/1990 8.3 8.34 1,000.00 1,337.77 1,337.77 3.55% 3.55%
12/31/1992 1,095.79
12/31/1993 1 1,116.68 1.91%
12/31/1994 1 1,149.95 2.98%
12/31/1995 1 1,198.80 4.25%
12/31/1996 1 1,243.05 3.69%
12/31/1997 1 1,290.12 3.79%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
DREYFUS MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/31/1990 100 1 100
08/31/1990 100 0.0001929 1 100.019 1 100.02 0.02%
09/30/1990 100.02 0.0053826 1 100.557 1 100.56 0.54%
10/31/1990 100.56 0.0067609 1 101.237 1 101.24 0.68%
11/30/1990 101.24 0.0060749 1 101.852 1 101.85 0.60%
12/31/1990 101.85 0.0060203 1 102.465 1 102.47 0.61%
01/31/1991 102.47 0.0057 1 103.049 1 103.05 0.57%
02/28/1991 103.05 0.0049716 1 103.561 1 103.56 0.49%
03/31/1991 103.56 0.0049203 1 104.071 1 104.07 0.49%
04/30/1991 104.07 0.0052967 1 104.622 1 104.62 0.53%
05/31/1991 104.62 0.004855 1 105.13 1 105.13 0.49%
06/30/1991 105.13 0.0043584 1 105.588 1 105.59 0.44%
07/31/1991 105.59 0.0051429 1 106.131 1 106.13 0.51%
08/31/1991 106.13 0.0046669 1 106.626 1 106.63 0.47%
09/30/1991 106.63 0.0047916 1 107.137 1 107.14 0.48%
10/31/1991 107.14 0.0046689 1 107.637 1 107.64 0.47%
11/30/1991 107.64 0.0043022 1 108.1 1 108.10 0.43%
12/31/1991 108.1 0.0046552 1 108.603 1 108.60 0.46%
01/31/1992 108.6 0.0043078 1 109.071 1 109.07 0.43%
02/29/1992 109.07 0.0033218 1 109.433 1 109.43 0.33%
03/31/1992 109.43 0.0037147 1 109.84 1 109.84 0.37%
04/30/1992 109.84 0.0033842 1 110.212 1 110.21 0.34%
05/31/1992 110.21 0.0033253 1 110.578 1 110.58 0.34%
06/30/1992 110.58 0.0035842 1 110.974 1 110.97 0.35%
07/31/1992 110.97 0.0033687 1 111.348 1 111.35 0.34%
08/31/1992 111.35 0.003379 1 111.724 1 111.72 0.33%
09/30/1992 111.72 0.003145 1 112.075 1 112.08 0.32%
10/31/1992 112.08 0.0029189 1 112.402 1 112.40 0.29%
11/30/1992 112.4 0.0030077 1 112.74 1 112.74 0.30%
12/31/1992 112.74 0.0032181 1 113.103 1 113.10 0.32%
01/31/1993 113.1 0.0028983 1 113.431 1 113.43 0.29%
02/28/1993 113.43 0.0026639 1 113.733 1 113.73 0.26%
03/31/1993 113.73 0.002906 1 114.064 1 114.06 0.29%
04/30/1993 114.06 0.0025554 1 114.355 1 114.36 0.26%
05/31/1993 114.36 0.0024055 1 114.63 1 114.63 0.24%
06/30/1993 114.63 0.0028641 1 114.958 1 114.96 0.29%
07/31/1993 114.96 0.0025907 1 115.256 1 115.26 0.26%
08/31/1993 115.26 0.0027909 1 115.578 1 115.58 0.28%
09/30/1993 115.58 0.0025716 1 115.875 1 115.88 0.26%
10/31/1993 115.88 0.0025149 1 116.166 1 116.17 0.25%
11/30/1993 116.17 0.0028334 1 116.495 1 116.50 0.28%
12/31/1993 116.5 0.0027927 1 116.82 1 116.82 0.27%
01/31/1994 116.82 0.002743 1 117.14 1 117.14 0.27%
02/28/1994 117.14 0.0025579 1 117.44 1 117.44 0.26%
03/31/1994 117.44 0.0029127 1 117.782 1 117.78 0.29%
04/30/1994 117.78 0.0028306 1 118.115 1 118.12 0.29%
05/31/1994 118.12 0.0033944 1 118.516 1 118.52 0.34%
06/30/1994 118.52 0.0035303 1 118.934 1 118.93 0.35%
07/31/1994 118.93 0.0035376 1 119.355 1 119.36 0.36%
08/31/1994 119.36 0.0041734 1 119.853 1 119.85 0.41%
09/30/1994 119.85 0.0039426 1 120.326 1 120.33 0.40%
10/31/1994 120.33 0.0042806 1 120.841 1 120.84 0.42%
11/30/1994 120.84 0.0043425 1 121.366 1 121.37 0.44%
12/31/1994 121.37 0.0046347 1 121.928 1 121.93 0.46%
01/31/1995 121.93 0.0051604 1 122.557 1 122.56 0.52%
02/28/1995 122.56 0.0043435 1 123.089 1 123.09 0.43%
03/31/1995 123.09 0.004861 1 123.687 1 123.69 0.49%
04/30/1995 123.69 0.0044162 1 124.233 1 124.23 0.44%
05/31/1995 124.23 0.005133 1 124.871 1 124.87 0.52%
06/30/1995 124.87 0.0045638 1 125.441 1 125.44 0.46%
07/31/1995 125.44 0.0046698 1 126.027 1 126.03 0.47%
08/31/1995 126.03 0.0045936 1 126.606 1 126.61 0.46%
09/30/1995 126.61 0.0042393 1 127.143 1 127.14 0.42%
10/31/1995 127.14 0.0046919 1 127.74 1 127.74 0.47%
11/30/1995 127.74 0.0043711 1 128.298 1 128.30 0.44%
12/31/1995 128.3 0.0041792 1 128.834 1 128.83 0.41%
01/31/1996 128.83 0.0046557 1 129.434 1 129.43 0.47%
02/29/1996 129.43 0.0039115 1 129.94 1 129.94 0.39%
03/31/1996 129.94 0.0038661 1 130.442 1 130.44 0.38%
04/30/1996 130.44 0.004275 1 131 1 131.00 0.43%
05/31/1996 131 0.0041297 1 131.541 1 131.54 0.41%
06/30/1996 131.54 0.003733 1 132.032 1 132.03 0.37%
07/31/1996 132.03 0.004411 1 132.614 1 132.61 0.44%
08/31/1996 132.61 0.0041119 1 133.159 1 133.16 0.41%
09/30/1996 133.16 0.0042359 1 133.723 1 133.72 0.42%
10/31/1996 133.72 0.0042164 1 134.287 1 134.29 0.43%
11/30/1996 134.29 0.0039572 1 134.818 1 134.82 0.39%
12/31/1996 134.82 0.0043272 1 135.401 1 135.40 0.43%
01/31/1997 135.4 0.004188 1 135.968 1 135.97 0.42%
02/28/1997 135.97 0.0037675 1 136.48 1 136.48 0.38%
03/31/1997 136.48 0.0042242 1 137.057 1 137.06 0.42%
04/30/1997 137.06 0.0042024 1 137.633 1 137.63 0.42%
05/31/1997 137.63 0.0042121 1 138.213 1 138.21 0.42%
06/30/1997 138.21 0.0043537 1 138.815 1 138.82 0.44%
07/31/1997 138.82 0.0043611 1 139.42 1 139.42 0.43%
08/31/1997 139.42 0.0040656 1 139.987 1 139.99 0.41%
09/30/1997 139.99 0.0044729 1 140.613 1 140.61 0.44%
10/31/1997 140.61 0.0043287 1 141.222 1 141.22 0.43%
11/30/1997 141.22 0.0039044 1 141.773 1 141.77 0.39%
12/31/1997 141.77 0.0046081 1 142.426 1 142.43 0.47%
01/31/1998 142.43 0.0042036 1 143.025 1 143.03 0.42%
02/28/1998 143.03 0.0038736 1 143.579 1 143.58 0.38%
03/31/1998 143.58 0.0044289 1 144.215 1 144.22 0.45%
04/30/1998 144.22 0.0041514 1 144.814 1 144.81 0.41%
05/31/1998 144.81 0.0040127 1 145.395 1 145.40 0.41%
06/30/1998 145.4 0.0044552 1 146.043 1 146.04 0.44%
07/31/1998 146.04 0.0043578 1 146.679 1 146.68 0.44%
08/31/1998 146.68 0.0040372 1 147.271 1 147.27 0.40%
09/30/1998 147.27 0.0042375 1 147.895 1 147.90 0.43%
0.4790
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
08/31/1990 1,000.00 0.747795973
08/31/1990 0.00000 0 1,000.20 0.20 0.747945532
09/30/1990 0.00103 1.02760274 1,004.57 0.28 0.751215193
10/31/1990 0.00106 1.066498093 1,010.30 0.37 0.755497487
11/30/1990 0.00103 1.037978374 1,015.35 0.45 0.759273379
12/31/1990 0.00106 1.077938277 1,020.45 0.54 0.76308929
01/31/1991 0.00106 1.083355714 1,025.14 0.63 0.766598393
02/28/1991 0.00096 0.983014587 1,029.23 0.71 0.769657236
03/31/1991 0.00106 1.092680209 1,033.21 0.80 0.772630451
04/30/1991 0.00103 1.061517361 1,037.61 0.89 0.77591993
05/31/1991 0.00106 1.101571338 1,041.57 0.98 0.778878622
06/30/1991 0.00103 1.070101728 1,045.05 1.07 0.781486415
07/31/1991 0.00106 1.109474062 1,049.29 1.17 0.784653371
08/31/1991 0.00106 1.11397018 1,053.12 1.26 0.78751701
09/30/1991 0.00103 1.081970013 1,057.07 1.35 0.790474528
10/31/1991 0.00106 1.122234459 1,060.88 1.44 0.793324305
11/30/1991 0.00103 1.089948658 1,064.33 1.54 0.79589952
12/31/1991 0.00106 1.129936306 1,068.12 1.63 0.79873587
01/31/1992 0.00106 1.133963064 1,071.61 1.73 0.801344673
02/29/1992 0.00099 1.064268917 1,074.08 1.82 0.803193761
03/31/1992 0.00106 1.140291919 1,076.97 1.91 0.805350371
04/30/1992 0.00103 1.106471277 1,079.49 2.01 0.807235808
05/31/1992 0.00106 1.146030402 1,081.96 2.10 0.809088885
06/30/1992 0.00103 1.111607623 1,084.67 2.20 0.811111172
07/31/1992 0.00106 1.151532245 1,087.23 2.29 0.813027588
08/31/1992 0.00106 1.154252976 1,089.69 2.39 0.814866016
09/30/1992 0.00103 1.119544826 1,092.08 2.48 0.816654601
10/31/1992 0.00106 1.159402236 1,094.04 2.58 0.818119238
11/30/1992 0.00103 1.12401443 1,096.23 2.68 0.819753443
12/31/1992 0.00106 1.163801653 1,098.56 2.77 0.821500783
01/31/1993 0.00106 1.166282347 1,100.60 2.87 0.823025594
02/28/1993 0.00096 1.055371589 1,102.46 2.96 0.824413132
03/31/1993 0.00106 1.170417 1,104.49 3.06 0.825930024
04/30/1993 0.00103 1.134745671 1,106.26 3.16 0.827253822
05/31/1993 0.00106 1.17444992 1,107.69 3.25 0.828328691
06/30/1993 0.00103 1.138041201 1,109.74 3.35 0.829862284
07/31/1993 0.00106 1.178153145 1,111.46 3.45 0.831146877
08/31/1993 0.00106 1.179976879 1,113.37 3.55 0.832572034
09/30/1993 0.00103 1.143871133 1,115.11 3.65 0.83387768
10/31/1993 0.00106 1.183853792 1,116.72 3.75 0.835079252
11/30/1993 0.00103 1.147315801 1,118.75 3.84 0.836593474 .0000438 Cap Gain
12/31/1993 0.00106 1.187709397 1,120.63 3.95 0.838003249
01/31/1994 0.00106 1.189710851 1,122.51 4.05 0.839409094
02/28/1994 0.00096 1.076380268 1,124.31 4.14 0.84075394
03/31/1994 0.00106 1.193615999 1,126.37 4.24 0.842295421
04/30/1994 0.00103 1.157230099 1,128.46 4.34 0.843861535
05/31/1994 0.00106 1.198027844 1,131.09 4.45 0.845823297
06/30/1994 0.00103 1.162077049 1,133.84 4.55 0.847880283
07/31/1994 0.00106 1.203733249 1,136.73 4.66 0.850045709
08/31/1994 0.00106 1.206807498 1,140.19 4.77 0.852632894
09/30/1994 0.00103 1.171432759 1,143.59 4.88 0.855171702
10/31/1994 0.00106 1.214084855 1,147.22 4.99 0.857888326
11/30/1994 0.00103 1.1786532 1,151.08 5.10 0.860769602
12/31/1994 0.00106 1.222032179 1,155.16 5.22 0.863827354
01/31/1995 0.00106 1.226373261 1,159.91 5.33 0.867373586
02/28/1995 0.00096 1.112239336 1,163.81 5.44 0.870292739
03/31/1995 0.00106 1.235552149 1,168.25 5.56 0.873611025
04/30/1995 0.00103 1.200254622 1,172.15 5.67 0.876527449
05/31/1995 0.00106 1.244403549 1,176.94 5.80 0.880112526
06/30/1995 0.00103 1.209187038 1,181.11 5.91 0.883225792
07/31/1995 0.00106 1.253913168 1,185.41 6.03 0.886442324
08/31/1995 0.00106 1.258479669 1,189.60 6.16 0.889580715
09/30/1995 0.00103 1.222195388 1,193.36 6.27 0.892390621
10/31/1995 0.00106 1.26692445 1,197.73 6.40 0.895654597
11/30/1995 0.00103 1.230540297 1,201.75 6.52 0.898660868
12/31/1995 0.00106 1.275826302 1,205.43 6.64 0.901419127
01/31/1996 0.00106 1.279742195 1,209.77 6.76 0.904660321
02/29/1996 0.00099 1.201482823 1,213.33 6.88 0.907326538
03/31/1996 0.00106 1.28812893 1,216.72 7.00 0.90985461
04/30/1996 0.00103 1.250049702 1,220.69 7.12 0.91282598
05/31/1996 0.00106 1.295936472 1,224.42 7.25 0.915619678
06/30/1996 0.00103 1.257970333 1,227.73 7.37 0.918089751
07/31/1996 0.00106 1.303409432 1,231.82 7.50 0.92114818
08/31/1996 0.00106 1.307751476 1,235.62 7.62 0.923990711
09/30/1996 0.00103 1.269471299 1,239.55 7.75 0.926927218
10/31/1996 0.00106 1.31595596 1,243.51 7.88 0.929894307
11/30/1996 0.00103 1.277582252 1,247.14 8.00 0.932608934
12/31/1996 0.00106 1.324022276 1,251.18 8.13 0.935630949
01/31/1997 0.00106 1.328312622 1,255.12 8.26 0.938576414
02/28/1997 0.00096 1.203543229 1,258.63 8.38 0.941196847
03/31/1997 0.00106 1.336214512 1,262.64 8.52 0.944197442
04/30/1997 0.00103 1.297233337 1,266.59 8.65 0.947154069
05/31/1997 0.00106 1.344671963 1,270.59 8.78 0.950140023
06/30/1997 0.00103 1.305397852 1,274.89 8.91 0.953357365
07/31/1997 0.00106 1.353478764 1,279.05 9.05 0.956465786
08/31/1997 0.00106 1.357891782 1,282.92 9.18 0.959360743
09/30/1997 0.00103 1.318066203 1,287.28 9.32 0.962623999
10/31/1997 0.00106 1.366634579 1,291.50 9.46 0.96577813
11/30/1997 0.00103 1.326883054 1,295.20 9.59 0.968547243
12/31/1997 0.00106 1.375043791 1,299.86 9.74 0.972027992
01/31/1998 0.00106 1.379985402 1,303.95 9.88 0.975090806
02/28/1998 0.00096 1.250365895 1,307.72 10.00 0.97790535
03/31/1998 0.00106 1.388329469 1,312.16 10.15 0.981226122
04/30/1998 0.00103 1.348107059 1,316.18 10.29 0.984232182
05/31/1998 0.00106 1.397311655 1,320.14 10.43 0.987197339
06/30/1998 0.00103 1.356310917 1,324.60 10.57 0.990528393
07/31/1998 0.00106 1.406250369 1,329.00 10.72 0.993817658
08/31/1998 0.00106 1.410920128 1,332.93 10.86 0.996760072
09/30/1998 0.00103 1.369449159 1,337.26 11.01 1
0.3373 0.3373
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS MONEY MARKET PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.757048 -----------------------------
Units purchased 1,320.921 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/1990 0.757048 1,320.921 1,000.00 1,000.00 1,321.19 0.00%
08/31/1990 0.757048 1,320.921 1,000.00 0.00000 0 1,000.00 1,321.19 0.00%
09/30/1990 0.760264 1,320.921 1,004.25 0.00008 0.082191786 1,004.17 1,321.19 0.00%
10/31/1990 0.764501 1,320.921 1,009.85 0.00008 0.085285341 1,009.68 1,321.19 0.00%
11/30/1990 0.768227 1,320.921 1,014.77 0.00008 0.082987162 1,014.52 1,321.19 0.00%
12/31/1990 0.771990 1,320.921 1,019.74 0.00008 0.086164366 1,019.40 1,321.19 0.00%
01/31/1991 0.775442 1,320.921 1,024.30 0.00008 0.08657911 1,023.87 1,321.19 0.00%
02/28/1991 0.778447 1,320.921 1,028.27 0.00008 0.078543491 1,027.76 1,321.19 0.00%
03/31/1991 0.781355 1,320.921 1,032.11 0.00008 0.087289167 1,031.51 1,321.19 0.00%
04/30/1991 0.784585 1,320.921 1,036.38 0.00008 0.084781776 1,035.69 1,321.19 0.00%
05/31/1991 0.787477 1,320.921 1,040.19 0.00008 0.087962824 1,039.42 1,321.19 0.00%
06/30/1991 0.790017 1,320.921 1,043.55 0.00008 0.085431834 1,042.69 1,321.19 0.00%
07/31/1991 0.793117 1,320.921 1,047.65 0.00008 0.088556994 1,046.69 1,321.19 0.00%
08/31/1991 0.795911 1,320.921 1,051.34 0.00008 0.088897066 1,050.29 1,321.19 0.00%
09/30/1991 0.798802 1,320.921 1,055.15 0.00008 0.086325122 1,054.02 1,321.19 0.00%
10/31/1991 0.801580 1,320.921 1,058.82 0.00008 0.089519297 1,057.59 1,321.19 0.00%
11/30/1991 0.804083 1,320.921 1,062.13 0.00008 0.086925503 1,060.81 1,321.19 0.00%
12/31/1991 0.806846 1,320.921 1,065.78 0.00008 0.090096138 1,064.36 1,321.19 0.00%
01/31/1992 0.809379 1,320.921 1,069.13 0.00008 0.090398084 1,067.61 1,321.19 0.00%
02/29/1992 0.811150 1,320.921 1,071.46 0.00008 0.0848242 1,069.87 1,321.19 0.00%
03/31/1992 0.813224 1,320.921 1,074.21 0.00008 0.090865363 1,072.51 1,321.19 0.00%
04/30/1992 0.815028 1,320.921 1,076.59 0.00008 0.088151658 1,074.80 1,321.19 0.00%
05/31/1992 0.816795 1,320.921 1,078.92 0.00008 0.091284584 1,077.04 1,321.19 0.00%
06/30/1992 0.818736 1,320.921 1,081.49 0.00008 0.088523955 1,079.51 1,321.19 0.00%
07/31/1992 0.820566 1,320.921 1,083.90 0.00008 0.091684595 1,081.83 1,321.19 0.00%
08/31/1992 0.822317 1,320.921 1,086.22 0.00008 0.091881751 1,084.05 1,321.19 0.00%
09/30/1992 0.824021 1,320.921 1,088.47 0.00008 0.089100006 1,086.21 1,321.19 0.00%
10/31/1992 0.825394 1,320.921 1,090.28 0.00008 0.092253176 1,087.92 1,321.19 0.00%
11/30/1992 0.826941 1,320.921 1,092.32 0.00008 0.089418426 1,089.87 1,321.19 0.00%
12/31/1992 0.828598 1,320.921 1,094.51 0.00008 0.092564623 1,091.97 1,321.19 0.00%
01/31/1993 0.830030 1,320.921 1,096.40 0.00008 0.092742274 1,093.76 1,321.19 0.00%
02/28/1993 0.831334 1,320.921 1,098.13 0.00008 0.083904912 1,095.39 1,321.19 0.00%
03/31/1993 0.832758 1,320.921 1,100.01 0.00008 0.09303352 1,097.18 1,321.19 0.00%
04/30/1993 0.833990 1,320.921 1,101.63 0.00008 0.090178978 1,098.71 1,321.19 0.00%
05/31/1993 0.834967 1,320.921 1,102.93 0.00008 0.093315153 1,099.90 1,321.19 0.00%
06/30/1993 0.836410 1,320.921 1,104.83 0.00008 0.090403148 1,101.72 1,321.19 0.00%
07/31/1993 0.837598 1,320.921 1,106.40 0.00008 0.093570345 1,103.19 1,321.19 0.00%
08/31/1993 0.838928 1,320.921 1,108.16 0.00008 0.093695321 1,104.84 1,321.19 0.00%
09/30/1993 0.840140 1,320.921 1,109.76 0.00008 0.090809114 1,106.35 1,321.19 0.00%
10/31/1993 0.841244 1,320.921 1,111.22 0.00008 0.093963958 1,107.71 1,321.19 0.00%
11/30/1993 0.842665 1,320.921 1,113.09 0.00008 0.091044584 1,109.49 1,321.19 0.00%
12/31/1993 0.843978 1,320.921 1,114.83 0.00008 0.094230663 1,111.12 1,321.19 0.00%
01/31/1994 0.845286 1,320.921 1,116.56 0.00008 0.094369447 1,112.75 1,321.19 2.00%
02/28/1994 0.846543 1,320.921 1,118.22 0.00008 0.085361816 1,114.32 1,321.19 2.00%
03/31/1994 0.847988 1,320.921 1,120.12 0.00008 0.094641014 1,116.13 1,321.19 2.00%
04/30/1994 0.849460 1,320.921 1,122.07 0.00008 0.091736554 1,117.97 1,321.19 2.00%
05/31/1994 0.851326 1,320.921 1,124.53 0.00008 0.094951216 1,120.34 1,321.19 2.00%
06/30/1994 0.853292 1,320.921 1,127.13 0.00008 0.09208238 1,122.83 1,321.19 2.00%
07/31/1994 0.855362 1,320.921 1,129.87 0.00008 0.095363643 1,125.46 1,321.19 2.00%
08/31/1994 0.857857 1,320.921 1,133.16 0.00008 0.095586947 1,128.65 1,321.19 2.00%
09/30/1994 0.860305 1,320.921 1,136.40 0.00008 0.092765398 1,131.77 1,321.19 2.00%
10/31/1994 0.862929 1,320.921 1,139.86 0.00008 0.096123308 1,135.13 1,321.19 2.00%
11/30/1994 0.865720 1,320.921 1,143.55 0.00008 0.093298309 1,138.71 1,321.19 2.00%
12/31/1994 0.868685 1,320.921 1,147.46 0.00008 0.096712236 1,142.51 1,321.19 2.00%
01/31/1995 0.872141 1,320.921 1,152.03 0.00008 0.097035257 1,146.96 1,321.19 4.00%
02/28/1995 0.874976 1,320.921 1,155.77 0.00008 0.087985943 1,150.60 1,321.19 4.00%
03/31/1995 0.878200 1,320.921 1,160.03 0.00008 0.097722171 1,154.74 1,321.19 4.00%
04/30/1995 0.881024 1,320.921 1,163.76 0.00008 0.094910342 1,158.36 1,321.19 4.00%
05/31/1995 0.884515 1,320.921 1,168.37 0.00008 0.098381274 1,162.85 1,321.19 4.00%
06/30/1995 0.887535 1,320.921 1,172.36 0.00008 0.095576877 1,166.73 1,321.19 4.00%
07/31/1995 0.890654 1,320.921 1,176.48 0.00008 0.099091838 1,170.73 1,321.19 4.00%
08/31/1995 0.893694 1,320.921 1,180.50 0.00008 0.09943167 1,174.62 1,321.19 4.00%
09/30/1995 0.896407 1,320.921 1,184.08 0.00008 0.096544442 1,178.09 1,321.19 4.00%
10/31/1995 0.899571 1,320.921 1,188.26 0.00008 0.100057209 1,182.15 1,321.19 4.00%
11/30/1995 0.902480 1,320.921 1,192.10 0.00008 0.097163158 1,185.88 1,321.19 4.00%
12/31/1995 0.905135 1,320.921 1,195.61 0.00008 0.100718299 1,189.26 1,321.19 4.00%
01/31/1996 0.908274 1,320.921 1,199.76 0.00008 0.101006048 1,193.29 1,321.19 6.00%
02/29/1996 0.910842 1,320.921 1,203.15 0.00008 0.094809218 1,196.57 1,321.19 6.00%
03/31/1996 0.913264 1,320.921 1,206.35 0.00008 0.101626347 1,199.65 1,321.19 6.00%
04/30/1996 0.916134 1,320.921 1,210.14 0.00008 0.098601221 1,203.32 1,321.19 6.00%
05/31/1996 0.918821 1,320.921 1,213.69 0.00008 0.102199735 1,206.75 1,321.19 6.00%
06/30/1996 0.921187 1,320.921 1,216.81 0.00008 0.099184661 1,209.75 1,321.19 6.00%
07/31/1996 0.924138 1,320.921 1,220.71 0.00008 0.102746247 1,213.53 1,321.19 6.00%
08/31/1996 0.926872 1,320.921 1,224.32 0.00008 0.103066709 1,217.01 1,321.19 6.00%
09/30/1996 0.929704 1,320.921 1,228.06 0.00008 0.100028588 1,220.63 1,321.19 6.00%
10/31/1996 0.932561 1,320.921 1,231.84 0.00008 0.103670129 1,224.28 1,321.19 6.00%
11/30/1996 0.935169 1,320.921 1,235.28 0.00008 0.100625772 1,227.60 1,321.19 6.00%
12/31/1996 0.938080 1,320.921 1,239.13 0.00008 0.104262146 1,231.32 1,321.19 6.00%
01/31/1997 0.940913 1,320.921 1,242.87 0.00008 0.104577858 1,234.93 1,321.19 6.00%
02/28/1997 0.943432 1,320.921 1,246.20 0.00008 0.094734726 1,238.15 1,321.19 6.00%
03/31/1997 0.946320 1,320.921 1,250.01 0.00008 0.105157591 1,241.83 1,321.19 6.00%
04/30/1997 0.949166 1,320.921 1,253.77 0.00008 0.102068237 1,245.46 1,321.19 6.00%
05/31/1997 0.952038 1,320.921 1,257.57 0.00008 0.105779107 1,249.13 1,321.19 6.00%
06/30/1997 0.955144 1,320.921 1,261.67 0.00008 0.102667859 1,253.10 1,321.19 6.00%
07/31/1997 0.958136 1,320.921 1,265.62 0.00008 0.106427562 1,256.92 1,321.19 6.00%
08/31/1997 0.960914 1,320.921 1,269.29 0.00008 0.106751971 1,260.46 1,321.19 6.00%
09/30/1997 0.964065 1,320.921 1,273.45 0.00008 0.103599109 1,264.48 1,321.19 6.00%
10/31/1997 0.967101 1,320.921 1,277.46 0.00008 0.107394554 1,268.36 1,321.19 6.00%
11/30/1997 0.969754 1,320.921 1,280.97 0.00008 0.104248683 1,271.74 1,321.19 6.00%
12/31/1997 0.973116 1,320.921 1,285.41 0.00008 0.108010373 1,276.04 1,321.19 6.00%
01/31/1998 0.976058 1,320.921 1,289.30 0.00008 0.108375606 1,279.79 1,321.19 6.00%
02/28/1998 0.978763 1,320.921 1,292.87 0.00008 0.098175299 1,283.23 1,321.19 6.00%
03/31/1998 0.981962 1,320.921 1,297.09 0.00008 0.108986975 1,287.32 1,321.19 6.00%
04/30/1998 0.984849 1,320.921 1,300.91 0.00008 0.105807031 1,291.00 1,321.19 6.00%
05/31/1998 0.987691 1,320.921 1,304.66 0.00008 0.109646418 1,294.61 1,321.19 6.00%
06/30/1998 0.990902 1,320.921 1,308.90 0.00008 0.106406579 1,298.72 1,321.19 6.00%
07/31/1998 0.994066 1,320.921 1,313.08 0.00008 0.110301882 1,302.75 1,321.19 6.00%
08/31/1998 0.996883 1,320.921 1,316.80 0.00008 0.110644744 1,306.33 1,321.19 6.00%
09/30/1998 1.000000 1,320.921 1,320.92 0.00008 0.107369844 1,310.31 1,321.19 6.00%
10/31/1998 1.002911 1,320.921 1,324.77 0.00008 0.111286675 1,314.01 1,321.19 6.00%
11/30/1998 1.005785 1,320.921 1,328.56 0.00008 0.108001141 1,317.67 1,321.19 6.00%
12/31/1998 1.008557 1,320.921 1,332.22 0.00008 0.111911817 1,321.19 1,321.19 6.00%
12/31/1998 1,321.19
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 32.12% 32.12%
08/31/1990 100.00% 1,321.19 8.3397 3.40% 3.40% 1,321.19 1,321.19 9
08/31/1990 100.00% 1,321.19 8.3397 3.40% 3.40% 1,321.19 1,321.19 9
09/30/1990 100.00% 1,321.19 8.2575 3.38% 3.38% 1,315.71 1,315.71 9
10/31/1990 100.00% 1,321.19 8.1726 3.35% 3.35% 1,308.53 1,308.53 9
11/30/1990 100.00% 1,321.19 8.0904 3.32% 3.32% 1,302.29 1,302.29 9
12/31/1990 100.00% 1,321.19 8.0055 3.29% 3.29% 1,296.05 1,296.05 9
01/31/1991 100.00% 1,321.19 7.9205 3.27% 3.27% 1,290.39 1,290.39 8
02/28/1991 100.00% 1,321.19 7.8438 3.25% 3.25% 1,285.51 1,285.51 8
03/31/1991 100.00% 1,321.19 7.7589 3.24% 3.24% 1,280.83 1,280.83 8
04/30/1991 100.00% 1,321.19 7.6767 3.22% 3.22% 1,275.66 1,275.66 8
05/31/1991 100.00% 1,321.19 7.5918 3.21% 3.21% 1,271.08 1,271.08 8
06/30/1991 100.00% 1,321.19 7.5096 3.20% 3.20% 1,267.10 1,267.10 8
07/31/1991 100.00% 1,321.19 7.4247 3.19% 3.19% 1,262.25 1,262.25 8
08/31/1991 100.00% 1,321.19 7.3397 3.18% 3.18% 1,257.93 1,257.93 8
09/30/1991 100.00% 1,321.19 7.2575 3.16% 3.16% 1,253.48 1,253.48 8
10/31/1991 100.00% 1,321.19 7.1726 3.15% 3.15% 1,249.24 1,249.24 8
11/30/1991 100.00% 1,321.19 7.0904 3.14% 3.14% 1,245.46 1,245.46 8
12/31/1991 100.00% 1,321.19 7.0055 3.13% 3.13% 1,241.30 1,241.30 8
01/31/1992 100.00% 1,321.19 6.9205 3.13% 3.13% 1,237.52 1,237.52 7
02/29/1992 100.00% 1,321.19 6.8411 3.13% 3.13% 1,234.91 1,234.91 7
03/31/1992 100.00% 1,321.19 6.7562 3.13% 3.13% 1,231.87 1,231.87 7
04/30/1992 100.00% 1,321.19 6.6740 3.14% 3.14% 1,229.24 1,229.24 7
05/31/1992 100.00% 1,321.19 6.5890 3.15% 3.15% 1,226.69 1,226.69 7
06/30/1992 100.00% 1,321.19 6.5068 3.15% 3.15% 1,223.88 1,223.88 7
07/31/1992 100.00% 1,321.19 6.4219 3.16% 3.16% 1,221.25 1,221.25 7
08/31/1992 100.00% 1,321.19 6.3370 3.17% 3.17% 1,218.75 1,218.75 7
09/30/1992 100.00% 1,321.19 6.2548 3.18% 3.18% 1,216.33 1,216.33 7
10/31/1992 100.00% 1,321.19 6.1699 3.20% 3.20% 1,214.41 1,214.41 7
11/30/1992 100.00% 1,321.19 6.0877 3.21% 3.21% 1,212.24 1,212.24 7
12/31/1992 100.00% 1,321.19 6.0027 3.23% 3.23% 1,209.92 1,209.92 7
01/31/1993 100.00% 1,321.19 5.9178 3.24% 3.24% 1,207.93 1,207.93 6
02/28/1993 100.00% 1,321.19 5.8411 3.26% 3.26% 1,206.13 1,206.13 6
03/31/1993 100.00% 1,321.19 5.7562 3.28% 3.28% 1,204.17 1,204.17 6
04/30/1993 100.00% 1,321.19 5.6740 3.30% 3.30% 1,202.49 1,202.49 6
05/31/1993 100.00% 1,321.19 5.5890 3.33% 3.33% 1,201.19 1,201.19 6
06/30/1993 100.00% 1,321.19 5.5068 3.35% 3.35% 1,199.21 1,199.21 6
07/31/1993 100.00% 1,321.19 5.4219 3.38% 3.38% 1,197.61 1,197.61 6
08/31/1993 100.00% 1,321.19 5.3370 3.41% 3.41% 1,195.82 1,195.82 6
09/30/1993 100.00% 1,321.19 5.2548 3.43% 3.43% 1,194.19 1,194.19 6
10/31/1993 100.00% 1,321.19 5.1699 3.47% 3.47% 1,192.72 1,192.72 6
11/30/1993 100.00% 1,321.19 5.0877 3.49% 3.49% 1,190.81 1,190.81 6
12/31/1993 100.00% 1,321.19 5.0027 3.52% 3.52% 1,189.06 1,189.06 6
01/31/1994 50.00% 1,312.15 4.9178 3.41% 3.55% 1,179.19 1,187.32 5
02/28/1994 50.00% 1,312.12 4.8411 3.43% 3.58% 1,177.50 1,185.65 5
03/31/1994 50.00% 1,312.08 4.7562 3.46% 3.61% 1,175.56 1,183.73 5
04/30/1994 50.00% 1,312.04 4.6740 3.48% 3.64% 1,173.59 1,181.77 5
05/31/1994 50.00% 1,312.00 4.5890 3.50% 3.66% 1,171.07 1,179.28 5
06/30/1994 50.00% 1,311.95 4.5068 3.51% 3.68% 1,168.43 1,176.66 5
07/31/1994 50.00% 1,311.89 4.4219 3.53% 3.69% 1,165.65 1,173.91 5
08/31/1994 50.00% 1,311.83 4.3370 3.53% 3.70% 1,162.30 1,170.60 5
09/30/1994 50.00% 1,311.77 4.2548 3.53% 3.70% 1,159.04 1,167.36 5
10/31/1994 50.00% 1,311.70 4.1699 3.53% 3.71% 1,155.55 1,163.91 5
11/30/1994 50.00% 1,311.63 4.0877 3.52% 3.70% 1,151.86 1,160.25 5
12/31/1994 50.00% 1,311.55 4.0027 3.51% 3.70% 1,147.96 1,156.39 5
01/31/1995 40.00% 1,296.45 3.9178 3.18% 3.68% 1,130.34 1,151.91 4
02/28/1995 40.00% 1,296.31 3.8411 3.15% 3.66% 1,126.64 1,148.26 4
03/31/1995 40.00% 1,296.14 3.7562 3.12% 3.65% 1,122.45 1,144.14 4
04/30/1995 40.00% 1,296.00 3.6740 3.10% 3.64% 1,118.82 1,140.57 4
05/31/1995 40.00% 1,295.82 3.5890 3.06% 3.62% 1,114.34 1,136.16 4
06/30/1995 40.00% 1,295.66 3.5068 3.03% 3.61% 1,110.51 1,132.39 4
07/31/1995 40.00% 1,295.50 3.4219 3.00% 3.60% 1,106.58 1,128.52 4
08/31/1995 40.00% 1,295.35 3.3370 2.98% 3.59% 1,102.77 1,124.78 4
09/30/1995 40.00% 1,295.21 3.2548 2.95% 3.58% 1,099.41 1,121.47 4
10/31/1995 40.00% 1,295.04 3.1699 2.92% 3.57% 1,095.50 1,117.62 4
11/30/1995 40.00% 1,294.90 3.0877 2.89% 3.56% 1,091.93 1,114.10 4
12/31/1995 40.00% 1,294.76 3.0027 2.87% 3.57% 1,088.71 1,110.93 4
01/31/1996 30.00% 1,273.38 2.9178 2.25% 3.55% 1,067.11 1,107.19 3
02/29/1996 30.00% 1,273.18 2.8384 2.21% 3.55% 1,064.02 1,104.15 3
03/31/1996 30.00% 1,272.99 2.7534 2.18% 3.57% 1,061.14 1,101.32 3
04/30/1996 30.00% 1,272.77 2.6712 2.12% 3.56% 1,057.72 1,097.96 3
05/31/1996 30.00% 1,272.57 2.5863 2.07% 3.57% 1,054.54 1,094.84 3
06/30/1996 30.00% 1,272.39 2.5041 2.04% 3.58% 1,051.77 1,092.12 3
07/31/1996 30.00% 1,272.16 2.4192 1.97% 3.58% 1,048.32 1,088.72 3
08/31/1996 30.00% 1,271.95 2.3342 1.91% 3.58% 1,045.14 1,085.60 3
09/30/1996 30.00% 1,271.73 2.2521 1.84% 3.58% 1,041.87 1,082.38 3
10/31/1996 30.00% 1,271.52 2.1671 1.76% 3.58% 1,038.58 1,079.16 3
11/30/1996 30.00% 1,271.32 2.0849 1.69% 3.59% 1,035.61 1,076.24 3
12/31/1996 30.00% 1,271.09 2.0000 1.60% 3.59% 1,032.30 1,072.99 3
01/31/1997 20.00% 1,262.95 1.9151 1.18% 3.59% 1,022.68 1,069.85 2
02/28/1997 20.00% 1,262.76 1.8384 1.08% 3.59% 1,019.88 1,067.07 2
03/31/1997 20.00% 1,262.54 1.7534 0.95% 3.60% 1,016.67 1,063.91 2
04/30/1997 20.00% 1,262.32 1.6712 0.81% 3.60% 1,013.53 1,060.80 2
05/31/1997 20.00% 1,262.10 1.5863 0.65% 3.60% 1,010.39 1,057.69 2
06/30/1997 20.00% 1,261.86 1.5041 0.46% 3.58% 1,006.99 1,054.34 2
07/31/1997 20.00% 1,261.63 1.4192 0.26% 3.58% 1,003.75 1,051.14 2
08/31/1997 20.00% 1,261.42 1.3342 0.06% 3.59% 1,000.76 1,048.19 2
09/30/1997 20.00% 1,261.18 1.2521 -0.21% 3.57% 997.38 1,044.85 2
10/31/1997 20.00% 1,260.94 1.1671 -0.50% 3.56% 994.15 1,041.65 2
11/30/1997 20.00% 1,260.74 1.0849 -0.80% 3.58% 991.36 1,038.89 2
12/31/1997 20.00% 1,260.48 1.0000 -1.22% 3.54% 987.81 1,035.39 2
01/31/1998 10.00% 1,252.33 0.9151 -2.15% 3.24% 980.35 1,029.57 1
02/28/1998 10.00% 1,252.12 0.8384 -2.42% 2.96% 979.63 1,024.74 1
03/31/1998 10.00% 1,251.88 0.7534 -2.75% 2.63% 979.19 1,019.76 1
04/30/1998 10.00% 1,251.66 0.6712 -3.05% 2.34% 979.44 1,015.64 1
05/31/1998 10.00% 1,251.44 0.5863 -3.33% 2.05% 980.31 1,011.99 1
06/30/1998 10.00% 1,251.20 0.5041 -3.66% 1.73% 981.38 1,008.69 1
07/31/1998 10.00% 1,250.95 0.4192 -3.98% 1.42% 983.14 1,005.91 1
08/31/1998 10.00% 1,250.74 0.3342 -4.26% 1.14% 985.57 1,003.79 1
09/30/1998 10.00% 1,250.50 0.2521 -4.56% 0.83% 988.29 1,002.09 1
10/31/1998 10.00% 1,250.28 0.1671 -4.85% 0.55% 991.73 1,000.91 1
11/30/1998 10.00% 1,250.06 0.0849 -5.13% 0.27% 995.54 1,000.23 1
12/31/1998 10.00% 1,249.85 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS MONEY MARKET PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.757048 -----------------------------
Units purchased 1,320.921 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,317.67 1,250.06 1,321.19 -5.13% 0.27%
09/30/1998 0.25 0.25 1,310.31 1,250.50 1,321.19 -4.56% 0.83%
12/31/1997 1.00 1.00 1,276.04 1,260.48 1,321.19 -1.22% 3.54%
12/31/1997 1.00 1.00 1,276.04 1,260.48 1,321.19 -1.22% 3.54%
12/31/1995 3.00 3.00 1,189.26 1,294.76 1,321.19 2.87% 3.57%
12/31/1993 5.00 5.00 1,111.12 1,321.19 1,321.19 3.52% 3.52%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
08/31/1990 8.3 8.34 1,000.00 1,321.19 1,321.19 3.40% 3.40%
12/31/1992 1,091.97
12/31/1993 1 1,111.12 1.75%
12/31/1994 1 1,142.51 2.82%
12/31/1995 1 1,189.26 4.09%
12/31/1996 1 1,231.32 3.54%
12/31/1997 1 1,276.04 3.63%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
DREYFUS MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/31/1990 100 1 100
08/31/1990 100 0.0001929 1 100.019 1 100.02 0.02%
09/30/1990 100.02 0.0053826 1 100.557 1 100.56 0.54%
10/31/1990 100.56 0.0067609 1 101.237 1 101.24 0.68%
11/30/1990 101.24 0.0060749 1 101.852 1 101.85 0.60%
12/31/1990 101.85 0.0060203 1 102.465 1 102.47 0.61%
01/31/1991 102.47 0.0057 1 103.049 1 103.05 0.57%
02/28/1991 103.05 0.0049716 1 103.561 1 103.56 0.49%
03/31/1991 103.56 0.0049203 1 104.071 1 104.07 0.49%
04/30/1991 104.07 0.0052967 1 104.622 1 104.62 0.53%
05/31/1991 104.62 0.004855 1 105.13 1 105.13 0.49%
06/30/1991 105.13 0.0043584 1 105.588 1 105.59 0.44%
07/31/1991 105.59 0.0051429 1 106.131 1 106.13 0.51%
08/31/1991 106.13 0.0046669 1 106.626 1 106.63 0.47%
09/30/1991 106.63 0.0047916 1 107.137 1 107.14 0.48%
10/31/1991 107.14 0.0046689 1 107.637 1 107.64 0.47%
11/30/1991 107.64 0.0043022 1 108.1 1 108.10 0.43%
12/31/1991 108.1 0.0046552 1 108.603 1 108.60 0.46%
01/31/1992 108.6 0.0043078 1 109.071 1 109.07 0.43%
02/29/1992 109.07 0.0033218 1 109.433 1 109.43 0.33%
03/31/1992 109.43 0.0037147 1 109.84 1 109.84 0.37%
04/30/1992 109.84 0.0033842 1 110.212 1 110.21 0.34%
05/31/1992 110.21 0.0033253 1 110.578 1 110.58 0.34%
06/30/1992 110.58 0.0035842 1 110.974 1 110.97 0.35%
07/31/1992 110.97 0.0033687 1 111.348 1 111.35 0.34%
08/31/1992 111.35 0.003379 1 111.724 1 111.72 0.33%
09/30/1992 111.72 0.003145 1 112.075 1 112.08 0.32%
10/31/1992 112.08 0.0029189 1 112.402 1 112.40 0.29%
11/30/1992 112.4 0.0030077 1 112.74 1 112.74 0.30%
12/31/1992 112.74 0.0032181 1 113.103 1 113.10 0.32%
01/31/1993 113.1 0.0028983 1 113.431 1 113.43 0.29%
02/28/1993 113.43 0.0026639 1 113.733 1 113.73 0.26%
03/31/1993 113.73 0.002906 1 114.064 1 114.06 0.29%
04/30/1993 114.06 0.0025554 1 114.355 1 114.36 0.26%
05/31/1993 114.36 0.0024055 1 114.63 1 114.63 0.24%
06/30/1993 114.63 0.0028641 1 114.958 1 114.96 0.29%
07/31/1993 114.96 0.0025907 1 115.256 1 115.26 0.26%
08/31/1993 115.26 0.0027909 1 115.578 1 115.58 0.28%
09/30/1993 115.58 0.0025716 1 115.875 1 115.88 0.26%
10/31/1993 115.88 0.0025149 1 116.166 1 116.17 0.25%
11/30/1993 116.17 0.0028334 1 116.495 1 116.50 0.28%
12/31/1993 116.5 0.0027927 1 116.82 1 116.82 0.27%
01/31/1994 116.82 0.002743 1 117.14 1 117.14 0.27%
02/28/1994 117.14 0.0025579 1 117.44 1 117.44 0.26%
03/31/1994 117.44 0.0029127 1 117.782 1 117.78 0.29%
04/30/1994 117.78 0.0028306 1 118.115 1 118.12 0.29%
05/31/1994 118.12 0.0033944 1 118.516 1 118.52 0.34%
06/30/1994 118.52 0.0035303 1 118.934 1 118.93 0.35%
07/31/1994 118.93 0.0035376 1 119.355 1 119.36 0.36%
08/31/1994 119.36 0.0041734 1 119.853 1 119.85 0.41%
09/30/1994 119.85 0.0039426 1 120.326 1 120.33 0.40%
10/31/1994 120.33 0.0042806 1 120.841 1 120.84 0.42%
11/30/1994 120.84 0.0043425 1 121.366 1 121.37 0.44%
12/31/1994 121.37 0.0046347 1 121.928 1 121.93 0.46%
01/31/1995 121.93 0.0051604 1 122.557 1 122.56 0.52%
02/28/1995 122.56 0.0043435 1 123.089 1 123.09 0.43%
03/31/1995 123.09 0.004861 1 123.687 1 123.69 0.49%
04/30/1995 123.69 0.0044162 1 124.233 1 124.23 0.44%
05/31/1995 124.23 0.005133 1 124.871 1 124.87 0.52%
06/30/1995 124.87 0.0045638 1 125.441 1 125.44 0.46%
07/31/1995 125.44 0.0046698 1 126.027 1 126.03 0.47%
08/31/1995 126.03 0.0045936 1 126.606 1 126.61 0.46%
09/30/1995 126.61 0.0042393 1 127.143 1 127.14 0.42%
10/31/1995 127.14 0.0046919 1 127.74 1 127.74 0.47%
11/30/1995 127.74 0.0043711 1 128.298 1 128.30 0.44%
12/31/1995 128.3 0.0041792 1 128.834 1 128.83 0.41%
01/31/1996 128.83 0.0046557 1 129.434 1 129.43 0.47%
02/29/1996 129.43 0.0039115 1 129.94 1 129.94 0.39%
03/31/1996 129.94 0.0038661 1 130.442 1 130.44 0.38%
04/30/1996 130.44 0.004275 1 131 1 131.00 0.43%
05/31/1996 131 0.0041297 1 131.541 1 131.54 0.41%
06/30/1996 131.54 0.003733 1 132.032 1 132.03 0.37%
07/31/1996 132.03 0.004411 1 132.614 1 132.61 0.44%
08/31/1996 132.61 0.0041119 1 133.159 1 133.16 0.41%
09/30/1996 133.16 0.0042359 1 133.723 1 133.72 0.42%
10/31/1996 133.72 0.0042164 1 134.287 1 134.29 0.43%
11/30/1996 134.29 0.0039572 1 134.818 1 134.82 0.39%
12/31/1996 134.82 0.0043272 1 135.401 1 135.40 0.43%
01/31/1997 135.4 0.004188 1 135.968 1 135.97 0.42%
02/28/1997 135.97 0.0037675 1 136.48 1 136.48 0.38%
03/31/1997 136.48 0.0042242 1 137.057 1 137.06 0.42%
04/30/1997 137.06 0.0042024 1 137.633 1 137.63 0.42%
05/31/1997 137.63 0.0042121 1 138.213 1 138.21 0.42%
06/30/1997 138.21 0.0043537 1 138.815 1 138.82 0.44%
07/31/1997 138.82 0.0043611 1 139.42 1 139.42 0.43%
08/31/1997 139.42 0.0040656 1 139.987 1 139.99 0.41%
09/30/1997 139.99 0.0044729 1 140.613 1 140.61 0.44%
10/31/1997 140.61 0.0043287 1 141.222 1 141.22 0.43%
11/30/1997 141.22 0.0039044 1 141.773 1 141.77 0.39%
12/31/1997 141.77 0.0046081 1 142.426 1 142.43 0.47%
01/31/1998 142.43 0.0042036 1 143.025 1 143.03 0.42%
02/28/1998 143.03 0.0038736 1 143.579 1 143.58 0.38%
03/31/1998 143.58 0.0044289 1 144.215 1 144.22 0.45%
04/30/1998 144.22 0.0041514 1 144.814 1 144.81 0.41%
05/31/1998 144.81 0.0040127 1 145.395 1 145.40 0.41%
06/30/1998 145.4 0.0044552 1 146.043 1 146.04 0.44%
07/31/1998 146.04 0.0043578 1 146.679 1 146.68 0.44%
08/31/1998 146.68 0.0040372 1 147.271 1 147.27 0.40%
09/30/1998 147.27 0.0042375 1 147.895 1 147.90 0.43%
0.4790
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
08/31/1990 1,000.00 0.756896217
08/31/1990 0.00000 0 1,000.20 0.20 0.757047596
09/30/1990 0.00115 1.1509151 1,004.45 0.28 0.760263712
10/31/1990 0.00119 1.1943312 1,010.05 0.37 0.764500731
11/30/1990 0.00115 1.1622458 1,014.97 0.45 0.768227368
12/31/1990 0.00119 1.2068417 1,019.94 0.54 0.771990408
01/31/1991 0.00119 1.2127532 1,024.50 0.63 0.775442095
02/28/1991 0.00107 1.1002877 1,028.47 0.71 0.778446996
03/31/1991 0.00119 1.2228961 1,032.31 0.80 0.781354994
04/30/1991 0.00115 1.1878688 1,036.58 0.89 0.784585287
05/31/1991 0.00119 1.2325391 1,040.40 0.98 0.787477067
06/30/1991 0.00115 1.197176 1,043.76 1.07 0.790016563
07/31/1991 0.00119 1.2410713 1,047.85 1.16 0.793117441
08/31/1991 0.00119 1.2459426 1,051.55 1.26 0.795910929
09/30/1991 0.00115 1.2099977 1,055.37 1.35 0.798801844
10/31/1991 0.00119 1.2548725 1,059.04 1.44 0.801579877
11/30/1991 0.00115 1.2186161 1,062.34 1.53 0.804083066
12/31/1991 0.00119 1.263169 1,065.99 1.63 0.806846142
01/31/1992 0.00119 1.2675096 1,069.34 1.72 0.809378644
02/29/1992 0.00111 1.1894565 1,071.68 1.81 0.81114981
03/31/1992 0.00119 1.2742704 1,074.42 1.91 0.813224445
04/30/1992 0.00115 1.2363189 1,076.80 2.00 0.815028055
05/31/1992 0.00119 1.2803629 1,079.14 2.10 0.816795188
06/30/1992 0.00115 1.2417474 1,081.70 2.19 0.818736035
07/31/1992 0.00119 1.2861879 1,084.12 2.29 0.820566162
08/31/1992 0.00119 1.289063 1,086.43 2.38 0.822317098
09/30/1992 0.00115 1.2501422 1,088.68 2.48 0.824020657
10/31/1992 0.00119 1.2944898 1,090.50 2.57 0.825393527
11/30/1992 0.00115 1.2548192 1,092.54 2.67 0.826940501
12/31/1992 0.00119 1.2990767 1,094.73 2.77 0.828597811
01/31/1993 0.00119 1.3016802 1,096.62 2.86 0.830030233
02/28/1993 0.00107 1.1777437 1,098.35 2.95 0.83133407
03/31/1993 0.00119 1.3059787 1,100.23 3.05 0.832757786
04/30/1993 0.00115 1.2660148 1,101.85 3.14 0.833989859
05/31/1993 0.00119 1.3101508 1,103.15 3.24 0.834967232
06/30/1993 0.00115 1.2693738 1,105.05 3.34 0.836410175
07/31/1993 0.00119 1.313953 1,106.62 3.44 0.837598348
08/31/1993 0.00119 1.3158196 1,108.38 3.53 0.83892786
09/30/1993 0.00115 1.275395 1,109.98 3.63 0.840140043
10/31/1993 0.00119 1.3198124 1,111.44 3.73 0.841243607
11/30/1993 0.00115 1.2789156 1,113.32 3.83 0.842665292 .0000438 Cap Gain
12/31/1993 0.00119 1.3237795 1,115.05 3.93 0.843977945
01/31/1994 0.00119 1.3258416 1,116.78 4.03 0.845286293
02/28/1994 0.00107 1.1993907 1,118.44 4.12 0.846543289
03/31/1994 0.00119 1.3298716 1,120.35 4.22 0.847987538
04/30/1994 0.00115 1.2891681 1,122.29 4.32 0.849459689
05/31/1994 0.00119 1.3344531 1,124.76 4.42 0.851326246
06/30/1994 0.00115 1.2942439 1,127.36 4.53 0.853291658
07/31/1994 0.00119 1.3404729 1,130.09 4.63 0.855362196
08/31/1994 0.00119 1.3437256 1,133.39 4.74 0.857856592
09/30/1994 0.00115 1.3041717 1,136.62 4.85 0.860305191
10/31/1994 0.00119 1.3514907 1,140.09 4.96 0.862928522
11/30/1994 0.00115 1.3118824 1,143.78 5.07 0.865720338
12/31/1994 0.00119 1.3599976 1,147.69 5.18 0.868685386
01/31/1995 0.00119 1.3646555 1,152.26 5.30 0.872140893
02/28/1995 0.00107 1.2374952 1,156.00 5.41 0.874975734
03/31/1995 0.00119 1.3745373 1,160.27 5.52 0.878200406
04/30/1995 0.00115 1.3350998 1,164.00 5.64 0.88102388
05/31/1995 0.00119 1.3840386 1,168.61 5.76 0.884515108
06/30/1995 0.00115 1.3446998 1,172.60 5.87 0.887534897
07/31/1995 0.00119 1.3942671 1,176.72 5.99 0.890654053
08/31/1995 0.00119 1.3991671 1,180.74 6.11 0.893693888
09/30/1995 0.00115 1.358654 1,184.32 6.23 0.896406605
10/31/1995 0.00119 1.408204 1,188.50 6.35 0.89957107
11/30/1995 0.00115 1.3675889 1,192.34 6.47 0.902479581
12/31/1995 0.00119 1.4177443 1,195.85 6.59 0.905134587
01/31/1996 0.00119 1.4219152 1,200.00 6.71 0.908273828
02/29/1996 0.00111 1.3347921 1,203.39 6.82 0.91084245
03/31/1996 0.00119 1.4308819 1,206.59 6.94 0.913264278
04/30/1996 0.00115 1.3884063 1,210.38 7.06 0.91613419
05/31/1996 0.00119 1.4391949 1,213.93 7.19 0.9188213
06/30/1996 0.00115 1.3968544 1,217.06 7.30 0.92118673
07/31/1996 0.00119 1.4471322 1,220.96 7.43 0.92413812
08/31/1996 0.00119 1.4517687 1,224.57 7.56 0.926872145
09/30/1996 0.00115 1.4090939 1,228.31 7.68 0.929703537
10/31/1996 0.00119 1.4605116 1,232.09 7.81 0.932561071
11/30/1996 0.00115 1.4177425 1,235.53 7.93 0.93516851
12/31/1996 0.00119 1.4690968 1,239.38 8.06 0.938079681
01/31/1997 0.00119 1.4736701 1,243.12 8.19 0.940913346
02/28/1997 0.00107 1.3350776 1,246.45 8.30 0.943432034
03/31/1997 0.00119 1.4820783 1,250.26 8.43 0.946319564
04/30/1997 0.00115 1.4386591 1,254.02 8.56 0.949166167
05/31/1997 0.00119 1.4910863 1,257.82 8.69 0.952037543
06/30/1997 0.00115 1.447352 1,261.92 8.82 0.955143936
07/31/1997 0.00119 1.500477 1,265.88 8.96 0.9581365
08/31/1997 0.00119 1.5051782 1,269.55 9.09 0.960914449
09/30/1997 0.00115 1.4608473 1,273.71 9.22 0.964064521
10/31/1997 0.00119 1.5144908 1,277.72 9.36 0.967100553
11/30/1997 0.00115 1.4702518 1,281.22 9.49 0.969754226
12/31/1997 0.00119 1.523429 1,285.67 9.63 0.973115769
01/31/1998 0.00119 1.5287098 1,289.55 9.77 0.976058038
02/28/1998 0.00107 1.3849449 1,293.13 9.89 0.97876306
03/31/1998 0.00119 1.5375813 1,297.35 10.03 0.981962053
04/30/1998 0.00115 1.4928453 1,301.17 10.17 0.984849304
05/31/1998 0.00119 1.5471425 1,304.92 10.31 0.987690853
06/30/1998 0.00115 1.5015546 1,309.16 10.45 0.990901802
07/31/1998 0.00119 1.5566506 1,313.35 10.59 0.994066069
08/31/1998 0.00119 1.5616215 1,317.07 10.73 0.996882577
09/30/1998 0.00115 1.5155285 1,321.19 10.87 1
0.3212 0.3212
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS SMALL COMPANY STOCK PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.964060 -----------------------------
Units purchased 1,037.280 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1996 0.964060 1,037.280 1,000.00 1,000.00 1,200.88 6.00%
05/31/1996 1.000861 1,037.280 1,038.17 0.00008 0.082191786 1,038.09 1,200.88 6.00%
06/30/1996 0.957456 1,037.280 993.15 0.00008 0.085322505 992.99 1,200.88 6.00%
07/31/1996 0.900254 1,037.280 933.82 0.00008 0.084335764 933.58 1,200.88 6.00%
08/31/1996 0.946195 1,037.280 981.47 0.00008 0.079290103 981.14 1,200.88 6.00%
09/30/1996 0.990535 1,037.280 1,027.46 0.00008 0.080641538 1,027.04 1,200.88 6.00%
10/31/1996 0.971837 1,037.280 1,008.07 0.00008 0.087227749 1,007.56 1,200.88 6.00%
11/30/1996 1.027554 1,037.280 1,065.86 0.00008 0.082813274 1,065.24 1,200.88 6.00%
12/31/1996 1.039557 1,037.280 1,078.31 0.00008 0.090472815 1,077.60 1,200.88 6.00%
01/31/1997 1.059969 1,037.280 1,099.48 0.00008 0.091521902 1,098.66 1,200.88 6.00%
02/28/1997 1.042831 1,037.280 1,081.71 0.00008 0.084281121 1,080.82 1,200.88 6.00%
03/31/1997 0.993800 1,037.280 1,030.85 0.00008 0.091795327 1,029.91 1,200.88 6.00%
04/30/1997 1.003515 1,037.280 1,040.93 0.00008 0.08464999 1,039.89 1,200.88 6.00%
05/31/1997 1.088243 1,037.280 1,128.81 0.00008 0.088319549 1,127.60 1,200.88 6.00%
06/30/1997 1.129214 1,037.280 1,171.31 0.00008 0.092679597 1,169.96 1,200.88 6.00%
07/31/1997 1.202175 1,037.280 1,246.99 0.00008 0.099366679 1,245.46 1,200.88 6.00%
08/31/1997 1.207780 1,037.280 1,252.81 0.00008 0.105778542 1,251.16 1,200.88 6.00%
09/30/1997 1.302670 1,037.280 1,351.23 0.00008 0.102834864 1,349.35 1,200.88 6.00%
10/31/1997 1.247927 1,037.280 1,294.45 0.00008 0.114602521 1,292.53 1,200.88 6.00%
11/30/1997 1.239793 1,037.280 1,286.01 0.00008 0.106235649 1,284.00 1,200.88 6.00%
12/31/1997 1.250351 1,037.280 1,296.96 0.00008 0.109052296 1,294.83 1,200.88 6.00%
01/31/1998 1.214912 1,037.280 1,260.20 0.00008 0.109971719 1,258.02 1,200.88 6.00%
02/28/1998 1.314409 1,037.280 1,363.41 0.00008 0.096505509 1,360.95 1,200.88 6.00%
03/31/1998 1.342180 1,037.280 1,392.22 0.00008 0.115587465 1,389.59 1,200.88 6.00%
04/30/1998 1.347000 1,037.280 1,397.22 0.00008 0.11421267 1,394.46 1,200.88 6.00%
05/31/1998 1.270480 1,037.280 1,317.84 0.00008 0.118433914 1,315.13 1,200.88 6.00%
06/30/1998 1.283862 1,037.280 1,331.72 0.00008 0.108092797 1,328.87 1,200.88 6.00%
07/31/1998 1.185171 1,037.280 1,229.35 0.00008 0.112863175 1,226.61 1,200.88 6.00%
08/31/1998 0.944712 1,037.280 979.93 0.00008 0.104177758 977.64 1,200.88 6.00%
09/30/1998 1.000000 1,037.280 1,037.28 0.00008 0.080353899 1,034.77 1,200.88 6.00%
10/31/1998 1.042816 1,037.280 1,081.69 0.00008 0.087884859 1,078.99 1,200.88 6.00%
11/30/1998 1.085510 1,037.280 1,125.98 0.00008 0.088684135 1,123.08 1,200.88 6.00%
12/31/1998 1.160806 1,037.280 1,204.08 0.00008 0.095384591 1,200.88 1,200.88 6.00%
12/31/1998 1,200.88
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 16.25% 20.09%
05/01/1996 30.00% 1,162.50 2.6685 5.80% 7.10% 1,162.50 1,200.88 3
05/31/1996 30.00% 1,160.21 2.5863 4.39% 5.79% 1,117.64 1,156.82 3
06/30/1996 30.00% 1,162.92 2.5041 6.51% 7.89% 1,171.13 1,209.37 3
07/31/1996 30.00% 1,166.48 2.4192 9.64% 10.97% 1,249.48 1,286.32 3
08/31/1996 30.00% 1,163.63 2.3342 7.58% 9.04% 1,186.00 1,223.97 3
09/30/1996 30.00% 1,160.88 2.2521 5.59% 7.19% 1,130.32 1,169.27 3
10/31/1996 30.00% 1,162.05 2.1671 6.80% 8.44% 1,153.32 1,191.87 3
11/30/1996 30.00% 1,158.58 2.0849 4.11% 5.92% 1,087.62 1,127.33 3
12/31/1996 30.00% 1,157.84 2.0000 3.66% 5.57% 1,074.47 1,114.41 3
01/31/1997 20.00% 1,149.37 1.9151 2.38% 4.75% 1,046.16 1,093.04 2
02/28/1997 20.00% 1,150.44 1.8384 3.45% 5.90% 1,064.42 1,111.09 2
03/31/1997 20.00% 1,153.50 1.7534 6.68% 9.15% 1,120.00 1,166.01 2
04/30/1997 20.00% 1,152.90 1.6712 6.37% 8.99% 1,108.67 1,154.82 2
05/31/1997 20.00% 1,147.64 1.5863 1.12% 4.05% 1,017.77 1,064.99 2
06/30/1997 20.00% 1,145.10 1.5041 -1.42% 1.75% 978.75 1,026.43 2
07/31/1997 20.00% 1,140.57 1.4192 -6.01% -2.54% 915.78 964.21 2
08/31/1997 20.00% 1,140.22 1.3342 -6.72% -3.03% 911.34 959.82 2
09/30/1997 20.00% 1,134.33 1.2521 -12.95% -8.89% 840.65 889.97 2
10/31/1997 20.00% 1,137.74 1.1671 -10.35% -6.11% 880.24 929.09 2
11/30/1997 20.00% 1,138.25 1.0849 -10.51% -5.98% 886.49 935.27 2
12/31/1997 20.00% 1,137.60 1.0000 -12.14% -7.26% 878.58 927.45 2
01/31/1998 10.00% 1,132.61 0.9151 -9.97% -4.54% 908.37 958.36 1
02/28/1998 10.00% 1,126.43 0.8384 -17.23% -11.76% 853.37 900.41 1
03/31/1998 10.00% 1,124.71 0.7534 -19.06% -13.58% 852.72 895.87 1
04/30/1998 10.00% 1,124.42 0.6712 -19.37% -13.88% 865.48 904.55 1
05/31/1998 10.00% 1,129.18 0.5863 -14.14% -8.69% 914.50 948.11 1
06/30/1998 10.00% 1,128.36 0.5041 -15.09% -9.63% 920.85 950.23 1
07/31/1998 10.00% 1,134.49 0.4192 -7.51% -2.10% 967.80 991.15 1
08/31/1998 10.00% 1,149.43 0.3342 17.57% 22.84% 1,055.59 1,071.15 1
09/30/1998 10.00% 1,146.00 0.2521 10.75% 16.05% 1,026.07 1,038.24 1
10/31/1998 10.00% 1,143.35 0.1671 5.96% 11.30% 1,009.73 1,018.05 1
11/30/1998 10.00% 1,140.70 0.0849 1.57% 6.93% 1,001.32 1,005.70 1
12/31/1998 10.00% 1,136.04 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS SMALL COMPANY STOCK PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.964060 -----------------------------
Units purchased 1,037.280 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,123.08 1,140.70 1,200.88 1.57% 6.93%
09/30/1998 0.25 0.25 1,034.77 1,146.00 1,200.88 10.75% 16.05%
12/31/1997 1.00 1.00 1,294.83 1,137.60 1,200.88 -12.14% -7.26%
12/31/1997 1.00 1.00 1,294.83 1,137.60 1,200.88 -12.14% -7.26%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/01/1996 2.67 2.67 1,000.00 1,162.50 1,200.88 5.80% 7.10%
12/31/1992
12/31/1993 1
12/31/1994 1
12/31/1995 1
12/31/1996 1 1,077.60
12/31/1997 1 1,294.83 20.16%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
DREYFUS SMALL COMPANY STOCK PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1996 100 12.5 1250
05/31/1996 1250 0 10 100 12.99 1,299.00 3.92%
06/30/1996 1299 0 10 100 12.44 1,244.00 -4.23%
07/31/1996 1244 0 10 100 11.71 1,171.00 -5.87%
08/31/1996 1171 0 10 100 12.32 1,232.00 5.21%
09/30/1996 1232 0 10 100 12.91 1,291.00 4.79%
10/31/1996 1291 0 10 100 12.68 1,268.00 -1.78%
11/30/1996 1268 0 10 100 13.42 1,342.00 5.84%
12/31/1996 1342 0.06 13.31 100.451 13.53 1,359.10 1.27%
01/31/1997 1359.1 0 10 100.451 13.81 1,387.23 2.07%
02/28/1997 1387.23 0 10 100.451 13.6 1,366.13 -1.52%
03/31/1997 1366.13 0.015 12.96 100.567 12.96 1,303.35 -4.60%
04/30/1997 1303.35 0 10 100.567 13.1 1,317.43 1.08%
05/31/1997 1317.43 0 10 100.567 14.22 1,430.06 8.55%
06/30/1997 1430.06 0 10 100.567 14.77 1,485.37 3.87%
07/31/1997 1485.37 0 10 100.567 15.74 1,582.92 6.57%
08/31/1997 1582.92 0 10 100.567 15.83 1,591.98 0.57%
09/30/1997 1591.98 0 10 100.567 17.09 1,718.69 7.96%
10/31/1997 1718.69 0 10 100.567 16.39 1,648.29 -4.10%
11/30/1997 1648.29 0 10 100.567 16.3 1,639.24 -0.55%
12/31/1997 1639.24 0.315 15.58 102.6 16.13 1,654.94 0.96%
01/31/1998 1654.94 0 10 102.6 15.69 1,609.79 -2.73%
02/28/1998 1609.79 0 10 102.6 16.99 1,743.17 8.29%
03/31/1998 1743.17 0.047 17.32 102.878 17.32 1,781.85 2.22%
04/30/1998 1781.85 0 10 102.878 17.4 1,790.08 0.46%
05/31/1998 1790.08 0 10 102.878 16.43 1,690.29 -5.57%
06/30/1998 1690.29 0 10 102.878 16.62 1,709.83 1.16%
07/31/1998 1709.83 0 10 102.878 15.36 1,580.21 -7.58%
08/31/1998 1580.21 0 10 102.878 12.26 1,261.28 -20.18%
09/30/1998 1261.28 0 10 102.878 12.99 1,336.39 5.96%
0.069112
<CAPTION>
Beginning
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/01/1996 1,000.00 0.9640599
05/31/1996 0.00103 1.02739726 1,038.17 0.08 1.0008606
06/30/1996 0.00103 1.06661569 993.15 0.16 0.9574556
07/31/1996 0.00106 1.05437103 933.82 0.24 0.9002540
08/31/1996 0.00106 0.99137941 981.47 0.33 0.9461945
09/30/1996 0.00103 1.00835814 1,027.46 0.43 0.9905353
10/31/1996 0.00106 1.0907991 1,008.07 0.51 0.9718367
11/30/1996 0.00103 1.03568494 1,065.86 0.62 1.0275542
12/31/1996 0.00106 1.13156517 1,078.31 0.71 1.0395566 .052 Dividend .008 Cap Gain
01/31/1997 0.00106 1.14478245 1,099.48 0.82 1.0599692
02/28/1997 0.00096 1.05430049 1,081.71 0.89 1.0428305
03/31/1997 0.00106 1.14838772 1,030.85 0.94 0.9938005 .015 Cap Gain
04/30/1997 0.00103 1.05909175 1,040.93 1.03 1.0035154
05/31/1997 0.00106 1.10509311 1,128.81 1.21 1.0882428
06/30/1997 0.00103 1.15973878 1,171.31 1.35 1.1292144
07/31/1997 0.00106 1.24351554 1,246.99 1.54 1.2021754
08/31/1997 0.00106 1.32386185 1,252.81 1.65 1.2077799
09/30/1997 0.00103 1.28712933 1,351.23 1.88 1.3026695
10/31/1997 0.00106 1.43452814 1,294.45 1.92 1.2479274
11/30/1997 0.00103 1.32991438 1,286.01 2.01 1.2397934
12/31/1997 0.00106 1.36528762 1,296.96 2.14 1.2503515 .042 Dividend .273 Cap Gain
01/31/1998 0.00106 1.37691436 1,260.20 2.19 1.2149120
02/28/1998 0.00096 1.20841465 1,363.41 2.46 1.3144092
03/31/1998 0.00106 1.44745613 1,392.22 2.63 1.3421798 .002 Dividend .045 Cap Gain
04/30/1998 0.00103 1.43035908 1,397.22 2.75 1.3470001
05/31/1998 0.00106 1.48334594 1,317.84 2.71 1.2704801
06/30/1998 0.00103 1.35394876 1,331.72 2.85 1.2838617
07/31/1998 0.00106 1.41381655 1,229.35 2.74 1.1851708
08/31/1998 0.00106 1.30513598 979.93 2.29 0.9447124
09/30/1998 0.00103 1.00677863 1,037.28 2.51 1
0.037280 0.0372799
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS SMALL COMPANY STOCK PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.967565 -----------------------------
Units purchased 1,033.522 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1996 0.967565 1,033.522 1,000.00 1,000.00 1,196.09 6.00%
05/31/1996 1.004380 1,033.522 1,038.05 0.00008 0.08219177 1,037.97 1,196.09 6.00%
06/30/1996 0.960699 1,033.522 992.90 0.00008 0.085312355 992.74 1,196.09 6.00%
07/31/1996 0.903181 1,033.522 933.46 0.00008 0.084314863 933.22 1,196.09 6.00%
08/31/1996 0.949156 1,033.522 980.97 0.00008 0.079259711 980.64 1,196.09 6.00%
09/30/1996 0.993518 1,033.522 1,026.82 0.00008 0.080600856 1,026.40 1,196.09 6.00%
10/31/1996 0.974637 1,033.522 1,007.31 0.00008 0.087173476 1,006.80 1,196.09 6.00%
11/30/1996 1.030395 1,033.522 1,064.94 0.00008 0.082751001 1,064.32 1,196.09 6.00%
12/31/1996 1.042299 1,033.522 1,077.24 0.00008 0.090394239 1,076.53 1,196.09 6.00%
01/31/1997 1.062633 1,033.522 1,098.25 0.00008 0.091430899 1,097.44 1,196.09 6.00%
02/28/1997 1.045329 1,033.522 1,080.37 0.00008 0.084186797 1,079.48 1,196.09 6.00%
03/31/1997 0.996048 1,033.522 1,029.44 0.00008 0.091681868 1,028.50 1,196.09 6.00%
04/30/1997 1.005662 1,033.522 1,039.37 0.00008 0.08453406 1,038.34 1,196.09 6.00%
05/31/1997 1.090443 1,033.522 1,127.00 0.00008 0.088187824 1,125.79 1,196.09 6.00%
06/30/1997 1.131363 1,033.522 1,169.29 0.00008 0.092530497 1,167.94 1,196.09 6.00%
07/31/1997 1.204319 1,033.522 1,244.69 0.00008 0.099195032 1,243.16 1,196.09 6.00%
08/31/1997 1.209780 1,033.522 1,250.33 0.00008 0.105583182 1,248.69 1,196.09 6.00%
09/30/1997 1.304677 1,033.522 1,348.41 0.00008 0.102631924 1,346.54 1,196.09 6.00%
10/31/1997 1.249684 1,033.522 1,291.58 0.00008 0.114363282 1,289.66 1,196.09 6.00%
11/30/1997 1.241385 1,033.522 1,283.00 0.00008 0.105999777 1,280.99 1,196.09 6.00%
12/31/1997 1.251798 1,033.522 1,293.76 0.00008 0.108796666 1,291.63 1,196.09 6.00%
01/31/1998 1.216158 1,033.522 1,256.93 0.00008 0.109700074 1,254.75 1,196.09 6.00%
02/28/1998 1.315618 1,033.522 1,359.72 0.00008 0.096254504 1,357.27 1,196.09 6.00%
03/31/1998 1.343246 1,033.522 1,388.27 0.00008 0.115274567 1,385.65 1,196.09 6.00%
04/30/1998 1.347905 1,033.522 1,393.09 0.00008 0.113889281 1,390.34 1,196.09 6.00%
05/31/1998 1.271162 1,033.522 1,313.77 0.00008 0.118084064 1,311.07 1,196.09 6.00%
06/30/1998 1.284394 1,033.522 1,327.45 0.00008 0.107758936 1,324.61 1,196.09 6.00%
07/31/1998 1.185498 1,033.522 1,225.24 0.00008 0.112500852 1,222.50 1,196.09 6.00%
08/31/1998 0.944822 1,033.522 976.49 0.00008 0.103828985 974.21 1,196.09 6.00%
09/30/1998 1.000000 1,033.522 1,033.52 0.00008 0.080072085 1,031.02 1,196.09 6.00%
10/31/1998 1.042691 1,033.522 1,077.64 0.00008 0.087566431 1,074.95 1,196.09 6.00%
11/30/1998 1.085241 1,033.522 1,121.62 0.00008 0.088352218 1,118.73 1,196.09 6.00%
12/31/1998 1.160376 1,033.522 1,199.27 0.00008 0.095015437 1,196.09 1,196.09 6.00%
12/31/1998 1,196.09
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 15.76% 19.61%
05/01/1996 30.00% 1,157.62 2.6685 5.64% 6.94% 1,157.62 1,196.09 3
05/31/1996 30.00% 1,155.34 2.5863 4.23% 5.64% 1,113.08 1,152.34 3
06/30/1996 30.00% 1,158.05 2.5041 6.34% 7.73% 1,166.52 1,204.84 3
07/31/1996 30.00% 1,161.63 2.4192 9.47% 10.80% 1,244.75 1,281.68 3
08/31/1996 30.00% 1,158.78 2.3342 7.41% 8.88% 1,181.65 1,219.70 3
09/30/1996 30.00% 1,156.03 2.2521 5.42% 7.03% 1,126.30 1,165.33 3
10/31/1996 30.00% 1,157.21 2.1671 6.64% 8.27% 1,149.39 1,188.01 3
11/30/1996 30.00% 1,153.76 2.0849 3.95% 5.76% 1,084.03 1,123.81 3
12/31/1996 30.00% 1,153.03 2.0000 3.49% 5.41% 1,071.06 1,111.06 3
01/31/1997 20.00% 1,144.60 1.9151 2.22% 4.60% 1,042.97 1,089.89 2
02/28/1997 20.00% 1,145.67 1.8384 3.29% 5.74% 1,061.32 1,108.02 2
03/31/1997 20.00% 1,148.73 1.7534 6.51% 8.99% 1,116.90 1,162.95 2
04/30/1997 20.00% 1,148.14 1.6712 6.20% 8.83% 1,105.75 1,151.92 2
05/31/1997 20.00% 1,142.89 1.5863 0.96% 3.89% 1,015.20 1,062.45 2
06/30/1997 20.00% 1,140.37 1.5041 -1.58% 1.60% 976.39 1,024.10 2
07/31/1997 20.00% 1,135.85 1.4192 -6.16% -2.68% 913.68 962.14 2
08/31/1997 20.00% 1,135.52 1.3342 -6.87% -3.17% 909.37 957.88 2
09/30/1997 20.00% 1,129.65 1.2521 -13.09% -9.03% 838.93 888.27 2
10/31/1997 20.00% 1,133.06 1.1671 -10.50% -6.25% 878.57 927.44 2
11/30/1997 20.00% 1,133.58 1.0849 -10.66% -6.13% 884.92 933.72 2
12/31/1997 20.00% 1,132.94 1.0000 -12.29% -7.40% 877.14 926.03 2
01/31/1998 10.00% 1,127.98 0.9151 -10.10% -4.67% 907.14 957.13 1
02/28/1998 10.00% 1,121.83 0.8384 -17.35% -11.88% 852.38 899.44 1
03/31/1998 10.00% 1,120.13 0.7534 -19.16% -13.68% 851.91 895.09 1
04/30/1998 10.00% 1,119.84 0.6712 -19.46% -13.97% 864.83 903.92 1
05/31/1998 10.00% 1,124.60 0.5863 -14.22% -8.77% 913.98 947.61 1
06/30/1998 10.00% 1,123.79 0.5041 -15.16% -9.70% 920.46 949.85 1
07/31/1998 10.00% 1,129.92 0.4192 -7.57% -2.16% 967.52 990.89 1
08/31/1998 10.00% 1,144.81 0.3342 17.51% 22.78% 1,055.41 1,070.98 1
09/30/1998 10.00% 1,141.40 0.2521 10.71% 16.01% 1,025.97 1,038.15 1
10/31/1998 10.00% 1,138.77 0.1671 5.94% 11.27% 1,009.68 1,018.00 1
11/30/1998 10.00% 1,136.14 0.0849 1.56% 6.91% 1,001.31 1,005.69 1
12/31/1998 10.00% 1,131.50 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS SMALL COMPANY STOCK PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.967565 -----------------------------
Units purchased 1,033.522 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,118.73 1,136.14 1,196.09 1.56% 6.91%
09/30/1998 0.25 0.25 1,031.02 1,141.40 1,196.09 10.71% 16.01%
12/31/1997 1.00 1.00 1,291.63 1,132.94 1,196.09 -12.29% -7.40%
12/31/1997 1.00 1.00 1,291.63 1,132.94 1,196.09 -12.29% -7.40%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
05/01/1996 2.67 2.67 1,000.00 1,157.62 1,196.09 5.64% 6.94%
12/31/1992
12/31/1993 1
12/31/1994 1
12/31/1995 1
12/31/1996 1 1,076.53
12/31/1997 1 1,291.63 19.98%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
DREYFUS SMALL COMPANY STOCK PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1996 100 12.5 1250
05/31/1996 1250 0 10 100 12.99 1,299.00 3.92%
06/30/1996 1299 0 10 100 12.44 1,244.00 -4.23%
07/31/1996 1244 0 10 100 11.71 1,171.00 -5.87%
08/31/1996 1171 0 10 100 12.32 1,232.00 5.21%
09/30/1996 1232 0 10 100 12.91 1,291.00 4.79%
10/31/1996 1291 0 10 100 12.68 1,268.00 -1.78%
11/30/1996 1268 0 10 100 13.42 1,342.00 5.84%
12/31/1996 1342 0.06 13.31 100.451 13.53 1,359.10 1.27%
01/31/1997 1359.1 0 10 100.451 13.81 1,387.23 2.07%
02/28/1997 1387.23 0 10 100.451 13.6 1,366.13 -1.52%
03/31/1997 1366.13 0.015 12.96 100.567 12.96 1,303.35 -4.60%
04/30/1997 1303.35 0 10 100.567 13.1 1,317.43 1.08%
05/31/1997 1317.43 0 10 100.567 14.22 1,430.06 8.55%
06/30/1997 1430.06 0 10 100.567 14.77 1,485.37 3.87%
07/31/1997 1485.37 0 10 100.567 15.74 1,582.92 6.57%
08/31/1997 1582.92 0 10 100.567 15.83 1,591.98 0.57%
09/30/1997 1591.98 0 10 100.567 17.09 1,718.69 7.96%
10/31/1997 1718.69 0 10 100.567 16.39 1,648.29 -4.10%
11/30/1997 1648.29 0 10 100.567 16.3 1,639.24 -0.55%
12/31/1997 1639.24 0.315 15.58 102.6 16.13 1,654.94 0.96%
01/31/1998 1654.94 0 10 102.6 15.69 1,609.79 -2.73%
02/28/1998 1609.79 0 10 102.6 16.99 1,743.17 8.29%
03/31/1998 1743.17 0.047 17.32 102.878 17.32 1,781.85 2.22%
04/30/1998 1781.85 0 10 102.878 17.4 1,790.08 0.46%
05/31/1998 1790.08 0 10 102.878 16.43 1,690.29 -5.57%
06/30/1998 1690.29 0 10 102.878 16.62 1,709.83 1.16%
07/31/1998 1709.83 0 10 102.878 15.36 1,580.21 -7.58%
08/31/1998 1580.21 0 10 102.878 12.26 1,261.28 -20.18%
09/30/1998 1261.28 0 10 102.878 12.99 1,336.39 5.96%
0.069112
<CAPTION>
Beginning
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/01/1996 1,000.00 0.96756515
05/31/1996 0.00115 1.15068493 1,038.05 0.08 1.00438034
06/30/1996 0.00115 1.19446771 992.90 0.16 0.96069889
07/31/1996 0.00119 1.18060315 933.46 0.24 0.90318116
08/31/1996 0.00119 1.10991959 980.97 0.33 0.94915596
09/30/1996 0.00115 1.12879165 1,026.82 0.43 0.99351849
10/31/1996 0.00119 1.22093517 1,007.31 0.51 0.97463699
11/30/1996 0.00115 1.15909517 1,064.94 0.62 1.03039493
12/31/1996 0.00119 1.26625263 1,077.24 0.71 1.04229922 .052 Dividend .008 Cap Gain
01/31/1997 0.00119 1.28088182 1,098.25 0.82 1.06263289
02/28/1997 0.00107 1.17949537 1,080.37 0.89 1.04532883
03/31/1997 0.00119 1.28460491 1,029.44 0.94 0.99604819 .015 Cap Gain
04/30/1997 0.00115 1.18455863 1,039.37 1.03 1.00566229
05/31/1997 0.00119 1.23585869 1,127.00 1.21 1.09044281
06/30/1997 0.00115 1.29681821 1,169.29 1.35 1.13136278
07/31/1997 0.00119 1.39033205 1,244.69 1.53 1.20431852
08/31/1997 0.00119 1.47998738 1,250.33 1.65 1.20977957
09/30/1997 0.00115 1.43874045 1,348.41 1.88 1.30467713
10/31/1997 0.00119 1.60331811 1,291.58 1.91 1.24968438
11/30/1997 0.00115 1.48619757 1,283.00 2.01 1.24138494
12/31/1997 0.00119 1.52553832 1,293.76 2.13 1.25179839 .042 Dividend .273 Cap Gain
01/31/1998 0.00119 1.5383354 1,256.93 2.18 1.21615844
02/28/1998 0.00107 1.3499048 1,359.72 2.46 1.31561777
03/31/1998 0.00119 1.61676305 1,388.27 2.62 1.34324629 .002 Dividend .045 Cap Gain
04/30/1998 0.00115 1.59746686 1,393.09 2.74 1.34790482
05/31/1998 0.00119 1.65644062 1,313.77 2.71 1.27116165
06/30/1998 0.00115 1.5117396 1,327.45 2.84 1.28439376
07/31/1998 0.00119 1.57839186 1,225.24 2.74 1.18549833
08/31/1998 0.00119 1.45685924 976.49 2.28 0.94482244
09/30/1998 0.00115 1.12363797 1,033.52 2.50 1
0.033522 0.033522
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS STOCK INDEX FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.313609 -----------------------------
Units purchased 3,188.681 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/1989 0.313609 3,188.681 1,000.00 1,000.00 3,818.29 0.00%
09/30/1989 0.313599 3,188.681 999.97 0.00000 0.002739726 999.96 3,818.29 0.00%
10/31/1989 0.306492 3,188.681 977.30 0.00008 0.084928373 977.22 3,818.29 0.00%
11/30/1989 0.312192 3,188.681 995.48 0.00008 0.080319236 995.31 3,818.29 0.00%
12/31/1989 0.319371 3,188.681 1,018.37 0.00008 0.084533166 1,018.11 3,818.29 0.00%
01/31/1990 0.297574 3,188.681 948.87 0.00008 0.086469919 948.54 3,818.29 0.00%
02/28/1990 0.300818 3,188.681 959.21 0.00008 0.072764748 958.81 3,818.29 0.00%
03/31/1990 0.308560 3,188.681 983.90 0.00008 0.081433154 983.40 3,818.29 0.00%
04/30/1990 0.300394 3,188.681 957.86 0.00008 0.080827743 957.30 3,818.29 0.00%
05/31/1990 0.328951 3,188.681 1,048.92 0.00008 0.081304884 1,048.22 3,818.29 0.00%
06/30/1990 0.326334 3,188.681 1,040.57 0.00008 0.086155176 1,039.80 3,818.29 0.00%
07/31/1990 0.324961 3,188.681 1,036.20 0.00008 0.088311415 1,035.33 3,818.29 0.00%
08/31/1990 0.295350 3,188.681 941.78 0.00008 0.087932364 940.90 3,818.29 0.00%
09/30/1990 0.280814 3,188.681 895.43 0.00008 0.077334571 894.52 3,818.29 0.00%
10/31/1990 0.279294 3,188.681 890.58 0.00008 0.075972803 889.60 3,818.29 0.00%
11/30/1990 0.296657 3,188.681 945.94 0.00008 0.073118006 944.83 3,818.29 0.00%
12/31/1990 0.304392 3,188.681 970.61 0.00008 0.080245985 969.39 3,818.29 0.00%
01/31/1991 0.317222 3,188.681 1,011.52 0.00008 0.082331445 1,010.17 3,818.29 0.00%
02/28/1991 0.339338 3,188.681 1,082.04 0.00008 0.077492134 1,080.51 3,818.29 0.00%
03/31/1991 0.347218 3,188.681 1,107.17 0.00008 0.091769538 1,105.51 3,818.29 0.00%
04/30/1991 0.347272 3,188.681 1,107.34 0.00008 0.090864058 1,105.60 3,818.29 0.00%
05/31/1991 0.361643 3,188.681 1,153.17 0.00008 0.09389988 1,151.25 3,818.29 0.00%
06/30/1991 0.344996 3,188.681 1,100.08 0.00008 0.094623645 1,098.17 3,818.29 0.00%
07/31/1991 0.360441 3,188.681 1,149.33 0.00008 0.093268862 1,147.24 3,818.29 0.00%
08/31/1991 0.368369 3,188.681 1,174.61 0.00008 0.097436438 1,172.37 3,818.29 0.00%
09/30/1991 0.361764 3,188.681 1,153.55 0.00008 0.096359357 1,151.25 3,818.29 0.00%
10/31/1991 0.366198 3,188.681 1,167.69 0.00008 0.097777613 1,165.27 3,818.29 0.00%
11/30/1991 0.350966 3,188.681 1,119.12 0.00008 0.095775336 1,116.70 3,818.29 0.00%
12/31/1991 0.390430 3,188.681 1,244.96 0.00008 0.09484311 1,242.17 3,818.29 0.00%
01/31/1992 0.382682 3,188.681 1,220.25 0.00008 0.105499498 1,217.41 3,818.29 0.00%
02/29/1992 0.387010 3,188.681 1,234.05 0.00008 0.096726117 1,231.09 3,818.29 0.00%
03/31/1992 0.379022 3,188.681 1,208.58 0.00008 0.104558127 1,205.57 3,818.29 0.00%
04/30/1992 0.389526 3,188.681 1,242.07 0.00008 0.099088338 1,238.88 3,818.29 0.00%
05/31/1992 0.390684 3,188.681 1,245.77 0.00008 0.105220349 1,242.46 3,818.29 0.00%
06/30/1992 0.384519 3,188.681 1,226.11 0.00008 0.102120313 1,222.75 3,818.29 0.00%
07/31/1992 0.399627 3,188.681 1,274.28 0.00008 0.103850335 1,270.69 3,818.29 0.00%
08/31/1992 0.391041 3,188.681 1,246.90 0.00008 0.107921971 1,243.28 3,818.29 0.00%
09/30/1992 0.394849 3,188.681 1,259.05 0.00008 0.102187735 1,255.29 3,818.29 0.00%
10/31/1992 0.395889 3,188.681 1,262.37 0.00008 0.106613588 1,258.49 3,818.29 0.00%
11/30/1992 0.408687 3,188.681 1,303.17 0.00008 0.103437594 1,299.07 3,818.29 0.00%
12/31/1992 0.413002 3,188.681 1,316.93 0.00008 0.110331873 1,312.68 3,818.29 0.00%
01/31/1993 0.367274 3,188.681 1,171.12 0.00008 0.11148748 1,167.22 3,818.29 0.00%
02/28/1993 0.356958 3,188.681 1,138.23 0.00008 0.089540287 1,134.35 3,818.29 0.00%
03/31/1993 0.340979 3,188.681 1,087.27 0.00008 0.096341993 1,083.47 3,818.29 0.00%
04/30/1993 0.344949 3,188.681 1,099.93 0.00008 0.089052522 1,096.00 3,818.29 0.00%
05/31/1993 0.350254 3,188.681 1,116.85 0.00008 0.093084772 1,112.76 3,818.29 0.00%
06/30/1993 0.341259 3,188.681 1,088.17 0.00008 0.09145982 1,084.09 3,818.29 0.00%
07/31/1993 0.351792 3,188.681 1,121.75 0.00008 0.092073689 1,117.46 3,818.29 0.00%
08/31/1993 0.365503 3,188.681 1,165.47 0.00008 0.094907734 1,160.92 3,818.29 0.00%
09/30/1993 0.378196 3,188.681 1,205.95 0.00008 0.095417955 1,201.14 3,818.29 0.00%
10/31/1993 0.386255 3,188.681 1,231.65 0.00008 0.102014555 1,226.63 3,818.29 0.00%
11/30/1993 0.371724 3,188.681 1,185.31 0.00008 0.100819245 1,180.39 3,818.29 0.00%
12/31/1993 0.437171 3,188.681 1,394.00 0.00008 0.100252077 1,388.11 3,818.29 0.00%
01/31/1994 0.460355 3,188.681 1,467.93 0.00008 0.117894117 1,461.61 3,818.29 2.00%
02/28/1994 0.447426 3,188.681 1,426.70 0.00008 0.112123155 1,420.44 3,818.29 2.00%
03/31/1994 0.427394 3,188.681 1,362.82 0.00008 0.120640507 1,356.73 3,818.29 2.00%
04/30/1994 0.432075 3,188.681 1,377.75 0.00008 0.111511928 1,371.47 3,818.29 2.00%
05/31/1994 0.438721 3,188.681 1,398.94 0.00008 0.11648133 1,392.45 3,818.29 2.00%
06/30/1994 0.427453 3,188.681 1,363.01 0.00008 0.114448168 1,356.58 3,818.29 2.00%
07/31/1994 0.440919 3,188.681 1,405.95 0.00008 0.11521618 1,399.20 3,818.29 2.00%
08/31/1994 0.458101 3,188.681 1,460.74 0.00008 0.118835949 1,453.60 3,818.29 2.00%
09/30/1994 0.446217 3,188.681 1,422.84 0.00008 0.119474126 1,415.77 3,818.29 2.00%
10/31/1994 0.455624 3,188.681 1,452.84 0.00008 0.120243849 1,445.50 3,818.29 2.00%
11/30/1994 0.438484 3,188.681 1,398.19 0.00008 0.118808207 1,391.00 3,818.29 2.00%
12/31/1994 0.444307 3,188.681 1,416.75 0.00008 0.118140085 1,409.36 3,818.29 2.00%
01/31/1995 0.455508 3,188.681 1,452.47 0.00008 0.1196989 1,444.77 3,818.29 4.00%
02/28/1995 0.472221 3,188.681 1,505.76 0.00008 0.110831598 1,497.67 3,818.29 4.00%
03/31/1995 0.485769 3,188.681 1,548.96 0.00008 0.127199182 1,540.51 3,818.29 4.00%
04/30/1995 0.499040 3,188.681 1,591.28 0.00008 0.126617196 1,582.47 3,818.29 4.00%
05/31/1995 0.518114 3,188.681 1,652.10 0.00008 0.134401496 1,642.82 3,818.29 4.00%
06/30/1995 0.529264 3,188.681 1,687.65 0.00008 0.13502618 1,678.04 3,818.29 4.00%
07/31/1995 0.545954 3,188.681 1,740.87 0.00008 0.142518273 1,730.81 3,818.29 4.00%
08/31/1995 0.546856 3,188.681 1,743.75 0.00008 0.147000238 1,733.52 3,818.29 4.00%
09/30/1995 0.569023 3,188.681 1,814.43 0.00008 0.142481304 1,803.65 3,818.29 4.00%
10/31/1995 0.566343 3,188.681 1,805.89 0.00008 0.153186524 1,795.00 3,818.29 4.00%
11/30/1995 0.590281 3,188.681 1,882.22 0.00008 0.147534463 1,870.72 3,818.29 4.00%
12/31/1995 0.600350 3,188.681 1,914.32 0.00008 0.15888349 1,902.48 3,818.29 4.00%
01/31/1996 0.619957 3,188.681 1,976.85 0.00008 0.161580122 1,964.45 3,818.29 6.00%
02/29/1996 0.624919 3,188.681 1,992.67 0.00008 0.156079456 1,980.02 3,818.29 6.00%
03/31/1996 0.630525 3,188.681 2,010.54 0.00008 0.168165698 1,997.61 3,818.29 6.00%
04/30/1996 0.638620 3,188.681 2,036.35 0.00008 0.164187153 2,023.09 3,818.29 6.00%
05/31/1996 0.654011 3,188.681 2,085.43 0.00008 0.171824069 2,071.68 3,818.29 6.00%
06/30/1996 0.656132 3,188.681 2,092.20 0.00008 0.170274859 2,078.22 3,818.29 6.00%
07/31/1996 0.625993 3,188.681 1,996.09 0.00008 0.176506738 1,982.59 3,818.29 6.00%
08/31/1996 0.638456 3,188.681 2,035.83 0.00008 0.168383943 2,021.89 3,818.29 6.00%
09/30/1996 0.673447 3,188.681 2,147.41 0.00008 0.16618284 2,132.54 3,818.29 6.00%
10/31/1996 0.691527 3,188.681 2,205.06 0.00008 0.181119434 2,189.61 3,818.29 6.00%
11/30/1996 0.742539 3,188.681 2,367.72 0.00008 0.179967671 2,350.95 3,818.29 6.00%
12/31/1996 0.726622 3,188.681 2,316.97 0.00008 0.19966946 2,300.35 3,818.29 6.00%
01/31/1997 0.770997 3,188.681 2,458.46 0.00008 0.195372503 2,440.64 3,818.29 6.00%
02/28/1997 0.776342 3,188.681 2,475.51 0.00008 0.187227056 2,457.37 3,818.29 6.00%
03/31/1997 0.743336 3,188.681 2,370.26 0.00008 0.208708295 2,352.69 3,818.29 6.00%
04/30/1997 0.787057 3,188.681 2,509.67 0.00008 0.1933718 2,490.87 3,818.29 6.00%
05/31/1997 0.833889 3,188.681 2,659.01 0.00008 0.211553632 2,638.88 3,818.29 6.00%
06/30/1997 0.869911 3,188.681 2,773.87 0.00008 0.216894014 2,752.65 3,818.29 6.00%
07/31/1997 0.937921 3,188.681 2,990.73 0.00008 0.233786896 2,967.62 3,818.29 6.00%
08/31/1997 0.884560 3,188.681 2,820.58 0.00008 0.252044683 2,798.53 3,818.29 6.00%
09/30/1997 0.931440 3,188.681 2,970.07 0.00008 0.230016408 2,946.62 3,818.29 6.00%
10/31/1997 0.899063 3,188.681 2,866.82 0.00008 0.250261046 2,843.95 3,818.29 6.00%
11/30/1997 0.939335 3,188.681 2,995.24 0.00008 0.233748956 2,971.10 3,818.29 6.00%
12/31/1997 0.954364 3,188.681 3,043.16 0.00008 0.252340285 3,018.39 3,818.29 6.00%
01/31/1998 0.963728 3,188.681 3,073.02 0.00008 0.256356017 3,047.75 3,818.29 6.00%
02/28/1998 1.032040 3,188.681 3,290.85 0.00008 0.233799623 3,263.54 3,818.29 6.00%
03/31/1998 1.083472 3,188.681 3,454.85 0.00008 0.277177786 3,425.91 3,818.29 6.00%
04/30/1998 1.093107 3,188.681 3,485.57 0.00008 0.281581328 3,456.09 3,818.29 6.00%
05/31/1998 1.072693 3,188.681 3,420.48 0.00008 0.293531094 3,391.26 3,818.29 6.00%
06/30/1998 1.114679 3,188.681 3,554.35 0.00008 0.278733412 3,523.71 3,818.29 6.00%
07/31/1998 1.101613 3,188.681 3,512.69 0.00008 0.299274114 3,482.11 3,818.29 6.00%
08/31/1998 0.940580 3,188.681 2,999.21 0.00008 0.295740859 2,972.80 3,818.29 6.00%
09/30/1998 1.000000 3,188.681 3,188.68 0.00008 0.244339802 3,160.36 3,818.29 6.00%
10/31/1998 1.079880 3,188.681 3,443.39 0.00008 0.268414126 3,412.54 3,818.29 6.00%
11/30/1998 1.143616 3,188.681 3,646.63 0.00008 0.280482822 3,613.67 3,818.29 6.00%
12/31/1998 1.208468 3,188.681 3,853.42 0.00008 0.306914725 3,818.29 3,818.29 6.00%
12/31/1998 3,818.29
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 281.83% 281.83%
09/29/1989 100.00% 3,818.29 9.2603 15.57% 15.57% 3,818.29 3,818.29 10
09/30/1989 100.00% 3,818.29 9.2575 15.57% 15.57% 3,818.43 3,818.43 10
10/31/1989 100.00% 3,818.29 9.1726 16.02% 16.02% 3,907.31 3,907.31 10
11/30/1989 100.00% 3,818.29 9.0904 15.94% 15.94% 3,836.28 3,836.28 10
12/31/1989 100.00% 3,818.29 9.0055 15.81% 15.81% 3,750.36 3,750.36 10
01/31/1990 100.00% 3,818.29 8.9205 16.90% 16.90% 4,025.44 4,025.44 9
02/28/1990 100.00% 3,818.29 8.8438 16.91% 16.91% 3,982.32 3,982.32 9
03/31/1990 100.00% 3,818.29 8.7589 16.75% 16.75% 3,882.73 3,882.73 9
04/30/1990 100.00% 3,818.29 8.6767 17.29% 17.29% 3,988.61 3,988.61 9
05/31/1990 100.00% 3,818.29 8.5918 16.24% 16.24% 3,642.64 3,642.64 9
06/30/1990 100.00% 3,818.29 8.5096 16.52% 16.52% 3,672.15 3,672.15 9
07/31/1990 100.00% 3,818.29 8.4247 16.76% 16.76% 3,687.98 3,687.98 9
08/31/1990 100.00% 3,818.29 8.3397 18.29% 18.29% 4,058.11 4,058.11 9
09/30/1990 100.00% 3,818.29 8.2575 19.21% 19.21% 4,268.54 4,268.54 9
10/31/1990 100.00% 3,818.29 8.1726 19.51% 19.51% 4,292.13 4,292.13 9
11/30/1990 100.00% 3,818.29 8.0904 18.84% 18.84% 4,041.24 4,041.24 9
12/31/1990 100.00% 3,818.29 8.0055 18.68% 18.68% 3,938.87 3,938.87 9
01/31/1991 100.00% 3,818.29 7.9205 18.28% 18.28% 3,779.87 3,779.87 8
02/28/1991 100.00% 3,818.29 7.8438 17.46% 17.46% 3,533.78 3,533.78 8
03/31/1991 100.00% 3,818.29 7.7589 17.32% 17.32% 3,453.86 3,453.86 8
04/30/1991 100.00% 3,818.29 7.6767 17.52% 17.52% 3,453.61 3,453.61 8
05/31/1991 100.00% 3,818.29 7.5918 17.11% 17.11% 3,316.63 3,316.63 8
06/30/1991 100.00% 3,818.29 7.5096 18.05% 18.05% 3,476.97 3,476.97 8
07/31/1991 100.00% 3,818.29 7.4247 17.58% 17.58% 3,328.25 3,328.25 8
08/31/1991 100.00% 3,818.29 7.3397 17.45% 17.45% 3,256.89 3,256.89 8
09/30/1991 100.00% 3,818.29 7.2575 17.96% 17.96% 3,316.64 3,316.64 8
10/31/1991 100.00% 3,818.29 7.1726 17.99% 17.99% 3,276.75 3,276.75 8
11/30/1991 100.00% 3,818.29 7.0904 18.93% 18.93% 3,419.26 3,419.26 8
12/31/1991 100.00% 3,818.29 7.0055 17.39% 17.39% 3,073.88 3,073.88 8
01/31/1992 100.00% 3,818.29 6.9205 17.96% 17.96% 3,136.39 3,136.39 7
02/29/1992 100.00% 3,818.29 6.8411 17.99% 17.99% 3,101.56 3,101.56 7
03/31/1992 100.00% 3,818.29 6.7562 18.61% 18.61% 3,167.19 3,167.19 7
04/30/1992 100.00% 3,818.29 6.6740 18.37% 18.37% 3,082.04 3,082.04 7
05/31/1992 100.00% 3,818.29 6.5890 18.58% 18.58% 3,073.16 3,073.16 7
06/30/1992 100.00% 3,818.29 6.5068 19.12% 19.12% 3,122.70 3,122.70 7
07/31/1992 100.00% 3,818.29 6.4219 18.69% 18.69% 3,004.89 3,004.89 7
08/31/1992 100.00% 3,818.29 6.3370 19.37% 19.37% 3,071.13 3,071.13 7
09/30/1992 100.00% 3,818.29 6.2548 19.47% 19.47% 3,041.76 3,041.76 7
10/31/1992 100.00% 3,818.29 6.1699 19.71% 19.71% 3,034.02 3,034.02 7
11/30/1992 100.00% 3,818.29 6.0877 19.38% 19.38% 2,939.25 2,939.25 7
12/31/1992 100.00% 3,818.29 6.0027 19.47% 19.47% 2,908.79 2,908.79 7
01/31/1993 100.00% 3,818.29 5.9178 22.17% 22.17% 3,271.26 3,271.26 6
02/28/1993 100.00% 3,818.29 5.8411 23.10% 23.10% 3,366.06 3,366.06 6
03/31/1993 100.00% 3,818.29 5.7562 24.46% 24.46% 3,524.12 3,524.12 6
04/30/1993 100.00% 3,818.29 5.6740 24.60% 24.60% 3,483.85 3,483.85 6
05/31/1993 100.00% 3,818.29 5.5890 24.68% 24.68% 3,431.37 3,431.37 6
06/30/1993 100.00% 3,818.29 5.5068 25.69% 25.69% 3,522.10 3,522.10 6
07/31/1993 100.00% 3,818.29 5.4219 25.44% 25.44% 3,416.93 3,416.93 6
08/31/1993 100.00% 3,818.29 5.3370 24.99% 24.99% 3,289.03 3,289.03 6
09/30/1993 100.00% 3,818.29 5.2548 24.62% 24.62% 3,178.89 3,178.89 6
10/31/1993 100.00% 3,818.29 5.1699 24.56% 24.56% 3,112.82 3,112.82 6
11/30/1993 100.00% 3,818.29 5.0877 25.95% 25.95% 3,234.78 3,234.78 6
12/31/1993 100.00% 3,818.29 5.0027 22.42% 22.42% 2,750.72 2,750.72 6
01/31/1994 50.00% 3,818.29 4.9178 21.56% 21.56% 2,612.39 2,612.39 5
02/28/1994 50.00% 3,818.29 4.8411 22.66% 22.66% 2,688.09 2,688.09 5
03/31/1994 50.00% 3,818.29 4.7562 24.30% 24.30% 2,814.34 2,814.34 5
04/30/1994 50.00% 3,818.29 4.6740 24.49% 24.49% 2,784.08 2,784.08 5
05/31/1994 50.00% 3,818.29 4.5890 24.58% 24.58% 2,742.13 2,742.13 5
06/30/1994 50.00% 3,818.29 4.5068 25.81% 25.81% 2,814.65 2,814.65 5
07/31/1994 50.00% 3,818.29 4.4219 25.49% 25.49% 2,728.91 2,728.91 5
08/31/1994 50.00% 3,818.29 4.3370 24.94% 24.94% 2,626.78 2,626.78 5
09/30/1994 50.00% 3,818.29 4.2548 26.26% 26.26% 2,696.96 2,696.96 5
10/31/1994 50.00% 3,818.29 4.1699 26.23% 26.23% 2,641.50 2,641.50 5
11/30/1994 50.00% 3,818.29 4.0877 28.02% 28.02% 2,744.99 2,744.99 5
12/31/1994 50.00% 3,818.29 4.0027 28.27% 28.27% 2,709.24 2,709.24 5
01/31/1995 40.00% 3,818.29 3.9178 28.15% 28.15% 2,642.84 2,642.84 4
02/28/1995 40.00% 3,818.29 3.8411 27.59% 27.59% 2,549.49 2,549.49 4
03/31/1995 40.00% 3,817.76 3.7562 27.33% 27.33% 2,478.25 2,478.59 4
04/30/1995 40.00% 3,816.08 3.6740 27.07% 27.09% 2,411.47 2,412.87 4
05/31/1995 40.00% 3,813.67 3.5890 26.45% 26.49% 2,321.42 2,324.23 4
06/30/1995 40.00% 3,812.26 3.5068 26.36% 26.42% 2,271.86 2,275.45 4
07/31/1995 40.00% 3,810.15 3.4219 25.94% 26.01% 2,201.37 2,206.07 4
08/31/1995 40.00% 3,810.04 3.3370 26.62% 26.70% 2,197.86 2,202.62 4
09/30/1995 40.00% 3,807.24 3.2548 25.80% 25.91% 2,110.85 2,116.98 4
10/31/1995 40.00% 3,807.58 3.1699 26.77% 26.89% 2,121.21 2,127.18 4
11/30/1995 40.00% 3,804.55 3.0877 25.85% 25.99% 2,033.73 2,041.08 4
12/31/1995 40.00% 3,803.28 3.0027 25.95% 26.11% 1,999.12 2,007.01 4
01/31/1996 30.00% 3,769.15 2.9178 25.02% 25.58% 1,918.68 1,943.70 3
02/29/1996 30.00% 3,768.22 2.8384 25.45% 26.03% 1,903.13 1,928.41 3
03/31/1996 30.00% 3,767.16 2.7534 25.91% 26.53% 1,885.83 1,911.43 3
04/30/1996 30.00% 3,765.63 2.6712 26.19% 26.84% 1,861.33 1,887.36 3
05/31/1996 30.00% 3,762.72 2.5863 25.95% 26.67% 1,816.27 1,843.09 3
06/30/1996 30.00% 3,762.33 2.5041 26.75% 27.50% 1,810.36 1,837.28 3
07/31/1996 30.00% 3,768.06 2.4192 30.40% 31.12% 1,900.58 1,925.91 3
08/31/1996 30.00% 3,765.71 2.3342 30.53% 31.31% 1,862.47 1,888.47 3
09/30/1996 30.00% 3,759.07 2.2521 28.62% 29.52% 1,762.72 1,790.49 3
10/31/1996 30.00% 3,755.64 2.1671 28.27% 29.25% 1,715.21 1,743.82 3
11/30/1996 30.00% 3,745.96 2.0849 25.04% 26.19% 1,593.38 1,624.15 3
12/31/1996 30.00% 3,749.00 2.0000 27.66% 28.84% 1,629.75 1,659.87 3
01/31/1997 20.00% 3,717.67 1.9151 24.58% 26.33% 1,523.24 1,564.46 2
02/28/1997 20.00% 3,716.67 1.8384 25.24% 27.09% 1,512.46 1,553.81 2
03/31/1997 20.00% 3,722.95 1.7534 29.92% 31.81% 1,582.42 1,622.95 2
04/30/1997 20.00% 3,714.66 1.6712 27.02% 29.12% 1,491.31 1,532.91 2
05/31/1997 20.00% 3,705.78 1.5863 23.87% 26.23% 1,404.30 1,446.94 2
06/30/1997 20.00% 3,698.95 1.5041 21.71% 24.30% 1,343.78 1,387.13 2
07/31/1997 20.00% 3,686.05 1.4192 16.50% 19.43% 1,242.09 1,286.65 2
08/31/1997 20.00% 3,696.20 1.3342 23.19% 26.22% 1,320.76 1,364.39 2
09/30/1997 20.00% 3,687.31 1.2521 19.61% 22.99% 1,251.37 1,295.82 2
10/31/1997 20.00% 3,693.47 1.1671 25.10% 28.71% 1,298.71 1,342.60 2
11/30/1997 20.00% 3,685.84 1.0849 21.98% 26.02% 1,240.56 1,285.14 2
12/31/1997 20.00% 3,683.01 1.0000 22.02% 26.50% 1,220.19 1,265.01 2
01/31/1998 10.00% 3,658.34 0.9151 20.03% 25.28% 1,181.88 1,229.08 1
02/28/1998 10.00% 3,645.39 0.8384 11.70% 17.00% 1,097.21 1,140.67 1
03/31/1998 10.00% 3,635.65 0.7534 6.12% 11.45% 1,045.78 1,085.13 1
04/30/1998 10.00% 3,633.83 0.6712 5.14% 10.48% 1,034.23 1,069.18 1
05/31/1998 10.00% 3,637.72 0.5863 7.27% 12.59% 1,041.99 1,072.01 1
06/30/1998 10.00% 3,629.78 0.5041 3.01% 8.36% 1,015.06 1,041.30 1
07/31/1998 10.00% 3,632.27 0.4192 4.31% 9.65% 1,017.86 1,039.39 1
08/31/1998 10.00% 3,662.83 0.3342 23.21% 28.44% 1,072.25 1,087.25 1
09/30/1998 10.00% 3,651.58 0.2521 15.54% 20.82% 1,037.09 1,048.83 1
10/31/1998 10.00% 3,636.45 0.1671 6.56% 11.89% 1,010.68 1,018.95 1
11/30/1998 10.00% 3,624.38 0.0849 0.30% 5.66% 1,000.25 1,004.69 1
12/31/1998 10.00% 3,612.10 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS STOCK INDEX FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.313609 -----------------------------
Units purchased 3,188.681 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 3,613.67 3,624.38 3,818.29 0.30% 5.66%
09/30/1998 0.25 0.25 3,160.36 3,651.58 3,818.29 15.54% 20.82%
12/31/1997 1.00 1.00 3,018.39 3,683.01 3,818.29 22.02% 26.50%
12/31/1997 1.00 1.00 3,018.39 3,683.01 3,818.29 22.02% 26.50%
12/31/1995 3.00 3.00 1,902.48 3,803.28 3,818.29 25.97% 26.14%
12/31/1993 5.00 5.00 1,388.11 3,818.29 3,818.29 22.43% 22.43%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
09/29/1989 9.3 9.26 1,000.00 3,818.29 3,818.29 15.57% 15.57%
12/31/1992 1,312.68
12/31/1993 1 1,388.11 5.75%
12/31/1994 1 1,409.36 1.53%
12/31/1995 1 1,902.48 34.99%
12/31/1996 1 2,300.35 20.91%
12/31/1997 1 3,018.39 31.21%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
Dreyfus Stock Index Fund
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/29/1989 100 12.5 1250
09/30/1989 1250 0 1 100 12.5 1,250.00 0.00%
10/31/1989 1250 0 1 100 12.23 1,223.00 -2.16%
11/30/1989 1223 0 1 100 12.47 1,247.00 1.96%
12/31/1989 1247 0.12 12.65 100.949 12.65 1,277.00 2.41%
01/31/1990 1277 0 1 100.949 11.8 1,191.20 -6.72%
02/28/1990 1191.2 0 1 100.949 11.94 1,205.33 1.19%
03/31/1990 1205.33 0 1 100.949 12.26 1,237.63 2.68%
04/30/1990 1237.63 0.09 12.12 101.699 11.86 1,206.15 -2.54%
05/31/1990 1206.15 0 1 101.699 13 1,322.09 9.61%
06/30/1990 1322.09 0 1 101.699 12.91 1,312.93 -0.69%
07/31/1990 1312.93 0.1 12.86 102.49 12.77 1,308.80 -0.31%
08/31/1990 1308.8 0 1 102.49 11.62 1,190.93 -9.01%
09/30/1990 1190.93 0 1 102.49 11.06 1,133.54 -4.82%
10/31/1990 1133.54 0.095 11.28 103.353 10.92 1,128.61 -0.43%
11/30/1990 1128.61 0 1 103.353 11.61 1,199.93 6.32%
12/31/1990 1199.93 0.125 11.8 104.448 11.8 1,232.49 2.71%
01/31/1991 1232.49 0 1 104.448 12.31 1,285.75 4.32%
02/28/1991 1285.75 0 1 104.448 13.18 1,376.62 7.07%
03/31/1991 1376.62 0 1 104.448 13.5 1,410.05 2.43%
04/30/1991 1410.05 0.085 13.27 105.117 13.43 1,411.72 0.12%
05/31/1991 1411.72 0 1 105.117 14 1,471.64 4.24%
06/30/1991 1471.64 0 1 105.117 13.37 1,405.41 -4.50%
07/31/1991 1405.41 0.1 13.51 105.895 13.88 1,469.82 4.58%
08/31/1991 1469.82 0 1 105.895 14.2 1,503.71 2.31%
09/30/1991 1503.71 0 1 105.895 13.96 1,478.29 -1.69%
10/31/1991 1478.29 0.095 13.91 106.618 14.05 1,497.98 1.33%
11/30/1991 1497.98 0 1 106.618 13.48 1,437.21 -4.06%
12/31/1991 1437.21 0.1 14.91 107.333 14.91 1,600.34 11.35%
01/31/1992 1600.34 0 1 107.333 14.63 1,570.28 -1.88%
02/29/1992 1570.28 0 1 107.333 14.81 1,589.60 1.23%
03/31/1992 1589.6 0 1 107.333 14.52 1,558.48 -1.96%
04/30/1992 1558.48 0.085 14.45 107.964 14.85 1,603.27 2.87%
05/31/1992 1603.27 0 1 107.964 14.91 1,609.74 0.40%
06/30/1992 1609.74 0 1 107.964 14.69 1,585.99 -1.48%
07/31/1992 1585.99 0.1 14.76 108.695 15.18 1,649.99 4.04%
08/31/1992 1649.99 0 1 108.695 14.87 1,616.29 -2.04%
09/30/1992 1616.29 0 1 108.695 15.03 1,633.69 1.08%
10/31/1992 1633.69 0.095 14.89 109.388 14.99 1,639.73 0.37%
11/30/1992 1639.73 0 1 109.388 15.49 1,694.42 3.34%
12/31/1992 1694.42 0.35 15.32 111.887 15.32 1,714.11 1.16%
01/31/1993 1714.11 0 1 111.887 13.64 1,526.14 -10.97%
02/28/1993 1526.14 0 1 111.887 13.27 1,484.74 -2.71%
03/31/1993 1484.74 0 1 111.887 12.69 1,419.85 -4.37%
04/30/1993 1419.85 0.1 15.8 112.595 12.77 1,437.84 1.27%
05/31/1993 1437.84 0 1 112.595 12.98 1,461.48 1.64%
06/30/1993 1461.48 0 1 112.595 12.66 1,425.45 -2.47%
07/31/1993 1425.45 0.09 15.76 113.238 12.99 1,470.96 3.19%
08/31/1993 1470.96 0 1 113.238 13.51 1,529.85 4.00%
09/30/1993 1529.85 0.96 15.36 120.315 13.17 1,584.55 3.58%
10/31/1993 1584.55 0.085 15.24 120.986 13.39 1,620.00 2.24%
11/30/1993 1620 0 1 120.986 12.9 1,560.72 -3.66%
12/31/1993 1560.72 2.29 13.2 141.975 12.94 1,837.16 17.71%
01/31/1994 1837.16 0 1 141.975 13.64 1,936.54 5.41%
02/28/1994 1936.54 0 1 141.975 13.27 1,884.01 -2.71%
03/31/1994 1884.01 0 1 141.975 12.69 1,801.66 -4.37%
04/30/1994 1801.66 0.07 12.43 142.775 12.77 1,823.24 1.20%
05/31/1994 1823.24 0 1 142.775 12.98 1,853.22 1.64%
06/30/1994 1853.22 0 1 142.775 12.66 1,807.53 -2.47%
07/31/1994 1807.53 0.08 12.63 143.679 12.99 1,866.39 3.26%
08/31/1994 1866.39 0 1 143.679 13.51 1,941.10 4.00%
09/30/1994 1941.1 0.0035 13.44 143.716 13.17 1,892.74 -2.49%
10/31/1994 1892.74 0.07 13.08 144.485 13.39 1,934.65 2.21%
11/30/1994 1934.65 0 1 144.485 12.9 1,863.86 -3.66%
12/31/1994 1863.86 0.145 12.94 146.104 12.94 1,890.59 1.43%
01/31/1995 1890.59 0 1 146.104 13.28 1,940.26 2.63%
02/28/1995 1940.26 0 1 146.104 13.78 2,013.31 3.76%
03/31/1995 2013.31 0.08 14.11 146.932 14.11 2,073.21 2.98%
04/30/1995 2073.21 0 1 146.932 14.51 2,131.98 2.83%
05/31/1995 2131.98 0 1 146.932 15.08 2,215.73 3.93%
06/30/1995 2215.73 0.08 15.34 147.698 15.34 2,265.69 2.25%
07/31/1995 2265.69 0 1 147.698 15.84 2,339.54 3.26%
08/31/1995 2339.54 0.003 15.85 147.726 15.88 2,345.89 0.27%
09/30/1995 2345.89 0.08 16.46 148.444 16.46 2,443.39 4.16%
10/31/1995 2443.39 0 1 148.444 16.4 2,434.48 -0.36%
11/30/1995 2434.48 0 1 148.444 17.11 2,539.88 4.33%
12/31/1995 2539.88 0.22 17.2 150.343 17.2 2,585.90 1.81%
01/31/1996 2585.9 0 1 150.343 17.78 2,673.10 3.37%
02/29/1996 2673.1 0 1 150.343 17.94 2,697.15 0.90%
03/31/1996 2697.15 0.09 18.03 151.093 18.03 2,724.21 1.00%
04/30/1996 2724.21 0 1 151.093 18.28 2,761.98 1.39%
05/31/1996 2761.98 0 1 151.093 18.74 2,831.48 2.52%
06/30/1996 2831.48 0.1 18.72 151.9 18.72 2,843.57 0.43%
07/31/1996 2843.57 0 1 151.9 17.88 2,715.97 -4.49%
08/31/1996 2715.97 0.165 18.09 153.285 18.09 2,772.93 2.10%
09/30/1996 2772.93 0.11 18.99 154.173 18.99 2,927.75 5.58%
10/31/1996 2927.75 0 1 154.173 19.52 3,009.46 2.79%
11/30/1996 3009.46 0 1 154.173 20.98 3,234.55 7.48%
12/31/1996 3234.55 0.2725 20.28 156.245 20.28 3,168.65 -2.04%
01/31/1997 3168.65 0 1 156.245 21.54 3,365.52 6.21%
02/28/1997 3365.52 0 1 156.245 21.71 3,392.08 0.79%
03/31/1997 3392.08 0.09 20.72 156.924 20.72 3,251.47 -4.15%
04/30/1997 3251.47 0 1 156.924 21.96 3,446.05 5.98%
05/31/1997 3446.05 0 1 156.924 23.29 3,654.76 6.06%
06/30/1997 3654.76 0.09 24.23 157.507 24.23 3,816.39 4.42%
07/31/1997 3816.39 0 1 157.507 26.15 4,118.81 7.92%
08/31/1997 4118.81 0 1 157.507 24.69 3,888.85 -5.58%
09/30/1997 3888.85 0.495 25.07 160.617 25.52 4,098.95 5.40%
10/31/1997 4098.95 0 1 160.617 24.66 3,960.82 -3.37%
11/30/1997 3960.82 0 1 160.617 25.79 4,142.31 4.58%
12/31/1997 4142.31 0.48 25.75 163.611 25.75 4,212.98 1.71%
01/31/1998 4212.98 0 1 163.611 26.03 4,258.79 1.09%
02/28/1998 4258.79 0 1 163.611 27.9 4,564.75 7.18%
03/31/1998 4564.75 0.09 29.23 164.115 29.23 4,797.08 5.09%
04/30/1998 4797.08 0 1 164.115 29.52 4,844.67 0.99%
05/31/1998 4844.67 0 1 164.115 29 4,759.34 -1.76%
06/30/1998 4759.34 0.1449 30.02 164.907 30.02 4,950.51 4.02%
07/31/1998 4950.51 0 1 164.907 29.7 4,897.74 -1.07%
08/31/1998 4897.74 0 1 164.907 25.39 4,186.99 -14.51%
09/30/1998 4186.99 0.1 26.92 165.52 26.92 4,455.80 6.42%
2.56464
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
09/29/1989 1,000.00 0.313609324
09/30/1989 0.00003 0.034246575 999.97 0.00 0.313598584
10/31/1989 0.00106 1.061607478 977.30 0.09 0.306491924
11/30/1989 0.00103 1.004080362 995.48 0.17 0.312191595
12/31/1989 0.00106 1.056844478 1,018.37 0.26 0.319370782 Dividend
01/31/1990 0.00106 1.081147774 948.87 0.33 0.297573609
02/28/1990 0.00096 0.909872682 959.21 0.40 0.300818079
03/31/1990 0.00106 1.018342361 983.90 0.49 0.308559932
04/30/1990 0.00103 1.010855242 957.86 0.56 0.300394477 Dividend
05/31/1990 0.00106 1.016908365 1,048.92 0.70 0.328950693
06/30/1990 0.00103 1.077656228 1,040.57 0.78 0.32633362
07/31/1990 0.00106 1.104718674 1,036.20 0.86 0.324960643 Dividend
08/31/1990 0.00106 1.100070813 941.78 0.87 0.295349826
09/30/1990 0.00103 0.967578383 895.43 0.91 0.280813704
10/31/1990 0.00106 0.950622686 890.58 0.98 0.279294263 Dividend
11/30/1990 0.00103 0.914979686 945.94 1.11 0.296656697
12/31/1990 0.00106 1.00425507 970.61 1.22 0.304391508 .11 Dividend .015 Cap Gain
01/31/1991 0.00106 1.030439286 1,011.52 1.35 0.317222124
02/28/1991 0.00096 0.969950748 1,082.04 1.53 0.339337518
03/31/1991 0.00106 1.148740029 1,107.17 1.65 0.347217774
04/30/1991 0.00103 1.137499948 1,107.34 1.75 0.347272272 Dividend
05/31/1991 0.00106 1.175601104 1,153.17 1.91 0.361643453
06/30/1991 0.00103 1.184759075 1,100.08 1.92 0.344996422
07/31/1991 0.00106 1.167896797 1,149.33 2.10 0.360441359 Dividend
08/31/1991 0.00106 1.220181666 1,174.61 2.24 0.368369484
09/30/1991 0.00103 1.206793835 1,153.55 2.30 0.361763789
10/31/1991 0.00106 1.224658413 1,167.69 2.42 0.366198217 Dividend
11/30/1991 0.00103 1.199680674 1,119.12 2.42 0.35096607
12/31/1991 0.00106 1.188105506 1,244.96 2.78 0.390429745 Dividend
01/31/1992 0.00106 1.321699646 1,220.25 2.83 0.382681608
02/29/1992 0.00099 1.211891585 1,234.05 2.96 0.387009885
03/31/1992 0.00106 1.310122587 1,208.58 3.01 0.379022428
04/30/1992 0.00103 1.241693325 1,242.07 3.19 0.389525952 Dividend
05/31/1992 0.00106 1.318640086 1,245.77 3.30 0.390684347
06/30/1992 0.00103 1.27989826 1,226.11 3.35 0.384518828
07/31/1992 0.00106 1.301689752 1,274.28 3.59 0.399627226 Dividend
08/31/1992 0.00106 1.352835355 1,246.90 3.62 0.391040831
09/30/1992 0.00103 1.281066117 1,259.05 3.76 0.394848786
10/31/1992 0.00106 1.336659174 1,262.36 3.87 0.395889413 Dividend
11/30/1992 0.00103 1.296950274 1,303.17 4.10 0.408686798
12/31/1992 0.00106 1.383504209 1,316.93 4.26 0.413002061 .115 dividend .235 Cap Gain
01/31/1993 0.00106 1.398112425 1,171.12 3.90 0.367273626
02/28/1993 0.00096 1.122990174 1,138.23 3.88 0.356958318
03/31/1993 0.00106 1.208390723 1,087.27 3.80 0.340978627
04/30/1993 0.00103 1.117060242 1,099.93 3.93 0.344948626 Dividend
05/31/1993 0.00106 1.167734995 1,116.85 4.09 0.350253827
06/30/1993 0.00103 1.147446185 1,088.17 4.07 0.341259138
07/31/1993 0.00106 1.15524518 1,121.75 4.29 0.35179214 Dividend
08/31/1993 0.00106 1.190901956 1,165.47 4.55 0.365502689
09/30/1993 0.00103 1.197402094 1,205.95 4.81 0.378195772 .96 Cap Gain
10/31/1993 0.00106 1.28028467 1,231.65 5.01 0.386255365 Dividend
11/30/1993 0.00103 1.26538873 1,185.31 4.92 0.371724442
12/31/1993 0.00106 1.258377646 1,394.00 5.89 0.437170893 .09 Dividend 2.2 Cap Gain
01/31/1994 0.00106 1.479929798 1,467.93 6.32 0.460355254
02/28/1994 0.00096 1.407600193 1,426.70 6.26 0.447426359
03/31/1994 0.00106 1.514647047 1,362.82 6.10 0.427394364
04/30/1994 0.00103 1.400161811 1,377.75 6.27 0.432074523 Dividend
05/31/1994 0.00106 1.462677346 1,398.94 6.49 0.438720525
06/30/1994 0.00103 1.437266787 1,363.01 6.43 0.4274534
07/31/1994 0.00106 1.447033721 1,405.95 6.75 0.440919093 Dividend
08/31/1994 0.00106 1.492618367 1,460.74 7.13 0.458100609
09/30/1994 0.00103 1.500756753 1,422.84 7.07 0.446216973 .0035 Cap Gain
10/31/1994 0.00106 1.510552979 1,452.84 7.34 0.45562361 Dividend
11/30/1994 0.00103 1.492641999 1,398.19 7.18 0.438483963
12/31/1994 0.00106 1.48437486 1,416.75 7.39 0.444306838 .09 Dividend .055 Cap Gain
01/31/1995 0.00106 1.504086708 1,452.47 7.70 0.45550807
02/28/1995 0.00096 1.392779255 1,505.76 8.09 0.472220975
03/31/1995 0.00106 1.598582852 1,548.96 8.45 0.485769163 Dividend
04/30/1995 0.00103 1.591400094 1,591.28 8.81 0.499040352
05/31/1995 0.00106 1.689372964 1,652.10 9.28 0.518114217
06/30/1995 0.00103 1.697363843 1,687.65 9.62 0.529264282 Dividend
07/31/1995 0.00106 1.791688319 1,740.87 10.06 0.545953722
08/31/1995 0.00106 1.848186134 1,743.75 10.23 0.546855946 .003 Cap Gain
09/30/1995 0.00103 1.79152295 1,814.43 10.78 0.569022563 Dividend
10/31/1995 0.00106 1.92627977 1,805.89 10.89 0.566343481
11/30/1995 0.00103 1.855364929 1,882.22 11.49 0.590281274
12/31/1995 0.00106 1.998245676 1,914.32 11.85 0.600349892 .09 Dividend .13 Cap Gain
01/31/1996 0.00106 2.032330397 1,976.85 12.40 0.619957134
02/29/1996 0.00099 1.963305314 1,992.67 12.65 0.624919205
03/31/1996 0.00106 2.115503498 2,010.54 12.93 0.63052546 Dividend
04/30/1996 0.00103 2.065627777 2,036.35 13.26 0.638619625
05/31/1996 0.00106 2.161882751 2,085.43 13.76 0.654011292
06/30/1996 0.00103 2.142568345 2,092.20 13.97 0.656131894 Dividend
07/31/1996 0.00106 2.221166043 1,996.09 13.51 0.625992598
08/31/1996 0.00106 2.119137194 2,035.83 13.94 0.638456489 .165 Cap Gain
09/30/1996 0.00103 2.09161016 2,147.41 14.87 0.673447252 Dividend
10/31/1996 0.00106 2.279782739 2,205.06 15.45 0.691527398
11/30/1996 0.00103 2.265472675 2,367.72 16.77 0.742539128
12/31/1996 0.00106 2.513675544 2,316.97 16.61 0.726622489 .0875 Dividend .185 Cap Gain
01/31/1997 0.00106 2.459793851 2,458.46 17.82 0.770996537
02/28/1997 0.00096 2.357429106 2,475.51 18.13 0.776341774
03/31/1997 0.00106 2.628105721 2,370.26 17.57 0.743336313 Dividend
04/30/1997 0.00103 2.435200847 2,509.67 18.80 0.787056607
05/31/1997 0.00106 2.664378039 2,659.01 20.13 0.833889113
06/30/1997 0.00103 2.731855607 2,773.87 21.22 0.869910722 Dividend
07/31/1997 0.00106 2.944859368 2,990.73 23.11 0.937921022
08/31/1997 0.00106 3.175090775 2,820.58 22.05 0.884559596
09/30/1997 0.00103 2.897854229 2,970.07 23.44 0.931440244 .10 Dividend .395 Cap Gain
10/31/1997 0.00106 3.153151765 2,866.82 22.88 0.899062898
11/30/1997 0.00103 2.945367655 2,995.24 24.14 0.939335452
12/31/1997 0.00106 3.179878966 3,043.16 24.78 0.954363772 .09 Dividend .39 Cap Gain
01/31/1998 0.00106 3.230753485 3,073.02 25.28 0.963727889
02/28/1998 0.00096 2.94673201 3,290.85 27.30 1.032039907
03/31/1998 0.00106 3.493706094 3,454.84 28.94 1.083471513 Dividend
04/30/1998 0.00103 3.549497989 3,485.57 29.48 1.093107065
05/31/1998 0.00106 3.700433275 3,420.48 29.22 1.072693493
06/30/1998 0.00103 3.514188745 3,554.35 30.64 1.114678649 .10 Dividend .0449 Cap Gain
07/31/1998 0.00106 3.773458333 3,512.69 30.58 1.101613332
08/31/1998 0.00106 3.729229056 2,999.21 26.41 0.94057994
09/30/1998 0.00103 3.081379217 3,188.68 28.32 1
2.18868 2.18868
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS STOCK INDEX FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.317834 -----------------------------
Units purchased 3,146.293 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/1989 0.317834 3,146.293 1,000.00 1,000.00 3,766.13 0.00%
09/30/1989 0.317822 3,146.293 999.96 0.00000 0.002739726 999.96 3,766.13 0.00%
10/31/1989 0.310579 3,146.293 977.17 0.00008 0.084928027 977.09 3,766.13 0.00%
11/30/1989 0.316317 3,146.293 995.23 0.00008 0.080308438 995.06 3,766.13 0.00%
12/31/1989 0.323550 3,146.293 1,017.98 0.00008 0.08451157 1,017.73 3,766.13 0.00%
01/31/1990 0.301427 3,146.293 948.38 0.00008 0.086437061 948.05 3,766.13 0.00%
02/28/1990 0.304679 3,146.293 958.61 0.00008 0.072727152 958.21 3,766.13 0.00%
03/31/1990 0.312481 3,146.293 983.16 0.00008 0.081381814 982.66 3,766.13 0.00%
04/30/1990 0.304173 3,146.293 957.02 0.00008 0.080766752 956.46 3,766.13 0.00%
05/31/1990 0.333050 3,146.293 1,047.87 0.00008 0.081233244 1,047.18 3,766.13 0.00%
06/30/1990 0.330359 3,146.293 1,039.41 0.00008 0.086069247 1,038.63 3,766.13 0.00%
07/31/1990 0.328927 3,146.293 1,034.90 0.00008 0.08821237 1,034.04 3,766.13 0.00%
08/31/1990 0.298913 3,146.293 940.47 0.00008 0.087822506 939.60 3,766.13 0.00%
09/30/1990 0.284165 3,146.293 894.07 0.00008 0.077227125 893.16 3,766.13 0.00%
10/31/1990 0.282591 3,146.293 889.11 0.00008 0.075857411 888.14 3,766.13 0.00%
11/30/1990 0.300123 3,146.293 944.28 0.00008 0.072997598 943.17 3,766.13 0.00%
12/31/1990 0.307910 3,146.293 968.78 0.00008 0.08010454 967.56 3,766.13 0.00%
01/31/1991 0.320850 3,146.293 1,009.49 0.00008 0.082176119 1,008.14 3,766.13 0.00%
02/28/1991 0.343182 3,146.293 1,079.75 0.00008 0.077336481 1,078.23 3,766.13 0.00%
03/31/1991 0.351107 3,146.293 1,104.69 0.00008 0.091575355 1,103.04 3,766.13 0.00%
04/30/1991 0.351119 3,146.293 1,104.72 0.00008 0.0906605 1,102.98 3,766.13 0.00%
05/31/1991 0.365605 3,146.293 1,150.30 0.00008 0.093677971 1,148.39 3,766.13 0.00%
06/30/1991 0.348730 3,146.293 1,097.21 0.00008 0.094388477 1,095.29 3,766.13 0.00%
07/31/1991 0.364298 3,146.293 1,146.19 0.00008 0.093025036 1,144.10 3,766.13 0.00%
08/31/1991 0.372265 3,146.293 1,171.25 0.00008 0.097169866 1,169.02 3,766.13 0.00%
09/30/1991 0.365543 3,146.293 1,150.11 0.00008 0.096083752 1,147.82 3,766.13 0.00%
10/31/1991 0.369977 3,146.293 1,164.06 0.00008 0.097485711 1,161.64 3,766.13 0.00%
11/30/1991 0.354542 3,146.293 1,115.49 0.00008 0.095477393 1,113.08 3,766.13 0.00%
12/31/1991 0.394363 3,146.293 1,240.78 0.00008 0.094535902 1,238.01 3,766.13 0.00%
01/31/1992 0.386487 3,146.293 1,216.00 0.00008 0.10514573 1,213.17 3,766.13 0.00%
02/29/1992 0.390812 3,146.293 1,229.61 0.00008 0.096389237 1,226.66 3,766.13 0.00%
03/31/1992 0.382696 3,146.293 1,204.07 0.00008 0.104181691 1,201.08 3,766.13 0.00%
04/30/1992 0.393254 3,146.293 1,237.29 0.00008 0.09871875 1,234.12 3,766.13 0.00%
05/31/1992 0.394374 3,146.293 1,240.82 0.00008 0.104815312 1,237.52 3,766.13 0.00%
06/30/1992 0.388101 3,146.293 1,221.08 0.00008 0.101714287 1,217.74 3,766.13 0.00%
07/31/1992 0.403301 3,146.293 1,268.90 0.00008 0.103424473 1,265.33 3,766.13 0.00%
08/31/1992 0.394584 3,146.293 1,241.48 0.00008 0.107466236 1,237.87 3,766.13 0.00%
09/30/1992 0.398378 3,146.293 1,253.41 0.00008 0.101742965 1,249.67 3,766.13 0.00%
10/31/1992 0.399377 3,146.293 1,256.56 0.00008 0.106136593 1,252.70 3,766.13 0.00%
11/30/1992 0.412238 3,146.293 1,297.02 0.00008 0.102961724 1,292.94 3,766.13 0.00%
12/31/1992 0.416538 3,146.293 1,310.55 0.00008 0.109811168 1,306.32 3,766.13 0.00%
01/31/1993 0.370365 3,146.293 1,165.28 0.00008 0.110947332 1,161.40 3,766.13 0.00%
02/28/1993 0.359921 3,146.293 1,132.42 0.00008 0.089093704 1,128.56 3,766.13 0.00%
03/31/1993 0.343762 3,146.293 1,081.58 0.00008 0.095850137 1,077.80 3,766.13 0.00%
04/30/1993 0.347722 3,146.293 1,094.04 0.00008 0.088586064 1,090.12 3,766.13 0.00%
05/31/1993 0.353026 3,146.293 1,110.72 0.00008 0.092585907 1,106.66 3,766.13 0.00%
06/30/1993 0.343917 3,146.293 1,082.06 0.00008 0.090958249 1,078.01 3,766.13 0.00%
07/31/1993 0.354488 3,146.293 1,115.32 0.00008 0.091557163 1,111.06 3,766.13 0.00%
08/31/1993 0.368258 3,146.293 1,158.65 0.00008 0.094363645 1,154.12 3,766.13 0.00%
09/30/1993 0.381002 3,146.293 1,198.74 0.00008 0.094859308 1,193.96 3,766.13 0.00%
10/31/1993 0.389073 3,146.293 1,224.14 0.00008 0.101405201 1,219.16 3,766.13 0.00%
11/30/1993 0.374388 3,146.293 1,177.93 0.00008 0.100204529 1,173.04 3,766.13 0.00%
12/31/1993 0.440255 3,146.293 1,385.17 0.00008 0.099628054 1,379.32 3,766.13 0.00%
01/31/1994 0.463547 3,146.293 1,458.46 0.00008 0.117147588 1,452.17 3,766.13 2.00%
02/28/1994 0.450475 3,146.293 1,417.33 0.00008 0.111399688 1,411.11 3,766.13 2.00%
03/31/1994 0.430249 3,146.293 1,353.69 0.00008 0.119847891 1,347.63 3,766.13 2.00%
04/30/1994 0.434908 3,146.293 1,368.35 0.00008 0.110764511 1,362.12 3,766.13 2.00%
05/31/1994 0.441542 3,146.293 1,389.22 0.00008 0.115686494 1,382.78 3,766.13 2.00%
06/30/1994 0.430148 3,146.293 1,353.37 0.00008 0.113652944 1,346.98 3,766.13 2.00%
07/31/1994 0.443644 3,146.293 1,395.83 0.00008 0.11440114 1,389.13 3,766.13 2.00%
08/31/1994 0.460875 3,146.293 1,450.05 0.00008 0.117980729 1,442.96 3,766.13 2.00%
09/30/1994 0.448862 3,146.293 1,412.25 0.00008 0.118599767 1,405.24 3,766.13 2.00%
10/31/1994 0.458268 3,146.293 1,441.84 0.00008 0.119348748 1,434.56 3,766.13 2.00%
11/30/1994 0.440972 3,146.293 1,387.43 0.00008 0.117909078 1,380.30 3,766.13 2.00%
12/31/1994 0.446772 3,146.293 1,405.67 0.00008 0.117230992 1,398.34 3,766.13 2.00%
01/31/1995 0.457978 3,146.293 1,440.93 0.00008 0.118762877 1,433.29 3,766.13 4.00%
02/28/1995 0.474729 3,146.293 1,493.64 0.00008 0.10995125 1,485.61 3,766.13 4.00%
03/31/1995 0.488289 3,146.293 1,536.30 0.00008 0.126174816 1,527.91 3,766.13 4.00%
04/30/1995 0.501569 3,146.293 1,578.08 0.00008 0.125581961 1,569.34 3,766.13 4.00%
05/31/1995 0.520675 3,146.293 1,638.20 0.00008 0.133286617 1,628.99 3,766.13 4.00%
06/30/1995 0.531816 3,146.293 1,673.25 0.00008 0.133889687 1,663.71 3,766.13 4.00%
07/31/1995 0.548518 3,146.293 1,725.80 0.00008 0.141301663 1,715.82 3,766.13 4.00%
08/31/1995 0.549355 3,146.293 1,728.43 0.00008 0.145727366 1,718.29 3,766.13 4.00%
09/30/1995 0.571555 3,146.293 1,798.28 0.00008 0.141229595 1,787.59 3,766.13 4.00%
10/31/1995 0.568791 3,146.293 1,789.58 0.00008 0.151822777 1,778.79 3,766.13 4.00%
11/30/1995 0.592762 3,146.293 1,865.00 0.00008 0.146202315 1,853.61 3,766.13 4.00%
12/31/1995 0.602798 3,146.293 1,896.58 0.00008 0.157430241 1,884.84 3,766.13 4.00%
01/31/1996 0.622408 3,146.293 1,958.28 0.00008 0.160082153 1,946.00 3,766.13 6.00%
02/29/1996 0.627316 3,146.293 1,973.72 0.00008 0.154613403 1,961.19 3,766.13 6.00%
03/31/1996 0.632864 3,146.293 1,991.17 0.00008 0.166566422 1,978.36 3,766.13 6.00%
04/30/1996 0.640910 3,146.293 2,016.49 0.00008 0.162605178 2,003.35 3,766.13 6.00%
05/31/1996 0.656275 3,146.293 2,064.83 0.00008 0.170147795 2,051.21 3,766.13 6.00%
06/30/1996 0.658322 3,146.293 2,071.27 0.00008 0.168592722 2,057.44 3,766.13 6.00%
07/31/1996 0.627998 3,146.293 1,975.87 0.00008 0.174741558 1,962.50 3,766.13 6.00%
08/31/1996 0.640422 3,146.293 2,014.96 0.00008 0.166677734 2,001.15 3,766.13 6.00%
09/30/1996 0.675442 3,146.293 2,125.14 0.00008 0.164478386 2,110.42 3,766.13 6.00%
10/31/1996 0.693489 3,146.293 2,181.92 0.00008 0.179240829 2,166.63 3,766.13 6.00%
11/30/1996 0.744560 3,146.293 2,342.60 0.00008 0.178078914 2,326.01 3,766.13 6.00%
12/31/1996 0.728505 3,146.293 2,292.09 0.00008 0.197551246 2,275.65 3,766.13 6.00%
01/31/1997 0.772902 3,146.293 2,431.77 0.00008 0.193274707 2,414.14 3,766.13 6.00%
02/28/1997 0.778171 3,146.293 2,448.35 0.00008 0.18519448 2,430.42 3,766.13 6.00%
03/31/1997 0.744989 3,146.293 2,343.95 0.00008 0.206418921 2,326.57 3,766.13 6.00%
04/30/1997 0.788714 3,146.293 2,481.53 0.00008 0.191225207 2,462.94 3,766.13 6.00%
05/31/1997 0.835545 3,146.293 2,628.87 0.00008 0.209180844 2,608.97 3,766.13 6.00%
06/30/1997 0.871535 3,146.293 2,742.10 0.00008 0.214435538 2,721.13 3,766.13 6.00%
07/31/1997 0.939561 3,146.293 2,956.14 0.00008 0.231109623 2,933.29 3,766.13 6.00%
08/31/1997 0.885987 3,146.293 2,787.57 0.00008 0.249128883 2,765.78 3,766.13 6.00%
09/30/1997 0.932834 3,146.293 2,934.97 0.00008 0.22732473 2,911.80 3,766.13 6.00%
10/31/1997 0.900289 3,146.293 2,832.57 0.00008 0.247303502 2,809.97 3,766.13 6.00%
11/30/1997 0.940506 3,146.293 2,959.11 0.00008 0.230956059 2,935.26 3,766.13 6.00%
12/31/1997 0.955433 3,146.293 3,006.07 0.00008 0.249295832 2,981.59 3,766.13 6.00%
01/31/1998 0.964686 3,146.293 3,035.18 0.00008 0.253231354 3,010.22 3,766.13 6.00%
02/28/1998 1.032955 3,146.293 3,249.98 0.00008 0.230920756 3,223.01 3,766.13 6.00%
03/31/1998 1.084300 3,146.293 3,411.53 0.00008 0.273735368 3,382.95 3,766.13 6.00%
04/30/1998 1.093810 3,146.293 3,441.45 0.00008 0.278050471 3,412.34 3,766.13 6.00%
05/31/1998 1.073244 3,146.293 3,376.74 0.00008 0.289814972 3,347.89 3,766.13 6.00%
06/30/1998 1.115118 3,146.293 3,508.49 0.00008 0.275168899 3,478.24 3,766.13 6.00%
07/31/1998 1.101906 3,146.293 3,466.92 0.00008 0.295411865 3,436.73 3,766.13 6.00%
08/31/1998 0.940689 3,146.293 2,959.68 0.00008 0.291886574 2,933.62 3,766.13 6.00%
09/30/1998 1.000000 3,146.293 3,146.29 0.00008 0.241119422 3,118.34 3,766.13 6.00%
10/31/1998 1.079750 3,146.293 3,397.21 0.00008 0.264845731 3,366.77 3,766.13 6.00%
11/30/1998 1.143333 3,146.293 3,597.26 0.00008 0.276720662 3,564.75 3,766.13 6.00%
12/31/1998 1.208018 3,146.293 3,800.78 0.00008 0.302759544 3,766.13 3,766.13 6.00%
12/31/1998 3,766.13
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 276.61% 276.61%
09/29/1989 100.00% 3,766.13 9.2603 15.40% 15.40% 3,766.12 3,766.12 10
09/30/1989 100.00% 3,766.13 9.2575 15.40% 15.40% 3,766.28 3,766.28 10
10/31/1989 100.00% 3,766.13 9.1726 15.85% 15.85% 3,854.45 3,854.45 10
11/30/1989 100.00% 3,766.13 9.0904 15.77% 15.77% 3,784.84 3,784.84 10
12/31/1989 100.00% 3,766.13 9.0055 15.64% 15.64% 3,700.53 3,700.53 10
01/31/1990 100.00% 3,766.13 8.9205 16.72% 16.72% 3,972.49 3,972.49 9
02/28/1990 100.00% 3,766.13 8.8438 16.74% 16.74% 3,930.40 3,930.40 9
03/31/1990 100.00% 3,766.13 8.7589 16.58% 16.58% 3,832.57 3,832.57 9
04/30/1990 100.00% 3,766.13 8.6767 17.11% 17.11% 3,937.58 3,937.58 9
05/31/1990 100.00% 3,766.13 8.5918 16.06% 16.06% 3,596.46 3,596.46 9
06/30/1990 100.00% 3,766.13 8.5096 16.34% 16.34% 3,626.05 3,626.05 9
07/31/1990 100.00% 3,766.13 8.4247 16.58% 16.58% 3,642.15 3,642.15 9
08/31/1990 100.00% 3,766.13 8.3397 18.11% 18.11% 4,008.24 4,008.24 9
09/30/1990 100.00% 3,766.13 8.2575 19.04% 19.04% 4,216.63 4,216.63 9
10/31/1990 100.00% 3,766.13 8.1726 19.34% 19.34% 4,240.48 4,240.48 9
11/30/1990 100.00% 3,766.13 8.0904 18.67% 18.67% 3,993.07 3,993.07 9
12/31/1990 100.00% 3,766.13 8.0055 18.50% 18.50% 3,892.40 3,892.40 9
01/31/1991 100.00% 3,766.13 7.9205 18.10% 18.10% 3,735.73 3,735.73 8
02/28/1991 100.00% 3,766.13 7.8438 17.29% 17.29% 3,492.89 3,492.89 8
03/31/1991 100.00% 3,766.13 7.7589 17.15% 17.15% 3,414.33 3,414.33 8
04/30/1991 100.00% 3,766.13 7.6767 17.35% 17.35% 3,414.49 3,414.49 8
05/31/1991 100.00% 3,766.13 7.5918 16.93% 16.93% 3,279.47 3,279.47 8
06/30/1991 100.00% 3,766.13 7.5096 17.88% 17.88% 3,438.46 3,438.46 8
07/31/1991 100.00% 3,766.13 7.4247 17.41% 17.41% 3,291.79 3,291.79 8
08/31/1991 100.00% 3,766.13 7.3397 17.28% 17.28% 3,221.61 3,221.61 8
09/30/1991 100.00% 3,766.13 7.2575 17.79% 17.79% 3,281.12 3,281.12 8
10/31/1991 100.00% 3,766.13 7.1726 17.82% 17.82% 3,242.07 3,242.07 8
11/30/1991 100.00% 3,766.13 7.0904 18.76% 18.76% 3,383.51 3,383.51 8
12/31/1991 100.00% 3,766.13 7.0055 17.21% 17.21% 3,042.09 3,042.09 8
01/31/1992 100.00% 3,766.13 6.9205 17.78% 17.78% 3,104.35 3,104.35 7
02/29/1992 100.00% 3,766.13 6.8411 17.82% 17.82% 3,070.24 3,070.24 7
03/31/1992 100.00% 3,766.13 6.7562 18.43% 18.43% 3,135.62 3,135.62 7
04/30/1992 100.00% 3,766.13 6.6740 18.20% 18.20% 3,051.68 3,051.68 7
05/31/1992 100.00% 3,766.13 6.5890 18.40% 18.40% 3,043.28 3,043.28 7
06/30/1992 100.00% 3,766.13 6.5068 18.95% 18.95% 3,092.72 3,092.72 7
07/31/1992 100.00% 3,766.13 6.4219 18.51% 18.51% 2,976.40 2,976.40 7
08/31/1992 100.00% 3,766.13 6.3370 19.19% 19.19% 3,042.42 3,042.42 7
09/30/1992 100.00% 3,766.13 6.2548 19.29% 19.29% 3,013.69 3,013.69 7
10/31/1992 100.00% 3,766.13 6.1699 19.53% 19.53% 3,006.40 3,006.40 7
11/30/1992 100.00% 3,766.13 6.0877 19.20% 19.20% 2,912.84 2,912.84 7
12/31/1992 100.00% 3,766.13 6.0027 19.29% 19.29% 2,883.01 2,883.01 7
01/31/1993 100.00% 3,766.13 5.9178 21.99% 21.99% 3,242.75 3,242.75 6
02/28/1993 100.00% 3,766.13 5.8411 22.91% 22.91% 3,337.11 3,337.11 6
03/31/1993 100.00% 3,766.13 5.7562 24.28% 24.28% 3,494.28 3,494.28 6
04/30/1993 100.00% 3,766.13 5.6740 24.42% 24.42% 3,454.77 3,454.77 6
05/31/1993 100.00% 3,766.13 5.5890 24.50% 24.50% 3,403.15 3,403.15 6
06/30/1993 100.00% 3,766.13 5.5068 25.50% 25.50% 3,493.58 3,493.58 6
07/31/1993 100.00% 3,766.13 5.4219 25.25% 25.25% 3,389.68 3,389.68 6
08/31/1993 100.00% 3,766.13 5.3370 24.81% 24.81% 3,263.20 3,263.20 6
09/30/1993 100.00% 3,766.13 5.2548 24.43% 24.43% 3,154.30 3,154.30 6
10/31/1993 100.00% 3,766.13 5.1699 24.38% 24.38% 3,089.13 3,089.13 6
11/30/1993 100.00% 3,766.13 5.0877 25.77% 25.77% 3,210.57 3,210.57 6
12/31/1993 100.00% 3,766.13 5.0027 22.24% 22.24% 2,730.42 2,730.42 6
01/31/1994 50.00% 3,766.13 4.9178 21.38% 21.38% 2,593.44 2,593.44 5
02/28/1994 50.00% 3,766.13 4.8411 22.48% 22.48% 2,668.91 2,668.91 5
03/31/1994 50.00% 3,766.13 4.7562 24.12% 24.12% 2,794.62 2,794.62 5
04/30/1994 50.00% 3,766.13 4.6740 24.31% 24.31% 2,764.91 2,764.91 5
05/31/1994 50.00% 3,766.13 4.5890 24.40% 24.40% 2,723.59 2,723.59 5
06/30/1994 50.00% 3,766.13 4.5068 25.63% 25.63% 2,795.97 2,795.97 5
07/31/1994 50.00% 3,766.13 4.4219 25.30% 25.30% 2,711.14 2,711.14 5
08/31/1994 50.00% 3,766.13 4.3370 24.76% 24.76% 2,609.99 2,609.99 5
09/30/1994 50.00% 3,766.13 4.2548 26.07% 26.07% 2,680.07 2,680.07 5
10/31/1994 50.00% 3,766.13 4.1699 26.04% 26.04% 2,625.28 2,625.28 5
11/30/1994 50.00% 3,766.13 4.0877 27.83% 27.83% 2,728.48 2,728.48 5
12/31/1994 50.00% 3,766.13 4.0027 28.08% 28.08% 2,693.29 2,693.29 5
01/31/1995 40.00% 3,766.13 3.9178 27.96% 27.96% 2,627.60 2,627.60 4
02/28/1995 40.00% 3,766.13 3.8411 27.40% 27.40% 2,535.08 2,535.08 4
03/31/1995 40.00% 3,765.27 3.7562 27.14% 27.15% 2,464.32 2,464.88 4
04/30/1995 40.00% 3,763.61 3.6740 26.88% 26.90% 2,398.21 2,399.81 4
05/31/1995 40.00% 3,761.22 3.5890 26.26% 26.30% 2,308.93 2,311.94 4
06/30/1995 40.00% 3,759.83 3.5068 26.17% 26.23% 2,259.91 2,263.69 4
07/31/1995 40.00% 3,757.75 3.4219 25.75% 25.83% 2,190.06 2,194.94 4
08/31/1995 40.00% 3,757.65 3.3370 26.43% 26.51% 2,186.85 2,191.78 4
09/30/1995 40.00% 3,754.88 3.2548 25.61% 25.73% 2,100.53 2,106.82 4
10/31/1995 40.00% 3,755.23 3.1699 26.58% 26.70% 2,111.11 2,117.23 4
11/30/1995 40.00% 3,752.24 3.0877 25.66% 25.81% 2,024.28 2,031.77 4
12/31/1995 40.00% 3,750.99 3.0027 25.76% 25.93% 1,990.09 1,998.12 4
01/31/1996 30.00% 3,717.16 2.9178 24.83% 25.39% 1,910.16 1,935.32 3
02/29/1996 30.00% 3,716.24 2.8384 25.26% 25.85% 1,894.90 1,920.33 3
03/31/1996 30.00% 3,715.21 2.7534 25.72% 26.34% 1,877.92 1,903.66 3
04/30/1996 30.00% 3,713.71 2.6712 25.99% 26.66% 1,853.75 1,879.91 3
05/31/1996 30.00% 3,710.84 2.5863 25.76% 26.48% 1,809.10 1,836.05 3
06/30/1996 30.00% 3,710.47 2.5041 26.55% 27.31% 1,803.44 1,830.49 3
07/31/1996 30.00% 3,716.17 2.4192 30.20% 30.92% 1,893.59 1,919.05 3
08/31/1996 30.00% 3,713.85 2.3342 30.33% 31.11% 1,855.85 1,881.98 3
09/30/1996 30.00% 3,707.29 2.2521 28.42% 29.33% 1,756.66 1,784.54 3
10/31/1996 30.00% 3,703.92 2.1671 28.07% 29.06% 1,709.53 1,738.24 3
11/30/1996 30.00% 3,694.36 2.0849 24.85% 26.00% 1,588.28 1,619.14 3
12/31/1996 30.00% 3,697.38 2.0000 27.47% 28.65% 1,624.75 1,654.96 3
01/31/1997 20.00% 3,666.47 1.9151 24.38% 26.14% 1,518.75 1,560.03 2
02/28/1997 20.00% 3,665.49 1.8384 25.05% 26.90% 1,508.18 1,549.58 2
03/31/1997 20.00% 3,671.72 1.7534 29.72% 31.61% 1,578.17 1,618.74 2
04/30/1997 20.00% 3,663.54 1.6712 26.82% 28.93% 1,487.47 1,529.12 2
05/31/1997 20.00% 3,654.78 1.5863 23.68% 26.04% 1,400.85 1,443.53 2
06/30/1997 20.00% 3,648.05 1.5041 21.52% 24.12% 1,340.64 1,384.03 2
07/31/1997 20.00% 3,635.32 1.4192 16.32% 19.26% 1,239.33 1,283.92 2
08/31/1997 20.00% 3,645.37 1.3342 22.99% 26.04% 1,318.02 1,361.68 2
09/30/1997 20.00% 3,636.61 1.2521 19.43% 22.81% 1,248.92 1,293.40 2
10/31/1997 20.00% 3,642.72 1.1671 24.91% 28.52% 1,296.36 1,340.27 2
11/30/1997 20.00% 3,635.20 1.0849 21.79% 25.83% 1,238.46 1,283.06 2
12/31/1997 20.00% 3,632.42 1.0000 21.83% 26.31% 1,218.28 1,263.12 2
01/31/1998 10.00% 3,608.11 0.9151 19.86% 25.11% 1,180.33 1,227.54 1
02/28/1998 10.00% 3,595.34 0.8384 11.55% 16.85% 1,095.99 1,139.47 1
03/31/1998 10.00% 3,585.75 0.7534 5.99% 11.33% 1,044.84 1,084.20 1
04/30/1998 10.00% 3,583.98 0.6712 5.03% 10.37% 1,033.49 1,068.45 1
05/31/1998 10.00% 3,587.85 0.5863 7.17% 12.49% 1,041.42 1,071.45 1
06/30/1998 10.00% 3,580.03 0.5041 2.93% 8.28% 1,014.65 1,040.90 1
07/31/1998 10.00% 3,582.52 0.4192 4.24% 9.58% 1,017.57 1,039.11 1
08/31/1998 10.00% 3,612.70 0.3342 23.15% 28.38% 1,072.07 1,087.07 1
09/30/1998 10.00% 3,601.62 0.2521 15.50% 20.77% 1,036.99 1,048.73 1
10/31/1998 10.00% 3,586.72 0.1671 6.53% 11.86% 1,010.63 1,018.91 1
11/30/1998 10.00% 3,574.84 0.0849 0.28% 5.65% 1,000.24 1,004.68 1
12/31/1998 10.00% 3,562.75 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
DREYFUS STOCK INDEX FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.317834 -----------------------------
Units purchased 3,146.293 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 3,564.75 3,574.84 3,766.13 0.28% 5.65%
09/30/1998 0.25 0.25 3,118.34 3,601.62 3,766.13 15.50% 20.77%
12/31/1997 1.00 1.00 2,981.59 3,632.42 3,766.13 21.83% 26.31%
12/31/1997 1.00 1.00 2,981.59 3,632.42 3,766.13 21.83% 26.31%
12/31/1995 3.00 3.00 1,884.84 3,750.99 3,766.13 25.78% 25.95%
12/31/1993 5.00 5.00 1,379.32 3,766.13 3,766.13 22.25% 22.25%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
09/29/1989 9.3 9.26 1,000.00 3,766.13 3,766.13 15.40% 15.40%
12/31/1992 1,306.32
12/31/1993 1 1,379.32 5.59%
12/31/1994 1 1,398.34 1.38%
12/31/1995 1 1,884.84 34.79%
12/31/1996 1 2,275.65 20.73%
12/31/1997 1 2,981.59 31.02%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
Dreyfus Stock Index Fund
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/29/1989 100 12.5 1250
09/30/1989 1250 0 1 100 12.5 1,250.00 0.00%
10/31/1989 1250 0 1 100 12.23 1,223.00 -2.16%
11/30/1989 1223 0 1 100 12.47 1,247.00 1.96%
12/31/1989 1247 0.12 12.65 100.949 12.65 1,277.00 2.41%
01/31/1990 1277 0 1 100.949 11.8 1,191.20 -6.72%
02/28/1990 1191.2 0 1 100.949 11.94 1,205.33 1.19%
03/31/1990 1205.33 0 1 100.949 12.26 1,237.63 2.68%
04/30/1990 1237.63 0.09 12.12 101.699 11.86 1,206.15 -2.54%
05/31/1990 1206.15 0 1 101.699 13 1,322.09 9.61%
06/30/1990 1322.09 0 1 101.699 12.91 1,312.93 -0.69%
07/31/1990 1312.93 0.1 12.86 102.49 12.77 1,308.80 -0.31%
08/31/1990 1308.8 0 1 102.49 11.62 1,190.93 -9.01%
09/30/1990 1190.93 0 1 102.49 11.06 1,133.54 -4.82%
10/31/1990 1133.54 0.095 11.28 103.353 10.92 1,128.61 -0.43%
11/30/1990 1128.61 0 1 103.353 11.61 1,199.93 6.32%
12/31/1990 1199.93 0.125 11.8 104.448 11.8 1,232.49 2.71%
01/31/1991 1232.49 0 1 104.448 12.31 1,285.75 4.32%
02/28/1991 1285.75 0 1 104.448 13.18 1,376.62 7.07%
03/31/1991 1376.62 0 1 104.448 13.5 1,410.05 2.43%
04/30/1991 1410.05 0.085 13.27 105.117 13.43 1,411.72 0.12%
05/31/1991 1411.72 0 1 105.117 14 1,471.64 4.24%
06/30/1991 1471.64 0 1 105.117 13.37 1,405.41 -4.50%
07/31/1991 1405.41 0.1 13.51 105.895 13.88 1,469.82 4.58%
08/31/1991 1469.82 0 1 105.895 14.2 1,503.71 2.31%
09/30/1991 1503.71 0 1 105.895 13.96 1,478.29 -1.69%
10/31/1991 1478.29 0.095 13.91 106.618 14.05 1,497.98 1.33%
11/30/1991 1497.98 0 1 106.618 13.48 1,437.21 -4.06%
12/31/1991 1437.21 0.1 14.91 107.333 14.91 1,600.34 11.35%
01/31/1992 1600.34 0 1 107.333 14.63 1,570.28 -1.88%
02/29/1992 1570.28 0 1 107.333 14.81 1,589.60 1.23%
03/31/1992 1589.6 0 1 107.333 14.52 1,558.48 -1.96%
04/30/1992 1558.48 0.085 14.45 107.964 14.85 1,603.27 2.87%
05/31/1992 1603.27 0 1 107.964 14.91 1,609.74 0.40%
06/30/1992 1609.74 0 1 107.964 14.69 1,585.99 -1.48%
07/31/1992 1585.99 0.1 14.76 108.695 15.18 1,649.99 4.04%
08/31/1992 1649.99 0 1 108.695 14.87 1,616.29 -2.04%
09/30/1992 1616.29 0 1 108.695 15.03 1,633.69 1.08%
10/31/1992 1633.69 0.095 14.89 109.388 14.99 1,639.73 0.37%
11/30/1992 1639.73 0 1 109.388 15.49 1,694.42 3.34%
12/31/1992 1694.42 0.35 15.32 111.887 15.32 1,714.11 1.16%
01/31/1993 1714.11 0 1 111.887 13.64 1,526.14 -10.97%
02/28/1993 1526.14 0 1 111.887 13.27 1,484.74 -2.71%
03/31/1993 1484.74 0 1 111.887 12.69 1,419.85 -4.37%
04/30/1993 1419.85 0.1 15.8 112.595 12.77 1,437.84 1.27%
05/31/1993 1437.84 0 1 112.595 12.98 1,461.48 1.64%
06/30/1993 1461.48 0 1 112.595 12.66 1,425.45 -2.47%
07/31/1993 1425.45 0.09 15.76 113.238 12.99 1,470.96 3.19%
08/31/1993 1470.96 0 1 113.238 13.51 1,529.85 4.00%
09/30/1993 1529.85 0.96 15.36 120.315 13.17 1,584.55 3.58%
10/31/1993 1584.55 0.085 15.24 120.986 13.39 1,620.00 2.24%
11/30/1993 1620 0 1 120.986 12.9 1,560.72 -3.66%
12/31/1993 1560.72 2.29 13.2 141.975 12.94 1,837.16 17.71%
01/31/1994 1837.16 0 1 141.975 13.64 1,936.54 5.41%
02/28/1994 1936.54 0 1 141.975 13.27 1,884.01 -2.71%
03/31/1994 1884.01 0 1 141.975 12.69 1,801.66 -4.37%
04/30/1994 1801.66 0.07 12.43 142.775 12.77 1,823.24 1.20%
05/31/1994 1823.24 0 1 142.775 12.98 1,853.22 1.64%
06/30/1994 1853.22 0 1 142.775 12.66 1,807.53 -2.47%
07/31/1994 1807.53 0.08 12.63 143.679 12.99 1,866.39 3.26%
08/31/1994 1866.39 0 1 143.679 13.51 1,941.10 4.00%
09/30/1994 1941.1 0.0035 13.44 143.716 13.17 1,892.74 -2.49%
10/31/1994 1892.74 0.07 13.08 144.485 13.39 1,934.65 2.21%
11/30/1994 1934.65 0 1 144.485 12.9 1,863.86 -3.66%
12/31/1994 1863.86 0.145 12.94 146.104 12.94 1,890.59 1.43%
01/31/1995 1890.59 0 1 146.104 13.28 1,940.26 2.63%
02/28/1995 1940.26 0 1 146.104 13.78 2,013.31 3.76%
03/31/1995 2013.31 0.08 14.11 146.932 14.11 2,073.21 2.98%
04/30/1995 2073.21 0 1 146.932 14.51 2,131.98 2.83%
05/31/1995 2131.98 0 1 146.932 15.08 2,215.73 3.93%
06/30/1995 2215.73 0.08 15.34 147.698 15.34 2,265.69 2.25%
07/31/1995 2265.69 0 1 147.698 15.84 2,339.54 3.26%
08/31/1995 2339.54 0.003 15.85 147.726 15.88 2,345.89 0.27%
09/30/1995 2345.89 0.08 16.46 148.444 16.46 2,443.39 4.16%
10/31/1995 2443.39 0 1 148.444 16.4 2,434.48 -0.36%
11/30/1995 2434.48 0 1 148.444 17.11 2,539.88 4.33%
12/31/1995 2539.88 0.22 17.2 150.343 17.2 2,585.90 1.81%
01/31/1996 2585.9 0 1 150.343 17.78 2,673.10 3.37%
02/29/1996 2673.1 0 1 150.343 17.94 2,697.15 0.90%
03/31/1996 2697.15 0.09 18.03 151.093 18.03 2,724.21 1.00%
04/30/1996 2724.21 0 1 151.093 18.28 2,761.98 1.39%
05/31/1996 2761.98 0 1 151.093 18.74 2,831.48 2.52%
06/30/1996 2831.48 0.1 18.72 151.9 18.72 2,843.57 0.43%
07/31/1996 2843.57 0 1 151.9 17.88 2,715.97 -4.49%
08/31/1996 2715.97 0.165 18.09 153.285 18.09 2,772.93 2.10%
09/30/1996 2772.93 0.11 18.99 154.173 18.99 2,927.75 5.58%
10/31/1996 2927.75 0 1 154.173 19.52 3,009.46 2.79%
11/30/1996 3009.46 0 1 154.173 20.98 3,234.55 7.48%
12/31/1996 3234.55 0.2725 20.28 156.245 20.28 3,168.65 -2.04%
01/31/1997 3168.65 0 1 156.245 21.54 3,365.52 6.21%
02/28/1997 3365.52 0 1 156.245 21.71 3,392.08 0.79%
03/31/1997 3392.08 0.09 20.72 156.924 20.72 3,251.47 -4.15%
04/30/1997 3251.47 0 1 156.924 21.96 3,446.05 5.98%
05/31/1997 3446.05 0 1 156.924 23.29 3,654.76 6.06%
06/30/1997 3654.76 0.09 24.23 157.507 24.23 3,816.39 4.42%
07/31/1997 3816.39 0 1 157.507 26.15 4,118.81 7.92%
08/31/1997 4118.81 0 1 157.507 24.69 3,888.85 -5.58%
09/30/1997 3888.85 0.495 25.07 160.617 25.52 4,098.95 5.40%
10/31/1997 4098.95 0 1 160.617 24.66 3,960.82 -3.37%
11/30/1997 3960.82 0 1 160.617 25.79 4,142.31 4.58%
12/31/1997 4142.31 0.48 25.75 163.611 25.75 4,212.98 1.71%
01/31/1998 4212.98 0 1 163.611 26.03 4,258.79 1.09%
02/28/1998 4258.79 0 1 163.611 27.9 4,564.75 7.18%
03/31/1998 4564.75 0.09 29.23 164.115 29.23 4,797.08 5.09%
04/30/1998 4797.08 0 1 164.115 29.52 4,844.67 0.99%
05/31/1998 4844.67 0 1 164.115 29 4,759.34 -1.76%
06/30/1998 4759.34 0.1449 30.02 164.907 30.02 4,950.51 4.02%
07/31/1998 4950.51 0 1 164.907 29.7 4,897.74 -1.07%
08/31/1998 4897.74 0 1 164.907 25.39 4,186.99 -14.51%
09/30/1998 4186.99 0.1 26.92 165.52 26.92 4,455.80 6.42%
2.56464
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
09/29/1989 1,000.00 0.317834392
09/30/1989 0.00004 0.038356164 999.96 0.00 0.317822201
10/31/1989 0.00119 1.188995489 977.17 0.09 0.310579338
11/30/1989 0.00115 1.124418795 995.22 0.17 0.316316729
12/31/1989 0.00119 1.183363411 1,017.98 0.26 0.323550481 Dividend
01/31/1990 0.00119 1.210425391 948.38 0.33 0.301426822
02/28/1990 0.00107 1.018530898 958.61 0.40 0.304678619
03/31/1990 0.00119 1.139824414 983.16 0.49 0.312481012
04/30/1990 0.00115 1.1313036 957.02 0.56 0.304173268 Dividend
05/31/1990 0.00119 1.137933858 1,047.87 0.70 0.333049954
06/30/1990 0.00115 1.205771223 1,039.41 0.78 0.330359207
07/31/1990 0.00119 1.235897322 1,034.90 0.86 0.328927206 Dividend
08/31/1990 0.00119 1.230540106 940.47 0.87 0.298913047
09/30/1990 0.00115 1.082182256 894.07 0.91 0.284164703
10/31/1990 0.00119 1.063080391 889.11 0.98 0.282590928 Dividend
11/30/1990 0.00115 1.023089795 944.28 1.11 0.30012346
12/31/1990 0.00119 1.12278324 968.78 1.22 0.307910426 .11 Dividend .015 Cap Gain
01/31/1991 0.00119 1.151914834 1,009.49 1.35 0.320850144
02/28/1991 0.00107 1.084162925 1,079.75 1.52 0.343181548
03/31/1991 0.00119 1.283866613 1,104.69 1.65 0.351107352
04/30/1991 0.00115 1.271146073 1,104.72 1.74 0.351119174 Dividend
05/31/1991 0.00119 1.313561835 1,150.30 1.91 0.365604818
06/30/1991 0.00115 1.323632579 1,097.21 1.91 0.348730365
07/31/1991 0.00119 1.304625134 1,146.19 2.09 0.364298038 Dividend
08/31/1991 0.00119 1.362864906 1,171.25 2.23 0.372264582
09/30/1991 0.00115 1.34774353 1,150.11 2.29 0.365543144
10/31/1991 0.00119 1.367522935 1,164.06 2.42 0.369977329 Dividend
11/30/1991 0.00115 1.339462779 1,115.49 2.41 0.354542375
12/31/1991 0.00119 1.326368274 1,240.78 2.78 0.394363013 Dividend
01/31/1992 0.00119 1.475340118 1,216.00 2.82 0.386486578
02/29/1992 0.00111 1.352591632 1,229.61 2.95 0.39081183
03/31/1992 0.00119 1.462054891 1,204.07 3.00 0.382696117
04/30/1992 0.00115 1.385509771 1,237.29 3.18 0.393254265 Dividend
05/31/1992 0.00119 1.471192214 1,240.81 3.29 0.394373648
06/30/1992 0.00115 1.427787006 1,221.08 3.34 0.388101285
07/31/1992 0.00119 1.451914549 1,268.90 3.57 0.403301001 Dividend
08/31/1992 0.00119 1.50877777 1,241.48 3.60 0.394584293
09/30/1992 0.00115 1.428549621 1,253.41 3.74 0.398378106
10/31/1992 0.00119 1.490360868 1,256.56 3.86 0.399377283 Dividend
11/30/1992 0.00115 1.445902121 1,297.02 4.08 0.412238176
12/31/1992 0.00119 1.542212378 1,310.55 4.24 0.41653842 .115 dividend .235 Cap Gain
01/31/1993 0.00119 1.558299896 1,165.28 3.88 0.370365366
02/28/1993 0.00107 1.25147645 1,132.42 3.86 0.359920606
03/31/1993 0.00119 1.346488619 1,081.58 3.78 0.343762451
04/30/1993 0.00115 1.244554658 1,094.04 3.91 0.34772248 Dividend
05/31/1993 0.00119 1.300854564 1,110.72 4.06 0.353026044
06/30/1993 0.00115 1.278092489 1,082.06 4.05 0.343916639
07/31/1993 0.00119 1.286616639 1,115.32 4.27 0.354487852 Dividend
08/31/1993 0.00119 1.3261643 1,158.65 4.53 0.3682583
09/30/1993 0.00115 1.333239221 1,198.74 4.78 0.381001678 .96 Cap Gain
10/31/1993 0.00119 1.425354412 1,224.14 4.98 0.389072528 Dividend
11/30/1993 0.00115 1.408594875 1,177.93 4.89 0.374387656
12/31/1993 0.00119 1.400610884 1,385.17 5.85 0.4402553 .09 Dividend 2.2 Cap Gain
01/31/1994 0.00119 1.647026433 1,458.45 6.28 0.463547149
02/28/1994 0.00107 1.566340681 1,417.33 6.21 0.450475271
03/31/1994 0.00119 1.685260073 1,353.69 6.06 0.430249382
04/30/1994 0.00115 1.557671208 1,368.35 6.23 0.43490776 Dividend
05/31/1994 0.00119 1.627020905 1,389.22 6.44 0.441541936
06/30/1994 0.00115 1.598554674 1,353.37 6.39 0.430147915
07/31/1994 0.00119 1.609213987 1,395.83 6.70 0.443643692 Dividend
08/31/1994 0.00119 1.659702647 1,450.05 7.08 0.46087486
09/30/1994 0.00115 1.668547426 1,412.25 7.02 0.448862436 .0035 Cap Gain
10/31/1994 0.00119 1.679226341 1,441.84 7.28 0.458267658 Dividend
11/30/1994 0.00115 1.659108334 1,387.43 7.13 0.440972048
12/31/1994 0.00119 1.649707839 1,405.67 7.34 0.446771785 .09 Dividend .055 Cap Gain
01/31/1995 0.00119 1.671405069 1,440.93 7.64 0.457978243
02/28/1995 0.00107 1.54752317 1,493.64 8.03 0.474729081
03/31/1995 0.00119 1.775995304 1,536.30 8.39 0.488288749 Dividend
04/30/1995 0.00115 1.767796438 1,578.08 8.74 0.501568572
05/31/1995 0.00119 1.876403751 1,638.20 9.21 0.520675171
06/30/1995 0.00115 1.885047964 1,673.25 9.54 0.531816155 Dividend
07/31/1995 0.00119 1.989562114 1,725.80 9.98 0.548518313
08/31/1995 0.00119 2.052046074 1,728.43 10.14 0.549354895 .003 Cap Gain
09/30/1995 0.00115 1.988879796 1,798.28 10.69 0.571555077 Dividend
10/31/1995 0.00119 2.13822825 1,789.58 10.79 0.568791257
11/30/1995 0.00115 2.059247036 1,865.00 11.39 0.592762386
12/31/1995 0.00119 2.217566302 1,896.58 11.74 0.602797809 .09 Dividend .13 Cap Gain
01/31/1996 0.00119 2.255109533 1,958.28 12.28 0.622408204
02/29/1996 0.00111 2.178249328 1,973.72 12.53 0.627315716
03/31/1996 0.00119 2.346832771 1,991.17 12.81 0.632863553 Dividend
04/30/1996 0.00115 2.291213829 2,016.49 13.14 0.640909707
05/31/1996 0.00119 2.39768886 2,064.83 13.62 0.656274919
06/30/1996 0.00115 2.37597214 2,071.27 13.83 0.65832195 Dividend
07/31/1996 0.00119 2.462829301 1,975.87 13.37 0.627998185
08/31/1996 0.00119 2.349385937 2,014.96 13.80 0.640422004 .165 Cap Gain
09/30/1996 0.00115 2.318578383 2,125.14 14.72 0.675441531 Dividend
10/31/1996 0.00119 2.526874872 2,181.92 15.29 0.693489168
11/30/1996 0.00115 2.510702292 2,342.60 16.60 0.744560113
12/31/1996 0.00119 2.78545241 2,292.09 16.44 0.728505299 .0875 Dividend .185 Cap Gain
01/31/1997 0.00119 2.725390207 2,431.77 17.63 0.772901518
02/28/1997 0.00107 2.611659018 2,448.35 17.94 0.778171025
03/31/1997 0.00119 2.911193227 2,343.95 17.38 0.744988658 Dividend
04/30/1997 0.00115 2.697150609 2,481.53 18.59 0.78871429
05/31/1997 0.00119 2.950636331 2,628.87 19.90 0.835544953
06/30/1997 0.00115 3.024999849 2,742.10 20.97 0.871535077 Dividend
07/31/1997 0.00119 3.260474794 2,956.13 22.84 0.939561339
08/31/1997 0.00119 3.514965887 2,787.57 21.79 0.885986893
09/30/1997 0.00115 3.20761942 2,934.97 23.17 0.932833955 .10 Dividend .395 Cap Gain
10/31/1997 0.00119 3.489798261 2,832.57 22.61 0.900289323
11/30/1997 0.00115 3.259399815 2,959.11 23.85 0.940505818
12/31/1997 0.00119 3.51849925 3,006.07 24.48 0.955433045 .09 Dividend .39 Cap Gain
01/31/1998 0.00119 3.574343068 3,035.18 24.97 0.964685934
02/28/1998 0.00107 3.259704708 3,249.98 26.97 1.032954856
03/31/1998 0.00119 3.864357686 3,411.53 28.58 1.084300463 Dividend
04/30/1998 0.00115 3.925592184 3,441.45 29.11 1.093809706
05/31/1998 0.00119 4.092020012 3,376.74 28.85 1.073243664
06/30/1998 0.00115 3.885562243 3,508.49 30.25 1.115118036 .10 Dividend .0449 Cap Gain
07/31/1998 0.00119 4.171735991 3,466.92 30.19 1.101905505
08/31/1998 0.00119 4.122306973 2,959.68 26.06 0.940689024
09/30/1998 0.00115 3.405662549 3,146.29 27.95 1
2.14629 2.14629
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS EMERGING GROWTH SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.588070 -----------------------------
Units purchased 1,700.479 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/24/1995 0.588070 1,700.479 1,000.00 1,000.00 2,146.30 4.00%
07/31/1995 0.592045 1,700.479 1,006.76 0.00002 0.019178088 1,006.74 2,146.30 4.00%
08/31/1995 0.609055 1,700.479 1,035.68 0.00008 0.085504062 1,035.58 2,146.30 4.00%
09/30/1995 0.637795 1,700.479 1,084.56 0.00008 0.085116113 1,084.36 2,146.30 4.00%
10/31/1995 0.648266 1,700.479 1,102.36 0.00008 0.092096482 1,102.07 2,146.30 4.00%
11/30/1995 0.684527 1,700.479 1,164.02 0.00008 0.090581292 1,163.63 2,146.30 4.00%
12/31/1995 0.686781 1,700.479 1,167.86 0.00008 0.098828494 1,167.36 2,146.30 4.00%
01/31/1996 0.698090 1,700.479 1,187.09 0.00008 0.099145494 1,186.48 2,146.30 6.00%
02/29/1996 0.725053 1,700.479 1,232.94 0.00008 0.094268415 1,232.21 2,146.30 6.00%
03/31/1996 0.731493 1,700.479 1,243.89 0.00008 0.104653855 1,243.05 2,146.30 6.00%
04/30/1996 0.782351 1,700.479 1,330.37 0.00008 0.102168873 1,329.38 2,146.30 6.00%
05/31/1996 0.803701 1,700.479 1,366.68 0.00008 0.112906111 1,365.54 2,146.30 6.00%
06/30/1996 0.785508 1,700.479 1,335.74 0.00008 0.112236349 1,334.52 2,146.30 6.00%
07/31/1996 0.727837 1,700.479 1,237.67 0.00008 0.113342739 1,236.43 2,146.30 6.00%
08/31/1996 0.746786 1,700.479 1,269.89 0.00008 0.105011651 1,268.51 2,146.30 6.00%
09/30/1996 0.809891 1,700.479 1,377.20 0.00008 0.104261271 1,375.60 2,146.30 6.00%
10/31/1996 0.797103 1,700.479 1,355.46 0.00008 0.11683173 1,353.76 2,146.30 6.00%
11/30/1996 0.831432 1,700.479 1,413.83 0.00008 0.111268187 1,411.96 2,146.30 6.00%
12/31/1996 0.793805 1,700.479 1,349.85 0.00008 0.119919466 1,347.94 2,146.30 6.00%
01/31/1997 0.842723 1,700.479 1,433.03 0.00008 0.114482192 1,430.89 2,146.30 6.00%
02/28/1997 0.804186 1,700.479 1,367.50 0.00008 0.109766699 1,365.34 2,146.30 6.00%
03/31/1997 0.740502 1,700.479 1,259.21 0.00008 0.115960706 1,257.11 2,146.30 6.00%
04/30/1997 0.769026 1,700.479 1,307.71 0.00008 0.103323701 1,305.43 2,146.30 6.00%
05/31/1997 0.840457 1,700.479 1,429.18 0.00008 0.110871841 1,426.57 2,146.30 6.00%
06/30/1997 0.874190 1,700.479 1,486.54 0.00008 0.117252266 1,483.71 2,146.30 6.00%
07/31/1997 0.954303 1,700.479 1,622.77 0.00008 0.126013729 1,619.55 2,146.30 6.00%
08/31/1997 0.925908 1,700.479 1,574.49 0.00008 0.137551162 1,571.23 2,146.30 6.00%
09/30/1997 0.990966 1,700.479 1,685.12 0.00008 0.129142049 1,681.50 2,146.30 6.00%
10/31/1997 0.955455 1,700.479 1,624.73 0.00008 0.14281222 1,621.10 2,146.30 6.00%
11/30/1997 0.966340 1,700.479 1,643.24 0.00008 0.133241178 1,639.44 2,146.30 6.00%
12/31/1997 0.955831 1,700.479 1,625.37 0.00008 0.139239707 1,621.47 2,146.30 6.00%
01/31/1998 0.979098 1,700.479 1,664.94 0.00008 0.137713615 1,660.80 2,146.30 6.00%
02/28/1998 1.071629 1,700.479 1,822.28 0.00008 0.127403793 1,817.63 2,146.30 6.00%
03/31/1998 1.150289 1,700.479 1,956.04 0.00008 0.154373924 1,950.89 2,146.30 6.00%
04/30/1998 1.134518 1,700.479 1,929.22 0.00008 0.160347348 1,923.98 2,146.30 6.00%
05/31/1998 1.084531 1,700.479 1,844.22 0.00008 0.163406868 1,839.05 2,146.30 6.00%
06/30/1998 1.154732 1,700.479 1,963.60 0.00008 0.151154823 1,957.94 2,146.30 6.00%
07/31/1998 1.124412 1,700.479 1,912.04 0.00008 0.166290718 1,906.36 2,146.30 6.00%
08/31/1998 0.912687 1,700.479 1,552.01 0.00008 0.161910274 1,547.24 2,146.30 6.00%
09/30/1998 1.000000 1,700.479 1,700.48 0.00008 0.127170133 1,695.13 2,146.30 6.00%
10/31/1998 1.023216 1,700.479 1,739.96 0.00008 0.143969644 1,734.34 2,146.30 6.00%
11/30/1998 1.120751 1,700.479 1,905.81 0.00008 0.142548209 1,899.51 2,146.30 6.00%
12/31/1998 1.266452 1,700.479 2,153.58 0.00008 0.161328622 2,146.30 2,146.30 6.00%
12/31/1998 2,146.30
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 114.06% 114.63%
07/24/1995 40.00% 2,140.64 3.4411 24.75% 24.85% 2,140.64 2,146.30 4
07/31/1995 40.00% 2,140.37 3.4219 24.66% 24.76% 2,126.03 2,131.92 4
08/31/1995 40.00% 2,139.21 3.3370 24.28% 24.41% 2,065.72 2,072.56 4
09/30/1995 40.00% 2,137.26 3.2548 23.18% 23.34% 1,970.99 1,979.32 4
10/31/1995 40.00% 2,136.55 3.1699 23.22% 23.40% 1,938.67 1,947.51 4
11/30/1995 40.00% 2,134.09 3.0877 21.70% 21.93% 1,834.00 1,844.49 4
12/31/1995 40.00% 2,133.94 3.0027 22.25% 22.48% 1,828.01 1,838.59 4
01/31/1996 30.00% 2,113.74 2.9178 21.89% 22.53% 1,781.52 1,808.96 3
02/29/1996 30.00% 2,111.00 2.8384 20.88% 21.59% 1,713.17 1,741.82 3
03/31/1996 30.00% 2,110.35 2.7534 21.19% 21.94% 1,697.71 1,726.63 3
04/30/1996 30.00% 2,105.17 2.6712 18.78% 19.64% 1,583.57 1,614.51 3
05/31/1996 30.00% 2,103.00 2.5863 18.17% 19.11% 1,540.04 1,571.75 3
06/30/1996 30.00% 2,104.86 2.5041 19.96% 20.90% 1,577.24 1,608.29 3
07/31/1996 30.00% 2,110.74 2.4192 24.74% 25.61% 1,707.13 1,735.88 3
08/31/1996 30.00% 2,108.82 2.3342 24.33% 25.27% 1,662.43 1,691.98 3
09/30/1996 30.00% 2,102.39 2.2521 20.73% 21.84% 1,528.35 1,560.26 3
10/31/1996 30.00% 2,103.70 2.1671 22.56% 23.70% 1,553.97 1,585.43 3
11/30/1996 30.00% 2,100.21 2.0849 20.98% 22.25% 1,487.45 1,520.09 3
12/31/1996 30.00% 2,104.05 2.0000 24.94% 26.19% 1,560.94 1,592.28 3
01/31/1997 20.00% 2,086.20 1.9151 21.76% 23.58% 1,457.98 1,499.98 2
02/28/1997 20.00% 2,090.13 1.8384 26.06% 27.90% 1,530.85 1,571.98 2
03/31/1997 20.00% 2,096.62 1.7534 33.87% 35.67% 1,667.82 1,707.33 2
04/30/1997 20.00% 2,093.73 1.6712 32.67% 34.65% 1,603.86 1,644.13 2
05/31/1997 20.00% 2,086.46 1.5863 27.08% 29.37% 1,462.57 1,504.52 2
06/30/1997 20.00% 2,083.03 1.5041 25.30% 27.82% 1,403.93 1,446.57 2
07/31/1997 20.00% 2,074.88 1.4192 19.07% 21.95% 1,281.14 1,325.24 2
08/31/1997 20.00% 2,077.78 1.3342 23.30% 26.33% 1,322.39 1,366.00 2
09/30/1997 20.00% 2,071.16 1.2521 18.11% 21.52% 1,231.74 1,276.42 2
10/31/1997 20.00% 2,074.79 1.1671 23.54% 27.18% 1,279.86 1,323.97 2
11/30/1997 20.00% 2,073.69 1.0849 24.18% 28.19% 1,264.88 1,309.17 2
12/31/1997 20.00% 2,074.76 1.0000 27.96% 32.37% 1,279.56 1,323.68 2
01/31/1998 10.00% 2,059.53 0.9151 24.01% 29.23% 1,217.63 1,264.49 1
02/28/1998 10.00% 2,050.12 0.8384 12.79% 18.08% 1,106.18 1,149.53 1
03/31/1998 10.00% 2,042.12 0.7534 4.68% 10.02% 1,035.03 1,074.57 1
04/30/1998 10.00% 2,043.73 0.6712 6.22% 11.55% 1,041.36 1,076.15 1
05/31/1998 10.00% 2,048.83 0.5863 11.41% 16.71% 1,065.38 1,094.81 1
06/30/1998 10.00% 2,041.70 0.5041 4.28% 9.62% 1,021.34 1,047.39 1
07/31/1998 10.00% 2,044.79 0.4192 7.26% 12.59% 1,029.82 1,050.95 1
08/31/1998 10.00% 2,066.34 0.3342 33.55% 38.72% 1,101.52 1,115.58 1
09/30/1998 10.00% 2,057.47 0.2521 21.38% 26.62% 1,050.05 1,061.30 1
10/31/1998 10.00% 2,055.11 0.1671 18.50% 23.75% 1,028.76 1,036.25 1
11/30/1998 10.00% 2,045.20 0.0849 7.67% 12.99% 1,006.29 1,010.42 1
12/31/1998 10.00% 2,030.40 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS EMERGING GROWTH SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.588070 -----------------------------
Units purchased 1,700.479 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,899.51 2,045.20 2,146.30 7.67% 12.99%
09/30/1998 0.25 0.25 1,695.13 2,057.47 2,146.30 21.38% 26.62%
12/31/1997 1.00 1.00 1,621.47 2,074.76 2,146.30 27.96% 32.37%
12/31/1997 1.00 1.00 1,621.47 2,074.76 2,146.30 27.96% 32.37%
12/31/1995 3.00 3.00 1,167.36 2,133.94 2,146.30 22.27% 22.51%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
07/24/1995 3.44 3.44 1,000.00 2,140.64 2,146.30 24.75% 24.85%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,167.36 16.74%
12/31/1996 1 1,347.94 15.47%
12/31/1997 1 1,621.47 20.29%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MFS EMERGING GROWTH SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
07/24/1995 100 10 1000
07/31/1995 1000 0 10 100 10.07 1,007.00 0.70%
08/31/1995 1007 0 10 100 10.37 1,037.00 2.98%
09/30/1995 1037 0 10 100 10.87 1,087.00 4.82%
10/31/1995 1087 0 10 100 11.06 1,106.00 1.75%
11/30/1995 1106 0 10 100 11.69 1,169.00 5.70%
12/31/1995 1169 0.327670 11.3 102.9 11.41 1,174.09 0.44%
01/31/1996 1174.09 0 10 102.9 11.61 1,194.67 1.75%
02/29/1996 1194.67 0 10 102.9 12.07 1,242.00 3.96%
03/31/1996 1242 0 10 102.9 12.19 1,254.35 0.99%
04/30/1996 1254.35 0 10 102.9 13.05 1,342.85 7.06%
05/31/1996 1342.85 0 10 102.9 13.42 1,380.92 2.84%
06/30/1996 1380.92 0 10 102.9 13.13 1,351.08 -2.16%
07/31/1996 1351.08 0 10 102.9 12.18 1,253.32 -7.24%
08/31/1996 1253.32 0 10 102.9 12.51 1,287.28 2.71%
09/30/1996 1287.28 0 10 102.9 13.58 1,397.38 8.55%
10/31/1996 1397.38 0 10 102.9 13.38 1,376.80 -1.47%
11/30/1996 1376.8 0 10 102.9 13.97 1,437.51 4.41%
12/31/1996 1437.51 0.1128 13.27 103.775 13.24 1,373.98 -4.42%
01/31/1997 1373.98 0 10 103.775 14.07 1,460.11 6.27%
02/28/1997 1460.11 0 10 103.775 13.44 1,394.74 -4.48%
03/31/1997 1394.74 0 10 103.775 12.39 1,285.77 -7.81%
04/30/1997 1285.77 0 10 103.775 12.88 1,336.62 3.95%
05/31/1997 1336.62 0 10 103.775 14.09 1,462.19 9.39%
06/30/1997 1462.19 0 10 103.775 14.67 1,522.38 4.12%
07/31/1997 1522.38 0 10 103.775 16.03 1,663.51 9.27%
08/31/1997 1663.51 0 10 103.775 15.57 1,615.78 -2.87%
09/30/1997 1615.78 0 10 103.775 16.68 1,730.97 7.13%
10/31/1997 1730.97 0 10 103.775 16.1 1,670.78 -3.48%
11/30/1997 1670.78 0 10 103.775 16.3 1,691.53 1.24%
12/31/1997 1691.53 0 10 103.775 16.14 1,674.93 -0.98%
01/31/1998 1674.93 0 10 103.775 16.55 1,717.48 2.54%
02/28/1998 1717.48 0 10 103.775 18.13 1,881.44 9.55%
03/31/1998 1881.44 0 10 103.775 19.48 2,021.54 7.45%
04/30/1998 2021.54 0.15859 18.55 104.662 19.07 1,995.90 -1.27%
05/31/1998 1995.9 0 10 104.662 18.25 1,910.08 -4.30%
06/30/1998 1910.08 0 10 104.662 19.45 2,035.68 6.58%
07/31/1998 2035.68 0 10 104.662 18.96 1,984.39 -2.52%
08/31/1998 1984.39 0 10 104.662 15.41 1,612.84 -18.72%
09/30/1998 1612.84 0 10 104.662 16.9 1,768.79 9.67%
0.768790
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
07/24/1995 1,000.00 0.588069763
07/31/1995 0.00024 0.239726027 1,006.76 0.02 0.592045276
08/31/1995 0.00106 1.068820839 1,035.68 0.10 0.609054628
09/30/1995 0.00103 1.064059224 1,084.56 0.20 0.637795069
10/31/1995 0.00106 1.151413057 1,102.36 0.29 0.64826617
11/30/1995 0.00103 1.132564414 1,164.02 0.40 0.684526697
12/31/1995 0.00106 1.235777783 1,167.86 0.50 0.686780504 .005920 Dividend .32175 ST
01/31/1996 0.00106 1.239846588 1,187.09 0.60 0.698089599
02/29/1996 0.00099 1.178955639 1,232.94 0.72 0.72505295
03/31/1996 0.00106 1.30893993 1,243.89 0.83 0.731492867
04/30/1996 0.00103 1.277967028 1,330.37 0.99 0.782351425
05/31/1996 0.00106 1.412381012 1,366.68 1.13 0.803700627
06/30/1996 0.00103 1.404118821 1,335.74 1.22 0.785507915
07/31/1996 0.00106 1.418079433 1,237.67 1.24 0.727837045
08/31/1996 0.00106 1.313966064 1,269.89 1.38 0.746785838
09/30/1996 0.00103 1.304684872 1,377.20 1.60 0.809890571
10/31/1996 0.00106 1.462097502 1,355.46 1.69 0.797103042
11/30/1996 0.00103 1.392592398 1,413.83 1.88 0.831432361
12/31/1996 0.00106 1.500986952 1,349.85 1.91 0.79380496 .10119 ST/.01161 LT
01/31/1997 0.00106 1.433058108 1,433.03 2.15 0.842723078
02/28/1997 0.00096 1.374140745 1,367.50 2.16 0.80418577
03/31/1997 0.00106 1.451798611 1,259.21 2.10 0.740501574
04/30/1997 0.00103 1.293705843 1,307.71 2.29 0.769026353
05/31/1997 0.00106 1.388325227 1,429.18 2.61 0.840456812
06/30/1997 0.00103 1.468334337 1,486.54 2.83 0.874190129
07/31/1997 0.00106 1.578177658 1,622.77 3.22 0.954302561
08/31/1997 0.00106 1.722804836 1,574.49 3.26 0.925908255
09/30/1997 0.00103 1.617623732 1,685.12 3.62 0.990965577
10/31/1997 0.00106 1.788992671 1,624.73 3.63 0.955455262
11/30/1997 0.00103 1.669244332 1,643.24 3.80 0.966339763
12/31/1997 0.00106 1.744535626 1,625.37 3.90 0.955830581
01/31/1998 0.00106 1.725563375 1,664.93 4.14 0.979097795
02/28/1998 0.00096 1.596512791 1,822.28 4.65 1.071628945
03/31/1998 0.00106 1.934614453 1,956.04 5.15 1.150289291
04/30/1998 0.00103 2.00963243 1,929.22 5.24 1.134517908 .11686 ST/.04173 LT
05/31/1998 0.00106 2.048148059 1,844.22 5.17 1.084531288
06/30/1998 0.00103 1.894748793 1,963.60 5.66 1.154731925
07/31/1998 0.00106 2.084640475 1,912.04 5.68 1.124411949
08/31/1998 0.00106 2.029903745 1,552.01 4.77 0.912687401
09/30/1998 0.00103 1.594526014 1,700.48 5.35 1
0.700479 0.700479
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS EMERGING GROWTH SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.590857 -----------------------------
Units purchased 1,692.456 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/24/1995 0.590857 1,692.456 1,000.00 1,000.00 2,135.37 4.00%
07/31/1995 0.594835 1,692.456 1,006.73 0.00002 0.019178084 1,006.71 2,135.37 4.00%
08/31/1995 0.611848 1,692.456 1,035.53 0.00008 0.085501602 1,035.42 2,135.37 4.00%
09/30/1995 0.640645 1,692.456 1,084.26 0.00008 0.085103122 1,084.07 2,135.37 4.00%
10/31/1995 0.651082 1,692.456 1,101.93 0.00008 0.092071585 1,101.64 2,135.37 4.00%
11/30/1995 0.687419 1,692.456 1,163.43 0.00008 0.090545453 1,163.03 2,135.37 4.00%
12/31/1995 0.689595 1,692.456 1,167.11 0.00008 0.098777857 1,166.61 2,135.37 4.00%
01/31/1996 0.700863 1,692.456 1,186.18 0.00008 0.09908211 1,185.57 2,135.37 6.00%
02/29/1996 0.727850 1,692.456 1,231.85 0.00008 0.09419634 1,231.13 2,135.37 6.00%
03/31/1996 0.734222 1,692.456 1,242.64 0.00008 0.10456184 1,241.80 2,135.37 6.00%
04/30/1996 0.785179 1,692.456 1,328.88 0.00008 0.102066152 1,327.89 2,135.37 6.00%
05/31/1996 0.806506 1,692.456 1,364.98 0.00008 0.112779591 1,363.84 2,135.37 6.00%
06/30/1996 0.788150 1,692.456 1,333.91 0.00008 0.112096676 1,332.69 2,135.37 6.00%
07/31/1996 0.730185 1,692.456 1,235.81 0.00008 0.113187408 1,234.56 2,135.37 6.00%
08/31/1996 0.749102 1,692.456 1,267.82 0.00008 0.104853317 1,266.44 2,135.37 6.00%
09/30/1996 0.812310 1,692.456 1,374.80 0.00008 0.104091141 1,373.20 2,135.37 6.00%
10/31/1996 0.799381 1,692.456 1,352.92 0.00008 0.116627828 1,351.23 2,135.37 6.00%
11/30/1996 0.833709 1,692.456 1,411.02 0.00008 0.111059616 1,409.14 2,135.37 6.00%
12/31/1996 0.795873 1,692.456 1,346.98 0.00008 0.11968053 1,345.07 2,135.37 6.00%
01/31/1997 0.844817 1,692.456 1,429.82 0.00008 0.114238842 1,427.67 2,135.37 6.00%
02/28/1997 0.806087 1,692.456 1,364.27 0.00008 0.109520228 1,362.11 2,135.37 6.00%
03/31/1997 0.742149 1,692.456 1,256.05 0.00008 0.115686374 1,253.96 2,135.37 6.00%
04/30/1997 0.770646 1,692.456 1,304.28 0.00008 0.103065002 1,302.00 2,135.37 6.00%
05/31/1997 0.842129 1,692.456 1,425.27 0.00008 0.110581112 1,422.66 2,135.37 6.00%
06/30/1997 0.875825 1,692.456 1,482.30 0.00008 0.116931174 1,479.47 2,135.37 6.00%
07/31/1997 0.955976 1,692.456 1,617.95 0.00008 0.125653747 1,614.74 2,135.37 6.00%
08/31/1997 0.927410 1,692.456 1,569.60 0.00008 0.137142213 1,566.35 2,135.37 6.00%
09/30/1997 0.992459 1,692.456 1,679.69 0.00008 0.128741193 1,676.09 2,135.37 6.00%
10/31/1997 0.956768 1,692.456 1,619.29 0.00008 0.142352531 1,615.67 2,135.37 6.00%
11/30/1997 0.967550 1,692.456 1,637.54 0.00008 0.132794746 1,633.74 2,135.37 6.00%
12/31/1997 0.956904 1,692.456 1,619.52 0.00008 0.138756259 1,615.63 2,135.37 6.00%
01/31/1998 0.980076 1,692.456 1,658.73 0.00008 0.137217789 1,654.61 2,135.37 6.00%
02/28/1998 1.072586 1,692.456 1,815.31 0.00008 0.126929297 1,810.67 2,135.37 6.00%
03/31/1998 1.151180 1,692.456 1,948.32 0.00008 0.153782811 1,943.19 2,135.37 6.00%
04/30/1998 1.135255 1,692.456 1,921.37 0.00008 0.159714402 1,916.15 2,135.37 6.00%
05/31/1998 1.085091 1,692.456 1,836.47 0.00008 0.162741498 1,831.32 2,135.37 6.00%
06/30/1998 1.155194 1,692.456 1,955.12 0.00008 0.150519278 1,949.48 2,135.37 6.00%
07/31/1998 1.124715 1,692.456 1,903.53 0.00008 0.165572357 1,897.88 2,135.37 6.00%
08/31/1998 0.912790 1,692.456 1,544.86 0.00008 0.161189742 1,540.11 2,135.37 6.00%
09/30/1998 1.000000 1,692.456 1,692.46 0.00008 0.12658433 1,687.13 2,135.37 6.00%
10/31/1998 1.023088 1,692.456 1,731.53 0.00008 0.143290327 1,725.94 2,135.37 6.00%
11/30/1998 1.120471 1,692.456 1,896.35 0.00008 0.14185785 1,890.08 2,135.37 6.00%
12/31/1998 1.265976 1,692.456 2,142.61 0.00008 0.16052728 2,135.37 2,135.37 6.00%
12/31/1998 2,135.37
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 112.95% 113.54%
07/24/1995 40.00% 2,129.53 3.4411 24.57% 24.67% 2,129.53 2,135.37 4
07/31/1995 40.00% 2,129.26 3.4219 24.47% 24.58% 2,115.07 2,121.13 4
08/31/1995 40.00% 2,128.11 3.3370 24.10% 24.22% 2,055.31 2,062.32 4
09/30/1995 40.00% 2,126.17 3.2548 22.99% 23.16% 1,961.29 1,969.77 4
10/31/1995 40.00% 2,125.47 3.1699 23.04% 23.22% 1,929.37 1,938.36 4
11/30/1995 40.00% 2,123.01 3.0877 21.52% 21.75% 1,825.41 1,836.04 4
12/31/1995 40.00% 2,122.87 3.0027 22.06% 22.30% 1,819.69 1,830.40 4
01/31/1996 30.00% 2,102.67 2.9178 21.70% 22.34% 1,773.54 1,801.12 3
02/29/1996 30.00% 2,099.93 2.8384 20.70% 21.41% 1,705.69 1,734.47 3
03/31/1996 30.00% 2,099.29 2.7534 21.01% 21.76% 1,690.52 1,719.57 3
04/30/1996 30.00% 2,094.13 2.6712 18.59% 19.46% 1,577.04 1,608.09 3
05/31/1996 30.00% 2,091.97 2.5863 17.99% 18.93% 1,533.88 1,565.70 3
06/30/1996 30.00% 2,093.84 2.5041 19.77% 20.72% 1,571.14 1,602.30 3
07/31/1996 30.00% 2,099.73 2.4192 24.55% 25.42% 1,700.79 1,729.65 3
08/31/1996 30.00% 2,097.82 2.3342 24.14% 25.08% 1,656.46 1,686.11 3
09/30/1996 30.00% 2,091.41 2.2521 20.54% 21.66% 1,523.02 1,555.03 3
10/31/1996 30.00% 2,092.73 2.1671 22.37% 23.51% 1,548.76 1,580.32 3
11/30/1996 30.00% 2,089.25 2.0849 20.79% 22.06% 1,482.64 1,515.37 3
12/31/1996 30.00% 2,093.10 2.0000 24.74% 26.00% 1,556.13 1,587.55 3
01/31/1997 20.00% 2,075.33 1.9151 21.57% 23.39% 1,453.64 1,495.70 2
02/28/1997 20.00% 2,079.26 1.8384 25.87% 27.71% 1,526.50 1,567.69 2
03/31/1997 20.00% 2,085.75 1.7534 33.67% 35.47% 1,663.34 1,702.90 2
04/30/1997 20.00% 2,082.87 1.6712 32.46% 34.45% 1,599.74 1,640.06 2
05/31/1997 20.00% 2,075.63 1.5863 26.89% 29.18% 1,458.98 1,500.96 2
06/30/1997 20.00% 2,072.22 1.5041 25.11% 27.63% 1,400.65 1,443.33 2
07/31/1997 20.00% 2,064.11 1.4192 18.89% 21.76% 1,278.29 1,322.42 2
08/31/1997 20.00% 2,067.01 1.3342 23.11% 26.15% 1,319.63 1,363.27 2
09/30/1997 20.00% 2,060.42 1.2521 17.93% 21.34% 1,229.31 1,274.02 2
10/31/1997 20.00% 2,064.05 1.1671 23.35% 26.99% 1,277.52 1,321.66 2
11/30/1997 20.00% 2,062.97 1.0849 23.99% 27.99% 1,262.72 1,307.04 2
12/31/1997 20.00% 2,064.05 1.0000 27.76% 32.17% 1,277.55 1,321.69 2
01/31/1998 10.00% 2,048.90 0.9151 23.83% 29.06% 1,216.03 1,262.90 1
02/28/1998 10.00% 2,039.54 0.8384 12.64% 17.93% 1,104.94 1,148.31 1
03/31/1998 10.00% 2,031.59 0.7534 4.55% 9.89% 1,034.08 1,073.63 1
04/30/1998 10.00% 2,033.21 0.6712 6.11% 11.44% 1,040.60 1,075.41 1
05/31/1998 10.00% 2,038.30 0.5863 11.30% 16.60% 1,064.79 1,094.24 1
06/30/1998 10.00% 2,031.21 0.5041 4.19% 9.54% 1,020.92 1,046.98 1
07/31/1998 10.00% 2,034.30 0.4192 7.19% 12.51% 1,029.53 1,050.67 1
08/31/1998 10.00% 2,055.77 0.3342 33.48% 38.65% 1,101.33 1,115.40 1
09/30/1998 10.00% 2,046.95 0.2521 21.33% 26.57% 1,049.94 1,061.20 1
10/31/1998 10.00% 2,044.62 0.1671 18.46% 23.72% 1,028.72 1,036.21 1
11/30/1998 10.00% 2,034.77 0.0849 7.66% 12.98% 1,006.28 1,010.41 1
12/31/1998 10.00% 2,020.06 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS EMERGING GROWTH SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.590857 -----------------------------
Units purchased 1,692.456 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,890.08 2,034.77 2,135.37 7.66% 12.98%
09/30/1998 0.25 0.25 1,687.13 2,046.95 2,135.37 21.33% 26.57%
12/31/1997 1.00 1.00 1,615.63 2,064.05 2,135.37 27.76% 32.17%
12/31/1997 1.00 1.00 1,615.63 2,064.05 2,135.37 27.76% 32.17%
12/31/1995 3.00 3.00 1,166.61 2,122.87 2,135.37 22.09% 22.33%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
07/24/1995 3.44 3.44 1,000.00 2,129.53 2,135.37 24.57% 24.67%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,166.61 16.66%
12/31/1996 1 1,345.07 15.30%
12/31/1997 1 1,615.63 20.11%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
MFS EMERGING GROWTH SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
07/24/1995 100 10 1000
07/31/1995 1000 0 10 100 10.07 1,007.00 0.70%
08/31/1995 1007 0 10 100 10.37 1,037.00 2.98%
09/30/1995 1037 0 10 100 10.87 1,087.00 4.82%
10/31/1995 1087 0 10 100 11.06 1,106.00 1.75%
11/30/1995 1106 0 10 100 11.69 1,169.00 5.70%
12/31/1995 1169 0.327670 11.3 102.9 11.41 1,174.09 0.44%
01/31/1996 1174.09 0 10 102.9 11.61 1,194.67 1.75%
02/29/1996 1194.67 0 10 102.9 12.07 1,242.00 3.96%
03/31/1996 1242 0 10 102.9 12.19 1,254.35 0.99%
04/30/1996 1254.35 0 10 102.9 13.05 1,342.85 7.06%
05/31/1996 1342.85 0 10 102.9 13.42 1,380.92 2.84%
06/30/1996 1380.92 0 10 102.9 13.13 1,351.08 -2.16%
07/31/1996 1351.08 0 10 102.9 12.18 1,253.32 -7.24%
08/31/1996 1253.32 0 10 102.9 12.51 1,287.28 2.71%
09/30/1996 1287.28 0 10 102.9 13.58 1,397.38 8.55%
10/31/1996 1397.38 0 10 102.9 13.38 1,376.80 -1.47%
11/30/1996 1376.8 0 10 102.9 13.97 1,437.51 4.41%
12/31/1996 1437.51 0.1128 13.27 103.775 13.24 1,373.98 -4.42%
01/31/1997 1373.98 0 10 103.775 14.07 1,460.11 6.27%
02/28/1997 1460.11 0 10 103.775 13.44 1,394.74 -4.48%
03/31/1997 1394.74 0 10 103.775 12.39 1,285.77 -7.81%
04/30/1997 1285.77 0 10 103.775 12.88 1,336.62 3.95%
05/31/1997 1336.62 0 10 103.775 14.09 1,462.19 9.39%
06/30/1997 1462.19 0 10 103.775 14.67 1,522.38 4.12%
07/31/1997 1522.38 0 10 103.775 16.03 1,663.51 9.27%
08/31/1997 1663.51 0 10 103.775 15.57 1,615.78 -2.87%
09/30/1997 1615.78 0 10 103.775 16.68 1,730.97 7.13%
10/31/1997 1730.97 0 10 103.775 16.1 1,670.78 -3.48%
11/30/1997 1670.78 0 10 103.775 16.3 1,691.53 1.24%
12/31/1997 1691.53 0 10 103.775 16.14 1,674.93 -0.98%
01/31/1998 1674.93 0 10 103.775 16.55 1,717.48 2.54%
02/28/1998 1717.48 0 10 103.775 18.13 1,881.44 9.55%
03/31/1998 1881.44 0 10 103.775 19.48 2,021.54 7.45%
04/30/1998 2021.54 0.15859 18.55 104.662 19.07 1,995.90 -1.27%
05/31/1998 1995.9 0 10 104.662 18.25 1,910.08 -4.30%
06/30/1998 1910.08 0 10 104.662 19.45 2,035.68 6.58%
07/31/1998 2035.68 0 10 104.662 18.96 1,984.39 -2.52%
08/31/1998 1984.39 0 10 104.662 15.41 1,612.84 -18.72%
09/30/1998 1612.84 0 10 104.662 16.9 1,768.79 9.67%
0.768790
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
07/24/1995 1,000.00 0.590857361
07/31/1995 0.00027 0.268493151 1,006.73 0.02 0.594834721
08/31/1995 0.00119 1.197045134 1,035.53 0.11 0.611848433
09/30/1995 0.00115 1.191564697 1,084.26 0.20 0.640645277
10/31/1995 0.00119 1.289234277 1,101.93 0.29 0.651081555
11/30/1995 0.00115 1.267970553 1,163.43 0.40 0.687419289
12/31/1995 0.00119 1.383362278 1,167.11 0.50 0.689595045 .005920 Dividend .32175 ST
01/31/1996 0.00119 1.387740769 1,186.18 0.60 0.700862633
02/29/1996 0.00111 1.319421101 1,231.85 0.72 0.727849564
03/31/1996 0.00119 1.464724146 1,242.64 0.83 0.734221594
04/30/1996 0.00115 1.429884404 1,328.88 0.99 0.785179352
05/31/1996 0.00119 1.580094588 1,364.98 1.13 0.806505695
06/30/1996 0.00115 1.570656494 1,333.91 1.22 0.788150055
07/31/1996 0.00119 1.586072828 1,235.81 1.24 0.730184794
08/31/1996 0.00119 1.469423563 1,267.82 1.38 0.749101686
09/30/1996 0.00115 1.458863136 1,374.80 1.60 0.812309757
10/31/1996 0.00119 1.634691802 1,352.92 1.69 0.799380545
11/30/1996 0.00115 1.556780383 1,411.02 1.87 0.833709398
12/31/1996 0.00119 1.67775643 1,346.98 1.91 0.795872734 .10119 ST/.01161 LT
01/31/1997 0.00119 1.601613943 1,429.82 2.14 0.844816886
02/28/1997 0.00107 1.535582444 1,364.27 2.15 0.806086617
03/31/1997 0.00119 1.622168358 1,256.05 2.10 0.742149199
04/30/1997 0.00115 1.445323282 1,304.28 2.28 0.770645948
05/31/1997 0.00119 1.55084757 1,425.27 2.60 0.842128663
06/30/1997 0.00115 1.640031635 1,482.30 2.82 0.875825259
07/31/1997 0.00119 1.762510371 1,617.95 3.21 0.95597596
08/31/1997 0.00119 1.923805607 1,569.60 3.25 0.927410075
09/30/1997 0.00115 1.806115773 1,679.69 3.61 0.992458581
10/31/1997 0.00119 1.997223218 1,619.29 3.62 0.95676833
11/30/1997 0.00115 1.863290489 1,637.54 3.79 0.967549831
12/31/1997 0.00119 1.947096859 1,619.52 3.89 0.956904227
01/31/1998 0.00119 1.92567365 1,658.73 4.12 0.980075668
02/28/1998 0.00107 1.781435734 1,815.31 4.64 1.072586458
03/31/1998 0.00119 2.158472521 1,948.32 5.13 1.151180444
04/30/1998 0.00115 2.241904863 1,921.37 5.22 1.135254916 .11686 ST/.04173 LT
05/31/1998 0.00119 2.2845865 1,836.47 5.15 1.085091194
06/30/1998 0.00115 2.113197144 1,955.12 5.63 1.155194296
07/31/1998 0.00119 2.324712499 1,903.53 5.65 1.12471501
08/31/1998 0.00119 2.263375998 1,544.86 4.75 0.912790111
09/30/1998 0.00115 1.777643635 1,692.46 5.33 1
0.692456 0.692456
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS FOREIGN & COLONIAL EMERGING
MARKETS EQUITY SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 1.776392 -----------------------------
Units purchased 562.939 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/16/1997 1.776392 562.939 1,000.00 1,000.00 589.58 6.00%
10/31/1997 1.503691 562.939 846.49 0.00004 0.041095902 846.45 589.58 6.00%
11/30/1997 1.505697 562.939 847.62 0.00008 0.069570859 847.50 589.58 6.00%
12/31/1997 1.594547 562.939 897.63 0.00008 0.071979871 897.44 589.58 6.00%
01/31/1998 1.504268 562.939 846.81 0.00008 0.07622122 846.56 589.58 6.00%
02/28/1998 1.640864 562.939 923.71 0.00008 0.064941316 923.36 589.58 6.00%
03/31/1998 1.679790 562.939 945.62 0.00008 0.078422674 945.19 589.58 6.00%
04/30/1998 1.710106 562.939 962.69 0.00008 0.07768686 962.17 589.58 6.00%
05/31/1998 1.512389 562.939 851.38 0.00008 0.081718593 850.85 589.58 6.00%
06/30/1998 1.383921 562.939 779.06 0.00008 0.069932525 778.50 589.58 6.00%
07/31/1998 1.414141 562.939 796.07 0.00008 0.066119353 795.44 589.58 6.00%
08/31/1998 0.937736 562.939 527.89 0.00008 0.067557514 527.40 589.58 6.00%
09/30/1998 1.000000 562.939 562.94 0.00008 0.04334765 562.37 589.58 6.00%
10/31/1998 1.028775 562.939 579.14 0.00008 0.047763038 578.51 589.58 6.00%
11/30/1998 1.094225 562.939 615.98 0.00008 0.047548415 615.26 589.58 6.00%
12/31/1998 1.048650 562.939 590.33 0.00008 0.052255157 589.58 589.58 6.00%
12/31/1998 589.58
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN -46.33% -41.04%
10/16/1997 20.00% 536.66 1.2082 -40.26% -35.42% 536.66 589.58 2
10/31/1997 20.00% 545.87 1.1671 -31.33% -26.64% 644.90 696.54 2
11/30/1997 20.00% 545.81 1.0849 -33.34% -28.43% 644.02 695.67 2
12/31/1997 20.00% 542.81 1.0000 -39.52% -34.30% 604.84 656.96 2
01/31/1998 10.00% 542.33 0.9151 -35.94% -30.36% 665.31 718.17 1
02/28/1998 10.00% 537.72 0.8384 -41.77% -36.15% 635.52 686.53 1
03/31/1998 10.00% 536.41 0.7534 -43.25% -37.62% 652.60 700.77 1
04/30/1998 10.00% 535.39 0.6712 -44.36% -38.72% 674.72 719.83 1
05/31/1998 10.00% 542.07 0.5863 -36.29% -30.71% 767.72 806.49 1
06/30/1998 10.00% 546.41 0.5041 -29.81% -24.27% 836.57 869.26 1
07/31/1998 10.00% 545.40 0.4192 -31.43% -25.88% 853.68 882.02 1
08/31/1998 10.00% 561.48 0.3342 6.46% 11.79% 1,021.15 1,037.95 1
09/30/1998 10.00% 559.38 0.2521 -0.53% 4.84% 998.66 1,011.98 1
10/31/1998 10.00% 558.41 0.1671 -3.47% 1.91% 994.11 1,003.17 1
11/30/1998 10.00% 556.21 0.0849 -9.60% -4.17% 991.47 996.39 1
12/31/1998 10.00% 557.75 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS FOREIGN & COLONIAL EMERGING
MARKETS EQUITY SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 1.776392 -----------------------------
Units purchased 562.939 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 615.26 556.21 589.58 -9.60% -4.17%
09/30/1998 0.25 0.25 562.37 559.38 589.58 -0.53% 4.84%
12/31/1997 1.00 1.00 897.44 542.81 589.58 -39.52% -34.30%
12/31/1997 1.00 1.00 897.44 542.81 589.58 -39.52% -34.30%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/16/1997 1.21 1.21 1,000.00 536.66 589.58 -40.26% -35.42%
12/31/1992
12/31/1993 1
12/31/1994 1
12/31/1995 1
12/31/1996 1 1,000.00
12/31/1997 1 897.44 -10.26%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MFS FOREIGN & COLONIAL EMERGING MARKETS EQUITY SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/16/1997 100 10 1000
10/31/1997 1000 0 10 100 8.47 847.00 -15.30%
11/30/1997 847 0 10 100 8.49 849.00 0.24%
12/31/1997 849 0 10 100 9 900.00 6.01%
01/31/1998 900 0 10 100 8.5 850.00 -5.56%
02/28/1998 850 0 10 100 9.28 928.00 9.18%
03/31/1998 928 0 10 100 9.51 951.00 2.48%
04/30/1998 951 0.00135 9.52 100.014 9.69 969.14 1.91%
05/31/1998 969.14 0 10 100.014 8.58 858.12 -11.46%
06/30/1998 858.12 0 10 100.014 7.86 786.11 -8.39%
07/31/1998 786.11 0 10 100.014 8.04 804.11 2.29%
08/31/1998 804.11 0 10 100.014 5.34 534.07 -33.58%
09/30/1998 534.07 0 10 100.014 5.7 570.08 6.74%
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
10/16/1997 1,000.00 1.776391915
10/31/1997 0.00051 0.51369863 846.49 0.04 1.503691422
11/30/1997 0.00103 0.869677707 847.62 0.11 1.505697163
12/31/1997 0.00106 0.899865676 897.63 0.19 1.594546888
01/31/1998 0.00106 0.952965874 846.81 0.25 1.504268109
02/28/1998 0.00096 0.812010491 923.71 0.34 1.640864381 .00135 Dividend
03/31/1998 0.00106 0.980647086 945.62 0.43 1.679790342
04/30/1998 0.00103 0.971526599 962.69 0.51 1.710105957
05/31/1998 0.00106 1.022028659 851.38 0.54 1.51238895
06/30/1998 0.00103 0.874708025 779.06 0.56 1.383921491
07/31/1998 0.00106 0.827087597 796.07 0.64 1.414140683
08/31/1998 0.00106 0.845147811 527.89 0.49 0.937735998
09/30/1998 0.00103 0.542350698 562.94 0.57 1
(0.437) (0.437)
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS FOREIGN & COLONIAL EMERGING
MARKETS EQUITY SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 1.779083 -----------------------------
Units purchased 562.087 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/16/1997 1.779083 562.087 1,000.00 1,000.00 588.47 6.00%
10/31/1997 1.505859 562.087 846.42 0.00004 0.04109586 846.38 588.47 6.00%
11/30/1997 1.507682 562.087 847.45 0.00008 0.069565721 847.34 588.47 6.00%
12/31/1997 1.596457 562.087 897.35 0.00008 0.071965693 897.16 588.47 6.00%
01/31/1998 1.505867 562.087 846.43 0.00008 0.076197038 846.17 588.47 6.00%
02/28/1998 1.642435 562.087 923.19 0.00008 0.064911945 922.85 588.47 6.00%
03/31/1998 1.681189 562.087 944.97 0.00008 0.078378936 944.55 588.47 6.00%
04/30/1998 1.711323 562.087 961.91 0.00008 0.077633869 961.40 588.47 6.00%
05/31/1998 1.513247 562.087 850.58 0.00008 0.081652962 850.04 588.47 6.00%
06/30/1998 1.384520 562.087 778.22 0.00008 0.069866293 777.66 588.47 6.00%
07/31/1998 1.414576 562.087 795.11 0.00008 0.066047832 794.48 588.47 6.00%
08/31/1998 0.937844 562.087 527.15 0.00008 0.067476023 526.66 588.47 6.00%
09/30/1998 1.000000 562.087 562.09 0.00008 0.043287044 561.52 588.47 6.00%
10/31/1998 1.028651 562.087 578.19 0.00008 0.047690743 577.56 588.47 6.00%
11/30/1998 1.093951 562.087 614.90 0.00008 0.047470722 614.18 588.47 6.00%
12/31/1998 1.048257 562.087 589.21 0.00008 0.052162996 588.47 588.47 6.00%
12/31/1998 588.47
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN -46.45% -41.15%
10/16/1997 20.00% 535.53 1.2082 -40.36% -35.52% 535.53 588.47 2
10/31/1997 20.00% 544.75 1.1671 -31.45% -26.76% 643.62 695.28 2
11/30/1997 20.00% 544.69 1.0849 -33.46% -28.54% 642.83 694.49 2
12/31/1997 20.00% 541.70 1.0000 -39.62% -34.41% 603.80 655.93 2
01/31/1998 10.00% 541.23 0.9151 -36.04% -30.46% 664.36 717.23 1
02/28/1998 10.00% 536.63 0.8384 -41.85% -36.23% 634.74 685.76 1
03/31/1998 10.00% 535.33 0.7534 -43.32% -37.70% 651.94 700.13 1
04/30/1998 10.00% 534.32 0.6712 -44.42% -38.79% 674.18 719.31 1
05/31/1998 10.00% 541.00 0.5863 -36.36% -30.77% 767.26 806.05 1
06/30/1998 10.00% 545.34 0.5041 -29.87% -24.33% 836.20 868.90 1
07/31/1998 10.00% 544.33 0.4192 -31.49% -25.93% 853.42 881.77 1
08/31/1998 10.00% 560.40 0.3342 6.41% 11.74% 1,020.97 1,037.78 1
09/30/1998 10.00% 558.31 0.2521 -0.57% 4.80% 998.56 1,011.89 1
10/31/1998 10.00% 557.35 0.1671 -3.50% 1.89% 994.07 1,003.13 1
11/30/1998 10.00% 555.15 0.0849 -9.61% -4.19% 991.46 996.38 1
12/31/1998 10.00% 556.69 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS FOREIGN & COLONIAL EMERGING
MARKETS EQUITY SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 1.779083 -----------------------------
Units purchased 562.087 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 614.18 555.15 588.47 -9.61% -4.19%
09/30/1998 0.25 0.25 561.52 558.31 588.47 -0.57% 4.80%
12/31/1997 1.00 1.00 897.16 541.70 588.47 -39.62% -34.41%
12/31/1997 1.00 1.00 897.16 541.70 588.47 -39.62% -34.41%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/16/1997 1.21 1.21 1,000.00 535.53 588.47 -40.36% -35.52%
12/31/1992
12/31/1993 1
12/31/1994 1
12/31/1995 1
12/31/1996 1 1,000.00
12/31/1997 1 897.16 -10.28%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
MFS FOREIGN & COLONIAL EMERGING MARKETS EQUITY SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/16/1997 100 10 1000
10/31/1997 1000 0 10 100 8.47 847.00 -15.30%
11/30/1997 847 0 10 100 8.49 849.00 0.24%
12/31/1997 849 0 10 100 9 900.00 6.01%
01/31/1998 900 0 10 100 8.5 850.00 -5.56%
02/28/1998 850 0 10 100 9.28 928.00 9.18%
03/31/1998 928 0 10 100 9.51 951.00 2.48%
04/30/1998 951 0.00135 9.52 100.014 9.69 969.14 1.91%
05/31/1998 969.14 0 10 100.014 8.58 858.12 -11.46%
06/30/1998 858.12 0 10 100.014 7.86 786.11 -8.39%
07/31/1998 786.11 0 10 100.014 8.04 804.11 2.29%
08/31/1998 804.11 0 10 100.014 5.34 534.07 -33.58%
09/30/1998 534.07 0 10 100.014 5.7 570.08 6.74%
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
10/16/1997 1,000.00 1.779082724
10/31/1997 0.00058 0.575342466 846.42 0.04 1.505859485
11/30/1997 0.00115 0.973968099 847.45 0.11 1.507682464
12/31/1997 0.00119 1.007652081 897.35 0.19 1.596457265
01/31/1998 0.00119 1.066984278 846.43 0.26 1.505866942
02/28/1998 0.00107 0.909041394 923.19 0.34 1.642435119 .00135 Dividend
03/31/1998 0.00119 1.097713348 944.98 0.43 1.681189101
04/30/1998 0.00115 1.087368754 961.91 0.52 1.71132269
05/31/1998 0.00119 1.143754014 850.58 0.54 1.513246991
06/30/1998 0.00115 0.97874623 778.22 0.56 1.384520082
07/31/1998 0.00119 0.925337115 795.12 0.64 1.414575961
08/31/1998 0.00119 0.945424812 527.15 0.49 0.937844423
09/30/1998 0.00115 0.606584186 562.09 0.57 1
(0.438) (0.438)
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS RESEARCH SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.630122 -----------------------------
Units purchased 1,586.993 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/26/1995 0.630122 1,586.993 1,000.00 1,000.00 1,918.00 4.00%
07/31/1995 0.630014 1,586.993 999.83 0.00001 0.013698626 999.81 1,918.00 4.00%
08/31/1995 0.635646 1,586.993 1,008.77 0.00008 0.084915777 1,008.67 1,918.00 4.00%
09/30/1995 0.653873 1,586.993 1,037.69 0.00008 0.082904102 1,037.51 1,918.00 4.00%
10/31/1995 0.657580 1,586.993 1,043.58 0.00008 0.088117098 1,043.30 1,918.00 4.00%
11/30/1995 0.678259 1,586.993 1,076.39 0.00008 0.085750801 1,076.02 1,918.00 4.00%
12/31/1995 0.693375 1,586.993 1,100.38 0.00008 0.091388311 1,099.91 1,918.00 4.00%
01/31/1996 0.707281 1,586.993 1,122.45 0.00008 0.093417331 1,121.88 1,918.00 6.00%
02/29/1996 0.733295 1,586.993 1,163.73 0.00008 0.089135592 1,163.05 1,918.00 6.00%
03/31/1996 0.731247 1,586.993 1,160.48 0.00008 0.098779931 1,159.71 1,918.00 6.00%
04/30/1996 0.759690 1,586.993 1,205.62 0.00008 0.095318339 1,204.72 1,918.00 6.00%
05/31/1996 0.783616 1,586.993 1,243.59 0.00008 0.10231861 1,242.56 1,918.00 6.00%
06/30/1996 0.772677 1,586.993 1,226.23 0.00008 0.102128161 1,225.11 1,918.00 6.00%
07/31/1996 0.733252 1,586.993 1,163.67 0.00008 0.104050598 1,162.50 1,918.00 6.00%
08/31/1996 0.755230 1,586.993 1,198.54 0.00008 0.098732667 1,197.24 1,918.00 6.00%
09/30/1996 0.799919 1,586.993 1,269.47 0.00008 0.098403481 1,267.99 1,918.00 6.00%
10/31/1996 0.806013 1,586.993 1,279.14 0.00008 0.107692225 1,277.54 1,918.00 6.00%
11/30/1996 0.853078 1,586.993 1,353.83 0.00008 0.105003366 1,352.03 1,918.00 6.00%
12/31/1996 0.837824 1,586.993 1,329.62 0.00008 0.114830241 1,327.74 1,918.00 6.00%
01/31/1997 0.869475 1,586.993 1,379.85 0.00008 0.112767292 1,377.79 1,918.00 6.00%
02/28/1997 0.866730 1,586.993 1,375.49 0.00008 0.105693404 1,373.33 1,918.00 6.00%
03/31/1997 0.818048 1,586.993 1,298.24 0.00008 0.116639313 1,296.08 1,918.00 6.00%
04/30/1997 0.854738 1,586.993 1,356.46 0.00008 0.106527231 1,354.10 1,918.00 6.00%
05/31/1997 0.912929 1,586.993 1,448.81 0.00008 0.115006169 1,446.18 1,918.00 6.00%
06/30/1997 0.946275 1,586.993 1,501.73 0.00008 0.118863917 1,498.88 1,918.00 6.00%
07/31/1997 1.015673 1,586.993 1,611.87 0.00008 0.127302378 1,608.68 1,918.00 6.00%
08/31/1997 0.970241 1,586.993 1,539.77 0.00008 0.136627583 1,536.59 1,918.00 6.00%
09/30/1997 1.019241 1,586.993 1,617.53 0.00008 0.126294709 1,614.06 1,918.00 6.00%
10/31/1997 0.966315 1,586.993 1,533.54 0.00008 0.137084627 1,530.11 1,918.00 6.00%
11/30/1997 0.994374 1,586.993 1,578.06 0.00008 0.125762608 1,574.42 1,918.00 6.00%
12/31/1997 0.995210 1,586.993 1,579.39 0.00008 0.133717479 1,575.61 1,918.00 6.00%
01/31/1998 1.014951 1,586.993 1,610.72 0.00008 0.13381853 1,606.73 1,918.00 6.00%
02/28/1998 1.095199 1,586.993 1,738.07 0.00008 0.123255622 1,733.64 1,918.00 6.00%
03/31/1998 1.150023 1,586.993 1,825.08 0.00008 0.147240669 1,820.27 1,918.00 6.00%
04/30/1998 1.156956 1,586.993 1,836.08 0.00008 0.149611632 1,831.10 1,918.00 6.00%
05/31/1998 1.134544 1,586.993 1,800.51 0.00008 0.155518096 1,795.47 1,918.00 6.00%
06/30/1998 1.175707 1,586.993 1,865.84 0.00008 0.147573086 1,860.47 1,918.00 6.00%
07/31/1998 1.146268 1,586.993 1,819.12 0.00008 0.158012339 1,813.72 1,918.00 6.00%
08/31/1998 0.949201 1,586.993 1,506.38 0.00008 0.154042321 1,501.75 1,918.00 6.00%
09/30/1998 1.000000 1,586.993 1,586.99 0.00008 0.123431892 1,582.00 1,918.00 6.00%
10/31/1998 1.056392 1,586.993 1,676.49 0.00008 0.134361745 1,671.08 1,918.00 6.00%
11/30/1998 1.133025 1,586.993 1,798.10 0.00008 0.137348963 1,792.17 1,918.00 6.00%
12/31/1998 1.212676 1,586.993 1,924.51 0.00008 0.152211312 1,918.00 1,918.00 6.00%
12/31/1998 1,918.00
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 90.87% 91.80%
07/26/1995 40.00% 1,908.69 3.4356 20.70% 20.87% 1,908.69 1,918.00 4
07/31/1995 40.00% 1,908.70 3.4219 20.80% 20.97% 1,909.05 1,918.36 4
08/31/1995 40.00% 1,908.34 3.3370 21.05% 21.24% 1,891.95 1,901.52 4
09/30/1995 40.00% 1,907.19 3.2548 20.57% 20.78% 1,838.24 1,848.66 4
10/31/1995 40.00% 1,906.96 3.1699 20.96% 21.18% 1,827.81 1,838.40 4
11/30/1995 40.00% 1,905.65 3.0877 20.33% 20.59% 1,771.01 1,782.49 4
12/31/1995 40.00% 1,904.69 3.0027 20.07% 20.34% 1,731.67 1,743.77 4
01/31/1996 30.00% 1,885.21 2.9178 19.47% 20.18% 1,680.41 1,709.63 3
02/29/1996 30.00% 1,882.74 2.8384 18.50% 19.27% 1,618.79 1,649.11 3
03/31/1996 30.00% 1,882.94 2.7534 19.25% 20.05% 1,623.64 1,653.87 3
04/30/1996 30.00% 1,880.24 2.6712 18.13% 19.02% 1,560.73 1,592.07 3
05/31/1996 30.00% 1,877.97 2.5863 17.32% 18.28% 1,511.37 1,543.59 3
06/30/1996 30.00% 1,879.02 2.5041 18.63% 19.60% 1,533.75 1,565.57 3
07/31/1996 30.00% 1,882.78 2.4192 22.06% 23.00% 1,619.60 1,649.90 3
08/31/1996 30.00% 1,880.69 2.3342 21.35% 22.37% 1,570.85 1,602.02 3
09/30/1996 30.00% 1,876.45 2.2521 19.01% 20.17% 1,479.86 1,512.63 3
10/31/1996 30.00% 1,875.87 2.1671 19.39% 20.62% 1,468.35 1,501.32 3
11/30/1996 30.00% 1,871.40 2.0849 16.87% 18.26% 1,384.14 1,418.60 3
12/31/1996 30.00% 1,872.86 2.0000 18.77% 20.19% 1,410.56 1,444.56 3
01/31/1997 20.00% 1,858.35 1.9151 16.91% 18.86% 1,348.79 1,392.09 2
02/28/1997 20.00% 1,858.62 1.8384 17.89% 19.93% 1,353.36 1,396.60 2
03/31/1997 20.00% 1,863.25 1.7534 23.00% 25.05% 1,437.60 1,479.85 2
04/30/1997 20.00% 1,859.77 1.6712 20.91% 23.16% 1,373.43 1,416.43 2
05/31/1997 20.00% 1,854.25 1.5863 16.96% 19.48% 1,282.17 1,326.26 2
06/30/1997 20.00% 1,851.08 1.5041 15.06% 17.81% 1,234.98 1,279.62 2
07/31/1997 20.00% 1,844.50 1.4192 10.12% 13.19% 1,146.59 1,192.28 2
08/31/1997 20.00% 1,848.82 1.3342 14.87% 18.08% 1,203.20 1,248.22 2
09/30/1997 20.00% 1,844.17 1.2521 11.23% 14.77% 1,142.57 1,188.31 2
10/31/1997 20.00% 1,849.21 1.1671 17.62% 21.36% 1,208.55 1,253.50 2
11/30/1997 20.00% 1,846.55 1.0849 15.83% 19.96% 1,172.85 1,218.23 2
12/31/1997 20.00% 1,846.48 1.0000 17.19% 21.73% 1,171.92 1,217.31 2
01/31/1998 10.00% 1,833.11 0.9151 14.09% 19.37% 1,128.20 1,175.92 1
02/28/1998 10.00% 1,825.49 0.8384 5.30% 10.63% 1,044.23 1,088.42 1
03/31/1998 10.00% 1,820.29 0.7534 0.00% 5.37% 1,000.01 1,040.19 1
04/30/1998 10.00% 1,819.64 0.6712 -0.63% 4.75% 995.80 1,031.61 1
05/31/1998 10.00% 1,821.78 0.5863 1.47% 6.82% 1,008.57 1,039.46 1
06/30/1998 10.00% 1,817.88 0.5041 -2.29% 3.09% 988.39 1,015.47 1
07/31/1998 10.00% 1,820.69 0.4192 0.38% 5.75% 1,001.61 1,023.71 1
08/31/1998 10.00% 1,839.40 0.3342 22.48% 27.72% 1,070.13 1,085.20 1
09/30/1998 10.00% 1,834.59 0.2521 15.97% 21.24% 1,038.05 1,049.75 1
10/31/1998 10.00% 1,829.24 0.1671 9.46% 14.78% 1,015.23 1,023.30 1
11/30/1998 10.00% 1,821.98 0.0849 1.66% 7.02% 1,001.40 1,005.78 1
12/31/1998 10.00% 1,814.43 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS RESEARCH SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.630122 -----------------------------
Units purchased 1,586.993 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,792.17 1,821.98 1,918.00 1.66% 7.02%
09/30/1998 0.25 0.25 1,582.00 1,834.59 1,918.00 15.97% 21.24%
12/31/1997 1.00 1.00 1,575.61 1,846.48 1,918.00 17.19% 21.73%
12/31/1997 1.00 1.00 1,575.61 1,846.48 1,918.00 17.19% 21.73%
12/31/1995 3.00 3.00 1,099.91 1,904.69 1,918.00 20.09% 20.36%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
07/26/1995 3.44 3.44 1,000.00 1,908.69 1,918.00 20.70% 20.87%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,099.91 9.99%
12/31/1996 1 1,327.74 20.71%
12/31/1997 1 1,575.61 18.67%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MMF RESEARCH SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E
<S> <C> <C> <C> <C> <C> <C>
07/26/1995 100 10 1000
07/31/1995 1000 0 10 100 10 1,000.00
08/31/1995 1000 0 10 100 10.1 1,010.00
09/30/1995 1010 0 10 100 10.4 1,040.00
10/31/1995 1040 0 10 100 10.47 1,047.00
11/30/1995 1047 0 10 100 10.81 1,081.00
12/31/1995 1081 0.17129 10.82 101.583 10.89 1,106.24
01/31/1996 1106.24 0 10 101.583 11.12 1,129.60
02/29/1996 1129.6 0 10 101.583 11.54 1,172.27
03/31/1996 1172.27 0 10 101.583 11.52 1,170.24
04/30/1996 1170.24 0 10 101.583 11.98 1,216.96
05/31/1996 1216.96 0 10 101.583 12.37 1,256.58
06/30/1996 1256.58 0 10 101.583 12.21 1,240.33
07/31/1996 1240.33 0 10 101.583 11.6 1,178.36
08/31/1996 1178.36 0 10 101.583 11.96 1,214.93
09/30/1996 1214.93 0 10 101.583 12.68 1,288.07
10/31/1996 1288.07 0 10 101.583 12.79 1,299.25
11/30/1996 1299.25 0 10 101.583 13.55 1,376.45
12/31/1996 1376.45 0.19275 13.18 103.069 13.13 1,353.30
01/31/1997 1353.3 0 10 103.069 13.64 1,405.86
02/28/1997 1405.86 0 10 103.069 13.61 1,402.77
03/31/1997 1402.77 0 10 103.069 12.86 1,325.47
04/30/1997 1325.47 0 10 103.069 13.45 1,386.28
05/31/1997 1386.28 0 10 103.069 14.38 1,482.13
06/30/1997 1482.13 0 10 103.069 14.92 1,537.79
07/31/1997 1537.79 0 10 103.069 16.03 1,652.20
08/31/1997 1652.2 0 10 103.069 15.33 1,580.05
09/30/1997 1580.05 0 10 103.069 16.12 1,661.47
10/31/1997 1661.47 0 10 103.069 15.3 1,576.96
11/30/1997 1576.96 0 10 103.069 15.76 1,624.37
12/31/1997 1624.37 0 10 103.069 15.79 1,627.46
01/31/1998 1627.46 0 10 103.069 16.12 1,661.47
02/28/1998 1661.47 0 10 103.069 17.41 1,794.43
03/31/1998 1794.43 0 10 103.069 18.3 1,886.16
04/30/1998 1886.16 0.39914 17.58 105.409 18.02 1,899.47
05/31/1998 1899.47 0 10 105.409 17.69 1,864.69
06/30/1998 1864.69 0 10 105.409 18.35 1,934.26
07/31/1998 1934.26 0 10 105.409 17.91 1,887.88
08/31/1998 1887.88 0 10 105.409 14.85 1,565.32
09/30/1998 1565.32 0 10 105.409 15.66 1,650.70
0.650700
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date % Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
07/26/1995 1,000.00 0.630122327
07/31/1995 0.00% 0.00017 0.171232877 999.83 0.01 0.630014429
08/31/1995 1.00% 0.00106 1.061462047 1,008.77 0.10 0.635645723
09/30/1995 2.97% 0.00103 1.036403006 1,037.69 0.18 0.653873228
10/31/1995 0.67% 0.00106 1.101659872 1,043.58 0.27 0.657580117
11/30/1995 3.25% 0.00103 1.072166438 1,076.39 0.37 0.678258603
12/31/1995 2.33% 0.00106 1.142744884 1,100.38 0.47 0.693375026 .03055 Dividend
01/31/1996 2.11% 0.00106 1.168213362 1,122.45 0.57 0.707280614
02/29/1996 3.76% 0.00099 1.114761684 1,163.73 0.68 0.733295302
03/31/1996 -0.17% 0.00106 1.235471914 1,160.48 0.78 0.731246969
04/30/1996 3.99% 0.00103 1.19227823 1,205.62 0.90 0.759689578
05/31/1996 3.26% 0.00106 1.279941566 1,243.59 1.03 0.783615918
06/30/1996 -1.29% 0.00103 1.277664373 1,226.23 1.12 0.77267717
07/31/1996 -5.00% 0.00106 1.301823344 1,163.67 1.17 0.733251972
08/31/1996 3.10% 0.00106 1.235398909 1,198.54 1.30 0.755229743
09/30/1996 6.02% 0.00103 1.231381489 1,269.47 1.48 0.799919408
10/31/1996 0.87% 0.00106 1.347721659 1,279.14 1.60 0.806013201
11/30/1996 5.94% 0.00103 1.31418253 1,353.83 1.79 0.853077519
12/31/1996 -1.68% 0.00106 1.437283605 1,329.62 1.88 0.837824261 .02133 Dividend
01/31/1997 3.88% 0.00106 1.411584584 1,379.85 2.06 0.86947454
02/28/1997 -0.22% 0.00096 1.323144212 1,375.49 2.16 0.866729742
03/31/1997 -5.51% 0.00106 1.460285167 1,298.24 2.16 0.818048219
04/30/1997 4.59% 0.00103 1.3338053 1,356.46 2.36 0.854738229
05/31/1997 6.91% 0.00106 1.440081605 1,448.81 2.63 0.912929006
06/30/1997 3.76% 0.00103 1.488505834 1,501.73 2.85 0.946275257
07/31/1997 7.44% 0.00106 1.594305185 1,611.87 3.19 1.015672559
08/31/1997 -4.37% 0.00106 1.711227273 1,539.77 3.18 0.970240823
09/30/1997 5.16% 0.00103 1.581951188 1,617.53 3.47 1.019240525
10/31/1997 -5.09% 0.00106 1.717238659 1,533.54 3.42 0.966315197
11/30/1997 3.01% 0.00103 1.575550561 1,578.06 3.65 0.994373876
12/31/1997 0.19% 0.00106 1.675342787 1,579.39 3.79 0.995209778
01/31/1998 2.09% 0.00106 1.676751134 1,610.72 4.00 1.014950711
02/28/1998 8.00% 0.00096 1.544526143 1,738.07 4.43 1.095199428
03/31/1998 5.11% 0.00106 1.845215876 1,825.08 4.80 1.150022541
04/30/1998 0.71% 0.00103 1.875080373 1,836.08 4.98 1.156956336 .02828 Dividend
05/31/1998 -1.83% 0.00106 1.94926526 1,800.51 5.04 1.134543761
06/30/1998 3.73% 0.00103 1.849842644 1,865.84 5.37 1.175706997
07/31/1998 -2.40% 0.00106 1.980856784 1,819.12 5.39 1.146267522
08/31/1998 -17.09% 0.00106 1.931256515 1,506.38 4.62 0.949201254
09/30/1998 5.45% 0.00103 1.547646745 1,586.99 4.99 1
0.586993 0.586993
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS RESEARCH SERIES
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS
ENHANCED DEATH BENEFIT
Initial investment $1,000
AUV 0.633107
Units purchased 1,579.511
Contract charge factor 0.10%
---------------------------------------------
Surrender provisions: Withdrawal
Year Rate Available
---------------------------------------------
1 6.00% 10%
2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable
AUV # Units Before Chrge Factor Deduction Acct Value Value
<S> <C> <C> <C> <C> <C> <C> <C>
07/26/1995 0.633107 1,579.511 1,000.00 1,000.00 1,908.26
07/31/1995 0.632986 1,579.511 999.81 0.00001 0.013698626 999.79 1,908.26
08/31/1995 0.638563 1,579.511 1,008.62 0.00008 0.08491403 1,008.52 1,908.26
09/30/1995 0.656795 1,579.511 1,037.42 0.00008 0.082891928 1,037.23 1,908.26
10/31/1995 0.660435 1,579.511 1,043.16 0.00008 0.088093598 1,042.89 1,908.26
11/30/1995 0.681122 1,579.511 1,075.84 0.00008 0.085717071 1,075.47 1,908.26
12/31/1995 0.696215 1,579.511 1,099.68 0.00008 0.091341444 1,099.21 1,908.26
01/31/1996 0.710089 1,579.511 1,121.59 0.00008 0.093357786 1,121.02 1,908.26
02/29/1996 0.736123 1,579.511 1,162.71 0.00008 0.089067651 1,162.03 1,908.26
03/31/1996 0.733973 1,579.511 1,159.32 0.00008 0.098693291 1,158.54 1,908.26
04/30/1996 0.762431 1,579.511 1,204.27 0.00008 0.095222567 1,203.37 1,908.26
05/31/1996 0.786346 1,579.511 1,242.04 0.00008 0.102203674 1,241.01 1,908.26
06/30/1996 0.775273 1,579.511 1,224.55 0.00008 0.102000839 1,223.43 1,908.26
07/31/1996 0.735616 1,579.511 1,161.91 0.00008 0.103907884 1,160.75 1,908.26
08/31/1996 0.757571 1,579.511 1,196.59 0.00008 0.09858401 1,195.29 1,908.26
09/30/1996 0.802306 1,579.511 1,267.25 0.00008 0.098243165 1,265.78 1,908.26
10/31/1996 0.808316 1,579.511 1,276.74 0.00008 0.10750426 1,275.15 1,908.26
11/30/1996 0.855415 1,579.511 1,351.14 0.00008 0.104806841 1,349.35 1,908.26
12/31/1996 0.840011 1,579.511 1,326.81 0.00008 0.114601971 1,324.93 1,908.26
01/31/1997 0.871637 1,579.511 1,376.76 0.00008 0.112528524 1,374.70 1,908.26
02/28/1997 0.868785 1,579.511 1,372.25 0.00008 0.105456664 1,370.10 1,908.26
03/31/1997 0.819877 1,579.511 1,295.00 0.00008 0.116364621 1,292.85 1,908.26
04/30/1997 0.856548 1,579.511 1,352.93 0.00008 0.106262007 1,350.57 1,908.26
05/31/1997 0.914753 1,579.511 1,444.86 0.00008 0.114706298 1,442.23 1,908.26
06/30/1997 0.948053 1,579.511 1,497.46 0.00008 0.118539845 1,494.62 1,908.26
07/31/1997 1.017460 1,579.511 1,607.09 0.00008 0.126940198 1,603.91 1,908.26
08/31/1997 0.971819 1,579.511 1,535.00 0.00008 0.1362227 1,531.83 1,908.26
09/30/1997 1.020778 1,579.511 1,612.33 0.00008 0.125903652 1,608.87 1,908.26
10/31/1997 0.967643 1,579.511 1,528.40 0.00008 0.136644121 1,524.99 1,908.26
11/30/1997 0.995621 1,579.511 1,572.59 0.00008 0.125341637 1,568.96 1,908.26
12/31/1997 0.996331 1,579.511 1,573.72 0.00008 0.133253912 1,569.94 1,908.26
01/31/1998 1.015967 1,579.511 1,604.73 0.00008 0.133337636 1,600.75 1,908.26
02/28/1998 1.096179 1,579.511 1,731.43 0.00008 0.122797345 1,727.01 1,908.26
03/31/1998 1.150912 1,579.511 1,817.88 0.00008 0.146677569 1,813.09 1,908.26
04/30/1998 1.157709 1,579.511 1,828.61 0.00008 0.149021381 1,823.65 1,908.26
05/31/1998 1.135134 1,579.511 1,792.96 0.00008 0.154885558 1,787.94 1,908.26
06/30/1998 1.176179 1,579.511 1,857.79 0.00008 0.146953767 1,852.44 1,908.26
07/31/1998 1.146578 1,579.511 1,811.03 0.00008 0.157330489 1,805.66 1,908.26
08/31/1998 0.949312 1,579.511 1,499.45 0.00008 0.153357558 1,494.85 1,908.26
09/30/1998 1.000000 1,579.511 1,579.51 0.00008 0.122864294 1,574.54 1,908.26
10/31/1998 1.056268 1,579.511 1,668.39 0.00008 0.133728234 1,663.00 1,908.26
11/30/1998 1.132749 1,579.511 1,789.19 0.00008 0.13668532 1,783.28 1,908.26
12/31/1998 1.212231 1,579.511 1,914.73 0.00008 0.151456735 1,908.26 1,908.26
12/31/1998 1,908.26
<CAPTION>
ERV of ERV of
Surrender W/D ERV Avg Ann Avg Ann $1,000 $1,000
Charge Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 89.88% 90.83%
07/26/1995 4.00% 40.00% 1,898.79 3.4356 20.52% 20.69% 1,898.79 1,908.26 4
07/31/1995 4.00% 40.00% 1,898.80 3.4219 20.62% 20.79% 1,899.19 1,908.65 4
08/31/1995 4.00% 40.00% 1,898.45 3.3370 20.87% 21.06% 1,882.41 1,892.14 4
09/30/1995 4.00% 40.00% 1,897.30 3.2548 20.39% 20.60% 1,829.20 1,839.76 4
10/31/1995 4.00% 40.00% 1,897.07 3.1699 20.77% 21.00% 1,819.05 1,829.78 4
11/30/1995 4.00% 40.00% 1,895.77 3.0877 20.15% 20.41% 1,762.73 1,774.34 4
12/31/1995 4.00% 40.00% 1,894.82 3.0027 19.88% 20.17% 1,723.80 1,736.02 4
01/31/1996 6.00% 30.00% 1,875.34 2.9178 19.29% 20.00% 1,672.89 1,702.25 3
02/29/1996 6.00% 30.00% 1,872.88 2.8384 18.31% 19.10% 1,611.73 1,642.17 3
03/31/1996 6.00% 30.00% 1,873.09 2.7534 19.06% 19.87% 1,616.77 1,647.12 3
04/30/1996 6.00% 30.00% 1,870.40 2.6712 17.95% 18.84% 1,554.31 1,585.77 3
05/31/1996 6.00% 30.00% 1,868.15 2.5863 17.13% 18.10% 1,505.34 1,537.66 3
06/30/1996 6.00% 30.00% 1,869.20 2.5041 18.44% 19.43% 1,527.83 1,559.76 3
07/31/1996 6.00% 30.00% 1,872.96 2.4192 21.87% 22.81% 1,613.58 1,643.99 3
08/31/1996 6.00% 30.00% 1,870.89 2.3342 21.16% 22.19% 1,565.21 1,596.48 3
09/30/1996 6.00% 30.00% 1,866.66 2.2521 18.83% 19.99% 1,474.72 1,507.58 3
10/31/1996 6.00% 30.00% 1,866.10 2.1671 19.21% 20.44% 1,463.43 1,496.50 3
11/30/1996 6.00% 30.00% 1,861.65 2.0849 16.69% 18.08% 1,379.67 1,414.21 3
12/31/1996 6.00% 30.00% 1,863.11 2.0000 18.58% 20.01% 1,406.19 1,440.27 3
01/31/1997 6.00% 20.00% 1,848.67 1.9151 16.73% 18.68% 1,344.78 1,388.12 2
02/28/1997 6.00% 20.00% 1,848.95 1.8384 17.71% 19.75% 1,349.50 1,392.79 2
03/31/1997 6.00% 20.00% 1,853.59 1.7534 22.81% 24.86% 1,433.72 1,476.00 2
04/30/1997 6.00% 20.00% 1,850.12 1.6712 20.72% 22.98% 1,369.88 1,412.92 2
05/31/1997 6.00% 20.00% 1,844.62 1.5863 16.78% 19.30% 1,279.00 1,323.13 2
06/30/1997 6.00% 20.00% 1,841.48 1.5041 14.88% 17.64% 1,232.07 1,276.75 2
07/31/1997 6.00% 20.00% 1,834.92 1.4192 9.95% 13.02% 1,144.03 1,189.75 2
08/31/1997 6.00% 20.00% 1,839.25 1.3342 14.69% 17.90% 1,200.69 1,245.74 2
09/30/1997 6.00% 20.00% 1,834.62 1.2521 11.06% 14.60% 1,140.32 1,186.08 2
10/31/1997 6.00% 20.00% 1,839.66 1.1671 17.44% 21.18% 1,206.34 1,251.32 2
11/30/1997 6.00% 20.00% 1,837.02 1.0849 15.65% 19.78% 1,170.85 1,216.26 2
12/31/1997 6.00% 20.00% 1,836.96 1.0000 17.01% 21.55% 1,170.08 1,215.49 2
01/31/1998 6.00% 10.00% 1,823.66 0.9151 13.93% 19.21% 1,126.71 1,174.45 1
02/28/1998 6.00% 10.00% 1,816.09 0.8384 5.16% 10.49% 1,043.07 1,087.27 1
03/31/1998 6.00% 10.00% 1,810.92 0.7534 -0.12% 5.25% 999.10 1,039.29 1
04/30/1998 6.00% 10.00% 1,810.29 0.6712 -0.73% 4.64% 995.08 1,030.91 1
05/31/1998 6.00% 10.00% 1,812.43 0.5863 1.37% 6.73% 1,008.01 1,038.92 1
06/30/1998 6.00% 10.00% 1,808.56 0.5041 -2.37% 3.01% 987.99 1,015.08 1
07/31/1998 6.00% 10.00% 1,811.37 0.4192 0.32% 5.68% 1,001.32 1,023.44 1
08/31/1998 6.00% 10.00% 1,830.02 0.3342 22.42% 27.66% 1,069.95 1,085.02 1
09/30/1998 6.00% 10.00% 1,825.23 0.2521 15.92% 21.19% 1,037.95 1,049.65 1
10/31/1998 6.00% 10.00% 1,819.93 0.1671 9.44% 14.75% 1,015.18 1,023.25 1
11/30/1998 6.00% 10.00% 1,812.71 0.0849 1.65% 7.01% 1,001.39 1,005.77 1
12/31/1998 6.00% 10.00% 1,805.21 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS RESEARCH SERIES
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS
ENHANCED DEATH BENEFIT
Initial investment $1,000
AUV 0.633107
Units purchased 1,579.511
Contract charge factor 0.10%
---------------------------------------------
Surrender provisions: Withdrawal
Year Rate Available
---------------------------------------------
1 6.00% 10%
2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,783.28 1,812.71 1,908.26 1.65% 7.01%
09/30/1998 0.25 0.25 1,574.54 1,825.23 1,908.26 15.92% 21.19%
12/31/1997 1.00 1.00 1,569.94 1,836.96 1,908.26 17.01% 21.55%
12/31/1997 1.00 1.00 1,569.94 1,836.96 1,908.26 17.01% 21.55%
12/31/1995 3.00 3.00 1,099.21 1,894.82 1,908.26 19.90% 20.19%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
07/26/1995 3.44 3.44 1,000.00 1,898.79 1,908.26 20.52% 20.69%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,099.21 9.92%
12/31/1996 1 1,324.93 20.53%
12/31/1997 1 1,569.94 18.49%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
MFS RESEARCH SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E
<S> <C> <C> <C> <C> <C> <C>
07/26/1995 100 10 1000
07/31/1995 1000 0 10 100 10 1,000.00
08/31/1995 1000 0 10 100 10.1 1,010.00
09/30/1995 1010 0 10 100 10.4 1,040.00
10/31/1995 1040 0 10 100 10.47 1,047.00
11/30/1995 1047 0 10 100 10.81 1,081.00
12/31/1995 1081 0.17129 10.82 101.583 10.89 1,106.24
01/31/1996 1106.24 0 10 101.583 11.12 1,129.60
02/29/1996 1129.6 0 10 101.583 11.54 1,172.27
03/31/1996 1172.27 0 10 101.583 11.52 1,170.24
04/30/1996 1170.24 0 10 101.583 11.98 1,216.96
05/31/1996 1216.96 0 10 101.583 12.37 1,256.58
06/30/1996 1256.58 0 10 101.583 12.21 1,240.33
07/31/1996 1240.33 0 10 101.583 11.6 1,178.36
08/31/1996 1178.36 0 10 101.583 11.96 1,214.93
09/30/1996 1214.93 0 10 101.583 12.68 1,288.07
10/31/1996 1288.07 0 10 101.583 12.79 1,299.25
11/30/1996 1299.25 0 10 101.583 13.55 1,376.45
12/31/1996 1376.45 0.19275 13.18 103.069 13.13 1,353.30
01/31/1997 1353.3 0 10 103.069 13.64 1,405.86
02/28/1997 1405.86 0 10 103.069 13.61 1,402.77
03/31/1997 1402.77 0 10 103.069 12.86 1,325.47
04/30/1997 1325.47 0 10 103.069 13.45 1,386.28
05/31/1997 1386.28 0 10 103.069 14.38 1,482.13
06/30/1997 1482.13 0 10 103.069 14.92 1,537.79
07/31/1997 1537.79 0 10 103.069 16.03 1,652.20
08/31/1997 1652.2 0 10 103.069 15.33 1,580.05
09/30/1997 1580.05 0 10 103.069 16.12 1,661.47
10/31/1997 1661.47 0 10 103.069 15.3 1,576.96
11/30/1997 1576.96 0 10 103.069 15.76 1,624.37
12/31/1997 1624.37 0 10 103.069 15.79 1,627.46
01/31/1998 1627.46 0 10 103.069 16.12 1,661.47
02/28/1998 1661.47 0 10 103.069 17.41 1,794.43
03/31/1998 1794.43 0 10 103.069 18.3 1,886.16
04/30/1998 1886.16 0.39914 17.58 105.409 18.02 1,899.47
05/31/1998 1899.47 0 10 105.409 17.69 1,864.69
06/30/1998 1864.69 0 10 105.409 18.35 1,934.26
07/31/1998 1934.26 0 10 105.409 17.91 1,887.88
08/31/1998 1887.88 0 10 105.409 14.85 1,565.32
09/30/1998 1565.32 0 10 105.409 15.66 1,650.70
0.650700
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date % Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
07/26/1995 1,000.00 0.6331071
07/31/1995 0.00% 0.00019 0.19178082 999.81 0.01 0.6329857
08/31/1995 1.00% 0.00119 1.18881306 1,008.62 0.10 0.6385629
09/30/1995 2.97% 0.00115 1.16060095 1,037.42 0.18 0.6567954
10/31/1995 0.67% 0.00119 1.23353005 1,043.16 0.27 0.6604352
11/30/1995 3.25% 0.00115 1.20035413 1,075.84 0.37 0.681122
12/31/1995 2.33% 0.00119 1.27921798 1,099.68 0.47 0.6962155 .03055 Dividend
01/31/1996 2.11% 0.00119 1.30756508 1,121.59 0.57 0.7100893
02/29/1996 3.76% 0.00111 1.24758152 1,162.71 0.68 0.7361227
03/31/1996 -0.17% 0.00119 1.382515 1,159.32 0.78 0.7339727
04/30/1996 3.99% 0.00115 1.33401005 1,204.27 0.90 0.7624308
05/31/1996 3.26% 0.00119 1.4319244 1,242.04 1.03 0.7863464
06/30/1996 -1.29% 0.00115 1.42920027 1,224.55 1.12 0.7752725
07/31/1996 -5.00% 0.00119 1.45604251 1,161.91 1.17 0.7356162
08/31/1996 3.10% 0.00119 1.38156368 1,196.59 1.30 0.7575711
09/30/1996 6.02% 0.00115 1.37690061 1,267.25 1.48 0.8023059
10/31/1996 0.87% 0.00119 1.50681393 1,276.74 1.59 0.8083156
11/30/1996 5.94% 0.00115 1.46912989 1,351.14 1.79 0.8554148
12/31/1996 -1.68% 0.00119 1.60655791 1,326.81 1.87 0.8400107 .02133 Dividend
01/31/1997 3.88% 0.00119 1.57762755 1,376.76 2.06 0.8716366
02/28/1997 -0.22% 0.00107 1.47860251 1,372.26 2.16 0.8687847
03/31/1997 -5.51% 0.00119 1.631668 1,295.01 2.15 0.819877
04/30/1997 4.59% 0.00115 1.49014296 1,352.93 2.35 0.856548
05/31/1997 6.91% 0.00119 1.60868626 1,444.86 2.63 0.9147529
06/30/1997 3.76% 0.00115 1.66258166 1,497.46 2.84 0.948053
07/31/1997 7.44% 0.00119 1.78054209 1,607.09 3.18 1.0174598
08/31/1997 -4.37% 0.00119 1.91089546 1,535.00 3.17 0.9718185
09/30/1997 5.16% 0.00115 1.76629969 1,612.33 3.46 1.0207781
10/31/1997 -5.09% 0.00119 1.9171275 1,528.40 3.41 0.9676429
11/30/1997 3.01% 0.00115 1.75871037 1,572.59 3.64 0.9956208
12/31/1997 0.19% 0.00119 1.86987951 1,573.72 3.77 0.9963309
01/31/1998 2.09% 0.00119 1.87121318 1,604.73 3.98 1.0159672
02/28/1998 8.00% 0.00107 1.72343801 1,731.43 4.42 1.0961794
03/31/1998 5.11% 0.00119 2.0587389 1,817.88 4.79 1.1509119
04/30/1998 0.71% 0.00115 2.09180542 1,828.61 4.96 1.1577091 .02828 Dividend
05/31/1998 -1.83% 0.00119 2.17429823 1,792.96 5.02 1.1351345
06/30/1998 3.73% 0.00115 2.0631297 1,857.79 5.35 1.1761792
07/31/1998 -2.40% 0.00119 2.20898695 1,811.03 5.37 1.1465781
08/31/1998 -17.09% 0.00119 2.15339293 1,499.45 4.60 0.9493123
09/30/1998 5.45% 0.00115 1.72539422 1,579.51 4.97 1
0.579511 0.579511
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS TOTAL RETURN
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS
RETURN OF PREMIUM DEATH BENEFIT
Initial investment $1,000
AUV 0.569866
Units purchased 1,754.797
Contract charge factor 0.10%
---------------------------------------------
Surrender provisions: Withdrawal
Year Rate Available
---------------------------------------------
1 6.00% 10%
2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.569866 1,754.797 1,000.00 1,000.00 1,881.58 4.00%
01/31/1995 0.572169 1,754.797 1,004.04 0.00008 0.076712315 1,003.96 1,881.58 4.00%
02/28/1995 0.589839 1,754.797 1,035.05 0.00008 0.077016432 1,034.89 1,881.58 4.00%
03/31/1995 0.600020 1,754.797 1,052.91 0.00008 0.087894894 1,052.67 1,881.58 4.00%
04/30/1995 0.613040 1,754.797 1,075.76 0.00008 0.086520517 1,075.42 1,881.58 4.00%
05/31/1995 0.636797 1,754.797 1,117.45 0.00008 0.091337253 1,117.01 1,881.58 4.00%
06/30/1995 0.641814 1,754.797 1,126.25 0.00008 0.09180881 1,125.71 1,881.58 4.00%
07/31/1995 0.647364 1,754.797 1,135.99 0.00008 0.095608621 1,135.35 1,881.58 4.00%
08/31/1995 0.654033 1,754.797 1,147.69 0.00008 0.096427237 1,146.95 1,881.58 4.00%
09/30/1995 0.675407 1,754.797 1,185.20 0.00008 0.094270103 1,184.34 1,881.58 4.00%
10/31/1995 0.672996 1,754.797 1,180.97 0.00008 0.100587918 1,180.01 1,881.58 4.00%
11/30/1995 0.702202 1,754.797 1,232.22 0.00008 0.096987363 1,231.13 1,881.58 4.00%
12/31/1995 0.716904 1,754.797 1,258.02 0.00008 0.10456144 1,256.80 1,881.58 4.00%
01/31/1996 0.730190 1,754.797 1,281.33 0.00008 0.106741736 1,279.98 1,881.58 6.00%
02/29/1996 0.731804 1,754.797 1,284.17 0.00008 0.101697149 1,282.71 1,881.58 6.00%
03/31/1996 0.739202 1,754.797 1,297.15 0.00008 0.108942456 1,295.57 1,881.58 6.00%
04/30/1996 0.741944 1,754.797 1,301.96 0.00008 0.106485004 1,300.27 1,881.58 6.00%
05/31/1996 0.744655 1,754.797 1,306.72 0.00008 0.110433731 1,304.91 1,881.58 6.00%
06/30/1996 0.749710 1,754.797 1,315.59 0.00008 0.107252763 1,313.66 1,881.58 6.00%
07/31/1996 0.734954 1,754.797 1,289.69 0.00008 0.111570965 1,287.69 1,881.58 6.00%
08/31/1996 0.744631 1,754.797 1,306.68 0.00008 0.109365563 1,304.54 1,881.58 6.00%
09/30/1996 0.767661 1,754.797 1,347.09 0.00008 0.107222175 1,344.78 1,881.58 6.00%
10/31/1996 0.784823 1,754.797 1,377.21 0.00008 0.114213937 1,374.73 1,881.58 6.00%
11/30/1996 0.818768 1,754.797 1,436.77 0.00008 0.112991215 1,434.07 1,881.58 6.00%
12/31/1996 0.809833 1,754.797 1,421.09 0.00008 0.121798013 1,418.30 1,881.58 6.00%
01/31/1997 0.849731 1,754.797 1,491.11 0.00008 0.120458533 1,488.06 1,881.58 6.00%
02/28/1997 0.836524 1,754.797 1,467.93 0.00008 0.114152315 1,464.81 1,881.58 6.00%
03/31/1997 0.818538 1,754.797 1,436.37 0.00008 0.124408833 1,433.19 1,881.58 6.00%
04/30/1997 0.841844 1,754.797 1,477.27 0.00008 0.117796849 1,473.88 1,881.58 6.00%
05/31/1997 0.873302 1,754.797 1,532.47 0.00008 0.125179188 1,528.84 1,881.58 6.00%
06/30/1997 0.896503 1,754.797 1,573.18 0.00008 0.125657696 1,569.33 1,881.58 6.00%
07/31/1997 0.942517 1,754.797 1,653.93 0.00008 0.13328522 1,649.74 1,881.58 6.00%
08/31/1997 0.911603 1,754.797 1,599.68 0.00008 0.140114847 1,595.49 1,881.58 6.00%
09/30/1997 0.945819 1,754.797 1,659.72 0.00008 0.1311361 1,655.24 1,881.58 6.00%
10/31/1997 0.930771 1,754.797 1,633.31 0.00008 0.140582291 1,628.77 1,881.58 6.00%
11/30/1997 0.955539 1,754.797 1,676.78 0.00008 0.133871312 1,671.97 1,881.58 6.00%
12/31/1997 0.970293 1,754.797 1,702.67 0.00008 0.142003349 1,697.65 1,881.58 6.00%
01/31/1998 0.972767 1,754.797 1,707.01 0.00008 0.144183913 1,701.83 1,881.58 6.00%
02/28/1998 1.005055 1,754.797 1,763.67 0.00008 0.130551628 1,758.19 1,881.58 6.00%
03/31/1998 1.033100 1,754.797 1,812.88 0.00008 0.1493258 1,807.10 1,881.58 6.00%
04/30/1998 1.039448 1,754.797 1,824.02 0.00008 0.148528943 1,818.06 1,881.58 6.00%
05/31/1998 1.039542 1,754.797 1,824.19 0.00008 0.154410275 1,818.07 1,881.58 6.00%
06/30/1998 1.048048 1,754.797 1,839.11 0.00008 0.149430186 1,832.79 1,881.58 6.00%
07/31/1998 1.035575 1,754.797 1,817.22 0.00008 0.155661912 1,810.83 1,881.58 6.00%
08/31/1998 0.964007 1,754.797 1,691.64 0.00008 0.153796198 1,685.53 1,881.58 6.00%
09/30/1998 1.000000 1,754.797 1,754.80 0.00008 0.138536397 1,748.32 1,881.58 6.00%
10/31/1998 1.025771 1,754.797 1,800.02 0.00008 0.148487493 1,793.23 1,881.58 6.00%
11/30/1998 1.055019 1,754.797 1,851.34 0.00008 0.147388599 1,844.21 1,881.58 6.00%
12/31/1998 1.076484 1,754.797 1,889.01 0.00008 0.156631637 1,881.58 1,881.58 6.00%
12/31/1998 1,881.58
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 18.17% 88.16%
01/03/1995 40.00% 1,871.68 3.9945 16.99% 17.15% 1,871.68 1,881.58 4
01/31/1995 40.00% 1,871.52 3.9178 17.23% 17.39% 1,864.13 1,874.15 4
02/28/1995 40.00% 1,870.29 3.8411 16.66% 16.84% 1,807.23 1,818.14 4
03/31/1995 40.00% 1,869.57 3.7562 16.52% 16.72% 1,776.04 1,787.44 4
04/30/1995 40.00% 1,868.66 3.6740 16.23% 16.45% 1,737.61 1,749.62 4
05/31/1995 40.00% 1,867.00 3.5890 15.39% 15.64% 1,671.43 1,684.48 4
06/30/1995 40.00% 1,866.65 3.5068 15.51% 15.78% 1,658.19 1,671.45 4
07/31/1995 40.00% 1,866.27 3.4219 15.63% 15.91% 1,643.78 1,657.26 4
08/31/1995 40.00% 1,865.80 3.3370 15.70% 15.99% 1,626.75 1,640.50 4
09/30/1995 40.00% 1,864.31 3.2548 14.96% 15.28% 1,574.13 1,588.71 4
10/31/1995 40.00% 1,864.48 3.1699 15.52% 15.86% 1,580.05 1,594.54 4
11/30/1995 40.00% 1,862.44 3.0877 14.35% 14.73% 1,512.79 1,528.34 4
12/31/1995 40.00% 1,861.41 3.0027 13.97% 14.38% 1,481.07 1,497.12 4
01/31/1996 30.00% 1,838.65 2.9178 13.22% 14.12% 1,436.46 1,470.00 3
02/29/1996 30.00% 1,838.48 2.8384 13.52% 14.45% 1,433.28 1,466.88 3
03/31/1996 30.00% 1,837.71 2.7534 13.54% 14.51% 1,418.46 1,452.32 3
04/30/1996 30.00% 1,837.43 2.6712 13.82% 14.84% 1,413.12 1,447.07 3
05/31/1996 30.00% 1,837.15 2.5863 14.14% 15.20% 1,407.88 1,441.92 3
06/30/1996 30.00% 1,836.63 2.5041 14.32% 15.43% 1,398.10 1,432.32 3
07/31/1996 30.00% 1,838.18 2.4192 15.85% 16.97% 1,427.50 1,461.20 3
08/31/1996 30.00% 1,837.17 2.3342 15.80% 16.99% 1,408.30 1,442.33 3
09/30/1996 30.00% 1,834.76 2.2521 14.79% 16.08% 1,364.36 1,399.17 3
10/31/1996 30.00% 1,832.96 2.1671 14.20% 15.58% 1,333.33 1,368.69 3
11/30/1996 30.00% 1,829.40 2.0849 12.39% 13.91% 1,275.67 1,312.05 3
12/31/1996 30.00% 1,830.35 2.0000 13.60% 15.18% 1,290.52 1,326.64 3
01/31/1997 20.00% 1,814.87 1.9151 10.92% 13.03% 1,219.63 1,264.45 2
02/28/1997 20.00% 1,816.27 1.8384 12.41% 14.59% 1,239.93 1,284.52 2
03/31/1997 20.00% 1,818.16 1.7534 14.53% 16.79% 1,268.61 1,312.85 2
04/30/1997 20.00% 1,815.72 1.6712 13.29% 15.73% 1,231.93 1,276.61 2
05/31/1997 20.00% 1,812.42 1.5863 11.32% 13.98% 1,185.49 1,230.73 2
06/30/1997 20.00% 1,810.00 1.5041 9.95% 12.82% 1,153.36 1,198.97 2
07/31/1997 20.00% 1,805.17 1.4192 6.55% 9.71% 1,094.22 1,140.53 2
08/31/1997 20.00% 1,808.43 1.3342 9.84% 13.16% 1,133.46 1,179.31 2
09/30/1997 20.00% 1,804.84 1.2521 7.15% 10.78% 1,090.38 1,136.74 2
10/31/1997 20.00% 1,806.43 1.1671 9.28% 13.16% 1,109.08 1,155.21 2
11/30/1997 20.00% 1,803.84 1.0849 7.25% 11.50% 1,078.87 1,125.36 2
12/31/1997 20.00% 1,802.30 1.0000 6.16% 10.83% 1,061.64 1,108.34 2
01/31/1998 10.00% 1,790.76 0.9151 5.23% 10.56% 1,047.71 1,096.23 1
02/28/1998 10.00% 1,787.37 0.8384 1.66% 7.02% 1,013.90 1,058.51 1
03/31/1998 10.00% 1,784.44 0.7534 -1.25% 4.12% 990.54 1,030.89 1
04/30/1998 10.00% 1,783.78 0.6712 -1.89% 3.49% 987.31 1,023.32 1
05/31/1998 10.00% 1,783.78 0.5863 -1.89% 3.49% 988.90 1,020.34 1
06/30/1998 10.00% 1,782.90 0.5041 -2.72% 2.66% 986.18 1,013.33 1
07/31/1998 10.00% 1,784.22 0.4192 -1.47% 3.91% 993.81 1,016.20 1
08/31/1998 10.00% 1,791.73 0.3342 6.30% 11.63% 1,020.63 1,037.46 1
09/30/1998 10.00% 1,787.97 0.2521 2.27% 7.62% 1,005.67 1,018.69 1
10/31/1998 10.00% 1,785.27 0.1671 -0.44% 4.93% 999.26 1,008.07 1
11/30/1998 10.00% 1,782.21 0.0849 -3.36% 2.03% 997.10 1,001.70 1
12/31/1998 10.00% 1,779.97 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS TOTAL RETURN
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS
RETURN OF PREMIUM DEATH BENEFIT
Initial investment $1,000
AUV 0.569866
Units purchased 1,754.797
Contract charge factor 0.10%
---------------------------------------------
Surrender provisions: Withdrawal
Year Rate Available
---------------------------------------------
1 6.00% 10%
2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,844.21 1,782.21 1,881.58 -3.36% 2.03%
09/30/1998 0.25 0.25 1,748.32 1,787.97 1,881.58 2.27% 7.62%
12/31/1997 1.00 1.00 1,697.65 1,802.30 1,881.58 6.16% 10.83%
12/31/1997 1.00 1.00 1,697.65 1,802.30 1,881.58 6.16% 10.83%
12/31/1995 3.00 3.00 1257 1,861.41 1,881.58 13.99% 14.40%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
01/03/1995 3.99 3.99 1,000.00 1,871.68 1,881.58 16.99% 17.15%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,256.80 25.68%
12/31/1996 1 1,418.30 12.85%
12/31/1997 1 1,697.65 19.70%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MFS TOTAL RETURN SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount M&E
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change M&E Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.05 1,005.00 0.50% 0.00096 0.95890411
02/28/1995 1000 0 10 100 10.37 1,037.00 3.18% 0.00096 0.962779133
03/31/1995 1037 0 10 100 10.56 1,056.00 1.83% 0.00106 1.0988521
04/30/1995 1056 0 10 100 10.8 1,080.00 2.27% 0.00103 1.0817601
05/31/1995 1080 0 10 100 11.23 1,123.00 3.98% 0.00106 1.142075298
06/30/1995 1123 0 10 100 11.33 1,133.00 0.89% 0.00103 1.148065488
07/31/1995 1133 0 10 100 11.44 1,144.00 0.97% 0.00106 1.195679475
08/31/1995 1144 0 10 100 11.57 1,157.00 1.14% 0.00106 1.206018628
09/30/1995 1157 0 10 100 11.96 1,196.00 3.37% 0.00103 1.179138409
10/31/1995 1196 0 10 100 11.93 1,193.00 -0.25% 0.00106 1.258262311
11/30/1995 1193 0 10 100 12.46 1,246.00 4.44% 0.00103 1.213326105
12/31/1995 1246 0.48169 12.19 103.952 12.25 1,273.41 2.20% 0.00106 1.308181958
01/31/1996 1273.41 0 10 103.952 12.49 1,298.36 1.96% 0.00106 1.335571038
02/29/1996 1298.36 0 10 103.952 12.53 1,302.52 0.32% 0.00099 1.272558413
03/31/1996 1302.52 0 10 103.952 12.67 1,317.07 1.12% 0.00106 1.363328585
04/30/1996 1317.07 0 10 103.952 12.73 1,323.31 0.47% 0.00103 1.332687568
05/31/1996 1323.31 0 10 103.952 12.79 1,329.55 0.47% 0.00106 1.382220107
06/30/1996 1329.55 0 10 103.952 12.89 1,339.94 0.78% 0.00103 1.342519808
07/31/1996 1339.94 0 10 103.952 12.65 1,314.99 -1.86% 0.00106 1.396686257
08/31/1996 1314.99 0 10 103.952 12.83 1,333.70 1.42% 0.00106 1.369196845
09/30/1996 1333.7 0 10 103.952 13.24 1,376.32 3.20% 0.00103 1.342475336
10/31/1996 1376.32 0 10 103.952 13.55 1,408.55 2.34% 0.00106 1.430129724
11/30/1996 1408.55 0 10 103.952 14.15 1,470.92 4.43% 0.00103 1.414936961
12/31/1996 1470.92 0.30366 13.85 106.231 13.71 1,456.43 -0.99% 0.00106 1.525340606
01/31/1997 1456.43 0 10 106.231 14.4 1,529.73 2.41% 0.00106 1.508695141
02/28/1997 1529.73 0 10 106.231 14.19 1,507.42 1.07% 0.00096 1.429828014
03/31/1997 1507.42 0 10 106.231 13.9 1,476.61 -2.04% 0.00106 1.558418652
04/30/1997 1476.61 0 10 106.231 14.31 1,520.17 2.95% 0.00103 1.475721107
05/31/1997 1520.17 0 10 106.231 14.86 1,578.59 3.84% 0.00106 1.568330024
06/30/1997 1578.59 0 10 106.231 15.27 1,622.15 2.76% 0.00103 1.574454002
07/31/1997 1622.15 0 10 106.231 16.07 1,707.13 5.24% 0.00106 1.670158358
08/31/1997 1707.13 0 10 106.231 15.56 1,652.95 -3.17% 0.00106 1.755880272
09/30/1997 1652.95 0 10 106.231 16.16 1,716.69 3.86% 0.00103 1.643505427
10/31/1997 1716.69 0 10 106.231 15.92 1,691.20 -1.49% 0.00106 1.762032455
11/30/1997 1691.2 0 10 106.231 16.36 1,737.94 2.76% 0.00103 1.678063107
12/31/1997 1737.94 0 10 106.231 16.63 1,766.62 1.65% 0.00106 1.78013987
01/31/1998 1766.62 0 10 106.231 16.69 1,773.00 0.36% 0.00106 1.80762639
02/28/1998 1773 0 10 106.231 17.26 1,833.55 3.42% 0.00096 1.636857804
03/31/1998 1833.55 0 10 106.231 17.76 1,886.66 2.90% 0.00106 1.872387601
04/30/1998 1886.66 0.52861 17.07 109.521 17.35 1,900.19 0.72% 0.00103 1.862549757
05/31/1998 1900.19 0 10 109.521 17.37 1,902.38 0.12% 0.00106 1.936459717
06/30/1998 1902.38 0 10 109.521 17.53 1,919.90 0.92% 0.00103 1.874163569
07/31/1998 1919.9 0 10 109.521 17.34 1,899.09 -1.08% 0.00106 1.952481472
08/31/1998 1899.09 0 10 109.521 16.16 1,769.86 -6.80% 0.00106 1.929245478
09/30/1998 1769.86 0 10 109.521 16.78 1,837.76 3.84% 0.00103 1.737982524
<CAPTION>
Ending
Amount Recalc'd Dividend
Date Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.569866382
01/31/1995 1,004.04 0.08 0.572169267
02/28/1995 1,035.05 0.16 0.589838936
03/31/1995 1,052.91 0.25 0.600019815
04/30/1995 1,075.76 0.34 0.613040171
05/31/1995 1,117.45 0.44 0.636797421
06/30/1995 1,126.25 0.54 0.64181368
07/31/1995 1,135.99 0.64 0.647363503
08/31/1995 1,147.69 0.74 0.654032637
09/30/1995 1,185.20 0.86 0.675406729
10/31/1995 1,180.97 0.96 0.672995524
11/30/1995 1,232.22 1.10 0.702202466
12/31/1995 1,258.02 1.22 0.716904305 .24849 Dividend .2332 ST
01/31/1996 1,281.33 1.35 0.730189557
02/29/1996 1,284.17 1.46 0.731803927
03/31/1996 1,297.15 1.58 0.73920174
04/30/1996 1,301.96 1.69 0.741944469
05/31/1996 1,306.72 1.81 0.744655389
06/30/1996 1,315.59 1.93 0.749709571
07/31/1996 1,289.70 2.00 0.734953877
08/31/1996 1,306.68 2.14 0.744630721
09/30/1996 1,347.09 2.31 0.767661267
10/31/1996 1,377.21 2.48 0.784823007
11/30/1996 1,436.77 2.70 0.818768313
12/31/1996 1,421.09 2.79 0.809833405 .2116 Dividend .0494 ST/.04266 LT
01/31/1997 1,491.11 3.05 0.849731386
02/28/1997 1,467.93 3.12 0.83652386
03/31/1997 1,436.37 3.17 0.818538146
04/30/1997 1,477.27 3.38 0.84184406
05/31/1997 1,532.47 3.63 0.873302315
06/30/1997 1,573.18 3.86 0.896503205
07/31/1997 1,653.93 4.19 0.942516788
08/31/1997 1,599.68 4.19 0.911603065
09/30/1997 1,659.72 4.48 0.945819141
10/31/1997 1,633.31 4.55 0.930771172
11/30/1997 1,676.78 4.80 0.955538791
12/31/1997 1,702.67 5.02 0.970292933
01/31/1998 1,707.01 5.18 0.972766959
02/28/1998 1,763.67 5.48 1.005055285
03/31/1998 1,812.88 5.78 1.033100372
04/30/1998 1,824.02 5.96 1.039447747 .24295 Dividend .15985 ST/.12581 LT
05/31/1998 1,824.19 6.12 1.039542204
06/30/1998 1,839.11 6.32 1.048047863
07/31/1998 1,817.22 6.40 1.035575307
08/31/1998 1,691.64 6.11 0.964006672
09/30/1998 1,754.80 6.48 1
0.75480 0.75480
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS TOTAL RETURN -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.573036 -----------------------------
Units purchased 1,745.091 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.573036 1,745.091 1,000.00 1,000.00 1,870.47 4.00%
01/31/1995 0.575286 1,745.091 1,003.93 0.00008 0.076712315 1,003.85 1,870.47 4.00%
02/28/1995 0.592985 1,745.091 1,034.81 0.00008 0.077007605 1,034.66 1,870.47 4.00%
03/31/1995 0.603145 1,745.091 1,052.54 0.00008 0.08787501 1,052.30 1,870.47 4.00%
04/30/1995 0.616159 1,745.091 1,075.25 0.00008 0.086490109 1,074.91 1,870.47 4.00%
05/31/1995 0.639958 1,745.091 1,116.79 0.00008 0.091294134 1,116.34 1,870.47 4.00%
06/30/1995 0.644921 1,745.091 1,125.45 0.00008 0.091754213 1,124.91 1,870.47 4.00%
07/31/1995 0.650415 1,745.091 1,135.03 0.00008 0.095540075 1,134.40 1,870.47 4.00%
08/31/1995 0.657033 1,745.091 1,146.58 0.00008 0.096345933 1,145.84 1,870.47 4.00%
09/30/1995 0.678424 1,745.091 1,183.91 0.00008 0.09417874 1,183.05 1,870.47 4.00%
10/31/1995 0.675916 1,745.091 1,179.53 0.00008 0.100478433 1,178.58 1,870.47 4.00%
11/30/1995 0.705166 1,745.091 1,230.58 0.00008 0.09686941 1,229.48 1,870.47 4.00%
12/31/1995 0.719840 1,745.091 1,256.19 0.00008 0.104421934 1,254.96 1,870.47 4.00%
01/31/1996 0.733088 1,745.091 1,279.31 0.00008 0.106586018 1,277.95 1,870.47 6.00%
02/29/1996 0.734621 1,745.091 1,281.98 0.00008 0.101536088 1,280.53 1,870.47 6.00%
03/31/1996 0.741954 1,745.091 1,294.78 0.00008 0.108756985 1,293.20 1,870.47 6.00%
04/30/1996 0.744616 1,745.091 1,299.42 0.00008 0.106290308 1,297.73 1,870.47 6.00%
05/31/1996 0.747241 1,745.091 1,304.00 0.00008 0.110218274 1,302.20 1,870.47 6.00%
06/30/1996 0.752221 1,745.091 1,312.69 0.00008 0.107029924 1,310.77 1,870.47 6.00%
07/31/1996 0.737320 1,745.091 1,286.69 0.00008 0.111325519 1,284.69 1,870.47 6.00%
08/31/1996 0.746934 1,745.091 1,303.47 0.00008 0.109110786 1,301.33 1,870.47 6.00%
09/30/1996 0.769944 1,745.091 1,343.62 0.00008 0.106958938 1,341.32 1,870.47 6.00%
10/31/1996 0.787059 1,745.091 1,373.49 0.00008 0.11391991 1,371.02 1,870.47 6.00%
11/30/1996 0.821003 1,745.091 1,432.73 0.00008 0.112686291 1,430.03 1,870.47 6.00%
12/31/1996 0.811940 1,745.091 1,416.91 0.00008 0.121454966 1,414.13 1,870.47 6.00%
01/31/1997 0.851838 1,745.091 1,486.53 0.00008 0.120103786 1,483.49 1,870.47 6.00%
02/28/1997 0.838500 1,745.091 1,463.26 0.00008 0.11380232 1,460.15 1,870.47 6.00%
03/31/1997 0.820365 1,745.091 1,431.61 0.00008 0.124012892 1,428.45 1,870.47 6.00%
04/30/1997 0.843621 1,745.091 1,472.20 0.00008 0.117406661 1,468.83 1,870.47 6.00%
05/31/1997 0.875039 1,745.091 1,527.02 0.00008 0.124749591 1,523.40 1,870.47 6.00%
06/30/1997 0.898178 1,745.091 1,567.40 0.00008 0.125211077 1,563.56 1,870.47 6.00%
07/31/1997 0.944163 1,745.091 1,647.65 0.00008 0.132795539 1,643.48 1,870.47 6.00%
08/31/1997 0.913075 1,745.091 1,593.40 0.00008 0.139583156 1,589.23 1,870.47 6.00%
09/30/1997 0.947234 1,745.091 1,653.01 0.00008 0.130621271 1,648.55 1,870.47 6.00%
10/31/1997 0.932042 1,745.091 1,626.50 0.00008 0.140013737 1,621.97 1,870.47 6.00%
11/30/1997 0.956729 1,745.091 1,669.58 0.00008 0.133312637 1,664.80 1,870.47 6.00%
12/31/1997 0.971380 1,745.091 1,695.15 0.00008 0.141393754 1,690.15 1,870.47 6.00%
01/31/1998 0.973733 1,745.091 1,699.25 0.00008 0.143546943 1,694.10 1,870.47 6.00%
02/28/1998 1.005941 1,745.091 1,755.46 0.00008 0.129958366 1,750.01 1,870.47 6.00%
03/31/1998 1.033883 1,745.091 1,804.22 0.00008 0.148630666 1,798.47 1,870.47 6.00%
04/30/1998 1.040107 1,745.091 1,815.08 0.00008 0.147819194 1,809.15 1,870.47 6.00%
05/31/1998 1.040069 1,745.091 1,815.02 0.00008 0.15365359 1,808.93 1,870.47 6.00%
06/30/1998 1.048451 1,745.091 1,829.64 0.00008 0.148678962 1,823.36 1,870.47 6.00%
07/31/1998 1.035840 1,745.091 1,807.64 0.00008 0.154860418 1,801.27 1,870.47 6.00%
08/31/1998 0.964121 1,745.091 1,682.48 0.00008 0.152984582 1,676.40 1,870.47 6.00%
09/30/1998 1.000000 1,745.091 1,745.09 0.00008 0.137786449 1,738.65 1,870.47 6.00%
10/31/1998 1.025646 1,745.091 1,789.85 0.00008 0.147666123 1,783.09 1,870.47 6.00%
11/30/1998 1.054762 1,745.091 1,840.66 0.00008 0.146555445 1,833.56 1,870.47 6.00%
12/31/1998 1.076083 1,745.091 1,877.86 0.00008 0.15572727 1,870.47 1,870.47 6.00%
12/31/1998 1,870.47
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 86.04% 87.05%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 1,860.40 3.9945 16.81% 16.97% 1,860.40 1,870.47 4
01/31/1995 40.00% 1,860.24 3.9178 17.05% 17.22% 1,853.11 1,863.30 4
02/28/1995 40.00% 1,859.01 3.8411 16.48% 16.67% 1,796.74 1,807.82 4
03/31/1995 40.00% 1,858.31 3.7562 16.35% 16.55% 1,765.95 1,777.51 4
04/30/1995 40.00% 1,857.40 3.6740 16.05% 16.27% 1,727.95 1,740.11 4
05/31/1995 40.00% 1,855.74 3.5890 15.21% 15.47% 1,662.34 1,675.53 4
06/30/1995 40.00% 1,855.40 3.5068 15.34% 15.60% 1,649.38 1,662.78 4
07/31/1995 40.00% 1,855.02 3.4219 15.46% 15.74% 1,635.25 1,648.87 4
08/31/1995 40.00% 1,854.56 3.3370 15.52% 15.82% 1,618.52 1,632.40 4
09/30/1995 40.00% 1,853.08 3.2548 14.78% 15.11% 1,566.35 1,581.05 4
10/31/1995 40.00% 1,853.26 3.1699 15.35% 15.69% 1,572.45 1,587.06 4
11/30/1995 40.00% 1,851.22 3.0877 14.17% 14.56% 1,505.69 1,521.35 4
12/31/1995 40.00% 1,850.20 3.0027 13.80% 14.21% 1,474.30 1,490.46 4
01/31/1996 30.00% 1,827.46 2.9178 13.04% 13.95% 1,429.99 1,463.64 3
02/29/1996 30.00% 1,827.31 2.8384 13.35% 14.28% 1,427.00 1,460.71 3
03/31/1996 30.00% 1,826.55 2.7534 13.36% 14.34% 1,412.43 1,446.39 3
04/30/1996 30.00% 1,826.28 2.6712 13.64% 14.67% 1,407.28 1,441.34 3
05/31/1996 30.00% 1,826.01 2.5863 13.96% 15.03% 1,402.25 1,436.40 3
06/30/1996 30.00% 1,825.49 2.5041 14.14% 15.26% 1,392.69 1,427.00 3
07/31/1996 30.00% 1,827.06 2.4192 15.67% 16.80% 1,422.18 1,455.97 3
08/31/1996 30.00% 1,826.06 2.3342 15.62% 16.82% 1,403.22 1,437.35 3
09/30/1996 30.00% 1,823.66 2.2521 14.61% 15.91% 1,359.61 1,394.51 3
10/31/1996 30.00% 1,821.88 2.1671 14.02% 15.41% 1,328.85 1,364.30 3
11/30/1996 30.00% 1,818.34 2.0849 12.21% 13.74% 1,271.53 1,307.99 3
12/31/1996 30.00% 1,819.29 2.0000 13.42% 15.01% 1,286.51 1,322.71 3
01/31/1997 20.00% 1,803.91 1.9151 10.75% 12.87% 1,215.98 1,260.85 2
02/28/1997 20.00% 1,805.31 1.8384 12.23% 14.42% 1,236.38 1,281.01 2
03/31/1997 20.00% 1,807.21 1.7534 14.35% 16.62% 1,265.16 1,309.44 2
04/30/1997 20.00% 1,804.79 1.6712 13.12% 15.56% 1,228.73 1,273.45 2
05/31/1997 20.00% 1,801.51 1.5863 11.15% 13.81% 1,182.56 1,227.83 2
06/30/1997 20.00% 1,799.10 1.5041 9.78% 12.65% 1,150.65 1,196.29 2
07/31/1997 20.00% 1,794.31 1.4192 6.38% 9.54% 1,091.77 1,138.12 2
08/31/1997 20.00% 1,797.56 1.3342 9.67% 12.99% 1,131.09 1,176.97 2
09/30/1997 20.00% 1,794.00 1.2521 6.99% 10.61% 1,088.23 1,134.62 2
10/31/1997 20.00% 1,795.60 1.1671 9.10% 12.99% 1,107.05 1,153.21 2
11/30/1997 20.00% 1,793.03 1.0849 7.08% 11.33% 1,077.03 1,123.54 2
12/31/1997 20.00% 1,791.51 1.0000 6.00% 10.67% 1,059.97 1,106.69 2
01/31/1998 10.00% 1,780.05 0.9151 5.07% 10.41% 1,046.33 1,094.86 1
02/28/1998 10.00% 1,776.69 0.8384 1.52% 6.88% 1,012.77 1,057.40 1
03/31/1998 10.00% 1,773.79 0.7534 -1.37% 4.00% 989.64 1,030.02 1
04/30/1998 10.00% 1,773.15 0.6712 -1.99% 3.39% 986.60 1,022.63 1
05/31/1998 10.00% 1,773.16 0.5863 -1.98% 3.40% 988.36 1,019.81 1
06/30/1998 10.00% 1,772.29 0.5041 -2.80% 2.58% 985.78 1,012.94 1
07/31/1998 10.00% 1,773.62 0.4192 -1.54% 3.84% 993.54 1,015.93 1
08/31/1998 10.00% 1,781.11 0.3342 6.25% 11.58% 1,020.45 1,037.29 1
09/30/1998 10.00% 1,777.37 0.2521 2.23% 7.58% 1,005.57 1,018.59 1
10/31/1998 10.00% 1,774.71 0.1671 -0.47% 4.90% 999.21 1,008.03 1
11/30/1998 10.00% 1,771.68 0.0849 -3.38% 2.01% 997.09 1,001.69 1
12/31/1998 10.00% 1,769.47 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS TOTAL RETURN -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.573036 -----------------------------
Units purchased 1,745.091 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,833.56 1,771.68 1,870.47 -3.38% 2.01%
09/30/1998 0.25 0.25 1,738.65 1,777.37 1,870.47 2.23% 7.58%
12/31/1997 1.00 1.00 1,690.15 1,791.51 1,870.47 6.00% 10.67%
12/31/1997 1.00 1.00 1,690.15 1,791.51 1,870.47 6.00% 10.67%
12/31/1995 3.00 3.00 1255 1,850.20 1,870.47 13.81% 14.23%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
01/03/1995 3.99 3.99 1,000.00 1,860.40 1,870.47 16.81% 16.97%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,254.96 25.50%
12/31/1996 1 1,414.13 12.68%
12/31/1997 1 1,690.15 19.52%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0 .00% Do not fill in
MFS TOTAL RETURN SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.05 1,005.00 0.50%
02/28/1995 1000 0 10 100 10.37 1,037.00 3.18%
03/31/1995 1037 0 10 100 10.56 1,056.00 1.83%
04/30/1995 1056 0 10 100 10.8 1,080.00 2.27%
05/31/1995 1080 0 10 100 11.23 1,123.00 3.98%
06/30/1995 1123 0 10 100 11.33 1,133.00 0.89%
07/31/1995 1133 0 10 100 11.44 1,144.00 0.97%
08/31/1995 1144 0 10 100 11.57 1,157.00 1.14%
09/30/1995 1157 0 10 100 11.96 1,196.00 3.37%
10/31/1995 1196 0 10 100 11.93 1,193.00 -0.25%
11/30/1995 1193 0 10 100 12.46 1,246.00 4.44%
12/31/1995 1246 0.48169 12.19 103.952 12.25 1,273.41 2.20%
01/31/1996 1273.41 0 10 103.952 12.49 1,298.36 1.96%
02/29/1996 1298.36 0 10 103.952 12.53 1,302.52 0.32%
03/31/1996 1302.52 0 10 103.952 12.67 1,317.07 1.12%
04/30/1996 1317.07 0 10 103.952 12.73 1,323.31 0.47%
05/31/1996 1323.31 0 10 103.952 12.79 1,329.55 0.47%
06/30/1996 1329.55 0 10 103.952 12.89 1,339.94 0.78%
07/31/1996 1339.94 0 10 103.952 12.65 1,314.99 -1.86%
08/31/1996 1314.99 0 10 103.952 12.83 1,333.70 1.42%
09/30/1996 1333.7 0 10 103.952 13.24 1,376.32 3.20%
10/31/1996 1376.32 0 10 103.952 13.55 1,408.55 2.34%
11/30/1996 1408.55 0 10 103.952 14.15 1,470.92 4.43%
12/31/1996 1470.92 0.30366 13.85 106.231 13.71 1,456.43 -0.99%
01/31/1997 1456.43 0 10 106.231 14.4 1,529.73 2.41%
02/28/1997 1529.73 0 10 106.231 14.19 1,507.42 1.07%
03/31/1997 1507.42 0 10 106.231 13.9 1,476.61 -2.04%
04/30/1997 1476.61 0 10 106.231 14.31 1,520.17 2.95%
05/31/1997 1520.17 0 10 106.231 14.86 1,578.59 3.84%
06/30/1997 1578.59 0 10 106.231 15.27 1,622.15 2.76%
07/31/1997 1622.15 0 10 106.231 16.07 1,707.13 5.24%
08/31/1997 1707.13 0 10 106.231 15.56 1,652.95 -3.17%
09/30/1997 1652.95 0 10 106.231 16.16 1,716.69 3.86%
10/31/1997 1716.69 0 10 106.231 15.92 1,691.20 -1.49%
11/30/1997 1691.2 0 10 106.231 16.36 1,737.94 2.76%
12/31/1997 1737.94 0 10 106.231 16.63 1,766.62 1.65%
01/31/1998 1766.62 0 10 106.231 16.69 1,773.00 0.36%
02/28/1998 1773 0 10 106.231 17.26 1,833.55 3.42%
03/31/1998 1833.55 0 10 106.231 17.76 1,886.66 2.90%
04/30/1998 1886.66 0.52861 17.07 109.521 17.35 1,900.19 0.72%
05/31/1998 1900.19 0 10 109.521 17.37 1,902.38 0.12%
06/30/1998 1902.38 0 10 109.521 17.53 1,919.90 0.92%
07/31/1998 1919.9 0 10 109.521 17.34 1,899.09 -1.08%
08/31/1998 1899.09 0 10 109.521 16.16 1,769.86 -6.80%
09/30/1998 1769.86 0 10 109.521 16.78 1,837.76 3.84%
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.57303592
01/31/1995 0.00107 1.073972603 1,003.93 0.08 0.57528567
02/28/1995 0.00107 1.078189049 1,034.81 0.16 0.59298539
03/31/1995 0.00119 1.230435947 1,052.54 0.25 0.60314503
04/30/1995 0.00115 1.21114554 1,075.25 0.34 0.61615884
05/31/1995 0.00119 1.278520525 1,116.79 0.44 0.63995845
06/30/1995 0.00115 1.285068745 1,125.45 0.54 0.64492071
07/31/1995 0.00119 1.338200986 1,135.03 0.64 0.65041524
08/31/1995 0.00119 1.349602053 1,146.58 0.74 0.65703295
09/30/1995 0.00115 1.319355201 1,183.91 0.86 0.67842409
10/31/1995 0.00119 1.407720009 1,179.53 0.96 0.67591569
11/30/1995 0.00115 1.357272679 1,230.58 1.10 0.70516603
12/31/1995 0.00119 1.463209128 1,256.19 1.22 0.71984008 .24849 Dividend .2332 ST
01/31/1996 0.00119 1.493657565 1,279.31 1.35 0.73308803
02/29/1996 0.00111 1.423008361 1,281.98 1.46 0.73462144
03/31/1996 0.00119 1.524328671 1,294.78 1.58 0.74195414
04/30/1996 0.00115 1.489881223 1,299.42 1.69 0.74461561
05/31/1996 0.00119 1.545066435 1,304.00 1.81 0.74724143
06/30/1996 0.00115 1.500498356 1,312.69 1.93 0.75222104
07/31/1996 0.00119 1.560847583 1,286.69 2.00 0.73732008
08/31/1996 0.00119 1.52992832 1,303.47 2.13 0.74693415
09/30/1996 0.00115 1.499881323 1,343.62 2.31 0.76994385
10/31/1996 0.00119 1.597622156 1,373.49 2.47 0.78705853
11/30/1996 0.00115 1.580453096 1,432.73 2.69 0.82100349
12/31/1996 0.00119 1.703570165 1,416.91 2.78 0.8119396 .2116 Dividend .0494 ST/.04266 LT
01/31/1997 0.00119 1.684762718 1,486.53 3.04 0.85183791
02/28/1997 0.00107 1.596497785 1,463.26 3.11 0.83849962
03/31/1997 0.00119 1.73987437 1,431.61 3.16 0.8203646
04/30/1997 0.00115 1.647333365 1,472.20 3.37 0.84362138
05/31/1997 0.00119 1.750501948 1,527.02 3.62 0.87503858
06/30/1997 0.00115 1.757121451 1,567.40 3.84 0.89817771
07/31/1997 0.00119 1.863705531 1,647.65 4.17 0.94416281
08/31/1997 0.00119 1.959123942 1,593.40 4.17 0.91307482
09/30/1997 0.00115 1.83350014 1,653.01 4.46 0.94723356
10/31/1997 0.00119 1.965495705 1,626.50 4.53 0.93204242
11/30/1997 0.00115 1.87158803 1,669.58 4.78 0.95672895
12/31/1997 0.00119 1.9851985 1,695.15 5.00 0.97137959
01/31/1998 0.00119 2.01559835 1,699.25 5.15 0.97373263
02/28/1998 0.00107 1.824950477 1,755.46 5.45 1.00594097
03/31/1998 0.00119 2.087312703 1,804.22 5.75 1.03388261
04/30/1998 0.00115 2.076088266 1,815.08 5.94 1.04010733 .24295 Dividend .15985 ST/.12581 LT
05/31/1998 0.00119 2.158207403 1,815.02 6.09 1.04006934
06/30/1998 0.00115 2.088511524 1,829.64 6.29 1.04845108
07/31/1998 0.00119 2.175520569 1,807.64 6.37 1.03584016
08/31/1998 0.00119 2.149353087 1,682.48 6.08 0.96412126
09/30/1998 0.00115 1.936003955 1,745.09 6.44 1
0.74509 0.74509
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS UTILITIES SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.466619 -----------------------------
Units purchased 2,143.076 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.466619 2,143.076 1,000.00 1,000.00 2,340.58 4.00%
01/31/1995 0.477370 2,143.076 1,023.04 0.00008 0.076712323 1,022.96 2,340.58 4.00%
02/28/1995 0.481574 2,143.076 1,032.05 0.00008 0.078473974 1,031.89 2,340.58 4.00%
03/31/1995 0.478269 2,143.076 1,024.97 0.00008 0.08764038 1,024.72 2,340.58 4.00%
04/30/1995 0.495922 2,143.076 1,062.80 0.00008 0.08422388 1,062.46 2,340.58 4.00%
05/31/1995 0.512127 2,143.076 1,097.53 0.00008 0.090236546 1,097.09 2,340.58 4.00%
06/30/1995 0.522280 2,143.076 1,119.29 0.00008 0.090171885 1,118.75 2,340.58 4.00%
07/31/1995 0.544454 2,143.076 1,166.81 0.00008 0.095017186 1,166.15 2,340.58 4.00%
08/31/1995 0.551753 2,143.076 1,182.45 0.00008 0.099043093 1,181.69 2,340.58 4.00%
09/30/1995 0.576645 2,143.076 1,235.79 0.00008 0.097124996 1,234.90 2,340.58 4.00%
10/31/1995 0.582969 2,143.076 1,249.35 0.00008 0.104881955 1,248.34 2,340.58 4.00%
11/30/1995 0.592071 2,143.076 1,268.85 0.00008 0.102603205 1,267.73 2,340.58 4.00%
12/31/1995 0.617474 2,143.076 1,323.29 0.00008 0.107669924 1,322.01 2,340.58 4.00%
01/31/1996 0.629588 2,143.076 1,349.25 0.00008 0.112280424 1,347.84 2,340.58 6.00%
02/29/1996 0.621604 2,143.076 1,332.14 0.00008 0.107088327 1,330.64 2,340.58 6.00%
03/31/1996 0.617512 2,143.076 1,323.37 0.00008 0.113012873 1,321.76 2,340.58 6.00%
04/30/1996 0.623242 2,143.076 1,335.66 0.00008 0.108638049 1,333.92 2,340.58 6.00%
05/31/1996 0.626005 2,143.076 1,341.58 0.00008 0.113291879 1,339.72 2,340.58 6.00%
06/30/1996 0.640024 2,143.076 1,371.62 0.00008 0.110114086 1,369.61 2,340.58 6.00%
07/31/1996 0.625188 2,143.076 1,339.82 0.00008 0.116323316 1,337.75 2,340.58 6.00%
08/31/1996 0.638176 2,143.076 1,367.66 0.00008 0.113616916 1,365.43 2,340.58 6.00%
09/30/1996 0.647263 2,143.076 1,387.13 0.00008 0.11222677 1,384.76 2,340.58 6.00%
10/31/1996 0.669937 2,143.076 1,435.73 0.00008 0.117609389 1,433.15 2,340.58 6.00%
11/30/1996 0.707173 2,143.076 1,515.53 0.00008 0.117792932 1,512.68 2,340.58 6.00%
12/31/1996 0.722786 2,143.076 1,548.98 0.00008 0.128474612 1,545.95 2,340.58 6.00%
01/31/1997 0.740009 2,143.076 1,585.89 0.00008 0.131300144 1,582.66 2,340.58 6.00%
02/28/1997 0.737712 2,143.076 1,580.97 0.00008 0.121409544 1,577.63 2,340.58 6.00%
03/31/1997 0.721087 2,143.076 1,545.34 0.00008 0.133990148 1,541.94 2,340.58 6.00%
04/30/1997 0.735117 2,143.076 1,575.41 0.00008 0.12673476 1,571.81 2,340.58 6.00%
05/31/1997 0.779127 2,143.076 1,669.73 0.00008 0.133496573 1,665.78 2,340.58 6.00%
06/30/1997 0.802020 2,143.076 1,718.79 0.00008 0.136913572 1,714.59 2,340.58 6.00%
07/31/1997 0.835876 2,143.076 1,791.35 0.00008 0.1456227 1,786.82 2,340.58 6.00%
08/31/1997 0.813975 2,143.076 1,744.41 0.00008 0.151757643 1,739.85 2,340.58 6.00%
09/30/1997 0.865617 2,143.076 1,855.08 0.00008 0.143001677 1,850.09 2,340.58 6.00%
10/31/1997 0.848446 2,143.076 1,818.28 0.00008 0.157131324 1,813.24 2,340.58 6.00%
11/30/1997 0.888948 2,143.076 1,905.08 0.00008 0.149033292 1,899.65 2,340.58 6.00%
12/31/1997 0.940329 2,143.076 2,015.20 0.00008 0.161339963 2,009.28 2,340.58 6.00%
01/31/1998 0.938809 2,143.076 2,011.94 0.00008 0.17065157 2,005.87 2,340.58 6.00%
02/28/1998 0.971325 2,143.076 2,081.62 0.00008 0.153874644 2,075.19 2,340.58 6.00%
03/31/1998 1.045931 2,143.076 2,241.51 0.00008 0.1762487 2,234.40 2,340.58 6.00%
04/30/1998 1.039891 2,143.076 2,228.57 0.00008 0.183649421 2,221.32 2,340.58 6.00%
05/31/1998 1.021494 2,143.076 2,189.14 0.00008 0.188659747 2,181.83 2,340.58 6.00%
06/30/1998 1.042736 2,143.076 2,234.66 0.00008 0.179328479 2,227.02 2,340.58 6.00%
07/31/1998 1.033278 2,143.076 2,214.39 0.00008 0.189144229 2,206.63 2,340.58 6.00%
08/31/1998 0.927629 2,143.076 1,987.98 0.00008 0.187412501 1,980.82 2,340.58 6.00%
09/30/1998 1.000000 2,143.076 2,143.08 0.00008 0.162807428 2,135.20 2,340.58 6.00%
10/31/1998 1.028916 2,143.076 2,205.05 0.00008 0.181345723 2,196.76 2,340.58 6.00%
11/30/1998 1.057735 2,143.076 2,266.81 0.00008 0.180555594 2,258.11 2,340.58 6.00%
12/31/1998 1.096455 2,143.076 2,349.79 0.00008 0.19178455 2,340.58 2,340.58 6.00%
12/31/1998 2,340.58
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 133.80% 134.06%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,338.03 3.9945 23.69% 23.73% 2,338.03 2,340.58 4
01/31/1995 40.00% 2,337.11 3.9178 23.48% 23.52% 2,284.64 2,288.03 4
02/28/1995 40.00% 2,336.75 3.8411 23.71% 23.77% 2,264.53 2,268.23 4
03/31/1995 40.00% 2,337.04 3.7562 24.54% 24.59% 2,280.65 2,284.11 4
04/30/1995 40.00% 2,335.53 3.6740 23.91% 23.98% 2,198.22 2,202.97 4
05/31/1995 40.00% 2,334.14 3.5890 23.41% 23.51% 2,127.57 2,133.44 4
06/30/1995 40.00% 2,333.28 3.5068 23.32% 23.43% 2,085.61 2,092.14 4
07/31/1995 40.00% 2,331.38 3.4219 22.44% 22.58% 1,999.21 2,007.09 4
08/31/1995 40.00% 2,330.76 3.3370 22.57% 22.73% 1,972.40 1,980.71 4
09/30/1995 40.00% 2,328.63 3.2548 21.52% 21.71% 1,885.68 1,895.36 4
10/31/1995 40.00% 2,328.09 3.1699 21.73% 21.93% 1,864.95 1,874.95 4
11/30/1995 40.00% 2,327.32 3.0877 21.74% 21.97% 1,835.82 1,846.28 4
12/31/1995 40.00% 2,325.15 3.0027 20.69% 20.95% 1,758.79 1,770.47 4
01/31/1996 30.00% 2,301.84 2.9178 20.13% 20.82% 1,707.80 1,736.55 3
02/29/1996 30.00% 2,302.87 2.8384 21.32% 22.01% 1,730.65 1,758.99 3
03/31/1996 30.00% 2,303.40 2.7534 22.35% 23.06% 1,742.67 1,770.80 3
04/30/1996 30.00% 2,302.67 2.6712 22.68% 23.43% 1,726.24 1,754.66 3
05/31/1996 30.00% 2,302.33 2.5863 23.29% 24.08% 1,718.51 1,747.06 3
06/30/1996 30.00% 2,300.53 2.5041 23.01% 23.86% 1,679.69 1,708.93 3
07/31/1996 30.00% 2,302.44 2.4192 25.16% 26.02% 1,721.13 1,749.64 3
08/31/1996 30.00% 2,300.78 2.3342 25.05% 25.97% 1,685.03 1,714.17 3
09/30/1996 30.00% 2,299.62 2.2521 25.26% 26.25% 1,660.67 1,690.25 3
10/31/1996 30.00% 2,296.72 2.1671 24.31% 25.40% 1,602.57 1,633.17 3
11/30/1996 30.00% 2,291.95 2.0849 22.05% 23.29% 1,515.15 1,547.30 3
12/31/1996 30.00% 2,289.95 2.0000 21.71% 23.04% 1,481.26 1,514.00 3
01/31/1997 20.00% 2,273.71 1.9151 20.83% 22.67% 1,436.64 1,478.89 2
02/28/1997 20.00% 2,274.01 1.8384 22.00% 23.93% 1,441.41 1,483.61 2
03/31/1997 20.00% 2,276.15 1.7534 24.87% 26.87% 1,476.16 1,517.94 2
04/30/1997 20.00% 2,274.36 1.6712 24.74% 26.90% 1,446.96 1,489.09 2
05/31/1997 20.00% 2,268.72 1.5863 21.50% 23.91% 1,361.95 1,405.09 2
06/30/1997 20.00% 2,265.79 1.5041 20.36% 22.99% 1,321.48 1,365.10 2
07/31/1997 20.00% 2,261.46 1.4192 18.06% 20.95% 1,265.63 1,309.91 2
08/31/1997 20.00% 2,264.27 1.3342 21.83% 24.89% 1,301.42 1,345.27 2
09/30/1997 20.00% 2,257.66 1.2521 17.23% 20.66% 1,220.29 1,265.11 2
10/31/1997 20.00% 2,259.87 1.1671 20.76% 24.45% 1,246.32 1,290.83 2
11/30/1997 20.00% 2,254.69 1.0849 17.11% 21.21% 1,186.90 1,232.11 2
12/31/1997 20.00% 2,248.11 1.0000 11.89% 16.49% 1,118.86 1,164.88 2
01/31/1998 10.00% 2,234.27 0.9151 12.51% 18.37% 1,113.87 1,166.87 1
02/28/1998 10.00% 2,230.11 0.8384 7.47% 12.79% 1,062.22 1,106.16 1
03/31/1998 10.00% 2,220.56 0.7534 -0.62% 4.75% 995.33 1,035.60 1
04/30/1998 10.00% 2,221.34 0.6712 0.00% 5.37% 1,000.01 1,035.73 1
05/31/1998 10.00% 2,223.71 0.5863 1.92% 7.28% 1,011.21 1,042.04 1
06/30/1998 10.00% 2,221.00 0.5041 -0.27% 5.10% 998.64 1,025.39 1
07/31/1998 10.00% 2,222.22 0.4192 0.71% 6.07% 1,002.96 1,025.01 1
08/31/1998 10.00% 2,235.77 0.3342 12.87% 18.16% 1,041.29 1,057.36 1
09/30/1998 10.00% 2,226.51 0.2521 4.28% 9.62% 1,010.61 1,023.42 1
10/31/1998 10.00% 2,222.82 0.1671 1.19% 6.55% 1,001.97 1,010.65 1
11/30/1998 10.00% 2,219.14 0.0849 -1.73% 3.65% 998.52 1,003.05 1
12/31/1998 10.00% 2,214.19 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS UTILITIES SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.466619 -----------------------------
Units purchased 2,143.076 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,258.11 2,219.14 2,340.58 -1.73% 3.65%
09/30/1998 0.25 0.25 2,135.20 2,226.51 2,340.58 4.28% 9.62%
12/31/1997 1.00 1.00 2,009.28 2,248.11 2,340.58 11.89% 16.49%
12/31/1997 1.00 1.00 2,009.28 2,248.11 2,340.58 11.89% 16.49%
12/31/1995 3.00 3.00 1,322.01 2,325.15 2,340.58 20.71% 20.98%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
01/03/1995 3.99 3.99 1,000.00 2,338.03 2,340.58 23.69% 23.72%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,322.01 32.20%
12/31/1996 1 1,545.95 16.94%
12/31/1997 1 2,009.28 29.97%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MFS UTILITIES SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change M&E
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.24 1,024.00 2.40% 0.00096
02/28/1995 1024 0 10 100 10.34 1,034.00 0.98% 0.00096
03/31/1995 1034 0 10 100 10.28 1,028.00 -0.58% 0.00106
04/30/1995 1028 0 10 100 10.67 1,067.00 3.79% 0.00103
05/31/1995 1067 0 10 100 11.03 1,103.00 3.37% 0.00106
06/30/1995 1103 0 10 100 11.26 1,126.00 2.09% 0.00103
07/31/1995 1126 0 10 100 11.75 1,175.00 4.35% 0.00106
08/31/1995 1175 0 10 100 11.92 1,192.00 1.45% 0.00106
09/30/1995 1192 0 10 100 12.47 1,247.00 4.61% 0.00103
10/31/1995 1247 0 10 100 12.62 1,262.00 1.20% 0.00106
11/30/1995 1262 0 10 100 12.83 1,283.00 1.66% 0.00103
12/31/1995 1283 0.82086 12.52 106.556 12.57 1,339.41 4.40% 0.00106
01/31/1996 1339.41 0 12.52 106.556 12.83 1,367.11 2.07% 0.00106
02/29/1996 1367.11 0 12.52 106.556 12.68 1,351.13 -1.17% 0.00099
03/31/1996 1351.13 0 12.52 106.556 12.61 1,343.67 -0.55% 0.00106
04/30/1996 1343.67 0 12.52 106.556 12.74 1,357.52 1.03% 0.00103
05/31/1996 1357.52 0 12.52 106.556 12.81 1,364.98 0.55% 0.00106
06/30/1996 1364.98 0 12.52 106.556 13.11 1,396.95 2.34% 0.00103
07/31/1996 1396.95 0 12.52 106.556 12.82 1,366.05 -2.21% 0.00106
08/31/1996 1366.05 0 12.52 106.556 13.10 1,395.88 2.18% 0.00106
09/30/1996 1395.88 0 12.52 106.556 13.30 1,417.19 1.53% 0.00103
10/31/1996 1417.19 0 12.52 106.556 13.78 1,468.34 3.61% 0.00106
11/30/1996 1468.34 0 12.52 106.556 14.56 1,551.46 5.66% 0.00103
12/31/1996 1551.46 1.23782 13.67 116.205 13.66 1,587.36 2.31% 0.00106
01/31/1997 1587.36 0 13.67 116.205 14.00 1,626.87 2.49% 0.00106
02/28/1997 1626.87 0 13.67 116.205 13.97 1,623.38 -0.21% 0.00096
03/31/1997 1623.38 0 13.67 116.205 13.67 1,588.52 -2.15% 0.00106
04/30/1997 1588.52 0 13.67 116.205 13.95 1,621.06 2.05% 0.00103
05/31/1997 1621.06 0 13.67 116.205 14.80 1,719.83 6.09% 0.00106
06/30/1997 1719.83 0 13.67 116.205 15.25 1,772.13 3.04% 0.00103
07/31/1997 1772.13 0 13.67 116.205 15.91 1,848.82 4.33% 0.00106
08/31/1997 1848.82 0 13.67 116.205 15.51 1,802.34 -2.51% 0.00106
09/30/1997 1802.34 0 13.67 116.205 16.51 1,918.54 6.45% 0.00103
10/31/1997 1918.54 0 13.67 116.205 16.20 1,882.52 -1.88% 0.00106
11/30/1997 1882.52 0 13.67 116.205 16.99 1,974.32 4.88% 0.00103
12/31/1997 1974.32 0 13.67 116.205 17.99 2,090.53 5.89% 0.00106
01/31/1998 2090.53 0 13.67 116.205 17.98 2,089.37 -0.06% 0.00106
02/28/1998 2089.37 0 13.67 116.205 18.62 2,163.74 3.56% 0.00096
03/31/1998 2163.74 0 13.67 116.205 20.07 2,332.23 7.79% 0.00106
04/30/1998 2332.23 1.309 18.28 124.526 18.64 2,321.16 -0.47% 0.00103
05/31/1998 2321.16 0 18.28 124.526 18.33 2,282.56 -1.66% 0.00106
06/30/1998 2282.56 0 18.28 124.526 18.73 2,332.37 2.18% 0.00103
07/31/1998 2332.37 0 18.28 124.526 18.58 2,313.69 -0.80% 0.00106
08/31/1998 2313.69 0 18.28 124.526 16.70 2,079.58 -10.12% 0.00106
09/30/1998 2079.58 0 18.28 124.526 18.02 2,243.96 7.90% 0.00103
1.33237
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.466618976
01/31/1995 0.95890411 1,023.04 0.08 0.477370388
02/28/1995 0.980998311 1,032.05 0.16 0.481574456
03/31/1995 1.095670299 1,024.97 0.24 0.478268759
04/30/1995 1.053047645 1,062.80 0.34 0.495921825
05/31/1995 1.128313197 1,097.53 0.44 0.512127465
06/30/1995 1.127597424 1,119.29 0.54 0.522280302
07/31/1995 1.188283572 1,166.81 0.65 0.544453832
08/31/1995 1.238732425 1,182.45 0.76 0.551753021
09/30/1995 1.214844598 1,235.79 0.89 0.576644554
10/31/1995 1.311972226 1,249.35 1.01 0.582968745
11/30/1995 1.283575085 1,268.85 1.13 0.592070552
12/31/1995 1.347069204 1,323.29 1.28 0.617473706 .24356 Dividend .5773 ST
01/31/1996 1.404866044 1,349.26 1.42 0.629587987
02/29/1996 1.34001353 1,332.14 1.51 0.621603526
03/31/1996 1.414262141 1,323.37 1.61 0.617511542
04/30/1996 1.35963109 1,335.66 1.73 0.623242169
05/31/1996 1.417990354 1,341.58 1.86 0.626005419
06/30/1996 1.378332829 1,371.62 2.01 0.640024304
07/31/1996 1.456172794 1,339.82 2.08 0.625187734
08/31/1996 1.422416872 1,367.66 2.23 0.638176033
09/30/1996 1.405129971 1,387.13 2.38 0.647262995
10/31/1996 1.472642143 1,435.73 2.58 0.669937203
11/30/1996 1.475061417 1,515.53 2.84 0.707172813
12/31/1996 1.608947978 1,548.98 3.03 0.722785668 .34435 Dividend .6739 ST/.21957 LT
01/31/1997 1.644470091 1,585.90 3.23 0.74000874
02/28/1997 1.520721315 1,580.97 3.35 0.737711658
03/31/1997 1.678429459 1,545.34 3.40 0.721087061
04/30/1997 1.587682692 1,575.41 3.60 0.735117309
05/31/1997 1.672526838 1,669.73 3.95 0.779127036
06/30/1997 1.715474561 1,718.79 4.20 0.802019803
07/31/1997 1.824742293 1,791.35 4.52 0.835876236
08/31/1997 1.901771896 1,744.41 4.56 0.813974604
09/30/1997 1.792201608 1,855.08 4.99 0.86561669
10/31/1997 1.969436887 1,818.28 5.05 0.848446025
11/30/1997 1.868100458 1,905.08 5.44 0.888948314
12/31/1997 2.022520617 2,015.20 5.91 0.940328752
01/31/1998 2.139420546 2,011.94 6.07 0.938808685
02/28/1998 1.929256103 2,081.62 6.44 0.971324848
03/31/1998 2.209942353 2,241.51 7.11 1.045930518
04/30/1998 2.302919951 2,228.57 7.25 1.039891391 .236 Dividend .966 ST/.107 LT
05/31/1998 2.365943827 2,189.14 7.31 1.021494402
06/30/1998 2.249116741 2,234.66 7.64 1.042735961
07/31/1998 2.372415747 2,214.39 7.76 1.033277653
08/31/1998 2.350896359 1,987.98 7.16 0.927628803
09/30/1998 2.042444352 2,143.08 7.88 1
1.23466 1.23466
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS UTILITIES SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.469203 -----------------------------
Units purchased 2,131,272 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.469203 2,131.272 1,000.00 1,000.00 2,326.81 4.00%
01/31/1995 0.479960 2,131.272 1,022.93 0.00008 0.07671232 1,022.85 2,326.81 4.00%
02/28/1995 0.484132 2,131.272 1,031.82 0.00008 0.078465144 1,031.66 2,326.81 4.00%
03/31/1995 0.480747 2,131.272 1,024.60 0.00008 0.087620522 1,024.36 2,326.81 4.00%
04/30/1995 0.498432 2,131.272 1,062.29 0.00008 0.084193993 1,061.96 2,326.81 4.00%
05/31/1995 0.514656 2,131.272 1,096.87 0.00008 0.0901938 1,096.44 2,326.81 4.00%
06/30/1995 0.524796 2,131.272 1,118.48 0.00008 0.09011805 1,117.95 2,326.81 4.00%
07/31/1995 0.547009 2,131.272 1,165.83 0.00008 0.094948978 1,165.17 2,326.81 4.00%
08/31/1995 0.554273 2,131.272 1,181.31 0.00008 0.098959898 1,180.55 2,326.81 4.00%
09/30/1995 0.579210 2,131.272 1,234.45 0.00008 0.097031212 1,233.56 2,326.81 4.00%
10/31/1995 0.585489 2,131.272 1,247.84 0.00008 0.104768319 1,246.83 2,326.81 4.00%
11/30/1995 0.594558 2,131.272 1,267.16 0.00008 0.102479121 1,266.04 2,326.81 4.00%
12/31/1995 0.619992 2,131.272 1,321.37 0.00008 0.107526657 1,320.09 2,326.81 4.00%
01/31/1996 0.632076 2,131.272 1,347.13 0.00008 0.112117324 1,345.71 2,326.81 6.00%
02/29/1996 0.623985 2,131.272 1,329.88 0.00008 0.106919408 1,328.38 2,326.81 6.00%
03/31/1996 0.619798 2,131.272 1,320.96 0.00008 0.112820987 1,319.35 2,326.81 6.00%
04/30/1996 0.625473 2,131.272 1,333.05 0.00008 0.108439681 1,331.32 2,326.81 6.00%
05/31/1996 0.628167 2,131.272 1,338.79 0.00008 0.113071198 1,336.94 2,326.81 6.00%
06/30/1996 0.642157 2,131.272 1,368.61 0.00008 0.109885655 1,366.61 2,326.81 6.00%
07/31/1996 0.627189 2,131.272 1,336.71 0.00008 0.116068006 1,334.64 2,326.81 6.00%
08/31/1996 0.640139 2,131.272 1,364.31 0.00008 0.113352758 1,362.08 2,326.81 6.00%
09/30/1996 0.649175 2,131.272 1,383.57 0.00008 0.111951869 1,381.20 2,326.81 6.00%
10/31/1996 0.671833 2,131.272 1,431.86 0.00008 0.117307041 1,429.29 2,326.81 6.00%
11/30/1996 0.709091 2,131.272 1,511.27 0.00008 0.117475651 1,508.43 2,326.81 6.00%
12/31/1996 0.724656 2,131.272 1,544.44 0.00008 0.128113593 1,541.42 2,326.81 6.00%
01/31/1997 0.741832 2,131.272 1,581.05 0.00008 0.130914863 1,577.82 2,326.81 6.00%
02/28/1997 0.739444 2,131.272 1,575.96 0.00008 0.121038222 1,572.62 2,326.81 6.00%
03/31/1997 0.722686 2,131.272 1,540.24 0.00008 0.133564929 1,536.85 2,326.81 6.00%
04/30/1997 0.736658 2,131.272 1,570.02 0.00008 0.126316099 1,566.43 2,326.81 6.00%
05/31/1997 0.780666 2,131.272 1,663.81 0.00008 0.133039482 1,659.88 2,326.81 6.00%
06/30/1997 0.803508 2,131.272 1,712.49 0.00008 0.136428379 1,708.31 2,326.81 6.00%
07/31/1997 0.837325 2,131.272 1,784.57 0.00008 0.145089263 1,780.06 2,326.81 6.00%
08/31/1997 0.815278 2,131.272 1,737.58 0.00008 0.151183249 1,733.04 2,326.81 6.00%
09/30/1997 0.866903 2,131.272 1,847.61 0.00008 0.142441785 1,842.64 2,326.81 6.00%
10/31/1997 0.849596 2,131.272 1,810.72 0.00008 0.156497963 1,805.69 2,326.81 6.00%
11/30/1997 0.890049 2,131.272 1,896.94 0.00008 0.148413279 1,891.52 2,326.81 6.00%
12/31/1997 0.941379 2,131.272 2,006.34 0.00008 0.160649844 2,000.45 2,326.81 6.00%
01/31/1998 0.939738 2,131.272 2,002.84 0.00008 0.169901155 1,996.79 2,326.81 6.00%
02/28/1998 0.972178 2,131.272 2,071.98 0.00008 0.153178453 2,065.57 2,326.81 6.00%
03/31/1998 1.046725 2,131.272 2,230.86 0.00008 0.175431765 2,223.78 2,326.81 6.00%
04/30/1998 1.040552 2,131.272 2,217.70 0.00008 0.182776554 2,210.48 2,326.81 6.00%
05/31/1998 1.022011 2,131.272 2,178.18 0.00008 0.187739781 2,170.91 2,326.81 6.00%
06/30/1998 1.043137 2,131.272 2,223.21 0.00008 0.178430869 2,215.61 2,326.81 6.00%
07/31/1998 1.033543 2,131.272 2,202.76 0.00008 0.188174756 2,195.04 2,326.81 6.00%
08/31/1998 0.927735 2,131.272 1,977.26 0.00008 0.186427931 1,970.14 2,326.81 6.00%
09/30/1998 1.000000 2,131.272 2,131.27 0.00008 0.161929137 2,123.44 2,326.81 6.00%
10/31/1998 1.028792 2,131.272 2,192.64 0.00008 0.180346794 2,184.40 2,326.81 6.00%
11/30/1998 1.057476 2,131.272 2,253.77 0.00008 0.179539376 2,245.12 2,326.81 6.00%
12/31/1998 1.096045 2,131.272 2,335.97 0.00008 0.190681414 2,326.81 2,326.81 6.00%
12/31/1998 2,326.81
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 132.40% 132.68%
01/03/1995 40.00% 2,324.04 3.9945 23.51% 23.54% 2,324.04 2,326.82 4
01/31/1995 40.00% 2,323.13 3.9178 23.29% 23.34% 2,271.23 2,274.84 4
02/28/1995 40.00% 2,322.78 3.8411 23.53% 23.58% 2,251.49 2,255.41 4
03/31/1995 40.00% 2,323.07 3.7562 24.36% 24.41% 2,267.82 2,271.48 4
04/30/1995 40.00% 2,321.57 3.6740 23.72% 23.80% 2,186.12 2,191.06 4
05/31/1995 40.00% 2,320.19 3.5890 23.23% 23.32% 2,116.12 2,122.16 4
06/30/1995 40.00% 2,319.33 3.5068 23.13% 23.25% 2,074.63 2,081.33 4
07/31/1995 40.00% 2,317.44 3.4219 22.25% 22.40% 1,988.92 1,996.97 4
08/31/1995 40.00% 2,316.82 3.3370 22.39% 22.55% 1,962.50 1,970.96 4
09/30/1995 40.00% 2,314.70 3.2548 21.33% 21.53% 1,876.44 1,886.26 4
10/31/1995 40.00% 2,314.17 3.1699 21.54% 21.75% 1,856.04 1,866.19 4
11/30/1995 40.00% 2,313.40 3.0877 21.56% 21.79% 1,827.27 1,837.87 4
12/31/1995 40.00% 2,311.24 3.0027 20.51% 20.78% 1,750.82 1,762.62 4
01/31/1996 30.00% 2,287.95 2.9178 19.95% 20.64% 1,700.18 1,729.06 3
02/29/1996 30.00% 2,288.99 2.8384 21.13% 21.83% 1,723.15 1,751.62 3
03/31/1996 30.00% 2,289.54 2.7534 22.16% 22.88% 1,735.35 1,763.61 3
04/30/1996 30.00% 2,288.82 2.6712 22.49% 23.25% 1,719.21 1,747.75 3
05/31/1996 30.00% 2,288.48 2.5863 23.10% 23.89% 1,711.73 1,740.40 3
06/30/1996 30.00% 2,286.70 2.5041 22.82% 23.68% 1,673.27 1,702.62 3
07/31/1996 30.00% 2,288.62 2.4192 24.97% 25.83% 1,714.79 1,743.41 3
08/31/1996 30.00% 2,286.97 2.3342 24.86% 25.79% 1,679.03 1,708.28 3
09/30/1996 30.00% 2,285.83 2.2521 25.07% 26.06% 1,654.96 1,684.64 3
10/31/1996 30.00% 2,282.94 2.1671 24.12% 25.22% 1,597.26 1,627.95 3
11/30/1996 30.00% 2,278.19 2.0849 21.87% 23.11% 1,510.30 1,542.54 3
12/31/1996 30.00% 2,276.21 2.0000 21.52% 22.86% 1,476.70 1,509.53 3
01/31/1997 20.00% 2,260.07 1.9151 20.64% 22.49% 1,432.40 1,474.70 2
02/28/1997 20.00% 2,260.38 1.8384 21.82% 23.75% 1,437.33 1,479.58 2
03/31/1997 20.00% 2,262.53 1.7534 24.68% 26.69% 1,472.19 1,514.02 2
04/30/1997 20.00% 2,260.75 1.6712 24.55% 26.72% 1,443.25 1,485.42 2
05/31/1997 20.00% 2,255.14 1.5863 21.31% 23.73% 1,358.62 1,401.80 2
06/30/1997 20.00% 2,252.24 1.5041 20.17% 22.81% 1,318.40 1,362.06 2
07/31/1997 20.00% 2,247.93 1.4192 17.87% 20.77% 1,262.84 1,307.15 2
08/31/1997 20.00% 2,250.75 1.3342 21.64% 24.71% 1,298.73 1,342.62 2
09/30/1997 20.00% 2,244.18 1.2521 17.05% 20.48% 1,217.92 1,262.76 2
10/31/1997 20.00% 2,246.39 1.1671 20.58% 24.27% 1,244.06 1,288.60 2
11/30/1997 20.00% 2,241.25 1.0849 16.93% 21.04% 1,184.89 1,230.13 2
12/31/1997 20.00% 2,234.71 1.0000 11.71% 16.31% 1,117.10 1,163.15 2
01/31/1998 10.00% 2,220.97 0.9151 12.33% 18.19% 1,112.27 1,165.28 1
02/28/1998 10.00% 2,216.84 0.8384 7.32% 12.65% 1,061.05 1,105.00 1
03/31/1998 10.00% 2,207.35 0.7534 -0.74% 4.63% 994.43 1,034.71 1
04/30/1998 10.00% 2,208.15 0.6712 -0.11% 5.26% 999.29 1,035.02 1
05/31/1998 10.00% 2,210.52 0.5863 1.82% 7.18% 1,010.66 1,041.50 1
06/30/1998 10.00% 2,207.84 0.5041 -0.35% 5.02% 998.23 1,025.00 1
07/31/1998 10.00% 2,209.07 0.4192 0.64% 6.00% 1,002.68 1,024.74 1
08/31/1998 10.00% 2,222.57 0.3342 12.81% 18.10% 1,041.11 1,057.19 1
09/30/1998 10.00% 2,213.37 0.2521 4.24% 9.58% 1,010.51 1,023.33 1
10/31/1998 10.00% 2,209.71 0.1671 1.16% 6.52% 1,001.93 1,010.61 1
11/30/1998 10.00% 2,206.07 0.0849 -1.74% 3.64% 998.51 1,003.04 1
12/31/1998 10.00% 2,201.17 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
MFS UTILITIES SERIES -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.469203 -----------------------------
Units purchased 2,131,272 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,245.12 2,206.07 2,326.81 -1.74% 3.64%
09/30/1998 0.25 0.25 2,123.44 2,213.37 2,326.81 4.24% 9.58%
12/31/1997 1.00 1.00 2,000.45 2,234.71 2,326.81 11.71% 16.31%
12/31/1997 1.00 1.00 2,000.45 2,234.71 2,326.81 11.71% 16.31%
12/31/1995 3.00 3.00 1,320.09 2,311.24 2,326.81 20.53% 20.80%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
01/03/1995 3.99 3.99 1,000.00 2,324.04 2,326.81 23.51% 23.54%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,320.09 32.01%
12/31/1996 1 1,541.42 16.77%
12/31/1997 1 2,000.45 29.78%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
MFS UTILITIES SERIES
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.24 1,024.00 2.40%
02/28/1995 1024 0 10 100 10.34 1,034.00 0.98%
03/31/1995 1034 0 10 100 10.28 1,028.00 -0.58%
04/30/1995 1028 0 10 100 10.67 1,067.00 3.79%
05/31/1995 1067 0 10 100 11.03 1,103.00 3.37%
06/30/1995 1103 0 10 100 11.26 1,126.00 2.09%
07/31/1995 1126 0 10 100 11.75 1,175.00 4.35%
08/31/1995 1175 0 10 100 11.92 1,192.00 1.45%
09/30/1995 1192 0 10 100 12.47 1,247.00 4.61%
10/31/1995 1247 0 10 100 12.62 1,262.00 1.20%
11/30/1995 1262 0 10 100 12.83 1,283.00 1.66%
12/31/1995 1283 0.82086 12.52 106.556 12.57 1,339.41 4.40%
01/31/1996 1339.41 0 12.52 106.556 12.83 1,367.11 2.07%
02/29/1996 1367.11 0 12.52 106.556 12.68 1,351.13 -1.17%
03/31/1996 1351.13 0 12.52 106.556 12.61 1,343.67 -0.55%
04/30/1996 1343.67 0 12.52 106.556 12.74 1,357.52 1.03%
05/31/1996 1357.52 0 12.52 106.556 12.81 1,364.98 0.55%
06/30/1996 1364.98 0 12.52 106.556 13.11 1,396.95 2.34%
07/31/1996 1396.95 0 12.52 106.556 12.82 1,366.05 -2.21%
08/31/1996 1366.05 0 12.52 106.556 13.10 1,395.88 2.18%
09/30/1996 1395.88 0 12.52 106.556 13.30 1,417.19 1.53%
10/31/1996 1417.19 0 12.52 106.556 13.78 1,468.34 3.61%
11/30/1996 1468.34 0 12.52 106.556 14.56 1,551.46 5.66%
12/31/1996 1551.46 1.23782 13.67 116.205 13.66 1,587.36 2.31%
01/31/1997 1587.36 0 13.67 116.205 14.00 1,626.87 2.49%
02/28/1997 1626.87 0 13.67 116.205 13.97 1,623.38 -0.21%
03/31/1997 1623.38 0 13.67 116.205 13.67 1,588.52 -2.15%
04/30/1997 1588.52 0 13.67 116.205 13.95 1,621.06 2.05%
05/31/1997 1621.06 0 13.67 116.205 14.80 1,719.83 6.09%
06/30/1997 1719.83 0 13.67 116.205 15.25 1,772.13 3.04%
07/31/1997 1772.13 0 13.67 116.205 15.91 1,848.82 4.33%
08/31/1997 1848.82 0 13.67 116.205 15.51 1,802.34 -2.51%
09/30/1997 1802.34 0 13.67 116.205 16.51 1,918.54 6.45%
10/31/1997 1918.54 0 13.67 116.205 16.20 1,882.52 -1.88%
11/30/1997 1882.52 0 13.67 116.205 16.99 1,974.32 4.88%
12/31/1997 1974.32 0 13.67 116.205 17.99 2,090.53 5.89%
01/31/1998 2090.53 0 13.67 116.205 17.98 2,089.37 -0.06%
02/28/1998 2089.37 0 13.67 116.205 18.62 2,163.74 3.56%
03/31/1998 2163.74 0 13.67 116.205 20.07 2,332.23 7.79%
04/30/1998 2332.23 1.309 18.28 124.526 18.64 2,321.16 -0.47%
05/31/1998 2321.16 0 18.28 124.526 18.33 2,282.56 -1.66%
06/30/1998 2282.56 0 18.28 124.526 18.73 2,332.37 2.18%
07/31/1998 2332.37 0 18.28 124.526 18.58 2,313.69 -0.80%
08/31/1998 2313.69 0 18.28 124.526 16.70 2,079.58 -10.12%
09/30/1998 2079.58 0 18.28 124.526 18.02 2,243.96 7.90%
1.33237
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.469203316
01/31/1995 0.00107 1.073972603 1,022.93 0.08 0.479960284
02/28/1995 0.00107 1.098594528 1,031.82 0.16 0.484131932
03/31/1995 0.00119 1.226872751 1,024.60 0.24 0.480747003
04/30/1995 0.00115 1.178994933 1,062.29 0.34 0.498432271
05/31/1995 0.00119 1.263112245 1,096.87 0.44 0.514656448
06/30/1995 0.00115 1.262155232 1,118.48 0.54 0.524795971
07/31/1995 0.00119 1.32992235 1,165.83 0.65 0.547009447
08/31/1995 0.00119 1.386215081 1,181.31 0.76 0.55427321
09/30/1995 0.00115 1.359312283 1,234.45 0.89 0.579210103
10/31/1995 0.00119 1.467817025 1,247.84 1.01 0.585488641
11/30/1995 0.00115 1.435865718 1,267.16 1.12 0.594557607
12/31/1995 0.00119 1.506710214 1,321.37 1.28 0.619991725 .24356 Dividend .5773 ST
01/31/1996 0.00119 1.5711646 1,347.13 1.42 0.632076422
02/29/1996 0.00111 1.498448035 1,329.88 1.51 0.623985072
03/31/1996 0.00119 1.581284422 1,320.96 1.61 0.619797917
04/30/1996 0.00115 1.520006572 1,333.05 1.73 0.625473348
05/31/1996 0.00119 1.585055966 1,338.79 1.85 0.628166807
06/30/1996 0.00115 1.54053063 1,368.61 2.00 0.64215665
07/31/1996 0.00119 1.627334294 1,336.71 2.07 0.62718884
08/31/1996 0.00119 1.589403314 1,364.31 2.23 0.64013881
09/30/1996 0.00115 1.569891042 1,383.57 2.37 0.649174798
10/31/1996 0.00119 1.645119477 1,431.86 2.57 0.671833276
11/30/1996 0.00115 1.647619276 1,511.27 2.83 0.709091442
12/31/1996 0.00119 1.796958453 1,544.44 3.02 0.72465632 .34435 Dividend .6739 ST/.21957 LT
01/31/1997 0.00119 1.836402506 1,581.05 3.23 0.741831648
02/28/1997 0.00107 1.697999223 1,575.96 3.34 0.739443546
03/31/1997 0.00119 1.873875855 1,540.24 3.39 0.722685717
04/30/1997 0.00115 1.772330964 1,570.02 3.59 0.736657972
05/31/1997 0.00119 1.866816736 1,663.81 3.93 0.780666087
06/30/1997 0.00115 1.914523347 1,712.49 4.18 0.803507828
07/31/1997 0.00119 2.036225654 1,784.57 4.51 0.837324713
08/31/1997 0.00119 2.121923398 1,737.58 4.54 0.815278455
09/30/1997 0.00115 1.999407509 1,847.61 4.97 0.866902749
10/31/1997 0.00119 2.196879177 1,810.72 5.03 0.849596132
11/30/1997 0.00115 2.083568965 1,896.94 5.41 0.890048579
12/31/1997 0.00119 2.255534653 2,006.34 5.89 0.941379222
01/31/1998 0.00119 2.385615241 2,002.84 6.05 0.939737528
02/28/1998 0.00107 2.150991531 2,071.98 6.41 0.972177727
03/31/1998 0.00119 2.463663897 2,230.86 7.07 1.046725052
04/30/1998 0.00115 2.567012432 2,217.70 7.22 1.040552289 .236 Dividend .966 ST/.107 LT
05/31/1998 0.00119 2.636936681 2,178.18 7.27 1.022011045
06/30/1998 0.00115 2.506403235 2,223.21 7.60 1.043137346
07/31/1998 0.00119 2.643487655 2,202.76 7.72 1.033542504
08/31/1998 0.00119 2.619172691 1,977.26 7.12 0.927734904
09/30/1998 0.00115 2.275198274 2,131.27 7.83 1
1.22321 1.22321
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GLOBAL SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.501328 -----------------------------
Units purchased 1,959.525 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/12/1990 0.510328 1,959.525 1,000.00 1,000.00 2,335.62 0.00%
11/30/1990 0.508993 1,959.525 997.38 0.00005 0.04931508 997.33 2,335.62 0.00%
12/31/1990 0.511512 1,959.525 1,002.32 0.00008 0.084705121 1,002.19 2,335.62 0.00%
01/31/1991 0.517083 1,959.525 1,013.24 0.00008 0.085117249 1,013.02 2,335.62 0.00%
02/28/1991 0.521168 1,959.525 1,021.24 0.00008 0.077710833 1,020.94 2,335.62 0.00%
03/31/1991 0.492649 1,959.525 965.36 0.00008 0.086710031 964.99 2,335.62 0.00%
04/30/1991 0.493159 1,959.525 966.36 0.00008 0.079314075 965.91 2,335.62 0.00%
05/31/1991 0.502275 1,959.525 984.22 0.00008 0.082035924 983.68 2,335.62 0.00%
06/30/1991 0.478952 1,959.525 938.52 0.00008 0.080850432 937.92 2,335.62 0.00%
07/31/1991 0.495151 1,959.525 970.26 0.00008 0.079659057 969.56 2,335.62 0.00%
08/31/1991 0.504740 1,959.525 989.05 0.00008 0.082346526 988.26 2,335.62 0.00%
09/30/1991 0.520895 1,959.525 1,020.71 0.00008 0.081226807 1,019.81 2,335.62 0.00%
10/31/1991 0.520847 1,959.525 1,020.61 0.00008 0.086613841 1,019.63 2,335.62 0.00%
11/30/1991 0.504681 1,959.525 988.94 0.00008 0.083804962 987.90 2,335.62 0.00%
12/31/1991 0.522278 1,959.525 1,023.42 0.00008 0.083903579 1,022.26 2,335.62 0.00%
01/31/1992 0.534302 1,959.525 1,046.98 0.00008 0.086821877 1,045.71 2,335.62 0.00%
02/29/1992 0.544829 1,959.525 1,067.61 0.00008 0.083083518 1,066.23 2,335.62 0.00%
03/31/1992 0.535715 1,959.525 1,049.75 0.00008 0.090556249 1,048.30 2,335.62 0.00%
04/30/1992 0.537692 1,959.525 1,053.62 0.00008 0.086161515 1,052.08 2,335.62 0.00%
05/31/1992 0.561354 1,959.525 1,099.99 0.00008 0.089354933 1,098.29 2,335.62 0.00%
06/30/1992 0.540604 1,959.525 1,059.33 0.00008 0.090270531 1,057.60 2,335.62 0.00%
07/31/1992 0.523908 1,959.525 1,026.61 0.00008 0.089823839 1,024.85 2,335.62 0.00%
08/31/1992 0.501709 1,959.525 983.11 0.00008 0.08704217 981.34 2,335.62 0.00%
09/30/1992 0.487622 1,959.525 955.51 0.00008 0.080657927 953.70 2,335.62 0.00%
10/31/1992 0.476558 1,959.525 933.83 0.00008 0.080999487 931.98 2,335.62 0.00%
11/30/1992 0.476571 1,959.525 933.85 0.00008 0.076601324 931.93 2,335.62 0.00%
12/31/1992 0.479074 1,959.525 938.76 0.00008 0.079150396 936.75 2,335.62 0.00%
01/31/1993 0.488577 1,959.525 957.38 0.00008 0.079559404 955.25 2,335.62 0.00%
02/28/1993 0.509108 1,959.525 997.61 0.00008 0.073279411 995.32 2,335.62 0.00%
03/31/1993 0.537546 1,959.525 1,053.34 0.00008 0.084533868 1,050.83 2,335.62 0.00%
04/30/1993 0.554466 1,959.525 1,086.49 0.00008 0.086369688 1,083.82 2,335.62 0.00%
05/31/1993 0.576810 1,959.525 1,130.27 0.00008 0.092050499 1,127.40 2,335.62 0.00%
06/30/1993 0.574725 1,959.525 1,126.19 0.00008 0.092663406 1,123.24 2,335.62 0.00%
07/31/1993 0.601485 1,959.525 1,178.62 0.00008 0.095398095 1,175.44 2,335.62 0.00%
08/31/1993 0.661984 1,959.525 1,297.17 0.00008 0.09983187 1,293.57 2,335.62 0.00%
09/30/1993 0.658327 1,959.525 1,290.01 0.00008 0.106320831 1,286.32 2,335.62 0.00%
10/31/1993 0.716168 1,959.525 1,403.35 0.00008 0.10924887 1,399.22 2,335.62 0.00%
11/30/1993 0.713449 1,959.525 1,398.02 0.00008 0.115004705 1,393.80 2,335.62 0.00%
12/31/1993 0.806269 1,959.525 1,579.90 0.00008 0.118377387 1,575.01 2,335.62 0.00%
01/31/1994 0.855370 1,959.525 1,676.12 0.00008 0.133768152 1,670.80 2,335.62 2.00%
02/28/1994 0.817983 1,959.525 1,602.86 0.00008 0.12817068 1,597.64 2,335.62 2.00%
03/31/1994 0.774327 1,959.525 1,517.31 0.00008 0.135689849 1,512.24 2,335.62 2.00%
04/30/1994 0.793117 1,959.525 1,554.13 0.00008 0.12429339 1,548.81 2,335.62 2.00%
05/31/1994 0.799301 1,959.525 1,566.25 0.00008 0.131542691 1,560.75 2,335.62 2.00%
06/30/1994 0.763398 1,959.525 1,495.90 0.00008 0.128281082 1,490.52 2,335.62 2.00%
07/31/1994 0.806140 1,959.525 1,579.65 0.00008 0.126592025 1,573.85 2,335.62 2.00%
08/31/1994 0.835789 1,959.525 1,637.75 0.00008 0.133669081 1,631.60 2,335.62 2.00%
09/30/1994 0.816945 1,959.525 1,600.82 0.00008 0.13410391 1,594.68 2,335.62 2.00%
10/31/1994 0.815081 1,959.525 1,597.17 0.00008 0.135438266 1,590.90 2,335.62 2.00%
11/30/1994 0.770370 1,959.525 1,509.56 0.00008 0.130759041 1,503.50 2,335.62 2.00%
12/31/1994 0.750629 1,959.525 1,470.88 0.00008 0.127694829 1,464.85 2,335.62 2.00%
01/31/1995 0.728443 1,959.525 1,427.40 0.00008 0.124411776 1,421.43 2,335.62 4.00%
02/28/1995 0.729236 1,959.525 1,428.96 0.00008 0.109041001 1,422.87 2,335.62 4.00%
03/31/1995 0.724756 1,959.525 1,420.18 0.00008 0.120846136 1,414.00 2,335.62 4.00%
04/30/1995 0.737785 1,959.525 1,445.71 0.00008 0.116219455 1,439.31 2,335.62 4.00%
05/31/1995 0.752794 1,959.525 1,475.12 0.00008 0.122242536 1,468.47 2,335.62 4.00%
06/30/1995 0.756603 1,959.525 1,482.58 0.00008 0.12069583 1,475.77 2,335.62 4.00%
07/31/1995 0.787835 1,959.525 1,543.78 0.00008 0.12533974 1,536.57 2,335.62 4.00%
08/31/1995 0.778364 1,959.525 1,525.22 0.00008 0.130503091 1,517.97 2,335.62 4.00%
09/30/1995 0.789738 1,959.525 1,547.51 0.00008 0.1247643 1,540.02 2,335.62 4.00%
10/31/1995 0.752915 1,959.525 1,475.35 0.00008 0.130796473 1,468.08 2,335.62 4.00%
11/30/1995 0.749099 1,959.525 1,467.88 0.00008 0.120664454 1,460.52 2,335.62 4.00%
12/31/1995 0.757918 1,959.525 1,485.16 0.00008 0.124044509 1,477.59 2,335.62 4.00%
01/31/1996 0.780354 1,959.525 1,529.12 0.00008 0.125494367 1,521.21 2,335.62 6.00%
02/29/1996 0.784123 1,959.525 1,536.51 0.00008 0.120863159 1,528.43 2,335.62 6.00%
03/31/1996 0.784299 1,959.525 1,536.85 0.00008 0.129812257 1,528.65 2,335.62 6.00%
04/30/1996 0.822780 1,959.525 1,612.26 0.00008 0.125642252 1,603.53 2,335.62 6.00%
05/31/1996 0.822412 1,959.525 1,611.54 0.00008 0.136189834 1,602.67 2,335.62 6.00%
06/30/1996 0.815537 1,959.525 1,598.07 0.00008 0.131726465 1,589.14 2,335.62 6.00%
07/31/1996 0.780520 1,959.525 1,529.45 0.00008 0.13496821 1,520.77 2,335.62 6.00%
08/31/1996 0.801765 1,959.525 1,571.08 0.00008 0.129161498 1,562.04 2,335.62 6.00%
09/30/1996 0.839023 1,959.525 1,644.09 0.00008 0.12838667 1,634.50 2,335.62 6.00%
10/31/1996 0.842140 1,959.525 1,650.19 0.00008 0.13882026 1,640.43 2,335.62 6.00%
11/30/1996 0.875777 1,959.525 1,716.11 0.00008 0.134829965 1,705.82 2,335.62 6.00%
12/31/1996 0.881844 1,959.525 1,728.00 0.00008 0.144877737 1,717.49 2,335.62 6.00%
01/31/1997 0.914843 1,959.525 1,792.66 0.00008 0.145869086 1,781.61 2,335.62 6.00%
02/28/1997 0.936400 1,959.525 1,834.90 0.00008 0.136671761 1,823.46 2,335.62 6.00%
03/31/1997 0.923706 1,959.525 1,810.03 0.00008 0.154869199 1,798.59 2,335.62 6.00%
04/30/1997 0.937863 1,959.525 1,837.77 0.00008 0.147828933 1,826.00 2,335.62 6.00%
05/31/1997 0.984668 1,959.525 1,929.48 0.00008 0.155085151 1,916.98 2,335.62 6.00%
06/30/1997 1.017834 1,959.525 1,994.47 0.00008 0.157559644 1,981.39 2,335.62 6.00%
07/31/1997 1.086550 1,959.525 2,129.12 0.00008 0.168282194 2,114.99 2,335.62 6.00%
08/31/1997 1.025704 1,959.525 2,009.89 0.00008 0.179629018 1,996.37 2,335.62 6.00%
09/30/1997 1.095800 1,959.525 2,147.25 0.00008 0.164085134 2,132.64 2,335.62 6.00%
10/31/1997 1.039075 1,959.525 2,036.09 0.00008 0.181128024 2,022.06 2,335.62 6.00%
11/30/1997 1.057007 1,959.525 2,071.23 0.00008 0.166196493 2,056.79 2,335.62 6.00%
12/31/1997 1.066373 1,959.525 2,089.58 0.00008 0.174685966 2,074.84 2,335.62 6.00%
01/31/1998 1.079712 1,959.525 2,115.72 0.00008 0.176219026 2,100.61 2,335.62 6.00%
02/28/1998 1.120052 1,959.525 2,194.77 0.00008 0.161143017 2,178.94 2,335.62 6.00%
03/31/1998 1.170275 1,959.525 2,293.18 0.00008 0.185060319 2,276.45 2,335.62 6.00%
04/30/1998 1.193257 1,959.525 2,338.22 0.00008 0.187105737 2,320.97 2,335.62 6.00%
05/31/1998 1.181006 1,959.525 2,314.21 0.00008 0.197123655 2,296.95 2,335.62 6.00%
06/30/1998 1.189120 1,959.525 2,330.11 0.00008 0.188790015 2,312.54 2,335.62 6.00%
07/31/1998 1.184022 1,959.525 2,320.12 0.00008 0.196407313 2,302.43 2,335.62 6.00%
08/31/1998 1.004311 1,959.525 1,967.97 0.00008 0.195548701 1,952.77 2,335.62 6.00%
09/30/1998 1.000000 1,959.525 1,959.53 0.00008 0.160501614 1,944.23 2,335.62 6.00%
10/31/1998 1.066635 1,959.525 2,090.10 0.00008 0.165126069 2,073.61 2,335.62 6.00%
11/30/1998 1.134186 1,959.525 2,222.47 0.00008 0.170434084 2,204.77 2,335.62 6.00%
12/31/1998 1.201594 1,959.525 2,354.55 0.00008 0.187254288 2,335.62 2,335.62 6.00%
12/31/1998 2,335.62
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 133.56% 133.56%
11/12/1990 100.00% 2,335.62 8.1397 10.98% 10.98% 2,335.62 2,335.62 9
11/30/1990 100.00% 2,335.62 8.0904 11.09% 11.09% 2,341.86 2,341.86 9
12/31/1990 100.00% 2,335.62 8.0055 11.15% 11.15% 2,330.52 2,330.52 9
01/31/1991 100.00% 2,335.62 7.9205 11.12% 11.12% 2,305.61 2,305.61 8
02/28/1991 100.00% 2,335.62 7.8438 11.13% 11.13% 2,287.71 2,287.71 8
03/31/1991 100.00% 2,335.62 7.7589 12.07% 12.07% 2,420.36 2,420.36 8
04/30/1991 100.00% 2,335.62 7.6767 12.19% 12.19% 2,418.06 2,418.06 8
05/31/1991 100.00% 2,335.62 7.5918 12.06% 12.06% 2,374.37 2,374.37 8
06/30/1991 100.00% 2,335.62 7.5096 12.92% 12.92% 2,490.21 2,490.21 8
07/31/1991 100.00% 2,335.62 7.4247 12.57% 12.57% 2,408.94 2,408.94 8
08/31/1991 100.00% 2,335.62 7.3397 12.43% 12.43% 2,363.36 2,363.36 8
09/30/1991 100.00% 2,335.62 7.2575 12.10% 12.10% 2,290.25 2,290.25 8
10/31/1991 100.00% 2,335.62 7.1726 12.25% 12.25% 2,290.66 2,290.66 8
11/30/1991 100.00% 2,335.62 7.0904 12.90% 12.90% 2,364.23 2,364.23 8
12/31/1991 100.00% 2,335.62 7.0055 12.52% 12.52% 2,284.76 2,284.76 8
01/31/1992 100.00% 2,335.62 6.9205 12.31% 12.31% 2,233.53 2,233.53 7
02/29/1992 100.00% 2,335.62 6.8411 12.15% 12.15% 2,190.54 2,190.54 7
03/31/1992 100.00% 2,335.62 6.7562 12.59% 12.59% 2,228.01 2,228.01 7
04/30/1992 100.00% 2,335.62 6.6740 12.69% 12.69% 2,219.99 2,219.99 7
05/31/1992 100.00% 2,335.62 6.5890 12.13% 12.13% 2,126.59 2,126.59 7
06/30/1992 100.00% 2,335.62 6.5068 12.95% 12.95% 2,208.41 2,208.41 7
07/31/1992 100.00% 2,335.62 6.4219 13.69% 13.69% 2,278.98 2,278.98 7
08/31/1992 100.00% 2,335.62 6.3370 14.66% 14.66% 2,380.03 2,380.03 7
09/30/1992 100.00% 2,335.62 6.2548 15.40% 15.40% 2,449.00 2,449.00 7
10/31/1992 100.00% 2,335.62 6.1699 16.06% 16.06% 2,506.07 2,506.07 7
11/30/1992 100.00% 2,335.62 6.0877 16.29% 16.29% 2,506.21 2,506.21 7
12/31/1992 100.00% 2,335.62 6.0027 16.44% 16.44% 2,493.33 2,493.33 7
01/31/1993 100.00% 2,335.62 5.9178 16.31% 16.31% 2,445.03 2,445.03 6
02/28/1993 100.00% 2,335.62 5.8411 15.72% 15.72% 2,346.60 2,346.60 6
03/31/1993 100.00% 2,335.62 5.7562 14.88% 14.88% 2,222.64 2,222.64 6
04/30/1993 100.00% 2,335.62 5.6740 14.49% 14.49% 2,154.99 2,154.99 6
05/31/1993 100.00% 2,335.62 5.5890 13.92% 13.92% 2,071.68 2,071.68 6
06/30/1993 100.00% 2,335.62 5.5068 14.22% 14.22% 2,079.36 2,079.36 6
07/31/1993 100.00% 2,335.62 5.4219 13.50% 13.50% 1,987.02 1,987.02 6
08/31/1993 100.00% 2,335.62 5.3370 11.71% 11.71% 1,805.56 1,805.56 6
09/30/1993 100.00% 2,335.62 5.2548 12.02% 12.02% 1,815.74 1,815.74 6
10/31/1993 100.00% 2,335.62 5.1699 10.42% 10.42% 1,669.22 1,669.22 6
11/30/1993 100.00% 2,335.62 5.0877 10.68% 10.68% 1,675.72 1,675.72 6
12/31/1993 100.00% 2,335.62 5.0027 8.19% 8.19% 1,482.92 1,482.92 6
01/31/1994 50.00% 2,325.56 4.9178 6.95% 7.05% 1,391.89 1,397.91 5
02/28/1994 50.00% 2,327.02 4.8411 8.08% 8.16% 1,456.54 1,461.92 5
03/31/1994 50.00% 2,328.73 4.7562 9.50% 9.57% 1,539.92 1,544.48 5
04/30/1994 50.00% 2,328.00 4.6740 9.11% 9.19% 1,503.09 1,508.01 5
05/31/1994 50.00% 2,327.76 4.5890 9.10% 9.18% 1,491.43 1,496.47 5
06/30/1994 50.00% 2,329.16 4.5068 10.41% 10.48% 1,562.65 1,566.98 5
07/31/1994 50.00% 2,327.50 4.4219 9.25% 9.34% 1,478.86 1,484.02 5
08/31/1994 50.00% 2,326.34 4.3370 8.52% 8.62% 1,425.81 1,431.49 5
09/30/1994 50.00% 2,327.08 4.2548 9.29% 9.38% 1,459.28 1,464.63 5
10/31/1994 50.00% 2,327.15 4.1699 9.55% 9.65% 1,462.79 1,468.11 5
11/30/1994 50.00% 2,328.90 4.0877 11.30% 11.38% 1,548.98 1,553.45 5
12/31/1994 50.00% 2,329.68 4.0027 12.29% 12.36% 1,590.39 1,594.44 5
01/31/1995 40.00% 2,316.13 3.9178 13.27% 13.51% 1,629.44 1,643.15 4
02/28/1995 40.00% 2,316.07 3.8411 13.52% 13.77% 1,627.75 1,641.49 4
03/31/1995 40.00% 2,316.43 3.7562 14.04% 14.29% 1,638.20 1,651.78 4
04/30/1995 40.00% 2,315.41 3.6740 13.81% 14.08% 1,608.70 1,622.74 4
05/31/1995 40.00% 2,314.25 3.5890 13.51% 13.80% 1,575.96 1,590.51 4
06/30/1995 40.00% 2,313.96 3.5068 13.68% 13.99% 1,567.96 1,582.64 4
07/31/1995 40.00% 2,311.52 3.4219 12.67% 13.02% 1,504.34 1,520.02 4
08/31/1995 40.00% 2,312.27 3.3370 13.44% 13.78% 1,523.27 1,538.65 4
09/30/1995 40.00% 2,311.39 3.2548 13.29% 13.65% 1,500.88 1,516.61 4
10/31/1995 40.00% 2,314.26 3.1699 15.44% 15.77% 1,576.38 1,590.93 4
11/30/1995 40.00% 2,314.57 3.0877 16.08% 16.42% 1,584.75 1,599.16 4
12/31/1995 40.00% 2,313.88 3.0027 16.11% 16.47% 1,565.98 1,580.69 4
01/31/1996 30.00% 2,286.39 2.9178 14.99% 15.83% 1,503.01 1,535.37 3
02/29/1996 30.00% 2,285.95 2.8384 15.24% 16.11% 1,495.62 1,528.11 3
03/31/1996 30.00% 2,285.94 2.7534 15.74% 16.64% 1,495.40 1,527.90 3
04/30/1996 30.00% 2,281.45 2.6712 14.11% 15.12% 1,422.77 1,456.55 3
05/31/1996 30.00% 2,281.50 2.5863 14.63% 15.68% 1,423.56 1,457.33 3
06/30/1996 30.00% 2,282.31 2.5041 15.55% 16.62% 1,436.19 1,469.73 3
07/31/1996 30.00% 2,286.41 2.4192 18.36% 19.41% 1,503.45 1,535.81 3
08/31/1996 30.00% 2,283.94 2.3342 17.68% 18.81% 1,462.15 1,495.24 3
09/30/1996 30.00% 2,279.59 2.2521 15.92% 17.17% 1,394.67 1,428.95 3
10/31/1996 30.00% 2,279.23 2.1671 16.39% 17.71% 1,389.41 1,423.78 3
11/30/1996 30.00% 2,275.31 2.0849 14.82% 16.27% 1,333.85 1,369.21 3
12/31/1996 30.00% 2,274.61 2.0000 15.08% 16.61% 1,324.38 1,359.90 3
01/31/1997 20.00% 2,256.75 1.9151 13.14% 15.19% 1,266.69 1,310.96 2
02/28/1997 20.00% 2,254.24 1.8384 12.23% 14.41% 1,236.24 1,280.87 2
03/31/1997 20.00% 2,255.73 1.7534 13.79% 16.07% 1,254.17 1,298.59 2
04/30/1997 20.00% 2,254.08 1.6712 13.43% 15.87% 1,234.44 1,279.09 2
05/31/1997 20.00% 2,248.63 1.5863 10.58% 13.26% 1,173.01 1,218.39 2
06/30/1997 20.00% 2,244.76 1.5041 8.65% 11.56% 1,132.92 1,178.78 2
07/31/1997 20.00% 2,236.75 1.4192 4.02% 7.24% 1,057.57 1,104.32 2
08/31/1997 20.00% 2,243.86 1.3342 9.15% 12.48% 1,123.97 1,169.93 2
09/30/1997 20.00% 2,235.69 1.2521 3.84% 7.53% 1,048.32 1,095.18 2
10/31/1997 20.00% 2,242.32 1.1671 9.26% 13.15% 1,108.93 1,155.07 2
11/30/1997 20.00% 2,240.24 1.0849 8.19% 12.43% 1,089.19 1,135.57 2
12/31/1997 20.00% 2,239.15 1.0000 7.92% 12.57% 1,079.20 1,125.69 2
01/31/1998 10.00% 2,223.59 0.9151 5.85% 11.19% 1,053.44 1,101.91 1
02/28/1998 10.00% 2,218.89 0.8384 1.83% 7.19% 1,015.35 1,059.95 1
03/31/1998 10.00% 2,213.04 0.7534 -2.79% 2.60% 978.94 1,019.52 1
04/30/1998 10.00% 2,210.37 0.6712 -4.77% 0.63% 967.76 1,004.23 1
05/31/1998 10.00% 2,211.81 0.5863 -3.71% 1.68% 978.10 1,009.84 1
06/30/1998 10.00% 2,210.88 0.5041 -4.40% 1.00% 977.59 1,005.02 1
07/31/1998 10.00% 2,211.48 0.4192 -3.95% 1.44% 983.25 1,006.02 1
08/31/1998 10.00% 2,232.46 0.3342 14.32% 19.61% 1,045.75 1,061.66 1
09/30/1998 10.00% 2,232.98 0.2521 14.85% 20.13% 1,035.53 1,047.32 1
10/31/1998 10.00% 2,225.21 0.1671 7.31% 12.64% 1,011.86 1,020.08 1
11/30/1998 10.00% 2,217.34 0.0849 0.57% 5.93% 1,000.48 1,004.91 1
12/31/1998 10.00% 2,209.49 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GLOBAL SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Initial investment $1,000 Year Rate Available
AUV 0.501328 -----------------------------
Units purchased 1,959.525 1 6.00% 10%
2 6.00% 20%
Contract charge factor 0.10% 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,204.77 2,217.34 2,335.62 0.57% 5.93%
09/30/1998 0.25 0.25 1,944.23 2,232.98 2,335.62 14.85% 20.13%
12/31/1997 1.00 1.00 2,074.84 2,239.15 2,335.62 7.92% 12.57%
12/31/1997 1.00 1.00 2,074.84 2,239.15 2,335.62 7.92% 12.57%
12/31/1995 3.00 3.00 1,477.59 2,313.88 2,335.62 16.13% 16.49%
12/31/1993 5.00 5.00 1,575.01 2,335.62 2,335.62 8.20% 8.20%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
11/12/1990 8.14 8.14 1,000.00 2,335.62 2,335.62 10.98% 10.98%
12/31/1992 936.75
12/31/1993 1 1,575.01 68.14%
12/31/1994 1 1,464.85 -6.99%
12/31/1995 1 1,477.59 0.87%
12/31/1996 1 1,717.49 16.24%
12/31/1997 1 2,074.84 20.81%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GLOBAL SECURITIES FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
11/12/1990 100 10 1000
11/30/1990 1000 0 10 100 9.98 998.00 -0.20%
12/31/1990 998 0 10 100 10.04 1,004.00 0.60%
01/31/1991 1004 0 10 100 10.16 1,016.00 1.20%
02/28/1991 1016 0 10 100 10.25 1,025.00 0.89%
03/31/1991 1025 0 10 100 9.7 970.00 -5.37%
04/30/1991 970 0 10 100 9.72 972.00 0.21%
05/31/1991 972 0 10 100 9.91 991.00 1.95%
06/30/1991 991 0 10 100 9.46 946.00 -4.54%
07/31/1991 946 0 10 100 9.79 979.00 3.49%
08/31/1991 979 0 10 100 9.99 999.00 2.04%
09/30/1991 999 0 10 100 10.32 1,032.00 3.30%
10/31/1991 1032 0 10 100 10.33 1,033.00 0.10%
11/30/1991 1033 0 10 100 10.02 1,002.00 -3.00%
12/31/1991 1002 0 10 100 10.38 1,038.00 3.59%
01/31/1992 1038 0 10 100 10.63 1,063.00 2.41%
02/29/1992 1063 0 10 100 10.85 1,085.00 2.07%
03/31/1992 1085 0.08 10.6 100.755 10.6 1,068.00 -1.57%
04/30/1992 1068 0 10 100.755 10.65 1,073.04 0.47%
05/31/1992 1073.04 0 10 100.755 11.13 1,121.40 4.51%
06/30/1992 1121.4 0 10 100.755 10.73 1,081.10 -3.59%
07/31/1992 1081.1 0 10 100.755 10.41 1,048.86 -2.98%
08/31/1992 1048.86 0 10 100.755 9.98 1,005.53 -4.13%
09/30/1992 1005.53 0 10 100.755 9.71 978.33 -2.71%
10/31/1992 978.33 0 10 100.755 9.5 957.17 -2.16%
11/30/1992 957.17 0 10 100.755 9.51 958.18 0.11%
12/31/1992 958.18 0 10 100.755 9.57 964.23 0.63%
01/31/1993 964.23 0 10 100.755 9.77 984.38 2.09%
02/28/1993 984.38 0 10 100.755 10.19 1,026.69 4.30%
03/31/1993 1026.69 0 10 100.755 10.77 1,085.13 5.69%
04/30/1993 1085.13 0 10 100.755 11.12 1,120.40 3.25%
05/31/1993 1120.4 0 10 100.755 11.58 1,166.74 4.14%
06/30/1993 1166.74 0 10 100.755 11.55 1,163.72 -0.26%
07/31/1993 1163.72 0 10 100.755 12.1 1,219.14 4.76%
08/31/1993 1219.14 0 10 100.755 13.33 1,343.06 10.16%
09/30/1993 1343.06 0 10 100.755 13.27 1,337.02 -0.45%
10/31/1993 1337.02 0 10 100.755 14.45 1,455.91 8.89%
11/30/1993 1455.91 0 10 100.755 14.41 1,451.88 -0.28%
12/31/1993 1451.88 0 10 100.755 16.3 1,642.31 13.12%
01/31/1994 1642.31 0 10 100.755 17.31 1,744.07 6.20%
02/28/1994 1744.07 0 10 100.755 16.57 1,669.51 -4.28%
03/31/1994 1669.51 0.288 15.68 102.606 15.42 1,582.18 -5.23%
04/30/1994 1582.18 0 10 102.606 15.81 1,622.20 2.53%
05/31/1994 1622.2 0 10 102.606 15.95 1,636.57 0.89%
06/30/1994 1636.57 0 10 102.606 15.25 1,564.74 -4.39%
07/31/1994 1564.74 0 10 102.606 16.12 1,654.01 5.71%
08/31/1994 1654.01 0 10 102.606 16.73 1,716.60 3.78%
09/30/1994 1716.6 0 10 102.606 16.37 1,679.66 -2.15%
10/31/1994 1679.66 0 10 102.606 16.35 1,677.61 -0.12%
11/30/1994 1677.61 0 10 102.606 15.47 1,587.31 -5.38%
12/31/1994 1587.31 0 10 102.606 15.09 1,548.32 -2.46%
01/31/1995 1548.32 0 10 102.606 14.66 1,504.20 -2.85%
02/28/1995 1504.2 0 10 102.606 14.69 1,507.28 0.20%
03/31/1995 1507.28 0.398 13.95 105.533 14.21 1,499.62 -0.51%
04/30/1995 1499.62 0 10 105.533 14.48 1,528.12 1.90%
05/31/1995 1528.12 0 10 105.533 14.79 1,560.83 2.14%
06/30/1995 1560.83 0 10 105.533 14.88 1,570.33 0.61%
07/31/1995 1570.33 0 10 105.533 15.51 1,636.82 4.23%
08/31/1995 1636.82 0 10 105.533 15.34 1,618.88 -1.10%
09/30/1995 1618.88 0 10 105.533 15.58 1,644.20 1.56%
10/31/1995 1644.2 0 10 105.533 14.87 1,569.28 -4.56%
11/30/1995 1569.28 0 10 105.533 14.81 1,562.94 -0.40%
12/31/1995 1562.94 0 10 105.533 15 1,583.00 1.28%
01/31/1996 1583 0 10 105.533 15.46 1,631.54 3.07%
02/29/1996 1631.54 0 10 105.533 15.55 1,641.04 0.58%
03/31/1996 1641.04 0 10 105.533 15.57 1,643.15 0.13%
04/30/1996 1643.15 0 10 105.533 16.35 1,725.46 5.01%
05/31/1996 1725.46 0 10 105.533 16.36 1,726.52 0.06%
06/30/1996 1726.52 0 10 105.533 16.24 1,713.86 -0.73%
07/31/1996 1713.86 0 10 105.533 15.56 1,642.09 -4.19%
08/31/1996 1642.09 0 10 105.533 16 1,688.53 2.83%
09/30/1996 1688.53 0 10 105.533 16.76 1,768.73 4.75%
10/31/1996 1768.73 0 10 105.533 16.84 1,777.18 0.48%
11/30/1996 1777.18 0 10 105.533 17.53 1,849.99 4.10%
12/31/1996 1849.99 0 10 105.533 17.67 1,864.77 0.80%
01/31/1997 1864.77 0 10 105.533 18.35 1,936.53 3.85%
02/28/1997 1936.53 0 10 105.533 18.8 1,984.02 2.45%
03/31/1997 1984.02 0.225 18.33 106.828 18.34 1,959.23 -1.25%
04/30/1997 1959.23 0 10 106.828 18.64 1,991.27 1.64%
05/31/1997 1991.27 0 10 106.828 19.59 2,092.76 5.10%
06/30/1997 2092.76 0 10 106.828 20.27 2,165.40 3.47%
07/31/1997 2165.4 0 10 106.828 21.66 2,313.89 6.86%
08/31/1997 2313.89 0 10 106.828 20.47 2,186.77 -5.49%
09/30/1997 2186.77 0 10 106.828 21.89 2,338.46 6.94%
10/31/1997 2338.46 0 10 106.828 20.78 2,219.89 -5.07%
11/30/1997 2219.89 0 10 106.828 21.16 2,260.48 1.83%
12/31/1997 2260.48 0 10 106.828 21.37 2,282.91 0.99%
01/31/1998 2282.91 0 10 106.828 21.66 2,313.89 1.36%
02/28/1998 2313.89 0 10 106.828 22.49 2,402.56 3.83%
03/31/1998 2402.56 2.182 20.81 118.029 21.29 2,512.84 4.59%
04/30/1998 2512.84 0 10 118.029 21.73 2,564.77 2.07%
05/31/1998 2564.77 0 10 118.029 21.53 2,541.16 -0.92%
06/30/1998 2541.16 0 10 118.029 21.7 2,561.23 0.79%
07/31/1998 2561.23 0 10 118.029 21.63 2,552.97 -0.32%
08/31/1998 2552.97 0 10 118.029 18.37 2,168.19 -15.07%
09/30/1998 2168.19 0 10 118.029 18.31 2,161.11 -0.33%
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
11/12/1990 1,000.00 0.51032788
11/30/1990 0.00062 0.616438356 997.38 0.05 0.508992638
12/31/1990 0.00106 1.05886611 1,002.32 0.13 0.511512346
01/31/1991 0.00106 1.0641079 1,013.24 0.22 0.517082995
02/28/1991 0.00096 0.971596945 1,021.24 0.30 0.521167622
03/31/1991 0.00106 1.084193936 965.36 0.37 0.492649235
04/30/1991 0.00103 0.991806434 966.36 0.45 0.49315886
05/31/1991 0.00106 1.02592683 984.22 0.54 0.502275238
06/30/1991 0.00103 1.0111856 938.52 0.60 0.478951547
07/31/1991 0.00106 0.996371113 970.26 0.70 0.495150683
08/31/1991 0.00106 1.030070453 989.05 0.79 0.504740447
09/30/1991 0.00103 1.016148585 1,020.71 0.90 0.520894986
10/31/1991 0.00106 1.083626768 1,020.61 0.98 0.520846725
11/30/1991 0.00103 1.048573905 988.94 1.04 0.504681164
12/31/1991 0.00106 1.049896876 1,023.42 1.16 0.52227763
01/31/1992 0.00106 1.086503106 1,046.98 1.27 0.534302098
02/29/1992 0.00099 1.039806986 1,067.61 1.38 0.544829448
03/31/1992 0.00106 1.13341804 1,049.75 1.45 0.535714535 .04 Dividend
04/30/1992 0.00103 1.078505932 1,053.62 1.54 0.537692235
05/31/1992 0.00106 1.118570372 1,099.99 1.70 0.561354228
06/30/1992 0.00103 1.130124021 1,059.33 1.72 0.540603983
07/31/1992 0.00106 1.124627731 1,026.61 1.76 0.523908444
08/31/1992 0.00106 1.089895716 983.11 1.77 0.501708786
09/30/1992 0.00103 1.010045213 955.51 1.80 0.487621903
10/31/1992 0.00106 1.014408202 933.83 1.84 0.476557597
11/30/1992 0.00103 0.959410585 933.85 1.92 0.476570844
12/31/1992 0.00106 0.991418495 938.76 2.01 0.479073989
01/31/1993 0.00106 0.996625831 957.38 2.13 0.488576834
02/28/1993 0.00096 0.918033978 997.61 2.29 0.509108037
03/31/1993 0.00106 1.059106175 1,053.34 2.50 0.537546374
04/30/1993 0.00103 1.082193809 1,086.49 2.67 0.55446598
05/31/1993 0.00106 1.153465082 1,130.27 2.87 0.576810174
06/30/1993 0.00103 1.161240089 1,126.19 2.95 0.57472454
07/31/1993 0.00106 1.195609312 1,178.62 3.18 0.601484575
08/31/1993 0.00106 1.25127867 1,297.17 3.60 0.661984166
09/30/1993 0.00103 1.332713232 1,290.01 3.69 0.658326975
10/31/1993 0.00106 1.369528889 1,403.35 4.12 0.716167575
11/30/1993 0.00103 1.44179582 1,398.02 4.22 0.713449414
12/31/1993 0.00106 1.484201044 1,579.90 4.89 0.806268707
01/31/1994 0.00106 1.677294611 1,676.12 5.32 0.85537036
02/28/1994 0.00096 1.607237593 1,602.86 5.22 0.817982565
03/31/1994 0.00106 1.70166315 1,517.31 5.08 0.774326504 .037 Dividend
04/30/1994 0.00103 1.558881966 1,554.13 5.32 0.793116944
05/31/1994 0.00106 1.649934772 1,566.25 5.50 0.799300636
06/30/1994 0.00103 1.609160141 1,495.90 5.38 0.763397671
07/31/1994 0.00106 1.58810926 1,579.65 5.81 0.806139824
08/31/1994 0.00106 1.677026494 1,637.75 6.15 0.835789424
09/30/1994 0.00103 1.68261974 1,600.82 6.15 0.816945148
10/31/1994 0.00106 1.699504993 1,597.17 6.27 0.815080774
11/30/1994 0.00103 1.640928875 1,509.56 6.06 0.770370356
12/31/1994 0.00106 1.602614655 1,470.88 6.03 0.750629451
01/31/1995 0.00106 1.561547312 1,427.40 5.97 0.728443062
02/28/1995 0.00096 1.368741692 1,428.96 6.09 0.729236115
03/31/1995 0.00106 1.517042389 1,420.18 6.17 0.724755947
04/30/1995 0.00103 1.459086017 1,445.71 6.40 0.737785187
05/31/1995 0.00106 1.53482717 1,475.12 6.65 0.752794499
06/30/1995 0.00103 1.515533515 1,482.58 6.81 0.756602968
07/31/1995 0.00106 1.573974122 1,543.78 7.21 0.787835368
08/31/1995 0.00106 1.638947419 1,525.22 7.26 0.778364074
09/30/1995 0.00103 1.567010442 1,547.51 7.49 0.789738343
10/31/1995 0.00106 1.642906212 1,475.35 7.27 0.752914521
11/30/1995 0.00103 1.515775145 1,467.88 7.35 0.749099152
12/31/1995 0.00106 1.558363806 1,485.16 7.56 0.757918403
01/31/1996 0.00106 1.576710644 1,529.12 7.91 0.780354041
02/29/1996 0.00099 1.518649442 1,536.51 8.07 0.784122814
03/31/1996 0.00106 1.631224131 1,536.85 8.20 0.784298557
04/30/1996 0.00103 1.578957804 1,612.26 8.73 0.822780489
05/31/1996 0.00106 1.711644354 1,611.54 8.87 0.822412447
06/30/1996 0.00103 1.655689074 1,598.06 8.92 0.815537024
07/31/1996 0.00106 1.69657565 1,529.45 8.67 0.780519596
08/31/1996 0.00106 1.623728294 1,571.08 9.04 0.801764862
09/30/1996 0.00103 1.614121147 1,644.09 9.59 0.839022505
10/31/1996 0.00106 1.745432898 1,650.19 9.76 0.842140141
11/30/1996 0.00103 1.695405067 1,716.11 10.29 0.875776905
12/31/1996 0.00106 1.821893707 1,727.99 10.50 0.881843928
01/31/1997 0.00106 1.834515037 1,792.66 11.04 0.914842804
02/28/1997 0.00096 1.718986085 1,834.90 11.44 0.936400472
03/31/1997 0.00106 1.948009951 1,810.02 11.44 0.92370618 Dividend
04/30/1997 0.00103 1.859614644 1,837.77 11.76 0.937862869
05/31/1997 0.00106 1.951052202 1,929.48 12.50 0.984667694
06/30/1997 0.00103 1.982342981 1,994.47 13.08 1.017834006
07/31/1997 0.00106 2.117417528 2,129.12 14.14 1.086550312
08/31/1997 0.00106 2.260369237 2,009.89 13.52 1.025704111
09/30/1997 0.00103 2.064957912 2,147.25 14.61 1.095800475
10/31/1997 0.00106 2.27961251 2,036.09 14.04 1.039075319
11/30/1997 0.00103 2.091876963 2,071.23 14.44 1.057006945
12/31/1997 0.00106 2.198909666 2,089.58 14.75 1.066373113
01/31/1998 0.00106 2.218394265 2,115.72 15.11 1.079712113
02/28/1998 0.00096 2.028774879 2,194.77 15.83 1.120052151
03/31/1998 0.00106 2.330063687 2,293.18 16.73 1.170274612 .458 Dividend
04/30/1998 0.00103 2.35600871 2,338.22 17.24 1.193257006
05/31/1998 0.00106 2.482353002 2,314.21 17.26 1.18100566
06/30/1998 0.00103 2.377612566 2,330.11 17.57 1.189119843
07/31/1998 0.00106 2.473746391 2,320.12 17.69 1.184022494
08/31/1998 0.00106 2.463142289 1,967.97 15.20 1.004311301
09/30/1998 0.00103 2.021889691 1,959.52 15.30 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GLOBAL SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.516363 1 6.00% 10%
Units purchased 1,936.621 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/12/1990 0.516363 1,936.621 1,000.00 1,000.00 2,307.46 0.00%
11/30/1990 0.514974 1,936.621 997.31 0.00005 0.049315072 997.26 2,307.46 0.00%
12/31/1990 0.517458 1,936.621 1,002.12 0.00008 0.084698824 1,001.99 2,307.46 0.00%
01/31/1991 0.523027 1,936.621 1,012.91 0.00008 0.085100131 1,012.68 2,307.46 0.00%
02/28/1991 0.527099 1,936.621 1,020.79 0.00008 0.077685412 1,020.49 2,307.46 0.00%
03/31/1991 0.498189 1,936.621 964.80 0.00008 0.086671769 964.43 2,307.46 0.00%
04/30/1991 0.498643 1,936.621 965.68 0.00008 0.079268392 965.23 2,307.46 0.00%
05/31/1991 0.507797 1,936.621 983.41 0.00008 0.081978574 982.87 2,307.46 0.00%
06/30/1991 0.484154 1,936.621 937.62 0.00008 0.080783804 937.03 2,307.46 0.00%
07/31/1991 0.500467 1,936.621 969.22 0.00008 0.079583119 968.52 2,307.46 0.00%
08/31/1991 0.510096 1,936.621 987.86 0.00008 0.082257887 987.07 2,307.46 0.00%
09/30/1991 0.526360 1,936.621 1,019.36 0.00008 0.081129233 1,018.46 2,307.46 0.00%
10/31/1991 0.526244 1,936.621 1,019.13 0.00008 0.08649946 1,018.15 2,307.46 0.00%
11/30/1991 0.509846 1,936.621 987.38 0.00008 0.083683625 986.34 2,307.46 0.00%
12/31/1991 0.527557 1,936.621 1,021.68 0.00008 0.083771439 1,020.52 2,307.46 0.00%
01/31/1992 0.539636 1,936.621 1,045.07 0.00008 0.086674469 1,043.80 2,307.46 0.00%
02/29/1992 0.550204 1,936.621 1,065.54 0.00008 0.082932126 1,064.16 2,307.46 0.00%
03/31/1992 0.540929 1,936.621 1,047.58 0.00008 0.090380676 1,046.13 2,307.46 0.00%
04/30/1992 0.542860 1,936.621 1,051.31 0.00008 0.08598332 1,049.78 2,307.46 0.00%
05/31/1992 0.566680 1,936.621 1,097.44 0.00008 0.08915918 1,095.75 2,307.46 0.00%
06/30/1992 0.545663 1,936.621 1,056.74 0.00008 0.09006178 1,055.02 2,307.46 0.00%
07/31/1992 0.528742 1,936.621 1,023.97 0.00008 0.089604647 1,022.22 2,307.46 0.00%
08/31/1992 0.506270 1,936.621 980.45 0.00008 0.08681835 978.68 2,307.46 0.00%
09/30/1992 0.491992 1,936.621 952.80 0.00008 0.08043982 951.00 2,307.46 0.00%
10/31/1992 0.480766 1,936.621 931.06 0.00008 0.080770208 929.22 2,307.46 0.00%
11/30/1992 0.480720 1,936.621 930.97 0.00008 0.076374537 929.06 2,307.46 0.00%
12/31/1992 0.483184 1,936.621 935.74 0.00008 0.078906333 933.74 2,307.46 0.00%
01/31/1993 0.492707 1,936.621 954.19 0.00008 0.079304027 952.06 2,307.46 0.00%
02/28/1993 0.513355 1,936.621 994.17 0.00008 0.073035066 991.89 2,307.46 0.00%
03/31/1993 0.541965 1,936.621 1,049.58 0.00008 0.084242692 1,047.09 2,307.46 0.00%
04/30/1993 0.558957 1,936.621 1,082.49 0.00008 0.086061802 1,079.83 2,307.46 0.00%
05/31/1993 0.581411 1,936.621 1,125.97 0.00008 0.091711399 1,123.11 2,307.46 0.00%
06/30/1993 0.579237 1,936.621 1,121.76 0.00008 0.092310741 1,118.82 2,307.46 0.00%
07/31/1993 0.606133 1,936.621 1,173.85 0.00008 0.095023262 1,170.68 2,307.46 0.00%
08/31/1993 0.667023 1,936.621 1,291.77 0.00008 0.099427511 1,288.18 2,307.46 0.00%
09/30/1993 0.663256 1,936.621 1,284.48 0.00008 0.10587793 1,280.80 2,307.46 0.00%
10/31/1993 0.721445 1,936.621 1,397.17 0.00008 0.108780283 1,393.06 2,307.46 0.00%
11/30/1993 0.718618 1,936.621 1,391.69 0.00008 0.11449802 1,387.49 2,307.46 0.00%
12/31/1993 0.812018 1,936.621 1,572.57 0.00008 0.117841255 1,567.70 2,307.46 0.00%
01/31/1994 0.861367 1,936.621 1,668.14 0.00008 0.133147302 1,662.84 2,307.46 2.00%
02/28/1994 0.823618 1,936.621 1,595.04 0.00008 0.127560489 1,589.84 2,307.46 2.00%
03/31/1994 0.779556 1,936.621 1,509.70 0.00008 0.13502761 1,504.65 2,307.46 2.00%
04/30/1994 0.798377 1,936.621 1,546.15 0.00008 0.123670124 1,540.86 2,307.46 2.00%
05/31/1994 0.804500 1,936.621 1,558.01 0.00008 0.130867319 1,552.54 2,307.46 2.00%
06/30/1994 0.768264 1,936.621 1,487.84 0.00008 0.127606321 1,482.49 2,307.46 2.00%
07/31/1994 0.811181 1,936.621 1,570.95 0.00008 0.125909893 1,565.18 2,307.46 2.00%
08/31/1994 0.840913 1,936.621 1,628.53 0.00008 0.132932774 1,622.41 2,307.46 2.00%
09/30/1994 0.821849 1,936.621 1,591.61 0.00008 0.133348818 1,585.50 2,307.46 2.00%
10/31/1994 0.819869 1,936.621 1,587.78 0.00008 0.134658673 1,581.54 2,307.46 2.00%
11/30/1994 0.774795 1,936.621 1,500.48 0.00008 0.12998978 1,494.46 2,307.46 2.00%
12/31/1994 0.754842 1,936.621 1,461.84 0.00008 0.126927034 1,455.85 2,307.46 2.00%
01/31/1995 0.732435 1,936.621 1,418.45 0.00008 0.123647552 1,412.51 2,307.46 4.00%
02/28/1995 0.733148 1,936.621 1,419.83 0.00008 0.108356967 1,413.78 2,307.46 4.00%
03/31/1995 0.728550 1,936.621 1,410.93 0.00008 0.120074241 1,404.79 2,307.46 4.00%
04/30/1995 0.741558 1,936.621 1,436.12 0.00008 0.115462309 1,429.76 2,307.46 4.00%
05/31/1995 0.756550 1,936.621 1,465.15 0.00008 0.121431441 1,458.54 2,307.46 4.00%
06/30/1995 0.760284 1,936.621 1,472.38 0.00008 0.119880027 1,465.62 2,307.46 4.00%
07/31/1995 0.791571 1,936.621 1,532.97 0.00008 0.124477276 1,525.81 2,307.46 4.00%
08/31/1995 0.781954 1,936.621 1,514.35 0.00008 0.12958924 1,507.14 2,307.46 4.00%
09/30/1995 0.793285 1,936.621 1,536.29 0.00008 0.123874658 1,528.86 2,307.46 4.00%
10/31/1995 0.756194 1,936.621 1,464.46 0.00008 0.129848036 1,457.24 2,307.46 4.00%
11/30/1995 0.752269 1,936.621 1,456.86 0.00008 0.119773478 1,449.56 2,307.46 4.00%
12/31/1995 0.761030 1,936.621 1,473.83 0.00008 0.123113317 1,466.32 2,307.46 4.00%
01/31/1996 0.783461 1,936.621 1,517.27 0.00008 0.124536607 1,509.41 2,307.46 6.00%
02/29/1996 0.787151 1,936.621 1,524.41 0.00008 0.119925902 1,516.40 2,307.46 6.00%
03/31/1996 0.787227 1,936.621 1,524.56 0.00008 0.128790324 1,516.42 2,307.46 6.00%
04/30/1996 0.825756 1,936.621 1,599.18 0.00008 0.124637268 1,590.51 2,307.46 6.00%
05/31/1996 0.825281 1,936.621 1,598.26 0.00008 0.135084604 1,589.46 2,307.46 6.00%
06/30/1996 0.818280 1,936.621 1,584.70 0.00008 0.130640803 1,575.85 2,307.46 6.00%
07/31/1996 0.783041 1,936.621 1,516.45 0.00008 0.133839187 1,507.85 2,307.46 6.00%
08/31/1996 0.804255 1,936.621 1,557.54 0.00008 0.128063998 1,548.57 2,307.46 6.00%
09/30/1996 0.841529 1,936.621 1,629.72 0.00008 0.127279965 1,620.22 2,307.46 6.00%
10/31/1996 0.844549 1,936.621 1,635.57 0.00008 0.137607401 1,625.89 2,307.46 6.00%
11/30/1996 0.878177 1,936.621 1,700.70 0.00008 0.133635004 1,690.50 2,307.46 6.00%
12/31/1996 0.884149 1,936.621 1,712.26 0.00008 0.143576701 1,701.85 2,307.46 6.00%
01/31/1997 0.917122 1,936.621 1,776.12 0.00008 0.144540856 1,765.17 2,307.46 6.00%
02/28/1997 0.938628 1,936.621 1,817.77 0.00008 0.135410646 1,806.43 2,307.46 6.00%
03/31/1997 0.925784 1,936.621 1,792.89 0.00008 0.153422919 1,781.56 2,307.46 6.00%
04/30/1997 0.939858 1,936.621 1,820.15 0.00008 0.146429485 1,808.50 2,307.46 6.00%
05/31/1997 0.986643 1,936.621 1,910.75 0.00008 0.153598356 1,898.37 2,307.46 6.00%
06/30/1997 1.019754 1,936.621 1,974.88 0.00008 0.15603019 1,961.92 2,307.46 6.00%
07/31/1997 1.088470 1,936.621 2,107.95 0.00008 0.166628776 2,093.96 2,307.46 6.00%
08/31/1997 1.027377 1,936.621 1,989.64 0.00008 0.177842886 1,976.25 2,307.46 6.00%
09/30/1997 1.097461 1,936.621 2,125.37 0.00008 0.162431637 2,110.90 2,307.46 6.00%
10/31/1997 1.040511 1,936.621 2,015.07 0.00008 0.179282091 2,001.18 2,307.46 6.00%
11/30/1997 1.058339 1,936.621 2,049.60 0.00008 0.164480629 2,035.30 2,307.46 6.00%
12/31/1997 1.067582 1,936.621 2,067.50 0.00008 0.172861499 2,052.91 2,307.46 6.00%
01/31/1998 1.080800 1,936.621 2,093.10 0.00008 0.174356526 2,078.15 2,307.46 6.00%
02/28/1998 1.121056 1,936.621 2,171.06 0.00008 0.159419796 2,155.40 2,307.46 6.00%
03/31/1998 1.171181 1,936.621 2,268.13 0.00008 0.183061023 2,251.58 2,307.46 6.00%
04/30/1998 1.194037 1,936.621 2,312.40 0.00008 0.185061773 2,295.34 2,307.46 6.00%
05/31/1998 1.181625 1,936.621 2,288.36 0.00008 0.194946678 2,271.29 2,307.46 6.00%
06/30/1998 1.189598 1,936.621 2,303.80 0.00008 0.186681038 2,286.42 2,307.46 6.00%
07/31/1998 1.184347 1,936.621 2,293.63 0.00008 0.19418946 2,276.14 2,307.46 6.00%
08/31/1998 1.004436 1,936.621 1,945.21 0.00008 0.193315804 1,930.18 2,307.46 6.00%
09/30/1998 1.000000 1,936.621 1,936.62 0.00008 0.158645074 1,921.50 2,307.46 6.00%
10/31/1998 1.066506 1,936.621 2,065.42 0.00008 0.163195826 2,049.13 2,307.46 6.00%
11/30/1998 1.133908 1,936.621 2,195.95 0.00008 0.16842142 2,178.46 2,307.46 6.00%
12/31/1998 1.201147 1,936.621 2,326.17 0.00008 0.185020012 2,307.46 2,307.46 6.00%
12/31/1998 2,307.46
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 130.75% 130.75%
11/12/1990 100.00% 2,307.46 8.1397 10.82% 10.82% 2,307.46 2,307.46 9
11/30/1990 100.00% 2,307.46 8.0904 10.93% 10.93% 2,313.79 2,313.79 9
12/31/1990 100.00% 2,307.46 8.0055 10.98% 10.98% 2,302.88 2,302.88 9
01/31/1991 100.00% 2,307.46 7.9205 10.96% 10.96% 2,278.55 2,278.55 8
02/28/1991 100.00% 2,307.46 7.8438 10.96% 10.96% 2,261.12 2,261.12 8
03/31/1991 100.00% 2,307.46 7.7589 11.90% 11.90% 2,392.55 2,392.55 8
04/30/1991 100.00% 2,307.46 7.6767 12.02% 12.02% 2,390.57 2,390.57 8
05/31/1991 100.00% 2,307.46 7.5918 11.90% 11.90% 2,347.67 2,347.67 8
06/30/1991 100.00% 2,307.46 7.5096 12.75% 12.75% 2,462.53 2,462.53 8
07/31/1991 100.00% 2,307.46 7.4247 12.40% 12.40% 2,382.45 2,382.45 8
08/31/1991 100.00% 2,307.46 7.3397 12.27% 12.27% 2,337.68 2,337.68 8
09/30/1991 100.00% 2,307.46 7.2575 11.93% 11.93% 2,265.63 2,265.63 8
10/31/1991 100.00% 2,307.46 7.1726 12.08% 12.08% 2,266.32 2,266.32 8
11/30/1991 100.00% 2,307.46 7.0904 12.73% 12.73% 2,339.41 2,339.41 8
12/31/1991 100.00% 2,307.46 7.0055 12.35% 12.35% 2,261.05 2,261.05 8
01/31/1992 100.00% 2,307.46 6.9205 12.15% 12.15% 2,210.63 2,210.63 7
02/29/1992 100.00% 2,307.46 6.8411 11.98% 11.98% 2,168.34 2,168.34 7
03/31/1992 100.00% 2,307.46 6.7562 12.42% 12.42% 2,205.71 2,205.71 7
04/30/1992 100.00% 2,307.46 6.6740 12.53% 12.53% 2,198.04 2,198.04 7
05/31/1992 100.00% 2,307.46 6.5890 11.97% 11.97% 2,105.82 2,105.82 7
06/30/1992 100.00% 2,307.46 6.5068 12.78% 12.78% 2,187.12 2,187.12 7
07/31/1992 100.00% 2,307.46 6.4219 13.52% 13.52% 2,257.31 2,257.31 7
08/31/1992 100.00% 2,307.46 6.3370 14.49% 14.49% 2,357.71 2,357.71 7
09/30/1992 100.00% 2,307.46 6.2548 15.22% 15.22% 2,426.34 2,426.34 7
10/31/1992 100.00% 2,307.46 6.1699 15.88% 15.88% 2,483.21 2,483.21 7
11/30/1992 100.00% 2,307.46 6.0877 16.12% 16.12% 2,483.65 2,483.65 7
12/31/1992 100.00% 2,307.46 6.0027 16.27% 16.27% 2,471.19 2,471.19 7
01/31/1993 100.00% 2,307.46 5.9178 16.14% 16.14% 2,423.63 2,423.63 6
02/28/1993 100.00% 2,307.46 5.8411 15.55% 15.55% 2,326.32 2,326.32 6
03/31/1993 100.00% 2,307.46 5.7562 14.71% 14.71% 2,203.69 2,203.69 6
04/30/1993 100.00% 2,307.46 5.6740 14.32% 14.32% 2,136.87 2,136.87 6
05/31/1993 100.00% 2,307.46 5.5890 13.75% 13.75% 2,054.52 2,054.52 6
06/30/1993 100.00% 2,307.46 5.5068 14.05% 14.05% 2,062.40 2,062.40 6
07/31/1993 100.00% 2,307.46 5.4219 13.33% 13.33% 1,971.04 1,971.04 6
08/31/1993 100.00% 2,307.46 5.3370 11.54% 11.54% 1,791.25 1,791.25 6
09/30/1993 100.00% 2,307.46 5.2548 11.85% 11.85% 1,801.57 1,801.57 6
10/31/1993 100.00% 2,307.46 5.1699 10.25% 10.25% 1,656.39 1,656.39 6
11/30/1993 100.00% 2,307.46 5.0877 10.51% 10.51% 1,663.05 1,663.05 6
12/31/1993 100.00% 2,307.46 5.0027 8.03% 8.03% 1,471.87 1,471.87 6
01/31/1994 50.00% 2,297.27 4.9178 6.79% 6.89% 1,381.53 1,387.66 5
02/28/1994 50.00% 2,298.73 4.8411 7.91% 8.00% 1,445.89 1,451.38 5
03/31/1994 50.00% 2,300.44 4.7562 9.34% 9.41% 1,528.88 1,533.55 5
04/30/1994 50.00% 2,299.71 4.6740 8.95% 9.02% 1,492.49 1,497.51 5
05/31/1994 50.00% 2,299.48 4.5890 8.94% 9.02% 1,481.10 1,486.24 5
06/30/1994 50.00% 2,300.88 4.5068 10.24% 10.31% 1,552.04 1,556.48 5
07/31/1994 50.00% 2,299.23 4.4219 9.09% 9.17% 1,468.99 1,474.25 5
08/31/1994 50.00% 2,298.08 4.3370 8.36% 8.46% 1,416.46 1,422.24 5
09/30/1994 50.00% 2,298.82 4.2548 9.12% 9.22% 1,449.91 1,455.35 5
10/31/1994 50.00% 2,298.90 4.1699 9.38% 9.48% 1,453.58 1,458.99 5
11/30/1994 50.00% 2,300.64 4.0877 11.13% 11.21% 1,539.44 1,544.00 5
12/31/1994 50.00% 2,301.41 4.0027 12.12% 12.19% 1,580.80 1,584.95 5
01/31/1995 40.00% 2,287.87 3.9178 13.10% 13.35% 1,619.72 1,633.58 4
02/28/1995 40.00% 2,287.82 3.8411 13.35% 13.60% 1,618.24 1,632.12 4
03/31/1995 40.00% 2,288.18 3.7562 13.87% 14.12% 1,628.84 1,642.56 4
04/30/1995 40.00% 2,287.18 3.6740 13.64% 13.91% 1,599.70 1,613.88 4
05/31/1995 40.00% 2,286.03 3.5890 13.34% 13.63% 1,567.34 1,582.03 4
06/30/1995 40.00% 2,285.75 3.5068 13.51% 13.82% 1,559.58 1,574.39 4
07/31/1995 40.00% 2,283.34 3.4219 12.50% 12.85% 1,496.48 1,512.28 4
08/31/1995 40.00% 2,284.09 3.3370 13.27% 13.61% 1,515.51 1,531.01 4
09/30/1995 40.00% 2,283.22 3.2548 13.11% 13.48% 1,493.42 1,509.27 4
10/31/1995 40.00% 2,286.09 3.1699 15.26% 15.60% 1,568.77 1,583.44 4
11/30/1995 40.00% 2,286.39 3.0877 15.90% 16.25% 1,577.30 1,591.83 4
12/31/1995 40.00% 2,285.72 3.0027 15.93% 16.30% 1,558.82 1,573.64 4
01/31/1996 30.00% 2,258.43 2.9178 14.81% 15.66% 1,496.23 1,528.71 3
02/29/1996 30.00% 2,258.01 2.8384 15.06% 15.94% 1,489.05 1,521.66 3
03/31/1996 30.00% 2,258.00 2.7534 15.56% 16.47% 1,489.04 1,521.65 3
04/30/1996 30.00% 2,253.56 2.6712 13.93% 14.95% 1,416.88 1,450.76 3
05/31/1996 30.00% 2,253.62 2.5863 14.45% 15.50% 1,417.85 1,451.72 3
06/30/1996 30.00% 2,254.44 2.5041 15.37% 16.45% 1,430.62 1,464.26 3
07/31/1996 30.00% 2,258.52 2.4192 18.18% 19.23% 1,497.84 1,530.30 3
08/31/1996 30.00% 2,256.08 2.3342 17.49% 18.63% 1,456.87 1,490.05 3
09/30/1996 30.00% 2,251.78 2.2521 15.74% 17.00% 1,389.80 1,424.17 3
10/31/1996 30.00% 2,251.44 2.1671 16.21% 17.53% 1,384.74 1,419.19 3
11/30/1996 30.00% 2,247.56 2.0849 14.64% 16.09% 1,329.52 1,364.95 3
12/31/1996 30.00% 2,246.88 2.0000 14.90% 16.44% 1,320.26 1,355.85 3
01/31/1997 20.00% 2,229.23 1.9151 12.96% 15.01% 1,262.90 1,307.21 2
02/28/1997 20.00% 2,226.76 1.8384 12.05% 14.24% 1,232.68 1,277.36 2
03/31/1997 20.00% 2,228.25 1.7534 13.61% 15.90% 1,250.73 1,295.19 2
04/30/1997 20.00% 2,226.64 1.6712 13.25% 15.70% 1,231.21 1,275.90 2
05/31/1997 20.00% 2,221.24 1.5863 10.41% 13.09% 1,170.08 1,215.49 2
06/30/1997 20.00% 2,217.43 1.5041 8.48% 11.39% 1,130.24 1,176.12 2
07/31/1997 20.00% 2,209.51 1.4192 3.86% 7.08% 1,055.18 1,101.96 2
08/31/1997 20.00% 2,216.57 1.3342 8.98% 12.31% 1,121.60 1,167.59 2
09/30/1997 20.00% 2,208.49 1.2521 3.68% 7.37% 1,046.23 1,093.11 2
10/31/1997 20.00% 2,215.07 1.1671 9.09% 12.98% 1,106.88 1,153.05 2
11/30/1997 20.00% 2,213.03 1.0849 8.02% 12.26% 1,087.32 1,133.72 2
12/31/1997 20.00% 2,211.97 1.0000 7.75% 12.40% 1,077.48 1,123.99 2
01/31/1998 10.00% 2,196.61 0.9151 5.70% 11.03% 1,052.04 1,100.52 1
02/28/1998 10.00% 2,191.98 0.8384 1.70% 7.05% 1,014.21 1,058.82 1
03/31/1998 10.00% 2,186.21 0.7534 -2.90% 2.48% 978.04 1,018.64 1
04/30/1998 10.00% 2,183.58 0.6712 -4.87% 0.53% 967.05 1,003.54 1
05/31/1998 10.00% 2,185.02 0.5863 -3.80% 1.59% 977.55 1,009.31 1
06/30/1998 10.00% 2,184.12 0.5041 -4.47% 0.92% 977.19 1,004.63 1
07/31/1998 10.00% 2,184.73 0.4192 -4.02% 1.38% 982.97 1,005.75 1
08/31/1998 10.00% 2,205.49 0.3342 14.26% 19.55% 1,045.57 1,061.48 1
09/30/1998 10.00% 2,206.01 0.2521 14.81% 20.09% 1,035.42 1,047.23 1
10/31/1998 10.00% 2,198.35 0.1671 7.28% 12.61% 1,011.82 1,020.04 1
11/30/1998 10.00% 2,190.59 0.0849 0.56% 5.92% 1,000.47 1,004.90 1
12/31/1998 10.00% 2,182.85 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GLOBAL SECURITIES FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.516363 1 6.00% 10%
Units purchased 1,936.621 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,178.46 2,190.59 2,307.46 0.56% 5.92%
09/30/1998 0.25 0.25 1,921.50 2,206.01 2,307.46 14.81% 20.09%
12/31/1997 1.00 1.00 2,052.91 2,211.97 2,307.46 7.75% 12.40%
12/31/1997 1.00 1.00 2,052.91 2,211.97 2,307.46 7.75% 12.40%
12/31/1995 3.00 3.00 1,466.32 2,285.72 2,307.46 15.95% 16.31%
12/31/1993 5.00 5.00 1,567.70 2,307.46 2,307.46 8.04% 8.04%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
11/12/1990 8.14 8.14 1,000.00 2,307.46 2,307.46 10.82% 10.82%
12/31/1992 933.74
12/31/1993 1 1,567.70 67.89%
12/31/1994 1 1,455.85 -7.13%
12/31/1995 1 1,466.32 0.72%
12/31/1996 1 1,701.85 16.06%
12/31/1997 1 2,052.91 20.63%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GLOBAL SECURITIES FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
11/12/1990 100 10 1000
11/30/1990 1000 0 10 100 9.98 998.00 -0.20%
12/31/1990 998 0 10 100 10.04 1,004.00 0.60%
01/31/1991 1004 0 10 100 10.16 1,016.00 1.20%
02/28/1991 1016 0 10 100 10.25 1,025.00 0.89%
03/31/1991 1025 0 10 100 9.7 970.00 -5.37%
04/30/1991 970 0 10 100 9.72 972.00 0.21%
05/31/1991 972 0 10 100 9.91 991.00 1.95%
06/30/1991 991 0 10 100 9.46 946.00 -4.54%
07/31/1991 946 0 10 100 9.79 979.00 3.49%
08/31/1991 979 0 10 100 9.99 999.00 2.04%
09/30/1991 999 0 10 100 10.32 1,032.00 3.30%
10/31/1991 1032 0 10 100 10.33 1,033.00 0.10%
11/30/1991 1033 0 10 100 10.02 1,002.00 -3.00%
12/31/1991 1002 0 10 100 10.38 1,038.00 3.59%
01/31/1992 1038 0 10 100 10.63 1,063.00 2.41%
02/29/1992 1063 0 10 100 10.85 1,085.00 2.07%
03/31/1992 1085 0.08 10.6 100.755 10.6 1,068.00 -1.57%
04/30/1992 1068 0 10 100.755 10.65 1,073.04 0.47%
05/31/1992 1073.04 0 10 100.755 11.13 1,121.40 4.51%
06/30/1992 1121.4 0 10 100.755 10.73 1,081.10 -3.59%
07/31/1992 1081.1 0 10 100.755 10.41 1,048.86 -2.98%
08/31/1992 1048.86 0 10 100.755 9.98 1,005.53 -4.13%
09/30/1992 1005.53 0 10 100.755 9.71 978.33 -2.71%
10/31/1992 978.33 0 10 100.755 9.5 957.17 -2.16%
11/30/1992 957.17 0 10 100.755 9.51 958.18 0.11%
12/31/1992 958.18 0 10 100.755 9.57 964.23 0.63%
01/31/1993 964.23 0 10 100.755 9.77 984.38 2.09%
02/28/1993 984.38 0 10 100.755 10.19 1,026.69 4.30%
03/31/1993 1026.69 0 10 100.755 10.77 1,085.13 5.69%
04/30/1993 1085.13 0 10 100.755 11.12 1,120.40 3.25%
05/31/1993 1120.4 0 10 100.755 11.58 1,166.74 4.14%
06/30/1993 1166.74 0 10 100.755 11.55 1,163.72 -0.26%
07/31/1993 1163.72 0 10 100.755 12.1 1,219.14 4.76%
08/31/1993 1219.14 0 10 100.755 13.33 1,343.06 10.16%
09/30/1993 1343.06 0 10 100.755 13.27 1,337.02 -0.45%
10/31/1993 1337.02 0 10 100.755 14.45 1,455.91 8.89%
11/30/1993 1455.91 0 10 100.755 14.41 1,451.88 -0.28%
12/31/1993 1451.88 0 10 100.755 16.3 1,642.31 13.12%
01/31/1994 1642.31 0 10 100.755 17.31 1,744.07 6.20%
02/28/1994 1744.07 0 10 100.755 16.57 1,669.51 -4.28%
03/31/1994 1669.51 0.288 15.68 102.606 15.42 1,582.18 -5.23%
04/30/1994 1582.18 0 10 102.606 15.81 1,622.20 2.53%
05/31/1994 1622.2 0 10 102.606 15.95 1,636.57 0.89%
06/30/1994 1636.57 0 10 102.606 15.25 1,564.74 -4.39%
07/31/1994 1564.74 0 10 102.606 16.12 1,654.01 5.71%
08/31/1994 1654.01 0 10 102.606 16.73 1,716.60 3.78%
09/30/1994 1716.6 0 10 102.606 16.37 1,679.66 -2.15%
10/31/1994 1679.66 0 10 102.606 16.35 1,677.61 -0.12%
11/30/1994 1677.61 0 10 102.606 15.47 1,587.31 -5.38%
12/31/1994 1587.31 0 10 102.606 15.09 1,548.32 -2.46%
01/31/1995 1548.32 0 10 102.606 14.66 1,504.20 -2.85%
02/28/1995 1504.2 0 10 102.606 14.69 1,507.28 0.20%
03/31/1995 1507.28 0.398 13.95 105.533 14.21 1,499.62 -0.51%
04/30/1995 1499.62 0 10 105.533 14.48 1,528.12 1.90%
05/31/1995 1528.12 0 10 105.533 14.79 1,560.83 2.14%
06/30/1995 1560.83 0 10 105.533 14.88 1,570.33 0.61%
07/31/1995 1570.33 0 10 105.533 15.51 1,636.82 4.23%
08/31/1995 1636.82 0 10 105.533 15.34 1,618.88 -1.10%
09/30/1995 1618.88 0 10 105.533 15.58 1,644.20 1.56%
10/31/1995 1644.2 0 10 105.533 14.87 1,569.28 -4.56%
11/30/1995 1569.28 0 10 105.533 14.81 1,562.94 -0.40%
12/31/1995 1562.94 0 10 105.533 15 1,583.00 1.28%
01/31/1996 1583 0 10 105.533 15.46 1,631.54 3.07%
02/29/1996 1631.54 0 10 105.533 15.55 1,641.04 0.58%
03/31/1996 1641.04 0 10 105.533 15.57 1,643.15 0.13%
04/30/1996 1643.15 0 10 105.533 16.35 1,725.46 5.01%
05/31/1996 1725.46 0 10 105.533 16.36 1,726.52 0.06%
06/30/1996 1726.52 0 10 105.533 16.24 1,713.86 -0.73%
07/31/1996 1713.86 0 10 105.533 15.56 1,642.09 -4.19%
08/31/1996 1642.09 0 10 105.533 16 1,688.53 2.83%
09/30/1996 1688.53 0 10 105.533 16.76 1,768.73 4.75%
10/31/1996 1768.73 0 10 105.533 16.84 1,777.18 0.48%
11/30/1996 1777.18 0 10 105.533 17.53 1,849.99 4.10%
12/31/1996 1849.99 0 10 105.533 17.67 1,864.77 0.80%
01/31/1997 1864.77 0 10 105.533 18.35 1,936.53 3.85%
02/28/1997 1936.53 0 10 105.533 18.8 1,984.02 2.45%
03/31/1997 1984.02 0.225 18.33 106.828 18.34 1,959.23 -1.25%
04/30/1997 1959.23 0 10 106.828 18.64 1,991.27 1.64%
05/31/1997 1991.27 0 10 106.828 19.59 2,092.76 5.10%
06/30/1997 2092.76 0 10 106.828 20.27 2,165.40 3.47%
07/31/1997 2165.4 0 10 106.828 21.66 2,313.89 6.86%
08/31/1997 2313.89 0 10 106.828 20.47 2,186.77 -5.49%
09/30/1997 2186.77 0 10 106.828 21.89 2,338.46 6.94%
10/31/1997 2338.46 0 10 106.828 20.78 2,219.89 -5.07%
11/30/1997 2219.89 0 10 106.828 21.16 2,260.48 1.83%
12/31/1997 2260.48 0 10 106.828 21.37 2,282.91 0.99%
01/31/1998 2282.91 0 10 106.828 21.66 2,313.89 1.36%
02/28/1998 2313.89 0 10 106.828 22.49 2,402.56 3.83%
03/31/1998 2402.56 2.182 20.81 118.029 21.29 2,512.84 4.59%
04/30/1998 2512.84 0 10 118.029 21.73 2,564.77 2.07%
05/31/1998 2564.77 0 10 118.029 21.53 2,541.16 -0.92%
06/30/1998 2541.16 0 10 118.029 21.7 2,561.23 0.79%
07/31/1998 2561.23 0 10 118.029 21.63 2,552.97 -0.32%
08/31/1998 2552.97 0 10 118.029 18.37 2,168.19 -15.07%
09/30/1998 2168.19 0 10 118.029 18.31 2,161.11 -0.33%
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
11/30/1990 0.00069 0.690410959 997.31 0.05 0.514974102
12/31/1990 0.00119 1.185842087 1,002.12 0.13 0.517457813
01/31/1991 0.00119 1.191561383 1,012.91 0.22 0.523027289
02/28/1991 0.00107 1.08783282 1,020.79 0.30 0.527098688
03/31/1991 0.00119 1.213761636 964.80 0.37 0.498188602
04/30/1991 0.00115 1.110183629 965.68 0.45 0.498642537
05/31/1991 0.00119 1.148235036 983.41 0.54 0.507796758
06/30/1991 0.00115 1.131594833 937.62 0.60 0.484154064
07/31/1991 0.00119 1.114872115 969.22 0.70 0.50046748
08/31/1991 0.00119 1.152437374 987.86 0.79 0.510096459
09/30/1991 0.00115 1.136719579 1,019.36 0.90 0.526359532
10/31/1991 0.00119 1.212059564 1,019.13 0.98 0.526243707
11/30/1991 0.00115 1.17270276 987.38 1.04 0.509845761
12/31/1991 0.00119 1.174032944 1,021.68 1.16 0.527557345
01/31/1992 0.00119 1.214817795 1,045.07 1.27 0.539636159
02/29/1992 0.00111 1.162462141 1,065.54 1.38 0.550204293
03/31/1992 0.00119 1.266967417 1,047.58 1.44 0.540929366 .04 Dividend
04/30/1992 0.00115 1.205428876 1,051.31 1.54 0.542859627
05/31/1992 0.00119 1.250054693 1,097.44 1.69 0.56667986
06/30/1992 0.00115 1.262812319 1,056.74 1.72 0.54566289
07/31/1992 0.00119 1.256509829 1,023.97 1.76 0.528741601
08/31/1992 0.00119 1.217544807 980.45 1.77 0.506269787
09/30/1992 0.00115 1.128192068 952.80 1.80 0.491992424
10/31/1992 0.00119 1.132921676 931.06 1.84 0.480766271
11/30/1992 0.00115 1.071359003 930.97 1.91 0.480720362
12/31/1992 0.00119 1.106965254 935.74 2.00 0.48318406
01/31/1993 0.00119 1.112638465 954.19 2.12 0.492706875
02/28/1993 0.00107 1.024770066 994.17 2.28 0.513354937
03/31/1993 0.00119 1.182113602 1,049.58 2.50 0.541965103
04/30/1993 0.00115 1.207736955 1,082.49 2.66 0.558956973
05/31/1993 0.00119 1.287122404 1,125.97 2.86 0.581410939
06/30/1993 0.00115 1.295639651 1,121.76 2.94 0.579236989
07/31/1993 0.00119 1.333821637 1,173.85 3.17 0.606133336
08/31/1993 0.00119 1.395756442 1,291.77 3.59 0.667023297
09/30/1993 0.00115 1.486421694 1,284.48 3.68 0.663256031
10/31/1993 0.00119 1.527294118 1,397.17 4.11 0.721445201
11/30/1993 0.00115 1.607697665 1,391.69 4.20 0.718618064
12/31/1993 0.00119 1.654777477 1,572.57 4.87 0.812018246
01/31/1994 0.00119 1.869852111 1,668.14 5.30 0.861366596
02/28/1994 0.00107 1.791537215 1,595.04 5.19 0.823617592
03/31/1994 0.00119 1.896562178 1,509.70 5.05 0.779555861 .037 Dividend
04/30/1994 0.00115 1.737193809 1,546.15 5.30 0.798377091
05/31/1994 0.00119 1.838440325 1,558.01 5.47 0.804500084
06/30/1994 0.00115 1.792780524 1,487.84 5.35 0.768264385
07/31/1994 0.00119 1.769099143 1,570.95 5.77 0.811181148
08/31/1994 0.00119 1.867924507 1,628.53 6.12 0.840912824
09/30/1994 0.00115 1.873924147 1,591.61 6.11 0.821849358
10/31/1994 0.00119 1.892490427 1,587.78 6.23 0.81986909
11/30/1994 0.00115 1.82702944 1,500.48 6.02 0.774794934
12/31/1994 0.00119 1.78413718 1,461.84 5.99 0.754841942
01/31/1995 0.00119 1.73819099 1,418.45 5.94 0.73243488
02/28/1995 0.00107 1.523375008 1,419.83 6.05 0.733147998
03/31/1995 0.00119 1.688235873 1,410.93 6.13 0.728550396
04/30/1995 0.00115 1.623531168 1,436.12 6.36 0.741558029
05/31/1995 0.00119 1.707601834 1,465.15 6.61 0.756549622
06/30/1995 0.00115 1.685925777 1,472.38 6.76 0.760283815
07/31/1995 0.00119 1.750722111 1,532.97 7.16 0.791571302
08/31/1995 0.00119 1.822768488 1,514.35 7.21 0.781954251
09/30/1995 0.00115 1.742538478 1,536.29 7.44 0.793284579
10/31/1995 0.00119 1.826713687 1,464.46 7.22 0.756194341
11/30/1995 0.00115 1.685134053 1,456.86 7.30 0.752269122
12/31/1995 0.00119 1.732266501 1,473.83 7.51 0.761029856
01/31/1996 0.00119 1.752440034 1,517.27 7.85 0.783460645
02/29/1996 0.00111 1.687698875 1,524.41 8.01 0.787151051
03/31/1996 0.00119 1.812589879 1,524.56 8.14 0.787227191
04/30/1996 0.00115 1.754288912 1,599.18 8.66 0.825755762
05/31/1996 0.00119 1.90148579 1,598.26 8.79 0.825281191
06/30/1996 0.00115 1.839089983 1,584.70 8.85 0.818280038
07/31/1996 0.00119 1.884271276 1,516.45 8.60 0.783040584
08/31/1996 0.00119 1.803124618 1,557.54 8.96 0.804254713
09/30/1996 0.00115 1.792233729 1,629.72 9.51 0.841528903
10/31/1996 0.00119 1.937806944 1,635.57 9.68 0.844548644
11/30/1996 0.00115 1.882026355 1,700.70 10.20 0.878177486
12/31/1996 0.00119 2.022198435 1,712.26 10.41 0.884149261
01/31/1997 0.00119 2.035949771 1,776.12 10.94 0.917121766
02/28/1997 0.00107 1.907501153 1,817.77 11.33 0.938627604
03/31/1997 0.00119 2.161398239 1,792.89 11.33 0.925783541 Dividend
04/30/1997 0.00115 2.063053486 1,820.15 11.65 0.939857931
05/31/1997 0.00119 2.164231339 1,910.75 12.39 0.986642585
06/30/1997 0.00115 2.19867424 1,974.88 12.96 1.019753776
07/31/1997 0.00119 2.348209242 2,107.95 14.00 1.088469776
08/31/1997 0.00119 2.506443074 1,989.64 13.39 1.027377418
09/30/1997 0.00115 2.289449391 2,125.37 14.46 1.097461473
10/31/1997 0.00119 2.52714845 2,015.07 13.89 1.04051052
11/30/1997 0.00115 2.318715725 2,049.60 14.30 1.058338632
12/31/1997 0.00119 2.437059432 2,067.50 14.59 1.06758177
01/31/1998 0.00119 2.458343808 2,093.10 14.95 1.080799882
02/28/1998 0.00107 2.247931626 2,171.06 15.66 1.121056195
03/31/1998 0.00119 2.581480531 2,268.13 16.55 1.171180857 .458 Dividend
04/30/1998 0.00115 2.60990679 2,312.40 17.06 1.194036657
05/31/1998 0.00119 2.749534231 2,288.36 17.07 1.181625189
06/30/1998 0.00115 2.633181362 2,303.80 17.38 1.189597948
07/31/1998 0.00119 2.739313121 2,293.63 17.49 1.184346999
08/31/1998 0.00119 2.727221644 1,945.21 15.03 1.00443567
09/30/1998 0.00115 2.23832507 1,936.62 15.12 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.194045 1 6.00% 10%
Units purchased 5,153.455 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/03/1985 0.194045 5,153.455 1,000.00 1,000.00 6,511.86 0.00%
04/30/1985 0.192313 5,153.455 991.08 0.00000 0 991.08 6,511.86 0.00%
05/31/1985 0.199475 5,153.455 1,027.99 0.00000 0 1,027.99 6,511.86 0.00%
06/30/1985 0.199464 5,153.455 1,027.93 0.00000 0 1,027.93 6,511.86 0.00%
07/31/1985 0.203122 5,153.455 1,046.78 0.00000 0 1,046.78 6,511.86 0.00%
08/31/1985 0.203872 5,153.455 1,050.65 0.00000 0 1,050.65 6,511.86 0.00%
09/30/1985 0.196134 5,153.455 1,010.77 0.00000 0 1,010.77 6,511.86 0.00%
10/31/1985 0.198433 5,153.455 1,022.61 0.00000 0 1,022.61 6,511.86 0.00%
11/30/1985 0.204394 5,153.455 1,053.33 0.00000 0 1,053.33 6,511.86 0.00%
12/31/1985 0.210528 5,153.455 1,084.95 0.00000 0 1,084.95 6,511.86 0.00%
01/31/1986 0.212073 5,153.455 1,092.91 0.00000 0 1,092.91 6,511.86 0.00%
02/28/1986 0.221357 5,153.455 1,140.76 0.00000 0 1,140.76 6,511.86 0.00%
03/31/1986 0.235142 5,153.455 1,211.79 0.00000 0 1,211.79 6,511.86 0.00%
04/30/1986 0.239240 5,153.455 1,232.91 0.00000 0 1,232.91 6,511.86 0.00%
05/31/1986 0.254160 5,153.455 1,309.80 0.00000 0 1,309.80 6,511.86 0.00%
06/30/1986 0.251536 5,153.455 1,296.28 0.00000 0 1,296.28 6,511.86 0.00%
07/31/1986 0.239864 5,153.455 1,236.13 0.00000 0 1,236.13 6,511.86 0.00%
08/31/1986 0.247073 5,153.455 1,273.28 0.00000 0 1,273.28 6,511.86 0.00%
09/30/1986 0.235830 5,153.455 1,215.34 0.00000 0 1,215.34 6,511.86 0.00%
10/31/1986 0.246165 5,153.455 1,268.60 0.00000 0 1,268.60 6,511.86 0.00%
11/30/1986 0.248654 5,153.455 1,281.43 0.00000 0 1,281.43 6,511.86 0.00%
12/31/1986 0.244870 5,153.455 1,261.92 0.00000 0 1,261.92 6,511.86 0.00%
01/31/1987 0.265526 5,153.455 1,368.37 0.00000 0 1,368.37 6,511.86 0.00%
02/28/1987 0.280841 5,153.455 1,447.30 0.00000 0 1,447.30 6,511.86 0.00%
03/31/1987 0.286684 5,153.455 1,477.41 0.00000 0 1,477.41 6,511.86 0.00%
04/30/1987 0.286185 5,153.455 1,474.84 0.00000 0 1,474.84 6,511.86 0.00%
05/31/1987 0.285064 5,153.455 1,469.07 0.00000 0 1,469.07 6,511.86 0.00%
06/30/1987 0.294361 5,153.455 1,516.98 0.00000 0 1,516.98 6,511.86 0.00%
07/31/1987 0.325238 5,153.455 1,676.10 0.00000 0 1,676.10 6,511.86 0.00%
08/31/1987 0.320412 5,153.455 1,651.23 0.00000 0 1,651.23 6,511.86 0.00%
09/30/1987 0.327814 5,153.455 1,689.37 0.00000 0 1,689.37 6,511.86 0.00%
10/31/1987 0.236622 5,153.455 1,219.42 0.00000 0 1,219.42 6,511.86 0.00%
11/30/1987 0.228261 5,153.455 1,176.33 0.00000 0 1,176.33 6,511.86 0.00%
12/31/1987 0.249831 5,153.455 1,287.49 0.00000 0 1,287.49 6,511.86 0.00%
01/31/1988 0.247559 5,153.455 1,275.78 0.00000 0 1,275.78 6,511.86 0.00%
02/29/1988 0.265569 5,153.455 1,368.60 0.00000 0 1,368.60 6,511.86 0.00%
03/31/1988 0.273294 5,153.455 1,408.41 0.00000 0 1,408.41 6,511.86 0.00%
04/30/1988 0.275456 5,153.455 1,419.55 0.00000 0 1,419.55 6,511.86 0.00%
05/31/1988 0.273610 5,153.455 1,410.04 0.00000 0 1,410.04 6,511.86 0.00%
06/30/1988 0.291623 5,153.455 1,502.87 0.00000 0 1,502.87 6,511.86 0.00%
07/31/1988 0.293537 5,153.455 1,512.73 0.00000 0 1,512.73 6,511.86 0.00%
08/31/1988 0.284120 5,153.455 1,464.20 0.00000 0 1,464.20 6,511.86 0.00%
09/30/1988 0.292479 5,153.455 1,507.28 0.00000 0 1,507.28 6,511.86 0.00%
10/31/1988 0.296379 5,153.455 1,527.38 0.00000 0 1,527.38 6,511.86 0.00%
11/30/1988 0.294083 5,153.455 1,515.54 0.00000 0 1,515.54 6,511.86 0.00%
12/31/1988 0.301288 5,153.455 1,552.67 0.00000 0 1,552.67 6,511.86 0.00%
01/31/1989 0.324824 5,153.455 1,673.97 0.00000 0 1,673.97 6,511.86 0.00%
02/28/1989 0.324953 5,153.455 1,674.63 0.00000 0 1,674.63 6,511.86 0.00%
03/31/1989 0.331576 5,153.455 1,708.76 0.00000 0 1,708.76 6,511.86 0.00%
04/30/1989 0.339169 5,153.455 1,747.89 0.00000 0 1,747.89 6,511.86 0.00%
05/31/1989 0.349224 5,153.455 1,799.71 0.00000 0 1,799.71 6,511.86 0.00%
06/30/1989 0.342984 5,153.455 1,767.55 0.00000 0 1,767.55 6,511.86 0.00%
07/31/1989 0.365441 5,153.455 1,883.28 0.00000 0 1,883.28 6,511.86 0.00%
08/31/1989 0.369793 5,153.455 1,905.71 0.00000 0 1,905.71 6,511.86 0.00%
09/30/1989 0.367608 5,153.455 1,894.45 0.00000 0 1,894.45 6,511.86 0.00%
10/31/1989 0.358208 5,153.455 1,846.01 0.00000 0 1,846.01 6,511.86 0.00%
11/30/1989 0.368641 5,153.455 1,899.77 0.00000 0 1,899.77 6,511.86 0.00%
12/31/1989 0.367799 5,153.455 1,895.43 0.00000 0 1,895.43 6,511.86 0.00%
01/31/1990 0.349669 5,153.455 1,802.01 0.00000 0 1,802.01 6,511.86 0.00%
02/28/1990 0.347989 5,153.455 1,793.35 0.00000 0 1,793.35 6,511.86 0.00%
03/31/1990 0.354520 5,153.455 1,827.00 0.00000 0 1,827.00 6,511.86 0.00%
04/30/1990 0.339126 5,153.455 1,747.67 0.00000 0 1,747.67 6,511.86 0.00%
05/31/1990 0.357263 5,153.455 1,841.14 0.00000 0 1,841.14 6,511.86 0.00%
06/30/1990 0.351273 5,153.455 1,810.27 0.00000 0 1,810.27 6,511.86 0.00%
07/31/1990 0.357321 5,153.455 1,841.44 0.00000 0 1,841.44 6,511.86 0.00%
08/31/1990 0.337965 5,153.455 1,741.69 0.00000 0 1,741.69 6,511.86 0.00%
09/30/1990 0.326674 5,153.455 1,683.50 0.00000 0 1,683.50 6,511.86 0.00%
10/31/1990 0.321794 5,153.455 1,658.35 0.00000 0 1,658.35 6,511.86 0.00%
11/30/1990 0.323060 5,153.455 1,664.88 0.00000 0 1,664.88 6,511.86 0.00%
12/31/1990 0.333363 5,153.455 1,717.97 0.00000 0 1,717.97 6,511.86 0.00%
01/31/1991 0.338592 5,153.455 1,744.92 0.00000 0 1,744.92 6,511.86 0.00%
02/28/1991 0.356856 5,153.455 1,839.04 0.00000 0 1,839.04 6,511.86 0.00%
03/31/1991 0.361137 5,153.455 1,861.10 0.00000 0 1,861.10 6,511.86 0.00%
04/30/1991 0.359665 5,153.455 1,853.52 0.00000 0 1,853.52 6,511.86 0.00%
05/31/1991 0.364779 5,153.455 1,879.87 0.00000 0 1,879.87 6,511.86 0.00%
06/30/1991 0.350131 5,153.455 1,804.38 0.00000 0 1,804.38 6,511.86 0.00%
07/31/1991 0.372517 5,153.455 1,919.75 0.00000 0 1,919.75 6,511.86 0.00%
08/31/1991 0.378421 5,153.455 1,950.18 0.00000 0 1,950.18 6,511.86 0.00%
09/30/1991 0.374203 5,153.455 1,928.44 0.00000 0 1,928.44 6,511.86 0.00%
10/31/1991 0.378725 5,153.455 1,951.74 0.00000 0 1,951.74 6,511.86 0.00%
11/30/1991 0.364684 5,153.455 1,879.38 0.00000 0 1,879.38 6,511.86 0.00%
12/31/1991 0.413393 5,153.455 2,130.40 0.00000 0 2,130.40 6,511.86 0.00%
01/31/1992 0.418949 5,153.455 2,159.03 0.00000 0 2,159.03 6,511.86 0.00%
02/29/1992 0.424251 5,153.455 2,186.36 0.00000 0 2,186.36 6,511.86 0.00%
03/31/1992 0.409923 5,153.455 2,112.52 0.00000 0 2,112.52 6,511.86 0.00%
04/30/1992 0.407275 5,153.455 2,098.87 0.00000 0 2,098.87 6,511.86 0.00%
05/31/1992 0.410735 5,153.455 2,116.70 0.00000 0 2,116.70 6,511.86 0.00%
06/30/1992 0.397538 5,153.455 2,048.70 0.00000 0 2,048.70 6,511.86 0.00%
07/31/1992 0.416258 5,153.455 2,145.17 0.00000 0 2,145.17 6,511.86 0.00%
08/31/1992 0.405285 5,153.455 2,088.62 0.00000 0 2,088.62 6,511.86 0.00%
09/30/1992 0.412343 5,153.455 2,124.99 0.00000 0 2,124.99 6,511.86 0.00%
10/31/1992 0.427669 5,153.455 2,203.97 0.00000 0 2,203.97 6,511.86 0.00%
11/30/1992 0.455409 5,153.455 2,346.93 0.00000 0 2,346.93 6,511.86 0.00%
12/31/1992 0.467623 5,153.455 2,409.87 0.00000 0 2,409.87 6,511.86 0.00%
01/31/1993 0.474294 5,153.455 2,444.25 0.00000 0 2,444.25 6,511.86 0.00%
02/28/1993 0.459792 5,153.455 2,369.52 0.00000 0 2,369.52 6,511.86 0.00%
03/31/1993 0.474276 5,153.455 2,444.16 0.00000 0 2,444.16 6,511.86 0.00%
04/30/1993 0.454864 5,153.455 2,344.12 0.00000 0 2,344.12 6,511.86 0.00%
05/31/1993 0.474134 5,153.455 2,443.43 0.00000 0 2,443.43 6,511.86 0.00%
06/30/1993 0.477310 5,153.455 2,459.80 0.00000 0 2,459.80 6,511.86 0.00%
07/31/1993 0.470609 5,153.455 2,425.26 0.00000 0 2,425.26 6,511.86 0.00%
08/31/1993 0.479391 5,153.455 2,470.52 0.00000 0 2,470.52 6,511.86 0.00%
09/30/1993 0.490140 5,153.455 2,525.91 0.00000 0 2,525.91 6,511.86 0.00%
10/31/1993 0.494392 5,153.455 2,547.83 0.00000 0 2,547.83 6,511.86 0.00%
11/30/1993 0.487994 5,153.455 2,514.86 0.00000 0 2,514.86 6,511.86 0.00%
12/31/1993 0.495321 5,153.455 2,552.61 0.00000 0 2,552.61 6,511.86 0.00%
01/31/1994 0.510465 5,153.455 2,630.66 0.00000 0 2,630.66 6,511.86 2.00%
02/28/1994 0.502988 5,153.455 2,592.12 0.00000 0 2,592.12 6,511.86 2.00%
03/31/1994 0.481359 5,153.455 2,480.66 0.00000 0 2,480.66 6,511.86 2.00%
04/30/1994 0.482274 5,153.455 2,485.38 0.00000 0 2,485.38 6,511.86 2.00%
05/31/1994 0.489931 5,153.455 2,524.84 0.00000 0 2,524.84 6,511.86 2.00%
06/30/1994 0.468322 5,153.455 2,413.48 0.00000 0 2,413.48 6,511.86 2.00%
07/31/1994 0.477944 5,153.455 2,463.06 0.00000 0 2,463.06 6,511.86 2.00%
08/31/1994 0.507485 5,153.455 2,615.30 0.00000 0 2,615.30 6,511.86 2.00%
09/30/1994 0.496584 5,153.455 2,559.12 0.00000 0 2,559.12 6,511.86 2.00%
10/31/1994 0.504744 5,153.455 2,601.18 0.00000 0 2,601.18 6,511.86 2.00%
11/30/1994 0.491908 5,153.455 2,535.03 0.00000 0 2,535.03 6,511.86 2.00%
12/31/1994 0.493902 5,153.455 2,545.30 0.00000 0 2,545.30 6,511.86 2.00%
01/31/1995 0.502317 5,153.455 2,588.67 0.00000 0 2,588.67 6,511.86 4.00%
02/28/1995 0.520812 5,153.455 2,683.98 0.00000 0 2,683.98 6,511.86 4.00%
03/31/1995 0.536341 5,153.455 2,764.01 0.00000 0 2,764.01 6,511.86 4.00%
04/30/1995 0.549792 5,153.455 2,833.33 0.00000 0 2,833.33 6,511.86 4.00%
05/31/1995 0.571188 5,153.455 2,943.59 0.00000 0 2,943.59 6,511.86 4.00%
06/30/1995 0.591419 5,153.455 3,047.85 0.00000 0 3,047.85 6,511.86 4.00%
07/31/1995 0.620133 5,153.455 3,195.83 0.00000 0 3,195.83 6,511.86 4.00%
08/31/1995 0.623174 5,153.455 3,211.50 0.00000 0 3,211.50 6,511.86 4.00%
09/30/1995 0.641866 5,153.455 3,307.83 0.00000 0 3,307.83 6,511.86 4.00%
10/31/1995 0.644309 5,153.455 3,320.42 0.00000 0 3,320.42 6,511.86 4.00%
11/30/1995 0.669749 5,153.455 3,451.52 0.00000 0 3,451.52 6,511.86 4.00%
12/31/1995 0.666770 5,153.455 3,436.17 0.00000 0 3,436.17 6,511.86 4.00%
01/31/1996 0.688995 5,153.455 3,550.71 0.00000 0 3,550.71 6,511.86 6.00%
02/29/1996 0.703019 5,153.455 3,622.98 0.00000 0 3,622.98 6,511.86 6.00%
03/31/1996 0.710982 5,153.455 3,664.01 0.00000 0 3,664.01 6,511.86 6.00%
04/30/1996 0.729806 5,153.455 3,761.02 0.00000 0 3,761.02 6,511.86 6.00%
05/31/1996 0.745819 5,153.455 3,843.55 0.00000 0 3,843.55 6,511.86 6.00%
06/30/1996 0.738040 5,153.455 3,803.46 0.00000 0 3,803.46 6,511.86 6.00%
07/31/1996 0.708014 5,153.455 3,648.72 0.00000 0 3,648.72 6,511.86 6.00%
08/31/1996 0.734950 5,153.455 3,787.53 0.00000 0 3,787.53 6,511.86 6.00%
09/30/1996 0.783436 5,153.455 4,037.40 0.00000 0 4,037.40 6,511.86 6.00%
10/31/1996 0.791409 5,153.455 4,078.49 0.00000 0 4,078.49 6,511.86 6.00%
11/30/1996 0.837917 5,153.455 4,318.17 0.00000 0 4,318.17 6,511.86 6.00%
12/31/1996 0.824602 5,153.455 4,249.55 0.00000 0 4,249.55 6,511.86 6.00%
01/31/1997 0.864897 5,153.455 4,457.21 0.00000 0 4,457.21 6,511.86 6.00%
02/28/1997 0.852576 5,153.455 4,393.71 0.00000 0 4,393.71 6,511.86 6.00%
03/31/1997 0.814118 5,153.455 4,195.52 0.00000 0 4,195.52 6,511.86 6.00%
04/30/1997 0.856941 5,153.455 4,416.21 0.00000 0 4,416.21 6,511.86 6.00%
05/31/1997 0.918570 5,153.455 4,733.81 0.00000 0 4,733.81 6,511.86 6.00%
06/30/1997 0.941016 5,153.455 4,849.48 0.00000 0 4,849.48 6,511.86 6.00%
07/31/1997 1.034759 5,153.455 5,332.58 0.00000 0 5,332.58 6,511.86 6.00%
08/31/1997 1.011916 5,153.455 5,214.86 0.00000 0 5,214.86 6,511.86 6.00%
09/30/1997 1.059427 5,153.455 5,459.71 0.00000 0 5,459.71 6,511.86 6.00%
10/31/1997 1.025754 5,153.455 5,286.18 0.00000 0 5,286.18 6,511.86 6.00%
11/30/1997 1.032031 5,153.455 5,318.53 0.00000 0 5,318.53 6,511.86 6.00%
12/31/1997 1.031891 5,153.455 5,317.80 0.00000 0 5,317.80 6,511.86 6.00%
01/31/1998 1.035248 5,153.455 5,335.11 0.00000 0 5,335.11 6,511.86 6.00%
02/28/1998 1.114649 5,153.455 5,744.29 0.00000 0 5,744.29 6,511.86 6.00%
03/31/1998 1.159897 5,153.455 5,977.48 0.00000 0 5,977.48 6,511.86 6.00%
04/30/1998 1.183755 5,153.455 6,100.43 0.00000 0 6,100.43 6,511.86 6.00%
05/31/1998 1.144269 5,153.455 5,896.94 0.00000 0 5,896.94 6,511.86 6.00%
06/30/1998 1.200375 5,153.455 6,186.08 0.00000 0 6,186.08 6,511.86 6.00%
07/31/1998 1.175863 5,153.455 6,059.76 0.00000 0 6,059.76 6,511.86 6.00%
08/31/1998 0.955310 5,153.455 4,923.15 0.00000 0 4,923.15 6,511.86 6.00%
09/30/1998 1.000000 5,153.455 5,153.46 0.00000 0 5,153.46 6,511.86 6.00%
10/31/1998 1.084275 5,153.455 5,587.76 0.00000 0 5,587.76 6,511.86 6.00%
11/30/1998 1.154193 5,153.455 5,948.08 0.00000 0 5,948.08 6,511.86 6.00%
12/31/1998 1.263592 5,153.455 6,511.86 0.00000 0 6,511.86 6,511.86 6.00%
12/31/1998 6,511.86
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 551.19% 551.19%
04/03/1985 100.00% 6,511.86 13.7534 14.59% 14.59% 6,511.86 6,511.86 14
04/30/1985 100.00% 6,511.86 13.6795 14.75% 14.75% 6,570.50 6,570.50 14
05/31/1985 100.00% 6,511.86 13.5945 14.54% 14.54% 6,334.57 6,334.57 14
06/30/1985 100.00% 6,511.86 13.5123 14.64% 14.64% 6,334.93 6,334.93 14
07/31/1985 100.00% 6,511.86 13.4274 14.58% 14.58% 6,220.86 6,220.86 14
08/31/1985 100.00% 6,511.86 13.3425 14.65% 14.65% 6,197.95 6,197.95 14
09/30/1985 100.00% 6,511.86 13.2603 15.08% 15.08% 6,442.51 6,442.51 14
10/31/1985 100.00% 6,511.86 13.1753 15.09% 15.09% 6,367.87 6,367.87 14
11/30/1985 100.00% 6,511.86 13.0932 14.93% 14.93% 6,182.15 6,182.15 14
12/31/1985 100.00% 6,511.86 13.0082 14.77% 14.77% 6,002.02 6,002.02 14
01/31/1986 100.00% 6,511.86 12.9233 14.81% 14.81% 5,958.29 5,958.29 13
02/28/1986 100.00% 6,511.86 12.8466 14.52% 14.52% 5,708.38 5,708.38 13
03/31/1986 100.00% 6,511.86 12.7616 14.08% 14.08% 5,373.75 5,373.75 13
04/30/1986 100.00% 6,511.86 12.6795 14.03% 14.03% 5,281.70 5,281.70 13
05/31/1986 100.00% 6,511.86 12.5945 13.58% 13.58% 4,971.63 4,971.63 13
06/30/1986 100.00% 6,511.86 12.5123 13.77% 13.77% 5,023.49 5,023.49 13
07/31/1986 100.00% 6,511.86 12.4274 14.31% 14.31% 5,267.95 5,267.95 13
08/31/1986 100.00% 6,511.86 12.3425 14.14% 14.14% 5,114.24 5,114.24 13
09/30/1986 100.00% 6,511.86 12.2603 14.67% 14.67% 5,358.07 5,358.07 13
10/31/1986 100.00% 6,511.86 12.1753 14.38% 14.38% 5,133.11 5,133.11 13
11/30/1986 100.00% 6,511.86 12.0932 14.39% 14.39% 5,081.72 5,081.72 13
12/31/1986 100.00% 6,511.86 12.0082 14.64% 14.64% 5,160.27 5,160.27 13
01/31/1987 100.00% 6,511.86 11.9233 13.98% 13.98% 4,758.83 4,758.83 12
02/28/1987 100.00% 6,511.86 11.8466 13.54% 13.54% 4,499.31 4,499.31 12
03/31/1987 100.00% 6,511.86 11.7616 13.44% 13.44% 4,407.61 4,407.61 12
04/30/1987 100.00% 6,511.86 11.6795 13.56% 13.56% 4,415.29 4,415.29 12
05/31/1987 100.00% 6,511.86 11.5945 13.70% 13.70% 4,432.66 4,432.66 12
06/30/1987 100.00% 6,511.86 11.5123 13.49% 13.49% 4,292.66 4,292.66 12
07/31/1987 100.00% 6,511.86 11.4274 12.61% 12.61% 3,885.13 3,885.13 12
08/31/1987 100.00% 6,511.86 11.3425 12.86% 12.86% 3,943.65 3,943.65 12
09/30/1987 100.00% 6,511.86 11.2603 12.73% 12.73% 3,854.60 3,854.60 12
10/31/1987 100.00% 6,511.86 11.1753 16.17% 16.17% 5,340.13 5,340.13 12
11/30/1987 100.00% 6,511.86 11.0932 16.68% 16.68% 5,535.74 5,535.74 12
12/31/1987 100.00% 6,511.86 11.0082 15.86% 15.86% 5,057.79 5,057.79 12
01/31/1988 100.00% 6,511.86 10.9233 16.09% 16.09% 5,104.20 5,104.20 11
02/29/1988 100.00% 6,511.86 10.8438 15.47% 15.47% 4,758.06 4,758.06 11
03/31/1988 100.00% 6,511.86 10.7589 15.29% 15.29% 4,623.57 4,623.57 11
04/30/1988 100.00% 6,511.86 10.6767 15.34% 15.34% 4,587.27 4,587.27 11
05/31/1988 100.00% 6,511.86 10.5918 15.54% 15.54% 4,618.22 4,618.22 11
06/30/1988 100.00% 6,511.86 10.5096 14.97% 14.97% 4,332.97 4,332.97 11
07/31/1988 100.00% 6,511.86 10.4247 15.03% 15.03% 4,304.71 4,304.71 11
08/31/1988 100.00% 6,511.86 10.3397 15.53% 15.53% 4,447.39 4,447.39 11
09/30/1988 100.00% 6,511.86 10.2575 15.33% 15.33% 4,320.28 4,320.28 11
10/31/1988 100.00% 6,511.86 10.1726 15.32% 15.32% 4,263.43 4,263.43 11
11/30/1988 100.00% 6,511.86 10.0904 15.54% 15.54% 4,296.72 4,296.72 11
12/31/1988 100.00% 6,511.86 10.0055 15.41% 15.41% 4,193.97 4,193.97 11
01/31/1989 100.00% 6,511.86 9.9205 14.67% 14.67% 3,890.08 3,890.08 10
02/28/1989 100.00% 6,511.86 9.8438 14.79% 14.79% 3,888.54 3,888.54 10
03/31/1989 100.00% 6,511.86 9.7589 14.69% 14.69% 3,810.87 3,810.87 10
04/30/1989 100.00% 6,511.86 9.6767 14.56% 14.56% 3,725.55 3,725.55 10
05/31/1989 100.00% 6,511.86 9.5918 14.35% 14.35% 3,618.29 3,618.29 10
06/30/1989 100.00% 6,511.86 9.5096 14.70% 14.70% 3,684.11 3,684.11 10
07/31/1989 100.00% 6,511.86 9.4247 14.07% 14.07% 3,457.72 3,457.72 10
08/31/1989 100.00% 6,511.86 9.3397 14.06% 14.06% 3,417.03 3,417.03 10
09/30/1989 100.00% 6,511.86 9.2575 14.27% 14.27% 3,437.33 3,437.33 10
10/31/1989 100.00% 6,511.86 9.1726 14.73% 14.73% 3,527.54 3,527.54 10
11/30/1989 100.00% 6,511.86 9.0904 14.51% 14.51% 3,427.71 3,427.71 10
12/31/1989 100.00% 6,511.86 9.0055 14.69% 14.69% 3,435.55 3,435.55 10
01/31/1990 100.00% 6,511.86 8.9205 15.49% 15.49% 3,613.68 3,613.68 9
02/28/1990 100.00% 6,511.86 8.8438 15.70% 15.70% 3,631.13 3,631.13 9
03/31/1990 100.00% 6,511.86 8.7589 15.62% 15.62% 3,564.24 3,564.24 9
04/30/1990 100.00% 6,511.86 8.6767 16.37% 16.37% 3,726.03 3,726.03 9
05/31/1990 100.00% 6,511.86 8.5918 15.84% 15.84% 3,536.87 3,536.87 9
06/30/1990 100.00% 6,511.86 8.5096 16.23% 16.23% 3,597.18 3,597.18 9
07/31/1990 100.00% 6,511.86 8.4247 16.17% 16.17% 3,536.30 3,536.30 9
08/31/1990 100.00% 6,511.86 8.3397 17.13% 17.13% 3,738.82 3,738.82 9
09/30/1990 100.00% 6,511.86 8.2575 17.80% 17.80% 3,868.06 3,868.06 9
10/31/1990 100.00% 6,511.86 8.1726 18.22% 18.22% 3,926.71 3,926.71 9
11/30/1990 100.00% 6,511.86 8.0904 18.36% 18.36% 3,911.32 3,911.32 9
12/31/1990 100.00% 6,511.86 8.0055 18.11% 18.11% 3,790.44 3,790.44 9
01/31/1991 100.00% 6,511.86 7.9205 18.09% 18.09% 3,731.90 3,731.90 8
02/28/1991 100.00% 6,511.86 7.8438 17.49% 17.49% 3,540.90 3,540.90 8
03/31/1991 100.00% 6,511.86 7.7589 17.52% 17.52% 3,498.93 3,498.93 8
04/30/1991 100.00% 6,511.86 7.6767 17.78% 17.78% 3,513.24 3,513.24 8
05/31/1991 100.00% 6,511.86 7.5918 17.78% 17.78% 3,463.99 3,463.99 8
06/30/1991 100.00% 6,511.86 7.5096 18.64% 18.64% 3,608.91 3,608.91 8
07/31/1991 100.00% 6,511.86 7.4247 17.88% 17.88% 3,392.04 3,392.04 8
08/31/1991 100.00% 6,511.86 7.3397 17.85% 17.85% 3,339.11 3,339.11 8
09/30/1991 100.00% 6,511.86 7.2575 18.26% 18.26% 3,376.76 3,376.76 8
10/31/1991 100.00% 6,511.86 7.1726 18.29% 18.29% 3,336.44 3,336.44 8
11/30/1991 100.00% 6,511.86 7.0904 19.16% 19.16% 3,464.90 3,464.90 8
12/31/1991 100.00% 6,511.86 7.0055 17.29% 17.29% 3,056.64 3,056.64 8
01/31/1992 100.00% 6,511.86 6.9205 17.29% 17.29% 3,016.10 3,016.10 7
02/29/1992 100.00% 6,511.86 6.8411 17.30% 17.30% 2,978.41 2,978.41 7
03/31/1992 100.00% 6,511.86 6.7562 18.13% 18.13% 3,082.51 3,082.51 7
04/30/1992 100.00% 6,511.86 6.6740 18.49% 18.49% 3,102.55 3,102.55 7
05/31/1992 100.00% 6,511.86 6.5890 18.60% 18.60% 3,076.42 3,076.42 7
06/30/1992 100.00% 6,511.86 6.5068 19.45% 19.45% 3,178.54 3,178.54 7
07/31/1992 100.00% 6,511.86 6.4219 18.88% 18.88% 3,035.59 3,035.59 7
08/31/1992 100.00% 6,511.86 6.3370 19.65% 19.65% 3,117.79 3,117.79 7
09/30/1992 100.00% 6,511.86 6.2548 19.61% 19.61% 3,064.42 3,064.42 7
10/31/1992 100.00% 6,511.86 6.1699 19.19% 19.19% 2,954.60 2,954.60 7
11/30/1992 100.00% 6,511.86 6.0877 18.25% 18.25% 2,774.63 2,774.63 7
12/31/1992 100.00% 6,511.86 6.0027 18.01% 18.01% 2,702.16 2,702.16 7
01/31/1993 100.00% 6,511.86 5.9178 18.01% 18.01% 2,664.15 2,664.15 6
02/28/1993 100.00% 6,511.86 5.8411 18.90% 18.90% 2,748.18 2,748.18 6
03/31/1993 100.00% 6,511.86 5.7562 18.56% 18.56% 2,664.25 2,664.25 6
04/30/1993 100.00% 6,511.86 5.6740 19.73% 19.73% 2,777.95 2,777.95 6
05/31/1993 100.00% 6,511.86 5.5890 19.17% 19.17% 2,665.05 2,665.05 6
06/30/1993 100.00% 6,511.86 5.5068 19.34% 19.34% 2,647.32 2,647.32 6
07/31/1993 100.00% 6,511.86 5.4219 19.98% 19.98% 2,685.02 2,685.02 6
08/31/1993 100.00% 6,511.86 5.3370 19.91% 19.91% 2,635.83 2,635.83 6
09/30/1993 100.00% 6,511.86 5.2548 19.75% 19.75% 2,578.03 2,578.03 6
10/31/1993 100.00% 6,511.86 5.1699 19.90% 19.90% 2,555.85 2,555.85 6
11/30/1993 100.00% 6,511.86 5.0877 20.56% 20.56% 2,589.36 2,589.36 6
12/31/1993 100.00% 6,511.86 5.0027 20.59% 20.59% 2,551.06 2,551.06 6
01/31/1994 50.00% 6,511.86 4.9178 20.24% 20.24% 2,475.37 2,475.37 5
02/28/1994 50.00% 6,511.86 4.8411 20.96% 20.96% 2,512.17 2,512.17 5
03/31/1994 50.00% 6,511.86 4.7562 22.50% 22.50% 2,625.05 2,625.05 5
04/30/1994 50.00% 6,511.86 4.6740 22.88% 22.88% 2,620.07 2,620.07 5
05/31/1994 50.00% 6,511.86 4.5890 22.93% 22.93% 2,579.12 2,579.12 5
06/30/1994 50.00% 6,511.86 4.5068 24.64% 24.64% 2,698.13 2,698.13 5
07/31/1994 50.00% 6,511.86 4.4219 24.59% 24.59% 2,643.81 2,643.81 5
08/31/1994 50.00% 6,511.86 4.3370 23.41% 23.41% 2,489.91 2,489.91 5
09/30/1994 50.00% 6,511.86 4.2548 24.55% 24.55% 2,544.57 2,544.57 5
10/31/1994 50.00% 6,511.86 4.1699 24.62% 24.62% 2,503.43 2,503.43 5
11/30/1994 50.00% 6,511.86 4.0877 25.96% 25.96% 2,568.76 2,568.76 5
12/31/1994 50.00% 6,511.86 4.0027 26.45% 26.45% 2,558.39 2,558.39 5
01/31/1995 40.00% 6,511.86 3.9178 26.55% 26.55% 2,515.53 2,515.53 4
02/28/1995 40.00% 6,508.70 3.8411 25.94% 25.95% 2,425.01 2,426.20 4
03/31/1995 40.00% 6,505.49 3.7562 25.59% 25.63% 2,353.64 2,355.95 4
04/30/1995 40.00% 6,502.72 3.6740 25.37% 25.42% 2,295.08 2,298.31 4
05/31/1995 40.00% 6,498.31 3.5890 24.69% 24.76% 2,207.61 2,212.22 4
06/30/1995 40.00% 6,494.14 3.5068 24.07% 24.17% 2,130.73 2,136.54 4
07/31/1995 40.00% 6,488.22 3.4219 22.99% 23.12% 2,030.22 2,037.61 4
08/31/1995 40.00% 6,487.59 3.3370 23.46% 23.59% 2,020.11 2,027.67 4
09/30/1995 40.00% 6,483.74 3.2548 22.97% 23.13% 1,960.12 1,968.62 4
10/31/1995 40.00% 6,483.24 3.1699 23.50% 23.67% 1,952.54 1,961.16 4
11/30/1995 40.00% 6,477.99 3.0877 22.62% 22.83% 1,876.85 1,886.66 4
12/31/1995 40.00% 6,478.61 3.0027 23.52% 23.73% 1,885.42 1,895.09 4
01/31/1996 30.00% 6,416.04 2.9178 22.48% 23.10% 1,806.97 1,833.96 3
02/29/1996 30.00% 6,411.70 2.8384 22.28% 22.95% 1,769.73 1,797.38 3
03/31/1996 30.00% 6,409.24 2.7534 22.52% 23.23% 1,749.24 1,777.25 3
04/30/1996 30.00% 6,403.42 2.6712 22.04% 22.81% 1,702.57 1,731.41 3
05/31/1996 30.00% 6,398.47 2.5863 21.78% 22.61% 1,664.73 1,694.23 3
06/30/1996 30.00% 6,400.87 2.5041 23.11% 23.95% 1,682.91 1,712.09 3
07/31/1996 30.00% 6,410.15 2.4192 26.23% 27.05% 1,756.82 1,784.70 3
08/31/1996 30.00% 6,401.83 2.3342 25.21% 26.13% 1,690.24 1,719.29 3
09/30/1996 30.00% 6,386.83 2.2521 22.59% 23.65% 1,581.92 1,612.89 3
10/31/1996 30.00% 6,384.37 2.1671 22.97% 24.10% 1,565.38 1,596.64 3
11/30/1996 30.00% 6,369.99 2.0849 20.50% 21.78% 1,475.16 1,508.02 3
12/31/1996 30.00% 6,374.10 2.0000 22.47% 23.79% 1,499.95 1,532.37 3
01/31/1997 20.00% 6,322.57 1.9151 20.03% 21.89% 1,418.51 1,460.97 2
02/28/1997 20.00% 6,326.38 1.8384 21.93% 23.86% 1,439.87 1,482.09 2
03/31/1997 20.00% 6,338.28 1.7534 26.53% 28.49% 1,510.72 1,552.10 2
04/30/1997 20.00% 6,325.03 1.6712 23.98% 26.16% 1,432.23 1,474.54 2
05/31/1997 20.00% 6,305.98 1.5863 19.81% 22.27% 1,332.11 1,375.61 2
06/30/1997 20.00% 6,299.04 1.5041 18.99% 21.65% 1,298.91 1,342.80 2
07/31/1997 20.00% 6,270.05 1.4192 12.09% 15.12% 1,175.80 1,221.15 2
08/31/1997 20.00% 6,277.12 1.3342 14.91% 18.11% 1,203.70 1,248.71 2
09/30/1997 20.00% 6,262.42 1.2521 11.58% 15.11% 1,147.03 1,192.71 2
10/31/1997 20.00% 6,272.84 1.1671 15.79% 19.56% 1,186.65 1,231.87 2
11/30/1997 20.00% 6,270.90 1.0849 16.40% 20.51% 1,179.07 1,224.37 2
12/31/1997 20.00% 6,270.94 1.0000 17.92% 22.45% 1,179.23 1,224.54 2
01/31/1998 10.00% 6,230.83 0.9151 16.79% 22.06% 1,152.60 1,200.09 1
02/28/1998 10.00% 6,206.28 0.8384 8.04% 13.36% 1,067.00 1,110.88 1
03/31/1998 10.00% 6,192.29 0.7534 3.59% 8.94% 1,026.96 1,066.64 1
04/30/1998 10.00% 6,184.91 0.6712 1.38% 6.74% 1,009.27 1,044.78 1
05/31/1998 10.00% 6,197.12 0.5863 5.09% 10.43% 1,029.54 1,059.88 1
06/30/1998 10.00% 6,179.77 0.5041 -0.10% 5.27% 999.49 1,026.21 1
07/31/1998 10.00% 6,187.35 0.4192 2.11% 7.46% 1,008.77 1,030.62 1
08/31/1998 10.00% 6,255.55 0.3342 27.06% 32.27% 1,083.34 1,097.98 1
09/30/1998 10.00% 6,241.73 0.2521 21.12% 26.36% 1,049.49 1,060.76 1
10/31/1998 10.00% 6,215.67 0.1671 11.24% 16.54% 1,017.95 1,025.90 1
11/30/1998 10.00% 6,194.05 0.0849 4.14% 9.48% 1,003.45 1,007.72 1
12/31/1998 10.00% 6,160.22 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.194045 1 6.00% 10%
Units purchased 5,153.455 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 5,948.08 6,194.05 6,511.86 4.14% 9.48%
09/30/1998 0.25 0.25 5,153.46 6,241.73 6,511.86 21.12% 26.36%
12/31/1997 1.00 1.00 5,317.80 6,270.94 6,511.86 17.92% 22.45%
12/31/1997 1.00 1.00 5,317.80 6,270.94 6,511.86 17.92% 22.45%
12/31/1995 3.00 3.00 3,436.17 6,478.61 6,511.86 23.54% 23.75%
12/31/1993 5.00 5.00 2,552.61 6,511.86 6,511.86 20.60% 20.60%
12/31/1988 10.01 10.00 1,552.67 6,511.86 6,511.86 15.42% 15.42%
04/03/1985 13.75 13.75 1,000.00 6,511.86 6,511.86 14.60% 14.60%
12/31/1992 2,409.87
12/31/1993 1 2,552.61 5.92%
12/31/1994 1 2,545.30 -0.29%
12/31/1995 1 3,436.17 35.00%
12/31/1996 1 4,249.55 23.67%
12/31/1997 1 5,317.80 25.14%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GROWTH FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
04/03/1985 100 10 1000
04/30/1985 1000 0 10 100 9.92 992.00 -0.80%
05/31/1985 992 0 10 100 10.3 1,030.00 3.83%
06/30/1985 1030 0 10 100 10.31 1,031.00 0.10%
07/31/1985 1031 0 10 100 10.51 1,051.00 1.94%
08/31/1985 1051 0 10 100 10.56 1,056.00 0.48%
09/30/1985 1056 0 10 100 10.17 1,017.00 -3.69%
10/31/1985 1017 0 10 100 10.3 1,030.00 1.28%
11/30/1985 1030 0 10 100 10.62 1,062.00 3.11%
12/31/1985 1062 0 10 100 10.95 1,095.00 3.11%
01/31/1986 1095 0.31 10.66 102.908 10.73 1,104.20 0.84%
02/28/1986 1104.2 0 10 102.908 11.21 1,153.60 4.47%
03/31/1986 1153.6 0 10 102.908 11.92 1,226.66 6.33%
04/30/1986 1226.66 0 10 102.908 12.14 1,249.30 1.85%
05/31/1986 1249.3 0 10 102.908 12.91 1,328.54 6.34%
06/30/1986 1328.54 0 10 102.908 12.79 1,316.19 -0.93%
07/31/1986 1316.19 0 10 102.908 12.21 1,256.51 -4.53%
08/31/1986 1256.51 0 10 102.908 12.59 1,295.61 3.11%
09/30/1986 1295.61 0 10 102.908 12.03 1,237.98 -4.45%
10/31/1986 1237.98 0 10 102.908 12.57 1,293.55 4.49%
11/30/1986 1293.55 0 10 102.908 12.71 1,307.96 1.11%
12/31/1986 1307.96 0 10 102.908 12.53 1,289.44 -1.42%
01/31/1987 1289.44 0.617 12.49 107.992 12.96 1,399.58 8.54%
02/28/1987 1399.58 0 10 107.992 13.72 1,481.65 5.86%
03/31/1987 1481.65 0 10 107.992 14.02 1,514.05 2.19%
04/30/1987 1514.05 0 10 107.992 14.01 1,512.97 -0.07%
05/31/1987 1512.97 0 10 107.992 13.97 1,508.65 -0.29%
06/30/1987 1508.65 0 10 107.992 14.44 1,559.40 3.36%
07/31/1987 1559.4 0 10 107.992 15.97 1,724.63 10.60%
08/31/1987 1724.63 0 10 107.992 15.75 1,700.87 -1.38%
09/30/1987 1700.87 0 10 107.992 16.13 1,741.91 2.41%
10/31/1987 1741.91 0 10 107.992 11.66 1,259.19 -27.71%
11/30/1987 1259.19 0 10 107.992 11.26 1,215.99 -3.43%
12/31/1987 1215.99 1.14 11.35 118.839 11.21 1,332.19 9.56%
01/31/1988 1332.19 0 10 118.839 11.12 1,321.49 -0.80%
02/29/1988 1321.49 0 10 118.839 11.94 1,418.94 7.37%
03/31/1988 1418.94 0 10 118.839 12.30 1,461.72 3.01%
04/30/1988 1461.72 0 10 118.839 12.41 1,474.79 0.89%
05/31/1988 1474.79 0 10 118.839 12.34 1,466.47 -0.56%
06/30/1988 1466.47 0.045 13.12 119.247 13.12 1,564.52 6.69%
07/31/1988 1564.52 0 13.12 119.247 13.22 1,576.45 0.76%
08/31/1988 1576.45 0 13.12 119.247 12.81 1,527.55 -3.10%
09/30/1988 1527.55 0 13.12 119.247 13.20 1,574.06 3.04%
10/31/1988 1574.06 0 13.12 119.247 13.39 1,596.72 1.44%
11/30/1988 1596.72 0 13.12 119.247 13.30 1,585.99 -0.67%
12/31/1988 1585.99 0 13.12 119.247 13.64 1,626.53 2.56%
01/31/1989 1626.53 0 13.12 119.247 14.72 1,755.32 7.92%
02/28/1989 1755.32 0 13.12 119.247 14.74 1,757.70 0.14%
03/31/1989 1757.7 0.42 14.42 122.72 14.63 1,795.39 2.14%
04/30/1989 1795.39 0 14.42 122.72 14.98 1,838.35 2.39%
05/31/1989 1838.35 0 14.42 122.72 15.44 1,894.80 3.07%
06/30/1989 1894.8 0 14.42 122.72 15.18 1,862.89 -1.68%
07/31/1989 1862.89 0 14.42 122.72 16.19 1,986.84 6.65%
08/31/1989 1986.84 0 14.42 122.72 16.40 2,012.61 1.30%
09/30/1989 2012.61 0 14.42 122.72 16.32 2,002.79 -0.49%
10/31/1989 2002.79 0 14.42 122.72 15.92 1,953.70 -2.45%
11/30/1989 1953.7 0 14.42 122.72 16.40 2,012.61 3.02%
12/31/1989 2012.61 0 14.42 122.72 16.38 2,010.15 -0.12%
01/31/1990 2010.15 0 14.42 122.72 15.59 1,913.20 -4.82%
02/28/1990 1913.2 0 14.42 122.72 15.53 1,905.84 -0.38%
03/31/1990 1905.84 2.61 13.12 147.133 13.21 1,943.63 1.98%
04/30/1990 1943.63 0 13.12 147.133 12.65 1,861.23 -4.24%
05/31/1990 1861.23 0 13.12 147.133 13.34 1,962.75 5.45%
06/30/1990 1962.75 0 13.12 147.133 13.13 1,931.86 -1.57%
07/31/1990 1931.86 0 13.12 147.133 13.37 1,967.17 1.83%
08/31/1990 1967.17 0 13.12 147.133 12.66 1,862.70 -5.31%
09/30/1990 1862.7 0 13.12 147.133 12.25 1,802.38 -3.24%
10/31/1990 1802.38 0 13.12 147.133 12.08 1,777.37 -1.39%
11/30/1990 1777.37 0 13.12 147.133 12.14 1,786.19 0.50%
12/31/1990 1786.19 0 13.12 147.133 12.54 1,845.05 3.30%
01/31/1991 1845.05 0 13.12 147.133 12.75 1,875.95 1.67%
02/28/1991 1875.95 0 13.12 147.133 13.45 1,978.94 5.49%
03/31/1991 1978.94 0.49 12.98 152.687 13.13 2,004.78 1.31%
04/30/1991 2004.78 0 12.98 152.687 13.09 1,998.67 -0.30%
05/31/1991 1998.67 0 12.98 152.687 13.29 2,029.21 1.53%
06/30/1991 2029.21 0 12.98 152.687 12.77 1,949.81 -3.91%
07/31/1991 1949.81 0 12.98 152.687 13.60 2,076.54 6.50%
08/31/1991 2076.54 0 12.98 152.687 13.83 2,111.66 1.69%
09/30/1991 2111.66 0 12.98 152.687 13.69 2,090.29 -1.01%
10/31/1991 2090.29 0 12.98 152.687 13.87 2,117.77 1.31%
11/30/1991 2117.77 0 12.98 152.687 13.37 2,041.43 -3.60%
12/31/1991 2041.43 0 12.98 152.687 15.17 2,316.26 13.46%
01/31/1992 2316.26 0 12.98 152.687 15.39 2,349.85 1.45%
02/29/1992 2349.85 0 12.98 152.687 15.60 2,381.92 1.36%
03/31/1992 2381.92 0.36 14.74 156.416 14.73 2,304.01 -3.27%
04/30/1992 2304.01 0 14.74 156.416 14.65 2,291.49 -0.54%
05/31/1992 2291.49 0 14.74 156.416 14.79 2,313.39 0.96%
06/30/1992 2313.39 0 14.74 156.416 14.33 2,241.44 -3.11%
07/31/1992 2241.44 0 14.74 156.416 15.02 2,349.37 4.82%
08/31/1992 2349.37 0 14.74 156.416 14.64 2,289.93 -2.53%
09/30/1992 2289.93 0 14.74 156.416 14.91 2,332.16 1.84%
10/31/1992 2332.16 0 14.74 156.416 15.48 2,421.32 3.82%
11/30/1992 2421.32 0 14.74 156.416 16.50 2,580.86 6.59%
12/31/1992 2580.86 0 14.74 156.416 16.96 2,652.82 2.79%
01/31/1993 2652.82 0 14.74 156.416 17.22 2,693.48 1.53%
02/28/1993 2693.48 0 14.74 156.416 16.71 2,613.71 -2.96%
03/31/1993 2613.71 0.457 16.53 160.74 16.79 2,698.82 3.26%
04/30/1993 2698.82 0 16.53 160.74 16.12 2,591.13 -3.99%
05/31/1993 2591.13 0 16.53 160.74 16.82 2,703.65 4.34%
06/30/1993 2703.65 0 16.53 160.74 16.95 2,724.54 0.77%
07/31/1993 2724.54 0 16.53 160.74 16.73 2,689.18 -1.30%
08/31/1993 2689.18 0 16.53 160.74 17.06 2,742.22 1.97%
09/30/1993 2742.22 0 16.53 160.74 17.46 2,806.52 2.34%
10/31/1993 2806.52 0 16.53 160.74 17.63 2,833.85 0.97%
11/30/1993 2833.85 0 16.53 160.74 17.42 2,800.09 -1.19%
12/31/1993 2800.09 0 16.53 160.74 17.70 2,845.10 1.61%
01/31/1994 2845.1 0 16.53 160.74 18.26 2,935.11 3.16%
02/28/1994 2935.11 0 16.53 160.74 18.01 2,894.93 -1.37%
03/31/1994 2894.93 0.192 17.75 162.479 17.07 2,773.52 -4.19%
04/30/1994 2773.52 0 17.75 162.479 17.12 2,781.64 0.29%
05/31/1994 2781.64 0 17.75 162.479 17.41 2,828.76 1.69%
06/30/1994 2828.76 0 17.75 162.479 16.66 2,706.90 -4.31%
07/31/1994 2706.9 0 17.75 162.479 17.02 2,765.39 2.16%
08/31/1994 2765.39 0 17.75 162.479 18.09 2,939.25 6.29%
09/30/1994 2939.25 0 17.75 162.479 17.72 2,879.13 -2.05%
10/31/1994 2879.13 0 17.75 162.479 18.03 2,929.50 1.75%
11/30/1994 2929.5 0 17.75 162.479 17.59 2,858.01 -2.44%
12/31/1994 2858.01 0 17.75 162.479 17.68 2,872.63 0.51%
01/31/1995 2872.63 0 17.75 162.479 18.00 2,924.62 1.81%
02/28/1995 2924.62 0 17.75 162.479 18.68 3,035.11 3.78%
03/31/1995 3035.11 0.485 18.7 166.693 18.77 3,128.83 3.09%
04/30/1995 3128.83 0 18.7 166.693 19.26 3,210.51 2.61%
05/31/1995 3210.51 0 18.7 166.693 20.03 3,338.86 4.00%
06/30/1995 3338.86 0 18.7 166.693 20.76 3,460.55 3.64%
07/31/1995 3460.55 0 18.7 166.693 21.79 3,632.24 4.96%
08/31/1995 3632.24 0 18.7 166.693 21.92 3,653.91 0.60%
09/30/1995 3653.91 0 18.7 166.693 22.60 3,767.26 3.10%
10/31/1995 3767.26 0 18.7 166.693 22.71 3,785.60 0.49%
11/30/1995 3785.6 0 18.7 166.693 23.63 3,938.96 4.05%
12/31/1995 3938.96 0 18.7 166.693 23.55 3,925.62 -0.34%
01/31/1996 3925.62 0 18.7 166.693 24.36 4,060.64 3.44%
02/29/1996 4060.64 0 18.7 166.693 24.88 4,147.32 2.13%
03/31/1996 4147.32 1.919 23.28 180.434 23.27 4,198.70 1.24%
04/30/1996 4198.7 0 23.28 180.434 23.91 4,314.18 2.75%
05/31/1996 4314.18 0 23.28 180.434 24.46 4,413.42 2.30%
06/30/1996 4413.42 0 23.28 180.434 24.23 4,371.92 -0.94%
07/31/1996 4371.92 0 23.28 180.434 23.27 4,198.70 -3.96%
08/31/1996 4198.7 0 23.28 180.434 24.18 4,362.89 3.91%
09/30/1996 4362.89 0 23.28 180.434 25.80 4,655.20 6.70%
10/31/1996 4655.2 0 23.28 180.434 26.09 4,707.52 1.12%
11/30/1996 4707.52 0 23.28 180.434 27.65 4,989.00 5.98%
12/31/1996 4989 0 23.28 180.434 27.24 4,915.02 -1.48%
01/31/1997 4915.02 0 23.28 180.434 28.60 5,160.41 4.99%
02/28/1997 5160.41 0 23.28 180.434 28.22 5,091.85 -1.33%
03/31/1997 5091.85 1.668 26.16 191.939 25.36 4,867.57 -4.40%
04/30/1997 4867.57 0 26.16 191.939 26.72 5,128.61 5.36%
05/31/1997 5128.61 0 26.16 191.939 28.67 5,502.89 7.30%
06/30/1997 5502.89 0 26.16 191.939 29.40 5,643.01 2.55%
07/31/1997 5643.01 0 26.16 191.939 32.36 6,211.15 10.07%
08/31/1997 6211.15 0 26.16 191.939 31.68 6,080.63 -2.10%
09/30/1997 6080.63 0 26.16 191.939 33.20 6,372.37 4.80%
10/31/1997 6372.37 0 26.16 191.939 32.18 6,176.60 -3.07%
11/30/1997 6176.6 0 26.16 191.939 32.41 6,220.74 0.71%
12/31/1997 6220.74 0 26.16 191.939 32.44 6,226.50 0.09%
01/31/1998 6226.5 0 26.16 191.939 32.58 6,253.37 0.43%
02/28/1998 6253.37 0 26.16 191.939 35.11 6,738.98 7.77%
03/31/1998 6738.98 3.188 32.88 210.549 33.34 7,019.70 4.17%
04/30/1998 7019.7 0 26.16 210.549 34.06 7,171.30 2.16%
05/31/1998 7171.3 0 26.16 210.549 32.96 6,939.70 -3.23%
06/30/1998 6939.7 0 26.16 210.549 34.61 7,287.10 5.01%
07/31/1998 7287.1 0 26.16 210.549 33.94 7,146.03 -1.94%
08/31/1998 7146.03 0 26.16 210.549 27.61 5,813.26 -18.65%
09/30/1998 5813.26 0 26.16 210.549 28.93 6,091.18 4.78%
5.09118
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
1,000 0.194044594
04/30/1985 0.00092 0.924657534 991.08 (0.00) 0.192312812
05/31/1985 0.00106 1.052169028 1,027.99 (0.00) 0.199475466
06/30/1985 0.00103 1.056151801 1,027.93 (0.00) 0.199464191
07/31/1985 0.00106 1.091295174 1,046.78 (0.00) 0.203121765
08/31/1985 0.00106 1.111306252 1,050.65 (0.00) 0.203872449
09/30/1985 0.00103 1.079432264 1,010.77 (0.00) 0.19613361
10/31/1985 0.00106 1.073073124 1,022.61 (0.00) 0.198432502
11/30/1985 0.00103 1.050629679 1,053.33 (0.00) 0.204393527
12/31/1985 0.00106 1.118264227 1,084.95 (0.00) 0.210527745
01/31/1986 0.00106 1.151825352 1,092.91 (0.00) 0.212073057 .147 OI .163 ST
02/28/1986 0.00096 1.047994803 1,140.76 (0.00) 0.221357481
03/31/1986 0.00106 1.211076284 1,211.79 (0.00) 0.23514153
04/30/1986 0.00103 1.244990952 1,232.91 (0.00) 0.239239864
05/31/1986 0.00106 1.308913185 1,309.80 (0.00) 0.254160268
06/30/1986 0.00103 1.345688421 1,296.28 (0.00) 0.251536491
07/31/1986 0.00106 1.376189669 1,236.13 (0.00) 0.239864031
08/31/1986 0.00106 1.312328081 1,273.28 (0.00) 0.247073454
09/30/1986 0.00103 1.308166258 1,215.34 (0.00) 0.235829543
10/31/1986 0.00106 1.290254861 1,268.60 (0.00) 0.246165007
11/30/1986 0.00103 1.303356353 1,281.43 (0.00) 0.248654348
12/31/1986 0.00106 1.360421081 1,261.92 (0.00) 0.244869556
01/31/1987 0.00106 1.339713978 1,368.37 (0.00) 0.265525596 .15 OI .467 ST
02/28/1987 0.00096 1.312139548 1,447.30 (0.00) 0.280841144
03/31/1987 0.00106 1.536519328 1,477.41 (0.00) 0.286684288
04/30/1987 0.00103 1.517891562 1,474.84 (0.00) 0.286185252
05/31/1987 0.00106 1.565757656 1,469.07 (0.00) 0.285064277
06/30/1987 0.00103 1.509314181 1,516.97 (0.00) 0.294360779
07/31/1987 0.00106 1.610487054 1,676.10 (0.00) 0.325237981
08/31/1987 0.00106 1.779420342 1,651.23 (0.00) 0.320411933
09/30/1987 0.00103 1.696467476 1,689.37 (0.00) 0.327813907
10/31/1987 0.00106 1.793513579 1,219.42 (0.00) 0.236621738
11/30/1987 0.00103 1.252828129 1,176.33 (0.00) 0.228260669
12/31/1987 0.00106 1.248844546 1,287.49 (0.00) 0.249830927 .185 OI .955 ST
01/31/1988 0.00106 1.366858299 1,275.78 (0.00) 0.247559081
02/29/1988 0.00099 1.267046231 1,368.60 (0.00) 0.265568848
03/31/1988 0.00106 1.452962563 1,408.41 (0.00) 0.273293614
04/30/1988 0.00103 1.4469927 1,419.55 (0.00) 0.275456494
05/31/1988 0.00106 1.507059191 1,410.04 (0.00) 0.273610074
06/30/1988 0.00103 1.448668244 1,502.87 (0.00) 0.291622877
07/31/1988 0.00106 1.595507627 1,512.73 (0.00) 0.293537001
08/31/1988 0.00106 1.605980057 1,464.20 (0.00) 0.284120127
09/30/1988 0.00103 1.504315242 1,507.28 (0.00) 0.292478956
10/31/1988 0.00106 1.600191349 1,527.38 (0.00) 0.296378943
11/30/1988 0.00103 1.569221323 1,515.54 (0.00) 0.29408277
12/31/1988 0.00106 1.608966031 1,552.67 (0.00) 0.301287703
01/31/1989 0.00106 1.64838518 1,673.97 (0.00) 0.324824054
02/28/1989 0.00096 1.605172884 1,674.63 (0.00) 0.324953001
03/31/1989 0.00106 1.777861178 1,708.76 (0.00) 0.331575917 .35 OI
04/30/1989 0.00103 1.755576808 1,747.89 (0.00) 0.339169188
05/31/1989 0.00106 1.855639834 1,799.71 (0.00) 0.34922394
06/30/1989 0.00103 1.849016828 1,767.55 (0.00) 0.342983928
07/31/1989 0.00106 1.876510786 1,883.28 (0.00) 0.365440718
08/31/1989 0.00106 1.999374878 1,905.71 (0.00) 0.369792643
09/30/1989 0.00103 1.957920809 1,894.45 (0.00) 0.367608413
10/31/1989 0.00106 2.011234624 1,846.01 (0.00) 0.358207765
11/30/1989 0.00103 1.896582992 1,899.77 (0.00) 0.368640797
12/31/1989 0.00106 2.016882936 1,895.43 (0.00) 0.367798845
01/31/1990 0.00106 2.012276501 1,802.01 (0.00) 0.34966935
02/28/1990 0.00096 1.727950107 1,793.34 (0.00) 0.347988887
03/31/1990 0.00106 1.903893584 1,827.00 (0.00) 0.354519554 .62 OI
04/30/1990 0.00103 1.877055225 1,747.67 (0.00) 0.339125501
05/31/1990 0.00106 1.855400813 1,841.14 (0.00) 0.357262926
06/30/1990 0.00103 1.891580408 1,810.27 (0.00) 0.351273228
07/31/1990 0.00106 1.921862648 1,841.44 (0.00) 0.357320775
08/31/1990 0.00106 1.954949586 1,741.69 (0.00) 0.337965284
09/30/1990 0.00103 1.789406238 1,683.50 (0.00) 0.326673696
10/31/1990 0.00106 1.787275329 1,658.35 (0.00) 0.321793928
11/30/1990 0.00103 1.703784651 1,664.88 (0.00) 0.323060185
12/31/1990 0.00106 1.767505329 1,717.97 (0.00) 0.333362954
01/31/1991 0.00106 1.823873155 1,744.92 (0.00) 0.338592042
02/28/1991 0.00096 1.673209722 1,839.04 (0.00) 0.35685613
03/31/1991 0.00106 1.952407452 1,861.10 (0.00) 0.361136924 OI
04/30/1991 0.00103 1.912091848 1,853.52 (0.00) 0.35966525
05/31/1991 0.00106 1.967776519 1,879.87 (0.00) 0.364779156
06/30/1991 0.00103 1.931376178 1,804.38 (0.00) 0.350131112
07/31/1991 0.00106 1.91561398 1,919.75 (0.00) 0.372516546
08/31/1991 0.00106 2.038087673 1,950.18 (0.00) 0.378421345
09/30/1991 0.00103 2.003606724 1,928.44 (0.00) 0.374202932
10/31/1991 0.00106 2.047314114 1,951.74 (0.00) 0.378725121
11/30/1991 0.00103 2.00521511 1,879.38 (0.00) 0.364683982
12/31/1991 0.00106 1.995234672 2,130.40 (0.00) 0.413392843
01/31/1992 0.00106 2.261727341 2,159.03 (0.00) 0.418948918
02/29/1992 0.00099 2.144246313 2,186.36 (0.00) 0.424250519
03/31/1992 0.00106 2.321131135 2,112.52 (0.00) 0.409923345 OI
04/30/1992 0.00103 2.170398637 2,098.87 (0.00) 0.407274666
05/31/1992 0.00106 2.228253981 2,116.70 (0.00) 0.41073465
06/30/1992 0.00103 2.174694209 2,048.69 (0.00) 0.397538181
07/31/1992 0.00106 2.174984373 2,145.17 (0.00) 0.416258428
08/31/1992 0.00106 2.277405338 2,088.62 (0.00) 0.405285005
09/30/1992 0.00103 2.14584027 2,124.99 (0.00) 0.412342725
10/31/1992 0.00106 2.255982006 2,203.97 (0.00) 0.427669095
11/30/1992 0.00103 2.264356086 2,346.93 (0.00) 0.455408689
12/31/1992 0.00106 2.491601637 2,409.87 (0.00) 0.467622994
01/31/1993 0.00106 2.558427726 2,444.25 (0.00) 0.474293843
02/28/1993 0.00096 2.343803071 2,369.52 (0.00) 0.459792372
03/31/1993 0.00106 2.51558535 2,444.16 (0.00) 0.474276413 .14 OI
04/30/1993 0.00103 2.511125294 2,344.12 (0.00) 0.45486427
05/31/1993 0.00106 2.488623045 2,443.43 (0.00) 0.474133878
06/30/1993 0.00103 2.510370621 2,459.80 (0.00) 0.477310193
07/31/1993 0.00106 2.611427685 2,425.26 (0.00) 0.470608767
08/31/1993 0.00106 2.574763289 2,470.52 (0.00) 0.479391193
09/30/1993 0.00103 2.538206237 2,525.91 (0.00) 0.490139507
10/31/1993 0.00106 2.681618569 2,547.83 (0.00) 0.494392151
11/30/1993 0.00103 2.617630984 2,514.86 (0.00) 0.48799446
12/31/1993 0.00106 2.66988273 2,552.61 (0.00) 0.495320642
01/31/1994 0.00106 2.709965251 2,630.66 (0.00) 0.510465172
02/28/1994 0.00096 2.522549802 2,592.12 (0.00) 0.502987705
03/31/1994 0.00106 2.751912775 2,480.66 (0.00) 0.481358991 .154 OI
04/30/1994 0.00103 2.548625032 2,485.38 (0.00) 0.482273713
05/31/1994 0.00106 2.638583765 2,524.84 (0.00) 0.489931257
06/30/1994 0.00103 2.594012135 2,413.48 (0.00) 0.468322181
07/31/1994 0.00106 2.56225307 2,463.06 (0.00) 0.477944375
08/31/1994 0.00106 2.614897376 2,615.30 (0.00) 0.507485319
09/30/1994 0.00103 2.686954663 2,559.12 (0.00) 0.496583725
10/31/1994 0.00106 2.716875745 2,601.18 (0.00) 0.504744197
11/30/1994 0.00103 2.672441394 2,535.03 (0.00) 0.491908108
12/31/1994 0.00106 2.691294822 2,545.30 (0.00) 0.493902207
01/31/1995 0.00106 2.702204803 2,588.67 (0.00) 0.502316697
02/28/1995 0.00096 2.482282736 2,683.98 (0.00) 0.52081218
03/31/1995 0.00106 2.849432854 2,764.01 (0.00) 0.536341223 .222 OI
04/30/1995 0.00103 2.839736436 2,833.33 (0.00) 0.5497917
05/31/1995 0.00106 3.007983668 2,943.59 (0.00) 0.571187629
06/30/1995 0.00103 3.024235788 3,047.85 (0.00) 0.591418623
07/31/1995 0.00106 3.235730114 3,195.83 (0.00) 0.620133095
08/31/1995 0.00106 3.392830819 3,211.50 (0.00) 0.623174459
09/30/1995 0.00103 3.299487602 3,307.83 (0.00) 0.641866057
10/31/1995 0.00106 3.511734747 3,320.42 (0.00) 0.644309394
11/30/1995 0.00103 3.411389586 3,451.52 (0.00) 0.669749316
12/31/1995 0.00106 3.664287773 3,436.17 (0.00) 0.666770053
01/31/1996 0.00106 3.647987832 3,550.71 (0.00) 0.688995448
02/29/1996 0.00099 3.526386837 3,622.98 (0.00) 0.703018737
03/31/1996 0.00106 3.846309209 3,664.01 (0.00) 0.710981886 .251 OI
04/30/1996 0.00103 3.764396767 3,761.02 (0.00) 0.729806094
05/31/1996 0.00106 3.992866411 3,843.55 (0.00) 0.745819184
06/30/1996 0.00103 3.9488479 3,803.46 (0.00) 0.738039891
07/31/1996 0.00106 4.037914611 3,648.72 (0.00) 0.70801445
08/31/1996 0.00106 3.873641423 3,787.53 (0.00) 0.734949668
09/30/1996 0.00103 3.89129767 4,037.40 (0.00) 0.783435599
10/31/1996 0.00106 4.286280584 4,078.49 (0.00) 0.791408937
11/30/1996 0.00103 4.190229463 4,318.17 (0.00) 0.837917108
12/31/1996 0.00106 4.584356179 4,249.55 (0.00) 0.824602382
01/31/1997 0.00106 4.511509537 4,457.20 (0.00) 0.864896501
02/28/1997 0.00096 4.274032031 4,393.71 (0.00) 0.852576336
03/31/1997 0.00106 4.664558767 4,195.52 (0.00) 0.814117893 .145 OI
04/30/1997 0.00103 4.310465326 4,416.21 (0.00) 0.856941313
05/31/1997 0.00106 4.688440137 4,733.81 (0.00) 0.918570128
06/30/1997 0.00103 4.863502837 4,849.48 (0.00) 0.941015928
07/31/1997 0.00106 5.148423562 5,332.58 (0.00) 1.03475868
08/31/1997 0.00106 5.661302654 5,214.86 (0.00) 1.0119159
09/30/1997 0.00103 5.357735575 5,459.71 (0.00) 1.059426549
10/31/1997 0.00106 5.796263857 5,286.18 (0.00) 1.025754438
11/30/1997 0.00103 5.431005722 5,318.52 (0.00) 1.032030957
12/31/1997 0.00106 5.646378916 5,317.80 (0.00) 1.031890901
01/31/1998 0.00106 5.645612652 5,335.11 (0.00) 1.035248449
02/28/1998 0.00096 5.115854932 5,744.29 (0.00) 1.114648717
03/31/1998 0.00106 6.098391695 5,977.48 (0.00) 1.159897337 .244 OI
04/30/1998 0.00103 6.14124477 6,100.43 (0.00) 1.183755228
05/31/1998 0.00106 6.476482627 5,896.94 (0.00) 1.144268653
06/30/1998 0.00103 6.058496433 6,186.08 (0.00) 1.200374895
07/31/1998 0.00106 6.567411044 6,059.75 (0.00) 1.175862627
08/31/1998 0.00106 6.433301155 4,923.15 (0.00) 0.955310074
09/30/1998 0.00103 5.058027814 5,153.45 (0.00) 1
4.1534546 4.153454
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.197979 1 6.00% 10%
Units purchased 5,051.043 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/03/1985 0.197979 5,051.043 1,000.00 1,000.00 6,380.10 0.00%
04/30/1985 0.196190 5,051.043 990.96 0.00000 0 990.96 6,380.10 0.00%
05/31/1985 0.203472 5,051.043 1,027.75 0.00000 0 1,027.75 6,380.10 0.00%
06/30/1985 0.203436 5,051.043 1,027.56 0.00000 0 1,027.56 6,380.10 0.00%
07/31/1985 0.207140 5,051.043 1,046.27 0.00000 0 1,046.27 6,380.10 0.00%
08/31/1985 0.207879 5,051.043 1,050.01 0.00000 0 1,050.01 6,380.10 0.00%
09/30/1985 0.199963 5,051.043 1,010.02 0.00000 0 1,010.02 6,380.10 0.00%
10/31/1985 0.202281 5,051.043 1,021.73 0.00000 0 1,021.73 6,380.10 0.00%
11/30/1985 0.208333 5,051.043 1,052.30 0.00000 0 1,052.30 6,380.10 0.00%
12/31/1985 0.214558 5,051.043 1,083.74 0.00000 0 1,083.74 6,380.10 0.00%
01/31/1986 0.216106 5,051.043 1,091.56 0.00000 0 1,091.56 6,380.10 0.00%
02/28/1986 0.225542 5,051.043 1,139.22 0.00000 0 1,139.22 6,380.10 0.00%
03/31/1986 0.239558 5,051.043 1,210.02 0.00000 0 1,210.02 6,380.10 0.00%
04/30/1986 0.243704 5,051.043 1,230.96 0.00000 0 1,230.96 6,380.10 0.00%
05/31/1986 0.258872 5,051.043 1,307.57 0.00000 0 1,307.57 6,380.10 0.00%
06/30/1986 0.256167 5,051.043 1,293.91 0.00000 0 1,293.91 6,380.10 0.00%
07/31/1986 0.244247 5,051.043 1,233.70 0.00000 0 1,233.70 6,380.10 0.00%
08/31/1986 0.251557 5,051.043 1,270.63 0.00000 0 1,270.63 6,380.10 0.00%
09/30/1986 0.240078 5,051.043 1,212.65 0.00000 0 1,212.65 6,380.10 0.00%
10/31/1986 0.250569 5,051.043 1,265.64 0.00000 0 1,265.64 6,380.10 0.00%
11/30/1986 0.253072 5,051.043 1,278.28 0.00000 0 1,278.28 6,380.10 0.00%
12/31/1986 0.249188 5,051.043 1,258.66 0.00000 0 1,258.66 6,380.10 0.00%
01/31/1987 0.270177 5,051.043 1,364.67 0.00000 0 1,364.67 6,380.10 0.00%
02/28/1987 0.285729 5,051.043 1,443.23 0.00000 0 1,443.23 6,380.10 0.00%
03/31/1987 0.291638 5,051.043 1,473.08 0.00000 0 1,473.08 6,380.10 0.00%
04/30/1987 0.291094 5,051.043 1,470.33 0.00000 0 1,470.33 6,380.10 0.00%
05/31/1987 0.289917 5,051.043 1,464.38 0.00000 0 1,464.38 6,380.10 0.00%
06/30/1987 0.299336 5,051.043 1,511.96 0.00000 0 1,511.96 6,380.10 0.00%
07/31/1987 0.330697 5,051.043 1,670.36 0.00000 0 1,670.36 6,380.10 0.00%
08/31/1987 0.325748 5,051.043 1,645.37 0.00000 0 1,645.37 6,380.10 0.00%
09/30/1987 0.333233 5,051.043 1,683.17 0.00000 0 1,683.17 6,380.10 0.00%
10/31/1987 0.240491 5,051.043 1,214.73 0.00000 0 1,214.73 6,380.10 0.00%
11/30/1987 0.231963 5,051.043 1,171.66 0.00000 0 1,171.66 6,380.10 0.00%
12/31/1987 0.253854 5,051.043 1,282.23 0.00000 0 1,282.23 6,380.10 0.00%
01/31/1988 0.251513 5,051.043 1,270.40 0.00000 0 1,270.40 6,380.10 0.00%
02/29/1988 0.269781 5,051.043 1,362.67 0.00000 0 1,362.67 6,380.10 0.00%
03/31/1988 0.277594 5,051.043 1,402.14 0.00000 0 1,402.14 6,380.10 0.00%
04/30/1988 0.279756 5,051.043 1,413.06 0.00000 0 1,413.06 6,380.10 0.00%
05/31/1988 0.277845 5,051.043 1,403.41 0.00000 0 1,403.41 6,380.10 0.00%
06/30/1988 0.296103 5,051.043 1,495.63 0.00000 0 1,495.63 6,380.10 0.00%
07/31/1988 0.298009 5,051.043 1,505.25 0.00000 0 1,505.25 6,380.10 0.00%
08/31/1988 0.288410 5,051.043 1,456.77 0.00000 0 1,456.77 6,380.10 0.00%
09/30/1988 0.296860 5,051.043 1,499.45 0.00000 0 1,499.45 6,380.10 0.00%
10/31/1988 0.300780 5,051.043 1,519.25 0.00000 0 1,519.25 6,380.10 0.00%
11/30/1988 0.298413 5,051.043 1,507.30 0.00000 0 1,507.30 6,380.10 0.00%
12/31/1988 0.305686 5,051.043 1,544.03 0.00000 0 1,544.03 6,380.10 0.00%
01/31/1989 0.329527 5,051.043 1,664.46 0.00000 0 1,664.46 6,380.10 0.00%
02/28/1989 0.329620 5,051.043 1,664.92 0.00000 0 1,664.92 6,380.10 0.00%
03/31/1989 0.336296 5,051.043 1,698.65 0.00000 0 1,698.65 6,380.10 0.00%
04/30/1989 0.343956 5,051.043 1,737.34 0.00000 0 1,737.34 6,380.10 0.00%
05/31/1989 0.354109 5,051.043 1,788.62 0.00000 0 1,788.62 6,380.10 0.00%
06/30/1989 0.347738 5,051.043 1,756.44 0.00000 0 1,756.44 6,380.10 0.00%
07/31/1989 0.370461 5,051.043 1,871.22 0.00000 0 1,871.22 6,380.10 0.00%
08/31/1989 0.374826 5,051.043 1,893.26 0.00000 0 1,893.26 6,380.10 0.00%
09/30/1989 0.372566 5,051.043 1,881.85 0.00000 0 1,881.85 6,380.10 0.00%
10/31/1989 0.362991 5,051.043 1,833.48 0.00000 0 1,833.48 6,380.10 0.00%
11/30/1989 0.373519 5,051.043 1,886.66 0.00000 0 1,886.66 6,380.10 0.00%
12/31/1989 0.372618 5,051.043 1,882.11 0.00000 0 1,882.11 6,380.10 0.00%
01/31/1990 0.354203 5,051.043 1,789.10 0.00000 0 1,789.10 6,380.10 0.00%
02/28/1990 0.352460 5,051.043 1,780.29 0.00000 0 1,780.29 6,380.10 0.00%
03/31/1990 0.359030 5,051.043 1,813.48 0.00000 0 1,813.48 6,380.10 0.00%
04/30/1990 0.343396 5,051.043 1,734.51 0.00000 0 1,734.51 6,380.10 0.00%
05/31/1990 0.361718 5,051.043 1,827.05 0.00000 0 1,827.05 6,380.10 0.00%
06/30/1990 0.355609 5,051.043 1,796.20 0.00000 0 1,796.20 6,380.10 0.00%
07/31/1990 0.361686 5,051.043 1,826.89 0.00000 0 1,826.89 6,380.10 0.00%
08/31/1990 0.342048 5,051.043 1,727.70 0.00000 0 1,727.70 6,380.10 0.00%
09/30/1990 0.330578 5,051.043 1,669.76 0.00000 0 1,669.76 6,380.10 0.00%
10/31/1990 0.325597 5,051.043 1,644.61 0.00000 0 1,644.61 6,380.10 0.00%
11/30/1990 0.326839 5,051.043 1,650.88 0.00000 0 1,650.88 6,380.10 0.00%
12/31/1990 0.337220 5,051.043 1,703.31 0.00000 0 1,703.31 6,380.10 0.00%
01/31/1991 0.342467 5,051.043 1,729.81 0.00000 0 1,729.81 6,380.10 0.00%
02/28/1991 0.360900 5,051.043 1,822.92 0.00000 0 1,822.92 6,380.10 0.00%
03/31/1991 0.365184 5,051.043 1,844.56 0.00000 0 1,844.56 6,380.10 0.00%
04/30/1991 0.363651 5,051.043 1,836.81 0.00000 0 1,836.81 6,380.10 0.00%
05/31/1991 0.368775 5,051.043 1,862.70 0.00000 0 1,862.70 6,380.10 0.00%
06/30/1991 0.353921 5,051.043 1,787.67 0.00000 0 1,787.67 6,380.10 0.00%
07/31/1991 0.376504 5,051.043 1,901.74 0.00000 0 1,901.74 6,380.10 0.00%
08/31/1991 0.382424 5,051.043 1,931.64 0.00000 0 1,931.64 6,380.10 0.00%
09/30/1991 0.378113 5,051.043 1,909.87 0.00000 0 1,909.87 6,380.10 0.00%
10/31/1991 0.382635 5,051.043 1,932.70 0.00000 0 1,932.70 6,380.10 0.00%
11/30/1991 0.368401 5,051.043 1,860.81 0.00000 0 1,860.81 6,380.10 0.00%
12/31/1991 0.417560 5,051.043 2,109.11 0.00000 0 2,109.11 6,380.10 0.00%
01/31/1992 0.423119 5,051.043 2,137.19 0.00000 0 2,137.19 6,380.10 0.00%
02/29/1992 0.428423 5,051.043 2,163.98 0.00000 0 2,163.98 6,380.10 0.00%
03/31/1992 0.413900 5,051.043 2,090.63 0.00000 0 2,090.63 6,380.10 0.00%
04/30/1992 0.411175 5,051.043 2,076.86 0.00000 0 2,076.86 6,380.10 0.00%
05/31/1992 0.414615 5,051.043 2,094.24 0.00000 0 2,094.24 6,380.10 0.00%
06/30/1992 0.401243 5,051.043 2,026.70 0.00000 0 2,026.70 6,380.10 0.00%
07/31/1992 0.420087 5,051.043 2,121.88 0.00000 0 2,121.88 6,380.10 0.00%
08/31/1992 0.408959 5,051.043 2,065.67 0.00000 0 2,065.67 6,380.10 0.00%
09/30/1992 0.416030 5,051.043 2,101.39 0.00000 0 2,101.39 6,380.10 0.00%
10/31/1992 0.431441 5,051.043 2,179.22 0.00000 0 2,179.22 6,380.10 0.00%
11/30/1992 0.459372 5,051.043 2,320.31 0.00000 0 2,320.31 6,380.10 0.00%
12/31/1992 0.471634 5,051.043 2,382.24 0.00000 0 2,382.24 6,380.10 0.00%
01/31/1993 0.478302 5,051.043 2,415.92 0.00000 0 2,415.92 6,380.10 0.00%
02/28/1993 0.463623 5,051.043 2,341.78 0.00000 0 2,341.78 6,380.10 0.00%
03/31/1993 0.478168 5,051.043 2,415.25 0.00000 0 2,415.25 6,380.10 0.00%
04/30/1993 0.458538 5,051.043 2,316.09 0.00000 0 2,316.09 6,380.10 0.00%
05/31/1993 0.477905 5,051.043 2,413.92 0.00000 0 2,413.92 6,380.10 0.00%
06/30/1993 0.481047 5,051.043 2,429.79 0.00000 0 2,429.79 6,380.10 0.00%
07/31/1993 0.474232 5,051.043 2,395.37 0.00000 0 2,395.37 6,380.10 0.00%
08/31/1993 0.483022 5,051.043 2,439.76 0.00000 0 2,439.76 6,380.10 0.00%
09/30/1993 0.493792 5,051.043 2,494.16 0.00000 0 2,494.16 6,380.10 0.00%
10/31/1993 0.498013 5,051.043 2,515.49 0.00000 0 2,515.49 6,380.10 0.00%
11/30/1993 0.491507 5,051.043 2,482.62 0.00000 0 2,482.62 6,380.10 0.00%
12/31/1993 0.498824 5,051.043 2,519.58 0.00000 0 2,519.58 6,380.10 0.00%
01/31/1994 0.514012 5,051.043 2,596.30 0.00000 0 2,596.30 6,380.10 2.00%
02/28/1994 0.506423 5,051.043 2,557.97 0.00000 0 2,557.97 6,380.10 2.00%
03/31/1994 0.484582 5,051.043 2,447.65 0.00000 0 2,447.65 6,380.10 2.00%
04/30/1994 0.485443 5,051.043 2,452.00 0.00000 0 2,452.00 6,380.10 2.00%
05/31/1994 0.493089 5,051.043 2,490.62 0.00000 0 2,490.62 6,380.10 2.00%
06/30/1994 0.471280 5,051.043 2,380.46 0.00000 0 2,380.46 6,380.10 2.00%
07/31/1994 0.480903 5,051.043 2,429.06 0.00000 0 2,429.06 6,380.10 2.00%
08/31/1994 0.510566 5,051.043 2,578.89 0.00000 0 2,578.89 6,380.10 2.00%
09/30/1994 0.499535 5,051.043 2,523.17 0.00000 0 2,523.17 6,380.10 2.00%
10/31/1994 0.507680 5,051.043 2,564.31 0.00000 0 2,564.31 6,380.10 2.00%
11/30/1994 0.494707 5,051.043 2,498.79 0.00000 0 2,498.79 6,380.10 2.00%
12/31/1994 0.496649 5,051.043 2,508.60 0.00000 0 2,508.60 6,380.10 2.00%
01/31/1995 0.505047 5,051.043 2,551.02 0.00000 0 2,551.02 6,380.10 4.00%
02/28/1995 0.523585 5,051.043 2,644.65 0.00000 0 2,644.65 6,380.10 4.00%
03/31/1995 0.539130 5,051.043 2,723.17 0.00000 0 2,723.17 6,380.10 4.00%
04/30/1995 0.552584 5,051.043 2,791.13 0.00000 0 2,791.13 6,380.10 4.00%
05/31/1995 0.574018 5,051.043 2,899.39 0.00000 0 2,899.39 6,380.10 4.00%
06/30/1995 0.594279 5,051.043 3,001.73 0.00000 0 3,001.73 6,380.10 4.00%
07/31/1995 0.623057 5,051.043 3,147.09 0.00000 0 3,147.09 6,380.10 4.00%
08/31/1995 0.626033 5,051.043 3,162.12 0.00000 0 3,162.12 6,380.10 4.00%
09/30/1995 0.644733 5,051.043 3,256.57 0.00000 0 3,256.57 6,380.10 4.00%
10/31/1995 0.647105 5,051.043 3,268.56 0.00000 0 3,268.56 6,380.10 4.00%
11/30/1995 0.672576 5,051.043 3,397.21 0.00000 0 3,397.21 6,380.10 4.00%
12/31/1995 0.669498 5,051.043 3,381.66 0.00000 0 3,381.66 6,380.10 4.00%
01/31/1996 0.691729 5,051.043 3,493.95 0.00000 0 3,493.95 6,380.10 6.00%
02/29/1996 0.705726 5,051.043 3,564.65 0.00000 0 3,564.65 6,380.10 6.00%
03/31/1996 0.713630 5,051.043 3,604.57 0.00000 0 3,604.57 6,380.10 6.00%
04/30/1996 0.732436 5,051.043 3,699.57 0.00000 0 3,699.57 6,380.10 6.00%
05/31/1996 0.748413 5,051.043 3,780.27 0.00000 0 3,780.27 6,380.10 6.00%
06/30/1996 0.740515 5,051.043 3,740.37 0.00000 0 3,740.37 6,380.10 6.00%
07/31/1996 0.710294 5,051.043 3,587.73 0.00000 0 3,587.73 6,380.10 6.00%
08/31/1996 0.737226 5,051.043 3,723.76 0.00000 0 3,723.76 6,380.10 6.00%
09/30/1996 0.785771 5,051.043 3,968.96 0.00000 0 3,968.96 6,380.10 6.00%
10/31/1996 0.793668 5,051.043 4,008.85 0.00000 0 4,008.85 6,380.10 6.00%
11/30/1996 0.840211 5,051.043 4,243.94 0.00000 0 4,243.94 6,380.10 6.00%
12/31/1996 0.826753 5,051.043 4,175.96 0.00000 0 4,175.96 6,380.10 6.00%
01/31/1997 0.867047 5,051.043 4,379.49 0.00000 0 4,379.49 6,380.10 6.00%
02/28/1997 0.854596 5,051.043 4,316.60 0.00000 0 4,316.60 6,380.10 6.00%
03/31/1997 0.815938 5,051.043 4,121.34 0.00000 0 4,121.34 6,380.10 6.00%
04/30/1997 0.858756 5,051.043 4,337.62 0.00000 0 4,337.62 6,380.10 6.00%
05/31/1997 0.920406 5,051.043 4,649.01 0.00000 0 4,649.01 6,380.10 6.00%
06/30/1997 0.942783 5,051.043 4,762.04 0.00000 0 4,762.04 6,380.10 6.00%
07/31/1997 1.036582 5,051.043 5,235.82 0.00000 0 5,235.82 6,380.10 6.00%
08/31/1997 1.013567 5,051.043 5,119.57 0.00000 0 5,119.57 6,380.10 6.00%
09/30/1997 1.061030 5,051.043 5,359.31 0.00000 0 5,359.31 6,380.10 6.00%
10/31/1997 1.027172 5,051.043 5,188.29 0.00000 0 5,188.29 6,380.10 6.00%
11/30/1997 1.033331 5,051.043 5,219.40 0.00000 0 5,219.40 6,380.10 6.00%
12/31/1997 1.033059 5,051.043 5,218.02 0.00000 0 5,218.02 6,380.10 6.00%
01/31/1998 1.036288 5,051.043 5,234.34 0.00000 0 5,234.34 6,380.10 6.00%
02/28/1998 1.115649 5,051.043 5,635.19 0.00000 0 5,635.19 6,380.10 6.00%
03/31/1998 1.160796 5,051.043 5,863.23 0.00000 0 5,863.23 6,380.10 6.00%
04/30/1998 1.184530 5,051.043 5,983.11 0.00000 0 5,983.11 6,380.10 6.00%
05/31/1998 1.144866 5,051.043 5,782.77 0.00000 0 5,782.77 6,380.10 6.00%
06/30/1998 1.200861 5,051.043 6,065.60 0.00000 0 6,065.60 6,380.10 6.00%
07/31/1998 1.176186 5,051.043 5,940.96 0.00000 0 5,940.96 6,380.10 6.00%
08/31/1998 0.955423 5,051.043 4,825.88 0.00000 0 4,825.88 6,380.10 6.00%
09/30/1998 1.000000 5,051.043 5,051.04 0.00000 0 5,051.04 6,380.10 6.00%
10/31/1998 1.084144 5,051.043 5,476.06 0.00000 0 5,476.06 6,380.10 6.00%
11/30/1998 1.153910 5,051.043 5,828.45 0.00000 0 5,828.45 6,380.10 6.00%
12/31/1998 1.263125 5,051.043 6,380.10 0.00000 0 6,380.10 6,380.10 6.00%
12/31/1998 6,380.10
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 538.01% 538.01%
04/03/1985 100.00% 6,380.10 13.7534 14.42% 14.42% 6,380.10 6,380.10 14
04/30/1985 100.00% 6,380.10 13.6795 14.58% 14.58% 6,438.27 6,438.27 14
05/31/1985 100.00% 6,380.10 13.5945 14.37% 14.37% 6,207.85 6,207.85 14
06/30/1985 100.00% 6,380.10 13.5123 14.47% 14.47% 6,208.97 6,208.97 14
07/31/1985 100.00% 6,380.10 13.4274 14.41% 14.41% 6,097.93 6,097.93 14
08/31/1985 100.00% 6,380.10 13.3425 14.48% 14.48% 6,076.25 6,076.25 14
09/30/1985 100.00% 6,380.10 13.2603 14.91% 14.91% 6,316.81 6,316.81 14
10/31/1985 100.00% 6,380.10 13.1753 14.92% 14.92% 6,244.41 6,244.41 14
11/30/1985 100.00% 6,380.10 13.0932 14.76% 14.76% 6,063.02 6,063.02 14
12/31/1985 100.00% 6,380.10 13.0082 14.60% 14.60% 5,887.09 5,887.09 14
01/31/1986 100.00% 6,380.10 12.9233 14.64% 14.64% 5,844.93 5,844.93 13
02/28/1986 100.00% 6,380.10 12.8466 14.35% 14.35% 5,600.39 5,600.39 13
03/31/1986 100.00% 6,380.10 12.7616 13.91% 13.91% 5,272.73 5,272.73 13
04/30/1986 100.00% 6,380.10 12.6795 13.86% 13.86% 5,183.03 5,183.03 13
05/31/1986 100.00% 6,380.10 12.5945 13.41% 13.41% 4,879.35 4,879.35 13
06/30/1986 100.00% 6,380.10 12.5123 13.60% 13.60% 4,930.86 4,930.86 13
07/31/1986 100.00% 6,380.10 12.4274 14.14% 14.14% 5,171.50 5,171.50 13
08/31/1986 100.00% 6,380.10 12.3425 13.97% 13.97% 5,021.22 5,021.22 13
09/30/1986 100.00% 6,380.10 12.2603 14.50% 14.50% 5,261.30 5,261.30 13
10/31/1986 100.00% 6,380.10 12.1753 14.21% 14.21% 5,041.02 5,041.02 13
11/30/1986 100.00% 6,380.10 12.0932 14.22% 14.22% 4,991.16 4,991.16 13
12/31/1986 100.00% 6,380.10 12.0082 14.47% 14.47% 5,068.96 5,068.96 13
01/31/1987 100.00% 6,380.10 11.9233 13.81% 13.81% 4,675.18 4,675.18 12
02/28/1987 100.00% 6,380.10 11.8466 13.37% 13.37% 4,420.70 4,420.70 12
03/31/1987 100.00% 6,380.10 11.7616 13.27% 13.27% 4,331.14 4,331.14 12
04/30/1987 100.00% 6,380.10 11.6795 13.39% 13.39% 4,339.23 4,339.23 12
05/31/1987 100.00% 6,380.10 11.5945 13.53% 13.53% 4,356.85 4,356.85 12
06/30/1987 100.00% 6,380.10 11.5123 13.32% 13.32% 4,219.76 4,219.76 12
07/31/1987 100.00% 6,380.10 11.4274 12.44% 12.44% 3,819.58 3,819.58 12
08/31/1987 100.00% 6,380.10 11.3425 12.69% 12.69% 3,877.62 3,877.62 12
09/30/1987 100.00% 6,380.10 11.2603 12.56% 12.56% 3,790.52 3,790.52 12
10/31/1987 100.00% 6,380.10 11.1753 16.00% 16.00% 5,252.28 5,252.28 12
11/30/1987 100.00% 6,380.10 11.0932 16.51% 16.51% 5,445.36 5,445.36 12
12/31/1987 100.00% 6,380.10 11.0082 15.69% 15.69% 4,975.79 4,975.79 12
01/31/1988 100.00% 6,380.10 10.9233 15.92% 15.92% 5,022.10 5,022.10 11
02/29/1988 100.00% 6,380.10 10.8438 15.30% 15.30% 4,682.04 4,682.04 11
03/31/1988 100.00% 6,380.10 10.7589 15.12% 15.12% 4,550.27 4,550.27 11
04/30/1988 100.00% 6,380.10 10.6767 15.16% 15.16% 4,515.09 4,515.09 11
05/31/1988 100.00% 6,380.10 10.5918 15.37% 15.37% 4,546.14 4,546.14 11
06/30/1988 100.00% 6,380.10 10.5096 14.80% 14.80% 4,265.83 4,265.83 11
07/31/1988 100.00% 6,380.10 10.4247 14.86% 14.86% 4,238.55 4,238.55 11
08/31/1988 100.00% 6,380.10 10.3397 15.35% 15.35% 4,379.61 4,379.61 11
09/30/1988 100.00% 6,380.10 10.2575 15.16% 15.16% 4,254.96 4,254.96 11
10/31/1988 100.00% 6,380.10 10.1726 15.15% 15.15% 4,199.49 4,199.49 11
11/30/1988 100.00% 6,380.10 10.0904 15.37% 15.37% 4,232.81 4,232.81 11
12/31/1988 100.00% 6,380.10 10.0055 15.23% 15.23% 4,132.10 4,132.10 11
01/31/1989 100.00% 6,380.10 9.9205 14.50% 14.50% 3,833.15 3,833.15 10
02/28/1989 100.00% 6,380.10 9.8438 14.62% 14.62% 3,832.07 3,832.07 10
03/31/1989 100.00% 6,380.10 9.7589 14.52% 14.52% 3,755.99 3,755.99 10
04/30/1989 100.00% 6,380.10 9.6767 14.39% 14.39% 3,672.35 3,672.35 10
05/31/1989 100.00% 6,380.10 9.5918 14.18% 14.18% 3,567.05 3,567.05 10
06/30/1989 100.00% 6,380.10 9.5096 14.53% 14.53% 3,632.41 3,632.41 10
07/31/1989 100.00% 6,380.10 9.4247 13.90% 13.90% 3,409.60 3,409.60 10
08/31/1989 100.00% 6,380.10 9.3397 13.89% 13.89% 3,369.90 3,369.90 10
09/30/1989 100.00% 6,380.10 9.2575 14.10% 14.10% 3,390.34 3,390.34 10
10/31/1989 100.00% 6,380.10 9.1726 14.56% 14.56% 3,479.77 3,479.77 10
11/30/1989 100.00% 6,380.10 9.0904 14.34% 14.34% 3,381.69 3,381.69 10
12/31/1989 100.00% 6,380.10 9.0055 14.52% 14.52% 3,389.87 3,389.87 10
01/31/1990 100.00% 6,380.10 8.9205 15.32% 15.32% 3,566.10 3,566.10 9
02/28/1990 100.00% 6,380.10 8.8438 15.53% 15.53% 3,583.74 3,583.74 9
03/31/1990 100.00% 6,380.10 8.7589 15.44% 15.44% 3,518.16 3,518.16 9
04/30/1990 100.00% 6,380.10 8.6767 16.20% 16.20% 3,678.34 3,678.34 9
05/31/1990 100.00% 6,380.10 8.5918 15.67% 15.67% 3,492.02 3,492.02 9
06/30/1990 100.00% 6,380.10 8.5096 16.06% 16.06% 3,552.01 3,552.01 9
07/31/1990 100.00% 6,380.10 8.4247 16.00% 16.00% 3,492.33 3,492.33 9
08/31/1990 100.00% 6,380.10 8.3397 16.96% 16.96% 3,692.83 3,692.83 9
09/30/1990 100.00% 6,380.10 8.2575 17.63% 17.63% 3,820.96 3,820.96 9
10/31/1990 100.00% 6,380.10 8.1726 18.04% 18.04% 3,879.41 3,879.41 9
11/30/1990 100.00% 6,380.10 8.0904 18.19% 18.19% 3,864.68 3,864.68 9
12/31/1990 100.00% 6,380.10 8.0055 17.93% 17.93% 3,745.70 3,745.70 9
01/31/1991 100.00% 6,380.10 7.9205 17.91% 17.91% 3,688.31 3,688.31 8
02/28/1991 100.00% 6,380.10 7.8438 17.32% 17.32% 3,499.93 3,499.93 8
03/31/1991 100.00% 6,380.10 7.7589 17.34% 17.34% 3,458.87 3,458.87 8
04/30/1991 100.00% 6,380.10 7.6767 17.61% 17.61% 3,473.46 3,473.46 8
05/31/1991 100.00% 6,380.10 7.5918 17.61% 17.61% 3,425.19 3,425.19 8
06/30/1991 100.00% 6,380.10 7.5096 18.46% 18.46% 3,568.95 3,568.95 8
07/31/1991 100.00% 6,380.10 7.4247 17.71% 17.71% 3,354.88 3,354.88 8
08/31/1991 100.00% 6,380.10 7.3397 17.68% 17.68% 3,302.95 3,302.95 8
09/30/1991 100.00% 6,380.10 7.2575 18.08% 18.08% 3,340.60 3,340.60 8
10/31/1991 100.00% 6,380.10 7.1726 18.12% 18.12% 3,301.13 3,301.13 8
11/30/1991 100.00% 6,380.10 7.0904 18.98% 18.98% 3,428.67 3,428.67 8
12/31/1991 100.00% 6,380.10 7.0055 17.12% 17.12% 3,025.02 3,025.02 8
01/31/1992 100.00% 6,380.10 6.9205 17.12% 17.12% 2,985.27 2,985.27 7
02/29/1992 100.00% 6,380.10 6.8411 17.12% 17.12% 2,948.32 2,948.32 7
03/31/1992 100.00% 6,380.10 6.7562 17.96% 17.96% 3,051.76 3,051.76 7
04/30/1992 100.00% 6,380.10 6.6740 18.31% 18.31% 3,071.99 3,071.99 7
05/31/1992 100.00% 6,380.10 6.5890 18.42% 18.42% 3,046.50 3,046.50 7
06/30/1992 100.00% 6,380.10 6.5068 19.27% 19.27% 3,148.03 3,148.03 7
07/31/1992 100.00% 6,380.10 6.4219 18.70% 18.70% 3,006.82 3,006.82 7
08/31/1992 100.00% 6,380.10 6.3370 19.48% 19.48% 3,088.64 3,088.64 7
09/30/1992 100.00% 6,380.10 6.2548 19.43% 19.43% 3,036.14 3,036.14 7
10/31/1992 100.00% 6,380.10 6.1699 19.02% 19.02% 2,927.69 2,927.69 7
11/30/1992 100.00% 6,380.10 6.0877 18.08% 18.08% 2,749.68 2,749.68 7
12/31/1992 100.00% 6,380.10 6.0027 17.84% 17.84% 2,678.19 2,678.19 7
01/31/1993 100.00% 6,380.10 5.9178 17.83% 17.83% 2,640.85 2,640.85 6
02/28/1993 100.00% 6,380.10 5.8411 18.72% 18.72% 2,724.47 2,724.47 6
03/31/1993 100.00% 6,380.10 5.7562 18.38% 18.38% 2,641.59 2,641.59 6
04/30/1993 100.00% 6,380.10 5.6740 19.55% 19.55% 2,754.68 2,754.68 6
05/31/1993 100.00% 6,380.10 5.5890 18.99% 18.99% 2,643.05 2,643.05 6
06/30/1993 100.00% 6,380.10 5.5068 19.16% 19.16% 2,625.78 2,625.78 6
07/31/1993 100.00% 6,380.10 5.4219 19.80% 19.80% 2,663.52 2,663.52 6
08/31/1993 100.00% 6,380.10 5.3370 19.74% 19.74% 2,615.05 2,615.05 6
09/30/1993 100.00% 6,380.10 5.2548 19.57% 19.57% 2,558.01 2,558.01 6
10/31/1993 100.00% 6,380.10 5.1699 19.72% 19.72% 2,536.33 2,536.33 6
11/30/1993 100.00% 6,380.10 5.0877 20.38% 20.38% 2,569.90 2,569.90 6
12/31/1993 100.00% 6,380.10 5.0027 20.41% 20.41% 2,532.21 2,532.21 6
01/31/1994 50.00% 6,380.10 4.9178 20.06% 20.06% 2,457.39 2,457.39 5
02/28/1994 50.00% 6,380.10 4.8411 20.78% 20.78% 2,494.21 2,494.21 5
03/31/1994 50.00% 6,380.10 4.7562 22.32% 22.32% 2,606.63 2,606.63 5
04/30/1994 50.00% 6,380.10 4.6740 22.70% 22.70% 2,602.00 2,602.00 5
05/31/1994 50.00% 6,380.10 4.5890 22.75% 22.75% 2,561.66 2,561.66 5
06/30/1994 50.00% 6,380.10 4.5068 24.45% 24.45% 2,680.20 2,680.20 5
07/31/1994 50.00% 6,380.10 4.4219 24.41% 24.41% 2,626.57 2,626.57 5
08/31/1994 50.00% 6,380.10 4.3370 23.23% 23.23% 2,473.97 2,473.97 5
09/30/1994 50.00% 6,380.10 4.2548 24.36% 24.36% 2,528.60 2,528.60 5
10/31/1994 50.00% 6,380.10 4.1699 24.43% 24.43% 2,488.03 2,488.03 5
11/30/1994 50.00% 6,380.10 4.0877 25.77% 25.77% 2,553.28 2,553.28 5
12/31/1994 50.00% 6,380.10 4.0027 26.26% 26.26% 2,543.29 2,543.29 5
01/31/1995 40.00% 6,380.10 3.9178 26.36% 26.36% 2,501.00 2,501.00 4
02/28/1995 40.00% 6,376.39 3.8411 25.75% 25.77% 2,411.05 2,412.45 4
03/31/1995 40.00% 6,373.25 3.7562 25.40% 25.44% 2,340.38 2,342.89 4
04/30/1995 40.00% 6,370.54 3.6740 25.18% 25.24% 2,282.42 2,285.85 4
05/31/1995 40.00% 6,366.20 3.5890 24.50% 24.58% 2,195.70 2,200.50 4
06/30/1995 40.00% 6,362.11 3.5068 23.89% 23.99% 2,119.48 2,125.47 4
07/31/1995 40.00% 6,356.30 3.4219 22.81% 22.94% 2,019.74 2,027.30 4
08/31/1995 40.00% 6,355.70 3.3370 23.27% 23.41% 2,009.95 2,017.67 4
09/30/1995 40.00% 6,351.92 3.2548 22.78% 22.95% 1,950.49 1,959.14 4
10/31/1995 40.00% 6,351.44 3.1699 23.32% 23.49% 1,943.19 1,951.96 4
11/30/1995 40.00% 6,346.29 3.0877 22.43% 22.64% 1,868.09 1,878.04 4
12/31/1995 40.00% 6,346.91 3.0027 23.33% 23.54% 1,876.86 1,886.67 4
01/31/1996 30.00% 6,285.30 2.9178 22.29% 22.92% 1,798.91 1,826.04 3
02/29/1996 30.00% 6,281.06 2.8384 22.09% 22.76% 1,762.04 1,789.82 3
03/31/1996 30.00% 6,278.67 2.7534 22.33% 23.04% 1,741.86 1,770.00 3
04/30/1996 30.00% 6,272.97 2.6712 21.86% 22.63% 1,695.60 1,724.55 3
05/31/1996 30.00% 6,268.12 2.5863 21.59% 22.43% 1,658.12 1,687.74 3
06/30/1996 30.00% 6,270.52 2.5041 22.92% 23.77% 1,676.44 1,705.74 3
07/31/1996 30.00% 6,279.68 2.4192 26.04% 26.87% 1,750.32 1,778.31 3
08/31/1996 30.00% 6,271.51 2.3342 25.02% 25.95% 1,684.19 1,713.35 3
09/30/1996 30.00% 6,256.80 2.2521 22.40% 23.46% 1,576.43 1,607.50 3
10/31/1996 30.00% 6,254.41 2.1671 22.78% 23.91% 1,560.15 1,591.50 3
11/30/1996 30.00% 6,240.30 2.0849 20.31% 21.60% 1,470.40 1,503.34 3
12/31/1996 30.00% 6,244.38 2.0000 22.28% 23.60% 1,495.32 1,527.81 3
01/31/1997 20.00% 6,193.89 1.9151 19.84% 21.71% 1,414.29 1,456.81 2
02/28/1997 20.00% 6,197.66 1.8384 21.74% 23.68% 1,435.77 1,478.04 2
03/31/1997 20.00% 6,209.38 1.7534 26.33% 28.30% 1,506.64 1,548.07 2
04/30/1997 20.00% 6,196.40 1.6712 23.79% 25.97% 1,428.53 1,470.88 2
05/31/1997 20.00% 6,177.72 1.5863 19.63% 22.08% 1,328.82 1,372.36 2
06/30/1997 20.00% 6,170.94 1.5041 18.80% 21.47% 1,295.86 1,339.78 2
07/31/1997 20.00% 6,142.51 1.4192 11.91% 14.94% 1,173.17 1,218.55 2
08/31/1997 20.00% 6,149.49 1.3342 14.73% 17.94% 1,201.17 1,246.22 2
09/30/1997 20.00% 6,135.10 1.2521 11.40% 14.94% 1,144.76 1,190.47 2
10/31/1997 20.00% 6,145.36 1.1671 15.61% 19.38% 1,184.47 1,229.71 2
11/30/1997 20.00% 6,143.50 1.0849 16.21% 20.33% 1,177.05 1,222.38 2
12/31/1997 20.00% 6,143.58 1.0000 17.74% 22.27% 1,177.38 1,222.70 2
01/31/1998 10.00% 6,104.32 0.9151 16.62% 21.89% 1,151.08 1,198.58 1
02/28/1998 10.00% 6,080.27 0.8384 7.90% 13.22% 1,065.81 1,109.70 1
03/31/1998 10.00% 6,066.59 0.7534 3.47% 8.82% 1,026.02 1,065.72 1
04/30/1998 10.00% 6,059.39 0.6712 1.27% 6.64% 1,008.54 1,044.06 1
05/31/1998 10.00% 6,071.41 0.5863 4.99% 10.33% 1,028.97 1,059.33 1
06/30/1998 10.00% 6,054.44 0.5041 -0.18% 5.18% 999.07 1,025.81 1
07/31/1998 10.00% 6,061.92 0.4192 2.04% 7.39% 1,008.48 1,030.35 1
08/31/1998 10.00% 6,128.83 0.3342 27.00% 32.21% 1,083.15 1,097.80 1
09/30/1998 10.00% 6,115.32 0.2521 21.07% 26.31% 1,049.38 1,060.66 1
10/31/1998 10.00% 6,089.82 0.1671 11.21% 16.51% 1,017.91 1,025.86 1
11/30/1998 10.00% 6,068.67 0.0849 4.12% 9.46% 1,003.43 1,007.71 1
12/31/1998 10.00% 6,035.57 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.197979 1 6.00% 10%
Units purchased 5,051.043 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 5,828.45 6,068.67 6,380.10 4.12% 9.46%
09/30/1998 0.25 0.25 5,051.04 6,115.32 6,380.10 21.07% 26.31%
12/31/1997 1.00 1.00 5,218.02 6,143.58 6,380.10 17.74% 22.27%
12/31/1997 1.00 1.00 5,218.02 6,143.58 6,380.10 17.74% 22.27%
12/31/1995 3.00 3.00 3,381.66 6,346.91 6,380.10 23.35% 23.57%
12/31/1993 5.00 5.00 2,519.58 6,380.10 6,380.10 20.42% 20.42%
12/31/1988 10.01 10.00 1,544.03 6,380.10 6,380.10 15.24% 15.24%
04/03/1985 13.75 13.75 1,000.00 6,380.10 6,380.10 14.43% 14.43%
12/31/1992 2,382.24
12/31/1993 1 2,519.58 5.77%
12/31/1994 1 2,508.60 -0.44%
12/31/1995 1 3,381.66 34.80%
12/31/1996 1 4,175.96 23.49%
12/31/1997 1 5,218.02 24.95%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GROWTH FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
04/03/1985 100 10 1000
04/30/1985 1000 0 10 100 9.92 992.00 -0.80%
05/31/1985 992 0 10 100 10.3 1,030.00 3.83%
06/30/1985 1030 0 10 100 10.31 1,031.00 0.10%
07/31/1985 1031 0 10 100 10.51 1,051.00 1.94%
08/31/1985 1051 0 10 100 10.56 1,056.00 0.48%
09/30/1985 1056 0 10 100 10.17 1,017.00 -3.69%
10/31/1985 1017 0 10 100 10.3 1,030.00 1.28%
11/30/1985 1030 0 10 100 10.62 1,062.00 3.11%
12/31/1985 1062 0 10 100 10.95 1,095.00 3.11%
01/31/1986 1095 0.31 10.66 102.908 10.73 1,104.20 0.84%
02/28/1986 1104.2 0 10 102.908 11.21 1,153.60 4.47%
03/31/1986 1153.6 0 10 102.908 11.92 1,226.66 6.33%
04/30/1986 1226.66 0 10 102.908 12.14 1,249.30 1.85%
05/31/1986 1249.3 0 10 102.908 12.91 1,328.54 6.34%
06/30/1986 1328.54 0 10 102.908 12.79 1,316.19 -0.93%
07/31/1986 1316.19 0 10 102.908 12.21 1,256.51 -4.53%
08/31/1986 1256.51 0 10 102.908 12.59 1,295.61 3.11%
09/30/1986 1295.61 0 10 102.908 12.03 1,237.98 -4.45%
10/31/1986 1237.98 0 10 102.908 12.57 1,293.55 4.49%
11/30/1986 1293.55 0 10 102.908 12.71 1,307.96 1.11%
12/31/1986 1307.96 0 10 102.908 12.53 1,289.44 -1.42%
01/31/1987 1289.44 0.617 12.49 107.992 12.96 1,399.58 8.54%
02/28/1987 1399.58 0 10 107.992 13.72 1,481.65 5.86%
03/31/1987 1481.65 0 10 107.992 14.02 1,514.05 2.19%
04/30/1987 1514.05 0 10 107.992 14.01 1,512.97 -0.07%
05/31/1987 1512.97 0 10 107.992 13.97 1,508.65 -0.29%
06/30/1987 1508.65 0 10 107.992 14.44 1,559.40 3.36%
07/31/1987 1559.4 0 10 107.992 15.97 1,724.63 10.60%
08/31/1987 1724.63 0 10 107.992 15.75 1,700.87 -1.38%
09/30/1987 1700.87 0 10 107.992 16.13 1,741.91 2.41%
10/31/1987 1741.91 0 10 107.992 11.66 1,259.19 -27.71%
11/30/1987 1259.19 0 10 107.992 11.26 1,215.99 -3.43%
12/31/1987 1215.99 1.14 11.35 118.839 11.21 1,332.19 9.56%
01/31/1988 1332.19 0 10 118.839 11.12 1,321.49 -0.80%
02/29/1988 1321.49 0 10 118.839 11.94 1,418.94 7.37%
03/31/1988 1418.94 0 10 118.839 12.30 1,461.72 3.01%
04/30/1988 1461.72 0 10 118.839 12.41 1,474.79 0.89%
05/31/1988 1474.79 0 10 118.839 12.34 1,466.47 -0.56%
06/30/1988 1466.47 0.045 13.12 119.247 13.12 1,564.52 6.69%
07/31/1988 1564.52 0 13.12 119.247 13.22 1,576.45 0.76%
08/31/1988 1576.45 0 13.12 119.247 12.81 1,527.55 -3.10%
09/30/1988 1527.55 0 13.12 119.247 13.20 1,574.06 3.04%
10/31/1988 1574.06 0 13.12 119.247 13.39 1,596.72 1.44%
11/30/1988 1596.72 0 13.12 119.247 13.30 1,585.99 -0.67%
12/31/1988 1585.99 0 13.12 119.247 13.64 1,626.53 2.56%
01/31/1989 1626.53 0 13.12 119.247 14.72 1,755.32 7.92%
02/28/1989 1755.32 0 13.12 119.247 14.74 1,757.70 0.14%
03/31/1989 1757.7 0.42 14.42 122.72 14.63 1,795.39 2.14%
04/30/1989 1795.39 0 14.42 122.72 14.98 1,838.35 2.39%
05/31/1989 1838.35 0 14.42 122.72 15.44 1,894.80 3.07%
06/30/1989 1894.8 0 14.42 122.72 15.18 1,862.89 -1.68%
07/31/1989 1862.89 0 14.42 122.72 16.19 1,986.84 6.65%
08/31/1989 1986.84 0 14.42 122.72 16.40 2,012.61 1.30%
09/30/1989 2012.61 0 14.42 122.72 16.32 2,002.79 -0.49%
10/31/1989 2002.79 0 14.42 122.72 15.92 1,953.70 -2.45%
11/30/1989 1953.7 0 14.42 122.72 16.40 2,012.61 3.02%
12/31/1989 2012.61 0 14.42 122.72 16.38 2,010.15 -0.12%
01/31/1990 2010.15 0 14.42 122.72 15.59 1,913.20 -4.82%
02/28/1990 1913.2 0 14.42 122.72 15.53 1,905.84 -0.38%
03/31/1990 1905.84 2.61 13.12 147.133 13.21 1,943.63 1.98%
04/30/1990 1943.63 0 13.12 147.133 12.65 1,861.23 -4.24%
05/31/1990 1861.23 0 13.12 147.133 13.34 1,962.75 5.45%
06/30/1990 1962.75 0 13.12 147.133 13.13 1,931.86 -1.57%
07/31/1990 1931.86 0 13.12 147.133 13.37 1,967.17 1.83%
08/31/1990 1967.17 0 13.12 147.133 12.66 1,862.70 -5.31%
09/30/1990 1862.7 0 13.12 147.133 12.25 1,802.38 -3.24%
10/31/1990 1802.38 0 13.12 147.133 12.08 1,777.37 -1.39%
11/30/1990 1777.37 0 13.12 147.133 12.14 1,786.19 0.50%
12/31/1990 1786.19 0 13.12 147.133 12.54 1,845.05 3.30%
01/31/1991 1845.05 0 13.12 147.133 12.75 1,875.95 1.67%
02/28/1991 1875.95 0 13.12 147.133 13.45 1,978.94 5.49%
03/31/1991 1978.94 0.49 12.98 152.687 13.13 2,004.78 1.31%
04/30/1991 2004.78 0 12.98 152.687 13.09 1,998.67 -0.30%
05/31/1991 1998.67 0 12.98 152.687 13.29 2,029.21 1.53%
06/30/1991 2029.21 0 12.98 152.687 12.77 1,949.81 -3.91%
07/31/1991 1949.81 0 12.98 152.687 13.60 2,076.54 6.50%
08/31/1991 2076.54 0 12.98 152.687 13.83 2,111.66 1.69%
09/30/1991 2111.66 0 12.98 152.687 13.69 2,090.29 -1.01%
10/31/1991 2090.29 0 12.98 152.687 13.87 2,117.77 1.31%
11/30/1991 2117.77 0 12.98 152.687 13.37 2,041.43 -3.60%
12/31/1991 2041.43 0 12.98 152.687 15.17 2,316.26 13.46%
01/31/1992 2316.26 0 12.98 152.687 15.39 2,349.85 1.45%
02/29/1992 2349.85 0 12.98 152.687 15.60 2,381.92 1.36%
03/31/1992 2381.92 0.36 14.74 156.416 14.73 2,304.01 -3.27%
04/30/1992 2304.01 0 14.74 156.416 14.65 2,291.49 -0.54%
05/31/1992 2291.49 0 14.74 156.416 14.79 2,313.39 0.96%
06/30/1992 2313.39 0 14.74 156.416 14.33 2,241.44 -3.11%
07/31/1992 2241.44 0 14.74 156.416 15.02 2,349.37 4.82%
08/31/1992 2349.37 0 14.74 156.416 14.64 2,289.93 -2.53%
09/30/1992 2289.93 0 14.74 156.416 14.91 2,332.16 1.84%
10/31/1992 2332.16 0 14.74 156.416 15.48 2,421.32 3.82%
11/30/1992 2421.32 0 14.74 156.416 16.50 2,580.86 6.59%
12/31/1992 2580.86 0 14.74 156.416 16.96 2,652.82 2.79%
01/31/1993 2652.82 0 14.74 156.416 17.22 2,693.48 1.53%
02/28/1993 2693.48 0 14.74 156.416 16.71 2,613.71 -2.96%
03/31/1993 2613.71 0.457 16.53 160.74 16.79 2,698.82 3.26%
04/30/1993 2698.82 0 16.53 160.74 16.12 2,591.13 -3.99%
05/31/1993 2591.13 0 16.53 160.74 16.82 2,703.65 4.34%
06/30/1993 2703.65 0 16.53 160.74 16.95 2,724.54 0.77%
07/31/1993 2724.54 0 16.53 160.74 16.73 2,689.18 -1.30%
08/31/1993 2689.18 0 16.53 160.74 17.06 2,742.22 1.97%
09/30/1993 2742.22 0 16.53 160.74 17.46 2,806.52 2.34%
10/31/1993 2806.52 0 16.53 160.74 17.63 2,833.85 0.97%
11/30/1993 2833.85 0 16.53 160.74 17.42 2,800.09 -1.19%
12/31/1993 2800.09 0 16.53 160.74 17.70 2,845.10 1.61%
01/31/1994 2845.1 0 16.53 160.74 18.26 2,935.11 3.16%
02/28/1994 2935.11 0 16.53 160.74 18.01 2,894.93 -1.37%
03/31/1994 2894.93 0.192 17.75 162.479 17.07 2,773.52 -4.19%
04/30/1994 2773.52 0 17.75 162.479 17.12 2,781.64 0.29%
05/31/1994 2781.64 0 17.75 162.479 17.41 2,828.76 1.69%
06/30/1994 2828.76 0 17.75 162.479 16.66 2,706.90 -4.31%
07/31/1994 2706.9 0 17.75 162.479 17.02 2,765.39 2.16%
08/31/1994 2765.39 0 17.75 162.479 18.09 2,939.25 6.29%
09/30/1994 2939.25 0 17.75 162.479 17.72 2,879.13 -2.05%
10/31/1994 2879.13 0 17.75 162.479 18.03 2,929.50 1.75%
11/30/1994 2929.5 0 17.75 162.479 17.59 2,858.01 -2.44%
12/31/1994 2858.01 0 17.75 162.479 17.68 2,872.63 0.51%
01/31/1995 2872.63 0 17.75 162.479 18.00 2,924.62 1.81%
02/28/1995 2924.62 0 17.75 162.479 18.68 3,035.11 3.78%
03/31/1995 3035.11 0.485 18.7 166.693 18.77 3,128.83 3.09%
04/30/1995 3128.83 0 18.7 166.693 19.26 3,210.51 2.61%
05/31/1995 3210.51 0 18.7 166.693 20.03 3,338.86 4.00%
06/30/1995 3338.86 0 18.7 166.693 20.76 3,460.55 3.64%
07/31/1995 3460.55 0 18.7 166.693 21.79 3,632.24 4.96%
08/31/1995 3632.24 0 18.7 166.693 21.92 3,653.91 0.60%
09/30/1995 3653.91 0 18.7 166.693 22.60 3,767.26 3.10%
10/31/1995 3767.26 0 18.7 166.693 22.71 3,785.60 0.49%
11/30/1995 3785.6 0 18.7 166.693 23.63 3,938.96 4.05%
12/31/1995 3938.96 0 18.7 166.693 23.55 3,925.62 -0.34%
01/31/1996 3925.62 0 18.7 166.693 24.36 4,060.64 3.44%
02/29/1996 4060.64 0 18.7 166.693 24.88 4,147.32 2.13%
03/31/1996 4147.32 1.919 23.28 180.434 23.27 4,198.70 1.24%
04/30/1996 4198.7 0 23.28 180.434 23.91 4,314.18 2.75%
05/31/1996 4314.18 0 23.28 180.434 24.46 4,413.42 2.30%
06/30/1996 4413.42 0 23.28 180.434 24.23 4,371.92 -0.94%
07/31/1996 4371.92 0 23.28 180.434 23.27 4,198.70 -3.96%
08/31/1996 4198.7 0 23.28 180.434 24.18 4,362.89 3.91%
09/30/1996 4362.89 0 23.28 180.434 25.80 4,655.20 6.70%
10/31/1996 4655.2 0 23.28 180.434 26.09 4,707.52 1.12%
11/30/1996 4707.52 0 23.28 180.434 27.65 4,989.00 5.98%
12/31/1996 4989 0 23.28 180.434 27.24 4,915.02 -1.48%
01/31/1997 4915.02 0 23.28 180.434 28.60 5,160.41 4.99%
02/28/1997 5160.41 0 23.28 180.434 28.22 5,091.85 -1.33%
03/31/1997 5091.85 1.668 26.16 191.939 25.36 4,867.57 -4.40%
04/30/1997 4867.57 0 26.16 191.939 26.72 5,128.61 5.36%
05/31/1997 5128.61 0 26.16 191.939 28.67 5,502.89 7.30%
06/30/1997 5502.89 0 26.16 191.939 29.40 5,643.01 2.55%
07/31/1997 5643.01 0 26.16 191.939 32.36 6,211.15 10.07%
08/31/1997 6211.15 0 26.16 191.939 31.68 6,080.63 -2.10%
09/30/1997 6080.63 0 26.16 191.939 33.20 6,372.37 4.80%
10/31/1997 6372.37 0 26.16 191.939 32.18 6,176.60 -3.07%
11/30/1997 6176.6 0 26.16 191.939 32.41 6,220.74 0.71%
12/31/1997 6220.74 0 26.16 191.939 32.44 6,226.50 0.09%
01/31/1998 6226.5 0 26.16 191.939 32.58 6,253.37 0.43%
02/28/1998 6253.37 0 26.16 191.939 35.11 6,738.98 7.77%
03/31/1998 6738.98 3.188 32.88 210.549 33.34 7,019.70 4.17%
04/30/1998 7019.7 0 26.16 210.549 34.06 7,171.30 2.16%
05/31/1998 7171.3 0 26.16 210.549 32.96 6,939.70 -3.23%
06/30/1998 6939.7 0 26.16 210.549 34.61 7,287.10 5.01%
07/31/1998 7287.1 0 26.16 210.549 33.94 7,146.03 -1.94%
08/31/1998 7146.03 0 26.16 210.549 27.61 5,813.26 -18.65%
09/30/1998 5813.26 0 26.16 210.549 28.93 6,091.18 4.78%
5.09118
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
04/30/1985 0.00104 1.035616438 990.96 (0.00) 0.196190062
05/31/1985 0.00119 1.178297377 1,027.75 (0.00) 0.203472129
06/30/1985 0.00115 1.182612314 1,027.56 (0.00) 0.203435543
07/31/1985 0.00119 1.221812989 1,046.27 (0.00) 0.207140023
08/31/1985 0.00119 1.244061716 1,050.01 (0.00) 0.207879167
09/30/1985 0.00115 1.208226718 1,010.02 (0.00) 0.199962608
10/31/1985 0.00119 1.200954901 1,021.73 (0.00) 0.202280905
11/30/1985 0.00115 1.175688731 1,052.30 (0.00) 0.208332599
12/31/1985 0.00119 1.251224207 1,083.74 (0.00) 0.214558495
01/31/1986 0.00119 1.288616298 1,091.56 (0.00) 0.216106059 .147 OI .163 ST
02/28/1986 0.00107 1.172306539 1,139.22 (0.00) 0.225542179
03/31/1986 0.00119 1.354583177 1,210.02 (0.00) 0.239558077
04/30/1986 0.00115 1.392349572 1,230.96 (0.00) 0.243703854
05/31/1986 0.00119 1.463660336 1,307.57 (0.00) 0.258871611
06/30/1986 0.00115 1.504602898 1,293.91 (0.00) 0.256167282
07/31/1986 0.00119 1.538514405 1,233.70 (0.00) 0.244247296
08/31/1986 0.00119 1.466924193 1,270.63 (0.00) 0.251557349
09/30/1986 0.00115 1.462091241 1,212.65 (0.00) 0.240078368
10/31/1986 0.00119 1.441886039 1,265.64 (0.00) 0.250569457
11/30/1986 0.00115 1.456349456 1,278.28 (0.00) 0.253072445
12/31/1986 0.00119 1.519927132 1,258.66 (0.00) 0.249188164
01/31/1987 0.00119 1.496598537 1,364.67 (0.00) 0.270176756 .15 OI .467 ST
02/28/1987 0.00107 1.465622846 1,443.23 (0.00) 0.285729494
03/31/1987 0.00119 1.716062012 1,473.08 (0.00) 0.291637943
04/30/1987 0.00115 1.695046017 1,470.33 (0.00) 0.291094329
05/31/1987 0.00119 1.748282661 1,464.38 (0.00) 0.289917041
06/30/1987 0.00115 1.685043861 1,511.96 (0.00) 0.299336057
07/31/1987 0.00119 1.797781637 1,670.36 (0.00) 0.330697011
08/31/1987 0.00119 1.986132304 1,645.37 (0.00) 0.325747829
09/30/1987 0.00115 1.893298092 1,683.17 (0.00) 0.33323291
10/31/1987 0.00119 2.001362652 1,214.73 (0.00) 0.240490814
11/30/1987 0.00115 1.397770788 1,171.66 (0.00) 0.231963382
12/31/1987 0.00119 1.393148263 1,282.23 (0.00) 0.253853988 .185 OI .955 ST
01/31/1988 0.00119 1.524620995 1,270.40 (0.00) 0.251513218
02/29/1988 0.00111 1.413106924 1,362.67 (0.00) 0.269780671
03/31/1988 0.00119 1.62027502 1,402.14 (0.00) 0.27759358
04/30/1988 0.00115 1.613417951 1,413.06 (0.00) 0.279756266
05/31/1988 0.00119 1.68018742 1,403.41 (0.00) 0.277845385
06/30/1988 0.00115 1.61488148 1,495.63 (0.00) 0.296102759
07/31/1988 0.00119 1.778362776 1,505.25 (0.00) 0.298008565
08/31/1988 0.00119 1.789808854 1,456.77 (0.00) 0.288410275
09/30/1988 0.00115 1.676286296 1,499.45 (0.00) 0.296859762
10/31/1988 0.00119 1.782909262 1,519.25 (0.00) 0.300780345
11/30/1988 0.00115 1.748183111 1,507.30 (0.00) 0.29841299
12/31/1988 0.00119 1.792237789 1,544.03 (0.00) 0.305685995
01/31/1989 0.00119 1.835918711 1,664.45 (0.00) 0.329526993
02/28/1989 0.00107 1.787578981 1,664.92 (0.00) 0.329619889
03/31/1989 0.00119 1.979663221 1,698.65 (0.00) 0.336295929 .35 OI
04/30/1989 0.00115 1.954605321 1,737.34 (0.00) 0.34395583
05/31/1989 0.00119 2.065763412 1,788.62 (0.00) 0.354108664
06/30/1989 0.00115 2.058135766 1,756.44 (0.00) 0.347737714
07/31/1989 0.00119 2.088477017 1,871.22 (0.00) 0.370461456
08/31/1989 0.00119 2.224953481 1,893.26 (0.00) 0.374825975
09/30/1989 0.00115 2.178548065 1,881.85 (0.00) 0.372565804
10/31/1989 0.00119 2.237591978 1,833.48 (0.00) 0.362990919
11/30/1989 0.00115 2.109760841 1,886.66 (0.00) 0.373518512
12/31/1989 0.00119 2.243313843 1,882.11 (0.00) 0.372617834
01/31/1990 0.00119 2.237904463 1,789.10 (0.00) 0.354203331
02/28/1990 0.00107 1.921440254 1,780.29 (0.00) 0.352460321
03/31/1990 0.00119 2.116840513 1,813.48 (0.00) 0.35903 .62 OI
04/30/1990 0.00115 2.086739354 1,734.51 (0.00) 0.343395829
05/31/1990 0.00119 2.062400103 1,827.05 (0.00) 0.361717897
06/30/1990 0.00115 2.102361834 1,796.20 (0.00) 0.355608913
07/31/1990 0.00119 2.135750632 1,826.89 (0.00) 0.3616858
08/31/1990 0.00119 2.172247793 1,727.70 (0.00) 0.342047785
09/30/1990 0.00115 1.988036019 1,669.76 (0.00) 0.330577628
10/31/1990 0.00119 1.985415302 1,644.61 (0.00) 0.32559743
11/30/1990 0.00115 1.892423948 1,650.88 (0.00) 0.326838511
12/31/1990 0.00119 1.96295855 1,703.31 (0.00) 0.337220138
01/31/1991 0.00119 2.025309534 1,729.81 (0.00) 0.342466768
02/28/1991 0.00107 1.857773135 1,822.92 (0.00) 0.360900456
03/31/1991 0.00119 2.167531099 1,844.56 (0.00) 0.365183787 OI
04/30/1991 0.00115 2.122506138 1,836.81 (0.00) 0.363650599
05/31/1991 0.00119 2.184048173 1,862.70 (0.00) 0.368774843
06/30/1991 0.00115 2.143377927 1,787.67 (0.00) 0.353920883
07/31/1991 0.00119 2.125612497 1,901.74 (0.00) 0.376503525
08/31/1991 0.00119 2.261241529 1,931.64 (0.00) 0.382423557
09/30/1991 0.00115 2.222706416 1,909.87 (0.00) 0.378113381
10/31/1991 0.00119 2.270910158 1,932.70 (0.00) 0.382634657
11/30/1991 0.00115 2.223933364 1,860.81 (0.00) 0.368401399
12/31/1991 0.00119 2.212580989 2,109.11 (0.00) 0.417559842
01/31/1992 0.00119 2.50782155 2,137.19 (0.00) 0.423118726
02/29/1992 0.00111 2.37725876 2,163.98 (0.00) 0.428422668
03/31/1992 0.00119 2.573062569 2,090.63 (0.00) 0.413900018 OI
04/30/1992 0.00115 2.405652607 2,076.86 (0.00) 0.411174615
05/31/1992 0.00119 2.469472537 2,094.24 (0.00) 0.414615349
06/30/1992 0.00115 2.409810222 2,026.70 (0.00) 0.40124308
07/31/1992 0.00119 2.409824754 2,121.88 (0.00) 0.420086675
08/31/1992 0.00119 2.52299745 2,065.67 (0.00) 0.408958814
09/30/1992 0.00115 2.376933541 2,101.39 (0.00) 0.41603009
10/31/1992 0.00119 2.498634022 2,179.22 (0.00) 0.431440516
11/30/1992 0.00115 2.507600762 2,320.31 (0.00) 0.459371541
12/31/1992 0.00119 2.758938326 2,382.24 (0.00) 0.471633609
01/31/1993 0.00119 2.832583046 2,415.92 (0.00) 0.478301586
02/28/1993 0.00107 2.594633758 2,341.78 (0.00) 0.463622542
03/31/1993 0.00119 2.7844694 2,415.25 (0.00) 0.478168174 .14 OI
04/30/1993 0.00115 2.77918933 2,316.09 (0.00) 0.458537788
05/31/1993 0.00119 2.753930892 2,413.92 (0.00) 0.477904603
06/30/1993 0.00115 2.777657414 2,429.79 (0.00) 0.481047259
07/31/1993 0.00119 2.889120465 2,395.37 (0.00) 0.474232081
08/31/1993 0.00119 2.848189201 2,439.76 (0.00) 0.483021708
09/30/1993 0.00115 2.807398841 2,494.16 (0.00) 0.49379187
10/31/1993 0.00119 2.965663291 2,515.49 (0.00) 0.498013296
11/30/1993 0.00115 2.894532328 2,482.62 (0.00) 0.491507347
12/31/1993 0.00119 2.951942675 2,519.58 (0.00) 0.498823651
01/31/1994 0.00119 2.995883647 2,596.30 (0.00) 0.514011738
02/28/1994 0.00107 2.788349957 2,557.97 (0.00) 0.506423172
03/31/1994 0.00119 3.041525594 2,447.65 (0.00) 0.484582215 .154 OI
04/30/1994 0.00115 2.816468754 2,451.99 (0.00) 0.485443319
05/31/1994 0.00119 2.915522748 2,490.62 (0.00) 0.493089345
06/30/1994 0.00115 2.865913546 2,380.46 (0.00) 0.471280185
07/31/1994 0.00119 2.830460422 2,429.06 (0.00) 0.480903115
08/31/1994 0.00119 2.88825475 2,578.89 (0.00) 0.510565668
09/30/1994 0.00115 2.96748871 2,523.17 (0.00) 0.499534957
10/31/1994 0.00119 3.000155681 2,564.31 (0.00) 0.507680288
11/30/1994 0.00115 2.95071842 2,498.79 (0.00) 0.494706941
12/31/1994 0.00119 2.971159112 2,508.60 (0.00) 0.496649362
01/31/1995 0.00119 2.98282509 2,551.02 (0.00) 0.505047383
02/28/1995 0.00107 2.739721187 2,644.65 (0.00) 0.523585296
03/31/1995 0.00119 3.144599545 2,723.17 (0.00) 0.539130321 .222 OI
04/30/1995 0.00115 3.133511006 2,791.13 (0.00) 0.552584275
05/31/1995 0.00119 3.31876444 2,899.39 (0.00) 0.574018484
06/30/1995 0.00115 3.336286545 3,001.73 (0.00) 0.594278975
07/31/1995 0.00119 3.569178528 3,147.09 (0.00) 0.623056613
08/31/1995 0.00119 3.742014069 3,162.12 (0.00) 0.626032939
09/30/1995 0.00115 3.638602814 3,256.57 (0.00) 0.644733092
10/31/1995 0.00119 3.872200778 3,268.56 (0.00) 0.647105206
11/30/1995 0.00115 3.761078179 3,397.21 (0.00) 0.672575738
12/31/1995 0.00119 4.039420847 3,381.66 (0.00) 0.669498218
01/31/1996 0.00119 4.020937581 3,493.95 (0.00) 0.691729259
02/29/1996 0.00111 3.886425578 3,564.65 (0.00) 0.70572575
03/31/1996 0.00119 4.238516418 3,604.57 (0.00) 0.713629654 .251 OI
04/30/1996 0.00115 4.147728828 3,699.57 (0.00) 0.732435984
05/31/1996 0.00119 4.39893534 3,780.27 (0.00) 0.748413468
06/30/1996 0.00115 4.349897875 3,740.37 (0.00) 0.740514844
07/31/1996 0.00119 4.447456147 3,587.73 (0.00) 0.710294376
08/31/1996 0.00119 4.265955119 3,723.76 (0.00) 0.737225841
09/30/1996 0.00115 4.284873611 3,968.96 (0.00) 0.785771044
10/31/1996 0.00119 4.71926024 4,008.85 (0.00) 0.793668046
11/30/1996 0.00115 4.612924666 4,243.94 (0.00) 0.840211127
12/31/1996 0.00119 5.046221787 4,175.96 (0.00) 0.826752907
01/31/1997 0.00119 4.965393101 4,379.49 (0.00) 0.867046785
02/28/1997 0.00107 4.703452645 4,316.60 (0.00) 0.85459622
03/31/1997 0.00119 5.132617183 4,121.34 (0.00) 0.815937791 .145 OI
04/30/1997 0.00115 4.742359959 4,337.61 (0.00) 0.858756343
05/31/1997 0.00119 5.157602455 4,649.01 (0.00) 0.920406287
06/30/1997 0.00115 5.349547441 4,762.04 (0.00) 0.94278348
07/31/1997 0.00119 5.662260813 5,235.82 (0.00) 1.036582205
08/31/1997 0.00119 6.22560633 5,119.57 (0.00) 1.013567113
09/30/1997 0.00115 5.891012948 5,359.31 (0.00) 1.061030328
10/31/1997 0.00119 6.372439247 5,188.29 (0.00) 1.027172071
11/30/1997 0.00115 5.970087123 5,219.40 (0.00) 1.033330626
12/31/1997 0.00119 6.20607768 5,218.02 (0.00) 1.03305875
01/31/1998 0.00119 6.204444822 5,234.34 (0.00) 1.03628849
02/28/1998 0.00107 5.621534985 5,635.19 (0.00) 1.115649281
03/31/1998 0.00119 6.700475074 5,863.23 (0.00) 1.160796389 .244 OI .939 ST/2.005 LT
04/30/1998 0.00115 6.746732871 5,983.11 (0.00) 1.18452966
05/31/1998 0.00119 7.114163556 5,782.77 (0.00) 1.144866346
06/30/1998 0.00115 6.654144936 6,065.60 (0.00) 1.200860747
07/31/1998 0.00119 7.212246392 5,940.96 (0.00) 1.176185571
08/31/1998 0.00119 7.064049816 4,825.88 (0.00) 0.955422602
09/30/1998 0.00115 5.55306782 5,051.04 (0.00) 1
4.0510427 4.0510427
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH & INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.539227 1 6.00% 10%
Units purchased 1,854.507 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/05/1995 0.539227 1,854.507 1,000.00 1,000.00 2,197.55 4.00%
07/31/1995 0.557620 1,854.507 1,034.11 0.00007 0.071232878 1,034.04 2,197.55 4.00%
08/31/1995 0.571574 1,854.507 1,059.99 0.00008 0.087822438 1,059.83 2,197.55 4.00%
09/30/1995 0.583366 1,854.507 1,081.86 0.00008 0.087109125 1,081.60 2,197.55 4.00%
10/31/1995 0.574681 1,854.507 1,065.75 0.00008 0.091862314 1,065.41 2,197.55 4.00%
11/30/1995 0.662710 1,854.507 1,229.00 0.00008 0.087568066 1,228.52 2,197.55 4.00%
12/31/1995 0.671419 1,854.507 1,245.15 0.00008 0.104340201 1,244.56 2,197.55 4.00%
01/31/1996 0.664804 1,854.507 1,232.88 0.00008 0.105702452 1,232.19 2,197.55 6.00%
02/29/1996 0.711854 1,854.507 1,320.14 0.00008 0.097900367 1,319.30 2,197.55 6.00%
03/31/1996 0.715223 1,854.507 1,326.39 0.00008 0.11205036 1,325.43 2,197.55 6.00%
04/30/1996 0.763350 1,854.507 1,415.64 0.00008 0.108939807 1,414.51 2,197.55 6.00%
05/31/1996 0.804381 1,854.507 1,491.73 0.00008 0.120136633 1,490.42 2,197.55 6.00%
06/30/1996 0.792855 1,854.507 1,470.36 0.00008 0.122500585 1,468.95 2,197.55 6.00%
07/31/1996 0.750678 1,854.507 1,392.14 0.00008 0.124759769 1,390.68 2,197.55 6.00%
08/31/1996 0.786343 1,854.507 1,458.28 0.00008 0.11811246 1,456.63 2,197.55 6.00%
09/30/1996 0.823587 1,854.507 1,527.35 0.00008 0.119723155 1,525.50 2,197.55 6.00%
10/31/1996 0.831306 1,854.507 1,541.66 0.00008 0.129563231 1,539.67 2,197.55 6.00%
11/30/1996 0.885692 1,854.507 1,642.52 0.00008 0.126548365 1,640.27 2,197.55 6.00%
12/31/1996 0.878857 1,854.507 1,629.85 0.00008 0.13931089 1,627.48 2,197.55 6.00%
01/31/1997 0.916584 1,854.507 1,699.81 0.00008 0.138224015 1,697.20 2,197.55 6.00%
02/28/1997 0.921603 1,854.507 1,709.12 0.00008 0.130196211 1,706.36 2,197.55 6.00%
03/31/1997 0.884540 1,854.507 1,640.39 0.00008 0.144924078 1,637.60 2,197.55 6.00%
04/30/1997 0.902683 1,854.507 1,674.03 0.00008 0.134597073 1,671.05 2,197.55 6.00%
05/31/1997 0.968878 1,854.507 1,796.79 0.00008 0.141924923 1,793.45 2,197.55 6.00%
06/30/1997 0.994720 1,854.507 1,844.71 0.00008 0.147406855 1,841.14 2,197.55 6.00%
07/31/1997 1.082109 1,854.507 2,006.78 0.00008 0.156370517 2,002.73 2,197.55 6.00%
08/31/1997 1.076486 1,854.507 1,996.35 0.00008 0.170094965 1,992.15 2,197.55 6.00%
09/30/1997 1.123423 1,854.507 2,083.40 0.00008 0.163738644 2,078.85 2,197.55 6.00%
10/31/1997 1.096509 1,854.507 2,033.48 0.00008 0.176560024 2,028.87 2,197.55 6.00%
11/30/1997 1.124430 1,854.507 2,085.26 0.00008 0.166756561 2,080.37 2,197.55 6.00%
12/31/1997 1.150151 1,854.507 2,132.96 0.00008 0.176688804 2,127.78 2,197.55 6.00%
01/31/1998 1.133279 1,854.507 2,101.67 0.00008 0.180715406 2,096.39 2,197.55 6.00%
02/28/1998 1.234914 1,854.507 2,290.16 0.00008 0.160818581 2,284.23 2,197.55 6.00%
03/31/1998 1.290356 1,854.507 2,392.97 0.00008 0.194003275 2,386.59 2,197.55 6.00%
04/30/1998 1.329480 1,854.507 2,465.53 0.00008 0.196158014 2,458.75 2,197.55 6.00%
05/31/1998 1.294098 1,854.507 2,399.91 0.00008 0.208825764 2,393.11 2,197.55 6.00%
06/30/1998 1.292769 1,854.507 2,397.45 0.00008 0.196694132 2,390.46 2,197.55 6.00%
07/31/1998 1.248733 1,854.507 2,315.78 0.00008 0.203025078 2,308.83 2,197.55 6.00%
08/31/1998 0.953179 1,854.507 1,767.68 0.00008 0.196092153 1,762.17 2,197.55 6.00%
09/30/1998 1.000000 1,854.507 1,854.51 0.00008 0.144835891 1,848.58 2,197.55 6.00%
10/31/1998 1.078690 1,854.507 2,000.44 0.00008 0.157003106 1,993.89 2,197.55 6.00%
11/30/1998 1.129866 1,854.507 2,095.34 0.00008 0.163881625 2,088.32 2,197.55 6.00%
12/31/1998 1.189058 1,854.507 2,205.12 0.00008 0.177364586 2,197.55 2,197.55 6.00%
12/31/1998 2,197.55
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 119.27% 119.76%
07/05/1995 40.00% 2,192.71 3.4932 25.20% 25.28% 2,192.71 2,197.55 4
07/31/1995 40.00% 2,191.35 3.4219 24.54% 24.65% 2,119.22 2,125.21 4
08/31/1995 40.00% 2,190.32 3.3370 24.30% 24.42% 2,066.68 2,073.50 4
09/30/1995 40.00% 2,189.45 3.2548 24.19% 24.33% 2,024.26 2,031.75 4
10/31/1995 40.00% 2,190.10 3.1699 25.52% 25.66% 2,055.63 2,062.63 4
11/30/1995 40.00% 2,183.57 3.0877 20.47% 20.72% 1,777.40 1,788.78 4
12/31/1995 40.00% 2,182.93 3.0027 20.58% 20.85% 1,753.98 1,765.72 4
01/31/1996 30.00% 2,163.18 2.9178 21.27% 21.93% 1,755.55 1,783.45 3
02/29/1996 30.00% 2,157.95 2.8384 18.93% 19.69% 1,635.67 1,665.69 3
03/31/1996 30.00% 2,157.58 2.7534 19.36% 20.16% 1,627.83 1,657.99 3
04/30/1996 30.00% 2,152.24 2.6712 17.01% 17.93% 1,521.54 1,553.58 3
05/31/1996 30.00% 2,147.68 2.5863 15.17% 16.20% 1,440.99 1,474.45 3
06/30/1996 30.00% 2,148.97 2.5041 16.41% 17.45% 1,462.93 1,496.01 3
07/31/1996 30.00% 2,153.67 2.4192 19.82% 20.82% 1,548.64 1,580.20 3
08/31/1996 30.00% 2,149.71 2.3342 18.14% 19.26% 1,475.81 1,508.65 3
09/30/1996 30.00% 2,145.58 2.2521 16.35% 17.60% 1,406.47 1,440.54 3
10/31/1996 30.00% 2,144.73 2.1671 16.53% 17.84% 1,392.98 1,427.29 3
11/30/1996 30.00% 2,138.69 2.0849 13.57% 15.06% 1,303.86 1,339.75 3
12/31/1996 30.00% 2,139.46 2.0000 14.66% 16.20% 1,314.59 1,350.28 3
01/31/1997 20.00% 2,122.09 1.9151 12.37% 14.44% 1,250.35 1,294.81 2
02/28/1997 20.00% 2,121.54 1.8384 12.58% 14.75% 1,243.31 1,287.86 2
03/31/1997 20.00% 2,125.67 1.7534 16.04% 18.26% 1,298.04 1,341.94 2
04/30/1997 20.00% 2,123.66 1.6712 15.42% 17.81% 1,270.85 1,315.07 2
05/31/1997 20.00% 2,116.32 1.5863 11.00% 13.67% 1,180.02 1,225.32 2
06/30/1997 20.00% 2,113.45 1.5041 9.60% 12.49% 1,147.91 1,193.58 2
07/31/1997 20.00% 2,103.76 1.4192 3.53% 6.76% 1,050.44 1,097.28 2
08/31/1997 20.00% 2,104.39 1.3342 4.19% 7.63% 1,056.34 1,103.10 2
09/30/1997 20.00% 2,099.19 1.2521 0.78% 4.53% 1,009.78 1,057.10 2
10/31/1997 20.00% 2,102.19 1.1671 3.09% 7.08% 1,036.14 1,083.14 2
11/30/1997 20.00% 2,099.10 1.0849 0.83% 5.18% 1,009.00 1,056.33 2
12/31/1997 20.00% 2,096.26 1.0000 -1.48% 3.28% 985.19 1,032.79 2
01/31/1998 10.00% 2,084.95 0.9151 -0.55% 4.83% 995.01 1,044.07 1
02/28/1998 10.00% 2,073.68 0.8384 -9.22% -3.79% 922.12 968.09 1
03/31/1998 10.00% 2,067.54 0.7534 -13.37% -7.92% 897.52 939.72 1
04/30/1998 10.00% 2,063.21 0.6712 -16.09% -10.62% 888.94 927.39 1
05/31/1998 10.00% 2,067.15 0.5863 -13.62% -8.17% 917.73 951.25 1
06/30/1998 10.00% 2,067.31 0.5041 -13.52% -8.07% 929.40 958.47 1
07/31/1998 10.00% 2,072.21 0.4192 -10.25% -4.82% 955.69 979.51 1
08/31/1998 10.00% 2,105.01 0.3342 19.46% 24.71% 1,061.21 1,076.58 1
09/30/1998 10.00% 2,099.82 0.2521 13.59% 18.88% 1,032.65 1,044.56 1
10/31/1998 10.00% 2,091.10 0.1671 4.88% 10.21% 1,007.99 1,016.38 1
11/30/1998 10.00% 2,085.44 0.0849 -0.14% 5.23% 999.88 1,004.34 1
12/31/1998 10.00% 2,078.88 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH & INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.539227 1 6.00% 10%
Units purchased 1,854.507 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,088.32 2,085.44 2,197.55 -0.14% 5.23%
09/30/1998 0.25 0.25 1,848.58 2,099.82 2,197.55 13.59% 18.88%
12/31/1997 1.00 1.00 2,127.78 2,096.26 2,197.55 -1.48% 3.28%
12/31/1997 1.00 1.00 2,127.78 2,096.26 2,197.55 -1.48% 3.28%
12/31/1995 3.00 3.00 1,244.56 2,182.93 2,197.55 20.60% 20.87%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
07/05/1995 3.49 3.49 1,000.00 2,192.71 2,197.55 25.20% 25.28%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,244.56 24.46%
12/31/1996 1 1,627.48 30.77%
12/31/1997 1 2,127.78 30.74%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GROWTH & INCOME FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
07/05/1995 100 10 1000
07/31/1995 1000 0 10 100 10.35 1,035.00 3.50%
08/31/1995 1000 0 10 100 10.62 1,062.00 2.61%
09/30/1995 1062 0 10 100 10.85 1,085.00 2.17%
10/31/1995 1085 0 10 100 10.7 1,070.00 -1.38%
11/30/1995 1070 0 10 100 12.35 1,235.00 15.42%
12/31/1995 1235 0.015 12.19 100.123 12.51 1,252.54 1.42%
01/31/1996 1252.54 0 10 100.123 12.4 1,241.53 -0.88%
02/29/1996 1241.53 0 10 100.123 13.29 1,330.63 7.18%
03/31/1996 1330.63 0.047 13.32 100.476 13.32 1,338.34 0.58%
04/30/1996 1338.34 0 10 100.476 14.23 1,429.77 6.83%
05/31/1996 1429.77 0 10 100.476 15.01 1,508.14 5.48%
06/30/1996 1508.14 0.04 14.66 100.75 14.77 1,488.08 -1.33%
07/31/1996 1488.08 0 10 100.75 14 1,410.50 -5.21%
08/31/1996 1410.5 0 10 100.75 14.68 1,479.01 4.86%
09/30/1996 1479.01 0.05 15.23 101.081 15.34 1,550.58 4.84%
10/31/1996 1550.58 0 10 101.081 15.5 1,566.76 1.04%
11/30/1996 1566.76 0 10 101.081 16.53 1,670.87 6.64%
12/31/1996 1670.87 0.05 16.35 101.39 16.37 1,659.75 -0.67%
01/31/1997 1659.75 0 10 101.39 17.09 1,732.76 4.40%
02/28/1997 1732.76 0 10 101.39 17.2 1,743.91 0.64%
03/31/1997 1743.91 0.76 16.29 106.12 15.79 1,675.63 -3.92%
04/30/1997 1675.63 0 10 106.12 16.13 1,711.72 2.15%
05/31/1997 1711.72 0 10 106.12 17.33 1,839.06 7.44%
06/30/1997 1839.06 0.04 17.78 106.359 17.77 1,890.00 2.77%
07/31/1997 1890 0 10 106.359 19.35 2,058.05 8.89%
08/31/1997 2058.05 0 10 106.359 19.27 2,049.54 -0.41%
09/30/1997 2049.54 0.04 20.05 106.571 20.09 2,141.01 4.46%
10/31/1997 2141.01 0 10 106.571 19.63 2,091.99 -2.29%
11/30/1997 2091.99 0 10 106.571 20.15 2,147.41 2.65%
12/31/1997 2147.41 0.05 19.69 106.842 20.58 2,198.81 2.39%
01/31/1998 2198.81 0 10 106.842 20.3 2,168.89 -1.36%
02/28/1998 2168.89 0 10 106.842 22.14 2,365.48 9.06%
03/31/1998 2365.48 1.151 22.08 112.412 22.01 2,474.19 4.60%
04/30/1998 2474.19 0 10 112.412 22.7 2,551.75 3.13%
05/31/1998 2551.75 0 10 112.412 22.12 2,486.55 -2.56%
06/30/1998 2486.55 0 10 112.412 22.12 2,486.55 0.00%
07/31/1998 2486.55 0 10 112.412 21.39 2,404.49 -3.30%
08/31/1998 2404.49 0 10 112.412 16.35 1,837.94 -23.56%
09/30/1998 1837.94 0 10 112.412 17.17 1,930.11 5.01%
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
07/05/1995 1,000.00 0.539226879
07/31/1995 0.00089 0.890410959 1,034.11 0.07 0.557619686
08/31/1995 0.00106 1.097856071 1,059.99 0.16 0.571574293
09/30/1995 0.00103 1.089029286 1,081.86 0.25 0.583365787
10/31/1995 0.00106 1.14854566 1,065.75 0.34 0.574681495
11/30/1995 0.00103 1.094949486 1,229.00 0.48 0.662710178
12/31/1995 0.00106 1.304760952 1,245.15 0.59 0.67141871 Dividend
01/31/1996 0.00106 1.321906535 1,232.88 0.69 0.664804039
02/29/1996 0.00099 1.224439309 1,320.14 0.84 0.711854307
03/31/1996 0.00106 1.401517185 1,326.39 0.95 0.715223232
04/30/1996 0.00103 1.362725817 1,415.64 1.13 0.763349585
05/31/1996 0.00106 1.50290242 1,491.73 1.31 0.804380669
06/30/1996 0.00103 1.532598853 1,470.36 1.41 0.792855061 Dividend
07/31/1996 0.00106 1.560993565 1,392.14 1.46 0.750678392
08/31/1996 0.00106 1.477955049 1,458.28 1.65 0.786342961
09/30/1996 0.00103 1.498231331 1,527.35 1.84 0.823586586 Dividend
10/31/1996 0.00106 1.621498587 1,541.66 1.99 0.831306196
11/30/1996 0.00103 1.583900472 1,642.52 2.25 0.885691773
12/31/1996 0.00106 1.743772887 1,629.85 2.37 0.878857014 Dividend
01/31/1997 0.00106 1.730316437 1,699.81 2.61 0.916583629
02/28/1997 0.00096 1.629955485 1,709.12 2.75 0.921602764
03/31/1997 0.00106 1.814475376 1,640.39 2.79 0.884540472 .045 Dividend
04/30/1997 0.00103 1.685328557 1,674.03 2.98 0.902683079
05/31/1997 0.00106 1.777225809 1,796.79 3.34 0.96887806
06/30/1997 0.00103 1.84601826 1,844.71 3.58 0.994719526 Dividend
07/31/1997 0.00106 1.958429549 2,006.78 4.05 1.082109317
08/31/1997 0.00106 2.130484832 1,996.35 4.20 1.076486
09/30/1997 0.00103 2.051045321 2,083.40 4.54 1.123423082 Dividend
10/31/1997 0.00106 2.21182444 2,033.48 4.61 1.096508808
11/30/1997 0.00103 2.089195086 2,085.26 4.90 1.124430446
12/31/1997 0.00106 2.213807765 2,132.96 5.18 1.150150856 Dividend
01/31/1998 0.00106 2.264446774 2,101.67 5.29 1.133279288
02/28/1998 0.00096 2.01530415 2,290.16 5.92 1.234913962
03/31/1998 0.00106 2.431330572 2,392.97 6.38 1.290355674 .05 Dividend
04/30/1998 0.00103 2.458534499 2,465.53 6.77 1.329479562
05/31/1998 0.00106 2.617513773 2,399.91 6.80 1.294098474
06/30/1998 0.00103 2.465665712 2,397.45 6.99 1.29276892
07/31/1998 0.00106 2.545236911 2,315.78 6.96 1.248733084
08/31/1998 0.00106 2.458538017 1,767.68 5.51 0.953178773
09/30/1998 0.00103 1.816106168 1,854.51 5.92 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH & INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.541820 1 6.00% 10%
Units purchased 1,845.631 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/05/1995 0.541820 1,845.631 1,000.00 1,000.00 2,186.22 4.00%
07/31/1995 0.560244 1,845.631 1,034.00 0.00007 0.071232884 1,033.93 2,186.22 4.00%
08/31/1995 0.574192 1,845.631 1,059.75 0.00008 0.08781337 1,059.59 2,186.22 4.00%
09/30/1995 0.585967 1,845.631 1,081.48 0.00008 0.087089304 1,081.23 2,186.22 4.00%
10/31/1995 0.577169 1,845.631 1,065.24 0.00008 0.091830317 1,064.90 2,186.22 4.00%
11/30/1995 0.665508 1,845.631 1,228.28 0.00008 0.087526243 1,227.80 2,186.22 4.00%
12/31/1995 0.674169 1,845.631 1,244.27 0.00008 0.104279217 1,243.68 2,186.22 4.00%
01/31/1996 0.667441 1,845.631 1,231.85 0.00008 0.105627386 1,231.16 2,186.22 6.00%
02/29/1996 0.714598 1,845.631 1,318.88 0.00008 0.097818254 1,318.05 2,186.22 6.00%
03/31/1996 0.717889 1,845.631 1,324.96 0.00008 0.111943918 1,324.01 2,186.22 6.00%
04/30/1996 0.766106 1,845.631 1,413.95 0.00008 0.108822518 1,412.83 2,186.22 6.00%
05/31/1996 0.807188 1,845.631 1,489.77 0.00008 0.119993425 1,488.47 2,186.22 6.00%
06/30/1996 0.795523 1,845.631 1,468.24 0.00008 0.122339765 1,466.83 2,186.22 6.00%
07/31/1996 0.753103 1,845.631 1,389.95 0.00008 0.124580398 1,388.49 2,186.22 6.00%
08/31/1996 0.788787 1,845.631 1,455.81 0.00008 0.117926775 1,454.16 2,186.22 6.00%
09/30/1996 0.826049 1,845.631 1,524.58 0.00008 0.119520398 1,522.74 2,186.22 6.00%
10/31/1996 0.833686 1,845.631 1,538.68 0.00008 0.129328583 1,536.69 2,186.22 6.00%
11/30/1996 0.888125 1,845.631 1,639.15 0.00008 0.126303233 1,636.91 2,186.22 6.00%
12/31/1996 0.881158 1,845.631 1,626.29 0.00008 0.139024945 1,623.93 2,186.22 6.00%
01/31/1997 0.918871 1,845.631 1,695.90 0.00008 0.13792259 1,693.29 2,186.22 6.00%
02/28/1997 0.923797 1,845.631 1,704.99 0.00008 0.129896422 1,702.24 2,186.22 6.00%
03/31/1997 0.886529 1,845.631 1,636.21 0.00008 0.144573828 1,633.42 2,186.22 6.00%
04/30/1997 0.904603 1,845.631 1,669.56 0.00008 0.134253956 1,666.59 2,186.22 6.00%
05/31/1997 0.970823 1,845.631 1,791.78 0.00008 0.141546023 1,788.45 2,186.22 6.00%
06/30/1997 0.996597 1,845.631 1,839.35 0.00008 0.146995869 1,835.78 2,186.22 6.00%
07/31/1997 1.084025 1,845.631 2,000.71 0.00008 0.155915812 1,996.67 2,186.22 6.00%
08/31/1997 1.078254 1,845.631 1,990.06 0.00008 0.169580488 1,985.87 2,186.22 6.00%
09/30/1997 1.125135 1,845.631 2,076.58 0.00008 0.163222485 2,072.05 2,186.22 6.00%
10/31/1997 1.098036 1,845.631 2,026.57 0.00008 0.175982654 2,021.97 2,186.22 6.00%
11/30/1997 1.125861 1,845.631 2,077.92 0.00008 0.166189553 2,073.05 2,186.22 6.00%
12/31/1997 1.151471 1,845.631 2,125.19 0.00008 0.176066852 2,120.02 2,186.22 6.00%
01/31/1998 1.134433 1,845.631 2,093.75 0.00008 0.18005685 2,088.48 2,186.22 6.00%
02/28/1998 1.236041 1,845.631 2,281.28 0.00008 0.160211813 2,275.37 2,186.22 6.00%
03/31/1998 1.291376 1,845.631 2,383.40 0.00008 0.193250891 2,377.04 2,186.22 6.00%
04/30/1998 1.330371 1,845.631 2,455.37 0.00008 0.195373448 2,448.63 2,186.22 6.00%
05/31/1998 1.294797 1,845.631 2,389.72 0.00008 0.207965641 2,382.94 2,186.22 6.00%
06/30/1998 1.293307 1,845.631 2,386.97 0.00008 0.195858338 2,380.01 2,186.22 6.00%
07/31/1998 1.249088 1,845.631 2,305.36 0.00008 0.202137431 2,298.43 2,186.22 6.00%
08/31/1998 0.953291 1,845.631 1,759.42 0.00008 0.195209065 1,753.94 2,186.22 6.00%
09/30/1998 1.000000 1,845.631 1,845.63 0.00008 0.144159565 1,839.74 2,186.22 6.00%
10/31/1998 1.078559 1,845.631 1,990.62 0.00008 0.1562516 1,984.11 2,186.22 6.00%
11/30/1998 1.129587 1,845.631 2,084.80 0.00008 0.163077386 2,077.82 2,186.22 6.00%
12/31/1998 1.188617 1,845.631 2,193.75 0.00008 0.176472027 2,186.22 2,186.22 6.00%
12/31/1998 2,186.22
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 118.12% 118.62%
07/05/1995 40.00% 2,181.20 3.4932 25.01% 25.10% 2,181.20 2,186.22 4
07/31/1995 40.00% 2,179.84 3.4219 24.36% 24.46% 2,108.31 2,114.47 4
08/31/1995 40.00% 2,178.82 3.3370 24.11% 24.24% 2,056.29 2,063.28 4
09/30/1995 40.00% 2,177.95 3.2548 24.01% 24.15% 2,014.33 2,021.98 4
10/31/1995 40.00% 2,178.61 3.1699 25.33% 25.47% 2,045.83 2,052.98 4
11/30/1995 40.00% 2,172.09 3.0877 20.29% 20.55% 1,769.09 1,780.60 4
12/31/1995 40.00% 2,171.45 3.0027 20.40% 20.67% 1,746.00 1,757.87 4
01/31/1996 30.00% 2,151.70 2.9178 21.09% 21.75% 1,747.70 1,775.74 3
02/29/1996 30.00% 2,146.49 2.8384 18.75% 19.52% 1,628.54 1,658.68 3
03/31/1996 30.00% 2,146.13 2.7534 19.17% 19.98% 1,620.94 1,651.22 3
04/30/1996 30.00% 2,140.80 2.6712 16.83% 17.76% 1,515.26 1,547.41 3
05/31/1996 30.00% 2,136.27 2.5863 14.99% 16.03% 1,435.21 1,468.77 3
06/30/1996 30.00% 2,137.56 2.5041 16.23% 17.28% 1,457.26 1,490.44 3
07/31/1996 30.00% 2,142.26 2.4192 19.63% 20.64% 1,542.87 1,574.53 3
08/31/1996 30.00% 2,138.32 2.3342 17.96% 19.09% 1,470.48 1,503.42 3
09/30/1996 30.00% 2,134.21 2.2521 16.17% 17.42% 1,401.56 1,435.72 3
10/31/1996 30.00% 2,133.37 2.1671 16.34% 17.67% 1,388.29 1,422.68 3
11/30/1996 30.00% 2,127.36 2.0849 13.39% 14.89% 1,299.62 1,335.58 3
12/31/1996 30.00% 2,128.14 2.0000 14.48% 16.03% 1,310.49 1,346.26 3
01/31/1997 20.00% 2,110.86 1.9151 12.20% 14.27% 1,246.60 1,291.11 2
02/28/1997 20.00% 2,110.32 1.8384 12.40% 14.58% 1,239.73 1,284.32 2
03/31/1997 20.00% 2,114.45 1.7534 15.86% 18.09% 1,294.49 1,338.43 2
04/30/1997 20.00% 2,112.46 1.6712 15.24% 17.63% 1,267.53 1,311.79 2
05/31/1997 20.00% 2,105.15 1.5863 10.82% 13.50% 1,177.08 1,222.41 2
06/30/1997 20.00% 2,102.31 1.5041 9.43% 12.32% 1,145.18 1,190.89 2
07/31/1997 20.00% 2,092.66 1.4192 3.36% 6.60% 1,048.07 1,094.93 2
08/31/1997 20.00% 2,093.30 1.3342 4.03% 7.47% 1,054.10 1,100.89 2
09/30/1997 20.00% 2,088.13 1.2521 0.62% 4.38% 1,007.76 1,055.10 2
10/31/1997 20.00% 2,091.14 1.1671 2.92% 6.92% 1,034.21 1,081.23 2
11/30/1997 20.00% 2,088.07 1.0849 0.67% 5.02% 1,007.25 1,054.59 2
12/31/1997 20.00% 2,085.26 1.0000 -1.64% 3.12% 983.60 1,031.22 2
01/31/1998 10.00% 2,074.03 0.9151 -0.69% 4.68% 993.67 1,042.75 1
02/28/1998 10.00% 2,062.82 0.8384 -9.34% -3.92% 921.07 967.05 1
03/31/1998 10.00% 2,056.72 0.7534 -13.48% -8.03% 896.68 938.90 1
04/30/1998 10.00% 2,052.42 0.6712 -16.18% -10.72% 888.28 926.74 1
05/31/1998 10.00% 2,056.36 0.5863 -13.70% -8.26% 917.21 950.74 1
06/30/1998 10.00% 2,056.54 0.5041 -13.59% -8.14% 929.01 958.09 1
07/31/1998 10.00% 2,061.43 0.4192 -10.31% -4.88% 955.41 979.24 1
08/31/1998 10.00% 2,094.10 0.3342 19.39% 24.65% 1,061.03 1,076.41 1
09/30/1998 10.00% 2,088.96 0.2521 13.55% 18.83% 1,032.55 1,044.46 1
10/31/1998 10.00% 2,080.29 0.1671 4.85% 10.19% 1,007.94 1,016.34 1
11/30/1998 10.00% 2,074.67 0.0849 -0.15% 5.22% 999.87 1,004.33 1
12/31/1998 10.00% 2,068.17 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER GROWTH & INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.541820 1 6.00% 10%
Units purchased 1,845.631 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,077.82 2,074.67 2,186.22 -0.15% 5.22%
09/30/1998 0.25 0.25 1,839.74 2,088.96 2,186.22 13.55% 18.83%
12/31/1997 1.00 1.00 2,120.02 2,085.26 2,186.22 -1.64% 3.12%
12/31/1997 1.00 1.00 2,120.02 2,085.26 2,186.22 -1.64% 3.12%
12/31/1995 3.00 3.00 1,243.68 2,171.45 2,186.22 20.42% 20.69%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
07/05/1995 3.49 3.49 1,000.00 2,181.20 2,186.22 25.01% 25.10%
12/31/1992
12/31/1993 1
12/31/1994 1 1,000.00
12/31/1995 1 1,243.68 24.37%
12/31/1996 1 1,623.93 30.57%
12/31/1997 1 2,120.02 30.55%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GROWTH & INCOME FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
07/05/1995 100 10 1000
07/31/1995 1000 0 10 100 10.35 1,035.00 3.50%
08/31/1995 1000 0 10 100 10.62 1,062.00 2.61%
09/30/1995 1062 0 10 100 10.85 1,085.00 2.17%
10/31/1995 1085 0 10 100 10.7 1,070.00 -1.38%
11/30/1995 1070 0 10 100 12.35 1,235.00 15.42%
12/31/1995 1235 0.015 12.19 100.123 12.51 1,252.54 1.42%
01/31/1996 1252.54 0 10 100.123 12.4 1,241.53 -0.88%
02/29/1996 1241.53 0 10 100.123 13.29 1,330.63 7.18%
03/31/1996 1330.63 0.047 13.32 100.476 13.32 1,338.34 0.58%
04/30/1996 1338.34 0 10 100.476 14.23 1,429.77 6.83%
05/31/1996 1429.77 0 10 100.476 15.01 1,508.14 5.48%
06/30/1996 1508.14 0.04 14.66 100.75 14.77 1,488.08 -1.33%
07/31/1996 1488.08 0 10 100.75 14 1,410.50 -5.21%
08/31/1996 1410.5 0 10 100.75 14.68 1,479.01 4.86%
09/30/1996 1479.01 0.05 15.23 101.081 15.34 1,550.58 4.84%
10/31/1996 1550.58 0 10 101.081 15.5 1,566.76 1.04%
11/30/1996 1566.76 0 10 101.081 16.53 1,670.87 6.64%
12/31/1996 1670.87 0.05 16.35 101.39 16.37 1,659.75 -0.67%
01/31/1997 1659.75 0 10 101.39 17.09 1,732.76 4.40%
02/28/1997 1732.76 0 10 101.39 17.2 1,743.91 0.64%
03/31/1997 1743.91 0.76 16.29 106.12 15.79 1,675.63 -3.92%
04/30/1997 1675.63 0 10 106.12 16.13 1,711.72 2.15%
05/31/1997 1711.72 0 10 106.12 17.33 1,839.06 7.44%
06/30/1997 1839.06 0.04 17.78 106.359 17.77 1,890.00 2.77%
07/31/1997 1890 0 10 106.359 19.35 2,058.05 8.89%
08/31/1997 2058.05 0 10 106.359 19.27 2,049.54 -0.41%
09/30/1997 2049.54 0.04 20.05 106.571 20.09 2,141.01 4.46%
10/31/1997 2141.01 0 10 106.571 19.63 2,091.99 -2.29%
11/30/1997 2091.99 0 10 106.571 20.15 2,147.41 2.65%
12/31/1997 2147.41 0.05 19.69 106.842 20.58 2,198.81 2.39%
01/31/1998 2198.81 0 10 106.842 20.3 2,168.89 -1.36%
02/28/1998 2168.89 0 10 106.842 22.14 2,365.48 9.06%
03/31/1998 2365.48 1.151 22.08 112.412 22.01 2,474.19 4.60%
04/30/1998 2474.19 0 10 112.412 22.7 2,551.75 3.13%
05/31/1998 2551.75 0 10 112.412 22.12 2,486.55 -2.56%
06/30/1998 2486.55 0 10 112.412 22.12 2,486.55 0.00%
07/31/1998 2486.55 0 10 112.412 21.39 2,404.49 -3.30%
08/31/1998 2404.49 0 10 112.412 16.35 1,837.94 -23.56%
09/30/1998 1837.94 0 10 112.412 17.17 1,930.11 5.01%
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
07/05/1995 1,000.00 0.541820168
07/31/1995 0.00100 0.997260274 1,034.00 0.07 0.560243539
08/31/1995 0.00119 1.229471751 1,059.75 0.16 0.574192435
09/30/1995 0.00115 1.219435195 1,081.48 0.25 0.58596715
10/31/1995 0.00119 1.28592301 1,065.24 0.34 0.577169482
11/30/1995 0.00115 1.225757668 1,228.28 0.48 0.665508113
12/31/1995 0.00119 1.46047811 1,244.27 0.59 0.674168628 Dividend
01/31/1996 0.00119 1.479483879 1,231.85 0.69 0.667440978
02/29/1996 0.00111 1.370221789 1,318.88 0.84 0.714598326
03/31/1996 0.00119 1.5682081 1,324.96 0.95 0.717889199
04/30/1996 0.00115 1.524609699 1,413.95 1.12 0.766106434
05/31/1996 0.00119 1.681244235 1,489.77 1.30 0.807188103
06/30/1996 0.00115 1.714257316 1,468.24 1.41 0.795522752 Dividend
07/31/1996 0.00119 1.745799253 1,389.95 1.46 0.753102826
08/31/1996 0.00119 1.652707414 1,455.81 1.64 0.788786636
09/30/1996 0.00115 1.675177391 1,524.58 1.84 0.826048753 Dividend
10/31/1996 0.00119 1.812789504 1,538.68 1.99 0.833686205
11/30/1996 0.00115 1.770532382 1,639.15 2.24 0.888124703
12/31/1996 0.00119 1.949017095 1,626.29 2.37 0.881158025 Dividend
01/31/1997 0.00119 1.933728504 1,695.90 2.60 0.918871158
02/28/1997 0.00107 1.821346836 1,704.99 2.75 0.923797087
03/31/1997 0.00119 2.027301242 1,636.20 2.78 0.88652886 .045 Dividend
04/30/1997 0.00115 1.882756421 1,669.56 2.97 0.904602952
05/31/1997 0.00119 1.985179121 1,791.78 3.33 0.970823477
06/30/1997 0.00115 2.061776234 1,839.35 3.57 0.99659714 Dividend
07/31/1997 0.00119 2.187063207 2,000.71 4.04 1.084024922
08/31/1997 0.00119 2.378926176 1,990.06 4.18 1.078253548
09/30/1997 0.00115 2.289929727 2,076.58 4.53 1.125134764 Dividend
10/31/1997 0.00119 2.469142993 2,026.57 4.60 1.098036143
11/30/1997 0.00115 2.331942807 2,077.92 4.88 1.125861299
12/31/1997 0.00119 2.470737397 2,125.19 5.17 1.151471007 Dividend
01/31/1998 0.00119 2.526938693 2,093.75 5.27 1.13443338
02/28/1998 0.00107 2.248624988 2,281.28 5.90 1.236041018
03/31/1998 0.00119 2.712530194 2,383.40 6.36 1.291375861 .05 Dividend
04/30/1998 0.00115 2.742546016 2,455.37 6.75 1.330371471
05/31/1998 0.00119 2.919541286 2,389.72 6.77 1.29479716
06/30/1998 0.00115 2.749811964 2,386.97 6.96 1.293307256
07/31/1998 0.00119 2.838202723 2,305.36 6.93 1.249088319
08/31/1998 0.00119 2.741162899 1,759.42 5.48 0.9532908
09/30/1998 0.00115 2.024541393 1,845.63 5.89 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER HIGH INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.307913 1 6.00% 10%
Units purchased 3,247.675 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/1987 0.307913 3,247.675 1,000.00 1,000.00 3,301.25 0.00%
01/31/1988 0.313313 3,247.675 1,017.54 0.00008 0.084931504 1,017.45 3,301.25 0.00%
02/29/1988 0.319396 3,247.675 1,037.29 0.00008 0.080838728 1,037.13 3,301.25 0.00%
03/31/1988 0.321050 3,247.675 1,042.67 0.00008 0.088084672 1,042.41 3,301.25 0.00%
04/30/1988 0.326343 3,247.675 1,059.85 0.00008 0.08567759 1,059.51 3,301.25 0.00%
05/31/1988 0.327050 3,247.675 1,062.15 0.00008 0.08998565 1,061.71 3,301.25 0.00%
06/30/1988 0.334865 3,247.675 1,087.53 0.00008 0.087264163 1,087.00 3,301.25 0.00%
07/31/1988 0.336310 3,247.675 1,092.23 0.00008 0.092320284 1,091.60 3,301.25 0.00%
08/31/1988 0.337392 3,247.675 1,095.74 0.00008 0.092711051 1,095.01 3,301.25 0.00%
09/30/1988 0.339200 3,247.675 1,101.61 0.00008 0.090001184 1,100.79 3,301.25 0.00%
10/31/1988 0.344738 3,247.675 1,119.60 0.00008 0.093492061 1,118.67 3,301.25 0.00%
11/30/1988 0.344754 3,247.675 1,119.65 0.00008 0.091945585 1,118.63 3,301.25 0.00%
12/31/1988 0.351506 3,247.675 1,141.58 0.00008 0.095007016 1,140.44 3,301.25 0.00%
01/31/1989 0.353022 3,247.675 1,146.50 0.00008 0.09685965 1,145.27 3,301.25 0.00%
02/28/1989 0.356081 3,247.675 1,156.43 0.00008 0.087856213 1,155.10 3,301.25 0.00%
03/31/1989 0.355686 3,247.675 1,155.15 0.00008 0.098104623 1,153.72 3,301.25 0.00%
04/30/1989 0.357666 3,247.675 1,161.58 0.00008 0.094826675 1,160.05 3,301.25 0.00%
05/31/1989 0.362363 3,247.675 1,176.84 0.00008 0.098524924 1,175.19 3,301.25 0.00%
06/30/1989 0.365159 3,247.675 1,185.92 0.00008 0.096590729 1,184.16 3,301.25 0.00%
07/31/1989 0.369186 3,247.675 1,199.00 0.00008 0.100572266 1,197.12 3,301.25 0.00%
08/31/1989 0.373204 3,247.675 1,212.05 0.00008 0.101672869 1,210.04 3,301.25 0.00%
09/30/1989 0.370854 3,247.675 1,204.41 0.00008 0.099455645 1,202.32 3,301.25 0.00%
10/31/1989 0.364691 3,247.675 1,184.40 0.00008 0.102115192 1,182.24 3,301.25 0.00%
11/30/1989 0.363081 3,247.675 1,179.17 0.00008 0.097170576 1,176.93 3,301.25 0.00%
12/31/1989 0.363969 3,247.675 1,182.05 0.00008 0.099958182 1,179.70 3,301.25 0.00%
01/31/1990 0.361887 3,247.675 1,175.29 0.00008 0.100194061 1,172.86 3,301.25 0.00%
02/28/1990 0.356885 3,247.675 1,159.05 0.00008 0.089972487 1,156.56 3,301.25 0.00%
03/31/1990 0.361635 3,247.675 1,174.47 0.00008 0.098227961 1,171.85 3,301.25 0.00%
04/30/1990 0.368681 3,247.675 1,197.36 0.00008 0.0963165 1,194.58 3,301.25 0.00%
05/31/1990 0.376134 3,247.675 1,221.56 0.00008 0.101457864 1,218.63 3,301.25 0.00%
06/30/1990 0.382290 3,247.675 1,241.55 0.00008 0.100161626 1,238.48 3,301.25 0.00%
07/31/1990 0.389513 3,247.675 1,265.01 0.00008 0.105185643 1,261.77 3,301.25 0.00%
08/31/1990 0.384617 3,247.675 1,249.11 0.00008 0.107164259 1,245.80 3,301.25 0.00%
09/30/1990 0.377329 3,247.675 1,225.44 0.00008 0.102394883 1,222.09 3,301.25 0.00%
10/31/1990 0.370924 3,247.675 1,204.64 0.00008 0.103794361 1,201.25 3,301.25 0.00%
11/30/1990 0.371467 3,247.675 1,206.40 0.00008 0.09873282 1,202.91 3,301.25 0.00%
12/31/1990 0.376173 3,247.675 1,221.69 0.00008 0.102164756 1,218.05 3,301.25 0.00%
01/31/1991 0.382440 3,247.675 1,242.04 0.00008 0.103450475 1,238.23 3,301.25 0.00%
02/28/1991 0.403954 3,247.675 1,311.91 0.00008 0.094987849 1,307.80 3,301.25 0.00%
03/31/1991 0.424068 3,247.675 1,377.24 0.00008 0.111073106 1,372.80 3,301.25 0.00%
04/30/1991 0.434893 3,247.675 1,412.39 0.00008 0.112833157 1,407.73 3,301.25 0.00%
05/31/1991 0.438835 3,247.675 1,425.19 0.00008 0.119560975 1,420.37 3,301.25 0.00%
06/30/1991 0.448704 3,247.675 1,457.25 0.00008 0.116742893 1,452.20 3,301.25 0.00%
07/31/1991 0.462316 3,247.675 1,501.45 0.00008 0.123337586 1,496.13 3,301.25 0.00%
08/31/1991 0.471371 3,247.675 1,530.86 0.00008 0.127068592 1,525.31 3,301.25 0.00%
09/30/1991 0.478935 3,247.675 1,555.42 0.00008 0.125367602 1,549.66 3,301.25 0.00%
10/31/1991 0.489264 3,247.675 1,588.97 0.00008 0.131614693 1,582.95 3,301.25 0.00%
11/30/1991 0.494432 3,247.675 1,605.76 0.00008 0.13010535 1,599.54 3,301.25 0.00%
12/31/1991 0.497633 3,247.675 1,616.15 0.00008 0.135851178 1,609.76 3,301.25 0.00%
01/31/1992 0.516162 3,247.675 1,676.33 0.00008 0.136719233 1,669.56 3,301.25 0.00%
02/29/1992 0.530456 3,247.675 1,722.75 0.00008 0.132649904 1,715.66 3,301.25 0.00%
03/31/1992 0.533042 3,247.675 1,731.15 0.00008 0.145713696 1,723.88 3,301.25 0.00%
04/30/1992 0.541904 3,247.675 1,759.93 0.00008 0.141688557 1,752.40 3,301.25 0.00%
05/31/1992 0.549069 3,247.675 1,783.20 0.00008 0.148833725 1,775.42 3,301.25 0.00%
06/30/1992 0.550683 3,247.675 1,788.44 0.00008 0.145924738 1,780.49 3,301.25 0.00%
07/31/1992 0.563708 3,247.675 1,830.74 0.00008 0.151219888 1,822.45 3,301.25 0.00%
08/31/1992 0.569342 3,247.675 1,849.04 0.00008 0.154783752 1,840.51 3,301.25 0.00%
09/30/1992 0.576113 3,247.675 1,871.03 0.00008 0.151275165 1,862.25 3,301.25 0.00%
10/31/1992 0.570275 3,247.675 1,852.07 0.00008 0.158163607 1,843.22 3,301.25 0.00%
11/30/1992 0.571428 3,247.675 1,855.81 0.00008 0.151497728 1,846.80 3,301.25 0.00%
12/31/1992 0.579596 3,247.675 1,882.34 0.00008 0.156851308 1,873.04 3,301.25 0.00%
01/31/1993 0.596239 3,247.675 1,936.39 0.00008 0.159079985 1,926.66 3,301.25 0.00%
02/28/1993 0.611716 3,247.675 1,986.65 0.00008 0.147798848 1,976.53 3,301.25 0.00%
03/31/1993 0.635509 3,247.675 2,063.93 0.00008 0.16786925 2,053.24 3,301.25 0.00%
04/30/1993 0.640337 3,247.675 2,079.61 0.00008 0.168759197 2,068.67 3,301.25 0.00%
05/31/1993 0.653033 3,247.675 2,120.84 0.00008 0.175694987 2,109.51 3,301.25 0.00%
06/30/1993 0.668923 3,247.675 2,172.44 0.00008 0.173384205 2,160.66 3,301.25 0.00%
07/31/1993 0.679541 3,247.675 2,206.93 0.00008 0.183508285 2,194.78 3,301.25 0.00%
08/31/1993 0.683218 3,247.675 2,218.87 0.00008 0.186405569 2,206.47 3,301.25 0.00%
09/30/1993 0.686301 3,247.675 2,228.88 0.00008 0.181353385 2,216.24 3,301.25 0.00%
10/31/1993 0.704227 3,247.675 2,287.10 0.00008 0.188228707 2,273.94 3,301.25 0.00%
11/30/1993 0.709929 3,247.675 2,305.62 0.00008 0.18689907 2,292.16 3,301.25 0.00%
12/31/1993 0.723313 3,247.675 2,349.09 0.00008 0.194676965 2,335.18 3,301.25 0.00%
01/31/1994 0.742236 3,247.675 2,410.54 0.00008 0.198330669 2,396.08 3,301.25 2.00%
02/28/1994 0.735622 3,247.675 2,389.06 0.00008 0.183808752 2,374.54 3,301.25 2.00%
03/31/1994 0.707541 3,247.675 2,297.86 0.00008 0.201673392 2,283.70 3,301.25 2.00%
04/30/1994 0.700115 3,247.675 2,273.75 0.00008 0.187700986 2,259.54 3,301.25 2.00%
05/31/1994 0.707403 3,247.675 2,297.41 0.00008 0.191906279 2,282.87 3,301.25 2.00%
06/30/1994 0.707277 3,247.675 2,297.00 0.00008 0.187633112 2,282.27 3,301.25 2.00%
07/31/1994 0.709252 3,247.675 2,303.42 0.00008 0.193837025 2,288.46 3,301.25 2.00%
08/31/1994 0.710539 3,247.675 2,307.60 0.00008 0.194361952 2,292.41 3,301.25 2.00%
09/30/1994 0.711863 3,247.675 2,311.90 0.00008 0.188417617 2,296.50 3,301.25 2.00%
10/31/1994 0.710416 3,247.675 2,307.20 0.00008 0.195044883 2,291.63 3,301.25 2.00%
11/30/1994 0.703452 3,247.675 2,284.58 0.00008 0.188353456 2,268.98 3,301.25 2.00%
12/31/1994 0.691594 3,247.675 2,246.07 0.00008 0.192707857 2,230.54 3,301.25 2.00%
01/31/1995 0.695802 3,247.675 2,259.74 0.00008 0.189443068 2,243.92 3,301.25 4.00%
02/28/1995 0.713483 3,247.675 2,317.16 0.00008 0.17213653 2,300.77 3,301.25 4.00%
03/31/1995 0.719863 3,247.675 2,337.88 0.00008 0.195407961 2,321.15 3,301.25 4.00%
04/30/1995 0.742203 3,247.675 2,410.43 0.00008 0.190779281 2,392.99 3,301.25 4.00%
05/31/1995 0.762314 3,247.675 2,475.75 0.00008 0.203240252 2,457.63 3,301.25 4.00%
06/30/1995 0.763673 3,247.675 2,480.16 0.00008 0.201997012 2,461.81 3,301.25 4.00%
07/31/1995 0.774634 3,247.675 2,515.76 0.00008 0.209085201 2,496.93 3,301.25 4.00%
08/31/1995 0.779691 3,247.675 2,532.18 0.00008 0.212068398 2,513.02 3,301.25 4.00%
09/30/1995 0.789966 3,247.675 2,565.55 0.00008 0.206549894 2,545.93 3,301.25 4.00%
10/31/1995 0.798934 3,247.675 2,594.68 0.00008 0.216230013 2,574.62 3,301.25 4.00%
11/30/1995 0.808668 3,247.675 2,626.29 0.00008 0.211612632 2,605.78 3,301.25 4.00%
12/31/1995 0.822263 3,247.675 2,670.44 0.00008 0.221312552 2,649.36 3,301.25 4.00%
01/31/1996 0.841501 3,247.675 2,732.92 0.00008 0.225014422 2,711.12 3,301.25 6.00%
02/29/1996 0.850712 3,247.675 2,762.84 0.00008 0.215404364 2,740.58 3,301.25 6.00%
03/31/1996 0.849873 3,247.675 2,760.11 0.00008 0.232761902 2,737.65 3,301.25 6.00%
04/30/1996 0.857721 3,247.675 2,785.60 0.00008 0.225012116 2,762.70 3,301.25 6.00%
05/31/1996 0.867106 3,247.675 2,816.08 0.00008 0.234640486 2,792.70 3,301.25 6.00%
06/30/1996 0.868665 3,247.675 2,821.14 0.00008 0.229536678 2,797.49 3,301.25 6.00%
07/31/1996 0.869362 3,247.675 2,823.40 0.00008 0.237594819 2,799.49 3,301.25 6.00%
08/31/1996 0.880571 3,247.675 2,859.81 0.00008 0.23776532 2,835.35 3,301.25 6.00%
09/30/1996 0.902538 3,247.675 2,931.15 0.00008 0.23304272 2,905.85 3,301.25 6.00%
10/31/1996 0.912305 3,247.675 2,962.87 0.00008 0.246798264 2,937.05 3,301.25 6.00%
11/30/1996 0.928675 3,247.675 3,016.04 0.00008 0.241401559 2,989.51 3,301.25 6.00%
12/31/1996 0.936034 3,247.675 3,039.93 0.00008 0.253903708 3,012.95 3,301.25 6.00%
01/31/1997 0.945974 3,247.675 3,072.22 0.00008 0.25589405 3,044.69 3,301.25 6.00%
02/28/1997 0.958509 3,247.675 3,112.92 0.00008 0.233564896 3,084.80 3,301.25 6.00%
03/31/1997 0.936946 3,247.675 3,042.90 0.00008 0.261996388 3,015.14 3,301.25 6.00%
04/30/1997 0.939414 3,247.675 3,050.91 0.00008 0.247819493 3,022.83 3,301.25 6.00%
05/31/1997 0.960702 3,247.675 3,120.05 0.00008 0.256733751 3,091.08 3,301.25 6.00%
06/30/1997 0.974271 3,247.675 3,164.12 0.00008 0.254060976 3,134.48 3,301.25 6.00%
07/31/1997 0.998600 3,247.675 3,243.13 0.00008 0.266216184 3,212.49 3,301.25 6.00%
08/31/1997 1.000161 3,247.675 3,248.20 0.00008 0.272841384 3,217.24 3,301.25 6.00%
09/30/1997 1.024668 3,247.675 3,327.79 0.00008 0.264430347 3,295.80 3,301.25 6.00%
10/31/1997 1.022693 3,247.675 3,321.38 0.00008 0.279917521 3,289.17 3,301.25 6.00%
11/30/1997 1.025189 3,247.675 3,329.48 0.00008 0.270342884 3,296.93 3,301.25 6.00%
12/31/1997 1.037438 3,247.675 3,369.26 0.00008 0.280013092 3,336.04 3,301.25 6.00%
01/31/1998 1.052547 3,247.675 3,418.33 0.00008 0.283334858 3,384.34 3,301.25 6.00%
02/28/1998 1.060532 3,247.675 3,444.26 0.00008 0.259620733 3,409.76 3,301.25 6.00%
03/31/1998 1.075085 3,247.675 3,491.53 0.00008 0.28959592 3,456.26 3,301.25 6.00%
04/30/1998 1.074925 3,247.675 3,491.01 0.00008 0.284076102 3,455.46 3,301.25 6.00%
05/31/1998 1.077545 3,247.675 3,499.52 0.00008 0.293477255 3,463.59 3,301.25 6.00%
06/30/1998 1.080193 3,247.675 3,508.12 0.00008 0.284678565 3,471.82 3,301.25 6.00%
07/31/1998 1.087496 3,247.675 3,531.83 0.00008 0.294866553 3,494.99 3,301.25 6.00%
08/31/1998 1.013214 3,247.675 3,290.59 0.00008 0.29683483 3,255.97 3,301.25 6.00%
09/30/1998 1.000000 3,247.675 3,247.68 0.00008 0.267613921 3,213.24 3,301.25 6.00%
10/31/1998 0.977485 3,247.675 3,174.55 0.00008 0.272905085 3,140.62 3,301.25 6.00%
11/30/1998 1.030599 3,247.675 3,347.05 0.00008 0.258133015 3,311.01 3,301.25 6.00%
12/31/1998 1.027647 3,247.675 3,337.46 0.00008 0.281209347 3,301.25 3,301.25 6.00%
12/31/1998 3,301.25
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 230.12% 230.12%
12/31/1987 100.00% 3,301.25 11.0082 11.46% 11.46% 3,301.25 3,301.25 12
01/31/1988 100.00% 3,301.25 10.9233 11.38% 11.38% 3,244.62 3,244.62 11
02/29/1988 100.00% 3,301.25 10.8438 11.27% 11.27% 3,183.07 3,183.07 11
03/31/1988 100.00% 3,301.25 10.7589 11.31% 11.31% 3,166.94 3,166.94 11
04/30/1988 100.00% 3,301.25 10.6767 11.23% 11.23% 3,115.83 3,115.83 11
05/31/1988 100.00% 3,301.25 10.5918 11.30% 11.30% 3,109.36 3,109.36 11
06/30/1988 100.00% 3,301.25 10.5096 11.15% 11.15% 3,037.04 3,037.04 11
07/31/1988 100.00% 3,301.25 10.4247 11.20% 11.20% 3,024.23 3,024.23 11
08/31/1988 100.00% 3,301.25 10.3397 11.26% 11.26% 3,014.80 3,014.80 11
09/30/1988 100.00% 3,301.25 10.2575 11.30% 11.30% 2,998.97 2,998.97 11
10/31/1988 100.00% 3,301.25 10.1726 11.22% 11.22% 2,951.04 2,951.04 11
11/30/1988 100.00% 3,301.25 10.0904 11.32% 11.32% 2,951.15 2,951.15 11
12/31/1988 100.00% 3,301.25 10.0055 11.21% 11.21% 2,894.70 2,894.70 11
01/31/1989 100.00% 3,301.25 9.9205 11.26% 11.26% 2,882.51 2,882.51 10
02/28/1989 100.00% 3,301.25 9.8438 11.26% 11.26% 2,857.97 2,857.97 10
03/31/1989 100.00% 3,301.25 9.7589 11.37% 11.37% 2,861.38 2,861.38 10
04/30/1989 100.00% 3,301.25 9.6767 11.41% 11.41% 2,845.78 2,845.78 10
05/31/1989 100.00% 3,301.25 9.5918 11.37% 11.37% 2,809.13 2,809.13 10
06/30/1989 100.00% 3,301.25 9.5096 11.38% 11.38% 2,787.85 2,787.85 10
07/31/1989 100.00% 3,301.25 9.4247 11.36% 11.36% 2,757.67 2,757.67 10
08/31/1989 100.00% 3,301.25 9.3397 11.34% 11.34% 2,728.21 2,728.21 10
09/30/1989 100.00% 3,301.25 9.2575 11.53% 11.53% 2,745.72 2,745.72 10
10/31/1989 100.00% 3,301.25 9.1726 11.85% 11.85% 2,792.36 2,792.36 10
11/30/1989 100.00% 3,301.25 9.0904 12.01% 12.01% 2,804.97 2,804.97 10
12/31/1989 100.00% 3,301.25 9.0055 12.11% 12.11% 2,798.37 2,798.37 10
01/31/1990 100.00% 3,301.25 8.9205 12.30% 12.30% 2,814.71 2,814.71 9
02/28/1990 100.00% 3,301.25 8.8438 12.59% 12.59% 2,854.38 2,854.38 9
03/31/1990 100.00% 3,301.25 8.7589 12.55% 12.55% 2,817.12 2,817.12 9
04/30/1990 100.00% 3,301.25 8.6767 12.43% 12.43% 2,763.51 2,763.51 9
05/31/1990 100.00% 3,301.25 8.5918 12.30% 12.30% 2,708.98 2,708.98 9
06/30/1990 100.00% 3,301.25 8.5096 12.21% 12.21% 2,665.57 2,665.57 9
07/31/1990 100.00% 3,301.25 8.4247 12.09% 12.09% 2,616.36 2,616.36 9
08/31/1990 100.00% 3,301.25 8.3397 12.40% 12.40% 2,649.89 2,649.89 9
09/30/1990 100.00% 3,301.25 8.2575 12.79% 12.79% 2,701.30 2,701.30 9
10/31/1990 100.00% 3,301.25 8.1726 13.17% 13.17% 2,748.18 2,748.18 9
11/30/1990 100.00% 3,301.25 8.0904 13.29% 13.29% 2,744.39 2,744.39 9
12/31/1990 100.00% 3,301.25 8.0055 13.26% 13.26% 2,710.28 2,710.28 9
01/31/1991 100.00% 3,301.25 7.9205 13.18% 13.18% 2,666.09 2,666.09 8
02/28/1991 100.00% 3,301.25 7.8438 12.53% 12.53% 2,524.28 2,524.28 8
03/31/1991 100.00% 3,301.25 7.7589 11.97% 11.97% 2,404.75 2,404.75 8
04/30/1991 100.00% 3,301.25 7.6767 11.74% 11.74% 2,345.08 2,345.08 8
05/31/1991 100.00% 3,301.25 7.5918 11.75% 11.75% 2,324.21 2,324.21 8
06/30/1991 100.00% 3,301.25 7.5096 11.56% 11.56% 2,273.27 2,273.27 8
07/31/1991 100.00% 3,301.25 7.4247 11.25% 11.25% 2,206.52 2,206.52 8
08/31/1991 100.00% 3,301.25 7.3397 11.09% 11.09% 2,164.32 2,164.32 8
09/30/1991 100.00% 3,301.25 7.2575 10.98% 10.98% 2,130.31 2,130.31 8
10/31/1991 100.00% 3,301.25 7.1726 10.79% 10.79% 2,085.51 2,085.51 8
11/30/1991 100.00% 3,301.25 7.0904 10.76% 10.76% 2,063.88 2,063.88 8
12/31/1991 100.00% 3,301.25 7.0055 10.80% 10.80% 2,050.77 2,050.77 8
01/31/1992 100.00% 3,301.25 6.9205 10.35% 10.35% 1,977.32 1,977.32 7
02/29/1992 100.00% 3,301.25 6.8411 10.04% 10.04% 1,924.18 1,924.18 7
03/31/1992 100.00% 3,301.25 6.7562 10.09% 10.09% 1,915.01 1,915.01 7
04/30/1992 100.00% 3,301.25 6.6740 9.95% 9.95% 1,883.85 1,883.85 7
05/31/1992 100.00% 3,301.25 6.5890 9.87% 9.87% 1,859.42 1,859.42 7
06/30/1992 100.00% 3,301.25 6.5068 9.95% 9.95% 1,854.12 1,854.12 7
07/31/1992 100.00% 3,301.25 6.4219 9.69% 9.69% 1,811.43 1,811.43 7
08/31/1992 100.00% 3,301.25 6.3370 9.66% 9.66% 1,793.66 1,793.66 7
09/30/1992 100.00% 3,301.25 6.2548 9.59% 9.59% 1,772.72 1,772.72 7
10/31/1992 100.00% 3,301.25 6.1699 9.91% 9.91% 1,791.02 1,791.02 7
11/30/1992 100.00% 3,301.25 6.0877 10.01% 10.01% 1,787.55 1,787.55 7
12/31/1992 100.00% 3,301.25 6.0027 9.90% 9.90% 1,762.51 1,762.51 7
01/31/1993 100.00% 3,301.25 5.9178 9.53% 9.53% 1,713.45 1,713.45 6
02/28/1993 100.00% 3,301.25 5.8411 9.18% 9.18% 1,670.23 1,670.23 6
03/31/1993 100.00% 3,301.25 5.7562 8.60% 8.60% 1,607.83 1,607.83 6
04/30/1993 100.00% 3,301.25 5.6740 8.59% 8.59% 1,595.83 1,595.83 6
05/31/1993 100.00% 3,301.25 5.5890 8.34% 8.34% 1,564.94 1,564.94 6
06/30/1993 100.00% 3,301.25 5.5068 8.00% 8.00% 1,527.89 1,527.89 6
07/31/1993 100.00% 3,301.25 5.4219 7.82% 7.82% 1,504.14 1,504.14 6
08/31/1993 100.00% 3,301.25 5.3370 7.84% 7.84% 1,496.17 1,496.17 6
09/30/1993 100.00% 3,301.25 5.2548 7.88% 7.88% 1,489.57 1,489.57 6
10/31/1993 100.00% 3,301.25 5.1699 7.48% 7.48% 1,451.78 1,451.78 6
11/30/1993 100.00% 3,301.25 5.0877 7.43% 7.43% 1,440.23 1,440.23 6
12/31/1993 100.00% 3,301.25 5.0027 7.17% 7.17% 1,413.70 1,413.70 6
01/31/1994 50.00% 3,286.34 4.9178 6.64% 6.73% 1,371.55 1,377.77 5
02/28/1994 50.00% 3,286.77 4.8411 6.95% 7.04% 1,384.17 1,390.27 5
03/31/1994 50.00% 3,288.59 4.7562 7.97% 8.06% 1,440.03 1,445.57 5
04/30/1994 50.00% 3,289.07 4.6740 8.36% 8.45% 1,455.64 1,461.03 5
05/31/1994 50.00% 3,288.60 4.5890 8.28% 8.37% 1,440.56 1,446.10 5
06/30/1994 50.00% 3,288.62 4.5068 8.44% 8.54% 1,440.94 1,446.47 5
07/31/1994 50.00% 3,288.49 4.4219 8.54% 8.64% 1,436.99 1,442.57 5
08/31/1994 50.00% 3,288.41 4.3370 8.67% 8.77% 1,434.48 1,440.07 5
09/30/1994 50.00% 3,288.33 4.2548 8.80% 8.90% 1,431.89 1,437.52 5
10/31/1994 50.00% 3,288.43 4.1699 9.05% 9.15% 1,434.97 1,440.57 5
11/30/1994 50.00% 3,288.88 4.0877 9.51% 9.61% 1,449.50 1,454.95 5
12/31/1994 50.00% 3,289.65 4.0027 10.19% 10.29% 1,474.82 1,480.02 5
01/31/1995 40.00% 3,264.31 3.9178 10.04% 10.36% 1,454.73 1,471.20 4
02/28/1995 40.00% 3,262.04 3.8411 9.51% 9.86% 1,417.80 1,434.84 4
03/31/1995 40.00% 3,261.22 3.7562 9.48% 9.83% 1,405.00 1,422.25 4
04/30/1995 40.00% 3,258.35 3.6740 8.76% 9.15% 1,361.62 1,379.55 4
05/31/1995 40.00% 3,255.76 3.5890 8.15% 8.57% 1,324.76 1,343.26 4
06/30/1995 40.00% 3,255.60 3.5068 8.30% 8.73% 1,322.44 1,340.98 4
07/31/1995 40.00% 3,254.19 3.4219 8.05% 8.50% 1,303.27 1,322.12 4
08/31/1995 40.00% 3,253.55 3.3370 8.05% 8.52% 1,294.67 1,313.66 4
09/30/1995 40.00% 3,252.23 3.2548 7.81% 8.31% 1,277.42 1,296.67 4
10/31/1995 40.00% 3,251.08 3.1699 7.64% 8.16% 1,262.74 1,282.23 4
11/30/1995 40.00% 3,249.84 3.0877 7.42% 7.96% 1,247.17 1,266.90 4
12/31/1995 40.00% 3,248.09 3.0027 7.02% 7.60% 1,225.99 1,246.05 4
01/31/1996 30.00% 3,198.00 2.9178 5.82% 6.98% 1,179.59 1,217.67 3
02/29/1996 30.00% 3,196.24 2.8384 5.57% 6.78% 1,166.26 1,204.58 3
03/31/1996 30.00% 3,196.41 2.7534 5.79% 7.04% 1,167.58 1,205.87 3
04/30/1996 30.00% 3,194.91 2.6712 5.59% 6.89% 1,156.44 1,194.93 3
05/31/1996 30.00% 3,193.11 2.5863 5.32% 6.68% 1,143.38 1,182.10 3
06/30/1996 30.00% 3,192.82 2.5041 5.42% 6.84% 1,141.32 1,180.08 3
07/31/1996 30.00% 3,192.70 2.4192 5.58% 7.05% 1,140.46 1,179.23 3
08/31/1996 30.00% 3,190.55 2.3342 5.19% 6.73% 1,125.27 1,164.32 3
09/30/1996 30.00% 3,186.32 2.2521 4.18% 5.83% 1,096.52 1,136.07 3
10/31/1996 30.00% 3,184.45 2.1671 3.80% 5.54% 1,084.23 1,124.00 3
11/30/1996 30.00% 3,181.30 2.0849 3.03% 4.87% 1,064.15 1,104.28 3
12/31/1996 30.00% 3,179.89 2.0000 2.73% 4.68% 1,055.41 1,095.69 3
01/31/1997 20.00% 3,158.18 1.9151 1.93% 4.31% 1,037.28 1,084.27 2
02/28/1997 20.00% 3,155.78 1.8384 1.25% 3.76% 1,023.01 1,070.17 2
03/31/1997 20.00% 3,159.95 1.7534 2.71% 5.31% 1,048.03 1,094.89 2
04/30/1997 20.00% 3,159.49 1.6712 2.68% 5.41% 1,045.21 1,092.10 2
05/31/1997 20.00% 3,155.40 1.5863 1.31% 4.23% 1,020.81 1,067.99 2
06/30/1997 20.00% 3,152.79 1.5041 0.39% 3.51% 1,005.84 1,053.20 2
07/31/1997 20.00% 3,148.11 1.4192 -1.42% 1.94% 979.96 1,027.63 2
08/31/1997 20.00% 3,147.83 1.3342 -1.62% 1.95% 978.43 1,026.11 2
09/30/1997 20.00% 3,143.11 1.2521 -3.72% 0.13% 953.67 1,001.65 2
10/31/1997 20.00% 3,143.51 1.1671 -3.81% 0.31% 955.72 1,003.67 2
11/30/1997 20.00% 3,143.05 1.0849 -4.31% 0.12% 953.33 1,001.31 2
12/31/1997 20.00% 3,140.70 1.0000 -5.86% -1.04% 941.45 989.57 2
01/31/1998 10.00% 3,118.00 0.9151 -7.87% -2.46% 927.73 977.51 1
02/28/1998 10.00% 3,116.47 0.8384 -8.60% -3.18% 927.37 973.25 1
03/31/1998 10.00% 3,113.68 0.7534 -9.91% -4.48% 924.37 966.02 1
04/30/1998 10.00% 3,113.73 0.6712 -9.89% -4.46% 932.49 969.82 1
05/31/1998 10.00% 3,113.24 0.5863 -10.12% -4.69% 939.39 972.25 1
06/30/1998 10.00% 3,112.75 0.5041 -10.34% -4.91% 946.45 974.92 1
07/31/1998 10.00% 3,111.36 0.4192 -10.98% -5.54% 952.43 976.38 1
08/31/1998 10.00% 3,125.70 0.3342 -4.00% 1.39% 986.45 1,004.63 1
09/30/1998 10.00% 3,128.26 0.2521 -2.64% 2.74% 993.27 1,006.84 1
10/31/1998 10.00% 3,132.62 0.1671 -0.25% 5.11% 999.57 1,008.37 1
11/30/1998 10.00% 3,122.39 0.0849 -5.70% -0.29% 995.03 999.75 1
12/31/1998 10.00% 3,122.98 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER HIGH INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.307913 1 6.00% 10%
Units purchased 3,247.675 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 3,311.01 3,122.39 3,301.25 -5.70% -0.29%
09/30/1998 0.25 0.25 3,213.24 3,128.26 3,301.25 -2.64% 2.74%
12/31/1997 1.00 1.00 3,336.04 3,140.70 3,301.25 -5.86% -1.04%
12/31/1997 1.00 1.00 3,336.04 3,140.70 3,301.25 -5.86% -1.04%
12/31/1995 3.00 3.00 2,649.36 3,248.09 3,301.25 7.03% 7.61%
12/31/1993 5.00 5.00 2,335.18 3,301.25 3,301.25 7.17% 7.17%
12/31/1988 10.01 10.00 1,140.44 3,301.25 3,301.25 11.21% 11.21%
12/31/1987 11.01 11.01 1,000.00 3,301.25 3,301.25 11.46% 11.46%
12/31/1992 1,873.04
12/31/1993 1 2,335.18 24.67%
12/31/1994 1 2,230.54 -4.48%
12/31/1995 1 2,649.36 18.78%
12/31/1996 1 3,012.95 13.72%
12/31/1997 1 3,336.04 10.72%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% do not fill in
OPPENHEIMER HIGH INCOME FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/31/1987 100 9.14 914
01/31/1988 914 0 10 100 9.31 931.00 1.86%
02/29/1988 931 0 10 100 9.50 950.00 2.04%
03/31/1988 950 0.418 9.11 104.588 9.14 955.93 0.62%
04/30/1988 955.93 0 10 104.588 9.30 972.67 1.75%
05/31/1988 972.67 0 10 104.588 9.33 975.81 0.32%
06/30/1988 975.81 0.262 9.28 107.541 9.30 1,000.13 2.49%
07/31/1988 1000.13 0 13.12 107.541 9.35 1,005.51 0.54%
08/31/1988 1005.51 0 13.12 107.541 9.39 1,009.81 0.43%
09/30/1988 1009.81 0.25 9.2 110.463 9.20 1,016.26 0.64%
10/31/1988 1016.26 0 13.12 110.463 9.36 1,033.93 1.74%
11/30/1988 1033.93 0 13.12 110.463 9.37 1,035.04 0.11%
12/31/1988 1035.04 0.26 9.18 113.592 9.30 1,056.41 2.06%
01/31/1989 1056.41 0 13.12 113.592 9.35 1,062.09 0.54%
02/28/1989 1062.09 0 13.12 113.592 9.44 1,072.31 0.96%
03/31/1989 1072.31 0.34 9.11 117.831 9.10 1,072.26 0.00%
04/30/1989 1072.26 0 14.42 117.831 9.16 1,079.33 0.66%
05/31/1989 1079.33 0 14.42 117.831 9.29 1,094.65 1.42%
06/30/1989 1094.65 0.27 9.06 121.343 9.10 1,104.22 0.87%
07/31/1989 1104.22 0 14.42 121.343 9.21 1,117.57 1.21%
08/31/1989 1117.57 0 14.42 121.343 9.32 1,130.92 1.19%
09/30/1989 1130.92 0.27 8.97 124.995 9.00 1,124.96 -0.53%
10/31/1989 1124.96 0 14.42 124.995 8.86 1,107.46 -1.56%
11/30/1989 1107.46 0 14.42 124.995 8.83 1,103.71 -0.34%
12/31/1989 1103.71 0.27 8.56 128.938 8.59 1,107.58 0.35%
01/31/1990 1107.58 0 14.42 128.938 8.55 1,102.42 -0.47%
02/28/1990 1102.42 0 14.42 128.938 8.44 1,088.24 -1.29%
03/31/1990 1088.24 0.27 8.25 133.158 8.29 1,103.88 1.44%
04/30/1990 1103.88 0 13.12 133.158 8.46 1,126.52 2.05%
05/31/1990 1126.52 0 13.12 133.158 8.64 1,150.49 2.13%
06/30/1990 1150.49 0.27 8.51 137.383 8.52 1,170.50 1.74%
07/31/1990 1170.5 0 13.12 137.383 8.69 1,193.86 2.00%
08/31/1990 1193.86 0 13.12 137.383 8.59 1,180.12 -1.15%
09/30/1990 1180.12 0.27 8.29 141.857 8.17 1,158.97 -1.79%
10/31/1990 1158.97 0 13.12 141.857 8.04 1,140.53 -1.59%
11/30/1990 1140.53 0 13.12 141.857 8.06 1,143.37 0.25%
12/31/1990 1143.37 0.27 7.88 146.718 7.90 1,159.07 1.37%
01/31/1991 1159.07 0 13.12 146.718 8.04 1,179.61 1.77%
02/28/1991 1179.61 0 13.12 146.718 8.50 1,247.10 5.72%
03/31/1991 1247.1 0.27 8.59 151.33 8.66 1,310.52 5.09%
04/30/1991 1310.52 0 12.98 151.33 8.89 1,345.32 2.66%
05/31/1991 1345.32 0 12.98 151.33 8.98 1,358.94 1.01%
06/30/1991 1358.94 0.27 8.88 155.931 8.92 1,390.90 2.35%
07/31/1991 1390.9 0 12.98 155.931 9.20 1,434.57 3.14%
08/31/1991 1434.57 0 12.98 155.931 9.39 1,464.19 2.06%
09/30/1991 1464.19 0.27 9.27 160.473 9.28 1,489.19 1.71%
10/31/1991 1489.19 0 12.98 160.473 9.49 1,522.89 2.26%
11/30/1991 1522.89 0 12.98 160.473 9.60 1,540.54 1.16%
12/31/1991 1540.54 0.27 9.32 165.122 9.40 1,552.15 0.75%
01/31/1992 1552.15 0 12.98 165.122 9.76 1,611.59 3.83%
02/29/1992 1611.59 0 12.98 165.122 10.04 1,657.82 2.87%
03/31/1992 1657.82 0.47 9.64 173.173 9.63 1,667.66 0.59%
04/30/1992 1667.66 0 14.74 173.173 9.80 1,697.10 1.77%
05/31/1992 1697.1 0 14.74 173.173 9.94 1,721.34 1.43%
06/30/1992 1721.34 0.27 9.73 177.978 9.71 1,728.17 0.40%
07/31/1992 1728.17 0 14.74 177.978 9.95 1,770.88 2.47%
08/31/1992 1770.88 0 14.74 177.978 10.06 1,790.46 1.11%
09/30/1992 1790.46 0.27 9.92 182.822 9.92 1,813.59 1.29%
10/31/1992 1813.59 0 14.74 182.822 9.83 1,797.14 -0.91%
11/30/1992 1797.14 0 14.74 182.822 9.86 1,802.62 0.30%
12/31/1992 1802.62 0.27 9.69 187.916 9.74 1,830.30 1.54%
01/31/1993 1830.3 0 14.74 187.916 10.03 1,884.80 2.98%
02/28/1993 1884.8 0 14.74 187.916 10.30 1,935.53 2.69%
03/31/1993 1935.53 0.27 10.38 192.804 10.44 2,012.87 4.00%
04/30/1993 2012.87 0 16.53 192.804 10.53 2,030.23 0.86%
05/31/1993 2030.23 0 16.53 192.804 10.75 2,072.64 2.09%
06/30/1993 2072.64 0.39 10.56 199.925 10.63 2,125.20 2.54%
07/31/1993 2125.2 0 16.53 199.925 10.81 2,161.19 1.69%
08/31/1993 2161.19 0 16.53 199.925 10.88 2,175.18 0.65%
09/30/1993 2175.18 0.27 10.66 204.989 10.67 2,187.23 0.55%
10/31/1993 2187.23 0 16.53 204.989 10.96 2,246.68 2.72%
11/30/1993 2246.68 0 16.53 204.989 11.06 2,267.18 0.91%
12/31/1993 2267.18 0.26 11.01 209.83 11.02 2,312.33 1.99%
01/31/1994 2312.33 0 16.53 209.83 11.32 2,375.28 2.72%
02/28/1994 2375.28 0 16.53 209.83 11.23 2,356.39 -0.80%
03/31/1994 2356.39 0.259 10.8 214.862 10.56 2,268.94 -3.71%
04/30/1994 2268.94 0 17.75 214.862 10.46 2,247.46 -0.95%
05/31/1994 2247.46 0 17.75 214.862 10.58 2,273.24 1.15%
06/30/1994 2273.24 0.21 10.43 219.188 10.38 2,275.17 0.08%
07/31/1994 2275.17 0 17.75 219.188 10.42 2,283.94 0.39%
08/31/1994 2283.94 0 17.75 219.188 10.45 2,290.51 0.29%
09/30/1994 2290.51 0.21 10.26 223.674 10.27 2,297.13 0.29%
10/31/1994 2297.13 0 17.75 223.674 10.26 2,294.90 -0.10%
11/30/1994 2294.9 0 17.75 223.674 10.17 2,274.76 -0.88%
12/31/1994 2274.76 0.22 9.82 228.685 9.79 2,238.83 -1.58%
01/31/1995 2238.83 0 17.75 228.685 9.86 2,254.83 0.71%
02/28/1995 2254.83 0 17.75 228.685 10.12 2,314.29 2.64%
03/31/1995 2314.29 0.24 9.93 234.212 9.98 2,337.44 1.00%
04/30/1995 2337.44 0 18.7 234.212 10.30 2,412.38 3.21%
05/31/1995 2412.38 0 18.7 234.212 10.59 2,480.31 2.82%
06/30/1995 2480.31 0.24 10.39 239.622 10.38 2,487.28 0.28%
07/31/1995 2487.28 0 18.7 239.622 10.54 2,525.62 1.54%
08/31/1995 2525.62 0 18.7 239.622 10.62 2,544.79 0.76%
09/30/1995 2544.79 0.3 10.44 246.508 10.47 2,580.94 1.42%
10/31/1995 2580.94 0 18.7 246.508 10.60 2,612.98 1.24%
11/30/1995 2612.98 0 18.7 246.508 10.74 2,647.50 1.32%
12/31/1995 2647.5 0.3 10.56 253.511 10.63 2,694.82 1.79%
01/31/1996 2694.82 0 18.7 253.511 10.89 2,760.73 2.45%
02/29/1996 2760.73 0 18.7 253.511 11.02 2,793.69 1.19%
03/31/1996 2793.69 0.3 10.69 260.625 10.72 2,793.90 0.01%
04/30/1996 2793.9 0 23.28 260.625 10.83 2,822.57 1.03%
05/31/1996 2822.57 0 23.28 260.625 10.96 2,856.45 1.20%
06/30/1996 2856.45 0.26 10.69 266.964 10.73 2,864.52 0.28%
07/31/1996 2864.52 0 23.28 266.964 10.75 2,869.86 0.19%
08/31/1996 2869.86 0 23.28 266.964 10.90 2,909.91 1.40%
09/30/1996 2909.91 0.24 10.8 272.897 10.94 2,985.49 2.60%
10/31/1996 2985.49 0 23.28 272.897 11.07 3,020.97 1.19%
11/30/1996 3020.97 0 23.28 272.897 11.28 3,078.28 1.90%
12/31/1996 3078.28 0.25 11.07 279.06 11.13 3,105.94 0.90%
01/31/1997 3105.94 0 23.28 279.06 11.26 3,142.22 1.17%
02/28/1997 3142.22 0 23.28 279.06 11.42 3,186.87 1.42%
03/31/1997 3186.87 0.258 11.04 285.582 10.92 3,118.56 -2.14%
04/30/1997 3118.56 0 26.16 285.582 10.96 3,129.98 0.37%
05/31/1997 3129.98 0 26.16 285.582 11.22 3,204.23 2.37%
06/30/1997 3204.23 0.25 11.14 291.991 11.14 3,252.78 1.52%
07/31/1997 3252.78 0 26.16 291.991 11.43 3,337.46 2.60%
08/31/1997 3337.46 0 26.16 291.991 11.46 3,346.22 0.26%
09/30/1997 3346.22 0.21 11.4 297.37 11.54 3,431.65 2.55%
10/31/1997 3431.65 0 26.16 297.37 11.53 3,428.68 -0.09%
11/30/1997 3428.68 0 26.16 297.37 11.57 3,440.57 0.35%
12/31/1997 3440.57 0.2 11.49 302.546 11.52 3,485.33 1.30%
01/31/1998 3485.33 0 26.16 302.546 11.70 3,539.79 1.56%
02/28/1998 3539.79 0 26.16 302.546 11.80 3,570.04 0.85%
03/31/1998 3570.04 0.553 11.39 317.235 11.42 3,622.82 1.48%
04/30/1998 3622.82 0 26.16 317.235 11.43 3,626.00 0.09%
05/31/1998 3626 0 26.16 317.235 11.47 3,638.69 0.35%
06/30/1998 3638.69 0 26.16 317.235 11.51 3,651.37 0.35%
07/31/1998 3651.37 0 26.16 317.235 11.60 3,679.93 0.78%
08/31/1998 3679.93 0 26.16 317.235 10.82 3,432.48 -6.72%
09/30/1998 3432.48 0 26.16 317.235 10.69 3,391.24 -1.20%
2.7103282
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
12/31/1987 1,000.00 0.307912572
01/31/1988 0.00106 1.061643836 1,017.54 0.08 0.313312718
02/29/1988 0.00099 1.010568481 1,037.29 0.17 0.319395688
03/31/1988 0.00106 1.101236176 1,042.67 0.26 0.321050305 .3 Dividend
04/30/1988 0.00103 1.07123331 1,059.85 0.35 0.32634261
05/31/1988 0.00106 1.125188286 1,062.15 0.44 0.327049658
06/30/1988 0.00103 1.091251065 1,087.53 0.53 0.334864669 Dividend
07/31/1988 0.00106 1.154571276 1,092.23 0.63 0.3363105
08/31/1988 0.00106 1.159556319 1,095.74 0.72 0.337391668
09/30/1988 0.00103 1.12575876 1,101.61 0.82 0.339200069 Dividend
10/31/1988 0.00106 1.169519188 1,119.60 0.92 0.344737726
11/30/1988 0.00103 1.150270003 1,119.65 1.02 0.344753645
12/31/1988 0.00106 1.188667222 1,141.58 1.13 0.351505611 Dividend
01/31/1989 0.00106 1.211947152 1,146.50 1.23 0.353022378
02/28/1989 0.00096 1.099385472 1,156.43 1.33 0.356080834
03/31/1989 0.00106 1.227721945 1,155.15 1.43 0.355686199 .27 Dividend
04/30/1989 0.00103 1.186801253 1,161.58 1.53 0.357666003
05/31/1989 0.00106 1.233187409 1,176.84 1.65 0.362362997
06/30/1989 0.00103 1.209079407 1,185.92 1.76 0.365158672 Dividend
07/31/1989 0.00106 1.259021191 1,199.00 1.88 0.369185766
08/31/1989 0.00106 1.272906102 1,212.05 2.00 0.373203953
09/30/1989 0.00103 1.245251909 1,204.41 2.09 0.370853722 Dividend
10/31/1989 0.00106 1.278657006 1,184.40 2.16 0.364690967
11/30/1989 0.00103 1.216847033 1,179.17 2.24 0.363081395
12/31/1989 0.00106 1.251858998 1,182.05 2.35 0.363969024 Dividend
01/31/1990 0.00106 1.254919432 1,175.29 2.44 0.361886958
02/28/1990 0.00096 1.126991626 1,159.05 2.49 0.356885131
03/31/1990 0.00106 1.230495061 1,174.47 2.62 0.361635339 Dividend
04/30/1990 0.00103 1.206651464 1,197.36 2.77 0.368680747
05/31/1990 0.00106 1.27116486 1,221.56 2.93 0.376134098
06/30/1990 0.00103 1.255028785 1,241.55 3.08 0.382289605 Dividend
07/31/1990 0.00106 1.318086491 1,265.01 3.24 0.389513211
08/31/1990 0.00106 1.342992578 1,249.11 3.31 0.384616823
09/30/1990 0.00103 1.283332692 1,225.44 3.35 0.377328602 Dividend
10/31/1990 0.00106 1.300981579 1,204.64 3.39 0.370924459
11/30/1990 0.00103 1.237646031 1,206.40 3.50 0.371467001
12/31/1990 0.00106 1.280771513 1,221.69 3.64 0.376173374 Dividend
01/31/1991 0.00106 1.296998496 1,242.04 3.81 0.382440219
02/28/1991 0.00096 1.190998779 1,311.91 4.12 0.403954363
03/31/1991 0.00106 1.392783855 1,377.24 4.43 0.424068195 Dividend
04/30/1991 0.00103 1.414968212 1,412.39 4.66 0.434893362
05/31/1991 0.00106 1.499457632 1,425.19 4.82 0.438834514
06/30/1991 0.00103 1.464238287 1,457.25 5.05 0.448704312 Dividend
07/31/1991 0.00106 1.547076051 1,501.45 5.32 0.462315889
08/31/1991 0.00106 1.594007057 1,530.86 5.55 0.47137065
09/30/1991 0.00103 1.572800066 1,555.42 5.77 0.478934683 Dividend
10/31/1991 0.00106 1.651306568 1,588.97 6.02 0.489264397
11/30/1991 0.00103 1.632505284 1,605.76 6.22 0.494432208
12/31/1991 0.00106 1.704740088 1,616.15 6.39 0.497633496 Dividend
01/31/1992 0.00106 1.715777725 1,676.33 6.77 0.516162194
02/29/1992 0.00099 1.664845422 1,722.75 7.09 0.530456173
03/31/1992 0.00106 1.828946191 1,731.15 7.27 0.533041544 Dividend
04/30/1992 0.00103 1.778574409 1,759.93 7.53 0.541903936
05/31/1992 0.00106 1.868416636 1,783.20 7.78 0.549068743
06/30/1992 0.00103 1.832051604 1,788.44 7.95 0.550683248 Dividend
07/31/1992 0.00106 1.8986866 1,830.74 8.29 0.563708206
08/31/1992 0.00106 1.943595019 1,849.04 8.52 0.569342473
09/30/1992 0.00103 1.899697996 1,871.03 8.78 0.576112564 Dividend
10/31/1992 0.00106 1.986363687 1,852.07 8.85 0.570275362
11/30/1992 0.00103 1.902810724 1,855.81 9.02 0.571428398
12/31/1992 0.00106 1.970213269 1,882.34 9.30 0.579596271 Dividend
01/31/1993 0.00106 1.998375071 1,936.39 9.73 0.596239318
02/28/1993 0.00096 1.85681386 1,986.65 10.13 0.611715555
03/31/1993 0.00106 2.109118322 2,063.93 10.69 0.63550909 Dividend
04/30/1993 0.00103 2.120473007 2,079.61 10.94 0.640337119
05/31/1993 0.00106 2.207801876 2,120.84 11.33 0.653033477
06/30/1993 0.00103 2.178945795 2,172.44 11.78 0.668922804 Dividend
07/31/1993 0.00106 2.306361722 2,206.93 12.15 0.679540771
08/31/1993 0.00106 2.342971139 2,218.87 12.40 0.683218202
09/30/1993 0.00103 2.279661735 2,228.88 12.64 0.686301138 Dividend
10/31/1993 0.00106 2.366280035 2,287.10 13.16 0.704226537
11/30/1993 0.00103 2.34975925 2,305.62 13.45 0.709928785
12/31/1993 0.00106 2.44774519 2,349.09 13.90 0.723313046 Dividend
01/31/1994 0.00106 2.493892441 2,410.54 14.46 0.742236347
02/28/1994 0.00096 2.311479125 2,389.06 14.52 0.735621796
03/31/1994 0.00106 2.536331463 2,297.86 14.17 0.70754054 .02 Dividend
04/30/1994 0.00103 2.360816923 2,273.75 14.21 0.700115345
05/31/1994 0.00106 2.413909684 2,297.41 14.55 0.707402904
06/30/1994 0.00103 2.360357681 2,297.00 14.73 0.707276711 Dividend
07/31/1994 0.00106 2.438601174 2,303.42 14.97 0.709252145
08/31/1994 0.00106 2.445412219 2,307.60 15.19 0.710539412
09/30/1994 0.00103 2.370823117 2,311.90 15.40 0.711862997 Dividend
10/31/1994 0.00106 2.454414109 2,307.20 15.57 0.710416192
11/30/1994 0.00103 2.370411975 2,284.58 15.60 0.703451713
12/31/1994 0.00106 2.425413059 2,246.07 15.53 0.691593826 Dividend
01/31/1995 0.00106 2.384528559 2,259.74 15.82 0.695802138
02/28/1995 0.00096 2.166873291 2,317.16 16.39 0.713483273
03/31/1995 0.00106 2.46000062 2,337.88 16.73 0.71986283 Dividend
04/30/1995 0.00103 2.401932124 2,410.43 17.44 0.742202563
05/31/1995 0.00106 2.559021118 2,475.75 18.12 0.762314226
06/30/1995 0.00103 2.543577681 2,480.16 18.35 0.76367323 Dividend
07/31/1995 0.00106 2.63304928 2,515.76 18.83 0.774634068
08/31/1995 0.00106 2.67084087 2,532.18 19.16 0.779691322
09/30/1995 0.00103 2.601559012 2,565.55 19.62 0.78996617 Dividend
10/31/1995 0.00106 2.72370403 2,594.68 20.06 0.798934211
11/30/1995 0.00103 2.665765849 2,626.29 20.51 0.808668084
12/31/1995 0.00106 2.78818588 2,670.44 21.08 0.822263268 Dividend
01/31/1996 0.00106 2.835060364 2,732.92 21.80 0.841501261
02/29/1996 0.00099 2.714204057 2,762.84 22.25 0.850712098
03/31/1996 0.00106 2.933148354 2,760.11 22.46 0.849872892 Dividend
04/30/1996 0.00103 2.835730527 2,785.60 22.90 0.857720826
05/31/1996 0.00106 2.957313567 2,816.08 23.38 0.867105666
06/30/1996 0.00103 2.893230303 2,821.14 23.65 0.868664538 Dividend
07/31/1996 0.00106 2.995046108 2,823.40 23.91 0.869361678
08/31/1996 0.00106 2.997449761 2,859.81 24.46 0.880571002
09/30/1996 0.00103 2.938159452 2,931.15 25.30 0.902537651 Dividend
10/31/1996 0.00106 3.111836345 2,962.87 25.82 0.912305367
11/30/1996 0.00103 3.044046001 3,016.04 26.52 0.928675164
12/31/1996 0.00106 3.201955203 3,039.93 26.99 0.936033887 Dividend
01/31/1997 0.00106 3.227327155 3,072.22 27.53 0.945973818
02/28/1997 0.00096 2.945960195 3,112.92 28.13 0.958508723
03/31/1997 0.00106 3.304817564 3,042.90 27.76 0.936945662 .25 Dividend
04/30/1997 0.00103 3.126262102 3,050.91 28.08 0.939414091
05/31/1997 0.00106 3.238981674 3,120.05 28.97 0.960701734
06/30/1997 0.00103 3.205527859 3,164.12 29.64 0.974271116 Dividend
07/31/1997 0.00106 3.359164313 3,243.13 30.64 0.998600101
08/31/1997 0.00106 3.443047592 3,248.20 30.96 1.000161019
09/30/1997 0.00103 3.337189783 3,327.79 31.99 1.024667867 Dividend
10/31/1997 0.00106 3.532925974 3,321.38 32.20 1.022693213
11/30/1997 0.00103 3.412371883 3,329.48 32.55 1.025189003
12/31/1997 0.00106 3.534722784 3,369.26 33.22 1.037437785 Dividend
01/31/1998 0.00106 3.576955045 3,418.33 33.99 1.052546873
02/28/1998 0.00096 3.277850962 3,444.26 34.51 1.060532336
03/31/1998 0.00106 3.656582153 3,491.53 35.27 1.075085496 .25 Dividend
04/30/1998 0.00103 3.587186726 3,491.01 35.55 1.074924633
05/31/1998 0.00106 3.706204982 3,499.52 35.93 1.077545385
06/30/1998 0.00103 3.595394523 3,508.12 36.30 1.080193317
07/31/1998 0.00106 3.724370742 3,531.83 36.84 1.087495508
08/31/1998 0.00106 3.749547778 3,290.59 34.62 1.013214376
09/30/1998 0.00103 3.3807443 3,247.68 34.44 1
2.2476751 2.2476751
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER HIGH INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.312876 1 6.00% 10%
Units purchased 3,196.155 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/1987 0.312876 3,196.155 1,000.00 1,000.00 3,247.66 0.00%
01/31/1988 0.318323 3,196.155 1,017.41 0.00008 0.084931515 1,017.33 3,247.66 0.00%
02/29/1988 0.324466 3,196.155 1,037.04 0.00008 0.080828617 1,036.88 3,247.66 0.00%
03/31/1988 0.326105 3,196.155 1,042.28 0.00008 0.088063357 1,042.03 3,247.66 0.00%
04/30/1988 0.331441 3,196.155 1,059.34 0.00008 0.085646001 1,058.99 3,247.66 0.00%
05/31/1988 0.332116 3,196.155 1,061.50 0.00008 0.089941561 1,061.06 3,247.66 0.00%
06/30/1988 0.340012 3,196.155 1,086.73 0.00008 0.087210319 1,086.20 3,247.66 0.00%
07/31/1988 0.341436 3,196.155 1,091.28 0.00008 0.09225221 1,090.65 3,247.66 0.00%
08/31/1988 0.342490 3,196.155 1,094.65 0.00008 0.092630936 1,093.93 3,247.66 0.00%
09/30/1988 0.344284 3,196.155 1,100.38 0.00008 0.089911991 1,099.57 3,247.66 0.00%
10/31/1988 0.349861 3,196.155 1,118.21 0.00008 0.093387953 1,117.29 3,247.66 0.00%
11/30/1988 0.349834 3,196.155 1,118.12 0.00008 0.091831686 1,117.11 3,247.66 0.00%
12/31/1988 0.356641 3,196.155 1,139.88 0.00008 0.094877626 1,138.75 3,247.66 0.00%
01/31/1989 0.358134 3,196.155 1,144.65 0.00008 0.096715649 1,143.42 3,247.66 0.00%
02/28/1989 0.361196 3,196.155 1,154.44 0.00008 0.087714469 1,153.11 3,247.66 0.00%
03/31/1989 0.360749 3,196.155 1,153.01 0.00008 0.09793517 1,151.58 3,247.66 0.00%
04/30/1989 0.362713 3,196.155 1,159.29 0.00008 0.094650809 1,157.76 3,247.66 0.00%
05/31/1989 0.367430 3,196.155 1,174.36 0.00008 0.098330141 1,172.72 3,247.66 0.00%
06/30/1989 0.370219 3,196.155 1,183.28 0.00008 0.096387647 1,181.52 3,247.66 0.00%
07/31/1989 0.374255 3,196.155 1,196.18 0.00008 0.100348533 1,194.30 3,247.66 0.00%
08/31/1989 0.378281 3,196.155 1,209.04 0.00008 0.101433904 1,207.05 3,247.66 0.00%
09/30/1989 0.375852 3,196.155 1,201.28 0.00008 0.099209385 1,199.20 3,247.66 0.00%
10/31/1989 0.369558 3,196.155 1,181.17 0.00008 0.101849709 1,179.02 3,247.66 0.00%
11/30/1989 0.367882 3,196.155 1,175.81 0.00008 0.09690539 1,173.57 3,247.66 0.00%
12/31/1989 0.368734 3,196.155 1,178.53 0.00008 0.099673044 1,176.19 3,247.66 0.00%
01/31/1990 0.366578 3,196.155 1,171.64 0.00008 0.099895552 1,169.21 3,247.66 0.00%
02/28/1990 0.361469 3,196.155 1,155.31 0.00008 0.089692936 1,152.83 3,247.66 0.00%
03/31/1990 0.366234 3,196.155 1,170.54 0.00008 0.097911333 1,167.93 3,247.66 0.00%
04/30/1990 0.373324 3,196.155 1,193.20 0.00008 0.095993963 1,190.44 3,247.66 0.00%
05/31/1990 0.380824 3,196.155 1,217.17 0.00008 0.10110588 1,214.25 3,247.66 0.00%
06/30/1990 0.387009 3,196.155 1,236.94 0.00008 0.099801674 1,233.88 3,247.66 0.00%
07/31/1990 0.394273 3,196.155 1,260.16 0.00008 0.104794922 1,256.93 3,247.66 0.00%
08/31/1990 0.389266 3,196.155 1,244.15 0.00008 0.106752838 1,240.86 3,247.66 0.00%
09/30/1990 0.381842 3,196.155 1,220.43 0.00008 0.101988611 1,217.09 3,247.66 0.00%
10/31/1990 0.375312 3,196.155 1,199.56 0.00008 0.103369543 1,196.18 3,247.66 0.00%
11/30/1990 0.375815 3,196.155 1,201.16 0.00008 0.098315974 1,197.68 3,247.66 0.00%
12/31/1990 0.380529 3,196.155 1,216.23 0.00008 0.101720895 1,212.60 3,247.66 0.00%
01/31/1991 0.386820 3,196.155 1,236.34 0.00008 0.10298807 1,232.55 3,247.66 0.00%
02/28/1991 0.408536 3,196.155 1,305.74 0.00008 0.094551419 1,301.65 3,247.66 0.00%
03/31/1991 0.428825 3,196.155 1,370.59 0.00008 0.110550725 1,366.18 3,247.66 0.00%
04/30/1991 0.439719 3,196.155 1,405.41 0.00008 0.112288869 1,400.77 3,247.66 0.00%
05/31/1991 0.443648 3,196.155 1,417.97 0.00008 0.118969928 1,413.17 3,247.66 0.00%
06/30/1991 0.453571 3,196.155 1,449.68 0.00008 0.116151109 1,444.67 3,247.66 0.00%
07/31/1991 0.467273 3,196.155 1,493.48 0.00008 0.122697576 1,488.18 3,247.66 0.00%
08/31/1991 0.476365 3,196.155 1,522.54 0.00008 0.126393591 1,517.01 3,247.66 0.00%
09/30/1991 0.483951 3,196.155 1,546.78 0.00008 0.124686054 1,541.05 3,247.66 0.00%
10/31/1991 0.494327 3,196.155 1,579.95 0.00008 0.130883298 1,573.96 3,247.66 0.00%
11/30/1991 0.499487 3,196.155 1,596.44 0.00008 0.129366206 1,590.26 3,247.66 0.00%
12/31/1991 0.502658 3,196.155 1,606.57 0.00008 0.135062911 1,600.22 3,247.66 0.00%
01/31/1992 0.521309 3,196.155 1,666.19 0.00008 0.135908722 1,659.46 3,247.66 0.00%
02/29/1992 0.535684 3,196.155 1,712.13 0.00008 0.13184732 1,705.08 3,247.66 0.00%
03/31/1992 0.538226 3,196.155 1,720.25 0.00008 0.144815274 1,713.03 3,247.66 0.00%
04/30/1992 0.547109 3,196.155 1,748.64 0.00008 0.140797099 1,741.16 3,247.66 0.00%
05/31/1992 0.554272 3,196.155 1,771.54 0.00008 0.147879374 1,763.81 3,247.66 0.00%
06/30/1992 0.555834 3,196.155 1,776.53 0.00008 0.144970809 1,768.64 3,247.66 0.00%
07/31/1992 0.568910 3,196.155 1,818.32 0.00008 0.150212875 1,810.09 3,247.66 0.00%
08/31/1992 0.574524 3,196.155 1,836.27 0.00008 0.15373387 1,827.80 3,247.66 0.00%
09/30/1992 0.581285 3,196.155 1,857.88 0.00008 0.150230127 1,849.16 3,247.66 0.00%
10/31/1992 0.575321 3,196.155 1,838.81 0.00008 0.157051844 1,830.03 3,247.66 0.00%
11/30/1992 0.576413 3,196.155 1,842.31 0.00008 0.150413458 1,833.35 3,247.66 0.00%
12/31/1992 0.584579 3,196.155 1,868.40 0.00008 0.15570956 1,859.17 3,247.66 0.00%
01/31/1993 0.601291 3,196.155 1,921.82 0.00008 0.157902177 1,912.16 3,247.66 0.00%
02/28/1993 0.616829 3,196.155 1,971.48 0.00008 0.146686395 1,961.43 3,247.66 0.00%
03/31/1993 0.640743 3,196.155 2,047.91 0.00008 0.166587043 2,037.30 3,247.66 0.00%
04/30/1993 0.645531 3,196.155 2,063.22 0.00008 0.167449654 2,052.36 3,247.66 0.00%
05/31/1993 0.658248 3,196.155 2,103.86 0.00008 0.174310292 2,092.62 3,247.66 0.00%
06/30/1993 0.674184 3,196.155 2,154.80 0.00008 0.17199623 2,143.11 3,247.66 0.00%
07/31/1993 0.684799 3,196.155 2,188.72 0.00008 0.182017354 2,176.67 3,247.66 0.00%
08/31/1993 0.688418 3,196.155 2,200.29 0.00008 0.18486791 2,187.99 3,247.66 0.00%
09/30/1993 0.691439 3,196.155 2,209.95 0.00008 0.179834609 2,197.41 3,247.66 0.00%
10/31/1993 0.709411 3,196.155 2,267.39 0.00008 0.186629442 2,254.34 3,247.66 0.00%
11/30/1993 0.715068 3,196.155 2,285.47 0.00008 0.185288093 2,272.13 3,247.66 0.00%
12/31/1993 0.728458 3,196.155 2,328.26 0.00008 0.192975342 2,314.48 3,247.66 0.00%
01/31/1994 0.747423 3,196.155 2,388.88 0.00008 0.196572525 2,374.54 3,247.66 2.00%
02/28/1994 0.740676 3,196.155 2,367.32 0.00008 0.182156721 2,352.93 3,247.66 2.00%
03/31/1994 0.712307 3,196.155 2,276.64 0.00008 0.199837592 2,262.61 3,247.66 2.00%
04/30/1994 0.704744 3,196.155 2,252.47 0.00008 0.185967736 2,238.40 3,247.66 2.00%
05/31/1994 0.711990 3,196.155 2,275.63 0.00008 0.190110506 2,261.22 3,247.66 2.00%
06/30/1994 0.711776 3,196.155 2,274.94 0.00008 0.185853886 2,260.35 3,247.66 2.00%
07/31/1994 0.713673 3,196.155 2,281.01 0.00008 0.191975295 2,266.19 3,247.66 2.00%
08/31/1994 0.714877 3,196.155 2,284.86 0.00008 0.192470722 2,269.82 3,247.66 2.00%
09/30/1994 0.716121 3,196.155 2,288.83 0.00008 0.186560499 2,273.58 3,247.66 2.00%
10/31/1994 0.714574 3,196.155 2,283.89 0.00008 0.193098677 2,268.48 3,247.66 2.00%
11/30/1994 0.707481 3,196.155 2,261.22 0.00008 0.186450212 2,245.77 3,247.66 2.00%
12/31/1994 0.695465 3,196.155 2,222.81 0.00008 0.19073686 2,207.44 3,247.66 2.00%
01/31/1995 0.699608 3,196.155 2,236.06 0.00008 0.187481164 2,220.40 3,247.66 4.00%
02/28/1995 0.717305 3,196.155 2,292.62 0.00008 0.170332282 2,276.40 3,247.66 4.00%
03/31/1995 0.723628 3,196.155 2,312.83 0.00008 0.193338094 2,296.27 3,247.66 4.00%
04/30/1995 0.745995 3,196.155 2,384.32 0.00008 0.188734607 2,367.06 3,247.66 4.00%
05/31/1995 0.766114 3,196.155 2,448.62 0.00008 0.201037983 2,430.70 3,247.66 4.00%
06/30/1995 0.767386 3,196.155 2,452.68 0.00008 0.19978343 2,434.53 3,247.66 4.00%
07/31/1995 0.778302 3,196.155 2,487.57 0.00008 0.206768491 2,468.96 3,247.66 4.00%
08/31/1995 0.783284 3,196.155 2,503.50 0.00008 0.209692291 2,484.55 3,247.66 4.00%
09/30/1995 0.793510 3,196.155 2,536.18 0.00008 0.204209767 2,516.78 3,247.66 4.00%
10/31/1995 0.802417 3,196.155 2,564.65 0.00008 0.213754198 2,544.82 3,247.66 4.00%
11/30/1995 0.812094 3,196.155 2,595.58 0.00008 0.209163333 2,575.30 3,247.66 4.00%
12/31/1995 0.825644 3,196.155 2,638.89 0.00008 0.218724334 2,618.05 3,247.66 4.00%
01/31/1996 0.844856 3,196.155 2,700.29 0.00008 0.222355047 2,678.75 3,247.66 6.00%
02/29/1996 0.854002 3,196.155 2,729.52 0.00008 0.212832067 2,707.54 3,247.66 6.00%
03/31/1996 0.853051 3,196.155 2,726.48 0.00008 0.229955212 2,704.29 3,247.66 6.00%
04/30/1996 0.860823 3,196.155 2,751.32 0.00008 0.222270524 2,728.71 3,247.66 6.00%
05/31/1996 0.870132 3,196.155 2,781.08 0.00008 0.231753264 2,757.98 3,247.66 6.00%
06/30/1996 0.871590 3,196.155 2,785.74 0.00008 0.226683685 2,762.38 3,247.66 6.00%
07/31/1996 0.872178 3,196.155 2,787.62 0.00008 0.23461279 2,764.01 3,247.66 6.00%
08/31/1996 0.883312 3,196.155 2,823.20 0.00008 0.234751262 2,799.06 3,247.66 6.00%
09/30/1996 0.905239 3,196.155 2,893.28 0.00008 0.230059586 2,868.31 3,247.66 6.00%
10/31/1996 0.914920 3,196.155 2,924.23 0.00008 0.243609739 2,898.74 3,247.66 6.00%
11/30/1996 0.931224 3,196.155 2,976.34 0.00008 0.238252723 2,950.16 3,247.66 6.00%
12/31/1996 0.938484 3,196.155 2,999.54 0.00008 0.250561442 2,972.91 3,247.66 6.00%
01/31/1997 0.948331 3,196.155 3,031.01 0.00008 0.252493663 3,003.85 3,247.66 6.00%
02/28/1997 0.960788 3,196.155 3,070.83 0.00008 0.23043217 3,043.08 3,247.66 6.00%
03/31/1997 0.939051 3,196.155 3,001.35 0.00008 0.258452965 2,973.97 3,247.66 6.00%
04/30/1997 0.941409 3,196.155 3,008.89 0.00008 0.244435944 2,981.19 3,247.66 6.00%
05/31/1997 0.962622 3,196.155 3,076.69 0.00008 0.253197352 3,048.12 3,247.66 6.00%
06/30/1997 0.976100 3,196.155 3,119.77 0.00008 0.250530177 3,090.54 3,247.66 6.00%
07/31/1997 1.000350 3,196.155 3,197.27 0.00008 0.262484542 3,167.06 3,247.66 6.00%
08/31/1997 1.001787 3,196.155 3,201.87 0.00008 0.268983435 3,171.34 3,247.66 6.00%
09/30/1997 1.026210 3,196.155 3,279.93 0.00008 0.260658166 3,248.40 3,247.66 6.00%
10/31/1997 1.024101 3,196.155 3,273.19 0.00008 0.275891204 3,241.45 3,247.66 6.00%
11/30/1997 1.026474 3,196.155 3,280.77 0.00008 0.266420274 3,248.69 3,247.66 6.00%
12/31/1997 1.038608 3,196.155 3,319.55 0.00008 0.275916228 3,286.82 3,247.66 6.00%
01/31/1998 1.053602 3,196.155 3,367.47 0.00008 0.279154243 3,333.99 3,247.66 6.00%
02/28/1998 1.061474 3,196.155 3,392.63 0.00008 0.255757899 3,358.64 3,247.66 6.00%
03/31/1998 1.075905 3,196.155 3,438.76 0.00008 0.285254509 3,404.02 3,247.66 6.00%
04/30/1998 1.075611 3,196.155 3,437.82 0.00008 0.279782272 3,402.81 3,247.66 6.00%
05/31/1998 1.078096 3,196.155 3,445.76 0.00008 0.289005683 3,410.38 3,247.66 6.00%
06/30/1998 1.080613 3,196.155 3,453.81 0.00008 0.280305424 3,418.06 3,247.66 6.00%
07/31/1998 1.087780 3,196.155 3,476.71 0.00008 0.290301196 3,440.44 3,247.66 6.00%
08/31/1998 1.013341 3,196.155 3,238.79 0.00008 0.292202016 3,204.71 3,247.66 6.00%
09/30/1998 1.000000 3,196.155 3,196.16 0.00008 0.263401143 3,162.26 3,247.66 6.00%
10/31/1998 0.977363 3,196.155 3,123.80 0.00008 0.268575457 3,090.41 3,247.66 6.00%
11/30/1998 1.030344 3,196.155 3,293.14 0.00008 0.254006036 3,257.68 3,247.66 6.00%
12/31/1998 1.027262 3,196.155 3,283.29 0.00008 0.276679491 3,247.66 3,247.66 6.00%
12/31/1998 3,247.66
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 224.77% 224.77%
12/31/1987 100.00% 3,247.66 11.0082 11.29% 11.29% 3,247.66 3,247.66 12
01/31/1988 100.00% 3,247.66 10.9233 11.21% 11.21% 3,192.35 3,192.35 11
02/29/1988 100.00% 3,247.66 10.8438 11.10% 11.10% 3,132.16 3,132.16 11
03/31/1988 100.00% 3,247.66 10.7589 11.14% 11.14% 3,116.67 3,116.67 11
04/30/1988 100.00% 3,247.66 10.6767 11.07% 11.07% 3,066.75 3,066.75 11
05/31/1988 100.00% 3,247.66 10.5918 11.14% 11.14% 3,060.77 3,060.77 11
06/30/1988 100.00% 3,247.66 10.5096 10.98% 10.98% 2,989.94 2,989.94 11
07/31/1988 100.00% 3,247.66 10.4247 11.03% 11.03% 2,977.71 2,977.71 11
08/31/1988 100.00% 3,247.66 10.3397 11.10% 11.10% 2,968.80 2,968.80 11
09/30/1988 100.00% 3,247.66 10.2575 11.14% 11.14% 2,953.58 2,953.58 11
10/31/1988 100.00% 3,247.66 10.1726 11.06% 11.06% 2,906.74 2,906.74 11
11/30/1988 100.00% 3,247.66 10.0904 11.16% 11.16% 2,907.20 2,907.20 11
12/31/1988 100.00% 3,247.66 10.0055 11.04% 11.04% 2,851.95 2,851.95 11
01/31/1989 100.00% 3,247.66 9.9205 11.10% 11.10% 2,840.30 2,840.30 10
02/28/1989 100.00% 3,247.66 9.8438 11.09% 11.09% 2,816.44 2,816.44 10
03/31/1989 100.00% 3,247.66 9.7589 11.21% 11.21% 2,820.16 2,820.16 10
04/30/1989 100.00% 3,247.66 9.6767 11.25% 11.25% 2,805.13 2,805.13 10
05/31/1989 100.00% 3,247.66 9.5918 11.20% 11.20% 2,769.35 2,769.35 10
06/30/1989 100.00% 3,247.66 9.5096 11.22% 11.22% 2,748.70 2,748.70 10
07/31/1989 100.00% 3,247.66 9.4247 11.20% 11.20% 2,719.29 2,719.29 10
08/31/1989 100.00% 3,247.66 9.3397 11.18% 11.18% 2,690.58 2,690.58 10
09/30/1989 100.00% 3,247.66 9.2575 11.36% 11.36% 2,708.19 2,708.19 10
10/31/1989 100.00% 3,247.66 9.1726 11.68% 11.68% 2,754.55 2,754.55 10
11/30/1989 100.00% 3,247.66 9.0904 11.85% 11.85% 2,767.33 2,767.33 10
12/31/1989 100.00% 3,247.66 9.0055 11.94% 11.94% 2,761.17 2,761.17 10
01/31/1990 100.00% 3,247.66 8.9205 12.13% 12.13% 2,777.65 2,777.65 9
02/28/1990 100.00% 3,247.66 8.8438 12.42% 12.42% 2,817.12 2,817.12 9
03/31/1990 100.00% 3,247.66 8.7589 12.39% 12.39% 2,780.70 2,780.70 9
04/30/1990 100.00% 3,247.66 8.6767 12.26% 12.26% 2,728.11 2,728.11 9
05/31/1990 100.00% 3,247.66 8.5918 12.13% 12.13% 2,674.61 2,674.61 9
06/30/1990 100.00% 3,247.66 8.5096 12.04% 12.04% 2,632.08 2,632.08 9
07/31/1990 100.00% 3,247.66 8.4247 11.93% 11.93% 2,583.80 2,583.80 9
08/31/1990 100.00% 3,247.66 8.3397 12.23% 12.23% 2,617.26 2,617.26 9
09/30/1990 100.00% 3,247.66 8.2575 12.62% 12.62% 2,668.37 2,668.37 9
10/31/1990 100.00% 3,247.66 8.1726 13.00% 13.00% 2,715.03 2,715.03 9
11/30/1990 100.00% 3,247.66 8.0904 13.12% 13.12% 2,711.62 2,711.62 9
12/31/1990 100.00% 3,247.66 8.0055 13.10% 13.10% 2,678.26 2,678.26 9
01/31/1991 100.00% 3,247.66 7.9205 13.01% 13.01% 2,634.92 2,634.92 8
02/28/1991 100.00% 3,247.66 7.8438 12.36% 12.36% 2,495.04 2,495.04 8
03/31/1991 100.00% 3,247.66 7.7589 11.81% 11.81% 2,377.18 2,377.18 8
04/30/1991 100.00% 3,247.66 7.6767 11.58% 11.58% 2,318.47 2,318.47 8
05/31/1991 100.00% 3,247.66 7.5918 11.58% 11.58% 2,298.13 2,298.13 8
06/30/1991 100.00% 3,247.66 7.5096 11.39% 11.39% 2,248.03 2,248.03 8
07/31/1991 100.00% 3,247.66 7.4247 11.08% 11.08% 2,182.30 2,182.30 8
08/31/1991 100.00% 3,247.66 7.3397 10.93% 10.93% 2,140.82 2,140.82 8
09/30/1991 100.00% 3,247.66 7.2575 10.82% 10.82% 2,107.44 2,107.44 8
10/31/1991 100.00% 3,247.66 7.1726 10.63% 10.63% 2,063.37 2,063.37 8
11/30/1991 100.00% 3,247.66 7.0904 10.60% 10.60% 2,042.22 2,042.22 8
12/31/1991 100.00% 3,247.66 7.0055 10.63% 10.63% 2,029.51 2,029.51 8
01/31/1992 100.00% 3,247.66 6.9205 10.19% 10.19% 1,957.06 1,957.06 7
02/29/1992 100.00% 3,247.66 6.8411 9.88% 9.88% 1,904.69 1,904.69 7
03/31/1992 100.00% 3,247.66 6.7562 9.93% 9.93% 1,895.85 1,895.85 7
04/30/1992 100.00% 3,247.66 6.6740 9.79% 9.79% 1,865.23 1,865.23 7
05/31/1992 100.00% 3,247.66 6.5890 9.71% 9.71% 1,841.27 1,841.27 7
06/30/1992 100.00% 3,247.66 6.5068 9.79% 9.79% 1,836.25 1,836.25 7
07/31/1992 100.00% 3,247.66 6.4219 9.53% 9.53% 1,794.19 1,794.19 7
08/31/1992 100.00% 3,247.66 6.3370 9.49% 9.49% 1,776.81 1,776.81 7
09/30/1992 100.00% 3,247.66 6.2548 9.42% 9.42% 1,756.29 1,756.29 7
10/31/1992 100.00% 3,247.66 6.1699 9.74% 9.74% 1,774.65 1,774.65 7
11/30/1992 100.00% 3,247.66 6.0877 9.85% 9.85% 1,771.43 1,771.43 7
12/31/1992 100.00% 3,247.66 6.0027 9.74% 9.74% 1,746.83 1,746.83 7
01/31/1993 100.00% 3,247.66 5.9178 9.36% 9.36% 1,698.42 1,698.42 6
02/28/1993 100.00% 3,247.66 5.8411 9.02% 9.02% 1,655.76 1,655.76 6
03/31/1993 100.00% 3,247.66 5.7562 8.44% 8.44% 1,594.10 1,594.10 6
04/30/1993 100.00% 3,247.66 5.6740 8.42% 8.42% 1,582.40 1,582.40 6
05/31/1993 100.00% 3,247.66 5.5890 8.18% 8.18% 1,551.96 1,551.96 6
06/30/1993 100.00% 3,247.66 5.5068 7.84% 7.84% 1,515.40 1,515.40 6
07/31/1993 100.00% 3,247.66 5.4219 7.66% 7.66% 1,492.03 1,492.03 6
08/31/1993 100.00% 3,247.66 5.3370 7.68% 7.68% 1,484.31 1,484.31 6
09/30/1993 100.00% 3,247.66 5.2548 7.72% 7.72% 1,477.95 1,477.95 6
10/31/1993 100.00% 3,247.66 5.1699 7.32% 7.32% 1,440.63 1,440.63 6
11/30/1993 100.00% 3,247.66 5.0877 7.27% 7.27% 1,429.35 1,429.35 6
12/31/1993 100.00% 3,247.66 5.0027 7.01% 7.01% 1,403.19 1,403.19 6
01/31/1994 50.00% 3,232.64 4.9178 6.47% 6.57% 1,361.37 1,367.70 5
02/28/1994 50.00% 3,233.07 4.8411 6.78% 6.88% 1,374.07 1,380.26 5
03/31/1994 50.00% 3,234.88 4.7562 7.81% 7.90% 1,429.71 1,435.36 5
04/30/1994 50.00% 3,235.37 4.6740 8.20% 8.29% 1,445.39 1,450.88 5
05/31/1994 50.00% 3,234.91 4.5890 8.12% 8.21% 1,430.60 1,436.24 5
06/30/1994 50.00% 3,234.93 4.5068 8.28% 8.37% 1,431.16 1,436.79 5
07/31/1994 50.00% 3,234.81 4.4219 8.38% 8.48% 1,427.42 1,433.09 5
08/31/1994 50.00% 3,234.74 4.3370 8.51% 8.61% 1,425.11 1,430.80 5
09/30/1994 50.00% 3,234.66 4.2548 8.64% 8.74% 1,422.72 1,428.43 5
10/31/1994 50.00% 3,234.76 4.1699 8.88% 8.99% 1,425.96 1,431.65 5
11/30/1994 50.00% 3,235.22 4.0877 9.34% 9.44% 1,440.58 1,446.12 5
12/31/1994 50.00% 3,235.98 4.0027 10.03% 10.13% 1,465.94 1,471.23 5
01/31/1995 40.00% 3,210.80 3.9178 9.87% 10.19% 1,446.05 1,462.64 4
02/28/1995 40.00% 3,208.56 3.8411 9.35% 9.69% 1,409.49 1,426.66 4
03/31/1995 40.00% 3,207.77 3.7562 9.31% 9.67% 1,396.95 1,414.32 4
04/30/1995 40.00% 3,204.94 3.6740 8.60% 8.99% 1,353.97 1,372.02 4
05/31/1995 40.00% 3,202.39 3.5890 7.99% 8.41% 1,317.48 1,336.10 4
06/30/1995 40.00% 3,202.24 3.5068 8.13% 8.56% 1,315.34 1,334.00 4
07/31/1995 40.00% 3,200.86 3.4219 7.88% 8.34% 1,296.44 1,315.40 4
08/31/1995 40.00% 3,200.24 3.3370 7.88% 8.36% 1,288.05 1,307.14 4
09/30/1995 40.00% 3,198.95 3.2548 7.65% 8.15% 1,271.05 1,290.40 4
10/31/1995 40.00% 3,197.83 3.1699 7.47% 8.00% 1,256.60 1,276.18 4
11/30/1995 40.00% 3,196.61 3.0877 7.25% 7.80% 1,241.25 1,261.08 4
12/31/1995 40.00% 3,194.90 3.0027 6.86% 7.44% 1,220.33 1,240.49 4
01/31/1996 30.00% 3,145.39 2.9178 5.66% 6.82% 1,174.20 1,212.38 3
02/29/1996 30.00% 3,143.66 2.8384 5.40% 6.62% 1,161.08 1,199.49 3
03/31/1996 30.00% 3,143.86 2.7534 5.62% 6.88% 1,162.54 1,200.93 3
04/30/1996 30.00% 3,142.39 2.6712 5.43% 6.73% 1,151.60 1,190.18 3
05/31/1996 30.00% 3,140.64 2.5863 5.15% 6.52% 1,138.74 1,177.55 3
06/30/1996 30.00% 3,140.37 2.5041 5.26% 6.68% 1,136.84 1,175.67 3
07/31/1996 30.00% 3,140.27 2.4192 5.42% 6.89% 1,136.13 1,174.98 3
08/31/1996 30.00% 3,138.17 2.3342 5.02% 6.58% 1,121.15 1,160.27 3
09/30/1996 30.00% 3,134.02 2.2521 4.01% 5.67% 1,092.64 1,132.26 3
10/31/1996 30.00% 3,132.19 2.1671 3.64% 5.38% 1,080.53 1,120.37 3
11/30/1996 30.00% 3,129.11 2.0849 2.86% 4.72% 1,060.66 1,100.84 3
12/31/1996 30.00% 3,127.74 2.0000 2.57% 4.52% 1,052.08 1,092.42 3
01/31/1997 20.00% 3,106.40 1.9151 1.77% 4.16% 1,034.14 1,081.17 2
02/28/1997 20.00% 3,104.04 1.8384 1.08% 3.60% 1,020.04 1,067.23 2
03/31/1997 20.00% 3,108.19 1.7534 2.55% 5.15% 1,045.13 1,092.03 2
04/30/1997 20.00% 3,107.76 1.6712 2.52% 5.26% 1,042.45 1,089.38 2
05/31/1997 20.00% 3,103.74 1.5863 1.15% 4.08% 1,018.25 1,065.46 2
06/30/1997 20.00% 3,101.20 1.5041 0.23% 3.35% 1,003.45 1,050.84 2
07/31/1997 20.00% 3,096.60 1.4192 -1.57% 1.79% 977.75 1,025.45 2
08/31/1997 20.00% 3,096.35 1.3342 -1.78% 1.80% 976.35 1,024.06 2
09/30/1997 20.00% 3,091.72 1.2521 -3.87% -0.02% 951.77 999.77 2
10/31/1997 20.00% 3,092.14 1.1671 -3.96% 0.16% 953.94 1,001.92 2
11/30/1997 20.00% 3,091.71 1.0849 -4.46% -0.03% 951.68 999.68 2
12/31/1997 20.00% 3,089.42 1.0000 -6.01% -1.19% 939.94 988.09 2
01/31/1998 10.00% 3,067.10 0.9151 -8.00% -2.59% 926.49 976.28 1
02/28/1998 10.00% 3,065.62 0.8384 -8.72% -3.30% 926.32 972.22 1
03/31/1998 10.00% 3,062.90 0.7534 -10.02% -4.59% 923.53 965.19 1
04/30/1998 10.00% 3,062.97 0.6712 -9.99% -4.56% 931.82 969.16 1
05/31/1998 10.00% 3,062.52 0.5863 -10.20% -4.77% 938.87 971.74 1
06/30/1998 10.00% 3,062.06 0.5041 -10.42% -4.99% 946.06 974.55 1
07/31/1998 10.00% 3,060.72 0.4192 -11.04% -5.60% 952.16 976.12 1
08/31/1998 10.00% 3,074.86 0.3342 -4.05% 1.34% 986.27 1,004.46 1
09/30/1998 10.00% 3,077.41 0.2521 -2.68% 2.70% 993.17 1,006.74 1
10/31/1998 10.00% 3,081.72 0.1671 -0.28% 5.09% 999.53 1,008.33 1
11/30/1998 10.00% 3,071.68 0.0849 -5.71% -0.31% 995.02 999.74 1
12/31/1998 10.00% 3,072.28 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER HIGH INCOME FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.312876 1 6.00% 10%
Units purchased 3,196.155 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 3,257.68 3,071.68 3,247.66 -5.71% -0.31%
09/30/1998 0.25 0.25 3,162.26 3,077.41 3,247.66 -2.68% 2.70%
12/31/1997 1.00 1.00 3,286.82 3,089.42 3,247.66 -6.01% -1.19%
12/31/1997 1.00 1.00 3,286.82 3,089.42 3,247.66 -6.01% -1.19%
12/31/1995 3.00 3.00 2,618.05 3,194.90 3,247.66 6.86% 7.45%
12/31/1993 5.00 5.00 2,314.48 3,247.66 3,247.66 7.01% 7.01%
12/31/1988 10.01 10.00 1,138.75 3,247.66 3,247.66 11.05% 11.05%
12/31/1987 11.01 11.01 1,000.00 3,247.66 3,247.66 11.29% 11.29%
12/31/1992 1,859.17
12/31/1993 1 2,314.48 24.49%
12/31/1994 1 2,207.44 -4.62%
12/31/1995 1 2,618.05 18.60%
12/31/1996 1 2,972.91 13.55%
12/31/1997 1 3,286.82 10.56%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% do not fill in
OPPENHEIMER HIGH INCOME FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/31/1987 100 9.14 914
01/31/1988 914 0 10 100 9.31 931.00 1.86%
02/29/1988 931 0 10 100 9.50 950.00 2.04%
03/31/1988 950 0.418 9.11 104.588 9.14 955.93 0.62%
04/30/1988 955.93 0 10 104.588 9.30 972.67 1.75%
05/31/1988 972.67 0 10 104.588 9.33 975.81 0.32%
06/30/1988 975.81 0.262 9.28 107.541 9.30 1,000.13 2.49%
07/31/1988 1000.13 0 13.12 107.541 9.35 1,005.51 0.54%
08/31/1988 1005.51 0 13.12 107.541 9.39 1,009.81 0.43%
09/30/1988 1009.81 0.25 9.2 110.463 9.20 1,016.26 0.64%
10/31/1988 1016.26 0 13.12 110.463 9.36 1,033.93 1.74%
11/30/1988 1033.93 0 13.12 110.463 9.37 1,035.04 0.11%
12/31/1988 1035.04 0.26 9.18 113.592 9.30 1,056.41 2.06%
01/31/1989 1056.41 0 13.12 113.592 9.35 1,062.09 0.54%
02/28/1989 1062.09 0 13.12 113.592 9.44 1,072.31 0.96%
03/31/1989 1072.31 0.34 9.11 117.831 9.10 1,072.26 0.00%
04/30/1989 1072.26 0 14.42 117.831 9.16 1,079.33 0.66%
05/31/1989 1079.33 0 14.42 117.831 9.29 1,094.65 1.42%
06/30/1989 1094.65 0.27 9.06 121.343 9.10 1,104.22 0.87%
07/31/1989 1104.22 0 14.42 121.343 9.21 1,117.57 1.21%
08/31/1989 1117.57 0 14.42 121.343 9.32 1,130.92 1.19%
09/30/1989 1130.92 0.27 8.97 124.995 9.00 1,124.96 -0.53%
10/31/1989 1124.96 0 14.42 124.995 8.86 1,107.46 -1.56%
11/30/1989 1107.46 0 14.42 124.995 8.83 1,103.71 -0.34%
12/31/1989 1103.71 0.27 8.56 128.938 8.59 1,107.58 0.35%
01/31/1990 1107.58 0 14.42 128.938 8.55 1,102.42 -0.47%
02/28/1990 1102.42 0 14.42 128.938 8.44 1,088.24 -1.29%
03/31/1990 1088.24 0.27 8.25 133.158 8.29 1,103.88 1.44%
04/30/1990 1103.88 0 13.12 133.158 8.46 1,126.52 2.05%
05/31/1990 1126.52 0 13.12 133.158 8.64 1,150.49 2.13%
06/30/1990 1150.49 0.27 8.51 137.383 8.52 1,170.50 1.74%
07/31/1990 1170.5 0 13.12 137.383 8.69 1,193.86 2.00%
08/31/1990 1193.86 0 13.12 137.383 8.59 1,180.12 -1.15%
09/30/1990 1180.12 0.27 8.29 141.857 8.17 1,158.97 -1.79%
10/31/1990 1158.97 0 13.12 141.857 8.04 1,140.53 -1.59%
11/30/1990 1140.53 0 13.12 141.857 8.06 1,143.37 0.25%
12/31/1990 1143.37 0.27 7.88 146.718 7.90 1,159.07 1.37%
01/31/1991 1159.07 0 13.12 146.718 8.04 1,179.61 1.77%
02/28/1991 1179.61 0 13.12 146.718 8.50 1,247.10 5.72%
03/31/1991 1247.1 0.27 8.59 151.33 8.66 1,310.52 5.09%
04/30/1991 1310.52 0 12.98 151.33 8.89 1,345.32 2.66%
05/31/1991 1345.32 0 12.98 151.33 8.98 1,358.94 1.01%
06/30/1991 1358.94 0.27 8.88 155.931 8.92 1,390.90 2.35%
07/31/1991 1390.9 0 12.98 155.931 9.20 1,434.57 3.14%
08/31/1991 1434.57 0 12.98 155.931 9.39 1,464.19 2.06%
09/30/1991 1464.19 0.27 9.27 160.473 9.28 1,489.19 1.71%
10/31/1991 1489.19 0 12.98 160.473 9.49 1,522.89 2.26%
11/30/1991 1522.89 0 12.98 160.473 9.60 1,540.54 1.16%
12/31/1991 1540.54 0.27 9.32 165.122 9.40 1,552.15 0.75%
01/31/1992 1552.15 0 12.98 165.122 9.76 1,611.59 3.83%
02/29/1992 1611.59 0 12.98 165.122 10.04 1,657.82 2.87%
03/31/1992 1657.82 0.47 9.64 173.173 9.63 1,667.66 0.59%
04/30/1992 1667.66 0 14.74 173.173 9.80 1,697.10 1.77%
05/31/1992 1697.1 0 14.74 173.173 9.94 1,721.34 1.43%
06/30/1992 1721.34 0.27 9.73 177.978 9.71 1,728.17 0.40%
07/31/1992 1728.17 0 14.74 177.978 9.95 1,770.88 2.47%
08/31/1992 1770.88 0 14.74 177.978 10.06 1,790.46 1.11%
09/30/1992 1790.46 0.27 9.92 182.822 9.92 1,813.59 1.29%
10/31/1992 1813.59 0 14.74 182.822 9.83 1,797.14 -0.91%
11/30/1992 1797.14 0 14.74 182.822 9.86 1,802.62 0.30%
12/31/1992 1802.62 0.27 9.69 187.916 9.74 1,830.30 1.54%
01/31/1993 1830.3 0 14.74 187.916 10.03 1,884.80 2.98%
02/28/1993 1884.8 0 14.74 187.916 10.30 1,935.53 2.69%
03/31/1993 1935.53 0.27 10.38 192.804 10.44 2,012.87 4.00%
04/30/1993 2012.87 0 16.53 192.804 10.53 2,030.23 0.86%
05/31/1993 2030.23 0 16.53 192.804 10.75 2,072.64 2.09%
06/30/1993 2072.64 0.39 10.56 199.925 10.63 2,125.20 2.54%
07/31/1993 2125.2 0 16.53 199.925 10.81 2,161.19 1.69%
08/31/1993 2161.19 0 16.53 199.925 10.88 2,175.18 0.65%
09/30/1993 2175.18 0.27 10.66 204.989 10.67 2,187.23 0.55%
10/31/1993 2187.23 0 16.53 204.989 10.96 2,246.68 2.72%
11/30/1993 2246.68 0 16.53 204.989 11.06 2,267.18 0.91%
12/31/1993 2267.18 0.26 11.01 209.83 11.02 2,312.33 1.99%
01/31/1994 2312.33 0 16.53 209.83 11.32 2,375.28 2.72%
02/28/1994 2375.28 0 16.53 209.83 11.23 2,356.39 -0.80%
03/31/1994 2356.39 0.259 10.8 214.862 10.56 2,268.94 -3.71%
04/30/1994 2268.94 0 17.75 214.862 10.46 2,247.46 -0.95%
05/31/1994 2247.46 0 17.75 214.862 10.58 2,273.24 1.15%
06/30/1994 2273.24 0.21 10.43 219.188 10.38 2,275.17 0.08%
07/31/1994 2275.17 0 17.75 219.188 10.42 2,283.94 0.39%
08/31/1994 2283.94 0 17.75 219.188 10.45 2,290.51 0.29%
09/30/1994 2290.51 0.21 10.26 223.674 10.27 2,297.13 0.29%
10/31/1994 2297.13 0 17.75 223.674 10.26 2,294.90 -0.10%
11/30/1994 2294.9 0 17.75 223.674 10.17 2,274.76 -0.88%
12/31/1994 2274.76 0.22 9.82 228.685 9.79 2,238.83 -1.58%
01/31/1995 2238.83 0 17.75 228.685 9.86 2,254.83 0.71%
02/28/1995 2254.83 0 17.75 228.685 10.12 2,314.29 2.64%
03/31/1995 2314.29 0.24 9.93 234.212 9.98 2,337.44 1.00%
04/30/1995 2337.44 0 18.7 234.212 10.30 2,412.38 3.21%
05/31/1995 2412.38 0 18.7 234.212 10.59 2,480.31 2.82%
06/30/1995 2480.31 0.24 10.39 239.622 10.38 2,487.28 0.28%
07/31/1995 2487.28 0 18.7 239.622 10.54 2,525.62 1.54%
08/31/1995 2525.62 0 18.7 239.622 10.62 2,544.79 0.76%
09/30/1995 2544.79 0.3 10.44 246.508 10.47 2,580.94 1.42%
10/31/1995 2580.94 0 18.7 246.508 10.60 2,612.98 1.24%
11/30/1995 2612.98 0 18.7 246.508 10.74 2,647.50 1.32%
12/31/1995 2647.5 0.3 10.56 253.511 10.63 2,694.82 1.79%
01/31/1996 2694.82 0 18.7 253.511 10.89 2,760.73 2.45%
02/29/1996 2760.73 0 18.7 253.511 11.02 2,793.69 1.19%
03/31/1996 2793.69 0.3 10.69 260.625 10.72 2,793.90 0.01%
04/30/1996 2793.9 0 23.28 260.625 10.83 2,822.57 1.03%
05/31/1996 2822.57 0 23.28 260.625 10.96 2,856.45 1.20%
06/30/1996 2856.45 0.26 10.69 266.964 10.73 2,864.52 0.28%
07/31/1996 2864.52 0 23.28 266.964 10.75 2,869.86 0.19%
08/31/1996 2869.86 0 23.28 266.964 10.90 2,909.91 1.40%
09/30/1996 2909.91 0.24 10.8 272.897 10.94 2,985.49 2.60%
10/31/1996 2985.49 0 23.28 272.897 11.07 3,020.97 1.19%
11/30/1996 3020.97 0 23.28 272.897 11.28 3,078.28 1.90%
12/31/1996 3078.28 0.25 11.07 279.06 11.13 3,105.94 0.90%
01/31/1997 3105.94 0 23.28 279.06 11.26 3,142.22 1.17%
02/28/1997 3142.22 0 23.28 279.06 11.42 3,186.87 1.42%
03/31/1997 3186.87 0.258 11.04 285.582 10.92 3,118.56 -2.14%
04/30/1997 3118.56 0 26.16 285.582 10.96 3,129.98 0.37%
05/31/1997 3129.98 0 26.16 285.582 11.22 3,204.23 2.37%
06/30/1997 3204.23 0.25 11.14 291.991 11.14 3,252.78 1.52%
07/31/1997 3252.78 0 26.16 291.991 11.43 3,337.46 2.60%
08/31/1997 3337.46 0 26.16 291.991 11.46 3,346.22 0.26%
09/30/1997 3346.22 0.21 11.4 297.37 11.54 3,431.65 2.55%
10/31/1997 3431.65 0 26.16 297.37 11.53 3,428.68 -0.09%
11/30/1997 3428.68 0 26.16 297.37 11.57 3,440.57 0.35%
12/31/1997 3440.57 0.2 11.49 302.546 11.52 3,485.33 1.30%
01/31/1998 3485.33 0 26.16 302.546 11.70 3,539.79 1.56%
02/28/1998 3539.79 0 26.16 302.546 11.80 3,570.04 0.85%
03/31/1998 3570.04 0.553 11.39 317.235 11.42 3,622.82 1.48%
04/30/1998 3622.82 0 26.16 317.235 11.43 3,626.00 0.09%
05/31/1998 3626 0 26.16 317.235 11.47 3,638.69 0.35%
06/30/1998 3638.69 0 26.16 317.235 11.51 3,651.37 0.35%
07/31/1998 3651.37 0 26.16 317.235 11.60 3,679.93 0.78%
08/31/1998 3679.93 0 26.16 317.235 10.82 3,432.48 -6.72%
09/30/1998 3432.48 0 26.16 317.235 10.69 3,391.24 -1.20%
2.7103282
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
12/31/1987 1,000.00 0.312875971
01/31/1988 0.00119 1.189041096 1,017.41 0.08 0.318323305
02/29/1988 0.00111 1.131694991 1,037.04 0.17 0.324465619
03/31/1988 0.00119 1.23308592 1,042.28 0.26 0.326105165 .3 Dividend
04/30/1988 0.00115 1.199338822 1,059.34 0.35 0.33144059
05/31/1988 0.00119 1.259593316 1,061.50 0.44 0.332116459
06/30/1988 0.00115 1.221446963 1,086.73 0.53 0.340011598 Dividend
07/31/1988 0.00119 1.292166225 1,091.28 0.63 0.341436335
08/31/1988 0.00119 1.297580737 1,094.65 0.72 0.342490484
09/30/1988 0.00115 1.259600209 1,100.38 0.82 0.344283988 Dividend
10/31/1988 0.00119 1.308402844 1,118.21 0.92 0.349860784
11/30/1988 0.00115 1.286706454 1,118.12 1.02 0.349833805
12/31/1988 0.00119 1.329494143 1,139.88 1.13 0.356640698 Dividend
01/31/1989 0.00119 1.35536278 1,144.65 1.23 0.358134188
02/28/1989 0.00107 1.229325167 1,154.44 1.33 0.361195721
03/31/1989 0.00119 1.372673503 1,153.01 1.43 0.360749402 .27 Dividend
04/30/1989 0.00115 1.326752257 1,159.29 1.53 0.362712913
05/31/1989 0.00119 1.378439377 1,174.36 1.65 0.367429976
06/30/1989 0.00115 1.35132185 1,183.28 1.76 0.370219444 Dividend
07/31/1989 0.00119 1.406966892 1,196.18 1.88 0.374255184
08/31/1989 0.00119 1.422304155 1,209.04 2.00 0.378280867
09/30/1989 0.00115 1.391228901 1,201.28 2.08 0.375852028 Dividend
10/31/1989 0.00119 1.428372735 1,181.17 2.15 0.369558329
11/30/1989 0.00115 1.359149438 1,175.81 2.24 0.367881713
12/31/1989 0.00119 1.398082674 1,178.53 2.34 0.36873421 Dividend
01/31/1990 0.00119 1.401322472 1,171.64 2.43 0.366577909
02/28/1990 0.00107 1.258308938 1,155.31 2.48 0.361469065
03/31/1990 0.00119 1.373712311 1,170.54 2.61 0.366234236 Dividend
04/30/1990 0.00115 1.346924196 1,193.20 2.76 0.373324088
05/31/1990 0.00119 1.418765654 1,217.17 2.92 0.380823749
06/30/1990 0.00115 1.400581028 1,236.94 3.07 0.387009052 Dividend
07/31/1990 0.00119 1.470773436 1,260.16 3.23 0.394272532
08/31/1990 0.00119 1.498377268 1,244.15 3.29 0.389266087
09/30/1990 0.00115 1.431629981 1,220.43 3.33 0.381841774 Dividend
10/31/1990 0.00119 1.451135924 1,199.56 3.38 0.375312387
11/30/1990 0.00115 1.380311521 1,201.16 3.48 0.375815075
12/31/1990 0.00119 1.4282323 1,216.23 3.63 0.380528659 Dividend
01/31/1991 0.00119 1.446145614 1,236.34 3.79 0.386819583
02/28/1991 0.00107 1.327790154 1,305.74 4.10 0.408535577
03/31/1991 0.00119 1.552581964 1,370.59 4.41 0.428825472 Dividend
04/30/1991 0.00115 1.577120182 1,405.41 4.64 0.439719208
05/31/1991 0.00119 1.671090967 1,417.97 4.80 0.443648075
06/30/1991 0.00115 1.631634263 1,449.68 5.02 0.453571438 Dividend
07/31/1991 0.00119 1.723734415 1,493.48 5.29 0.467272877
08/31/1991 0.00119 1.775804806 1,522.54 5.52 0.476365194
09/30/1991 0.00115 1.751960205 1,546.78 5.74 0.483950644 Dividend
10/31/1991 0.00119 1.839186313 1,579.95 5.99 0.49432689
11/30/1991 0.00115 1.818019136 1,596.44 6.18 0.499487228
12/31/1991 0.00119 1.898230914 1,606.57 6.36 0.502657612 Dividend
01/31/1992 0.00119 1.910279512 1,666.19 6.73 0.521309339
02/29/1992 0.00111 1.853345824 1,712.13 7.04 0.535683729
03/31/1992 0.00119 2.035790621 1,720.25 7.22 0.538226333 Dividend
04/30/1992 0.00115 1.97947106 1,748.64 7.48 0.547108571
05/31/1992 0.00119 2.079209125 1,771.54 7.73 0.554272491
06/30/1992 0.00115 2.038485093 1,776.53 7.90 0.555833962 Dividend
07/31/1992 0.00119 2.112368747 1,818.32 8.23 0.568909936
08/31/1992 0.00119 2.162062143 1,836.27 8.47 0.574523716
09/30/1992 0.00115 2.112964381 1,857.88 8.72 0.581284587 Dividend
10/31/1992 0.00119 2.209090263 1,838.81 8.78 0.575320927
11/30/1992 0.00115 2.115896338 1,842.31 8.95 0.576413234
12/31/1992 0.00119 2.190577374 1,868.40 9.23 0.584578927 Dividend
01/31/1993 0.00119 2.221609939 1,921.82 9.66 0.601290576
02/28/1993 0.00107 2.063979544 1,971.48 10.05 0.616828736
03/31/1993 0.00119 2.3441708 2,047.91 10.61 0.640742573 Dividend
04/30/1993 0.00115 2.35650191 2,063.22 10.85 0.645531366
05/31/1993 0.00119 2.453251105 2,103.86 11.24 0.658248474
06/30/1993 0.00115 2.420884534 2,154.79 11.69 0.674183536 Dividend
07/31/1993 0.00119 2.562139645 2,188.72 12.05 0.684799119
08/31/1993 0.00119 2.602482675 2,200.29 12.30 0.688417765
09/30/1993 0.00115 2.531840158 2,209.95 12.54 0.69143929 Dividend
10/31/1993 0.00119 2.62771771 2,267.39 13.05 0.709410804
11/30/1993 0.00115 2.609047666 2,285.47 13.34 0.715067568
12/31/1993 0.00119 2.717513656 2,328.26 13.78 0.728457613 Dividend
01/31/1994 0.00119 2.768400638 2,388.88 14.34 0.747422703
02/28/1994 0.00107 2.565590134 2,367.31 14.39 0.740675928
03/31/1994 0.00119 2.814834623 2,276.64 14.04 0.712307377 .02 Dividend
04/30/1994 0.00115 2.619700586 2,252.47 14.07 0.704744339
05/31/1994 0.00119 2.678281678 2,275.63 14.41 0.711990299
06/30/1994 0.00115 2.618534447 2,274.94 14.59 0.711775508 Dividend
07/31/1994 0.00119 2.705002646 2,281.01 14.82 0.713672829
08/31/1994 0.00119 2.712213145 2,284.86 15.04 0.714877199
09/30/1994 0.00115 2.629151793 2,288.83 15.25 0.716120729 Dividend
10/31/1994 0.00119 2.721516045 2,283.89 15.41 0.714574039
11/30/1994 0.00115 2.628036839 2,261.22 15.45 0.7074807
12/31/1994 0.00119 2.688680833 2,222.81 15.37 0.695464768 Dividend
01/31/1995 0.00119 2.643015972 2,236.06 15.65 0.699608033
02/28/1995 0.00107 2.401462333 2,292.62 16.22 0.717305378
03/31/1995 0.00119 2.726018138 2,312.83 16.56 0.723627727 Dividend
04/30/1995 0.00115 2.661334195 2,384.32 17.26 0.745995083
05/31/1995 0.00119 2.835049322 2,448.62 17.92 0.766114475
06/30/1995 0.00115 2.817590555 2,452.68 18.15 0.767385802 Dividend
07/31/1995 0.00119 2.91634174 2,487.57 18.62 0.778302162
08/31/1995 0.00119 2.957827831 2,503.50 18.95 0.78328421
09/30/1995 0.00115 2.880736841 2,536.18 19.40 0.793509836 Dividend
10/31/1995 0.00119 3.015622455 2,564.65 19.83 0.802417016
11/30/1995 0.00115 2.951102845 2,595.58 20.28 0.812094394
12/31/1995 0.00119 3.086250452 2,638.89 20.83 0.825643722 Dividend
01/31/1996 0.00119 3.137742765 2,700.29 21.54 0.84485562
02/29/1996 0.00111 3.003609404 2,729.52 21.99 0.854002485
03/31/1996 0.00119 3.245516254 2,726.48 22.19 0.853051236 Dividend
04/30/1996 0.00115 3.137323708 2,751.32 22.62 0.860823348
05/31/1996 0.00119 3.271437986 2,781.08 23.09 0.870132468
06/30/1996 0.00115 3.200144501 2,785.73 23.36 0.871589505 Dividend
07/31/1996 0.00119 3.312353248 2,787.62 23.61 0.872177955
08/31/1996 0.00119 3.314589569 2,823.20 24.15 0.883312478
09/30/1996 0.00115 3.248617508 2,893.28 24.97 0.905238614 Dividend
10/31/1996 0.00119 3.440231952 2,924.23 25.49 0.914920236
11/30/1996 0.00115 3.364863479 2,976.34 26.18 0.931224154
12/31/1996 0.00119 3.538986341 2,999.54 26.63 0.93848444 Dividend
01/31/1997 0.00119 3.566578035 3,031.01 27.16 0.948330834
02/28/1997 0.00107 3.25522388 3,070.83 27.75 0.960787848
03/31/1997 0.00119 3.651338997 3,001.35 27.38 0.939051112 .25 Dividend
04/30/1997 0.00115 3.453611219 3,008.89 27.70 0.941409315
05/31/1997 0.00119 3.577693612 3,076.69 28.57 0.962622238
06/30/1997 0.00115 3.540300327 3,119.77 29.22 0.976100067 Dividend
07/31/1997 0.00119 3.70953093 3,197.27 30.21 1.00035037
08/31/1997 0.00119 3.801690796 3,201.86 30.52 1.001786583
09/30/1997 0.00115 3.684337664 3,279.93 31.53 1.026209754 Dividend
10/31/1997 0.00119 3.899965744 3,273.19 31.74 1.024101392
11/30/1997 0.00115 3.766406332 3,280.77 32.08 1.026474359
12/31/1997 0.00119 3.90097134 3,319.55 32.73 1.038607729 Dividend
01/31/1998 0.00119 3.947082503 3,367.47 33.49 1.05360154
02/28/1998 0.00107 3.61657427 3,392.63 33.99 1.061473768
03/31/1998 0.00119 4.033981666 3,438.76 34.74 1.075904617 .25 Dividend
04/30/1998 0.00115 3.956926528 3,437.82 35.01 1.075610986
05/31/1998 0.00119 4.087708175 3,445.76 35.38 1.078096382
06/30/1998 0.00115 3.964987329 3,453.81 35.74 1.080612752
07/31/1998 0.00119 4.10671668 3,476.71 36.27 1.087780111
08/31/1998 0.00119 4.13395522 3,238.79 34.08 1.01334096
09/30/1998 0.00115 3.72683197 3,196.15 33.90 1
2.1961547 2.1961547
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER STRATEGIC BOND FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.750683 1 6.00% 10%
Units purchased 1,332.120 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.750683 1,332.120 1,000.00 1,000.00 1,344.12 0.00%
05/31/1993 0.745511 1,332.120 993.11 0.00007 0.071232897 993.04 1,344.12 0.00%
06/30/1993 0.750745 1,332.120 1,000.08 0.00008 0.081619614 999.93 1,344.12 0.00%
07/31/1993 0.749948 1,332.120 999.02 0.00008 0.08492548 998.78 1,344.12 0.00%
08/31/1993 0.755139 1,332.120 1,005.94 0.00008 0.084828107 1,005.61 1,344.12 0.00%
09/30/1993 0.755874 1,332.120 1,006.91 0.00008 0.082653015 1,006.51 1,344.12 0.00%
10/31/1993 0.768560 1,332.120 1,023.81 0.00008 0.085484163 1,023.31 1,344.12 0.00%
11/30/1993 0.766278 1,332.120 1,020.77 0.00008 0.084108055 1,020.19 1,344.12 0.00%
12/31/1993 0.776243 1,332.120 1,034.05 0.00008 0.086646473 1,033.37 1,344.12 0.00%
01/31/1994 0.789059 1,332.120 1,051.12 0.00008 0.087765814 1,050.35 1,344.12 2.00%
02/28/1994 0.771642 1,332.120 1,027.92 0.00008 0.080574467 1,027.08 1,344.12 2.00%
03/31/1994 0.745231 1,332.120 992.74 0.00008 0.087231451 991.84 1,344.12 2.00%
04/30/1994 0.738409 1,332.120 983.65 0.00008 0.081521077 982.68 1,344.12 2.00%
05/31/1994 0.749726 1,332.120 998.72 0.00008 0.083460343 997.66 1,344.12 2.00%
06/30/1994 0.745104 1,332.120 992.57 0.00008 0.081999082 991.42 1,344.12 2.00%
07/31/1994 0.748945 1,332.120 997.68 0.00008 0.08420306 996.45 1,344.12 2.00%
08/31/1994 0.754314 1,332.120 1,004.84 0.00008 0.084629972 1,003.51 1,344.12 2.00%
09/30/1994 0.753510 1,332.120 1,003.77 0.00008 0.082480189 1,002.36 1,344.12 2.00%
10/31/1994 0.751131 1,332.120 1,000.60 0.00008 0.085131622 999.11 1,344.12 2.00%
11/30/1994 0.747221 1,332.120 995.39 0.00008 0.082118392 993.82 1,344.12 2.00%
12/31/1994 0.737609 1,332.120 982.58 0.00008 0.084406911 980.96 1,344.12 2.00%
01/31/1995 0.733620 1,332.120 977.27 0.00008 0.083314018 975.57 1,344.12 4.00%
02/28/1995 0.745741 1,332.120 993.42 0.00008 0.074838028 991.61 1,344.12 4.00%
03/31/1995 0.748208 1,332.120 996.70 0.00008 0.084218991 994.81 1,344.12 4.00%
04/30/1995 0.765413 1,332.120 1,019.62 0.00008 0.081764881 1,017.60 1,344.12 4.00%
05/31/1995 0.785822 1,332.120 1,046.81 0.00008 0.086426317 1,044.65 1,344.12 4.00%
06/30/1995 0.789902 1,332.120 1,052.24 0.00008 0.085861449 1,049.98 1,344.12 4.00%
07/31/1995 0.795699 1,332.120 1,059.97 0.00008 0.089176785 1,057.60 1,344.12 4.00%
08/31/1995 0.799833 1,332.120 1,065.47 0.00008 0.089823673 1,063.01 1,344.12 4.00%
09/30/1995 0.809002 1,332.120 1,077.69 0.00008 0.087370374 1,075.10 1,344.12 4.00%
10/31/1995 0.816579 1,332.120 1,087.78 0.00008 0.091310274 1,085.08 1,344.12 4.00%
11/30/1995 0.825841 1,332.120 1,100.12 0.00008 0.089184926 1,097.30 1,344.12 4.00%
12/31/1995 0.840232 1,332.120 1,119.29 0.00008 0.093195501 1,116.33 1,344.12 4.00%
01/31/1996 0.851308 1,332.120 1,134.05 0.00008 0.09481154 1,130.95 1,344.12 6.00%
02/29/1996 0.850463 1,332.120 1,132.92 0.00008 0.08985638 1,129.74 1,344.12 6.00%
03/31/1996 0.851300 1,332.120 1,134.03 0.00008 0.095950345 1,130.75 1,344.12 6.00%
04/30/1996 0.855638 1,332.120 1,139.81 0.00008 0.092938624 1,136.42 1,344.12 6.00%
05/31/1996 0.861673 1,332.120 1,147.85 0.00008 0.096518086 1,144.34 1,344.12 6.00%
06/30/1996 0.869602 1,332.120 1,158.41 0.00008 0.094055466 1,154.78 1,344.12 6.00%
07/31/1996 0.872215 1,332.120 1,161.90 0.00008 0.098077026 1,158.15 1,344.12 6.00%
08/31/1996 0.880115 1,332.120 1,172.42 0.00008 0.098363452 1,168.54 1,344.12 6.00%
09/30/1996 0.900559 1,332.120 1,199.65 0.00008 0.096044435 1,195.59 1,344.12 6.00%
10/31/1996 0.913979 1,332.120 1,217.53 0.00008 0.101543115 1,213.30 1,344.12 6.00%
11/30/1996 0.930995 1,332.120 1,240.20 0.00008 0.099723559 1,235.79 1,344.12 6.00%
12/31/1996 0.930049 1,332.120 1,238.94 0.00008 0.104957694 1,234.43 1,344.12 6.00%
01/31/1997 0.932720 1,332.120 1,242.50 0.00008 0.104842209 1,237.87 1,344.12 6.00%
02/28/1997 0.939120 1,332.120 1,251.02 0.00008 0.094960081 1,246.27 1,344.12 6.00%
03/31/1997 0.926741 1,332.120 1,234.53 0.00008 0.105847692 1,229.74 1,344.12 6.00%
04/30/1997 0.933226 1,332.120 1,243.17 0.00008 0.10107433 1,238.24 1,344.12 6.00%
05/31/1997 0.947108 1,332.120 1,261.66 0.00008 0.105165711 1,256.56 1,344.12 6.00%
06/30/1997 0.960949 1,332.120 1,280.10 0.00008 0.103278531 1,274.82 1,344.12 6.00%
07/31/1997 0.980745 1,332.120 1,306.47 0.00008 0.108272034 1,300.97 1,344.12 6.00%
08/31/1997 0.972141 1,332.120 1,295.01 0.00008 0.110493286 1,289.45 1,344.12 6.00%
09/30/1997 0.990122 1,332.120 1,318.96 0.00008 0.105981811 1,313.19 1,344.12 6.00%
10/31/1997 0.987152 1,332.120 1,315.00 0.00008 0.111531126 1,309.14 1,344.12 6.00%
11/30/1997 0.989971 1,332.120 1,318.76 0.00008 0.107600427 1,312.77 1,344.12 6.00%
12/31/1997 0.998536 1,332.120 1,330.17 0.00008 0.111495518 1,324.02 1,344.12 6.00%
01/31/1998 1.011121 1,332.120 1,346.93 0.00008 0.112450735 1,340.59 1,344.12 6.00%
02/28/1998 1.014058 1,332.120 1,350.85 0.00008 0.102839823 1,344.38 1,344.12 6.00%
03/31/1998 1.020320 1,332.120 1,359.19 0.00008 0.114180353 1,352.57 1,344.12 6.00%
04/30/1998 1.023269 1,332.120 1,363.12 0.00008 0.111170099 1,356.37 1,344.12 6.00%
05/31/1998 1.026176 1,332.120 1,366.99 0.00008 0.115198373 1,360.11 1,344.12 6.00%
06/30/1998 1.025122 1,332.120 1,365.59 0.00008 0.111789543 1,358.60 1,344.12 6.00%
07/31/1998 1.034017 1,332.120 1,377.44 0.00008 0.115387686 1,370.27 1,344.12 6.00%
08/31/1998 0.981112 1,332.120 1,306.96 0.00008 0.116379162 1,300.04 1,344.12 6.00%
09/30/1998 1.000000 1,332.120 1,332.12 0.00008 0.106852969 1,324.97 1,344.12 6.00%
10/31/1998 0.989048 1,332.120 1,317.53 0.00008 0.11253135 1,310.34 1,344.12 6.00%
11/30/1998 1.013799 1,332.120 1,350.50 0.00008 0.10769937 1,343.03 1,344.12 6.00%
12/31/1998 1.014714 1,332.120 1,351.72 0.00008 0.114065226 1,344.12 1,344.12 6.00%
12/31/1998 1,344.12
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 34.41% 34.41%
05/05/1993 100.00% 1,344.12 5.6603 5.36% 5.36% 1,344.12 1,344.12 6
05/31/1993 100.00% 1,344.12 5.5890 5.57% 5.57% 1,353.55 1,353.55 6
06/30/1993 100.00% 1,344.12 5.5068 5.52% 5.52% 1,344.22 1,344.22 6
07/31/1993 100.00% 1,344.12 5.4219 5.63% 5.63% 1,345.76 1,345.76 6
08/31/1993 100.00% 1,344.12 5.3370 5.59% 5.59% 1,336.62 1,336.62 6
09/30/1993 100.00% 1,344.12 5.2548 5.66% 5.66% 1,335.43 1,335.43 6
10/31/1993 100.00% 1,344.12 5.1699 5.42% 5.42% 1,313.50 1,313.50 6
11/30/1993 100.00% 1,344.12 5.0877 5.57% 5.57% 1,317.52 1,317.52 6
12/31/1993 100.00% 1,344.12 5.0027 5.40% 5.40% 1,300.72 1,300.72 6
01/31/1994 50.00% 1,336.56 4.9178 5.02% 5.14% 1,272.49 1,279.70 5
02/28/1994 50.00% 1,337.02 4.8411 5.60% 5.71% 1,301.77 1,308.68 5
03/31/1994 50.00% 1,337.73 4.7562 6.49% 6.60% 1,348.73 1,355.18 5
04/30/1994 50.00% 1,337.91 4.6740 6.82% 6.93% 1,361.50 1,367.82 5
05/31/1994 50.00% 1,337.61 4.5890 6.60% 6.71% 1,340.76 1,347.28 5
06/30/1994 50.00% 1,337.74 4.5068 6.87% 6.99% 1,349.31 1,355.75 5
07/31/1994 50.00% 1,337.64 4.4219 6.89% 7.00% 1,342.40 1,348.91 5
08/31/1994 50.00% 1,337.50 4.3370 6.85% 6.97% 1,332.82 1,339.42 5
09/30/1994 50.00% 1,337.52 4.2548 7.01% 7.14% 1,334.37 1,340.96 5
10/31/1994 50.00% 1,337.58 4.1699 7.25% 7.37% 1,338.78 1,345.33 5
11/30/1994 50.00% 1,337.69 4.0877 7.54% 7.67% 1,346.00 1,352.48 5
12/31/1994 50.00% 1,337.95 4.0027 8.06% 8.19% 1,363.92 1,370.22 5
01/31/1995 40.00% 1,326.61 3.9178 8.16% 8.52% 1,359.83 1,377.79 4
02/28/1995 40.00% 1,325.97 3.8411 7.86% 8.24% 1,337.18 1,355.50 4
03/31/1995 40.00% 1,325.84 3.7562 7.95% 8.34% 1,332.76 1,351.14 4
04/30/1995 40.00% 1,324.93 3.6740 7.45% 7.87% 1,302.01 1,320.88 4
05/31/1995 40.00% 1,323.84 3.5890 6.82% 7.28% 1,267.26 1,286.68 4
06/30/1995 40.00% 1,323.63 3.5068 6.83% 7.30% 1,260.62 1,280.14 4
07/31/1995 40.00% 1,323.33 3.4219 6.77% 7.26% 1,251.25 1,270.92 4
08/31/1995 40.00% 1,323.11 3.3370 6.78% 7.28% 1,244.69 1,264.46 4
09/30/1995 40.00% 1,322.63 3.2548 6.57% 7.10% 1,230.23 1,250.23 4
10/31/1995 40.00% 1,322.23 3.1699 6.43% 6.99% 1,218.55 1,238.73 4
11/30/1995 40.00% 1,321.74 3.0877 6.21% 6.79% 1,204.53 1,224.94 4
12/31/1995 40.00% 1,320.98 3.0027 5.77% 6.38% 1,183.32 1,204.06 4
01/31/1996 30.00% 1,300.46 2.9178 4.90% 6.10% 1,149.88 1,188.49 3
02/29/1996 30.00% 1,300.53 2.8384 5.09% 6.31% 1,151.18 1,189.77 3
03/31/1996 30.00% 1,300.47 2.7534 5.21% 6.48% 1,150.09 1,188.70 3
04/30/1996 30.00% 1,300.13 2.6712 5.17% 6.49% 1,144.06 1,182.77 3
05/31/1996 30.00% 1,299.66 2.5863 5.04% 6.42% 1,135.73 1,174.58 3
06/30/1996 30.00% 1,299.03 2.5041 4.81% 6.25% 1,124.92 1,163.97 3
07/31/1996 30.00% 1,298.83 2.4192 4.85% 6.35% 1,121.47 1,160.58 3
08/31/1996 30.00% 1,298.21 2.3342 4.61% 6.18% 1,110.96 1,150.26 3
09/30/1996 30.00% 1,296.58 2.2521 3.67% 5.34% 1,084.47 1,124.24 3
10/31/1996 30.00% 1,295.52 2.1671 3.07% 4.84% 1,067.76 1,107.82 3
11/30/1996 30.00% 1,294.17 2.0849 2.24% 4.11% 1,047.24 1,087.66 3
12/31/1996 30.00% 1,294.25 2.0000 2.39% 4.35% 1,048.46 1,088.86 3
01/31/1997 20.00% 1,285.98 1.9151 2.01% 4.39% 1,038.86 1,085.83 2
02/28/1997 20.00% 1,285.48 1.8384 1.70% 4.20% 1,031.46 1,078.52 2
03/31/1997 20.00% 1,286.47 1.7534 2.61% 5.20% 1,046.13 1,093.02 2
04/30/1997 20.00% 1,285.96 1.6712 2.29% 5.03% 1,038.54 1,085.51 2
05/31/1997 20.00% 1,284.86 1.5863 1.41% 4.34% 1,022.53 1,069.69 2
06/30/1997 20.00% 1,283.76 1.5041 0.47% 3.58% 1,007.02 1,054.37 2
07/31/1997 20.00% 1,282.20 1.4192 -1.02% 2.33% 985.57 1,033.17 2
08/31/1997 20.00% 1,282.89 1.3342 -0.38% 3.16% 994.91 1,042.40 2
09/30/1997 20.00% 1,281.46 1.2521 -1.93% 1.88% 975.84 1,023.56 2
10/31/1997 20.00% 1,281.71 1.1671 -1.80% 2.29% 979.04 1,026.72 2
11/30/1997 20.00% 1,281.49 1.0849 -2.20% 2.20% 976.17 1,023.88 2
12/31/1997 20.00% 1,280.81 1.0000 -3.26% 1.52% 967.37 1,015.19 2
01/31/1998 10.00% 1,271.75 0.9151 -5.13% 0.26% 952.91 1,002.41 1
02/28/1998 10.00% 1,271.53 0.8384 -5.42% -0.02% 954.36 999.84 1
03/31/1998 10.00% 1,271.03 0.7534 -6.03% -0.62% 954.24 995.29 1
04/30/1998 10.00% 1,270.81 0.6712 -6.31% -0.90% 957.21 993.93 1
05/31/1998 10.00% 1,270.58 0.5863 -6.58% -1.18% 960.87 993.09 1
06/30/1998 10.00% 1,270.67 0.5041 -6.47% -1.07% 966.84 994.62 1
07/31/1998 10.00% 1,269.97 0.4192 -7.32% -1.91% 968.64 991.96 1
08/31/1998 10.00% 1,274.19 0.3342 -1.99% 3.39% 993.31 1,011.21 1
09/30/1998 10.00% 1,272.69 0.2521 -3.95% 1.45% 989.90 1,003.63 1
10/31/1998 10.00% 1,273.57 0.1671 -2.81% 2.58% 995.25 1,004.26 1
11/30/1998 10.00% 1,271.61 0.0849 -5.32% 0.08% 995.37 1,000.07 1
12/31/1998 10.00% 1,271.54 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER STRATEGIC BOND FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.750683 1 6.00% 10%
Units purchased 1,332.120 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,343.03 1,271.61 1,344.12 -5.32% 0.08%
09/30/1998 0.25 0.25 1,324.97 1,272.69 1,344.12 -3.95% 1.45%
12/31/1997 1.00 1.00 1,324.02 1,280.81 1,344.12 -3.26% 1.52%
12/31/1997 1.00 1.00 1,324.02 1,280.81 1,344.12 -3.26% 1.52%
12/31/1995 3.00 3.00 1,116.33 1,320.98 1,344.12 5.77% 6.39%
12/31/1993 5.00 5.00 1,033.37 1,344.12 1,344.12 5.40% 5.40%
12/31/1988 10.01 10.00 -- -- -- -- --
05/05/1993 5.66 5.66 1,000.00 1,344.12 1,344.12 5.36% 5.36%
12/31/1992 1,000.00
12/31/1993 1 1,033.37 3.34%
12/31/1994 1 980.96 -5.07%
12/31/1995 1 1,116.33 13.80%
12/31/1996 1 1,234.43 10.58%
12/31/1997 1 1,324.02 7.26%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER STRATEGIC BOND FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 5 500
05/31/1993 500 0 5 100 4.97 497.00 -0.60%
06/30/1993 497 0 5 100 5.01 501.00 0.80%
07/31/1993 501 0 5 100 5.01 501.00 0.00%
08/31/1993 501 0 5 100 5.05 505.00 0.80%
09/30/1993 505 0.02 5.03 100.398 5.04 506.01 0.20%
10/31/1993 506.01 0 5.03 100.398 5.13 515.04 1.78%
11/30/1993 515.04 0 5.03 100.398 5.12 514.04 -0.19%
12/31/1993 514.04 0.072 5.12 101.81 5.12 521.27 1.41%
01/31/1994 521.27 0 5.12 101.81 5.21 530.43 1.76%
02/28/1994 530.43 0 5.12 101.81 5.10 519.23 -2.11%
03/31/1994 519.23 0.011 5.01 102.034 4.92 502.01 -3.32%
04/30/1994 502.01 0 5.01 102.034 4.88 497.93 -0.81%
05/31/1994 497.93 0 5.01 102.034 4.96 506.09 1.64%
06/30/1994 506.09 0.105 4.85 104.243 4.83 503.49 -0.51%
07/31/1994 503.49 0 4.85 104.243 4.86 506.62 0.62%
08/31/1994 506.62 0 4.85 104.243 4.90 510.79 0.82%
09/30/1994 510.79 0.11 4.8 106.632 4.79 510.77 0.00%
10/31/1994 510.77 0 4.8 106.632 4.78 509.70 -0.21%
11/30/1994 509.7 0 4.8 106.632 4.76 507.57 -0.42%
12/31/1994 507.57 0.105 4.65 109.04 4.60 501.58 -1.18%
01/31/1995 501.58 0 4.65 109.04 4.58 499.40 -0.43%
02/28/1995 499.4 0 4.65 109.04 4.66 508.13 1.75%
03/31/1995 508.13 0.1 4.56 111.431 4.58 510.35 0.44%
04/30/1995 510.35 0 4.56 111.431 4.69 522.61 2.40%
05/31/1995 522.61 0 4.56 111.431 4.82 537.10 2.77%
06/30/1995 537.1 0.09 4.76 113.538 4.76 540.44 0.62%
07/31/1995 540.44 0 4.76 113.538 4.80 544.98 0.84%
08/31/1995 544.98 0 4.76 113.538 4.83 548.39 0.63%
09/30/1995 548.39 0.09 4.78 115.676 4.80 555.24 1.25%
10/31/1995 555.24 0 4.78 115.676 4.85 561.03 1.04%
11/30/1995 561.03 0 4.78 115.676 4.91 567.97 1.24%
12/31/1995 567.97 0.09 4.87 117.814 4.91 578.47 1.85%
01/31/1996 578.47 0 4.87 117.814 4.98 586.71 1.42%
02/29/1996 586.71 0 4.87 117.814 4.98 586.71 0.00%
03/31/1996 586.71 0.09 4.89 119.982 4.90 587.91 0.20%
04/30/1996 587.91 0 4.89 119.982 4.93 591.51 0.61%
05/31/1996 591.51 0 4.89 119.982 4.97 596.31 0.81%
06/30/1996 596.31 0.1 4.88 122.441 4.92 602.41 1.02%
07/31/1996 602.41 0 4.88 122.441 4.94 604.86 0.41%
08/31/1996 604.86 0 4.88 122.441 4.99 610.98 1.01%
09/30/1996 610.98 0.1 4.96 124.91 5.01 625.80 2.43%
10/31/1996 625.8 0 4.96 124.91 5.09 635.79 1.60%
11/30/1996 635.79 0 4.96 124.91 5.19 648.28 1.96%
12/31/1996 648.28 0.1 5.08 127.369 5.09 648.31 0.00%
01/31/1997 648.31 0 5.08 127.369 5.11 650.86 0.39%
02/28/1997 650.86 0 5.08 127.369 5.15 655.95 0.78%
03/31/1997 655.95 0.108 5 130.12 4.98 648.00 -1.21%
04/30/1997 648 0 5 130.12 5.02 653.20 0.80%
05/31/1997 653.2 0 5 130.12 5.10 663.61 1.59%
06/30/1997 663.61 0.1 5.09 132.676 5.08 673.99 1.56%
07/31/1997 673.99 0 5.09 132.676 5.19 688.59 2.17%
08/31/1997 688.59 0 5.09 132.676 5.15 683.28 -0.77%
09/30/1997 683.28 0.09 5.13 135.004 5.16 696.62 1.95%
10/31/1997 696.62 0 5.13 135.004 5.15 695.27 -0.19%
11/30/1997 695.27 0 5.13 135.004 5.17 697.97 0.39%
12/31/1997 697.97 0.1 5.11 137.646 5.12 704.75 0.97%
01/31/1998 704.75 0 5.11 137.646 5.19 714.38 1.37%
02/28/1998 714.38 0 5.11 137.646 5.21 717.14 0.39%
03/31/1998 717.14 0.148 5.11 141.633 5.10 722.33 0.72%
04/30/1998 722.33 0 5.11 141.633 5.12 725.16 0.39%
05/31/1998 725.16 0 5.11 141.633 5.14 727.99 0.39%
06/30/1998 727.99 0 5.11 141.633 5.14 727.99 0.00%
07/31/1998 727.99 0 5.11 141.633 5.19 735.08 0.97%
08/31/1998 735.08 0 5.11 141.633 4.93 698.25 -5.01%
09/30/1998 698.25 0 5.11 141.633 5.03 712.41 2.03%
09/30/1998 712.41 0 5.11 141.633 5.03 712.41 0.00%
09/30/1998 712.41 0 5.11 141.633 5.03 712.41 0.00%
09/30/1998 712.41 0 5.11 141.633 5.03 712.41 0.00%
0.42482
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/05/1993 500 0.750683337
05/31/1993 0.00089 0.445205479 496.55 (496.48) 0.745510821
06/30/1993 0.00103 0.510159035 500.04 (499.89) 0.750744972
07/31/1993 0.00106 0.530865501 499.51 (499.27) 0.749947948
08/31/1993 0.00106 0.530301911 502.97 (502.64) 0.755139379
09/30/1993 0.00103 0.516747935 503.46 (503.05) 0.75587383 OI
10/31/1993 0.00106 0.53449221 511.91 (511.41) 0.768560305
11/30/1993 0.00103 0.525931983 510.39 (509.81) 0.766278454
12/31/1993 0.00106 0.54184951 517.02 (516.35) 0.776242687 OI
01/31/1994 0.00106 0.548895401 525.56 (524.79) 0.789059092
02/28/1994 0.00096 0.503962169 513.96 (513.12) 0.771641522
03/31/1994 0.00106 0.545641833 496.37 (495.47) 0.745231213 .05 OI
04/30/1994 0.00103 0.509967698 491.82 (490.85) 0.738408826
05/31/1994 0.00106 0.522142386 499.36 (498.29) 0.749725828
06/30/1994 0.00103 0.513043399 496.28 (495.14) 0.745103901 OI
07/31/1994 0.00106 0.526876596 498.84 (497.61) 0.748944885
08/31/1994 0.00106 0.529592626 502.42 (501.09) 0.754314354
09/30/1994 0.00103 0.516183364 501.88 (500.47) 0.753509838 OI
10/31/1994 0.00106 0.532820588 500.30 (498.81) 0.751131369
11/30/1994 0.00103 0.514005222 497.69 (496.13) 0.747220734
12/31/1994 0.00106 0.528373448 491.29 (489.66) 0.737609255 OI
01/31/1995 0.00106 0.521576995 488.64 (486.93) 0.733620331
02/28/1995 0.00096 0.468554126 496.71 (494.90) 0.745741259
03/31/1995 0.00106 0.527327284 498.35 (496.45) 0.748207662 OI
04/30/1995 0.00103 0.512004506 509.81 (507.79) 0.765412946
05/31/1995 0.00106 0.541237493 523.40 (521.24) 0.785822358
06/30/1995 0.00103 0.537744544 526.12 (523.86) 0.789901706 OI
07/31/1995 0.00106 0.558553944 529.98 (527.62) 0.795698731
08/31/1995 0.00106 0.562653126 532.74 (530.27) 0.799832757
09/30/1995 0.00103 0.547331972 538.84 (536.26) 0.80900181 OI
10/31/1995 0.00106 0.572059976 543.89 (541.19) 0.816579147
11/30/1995 0.00103 0.558791661 550.06 (547.24) 0.825841365
12/31/1995 0.00106 0.583967534 559.64 (556.68) 0.840231856 OI
01/31/1996 0.00106 0.594143313 567.02 (563.93) 0.851308489
02/29/1996 0.00099 0.563138654 566.46 (563.28) 0.850463011
03/31/1996 0.00106 0.60137795 567.02 (563.74) 0.851299577 OI
04/30/1996 0.00103 0.58255113 569.91 (566.52) 0.85563779
05/31/1996 0.00106 0.605037131 573.93 (570.42) 0.861672759
06/30/1996 0.00103 0.589649582 579.21 (575.57) 0.869602028 OI
07/31/1996 0.00106 0.614911499 580.95 (577.20) 0.872215489
08/31/1996 0.00106 0.616759525 586.21 (582.33) 0.880114622
09/30/1996 0.00103 0.602269496 599.83 (595.76) 0.900558554 OI
10/31/1996 0.00106 0.636801425 608.76 (604.54) 0.913978608
11/30/1996 0.00103 0.625442894 620.10 (615.69) 0.930994563
12/31/1996 0.00106 0.658323283 619.47 (614.96) 0.930049261 OI
01/31/1997 0.00106 0.657654843 621.25 (616.63) 0.932720046
02/28/1997 0.00096 0.595716623 625.51 (620.76) 0.939119922
03/31/1997 0.00106 0.664068873 617.26 (612.47) 0.926740941 1.0 OI
04/30/1997 0.00103 0.63417626 621.58 (616.66) 0.933225619
05/31/1997 0.00106 0.659900904 630.83 (625.73) 0.947107614
06/30/1997 0.00103 0.648113338 640.05 (634.77) 0.960948948 OI
07/31/1997 0.00106 0.679504577 653.23 (647.73) 0.980744879
08/31/1997 0.00106 0.693502642 647.50 (641.94) 0.972140751
09/30/1997 0.00103 0.665243715 659.48 (653.71) 0.990121542 OI
10/31/1997 0.00106 0.700133052 657.50 (651.64) 0.9871516
11/30/1997 0.00103 0.67551576 659.38 (653.39) 0.989970892
12/31/1997 0.00106 0.700026524 665.08 (658.93) 0.998536358 OI
01/31/1998 0.00106 0.706083322 673.47 (667.12) 1.011120688
02/28/1998 0.00096 0.645790132 675.42 (668.96) 1.014057575
03/31/1998 0.00106 0.717058659 679.59 (672.98) 1.020319824 .09 OI
04/30/1998 0.00103 0.698213041 681.56 (674.81) 1.023269037
05/31/1998 0.00106 0.723572252 683.49 (676.61) 1.026176087
06/30/1998 0.00103 0.702220529 682.79 (675.80) 1.025121796
07/31/1998 0.00106 0.724882372 688.72 (681.55) 1.034017291
08/31/1998 0.00106 0.731172539 653.48 (646.57) 0.981111762
09/30/1998 0.00103 0.67138265 666.06 (658.91) 1
09/30/1998 0.00106 0.70711829 665.35 (644.99) 1
09/30/1998 0.00103 0.683581531 664.67 (678.36) 1
09/30/1998 0.00106 0.705641862 663.96 (680.16) 1
0.33212 0.332119617
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER STRATEGIC BOND FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.756772 1 6.00% 10%
Units purchased 1,321.403 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.756772 1,321.403 1,000.00 1,000.00 1,332.80 0.00%
05/31/1993 0.751476 1,321.403 993.00 0.00007 0.071232895 992.93 1,332.80 0.00%
06/30/1993 0.756660 1,321.403 999.85 0.00008 0.08161083 999.70 1,332.80 0.00%
07/31/1993 0.755760 1,321.403 998.66 0.00008 0.084905943 998.43 1,332.80 0.00%
08/31/1993 0.760895 1,321.403 1,005.45 0.00008 0.084797775 1,005.12 1,332.80 0.00%
09/30/1993 0.761542 1,321.403 1,006.30 0.00008 0.082613006 1,005.90 1,332.80 0.00%
10/31/1993 0.774226 1,321.403 1,023.06 0.00008 0.08543226 1,022.57 1,332.80 0.00%
11/30/1993 0.771832 1,321.403 1,019.90 0.00008 0.084046454 1,019.32 1,332.80 0.00%
12/31/1993 0.781770 1,321.403 1,033.03 0.00008 0.086572306 1,032.36 1,332.80 0.00%
01/31/1994 0.794578 1,321.403 1,049.96 0.00008 0.08767966 1,049.18 1,332.80 2.00%
02/28/1994 0.776947 1,321.403 1,026.66 0.00008 0.080485283 1,025.82 1,332.80 2.00%
03/31/1994 0.750257 1,321.403 991.39 0.00008 0.087124645 990.49 1,332.80 2.00%
04/30/1994 0.743296 1,321.403 982.19 0.00008 0.081410521 981.22 1,332.80 2.00%
05/31/1994 0.754593 1,321.403 997.12 0.00008 0.083336786 996.05 1,332.80 2.00%
06/30/1994 0.749848 1,321.403 990.85 0.00008 0.081867413 989.71 1,332.80 2.00%
07/31/1994 0.753618 1,321.403 995.83 0.00008 0.084057423 994.60 1,332.80 2.00%
08/31/1994 0.758925 1,321.403 1,002.85 0.00008 0.084472888 1,001.52 1,332.80 2.00%
09/30/1994 0.758022 1,321.403 1,001.65 0.00008 0.082316681 1,000.25 1,332.80 2.00%
10/31/1994 0.755532 1,321.403 998.36 0.00008 0.08495237 996.88 1,332.80 2.00%
11/30/1994 0.751506 1,321.403 993.04 0.00008 0.081935012 991.48 1,332.80 2.00%
12/31/1994 0.741743 1,321.403 980.14 0.00008 0.084207982 978.52 1,332.80 2.00%
01/31/1995 0.737638 1,321.403 974.72 0.00008 0.083106937 973.02 1,332.80 4.00%
02/28/1995 0.749740 1,321.403 990.71 0.00008 0.074642451 988.91 1,332.80 4.00%
03/31/1995 0.752124 1,321.403 993.86 0.00008 0.083989389 991.97 1,332.80 4.00%
04/30/1995 0.769327 1,321.403 1,016.59 0.00008 0.081531615 1,014.57 1,332.80 4.00%
05/31/1995 0.789743 1,321.403 1,043.57 0.00008 0.086169366 1,041.41 1,332.80 4.00%
06/30/1995 0.793745 1,321.403 1,048.86 0.00008 0.085595554 1,046.60 1,332.80 4.00%
07/31/1995 0.799469 1,321.403 1,056.42 0.00008 0.088889718 1,054.06 1,332.80 4.00%
08/31/1995 0.803521 1,321.403 1,061.77 0.00008 0.089523199 1,059.32 1,332.80 4.00%
09/30/1995 0.812633 1,321.403 1,073.82 0.00008 0.08706707 1,071.24 1,332.80 4.00%
10/31/1995 0.820141 1,321.403 1,083.74 0.00008 0.090982201 1,081.05 1,332.80 4.00%
11/30/1995 0.829342 1,321.403 1,095.90 0.00008 0.088853271 1,093.09 1,332.80 4.00%
12/31/1995 0.843688 1,321.403 1,114.85 0.00008 0.092837612 1,111.90 1,332.80 4.00%
01/31/1996 0.854703 1,321.403 1,129.41 0.00008 0.094435619 1,126.33 1,332.80 6.00%
02/29/1996 0.853752 1,321.403 1,128.15 0.00008 0.089488851 1,124.98 1,332.80 6.00%
03/31/1996 0.854483 1,321.403 1,129.12 0.00008 0.09554649 1,125.85 1,332.80 6.00%
04/30/1996 0.858732 1,321.403 1,134.73 0.00008 0.092535665 1,131.36 1,332.80 6.00%
05/31/1996 0.864680 1,321.403 1,142.59 0.00008 0.096087819 1,139.10 1,332.80 6.00%
06/30/1996 0.872530 1,321.403 1,152.96 0.00008 0.09362433 1,149.34 1,332.80 6.00%
07/31/1996 0.875041 1,321.403 1,156.28 0.00008 0.097615529 1,152.55 1,332.80 6.00%
08/31/1996 0.882854 1,321.403 1,166.61 0.00008 0.097888171 1,162.75 1,332.80 6.00%
09/30/1996 0.903253 1,321.403 1,193.56 0.00008 0.095568292 1,189.52 1,332.80 6.00%
10/31/1996 0.916598 1,321.403 1,211.20 0.00008 0.101027536 1,206.99 1,332.80 6.00%
11/30/1996 0.933550 1,321.403 1,233.60 0.00008 0.099204764 1,229.21 1,332.80 6.00%
12/31/1996 0.932483 1,321.403 1,232.19 0.00008 0.10439903 1,227.71 1,332.80 6.00%
01/31/1997 0.935042 1,321.403 1,235.57 0.00008 0.10427086 1,230.97 1,332.80 6.00%
02/28/1997 0.941350 1,321.403 1,243.90 0.00008 0.094430587 1,239.18 1,332.80 6.00%
03/31/1997 0.928822 1,321.403 1,227.35 0.00008 0.105245459 1,222.58 1,332.80 6.00%
04/30/1997 0.935207 1,321.403 1,235.79 0.00008 0.10048628 1,230.89 1,332.80 6.00%
05/31/1997 0.948999 1,321.403 1,254.01 0.00008 0.104541056 1,248.94 1,332.80 6.00%
06/30/1997 0.962751 1,321.403 1,272.18 0.00008 0.102652197 1,266.93 1,332.80 6.00%
07/31/1997 0.982461 1,321.403 1,298.23 0.00008 0.107602339 1,292.76 1,332.80 6.00%
08/31/1997 0.973717 1,321.403 1,286.67 0.00008 0.109796143 1,281.15 1,332.80 6.00%
09/30/1997 0.991607 1,321.403 1,310.31 0.00008 0.105299596 1,304.58 1,332.80 6.00%
10/31/1997 0.988506 1,321.403 1,306.22 0.00008 0.110799775 1,300.39 1,332.80 6.00%
11/30/1997 0.991208 1,321.403 1,309.78 0.00008 0.106881191 1,303.83 1,332.80 6.00%
12/31/1997 0.999657 1,321.403 1,320.95 0.00008 0.11073663 1,314.84 1,332.80 6.00%
01/31/1998 1.012129 1,321.403 1,337.43 0.00008 0.111671237 1,331.13 1,332.80 6.00%
02/28/1998 1.014952 1,321.403 1,341.16 0.00008 0.102114097 1,334.74 1,332.80 6.00%
03/31/1998 1.021090 1,321.403 1,349.27 0.00008 0.113361589 1,342.70 1,332.80 6.00%
04/30/1998 1.023916 1,321.403 1,353.01 0.00008 0.110358945 1,346.31 1,332.80 6.00%
05/31/1998 1.026694 1,321.403 1,356.68 0.00008 0.114343768 1,349.84 1,332.80 6.00%
06/30/1998 1.025513 1,321.403 1,355.12 0.00008 0.110946129 1,348.18 1,332.80 6.00%
07/31/1998 1.034281 1,321.403 1,366.70 0.00008 0.114502991 1,359.59 1,332.80 6.00%
08/31/1998 0.981230 1,321.403 1,296.60 0.00008 0.115472279 1,289.74 1,332.80 6.00%
09/30/1998 1.000000 1,321.403 1,321.40 0.00008 0.106006081 1,314.31 1,332.80 6.00%
10/31/1998 0.988927 1,321.403 1,306.77 0.00008 0.111625952 1,299.64 1,332.80 6.00%
11/30/1998 1.013545 1,321.403 1,339.30 0.00008 0.106819778 1,331.89 1,332.80 6.00%
12/31/1998 1.014327 1,321.403 1,340.33 0.00008 0.113119137 1,332.80 1,332.80 6.00%
12/31/1998 1,332.80
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 33.28% 33.28%
05/05/1993 100.00% 1,332.80 5.6603 5.21% 5.21% 1,332.80 1,332.80 6
05/31/1993 100.00% 1,332.80 5.5890 5.41% 5.41% 1,342.29 1,342.29 6
06/30/1993 100.00% 1,332.80 5.5068 5.36% 5.36% 1,333.20 1,333.20 6
07/31/1993 100.00% 1,332.80 5.4219 5.47% 5.47% 1,334.90 1,334.90 6
08/31/1993 100.00% 1,332.80 5.3370 5.43% 5.43% 1,326.01 1,326.01 6
09/30/1993 100.00% 1,332.80 5.2548 5.50% 5.50% 1,324.99 1,324.99 6
10/31/1993 100.00% 1,332.80 5.1699 5.26% 5.26% 1,303.39 1,303.39 6
11/30/1993 100.00% 1,332.80 5.0877 5.41% 5.41% 1,307.54 1,307.54 6
12/31/1993 100.00% 1,332.80 5.0027 5.24% 5.24% 1,291.03 1,291.03 6
01/31/1994 50.00% 1,325.15 4.9178 4.86% 4.99% 1,263.03 1,270.32 5
02/28/1994 50.00% 1,325.61 4.8411 5.44% 5.56% 1,292.24 1,299.25 5
03/31/1994 50.00% 1,326.32 4.7562 6.33% 6.44% 1,339.05 1,345.59 5
04/30/1994 50.00% 1,326.50 4.6740 6.66% 6.77% 1,351.89 1,358.31 5
05/31/1994 50.00% 1,326.21 4.5890 6.44% 6.55% 1,331.46 1,338.08 5
06/30/1994 50.00% 1,326.33 4.5068 6.71% 6.83% 1,340.13 1,346.66 5
07/31/1994 50.00% 1,326.24 4.4219 6.72% 6.84% 1,333.44 1,340.04 5
08/31/1994 50.00% 1,326.10 4.3370 6.69% 6.81% 1,324.09 1,330.78 5
09/30/1994 50.00% 1,326.12 4.2548 6.85% 6.98% 1,325.80 1,332.47 5
10/31/1994 50.00% 1,326.19 4.1699 7.08% 7.21% 1,330.35 1,336.98 5
11/30/1994 50.00% 1,326.30 4.0877 7.38% 7.51% 1,337.70 1,344.25 5
12/31/1994 50.00% 1,326.56 4.0027 7.90% 8.03% 1,355.68 1,362.06 5
01/31/1995 40.00% 1,315.21 3.9178 8.00% 8.36% 1,351.68 1,369.76 4
02/28/1995 40.00% 1,314.57 3.8411 7.69% 8.08% 1,329.32 1,347.75 4
03/31/1995 40.00% 1,314.45 3.7562 7.78% 8.18% 1,325.09 1,343.59 4
04/30/1995 40.00% 1,313.54 3.6740 7.28% 7.71% 1,294.67 1,313.65 4
05/31/1995 40.00% 1,312.47 3.5890 6.66% 7.12% 1,260.28 1,279.80 4
06/30/1995 40.00% 1,312.26 3.5068 6.66% 7.14% 1,253.83 1,273.45 4
07/31/1995 40.00% 1,311.96 3.4219 6.61% 7.10% 1,244.67 1,264.44 4
08/31/1995 40.00% 1,311.75 3.3370 6.61% 7.12% 1,238.30 1,258.17 4
09/30/1995 40.00% 1,311.28 3.2548 6.41% 6.94% 1,224.07 1,244.16 4
10/31/1995 40.00% 1,310.88 3.1699 6.27% 6.83% 1,212.60 1,232.88 4
11/30/1995 40.00% 1,310.40 3.0877 6.05% 6.63% 1,198.81 1,219.30 4
12/31/1995 40.00% 1,309.65 3.0027 5.60% 6.22% 1,177.85 1,198.67 4
01/31/1996 30.00% 1,289.21 2.9178 4.74% 5.94% 1,144.62 1,183.32 3
02/29/1996 30.00% 1,289.29 2.8384 4.92% 6.15% 1,146.06 1,184.73 3
03/31/1996 30.00% 1,289.24 2.7534 5.04% 6.32% 1,145.13 1,183.82 3
04/30/1996 30.00% 1,288.91 2.6712 5.00% 6.33% 1,139.26 1,178.06 3
05/31/1996 30.00% 1,288.45 2.5863 4.88% 6.26% 1,131.11 1,170.05 3
06/30/1996 30.00% 1,287.83 2.5041 4.65% 6.09% 1,120.49 1,159.62 3
07/31/1996 30.00% 1,287.64 2.4192 4.69% 6.19% 1,117.20 1,156.39 3
08/31/1996 30.00% 1,287.03 2.3342 4.45% 6.02% 1,106.88 1,146.25 3
09/30/1996 30.00% 1,285.42 2.2521 3.50% 5.18% 1,080.62 1,120.45 3
10/31/1996 30.00% 1,284.37 2.1671 2.91% 4.68% 1,064.11 1,104.23 3
11/30/1996 30.00% 1,283.04 2.0849 2.08% 3.96% 1,043.79 1,084.27 3
12/31/1996 30.00% 1,283.13 2.0000 2.23% 4.19% 1,045.14 1,085.60 3
01/31/1997 20.00% 1,274.94 1.9151 1.85% 4.24% 1,035.72 1,082.72 2
02/28/1997 20.00% 1,274.44 1.8384 1.54% 4.04% 1,028.46 1,075.55 2
03/31/1997 20.00% 1,275.44 1.7534 2.44% 5.05% 1,043.23 1,090.15 2
04/30/1997 20.00% 1,274.94 1.6712 2.13% 4.88% 1,035.79 1,082.80 2
05/31/1997 20.00% 1,273.86 1.5863 1.25% 4.18% 1,019.96 1,067.15 2
06/30/1997 20.00% 1,272.78 1.5041 0.31% 3.43% 1,004.62 1,051.99 2
07/31/1997 20.00% 1,271.23 1.4192 -1.18% 2.17% 983.34 1,030.97 2
08/31/1997 20.00% 1,271.93 1.3342 -0.54% 3.01% 992.80 1,040.32 2
09/30/1997 20.00% 1,270.52 1.2521 -2.09% 1.72% 973.89 1,021.63 2
10/31/1997 20.00% 1,270.77 1.1671 -1.95% 2.13% 977.22 1,024.93 2
11/30/1997 20.00% 1,270.56 1.0849 -2.35% 2.05% 974.48 1,022.22 2
12/31/1997 20.00% 1,269.90 1.0000 -3.42% 1.37% 965.83 1,013.66 2
01/31/1998 10.00% 1,260.93 0.9151 -5.27% 0.13% 951.63 1,001.15 1
02/28/1998 10.00% 1,260.71 0.8384 -5.55% -0.15% 953.29 998.78 1
03/31/1998 10.00% 1,260.24 0.7534 -6.14% -0.74% 953.37 994.44 1
04/30/1998 10.00% 1,260.02 0.6712 -6.41% -1.00% 956.52 993.26 1
05/31/1998 10.00% 1,259.81 0.5863 -6.67% -1.26% 960.34 992.58 1
06/30/1998 10.00% 1,259.91 0.5041 -6.55% -1.14% 966.44 994.23 1
07/31/1998 10.00% 1,259.22 0.4192 -7.38% -1.97% 968.36 991.69 1
08/31/1998 10.00% 1,263.41 0.3342 -2.04% 3.34% 993.13 1,011.04 1
09/30/1998 10.00% 1,261.94 0.2521 -3.98% 1.41% 989.80 1,003.53 1
10/31/1998 10.00% 1,262.82 0.1671 -2.83% 2.55% 995.21 1,004.22 1
11/30/1998 10.00% 1,260.88 0.0849 -5.33% 0.07% 995.36 1,000.06 1
12/31/1998 10.00% 1,260.83 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
OPPENHEIMER STRATEGIC BOND FUND -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.756772 1 6.00% 10%
Units purchased 1,321.403 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,331.89 1,260.88 1,332.80 -5.33% 0.07%
09/30/1998 0.25 0.25 1,314.31 1,261.94 1,332.80 -3.98% 1.41%
12/31/1997 1.00 1.00 1,314.84 1,269.90 1,332.80 -3.42% 1.37%
12/31/1997 1.00 1.00 1,314.84 1,269.90 1,332.80 -3.42% 1.37%
12/31/1995 3.00 3.00 1,111.90 1,309.65 1,332.80 5.61% 6.23%
12/31/1993 5.00 5.00 1,032.36 1,332.80 1,332.80 5.24% 5.24%
12/31/1988 10.01 10.00 -- -- -- -- --
05/05/1993 5.66 5.66 1,000.00 1,332.80 1,332.80 5.21% 5.21%
12/31/1992 1,000.00
12/31/1993 1 1,032.36 3.24%
12/31/1994 1 978.52 -5.22%
12/31/1995 1 1,111.90 13.63%
12/31/1996 1 1,227.71 10.41%
12/31/1997 1 1,314.84 7.10%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER STRATEGIC BOND FUND
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 5 500
05/31/1993 500 0 5 100 4.97 497.00 -0.60%
06/30/1993 497 0 5 100 5.01 501.00 0.80%
07/31/1993 501 0 5 100 5.01 501.00 0.00%
08/31/1993 501 0 5 100 5.05 505.00 0.80%
09/30/1993 505 0.02 5.03 100.398 5.04 506.01 0.20%
10/31/1993 506.01 0 5.03 100.398 5.13 515.04 1.78%
11/30/1993 515.04 0 5.03 100.398 5.12 514.04 -0.19%
12/31/1993 514.04 0.072 5.12 101.81 5.12 521.27 1.41%
01/31/1994 521.27 0 5.12 101.81 5.21 530.43 1.76%
02/28/1994 530.43 0 5.12 101.81 5.10 519.23 -2.11%
03/31/1994 519.23 0.011 5.01 102.034 4.92 502.01 -3.32%
04/30/1994 502.01 0 5.01 102.034 4.88 497.93 -0.81%
05/31/1994 497.93 0 5.01 102.034 4.96 506.09 1.64%
06/30/1994 506.09 0.105 4.85 104.243 4.83 503.49 -0.51%
07/31/1994 503.49 0 4.85 104.243 4.86 506.62 0.62%
08/31/1994 506.62 0 4.85 104.243 4.90 510.79 0.82%
09/30/1994 510.79 0.11 4.8 106.632 4.79 510.77 0.00%
10/31/1994 510.77 0 4.8 106.632 4.78 509.70 -0.21%
11/30/1994 509.7 0 4.8 106.632 4.76 507.57 -0.42%
12/31/1994 507.57 0.105 4.65 109.04 4.60 501.58 -1.18%
01/31/1995 501.58 0 4.65 109.04 4.58 499.40 -0.43%
02/28/1995 499.4 0 4.65 109.04 4.66 508.13 1.75%
03/31/1995 508.13 0.1 4.56 111.431 4.58 510.35 0.44%
04/30/1995 510.35 0 4.56 111.431 4.69 522.61 2.40%
05/31/1995 522.61 0 4.56 111.431 4.82 537.10 2.77%
06/30/1995 537.1 0.09 4.76 113.538 4.76 540.44 0.62%
07/31/1995 540.44 0 4.76 113.538 4.80 544.98 0.84%
08/31/1995 544.98 0 4.76 113.538 4.83 548.39 0.63%
09/30/1995 548.39 0.09 4.78 115.676 4.80 555.24 1.25%
10/31/1995 555.24 0 4.78 115.676 4.85 561.03 1.04%
11/30/1995 561.03 0 4.78 115.676 4.91 567.97 1.24%
12/31/1995 567.97 0.09 4.87 117.814 4.91 578.47 1.85%
01/31/1996 578.47 0 4.87 117.814 4.98 586.71 1.42%
02/29/1996 586.71 0 4.87 117.814 4.98 586.71 0.00%
03/31/1996 586.71 0.09 4.89 119.982 4.90 587.91 0.20%
04/30/1996 587.91 0 4.89 119.982 4.93 591.51 0.61%
05/31/1996 591.51 0 4.89 119.982 4.97 596.31 0.81%
06/30/1996 596.31 0.1 4.88 122.441 4.92 602.41 1.02%
07/31/1996 602.41 0 4.88 122.441 4.94 604.86 0.41%
08/31/1996 604.86 0 4.88 122.441 4.99 610.98 1.01%
09/30/1996 610.98 0.1 4.96 124.91 5.01 625.80 2.43%
10/31/1996 625.8 0 4.96 124.91 5.09 635.79 1.60%
11/30/1996 635.79 0 4.96 124.91 5.19 648.28 1.96%
12/31/1996 648.28 0.1 5.08 127.369 5.09 648.31 0.00%
01/31/1997 648.31 0 5.08 127.369 5.11 650.86 0.39%
02/28/1997 650.86 0 5.08 127.369 5.15 655.95 0.78%
03/31/1997 655.95 0.108 5 130.12 4.98 648.00 -1.21%
04/30/1997 648 0 5 130.12 5.02 653.20 0.80%
05/31/1997 653.2 0 5 130.12 5.10 663.61 1.59%
06/30/1997 663.61 0.1 5.09 132.676 5.08 673.99 1.56%
07/31/1997 673.99 0 5.09 132.676 5.19 688.59 2.17%
08/31/1997 688.59 0 5.09 132.676 5.15 683.28 -0.77%
09/30/1997 683.28 0.09 5.13 135.004 5.16 696.62 1.95%
10/31/1997 696.62 0 5.13 135.004 5.15 695.27 -0.19%
11/30/1997 695.27 0 5.13 135.004 5.17 697.97 0.39%
12/31/1997 697.97 0.1 5.11 137.646 5.12 704.75 0.97%
01/31/1998 704.75 0 5.11 137.646 5.19 714.38 1.37%
02/28/1998 714.38 0 5.11 137.646 5.21 717.14 0.39%
03/31/1998 717.14 0.148 5.11 141.633 5.10 722.33 0.72%
04/30/1998 722.33 0 5.11 141.633 5.12 725.16 0.39%
05/31/1998 725.16 0 5.11 141.633 5.14 727.99 0.39%
06/30/1998 727.99 0 5.11 141.633 5.14 727.99 0.00%
07/31/1998 727.99 0 5.11 141.633 5.19 735.08 0.97%
08/31/1998 735.08 0 5.11 141.633 4.93 698.25 -5.01%
09/30/1998 698.25 0 5.11 141.633 5.03 712.41 2.03%
09/30/1998 712.41 0 5.11 141.633 5.03 712.41 0.00%
09/30/1998 712.41 0 5.11 141.633 5.03 712.41 0.00%
09/30/1998 712.41 0 5.11 141.633 5.03 712.41 0.00%
0.42482
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
05/05/1993 500 0.756771599
05/31/1993 0.00100 0.498630137 496.50 (496.43) 0.751476271
06/30/1993 0.00115 0.571316645 499.93 (499.77) 0.756659657
07/31/1993 0.00119 0.594432607 499.33 (499.09) 0.755759958
08/31/1993 0.00119 0.593725802 502.72 (502.40) 0.76089534
09/30/1993 0.00115 0.578477577 503.15 (502.74) 0.76154158 OI
10/31/1993 0.00119 0.59826785 511.53 (511.03) 0.774226163
11/30/1993 0.00115 0.588612457 509.95 (509.37) 0.771832038
12/31/1993 0.00119 0.606352045 516.52 (515.84) 0.781770157 OI
01/31/1994 0.00119 0.614159441 524.98 (524.20) 0.79457823
02/28/1994 0.00107 0.563812947 513.33 (512.49) 0.7769474
03/31/1994 0.00119 0.610370678 495.70 (494.80) 0.75025651 .05 OI
04/30/1994 0.00115 0.570389311 491.10 (490.13) 0.743295621
05/31/1994 0.00119 0.583933806 498.56 (497.49) 0.754592826
06/30/1994 0.00115 0.573686034 495.43 (494.28) 0.749847862 OI
07/31/1994 0.00119 0.589081253 497.92 (496.68) 0.753617772
08/31/1994 0.00119 0.592042899 501.42 (500.10) 0.758924734
09/30/1994 0.00115 0.576979406 500.83 (499.42) 0.758021735 OI
10/31/1994 0.00119 0.595502656 499.18 (497.69) 0.755532454
11/30/1994 0.00115 0.574400395 496.52 (494.96) 0.751505758
12/31/1994 0.00119 0.590383698 490.07 (488.45) 0.741743421 OI
01/31/1995 0.00119 0.582714396 487.36 (485.66) 0.737637643
02/28/1995 0.00107 0.523409323 495.35 (493.55) 0.749740068
03/31/1995 0.00119 0.58899657 496.93 (495.04) 0.752124181 OI
04/30/1995 0.00115 0.571809224 508.30 (506.28) 0.769326798
05/31/1995 0.00119 0.604383926 521.78 (519.63) 0.789742562
06/30/1995 0.00115 0.600408939 524.43 (522.18) 0.793744895 OI
07/31/1995 0.00119 0.623566808 528.21 (525.85) 0.799469003
08/31/1995 0.00119 0.628063673 530.89 (528.43) 0.803520768
09/30/1995 0.00115 0.610883945 536.91 (534.33) 0.812633035 OI
10/31/1995 0.00119 0.63840535 541.87 (539.18) 0.820140856
11/30/1995 0.00115 0.623519518 547.95 (545.14) 0.82934236
12/31/1995 0.00119 0.651532213 557.43 (554.48) 0.843688201 OI
01/31/1996 0.00119 0.66280232 564.70 (561.62) 0.854702914
02/29/1996 0.00111 0.628135781 564.08 (560.91) 0.853752204
03/31/1996 0.00119 0.670708611 564.56 (561.29) 0.85448324 OI
04/30/1996 0.00115 0.649628626 567.37 (563.99) 0.858732329
05/31/1996 0.00119 0.674621003 571.30 (567.80) 0.864679724
06/30/1996 0.00115 0.657380596 576.48 (572.86) 0.872530059 OI
07/31/1996 0.00119 0.685460514 578.14 (574.41) 0.875041163
08/31/1996 0.00119 0.687433239 583.30 (579.44) 0.882854408
09/30/1996 0.00115 0.671198064 596.78 (592.74) 0.903253137 OI
10/31/1996 0.00119 0.709596595 605.60 (601.39) 0.916598273
11/30/1996 0.00115 0.696852143 616.80 (612.42) 0.933549994
12/31/1996 0.00119 0.733397838 616.09 (611.61) 0.932483166 OI
01/31/1997 0.00119 0.732559736 617.78 (613.19) 0.935042145
02/28/1997 0.00107 0.663482646 621.95 (617.23) 0.941350359
03/31/1997 0.00119 0.739525813 613.67 (608.91) 0.928822052 1.0 OI
04/30/1997 0.00115 0.706145382 617.89 (612.99) 0.935206781
05/31/1997 0.00119 0.734699411 627.00 (621.93) 0.948999103
06/30/1997 0.00115 0.721485168 636.09 (630.84) 0.96275108 OI
07/31/1997 0.00119 0.756338241 649.11 (643.65) 0.982461484
08/31/1997 0.00119 0.771822754 643.34 (637.81) 0.973717133
09/30/1997 0.00115 0.740277274 655.16 (649.42) 0.991607034 OI
10/31/1997 0.00119 0.779007508 653.11 (647.28) 0.988506308
11/30/1997 0.00115 0.751520879 654.89 (648.94) 0.991207598
12/31/1997 0.00119 0.778693711 660.48 (654.36) 0.999657487 OI
01/31/1998 0.00119 0.785331953 668.71 (662.42) 1.012128593
02/28/1998 0.00107 0.718181273 670.58 (664.16) 1.014951944
03/31/1998 0.00119 0.797347293 674.64 (668.06) 1.021090413 .09 OI
04/30/1998 0.00115 0.77629324 676.50 (669.80) 1.023915966
05/31/1998 0.00119 0.804389439 678.34 (671.51) 1.026694409
06/30/1998 0.00115 0.780553729 677.56 (670.62) 1.025513008
07/31/1998 0.00119 0.805644076 683.35 (676.24) 1.03428125
08/31/1998 0.00119 0.812532416 648.30 (641.44) 0.98123045
09/30/1998 0.00115 0.745989342 660.70 (653.60) 1
09/30/1998 0.00119 0.785601031 659.92 (639.72) 1
09/30/1998 0.00115 0.759355083 659.16 (672.73) 1
09/30/1998 0.00119 0.783764014 658.37 (674.43) 1
0.32140 0.321402656
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL EMERGING GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.408419 1 6.00% 10%
Units purchased 2,448.467 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1993 0.408419 2,448.467 1,000.00 1,000.00 3,110.98 0.00%
03/31/1993 0.429952 2,448.467 1,052.72 0.00008 0.082191787 1,052.64 3,110.98 0.00%
04/30/1993 0.415291 2,448.467 1,016.83 0.00008 0.086518397 1,016.66 3,110.98 0.00%
05/31/1993 0.458559 2,448.467 1,122.77 0.00008 0.086346397 1,122.50 3,110.98 0.00%
06/30/1993 0.464192 2,448.467 1,136.56 0.00008 0.092260082 1,136.19 3,110.98 0.00%
07/31/1993 0.460909 2,448.467 1,128.52 0.00008 0.09649864 1,128.06 3,110.98 0.00%
08/31/1993 0.486840 2,448.467 1,192.01 0.00008 0.095807888 1,191.43 3,110.98 0.00%
09/30/1993 0.513497 2,448.467 1,257.28 0.00008 0.097925857 1,256.57 3,110.98 0.00%
10/31/1993 0.499963 2,448.467 1,224.14 0.00008 0.106722458 1,223.34 3,110.98 0.00%
11/30/1993 0.471732 2,448.467 1,155.02 0.00008 0.100548777 1,154.17 3,110.98 0.00%
12/31/1993 0.504142 2,448.467 1,234.38 0.00008 0.098025032 1,233.36 3,110.98 0.00%
01/31/1994 0.512638 2,448.467 1,255.18 0.00008 0.104751536 1,254.05 3,110.98 2.00%
02/28/1994 0.512397 2,448.467 1,254.59 0.00008 0.096200728 1,253.36 3,110.98 2.00%
03/31/1994 0.476539 2,448.467 1,166.79 0.00008 0.106449668 1,165.54 3,110.98 2.00%
04/30/1994 0.488058 2,448.467 1,194.99 0.00008 0.09579788 1,193.62 3,110.98 2.00%
05/31/1994 0.468659 2,448.467 1,147.50 0.00008 0.101375964 1,146.07 3,110.98 2.00%
06/30/1994 0.439778 2,448.467 1,076.78 0.00008 0.094197888 1,075.35 3,110.98 2.00%
07/31/1994 0.441561 2,448.467 1,081.15 0.00008 0.091331412 1,079.62 3,110.98 2.00%
08/31/1994 0.469474 2,448.467 1,149.49 0.00008 0.09169387 1,147.78 3,110.98 2.00%
09/30/1994 0.468399 2,448.467 1,146.86 0.00008 0.094338016 1,145.06 3,110.98 2.00%
10/31/1994 0.479363 2,448.467 1,173.70 0.00008 0.097251256 1,171.76 3,110.98 2.00%
11/30/1994 0.454267 2,448.467 1,112.26 0.00008 0.096309114 1,110.32 3,110.98 2.00%
12/31/1994 0.461210 2,448.467 1,129.26 0.00008 0.094301173 1,127.20 3,110.98 2.00%
01/31/1995 0.452892 2,448.467 1,108.89 0.00008 0.095734388 1,106.77 3,110.98 4.00%
02/28/1995 0.480331 2,448.467 1,176.08 0.00008 0.08490293 1,173.74 3,110.98 4.00%
03/31/1995 0.499228 2,448.467 1,222.34 0.00008 0.09968771 1,219.82 3,110.98 4.00%
04/30/1995 0.512351 2,448.467 1,254.47 0.00008 0.100259069 1,251.78 3,110.98 4.00%
05/31/1995 0.520590 2,448.467 1,274.65 0.00008 0.106315779 1,271.81 3,110.98 4.00%
06/30/1995 0.560731 2,448.467 1,372.93 0.00008 0.104532026 1,369.77 3,110.98 4.00%
07/31/1995 0.615737 2,448.467 1,507.61 0.00008 0.116336438 1,504.02 3,110.98 4.00%
08/31/1995 0.625617 2,448.467 1,531.80 0.00008 0.127738805 1,528.03 3,110.98 4.00%
09/30/1995 0.648058 2,448.467 1,586.75 0.00008 0.125591137 1,582.71 3,110.98 4.00%
10/31/1995 0.633218 2,448.467 1,550.41 0.00008 0.13442198 1,546.33 3,110.98 4.00%
11/30/1995 0.655355 2,448.467 1,604.61 0.00008 0.127095993 1,600.26 3,110.98 4.00%
12/31/1995 0.668872 2,448.467 1,637.71 0.00008 0.135912903 1,633.14 3,110.98 4.00%
01/31/1996 0.658397 2,448.467 1,612.06 0.00008 0.138704648 1,607.42 3,110.98 6.00%
02/29/1996 0.691076 2,448.467 1,692.08 0.00008 0.127712827 1,687.08 3,110.98 6.00%
03/31/1996 0.714108 2,448.467 1,748.47 0.00008 0.143285981 1,743.16 3,110.98 6.00%
04/30/1996 0.768381 2,448.467 1,881.36 0.00008 0.143273331 1,875.50 3,110.98 6.00%
05/31/1996 0.800554 2,448.467 1,960.13 0.00008 0.159288967 1,953.87 3,110.98 6.00%
06/30/1996 0.785091 2,448.467 1,922.27 0.00008 0.160591953 1,915.97 3,110.98 6.00%
07/31/1996 0.711928 2,448.467 1,743.13 0.00008 0.162725987 1,737.26 3,110.98 6.00%
08/31/1996 0.752743 2,448.467 1,843.07 0.00008 0.147547812 1,836.71 3,110.98 6.00%
09/30/1996 0.820523 2,448.467 2,009.02 0.00008 0.150962078 2,001.94 3,110.98 6.00%
10/31/1996 0.791539 2,448.467 1,938.06 0.00008 0.170027694 1,931.05 3,110.98 6.00%
11/30/1996 0.803857 2,448.467 1,968.22 0.00008 0.158716639 1,960.95 3,110.98 6.00%
12/31/1996 0.785386 2,448.467 1,922.99 0.00008 0.166546075 1,915.72 3,110.98 6.00%
01/31/1997 0.827658 2,448.467 2,026.49 0.00008 0.162704868 2,018.67 3,110.98 6.00%
02/28/1997 0.758978 2,448.467 1,858.33 0.00008 0.154856656 1,851.00 3,110.98 6.00%
03/31/1997 0.715792 2,448.467 1,752.59 0.00008 0.157208287 1,745.52 3,110.98 6.00%
04/30/1997 0.742940 2,448.467 1,819.06 0.00008 0.143467483 1,811.58 3,110.98 6.00%
05/31/1997 0.813587 2,448.467 1,992.04 0.00008 0.153860364 1,983.69 3,110.98 6.00%
06/30/1997 0.847893 2,448.467 2,076.04 0.00008 0.163043137 2,067.17 3,110.98 6.00%
07/31/1997 0.935734 2,448.467 2,291.11 0.00008 0.175568256 2,281.16 3,110.98 6.00%
08/31/1997 0.923102 2,448.467 2,260.19 0.00008 0.193742044 2,250.17 3,110.98 6.00%
09/30/1997 0.998435 2,448.467 2,444.64 0.00008 0.184945337 2,433.62 3,110.98 6.00%
10/31/1997 0.935333 2,448.467 2,290.13 0.00008 0.206690725 2,279.60 3,110.98 6.00%
11/30/1997 0.922697 2,448.467 2,259.19 0.00008 0.1873645 2,248.62 3,110.98 6.00%
12/31/1997 0.942204 2,448.467 2,306.96 0.00008 0.190978473 2,295.97 3,110.98 6.00%
01/31/1998 0.931850 2,448.467 2,281.60 0.00008 0.194999889 2,270.54 3,110.98 6.00%
02/28/1998 1.033741 2,448.467 2,531.08 0.00008 0.174178472 2,518.63 3,110.98 6.00%
03/31/1998 1.092432 2,448.467 2,674.78 0.00008 0.213911295 2,661.42 3,110.98 6.00%
04/30/1998 1.104810 2,448.467 2,705.09 0.00008 0.218746493 2,691.35 3,110.98 6.00%
05/31/1998 1.054715 2,448.467 2,582.44 0.00008 0.2285806 2,569.09 3,110.98 6.00%
06/30/1998 1.147075 2,448.467 2,808.57 0.00008 0.211158214 2,793.85 3,110.98 6.00%
07/31/1998 1.110571 2,448.467 2,719.20 0.00008 0.237286011 2,704.70 3,110.98 6.00%
08/31/1998 0.901320 2,448.467 2,206.85 0.00008 0.229714638 2,194.86 3,110.98 6.00%
09/30/1998 1.000000 2,448.467 2,448.47 0.00008 0.180399579 2,434.98 3,110.98 6.00%
10/31/1998 1.008262 2,448.467 2,468.70 0.00008 0.206806722 2,454.89 3,110.98 6.00%
11/30/1998 1.088486 2,448.467 2,665.12 0.00008 0.20177206 2,650.02 3,110.98 6.00%
12/31/1998 1.277918 2,448.467 3,128.94 0.00008 0.225070123 3,110.98 3,110.98 6.00%
12/31/1998 3,110.98
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 211.10% 211.10%
03/01/1993 100.00% 3,110.98 5.8384 21.46% 21.46% 3,110.98 3,110.98 6
03/31/1993 100.00% 3,110.98 5.7562 20.71% 20.71% 2,955.41 2,955.41 6
04/30/1993 100.00% 3,110.98 5.6740 21.79% 21.79% 3,060.01 3,060.01 6
05/31/1993 100.00% 3,110.98 5.5890 20.01% 20.01% 2,771.48 2,771.48 6
06/30/1993 100.00% 3,110.98 5.5068 20.07% 20.07% 2,738.08 2,738.08 6
07/31/1993 100.00% 3,110.98 5.4219 20.57% 20.57% 2,757.82 2,757.82 6
08/31/1993 100.00% 3,110.98 5.3370 19.70% 19.70% 2,611.13 2,611.13 6
09/30/1993 100.00% 3,110.98 5.2548 18.83% 18.83% 2,475.77 2,475.77 6
10/31/1993 100.00% 3,110.98 5.1699 19.79% 19.79% 2,543.02 2,543.02 6
11/30/1993 100.00% 3,110.98 5.0877 21.52% 21.52% 2,695.44 2,695.44 6
12/31/1993 100.00% 3,110.98 5.0027 20.31% 20.31% 2,522.35 2,522.35 6
01/31/1994 50.00% 3,110.98 4.9178 20.29% 20.29% 2,480.76 2,480.76 5
02/28/1994 50.00% 3,110.98 4.8411 20.66% 20.66% 2,482.12 2,482.12 5
03/31/1994 50.00% 3,110.98 4.7562 22.93% 22.93% 2,669.13 2,669.13 5
04/30/1994 50.00% 3,110.98 4.6740 22.75% 22.75% 2,606.34 2,606.34 5
05/31/1994 50.00% 3,110.98 4.5890 24.31% 24.31% 2,714.47 2,714.47 5
06/30/1994 50.00% 3,110.98 4.5068 26.58% 26.58% 2,892.99 2,892.99 5
07/31/1994 50.00% 3,110.98 4.4219 27.04% 27.04% 2,881.55 2,881.55 5
08/31/1994 50.00% 3,110.98 4.3370 25.85% 25.85% 2,710.44 2,710.44 5
09/30/1994 50.00% 3,110.98 4.2548 26.48% 26.48% 2,716.89 2,716.89 5
10/31/1994 50.00% 3,110.98 4.1699 26.38% 26.38% 2,654.96 2,654.96 5
11/30/1994 50.00% 3,110.98 4.0877 28.67% 28.67% 2,801.88 2,801.88 5
12/31/1994 50.00% 3,110.98 4.0027 28.87% 28.87% 2,759.93 2,759.93 5
01/31/1995 40.00% 3,110.98 3.9178 30.19% 30.19% 2,810.87 2,810.87 4
02/28/1995 40.00% 3,110.98 3.8411 28.89% 28.89% 2,650.48 2,650.48 4
03/31/1995 40.00% 3,110.98 3.7562 28.31% 28.31% 2,550.37 2,550.37 4
04/30/1995 40.00% 3,110.69 3.6740 28.12% 28.12% 2,485.01 2,485.24 4
05/31/1995 40.00% 3,109.89 3.5890 28.29% 28.30% 2,445.25 2,446.11 4
06/30/1995 40.00% 3,105.97 3.5068 26.30% 26.35% 2,267.51 2,271.18 4
07/31/1995 40.00% 3,100.60 3.4219 23.54% 23.66% 2,061.54 2,068.44 4
08/31/1995 40.00% 3,099.64 3.3370 23.61% 23.75% 2,028.53 2,035.95 4
09/30/1995 40.00% 3,097.45 3.2548 22.91% 23.08% 1,957.05 1,965.61 4
10/31/1995 40.00% 3,098.91 3.1699 24.52% 24.67% 2,004.03 2,011.84 4
11/30/1995 40.00% 3,096.75 3.0877 23.84% 24.02% 1,935.15 1,944.04 4
12/31/1995 40.00% 3,095.43 3.0027 23.73% 23.94% 1,895.39 1,904.91 4
01/31/1996 30.00% 3,070.54 2.9178 24.83% 25.40% 1,910.23 1,935.39 3
02/29/1996 30.00% 3,065.76 2.8384 23.42% 24.06% 1,817.20 1,844.01 3
03/31/1996 30.00% 3,062.39 2.7534 22.71% 23.41% 1,756.81 1,784.68 3
04/30/1996 30.00% 3,054.45 2.6712 20.03% 20.86% 1,628.61 1,658.75 3
05/31/1996 30.00% 3,049.75 2.5863 18.79% 19.70% 1,560.88 1,592.22 3
06/30/1996 30.00% 3,052.02 2.5041 20.43% 21.36% 1,592.94 1,623.71 3
07/31/1996 30.00% 3,062.75 2.4192 26.41% 27.23% 1,762.98 1,790.75 3
08/31/1996 30.00% 3,056.78 2.3342 24.39% 25.33% 1,664.27 1,693.78 3
09/30/1996 30.00% 3,046.87 2.2521 20.50% 21.62% 1,521.96 1,553.99 3
10/31/1996 30.00% 3,051.12 2.1671 23.50% 24.61% 1,580.03 1,611.03 3
11/30/1996 30.00% 3,049.32 2.0849 23.58% 24.78% 1,555.03 1,586.47 3
12/31/1996 30.00% 3,052.04 2.0000 26.22% 27.43% 1,593.16 1,623.93 3
01/31/1997 20.00% 3,027.20 1.9151 23.56% 25.34% 1,499.60 1,541.11 2
02/28/1997 20.00% 3,037.26 1.8384 30.92% 32.63% 1,640.87 1,680.70 2
03/31/1997 20.00% 3,043.58 1.7534 37.31% 39.04% 1,743.65 1,782.27 2
04/30/1997 20.00% 3,039.62 1.6712 36.30% 38.20% 1,677.88 1,717.27 2
05/31/1997 20.00% 3,029.29 1.5863 30.59% 32.80% 1,527.10 1,568.28 2
06/30/1997 20.00% 3,024.29 1.5041 28.78% 31.23% 1,463.00 1,504.94 2
07/31/1997 20.00% 3,011.45 1.4192 21.62% 24.44% 1,320.14 1,363.77 2
08/31/1997 20.00% 3,013.31 1.3342 24.47% 27.48% 1,339.15 1,382.56 2
09/30/1997 20.00% 3,002.30 1.2521 18.26% 21.67% 1,233.68 1,278.34 2
10/31/1997 20.00% 3,011.54 1.1671 26.94% 30.53% 1,321.08 1,364.71 2
11/30/1997 20.00% 3,013.40 1.0849 30.98% 34.88% 1,340.11 1,383.51 2
12/31/1997 20.00% 3,010.56 1.0000 31.12% 35.50% 1,311.24 1,354.98 2
01/31/1998 10.00% 2,993.42 0.9151 31.84% 37.02% 1,287.79 1,334.00 1
02/28/1998 10.00% 2,978.53 0.8384 18.26% 23.52% 1,150.98 1,193.74 1
03/31/1998 10.00% 2,969.96 0.7534 11.59% 16.89% 1,086.15 1,124.78 1
04/30/1998 10.00% 2,968.17 0.6712 10.29% 15.59% 1,067.92 1,102.14 1
05/31/1998 10.00% 2,975.50 0.5863 15.82% 21.09% 1,089.92 1,118.75 1
06/30/1998 10.00% 2,962.02 0.5041 6.02% 11.35% 1,029.90 1,055.70 1
07/31/1998 10.00% 2,967.37 0.4192 9.71% 15.02% 1,039.62 1,060.42 1
08/31/1998 10.00% 2,997.96 0.3342 36.59% 41.74% 1,109.83 1,123.64 1
09/30/1998 10.00% 2,983.55 0.2521 22.53% 27.76% 1,052.55 1,063.71 1
10/31/1998 10.00% 2,982.36 0.1671 21.49% 26.73% 1,033.06 1,040.37 1
11/30/1998 10.00% 2,970.65 0.0849 12.10% 17.39% 1,009.74 1,013.71 1
12/31/1998 10.00% 2,942.99 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL EMERGING GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.408419 1 6.00% 10%
Units purchased 2,448.467 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,650.02 2,970.65 3,110.98 12.10% 17.39%
09/30/1998 0.25 0.25 2,434.98 2,983.55 3,110.98 22.53% 27.76%
12/31/1997 1.00 1.00 2,295.97 3,010.56 3,110.98 31.12% 35.50%
12/31/1997 1.00 1.00 2,295.97 3,010.56 3,110.98 31.12% 35.50%
12/31/1995 3.00 3.00 1,633.14 3,095.43 3,110.98 23.76% 23.96%
12/31/1993 5.00 5.00 1,233.36 3,110.98 3,110.98 20.33% 20.33%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
03/01/1993 5.84 5.84 1,000.00 3,110.98 3,110.98 21.46% 21.46%
12/31/1992 1,000.00
12/31/1993 1 1,233.36 23.34%
12/31/1994 1 1,127.20 -8.61%
12/31/1995 1 1,633.14 44.88%
12/31/1996 1 1,915.72 17.30%
12/31/1997 1 2,295.97 19.85%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
WRL EMERGING GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1993 100 10 1000
03/31/1993 1000 0 10 100 10.53746 1,053.75 5.38%
04/30/1993 1053.75 0 10 100 10.18896 1,018.90 -3.31%
05/31/1993 1018.9 0 10 100 11.261441 1,126.14 10.53%
06/30/1993 1126.14 0 10 100 11.411324 1,141.13 1.33%
07/31/1993 1141.13 0 10 100 11.342657 1,134.27 -0.60%
08/31/1993 1134.27 0 10 100 11.992937 1,199.29 5.73%
09/30/1993 1199.29 0 10 100 12.661894 1,266.19 5.58%
10/31/1993 1266.19 0 10 100 12.341639 1,234.16 -2.53%
11/30/1993 1234.16 0 10 100 11.657381 1,165.74 -5.54%
12/31/1993 1165.74 0 10 100 12.470748 1,247.07 6.98%
01/31/1994 1247.07 0 10 100 12.694077 1,269.41 1.79%
02/28/1994 1269.41 0 10 100 12.70033 1,270.03 0.05%
03/31/1994 1270.03 0 10 100 11.825031 1,182.50 -6.89%
04/30/1994 1182.5 0 10 100 12.12298 1,212.30 2.52%
05/31/1994 1212.3 0 10 100 11.653996 1,165.40 -3.87%
06/30/1994 1165.4 0 10 100 10.947833 1,094.78 -6.06%
07/31/1994 1094.78 0 10 100 11.003815 1,100.38 0.51%
08/31/1994 1100.38 0 10 100 11.711116 1,171.11 6.43%
09/30/1994 1171.11 0 10 100 11.696262 1,169.63 -0.13%
10/31/1994 1169.63 0 10 100 11.982454 1,198.25 2.45%
11/30/1994 1198.25 0 10 100 11.367466 1,136.75 -5.13%
12/31/1994 1136.75 0.005781 11.547531 100.05 11.547531 1,155.33 1.63%
01/31/1995 1155.33 0 10 100.05 11.351519 1,135.72 -1.70%
02/28/1995 1135.72 0 10 100.05 12.050149 1,205.62 6.15%
03/31/1995 1205.62 0 10 100.05 12.537044 1,254.33 4.04%
04/30/1995 1254.33 0 10 100.05 12.879457 1,288.59 2.73%
05/31/1995 1288.59 0 10 100.05 13.100217 1,310.68 1.71%
06/30/1995 1310.68 0.015262 13.982351 100.159 14.108497 1,413.09 7.81%
07/31/1995 1413.09 0 10 100.159 15.507454 1,553.21 9.92%
08/31/1995 1553.21 0 10 100.159 15.772692 1,579.78 1.71%
09/30/1995 1579.78 0 10 100.159 16.354739 1,638.07 3.69%
10/31/1995 1638.07 0 10 100.159 15.99752 1,602.30 -2.18%
11/30/1995 1602.3 0 10 100.159 16.573286 1,659.96 3.60%
12/31/1995 1659.96 0.687923 16.244634 104.401 16.244634 1,695.96 2.17%
01/31/1996 1695.96 0 10 104.401 16.007465 1,671.20 -1.46%
02/29/1996 1671.2 0 10 104.401 16.817986 1,755.81 5.06%
03/31/1996 1755.81 0 10 104.401 17.396321 1,816.19 3.44%
04/30/1996 1816.19 0 10 104.401 18.736355 1,956.09 7.70%
05/31/1996 1956.09 0 10 104.401 19.540747 2,040.07 4.29%
06/30/1996 2040.07 0 10 104.401 19.183366 2,002.76 -1.83%
07/31/1996 2002.76 0 10 104.401 17.415981 1,818.25 -9.21%
08/31/1996 1818.25 0.035987 18.653077 104.602 18.39758 1,924.42 5.84%
09/30/1996 1924.42 0 10 104.602 20.073037 2,099.68 9.11%
10/31/1996 2099.68 0 10 104.602 19.385336 2,027.74 -3.43%
11/30/1996 2027.74 0 10 104.602 19.706928 2,061.38 1.66%
12/31/1996 2061.38 0.812715 18.436079 109.213 18.461145 2,016.20 -2.19%
01/31/1997 2016.2 0 10 109.213 19.474383 2,126.86 5.49%
02/28/1997 2126.86 0 10 109.213 17.877122 1,952.41 -8.20%
03/31/1997 1952.41 0 10 109.213 16.878806 1,843.39 -5.58%
04/30/1997 1843.39 0 10 109.213 17.536382 1,915.20 3.90%
05/31/1997 1915.2 0 10 109.213 19.22257 2,099.35 9.62%
06/30/1997 2099.35 0.113626 19.678516 109.844 19.937667 2,190.03 4.32%
07/31/1997 2190.03 0 10 109.844 22.024297 2,419.24 10.47%
08/31/1997 2419.24 0 10 109.844 21.750366 2,389.15 -1.24%
09/30/1997 2389.15 0 10 109.844 23.547771 2,586.58 8.26%
10/31/1997 2586.58 0 10 109.844 22.084547 2,425.85 -6.21%
11/30/1997 2425.85 0 10 109.844 21.8088 2,395.57 -1.25%
12/31/1997 2395.57 1.955022 20.680552 120.228 20.367602 2,448.76 2.22%
01/31/1998 2448.76 0 10 120.228 20.165446 2,424.45 -0.99%
02/28/1998 2424.45 0 10 120.228 22.389741 2,691.87 11.03%
03/31/1998 2691.87 0 10 120.228 23.684634 2,847.56 5.78%
04/30/1998 2847.56 0 10 120.228 23.977339 2,882.75 1.24%
05/31/1998 2882.75 0 10 120.228 22.915633 2,755.10 -4.43%
06/30/1998 2755.1 0.040938 22.803499 120.444 24.901147 2,999.19 8.86%
07/31/1998 2999.19 0 10 120.444 24.13509 2,906.93 -3.08%
08/31/1998 2906.93 0 10 120.444 19.613234 2,362.30 -18.74%
09/30/1998 2362.3 0 10 120.444 21.780766 2,623.36 11.05%
1.62336
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
03/01/1993 1,000.00 0.40841885
03/31/1993 0.00103 1.02739726 1,052.72 0.08 0.429951755
04/30/1993 0.00103 1.081564318 1,016.83 0.17 0.415290504
05/31/1993 0.00106 1.079506011 1,122.77 0.27 0.458559255
06/30/1993 0.00103 1.15352786 1,136.56 0.37 0.464191995
07/31/1993 0.00106 1.20662053 1,128.52 0.46 0.460908659
08/31/1993 0.00106 1.198085827 1,192.01 0.58 0.486840103
09/30/1993 0.00103 1.224669692 1,257.28 0.71 0.513497328
10/31/1993 0.00106 1.334784799 1,224.14 0.80 0.499962563
11/30/1993 0.00103 1.257679872 1,155.02 0.85 0.47173172
12/31/1993 0.00106 1.226219289 1,234.38 1.01 0.504142142
01/31/1994 0.00106 1.31046693 1,255.18 1.13 0.51263812
02/28/1994 0.00096 1.203594789 1,254.59 1.23 0.51239693
03/31/1994 0.00106 1.331924423 1,166.79 1.25 0.476538739
04/30/1994 0.00103 1.198756116 1,194.99 1.37 0.488058323
05/31/1994 0.00106 1.268658658 1,147.50 1.42 0.468658768
06/30/1994 0.00103 1.17893367 1,076.78 1.43 0.439777851
07/31/1994 0.00106 1.143158411 1,081.15 1.52 0.441560507
08/31/1994 0.00106 1.147792249 1,149.49 1.71 0.469474263
09/30/1994 0.00103 1.180985087 1,146.86 1.80 0.468398624
10/31/1994 0.00106 1.217555242 1,173.70 1.94 0.479362727
11/30/1994 0.00103 1.205859995 1,112.26 1.94 0.454267012
12/31/1994 0.00106 1.180821533 1,129.26 2.06 0.461209665
01/31/1995 0.00106 1.198868264 1,108.89 2.12 0.45289168
02/28/1995 0.00096 1.063319415 1,176.08 2.33 0.480331461
03/31/1995 0.00106 1.248573454 1,222.34 2.52 0.499228087
04/30/1995 0.00103 1.255832263 1,254.47 2.69 0.512350791
05/31/1995 0.00106 1.331804492 1,274.65 2.84 0.520589968
06/30/1995 0.00103 1.309569103 1,372.93 3.16 0.56073142
07/31/1995 0.00106 1.457565083 1,507.61 3.59 0.615737455
08/31/1995 0.00106 1.600547755 1,531.80 3.78 0.625616879
09/30/1995 0.00103 1.573769348 1,586.75 4.04 0.648057848
10/31/1995 0.00106 1.684561373 1,550.41 4.08 0.633218413
11/30/1995 0.00103 1.592891373 1,604.61 4.35 0.655354699
12/31/1995 0.00106 1.703528806 1,637.71 4.58 0.6688718
01/31/1996 0.00106 1.738665154 1,612.06 4.64 0.658396569
02/29/1996 0.00099 1.601020625 1,692.08 5.00 0.691076175
03/31/1996 0.00106 1.796383199 1,748.47 5.31 0.7141077
04/30/1996 0.00103 1.796372264 1,881.36 5.86 0.768381305
05/31/1996 0.00106 1.997330132 1,960.13 6.26 0.800554154
06/30/1996 0.00103 2.013832475 1,922.27 6.30 0.785090661
07/31/1996 0.00106 2.040764427 1,743.13 5.88 0.711928449
08/31/1996 0.00106 1.850586595 1,843.07 6.36 0.75274307
09/30/1996 0.00103 1.893561394 2,009.02 7.08 0.820523216
10/31/1996 0.00106 2.132867799 1,938.06 7.00 0.791539048
11/30/1996 0.00103 1.991154543 1,968.22 7.27 0.803857375
12/31/1996 0.00106 2.089546616 1,922.99 7.27 0.785385536
01/31/1997 0.00106 2.041530924 2,026.49 7.83 0.827657958
02/28/1997 0.00096 1.943212505 1,858.33 7.33 0.758977884
03/31/1997 0.00106 1.972886881 1,752.59 7.07 0.715791795
04/30/1997 0.00103 1.800608687 1,819.06 7.48 0.742940351
05/31/1997 0.00106 1.931198922 1,992.04 8.35 0.813586693
06/30/1997 0.00103 2.046616454 2,076.04 8.86 0.847893142
07/31/1997 0.00106 2.204013175 2,291.11 9.96 0.935734043
08/31/1997 0.00106 2.432346787 2,260.19 10.02 0.923102163
09/30/1997 0.00103 2.322107885 2,444.64 11.02 0.998435318
10/31/1997 0.00106 2.595332462 2,290.13 10.53 0.935332596
11/30/1997 0.00103 2.352874128 2,259.19 10.57 0.922696608
12/31/1997 0.00106 2.398457283 2,306.96 10.99 0.942204112
01/31/1998 0.00106 2.449165083 2,281.60 11.06 0.93185012
02/28/1998 0.00096 2.187839541 2,531.08 12.45 1.03374085
03/31/1998 0.00106 2.687105653 2,674.78 13.37 1.092431976
04/30/1998 0.00103 2.748065175 2,705.09 13.74 1.104809833
05/31/1998 0.00106 2.871842344 2,582.44 13.34 1.054715237
06/30/1998 0.00103 2.653186905 2,808.57 14.72 1.147074856
07/31/1998 0.00106 2.981706032 2,719.20 14.49 1.110571168
08/31/1998 0.00106 2.886818357 2,206.85 11.99 0.901320262
09/30/1998 0.00103 2.267314467 2,448.47 13.48 1
1.44847 1.4484668
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL EMERGING GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.411904 1 6.00% 10%
Units purchased 2,427.750 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1993 0.411904 2,427.750 1,000.00 1,000.00 3,084.16 0.00%
03/31/1993 0.433570 2,427.750 1,052.60 0.00008 0.082191773 1,052.52 3,084.16 0.00%
04/30/1993 0.418732 2,427.750 1,016.58 0.00008 0.086508249 1,016.41 3,084.16 0.00%
05/31/1993 0.462306 2,427.750 1,122.36 0.00008 0.086325248 1,122.09 3,084.16 0.00%
06/30/1993 0.467927 2,427.750 1,136.01 0.00008 0.092226842 1,135.65 3,084.16 0.00%
07/31/1993 0.464558 2,427.750 1,127.83 0.00008 0.096452124 1,127.37 3,084.16 0.00%
08/31/1993 0.490636 2,427.750 1,191.14 0.00008 0.095749417 1,190.56 3,084.16 0.00%
09/30/1993 0.517440 2,427.750 1,256.22 0.00008 0.097854289 1,255.51 3,084.16 0.00%
10/31/1993 0.503736 2,427.750 1,222.94 0.00008 0.106631995 1,222.15 3,084.16 0.00%
11/30/1993 0.475230 2,427.750 1,153.74 0.00008 0.1004504 1,152.89 3,084.16 0.00%
12/31/1993 0.507820 2,427.750 1,232.86 0.00008 0.097916327 1,231.85 3,084.16 0.00%
01/31/1994 0.516313 2,427.750 1,253.48 0.00008 0.104622898 1,252.35 3,084.16 2.00%
02/28/1994 0.516011 2,427.750 1,252.75 0.00008 0.096070551 1,251.52 3,084.16 2.00%
03/31/1994 0.479834 2,427.750 1,164.92 0.00008 0.106293383 1,163.67 3,084.16 2.00%
04/30/1994 0.491374 2,427.750 1,192.93 0.00008 0.09564413 1,191.56 3,084.16 2.00%
05/31/1994 0.471780 2,427.750 1,145.36 0.00008 0.101201076 1,143.95 3,084.16 2.00%
06/30/1994 0.442649 2,427.750 1,074.64 0.00008 0.094022907 1,073.22 3,084.16 2.00%
07/31/1994 0.444387 2,427.750 1,078.86 0.00008 0.091149777 1,077.34 3,084.16 2.00%
08/31/1994 0.472422 2,427.750 1,146.92 0.00008 0.091499902 1,145.21 3,084.16 2.00%
09/30/1994 0.471282 2,427.750 1,144.15 0.00008 0.094127173 1,142.35 3,084.16 2.00%
10/31/1994 0.482253 2,427.750 1,170.79 0.00008 0.097021911 1,168.85 3,084.16 2.00%
11/30/1994 0.456947 2,427.750 1,109.35 0.00008 0.09607003 1,107.42 3,084.16 2.00%
12/31/1994 0.463872 2,427.750 1,126.17 0.00008 0.094054834 1,124.11 3,084.16 2.00%
01/31/1995 0.455447 2,427.750 1,105.71 0.00008 0.095472322 1,103.60 3,084.16 4.00%
02/28/1995 0.482989 2,427.750 1,172.58 0.00008 0.08465953 1,170.25 3,084.16 4.00%
03/31/1995 0.501929 2,427.750 1,218.56 0.00008 0.099391139 1,216.04 3,084.16 4.00%
04/30/1995 0.515061 2,427.750 1,250.44 0.00008 0.099948544 1,247.76 3,084.16 4.00%
05/31/1995 0.523278 2,427.750 1,270.39 0.00008 0.105973762 1,267.56 3,084.16 4.00%
06/30/1995 0.563562 2,427.750 1,368.19 0.00008 0.104182682 1,365.03 3,084.16 4.00%
07/31/1995 0.618774 2,427.750 1,502.23 0.00008 0.115934371 1,498.65 3,084.16 4.00%
08/31/1995 0.628623 2,427.750 1,526.14 0.00008 0.127282561 1,522.38 3,084.16 4.00%
09/30/1995 0.651095 2,427.750 1,580.69 0.00008 0.125126871 1,576.67 3,084.16 4.00%
10/31/1995 0.636103 2,427.750 1,544.30 0.00008 0.133909129 1,540.23 3,084.16 4.00%
11/30/1995 0.658261 2,427.750 1,598.09 0.00008 0.126594583 1,593.76 3,084.16 4.00%
12/31/1995 0.671755 2,427.750 1,630.85 0.00008 0.135360581 1,626.30 3,084.16 4.00%
01/31/1996 0.661149 2,427.750 1,605.10 0.00008 0.138123737 1,600.48 3,084.16 6.00%
02/29/1996 0.693886 2,427.750 1,684.58 0.00008 0.127161489 1,679.60 3,084.16 6.00%
03/31/1996 0.716923 2,427.750 1,740.51 0.00008 0.142651214 1,735.22 3,084.16 6.00%
04/30/1996 0.771322 2,427.750 1,872.58 0.00008 0.142621034 1,866.75 3,084.16 6.00%
05/31/1996 0.803520 2,427.750 1,950.74 0.00008 0.158545584 1,944.51 3,084.16 6.00%
06/30/1996 0.787900 2,427.750 1,912.82 0.00008 0.159822941 1,906.55 3,084.16 6.00%
07/31/1996 0.714375 2,427.750 1,734.33 0.00008 0.161926396 1,728.48 3,084.16 6.00%
08/31/1996 0.755239 2,427.750 1,833.53 0.00008 0.146802173 1,827.20 3,084.16 6.00%
09/30/1996 0.823151 2,427.750 1,998.41 0.00008 0.150181086 1,991.36 3,084.16 6.00%
10/31/1996 0.793969 2,427.750 1,927.56 0.00008 0.169128934 1,920.59 3,084.16 6.00%
11/30/1996 0.806228 2,427.750 1,957.32 0.00008 0.157856818 1,950.09 3,084.16 6.00%
12/31/1996 0.787599 2,427.750 1,912.09 0.00008 0.165623729 1,904.86 3,084.16 6.00%
01/31/1997 0.829890 2,427.750 2,014.76 0.00008 0.161782695 2,006.98 3,084.16 6.00%
02/28/1997 0.760929 2,427.750 1,847.35 0.00008 0.153960349 1,840.06 3,084.16 6.00%
03/31/1997 0.717535 2,427.750 1,742.00 0.00008 0.156278754 1,734.97 3,084.16 6.00%
04/30/1997 0.744661 2,427.750 1,807.85 0.00008 0.142599928 1,800.41 3,084.16 6.00%
05/31/1997 0.815376 2,427.750 1,979.53 0.00008 0.152911797 1,971.23 3,084.16 6.00%
06/30/1997 0.849658 2,427.750 2,062.76 0.00008 0.162019105 2,053.95 3,084.16 6.00%
07/31/1997 0.937573 2,427.750 2,276.19 0.00008 0.174444916 2,266.30 3,084.16 6.00%
08/31/1997 0.924797 2,427.750 2,245.18 0.00008 0.192480199 2,235.22 3,084.16 6.00%
09/30/1997 1.000154 2,427.750 2,428.12 0.00008 0.183717054 2,417.18 3,084.16 6.00%
10/31/1997 0.936816 2,427.750 2,274.35 0.00008 0.205294619 2,263.90 3,084.16 6.00%
11/30/1997 0.924044 2,427.750 2,243.35 0.00008 0.186073624 2,232.85 3,084.16 6.00%
12/31/1997 0.943462 2,427.750 2,290.49 0.00008 0.189638992 2,279.58 3,084.16 6.00%
01/31/1998 0.932974 2,427.750 2,265.03 0.00008 0.193608044 2,254.04 3,084.16 6.00%
02/28/1998 1.034881 2,427.750 2,512.43 0.00008 0.172912965 2,500.07 3,084.16 6.00%
03/31/1998 1.093505 2,427.750 2,654.76 0.00008 0.212335078 2,641.49 3,084.16 6.00%
04/30/1998 1.105760 2,427.750 2,684.51 0.00008 0.217108469 2,670.87 3,084.16 6.00%
05/31/1998 1.055481 2,427.750 2,562.44 0.00008 0.226841276 2,549.20 3,084.16 6.00%
06/30/1998 1.147778 2,427.750 2,786.52 0.00008 0.209523495 2,771.91 3,084.16 6.00%
07/31/1998 1.111106 2,427.750 2,697.49 0.00008 0.235422326 2,683.11 3,084.16 6.00%
08/31/1998 0.901612 2,427.750 2,188.89 0.00008 0.227880428 2,176.99 3,084.16 6.00%
09/30/1998 1.000213 2,427.750 2,428.27 0.00008 0.178931042 2,414.89 3,084.16 6.00%
10/31/1998 1.008351 2,427.750 2,448.02 0.00008 0.205100423 2,434.34 3,084.16 6.00%
11/30/1998 1.088446 2,427.750 2,642.47 0.00008 0.200082344 2,627.50 3,084.16 6.00%
12/31/1998 1.277710 2,427.750 3,101.96 0.00008 0.223157398 3,084.16 3,084.16 6.00%
12/31/1998 3,084.16
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 208.42% 208.42%
03/01/1993 100.00% 3,084.16 5.8384 21.28% 21.28% 3,084.16 3,084.16 6
03/31/1993 100.00% 3,084.16 5.7562 20.54% 20.54% 2,930.27 2,930.27 6
04/30/1993 100.00% 3,084.16 5.6740 21.61% 21.61% 3,034.36 3,034.36 6
05/31/1993 100.00% 3,084.16 5.5890 19.83% 19.83% 2,748.57 2,748.57 6
06/30/1993 100.00% 3,084.16 5.5068 19.89% 19.89% 2,715.77 2,715.77 6
07/31/1993 100.00% 3,084.16 5.4219 20.40% 20.40% 2,735.70 2,735.70 6
08/31/1993 100.00% 3,084.16 5.3370 19.52% 19.52% 2,590.51 2,590.51 6
09/30/1993 100.00% 3,084.16 5.2548 18.65% 18.65% 2,456.51 2,456.51 6
10/31/1993 100.00% 3,084.16 5.1699 19.61% 19.61% 2,523.56 2,523.56 6
11/30/1993 100.00% 3,084.16 5.0877 21.34% 21.34% 2,675.16 2,675.16 6
12/31/1993 100.00% 3,084.16 5.0027 20.14% 20.14% 2,503.68 2,503.68 6
01/31/1994 50.00% 3,084.16 4.9178 20.11% 20.11% 2,462.70 2,462.70 5
02/28/1994 50.00% 3,084.16 4.8411 20.48% 20.48% 2,464.33 2,464.33 5
03/31/1994 50.00% 3,084.16 4.7562 22.74% 22.74% 2,650.37 2,650.37 5
04/30/1994 50.00% 3,084.16 4.6740 22.56% 22.56% 2,588.33 2,588.33 5
05/31/1994 50.00% 3,084.16 4.5890 24.13% 24.13% 2,696.07 2,696.07 5
06/30/1994 50.00% 3,084.16 4.5068 26.39% 26.39% 2,873.75 2,873.75 5
07/31/1994 50.00% 3,084.16 4.4219 26.85% 26.85% 2,862.76 2,862.76 5
08/31/1994 50.00% 3,084.16 4.3370 25.66% 25.66% 2,693.08 2,693.08 5
09/30/1994 50.00% 3,084.16 4.2548 26.29% 26.29% 2,699.82 2,699.82 5
10/31/1994 50.00% 3,084.16 4.1699 26.20% 26.20% 2,638.62 2,638.62 5
11/30/1994 50.00% 3,084.16 4.0877 28.48% 28.48% 2,784.99 2,784.99 5
12/31/1994 50.00% 3,084.16 4.0027 28.68% 28.68% 2,743.64 2,743.64 5
01/31/1995 40.00% 3,084.16 3.9178 29.99% 29.99% 2,794.64 2,794.64 4
02/28/1995 40.00% 3,084.16 3.8411 28.70% 28.70% 2,635.47 2,635.47 4
03/31/1995 40.00% 3,084.16 3.7562 28.12% 28.12% 2,536.23 2,536.23 4
04/30/1995 40.00% 3,083.59 3.6740 27.92% 27.93% 2,471.31 2,471.76 4
05/31/1995 40.00% 3,082.80 3.5890 28.10% 28.11% 2,432.08 2,433.15 4
06/30/1995 40.00% 3,078.90 3.5068 26.11% 26.17% 2,255.55 2,259.40 4
07/31/1995 40.00% 3,073.56 3.4219 23.36% 23.48% 2,050.88 2,057.96 4
08/31/1995 40.00% 3,072.61 3.3370 23.42% 23.56% 2,018.30 2,025.88 4
09/30/1995 40.00% 3,070.44 3.2548 22.72% 22.89% 1,947.42 1,956.12 4
10/31/1995 40.00% 3,071.89 3.1699 24.33% 24.49% 1,994.43 2,002.39 4
11/30/1995 40.00% 3,069.75 3.0877 23.65% 23.84% 1,926.11 1,935.14 4
12/31/1995 40.00% 3,068.45 3.0027 23.54% 23.75% 1,886.77 1,896.43 4
01/31/1996 30.00% 3,043.64 2.9178 24.64% 25.21% 1,901.71 1,927.02 3
02/29/1996 30.00% 3,038.90 2.8384 23.23% 23.88% 1,809.29 1,836.24 3
03/31/1996 30.00% 3,035.56 2.7534 22.52% 23.23% 1,749.38 1,777.38 3
04/30/1996 30.00% 3,027.67 2.6712 19.85% 20.68% 1,621.90 1,652.16 3
05/31/1996 30.00% 3,023.00 2.5863 18.60% 19.52% 1,554.63 1,586.08 3
06/30/1996 30.00% 3,025.28 2.5041 20.25% 21.18% 1,586.78 1,617.66 3
07/31/1996 30.00% 3,035.96 2.4192 26.22% 27.04% 1,756.44 1,784.32 3
08/31/1996 30.00% 3,030.04 2.3342 24.20% 25.14% 1,658.29 1,687.91 3
09/30/1996 30.00% 3,020.19 2.2521 20.31% 21.44% 1,516.65 1,548.77 3
10/31/1996 30.00% 3,024.44 2.1671 23.31% 24.43% 1,574.74 1,605.84 3
11/30/1996 30.00% 3,022.67 2.0849 23.39% 24.59% 1,550.02 1,581.55 3
12/31/1996 30.00% 3,025.38 2.0000 26.03% 27.24% 1,588.24 1,619.10 3
01/31/1997 20.00% 3,000.75 1.9151 23.37% 25.15% 1,495.15 1,536.71 2
02/28/1997 20.00% 3,010.76 1.8384 30.71% 32.44% 1,636.23 1,676.12 2
03/31/1997 20.00% 3,017.07 1.7534 37.10% 38.83% 1,738.98 1,777.65 2
04/30/1997 20.00% 3,013.14 1.6712 36.09% 38.00% 1,673.58 1,713.03 2
05/31/1997 20.00% 3,002.89 1.5863 30.39% 32.60% 1,523.36 1,564.58 2
06/30/1997 20.00% 2,997.93 1.5041 28.58% 31.03% 1,459.59 1,501.57 2
07/31/1997 20.00% 2,985.19 1.4192 21.43% 24.25% 1,317.21 1,360.88 2
08/31/1997 20.00% 2,987.05 1.3342 24.27% 27.29% 1,336.36 1,379.80 2
09/30/1997 20.00% 2,976.14 1.2521 18.07% 21.48% 1,231.24 1,275.93 2
10/31/1997 20.00% 2,985.33 1.1671 26.75% 30.33% 1,318.67 1,362.32 2
11/30/1997 20.00% 2,987.20 1.0849 30.77% 34.68% 1,337.84 1,381.27 2
12/31/1997 20.00% 2,984.39 1.0000 30.92% 35.30% 1,309.19 1,352.95 2
01/31/1998 10.00% 2,967.42 0.9151 31.65% 36.83% 1,286.11 1,332.33 1
02/28/1998 10.00% 2,952.66 0.8384 18.10% 23.36% 1,149.70 1,192.47 1
03/31/1998 10.00% 2,944.17 0.7534 11.46% 16.76% 1,085.17 1,123.82 1
04/30/1998 10.00% 2,942.41 0.6712 10.17% 15.47% 1,067.15 1,101.38 1
05/31/1998 10.00% 2,949.71 0.5863 15.71% 20.99% 1,089.32 1,118.16 1
06/30/1998 10.00% 2,936.35 0.5041 5.93% 11.26% 1,029.48 1,055.28 1
07/31/1998 10.00% 2,941.68 0.4192 9.64% 14.95% 1,039.32 1,060.13 1
08/31/1998 10.00% 2,972.04 0.3342 36.52% 41.67% 1,109.64 1,123.46 1
09/30/1998 10.00% 2,957.77 0.2521 22.48% 27.71% 1,052.45 1,063.61 1
10/31/1998 10.00% 2,956.60 0.1671 21.45% 26.69% 1,033.01 1,040.33 1
11/30/1998 10.00% 2,945.01 0.0849 12.08% 17.38% 1,009.73 1,013.70 1
12/31/1998 10.00% 2,917.61 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL EMERGING GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.411904 1 6.00% 10%
Units purchased 2,427.750 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,627.50 2,945.01 3,084.16 12.08% 17.38%
09/30/1998 0.25 0.25 2,414.89 2,957.77 3,084.16 22.48% 27.71%
12/31/1997 1.00 1.00 2,279.58 2,984.39 3,084.16 30.92% 35.30%
12/31/1997 1.00 1.00 2,279.58 2,984.39 3,084.16 30.92% 35.30%
12/31/1995 3.00 3.00 1,626.30 3,068.45 3,084.16 23.57% 23.78%
12/31/1993 5.00 5.00 1,231.85 3,084.16 3,084.16 20.15% 20.15%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
03/01/1993 5.84 5.84 1,000.00 3,084.16 3,084.16 21.28% 21.28%
12/31/1992 1,000.00
12/31/1993 1 1,231.85 23.19%
12/31/1994 1 1,124.11 -8.75%
12/31/1995 1 1,626.30 44.67%
12/31/1996 1 1,904.86 17.13%
12/31/1997 1 2,279.58 19.67%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
WRL EMERGING GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1993 100 10 1000
03/31/1993 1000 0 10 100 10.53746 1,053.75 5.38%
04/30/1993 1053.75 0 10 100 10.18896 1,018.90 -3.31%
05/31/1993 1018.9 0 10 100 11.261441 1,126.14 10.53%
06/30/1993 1126.14 0 10 100 11.411324 1,141.13 1.33%
07/31/1993 1141.13 0 10 100 11.342657 1,134.27 -0.60%
08/31/1993 1134.27 0 10 100 11.992937 1,199.29 5.73%
09/30/1993 1199.29 0 10 100 12.661894 1,266.19 5.58%
10/31/1993 1266.19 0 10 100 12.341639 1,234.16 -2.53%
11/30/1993 1234.16 0 10 100 11.657381 1,165.74 -5.54%
12/31/1993 1165.74 0 10 100 12.470748 1,247.07 6.98%
01/31/1994 1247.07 0 10 100 12.694077 1,269.41 1.79%
02/28/1994 1269.41 0 10 100 12.70033 1,270.03 0.05%
03/31/1994 1270.03 0 10 100 11.825031 1,182.50 -6.89%
04/30/1994 1182.5 0 10 100 12.12298 1,212.30 2.52%
05/31/1994 1212.3 0 10 100 11.653996 1,165.40 -3.87%
06/30/1994 1165.4 0 10 100 10.947833 1,094.78 -6.06%
07/31/1994 1094.78 0 10 100 11.003815 1,100.38 0.51%
08/31/1994 1100.38 0 10 100 11.711116 1,171.11 6.43%
09/30/1994 1171.11 0 10 100 11.696262 1,169.63 -0.13%
10/31/1994 1169.63 0 10 100 11.982454 1,198.25 2.45%
11/30/1994 1198.25 0 10 100 11.367466 1,136.75 -5.13%
12/31/1994 1136.75 0.005781 11.547531 100.05 11.547531 1,155.33 1.63%
01/31/1995 1155.33 0 10 100.05 11.351519 1,135.72 -1.70%
02/28/1995 1135.72 0 10 100.05 12.050149 1,205.62 6.15%
03/31/1995 1205.62 0 10 100.05 12.537044 1,254.33 4.04%
04/30/1995 1254.33 0 10 100.05 12.879457 1,288.59 2.73%
05/31/1995 1288.59 0 10 100.05 13.100217 1,310.68 1.71%
06/30/1995 1310.68 0.015262 13.982351 100.159 14.108497 1,413.09 7.81%
07/31/1995 1413.09 0 10 100.159 15.507454 1,553.21 9.92%
08/31/1995 1553.21 0 10 100.159 15.772692 1,579.78 1.71%
09/30/1995 1579.78 0 10 100.159 16.354739 1,638.07 3.69%
10/31/1995 1638.07 0 10 100.159 15.99752 1,602.30 -2.18%
11/30/1995 1602.3 0 10 100.159 16.573286 1,659.96 3.60%
12/31/1995 1659.96 0.687923 16.244634 104.401 16.244634 1,695.96 2.17%
01/31/1996 1695.96 0 10 104.401 16.007465 1,671.20 -1.46%
02/29/1996 1671.2 0 10 104.401 16.817986 1,755.81 5.06%
03/31/1996 1755.81 0 10 104.401 17.396321 1,816.19 3.44%
04/30/1996 1816.19 0 10 104.401 18.736355 1,956.09 7.70%
05/31/1996 1956.09 0 10 104.401 19.540747 2,040.07 4.29%
06/30/1996 2040.07 0 10 104.401 19.183366 2,002.76 -1.83%
07/31/1996 2002.76 0 10 104.401 17.415981 1,818.25 -9.21%
08/31/1996 1818.25 0.035987 18.653077 104.602 18.39758 1,924.42 5.84%
09/30/1996 1924.42 0 10 104.602 20.073037 2,099.68 9.11%
10/31/1996 2099.68 0 10 104.602 19.385336 2,027.74 -3.43%
11/30/1996 2027.74 0 10 104.602 19.706928 2,061.38 1.66%
12/31/1996 2061.38 0.812715 18.436079 109.213 18.461145 2,016.20 -2.19%
01/31/1997 2016.2 0 10 109.213 19.474383 2,126.86 5.49%
02/28/1997 2126.86 0 10 109.213 17.877122 1,952.41 -8.20%
03/31/1997 1952.41 0 10 109.213 16.878806 1,843.39 -5.58%
04/30/1997 1843.39 0 10 109.213 17.536382 1,915.20 3.90%
05/31/1997 1915.2 0 10 109.213 19.22257 2,099.35 9.62%
06/30/1997 2099.35 0.113626 19.678516 109.844 19.937667 2,190.03 4.32%
07/31/1997 2190.03 0 10 109.844 22.024297 2,419.24 10.47%
08/31/1997 2419.24 0 10 109.844 21.750366 2,389.15 -1.24%
09/30/1997 2389.15 0 10 109.844 23.547771 2,586.58 8.26%
10/31/1997 2586.58 0 10 109.844 22.084547 2,425.85 -6.21%
11/30/1997 2425.85 0 10 109.844 21.8088 2,395.57 -1.25%
12/31/1997 2395.57 1.955022 20.680552 120.228 20.367602 2,448.76 2.22%
01/31/1998 2448.76 0 10 120.228 20.165446 2,424.45 -0.99%
02/28/1998 2424.45 0 10 120.228 22.389741 2,691.87 11.03%
03/31/1998 2691.87 0 10 120.228 23.684634 2,847.56 5.78%
04/30/1998 2847.56 0 10 120.228 23.977339 2,882.75 1.24%
05/31/1998 2882.75 0 10 120.228 22.915633 2,755.10 -4.43%
06/30/1998 2755.1 0.040938 22.803499 120.444 24.901147 2,999.19 8.86%
07/31/1998 2999.19 0 10 120.444 24.13509 2,906.93 -3.08%
08/31/1998 2906.93 0 10 120.444 19.613234 2,362.30 -18.74%
09/30/1998 2362.3 0 10 120.444 21.780766 2,623.36 11.05%
1.62336
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
03/01/1993 1,000.00 0.411903989
03/31/1993 0.00115 1.150684932 1,052.60 0.08 0.433569856
04/30/1993 0.00115 1.211210171 1,016.58 0.17 0.418731775
05/31/1993 0.00119 1.208750832 1,122.36 0.27 0.462305724
06/30/1993 0.00115 1.291485989 1,136.01 0.37 0.467927487
07/31/1993 0.00119 1.350763836 1,127.83 0.46 0.464558116
08/31/1993 0.00119 1.341037491 1,191.14 0.58 0.490635701
09/30/1993 0.00115 1.370627921 1,256.22 0.71 0.517440268
10/31/1993 0.00119 1.493692121 1,222.94 0.80 0.503735654
11/30/1993 0.00115 1.40722363 1,153.74 0.85 0.475229655
12/31/1993 0.00119 1.371842967 1,232.86 1.01 0.50781986
01/31/1994 0.00119 1.465920943 1,253.48 1.13 0.516313122
02/28/1994 0.00107 1.346202422 1,252.75 1.23 0.516010791
03/31/1994 0.00119 1.48956566 1,164.92 1.25 0.479833959
04/30/1994 0.00115 1.34045244 1,192.93 1.37 0.491374043
05/31/1994 0.00119 1.418446888 1,145.36 1.42 0.471780093
06/30/1994 0.00115 1.317953356 1,074.64 1.43 0.442648661
07/31/1994 0.00119 1.277791581 1,078.86 1.52 0.444386562
08/31/1994 0.00119 1.282808372 1,146.92 1.71 0.472422357
09/30/1994 0.00115 1.319747568 1,144.15 1.80 0.47128172
10/31/1994 0.00119 1.360446482 1,170.79 1.94 0.482253269
11/30/1994 0.00115 1.347210965 1,109.35 1.93 0.456946772
12/31/1994 0.00119 1.319065862 1,126.17 2.06 0.463872166
01/31/1995 0.00119 1.339057363 1,105.71 2.11 0.455447066
02/28/1995 0.00107 1.18750409 1,172.58 2.33 0.482989266
03/31/1995 0.00119 1.394242594 1,218.56 2.52 0.501928921
04/30/1995 0.00115 1.402176384 1,250.44 2.68 0.515060737
05/31/1995 0.00119 1.486823143 1,270.39 2.83 0.523277876
06/30/1995 0.00115 1.461816304 1,368.19 3.15 0.563562072
07/31/1995 0.00119 1.626831693 1,502.23 3.58 0.618773989
08/31/1995 0.00119 1.786211646 1,526.14 3.76 0.628623304
09/30/1995 0.00115 1.756106721 1,580.70 4.02 0.651094612
10/31/1995 0.00119 1.879511419 1,544.30 4.06 0.636102693
11/30/1995 0.00115 1.77700096 1,598.09 4.33 0.658261384
12/31/1995 0.00119 1.900199705 1,630.85 4.56 0.671754577
01/31/1996 0.00119 1.939150433 1,605.10 4.62 0.661148618
02/29/1996 0.00111 1.785403025 1,684.58 4.98 0.693886029
03/31/1996 0.00119 2.003037179 1,740.51 5.29 0.716922799
04/30/1996 0.00115 2.002778036 1,872.58 5.83 0.771321969
05/31/1996 0.00119 2.226571106 1,950.75 6.23 0.803519682
06/30/1996 0.00115 2.244692975 1,912.82 6.27 0.787899843
07/31/1996 0.00119 2.274426368 1,734.33 5.85 0.714375469
08/31/1996 0.00119 2.062183939 1,833.53 6.33 0.755239367
09/30/1996 0.00115 2.109818265 1,998.41 7.05 0.823151178
10/31/1996 0.00119 2.376186213 1,927.56 6.97 0.793969312
11/30/1996 0.00115 2.218013297 1,957.32 7.23 0.806227574
12/31/1996 0.00119 2.327332933 1,912.09 7.23 0.787598559
01/31/1997 0.00119 2.273556653 2,014.77 7.78 0.829889756
02/28/1997 0.00107 2.163802453 1,847.35 7.29 0.760928991
03/31/1997 0.00119 2.196569749 1,742.00 7.03 0.717534944
04/30/1997 0.00115 2.004488109 1,807.85 7.44 0.74466115
05/31/1997 0.00119 2.149609457 1,979.53 8.30 0.815376255
06/30/1997 0.00115 2.277815209 2,062.76 8.81 0.849657638
07/31/1997 0.00119 2.452702273 2,276.19 9.89 0.937573096
08/31/1997 0.00119 2.706487365 2,245.18 9.95 0.924796945
09/30/1997 0.00115 2.583490178 2,428.13 10.95 1.000154393
10/31/1997 0.00119 2.88714047 2,274.35 10.46 0.936815606
11/30/1997 0.00115 2.617065216 2,243.35 10.50 0.924044085
12/31/1997 0.00119 2.667433241 2,290.49 10.91 0.943462357
01/31/1998 0.00119 2.723487864 2,265.03 10.98 0.932974344
02/28/1998 0.00107 2.432578736 2,512.43 12.36 1.034880643
03/31/1998 0.00119 2.987384554 2,654.76 13.27 1.09350464
04/30/1998 0.00115 3.054787878 2,684.51 13.64 1.105759835
05/31/1998 0.00119 3.191991148 2,562.44 13.24 1.055481294
06/30/1998 0.00115 2.948566785 2,786.52 14.61 1.147777866
07/31/1998 0.00119 3.31328438 2,697.49 14.38 1.111105583
08/31/1998 0.00119 3.20742269 2,188.89 11.90 0.901612432
09/30/1998 0.00115 2.518722489 2,428.27 13.38 1.000213
1.42827 1.428267333
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GLOBAL -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.388779 1 6.00% 10%
Units purchased 2,572.154 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/03/1992 0.388779 2,572.154 1,000.00 1,000.00 3,079.42 0.00%
12/31/1992 0.394697 2,572.154 1,015.22 0.00008 0.076712327 1,015.14 3,079.42 0.00%
01/30/1993 0.395899 2,572.154 1,018.31 0.00008 0.083436522 1,018.15 3,079.42 0.00%
02/28/1993 0.393007 2,572.154 1,010.88 0.00008 0.080894407 1,010.64 3,079.42 0.00%
03/31/1993 0.415766 2,572.154 1,069.42 0.00008 0.085834783 1,069.08 3,079.42 0.00%
04/30/1993 0.408958 2,572.154 1,051.90 0.00008 0.087869197 1,051.48 3,079.42 0.00%
05/31/1993 0.416523 2,572.154 1,071.36 0.00008 0.08930374 1,070.84 3,079.42 0.00%
06/30/1993 0.422417 2,572.154 1,086.52 0.00008 0.088014429 1,085.91 3,079.42 0.00%
07/31/1993 0.423243 2,572.154 1,088.65 0.00008 0.092227748 1,087.94 3,079.42 0.00%
08/31/1993 0.442939 2,572.154 1,139.31 0.00008 0.092400144 1,138.47 3,079.42 0.00%
09/30/1993 0.451930 2,572.154 1,162.43 0.00008 0.093573138 1,161.49 3,079.42 0.00%
10/31/1993 0.482138 2,572.154 1,240.13 0.00008 0.098647013 1,239.03 3,079.42 0.00%
11/30/1993 0.478748 2,572.154 1,231.41 0.00008 0.101837922 1,230.21 3,079.42 0.00%
12/31/1993 0.526591 2,572.154 1,354.47 0.00008 0.104483871 1,353.05 3,079.42 0.00%
01/31/1994 0.553002 2,572.154 1,422.41 0.00008 0.114916398 1,420.80 3,079.42 2.00%
02/28/1994 0.534529 2,572.154 1,374.89 0.00008 0.108992562 1,373.22 3,079.42 2.00%
03/31/1994 0.512322 2,572.154 1,317.77 0.00008 0.116630031 1,316.06 3,079.42 2.00%
04/30/1994 0.531051 2,572.154 1,365.94 0.00008 0.108169054 1,364.06 3,079.42 2.00%
05/31/1994 0.521041 2,572.154 1,340.20 0.00008 0.11585173 1,338.23 3,079.42 2.00%
06/30/1994 0.502679 2,572.154 1,292.97 0.00008 0.109991734 1,290.96 3,079.42 2.00%
07/31/1994 0.514752 2,572.154 1,324.02 0.00008 0.109643431 1,321.86 3,079.42 2.00%
08/31/1994 0.536817 2,572.154 1,380.77 0.00008 0.112267369 1,378.41 3,079.42 2.00%
09/30/1994 0.527669 2,572.154 1,357.25 0.00008 0.113293731 1,354.80 3,079.42 2.00%
10/31/1994 0.543717 2,572.154 1,398.52 0.00008 0.115065606 1,395.89 3,079.42 2.00%
11/30/1994 0.528477 2,572.154 1,359.32 0.00008 0.114730937 1,356.65 3,079.42 2.00%
12/31/1994 0.521369 2,572.154 1,341.04 0.00008 0.115222644 1,338.29 3,079.42 2.00%
01/31/1995 0.506154 2,572.154 1,301.91 0.00008 0.113663007 1,299.12 3,079.42 4.00%
02/28/1995 0.508496 2,572.154 1,307.93 0.00008 0.099658738 1,305.03 3,079.42 4.00%
03/31/1995 0.514699 2,572.154 1,323.89 0.00008 0.11083857 1,320.84 3,079.42 4.00%
04/30/1995 0.530335 2,572.154 1,364.10 0.00008 0.108562441 1,360.86 3,079.42 4.00%
05/31/1995 0.540516 2,572.154 1,390.29 0.00008 0.115579847 1,386.87 3,079.42 4.00%
06/30/1995 0.563598 2,572.154 1,449.66 0.00008 0.113989252 1,445.98 3,079.42 4.00%
07/31/1995 0.599724 2,572.154 1,542.58 0.00008 0.122809278 1,538.54 3,079.42 4.00%
08/31/1995 0.599411 2,572.154 1,541.78 0.00008 0.130670829 1,537.61 3,079.42 4.00%
09/30/1995 0.609357 2,572.154 1,567.36 0.00008 0.126378877 1,563.00 3,079.42 4.00%
10/31/1995 0.594788 2,572.154 1,529.89 0.00008 0.132747566 1,525.49 3,079.42 4.00%
11/30/1995 0.609201 2,572.154 1,566.96 0.00008 0.125382952 1,562.34 3,079.42 4.00%
12/31/1995 0.633764 2,572.154 1,630.14 0.00008 0.132691506 1,625.19 3,079.42 4.00%
01/31/1996 0.654119 2,572.154 1,682.49 0.00008 0.138030161 1,677.25 3,079.42 6.00%
02/29/1996 0.675721 2,572.154 1,738.06 0.00008 0.133261327 1,732.51 3,079.42 6.00%
03/31/1996 0.704874 2,572.154 1,813.04 0.00008 0.147144915 1,807.11 3,079.42 6.00%
04/30/1996 0.723268 2,572.154 1,860.36 0.00008 0.148529665 1,854.12 3,079.42 6.00%
05/31/1996 0.745263 2,572.154 1,916.93 0.00008 0.157473149 1,910.35 3,079.42 6.00%
06/30/1996 0.757678 2,572.154 1,948.86 0.00008 0.157014955 1,942.01 3,079.42 6.00%
07/31/1996 0.728032 2,572.154 1,872.61 0.00008 0.164938143 1,865.86 3,079.42 6.00%
08/31/1996 0.753683 2,572.154 1,938.59 0.00008 0.158470639 1,931.44 3,079.42 6.00%
09/30/1996 0.768590 2,572.154 1,976.93 0.00008 0.158748878 1,969.49 3,079.42 6.00%
10/31/1996 0.770474 2,572.154 1,981.78 0.00008 0.167271674 1,974.15 3,079.42 6.00%
11/30/1996 0.800063 2,572.154 2,057.88 0.00008 0.162258873 2,049.80 3,079.42 6.00%
12/31/1996 0.799658 2,572.154 2,056.84 0.00008 0.174092668 2,048.59 3,079.42 6.00%
01/31/1997 0.833330 2,572.154 2,143.45 0.00008 0.173989704 2,134.68 3,079.42 6.00%
02/28/1997 0.839342 2,572.154 2,158.92 0.00008 0.163756164 2,149.91 3,079.42 6.00%
03/31/1997 0.834300 2,572.154 2,145.95 0.00008 0.182595505 2,136.82 3,079.42 6.00%
04/30/1997 0.837789 2,572.154 2,154.92 0.00008 0.175628758 2,145.58 3,079.42 6.00%
05/31/1997 0.879990 2,572.154 2,263.47 0.00008 0.182227032 2,253.47 3,079.42 6.00%
06/30/1997 0.929751 2,572.154 2,391.46 0.00008 0.185216819 2,380.71 3,079.42 6.00%
07/31/1997 0.986595 2,572.154 2,537.67 0.00008 0.202197688 2,526.07 3,079.42 6.00%
08/31/1997 0.910027 2,572.154 2,340.73 0.00008 0.214542517 2,329.81 3,079.42 6.00%
09/30/1997 0.981500 2,572.154 2,524.57 0.00008 0.191491101 2,512.60 3,079.42 6.00%
10/31/1997 0.926313 2,572.154 2,382.62 0.00008 0.213398744 2,371.11 3,079.42 6.00%
11/30/1997 0.923498 2,572.154 2,375.38 0.00008 0.19488559 2,363.71 3,079.42 6.00%
12/31/1997 0.937960 2,572.154 2,412.58 0.00008 0.200753371 2,400.52 3,079.42 6.00%
01/31/1998 0.976508 2,572.154 2,511.73 0.00008 0.203880022 2,498.97 3,079.42 6.00%
02/28/1998 1.051991 2,572.154 2,705.88 0.00008 0.191702099 2,691.95 3,079.42 6.00%
03/31/1998 1.104667 2,572.154 2,841.37 0.00008 0.228631408 2,826.51 3,079.42 6.00%
04/30/1998 1.133660 2,572.154 2,915.95 0.00008 0.232316277 2,900.47 3,079.42 6.00%
05/31/1998 1.172671 2,572.154 3,016.29 0.00008 0.246341074 3,000.03 3,079.42 6.00%
06/30/1998 1.201867 2,572.154 3,091.39 0.00008 0.246577835 3,074.48 3,079.42 6.00%
07/31/1998 1.211900 2,572.154 3,117.19 0.00008 0.261119992 3,099.88 3,079.42 6.00%
08/31/1998 1.036582 2,572.154 2,666.25 0.00008 0.263277477 2,651.18 3,079.42 6.00%
09/30/1998 1.000000 2,572.154 2,572.15 0.00008 0.217904985 2,557.40 3,079.42 6.00%
10/31/1998 1.040275 2,572.154 2,675.75 0.00008 0.217203532 2,660.18 3,079.42 6.00%
11/30/1998 1.112779 2,572.154 2,862.24 0.00008 0.218644797 2,845.37 3,079.42 6.00%
12/31/1998 1.204408 2,572.154 3,097.92 0.00008 0.241661226 3,079.42 3,079.42 6.00%
12/31/1998 3,079.42
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 207.94% 207.94%
12/03/1992 100.00% 3,079.42 6.0795 20.32% 20.32% 3,079.42 3,079.42 7
12/31/1992 100.00% 3,079.42 6.0027 20.31% 20.31% 3,033.48 3,033.48 7
01/30/1993 100.00% 3,079.42 5.9205 20.55% 20.55% 3,024.51 3,024.51 6
02/28/1993 100.00% 3,079.42 5.8411 21.02% 21.02% 3,047.01 3,047.01 6
03/31/1993 100.00% 3,079.42 5.7562 20.18% 20.18% 2,880.45 2,880.45 6
04/30/1993 100.00% 3,079.42 5.6740 20.85% 20.85% 2,928.65 2,928.65 6
05/31/1993 100.00% 3,079.42 5.5890 20.80% 20.80% 2,875.70 2,875.70 6
06/30/1993 100.00% 3,079.42 5.5068 20.84% 20.84% 2,835.80 2,835.80 6
07/31/1993 100.00% 3,079.42 5.4219 21.15% 21.15% 2,830.51 2,830.51 6
08/31/1993 100.00% 3,079.42 5.3370 20.50% 20.50% 2,704.87 2,704.87 6
09/30/1993 100.00% 3,079.42 5.2548 20.39% 20.39% 2,651.27 2,651.27 6
10/31/1993 100.00% 3,079.42 5.1699 19.26% 19.26% 2,485.35 2,485.35 6
11/30/1993 100.00% 3,079.42 5.0877 19.76% 19.76% 2,503.16 2,503.16 6
12/31/1993 100.00% 3,079.42 5.0027 17.87% 17.87% 2,275.91 2,275.91 6
01/31/1994 50.00% 3,079.42 4.9178 17.03% 17.03% 2,167.39 2,167.39 5
02/28/1994 50.00% 3,079.42 4.8411 18.15% 18.15% 2,242.47 2,242.47 5
03/31/1994 50.00% 3,079.42 4.7562 19.57% 19.57% 2,339.88 2,339.88 5
04/30/1994 50.00% 3,079.42 4.6740 19.03% 19.03% 2,257.54 2,257.54 5
05/31/1994 50.00% 3,079.42 4.5890 19.91% 19.91% 2,301.11 2,301.11 5
06/30/1994 50.00% 3,079.42 4.5068 21.28% 21.28% 2,385.37 2,385.37 5
07/31/1994 50.00% 3,079.42 4.4219 21.08% 21.08% 2,329.61 2,329.61 5
08/31/1994 50.00% 3,079.42 4.3370 20.36% 20.36% 2,234.04 2,234.04 5
09/30/1994 50.00% 3,079.42 4.2548 21.29% 21.29% 2,272.96 2,272.96 5
10/31/1994 50.00% 3,079.42 4.1699 20.89% 20.89% 2,206.06 2,206.06 5
11/30/1994 50.00% 3,079.42 4.0877 22.21% 22.21% 2,269.86 2,269.86 5
12/31/1994 50.00% 3,079.42 4.0027 23.15% 23.15% 2,301.01 2,301.01 5
01/31/1995 40.00% 3,076.72 3.9178 24.62% 24.64% 2,368.31 2,370.38 4
02/28/1995 40.00% 3,076.49 3.8411 25.01% 25.05% 2,357.40 2,359.65 4
03/31/1995 40.00% 3,075.86 3.7562 25.24% 25.28% 2,328.71 2,331.40 4
04/30/1995 40.00% 3,074.26 3.6740 24.83% 24.89% 2,259.05 2,262.85 4
05/31/1995 40.00% 3,073.21 3.5890 24.82% 24.89% 2,215.94 2,220.41 4
06/30/1995 40.00% 3,070.85 3.5068 23.96% 24.06% 2,123.72 2,129.64 4
07/31/1995 40.00% 3,067.15 3.4219 22.34% 22.48% 1,993.54 2,001.52 4
08/31/1995 40.00% 3,067.19 3.3370 22.99% 23.14% 1,994.77 2,002.73 4
09/30/1995 40.00% 3,066.17 3.2548 23.00% 23.16% 1,961.73 1,970.20 4
10/31/1995 40.00% 3,067.67 3.1699 24.66% 24.81% 2,010.94 2,018.64 4
11/30/1995 40.00% 3,066.20 3.0877 24.40% 24.58% 1,962.57 1,971.04 4
12/31/1995 40.00% 3,063.68 3.0027 23.51% 23.72% 1,885.12 1,894.80 4
01/31/1996 30.00% 3,034.21 2.9178 22.53% 23.15% 1,809.04 1,835.99 3
02/29/1996 30.00% 3,030.90 2.8384 21.78% 22.46% 1,749.42 1,777.43 3
03/31/1996 30.00% 3,026.42 2.7534 20.60% 21.36% 1,674.73 1,704.06 3
04/30/1996 30.00% 3,023.60 2.6712 20.09% 20.92% 1,630.75 1,660.85 3
05/31/1996 30.00% 3,020.23 2.5863 19.38% 20.27% 1,580.98 1,611.97 3
06/30/1996 30.00% 3,018.33 2.5041 19.26% 20.21% 1,554.23 1,585.68 3
07/31/1996 30.00% 3,022.90 2.4192 22.07% 23.01% 1,620.11 1,650.40 3
08/31/1996 30.00% 3,018.96 2.3342 21.09% 22.12% 1,563.06 1,594.36 3
09/30/1996 30.00% 3,016.68 2.2521 20.84% 21.95% 1,531.71 1,563.56 3
10/31/1996 30.00% 3,016.40 2.1671 21.61% 22.77% 1,527.95 1,559.87 3
11/30/1996 30.00% 3,011.86 2.0849 20.27% 21.56% 1,469.34 1,502.30 3
12/31/1996 30.00% 3,011.93 2.0000 21.25% 22.60% 1,470.25 1,503.19 3
01/31/1997 20.00% 2,988.29 1.9151 19.20% 21.09% 1,399.88 1,442.57 2
02/28/1997 20.00% 2,987.38 1.8384 19.60% 21.59% 1,389.53 1,432.34 2
03/31/1997 20.00% 2,988.16 1.7534 21.08% 23.17% 1,398.42 1,441.12 2
04/30/1997 20.00% 2,987.64 1.6712 21.91% 24.14% 1,392.46 1,435.24 2
05/31/1997 20.00% 2,981.16 1.5863 19.29% 21.76% 1,322.92 1,366.52 2
06/30/1997 20.00% 2,973.53 1.5041 15.93% 18.66% 1,249.01 1,293.49 2
07/31/1997 20.00% 2,964.81 1.4192 11.95% 14.98% 1,173.69 1,219.06 2
08/31/1997 20.00% 2,976.58 1.3342 20.16% 23.25% 1,277.61 1,321.75 2
09/30/1997 20.00% 2,965.62 1.2521 14.16% 17.64% 1,180.30 1,225.59 2
10/31/1997 20.00% 2,974.11 1.1671 21.43% 25.10% 1,254.31 1,298.73 2
11/30/1997 20.00% 2,974.55 1.0849 23.60% 27.61% 1,258.42 1,302.79 2
12/31/1997 20.00% 2,972.34 1.0000 23.82% 28.28% 1,238.21 1,282.81 2
01/31/1998 10.00% 2,947.96 0.9151 17.97% 23.23% 1,163.23 1,210.61 1
02/28/1998 10.00% 2,936.38 0.8384 9.08% 14.39% 1,075.59 1,119.35 1
03/31/1998 10.00% 2,928.30 0.7534 3.60% 8.95% 1,027.01 1,066.69 1
04/30/1998 10.00% 2,923.87 0.6712 0.81% 6.17% 1,005.41 1,041.00 1
05/31/1998 10.00% 2,917.89 0.5863 -2.74% 2.65% 983.86 1,015.43 1
06/30/1998 10.00% 2,913.43 0.5041 -5.24% 0.16% 973.24 1,000.81 1
07/31/1998 10.00% 2,911.90 0.4192 -6.06% -0.66% 974.12 997.23 1
08/31/1998 10.00% 2,938.82 0.3342 10.85% 16.15% 1,035.02 1,051.32 1
09/30/1998 10.00% 2,944.45 0.2521 15.13% 20.41% 1,036.17 1,047.94 1
10/31/1998 10.00% 2,938.28 0.1671 10.45% 15.76% 1,016.75 1,024.76 1
11/30/1998 10.00% 2,927.17 0.0849 2.88% 8.23% 1,002.41 1,006.73 1
12/31/1998 10.00% 2,913.13 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GLOBAL -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.388779 1 6.00% 10%
Units purchased 2,572.154 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,845.37 2,927.17 3,079.42 2.88% 8.23%
09/30/1998 0.25 0.25 2,557.40 2,944.45 3,079.42 15.13% 20.41%
12/31/1997 1.00 1.00 2,400.52 2,972.34 3,079.42 23.82% 28.28%
12/31/1997 1.00 1.00 2,400.52 2,972.34 3,079.42 23.82% 28.28%
12/31/1995 3.00 3.00 1,625.19 3,063.68 3,079.42 23.53% 23.74%
12/31/1993 5.00 5.00 1,353.05 3,079.42 3,079.42 17.88% 17.88%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
12/03/1992 6.08 6.08 1,000.00 3,079.42 3,079.42 20.32% 20.32%
12/31/1992 1,015.14
12/31/1993 1 1,353.05 33.29%
12/31/1994 1 1,338.29 -1.09%
12/31/1995 1 1,625.19 21.44%
12/31/1996 1 2,048.59 26.05%
12/31/1997 1 2,400.52 17.18%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
WRL GLOBAL
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/03/1992 100 10 1000
12/31/1992 1000 0 10 100 10.161755 1,016.18 1.62%
01/30/1993 1016.18 0 10 100 10.203229 1,020.32 0.41%
02/28/1993 1020.32 0 10 100 10.138799 1,013.88 -0.63%
03/31/1993 1013.88 0 10 100 10.736661 1,073.67 5.90%
04/30/1993 1073.67 0 10 100 10.571885 1,057.19 -1.53%
05/31/1993 1057.19 0 10 100 10.778733 1,077.87 1.96%
06/30/1993 1077.87 0 10 100 10.94226 1,094.23 1.52%
07/31/1993 1094.23 0 10 100 10.975303 1,097.53 0.30%
08/31/1993 1097.53 0 10 100 11.497727 1,149.77 4.76%
09/30/1993 1149.77 0 10 100 11.742894 1,174.29 2.13%
10/31/1993 1174.29 0 10 100 12.540308 1,254.03 6.79%
11/30/1993 1254.03 0 10 100 12.465046 1,246.50 -0.60%
12/31/1993 1246.5 0.103382 13.600815 100.76 13.620395 1,372.39 10.10%
01/31/1994 1372.39 0 10 100.76 14.317957 1,442.68 5.12%
02/28/1994 1442.68 0 10 100.76 13.853458 1,395.87 -3.24%
03/31/1994 1395.87 0 10 100.76 13.292543 1,339.36 -4.05%
04/30/1994 1339.36 0 10 100.76 13.792227 1,389.70 3.76%
05/31/1994 1389.7 0 10 100.76 13.546885 1,364.98 -1.78%
06/30/1994 1364.98 0.002691 13.104429 100.781 13.080624 1,318.28 -3.42%
07/31/1994 1318.28 0 10 100.781 13.408669 1,351.34 2.51%
08/31/1994 1351.34 0 10 100.781 13.99765 1,410.70 4.39%
09/30/1994 1410.7 0.007736 14.041378 100.837 13.765926 1,388.11 -1.60%
10/31/1994 1388.11 0 10 100.837 14.199139 1,431.80 3.15%
11/30/1994 1431.8 0 10 100.837 13.815788 1,393.14 -2.70%
12/31/1994 1393.14 0.525501 13.119137 104.876 13.119137 1,375.88 -1.24%
01/31/1995 1375.88 0 10 104.876 12.750161 1,337.19 -2.81%
02/28/1995 1337.19 0 10 104.876 12.821425 1,344.66 0.56%
03/31/1995 1344.66 0 10 104.876 12.991404 1,362.49 1.33%
04/30/1995 1362.49 0 10 104.876 13.399459 1,405.28 3.14%
05/31/1995 1405.28 0 10 104.876 13.670875 1,433.75 2.03%
06/30/1995 1433.75 0 10 104.876 14.268793 1,496.45 4.37%
07/31/1995 1496.45 0 10 104.876 15.198542 1,593.96 6.52%
08/31/1995 1593.96 0 10 104.876 15.206675 1,594.82 0.05%
09/30/1995 1594.82 0.018537 15.61413 105.001 15.45624 1,622.92 1.76%
10/31/1995 1622.92 0 10 105.001 15.103107 1,585.84 -2.28%
11/30/1995 1585.84 0 10 105.001 15.48465 1,625.90 2.53%
12/31/1995 1625.9 0.609619 15.515662 109.127 15.515662 1,693.18 4.14%
01/31/1996 1693.18 0 10 109.127 16.030492 1,749.36 3.32%
02/29/1996 1749.36 0 10 109.127 16.57579 1,808.87 3.40%
03/31/1996 1808.87 0 10 109.127 17.308538 1,888.83 4.42%
04/30/1996 1888.83 0 10 109.127 17.777998 1,940.06 2.71%
05/31/1996 1940.06 0 10 109.127 18.337529 2,001.12 3.15%
06/30/1996 2001.12 0.016784 18.553246 109.226 18.644953 2,036.51 1.77%
07/31/1996 2036.51 0 10 109.226 17.935211 1,958.99 -3.81%
08/31/1996 1958.99 0.113153 18.562623 109.892 18.473493 2,030.09 3.63%
09/30/1996 2030.09 0 10 109.892 18.857908 2,072.33 2.08%
10/31/1996 2072.33 0 10 109.892 18.924103 2,079.61 0.35%
11/30/1996 2079.61 0 10 109.892 19.670339 2,161.61 3.94%
12/31/1996 2161.61 1.55623 18.002417 119.392 18.115166 2,162.81 0.06%
01/31/1997 2162.81 0 10 119.392 18.897243 2,256.18 4.32%
02/28/1997 2256.18 0 10 119.392 19.051712 2,274.62 0.82%
03/31/1997 2274.62 0 10 119.392 18.95744 2,263.37 -0.49%
04/30/1997 2263.37 0 10 119.392 19.056189 2,275.16 0.52%
05/31/1997 2275.16 0 10 119.392 20.036357 2,392.18 5.14%
06/30/1997 2392.18 0.29989 21.123351 121.087 20.893284 2,529.91 5.76%
07/31/1997 2529.91 0 10 121.087 22.192909 2,687.27 6.22%
08/31/1997 2687.27 0 10 121.087 20.494118 2,481.57 -7.65%
09/30/1997 2481.57 0 10 121.087 22.124735 2,679.02 7.96%
10/31/1997 2679.02 0 10 121.087 20.904227 2,531.23 -5.52%
11/30/1997 2531.23 0 10 121.087 20.862149 2,526.14 -0.20%
12/31/1997 2526.14 2.184629 20.318943 134.87 19.04334 2,568.38 1.67%
01/31/1998 2568.38 0 10 134.87 19.84622 2,676.66 4.22%
02/28/1998 2676.66 0 10 134.87 21.399317 2,886.13 7.83%
03/31/1998 2886.13 0 10 134.87 22.493573 3,033.71 5.11%
04/30/1998 3033.71 0 10 134.87 23.107097 3,116.45 2.73%
05/31/1998 3116.45 0 10 134.87 23.92671 3,227.00 3.55%
06/30/1998 3227 0.130705 22.799228 135.643 24.407147 3,310.66 2.59%
07/31/1998 3310.66 0 10 135.643 24.636797 3,341.81 0.94%
08/31/1998 3341.81 0 10 135.643 21.098933 2,861.92 -14.36%
09/30/1998 2861.92 0 10 135.643 20.376021 2,763.86 -3.43%
1.76386
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
12/03/1992 1,000.00 0.3887792
12/31/1992 0.00096 0.95890411 1,015.22 0.08 0.394696845
01/30/1993 0.00103 1.043035372 1,018.31 0.16 0.395899362
02/28/1993 0.00099 1.011339399 1,010.88 0.24 0.393007358
03/31/1993 0.00106 1.073189716 1,069.42 0.34 0.415766348
04/30/1993 0.00103 1.098714148 1,051.90 0.42 0.408957501
05/31/1993 0.00106 1.116744954 1,071.36 0.52 0.41652307
06/30/1993 0.00103 1.100713878 1,086.52 0.61 0.422417157
07/31/1993 0.00106 1.153499392 1,088.65 0.71 0.423242634
08/31/1993 0.00106 1.155753532 1,139.31 0.83 0.442938714
09/30/1993 0.00103 1.170520495 1,162.43 0.94 0.451929753
10/31/1993 0.00106 1.234089778 1,240.13 1.11 0.482138192
11/30/1993 0.00103 1.274109978 1,231.41 1.20 0.478747778
12/31/1993 0.00106 1.307322067 1,354.47 1.42 0.526590547
01/31/1994 0.00106 1.437966868 1,422.41 1.61 0.553001999
02/28/1994 0.00096 1.363951287 1,374.89 1.67 0.534528712
03/31/1994 0.00106 1.459643706 1,317.77 1.71 0.512321526
04/30/1994 0.00103 1.353873182 1,365.94 1.88 0.531050832
05/31/1994 0.00106 1.450146619 1,340.20 1.96 0.521040707
06/30/1994 0.00103 1.376914698 1,292.97 2.00 0.502679048
07/31/1994 0.00106 1.372671463 1,324.02 2.16 0.514751634
08/31/1994 0.00106 1.405638211 1,380.77 2.37 0.536816527
09/30/1994 0.00103 1.418604261 1,357.25 2.44 0.527668785
10/31/1994 0.00106 1.440911224 1,398.52 2.63 0.543716674
11/30/1994 0.00103 1.436838754 1,359.32 2.67 0.528477179
12/31/1994 0.00106 1.443118715 1,341.04 2.75 0.521368673
01/31/1995 0.00106 1.423707437 1,301.91 2.78 0.506154182
02/28/1995 0.00096 1.248403529 1,307.93 2.90 0.508496379
03/31/1995 0.00106 1.388556914 1,323.89 3.04 0.514699126
04/30/1995 0.00103 1.360156285 1,364.10 3.24 0.53033483
05/31/1995 0.00106 1.448191425 1,390.29 3.42 0.54051602
06/30/1995 0.00103 1.428380629 1,449.66 3.68 0.563598257
07/31/1995 0.00106 1.539024248 1,542.58 4.04 0.599724475
08/31/1995 0.00106 1.637674528 1,541.78 4.17 0.599411355
09/30/1995 0.00103 1.584018858 1,567.36 4.36 0.609356876
10/31/1995 0.00106 1.663977834 1,529.89 4.39 0.594787548
11/30/1995 0.00103 1.571799876 1,566.96 4.62 0.60920143
12/31/1995 0.00106 1.663553356 1,630.14 4.94 0.633763526
01/31/1996 0.00106 1.730625357 1,682.50 5.24 0.654119077
02/29/1996 0.00099 1.670971106 1,738.06 5.55 0.675721362
03/31/1996 0.00106 1.845200102 1,813.04 5.93 0.704873839
04/30/1996 0.00103 1.862716555 1,860.36 6.24 0.723267672
05/31/1996 0.00106 1.975035358 1,916.93 6.58 0.745263406
06/30/1996 0.00103 1.969450996 1,948.86 6.85 0.75767778
07/31/1996 0.00106 2.068999435 1,872.61 6.75 0.728032299
08/31/1996 0.00106 1.98804618 1,938.59 7.14 0.753682748
09/30/1996 0.00103 1.991700149 1,976.93 7.44 0.768590262
10/31/1996 0.00106 2.098798276 1,981.78 7.63 0.770474315
11/30/1996 0.00103 2.03607395 2,057.89 8.08 0.800062897
12/31/1996 0.00106 2.184740961 2,056.84 8.25 0.799657663
01/31/1997 0.00106 2.183634386 2,143.45 8.78 0.833330485
02/28/1997 0.00096 2.055367229 2,158.92 9.00 0.8393423
03/31/1997 0.00106 2.292001679 2,145.95 9.13 0.83429993
04/30/1997 0.00103 2.204741054 2,154.92 9.35 0.83778868
05/31/1997 0.00106 2.287759191 2,263.47 10.00 0.879989856
06/30/1997 0.00103 2.325482351 2,391.46 10.75 0.92975126
07/31/1997 0.00106 2.538882468 2,537.67 11.61 0.986594576
08/31/1997 0.00106 2.694105165 2,340.73 10.92 0.910027211
09/30/1997 0.00103 2.404859787 2,524.57 11.97 0.98149999
10/31/1997 0.00106 2.680193321 2,382.62 11.51 0.926312858
11/30/1997 0.00103 2.447896629 2,375.38 11.67 0.923498462
12/31/1997 0.00106 2.521807881 2,412.58 12.05 0.937960005
01/31/1998 0.00106 2.561298182 2,511.73 12.75 0.97650756
02/28/1998 0.00096 2.408506198 2,705.88 13.93 1.05199069
03/31/1998 0.00106 2.872683086 2,841.37 14.86 1.104666572
04/30/1998 0.00103 2.919218441 2,915.95 15.48 1.133659804
05/31/1998 0.00106 3.095697876 3,016.29 16.26 1.172670637
06/30/1998 0.00103 3.098927619 3,091.39 16.91 1.201867334
07/31/1998 0.00106 3.281952962 3,117.19 17.31 1.211899748
08/31/1998 0.00106 3.309348593 2,666.25 15.07 1.036582132
09/30/1998 0.00103 2.739296865 2,572.15 14.76 1
1.57215 1.572154068
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GLOBAL -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.398989 1 6.00% 10%
Units purchased 2,506.336 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/03/1992 0.398989 2,506.336 1,000.00 1,000.00 3,051.82 0.00%
12/31/1992 0.405016 2,506.336 1,015.11 0.00008 0.076712328 1,015.03 3,051.82 0.00%
01/30/1993 0.406200 2,506.336 1,018.07 0.00008 0.083427066 1,017.91 3,051.82 0.00%
02/28/1993 0.403184 2,506.336 1,010.52 0.00008 0.080875296 1,010.28 3,051.82 0.00%
03/31/1993 0.426481 2,506.336 1,068.91 0.00008 0.085804201 1,068.57 3,051.82 0.00%
04/30/1993 0.419444 2,506.336 1,051.27 0.00008 0.087827312 1,050.85 3,051.82 0.00%
05/31/1993 0.427151 2,506.336 1,070.58 0.00008 0.089249983 1,070.06 3,051.82 0.00%
06/30/1993 0.433142 2,506.336 1,085.60 0.00008 0.087950444 1,084.99 3,051.82 0.00%
07/31/1993 0.433934 2,506.336 1,087.58 0.00008 0.092149496 1,086.88 3,051.82 0.00%
08/31/1993 0.454072 2,506.336 1,138.06 0.00008 0.092310006 1,137.22 3,051.82 0.00%
09/30/1993 0.463233 2,506.336 1,161.02 0.00008 0.093470475 1,160.07 3,051.82 0.00%
10/31/1993 0.494138 2,506.336 1,238.48 0.00008 0.098526876 1,237.37 3,051.82 0.00%
11/30/1993 0.490602 2,506.336 1,229.61 0.00008 0.10170175 1,228.42 3,051.82 0.00%
12/31/1993 0.539567 2,506.336 1,352.34 0.00008 0.104331205 1,350.91 3,051.82 0.00%
01/31/1994 0.566561 2,506.336 1,419.99 0.00008 0.114735198 1,418.38 3,051.82 2.00%
02/28/1994 0.547569 2,506.336 1,372.39 0.00008 0.1088075 1,370.73 3,051.82 2.00%
03/31/1994 0.524751 2,506.336 1,315.20 0.00008 0.116418139 1,313.49 3,051.82 2.00%
04/30/1994 0.543870 2,506.336 1,363.12 0.00008 0.107958181 1,361.24 3,051.82 2.00%
05/31/1994 0.533548 2,506.336 1,337.25 0.00008 0.115612126 1,335.29 3,051.82 2.00%
06/30/1994 0.514680 2,506.336 1,289.96 0.00008 0.109749996 1,287.96 3,051.82 2.00%
07/31/1994 0.526975 2,506.336 1,320.78 0.00008 0.109388477 1,318.62 3,051.82 2.00%
08/31/1994 0.549497 2,506.336 1,377.22 0.00008 0.111992378 1,374.86 3,051.82 2.00%
09/30/1994 0.540066 2,506.336 1,353.59 0.00008 0.113002418 1,351.15 3,051.82 2.00%
10/31/1994 0.556422 2,506.336 1,394.58 0.00008 0.114755341 1,391.96 3,051.82 2.00%
11/30/1994 0.540758 2,506.336 1,355.32 0.00008 0.114407426 1,352.66 3,051.82 2.00%
12/31/1994 0.533415 2,506.336 1,336.92 0.00008 0.114883172 1,334.18 3,051.82 2.00%
01/31/1995 0.517781 2,506.336 1,297.73 0.00008 0.113313495 1,294.96 3,051.82 4.00%
02/28/1995 0.520117 2,506.336 1,303.59 0.00008 0.099339249 1,300.70 3,051.82 4.00%
03/31/1995 0.526396 2,506.336 1,319.32 0.00008 0.110470586 1,316.29 3,051.82 4.00%
04/30/1995 0.542322 2,506.336 1,359.24 0.00008 0.108188394 1,356.01 3,051.82 4.00%
05/31/1995 0.552664 2,506.336 1,385.16 0.00008 0.115167838 1,381.75 3,051.82 4.00%
06/30/1995 0.576197 2,506.336 1,444.14 0.00008 0.113568714 1,440.48 3,051.82 4.00%
07/31/1995 0.613057 2,506.336 1,536.53 0.00008 0.122341733 1,532.50 3,051.82 4.00%
08/31/1995 0.612659 2,506.336 1,535.53 0.00008 0.130157768 1,531.38 3,051.82 4.00%
09/30/1995 0.622749 2,506.336 1,560.82 0.00008 0.125866621 1,556.47 3,051.82 4.00%
10/31/1995 0.607780 2,506.336 1,523.30 0.00008 0.132193461 1,518.93 3,051.82 4.00%
11/30/1995 0.622434 2,506.336 1,560.03 0.00008 0.12484329 1,555.42 3,051.82 4.00%
12/31/1995 0.647450 2,506.336 1,622.73 0.00008 0.132104482 1,617.81 3,051.82 4.00%
01/31/1996 0.668163 2,506.336 1,674.64 0.00008 0.137402689 1,669.42 3,051.82 6.00%
02/29/1996 0.690149 2,506.336 1,729.75 0.00008 0.132639158 1,724.23 3,051.82 6.00%
03/31/1996 0.719836 2,506.336 1,804.15 0.00008 0.146441029 1,798.25 3,051.82 6.00%
04/30/1996 0.738532 2,506.336 1,851.01 0.00008 0.147801101 1,844.80 3,051.82 6.00%
05/31/1996 0.760898 2,506.336 1,907.07 0.00008 0.156681886 1,900.51 3,051.82 6.00%
06/30/1996 0.773479 2,506.336 1,938.60 0.00008 0.156206677 1,931.78 3,051.82 6.00%
07/31/1996 0.743116 2,506.336 1,862.50 0.00008 0.164069178 1,855.79 3,051.82 6.00%
08/31/1996 0.769204 2,506.336 1,927.88 0.00008 0.157614845 1,920.78 3,051.82 6.00%
09/30/1996 0.784323 2,506.336 1,965.78 0.00008 0.15787215 1,958.38 3,051.82 6.00%
10/31/1996 0.786146 2,506.336 1,970.35 0.00008 0.166327764 1,962.76 3,051.82 6.00%
11/30/1996 0.816239 2,506.336 2,045.77 0.00008 0.161322744 2,037.73 3,051.82 6.00%
12/31/1996 0.815722 2,506.336 2,044.47 0.00008 0.173067714 2,036.27 3,051.82 6.00%
01/31/1997 0.849967 2,506.336 2,130.30 0.00008 0.172943308 2,121.58 3,051.82 6.00%
02/28/1997 0.856001 2,506.336 2,145.43 0.00008 0.162751413 2,136.48 3,051.82 6.00%
03/31/1997 0.850750 2,506.336 2,132.27 0.00008 0.181454428 2,123.19 3,051.82 6.00%
04/30/1997 0.854203 2,506.336 2,140.92 0.00008 0.174508847 2,131.63 3,051.82 6.00%
05/31/1997 0.897122 2,506.336 2,248.49 0.00008 0.181042814 2,238.56 3,051.82 6.00%
06/30/1997 0.947741 2,506.336 2,375.36 0.00008 0.183990852 2,364.68 3,051.82 6.00%
07/31/1997 1.005564 2,506.336 2,520.28 0.00008 0.200835883 2,508.75 3,051.82 6.00%
08/31/1997 0.927396 2,506.336 2,324.37 0.00008 0.213071983 2,313.52 3,051.82 6.00%
09/30/1997 1.000119 2,506.336 2,506.63 0.00008 0.190152299 2,494.75 3,051.82 6.00%
10/31/1997 0.943757 2,506.336 2,365.37 0.00008 0.211882551 2,353.94 3,051.82 6.00%
11/30/1997 0.940774 2,506.336 2,357.89 0.00008 0.19347481 2,346.31 3,051.82 6.00%
12/31/1997 0.955386 2,506.336 2,394.52 0.00008 0.199275466 2,382.55 3,051.82 6.00%
01/31/1998 0.994528 2,506.336 2,492.62 0.00008 0.202353712 2,479.96 3,051.82 6.00%
02/28/1998 1.071289 2,506.336 2,685.01 0.00008 0.190243672 2,671.19 3,051.82 6.00%
03/31/1998 1.124795 2,506.336 2,819.11 0.00008 0.226867794 2,804.37 3,051.82 6.00%
04/30/1998 1.154178 2,506.336 2,892.76 0.00008 0.230496269 2,877.40 3,051.82 6.00%
05/31/1998 1.193748 2,506.336 2,991.93 0.00008 0.244381829 2,975.80 3,051.82 6.00%
06/30/1998 1.223322 2,506.336 3,066.06 0.00008 0.244586577 3,049.28 3,051.82 6.00%
07/31/1998 1.233378 2,506.336 3,091.26 0.00008 0.258980139 3,074.09 3,051.82 6.00%
08/31/1998 1.054796 2,506.336 2,643.67 0.00008 0.26108695 2,628.73 3,051.82 6.00%
09/30/1998 1.017441 2,506.336 2,550.05 0.00008 0.216059778 2,535.42 3,051.82 6.00%
10/31/1998 1.058289 2,506.336 2,652.43 0.00008 0.21533674 2,636.99 3,051.82 6.00%
11/30/1998 1.131905 2,506.336 2,836.93 0.00008 0.216739107 2,820.21 3,051.82 6.00%
12/31/1998 1.224958 2,506.336 3,070.16 0.00008 0.239524553 3,051.82 3,051.82 6.00%
12/31/1998 3,051.82
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 205.18% 205.18%
12/03/1992 100.00% 3,051.82 6.0795 20.14% 20.14% 3,051.82 3,051.82 7
12/31/1992 100.00% 3,051.82 6.0027 20.13% 20.13% 3,006.63 3,006.63 7
01/30/1993 100.00% 3,051.82 5.9205 20.38% 20.38% 2,998.11 2,998.11 6
02/28/1993 100.00% 3,051.82 5.8411 20.84% 20.84% 3,020.78 3,020.78 6
03/31/1993 100.00% 3,051.82 5.7562 20.00% 20.00% 2,855.99 2,855.99 6
04/30/1993 100.00% 3,051.82 5.6740 20.67% 20.67% 2,904.15 2,904.15 6
05/31/1993 100.00% 3,051.82 5.5890 20.62% 20.62% 2,851.99 2,851.99 6
06/30/1993 100.00% 3,051.82 5.5068 20.66% 20.66% 2,812.77 2,812.77 6
07/31/1993 100.00% 3,051.82 5.4219 20.98% 20.98% 2,807.88 2,807.88 6
08/31/1993 100.00% 3,051.82 5.3370 20.32% 20.32% 2,683.57 2,683.57 6
09/30/1993 100.00% 3,051.82 5.2548 20.21% 20.21% 2,630.71 2,630.71 6
10/31/1993 100.00% 3,051.82 5.1699 19.08% 19.08% 2,466.37 2,466.37 6
11/30/1993 100.00% 3,051.82 5.0877 19.59% 19.59% 2,484.35 2,484.35 6
12/31/1993 100.00% 3,051.82 5.0027 17.69% 17.69% 2,259.07 2,259.07 6
01/31/1994 50.00% 3,051.82 4.9178 16.86% 16.86% 2,151.62 2,151.62 5
02/28/1994 50.00% 3,051.82 4.8411 17.98% 17.98% 2,226.42 2,226.42 5
03/31/1994 50.00% 3,051.82 4.7562 19.39% 19.39% 2,323.44 2,323.44 5
04/30/1994 50.00% 3,051.82 4.6740 18.85% 18.85% 2,241.94 2,241.94 5
05/31/1994 50.00% 3,051.82 4.5890 19.74% 19.74% 2,285.51 2,285.51 5
06/30/1994 50.00% 3,051.82 4.5068 21.10% 21.10% 2,369.49 2,369.49 5
07/31/1994 50.00% 3,051.82 4.4219 20.90% 20.90% 2,314.40 2,314.40 5
08/31/1994 50.00% 3,051.82 4.3370 20.18% 20.18% 2,219.72 2,219.72 5
09/30/1994 50.00% 3,051.82 4.2548 21.11% 21.11% 2,258.68 2,258.68 5
10/31/1994 50.00% 3,051.82 4.1699 20.71% 20.71% 2,192.46 2,192.46 5
11/30/1994 50.00% 3,051.82 4.0877 22.02% 22.02% 2,256.16 2,256.16 5
12/31/1994 50.00% 3,051.82 4.0027 22.96% 22.96% 2,287.42 2,287.42 5
01/31/1995 40.00% 3,048.85 3.9178 24.43% 24.46% 2,354.40 2,356.69 4
02/28/1995 40.00% 3,048.62 3.8411 24.83% 24.86% 2,343.82 2,346.28 4
03/31/1995 40.00% 3,047.99 3.7562 25.05% 25.09% 2,315.59 2,318.49 4
04/30/1995 40.00% 3,046.40 3.6740 24.65% 24.71% 2,246.60 2,250.59 4
05/31/1995 40.00% 3,045.37 3.5890 24.63% 24.71% 2,203.99 2,208.66 4
06/30/1995 40.00% 3,043.03 3.5068 23.77% 23.87% 2,112.52 2,118.62 4
07/31/1995 40.00% 3,039.34 3.4219 22.15% 22.30% 1,983.26 1,991.39 4
08/31/1995 40.00% 3,039.39 3.3370 22.80% 22.95% 1,984.74 1,992.86 4
09/30/1995 40.00% 3,038.39 3.2548 22.82% 22.98% 1,952.10 1,960.73 4
10/31/1995 40.00% 3,039.89 3.1699 24.47% 24.62% 2,001.34 2,009.19 4
11/30/1995 40.00% 3,038.43 3.0877 24.22% 24.39% 1,953.44 1,962.05 4
12/31/1995 40.00% 3,035.93 3.0027 23.32% 23.54% 1,876.57 1,886.39 4
01/31/1996 30.00% 3,006.58 2.9178 22.34% 22.97% 1,800.97 1,828.07 3
02/29/1996 30.00% 3,003.30 2.8384 21.59% 22.28% 1,741.82 1,769.96 3
03/31/1996 30.00% 2,998.85 2.7534 20.41% 21.18% 1,667.65 1,697.11 3
04/30/1996 30.00% 2,996.06 2.6712 19.91% 20.74% 1,624.05 1,654.28 3
05/31/1996 30.00% 2,992.72 2.5863 19.19% 20.10% 1,574.69 1,605.78 3
06/30/1996 30.00% 2,990.84 2.5041 19.07% 20.04% 1,548.23 1,579.79 3
07/31/1996 30.00% 2,995.40 2.4192 21.88% 22.83% 1,614.09 1,644.49 3
08/31/1996 30.00% 2,991.50 2.3342 20.90% 21.94% 1,557.44 1,588.84 3
09/30/1996 30.00% 2,989.25 2.2521 20.66% 21.77% 1,526.39 1,558.34 3
10/31/1996 30.00% 2,988.98 2.1671 21.42% 22.59% 1,522.85 1,554.86 3
11/30/1996 30.00% 2,984.48 2.0849 20.08% 21.38% 1,464.61 1,497.65 3
12/31/1996 30.00% 2,984.57 2.0000 21.07% 22.42% 1,465.71 1,498.73 3
01/31/1997 20.00% 2,961.14 1.9151 19.02% 20.91% 1,395.72 1,438.46 2
02/28/1997 20.00% 2,960.25 1.8384 19.41% 21.40% 1,385.57 1,428.43 2
03/31/1997 20.00% 2,961.05 1.7534 20.89% 22.99% 1,394.62 1,437.37 2
04/30/1997 20.00% 2,960.54 1.6712 21.72% 23.95% 1,388.86 1,431.68 2
05/31/1997 20.00% 2,954.12 1.5863 19.11% 21.58% 1,319.66 1,363.30 2
06/30/1997 20.00% 2,946.56 1.5041 15.75% 18.48% 1,246.07 1,290.58 2
07/31/1997 20.00% 2,937.91 1.4192 11.77% 14.81% 1,171.07 1,216.47 2
08/31/1997 20.00% 2,949.63 1.3342 19.97% 23.07% 1,274.95 1,319.12 2
09/30/1997 20.00% 2,938.75 1.2521 13.98% 17.46% 1,177.98 1,223.30 2
10/31/1997 20.00% 2,947.20 1.1671 21.24% 24.92% 1,252.03 1,296.47 2
11/30/1997 20.00% 2,947.66 1.0849 23.41% 27.42% 1,256.30 1,300.69 2
12/31/1997 20.00% 2,945.48 1.0000 23.63% 28.09% 1,236.27 1,280.90 2
01/31/1998 10.00% 2,921.33 0.9151 17.80% 23.06% 1,161.71 1,209.10 1
02/28/1998 10.00% 2,909.86 0.8384 8.94% 14.25% 1,074.39 1,118.16 1
03/31/1998 10.00% 2,901.86 0.7534 3.48% 8.82% 1,026.08 1,065.78 1
04/30/1998 10.00% 2,897.48 0.6712 0.70% 6.06% 1,004.68 1,040.29 1
05/31/1998 10.00% 2,891.58 0.5863 -2.83% 2.55% 983.31 1,014.90 1
06/30/1998 10.00% 2,887.17 0.5041 -5.32% 0.08% 972.84 1,000.42 1
07/31/1998 10.00% 2,885.68 0.4192 -6.13% -0.72% 973.84 996.96 1
08/31/1998 10.00% 2,912.40 0.3342 10.79% 16.09% 1,034.84 1,051.14 1
09/30/1998 10.00% 2,918.00 0.2521 15.09% 20.37% 1,036.07 1,047.84 1
10/31/1998 10.00% 2,911.91 0.1671 10.43% 15.73% 1,016.71 1,024.71 1
11/30/1998 10.00% 2,900.91 0.0849 2.86% 8.21% 1,002.40 1,006.72 1
12/31/1998 10.00% 2,887.02 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GLOBAL -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.398989 1 6.00% 10%
Units purchased 2,506.336 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,820.21 2,900.91 3,051.82 2.86% 8.21%
09/30/1998 0.25 0.25 2,535.42 2,918.00 3,051.82 15.09% 20.37%
12/31/1997 1.00 1.00 2,382.55 2,945.48 3,051.82 23.63% 28.09%
12/31/1997 1.00 1.00 2,382.55 2,945.48 3,051.82 23.63% 28.09%
12/31/1995 3.00 3.00 1,617.81 3,035.93 3,051.82 23.35% 23.56%
12/31/1993 5.00 5.00 1,350.91 3,051.82 3,051.82 17.70% 17.70%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
12/03/1992 6.08 6.08 1,000.00 3,051.82 3,051.82 20.14% 20.14%
12/31/1992 1,015.03
12/31/1993 1 1,350.91 33.09%
12/31/1994 1 1,334.18 -1.24%
12/31/1995 1 1,617.81 21.26%
12/31/1996 1 2,036.27 25.87%
12/31/1997 1 2,382.55 17.01%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
WRL GLOBAL
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/03/1992 100 10 1000
12/31/1992 1000 0 10 100 10.161755 1,016.18 1.62%
01/30/1993 1016.18 0 10 100 10.203229 1,020.32 0.41%
02/28/1993 1020.32 0 10 100 10.138799 1,013.88 -0.63%
03/31/1993 1013.88 0 10 100 10.736661 1,073.67 5.90%
04/30/1993 1073.67 0 10 100 10.571885 1,057.19 -1.53%
05/31/1993 1057.19 0 10 100 10.778733 1,077.87 1.96%
06/30/1993 1077.87 0 10 100 10.94226 1,094.23 1.52%
07/31/1993 1094.23 0 10 100 10.975303 1,097.53 0.30%
08/31/1993 1097.53 0 10 100 11.497727 1,149.77 4.76%
09/30/1993 1149.77 0 10 100 11.742894 1,174.29 2.13%
10/31/1993 1174.29 0 10 100 12.540308 1,254.03 6.79%
11/30/1993 1254.03 0 10 100 12.465046 1,246.50 -0.60%
12/31/1993 1246.5 0.103382 13.600815 100.76 13.620395 1,372.39 10.10%
01/31/1994 1372.39 0 10 100.76 14.317957 1,442.68 5.12%
02/28/1994 1442.68 0 10 100.76 13.853458 1,395.87 -3.24%
03/31/1994 1395.87 0 10 100.76 13.292543 1,339.36 -4.05%
04/30/1994 1339.36 0 10 100.76 13.792227 1,389.70 3.76%
05/31/1994 1389.7 0 10 100.76 13.546885 1,364.98 -1.78%
06/30/1994 1364.98 0.002691 13.104429 100.781 13.080624 1,318.28 -3.42%
07/31/1994 1318.28 0 10 100.781 13.408669 1,351.34 2.51%
08/31/1994 1351.34 0 10 100.781 13.99765 1,410.70 4.39%
09/30/1994 1410.7 0.007736 14.041378 100.837 13.765926 1,388.11 -1.60%
10/31/1994 1388.11 0 10 100.837 14.199139 1,431.80 3.15%
11/30/1994 1431.8 0 10 100.837 13.815788 1,393.14 -2.70%
12/31/1994 1393.14 0.525501 13.119137 104.876 13.119137 1,375.88 -1.24%
01/31/1995 1375.88 0 10 104.876 12.750161 1,337.19 -2.81%
02/28/1995 1337.19 0 10 104.876 12.821425 1,344.66 0.56%
03/31/1995 1344.66 0 10 104.876 12.991404 1,362.49 1.33%
04/30/1995 1362.49 0 10 104.876 13.399459 1,405.28 3.14%
05/31/1995 1405.28 0 10 104.876 13.670875 1,433.75 2.03%
06/30/1995 1433.75 0 10 104.876 14.268793 1,496.45 4.37%
07/31/1995 1496.45 0 10 104.876 15.198542 1,593.96 6.52%
08/31/1995 1593.96 0 10 104.876 15.206675 1,594.82 0.05%
09/30/1995 1594.82 0.018537 15.61413 105.001 15.45624 1,622.92 1.76%
10/31/1995 1622.92 0 10 105.001 15.103107 1,585.84 -2.28%
11/30/1995 1585.84 0 10 105.001 15.48465 1,625.90 2.53%
12/31/1995 1625.9 0.609619 15.515662 109.127 15.515662 1,693.18 4.14%
01/31/1996 1693.18 0 10 109.127 16.030492 1,749.36 3.32%
02/29/1996 1749.36 0 10 109.127 16.57579 1,808.87 3.40%
03/31/1996 1808.87 0 10 109.127 17.308538 1,888.83 4.42%
04/30/1996 1888.83 0 10 109.127 17.777998 1,940.06 2.71%
05/31/1996 1940.06 0 10 109.127 18.337529 2,001.12 3.15%
06/30/1996 2001.12 0.016784 18.553246 109.226 18.644953 2,036.51 1.77%
07/31/1996 2036.51 0 10 109.226 17.935211 1,958.99 -3.81%
08/31/1996 1958.99 0.113153 18.562623 109.892 18.473493 2,030.09 3.63%
09/30/1996 2030.09 0 10 109.892 18.857908 2,072.33 2.08%
10/31/1996 2072.33 0 10 109.892 18.924103 2,079.61 0.35%
11/30/1996 2079.61 0 10 109.892 19.670339 2,161.61 3.94%
12/31/1996 2161.61 1.55623 18.002417 119.392 18.115166 2,162.81 0.06%
01/31/1997 2162.81 0 10 119.392 18.897243 2,256.18 4.32%
02/28/1997 2256.18 0 10 119.392 19.051712 2,274.62 0.82%
03/31/1997 2274.62 0 10 119.392 18.95744 2,263.37 -0.49%
04/30/1997 2263.37 0 10 119.392 19.056189 2,275.16 0.52%
05/31/1997 2275.16 0 10 119.392 20.036357 2,392.18 5.14%
06/30/1997 2392.18 0.29989 21.123351 121.087 20.893284 2,529.91 5.76%
07/31/1997 2529.91 0 10 121.087 22.192909 2,687.27 6.22%
08/31/1997 2687.27 0 10 121.087 20.494118 2,481.57 -7.65%
09/30/1997 2481.57 0 10 121.087 22.124735 2,679.02 7.96%
10/31/1997 2679.02 0 10 121.087 20.904227 2,531.23 -5.52%
11/30/1997 2531.23 0 10 121.087 20.862149 2,526.14 -0.20%
12/31/1997 2526.14 2.184629 20.318943 134.87 19.04334 2,568.38 1.67%
01/31/1998 2568.38 0 10 134.87 19.84622 2,676.66 4.22%
02/28/1998 2676.66 0 10 134.87 21.399317 2,886.13 7.83%
03/31/1998 2886.13 0 10 134.87 22.493573 3,033.71 5.11%
04/30/1998 3033.71 0 10 134.87 23.107097 3,116.45 2.73%
05/31/1998 3116.45 0 10 134.87 23.92671 3,227.00 3.55%
06/30/1998 3227 0.130705 22.799228 135.643 24.407147 3,310.66 2.59%
07/31/1998 3310.66 0 10 135.643 24.636797 3,341.81 0.94%
08/31/1998 3341.81 0 10 135.643 21.098933 2,861.92 -14.36%
09/30/1998 2861.92 0 10 135.643 20.376021 2,763.86 -3.43%
1.76386
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
12/03/1992 1,000.00 0.398988799
12/31/1992 0.00107 1.073972603 1,015.11 0.08 0.405015935
01/30/1993 0.00115 1.16806721 1,018.07 0.16 0.406199957
02/28/1993 0.00111 1.132432535 1,010.52 0.24 0.403184298
03/31/1993 0.00119 1.201544257 1,068.91 0.34 0.426481269
04/30/1993 0.00115 1.229973299 1,051.27 0.42 0.419444367
05/31/1993 0.00119 1.250001482 1,070.58 0.52 0.427150504
06/30/1993 0.00115 1.231903374 1,085.60 0.61 0.433142314
07/31/1993 0.00119 1.290823232 1,087.58 0.71 0.433933569
08/31/1993 0.00119 1.29318128 1,138.06 0.83 0.454071882
09/30/1993 0.00115 1.309544712 1,161.02 0.94 0.463232927
10/31/1993 0.00119 1.380497368 1,238.48 1.10 0.494137892
11/30/1993 0.00115 1.425095209 1,229.61 1.20 0.490602174
12/31/1993 0.00119 1.462061461 1,352.34 1.42 0.539567089
01/31/1994 0.00119 1.607983593 1,419.99 1.61 0.566560648
02/28/1994 0.00107 1.525031817 1,372.39 1.66 0.547569234
03/31/1994 0.00119 1.631831079 1,315.20 1.71 0.524750516
04/30/1994 0.00115 1.513382113 1,363.12 1.88 0.543869503
05/31/1994 0.00119 1.620805373 1,337.25 1.96 0.533548462
06/30/1994 0.00115 1.538755416 1,289.96 2.00 0.514680246
07/31/1994 0.00119 1.533817404 1,320.78 2.16 0.52697549
08/31/1994 0.00119 1.570458907 1,377.22 2.36 0.549497225
09/30/1994 0.00115 1.584751696 1,353.59 2.43 0.540065648
10/31/1994 0.00119 1.609469366 1,394.58 2.62 0.556421757
11/30/1994 0.00115 1.60472207 1,355.32 2.66 0.54075756
12/31/1994 0.00119 1.611531358 1,336.92 2.74 0.53341498
01/31/1995 0.00119 1.58964947 1,297.73 2.78 0.517781
02/28/1995 0.00107 1.393729873 1,303.59 2.89 0.520117419
03/31/1995 0.00119 1.550020921 1,319.32 3.03 0.526395661
04/30/1995 0.00115 1.518126716 1,359.24 3.23 0.542321788
05/31/1995 0.00119 1.616192973 1,385.16 3.41 0.552664009
06/30/1995 0.00115 1.593884713 1,444.14 3.67 0.576196879
07/31/1995 0.00119 1.717145367 1,536.53 4.02 0.613057253
08/31/1995 0.00119 1.826994315 1,535.53 4.15 0.61265907
09/30/1995 0.00115 1.766910653 1,560.82 4.35 0.622748865
10/31/1995 0.00119 1.855876642 1,523.30 4.37 0.607780008
11/30/1995 0.00115 1.752839423 1,560.03 4.60 0.622433812
12/31/1995 0.00119 1.854937741 1,622.73 4.92 0.647450122
01/31/1996 0.00119 1.929489762 1,674.64 5.22 0.668162783
02/29/1996 0.00111 1.862750748 1,729.75 5.52 0.690149231
03/31/1996 0.00119 2.056738936 1,804.15 5.90 0.719836243
04/30/1996 0.00115 2.076009953 1,851.01 6.21 0.738531776
05/31/1996 0.00119 2.200925526 1,907.07 6.55 0.760897629
06/30/1996 0.00115 2.194431118 1,938.60 6.82 0.773478624
07/31/1996 0.00119 2.305071903 1,862.50 6.71 0.743116368
08/31/1996 0.00119 2.214588236 1,927.88 7.10 0.769203596
09/30/1996 0.00115 2.218385551 1,965.78 7.40 0.784323273
10/31/1996 0.00119 2.337390438 1,970.35 7.59 0.786145972
11/30/1996 0.00115 2.267247416 2,045.77 8.04 0.816239471
12/31/1996 0.00119 2.432505065 2,044.47 8.21 0.815722057
01/31/1997 0.00119 2.430963102 2,130.30 8.72 0.849967414
02/28/1997 0.00107 2.287888076 2,145.43 8.95 0.856001447
03/31/1997 0.00119 2.551001183 2,132.27 9.07 0.850749945
04/30/1997 0.00115 2.453565473 2,140.92 9.29 0.854202596
05/31/1997 0.00119 2.545640361 2,248.49 9.93 0.897121752
06/30/1997 0.00115 2.587301911 2,375.36 10.68 0.947741322
07/31/1997 0.00119 2.824398535 2,520.28 11.53 1.005563778
08/31/1997 0.00119 2.996717349 2,324.37 10.85 0.92739615
09/30/1997 0.00115 2.674613367 2,506.63 11.89 1.000118735
10/31/1997 0.00119 2.980490378 2,365.37 11.43 0.943757308
11/30/1997 0.00115 2.721798996 2,357.89 11.59 0.940773558
12/31/1997 0.00119 2.803633647 2,394.52 11.97 0.955385768
01/31/1998 0.00119 2.847180028 2,492.62 12.66 0.99452776
02/28/1998 0.00107 2.677006394 2,685.01 13.83 1.071289396
03/31/1998 0.00119 3.192588664 2,819.11 14.74 1.124795134
04/30/1998 0.00115 3.243912647 2,892.76 15.36 1.15417799
05/31/1998 0.00119 3.439607992 2,991.93 16.13 1.193747844
06/30/1998 0.00115 3.442772475 3,066.06 16.77 1.223322138
07/31/1998 0.00119 3.645666993 3,091.26 17.17 1.233377796
08/31/1998 0.00119 3.675634226 2,643.67 14.95 1.054795962
09/30/1998 0.00115 3.042034819 2,550.05 14.63 1.017441
1.55005 1.55004903
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.145754 1 6.00% 10%
Units purchased 6,860.887 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/02/1986 0.145754 6,860.887 1,000.00 1,000.00 8,698.50 0.00%
10/31/1986 0.149144 6,860.887 1,023.26 0.00008 0.079452056 1,023.18 8,698.50 0.00%
11/30/1986 0.148479 6,860.887 1,018.70 0.00008 0.084096773 1,018.54 8,698.50 0.00%
12/31/1986 0.147398 6,860.887 1,011.28 0.00008 0.086505778 1,011.03 8,698.50 0.00%
01/31/1987 0.161131 6,860.887 1,105.50 0.00008 0.085868443 1,105.15 8,698.50 0.00%
02/28/1987 0.173201 6,860.887 1,188.31 0.00008 0.084778321 1,187.84 8,698.50 0.00%
03/31/1987 0.177529 6,860.887 1,218.01 0.00008 0.100885442 1,217.43 8,698.50 0.00%
04/30/1987 0.178418 6,860.887 1,224.10 0.00008 0.100062532 1,223.42 8,698.50 0.00%
05/31/1987 0.181954 6,860.887 1,248.36 0.00008 0.103906831 1,247.56 8,698.50 0.00%
06/30/1987 0.188557 6,860.887 1,293.67 0.00008 0.102539409 1,292.73 8,698.50 0.00%
07/31/1987 0.198690 6,860.887 1,363.19 0.00008 0.109793762 1,362.10 8,698.50 0.00%
08/31/1987 0.207346 6,860.887 1,422.58 0.00008 0.115684963 1,421.32 8,698.50 0.00%
09/30/1987 0.207109 6,860.887 1,420.95 0.00008 0.116821104 1,419.58 8,698.50 0.00%
10/31/1987 0.163238 6,860.887 1,119.96 0.00008 0.12056693 1,118.76 8,698.50 0.00%
11/30/1987 0.156365 6,860.887 1,072.80 0.00008 0.091952675 1,071.56 8,698.50 0.00%
12/31/1987 0.161436 6,860.887 1,107.60 0.00008 0.091008962 1,106.22 8,698.50 0.00%
01/31/1988 0.163024 6,860.887 1,118.49 0.00008 0.093953129 1,117.01 8,698.50 0.00%
02/29/1988 0.167145 6,860.887 1,146.76 0.00008 0.088748754 1,145.15 8,698.50 0.00%
03/31/1988 0.166697 6,860.887 1,143.69 0.00008 0.097259508 1,141.98 8,698.50 0.00%
04/30/1988 0.169563 6,860.887 1,163.35 0.00008 0.093861759 1,161.53 8,698.50 0.00%
05/31/1988 0.170082 6,860.887 1,166.91 0.00008 0.098650096 1,164.98 8,698.50 0.00%
06/30/1988 0.177849 6,860.887 1,220.20 0.00008 0.095751868 1,218.09 8,698.50 0.00%
07/31/1988 0.176855 6,860.887 1,213.38 0.00008 0.103454246 1,211.17 8,698.50 0.00%
08/31/1988 0.174148 6,860.887 1,194.81 0.00008 0.102866856 1,192.53 8,698.50 0.00%
09/30/1988 0.185564 6,860.887 1,273.13 0.00008 0.098016501 1,270.61 8,698.50 0.00%
10/31/1988 0.186148 6,860.887 1,277.14 0.00008 0.107915139 1,274.50 8,698.50 0.00%
11/30/1988 0.182562 6,860.887 1,252.54 0.00008 0.104753591 1,249.85 8,698.50 0.00%
12/31/1988 0.189146 6,860.887 1,297.71 0.00008 0.106151224 1,294.82 8,698.50 0.00%
01/31/1989 0.201009 6,860.887 1,379.10 0.00008 0.109970666 1,375.92 8,698.50 0.00%
02/28/1989 0.199389 6,860.887 1,367.99 0.00008 0.105549717 1,364.72 8,698.50 0.00%
03/31/1989 0.210949 6,860.887 1,447.30 0.00008 0.115907782 1,443.73 8,698.50 0.00%
04/30/1989 0.224949 6,860.887 1,543.35 0.00008 0.118662393 1,539.43 8,698.50 0.00%
05/31/1989 0.244265 6,860.887 1,675.88 0.00008 0.130745813 1,671.48 8,698.50 0.00%
06/30/1989 0.238015 6,860.887 1,633.00 0.00008 0.137382131 1,628.58 8,698.50 0.00%
07/31/1989 0.261795 6,860.887 1,796.15 0.00008 0.138317587 1,791.15 8,698.50 0.00%
08/31/1989 0.279330 6,860.887 1,916.45 0.00008 0.152124878 1,910.96 8,698.50 0.00%
09/30/1989 0.288683 6,860.887 1,980.62 0.00008 0.15706556 1,974.79 8,698.50 0.00%
10/31/1989 0.275280 6,860.887 1,888.67 0.00008 0.167722173 1,882.94 8,698.50 0.00%
11/30/1989 0.277370 6,860.887 1,903.01 0.00008 0.154762339 1,897.08 8,698.50 0.00%
12/31/1989 0.274764 6,860.887 1,885.12 0.00008 0.161122203 1,879.10 8,698.50 0.00%
01/31/1990 0.250622 6,860.887 1,719.49 0.00008 0.159594617 1,713.84 8,698.50 0.00%
02/28/1990 0.256786 6,860.887 1,761.78 0.00008 0.131472309 1,755.85 8,698.50 0.00%
03/31/1990 0.266909 6,860.887 1,831.23 0.00008 0.149126951 1,824.92 8,698.50 0.00%
04/30/1990 0.269055 6,860.887 1,845.96 0.00008 0.149993364 1,839.45 8,698.50 0.00%
05/31/1990 0.297289 6,860.887 2,039.67 0.00008 0.156226854 2,032.31 8,698.50 0.00%
06/30/1990 0.304157 6,860.887 2,086.79 0.00008 0.167039576 2,079.10 8,698.50 0.00%
07/31/1990 0.294001 6,860.887 2,017.11 0.00008 0.176581232 2,009.50 8,698.50 0.00%
08/31/1990 0.264253 6,860.887 1,813.01 0.00008 0.170669853 1,806.00 8,698.50 0.00%
09/30/1990 0.252824 6,860.887 1,734.60 0.00008 0.148438333 1,727.75 8,698.50 0.00%
10/31/1990 0.245900 6,860.887 1,687.09 0.00008 0.146740115 1,680.28 8,698.50 0.00%
11/30/1990 0.258471 6,860.887 1,773.34 0.00008 0.138105312 1,766.04 8,698.50 0.00%
12/31/1990 0.270748 6,860.887 1,857.57 0.00008 0.149992431 1,849.78 8,698.50 0.00%
01/31/1991 0.287250 6,860.887 1,970.79 0.00008 0.157104338 1,962.36 8,698.50 0.00%
02/28/1991 0.310712 6,860.887 2,131.76 0.00008 0.150537114 2,122.49 8,698.50 0.00%
03/31/1991 0.326111 6,860.887 2,237.41 0.00008 0.180266499 2,227.50 8,698.50 0.00%
04/30/1991 0.327032 6,860.887 2,243.73 0.00008 0.183082501 2,233.61 8,698.50 0.00%
05/31/1991 0.344550 6,860.887 2,363.92 0.00008 0.189704092 2,353.07 8,698.50 0.00%
06/30/1991 0.326927 6,860.887 2,243.01 0.00008 0.19340296 2,232.52 8,698.50 0.00%
07/31/1991 0.351644 6,860.887 2,412.59 0.00008 0.189611342 2,401.12 8,698.50 0.00%
08/31/1991 0.370230 6,860.887 2,540.11 0.00008 0.203930547 2,527.83 8,698.50 0.00%
09/30/1991 0.370224 6,860.887 2,540.07 0.00008 0.207766551 2,527.58 8,698.50 0.00%
10/31/1991 0.386902 6,860.887 2,654.49 0.00008 0.214671068 2,641.23 8,698.50 0.00%
11/30/1991 0.370706 6,860.887 2,543.38 0.00008 0.217087127 2,530.45 8,698.50 0.00%
12/31/1991 0.427464 6,860.887 2,932.78 0.00008 0.21491479 2,917.66 8,698.50 0.00%
01/31/1992 0.416224 6,860.887 2,855.67 0.00008 0.247801351 2,840.69 8,698.50 0.00%
02/29/1992 0.412633 6,860.887 2,831.03 0.00008 0.225698984 2,815.96 8,698.50 0.00%
03/31/1992 0.398322 6,860.887 2,732.85 0.00008 0.239163822 2,718.06 8,698.50 0.00%
04/30/1992 0.395587 6,860.887 2,714.08 0.00008 0.223402266 2,699.17 8,698.50 0.00%
05/31/1992 0.404423 6,860.887 2,774.70 0.00008 0.229244616 2,759.23 8,698.50 0.00%
06/30/1992 0.395336 6,860.887 2,712.36 0.00008 0.226786319 2,697.01 8,698.50 0.00%
07/31/1992 0.401920 6,860.887 2,757.53 0.00008 0.229060909 2,741.69 8,698.50 0.00%
08/31/1992 0.391163 6,860.887 2,683.72 0.00008 0.232856139 2,668.08 8,698.50 0.00%
09/30/1992 0.394040 6,860.887 2,703.46 0.00008 0.219294481 2,687.49 8,698.50 0.00%
10/31/1992 0.399995 6,860.887 2,744.32 0.00008 0.228252321 2,727.88 8,698.50 0.00%
11/30/1992 0.423339 6,860.887 2,904.48 0.00008 0.224209015 2,886.85 8,698.50 0.00%
12/31/1992 0.432035 6,860.887 2,964.14 0.00008 0.2451848 2,945.90 8,698.50 0.00%
01/31/1993 0.438485 6,860.887 3,008.39 0.00008 0.250200073 2,989.64 8,698.50 0.00%
02/28/1993 0.420028 6,860.887 2,881.77 0.00008 0.229341903 2,863.57 8,698.50 0.00%
03/31/1993 0.430463 6,860.887 2,953.36 0.00008 0.243207222 2,934.47 8,698.50 0.00%
04/30/1993 0.412217 6,860.887 2,828.17 0.00008 0.241188955 2,809.84 8,698.50 0.00%
05/31/1993 0.425993 6,860.887 2,922.69 0.00008 0.238643849 2,903.50 8,698.50 0.00%
06/30/1993 0.433472 6,860.887 2,974.01 0.00008 0.238643884 2,954.24 8,698.50 0.00%
07/31/1993 0.431837 6,860.887 2,962.79 0.00008 0.250908364 2,942.85 8,698.50 0.00%
08/31/1993 0.440663 6,860.887 3,023.34 0.00008 0.249940685 3,002.74 8,698.50 0.00%
09/30/1993 0.449151 6,860.887 3,081.57 0.00008 0.246800639 3,060.33 8,698.50 0.00%
10/31/1993 0.448142 6,860.887 3,074.65 0.00008 0.259918691 3,053.20 8,698.50 0.00%
11/30/1993 0.433970 6,860.887 2,977.42 0.00008 0.250947836 2,956.40 8,698.50 0.00%
12/31/1993 0.443691 6,860.887 3,044.11 0.00008 0.251091154 3,022.37 8,698.50 0.00%
01/31/1994 0.464232 6,860.887 3,185.04 0.00008 0.256694177 3,162.03 8,698.50 2.00%
02/28/1994 0.452226 6,860.887 3,102.67 0.00008 0.242566992 3,080.01 8,698.50 2.00%
03/31/1994 0.420903 6,860.887 2,887.77 0.00008 0.261590104 2,866.42 8,698.50 2.00%
04/30/1994 0.415422 6,860.887 2,850.16 0.00008 0.235595883 2,828.86 8,698.50 2.00%
05/31/1994 0.410513 6,860.887 2,816.48 0.00008 0.24025904 2,795.19 8,698.50 2.00%
06/30/1994 0.394567 6,860.887 2,707.08 0.00008 0.229741235 2,686.38 8,698.50 2.00%
07/31/1994 0.405341 6,860.887 2,781.00 0.00008 0.228158448 2,759.51 8,698.50 2.00%
08/31/1994 0.419760 6,860.887 2,879.93 0.00008 0.234369058 2,857.44 8,698.50 2.00%
09/30/1994 0.407159 6,860.887 2,793.47 0.00008 0.234857824 2,771.42 8,698.50 2.00%
10/31/1994 0.421966 6,860.887 2,895.06 0.00008 0.235380898 2,871.98 8,698.50 2.00%
11/30/1994 0.403691 6,860.887 2,769.68 0.00008 0.23605283 2,747.35 8,698.50 2.00%
12/31/1994 0.401735 6,860.887 2,756.26 0.00008 0.233336847 2,733.81 8,698.50 2.00%
01/31/1995 0.403655 6,860.887 2,769.43 0.00008 0.232186775 2,746.64 8,698.50 4.00%
02/28/1995 0.415636 6,860.887 2,851.63 0.00008 0.210701516 2,827.96 8,698.50 4.00%
03/31/1995 0.426579 6,860.887 2,926.71 0.00008 0.240182518 2,902.17 8,698.50 4.00%
04/30/1995 0.442663 6,860.887 3,037.06 0.00008 0.238534595 3,011.36 8,698.50 4.00%
05/31/1995 0.461057 6,860.887 3,163.26 0.00008 0.255759097 3,136.23 8,698.50 4.00%
06/30/1995 0.493551 6,860.887 3,386.19 0.00008 0.257772462 3,357.01 8,698.50 4.00%
07/31/1995 0.532345 6,860.887 3,652.36 0.00008 0.285115593 3,620.59 8,698.50 4.00%
08/31/1995 0.528557 6,860.887 3,626.37 0.00008 0.307502204 3,594.52 8,698.50 4.00%
09/30/1995 0.557693 6,860.887 3,826.27 0.00008 0.295440095 3,792.37 8,698.50 4.00%
10/31/1995 0.565461 6,860.887 3,879.56 0.00008 0.322091729 3,844.87 8,698.50 4.00%
11/30/1995 0.585726 6,860.887 4,018.60 0.00008 0.316016653 3,982.35 8,698.50 4.00%
12/31/1995 0.583916 6,860.887 4,006.18 0.00008 0.338226799 3,969.70 8,698.50 4.00%
01/31/1996 0.596604 6,860.887 4,093.24 0.00008 0.337152822 4,055.63 8,698.50 6.00%
02/29/1996 0.617076 6,860.887 4,233.69 0.00008 0.322227776 4,194.46 8,698.50 6.00%
03/31/1996 0.610793 6,860.887 4,190.58 0.00008 0.35624207 4,151.40 8,698.50 6.00%
04/30/1996 0.645139 6,860.887 4,426.23 0.00008 0.341211155 4,384.51 8,698.50 6.00%
05/31/1996 0.676605 6,860.887 4,642.11 0.00008 0.372382622 4,597.98 8,698.50 6.00%
06/30/1996 0.668891 6,860.887 4,589.19 0.00008 0.37791629 4,545.18 8,698.50 6.00%
07/31/1996 0.612329 6,860.887 4,201.12 0.00008 0.386029085 4,160.45 8,698.50 6.00%
08/31/1996 0.634945 6,860.887 4,356.28 0.00008 0.353353433 4,313.76 8,698.50 6.00%
09/30/1996 0.678184 6,860.887 4,652.95 0.00008 0.354555505 4,607.17 8,698.50 6.00%
10/31/1996 0.671352 6,860.887 4,606.07 0.00008 0.391293834 4,560.36 8,698.50 6.00%
11/30/1996 0.706318 6,860.887 4,845.97 0.00008 0.374824345 4,797.51 8,698.50 6.00%
12/31/1996 0.680323 6,860.887 4,667.62 0.00008 0.407459466 4,620.53 8,698.50 6.00%
01/31/1997 0.713613 6,860.887 4,896.02 0.00008 0.392428691 4,846.24 8,698.50 6.00%
02/28/1997 0.692252 6,860.887 4,749.46 0.00008 0.371766128 4,700.80 8,698.50 6.00%
03/31/1997 0.649091 6,860.887 4,453.34 0.00008 0.399246055 4,407.31 8,698.50 6.00%
04/30/1997 0.686226 6,860.887 4,708.12 0.00008 0.362244802 4,659.09 8,698.50 6.00%
05/31/1997 0.724199 6,860.887 4,968.65 0.00008 0.395703925 4,916.51 8,698.50 6.00%
06/30/1997 0.754006 6,860.887 5,173.15 0.00008 0.404096914 5,118.46 8,698.50 6.00%
07/31/1997 0.830187 6,860.887 5,695.82 0.00008 0.434718889 5,635.18 8,698.50 6.00%
08/31/1997 0.768245 6,860.887 5,270.84 0.00008 0.478603925 5,214.24 8,698.50 6.00%
09/30/1997 0.823201 6,860.887 5,647.89 0.00008 0.428568039 5,586.82 8,698.50 6.00%
10/31/1997 0.776533 6,860.887 5,327.71 0.00008 0.474496841 5,269.62 8,698.50 6.00%
11/30/1997 0.787397 6,860.887 5,402.24 0.00008 0.433119461 5,342.91 8,698.50 6.00%
12/31/1997 0.789862 6,860.887 5,419.15 0.00008 0.45378119 5,359.18 8,698.50 6.00%
01/31/1998 0.821162 6,860.887 5,633.90 0.00008 0.455163407 5,571.10 8,698.50 6.00%
02/28/1998 0.891266 6,860.887 6,114.87 0.00008 0.427371944 6,046.28 8,698.50 6.00%
03/31/1998 0.942671 6,860.887 6,467.56 0.00008 0.513519835 6,394.50 8,698.50 6.00%
04/30/1998 0.999423 6,860.887 6,856.93 0.00008 0.525575409 6,778.94 8,698.50 6.00%
05/31/1998 0.968963 6,860.887 6,647.94 0.00008 0.57574567 6,571.76 8,698.50 6.00%
06/30/1998 1.068151 6,860.887 7,328.47 0.00008 0.540144454 7,243.94 8,698.50 6.00%
07/31/1998 1.097266 6,860.887 7,528.22 0.00008 0.615238899 7,440.78 8,698.50 6.00%
08/31/1998 0.910430 6,860.887 6,246.36 0.00008 0.631956358 6,173.17 8,698.50 6.00%
09/30/1998 1.000000 6,860.887 6,860.89 0.00008 0.507383877 6,779.99 8,698.50 6.00%
10/31/1998 1.036284 6,860.887 7,109.83 0.00008 0.575835104 7,025.42 8,698.50 6.00%
11/30/1998 1.103131 6,860.887 7,568.46 0.00008 0.577432063 7,478.03 8,698.50 6.00%
12/31/1998 1.283263 6,860.887 8,804.32 0.00008 0.635120451 8,698.50 8,698.50 6.00%
12/31/1998 8,698.50
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 769.85% 769.85%
10/02/1986 100.00% 8,698.50 12.2548 19.31% 19.31% 8,698.50 8,698.50 13
10/31/1986 100.00% 8,698.50 12.1753 19.22% 19.22% 8,501.45 8,501.45 13
11/30/1986 100.00% 8,698.50 12.0932 19.41% 19.41% 8,540.20 8,540.20 13
12/31/1986 100.00% 8,698.50 12.0082 19.63% 19.63% 8,603.58 8,603.58 13
01/31/1987 100.00% 8,698.50 11.9233 18.89% 18.89% 7,870.90 7,870.90 12
02/28/1987 100.00% 8,698.50 11.8466 18.30% 18.30% 7,322.92 7,322.92 12
03/31/1987 100.00% 8,698.50 11.7616 18.20% 18.20% 7,144.98 7,144.98 12
04/30/1987 100.00% 8,698.50 11.6795 18.29% 18.29% 7,109.99 7,109.99 12
05/31/1987 100.00% 8,698.50 11.5945 18.23% 18.23% 6,972.39 6,972.39 12
06/30/1987 100.00% 8,698.50 11.5123 18.01% 18.01% 6,728.76 6,728.76 12
07/31/1987 100.00% 8,698.50 11.4274 17.62% 17.62% 6,386.11 6,386.11 12
08/31/1987 100.00% 8,698.50 11.3425 17.32% 17.32% 6,120.00 6,120.00 12
09/30/1987 100.00% 8,698.50 11.2603 17.47% 17.47% 6,127.52 6,127.52 12
10/31/1987 100.00% 8,698.50 11.1753 20.14% 20.14% 7,775.14 7,775.14 12
11/30/1987 100.00% 8,698.50 11.0932 20.78% 20.78% 8,117.62 8,117.62 12
12/31/1987 100.00% 8,698.50 11.0082 20.60% 20.60% 7,863.24 7,863.24 12
01/31/1988 100.00% 8,698.50 10.9233 20.67% 20.67% 7,787.30 7,787.30 11
02/29/1988 100.00% 8,698.50 10.8438 20.56% 20.56% 7,595.93 7,595.93 11
03/31/1988 100.00% 8,698.50 10.7589 20.77% 20.77% 7,617.00 7,617.00 11
04/30/1988 100.00% 8,698.50 10.6767 20.75% 20.75% 7,488.86 7,488.86 11
05/31/1988 100.00% 8,698.50 10.5918 20.90% 20.90% 7,466.64 7,466.64 11
06/30/1988 100.00% 8,698.50 10.5096 20.57% 20.57% 7,141.09 7,141.09 11
07/31/1988 100.00% 8,698.50 10.4247 20.82% 20.82% 7,181.87 7,181.87 11
08/31/1988 100.00% 8,698.50 10.3397 21.19% 21.19% 7,294.13 7,294.13 11
09/30/1988 100.00% 8,698.50 10.2575 20.63% 20.63% 6,845.90 6,845.90 11
10/31/1988 100.00% 8,698.50 10.1726 20.78% 20.78% 6,825.02 6,825.02 11
11/30/1988 100.00% 8,698.50 10.0904 21.20% 21.20% 6,959.66 6,959.66 11
12/31/1988 100.00% 8,698.50 10.0055 20.97% 20.97% 6,717.94 6,717.94 11
01/31/1989 100.00% 8,698.50 9.9205 20.43% 20.43% 6,321.97 6,321.97 10
02/28/1989 100.00% 8,698.50 9.8438 20.70% 20.70% 6,373.83 6,373.83 10
03/31/1989 100.00% 8,698.50 9.7589 20.21% 20.21% 6,025.03 6,025.03 10
04/30/1989 100.00% 8,698.50 9.6767 19.60% 19.60% 5,650.48 5,650.48 10
05/31/1989 100.00% 8,698.50 9.5918 18.76% 18.76% 5,204.06 5,204.06 10
06/30/1989 100.00% 8,698.50 9.5096 19.27% 19.27% 5,341.16 5,341.16 10
07/31/1989 100.00% 8,698.50 9.4247 18.26% 18.26% 4,856.38 4,856.38 10
08/31/1989 100.00% 8,698.50 9.3397 17.62% 17.62% 4,551.89 4,551.89 10
09/30/1989 100.00% 8,698.50 9.2575 17.37% 17.37% 4,404.76 4,404.76 10
10/31/1989 100.00% 8,698.50 9.1726 18.16% 18.16% 4,619.63 4,619.63 10
11/30/1989 100.00% 8,698.50 9.0904 18.24% 18.24% 4,585.19 4,585.19 10
12/31/1989 100.00% 8,698.50 9.0055 18.55% 18.55% 4,629.08 4,629.08 10
01/31/1990 100.00% 8,698.50 8.9205 19.97% 19.97% 5,075.46 5,075.46 9
02/28/1990 100.00% 8,698.50 8.8438 19.83% 19.83% 4,954.01 4,954.01 9
03/31/1990 100.00% 8,698.50 8.7589 19.52% 19.52% 4,766.51 4,766.51 9
04/30/1990 100.00% 8,698.50 8.6767 19.61% 19.61% 4,728.87 4,728.87 9
05/31/1990 100.00% 8,698.50 8.5918 18.44% 18.44% 4,280.09 4,280.09 9
06/30/1990 100.00% 8,698.50 8.5096 18.32% 18.32% 4,183.78 4,183.78 9
07/31/1990 100.00% 8,698.50 8.4247 19.00% 19.00% 4,328.69 4,328.69 9
08/31/1990 100.00% 8,698.50 8.3397 20.74% 20.74% 4,816.44 4,816.44 9
09/30/1990 100.00% 8,698.50 8.2575 21.62% 21.62% 5,034.59 5,034.59 9
10/31/1990 100.00% 8,698.50 8.1726 22.28% 22.28% 5,176.81 5,176.81 9
11/30/1990 100.00% 8,698.50 8.0904 21.78% 21.78% 4,925.42 4,925.42 9
12/31/1990 100.00% 8,698.50 8.0055 21.33% 21.33% 4,702.46 4,702.46 9
01/31/1991 100.00% 8,698.50 7.9205 20.68% 20.68% 4,432.67 4,432.67 8
02/28/1991 100.00% 8,698.50 7.8438 19.70% 19.70% 4,098.25 4,098.25 8
03/31/1991 100.00% 8,698.50 7.7589 19.19% 19.19% 3,905.04 3,905.04 8
04/30/1991 100.00% 8,698.50 7.6767 19.37% 19.37% 3,894.36 3,894.36 8
05/31/1991 100.00% 8,698.50 7.5918 18.79% 18.79% 3,696.66 3,696.66 8
06/30/1991 100.00% 8,698.50 7.5096 19.85% 19.85% 3,896.27 3,896.27 8
07/31/1991 100.00% 8,698.50 7.4247 18.93% 18.93% 3,622.69 3,622.69 8
08/31/1991 100.00% 8,698.50 7.3397 18.34% 18.34% 3,441.10 3,441.10 8
09/30/1991 100.00% 8,698.50 7.2575 18.57% 18.57% 3,441.43 3,441.43 8
10/31/1991 100.00% 8,698.50 7.1726 18.08% 18.08% 3,293.35 3,293.35 8
11/30/1991 100.00% 8,698.50 7.0904 19.02% 19.02% 3,437.53 3,437.53 8
12/31/1991 100.00% 8,698.50 7.0055 16.87% 16.87% 2,981.32 2,981.32 8
01/31/1992 100.00% 8,698.50 6.9205 17.55% 17.55% 3,062.10 3,062.10 7
02/29/1992 100.00% 8,698.50 6.8411 17.92% 17.92% 3,089.00 3,089.00 7
03/31/1992 100.00% 8,698.50 6.7562 18.79% 18.79% 3,200.26 3,200.26 7
04/30/1992 100.00% 8,698.50 6.6740 19.16% 19.16% 3,222.66 3,222.66 7
05/31/1992 100.00% 8,698.50 6.5890 19.04% 19.04% 3,152.50 3,152.50 7
06/30/1992 100.00% 8,698.50 6.5068 19.72% 19.72% 3,225.24 3,225.24 7
07/31/1992 100.00% 8,698.50 6.4219 19.70% 19.70% 3,172.67 3,172.67 7
08/31/1992 100.00% 8,698.50 6.3370 20.50% 20.50% 3,260.20 3,260.20 7
09/30/1992 100.00% 8,698.50 6.2548 20.66% 20.66% 3,236.67 3,236.67 7
10/31/1992 100.00% 8,698.50 6.1699 20.68% 20.68% 3,188.74 3,188.74 7
11/30/1992 100.00% 8,698.50 6.0877 19.86% 19.86% 3,013.14 3,013.14 7
12/31/1992 100.00% 8,698.50 6.0027 19.77% 19.77% 2,952.74 2,952.74 7
01/31/1993 100.00% 8,698.50 5.9178 19.78% 19.78% 2,909.55 2,909.55 6
02/28/1993 100.00% 8,698.50 5.8411 20.95% 20.95% 3,037.64 3,037.64 6
03/31/1993 100.00% 8,698.50 5.7562 20.78% 20.78% 2,964.25 2,964.25 6
04/30/1993 100.00% 8,698.50 5.6740 22.04% 22.04% 3,095.73 3,095.73 6
05/31/1993 100.00% 8,698.50 5.5890 21.69% 21.69% 2,995.86 2,995.86 6
06/30/1993 100.00% 8,698.50 5.5068 21.67% 21.67% 2,944.41 2,944.41 6
07/31/1993 100.00% 8,698.50 5.4219 22.13% 22.13% 2,955.81 2,955.81 6
08/31/1993 100.00% 8,698.50 5.3370 22.05% 22.05% 2,896.85 2,896.85 6
09/30/1993 100.00% 8,698.50 5.2548 21.99% 21.99% 2,842.34 2,842.34 6
10/31/1993 100.00% 8,698.50 5.1699 22.45% 22.45% 2,848.98 2,848.98 6
11/30/1993 100.00% 8,698.50 5.0877 23.63% 23.63% 2,942.26 2,942.26 6
12/31/1993 100.00% 8,698.50 5.0027 23.53% 23.53% 2,878.04 2,878.04 6
01/31/1994 50.00% 8,698.50 4.9178 22.85% 22.85% 2,750.92 2,750.92 5
02/28/1994 50.00% 8,698.50 4.8411 23.92% 23.92% 2,824.18 2,824.18 5
03/31/1994 50.00% 8,698.50 4.7562 26.29% 26.29% 3,034.62 3,034.62 5
04/30/1994 50.00% 8,698.50 4.6740 27.17% 27.17% 3,074.92 3,074.92 5
05/31/1994 50.00% 8,698.50 4.5890 28.07% 28.07% 3,111.96 3,111.96 5
06/30/1994 50.00% 8,698.50 4.5068 29.78% 29.78% 3,238.00 3,238.00 5
07/31/1994 50.00% 8,698.50 4.4219 29.65% 29.65% 3,152.19 3,152.19 5
08/31/1994 50.00% 8,698.50 4.3370 29.26% 29.26% 3,044.16 3,044.16 5
09/30/1994 50.00% 8,698.50 4.2548 30.84% 30.84% 3,138.64 3,138.64 5
10/31/1994 50.00% 8,698.50 4.1699 30.44% 30.44% 3,028.75 3,028.75 5
11/30/1994 50.00% 8,698.50 4.0877 32.57% 32.57% 3,166.14 3,166.14 5
12/31/1994 50.00% 8,698.50 4.0027 33.53% 33.53% 3,181.82 3,181.82 5
01/31/1995 40.00% 8,698.50 3.9178 34.21% 34.21% 3,166.95 3,166.95 4
02/28/1995 40.00% 8,698.50 3.8411 33.98% 33.98% 3,075.90 3,075.90 4
03/31/1995 40.00% 8,698.50 3.7562 33.94% 33.94% 2,997.24 2,997.24 4
04/30/1995 40.00% 8,698.50 3.6740 33.47% 33.47% 2,888.56 2,888.56 4
05/31/1995 40.00% 8,698.50 3.5890 32.87% 32.87% 2,773.55 2,773.55 4
06/30/1995 40.00% 8,698.50 3.5068 31.19% 31.19% 2,591.15 2,591.15 4
07/31/1995 40.00% 8,692.85 3.4219 29.17% 29.19% 2,400.95 2,402.51 4
08/31/1995 40.00% 8,693.89 3.3370 30.30% 30.32% 2,418.65 2,419.93 4
09/30/1995 40.00% 8,685.98 3.2548 29.00% 29.05% 2,290.38 2,293.68 4
10/31/1995 40.00% 8,683.88 3.1699 29.31% 29.38% 2,258.56 2,262.36 4
11/30/1995 40.00% 8,678.38 3.0877 28.70% 28.79% 2,179.21 2,184.26 4
12/31/1995 40.00% 8,678.88 3.0027 29.76% 29.86% 2,186.28 2,191.22 4
01/31/1996 30.00% 8,611.73 2.9178 29.44% 29.89% 2,123.40 2,144.80 3
02/29/1996 30.00% 8,603.40 2.8384 28.80% 29.30% 2,051.13 2,073.80 3
03/31/1996 30.00% 8,605.98 2.7534 30.31% 30.82% 2,073.03 2,095.31 3
04/30/1996 30.00% 8,592.00 2.6712 28.64% 29.24% 1,959.63 1,983.92 3
05/31/1996 30.00% 8,579.19 2.5863 27.27% 27.95% 1,865.86 1,891.81 3
06/30/1996 30.00% 8,582.36 2.5041 28.90% 29.59% 1,888.23 1,913.78 3
07/31/1996 30.00% 8,605.44 2.4192 35.04% 35.64% 2,068.39 2,090.76 3
08/31/1996 30.00% 8,596.24 2.3342 34.37% 35.05% 1,992.75 2,016.45 3
09/30/1996 30.00% 8,578.64 2.2521 31.79% 32.60% 1,862.02 1,888.03 3
10/31/1996 30.00% 8,581.45 2.1671 33.87% 34.71% 1,881.75 1,907.41 3
11/30/1996 30.00% 8,567.22 2.0849 32.06% 33.03% 1,785.76 1,813.13 3
12/31/1996 30.00% 8,577.84 2.0000 36.25% 37.21% 1,856.46 1,882.57 3
01/31/1997 20.00% 8,512.10 1.9151 34.20% 35.72% 1,756.44 1,794.90 2
02/28/1997 20.00% 8,520.83 1.8384 38.20% 39.76% 1,812.63 1,850.43 2
03/31/1997 20.00% 8,538.44 1.7534 45.81% 47.37% 1,937.33 1,973.65 2
04/30/1997 20.00% 8,523.33 1.6712 43.53% 45.29% 1,829.40 1,866.99 2
05/31/1997 20.00% 8,507.89 1.5863 41.30% 43.29% 1,730.47 1,769.24 2
06/30/1997 20.00% 8,495.77 1.5041 40.06% 42.27% 1,659.83 1,699.43 2
07/31/1997 20.00% 8,464.77 1.4192 33.20% 35.78% 1,502.13 1,543.61 2
08/31/1997 20.00% 8,490.02 1.3342 44.11% 46.75% 1,628.24 1,668.22 2
09/30/1997 20.00% 8,467.67 1.2521 39.39% 42.42% 1,515.65 1,556.97 2
10/31/1997 20.00% 8,486.70 1.1671 50.43% 53.64% 1,610.50 1,650.69 2
11/30/1997 20.00% 8,482.30 1.0849 53.12% 56.71% 1,587.58 1,628.05 2
12/31/1997 20.00% 8,481.33 1.0000 58.26% 62.31% 1,582.58 1,623.10 2
01/31/1998 10.00% 8,416.42 0.9151 51.07% 56.14% 1,458.73 1,503.40 1
02/28/1998 10.00% 8,387.91 0.8384 38.73% 43.87% 1,315.80 1,356.53 1
03/31/1998 10.00% 8,367.02 0.7534 30.85% 36.03% 1,224.53 1,260.91 1
04/30/1998 10.00% 8,343.95 0.6712 23.09% 28.32% 1,149.61 1,182.17 1
05/31/1998 10.00% 8,356.38 0.5863 27.16% 32.36% 1,151.26 1,178.66 1
06/30/1998 10.00% 8,316.05 0.5041 14.80% 20.08% 1,072.05 1,096.63 1
07/31/1998 10.00% 8,304.24 0.4192 11.60% 16.90% 1,047.10 1,067.66 1
08/31/1998 10.00% 8,380.30 0.3342 35.75% 40.91% 1,107.56 1,121.44 1
09/30/1998 10.00% 8,343.89 0.2521 23.07% 28.30% 1,053.72 1,064.83 1
10/31/1998 10.00% 8,329.16 0.1671 18.56% 23.81% 1,028.85 1,036.34 1
11/30/1998 10.00% 8,302.00 0.0849 11.02% 16.32% 1,008.91 1,012.92 1
12/31/1998 10.00% 8,228.78 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.145754 1 6.00% 10%
Units purchased 6,860.887 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 7,478.03 8,302.00 8,698.50 11.02% 16.32%
09/30/1998 0.25 0.25 6,779.99 8,343.89 8,698.50 23.07% 28.30%
12/31/1997 1.00 1.00 5,359.18 8,481.33 8,698.50 58.26% 62.31%
12/31/1997 1.00 1.00 5,359.18 8,481.33 8,698.50 58.26% 62.31%
12/31/1995 3.00 3.00 3,969.70 8,678.88 8,698.50 29.79% 29.89%
12/31/1993 5.00 5.00 3,022.37 8,698.50 8,698.50 23.54% 23.54%
12/31/1988 10.01 10.00 1,294.82 8,698.50 8,698.50 20.98% 20.98%
10/02/1986 12.25 12.25 1,000.00 8,698.50 8,698.50 19.31% 19.31%
12/31/1992 2,945.90
12/31/1993 1 3,022.37 2.60%
12/31/1994 1 2,733.81 -9.55%
12/31/1995 1 3,969.70 45.21%
12/31/1996 1 4,620.53 16.39%
12/31/1997 1 5,359.18 15.99%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
WRL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/02/1986 100 10 1000
10/31/1986 1000 0 10 100 10.242480 1,024.25 2.43%
11/30/1986 1024.25 0 10 100 10.207375 1,020.74 -0.34%
12/31/1986 1020.74 0 10 100 10.143918 1,014.39 -0.62%
01/31/1987 1014.39 0 10 100 11.099823 1,109.98 9.42%
02/28/1987 1109.98 0 10 100 11.941933 1,194.19 7.59%
03/31/1987 1194.19 0 10 100 12.253046 1,225.30 2.61%
04/30/1987 1225.3 0 10 100 12.326861 1,232.69 0.60%
05/31/1987 1232.69 0 10 100 12.584261 1,258.43 2.09%
06/30/1987 1258.43 0 10 100 13.053930 1,305.39 3.73%
07/31/1987 1305.39 0 10 100 13.769288 1,376.93 5.48%
08/31/1987 1376.93 0 10 100 14.383761 1,438.38 4.46%
09/30/1987 1438.38 0 10 100 14.382060 1,438.21 -0.01%
10/31/1987 1438.21 0 10 100 11.350889 1,135.09 -21.08%
11/30/1987 1135.09 0 10 100 10.884572 1,088.46 -4.11%
12/31/1987 1088.46 0.108281 11.140893 100.972 11.140893 1,124.92 3.35%
01/31/1988 1124.92 0 10 100.972 11.262292 1,137.18 1.09%
02/29/1988 1137.18 0 10 100.972 11.558128 1,167.05 2.63%
03/31/1988 1167.05 0 10 100.972 11.539389 1,165.16 -0.16%
04/30/1988 1165.16 0 10 100.972 11.749717 1,186.39 1.82%
05/31/1988 1186.39 0 10 100.972 11.798150 1,191.28 0.41%
06/30/1988 1191.28 0 10 100.972 12.349026 1,246.91 4.67%
07/31/1988 1246.91 0 10 100.972 12.293135 1,241.26 -0.45%
08/31/1988 1241.26 0 10 100.972 12.118060 1,223.58 -1.42%
09/30/1988 1223.58 0 10 100.972 12.924912 1,305.05 6.66%
10/31/1988 1305.05 0 10 100.972 12.979238 1,310.54 0.42%
11/30/1988 1310.54 0 10 100.972 12.742550 1,286.64 -1.82%
12/31/1988 1286.64 0.245734 12.969913 102.885 12.969913 1,334.41 3.71%
01/31/1989 1334.41 0 10 102.885 13.797157 1,419.52 6.38%
02/28/1989 1419.52 0 10 102.885 13.699227 1,409.44 -0.71%
03/31/1989 1409.44 0 10 102.885 14.507993 1,492.65 5.90%
04/30/1989 1492.65 0 10 102.885 15.485756 1,593.25 6.74%
05/31/1989 1593.25 0 10 102.885 16.831921 1,731.75 8.69%
06/30/1989 1731.75 0 10 102.885 16.418542 1,689.22 -2.46%
07/31/1989 1689.22 0 10 102.885 18.076256 1,859.78 10.10%
08/31/1989 1859.78 0 10 102.885 19.306200 1,986.32 6.80%
09/30/1989 1986.32 0 10 102.885 19.972520 2,054.87 3.45%
10/31/1989 2054.87 0 10 102.885 19.066422 1,961.65 -4.54%
11/30/1989 1961.65 0 10 102.885 19.230784 1,978.56 0.86%
12/31/1989 1978.56 1.219667 17.850799 109.915 17.850800 1,962.07 -0.83%
01/31/1990 1962.07 0 10 109.915 16.301312 1,791.76 -8.68%
02/28/1990 1791.76 0 10 109.915 16.717816 1,837.54 2.56%
03/31/1990 1837.54 0 10 109.915 17.394601 1,911.93 4.05%
04/30/1990 1911.93 0 10 109.915 17.552402 1,929.27 0.91%
05/31/1990 1929.27 0 10 109.915 19.412925 2,133.77 10.60%
06/30/1990 2133.77 0 10 109.915 19.881337 2,185.26 2.41%
07/31/1990 2185.26 0 10 109.915 19.238628 2,114.61 -3.23%
08/31/1990 2114.61 0 10 109.915 17.312376 1,902.89 -10.01%
09/30/1990 1902.89 0 10 109.915 16.581488 1,822.55 -4.22%
10/31/1990 1822.55 0 10 109.915 16.144908 1,774.57 -2.63%
11/30/1990 1774.57 0 10 109.915 16.986867 1,867.11 5.21%
12/31/1990 1867.11 0.332659 17.479079 112.007 17.479079 1,957.78 4.86%
01/31/1991 1957.78 0 10 112.007 18.562905 2,079.18 6.20%
02/28/1991 2079.18 0 10 112.007 20.096951 2,251.00 8.26%
03/31/1991 2251 0 10 112.007 21.114275 2,364.95 5.06%
04/30/1991 2364.95 0 10 112.007 21.195645 2,374.06 0.39%
05/31/1991 2374.06 0 10 112.007 22.353555 2,503.75 5.46%
06/30/1991 2503.75 0 10 112.007 21.233106 2,378.26 -5.01%
07/31/1991 2378.26 0 10 112.007 22.860955 2,560.59 7.67%
08/31/1991 2560.59 0 10 112.007 24.093541 2,698.65 5.39%
09/30/1991 2698.65 0 10 112.007 24.117922 2,701.38 0.10%
10/31/1991 2701.38 0 10 112.007 25.230014 2,825.94 4.61%
11/30/1991 2825.94 0 10 112.007 24.199800 2,710.55 -4.08%
12/31/1991 2710.55 1.664026 26.086133 119.152 26.255817 3,128.43 15.42%
01/31/1992 3128.43 0 10 119.152 25.593236 3,049.49 -2.52%
02/29/1992 3049.49 0 10 119.152 25.397891 3,026.21 -0.76%
03/31/1992 3026.21 0 10 119.152 24.544017 2,924.47 -3.36%
04/30/1992 2924.47 0 10 119.152 24.400719 2,907.39 -0.58%
05/31/1992 2907.39 0 10 119.152 24.971628 2,975.42 2.34%
06/30/1992 2975.42 0 10 119.152 24.436151 2,911.62 -2.14%
07/31/1992 2911.62 0.001383 24.616 119.159 24.867638 2,963.20 1.77%
08/31/1992 2963.2 0 10 119.159 24.228487 2,887.04 -2.57%
09/30/1992 2887.04 0 10 119.159 24.431522 2,911.24 0.84%
10/31/1992 2911.24 0 10 119.159 24.826755 2,958.33 1.62%
11/30/1992 2958.33 0 10 119.159 26.301157 3,134.02 5.94%
12/31/1992 3134.02 1.046499 25.93 123.968 25.826998 3,201.72 2.16%
01/31/1993 3201.72 0 10 123.968 26.240000 3,252.92 1.60%
02/28/1993 3252.92 0 10 123.968 25.160699 3,119.12 -4.11%
03/31/1993 3119.12 0 10 123.968 25.812501 3,199.92 2.59%
04/30/1993 3199.92 0 10 123.968 24.744844 3,067.57 -4.14%
05/31/1993 3067.57 0 10 123.968 25.598051 3,173.34 3.45%
06/30/1993 3173.34 0 10 123.968 26.073810 3,232.32 1.86%
07/31/1993 3232.32 0 10 123.968 26.003167 3,223.56 -0.27%
08/31/1993 3223.56 0 10 123.968 26.562170 3,292.86 2.15%
09/30/1993 3292.86 0 10 123.968 27.101141 3,359.67 2.03%
10/31/1993 3359.67 0 10 123.968 27.069034 3,355.69 -0.12%
11/30/1993 3355.69 0 10 123.968 26.240820 3,253.02 -3.06%
12/31/1993 3253.02 0.608967 26.290107 126.84 26.248356 3,329.34 2.35%
01/31/1994 3329.34 0 10 126.84 27.491378 3,487.01 4.74%
02/28/1994 3487.01 0 10 126.84 26.806735 3,400.17 -2.49%
03/31/1994 3400.17 0 10 126.84 24.978447 3,168.27 -6.82%
04/30/1994 3168.27 0 10 126.84 24.678894 3,130.27 -1.20%
05/31/1994 3130.27 0 10 126.84 24.413428 3,096.60 -1.08%
06/30/1994 3096.6 0.120921 23.586145 127.49 23.370489 2,979.50 -3.78%
07/31/1994 2979.5 0 10 127.49 24.033389 3,064.02 2.84%
08/31/1994 3064.02 0 10 127.49 24.913865 3,176.27 3.66%
09/30/1994 3176.27 0.000862 24.644534 127.494 24.190751 3,084.18 -2.90%
10/31/1994 3084.18 0 10 127.494 25.096247 3,199.62 3.74%
11/30/1994 3199.62 0 10 127.494 24.035071 3,064.33 -4.23%
12/31/1994 3064.33 0.135875 23.808253 128.222 23.808253 3,052.74 -0.38%
01/31/1995 3052.74 0 10 128.222 23.947313 3,070.57 0.58%
02/28/1995 3070.57 0 10 128.222 24.681014 3,164.65 3.06%
03/31/1995 3164.65 0 10 128.222 25.357023 3,251.33 2.74%
04/30/1995 3251.33 0 10 128.222 26.339175 3,377.26 3.87%
05/31/1995 3377.26 0 10 128.222 27.461619 3,521.18 4.26%
06/30/1995 3521.18 0.07519 29.305451 128.551 29.349927 3,772.96 7.15%
07/31/1995 3772.96 0 10 128.551 31.688062 4,073.53 7.97%
08/31/1995 4073.53 0 10 128.551 31.496209 4,048.87 -0.61%
09/30/1995 4048.87 0 10 128.551 33.264807 4,276.22 5.62%
10/31/1995 4276.22 0 10 128.551 33.763410 4,340.32 1.50%
11/30/1995 4340.32 0 10 128.551 35.008125 4,500.33 3.69%
12/31/1995 4500.33 3.276361 31.66074 141.854 31.660740 4,491.20 -0.20%
01/31/1996 4491.2 0 10 141.854 32.382275 4,593.56 2.28%
02/29/1996 4593.56 0 10 141.854 33.525571 4,755.74 3.53%
03/31/1996 4755.74 0 10 141.854 33.219877 4,712.37 -0.91%
04/30/1996 4712.37 0 10 141.854 35.122001 4,982.20 5.73%
05/31/1996 4982.2 0 10 141.854 36.872327 5,230.49 4.98%
06/30/1996 5230.49 0.063568 36.184183 142.103 36.425878 5,176.23 -1.04%
07/31/1996 5176.23 0 10 142.103 33.384405 4,744.02 -8.35%
08/31/1996 4744.02 0.154834 35.032353 142.731 34.500365 4,924.27 3.80%
09/30/1996 4924.27 0 10 142.731 36.885259 5,264.67 6.91%
10/31/1996 5264.67 0 10 142.731 36.552788 5,217.22 -0.90%
11/30/1996 5217.22 0 10 142.731 38.494133 5,494.31 5.31%
12/31/1996 5494.31 2.138172 35.349713 151.364 35.001280 5,297.93 -3.57%
01/31/1997 5297.93 0 10 151.364 36.751164 5,562.80 5.00%
02/28/1997 5562.8 0 10 151.364 35.686274 5,401.62 -2.90%
03/31/1997 5401.62 0 10 151.364 33.499164 5,070.57 -6.13%
04/30/1997 5070.57 0 10 151.364 35.450077 5,365.87 5.82%
05/31/1997 5365.87 0 10 151.364 37.449424 5,668.49 5.64%
06/30/1997 5668.49 0.313727 38.94532 152.583 38.717398 5,907.62 4.22%
07/31/1997 5907.62 0 10 152.583 42.670379 6,510.77 10.21%
08/31/1997 6510.77 0 10 152.583 39.531898 6,031.90 -7.36%
09/30/1997 6031.9 0 10 152.583 42.400458 6,469.59 7.26%
10/31/1997 6469.59 0 10 152.583 40.041768 6,109.69 -5.56%
11/30/1997 6109.69 0 10 152.583 40.643075 6,201.44 1.50%
12/31/1997 6201.44 4.034226 37.695661 169.021 36.844201 6,227.44 0.42%
01/31/1998 6227.44 0 10 169.021 38.343370 6,480.83 4.07%
02/28/1998 6480.83 0 10 169.021 41.653518 7,040.32 8.63%
03/31/1998 7040.32 0 10 169.021 44.100181 7,453.86 5.87%
04/30/1998 7453.86 0 10 169.021 46.800435 7,910.26 6.12%
05/31/1998 7910.26 0 10 169.021 45.423764 7,677.57 -2.94%
06/30/1998 7677.57 0.448582 44.807903 170.713 49.623505 8,471.38 10.34%
07/31/1998 8471.38 0 10 170.713 51.028823 8,711.28 2.83%
08/31/1998 8711.28 0 10 170.713 42.394053 7,237.22 -16.92%
09/30/1998 7237.22 0 10 170.713 46.608472 7,956.67 9.94%
6.95667
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
10/02/1986 1,000.00 0.145753751
10/31/1986 0.00099 0.993150685 1,023.26 0.08 0.149143524
11/30/1986 0.00103 1.051291284 1,018.70 0.16 0.148479194
12/31/1986 0.00106 1.081495473 1,011.28 0.25 0.147397877
01/31/1987 0.00106 1.073619351 1,105.50 0.36 0.16113128
02/28/1987 0.00096 1.060071841 1,188.31 0.47 0.173201194
03/31/1987 0.00106 1.261566025 1,218.01 0.58 0.177529403
04/30/1987 0.00103 1.25137927 1,224.10 0.68 0.178417721
05/31/1987 0.00106 1.299562258 1,248.36 0.80 0.181953874
06/30/1987 0.00103 1.282566732 1,293.67 0.93 0.188556787
07/31/1987 0.00106 1.373413379 1,363.19 1.09 0.198690188
08/31/1987 0.00106 1.447223225 1,422.58 1.26 0.207346448
09/30/1987 0.00103 1.461555343 1,420.95 1.37 0.207108915
10/31/1987 0.00106 1.508543706 1,119.96 1.20 0.163238352
11/30/1987 0.00103 1.150643708 1,072.80 1.24 0.156364738
12/31/1987 0.00106 1.138932339 1,107.60 1.37 0.161436463
01/31/1988 0.00106 1.175873864 1,118.49 1.48 0.163024499
02/29/1988 0.00099 1.110831743 1,146.76 1.61 0.167144711
03/31/1988 0.00106 1.217451708 1,143.69 1.70 0.166696578
04/30/1988 0.00103 1.175020243 1,163.35 1.82 0.169562638
05/31/1988 0.00106 1.235063447 1,166.91 1.93 0.170081517
06/30/1988 0.00103 1.198880196 1,220.20 2.11 0.177849187
07/31/1988 0.00106 1.29542116 1,213.38 2.20 0.176854504
08/31/1988 0.00106 1.288176071 1,194.81 2.27 0.174147704
09/30/1988 0.00103 1.227542161 1,273.13 2.52 0.185564115
10/31/1988 0.00106 1.351615295 1,277.14 2.64 0.186147731
11/30/1988 0.00103 1.312128628 1,252.54 2.69 0.182561752
12/31/1988 0.00106 1.329746631 1,297.71 2.89 0.189146037
01/31/1989 0.00106 1.377705365 1,379.10 3.19 0.201009154
02/28/1989 0.00096 1.322425687 1,367.99 3.26 0.199389041
03/31/1989 0.00106 1.452313546 1,447.30 3.57 0.210948818
04/30/1989 0.00103 1.486947928 1,543.35 3.93 0.224949388
05/31/1989 0.00106 1.638490471 1,675.88 4.39 0.24426525
06/30/1989 0.00103 1.721790675 1,633.00 4.42 0.238015389
07/31/1989 0.00106 1.733660846 1,796.15 5.00 0.261795039
08/31/1989 0.00106 1.906867493 1,916.45 5.49 0.27932972
09/30/1989 0.00103 1.96895509 1,980.62 5.83 0.288682701
10/31/1989 0.00106 2.10271234 1,888.67 5.72 0.275280016
11/30/1989 0.00103 1.940409311 1,903.01 5.92 0.277370189
12/31/1989 0.00106 2.020314061 1,885.12 6.03 0.274764022
01/31/1990 0.00106 2.001331214 1,719.49 5.66 0.250622478
02/28/1990 0.00096 1.648828407 1,761.78 5.93 0.256785634
03/31/1990 0.00106 1.8703799 1,831.23 6.31 0.266908593
04/30/1990 0.00103 1.881400351 1,845.96 6.51 0.269055065
05/31/1990 0.00106 1.959748205 2,039.67 7.35 0.297288896
06/30/1990 0.00103 2.095546741 2,086.79 7.69 0.30415734
07/31/1990 0.00106 2.215426797 2,017.11 7.61 0.29400095
08/31/1990 0.00106 2.141449502 1,813.01 7.01 0.264252721
09/30/1990 0.00103 1.862679492 1,734.60 6.85 0.252824481
10/31/1990 0.00106 1.841527583 1,687.09 6.81 0.245900277
11/30/1990 0.00103 1.733315746 1,773.34 7.30 0.258470809
12/31/1990 0.00106 1.882654409 1,857.57 7.80 0.270748182
01/31/1991 0.00106 1.972080563 1,970.79 8.43 0.287249571
02/28/1991 0.00096 1.889795582 2,131.76 9.27 0.310711956
03/31/1991 0.00106 2.26316943 2,237.41 9.91 0.326110934
04/30/1991 0.00103 2.298709152 2,243.73 10.12 0.327032097
05/31/1991 0.00106 2.382042375 2,363.92 10.85 0.344549994
06/30/1991 0.00103 2.428683441 2,243.01 10.49 0.326926877
07/31/1991 0.00106 2.381275969 2,412.59 11.47 0.351643742
08/31/1991 0.00106 2.561309122 2,540.11 12.28 0.370230089
09/30/1991 0.00103 2.60969874 2,540.07 12.49 0.370224247
10/31/1991 0.00106 2.696646143 2,654.49 13.27 0.386902154
11/30/1991 0.00103 2.72721773 2,543.38 12.93 0.370706496
12/31/1991 0.00106 2.70015876 2,932.78 15.12 0.427464007
01/31/1992 0.00106 3.113570157 2,855.67 14.97 0.416223949
02/29/1992 0.00099 2.836106091 2,831.03 15.07 0.412633095
03/31/1992 0.00106 3.005544493 2,732.85 14.78 0.398322462
04/30/1992 0.00103 2.807717846 2,714.08 14.91 0.395586875
05/31/1992 0.00106 2.881382917 2,774.70 15.47 0.404423237
06/30/1992 0.00103 2.850721331 2,712.36 15.35 0.395335949
07/31/1992 0.00106 2.879555218 2,757.53 15.83 0.401919708
08/31/1992 0.00106 2.927510121 2,683.72 15.64 0.391162894
09/30/1992 0.00103 2.757251078 2,703.46 15.98 0.394039854
10/31/1992 0.00106 2.870114703 2,744.32 16.45 0.399995213
11/30/1992 0.00103 2.819508824 2,904.48 17.63 0.423339269
12/31/1992 0.00106 3.083526315 2,964.14 18.24 0.43203466
01/31/1993 0.00106 3.146861961 3,008.39 18.76 0.438484834
02/28/1993 0.00096 2.884762194 2,881.77 18.20 0.42002849
03/31/1993 0.00106 3.059411204 2,953.36 18.89 0.430463299
04/30/1993 0.00103 3.034273991 2,828.17 18.33 0.412216904
05/31/1993 0.00106 3.002513032 2,922.69 19.19 0.425992541
06/30/1993 0.00103 3.002760256 2,974.01 19.76 0.433472415
07/31/1993 0.00106 3.157334311 2,962.79 19.94 0.431837456
08/31/1993 0.00106 3.145425567 3,023.34 20.60 0.440662628
09/30/1993 0.00103 3.106167594 3,081.57 21.24 0.449150652
10/31/1993 0.00106 3.27153174 3,074.65 21.45 0.448141732
11/30/1993 0.00103 3.158886726 2,977.42 21.02 0.43397006
12/31/1993 0.00106 3.160959069 3,044.11 21.75 0.44369083
01/31/1994 0.00106 3.231763389 3,185.04 23.01 0.464231981
02/28/1994 0.00096 3.054150942 3,102.67 22.66 0.45222566
03/31/1994 0.00106 3.293929539 2,887.77 21.35 0.420902649
04/30/1994 0.00103 2.966882343 2,850.16 21.31 0.415421939
05/31/1994 0.00106 3.025857925 2,816.48 21.29 0.410512523
06/30/1994 0.00103 2.893643831 2,707.08 20.70 0.394566958
07/31/1994 0.00106 2.873954027 2,781.00 21.49 0.405340818
08/31/1994 0.00106 2.95242887 2,879.93 22.49 0.419760102
09/30/1994 0.00103 2.958828692 2,793.47 22.05 0.407158684
10/31/1994 0.00106 2.965669873 2,895.06 23.09 0.421966263
11/30/1994 0.00103 2.9743796 2,769.68 22.32 0.403690675
12/31/1994 0.00106 2.940409523 2,756.26 22.45 0.401735248
01/31/1995 0.00106 2.926166552 2,769.43 22.79 0.403655145
02/28/1995 0.00096 2.655620017 2,851.63 23.67 0.415635774
03/31/1995 0.00106 3.02741546 2,926.71 24.54 0.426578812
04/30/1995 0.00103 3.006892799 3,037.06 25.70 0.442662729
05/31/1995 0.00106 3.22427489 3,163.26 27.03 0.461056598
06/30/1995 0.00103 3.24992176 3,386.19 29.19 0.493550503
07/31/1995 0.00106 3.594932186 3,652.36 31.77 0.532344855
08/31/1995 0.00106 3.877503197 3,626.37 31.85 0.528557029
09/30/1995 0.00103 3.725722607 3,826.27 33.90 0.557693245
10/31/1995 0.00106 4.062136263 3,879.56 34.69 0.565460925
11/30/1995 0.00103 3.98585287 4,018.60 36.25 0.585726223
12/31/1995 0.00106 4.266323385 4,006.18 36.48 0.583916104
01/31/1996 0.00106 4.253138808 4,093.24 37.61 0.596604363
02/29/1996 0.00099 4.065199214 4,233.69 39.22 0.617075529
03/31/1996 0.00106 4.494666032 4,190.58 39.18 0.610792991
04/30/1996 0.00103 4.305392094 4,426.23 41.72 0.645139431
05/31/1996 0.00106 4.699078391 4,642.11 44.13 0.676605313
06/30/1996 0.00103 4.769293704 4,589.19 44.01 0.66889121
07/31/1996 0.00106 4.872082035 4,201.12 40.67 0.612329342
08/31/1996 0.00106 4.460095668 4,356.28 42.53 0.634944844
09/30/1996 0.00103 4.475635038 4,652.95 45.78 0.678184334
10/31/1996 0.00106 4.939771461 4,606.07 45.71 0.671351929
11/30/1996 0.00103 4.732263353 4,845.97 48.46 0.706318128
12/31/1996 0.00106 5.144692907 4,667.62 47.09 0.680322742
01/31/1997 0.00106 4.95534724 4,896.02 49.78 0.713613216
02/28/1997 0.00096 4.694813292 4,749.46 48.66 0.69225226
03/31/1997 0.00106 5.042239677 4,453.34 46.03 0.649091153
04/30/1997 0.00103 4.575350339 4,708.12 49.02 0.686226067
05/31/1997 0.00106 4.998345987 4,968.65 52.13 0.724198763
06/30/1997 0.00103 5.104773099 5,173.15 54.68 0.754005655
07/31/1997 0.00106 5.492040186 5,695.82 60.64 0.830186849
08/31/1997 0.00106 6.046930162 5,270.84 56.60 0.768244878
09/30/1997 0.00103 5.415247839 5,647.89 61.07 0.823201387
10/31/1997 0.00106 5.996049326 5,327.71 58.09 0.776533166
11/30/1997 0.00103 5.473670791 5,402.24 59.33 0.787396656
12/31/1997 0.00106 5.735254173 5,419.15 59.97 0.78986194
01/31/1998 0.00106 5.753210857 5,633.90 62.80 0.821162296
02/28/1998 0.00096 5.402371446 6,114.87 68.59 0.891265814
03/31/1998 0.00106 6.491818247 6,467.56 73.06 0.942671498
04/30/1998 0.00103 6.644756041 6,856.93 77.99 0.999422795
05/31/1998 0.00106 7.279614045 6,647.94 76.18 0.968962517
06/30/1998 0.00103 6.830077657 7,328.47 84.52 1.068151328
07/31/1998 0.00106 7.780220191 7,528.22 87.44 1.097266182
08/31/1998 0.00106 7.992287496 6,246.36 73.19 0.910429803
09/30/1998 0.00103 6.417488962 6,860.89 80.89 1
5.86089 5.860886916
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 3.689420 1 6.00% 10%
Units purchased 271.045 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/02/1986 3.689420 271.045 1,000.00 1,000.00 8,541.95 0.00%
10/31/1986 3.774784 271.045 1,023.14 0.00008 0.07945196 1,023.06 8,541.95 0.00%
11/30/1986 3.757505 271.045 1,018.45 0.00008 0.084086877 1,018.29 8,541.95 0.00%
12/31/1986 3.729662 271.045 1,010.91 0.00008 0.086484886 1,010.66 8,541.95 0.00%
01/31/1987 4.076688 271.045 1,104.97 0.00008 0.085836686 1,104.61 8,541.95 0.00%
02/28/1987 4.381593 271.045 1,187.61 0.00008 0.08473709 1,187.14 8,541.95 0.00%
03/31/1987 4.490528 271.045 1,217.14 0.00008 0.100825583 1,216.55 8,541.95 0.00%
04/30/1987 4.512444 271.045 1,223.08 0.00008 0.09999073 1,222.39 8,541.95 0.00%
05/31/1987 4.601304 271.045 1,247.16 0.00008 0.103819533 1,246.36 8,541.95 0.00%
06/30/1987 4.767713 271.045 1,292.26 0.00008 0.10244046 1,291.33 8,541.95 0.00%
07/31/1987 5.023332 271.045 1,361.55 0.00008 0.109674762 1,360.46 8,541.95 0.00%
08/31/1987 5.241541 271.045 1,420.69 0.00008 0.115545605 1,419.44 8,541.95 0.00%
09/30/1987 5.234890 271.045 1,418.89 0.00008 0.116666132 1,417.52 8,541.95 0.00%
10/31/1987 4.125350 271.045 1,118.16 0.00008 0.120392126 1,116.95 8,541.95 0.00%
11/30/1987 3.951132 271.045 1,070.93 0.00008 0.091804515 1,069.69 8,541.95 0.00%
12/31/1987 4.078784 271.045 1,105.53 0.00008 0.090850627 1,104.16 8,541.95 0.00%
01/31/1988 4.118387 271.045 1,116.27 0.00008 0.093778097 1,114.79 8,541.95 0.00%
02/29/1988 4.221983 271.045 1,144.35 0.00008 0.088572241 1,142.74 8,541.95 0.00%
03/31/1988 4.210125 271.045 1,141.13 0.00008 0.097054785 1,139.44 8,541.95 0.00%
04/30/1988 4.281992 271.045 1,160.61 0.00008 0.093652222 1,158.79 8,541.95 0.00%
05/31/1988 4.294550 271.045 1,164.02 0.00008 0.098417939 1,162.09 8,541.95 0.00%
06/30/1988 4.490154 271.045 1,217.03 0.00008 0.095514398 1,214.93 8,541.95 0.00%
07/31/1988 4.464469 271.045 1,210.07 0.00008 0.103185505 1,207.87 8,541.95 0.00%
08/31/1988 4.395571 271.045 1,191.40 0.00008 0.102586495 1,189.13 8,541.95 0.00%
09/30/1988 4.683184 271.045 1,269.35 0.00008 0.097736712 1,266.84 8,541.95 0.00%
10/31/1988 4.697317 271.045 1,273.18 0.00008 0.107594643 1,270.56 8,541.95 0.00%
11/30/1988 4.606248 271.045 1,248.50 0.00008 0.104429219 1,245.82 8,541.95 0.00%
12/31/1988 4.771790 271.045 1,293.37 0.00008 0.105809221 1,290.49 8,541.95 0.00%
01/31/1989 5.070466 271.045 1,374.32 0.00008 0.109602877 1,371.15 8,541.95 0.00%
02/28/1989 5.029015 271.045 1,363.09 0.00008 0.105184101 1,359.84 8,541.95 0.00%
03/31/1989 5.319936 271.045 1,441.94 0.00008 0.115492887 1,438.38 8,541.95 0.00%
04/30/1989 5.672362 271.045 1,537.47 0.00008 0.118223399 1,533.55 8,541.95 0.00%
05/31/1989 6.158711 271.045 1,669.29 0.00008 0.130247054 1,664.91 8,541.95 0.00%
06/30/1989 6.000373 271.045 1,626.37 0.00008 0.136841999 1,621.97 8,541.95 0.00%
07/31/1989 6.599094 271.045 1,788.65 0.00008 0.137756344 1,783.67 8,541.95 0.00%
08/31/1989 7.040252 271.045 1,908.23 0.00008 0.15149006 1,902.76 8,541.95 0.00%
09/30/1989 7.275117 271.045 1,971.88 0.00008 0.156391448 1,966.08 8,541.95 0.00%
10/31/1989 6.936428 271.045 1,880.08 0.00008 0.166982399 1,874.39 8,541.95 0.00%
11/30/1989 6.988241 271.045 1,894.13 0.00008 0.15405914 1,888.23 8,541.95 0.00%
12/31/1989 6.921689 271.045 1,876.09 0.00008 0.160370481 1,870.09 8,541.95 0.00%
01/31/1990 6.312648 271.045 1,711.01 0.00008 0.15882959 1,705.38 8,541.95 0.00%
02/28/1990 6.467158 271.045 1,752.89 0.00008 0.130823812 1,746.99 8,541.95 0.00%
03/31/1990 6.721282 271.045 1,821.77 0.00008 0.148374705 1,815.49 8,541.95 0.00%
04/30/1990 6.774505 271.045 1,836.20 0.00008 0.149218454 1,829.72 8,541.95 0.00%
05/31/1990 7.484539 271.045 2,028.65 0.00008 0.15540073 2,021.33 8,541.95 0.00%
06/30/1990 7.656536 271.045 2,075.27 0.00008 0.166137117 2,067.62 8,541.95 0.00%
07/31/1990 7.399894 271.045 2,005.70 0.00008 0.175606056 1,998.14 8,541.95 0.00%
08/31/1990 6.650200 271.045 1,802.50 0.00008 0.169704951 1,795.53 8,541.95 0.00%
09/30/1990 6.361776 271.045 1,724.33 0.00008 0.147578198 1,717.51 8,541.95 0.00%
10/31/1990 6.186733 271.045 1,676.88 0.00008 0.145871018 1,670.11 8,541.95 0.00%
11/30/1990 6.502239 271.045 1,762.40 0.00008 0.137269373 1,755.14 8,541.95 0.00%
12/31/1990 6.810267 271.045 1,845.89 0.00008 0.149067053 1,838.14 8,541.95 0.00%
01/31/1991 7.224467 271.045 1,958.16 0.00008 0.156116092 1,949.78 8,541.95 0.00%
02/28/1991 7.813726 271.045 2,117.87 0.00008 0.149572215 2,108.66 8,541.95 0.00%
03/31/1991 8.199982 271.045 2,222.56 0.00008 0.179091987 2,212.72 8,541.95 0.00%
04/30/1991 8.222133 271.045 2,228.57 0.00008 0.181867562 2,218.52 8,541.95 0.00%
05/31/1991 8.661515 271.045 2,347.66 0.00008 0.188422042 2,336.88 8,541.95 0.00%
06/30/1991 8.217426 271.045 2,227.29 0.00008 0.192072682 2,216.88 8,541.95 0.00%
07/31/1991 8.837646 271.045 2,395.40 0.00008 0.188282675 2,384.01 8,541.95 0.00%
08/31/1991 9.303640 271.045 2,521.71 0.00008 0.202477555 2,509.51 8,541.95 0.00%
09/30/1991 9.302346 271.045 2,521.35 0.00008 0.206261263 2,508.96 8,541.95 0.00%
10/31/1991 9.720214 271.045 2,634.62 0.00008 0.21308948 2,621.45 8,541.95 0.00%
11/30/1991 9.312129 271.045 2,524.01 0.00008 0.215461467 2,511.18 8,541.95 0.00%
12/31/1991 10.736689 271.045 2,910.13 0.00008 0.213277948 2,895.12 8,541.95 0.00%
01/31/1992 10.453002 271.045 2,833.23 0.00008 0.245886867 2,818.38 8,541.95 0.00%
02/29/1992 10.361576 271.045 2,808.45 0.00008 0.223925956 2,793.50 8,541.95 0.00%
03/31/1992 10.000904 271.045 2,710.69 0.00008 0.23725649 2,696.03 8,541.95 0.00%
04/30/1992 9.930987 271.045 2,691.74 0.00008 0.221591382 2,676.96 8,541.95 0.00%
05/31/1992 10.151554 271.045 2,751.53 0.00008 0.227358144 2,736.19 8,541.95 0.00%
06/30/1992 9.922199 271.045 2,689.36 0.00008 0.224892046 2,674.14 8,541.95 0.00%
07/31/1992 10.086175 271.045 2,733.81 0.00008 0.227118987 2,718.11 8,541.95 0.00%
08/31/1992 9.814948 271.045 2,660.29 0.00008 0.230853107 2,644.79 8,541.95 0.00%
09/30/1992 9.885926 271.045 2,679.53 0.00008 0.217379645 2,663.69 8,541.95 0.00%
10/31/1992 10.034078 271.045 2,719.69 0.00008 0.226231574 2,703.39 8,541.95 0.00%
11/30/1992 10.618438 271.045 2,878.07 0.00008 0.222196172 2,860.60 8,541.95 0.00%
12/31/1992 10.835188 271.045 2,936.82 0.00008 0.242955339 2,918.75 8,541.95 0.00%
01/31/1993 10.995575 271.045 2,980.30 0.00008 0.247894056 2,961.71 8,541.95 0.00%
02/28/1993 10.531493 271.045 2,854.51 0.00008 0.227199605 2,836.48 8,541.95 0.00%
03/31/1993 10.791786 271.045 2,925.06 0.00008 0.240906462 2,906.34 8,541.95 0.00%
04/30/1993 10.333016 271.045 2,800.71 0.00008 0.238877588 2,782.55 8,541.95 0.00%
05/31/1993 10.677012 271.045 2,893.95 0.00008 0.23632644 2,874.95 8,541.95 0.00%
06/30/1993 10.863170 271.045 2,944.41 0.00008 0.236297338 2,924.84 8,541.95 0.00%
07/31/1993 10.820813 271.045 2,932.93 0.00008 0.24841112 2,913.19 8,541.95 0.00%
08/31/1993 11.040572 271.045 2,992.49 0.00008 0.247421425 2,972.10 8,541.95 0.00%
09/30/1993 11.251874 271.045 3,049.76 0.00008 0.244282525 3,028.74 8,541.95 0.00%
10/31/1993 11.225166 271.045 3,042.52 0.00008 0.257235612 3,021.30 8,541.95 0.00%
11/30/1993 10.868806 271.045 2,945.94 0.00008 0.248325648 2,925.13 8,541.95 0.00%
12/31/1993 11.110879 271.045 3,011.55 0.00008 0.248435831 2,990.03 8,541.95 0.00%
01/31/1994 11.623853 271.045 3,150.59 0.00008 0.253947952 3,127.82 8,541.95 2.00%
02/28/1994 11.321891 271.045 3,068.74 0.00008 0.239942685 3,046.33 8,541.95 2.00%
03/31/1994 10.536248 271.045 2,855.80 0.00008 0.258729419 2,834.68 8,541.95 2.00%
04/30/1994 10.397753 271.045 2,818.26 0.00008 0.232987566 2,797.19 8,541.95 2.00%
05/31/1994 10.273549 271.045 2,784.59 0.00008 0.237569415 2,763.54 8,541.95 2.00%
06/30/1994 9.873226 271.045 2,676.09 0.00008 0.227140064 2,655.63 8,541.95 2.00%
07/31/1994 10.141562 271.045 2,748.82 0.00008 0.225546261 2,727.57 8,541.95 2.00%
08/31/1994 10.501038 271.045 2,846.25 0.00008 0.231657031 2,824.02 8,541.95 2.00%
09/30/1994 10.184497 271.045 2,760.46 0.00008 0.232111581 2,738.67 8,541.95 2.00%
10/31/1994 10.553590 271.045 2,860.50 0.00008 0.232598968 2,837.68 8,541.95 2.00%
11/30/1994 10.095207 271.045 2,736.26 0.00008 0.233234282 2,714.20 8,541.95 2.00%
12/31/1994 10.045021 271.045 2,722.65 0.00008 0.230521015 2,700.48 8,541.95 2.00%
01/31/1995 10.091746 271.045 2,735.32 0.00008 0.229355455 2,712.81 8,541.95 4.00%
02/28/1995 10.390112 271.045 2,816.19 0.00008 0.208105798 2,792.80 8,541.95 4.00%
03/31/1995 10.662343 271.045 2,889.97 0.00008 0.2371971 2,865.74 8,541.95 4.00%
04/30/1995 11.063047 271.045 2,998.58 0.00008 0.235540417 2,973.20 8,541.95 4.00%
05/31/1995 11.521338 271.045 3,122.80 0.00008 0.252518703 3,096.12 8,541.95 4.00%
06/30/1995 12.331907 271.045 3,342.50 0.00008 0.254475427 3,313.69 8,541.95 4.00%
07/31/1995 13.299656 271.045 3,604.81 0.00008 0.281436406 3,573.45 8,541.95 4.00%
08/31/1995 13.203330 271.045 3,578.70 0.00008 0.303498282 3,547.26 8,541.95 4.00%
09/30/1995 13.929523 271.045 3,775.53 0.00008 0.291555814 3,742.07 8,541.95 4.00%
10/31/1995 14.121762 271.045 3,827.63 0.00008 0.317819904 3,793.40 8,541.95 4.00%
11/30/1995 14.626125 271.045 3,964.34 0.00008 0.311786216 3,928.57 8,541.95 4.00%
12/31/1995 14.579061 271.045 3,951.58 0.00008 0.33365932 3,915.59 8,541.95 4.00%
01/31/1996 14.894001 271.045 4,036.94 0.00008 0.332557339 3,999.85 8,541.95 6.00%
02/29/1996 15.403280 271.045 4,174.98 0.00008 0.317796091 4,136.30 8,541.95 6.00%
03/31/1996 15.244495 271.045 4,131.94 0.00008 0.351302092 4,093.31 8,541.95 6.00%
04/30/1996 16.099852 271.045 4,363.78 0.00008 0.336436298 4,322.64 8,541.95 6.00%
05/31/1996 16.883052 271.045 4,576.07 0.00008 0.367128695 4,532.56 8,541.95 6.00%
06/30/1996 16.688483 271.045 4,523.33 0.00008 0.372539026 4,479.95 8,541.95 6.00%
07/31/1996 15.275168 271.045 4,140.26 0.00008 0.380488927 4,100.17 8,541.95 6.00%
08/31/1996 15.837389 271.045 4,292.65 0.00008 0.348233751 4,250.73 8,541.95 6.00%
09/30/1996 16.913956 271.045 4,584.44 0.00008 0.349375474 4,539.33 8,541.95 6.00%
10/31/1996 16.741401 271.045 4,537.67 0.00008 0.385532548 4,492.64 8,541.95 6.00%
11/30/1996 17.611283 271.045 4,773.45 0.00008 0.369258019 4,725.71 8,541.95 6.00%
12/31/1996 16.960873 271.045 4,597.16 0.00008 0.401361451 4,550.78 8,541.95 6.00%
01/31/1997 17.788664 271.045 4,821.53 0.00008 0.386504493 4,772.50 8,541.95 6.00%
02/28/1997 17.254140 271.045 4,676.65 0.00008 0.366109383 4,628.72 8,541.95 6.00%
03/31/1997 16.176167 271.045 4,384.47 0.00008 0.393124537 4,339.15 8,541.95 6.00%
04/30/1997 17.099621 271.045 4,634.77 0.00008 0.356642146 4,586.50 8,541.95 6.00%
05/31/1997 18.043660 271.045 4,890.64 0.00008 0.389538338 4,839.32 8,541.95 6.00%
06/30/1997 18.784084 271.045 5,091.33 0.00008 0.397752528 5,037.51 8,541.95 6.00%
07/31/1997 20.679547 271.045 5,605.09 0.00008 0.42784306 5,545.40 8,541.95 6.00%
08/31/1997 19.133968 271.045 5,186.17 0.00008 0.470979473 5,130.47 8,541.95 6.00%
09/30/1997 20.500360 271.045 5,556.52 0.00008 0.421682623 5,496.43 8,541.95 6.00%
10/31/1997 19.335560 271.045 5,240.81 0.00008 0.466819807 5,183.66 8,541.95 6.00%
11/30/1997 19.603675 271.045 5,313.48 0.00008 0.426054332 5,255.11 8,541.95 6.00%
12/31/1997 19.662556 271.045 5,329.44 0.00008 0.446324744 5,270.45 8,541.95 6.00%
01/31/1998 20.439231 271.045 5,539.95 0.00008 0.447627389 5,478.19 8,541.95 6.00%
02/28/1998 22.181799 271.045 6,012.27 0.00008 0.420244554 5,944.82 8,541.95 6.00%
03/31/1998 23.458356 271.045 6,358.27 0.00008 0.504902197 6,286.43 8,541.95 6.00%
04/30/1998 24.867718 271.045 6,740.27 0.00008 0.516693211 6,663.60 8,541.95 6.00%
05/31/1998 24.106635 271.045 6,533.98 0.00008 0.565949772 6,459.09 8,541.95 6.00%
06/30/1998 26.571363 271.045 7,202.04 0.00008 0.530884511 7,118.96 8,541.95 6.00%
07/31/1998 27.292240 271.045 7,397.43 0.00008 0.604623944 7,311.49 8,541.95 6.00%
08/31/1998 22.641592 271.045 6,136.89 0.00008 0.620975943 6,064.98 8,541.95 6.00%
09/30/1998 24.866333 271.045 6,739.90 0.00008 0.498491385 6,660.42 8,541.95 6.00%
10/31/1998 25.765464 271.045 6,983.60 0.00008 0.565679417 6,900.68 8,541.95 6.00%
11/30/1998 27.424108 271.045 7,433.17 0.00008 0.567179546 7,344.35 8,541.95 6.00%
12/31/1998 31.898334 271.045 8,645.88 0.00008 0.62376644 8,541.95 8,541.95 6.00%
12/31/1998 8,541.95
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 754.20% 754.20%
10/02/1986 100.00% 8,541.95 12.2548 19.13% 19.13% 8,541.96 8,541.96 13
10/31/1986 100.00% 8,541.95 12.1753 19.04% 19.04% 8,349.44 8,349.44 13
11/30/1986 100.00% 8,541.95 12.0932 19.23% 19.23% 8,388.52 8,388.52 13
12/31/1986 100.00% 8,541.95 12.0082 19.45% 19.45% 8,451.87 8,451.87 13
01/31/1987 100.00% 8,541.95 11.9233 18.71% 18.71% 7,733.01 7,733.01 12
02/28/1987 100.00% 8,541.95 11.8466 18.13% 18.13% 7,195.40 7,195.40 12
03/31/1987 100.00% 8,541.95 11.7616 18.02% 18.02% 7,021.43 7,021.43 12
04/30/1987 100.00% 8,541.95 11.6795 18.11% 18.11% 6,987.90 6,987.90 12
05/31/1987 100.00% 8,541.95 11.5945 18.06% 18.06% 6,853.52 6,853.52 12
06/30/1987 100.00% 8,541.95 11.5123 17.83% 17.83% 6,614.84 6,614.84 12
07/31/1987 100.00% 8,541.95 11.4274 17.44% 17.44% 6,278.74 6,278.74 12
08/31/1987 100.00% 8,541.95 11.3425 17.14% 17.14% 6,017.84 6,017.84 12
09/30/1987 100.00% 8,541.95 11.2603 17.29% 17.29% 6,025.98 6,025.98 12
10/31/1987 100.00% 8,541.95 11.1753 19.97% 19.97% 7,647.53 7,647.53 12
11/30/1987 100.00% 8,541.95 11.0932 20.60% 20.60% 7,985.42 7,985.42 12
12/31/1987 100.00% 8,541.95 11.0082 20.42% 20.42% 7,736.14 7,736.14 12
01/31/1988 100.00% 8,541.95 10.9233 20.49% 20.49% 7,662.39 7,662.39 11
02/29/1988 100.00% 8,541.95 10.8438 20.38% 20.38% 7,474.96 7,474.96 11
03/31/1988 100.00% 8,541.95 10.7589 20.59% 20.59% 7,496.65 7,496.65 11
04/30/1988 100.00% 8,541.95 10.6767 20.57% 20.57% 7,371.43 7,371.43 11
05/31/1988 100.00% 8,541.95 10.5918 20.72% 20.72% 7,350.49 7,350.49 11
06/30/1988 100.00% 8,541.95 10.5096 20.39% 20.39% 7,030.84 7,030.84 11
07/31/1988 100.00% 8,541.95 10.4247 20.64% 20.64% 7,071.89 7,071.89 11
08/31/1988 100.00% 8,541.95 10.3397 21.01% 21.01% 7,183.36 7,183.36 11
09/30/1988 100.00% 8,541.95 10.2575 20.45% 20.45% 6,742.72 6,742.72 11
10/31/1988 100.00% 8,541.95 10.1726 20.60% 20.60% 6,723.00 6,723.00 11
11/30/1988 100.00% 8,541.95 10.0904 21.02% 21.02% 6,856.50 6,856.50 11
12/31/1988 100.00% 8,541.95 10.0055 20.79% 20.79% 6,619.17 6,619.17 11
01/31/1989 100.00% 8,541.95 9.9205 20.25% 20.25% 6,229.77 6,229.77 10
02/28/1989 100.00% 8,541.95 9.8438 20.52% 20.52% 6,281.60 6,281.60 10
03/31/1989 100.00% 8,541.95 9.7589 20.03% 20.03% 5,938.57 5,938.57 10
04/30/1989 100.00% 8,541.95 9.6767 19.42% 19.42% 5,570.03 5,570.03 10
05/31/1989 100.00% 8,541.95 9.5918 18.59% 18.59% 5,130.57 5,130.57 10
06/30/1989 100.00% 8,541.95 9.5096 19.09% 19.09% 5,266.40 5,266.40 10
07/31/1989 100.00% 8,541.95 9.4247 18.08% 18.08% 4,788.96 4,788.96 10
08/31/1989 100.00% 8,541.95 9.3397 17.44% 17.44% 4,489.24 4,489.24 10
09/30/1989 100.00% 8,541.95 9.2575 17.20% 17.20% 4,344.65 4,344.65 10
10/31/1989 100.00% 8,541.95 9.1726 17.98% 17.98% 4,557.20 4,557.20 10
11/30/1989 100.00% 8,541.95 9.0904 18.06% 18.06% 4,523.78 4,523.78 10
12/31/1989 100.00% 8,541.95 9.0055 18.37% 18.37% 4,567.67 4,567.67 10
01/31/1990 100.00% 8,541.95 8.9205 19.80% 19.80% 5,008.82 5,008.82 9
02/28/1990 100.00% 8,541.95 8.8438 19.66% 19.66% 4,889.52 4,889.52 9
03/31/1990 100.00% 8,541.95 8.7589 19.34% 19.34% 4,705.03 4,705.03 9
04/30/1990 100.00% 8,541.95 8.6767 19.43% 19.43% 4,668.45 4,668.45 9
05/31/1990 100.00% 8,541.95 8.5918 18.26% 18.26% 4,225.89 4,225.89 9
06/30/1990 100.00% 8,541.95 8.5096 18.14% 18.14% 4,131.30 4,131.30 9
07/31/1990 100.00% 8,541.95 8.4247 18.82% 18.82% 4,274.95 4,274.95 9
08/31/1990 100.00% 8,541.95 8.3397 20.57% 20.57% 4,757.33 4,757.33 9
09/30/1990 100.00% 8,541.95 8.2575 21.44% 21.44% 4,973.44 4,973.44 9
10/31/1990 100.00% 8,541.95 8.1726 22.10% 22.10% 5,114.60 5,114.60 9
11/30/1990 100.00% 8,541.95 8.0904 21.60% 21.60% 4,866.81 4,866.81 9
12/31/1990 100.00% 8,541.95 8.0055 21.15% 21.15% 4,647.06 4,647.06 9
01/31/1991 100.00% 8,541.95 7.9205 20.50% 20.50% 4,380.98 4,380.98 8
02/28/1991 100.00% 8,541.95 7.8438 19.52% 19.52% 4,050.88 4,050.88 8
03/31/1991 100.00% 8,541.95 7.7589 19.02% 19.02% 3,860.38 3,860.38 8
04/30/1991 100.00% 8,541.95 7.6767 19.20% 19.20% 3,850.30 3,850.30 8
05/31/1991 100.00% 8,541.95 7.5918 18.62% 18.62% 3,655.27 3,655.27 8
06/30/1991 100.00% 8,541.95 7.5096 19.68% 19.68% 3,853.15 3,853.15 8
07/31/1991 100.00% 8,541.95 7.4247 18.75% 18.75% 3,583.02 3,583.02 8
08/31/1991 100.00% 8,541.95 7.3397 18.16% 18.16% 3,403.83 3,403.83 8
09/30/1991 100.00% 8,541.95 7.2575 18.39% 18.39% 3,404.58 3,404.58 8
10/31/1991 100.00% 8,541.95 7.1726 17.90% 17.90% 3,258.49 3,258.49 8
11/30/1991 100.00% 8,541.95 7.0904 18.85% 18.85% 3,401.57 3,401.57 8
12/31/1991 1100.00% 8,541.95 7.0055 16.70% 16.70% 2,950.46 2,950.46 8
01/31/1992 1100.00% 8,541.95 6.9205 17.38% 17.38% 3,030.80 3,030.80 7
02/29/1992 1100.00% 8,541.95 6.8411 17.75% 17.75% 3,057.79 3,057.79 7
03/31/1992 1100.00% 8,541.95 6.7562 18.61% 18.61% 3,168.35 3,168.35 7
04/30/1992 100.00% 8,541.95 6.6740 18.99% 18.99% 3,190.92 3,190.92 7
05/31/1992 1100.00% 8,541.95 6.5890 18.86% 18.86% 3,121.84 3,121.84 7
06/30/1992 100.00% 8,541.95 6.5068 19.54% 19.54% 3,194.28 3,194.28 7
07/31/1992 1100.00% 8,541.95 6.4219 19.52% 19.52% 3,142.61 3,142.61 7
08/31/1992 100.00% 8,541.95 6.3370 20.32% 20.32% 3,229.73 3,229.73 7
09/30/1992 100.00% 8,541.95 6.2548 20.48% 20.48% 3,206.81 3,206.81 7
10/31/1992 1100.00% 8,541.95 6.1699 20.50% 20.50% 3,159.72 3,159.72 7
11/30/1992 1100.00% 8,541.95 6.0877 19.69% 19.69% 2,986.07 2,986.07 7
12/31/1992 1100.00% 8,541.95 6.0027 19.59% 19.59% 2,926.58 2,926.58 7
01/31/1993 1100.00% 8,541.95 5.9178 19.60% 19.60% 2,884.13 2,884.13 6
02/28/1993 1100.00% 8,541.95 5.8411 20.77% 20.77% 3,011.46 3,011.46 6
03/31/1993 1100.00% 8,541.95 5.7562 20.60% 20.60% 2,939.07 2,939.07 6
04/30/1993 1100.00% 8,541.95 5.6740 21.86% 21.86% 3,069.82 3,069.82 6
05/31/1993 1100.00% 8,541.95 5.5890 21.51% 21.51% 2,971.16 2,971.16 6
06/30/1993 1100.00% 8,541.95 5.5068 21.49% 21.49% 2,920.48 2,920.48 6
07/31/1993 1100.00% 8,541.95 5.4219 21.95% 21.95% 2,932.17 2,932.17 6
08/31/1993 1100.00% 8,541.95 5.3370 21.87% 21.87% 2,874.04 2,874.04 6
09/30/1993 1100.00% 8,541.95 5.2548 21.81% 21.81% 2,820.30 2,820.30 6
10/31/1993 1100.00% 8,541.95 5.1699 22.27% 22.27% 2,827.25 2,827.25 6
11/30/1993 1100.00% 8,541.95 5.0877 23.45% 23.45% 2,920.19 2,920.19 6
12/31/1993 1100.00% 8,541.95 5.0027 23.35% 23.35% 2,856.81 2,856.81 6
01/31/1994 1 50.00% 8,541.95 4.9178 22.67% 22.67% 2,730.96 2,730.96 5
02/28/1994 1 50.00% 8,541.95 4.8411 23.74% 23.74% 2,804.01 2,804.01 5
03/31/1994 1 50.00% 8,541.95 4.7562 26.10% 26.10% 3,013.37 3,013.37 5
04/30/1994 1 50.00% 8,541.95 4.6740 26.98% 26.98% 3,053.76 3,053.76 5
05/31/1994 1 50.00% 8,541.95 4.5890 27.88% 27.88% 3,090.95 3,090.95 5
06/30/1994 50.00% 8,541.95 4.5068 29.59% 29.59% 3,216.55 3,216.55 5
07/31/1994 1 50.00% 8,541.95 4.4219 29.46% 29.46% 3,131.70 3,131.70 5
08/31/1994 1 50.00% 8,541.95 4.3370 29.07% 29.07% 3,024.74 3,024.74 5
09/30/1994 1 50.00% 8,541.95 4.2548 30.65% 30.65% 3,119.02 3,119.02 5
10/31/1994 1 50.00% 8,541.95 4.1699 30.25% 30.25% 3,010.18 3,010.18 5
11/30/1994 1 50.00% 8,541.95 4.0877 32.38% 32.38% 3,147.13 3,147.13 5
12/31/1994 1 50.00% 8,541.95 4.0027 33.34% 33.34% 3,163.13 3,163.13 5
01/31/1995 1 40.00% 8,541.95 3.9178 34.01% 34.01% 3,148.75 3,148.75 4
02/28/1995 1 40.00% 8,541.95 3.8411 33.78% 33.78% 3,058.56 3,058.56 4
03/31/1995 1 40.00% 8,541.95 3.7562 33.74% 33.74% 2,980.71 2,980.71 4
04/30/1995 1 40.00% 8,541.95 3.6740 33.28% 33.28% 2,872.98 2,872.98 4
05/31/1995 1 40.00% 8,541.95 3.5890 32.68% 32.68% 2,758.92 2,758.92 4
06/30/1995 1 40.00% 8,541.95 3.5068 31.00% 31.00% 2,577.78 2,577.78 4
07/31/1995 1 40.00% 8,535.68 3.4219 28.98% 29.00% 2,388.64 2,390.39 4
08/31/1995 1 40.00% 8,536.73 3.3370 30.10% 30.13% 2,406.57 2,408.04 4
09/30/1995 1 40.00% 8,528.94 3.2548 28.80% 28.86% 2,279.20 2,282.68 4
10/31/1995 1 40.00% 8,526.88 3.1699 29.11% 29.18% 2,247.82 2,251.79 4
11/30/1995 1 40.00% 8,521.48 3.0877 28.50% 28.60% 2,169.10 2,174.32 4
12/31/1995 1 40.00% 8,522.00 3.0027 29.56% 29.66% 2,176.42 2,181.52 4
01/31/1996 1 30.00% 8,455.71 2.9178 29.25% 29.70% 2,114.01 2,135.57 3
02/29/1996 1 30.00% 8,447.53 2.8384 28.61% 29.11% 2,042.29 2,065.12 3
03/31/1996 1 30.00% 8,450.11 2.7534 30.11% 30.63% 2,064.37 2,086.81 3
04/30/1996 1 30.00% 8,436.35 2.6712 28.44% 29.04% 1,951.66 1,976.09 3
05/31/1996 1 30.00% 8,423.75 2.5863 27.08% 27.77% 1,858.50 1,884.58 3
06/30/1996 1 30.00% 8,426.91 2.5041 28.70% 29.40% 1,881.03 1,906.71 3
07/31/1996 1 30.00% 8,449.69 2.4192 34.84% 35.44% 2,060.81 2,083.31 3
08/31/1996 1 30.00% 8,440.66 2.3342 34.16% 34.85% 1,985.69 2,009.52 3
09/30/1996 1 30.00% 8,423.34 2.2521 31.59% 32.41% 1,855.63 1,881.76 3
10/31/1996 1 30.00% 8,426.15 2.1671 33.67% 34.51% 1,875.54 1,901.32 3
11/30/1996 1 30.00% 8,412.16 2.0849 31.86% 32.83% 1,780.09 1,807.55 3
12/31/1996 1 30.00% 8,422.66 2.0000 36.04% 37.00% 1,850.82 1,877.03 3
01/31/1997 1 20.00% 8,358.10 1.9151 33.99% 35.52% 1,751.31 1,789.83 2
02/28/1997 1 20.00% 8,366.73 1.8384 37.99% 39.55% 1,807.57 1,845.42 2
03/31/1997 1 20.00% 8,384.10 1.7534 45.59% 47.15% 1,932.20 1,968.58 2
04/30/1997 1 20.00% 8,369.26 1.6712 43.32% 45.08% 1,824.76 1,862.41 2
05/31/1997 1 20.00% 8,354.09 1.5863 41.08% 43.08% 1,726.29 1,765.11 2
06/30/1997 1 20.00% 8,342.20 1.5041 39.84% 42.06% 1,656.02 1,695.67 2
07/31/1997 2 20.00% 8,311.73 1.4192 33.00% 35.58% 1,498.85 1,540.37 2
08/31/1997 1 20.00% 8,336.62 1.3342 43.89% 46.54% 1,624.92 1,664.94 2
09/30/1997 2 20.00% 8,314.67 1.2521 39.18% 42.21% 1,512.74 1,554.09 2
10/31/1997 1 20.00% 8,333.43 1.1671 50.20% 53.41% 1,607.63 1,647.86 2
11/30/1997 1 20.00% 8,329.15 1.0849 52.89% 56.48% 1,584.96 1,625.45 2
12/31/1997 1 20.00% 8,328.22 1.0000 58.02% 62.07% 1,580.17 1,620.72 2
01/31/1998 2 10.00% 8,264.51 0.9151 50.86% 55.93% 1,456.86 1,501.55 1
02/28/1998 2 10.00% 8,236.51 0.8384 38.55% 43.69% 1,314.38 1,355.13 1
03/31/1998 2 10.00% 8,216.01 0.7534 30.69% 35.88% 1,223.45 1,259.85 1
04/30/1998 2 10.00% 8,193.38 0.6712 22.96% 28.19% 1,148.80 1,181.37 1
05/31/1998 2 10.00% 8,205.65 0.5863 27.04% 32.25% 1,150.64 1,178.06 1
06/30/1998 2 10.00% 8,166.06 0.5041 14.71% 19.99% 1,071.62 1,096.21 1
07/31/1998 2 10.00% 8,154.51 0.4192 11.53% 16.83% 1,046.81 1,067.38 1
08/31/1998 2 10.00% 8,229.30 0.3342 35.69% 40.84% 1,107.37 1,121.26 1
09/30/1998 2 10.00% 8,193.58 0.2521 23.02% 28.25% 1,053.61 1,064.73 1
10/31/1998 2 10.00% 8,179.16 0.1671 18.53% 23.78% 1,028.81 1,036.30 1
11/30/1998 2 10.00% 8,152.54 0.0849 11.00% 16.31% 1,008.90 1,012.91 1
12/31/1998 3 10.00% 8,080.68 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
MULTI-MANAGER RIB
WRL GROWTH PORTFOLIO -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 3.689420 1 6.00% 10%
Units purchased 271.045 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 7,344.35 8,152.54 8,541.95 11.00% 16.31%
09/30/1998 0.25 0.25 6,660.42 8,193.58 8,541.95 23.02% 28.25%
12/31/1997 1.00 1.00 5,270.45 8,328.22 8,541.95 58.02% 62.07%
12/31/1997 1.00 1.00 5,270.45 8,328.22 8,541.95 58.02% 62.07%
12/31/1995 3.00 3.00 3,915.59 8,522.00 8,541.95 29.59% 29.69%
12/31/1993 5.00 5.00 2,990.03 8,541.95 8,541.95 23.36% 23.36%
12/31/1988 10.01 10.00 1,290.49 8,541.95 8,541.95 20.80% 20.80%
10/02/1986 12.25 12.25 1,000.00 8,541.95 8,541.95 19.13% 19.13%
12/31/1992 2,918.75
12/31/1993 1 2,990.03 2.44%
12/31/1994 1 2,700.48 -9.68%
12/31/1995 1 3,915.59 45.00%
12/31/1996 1 4,550.78 16.22%
12/31/1997 1 5,270.45 15.81%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
WRL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Beginning
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
10/02/1986 100 10 1000
10/31/1986 1000 0 10 100 10.242480 1,024.25 2.43%
11/30/1986 1024.25 0 10 100 10.207375 1,020.74 -0.34%
12/31/1986 1020.74 0 10 100 10.143918 1,014.39 -0.62%
01/31/1987 1014.39 0 10 100 11.099823 1,109.98 9.42%
02/28/1987 1109.98 0 10 100 11.941933 1,194.19 7.59%
03/31/1987 1194.19 0 10 100 12.253046 1,225.30 2.61%
04/30/1987 1225.3 0 10 100 12.326861 1,232.69 0.60%
05/31/1987 1232.69 0 10 100 12.584261 1,258.43 2.09%
06/30/1987 1258.43 0 10 100 13.053930 1,305.39 3.73%
07/31/1987 1305.39 0 10 100 13.769288 1,376.93 5.48%
08/31/1987 1376.93 0 10 100 14.383761 1,438.38 4.46%
09/30/1987 1438.38 0 10 100 14.382060 1,438.21 -0.01%
10/31/1987 1438.21 0 10 100 11.350889 1,135.09 -21.08%
11/30/1987 1135.09 0 10 100 10.884572 1,088.46 -4.11%
12/31/1987 1088.46 0.108281 11.140893 100.972 11.140893 1,124.92 3.35%
01/31/1988 1124.92 0 10 100.972 11.262292 1,137.18 1.09%
02/29/1988 1137.18 0 10 100.972 11.558128 1,167.05 2.63%
03/31/1988 1167.05 0 10 100.972 11.539389 1,165.16 -0.16%
04/30/1988 1165.16 0 10 100.972 11.749717 1,186.39 1.82%
05/31/1988 1186.39 0 10 100.972 11.798150 1,191.28 0.41%
06/30/1988 1191.28 0 10 100.972 12.349026 1,246.91 4.67%
07/31/1988 1246.91 0 10 100.972 12.293135 1,241.26 -0.45%
08/31/1988 1241.26 0 10 100.972 12.118060 1,223.58 -1.42%
09/30/1988 1223.58 0 10 100.972 12.924912 1,305.05 6.66%
10/31/1988 1305.05 0 10 100.972 12.979238 1,310.54 0.42%
11/30/1988 1310.54 0 10 100.972 12.742550 1,286.64 -1.82%
12/31/1988 1286.64 0.245734 12.969913 102.885 12.969913 1,334.41 3.71%
01/31/1989 1334.41 0 10 102.885 13.797157 1,419.52 6.38%
02/28/1989 1419.52 0 10 102.885 13.699227 1,409.44 -0.71%
03/31/1989 1409.44 0 10 102.885 14.507993 1,492.65 5.90%
04/30/1989 1492.65 0 10 102.885 15.485756 1,593.25 6.74%
05/31/1989 1593.25 0 10 102.885 16.831921 1,731.75 8.69%
06/30/1989 1731.75 0 10 102.885 16.418542 1,689.22 -2.46%
07/31/1989 1689.22 0 10 102.885 18.076256 1,859.78 10.10%
08/31/1989 1859.78 0 10 102.885 19.306200 1,986.32 6.80%
09/30/1989 1986.32 0 10 102.885 19.972520 2,054.87 3.45%
10/31/1989 2054.87 0 10 102.885 19.066422 1,961.65 -4.54%
11/30/1989 1961.65 0 10 102.885 19.230784 1,978.56 0.86%
12/31/1989 1978.56 1.219667 17.850799 109.915 17.850800 1,962.07 -0.83%
01/31/1990 1962.07 0 10 109.915 16.301312 1,791.76 -8.68%
02/28/1990 1791.76 0 10 109.915 16.717816 1,837.54 2.56%
03/31/1990 1837.54 0 10 109.915 17.394601 1,911.93 4.05%
04/30/1990 1911.93 0 10 109.915 17.552402 1,929.27 0.91%
05/31/1990 1929.27 0 10 109.915 19.412925 2,133.77 10.60%
06/30/1990 2133.77 0 10 109.915 19.881337 2,185.26 2.41%
07/31/1990 2185.26 0 10 109.915 19.238628 2,114.61 -3.23%
08/31/1990 2114.61 0 10 109.915 17.312376 1,902.89 -10.01%
09/30/1990 1902.89 0 10 109.915 16.581488 1,822.55 -4.22%
10/31/1990 1822.55 0 10 109.915 16.144908 1,774.57 -2.63%
11/30/1990 1774.57 0 10 109.915 16.986867 1,867.11 5.21%
12/31/1990 1867.11 0.332659 17.479079 112.007 17.479079 1,957.78 4.86%
01/31/1991 1957.78 0 10 112.007 18.562905 2,079.18 6.20%
02/28/1991 2079.18 0 10 112.007 20.096951 2,251.00 8.26%
03/31/1991 2251 0 10 112.007 21.114275 2,364.95 5.06%
04/30/1991 2364.95 0 10 112.007 21.195645 2,374.06 0.39%
05/31/1991 2374.06 0 10 112.007 22.353555 2,503.75 5.46%
06/30/1991 2503.75 0 10 112.007 21.233106 2,378.26 -5.01%
07/31/1991 2378.26 0 10 112.007 22.860955 2,560.59 7.67%
08/31/1991 2560.59 0 10 112.007 24.093541 2,698.65 5.39%
09/30/1991 2698.65 0 10 112.007 24.117922 2,701.38 0.10%
10/31/1991 2701.38 0 10 112.007 25.230014 2,825.94 4.61%
11/30/1991 2825.94 0 10 112.007 24.199800 2,710.55 -4.08%
12/31/1991 2710.55 1.664026 26.086133 119.152 26.255817 3,128.43 15.42%
01/31/1992 3128.43 0 10 119.152 25.593236 3,049.49 -2.52%
02/29/1992 3049.49 0 10 119.152 25.397891 3,026.21 -0.76%
03/31/1992 3026.21 0 10 119.152 24.544017 2,924.47 -3.36%
04/30/1992 2924.47 0 10 119.152 24.400719 2,907.39 -0.58%
05/31/1992 2907.39 0 10 119.152 24.971628 2,975.42 2.34%
06/30/1992 2975.42 0 10 119.152 24.436151 2,911.62 -2.14%
07/31/1992 2911.62 0.001383 24.616 119.159 24.867638 2,963.20 1.77%
08/31/1992 2963.2 0 10 119.159 24.228487 2,887.04 -2.57%
09/30/1992 2887.04 0 10 119.159 24.431522 2,911.24 0.84%
10/31/1992 2911.24 0 10 119.159 24.826755 2,958.33 1.62%
11/30/1992 2958.33 0 10 119.159 26.301157 3,134.02 5.94%
12/31/1992 3134.02 1.046499 25.93 123.968 25.826998 3,201.72 2.16%
01/31/1993 3201.72 0 10 123.968 26.240000 3,252.92 1.60%
02/28/1993 3252.92 0 10 123.968 25.160699 3,119.12 -4.11%
03/31/1993 3119.12 0 10 123.968 25.812501 3,199.92 2.59%
04/30/1993 3199.92 0 10 123.968 24.744844 3,067.57 -4.14%
05/31/1993 3067.57 0 10 123.968 25.598051 3,173.34 3.45%
06/30/1993 3173.34 0 10 123.968 26.073810 3,232.32 1.86%
07/31/1993 3232.32 0 10 123.968 26.003167 3,223.56 -0.27%
08/31/1993 3223.56 0 10 123.968 26.562170 3,292.86 2.15%
09/30/1993 3292.86 0 10 123.968 27.101141 3,359.67 2.03%
10/31/1993 3359.67 0 10 123.968 27.069034 3,355.69 -0.12%
11/30/1993 3355.69 0 10 123.968 26.240820 3,253.02 -3.06%
12/31/1993 3253.02 0.608967 26.290107 126.84 26.248356 3,329.34 2.35%
01/31/1994 3329.34 0 10 126.84 27.491378 3,487.01 4.74%
02/28/1994 3487.01 0 10 126.84 26.806735 3,400.17 -2.49%
03/31/1994 3400.17 0 10 126.84 24.978447 3,168.27 -6.82%
04/30/1994 3168.27 0 10 126.84 24.678894 3,130.27 -1.20%
05/31/1994 3130.27 0 10 126.84 24.413428 3,096.60 -1.08%
06/30/1994 3096.6 0.120921 23.586145 127.49 23.370489 2,979.50 -3.78%
07/31/1994 2979.5 0 10 127.49 24.033389 3,064.02 2.84%
08/31/1994 3064.02 0 10 127.49 24.913865 3,176.27 3.66%
09/30/1994 3176.27 0.000862 24.644534 127.494 24.190751 3,084.18 -2.90%
10/31/1994 3084.18 0 10 127.494 25.096247 3,199.62 3.74%
11/30/1994 3199.62 0 10 127.494 24.035071 3,064.33 -4.23%
12/31/1994 3064.33 0.135875 23.808253 128.222 23.808253 3,052.74 -0.38%
01/31/1995 3052.74 0 10 128.222 23.947313 3,070.57 0.58%
02/28/1995 3070.57 0 10 128.222 24.681014 3,164.65 3.06%
03/31/1995 3164.65 0 10 128.222 25.357023 3,251.33 2.74%
04/30/1995 3251.33 0 10 128.222 26.339175 3,377.26 3.87%
05/31/1995 3377.26 0 10 128.222 27.461619 3,521.18 4.26%
06/30/1995 3521.18 0.07519 29.305451 128.551 29.349927 3,772.96 7.15%
07/31/1995 3772.96 0 10 128.551 31.688062 4,073.53 7.97%
08/31/1995 4073.53 0 10 128.551 31.496209 4,048.87 -0.61%
09/30/1995 4048.87 0 10 128.551 33.264807 4,276.22 5.62%
10/31/1995 4276.22 0 10 128.551 33.763410 4,340.32 1.50%
11/30/1995 4340.32 0 10 128.551 35.008125 4,500.33 3.69%
12/31/1995 4500.33 3.276361 31.66074 141.854 31.660740 4,491.20 -0.20%
01/31/1996 4491.2 0 10 141.854 32.382275 4,593.56 2.28%
02/29/1996 4593.56 0 10 141.854 33.525571 4,755.74 3.53%
03/31/1996 4755.74 0 10 141.854 33.219877 4,712.37 -0.91%
04/30/1996 4712.37 0 10 141.854 35.122001 4,982.20 5.73%
05/31/1996 4982.2 0 10 141.854 36.872327 5,230.49 4.98%
06/30/1996 5230.49 0.063568 36.184183 142.103 36.425878 5,176.23 -1.04%
07/31/1996 5176.23 0 10 142.103 33.384405 4,744.02 -8.35%
08/31/1996 4744.02 0.154834 35.032353 142.731 34.500365 4,924.27 3.80%
09/30/1996 4924.27 0 10 142.731 36.885259 5,264.67 6.91%
10/31/1996 5264.67 0 10 142.731 36.552788 5,217.22 -0.90%
11/30/1996 5217.22 0 10 142.731 38.494133 5,494.31 5.31%
12/31/1996 5494.31 2.138172 35.349713 151.364 35.001280 5,297.93 -3.57%
01/31/1997 5297.93 0 10 151.364 36.751164 5,562.80 5.00%
02/28/1997 5562.8 0 10 151.364 35.686274 5,401.62 -2.90%
03/31/1997 5401.62 0 10 151.364 33.499164 5,070.57 -6.13%
04/30/1997 5070.57 0 10 151.364 35.450077 5,365.87 5.82%
05/31/1997 5365.87 0 10 151.364 37.449424 5,668.49 5.64%
06/30/1997 5668.49 0.313727 38.94532 152.583 38.717398 5,907.62 4.22%
07/31/1997 5907.62 0 10 152.583 42.670379 6,510.77 10.21%
08/31/1997 6510.77 0 10 152.583 39.531898 6,031.90 -7.36%
09/30/1997 6031.9 0 10 152.583 42.400458 6,469.59 7.26%
10/31/1997 6469.59 0 10 152.583 40.041768 6,109.69 -5.56%
11/30/1997 6109.69 0 10 152.583 40.643075 6,201.44 1.50%
12/31/1997 6201.44 4.034226 37.695661 169.021 36.844201 6,227.44 0.42%
01/31/1998 6227.44 0 10 169.021 38.343370 6,480.83 4.07%
02/28/1998 6480.83 0 10 169.021 41.653518 7,040.32 8.63%
03/31/1998 7040.32 0 10 169.021 44.100181 7,453.86 5.87%
04/30/1998 7453.86 0 10 169.021 46.800435 7,910.26 6.12%
05/31/1998 7910.26 0 10 169.021 45.423764 7,677.57 -2.94%
06/30/1998 7677.57 0.448582 44.807903 170.713 49.623505 8,471.38 10.34%
07/31/1998 8471.38 0 10 170.713 51.028823 8,711.28 2.83%
08/31/1998 8711.28 0 10 170.713 42.394053 7,237.22 -16.92%
09/30/1998 7237.22 0 10 170.713 46.608472 7,956.67 9.94%
6.95667
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<C> <C> <C> <C> <C> <C>
10/02/1986 1,000.00 3.689419871
10/31/1986 0.00111 1.112328767 1,023.14 0.08 3.774784455
11/30/1986 0.00115 1.177309101 1,018.45 0.16 3.757505067
12/31/1986 0.00119 1.210983867 1,010.91 0.25 3.729661887
01/31/1987 0.00119 1.202010455 1,104.97 0.36 4.076688023
02/28/1987 0.00107 1.186704523 1,187.61 0.47 4.381592731
03/31/1987 0.00119 1.412117353 1,217.14 0.58 4.490528283
04/30/1987 0.00115 1.400540847 1,223.08 0.69 4.512444266
05/31/1987 0.00119 1.454288713 1,247.16 0.80 4.601303866
06/30/1987 0.00115 1.435090396 1,292.27 0.93 4.767713028
07/31/1987 0.00119 1.536557758 1,361.55 1.09 5.023331598
08/31/1987 0.00119 1.61893954 1,420.70 1.26 5.241541235
09/30/1987 0.00115 1.634772601 1,418.89 1.37 5.234890383
10/31/1987 0.00119 1.687121557 1,118.16 1.20 4.125349974
11/30/1987 0.00115 1.286646199 1,070.94 1.24 3.951131792
12/31/1987 0.00119 1.273386668 1,105.54 1.37 4.078784271
01/31/1988 0.00119 1.314527023 1,116.27 1.48 4.118387274
02/29/1988 0.00111 1.241658797 1,144.35 1.61 4.22198284
03/31/1988 0.00119 1.360677635 1,141.13 1.70 4.210125363
04/30/1988 0.00115 1.313086606 1,160.61 1.82 4.281992155
05/31/1988 0.00119 1.380017678 1,164.02 1.93 4.294549981
06/30/1988 0.00115 1.339417611 1,217.04 2.11 4.490153784
07/31/1988 0.00119 1.447104846 1,210.07 2.20 4.464469016
08/31/1988 0.00119 1.438827056 1,191.40 2.27 4.395570508
09/30/1988 0.00115 1.370924678 1,269.36 2.52 4.683184202
10/31/1988 0.00119 1.509315467 1,273.19 2.63 4.69731662
11/30/1988 0.00115 1.4650356 1,248.50 2.68 4.606247665
12/31/1988 0.00119 1.48452005 1,293.37 2.89 4.771790086
01/31/1989 0.00119 1.537871728 1,374.33 3.18 5.07046576
02/28/1989 0.00107 1.475988502 1,363.09 3.26 5.029014882
03/31/1989 0.00119 1.620771172 1,441.94 3.56 5.319936307
04/30/1989 0.00115 1.659223065 1,537.47 3.91 5.672362013
05/31/1989 0.00119 1.828111676 1,669.29 4.38 6.158711419
06/30/1989 0.00115 1.920826763 1,626.37 4.40 6.00037306
07/31/1989 0.00119 1.933824398 1,788.65 4.98 6.599094108
08/31/1989 0.00119 2.126782628 1,908.23 5.46 7.040251895
09/30/1989 0.00115 2.195768455 1,971.89 5.80 7.275117308
10/31/1989 0.00119 2.344654108 1,880.09 5.70 6.936428286
11/30/1989 0.00115 2.163387141 1,894.13 5.90 6.988240695
12/31/1989 0.00119 2.252198358 1,876.09 6.00 6.921688986
01/31/1990 0.00119 2.230749805 1,711.01 5.63 6.312648011
02/28/1990 0.00107 1.837581856 1,752.89 5.90 6.467158431
03/31/1990 0.00119 2.084261867 1,821.77 6.28 6.721281744
04/30/1990 0.00115 2.096285566 1,836.20 6.48 6.774505455
05/31/1990 0.00119 2.183314904 2,028.65 7.31 7.484538668
06/30/1990 0.00115 2.334336065 2,075.27 7.65 7.656535712
07/31/1990 0.00119 2.467579167 2,005.71 7.57 7.39989407
08/31/1990 0.00119 2.384867665 1,802.51 6.97 6.650199537
09/30/1990 0.00115 2.074115895 1,724.33 6.82 6.361775883
10/31/1990 0.00119 2.050298755 1,676.89 6.77 6.186732933
11/30/1990 0.00115 1.92956633 1,762.40 7.26 6.502238739
12/31/1990 0.00119 2.09556769 1,845.89 7.75 6.810266952
01/31/1991 0.00119 2.194840263 1,958.16 8.38 7.224467178
02/28/1991 0.00107 2.103008085 2,117.87 9.21 7.813726329
03/31/1991 0.00119 2.518239193 2,222.57 9.84 8.199981518
04/30/1991 0.00115 2.55747394 2,228.57 10.05 8.222132989
05/31/1991 0.00119 2.649862136 2,347.66 10.78 8.661514698
06/30/1991 0.00115 2.701420493 2,227.29 10.42 8.217425815
07/31/1991 0.00119 2.648345089 2,395.40 11.39 8.837646316
08/31/1991 0.00119 2.84823225 2,521.71 12.20 9.303639677
09/30/1991 0.00115 2.90169142 2,521.36 12.40 9.302345838
10/31/1991 0.00119 2.997997484 2,634.62 13.17 9.720213958
11/30/1991 0.00115 3.031615843 2,524.01 12.83 9.312129089
12/31/1991 0.00119 3.001150469 2,910.13 15.01 10.73668865
01/31/1992 0.00119 3.460263263 2,833.24 14.86 10.45300231
02/29/1992 0.00111 3.151491447 2,808.46 14.95 10.36157625
03/31/1992 0.00119 3.339370527 2,710.70 14.67 10.00090376
04/30/1992 0.00115 3.119159558 2,691.75 14.79 9.930986844
05/31/1992 0.00119 3.200598439 2,751.53 15.34 10.15155359
06/30/1992 0.00115 3.166145399 2,689.37 15.22 9.922199175
07/31/1992 0.00119 3.197766314 2,733.81 15.70 10.08617525
08/31/1992 0.00119 3.250613184 2,660.30 15.51 9.814948065
09/30/1992 0.00115 3.061162252 2,679.53 15.84 9.885925871
10/31/1992 0.00119 3.186076007 2,719.69 16.30 10.0340783
11/30/1992 0.00115 3.129506293 2,878.08 17.47 10.61843845
12/31/1992 0.00119 3.422153112 2,936.83 18.07 10.83518847
01/31/1993 0.00119 3.492008181 2,980.30 18.59 10.99557487
02/28/1993 0.00107 3.200759625 2,854.51 18.03 10.53149291
03/31/1993 0.00119 3.394131954 2,925.06 18.72 10.79178615
04/30/1993 0.00115 3.365826102 2,800.72 18.16 10.33301551
05/31/1993 0.00119 3.330165857 2,893.95 19.00 10.67701213
06/30/1993 0.00115 3.330029491 2,944.41 19.57 10.86317022
07/31/1993 0.00119 3.501026253 2,932.93 19.74 10.82081289
08/31/1993 0.00119 3.487375161 2,992.50 20.39 11.04057202
09/30/1993 0.00115 3.443419374 3,049.77 21.03 11.25187387
10/31/1993 0.00119 3.62629923 3,042.53 21.23 11.22516551
11/30/1993 0.00115 3.500991824 2,945.94 20.81 10.86880603
12/31/1993 0.00119 3.502842582 3,011.55 21.52 11.11087863
01/31/1994 0.00119 3.580858715 3,150.59 22.77 11.62385338
02/28/1994 0.00107 3.383648514 3,068.75 22.42 11.32189089
03/31/1994 0.00119 3.648864597 2,855.80 21.12 10.53624775
04/30/1994 0.00115 3.286126801 2,818.26 21.07 10.39775286
05/31/1994 0.00119 3.351029669 2,784.60 21.06 10.27354856
06/30/1994 0.00115 3.204194138 2,676.09 20.47 9.873225833
07/31/1994 0.00119 3.181982988 2,748.82 21.25 10.14156169
08/31/1994 0.00119 3.26846335 2,846.26 22.23 10.50103784
09/30/1994 0.00115 3.275145261 2,760.46 21.79 10.18449653
10/31/1994 0.00119 3.282300561 2,860.50 22.82 10.55358962
11/30/1994 0.00115 3.291535518 2,736.26 22.06 10.09520679
12/31/1994 0.00119 3.253523904 2,722.66 22.18 10.04502078
01/31/1995 0.00119 3.237349756 2,735.32 22.51 10.09174634
02/28/1995 0.00107 2.937659431 2,816.19 23.39 10.39011174
03/31/1995 0.00119 3.34856706 2,889.98 24.24 10.66234341
04/30/1995 0.00115 3.325454495 2,998.59 25.38 11.06304661
05/31/1995 0.00119 3.56544322 3,122.80 26.69 11.52133759
06/30/1995 0.00115 3.593364273 3,342.51 28.82 12.33190694
07/31/1995 0.00119 3.974376637 3,604.81 31.36 13.29965582
08/31/1995 0.00119 4.286266643 3,578.70 31.44 13.20332962
09/30/1995 0.00115 4.117957015 3,775.53 33.46 13.92952311
10/31/1995 0.00119 4.48926281 3,827.64 34.24 14.12176213
11/30/1995 0.00115 4.404404881 3,964.34 35.77 14.62612454
12/31/1995 0.00119 4.713766327 3,951.59 35.99 14.57906087
01/31/1996 0.00119 4.698598458 4,036.95 37.10 14.89400059
02/29/1996 0.00111 4.490414725 4,174.99 38.69 15.40328041
03/31/1996 0.00119 4.964231249 4,131.95 38.64 15.24449496
04/30/1996 0.00115 4.75457152 4,363.79 41.15 16.09985214
05/31/1996 0.00119 5.188725194 4,576.07 43.51 16.88305156
06/30/1996 0.00115 5.265617279 4,523.34 43.39 16.68848327
07/31/1996 0.00119 5.378431604 4,140.26 40.09 15.2751684
08/31/1996 0.00119 4.922942797 4,292.65 41.92 15.83738871
09/30/1996 0.00115 4.939487829 4,584.45 45.11 16.913956
10/31/1996 0.00119 5.451097864 4,537.68 45.04 16.74140064
11/30/1996 0.00115 5.221438091 4,773.46 47.75 17.61128341
12/31/1996 0.00119 5.675835349 4,597.17 46.39 16.96087277
01/31/1997 0.00119 5.46621839 4,821.53 49.04 17.7886644
02/28/1997 0.00107 5.178195725 4,676.65 47.93 17.25414012
03/31/1997 0.00119 5.560733773 4,384.47 45.33 16.17616683
04/30/1997 0.00115 5.04514858 4,634.77 48.27 17.09962122
05/31/1997 0.00119 5.5109348 4,890.65 51.33 18.04365969
06/30/1997 0.00115 5.627596761 5,091.34 53.83 18.78408402
07/31/1997 0.00119 6.053810256 5,605.09 59.69 20.67954672
08/31/1997 0.00119 6.664687607 5,186.17 55.70 19.13396812
09/30/1997 0.00115 5.967650624 5,556.53 60.10 20.50036032
10/31/1997 0.00119 6.606938695 5,240.81 57.15 19.33555994
11/30/1997 0.00115 6.030524647 5,313.48 58.37 19.60367539
12/31/1997 0.00119 6.317951463 5,329.44 58.99 19.66255569
01/31/1998 0.00119 6.336927642 5,539.96 61.77 20.43923118
02/28/1998 0.00107 5.949763126 6,012.27 67.46 22.18179866
03/31/1998 0.00119 7.148839414 6,358.28 71.84 23.45835599
04/30/1998 0.00115 7.316374308 6,740.28 76.68 24.86771843
05/31/1998 0.00119 8.014468455 6,533.99 74.90 24.10663525
06/30/1998 0.00115 7.51856468 7,202.04 83.08 26.57136288
07/31/1998 0.00119 8.563525851 7,397.43 85.94 27.2922397
08/31/1998 0.00119 8.795852934 6,136.90 71.92 22.64159206
09/30/1998 0.00115 7.061635627 6,739.90 79.48 24.866333
5.73990 5.739903256
</TABLE>
<PAGE>
Exhibit (13)(c)
---------------
Performance Data Calculations (Portfolio Select)
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI GROWTH & INCOME FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 75M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.518271 1 6.00% 10%
Units purchased 1,929.491 2 6.00% 20%
3 6.00% 30%
Contract Charge Factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 0.518271 1,929.491 1,000.00 1,000.00 2,421.63 2.00%
05/31/1994 0.508428 1,929.491 981.01 0.00008 0.079452059 980.93 2,421.63 2.00%
06/30/1994 0.505317 1,929.491 975.00 0.00008 0.080624174 974.84 2,421.63 2.00%
07/31/1994 0.518228 1,929.491 999.92 0.00008 0.082795011 999.67 2,421.63 2.00%
08/31/1994 0.539378 1,929.491 1,040.73 0.00008 0.084903428 1,040.38 2,421.63 2.00%
09/30/1994 0.525595 1,929.491 1,014.13 0.00008 0.085510991 1,013.71 2,421.63 2.00%
10/31/1994 0.532807 1,929.491 1,028.05 0.00008 0.086096134 1,027.54 2,421.63 2.00%
11/30/1994 0.509499 1,929.491 983.07 0.00008 0.084455064 982.50 2,421.63 2.00%
12/31/1994 0.513928 1,929.491 991.62 0.00008 0.083445322 990.96 2,421.63 2.00%
01/31/1995 0.518060 1,929.491 999.59 0.00008 0.084163664 998.84 2,421.63 4.00%
02/28/1995 0.536252 1,929.491 1,034.69 0.00008 0.076623466 1,033.84 2,421.63 4.00%
03/31/1995 0.556837 1,929.491 1,074.41 0.00008 0.08780562 1,073.44 2,421.63 4.00%
04/30/1995 0.573411 1,929.491 1,106.39 0.00008 0.088227829 1,105.30 2,421.63 4.00%
05/31/1995 0.591999 1,929.491 1,142.26 0.00008 0.093874854 1,141.04 2,421.63 4.00%
06/30/1995 0.613683 1,929.491 1,184.10 0.00008 0.093783912 1,182.74 2,421.63 4.00%
07/31/1995 0.640998 1,929.491 1,236.80 0.00008 0.100451676 1,235.28 2,421.63 4.00%
08/31/1995 0.648596 1,929.491 1,251.46 0.00008 0.104914193 1,249.82 2,421.63 4.00%
09/30/1995 0.677388 1,929.491 1,307.01 0.00008 0.102724673 1,305.20 2,421.63 4.00%
10/31/1995 0.664276 1,929.491 1,281.72 0.00008 0.110852202 1,279.82 2,421.63 4.00%
11/30/1995 0.683706 1,929.491 1,319.20 0.00008 0.105190805 1,317.15 2,421.63 4.00%
12/31/1995 0.679595 1,929.491 1,311.27 0.00008 0.111867583 1,309.12 2,421.63 4.00%
01/31/1996 0.693877 1,929.491 1,338.83 0.00008 0.111185445 1,336.52 2,421.63 6.00%
02/29/1996 0.707644 1,929.491 1,365.39 0.00008 0.106189239 1,362.93 2,421.63 6.00%
03/31/1996 0.711174 1,929.491 1,372.20 0.00008 0.115755675 1,369.61 2,421.63 6.00%
04/30/1996 0.728074 1,929.491 1,404.81 0.00008 0.112570991 1,402.05 2,421.63 6.00%
05/31/1996 0.742779 1,929.491 1,433.19 0.00008 0.119077987 1,430.25 2,421.63 6.00%
06/30/1996 0.738819 1,929.491 1,425.54 0.00008 0.117554539 1,422.50 2,421.63 6.00%
07/31/1996 0.699683 1,929.491 1,350.03 0.00008 0.12081531 1,347.03 2,421.63 6.00%
08/31/1996 0.721285 1,929.491 1,391.71 0.00008 0.114405339 1,388.50 2,421.63 6.00%
09/30/1996 0.762534 1,929.491 1,471.30 0.00008 0.114123687 1,467.80 2,421.63 6.00%
10/31/1996 0.767565 1,929.491 1,481.01 0.00008 0.124662263 1,477.36 2,421.63 6.00%
11/30/1996 0.814521 1,929.491 1,571.61 0.00008 0.121426597 1,567.61 2,421.63 6.00%
12/31/1996 0.805127 1,929.491 1,553.49 0.00008 0.133139786 1,549.40 2,421.63 6.00%
01/31/1997 0.851413 1,929.491 1,642.79 0.00008 0.131592898 1,638.34 2,421.63 6.00%
02/28/1997 0.847385 1,929.491 1,635.02 0.00008 0.125681074 1,630.47 2,421.63 6.00%
03/31/1997 0.796234 1,929.491 1,536.33 0.00008 0.138477962 1,531.91 2,421.63 6.00%
04/30/1997 0.834932 1,929.491 1,610.99 0.00008 0.125910166 1,606.23 2,421.63 6.00%
05/31/1997 0.897532 1,929.491 1,731.78 0.00008 0.136419843 1,726.53 2,421.63 6.00%
06/30/1997 0.933918 1,929.491 1,801.99 0.00008 0.141906274 1,796.38 2,421.63 6.00%
07/31/1997 1.017054 1,929.491 1,962.40 0.00008 0.152569025 1,956.14 2,421.63 6.00%
08/31/1997 0.967570 1,929.491 1,866.92 0.00008 0.166137561 1,860.79 2,421.63 6.00%
09/30/1997 1.025556 1,929.491 1,978.80 0.00008 0.15294203 1,972.16 2,421.63 6.00%
10/31/1997 0.979876 1,929.491 1,890.66 0.00008 0.167498496 1,884.15 2,421.63 6.00%
11/30/1997 0.996367 1,929.491 1,922.48 0.00008 0.1548615 1,915.70 2,421.63 6.00%
12/31/1997 0.999842 1,929.491 1,929.19 0.00008 0.162703611 1,922.22 2,421.63 6.00%
01/31/1998 1.006201 1,929.491 1,941.46 0.00008 0.163257206 1,934.28 2,421.63 6.00%
02/28/1998 1.068222 1,929.491 2,061.12 0.00008 0.14838347 2,053.36 2,421.63 6.00%
03/31/1998 1.116800 1,929.491 2,154.86 0.00008 0.174395078 2,146.57 2,421.63 6.00%
04/30/1998 1.114067 1,929.491 2,149.58 0.00008 0.176430079 2,141.14 2,421.63 6.00%
05/31/1998 1.083330 1,929.491 2,090.28 0.00008 0.181849978 2,081.88 2,421.63 6.00%
06/30/1998 1.135461 1,929.491 2,190.86 0.00008 0.171113485 2,181.89 2,421.63 6.00%
07/31/1998 1.136889 1,929.491 2,193.62 0.00008 0.185311308 2,184.45 2,421.63 6.00%
08/31/1998 0.952073 1,929.491 1,837.02 0.00008 0.185528748 1,829.15 2,421.63 6.00%
09/30/1998 0.999962 1,929.491 1,929.42 0.00008 0.150341426 1,921.01 2,421.63 6.00%
10/31/1998 1.086034 1,929.491 2,095.49 0.00008 0.163154351 2,086.20 2,421.63 6.00%
11/30/1998 1.156136 1,929.491 2,230.75 0.00008 0.171468354 2,220.69 2,421.63 6.00%
12/31/1998 1.260851 1,929.491 2,432.80 0.00008 0.188606384 2,421.63 2,421.63 6.00%
12/31/1998 2,421.63
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 142.16% 142.16%
05/02/1994 50.00% 2,421.63 4.6685 20.86% 20.86% 2,421.63 2,421.63 5
05/31/1994 50.00% 2,421.63 4.5890 21.77% 21.77% 2,468.72 2,468.72 5
06/30/1994 50.00% 2,421.63 4.5068 22.37% 22.37% 2,484.12 2,484.12 5
07/31/1994 50.00% 2,421.63 4.4219 22.15% 22.15% 2,422.44 2,422.44 5
08/31/1994 50.00% 2,421.63 4.3370 21.51% 21.51% 2,327.64 2,327.64 5
09/30/1994 50.00% 2,421.63 4.2548 22.71% 22.71% 2,388.88 2,388.88 5
10/31/1994 50.00% 2,421.63 4.1699 22.82% 22.82% 2,356.74 2,356.74 5
11/30/1994 50.00% 2,421.63 4.0877 24.69% 24.69% 2,464.76 2,464.76 5
12/31/1994 50.00% 2,421.63 4.0027 25.01% 25.01% 2,443.73 2,443.73 5
01/31/1995 40.00% 2,420.43 3.9178 25.35% 25.36% 2,423.23 2,424.44 4
02/28/1995 40.00% 2,419.03 3.8411 24.77% 24.81% 2,339.85 2,342.37 4
03/31/1995 40.00% 2,417.44 3.7562 24.13% 24.18% 2,252.06 2,255.96 4
04/30/1995 40.00% 2,416.17 3.6740 23.72% 23.80% 2,185.98 2,190.93 4
05/31/1995 40.00% 2,414.74 3.5890 23.23% 23.33% 2,116.27 2,122.31 4
06/30/1995 40.00% 2,413.07 3.5068 22.55% 22.67% 2,040.24 2,047.48 4
07/31/1995 40.00% 2,410.97 3.4219 21.58% 21.74% 1,951.76 1,960.39 4
08/31/1995 40.00% 2,410.39 3.3370 21.75% 21.92% 1,928.59 1,937.59 4
09/30/1995 40.00% 2,408.17 3.2548 20.71% 20.91% 1,845.07 1,855.38 4
10/31/1995 40.00% 2,409.19 3.1699 22.09% 22.28% 1,882.44 1,892.17 4
11/30/1995 40.00% 2,407.69 3.0877 21.57% 21.80% 1,827.96 1,838.54 4
12/31/1995 40.00% 2,408.02 3.0027 22.50% 22.73% 1,839.42 1,849.82 4
01/31/1996 30.00% 2,385.03 2.9178 21.96% 22.59% 1,784.51 1,811.90 3
02/29/1996 30.00% 2,383.45 2.8384 21.76% 22.45% 1,748.77 1,776.79 3
03/31/1996 30.00% 2,383.05 2.7534 22.28% 23.00% 1,739.94 1,768.11 3
04/30/1996 30.00% 2,381.10 2.6712 21.93% 22.70% 1,698.30 1,727.21 3
05/31/1996 30.00% 2,379.41 2.5863 21.75% 22.58% 1,663.64 1,693.16 3
06/30/1996 30.00% 2,379.87 2.5041 22.82% 23.67% 1,673.02 1,702.38 3
07/31/1996 30.00% 2,384.40 2.4192 26.62% 27.44% 1,770.12 1,797.76 3
08/31/1996 30.00% 2,381.91 2.3342 26.01% 26.91% 1,715.45 1,744.06 3
09/30/1996 30.00% 2,377.16 2.2521 23.87% 24.90% 1,619.54 1,649.84 3
10/31/1996 30.00% 2,376.58 2.1671 24.53% 25.61% 1,608.67 1,639.17 3
11/30/1996 30.00% 2,371.17 2.0849 21.96% 23.19% 1,512.60 1,544.79 3
12/31/1996 30.00% 2,372.26 2.0000 23.74% 25.02% 1,531.08 1,562.95 3
01/31/1997 20.00% 2,352.39 1.9151 20.79% 22.63% 1,435.84 1,478.10 2
02/28/1997 20.00% 2,352.87 1.8384 22.08% 24.01% 1,443.06 1,485.24 2
03/31/1997 20.00% 2,358.78 1.7534 27.91% 29.84% 1,539.77 1,580.80 2
04/30/1997 20.00% 2,354.32 1.6712 25.71% 27.85% 1,465.74 1,507.65 2
05/31/1997 20.00% 2,347.10 1.5863 21.36% 23.77% 1,359.44 1,402.60 2
06/30/1997 20.00% 2,342.91 1.5041 19.32% 21.97% 1,304.24 1,348.07 2
07/31/1997 20.00% 2,333.33 1.4192 13.23% 16.23% 1,192.82 1,237.97 2
08/31/1997 20.00% 2,339.05 1.3342 18.70% 21.83% 1,257.01 1,301.40 2
09/30/1997 20.00% 2,332.36 1.2521 14.34% 17.82% 1,182.64 1,227.91 2
10/31/1997 20.00% 2,337.65 1.1671 20.30% 23.99% 1,240.69 1,285.27 2
11/30/1997 20.00% 2,335.75 1.0849 20.05% 24.11% 1,219.27 1,264.10 2
12/31/1997 20.00% 2,335.36 1.0000 21.49% 25.98% 1,214.93 1,259.81 2
01/31/1998 10.00% 2,320.11 0.9151 19.95% 25.20% 1,181.09 1,228.30 1
02/28/1998 10.00% 2,312.96 0.8384 12.64% 17.94% 1,104.96 1,148.33 1
03/31/1998 10.00% 2,307.37 0.7534 7.49% 12.81% 1,055.93 1,095.09 1
04/30/1998 10.00% 2,307.70 0.6712 7.78% 13.10% 1,051.57 1,086.14 1
05/31/1998 10.00% 2,311.25 0.5863 11.02% 16.32% 1,063.20 1,092.68 1
06/30/1998 10.00% 2,305.25 0.5041 5.65% 10.99% 1,028.11 1,053.96 1
07/31/1998 10.00% 2,305.10 0.4192 5.52% 10.86% 1,022.79 1,044.16 1
08/31/1998 10.00% 2,326.41 0.3342 27.19% 32.39% 1,083.68 1,098.31 1
09/30/1998 10.00% 2,320.90 0.2521 20.82% 26.06% 1,048.83 1,060.12 1
10/31/1998 10.00% 2,310.99 0.1671 10.78% 16.08% 1,017.25 1,025.23 1
11/30/1998 10.00% 2,302.92 0.0849 3.70% 9.05% 1,003.09 1,007.38 1
12/31/1998 10.00% 2,290.87 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI GROWTH & INCOME FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 75M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.518271 1 6.00% 10%
Units purchased 1,929.491 2 6.00% 20%
3 6.00% 30%
Contract Charge Factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,220.69 2,302.92 2,421.63 3.70% 9.05%
09/30/1998 0.25 0.25 1,921.01 2,320.90 2,421.63 20.82% 26.06%
12/31/1997 1.00 1.00 1,922.22 2,335.36 2,421.63 21.49% 25.98%
12/31/1997 1.00 1.00 1,922.22 2,335.36 2,421.63 21.49% 25.98%
12/31/1995 3.00 3.00 1,309.12 2,408.02 2,421.63 22.53% 22.76%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 2,086.20 2,310.99 2,421.63 10.78% 16.08%
05/02/1994 4.66 4.66 1,000.00 2,421.63 2,421.63 20.89% 20.89%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
AIM V.I. GROWTH & INCOME FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV Before M&E % Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 100 10 1000
05/31/1994 1000 0 10 100 9.82 982.00 -1.80%
06/30/1994 982 0 10 100 9.77 977.00 -0.51%
07/31/1994 977 0 10 100 10.03 1,003.00 2.66%
08/31/1994 1003 0 10 100 10.45 1,045.00 4.19%
09/30/1994 1045 0.045 10.44 100.431 10.15 1,019.37 -2.45%
10/31/1994 1019.37 0 10.44 100.431 10.30 1,034.44 1.48%
11/30/1994 1034.44 0 10.44 100.431 9.86 990.25 -4.27%
12/31/1994 990.25 0.065 9.72 101.103 9.89 999.91 0.98%
01/31/1995 999.91 0 9.72 101.103 9.98 1,009.01 0.91%
02/28/1995 1009.01 0 9.72 101.103 10.34 1,045.41 3.61%
03/31/1995 1045.41 0.0275 10.53 101.367 10.72 1,086.65 3.94%
04/30/1995 1086.65 0 10.53 101.367 11.05 1,120.11 3.08%
05/31/1995 1120.11 0 10.53 101.367 11.42 1,157.61 3.35%
06/30/1995 1157.61 0 10.53 101.367 11.85 1,201.20 3.77%
07/31/1995 1201.2 0 10.53 101.367 12.39 1,255.94 4.56%
08/31/1995 1255.94 0 10.53 101.367 12.55 1,272.16 1.29%
09/30/1995 1272.16 0 10.53 101.367 13.12 1,329.94 4.54%
10/31/1995 1329.94 0 10.53 101.367 12.88 1,305.61 -1.83%
11/30/1995 1305.61 0 10.53 101.367 13.27 1,345.14 3.03%
12/31/1995 1345.14 0.516 12.48 105.558 12.68 1,338.48 -0.50%
01/31/1996 1338.48 0 12.48 105.558 12.96 1,368.03 2.21%
02/29/1996 1368.03 0 12.48 105.558 13.23 1,396.53 2.08%
03/31/1996 1396.53 0 12.48 105.558 13.31 1,404.98 0.61%
04/30/1996 1404.98 0 12.48 105.558 13.64 1,439.81 2.48%
05/31/1996 1439.81 0 12.48 105.558 13.93 1,470.42 2.13%
06/30/1996 1470.42 0 12.48 105.558 13.87 1,464.09 -0.43%
07/31/1996 1464.09 0 12.48 105.558 13.15 1,388.09 -5.19%
08/31/1996 1388.09 0 12.48 105.558 13.57 1,432.42 3.19%
09/30/1996 1432.42 0 12.48 105.558 14.36 1,515.81 5.82%
10/31/1996 1515.81 0 12.48 105.558 14.47 1,527.42 0.77%
11/30/1996 1527.42 0 12.48 105.558 15.37 1,622.43 6.22%
12/31/1996 1622.43 0.174 14.6 106.816 15.03 1,605.44 -1.05%
01/31/1997 1605.44 0 14.6 106.816 15.91 1,699.44 5.86%
02/28/1997 1699.44 0 14.6 106.816 15.85 1,693.03 -0.38%
03/31/1997 1693.03 0 14.6 106.816 14.91 1,592.63 -5.93%
04/30/1997 1592.63 0 14.6 106.816 15.65 1,671.67 4.96%
05/31/1997 1671.67 0 14.6 106.816 16.84 1,798.78 7.60%
06/30/1997 1798.78 0 14.6 106.816 17.54 1,873.55 4.16%
07/31/1997 1873.55 0 14.6 106.816 19.12 2,042.32 9.01%
08/31/1997 2042.32 0 14.6 106.816 18.21 1,945.12 -4.76%
09/30/1997 1945.12 0 14.6 106.816 19.32 2,063.69 6.10%
10/31/1997 2063.69 0 14.6 106.816 18.48 1,973.96 -4.35%
11/30/1997 1973.96 0 14.6 106.816 18.81 2,009.21 1.79%
12/31/1997 2009.21 0.025 18.45 106.961 18.87 2,018.35 0.45%
01/31/1998 2018.35 0 18.45 106.961 19.01 2,033.33 0.74%
02/28/1998 2033.33 0 18.45 106.961 20.20 2,160.61 6.26%
03/31/1998 2160.61 0 18.45 106.961 21.14 2,261.16 4.65%
04/30/1998 2261.16 0 18.45 106.961 21.11 2,257.95 -0.14%
05/31/1998 2257.95 0 18.45 106.961 20.55 2,198.05 -2.65%
06/30/1998 2198.05 0 18.45 106.961 21.56 2,306.08 4.91%
07/31/1998 2306.08 0 18.45 106.961 21.61 2,311.43 0.23%
08/31/1998 2311.43 0 18.45 106.961 18.12 1,938.13 -16.15%
09/30/1998 1938.13 0 18.45 106.961 19.05 2,037.61 5.13%
10/01/1998 2037.61 0 18.45 106.961 20.71 2,215.16 8.71%
1.2152
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 1,000 0.518271428
05/31/1994 0.00099 0.993150685 981.01 0.08 0.50842782
06/30/1994 0.00103 1.007883749 975.00 0.16 0.505316727
07/31/1994 0.00106 1.03510701 999.92 0.25 0.518227788
08/31/1994 0.00106 1.061554443 1,040.73 0.34 0.539378081
09/30/1994 0.00103 1.069238111 1,014.13 0.42 0.525594968 Dividend
10/31/1994 0.00106 1.076645611 1,028.05 0.51 0.532807181
11/30/1994 0.00103 1.056212263 983.07 0.57 0.509498911
12/31/1994 0.00106 1.04367393 991.62 0.66 0.513928224 Dividend
01/31/1995 0.00106 1.052747077 999.59 0.75 0.518059783
02/28/1995 0.00096 0.958512525 1,034.69 0.85 0.536252001
03/31/1995 0.00106 1.09847582 1,074.41 0.97 0.556837103 Dividend
04/30/1995 0.00103 1.103848069 1,106.39 1.09 0.573411074
05/31/1995 0.00106 1.174593657 1,142.26 1.22 0.591999461
06/30/1995 0.00103 1.173552297 1,184.10 1.36 0.613683082
07/31/1995 0.00106 1.257088133 1,236.80 1.52 0.64099778
08/31/1995 0.00106 1.313040436 1,251.46 1.64 0.648595518
09/30/1995 0.00103 1.285745696 1,307.01 1.82 0.677387592
10/31/1995 0.00106 1.387582497 1,281.72 1.89 0.66427628
11/30/1995 0.00103 1.316830513 1,319.20 2.05 0.683706121
12/31/1995 0.00106 1.400525573 1,311.27 2.15 0.679595131 .11 Dividend .315 ST/.091 LT
01/31/1996 0.00106 1.392104491 1,338.83 2.31 0.693877257
02/29/1996 0.00099 1.32965978 1,365.39 2.46 0.707643591
03/31/1996 0.00106 1.449559856 1,372.20 2.59 0.711174073
04/30/1996 0.00103 1.409798524 1,404.81 2.76 0.728073696
05/31/1996 0.00106 1.491409539 1,433.19 2.94 0.742779406
06/30/1996 0.00103 1.472451471 1,425.54 3.04 0.738818691
07/31/1996 0.00106 1.513419931 1,350.03 3.00 0.69968271
08/31/1996 0.00106 1.433252532 1,391.71 3.21 0.721284942
09/30/1996 0.00103 1.429841843 1,471.30 3.51 0.76253434
10/31/1996 0.00106 1.561999828 1,481.01 3.65 0.767565257
11/30/1996 0.00103 1.521585794 1,571.61 4.00 0.814521471
12/31/1996 0.00106 1.668491937 1,553.49 4.09 0.805127114 .143 Dividend .011 ST/.02 LT
01/31/1997 0.00106 1.649248235 1,642.79 4.45 0.851413295
02/28/1997 0.00096 1.575282108 1,635.02 4.56 0.847385484
03/31/1997 0.00106 1.735811637 1,536.33 4.42 0.796234241
04/30/1997 0.00103 1.57841786 1,610.99 4.76 0.834932184
05/31/1997 0.00106 1.710301898 1,731.78 5.25 0.897532135
06/30/1997 0.00103 1.779226111 1,801.99 5.61 0.933917787
07/31/1997 0.00106 1.913067186 1,962.40 6.26 1.017053921
08/31/1997 0.00106 2.083365911 1,866.92 6.12 0.967569592
09/30/1997 0.00103 1.918065119 1,978.80 6.64 1.02555631
10/31/1997 0.00106 2.100782479 1,890.66 6.51 0.979875969
11/30/1997 0.00103 1.942460711 1,922.48 6.78 0.996367387
12/31/1997 0.00106 2.040990951 1,929.19 6.96 0.999842126 .01 Dividend .015 LT
01/31/1998 0.00106 2.048108719 1,941.46 7.17 1.006201382
02/28/1998 0.00096 1.861670524 2,061.12 7.76 1.068221543
03/31/1998 0.00106 2.188179311 2,154.86 8.29 1.116800134
04/30/1998 0.00103 2.213892831 2,149.58 8.45 1.114067299
05/31/1998 0.00106 2.282091231 2,090.28 8.39 1.083330035
06/30/1998 0.00103 2.147543257 2,190.86 8.97 1.135460647
07/31/1998 0.00106 2.325914052 2,193.62 9.17 1.136889409
08/31/1998 0.00106 2.328840774 1,837.02 7.86 0.952072803
09/30/1998 0.00103 1.887345004 1,929.42 8.41 0.999962474
10/01/1998 0.00106 2.048355243 2,095.49 9.29 1.086034
1.0955 1.0955
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI GROWTH & INCOME FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 133M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.521739 1 6.00% 10%
Units purchased 1,916.668 2 6.00% 20%
3 6.00% 30%
Contract Charge Factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 0.521739 1,916.668 1,000.00 1,000.00 2,404.65 2.00%
05/31/1994 0.511767 1,916.668 980.89 0.00008 0.079452074 980.81 2,404.65 2.00%
06/30/1994 0.508573 1,916.668 974.76 0.00008 0.080614394 974.61 2,404.65 2.00%
07/31/1994 0.521502 1,916.668 999.55 0.00008 0.082774697 999.30 2,404.65 2.00%
08/31/1994 0.542720 1,916.668 1,040.21 0.00008 0.084872051 1,039.87 2,404.65 2.00%
09/30/1994 0.528784 1,916.668 1,013.50 0.00008 0.085468927 1,013.09 2,404.65 2.00%
10/31/1994 0.535973 1,916.668 1,027.28 0.00008 0.086042893 1,026.77 2,404.65 2.00%
11/30/1994 0.512460 1,916.668 982.22 0.00008 0.08439223 981.64 2,404.65 2.00%
12/31/1994 0.516850 1,916.668 990.63 0.00008 0.083372488 989.97 2,404.65 2.00%
01/31/1995 0.520939 1,916.668 998.47 0.00008 0.084079582 997.72 2,404.65 4.00%
02/28/1995 0.539172 1,916.668 1,033.41 0.00008 0.076537241 1,032.56 2,404.65 4.00%
03/31/1995 0.559801 1,916.668 1,072.95 0.00008 0.087697061 1,071.98 2,404.65 4.00%
04/30/1995 0.576394 1,916.668 1,104.76 0.00008 0.088107936 1,103.67 2,404.65 4.00%
05/31/1995 0.595006 1,916.668 1,140.43 0.00008 0.093736063 1,139.21 2,404.65 4.00%
06/30/1995 0.616726 1,916.668 1,182.06 0.00008 0.093633699 1,180.70 2,404.65 4.00%
07/31/1995 0.644098 1,916.668 1,234.52 0.00008 0.100278854 1,233.00 2,404.65 4.00%
08/31/1995 0.651650 1,916.668 1,249.00 0.00008 0.104720919 1,247.36 2,404.65 4.00%
09/30/1995 0.680497 1,916.668 1,304.29 0.00008 0.102522522 1,302.47 2,404.65 4.00%
10/31/1995 0.667239 1,916.668 1,278.88 0.00008 0.110620995 1,276.99 2,404.65 4.00%
11/30/1995 0.686673 1,916.668 1,316.12 0.00008 0.104957768 1,314.08 2,404.65 4.00%
12/31/1995 0.682457 1,916.668 1,308.04 0.00008 0.111606384 1,305.89 2,404.65 4.00%
01/31/1996 0.696712 1,916.668 1,335.37 0.00008 0.11091162 1,333.06 2,404.65 6.00%
02/29/1996 0.710452 1,916.668 1,361.70 0.00008 0.1059145 1,359.24 2,404.65 6.00%
03/31/1996 0.713906 1,916.668 1,368.32 0.00008 0.115442692 1,365.74 2,404.65 6.00%
04/30/1996 0.730782 1,916.668 1,400.67 0.00008 0.112252386 1,397.91 2,404.65 6.00%
05/31/1996 0.745450 1,916.668 1,428.78 0.00008 0.118726665 1,425.85 2,404.65 6.00%
06/30/1996 0.741383 1,916.668 1,420.98 0.00008 0.117193074 1,417.95 2,404.65 6.00%
07/31/1996 0.702017 1,916.668 1,345.53 0.00008 0.120428889 1,342.54 2,404.65 6.00%
08/31/1996 0.723601 1,916.668 1,386.90 0.00008 0.114024077 1,383.71 2,404.65 6.00%
09/30/1996 0.764894 1,916.668 1,466.05 0.00008 0.113729306 1,462.55 2,404.65 6.00%
10/31/1996 0.769843 1,916.668 1,475.53 0.00008 0.124216975 1,471.89 2,404.65 6.00%
11/30/1996 0.816844 1,916.668 1,565.62 0.00008 0.120977553 1,561.63 2,404.65 6.00%
12/31/1996 0.807319 1,916.668 1,547.36 0.00008 0.132632012 1,543.29 2,404.65 6.00%
01/31/1997 0.853628 1,916.668 1,636.12 0.00008 0.131074128 1,631.69 2,404.65 6.00%
02/28/1997 0.849491 1,916.668 1,628.19 0.00008 0.125170527 1,623.66 2,404.65 6.00%
03/31/1997 0.798105 1,916.668 1,529.70 0.00008 0.137899484 1,525.30 2,404.65 6.00%
04/30/1997 0.836795 1,916.668 1,603.86 0.00008 0.125367188 1,599.12 2,404.65 6.00%
05/31/1997 0.899428 1,916.668 1,723.91 0.00008 0.135815571 1,718.67 2,404.65 6.00%
06/30/1997 0.935780 1,916.668 1,793.58 0.00008 0.141260956 1,788.00 2,404.65 6.00%
07/31/1997 1.018963 1,916.668 1,953.01 0.00008 0.151857221 1,946.78 2,404.65 6.00%
08/31/1997 0.969256 1,916.668 1,857.74 0.00008 0.165343108 1,851.65 2,404.65 6.00%
09/30/1997 1.027224 1,916.668 1,968.85 0.00008 0.152190292 1,962.24 2,404.65 6.00%
10/31/1997 0.981338 1,916.668 1,880.90 0.00008 0.166655821 1,874.42 2,404.65 6.00%
11/30/1997 0.997733 1,916.668 1,912.32 0.00008 0.154061855 1,905.58 2,404.65 6.00%
12/31/1997 1.001086 1,916.668 1,918.75 0.00008 0.161843845 1,911.82 2,404.65 6.00%
01/31/1998 1.007326 1,916.668 1,930.71 0.00008 0.162373896 1,923.58 2,404.65 6.00%
02/28/1998 1.069299 1,916.668 2,049.49 0.00008 0.147561951 2,041.77 2,404.65 6.00%
03/31/1998 1.117790 1,916.668 2,142.43 0.00008 0.173410748 2,134.19 2,404.65 6.00%
04/30/1998 1.114917 1,916.668 2,136.93 0.00008 0.175412883 2,128.53 2,404.65 6.00%
05/31/1998 1.084015 1,916.668 2,077.70 0.00008 0.180779187 2,069.35 2,404.65 6.00%
06/30/1998 1.136045 1,916.668 2,177.42 0.00008 0.170083627 2,168.50 2,404.65 6.00%
07/31/1998 1.137329 1,916.668 2,179.88 0.00008 0.18417433 2,170.77 2,404.65 6.00%
08/31/1998 0.952296 1,916.668 1,825.24 0.00008 0.184366973 1,817.42 2,404.65 6.00%
09/30/1998 1.000080 1,916.668 1,916.82 0.00008 0.149377263 1,908.47 2,404.65 6.00%
10/31/1998 1.086034 1,916.668 2,081.57 0.00008 0.162088987 2,072.33 2,404.65 6.00%
11/30/1998 1.155851 1,916.668 2,215.38 0.00008 0.170328717 2,205.38 2,404.65 6.00%
12/31/1998 1.260383 1,916.668 2,415.74 0.00008 0.187306653 2,404.65 2,404.65 6.00%
12/31/1998 2,404.65
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 140.46% 140.46%
05/02/1994 50.00% 2,404.65 4.6685 20.68% 20.68% 2,404.65 2,404.65 5
05/31/1994 50.00% 2,404.65 4.5890 21.58% 21.58% 2,451.70 2,451.70 5
06/30/1994 50.00% 2,404.65 4.5068 22.19% 22.19% 2,467.30 2,467.30 5
07/31/1994 50.00% 2,404.65 4.4219 21.97% 21.97% 2,406.33 2,406.33 5
08/31/1994 50.00% 2,404.65 4.3370 21.32% 21.32% 2,312.44 2,312.44 5
09/30/1994 50.00% 2,404.65 4.2548 22.53% 22.53% 2,373.59 2,373.59 5
10/31/1994 50.00% 2,404.65 4.1699 22.64% 22.64% 2,341.95 2,341.95 5
11/30/1994 50.00% 2,404.65 4.0877 24.51% 24.51% 2,449.61 2,449.61 5
12/31/1994 50.00% 2,404.65 4.0027 24.82% 24.82% 2,429.01 2,429.01 5
01/31/1995 40.00% 2,403.21 3.9178 25.16% 25.17% 2,408.71 2,410.15 4
02/28/1995 40.00% 2,401.82 3.8411 24.58% 24.62% 2,326.08 2,328.82 4
03/31/1995 40.00% 2,400.24 3.7562 23.94% 24.00% 2,239.07 2,243.18 4
04/30/1995 40.00% 2,398.97 3.6740 23.53% 23.61% 2,173.64 2,178.78 4
05/31/1995 40.00% 2,397.55 3.5890 23.04% 23.14% 2,104.57 2,110.80 4
06/30/1995 40.00% 2,395.89 3.5068 22.36% 22.49% 2,029.21 2,036.62 4
07/31/1995 40.00% 2,393.80 3.4219 21.39% 21.56% 1,941.44 1,950.23 4
08/31/1995 40.00% 2,393.23 3.3370 21.56% 21.74% 1,918.64 1,927.79 4
09/30/1995 40.00% 2,391.02 3.2548 20.52% 20.73% 1,835.76 1,846.22 4
10/31/1995 40.00% 2,392.04 3.1699 21.90% 22.10% 1,873.19 1,883.06 4
11/30/1995 40.00% 2,390.56 3.0877 21.39% 21.62% 1,819.19 1,829.92 4
12/31/1995 40.00% 2,390.88 3.0027 22.31% 22.55% 1,830.84 1,841.38 4
01/31/1996 30.00% 2,367.95 2.9178 21.76% 22.41% 1,776.32 1,803.85 3
02/29/1996 30.00% 2,366.38 2.8384 21.57% 22.26% 1,740.95 1,769.11 3
03/31/1996 30.00% 2,365.99 2.7534 22.09% 22.81% 1,732.39 1,760.69 3
04/30/1996 30.00% 2,364.06 2.6712 21.74% 22.52% 1,691.13 1,720.17 3
05/31/1996 30.00% 2,362.38 2.5863 21.56% 22.39% 1,656.82 1,686.47 3
06/30/1996 30.00% 2,362.85 2.5041 22.62% 23.48% 1,666.38 1,695.86 3
07/31/1996 30.00% 2,367.38 2.4192 26.42% 27.24% 1,763.36 1,791.12 3
08/31/1996 30.00% 2,364.91 2.3342 25.81% 26.71% 1,709.11 1,737.83 3
09/30/1996 30.00% 2,360.18 2.2521 23.68% 24.70% 1,613.74 1,644.14 3
10/31/1996 30.00% 2,359.62 2.1671 24.33% 25.42% 1,603.12 1,633.71 3
11/30/1996 30.00% 2,354.23 2.0849 21.76% 23.00% 1,507.54 1,539.83 3
12/31/1996 30.00% 2,355.33 2.0000 23.54% 24.82% 1,526.17 1,558.13 3
01/31/1997 20.00% 2,335.60 1.9151 20.60% 22.44% 1,431.40 1,473.72 2
02/28/1997 20.00% 2,336.08 1.8384 21.88% 23.82% 1,438.78 1,481.01 2
03/31/1997 20.00% 2,341.98 1.7534 27.71% 29.64% 1,535.42 1,576.51 2
04/30/1997 20.00% 2,337.56 1.6712 25.50% 27.65% 1,461.78 1,503.73 2
05/31/1997 20.00% 2,330.38 1.5863 21.16% 23.58% 1,355.92 1,399.13 2
06/30/1997 20.00% 2,326.22 1.5041 19.12% 21.77% 1,301.02 1,344.88 2
07/31/1997 20.00% 2,316.70 1.4192 13.04% 16.05% 1,190.01 1,235.19 2
08/31/1997 20.00% 2,322.40 1.3342 18.50% 21.64% 1,254.24 1,298.65 2
09/30/1997 20.00% 2,315.77 1.2521 14.15% 17.63% 1,180.17 1,225.46 2
10/31/1997 20.00% 2,321.04 1.1671 20.10% 23.79% 1,238.27 1,282.88 2
11/30/1997 20.00% 2,319.17 1.0849 19.85% 23.91% 1,217.04 1,261.90 2
12/31/1997 20.00% 2,318.79 1.0000 21.29% 25.78% 1,212.87 1,257.78 2
01/31/1998 10.00% 2,303.66 0.9151 19.76% 25.01% 1,179.40 1,226.62 1
02/28/1998 10.00% 2,296.57 0.8384 12.48% 17.77% 1,103.62 1,147.00 1
03/31/1998 10.00% 2,291.02 0.7534 7.35% 12.67% 1,054.88 1,094.06 1
04/30/1998 10.00% 2,291.36 0.6712 7.65% 12.97% 1,050.72 1,085.31 1
05/31/1998 10.00% 2,294.91 0.5863 10.90% 16.20% 1,062.54 1,092.04 1
06/30/1998 10.00% 2,288.96 0.5041 5.55% 10.89% 1,027.63 1,053.49 1
07/31/1998 10.00% 2,288.83 0.4192 5.44% 10.77% 1,022.45 1,043.83 1
08/31/1998 10.00% 2,310.03 0.3342 27.10% 32.31% 1,083.45 1,098.09 1
09/30/1998 10.00% 2,304.57 0.2521 20.75% 26.00% 1,048.69 1,059.99 1
10/31/1998 10.00% 2,294.73 0.1671 10.73% 16.04% 1,017.18 1,025.16 1
11/30/1998 10.00% 2,286.75 0.0849 3.69% 9.04% 1,003.08 1,007.37 1
12/31/1998 10.00% 2,274.80 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI GROWTH & INCOME FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 133M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.521739 1 6.00% 10%
Units purchased 1,916.668 2 6.00% 20%
3 6.00% 30%
Contract Charge Factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,205.38 2,286.75 2,404.65 3.69% 9.04%
09/30/1998 0.25 0.25 1,908.47 2,304.57 2,404.65 20.75% 26.00%
12/31/1997 1.00 1.00 1,911.82 2,318.79 2,404.65 21.29% 25.78%
12/31/1997 1.00 1.00 1,911.82 2,318.79 2,404.65 21.29% 25.78%
12/31/1995 3.00 3.00 1,305.89 2,390.88 2,404.65 22.33% 22.57%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 2,072.33 2,294.73 2,404.65 10.73% 16.04%
05/02/1994 4.66 4.66 1,000.00 2,404.65 2,404.65 20.72% 20.72%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
AIM V.I. GROWTH & INCOME FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 100 10 1000
05/31/1994 1000 0 10 100 9.82 982.00 -1.80%
06/30/1994 982 0 10 100 9.77 977.00 -0.51%
07/31/1994 977 0 10 100 10.03 1,003.00 2.66%
08/31/1994 1003 0 10 100 10.45 1,045.00 4.19%
09/30/1994 1045 0.045 10.44 100.431 10.15 1,019.37 -2.45%
10/31/1994 1019.37 0 10.44 100.431 10.30 1,034.44 1.48%
11/30/1994 1034.44 0 10.44 100.431 9.86 990.25 -4.27%
12/31/1994 990.25 0.065 9.72 101.103 9.89 999.91 0.98%
01/31/1995 999.91 0 9.72 101.103 9.98 1,009.01 0.91%
02/28/1995 1009.01 0 9.72 101.103 10.34 1,045.41 3.61%
03/31/1995 1045.41 0.0275 10.53 101.367 10.72 1,086.65 3.94%
04/30/1995 1086.65 0 10.53 101.367 11.05 1,120.11 3.08%
05/31/1995 1120.11 0 10.53 101.367 11.42 1,157.61 3.35%
06/30/1995 1157.61 0 10.53 101.367 11.85 1,201.20 3.77%
07/31/1995 1201.2 0 10.53 101.367 12.39 1,255.94 4.56%
08/31/1995 1255.94 0 10.53 101.367 12.55 1,272.16 1.29%
09/30/1995 1272.16 0 10.53 101.367 13.12 1,329.94 4.54%
10/31/1995 1329.94 0 10.53 101.367 12.88 1,305.61 -1.83%
11/30/1995 1305.61 0 10.53 101.367 13.27 1,345.14 3.03%
12/31/1995 1345.14 0.516 12.48 105.558 12.68 1,338.48 -0.50%
01/31/1996 1338.48 0 12.48 105.558 12.96 1,368.03 2.21%
02/29/1996 1368.03 0 12.48 105.558 13.23 1,396.53 2.08%
03/31/1996 1396.53 0 12.48 105.558 13.31 1,404.98 0.61%
04/30/1996 1404.98 0 12.48 105.558 13.64 1,439.81 2.48%
05/31/1996 1439.81 0 12.48 105.558 13.93 1,470.42 2.13%
06/30/1996 1470.42 0 12.48 105.558 13.87 1,464.09 -0.43%
07/31/1996 1464.09 0 12.48 105.558 13.15 1,388.09 -5.19%
08/31/1996 1388.09 0 12.48 105.558 13.57 1,432.42 3.19%
09/30/1996 1432.42 0 12.48 105.558 14.36 1,515.81 5.82%
10/31/1996 1515.81 0 12.48 105.558 14.47 1,527.42 0.77%
11/30/1996 1527.42 0 12.48 105.558 15.37 1,622.43 6.22%
12/31/1996 1622.43 0.174 14.6 106.816 15.03 1,605.44 -1.05%
01/31/1997 1605.44 0 14.6 106.816 15.91 1,699.44 5.86%
02/28/1997 1699.44 0 14.6 106.816 15.85 1,693.03 -0.38%
03/31/1997 1693.03 0 14.6 106.816 14.91 1,592.63 -5.93%
04/30/1997 1592.63 0 14.6 106.816 15.65 1,671.67 4.96%
05/31/1997 1671.67 0 14.6 106.816 16.84 1,798.78 7.60%
06/30/1997 1798.78 0 14.6 106.816 17.54 1,873.55 4.16%
07/31/1997 1873.55 0 14.6 106.816 19.12 2,042.32 9.01%
08/31/1997 2042.32 0 14.6 106.816 18.21 1,945.12 -4.76%
09/30/1997 1945.12 0 14.6 106.816 19.32 2,063.69 6.10%
10/31/1997 2063.69 0 14.6 106.816 18.48 1,973.96 -4.35%
11/30/1997 1973.96 0 14.6 106.816 18.81 2,009.21 1.79%
12/31/1997 2009.21 0.025 18.45 106.961 18.87 2,018.35 0.45%
01/31/1998 2018.35 0 18.45 106.961 19.01 2,033.33 0.74%
02/28/1998 2033.33 0 18.45 106.961 20.20 2,160.61 6.26%
03/31/1998 2160.61 0 18.45 106.961 21.14 2,261.16 4.65%
04/30/1998 2261.16 0 18.45 106.961 21.11 2,257.95 -0.14%
05/31/1998 2257.95 0 18.45 106.961 20.55 2,198.05 -2.65%
06/30/1998 2198.05 0 18.45 106.961 21.56 2,306.08 4.91%
07/31/1998 2306.08 0 18.45 106.961 21.61 2,311.43 0.23%
08/31/1998 2311.43 0 18.45 106.961 18.12 1,938.13 -16.15%
09/30/1998 1938.13 0 18.45 106.961 19.05 2,037.61 5.13%
10/01/1998 2037.61 0 18.45 106.961 20.71 2,215.16 8.71%
1.2152
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
05/02/1994 1,000 0.521738894
05/31/1994 0.00111 1.112328767 980.89 0.08 0.511767249
06/30/1994 0.00115 1.128692663 974.76 0.16 0.508572626
07/31/1994 0.00119 1.159035218 999.55 0.25 0.521502087
08/31/1994 0.00119 1.188501413 1,040.21 0.34 0.542719574
09/30/1994 0.00115 1.196957412 1,013.50 0.42 0.528784163 Dividend
10/31/1994 0.00119 1.20509724 1,027.28 0.51 0.535972772
11/30/1994 0.00115 1.182077472 982.22 0.57 0.512459941
12/31/1994 0.00119 1.167894396 990.63 0.66 0.51684971 Dividend
01/31/1995 0.00119 1.177898662 998.47 0.75 0.52093891
02/28/1995 0.00107 1.072325877 1,033.41 0.85 0.539172289
03/31/1995 0.00119 1.228771741 1,072.95 0.97 0.559800803 Dividend
04/30/1995 0.00115 1.234629727 1,104.76 1.09 0.576393969
05/31/1995 0.00119 1.313599819 1,140.43 1.22 0.595005623
06/30/1995 0.00115 1.31227327 1,182.06 1.36 0.616725996
07/31/1995 0.00119 1.405516367 1,234.52 1.52 0.644097563
08/31/1995 0.00119 1.46789607 1,249.00 1.64 0.651649986
09/30/1995 0.00115 1.437201306 1,304.29 1.81 0.680497313
10/31/1995 0.00119 1.550850971 1,278.88 1.89 0.667239116
11/30/1995 0.00115 1.471582826 1,316.12 2.05 0.686673356
12/31/1995 0.00119 1.564926152 1,308.04 2.15 0.682457045 .11 Dividend .315 ST/.091 LT
01/31/1996 0.00119 1.555317195 1,335.37 2.30 0.696712372
02/29/1996 0.00111 1.485366 1,361.70 2.46 0.710451922
03/31/1996 0.00119 1.619117419 1,368.32 2.58 0.713905905
04/30/1996 0.00115 1.574505517 1,400.67 2.76 0.730782429
05/31/1996 0.00119 1.665450573 1,428.78 2.93 0.74544975
06/30/1996 0.00115 1.644074851 1,420.98 3.03 0.741382891
07/31/1996 0.00119 1.689608989 1,345.53 2.99 0.702016632
08/31/1996 0.00119 1.599893424 1,386.90 3.20 0.723601487
09/30/1996 0.00115 1.595888935 1,466.05 3.49 0.764894154
10/31/1996 0.00119 1.743191075 1,475.53 3.64 0.769843195
11/30/1996 0.00115 1.697874118 1,565.62 3.98 0.816843851
12/31/1996 0.00119 1.86158425 1,547.36 4.07 0.807318645 .143 Dividend .011 ST/.02 LT
01/31/1997 0.00119 1.83987634 1,636.12 4.43 0.853627965
02/28/1997 0.00107 1.757149137 1,628.19 4.54 0.849491452
03/31/1997 0.00119 1.935988017 1,529.70 4.40 0.798104862
04/30/1997 0.00115 1.760204672 1,603.86 4.74 0.836795323
05/31/1997 0.00119 1.907053585 1,723.91 5.23 0.89942836
06/30/1997 0.00115 1.983671666 1,793.58 5.58 0.935779996
07/31/1997 0.00119 2.132639304 1,953.01 6.23 1.018962685
08/31/1997 0.00119 2.322212358 1,857.74 6.09 0.969255673
09/30/1997 0.00115 2.137674439 1,968.85 6.61 1.027223941
10/31/1997 0.00119 2.341039732 1,880.90 6.48 0.981338455
11/30/1997 0.00115 2.164322778 1,912.32 6.74 0.997733499
12/31/1997 0.00119 2.27383112 1,918.75 6.93 1.001085894 .01 Dividend .015 LT
01/31/1998 0.00119 2.281471216 1,930.71 7.13 1.007325526
02/28/1998 0.00107 2.073527638 2,049.49 7.72 1.069299064
03/31/1998 0.00119 2.436928789 2,142.43 8.24 1.117790432
04/30/1998 0.00115 2.465264946 2,136.93 8.40 1.114917364
05/31/1998 0.00119 2.540892732 2,077.70 8.34 1.084014609
06/30/1998 0.00115 2.390773029 2,177.42 8.92 1.136044517
07/31/1998 0.00119 2.589041441 2,179.88 9.11 1.137329285
08/31/1998 0.00119 2.591969422 1,825.24 7.81 0.952296279
09/30/1998 0.00115 2.100270827 1,916.82 8.35 1.000079784
10/01/1998 0.00119 2.279178294 2,081.57 9.23 1.086034
1.0816 1.0816
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI INTERNATIONAL EQUITY FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 76M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.568512 1 6.00% 10%
Units purchased 1,758.977 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.568512 1,758.977 1,000.00 1,000.00 1,884.84 0.00%
05/31/1993 0.578808 1,758.977 1,018.11 0.00007 0.071232876 1,018.04 1,884.84 0.00%
06/30/1993 0.560605 1,758.977 986.09 0.00008 0.083674385 985.94 1,884.84 0.00%
07/31/1993 0.562847 1,758.977 990.03 0.00008 0.0837372 989.80 1,884.84 0.00%
08/31/1993 0.600792 1,758.977 1,056.78 0.00008 0.08406496 1,056.44 1,884.84 0.00%
09/30/1993 0.603006 1,758.977 1,060.67 0.00008 0.086830923 1,060.25 1,884.84 0.00%
10/31/1993 0.635175 1,758.977 1,117.26 0.00008 0.090048563 1,116.72 1,884.84 0.00%
11/30/1993 0.615874 1,758.977 1,083.31 0.00008 0.09178526 1,082.70 1,884.84 0.00%
12/31/1993 0.670542 1,758.977 1,179.47 0.00008 0.091954941 1,178.71 1,884.84 0.00%
01/31/1994 0.703667 1,758.977 1,237.73 0.00008 0.100109438 1,236.84 1,884.84 2.00%
02/28/1994 0.682147 1,758.977 1,199.88 0.00008 0.094880651 1,198.92 1,884.84 2.00%
03/31/1994 0.649905 1,758.977 1,143.17 0.00008 0.101825783 1,142.15 1,884.84 2.00%
04/30/1994 0.670038 1,758.977 1,178.58 0.00008 0.093875043 1,177.44 1,884.84 2.00%
05/31/1994 0.662026 1,758.977 1,164.49 0.00008 0.100001382 1,163.26 1,884.84 2.00%
06/30/1994 0.651247 1,758.977 1,145.53 0.00008 0.095610018 1,144.22 1,884.84 2.00%
07/31/1994 0.674095 1,758.977 1,185.72 0.00008 0.097180321 1,184.27 1,884.84 2.00%
08/31/1994 0.690175 1,758.977 1,214.00 0.00008 0.100581438 1,212.42 1,884.84 2.00%
09/30/1994 0.674365 1,758.977 1,186.19 0.00008 0.099650609 1,184.54 1,884.84 2.00%
10/31/1994 0.693763 1,758.977 1,220.31 0.00008 0.100604998 1,218.51 1,884.84 2.00%
11/30/1994 0.655097 1,758.977 1,152.30 0.00008 0.100151897 1,150.50 1,884.84 2.00%
12/31/1994 0.651502 1,758.977 1,145.98 0.00008 0.097713885 1,144.09 1,884.84 2.00%
01/31/1995 0.615083 1,758.977 1,081.92 0.00008 0.097169413 1,080.04 1,884.84 4.00%
02/28/1995 0.629547 1,758.977 1,107.36 0.00008 0.082852345 1,105.35 1,884.84 4.00%
03/31/1995 0.651722 1,758.977 1,146.36 0.00008 0.093879397 1,144.19 1,884.84 4.00%
04/30/1995 0.671090 1,758.977 1,180.43 0.00008 0.094043361 1,178.10 1,884.84 4.00%
05/31/1995 0.687611 1,758.977 1,209.49 0.00008 0.100058154 1,207.01 1,884.84 4.00%
06/30/1995 0.701344 1,758.977 1,233.65 0.00008 0.099206036 1,231.01 1,884.84 4.00%
07/31/1995 0.739994 1,758.977 1,301.63 0.00008 0.104551897 1,298.75 1,884.84 4.00%
08/31/1995 0.723134 1,758.977 1,271.98 0.00008 0.110304777 1,269.05 1,884.84 4.00%
09/30/1995 0.735681 1,758.977 1,294.05 0.00008 0.104305288 1,290.96 1,884.84 4.00%
10/31/1995 0.731584 1,758.977 1,286.84 0.00008 0.109643423 1,283.66 1,884.84 4.00%
11/30/1995 0.733042 1,758.977 1,289.40 0.00008 0.105506553 1,286.12 1,884.84 4.00%
12/31/1995 0.754417 1,758.977 1,327.00 0.00008 0.109231875 1,323.51 1,884.84 4.00%
01/31/1996 0.772947 1,758.977 1,359.60 0.00008 0.112407738 1,355.91 1,884.84 6.00%
02/29/1996 0.788182 1,758.977 1,386.39 0.00008 0.107729467 1,382.52 1,884.84 6.00%
03/31/1996 0.802223 1,758.977 1,411.09 0.00008 0.117419703 1,407.03 1,884.84 6.00%
04/30/1996 0.827279 1,758.977 1,455.16 0.00008 0.115646609 1,450.86 1,884.84 6.00%
05/31/1996 0.830800 1,758.977 1,461.36 0.00008 0.123224075 1,456.92 1,884.84 6.00%
06/30/1996 0.847531 1,758.977 1,490.79 0.00008 0.119746542 1,486.14 1,884.84 6.00%
07/31/1996 0.804914 1,758.977 1,415.83 0.00008 0.126219836 1,411.28 1,884.84 6.00%
08/31/1996 0.823797 1,758.977 1,449.04 0.00008 0.119862364 1,444.27 1,884.84 6.00%
09/30/1996 0.846503 1,758.977 1,488.98 0.00008 0.118707189 1,483.96 1,884.84 6.00%
10/31/1996 0.842868 1,758.977 1,482.59 0.00008 0.126034951 1,477.46 1,884.84 6.00%
11/30/1996 0.882455 1,758.977 1,552.22 0.00008 0.121435236 1,546.73 1,884.84 6.00%
12/31/1996 0.894583 1,758.977 1,573.55 0.00008 0.131366239 1,567.86 1,884.84 6.00%
01/31/1997 0.892101 1,758.977 1,569.18 0.00008 0.133160501 1,563.37 1,884.84 6.00%
02/28/1997 0.901384 1,758.977 1,585.51 0.00008 0.119930094 1,579.52 1,884.84 6.00%
03/31/1997 0.893942 1,758.977 1,572.42 0.00008 0.134151301 1,566.35 1,884.84 6.00%
04/30/1997 0.891566 1,758.977 1,568.24 0.00008 0.128740923 1,562.06 1,884.84 6.00%
05/31/1997 0.944580 1,758.977 1,661.49 0.00008 0.132667838 1,654.81 1,884.84 6.00%
06/30/1997 0.993045 1,758.977 1,746.74 0.00008 0.136011408 1,739.57 1,884.84 6.00%
07/31/1997 1.032380 1,758.977 1,815.93 0.00008 0.147744716 1,808.33 1,884.84 6.00%
08/31/1997 0.941939 1,758.977 1,656.85 0.00008 0.15358451 1,649.76 1,884.84 6.00%
09/30/1997 1.024420 1,758.977 1,801.93 0.00008 0.135596819 1,794.09 1,884.84 6.00%
10/31/1997 0.935036 1,758.977 1,644.71 0.00008 0.152374556 1,637.40 1,884.84 6.00%
11/30/1997 0.937125 1,758.977 1,648.38 0.00008 0.134580469 1,640.92 1,884.84 6.00%
12/31/1997 0.944805 1,758.977 1,661.89 0.00008 0.139365642 1,654.23 1,884.84 6.00%
01/31/1998 0.953188 1,758.977 1,676.63 0.00008 0.140496035 1,668.76 1,884.84 6.00%
02/28/1998 1.015619 1,758.977 1,786.45 0.00008 0.12801473 1,777.94 1,884.84 6.00%
03/31/1998 1.077047 1,758.977 1,894.50 0.00008 0.151002711 1,885.32 1,884.84 6.00%
04/30/1998 1.092885 1,758.977 1,922.36 0.00008 0.154957806 1,912.89 1,884.84 6.00%
05/31/1998 1.113030 1,758.977 1,957.79 0.00008 0.16246452 1,947.99 1,884.84 6.00%
06/30/1998 1.115773 1,758.977 1,962.62 0.00008 0.160108412 1,952.63 1,884.84 6.00%
07/31/1998 1.133849 1,758.977 1,994.42 0.00008 0.165839572 1,984.10 1,884.84 6.00%
08/31/1998 0.980735 1,758.977 1,725.09 0.00008 0.168512185 1,715.99 1,884.84 6.00%
09/30/1998 0.958397 1,758.977 1,685.80 0.00008 0.141040678 1,676.77 1,884.84 6.00%
10/31/1998 1.000000 1,758.977 1,758.98 0.00008 0.142410605 1,749.41 1,884.84 6.00%
11/30/1998 1.041481 1,758.977 1,831.94 0.00008 0.143787436 1,821.84 1,884.84 6.00%
12/31/1998 1.077586 1,758.977 1,895.45 0.00008 0.1547314 1,884.84 1,884.84 6.00%
12/31/1998 1,884.84
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 88.48% 88.48%
05/05/1993 100.00% 1,884.84 5.6603 11.85% 11.85% 1,884.84 1,884.84 6
05/31/1993 100.00% 1,884.84 5.5890 11.65% 11.65% 1,851.44 1,851.44 6
06/30/1993 100.00% 1,884.84 5.5068 12.49% 12.49% 1,911.72 1,911.72 6
07/31/1993 100.00% 1,884.84 5.4219 12.61% 12.61% 1,904.27 1,904.27 6
08/31/1993 100.00% 1,884.84 5.3370 11.46% 11.46% 1,784.14 1,784.14 6
09/30/1993 100.00% 1,884.84 5.2548 11.57% 11.57% 1,777.73 1,777.73 6
10/31/1993 100.00% 1,884.84 5.1699 10.66% 10.66% 1,687.84 1,687.84 6
11/30/1993 100.00% 1,884.84 5.0877 11.51% 11.51% 1,740.88 1,740.88 6
12/31/1993 100.00% 1,884.84 5.0027 9.84% 9.84% 1,599.07 1,599.07 6
01/31/1994 50.00% 1,878.95 4.9178 8.87% 8.94% 1,519.16 1,523.92 5
02/28/1994 50.00% 1,879.71 4.8411 9.73% 9.80% 1,567.84 1,572.12 5
03/31/1994 50.00% 1,880.85 4.7562 11.06% 11.11% 1,646.76 1,650.26 5
04/30/1994 50.00% 1,880.14 4.6740 10.53% 10.59% 1,596.81 1,600.80 5
05/31/1994 50.00% 1,880.42 4.5890 11.03% 11.09% 1,616.52 1,620.32 5
06/30/1994 50.00% 1,880.80 4.5068 11.66% 11.71% 1,643.74 1,647.27 5
07/31/1994 50.00% 1,880.00 4.4219 11.02% 11.08% 1,587.48 1,591.57 5
08/31/1994 50.00% 1,879.44 4.3370 10.64% 10.71% 1,550.16 1,554.62 5
09/30/1994 50.00% 1,880.00 4.2548 11.47% 11.53% 1,587.11 1,591.20 5
10/31/1994 50.00% 1,879.32 4.1699 10.95% 11.03% 1,542.30 1,546.83 5
11/30/1994 50.00% 1,880.68 4.0877 12.77% 12.84% 1,634.66 1,638.28 5
12/31/1994 50.00% 1,880.81 4.0027 13.22% 13.28% 1,643.93 1,647.46 5
01/31/1995 40.00% 1,871.80 3.9178 15.07% 15.27% 1,733.08 1,745.16 4
02/28/1995 40.00% 1,870.78 3.8411 14.68% 14.91% 1,692.47 1,705.19 4
03/31/1995 40.00% 1,869.23 3.7562 13.96% 14.21% 1,633.66 1,647.31 4
04/30/1995 40.00% 1,867.87 3.6740 13.37% 13.64% 1,585.49 1,599.89 4
05/31/1995 40.00% 1,866.72 3.5890 12.92% 13.22% 1,546.57 1,561.58 4
06/30/1995 40.00% 1,865.76 3.5068 12.59% 12.92% 1,515.63 1,531.13 4
07/31/1995 40.00% 1,863.05 3.4219 11.12% 11.50% 1,434.49 1,451.27 4
08/31/1995 40.00% 1,864.24 3.3370 12.22% 12.59% 1,469.00 1,485.24 4
09/30/1995 40.00% 1,863.36 3.2548 11.94% 12.33% 1,443.39 1,460.03 4
10/31/1995 40.00% 1,863.65 3.1699 12.48% 12.88% 1,451.82 1,468.33 4
11/30/1995 40.00% 1,863.55 3.0877 12.76% 13.18% 1,448.98 1,465.53 4
12/31/1995 40.00% 1,862.06 3.0027 12.04% 12.50% 1,406.91 1,424.12 4
01/31/1996 30.00% 1,837.41 2.9178 10.98% 11.95% 1,355.12 1,390.10 3
02/29/1996 30.00% 1,835.82 2.8384 10.51% 11.54% 1,327.87 1,363.33 3
03/31/1996 30.00% 1,834.35 2.7534 10.11% 11.20% 1,303.70 1,339.58 3
04/30/1996 30.00% 1,831.72 2.6712 9.12% 10.29% 1,262.50 1,299.12 3
05/31/1996 30.00% 1,831.35 2.5863 9.25% 10.47% 1,257.01 1,293.72 3
06/30/1996 30.00% 1,829.60 2.5041 8.66% 9.96% 1,231.11 1,268.28 3
07/31/1996 30.00% 1,834.09 2.4192 11.44% 12.70% 1,299.59 1,335.55 3
08/31/1996 30.00% 1,832.11 2.3342 10.73% 12.08% 1,268.54 1,305.05 3
09/30/1996 30.00% 1,829.73 2.2521 9.75% 11.20% 1,233.00 1,270.14 3
10/31/1996 30.00% 1,830.12 2.1671 10.38% 11.89% 1,238.69 1,275.73 3
11/30/1996 30.00% 1,825.96 2.0849 8.29% 9.95% 1,180.53 1,218.60 3
12/31/1996 30.00% 1,824.70 2.0000 7.88% 9.64% 1,163.81 1,202.18 3
01/31/1997 20.00% 1,813.66 1.9151 8.06% 10.26% 1,160.09 1,205.62 2
02/28/1997 20.00% 1,812.69 1.8384 7.78% 10.09% 1,147.62 1,193.30 2
03/31/1997 20.00% 1,813.48 1.7534 8.71% 11.13% 1,157.77 1,203.33 2
04/30/1997 20.00% 1,813.73 1.6712 9.35% 11.90% 1,161.12 1,206.64 2
05/31/1997 20.00% 1,808.17 1.5863 5.75% 8.55% 1,092.68 1,139.01 2
06/30/1997 20.00% 1,803.08 1.5041 2.41% 5.48% 1,036.51 1,083.51 2
07/31/1997 20.00% 1,798.96 1.4192 -0.37% 2.96% 994.82 1,042.31 2
08/31/1997 20.00% 1,808.47 1.3342 7.13% 10.50% 1,096.20 1,142.49 2
09/30/1997 20.00% 1,799.81 1.2521 0.25% 4.02% 1,003.19 1,050.58 2
10/31/1997 20.00% 1,809.21 1.1671 8.93% 12.82% 1,104.93 1,151.12 2
11/30/1997 20.00% 1,809.00 1.0849 9.41% 13.63% 1,102.43 1,148.65 2
12/31/1997 20.00% 1,808.20 1.0000 9.31% 13.94% 1,093.08 1,139.41 2
01/31/1998 10.00% 1,796.02 0.9151 7.63% 12.95% 1,069.57 1,117.87 1
02/28/1998 10.00% 1,789.47 0.8384 0.65% 6.01% 1,005.44 1,050.17 1
03/31/1998 10.00% 1,783.03 0.7534 -5.43% -0.03% 958.84 999.81 1
04/30/1998 10.00% 1,781.38 0.6712 -6.88% -1.47% 953.32 990.13 1
05/31/1998 10.00% 1,779.27 0.5863 -8.66% -3.24% 948.27 980.87 1
06/30/1998 10.00% 1,778.99 0.5041 -8.89% -3.47% 954.14 982.35 1
07/31/1998 10.00% 1,777.10 0.4192 -10.43% -5.00% 954.86 978.72 1
08/31/1998 10.00% 1,793.19 0.3342 4.50% 9.84% 1,014.81 1,031.86 1
09/30/1998 10.00% 1,795.54 0.2521 7.08% 12.41% 1,017.40 1,029.93 1
10/31/1998 10.00% 1,791.18 0.1671 2.39% 7.74% 1,003.95 1,012.54 1
11/30/1998 10.00% 1,786.84 0.0849 -1.92% 3.46% 998.35 1,002.89 1
12/31/1998 10.00% 1,783.06 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI INTERNATIONAL EQUITY FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 76M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.568512 1 6.00% 10%
Units purchased 1,758.977 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,821.84 1,786.84 1,884.84 -1.92% 3.46%
09/30/1998 0.25 0.25 1,676.77 1,795.54 1,884.84 7.08% 12.41%
12/31/1997 1.00 1.00 1,654.23 1,808.20 1,884.84 9.31% 13.94%
12/31/1997 1.00 1.00 1,654.23 1,808.20 1,884.84 9.31% 13.94%
12/31/1995 3.00 3.00 1,323.51 1,862.06 1,884.84 12.05% 12.51%
12/31/1993 5.00 5.00 1,178.71 1,884.84 1,884.84 9.84% 9.84%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,749.41 1,791.18 1,884.84 2.39% 7.74%
05/05/1993 5.65 5.65 1,000.00 1,884.84 1,884.84 11.86% 11.86%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
AIM INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 10.19 1,019.00 1.90%
06/30/1993 1019 0 10 100 9.88 988.00 -3.04%
07/31/1993 988 0 10 100 9.93 993.00 0.51%
08/31/1993 993 0 10 100 10.61 1,061.00 6.85%
09/30/1993 1061 0 10 100 10.66 1,066.00 0.47%
10/31/1993 1066 0 10 100 11.24 1,124.00 5.44%
11/30/1993 1124 0 10 100 10.91 1,091.00 -2.94%
12/31/1993 1091 0 10 100 11.89 1,189.00 8.98%
01/31/1994 1189 0 10 100 12.49 1,249.00 5.05%
02/28/1994 1249 0 10 100 12.12 1,212.00 -2.96%
03/31/1994 1212 0 10 100 11.56 1,156.00 -4.62%
04/30/1994 1156 0 10 100 11.93 1,193.00 3.20%
05/31/1994 1193 0 10 100 11.80 1,180.00 -1.09%
06/30/1994 1180 0 10 100 11.62 1,162.00 -1.53%
07/31/1994 1162 0 10 100 12.04 1,204.00 3.61%
08/31/1994 1204 0 10 100 12.34 1,234.00 2.49%
09/30/1994 1234 0 10 100 12.07 1,207.00 -2.19%
10/31/1994 1207 0 10 100 12.43 1,243.00 2.98%
11/30/1994 1243 0 10 100 11.75 1,175.00 -5.47%
12/31/1994 1175 0.0275 11.44 100.24 11.67 1,169.80 -0.44%
01/31/1995 1169.8 0 11.44 100.24 11.03 1,105.65 -5.48%
02/28/1995 1105.65 0 11.44 100.24 11.30 1,132.71 2.45%
03/31/1995 1132.71 0 11.44 100.24 11.71 1,173.81 3.63%
04/30/1995 1173.81 0 11.44 100.24 12.07 1,209.90 3.07%
05/31/1995 1209.9 0 11.44 100.24 12.38 1,240.97 2.57%
06/30/1995 1240.97 0 11.44 100.24 12.64 1,267.03 2.10%
07/31/1995 1267.03 0 11.44 100.24 13.35 1,338.20 5.62%
08/31/1995 1338.2 0 11.44 100.24 13.06 1,309.13 -2.17%
09/30/1995 1309.13 0 11.44 100.24 13.30 1,333.19 1.84%
10/31/1995 1333.19 0 11.44 100.24 13.24 1,327.18 -0.45%
11/30/1995 1327.18 0 11.44 100.24 13.28 1,331.19 0.30%
12/31/1995 1331.19 0.021 13.4 100.397 13.66 1,371.42 3.02%
01/31/1996 1371.42 0 13.4 100.397 14.01 1,406.56 2.56%
02/29/1996 1406.56 0 13.4 100.397 14.30 1,435.68 2.07%
03/31/1996 1435.68 0 13.4 100.397 14.57 1,462.78 1.89%
04/30/1996 1462.78 0 13.4 100.397 15.04 1,509.97 3.23%
05/31/1996 1509.97 0 13.4 100.397 15.12 1,518.00 0.53%
06/30/1996 1518 0 13.4 100.397 15.44 1,550.13 2.12%
07/31/1996 1550.13 0 13.4 100.397 14.68 1,473.83 -4.92%
08/31/1996 1473.83 0 13.4 100.397 15.04 1,509.97 2.45%
09/30/1996 1509.97 0 13.4 100.397 15.47 1,553.14 2.86%
10/31/1996 1553.14 0 13.4 100.397 15.42 1,548.12 -0.32%
11/30/1996 1548.12 0 13.4 100.397 16.16 1,622.42 4.80%
12/31/1996 1622.42 0.038 15.82 100.638 16.36 1,646.44 1.48%
01/31/1997 1646.44 0 15.82 100.638 16.332040 1,643.62 -0.17%
02/28/1997 1643.62 0 15.82 100.638 16.517590 1,662.30 1.14%
03/31/1997 1662.3 0 15.82 100.638 16.398740 1,650.34 -0.72%
04/30/1997 1650.34 0 15.82 100.638 16.372000 1,647.65 -0.16%
05/31/1997 1647.65 0 15.82 100.638 17.362880 1,747.37 6.05%
06/30/1997 1747.37 0 15.82 100.638 18.271650 1,838.82 5.23%
07/31/1997 1838.82 0 15.82 100.638 19.014750 1,913.61 4.07%
08/31/1997 1913.61 0 15.82 100.638 17.369170 1,748.00 -8.65%
09/30/1997 1748 0 15.82 100.638 18.907970 1,902.86 8.86%
10/31/1997 1902.86 0 15.82 100.638 17.278290 1,738.85 -8.62%
11/30/1997 1738.85 0 15.82 100.638 17.334610 1,744.52 0.33%
12/31/1997 1744.52 0.357 16.76743 102.781 17.130260 1,760.67 0.93%
01/31/1998 1760.67 0 15.9 102.781 17.300510 1,778.16 0.99%
02/28/1998 1778.16 0 15.9 102.781 18.450200 1,896.33 6.65%
03/31/1998 1896.33 0 15.9 102.781 19.585710 2,013.04 6.15%
04/30/1998 2013.04 0 15.9 102.781 19.893810 2,044.71 1.57%
05/31/1998 2044.71 0 15.9 102.781 20.281700 2,084.57 1.95%
06/30/1998 2084.57 0 15.9 102.781 20.352510 2,091.85 0.35%
07/31/1998 2091.85 0 15.9 102.781 20.703790 2,127.96 1.73%
08/31/1998 2127.96 0 15.9 102.781 17.930000 1,842.86 -13.40%
09/30/1998 1842.86 0 15.9 102.781 17.540000 1,802.78 -2.17%
10/31/1998 1802.78 0 15.9 102.781 18.320000 1,882.95 4.45%
0.80278
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000 0.568512261
05/31/1993 0.00089 0.8904 1,018.11 0.07 0.578807784
06/30/1993 0.00103 1.046 986.09 0.15 0.560604638
07/31/1993 0.00106 1.0469 990.03 0.24 0.562846544
08/31/1993 0.00106 1.0511 1,056.78 0.34 0.60079237
09/30/1993 0.00103 1.0857 1,060.67 0.43 0.603006373
10/31/1993 0.00106 1.1261 1,117.26 0.54 0.635175172
11/30/1993 0.00103 1.1479 1,083.31 0.61 0.615874213
12/31/1993 0.00106 1.1501 1,179.47 0.76 0.670541797
01/31/1994 0.00106 1.2522 1,237.73 0.90 0.703667186
02/28/1994 0.00096 1.1869 1,199.88 0.96 0.682147211
03/31/1994 0.00106 1.2738 1,143.17 1.02 0.649904661
04/30/1994 0.00103 1.1745 1,178.58 1.15 0.670038398
05/31/1994 0.00106 1.2512 1,164.49 1.23 0.662025715
06/30/1994 0.00103 1.1964 1,145.53 1.31 0.651246854
07/31/1994 0.00106 1.2161 1,185.72 1.45 0.674094505
08/31/1994 0.00106 1.2588 1,214.00 1.59 0.690175231
09/30/1994 0.00103 1.2473 1,186.19 1.65 0.674365068
10/31/1994 0.00106 1.2593 1,220.31 1.80 0.693762755
11/30/1994 0.00103 1.2537 1,152.30 1.80 0.655096753
12/31/1994 0.00106 1.2233 1,145.98 1.89 0.651502122 OI
01/31/1995 0.00106 1.2166 1,081.92 1.88 0.615083103
02/28/1995 0.00096 1.0375 1,107.36 2.00 0.62954702
03/31/1995 0.00106 1.1756 1,146.36 2.17 0.651721567
04/30/1995 0.00103 1.1778 1,180.43 2.33 0.671089842
05/31/1995 0.00106 1.2532 1,209.49 2.48 0.687610842
06/30/1995 0.00103 1.2426 1,233.65 2.63 0.701344015
07/31/1995 0.00106 1.3097 1,301.63 2.88 0.739994443
08/31/1995 0.00106 1.3819 1,271.98 2.93 0.723133778
09/30/1995 0.00103 1.3068 1,294.05 3.08 0.735681031
10/31/1995 0.00106 1.3738 1,286.84 3.18 0.731583561
11/30/1995 0.00103 1.3221 1,289.40 3.29 0.733042373
12/31/1995 0.00106 1.3689 1,327.00 3.49 0.754417476 OI
01/31/1996 0.00106 1.4088 1,359.60 3.69 0.77294705
02/29/1996 0.00099 1.3503 1,386.39 3.87 0.788181713
03/31/1996 0.00106 1.4719 1,411.09 4.06 0.802222721
04/30/1996 0.00103 1.4498 1,455.16 4.30 0.827278617
05/31/1996 0.00106 1.5449 1,461.36 4.44 0.830799799
06/30/1996 0.00103 1.5014 1,490.79 4.65 0.847530952
07/31/1996 0.00106 1.5827 1,415.83 4.54 0.80491428
08/31/1996 0.00106 1.5031 1,449.04 4.77 0.823797168
09/30/1996 0.00103 1.4887 1,488.98 5.02 0.846503139
10/31/1996 0.00106 1.5808 1,482.59 5.12 0.842868419
11/30/1996 0.00103 1.5232 1,552.22 5.49 0.882454829
12/31/1996 0.00106 1.6479 1,573.55 5.69 0.894582759 OI
01/31/1997 0.00106 1.6706 1,569.18 5.81 0.892100802
02/28/1997 0.00096 1.5047 1,585.51 5.99 0.901384229
03/31/1997 0.00106 1.6833 1,572.42 6.08 0.893941955
04/30/1997 0.00103 1.6155 1,568.24 6.19 0.891566425
05/31/1997 0.00106 1.6649 1,661.49 6.69 0.944579784
06/30/1997 0.00103 1.707 1,746.74 7.17 0.99304466
07/31/1997 0.00106 1.8544 1,815.93 7.60 1.03238033
08/31/1997 0.00106 1.9279 1,656.85 7.09 0.941938776
09/30/1997 0.00103 1.7022 1,801.93 7.84 1.024419909
10/31/1997 0.00106 1.913 1,644.71 7.31 0.935036244
11/30/1997 0.00103 1.6898 1,648.38 7.46 0.937124534
12/31/1997 0.00106 1.75 1,661.89 7.66 0.944805129 OI
01/31/1998 0.00106 1.7643 1,676.63 7.87 0.95318751
02/28/1998 0.00096 1.6077 1,786.45 8.52 1.015618845
03/31/1998 0.00106 1.8966 1,894.50 9.18 1.07704708
04/30/1998 0.00103 1.9464 1,922.36 9.47 1.092885086
05/31/1998 0.00106 2.0409 1,957.79 9.81 1.11302976
06/30/1998 0.00103 2.0114 1,962.62 9.99 1.1157733
07/31/1998 0.00106 2.0836 1,994.42 10.32 1.133849484
08/31/1998 0.00106 2.1174 1,725.09 9.09 0.98073476
09/30/1998 0.00103 1.7724 1,685.80 9.03 0.958397348
10/31/1998 0.00106 1.7897 1,758.98 9.56 1
0.6857989 0.685798908
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI INTERNATIONAL EQUITY FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 134M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.573180 1 6.00% 10%
Units purchased 1,744.651 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.573180 1,744.651 1,000.00 1,000.00 1,869.02 0.00%
05/31/1993 0.583499 1,744.651 1,018.00 0.00007 0.071232859 1,017.93 1,869.02 0.00%
06/30/1993 0.565077 1,744.651 985.86 0.00008 0.083665582 985.71 1,869.02 0.00%
07/31/1993 0.567264 1,744.651 989.68 0.00008 0.083717732 989.44 1,869.02 0.00%
08/31/1993 0.605436 1,744.651 1,056.27 0.00008 0.084034751 1,055.94 1,869.02 0.00%
09/30/1993 0.607592 1,744.651 1,060.04 0.00008 0.08678936 1,059.61 1,869.02 0.00%
10/31/1993 0.639928 1,744.651 1,116.45 0.00008 0.089994402 1,115.91 1,869.02 0.00%
11/30/1993 0.620404 1,744.651 1,082.39 0.00008 0.091718959 1,081.78 1,869.02 0.00%
12/31/1993 0.675395 1,744.651 1,178.33 0.00008 0.091876834 1,177.57 1,869.02 0.00%
01/31/1994 0.708674 1,744.651 1,236.39 0.00008 0.100012699 1,235.49 1,869.02 2.00%
02/28/1994 0.686919 1,744.651 1,198.43 0.00008 0.094777457 1,197.47 1,869.02 2.00%
03/31/1994 0.654363 1,744.651 1,141.64 0.00008 0.101702961 1,140.62 1,869.02 2.00%
04/30/1994 0.674555 1,744.651 1,176.86 0.00008 0.093749272 1,175.72 1,869.02 2.00%
05/31/1994 0.666402 1,744.651 1,162.64 0.00008 0.09985546 1,161.41 1,869.02 2.00%
06/30/1994 0.655470 1,744.651 1,143.57 0.00008 0.095458192 1,142.26 1,869.02 2.00%
07/31/1994 0.678382 1,744.651 1,183.54 0.00008 0.097013841 1,182.09 1,869.02 2.00%
08/31/1994 0.694479 1,744.651 1,211.62 0.00008 0.100396772 1,210.04 1,869.02 2.00%
09/30/1994 0.678484 1,744.651 1,183.72 0.00008 0.099455274 1,182.07 1,869.02 2.00%
10/31/1994 0.697914 1,744.651 1,217.62 0.00008 0.100395123 1,215.82 1,869.02 2.00%
11/30/1994 0.658931 1,744.651 1,149.60 0.00008 0.099930589 1,147.81 1,869.02 2.00%
12/31/1994 0.655231 1,744.651 1,143.15 0.00008 0.097485233 1,141.27 1,869.02 2.00%
01/31/1995 0.618520 1,744.651 1,079.10 0.00008 0.096929616 1,077.23 1,869.02 4.00%
02/28/1995 0.632994 1,744.651 1,104.35 0.00008 0.082636727 1,102.35 1,869.02 4.00%
03/31/1995 0.655209 1,744.651 1,143.11 0.00008 0.093624554 1,140.95 1,869.02 4.00%
04/30/1995 0.674600 1,744.651 1,176.94 0.00008 0.09377653 1,174.62 1,869.02 4.00%
05/31/1995 0.691122 1,744.651 1,205.77 0.00008 0.09976231 1,203.29 1,869.02 4.00%
06/30/1995 0.704840 1,744.651 1,229.70 0.00008 0.098900412 1,227.07 1,869.02 4.00%
07/31/1995 0.743593 1,744.651 1,297.31 0.00008 0.104217205 1,294.44 1,869.02 4.00%
08/31/1995 0.726556 1,744.651 1,267.59 0.00008 0.109938391 1,264.67 1,869.02 4.00%
09/30/1995 0.739073 1,744.651 1,289.42 0.00008 0.103945276 1,286.35 1,869.02 4.00%
10/31/1995 0.734862 1,744.651 1,282.08 0.00008 0.109251744 1,278.91 1,869.02 4.00%
11/30/1995 0.736237 1,744.651 1,284.48 0.00008 0.105116182 1,281.20 1,869.02 4.00%
12/31/1995 0.757611 1,744.651 1,321.77 0.00008 0.10881433 1,318.29 1,869.02 4.00%
01/31/1996 0.776123 1,744.651 1,354.06 0.00008 0.11196419 1,350.39 1,869.02 6.00%
02/29/1996 0.791328 1,744.651 1,380.59 0.00008 0.107291036 1,376.73 1,869.02 6.00%
03/31/1996 0.805324 1,744.651 1,405.01 0.00008 0.116928166 1,400.97 1,869.02 6.00%
04/30/1996 0.830377 1,744.651 1,448.72 0.00008 0.115148078 1,444.44 1,869.02 6.00%
05/31/1996 0.833806 1,744.651 1,454.70 0.00008 0.12267821 1,450.28 1,869.02 6.00%
06/30/1996 0.850495 1,744.651 1,483.82 0.00008 0.119200957 1,479.19 1,869.02 6.00%
07/31/1996 0.807621 1,744.651 1,409.02 0.00008 0.125629572 1,404.49 1,869.02 6.00%
08/31/1996 0.826464 1,744.651 1,441.89 0.00008 0.119285825 1,437.14 1,869.02 6.00%
09/30/1996 0.849142 1,744.651 1,481.46 0.00008 0.1181215 1,476.46 1,869.02 6.00%
10/31/1996 0.845387 1,744.651 1,474.91 0.00008 0.12539806 1,469.81 1,869.02 6.00%
11/30/1996 0.884988 1,744.651 1,544.00 0.00008 0.120806129 1,538.54 1,869.02 6.00%
12/31/1996 0.897038 1,744.651 1,565.02 0.00008 0.130670293 1,559.36 1,869.02 6.00%
01/31/1997 0.894435 1,744.651 1,560.48 0.00008 0.132438402 1,554.70 1,869.02 6.00%
02/28/1997 0.903640 1,744.651 1,576.54 0.00008 0.119264501 1,570.58 1,869.02 6.00%
03/31/1997 0.896064 1,744.651 1,563.32 0.00008 0.133391588 1,557.28 1,869.02 6.00%
04/30/1997 0.893572 1,744.651 1,558.97 0.00008 0.127995405 1,552.82 1,869.02 6.00%
05/31/1997 0.946591 1,744.651 1,651.47 0.00008 0.131883273 1,644.82 1,869.02 6.00%
06/30/1997 0.995042 1,744.651 1,736.00 0.00008 0.135190811 1,728.88 1,869.02 6.00%
07/31/1997 1.034330 1,744.651 1,804.55 0.00008 0.146836104 1,796.99 1,869.02 6.00%
08/31/1997 0.943586 1,744.651 1,646.23 0.00008 0.152621278 1,639.19 1,869.02 6.00%
09/30/1997 1.026095 1,744.651 1,790.18 0.00008 0.134727584 1,782.38 1,869.02 6.00%
10/31/1997 0.936435 1,744.651 1,633.75 0.00008 0.151380604 1,626.49 1,869.02 6.00%
11/30/1997 0.938411 1,744.651 1,637.20 0.00008 0.133683926 1,629.79 1,869.02 6.00%
12/31/1997 0.945982 1,744.651 1,650.41 0.00008 0.138420191 1,642.80 1,869.02 6.00%
01/31/1998 0.954254 1,744.651 1,664.84 0.00008 0.139525281 1,657.02 1,869.02 6.00%
02/28/1998 1.016646 1,744.651 1,773.69 0.00008 0.12711416 1,765.24 1,869.02 6.00%
03/31/1998 1.078007 1,744.651 1,880.75 0.00008 0.149924229 1,871.63 1,869.02 6.00%
04/30/1998 1.093726 1,744.651 1,908.17 0.00008 0.153832593 1,898.77 1,869.02 6.00%
05/31/1998 1.113747 1,744.651 1,943.10 0.00008 0.161265199 1,933.36 1,869.02 6.00%
06/30/1998 1.116355 1,744.651 1,947.65 0.00008 0.158906602 1,937.73 1,869.02 6.00%
07/31/1998 1.134298 1,744.651 1,978.95 0.00008 0.164574498 1,968.71 1,869.02 6.00%
08/31/1998 0.980978 1,744.651 1,711.46 0.00008 0.167205758 1,702.44 1,869.02 6.00%
09/30/1998 0.958514 1,744.651 1,672.27 0.00008 0.139926615 1,663.32 1,869.02 6.00%
10/31/1998 1.000000 1,744.651 1,744.65 0.00008 0.141267895 1,735.16 1,869.02 6.00%
11/30/1998 1.041348 1,744.651 1,816.79 0.00008 0.142616261 1,806.77 1,869.02 6.00%
12/31/1998 1.077315 1,744.651 1,879.54 0.00008 0.153451484 1,869.02 1,869.02 6.00%
12/31/1998 1,869.02
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 86.90% 86.90%
05/05/1993 100.00% 1,869.02 5.6603 11.68% 11.68% 1,869.02 1,869.02 6
05/31/1993 100.00% 1,869.02 5.5890 11.49% 11.49% 1,836.09 1,836.09 6
06/30/1993 100.00% 1,869.02 5.5068 12.32% 12.32% 1,896.12 1,896.12 6
07/31/1993 100.00% 1,869.02 5.4219 12.45% 12.45% 1,888.96 1,888.96 6
08/31/1993 100.00% 1,869.02 5.3370 11.29% 11.29% 1,770.01 1,770.01 6
09/30/1993 100.00% 1,869.02 5.2548 11.40% 11.40% 1,763.87 1,763.87 6
10/31/1993 100.00% 1,869.02 5.1699 10.49% 10.49% 1,674.88 1,674.88 6
11/30/1993 100.00% 1,869.02 5.0877 11.35% 11.35% 1,727.73 1,727.73 6
12/31/1993 100.00% 1,869.02 5.0027 9.67% 9.67% 1,587.18 1,587.18 6
01/31/1994 50.00% 1,863.00 4.9178 8.71% 8.78% 1,507.90 1,512.77 5
02/28/1994 50.00% 1,863.76 4.8411 9.57% 9.63% 1,556.41 1,560.81 5
03/31/1994 50.00% 1,864.90 4.7562 10.89% 10.94% 1,634.99 1,638.60 5
04/30/1994 50.00% 1,864.19 4.6740 10.36% 10.43% 1,585.58 1,589.68 5
05/31/1994 50.00% 1,864.48 4.5890 10.87% 10.92% 1,605.36 1,609.27 5
06/30/1994 50.00% 1,864.86 4.5068 11.49% 11.55% 1,632.61 1,636.25 5
07/31/1994 50.00% 1,864.07 4.4219 10.85% 10.92% 1,576.92 1,581.11 5
08/31/1994 50.00% 1,863.51 4.3370 10.47% 10.54% 1,540.04 1,544.59 5
09/30/1994 50.00% 1,864.07 4.2548 11.30% 11.37% 1,576.95 1,581.14 5
10/31/1994 50.00% 1,863.39 4.1699 10.78% 10.86% 1,532.62 1,537.25 5
11/30/1994 50.00% 1,864.75 4.0877 12.60% 12.67% 1,624.62 1,628.33 5
12/31/1994 50.00% 1,864.88 4.0027 13.05% 13.12% 1,634.04 1,637.67 5
01/31/1995 40.00% 1,855.83 3.9178 14.89% 15.10% 1,722.78 1,735.02 4
02/28/1995 40.00% 1,854.83 3.8411 14.51% 14.73% 1,682.61 1,695.48 4
03/31/1995 40.00% 1,853.28 3.7562 13.79% 14.04% 1,624.34 1,638.13 4
04/30/1995 40.00% 1,851.94 3.6740 13.19% 13.48% 1,576.63 1,591.17 4
05/31/1995 40.00% 1,850.79 3.5890 12.75% 13.05% 1,538.11 1,553.26 4
06/30/1995 40.00% 1,849.84 3.5068 12.42% 12.75% 1,507.52 1,523.15 4
07/31/1995 40.00% 1,847.14 3.4219 10.95% 11.33% 1,426.99 1,443.89 4
08/31/1995 40.00% 1,848.34 3.3370 12.04% 12.42% 1,461.52 1,477.87 4
09/30/1995 40.00% 1,847.47 3.2548 11.76% 12.16% 1,436.21 1,452.96 4
10/31/1995 40.00% 1,847.77 3.1699 12.31% 12.71% 1,444.79 1,461.41 4
11/30/1995 40.00% 1,847.67 3.0877 12.59% 13.01% 1,442.14 1,458.80 4
12/31/1995 40.00% 1,846.19 3.0027 11.87% 12.33% 1,400.45 1,417.76 4
01/31/1996 30.00% 1,821.64 2.9178 10.80% 11.78% 1,348.97 1,384.06 3
02/29/1996 30.00% 1,820.06 2.8384 10.33% 11.37% 1,322.01 1,357.57 3
03/31/1996 30.00% 1,818.60 2.7534 9.94% 11.04% 1,298.10 1,334.09 3
04/30/1996 30.00% 1,815.99 2.6712 8.95% 10.13% 1,257.23 1,293.94 3
05/31/1996 30.00% 1,815.64 2.5863 9.08% 10.30% 1,251.93 1,288.73 3
06/30/1996 30.00% 1,813.91 2.5041 8.49% 9.79% 1,226.29 1,263.54 3
07/31/1996 30.00% 1,818.39 2.4192 11.27% 12.54% 1,294.69 1,330.74 3
08/31/1996 30.00% 1,816.43 2.3342 10.55% 11.91% 1,263.92 1,300.51 3
09/30/1996 30.00% 1,814.07 2.2521 9.57% 11.04% 1,228.66 1,265.88 3
10/31/1996 30.00% 1,814.47 2.1671 10.21% 11.73% 1,234.50 1,271.61 3
11/30/1996 30.00% 1,810.35 2.0849 8.12% 9.78% 1,176.67 1,214.80 3
12/31/1996 30.00% 1,809.10 2.0000 7.71% 9.48% 1,160.16 1,198.58 3
01/31/1997 20.00% 1,798.16 1.9151 7.89% 10.09% 1,156.60 1,202.17 2
02/28/1997 20.00% 1,797.21 1.8384 7.61% 9.93% 1,144.30 1,190.02 2
03/31/1997 20.00% 1,798.01 1.7534 8.54% 10.97% 1,154.59 1,200.18 2
04/30/1997 20.00% 1,798.28 1.6712 9.18% 11.73% 1,158.07 1,203.63 2
05/31/1997 20.00% 1,792.76 1.5863 5.58% 8.39% 1,089.94 1,136.30 2
06/30/1997 20.00% 1,787.71 1.5041 2.25% 5.32% 1,034.03 1,081.06 2
07/31/1997 20.00% 1,783.63 1.4192 -0.52% 2.81% 992.56 1,040.08 2
08/31/1997 20.00% 1,793.09 1.3342 6.96% 10.33% 1,093.89 1,140.21 2
09/30/1997 20.00% 1,784.50 1.2521 0.09% 3.86% 1,001.19 1,048.61 2
10/31/1997 20.00% 1,793.86 1.1671 8.75% 12.65% 1,102.90 1,149.11 2
11/30/1997 20.00% 1,793.66 1.0849 9.23% 13.46% 1,100.55 1,146.79 2
12/31/1997 20.00% 1,792.88 1.0000 9.14% 13.77% 1,091.36 1,137.70 2
01/31/1998 10.00% 1,780.81 0.9151 7.47% 12.79% 1,068.15 1,116.47 1
02/28/1998 10.00% 1,774.32 0.8384 0.51% 5.88% 1,004.31 1,049.06 1
03/31/1998 10.00% 1,767.93 0.7534 -5.54% -0.14% 957.97 998.95 1
04/30/1998 10.00% 1,766.31 0.6712 -6.98% -1.57% 952.62 989.46 1
05/31/1998 10.00% 1,764.23 0.5863 -8.75% -3.33% 947.74 980.35 1
06/30/1998 10.00% 1,763.97 0.5041 -8.97% -3.55% 953.74 981.96 1
07/31/1998 10.00% 1,762.11 0.4192 -10.49% -5.06% 954.59 978.45 1
08/31/1998 10.00% 1,778.09 0.3342 4.44% 9.78% 1,014.64 1,031.69 1
09/30/1998 10.00% 1,780.43 0.2521 7.04% 12.37% 1,017.30 1,029.83 1
10/31/1998 10.00% 1,776.12 0.1671 2.36% 7.71% 1,003.91 1,012.49 1
11/30/1998 10.00% 1,771.83 0.0849 -1.93% 3.45% 998.34 1,002.88 1
12/31/1998 10.00% 1,768.09 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI INTERNATIONAL EQUITY FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 134M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.573180 1 6.00% 10%
Units purchased 1,744.651 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,806.77 1,771.83 1,869.02 -1.93% 3.45%
09/30/1998 0.25 0.25 1,663.32 1,780.43 1,869.02 7.04% 12.37%
12/31/1997 1.00 1.00 1,642.80 1,792.88 1,869.02 9.14% 13.77%
12/31/1997 1.00 1.00 1,642.80 1,792.88 1,869.02 9.14% 13.77%
12/31/1995 3.00 3.00 1,318.29 1,846.19 1,869.02 11.88% 12.34%
12/31/1993 5.00 5.00 1,177.57 1,869.02 1,869.02 9.68% 9.68%
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,735.16 1,776.12 1,869.02 2.36% 7.71%
05/05/1993 5.65 5.65 1,000.00 1,869.02 1,869.02 11.70% 11.70%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
AIM INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 10.19 1,019.00 1.90%
06/30/1993 1019 0 10 100 9.88 988.00 -3.04%
07/31/1993 988 0 10 100 9.93 993.00 0.51%
08/31/1993 993 0 10 100 10.61 1,061.00 6.85%
09/30/1993 1061 0 10 100 10.66 1,066.00 0.47%
10/31/1993 1066 0 10 100 11.24 1,124.00 5.44%
11/30/1993 1124 0 10 100 10.91 1,091.00 -2.94%
12/31/1993 1091 0 10 100 11.89 1,189.00 8.98%
01/31/1994 1189 0 10 100 12.49 1,249.00 5.05%
02/28/1994 1249 0 10 100 12.12 1,212.00 -2.96%
03/31/1994 1212 0 10 100 11.56 1,156.00 -4.62%
04/30/1994 1156 0 10 100 11.93 1,193.00 3.20%
05/31/1994 1193 0 10 100 11.80 1,180.00 -1.09%
06/30/1994 1180 0 10 100 11.62 1,162.00 -1.53%
07/31/1994 1162 0 10 100 12.04 1,204.00 3.61%
08/31/1994 1204 0 10 100 12.34 1,234.00 2.49%
09/30/1994 1234 0 10 100 12.07 1,207.00 -2.19%
10/31/1994 1207 0 10 100 12.43 1,243.00 2.98%
11/30/1994 1243 0 10 100 11.75 1,175.00 -5.47%
12/31/1994 1175 0.0275 11.44 100.24 11.67 1,169.80 -0.44%
01/31/1995 1169.8 0 11.44 100.24 11.03 1,105.65 -5.48%
02/28/1995 1105.65 0 11.44 100.24 11.30 1,132.71 2.45%
03/31/1995 1132.71 0 11.44 100.24 11.71 1,173.81 3.63%
04/30/1995 1173.81 0 11.44 100.24 12.07 1,209.90 3.07%
05/31/1995 1209.9 0 11.44 100.24 12.38 1,240.97 2.57%
06/30/1995 1240.97 0 11.44 100.24 12.64 1,267.03 2.10%
07/31/1995 1267.03 0 11.44 100.24 13.35 1,338.20 5.62%
08/31/1995 1338.2 0 11.44 100.24 13.06 1,309.13 -2.17%
09/30/1995 1309.13 0 11.44 100.24 13.30 1,333.19 1.84%
10/31/1995 1333.19 0 11.44 100.24 13.24 1,327.18 -0.45%
11/30/1995 1327.18 0 11.44 100.24 13.28 1,331.19 0.30%
12/31/1995 1331.19 0.021 13.4 100.397 13.66 1,371.42 3.02%
01/31/1996 1371.42 0 13.4 100.397 14.01 1,406.56 2.56%
02/29/1996 1406.56 0 13.4 100.397 14.30 1,435.68 2.07%
03/31/1996 1435.68 0 13.4 100.397 14.57 1,462.78 1.89%
04/30/1996 1462.78 0 13.4 100.397 15.04 1,509.97 3.23%
05/31/1996 1509.97 0 13.4 100.397 15.12 1,518.00 0.53%
06/30/1996 1518 0 13.4 100.397 15.44 1,550.13 2.12%
07/31/1996 1550.13 0 13.4 100.397 14.68 1,473.83 -4.92%
08/31/1996 1473.83 0 13.4 100.397 15.04 1,509.97 2.45%
09/30/1996 1509.97 0 13.4 100.397 15.47 1,553.14 2.86%
10/31/1996 1553.14 0 13.4 100.397 15.42 1,548.12 -0.32%
11/30/1996 1548.12 0 13.4 100.397 16.16 1,622.42 4.80%
12/31/1996 1622.42 0.038 15.82 100.638 16.36 1,646.44 1.48%
01/31/1997 1646.44 0 15.82 100.638 16.332040 1,643.62 -0.17%
02/28/1997 1643.62 0 15.82 100.638 16.517590 1,662.30 1.14%
03/31/1997 1662.3 0 15.82 100.638 16.398740 1,650.34 -0.72%
04/30/1997 1650.34 0 15.82 100.638 16.372000 1,647.65 -0.16%
05/31/1997 1647.65 0 15.82 100.638 17.362880 1,747.37 6.05%
06/30/1997 1747.37 0 15.82 100.638 18.271650 1,838.82 5.23%
07/31/1997 1838.82 0 15.82 100.638 19.014750 1,913.61 4.07%
08/31/1997 1913.61 0 15.82 100.638 17.369170 1,748.00 -8.65%
09/30/1997 1748 0 15.82 100.638 18.907970 1,902.86 8.86%
10/31/1997 1902.86 0 15.82 100.638 17.278290 1,738.85 -8.62%
11/30/1997 1738.85 0 15.82 100.638 17.334610 1,744.52 0.33%
12/31/1997 1744.52 0.357 16.76743 102.781 17.130260 1,760.67 0.93%
01/31/1998 1760.67 0 15.9 102.781 17.300510 1,778.16 0.99%
02/28/1998 1778.16 0 15.9 102.781 18.450200 1,896.33 6.65%
03/31/1998 1896.33 0 15.9 102.781 19.585710 2,013.04 6.15%
04/30/1998 2013.04 0 15.9 102.781 19.893810 2,044.71 1.57%
05/31/1998 2044.71 0 15.9 102.781 20.281700 2,084.57 1.95%
06/30/1998 2084.57 0 15.9 102.781 20.352510 2,091.85 0.35%
07/31/1998 2091.85 0 15.9 102.781 20.703790 2,127.96 1.73%
08/31/1998 2127.96 0 15.9 102.781 17.930000 1,842.86 -13.40%
09/30/1998 1842.86 0 15.9 102.781 17.540000 1,802.78 -2.17%
10/31/1998 1802.78 0 15.9 102.781 18.320000 1,882.95 4.45%
0.80278
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000 0.573180396
05/31/1993 0.00100 0.997260274 1,018.00 0.07 0.583499213
06/30/1993 0.00115 1.171400413 985.86 0.15 0.565076587
07/31/1993 0.00119 1.17223005 989.68 0.24 0.567264387
08/31/1993 0.00119 1.176768559 1,056.27 0.34 0.605435786
09/30/1993 0.00115 1.21543905 1,060.04 0.43 0.607592257
10/31/1993 0.00119 1.260427204 1,116.45 0.54 0.639928296
11/30/1993 0.00115 1.284684286 1,082.39 0.61 0.620404009
12/31/1993 0.00119 1.2870047 1,178.33 0.76 0.67539464
01/31/1994 0.00119 1.401080687 1,236.39 0.90 0.708673719
02/28/1994 0.00107 1.327847506 1,198.43 0.96 0.686919086
03/31/1994 0.00119 1.424987717 1,141.64 1.02 0.654363476
04/30/1994 0.00115 1.313663546 1,176.86 1.15 0.674554669
05/31/1994 0.00119 1.3993382 1,162.64 1.23 0.666402042
06/30/1994 0.00115 1.3378315 1,143.57 1.31 0.655469768
07/31/1994 0.00119 1.359747294 1,183.54 1.45 0.678382066
08/31/1994 0.00119 1.407277991 1,211.62 1.58 0.69447865
09/30/1994 0.00115 1.394196528 1,183.72 1.65 0.678484286
10/31/1994 0.00119 1.407490041 1,217.62 1.79 0.697914023
11/30/1994 0.00115 1.40109319 1,149.60 1.79 0.658930611
12/31/1994 0.00119 1.36692668 1,143.15 1.88 0.655230997 OI
01/31/1995 0.00119 1.359251971 1,079.10 1.87 0.618520058
02/28/1995 0.00107 1.158925884 1,104.35 2.00 0.632993625
03/31/1995 0.00119 1.313121382 1,143.11 2.16 0.655208929
04/30/1995 0.00115 1.315360832 1,176.94 2.32 0.674600065
05/31/1995 0.00119 1.399432372 1,205.77 2.48 0.691121538
06/30/1995 0.00115 1.387456979 1,229.70 2.63 0.704839621
07/31/1995 0.00119 1.46216319 1,297.31 2.87 0.743592894
08/31/1995 0.00119 1.542555392 1,267.59 2.92 0.726555507
09/30/1995 0.00115 1.458592234 1,289.42 3.07 0.739072556
10/31/1995 0.00119 1.533178122 1,282.08 3.16 0.734862041
11/30/1995 0.00115 1.475267968 1,284.48 3.28 0.736236791
12/31/1995 0.00119 1.527295433 1,321.77 3.48 0.757611246 OI
01/31/1996 0.00119 1.571635934 1,354.06 3.68 0.776122747
02/29/1996 0.00111 1.506163966 1,380.59 3.86 0.791327506
03/31/1996 0.00119 1.641579041 1,405.01 4.04 0.80532374
04/30/1996 0.00115 1.616722937 1,448.72 4.28 0.830377205
05/31/1996 0.00119 1.722586169 1,454.70 4.42 0.833805787
06/30/1996 0.00115 1.673901903 1,483.82 4.63 0.850494679
07/31/1996 0.00119 1.76431911 1,409.02 4.52 0.807620631
08/31/1996 0.00119 1.675378514 1,441.89 4.75 0.82646412
09/30/1996 0.00115 1.659163182 1,481.46 5.00 0.849141706
10/31/1996 0.00119 1.761512418 1,474.91 5.10 0.845387478
11/30/1996 0.00115 1.697152658 1,544.00 5.46 0.884987973
12/31/1996 0.00119 1.835874145 1,565.02 5.66 0.897037972 OI
01/31/1997 0.00119 1.860871413 1,560.48 5.78 0.894434922
02/28/1997 0.00107 1.675909729 1,576.54 5.96 0.903639717
03/31/1997 0.00119 1.874566485 1,563.32 6.04 0.8960637
04/30/1997 0.00115 1.79888741 1,558.97 6.15 0.893572059
05/31/1997 0.00119 1.853681507 1,651.47 6.65 0.946590835
06/30/1997 0.00115 1.900322863 1,736.00 7.13 0.995042192
07/31/1997 0.00119 2.06417747 1,804.55 7.55 1.034330221
08/31/1997 0.00119 2.145679003 1,646.23 7.04 0.943586077
09/30/1997 0.00115 1.894290677 1,790.18 7.79 1.026095123
10/31/1997 0.00119 2.128595603 1,633.75 7.26 0.936434569
11/30/1997 0.00115 1.87993371 1,637.20 7.41 0.938410531
12/31/1997 0.00119 1.946697226 1,650.41 7.61 0.945982115 OI
01/31/1998 0.00119 1.962404191 1,664.84 7.82 0.954254423
02/28/1998 0.00107 1.787993997 1,773.69 8.46 1.016645834
03/31/1998 0.00119 2.108993408 1,880.75 9.12 1.078006666
04/30/1998 0.00115 2.164145941 1,908.17 9.40 1.093725879
05/31/1998 0.00119 2.268893052 1,943.10 9.74 1.113746712
06/30/1998 0.00115 2.23589566 1,947.65 9.92 1.116354708
07/31/1998 0.00119 2.315835705 1,978.95 10.24 1.134298091
08/31/1998 0.00119 2.353058575 1,711.47 9.02 0.980978281
09/30/1998 0.00115 1.969357177 1,672.27 8.96 0.95851438
10/31/1998 0.00119 1.988401902 1,744.65 9.49 1
0.6722735 0.672273489
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI VALUE FUND (1.25%) ----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 77M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.442973 2 6.00% 20%
Units purchased 2,257.472 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.442973 2,257.472 1,000.00 1,000.00 2,843.00 0.00%
05/31/1993 0.450110 2,257.472 1,016.11 0.00007 0.071232878 1,016.04 2,843.00 0.00%
06/30/1993 0.472662 2,257.472 1,067.02 0.00008 0.083510003 1,066.86 2,843.00 0.00%
07/31/1993 0.472160 2,257.472 1,065.89 0.00008 0.090610182 1,065.64 2,843.00 0.00%
08/31/1993 0.487559 2,257.472 1,100.65 0.00008 0.090506291 1,100.30 2,843.00 0.00%
09/30/1993 0.495000 2,257.472 1,117.45 0.00008 0.090435908 1,117.01 2,843.00 0.00%
10/31/1993 0.500646 2,257.472 1,130.19 0.00008 0.094869016 1,129.65 2,843.00 0.00%
11/30/1993 0.482959 2,257.472 1,090.27 0.00008 0.092848003 1,089.65 2,843.00 0.00%
12/31/1993 0.504531 2,257.472 1,138.96 0.00008 0.092545561 1,138.23 2,843.00 0.00%
01/31/1994 0.535255 2,257.472 1,208.32 0.00008 0.096671429 1,207.44 2,843.00 2.00%
02/28/1994 0.536059 2,257.472 1,210.14 0.00008 0.092625887 1,209.16 2,843.00 2.00%
03/31/1994 0.517035 2,257.472 1,167.19 0.00008 0.102696194 1,166.15 2,843.00 2.00%
04/30/1994 0.516066 2,257.472 1,165.00 0.00008 0.09584814 1,163.87 2,843.00 2.00%
05/31/1994 0.511133 2,257.472 1,153.87 0.00008 0.098849265 1,152.65 2,843.00 2.00%
06/30/1994 0.493966 2,257.472 1,115.11 0.00008 0.09473809 1,113.84 2,843.00 2.00%
07/31/1994 0.505691 2,257.472 1,141.58 0.00008 0.094599972 1,140.18 2,843.00 2.00%
08/31/1994 0.532688 2,257.472 1,202.53 0.00008 0.096837313 1,200.96 2,843.00 2.00%
09/30/1994 0.524284 2,257.472 1,183.56 0.00008 0.098708775 1,181.91 2,843.00 2.00%
10/31/1994 0.528960 2,257.472 1,194.11 0.00008 0.100381376 1,192.35 2,843.00 2.00%
11/30/1994 0.510552 2,257.472 1,152.56 0.00008 0.098001446 1,150.76 2,843.00 2.00%
12/31/1994 0.518390 2,257.472 1,170.25 0.00008 0.09773562 1,168.33 2,843.00 2.00%
01/31/1995 0.517839 2,257.472 1,169.01 0.00008 0.099227731 1,166.99 2,843.00 4.00%
02/28/1995 0.544042 2,257.472 1,228.16 0.00008 0.089522286 1,225.95 2,843.00 4.00%
03/31/1995 0.567957 2,257.472 1,282.15 0.00008 0.104121548 1,279.73 2,843.00 4.00%
04/30/1995 0.579168 2,257.472 1,307.45 0.00008 0.105183483 1,304.89 2,843.00 4.00%
05/31/1995 0.599503 2,257.472 1,353.36 0.00008 0.110826102 1,350.59 2,843.00 4.00%
06/30/1995 0.638564 2,257.472 1,441.54 0.00008 0.111007687 1,438.48 2,843.00 4.00%
07/31/1995 0.682313 2,257.472 1,540.30 0.00008 0.122172397 1,536.91 2,843.00 4.00%
08/31/1995 0.685071 2,257.472 1,546.53 0.00008 0.13053225 1,542.99 2,843.00 4.00%
09/30/1995 0.710450 2,257.472 1,603.82 0.00008 0.126821347 1,600.03 2,843.00 4.00%
10/31/1995 0.693629 2,257.472 1,565.85 0.00008 0.135892848 1,562.01 2,843.00 4.00%
11/30/1995 0.713301 2,257.472 1,610.26 0.00008 0.128384286 1,606.18 2,843.00 4.00%
12/31/1995 0.697728 2,257.472 1,575.10 0.00008 0.13641527 1,570.98 2,843.00 4.00%
01/31/1996 0.700023 2,257.472 1,580.28 0.00008 0.133425595 1,576.01 2,843.00 6.00%
02/29/1996 0.706681 2,257.472 1,595.31 0.00008 0.125217351 1,590.88 2,843.00 6.00%
03/31/1996 0.700313 2,257.472 1,580.94 0.00008 0.135115448 1,576.41 2,843.00 6.00%
04/30/1996 0.715137 2,257.472 1,614.40 0.00008 0.129567582 1,609.64 2,843.00 6.00%
05/31/1996 0.720415 2,257.472 1,626.32 0.00008 0.136709548 1,621.39 2,843.00 6.00%
06/30/1996 0.732601 2,257.472 1,653.83 0.00008 0.133264697 1,648.68 2,843.00 6.00%
07/31/1996 0.697390 2,257.472 1,574.34 0.00008 0.140025029 1,569.30 2,843.00 6.00%
08/31/1996 0.712987 2,257.472 1,609.55 0.00008 0.133282942 1,604.26 2,843.00 6.00%
09/30/1996 0.741033 2,257.472 1,672.86 0.00008 0.131857387 1,667.24 2,843.00 6.00%
10/31/1996 0.757838 2,257.472 1,710.80 0.00008 0.141600951 1,704.91 2,843.00 6.00%
11/30/1996 0.790922 2,257.472 1,785.48 0.00008 0.140129217 1,779.19 2,843.00 6.00%
12/31/1996 0.792663 2,257.472 1,789.42 0.00008 0.151109549 1,782.96 2,843.00 6.00%
01/31/1997 0.818120 2,257.472 1,846.88 0.00008 0.15142947 1,840.07 2,843.00 6.00%
02/28/1997 0.820961 2,257.472 1,853.30 0.00008 0.141156015 1,846.32 2,843.00 6.00%
03/31/1997 0.781170 2,257.472 1,763.47 0.00008 0.156810479 1,756.67 2,843.00 6.00%
04/30/1997 0.815174 2,257.472 1,840.23 0.00008 0.14438393 1,832.99 2,843.00 6.00%
05/31/1997 0.875037 2,257.472 1,975.37 0.00008 0.155679022 1,967.45 2,843.00 6.00%
06/30/1997 0.913704 2,257.472 2,062.66 0.00008 0.16170787 2,054.22 2,843.00 6.00%
07/31/1997 0.979941 2,257.472 2,212.19 0.00008 0.174468343 2,202.97 2,843.00 6.00%
08/31/1997 0.930234 2,257.472 2,099.98 0.00008 0.187101312 2,091.04 2,843.00 6.00%
09/30/1997 0.986820 2,257.472 2,227.72 0.00008 0.171865953 2,218.06 2,843.00 6.00%
10/31/1997 0.951745 2,257.472 2,148.54 0.00008 0.188383131 2,139.03 2,843.00 6.00%
11/30/1997 0.963135 2,257.472 2,174.25 0.00008 0.175811019 2,164.46 2,843.00 6.00%
12/31/1997 0.968527 2,257.472 2,186.42 0.00008 0.183830619 2,176.39 2,843.00 6.00%
01/31/1998 0.973701 2,257.472 2,198.10 0.00008 0.184844108 2,187.83 2,843.00 6.00%
02/28/1998 1.035467 2,257.472 2,337.54 0.00008 0.16783374 2,326.45 2,843.00 6.00%
03/31/1998 1.083502 2,257.472 2,445.98 0.00008 0.197588701 2,434.17 2,843.00 6.00%
04/30/1998 1.091384 2,257.472 2,463.77 0.00008 0.200069165 2,451.68 2,843.00 6.00%
05/31/1998 1.078765 2,257.472 2,435.28 0.00008 0.208224983 2,423.13 2,843.00 6.00%
06/30/1998 1.140076 2,257.472 2,573.69 0.00008 0.199161081 2,560.64 2,843.00 6.00%
07/31/1998 1.136155 2,257.472 2,564.84 0.00008 0.217479394 2,551.62 2,843.00 6.00%
08/31/1998 0.938583 2,257.472 2,118.82 0.00008 0.216712981 2,107.69 2,843.00 6.00%
09/30/1998 0.999964 2,257.472 2,257.39 0.00008 0.173234615 2,245.35 2,843.00 6.00%
10/31/1998 1.083189 2,257.472 2,445.27 0.00008 0.190701121 2,432.04 2,843.00 6.00%
11/30/1998 1.141805 2,257.472 2,577.59 0.00008 0.199893578 2,563.45 2,843.00 6.00%
12/31/1998 1.266420 2,257.472 2,858.91 0.00008 0.217717389 2,843.00 2,843.00 6.00%
12/31/1998 2,843.00
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 184.30% 184.30%
05/05/1993 100.00% 2,843.00 5.6603 20.27% 20.27% 2,843.00 2,843.00 6
05/31/1993 100.00% 2,843.00 5.5890 20.21% 20.21% 2,798.12 2,798.12 6
06/30/1993 100.00% 2,843.00 5.5068 19.48% 19.48% 2,664.82 2,664.82 6
07/31/1993 100.00% 2,843.00 5.4219 19.84% 19.84% 2,667.88 2,667.88 6
08/31/1993 100.00% 2,843.00 5.3370 19.47% 19.47% 2,583.83 2,583.83 6
09/30/1993 100.00% 2,843.00 5.2548 19.46% 19.46% 2,545.20 2,545.20 6
10/31/1993 100.00% 2,843.00 5.1699 19.55% 19.55% 2,516.71 2,516.71 6
11/30/1993 100.00% 2,843.00 5.0877 20.74% 20.74% 2,609.10 2,609.10 6
12/31/1993 100.00% 2,843.00 5.0027 20.08% 20.08% 2,497.74 2,497.74 6
01/31/1994 50.00% 2,843.00 4.9178 19.02% 19.02% 2,354.56 2,354.56 5
02/28/1994 50.00% 2,843.00 4.8411 19.32% 19.32% 2,351.21 2,351.21 5
03/31/1994 50.00% 2,843.00 4.7562 20.61% 20.61% 2,437.93 2,437.93 5
04/30/1994 50.00% 2,843.00 4.6740 21.06% 21.06% 2,442.71 2,442.71 5
05/31/1994 50.00% 2,843.00 4.5890 21.74% 21.74% 2,466.50 2,466.50 5
06/30/1994 50.00% 2,843.00 4.5068 23.11% 23.11% 2,552.43 2,552.43 5
07/31/1994 50.00% 2,843.00 4.4219 22.95% 22.95% 2,493.46 2,493.46 5
08/31/1994 50.00% 2,843.00 4.3370 21.98% 21.98% 2,367.28 2,367.28 5
09/30/1994 50.00% 2,843.00 4.2548 22.91% 22.91% 2,405.43 2,405.43 5
10/31/1994 50.00% 2,843.00 4.1699 23.17% 23.17% 2,384.37 2,384.37 5
11/30/1994 50.00% 2,843.00 4.0877 24.76% 24.76% 2,470.55 2,470.55 5
12/31/1994 50.00% 2,843.00 4.0027 24.88% 24.88% 2,433.40 2,433.40 5
01/31/1995 40.00% 2,841.81 3.9178 25.50% 25.52% 2,435.17 2,436.19 4
02/28/1995 40.00% 2,839.45 3.8411 24.44% 24.48% 2,316.13 2,319.02 4
03/31/1995 40.00% 2,837.30 3.7562 23.61% 23.68% 2,217.10 2,221.56 4
04/30/1995 40.00% 2,836.29 3.6740 23.53% 23.61% 2,173.59 2,178.73 4
05/31/1995 40.00% 2,834.46 3.5890 22.94% 23.05% 2,098.68 2,105.00 4
06/30/1995 40.00% 2,830.95 3.5068 21.30% 21.44% 1,968.01 1,976.39 4
07/31/1995 40.00% 2,827.01 3.4219 19.49% 19.69% 1,839.41 1,849.81 4
08/31/1995 40.00% 2,826.77 3.3370 19.89% 20.10% 1,832.00 1,842.52 4
09/30/1995 40.00% 2,824.49 3.2548 19.08% 19.32% 1,765.27 1,776.84 4
10/31/1995 40.00% 2,826.01 3.1699 20.57% 20.80% 1,809.21 1,820.09 4
11/30/1995 40.00% 2,824.24 3.0877 20.06% 20.31% 1,758.36 1,770.04 4
12/31/1995 40.00% 2,825.65 3.0027 21.59% 21.84% 1,798.65 1,809.70 4
01/31/1996 30.00% 2,799.61 2.9178 21.77% 22.41% 1,776.39 1,803.92 3
02/29/1996 30.00% 2,798.72 2.8384 22.02% 22.70% 1,759.23 1,787.07 3
03/31/1996 30.00% 2,799.59 2.7534 23.19% 23.88% 1,775.93 1,803.47 3
04/30/1996 30.00% 2,797.60 2.6712 22.99% 23.73% 1,738.02 1,766.23 3
05/31/1996 30.00% 2,796.89 2.5863 23.47% 24.25% 1,725.00 1,753.44 3
06/30/1996 30.00% 2,795.25 2.5041 23.47% 24.31% 1,695.45 1,724.41 3
07/31/1996 30.00% 2,800.02 2.4192 27.04% 27.84% 1,784.25 1,811.64 3
08/31/1996 30.00% 2,797.92 2.3342 26.91% 27.78% 1,744.05 1,772.15 3
09/30/1996 30.00% 2,794.14 2.2521 25.77% 26.74% 1,675.91 1,705.22 3
10/31/1996 30.00% 2,791.88 2.1671 25.56% 26.61% 1,637.56 1,667.54 3
11/30/1996 30.00% 2,787.42 2.0849 24.03% 25.21% 1,566.68 1,597.92 3
12/31/1996 30.00% 2,787.20 2.0000 25.03% 26.28% 1,563.24 1,594.54 3
01/31/1997 20.00% 2,766.71 1.9151 23.73% 25.50% 1,503.59 1,545.05 2
02/28/1997 20.00% 2,766.34 1.8384 24.60% 26.47% 1,498.30 1,539.82 2
03/31/1997 20.00% 2,771.72 1.7534 29.70% 31.60% 1,577.82 1,618.40 2
04/30/1997 20.00% 2,767.14 1.6712 27.95% 30.03% 1,509.63 1,551.01 2
05/31/1997 20.00% 2,759.07 1.5863 23.76% 26.12% 1,402.36 1,445.02 2
06/30/1997 20.00% 2,753.86 1.5041 21.52% 24.12% 1,340.59 1,383.98 2
07/31/1997 20.00% 2,744.94 1.4192 16.76% 19.69% 1,246.02 1,290.53 2
08/31/1997 20.00% 2,751.65 1.3342 22.85% 25.89% 1,315.93 1,359.61 2
09/30/1997 20.00% 2,744.03 1.2521 18.52% 21.93% 1,237.13 1,281.75 2
10/31/1997 20.00% 2,748.77 1.1671 23.97% 27.61% 1,285.05 1,329.10 2
11/30/1997 20.00% 2,747.25 1.0849 24.58% 28.58% 1,269.26 1,313.49 2
12/31/1997 20.00% 2,746.53 1.0000 26.20% 30.63% 1,261.97 1,306.29 2
01/31/1998 10.00% 2,728.79 0.9151 24.73% 29.95% 1,224.08 1,270.88 1
02/28/1998 10.00% 2,720.47 0.8384 16.94% 22.20% 1,140.17 1,183.07 1
03/31/1998 10.00% 2,714.01 0.7534 11.50% 16.80% 1,085.44 1,124.08 1
04/30/1998 10.00% 2,712.96 0.6712 10.66% 15.96% 1,070.33 1,104.50 1
05/31/1998 10.00% 2,714.67 0.5863 12.03% 17.33% 1,068.88 1,098.22 1
06/30/1998 10.00% 2,706.42 0.5041 5.69% 11.03% 1,028.30 1,054.14 1
07/31/1998 10.00% 2,706.96 0.4192 6.09% 11.42% 1,025.08 1,046.37 1
08/31/1998 10.00% 2,733.60 0.3342 29.70% 34.89% 1,090.79 1,105.19 1
09/30/1998 10.00% 2,725.34 0.2521 21.38% 26.62% 1,050.05 1,061.30 1
10/31/1998 10.00% 2,714.14 0.1671 11.60% 16.90% 1,018.51 1,026.43 1
11/30/1998 10.00% 2,706.25 0.0849 5.57% 10.91% 1,004.61 1,008.83 1
12/31/1998 10.00% 2,689.48 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI VALUE FUND (1.25%) ----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 77M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.442973 2 6.00% 20%
Units purchased 2,257.472 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 2,563.45 2,706.25 2,843.00 5.57% 10.91%
30-Sep-98 0.25 0.25 2,245.35 2,725.34 2,843.00 21.38% 26.62%
31-Dec-97 1.00 1.00 2,176.39 2,746.53 2,843.00 26.20% 30.63%
31-Dec-97 1.00 1.00 2,176.39 2,746.53 2,843.00 26.20% 30.63%
31-Dec-95 3.00 3.00 1,570.98 2,825.65 2,843.00 21.61% 21.86%
31-Dec-93 5.00 5.00 1,138.23 2,843.00 2,843.00 20.09% 20.09%
31-Dec-88 10.01 10.00 -- -- -- #VALUE! #VALUE!
31-Oct-98 0.17 0.17 2,432.04 2,714.14 2,843.00 11.60% 16.90%
05-May-93 5.65 5.65 1,000.00 2,843.00 2,843.00 20.29% 20.29%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
AIM V.I. VALUE FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 10.17 1,017.00 1.70%
06/30/1993 1017 0 10 100 10.69 1,069.00 5.11%
07/31/1993 1069 0 10 100 10.69 1,069.00 0.00%
08/31/1993 1069 0 10 100 11.05 1,105.00 3.37%
09/30/1993 1105 0 10 100 11.23 1,123.00 1.63%
10/31/1993 1123 0 10 100 11.37 1,137.00 1.25%
11/30/1993 1137 0 10 100 10.98 1,098.00 -3.43%
12/31/1993 1098 0.0211 10.96 100.193 11.46 1,148.21 4.57%
01/31/1994 1148.21 0 10.96 100.193 12.17 1,219.35 6.20%
02/28/1994 1219.35 0 10.96 100.193 12.2 1,222.35 0.25%
03/31/1994 1222.35 0 10.96 100.193 11.78 1,180.27 -3.44%
04/30/1994 1180.27 0 10.96 100.193 11.77 1,179.27 -0.08%
05/31/1994 1179.27 0 10.96 100.193 11.67 1,169.25 -0.85%
06/30/1994 1169.25 0 10.96 100.193 11.29 1,131.18 -3.26%
07/31/1994 1131.18 0 10.96 100.193 11.57 1,159.23 2.48%
08/31/1994 1159.23 0 10.96 100.193 12.2 1,222.35 5.44%
09/30/1994 1222.35 0 10.96 100.193 12.02 1,204.32 -1.48%
10/31/1994 1204.32 0 10.96 100.193 12.14 1,216.34 1.00%
11/30/1994 1216.34 0 10.96 100.193 11.73 1,175.26 -3.38%
12/31/1994 1175.26 0.09 11.51 100.976 11.83 1,194.55 1.64%
01/31/1995 1194.55 0 11.51 100.976 11.83 1,194.55 0.00%
02/28/1995 1194.55 0 11.51 100.976 12.44 1,256.14 5.16%
03/31/1995 1256.14 0 11.51 100.976 13 1,312.69 4.50%
04/30/1995 1312.69 0 11.51 100.976 13.27 1,339.95 2.08%
05/31/1995 1339.95 0 11.51 100.976 13.75 1,388.42 3.62%
06/30/1995 1388.42 0 11.51 100.976 14.66 1,480.31 6.62%
07/31/1995 1480.31 0 11.51 100.976 15.68 1,583.30 6.96%
08/31/1995 1583.3 0 11.51 100.976 15.76 1,591.38 0.51%
09/30/1995 1591.38 0 11.51 100.976 16.36 1,651.97 3.81%
10/31/1995 1651.97 0 11.51 100.976 15.99 1,614.61 -2.26%
11/30/1995 1614.61 0 11.51 100.976 16.46 1,662.06 2.94%
12/31/1995 1662.06 0.008 15.8987656 101.027 16.11 1,627.54 -2.08%
01/31/1996 1627.54 0 15.8987656 101.027 16.18 1,634.62 0.44%
02/29/1996 1634.62 0 15.8987656 101.027 16.35 1,651.79 1.05%
03/31/1996 1651.79 0 15.8987656 101.027 16.22 1,638.66 -0.79%
04/30/1996 1638.66 0 15.8987656 101.027 16.58 1,675.03 2.22%
05/31/1996 1675.03 0 15.8987656 101.027 16.72 1,689.17 0.84%
06/30/1996 1689.17 0 15.8987656 101.027 17.02 1,719.48 1.79%
07/31/1996 1719.48 0 15.8987656 101.027 16.22 1,638.66 -4.70%
08/31/1996 1638.66 0 15.8987656 101.027 16.6 1,677.05 2.34%
09/30/1996 1677.05 0 15.8987656 101.027 17.27 1,744.74 4.04%
10/31/1996 1744.74 0 15.8987656 101.027 17.68 1,786.16 2.37%
11/30/1996 1786.16 0 15.8987656 101.027 18.47 1,865.97 4.47%
12/31/1996 1865.97 1.016 16.911 107.097 17.48 1,872.06 0.33%
01/31/1997 1872.06 0 16.911 107.097 18.06 1,934.17 3.32%
02/28/1997 1934.17 0 16.911 107.097 18.14 1,942.74 0.44%
03/31/1997 1942.74 0 16.911 107.097 17.28 1,850.64 -4.74%
04/30/1997 1850.64 0 16.911 107.097 18.05 1,933.10 4.46%
05/31/1997 1933.1 0 16.911 107.097 19.39466 2,077.11 7.45%
06/30/1997 2077.11 0 16.911 107.097 20.27162 2,171.03 4.52%
07/31/1997 2171.03 0 16.911 107.097 21.76272 2,330.72 7.36%
08/31/1997 2330.72 0 16.911 107.097 20.68192 2,214.97 -4.97%
09/30/1997 2214.97 0 16.911 107.097 21.9612 2,351.98 6.19%
10/31/1997 2351.98 0 16.911 107.097 21.20399 2,270.88 -3.45%
11/30/1997 2270.88 0 16.911 107.097 21.47946 2,300.39 1.30%
12/31/1997 2300.39 0.7835 20.64238 111.162 20.83188 2,315.71 0.67%
01/31/1998 2315.71 0 20.64238 111.162 20.96526 2,330.54 0.64%
02/28/1998 2330.54 0 20.64238 111.162 22.31529 2,480.61 6.44%
03/31/1998 2480.61 0 20.64238 111.162 23.37418 2,598.32 4.75%
04/30/1998 2598.32 0 20.64238 111.162 23.56819 2,619.89 0.83%
05/31/1998 2619.89 0 20.64238 111.162 23.32072 2,592.38 -1.05%
06/30/1998 2592.38 0 20.64238 111.162 24.67009 2,742.38 5.79%
07/31/1998 2742.38 0 20.64238 111.162 24.6115 2,735.86 -0.24%
08/31/1998 2735.86 0 20.64238 111.162 20.35779 2,263.01 -17.28%
09/30/1998 2263.01 0 20.64238 111.162 21.71 2,413.33 6.64%
10/31/1998 2413.33 0 20.64238 111.162 23.54 2,616.75 8.43%
1.41333
<CAPTION>
Ending
M & E Amount Recalc'd Dividend Recalc'd
Date M & E Amount After M&E Check AUV Info AUV
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000 0.442973387 1.000000 0.414365213
05/31/1993 0.00089 0.890410959 1,016.11 0.07 0.450109506 1.017 0.421409422
06/30/1993 0.00103 1.043948208 1,067.02 0.16 0.472661514 1.069 0.442956413
07/31/1993 0.00106 1.132795326 1,065.89 0.25 0.472159715 1.069 0.442956413
08/31/1993 0.00106 1.131592701 1,100.65 0.35 0.487559058 1.105 0.457873561
09/30/1993 0.00103 1.130805721 1,117.45 0.44 0.49500028 1.123 0.465332134
10/31/1993 0.00106 1.186333109 1,130.19 0.54 0.50064574 1.137 0.471133247
11/30/1993 0.00103 1.16115793 1,090.27 0.62 0.482958832 1.098 0.454973004
12/31/1993 0.00106 1.157474201 1,138.96 0.74 0.504531132 Dividend 1.14821 0.475778281
01/31/1994 0.00106 1.209175048 1,208.32 0.88 0.53525489 1.21935 0.505256223
02/28/1994 0.00096 1.1586658 1,210.14 0.97 0.536058534 1.22235 0.506499318
03/31/1994 0.00106 1.284734603 1,167.19 1.04 0.517035352 1.18027 0.48906283
04/30/1994 0.00103 1.199170695 1,165.00 1.13 0.516066086 1.17927 0.488648465
05/31/1994 0.00106 1.236820079 1,153.87 1.22 0.511133307 1.16925 0.484496526
06/30/1994 0.00103 1.18548196 1,115.11 1.28 0.493966011 1.13118 0.468721642
07/31/1994 0.00106 1.183854348 1,141.58 1.40 0.505690526 1.15923 0.480344586
08/31/1994 0.00106 1.211953688 1,202.53 1.57 0.53268848 1.22235 0.506499318
09/30/1994 0.00103 1.235475315 1,183.56 1.65 0.524283895 1.20432 0.499028314
10/31/1994 0.00106 1.256515136 1,194.11 1.76 0.528960032 1.21634 0.504008983
11/30/1994 0.00103 1.226827849 1,152.56 1.80 0.510551774 1.17526 0.48698686
12/31/1994 0.00106 1.223604305 1,170.25 1.92 0.518389635 Dividend 1.19455 0.494979965
01/31/1995 0.00106 1.242388767 1,169.01 2.02 0.517839289 1.19455 0.494979965
02/28/1995 0.00096 1.120966264 1,228.16 2.21 0.544042092 1.25614 0.520500719
03/31/1995 0.00106 1.303868247 1,282.15 2.41 0.567956672 1.31269 0.543933072
04/30/1995 0.00103 1.317273556 1,307.45 2.57 0.579167637 1.33995 0.555228667
05/31/1995 0.00106 1.388051224 1,353.36 2.77 0.599502994 1.38842 0.575312949
06/30/1995 0.00103 1.390439586 1,441.54 3.06 0.638564058 1.48031 0.613388969
07/31/1995 0.00106 1.530402539 1,540.30 3.39 0.682313117 1.5833 0.656064442
08/31/1995 0.00106 1.635252898 1,546.53 3.53 0.685070769 1.59138 0.659412513
09/30/1995 0.00103 1.588898682 1,603.82 3.79 0.710450226 1.65197 0.684518901
10/31/1995 0.00106 1.702687171 1,565.85 3.84 0.693628849 1.61461 0.669038217
11/30/1995 0.00103 1.608747613 1,610.26 4.08 0.713300513 1.66206 0.688699846
12/31/1995 0.00106 1.709518257 1,575.10 4.12 0.697728413 Dividend 1.62754 0.674395959
01/31/1996 0.00106 1.672197678 1,580.28 4.27 0.700022879 1.63462 0.677329665
02/29/1996 0.00099 1.569458171 1,595.31 4.44 0.706680671 1.65179 0.684444316
03/31/1996 0.00106 1.693652936 1,580.94 4.53 0.700313056 1.63866 0.6790037
04/30/1996 0.00103 1.624250432 1,614.40 4.76 0.71513698 1.67503 0.694074163
05/31/1996 0.00106 1.713919591 1,626.32 4.93 0.720414688 1.68917 0.699933287
06/30/1996 0.00103 1.670872559 1,653.83 5.15 0.732601458 1.71948 0.712492697
07/31/1996 0.00106 1.755775504 1,574.34 5.04 0.697389536 1.63866 0.6790037
08/31/1996 0.00106 1.671385513 1,609.55 5.28 0.712987375 1.67705 0.694911181
09/30/1996 0.00103 1.653646239 1,672.86 5.62 0.741032836 1.74474 0.722959562
10/31/1996 0.00106 1.775982407 1,710.80 5.89 0.757838188 1.78616 0.740122569
11/30/1996 0.00103 1.75766965 1,785.48 6.29 0.790921652 1.86597 0.773193057
12/31/1996 0.00106 1.8955475 1,789.42 6.46 0.79266332 .095 Dividend .541 ST/.38 LT 1.87206 0.775716541
01/31/1997 0.00106 1.899721637 1,846.88 6.81 0.818120267 1.93417 0.801452764
02/28/1997 0.00096 1.770984238 1,853.30 6.98 0.820960729 1.94274 0.805003874
03/31/1997 0.00106 1.967540089 1,763.47 6.80 0.781169654 1.85064 0.766840838
04/30/1997 0.00103 1.811782798 1,840.23 7.24 0.815174095 1.9331 0.801009394
05/31/1997 0.00106 1.953671661 1,975.37 7.92 0.875036631 2.07711 0.860682128
06/30/1997 0.00103 2.029490403 2,062.66 8.44 0.913703865 2.17103 0.899599309
07/31/1997 0.00106 2.189811181 2,212.19 9.22 0.979941278 2.33072 0.96576929
08/31/1997 0.00106 2.34855783 2,099.98 8.94 0.930234335 2.21497 0.917806516
09/30/1997 0.00103 2.15751157 2,227.72 9.66 0.986819533 2.35198 0.974578694
10/31/1997 0.00106 2.365042471 2,148.54 9.50 0.95174478 2.27088 0.940973675
11/30/1997 0.00103 2.207401184 2,174.25 9.79 0.963134847 2.30039 0.953201593
12/31/1997 0.00106 2.308279015 2,186.42 10.03 0.968526569 .1925 Dividend .115 ST/.476 LT 2.31571 0.959549668
01/31/1998 0.00106 2.321200984 2,198.10 10.27 0.973700864 2.33054 0.965694704
02/28/1998 0.00096 2.107769422 2,337.54 11.09 1.035466505 2.48061 1.027878492
03/31/1998 0.00106 2.481631321 2,445.98 11.80 1.083502204 2.59832 1.076653421
04/30/1998 0.00103 2.51298888 2,463.77 12.09 1.09138373 2.61989 1.085591278
05/31/1998 0.00106 2.615644287 2,435.28 12.16 1.078765059 2.59238 1.074192091
06/30/1998 0.00103 2.502001922 2,573.69 13.05 1.140076121 2.74238 1.136346873
07/31/1998 0.00106 2.73234199 2,564.84 13.22 1.136155238 2.73586 1.133645212
08/31/1998 0.00106 2.722945081 2,118.82 11.14 0.938582637 2.26301 0.937712621
09/30/1998 0.00103 2.176873957 2,257.39 12.04 0.999963509 2.41333 1
10/31/1998 0.00106 2.396543735 2,445.27 13.23 1.083189
1.25739 1.25739 1.41333 1.41333
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI VALUE FUND (1.40%) --------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 135M
Year Rate Available
--------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.446593 2 6.00% 20%
Units purchased 2,239.175 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
--------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.446593 2,239.175 1,000.00 1,000.00 2,818.92 0.00%
05/31/1993 0.453740 2,239.175 1,016.00 0.00007 0.071232874 1,015.93 2,818.92 0.00%
06/30/1993 0.476418 2,239.175 1,066.78 0.00008 0.083501217 1,066.62 2,818.92 0.00%
07/31/1993 0.475851 2,239.175 1,065.51 0.00008 0.090590011 1,065.27 2,818.92 0.00%
08/31/1993 0.491310 2,239.175 1,100.13 0.00008 0.090474602 1,099.78 2,818.92 0.00%
09/30/1993 0.498748 2,239.175 1,116.78 0.00008 0.090393089 1,116.34 2,818.92 0.00%
10/31/1993 0.504373 2,239.175 1,129.38 0.00008 0.094812583 1,128.84 2,818.92 0.00%
11/30/1993 0.486492 2,239.175 1,089.34 0.00008 0.092781083 1,088.72 2,818.92 0.00%
12/31/1993 0.508160 2,239.175 1,137.86 0.00008 0.092467038 1,137.12 2,818.92 0.00%
01/31/1994 0.539040 2,239.175 1,207.01 0.00008 0.096577626 1,206.13 2,818.92 2.00%
02/28/1994 0.539788 2,239.175 1,208.68 0.00008 0.092524896 1,207.71 2,818.92 2.00%
03/31/1994 0.520563 2,239.175 1,165.63 0.00008 0.102572436 1,164.59 2,818.92 2.00%
04/30/1994 0.519523 2,239.175 1,163.30 0.00008 0.095719988 1,162.17 2,818.92 2.00%
05/31/1994 0.514491 2,239.175 1,152.04 0.00008 0.098704907 1,150.82 2,818.92 2.00%
06/30/1994 0.497148 2,239.175 1,113.20 0.00008 0.094587566 1,111.93 2,818.92 2.00%
07/31/1994 0.508884 2,239.175 1,139.48 0.00008 0.094437618 1,138.08 2,818.92 2.00%
08/31/1994 0.535988 2,239.175 1,200.17 0.00008 0.096659088 1,198.60 2,818.92 2.00%
09/30/1994 0.527465 2,239.175 1,181.09 0.00008 0.098515188 1,179.44 2,818.92 2.00%
10/31/1994 0.532103 2,239.175 1,191.47 0.00008 0.100171958 1,189.71 2,818.92 2.00%
11/30/1994 0.513519 2,239.175 1,149.86 0.00008 0.097784644 1,148.07 2,818.92 2.00%
12/31/1994 0.521337 2,239.175 1,167.37 0.00008 0.097506948 1,165.45 2,818.92 2.00%
01/31/1995 0.520718 2,239.175 1,165.98 0.00008 0.098983146 1,163.96 2,818.92 4.00%
02/28/1995 0.547006 2,239.175 1,224.84 0.00008 0.089290234 1,222.64 2,818.92 4.00%
03/31/1995 0.570981 2,239.175 1,278.53 0.00008 0.103840278 1,276.12 2,818.92 4.00%
04/30/1995 0.582182 2,239.175 1,303.61 0.00008 0.104886542 1,301.05 2,818.92 4.00%
05/31/1995 0.602549 2,239.175 1,349.21 0.00008 0.11049987 1,346.45 2,818.92 4.00%
06/30/1995 0.641734 2,239.175 1,436.95 0.00008 0.110667297 1,433.90 2,818.92 4.00%
07/31/1995 0.685618 2,239.175 1,535.22 0.00008 0.121783673 1,531.84 2,818.92 4.00%
08/31/1995 0.688302 2,239.175 1,541.23 0.00008 0.130101411 1,537.71 2,818.92 4.00%
09/30/1995 0.713716 2,239.175 1,598.14 0.00008 0.126386717 1,594.36 2,818.92 4.00%
10/31/1995 0.696727 2,239.175 1,560.09 0.00008 0.135411028 1,556.27 2,818.92 4.00%
11/30/1995 0.716400 2,239.175 1,604.15 0.00008 0.127912393 1,600.08 2,818.92 4.00%
12/31/1995 0.700669 2,239.175 1,568.92 0.00008 0.135897562 1,564.81 2,818.92 4.00%
01/31/1996 0.702884 2,239.175 1,573.88 0.00008 0.132901921 1,569.63 2,818.92 6.00%
02/29/1996 0.709485 2,239.175 1,588.66 0.00008 0.124710054 1,584.24 2,818.92 6.00%
03/31/1996 0.703002 2,239.175 1,574.14 0.00008 0.134552162 1,569.63 2,818.92 6.00%
04/30/1996 0.717796 2,239.175 1,607.27 0.00008 0.129010837 1,602.53 2,818.92 6.00%
05/31/1996 0.723002 2,239.175 1,618.93 0.00008 0.136105679 1,614.02 2,818.92 6.00%
06/30/1996 0.735143 2,239.175 1,646.11 0.00008 0.132659264 1,640.99 2,818.92 6.00%
07/31/1996 0.699716 2,239.175 1,566.79 0.00008 0.139371983 1,561.77 2,818.92 6.00%
08/31/1996 0.715276 2,239.175 1,601.63 0.00008 0.132643583 1,596.37 2,818.92 6.00%
09/30/1996 0.743324 2,239.175 1,664.43 0.00008 0.131208513 1,658.84 2,818.92 6.00%
10/31/1996 0.760086 2,239.175 1,701.97 0.00008 0.140887414 1,696.10 2,818.92 6.00%
11/30/1996 0.793174 2,239.175 1,776.06 0.00008 0.139405726 1,769.80 2,818.92 6.00%
12/31/1996 0.794820 2,239.175 1,779.74 0.00008 0.150311607 1,773.32 2,818.92 6.00%
01/31/1997 0.820245 2,239.175 1,836.67 0.00008 0.150610689 1,829.89 2,818.92 6.00%
02/28/1997 0.822998 2,239.175 1,842.84 0.00008 0.140375452 1,835.90 2,818.92 6.00%
03/31/1997 0.783004 2,239.175 1,753.28 0.00008 0.155925467 1,746.52 2,818.92 6.00%
04/30/1997 0.816991 2,239.175 1,829.39 0.00008 0.143549827 1,822.19 2,818.92 6.00%
05/31/1997 0.876883 2,239.175 1,963.49 0.00008 0.15476138 1,955.62 2,818.92 6.00%
06/30/1997 0.915524 2,239.175 2,050.02 0.00008 0.160735611 2,041.63 2,818.92 6.00%
07/31/1997 0.981777 2,239.175 2,198.37 0.00008 0.173398886 2,189.20 2,818.92 6.00%
08/31/1997 0.931851 2,239.175 2,086.58 0.00008 0.185932326 2,077.69 2,818.92 6.00%
09/30/1997 0.988420 2,239.175 2,213.25 0.00008 0.170769233 2,203.65 2,818.92 6.00%
10/31/1997 0.953163 2,239.175 2,134.30 0.00008 0.187159255 2,124.86 2,818.92 6.00%
11/30/1997 0.964452 2,239.175 2,159.58 0.00008 0.174645746 2,149.85 2,818.92 6.00%
12/31/1997 0.969728 2,239.175 2,171.39 0.00008 0.182589943 2,161.43 2,818.92 6.00%
01/31/1998 0.974786 2,239.175 2,182.72 0.00008 0.18357333 2,172.52 2,818.92 6.00%
02/28/1998 1.036508 2,239.175 2,320.92 0.00008 0.166658783 2,309.91 2,818.92 6.00%
03/31/1998 1.084460 2,239.175 2,428.30 0.00008 0.196184206 2,416.58 2,818.92 6.00%
04/30/1998 1.092215 2,239.175 2,445.66 0.00008 0.198622851 2,433.66 2,818.92 6.00%
05/31/1998 1.079447 2,239.175 2,417.07 0.00008 0.206694406 2,405.01 2,818.92 6.00%
06/30/1998 1.140664 2,239.175 2,554.15 0.00008 0.197671646 2,541.20 2,818.92 6.00%
07/31/1998 1.136596 2,239.175 2,545.04 0.00008 0.215827782 2,531.92 2,818.92 6.00%
08/31/1998 0.938802 2,239.175 2,102.14 0.00008 0.215039694 2,091.09 2,818.92 6.00%
09/30/1998 1.000081 2,239.175 2,239.36 0.00008 0.171870522 2,227.41 2,818.92 6.00%
10/31/1998 1.083189 2,239.175 2,425.45 0.00008 0.189177596 2,412.33 2,818.92 6.00%
11/30/1998 1.141527 2,239.175 2,556.08 0.00008 0.198273291 2,542.05 2,818.92 6.00%
12/31/1998 1.265957 2,239.175 2,834.70 0.00008 0.215900043 2,818.92 2,818.92 6.00%
12/31/1998 2,818.92
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 181.89% 181.89%
05/05/1993 100.00% 2,818.92 5.6603 20.09% 20.09% 2,818.92 2,818.92 6
05/31/1993 100.00% 2,818.92 5.5890 20.03% 20.03% 2,774.72 2,774.72 6
06/30/1993 100.00% 2,818.92 5.5068 19.30% 19.30% 2,642.85 2,642.85 6
07/31/1993 100.00% 2,818.92 5.4219 19.66% 19.66% 2,646.22 2,646.22 6
08/31/1993 100.00% 2,818.92 5.3370 19.29% 19.29% 2,563.17 2,563.17 6
09/30/1993 100.00% 2,818.92 5.2548 19.28% 19.28% 2,525.14 2,525.14 6
10/31/1993 100.00% 2,818.92 5.1699 19.37% 19.37% 2,497.19 2,497.19 6
11/30/1993 100.00% 2,818.92 5.0877 20.56% 20.56% 2,589.20 2,589.20 6
12/31/1993 100.00% 2,818.92 5.0027 19.90% 19.90% 2,479.00 2,479.00 6
01/31/1994 50.00% 2,818.92 4.9178 18.84% 18.84% 2,337.17 2,337.17 5
02/28/1994 50.00% 2,818.92 4.8411 19.14% 19.14% 2,334.11 2,334.11 5
03/31/1994 50.00% 2,818.92 4.7562 20.43% 20.43% 2,420.52 2,420.52 5
04/30/1994 50.00% 2,818.92 4.6740 20.87% 20.87% 2,425.57 2,425.57 5
05/31/1994 50.00% 2,818.92 4.5890 21.56% 21.56% 2,449.50 2,449.50 5
06/30/1994 50.00% 2,818.92 4.5068 22.93% 22.93% 2,535.17 2,535.17 5
07/31/1994 50.00% 2,818.92 4.4219 22.77% 22.77% 2,476.91 2,476.91 5
08/31/1994 50.00% 2,818.92 4.3370 21.80% 21.80% 2,351.84 2,351.84 5
09/30/1994 50.00% 2,818.92 4.2548 22.73% 22.73% 2,390.04 2,390.04 5
10/31/1994 50.00% 2,818.92 4.1699 22.98% 22.98% 2,369.42 2,369.42 5
11/30/1994 50.00% 2,818.92 4.0877 24.58% 24.58% 2,455.37 2,455.37 5
12/31/1994 50.00% 2,818.92 4.0027 24.69% 24.69% 2,418.75 2,418.75 5
01/31/1995 40.00% 2,817.47 3.9178 25.31% 25.33% 2,420.58 2,421.84 4
02/28/1995 40.00% 2,815.12 3.8411 24.25% 24.29% 2,302.50 2,305.61 4
03/31/1995 40.00% 2,812.98 3.7562 23.42% 23.49% 2,204.32 2,208.98 4
04/30/1995 40.00% 2,811.99 3.6740 23.34% 23.42% 2,161.33 2,166.66 4
05/31/1995 40.00% 2,810.17 3.5890 22.75% 22.86% 2,087.09 2,093.59 4
06/30/1995 40.00% 2,806.67 3.5068 21.11% 21.26% 1,957.36 1,965.91 4
07/31/1995 40.00% 2,802.75 3.4219 19.31% 19.51% 1,829.67 1,840.22 4
08/31/1995 40.00% 2,802.52 3.3370 19.71% 19.92% 1,822.53 1,833.20 4
09/30/1995 40.00% 2,800.25 3.2548 18.89% 19.14% 1,756.35 1,768.06 4
10/31/1995 40.00% 2,801.78 3.1699 20.38% 20.61% 1,800.32 1,811.34 4
11/30/1995 40.00% 2,800.02 3.0877 19.87% 20.13% 1,749.92 1,761.73 4
12/31/1995 40.00% 2,801.43 3.0027 21.40% 21.66% 1,790.27 1,801.44 4
01/31/1996 30.00% 2,775.49 2.9178 21.57% 22.22% 1,768.25 1,795.92 3
02/29/1996 30.00% 2,774.61 2.8384 21.83% 22.51% 1,751.38 1,779.35 3
03/31/1996 30.00% 2,775.49 2.7534 23.00% 23.70% 1,768.24 1,795.91 3
04/30/1996 30.00% 2,773.51 2.6712 22.80% 23.54% 1,730.70 1,759.04 3
05/31/1996 30.00% 2,772.82 2.5863 23.27% 24.06% 1,717.96 1,746.52 3
06/30/1996 30.00% 2,771.21 2.5041 23.28% 24.12% 1,688.74 1,717.82 3
07/31/1996 30.00% 2,775.96 2.4192 26.84% 27.65% 1,777.44 1,804.95 3
08/31/1996 30.00% 2,773.88 2.3342 26.71% 27.58% 1,737.62 1,765.83 3
09/30/1996 30.00% 2,770.13 2.2521 25.57% 26.55% 1,669.93 1,699.34 3
10/31/1996 30.00% 2,767.90 2.1671 25.36% 26.42% 1,631.92 1,662.00 3
11/30/1996 30.00% 2,763.48 2.0849 23.83% 25.02% 1,561.46 1,592.79 3
12/31/1996 30.00% 2,763.27 2.0000 24.83% 26.08% 1,558.24 1,589.63 3
01/31/1997 20.00% 2,742.96 1.9151 23.54% 25.31% 1,498.97 1,540.48 2
02/28/1997 20.00% 2,742.60 1.8384 24.40% 26.27% 1,493.87 1,535.45 2
03/31/1997 20.00% 2,747.96 1.7534 29.50% 31.39% 1,573.39 1,614.02 2
04/30/1997 20.00% 2,743.42 1.6712 27.74% 29.83% 1,505.56 1,547.00 2
05/31/1997 20.00% 2,735.41 1.5863 23.56% 25.92% 1,398.75 1,441.45 2
06/30/1997 20.00% 2,730.25 1.5041 21.32% 23.92% 1,337.29 1,380.72 2
07/31/1997 20.00% 2,721.40 1.4192 16.57% 19.50% 1,243.10 1,287.65 2
08/31/1997 20.00% 2,728.09 1.3342 22.65% 25.69% 1,313.04 1,356.76 2
09/30/1997 20.00% 2,720.53 1.2521 18.33% 21.73% 1,234.56 1,279.21 2
10/31/1997 20.00% 2,725.26 1.1671 23.77% 27.40% 1,282.56 1,326.64 2
11/30/1997 20.00% 2,723.76 1.0849 24.37% 28.37% 1,266.95 1,311.22 2
12/31/1997 20.00% 2,723.07 1.0000 25.98% 30.42% 1,259.85 1,304.20 2
01/31/1998 10.00% 2,705.49 0.9151 24.53% 29.75% 1,222.34 1,269.16 1
02/28/1998 10.00% 2,697.24 0.8384 16.77% 22.04% 1,138.79 1,181.71 1
03/31/1998 10.00% 2,690.84 0.7534 11.35% 16.65% 1,084.36 1,123.02 1
04/30/1998 10.00% 2,689.82 0.6712 10.53% 15.83% 1,069.48 1,103.67 1
05/31/1998 10.00% 2,691.54 0.5863 11.91% 17.21% 1,068.22 1,097.58 1
06/30/1998 10.00% 2,683.37 0.5041 5.59% 10.93% 1,027.82 1,053.68 1
07/31/1998 10.00% 2,683.92 0.4192 6.00% 11.34% 1,024.74 1,046.04 1
08/31/1998 10.00% 2,710.37 0.3342 29.62% 34.81% 1,090.56 1,104.97 1
09/30/1998 10.00% 2,702.19 0.2521 21.32% 26.56% 1,049.92 1,061.17 1
10/31/1998 10.00% 2,691.10 0.1671 11.56% 16.86% 1,018.44 1,026.37 1
11/30/1998 10.00% 2,683.31 0.0849 5.56% 10.89% 1,004.60 1,008.82 1
12/31/1998 10.00% 2,666.70 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
AIM VI VALUE FUND (1.40%) --------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 135M
Year Rate Available
--------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.446593 2 6.00% 20%
Units purchased 2,239.175 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
--------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 2,542.05 2,683.31 2,818.92 5.56% 10.89%
30-Sep-98 0.25 0.25 2,227.41 2,702.19 2,818.92 21.32% 26.56%
31-Dec-97 1.00 1.00 2,161.43 2,723.07 2,818.92 25.98% 30.42%
31-Dec-97 1.00 1.00 2,161.43 2,723.07 2,818.92 25.98% 30.42%
31-Dec-95 3.00 3.00 1,564.81 2,801.43 2,818.92 21.42% 21.68%
31-Dec-93 5.00 5.00 1,137.12 2,818.92 2,818.92 19.91% 19.91%
31-Dec-88 10.01 10.00 -- -- -- #VALUE! #VALUE!
31-Oct-98 0.17 0.17 2,412.33 2,691.10 2,818.92 11.56% 16.86%
05-May-93 5.65 5.65 1,000.00 2,818.92 2,818.92 20.12% 20.12%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
AIM V.I. VALUE FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 10 1000
05/31/1993 1000 0 10 100 10.17 1,017.00 1.70%
06/30/1993 1017 0 10 100 10.69 1,069.00 5.11%
07/31/1993 1069 0 10 100 10.69 1,069.00 0.00%
08/31/1993 1069 0 10 100 11.05 1,105.00 3.37%
09/30/1993 1105 0 10 100 11.23 1,123.00 1.63%
10/31/1993 1123 0 10 100 11.37 1,137.00 1.25%
11/30/1993 1137 0 10 100 10.98 1,098.00 -3.43%
12/31/1993 1098 0.0211 10.96 100.193 11.46 1,148.21 4.57%
01/31/1994 1148.21 0 10.96 100.193 12.17 1,219.35 6.20%
02/28/1994 1219.35 0 10.96 100.193 12.2 1,222.35 0.25%
03/31/1994 1222.35 0 10.96 100.193 11.78 1,180.27 -3.44%
04/30/1994 1180.27 0 10.96 100.193 11.77 1,179.27 -0.08%
05/31/1994 1179.27 0 10.96 100.193 11.67 1,169.25 -0.85%
06/30/1994 1169.25 0 10.96 100.193 11.29 1,131.18 -3.26%
07/31/1994 1131.18 0 10.96 100.193 11.57 1,159.23 2.48%
08/31/1994 1159.23 0 10.96 100.193 12.2 1,222.35 5.44%
09/30/1994 1222.35 0 10.96 100.193 12.02 1,204.32 -1.48%
10/31/1994 1204.32 0 10.96 100.193 12.14 1,216.34 1.00%
11/30/1994 1216.34 0 10.96 100.193 11.73 1,175.26 -3.38%
12/31/1994 1175.26 0.09 11.51 100.976 11.83 1,194.55 1.64%
01/31/1995 1194.55 0 11.51 100.976 11.83 1,194.55 0.00%
02/28/1995 1194.55 0 11.51 100.976 12.44 1,256.14 5.16%
03/31/1995 1256.14 0 11.51 100.976 13 1,312.69 4.50%
04/30/1995 1312.69 0 11.51 100.976 13.27 1,339.95 2.08%
05/31/1995 1339.95 0 11.51 100.976 13.75 1,388.42 3.62%
06/30/1995 1388.42 0 11.51 100.976 14.66 1,480.31 6.62%
07/31/1995 1480.31 0 11.51 100.976 15.68 1,583.30 6.96%
08/31/1995 1583.3 0 11.51 100.976 15.76 1,591.38 0.51%
09/30/1995 1591.38 0 11.51 100.976 16.36 1,651.97 3.81%
10/31/1995 1651.97 0 11.51 100.976 15.99 1,614.61 -2.26%
11/30/1995 1614.61 0 11.51 100.976 16.46 1,662.06 2.94%
12/31/1995 1662.06 0.008 15.8987656 101.027 16.11 1,627.54 -2.08%
01/31/1996 1627.54 0 15.8987656 101.027 16.18 1,634.62 0.44%
02/29/1996 1634.62 0 15.8987656 101.027 16.35 1,651.79 1.05%
03/31/1996 1651.79 0 15.8987656 101.027 16.22 1,638.66 -0.79%
04/30/1996 1638.66 0 15.8987656 101.027 16.58 1,675.03 2.22%
05/31/1996 1675.03 0 15.8987656 101.027 16.72 1,689.17 0.84%
06/30/1996 1689.17 0 15.8987656 101.027 17.02 1,719.48 1.79%
07/31/1996 1719.48 0 15.8987656 101.027 16.22 1,638.66 -4.70%
08/31/1996 1638.66 0 15.8987656 101.027 16.6 1,677.05 2.34%
09/30/1996 1677.05 0 15.8987656 101.027 17.27 1,744.74 4.04%
10/31/1996 1744.74 0 15.8987656 101.027 17.68 1,786.16 2.37%
11/30/1996 1786.16 0 15.8987656 101.027 18.47 1,865.97 4.47%
12/31/1996 1865.97 1.016 16.911 107.097 17.48 1,872.06 0.33%
01/31/1997 1872.06 0 16.911 107.097 18.06 1,934.17 3.32%
02/28/1997 1934.17 0 16.911 107.097 18.14 1,942.74 0.44%
03/31/1997 1942.74 0 16.911 107.097 17.28 1,850.64 -4.74%
04/30/1997 1850.64 0 16.911 107.097 18.05 1,933.10 4.46%
05/31/1997 1933.1 0 16.911 107.097 19.39466 2,077.11 7.45%
06/30/1997 2077.11 0 16.911 107.097 20.27162 2,171.03 4.52%
07/31/1997 2171.03 0 16.911 107.097 21.76272 2,330.72 7.36%
08/31/1997 2330.72 0 16.911 107.097 20.68192 2,214.97 -4.97%
09/30/1997 2214.97 0 16.911 107.097 21.9612 2,351.98 6.19%
10/31/1997 2351.98 0 16.911 107.097 21.20399 2,270.88 -3.45%
11/30/1997 2270.88 0 16.911 107.097 21.47946 2,300.39 1.30%
12/31/1997 2300.39 0.7835 20.64238 111.162 20.83188 2,315.71 0.67%
01/31/1998 2315.71 0 20.64238 111.162 20.96526 2,330.54 0.64%
02/28/1998 2330.54 0 20.64238 111.162 22.31529 2,480.61 6.44%
03/31/1998 2480.61 0 20.64238 111.162 23.37418 2,598.32 4.75%
04/30/1998 2598.32 0 20.64238 111.162 23.56819 2,619.89 0.83%
05/31/1998 2619.89 0 20.64238 111.162 23.32072 2,592.38 -1.05%
06/30/1998 2592.38 0 20.64238 111.162 24.67009 2,742.38 5.79%
07/31/1998 2742.38 0 20.64238 111.162 24.6115 2,735.86 -0.24%
08/31/1998 2735.86 0 20.64238 111.162 20.35779 2,263.01 -17.28%
09/30/1998 2263.01 0 20.64238 111.162 21.71 2,413.33 6.64%
10/31/1998 2413.33 0 20.64238 111.162 23.54 2,616.75 8.43%
1.41333
<CAPTION>
Ending
M & E Amount Recalc'd Dividend Recalc'd
Date M & E Amount After M&E Check AUV Info AUV
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 1,000 0.446593039 1.000000 0.414365213
05/31/1993 0.00100 0.997260274 1,016.00 0.07 0.453739751 1.017 0.421409422
06/30/1993 0.00115 1.169099043 1,066.78 0.16 0.476417706 1.069 0.442956413
07/31/1993 0.00119 1.268448411 1,065.51 0.25 0.475851226 1.069 0.442956413
08/31/1993 0.00119 1.266940174 1,100.13 0.35 0.491310343 1.105 0.457873561
09/30/1993 0.00115 1.265902867 1,116.78 0.44 0.498748245 1.123 0.465332134
10/31/1993 0.00119 1.327902829 1,129.38 0.54 0.504372912 1.137 0.471133247
11/30/1993 0.00115 1.299559685 1,089.34 0.62 0.486492147 1.098 0.454973004
12/31/1993 0.00119 1.295271321 1,137.86 0.74 0.508160292 Dividend 1.14821 0.475778281
01/31/1994 0.00119 1.352962131 1,207.01 0.88 0.539040311 1.21935 0.505256223
02/28/1994 0.00107 1.296290975 1,208.68 0.97 0.539787612 1.22235 0.506499318
03/31/1994 0.00119 1.437168962 1,165.63 1.04 0.520563329 1.18027 0.48906283
04/30/1994 0.00115 1.341275671 1,163.30 1.13 0.51952327 1.17927 0.488648465
05/31/1994 0.00119 1.383215734 1,152.04 1.22 0.51449126 1.16925 0.484496526
06/30/1994 0.00115 1.325630469 1,113.20 1.27 0.49714775 1.13118 0.468721642
07/31/1994 0.00119 1.323641557 1,139.48 1.40 0.508884451 1.15923 0.480344586
08/31/1994 0.00119 1.354890184 1,200.17 1.57 0.535988092 1.22235 0.506499318
09/30/1994 0.00115 1.381018885 1,181.09 1.64 0.527465366 1.20432 0.499028314
10/31/1994 0.00119 1.404361336 1,191.47 1.76 0.532102681 1.21634 0.504008983
11/30/1994 0.00115 1.371007793 1,149.86 1.79 0.513519454 1.17526 0.48698686
12/31/1994 0.00119 1.367230747 1,167.37 1.92 0.521337453 Dividend 1.19455 0.494979965
01/31/1995 0.00119 1.388045945 1,165.98 2.02 0.520717562 1.19455 0.494979965
02/28/1995 0.00107 1.252228194 1,224.84 2.21 0.547006088 1.25614 0.520500719
03/31/1995 0.00119 1.456387944 1,278.53 2.41 0.570981269 1.31269 0.543933072
04/30/1995 0.00115 1.471181782 1,303.61 2.56 0.582181543 1.33995 0.555228667
05/31/1995 0.00119 1.550041579 1,349.21 2.76 0.602548553 1.38842 0.575312949
06/30/1995 0.00115 1.552517571 1,436.95 3.05 0.641733766 1.48031 0.613388969
07/31/1995 0.00119 1.708597659 1,535.22 3.38 0.685618232 1.5833 0.656064442
08/31/1995 0.00119 1.825438784 1,541.23 3.52 0.688301896 1.59138 0.659412513
09/30/1995 0.00115 1.773468349 1,598.14 3.78 0.713716196 1.65197 0.684518901
10/31/1995 0.00119 1.900248802 1,560.09 3.83 0.696726565 1.61461 0.669038217
11/30/1995 0.00115 1.795175224 1,604.15 4.06 0.716400184 1.66206 0.688699846
12/31/1995 0.00119 1.907394842 1,568.92 4.11 0.700669148 Dividend 1.62754 0.674395959
01/31/1996 0.00119 1.865511412 1,573.88 4.25 0.70288402 1.63462 0.677329665
02/29/1996 0.00111 1.750672419 1,588.66 4.42 0.709485255 1.65179 0.684444316
03/31/1996 0.00119 1.888984045 1,574.14 4.51 0.703001984 1.63866 0.6790037
04/30/1996 0.00115 1.811344375 1,607.27 4.74 0.717796154 1.67503 0.694074163
05/31/1996 0.00119 1.911111572 1,618.93 4.91 0.723002041 1.68917 0.699933287
06/30/1996 0.00115 1.862876224 1,646.11 5.12 0.735143443 1.71948 0.712492697
07/31/1996 0.00119 1.957298229 1,566.79 5.01 0.699715687 1.63866 0.6790037
08/31/1996 0.00119 1.86297285 1,601.63 5.26 0.71527641 1.67705 0.694911181
09/30/1996 0.00115 1.842970479 1,664.43 5.60 0.743323726 1.74474 0.722959562
10/31/1996 0.00119 1.979077999 1,701.97 5.86 0.760086335 1.78616 0.740122569
11/30/1996 0.00115 1.958427059 1,776.06 6.26 0.793174232 1.86597 0.773193057
12/31/1996 0.00119 2.111803535 1,779.74 6.42 0.794819813 .095 Dividend .541 ST/.38 LT 1.87206 0.775716541
01/31/1997 0.00119 2.116184845 1,836.67 6.78 0.820244759 1.93417 0.801452764
02/28/1997 0.00107 1.972534996 1,842.84 6.94 0.822998213 1.94274 0.805003874
03/31/1997 0.00119 2.191209022 1,753.28 6.76 0.783003535 1.85064 0.766840838
04/30/1997 0.00115 2.017475174 1,829.39 7.20 0.816991271 1.9331 0.801009394
05/31/1997 0.00119 2.175215713 1,963.49 7.88 0.876883169 2.07711 0.860682128
06/30/1997 0.00115 2.259364033 2,050.02 8.39 0.915523891 2.17103 0.899599309
07/31/1997 0.00119 2.437555975 2,198.37 9.17 0.981776608 2.33072 0.96576929
08/31/1997 0.00119 2.613951925 2,086.58 8.89 0.931851495 2.21497 0.917806516
09/30/1997 0.00115 2.400994595 2,213.25 9.60 0.988420176 2.35198 0.974578694
10/31/1997 0.00119 2.631640233 2,134.30 9.44 0.953162609 2.27088 0.940973675
11/30/1997 0.00115 2.455904493 2,159.58 9.73 0.964452131 2.30039 0.953201593
12/31/1997 0.00119 2.567826004 2,171.39 9.96 0.969728359 .1925 Dividend .115 ST/.476 LT 2.31571 0.959549668
01/31/1998 0.00119 2.581873808 2,182.72 10.20 0.974785533 2.33054 0.965694704
02/28/1998 0.00107 2.34417661 2,320.92 11.01 1.036507812 2.48061 1.027878492
03/31/1998 0.00119 2.759672177 2,428.30 11.72 1.08445977 2.59832 1.076653421
04/30/1998 0.00115 2.79420279 2,445.66 12.00 1.09221456 2.61989 1.085591278
05/31/1998 0.00119 2.907989789 2,417.07 12.07 1.079447138 2.59238 1.074192091
06/30/1998 0.00115 2.781287318 2,554.15 12.95 1.140663883 2.74238 1.136346873
07/31/1998 0.00119 3.036984715 2,545.04 13.12 1.136595662 2.73586 1.133645212
08/31/1998 0.00119 3.026153194 2,102.14 11.05 0.938801674 2.26301 0.937712621
09/30/1998 0.00115 2.418902322 2,239.36 11.94 1.000081128 2.41333 1
10/31/1998 0.00119 2.66268718 2,425.45 13.12 1.083189
1.23936 1.23936 1.41333 1.41333
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY ----------------------------
EVERGREEN VA FUND (1.25%) Surrender
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS provisions: Withdrawal
RETURN OF PREMIUM DEATH BENEFIT
FUND 78M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.694046 2 6.00% 20%
Units purchased 1,440.828 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 0.694046 1,440.828 1,000.00 1,000.00 1,614.45 6.00%
03/31/1996 0.690556 1,440.828 994.97 0.00008 0.082191796 994.89 1,614.45 6.00%
04/30/1996 0.718967 1,440.828 1,035.91 0.00008 0.08177183 1,035.74 1,614.45 6.00%
05/31/1996 0.747987 1,440.828 1,077.72 0.00008 0.08796695 1,077.46 1,614.45 6.00%
06/30/1996 0.731996 1,440.828 1,054.68 0.00008 0.088558251 1,054.34 1,614.45 6.00%
07/31/1996 0.691820 1,440.828 996.79 0.00008 0.089546282 996.38 1,614.45 6.00%
08/31/1996 0.715941 1,440.828 1,031.55 0.00008 0.084623839 1,031.03 1,614.45 6.00%
09/30/1996 0.747623 1,440.828 1,077.20 0.00008 0.08474244 1,076.57 1,614.45 6.00%
10/31/1996 0.748207 1,440.828 1,078.04 0.00008 0.091435013 1,077.32 1,614.45 6.00%
11/30/1996 0.788050 1,440.828 1,135.44 0.00008 0.088547148 1,134.60 1,614.45 6.00%
12/31/1996 0.789001 1,440.828 1,136.81 0.00008 0.096363546 1,135.88 1,614.45 6.00%
01/31/1997 0.825504 1,440.828 1,189.41 0.00008 0.096471683 1,188.33 1,614.45 6.00%
02/28/1997 0.830930 1,440.828 1,197.23 0.00008 0.091159694 1,196.05 1,614.45 6.00%
03/31/1997 0.802440 1,440.828 1,156.18 0.00008 0.101582405 1,154.94 1,614.45 6.00%
04/30/1997 0.819544 1,440.828 1,180.82 0.00008 0.094926585 1,179.46 1,614.45 6.00%
05/31/1997 0.879274 1,440.828 1,266.88 0.00008 0.100173573 1,265.33 1,614.45 6.00%
06/30/1997 0.923780 1,440.828 1,331.01 0.00008 0.103999329 1,329.27 1,614.45 6.00%
07/31/1997 1.001156 1,440.828 1,442.49 0.00008 0.112896659 1,440.49 1,614.45 6.00%
08/31/1997 1.002494 1,440.828 1,444.42 0.00008 0.122343341 1,442.30 1,614.45 6.00%
09/30/1997 1.071499 1,440.828 1,543.85 0.00008 0.118544981 1,541.46 1,614.45 6.00%
10/31/1997 1.024404 1,440.828 1,475.99 0.00008 0.130918153 1,473.57 1,614.45 6.00%
11/30/1997 1.045757 1,440.828 1,506.76 0.00008 0.121115716 1,504.17 1,614.45 6.00%
12/31/1997 1.069082 1,440.828 1,540.36 0.00008 0.127751369 1,537.59 1,614.45 6.00%
01/31/1998 1.064357 1,440.828 1,533.55 0.00008 0.130589865 1,530.66 1,614.45 6.00%
02/28/1998 1.140079 1,440.828 1,642.66 0.00008 0.117420832 1,639.44 1,614.45 6.00%
03/31/1998 1.169684 1,440.828 1,685.31 0.00008 0.139240422 1,681.88 1,614.45 6.00%
04/30/1998 1.188523 1,440.828 1,712.46 0.00008 0.138236501 1,708.83 1,614.45 6.00%
05/31/1998 1.139347 1,440.828 1,641.60 0.00008 0.145133221 1,637.98 1,614.45 6.00%
06/30/1998 1.157465 1,440.828 1,667.71 0.00008 0.134628348 1,663.89 1,614.45 6.00%
07/31/1998 1.107001 1,440.828 1,595.00 0.00008 0.141316785 1,591.21 1,614.45 6.00%
08/31/1998 0.904305 1,440.828 1,302.95 0.00008 0.135143517 1,299.72 1,614.45 6.00%
09/30/1998 0.955090 1,440.828 1,376.12 0.00008 0.106825945 1,372.60 1,614.45 6.00%
10/31/1998 1.000000 1,440.828 1,440.83 0.00008 0.116576977 1,437.02 1,614.45 6.00%
11/30/1998 1.076336 1,440.828 1,550.82 0.00008 0.118111616 1,546.60 1,614.45 6.00%
12/31/1998 1.123643 1,440.828 1,618.98 0.00008 0.131355345 1,614.45 1,614.45 6.00%
12/31/1998 1,614.45
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 58.35% 61.44%
03/01/1996 30.00% 1,583.51 2.8356 17.60% 18.40% 1,583.51 1,614.45 3
03/31/1996 30.00% 1,583.81 2.7534 18.40% 19.22% 1,591.95 1,622.74 3
04/30/1996 30.00% 1,581.36 2.6712 17.17% 18.08% 1,526.80 1,558.74 3
05/31/1996 30.00% 1,578.86 2.5863 15.92% 16.92% 1,465.36 1,498.39 3
06/30/1996 30.00% 1,580.25 2.5041 17.54% 18.55% 1,498.81 1,531.25 3
07/31/1996 30.00% 1,583.73 2.4192 21.11% 22.08% 1,589.48 1,620.32 3
08/31/1996 30.00% 1,581.65 2.3342 20.12% 21.18% 1,534.04 1,565.85 3
09/30/1996 30.00% 1,578.91 2.2521 18.54% 19.71% 1,466.61 1,499.62 3
10/31/1996 30.00% 1,578.87 2.1671 19.29% 20.52% 1,465.55 1,498.57 3
11/30/1996 30.00% 1,575.43 2.0849 17.05% 18.43% 1,388.53 1,422.92 3
12/31/1996 30.00% 1,575.36 2.0000 17.77% 19.22% 1,386.91 1,421.32 3
01/31/1997 20.00% 1,562.52 1.9151 15.37% 17.35% 1,314.89 1,358.58 2
02/28/1997 20.00% 1,562.06 1.8384 15.63% 17.72% 1,306.01 1,349.82 2
03/31/1997 20.00% 1,564.53 1.7534 18.90% 21.05% 1,354.64 1,397.86 2
04/30/1997 20.00% 1,563.05 1.6712 18.35% 20.67% 1,325.22 1,368.80 2
05/31/1997 20.00% 1,557.90 1.5863 14.01% 16.60% 1,231.23 1,275.92 2
06/30/1997 20.00% 1,554.07 1.5041 10.95% 13.79% 1,169.11 1,214.54 2
07/31/1997 20.00% 1,547.39 1.4192 5.17% 8.36% 1,074.21 1,120.76 2
08/31/1997 20.00% 1,547.28 1.3342 5.41% 8.82% 1,072.79 1,119.36 2
09/30/1997 20.00% 1,541.33 1.2521 -0.01% 3.76% 999.92 1,047.35 2
10/31/1997 20.00% 1,545.41 1.1671 4.16% 8.14% 1,048.75 1,095.60 2
11/30/1997 20.00% 1,543.57 1.0849 2.41% 6.74% 1,026.20 1,073.32 2
12/31/1997 20.00% 1,541.57 1.0000 0.26% 5.00% 1,002.59 1,049.99 2
01/31/1998 10.00% 1,532.29 0.9151 0.11% 5.47% 1,000.97 1,049.98 1
02/28/1998 10.00% 1,525.77 0.8384 -6.93% -1.52% 941.53 987.20 1
03/31/1998 10.00% 1,523.22 0.7534 -9.43% -4.01% 928.07 969.64 1
04/30/1998 10.00% 1,521.61 0.6712 -10.96% -5.52% 925.07 962.58 1
05/31/1998 10.00% 1,525.86 0.5863 -6.85% -1.44% 959.28 991.55 1
06/30/1998 10.00% 1,524.30 0.5041 -8.39% -2.97% 956.79 984.91 1
07/31/1998 10.00% 1,528.66 0.4192 -3.93% 1.46% 983.33 1,006.10 1
08/31/1998 10.00% 1,546.15 0.3342 18.96% 24.22% 1,059.74 1,075.16 1
09/30/1998 10.00% 1,541.78 0.2521 12.33% 17.62% 1,029.74 1,041.76 1
10/31/1998 10.00% 1,537.91 0.1671 7.02% 12.35% 1,011.40 1,019.64 1
11/30/1998 10.00% 1,531.34 0.0849 -0.99% 4.39% 999.16 1,003.65 1
12/31/1998 10.00% 1,527.27 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY ----------------------------
EVERGREEN VA FUND (1.25%) Surrender
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS provisions: Withdrawal
RETURN OF PREMIUM DEATH BENEFIT
FUND 78M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.694046 2 6.00% 20%
Units purchased 1,440.828 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,546.60 1,531.34 1,614.45 -0.99% 4.39%
09/30/1998 0.25 0.25 1,372.60 1,541.78 1,614.45 12.33% 17.62%
12/31/1997 1.00 1.00 1,537.59 1,541.57 1,614.45 0.26% 5.00%
12/31/1997 1.00 1.00 1,537.59 1,541.57 1,614.45 0.26% 5.00%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,437.02 1,537.91 1,614.45 7.02% 12.35%
03/01/1996 2.83 2.83 1,000.00 1,583.51 1,614.45 17.62% 18.42%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
EVERGREEN VA FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 100 10 1000
03/31/1996 1000 0 10 100 9.96 996.00 -0.40%
04/30/1996 996 0 10 100 10.38 1,038.00 4.22%
05/31/1996 1038 0 10 100 10.81 1,081.00 4.14%
06/30/1996 1081 0 10 100 10.59 1,059.00 -2.04%
07/31/1996 1059 0 10 100 10.02 1,002.00 -5.38%
08/31/1996 1002 0 10 100 10.38 1,038.00 3.59%
09/30/1996 1038 0 10 100 10.85 1,085.00 4.53%
10/31/1996 1085 0 10 100 10.87 1,087.00 0.18%
11/30/1996 1087 0 10 100 11.46 1,146.00 5.43%
12/31/1996 1146 0.076 11.41 100.666 11.41 1,148.60 0.23%
01/31/1997 1148.6 0 11.41 100.666 11.95 1,202.96 4.73%
02/28/1997 1202.96 0 11.41 100.666 12.04 1,212.02 0.75%
03/31/1997 1212.02 0 11.41 100.666 11.64 1,171.75 -3.32%
04/30/1997 1171.75 0 11.41 100.666 11.90 1,197.93 2.23%
05/31/1997 1197.93 0 11.41 100.666 12.78 1,286.51 7.39%
06/30/1997 1286.51 0 11.41 100.666 13.44 1,352.95 5.16%
07/31/1997 1352.95 0 11.41 100.666 14.58 1,467.71 8.48%
08/31/1997 1467.71 0.015 14.62 100.769 14.60 1,471.23 0.24%
09/30/1997 1471.23 0 14.62 100.769 15.62 1,574.01 6.99%
10/31/1997 1574.01 0 14.62 100.769 14.95 1,506.50 -4.29%
11/30/1997 1506.5 0.729 14.59 105.804 14.55 1,539.45 2.19%
12/31/1997 1539.45 0 14.59 105.804 14.89 1,575.42 2.34%
01/31/1998 1575.42 0 14.59 105.804 14.84 1,570.13 -0.34%
02/28/1998 1570.13 0 14.59 105.804 15.91 1,683.34 7.21%
03/31/1998 1683.34 0 14.59 105.804 16.34 1,728.84 2.70%
04/30/1998 1728.84 0 14.59 105.804 16.62 1,758.46 1.71%
05/31/1998 1758.46 0 14.59 105.804 15.95 1,687.57 -4.03%
06/30/1998 1687.57 0 14.59 105.804 16.22 1,716.14 1.69%
07/31/1998 1716.14 0 14.59 105.804 15.53 1,643.14 -4.25%
08/31/1998 1643.14 0.129 14.38 106.753 12.59 1,344.02 -18.20%
09/30/1998 1344.02 0 14.59 106.753 13.31 1,420.88 5.72%
10/31/1998 1420.88 0 14.59 106.753 13.95 1,489.20 4.81%
0.42088
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1996 1,000 0.6940455
03/31/1996 0.00103 1.02739726 994.97 0.08 0.690556258
04/30/1996 0.00103 1.022232126 1,035.91 0.17 0.718966624
05/31/1996 0.00106 1.09976433 1,077.72 0.26 0.747987119
06/30/1996 0.00103 1.107247171 1,054.68 0.34 0.73199596
07/31/1996 0.00106 1.119694599 996.79 0.42 0.691819625
08/31/1996 0.00106 1.058239034 1,031.55 0.51 0.715940953
09/30/1996 0.00103 1.059809154 1,077.20 0.62 0.747622763
10/31/1996 0.00106 1.143598074 1,078.04 0.71 0.74820716
11/30/1996 0.00103 1.107572898 1,135.44 0.84 0.788049514
12/31/1996 0.00106 1.205436688 1,136.81 0.94 0.789000782
01/31/1997 0.00106 1.206891791 1,189.41 1.08 0.825504327
02/28/1997 0.00096 1.140529679 1,197.23 1.18 0.83092997
03/31/1997 0.00106 1.271028599 1,156.18 1.24 0.802439734
04/30/1997 0.00103 1.187853511 1,180.82 1.36 0.81954394
05/31/1997 0.00106 1.253612006 1,266.88 1.56 0.879274414
06/30/1997 0.00103 1.301592076 1,331.01 1.74 0.92377994
07/31/1997 0.00106 1.413056174 1,442.49 2.00 1.001156128
08/31/1997 0.00106 1.531414341 1,444.42 2.12 1.002494324
09/30/1997 0.00103 1.483994812 1,543.84 2.39 1.07149853
10/31/1997 0.00106 1.639013305 1,475.99 2.42 1.024403924
11/30/1997 0.00103 1.516427648 1,506.76 2.59 1.045757103
12/31/1997 0.00106 1.599638037 1,540.36 2.77 1.069081506
01/31/1998 0.00106 1.635316114 1,533.55 2.89 1.064356723
02/28/1998 0.00096 1.470531883 1,642.66 3.21 1.140078686
03/31/1998 0.00106 1.743916657 1,685.31 3.44 1.169684194
04/30/1998 0.00103 1.731486388 1,712.46 3.63 1.188522517
05/31/1998 0.00106 1.818018564 1,641.60 3.62 1.139347009
06/30/1998 0.00103 1.686578179 1,667.71 3.82 1.157465214
07/31/1998 0.00106 1.770511888 1,595.00 3.79 1.107000927
08/31/1998 0.00106 1.693319401 1,302.95 3.23 0.904305355 .086 ST/.043 LT
09/30/1998 0.00103 1.33864544 1,376.12 3.52 0.955090467
10/31/1998 0.00106 1.460950192 1,440.83 3.80 1
0.376120826 0.376120826
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA FUND (1.40%) ----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 136M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.696803 2 6.00% 20%
Units purchased 1,435.126 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 0.696803 1,435.126 1,000.00 1,000.00 1,607.65 6.00%
03/31/1996 0.693214 1,435.126 994.85 0.00008 0.08219176 994.77 1,607.65 6.00%
04/30/1996 0.721648 1,435.126 1,035.66 0.00008 0.081761661 1,035.49 1,607.65 6.00%
05/31/1996 0.750685 1,435.126 1,077.33 0.00008 0.087945594 1,077.07 1,607.65 6.00%
06/30/1996 0.734543 1,435.126 1,054.16 0.00008 0.088525909 1,053.82 1,607.65 6.00%
07/31/1996 0.694134 1,435.126 996.17 0.00008 0.089502301 995.75 1,607.65 6.00%
08/31/1996 0.718247 1,435.126 1,030.78 0.00008 0.084570873 1,030.26 1,607.65 6.00%
09/30/1996 0.749943 1,435.126 1,076.26 0.00008 0.084678974 1,075.64 1,607.65 6.00%
10/31/1996 0.750433 1,435.126 1,076.97 0.00008 0.091355747 1,076.25 1,607.65 6.00%
11/30/1996 0.790302 1,435.126 1,134.18 0.00008 0.088459122 1,133.34 1,607.65 6.00%
12/31/1996 0.791155 1,435.126 1,135.41 0.00008 0.09625648 1,134.47 1,607.65 6.00%
01/31/1997 0.827657 1,435.126 1,187.79 0.00008 0.096352235 1,186.72 1,607.65 6.00%
02/28/1997 0.833002 1,435.126 1,195.46 0.00008 0.091035735 1,194.29 1,607.65 6.00%
03/31/1997 0.804334 1,435.126 1,154.32 0.00008 0.101432676 1,153.09 1,607.65 6.00%
04/30/1997 0.821380 1,435.126 1,178.78 0.00008 0.094774161 1,177.43 1,607.65 6.00%
05/31/1997 0.881140 1,435.126 1,264.55 0.00008 0.100000649 1,262.99 1,607.65 6.00%
06/30/1997 0.925631 1,435.126 1,328.40 0.00008 0.103807472 1,326.66 1,607.65 6.00%
07/31/1997 1.003044 1,435.126 1,439.49 0.00008 0.112675164 1,437.50 1,607.65 6.00%
08/31/1997 1.004257 1,435.126 1,441.24 0.00008 0.122088958 1,439.12 1,607.65 6.00%
09/30/1997 1.073259 1,435.126 1,540.26 0.00008 0.118283444 1,537.88 1,607.65 6.00%
10/31/1997 1.025950 1,435.126 1,472.37 0.00008 0.130614249 1,469.96 1,607.65 6.00%
11/30/1997 1.047209 1,435.126 1,502.88 0.00008 0.120818464 1,500.30 1,607.65 6.00%
12/31/1997 1.070432 1,435.126 1,536.21 0.00008 0.127422439 1,533.44 1,607.65 6.00%
01/31/1998 1.065565 1,435.126 1,529.22 0.00008 0.130237393 1,526.34 1,607.65 6.00%
02/28/1998 1.141251 1,435.126 1,637.84 0.00008 0.117088918 1,634.63 1,607.65 6.00%
03/31/1998 1.170741 1,435.126 1,680.16 0.00008 0.138831913 1,676.73 1,607.65 6.00%
04/30/1998 1.189452 1,435.126 1,707.01 0.00008 0.137813822 1,703.39 1,607.65 6.00%
05/31/1998 1.140087 1,435.126 1,636.17 0.00008 0.144671897 1,632.55 1,607.65 6.00%
06/30/1998 1.158076 1,435.126 1,661.99 0.00008 0.134182579 1,658.18 1,607.65 6.00%
07/31/1998 1.107438 1,435.126 1,589.31 0.00008 0.140831775 1,585.53 1,607.65 6.00%
08/31/1998 0.904521 1,435.126 1,298.10 0.00008 0.134661753 1,294.88 1,607.65 6.00%
09/30/1998 0.955207 1,435.126 1,370.84 0.00008 0.106428525 1,367.33 1,607.65 6.00%
10/31/1998 1.000000 1,435.126 1,435.13 0.00008 0.116129723 1,431.34 1,607.65 6.00%
11/30/1998 1.076200 1,435.126 1,544.48 0.00008 0.117644156 1,540.29 1,607.65 6.00%
12/31/1998 1.123360 1,435.126 1,612.16 0.00008 0.130818937 1,607.65 1,607.65 6.00%
12/31/1998 1,607.65
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 57.66% 60.77%
03/01/1996 30.00% 1,576.59 2.8356 17.42% 18.23% 1,576.59 1,607.65 3
03/31/1996 30.00% 1,576.91 2.7534 18.21% 19.05% 1,585.20 1,616.11 3
04/30/1996 30.00% 1,574.46 2.6712 16.98% 17.90% 1,520.50 1,552.56 3
05/31/1996 30.00% 1,571.97 2.5863 15.74% 16.75% 1,459.49 1,492.62 3
06/30/1996 30.00% 1,573.36 2.5041 17.36% 18.37% 1,493.01 1,525.55 3
07/31/1996 30.00% 1,576.85 2.4192 20.93% 21.90% 1,583.57 1,614.51 3
08/31/1996 30.00% 1,574.78 2.3342 19.93% 21.00% 1,528.52 1,560.43 3
09/30/1996 30.00% 1,572.05 2.2521 18.35% 19.53% 1,461.50 1,494.60 3
10/31/1996 30.00% 1,572.02 2.1671 19.10% 20.34% 1,460.64 1,493.75 3
11/30/1996 30.00% 1,568.59 2.0849 16.87% 18.26% 1,384.04 1,418.51 3
12/31/1996 30.00% 1,568.52 2.0000 17.58% 19.04% 1,382.60 1,417.10 3
01/31/1997 20.00% 1,555.74 1.9151 15.19% 17.18% 1,310.96 1,354.71 2
02/28/1997 20.00% 1,555.29 1.8384 15.45% 17.55% 1,302.27 1,346.12 2
03/31/1997 20.00% 1,557.76 1.7534 18.72% 20.87% 1,350.95 1,394.22 2
04/30/1997 20.00% 1,556.30 1.6712 18.17% 20.49% 1,321.78 1,365.40 2
05/31/1997 20.00% 1,551.17 1.5863 13.83% 16.43% 1,228.17 1,272.89 2
06/30/1997 20.00% 1,547.35 1.5041 10.77% 13.62% 1,166.35 1,211.81 2
07/31/1997 20.00% 1,540.70 1.4192 5.01% 8.20% 1,071.79 1,118.37 2
08/31/1997 20.00% 1,540.60 1.3342 5.24% 8.65% 1,070.52 1,117.11 2
09/30/1997 20.00% 1,534.67 1.2521 -0.17% 3.61% 997.92 1,045.37 2
10/31/1997 20.00% 1,538.75 1.1671 4.00% 7.97% 1,046.80 1,093.67 2
11/30/1997 20.00% 1,536.93 1.0849 2.25% 6.58% 1,024.42 1,071.56 2
12/31/1997 20.00% 1,534.94 1.0000 0.10% 4.84% 1,000.98 1,048.40 2
01/31/1998 10.00% 1,525.72 0.9151 -0.04% 5.33% 999.63 1,048.64 1
02/28/1998 10.00% 1,519.22 0.8384 -7.06% -1.65% 940.46 986.14 1
03/31/1998 10.00% 1,516.70 0.7534 -9.54% -4.12% 927.21 968.80 1
04/30/1998 10.00% 1,515.10 0.6712 -11.05% -5.62% 924.38 961.92 1
05/31/1998 10.00% 1,519.35 0.5863 -6.93% -1.53% 958.74 991.03 1
06/30/1998 10.00% 1,517.81 0.5041 -8.47% -3.05% 956.39 984.52 1
07/31/1998 10.00% 1,522.17 0.4192 -4.00% 1.40% 983.05 1,005.82 1
08/31/1998 10.00% 1,539.61 0.3342 18.90% 24.15% 1,059.56 1,074.98 1
09/30/1998 10.00% 1,535.26 0.2521 12.28% 17.58% 1,029.63 1,041.66 1
10/31/1998 10.00% 1,531.42 0.1671 6.99% 12.32% 1,011.36 1,019.60 1
11/30/1998 10.00% 1,524.88 0.0849 -1.00% 4.37% 999.15 1,003.64 1
12/31/1998 10.00% 1,520.84 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA FUND (1.40%) ----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 136M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.696803 2 6.00% 20%
Units purchased 1,435.126 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,540.29 1,524.88 1,607.65 -1.00% 4.37%
09/30/1998 0.25 0.25 1,367.33 1,535.26 1,607.65 12.28% 17.58%
12/31/1997 1.00 1.00 1,533.44 1,534.94 1,607.65 0.10% 4.84%
12/31/1997 1.00 1.00 1,533.44 1,534.94 1,607.65 0.10% 4.84%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,431.34 1,531.42 1,607.65 6.99% 12.32%
03/01/1996 2.83 2.83 1,000.00 1,576.59 1,607.65 17.43% 18.25%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
EVERGREEN VA FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 100 10 1000
03/31/1996 1000 0 10 100 9.96 996.00 -0.40%
04/30/1996 996 0 10 100 10.38 1,038.00 4.22%
05/31/1996 1038 0 10 100 10.81 1,081.00 4.14%
06/30/1996 1081 0 10 100 10.59 1,059.00 -2.04%
07/31/1996 1059 0 10 100 10.02 1,002.00 -5.38%
08/31/1996 1002 0 10 100 10.38 1,038.00 3.59%
09/30/1996 1038 0 10 100 10.85 1,085.00 4.53%
10/31/1996 1085 0 10 100 10.87 1,087.00 0.18%
11/30/1996 1087 0 10 100 11.46 1,146.00 5.43%
12/31/1996 1146 0.076 11.41 100.666 11.41 1,148.60 0.23%
01/31/1997 1148.6 0 11.41 100.666 11.95 1,202.96 4.73%
02/28/1997 1202.96 0 11.41 100.666 12.04 1,212.02 0.75%
03/31/1997 1212.02 0 11.41 100.666 11.64 1,171.75 -3.32%
04/30/1997 1171.75 0 11.41 100.666 11.90 1,197.93 2.23%
05/31/1997 1197.93 0 11.41 100.666 12.78 1,286.51 7.39%
06/30/1997 1286.51 0 11.41 100.666 13.44 1,352.95 5.16%
07/31/1997 1352.95 0 11.41 100.666 14.58 1,467.71 8.48%
08/31/1997 1467.71 0.015 14.62 100.769 14.60 1,471.23 0.24%
09/30/1997 1471.23 0 14.62 100.769 15.62 1,574.01 6.99%
10/31/1997 1574.01 0 14.62 100.769 14.95 1,506.50 -4.29%
11/30/1997 1506.5 0.729 14.59 105.804 14.55 1,539.45 2.19%
12/31/1997 1539.45 0 14.59 105.804 14.89 1,575.42 2.34%
01/31/1998 1575.42 0 14.59 105.804 14.84 1,570.13 -0.34%
02/28/1998 1570.13 0 14.59 105.804 15.91 1,683.34 7.21%
03/31/1998 1683.34 0 14.59 105.804 16.34 1,728.84 2.70%
04/30/1998 1728.84 0 14.59 105.804 16.62 1,758.46 1.71%
05/31/1998 1758.46 0 14.59 105.804 15.95 1,687.57 -4.03%
06/30/1998 1687.57 0 14.59 105.804 16.22 1,716.14 1.69%
07/31/1998 1716.14 0 14.59 105.804 15.53 1,643.14 -4.25%
08/31/1998 1643.14 0.129 14.38 106.753 12.59 1,344.02 -18.20%
09/30/1998 1344.02 0 14.59 106.753 13.31 1,420.88 5.72%
10/31/1998 1420.88 0 14.59 106.753 13.95 1,489.20 4.81%
0.42088
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1996 1,000 0.696802755
03/31/1996 0.00115 1.150684932 994.85 0.08 0.693213743
04/30/1996 0.00115 1.144758116 1,035.66 0.17 0.721647977
05/31/1996 0.00119 1.231437586 1,077.33 0.26 0.750684767
06/30/1996 0.00115 1.239664516 1,054.16 0.35 0.734543384
07/31/1996 0.00119 1.25344262 996.17 0.42 0.694133652
08/31/1996 0.00119 1.184486475 1,030.78 0.51 0.718247233
09/30/1996 0.00115 1.186097877 1,076.26 0.62 0.749942548
10/31/1996 0.00119 1.279720127 1,076.97 0.71 0.750433218
11/30/1996 0.00115 1.239249114 1,134.18 0.84 0.790301592
12/31/1996 0.00119 1.348589776 1,135.41 0.94 0.791154896
01/31/1997 0.00119 1.350045875 1,187.79 1.08 0.827657311
02/28/1997 0.00107 1.27565695 1,195.46 1.17 0.833001867
03/31/1997 0.00119 1.42145456 1,154.32 1.24 0.80433447
04/30/1997 0.00115 1.32826047 1,178.78 1.36 0.821379898
05/31/1997 0.00119 1.40162255 1,264.55 1.56 0.881139539
06/30/1997 0.00115 1.455094693 1,328.40 1.74 0.925630838
07/31/1997 0.00119 1.579518879 1,439.50 2.00 1.003044135
08/31/1997 0.00119 1.711618804 1,441.24 2.12 1.004257069
09/30/1997 0.00115 1.658408307 1,540.26 2.38 1.073258797
10/31/1997 0.00119 1.831434804 1,472.37 2.41 1.025950094
11/30/1997 0.00115 1.694231697 1,502.88 2.58 1.047209014
12/31/1997 0.00119 1.786982824 1,536.21 2.77 1.070432389
01/31/1998 0.00119 1.826611753 1,529.22 2.88 1.065565266
02/28/1998 0.00107 1.642341243 1,637.84 3.20 1.141250595
03/31/1998 0.00119 1.947457655 1,680.16 3.43 1.170741144
04/30/1998 0.00115 1.933336492 1,707.01 3.62 1.189452152
05/31/1998 0.00119 2.029709958 1,636.17 3.61 1.140086647
06/30/1998 0.00115 1.882714321 1,661.99 3.80 1.158076055
07/31/1998 0.00119 1.976169026 1,589.31 3.78 1.1074376
08/31/1998 0.00119 1.889758342 1,298.10 3.22 0.904520987 .086 ST/.043 LT
09/30/1998 0.00115 1.493706309 1,370.84 3.51 0.955206693
10/31/1998 0.00119 1.629987835 1,435.13 3.79 1
0.370842303 0.370842303
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA FOUNDATION FUND (1.25%) ----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 79M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.677727 2 6.00% 20%
Units purchased 1,475.519 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 0.677727 1,475.519 1,000.00 1,000.00 1,569.39 6.00%
03/31/1996 0.665510 1,475.519 981.97 0.00008 0.082191763 981.89 1,569.39 6.00%
04/30/1996 0.668888 1,475.519 986.96 0.00008 0.080703304 986.79 1,569.39 6.00%
05/31/1996 0.677647 1,475.519 999.88 0.00008 0.083809896 999.63 1,569.39 6.00%
06/30/1996 0.679653 1,475.519 1,002.84 0.00008 0.082161475 1,002.51 1,569.39 6.00%
07/31/1996 0.658684 1,475.519 971.90 0.00008 0.085144571 971.49 1,569.39 6.00%
08/31/1996 0.673491 1,475.519 993.75 0.00008 0.082510365 993.25 1,569.39 6.00%
09/30/1996 0.704453 1,475.519 1,039.43 0.00008 0.081636943 1,038.83 1,569.39 6.00%
10/31/1996 0.725908 1,475.519 1,071.09 0.00008 0.088229406 1,070.38 1,569.39 6.00%
11/30/1996 0.782294 1,475.519 1,154.29 0.00008 0.087976562 1,153.44 1,569.39 6.00%
12/31/1996 0.773258 1,475.519 1,140.96 0.00008 0.097963126 1,140.02 1,569.39 6.00%
01/31/1997 0.797739 1,475.519 1,177.08 0.00008 0.096823242 1,176.01 1,569.39 6.00%
02/28/1997 0.799701 1,475.519 1,179.97 0.00008 0.090214529 1,178.81 1,569.39 6.00%
03/31/1997 0.770876 1,475.519 1,137.44 0.00008 0.100118397 1,136.22 1,569.39 6.00%
04/30/1997 0.801440 1,475.519 1,182.54 0.00008 0.093388193 1,181.18 1,569.39 6.00%
05/31/1997 0.834633 1,475.519 1,231.52 0.00008 0.100319296 1,230.00 1,569.39 6.00%
06/30/1997 0.870507 1,475.519 1,284.45 0.00008 0.10109581 1,282.77 1,569.39 6.00%
07/31/1997 0.928027 1,475.519 1,369.32 0.00008 0.108947271 1,367.42 1,569.39 6.00%
08/31/1997 0.904276 1,475.519 1,334.28 0.00008 0.116136851 1,332.31 1,569.39 6.00%
09/30/1997 0.949215 1,475.519 1,400.58 0.00008 0.109504567 1,398.41 1,569.39 6.00%
10/31/1997 0.921534 1,475.519 1,359.74 0.00008 0.118768697 1,357.51 1,569.39 6.00%
11/30/1997 0.949807 1,475.519 1,401.46 0.00008 0.111575868 1,399.04 1,569.39 6.00%
12/31/1997 0.976219 1,475.519 1,440.43 0.00008 0.118822957 1,437.83 1,569.39 6.00%
01/31/1998 0.970862 1,475.519 1,432.53 0.00008 0.122117055 1,429.82 1,569.39 6.00%
02/28/1998 1.016741 1,475.519 1,500.22 0.00008 0.10968469 1,497.27 1,569.39 6.00%
03/31/1998 1.042285 1,475.519 1,537.91 0.00008 0.12716582 1,534.76 1,569.39 6.00%
04/30/1998 1.045528 1,475.519 1,542.70 0.00008 0.126145042 1,539.41 1,569.39 6.00%
05/31/1998 1.033648 1,475.519 1,525.17 0.00008 0.130744727 1,521.79 1,569.39 6.00%
06/30/1998 1.037609 1,475.519 1,531.01 0.00008 0.125078716 1,527.50 1,569.39 6.00%
07/31/1998 1.019306 1,475.519 1,504.01 0.00008 0.129732708 1,500.42 1,569.39 6.00%
08/31/1998 0.923107 1,475.519 1,362.06 0.00008 0.127433276 1,358.69 1,569.39 6.00%
09/30/1998 0.958022 1,475.519 1,413.58 0.00008 0.111673263 1,409.97 1,569.39 6.00%
10/31/1998 1.000000 1,475.519 1,475.52 0.00008 0.119750789 1,471.63 1,569.39 6.00%
11/30/1998 1.048716 1,475.519 1,547.40 0.00008 0.120955952 1,543.20 1,569.39 6.00%
12/31/1998 1.066605 1,475.519 1,573.80 0.00008 0.131066451 1,569.39 1,569.39 6.00%
12/31/1998 1,569.39
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 53.76% 56.94%
03/01/1996 30.00% 1,537.64 2.8356 16.38% 17.23% 1,537.64 1,569.39 3
03/31/1996 30.00% 1,538.73 2.7534 17.72% 18.57% 1,567.11 1,598.34 3
04/30/1996 30.00% 1,538.44 2.6712 18.09% 18.97% 1,559.02 1,590.40 3
05/31/1996 30.00% 1,537.67 2.5863 18.12% 19.05% 1,538.23 1,569.97 3
06/30/1996 30.00% 1,537.49 2.5041 18.62% 19.60% 1,533.65 1,565.47 3
07/31/1996 30.00% 1,539.35 2.4192 20.96% 21.93% 1,584.52 1,615.45 3
08/31/1996 30.00% 1,538.05 2.3342 20.60% 21.65% 1,548.50 1,580.06 3
09/30/1996 30.00% 1,535.31 2.2521 18.94% 20.11% 1,477.93 1,510.73 3
10/31/1996 30.00% 1,533.42 2.1671 18.04% 19.31% 1,432.59 1,466.20 3
11/30/1996 30.00% 1,528.44 2.0849 14.46% 15.92% 1,325.12 1,360.62 3
12/31/1996 30.00% 1,529.24 2.0000 15.82% 17.33% 1,341.42 1,376.64 3
01/31/1997 20.00% 1,517.67 1.9151 14.25% 16.26% 1,290.52 1,334.51 2
02/28/1997 20.00% 1,517.50 1.8384 14.73% 16.84% 1,287.31 1,331.33 2
03/31/1997 20.00% 1,520.05 1.7534 18.06% 20.23% 1,337.81 1,381.24 2
04/30/1997 20.00% 1,517.36 1.6712 16.17% 18.54% 1,284.61 1,328.67 2
05/31/1997 20.00% 1,514.43 1.5863 14.01% 16.60% 1,231.24 1,275.93 2
06/30/1997 20.00% 1,511.26 1.5041 11.51% 14.35% 1,178.13 1,223.45 2
07/31/1997 20.00% 1,506.18 1.4192 7.05% 10.19% 1,101.48 1,147.71 2
08/31/1997 20.00% 1,508.29 1.3342 9.74% 13.06% 1,132.09 1,177.95 2
09/30/1997 20.00% 1,504.32 1.2521 6.00% 9.65% 1,075.74 1,122.27 2
10/31/1997 20.00% 1,506.78 1.1671 9.35% 13.23% 1,109.96 1,156.09 2
11/30/1997 20.00% 1,504.28 1.0849 6.91% 11.17% 1,075.22 1,121.76 2
12/31/1997 20.00% 1,501.96 1.0000 4.46% 9.15% 1,044.60 1,091.50 2
01/31/1998 10.00% 1,493.02 0.9151 4.42% 9.76% 1,040.38 1,088.97 1
02/28/1998 10.00% 1,488.97 0.8384 -0.55% 4.82% 995.35 1,040.23 1
03/31/1998 10.00% 1,486.73 0.7534 -3.13% 2.26% 976.33 1,016.95 1
04/30/1998 10.00% 1,486.45 0.6712 -3.44% 1.95% 976.77 1,013.03 1
05/31/1998 10.00% 1,487.50 0.5863 -2.25% 3.13% 986.73 1,018.22 1
06/30/1998 10.00% 1,487.16 0.5041 -2.64% 2.74% 986.60 1,013.73 1
07/31/1998 10.00% 1,488.79 0.4192 -0.78% 4.60% 996.74 1,019.02 1
08/31/1998 10.00% 1,497.29 0.3342 10.20% 15.51% 1,032.99 1,049.36 1
09/30/1998 10.00% 1,494.21 0.2521 5.97% 11.31% 1,014.74 1,027.37 1
10/31/1998 10.00% 1,490.51 0.1671 1.28% 6.64% 1,002.13 1,010.81 1
11/30/1998 10.00% 1,486.22 0.0849 -3.69% 1.70% 996.81 1,001.43 1
12/31/1998 10.00% 1,484.65 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA FOUNDATION FUND (1.25%) ----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 79M
Year Rate Available
----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.677727 2 6.00% 20%
Units purchased 1,475.519 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,543.20 1,486.22 1,569.39 -3.69% 1.70%
09/30/1998 0.25 0.25 1,409.97 1,494.21 1,569.39 5.97% 11.31%
12/31/1997 1.00 1.00 1,437.83 1,501.96 1,569.39 4.46% 9.15%
12/31/1997 1.00 1.00 1,437.83 1,501.96 1,569.39 4.46% 9.15%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,471.63 1,490.51 1,569.39 1.28% 6.64%
03/01/1996 2.83 2.83 1,000.00 1,537.64 1,569.39 16.40% 17.24%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
EVERGREEN VA FOUNDATION FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 100 10 1000
03/31/1996 1000 0 10 100 9.83 983.00 -1.70%
04/30/1996 983 0 10 100 9.89 989.00 0.61%
05/31/1996 989 0 10 100 10.03 1,003.00 1.42%
06/30/1996 1003 0 10 100 10.07 1,007.00 0.40%
07/31/1996 1007 0 10 100 9.77 977.00 -2.98%
08/31/1996 977 0 10 100 10.00 1,000.00 2.35%
09/30/1996 1000 0 10 100 10.47 1,047.00 4.70%
10/31/1996 1047 0 10 100 10.80 1,080.00 3.15%
11/30/1996 1080 0 10 100 11.65 1,165.00 7.87%
12/31/1996 1165 0.22 11.42 101.926 11.31 1,152.78 -1.05%
01/31/1997 1152.78 0 11.42 101.926 11.68 1,190.50 3.27%
02/28/1997 1190.5 0 11.42 101.926 11.72 1,194.57 0.34%
03/31/1997 1194.57 0 11.42 101.926 11.31 1,152.78 -3.50%
04/30/1997 1152.78 0 11.42 101.926 11.77 1,199.67 4.07%
05/31/1997 1199.67 0 11.42 101.926 12.27 1,250.63 4.25%
06/30/1997 1250.63 0 11.42 101.926 12.81 1,305.67 4.40%
07/31/1997 1305.67 0 11.42 101.926 13.67 1,393.33 6.71%
08/31/1997 1393.33 0.125 13.25 102.888 13.21 1,359.15 -2.45%
09/30/1997 1359.15 0 13.25 102.888 13.88 1,428.09 5.07%
10/31/1997 1428.09 0 13.25 102.888 13.49 1,387.96 -2.81%
11/30/1997 1387.96 0.76 13.2 108.812 13.16 1,431.97 3.17%
12/31/1997 1431.97 0 13.2 108.812 13.54 1,473.31 2.89%
01/31/1998 1473.31 0 13.2 108.812 13.48 1,466.79 -0.44%
02/28/1998 1466.79 0 13.2 108.812 14.13 1,537.51 4.82%
03/31/1998 1537.51 0 13.2 108.812 14.50 1,577.77 2.62%
04/30/1998 1577.77 0 13.2 108.812 14.56 1,584.30 0.41%
05/31/1998 1584.3 0 13.2 108.812 14.41 1,567.98 -1.03%
06/30/1998 1567.98 0 13.2 108.812 14.48 1,575.60 0.49%
07/31/1998 1575.6 0 13.2 108.812 14.24 1,549.48 -1.66%
08/31/1998 1549.48 0.044 13.76 109.16 12.87 1,404.89 -9.33%
09/30/1998 1404.89 0 13.2 109.16 13.37 1,459.47 3.89%
10/31/1998 1459.47 0 13.2 109.16 13.97 1,524.97 4.49%
0.52497
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1996 1,000 0.67772749
03/31/1996 0.00103 1.02739726 981.97 0.08 0.665509828
04/30/1996 0.00103 1.008875962 986.96 0.16 0.6688882
05/31/1996 0.00106 1.047797299 999.88 0.25 0.677646668
06/30/1996 0.00103 1.027274738 1,002.84 0.33 0.679652935
07/31/1996 0.00106 1.064659998 971.90 0.41 0.658683532
08/31/1996 0.00106 1.031811933 993.75 0.50 0.673490613
09/30/1996 0.00103 1.020974389 1,039.43 0.60 0.704452729
10/31/1996 0.00106 1.10350828 1,071.09 0.71 0.725908232
11/30/1996 0.00103 1.100436591 1,154.29 0.85 0.782294103
12/31/1996 0.00106 1.225444922 1,140.96 0.94 0.773257891
01/31/1997 0.00106 1.211289913 1,177.08 1.07 0.797738661
02/28/1997 0.00096 1.128705698 1,179.97 1.16 0.79970096
03/31/1997 0.00106 1.252712347 1,137.44 1.22 0.770875785
04/30/1997 0.00103 1.168604904 1,182.54 1.36 0.801439612
05/31/1997 0.00106 1.255435903 1,231.52 1.52 0.834632599
06/30/1997 0.00103 1.265256697 1,284.45 1.68 0.87050713
07/31/1997 0.00106 1.36362851 1,369.32 1.90 0.928027021
08/31/1997 0.00106 1.453732038 1,334.28 1.97 0.904276208
09/30/1997 0.00103 1.370832542 1,400.58 2.18 0.949214649
10/31/1997 0.00106 1.486921949 1,359.74 2.23 0.921533544
11/30/1997 0.00103 1.396993705 1,401.46 2.41 0.949807123
12/31/1997 0.00106 1.487850045 1,440.43 2.60 0.976219052
01/31/1998 0.00106 1.529223697 1,432.53 2.71 0.970862486
02/28/1998 0.00096 1.373655401 1,500.22 2.95 1.016740809
03/31/1998 0.00106 1.592700057 1,537.91 3.15 1.04228495
04/30/1998 0.00103 1.580046135 1,542.70 3.28 1.045527869
05/31/1998 0.00106 1.637794294 1,525.17 3.38 1.033647825
06/30/1998 0.00103 1.566952733 1,531.01 3.51 1.037609134
07/31/1998 0.00106 1.625389786 1,504.01 3.58 1.019306274
08/31/1998 0.00106 1.596718796 1,362.06 3.37 0.923107389 .019 ST/.025LT
09/30/1998 0.00103 1.399379567 1,413.58 3.61 0.958021728
10/31/1998 0.00106 1.500718027 1,475.52 3.89 1
0.475519311 0.475519311
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA FOUNDATION FUND (1.40%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 137M
Year Rate Available
---------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.680415 2 6.00% 20%
Units purchased 1,469.691 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 0.680415 1,469.691 1,000.00 1,000.00 1,562.80 6.00%
03/31/1996 0.668065 1,469.691 981.85 0.00008 0.0821918 981.77 1,562.80 6.00%
04/30/1996 0.671374 1,469.691 986.71 0.00008 0.080693207 986.55 1,562.80 6.00%
05/31/1996 0.680080 1,469.691 999.51 0.00008 0.083789129 999.26 1,562.80 6.00%
06/30/1996 0.682009 1,469.691 1,002.34 0.00008 0.082130786 1,002.01 1,562.80 6.00%
07/31/1996 0.660880 1,469.691 971.29 0.00008 0.085102305 970.88 1,562.80 6.00%
08/31/1996 0.675653 1,469.691 993.00 0.00008 0.082458565 992.50 1,562.80 6.00%
09/30/1996 0.706631 1,469.691 1,038.53 0.00008 0.081575526 1,037.93 1,562.80 6.00%
10/31/1996 0.728063 1,469.691 1,070.03 0.00008 0.088152636 1,069.32 1,562.80 6.00%
11/30/1996 0.784526 1,469.691 1,153.01 0.00008 0.087889144 1,152.16 1,562.80 6.00%
12/31/1996 0.775364 1,469.691 1,139.55 0.00008 0.097854588 1,138.61 1,562.80 6.00%
01/31/1997 0.799813 1,469.691 1,175.48 0.00008 0.096703501 1,174.41 1,562.80 6.00%
02/28/1997 0.801688 1,469.691 1,178.23 0.00008 0.090091833 1,177.08 1,562.80 6.00%
03/31/1997 0.772689 1,469.691 1,135.61 0.00008 0.099970754 1,134.40 1,562.80 6.00%
04/30/1997 0.803230 1,469.691 1,180.50 0.00008 0.093238149 1,179.14 1,562.80 6.00%
05/31/1997 0.836395 1,469.691 1,229.24 0.00008 0.100146238 1,227.73 1,562.80 6.00%
06/30/1997 0.872242 1,469.691 1,281.93 0.00008 0.100909066 1,280.25 1,562.80 6.00%
07/31/1997 0.929765 1,469.691 1,366.47 0.00008 0.108733168 1,364.57 1,562.80 6.00%
08/31/1997 0.905851 1,469.691 1,331.32 0.00008 0.115894767 1,329.35 1,562.80 6.00%
09/30/1997 0.950756 1,469.691 1,397.32 0.00008 0.10926202 1,395.14 1,562.80 6.00%
10/31/1997 0.922909 1,469.691 1,356.39 0.00008 0.11849171 1,354.16 1,562.80 6.00%
11/30/1997 0.951111 1,469.691 1,397.84 0.00008 0.111301048 1,395.43 1,562.80 6.00%
12/31/1997 0.977438 1,469.691 1,436.53 0.00008 0.118516106 1,433.94 1,562.80 6.00%
01/31/1998 0.971950 1,469.691 1,428.47 0.00008 0.121786599 1,425.77 1,562.80 6.00%
02/28/1998 1.017768 1,469.691 1,495.81 0.00008 0.109373863 1,492.87 1,562.80 6.00%
03/31/1998 1.043209 1,469.691 1,533.19 0.00008 0.12679152 1,530.06 1,562.80 6.00%
04/30/1998 1.046326 1,469.691 1,537.78 0.00008 0.125758115 1,534.50 1,562.80 6.00%
05/31/1998 1.034303 1,469.691 1,520.11 0.00008 0.130327671 1,516.74 1,562.80 6.00%
06/30/1998 1.038140 1,469.691 1,525.74 0.00008 0.124663666 1,522.24 1,562.80 6.00%
07/31/1998 1.019695 1,469.691 1,498.64 0.00008 0.129286333 1,495.07 1,562.80 6.00%
08/31/1998 0.923330 1,469.691 1,357.01 0.00008 0.126978341 1,353.65 1,562.80 6.00%
09/30/1998 0.958139 1,469.691 1,408.17 0.00008 0.111258937 1,404.57 1,562.80 6.00%
10/31/1998 1.000000 1,469.691 1,469.69 0.00008 0.119292319 1,465.82 1,562.80 6.00%
11/30/1998 1.048582 1,469.691 1,541.09 0.00008 0.120478162 1,536.91 1,562.80 6.00%
12/31/1998 1.066334 1,469.691 1,567.18 0.00008 0.13053204 1,562.80 1,562.80 6.00%
12/31/1998 1,562.80
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 53.09% 56.28%
03/01/1996 30.00% 1,530.93 2.8356 16.21% 17.05% 1,530.93 1,562.80 3
03/31/1996 30.00% 1,532.02 2.7534 17.54% 18.39% 1,560.47 1,591.82 3
04/30/1996 30.00% 1,531.74 2.6712 17.90% 18.79% 1,552.62 1,584.11 3
05/31/1996 30.00% 1,530.97 2.5863 17.94% 18.88% 1,532.11 1,563.96 3
06/30/1996 30.00% 1,530.81 2.5041 18.44% 19.42% 1,527.74 1,559.66 3
07/31/1996 30.00% 1,532.68 2.4192 20.77% 21.75% 1,578.64 1,609.67 3
08/31/1996 30.00% 1,531.38 2.3342 20.42% 21.47% 1,542.95 1,574.60 3
09/30/1996 30.00% 1,528.65 2.2521 18.76% 19.93% 1,472.80 1,505.69 3
10/31/1996 30.00% 1,526.77 2.1671 17.86% 19.14% 1,427.80 1,461.49 3
11/30/1996 30.00% 1,521.80 2.0849 14.28% 15.74% 1,320.82 1,356.41 3
12/31/1996 30.00% 1,522.61 2.0000 15.64% 17.16% 1,337.26 1,372.55 3
01/31/1997 20.00% 1,511.09 1.9151 14.07% 16.09% 1,286.68 1,330.71 2
02/28/1997 20.00% 1,510.93 1.8384 14.55% 16.67% 1,283.63 1,327.70 2
03/31/1997 20.00% 1,513.49 1.7534 17.87% 20.05% 1,334.18 1,377.65 2
04/30/1997 20.00% 1,510.80 1.6712 15.99% 18.36% 1,281.27 1,325.37 2
05/31/1997 20.00% 1,507.89 1.5863 13.83% 16.43% 1,228.19 1,272.92 2
06/30/1997 20.00% 1,504.74 1.5041 11.34% 14.18% 1,175.35 1,220.70 2
07/31/1997 20.00% 1,499.68 1.4192 6.88% 10.03% 1,099.01 1,145.27 2
08/31/1997 20.00% 1,501.79 1.3342 9.57% 12.89% 1,129.71 1,175.61 2
09/30/1997 20.00% 1,497.84 1.2521 5.84% 9.49% 1,073.61 1,120.17 2
10/31/1997 20.00% 1,500.30 1.1671 9.18% 13.06% 1,107.92 1,154.07 2
11/30/1997 20.00% 1,497.83 1.0849 6.74% 11.01% 1,073.38 1,119.94 2
12/31/1997 20.00% 1,495.52 1.0000 4.29% 8.99% 1,042.94 1,089.86 2
01/31/1998 10.00% 1,486.63 0.9151 4.27% 9.61% 1,038.99 1,087.60 1
02/28/1998 10.00% 1,482.60 0.8384 -0.69% 4.68% 994.23 1,039.13 1
03/31/1998 10.00% 1,480.37 0.7534 -3.25% 2.14% 975.44 1,016.08 1
04/30/1998 10.00% 1,480.10 0.6712 -3.55% 1.84% 976.06 1,012.34 1
05/31/1998 10.00% 1,481.17 0.5863 -2.35% 3.04% 986.18 1,017.69 1
06/30/1998 10.00% 1,480.84 0.5041 -2.72% 2.66% 986.20 1,013.34 1
07/31/1998 10.00% 1,482.47 0.4192 -0.84% 4.53% 996.46 1,018.75 1
08/31/1998 10.00% 1,490.96 0.3342 10.14% 15.45% 1,032.81 1,049.19 1
09/30/1998 10.00% 1,487.90 0.2521 5.93% 11.27% 1,014.64 1,027.28 1
10/31/1998 10.00% 1,484.23 0.1671 1.26% 6.62% 1,002.09 1,010.76 1
11/30/1998 10.00% 1,479.96 0.0849 -3.71% 1.68% 996.80 1,001.42 1
12/31/1998 10.00% 1,478.41 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA FOUNDATION FUND (1.40%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 137M
Year Rate Available
---------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.680415 2 6.00% 20%
Units purchased 1,469.691 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,536.91 1,479.96 1,562.80 -3.71% 1.68%
09/30/1998 0.25 0.25 1,404.57 1,487.90 1,562.80 5.93% 11.27%
12/31/1997 1.00 1.00 1,433.94 1,495.52 1,562.80 4.29% 8.99%
12/31/1997 1.00 1.00 1,433.94 1,495.52 1,562.80 4.29% 8.99%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,465.82 1,484.23 1,562.80 1.26% 6.62%
03/01/1996 2.83 2.83 1,000.00 1,530.93 1,562.80 16.22% 17.07%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
EVERGREEN VA FOUNDATION FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 100 10 1000
03/31/1996 1000 0 10 100 9.83 983.00 -1.70%
04/30/1996 983 0 10 100 9.89 989.00 0.61%
05/31/1996 989 0 10 100 10.03 1,003.00 1.42%
06/30/1996 1003 0 10 100 10.07 1,007.00 0.40%
07/31/1996 1007 0 10 100 9.77 977.00 -2.98%
08/31/1996 977 0 10 100 10.00 1,000.00 2.35%
09/30/1996 1000 0 10 100 10.47 1,047.00 4.70%
10/31/1996 1047 0 10 100 10.80 1,080.00 3.15%
11/30/1996 1080 0 10 100 11.65 1,165.00 7.87%
12/31/1996 1165 0.22 11.42 101.926 11.31 1,152.78 -1.05%
01/31/1997 1152.78 0 11.42 101.926 11.68 1,190.50 3.27%
02/28/1997 1190.5 0 11.42 101.926 11.72 1,194.57 0.34%
03/31/1997 1194.57 0 11.42 101.926 11.31 1,152.78 -3.50%
04/30/1997 1152.78 0 11.42 101.926 11.77 1,199.67 4.07%
05/31/1997 1199.67 0 11.42 101.926 12.27 1,250.63 4.25%
06/30/1997 1250.63 0 11.42 101.926 12.81 1,305.67 4.40%
07/31/1997 1305.67 0 11.42 101.926 13.67 1,393.33 6.71%
08/31/1997 1393.33 0.125 13.25 102.888 13.21 1,359.15 -2.45%
09/30/1997 1359.15 0 13.25 102.888 13.88 1,428.09 5.07%
10/31/1997 1428.09 0 13.25 102.888 13.49 1,387.96 -2.81%
11/30/1997 1387.96 0.76 13.2 108.812 13.16 1,431.97 3.17%
12/31/1997 1431.97 0 13.2 108.812 13.54 1,473.31 2.89%
01/31/1998 1473.31 0 13.2 108.812 13.48 1,466.79 -0.44%
02/28/1998 1466.79 0 13.2 108.812 14.13 1,537.51 4.82%
03/31/1998 1537.51 0 13.2 108.812 14.50 1,577.77 2.62%
04/30/1998 1577.77 0 13.2 108.812 14.56 1,584.30 0.41%
05/31/1998 1584.3 0 13.2 108.812 14.41 1,567.98 -1.03%
06/30/1998 1567.98 0 13.2 108.812 14.48 1,575.60 0.49%
07/31/1998 1575.6 0 13.2 108.812 14.24 1,549.48 -1.66%
08/31/1998 1549.48 0.044 13.76 109.16 12.87 1,404.89 -9.33%
09/30/1998 1404.89 0 13.2 109.16 13.37 1,459.47 3.89%
10/31/1998 1459.47 0 13.2 109.16 13.97 1,524.97 4.49%
0.52497
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1996 1,000 0.68041529
03/31/1996 0.00115 1.150684932 981.85 0.08 0.668065286
04/30/1996 0.00115 1.129799212 986.71 0.16 0.671374267
05/31/1996 0.00119 1.173241703 999.51 0.25 0.680079756
06/30/1996 0.00115 1.150117493 1,002.34 0.33 0.682009381
07/31/1996 0.00119 1.191826806 971.29 0.41 0.660880389
08/31/1996 0.00119 1.154903415 993.00 0.50 0.67565266
09/30/1996 0.00115 1.142630606 1,038.53 0.60 0.706630872
10/31/1996 0.00119 1.234853417 1,070.03 0.71 0.728062692
11/30/1996 0.00115 1.231263878 1,153.01 0.85 0.784526151
12/31/1996 0.00119 1.370977179 1,139.55 0.94 0.775364211
01/31/1997 0.00119 1.35496648 1,175.48 1.07 0.799812886
02/28/1997 0.00107 1.262430665 1,178.23 1.16 0.801688255
03/31/1997 0.00119 1.400968342 1,135.61 1.22 0.772689314
04/30/1997 0.00115 1.306734231 1,180.50 1.36 0.803229781
05/31/1997 0.00119 1.403662195 1,229.24 1.51 0.836394583
06/30/1997 0.00115 1.414469453 1,281.93 1.68 0.87224173
07/31/1997 0.00119 1.524262135 1,366.47 1.90 0.929765116
08/31/1997 0.00119 1.624785551 1,331.32 1.97 0.905851371
09/30/1997 0.00115 1.531931363 1,397.32 2.17 0.95075641
10/31/1997 0.00119 1.661468313 1,356.39 2.23 0.92290922
11/30/1997 0.00115 1.56077876 1,397.84 2.41 0.951111223
12/31/1997 0.00119 1.662088356 1,436.53 2.59 0.977438247
01/31/1998 0.00119 1.708095425 1,428.47 2.70 0.971950468
02/28/1998 0.00107 1.534133917 1,495.80 2.94 1.017768363
03/31/1998 0.00119 1.778573216 1,533.19 3.14 1.043208659
04/30/1998 0.00115 1.764223264 1,537.78 3.27 1.046325837
05/31/1998 0.00119 1.828478046 1,520.11 3.36 1.034303427
06/30/1998 0.00115 1.749163174 1,525.74 3.50 1.038139732
07/31/1998 0.00119 1.814172642 1,498.64 3.57 1.019695256
08/31/1998 0.00119 1.781940504 1,357.01 3.36 0.923329754 .019 ST/.025LT
09/30/1998 0.00115 1.561489946 1,408.17 3.60 0.958138668
10/31/1998 0.00119 1.674368976 1,469.69 3.87 1
0.469690665 0.469690665
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GROWTH AND INCOME FUND (1.25%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 80M
Year Rate Available
---------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.664929 2 6.00% 20%
Units purchased 1,503.921 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 0.664929 1,503.921 1,000.00 1,000.00 1,616.43 6.00%
03/31/1996 0.680869 1,503.921 1,023.97 0.00008 0.082191805 1,023.89 1,616.43 6.00%
04/30/1996 0.697440 1,503.921 1,048.89 0.00008 0.084155401 1,048.73 1,616.43 6.00%
05/31/1996 0.703999 1,503.921 1,058.76 0.00008 0.08906992 1,058.50 1,616.43 6.00%
06/30/1996 0.709242 1,503.921 1,066.64 0.00008 0.08700002 1,066.30 1,616.43 6.00%
07/31/1996 0.678027 1,503.921 1,019.70 0.00008 0.090562133 1,019.28 1,616.43 6.00%
08/31/1996 0.703767 1,503.921 1,058.41 0.00008 0.086568607 1,057.88 1,616.43 6.00%
09/30/1996 0.736084 1,503.921 1,107.01 0.00008 0.086949326 1,106.38 1,616.43 6.00%
10/31/1996 0.736623 1,503.921 1,107.82 0.00008 0.093966141 1,107.09 1,616.43 6.00%
11/30/1996 0.765542 1,503.921 1,151.31 0.00008 0.090993824 1,150.46 1,616.43 6.00%
12/31/1996 0.783091 1,503.921 1,177.71 0.00008 0.097710635 1,176.74 1,616.43 6.00%
01/31/1997 0.805432 1,503.921 1,211.31 0.00008 0.099942144 1,210.21 1,616.43 6.00%
02/28/1997 0.792753 1,503.921 1,192.24 0.00008 0.092838053 1,191.07 1,616.43 6.00%
03/31/1997 0.776720 1,503.921 1,168.12 0.00008 0.101159101 1,166.88 1,616.43 6.00%
04/30/1997 0.812217 1,503.921 1,221.51 0.00008 0.095907613 1,220.11 1,616.43 6.00%
05/31/1997 0.872004 1,503.921 1,311.43 0.00008 0.103625652 1,309.82 1,616.43 6.00%
06/30/1997 0.907994 1,503.921 1,365.55 0.00008 0.107656186 1,363.77 1,616.43 6.00%
07/31/1997 0.963615 1,503.921 1,449.20 0.00008 0.115826901 1,447.19 1,616.43 6.00%
08/31/1997 0.984282 1,503.921 1,480.28 0.00008 0.122912312 1,478.11 1,616.43 6.00%
09/30/1997 1.046961 1,503.921 1,574.55 0.00008 0.121488406 1,572.11 1,616.43 6.00%
10/31/1997 1.024203 1,503.921 1,540.32 0.00008 0.133521963 1,537.81 1,616.43 6.00%
11/30/1997 1.018942 1,503.921 1,532.41 0.00008 0.126395048 1,529.78 1,616.43 6.00%
12/31/1997 1.041733 1,503.921 1,566.68 0.00008 0.129926599 1,563.87 1,616.43 6.00%
01/31/1998 1.027682 1,503.921 1,545.55 0.00008 0.132821603 1,542.64 1,616.43 6.00%
02/28/1998 1.085907 1,503.921 1,633.12 0.00008 0.11833964 1,629.92 1,616.43 6.00%
03/31/1998 1.138474 1,503.921 1,712.17 0.00008 0.138431904 1,708.69 1,616.43 6.00%
04/30/1998 1.155642 1,503.921 1,737.99 0.00008 0.140439991 1,734.31 1,616.43 6.00%
05/31/1998 1.124556 1,503.921 1,691.24 0.00008 0.147297807 1,687.51 1,616.43 6.00%
06/30/1998 1.113912 1,503.921 1,675.24 0.00008 0.138699837 1,671.40 1,616.43 6.00%
07/31/1998 1.066004 1,503.921 1,603.19 0.00008 0.14195475 1,599.38 1,616.43 6.00%
08/31/1998 0.908627 1,503.921 1,366.50 0.00008 0.135837475 1,363.12 1,616.43 6.00%
09/30/1998 0.941518 1,503.921 1,415.97 0.00008 0.112037262 1,412.35 1,616.43 6.00%
10/31/1998 1.000000 1,503.921 1,503.92 0.00008 0.119953158 1,499.96 1,616.43 6.00%
11/30/1998 1.045323 1,503.921 1,572.08 0.00008 0.123284295 1,567.82 1,616.43 6.00%
12/31/1998 1.077823 1,503.921 1,620.96 0.00008 0.133157168 1,616.43 1,616.43 6.00%
12/31/1998 1,616.43
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 58.55% 61.64%
03/01/1996 30.00% 1,585.53 2.8356 17.65% 18.45% 1,585.53 1,616.43 3
03/31/1996 30.00% 1,584.09 2.7534 17.17% 18.04% 1,547.13 1,578.71 3
04/30/1996 30.00% 1,582.60 2.6712 16.65% 17.58% 1,509.07 1,541.33 3
05/31/1996 30.00% 1,582.02 2.5863 16.81% 17.79% 1,494.58 1,527.09 3
06/30/1996 30.00% 1,581.55 2.5041 17.05% 18.07% 1,483.22 1,515.93 3
07/31/1996 30.00% 1,584.37 2.4192 20.00% 21.00% 1,554.41 1,585.86 3
08/31/1996 30.00% 1,582.05 2.3342 18.82% 19.92% 1,495.49 1,527.98 3
09/30/1996 30.00% 1,579.14 2.2521 17.11% 18.33% 1,427.31 1,461.01 3
10/31/1996 30.00% 1,579.10 2.1671 17.81% 19.08% 1,426.35 1,460.07 3
11/30/1996 30.00% 1,576.50 2.0849 16.31% 17.72% 1,370.31 1,405.02 3
12/31/1996 30.00% 1,574.92 2.0000 15.69% 17.20% 1,338.38 1,373.65 3
01/31/1997 20.00% 1,563.21 1.9151 14.30% 16.31% 1,291.69 1,335.66 2
02/28/1997 20.00% 1,564.36 1.8384 15.99% 18.07% 1,313.41 1,357.13 2
03/31/1997 20.00% 1,565.81 1.7534 18.26% 20.43% 1,341.89 1,385.26 2
04/30/1997 20.00% 1,562.62 1.6712 15.96% 18.33% 1,280.72 1,324.82 2
05/31/1997 20.00% 1,557.24 1.5863 11.52% 14.18% 1,188.90 1,234.09 2
06/30/1997 20.00% 1,554.00 1.5041 9.07% 11.96% 1,139.49 1,185.27 2
07/31/1997 20.00% 1,549.00 1.4192 4.91% 8.10% 1,070.34 1,116.94 2
08/31/1997 20.00% 1,547.14 1.3342 3.48% 6.93% 1,046.70 1,093.58 2
09/30/1997 20.00% 1,541.50 1.2521 -1.56% 2.25% 980.53 1,028.19 2
10/31/1997 20.00% 1,543.56 1.1671 0.32% 4.36% 1,003.74 1,051.13 2
11/30/1997 20.00% 1,544.04 1.0849 0.86% 5.21% 1,009.32 1,056.64 2
12/31/1997 20.00% 1,542.00 1.0000 -1.40% 3.36% 986.01 1,033.61 2
01/31/1998 10.00% 1,533.57 0.9151 -0.59% 4.78% 994.62 1,043.68 1
02/28/1998 10.00% 1,528.33 0.8384 -6.23% -0.83% 947.47 993.05 1
03/31/1998 10.00% 1,523.61 0.7534 -10.83% -5.40% 917.25 959.04 1
04/30/1998 10.00% 1,522.07 0.6712 -12.24% -6.80% 916.11 953.85 1
05/31/1998 10.00% 1,524.88 0.5863 -9.64% -4.21% 942.31 975.08 1
06/30/1998 10.00% 1,525.84 0.5041 -8.71% -3.29% 955.11 983.28 1
07/31/1998 10.00% 1,530.17 0.4192 -4.33% 1.07% 981.63 1,004.46 1
08/31/1998 10.00% 1,544.34 0.3342 13.29% 18.58% 1,042.60 1,058.62 1
09/30/1998 10.00% 1,541.39 0.2521 9.14% 14.45% 1,022.28 1,034.61 1
10/31/1998 10.00% 1,536.13 0.1671 2.41% 7.76% 1,003.99 1,012.57 1
11/30/1998 10.00% 1,532.06 0.0849 -2.28% 3.10% 998.04 1,002.60 1
12/31/1998 10.00% 1,529.14 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GROWTH AND INCOME FUND (1.25%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 80M
Year Rate Available
---------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.664929 2 6.00% 20%
Units purchased 1,503.921 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,567.82 1,532.06 1,616.43 -2.28% 3.10%
09/30/1998 0.25 0.25 1,412.35 1,541.39 1,616.43 9.14% 14.45%
12/31/1997 1.00 1.00 1,563.87 1,542.00 1,616.43 -1.40% 3.36%
12/31/1997 1.00 1.00 1,563.87 1,542.00 1,616.43 -1.40% 3.36%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,499.96 1,536.13 1,616.43 2.41% 7.76%
03/01/1996 2.8 2.83 1,000.00 1,585.53 1,616.43 17.67% 18.47%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
EVERGREEN VA GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV After M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 100 10 1000
03/31/1996 1000 0 10 100 10.25 1,025.00 2.50%
04/30/1996 1025 0 10 100 10.51 1,051.00 2.54%
05/31/1996 1051 0 10 100 10.62 1,062.00 1.05%
06/30/1996 1062 0 10 100 10.71 1,071.00 0.85%
07/31/1996 1071 0 10 100 10.25 1,025.00 -4.30%
08/31/1996 1025 0 10 100 10.65 1,065.00 3.90%
09/30/1996 1065 0 10 100 11.15 1,115.00 4.69%
10/31/1996 1115 0 10 100 11.17 1,117.00 0.18%
11/30/1996 1117 0 10 100 11.62 1,162.00 4.03%
12/31/1996 1162 0.069 11.87 100.581 11.83 1,189.87 2.40%
01/31/1997 1189.87 0 11.87 100.581 12.18 1,225.08 2.96%
02/28/1997 1225.08 0 11.87 100.581 12.00 1,206.97 -1.48%
03/31/1997 1206.97 0 11.87 100.581 11.77 1,183.84 -1.92%
04/30/1997 1183.84 0 11.87 100.581 12.32 1,239.16 4.67%
05/31/1997 1239.16 0 11.87 100.581 13.24 1,331.69 7.47%
06/30/1997 1331.69 0 11.87 100.581 13.80 1,388.02 4.23%
07/31/1997 1388.02 0 11.87 100.581 14.66 1,474.52 6.23%
08/31/1997 1474.52 0 11.87 100.581 14.99 1,507.71 2.25%
09/30/1997 1507.71 0 11.87 100.581 15.96 1,605.27 6.47%
10/31/1997 1605.27 0 11.87 100.581 15.63 1,572.08 -2.07%
11/30/1997 1572.08 0.632 15.09 104.794 14.94 1,565.62 -0.41%
12/31/1997 1565.62 0 15.09 104.794 15.29 1,602.30 2.34%
01/31/1998 1602.3 0 15.09 104.794 15.10 1,582.39 -1.24%
02/28/1998 1582.39 0 15.09 104.794 15.97 1,673.56 5.76%
03/31/1998 1673.56 0 15.09 104.794 16.76 1,756.35 4.95%
04/30/1998 1756.35 0 15.09 104.794 17.03 1,784.64 1.61%
05/31/1998 1784.64 0 15.09 104.794 16.59 1,738.53 -2.58%
06/30/1998 1738.53 0 15.09 104.794 16.45 1,723.86 -0.84%
07/31/1998 1723.86 0 15.09 104.794 15.76 1,651.55 -4.19%
08/31/1998 1651.55 0.022 14.82 104.95 13.43 1,409.48 -14.66%
09/30/1998 1409.48 0 15.09 104.95 13.93 1,461.95 3.72%
10/31/1998 1461.95 0 15.09 104.95 14.81 1,554.31 6.32%
0.46195
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1996 1,000 0.664928743
03/31/1996 0.00103 1.02739726 1,023.97 0.08 0.680868815
04/30/1996 0.00103 1.052026647 1,048.89 0.17 0.697440111
05/31/1996 0.00106 1.113552396 1,058.76 0.26 0.703999242
06/30/1996 0.00103 1.08776602 1,066.64 0.35 0.70924205
07/31/1996 0.00106 1.132395702 1,019.70 0.42 0.678026777
08/31/1996 0.00106 1.082556524 1,058.41 0.53 0.703766536
09/30/1996 0.00103 1.087406461 1,107.01 0.64 0.736084171
10/31/1996 0.00106 1.175252583 1,107.82 0.73 0.736623042
11/30/1996 0.00103 1.138173832 1,151.31 0.85 0.765542188
12/31/1996 0.00106 1.222286078 1,177.71 0.97 0.783090609
01/31/1997 0.00106 1.250304377 1,211.31 1.10 0.805432046
02/28/1997 0.00096 1.161526114 1,192.24 1.17 0.792753247
03/31/1997 0.00106 1.265732016 1,168.12 1.25 0.776719547
04/30/1997 0.00103 1.200127899 1,221.51 1.40 0.812217099
05/31/1997 0.00106 1.296808546 1,311.43 1.61 0.872004325
06/30/1997 0.00103 1.347354681 1,365.55 1.78 0.907993894
07/31/1997 0.00106 1.449728457 1,449.20 2.01 0.963615187
08/31/1997 0.00106 1.538534971 1,480.28 2.17 0.984282205
09/30/1997 0.00103 1.520837912 1,574.55 2.43 1.046961302
10/31/1997 0.00106 1.671607709 1,540.32 2.51 1.024203197
11/30/1997 0.00103 1.582520789 1,532.41 2.63 1.018942272
12/31/1997 0.00106 1.626871742 1,566.68 2.82 1.041732724
01/31/1998 0.00106 1.663259615 1,545.55 2.91 1.027682321
02/28/1998 0.00096 1.482036702 1,633.12 3.19 1.085907179
03/31/1998 0.00106 1.733789785 1,712.17 3.49 1.138473503
04/30/1998 0.00103 1.759082564 1,737.99 3.68 1.155641536
05/31/1998 0.00106 1.845129611 1,691.24 3.73 1.12455618
06/30/1998 0.00103 1.737578576 1,675.23 3.83 1.113911625
07/31/1998 0.00106 1.778502468 1,603.19 3.81 1.066004285
08/31/1998 0.00106 1.702012269 1,366.50 3.38 0.908626825 .022 LT
09/30/1998 0.00103 1.40394098 1,415.97 3.62 0.941518296
10/31/1998 0.00106 1.503254455 1,503.92 3.96 1
0.415968713 0.415968713
</TABLE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GROWTH AND INCOME FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 138M
Year Rate Available
-----------------------------
1 6.00% 10%
2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
Initial investment $1,000 5 2.00% 50%
AUV 0.667565 6 0.00% 100%
Units purchased 1,497.981 7 0.00% 100%
-----------------------------
Contract charge factor 0.10%
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1996 0.667565 1,497.981 1,000.00 1,000.00 1,609.64 6.00%
03/31/1996 0.683486 1,497.981 1,023.85 0.00008 0.082191769 1,023.77 1,609.64 6.00%
04/30/1996 0.700037 1,497.981 1,048.64 0.00008 0.08414523 1,048.47 1,609.64 6.00%
05/31/1996 0.706531 1,497.981 1,058.37 0.00008 0.089048436 1,058.11 1,609.64 6.00%
06/30/1996 0.711706 1,497.981 1,066.12 0.00008 0.086968056 1,065.77 1,609.64 6.00%
07/31/1996 0.680291 1,497.981 1,019.06 0.00008 0.090517781 1,018.64 1,609.64 6.00%
08/31/1996 0.706030 1,497.981 1,057.62 0.00008 0.086514678 1,057.09 1,609.64 6.00%
09/30/1996 0.738365 1,497.981 1,106.06 0.00008 0.086884494 1,105.42 1,609.64 6.00%
10/31/1996 0.738811 1,497.981 1,106.73 0.00008 0.093885009 1,105.99 1,609.64 6.00%
11/30/1996 0.767725 1,497.981 1,150.04 0.00008 0.090903683 1,149.19 1,609.64 6.00%
12/31/1996 0.785226 1,497.981 1,176.25 0.00008 0.097602259 1,175.29 1,609.64 6.00%
01/31/1997 0.807528 1,497.981 1,209.66 0.00008 0.099818859 1,208.57 1,609.64 6.00%
02/28/1997 0.794724 1,497.981 1,190.48 0.00008 0.092712046 1,189.31 1,609.64 6.00%
03/31/1997 0.778549 1,497.981 1,166.25 0.00008 0.101009988 1,165.00 1,609.64 6.00%
04/30/1997 0.814034 1,497.981 1,219.41 0.00008 0.095753787 1,218.01 1,609.64 6.00%
05/31/1997 0.873851 1,497.981 1,309.01 0.00008 0.103447249 1,307.41 1,609.64 6.00%
06/30/1997 0.909809 1,497.981 1,362.88 0.00008 0.10745809 1,361.10 1,609.64 6.00%
07/31/1997 0.965426 1,497.981 1,446.19 0.00008 0.115600081 1,444.19 1,609.64 6.00%
08/31/1997 0.986009 1,497.981 1,477.02 0.00008 0.122656889 1,474.85 1,609.64 6.00%
09/30/1997 1.048676 1,497.981 1,570.90 0.00008 0.12122082 1,568.47 1,609.64 6.00%
10/31/1997 1.025747 1,497.981 1,536.55 0.00008 0.133212429 1,534.04 1,609.64 6.00%
11/30/1997 1.020352 1,497.981 1,528.47 0.00008 0.126085613 1,525.85 1,609.64 6.00%
12/31/1997 1.043044 1,497.981 1,562.46 0.00008 0.129592455 1,559.65 1,609.64 6.00%
01/31/1998 1.028843 1,497.981 1,541.19 0.00008 0.132463504 1,538.28 1,609.64 6.00%
02/28/1998 1.087015 1,497.981 1,628.33 0.00008 0.118005343 1,625.14 1,609.64 6.00%
03/31/1998 1.139497 1,497.981 1,706.94 0.00008 0.138025816 1,703.47 1,609.64 6.00%
04/30/1998 1.156540 1,497.981 1,732.47 0.00008 0.140010995 1,728.81 1,609.64 6.00%
05/31/1998 1.125283 1,497.981 1,685.65 0.00008 0.146830026 1,681.94 1,609.64 6.00%
06/30/1998 1.114493 1,497.981 1,669.49 0.00008 0.138241258 1,665.67 1,609.64 6.00%
07/31/1998 1.066418 1,497.981 1,597.47 0.00008 0.141467798 1,593.68 1,609.64 6.00%
08/31/1998 0.908844 1,497.981 1,361.43 0.00008 0.135353485 1,358.06 1,609.64 6.00%
09/30/1998 0.941631 1,497.981 1,410.55 0.00008 0.111621385 1,406.94 1,609.64 6.00%
10/31/1998 1.000000 1,497.981 1,497.98 0.00008 0.119493677 1,494.03 1,609.64 6.00%
11/30/1998 1.045190 1,497.981 1,565.67 0.00008 0.122797322 1,561.43 1,609.64 6.00%
12/31/1998 1.077551 1,497.981 1,614.15 0.00008 0.132614321 1,609.64 1,609.64 6.00%
12/31/1998 1,609.64
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 57.86% 60.96%
30.00% 1,578.61 2.8356 17.47% 18.28% 1,578.61 1,609.64 3
30.00% 1,577.19 2.7534 16.99% 17.86% 1,540.57 1,572.27 3
30.00% 1,575.70 2.6712 16.47% 17.41% 1,502.86 1,535.22 3
30.00% 1,575.13 2.5863 16.63% 17.61% 1,488.62 1,521.24 3
30.00% 1,574.67 2.5041 16.87% 17.90% 1,477.49 1,510.30 3
30.00% 1,577.49 2.4192 19.82% 20.82% 1,548.63 1,580.18 3
30.00% 1,575.19 2.3342 18.63% 19.74% 1,490.11 1,522.70 3
30.00% 1,572.29 2.2521 16.93% 18.16% 1,422.34 1,456.13 3
30.00% 1,572.25 2.1671 17.62% 18.91% 1,421.57 1,455.38 3
30.00% 1,569.66 2.0849 16.13% 17.54% 1,365.89 1,400.67 3
30.00% 1,568.10 2.0000 15.51% 17.03% 1,334.22 1,369.57 3
20.00% 1,556.44 1.9151 14.12% 16.14% 1,287.84 1,331.86 2
20.00% 1,557.60 1.8384 15.81% 17.89% 1,309.66 1,353.42 2
20.00% 1,559.05 1.7534 18.08% 20.25% 1,338.24 1,381.66 2
20.00% 1,555.87 1.6712 15.78% 18.15% 1,277.39 1,321.53 2
20.00% 1,550.51 1.5863 11.35% 14.01% 1,185.94 1,231.17 2
20.00% 1,547.29 1.5041 8.90% 11.80% 1,136.79 1,182.60 2
20.00% 1,542.30 1.4192 4.74% 7.94% 1,067.94 1,114.56 2
20.00% 1,540.46 1.3342 3.32% 6.77% 1,044.49 1,091.39 2
20.00% 1,534.85 1.2521 -1.72% 2.09% 978.56 1,026.25 2
20.00% 1,536.91 1.1671 0.16% 4.21% 1,001.87 1,049.28 2
20.00% 1,537.40 1.0849 0.70% 5.05% 1,007.57 1,054.92 2
20.00% 1,535.38 1.0000 -1.56% 3.21% 984.44 1,032.05 2
10.00% 1,527.00 0.9151 -0.73% 4.64% 993.28 1,042.37 1
10.00% 1,521.79 0.8384 -6.36% -0.95% 946.40 992.00 1
10.00% 1,517.09 0.7534 -10.94% -5.51% 916.40 958.21 1
10.00% 1,515.57 0.6712 -12.33% -6.89% 915.43 953.19 1
10.00% 1,518.38 0.5863 -9.72% -4.30% 941.78 974.57 1
10.00% 1,519.36 0.5041 -8.78% -3.36% 954.71 982.90 1
10.00% 1,523.68 0.4192 -4.39% 1.00% 981.35 1,004.19 1
10.00% 1,537.81 0.3342 13.24% 18.52% 1,042.42 1,058.44 1
10.00% 1,534.88 0.2521 9.09% 14.41% 1,022.18 1,034.51 1
10.00% 1,529.65 0.1671 2.38% 7.74% 1,003.94 1,012.53 1
10.00% 1,525.61 0.0849 -2.29% 3.09% 998.03 1,002.59 1
10.00% 1,522.72 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GROWTH AND INCOME FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 138M
Year Rate Available
-----------------------------
1 6.00% 10%
2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
Initial investment $1,000 5 2.00% 50%
AUV 0.667565 6 0.00% 100%
Units purchased 1,497.981 7 0.00% 100%
-----------------------------
Contract charge factor 0.10%
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,561.43 1,525.61 1,609.64 -2.29% 3.09%
09/30/1998 0.25 0.25 1,406.94 1,534.88 1,609.64 9.09% 14.41%
12/31/1997 1.00 1.00 1,559.65 1,535.38 1,609.64 -1.56% 3.21%
12/31/1997 1.00 1.00 1,559.65 1,535.38 1,609.64 -1.56% 3.21%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,494.03 1,529.65 1,609.64 2.38% 7.74%
03/01/1996 2.83 2.83 1,000.00 1,578.61 1,609.64 17.49% 18.30%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
EVERGREEN VA GROWTH AND INCOME FUND
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
03/01/1996 100 10 1000
03/31/1996 1000 0 10 100 10.25 1,025.00
04/30/1996 1025 0 10 100 10.51 1,051.00
05/31/1996 1051 0 10 100 10.62 1,062.00
06/30/1996 1062 0 10 100 10.71 1,071.00
07/31/1996 1071 0 10 100 10.25 1,025.00
08/31/1996 1025 0 10 100 10.65 1,065.00
09/30/1996 1065 0 10 100 11.15 1,115.00
10/31/1996 1115 0 10 100 11.17 1,117.00
11/30/1996 1117 0 10 100 11.62 1,162.00
12/31/1996 1162 0.069 11.87 100.581 11.83 1,189.87
01/31/1997 1189.87 0 11.87 100.581 12.18 1,225.08
02/28/1997 1225.08 0 11.87 100.581 12.00 1,206.97
03/31/1997 1206.97 0 11.87 100.581 11.77 1,183.84
04/30/1997 1183.84 0 11.87 100.581 12.32 1,239.16
05/31/1997 1239.16 0 11.87 100.581 13.24 1,331.69
06/30/1997 1331.69 0 11.87 100.581 13.80 1,388.02
07/31/1997 1388.02 0 11.87 100.581 14.66 1,474.52
08/31/1997 1474.52 0 11.87 100.581 14.99 1,507.71
09/30/1997 1507.71 0 11.87 100.581 15.96 1,605.27
10/31/1997 1605.27 0 11.87 100.581 15.63 1,572.08
11/30/1997 1572.08 0.632 15.09 104.794 14.94 1,565.62
12/31/1997 1565.62 0 15.09 104.794 15.29 1,602.30
01/31/1998 1602.3 0 15.09 104.794 15.10 1,582.39
02/28/1998 1582.39 0 15.09 104.794 15.97 1,673.56
03/31/1998 1673.56 0 15.09 104.794 16.76 1,756.35
04/30/1998 1756.35 0 15.09 104.794 17.03 1,784.64
05/31/1998 1784.64 0 15.09 104.794 16.59 1,738.53
06/30/1998 1738.53 0 15.09 104.794 16.45 1,723.86
07/31/1998 1723.86 0 15.09 104.794 15.76 1,651.55
08/31/1998 1651.55 0.022 14.82 104.95 13.43 1,409.48
09/30/1998 1409.48 0 15.09 104.95 13.93 1,461.95
10/31/1998 1461.95 0 15.09 104.95 14.81 1,554.31
0.46195
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
1,000 0.66756511
2.50% 0.00115 1.150684932 1,023.85 0.08 0.683486081
2.54% 0.00115 1.178127979 1,048.64 0.17 0.700036811
1.05% 0.00119 1.246878432 1,058.37 0.26 0.70653118
0.85% 0.00115 1.217850919 1,066.12 0.35 0.711705738
-4.30% 0.00119 1.267662671 1,019.06 0.42 0.680291363
3.90% 0.00119 1.211708605 1,057.62 0.53 0.706030425
4.69% 0.00115 1.216987764 1,106.06 0.64 0.738364974
0.18% 0.00119 1.31514707 1,106.73 0.73 0.738811449
4.03% 0.00115 1.273492562 1,150.04 0.85 0.767725424
2.40% 0.00119 1.367442765 1,176.25 0.97 0.785226085
2.96% 0.00119 1.398614263 1,209.66 1.09 0.807528411
-1.48% 0.00107 1.299144273 1,190.48 1.17 0.794723691
-1.92% 0.00119 1.415531031 1,166.25 1.25 0.778548893
4.67% 0.00115 1.341988169 1,219.41 1.40 0.814034064
7.47% 0.00119 1.449925918 1,309.01 1.61 0.87385133
4.23% 0.00115 1.506261401 1,362.88 1.78 0.909809394
6.23% 0.00119 1.620517225 1,446.19 2.00 0.965425993
2.25% 0.00119 1.719579355 1,477.02 2.17 0.986008855
6.47% 0.00115 1.699587823 1,570.90 2.43 1.048676343
-2.07% 0.00119 1.86786165 1,536.55 2.51 1.025747359
-0.41% 0.00115 1.768085257 1,528.47 2.62 1.02035204
2.34% 0.00119 1.8174115 1,562.46 2.81 1.043044034
-1.24% 0.00119 1.857829599 1,541.19 2.90 1.028843063
5.76% 0.00107 1.655193248 1,628.33 3.19 1.087015297
4.95% 0.00119 1.93614951 1,706.94 3.48 1.13949678
1.61% 0.00115 1.964155638 1,732.47 3.67 1.156539758
-2.58% 0.00119 2.059983784 1,685.65 3.72 1.125282901
-0.84% 0.00115 1.939655112 1,669.49 3.82 1.114492734
-4.19% 0.00119 1.985091255 1,597.47 3.80 1.066418418
- -14.66% 0.00119 1.899463147 1,361.43 3.37 0.90884396 .022 LT
3.72% 0.00115 1.566578351 1,410.55 3.60 0.941631242
6.32% 0.00119 1.677197065 1,497.98 3.95 1
0.410545919 0.410545919
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS EMERGING GROWTH SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 82M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.588080 2 6.00% 20%
Units purchased 1,700.448 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/24/1995 0.588080 1,700.448 1,000.00 1,000.00 2,146.26 4.00%
07/31/1995 0.592056 1,700.448 1,006.76 0.00002 0.019178078 1,006.74 2,146.26 4.00%
08/31/1995 0.609065 1,700.448 1,035.68 0.00008 0.085504018 1,035.58 2,146.26 4.00%
09/30/1995 0.637806 1,700.448 1,084.56 0.00008 0.085116068 1,084.36 2,146.26 4.00%
10/31/1995 0.648278 1,700.448 1,102.36 0.00008 0.092096434 1,102.07 2,146.26 4.00%
11/30/1995 0.684539 1,700.448 1,164.02 0.00008 0.090581245 1,163.63 2,146.26 4.00%
12/31/1995 0.686793 1,700.448 1,167.86 0.00008 0.098828443 1,167.36 2,146.26 4.00%
01/31/1996 0.698102 1,700.448 1,187.09 0.00008 0.099145442 1,186.48 2,146.26 6.00%
02/29/1996 0.725066 1,700.448 1,232.94 0.00008 0.094268366 1,232.21 2,146.26 6.00%
03/31/1996 0.731506 1,700.448 1,243.89 0.00008 0.104653801 1,243.05 2,146.26 6.00%
04/30/1996 0.782365 1,700.448 1,330.37 0.00008 0.10216882 1,329.38 2,146.26 6.00%
05/31/1996 0.803715 1,700.448 1,366.68 0.00008 0.112906052 1,365.54 2,146.26 6.00%
06/30/1996 0.785522 1,700.448 1,335.74 0.00008 0.112236291 1,334.52 2,146.26 6.00%
07/31/1996 0.727850 1,700.448 1,237.67 0.00008 0.113342681 1,236.43 2,146.26 6.00%
08/31/1996 0.746799 1,700.448 1,269.89 0.00008 0.105011596 1,268.51 2,146.26 6.00%
09/30/1996 0.809905 1,700.448 1,377.20 0.00008 0.104261216 1,375.60 2,146.26 6.00%
10/31/1996 0.797117 1,700.448 1,355.46 0.00008 0.116831669 1,353.76 2,146.26 6.00%
11/30/1996 0.831447 1,700.448 1,413.83 0.00008 0.111268129 1,411.95 2,146.26 6.00%
12/31/1996 0.793819 1,700.448 1,349.85 0.00008 0.119919404 1,347.93 2,146.26 6.00%
01/31/1997 0.842738 1,700.448 1,433.03 0.00008 0.114482132 1,430.89 2,146.26 6.00%
02/28/1997 0.804200 1,700.448 1,367.50 0.00008 0.109766642 1,365.34 2,146.26 6.00%
03/31/1997 0.740515 1,700.448 1,259.21 0.00008 0.115960646 1,257.10 2,146.26 6.00%
04/30/1997 0.769040 1,700.448 1,307.71 0.00008 0.103323648 1,305.43 2,146.26 6.00%
05/31/1997 0.840472 1,700.448 1,429.18 0.00008 0.110871783 1,426.57 2,146.26 6.00%
06/30/1997 0.874206 1,700.448 1,486.54 0.00008 0.117252205 1,483.71 2,146.26 6.00%
07/31/1997 0.954319 1,700.448 1,622.77 0.00008 0.126013663 1,619.55 2,146.26 6.00%
08/31/1997 0.925925 1,700.448 1,574.49 0.00008 0.137551091 1,571.23 2,146.26 6.00%
09/30/1997 0.990983 1,700.448 1,685.12 0.00008 0.129141982 1,681.50 2,146.26 6.00%
10/31/1997 0.955472 1,700.448 1,624.73 0.00008 0.142812146 1,621.10 2,146.26 6.00%
11/30/1997 0.966357 1,700.448 1,643.24 0.00008 0.133241108 1,639.43 2,146.26 6.00%
12/31/1997 0.955848 1,700.448 1,625.37 0.00008 0.139239635 1,621.47 2,146.26 6.00%
01/31/1998 0.979115 1,700.448 1,664.93 0.00008 0.137713544 1,660.80 2,146.26 6.00%
02/28/1998 1.071648 1,700.448 1,822.28 0.00008 0.127403727 1,817.63 2,146.26 6.00%
03/31/1998 1.150310 1,700.448 1,956.04 0.00008 0.154373844 1,950.89 2,146.26 6.00%
04/30/1998 1.134538 1,700.448 1,929.22 0.00008 0.160347264 1,923.98 2,146.26 6.00%
05/31/1998 1.084550 1,700.448 1,844.22 0.00008 0.163406783 1,839.05 2,146.26 6.00%
06/30/1998 1.154752 1,700.448 1,963.60 0.00008 0.151154745 1,957.94 2,146.26 6.00%
07/31/1998 1.124432 1,700.448 1,912.04 0.00008 0.166290632 1,906.36 2,146.26 6.00%
08/31/1998 0.912704 1,700.448 1,552.00 0.00008 0.16191019 1,547.24 2,146.26 6.00%
09/30/1998 1.000018 1,700.448 1,700.48 0.00008 0.127170067 1,695.13 2,146.26 6.00%
10/31/1998 1.023216 1,700.448 1,739.93 0.00008 0.143969569 1,734.30 2,146.26 6.00%
11/30/1998 1.120751 1,700.448 1,905.78 0.00008 0.14254561 1,899.48 2,146.26 6.00%
12/31/1998 1.266452 1,700.448 2,153.54 0.00008 0.161325681 2,146.26 2,146.26 6.00%
12/31/1998 2,146.26
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 114.06% 114.63%
40.00% 2,140.60 3.4411 24.75% 24.85% 2,140.60 2,146.26 4
40.00% 2,140.33 3.4219 24.66% 24.76% 2,126.00 2,131.89 4
40.00% 2,139.17 3.3370 24.28% 24.41% 2,065.68 2,072.52 4
40.00% 2,137.22 3.2548 23.18% 23.34% 1,970.95 1,979.28 4
40.00% 2,136.51 3.1699 23.22% 23.40% 1,938.63 1,947.47 4
40.00% 2,134.05 3.0877 21.70% 21.93% 1,833.97 1,844.46 4
40.00% 2,133.90 3.0027 22.25% 22.48% 1,827.98 1,838.56 4
30.00% 2,113.70 2.9178 21.88% 22.52% 1,781.49 1,808.93 3
30.00% 2,110.96 2.8384 20.88% 21.59% 1,713.14 1,741.79 3
30.00% 2,110.31 2.7534 21.19% 21.94% 1,697.68 1,726.60 3
30.00% 2,105.13 2.6712 18.78% 19.64% 1,583.54 1,614.48 3
30.00% 2,102.96 2.5863 18.17% 19.10% 1,540.02 1,571.73 3
30.00% 2,104.82 2.5041 19.96% 20.89% 1,577.21 1,608.26 3
30.00% 2,110.70 2.4192 24.74% 25.60% 1,707.10 1,735.85 3
30.00% 2,108.78 2.3342 24.33% 25.27% 1,662.40 1,691.95 3
30.00% 2,102.35 2.2521 20.72% 21.84% 1,528.32 1,560.23 3
30.00% 2,103.66 2.1671 22.56% 23.70% 1,553.94 1,585.40 3
30.00% 2,100.17 2.0849 20.98% 22.24% 1,487.42 1,520.06 3
30.00% 2,104.01 2.0000 24.94% 26.18% 1,560.92 1,592.26 3
20.00% 2,086.16 1.9151 21.76% 23.58% 1,457.95 1,499.95 2
20.00% 2,090.09 1.8384 26.06% 27.90% 1,530.82 1,571.95 2
20.00% 2,096.59 1.7534 33.87% 35.67% 1,667.79 1,707.30 2
20.00% 2,093.69 1.6712 32.67% 34.65% 1,603.83 1,644.10 2
20.00% 2,086.42 1.5863 27.08% 29.37% 1,462.54 1,504.49 2
20.00% 2,082.99 1.5041 25.30% 27.82% 1,403.91 1,446.55 2
20.00% 2,074.84 1.4192 19.07% 21.95% 1,281.12 1,325.22 2
20.00% 2,077.74 1.3342 23.30% 26.33% 1,322.37 1,365.97 2
20.00% 2,071.12 1.2521 18.11% 21.52% 1,231.71 1,276.40 2
20.00% 2,074.75 1.1671 23.54% 27.18% 1,279.84 1,323.95 2
20.00% 2,073.65 1.0849 24.18% 28.18% 1,264.85 1,309.14 2
20.00% 2,074.72 1.0000 27.95% 32.37% 1,279.54 1,323.65 2
10.00% 2,059.49 0.9151 24.01% 29.23% 1,217.61 1,264.47 1
10.00% 2,050.08 0.8384 12.79% 18.08% 1,106.16 1,149.51 1
10.00% 2,042.08 0.7534 4.67% 10.01% 1,035.02 1,074.55 1
10.00% 2,043.70 0.6712 6.22% 11.55% 1,041.35 1,076.14 1
10.00% 2,048.79 0.5863 11.40% 16.70% 1,065.37 1,094.80 1
10.00% 2,041.66 0.5041 4.28% 9.62% 1,021.33 1,047.38 1
10.00% 2,044.75 0.4192 7.26% 12.58% 1,029.81 1,050.94 1
10.00% 2,066.30 0.3342 33.55% 38.72% 1,101.51 1,115.57 1
10.00% 2,057.43 0.2521 21.37% 26.61% 1,050.04 1,061.29 1
10.00% 2,055.08 0.1671 18.50% 23.75% 1,028.76 1,036.25 1
10.00% 2,045.17 0.0849 7.67% 12.99% 1,006.29 1,010.42 1
10.00% 2,030.36 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS EMERGING GROWTH SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 82M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.588080 2 6.00% 20%
Units purchased 1,700.448 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,899.48 2,045.17 2,146.26 7.67% 12.99%
09/30/1998 0.25 0.25 1,695.13 2,057.43 2,146.26 21.37% 26.61%
12/31/1997 1.00 1.00 1,621.47 2,074.72 2,146.26 27.95% 32.37%
12/31/1997 1.00 1.00 1,621.47 2,074.72 2,146.26 27.95% 32.37%
12/31/1995 3.00 3.00 1,167.36 2,133.90 2,146.26 22.27% 22.51%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,734.30 2,055.08 2,146.26 18.50% 23.75%
07/24/1995 3.44 3.44 1,000.00 2,140.60 2,146.26 24.78% 24.87%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MFS EMERGING GROWTH SERIES
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
07/24/1995 100 10 1000
07/31/1995 1000 0 10 100 10.07 1,007.00
08/31/1995 1007 0 10 100 10.37 1,037.00
09/30/1995 1037 0 10 100 10.87 1,087.00
10/31/1995 1087 0 10 100 11.06 1,106.00
11/30/1995 1106 0 10 100 11.69 1,169.00
12/31/1995 1169 0.327670 11.3 102.9 11.41 1,174.09
01/31/1996 1174.09 0 10 102.9 11.61 1,194.67
02/29/1996 1194.67 0 10 102.9 12.07 1,242.00
03/31/1996 1242 0 10 102.9 12.19 1,254.35
04/30/1996 1254.35 0 10 102.9 13.05 1,342.85
05/31/1996 1342.85 0 10 102.9 13.42 1,380.92
06/30/1996 1380.92 0 10 102.9 13.13 1,351.08
07/31/1996 1351.08 0 10 102.9 12.18 1,253.32
08/31/1996 1253.32 0 10 102.9 12.51 1,287.28
09/30/1996 1287.28 0 10 102.9 13.58 1,397.38
10/31/1996 1397.38 0 10 102.9 13.38 1,376.80
11/30/1996 1376.8 0 10 102.9 13.97 1,437.51
12/31/1996 1437.51 0.1128 13.27 103.775 13.24 1,373.98
01/31/1997 1373.98 0 10 103.775 14.07 1,460.11
02/28/1997 1460.11 0 10 103.775 13.44 1,394.74
03/31/1997 1394.74 0 10 103.775 12.39 1,285.77
04/30/1997 1285.77 0 10 103.775 12.88 1,336.62
05/31/1997 1336.62 0 10 103.775 14.09 1,462.19
06/30/1997 1462.19 0 10 103.775 14.67 1,522.38
07/31/1997 1522.38 0 10 103.775 16.03 1,663.51
08/31/1997 1663.51 0 10 103.775 15.57 1,615.78
09/30/1997 1615.78 0 10 103.775 16.68 1,730.97
10/31/1997 1730.97 0 10 103.775 16.1 1,670.78
11/30/1997 1670.78 0 10 103.775 16.3 1,691.53
12/31/1997 1691.53 0 10 103.775 16.14 1,674.93
01/31/1998 1674.93 0 10 103.775 16.55 1,717.48
02/28/1998 1717.48 0 10 103.775 18.13 1,881.44
03/31/1998 1881.44 0 10 103.775 19.48 2,021.54
04/30/1998 2021.54 0.15859 18.55 104.662 19.07 1,995.90
05/31/1998 1995.9 0 10 104.662 18.25 1,910.08
06/30/1998 1910.08 0 10 104.662 19.45 2,035.68
07/31/1998 2035.68 0 10 104.662 18.96 1,984.39
08/31/1998 1984.39 0 10 104.662 15.41 1,612.84
09/30/1998 1612.84 0 10 104.662 16.9 1,768.79
10/31/1998 1768.79 0 10 104.662 17.31 1,811.70
0.768790
<TABLE>
<CAPTION>
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
1,000 0.588080178
0.70% 0.00024 0.239726027 1,006.76 0.02 0.592055761
2.98% 0.00106 1.068820839 1,035.68 0.11 0.609065414
4.82% 0.00103 1.064059224 1,084.56 0.20 0.637806365
1.75% 0.00106 1.151413057 1,102.36 0.29 0.648277651
5.70% 0.00103 1.132564414 1,164.02 0.40 0.68453882
0.44% 0.00106 1.235777783 1,167.86 0.50 0.686792668 .005920 Dividend .32175 ST
1.75% 0.00106 1.239846588 1,187.09 0.61 0.698101963
3.96% 0.00099 1.178955639 1,232.94 0.72 0.725065791
0.99% 0.00106 1.30893993 1,243.89 0.83 0.731505822
7.06% 0.00103 1.277967028 1,330.37 0.99 0.782365281
2.84% 0.00106 1.412381012 1,366.68 1.13 0.803714861
-2.16% 0.00103 1.404118821 1,335.74 1.22 0.785521827
-7.24% 0.00106 1.418079433 1,237.67 1.24 0.727849935
2.71% 0.00106 1.313966064 1,269.89 1.38 0.746799064
8.55% 0.00103 1.304684872 1,377.20 1.60 0.809904914
-1.47% 0.00106 1.462097502 1,355.46 1.69 0.797117159
4.41% 0.00103 1.392592398 1,413.83 1.88 0.831447087
-4.42% 0.00106 1.500986952 1,349.85 1.91 0.793819019 .10119 ST/.01161 LT
6.27% 0.00106 1.433058108 1,433.03 2.15 0.842738003
-4.48% 0.00096 1.374140745 1,367.50 2.16 0.804200012
-7.81% 0.00106 1.451798611 1,259.21 2.10 0.740514689
3.95% 0.00103 1.293705843 1,307.71 2.29 0.769039973
9.39% 0.00106 1.388325227 1,429.18 2.61 0.840471697
4.12% 0.00103 1.468334337 1,486.54 2.83 0.874205612
9.27% 0.00106 1.578177658 1,622.77 3.22 0.954319463
-2.87% 0.00106 1.722804836 1,574.49 3.26 0.925924654
7.13% 0.00103 1.617623732 1,685.12 3.62 0.990983128
-3.48% 0.00106 1.788992671 1,624.73 3.63 0.955472184
1.24% 0.00103 1.669244332 1,643.24 3.81 0.966356877
-0.98% 0.00106 1.744535626 1,625.37 3.90 0.95584751
2.54% 0.00106 1.725563375 1,664.93 4.14 0.979115135
9.55% 0.00096 1.596512791 1,822.28 4.65 1.071647924
7.45% 0.00106 1.934614453 1,956.04 5.15 1.150309664
-1.27% 0.00103 2.00963243 1,929.22 5.24 1.134538002 .11686 ST/.04173 LT
-4.30% 0.00106 2.048148059 1,844.22 5.17 1.084550496
6.58% 0.00103 1.894748793 1,963.60 5.66 1.154752376
-2.52% 0.00106 2.084640475 1,912.04 5.68 1.124431863
- -18.72% 0.00106 2.029903745 1,552.01 4.77 0.912703566
9.67% 0.00103 1.594526014 1,700.48 5.35 1.000017711
2.43% 0.00106 1.805302538 1,739.93 5.62 1.023216
0.700479 0.700479
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS EMERGING GROWTH SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 140M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.590941 2 6.00% 20%
Units purchased 1,692.215 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/24/1995 0.590941 1,692.215 1,000.00 1,000.00 2,135.06 4.00%
07/31/1995 0.594919 1,692.215 1,006.73 0.00002 0.01917808 1,006.71 2,135.06 4.00%
08/31/1995 0.611935 1,692.215 1,035.53 0.00008 0.085501587 1,035.42 2,135.06 4.00%
09/30/1995 0.640736 1,692.215 1,084.26 0.00008 0.085103107 1,084.07 2,135.06 4.00%
10/31/1995 0.651174 1,692.215 1,101.93 0.00008 0.092071568 1,101.64 2,135.06 4.00%
11/30/1995 0.687517 1,692.215 1,163.43 0.00008 0.090545437 1,163.03 2,135.06 4.00%
12/31/1995 0.689693 1,692.215 1,167.11 0.00008 0.098777839 1,166.61 2,135.06 4.00%
01/31/1996 0.700962 1,692.215 1,186.18 0.00008 0.099082092 1,185.57 2,135.06 6.00%
02/29/1996 0.727953 1,692.215 1,231.85 0.00008 0.094196323 1,231.13 2,135.06 6.00%
03/31/1996 0.734326 1,692.215 1,242.64 0.00008 0.104561822 1,241.80 2,135.06 6.00%
04/30/1996 0.785291 1,692.215 1,328.88 0.00008 0.102066133 1,327.89 2,135.06 6.00%
05/31/1996 0.806620 1,692.215 1,364.98 0.00008 0.112779571 1,363.84 2,135.06 6.00%
06/30/1996 0.788262 1,692.215 1,333.91 0.00008 0.112096656 1,332.69 2,135.06 6.00%
07/31/1996 0.730289 1,692.215 1,235.81 0.00008 0.113187388 1,234.56 2,135.06 6.00%
08/31/1996 0.749208 1,692.215 1,267.82 0.00008 0.104853299 1,266.44 2,135.06 6.00%
09/30/1996 0.812425 1,692.215 1,374.80 0.00008 0.104091123 1,373.20 2,135.06 6.00%
10/31/1996 0.799494 1,692.215 1,352.92 0.00008 0.116627807 1,351.23 2,135.06 6.00%
11/30/1996 0.833828 1,692.215 1,411.02 0.00008 0.111059596 1,409.14 2,135.06 6.00%
12/31/1996 0.795986 1,692.215 1,346.98 0.00008 0.119680508 1,345.07 2,135.06 6.00%
01/31/1997 0.844937 1,692.215 1,429.82 0.00008 0.114238821 1,427.67 2,135.06 6.00%
02/28/1997 0.806201 1,692.215 1,364.27 0.00008 0.109520208 1,362.11 2,135.06 6.00%
03/31/1997 0.742255 1,692.215 1,256.05 0.00008 0.115686353 1,253.96 2,135.06 6.00%
04/30/1997 0.770756 1,692.215 1,304.28 0.00008 0.103064984 1,302.00 2,135.06 6.00%
05/31/1997 0.842248 1,692.215 1,425.27 0.00008 0.110581093 1,422.66 2,135.06 6.00%
06/30/1997 0.875950 1,692.215 1,482.30 0.00008 0.116931153 1,479.47 2,135.06 6.00%
07/31/1997 0.956112 1,692.215 1,617.95 0.00008 0.125653724 1,614.74 2,135.06 6.00%
08/31/1997 0.927542 1,692.215 1,569.60 0.00008 0.137142189 1,566.35 2,135.06 6.00%
09/30/1997 0.992600 1,692.215 1,679.69 0.00008 0.12874117 1,676.09 2,135.06 6.00%
10/31/1997 0.956904 1,692.215 1,619.29 0.00008 0.142352506 1,615.67 2,135.06 6.00%
11/30/1997 0.967687 1,692.215 1,637.54 0.00008 0.132794722 1,633.74 2,135.06 6.00%
12/31/1997 0.957040 1,692.215 1,619.52 0.00008 0.138756234 1,615.63 2,135.06 6.00%
01/31/1998 0.980215 1,692.215 1,658.73 0.00008 0.137217764 1,654.61 2,135.06 6.00%
02/28/1998 1.072739 1,692.215 1,815.31 0.00008 0.126929274 1,810.67 2,135.06 6.00%
03/31/1998 1.151344 1,692.215 1,948.32 0.00008 0.153782783 1,943.19 2,135.06 6.00%
04/30/1998 1.135416 1,692.215 1,921.37 0.00008 0.159714374 1,916.15 2,135.06 6.00%
05/31/1998 1.085246 1,692.215 1,836.47 0.00008 0.162741469 1,831.32 2,135.06 6.00%
06/30/1998 1.155359 1,692.215 1,955.12 0.00008 0.150519251 1,949.48 2,135.06 6.00%
07/31/1998 1.124875 1,692.215 1,903.53 0.00008 0.165572328 1,897.88 2,135.06 6.00%
08/31/1998 0.912920 1,692.215 1,544.86 0.00008 0.161189713 1,540.11 2,135.06 6.00%
09/30/1998 1.000142 1,692.215 1,692.46 0.00008 0.126584307 1,687.13 2,135.06 6.00%
10/31/1998 1.023216 1,692.215 1,731.50 0.00008 0.143290302 1,725.91 2,135.06 6.00%
11/30/1998 1.120471 1,692.215 1,896.08 0.00008 0.141855395 1,889.81 2,135.06 6.00%
12/31/1998 1.265976 1,692.215 2,142.30 0.00008 0.16050442 2,135.06 2,135.06 6.00%
12/31/1998 2,135.06
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 112.92% 113.51%
40.00% 2,129.22 3.4411 24.56% 24.66% 2,129.22 2,135.06 4
40.00% 2,128.95 3.4219 24.47% 24.57% 2,114.76 2,120.83 4
40.00% 2,127.81 3.3370 24.09% 24.22% 2,055.01 2,062.02 4
40.00% 2,125.86 3.2548 22.99% 23.15% 1,961.00 1,969.49 4
40.00% 2,125.16 3.1699 23.03% 23.21% 1,929.09 1,938.08 4
40.00% 2,122.70 3.0877 21.51% 21.74% 1,825.15 1,835.78 4
40.00% 2,122.56 3.0027 22.06% 22.30% 1,819.42 1,830.14 4
30.00% 2,102.36 2.9178 21.69% 22.34% 1,773.28 1,800.87 3
30.00% 2,099.62 2.8384 20.69% 21.41% 1,705.44 1,734.23 3
30.00% 2,098.98 2.7534 21.00% 21.75% 1,690.27 1,719.32 3
30.00% 2,093.82 2.6712 18.59% 19.46% 1,576.80 1,607.86 3
30.00% 2,091.66 2.5863 17.98% 18.92% 1,533.65 1,565.47 3
30.00% 2,093.53 2.5041 19.77% 20.71% 1,570.91 1,602.07 3
30.00% 2,099.42 2.4192 24.54% 25.41% 1,700.54 1,729.41 3
30.00% 2,097.51 2.3342 24.13% 25.08% 1,656.22 1,685.87 3
30.00% 2,091.10 2.2521 20.53% 21.65% 1,522.80 1,554.81 3
30.00% 2,092.42 2.1671 22.36% 23.50% 1,548.53 1,580.09 3
30.00% 2,088.94 2.0849 20.78% 22.05% 1,482.42 1,515.15 3
30.00% 2,092.79 2.0000 24.74% 25.99% 1,555.90 1,587.32 3
20.00% 2,075.02 1.9151 21.56% 23.39% 1,453.43 1,495.48 2
20.00% 2,078.96 1.8384 25.86% 27.70% 1,526.27 1,567.46 2
20.00% 2,085.44 1.7534 33.66% 35.46% 1,663.09 1,702.66 2
20.00% 2,082.56 1.6712 32.45% 34.44% 1,599.51 1,639.83 2
20.00% 2,075.32 1.5863 26.87% 29.16% 1,458.76 1,500.75 2
20.00% 2,071.91 1.5041 25.10% 27.62% 1,400.44 1,443.12 2
20.00% 2,063.80 1.4192 18.87% 21.75% 1,278.10 1,322.23 2
20.00% 2,066.70 1.3342 23.09% 26.13% 1,319.44 1,363.08 2
20.00% 2,060.12 1.2521 17.91% 21.32% 1,229.12 1,273.84 2
20.00% 2,063.74 1.1671 23.33% 26.98% 1,277.33 1,321.47 2
20.00% 2,062.66 1.0849 23.97% 27.98% 1,262.54 1,306.85 2
20.00% 2,063.74 1.0000 27.74% 32.15% 1,277.36 1,321.51 2
10.00% 2,048.59 0.9151 23.81% 29.04% 1,215.86 1,262.74 1
10.00% 2,039.23 0.8384 12.62% 17.92% 1,104.80 1,148.17 1
10.00% 2,031.28 0.7534 4.53% 9.87% 1,033.97 1,073.52 1
10.00% 2,032.90 0.6712 6.09% 11.42% 1,040.50 1,075.31 1
10.00% 2,037.99 0.5863 11.29% 16.59% 1,064.70 1,094.15 1
10.00% 2,030.90 0.5041 4.18% 9.52% 1,020.84 1,046.91 1
10.00% 2,034.00 0.4192 7.17% 12.50% 1,029.46 1,050.60 1
10.00% 2,055.47 0.3342 33.46% 38.63% 1,101.27 1,115.35 1
10.00% 2,046.64 0.2521 21.31% 26.55% 1,049.90 1,061.16 1
10.00% 2,044.32 0.1671 18.45% 23.71% 1,028.70 1,036.19 1
10.00% 2,034.48 0.0849 7.66% 12.98% 1,006.28 1,010.41 1
10.00% 2,019.77 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS EMERGING GROWTH SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 140M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.590941 2 6.00% 20%
Units purchased 1,692.215 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,889.81 2,034.48 2,135.06 7.66% 12.98%
09/30/1998 0.25 0.25 1,687.13 2,046.64 2,135.06 21.31% 26.55%
12/31/1997 1.00 1.00 1,615.63 2,063.74 2,135.06 27.74% 32.15%
12/31/1997 1.00 1.00 1,615.63 2,063.74 2,135.06 27.74% 32.15%
12/31/1995 3.00 3.00 1,166.61 2,122.56 2,135.06 22.08% 22.32%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,725.91 2,044.32 2,135.06 18.45% 23.71%
07/24/1995 3.44 3.44 1,000.00 2,129.22 2,135.06 24.60% 24.70%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
MFS EMERGING GROWTH SERIES
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
07/24/1995 100 10 1000
07/31/1995 1000 0 10 100 10.07 1,007.00
08/31/1995 1007 0 10 100 10.37 1,037.00
09/30/1995 1037 0 10 100 10.87 1,087.00
10/31/1995 1087 0 10 100 11.06 1,106.00
11/30/1995 1106 0 10 100 11.69 1,169.00
12/31/1995 1169 0.327670 11.3 102.9 11.41 1,174.09
01/31/1996 1174.09 0 10 102.9 11.61 1,194.67
02/29/1996 1194.67 0 10 102.9 12.07 1,242.00
03/31/1996 1242 0 10 102.9 12.19 1,254.35
04/30/1996 1254.35 0 10 102.9 13.05 1,342.85
05/31/1996 1342.85 0 10 102.9 13.42 1,380.92
06/30/1996 1380.92 0 10 102.9 13.13 1,351.08
07/31/1996 1351.08 0 10 102.9 12.18 1,253.32
08/31/1996 1253.32 0 10 102.9 12.51 1,287.28
09/30/1996 1287.28 0 10 102.9 13.58 1,397.38
10/31/1996 1397.38 0 10 102.9 13.38 1,376.80
11/30/1996 1376.8 0 10 102.9 13.97 1,437.51
12/31/1996 1437.51 0.1128 13.27 103.775 13.24 1,373.98
01/31/1997 1373.98 0 10 103.775 14.07 1,460.11
02/28/1997 1460.11 0 10 103.775 13.44 1,394.74
03/31/1997 1394.74 0 10 103.775 12.39 1,285.77
04/30/1997 1285.77 0 10 103.775 12.88 1,336.62
05/31/1997 1336.62 0 10 103.775 14.09 1,462.19
06/30/1997 1462.19 0 10 103.775 14.67 1,522.38
07/31/1997 1522.38 0 10 103.775 16.03 1,663.51
08/31/1997 1663.51 0 10 103.775 15.57 1,615.78
09/30/1997 1615.78 0 10 103.775 16.68 1,730.97
10/31/1997 1730.97 0 10 103.775 16.1 1,670.78
11/30/1997 1670.78 0 10 103.775 16.3 1,691.53
12/31/1997 1691.53 0 10 103.775 16.14 1,674.93
01/31/1998 1674.93 0 10 103.775 16.55 1,717.48
02/28/1998 1717.48 0 10 103.775 18.13 1,881.44
03/31/1998 1881.44 0 10 103.775 19.48 2,021.54
04/30/1998 2021.54 0.15859 18.55 104.662 19.07 1,995.90
05/31/1998 1995.9 0 10 104.662 18.25 1,910.08
06/30/1998 1910.08 0 10 104.662 19.45 2,035.68
07/31/1998 2035.68 0 10 104.662 18.96 1,984.39
08/31/1998 1984.39 0 10 104.662 15.41 1,612.84
09/30/1998 1612.84 0 10 104.662 16.9 1,768.79
10/31/1998 1768.79 0 10 104.662 17.31 1,811.70
0.768790
<TABLE>
<CAPTION>
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
1,000 0.590941403
0.70% 0.00027 0.26849 1,006.73 0.02 0.594919329
2.98% 0.00119 1.19705 1,035.53 0.11 0.611935461
4.82% 0.00115 1.19156 1,084.26 0.20 0.640736401
1.75% 0.00119 1.28923 1,101.93 0.29 0.651174163
5.70% 0.00115 1.26797 1,163.43 0.40 0.687517066
0.44% 0.00119 1.38336 1,167.11 0.50 0.689693131 .005920 Dividend .32175 ST
1.75% 0.00119 1.38774 1,186.18 0.60 0.700962322
3.96% 0.00111 1.31942 1,231.85 0.72 0.727953091
0.99% 0.00119 1.46472 1,242.64 0.83 0.734326028
7.06% 0.00115 1.42988 1,328.88 0.99 0.785291034
2.84% 0.00119 1.58009 1,364.98 1.13 0.80662041
-2.16% 0.00115 1.57066 1,333.91 1.22 0.788262159
-7.24% 0.00119 1.58607 1,235.81 1.24 0.730288654
2.71% 0.00119 1.46942 1,267.82 1.38 0.749208236
8.55% 0.00115 1.45886 1,374.80 1.60 0.812425298
-1.47% 0.00119 1.63469 1,352.92 1.69 0.799494247
4.41% 0.00115 1.55678 1,411.02 1.87 0.833827982
-4.42% 0.00119 1.67776 1,346.98 1.91 0.795985937 .10119 ST/.01161 LT
6.27% 0.00119 1.60161 1,429.82 2.14 0.844937051
-4.48% 0.00107 1.53558 1,364.27 2.15 0.806201273
-7.81% 0.00119 1.62217 1,256.05 2.10 0.74225476
3.95% 0.00115 1.44532 1,304.28 2.28 0.770755562
9.39% 0.00119 1.55085 1,425.27 2.60 0.842248445
4.12% 0.00115 1.64003 1,482.30 2.82 0.875949834
9.27% 0.00119 1.76251 1,617.95 3.21 0.956111936
-2.87% 0.00119 1.92381 1,569.60 3.25 0.927541987
7.13% 0.00115 1.80612 1,679.69 3.61 0.992599746
-3.48% 0.00119 1.99722 1,619.29 3.62 0.956904418
1.24% 0.00115 1.86329 1,637.54 3.79 0.967687453
-0.98% 0.00119 1.9471 1,619.52 3.89 0.957040334
2.54% 0.00119 1.92567 1,658.73 4.12 0.980215071
9.55% 0.00107 1.78144 1,815.31 4.64 1.07273902
7.45% 0.00119 2.15847 1,948.32 5.13 1.151344185
-1.27% 0.00115 2.2419 1,921.37 5.22 1.135416392 .11686 ST/.04173 LT
-4.30% 0.00119 2.28459 1,836.47 5.15 1.085245535
6.58% 0.00115 2.1132 1,955.12 5.63 1.155358608
-2.52% 0.00119 2.32471 1,903.53 5.65 1.124874987
-18.72% 0.00119 2.26338 1,544.86 4.75 0.912919944
9.67% 0.00115 1.77764 1,692.46 5.33 1.000142238
2.43% 0.00119 2.0124 1,731.50 5.59 1.023216
0.692456 0.692456
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS RESEARCH SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 83M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.630111 2 6.00% 20%
Units purchased 1,587.022 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/26/1995 0.630111 1,587.022 1,000.00 1,000.00 1,918.04 4.00%
07/31/1995 0.630003 1,587.022 999.83 0.00001 0.013698631 999.82 1,918.04 4.00%
08/31/1995 0.635634 1,587.022 1,008.77 0.00008 0.084915806 1,008.67 1,918.04 4.00%
09/30/1995 0.653862 1,587.022 1,037.69 0.00008 0.08290413 1,037.51 1,918.04 4.00%
10/31/1995 0.657568 1,587.022 1,043.58 0.00008 0.088117128 1,043.30 1,918.04 4.00%
11/30/1995 0.678246 1,587.022 1,076.39 0.00008 0.08575083 1,076.02 1,918.04 4.00%
12/31/1995 0.693363 1,587.022 1,100.38 0.00008 0.091388342 1,099.91 1,918.04 4.00%
01/31/1996 0.707268 1,587.022 1,122.45 0.00008 0.093417363 1,121.88 1,918.04 6.00%
02/29/1996 0.733282 1,587.022 1,163.73 0.00008 0.089135623 1,163.05 1,918.04 6.00%
03/31/1996 0.731234 1,587.022 1,160.48 0.00008 0.098779964 1,159.71 1,918.04 6.00%
04/30/1996 0.759676 1,587.022 1,205.62 0.00008 0.095318371 1,204.72 1,918.04 6.00%
05/31/1996 0.783602 1,587.022 1,243.59 0.00008 0.102318645 1,242.56 1,918.04 6.00%
06/30/1996 0.772663 1,587.022 1,226.23 0.00008 0.102128196 1,225.11 1,918.04 6.00%
07/31/1996 0.733239 1,587.022 1,163.67 0.00008 0.104050634 1,162.50 1,918.04 6.00%
08/31/1996 0.755216 1,587.022 1,198.54 0.00008 0.098732701 1,197.24 1,918.04 6.00%
09/30/1996 0.799905 1,587.022 1,269.47 0.00008 0.098403515 1,267.99 1,918.04 6.00%
10/31/1996 0.805999 1,587.022 1,279.14 0.00008 0.107692261 1,277.54 1,918.04 6.00%
11/30/1996 0.853062 1,587.022 1,353.83 0.00008 0.105003402 1,352.03 1,918.04 6.00%
12/31/1996 0.837809 1,587.022 1,329.62 0.00008 0.11483028 1,327.74 1,918.04 6.00%
01/31/1997 0.869459 1,587.022 1,379.85 0.00008 0.112767331 1,377.79 1,918.04 6.00%
02/28/1997 0.866714 1,587.022 1,375.49 0.00008 0.10569344 1,373.33 1,918.04 6.00%
03/31/1997 0.818034 1,587.022 1,298.24 0.00008 0.116639353 1,296.08 1,918.04 6.00%
04/30/1997 0.854723 1,587.022 1,356.46 0.00008 0.106527267 1,354.11 1,918.04 6.00%
05/31/1997 0.912913 1,587.022 1,448.81 0.00008 0.115006208 1,446.18 1,918.04 6.00%
06/30/1997 0.946258 1,587.022 1,501.73 0.00008 0.118863958 1,498.88 1,918.04 6.00%
07/31/1997 1.015654 1,587.022 1,611.87 0.00008 0.127302422 1,608.68 1,918.04 6.00%
08/31/1997 0.970223 1,587.022 1,539.77 0.00008 0.13662763 1,536.59 1,918.04 6.00%
09/30/1997 1.019222 1,587.022 1,617.53 0.00008 0.126294752 1,614.06 1,918.04 6.00%
10/31/1997 0.966298 1,587.022 1,533.54 0.00008 0.137084674 1,530.11 1,918.04 6.00%
11/30/1997 0.994356 1,587.022 1,578.06 0.00008 0.125762651 1,574.42 1,918.04 6.00%
12/31/1997 0.995192 1,587.022 1,579.39 0.00008 0.133717525 1,575.61 1,918.04 6.00%
01/31/1998 1.014933 1,587.022 1,610.72 0.00008 0.133818575 1,606.73 1,918.04 6.00%
02/28/1998 1.095180 1,587.022 1,738.07 0.00008 0.123255664 1,733.64 1,918.04 6.00%
03/31/1998 1.150002 1,587.022 1,825.08 0.00008 0.147240719 1,820.28 1,918.04 6.00%
04/30/1998 1.156936 1,587.022 1,836.08 0.00008 0.149611683 1,831.10 1,918.04 6.00%
05/31/1998 1.134523 1,587.022 1,800.51 0.00008 0.155518149 1,795.47 1,918.04 6.00%
06/30/1998 1.175686 1,587.022 1,865.84 0.00008 0.147573137 1,860.47 1,918.04 6.00%
07/31/1998 1.146247 1,587.022 1,819.12 0.00008 0.158012393 1,813.72 1,918.04 6.00%
08/31/1998 0.949184 1,587.022 1,506.38 0.00008 0.154042373 1,501.76 1,918.04 6.00%
09/30/1998 0.999982 1,587.022 1,586.99 0.00008 0.123431934 1,582.00 1,918.04 6.00%
10/31/1998 1.056392 1,587.022 1,676.52 0.00008 0.134361791 1,671.11 1,918.04 6.00%
11/30/1998 1.133025 1,587.022 1,798.14 0.00008 0.137351473 1,792.20 1,918.04 6.00%
12/31/1998 1.212676 1,587.022 1,924.54 0.00008 0.152214094 1,918.04 1,918.04 6.00%
12/31/1998 1,918.04
</TABLE>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 90.87% 91.80%
40.00% 1,908.73 3.4356 20.70% 20.87% 1,908.72 1,918.044
40.00% 1,908.73 3.4219 20.80% 20.97% 1,909.09 1,918.394
40.00% 1,908.38 3.3370 21.06% 21.24% 1,891.98 1,901.564
40.00% 1,907.22 3.2548 20.57% 20.78% 1,838.27 1,848.704
40.00% 1,906.99 3.1699 20.96% 21.18% 1,827.84 1,838.434
40.00% 1,905.68 3.0877 20.34% 20.59% 1,771.04 1,782.524
40.00% 1,904.73 3.0027 20.07% 20.34% 1,731.71 1,743.814
30.00% 1,885.25 2.9178 19.47% 20.18% 1,680.44 1,709.663
30.00% 1,882.78 2.8384 18.50% 19.27% 1,618.82 1,649.143
30.00% 1,882.98 2.7534 19.25% 20.05% 1,623.67 1,653.903
30.00% 1,880.28 2.6712 18.13% 19.02% 1,560.76 1,592.103
30.00% 1,878.01 2.5863 17.32% 18.28% 1,511.40 1,543.623
30.00% 1,879.05 2.5041 18.63% 19.60% 1,533.78 1,565.603
30.00% 1,882.81 2.4192 22.06% 23.00% 1,619.63 1,649.933
30.00% 1,880.73 2.3342 21.35% 22.37% 1,570.88 1,602.043
30.00% 1,876.48 2.2521 19.01% 20.17% 1,479.89 1,512.663
30.00% 1,875.91 2.1671 19.40% 20.62% 1,468.37 1,501.353
30.00% 1,871.44 2.0849 16.87% 18.26% 1,384.17 1,418.633
30.00% 1,872.90 2.0000 18.77% 20.19% 1,410.59 1,444.583
20.00% 1,858.39 1.9151 16.91% 18.86% 1,348.82 1,392.112
20.00% 1,858.65 1.8384 17.89% 19.93% 1,353.39 1,396.632
20.00% 1,863.29 1.7534 23.00% 25.05% 1,437.63 1,479.872
20.00% 1,859.81 1.6712 20.91% 23.16% 1,373.46 1,416.462
20.00% 1,854.28 1.5863 16.96% 19.48% 1,282.19 1,326.282
20.00% 1,851.12 1.5041 15.07% 17.81% 1,235.00 1,279.642
20.00% 1,844.53 1.4192 10.12% 13.19% 1,146.61 1,192.302
20.00% 1,848.86 1.3342 14.87% 18.08% 1,203.22 1,248.252
20.00% 1,844.21 1.2521 11.23% 14.78% 1,142.59 1,188.332
20.00% 1,849.25 1.1671 17.62% 21.36% 1,208.57 1,253.532
20.00% 1,846.59 1.0849 15.83% 19.96% 1,172.87 1,218.252
20.00% 1,846.52 1.0000 17.19% 21.73% 1,171.94 1,217.332
10.00% 1,833.14 0.9151 14.09% 19.38% 1,128.22 1,175.941
10.00% 1,825.53 0.8384 5.30% 10.64% 1,044.25 1,088.441
10.00% 1,820.33 0.7534 0.00% 5.37% 1,000.02 1,040.201
10.00% 1,819.68 0.6712 -0.62% 4.75% 995.81 1,031.621
10.00% 1,821.82 0.5863 1.47% 6.83% 1,008.58 1,039.471
10.00% 1,817.92 0.5041 -2.29% 3.09% 988.40 1,015.481
10.00% 1,820.72 0.4192 0.39% 5.75% 1,001.62 1,023.721
10.00% 1,839.44 0.3342 22.49% 27.72% 1,070.13 1,085.201
10.00% 1,834.62 0.2521 15.97% 21.24% 1,038.05 1,049.761
10.00% 1,829.28 0.1671 9.46% 14.78% 1,015.23 1,023.301
10.00% 1,822.01 0.0849 1.66% 7.02% 1,001.40 1,005.781
10.00% 1,814.46 0.0000 -5.40% 0.00% 1,000.00 1,000.001
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS RESEARCH SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 83M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.630111 2 6.00% 20%
Units purchased 1,587.022 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,792.20 1,822.01 1,918.04 1.66% 7.02%
09/30/1998 0.25 0.25 1,582.00 1,834.62 1,918.04 15.97% 21.24%
12/31/1997 1.00 1.00 1,575.61 1,846.52 1,918.04 17.19% 21.73%
12/31/1997 1.00 1.00 1,575.61 1,846.52 1,918.04 17.19% 21.73%
12/31/1995 3.00 3.00 1,099.91 1,904.73 1,918.04 20.09% 20.36%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,671.11 1,829.28 1,918.04 9.46% 14.78%
07/26/1995 3.43 3.43 1,000.00 1,908.73 1,918.04 20.74% 20.91%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MFS RESEARCH SERIES
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
07/26/1995 100 10 1000
07/31/1995 1000 0 10 100 10 1,000.00
08/31/1995 1000 0 10 100 10.1 1,010.00
09/30/1995 1010 0 10 100 10.4 1,040.00
10/31/1995 1040 0 10 100 10.47 1,047.00
11/30/1995 1047 0 10 100 10.81 1,081.00
12/31/1995 1081 0.17129 10.82 101.583 10.89 1,106.24
01/31/1996 1106.24 0 10 101.583 11.12 1,129.60
02/29/1996 1129.6 0 10 101.583 11.54 1,172.27
03/31/1996 1172.27 0 10 101.583 11.52 1,170.24
04/30/1996 1170.24 0 10 101.583 11.98 1,216.96
05/31/1996 1216.96 0 10 101.583 12.37 1,256.58
06/30/1996 1256.58 0 10 101.583 12.21 1,240.33
07/31/1996 1240.33 0 10 101.583 11.6 1,178.36
08/31/1996 1178.36 0 10 101.583 11.96 1,214.93
09/30/1996 1214.93 0 10 101.583 12.68 1,288.07
10/31/1996 1288.07 0 10 101.583 12.79 1,299.25
11/30/1996 1299.25 0 10 101.583 13.55 1,376.45
12/31/1996 1376.45 0.19275 13.18 103.069 13.13 1,353.30
01/31/1997 1353.3 0 10 103.069 13.64 1,405.86
02/28/1997 1405.86 0 10 103.069 13.61 1,402.77
03/31/1997 1402.77 0 10 103.069 12.86 1,325.47
04/30/1997 1325.47 0 10 103.069 13.45 1,386.28
05/31/1997 1386.28 0 10 103.069 14.38 1,482.13
06/30/1997 1482.13 0 10 103.069 14.92 1,537.79
07/31/1997 1537.79 0 10 103.069 16.03 1,652.20
08/31/1997 1652.2 0 10 103.069 15.33 1,580.05
09/30/1997 1580.05 0 10 103.069 16.12 1,661.47
10/31/1997 1661.47 0 10 103.069 15.3 1,576.96
11/30/1997 1576.96 0 10 103.069 15.76 1,624.37
12/31/1997 1624.37 0 10 103.069 15.79 1,627.46
01/31/1998 1627.46 0 10 103.069 16.12 1,661.47
02/28/1998 1661.47 0 10 103.069 17.41 1,794.43
03/31/1998 1794.43 0 10 103.069 18.3 1,886.16
04/30/1998 1886.16 0.39914 17.58 105.409 18.02 1,899.47
05/31/1998 1899.47 0 10 105.409 17.69 1,864.69
06/30/1998 1864.69 0 10 105.409 18.35 1,934.26
07/31/1998 1934.26 0 10 105.409 17.91 1,887.88
08/31/1998 1887.88 0 10 105.409 14.85 1,565.32
09/30/1998 1565.32 0 10 105.409 15.66 1,650.70
10/31/1998 1650.7 0 10 105.409 16.56 1,745.57
0.650700
<TABLE>
<CAPTION>
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
1,000 0.630111028
0.00% 0.00017 0.171232877 999.83 0.01 0.630003132
1.00% 0.00106 1.061462047 1,008.77 0.10 0.635634324
2.97% 0.00103 1.036403006 1,037.69 0.18 0.653861503
0.67% 0.00106 1.101659872 1,043.58 0.27 0.657568326
3.25% 0.00103 1.072166438 1,076.39 0.37 0.678246441
2.33% 0.00106 1.142744884 1,100.38 0.47 0.693362592 .03055 Dividend .14074 ST
2.11% 0.00106 1.168213362 1,122.45 0.57 0.707267931
3.76% 0.00099 1.114761684 1,163.73 0.68 0.733282153
-0.17% 0.00106 1.235471914 1,160.48 0.78 0.731233856
3.99% 0.00103 1.19227823 1,205.62 0.90 0.759675956
3.26% 0.00106 1.279941566 1,243.59 1.03 0.783601867
-1.29% 0.00103 1.277664373 1,226.23 1.12 0.772663315
-5.00% 0.00106 1.301823344 1,163.67 1.17 0.733238823
3.10% 0.00106 1.235398909 1,198.54 1.30 0.755216201
6.02% 0.00103 1.231381489 1,269.47 1.48 0.799905064
0.87% 0.00106 1.347721659 1,279.14 1.60 0.805998747
5.94% 0.00103 1.31418253 1,353.83 1.79 0.853062222
-1.68% 0.00106 1.437283605 1,329.62 1.88 0.837809238 .02133 Dividend .1553 ST/.01612 LT
3.88% 0.00106 1.411584584 1,379.85 2.06 0.869458949
-0.22% 0.00096 1.323144212 1,375.49 2.16 0.8667142
-5.51% 0.00106 1.460285167 1,298.24 2.16 0.81803355
4.59% 0.00103 1.3338053 1,356.46 2.36 0.854722902
6.91% 0.00106 1.440081605 1,448.81 2.63 0.912912636
3.76% 0.00103 1.488505834 1,501.73 2.85 0.946258288
7.44% 0.00106 1.594305185 1,611.87 3.19 1.015654346
-4.37% 0.00106 1.711227273 1,539.77 3.18 0.970223425
5.16% 0.00103 1.581951188 1,617.53 3.47 1.019222248
-5.09% 0.00106 1.717238659 1,533.54 3.42 0.966297869
3.01% 0.00103 1.575550561 1,578.06 3.65 0.994356044
0.19% 0.00106 1.675342787 1,579.39 3.79 0.995191932
2.09% 0.00106 1.676751134 1,610.72 3.99 1.014932511
8.00% 0.00096 1.544526143 1,738.07 4.43 1.095179789
5.11% 0.00106 1.845215876 1,825.08 4.80 1.150001919
0.71% 0.00103 1.875080373 1,836.08 4.98 1.156935589 .02828 Dividend .33447 ST/.03639 LT
-1.83% 0.00106 1.94926526 1,800.51 5.04 1.134523416
3.73% 0.00103 1.849842644 1,865.84 5.37 1.175685915
-2.40% 0.00106 1.980856784 1,819.12 5.39 1.146246967
-17.09% 0.00106 1.931256515 1,506.38 4.62 0.949184233
5.45% 0.00103 1.547646745 1,586.99 4.99 0.999982068
5.75% 0.00106 1.684821804 1,676.52 5.41 1.056392
0.586993 0.586993
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS RESEARCH SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 141M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.633172 2 6.00% 20%
Units purchased 1,579.349 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/26/1995 0.633172 1,579.349 1,000.00 1,000.00 1,908.06 4.00%
07/31/1995 0.633051 1,579.349 999.81 0.00001 0.013698627 999.79 1,908.06 4.00%
08/31/1995 0.638629 1,579.349 1,008.62 0.00008 0.084914038 1,008.52 1,908.06 4.00%
09/30/1995 0.656863 1,579.349 1,037.42 0.00008 0.082891936 1,037.23 1,908.06 4.00%
10/31/1995 0.660503 1,579.349 1,043.16 0.00008 0.088093607 1,042.89 1,908.06 4.00%
11/30/1995 0.681192 1,579.349 1,075.84 0.00008 0.085717079 1,075.47 1,908.06 4.00%
12/31/1995 0.696287 1,579.349 1,099.68 0.00008 0.091341453 1,099.21 1,908.06 4.00%
01/31/1996 0.710162 1,579.349 1,121.59 0.00008 0.093357795 1,121.02 1,908.06 6.00%
02/29/1996 0.736198 1,579.349 1,162.71 0.00008 0.08906766 1,162.03 1,908.06 6.00%
03/31/1996 0.734048 1,579.349 1,159.32 0.00008 0.098693301 1,158.54 1,908.06 6.00%
04/30/1996 0.762509 1,579.349 1,204.27 0.00008 0.095222577 1,203.37 1,908.06 6.00%
05/31/1996 0.786427 1,579.349 1,242.04 0.00008 0.102203684 1,241.01 1,908.06 6.00%
06/30/1996 0.775352 1,579.349 1,224.55 0.00008 0.102000849 1,223.43 1,908.06 6.00%
07/31/1996 0.735692 1,579.349 1,161.91 0.00008 0.103907895 1,160.75 1,908.06 6.00%
08/31/1996 0.757649 1,579.349 1,196.59 0.00008 0.09858402 1,195.29 1,908.06 6.00%
09/30/1996 0.802388 1,579.349 1,267.25 0.00008 0.098243175 1,265.78 1,908.06 6.00%
10/31/1996 0.808399 1,579.349 1,276.74 0.00008 0.107504271 1,275.15 1,908.06 6.00%
11/30/1996 0.855503 1,579.349 1,351.14 0.00008 0.104806851 1,349.35 1,908.06 6.00%
12/31/1996 0.840097 1,579.349 1,326.81 0.00008 0.114601983 1,324.93 1,908.06 6.00%
01/31/1997 0.871726 1,579.349 1,376.76 0.00008 0.112528535 1,374.70 1,908.06 6.00%
02/28/1997 0.868874 1,579.349 1,372.26 0.00008 0.105456675 1,370.10 1,908.06 6.00%
03/31/1997 0.819961 1,579.349 1,295.00 0.00008 0.116364633 1,292.85 1,908.06 6.00%
04/30/1997 0.856636 1,579.349 1,352.93 0.00008 0.106262018 1,350.57 1,908.06 6.00%
05/31/1997 0.914847 1,579.349 1,444.86 0.00008 0.114706309 1,442.23 1,908.06 6.00%
06/30/1997 0.948150 1,579.349 1,497.46 0.00008 0.118539857 1,494.62 1,908.06 6.00%
07/31/1997 1.017564 1,579.349 1,607.09 0.00008 0.126940211 1,603.91 1,908.06 6.00%
08/31/1997 0.971918 1,579.349 1,535.00 0.00008 0.136222714 1,531.83 1,908.06 6.00%
09/30/1997 1.020883 1,579.349 1,612.33 0.00008 0.125903665 1,608.87 1,908.06 6.00%
10/31/1997 0.967742 1,579.349 1,528.40 0.00008 0.136644134 1,524.99 1,908.06 6.00%
11/30/1997 0.995723 1,579.349 1,572.59 0.00008 0.12534165 1,568.96 1,908.06 6.00%
12/31/1997 0.996433 1,579.349 1,573.72 0.00008 0.133253926 1,569.94 1,908.06 6.00%
01/31/1998 1.016071 1,579.349 1,604.73 0.00008 0.13333765 1,600.75 1,908.06 6.00%
02/28/1998 1.096292 1,579.349 1,731.43 0.00008 0.122797358 1,727.01 1,908.06 6.00%
03/31/1998 1.151030 1,579.349 1,817.88 0.00008 0.146677584 1,813.09 1,908.06 6.00%
04/30/1998 1.157828 1,579.349 1,828.61 0.00008 0.149021396 1,823.65 1,908.06 6.00%
05/31/1998 1.135251 1,579.349 1,792.96 0.00008 0.154885574 1,787.94 1,908.06 6.00%
06/30/1998 1.176300 1,579.349 1,857.79 0.00008 0.146953782 1,852.44 1,908.06 6.00%
07/31/1998 1.146696 1,579.349 1,811.03 0.00008 0.157330505 1,805.66 1,908.06 6.00%
08/31/1998 0.949410 1,579.349 1,499.45 0.00008 0.153357573 1,494.85 1,908.06 6.00%
09/30/1998 1.000103 1,579.349 1,579.51 0.00008 0.122864306 1,574.54 1,908.06 6.00%
10/31/1998 1.056392 1,579.349 1,668.41 0.00008 0.133728248 1,663.03 1,908.06 6.00%
11/30/1998 1.132749 1,579.349 1,789.01 0.00008 0.136687345 1,783.10 1,908.06 6.00%
12/31/1998 1.212231 1,579.349 1,914.54 0.00008 0.1514412 1,908.06 1,908.06 6.00%
12/31/1998 1,908.06
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 89.86% 90.81%
40.00% 1,898.59 3.4356 20.52% 20.69% 1,898.59 1,908.06 4
40.00% 1,898.60 3.4219 20.61% 20.79% 1,898.99 1,908.45 4
40.00% 1,898.25 3.3370 20.87% 21.05% 1,882.22 1,891.95 4
40.00% 1,897.10 3.2548 20.38% 20.60% 1,829.01 1,839.57 4
40.00% 1,896.88 3.1699 20.77% 20.99% 1,818.86 1,829.59 4
40.00% 1,895.57 3.0877 20.15% 20.40% 1,762.55 1,774.16 4
40.00% 1,894.62 3.0027 19.88% 20.16% 1,723.62 1,735.84 4
30.00% 1,875.15 2.9178 19.28% 19.99% 1,672.71 1,702.07 3
30.00% 1,872.68 2.8384 18.31% 19.09% 1,611.56 1,642.00 3
30.00% 1,872.89 2.7534 19.06% 19.87% 1,616.60 1,646.95 3
30.00% 1,870.20 2.6712 17.95% 18.84% 1,554.14 1,585.60 3
30.00% 1,867.95 2.5863 17.13% 18.10% 1,505.18 1,537.51 3
30.00% 1,869.00 2.5041 18.44% 19.42% 1,527.67 1,559.60 3
30.00% 1,872.76 2.4192 21.86% 22.81% 1,613.41 1,643.82 3
30.00% 1,870.69 2.3342 21.15% 22.19% 1,565.05 1,596.31 3
30.00% 1,866.46 2.2521 18.82% 19.99% 1,474.56 1,507.42 3
30.00% 1,865.90 2.1671 19.20% 20.44% 1,463.28 1,496.34 3
30.00% 1,861.45 2.0849 16.69% 18.08% 1,379.52 1,414.06 3
30.00% 1,862.91 2.0000 18.58% 20.00% 1,406.04 1,440.12 3
20.00% 1,848.48 1.9151 16.72% 18.67% 1,344.64 1,387.98 2
20.00% 1,848.75 1.8384 17.70% 19.74% 1,349.36 1,392.64 2
20.00% 1,853.39 1.7534 22.80% 24.86% 1,433.56 1,475.85 2
20.00% 1,849.92 1.6712 20.71% 22.97% 1,369.73 1,412.78 2
20.00% 1,844.42 1.5863 16.77% 19.30% 1,278.87 1,322.99 2
20.00% 1,841.28 1.5041 14.88% 17.63% 1,231.94 1,276.62 2
20.00% 1,834.72 1.4192 9.94% 13.02% 1,143.91 1,189.63 2
20.00% 1,839.05 1.3342 14.68% 17.89% 1,200.56 1,245.61 2
20.00% 1,834.43 1.2521 11.05% 14.59% 1,140.19 1,185.96 2
20.00% 1,839.46 1.1671 17.43% 21.17% 1,206.21 1,251.20 2
20.00% 1,836.82 1.0849 15.64% 19.77% 1,170.73 1,216.13 2
20.00% 1,836.76 1.0000 17.00% 21.54% 1,169.95 1,215.37 2
10.00% 1,823.47 0.9151 13.91% 19.20% 1,126.60 1,174.34 1
10.00% 1,815.89 0.8384 5.15% 10.48% 1,042.97 1,087.18 1
10.00% 1,810.72 0.7534 -0.13% 5.24% 999.02 1,039.21 1
10.00% 1,810.09 0.6712 -0.74% 4.63% 995.00 1,030.84 1
10.00% 1,812.23 0.5863 1.36% 6.72% 1,007.94 1,038.86 1
10.00% 1,808.36 0.5041 -2.38% 3.00% 987.93 1,015.03 1
10.00% 1,811.17 0.4192 0.31% 5.67% 1,001.28 1,023.39 1
10.00% 1,829.82 0.3342 22.41% 27.64% 1,069.91 1,084.98 1
10.00% 1,825.04 0.2521 15.91% 21.18% 1,037.92 1,049.63 1
10.00% 1,819.73 0.1671 9.42% 14.73% 1,015.16 1,023.23 1
10.00% 1,812.52 0.0849 1.65% 7.01% 1,001.39 1,005.77 1
10.00% 1,805.03 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS RESEARCH SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 141M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.633172 2 6.00% 20%
Units purchased 1,579.349 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,783.10 1,812.52 1,908.06 1.65% 7.01%
09/30/1998 0.25 0.25 1,574.54 1,825.04 1,908.06 15.91% 21.18%
12/31/1997 1.00 1.00 1,569.94 1,836.76 1,908.06 17.00% 21.54%
12/31/1997 1.00 1.00 1,569.94 1,836.76 1,908.06 17.00% 21.54%
12/31/1995 3.00 3.00 1,099.21 1,894.62 1,908.06 19.90% 20.18%
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,663.03 1,819.73 1,908.06 9.42% 14.73%
07/26/1995 3.43 3.43 1,000.00 1,898.59 1,908.06 20.55% 20.73%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
MFS RESEARCH SERIES
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
07/26/1995 100 10 1000
07/31/1995 1000 0 10 100 10 1,000.00
08/31/1995 1000 0 10 100 10.1 1,010.00
09/30/1995 1010 0 10 100 10.4 1,040.00
10/31/1995 1040 0 10 100 10.47 1,047.00
11/30/1995 1047 0 10 100 10.81 1,081.00
12/31/1995 1081 0.17129 10.82 101.583 10.89 1,106.24
01/31/1996 1106.24 0 10 101.583 11.12 1,129.60
02/29/1996 1129.6 0 10 101.583 11.54 1,172.27
03/31/1996 1172.27 0 10 101.583 11.52 1,170.24
04/30/1996 1170.24 0 10 101.583 11.98 1,216.96
05/31/1996 1216.96 0 10 101.583 12.37 1,256.58
06/30/1996 1256.58 0 10 101.583 12.21 1,240.33
07/31/1996 1240.33 0 10 101.583 11.6 1,178.36
08/31/1996 1178.36 0 10 101.583 11.96 1,214.93
09/30/1996 1214.93 0 10 101.583 12.68 1,288.07
10/31/1996 1288.07 0 10 101.583 12.79 1,299.25
11/30/1996 1299.25 0 10 101.583 13.55 1,376.45
12/31/1996 1376.45 0.19275 13.18 103.069 13.13 1,353.30
01/31/1997 1353.3 0 10 103.069 13.64 1,405.86
02/28/1997 1405.86 0 10 103.069 13.61 1,402.77
03/31/1997 1402.77 0 10 103.069 12.86 1,325.47
04/30/1997 1325.47 0 10 103.069 13.45 1,386.28
05/31/1997 1386.28 0 10 103.069 14.38 1,482.13
06/30/1997 1482.13 0 10 103.069 14.92 1,537.79
07/31/1997 1537.79 0 10 103.069 16.03 1,652.20
08/31/1997 1652.2 0 10 103.069 15.33 1,580.05
09/30/1997 1580.05 0 10 103.069 16.12 1,661.47
10/31/1997 1661.47 0 10 103.069 15.3 1,576.96
11/30/1997 1576.96 0 10 103.069 15.76 1,624.37
12/31/1997 1624.37 0 10 103.069 15.79 1,627.46
01/31/1998 1627.46 0 10 103.069 16.12 1,661.47
02/28/1998 1661.47 0 10 103.069 17.41 1,794.43
03/31/1998 1794.43 0 10 103.069 18.3 1,886.16
04/30/1998 1886.16 0.39914 17.58 105.409 18.02 1,899.47
05/31/1998 1899.47 0 10 105.409 17.69 1,864.69
06/30/1998 1864.69 0 10 105.409 18.35 1,934.26
07/31/1998 1934.26 0 10 105.409 17.91 1,887.88
08/31/1998 1887.88 0 10 105.409 14.85 1,565.32
09/30/1998 1565.32 0 10 105.409 15.66 1,650.70
10/31/1998 1650.7 0 10 105.409 16.56 1,745.57
0.650700
<TABLE>
<CAPTION>
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
1,000 0.633172151
0.00% 0.00019 0.191780822 999.81 0.01 0.633050721
1.00% 0.00119 1.188813061 1,008.62 0.10 0.638628504
2.97% 0.00115 1.160600945 1,037.42 0.18 0.656862808
0.67% 0.00119 1.233530047 1,043.16 0.27 0.660502963
3.25% 0.00115 1.20035413 1,075.84 0.37 0.68119193
2.33% 0.00119 1.279217978 1,099.68 0.47 0.696286946 .03055 Dividend .14074 ST
2.11% 0.00119 1.307565078 1,121.59 0.57 0.710162227
3.76% 0.00111 1.247581521 1,162.71 0.68 0.736198269
-0.17% 0.00119 1.382515001 1,159.32 0.78 0.734048037
3.99% 0.00115 1.334010054 1,204.27 0.90 0.762509098
3.26% 0.00119 1.431924402 1,242.04 1.03 0.786427097
-1.29% 0.00115 1.429200272 1,224.55 1.12 0.77535215
-5.00% 0.00119 1.456042513 1,161.91 1.17 0.735691685
3.10% 0.00119 1.38156368 1,196.59 1.30 0.757648857
6.02% 0.00115 1.376900614 1,267.25 1.48 0.80238826
0.87% 0.00119 1.506813929 1,276.74 1.59 0.808398639
5.94% 0.00115 1.46912989 1,351.14 1.79 0.855502581
-1.68% 0.00119 1.606557909 1,326.81 1.87 0.840096974 .02133 Dividend .1553 ST/.01612 LT
3.88% 0.00119 1.577627546 1,376.76 2.06 0.871726082
-0.22% 0.00107 1.478602507 1,372.26 2.16 0.868873868
-5.51% 0.00119 1.631667999 1,295.01 2.15 0.819961225
4.59% 0.00115 1.490142964 1,352.93 2.35 0.856635943
6.91% 0.00119 1.608686261 1,444.86 2.63 0.914846784
3.76% 0.00115 1.662581664 1,497.46 2.84 0.948150295
7.44% 0.00119 1.780542091 1,607.09 3.18 1.017564315
-4.37% 0.00119 1.91089546 1,535.00 3.17 0.971918325
5.16% 0.00115 1.766299686 1,612.33 3.46 1.020882919
-5.09% 0.00119 1.917127504 1,528.40 3.41 0.96774225
3.01% 0.00115 1.758710366 1,572.59 3.64 0.995723056
0.19% 0.00119 1.869879513 1,573.72 3.77 0.99643324
2.09% 0.00119 1.871213176 1,604.73 3.98 1.016071498
8.00% 0.00107 1.72343801 1,731.43 4.42 1.096291915
5.11% 0.00119 2.058738904 1,817.88 4.78 1.151030051
0.71% 0.00115 2.091805417 1,828.61 4.96 1.157828012 .02828 Dividend .33447 ST/.03639 LT
-1.83% 0.00119 2.174298231 1,792.96 5.02 1.135251046
3.73% 0.00115 2.063129704 1,857.79 5.35 1.176299982
-2.40% 0.00119 2.208986952 1,811.03 5.37 1.146695801
-17.09% 0.00119 2.153392929 1,499.45 4.60 0.949409818
5.45% 0.00115 1.725394223 1,579.51 4.97 1.000102675
5.75% 0.00119 1.878104049 1,668.41 5.38 1.056392
0.579511 0.579511
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS TOTAL RETURN SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 84M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.569873 2 6.00% 20%
Units purchased 1,754.777 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.569873 1,754.777 1,000.00 1,000.00 1,881.55 4.00%
01/31/1995 0.572176 1,754.777 1,004.04 0.00008 0.076712334 1,003.96 1,881.55 4.00%
02/28/1995 0.589846 1,754.777 1,035.05 0.00008 0.077016451 1,034.89 1,881.55 4.00%
03/31/1995 0.600027 1,754.777 1,052.91 0.00008 0.087894916 1,052.67 1,881.55 4.00%
04/30/1995 0.613047 1,754.777 1,075.76 0.00008 0.086520538 1,075.42 1,881.55 4.00%
05/31/1995 0.636805 1,754.777 1,117.45 0.00008 0.091337276 1,117.01 1,881.55 4.00%
06/30/1995 0.641821 1,754.777 1,126.25 0.00008 0.091808833 1,125.71 1,881.55 4.00%
07/31/1995 0.647371 1,754.777 1,135.99 0.00008 0.095608645 1,135.35 1,881.55 4.00%
08/31/1995 0.654040 1,754.777 1,147.69 0.00008 0.096427261 1,146.95 1,881.55 4.00%
09/30/1995 0.675415 1,754.777 1,185.20 0.00008 0.094270127 1,184.34 1,881.55 4.00%
10/31/1995 0.673003 1,754.777 1,180.97 0.00008 0.100587943 1,180.01 1,881.55 4.00%
11/30/1995 0.702211 1,754.777 1,232.22 0.00008 0.096987387 1,231.13 1,881.55 4.00%
12/31/1995 0.716913 1,754.777 1,258.02 0.00008 0.104561466 1,256.80 1,881.55 4.00%
01/31/1996 0.730198 1,754.777 1,281.33 0.00008 0.106741763 1,279.98 1,881.55 6.00%
02/29/1996 0.731812 1,754.777 1,284.17 0.00008 0.101697175 1,282.71 1,881.55 6.00%
03/31/1996 0.739210 1,754.777 1,297.15 0.00008 0.108942483 1,295.57 1,881.55 6.00%
04/30/1996 0.741953 1,754.777 1,301.96 0.00008 0.10648503 1,300.27 1,881.55 6.00%
05/31/1996 0.744664 1,754.777 1,306.72 0.00008 0.110433759 1,304.91 1,881.55 6.00%
06/30/1996 0.749718 1,754.777 1,315.59 0.00008 0.10725279 1,313.66 1,881.55 6.00%
07/31/1996 0.734962 1,754.777 1,289.70 0.00008 0.111570993 1,287.69 1,881.55 6.00%
08/31/1996 0.744639 1,754.777 1,306.68 0.00008 0.10936559 1,304.54 1,881.55 6.00%
09/30/1996 0.767670 1,754.777 1,347.09 0.00008 0.107222201 1,344.78 1,881.55 6.00%
10/31/1996 0.784832 1,754.777 1,377.21 0.00008 0.114213966 1,374.73 1,881.55 6.00%
11/30/1996 0.818778 1,754.777 1,436.77 0.00008 0.112991244 1,434.07 1,881.55 6.00%
12/31/1996 0.809843 1,754.777 1,421.09 0.00008 0.121798044 1,418.30 1,881.55 6.00%
01/31/1997 0.849741 1,754.777 1,491.11 0.00008 0.120458563 1,488.06 1,881.55 6.00%
02/28/1997 0.836534 1,754.777 1,467.93 0.00008 0.114152344 1,464.81 1,881.55 6.00%
03/31/1997 0.818548 1,754.777 1,436.37 0.00008 0.124408865 1,433.20 1,881.55 6.00%
04/30/1997 0.841854 1,754.777 1,477.27 0.00008 0.117796878 1,473.88 1,881.55 6.00%
05/31/1997 0.873312 1,754.777 1,532.47 0.00008 0.12517922 1,528.84 1,881.55 6.00%
06/30/1997 0.896514 1,754.777 1,573.18 0.00008 0.125657728 1,569.33 1,881.55 6.00%
07/31/1997 0.942528 1,754.777 1,653.93 0.00008 0.133285254 1,649.74 1,881.55 6.00%
08/31/1997 0.911614 1,754.777 1,599.68 0.00008 0.140114882 1,595.49 1,881.55 6.00%
09/30/1997 0.945830 1,754.777 1,659.72 0.00008 0.131136132 1,655.24 1,881.55 6.00%
10/31/1997 0.930782 1,754.777 1,633.31 0.00008 0.140582327 1,628.77 1,881.55 6.00%
11/30/1997 0.955550 1,754.777 1,676.78 0.00008 0.133871346 1,671.98 1,881.55 6.00%
12/31/1997 0.970304 1,754.777 1,702.67 0.00008 0.142003385 1,697.65 1,881.55 6.00%
01/31/1998 0.972778 1,754.777 1,707.01 0.00008 0.144183949 1,701.83 1,881.55 6.00%
02/28/1998 1.005067 1,754.777 1,763.67 0.00008 0.130551661 1,758.19 1,881.55 6.00%
03/31/1998 1.033112 1,754.777 1,812.88 0.00008 0.149325838 1,807.10 1,881.55 6.00%
04/30/1998 1.039460 1,754.777 1,824.02 0.00008 0.148528981 1,818.06 1,881.55 6.00%
05/31/1998 1.039554 1,754.777 1,824.19 0.00008 0.154410314 1,818.07 1,881.55 6.00%
06/30/1998 1.048060 1,754.777 1,839.11 0.00008 0.149430224 1,832.79 1,881.55 6.00%
07/31/1998 1.035587 1,754.777 1,817.22 0.00008 0.155661951 1,810.83 1,881.55 6.00%
08/31/1998 0.964018 1,754.777 1,691.64 0.00008 0.153796236 1,685.53 1,881.55 6.00%
09/30/1998 1.000012 1,754.777 1,754.80 0.00008 0.138536431 1,748.32 1,881.55 6.00%
10/31/1998 1.025771 1,754.777 1,800.00 0.00008 0.14848753 1,793.21 1,881.55 6.00%
11/30/1998 1.055019 1,754.777 1,851.32 0.00008 0.14738692 1,844.19 1,881.55 6.00%
12/31/1998 1.076484 1,754.777 1,888.99 0.00008 0.156629852 1,881.55 1,881.55 6.00%
12/31/1998 1,881.55
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 87.17% 88.16%
40.00% 1,871.66 3.9945 16.99% 17.14% 1,871.66 1,881.55 4
40.00% 1,871.50 3.9178 17.23% 17.39% 1,864.11 1,874.12 4
40.00% 1,870.26 3.8411 16.66% 16.84% 1,807.21 1,818.12 4
40.00% 1,869.55 3.7562 16.52% 16.72% 1,776.02 1,787.42 4
40.00% 1,868.64 3.6740 16.23% 16.45% 1,737.59 1,749.60 4
40.00% 1,866.98 3.5890 15.39% 15.64% 1,671.41 1,684.46 4
40.00% 1,866.63 3.5068 15.51% 15.78% 1,658.17 1,671.43 4
40.00% 1,866.25 3.4219 15.63% 15.91% 1,643.76 1,657.24 4
40.00% 1,865.78 3.3370 15.70% 15.99% 1,626.73 1,640.48 4
40.00% 1,864.29 3.2548 14.96% 15.28% 1,574.11 1,588.69 4
40.00% 1,864.46 3.1699 15.52% 15.86% 1,580.03 1,594.52 4
40.00% 1,862.41 3.0877 14.35% 14.73% 1,512.77 1,528.32 4
40.00% 1,861.39 3.0027 13.97% 14.38% 1,481.06 1,497.10 4
30.00% 1,838.62 2.9178 13.22% 14.11% 1,436.45 1,469.99 3
30.00% 1,838.46 2.8384 13.52% 14.45% 1,433.26 1,466.86 3
30.00% 1,837.69 2.7534 13.54% 14.51% 1,418.44 1,452.30 3
30.00% 1,837.41 2.6712 13.82% 14.84% 1,413.10 1,447.05 3
30.00% 1,837.13 2.5863 14.14% 15.20% 1,407.86 1,441.91 3
30.00% 1,836.60 2.5041 14.32% 15.43% 1,398.08 1,432.30 3
30.00% 1,838.16 2.4192 15.85% 16.97% 1,427.49 1,461.18 3
30.00% 1,837.15 2.3342 15.80% 16.99% 1,408.28 1,442.32 3
30.00% 1,834.74 2.2521 14.79% 16.08% 1,364.34 1,399.16 3
30.00% 1,832.94 2.1671 14.20% 15.58% 1,333.31 1,368.68 3
30.00% 1,829.38 2.0849 12.39% 13.91% 1,275.65 1,312.03 3
30.00% 1,830.32 2.0000 13.60% 15.18% 1,290.50 1,326.62 3
20.00% 1,814.85 1.9151 10.92% 13.03% 1,219.61 1,264.44 2
20.00% 1,816.24 1.8384 12.41% 14.59% 1,239.91 1,284.50 2
20.00% 1,818.14 1.7534 14.53% 16.79% 1,268.59 1,312.84 2
20.00% 1,815.70 1.6712 13.29% 15.73% 1,231.92 1,276.60 2
20.00% 1,812.40 1.5863 11.32% 13.98% 1,185.48 1,230.71 2
20.00% 1,809.97 1.5041 9.95% 12.82% 1,153.34 1,198.96 2
20.00% 1,805.15 1.4192 6.55% 9.71% 1,094.20 1,140.52 2
20.00% 1,808.40 1.3342 9.84% 13.16% 1,133.45 1,179.30 2
20.00% 1,804.82 1.2521 7.15% 10.78% 1,090.36 1,136.72 2
20.00% 1,806.41 1.1671 9.27% 13.16% 1,109.06 1,155.20 2
20.00% 1,803.81 1.0849 7.25% 11.50% 1,078.85 1,125.35 2
20.00% 1,802.27 1.0000 6.16% 10.83% 1,061.63 1,108.33 2
10.00% 1,790.73 0.9151 5.22% 10.56% 1,047.70 1,096.22 1
10.00% 1,787.35 0.8384 1.66% 7.02% 1,013.89 1,058.50 1
10.00% 1,784.42 0.7534 -1.26% 4.12% 990.53 1,030.88 1
10.00% 1,783.76 0.6712 -1.89% 3.49% 987.30 1,023.31 1
10.00% 1,783.76 0.5863 -1.89% 3.49% 988.89 1,020.33 1
10.00% 1,782.88 0.5041 -2.72% 2.66% 986.18 1,013.32 1
10.00% 1,784.19 0.4192 -1.47% 3.91% 993.81 1,016.19 1
10.00% 1,791.71 0.3342 6.30% 11.63% 1,020.63 1,037.45 1
10.00% 1,787.94 0.2521 2.27% 7.62% 1,005.67 1,018.69 1
10.00% 1,785.25 0.1671 -0.44% 4.93% 999.26 1,008.07 1
10.00% 1,782.19 0.0849 -3.36% 2.03% 997.10 1,001.70 1
10.00% 1,779.95 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS TOTAL RETURN SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 84M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.569873 2 6.00% 20%
Units purchased 1,754.777 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,844.19 1,782.19 1,881.55 -3.36% 2.03%
09/30/1998 0.25 0.25 1,748.32 1,787.94 1,881.55 2.27% 7.62%
12/31/1997 1.00 1.00 1,697.65 1,802.27 1,881.55 6.16% 10.83%
12/31/1997 1.00 1.00 1,697.65 1,802.27 1,881.55 6.16% 10.83%
12/31/1995 3.00 3.00 1257 1,861.39 1,881.55 13.99% 14.40%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,793.21 1,785.25 1,881.55 -0.44% 4.93%
01/03/1995 3.99 3.99 1,000.00 1,871.66 1,881.55 17.00% 17.16%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
MFS TOTAL RETURN SERIES
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.05 1,005.00
02/28/1995 1000 0 10 100 10.37 1,037.00
03/31/1995 1037 0 10 100 10.56 1,056.00
04/30/1995 1056 0 10 100 10.8 1,080.00
05/31/1995 1080 0 10 100 11.23 1,123.00
06/30/1995 1123 0 10 100 11.33 1,133.00
07/31/1995 1133 0 10 100 11.44 1,144.00
08/31/1995 1144 0 10 100 11.57 1,157.00
09/30/1995 1157 0 10 100 11.96 1,196.00
10/31/1995 1196 0 10 100 11.93 1,193.00
11/30/1995 1193 0 10 100 12.46 1,246.00
12/31/1995 1246 0.48169 12.19 103.952 12.25 1,273.41
01/31/1996 1273.41 0 10 103.952 12.49 1,298.36
02/29/1996 1298.36 0 10 103.952 12.53 1,302.52
03/31/1996 1302.52 0 10 103.952 12.67 1,317.07
04/30/1996 1317.07 0 10 103.952 12.73 1,323.31
05/31/1996 1323.31 0 10 103.952 12.79 1,329.55
06/30/1996 1329.55 0 10 103.952 12.89 1,339.94
07/31/1996 1339.94 0 10 103.952 12.65 1,314.99
08/31/1996 1314.99 0 10 103.952 12.83 1,333.70
09/30/1996 1333.7 0 10 103.952 13.24 1,376.32
10/31/1996 1376.32 0 10 103.952 13.55 1,408.55
11/30/1996 1408.55 0 10 103.952 14.15 1,470.92
12/31/1996 1470.92 0.30366 13.85 106.231 13.71 1,456.43
01/31/1997 1456.43 0 10 106.231 14.4 1,529.73
02/28/1997 1529.73 0 10 106.231 14.19 1,507.42
03/31/1997 1507.42 0 10 106.231 13.9 1,476.61
04/30/1997 1476.61 0 10 106.231 14.31 1,520.17
05/31/1997 1520.17 0 10 106.231 14.86 1,578.59
06/30/1997 1578.59 0 10 106.231 15.27 1,622.15
07/31/1997 1622.15 0 10 106.231 16.07 1,707.13
08/31/1997 1707.13 0 10 106.231 15.56 1,652.95
09/30/1997 1652.95 0 10 106.231 16.16 1,716.69
10/31/1997 1716.69 0 10 106.231 15.92 1,691.20
11/30/1997 1691.2 0 10 106.231 16.36 1,737.94
12/31/1997 1737.94 0 10 106.231 16.63 1,766.62
01/31/1998 1766.62 0 10 106.231 16.69 1,773.00
02/28/1998 1773 0 10 106.231 17.26 1,833.55
03/31/1998 1833.55 0 10 106.231 17.76 1,886.66
04/30/1998 1886.66 0.52861 17.07 109.521 17.35 1,900.19
05/31/1998 1900.19 0 10 109.521 17.37 1,902.38
06/30/1998 1902.38 0 10 109.521 17.53 1,919.90
07/31/1998 1919.9 0 10 109.521 17.34 1,899.09
08/31/1998 1899.09 0 10 109.521 16.16 1,769.86
09/30/1998 1769.86 0 10 109.521 16.78 1,837.76
10/31/1998 1837.76 0 10 109.521 17.23 1,887.05
0.83776
<TABLE>
<CAPTION>
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
1,000 0.569873021
0.50% 0.00096 0.95890411 1,004.04 0.08 0.572175932
3.18% 0.00096 0.962779133 1,035.05 0.16 0.589845807
1.83% 0.00106 1.0988521 1,052.91 0.25 0.600026805
2.27% 0.00103 1.0817601 1,075.76 0.34 0.613047312
3.98% 0.00106 1.142075298 1,117.45 0.44 0.636804839
0.89% 0.00103 1.148065488 1,126.25 0.54 0.641821156
0.97% 0.00106 1.195679475 1,135.99 0.64 0.647371044
1.14% 0.00106 1.206018628 1,147.69 0.74 0.654040256
3.37% 0.00103 1.179138409 1,185.20 0.86 0.675414597
-0.25% 0.00106 1.258262311 1,180.97 0.96 0.673003364
4.44% 0.00103 1.213326105 1,232.22 1.10 0.702210646
2.20% 0.00106 1.308181958 1,258.02 1.22 0.716912656 .24849 Dividend .2332 ST
1.96% 0.00106 1.335571038 1,281.33 1.35 0.730198063
0.32% 0.00099 1.272558413 1,284.17 1.46 0.731812452
1.12% 0.00106 1.363328585 1,297.15 1.58 0.739210351
0.47% 0.00103 1.332687568 1,301.96 1.69 0.741953112
0.47% 0.00106 1.382220107 1,306.72 1.81 0.744664063
0.78% 0.00103 1.342519808 1,315.59 1.93 0.749718304
-1.86% 0.00106 1.396686257 1,289.70 2.00 0.734962438
1.42% 0.00106 1.369196845 1,306.68 2.14 0.744639396
3.20% 0.00103 1.342475336 1,347.09 2.31 0.76767021
2.34% 0.00106 1.430129724 1,377.21 2.48 0.784832149
4.43% 0.00103 1.414936961 1,436.77 2.70 0.818777851
-0.99% 0.00106 1.525340606 1,421.09 2.79 0.809842839 .2116 Dividend .0494 ST/.04266 LT
2.41% 0.00106 1.508695141 1,491.11 3.05 0.849741284
1.07% 0.00096 1.429828014 1,467.93 3.12 0.836533605
-2.04% 0.00106 1.558418652 1,436.37 3.17 0.818547681
2.95% 0.00103 1.475721107 1,477.27 3.38 0.841853867
3.84% 0.00106 1.568330024 1,532.47 3.63 0.873312488
2.76% 0.00103 1.574454002 1,573.18 3.86 0.896513648
5.24% 0.00106 1.670158358 1,653.93 4.19 0.942527767
-3.17% 0.00106 1.755880272 1,599.68 4.19 0.911613685
3.86% 0.00103 1.643505427 1,659.72 4.48 0.945830159
-1.49% 0.00106 1.762032455 1,633.31 4.55 0.930782014
2.76% 0.00103 1.678063107 1,676.78 4.80 0.955549922
1.65% 0.00106 1.78013987 1,702.67 5.02 0.970304236
0.36% 0.00106 1.80762639 1,707.01 5.17 0.972778291
3.42% 0.00096 1.636857804 1,763.67 5.48 1.005066993
2.90% 0.00106 1.872387601 1,812.88 5.78 1.033112407
0.72% 0.00103 1.862549757 1,824.02 5.96 1.039459856 .24295 Dividend .15985 ST/.12581 LT
0.12% 0.00106 1.936459717 1,824.19 6.12 1.039554314
0.92% 0.00103 1.874163569 1,839.11 6.32 1.048060071
-1.08% 0.00106 1.952481472 1,817.22 6.40 1.03558737
-6.80% 0.00106 1.929245478 1,691.64 6.11 0.964017901
3.84% 0.00103 1.737982524 1,754.80 6.48 1.000011649
2.68% 0.00106 1.862969757 1,800.00 6.79 1.025771
0.75480 0.75480
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS TOTAL RETURN SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 142M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.573114 2 6.00% 20%
Units purchased 1,744.854 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.573114 1,744.854 1,000.00 1,000.00 1,870.22 4.00%
01/31/1995 0.575364 1,744.854 1,003.93 0.00008 0.076712318 1,003.85 1,870.22 4.00%
02/28/1995 0.593066 1,744.854 1,034.81 0.00008 0.077007608 1,034.66 1,870.22 4.00%
03/31/1995 0.603227 1,744.854 1,052.54 0.00008 0.087875013 1,052.30 1,870.22 4.00%
04/30/1995 0.616243 1,744.854 1,075.25 0.00008 0.086490113 1,074.91 1,870.22 4.00%
05/31/1995 0.640045 1,744.854 1,116.79 0.00008 0.091294137 1,116.34 1,870.22 4.00%
06/30/1995 0.645008 1,744.854 1,125.45 0.00008 0.091754217 1,124.91 1,870.22 4.00%
07/31/1995 0.650504 1,744.854 1,135.03 0.00008 0.095540078 1,134.40 1,870.22 4.00%
08/31/1995 0.657122 1,744.854 1,146.58 0.00008 0.096345937 1,145.84 1,870.22 4.00%
09/30/1995 0.678516 1,744.854 1,183.91 0.00008 0.094178743 1,183.05 1,870.22 4.00%
10/31/1995 0.676008 1,744.854 1,179.53 0.00008 0.100478437 1,178.58 1,870.22 4.00%
11/30/1995 0.705262 1,744.854 1,230.58 0.00008 0.096869413 1,229.48 1,870.22 4.00%
12/31/1995 0.719938 1,744.854 1,256.19 0.00008 0.104421938 1,254.96 1,870.22 4.00%
01/31/1996 0.733188 1,744.854 1,279.31 0.00008 0.106586022 1,277.95 1,870.22 6.00%
02/29/1996 0.734721 1,744.854 1,281.98 0.00008 0.101536092 1,280.53 1,870.22 6.00%
03/31/1996 0.742055 1,744.854 1,294.78 0.00008 0.108756989 1,293.20 1,870.22 6.00%
04/30/1996 0.744717 1,744.854 1,299.42 0.00008 0.106290312 1,297.73 1,870.22 6.00%
05/31/1996 0.747343 1,744.854 1,304.00 0.00008 0.110218278 1,302.20 1,870.22 6.00%
06/30/1996 0.752323 1,744.854 1,312.69 0.00008 0.107029928 1,310.77 1,870.22 6.00%
07/31/1996 0.737420 1,744.854 1,286.69 0.00008 0.111325523 1,284.69 1,870.22 6.00%
08/31/1996 0.747036 1,744.854 1,303.47 0.00008 0.10911079 1,301.33 1,870.22 6.00%
09/30/1996 0.770048 1,744.854 1,343.62 0.00008 0.106958942 1,341.32 1,870.22 6.00%
10/31/1996 0.787165 1,744.854 1,373.49 0.00008 0.113919914 1,371.02 1,870.22 6.00%
11/30/1996 0.821115 1,744.854 1,432.73 0.00008 0.112686295 1,430.03 1,870.22 6.00%
12/31/1996 0.812050 1,744.854 1,416.91 0.00008 0.12145497 1,414.13 1,870.22 6.00%
01/31/1997 0.851954 1,744.854 1,486.53 0.00008 0.12010379 1,483.49 1,870.22 6.00%
02/28/1997 0.838614 1,744.854 1,463.26 0.00008 0.113802324 1,460.15 1,870.22 6.00%
03/31/1997 0.820476 1,744.854 1,431.61 0.00008 0.124012897 1,428.45 1,870.22 6.00%
04/30/1997 0.843736 1,744.854 1,472.20 0.00008 0.117406666 1,468.83 1,870.22 6.00%
05/31/1997 0.875157 1,744.854 1,527.02 0.00008 0.124749595 1,523.40 1,870.22 6.00%
06/30/1997 0.898300 1,744.854 1,567.40 0.00008 0.125211081 1,563.56 1,870.22 6.00%
07/31/1997 0.944291 1,744.854 1,647.65 0.00008 0.132795544 1,643.48 1,870.22 6.00%
08/31/1997 0.913199 1,744.854 1,593.40 0.00008 0.139583161 1,589.23 1,870.22 6.00%
09/30/1997 0.947362 1,744.854 1,653.01 0.00008 0.130621276 1,648.55 1,870.22 6.00%
10/31/1997 0.932169 1,744.854 1,626.50 0.00008 0.140013742 1,621.97 1,870.22 6.00%
11/30/1997 0.956859 1,744.854 1,669.58 0.00008 0.133312642 1,664.80 1,870.22 6.00%
12/31/1997 0.971512 1,744.854 1,695.15 0.00008 0.141393759 1,690.15 1,870.22 6.00%
01/31/1998 0.973865 1,744.854 1,699.25 0.00008 0.143546948 1,694.10 1,870.22 6.00%
02/28/1998 1.006078 1,744.854 1,755.46 0.00008 0.12995837 1,750.01 1,870.22 6.00%
03/31/1998 1.034023 1,744.854 1,804.22 0.00008 0.148630671 1,798.47 1,870.22 6.00%
04/30/1998 1.040249 1,744.854 1,815.08 0.00008 0.1478192 1,809.15 1,870.22 6.00%
05/31/1998 1.040211 1,744.854 1,815.02 0.00008 0.153653595 1,808.93 1,870.22 6.00%
06/30/1998 1.048594 1,744.854 1,829.64 0.00008 0.148678968 1,823.36 1,870.22 6.00%
07/31/1998 1.035981 1,744.854 1,807.64 0.00008 0.154860424 1,801.27 1,870.22 6.00%
08/31/1998 0.964252 1,744.854 1,682.48 0.00008 0.152984587 1,676.40 1,870.22 6.00%
09/30/1998 1.000136 1,744.854 1,745.09 0.00008 0.137786454 1,738.65 1,870.22 6.00%
10/31/1998 1.025771 1,744.854 1,789.82 0.00008 0.147666128 1,783.07 1,870.22 6.00%
11/30/1998 1.054762 1,744.854 1,840.41 0.00008 0.1465534 1,833.31 1,870.22 6.00%
12/31/1998 1.076083 1,744.854 1,877.61 0.00008 0.155706119 1,870.22 1,870.22 6.00%
12/31/1998 1,870.22
</TABLE>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 86.01% 87.02%
40.00% 1,860.14 3.9945 16.81% 16.97% 1,860.14 1,870.22 4
40.00% 1,859.99 3.9178 17.05% 17.21% 1,852.85 1,863.05 4
40.00% 1,858.75 3.8411 16.48% 16.66% 1,796.49 1,807.57 4
40.00% 1,858.05 3.7562 16.34% 16.54% 1,765.71 1,777.27 4
40.00% 1,857.14 3.6740 16.05% 16.27% 1,727.71 1,739.87 4
40.00% 1,855.49 3.5890 15.21% 15.46% 1,662.11 1,675.31 4
40.00% 1,855.14 3.5068 15.33% 15.60% 1,649.15 1,662.55 4
40.00% 1,854.76 3.4219 15.45% 15.73% 1,635.02 1,648.65 4
40.00% 1,854.31 3.3370 15.52% 15.81% 1,618.29 1,632.18 4
40.00% 1,852.82 3.2548 14.78% 15.11% 1,566.13 1,580.84 4
40.00% 1,853.00 3.1699 15.34% 15.68% 1,572.23 1,586.84 4
40.00% 1,850.96 3.0877 14.17% 14.55% 1,505.48 1,521.14 4
40.00% 1,849.94 3.0027 13.80% 14.21% 1,474.10 1,490.25 4
30.00% 1,827.20 2.9178 13.04% 13.94% 1,429.79 1,463.45 3
30.00% 1,827.05 2.8384 13.34% 14.28% 1,426.80 1,460.51 3
30.00% 1,826.29 2.7534 13.36% 14.34% 1,412.23 1,446.19 3
30.00% 1,826.02 2.6712 13.64% 14.66% 1,407.08 1,441.14 3
30.00% 1,825.75 2.5863 13.96% 15.02% 1,402.05 1,436.20 3
30.00% 1,825.23 2.5041 14.14% 15.25% 1,392.49 1,426.81 3
30.00% 1,826.80 2.4192 15.66% 16.79% 1,421.98 1,455.77 3
30.00% 1,825.80 2.3342 15.61% 16.81% 1,403.02 1,437.15 3
30.00% 1,823.40 2.2521 14.61% 15.90% 1,359.41 1,394.32 3
30.00% 1,821.62 2.1671 14.01% 15.41% 1,328.66 1,364.11 3
30.00% 1,818.08 2.0849 12.20% 13.74% 1,271.35 1,307.81 3
30.00% 1,819.03 2.0000 13.42% 15.00% 1,286.33 1,322.53 3
20.00% 1,803.65 1.9151 10.74% 12.86% 1,215.81 1,260.68 2
20.00% 1,805.05 1.8384 12.23% 14.41% 1,236.21 1,280.84 2
20.00% 1,806.95 1.7534 14.35% 16.61% 1,264.98 1,309.27 2
20.00% 1,804.53 1.6712 13.11% 15.55% 1,228.55 1,273.27 2
20.00% 1,801.26 1.5863 11.14% 13.80% 1,182.39 1,227.66 2
20.00% 1,798.85 1.5041 9.77% 12.64% 1,150.48 1,196.13 2
20.00% 1,794.05 1.4192 6.37% 9.53% 1,091.62 1,137.96 2
20.00% 1,797.31 1.3342 9.66% 12.98% 1,130.93 1,176.81 2
20.00% 1,793.75 1.2521 6.97% 10.60% 1,088.08 1,134.46 2
20.00% 1,795.34 1.1671 9.09% 12.98% 1,106.89 1,153.05 2
20.00% 1,792.77 1.0849 7.06% 11.32% 1,076.87 1,123.39 2
20.00% 1,791.25 1.0000 5.98% 10.65% 1,059.82 1,106.54 2
10.00% 1,779.79 0.9151 5.06% 10.40% 1,046.19 1,094.73 1
10.00% 1,776.44 0.8384 1.51% 6.87% 1,012.65 1,057.28 1
10.00% 1,773.53 0.7534 -1.39% 3.99% 989.54 1,029.91 1
10.00% 1,772.89 0.6712 -2.00% 3.38% 986.50 1,022.53 1
10.00% 1,772.90 0.5863 -1.99% 3.39% 988.28 1,019.73 1
10.00% 1,772.04 0.5041 -2.81% 2.57% 985.71 1,012.87 1
10.00% 1,773.36 0.4192 -1.55% 3.83% 993.48 1,015.87 1
10.00% 1,780.85 0.3342 6.23% 11.56% 1,020.41 1,037.24 1
10.00% 1,777.12 0.2521 2.21% 7.57% 1,005.53 1,018.56 1
10.00% 1,774.45 0.1671 -0.48% 4.89% 999.19 1,008.01 1
10.00% 1,771.44 0.0849 -3.38% 2.01% 997.09 1,001.69 1
10.00% 1,769.23 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS TOTAL RETURN SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 142M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.573114 2 6.00% 20%
Units purchased 1,744.854 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,833.31 1,771.44 1,870.22 -3.38% 2.01%
09/30/1998 0.25 0.25 1,738.65 1,777.12 1,870.22 2.21% 7.57%
12/31/1997 1.00 1.00 1,690.15 1,791.25 1,870.22 5.98% 10.65%
12/31/1997 1.00 1.00 1,690.15 1,791.25 1,870.22 5.98% 10.65%
12/31/1995 3.00 3.00 1255 1,849.94 1,870.22 13.81% 14.22%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,783.07 1,774.45 1,870.22 -0.48% 4.89%
01/03/1995 3.99 3.99 1,000.00 1,860.14 1,870.22 16.82% 16.98%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
MFS TOTAL RETURN SERIES
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.05 1,005.00
02/28/1995 1000 0 10 100 10.37 1,037.00
03/31/1995 1037 0 10 100 10.56 1,056.00
04/30/1995 1056 0 10 100 10.8 1,080.00
05/31/1995 1080 0 10 100 11.23 1,123.00
06/30/1995 1123 0 10 100 11.33 1,133.00
07/31/1995 1133 0 10 100 11.44 1,144.00
08/31/1995 1144 0 10 100 11.57 1,157.00
09/30/1995 1157 0 10 100 11.96 1,196.00
10/31/1995 1196 0 10 100 11.93 1,193.00
11/30/1995 1193 0 10 100 12.46 1,246.00
12/31/1995 1246 0.48169 12.19 103.952 12.25 1,273.41
01/31/1996 1273.41 0 10 103.952 12.49 1,298.36
02/29/1996 1298.36 0 10 103.952 12.53 1,302.52
03/31/1996 1302.52 0 10 103.952 12.67 1,317.07
04/30/1996 1317.07 0 10 103.952 12.73 1,323.31
05/31/1996 1323.31 0 10 103.952 12.79 1,329.55
06/30/1996 1329.55 0 10 103.952 12.89 1,339.94
07/31/1996 1339.94 0 10 103.952 12.65 1,314.99
08/31/1996 1314.99 0 10 103.952 12.83 1,333.70
09/30/1996 1333.7 0 10 103.952 13.24 1,376.32
10/31/1996 1376.32 0 10 103.952 13.55 1,408.55
11/30/1996 1408.55 0 10 103.952 14.15 1,470.92
12/31/1996 1470.92 0.30366 13.85 106.231 13.71 1,456.43
01/31/1997 1456.43 0 10 106.231 14.4 1,529.73
02/28/1997 1529.73 0 10 106.231 14.19 1,507.42
03/31/1997 1507.42 0 10 106.231 13.9 1,476.61
04/30/1997 1476.61 0 10 106.231 14.31 1,520.17
05/31/1997 1520.17 0 10 106.231 14.86 1,578.59
06/30/1997 1578.59 0 10 106.231 15.27 1,622.15
07/31/1997 1622.15 0 10 106.231 16.07 1,707.13
08/31/1997 1707.13 0 10 106.231 15.56 1,652.95
09/30/1997 1652.95 0 10 106.231 16.16 1,716.69
10/31/1997 1716.69 0 10 106.231 15.92 1,691.20
11/30/1997 1691.2 0 10 106.231 16.36 1,737.94
12/31/1997 1737.94 0 10 106.231 16.63 1,766.62
01/31/1998 1766.62 0 10 106.231 16.69 1,773.00
02/28/1998 1773 0 10 106.231 17.26 1,833.55
03/31/1998 1833.55 0 10 106.231 17.76 1,886.66
04/30/1998 1886.66 0.52861 17.07 109.521 17.35 1,900.19
05/31/1998 1900.19 0 10 109.521 17.37 1,902.38
06/30/1998 1902.38 0 10 109.521 17.53 1,919.90
07/31/1998 1919.9 0 10 109.521 17.34 1,899.09
08/31/1998 1899.09 0 10 109.521 16.16 1,769.86
09/30/1998 1769.86 0 10 109.521 16.78 1,837.76
10/31/1998 1837.76 0 10 109.521 17.23 1,887.05
0.83776
<TABLE>
<CAPTION>
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
1,000 0.573113773
0.50% 0.00107 1.073972603 1,003.93 0.08 0.575363833
3.18% 0.00107 1.078189049 1,034.81 0.16 0.593065951
1.83% 0.00119 1.230435947 1,052.54 0.25 0.603226974
2.27% 0.00115 1.21114554 1,075.25 0.34 0.616242554
3.98% 0.00119 1.278520525 1,116.79 0.44 0.640045399
0.89% 0.00115 1.285068745 1,125.45 0.54 0.645008334
0.97% 0.00119 1.338200986 1,135.03 0.64 0.650503609
1.14% 0.00119 1.349602053 1,146.58 0.74 0.65712222
3.37% 0.00115 1.319355201 1,183.91 0.86 0.678516267
-0.25% 0.00119 1.407720009 1,179.53 0.96 0.676007519
4.44% 0.00115 1.357272679 1,230.58 1.09 0.705261834
2.20% 0.00119 1.463209128 1,256.19 1.22 0.719937877 .24849 Dividend .2332 ST
1.96% 0.00119 1.493657565 1,279.31 1.35 0.733187628
0.32% 0.00111 1.423008361 1,281.98 1.46 0.734721246
1.12% 0.00119 1.524328671 1,294.78 1.58 0.742054949
0.47% 0.00115 1.489881223 1,299.42 1.69 0.744716778
0.47% 0.00119 1.545066435 1,304.00 1.81 0.747342952
0.78% 0.00115 1.500498356 1,312.69 1.93 0.752323238
-1.86% 0.00119 1.560847583 1,286.69 2.00 0.737420258
1.42% 0.00119 1.52992832 1,303.47 2.13 0.747035631
3.20% 0.00115 1.499881323 1,343.62 2.31 0.770048457
2.34% 0.00119 1.597622156 1,373.49 2.47 0.787165462
4.43% 0.00115 1.580453096 1,432.73 2.69 0.821115038
-0.99% 0.00119 1.703570165 1,416.91 2.78 0.812049912 .2116 Dividend .0494 ST/.04266 LT
2.41% 0.00119 1.684762718 1,486.53 3.04 0.851953641
1.07% 0.00107 1.596497785 1,463.26 3.11 0.838613541
-2.04% 0.00119 1.73987437 1,431.61 3.16 0.820476061
2.95% 0.00115 1.647333365 1,472.20 3.37 0.843735998
3.84% 0.00119 1.750501948 1,527.02 3.62 0.875157461
2.76% 0.00115 1.757121451 1,567.40 3.84 0.898299741
5.24% 0.00119 1.863705531 1,647.65 4.17 0.944291091
-3.17% 0.00119 1.959123942 1,593.40 4.17 0.913198873
3.86% 0.00115 1.83350014 1,653.01 4.46 0.947362259
-1.49% 0.00119 1.965495705 1,626.50 4.53 0.932169048
2.76% 0.00115 1.87158803 1,669.58 4.78 0.956858939
1.65% 0.00119 1.9851985 1,695.15 5.00 0.971511564
0.36% 0.00119 2.01559835 1,699.25 5.15 0.973864929
3.42% 0.00107 1.824950477 1,755.46 5.45 1.006077638
2.90% 0.00119 2.087312703 1,804.22 5.75 1.034023081
0.72% 0.00115 2.076088266 1,815.08 5.94 1.040248643 .24295 Dividend .15985 ST/.12581 LT
0.12% 0.00119 2.158207403 1,815.02 6.09 1.040210648
0.92% 0.00115 2.088511524 1,829.64 6.29 1.048593531
-1.08% 0.00119 2.175520569 1,807.64 6.37 1.035980893
-6.80% 0.00119 2.149353087 1,682.48 6.08 0.964252247
3.84% 0.00115 1.936003955 1,745.09 6.44 1.000135864
2.68% 0.00119 2.074985283 1,789.82 6.75 1.025771
0.74509 0.74509
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 85M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.193975 2 6.00% 20%
Units purchased 5,155.295 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/03/1985 0.193975 5,155.295 1,000.00 1,000.00 6,514.19 0.00%
04/30/1985 0.192244 5,155.295 991.08 0.00007 0.073972597 991.08 6,514.19 0.00%
05/31/1985 0.199404 5,155.295 1,027.99 0.00008 0.084173516 1,027.99 6,514.19 0.00%
06/30/1985 0.199393 5,155.295 1,027.93 0.00008 0.084492138 1,027.93 6,514.19 0.00%
07/31/1985 0.203049 5,155.295 1,046.78 0.00008 0.087303607 1,046.78 6,514.19 0.00%
08/31/1985 0.203800 5,155.295 1,050.65 0.00008 0.088904493 1,050.65 6,514.19 0.00%
09/30/1985 0.196064 5,155.295 1,010.77 0.00008 0.086354574 1,010.77 6,514.19 0.00%
10/31/1985 0.198362 5,155.295 1,022.61 0.00008 0.085845843 1,022.61 6,514.19 0.00%
11/30/1985 0.204321 5,155.295 1,053.33 0.00008 0.084050368 1,053.33 6,514.19 0.00%
12/31/1985 0.210453 5,155.295 1,084.95 0.00008 0.089461131 1,084.95 6,514.19 0.00%
01/31/1986 0.211997 5,155.295 1,092.91 0.00008 0.092146021 1,092.91 6,514.19 0.00%
02/28/1986 0.221278 5,155.295 1,140.76 0.00008 0.083839578 1,140.76 6,514.19 0.00%
03/31/1986 0.235058 5,155.295 1,211.79 0.00008 0.096886095 1,211.79 6,514.19 0.00%
04/30/1986 0.239154 5,155.295 1,232.91 0.00008 0.099599268 1,232.91 6,514.19 0.00%
05/31/1986 0.254070 5,155.295 1,309.80 0.00008 0.104713047 1,309.80 6,514.19 0.00%
06/30/1986 0.251447 5,155.295 1,296.28 0.00008 0.107655065 1,296.28 6,514.19 0.00%
07/31/1986 0.239778 5,155.295 1,236.13 0.00008 0.110095165 1,236.13 6,514.19 0.00%
08/31/1986 0.246985 5,155.295 1,273.28 0.00008 0.104986238 1,273.28 6,514.19 0.00%
09/30/1986 0.235745 5,155.295 1,215.34 0.00008 0.104653293 1,215.34 6,514.19 0.00%
10/31/1986 0.246077 5,155.295 1,268.60 0.00008 0.103220381 1,268.60 6,514.19 0.00%
11/30/1986 0.248566 5,155.295 1,281.43 0.00008 0.1042685 1,281.43 6,514.19 0.00%
12/31/1986 0.244782 5,155.295 1,261.92 0.00008 0.108833678 1,261.92 6,514.19 0.00%
01/31/1987 0.265431 5,155.295 1,368.37 0.00008 0.10717711 1,368.37 6,514.19 0.00%
02/28/1987 0.280741 5,155.295 1,447.30 0.00008 0.104971156 1,447.30 6,514.19 0.00%
03/31/1987 0.286582 5,155.295 1,477.41 0.00008 0.122921537 1,477.41 6,514.19 0.00%
04/30/1987 0.286083 5,155.295 1,474.84 0.00008 0.121431316 1,474.84 6,514.19 0.00%
05/31/1987 0.284962 5,155.295 1,469.07 0.00008 0.125260603 1,469.07 6,514.19 0.00%
06/30/1987 0.294256 5,155.295 1,516.97 0.00008 0.120745125 1,516.97 6,514.19 0.00%
07/31/1987 0.325122 5,155.295 1,676.10 0.00008 0.128838954 1,676.10 6,514.19 0.00%
08/31/1987 0.320298 5,155.295 1,651.23 0.00008 0.142353616 1,651.23 6,514.19 0.00%
09/30/1987 0.327697 5,155.295 1,689.37 0.00008 0.135717388 1,689.37 6,514.19 0.00%
10/31/1987 0.236537 5,155.295 1,219.42 0.00008 0.143481075 1,219.42 6,514.19 0.00%
11/30/1987 0.228179 5,155.295 1,176.33 0.00008 0.100226243 1,176.33 6,514.19 0.00%
12/31/1987 0.249742 5,155.295 1,287.49 0.00008 0.099907556 1,287.49 6,514.19 0.00%
01/31/1988 0.247471 5,155.295 1,275.78 0.00008 0.109348655 1,275.78 6,514.19 0.00%
02/29/1988 0.265474 5,155.295 1,368.60 0.00008 0.101363691 1,368.60 6,514.19 0.00%
03/31/1988 0.273196 5,155.295 1,408.41 0.00008 0.116236996 1,408.41 6,514.19 0.00%
04/30/1988 0.275358 5,155.295 1,419.55 0.00008 0.115759407 1,419.55 6,514.19 0.00%
05/31/1988 0.273512 5,155.295 1,410.04 0.00008 0.120564726 1,410.04 6,514.19 0.00%
06/30/1988 0.291519 5,155.295 1,502.87 0.00008 0.115893451 1,502.87 6,514.19 0.00%
07/31/1988 0.293432 5,155.295 1,512.73 0.00008 0.1276406 1,512.73 6,514.19 0.00%
08/31/1988 0.284019 5,155.295 1,464.20 0.00008 0.128478395 1,464.20 6,514.19 0.00%
09/30/1988 0.292375 5,155.295 1,507.28 0.00008 0.12034521 1,507.28 6,514.19 0.00%
10/31/1988 0.296273 5,155.295 1,527.38 0.00008 0.128015298 1,527.38 6,514.19 0.00%
11/30/1988 0.293978 5,155.295 1,515.54 0.00008 0.125537696 1,515.54 6,514.19 0.00%
12/31/1988 0.301180 5,155.295 1,552.67 0.00008 0.128717273 1,552.67 6,514.19 0.00%
01/31/1989 0.324708 5,155.295 1,673.97 0.00008 0.131870804 1,673.97 6,514.19 0.00%
02/28/1989 0.324837 5,155.295 1,674.63 0.00008 0.128413821 1,674.63 6,514.19 0.00%
03/31/1989 0.331458 5,155.295 1,708.76 0.00008 0.142228883 1,708.76 6,514.19 0.00%
04/30/1989 0.339048 5,155.295 1,747.89 0.00008 0.140446134 1,747.89 6,514.19 0.00%
05/31/1989 0.349099 5,155.295 1,799.71 0.00008 0.148451175 1,799.71 6,514.19 0.00%
06/30/1989 0.342861 5,155.295 1,767.55 0.00008 0.147921335 1,767.55 6,514.19 0.00%
07/31/1989 0.365310 5,155.295 1,883.28 0.00008 0.150120851 1,883.28 6,514.19 0.00%
08/31/1989 0.369661 5,155.295 1,905.71 0.00008 0.159949978 1,905.71 6,514.19 0.00%
09/30/1989 0.367477 5,155.295 1,894.45 0.00008 0.156633653 1,894.45 6,514.19 0.00%
10/31/1989 0.358080 5,155.295 1,846.01 0.00008 0.160898757 1,846.01 6,514.19 0.00%
11/30/1989 0.368509 5,155.295 1,899.77 0.00008 0.151726628 1,899.77 6,514.19 0.00%
12/31/1989 0.367668 5,155.295 1,895.43 0.00008 0.161350622 1,895.43 6,514.19 0.00%
01/31/1990 0.349544 5,155.295 1,802.00 0.00008 0.160982108 1,802.00 6,514.19 0.00%
02/28/1990 0.347865 5,155.295 1,793.34 0.00008 0.138235998 1,793.34 6,514.19 0.00%
03/31/1990 0.354393 5,155.295 1,827.00 0.00008 0.152311475 1,827.00 6,514.19 0.00%
04/30/1990 0.339004 5,155.295 1,747.67 0.00008 0.150164406 1,747.67 6,514.19 0.00%
05/31/1990 0.357135 5,155.295 1,841.14 0.00008 0.148432054 1,841.14 6,514.19 0.00%
06/30/1990 0.351148 5,155.295 1,810.27 0.00008 0.151326421 1,810.27 6,514.19 0.00%
07/31/1990 0.357193 5,155.295 1,841.44 0.00008 0.153749 1,841.44 6,514.19 0.00%
08/31/1990 0.337845 5,155.295 1,741.69 0.00008 0.156395955 1,741.69 6,514.19 0.00%
09/30/1990 0.326557 5,155.295 1,683.50 0.00008 0.143152488 1,683.50 6,514.19 0.00%
10/31/1990 0.321679 5,155.295 1,658.35 0.00008 0.142982015 1,658.35 6,514.19 0.00%
11/30/1990 0.322945 5,155.295 1,664.88 0.00008 0.136302762 1,664.88 6,514.19 0.00%
12/31/1990 0.333244 5,155.295 1,717.97 0.00008 0.141400415 1,717.97 6,514.19 0.00%
01/31/1991 0.338471 5,155.295 1,744.92 0.00008 0.145909841 1,744.92 6,514.19 0.00%
02/28/1991 0.356729 5,155.295 1,839.04 0.00008 0.133856767 1,839.04 6,514.19 0.00%
03/31/1991 0.361008 5,155.295 1,861.10 0.00008 0.156192584 1,861.10 6,514.19 0.00%
04/30/1991 0.359537 5,155.295 1,853.52 0.00008 0.152967336 1,853.52 6,514.19 0.00%
05/31/1991 0.364649 5,155.295 1,879.87 0.00008 0.157422109 1,879.87 6,514.19 0.00%
06/30/1991 0.350006 5,155.295 1,804.38 0.00008 0.154510082 1,804.38 6,514.19 0.00%
07/31/1991 0.372384 5,155.295 1,919.75 0.00008 0.153249107 1,919.75 6,514.19 0.00%
08/31/1991 0.378286 5,155.295 1,950.18 0.00008 0.163047001 1,950.18 6,514.19 0.00%
09/30/1991 0.374069 5,155.295 1,928.44 0.00008 0.160288526 1,928.44 6,514.19 0.00%
10/31/1991 0.378590 5,155.295 1,951.74 0.00008 0.163785116 1,951.74 6,514.19 0.00%
11/30/1991 0.364554 5,155.295 1,879.38 0.00008 0.160417196 1,879.38 6,514.19 0.00%
12/31/1991 0.413245 5,155.295 2,130.40 0.00008 0.159618761 2,130.40 6,514.19 0.00%
01/31/1992 0.418799 5,155.295 2,159.03 0.00008 0.180938173 2,159.03 6,514.19 0.00%
02/29/1992 0.424099 5,155.295 2,186.36 0.00008 0.171539692 2,186.36 6,514.19 0.00%
03/31/1992 0.409777 5,155.295 2,112.52 0.00008 0.185690476 2,112.52 6,514.19 0.00%
04/30/1992 0.407129 5,155.295 2,098.87 0.00008 0.173631878 2,098.87 6,514.19 0.00%
05/31/1992 0.410588 5,155.295 2,116.70 0.00008 0.178260305 2,116.70 6,514.19 0.00%
06/30/1992 0.397396 5,155.295 2,048.69 0.00008 0.173975523 2,048.69 6,514.19 0.00%
07/31/1992 0.416110 5,155.295 2,145.17 0.00008 0.173998736 2,145.17 6,514.19 0.00%
08/31/1992 0.405140 5,155.295 2,088.62 0.00008 0.182192413 2,088.62 6,514.19 0.00%
09/30/1992 0.412195 5,155.295 2,124.99 0.00008 0.171667208 2,124.99 6,514.19 0.00%
10/31/1992 0.427516 5,155.295 2,203.97 0.00008 0.180478547 2,203.97 6,514.19 0.00%
11/30/1992 0.455246 5,155.295 2,346.93 0.00008 0.181148473 2,346.93 6,514.19 0.00%
12/31/1992 0.467456 5,155.295 2,409.87 0.00008 0.199328116 2,409.87 6,514.19 0.00%
01/31/1993 0.474124 5,155.295 2,444.25 0.00008 0.204674202 2,444.25 6,514.19 0.00%
02/28/1993 0.459628 5,155.295 2,369.52 0.00008 0.187504231 2,369.52 6,514.19 0.00%
03/31/1993 0.474107 5,155.295 2,444.16 0.00008 0.201246812 2,444.16 6,514.19 0.00%
04/30/1993 0.454702 5,155.295 2,344.12 0.00008 0.200890008 2,344.12 6,514.19 0.00%
05/31/1993 0.473965 5,155.295 2,443.43 0.00008 0.199089828 2,443.43 6,514.19 0.00%
06/30/1993 0.477140 5,155.295 2,459.80 0.00008 0.200829634 2,459.80 6,514.19 0.00%
07/31/1993 0.470441 5,155.295 2,425.26 0.00008 0.208914199 2,425.26 6,514.19 0.00%
08/31/1993 0.479220 5,155.295 2,470.52 0.00008 0.205981047 2,470.52 6,514.19 0.00%
09/30/1993 0.489964 5,155.295 2,525.91 0.00008 0.203056483 2,525.91 6,514.19 0.00%
10/31/1993 0.494216 5,155.295 2,547.83 0.00008 0.214529469 2,547.83 6,514.19 0.00%
11/30/1993 0.487820 5,155.295 2,514.86 0.00008 0.209410463 2,514.86 6,514.19 0.00%
12/31/1993 0.495144 5,155.295 2,552.61 0.00008 0.213590602 2,552.61 6,514.19 0.00%
01/31/1994 0.510283 5,155.295 2,630.66 0.00008 0.216797203 2,630.66 6,514.19 2.00%
02/28/1994 0.502808 5,155.295 2,592.12 0.00008 0.201803969 2,592.12 6,514.19 2.00%
03/31/1994 0.481187 5,155.295 2,480.66 0.00008 0.220153005 2,480.66 6,514.19 2.00%
04/30/1994 0.482102 5,155.295 2,485.38 0.00008 0.203889987 2,485.38 6,514.19 2.00%
05/31/1994 0.489756 5,155.295 2,524.84 0.00008 0.211086685 2,524.84 6,514.19 2.00%
06/30/1994 0.468155 5,155.295 2,413.48 0.00008 0.207520955 2,413.48 6,514.19 2.00%
07/31/1994 0.477774 5,155.295 2,463.06 0.00008 0.20498023 2,463.06 6,514.19 2.00%
08/31/1994 0.507304 5,155.295 2,615.30 0.00008 0.209191774 2,615.30 6,514.19 2.00%
09/30/1994 0.496406 5,155.295 2,559.12 0.00008 0.214956356 2,559.12 6,514.19 2.00%
10/31/1994 0.504564 5,155.295 2,601.18 0.00008 0.217350043 2,601.18 6,514.19 2.00%
11/30/1994 0.491732 5,155.295 2,535.03 0.00008 0.213795295 2,535.03 6,514.19 2.00%
12/31/1994 0.493726 5,155.295 2,545.30 0.00008 0.215303569 2,545.30 6,514.19 2.00%
01/31/1995 0.502137 5,155.295 2,588.67 0.00008 0.216176368 2,588.67 6,514.19 4.00%
02/28/1995 0.520626 5,155.295 2,683.98 0.00008 0.198582604 2,683.98 6,514.19 4.00%
03/31/1995 0.536150 5,155.295 2,764.01 0.00008 0.227954611 2,764.01 6,514.19 4.00%
04/30/1995 0.549595 5,155.295 2,833.33 0.00008 0.227178897 2,833.33 6,514.19 4.00%
05/31/1995 0.570984 5,155.295 2,943.59 0.00008 0.240638675 2,943.59 6,514.19 4.00%
06/30/1995 0.591207 5,155.295 3,047.85 0.00008 0.241938844 3,047.85 6,514.19 4.00%
07/31/1995 0.619912 5,155.295 3,195.83 0.00008 0.258858389 3,195.83 6,514.19 4.00%
08/31/1995 0.622952 5,155.295 3,211.50 0.00008 0.271426445 3,211.50 6,514.19 4.00%
09/30/1995 0.641637 5,155.295 3,307.83 0.00008 0.263958988 3,307.83 6,514.19 4.00%
10/31/1995 0.644079 5,155.295 3,320.42 0.00008 0.280938758 3,320.42 6,514.19 4.00%
11/30/1995 0.669510 5,155.295 3,451.52 0.00008 0.272911146 3,451.52 6,514.19 4.00%
12/31/1995 0.666532 5,155.295 3,436.17 0.00008 0.293142999 3,436.17 6,514.19 4.00%
01/31/1996 0.688749 5,155.295 3,550.71 0.00008 0.291839004 3,550.71 6,514.19 6.00%
02/29/1996 0.702768 5,155.295 3,622.97 0.00008 0.282110925 3,622.97 6,514.19 6.00%
03/31/1996 0.710728 5,155.295 3,664.01 0.00008 0.307704713 3,664.01 6,514.19 6.00%
04/30/1996 0.729545 5,155.295 3,761.02 0.00008 0.301151718 3,761.02 6,514.19 6.00%
05/31/1996 0.745553 5,155.295 3,843.54 0.00008 0.319429288 3,843.54 6,514.19 6.00%
06/30/1996 0.737776 5,155.295 3,803.45 0.00008 0.315907808 3,803.45 6,514.19 6.00%
07/31/1996 0.707762 5,155.295 3,648.72 0.00008 0.323033144 3,648.72 6,514.19 6.00%
08/31/1996 0.734687 5,155.295 3,787.53 0.00008 0.30989129 3,787.53 6,514.19 6.00%
09/30/1996 0.783156 5,155.295 4,037.40 0.00008 0.31130379 4,037.40 6,514.19 6.00%
10/31/1996 0.791126 5,155.295 4,078.49 0.00008 0.34290242 4,078.49 6,514.19 6.00%
11/30/1996 0.837618 5,155.295 4,318.17 0.00008 0.335218331 4,318.17 6,514.19 6.00%
12/31/1996 0.824308 5,155.295 4,249.55 0.00008 0.366748466 4,249.55 6,514.19 6.00%
01/31/1997 0.864588 5,155.295 4,457.20 0.00008 0.360920735 4,457.20 6,514.19 6.00%
02/28/1997 0.852272 5,155.295 4,393.71 0.00008 0.341922536 4,393.71 6,514.19 6.00%
03/31/1997 0.813827 5,155.295 4,195.52 0.00008 0.373164673 4,195.52 6,514.19 6.00%
04/30/1997 0.856635 5,155.295 4,416.21 0.00008 0.344837199 4,416.21 6,514.19 6.00%
05/31/1997 0.918242 5,155.295 4,733.81 0.00008 0.375075182 4,733.81 6,514.19 6.00%
06/30/1997 0.940680 5,155.295 4,849.48 0.00008 0.389080197 4,849.48 6,514.19 6.00%
07/31/1997 1.034389 5,155.295 5,332.58 0.00008 0.411873853 5,332.58 6,514.19 6.00%
08/31/1997 1.011555 5,155.295 5,214.86 0.00008 0.452904177 5,214.86 6,514.19 6.00%
09/30/1997 1.059048 5,155.295 5,459.71 0.00008 0.428618813 5,459.71 6,514.19 6.00%
10/31/1997 1.025388 5,155.295 5,286.18 0.00008 0.463701073 5,286.18 6,514.19 6.00%
11/30/1997 1.031662 5,155.295 5,318.52 0.00008 0.434480424 5,318.52 6,514.19 6.00%
12/31/1997 1.031522 5,155.295 5,317.80 0.00008 0.451710278 5,317.80 6,514.19 6.00%
01/31/1998 1.034879 5,155.295 5,335.11 0.00008 0.451648977 5,335.11 6,514.19 6.00%
02/28/1998 1.114251 5,155.295 5,744.29 0.00008 0.409268363 5,744.29 6,514.19 6.00%
03/31/1998 1.159483 5,155.295 5,977.48 0.00008 0.487871298 5,977.48 6,514.19 6.00%
04/30/1998 1.183333 5,155.295 6,100.43 0.00008 0.491299544 6,100.43 6,514.19 6.00%
05/31/1998 1.143860 5,155.295 5,896.94 0.00008 0.51811857 5,896.94 6,514.19 6.00%
06/30/1998 1.199946 5,155.295 6,186.08 0.00008 0.484679677 6,186.08 6,514.19 6.00%
07/31/1998 1.175443 5,155.295 6,059.75 0.00008 0.525392843 6,059.75 6,514.19 6.00%
08/31/1998 0.954969 5,155.295 4,923.15 0.00008 0.514664053 4,923.15 6,514.19 6.00%
09/30/1998 0.999643 5,155.295 5,153.45 0.00008 0.404642194 5,153.45 6,514.19 6.00%
10/31/1998 1.084275 5,155.295 5,589.76 0.00008 0.437690629 5,589.76 6,514.19 6.00%
11/30/1998 1.154193 5,155.295 5,950.21 0.00008 0.459432122 5,950.21 6,514.19 6.00%
12/31/1998 1.263592 5,155.295 6,514.19 0.00008 0.505359911 6,514.19 6,514.19 6.00%
12/31/1998 6,514.19
</TABLE>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 551.42% 551.42%
0.00% 6,514.19 13.7534 14.60% 14.60% 6,514.19 6,514.19 14
0.00% 6,514.19 13.6795 14.76% 14.76% 6,572.85 6,572.85 14
0.00% 6,514.19 13.5945 14.55% 14.55% 6,336.84 6,336.84 14
0.00% 6,514.19 13.5123 14.64% 14.64% 6,337.19 6,337.19 14
0.00% 6,514.19 13.4274 14.59% 14.59% 6,223.08 6,223.08 14
0.00% 6,514.19 13.3425 14.65% 14.65% 6,200.17 6,200.17 14
0.00% 6,514.19 13.2603 15.09% 15.09% 6,444.81 6,444.81 14
0.00% 6,514.19 13.1753 15.09% 15.09% 6,370.14 6,370.14 14
0.00% 6,514.19 13.0932 14.93% 14.93% 6,184.36 6,184.36 14
0.00% 6,514.19 13.0082 14.77% 14.77% 6,004.17 6,004.17 14
0.00% 6,514.19 12.9233 14.81% 14.81% 5,960.41 5,960.41 13
0.00% 6,514.19 12.8466 14.52% 14.52% 5,710.42 5,710.42 13
0.00% 6,514.19 12.7616 14.09% 14.09% 5,375.67 5,375.67 13
0.00% 6,514.19 12.6795 14.03% 14.03% 5,283.58 5,283.58 13
0.00% 6,514.19 12.5945 13.58% 13.58% 4,973.41 4,973.41 13
0.00% 6,514.19 12.5123 13.77% 13.77% 5,025.29 5,025.29 13
0.00% 6,514.19 12.4274 14.31% 14.31% 5,269.83 5,269.83 13
0.00% 6,514.19 12.3425 14.14% 14.14% 5,116.06 5,116.06 13
0.00% 6,514.19 12.2603 14.68% 14.68% 5,359.99 5,359.99 13
0.00% 6,514.19 12.1753 14.38% 14.38% 5,134.94 5,134.94 13
0.00% 6,514.19 12.0932 14.39% 14.39% 5,083.54 5,083.54 13
0.00% 6,514.19 12.0082 14.65% 14.65% 5,162.11 5,162.11 13
0.00% 6,514.19 11.9233 13.98% 13.98% 4,760.53 4,760.53 12
0.00% 6,514.19 11.8466 13.54% 13.54% 4,500.92 4,500.92 12
0.00% 6,514.19 11.7616 13.44% 13.44% 4,409.18 4,409.18 12
0.00% 6,514.19 11.6795 13.56% 13.56% 4,416.87 4,416.87 12
0.00% 6,514.19 11.5945 13.71% 13.71% 4,434.24 4,434.24 12
0.00% 6,514.19 11.5123 13.49% 13.49% 4,294.20 4,294.20 12
0.00% 6,514.19 11.4274 12.61% 12.61% 3,886.52 3,886.52 12
0.00% 6,514.19 11.3425 12.86% 12.86% 3,945.06 3,945.06 12
0.00% 6,514.19 11.2603 12.73% 12.73% 3,855.98 3,855.98 12
0.00% 6,514.19 11.1753 16.18% 16.18% 5,342.04 5,342.04 12
0.00% 6,514.19 11.0932 16.68% 16.68% 5,537.72 5,537.72 12
0.00% 6,514.19 11.0082 15.87% 15.87% 5,059.60 5,059.60 12
0.00% 6,514.19 10.9233 16.10% 16.10% 5,106.03 5,106.03 11
0.00% 6,514.19 10.8438 15.47% 15.47% 4,759.76 4,759.76 11
0.00% 6,514.19 10.7589 15.30% 15.30% 4,625.22 4,625.22 11
0.00% 6,514.19 10.6767 15.34% 15.34% 4,588.90 4,588.90 11
0.00% 6,514.19 10.5918 15.54% 15.54% 4,619.87 4,619.87 11
0.00% 6,514.19 10.5096 14.98% 14.98% 4,334.51 4,334.51 11
0.00% 6,514.19 10.4247 15.03% 15.03% 4,306.25 4,306.25 11
0.00% 6,514.19 10.3397 15.53% 15.53% 4,448.98 4,448.98 11
0.00% 6,514.19 10.2575 15.34% 15.34% 4,321.83 4,321.83 11
0.00% 6,514.19 10.1726 15.32% 15.32% 4,264.96 4,264.96 11
0.00% 6,514.19 10.0904 15.55% 15.55% 4,298.26 4,298.26 11
0.00% 6,514.19 10.0055 15.41% 15.41% 4,195.47 4,195.47 11
0.00% 6,514.19 9.9205 14.68% 14.68% 3,891.47 3,891.47 10
0.00% 6,514.19 9.8438 14.80% 14.80% 3,889.93 3,889.93 10
0.00% 6,514.19 9.7589 14.70% 14.70% 3,812.23 3,812.23 10
0.00% 6,514.19 9.6767 14.56% 14.56% 3,726.88 3,726.88 10
0.00% 6,514.19 9.5918 14.35% 14.35% 3,619.58 3,619.58 10
0.00% 6,514.19 9.5096 14.70% 14.70% 3,685.43 3,685.43 10
0.00% 6,514.19 9.4247 14.07% 14.07% 3,458.96 3,458.96 10
0.00% 6,514.19 9.3397 14.07% 14.07% 3,418.25 3,418.25 10
0.00% 6,514.19 9.2575 14.27% 14.27% 3,438.56 3,438.56 10
0.00% 6,514.19 9.1726 14.74% 14.74% 3,528.80 3,528.80 10
0.00% 6,514.19 9.0904 14.52% 14.52% 3,428.93 3,428.93 10
0.00% 6,514.19 9.0055 14.69% 14.69% 3,436.78 3,436.78 10
0.00% 6,514.19 8.9205 15.50% 15.50% 3,614.97 3,614.97 9
0.00% 6,514.19 8.8438 15.70% 15.70% 3,632.42 3,632.42 9
0.00% 6,514.19 8.7589 15.62% 15.62% 3,565.51 3,565.51 9
0.00% 6,514.19 8.6767 16.37% 16.37% 3,727.36 3,727.36 9
0.00% 6,514.19 8.5918 15.84% 15.84% 3,538.13 3,538.13 9
0.00% 6,514.19 8.5096 16.24% 16.24% 3,598.46 3,598.46 9
0.00% 6,514.19 8.4247 16.18% 16.18% 3,537.56 3,537.56 9
0.00% 6,514.19 8.3397 17.14% 17.14% 3,740.16 3,740.16 9
0.00% 6,514.19 8.2575 17.81% 17.81% 3,869.44 3,869.44 9
0.00% 6,514.19 8.1726 18.22% 18.22% 3,928.11 3,928.11 9
0.00% 6,514.19 8.0904 18.37% 18.37% 3,912.72 3,912.72 9
0.00% 6,514.19 8.0055 18.12% 18.12% 3,791.79 3,791.79 9
0.00% 6,514.19 7.9205 18.09% 18.09% 3,733.23 3,733.23 8
0.00% 6,514.19 7.8438 17.50% 17.50% 3,542.17 3,542.17 8
0.00% 6,514.19 7.7589 17.52% 17.52% 3,500.18 3,500.18 8
0.00% 6,514.19 7.6767 17.79% 17.79% 3,514.50 3,514.50 8
0.00% 6,514.19 7.5918 17.79% 17.79% 3,465.23 3,465.23 8
0.00% 6,514.19 7.5096 18.64% 18.64% 3,610.20 3,610.20 8
0.00% 6,514.19 7.4247 17.89% 17.89% 3,393.25 3,393.25 8
0.00% 6,514.19 7.3397 17.86% 17.86% 3,340.31 3,340.31 8
0.00% 6,514.19 7.2575 18.26% 18.26% 3,377.96 3,377.96 8
0.00% 6,514.19 7.1726 18.30% 18.30% 3,337.63 3,337.63 8
0.00% 6,514.19 7.0904 19.16% 19.16% 3,466.13 3,466.13 8
0.00% 6,514.19 7.0055 17.30% 17.30% 3,057.73 3,057.73 8
100.00% 6,514.19 6.9205 17.30% 17.30% 3,017.18 3,017.18 7
100.00% 6,514.19 6.8411 17.30% 17.30% 2,979.47 2,979.47 7
100.00% 6,514.19 6.7562 18.14% 18.14% 3,083.61 3,083.61 7
100.00% 6,514.19 6.6740 18.50% 18.50% 3,103.66 3,103.66 7
100.00% 6,514.19 6.5890 18.60% 18.60% 3,077.52 3,077.52 7
100.00% 6,514.19 6.5068 19.46% 19.46% 3,179.68 3,179.68 7
100.00% 6,514.19 6.4219 18.88% 18.88% 3,036.68 3,036.68 7
100.00% 6,514.19 6.3370 19.66% 19.66% 3,118.90 3,118.90 7
100.00% 6,514.19 6.2548 19.61% 19.61% 3,065.52 3,065.52 7
100.00% 6,514.19 6.1699 19.20% 19.20% 2,955.66 2,955.66 7
100.00% 6,514.19 6.0877 18.26% 18.26% 2,775.62 2,775.62 7
100.00% 6,514.19 6.0027 18.02% 18.02% 2,703.12 2,703.12 7
100.00% 6,514.19 5.9178 18.02% 18.02% 2,665.11 2,665.11 6
100.00% 6,514.19 5.8411 18.90% 18.90% 2,749.16 2,749.16 6
100.00% 6,514.19 5.7562 18.57% 18.57% 2,665.20 2,665.20 6
100.00% 6,514.19 5.6740 19.74% 19.74% 2,778.95 2,778.95 6
100.00% 6,514.19 5.5890 19.18% 19.18% 2,666.01 2,666.01 6
100.00% 6,514.19 5.5068 19.35% 19.35% 2,648.26 2,648.26 6
100.00% 6,514.19 5.4219 19.99% 19.99% 2,685.97 2,685.97 6
100.00% 6,514.19 5.3370 19.92% 19.92% 2,636.77 2,636.77 6
100.00% 6,514.19 5.2548 19.76% 19.76% 2,578.95 2,578.95 6
100.00% 6,514.19 5.1699 19.91% 19.91% 2,556.76 2,556.76 6
100.00% 6,514.19 5.0877 20.57% 20.57% 2,590.28 2,590.28 6
100.00% 6,514.19 5.0027 20.60% 20.60% 2,551.97 2,551.97 6
50.00% 6,514.19 4.9178 20.25% 20.25% 2,476.26 2,476.26 5
50.00% 6,514.19 4.8411 20.97% 20.97% 2,513.07 2,513.07 5
50.00% 6,514.19 4.7562 22.51% 22.51% 2,625.99 2,625.99 5
50.00% 6,514.19 4.6740 22.89% 22.89% 2,621.01 2,621.01 5
50.00% 6,514.19 4.5890 22.94% 22.94% 2,580.04 2,580.04 5
50.00% 6,514.19 4.5068 24.65% 24.65% 2,699.09 2,699.09 5
50.00% 6,514.19 4.4219 24.60% 24.60% 2,644.75 2,644.75 5
50.00% 6,514.19 4.3370 23.42% 23.42% 2,490.80 2,490.80 5
50.00% 6,514.19 4.2548 24.56% 24.56% 2,545.48 2,545.48 5
50.00% 6,514.19 4.1699 24.63% 24.63% 2,504.32 2,504.32 5
50.00% 6,514.19 4.0877 25.97% 25.97% 2,569.67 2,569.67 5
50.00% 6,514.19 4.0027 26.46% 26.46% 2,559.30 2,559.30 5
40.00% 6,514.19 3.9178 26.56% 26.56% 2,516.43 2,516.43 4
40.00% 6,511.06 3.8411 25.95% 25.97% 2,425.89 2,427.06 4
40.00% 6,507.86 3.7562 25.61% 25.64% 2,354.50 2,356.79 4
40.00% 6,505.08 3.6740 25.39% 25.43% 2,295.92 2,299.13 4
40.00% 6,500.67 3.5890 24.70% 24.77% 2,208.42 2,213.01 4
40.00% 6,496.50 3.5068 24.09% 24.18% 2,131.50 2,137.31 4
40.00% 6,490.58 3.4219 23.00% 23.14% 2,030.96 2,038.34 4
40.00% 6,489.96 3.3370 23.47% 23.61% 2,020.85 2,028.39 4
40.00% 6,486.10 3.2548 22.98% 23.15% 1,960.83 1,969.33 4
40.00% 6,485.60 3.1699 23.52% 23.69% 1,953.25 1,961.86 4
40.00% 6,480.36 3.0877 22.63% 22.84% 1,877.54 1,887.34 4
40.00% 6,480.97 3.0027 23.53% 23.74% 1,886.10 1,895.77 4
30.00% 6,418.40 2.9178 22.50% 23.12% 1,807.64 1,834.62 3
30.00% 6,414.07 2.8384 22.29% 22.96% 1,770.39 1,798.02 3
30.00% 6,411.60 2.7534 22.53% 23.24% 1,749.89 1,777.88 3
30.00% 6,405.78 2.6712 22.06% 22.83% 1,703.20 1,732.03 3
30.00% 6,400.83 2.5863 21.80% 22.63% 1,665.35 1,694.84 3
30.00% 6,403.24 2.5041 23.12% 23.97% 1,683.53 1,712.70 3
30.00% 6,412.52 2.4192 26.25% 27.07% 1,757.47 1,785.34 3
30.00% 6,404.19 2.3342 25.23% 26.15% 1,690.86 1,719.90 3
30.00% 6,389.20 2.2521 22.61% 23.67% 1,582.50 1,613.46 3
30.00% 6,386.74 2.1671 22.99% 24.12% 1,565.96 1,597.21 3
30.00% 6,372.35 2.0849 20.52% 21.80% 1,475.71 1,508.55 3
30.00% 6,376.47 2.0000 22.50% 23.81% 1,500.50 1,532.91 3
20.00% 6,324.93 1.9151 20.05% 21.91% 1,419.03 1,461.50 2
20.00% 6,328.74 1.8384 21.96% 23.89% 1,440.41 1,482.62 2
20.00% 6,340.63 1.7534 26.56% 28.52% 1,511.29 1,552.65 2
20.00% 6,327.39 1.6712 24.01% 26.19% 1,432.76 1,475.06 2
20.00% 6,308.33 1.5863 19.84% 22.29% 1,332.61 1,376.10 2
20.00% 6,301.39 1.5041 19.02% 21.68% 1,299.39 1,343.28 2
20.00% 6,272.40 1.4192 12.12% 15.15% 1,176.24 1,221.58 2
20.00% 6,279.47 1.3342 14.94% 18.15% 1,204.15 1,249.16 2
20.00% 6,264.78 1.2521 11.61% 15.15% 1,147.46 1,193.14 2
20.00% 6,275.19 1.1671 15.83% 19.60% 1,187.09 1,232.31 2
20.00% 6,273.25 1.0849 16.44% 20.55% 1,179.51 1,224.81 2
20.00% 6,273.29 1.0000 17.97% 22.50% 1,179.68 1,224.98 2
10.00% 6,233.17 0.9151 16.83% 22.10% 1,153.00 1,200.48 1
10.00% 6,208.62 0.8384 8.08% 13.40% 1,067.34 1,111.21 1
10.00% 6,194.63 0.7534 3.63% 8.98% 1,027.25 1,066.92 1
10.00% 6,187.25 0.6712 1.42% 6.78% 1,009.53 1,045.03 1
10.00% 6,199.46 0.5863 5.13% 10.47% 1,029.77 1,060.10 1
10.00% 6,182.11 0.5041 -0.06% 5.30% 999.68 1,026.40 1
10.00% 6,189.69 0.4192 2.14% 7.50% 1,008.93 1,030.78 1
10.00% 6,257.89 0.3342 27.11% 32.32% 1,083.47 1,098.11 1
10.00% 6,244.07 0.2521 21.16% 26.40% 1,049.58 1,060.85 1
10.00% 6,217.89 0.1671 11.24% 16.54% 1,017.95 1,025.90 1
10.00% 6,196.26 0.0849 4.14% 9.48% 1,003.45 1,007.72 1
10.00% 6,162.42 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 85M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.193975 2 6.00% 20%
Units purchased 5,155.295 3 6.00% 30%
4 4.00% 40%
Contract charge factor 0.10% 5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 5,950.21 6,196.26 6,514.19 4.14% 9.48%
09/30/1998 0.25 0.25 5,153.45 6,244.07 6,514.19 21.16% 26.40%
12/31/1997 1.00 1.00 5,317.80 6,273.29 6,514.19 17.97% 22.50%
12/31/1997 1.00 1.00 5,317.80 6,273.29 6,514.19 17.97% 22.50%
12/31/1995 3.00 3.00 3,436.17 6,480.97 6,514.19 23.55% 23.76%
12/31/1993 5.00 5.00 2,552.61 6,514.19 6,514.19 20.61% 20.61%
12/31/1988 10.01 10.00 1,552.67 6,514.19 6,514.19 15.42% 15.42%
10/31/1998 0.17 0.17 5,589.76 6,217.89 6,514.19 11.24% 16.54%
04/03/1985 13.75 13.75 1,000.00 6,514.19 6,514.19 14.61% 14.61%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GROWTH FUND
Ending
Beginning Amount
Date Amount Inc./Div Reinvest Shares NAV After M&E
04/03/1985 100 10 1000
04/30/1985 1000 0 10 100 9.92 992.00
05/31/1985 992 0 10 100 10.3 1,030.00
06/30/1985 1030 0 10 100 10.31 1,031.00
07/31/1985 1031 0 10 100 10.51 1,051.00
08/31/1985 1051 0 10 100 10.56 1,056.00
09/30/1985 1056 0 10 100 10.17 1,017.00
10/31/1985 1017 0 10 100 10.3 1,030.00
11/30/1985 1030 0 10 100 10.62 1,062.00
12/31/1985 1062 0 10 100 10.95 1,095.00
01/31/1986 1095 0.31 10.66 102.908 10.73 1,104.20
02/28/1986 1104.2 0 10 102.908 11.21 1,153.60
03/31/1986 1153.6 0 10 102.908 11.92 1,226.66
04/30/1986 1226.66 0 10 102.908 12.14 1,249.30
05/31/1986 1249.3 0 10 102.908 12.91 1,328.54
06/30/1986 1328.54 0 10 102.908 12.79 1,316.19
07/31/1986 1316.19 0 10 102.908 12.21 1,256.51
08/31/1986 1256.51 0 10 102.908 12.59 1,295.61
09/30/1986 1295.61 0 10 102.908 12.03 1,237.98
10/31/1986 1237.98 0 10 102.908 12.57 1,293.55
11/30/1986 1293.55 0 10 102.908 12.71 1,307.96
12/31/1986 1307.96 0 10 102.908 12.53 1,289.44
01/31/1987 1289.44 0.617 12.49 107.992 12.96 1,399.58
02/28/1987 1399.58 0 10 107.992 13.72 1,481.65
03/31/1987 1481.65 0 10 107.992 14.02 1,514.05
04/30/1987 1514.05 0 10 107.992 14.01 1,512.97
05/31/1987 1512.97 0 10 107.992 13.97 1,508.65
06/30/1987 1508.65 0 10 107.992 14.44 1,559.40
07/31/1987 1559.4 0 10 107.992 15.97 1,724.63
08/31/1987 1724.63 0 10 107.992 15.75 1,700.87
09/30/1987 1700.87 0 10 107.992 16.13 1,741.91
10/31/1987 1741.91 0 10 107.992 11.66 1,259.19
11/30/1987 1259.19 0 10 107.992 11.26 1,215.99
12/31/1987 1215.99 1.14 11.35 118.839 11.21 1,332.19
01/31/1988 1332.19 0 10 118.839 11.12 1,321.49
02/29/1988 1321.49 0 10 118.839 11.94 1,418.94
03/31/1988 1418.94 0 10 118.839 12.30 1,461.72
04/30/1988 1461.72 0 10 118.839 12.41 1,474.79
05/31/1988 1474.79 0 10 118.839 12.34 1,466.47
06/30/1988 1466.47 0.045 13.12 119.247 13.12 1,564.52
07/31/1988 1564.52 0 13.12 119.247 13.22 1,576.45
08/31/1988 1576.45 0 13.12 119.247 12.81 1,527.55
09/30/1988 1527.55 0 13.12 119.247 13.20 1,574.06
10/31/1988 1574.06 0 13.12 119.247 13.39 1,596.72
11/30/1988 1596.72 0 13.12 119.247 13.30 1,585.99
12/31/1988 1585.99 0 13.12 119.247 13.64 1,626.53
01/31/1989 1626.53 0 13.12 119.247 14.72 1,755.32
02/28/1989 1755.32 0 13.12 119.247 14.74 1,757.70
03/31/1989 1757.7 0.42 14.42 122.72 14.63 1,795.39
04/30/1989 1795.39 0 14.42 122.72 14.98 1,838.35
05/31/1989 1838.35 0 14.42 122.72 15.44 1,894.80
06/30/1989 1894.8 0 14.42 122.72 15.18 1,862.89
07/31/1989 1862.89 0 14.42 122.72 16.19 1,986.84
08/31/1989 1986.84 0 14.42 122.72 16.40 2,012.61
09/30/1989 2012.61 0 14.42 122.72 16.32 2,002.79
10/31/1989 2002.79 0 14.42 122.72 15.92 1,953.70
11/30/1989 1953.7 0 14.42 122.72 16.40 2,012.61
12/31/1989 2012.61 0 14.42 122.72 16.38 2,010.15
01/31/1990 2010.15 0 14.42 122.72 15.59 1,913.20
02/28/1990 1913.2 0 14.42 122.72 15.53 1,905.84
03/31/1990 1905.84 2.61 13.12 147.133 13.21 1,943.63
04/30/1990 1943.63 0 13.12 147.133 12.65 1,861.23
05/31/1990 1861.23 0 13.12 147.133 13.34 1,962.75
06/30/1990 1962.75 0 13.12 147.133 13.13 1,931.86
07/31/1990 1931.86 0 13.12 147.133 13.37 1,967.17
08/31/1990 1967.17 0 13.12 147.133 12.66 1,862.70
09/30/1990 1862.7 0 13.12 147.133 12.25 1,802.38
10/31/1990 1802.38 0 13.12 147.133 12.08 1,777.37
11/30/1990 1777.37 0 13.12 147.133 12.14 1,786.19
12/31/1990 1786.19 0 13.12 147.133 12.54 1,845.05
01/31/1991 1845.05 0 13.12 147.133 12.75 1,875.95
02/28/1991 1875.95 0 13.12 147.133 13.45 1,978.94
03/31/1991 1978.94 0.49 12.98 152.687 13.13 2,004.78
04/30/1991 2004.78 0 12.98 152.687 13.09 1,998.67
05/31/1991 1998.67 0 12.98 152.687 13.29 2,029.21
06/30/1991 2029.21 0 12.98 152.687 12.77 1,949.81
07/31/1991 1949.81 0 12.98 152.687 13.60 2,076.54
08/31/1991 2076.54 0 12.98 152.687 13.83 2,111.66
09/30/1991 2111.66 0 12.98 152.687 13.69 2,090.29
10/31/1991 2090.29 0 12.98 152.687 13.87 2,117.77
11/30/1991 2117.77 0 12.98 152.687 13.37 2,041.43
12/31/1991 2041.43 0 12.98 152.687 15.17 2,316.26
01/31/1992 2316.26 0 12.98 152.687 15.39 2,349.85
02/29/1992 2349.85 0 12.98 152.687 15.60 2,381.92
03/31/1992 2381.92 0.36 14.74 156.416 14.73 2,304.01
04/30/1992 2304.01 0 14.74 156.416 14.65 2,291.49
05/31/1992 2291.49 0 14.74 156.416 14.79 2,313.39
06/30/1992 2313.39 0 14.74 156.416 14.33 2,241.44
07/31/1992 2241.44 0 14.74 156.416 15.02 2,349.37
08/31/1992 2349.37 0 14.74 156.416 14.64 2,289.93
09/30/1992 2289.93 0 14.74 156.416 14.91 2,332.16
10/31/1992 2332.16 0 14.74 156.416 15.48 2,421.32
11/30/1992 2421.32 0 14.74 156.416 16.50 2,580.86
12/31/1992 2580.86 0 14.74 156.416 16.96 2,652.82
01/31/1993 2652.82 0 14.74 156.416 17.22 2,693.48
02/28/1993 2693.48 0 14.74 156.416 16.71 2,613.71
03/31/1993 2613.71 0.457 16.53 160.74 16.79 2,698.82
04/30/1993 2698.82 0 16.53 160.74 16.12 2,591.13
05/31/1993 2591.13 0 16.53 160.74 16.82 2,703.65
06/30/1993 2703.65 0 16.53 160.74 16.95 2,724.54
07/31/1993 2724.54 0 16.53 160.74 16.73 2,689.18
08/31/1993 2689.18 0 16.53 160.74 17.06 2,742.22
09/30/1993 2742.22 0 16.53 160.74 17.46 2,806.52
10/31/1993 2806.52 0 16.53 160.74 17.63 2,833.85
11/30/1993 2833.85 0 16.53 160.74 17.42 2,800.09
12/31/1993 2800.09 0 16.53 160.74 17.70 2,845.10
01/31/1994 2845.1 0 16.53 160.74 18.26 2,935.11
02/28/1994 2935.11 0 16.53 160.74 18.01 2,894.93
03/31/1994 2894.93 0.192 17.75 162.479 17.07 2,773.52
04/30/1994 2773.52 0 17.75 162.479 17.12 2,781.64
05/31/1994 2781.64 0 17.75 162.479 17.41 2,828.76
06/30/1994 2828.76 0 17.75 162.479 16.66 2,706.90
07/31/1994 2706.9 0 17.75 162.479 17.02 2,765.39
08/31/1994 2765.39 0 17.75 162.479 18.09 2,939.25
09/30/1994 2939.25 0 17.75 162.479 17.72 2,879.13
10/31/1994 2879.13 0 17.75 162.479 18.03 2,929.50
11/30/1994 2929.5 0 17.75 162.479 17.59 2,858.01
12/31/1994 2858.01 0 17.75 162.479 17.68 2,872.63
01/31/1995 2872.63 0 17.75 162.479 18.00 2,924.62
02/28/1995 2924.62 0 17.75 162.479 18.68 3,035.11
03/31/1995 3035.11 0.485 18.7 166.693 18.77 3,128.83
04/30/1995 3128.83 0 18.7 166.693 19.26 3,210.51
05/31/1995 3210.51 0 18.7 166.693 20.03 3,338.86
06/30/1995 3338.86 0 18.7 166.693 20.76 3,460.55
07/31/1995 3460.55 0 18.7 166.693 21.79 3,632.24
08/31/1995 3632.24 0 18.7 166.693 21.92 3,653.91
09/30/1995 3653.91 0 18.7 166.693 22.60 3,767.26
10/31/1995 3767.26 0 18.7 166.693 22.71 3,785.60
11/30/1995 3785.6 0 18.7 166.693 23.63 3,938.96
12/31/1995 3938.96 0 18.7 166.693 23.55 3,925.62
01/31/1996 3925.62 0 18.7 166.693 24.36 4,060.64
02/29/1996 4060.64 0 18.7 166.693 24.88 4,147.32
03/31/1996 4147.32 1.919 23.28 180.434 23.27 4,198.70
04/30/1996 4198.7 0 23.28 180.434 23.91 4,314.18
05/31/1996 4314.18 0 23.28 180.434 24.46 4,413.42
06/30/1996 4413.42 0 23.28 180.434 24.23 4,371.92
07/31/1996 4371.92 0 23.28 180.434 23.27 4,198.70
08/31/1996 4198.7 0 23.28 180.434 24.18 4,362.89
09/30/1996 4362.89 0 23.28 180.434 25.80 4,655.20
10/31/1996 4655.2 0 23.28 180.434 26.09 4,707.52
11/30/1996 4707.52 0 23.28 180.434 27.65 4,989.00
12/31/1996 4989 0 23.28 180.434 27.24 4,915.02
01/31/1997 4915.02 0 23.28 180.434 28.60 5,160.41
02/28/1997 5160.41 0 23.28 180.434 28.22 5,091.85
03/31/1997 5091.85 1.668 26.16 191.939 25.36 4,867.57
04/30/1997 4867.57 0 26.16 191.939 26.72 5,128.61
05/31/1997 5128.61 0 26.16 191.939 28.67 5,502.89
06/30/1997 5502.89 0 26.16 191.939 29.40 5,643.01
07/31/1997 5643.01 0 26.16 191.939 32.36 6,211.15
08/31/1997 6211.15 0 26.16 191.939 31.68 6,080.63
09/30/1997 6080.63 0 26.16 191.939 33.20 6,372.37
10/31/1997 6372.37 0 26.16 191.939 32.18 6,176.60
11/30/1997 6176.6 0 26.16 191.939 32.41 6,220.74
12/31/1997 6220.74 0 26.16 191.939 32.44 6,226.50
01/31/1998 6226.5 0 26.16 191.939 32.58 6,253.37
02/28/1998 6253.37 0 26.16 191.939 35.11 6,738.98
03/31/1998 6738.98 3.188 32.88 210.549 33.34 7,019.70
04/30/1998 7019.7 0 26.16 210.549 34.06 7,171.30
05/31/1998 7171.3 0 26.16 210.549 32.96 6,939.70
06/30/1998 6939.7 0 26.16 210.549 34.61 7,287.10
07/31/1998 7287.1 0 26.16 210.549 33.94 7,146.03
08/31/1998 7146.03 0 26.16 210.549 27.61 5,813.26
09/30/1998 5813.26 0 26.16 210.549 28.93 6,091.18
10/31/1998 6091.18 0 26.16 210.549 31.41 6,613.34
5.0911800
<TABLE>
<CAPTION>
Ending
% M&E Amount Recalc'd Dividend
Change M&E Amount Before M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
1,000 0.193975306
-0.80% 0.00092 0.924657534 991.08 0.00 0.192244142
3.83% 0.00106 1.052169028 1,027.99 0.00 0.199404238
0.10% 0.00103 1.056151801 1,027.93 0.00 0.199392967
1.94% 0.00106 1.091295174 1,046.78 0.00 0.203049236
0.48% 0.00106 1.111306252 1,050.65 0.00 0.203799651
-3.69% 0.00103 1.079432264 1,010.77 0.00 0.196063576
1.28% 0.00106 1.073073124 1,022.61 0.00 0.198361647
3.11% 0.00103 1.050629679 1,053.33 0.00 0.204320543
3.11% 0.00106 1.118264227 1,084.95 0.00 0.210452571
0.84% 0.00106 1.151825352 1,092.91 0.00 0.211997331 .147 OI .163 ST
4.47% 0.00096 1.047994803 1,140.76 0.00 0.22127844
6.33% 0.00106 1.211076284 1,211.79 0.00 0.235057567
1.85% 0.00103 1.244990952 1,232.91 0.00 0.239154438
6.34% 0.00106 1.308913185 1,309.80 0.00 0.254069514
-0.93% 0.00103 1.345688421 1,296.28 0.00 0.251446674
-4.53% 0.00106 1.376189669 1,236.13 0.00 0.239778381
3.11% 0.00106 1.312328081 1,273.28 0.00 0.246985231
-4.45% 0.00103 1.308166258 1,215.34 0.00 0.235745334
4.49% 0.00106 1.290254861 1,268.60 0.00 0.246077108
1.11% 0.00103 1.303356353 1,281.43 0.00 0.24856556
-1.42% 0.00106 1.360421081 1,261.92 0.00 0.24478212
8.54% 0.00106 1.339713978 1,368.37 0.00 0.265430784 .15 OI .467 ST
5.86% 0.00096 1.312139548 1,447.30 0.00 0.280740863
2.19% 0.00106 1.536519328 1,477.41 0.00 0.28658192
-0.07% 0.00103 1.517891562 1,474.84 0.00 0.286083062
-0.29% 0.00106 1.565757656 1,469.07 0.00 0.284962488
3.36% 0.00103 1.509314181 1,516.97 0.00 0.29425567
10.60% 0.00106 1.610487054 1,676.10 0.00 0.325121847
-1.38% 0.00106 1.779420342 1,651.23 0.00 0.320297522
2.41% 0.00103 1.696467476 1,689.37 0.00 0.327696854
-27.71% 0.00106 1.793513579 1,219.42 0.00 0.236537247
-3.43% 0.00103 1.252828129 1,176.33 0.00 0.228179164
9.56% 0.00106 1.248844546 1,287.49 0.00 0.249741719 .185 OI .955 ST
-0.80% 0.00106 1.366858299 1,275.78 0.00 0.247470685
7.37% 0.00099 1.267046231 1,368.60 0.00 0.26547402
3.01% 0.00106 1.452962563 1,408.41 0.00 0.273196028
0.89% 0.00103 1.4469927 1,419.55 0.00 0.275358135
-0.56% 0.00106 1.507059191 1,410.04 0.00 0.273512375
6.69% 0.00103 1.448668244 1,502.87 0.00 0.291518746 .045 ST Gain
0.76% 0.00106 1.595507627 1,512.73 0.00 0.293432187
-3.10% 0.00106 1.605980057 1,464.20 0.00 0.284018675
3.04% 0.00103 1.504315242 1,507.28 0.00 0.292374519
1.44% 0.00106 1.600191349 1,527.38 0.00 0.296273114
-0.67% 0.00103 1.569221323 1,515.54 0.00 0.293977761
2.56% 0.00106 1.608966031 1,552.67 0.00 0.301180121
7.92% 0.00106 1.64838518 1,673.97 0.00 0.324708068
0.14% 0.00096 1.605172884 1,674.63 0.00 0.324836968
2.14% 0.00106 1.777861178 1,708.76 0.00 0.33145752 .35 OI .07 ST Gain
2.39% 0.00103 1.755576808 1,747.89 0.00 0.33904808
3.07% 0.00106 1.855639834 1,799.71 0.00 0.349099241
-1.68% 0.00103 1.849016828 1,767.55 0.00 0.342861458
6.65% 0.00106 1.876510786 1,883.28 0.00 0.365310229
1.30% 0.00106 1.999374878 1,905.71 0.00 0.369660599
-0.49% 0.00103 1.957920809 1,894.45 0.00 0.36747715
-2.45% 0.00106 2.011234624 1,846.01 0.00 0.358079858
3.02% 0.00103 1.896582992 1,899.77 0.00 0.368509165
-0.12% 0.00106 2.016882936 1,895.43 0.00 0.367667513
-4.82% 0.00106 2.012276501 1,802.01 0.00 0.349544492
-0.38% 0.00096 1.727950107 1,793.34 0.00 0.34786463
1.98% 0.00106 1.903893584 1,827.00 0.00 0.354392964 .62 OI 1.99 ST Gain
-4.24% 0.00103 1.877055225 1,747.67 0.00 0.339004408
5.45% 0.00106 1.855400813 1,841.14 0.00 0.357135357
-1.57% 0.00103 1.891580408 1,810.27 0.00 0.351147797
1.83% 0.00106 1.921862648 1,841.44 0.00 0.357193185
-5.31% 0.00106 1.954949586 1,741.69 0.00 0.337844605
-3.24% 0.00103 1.789406238 1,683.50 0.00 0.326557049
-1.39% 0.00106 1.787275329 1,658.35 0.00 0.321679024
0.50% 0.00103 1.703784651 1,664.88 0.00 0.322944828
3.30% 0.00106 1.767505329 1,717.97 0.00 0.333243919
1.67% 0.00106 1.823873155 1,744.92 0.00 0.33847114
5.49% 0.00096 1.673209722 1,839.04 0.00 0.356728706
1.31% 0.00106 1.952407452 1,861.10 0.00 0.361007971 OI
-0.30% 0.00103 1.912091848 1,853.52 0.00 0.359536823
1.53% 0.00106 1.967776519 1,879.87 0.00 0.364648903
-3.91% 0.00103 1.931376178 1,804.38 0.00 0.350006089
6.50% 0.00106 1.91561398 1,919.75 0.00 0.37238353
1.69% 0.00106 2.038087673 1,950.18 0.00 0.37828622
-1.01% 0.00103 2.003606724 1,928.44 0.00 0.374069314
1.31% 0.00106 2.047314114 1,951.74 0.00 0.378589888
-3.60% 0.00103 2.00521511 1,879.38 0.00 0.364553763
13.46% 0.00106 1.995234672 2,130.40 0.00 0.413245231
1.45% 0.00106 2.261727341 2,159.03 0.00 0.418799322
1.36% 0.00099 2.144246313 2,186.36 0.00 0.42409903
-3.27% 0.00106 2.321131135 2,112.52 0.00 0.409776972 OI
-0.54% 0.00103 2.170398637 2,098.87 0.00 0.407129239
0.96% 0.00106 2.228253981 2,116.70 0.00 0.410587988
-3.11% 0.00103 2.174694209 2,048.69 0.00 0.39739623
4.82% 0.00106 2.174984373 2,145.17 0.00 0.416109793
-2.53% 0.00106 2.277405338 2,088.62 0.00 0.405140288
1.84% 0.00103 2.14584027 2,124.99 0.00 0.412195488
3.82% 0.00106 2.255982006 2,203.97 0.00 0.427516386
6.59% 0.00103 2.264356086 2,346.93 0.00 0.455246075
2.79% 0.00106 2.491601637 2,409.87 0.00 0.467456018
1.53% 0.00106 2.558427726 2,444.25 0.00 0.474124485
-2.96% 0.00096 2.343803071 2,369.52 0.00 0.459628192
3.26% 0.00106 2.51558535 2,444.16 0.00 0.474107062 .14 OI .055 ST/.262 LT
-3.99% 0.00103 2.511125294 2,344.12 0.00 0.454701849
4.34% 0.00106 2.488623045 2,443.43 0.00 0.473964577
0.77% 0.00103 2.510370621 2,459.80 0.00 0.477139758
-1.30% 0.00106 2.611427685 2,425.26 0.00 0.470440725
1.97% 0.00106 2.574763289 2,470.52 0.00 0.479220015
2.34% 0.00103 2.538206237 2,525.91 0.00 0.489964491
0.97% 0.00106 2.681618569 2,547.83 0.00 0.494215616
-1.19% 0.00103 2.617630984 2,514.86 0.00 0.487820209
1.61% 0.00106 2.66988273 2,552.61 0.00 0.495143776
3.16% 0.00106 2.709965251 2,630.66 0.00 0.510282899
-1.37% 0.00096 2.522549802 2,592.12 0.00 0.502808101
-4.19% 0.00106 2.751912775 2,480.66 0.00 0.481187111 .154 OI .038 ST Gain
0.29% 0.00103 2.548625032 2,485.38 0.00 0.482101506
1.69% 0.00106 2.638583765 2,524.84 0.00 0.489756315
-4.31% 0.00103 2.594012135 2,413.48 0.00 0.468154955
2.16% 0.00106 2.56225307 2,463.06 0.00 0.477773713
6.29% 0.00106 2.614897376 2,615.30 0.00 0.507304109
-2.05% 0.00103 2.686954663 2,559.12 0.00 0.496406408
1.75% 0.00106 2.716875745 2,601.18 0.00 0.504563966
-2.44% 0.00103 2.672441394 2,535.03 0.00 0.49173246
0.51% 0.00106 2.691294822 2,545.30 0.00 0.493725847
1.81% 0.00106 2.702204803 2,588.67 0.00 0.502137333
3.78% 0.00096 2.482282736 2,683.98 0.00 0.520626212
3.09% 0.00106 2.849432854 2,764.01 0.00 0.53614971 .222 OI .263 LT Gain
2.61% 0.00103 2.839736436 2,833.33 0.00 0.549595383
4.00% 0.00106 3.007983668 2,943.59 0.00 0.570983673
3.64% 0.00103 3.024235788 3,047.85 0.00 0.591207443
4.96% 0.00106 3.235730114 3,195.83 0.00 0.619911662
0.60% 0.00106 3.392830819 3,211.50 0.00 0.622951939
3.10% 0.00103 3.299487602 3,307.83 0.00 0.641636863
0.49% 0.00106 3.511734747 3,320.42 0.00 0.644079328
4.05% 0.00103 3.411389586 3,451.52 0.00 0.669510166
-0.34% 0.00106 3.664287773 3,436.17 0.00 0.666531967
3.44% 0.00106 3.647987832 3,550.71 0.00 0.688749426
2.13% 0.00099 3.526386837 3,622.98 0.00 0.702767707
1.24% 0.00106 3.846309209 3,664.01 0.00 0.710728013 .251 OI .72 ST/.948 LT
2.75% 0.00103 3.764396767 3,761.02 0.00 0.729545499
2.30% 0.00106 3.992866411 3,843.55 0.00 0.745552872
-0.94% 0.00103 3.9488479 3,803.46 0.00 0.737776356
-3.96% 0.00106 4.037914611 3,648.72 0.00 0.707761637
3.91% 0.00106 3.873641423 3,787.53 0.00 0.734687237
6.70% 0.00103 3.89129767 4,037.40 0.00 0.783155855
1.12% 0.00106 4.286280584 4,078.49 0.00 0.791126346
5.98% 0.00103 4.190229463 4,318.17 0.00 0.83761791
-1.48% 0.00106 4.584356179 4,249.55 0.00 0.824307938
4.99% 0.00106 4.511509537 4,457.20 0.00 0.864587669
-1.33% 0.00096 4.274032031 4,393.71 0.00 0.852271903
-4.40% 0.00106 4.664558767 4,195.52 0.00 0.813827193 .145 OI .46 ST/1.063 LT
5.36% 0.00103 4.310465326 4,416.21 0.00 0.856635321
7.30% 0.00106 4.688440137 4,733.81 0.00 0.91824213
2.55% 0.00103 4.863502837 4,849.48 0.00 0.940679915
10.07% 0.00106 5.148423562 5,332.58 0.00 1.034389194
-2.10% 0.00106 5.661302654 5,214.86 0.00 1.011554571
4.80% 0.00103 5.357735575 5,459.71 0.00 1.059048256
-3.07% 0.00106 5.796263857 5,286.18 0.00 1.025388168
0.71% 0.00103 5.431005722 5,318.52 0.00 1.031662445
0.09% 0.00106 5.646378916 5,317.80 0.00 1.031522439
0.43% 0.00106 5.645612652 5,335.11 0.00 1.034878789
7.77% 0.00096 5.115854932 5,744.29 0.00 1.114250705
4.17% 0.00106 6.098391695 5,977.48 0.00 1.159483168 .244 OI .939 ST/2.005 LT
2.16% 0.00103 6.14124477 6,100.43 0.00 1.18333254
-3.23% 0.00106 6.476482627 5,896.94 0.00 1.143860065
5.01% 0.00103 6.058496433 6,186.08 0.00 1.199946273
-1.94% 0.00106 6.567411044 6,059.75 0.00 1.175442757
-18.65% 0.00106 6.433301155 4,923.15 0.00 0.954968958
4.78% 0.00103 5.058027814 5,153.45 0.00 0.999642926
8.57% 0.00106 5.471133284 5,589.76 0.00 1.084275
4.1534546 4.1534546
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 143M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.197931 2 6.00% 20%
Units purchased 5,052.253 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/03/1985 0.197931 5,052.253 1,000.00 1,000.00 6,381.63 0.00%
04/30/1985 0.196143 5,052.253 990.96 0.00007 0.073972596 990.96 6,381.63 0.00%
05/31/1985 0.203423 5,052.253 1,027.75 0.00008 0.08416409 1,027.75 6,381.63 0.00%
06/30/1985 0.203387 5,052.253 1,027.56 0.00008 0.0844723 1,027.56 6,381.63 0.00%
07/31/1985 0.207090 5,052.253 1,046.27 0.00008 0.087272348 1,046.27 6,381.63 0.00%
08/31/1985 0.207829 5,052.253 1,050.01 0.00008 0.088861543 1,050.01 6,381.63 0.00%
09/30/1985 0.199915 5,052.253 1,010.02 0.00008 0.0863019 1,010.02 6,381.63 0.00%
10/31/1985 0.202232 5,052.253 1,021.73 0.00008 0.085782485 1,021.73 6,381.63 0.00%
11/30/1985 0.208283 5,052.253 1,052.30 0.00008 0.083977759 1,052.30 6,381.63 0.00%
12/31/1985 0.214507 5,052.253 1,083.74 0.00008 0.089373149 1,083.74 6,381.63 0.00%
01/31/1986 0.216054 5,052.253 1,091.56 0.00008 0.092044013 1,091.56 6,381.63 0.00%
02/28/1986 0.225488 5,052.253 1,139.22 0.00008 0.083736173 1,139.22 6,381.63 0.00%
03/31/1986 0.239501 5,052.253 1,210.02 0.00008 0.096755932 1,210.02 6,381.63 0.00%
04/30/1986 0.243645 5,052.253 1,230.96 0.00008 0.099453531 1,230.96 6,381.63 0.00%
05/31/1986 0.258810 5,052.253 1,307.57 0.00008 0.104547157 1,307.57 6,381.63 0.00%
06/30/1986 0.256106 5,052.253 1,293.91 0.00008 0.107471625 1,293.91 6,381.63 0.00%
07/31/1986 0.244189 5,052.253 1,233.70 0.00008 0.109893876 1,233.70 6,381.63 0.00%
08/31/1986 0.251497 5,052.253 1,270.63 0.00008 0.10478029 1,270.63 6,381.63 0.00%
09/30/1986 0.240021 5,052.253 1,212.65 0.00008 0.104435079 1,212.65 6,381.63 0.00%
10/31/1986 0.250509 5,052.253 1,265.64 0.00008 0.10299185 1,265.64 6,381.63 0.00%
11/30/1986 0.253012 5,052.253 1,278.28 0.00008 0.104024951 1,278.28 6,381.63 0.00%
12/31/1986 0.249128 5,052.253 1,258.66 0.00008 0.108566213 1,258.66 6,381.63 0.00%
01/31/1987 0.270112 5,052.253 1,364.67 0.00008 0.106899885 1,364.67 6,381.63 0.00%
02/28/1987 0.285661 5,052.253 1,443.23 0.00008 0.104687336 1,443.23 6,381.63 0.00%
03/31/1987 0.291568 5,052.253 1,473.08 0.00008 0.122575846 1,473.08 6,381.63 0.00%
04/30/1987 0.291025 5,052.253 1,470.33 0.00008 0.121074704 1,470.33 6,381.63 0.00%
05/31/1987 0.289848 5,052.253 1,464.38 0.00008 0.124877321 1,464.38 6,381.63 0.00%
06/30/1987 0.299264 5,052.253 1,511.96 0.00008 0.120360264 1,511.96 6,381.63 0.00%
07/31/1987 0.330618 5,052.253 1,670.36 0.00008 0.128412962 1,670.36 6,381.63 0.00%
08/31/1987 0.325670 5,052.253 1,645.37 0.00008 0.14186658 1,645.37 6,381.63 0.00%
09/30/1987 0.333153 5,052.253 1,683.17 0.00008 0.135235565 1,683.17 6,381.63 0.00%
10/31/1987 0.240433 5,052.253 1,214.73 0.00008 0.142954462 1,214.73 6,381.63 0.00%
11/30/1987 0.231908 5,052.253 1,171.66 0.00008 0.099840761 1,171.66 6,381.63 0.00%
12/31/1987 0.253793 5,052.253 1,282.23 0.00008 0.099510581 1,282.23 6,381.63 0.00%
01/31/1988 0.251453 5,052.253 1,270.40 0.00008 0.108901489 1,270.40 6,381.63 0.00%
02/29/1988 0.269716 5,052.253 1,362.67 0.00008 0.100936199 1,362.67 6,381.63 0.00%
03/31/1988 0.277527 5,052.253 1,402.14 0.00008 0.115733919 1,402.14 6,381.63 0.00%
04/30/1988 0.279689 5,052.253 1,413.06 0.00008 0.115244128 1,413.06 6,381.63 0.00%
05/31/1988 0.277779 5,052.253 1,403.41 0.00008 0.120013376 1,403.41 6,381.63 0.00%
06/30/1988 0.296032 5,052.253 1,495.63 0.00008 0.115348666 1,495.63 6,381.63 0.00%
07/31/1988 0.297937 5,052.253 1,505.25 0.00008 0.127025901 1,505.25 6,381.63 0.00%
08/31/1988 0.288341 5,052.253 1,456.77 0.00008 0.127843478 1,456.77 6,381.63 0.00%
09/30/1988 0.296789 5,052.253 1,499.45 0.00008 0.119734724 1,499.45 6,381.63 0.00%
10/31/1988 0.300708 5,052.253 1,519.25 0.00008 0.12735065 1,519.25 6,381.63 0.00%
11/30/1988 0.298341 5,052.253 1,507.30 0.00008 0.12487021 1,507.30 6,381.63 0.00%
12/31/1988 0.305613 5,052.253 1,544.03 0.00008 0.128016973 1,544.03 6,381.63 0.00%
01/31/1989 0.329448 5,052.253 1,664.45 0.00008 0.131137038 1,664.45 6,381.63 0.00%
02/28/1989 0.329541 5,052.253 1,664.92 0.00008 0.127684201 1,664.92 6,381.63 0.00%
03/31/1989 0.336215 5,052.253 1,698.64 0.00008 0.141404502 1,698.64 6,381.63 0.00%
04/30/1989 0.343873 5,052.253 1,737.34 0.00008 0.139614653 1,737.34 6,381.63 0.00%
05/31/1989 0.354024 5,052.253 1,788.62 0.00008 0.147554515 1,788.62 6,381.63 0.00%
06/30/1989 0.347654 5,052.253 1,756.44 0.00008 0.147009684 1,756.44 6,381.63 0.00%
07/31/1989 0.370373 5,052.253 1,871.22 0.00008 0.149176916 1,871.22 6,381.63 0.00%
08/31/1989 0.374736 5,052.253 1,893.26 0.00008 0.158925234 1,893.26 6,381.63 0.00%
09/30/1989 0.372477 5,052.253 1,881.85 0.00008 0.155610561 1,881.85 6,381.63 0.00%
10/31/1989 0.362904 5,052.253 1,833.48 0.00008 0.159827983 1,833.48 6,381.63 0.00%
11/30/1989 0.373429 5,052.253 1,886.66 0.00008 0.150697189 1,886.66 6,381.63 0.00%
12/31/1989 0.372529 5,052.253 1,882.11 0.00008 0.160236688 1,882.11 6,381.63 0.00%
01/31/1990 0.354118 5,052.253 1,789.10 0.00008 0.159850304 1,789.10 6,381.63 0.00%
02/28/1990 0.352376 5,052.253 1,780.29 0.00008 0.137245719 1,780.29 6,381.63 0.00%
03/31/1990 0.358944 5,052.253 1,813.48 0.00008 0.15120288 1,813.48 6,381.63 0.00%
04/30/1990 0.343314 5,052.253 1,734.51 0.00008 0.149052797 1,734.51 6,381.63 0.00%
05/31/1990 0.361631 5,052.253 1,827.05 0.00008 0.147314279 1,827.05 6,381.63 0.00%
06/30/1990 0.355524 5,052.253 1,796.20 0.00008 0.150168688 1,796.20 6,381.63 0.00%
07/31/1990 0.361599 5,052.253 1,826.89 0.00008 0.152553602 1,826.89 6,381.63 0.00%
08/31/1990 0.341966 5,052.253 1,727.70 0.00008 0.155160542 1,727.70 6,381.63 0.00%
09/30/1990 0.330498 5,052.253 1,669.76 0.00008 0.142002559 1,669.76 6,381.63 0.00%
10/31/1990 0.325519 5,052.253 1,644.61 0.00008 0.141815365 1,644.61 6,381.63 0.00%
11/30/1990 0.326760 5,052.253 1,650.88 0.00008 0.135173126 1,650.88 6,381.63 0.00%
12/31/1990 0.337139 5,052.253 1,703.31 0.00008 0.140211312 1,703.31 6,381.63 0.00%
01/31/1991 0.342385 5,052.253 1,729.81 0.00008 0.144664953 1,729.81 6,381.63 0.00%
02/28/1991 0.360814 5,052.253 1,822.92 0.00008 0.132698069 1,822.92 6,381.63 0.00%
03/31/1991 0.365096 5,052.253 1,844.56 0.00008 0.154823635 1,844.56 6,381.63 0.00%
04/30/1991 0.363563 5,052.253 1,836.81 0.00008 0.151607567 1,836.81 6,381.63 0.00%
05/31/1991 0.368686 5,052.253 1,862.70 0.00008 0.156003426 1,862.70 6,381.63 0.00%
06/30/1991 0.353836 5,052.253 1,787.67 0.00008 0.153098409 1,787.67 6,381.63 0.00%
07/31/1991 0.376413 5,052.253 1,901.74 0.00008 0.15182945 1,901.74 6,381.63 0.00%
08/31/1991 0.382332 5,052.253 1,931.64 0.00008 0.161517237 1,931.64 6,381.63 0.00%
09/30/1991 0.378023 5,052.253 1,909.87 0.00008 0.158764729 1,909.87 6,381.63 0.00%
10/31/1991 0.382543 5,052.253 1,932.70 0.00008 0.162207853 1,932.70 6,381.63 0.00%
11/30/1991 0.368313 5,052.253 1,860.81 0.00008 0.158852368 1,860.81 6,381.63 0.00%
12/31/1991 0.417460 5,052.253 2,109.11 0.00008 0.158041484 2,109.11 6,381.63 0.00%
01/31/1992 0.423017 5,052.253 2,137.19 0.00008 0.179130094 2,137.19 6,381.63 0.00%
02/29/1992 0.428320 5,052.253 2,163.98 0.00008 0.169804181 2,163.98 6,381.63 0.00%
03/31/1992 0.413801 5,052.253 2,090.63 0.00008 0.183790166 2,090.63 6,381.63 0.00%
04/30/1992 0.411076 5,052.253 2,076.86 0.00008 0.171832313 2,076.86 6,381.63 0.00%
05/31/1992 0.414516 5,052.253 2,094.24 0.00008 0.176390879 2,094.24 6,381.63 0.00%
06/30/1992 0.401147 5,052.253 2,026.70 0.00008 0.172129285 2,026.70 6,381.63 0.00%
07/31/1992 0.419986 5,052.253 2,121.88 0.00008 0.172130323 2,121.88 6,381.63 0.00%
08/31/1992 0.408861 5,052.253 2,065.67 0.00008 0.180214087 2,065.67 6,381.63 0.00%
09/30/1992 0.415930 5,052.253 2,101.39 0.00008 0.169780951 2,101.39 6,381.63 0.00%
10/31/1992 0.431337 5,052.253 2,179.22 0.00008 0.178473842 2,179.22 6,381.63 0.00%
11/30/1992 0.459261 5,052.253 2,320.31 0.00008 0.179114323 2,320.31 6,381.63 0.00%
12/31/1992 0.471521 5,052.253 2,382.24 0.00008 0.197067005 2,382.24 6,381.63 0.00%
01/31/1993 0.478187 5,052.253 2,415.92 0.00008 0.202327341 2,415.92 6,381.63 0.00%
02/28/1993 0.463511 5,052.253 2,341.78 0.00008 0.185330965 2,341.78 6,381.63 0.00%
03/31/1993 0.478054 5,052.253 2,415.25 0.00008 0.198890653 2,415.25 6,381.63 0.00%
04/30/1993 0.458428 5,052.253 2,316.09 0.00008 0.198513505 2,316.09 6,381.63 0.00%
05/31/1993 0.477790 5,052.253 2,413.92 0.00008 0.196709331 2,413.92 6,381.63 0.00%
06/30/1993 0.480932 5,052.253 2,429.79 0.00008 0.198404082 2,429.79 6,381.63 0.00%
07/31/1993 0.474118 5,052.253 2,395.37 0.00008 0.206365728 2,395.37 6,381.63 0.00%
08/31/1993 0.482906 5,052.253 2,439.76 0.00008 0.203442067 2,439.76 6,381.63 0.00%
09/30/1993 0.493674 5,052.253 2,494.16 0.00008 0.20052847 2,494.16 6,381.63 0.00%
10/31/1993 0.497894 5,052.253 2,515.49 0.00008 0.211833072 2,515.49 6,381.63 0.00%
11/30/1993 0.491390 5,052.253 2,482.62 0.00008 0.20675229 2,482.62 6,381.63 0.00%
12/31/1993 0.498704 5,052.253 2,519.58 0.00008 0.210853028 2,519.58 6,381.63 0.00%
01/31/1994 0.513889 5,052.253 2,596.29 0.00008 0.213991669 2,596.29 6,381.63 2.00%
02/28/1994 0.506302 5,052.253 2,557.96 0.00008 0.199167835 2,557.96 6,381.63 2.00%
03/31/1994 0.484466 5,052.253 2,447.65 0.00008 0.217251808 2,447.65 6,381.63 2.00%
04/30/1994 0.485327 5,052.253 2,451.99 0.00008 0.201176321 2,451.99 6,381.63 2.00%
05/31/1994 0.492971 5,052.253 2,490.62 0.00008 0.208251605 2,490.62 6,381.63 2.00%
06/30/1994 0.471167 5,052.253 2,380.46 0.00008 0.204708091 2,380.46 6,381.63 2.00%
07/31/1994 0.480788 5,052.253 2,429.06 0.00008 0.202175725 2,429.06 6,381.63 2.00%
08/31/1994 0.510443 5,052.253 2,578.89 0.00008 0.206303891 2,578.89 6,381.63 2.00%
09/30/1994 0.499415 5,052.253 2,523.17 0.00008 0.211963459 2,523.17 6,381.63 2.00%
10/31/1994 0.507559 5,052.253 2,564.31 0.00008 0.214296814 2,564.31 6,381.63 2.00%
11/30/1994 0.494588 5,052.253 2,498.79 0.00008 0.210765582 2,498.79 6,381.63 2.00%
12/31/1994 0.496530 5,052.253 2,508.60 0.00008 0.212225631 2,508.60 6,381.63 2.00%
01/31/1995 0.504926 5,052.253 2,551.02 0.00008 0.213058915 2,551.02 6,381.63 4.00%
02/28/1995 0.523460 5,052.253 2,644.65 0.00008 0.195694352 2,644.65 6,381.63 4.00%
03/31/1995 0.539001 5,052.253 2,723.17 0.00008 0.224614232 2,723.17 6,381.63 4.00%
04/30/1995 0.552452 5,052.253 2,791.13 0.00008 0.223822194 2,791.13 6,381.63 4.00%
05/31/1995 0.573881 5,052.253 2,899.39 0.00008 0.23705458 2,899.39 6,381.63 4.00%
06/30/1995 0.594137 5,052.253 3,001.73 0.00008 0.238306159 3,001.73 6,381.63 4.00%
07/31/1995 0.622907 5,052.253 3,147.09 0.00008 0.254941299 3,147.09 6,381.63 4.00%
08/31/1995 0.625883 5,052.253 3,162.12 0.00008 0.267286694 3,162.12 6,381.63 4.00%
09/30/1995 0.644579 5,052.253 3,256.57 0.00008 0.259900176 3,256.57 6,381.63 4.00%
10/31/1995 0.646950 5,052.253 3,268.56 0.00008 0.276585744 3,268.56 6,381.63 4.00%
11/30/1995 0.672415 5,052.253 3,397.21 0.00008 0.268648416 3,397.21 6,381.63 4.00%
12/31/1995 0.669338 5,052.253 3,381.66 0.00008 0.288530033 3,381.66 6,381.63 4.00%
01/31/1996 0.691563 5,052.253 3,493.95 0.00008 0.2872098 3,493.95 6,381.63 6.00%
02/29/1996 0.705557 5,052.253 3,564.65 0.00008 0.277601801 3,564.65 6,381.63 6.00%
03/31/1996 0.713459 5,052.253 3,604.57 0.00008 0.302751144 3,604.57 6,381.63 6.00%
04/30/1996 0.732260 5,052.253 3,699.57 0.00008 0.296266317 3,699.57 6,381.63 6.00%
05/31/1996 0.748234 5,052.253 3,780.27 0.00008 0.314209638 3,780.27 6,381.63 6.00%
06/30/1996 0.740337 5,052.253 3,740.37 0.00008 0.310706962 3,740.37 6,381.63 6.00%
07/31/1996 0.710124 5,052.253 3,587.73 0.00008 0.317675409 3,587.73 6,381.63 6.00%
08/31/1996 0.737049 5,052.253 3,723.76 0.00008 0.304711051 3,723.76 6,381.63 6.00%
09/30/1996 0.785583 5,052.253 3,968.96 0.00008 0.306062372 3,968.96 6,381.63 6.00%
10/31/1996 0.793478 5,052.253 4,008.85 0.00008 0.337089985 4,008.85 6,381.63 6.00%
11/30/1996 0.840010 5,052.253 4,243.94 0.00008 0.329494588 4,243.94 6,381.63 6.00%
12/31/1996 0.826555 5,052.253 4,175.96 0.00008 0.360444379 4,175.96 6,381.63 6.00%
01/31/1997 0.866839 5,052.253 4,379.49 0.00008 0.354670902 4,379.49 6,381.63 6.00%
02/28/1997 0.854391 5,052.253 4,316.60 0.00008 0.335960872 4,316.60 6,381.63 6.00%
03/31/1997 0.815742 5,052.253 4,121.34 0.00008 0.366615479 4,121.34 6,381.63 6.00%
04/30/1997 0.858551 5,052.253 4,337.61 0.00008 0.338739965 4,337.61 6,381.63 6.00%
05/31/1997 0.920186 5,052.253 4,649.01 0.00008 0.368400141 4,649.01 6,381.63 6.00%
06/30/1997 0.942558 5,052.253 4,762.04 0.00008 0.382110495 4,762.04 6,381.63 6.00%
07/31/1997 1.036334 5,052.253 5,235.82 0.00008 0.404447163 5,235.82 6,381.63 6.00%
08/31/1997 1.013324 5,052.253 5,119.57 0.00008 0.444686125 5,119.57 6,381.63 6.00%
09/30/1997 1.060776 5,052.253 5,359.31 0.00008 0.420786599 5,359.31 6,381.63 6.00%
10/31/1997 1.026926 5,052.253 5,188.29 0.00008 0.455174189 5,188.29 6,381.63 6.00%
11/30/1997 1.033083 5,052.253 5,219.40 0.00008 0.426434754 5,219.40 6,381.63 6.00%
12/31/1997 1.032811 5,052.253 5,218.02 0.00008 0.443291221 5,218.02 6,381.63 6.00%
01/31/1998 1.036040 5,052.253 5,234.34 0.00008 0.443174588 5,234.34 6,381.63 6.00%
02/28/1998 1.115382 5,052.253 5,635.19 0.00008 0.401538175 5,635.19 6,381.63 6.00%
03/31/1998 1.160518 5,052.253 5,863.23 0.00008 0.478605317 5,863.23 6,381.63 6.00%
04/30/1998 1.184246 5,052.253 5,983.11 0.00008 0.481909445 5,983.11 6,381.63 6.00%
05/31/1998 1.144592 5,052.253 5,782.77 0.00008 0.508154492 5,782.77 6,381.63 6.00%
06/30/1998 1.200573 5,052.253 6,065.60 0.00008 0.475296022 6,065.60 6,381.63 6.00%
07/31/1998 1.175904 5,052.253 5,940.96 0.00008 0.515160408 5,940.96 6,381.63 6.00%
08/31/1998 0.955194 5,052.253 4,825.88 0.00008 0.504574939 4,825.88 6,381.63 6.00%
09/30/1998 0.999760 5,052.253 5,051.04 0.00008 0.396647664 5,051.04 6,381.63 6.00%
10/31/1998 1.084275 5,052.253 5,478.03 0.00008 0.428992628 5,478.03 6,381.63 6.00%
11/30/1998 1.153910 5,052.253 5,829.85 0.00008 0.450249174 5,829.85 6,381.63 6.00%
12/31/1998 1.263125 5,052.253 6,381.63 0.00008 0.495137543 6,381.63 6,381.63 6.00%
12/31/1998 6,381.63
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 538.16% 538.16%
04/03/1985 0.00% 6,381.63 13.7534 14.43% 14.43% 6,381.63 6,381.63 14
04/30/1985 0.00% 6,381.63 13.6795 14.59% 14.59% 6,439.82 6,439.82 14
05/31/1985 0.00% 6,381.63 13.5945 14.38% 14.38% 6,209.34 6,209.34 14
06/30/1985 0.00% 6,381.63 13.5123 14.47% 14.47% 6,210.46 6,210.46 14
07/31/1985 0.00% 6,381.63 13.4274 14.42% 14.42% 6,099.39 6,099.39 14
08/31/1985 0.00% 6,381.63 13.3425 14.48% 14.48% 6,077.70 6,077.70 14
09/30/1985 0.00% 6,381.63 13.2603 14.91% 14.91% 6,318.32 6,318.32 14
10/31/1985 0.00% 6,381.63 13.1753 14.92% 14.92% 6,245.91 6,245.91 14
11/30/1985 0.00% 6,381.63 13.0932 14.76% 14.76% 6,064.47 6,064.47 14
12/31/1985 0.00% 6,381.63 13.0082 14.60% 14.60% 5,888.50 5,888.50 14
01/31/1986 0.00% 6,381.63 12.9233 14.64% 14.64% 5,846.33 5,846.33 13
02/28/1986 0.00% 6,381.63 12.8466 14.35% 14.35% 5,601.74 5,601.74 13
03/31/1986 0.00% 6,381.63 12.7616 13.92% 13.92% 5,273.99 5,273.99 13
04/30/1986 0.00% 6,381.63 12.6795 13.86% 13.86% 5,184.27 5,184.27 13
05/31/1986 0.00% 6,381.63 12.5945 13.41% 13.41% 4,880.52 4,880.52 13
06/30/1986 0.00% 6,381.63 12.5123 13.60% 13.60% 4,932.04 4,932.04 13
07/31/1986 0.00% 6,381.63 12.4274 14.14% 14.14% 5,172.74 5,172.74 13
08/31/1986 0.00% 6,381.63 12.3425 13.97% 13.97% 5,022.42 5,022.42 13
09/30/1986 0.00% 6,381.63 12.2603 14.50% 14.50% 5,262.56 5,262.56 13
10/31/1986 0.00% 6,381.63 12.1753 14.21% 14.21% 5,042.23 5,042.23 13
11/30/1986 0.00% 6,381.63 12.0932 14.22% 14.22% 4,992.36 4,992.36 13
12/31/1986 0.00% 6,381.63 12.0082 14.48% 14.48% 5,070.18 5,070.18 13
01/31/1987 0.00% 6,381.63 11.9233 13.81% 13.81% 4,676.30 4,676.30 12
02/28/1987 0.00% 6,381.63 11.8466 13.37% 13.37% 4,421.76 4,421.76 12
03/31/1987 0.00% 6,381.63 11.7616 13.28% 13.28% 4,332.18 4,332.18 12
04/30/1987 0.00% 6,381.63 11.6795 13.39% 13.39% 4,340.27 4,340.27 12
05/31/1987 0.00% 6,381.63 11.5945 13.54% 13.54% 4,357.89 4,357.89 12
06/30/1987 0.00% 6,381.63 11.5123 13.32% 13.32% 4,220.77 4,220.77 12
07/31/1987 0.00% 6,381.63 11.4274 12.45% 12.45% 3,820.50 3,820.50 12
08/31/1987 0.00% 6,381.63 11.3425 12.69% 12.69% 3,878.55 3,878.55 12
09/30/1987 0.00% 6,381.63 11.2603 12.56% 12.56% 3,791.43 3,791.43 12
10/31/1987 0.00% 6,381.63 11.1753 16.00% 16.00% 5,253.54 5,253.54 12
11/30/1987 0.00% 6,381.63 11.0932 16.51% 16.51% 5,446.67 5,446.67 12
12/31/1987 0.00% 6,381.63 11.0082 15.69% 15.69% 4,976.99 4,976.99 12
01/31/1988 0.00% 6,381.63 10.9233 15.92% 15.92% 5,023.31 5,023.31 11
02/29/1988 0.00% 6,381.63 10.8438 15.30% 15.30% 4,683.17 4,683.17 11
03/31/1988 0.00% 6,381.63 10.7589 15.13% 15.13% 4,551.36 4,551.36 11
04/30/1988 0.00% 6,381.63 10.6767 15.17% 15.17% 4,516.17 4,516.17 11
05/31/1988 0.00% 6,381.63 10.5918 15.37% 15.37% 4,547.23 4,547.23 11
06/30/1988 0.00% 6,381.63 10.5096 14.80% 14.80% 4,266.86 4,266.86 11
07/31/1988 0.00% 6,381.63 10.4247 14.86% 14.86% 4,239.57 4,239.57 11
08/31/1988 0.00% 6,381.63 10.3397 15.36% 15.36% 4,380.66 4,380.66 11
09/30/1988 0.00% 6,381.63 10.2575 15.17% 15.17% 4,255.98 4,255.98 11
10/31/1988 0.00% 6,381.63 10.1726 15.15% 15.15% 4,200.50 4,200.50 11
11/30/1988 0.00% 6,381.63 10.0904 15.38% 15.38% 4,233.82 4,233.82 11
12/31/1988 0.00% 6,381.63 10.0055 15.24% 15.24% 4,133.09 4,133.09 11
01/31/1989 0.00% 6,381.63 9.9205 14.51% 14.51% 3,834.06 3,834.06 10
02/28/1989 0.00% 6,381.63 9.8438 14.63% 14.63% 3,832.98 3,832.98 10
03/31/1989 0.00% 6,381.63 9.7589 14.53% 14.53% 3,756.89 3,756.89 10
04/30/1989 0.00% 6,381.63 9.6767 14.39% 14.39% 3,673.23 3,673.23 10
05/31/1989 0.00% 6,381.63 9.5918 14.18% 14.18% 3,567.91 3,567.91 10
06/30/1989 0.00% 6,381.63 9.5096 14.53% 14.53% 3,633.28 3,633.28 10
07/31/1989 0.00% 6,381.63 9.4247 13.90% 13.90% 3,410.42 3,410.42 10
08/31/1989 0.00% 6,381.63 9.3397 13.89% 13.89% 3,370.70 3,370.70 10
09/30/1989 0.00% 6,381.63 9.2575 14.10% 14.10% 3,391.15 3,391.15 10
10/31/1989 0.00% 6,381.63 9.1726 14.56% 14.56% 3,480.60 3,480.60 10
11/30/1989 0.00% 6,381.63 9.0904 14.35% 14.35% 3,382.50 3,382.50 10
12/31/1989 0.00% 6,381.63 9.0055 14.52% 14.52% 3,390.68 3,390.68 10
01/31/1990 0.00% 6,381.63 8.9205 15.32% 15.32% 3,566.96 3,566.96 9
02/28/1990 0.00% 6,381.63 8.8438 15.53% 15.53% 3,584.60 3,584.60 9
03/31/1990 0.00% 6,381.63 8.7589 15.45% 15.45% 3,519.00 3,519.00 9
04/30/1990 0.00% 6,381.63 8.6767 16.20% 16.20% 3,679.22 3,679.22 9
05/31/1990 0.00% 6,381.63 8.5918 15.67% 15.67% 3,492.85 3,492.85 9
06/30/1990 0.00% 6,381.63 8.5096 16.06% 16.06% 3,552.86 3,552.86 9
07/31/1990 0.00% 6,381.63 8.4247 16.01% 16.01% 3,493.16 3,493.16 9
08/31/1990 0.00% 6,381.63 8.3397 16.96% 16.96% 3,693.72 3,693.72 9
09/30/1990 0.00% 6,381.63 8.2575 17.63% 17.63% 3,821.88 3,821.88 9
10/31/1990 0.00% 6,381.63 8.1726 18.05% 18.05% 3,880.34 3,880.34 9
11/30/1990 0.00% 6,381.63 8.0904 18.19% 18.19% 3,865.60 3,865.60 9
12/31/1990 0.00% 6,381.63 8.0055 17.94% 17.94% 3,746.60 3,746.60 9
01/31/1991 0.00% 6,381.63 7.9205 17.92% 17.92% 3,689.20 3,689.20 8
02/28/1991 0.00% 6,381.63 7.8438 17.32% 17.32% 3,500.77 3,500.77 8
03/31/1991 0.00% 6,381.63 7.7589 17.35% 17.35% 3,459.70 3,459.70 8
04/30/1991 0.00% 6,381.63 7.6767 17.61% 17.61% 3,474.29 3,474.29 8
05/31/1991 0.00% 6,381.63 7.5918 17.61% 17.61% 3,426.01 3,426.01 8
06/30/1991 0.00% 6,381.63 7.5096 18.47% 18.47% 3,569.80 3,569.80 8
07/31/1991 0.00% 6,381.63 7.4247 17.71% 17.71% 3,355.69 3,355.69 8
08/31/1991 0.00% 6,381.63 7.3397 17.68% 17.68% 3,303.74 3,303.74 8
09/30/1991 0.00% 6,381.63 7.2575 18.08% 18.08% 3,341.40 3,341.40 8
10/31/1991 0.00% 6,381.63 7.1726 18.12% 18.12% 3,301.92 3,301.92 8
11/30/1991 0.00% 6,381.63 7.0904 18.98% 18.98% 3,429.49 3,429.49 8
12/31/1991 0.00% 6,381.63 7.0055 17.12% 17.12% 3,025.74 3,025.74 8
01/31/1992 100.00% 6,381.63 6.9205 17.12% 17.12% 2,985.99 2,985.99 7
02/29/1992 100.00% 6,381.63 6.8411 17.13% 17.13% 2,949.02 2,949.02 7
03/31/1992 100.00% 6,381.63 6.7562 17.96% 17.96% 3,052.50 3,052.50 7
04/30/1992 100.00% 6,381.63 6.6740 18.32% 18.32% 3,072.73 3,072.73 7
05/31/1992 100.00% 6,381.63 6.5890 18.42% 18.42% 3,047.23 3,047.23 7
06/30/1992 100.00% 6,381.63 6.5068 19.28% 19.28% 3,148.78 3,148.78 7
07/31/1992 100.00% 6,381.63 6.4219 18.70% 18.70% 3,007.54 3,007.54 7
08/31/1992 100.00% 6,381.63 6.3370 19.48% 19.48% 3,089.38 3,089.38 7
09/30/1992 100.00% 6,381.63 6.2548 19.43% 19.43% 3,036.87 3,036.87 7
10/31/1992 100.00% 6,381.63 6.1699 19.02% 19.02% 2,928.39 2,928.39 7
11/30/1992 100.00% 6,381.63 6.0877 18.08% 18.08% 2,750.34 2,750.34 7
12/31/1992 100.00% 6,381.63 6.0027 17.84% 17.84% 2,678.83 2,678.83 7
01/31/1993 100.00% 6,381.63 5.9178 17.84% 17.84% 2,641.49 2,641.49 6
02/28/1993 100.00% 6,381.63 5.8411 18.72% 18.72% 2,725.12 2,725.12 6
03/31/1993 100.00% 6,381.63 5.7562 18.39% 18.39% 2,642.22 2,642.22 6
04/30/1993 100.00% 6,381.63 5.6740 19.56% 19.56% 2,755.34 2,755.34 6
05/31/1993 100.00% 6,381.63 5.5890 19.00% 19.00% 2,643.68 2,643.68 6
06/30/1993 100.00% 6,381.63 5.5068 19.17% 19.17% 2,626.41 2,626.41 6
07/31/1993 100.00% 6,381.63 5.4219 19.81% 19.81% 2,664.16 2,664.16 6
08/31/1993 100.00% 6,381.63 5.3370 19.74% 19.74% 2,615.67 2,615.67 6
09/30/1993 100.00% 6,381.63 5.2548 19.58% 19.58% 2,558.62 2,558.62 6
10/31/1993 100.00% 6,381.63 5.1699 19.73% 19.73% 2,536.94 2,536.94 6
11/30/1993 100.00% 6,381.63 5.0877 20.39% 20.39% 2,570.52 2,570.52 6
12/31/1993 100.00% 6,381.63 5.0027 20.41% 20.41% 2,532.81 2,532.81 6
01/31/1994 50.00% 6,381.63 4.9178 20.07% 20.07% 2,457.97 2,457.97 5
02/28/1994 50.00% 6,381.63 4.8411 20.79% 20.79% 2,494.81 2,494.81 5
03/31/1994 50.00% 6,381.63 4.7562 22.32% 22.32% 2,607.25 2,607.25 5
04/30/1994 50.00% 6,381.63 4.6740 22.71% 22.71% 2,602.63 2,602.63 5
05/31/1994 50.00% 6,381.63 4.5890 22.76% 22.76% 2,562.27 2,562.27 5
06/30/1994 50.00% 6,381.63 4.5068 24.46% 24.46% 2,680.84 2,680.84 5
07/31/1994 50.00% 6,381.63 4.4219 24.41% 24.41% 2,627.20 2,627.20 5
08/31/1994 50.00% 6,381.63 4.3370 23.23% 23.23% 2,474.56 2,474.56 5
09/30/1994 50.00% 6,381.63 4.2548 24.37% 24.37% 2,529.21 2,529.21 5
10/31/1994 50.00% 6,381.63 4.1699 24.44% 24.44% 2,488.63 2,488.63 5
11/30/1994 50.00% 6,381.63 4.0877 25.78% 25.78% 2,553.89 2,553.89 5
12/31/1994 50.00% 6,381.63 4.0027 26.27% 26.27% 2,543.90 2,543.90 5
01/31/1995 40.00% 6,381.63 3.9178 26.37% 26.37% 2,501.60 2,501.60 4
02/28/1995 40.00% 6,377.95 3.8411 25.76% 25.78% 2,411.64 2,413.03 4
03/31/1995 40.00% 6,374.81 3.7562 25.41% 25.45% 2,340.95 2,343.46 4
04/30/1995 40.00% 6,372.09 3.6740 25.19% 25.24% 2,282.98 2,286.40 4
05/31/1995 40.00% 6,367.76 3.5890 24.51% 24.58% 2,196.24 2,201.02 4
06/30/1995 40.00% 6,363.66 3.5068 23.90% 24.00% 2,120.00 2,125.98 4
07/31/1995 40.00% 6,357.85 3.4219 22.81% 22.95% 2,020.23 2,027.79 4
08/31/1995 40.00% 6,357.25 3.3370 23.28% 23.42% 2,010.44 2,018.15 4
09/30/1995 40.00% 6,353.47 3.2548 22.79% 22.96% 1,950.97 1,959.61 4
10/31/1995 40.00% 6,352.99 3.1699 23.32% 23.50% 1,943.67 1,952.43 4
11/30/1995 40.00% 6,347.84 3.0877 22.44% 22.65% 1,868.55 1,878.49 4
12/31/1995 40.00% 6,348.47 3.0027 23.34% 23.55% 1,877.32 1,887.13 4
01/31/1996 30.00% 6,286.86 2.9178 22.30% 22.93% 1,799.35 1,826.48 3
02/29/1996 30.00% 6,282.62 2.8384 22.10% 22.77% 1,762.48 1,790.25 3
03/31/1996 30.00% 6,280.22 2.7534 22.34% 23.05% 1,742.29 1,770.42 3
04/30/1996 30.00% 6,274.52 2.6712 21.87% 22.64% 1,696.02 1,724.97 3
05/31/1996 30.00% 6,269.68 2.5863 21.61% 22.44% 1,658.53 1,688.14 3
06/30/1996 30.00% 6,272.07 2.5041 22.93% 23.78% 1,676.86 1,706.15 3
07/31/1996 30.00% 6,281.23 2.4192 26.05% 26.88% 1,750.76 1,778.74 3
08/31/1996 30.00% 6,273.07 2.3342 25.04% 25.96% 1,684.61 1,713.76 3
09/30/1996 30.00% 6,258.36 2.2521 22.41% 23.48% 1,576.82 1,607.88 3
10/31/1996 30.00% 6,255.97 2.1671 22.80% 23.93% 1,560.54 1,591.88 3
11/30/1996 30.00% 6,241.86 2.0849 20.33% 21.61% 1,470.77 1,503.70 3
12/31/1996 30.00% 6,245.94 2.0000 22.30% 23.62% 1,495.69 1,528.18 3
01/31/1997 20.00% 6,195.44 1.9151 19.86% 21.72% 1,414.65 1,457.16 2
02/28/1997 20.00% 6,199.21 1.8384 21.76% 23.70% 1,436.13 1,478.39 2
03/31/1997 20.00% 6,210.93 1.7534 26.35% 28.32% 1,507.02 1,548.44 2
04/30/1997 20.00% 6,197.95 1.6712 23.81% 25.99% 1,428.88 1,471.23 2
05/31/1997 20.00% 6,179.27 1.5863 19.65% 22.10% 1,329.16 1,372.68 2
06/30/1997 20.00% 6,172.48 1.5041 18.82% 21.49% 1,296.19 1,340.10 2
07/31/1997 20.00% 6,144.06 1.4192 11.93% 14.96% 1,173.47 1,218.84 2
08/31/1997 20.00% 6,151.03 1.3342 14.75% 17.96% 1,201.47 1,246.52 2
09/30/1997 20.00% 6,136.65 1.2521 11.42% 14.96% 1,145.04 1,190.76 2
10/31/1997 20.00% 6,146.91 1.1671 15.64% 19.41% 1,184.77 1,230.01 2
11/30/1997 20.00% 6,145.04 1.0849 16.24% 20.36% 1,177.35 1,222.68 2
12/31/1997 20.00% 6,145.13 1.0000 17.77% 22.30% 1,177.67 1,223.00 2
01/31/1998 10.00% 6,105.86 0.9151 16.65% 21.92% 1,151.35 1,198.84 1
02/28/1998 10.00% 6,081.81 0.8384 7.93% 13.25% 1,066.03 1,109.92 1
03/31/1998 10.00% 6,068.12 0.7534 3.49% 8.84% 1,026.22 1,065.91 1
04/30/1998 10.00% 6,060.93 0.6712 1.30% 6.66% 1,008.71 1,044.23 1
05/31/1998 10.00% 6,072.95 0.5863 5.02% 10.36% 1,029.12 1,059.48 1
06/30/1998 10.00% 6,055.98 0.5041 -0.16% 5.21% 999.20 1,025.93 1
07/31/1998 10.00% 6,063.46 0.4192 2.06% 7.42% 1,008.59 1,030.45 1
08/31/1998 10.00% 6,130.36 0.3342 27.03% 32.24% 1,083.24 1,097.88 1
09/30/1998 10.00% 6,116.85 0.2521 21.10% 26.34% 1,049.45 1,060.72 1
10/31/1998 10.00% 6,091.23 0.1671 11.19% 16.49% 1,017.89 1,025.84 1
11/30/1998 10.00% 6,070.13 0.0849 4.12% 9.46% 1,003.43 1,007.71 1
12/31/1998 10.00% 6,037.02 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 143M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.197931 2 6.00% 20%
Units purchased 5,052.253 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 5,829.85 6,070.13 6,381.63 4.12% 9.46%
30-Sep-98 0.25 0.25 5,051.04 6,116.85 6,381.63 21.10% 26.34%
31-Dec-97 1.00 1.00 5,218.02 6,145.13 6,381.63 17.77% 22.30%
31-Dec-97 1.00 1.00 5,218.02 6,145.13 6,381.63 17.77% 22.30%
31-Dec-95 3.00 3.00 3,381.66 6,348.47 6,381.63 23.36% 23.58%
31-Dec-93 5.00 5.00 2,519.58 6,381.63 6,381.63 20.43% 20.43%
31-Dec-88 10.01 10.00 1,544.03 6,381.63 6,381.63 15.25% 15.25%
31-Oct-98 0.17 0.17 5,478.03 6,091.23 6,381.63 11.19% 16.49%
3-Apr-85 13.75 13.75 1,000.00 6,381.63 6,381.63 14.44% 14.44%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
04/03/1985 100 10 1000
04/30/1985 1000 0 10 100 9.92 992.00 -0.80%
05/31/1985 992 0 10 100 10.3 1,030.00 3.83%
06/30/1985 1030 0 10 100 10.31 1,031.00 0.10%
07/31/1985 1031 0 10 100 10.51 1,051.00 1.94%
08/31/1985 1051 0 10 100 10.56 1,056.00 0.48%
09/30/1985 1056 0 10 100 10.17 1,017.00 -3.69%
10/31/1985 1017 0 10 100 10.3 1,030.00 1.28%
11/30/1985 1030 0 10 100 10.62 1,062.00 3.11%
12/31/1985 1062 0 10 100 10.95 1,095.00 3.11%
01/31/1986 1095 0.31 10.66 102.908 10.73 1,104.20 0.84%
02/28/1986 1104.2 0 10 102.908 11.21 1,153.60 4.47%
03/31/1986 1153.6 0 10 102.908 11.92 1,226.66 6.33%
04/30/1986 1226.66 0 10 102.908 12.14 1,249.30 1.85%
05/31/1986 1249.3 0 10 102.908 12.91 1,328.54 6.34%
06/30/1986 1328.54 0 10 102.908 12.79 1,316.19 -0.93%
07/31/1986 1316.19 0 10 102.908 12.21 1,256.51 -4.53%
08/31/1986 1256.51 0 10 102.908 12.59 1,295.61 3.11%
09/30/1986 1295.61 0 10 102.908 12.03 1,237.98 -4.45%
10/31/1986 1237.98 0 10 102.908 12.57 1,293.55 4.49%
11/30/1986 1293.55 0 10 102.908 12.71 1,307.96 1.11%
12/31/1986 1307.96 0 10 102.908 12.53 1,289.44 -1.42%
01/31/1987 1289.44 0.617 12.49 107.992 12.96 1,399.58 8.54%
02/28/1987 1399.58 0 10 107.992 13.72 1,481.65 5.86%
03/31/1987 1481.65 0 10 107.992 14.02 1,514.05 2.19%
04/30/1987 1514.05 0 10 107.992 14.01 1,512.97 -0.07%
05/31/1987 1512.97 0 10 107.992 13.97 1,508.65 -0.29%
06/30/1987 1508.65 0 10 107.992 14.44 1,559.40 3.36%
07/31/1987 1559.4 0 10 107.992 15.97 1,724.63 10.60%
08/31/1987 1724.63 0 10 107.992 15.75 1,700.87 -1.38%
09/30/1987 1700.87 0 10 107.992 16.13 1,741.91 2.41%
10/31/1987 1741.91 0 10 107.992 11.66 1,259.19 -27.71%
11/30/1987 1259.19 0 10 107.992 11.26 1,215.99 -3.43%
12/31/1987 1215.99 1.14 11.35 118.839 11.21 1,332.19 9.56%
01/31/1988 1332.19 0 10 118.839 11.12 1,321.49 -0.80%
02/29/1988 1321.49 0 10 118.839 11.94 1,418.94 7.37%
03/31/1988 1418.94 0 10 118.839 12.30 1,461.72 3.01%
04/30/1988 1461.72 0 10 118.839 12.41 1,474.79 0.89%
05/31/1988 1474.79 0 10 118.839 12.34 1,466.47 -0.56%
06/30/1988 1466.47 0.045 13.12 119.247 13.12 1,564.52 6.69%
07/31/1988 1564.52 0 13.12 119.247 13.22 1,576.45 0.76%
08/31/1988 1576.45 0 13.12 119.247 12.81 1,527.55 -3.10%
09/30/1988 1527.55 0 13.12 119.247 13.20 1,574.06 3.04%
10/31/1988 1574.06 0 13.12 119.247 13.39 1,596.72 1.44%
11/30/1988 1596.72 0 13.12 119.247 13.30 1,585.99 -0.67%
12/31/1988 1585.99 0 13.12 119.247 13.64 1,626.53 2.56%
01/31/1989 1626.53 0 13.12 119.247 14.72 1,755.32 7.92%
02/28/1989 1755.32 0 13.12 119.247 14.74 1,757.70 0.14%
03/31/1989 1757.7 0.42 14.42 122.72 14.63 1,795.39 2.14%
04/30/1989 1795.39 0 14.42 122.72 14.98 1,838.35 2.39%
05/31/1989 1838.35 0 14.42 122.72 15.44 1,894.80 3.07%
06/30/1989 1894.8 0 14.42 122.72 15.18 1,862.89 -1.68%
07/31/1989 1862.89 0 14.42 122.72 16.19 1,986.84 6.65%
08/31/1989 1986.84 0 14.42 122.72 16.40 2,012.61 1.30%
09/30/1989 2012.61 0 14.42 122.72 16.32 2,002.79 -0.49%
10/31/1989 2002.79 0 14.42 122.72 15.92 1,953.70 -2.45%
11/30/1989 1953.7 0 14.42 122.72 16.40 2,012.61 3.02%
12/31/1989 2012.61 0 14.42 122.72 16.38 2,010.15 -0.12%
01/31/1990 2010.15 0 14.42 122.72 15.59 1,913.20 -4.82%
02/28/1990 1913.2 0 14.42 122.72 15.53 1,905.84 -0.38%
03/31/1990 1905.84 2.61 13.12 147.133 13.21 1,943.63 1.98%
04/30/1990 1943.63 0 13.12 147.133 12.65 1,861.23 -4.24%
05/31/1990 1861.23 0 13.12 147.133 13.34 1,962.75 5.45%
06/30/1990 1962.75 0 13.12 147.133 13.13 1,931.86 -1.57%
07/31/1990 1931.86 0 13.12 147.133 13.37 1,967.17 1.83%
08/31/1990 1967.17 0 13.12 147.133 12.66 1,862.70 -5.31%
09/30/1990 1862.7 0 13.12 147.133 12.25 1,802.38 -3.24%
10/31/1990 1802.38 0 13.12 147.133 12.08 1,777.37 -1.39%
11/30/1990 1777.37 0 13.12 147.133 12.14 1,786.19 0.50%
12/31/1990 1786.19 0 13.12 147.133 12.54 1,845.05 3.30%
01/31/1991 1845.05 0 13.12 147.133 12.75 1,875.95 1.67%
02/28/1991 1875.95 0 13.12 147.133 13.45 1,978.94 5.49%
03/31/1991 1978.94 0.49 12.98 152.687 13.13 2,004.78 1.31%
04/30/1991 2004.78 0 12.98 152.687 13.09 1,998.67 -0.30%
05/31/1991 1998.67 0 12.98 152.687 13.29 2,029.21 1.53%
06/30/1991 2029.21 0 12.98 152.687 12.77 1,949.81 -3.91%
07/31/1991 1949.81 0 12.98 152.687 13.60 2,076.54 6.50%
08/31/1991 2076.54 0 12.98 152.687 13.83 2,111.66 1.69%
09/30/1991 2111.66 0 12.98 152.687 13.69 2,090.29 -1.01%
10/31/1991 2090.29 0 12.98 152.687 13.87 2,117.77 1.31%
11/30/1991 2117.77 0 12.98 152.687 13.37 2,041.43 -3.60%
12/31/1991 2041.43 0 12.98 152.687 15.17 2,316.26 13.46%
01/31/1992 2316.26 0 12.98 152.687 15.39 2,349.85 1.45%
02/29/1992 2349.85 0 12.98 152.687 15.60 2,381.92 1.36%
03/31/1992 2381.92 0.36 14.74 156.416 14.73 2,304.01 -3.27%
04/30/1992 2304.01 0 14.74 156.416 14.65 2,291.49 -0.54%
05/31/1992 2291.49 0 14.74 156.416 14.79 2,313.39 0.96%
06/30/1992 2313.39 0 14.74 156.416 14.33 2,241.44 -3.11%
07/31/1992 2241.44 0 14.74 156.416 15.02 2,349.37 4.82%
08/31/1992 2349.37 0 14.74 156.416 14.64 2,289.93 -2.53%
09/30/1992 2289.93 0 14.74 156.416 14.91 2,332.16 1.84%
10/31/1992 2332.16 0 14.74 156.416 15.48 2,421.32 3.82%
11/30/1992 2421.32 0 14.74 156.416 16.50 2,580.86 6.59%
12/31/1992 2580.86 0 14.74 156.416 16.96 2,652.82 2.79%
01/31/1993 2652.82 0 14.74 156.416 17.22 2,693.48 1.53%
02/28/1993 2693.48 0 14.74 156.416 16.71 2,613.71 -2.96%
03/31/1993 2613.71 0.457 16.53 160.74 16.79 2,698.82 3.26%
04/30/1993 2698.82 0 16.53 160.74 16.12 2,591.13 -3.99%
05/31/1993 2591.13 0 16.53 160.74 16.82 2,703.65 4.34%
06/30/1993 2703.65 0 16.53 160.74 16.95 2,724.54 0.77%
07/31/1993 2724.54 0 16.53 160.74 16.73 2,689.18 -1.30%
08/31/1993 2689.18 0 16.53 160.74 17.06 2,742.22 1.97%
09/30/1993 2742.22 0 16.53 160.74 17.46 2,806.52 2.34%
10/31/1993 2806.52 0 16.53 160.74 17.63 2,833.85 0.97%
11/30/1993 2833.85 0 16.53 160.74 17.42 2,800.09 -1.19%
12/31/1993 2800.09 0 16.53 160.74 17.70 2,845.10 1.61%
01/31/1994 2845.1 0 16.53 160.74 18.26 2,935.11 3.16%
02/28/1994 2935.11 0 16.53 160.74 18.01 2,894.93 -1.37%
03/31/1994 2894.93 0.192 17.75 162.479 17.07 2,773.52 -4.19%
04/30/1994 2773.52 0 17.75 162.479 17.12 2,781.64 0.29%
05/31/1994 2781.64 0 17.75 162.479 17.41 2,828.76 1.69%
06/30/1994 2828.76 0 17.75 162.479 16.66 2,706.90 -4.31%
07/31/1994 2706.9 0 17.75 162.479 17.02 2,765.39 2.16%
08/31/1994 2765.39 0 17.75 162.479 18.09 2,939.25 6.29%
09/30/1994 2939.25 0 17.75 162.479 17.72 2,879.13 -2.05%
10/31/1994 2879.13 0 17.75 162.479 18.03 2,929.50 1.75%
11/30/1994 2929.5 0 17.75 162.479 17.59 2,858.01 -2.44%
12/31/1994 2858.01 0 17.75 162.479 17.68 2,872.63 0.51%
01/31/1995 2872.63 0 17.75 162.479 18.00 2,924.62 1.81%
02/28/1995 2924.62 0 17.75 162.479 18.68 3,035.11 3.78%
03/31/1995 3035.11 0.485 18.7 166.693 18.77 3,128.83 3.09%
04/30/1995 3128.83 0 18.7 166.693 19.26 3,210.51 2.61%
05/31/1995 3210.51 0 18.7 166.693 20.03 3,338.86 4.00%
06/30/1995 3338.86 0 18.7 166.693 20.76 3,460.55 3.64%
07/31/1995 3460.55 0 18.7 166.693 21.79 3,632.24 4.96%
08/31/1995 3632.24 0 18.7 166.693 21.92 3,653.91 0.60%
09/30/1995 3653.91 0 18.7 166.693 22.60 3,767.26 3.10%
10/31/1995 3767.26 0 18.7 166.693 22.71 3,785.60 0.49%
11/30/1995 3785.6 0 18.7 166.693 23.63 3,938.96 4.05%
12/31/1995 3938.96 0 18.7 166.693 23.55 3,925.62 -0.34%
01/31/1996 3925.62 0 18.7 166.693 24.36 4,060.64 3.44%
02/29/1996 4060.64 0 18.7 166.693 24.88 4,147.32 2.13%
03/31/1996 4147.32 1.919 23.28 180.434 23.27 4,198.70 1.24%
04/30/1996 4198.7 0 23.28 180.434 23.91 4,314.18 2.75%
05/31/1996 4314.18 0 23.28 180.434 24.46 4,413.42 2.30%
06/30/1996 4413.42 0 23.28 180.434 24.23 4,371.92 -0.94%
07/31/1996 4371.92 0 23.28 180.434 23.27 4,198.70 -3.96%
08/31/1996 4198.7 0 23.28 180.434 24.18 4,362.89 3.91%
09/30/1996 4362.89 0 23.28 180.434 25.80 4,655.20 6.70%
10/31/1996 4655.2 0 23.28 180.434 26.09 4,707.52 1.12%
11/30/1996 4707.52 0 23.28 180.434 27.65 4,989.00 5.98%
12/31/1996 4989 0 23.28 180.434 27.24 4,915.02 -1.48%
01/31/1997 4915.02 0 23.28 180.434 28.60 5,160.41 4.99%
02/28/1997 5160.41 0 23.28 180.434 28.22 5,091.85 -1.33%
03/31/1997 5091.85 1.668 26.16 191.939 25.36 4,867.57 -4.40%
04/30/1997 4867.57 0 26.16 191.939 26.72 5,128.61 5.36%
05/31/1997 5128.61 0 26.16 191.939 28.67 5,502.89 7.30%
06/30/1997 5502.89 0 26.16 191.939 29.40 5,643.01 2.55%
07/31/1997 5643.01 0 26.16 191.939 32.36 6,211.15 10.07%
08/31/1997 6211.15 0 26.16 191.939 31.68 6,080.63 -2.10%
09/30/1997 6080.63 0 26.16 191.939 33.20 6,372.37 4.80%
10/31/1997 6372.37 0 26.16 191.939 32.18 6,176.60 -3.07%
11/30/1997 6176.6 0 26.16 191.939 32.41 6,220.74 0.71%
12/31/1997 6220.74 0 26.16 191.939 32.44 6,226.50 0.09%
01/31/1998 6226.5 0 26.16 191.939 32.58 6,253.37 0.43%
02/28/1998 6253.37 0 26.16 191.939 35.11 6,738.98 7.77%
03/31/1998 6738.98 3.188 32.88 210.549 33.34 7,019.70 4.17%
04/30/1998 7019.7 0 26.16 210.549 34.06 7,171.30 2.16%
05/31/1998 7171.3 0 26.16 210.549 32.96 6,939.70 -3.23%
06/30/1998 6939.7 0 26.16 210.549 34.61 7,287.10 5.01%
07/31/1998 7287.1 0 26.16 210.549 33.94 7,146.03 -1.94%
08/31/1998 7146.03 0 26.16 210.549 27.61 5,813.26 -18.65%
09/30/1998 5813.26 0 26.16 210.549 28.93 6,091.18 4.78%
10/31/1998 6091.18 0 26.16 210.549 31.41 6,613.34 8.57%
5.0911800
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
04/03/1985 1,000 0.197931478
04/30/1985 0.00104 1.035616438 990.96 0.00 0.196143046
05/31/1985 0.00119 1.178297377 1,027.75 0.00 0.203423367
06/30/1985 0.00115 1.182612314 1,027.56 0.00 0.20338679
07/31/1985 0.00119 1.221812989 1,046.27 0.00 0.207090382
08/31/1985 0.00119 1.244061716 1,050.01 0.00 0.207829349
09/30/1985 0.00115 1.208226718 1,010.02 0.00 0.199914688
10/31/1985 0.00119 1.200954901 1,021.73 0.00 0.202232429
11/30/1985 0.00115 1.175688731 1,052.30 0.00 0.208282672
12/31/1985 0.00119 1.251224207 1,083.74 0.00 0.214507076
01/31/1986 0.00119 1.288616298 1,091.56 0.00 0.21605427 .147 OI .163 ST
02/28/1986 0.00107 1.172306539 1,139.22 0.00 0.225488128
03/31/1986 0.00119 1.354583177 1,210.02 0.00 0.239500668
04/30/1986 0.00115 1.392349572 1,230.96 0.00 0.243645451
05/31/1986 0.00119 1.463660336 1,307.57 0.00 0.258809573
06/30/1986 0.00115 1.504602898 1,293.91 0.00 0.256105892
07/31/1986 0.00119 1.538514405 1,233.70 0.00 0.244188763
08/31/1986 0.00119 1.466924193 1,270.63 0.00 0.251497063
09/30/1986 0.00115 1.462091241 1,212.65 0.00 0.240020834
10/31/1986 0.00119 1.441886039 1,265.64 0.00 0.250509408
11/30/1986 0.00115 1.456349456 1,278.28 0.00 0.253011797
12/31/1986 0.00119 1.519927132 1,258.66 0.00 0.249128446
01/31/1987 0.00119 1.496598537 1,364.67 0.00 0.270112008 .15 OI .467 ST
02/28/1987 0.00107 1.465622846 1,443.23 0.00 0.285661019
03/31/1987 0.00119 1.716062012 1,473.08 0.00 0.291568052
04/30/1987 0.00115 1.695046017 1,470.33 0.00 0.291024568
05/31/1987 0.00119 1.748282661 1,464.38 0.00 0.289847563
06/30/1987 0.00115 1.685043861 1,511.96 0.00 0.299264322
07/31/1987 0.00119 1.797781637 1,670.36 0.00 0.33061776
08/31/1987 0.00119 1.986132304 1,645.37 0.00 0.325669764
09/30/1987 0.00115 1.893298092 1,683.17 0.00 0.333153051
10/31/1987 0.00119 2.001362652 1,214.73 0.00 0.240433181
11/30/1987 0.00115 1.397770788 1,171.66 0.00 0.231907792
12/31/1987 0.00119 1.393148263 1,282.23 0.00 0.253793152 .185 OI .955 ST
01/31/1988 0.00119 1.524620995 1,270.40 0.00 0.251452944
02/29/1988 0.00111 1.413106924 1,362.67 0.00 0.269716018
03/31/1988 0.00119 1.62027502 1,402.14 0.00 0.277527055
04/30/1988 0.00115 1.613417951 1,413.06 0.00 0.279689223
05/31/1988 0.00119 1.68018742 1,403.41 0.00 0.277778799
06/30/1988 0.00115 1.61488148 1,495.63 0.00 0.296031798 .045 ST Gain
07/31/1988 0.00119 1.778362776 1,505.25 0.00 0.297937148
08/31/1988 0.00119 1.789808854 1,456.77 0.00 0.288341157
09/30/1988 0.00115 1.676286296 1,499.45 0.00 0.29678862
10/31/1988 0.00119 1.782909262 1,519.25 0.00 0.300708264
11/30/1988 0.00115 1.748183111 1,507.30 0.00 0.298341476
12/31/1988 0.00119 1.792237789 1,544.03 0.00 0.305612738
01/31/1989 0.00119 1.835918711 1,664.45 0.00 0.329448023
02/28/1989 0.00107 1.787578981 1,664.92 0.00 0.329540896
03/31/1989 0.00119 1.979663221 1,698.65 0.00 0.336215336 .35 OI .07 ST Gain
04/30/1989 0.00115 1.954605321 1,737.34 0.00 0.343873402
05/31/1989 0.00119 2.065763412 1,788.62 0.00 0.354023803
06/30/1989 0.00115 2.058135766 1,756.44 0.00 0.347654379
07/31/1989 0.00119 2.088477017 1,871.22 0.00 0.370372675
08/31/1989 0.00119 2.224953481 1,893.26 0.00 0.374736148
09/30/1989 0.00115 2.178548065 1,881.85 0.00 0.372476519
10/31/1989 0.00119 2.237591978 1,833.48 0.00 0.362903929
11/30/1989 0.00115 2.109760841 1,886.66 0.00 0.373428998
12/31/1989 0.00119 2.243313843 1,882.11 0.00 0.372528536
01/31/1990 0.00119 2.237904463 1,789.10 0.00 0.354118447
02/28/1990 0.00107 1.921440254 1,780.29 0.00 0.352375855
03/31/1990 0.00119 2.116840513 1,813.48 0.00 0.358943959 .62 OI 1.99 ST Gain
04/30/1990 0.00115 2.086739354 1,734.51 0.00 0.343313535
05/31/1990 0.00119 2.062400103 1,827.05 0.00 0.361631212
06/30/1990 0.00115 2.102361834 1,796.20 0.00 0.355523692
07/31/1990 0.00119 2.135750632 1,826.89 0.00 0.361599123
08/31/1990 0.00119 2.172247793 1,727.70 0.00 0.341965813
09/30/1990 0.00115 1.988036019 1,669.76 0.00 0.330498405
10/31/1990 0.00119 1.985415302 1,644.61 0.00 0.325519401
11/30/1990 0.00115 1.892423948 1,650.88 0.00 0.326760185
12/31/1990 0.00119 1.96295855 1,703.31 0.00 0.337139323
01/31/1991 0.00119 2.025309534 1,729.81 0.00 0.342384696
02/28/1991 0.00107 1.857773135 1,822.92 0.00 0.360813967
03/31/1991 0.00119 2.167531099 1,844.56 0.00 0.365096271 OI
04/30/1991 0.00115 2.122506138 1,836.81 0.00 0.363563451
05/31/1991 0.00119 2.184048173 1,862.70 0.00 0.368686467
06/30/1991 0.00115 2.143377927 1,787.67 0.00 0.353836066
07/31/1991 0.00119 2.125612497 1,901.74 0.00 0.376413297
08/31/1991 0.00119 2.261241529 1,931.64 0.00 0.38233191
09/30/1991 0.00115 2.222706416 1,909.87 0.00 0.378022767
10/31/1991 0.00119 2.270910158 1,932.70 0.00 0.382542959
11/30/1991 0.00115 2.223933364 1,860.81 0.00 0.368313112
12/31/1991 0.00119 2.212580989 2,109.11 0.00 0.417459774
01/31/1992 0.00119 2.50782155 2,137.19 0.00 0.423017326
02/29/1992 0.00111 2.37725876 2,163.98 0.00 0.428319997
03/31/1992 0.00119 2.573062569 2,090.63 0.00 0.413800828 OI
04/30/1992 0.00115 2.405652607 2,076.86 0.00 0.411076078
05/31/1992 0.00119 2.469472537 2,094.24 0.00 0.414515987
06/30/1992 0.00115 2.409810222 2,026.70 0.00 0.401146923
07/31/1992 0.00119 2.409824754 2,121.88 0.00 0.419986001
08/31/1992 0.00119 2.52299745 2,065.67 0.00 0.408860807
09/30/1992 0.00115 2.376933541 2,101.39 0.00 0.415930389
10/31/1992 0.00119 2.498634022 2,179.22 0.00 0.431337122
11/30/1992 0.00115 2.507600762 2,320.31 0.00 0.459261453
12/31/1992 0.00119 2.758938326 2,382.24 0.00 0.471520583
01/31/1993 0.00119 2.832583046 2,415.92 0.00 0.478186962
02/28/1993 0.00107 2.594633758 2,341.78 0.00 0.463511435
03/31/1993 0.00119 2.7844694 2,415.25 0.00 0.478053582 .14 OI .055 ST/.262 LT
04/30/1993 0.00115 2.77918933 2,316.09 0.00 0.4584279
05/31/1993 0.00119 2.753930892 2,413.92 0.00 0.477790074
06/30/1993 0.00115 2.777657414 2,429.79 0.00 0.480931977
07/31/1993 0.00119 2.889120465 2,395.37 0.00 0.474118432
08/31/1993 0.00119 2.848189201 2,439.76 0.00 0.482905953
09/30/1993 0.00115 2.807398841 2,494.16 0.00 0.493673534
10/31/1993 0.00119 2.965663291 2,515.49 0.00 0.497893948
11/30/1993 0.00115 2.894532328 2,482.62 0.00 0.491389557
12/31/1993 0.00119 2.951942675 2,519.58 0.00 0.498704108
01/31/1994 0.00119 2.995883647 2,596.30 0.00 0.513888555
02/28/1994 0.00107 2.788349957 2,557.97 0.00 0.506301809
03/31/1994 0.00119 3.041525594 2,447.65 0.00 0.484466086 .154 OI .038 ST Gain
04/30/1994 0.00115 2.816468754 2,451.99 0.00 0.485326983
05/31/1994 0.00119 2.915522748 2,490.62 0.00 0.492971177
06/30/1994 0.00115 2.865913546 2,380.46 0.00 0.471167244
07/31/1994 0.00119 2.830460422 2,429.06 0.00 0.480787867
08/31/1994 0.00119 2.88825475 2,578.89 0.00 0.510443312
09/30/1994 0.00115 2.96748871 2,523.17 0.00 0.499415244
10/31/1994 0.00119 3.000155681 2,564.31 0.00 0.507558623
11/30/1994 0.00115 2.95071842 2,498.79 0.00 0.494588385
12/31/1994 0.00119 2.971159112 2,508.60 0.00 0.49653034
01/31/1995 0.00119 2.98282509 2,551.02 0.00 0.504926349
02/28/1995 0.00107 2.739721187 2,644.65 0.00 0.523459819
03/31/1995 0.00119 3.144599545 2,723.17 0.00 0.539001119 .222 OI .263 LT Gain
04/30/1995 0.00115 3.133511006 2,791.13 0.00 0.552451849
05/31/1995 0.00119 3.31876444 2,899.39 0.00 0.573880921
06/30/1995 0.00115 3.336286545 3,001.73 0.00 0.594136557
07/31/1995 0.00119 3.569178528 3,147.09 0.00 0.622907299
08/31/1995 0.00119 3.742014069 3,162.12 0.00 0.625882911
09/30/1995 0.00115 3.638602814 3,256.57 0.00 0.644578583
10/31/1995 0.00119 3.872200778 3,268.56 0.00 0.646950129
11/30/1995 0.00115 3.761078179 3,397.21 0.00 0.672414556
12/31/1995 0.00119 4.039420847 3,381.66 0.00 0.669337774
01/31/1996 0.00119 4.020937581 3,493.95 0.00 0.691563487
02/29/1996 0.00111 3.886425578 3,564.65 0.00 0.705556624
03/31/1996 0.00119 4.238516418 3,604.57 0.00 0.713458634 .251 OI .72 ST/.948 LT
04/30/1996 0.00115 4.147728828 3,699.57 0.00 0.732260456
05/31/1996 0.00119 4.39893534 3,780.27 0.00 0.748234112
06/30/1996 0.00115 4.349897875 3,740.37 0.00 0.740337381
07/31/1996 0.00119 4.447456147 3,587.73 0.00 0.710124155
08/31/1996 0.00119 4.265955119 3,723.76 0.00 0.737049166
09/30/1996 0.00115 4.284873611 3,968.96 0.00 0.785582735
10/31/1996 0.00119 4.71926024 4,008.85 0.00 0.793477844
11/30/1996 0.00115 4.612924666 4,243.94 0.00 0.840009771
12/31/1996 0.00119 5.046221787 4,175.96 0.00 0.826554777
01/31/1997 0.00119 4.965393101 4,379.49 0.00 0.866838999
02/28/1997 0.00107 4.703452645 4,316.60 0.00 0.854391417
03/31/1997 0.00119 5.132617183 4,121.34 0.00 0.815742252 .145 OI .46 ST/1.063 LT
04/30/1997 0.00115 4.742359959 4,337.61 0.00 0.858550543
05/31/1997 0.00119 5.157602455 4,649.01 0.00 0.920185713
06/30/1997 0.00115 5.349547441 4,762.04 0.00 0.942557543
07/31/1997 0.00119 5.662260813 5,235.82 0.00 1.03633379
08/31/1997 0.00119 6.22560633 5,119.57 0.00 1.013324213
09/30/1997 0.00115 5.891012948 5,359.31 0.00 1.060776054
10/31/1997 0.00119 6.372439247 5,188.29 0.00 1.02692591
11/30/1997 0.00115 5.970087123 5,219.40 0.00 1.03308299
12/31/1997 0.00119 6.20607768 5,218.02 0.00 1.032811179
01/31/1998 0.00119 6.204444822 5,234.34 0.00 1.036040145
02/28/1998 0.00107 5.621534985 5,635.19 0.00 1.115381918
03/31/1998 0.00119 6.700475074 5,863.23 0.00 1.160518205 .244 OI .939 ST/2.005 LT
04/30/1998 0.00115 6.746732871 5,983.11 0.00 1.184245789
05/31/1998 0.00119 7.114163556 5,782.77 0.00 1.144591981
06/30/1998 0.00115 6.654144936 6,065.60 0.00 1.200572963
07/31/1998 0.00119 7.212246392 5,940.96 0.00 1.1759037
08/31/1998 0.00119 7.064049816 4,825.88 0.00 0.955193636
09/30/1998 0.00115 5.55306782 5,051.04 0.00 0.999760351
10/31/1998 0.00119 6.00589736 5,478.03 0.00 1.084275
4.0510427 4.0510427
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER MULTIPLE STRATEGIES FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 86M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.331659 2 6.00% 20%
Units purchased 3,015.146 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/09/1987 0.331659 3,015.146 1,000.00 1,000.00 3,164.65 0.00%
02/27/1987 0.341736 3,015.146 1,030.38 0.00005 0.049315069 1,030.33 3,164.65 0.00%
03/31/1987 0.347991 3,015.146 1,049.24 0.00009 0.090330675 1,049.10 3,164.65 0.00%
04/30/1987 0.350431 3,015.146 1,056.60 0.00008 0.086227552 1,056.37 3,164.65 0.00%
05/31/1987 0.351054 3,015.146 1,058.48 0.00008 0.089719312 1,058.16 3,164.65 0.00%
06/30/1987 0.356995 3,015.146 1,076.39 0.00008 0.086972268 1,075.98 3,164.65 0.00%
07/31/1987 0.374632 3,015.146 1,129.57 0.00008 0.091384716 1,129.05 3,164.65 0.00%
08/31/1987 0.377248 3,015.146 1,137.46 0.00008 0.095891716 1,136.84 3,164.65 0.00%
09/30/1987 0.379868 3,015.146 1,145.36 0.00008 0.093438597 1,144.64 3,164.65 0.00%
10/31/1987 0.324366 3,015.146 978.01 0.00008 0.097215811 977.30 3,164.65 0.00%
11/30/1987 0.320315 3,015.146 965.80 0.00008 0.0803259 965.01 3,164.65 0.00%
12/31/1987 0.344077 3,015.146 1,037.44 0.00008 0.081960139 1,036.52 3,164.65 0.00%
01/31/1988 0.349196 3,015.146 1,052.88 0.00008 0.088033148 1,051.85 3,164.65 0.00%
02/29/1988 0.368020 3,015.146 1,109.63 0.00008 0.083571749 1,108.47 3,164.65 0.00%
03/31/1988 0.375852 3,015.146 1,133.25 0.00008 0.094143986 1,131.97 3,164.65 0.00%
04/30/1988 0.380312 3,015.146 1,146.70 0.00008 0.093038263 1,145.30 3,164.65 0.00%
05/31/1988 0.378523 3,015.146 1,141.30 0.00008 0.097272467 1,139.82 3,164.65 0.00%
06/30/1988 0.397152 3,015.146 1,197.47 0.00008 0.093683879 1,195.82 3,164.65 0.00%
07/31/1988 0.399524 3,015.146 1,204.62 0.00008 0.101563086 1,202.86 3,164.65 0.00%
08/31/1988 0.395264 3,015.146 1,191.78 0.00008 0.1021611 1,189.94 3,164.65 0.00%
09/30/1988 0.403602 3,015.146 1,216.92 0.00008 0.097802911 1,214.94 3,164.65 0.00%
10/31/1988 0.407775 3,015.146 1,229.50 0.00008 0.103186659 1,227.40 3,164.65 0.00%
11/30/1988 0.404879 3,015.146 1,220.77 0.00008 0.100882114 1,218.58 3,164.65 0.00%
12/31/1988 0.415135 3,015.146 1,251.69 0.00008 0.103495951 1,249.35 3,164.65 0.00%
01/31/1989 0.433336 3,015.146 1,306.57 0.00008 0.106108826 1,304.01 3,164.65 0.00%
02/28/1989 0.435785 3,015.146 1,313.95 0.00008 0.100033952 1,311.28 3,164.65 0.00%
03/31/1989 0.440938 3,015.146 1,329.49 0.00008 0.111369217 1,326.68 3,164.65 0.00%
04/30/1989 0.450895 3,015.146 1,359.52 0.00008 0.109042088 1,356.53 3,164.65 0.00%
05/31/1989 0.462672 3,015.146 1,395.02 0.00008 0.115211981 1,391.84 3,164.65 0.00%
06/30/1989 0.457664 3,015.146 1,379.92 0.00008 0.11439799 1,376.66 3,164.65 0.00%
07/31/1989 0.473726 3,015.146 1,428.35 0.00008 0.116922165 1,424.86 3,164.65 0.00%
08/31/1989 0.478482 3,015.146 1,442.69 0.00008 0.121015635 1,439.05 3,164.65 0.00%
09/30/1989 0.479141 3,015.146 1,444.68 0.00008 0.11827781 1,440.91 3,164.65 0.00%
10/31/1989 0.465683 3,015.146 1,404.10 0.00008 0.122378634 1,400.32 3,164.65 0.00%
11/30/1989 0.474715 3,015.146 1,431.34 0.00008 0.115094417 1,427.36 3,164.65 0.00%
12/31/1989 0.474653 3,015.146 1,431.15 0.00008 0.121227849 1,427.05 3,164.65 0.00%
01/31/1990 0.457942 3,015.146 1,380.76 0.00008 0.121201741 1,376.69 3,164.65 0.00%
02/28/1990 0.459430 3,015.146 1,385.25 0.00008 0.105608956 1,381.06 3,164.65 0.00%
03/31/1990 0.462446 3,015.146 1,394.34 0.00008 0.117295235 1,390.00 3,164.65 0.00%
04/30/1990 0.451073 3,015.146 1,360.05 0.00008 0.11424688 1,355.71 3,164.65 0.00%
05/31/1990 0.467930 3,015.146 1,410.88 0.00008 0.115142287 1,406.25 3,164.65 0.00%
06/30/1990 0.466246 3,015.146 1,405.80 0.00008 0.115582562 1,401.08 3,164.65 0.00%
07/31/1990 0.473940 3,015.146 1,429.00 0.00008 0.118995653 1,424.08 3,164.65 0.00%
08/31/1990 0.459532 3,015.146 1,385.55 0.00008 0.120949151 1,380.67 3,164.65 0.00%
09/30/1990 0.453706 3,015.146 1,367.99 0.00008 0.113479348 1,363.05 3,164.65 0.00%
10/31/1990 0.444501 3,015.146 1,340.23 0.00008 0.115765826 1,335.28 3,164.65 0.00%
11/30/1990 0.448607 3,015.146 1,352.62 0.00008 0.109748857 1,347.50 3,164.65 0.00%
12/31/1990 0.459810 3,015.146 1,386.39 0.00008 0.114445499 1,381.04 3,164.65 0.00%
01/31/1991 0.461853 3,015.146 1,392.55 0.00008 0.117293764 1,387.06 3,164.65 0.00%
02/28/1991 0.481215 3,015.146 1,450.93 0.00008 0.106404491 1,445.10 3,164.65 0.00%
03/31/1991 0.487088 3,015.146 1,468.64 0.00008 0.122734735 1,462.62 3,164.65 0.00%
04/30/1991 0.487873 3,015.146 1,471.01 0.00008 0.120214933 1,464.85 3,164.65 0.00%
05/31/1991 0.495050 3,015.146 1,492.65 0.00008 0.124412082 1,486.28 3,164.65 0.00%
06/30/1991 0.482079 3,015.146 1,453.54 0.00008 0.122159777 1,447.21 3,164.65 0.00%
07/31/1991 0.494598 3,015.146 1,491.28 0.00008 0.122913823 1,484.67 3,164.65 0.00%
08/31/1991 0.502748 3,015.146 1,515.86 0.00008 0.1260953 1,509.01 3,164.65 0.00%
09/30/1991 0.505281 3,015.146 1,523.49 0.00008 0.124028117 1,516.49 3,164.65 0.00%
10/31/1991 0.510029 3,015.146 1,537.81 0.00008 0.128797585 1,530.61 3,164.65 0.00%
11/30/1991 0.498064 3,015.146 1,501.74 0.00008 0.12580364 1,494.58 3,164.65 0.00%
12/31/1991 0.533544 3,015.146 1,608.71 0.00008 0.126936728 1,600.92 3,164.65 0.00%
01/31/1992 0.541898 3,015.146 1,633.90 0.00008 0.13596838 1,625.85 3,164.65 0.00%
02/29/1992 0.548937 3,015.146 1,655.13 0.00008 0.12917707 1,646.84 3,164.65 0.00%
03/31/1992 0.538062 3,015.146 1,622.34 0.00008 0.139868449 1,614.07 3,164.65 0.00%
04/30/1992 0.542902 3,015.146 1,636.93 0.00008 0.132663585 1,628.46 3,164.65 0.00%
05/31/1992 0.550411 3,015.146 1,659.57 0.00008 0.138307465 1,650.84 3,164.65 0.00%
06/30/1992 0.544970 3,015.146 1,643.16 0.00008 0.135685755 1,634.39 3,164.65 0.00%
07/31/1992 0.556170 3,015.146 1,676.93 0.00008 0.138811163 1,667.84 3,164.65 0.00%
08/31/1992 0.551504 3,015.146 1,662.87 0.00008 0.141652085 1,653.71 3,164.65 0.00%
09/30/1992 0.555943 3,015.146 1,676.25 0.00008 0.135921127 1,666.88 3,164.65 0.00%
10/31/1992 0.553983 3,015.146 1,670.34 0.00008 0.141570701 1,660.86 3,164.65 0.00%
11/30/1992 0.565288 3,015.146 1,704.43 0.00008 0.13650923 1,694.62 3,164.65 0.00%
12/31/1992 0.574294 3,015.146 1,731.58 0.00008 0.14392651 1,721.47 3,164.65 0.00%
01/31/1993 0.587501 3,015.146 1,771.40 0.00008 0.146207352 1,760.92 3,164.65 0.00%
02/28/1993 0.591997 3,015.146 1,784.96 0.00008 0.135083943 1,774.26 3,164.65 0.00%
03/31/1993 0.600137 3,015.146 1,809.50 0.00008 0.150690335 1,798.50 3,164.65 0.00%
04/30/1993 0.595356 3,015.146 1,795.09 0.00008 0.147822059 1,784.03 3,164.65 0.00%
05/31/1993 0.609516 3,015.146 1,837.78 0.00008 0.151520038 1,826.31 3,164.65 0.00%
06/30/1993 0.613555 3,015.146 1,849.96 0.00008 0.150107349 1,838.26 3,164.65 0.00%
07/31/1993 0.616641 3,015.146 1,859.26 0.00008 0.156125945 1,847.35 3,164.65 0.00%
08/31/1993 0.633726 3,015.146 1,910.78 0.00008 0.156898085 1,898.37 3,164.65 0.00%
09/30/1993 0.636836 3,015.146 1,920.15 0.00008 0.156030761 1,907.53 3,164.65 0.00%
10/31/1993 0.650741 3,015.146 1,962.08 0.00008 0.162009672 1,949.02 3,164.65 0.00%
11/30/1993 0.644434 3,015.146 1,943.06 0.00008 0.160193609 1,929.97 3,164.65 0.00%
12/31/1993 0.657713 3,015.146 1,983.10 0.00008 0.163915404 1,969.58 3,164.65 0.00%
01/31/1994 0.677390 3,015.146 2,042.43 0.00008 0.167279009 2,028.33 3,164.65 2.00%
02/28/1994 0.666800 3,015.146 2,010.50 0.00008 0.155598301 1,996.47 3,164.65 2.00%
03/31/1994 0.639890 3,015.146 1,929.36 0.00008 0.169563192 1,915.73 3,164.65 2.00%
04/30/1994 0.641138 3,015.146 1,933.13 0.00008 0.157456931 1,919.31 3,164.65 2.00%
05/31/1994 0.644263 3,015.146 1,942.55 0.00008 0.163009657 1,928.50 3,164.65 2.00%
06/30/1994 0.626987 3,015.146 1,890.46 0.00008 0.158506747 1,876.63 3,164.65 2.00%
07/31/1994 0.637405 3,015.146 1,921.87 0.00008 0.159384685 1,907.65 3,164.65 2.00%
08/31/1994 0.657428 3,015.146 1,982.24 0.00008 0.162019523 1,967.41 3,164.65 2.00%
09/30/1994 0.650049 3,015.146 1,959.99 0.00008 0.161705141 1,945.17 3,164.65 2.00%
10/31/1994 0.653262 3,015.146 1,969.68 0.00008 0.165206096 1,954.62 3,164.65 2.00%
11/30/1994 0.635054 3,015.146 1,914.78 0.00008 0.160653564 1,899.98 3,164.65 2.00%
12/31/1994 0.636884 3,015.146 1,920.30 0.00008 0.161367831 1,905.29 3,164.65 2.00%
01/31/1995 0.642128 3,015.146 1,936.11 0.00008 0.161819186 1,920.82 3,164.65 4.00%
02/28/1995 0.663689 3,015.146 2,001.12 0.00008 0.147350421 1,985.17 3,164.65 4.00%
03/31/1995 0.676042 3,015.146 2,038.37 0.00008 0.168603227 2,021.95 3,164.65 4.00%
04/30/1995 0.690724 3,015.146 2,082.63 0.00008 0.166187398 2,065.69 3,164.65 4.00%
05/31/1995 0.707399 3,015.146 2,132.91 0.00008 0.175442226 2,115.39 3,164.65 4.00%
06/30/1995 0.718412 3,015.146 2,166.12 0.00008 0.173867354 2,148.14 3,164.65 4.00%
07/31/1995 0.734189 3,015.146 2,213.69 0.00008 0.182445172 2,195.14 3,164.65 4.00%
08/31/1995 0.740121 3,015.146 2,231.57 0.00008 0.186436321 2,212.69 3,164.65 4.00%
09/30/1995 0.750184 3,015.146 2,261.92 0.00008 0.181864732 2,242.59 3,164.65 4.00%
10/31/1995 0.741576 3,015.146 2,235.96 0.00008 0.190466586 2,216.67 3,164.65 4.00%
11/30/1995 0.757987 3,015.146 2,285.44 0.00008 0.182191693 2,265.54 3,164.65 4.00%
12/31/1995 0.763456 3,015.146 2,301.93 0.00008 0.1924156 2,281.69 3,164.65 4.00%
01/31/1996 0.778913 3,015.146 2,348.54 0.00008 0.193787544 2,327.69 3,164.65 6.00%
02/29/1996 0.783379 3,015.146 2,362.00 0.00008 0.184940038 2,340.86 3,164.65 6.00%
03/31/1996 0.786928 3,015.146 2,372.70 0.00008 0.198812387 2,351.26 3,164.65 6.00%
04/30/1996 0.801807 3,015.146 2,417.57 0.00008 0.193254462 2,395.53 3,164.65 6.00%
05/31/1996 0.809599 3,015.146 2,441.06 0.00008 0.203455638 2,418.60 3,164.65 6.00%
06/30/1996 0.805624 3,015.146 2,429.07 0.00008 0.198789267 2,406.53 3,164.65 6.00%
07/31/1996 0.791057 3,015.146 2,385.15 0.00008 0.204389931 2,362.81 3,164.65 6.00%
08/31/1996 0.809389 3,015.146 2,440.43 0.00008 0.200676939 2,417.37 3,164.65 6.00%
09/30/1996 0.834356 3,015.146 2,515.70 0.00008 0.1986876 2,491.73 3,164.65 6.00%
10/31/1996 0.843975 3,015.146 2,544.71 0.00008 0.211626596 2,520.25 3,164.65 6.00%
11/30/1996 0.876249 3,015.146 2,642.02 0.00008 0.207143757 2,616.42 3,164.65 6.00%
12/31/1996 0.870905 3,015.146 2,625.91 0.00008 0.222216272 2,600.24 3,164.65 6.00%
01/31/1997 0.890598 3,015.146 2,685.28 0.00008 0.220842132 2,658.81 3,164.65 6.00%
02/28/1997 0.891414 3,015.146 2,687.74 0.00008 0.203963703 2,661.05 3,164.65 6.00%
03/31/1997 0.868516 3,015.146 2,618.70 0.00008 0.226006637 2,592.46 3,164.65 6.00%
04/30/1997 0.886264 3,015.146 2,672.22 0.00008 0.213079207 2,645.23 3,164.65 6.00%
05/31/1997 0.927803 3,015.146 2,797.46 0.00008 0.224663302 2,768.99 3,164.65 6.00%
06/30/1997 0.944814 3,015.146 2,848.75 0.00008 0.22758788 2,819.53 3,164.65 6.00%
07/31/1997 0.990086 3,015.146 2,985.25 0.00008 0.239466647 2,954.39 3,164.65 6.00%
08/31/1997 0.974993 3,015.146 2,939.74 0.00008 0.250920622 2,909.10 3,164.65 6.00%
09/30/1997 1.014929 3,015.146 3,060.16 0.00008 0.239104003 3,028.02 3,164.65 6.00%
10/31/1997 0.990275 3,015.146 2,985.82 0.00008 0.257174158 2,954.21 3,164.65 6.00%
11/30/1997 1.003389 3,015.146 3,025.37 0.00008 0.242811492 2,993.09 3,164.65 6.00%
12/31/1997 1.008360 3,015.146 3,040.35 0.00008 0.254207341 3,007.66 3,164.65 6.00%
01/31/1998 1.010254 3,015.146 3,046.06 0.00008 0.25544514 3,013.05 3,164.65 6.00%
02/28/1998 1.049553 3,015.146 3,164.56 0.00008 0.231138347 3,130.03 3,164.65 6.00%
03/31/1998 1.074732 3,015.146 3,240.47 0.00008 0.265838352 3,204.85 3,164.65 6.00%
04/30/1998 1.087462 3,015.146 3,278.86 0.00008 0.26341269 3,242.55 3,164.65 6.00%
05/31/1998 1.065575 3,015.146 3,212.87 0.00008 0.275394938 3,177.02 3,164.65 6.00%
06/30/1998 1.073267 3,015.146 3,236.06 0.00008 0.261124643 3,199.69 3,164.65 6.00%
07/31/1998 1.059589 3,015.146 3,194.82 0.00008 0.271754406 3,158.64 3,164.65 6.00%
08/31/1998 0.928835 3,015.146 2,800.57 0.00008 0.268267944 2,768.59 3,164.65 6.00%
09/30/1998 0.957903 3,015.146 2,888.22 0.00008 0.227555453 2,855.01 3,164.65 6.00%
10/31/1998 1.000000 3,015.146 3,015.15 0.00008 0.242480205 2,980.23 3,164.65 6.00%
11/30/1998 1.046961 3,015.146 3,156.74 0.00008 0.244950787 3,119.94 3,164.65 6.00%
12/31/1998 1.062052 3,015.146 3,202.24 0.00008 0.26498158 3,164.65 3,164.65 6.00%
12/31/1998 3,164.65
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 216.47% 216.47%
02/09/1987 0.00% 3,164.65 11.8986 10.17% 10.17% 3,164.65 3,164.65 12
02/27/1987 0.00% 3,164.65 11.8493 9.93% 9.93% 3,071.48 3,071.48 12
03/31/1987 0.00% 3,164.65 11.7616 9.84% 9.84% 3,016.53 3,016.53 12
04/30/1987 0.00% 3,164.65 11.6795 9.85% 9.85% 2,995.77 2,995.77 12
05/31/1987 0.00% 3,164.65 11.5945 9.91% 9.91% 2,990.70 2,990.70 12
06/30/1987 0.00% 3,164.65 11.5123 9.82% 9.82% 2,941.18 2,941.18 12
07/31/1987 0.00% 3,164.65 11.4274 9.44% 9.44% 2,802.94 2,802.94 12
08/31/1987 0.00% 3,164.65 11.3425 9.45% 9.45% 2,783.73 2,783.73 12
09/30/1987 0.00% 3,164.65 11.2603 9.45% 9.45% 2,764.76 2,764.76 12
10/31/1987 0.00% 3,164.65 11.1753 11.09% 11.09% 3,238.16 3,238.16 12
11/30/1987 0.00% 3,164.65 11.0932 11.30% 11.30% 3,279.38 3,279.38 12
12/31/1987 0.00% 3,164.65 11.0082 10.67% 10.67% 3,053.15 3,053.15 12
01/31/1988 0.00% 3,164.65 10.9233 10.61% 10.61% 3,008.65 3,008.65 11
02/29/1988 0.00% 3,164.65 10.8438 10.16% 10.16% 2,854.97 2,854.97 11
03/31/1988 0.00% 3,164.65 10.7589 10.03% 10.03% 2,795.71 2,795.71 11
04/30/1988 0.00% 3,164.65 10.6767 9.99% 9.99% 2,763.15 2,763.15 11
05/31/1988 0.00% 3,164.65 10.5918 10.12% 10.12% 2,776.45 2,776.45 11
06/30/1988 0.00% 3,164.65 10.5096 9.70% 9.70% 2,646.42 2,646.42 11
07/31/1988 0.00% 3,164.65 10.4247 9.72% 9.72% 2,630.93 2,630.93 11
08/31/1988 0.00% 3,164.65 10.3397 9.92% 9.92% 2,659.51 2,659.51 11
09/30/1988 0.00% 3,164.65 10.2575 9.78% 9.78% 2,604.78 2,604.78 11
10/31/1988 0.00% 3,164.65 10.1726 9.76% 9.76% 2,578.34 2,578.34 11
11/30/1988 0.00% 3,164.65 10.0904 9.92% 9.92% 2,597.00 2,597.00 11
12/31/1988 0.00% 3,164.65 10.0055 9.73% 9.73% 2,533.05 2,533.05 11
01/31/1989 0.00% 3,164.65 9.9205 9.35% 9.35% 2,426.85 2,426.85 10
02/28/1989 0.00% 3,164.65 9.8438 9.36% 9.36% 2,413.40 2,413.40 10
03/31/1989 0.00% 3,164.65 9.7589 9.32% 9.32% 2,385.39 2,385.39 10
04/30/1989 0.00% 3,164.65 9.6767 9.15% 9.15% 2,332.90 2,332.90 10
05/31/1989 0.00% 3,164.65 9.5918 8.94% 8.94% 2,273.71 2,273.71 10
06/30/1989 0.00% 3,164.65 9.5096 9.15% 9.15% 2,298.78 2,298.78 10
07/31/1989 0.00% 3,164.65 9.4247 8.84% 8.84% 2,221.02 2,221.02 10
08/31/1989 0.00% 3,164.65 9.3397 8.80% 8.80% 2,199.13 2,199.13 10
09/30/1989 0.00% 3,164.65 9.2575 8.87% 8.87% 2,196.29 2,196.29 10
10/31/1989 0.00% 3,164.65 9.1726 9.30% 9.30% 2,259.96 2,259.96 10
11/30/1989 0.00% 3,164.65 9.0904 9.15% 9.15% 2,217.14 2,217.14 10
12/31/1989 0.00% 3,164.65 9.0055 9.25% 9.25% 2,217.61 2,217.61 10
01/31/1990 0.00% 3,164.65 8.9205 9.78% 9.78% 2,298.74 2,298.74 9
02/28/1990 0.00% 3,164.65 8.8438 9.83% 9.83% 2,291.47 2,291.47 9
03/31/1990 0.00% 3,164.65 8.7589 9.85% 9.85% 2,276.72 2,276.72 9
04/30/1990 0.00% 3,164.65 8.6767 10.26% 10.26% 2,334.32 2,334.32 9
05/31/1990 0.00% 3,164.65 8.5918 9.90% 9.90% 2,250.41 2,250.41 9
06/30/1990 0.00% 3,164.65 8.5096 10.05% 10.05% 2,258.73 2,258.73 9
07/31/1990 0.00% 3,164.65 8.4247 9.94% 9.94% 2,222.24 2,222.24 9
08/31/1990 0.00% 3,164.65 8.3397 10.46% 10.46% 2,292.12 2,292.12 9
09/30/1990 0.00% 3,164.65 8.2575 10.74% 10.74% 2,321.74 2,321.74 9
10/31/1990 0.00% 3,164.65 8.1726 11.14% 11.14% 2,370.03 2,370.03 9
11/30/1990 0.00% 3,164.65 8.0904 11.13% 11.13% 2,348.53 2,348.53 9
12/31/1990 0.00% 3,164.65 8.0055 10.91% 10.91% 2,291.50 2,291.50 9
01/31/1991 0.00% 3,164.65 7.9205 10.98% 10.98% 2,281.56 2,281.56 8
02/28/1991 0.00% 3,164.65 7.8438 10.51% 10.51% 2,189.91 2,189.91 8
03/31/1991 0.00% 3,164.65 7.7589 10.46% 10.46% 2,163.69 2,163.69 8
04/30/1991 0.00% 3,164.65 7.6767 10.55% 10.55% 2,160.39 2,160.39 8
05/31/1991 0.00% 3,164.65 7.5918 10.47% 10.47% 2,129.25 2,129.25 8
06/30/1991 0.00% 3,164.65 7.5096 10.98% 10.98% 2,186.72 2,186.72 8
07/31/1991 0.00% 3,164.65 7.4247 10.73% 10.73% 2,131.55 2,131.55 8
08/31/1991 0.00% 3,164.65 7.3397 10.62% 10.62% 2,097.17 2,097.17 8
09/30/1991 0.00% 3,164.65 7.2575 10.67% 10.67% 2,086.83 2,086.83 8
10/31/1991 0.00% 3,164.65 7.1726 10.66% 10.66% 2,067.57 2,067.57 8
11/30/1991 0.00% 3,164.65 7.0904 11.16% 11.16% 2,117.42 2,117.42 8
12/31/1991 0.00% 3,164.65 7.0055 10.22% 10.22% 1,976.77 1,976.77 8
01/31/1992 100.00% 3,164.65 6.9205 10.10% 10.10% 1,946.46 1,946.46 7
02/29/1992 100.00% 3,164.65 6.8411 10.02% 10.02% 1,921.65 1,921.65 7
03/31/1992 100.00% 3,164.65 6.7562 10.48% 10.48% 1,960.66 1,960.66 7
04/30/1992 100.00% 3,164.65 6.6740 10.47% 10.47% 1,943.34 1,943.34 7
05/31/1992 100.00% 3,164.65 6.5890 10.38% 10.38% 1,916.99 1,916.99 7
06/30/1992 100.00% 3,164.65 6.5068 10.69% 10.69% 1,936.29 1,936.29 7
07/31/1992 100.00% 3,164.65 6.4219 10.49% 10.49% 1,897.46 1,897.46 7
08/31/1992 100.00% 3,164.65 6.3370 10.78% 10.78% 1,913.67 1,913.67 7
09/30/1992 100.00% 3,164.65 6.2548 10.79% 10.79% 1,898.55 1,898.55 7
10/31/1992 100.00% 3,164.65 6.1699 11.01% 11.01% 1,905.43 1,905.43 7
11/30/1992 100.00% 3,164.65 6.0877 10.80% 10.80% 1,867.47 1,867.47 7
12/31/1992 100.00% 3,164.65 6.0027 10.68% 10.68% 1,838.34 1,838.34 7
01/31/1993 100.00% 3,164.65 5.9178 10.41% 10.41% 1,797.16 1,797.16 6
02/28/1993 100.00% 3,164.65 5.8411 10.41% 10.41% 1,783.65 1,783.65 6
03/31/1993 100.00% 3,164.65 5.7562 10.32% 10.32% 1,759.60 1,759.60 6
04/30/1993 100.00% 3,164.65 5.6740 10.63% 10.63% 1,773.88 1,773.88 6
05/31/1993 100.00% 3,164.65 5.5890 10.34% 10.34% 1,732.82 1,732.82 6
06/30/1993 100.00% 3,164.65 5.5068 10.37% 10.37% 1,721.55 1,721.55 6
07/31/1993 100.00% 3,164.65 5.4219 10.44% 10.44% 1,713.08 1,713.08 6
08/31/1993 100.00% 3,164.65 5.3370 10.05% 10.05% 1,667.03 1,667.03 6
09/30/1993 100.00% 3,164.65 5.2548 10.11% 10.11% 1,659.03 1,659.03 6
10/31/1993 100.00% 3,164.65 5.1699 9.83% 9.83% 1,623.71 1,623.71 6
11/30/1993 100.00% 3,164.65 5.0877 10.21% 10.21% 1,639.74 1,639.74 6
12/31/1993 100.00% 3,164.65 5.0027 9.94% 9.94% 1,606.77 1,606.77 6
01/31/1994 50.00% 3,155.73 4.9178 9.40% 9.47% 1,555.82 1,560.22 5
02/28/1994 50.00% 3,156.37 4.8411 9.92% 9.98% 1,580.97 1,585.12 5
03/31/1994 50.00% 3,157.98 4.7562 11.08% 11.13% 1,648.45 1,651.93 5
04/30/1994 50.00% 3,157.91 4.6740 11.24% 11.29% 1,645.34 1,648.85 5
05/31/1994 50.00% 3,157.73 4.5890 11.34% 11.40% 1,637.40 1,640.99 5
06/30/1994 50.00% 3,158.76 4.5068 12.25% 12.29% 1,683.21 1,686.35 5
07/31/1994 50.00% 3,158.14 4.4219 12.08% 12.13% 1,655.52 1,658.93 5
08/31/1994 50.00% 3,156.95 4.3370 11.52% 11.58% 1,604.62 1,608.53 5
09/30/1994 50.00% 3,157.39 4.2548 12.06% 12.12% 1,623.20 1,626.93 5
10/31/1994 50.00% 3,157.20 4.1699 12.19% 12.25% 1,615.25 1,619.06 5
11/30/1994 50.00% 3,158.30 4.0877 13.24% 13.29% 1,662.28 1,665.63 5
12/31/1994 50.00% 3,158.19 4.0027 13.46% 13.52% 1,657.59 1,660.98 5
01/31/1995 40.00% 3,138.45 3.9178 13.35% 13.59% 1,633.91 1,647.55 4
02/28/1995 40.00% 3,135.88 3.8411 12.64% 12.91% 1,579.65 1,594.15 4
03/31/1995 40.00% 3,134.41 3.7562 12.38% 12.67% 1,550.19 1,565.15 4
04/30/1995 40.00% 3,132.66 3.6740 12.00% 12.31% 1,516.52 1,532.01 4
05/31/1995 40.00% 3,130.67 3.5890 11.54% 11.88% 1,479.95 1,496.02 4
06/30/1995 40.00% 3,129.36 3.5068 11.33% 11.68% 1,456.77 1,473.20 4
07/31/1995 40.00% 3,127.48 3.4219 10.90% 11.28% 1,424.73 1,441.66 4
08/31/1995 40.00% 3,126.78 3.3370 10.92% 11.32% 1,413.11 1,430.23 4
09/30/1995 40.00% 3,125.58 3.2548 10.74% 11.16% 1,393.74 1,411.16 4
10/31/1995 40.00% 3,126.62 3.1699 11.46% 11.89% 1,410.51 1,427.66 4
11/30/1995 40.00% 3,124.66 3.0877 10.97% 11.43% 1,379.21 1,396.86 4
12/31/1995 40.00% 3,124.02 3.0027 11.03% 11.51% 1,369.17 1,386.98 4
01/31/1996 30.00% 3,081.95 2.9178 10.10% 11.10% 1,324.04 1,359.56 3
02/29/1996 30.00% 3,081.16 2.8384 10.17% 11.21% 1,316.26 1,351.92 3
03/31/1996 30.00% 3,080.54 2.7534 10.31% 11.39% 1,310.16 1,345.94 3
04/30/1996 30.00% 3,077.88 2.6712 9.84% 10.99% 1,284.85 1,321.07 3
05/31/1996 30.00% 3,076.50 2.5863 9.75% 10.95% 1,272.01 1,308.46 3
06/30/1996 30.00% 3,077.22 2.5041 10.32% 11.56% 1,278.70 1,315.03 3
07/31/1996 30.00% 3,079.85 2.4192 11.58% 12.84% 1,303.47 1,339.36 3
08/31/1996 30.00% 3,076.57 2.3342 10.88% 12.23% 1,272.70 1,309.13 3
09/30/1996 30.00% 3,072.11 2.2521 9.74% 11.20% 1,232.92 1,270.06 3
10/31/1996 30.00% 3,070.40 2.1671 9.54% 11.08% 1,218.29 1,255.69 3
11/30/1996 30.00% 3,064.63 2.0849 7.88% 9.55% 1,171.31 1,209.54 3
12/31/1996 30.00% 3,065.60 2.0000 8.58% 10.32% 1,178.97 1,217.06 3
01/31/1997 20.00% 3,043.10 1.9151 7.30% 9.52% 1,144.53 1,190.25 2
02/28/1997 20.00% 3,042.96 1.8384 7.57% 9.89% 1,143.52 1,189.25 2
03/31/1997 20.00% 3,047.08 1.7534 9.65% 12.05% 1,175.36 1,220.71 2
04/30/1997 20.00% 3,043.91 1.6712 8.76% 11.32% 1,150.72 1,196.36 2
05/31/1997 20.00% 3,036.49 1.5863 5.99% 8.78% 1,096.61 1,142.89 2
06/30/1997 20.00% 3,033.45 1.5041 4.98% 7.98% 1,075.87 1,122.40 2
07/31/1997 20.00% 3,025.36 1.4192 1.69% 4.96% 1,024.02 1,071.17 2
08/31/1997 20.00% 3,028.08 1.3342 3.05% 6.51% 1,040.90 1,087.85 2
09/30/1997 20.00% 3,020.95 1.2521 -0.19% 3.59% 997.66 1,045.12 2
10/31/1997 20.00% 3,025.37 1.1671 2.06% 6.07% 1,024.09 1,071.24 2
11/30/1997 20.00% 3,023.04 1.0849 0.92% 5.27% 1,010.01 1,057.32 2
12/31/1997 20.00% 3,022.17 1.0000 0.48% 5.22% 1,004.82 1,052.20 2
01/31/1998 10.00% 3,002.86 0.9151 -0.34% 5.03% 996.90 1,045.95 1
02/28/1998 10.00% 2,995.84 0.8384 -4.29% 1.11% 963.93 1,009.26 1
03/31/1998 10.00% 2,991.35 0.7534 -6.66% -1.25% 949.38 990.53 1
04/30/1998 10.00% 2,989.09 0.6712 -7.82% -2.40% 946.83 983.81 1
05/31/1998 10.00% 2,993.02 0.5863 -5.79% -0.39% 965.63 997.72 1
06/30/1998 10.00% 2,991.66 0.5041 -6.50% -1.10% 966.68 994.46 1
07/31/1998 10.00% 2,994.12 0.4192 -5.21% 0.19% 977.83 1,000.80 1
08/31/1998 10.00% 3,017.52 0.3342 8.99% 14.31% 1,029.19 1,045.70 1
09/30/1998 10.00% 3,012.34 0.2521 5.51% 10.85% 1,013.61 1,026.30 1
10/31/1998 10.00% 3,004.82 0.1671 0.83% 6.19% 1,001.37 1,010.08 1
11/30/1998 10.00% 2,996.44 0.0849 -3.96% 1.43% 996.58 1,001.21 1
12/31/1998 10.00% 2,993.76 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER MULTIPLE STRATEGIES FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 86M
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.331659 2 6.00% 20%
Units purchased 3,015.146 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
Contract charge factor 0.10% 7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 3,119.94 2,996.44 3,164.65 -3.96% 1.43%
30-Sep-98 0.25 0.25 2,855.01 3,012.34 3,164.65 5.51% 10.85%
31-Dec-97 1.00 1.00 3,007.66 3,022.17 3,164.65 0.48% 5.22%
31-Dec-97 1.00 1.00 3,007.66 3,022.17 3,164.65 0.48% 5.22%
31-Dec-95 3.00 3.00 2,281.69 3,124.02 3,164.65 11.04% 11.52%
31-Dec-93 5.00 5.00 1,969.58 3,164.65 3,164.65 9.95% 9.95%
31-Dec-88 10.01 10.00 1,249.35 3,164.65 3,164.65 9.74% 9.74%
31-Oct-98 0.17 0.17 2,980.23 3,004.82 3,164.65 0.83% 6.19%
09-Feb-87 11.89 11.89 1,000.00 3,164.65 3,164.65 10.17% 10.17%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER MULTIPLE STRATEGIES FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
02/09/1987 100 10 1000
02/27/1987 1000 0 10 100 10.31 1,031.00 3.10%
03/31/1987 1031 0 10 100 10.51 1,051.00 1.94%
04/30/1987 1051 0.035 10.69 100.327 10.56 1,059.45 0.80%
05/31/1987 1059.45 0 10 100.327 10.59 1,062.46 0.28%
06/30/1987 1062.46 0 10 100.327 10.78 1,081.53 1.79%
07/31/1987 1081.53 0.13 10.85 101.529 11.19 1,136.11 5.05%
08/31/1987 1136.11 0 10 101.529 11.28 1,145.25 0.80%
09/30/1987 1145.25 0 10 101.529 11.37 1,154.38 0.80%
10/31/1987 1154.38 0.14 11.13 102.806 9.60 986.94 -14.50%
11/30/1987 986.94 0 10 102.806 9.49 975.63 -1.15%
12/31/1987 975.63 0.165 10.1 104.486 10.04 1,049.04 7.52%
01/31/1988 1049.04 0 10 104.486 10.20 1,065.76 1.59%
02/29/1988 1065.76 0 10 104.486 10.76 1,124.27 5.49%
03/31/1988 1124.27 0.14 10.83 105.837 10.86 1,149.39 2.23%
04/30/1988 1149.39 0 10.83 105.837 11.00 1,164.21 1.29%
05/31/1988 1164.21 0 10.83 105.837 10.96 1,159.97 -0.36%
06/30/1988 1159.97 0.14 11.32 107.146 11.37 1,218.25 5.02%
07/31/1988 1218.25 0 11.32 107.146 11.45 1,226.82 0.70%
08/31/1988 1226.82 0 11.32 107.146 11.34 1,215.04 -0.96%
09/30/1988 1215.04 0.19 11.35 108.94 11.40 1,241.92 2.21%
10/31/1988 1241.92 0 11.35 108.94 11.53 1,256.08 1.14%
11/30/1988 1256.08 0 11.35 108.94 11.46 1,248.45 -0.61%
12/31/1988 1248.45 0.18 11.43 110.656 11.58 1,281.40 2.64%
01/31/1989 1281.4 0 11.43 110.656 12.10 1,338.94 4.49%
02/28/1989 1338.94 0 11.43 110.656 12.18 1,347.79 0.66%
03/31/1989 1347.79 0.4725 11.75 115.106 11.86 1,365.16 1.29%
04/30/1989 1365.16 0 11.75 115.106 12.14 1,397.39 2.36%
05/31/1989 1397.39 0 11.75 115.106 12.47 1,435.37 2.72%
06/30/1989 1435.37 0.18 12.32 116.788 12.17 1,421.31 -0.98%
07/31/1989 1421.31 0 12.32 116.788 12.61 1,472.70 3.62%
08/31/1989 1472.7 0 12.32 116.788 12.75 1,489.05 1.11%
09/30/1989 1489.05 0.2 12.54 118.651 12.58 1,492.63 0.24%
10/31/1989 1492.63 0 12.54 118.651 12.24 1,452.29 -2.70%
11/30/1989 1452.29 0 12.54 118.651 12.49 1,481.95 2.04%
12/31/1989 1481.95 0.2 12.2 120.596 12.30 1,483.33 0.09%
01/31/1990 1483.33 0 12.2 120.596 11.88 1,432.68 -3.41%
02/28/1990 1432.68 0 12.2 120.596 11.93 1,438.71 0.42%
03/31/1990 1438.71 0.56 11.44 126.499 11.46 1,449.68 0.76%
04/30/1990 1449.68 0 11.44 126.499 11.19 1,415.52 -2.36%
05/31/1990 1415.52 0 11.44 126.499 11.62 1,469.92 3.84%
06/30/1990 1469.92 0.2 11.38 128.722 11.39 1,466.14 -0.26%
07/31/1990 1466.14 0 11.38 128.722 11.59 1,491.89 1.76%
08/31/1990 1491.89 0 11.38 128.722 11.25 1,448.12 -2.93%
09/30/1990 1448.12 0.2 10.98 131.067 10.92 1,431.25 -1.16%
10/31/1990 1431.25 0 10.98 131.067 10.71 1,403.73 -1.92%
11/30/1990 1403.73 0 10.98 131.067 10.82 1,418.14 1.03%
12/31/1990 1418.14 0.2 10.81 133.492 10.90 1,455.06 2.60%
01/31/1991 1455.06 0 10.81 133.492 10.96 1,463.07 0.55%
02/28/1991 1463.07 0 10.81 133.492 11.43 1,525.81 4.29%
03/31/1991 1525.81 0.2 11.29 135.857 11.38 1,546.05 1.33%
04/30/1991 1546.05 0 11.29 135.857 11.41 1,550.13 0.26%
05/31/1991 1550.13 0 11.29 135.857 11.59 1,574.58 1.58%
06/30/1991 1574.58 0.2 11.2 138.283 11.10 1,534.94 -2.52%
07/31/1991 1534.94 0 11.2 138.283 11.40 1,576.43 2.70%
08/31/1991 1576.43 0 11.2 138.283 11.60 1,604.08 1.75%
09/30/1991 1604.08 0.2 11.45 140.698 11.47 1,613.81 0.61%
10/31/1991 1613.81 0 11.45 140.698 11.59 1,630.69 1.05%
11/30/1991 1630.69 0 11.45 140.698 11.33 1,594.11 -2.24%
12/31/1991 1594.11 0.18 11.38 142.923 11.96 1,709.36 7.23%
01/31/1992 1709.36 0 11.38 142.923 12.16 1,737.94 1.67%
02/29/1992 1737.94 0 11.38 142.923 12.33 1,762.24 1.40%
03/31/1992 1762.24 0.13 12.08 144.461 11.97 1,729.20 -1.87%
04/30/1992 1729.2 0 12.08 144.461 12.09 1,746.53 1.00%
05/31/1992 1746.53 0 12.08 144.461 12.27 1,772.54 1.49%
06/30/1992 1772.54 0.13 11.91 146.038 12.03 1,756.84 -0.89%
07/31/1992 1756.84 0 11.91 146.038 12.29 1,794.81 2.16%
08/31/1992 1794.81 0 11.91 146.038 12.20 1,781.66 -0.73%
09/30/1992 1781.66 0.15 12.1 147.848 12.16 1,797.83 0.91%
10/31/1992 1797.83 0 12.1 147.848 12.13 1,793.40 -0.25%
11/30/1992 1793.4 0 12.1 147.848 12.39 1,831.84 2.14%
12/31/1992 1831.84 0.13 12.42 149.396 12.47 1,862.97 1.70%
01/31/1993 1862.97 0 12.42 149.396 12.77 1,907.79 2.41%
02/28/1993 1907.79 0 12.42 149.396 12.88 1,924.22 0.86%
03/31/1993 1924.22 0.1 12.87 150.557 12.97 1,952.72 1.48%
04/30/1993 1952.72 0 12.87 150.557 12.88 1,939.17 -0.69%
05/31/1993 1939.17 0 12.87 150.557 13.20 1,987.35 2.48%
06/30/1993 1987.35 0.17 13.05 152.518 13.13 2,002.56 0.77%
07/31/1993 2002.56 0 13.05 152.518 13.21 2,014.76 0.61%
08/31/1993 2014.76 0 13.05 152.518 13.59 2,072.72 2.88%
09/30/1993 2072.72 0.13 13.47 153.99 13.54 2,085.02 0.59%
10/31/1993 2085.02 0 13.47 153.99 13.85 2,132.76 2.29%
11/30/1993 2132.76 0 13.47 153.99 13.73 2,114.28 -0.87%
12/31/1993 2114.28 0.147 13.84 155.626 13.88 2,160.09 2.17%
01/31/1994 2160.09 0 13.84 155.626 14.31 2,227.01 3.10%
02/28/1994 2227.01 0 13.84 155.626 14.10 2,194.33 -1.47%
03/31/1994 2194.33 0.109 13.83 156.853 13.44 2,108.10 -3.93%
04/30/1994 2108.1 0 13.83 156.853 13.48 2,114.38 0.30%
05/31/1994 2114.38 0 13.83 156.853 13.56 2,126.93 0.59%
06/30/1994 2126.93 0.2 12.99 159.268 13.01 2,072.08 -2.58%
07/31/1994 2072.08 0 12.99 159.268 13.24 2,108.71 1.77%
08/31/1994 2108.71 0 12.99 159.268 13.67 2,177.19 3.25%
09/30/1994 2177.19 0.2 13.29 161.665 13.33 2,154.99 -1.02%
10/31/1994 2154.99 0 13.29 161.665 13.41 2,167.93 0.60%
11/30/1994 2167.93 0 13.29 161.665 13.05 2,109.73 -2.68%
12/31/1994 2109.73 0.19 12.81 164.063 12.91 2,118.05 0.39%
01/31/1995 2118.05 0 12.81 164.063 13.03 2,137.74 0.93%
02/28/1995 2137.74 0 12.81 164.063 13.48 2,211.57 3.45%
03/31/1995 2211.57 0.551 13.09 170.969 13.19 2,255.08 1.97%
04/30/1995 2255.08 0 13.09 170.969 13.49 2,306.37 2.27%
05/31/1995 2306.37 0 13.09 170.969 13.83 2,364.50 2.52%
06/30/1995 2364.5 0.16 13.94 172.931 13.90 2,403.74 1.66%
07/31/1995 2403.74 0 13.94 172.931 14.22 2,459.08 2.30%
08/31/1995 2459.08 0 13.94 172.931 14.35 2,481.56 0.91%
09/30/1995 2481.56 0.16 14.41 174.851 14.40 2,517.85 1.46%
10/31/1995 2517.85 0 14.41 174.851 14.25 2,491.63 -1.04%
11/30/1995 2491.63 0 14.41 174.851 14.58 2,549.33 2.32%
12/31/1995 2549.33 0.15 14.48 176.662 14.55 2,570.43 0.83%
01/31/1996 2570.43 0 14.48 176.662 14.86 2,625.20 2.13%
02/29/1996 2625.2 0 14.48 176.662 14.96 2,642.86 0.67%
03/31/1996 2642.86 0.495 14.59 182.656 14.55 2,657.64 0.56%
04/30/1996 2657.64 0 14.59 182.656 14.84 2,710.62 1.99%
05/31/1996 2710.62 0 14.59 182.656 15.00 2,739.84 1.08%
06/30/1996 2739.84 0.25 14.59 185.786 14.69 2,729.20 -0.39%
07/31/1996 2729.2 0 14.59 185.786 14.44 2,682.75 -1.70%
08/31/1996 2682.75 0 14.59 185.786 14.79 2,747.77 2.42%
09/30/1996 2747.77 0.17 14.97 187.896 15.09 2,835.35 3.19%
10/31/1996 2835.35 0 14.97 187.896 15.28 2,871.05 1.26%
11/30/1996 2871.05 0 14.97 187.896 15.88 2,983.79 3.93%
12/31/1996 2983.79 0.17 15.63 189.94 15.63 2,968.76 -0.50%
01/31/1997 2968.76 0 15.63 189.94 16.00 3,039.04 2.37%
02/28/1997 3039.04 0 15.63 189.94 16.03 3,044.74 0.19%
03/31/1997 3044.74 0.735 15.11 199.179 14.91 2,969.76 -2.46%
04/30/1997 2969.76 0 15.11 199.179 15.23 3,033.50 2.15%
05/31/1997 3033.5 0 15.11 199.179 15.96 3,178.90 4.79%
06/30/1997 3178.9 0.14 16.24 200.896 16.13 3,240.45 1.94%
07/31/1997 3240.45 0 16.24 200.896 16.92 3,399.16 4.90%
08/31/1997 3399.16 0 16.24 200.896 16.68 3,350.95 -1.42%
09/30/1997 3350.95 0.16 17.18 202.767 17.22 3,491.65 4.20%
10/31/1997 3491.65 0 17.18 202.767 16.82 3,410.54 -2.32%
11/30/1997 3410.54 0 17.18 202.767 17.06 3,459.21 1.43%
12/31/1997 3459.21 0.15 16.71 204.587 17.01 3,480.02 0.60%
01/31/1998 3480.02 0 16.71 204.587 17.06 3,490.25 0.29%
02/28/1998 3490.25 0 16.71 204.587 17.74 3,629.37 3.99%
03/31/1998 3629.37 1.088 16.99 217.688 17.09 3,720.29 2.51%
04/30/1998 3720.29 0 16.99 217.688 17.31 3,768.18 1.29%
05/31/1998 3768.18 0 16.99 217.688 16.98 3,696.34 -1.91%
06/30/1998 3696.34 0 17.12 217.688 17.12 3,726.82 0.82%
07/31/1998 3726.82 0 16.99 217.688 16.92 3,683.28 -1.17%
08/31/1998 3683.28 0 16.99 217.688 14.85 3,232.67 -12.23%
09/30/1998 3232.67 0 15.55 217.688 15.33 3,337.16 3.23%
10/31/1998 3337.16 0 15.55 217.688 16.02 3,487.36 4.50%
2.48736
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
02/09/1987 1,000 0.3316589
02/27/1987 0.00062 0.616438356 1,030.38 0.05 0.341735879
03/31/1987 0.00110 1.129187465 1,049.24 0.14 0.347990586
04/30/1987 0.00103 1.077988784 1,056.60 0.23 0.350430892 OI
05/31/1987 0.00106 1.121733191 1,058.48 0.32 0.351054467
06/30/1987 0.00103 1.087479932 1,076.39 0.41 0.35699484
07/31/1987 0.00106 1.142744463 1,129.57 0.52 0.374631778 OI
08/31/1987 0.00106 1.199200497 1,137.46 0.62 0.377247964
09/30/1987 0.00103 1.168620905 1,145.36 0.72 0.379867823
10/31/1987 0.00106 1.215961134 978.01 0.71 0.324365638 OI
11/30/1987 0.00103 1.004804539 965.80 0.78 0.320315265
12/31/1987 0.00106 1.025332733 1,037.44 0.92 0.344076906 .125 OI .04 ST
01/31/1988 0.00106 1.101394012 1,052.88 1.02 0.349195648
02/29/1988 0.00099 1.045664378 1,109.63 1.16 0.368019612
03/31/1988 0.00106 1.17803488 1,133.25 1.28 0.375851711 OI
04/30/1988 0.00103 1.164295661 1,146.70 1.39 0.380311717
05/31/1988 0.00106 1.217382046 1,141.30 1.48 0.378522884
06/30/1988 0.00103 1.172570293 1,197.47 1.65 0.397151994 OI
07/31/1988 0.00106 1.271287959 1,204.62 1.76 0.399524198
08/31/1988 0.00106 1.278881409 1,191.78 1.84 0.39526379
09/30/1988 0.00103 1.22442948 1,216.92 1.98 0.40360201 OI
10/31/1988 0.00106 1.291934533 1,229.50 2.10 0.407775278
11/30/1988 0.00103 1.263186977 1,220.77 2.19 0.404879319
12/31/1988 0.00106 1.296023211 1,251.69 2.35 0.41513535 OI
01/31/1989 0.00106 1.328852883 1,306.57 2.56 0.433335867
02/28/1989 0.00096 1.252876203 1,313.95 2.67 0.435784562
03/31/1989 0.00106 1.39495124 1,329.49 2.81 0.440938203 .10 OI .3725 st
04/30/1989 0.00103 1.365917517 1,359.52 2.99 0.450895274
05/31/1989 0.00106 1.443320797 1,395.02 3.18 0.462671575
06/30/1989 0.00103 1.433242131 1,379.92 3.26 0.457664182 OI
07/31/1989 0.00106 1.464988147 1,428.35 3.49 0.473725971
08/31/1989 0.00106 1.516402113 1,442.69 3.65 0.478482376
09/30/1989 0.00103 1.482220082 1,444.68 3.77 0.47914116 OI
10/31/1989 0.00106 1.533736193 1,404.10 3.79 0.465683155
11/30/1989 0.00103 1.442571262 1,431.34 3.98 0.474715323
12/31/1989 0.00106 1.519569039 1,431.15 4.10 0.474653402 OI
01/31/1990 0.00106 1.519370829 1,380.76 4.07 0.457941906
02/28/1990 0.00096 1.324018065 1,385.25 4.19 0.459430213
03/31/1990 0.00106 1.470641231 1,394.34 4.34 0.462445564 .10 OI .46 ST
04/30/1990 0.00103 1.432542005 1,360.05 4.34 0.451073465
05/31/1990 0.00106 1.443891187 1,410.88 4.62 0.467929838
06/30/1990 0.00103 1.449530928 1,405.80 4.72 0.466245774 OI
07/31/1990 0.00106 1.492457919 1,429.00 4.92 0.47393952
08/31/1990 0.00106 1.517085686 1,385.55 4.89 0.459531632
09/30/1990 0.00103 1.423515362 1,367.99 4.94 0.453706156 OI
10/31/1990 0.00106 1.452318463 1,340.23 4.96 0.444500644
11/30/1990 0.00103 1.376953079 1,352.62 5.11 0.448606989
12/31/1990 0.00106 1.435995973 1,386.39 5.35 0.459809808 OI
01/31/1991 0.00106 1.471856321 1,392.55 5.50 0.461852874
02/28/1991 0.00096 1.335325597 1,450.93 5.83 0.481215376
03/31/1991 0.00106 1.540375781 1,468.64 6.03 0.487087859 OI
04/30/1991 0.00103 1.508877742 1,471.01 6.16 0.487872843
05/31/1991 0.00106 1.561686409 1,492.65 6.37 0.495050051
06/30/1991 0.00103 1.533542644 1,453.54 6.33 0.48207857 OI
07/31/1991 0.00106 1.543138874 1,491.28 6.61 0.494597537
08/31/1991 0.00106 1.583212228 1,515.86 6.85 0.502747509
09/30/1991 0.00103 1.557387463 1,523.49 7.01 0.505280544 OI
10/31/1991 0.00106 1.617408654 1,537.81 7.20 0.510029209
11/30/1991 0.00103 1.57994437 1,501.74 7.16 0.498064118
12/31/1991 0.00106 1.594308793 1,608.71 7.80 0.53354409 OI
01/31/1992 0.00106 1.707880577 1,633.90 8.05 0.541898357
02/29/1992 0.00099 1.62271154 1,655.13 8.29 0.548937032
03/31/1992 0.00106 1.757153556 1,622.34 8.26 0.53806231 OI
04/30/1992 0.00103 1.666783984 1,636.93 8.47 0.542901953
05/31/1992 0.00106 1.737835203 1,659.57 8.73 0.55041069
06/30/1992 0.00103 1.705036214 1,643.16 8.77 0.544970022 OI
07/31/1992 0.00106 1.744455114 1,676.93 9.09 0.556169714
08/31/1992 0.00106 1.780305454 1,662.87 9.16 0.551504382
09/30/1992 0.00103 1.7084242 1,676.25 9.37 0.555943115 OI
10/31/1992 0.00106 1.779580106 1,670.34 9.48 0.553983012
11/30/1992 0.00103 1.716102382 1,704.43 9.81 0.565288005
12/31/1992 0.00106 1.809493203 1,731.58 10.11 0.574294285 OI
01/31/1993 0.00106 1.838322408 1,771.40 10.49 0.587501167
02/28/1993 0.00096 1.69860445 1,784.96 10.70 0.591997405
03/31/1993 0.00106 1.89499029 1,809.50 11.00 0.600137104 OI
04/30/1993 0.00103 1.859076347 1,795.09 11.06 0.59535615
05/31/1993 0.00106 1.905741671 1,837.78 11.47 0.609516123
06/30/1993 0.00103 1.888130229 1,849.96 11.70 0.613554783 OI
07/31/1993 0.00106 1.963995699 1,859.26 11.92 0.616641306
08/31/1993 0.00106 1.973875694 1,910.78 12.40 0.633726002
09/30/1993 0.00103 1.963126446 1,920.15 12.62 0.63683559 OI
10/31/1993 0.00106 2.038517821 1,962.08 13.06 0.650740907
11/30/1993 0.00103 2.015834416 1,943.06 13.09 0.644433779
12/31/1993 0.00106 2.062839709 1,983.10 13.52 0.657712535 OI
01/31/1994 0.00106 2.105345154 2,042.43 14.10 0.677390338
02/28/1994 0.00096 1.958495245 2,010.50 14.03 0.6668005
03/31/1994 0.00106 2.134435831 1,929.36 13.63 0.639889514 .011 OI .036 ST/.062 LT
04/30/1994 0.00103 1.982219483 1,933.13 13.82 0.641138315
05/31/1994 0.00106 2.052290892 1,942.55 14.05 0.64426316
06/30/1994 0.00103 1.995767958 1,890.46 13.83 0.626986767 OI
07/31/1994 0.00106 2.006991629 1,921.87 14.22 0.637404933
08/31/1994 0.00106 2.040340294 1,982.24 14.83 0.657427853
09/30/1994 0.00103 2.03654892 1,959.99 14.82 0.650048865 OI
10/31/1994 0.00106 2.080813662 1,969.68 15.06 0.653262073
11/30/1994 0.00103 2.023644362 1,914.78 14.80 0.635053514
12/31/1994 0.00106 2.032813377 1,920.30 15.01 0.636883731 OI
01/31/1995 0.00106 2.038671922 1,936.11 15.29 0.642128241
02/28/1995 0.00096 1.856544206 2,001.12 15.95 0.663689347
03/31/1995 0.00106 2.124476995 2,038.37 16.42 0.676042041 .18 OI .371 LT
04/30/1995 0.00103 2.094211071 2,082.63 16.94 0.690723515
05/31/1995 0.00106 2.21101367 2,132.91 17.53 0.707399283
06/30/1995 0.00103 2.191348055 2,166.12 17.97 0.71841213 OI
07/31/1995 0.00106 2.299645235 2,213.69 18.55 0.734189044
08/31/1995 0.00106 2.350147314 2,231.57 18.89 0.740121282
09/30/1995 0.00103 2.292712715 2,261.92 19.32 0.750184318 OI
10/31/1995 0.00106 2.401348361 2,235.96 19.29 0.741575735
11/30/1995 0.00103 2.29721825 2,285.44 19.90 0.757986905
12/31/1995 0.00106 2.426324531 2,301.93 20.24 0.763455811 OI
01/31/1996 0.00106 2.443830561 2,348.54 20.84 0.778912795
02/29/1996 0.00099 2.332449923 2,362.00 21.15 0.783379047
03/31/1996 0.00106 2.507605059 2,372.70 21.44 0.786928367 .15 OI .018 ST/.327 LT
04/30/1996 0.00103 2.437709489 2,417.57 22.04 0.80180728
05/31/1996 0.00106 2.566594039 2,441.06 22.46 0.809599386
06/30/1996 0.00103 2.5079387 2,429.07 22.55 0.805623576 OI
07/31/1996 0.00106 2.578810046 2,385.15 22.34 0.791056868
08/31/1996 0.00106 2.532181851 2,440.43 23.06 0.809389358
09/30/1996 0.00103 2.507288087 2,515.70 23.97 0.834355557 OI
10/31/1996 0.00106 2.670781438 2,544.71 24.46 0.843975171
11/30/1996 0.00103 2.614426384 2,642.02 25.60 0.876249176
12/31/1996 0.00106 2.804883377 2,625.91 25.67 0.870905053 OI
01/31/1997 0.00106 2.787776781 2,685.28 26.47 0.890597557
02/28/1997 0.00096 2.574927606 2,687.74 26.70 0.891413958
03/31/1997 0.00106 2.853426013 2,618.70 26.24 0.868515565 .16 OI .132 ST/.443 LT
04/30/1997 0.00103 2.690446455 2,672.22 26.99 0.886264216
05/31/1997 0.00106 2.836941634 2,797.46 28.48 0.927803233
06/30/1997 0.00103 2.874104988 2,848.75 29.23 0.944814177 OI
07/31/1997 0.00106 3.024360709 2,985.25 30.87 0.990086008
08/31/1997 0.00106 3.169276345 2,939.74 30.65 0.974992582
09/30/1997 0.00103 3.020285925 3,060.16 32.14 1.014928957 OI
10/31/1997 0.00106 3.248798902 2,985.82 31.62 0.990274963
11/30/1997 0.00103 3.067626962 3,025.37 32.28 1.003389244
12/31/1997 0.00106 3.211860153 3,040.35 32.69 1.008360216 OI
01/31/1998 0.00106 3.227772289 3,046.06 33.01 1.010253911
02/28/1998 0.00096 2.920882347 3,164.56 34.52 1.0495535
03/31/1998 0.00106 3.35963245 3,240.47 35.62 1.074731801 .16 OI .144 ST/.784 LT
04/30/1998 0.00103 3.329253361 3,278.86 36.30 1.087462274
05/31/1998 0.00106 3.480978857 3,212.87 35.85 1.065575409
06/30/1998 0.00103 3.300889123 3,236.06 36.37 1.073267369
07/31/1998 0.00106 3.43554081 3,194.82 36.18 1.059589085
08/31/1998 0.00106 3.39175647 2,800.57 31.98 0.928834762
09/30/1998 0.00103 2.877300411 2,888.22 33.21 0.957903323
10/31/1998 0.00106 3.066259212 3,015.15 34.91 1
2.015146 2.015145982
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER MULTIPLE STRATEGIES FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 144M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.337504 1 6.00% 10%
Units purchased 2,962.930 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/09/1987 0.337504 2,962.930 1,000.00 1,000.00 3,109.07 0.00%
02/27/1987 0.347733 2,962.930 1,030.31 0.00005 0.049315075 1,030.26 3,109.07 0.00%
03/31/1987 0.354052 2,962.930 1,049.03 0.00009 0.090324212 1,048.89 3,109.07 0.00%
04/30/1987 0.356491 2,962.930 1,056.26 0.00008 0.086210247 1,056.03 3,109.07 0.00%
05/31/1987 0.357080 2,962.930 1,058.00 0.00008 0.089690323 1,057.69 3,109.07 0.00%
06/30/1987 0.363079 2,962.930 1,075.78 0.00008 0.086933109 1,075.37 3,109.07 0.00%
07/31/1987 0.380970 2,962.930 1,128.79 0.00008 0.091332495 1,128.27 3,109.07 0.00%
08/31/1987 0.383582 2,962.930 1,136.53 0.00008 0.095825284 1,135.90 3,109.07 0.00%
09/30/1987 0.386198 2,962.930 1,144.28 0.00008 0.093362051 1,143.56 3,109.07 0.00%
10/31/1987 0.329722 2,962.930 976.94 0.00008 0.097124276 976.23 3,109.07 0.00%
11/30/1987 0.325564 2,962.930 964.62 0.00008 0.080238293 963.84 3,109.07 0.00%
12/31/1987 0.349674 2,962.930 1,036.06 0.00008 0.081860528 1,035.14 3,109.07 0.00%
01/31/1988 0.354831 2,962.930 1,051.34 0.00008 0.087915728 1,050.32 3,109.07 0.00%
02/29/1988 0.373916 2,962.930 1,107.89 0.00008 0.083449801 1,106.73 3,109.07 0.00%
03/31/1988 0.381826 2,962.930 1,131.33 0.00008 0.093995981 1,130.04 3,109.07 0.00%
04/30/1988 0.386310 2,962.930 1,144.61 0.00008 0.092880408 1,143.22 3,109.07 0.00%
05/31/1988 0.384444 2,962.930 1,139.08 0.00008 0.097095595 1,137.60 3,109.07 0.00%
06/30/1988 0.403317 2,962.930 1,195.00 0.00008 0.093501561 1,193.36 3,109.07 0.00%
07/31/1988 0.405675 2,962.930 1,201.99 0.00008 0.101353522 1,200.23 3,109.07 0.00%
08/31/1988 0.401297 2,962.930 1,189.02 0.00008 0.10193739 1,187.18 3,109.07 0.00%
09/30/1988 0.409713 2,962.930 1,213.95 0.00008 0.097576177 1,211.98 3,109.07 0.00%
10/31/1988 0.413897 2,962.930 1,226.35 0.00008 0.102935013 1,224.25 3,109.07 0.00%
11/30/1988 0.410907 2,962.930 1,217.49 0.00008 0.100623398 1,215.31 3,109.07 0.00%
12/31/1988 0.421263 2,962.930 1,248.17 0.00008 0.103217713 1,245.83 3,109.07 0.00%
01/31/1989 0.439679 2,962.930 1,302.74 0.00008 0.105810413 1,300.19 3,109.07 0.00%
02/28/1989 0.442113 2,962.930 1,309.95 0.00008 0.099740449 1,307.29 3,109.07 0.00%
03/31/1989 0.447285 2,962.930 1,325.27 0.00008 0.111029748 1,322.47 3,109.07 0.00%
04/30/1989 0.457330 2,962.930 1,355.04 0.00008 0.108696024 1,352.06 3,109.07 0.00%
05/31/1989 0.469216 2,962.930 1,390.25 0.00008 0.114832489 1,387.09 3,109.07 0.00%
06/30/1989 0.464080 2,962.930 1,375.04 0.00008 0.114007021 1,371.79 3,109.07 0.00%
07/31/1989 0.480308 2,962.930 1,423.12 0.00008 0.116508046 1,419.64 3,109.07 0.00%
08/31/1989 0.485069 2,962.930 1,437.23 0.00008 0.120572174 1,433.59 3,109.07 0.00%
09/30/1989 0.485677 2,962.930 1,439.03 0.00008 0.117829517 1,435.27 3,109.07 0.00%
10/31/1989 0.471974 2,962.930 1,398.43 0.00008 0.121899787 1,394.65 3,109.07 0.00%
11/30/1989 0.481070 2,962.930 1,425.38 0.00008 0.114629043 1,421.42 3,109.07 0.00%
12/31/1989 0.480946 2,962.930 1,425.01 0.00008 0.120723072 1,420.93 3,109.07 0.00%
01/31/1990 0.463952 2,962.930 1,374.66 0.00008 0.120681692 1,370.60 3,109.07 0.00%
02/28/1990 0.465406 2,962.930 1,378.97 0.00008 0.105141926 1,374.79 3,109.07 0.00%
03/31/1990 0.468401 2,962.930 1,387.84 0.00008 0.11676313 1,383.52 3,109.07 0.00%
04/30/1990 0.456825 2,962.930 1,353.54 0.00008 0.113714209 1,349.22 3,109.07 0.00%
05/31/1990 0.473838 2,962.930 1,403.95 0.00008 0.114590954 1,399.35 3,109.07 0.00%
06/30/1990 0.472074 2,962.930 1,398.72 0.00008 0.115014993 1,394.03 3,109.07 0.00%
07/31/1990 0.479804 2,962.930 1,421.63 0.00008 0.118396672 1,416.73 3,109.07 0.00%
08/31/1990 0.465157 2,962.930 1,378.23 0.00008 0.120325254 1,373.36 3,109.07 0.00%
09/30/1990 0.459203 2,962.930 1,360.59 0.00008 0.112879147 1,355.67 3,109.07 0.00%
10/31/1990 0.449827 2,962.930 1,332.81 0.00008 0.115139151 1,327.88 3,109.07 0.00%
11/30/1990 0.453927 2,962.930 1,344.95 0.00008 0.109140559 1,339.87 3,109.07 0.00%
12/31/1990 0.465205 2,962.930 1,378.37 0.00008 0.113797265 1,373.05 3,109.07 0.00%
01/31/1991 0.467213 2,962.930 1,384.32 0.00008 0.1166149 1,378.86 3,109.07 0.00%
02/28/1991 0.486746 2,962.930 1,442.20 0.00008 0.105775232 1,436.40 3,109.07 0.00%
03/31/1991 0.492624 2,962.930 1,459.61 0.00008 0.121995426 1,453.62 3,109.07 0.00%
04/30/1991 0.493357 2,962.930 1,461.78 0.00008 0.119475761 1,455.67 3,109.07 0.00%
05/31/1991 0.500552 2,962.930 1,483.10 0.00008 0.123631882 1,476.77 3,109.07 0.00%
06/30/1991 0.487375 2,962.930 1,444.06 0.00008 0.12137846 1,437.77 3,109.07 0.00%
07/31/1991 0.499970 2,962.930 1,481.37 0.00008 0.12211222 1,474.80 3,109.07 0.00%
08/31/1991 0.508144 2,962.930 1,505.60 0.00008 0.125257391 1,498.79 3,109.07 0.00%
09/30/1991 0.510642 2,962.930 1,513.00 0.00008 0.123188502 1,506.04 3,109.07 0.00%
10/31/1991 0.515376 2,962.930 1,527.02 0.00008 0.127909989 1,519.87 3,109.07 0.00%
11/30/1991 0.503222 2,962.930 1,491.01 0.00008 0.124920907 1,483.90 3,109.07 0.00%
12/31/1991 0.539005 2,962.930 1,597.03 0.00008 0.12603013 1,589.30 3,109.07 0.00%
01/31/1992 0.547376 2,962.930 1,621.84 0.00008 0.134981221 1,613.84 3,109.07 0.00%
02/29/1992 0.554421 2,962.930 1,642.71 0.00008 0.128223131 1,634.48 3,109.07 0.00%
03/31/1992 0.543367 2,962.930 1,609.96 0.00008 0.138819221 1,601.76 3,109.07 0.00%
04/30/1992 0.548187 2,962.930 1,624.24 0.00008 0.131651289 1,615.84 3,109.07 0.00%
05/31/1992 0.555699 2,962.930 1,646.50 0.00008 0.137235332 1,637.84 3,109.07 0.00%
06/30/1992 0.550138 2,962.930 1,630.02 0.00008 0.134617025 1,621.31 3,109.07 0.00%
07/31/1992 0.561374 2,962.930 1,663.31 0.00008 0.137700666 1,654.29 3,109.07 0.00%
08/31/1992 0.556593 2,962.930 1,649.15 0.00008 0.140501318 1,640.06 3,109.07 0.00%
09/30/1992 0.561004 2,962.930 1,662.22 0.00008 0.134799595 1,652.92 3,109.07 0.00%
10/31/1992 0.558955 2,962.930 1,656.14 0.00008 0.14038538 1,646.75 3,109.07 0.00%
11/30/1992 0.570292 2,962.930 1,689.74 0.00008 0.135348979 1,680.01 3,109.07 0.00%
12/31/1992 0.579306 2,962.930 1,716.44 0.00008 0.142685974 1,706.42 3,109.07 0.00%
01/31/1993 0.592554 2,962.930 1,755.70 0.00008 0.144928979 1,745.30 3,109.07 0.00%
02/28/1993 0.597021 2,962.930 1,768.93 0.00008 0.133886151 1,758.32 3,109.07 0.00%
03/31/1993 0.605153 2,962.930 1,793.03 0.00008 0.149337104 1,782.13 3,109.07 0.00%
04/30/1993 0.600258 2,962.930 1,778.52 0.00008 0.146476175 1,767.56 3,109.07 0.00%
05/31/1993 0.614458 2,962.930 1,820.60 0.00008 0.150121823 1,809.23 3,109.07 0.00%
06/30/1993 0.618454 2,962.930 1,832.43 0.00008 0.148703662 1,820.84 3,109.07 0.00%
07/31/1993 0.621486 2,962.930 1,841.42 0.00008 0.154647033 1,829.62 3,109.07 0.00%
08/31/1993 0.638626 2,962.930 1,892.20 0.00008 0.155392158 1,879.92 3,109.07 0.00%
09/30/1993 0.641681 2,962.930 1,901.25 0.00008 0.154514 1,888.76 3,109.07 0.00%
10/31/1993 0.655610 2,962.930 1,942.53 0.00008 0.160415106 1,929.60 3,109.07 0.00%
11/30/1993 0.649175 2,962.930 1,923.46 0.00008 0.15859714 1,910.50 3,109.07 0.00%
12/31/1993 0.662469 2,962.930 1,962.85 0.00008 0.162261639 1,949.46 3,109.07 0.00%
01/31/1994 0.682204 2,962.930 2,021.32 0.00008 0.165570637 2,007.37 3,109.07 2.00%
02/28/1994 0.671461 2,962.930 1,989.49 0.00008 0.153990168 1,975.61 3,109.07 2.00%
03/31/1994 0.644276 2,962.930 1,908.94 0.00008 0.167791112 1,895.45 3,109.07 2.00%
04/30/1994 0.645454 2,962.930 1,912.43 0.00008 0.155790686 1,898.76 3,109.07 2.00%
05/31/1994 0.648518 2,962.930 1,921.51 0.00008 0.161264804 1,907.61 3,109.07 2.00%
06/30/1994 0.631047 2,962.930 1,869.75 0.00008 0.156790211 1,856.07 3,109.07 2.00%
07/31/1994 0.641452 2,962.930 1,900.58 0.00008 0.157638667 1,886.51 3,109.07 2.00%
08/31/1994 0.661521 2,962.930 1,960.04 0.00008 0.160224558 1,945.38 3,109.07 2.00%
09/30/1994 0.654014 2,962.930 1,937.80 0.00008 0.159893905 1,923.14 3,109.07 2.00%
10/31/1994 0.657164 2,962.930 1,947.13 0.00008 0.163335277 1,932.24 3,109.07 2.00%
11/30/1994 0.638765 2,962.930 1,892.62 0.00008 0.158814161 1,877.98 3,109.07 2.00%
12/31/1994 0.640525 2,962.930 1,897.83 0.00008 0.159500018 1,883.00 3,109.07 2.00%
01/31/1995 0.645718 2,962.930 1,913.22 0.00008 0.159925828 1,898.10 3,109.07 4.00%
02/28/1995 0.667325 2,962.930 1,977.24 0.00008 0.145607952 1,961.47 3,109.07 4.00%
03/31/1995 0.679661 2,962.930 2,013.79 0.00008 0.166590887 1,997.56 3,109.07 4.00%
04/30/1995 0.694337 2,962.930 2,057.27 0.00008 0.164183353 2,040.53 3,109.07 4.00%
05/31/1995 0.711011 2,962.930 2,106.68 0.00008 0.17330566 2,089.36 3,109.07 4.00%
06/30/1995 0.721993 2,962.930 2,139.21 0.00008 0.171728601 2,121.46 3,109.07 4.00%
07/31/1995 0.737756 2,962.930 2,185.92 0.00008 0.180179025 2,167.60 3,109.07 4.00%
08/31/1995 0.743623 2,962.930 2,203.30 0.00008 0.184097646 2,184.66 3,109.07 4.00%
09/30/1995 0.753642 2,962.930 2,232.99 0.00008 0.179560706 2,213.91 3,109.07 4.00%
10/31/1995 0.744898 2,962.930 2,207.08 0.00008 0.188030708 2,188.03 3,109.07 4.00%
11/30/1995 0.761291 2,962.930 2,255.65 0.00008 0.179838462 2,236.01 3,109.07 4.00%
12/31/1995 0.766687 2,962.930 2,271.64 0.00008 0.189907403 2,251.66 3,109.07 4.00%
01/31/1996 0.782111 2,962.930 2,317.34 0.00008 0.19123727 2,296.77 3,109.07 6.00%
02/29/1996 0.786503 2,962.930 2,330.35 0.00008 0.182483406 2,309.49 3,109.07 6.00%
03/31/1996 0.789966 2,962.930 2,340.61 0.00008 0.196148236 2,319.46 3,109.07 6.00%
04/30/1996 0.804805 2,962.930 2,384.58 0.00008 0.190640607 2,362.84 3,109.07 6.00%
05/31/1996 0.812524 2,962.930 2,407.45 0.00008 0.20067952 2,385.30 3,109.07 6.00%
06/30/1996 0.808433 2,962.930 2,395.33 0.00008 0.19605208 2,373.10 3,109.07 6.00%
07/31/1996 0.793713 2,962.930 2,351.72 0.00008 0.201550649 2,329.68 3,109.07 6.00%
08/31/1996 0.812006 2,962.930 2,405.92 0.00008 0.19786356 2,383.18 3,109.07 6.00%
09/30/1996 0.836953 2,962.930 2,479.83 0.00008 0.195877715 2,456.20 3,109.07 6.00%
10/31/1996 0.846496 2,962.930 2,508.11 0.00008 0.208608771 2,484.00 3,109.07 6.00%
11/30/1996 0.878762 2,962.930 2,603.71 0.00008 0.204164139 2,578.48 3,109.07 6.00%
12/31/1996 0.873290 2,962.930 2,587.50 0.00008 0.218993837 2,562.20 3,109.07 6.00%
01/31/1997 0.892925 2,962.930 2,645.68 0.00008 0.217611725 2,619.59 3,109.07 6.00%
02/28/1997 0.893641 2,962.930 2,647.80 0.00008 0.200955147 2,621.49 3,109.07 6.00%
03/31/1997 0.870572 2,962.930 2,579.44 0.00008 0.222647338 2,553.60 3,109.07 6.00%
04/30/1997 0.888255 2,962.930 2,631.84 0.00008 0.209884607 2,605.26 3,109.07 6.00%
05/31/1997 0.929774 2,962.930 2,754.86 0.00008 0.221268288 2,726.81 3,109.07 6.00%
06/30/1997 0.946707 2,962.930 2,805.03 0.00008 0.224121391 2,776.25 3,109.07 6.00%
07/31/1997 0.991949 2,962.930 2,939.07 0.00008 0.235790676 2,908.68 3,109.07 6.00%
08/31/1997 0.976700 2,962.930 2,893.89 0.00008 0.247038786 2,863.72 3,109.07 6.00%
09/30/1997 1.016586 2,962.930 3,012.07 0.00008 0.235374518 2,980.43 3,109.07 6.00%
10/31/1997 0.991763 2,962.930 2,938.52 0.00008 0.253132832 2,907.40 3,109.07 6.00%
11/30/1997 1.004774 2,962.930 2,977.08 0.00008 0.238964658 2,945.31 3,109.07 6.00%
12/31/1997 1.009624 2,962.930 2,991.45 0.00008 0.250149521 2,959.28 3,109.07 6.00%
01/31/1998 1.011392 2,962.930 2,996.68 0.00008 0.251335693 2,964.20 3,109.07 6.00%
02/28/1998 1.050619 2,962.930 3,112.91 0.00008 0.227391012 3,078.95 3,109.07 6.00%
03/31/1998 1.075689 2,962.930 3,187.19 0.00008 0.261499474 3,152.15 3,109.07 6.00%
04/30/1998 1.088298 2,962.930 3,224.55 0.00008 0.259081162 3,188.84 3,109.07 6.00%
05/31/1998 1.066256 2,962.930 3,159.24 0.00008 0.270833369 3,123.99 3,109.07 6.00%
06/30/1998 1.073821 2,962.930 3,181.66 0.00008 0.256766053 3,145.90 3,109.07 6.00%
07/31/1998 1.059999 2,962.930 3,140.70 0.00008 0.267185677 3,105.13 3,109.07 6.00%
08/31/1998 0.929059 2,962.930 2,752.74 0.00008 0.263723791 2,721.30 3,109.07 6.00%
09/30/1998 0.958020 2,962.930 2,838.55 0.00008 0.223668409 2,805.90 3,109.07 6.00%
10/31/1998 1.000000 2,962.930 2,962.93 0.00008 0.238309726 2,928.62 3,109.07 6.00%
11/30/1998 1.046829 2,962.930 3,101.68 0.00008 0.240708434 3,065.52 3,109.07 6.00%
12/31/1998 1.061787 2,962.930 3,146.00 0.00008 0.260359478 3,109.07 3,109.07 6.00%
12/31/1998 3,109.07
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 210.91% 210.91%
02/09/1987 0.00% 3,109.07 11.8986 10.00% 10.00% 3,109.06 3,109.06 12
02/27/1987 0.00% 3,109.07 11.8493 9.77% 9.77% 3,017.75 3,017.75 12
03/31/1987 0.00% 3,109.07 11.7616 9.68% 9.68% 2,964.14 2,964.14 12
04/30/1987 0.00% 3,109.07 11.6795 9.69% 9.69% 2,944.10 2,944.10 12
05/31/1987 0.00% 3,109.07 11.5945 9.75% 9.75% 2,939.50 2,939.50 12
06/30/1987 0.00% 3,109.07 11.5123 9.66% 9.66% 2,891.17 2,891.17 12
07/31/1987 0.00% 3,109.07 11.4274 9.28% 9.28% 2,755.62 2,755.62 12
08/31/1987 0.00% 3,109.07 11.3425 9.28% 9.28% 2,737.08 2,737.08 12
09/30/1987 0.00% 3,109.07 11.2603 9.29% 9.29% 2,718.76 2,718.76 12
10/31/1987 0.00% 3,109.07 11.1753 10.92% 10.92% 3,184.76 3,184.76 12
11/30/1987 0.00% 3,109.07 11.0932 11.13% 11.13% 3,225.70 3,225.70 12
12/31/1987 0.00% 3,109.07 11.0082 10.51% 10.51% 3,003.53 3,003.53 12
01/31/1988 0.00% 3,109.07 10.9233 10.45% 10.45% 2,960.12 2,960.12 11
02/29/1988 0.00% 3,109.07 10.8438 9.99% 9.99% 2,809.24 2,809.24 11
03/31/1988 0.00% 3,109.07 10.7589 9.86% 9.86% 2,751.28 2,751.28 11
04/30/1988 0.00% 3,109.07 10.6767 9.82% 9.82% 2,719.56 2,719.56 11
05/31/1988 0.00% 3,109.07 10.5918 9.96% 9.96% 2,733.00 2,733.00 11
06/30/1988 0.00% 3,109.07 10.5096 9.54% 9.54% 2,605.31 2,605.31 11
07/31/1988 0.00% 3,109.07 10.4247 9.56% 9.56% 2,590.39 2,590.39 11
08/31/1988 0.00% 3,109.07 10.3397 9.76% 9.76% 2,618.87 2,618.87 11
09/30/1988 0.00% 3,109.07 10.2575 9.62% 9.62% 2,565.28 2,565.28 11
10/31/1988 0.00% 3,109.07 10.1726 9.59% 9.59% 2,539.56 2,539.56 11
11/30/1988 0.00% 3,109.07 10.0904 9.76% 9.76% 2,558.26 2,558.26 11
12/31/1988 0.00% 3,109.07 10.0055 9.57% 9.57% 2,495.57 2,495.57 11
01/31/1989 0.00% 3,109.07 9.9205 9.19% 9.19% 2,391.24 2,391.24 10
02/28/1989 0.00% 3,109.07 9.8438 9.20% 9.20% 2,378.26 2,378.26 10
03/31/1989 0.00% 3,109.07 9.7589 9.15% 9.15% 2,350.96 2,350.96 10
04/30/1989 0.00% 3,109.07 9.6767 8.99% 8.99% 2,299.50 2,299.50 10
05/31/1989 0.00% 3,109.07 9.5918 8.78% 8.78% 2,241.44 2,241.44 10
06/30/1989 0.00% 3,109.07 9.5096 8.99% 8.99% 2,266.43 2,266.43 10
07/31/1989 0.00% 3,109.07 9.4247 8.67% 8.67% 2,190.04 2,190.04 10
08/31/1989 0.00% 3,109.07 9.3397 8.64% 8.64% 2,168.72 2,168.72 10
09/30/1989 0.00% 3,109.07 9.2575 8.71% 8.71% 2,166.19 2,166.19 10
10/31/1989 0.00% 3,109.07 9.1726 9.13% 9.13% 2,229.27 2,229.27 10
11/30/1989 0.00% 3,109.07 9.0904 8.99% 8.99% 2,187.30 2,187.30 10
12/31/1989 0.00% 3,109.07 9.0055 9.08% 9.08% 2,188.05 2,188.05 10
01/31/1990 0.00% 3,109.07 8.9205 9.62% 9.62% 2,268.40 2,268.40 9
02/28/1990 0.00% 3,109.07 8.8438 9.67% 9.67% 2,261.48 2,261.48 9
03/31/1990 0.00% 3,109.07 8.7589 9.68% 9.68% 2,247.21 2,247.21 9
04/30/1990 0.00% 3,109.07 8.6767 10.10% 10.10% 2,304.35 2,304.35 9
05/31/1990 0.00% 3,109.07 8.5918 9.74% 9.74% 2,221.79 2,221.79 9
06/30/1990 0.00% 3,109.07 8.5096 9.88% 9.88% 2,230.28 2,230.28 9
07/31/1990 0.00% 3,109.07 8.4247 9.78% 9.78% 2,194.53 2,194.53 9
08/31/1990 0.00% 3,109.07 8.3397 10.29% 10.29% 2,263.83 2,263.83 9
09/30/1990 0.00% 3,109.07 8.2575 10.57% 10.57% 2,293.38 2,293.38 9
10/31/1990 0.00% 3,109.07 8.1726 10.97% 10.97% 2,341.38 2,341.38 9
11/30/1990 0.00% 3,109.07 8.0904 10.96% 10.96% 2,320.42 2,320.42 9
12/31/1990 0.00% 3,109.07 8.0055 10.75% 10.75% 2,264.36 2,264.36 9
01/31/1991 0.00% 3,109.07 7.9205 10.81% 10.81% 2,254.82 2,254.82 8
02/28/1991 0.00% 3,109.07 7.8438 10.35% 10.35% 2,164.49 2,164.49 8
03/31/1991 0.00% 3,109.07 7.7589 10.29% 10.29% 2,138.84 2,138.84 8
04/30/1991 0.00% 3,109.07 7.6767 10.39% 10.39% 2,135.84 2,135.84 8
05/31/1991 0.00% 3,109.07 7.5918 10.30% 10.30% 2,105.31 2,105.31 8
06/30/1991 0.00% 3,109.07 7.5096 10.82% 10.82% 2,162.42 2,162.42 8
07/31/1991 0.00% 3,109.07 7.4247 10.57% 10.57% 2,108.12 2,108.12 8
08/31/1991 0.00% 3,109.07 7.3397 10.45% 10.45% 2,074.38 2,074.38 8
09/30/1991 0.00% 3,109.07 7.2575 10.50% 10.50% 2,064.40 2,064.40 8
10/31/1991 0.00% 3,109.07 7.1726 10.49% 10.49% 2,045.61 2,045.61 8
11/30/1991 0.00% 3,109.07 7.0904 11.00% 11.00% 2,095.19 2,095.19 8
12/31/1991 0.00% 3,109.07 7.0055 10.05% 10.05% 1,956.25 1,956.25 8
01/31/1992 100.00% 3,109.07 6.9205 9.94% 9.94% 1,926.50 1,926.50 7
02/29/1992 100.00% 3,109.07 6.8411 9.85% 9.85% 1,902.17 1,902.17 7
03/31/1992 100.00% 3,109.07 6.7562 10.31% 10.31% 1,941.03 1,941.03 7
04/30/1992 100.00% 3,109.07 6.6740 10.30% 10.30% 1,924.12 1,924.12 7
05/31/1992 100.00% 3,109.07 6.5890 10.22% 10.22% 1,898.27 1,898.27 7
06/30/1992 100.00% 3,109.07 6.5068 10.52% 10.52% 1,917.62 1,917.62 7
07/31/1992 100.00% 3,109.07 6.4219 10.32% 10.32% 1,879.40 1,879.40 7
08/31/1992 100.00% 3,109.07 6.3370 10.62% 10.62% 1,895.70 1,895.70 7
09/30/1992 100.00% 3,109.07 6.2548 10.63% 10.63% 1,880.95 1,880.95 7
10/31/1992 100.00% 3,109.07 6.1699 10.85% 10.85% 1,888.01 1,888.01 7
11/30/1992 100.00% 3,109.07 6.0877 10.64% 10.64% 1,850.62 1,850.62 7
12/31/1992 100.00% 3,109.07 6.0027 10.51% 10.51% 1,821.98 1,821.98 7
01/31/1993 100.00% 3,109.07 5.9178 10.25% 10.25% 1,781.39 1,781.39 6
02/28/1993 100.00% 3,109.07 5.8411 10.25% 10.25% 1,768.20 1,768.20 6
03/31/1993 100.00% 3,109.07 5.7562 10.15% 10.15% 1,744.58 1,744.58 6
04/30/1993 100.00% 3,109.07 5.6740 10.46% 10.46% 1,758.96 1,758.96 6
05/31/1993 100.00% 3,109.07 5.5890 10.17% 10.17% 1,718.45 1,718.45 6
06/30/1993 100.00% 3,109.07 5.5068 10.20% 10.20% 1,707.49 1,707.49 6
07/31/1993 100.00% 3,109.07 5.4219 10.27% 10.27% 1,699.30 1,699.30 6
08/31/1993 100.00% 3,109.07 5.3370 9.89% 9.89% 1,653.83 1,653.83 6
09/30/1993 100.00% 3,109.07 5.2548 9.95% 9.95% 1,646.09 1,646.09 6
10/31/1993 100.00% 3,109.07 5.1699 9.67% 9.67% 1,611.25 1,611.25 6
11/30/1993 100.00% 3,109.07 5.0877 10.04% 10.04% 1,627.36 1,627.36 6
12/31/1993 100.00% 3,109.07 5.0027 9.78% 9.78% 1,594.83 1,594.83 6
01/31/1994 50.00% 3,100.01 4.9178 9.24% 9.30% 1,544.31 1,548.82 5
02/28/1994 50.00% 3,100.64 4.8411 9.76% 9.82% 1,569.47 1,573.73 5
03/31/1994 50.00% 3,102.25 4.7562 10.91% 10.97% 1,636.68 1,640.28 5
04/30/1994 50.00% 3,102.18 4.6740 11.07% 11.13% 1,633.79 1,637.42 5
05/31/1994 50.00% 3,102.00 4.5890 11.18% 11.23% 1,626.12 1,629.82 5
06/30/1994 50.00% 3,103.03 4.5068 12.08% 12.13% 1,671.83 1,675.08 5
07/31/1994 50.00% 3,102.43 4.4219 11.91% 11.96% 1,644.53 1,648.05 5
08/31/1994 50.00% 3,101.25 4.3370 11.35% 11.42% 1,594.16 1,598.18 5
09/30/1994 50.00% 3,101.69 4.2548 11.89% 11.95% 1,612.83 1,616.66 5
10/31/1994 50.00% 3,101.51 4.1699 12.02% 12.08% 1,605.14 1,609.05 5
11/30/1994 50.00% 3,102.60 4.0877 13.07% 13.13% 1,652.09 1,655.53 5
12/31/1994 50.00% 3,102.50 4.0027 13.29% 13.35% 1,647.64 1,651.13 5
01/31/1995 40.00% 3,082.89 3.9178 13.18% 13.42% 1,624.19 1,637.99 4
02/28/1995 40.00% 3,080.35 3.8411 12.47% 12.74% 1,570.43 1,585.07 4
03/31/1995 40.00% 3,078.91 3.7562 12.21% 12.50% 1,541.33 1,556.43 4
04/30/1995 40.00% 3,077.19 3.6740 11.83% 12.14% 1,508.03 1,523.65 4
05/31/1995 40.00% 3,075.24 3.5890 11.37% 11.71% 1,471.85 1,488.04 4
06/30/1995 40.00% 3,073.95 3.5068 11.15% 11.52% 1,448.98 1,465.53 4
07/31/1995 40.00% 3,072.11 3.4219 10.73% 11.12% 1,417.28 1,434.33 4
08/31/1995 40.00% 3,071.42 3.3370 10.75% 11.15% 1,405.91 1,423.14 4
09/30/1995 40.00% 3,070.25 3.2548 10.57% 11.00% 1,386.80 1,404.33 4
10/31/1995 40.00% 3,071.29 3.1699 11.29% 11.72% 1,403.67 1,420.94 4
11/30/1995 40.00% 3,069.37 3.0877 10.80% 11.27% 1,372.70 1,390.45 4
12/31/1995 40.00% 3,068.74 3.0027 10.86% 11.34% 1,362.88 1,380.79 4
01/31/1996 30.00% 3,027.22 2.9178 9.93% 10.94% 1,318.03 1,353.67 3
02/29/1996 30.00% 3,026.46 2.8384 9.99% 11.04% 1,310.45 1,346.21 3
03/31/1996 30.00% 3,025.86 2.7534 10.14% 11.23% 1,304.55 1,340.43 3
04/30/1996 30.00% 3,023.26 2.6712 9.67% 10.82% 1,279.50 1,315.82 3
05/31/1996 30.00% 3,021.91 2.5863 9.58% 10.79% 1,266.89 1,303.43 3
06/30/1996 30.00% 3,022.64 2.5041 10.14% 11.39% 1,273.71 1,310.13 3
07/31/1996 30.00% 3,025.25 2.4192 11.40% 12.67% 1,298.57 1,334.54 3
08/31/1996 30.00% 3,022.04 2.3342 10.71% 12.07% 1,268.07 1,304.59 3
09/30/1996 30.00% 3,017.66 2.2521 9.57% 11.03% 1,228.59 1,265.80 3
10/31/1996 30.00% 3,015.99 2.1671 9.37% 10.91% 1,214.17 1,251.64 3
11/30/1996 30.00% 3,010.32 2.0849 7.71% 9.39% 1,167.48 1,205.78 3
12/31/1996 30.00% 3,011.30 2.0000 8.41% 10.16% 1,175.28 1,213.43 3
01/31/1997 20.00% 2,989.20 1.9151 7.13% 9.36% 1,141.09 1,186.85 2
02/28/1997 20.00% 2,989.08 1.8384 7.40% 9.72% 1,140.22 1,185.99 2
03/31/1997 20.00% 2,993.16 1.7534 9.48% 11.88% 1,172.13 1,217.52 2
04/30/1997 20.00% 2,990.06 1.6712 8.59% 11.16% 1,147.70 1,193.38 2
05/31/1997 20.00% 2,982.77 1.5863 5.82% 8.62% 1,093.87 1,140.18 2
06/30/1997 20.00% 2,979.80 1.5041 4.82% 7.82% 1,073.32 1,119.88 2
07/31/1997 20.00% 2,971.85 1.4192 1.53% 4.81% 1,021.72 1,068.89 2
08/31/1997 20.00% 2,974.55 1.3342 2.89% 6.35% 1,038.70 1,085.67 2
09/30/1997 20.00% 2,967.55 1.2521 -0.35% 3.43% 995.68 1,043.16 2
10/31/1997 20.00% 2,971.93 1.1671 1.90% 5.91% 1,022.19 1,069.36 2
11/30/1997 20.00% 2,969.66 1.0849 0.76% 5.11% 1,008.27 1,055.60 2
12/31/1997 20.00% 2,968.82 1.0000 0.32% 5.06% 1,003.22 1,050.62 2
01/31/1998 10.00% 2,949.87 0.9151 -0.48% 4.89% 995.57 1,044.63 1
02/28/1998 10.00% 2,942.98 0.8384 -4.42% 0.98% 962.84 1,008.20 1
03/31/1998 10.00% 2,938.59 0.7534 -6.78% -1.37% 948.52 989.68 1
04/30/1998 10.00% 2,936.39 0.6712 -7.92% -2.50% 946.15 983.14 1
05/31/1998 10.00% 2,940.28 0.5863 -5.88% -0.48% 965.09 997.20 1
06/30/1998 10.00% 2,938.97 0.5041 -6.58% -1.17% 966.28 994.08 1
07/31/1998 10.00% 2,941.41 0.4192 -5.27% 0.13% 977.55 1,000.53 1
08/31/1998 10.00% 2,964.44 0.3342 8.93% 14.25% 1,029.01 1,045.53 1
09/30/1998 10.00% 2,959.37 0.2521 5.47% 10.80% 1,013.51 1,026.20 1
10/31/1998 10.00% 2,952.00 0.1671 0.80% 6.16% 1,001.33 1,010.04 1
11/30/1998 10.00% 2,943.79 0.0849 -3.97% 1.42% 996.57 1,001.20 1
12/31/1998 10.00% 2,941.18 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER MULTIPLE STRATEGIES FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
ENHANCED DEATH BENEFIT provisions: Withdrawal
FUND 144M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.337504 1 6.00% 10%
Units purchased 2,962.930 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 3,065.52 2,943.79 3,109.07 -3.97% 1.42%
30-Sep-98 0.25 0.25 2,805.90 2,959.37 3,109.07 5.47% 10.80%
31-Dec-97 1.00 1.00 2,959.28 2,968.82 3,109.07 0.32% 5.06%
31-Dec-97 1.00 1.00 2,959.28 2,968.82 3,109.07 0.32% 5.06%
31-Dec-95 3.00 3.00 2,251.66 3,068.74 3,109.07 10.87% 11.35%
31-Dec-93 5.00 5.00 1,949.46 3,109.07 3,109.07 9.79% 9.79%
31-Dec-88 10.01 10.00 1,245.83 3,109.07 3,109.07 9.58% 9.58%
31-Oct-98 0.17 0.17 2,928.62 2,952.00 3,109.07 0.80% 6.16%
09-Feb-87 11.89 11.89 1,000.00 3,109.07 3,109.07 10.01% 10.01%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER MULTIPLE STRATEGIES FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
02/09/1987 100 10 1,000
02/27/1987 1000 0 10 100 10.31 1,031.00 3.10%
03/31/1987 1031 0 10 100 10.51 1,051.00 1.94%
04/30/1987 1051 0.035 10.69 100.327 10.56 1,059.45 0.80%
05/31/1987 1059.45 0 10 100.327 10.59 1,062.46 0.28%
06/30/1987 1062.46 0 10 100.327 10.78 1,081.53 1.79%
07/31/1987 1081.53 0.13 10.85 101.529 11.19 1,136.11 5.05%
08/31/1987 1136.11 0 10 101.529 11.28 1,145.25 0.80%
09/30/1987 1145.25 0 10 101.529 11.37 1,154.38 0.80%
10/31/1987 1154.38 0.14 11.13 102.806 9.60 986.94 -14.50%
11/30/1987 986.94 0 10 102.806 9.49 975.63 -1.15%
12/31/1987 975.63 0.165 10.1 104.486 10.04 1,049.04 7.52%
01/31/1988 1049.04 0 10 104.486 10.20 1,065.76 1.59%
02/29/1988 1065.76 0 10 104.486 10.76 1,124.27 5.49%
03/31/1988 1124.27 0.14 10.83 105.837 10.86 1,149.39 2.23%
04/30/1988 1149.39 0 10.83 105.837 11.00 1,164.21 1.29%
05/31/1988 1164.21 0 10.83 105.837 10.96 1,159.97 -0.36%
06/30/1988 1159.97 0.14 11.32 107.146 11.37 1,218.25 5.02%
07/31/1988 1218.25 0 11.32 107.146 11.45 1,226.82 0.70%
08/31/1988 1226.82 0 11.32 107.146 11.34 1,215.04 -0.96%
09/30/1988 1215.04 0.19 11.35 108.94 11.40 1,241.92 2.21%
10/31/1988 1241.92 0 11.35 108.94 11.53 1,256.08 1.14%
11/30/1988 1256.08 0 11.35 108.94 11.46 1,248.45 -0.61%
12/31/1988 1248.45 0.18 11.43 110.656 11.58 1,281.40 2.64%
01/31/1989 1281.4 0 11.43 110.656 12.10 1,338.94 4.49%
02/28/1989 1338.94 0 11.43 110.656 12.18 1,347.79 0.66%
03/31/1989 1347.79 0.4725 11.75 115.106 11.86 1,365.16 1.29%
04/30/1989 1365.16 0 11.75 115.106 12.14 1,397.39 2.36%
05/31/1989 1397.39 0 11.75 115.106 12.47 1,435.37 2.72%
06/30/1989 1435.37 0.18 12.32 116.788 12.17 1,421.31 -0.98%
07/31/1989 1421.31 0 12.32 116.788 12.61 1,472.70 3.62%
08/31/1989 1472.7 0 12.32 116.788 12.75 1,489.05 1.11%
09/30/1989 1489.05 0.2 12.54 118.651 12.58 1,492.63 0.24%
10/31/1989 1492.63 0 12.54 118.651 12.24 1,452.29 -2.70%
11/30/1989 1452.29 0 12.54 118.651 12.49 1,481.95 2.04%
12/31/1989 1481.95 0.2 12.2 120.596 12.30 1,483.33 0.09%
01/31/1990 1483.33 0 12.2 120.596 11.88 1,432.68 -3.41%
02/28/1990 1432.68 0 12.2 120.596 11.93 1,438.71 0.42%
03/31/1990 1438.71 0.56 11.44 126.499 11.46 1,449.68 0.76%
04/30/1990 1449.68 0 11.44 126.499 11.19 1,415.52 -2.36%
05/31/1990 1415.52 0 11.44 126.499 11.62 1,469.92 3.84%
06/30/1990 1469.92 0.2 11.38 128.722 11.39 1,466.14 -0.26%
07/31/1990 1466.14 0 11.38 128.722 11.59 1,491.89 1.76%
08/31/1990 1491.89 0 11.38 128.722 11.25 1,448.12 -2.93%
09/30/1990 1448.12 0.2 10.98 131.067 10.92 1,431.25 -1.16%
10/31/1990 1431.25 0 10.98 131.067 10.71 1,403.73 -1.92%
11/30/1990 1403.73 0 10.98 131.067 10.82 1,418.14 1.03%
12/31/1990 1418.14 0.2 10.81 133.492 10.90 1,455.06 2.60%
01/31/1991 1455.06 0 10.81 133.492 10.96 1,463.07 0.55%
02/28/1991 1463.07 0 10.81 133.492 11.43 1,525.81 4.29%
03/31/1991 1525.81 0.2 11.29 135.857 11.38 1,546.05 1.33%
04/30/1991 1546.05 0 11.29 135.857 11.41 1,550.13 0.26%
05/31/1991 1550.13 0 11.29 135.857 11.59 1,574.58 1.58%
06/30/1991 1574.58 0.2 11.2 138.283 11.10 1,534.94 -2.52%
07/31/1991 1534.94 0 11.2 138.283 11.40 1,576.43 2.70%
08/31/1991 1576.43 0 11.2 138.283 11.60 1,604.08 1.75%
09/30/1991 1604.08 0.2 11.45 140.698 11.47 1,613.81 0.61%
10/31/1991 1613.81 0 11.45 140.698 11.59 1,630.69 1.05%
11/30/1991 1630.69 0 11.45 140.698 11.33 1,594.11 -2.24%
12/31/1991 1594.11 0.18 11.38 142.923 11.96 1,709.36 7.23%
01/31/1992 1709.36 0 11.38 142.923 12.16 1,737.94 1.67%
02/29/1992 1737.94 0 11.38 142.923 12.33 1,762.24 1.40%
03/31/1992 1762.24 0.13 12.08 144.461 11.97 1,729.20 -1.87%
04/30/1992 1729.2 0 12.08 144.461 12.09 1,746.53 1.00%
05/31/1992 1746.53 0 12.08 144.461 12.27 1,772.54 1.49%
06/30/1992 1772.54 0.13 11.91 146.038 12.03 1,756.84 -0.89%
07/31/1992 1756.84 0 11.91 146.038 12.29 1,794.81 2.16%
08/31/1992 1794.81 0 11.91 146.038 12.20 1,781.66 -0.73%
09/30/1992 1781.66 0.15 12.1 147.848 12.16 1,797.83 0.91%
10/31/1992 1797.83 0 12.1 147.848 12.13 1,793.40 -0.25%
11/30/1992 1793.4 0 12.1 147.848 12.39 1,831.84 2.14%
12/31/1992 1831.84 0.13 12.42 149.396 12.47 1,862.97 1.70%
01/31/1993 1862.97 0 12.42 149.396 12.77 1,907.79 2.41%
02/28/1993 1907.79 0 12.42 149.396 12.88 1,924.22 0.86%
03/31/1993 1924.22 0.1 12.87 150.557 12.97 1,952.72 1.48%
04/30/1993 1952.72 0 12.87 150.557 12.88 1,939.17 -0.69%
05/31/1993 1939.17 0 12.87 150.557 13.20 1,987.35 2.48%
06/30/1993 1987.35 0.17 13.05 152.518 13.13 2,002.56 0.77%
07/31/1993 2002.56 0 13.05 152.518 13.21 2,014.76 0.61%
08/31/1993 2014.76 0 13.05 152.518 13.59 2,072.72 2.88%
09/30/1993 2072.72 0.13 13.47 153.99 13.54 2,085.02 0.59%
10/31/1993 2085.02 0 13.47 153.99 13.85 2,132.76 2.29%
11/30/1993 2132.76 0 13.47 153.99 13.73 2,114.28 -0.87%
12/31/1993 2114.28 0.147 13.84 155.626 13.88 2,160.09 2.17%
01/31/1994 2160.09 0 13.84 155.626 14.31 2,227.01 3.10%
02/28/1994 2227.01 0 13.84 155.626 14.10 2,194.33 -1.47%
03/31/1994 2194.33 0.109 13.83 156.853 13.44 2,108.10 -3.93%
04/30/1994 2108.1 0 13.83 156.853 13.48 2,114.38 0.30%
05/31/1994 2114.38 0 13.83 156.853 13.56 2,126.93 0.59%
06/30/1994 2126.93 0.2 12.99 159.268 13.01 2,072.08 -2.58%
07/31/1994 2072.08 0 12.99 159.268 13.24 2,108.71 1.77%
08/31/1994 2108.71 0 12.99 159.268 13.67 2,177.19 3.25%
09/30/1994 2177.19 0.2 13.29 161.665 13.33 2,154.99 -1.02%
10/31/1994 2154.99 0 13.29 161.665 13.41 2,167.93 0.60%
11/30/1994 2167.93 0 13.29 161.665 13.05 2,109.73 -2.68%
12/31/1994 2109.73 0.19 12.81 164.063 12.91 2,118.05 0.39%
01/31/1995 2118.05 0 12.81 164.063 13.03 2,137.74 0.93%
02/28/1995 2137.74 0 12.81 164.063 13.48 2,211.57 3.45%
03/31/1995 2211.57 0.551 13.09 170.969 13.19 2,255.08 1.97%
04/30/1995 2255.08 0 13.09 170.969 13.49 2,306.37 2.27%
05/31/1995 2306.37 0 13.09 170.969 13.83 2,364.50 2.52%
06/30/1995 2364.5 0.16 13.94 172.931 13.90 2,403.74 1.66%
07/31/1995 2403.74 0 13.94 172.931 14.22 2,459.08 2.30%
08/31/1995 2459.08 0 13.94 172.931 14.35 2,481.56 0.91%
09/30/1995 2481.56 0.16 14.41 174.851 14.40 2,517.85 1.46%
10/31/1995 2517.85 0 14.41 174.851 14.25 2,491.63 -1.04%
11/30/1995 2491.63 0 14.41 174.851 14.58 2,549.33 2.32%
12/31/1995 2549.33 0.15 14.48 176.662 14.55 2,570.43 0.83%
01/31/1996 2570.43 0 14.48 176.662 14.86 2,625.20 2.13%
02/29/1996 2625.2 0 14.48 176.662 14.96 2,642.86 0.67%
03/31/1996 2642.86 0.495 14.59 182.656 14.55 2,657.64 0.56%
04/30/1996 2657.64 0 14.59 182.656 14.84 2,710.62 1.99%
05/31/1996 2710.62 0 14.59 182.656 15.00 2,739.84 1.08%
06/30/1996 2739.84 0.25 14.59 185.786 14.69 2,729.20 -0.39%
07/31/1996 2729.2 0 14.59 185.786 14.44 2,682.75 -1.70%
08/31/1996 2682.75 0 14.59 185.786 14.79 2,747.77 2.42%
09/30/1996 2747.77 0.17 14.97 187.896 15.09 2,835.35 3.19%
10/31/1996 2835.35 0 14.97 187.896 15.28 2,871.05 1.26%
11/30/1996 2871.05 0 14.97 187.896 15.88 2,983.79 3.93%
12/31/1996 2983.79 0.17 15.63 189.94 15.63 2,968.76 -0.50%
01/31/1997 2968.76 0 15.63 189.94 16.00 3,039.04 2.37%
02/28/1997 3039.04 0 15.63 189.94 16.03 3,044.74 0.19%
03/31/1997 3044.74 0.735 15.11 199.179 14.91 2,969.76 -2.46%
04/30/1997 2969.76 0 15.11 199.179 15.23 3,033.50 2.15%
05/31/1997 3033.5 0 15.11 199.179 15.96 3,178.90 4.79%
06/30/1997 3178.9 0.14 16.24 200.896 16.13 3,240.45 1.94%
07/31/1997 3240.45 0 16.24 200.896 16.92 3,399.16 4.90%
08/31/1997 3399.16 0 16.24 200.896 16.68 3,350.95 -1.42%
09/30/1997 3350.95 0.16 17.18 202.767 17.22 3,491.65 4.20%
10/31/1997 3491.65 0 17.18 202.767 16.82 3,410.54 -2.32%
11/30/1997 3410.54 0 17.18 202.767 17.06 3,459.21 1.43%
12/31/1997 3459.21 0.15 16.71 204.587 17.01 3,480.02 0.60%
01/31/1998 3480.02 0 16.71 204.587 17.06 3,490.25 0.29%
02/28/1998 3490.25 0 16.71 204.587 17.74 3,629.37 3.99%
03/31/1998 3629.37 1.088 16.99 217.688 17.09 3,720.29 2.51%
04/30/1998 3720.29 0 16.99 217.688 17.31 3,768.18 1.29%
05/31/1998 3768.18 0 16.99 217.688 16.98 3,696.34 -1.91%
06/30/1998 3696.34 0 17.12 217.688 17.12 3,726.82 0.82%
07/31/1998 3726.82 0 16.99 217.688 16.92 3,683.28 -1.17%
08/31/1998 3683.28 0 16.99 217.688 14.85 3,232.67 -12.23%
09/30/1998 3232.67 0 15.55 217.688 15.33 3,337.16 3.23%
10/31/1998 3337.16 0 15.55 217.688 16.02 3,487.36 4.50%
2.48736
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
02/09/1987 1,000 0.337503798
02/27/1987 0.00069 0.690410959 1,030.31 0.05 0.3477334
03/31/1987 0.00123 1.264599167 1,049.03 0.14 0.354052149
04/30/1987 0.00115 1.207104851 1,056.26 0.23 0.356491312 OI
05/31/1987 0.00119 1.255934962 1,058.00 0.32 0.357080255
06/30/1987 0.00115 1.217428874 1,075.78 0.41 0.36307857
07/31/1987 0.00119 1.27914217 1,128.79 0.52 0.380969812 OI
08/31/1987 0.00119 1.342173823 1,136.53 0.62 0.383581724
09/30/1987 0.00115 1.307782941 1,144.28 0.72 0.386198278
10/31/1987 0.00119 1.360593944 976.94 0.71 0.329721956 OI
11/30/1987 0.00115 1.124153529 964.62 0.78 0.325564047
12/31/1987 0.00119 1.146976814 1,036.06 0.92 0.349673578 .125 OI .04 ST
01/31/1988 0.00119 1.231915777 1,051.34 1.02 0.354831032
02/29/1988 0.00111 1.169435031 1,107.89 1.16 0.373916493
03/31/1988 0.00119 1.31732466 1,131.32 1.28 0.381826452 OI
04/30/1988 0.00115 1.301798518 1,144.61 1.39 0.386310282
05/31/1988 0.00119 1.360988538 1,139.08 1.48 0.384444019
06/30/1988 0.00115 1.310722847 1,195.00 1.64 0.403317142 OI
07/31/1988 0.00119 1.420904473 1,201.99 1.76 0.405674789
08/31/1988 0.00119 1.429210569 1,189.02 1.84 0.401297111
09/30/1988 0.00115 1.368181754 1,213.95 1.97 0.409713131 OI
10/31/1988 0.00119 1.443437832 1,226.35 2.10 0.413897392
11/30/1988 0.00115 1.411141133 1,217.49 2.18 0.410906926
12/31/1988 0.00119 1.447643624 1,248.17 2.34 0.421263295 OI
01/31/1989 0.00119 1.484129579 1,302.74 2.55 0.439678808
02/28/1989 0.00107 1.399104234 1,309.95 2.66 0.442112752
03/31/1989 0.00119 1.557583156 1,325.27 2.81 0.447284907 .10 OI .3725 st
04/30/1989 0.00115 1.524972475 1,355.04 2.98 0.457330152
05/31/1989 0.00119 1.611194741 1,390.25 3.17 0.469216254
06/30/1989 0.00115 1.599745176 1,375.04 3.25 0.464080181 OI
07/31/1989 0.00119 1.634975397 1,423.12 3.48 0.480308018
08/31/1989 0.00119 1.692146798 1,437.23 3.63 0.485069319
09/30/1989 0.00115 1.653794591 1,439.03 3.76 0.485677369 OI
10/31/1989 0.00119 1.711063265 1,398.43 3.77 0.471973903
11/30/1989 0.00115 1.6091471 1,425.38 3.96 0.481069894
12/31/1989 0.00119 1.694830924 1,425.01 4.08 0.480945857 OI
01/31/1990 0.00119 1.694393936 1,374.66 4.06 0.463951546
02/28/1990 0.00107 1.476342643 1,378.97 4.17 0.465405999
03/31/1990 0.00119 1.639646313 1,387.84 4.32 0.468401279 .10 OI .46 ST
04/30/1990 0.00115 1.596966603 1,353.54 4.32 0.456824973
05/31/1990 0.00119 1.609414974 1,403.95 4.60 0.473838079
06/30/1990 0.00115 1.615502818 1,398.72 4.70 0.472074333 OI
07/31/1990 0.00119 1.663139157 1,421.63 4.89 0.479804118
08/31/1990 0.00119 1.690371537 1,378.23 4.86 0.465156819
09/30/1990 0.00115 1.585904943 1,360.59 4.91 0.459202685 OI
10/31/1990 0.00119 1.617791759 1,332.81 4.93 0.449827149
11/30/1990 0.00115 1.53363999 1,344.95 5.08 0.453927243
12/31/1990 0.00119 1.59920614 1,378.37 5.32 0.465205093 OI
01/31/1991 0.00119 1.638938513 1,384.32 5.46 0.467212865
02/28/1991 0.00107 1.486720503 1,442.20 5.80 0.486746315
03/31/1991 0.00119 1.714829211 1,459.61 5.99 0.492624285 OI
04/30/1991 0.00115 1.679552482 1,461.78 6.12 0.493357457
05/31/1991 0.00119 1.738120562 1,483.10 6.33 0.500552498
06/30/1991 0.00115 1.706582919 1,444.06 6.29 0.487375127 OI
07/31/1991 0.00119 1.717044544 1,481.37 6.57 0.49996955
08/31/1991 0.00119 1.761415261 1,505.60 6.80 0.508144346
09/30/1991 0.00115 1.732466554 1,513.00 6.96 0.510641925 OI
10/31/1991 0.00119 1.799014522 1,527.02 7.15 0.515375922
11/30/1991 0.00115 1.757121878 1,491.01 7.11 0.50322186
12/31/1991 0.00119 1.772873298 1,597.03 7.74 0.539005138 OI
01/31/1992 0.00119 1.898939399 1,621.84 7.99 0.547376247
02/29/1992 0.00111 1.804016279 1,642.71 8.23 0.554420838
03/31/1992 0.00119 1.953249606 1,609.96 8.20 0.543366848 OI
04/30/1992 0.00115 1.852554096 1,624.24 8.40 0.548187213
05/31/1992 0.00119 1.931288263 1,646.50 8.66 0.555699212
06/30/1992 0.00115 1.894600039 1,630.02 8.71 0.550137757 OI
07/31/1992 0.00119 1.938160117 1,663.31 9.02 0.561373565
08/31/1992 0.00119 1.977744376 1,649.15 9.08 0.556593064
09/30/1992 0.00115 1.897647537 1,662.22 9.29 0.561004131 OI
10/31/1992 0.00119 1.976442844 1,656.14 9.40 0.558954714
11/30/1992 0.00115 1.905699344 1,689.74 9.72 0.570292251
12/31/1992 0.00119 2.00916531 1,716.44 10.02 0.579305607 OI
01/31/1993 0.00119 2.040919768 1,755.70 10.39 0.592553931
02/28/1993 0.00107 1.885568964 1,768.93 10.61 0.597020653
03/31/1993 0.00119 2.103330675 1,793.03 10.90 0.605153361 OI
04/30/1993 0.00115 2.063208941 1,778.52 10.96 0.600257838
05/31/1993 0.00119 2.114735422 1,820.60 11.37 0.614457922
06/30/1993 0.00115 2.094931894 1,832.43 11.59 0.618453571 OI
07/31/1993 0.00119 2.17883981 1,841.42 11.80 0.621485949
08/31/1993 0.00119 2.189523013 1,892.20 12.28 0.638625694
09/30/1993 0.00115 2.17732946 1,901.25 12.50 0.64168059 OI
10/31/1993 0.00119 2.260669644 1,942.53 12.93 0.655609949
11/30/1993 0.00115 2.235235554 1,923.46 12.96 0.649174801
12/31/1993 0.00119 2.287072088 1,962.85 13.39 0.662468544 OI
01/31/1994 0.00119 2.333906542 2,021.32 13.95 0.682204243
02/28/1994 0.00107 2.170845691 1,989.49 13.89 0.671460647
03/31/1994 0.00119 2.365586129 1,908.94 13.49 0.644276043 .011 OI .036 ST/.062 LT
04/30/1994 0.00115 2.196593752 1,912.43 13.67 0.645453974
05/31/1994 0.00119 2.273963446 1,921.51 13.90 0.648517624
06/30/1994 0.00115 2.211054992 1,869.75 13.68 0.63104719 OI
07/31/1994 0.00119 2.223207697 1,900.58 14.06 0.641452431
08/31/1994 0.00119 2.259865831 1,960.04 14.66 0.661520777
09/30/1994 0.00115 2.25538792 1,937.80 14.66 0.654014292 OI
10/31/1994 0.00119 2.304121835 1,947.13 14.89 0.657163781
11/30/1994 0.00115 2.240533187 1,892.62 14.63 0.638765449
12/31/1994 0.00119 2.250399473 1,897.83 14.83 0.640524987 OI
01/31/1995 0.00119 2.256598405 1,913.22 15.11 0.645717881
02/28/1995 0.00107 2.054742247 1,977.24 15.76 0.667325216
03/31/1995 0.00119 2.351016817 2,013.79 16.22 0.679660566 .18 OI .371 LT
04/30/1995 0.00115 2.317233688 2,057.27 16.74 0.694336829
05/31/1995 0.00119 2.446179949 2,106.68 17.31 0.711011375
06/30/1995 0.00115 2.424121089 2,139.21 17.75 0.721992796 OI
07/31/1995 0.00119 2.543613168 2,185.92 18.32 0.737756365
08/31/1995 0.00119 2.599148931 2,203.30 18.65 0.743623438
09/30/1995 0.00115 2.535308608 2,232.99 19.08 0.753642411 OI
10/31/1995 0.00119 2.655116188 2,207.08 19.05 0.744898134
11/30/1995 0.00115 2.539654552 2,255.65 19.65 0.761290993
12/31/1995 0.00119 2.682062485 2,271.64 19.97 0.766686752 OI
01/31/1996 0.00119 2.701071987 2,317.34 20.57 0.782111475
02/29/1996 0.00111 2.57764534 2,330.35 20.87 0.786502857
03/31/1996 0.00119 2.770885022 2,340.61 21.15 0.789966133 .15 OI .018 ST/.327 LT
04/30/1996 0.00115 2.693309319 2,384.58 21.74 0.804805089
05/31/1996 0.00119 2.83536461 2,407.45 22.15 0.812523798
06/30/1996 0.00115 2.77021739 2,395.33 22.24 0.808433453 OI
07/31/1996 0.00119 2.848147499 2,351.72 22.03 0.793712947
08/31/1996 0.00119 2.796286491 2,405.92 22.74 0.812005874
09/30/1996 0.00115 2.76845158 2,479.83 23.63 0.836952671 OI
10/31/1996 0.00119 2.948621989 2,508.11 24.11 0.846495603
11/30/1996 0.00115 2.886040808 2,603.71 25.23 0.878761627
12/31/1996 0.00119 3.095916826 2,587.50 25.29 0.87329023 OI
01/31/1997 0.00119 3.076640847 2,645.68 26.08 0.892925412
02/28/1997 0.00107 2.841382625 2,647.80 26.30 0.893641198
03/31/1997 0.00119 3.148338226 2,579.44 25.85 0.870571746 .16 OI .132 ST/.443 LT
04/30/1997 0.00115 2.968125972 2,631.84 26.58 0.888255085
05/31/1997 0.00119 3.129362707 2,754.86 28.05 0.929774252
06/30/1997 0.00115 3.169970906 2,805.03 28.78 0.946706704 OI
07/31/1997 0.00119 3.335290396 2,939.07 30.39 0.99194861
08/31/1997 0.00119 3.494679669 2,893.89 30.17 0.976700419
09/30/1997 0.00115 3.329960907 3,012.07 31.64 1.016586332 OI
10/31/1997 0.00119 3.581479475 2,938.52 31.12 0.991762569
11/30/1997 0.00115 3.381313777 2,977.08 31.77 1.004774278
12/31/1997 0.00119 3.539865075 2,991.45 32.17 1.009624105 OI
01/31/1998 0.00119 3.556951236 2,996.68 32.48 1.011391551
02/28/1998 0.00107 3.218354345 3,112.91 33.96 1.050619015
03/31/1998 0.00119 3.701378152 3,187.19 35.04 1.075689032 .16 OI .144 ST/.784 LT
04/30/1998 0.00115 3.667452533 3,224.55 35.71 1.088298224
05/31/1998 0.00119 3.834123702 3,159.24 35.25 1.066255888
06/30/1998 0.00115 3.635291188 3,181.66 35.76 1.073821304
07/31/1998 0.00119 3.783120862 3,140.70 35.57 1.059999158
08/31/1998 0.00119 3.734424819 2,752.74 31.44 0.929059191
09/30/1998 0.00115 3.167532979 2,838.55 32.64 0.958020234
10/31/1998 0.00119 3.375148472 2,962.93 34.31 1
1.9629296 1.962929617
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER STRATEGIC BOND FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 87M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.750720 1 6.00% 10%
Units purchased 1,332.055 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5/5/93 0.750720 1,332.055 1,000.00 1,000.00 1,344.06 0.00%
5/31/93 0.745547 1,332.055 993.11 0.00007 0.07123286 993.04 1,344.06 0.00%
6/30/93 0.750781 1,332.055 1,000.08 0.00008 0.081619572 999.93 1,344.06 0.00%
7/31/93 0.749984 1,332.055 999.02 0.00008 0.084925436 998.78 1,344.06 0.00%
8/31/93 0.755176 1,332.055 1,005.94 0.00008 0.084828062 1,005.61 1,344.06 0.00%
9/30/93 0.755910 1,332.055 1,006.91 0.00008 0.082652971 1,006.51 1,344.06 0.00%
10/31/93 0.768597 1,332.055 1,023.81 0.00008 0.085484119 1,023.31 1,344.06 0.00%
11/30/93 0.766315 1,332.055 1,020.77 0.00008 0.084108011 1,020.19 1,344.06 0.00%
12/31/93 0.776280 1,332.055 1,034.05 0.00008 0.086646428 1,033.37 1,344.06 0.00%
1/31/94 0.789097 1,332.055 1,051.12 0.00008 0.087765768 1,050.35 1,344.06 2.00%
2/28/94 0.771679 1,332.055 1,027.92 0.00008 0.080574425 1,027.08 1,344.06 2.00%
3/31/94 0.745267 1,332.055 992.74 0.00008 0.087231405 991.84 1,344.06 2.00%
4/30/94 0.738444 1,332.055 983.65 0.00008 0.081521034 982.68 1,344.06 2.00%
5/31/94 0.749762 1,332.055 998.72 0.00008 0.083460299 997.65 1,344.06 2.00%
6/30/94 0.745140 1,332.055 992.57 0.00008 0.081999039 991.42 1,344.06 2.00%
7/31/94 0.748981 1,332.055 997.68 0.00008 0.084203016 996.45 1,344.06 2.00%
8/31/94 0.754351 1,332.055 1,004.84 0.00008 0.084629928 1,003.51 1,344.06 2.00%
9/30/94 0.753546 1,332.055 1,003.76 0.00008 0.082480146 1,002.36 1,344.06 2.00%
10/31/94 0.751168 1,332.055 1,000.60 0.00008 0.085131577 999.11 1,344.06 2.00%
11/30/94 0.747257 1,332.055 995.39 0.00008 0.082118349 993.82 1,344.06 2.00%
12/31/94 0.737645 1,332.055 982.58 0.00008 0.084406867 980.95 1,344.06 2.00%
1/31/95 0.733656 1,332.055 977.27 0.00008 0.083313975 975.57 1,344.06 4.00%
2/28/95 0.745777 1,332.055 993.42 0.00008 0.074837988 991.61 1,344.06 4.00%
3/31/95 0.748244 1,332.055 996.70 0.00008 0.084218947 994.81 1,344.06 4.00%
4/30/95 0.765450 1,332.055 1,019.62 0.00008 0.081764838 1,017.60 1,344.06 4.00%
5/31/95 0.785860 1,332.055 1,046.81 0.00008 0.086426271 1,044.65 1,344.06 4.00%
6/30/95 0.789940 1,332.055 1,052.24 0.00008 0.085861404 1,049.98 1,344.06 4.00%
7/31/95 0.795737 1,332.055 1,059.97 0.00008 0.089176738 1,057.60 1,344.06 4.00%
8/31/95 0.799871 1,332.055 1,065.47 0.00008 0.089823625 1,063.01 1,344.06 4.00%
9/30/95 0.809041 1,332.055 1,077.69 0.00008 0.087370328 1,075.10 1,344.06 4.00%
10/31/95 0.816619 1,332.055 1,087.78 0.00008 0.091310226 1,085.08 1,344.06 4.00%
11/30/95 0.825881 1,332.055 1,100.12 0.00008 0.089184879 1,097.30 1,344.06 4.00%
12/31/95 0.840272 1,332.055 1,119.29 0.00008 0.093195452 1,116.33 1,344.06 4.00%
1/31/96 0.851350 1,332.055 1,134.04 0.00008 0.09481149 1,130.95 1,344.06 6.00%
2/29/96 0.850504 1,332.055 1,132.92 0.00008 0.089856333 1,129.74 1,344.06 6.00%
3/31/96 0.851341 1,332.055 1,134.03 0.00008 0.095950294 1,130.75 1,344.06 6.00%
4/30/96 0.855679 1,332.055 1,139.81 0.00008 0.092938575 1,136.42 1,344.06 6.00%
5/31/96 0.861714 1,332.055 1,147.85 0.00008 0.096518035 1,144.34 1,344.06 6.00%
6/30/96 0.869644 1,332.055 1,158.41 0.00008 0.094055416 1,154.78 1,344.06 6.00%
7/31/96 0.872258 1,332.055 1,161.90 0.00008 0.098076974 1,158.15 1,344.06 6.00%
8/31/96 0.880157 1,332.055 1,172.42 0.00008 0.0983634 1,168.54 1,344.06 6.00%
9/30/96 0.900602 1,332.055 1,199.65 0.00008 0.096044385 1,195.59 1,344.06 6.00%
10/31/96 0.914023 1,332.055 1,217.53 0.00008 0.101543061 1,213.30 1,344.06 6.00%
11/30/96 0.931040 1,332.055 1,240.20 0.00008 0.099723507 1,235.79 1,344.06 6.00%
12/31/96 0.930094 1,332.055 1,238.94 0.00008 0.104957639 1,234.43 1,344.06 6.00%
1/31/97 0.932765 1,332.055 1,242.49 0.00008 0.104842154 1,237.87 1,344.06 6.00%
2/28/97 0.939165 1,332.055 1,251.02 0.00008 0.094960031 1,246.27 1,344.06 6.00%
3/31/97 0.926786 1,332.055 1,234.53 0.00008 0.105847636 1,229.74 1,344.06 6.00%
4/30/97 0.933271 1,332.055 1,243.17 0.00008 0.101074277 1,238.24 1,344.06 6.00%
5/31/97 0.947153 1,332.055 1,261.66 0.00008 0.105165656 1,256.55 1,344.06 6.00%
6/30/97 0.960995 1,332.055 1,280.10 0.00008 0.103278477 1,274.82 1,344.06 6.00%
7/31/97 0.980792 1,332.055 1,306.47 0.00008 0.108271978 1,300.97 1,344.06 6.00%
8/31/97 0.972188 1,332.055 1,295.01 0.00008 0.110493228 1,289.44 1,344.06 6.00%
9/30/97 0.990169 1,332.055 1,318.96 0.00008 0.105981755 1,313.19 1,344.06 6.00%
10/31/97 0.987199 1,332.055 1,315.00 0.00008 0.111531068 1,309.14 1,344.06 6.00%
11/30/97 0.990019 1,332.055 1,318.76 0.00008 0.107600371 1,312.77 1,344.06 6.00%
12/31/97 0.998585 1,332.055 1,330.17 0.00008 0.11149546 1,324.02 1,344.06 6.00%
1/31/98 1.011169 1,332.055 1,346.93 0.00008 0.112450676 1,340.59 1,344.06 6.00%
2/28/98 1.014107 1,332.055 1,350.85 0.00008 0.102839769 1,344.38 1,344.06 6.00%
3/31/98 1.020369 1,332.055 1,359.19 0.00008 0.114180293 1,352.57 1,344.06 6.00%
4/30/98 1.023318 1,332.055 1,363.12 0.00008 0.11117004 1,356.37 1,344.06 6.00%
5/31/98 1.026226 1,332.055 1,366.99 0.00008 0.115198312 1,360.11 1,344.06 6.00%
6/30/98 1.025171 1,332.055 1,365.58 0.00008 0.111789484 1,358.60 1,344.06 6.00%
7/31/98 1.034067 1,332.055 1,377.43 0.00008 0.115387625 1,370.27 1,344.06 6.00%
8/31/98 0.981159 1,332.055 1,306.96 0.00008 0.116379101 1,300.04 1,344.06 6.00%
9/30/98 1.000048 1,332.055 1,332.12 0.00008 0.106852913 1,324.97 1,344.06 6.00%
10/31/98 0.989048 1,332.055 1,317.47 0.00008 0.112531291 1,310.28 1,344.06 6.00%
11/30/98 1.013799 1,332.055 1,350.44 0.00008 0.107694114 1,342.96 1,344.06 6.00%
12/31/98 1.014714 1,332.055 1,351.65 0.00008 0.11405966 1,344.06 1,344.06 6.00%
12/31/98 1,344.06
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 34.41% 34.41%
5/5/93 00.00% 1,344.06 5.6603 5.36% 5.36% 1,344.06 1,344.06 6
5/31/93 00.00% 1,344.06 5.5890 5.56% 5.56% 1,353.48 1,353.48 6
6/30/93 00.00% 1,344.06 5.5068 5.52% 5.52% 1,344.15 1,344.15 6
7/31/93 00.00% 1,344.06 5.4219 5.63% 5.63% 1,345.70 1,345.70 6
8/31/93 00.00% 1,344.06 5.3370 5.59% 5.59% 1,336.56 1,336.56 6
9/30/93 00.00% 1,344.06 5.2548 5.66% 5.66% 1,335.37 1,335.37 6
10/31/93 00.00% 1,344.06 5.1699 5.42% 5.42% 1,313.44 1,313.44 6
11/30/93 00.00% 1,344.06 5.0877 5.57% 5.57% 1,317.46 1,317.46 6
12/31/93 00.00% 1,344.06 5.0027 5.40% 5.40% 1,300.65 1,300.65 6
1/31/94 50.00% 1,336.49 4.9178 5.02% 5.14% 1,272.43 1,279.64 5
2/28/94 50.00% 1,336.96 4.8411 5.60% 5.71% 1,301.71 1,308.62 5
3/31/94 50.00% 1,337.66 4.7562 6.49% 6.60% 1,348.67 1,355.12 5
4/30/94 50.00% 1,337.85 4.6740 6.82% 6.93% 1,361.43 1,367.75 5
5/31/94 50.00% 1,337.55 4.5890 6.60% 6.71% 1,340.69 1,347.22 5
6/30/94 50.00% 1,337.67 4.5068 6.87% 6.99% 1,349.24 1,355.69 5
7/31/94 50.00% 1,337.57 4.4219 6.88% 7.00% 1,342.34 1,348.85 5
8/31/94 50.00% 1,337.43 4.3370 6.85% 6.97% 1,332.75 1,339.36 5
9/30/94 50.00% 1,337.45 4.2548 7.01% 7.14% 1,334.31 1,340.90 5
10/31/94 50.00% 1,337.52 4.1699 7.25% 7.37% 1,338.71 1,345.26 5
11/30/94 50.00% 1,337.62 4.0877 7.54% 7.66% 1,345.94 1,352.41 5
12/31/94 50.00% 1,337.88 4.0027 8.06% 8.19% 1,363.85 1,370.15 5
1/31/95 40.00% 1,326.54 3.9178 8.16% 8.52% 1,359.76 1,377.72 4
2/28/95 40.00% 1,325.90 3.8411 7.86% 8.24% 1,337.12 1,355.43 4
3/31/95 40.00% 1,325.77 3.7562 7.95% 8.34% 1,332.69 1,351.08 4
4/30/95 40.00% 1,324.86 3.6740 7.45% 7.87% 1,301.95 1,320.81 4
5/31/95 40.00% 1,323.78 3.5890 6.82% 7.27% 1,267.20 1,286.61 4
6/30/95 40.00% 1,323.56 3.5068 6.83% 7.29% 1,260.56 1,280.08 4
7/31/95 40.00% 1,323.26 3.4219 6.77% 7.26% 1,251.19 1,270.86 4
8/31/95 40.00% 1,323.04 3.3370 6.78% 7.28% 1,244.62 1,264.39 4
9/30/95 40.00% 1,322.56 3.2548 6.57% 7.10% 1,230.17 1,250.17 4
10/31/95 40.00% 1,322.16 3.1699 6.43% 6.99% 1,218.49 1,238.67 4
11/30/95 40.00% 1,321.67 3.0877 6.21% 6.79% 1,204.47 1,224.88 4
12/31/95 40.00% 1,320.91 3.0027 5.76% 6.38% 1,183.26 1,204.00 4
1/31/96 30.00% 1,300.39 2.9178 4.90% 6.10% 1,149.82 1,188.43 3
2/29/96 30.00% 1,300.47 2.8384 5.08% 6.31% 1,151.12 1,189.71 3
3/31/96 30.00% 1,300.41 2.7534 5.21% 6.48% 1,150.04 1,188.64 3
4/30/96 30.00% 1,300.07 2.6712 5.17% 6.48% 1,144.00 1,182.71 3
5/31/96 30.00% 1,299.59 2.5863 5.04% 6.42% 1,135.67 1,174.53 3
6/30/96 30.00% 1,298.96 2.5041 4.81% 6.25% 1,124.86 1,163.91 3
7/31/96 30.00% 1,298.76 2.4192 4.85% 6.35% 1,121.41 1,160.52 3
8/31/96 30.00% 1,298.14 2.3342 4.61% 6.18% 1,110.91 1,150.20 3
9/30/96 30.00% 1,296.52 2.2521 3.66% 5.34% 1,084.42 1,124.18 3
10/31/96 30.00% 1,295.45 2.1671 3.07% 4.84% 1,067.71 1,107.77 3
11/30/96 30.00% 1,294.10 2.0849 2.24% 4.11% 1,047.19 1,087.61 3
12/31/96 30.00% 1,294.19 2.0000 2.39% 4.35% 1,048.41 1,088.81 3
1/31/97 20.00% 1,285.91 1.9151 2.01% 4.39% 1,038.81 1,085.78 2
2/28/97 20.00% 1,285.41 1.8384 1.70% 4.19% 1,031.41 1,078.46 2
3/31/97 20.00% 1,286.40 1.7534 2.60% 5.20% 1,046.08 1,092.96 2
4/30/97 20.00% 1,285.89 1.6712 2.29% 5.03% 1,038.48 1,085.46 2
5/31/97 20.00% 1,284.79 1.5863 1.41% 4.34% 1,022.47 1,069.64 2
6/30/97 20.00% 1,283.70 1.5041 0.46% 3.58% 1,006.97 1,054.32 2
7/31/97 20.00% 1,282.13 1.4192 -1.02% 2.32% 985.52 1,033.12 2
8/31/97 20.00% 1,282.82 1.3342 -0.39% 3.16% 994.86 1,042.35 2
9/30/97 20.00% 1,281.40 1.2521 -1.94% 1.87% 975.79 1,023.51 2
10/31/97 20.00% 1,281.64 1.1671 -1.80% 2.28% 978.99 1,026.67 2
11/30/97 20.00% 1,281.42 1.0849 -2.20% 2.19% 976.12 1,023.83 2
12/31/97 20.00% 1,280.75 1.0000 -3.27% 1.51% 967.32 1,015.14 2
1/31/98 10.00% 1,271.69 0.9151 -5.14% 0.26% 952.86 1,002.37 1
2/28/98 10.00% 1,271.46 0.8384 -5.42% -0.02% 954.32 999.80 1
3/31/98 10.00% 1,270.97 0.7534 -6.03% -0.63% 954.20 995.26 1
4/30/98 10.00% 1,270.74 0.6712 -6.31% -0.91% 957.18 993.90 1
5/31/98 10.00% 1,270.52 0.5863 -6.59% -1.18% 960.84 993.07 1
6/30/98 10.00% 1,270.61 0.5041 -6.48% -1.07% 966.81 994.59 1
7/31/98 10.00% 1,269.91 0.4192 -7.32% -1.91% 968.62 991.94 1
8/31/98 10.00% 1,274.12 0.3342 -1.99% 3.39% 993.29 1,011.19 1
9/30/98 10.00% 1,272.62 0.2521 -3.95% 1.44% 989.89 1,003.61 1
10/31/98 10.00% 1,273.51 0.1671 -2.81% 2.58% 995.25 1,004.26 1
11/30/98 10.00% 1,271.55 0.0849 -5.32% 0.08% 995.37 1,000.07 1
12/31/98 10.00% 1,271.48 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/98
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER STRATEGIC BOND FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 87M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.750720 1 6.00% 10%
Units purchased 1,332.055 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 1,342.96 1,271.55 1,344.06 -5.32% 0.08%
30-Sep-98 0.25 0.25 1,324.97 1,272.62 1,344.06 -3.95% 1.44%
31-Dec-97 1.00 1.00 1,324.02 1,280.75 1,344.06 -3.27% 1.51%
31-Dec-97 1.00 1.00 1,324.02 1,280.75 1,344.06 -3.27% 1.51%
31-Dec-95 3.00 3.00 1,116.33 1,320.91 1,344.06 5.77% 6.38%
31-Dec-93 5.00 5.00 1,033.37 1,344.06 1,344.06 5.40% 5.40%
31-Dec-88 10.01 10.00 -- -- -- #NUM! #NUM!
31-Oct-98 0.17 0.17 1,310.28 1,273.51 1,344.06 -2.81% 2.58%
5-May-93 5.66 5.66 1,000.00 1,344.06 1,344.06 5.36% 5.36%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER STRATEGIC BOND FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
5/5/93 100 5 500
5/31/93 500 0 5 100 4.97 497.00 -0.60%
6/30/93 497 0 5 100 5.01 501.00 0.80%
7/31/93 501 0 5 100 5.01 501.00 0.00%
8/31/93 501 0 5 100 5.05 505.00 0.80%
9/30/93 505 0.02 5.03 100.398 5.04 506.01 0.20%
10/31/93 506.01 0 5.03 100.398 5.13 515.04 1.78%
11/30/93 515.04 0 5.03 100.398 5.12 514.04 -0.19%
12/31/93 514.04 0.072 5.12 101.81 5.12 521.27 1.41%
1/31/94 521.27 0 5.12 101.81 5.21 530.43 1.76%
2/28/94 530.43 0 5.12 101.81 5.10 519.23 -2.11%
3/31/94 519.23 0.011 5.01 102.034 4.92 502.01 -3.32%
4/30/94 502.01 0 5.01 102.034 4.88 497.93 -0.81%
5/31/94 497.93 0 5.01 102.034 4.96 506.09 1.64%
6/30/94 506.09 0.105 4.85 104.243 4.83 503.49 -0.51%
7/31/94 503.49 0 4.85 104.243 4.86 506.62 0.62%
8/31/94 506.62 0 4.85 104.243 4.90 510.79 0.82%
9/30/94 510.79 0.11 4.8 106.632 4.79 510.77 0.00%
10/31/94 510.77 0 4.8 106.632 4.78 509.70 -0.21%
11/30/94 509.7 0 4.8 106.632 4.76 507.57 -0.42%
12/31/94 507.57 0.105 4.65 109.04 4.60 501.58 -1.18%
1/31/95 501.58 0 4.65 109.04 4.58 499.40 -0.43%
2/28/95 499.4 0 4.65 109.04 4.66 508.13 1.75%
3/31/95 508.13 0.1 4.56 111.431 4.58 510.35 0.44%
4/30/95 510.35 0 4.56 111.431 4.69 522.61 2.40%
5/31/95 522.61 0 4.56 111.431 4.82 537.10 2.77%
6/30/95 537.1 0.09 4.76 113.538 4.76 540.44 0.62%
7/31/95 540.44 0 4.76 113.538 4.80 544.98 0.84%
8/31/95 544.98 0 4.76 113.538 4.83 548.39 0.63%
9/30/95 548.39 0.09 4.78 115.676 4.80 555.24 1.25%
10/31/95 555.24 0 4.78 115.676 4.85 561.03 1.04%
11/30/95 561.03 0 4.78 115.676 4.91 567.97 1.24%
12/31/95 567.97 0.09 4.87 117.814 4.91 578.47 1.85%
1/31/96 578.47 0 4.87 117.814 4.98 586.71 1.42%
2/29/96 586.71 0 4.87 117.814 4.98 586.71 0.00%
3/31/96 586.71 0.09 4.89 119.982 4.90 587.91 0.20%
4/30/96 587.91 0 4.89 119.982 4.93 591.51 0.61%
5/31/96 591.51 0 4.89 119.982 4.97 596.31 0.81%
6/30/96 596.31 0.1 4.88 122.441 4.92 602.41 1.02%
7/31/96 602.41 0 4.88 122.441 4.94 604.86 0.41%
8/31/96 604.86 0 4.88 122.441 4.99 610.98 1.01%
9/30/96 610.98 0.1 4.96 124.91 5.01 625.80 2.43%
10/31/96 625.8 0 4.96 124.91 5.09 635.79 1.60%
11/30/96 635.79 0 4.96 124.91 5.19 648.28 1.96%
12/31/96 648.28 0.1 5.08 127.369 5.09 648.31 0.00%
1/31/97 648.31 0 5.08 127.369 5.11 650.86 0.39%
2/28/97 650.86 0 5.08 127.369 5.15 655.95 0.78%
3/31/97 655.95 0.108 5 130.12 4.98 648.00 -1.21%
4/30/97 648 0 5 130.12 5.02 653.20 0.80%
5/31/97 653.2 0 5 130.12 5.10 663.61 1.59%
6/30/97 663.61 0.1 5.09 132.676 5.08 673.99 1.56%
7/31/97 673.99 0 5.09 132.676 5.19 688.59 2.17%
8/31/97 688.59 0 5.09 132.676 5.15 683.28 -0.77%
9/30/97 683.28 0.09 5.13 135.004 5.16 696.62 1.95%
10/31/97 696.62 0 5.13 135.004 5.15 695.27 -0.19%
11/30/97 695.27 0 5.13 135.004 5.17 697.97 0.39%
12/31/97 697.97 0.1 5.11 137.646 5.12 704.75 0.97%
1/31/98 704.75 0 5.11 137.646 5.19 714.38 1.37%
2/28/98 714.38 0 5.11 137.646 5.21 717.14 0.39%
3/31/98 717.14 0.148 5.11 141.633 5.10 722.33 0.72%
4/30/98 722.33 0 5.11 141.633 5.12 725.16 0.39%
5/31/98 725.16 0 5.11 141.633 5.14 727.99 0.39%
6/30/98 727.99 0 5.11 141.633 5.14 727.99 0.00%
7/31/98 727.99 0 5.11 141.633 5.19 735.08 0.97%
8/31/98 735.08 0 5.11 141.633 4.93 698.25 -5.01%
9/30/98 698.25 0 5.11 141.633 5.03 712.41 2.03%
10/31/98 712.41 0 5.11 141.633 4.98 705.33 -0.99%
0.42482
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<C> <C> <C> <C> <C> <C> <C>
5/5/93 500 0.750719574
5/31/93 0.00089 0.445205479 496.55 (496.48) 0.745546808
6/30/93 0.00103 0.510159035 500.04 (499.89) 0.750781212
7/31/93 0.00106 0.530865501 499.51 (499.27) 0.74998415
8/31/93 0.00106 0.530301911 502.97 (502.64) 0.755175831
9/30/93 0.00103 0.516747935 503.46 (503.05) 0.755910317 OI
10/31/93 0.00106 0.53449221 511.91 (511.41) 0.768597405
11/30/93 0.00103 0.525931983 510.39 (509.80) 0.766315444
12/31/93 0.00106 0.54184951 517.02 (516.35) 0.776280158 OI
1/31/94 0.00106 0.548895401 525.56 (524.78) 0.789097182
2/28/94 0.00096 0.503962169 513.96 (513.12) 0.77167877
3/31/94 0.00106 0.545641833 496.37 (495.47) 0.745267187 .05 OI .006 ST Gain
4/30/94 0.00103 0.509967698 491.82 (490.85) 0.73844447
5/31/94 0.00106 0.522142386 499.36 (498.29) 0.749762019
6/30/94 0.00103 0.513043399 496.28 (495.14) 0.745139869 OI
7/31/94 0.00106 0.526876596 498.84 (497.61) 0.748981038
8/31/94 0.00106 0.529592626 502.42 (501.09) 0.754350766
9/30/94 0.00103 0.516183364 501.88 (500.47) 0.753546211 OI
10/31/94 0.00106 0.532820588 500.30 (498.81) 0.751167628
11/30/94 0.00103 0.514005222 497.69 (496.13) 0.747256804
12/31/94 0.00106 0.528373448 491.29 (489.66) 0.737644861 OI
1/31/95 0.00106 0.521576995 488.64 (486.93) 0.733655744
2/28/95 0.00096 0.468554126 496.71 (494.90) 0.745777258
3/31/95 0.00106 0.527327284 498.35 (496.45) 0.74824378 OI
4/30/95 0.00103 0.512004506 509.81 (507.79) 0.765449894
5/31/95 0.00106 0.541237493 523.40 (521.24) 0.785860291
6/30/95 0.00103 0.537744544 526.12 (523.86) 0.789939837 OI
7/31/95 0.00106 0.558553944 529.98 (527.62) 0.795737141
8/31/95 0.00106 0.562653126 532.74 (530.27) 0.799871366
9/30/95 0.00103 0.547331972 538.84 (536.26) 0.809040862 OI
10/31/95 0.00106 0.572059976 543.89 (541.19) 0.816618565
11/30/95 0.00103 0.558791661 550.06 (547.24) 0.825881231
12/31/95 0.00106 0.583967534 559.64 (556.68) 0.840272416 OI
1/31/96 0.00106 0.594143313 567.02 (563.93) 0.851349583
2/29/96 0.00099 0.563138654 566.46 (563.28) 0.850504065
3/31/96 0.00106 0.60137795 567.02 (563.74) 0.851340671 OI
4/30/96 0.00103 0.58255113 569.91 (566.52) 0.855679094
5/31/96 0.00106 0.605037131 573.93 (570.42) 0.861714353
6/30/96 0.00103 0.589649582 579.21 (575.57) 0.869644005 OI
7/31/96 0.00106 0.614911499 580.95 (577.20) 0.872257593
8/31/96 0.00106 0.616759525 586.21 (582.33) 0.880157107
9/30/96 0.00103 0.602269496 599.83 (595.76) 0.900602026 OI
10/31/96 0.00106 0.636801425 608.76 (604.54) 0.914022728
11/30/96 0.00103 0.625442894 620.10 (615.69) 0.931039504
12/31/96 0.00106 0.658323283 619.47 (614.96) 0.930094157 OI
1/31/97 0.00106 0.657654843 621.25 (616.62) 0.932765071
2/28/97 0.00096 0.595716623 625.51 (620.76) 0.939165255
3/31/97 0.00106 0.664068873 617.26 (612.47) 0.926785676 1.0 OI .008 LT Gain
4/30/97 0.00103 0.63417626 621.58 (616.66) 0.933270668
5/31/97 0.00106 0.659900904 630.83 (625.72) 0.947153333
6/30/97 0.00103 0.648113338 640.05 (634.77) 0.960995335 OI
7/31/97 0.00106 0.679504577 653.23 (647.73) 0.980792222
8/31/97 0.00106 0.693502642 647.50 (641.94) 0.972187678
9/30/97 0.00103 0.665243715 659.48 (653.71) 0.990169337 OI
10/31/97 0.00106 0.700133052 657.50 (651.64) 0.987199252
11/30/97 0.00103 0.67551576 659.38 (653.39) 0.99001868
12/31/97 0.00106 0.700026524 665.08 (658.93) 0.99858456 OI
1/31/98 0.00106 0.706083322 673.47 (667.12) 1.011169497
2/28/98 0.00096 0.645790132 675.42 (668.96) 1.014106526
3/31/98 0.00106 0.717058659 679.59 (672.97) 1.020369077 .09 OI .042 ST/.016 LT
4/30/98 0.00103 0.698213041 681.56 (674.81) 1.023318433
5/31/98 0.00106 0.723572252 683.49 (676.61) 1.026225622
6/30/98 0.00103 0.702220529 682.79 (675.80) 1.025171281
7/31/98 0.00106 0.724882372 688.72 (681.55) 1.034067206
8/31/98 0.00106 0.731172539 653.48 (646.56) 0.981159122
9/30/98 0.00103 0.67138265 666.06 (658.91) 1.000048272
10/31/98 0.00106 0.70711829 658.73 (651.55) 0.989048
0.33212 0.332119617
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER STRATEGIC BOND FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 145M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.756906 1 6.00% 10%
Units purchased 1,321.169 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 0.756906 1,321.169 1,000.00 1,000.00 1,332.57 0.00%
05/31/1993 0.751609 1,321.169 993.00 0.00007 0.071232895 992.93 1,332.57 0.00%
06/30/1993 0.756794 1,321.169 999.85 0.00008 0.08161083 999.70 1,332.57 0.00%
07/31/1993 0.755894 1,321.169 998.66 0.00008 0.084905942 998.43 1,332.57 0.00%
08/31/1993 0.761030 1,321.169 1,005.45 0.00008 0.084797775 1,005.12 1,332.57 0.00%
09/30/1993 0.761676 1,321.169 1,006.30 0.00008 0.082613006 1,005.90 1,332.57 0.00%
10/31/1993 0.774363 1,321.169 1,023.06 0.00008 0.085432259 1,022.57 1,332.57 0.00%
11/30/1993 0.771969 1,321.169 1,019.90 0.00008 0.084046454 1,019.32 1,332.57 0.00%
12/31/1993 0.781909 1,321.169 1,033.03 0.00008 0.086572306 1,032.36 1,332.57 0.00%
01/31/1994 0.794719 1,321.169 1,049.96 0.00008 0.087679659 1,049.18 1,332.57 2.00%
02/28/1994 0.777085 1,321.169 1,026.66 0.00008 0.080485282 1,025.82 1,332.57 2.00%
03/31/1994 0.750389 1,321.169 991.39 0.00008 0.087124644 990.49 1,332.57 2.00%
04/30/1994 0.743427 1,321.169 982.19 0.00008 0.081410521 981.22 1,332.57 2.00%
05/31/1994 0.754726 1,321.169 997.12 0.00008 0.083336785 996.05 1,332.57 2.00%
06/30/1994 0.749981 1,321.169 990.85 0.00008 0.081867413 989.71 1,332.57 2.00%
07/31/1994 0.753751 1,321.169 995.83 0.00008 0.084057422 994.60 1,332.57 2.00%
08/31/1994 0.759059 1,321.169 1,002.85 0.00008 0.084472888 1,001.52 1,332.57 2.00%
09/30/1994 0.758156 1,321.169 1,001.65 0.00008 0.08231668 1,000.25 1,332.57 2.00%
10/31/1994 0.755666 1,321.169 998.36 0.00008 0.08495237 996.88 1,332.57 2.00%
11/30/1994 0.751639 1,321.169 993.04 0.00008 0.081935011 991.48 1,332.57 2.00%
12/31/1994 0.741875 1,321.169 980.14 0.00008 0.084207981 978.52 1,332.57 2.00%
01/31/1995 0.737768 1,321.169 974.72 0.00008 0.083106937 973.02 1,332.57 4.00%
02/28/1995 0.749873 1,321.169 990.71 0.00008 0.07464245 988.91 1,332.57 4.00%
03/31/1995 0.752257 1,321.169 993.86 0.00008 0.083989389 991.97 1,332.57 4.00%
04/30/1995 0.769463 1,321.169 1,016.59 0.00008 0.081531615 1,014.57 1,332.57 4.00%
05/31/1995 0.789882 1,321.169 1,043.57 0.00008 0.086169365 1,041.41 1,332.57 4.00%
06/30/1995 0.793885 1,321.169 1,048.86 0.00008 0.085595553 1,046.60 1,332.57 4.00%
07/31/1995 0.799611 1,321.169 1,056.42 0.00008 0.088889718 1,054.06 1,332.57 4.00%
08/31/1995 0.803663 1,321.169 1,061.77 0.00008 0.089523198 1,059.32 1,332.57 4.00%
09/30/1995 0.812777 1,321.169 1,073.82 0.00008 0.087067069 1,071.24 1,332.57 4.00%
10/31/1995 0.820286 1,321.169 1,083.74 0.00008 0.0909822 1,081.05 1,332.57 4.00%
11/30/1995 0.829489 1,321.169 1,095.90 0.00008 0.088853271 1,093.09 1,332.57 4.00%
12/31/1995 0.843838 1,321.169 1,114.85 0.00008 0.092837612 1,111.90 1,332.57 4.00%
01/31/1996 0.854854 1,321.169 1,129.41 0.00008 0.094435618 1,126.33 1,332.57 6.00%
02/29/1996 0.853903 1,321.169 1,128.15 0.00008 0.08948885 1,124.98 1,332.57 6.00%
03/31/1996 0.854635 1,321.169 1,129.12 0.00008 0.095546489 1,125.85 1,332.57 6.00%
04/30/1996 0.858884 1,321.169 1,134.73 0.00008 0.092535665 1,131.36 1,332.57 6.00%
05/31/1996 0.864833 1,321.169 1,142.59 0.00008 0.096087818 1,139.10 1,332.57 6.00%
06/30/1996 0.872685 1,321.169 1,152.96 0.00008 0.09362433 1,149.34 1,332.57 6.00%
07/31/1996 0.875196 1,321.169 1,156.28 0.00008 0.097615528 1,152.55 1,332.57 6.00%
08/31/1996 0.883011 1,321.169 1,166.61 0.00008 0.097888171 1,162.75 1,332.57 6.00%
09/30/1996 0.903413 1,321.169 1,193.56 0.00008 0.095568291 1,189.52 1,332.57 6.00%
10/31/1996 0.916761 1,321.169 1,211.20 0.00008 0.101027535 1,206.99 1,332.57 6.00%
11/30/1996 0.933715 1,321.169 1,233.60 0.00008 0.099204763 1,229.21 1,332.57 6.00%
12/31/1996 0.932648 1,321.169 1,232.19 0.00008 0.104399029 1,227.71 1,332.57 6.00%
01/31/1997 0.935208 1,321.169 1,235.57 0.00008 0.104270859 1,230.97 1,332.57 6.00%
02/28/1997 0.941517 1,321.169 1,243.90 0.00008 0.094430587 1,239.18 1,332.57 6.00%
03/31/1997 0.928987 1,321.169 1,227.35 0.00008 0.105245458 1,222.58 1,332.57 6.00%
04/30/1997 0.935372 1,321.169 1,235.79 0.00008 0.100486279 1,230.89 1,332.57 6.00%
05/31/1997 0.949167 1,321.169 1,254.01 0.00008 0.104541055 1,248.94 1,332.57 6.00%
06/30/1997 0.962922 1,321.169 1,272.18 0.00008 0.102652196 1,266.93 1,332.57 6.00%
07/31/1997 0.982635 1,321.169 1,298.23 0.00008 0.107602339 1,292.76 1,332.57 6.00%
08/31/1997 0.973890 1,321.169 1,286.67 0.00008 0.109796143 1,281.15 1,332.57 6.00%
09/30/1997 0.991783 1,321.169 1,310.31 0.00008 0.105299596 1,304.58 1,332.57 6.00%
10/31/1997 0.988681 1,321.169 1,306.22 0.00008 0.110799775 1,300.39 1,332.57 6.00%
11/30/1997 0.991383 1,321.169 1,309.78 0.00008 0.10688119 1,303.83 1,332.57 6.00%
12/31/1997 0.999835 1,321.169 1,320.95 0.00008 0.110736629 1,314.84 1,332.57 6.00%
01/31/1998 1.012308 1,321.169 1,337.43 0.00008 0.111671236 1,331.13 1,332.57 6.00%
02/28/1998 1.015132 1,321.169 1,341.16 0.00008 0.102114097 1,334.74 1,332.57 6.00%
03/31/1998 1.021271 1,321.169 1,349.27 0.00008 0.113361589 1,342.70 1,332.57 6.00%
04/30/1998 1.024097 1,321.169 1,353.01 0.00008 0.110358945 1,346.31 1,332.57 6.00%
05/31/1998 1.026876 1,321.169 1,356.68 0.00008 0.114343767 1,349.84 1,332.57 6.00%
06/30/1998 1.025695 1,321.169 1,355.12 0.00008 0.110946128 1,348.18 1,332.57 6.00%
07/31/1998 1.034464 1,321.169 1,366.70 0.00008 0.11450299 1,359.59 1,332.57 6.00%
08/31/1998 0.981404 1,321.169 1,296.60 0.00008 0.115472278 1,289.74 1,332.57 6.00%
09/30/1998 1.000177 1,321.169 1,321.40 0.00008 0.106006081 1,314.31 1,332.57 6.00%
10/31/1998 0.989048 1,321.169 1,306.70 0.00008 0.111625951 1,299.57 1,332.57 6.00%
11/30/1998 1.013545 1,321.169 1,339.06 0.00008 0.106813929 1,331.65 1,332.57 6.00%
12/31/1998 1.014327 1,321.169 1,340.10 0.00008 0.113099103 1,332.57 1,332.57 6.00%
12/31/1998 1,332.57
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 33.26% 33.26%
05/05/1993 100.00% 1,332.57 5.6603 5.20% 5.20% 1,332.56 1,332.56 6
05/31/1993 100.00% 1,332.57 5.5890 5.40% 5.40% 1,342.05 1,342.05 6
06/30/1993 100.00% 1,332.57 5.5068 5.36% 5.36% 1,332.97 1,332.97 6
07/31/1993 100.00% 1,332.57 5.4219 5.47% 5.47% 1,334.67 1,334.67 6
08/31/1993 100.00% 1,332.57 5.3370 5.43% 5.43% 1,325.77 1,325.77 6
09/30/1993 100.00% 1,332.57 5.2548 5.50% 5.50% 1,324.75 1,324.75 6
10/31/1993 100.00% 1,332.57 5.1699 5.26% 5.26% 1,303.16 1,303.16 6
11/30/1993 100.00% 1,332.57 5.0877 5.41% 5.41% 1,307.31 1,307.31 6
12/31/1993 100.00% 1,332.57 5.0027 5.23% 5.23% 1,290.80 1,290.80 6
01/31/1994 50.00% 1,324.91 4.9178 4.86% 4.98% 1,262.80 1,270.10 5
02/28/1994 50.00% 1,325.37 4.8411 5.43% 5.55% 1,292.01 1,299.02 5
03/31/1994 50.00% 1,326.08 4.7562 6.33% 6.44% 1,338.81 1,345.35 5
04/30/1994 50.00% 1,326.27 4.6740 6.66% 6.77% 1,351.65 1,358.06 5
05/31/1994 50.00% 1,325.97 4.5890 6.43% 6.55% 1,331.22 1,337.84 5
06/30/1994 50.00% 1,326.10 4.5068 6.71% 6.82% 1,339.89 1,346.42 5
07/31/1994 50.00% 1,326.00 4.4219 6.72% 6.84% 1,333.20 1,339.80 5
08/31/1994 50.00% 1,325.86 4.3370 6.68% 6.81% 1,323.85 1,330.54 5
09/30/1994 50.00% 1,325.89 4.2548 6.85% 6.97% 1,325.56 1,332.24 5
10/31/1994 50.00% 1,325.95 4.1699 7.08% 7.21% 1,330.11 1,336.74 5
11/30/1994 50.00% 1,326.06 4.0877 7.37% 7.50% 1,337.45 1,344.01 5
12/31/1994 50.00% 1,326.32 4.0027 7.89% 8.02% 1,355.44 1,361.82 5
01/31/1995 40.00% 1,314.97 3.9178 7.99% 8.36% 1,351.43 1,369.52 4
02/28/1995 40.00% 1,314.33 3.8411 7.69% 8.07% 1,329.07 1,347.51 4
03/31/1995 40.00% 1,314.21 3.7562 7.78% 8.18% 1,324.85 1,343.35 4
04/30/1995 40.00% 1,313.30 3.6740 7.28% 7.70% 1,294.44 1,313.42 4
05/31/1995 40.00% 1,312.23 3.5890 6.65% 7.11% 1,260.05 1,279.57 4
06/30/1995 40.00% 1,312.02 3.5068 6.66% 7.13% 1,253.60 1,273.23 4
07/31/1995 40.00% 1,311.72 3.4219 6.60% 7.09% 1,244.44 1,264.22 4
08/31/1995 40.00% 1,311.51 3.3370 6.61% 7.12% 1,238.08 1,257.95 4
09/30/1995 40.00% 1,311.04 3.2548 6.40% 6.94% 1,223.85 1,243.94 4
10/31/1995 40.00% 1,310.64 3.1699 6.26% 6.82% 1,212.38 1,232.66 4
11/30/1995 40.00% 1,310.16 3.0877 6.04% 6.63% 1,198.59 1,219.08 4
12/31/1995 40.00% 1,309.41 3.0027 5.60% 6.21% 1,177.63 1,198.45 4
01/31/1996 30.00% 1,288.97 2.9178 4.73% 5.93% 1,144.40 1,183.11 3
02/29/1996 30.00% 1,289.05 2.8384 4.91% 6.15% 1,145.84 1,184.52 3
03/31/1996 30.00% 1,289.00 2.7534 5.04% 6.31% 1,144.91 1,183.61 3
04/30/1996 30.00% 1,288.67 2.6712 4.99% 6.32% 1,139.05 1,177.85 3
05/31/1996 30.00% 1,288.21 2.5863 4.87% 6.25% 1,130.90 1,169.84 3
06/30/1996 30.00% 1,287.59 2.5041 4.64% 6.08% 1,120.28 1,159.41 3
07/31/1996 30.00% 1,287.40 2.4192 4.68% 6.18% 1,117.00 1,156.18 3
08/31/1996 30.00% 1,286.79 2.3342 4.44% 6.01% 1,106.68 1,146.05 3
09/30/1996 30.00% 1,285.18 2.2521 3.49% 5.17% 1,080.42 1,120.26 3
10/31/1996 30.00% 1,284.13 2.1671 2.90% 4.67% 1,063.91 1,104.04 3
11/30/1996 30.00% 1,282.80 2.0849 2.07% 3.95% 1,043.59 1,084.08 3
12/31/1996 30.00% 1,282.89 2.0000 2.22% 4.18% 1,044.95 1,085.41 3
01/31/1997 20.00% 1,274.70 1.9151 1.84% 4.23% 1,035.52 1,082.53 2
02/28/1997 20.00% 1,274.21 1.8384 1.53% 4.03% 1,028.26 1,075.36 2
03/31/1997 20.00% 1,275.20 1.7534 2.43% 5.04% 1,043.04 1,089.96 2
04/30/1997 20.00% 1,274.70 1.6712 2.12% 4.86% 1,035.60 1,082.61 2
05/31/1997 20.00% 1,273.62 1.5863 1.24% 4.17% 1,019.76 1,066.96 2
06/30/1997 20.00% 1,272.54 1.5041 0.29% 3.42% 1,004.43 1,051.81 2
07/31/1997 20.00% 1,270.99 1.4192 -1.19% 2.16% 983.16 1,030.79 2
08/31/1997 20.00% 1,271.69 1.3342 -0.55% 2.99% 992.62 1,040.14 2
09/30/1997 20.00% 1,270.28 1.2521 -2.11% 1.71% 973.71 1,021.45 2
10/31/1997 20.00% 1,270.53 1.1671 -1.97% 2.12% 977.04 1,024.74 2
11/30/1997 20.00% 1,270.33 1.0849 -2.37% 2.03% 974.30 1,022.04 2
12/31/1997 20.00% 1,269.67 1.0000 -3.44% 1.35% 965.64 1,013.48 2
01/31/1998 10.00% 1,260.69 0.9151 -5.29% 0.11% 951.47 1,000.99 1
02/28/1998 10.00% 1,260.48 0.8384 -5.56% -0.16% 953.14 998.63 1
03/31/1998 10.00% 1,260.00 0.7534 -6.16% -0.75% 953.23 994.31 1
04/30/1998 10.00% 1,259.78 0.6712 -6.43% -1.02% 956.39 993.14 1
05/31/1998 10.00% 1,259.57 0.5863 -6.69% -1.28% 960.23 992.47 1
06/30/1998 10.00% 1,259.67 0.5041 -6.57% -1.16% 966.35 994.14 1
07/31/1998 10.00% 1,258.98 0.4192 -7.40% -1.99% 968.29 991.62 1
08/31/1998 10.00% 1,263.18 0.3342 -2.06% 3.32% 993.07 1,010.98 1
09/30/1998 10.00% 1,261.70 0.2521 -4.00% 1.39% 989.76 1,003.48 1
10/31/1998 10.00% 1,262.59 0.1671 -2.85% 2.54% 995.19 1,004.20 1
11/30/1998 10.00% 1,260.66 0.0849 -5.33% 0.07% 995.36 1,000.06 1
12/31/1998 10.00% 1,260.61 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
OPPENHEIMER STRATEGIC BOND FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 145M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.756906 1 6.00% 10%
Units purchased 1,321.169 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 1,331.65 1,260.66 1,332.57 -5.33% 0.07%
30-Sep-98 0.25 0.25 1,314.31 1,261.70 1,332.57 -4.00% 1.39%
31-Dec-97 1.00 1.00 1,314.84 1,269.67 1,332.57 -3.44% 1.35%
31-Dec-97 1.00 1.00 1,314.84 1,269.67 1,332.57 -3.44% 1.35%
31-Dec-95 3.00 3.00 1,111.90 1,309.41 1,332.57 5.60% 6.22%
31-Dec-93 5.00 5.00 1,032.36 1,332.57 1,332.57 5.24% 5.24%
31-Dec-88 10.01 10.00 -- -- -- #NUM! #NUM!
31-Oct-98 0.17 0.17 1,299.57 1,262.59 1,332.57 -2.85% 2.54%
5-May-93 5.65 5.65 1,000.00 1,332.57 1,332.57 5.21% 5.21%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
OPPENHEIMER STRATEGIC BOND FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 100 5 500
05/31/1993 500 0 5 100 4.97 497.00 -0.60%
06/30/1993 497 0 5 100 5.01 501.00 0.80%
07/31/1993 501 0 5 100 5.01 501.00 0.00%
08/31/1993 501 0 5 100 5.05 505.00 0.80%
09/30/1993 505 0.02 5.03 100.398 5.04 506.01 0.20%
10/31/1993 506.01 0 5.03 100.398 5.13 515.04 1.78%
11/30/1993 515.04 0 5.03 100.398 5.12 514.04 -0.19%
12/31/1993 514.04 0.072 5.12 101.81 5.12 521.27 1.41%
01/31/1994 521.27 0 5.12 101.81 5.21 530.43 1.76%
02/28/1994 530.43 0 5.12 101.81 5.10 519.23 -2.11%
03/31/1994 519.23 0.011 5.01 102.034 4.92 502.01 -3.32%
04/30/1994 502.01 0 5.01 102.034 4.88 497.93 -0.81%
05/31/1994 497.93 0 5.01 102.034 4.96 506.09 1.64%
06/30/1994 506.09 0.105 4.85 104.243 4.83 503.49 -0.51%
07/31/1994 503.49 0 4.85 104.243 4.86 506.62 0.62%
08/31/1994 506.62 0 4.85 104.243 4.90 510.79 0.82%
09/30/1994 510.79 0.11 4.8 106.632 4.79 510.77 0.00%
10/31/1994 510.77 0 4.8 106.632 4.78 509.70 -0.21%
11/30/1994 509.7 0 4.8 106.632 4.76 507.57 -0.42%
12/31/1994 507.57 0.105 4.65 109.04 4.60 501.58 -1.18%
01/31/1995 501.58 0 4.65 109.04 4.58 499.40 -0.43%
02/28/1995 499.4 0 4.65 109.04 4.66 508.13 1.75%
03/31/1995 508.13 0.1 4.56 111.431 4.58 510.35 0.44%
04/30/1995 510.35 0 4.56 111.431 4.69 522.61 2.40%
05/31/1995 522.61 0 4.56 111.431 4.82 537.10 2.77%
06/30/1995 537.1 0.09 4.76 113.538 4.76 540.44 0.62%
07/31/1995 540.44 0 4.76 113.538 4.80 544.98 0.84%
08/31/1995 544.98 0 4.76 113.538 4.83 548.39 0.63%
09/30/1995 548.39 0.09 4.78 115.676 4.80 555.24 1.25%
10/31/1995 555.24 0 4.78 115.676 4.85 561.03 1.04%
11/30/1995 561.03 0 4.78 115.676 4.91 567.97 1.24%
12/31/1995 567.97 0.09 4.87 117.814 4.91 578.47 1.85%
01/31/1996 578.47 0 4.87 117.814 4.98 586.71 1.42%
02/29/1996 586.71 0 4.87 117.814 4.98 586.71 0.00%
03/31/1996 586.71 0.09 4.89 119.982 4.90 587.91 0.20%
04/30/1996 587.91 0 4.89 119.982 4.93 591.51 0.61%
05/31/1996 591.51 0 4.89 119.982 4.97 596.31 0.81%
06/30/1996 596.31 0.1 4.88 122.441 4.92 602.41 1.02%
07/31/1996 602.41 0 4.88 122.441 4.94 604.86 0.41%
08/31/1996 604.86 0 4.88 122.441 4.99 610.98 1.01%
09/30/1996 610.98 0.1 4.96 124.91 5.01 625.80 2.43%
10/31/1996 625.8 0 4.96 124.91 5.09 635.79 1.60%
11/30/1996 635.79 0 4.96 124.91 5.19 648.28 1.96%
12/31/1996 648.28 0.1 5.08 127.369 5.09 648.31 0.00%
01/31/1997 648.31 0 5.08 127.369 5.11 650.86 0.39%
02/28/1997 650.86 0 5.08 127.369 5.15 655.95 0.78%
03/31/1997 655.95 0.108 5 130.12 4.98 648.00 -1.21%
04/30/1997 648 0 5 130.12 5.02 653.20 0.80%
05/31/1997 653.2 0 5 130.12 5.10 663.61 1.59%
06/30/1997 663.61 0.1 5.09 132.676 5.08 673.99 1.56%
07/31/1997 673.99 0 5.09 132.676 5.19 688.59 2.17%
08/31/1997 688.59 0 5.09 132.676 5.15 683.28 -0.77%
09/30/1997 683.28 0.09 5.13 135.004 5.16 696.62 1.95%
10/31/1997 696.62 0 5.13 135.004 5.15 695.27 -0.19%
11/30/1997 695.27 0 5.13 135.004 5.17 697.97 0.39%
12/31/1997 697.97 0.1 5.11 137.646 5.12 704.75 0.97%
01/31/1998 704.75 0 5.11 137.646 5.19 714.38 1.37%
02/28/1998 714.38 0 5.11 137.646 5.21 717.14 0.39%
03/31/1998 717.14 0.148 5.11 141.633 5.10 722.33 0.72%
04/30/1998 722.33 0 5.11 141.633 5.12 725.16 0.39%
05/31/1998 725.16 0 5.11 141.633 5.14 727.99 0.39%
06/30/1998 727.99 0 5.11 141.633 5.14 727.99 0.00%
07/31/1998 727.99 0 5.11 141.633 5.19 735.08 0.97%
08/31/1998 735.08 0 5.11 141.633 4.93 698.25 -5.01%
09/30/1998 698.25 0 5.11 141.633 5.03 712.41 2.03%
10/31/1998 712.41 0 5.11 141.633 4.98 705.33 -0.99%
0.42482
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E AUV Info
<S> <C> <C> <C> <C> <C> <C> <C>
05/05/1993 500 0.75690563
05/31/1993 0.00100 0.498630137 496.50 (496.43) 0.751609364
06/30/1993 0.00115 0.571316645 499.93 (499.77) 0.756793669
07/31/1993 0.00119 0.594432607 499.33 (499.09) 0.75589381
08/31/1993 0.00119 0.593725802 502.72 (502.40) 0.761030101
09/30/1993 0.00115 0.578477577 503.15 (502.74) 0.761676456 OI
10/31/1993 0.00119 0.59826785 511.53 (511.03) 0.774363286
11/30/1993 0.00115 0.588612457 509.95 (509.37) 0.771968737
12/31/1993 0.00119 0.606352045 516.52 (515.84) 0.781908615 OI
01/31/1994 0.00119 0.614159441 524.98 (524.20) 0.794718957
02/28/1994 0.00107 0.563812947 513.33 (512.49) 0.777085004
03/31/1994 0.00119 0.610370678 495.70 (494.80) 0.750389388 .05 OI .006 ST Gain
04/30/1994 0.00115 0.570389311 491.10 (490.13) 0.743427265
05/31/1994 0.00119 0.583933806 498.56 (497.49) 0.754726471
06/30/1994 0.00115 0.573686034 495.43 (494.28) 0.749980667 OI
07/31/1994 0.00119 0.589081253 497.92 (496.68) 0.753751245
08/31/1994 0.00119 0.592042899 501.42 (500.10) 0.759059146
09/30/1994 0.00115 0.576979406 500.83 (499.42) 0.758155988 OI
10/31/1994 0.00119 0.595502656 499.18 (497.69) 0.755666266
11/30/1994 0.00115 0.574400395 496.52 (494.96) 0.751638857
12/31/1994 0.00119 0.590383698 490.07 (488.45) 0.74187479 OI
01/31/1995 0.00119 0.582714396 487.36 (485.66) 0.737768286
02/28/1995 0.00107 0.523409323 495.35 (493.55) 0.749872853
03/31/1995 0.00119 0.58899657 496.93 (495.04) 0.752257389 OI
04/30/1995 0.00115 0.571809224 508.30 (506.28) 0.769463053
05/31/1995 0.00119 0.604383926 521.78 (519.63) 0.789882432
06/30/1995 0.00115 0.600408939 524.43 (522.18) 0.793885475 OI
07/31/1995 0.00119 0.623566808 528.21 (525.85) 0.799610597
08/31/1995 0.00119 0.628063673 530.89 (528.43) 0.803663079
09/30/1995 0.00115 0.610883945 536.91 (534.33) 0.81277696 OI
10/31/1995 0.00119 0.63840535 541.87 (539.18) 0.82028611
11/30/1995 0.00115 0.623519518 547.95 (545.14) 0.829489245
12/31/1995 0.00119 0.651532213 557.43 (554.48) 0.843837626 OI
01/31/1996 0.00119 0.66280232 564.70 (561.62) 0.85485429
02/29/1996 0.00111 0.628135781 564.08 (560.91) 0.853903411
03/31/1996 0.00119 0.670708611 564.56 (561.29) 0.854634576 OI
04/30/1996 0.00115 0.649628626 567.37 (563.99) 0.858884419
05/31/1996 0.00119 0.674621003 571.30 (567.80) 0.864832867
06/30/1996 0.00115 0.657380596 576.48 (572.86) 0.872684592 OI
07/31/1996 0.00119 0.685460514 578.14 (574.41) 0.87519614
08/31/1996 0.00119 0.687433239 583.30 (579.44) 0.883010769
09/30/1996 0.00115 0.671198064 596.78 (592.74) 0.903413111 OI
10/31/1996 0.00119 0.709596595 605.60 (601.39) 0.916760611
11/30/1996 0.00115 0.696852143 616.80 (612.42) 0.933715334
12/31/1996 0.00119 0.733397838 616.09 (611.61) 0.932648317 OI
01/31/1997 0.00119 0.732559736 617.78 (613.19) 0.935207749
02/28/1997 0.00107 0.663482646 621.95 (617.23) 0.941517081
03/31/1997 0.00119 0.739525813 613.67 (608.91) 0.928986555 1.0 OI .008 LT Gain
04/30/1997 0.00115 0.706145382 617.89 (612.99) 0.935372415
05/31/1997 0.00119 0.734699411 627.00 (621.93) 0.949167179
06/30/1997 0.00115 0.721485168 636.09 (630.84) 0.962921592 OI
07/31/1997 0.00119 0.756338241 649.11 (643.65) 0.982635487
08/31/1997 0.00119 0.771822754 643.34 (637.81) 0.973889587
09/30/1997 0.00115 0.740277274 655.16 (649.42) 0.991782656 OI
10/31/1997 0.00119 0.779007508 653.11 (647.28) 0.988681382
11/30/1997 0.00115 0.751520879 654.89 (648.94) 0.99138315
12/31/1997 0.00119 0.778693711 660.48 (654.36) 0.999834536 OI
01/31/1998 0.00119 0.785331953 668.71 (662.42) 1.012307851
02/28/1998 0.00107 0.718181273 670.58 (664.16) 1.015131701
03/31/1998 0.00119 0.797347293 674.64 (668.06) 1.021271258 .09 OI .042 ST/.016 LT
04/30/1998 0.00115 0.77629324 676.50 (669.80) 1.024097311
05/31/1998 0.00119 0.804389439 678.34 (671.51) 1.026876246
06/30/1998 0.00115 0.780553729 677.56 (670.62) 1.025694635
07/31/1998 0.00119 0.805644076 683.35 (676.24) 1.034464431
08/31/1998 0.00119 0.812532416 648.30 (641.44) 0.981404235
09/30/1998 0.00115 0.745989342 660.70 (653.60) 1.000177109
10/31/1998 0.00119 0.785601031 653.35 (646.22) 0.989048
0.32140 0.321402656
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. GLOBAL GROWTH FUND IB (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 88M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.466363 1 6.00% 10%
Units purchased 2,144.255 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1990 0.466363 2,144.255 1,000.00 1,000.00 2,476.82 0.00%
05/31/1990 0.465883 2,144.255 998.97 0.00008 0.082191798 998.89 2,476.82 0.00%
06/30/1990 0.470949 2,144.255 1,009.83 0.00008 0.082100599 1,009.67 2,476.82 0.00%
07/31/1990 0.472709 2,144.255 1,013.61 0.00008 0.085752715 1,013.36 2,476.82 0.00%
08/31/1990 0.444743 2,144.255 953.64 0.00008 0.086066006 953.32 2,476.82 0.00%
09/30/1990 0.418713 2,144.255 897.83 0.00008 0.078355055 897.45 2,476.82 0.00%
10/31/1990 0.431207 2,144.255 924.62 0.00008 0.076221454 924.15 2,476.82 0.00%
11/30/1990 0.428392 2,144.255 918.58 0.00008 0.07595739 918.04 2,476.82 0.00%
12/31/1990 0.430679 2,144.255 923.49 0.00008 0.077970521 922.86 2,476.82 0.00%
01/31/1991 0.443573 2,144.255 951.13 0.00008 0.078380133 950.41 2,476.82 0.00%
02/28/1991 0.470339 2,144.255 1,008.53 0.00008 0.072908431 1,007.69 2,476.82 0.00%
03/31/1991 0.458316 2,144.255 982.75 0.00008 0.085584592 981.85 2,476.82 0.00%
04/30/1991 0.465683 2,144.255 998.54 0.00008 0.080699652 997.55 2,476.82 0.00%
05/31/1991 0.478600 2,144.255 1,026.24 0.00008 0.084723075 1,025.13 2,476.82 0.00%
06/30/1991 0.451115 2,144.255 967.31 0.00008 0.084257379 966.18 2,476.82 0.00%
07/31/1991 0.471884 2,144.255 1,011.84 0.00008 0.082058831 1,010.58 2,476.82 0.00%
08/31/1991 0.469920 2,144.255 1,007.63 0.00008 0.085829715 1,006.28 2,476.82 0.00%
09/30/1991 0.476768 2,144.255 1,022.31 0.00008 0.08270829 1,020.87 2,476.82 0.00%
10/31/1991 0.479456 2,144.255 1,028.08 0.00008 0.086703659 1,026.53 2,476.82 0.00%
11/30/1991 0.464148 2,144.255 995.25 0.00008 0.084372737 993.68 2,476.82 0.00%
12/31/1991 0.488487 2,144.255 1,047.44 0.00008 0.0843944 1,045.70 2,476.82 0.00%
01/31/1992 0.489727 2,144.255 1,050.10 0.00008 0.088812736 1,048.26 2,476.82 0.00%
02/29/1992 0.495167 2,144.255 1,061.76 0.00008 0.08328672 1,059.82 2,476.82 0.00%
03/31/1992 0.477607 2,144.255 1,024.11 0.00008 0.090012408 1,022.15 2,476.82 0.00%
04/30/1992 0.489105 2,144.255 1,048.76 0.00008 0.084012363 1,046.67 2,476.82 0.00%
05/31/1992 0.508394 2,144.255 1,090.13 0.00008 0.088895449 1,087.86 2,476.82 0.00%
06/30/1992 0.499026 2,144.255 1,070.04 0.00008 0.089413345 1,067.73 2,476.82 0.00%
07/31/1992 0.485970 2,144.255 1,042.04 0.00008 0.090683618 1,039.70 2,476.82 0.00%
08/31/1992 0.489099 2,144.255 1,048.75 0.00008 0.088303484 1,046.31 2,476.82 0.00%
09/30/1992 0.478423 2,144.255 1,025.86 0.00008 0.085997916 1,023.38 2,476.82 0.00%
10/31/1992 0.467725 2,144.255 1,002.92 0.00008 0.086917529 1,000.41 2,476.82 0.00%
11/30/1992 0.471781 2,144.255 1,011.62 0.00008 0.082225672 1,009.01 2,476.82 0.00%
12/31/1992 0.479914 2,144.255 1,029.06 0.00008 0.085696425 1,026.31 2,476.82 0.00%
01/31/1993 0.480701 2,144.255 1,030.74 0.00008 0.087166412 1,027.91 2,476.82 0.00%
02/28/1993 0.488892 2,144.255 1,048.31 0.00008 0.078853256 1,045.35 2,476.82 0.00%
03/31/1993 0.512867 2,144.255 1,099.72 0.00008 0.08878284 1,096.52 2,476.82 0.00%
04/30/1993 0.525674 2,144.255 1,127.18 0.00008 0.090124901 1,123.81 2,476.82 0.00%
05/31/1993 0.536628 2,144.255 1,150.67 0.00008 0.095447085 1,147.14 2,476.82 0.00%
06/30/1993 0.530013 2,144.255 1,136.48 0.00008 0.094285102 1,132.90 2,476.82 0.00%
07/31/1993 0.543231 2,144.255 1,164.83 0.00008 0.096218898 1,161.06 2,476.82 0.00%
08/31/1993 0.573890 2,144.255 1,230.57 0.00008 0.098610267 1,226.49 2,476.82 0.00%
09/30/1993 0.572325 2,144.255 1,227.21 0.00008 0.100807058 1,223.04 2,476.82 0.00%
10/31/1993 0.595068 2,144.255 1,275.98 0.00008 0.103874626 1,271.54 2,476.82 0.00%
11/30/1993 0.579699 2,144.255 1,243.02 0.00008 0.104509946 1,238.59 2,476.82 0.00%
12/31/1993 0.626677 2,144.255 1,343.75 0.00008 0.105195541 1,338.86 2,476.82 0.00%
01/31/1994 0.656593 2,144.255 1,407.90 0.00008 0.11371148 1,402.66 2,476.82 2.00%
02/28/1994 0.641716 2,144.255 1,376.00 0.00008 0.107601491 1,370.77 2,476.82 2.00%
03/31/1994 0.606510 2,144.255 1,300.51 0.00008 0.116421723 1,295.45 2,476.82 2.00%
04/30/1994 0.622323 2,144.255 1,334.42 0.00008 0.106475562 1,329.12 2,476.82 2.00%
05/31/1994 0.613323 2,144.255 1,315.12 0.00008 0.112884336 1,309.79 2,476.82 2.00%
06/30/1994 0.607112 2,144.255 1,301.80 0.00008 0.107653796 1,296.42 2,476.82 2.00%
07/31/1994 0.622374 2,144.255 1,334.53 0.00008 0.110106518 1,328.90 2,476.82 2.00%
08/31/1994 0.643123 2,144.255 1,379.02 0.00008 0.112865063 1,373.09 2,476.82 2.00%
09/30/1994 0.627349 2,144.255 1,345.20 0.00008 0.112856335 1,339.29 2,476.82 2.00%
10/31/1994 0.637975 2,144.255 1,367.98 0.00008 0.113748287 1,361.87 2,476.82 2.00%
11/30/1994 0.607207 2,144.255 1,302.01 0.00008 0.111934195 1,296.07 2,476.82 2.00%
12/31/1994 0.611967 2,144.255 1,312.21 0.00008 0.11007759 1,306.12 2,476.82 2.00%
01/31/1995 0.585798 2,144.255 1,256.10 0.00008 0.110931069 1,250.16 2,476.82 4.00%
02/28/1995 0.588810 2,144.255 1,262.56 0.00008 0.095902757 1,256.49 2,476.82 4.00%
03/31/1995 0.596663 2,144.255 1,279.40 0.00008 0.106715779 1,273.15 2,476.82 4.00%
04/30/1995 0.614547 2,144.255 1,317.75 0.00008 0.104642059 1,311.20 2,476.82 4.00%
05/31/1995 0.630549 2,144.255 1,352.06 0.00008 0.111362182 1,345.23 2,476.82 4.00%
06/30/1995 0.634945 2,144.255 1,361.48 0.00008 0.11056685 1,354.50 2,476.82 4.00%
07/31/1995 0.668431 2,144.255 1,433.29 0.00008 0.115039658 1,425.82 2,476.82 4.00%
08/31/1995 0.662575 2,144.255 1,420.73 0.00008 0.12109689 1,413.20 2,476.82 4.00%
09/30/1995 0.674284 2,144.255 1,445.84 0.00008 0.116153804 1,438.06 2,476.82 4.00%
10/31/1995 0.667500 2,144.255 1,431.29 0.00008 0.122136897 1,423.47 2,476.82 4.00%
11/30/1995 0.678228 2,144.255 1,454.29 0.00008 0.116997702 1,446.23 2,476.82 4.00%
12/31/1995 0.698126 2,144.255 1,496.96 0.00008 0.122830828 1,488.54 2,476.82 4.00%
01/31/1996 0.712953 2,144.255 1,528.75 0.00008 0.126424051 1,520.03 2,476.82 6.00%
02/29/1996 0.722726 2,144.255 1,549.71 0.00008 0.120769426 1,540.74 2,476.82 6.00%
03/31/1996 0.736196 2,144.255 1,578.59 0.00008 0.130857627 1,569.33 2,476.82 6.00%
04/30/1996 0.749869 2,144.255 1,607.91 0.00008 0.128985952 1,598.35 2,476.82 6.00%
05/31/1996 0.758596 2,144.255 1,626.62 0.00008 0.135749987 1,616.81 2,476.82 6.00%
06/30/1996 0.760624 2,144.255 1,630.97 0.00008 0.13288874 1,621.00 2,476.82 6.00%
07/31/1996 0.726045 2,144.255 1,556.82 0.00008 0.137674076 1,547.17 2,476.82 6.00%
08/31/1996 0.737181 2,144.255 1,580.70 0.00008 0.131403493 1,570.77 2,476.82 6.00%
09/30/1996 0.770407 2,144.255 1,651.95 0.00008 0.129104367 1,641.44 2,476.82 6.00%
10/31/1996 0.769975 2,144.255 1,651.02 0.00008 0.13940992 1,640.38 2,476.82 6.00%
11/30/1996 0.808837 2,144.255 1,734.35 0.00008 0.134825595 1,723.04 2,476.82 6.00%
12/31/1996 0.806927 2,144.255 1,730.26 0.00008 0.146340162 1,718.82 2,476.82 6.00%
01/31/1997 0.821241 2,144.255 1,760.95 0.00008 0.14598213 1,749.16 2,476.82 6.00%
02/28/1997 0.827023 2,144.255 1,773.35 0.00008 0.134182516 1,761.35 2,476.82 6.00%
03/31/1997 0.815559 2,144.255 1,748.77 0.00008 0.149593838 1,736.78 2,476.82 6.00%
04/30/1997 0.838210 2,144.255 1,797.34 0.00008 0.142749209 1,784.87 2,476.82 6.00%
05/31/1997 0.896330 2,144.255 1,921.96 0.00008 0.15159206 1,908.48 2,476.82 6.00%
06/30/1997 0.930276 2,144.255 1,994.75 0.00008 0.156861609 1,980.61 2,476.82 6.00%
07/31/1997 0.981663 2,144.255 2,104.94 0.00008 0.168215789 2,089.84 2,476.82 6.00%
08/31/1997 0.900124 2,144.255 1,930.10 0.00008 0.177493466 1,916.08 2,476.82 6.00%
09/30/1997 0.965359 2,144.255 2,069.98 0.00008 0.15748596 2,054.78 2,476.82 6.00%
10/31/1997 0.892028 2,144.255 1,912.74 0.00008 0.174515981 1,898.53 2,476.82 6.00%
11/30/1997 0.900478 2,144.255 1,930.86 0.00008 0.156043199 1,916.35 2,476.82 6.00%
12/31/1997 0.909878 2,144.255 1,951.01 0.00008 0.162758792 1,936.19 2,476.82 6.00%
01/31/1998 0.917192 2,144.255 1,966.69 0.00008 0.164443903 1,951.59 2,476.82 6.00%
02/28/1998 0.991981 2,144.255 2,127.06 0.00008 0.149711299 2,110.58 2,476.82 6.00%
03/31/1998 1.045784 2,144.255 2,242.43 0.00008 0.179254663 2,224.87 2,476.82 6.00%
04/30/1998 1.064893 2,144.255 2,283.40 0.00008 0.182866371 2,265.35 2,476.82 6.00%
05/31/1998 1.053327 2,144.255 2,258.60 0.00008 0.192399212 2,240.55 2,476.82 6.00%
06/30/1998 1.091639 2,144.255 2,340.75 0.00008 0.184154612 2,321.86 2,476.82 6.00%
07/31/1998 1.104344 2,144.255 2,367.99 0.00008 0.197198914 2,348.68 2,476.82 6.00%
08/31/1998 0.942600 2,144.255 2,021.17 0.00008 0.199477237 2,004.49 2,476.82 6.00%
09/30/1998 0.955488 2,144.255 2,048.81 0.00008 0.164752772 2,031.73 2,476.82 6.00%
10/31/1998 1.000000 2,144.255 2,144.26 0.00008 0.172558224 2,126.21 2,476.82 6.00%
11/30/1998 1.065085 2,144.255 2,283.81 0.00008 0.174757149 2,264.42 2,476.82 6.00%
12/31/1998 1.165076 2,144.255 2,498.22 0.00008 0.19232075 2,476.82 2,476.82 6.00%
12/31/1998 2,476.82
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 147.68% 147.68%
05/01/1990 0.00% 2,476.82 8.6740 11.02% 11.02% 2,476.81 2,476.81 9
05/31/1990 0.00% 2,476.82 8.5918 11.15% 11.15% 2,479.57 2,479.57 9
06/30/1990 0.00% 2,476.82 8.5096 11.12% 11.12% 2,453.10 2,453.10 9
07/31/1990 0.00% 2,476.82 8.4247 11.19% 11.19% 2,444.17 2,444.17 9
08/31/1990 0.00% 2,476.82 8.3397 12.13% 12.13% 2,598.09 2,598.09 9
09/30/1990 0.00% 2,476.82 8.2575 13.08% 13.08% 2,759.85 2,759.85 9
10/31/1990 0.00% 2,476.82 8.1726 12.82% 12.82% 2,680.11 2,680.11 9
11/30/1990 0.00% 2,476.82 8.0904 13.05% 13.05% 2,697.94 2,697.94 9
12/31/1990 0.00% 2,476.82 8.0055 13.12% 13.12% 2,683.84 2,683.84 9
01/31/1991 0.00% 2,476.82 7.9205 12.85% 12.85% 2,606.04 2,606.04 8
02/28/1991 0.00% 2,476.82 7.8438 12.15% 12.15% 2,457.91 2,457.91 8
03/31/1991 0.00% 2,476.82 7.7589 12.67% 12.67% 2,522.61 2,522.61 8
04/30/1991 0.00% 2,476.82 7.6767 12.58% 12.58% 2,482.91 2,482.91 8
05/31/1991 0.00% 2,476.82 7.5918 12.32% 12.32% 2,416.10 2,416.10 8
06/30/1991 0.00% 2,476.82 7.5096 13.36% 13.36% 2,563.52 2,563.52 8
07/31/1991 0.00% 2,476.82 7.4247 12.83% 12.83% 2,450.90 2,450.90 8
08/31/1991 0.00% 2,476.82 7.3397 13.06% 13.06% 2,461.35 2,461.35 8
09/30/1991 0.00% 2,476.82 7.2575 12.99% 12.99% 2,426.19 2,426.19 8
10/31/1991 0.00% 2,476.82 7.1726 13.07% 13.07% 2,412.79 2,412.79 8
11/30/1991 0.00% 2,476.82 7.0904 13.75% 13.75% 2,492.58 2,492.58 8
12/31/1991 0.00% 2,476.82 7.0055 13.10% 13.10% 2,368.58 2,368.58 8
01/31/1992 100.00% 2,476.82 6.9205 13.23% 13.23% 2,362.78 2,362.78 7
02/29/1992 100.00% 2,476.82 6.8411 13.21% 13.21% 2,337.01 2,337.01 7
03/31/1992 100.00% 2,476.82 6.7562 14.00% 14.00% 2,423.14 2,423.14 7
04/30/1992 100.00% 2,476.82 6.6740 13.78% 13.78% 2,366.37 2,366.37 7
05/31/1992 100.00% 2,476.82 6.5890 13.30% 13.30% 2,276.77 2,276.77 7
06/30/1992 100.00% 2,476.82 6.5068 13.81% 13.81% 2,319.71 2,319.71 7
07/31/1992 100.00% 2,476.82 6.4219 14.47% 14.47% 2,382.23 2,382.23 7
08/31/1992 100.00% 2,476.82 6.3370 14.57% 14.57% 2,367.20 2,367.20 7
09/30/1992 100.00% 2,476.82 6.2548 15.18% 15.18% 2,420.22 2,420.22 7
10/31/1992 100.00% 2,476.82 6.1699 15.83% 15.83% 2,475.79 2,475.79 7
11/30/1992 100.00% 2,476.82 6.0877 15.89% 15.89% 2,454.71 2,454.71 7
12/31/1992 100.00% 2,476.82 6.0027 15.81% 15.81% 2,413.31 2,413.31 7
01/31/1993 100.00% 2,476.82 5.9178 16.02% 16.02% 2,409.57 2,409.57 6
02/28/1993 100.00% 2,476.82 5.8411 15.91% 15.91% 2,369.37 2,369.37 6
03/31/1993 100.00% 2,476.82 5.7562 15.21% 15.21% 2,258.80 2,258.80 6
04/30/1993 100.00% 2,476.82 5.6740 14.94% 14.94% 2,203.94 2,203.94 6
05/31/1993 100.00% 2,476.82 5.5890 14.77% 14.77% 2,159.13 2,159.13 6
06/30/1993 100.00% 2,476.82 5.5068 15.26% 15.26% 2,186.26 2,186.26 6
07/31/1993 100.00% 2,476.82 5.4219 15.00% 15.00% 2,133.24 2,133.24 6
08/31/1993 100.00% 2,476.82 5.3370 14.08% 14.08% 2,019.44 2,019.44 6
09/30/1993 100.00% 2,476.82 5.2548 14.37% 14.37% 2,025.13 2,025.13 6
10/31/1993 100.00% 2,476.82 5.1699 13.77% 13.77% 1,947.89 1,947.89 6
11/30/1993 100.00% 2,476.82 5.0877 14.59% 14.59% 1,999.70 1,999.70 6
12/31/1993 100.00% 2,476.82 5.0027 13.08% 13.08% 1,849.94 1,849.94 6
01/31/1994 50.00% 2,473.53 4.9178 12.23% 12.26% 1,763.45 1,765.80 5
02/28/1994 50.00% 2,474.17 4.8411 12.97% 13.00% 1,804.94 1,806.88 5
03/31/1994 50.00% 2,475.67 4.7562 14.59% 14.60% 1,911.05 1,911.93 5
04/30/1994 50.00% 2,475.00 4.6740 14.23% 14.24% 1,862.13 1,863.50 5
05/31/1994 50.00% 2,475.39 4.5890 14.88% 14.89% 1,889.91 1,891.00 5
06/30/1994 50.00% 2,475.65 4.5068 15.44% 15.45% 1,909.62 1,910.51 5
07/31/1994 50.00% 2,475.01 4.4219 15.10% 15.12% 1,862.45 1,863.82 5
08/31/1994 50.00% 2,474.12 4.3370 14.54% 14.57% 1,801.87 1,803.83 5
09/30/1994 50.00% 2,474.80 4.2548 15.52% 15.55% 1,847.84 1,849.34 5
10/31/1994 50.00% 2,474.35 4.1699 15.40% 15.42% 1,816.88 1,818.69 5
11/30/1994 50.00% 2,475.66 4.0877 17.15% 17.17% 1,910.12 1,911.01 5
12/31/1994 50.00% 2,475.46 4.0027 17.32% 17.34% 1,895.27 1,896.31 5
01/31/1995 40.00% 2,466.44 3.9178 18.94% 19.07% 1,972.90 1,981.20 4
02/28/1995 40.00% 2,466.18 3.8411 19.19% 19.33% 1,962.75 1,971.21 4
03/31/1995 40.00% 2,465.52 3.7562 19.24% 19.38% 1,936.56 1,945.43 4
04/30/1995 40.00% 2,464.00 3.6740 18.73% 18.90% 1,879.19 1,888.97 4
05/31/1995 40.00% 2,462.63 3.5890 18.35% 18.54% 1,830.64 1,841.18 4
06/30/1995 40.00% 2,462.26 3.5068 18.58% 18.78% 1,817.84 1,828.58 4
07/31/1995 40.00% 2,459.41 3.4219 17.27% 17.51% 1,724.91 1,737.12 4
08/31/1995 40.00% 2,459.92 3.3370 18.07% 18.31% 1,740.67 1,752.62 4
09/30/1995 40.00% 2,458.92 3.2548 17.92% 18.18% 1,709.88 1,722.33 4
10/31/1995 40.00% 2,459.51 3.1699 18.83% 19.09% 1,727.82 1,739.98 4
11/30/1995 40.00% 2,458.59 3.0877 18.75% 19.03% 1,700.00 1,712.60 4
12/31/1995 40.00% 2,456.90 3.0027 18.16% 18.48% 1,650.54 1,663.92 4
01/31/1996 30.00% 2,430.20 2.9178 17.45% 18.21% 1,598.78 1,629.45 3
02/29/1996 30.00% 2,428.95 2.8384 17.39% 18.20% 1,576.48 1,607.55 3
03/31/1996 30.00% 2,427.24 2.7534 17.16% 18.03% 1,546.67 1,578.26 3
04/30/1996 30.00% 2,425.50 2.6712 16.90% 17.82% 1,517.50 1,549.61 3
05/31/1996 30.00% 2,424.39 2.5863 16.96% 17.93% 1,499.49 1,531.91 3
06/30/1996 30.00% 2,424.14 2.5041 17.43% 18.45% 1,495.46 1,527.95 3
07/31/1996 30.00% 2,428.57 2.4192 20.49% 21.47% 1,569.68 1,600.87 3
08/31/1996 30.00% 2,427.15 2.3342 20.49% 21.54% 1,545.20 1,576.82 3
09/30/1996 30.00% 2,422.91 2.2521 18.88% 20.04% 1,476.09 1,508.93 3
10/31/1996 30.00% 2,422.98 2.1671 19.72% 20.94% 1,477.08 1,509.91 3
11/30/1996 30.00% 2,418.02 2.0849 17.65% 19.01% 1,403.34 1,437.47 3
12/31/1996 30.00% 2,418.27 2.0000 18.61% 20.04% 1,406.93 1,441.00 3
01/31/1997 20.00% 2,401.59 1.9151 18.00% 19.92% 1,372.99 1,416.00 2
02/28/1997 20.00% 2,400.86 1.8384 18.35% 20.37% 1,363.08 1,406.21 2
03/31/1997 20.00% 2,402.33 1.7534 20.32% 22.44% 1,383.21 1,426.09 2
04/30/1997 20.00% 2,399.44 1.6712 19.37% 21.66% 1,344.32 1,387.67 2
05/31/1997 20.00% 2,392.03 1.5863 15.30% 17.86% 1,253.37 1,297.79 2
06/30/1997 20.00% 2,387.70 1.5041 13.23% 16.03% 1,205.54 1,250.53 2
07/31/1997 20.00% 2,381.15 1.4192 9.63% 12.72% 1,139.39 1,185.17 2
08/31/1997 20.00% 2,391.57 1.3342 18.07% 21.21% 1,248.16 1,292.65 2
09/30/1997 20.00% 2,383.25 1.2521 12.57% 16.09% 1,159.85 1,205.39 2
10/31/1997 20.00% 2,392.63 1.1671 21.92% 25.59% 1,260.25 1,304.60 2
11/30/1997 20.00% 2,391.56 1.0849 22.65% 26.68% 1,247.97 1,292.46 2
12/31/1997 20.00% 2,390.37 1.0000 23.46% 27.92% 1,234.57 1,279.22 2
01/31/1998 10.00% 2,374.58 0.9151 21.67% 26.91% 1,196.64 1,243.70 1
02/28/1998 10.00% 2,365.04 0.8384 12.06% 17.35% 1,100.14 1,143.57 1
03/31/1998 10.00% 2,358.18 0.7534 5.99% 11.32% 1,044.82 1,084.18 1
04/30/1998 10.00% 2,355.76 0.6712 3.99% 9.33% 1,026.61 1,061.73 1
05/31/1998 10.00% 2,357.24 0.5863 5.21% 10.55% 1,030.22 1,060.54 1
06/30/1998 10.00% 2,352.36 0.5041 1.31% 6.67% 1,006.60 1,033.10 1
07/31/1998 10.00% 2,350.75 0.4192 0.09% 5.46% 1,000.37 1,022.52 1
08/31/1998 10.00% 2,371.41 0.3342 18.30% 23.56% 1,057.78 1,073.27 1
09/30/1998 10.00% 2,369.77 0.2521 16.64% 21.91% 1,039.56 1,051.20 1
10/31/1998 10.00% 2,364.10 0.1671 11.19% 16.49% 1,017.88 1,025.83 1
11/30/1998 10.00% 2,355.81 0.0849 4.04% 9.38% 1,003.36 1,007.64 1
12/31/1998 10.00% 2,343.07 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. GLOBAL GROWTH FUND IB (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 88M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.466363 1 6.00% 10%
Units purchased 2,144.255 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 2,264.42 2,355.81 2,476.82 4.04% 9.38%
30-Sep-98 0.25 0.25 2,031.73 2,369.77 2,476.82 16.64% 21.91%
31-Dec-97 1.00 1.00 1,936.19 2,390.37 2,476.82 23.46% 27.92%
31-Dec-97 1.00 1.00 1,936.19 2,390.37 2,476.82 23.46% 27.92%
31-Dec-95 3.00 3.00 1,488.54 2,456.90 2,476.82 18.18% 18.50%
31-Dec-93 5.00 5.00 1,338.86 2,476.82 2,476.82 13.09% 13.09%
31-Dec-88 10.01 10.00 -- -- -- #NUM! #NUM!
31-Oct-98 0.17 0.17 2,126.21 2,364.10 2,476.82 11.19% 16.49%
1-May-90 8.67 8.67 1,000.00 2,476.82 2,476.82 11.03% 11.03%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
PUTNAM V.T. GLOBAL GROWTH FUND IB
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1990 100 10 1000
05/31/1990 1000 0 10 100 10.12 1,012.00 0.00%
06/30/1990 1012 0 10 100 10.24 1,024.00 1.19%
07/31/1990 1024 0 10 100 10.29 1,029.00 0.48%
08/31/1990 1029 0 10 100 9.69 969.00 -5.81%
09/30/1990 969 0 10 100 9.13 913.00 -5.75%
10/31/1990 913 0 10 100 9.42 942.00 3.09%
11/30/1990 942 0 10 100 9.36 936.00 -0.55%
12/31/1990 936 0 10 100 9.42 942.00 0.64%
01/31/1991 942 0 10 100 9.71 971.00 3.10%
02/28/1991 971 0 10 100 10.31 1,031.00 6.13%
03/31/1991 1031 0 9.95 100 9.95 995.00 -2.45%
04/30/1991 995 0 10 100 10.13 1,013.00 1.71%
05/31/1991 1013 0 10 100 10.42 1,042.00 2.88%
06/30/1991 1042 0 10 100 9.83 983.00 -5.64%
07/31/1991 983 0 10 100 10.29 1,029.00 4.71%
08/31/1991 1029 0 10 100 10.26 1,026.00 -0.31%
09/30/1991 1026 0 10 100 10.42 1,042.00 1.56%
10/31/1991 1042 0 10 100 10.49 1,049.00 0.67%
11/30/1991 1049 0 10 100 10.17 1,017.00 -3.09%
12/31/1991 1017 0 10 100 10.71 1,071.00 5.35%
01/31/1992 1071 0 10 100 10.75 1,075.00 0.36%
02/29/1992 1075 0 10 100 10.88 1,088.00 1.21%
03/31/1992 1088 0 10.41 100 10.41 1,041.00 -3.44%
04/30/1992 1041 0 10 100 10.68 1,068.00 2.51%
05/31/1992 1068 0 10 100 11.11 1,111.00 4.05%
06/30/1992 1111 0 10 100 10.91 1,091.00 -1.74%
07/31/1992 1091 0 10 100 10.64 1,064.00 -2.51%
08/31/1992 1064 0 10 100 10.72 1,072.00 0.75%
09/30/1992 1072 0 10 100 10.50 1,050.00 -2.08%
10/31/1992 1050 0 10 100 10.27 1,027.00 -2.13%
11/30/1992 1027 0 10 100 10.37 1,037.00 0.97%
12/31/1992 1037 0 10 100 10.56 1,056.00 1.83%
01/31/1993 1056 0 10 100 10.59 1,059.00 0.27%
02/28/1993 1059 0 10 100 10.78 1,078.00 1.80%
03/31/1993 1078 0 11.16 100 11.16 1,116.00 5.01%
04/30/1993 1116 0 10 100 11.46 1,146.00 2.60%
05/31/1993 1146 0 10 100 11.71 1,171.00 2.19%
06/30/1993 1171 0 10 100 11.57 1,157.00 -1.13%
07/31/1993 1157 0 10 100 11.87 1,187.00 2.60%
08/31/1993 1187 0 10 100 12.56 1,256.00 5.75%
09/30/1993 1256 0 10 100 12.54 1,254.00 -0.17%
10/31/1993 1254 0 10 100 13.05 1,305.00 4.08%
11/30/1993 1305 0 10 100 12.72 1,272.00 -2.48%
12/31/1993 1272 0 10 100 13.77 1,377.00 8.21%
01/31/1994 1377 0 10 100 14.44 1,444.00 4.88%
02/28/1994 1444 0 10 100 14.13 1,413.00 -2.17%
03/31/1994 1413 0 13.3 100 13.30 1,330.00 -5.38%
04/30/1994 1330 0 10 100 13.66 1,366.00 2.71%
05/31/1994 1366 0 10 100 13.48 1,348.00 -1.34%
06/30/1994 1348 0 10 100 13.36 1,336.00 -0.91%
07/31/1994 1336 0 10 100 13.71 1,371.00 2.62%
08/31/1994 1371 0 10 100 14.18 1,418.00 3.44%
09/30/1994 1418 0 10 100 13.84 1,384.00 -2.35%
10/31/1994 1384 0 10 100 14.09 1,409.00 1.80%
11/30/1994 1409 0 10 100 13.43 1,343.00 -4.72%
12/31/1994 1343 0 10 100 13.55 1,355.00 0.89%
01/31/1995 1355 0 10 100 12.98 1,298.00 -4.17%
02/28/1995 1298 0 10 100 13.06 1,306.00 0.61%
03/31/1995 1306 0 12.9 100 12.90 1,290.00 1.44%
04/30/1995 1290 0 10 100 13.30 1,330.00 3.10%
05/31/1995 1330 0 10 100 13.66 1,366.00 2.71%
06/30/1995 1366 0 10 100 13.77 1,377.00 0.80%
07/31/1995 1377 0 10 100 14.51 1,451.00 5.38%
08/31/1995 1451 0 10 100 14.40 1,440.00 -0.77%
09/30/1995 1440 0 10 100 14.67 1,467.00 1.87%
10/31/1995 1467 0 10 100 14.53 1,453.00 -0.90%
11/30/1995 1453 0 10 100 14.78 1,478.00 1.71%
12/31/1995 1478 0 10 100 15.23 1,523.00 3.04%
01/31/1996 1523 0 10 100 15.57 1,557.00 2.23%
02/29/1996 1557 0 10 100 15.80 1,580.00 1.47%
03/31/1996 1580 0 15.29 100 15.29 1,529.00 1.97%
04/30/1996 1529 0 10 100 15.59 1,559.00 1.96%
05/31/1996 1559 0 10 100 15.78 1,578.00 1.27%
06/30/1996 1578 0 10 100 15.84 1,584.00 0.37%
07/31/1996 1584 0 10 100 15.14 1,514.00 -4.44%
08/31/1996 1514 0 10 100 15.39 1,539.00 1.64%
09/30/1996 1539 0 10 100 16.10 1,610.00 4.61%
10/31/1996 1610 0 10 100 16.11 1,611.00 0.05%
11/30/1996 1611 0 10 100 16.94 1,694.00 5.15%
12/31/1996 1694 0 10 100 16.91 1,691.00 -0.13%
01/31/1997 1691 0 10 100 17.23 1,723.00 1.88%
02/28/1997 1723 0 10 100 17.37 1,737.00 0.80%
03/31/1997 1737 0 16.3 100 16.30 1,630.00 -1.28%
04/30/1997 1630 0 10 100 16.77 1,677.00 2.88%
05/31/1997 1677 0 10 100 17.94 1,794.00 7.04%
06/30/1997 1794 0 10 100 18.64 1,864.00 3.89%
07/31/1997 1864 0 10 100 19.69 1,969.00 5.63%
08/31/1997 1969 0 10 100 18.08 1,808.00 -8.20%
09/30/1997 1808 0 10 100 19.41 1,941.00 7.35%
10/31/1997 1941 0 10 100 17.95 1,795.00 -7.49%
11/30/1997 1795 0 10 100 18.14 1,814.00 1.05%
12/31/1997 1814 0 10 100 18.35 1,835.00 1.15%
01/31/1998 1835 0 10 100 18.52 1,852.00 0.91%
02/28/1998 1852 0 10 100 20.04 2,004.00 8.25%
03/31/1998 2004 0 18.03 100 18.03 1,803.00 5.53%
04/30/1998 1803 0 10 100 18.38 1,838.00 1.93%
05/31/1998 1838 0 10 100 18.20 1,820.00 -0.98%
06/30/1998 1820 0 10 100 18.88 1,888.00 3.74%
07/31/1998 1888 0 10 100 19.12 1,912.00 1.27%
08/31/1998 1912 0 10 100 16.34 1,634.00 -14.54%
09/30/1998 1634 0 10 100 16.58 1,658.00 1.47%
10/31/1998 1658 0 10 100 17.37 1,737.00 4.76%
0.658
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1990 1,000.0 0.466362541
05/31/1990 0.00103 1.0274 998.9726027 0.08 0.465883401
06/30/1990 0.00103 1.0263 1009.834035 0.16 0.470948766
07/31/1990 0.00106 1.0721 1013.609154 0.25 0.472709341
08/31/1990 0.00106 1.0761 953.6423705 0.32 0.444743079
09/30/1990 0.00103 0.9798 897.8281646 0.38 0.418713424
10/31/1990 0.00106 0.9532 924.6178812 0.47 0.431207144
11/30/1990 0.00103 0.9499 918.582533 0.54 0.428392484
12/31/1990 0.00106 0.9752 923.4862537 0.62 0.430679396
01/31/1991 0.00106 0.9804 951.1339141 0.72 0.443573229
02/28/1991 0.00096 0.912 1008.526377 0.84 0.470338924
03/31/1991 0.00106 1.0707 982.7467848 0.90 0.458316288 OI
04/30/1991 0.00103 1.0097 998.5420834 1.00 0.465682623
05/31/1991 0.00106 1.0601 1026.239999 1.11 0.478599894
06/30/1991 0.00103 1.0544 967.3057072 1.13 0.451115147
07/31/1991 0.00106 1.0269 1011.838872 1.26 0.471883747
08/31/1991 0.00106 1.0742 1007.627959 1.34 0.469919935
09/30/1991 0.00103 1.0352 1022.311721 1.45 0.476767892
10/31/1991 0.00106 1.0853 1028.075878 1.54 0.479456079
11/30/1991 0.00103 1.0562 995.2520915 1.58 0.464148294
12/31/1991 0.00106 1.0566 1047.441475 1.74 0.488487468
01/31/1992 0.00106 1.112 1050.100255 1.84 0.489727423
02/29/1992 0.00099 1.0429 1061.76356 1.94 0.495166752
03/31/1992 0.00106 1.1272 1024.111679 1.96 0.477607325 OI
04/30/1992 0.00103 1.0522 1048.764712 2.09 0.489104576
05/31/1992 0.00106 1.1134 1090.126269 2.26 0.508394057
06/30/1992 0.00103 1.12 1070.038079 2.31 0.499025677
07/31/1992 0.00106 1.136 1042.044124 2.34 0.485970345
08/31/1992 0.00106 1.1063 1048.753175 2.45 0.489099195
09/30/1992 0.00103 1.0775 1025.861623 2.48 0.478423433
10/31/1992 0.00106 1.0891 1002.92167 2.51 0.467725099
11/30/1992 0.00103 1.0304 1011.619612 2.61 0.471781493
12/31/1992 0.00106 1.074 1029.058271 2.74 0.47991423
01/31/1993 0.00106 1.0925 1030.744235 2.84 0.4807005
02/28/1993 0.00096 0.9884 1048.309246 2.96 0.488892164
03/31/1993 0.00106 1.1129 1099.716608 3.20 0.512866632 OI
04/30/1993 0.00103 1.1298 1127.179394 3.37 0.525674246
05/31/1993 0.00106 1.1967 1150.66796 3.53 0.536628434
06/30/1993 0.00103 1.1822 1136.483219 3.58 0.530013202
07/31/1993 0.00106 1.2065 1164.825242 3.77 0.54323086
08/31/1993 0.00106 1.2366 1230.566064 4.08 0.573889916
09/30/1993 0.00103 1.2643 1227.209822 4.17 0.572324691
10/31/1993 0.00106 1.3029 1275.977123 4.44 0.595067933
11/30/1993 0.00103 1.3109 1243.021955 4.43 0.579698877
12/31/1993 0.00106 1.3196 1343.75441 4.89 0.626676721
01/31/1994 0.00106 1.4266 1407.903037 5.24 0.656593238
02/28/1994 0.00096 1.35 1376.001497 5.23 0.641715555
03/31/1994 0.00106 1.4608 1300.511793 5.06 0.606509984 OI
04/30/1994 0.00103 1.3361 1334.41952 5.30 0.622323278
05/31/1994 0.00106 1.4167 1315.121621 5.33 0.613323461
06/30/1994 0.00103 1.3512 1301.802862 5.39 0.60711209
07/31/1994 0.00106 1.3821 1334.528046 5.63 0.62237389
08/31/1994 0.00106 1.4168 1379.019017 5.93 0.643122813
09/30/1994 0.00103 1.4168 1345.19527 5.90 0.627348684
10/31/1994 0.00106 1.4281 1367.980666 6.11 0.637974939
11/30/1994 0.00103 1.4055 1302.006519 5.93 0.607207069
12/31/1994 0.00106 1.3823 1312.21211 6.09 0.611966574
01/31/1995 0.00106 1.3931 1256.099763 5.94 0.585797877
02/28/1995 0.00096 1.2045 1262.557492 6.07 0.58880952
03/31/1995 0.00106 1.3404 1279.397934 6.25 0.596663271 .120821 OI .229733 LT Gain
04/30/1995 0.00103 1.3144 1317.74482 6.54 0.614546823
05/31/1995 0.00106 1.399 1352.056729 6.83 0.630548612
06/30/1995 0.00103 1.3891 1361.484083 6.98 0.634945177
07/31/1995 0.00106 1.4454 1433.286516 7.47 0.668431141
08/31/1995 0.00106 1.5216 1420.72857 7.52 0.662574586
09/30/1995 0.00103 1.4597 1445.836541 7.77 0.674284003
10/31/1995 0.00106 1.535 1431.289049 7.82 0.667499598
11/30/1995 0.00103 1.4705 1454.293589 8.06 0.678228054
12/31/1995 0.00106 1.5439 1496.960173 8.42 0.69812615
01/31/1996 0.00106 1.5892 1528.753146 8.72 0.712953202
02/29/1996 0.00099 1.5183 1549.707535 8.96 0.722725544
03/31/1996 0.00106 1.6452 1578.591536 9.26 0.73619596 .251679 OI .573827 LT Gain
04/30/1996 0.00103 1.6218 1607.91009 9.56 0.749869035
05/31/1996 0.00106 1.707 1626.62352 9.81 0.758596278
06/30/1996 0.00103 1.6712 1630.970838 9.97 0.760623704
07/31/1996 0.00106 1.7315 1556.824223 9.65 0.7260445
08/31/1996 0.00106 1.6528 1580.703347 9.93 0.73718083
09/30/1996 0.00103 1.624 1651.949761 10.51 0.770407488
10/31/1996 0.00106 1.7538 1651.021954 10.64 0.769974794
11/30/1996 0.00103 1.6963 1734.353329 11.32 0.808837425
12/31/1996 0.00106 1.8413 1730.257404 11.44 0.80692724
01/31/1997 0.00106 1.8369 1760.949326 11.78 0.821240802
02/28/1997 0.00096 1.6886 1773.34834 12.00 0.827023238
03/31/1997 0.00106 1.8827 1748.766816 11.98 0.815559336 .405788 OI .217589 ST Gain .228721 LT Gain
04/30/1997 0.00103 1.7967 1797.334623 12.46 0.838209541
05/31/1997 0.00106 1.9081 1921.958851 13.48 0.896329613
06/30/1997 0.00103 1.9746 1994.748435 14.14 0.930275949
07/31/1997 0.00106 2.1177 2104.935059 15.09 0.981662863
08/31/1997 0.00106 2.2347 1930.095693 14.02 0.900124332
09/30/1997 0.00103 1.983 2069.974751 15.19 0.965358685
10/31/1997 0.00106 2.1976 1912.736067 14.21 0.892028452
11/30/1997 0.00103 1.9651 1930.854656 14.50 0.900478283
12/31/1997 0.00106 2.0499 1951.009604 14.82 0.909877796
01/31/1998 0.00106 2.0713 1966.692514 15.10 0.917191718
02/28/1998 0.00096 1.8859 2127.058777 16.48 0.991980536
03/31/1998 0.00106 2.2582 2242.426949 17.55 1.04578393 .488985 OI .896668 ST Gain 1.734637 LT Gain
04/30/1998 0.00103 2.3039 2283.401925 18.06 1.064893124
05/31/1998 0.00106 2.4242 2258.600427 18.05 1.053326634
06/30/1998 0.00103 2.3205 2340.751603 18.89 1.091638865
07/31/1998 0.00106 2.485 2367.994104 19.31 1.104343747
08/31/1998 0.00106 2.514 2021.173795 16.68 0.942599747
09/30/1998 0.00103 2.0765 2048.808501 17.07 0.955487539
10/31/1998 0.00106 2.1751 2144.254549 18.04 1
1.048808501 1.048808501
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. GLOBAL GROWTH FUND IB (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 146M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.472312 1 6.00% 10%
Units purchased 2,117.246 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1990 0.472312 2,117.246 1,000.00 1,000.00 2,445.01 0.00%
05/31/1990 0.471768 2,117.246 998.85 0.00008 0.082191762 998.77 2,445.01 0.00%
06/30/1990 0.476839 2,117.246 1,009.59 0.00008 0.08209043 1,009.42 2,445.01 0.00%
07/31/1990 0.478561 2,117.246 1,013.23 0.00008 0.085731635 1,012.98 2,445.01 0.00%
08/31/1990 0.450188 2,117.246 953.16 0.00008 0.086033927 952.84 2,445.01 0.00%
09/30/1990 0.423784 2,117.246 897.25 0.00008 0.078315243 896.87 2,445.01 0.00%
10/31/1990 0.436375 2,117.246 923.91 0.00008 0.076172749 923.44 2,445.01 0.00%
11/30/1990 0.433473 2,117.246 917.77 0.00008 0.075899463 917.23 2,445.01 0.00%
12/31/1990 0.435732 2,117.246 922.55 0.00008 0.077901389 921.93 2,445.01 0.00%
01/31/1991 0.448721 2,117.246 950.05 0.00008 0.078300714 949.33 2,445.01 0.00%
02/28/1991 0.475746 2,117.246 1,007.27 0.00008 0.072825546 1,006.43 2,445.01 0.00%
03/31/1991 0.463524 2,117.246 981.40 0.00008 0.085478019 980.49 2,445.01 0.00%
04/30/1991 0.470917 2,117.246 997.05 0.00008 0.080588623 996.05 2,445.01 0.00%
05/31/1991 0.483920 2,117.246 1,024.58 0.00008 0.084596244 1,023.47 2,445.01 0.00%
06/30/1991 0.456070 2,117.246 965.61 0.00008 0.084120815 964.48 2,445.01 0.00%
07/31/1991 0.477008 2,117.246 1,009.94 0.00008 0.081915114 1,008.68 2,445.01 0.00%
08/31/1991 0.474962 2,117.246 1,005.61 0.00008 0.085668958 1,004.27 2,445.01 0.00%
09/30/1991 0.481825 2,117.246 1,020.14 0.00008 0.082542817 1,018.70 2,445.01 0.00%
10/31/1991 0.484481 2,117.246 1,025.76 0.00008 0.086519677 1,024.23 2,445.01 0.00%
11/30/1991 0.468953 2,117.246 992.89 0.00008 0.084183034 991.32 2,445.01 0.00%
12/31/1991 0.493484 2,117.246 1,044.83 0.00008 0.084193924 1,043.09 2,445.01 0.00%
01/31/1992 0.494674 2,117.246 1,047.35 0.00008 0.088591039 1,045.51 2,445.01 0.00%
02/29/1992 0.500109 2,117.246 1,058.85 0.00008 0.083068258 1,056.92 2,445.01 0.00%
03/31/1992 0.482311 2,117.246 1,021.17 0.00008 0.089765722 1,019.21 2,445.01 0.00%
04/30/1992 0.493862 2,117.246 1,045.63 0.00008 0.083771054 1,043.54 2,445.01 0.00%
05/31/1992 0.513276 2,117.246 1,086.73 0.00008 0.088629442 1,084.47 2,445.01 0.00%
06/30/1992 0.503754 2,117.246 1,066.57 0.00008 0.089134861 1,064.27 2,445.01 0.00%
07/31/1992 0.490511 2,117.246 1,038.53 0.00008 0.090389823 1,036.20 2,445.01 0.00%
08/31/1992 0.493607 2,117.246 1,045.09 0.00008 0.088005884 1,042.65 2,445.01 0.00%
09/30/1992 0.482772 2,117.246 1,022.15 0.00008 0.085697237 1,019.68 2,445.01 0.00%
10/31/1992 0.471915 2,117.246 999.16 0.00008 0.086602716 996.66 2,445.01 0.00%
11/30/1992 0.475949 2,117.246 1,007.70 0.00008 0.081917176 1,005.10 2,445.01 0.00%
12/31/1992 0.484093 2,117.246 1,024.94 0.00008 0.085364471 1,022.21 2,445.01 0.00%
01/31/1993 0.484825 2,117.246 1,026.49 0.00008 0.086817889 1,023.67 2,445.01 0.00%
02/28/1993 0.493031 2,117.246 1,043.87 0.00008 0.078527982 1,040.92 2,445.01 0.00%
03/31/1993 0.517145 2,117.246 1,094.92 0.00008 0.088406602 1,091.74 2,445.01 0.00%
04/30/1993 0.529996 2,117.246 1,122.13 0.00008 0.089732076 1,118.78 2,445.01 0.00%
05/31/1993 0.540973 2,117.246 1,145.37 0.00008 0.095019631 1,141.86 2,445.01 0.00%
06/30/1993 0.534237 2,117.246 1,131.11 0.00008 0.093851137 1,127.54 2,445.01 0.00%
07/31/1993 0.547492 2,117.246 1,159.18 0.00008 0.095764076 1,155.42 2,445.01 0.00%
08/31/1993 0.578322 2,117.246 1,224.45 0.00008 0.098131941 1,220.39 2,445.01 0.00%
09/30/1993 0.576673 2,117.246 1,220.96 0.00008 0.100305978 1,216.81 2,445.01 0.00%
10/31/1993 0.599516 2,117.246 1,269.32 0.00008 0.103345519 1,264.91 2,445.01 0.00%
11/30/1993 0.583958 2,117.246 1,236.38 0.00008 0.103964862 1,231.98 2,445.01 0.00%
12/31/1993 0.631207 2,117.246 1,336.42 0.00008 0.104633636 1,331.55 2,445.01 0.00%
01/31/1994 0.661259 2,117.246 1,400.05 0.00008 0.113090757 1,394.84 2,445.01 2.00%
02/28/1994 0.646200 2,117.246 1,368.16 0.00008 0.107001107 1,362.96 2,445.01 2.00%
03/31/1994 0.610666 2,117.246 1,292.93 0.00008 0.115758493 1,287.90 2,445.01 2.00%
04/30/1994 0.626512 2,117.246 1,326.48 0.00008 0.105854722 1,321.21 2,445.01 2.00%
05/31/1994 0.617372 2,117.246 1,307.13 0.00008 0.112212642 1,301.83 2,445.01 2.00%
06/30/1994 0.611043 2,117.246 1,293.73 0.00008 0.106999391 1,288.37 2,445.01 2.00%
07/31/1994 0.626326 2,117.246 1,326.09 0.00008 0.109423572 1,320.49 2,445.01 2.00%
08/31/1994 0.647127 2,117.246 1,370.13 0.00008 0.112151067 1,364.23 2,445.01 2.00%
09/30/1994 0.631175 2,117.246 1,336.35 0.00008 0.112128567 1,330.49 2,445.01 2.00%
10/31/1994 0.641786 2,117.246 1,358.82 0.00008 0.113000482 1,352.74 2,445.01 2.00%
11/30/1994 0.610755 2,117.246 1,293.12 0.00008 0.111184385 1,287.23 2,445.01 2.00%
12/31/1994 0.615464 2,117.246 1,303.09 0.00008 0.109326052 1,297.04 2,445.01 2.00%
01/31/1995 0.589068 2,117.246 1,247.20 0.00008 0.110159776 1,241.30 2,445.01 4.00%
02/28/1995 0.592028 2,117.246 1,253.47 0.00008 0.095223278 1,247.45 2,445.01 4.00%
03/31/1995 0.599850 2,117.246 1,270.03 0.00008 0.105947558 1,263.82 2,445.01 4.00%
04/30/1995 0.617755 2,117.246 1,307.94 0.00008 0.103875705 1,301.44 2,445.01 4.00%
05/31/1995 0.633761 2,117.246 1,341.83 0.00008 0.110533379 1,335.05 2,445.01 4.00%
06/30/1995 0.638102 2,117.246 1,351.02 0.00008 0.109730339 1,344.09 2,445.01 4.00%
07/31/1995 0.671673 2,117.246 1,422.10 0.00008 0.114155327 1,414.69 2,445.01 4.00%
08/31/1995 0.665703 2,117.246 1,409.46 0.00008 0.120151453 1,401.99 2,445.01 4.00%
09/30/1995 0.677385 2,117.246 1,434.19 0.00008 0.115232146 1,426.48 2,445.01 4.00%
10/31/1995 0.670484 2,117.246 1,419.58 0.00008 0.121153084 1,411.82 2,445.01 4.00%
11/30/1995 0.681177 2,117.246 1,442.22 0.00008 0.116040349 1,434.23 2,445.01 4.00%
12/31/1995 0.701075 2,117.246 1,484.35 0.00008 0.121810961 1,476.00 2,445.01 4.00%
01/31/1996 0.715875 2,117.246 1,515.68 0.00008 0.125358831 1,507.03 2,445.01 6.00%
02/29/1996 0.725603 2,117.246 1,536.28 0.00008 0.119736911 1,527.39 2,445.01 6.00%
03/31/1996 0.739034 2,117.246 1,564.72 0.00008 0.129723608 1,555.53 2,445.01 6.00%
04/30/1996 0.752669 2,117.246 1,593.59 0.00008 0.12785216 1,584.11 2,445.01 6.00%
05/31/1996 0.761333 2,117.246 1,611.93 0.00008 0.134540451 1,602.21 2,445.01 6.00%
06/30/1996 0.763274 2,117.246 1,616.04 0.00008 0.13168811 1,606.16 2,445.01 6.00%
07/31/1996 0.728477 2,117.246 1,542.36 0.00008 0.136413435 1,532.80 2,445.01 6.00%
08/31/1996 0.739558 2,117.246 1,565.83 0.00008 0.130182891 1,555.98 2,445.01 6.00%
09/30/1996 0.772800 2,117.246 1,636.21 0.00008 0.127889072 1,625.80 2,445.01 6.00%
10/31/1996 0.772268 2,117.246 1,635.08 0.00008 0.138081323 1,624.54 2,445.01 6.00%
11/30/1996 0.811151 2,117.246 1,717.41 0.00008 0.133523663 1,706.20 2,445.01 6.00%
12/31/1996 0.809132 2,117.246 1,713.13 0.00008 0.144910031 1,701.81 2,445.01 6.00%
01/31/1997 0.823381 2,117.246 1,743.30 0.00008 0.144537036 1,731.63 2,445.01 6.00%
02/28/1997 0.829084 2,117.246 1,755.38 0.00008 0.132837597 1,743.49 2,445.01 6.00%
03/31/1997 0.817486 2,117.246 1,730.82 0.00008 0.148077526 1,718.96 2,445.01 6.00%
04/30/1997 0.840089 2,117.246 1,778.68 0.00008 0.14128402 1,766.34 2,445.01 6.00%
05/31/1997 0.898232 2,117.246 1,901.78 0.00008 0.150018108 1,888.44 2,445.01 6.00%
06/30/1997 0.932140 2,117.246 1,973.57 0.00008 0.155214449 1,959.57 2,445.01 6.00%
07/31/1997 0.983511 2,117.246 2,082.34 0.00008 0.166429628 2,067.40 2,445.01 6.00%
08/31/1997 0.901694 2,117.246 1,909.11 0.00008 0.175587589 1,895.24 2,445.01 6.00%
09/30/1997 0.966931 2,117.246 2,047.23 0.00008 0.155773271 2,032.21 2,445.01 6.00%
10/31/1997 0.893358 2,117.246 1,891.46 0.00008 0.172598242 1,877.40 2,445.01 6.00%
11/30/1997 0.901710 2,117.246 1,909.14 0.00008 0.154307176 1,894.80 2,445.01 6.00%
12/31/1997 0.911008 2,117.246 1,928.83 0.00008 0.160928398 1,914.18 2,445.01 6.00%
01/31/1998 0.918215 2,117.246 1,944.09 0.00008 0.162574057 1,929.16 2,445.01 6.00%
02/28/1998 0.992981 2,117.246 2,102.39 0.00008 0.147990266 2,086.09 2,445.01 6.00%
03/31/1998 1.046712 2,117.246 2,216.15 0.00008 0.177175155 2,198.80 2,445.01 6.00%
04/30/1998 1.065710 2,117.246 2,256.37 0.00008 0.180723121 2,238.52 2,445.01 6.00%
05/31/1998 1.053998 2,117.246 2,231.57 0.00008 0.19012121 2,213.73 2,445.01 6.00%
06/30/1998 1.092205 2,117.246 2,312.47 0.00008 0.181950787 2,293.80 2,445.01 6.00%
07/31/1998 1.104777 2,117.246 2,339.09 0.00008 0.194815804 2,320.01 2,445.01 6.00%
08/31/1998 0.942829 2,117.246 1,996.20 0.00008 0.197041775 1,979.72 2,445.01 6.00%
09/30/1998 0.955604 2,117.246 2,023.25 0.00008 0.162716976 2,006.38 2,445.01 6.00%
10/31/1998 1.000000 2,117.246 2,117.25 0.00008 0.170405249 2,099.43 2,445.01 6.00%
11/30/1998 1.064954 2,117.246 2,254.77 0.00008 0.172555729 2,235.62 2,445.01 6.00%
12/31/1998 1.164790 2,117.246 2,466.15 0.00008 0.189874723 2,445.01 2,445.01 6.00%
12/31/1998 2,445.01
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 144.50% 144.50%
05/01/1990 0.00% 2,445.01 8.6740 10.86% 10.86% 2,445.01 2,445.01 9
05/31/1990 0.00% 2,445.01 8.5918 10.98% 10.98% 2,448.03 2,448.03 9
06/30/1990 0.00% 2,445.01 8.5096 10.96% 10.96% 2,422.20 2,422.20 9
07/31/1990 0.00% 2,445.01 8.4247 11.03% 11.03% 2,413.68 2,413.68 9
08/31/1990 0.00% 2,445.01 8.3397 11.96% 11.96% 2,566.04 2,566.04 9
09/30/1990 0.00% 2,445.01 8.2575 12.91% 12.91% 2,726.16 2,726.16 9
10/31/1990 0.00% 2,445.01 8.1726 12.65% 12.65% 2,647.71 2,647.71 9
11/30/1990 0.00% 2,445.01 8.0904 12.88% 12.88% 2,665.66 2,665.66 9
12/31/1990 0.00% 2,445.01 8.0055 12.96% 12.96% 2,652.07 2,652.07 9
01/31/1991 0.00% 2,445.01 7.9205 12.69% 12.69% 2,575.51 2,575.51 8
02/28/1991 0.00% 2,445.01 7.8438 11.98% 11.98% 2,429.38 2,429.38 8
03/31/1991 0.00% 2,445.01 7.7589 12.50% 12.50% 2,493.65 2,493.65 8
04/30/1991 0.00% 2,445.01 7.6767 12.41% 12.41% 2,454.70 2,454.70 8
05/31/1991 0.00% 2,445.01 7.5918 12.15% 12.15% 2,388.95 2,388.95 8
06/30/1991 0.00% 2,445.01 7.5096 13.19% 13.19% 2,535.05 2,535.05 8
07/31/1991 0.00% 2,445.01 7.4247 12.67% 12.67% 2,423.97 2,423.97 8
08/31/1991 0.00% 2,445.01 7.3397 12.89% 12.89% 2,434.62 2,434.62 8
09/30/1991 0.00% 2,445.01 7.2575 12.82% 12.82% 2,400.13 2,400.13 8
10/31/1991 0.00% 2,445.01 7.1726 12.90% 12.90% 2,387.18 2,387.18 8
11/30/1991 0.00% 2,445.01 7.0904 13.58% 13.58% 2,466.43 2,466.43 8
12/31/1991 0.00% 2,445.01 7.0055 12.93% 12.93% 2,344.02 2,344.02 8
01/31/1992 100.00% 2,445.01 6.9205 13.06% 13.06% 2,338.58 2,338.58 7
02/29/1992 100.00% 2,445.01 6.8411 13.04% 13.04% 2,313.34 2,313.34 7
03/31/1992 100.00% 2,445.01 6.7562 13.83% 13.83% 2,398.92 2,398.92 7
04/30/1992 100.00% 2,445.01 6.6740 13.61% 13.61% 2,343.00 2,343.00 7
05/31/1992 100.00% 2,445.01 6.5890 13.13% 13.13% 2,254.56 2,254.56 7
06/30/1992 100.00% 2,445.01 6.5068 13.64% 13.64% 2,297.37 2,297.37 7
07/31/1992 100.00% 2,445.01 6.4219 14.30% 14.30% 2,359.60 2,359.60 7
08/31/1992 100.00% 2,445.01 6.3370 14.40% 14.40% 2,345.00 2,345.00 7
09/30/1992 100.00% 2,445.01 6.2548 15.01% 15.01% 2,397.83 2,397.83 7
10/31/1992 100.00% 2,445.01 6.1699 15.66% 15.66% 2,453.21 2,453.21 7
11/30/1992 100.00% 2,445.01 6.0877 15.72% 15.72% 2,432.61 2,432.61 7
12/31/1992 100.00% 2,445.01 6.0027 15.64% 15.64% 2,391.89 2,391.89 7
01/31/1993 100.00% 2,445.01 5.9178 15.85% 15.85% 2,388.48 2,388.48 6
02/28/1993 100.00% 2,445.01 5.8411 15.74% 15.74% 2,348.91 2,348.91 6
03/31/1993 100.00% 2,445.01 5.7562 15.04% 15.04% 2,239.56 2,239.56 6
04/30/1993 100.00% 2,445.01 5.6740 14.77% 14.77% 2,185.43 2,185.43 6
05/31/1993 100.00% 2,445.01 5.5890 14.59% 14.59% 2,141.26 2,141.26 6
06/30/1993 100.00% 2,445.01 5.5068 15.09% 15.09% 2,168.44 2,168.44 6
07/31/1993 100.00% 2,445.01 5.4219 14.83% 14.83% 2,116.12 2,116.12 6
08/31/1993 100.00% 2,445.01 5.3370 13.91% 13.91% 2,003.47 2,003.47 6
09/30/1993 100.00% 2,445.01 5.2548 14.20% 14.20% 2,009.36 2,009.36 6
10/31/1993 100.00% 2,445.01 5.1699 13.60% 13.60% 1,932.96 1,932.96 6
11/30/1993 100.00% 2,445.01 5.0877 14.42% 14.42% 1,984.63 1,984.63 6
12/31/1993 100.00% 2,445.01 5.0027 12.92% 12.92% 1,836.21 1,836.21 6
01/31/1994 50.00% 2,441.57 4.9178 12.06% 12.09% 1,750.43 1,752.90 5
02/28/1994 50.00% 2,442.21 4.8411 12.80% 12.83% 1,791.84 1,793.90 5
03/31/1994 50.00% 2,443.71 4.7562 14.42% 14.43% 1,897.44 1,898.45 5
04/30/1994 50.00% 2,443.04 4.6740 14.06% 14.08% 1,849.09 1,850.58 5
05/31/1994 50.00% 2,443.43 4.5890 14.71% 14.72% 1,876.92 1,878.14 5
06/30/1994 50.00% 2,443.70 4.5068 15.26% 15.28% 1,896.73 1,897.75 5
07/31/1994 50.00% 2,443.05 4.4219 14.93% 14.95% 1,850.11 1,851.60 5
08/31/1994 50.00% 2,442.18 4.3370 14.37% 14.40% 1,790.15 1,792.23 5
09/30/1994 50.00% 2,442.85 4.2548 15.35% 15.37% 1,836.06 1,837.68 5
10/31/1994 50.00% 2,442.41 4.1699 15.22% 15.25% 1,805.52 1,807.45 5
11/30/1994 50.00% 2,443.72 4.0877 16.98% 16.99% 1,898.44 1,899.44 5
12/31/1994 50.00% 2,443.52 4.0027 17.14% 17.16% 1,883.92 1,885.07 5
01/31/1995 40.00% 2,434.48 3.9178 18.76% 18.89% 1,961.23 1,969.72 4
02/28/1995 40.00% 2,434.24 3.8411 19.01% 19.15% 1,951.37 1,960.01 4
03/31/1995 40.00% 2,433.58 3.7562 19.06% 19.21% 1,925.57 1,934.62 4
04/30/1995 40.00% 2,432.08 3.6740 18.55% 18.72% 1,868.76 1,878.70 4
05/31/1995 40.00% 2,430.73 3.5890 18.17% 18.36% 1,820.70 1,831.40 4
06/30/1995 40.00% 2,430.37 3.5068 18.40% 18.60% 1,808.19 1,819.09 4
07/31/1995 40.00% 2,427.55 3.4219 17.09% 17.34% 1,715.96 1,728.31 4
08/31/1995 40.00% 2,428.05 3.3370 17.89% 18.14% 1,731.86 1,743.96 4
09/30/1995 40.00% 2,427.08 3.2548 17.74% 18.00% 1,701.44 1,714.02 4
10/31/1995 40.00% 2,427.66 3.1699 18.65% 18.92% 1,719.52 1,731.81 4
11/30/1995 40.00% 2,426.77 3.0877 18.57% 18.86% 1,692.04 1,704.76 4
12/31/1995 40.00% 2,425.09 3.0027 17.98% 18.30% 1,643.02 1,656.51 4
01/31/1996 30.00% 2,398.60 2.9178 17.27% 18.04% 1,591.61 1,622.40 3
02/29/1996 30.00% 2,397.38 2.8384 17.21% 18.03% 1,569.59 1,600.78 3
03/31/1996 30.00% 2,395.69 2.7534 16.98% 17.85% 1,540.11 1,571.82 3
04/30/1996 30.00% 2,393.98 2.6712 16.72% 17.64% 1,511.25 1,543.47 3
05/31/1996 30.00% 2,392.89 2.5863 16.78% 17.75% 1,493.50 1,526.03 3
06/30/1996 30.00% 2,392.65 2.5041 17.25% 18.27% 1,489.68 1,522.27 3
07/31/1996 30.00% 2,397.06 2.4192 20.30% 21.29% 1,563.84 1,595.13 3
08/31/1996 30.00% 2,395.67 2.3342 20.31% 21.36% 1,539.65 1,571.36 3
09/30/1996 30.00% 2,391.48 2.2521 18.69% 19.86% 1,470.96 1,503.89 3
10/31/1996 30.00% 2,391.55 2.1671 19.54% 20.76% 1,472.14 1,505.05 3
11/30/1996 30.00% 2,386.65 2.0849 17.47% 18.84% 1,398.81 1,433.02 3
12/31/1996 30.00% 2,386.92 2.0000 18.43% 19.86% 1,402.58 1,436.72 3
01/31/1997 20.00% 2,370.46 1.9151 17.82% 19.74% 1,368.91 1,411.97 2
02/28/1997 20.00% 2,369.74 1.8384 18.17% 20.19% 1,359.19 1,402.36 2
03/31/1997 20.00% 2,371.22 1.7534 20.14% 22.26% 1,379.45 1,422.38 2
04/30/1997 20.00% 2,368.37 1.6712 19.18% 21.48% 1,340.84 1,384.22 2
05/31/1997 20.00% 2,361.05 1.5863 15.12% 17.68% 1,250.26 1,294.73 2
06/30/1997 20.00% 2,356.78 1.5041 13.06% 15.85% 1,202.70 1,247.73 2
07/31/1997 20.00% 2,350.31 1.4192 9.46% 12.55% 1,136.84 1,182.65 2
08/31/1997 20.00% 2,360.64 1.3342 17.89% 21.03% 1,245.56 1,290.08 2
09/30/1997 20.00% 2,352.42 1.2521 12.40% 15.92% 1,157.57 1,203.13 2
10/31/1997 20.00% 2,361.71 1.1671 21.73% 25.40% 1,257.97 1,302.34 2
11/30/1997 20.00% 2,360.67 1.0849 22.46% 26.49% 1,245.86 1,290.38 2
12/31/1997 20.00% 2,359.50 1.0000 23.26% 27.73% 1,232.65 1,277.32 2
01/31/1998 10.00% 2,343.93 0.9151 21.50% 26.74% 1,195.08 1,242.16 1
02/28/1998 10.00% 2,334.52 0.8384 11.91% 17.21% 1,098.92 1,142.37 1
03/31/1998 10.00% 2,327.76 0.7534 5.86% 11.20% 1,043.87 1,083.25 1
04/30/1998 10.00% 2,325.37 0.6712 3.88% 9.22% 1,025.88 1,061.01 1
05/31/1998 10.00% 2,326.86 0.5863 5.11% 10.45% 1,029.65 1,059.99 1
06/30/1998 10.00% 2,322.06 0.5041 1.23% 6.59% 1,006.19 1,032.71 1
07/31/1998 10.00% 2,320.48 0.4192 0.02% 5.39% 1,000.09 1,022.24 1
08/31/1998 10.00% 2,340.90 0.3342 18.24% 23.50% 1,057.60 1,073.10 1
09/30/1998 10.00% 2,339.30 0.2521 16.59% 21.86% 1,039.46 1,051.11 1
10/31/1998 10.00% 2,333.72 0.1671 11.16% 16.46% 1,017.84 1,025.79 1
11/30/1998 10.00% 2,325.55 0.0849 4.02% 9.37% 1,003.35 1,007.63 1
12/31/1998 10.00% 2,312.98 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. GLOBAL GROWTH FUND IB (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 146M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.472312 1 6.00% 10%
Units purchased 2,117.246 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
30-Nov-98 0.08 0.08 2,235.62 2,325.55 2,445.01 4.02% 9.37%
30-Sep-98 0.25 0.25 2,006.38 2,339.30 2,445.01 16.59% 21.86%
31-Dec-97 1.00 1.00 1,914.18 2,359.50 2,445.01 23.26% 27.73%
31-Dec-97 1.00 1.00 1,914.18 2,359.50 2,445.01 23.26% 27.73%
31-Dec-95 3.00 3.00 1,476.00 2,425.09 2,445.01 18.00% 18.32%
31-Dec-93 5.00 5.00 1,331.55 2,445.01 2,445.01 12.92% 12.92%
31-Dec-88 10.01 10.00 -- -- -- #NUM! #NUM!
31-Oct-98 0.17 0.17 2,099.43 2,333.72 2,445.01 11.16% 16.46%
1-May-90 8.67 8.67 1,000.00 2,445.01 2,445.01 10.87% 10.87%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
PUTNAM V.T. GLOBAL GROWTH FUND IB
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1990 100 10 1000
05/31/1990 1000 0 10 100 10.12 1,012.00 0.00%
06/30/1990 1012 0 10 100 10.24 1,024.00 1.19%
07/31/1990 1024 0 10 100 10.29 1,029.00 0.48%
08/31/1990 1029 0 10 100 9.69 969.00 -5.81%
09/30/1990 969 0 10 100 9.13 913.00 -5.75%
10/31/1990 913 0 10 100 9.42 942.00 3.09%
11/30/1990 942 0 10 100 9.36 936.00 -0.55%
12/31/1990 936 0 10 100 9.42 942.00 0.64%
01/31/1991 942 0 10 100 9.71 971.00 3.10%
02/28/1991 971 0 10 100 10.31 1,031.00 6.13%
03/31/1991 1031 0 9.95 100 9.95 995.00 -2.45%
04/30/1991 995 0 10 100 10.13 1,013.00 1.71%
05/31/1991 1013 0 10 100 10.42 1,042.00 2.88%
06/30/1991 1042 0 10 100 9.83 983.00 -5.64%
07/31/1991 983 0 10 100 10.29 1,029.00 4.71%
08/31/1991 1029 0 10 100 10.26 1,026.00 -0.31%
09/30/1991 1026 0 10 100 10.42 1,042.00 1.56%
10/31/1991 1042 0 10 100 10.49 1,049.00 0.67%
11/30/1991 1049 0 10 100 10.17 1,017.00 -3.09%
12/31/1991 1017 0 10 100 10.71 1,071.00 5.35%
01/31/1992 1071 0 10 100 10.75 1,075.00 0.36%
02/29/1992 1075 0 10 100 10.88 1,088.00 1.21%
03/31/1992 1088 0 10.41 100 10.41 1,041.00 -3.44%
04/30/1992 1041 0 10 100 10.68 1,068.00 2.51%
05/31/1992 1068 0 10 100 11.11 1,111.00 4.05%
06/30/1992 1111 0 10 100 10.91 1,091.00 -1.74%
07/31/1992 1091 0 10 100 10.64 1,064.00 -2.51%
08/31/1992 1064 0 10 100 10.72 1,072.00 0.75%
09/30/1992 1072 0 10 100 10.50 1,050.00 -2.08%
10/31/1992 1050 0 10 100 10.27 1,027.00 -2.13%
11/30/1992 1027 0 10 100 10.37 1,037.00 0.97%
12/31/1992 1037 0 10 100 10.56 1,056.00 1.83%
01/31/1993 1056 0 10 100 10.59 1,059.00 0.27%
02/28/1993 1059 0 10 100 10.78 1,078.00 1.80%
03/31/1993 1078 0 11.16 100 11.16 1,116.00 5.01%
04/30/1993 1116 0 10 100 11.46 1,146.00 2.60%
05/31/1993 1146 0 10 100 11.71 1,171.00 2.19%
06/30/1993 1171 0 10 100 11.57 1,157.00 -1.13%
07/31/1993 1157 0 10 100 11.87 1,187.00 2.60%
08/31/1993 1187 0 10 100 12.56 1,256.00 5.75%
09/30/1993 1256 0 10 100 12.54 1,254.00 -0.17%
10/31/1993 1254 0 10 100 13.05 1,305.00 4.08%
11/30/1993 1305 0 10 100 12.72 1,272.00 -2.48%
12/31/1993 1272 0 10 100 13.77 1,377.00 8.21%
01/31/1994 1377 0 10 100 14.44 1,444.00 4.88%
02/28/1994 1444 0 10 100 14.13 1,413.00 -2.17%
03/31/1994 1413 0 13.3 100 13.30 1,330.00 -5.38%
04/30/1994 1330 0 10 100 13.66 1,366.00 2.71%
05/31/1994 1366 0 10 100 13.48 1,348.00 -1.34%
06/30/1994 1348 0 10 100 13.36 1,336.00 -0.91%
07/31/1994 1336 0 10 100 13.71 1,371.00 2.62%
08/31/1994 1371 0 10 100 14.18 1,418.00 3.44%
09/30/1994 1418 0 10 100 13.84 1,384.00 -2.35%
10/31/1994 1384 0 10 100 14.09 1,409.00 1.80%
11/30/1994 1409 0 10 100 13.43 1,343.00 -4.72%
12/31/1994 1343 0 10 100 13.55 1,355.00 0.89%
01/31/1995 1355 0 10 100 12.98 1,298.00 -4.17%
02/28/1995 1298 0 10 100 13.06 1,306.00 0.61%
03/31/1995 1306 0 12.9 100 12.90 1,290.00 1.44%
04/30/1995 1290 0 10 100 13.30 1,330.00 3.10%
05/31/1995 1330 0 10 100 13.66 1,366.00 2.71%
06/30/1995 1366 0 10 100 13.77 1,377.00 0.80%
07/31/1995 1377 0 10 100 14.51 1,451.00 5.38%
08/31/1995 1451 0 10 100 14.40 1,440.00 -0.77%
09/30/1995 1440 0 10 100 14.67 1,467.00 1.87%
10/31/1995 1467 0 10 100 14.53 1,453.00 -0.90%
11/30/1995 1453 0 10 100 14.78 1,478.00 1.71%
12/31/1995 1478 0 10 100 15.23 1,523.00 3.04%
01/31/1996 1523 0 10 100 15.57 1,557.00 2.23%
02/29/1996 1557 0 10 100 15.80 1,580.00 1.47%
03/31/1996 1580 0 15.29 100 15.29 1,529.00 1.97%
04/30/1996 1529 0 10 100 15.59 1,559.00 1.96%
05/31/1996 1559 0 10 100 15.78 1,578.00 1.27%
06/30/1996 1578 0 10 100 15.84 1,584.00 0.37%
07/31/1996 1584 0 10 100 15.14 1,514.00 -4.44%
08/31/1996 1514 0 10 100 15.39 1,539.00 1.64%
09/30/1996 1539 0 10 100 16.10 1,610.00 4.61%
10/31/1996 1610 0 10 100 16.11 1,611.00 0.05%
11/30/1996 1611 0 10 100 16.94 1,694.00 5.15%
12/31/1996 1694 0 10 100 16.91 1,691.00 -0.13%
01/31/1997 1691 0 10 100 17.23 1,723.00 1.88%
02/28/1997 1723 0 10 100 17.37 1,737.00 0.80%
03/31/1997 1737 0 16.3 100 16.30 1,630.00 -1.28%
04/30/1997 1630 0 10 100 16.77 1,677.00 2.88%
05/31/1997 1677 0 10 100 17.94 1,794.00 7.04%
06/30/1997 1794 0 10 100 18.64 1,864.00 3.89%
07/31/1997 1864 0 10 100 19.69 1,969.00 5.63%
08/31/1997 1969 0 10 100 18.08 1,808.00 -8.20%
09/30/1997 1808 0 10 100 19.41 1,941.00 7.35%
10/31/1997 1941 0 10 100 17.95 1,795.00 -7.49%
11/30/1997 1795 0 10 100 18.14 1,814.00 1.05%
12/31/1997 1814 0 10 100 18.35 1,835.00 1.15%
01/31/1998 1835 0 10 100 18.52 1,852.00 0.91%
02/28/1998 1852 0 10 100 20.04 2,004.00 8.25%
03/31/1998 2004 0 18.03 100 18.03 1,803.00 5.53%
04/30/1998 1803 0 10 100 18.38 1,838.00 1.93%
05/31/1998 1838 0 10 100 18.20 1,820.00 -0.98%
06/30/1998 1820 0 10 100 18.88 1,888.00 3.74%
07/31/1998 1888 0 10 100 19.12 1,912.00 1.27%
08/31/1998 1912 0 10 100 16.34 1,634.00 -14.54%
09/30/1998 1634 0 10 100 16.58 1,658.00 1.47%
10/31/1998 1658 0 10 100 17.37 1,737.00 4.76%
0.658
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1990 1,000.0 0.472311565
05/31/1990 0.00115 1.150684932 998.8493151 0.08 0.471768083
06/30/1990 0.00115 1.149360856 1009.586261 0.17 0.476839267
07/31/1990 0.00119 1.200439554 1013.231836 0.25 0.478561114
08/31/1990 0.00119 1.204774292 953.1582916 0.32 0.450187684
09/30/1990 0.00115 1.096784884 897.254905 0.38 0.423783868
10/31/1990 0.00119 1.066872956 923.9132086 0.47 0.436374893
11/30/1990 0.00115 1.063133007 917.7685529 0.54 0.433472701
12/31/1990 0.00119 1.091264526 922.5510071 0.62 0.43573151
01/31/1991 0.00119 1.096951061 950.0531373 0.72 0.448721084
02/28/1991 0.00107 1.020331041 1007.271064 0.84 0.475745772
03/31/1991 0.00119 1.197686689 981.3952358 0.90 0.46352432 OI
04/30/1991 0.00115 1.12927671 997.0478177 1.00 0.470917215
05/31/1991 0.00119 1.18553083 1024.577264 1.11 0.483919691
06/30/1991 0.00115 1.178965619 965.6121407 1.13 0.456069781
07/31/1991 0.00119 1.148152518 1009.94432 1.26 0.477008382
08/31/1991 0.00119 1.200865301 1005.612627 1.34 0.474962474
09/30/1991 0.00115 1.157143297 1020.143041 1.44 0.481825356
10/31/1991 0.00119 1.212991999 1025.765007 1.54 0.484480676
11/30/1991 0.00115 1.180332337 992.8885363 1.57 0.468952738
12/31/1991 0.00119 1.180585273 1044.827488 1.74 0.493484106
01/31/1992 0.00119 1.242342821 1047.346524 1.83 0.494673876
02/29/1992 0.00111 1.164993668 1058.854423 1.94 0.500109189
03/31/1992 0.00119 1.259021424 1021.17081 1.96 0.482310783 OI
04/30/1992 0.00115 1.175045863 1045.627151 2.09 0.493861796
05/31/1992 0.00119 1.243293653 1086.731757 2.26 0.513275977
06/30/1992 0.00115 1.250485857 1066.572139 2.30 0.503754356
07/31/1992 0.00119 1.268198104 1038.53298 2.33 0.490511137
08/31/1992 0.00119 1.234858392 1045.087119 2.44 0.493606732
09/30/1992 0.00115 1.202566 1022.146741 2.47 0.482771727
10/31/1992 0.00119 1.215374481 999.1596406 2.50 0.471914653
11/30/1992 0.00115 1.149717943 1007.701771 2.60 0.4759492
12/31/1992 0.00119 1.198198818 1024.944515 2.73 0.484093148
01/31/1993 0.00119 1.218701149 1026.493164 2.82 0.484824592
02/28/1993 0.00107 1.102425535 1043.867615 2.95 0.493030747
03/31/1993 0.00119 1.241201493 1094.924181 3.18 0.517145353 OI
04/30/1993 0.00115 1.259912756 1122.132297 3.35 0.529996061
05/31/1993 0.00119 1.334261416 1145.372733 3.52 0.540972788
06/30/1993 0.00115 1.317963145 1131.112058 3.57 0.534237306
07/31/1993 0.00119 1.344938721 1159.176033 3.75 0.547492246
08/31/1993 0.00119 1.37830794 1224.450347 4.06 0.578322059
09/30/1993 0.00115 1.408956563 1220.959825 4.15 0.576673445
10/31/1993 0.00119 1.451771408 1269.323214 4.42 0.599516033
11/30/1993 0.00115 1.460591096 1236.383407 4.41 0.583958182
12/31/1993 0.00119 1.470110681 1336.420374 4.87 0.631206798
01/31/1994 0.00119 1.589058746 1400.04863 5.21 0.661259159
02/28/1994 0.00107 1.503613871 1368.163961 5.20 0.646199661
03/31/1994 0.00119 1.626803175 1292.929936 5.03 0.610665761 OI
04/30/1994 0.00115 1.487754995 1326.480583 5.27 0.62651212
05/31/1994 0.00119 1.577239926 1307.128503 5.30 0.617371909
06/30/1994 0.00115 1.504093072 1293.729541 5.36 0.611043424
07/31/1994 0.00119 1.538297591 1326.086957 5.60 0.626326206
08/31/1994 0.00119 1.576771888 1370.127576 5.90 0.6471271
09/30/1994 0.00115 1.576585156 1336.352993 5.86 0.631174973
10/31/1994 0.00119 1.588978627 1358.818368 6.08 0.64178563
11/30/1994 0.00115 1.563571821 1293.11857 5.89 0.610754855
12/31/1994 0.00119 1.537571121 1303.089754 6.05 0.615464361
01/31/1995 0.00119 1.549427269 1247.201484 5.90 0.589067684
02/28/1995 0.00107 1.339460224 1253.469953 6.02 0.592028355
03/31/1995 0.00119 1.490427286 1270.029493 6.21 0.599849617 .120821 OI .229733 LT Gain
04/30/1995 0.00115 1.4614038 1307.939003 6.50 0.617754717
05/31/1995 0.00119 1.555193226 1341.828957 6.78 0.633761334
06/30/1995 0.00115 1.544022361 1351.019566 6.93 0.638102165
07/31/1995 0.00119 1.606417785 1422.098001 7.41 0.671673332
08/31/1995 0.00119 1.690932966 1409.456913 7.47 0.6657028
09/30/1995 0.00115 1.621840832 1434.191917 7.71 0.677385428
10/31/1995 0.00119 1.705313128 1419.578876 7.75 0.67048352
11/30/1995 0.00115 1.633488022 1442.220187 7.99 0.681177273
12/31/1995 0.00119 1.714859072 1484.348822 8.35 0.701075115
01/31/1996 0.00119 1.76495175 1515.684849 8.65 0.715875483
02/29/1996 0.00111 1.685939859 1536.279476 8.89 0.725602563
03/31/1996 0.00119 1.826699432 1564.717482 9.18 0.739034163 .251679 OI .573827 LT Gain
04/30/1996 0.00115 1.800496829 1593.585448 9.48 0.752668837
05/31/1996 0.00119 1.894838588 1611.929145 9.72 0.761332777
06/30/1996 0.00115 1.854822578 1616.03846 9.88 0.763273654
07/31/1996 0.00119 1.921536142 1542.364816 9.57 0.72847674
08/31/1996 0.00119 1.833935152 1565.825664 9.84 0.73955757
09/30/1996 0.00115 1.801771997 1636.208455 10.41 0.772800176
10/31/1996 0.00119 1.945519095 1635.08104 10.54 0.772267685
11/30/1996 0.00115 1.881463115 1717.406251 11.21 0.811150834
12/31/1996 0.00119 2.042066611 1713.131556 11.32 0.809131846
01/31/1997 0.00119 2.036983823 1743.301446 11.67 0.823381434
02/28/1997 0.00107 1.872257991 1755.375599 11.88 0.829084196
03/31/1997 0.00119 2.087213726 1730.819578 11.86 0.817486103 .405788 OI .217589 ST Gain .228721 LT Gain
04/30/1997 0.00115 1.991628007 1778.675554 12.33 0.840089034
05/31/1997 0.00119 2.11491833 1901.779394 13.34 0.898232402
06/30/1997 0.00115 2.188348892 1973.570264 14.00 0.93214006
07/31/1997 0.00119 2.346656149 2082.335614 14.93 0.983511192
08/31/1997 0.00119 2.47598262 1909.108111 13.87 0.901693839
09/30/1997 0.00115 2.196781936 2047.230775 15.03 0.966930771
10/31/1997 0.00119 2.434241524 1891.458948 14.05 0.893357936
11/30/1997 0.00115 2.17647331 1909.142794 14.34 0.90171022
12/31/1997 0.00119 2.27004924 1928.827887 14.65 0.911007717
01/31/1998 0.00119 2.293455624 1944.086765 14.93 0.918214662
02/28/1998 0.00107 2.087895923 2102.386027 16.29 0.992981234
03/31/1998 0.00119 2.499823386 2216.148151 17.35 1.046712401 .488985 OI .896668 ST Gain 1.734637 LT Gain
04/30/1998 0.00115 2.550088283 2256.369722 17.85 1.065709514
05/31/1998 0.00119 2.682916327 2231.574382 17.84 1.053998389
06/30/1998 0.00115 2.567839015 2312.467425 18.67 1.092205108
07/31/1998 0.00119 2.749618802 2339.086143 19.08 1.104777436
08/31/1998 0.00119 2.781269551 1996.201748 16.48 0.942829171
09/30/1998 0.00115 2.296999272 2023.248915 16.86 0.955603861
10/31/1998 0.00119 2.405726107 2117.246484 17.82 1
1.023248915 1.023248915
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. NEW VALUE FUND IB (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.890423 1 6.00% 10%
Units purchased 1,123.062 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 0.890423 1,123.062 1,000.00 1,000.00 1,215.36 6.00%
01/31/1997 0.918922 1,123.062 1,032.01 0.00008 0.079452061 1,031.93 1,215.36 6.00%
02/28/1997 0.938501 1,123.062 1,054.00 0.00008 0.07916156 1,053.83 1,215.36 6.00%
03/31/1997 0.907288 1,123.062 1,018.94 0.00008 0.089503788 1,018.70 1,215.36 6.00%
04/30/1997 0.905468 1,123.062 1,016.90 0.00008 0.083728465 1,016.57 1,215.36 6.00%
05/31/1997 0.963926 1,123.062 1,082.55 0.00008 0.086338756 1,082.11 1,215.36 6.00%
06/30/1997 0.991286 1,123.062 1,113.28 0.00008 0.088940786 1,112.74 1,215.36 6.00%
07/31/1997 1.040683 1,123.062 1,168.75 0.00008 0.094506604 1,168.09 1,215.36 6.00%
08/31/1997 1.013053 1,123.062 1,137.72 0.00008 0.099207956 1,136.98 1,215.36 6.00%
09/30/1997 1.077370 1,123.062 1,209.95 0.00008 0.093450524 1,209.07 1,215.36 6.00%
10/31/1997 1.020637 1,123.062 1,146.24 0.00008 0.102688429 1,145.30 1,215.36 6.00%
11/30/1997 1.036335 1,123.062 1,163.87 0.00008 0.094134453 1,162.82 1,215.36 6.00%
12/31/1997 1.035235 1,123.062 1,162.63 0.00008 0.098760341 1,161.49 1,215.36 6.00%
01/31/1998 1.001592 1,123.062 1,124.85 0.00008 0.098647105 1,123.65 1,215.36 6.00%
02/28/1998 1.052468 1,123.062 1,181.99 0.00008 0.086197496 1,180.64 1,215.36 6.00%
03/31/1998 1.090149 1,123.062 1,224.31 0.00008 0.100273184 1,222.81 1,215.36 6.00%
04/30/1998 1.083636 1,123.062 1,216.99 0.00008 0.100504538 1,215.40 1,215.36 6.00%
05/31/1998 1.067226 1,123.062 1,198.56 0.00008 0.103225693 1,196.89 1,215.36 6.00%
06/30/1998 1.067031 1,123.062 1,198.34 0.00008 0.098374572 1,196.57 1,215.36 6.00%
07/31/1998 1.037226 1,123.062 1,164.87 0.00008 0.101626779 1,163.05 1,215.36 6.00%
08/31/1998 0.875930 1,123.062 983.72 0.00008 0.098779472 982.09 1,215.36 6.00%
09/30/1998 0.934917 1,123.062 1,049.97 0.00008 0.080719489 1,048.14 1,215.36 6.00%
10/31/1998 1.000000 1,123.062 1,123.06 0.00008 0.08902027 1,121.02 1,215.36 6.00%
11/30/1998 1.063999 1,123.062 1,194.94 0.00008 0.092138491 1,192.67 1,215.36 6.00%
12/31/1998 1.084332 1,123.062 1,217.77 0.00008 0.101295279 1,215.36 1,215.36 6.00%
12/31/1998 1,215.36
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 16.99% 21.54%
01/02/1997 20.00% 1,169.95 1.9945 8.19% 10.27% 1,169.95 1,215.36 2
01/31/1997 20.00% 1,168.03 1.9151 6.68% 8.92% 1,131.89 1,177.76 2
02/28/1997 20.00% 1,166.72 1.8384 5.69% 8.07% 1,107.11 1,153.27 2
03/31/1997 20.00% 1,168.82 1.7534 8.16% 10.59% 1,147.37 1,193.06 2
04/30/1997 20.00% 1,168.95 1.6712 8.72% 11.28% 1,149.90 1,195.55 2
05/31/1997 20.00% 1,165.02 1.5863 4.76% 7.60% 1,076.61 1,123.14 2
06/30/1997 20.00% 1,163.18 1.5041 2.99% 6.04% 1,045.33 1,092.22 2
07/31/1997 20.00% 1,159.86 1.4192 -0.50% 2.83% 992.95 1,040.47 2
08/31/1997 20.00% 1,161.73 1.3342 1.63% 5.12% 1,021.76 1,068.94 2
09/30/1997 20.00% 1,157.40 1.2521 -3.43% 0.42% 957.26 1,005.20 2
10/31/1997 20.00% 1,161.23 1.1671 1.19% 5.22% 1,013.90 1,061.17 2
11/30/1997 20.00% 1,160.18 1.0849 -0.21% 4.16% 997.72 1,045.18 2
12/31/1997 20.00% 1,160.26 1.0000 -0.11% 4.64% 998.94 1,046.38 2
01/31/1998 10.00% 1,155.23 0.9151 2.81% 8.16% 1,025.70 1,074.44 1
02/28/1998 10.00% 1,151.81 0.8384 -2.44% 2.94% 979.49 1,024.60 1
03/31/1998 10.00% 1,149.28 0.7534 -6.01% -0.61% 954.36 995.41 1
04/30/1998 10.00% 1,149.73 0.6712 -5.40% 0.00% 963.40 999.98 1
05/31/1998 10.00% 1,150.84 0.5863 -3.85% 1.54% 977.26 1,009.02 1
06/30/1998 10.00% 1,150.86 0.5041 -3.82% 1.57% 980.55 1,007.88 1
07/31/1998 10.00% 1,152.87 0.4192 -0.88% 4.50% 996.32 1,018.61 1
08/31/1998 10.00% 1,163.73 0.3342 18.50% 23.75% 1,058.35 1,073.82 1
09/30/1998 10.00% 1,159.76 0.2521 10.65% 15.95% 1,025.84 1,038.02 1
10/31/1998 10.00% 1,155.39 0.1671 3.07% 8.42% 1,005.06 1,013.59 1
11/30/1998 10.00% 1,151.09 0.0849 -3.49% 1.90% 996.99 1,001.60 1
12/31/1998 10.00% 1,149.73 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. NEW VALUE FUND IB (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.890423 1 6.00% 10%
Units purchased 1,123.062 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,192.67 1,151.09 1,215.36 -3.49% 1.90%
09/30/1998 0.25 0.25 1,048.14 1,159.76 1,215.36 10.65% 15.95%
12/31/1997 1.00 1.00 1,161.49 1,160.26 1,215.36 -0.11% 4.64%
12/31/1997 1.00 1.00 1,161 1,160.26 1,215.36 -0.11% 4.64%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,121.02 1,155.39 1,215.36 3.07% 8.42%
01/02/1997 2.0 1.99 1,000.00 1,169.95 1,215.36 8.19% 10.27%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.00% Do not fill in
PUTNAM V.T. NEW VALUE FUND IB
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 100 10 1000
01/31/1997 1000 0 10 100 10.33 1,033.00 3.30%
02/28/1997 1033 0 10 100 10.56 1,056.00 2.23%
03/31/1997 1056 0 10 100 10.22 1,022.00 -3.22%
04/30/1997 1022 0 10 100 10.21 1,021.00 -0.10%
05/31/1997 1021 0 10 100 10.88 1,088.00 6.56%
06/30/1997 1088 0 10 100 11.20 1,120.00 2.94%
07/31/1997 1120 0 10 100 11.77 1,177.00 5.09%
08/31/1997 1177 0 10 100 11.47 1,147.00 -2.55%
09/30/1997 1147 0 10 100 12.21 1,221.00 6.45%
10/31/1997 1221 0 10 100 11.58 1,158.00 -5.16%
11/30/1997 1158 0 10 100 11.77 1,177.00 1.64%
12/31/1997 1177 0 10 100 11.77 1,177.00 0.00%
01/31/1998 1177 0 10 100 11.40 1,140.00 -3.14%
02/28/1998 1140 0 10 100 11.99 1,199.00 5.18%
03/31/1998 1199 0.302 12.13 102.49 12.13 1,243.20 3.69%
04/30/1998 1243.2 0 10 102.49 12.07 1,237.05 -0.49%
05/31/1998 1237.05 0 10 102.49 11.90 1,219.63 -1.41%
06/30/1998 1219.63 0 10 102.49 11.91 1,220.66 0.08%
07/31/1998 1220.66 0 10 102.49 11.59 1,187.86 -2.69%
08/31/1998 1187.86 0 10 102.49 9.80 1,004.40 -15.44%
09/30/1998 1004.4 0 10 102.49 10.47 1,073.07 6.84%
10/31/1998 1073.07 0 10 102.49 11.21 1,148.91 7.07%
0.22066
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 1,000 0.890422864
01/31/1997 0.00099 0.993150685 1032.006849 0.08 0.918922494
02/28/1997 0.00096 0.989595609 1053.995141 0.16 0.938501372
03/31/1997 0.00106 1.118967444 1018.940724 0.24 0.907288117
04/30/1997 0.00103 1.046856908 1016.89686 0.33 0.905468215
05/31/1997 0.00106 1.079582283 1082.548022 0.44 0.96392551
06/30/1997 0.00103 1.112206872 1113.275463 0.54 0.991285926
07/31/1997 0.00106 1.181902033 1168.75133 0.66 1.040682906
08/31/1997 0.00106 1.240797645 1137.720779 0.74 1.013052594
09/30/1997 0.00103 1.168891211 1209.953228 0.88 1.077370018
10/31/1997 0.00106 1.284539386 1146.23867 0.94 1.020637119
11/30/1997 0.00103 1.177642469 1163.868052 1.04 1.036334724
12/31/1997 0.00106 1.235613343 1162.632439 1.14 1.035234506
01/31/1998 0.00106 1.234301562 1124.849794 1.20 1.001591975
02/28/1998 0.00096 1.07862309 1181.987081 1.35 1.052468322
03/31/1998 0.00106 1.254849298 1224.305067 1.50 1.090149223 .092 OI .21 ST Gain
04/30/1998 0.00103 1.257847671 1216.99069 1.59 1.083636336
05/31/1998 0.00106 1.292010664 1198.561153 1.67 1.067226254
06/30/1998 0.00103 1.231398445 1198.341961 1.77 1.067031081
07/31/1998 0.00106 1.272212356 1164.86945 1.82 1.037226392
08/31/1998 0.00106 1.236676471 983.723568 1.64 0.875929957
09/30/1998 0.00103 1.010674899 1049.969262 1.83 0.934916638
10/31/1998 0.00106 1.114693395 1123.061908 2.04 1
0.198341961 0.198341961
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. NEW VALUE FUND IB (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 148M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.892859 1 6.00% 10%
Units purchased 1,119.998 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 0.892859 1,119.998 1,000.00 1,000.00 1,211.74 6.00%
01/31/1997 0.921330 1,119.998 1,031.89 0.00008 0.079452076 1,031.81 1,211.74 6.00%
02/28/1997 0.940854 1,119.998 1,053.75 0.00008 0.079152433 1,053.59 1,211.74 6.00%
03/31/1997 0.909443 1,119.998 1,018.57 0.00008 0.089483384 1,018.33 1,211.74 6.00%
04/30/1997 0.907507 1,119.998 1,016.41 0.00008 0.083698346 1,016.08 1,211.74 6.00%
05/31/1997 0.965980 1,119.998 1,081.90 0.00008 0.086297035 1,081.46 1,211.74 6.00%
06/30/1997 0.993280 1,119.998 1,112.47 0.00008 0.088887168 1,111.93 1,211.74 6.00%
07/31/1997 1.042649 1,119.998 1,167.77 0.00008 0.094438307 1,167.11 1,211.74 6.00%
08/31/1997 1.014834 1,119.998 1,136.61 0.00008 0.09912423 1,135.87 1,211.74 6.00%
09/30/1997 1.079139 1,119.998 1,208.63 0.00008 0.093359436 1,207.75 1,211.74 6.00%
10/31/1997 1.022176 1,119.998 1,144.83 0.00008 0.102576443 1,143.90 1,211.74 6.00%
11/30/1997 1.037771 1,119.998 1,162.30 0.00008 0.09401915 1,161.26 1,211.74 6.00%
12/31/1997 1.036537 1,119.998 1,160.92 0.00008 0.098627393 1,159.78 1,211.74 6.00%
01/31/1998 1.002720 1,119.998 1,123.04 0.00008 0.098501744 1,121.84 1,211.74 6.00%
02/28/1998 1.053538 1,119.998 1,179.96 0.00008 0.086059146 1,178.61 1,211.74 6.00%
03/31/1998 1.091123 1,119.998 1,222.06 0.00008 0.100101278 1,220.56 1,211.74 6.00%
04/30/1998 1.084470 1,119.998 1,214.60 0.00008 0.100319894 1,213.02 1,211.74 6.00%
05/31/1998 1.067909 1,119.998 1,196.06 0.00008 0.10302327 1,194.39 1,211.74 6.00%
06/30/1998 1.067582 1,119.998 1,195.69 0.00008 0.09816896 1,193.93 1,211.74 6.00%
07/31/1998 1.037626 1,119.998 1,162.14 0.00008 0.101401863 1,160.32 1,211.74 6.00%
08/31/1998 0.876135 1,119.998 981.27 0.00008 0.09854794 979.64 1,211.74 6.00%
09/30/1998 0.935028 1,119.998 1,047.23 0.00008 0.080518138 1,045.41 1,211.74 6.00%
10/31/1998 1.000000 1,119.998 1,120.00 0.00008 0.088787956 1,117.96 1,211.74 6.00%
11/30/1998 1.063867 1,119.998 1,191.53 0.00008 0.091887092 1,189.27 1,211.74 6.00%
12/31/1998 1.084061 1,119.998 1,214.15 0.00008 0.101006363 1,211.74 1,211.74 6.00%
12/31/1998 1,211.74
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 16.63% 21.17%
01/02/1997 20.00% 1,166.28 1.9945 8.02% 10.11% 1,166.28 1,211.74 2
01/31/1997 20.00% 1,164.37 1.9151 6.51% 8.76% 1,128.48 1,174.39 2
02/28/1997 20.00% 1,163.07 1.8384 5.52% 7.90% 1,103.90 1,150.10 2
03/31/1997 20.00% 1,165.18 1.7534 7.99% 10.43% 1,144.21 1,189.93 2
04/30/1997 20.00% 1,165.32 1.6712 8.55% 11.11% 1,146.88 1,192.57 2
05/31/1997 20.00% 1,161.40 1.5863 4.60% 7.43% 1,073.91 1,120.47 2
06/30/1997 20.00% 1,159.57 1.5041 2.83% 5.88% 1,042.84 1,089.76 2
07/31/1997 20.00% 1,156.26 1.4192 -0.66% 2.68% 990.70 1,038.24 2
08/31/1997 20.00% 1,158.13 1.3342 1.47% 4.97% 1,019.59 1,066.79 2
09/30/1997 20.00% 1,153.82 1.2521 -3.58% 0.26% 955.34 1,003.30 2
10/31/1997 20.00% 1,157.65 1.1671 1.03% 5.06% 1,012.02 1,059.31 2
11/30/1997 20.00% 1,156.61 1.0849 -0.37% 4.00% 996.00 1,043.47 2
12/31/1997 20.00% 1,156.70 1.0000 -0.27% 4.48% 997.34 1,044.80 2
01/31/1998 10.00% 1,151.70 0.9151 2.66% 8.01% 1,024.33 1,073.09 1
02/28/1998 10.00% 1,148.30 0.8384 -2.57% 2.81% 978.39 1,023.51 1
03/31/1998 10.00% 1,145.78 0.7534 -6.13% -0.72% 953.48 994.55 1
04/30/1998 10.00% 1,146.23 0.6712 -5.51% -0.11% 962.70 999.29 1
05/31/1998 10.00% 1,147.35 0.5863 -3.94% 1.45% 976.72 1,008.49 1
06/30/1998 10.00% 1,147.38 0.5041 -3.90% 1.49% 980.15 1,007.49 1
07/31/1998 10.00% 1,149.39 0.4192 -0.94% 4.43% 996.04 1,018.34 1
08/31/1998 10.00% 1,160.23 0.3342 18.44% 23.69% 1,058.17 1,073.65 1
09/30/1998 10.00% 1,156.29 0.2521 10.61% 15.91% 1,025.74 1,037.92 1
10/31/1998 10.00% 1,151.93 0.1671 3.04% 8.39% 1,005.02 1,013.55 1
11/30/1998 10.00% 1,147.66 0.0849 -3.50% 1.89% 996.98 1,001.59 1
12/31/1998 10.00% 1,146.31 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. NEW VALUE FUND IB (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 148M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.892859 1 6.00% 10%
Units purchased 1,119.998 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,189.27 1,147.66 1,211.74 -3.50% 1.89%
09/30/1998 0.25 0.25 1,045.41 1,156.29 1,211.74 10.61% 15.91%
12/31/1997 1.00 1.00 1,159.78 1,156.70 1,211.74 -0.27% 4.48%
12/31/1997 1.00 1.00 1,160 1,156.70 1,211.74 -0.27% 4.48%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,117.96 1,151.93 1,211.74 3.04% 8.39%
01/02/1997 2.0 1.99 1,000.00 1,166.28 1,211.74 8.02% 10.11%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
PUTNAM V.T. NEW VALUE FUND IB
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 100 10 1000
01/31/1997 1000 0 10 100 10.33 1,033.00 3.30%
02/28/1997 1033 0 10 100 10.56 1,056.00 2.23%
03/31/1997 1056 0 10 100 10.22 1,022.00 -3.22%
04/30/1997 1022 0 10 100 10.21 1,021.00 -0.10%
05/31/1997 1021 0 10 100 10.88 1,088.00 6.56%
06/30/1997 1088 0 10 100 11.20 1,120.00 2.94%
07/31/1997 1120 0 10 100 11.77 1,177.00 5.09%
08/31/1997 1177 0 10 100 11.47 1,147.00 -2.55%
09/30/1997 1147 0 10 100 12.21 1,221.00 6.45%
10/31/1997 1221 0 10 100 11.58 1,158.00 -5.16%
11/30/1997 1158 0 10 100 11.77 1,177.00 1.64%
12/31/1997 1177 0 10 100 11.77 1,177.00 0.00%
01/31/1998 1177 0 10 100 11.40 1,140.00 -3.14%
02/28/1998 1140 0 10 100 11.99 1,199.00 5.18%
03/31/1998 1199 0.302 12.13 102.49 12.13 1,243.20 3.69%
04/30/1998 1243.2 0 10 102.49 12.07 1,237.05 -0.49%
05/31/1998 1237.05 0 10 102.49 11.90 1,219.63 -1.41%
06/30/1998 1219.63 0 10 102.49 11.91 1,220.66 0.08%
07/31/1998 1220.66 0 10 102.49 11.59 1,187.86 -2.69%
08/31/1998 1187.86 0 10 102.49 9.80 1,004.40 -15.44%
09/30/1998 1004.4 0 10 102.49 10.47 1,073.07 6.84%
10/31/1998 1073.07 0 10 102.49 11.21 1,148.91 7.07%
0.22066
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 1,000 0.89285898
01/31/1997 0.00111 1.112328767 1031.887671 0.08 0.921330174
02/28/1997 0.00107 1.108219088 1053.754686 0.16 0.940854334
03/31/1997 0.00119 1.252957626 1018.574021 0.24 0.909442961
04/30/1997 0.00115 1.172057777 1016.405315 0.33 0.907506613
05/31/1997 0.00119 1.20854769 1081.895255 0.43 0.965979894
06/30/1997 0.00115 1.244920568 1112.470783 0.54 0.993279529
07/31/1997 0.00119 1.322773479 1167.764826 0.66 1.042649312
08/31/1997 0.00119 1.388520369 1136.611697 0.74 1.014833961
09/30/1997 0.00115 1.307881953 1208.633602 0.88 1.079139366
10/31/1997 0.00119 1.437115023 1144.834557 0.93 1.022175815
11/30/1997 0.00115 1.317343873 1162.3012 1.04 1.037771064
12/31/1997 0.00119 1.382023892 1160.919176 1.14 1.036537112
01/31/1998 0.00119 1.380380609 1123.044309 1.20 1.002720197
02/28/1998 0.00107 1.20611882 1179.960659 1.35 1.053538471
03/31/1998 0.00119 1.403021715 1222.05577 1.50 1.091123469 .092 OI .21 ST Gain
04/30/1998 0.00115 1.40620116 1214.604168 1.59 1.084470239
05/31/1998 0.00119 1.444214271 1196.056033 1.67 1.06790937
06/30/1998 0.00115 1.376283655 1195.689841 1.76 1.067582412
07/31/1998 0.00119 1.421724359 1162.139082 1.82 1.037626316
08/31/1998 0.00119 1.381831128 981.2697392 1.63 0.876135499
09/30/1998 0.00115 1.129132303 1047.22921 1.82 0.935028005
10/31/1998 0.00119 1.245198568 1119.997695 2.04 1
0.195689841 0.195689841
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FEDERATED HIGH INCOME BOND FUND II (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 81M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.721796 1 6.00% 10%
Units purchased 1,385.434 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 0.721796 1,385.434 1,000.00 1,000.00 1,453.06 2.00%
03/31/1994 0.691907 1,385.434 958.59 0.00008 0.08219181 958.51 1,453.06 2.00%
04/30/1994 0.687605 1,385.434 952.63 0.00008 0.078781608 952.47 1,453.06 2.00%
05/31/1994 0.694454 1,385.434 962.12 0.00008 0.08089487 961.88 1,453.06 2.00%
06/30/1994 0.697808 1,385.434 966.77 0.00008 0.079058464 966.44 1,453.06 2.00%
07/31/1994 0.693798 1,385.434 961.21 0.00008 0.082081552 960.81 1,453.06 2.00%
08/31/1994 0.698036 1,385.434 967.08 0.00008 0.081602892 966.60 1,453.06 2.00%
09/30/1994 0.700775 1,385.434 970.88 0.00008 0.079446181 970.31 1,453.06 2.00%
10/31/1994 0.697384 1,385.434 966.18 0.00008 0.082409829 965.53 1,453.06 2.00%
11/30/1994 0.683703 1,385.434 947.23 0.00008 0.079358718 946.51 1,453.06 2.00%
12/31/1994 0.688447 1,385.434 953.80 0.00008 0.080388572 953.00 1,453.06 2.00%
01/31/1995 0.696265 1,385.434 964.63 0.00008 0.080939591 963.74 1,453.06 4.00%
02/28/1995 0.719087 1,385.434 996.25 0.00008 0.073930646 995.25 1,453.06 4.00%
03/31/1995 0.725102 1,385.434 1,004.58 0.00008 0.084528482 1,003.49 1,453.06 4.00%
04/30/1995 0.743875 1,385.434 1,030.59 0.00008 0.082478996 1,029.39 1,453.06 4.00%
05/31/1995 0.761113 1,385.434 1,054.47 0.00008 0.087427928 1,053.16 1,453.06 4.00%
06/30/1995 0.763249 1,385.434 1,057.43 0.00008 0.086561109 1,056.03 1,453.06 4.00%
07/31/1995 0.777614 1,385.434 1,077.33 0.00008 0.089690184 1,075.81 1,453.06 4.00%
08/31/1995 0.779865 1,385.434 1,080.45 0.00008 0.091370581 1,078.84 1,453.06 4.00%
09/30/1995 0.790501 1,385.434 1,095.19 0.00008 0.088671533 1,093.46 1,453.06 4.00%
10/31/1995 0.801158 1,385.434 1,109.95 0.00008 0.092869379 1,108.11 1,453.06 4.00%
11/30/1995 0.806127 1,385.434 1,116.84 0.00008 0.091077651 1,114.89 1,453.06 4.00%
12/31/1995 0.818603 1,385.434 1,134.12 0.00008 0.094689557 1,132.05 1,453.06 4.00%
01/31/1996 0.833650 1,385.434 1,154.97 0.00008 0.096146876 1,152.77 1,453.06 6.00%
02/29/1996 0.838703 1,385.434 1,161.97 0.00008 0.091589572 1,159.66 1,453.06 6.00%
03/31/1996 0.832744 1,385.434 1,153.71 0.00008 0.098491677 1,151.32 1,453.06 6.00%
04/30/1996 0.835758 1,385.434 1,157.89 0.00008 0.094629218 1,155.39 1,453.06 6.00%
05/31/1996 0.842172 1,385.434 1,166.77 0.00008 0.098129428 1,164.16 1,453.06 6.00%
06/30/1996 0.842639 1,385.434 1,167.42 0.00008 0.0956847 1,164.71 1,453.06 6.00%
07/31/1996 0.850002 1,385.434 1,177.62 0.00008 0.098920849 1,174.79 1,453.06 6.00%
08/31/1996 0.865302 1,385.434 1,198.82 0.00008 0.099776827 1,195.84 1,453.06 6.00%
09/30/1996 0.888691 1,385.434 1,231.22 0.00008 0.098288082 1,228.06 1,453.06 6.00%
10/31/1996 0.892625 1,385.434 1,236.67 0.00008 0.104301337 1,233.40 1,453.06 6.00%
11/30/1996 0.910651 1,385.434 1,261.65 0.00008 0.10137503 1,258.20 1,453.06 6.00%
12/31/1996 0.924245 1,385.434 1,280.48 0.00008 0.106860982 1,276.88 1,453.06 6.00%
01/31/1997 0.930686 1,385.434 1,289.40 0.00008 0.108447057 1,285.67 1,453.06 6.00%
02/28/1997 0.950404 1,385.434 1,316.72 0.00008 0.098626567 1,312.81 1,453.06 6.00%
03/31/1997 0.928895 1,385.434 1,286.92 0.00008 0.111498725 1,282.99 1,453.06 6.00%
04/30/1997 0.935104 1,385.434 1,295.52 0.00008 0.105450845 1,291.46 1,453.06 6.00%
05/31/1997 0.959898 1,385.434 1,329.88 0.00008 0.109685242 1,325.59 1,453.06 6.00%
06/30/1997 0.974308 1,385.434 1,349.84 0.00008 0.108952498 1,345.38 1,453.06 6.00%
07/31/1997 0.999252 1,385.434 1,384.40 0.00008 0.114265141 1,379.71 1,453.06 6.00%
08/31/1997 0.998663 1,385.434 1,383.58 0.00008 0.117180763 1,378.78 1,453.06 6.00%
09/30/1997 1.021458 1,385.434 1,415.16 0.00008 0.11332432 1,410.14 1,453.06 6.00%
10/31/1997 1.018475 1,385.434 1,411.03 0.00008 0.119765076 1,405.90 1,453.06 6.00%
11/30/1997 1.026935 1,385.434 1,422.75 0.00008 0.115553285 1,417.46 1,453.06 6.00%
12/31/1997 1.039147 1,385.434 1,439.67 0.00008 0.120387201 1,434.20 1,453.06 6.00%
01/31/1998 1.059867 1,385.434 1,468.38 0.00008 0.121808583 1,462.67 1,453.06 6.00%
02/28/1998 1.063593 1,385.434 1,473.54 0.00008 0.112204973 1,467.70 1,453.06 6.00%
03/31/1998 1.072712 1,385.434 1,486.17 0.00008 0.124654135 1,480.16 1,453.06 6.00%
04/30/1998 1.072581 1,385.434 1,485.99 0.00008 0.121657059 1,479.86 1,453.06 6.00%
05/31/1998 1.073390 1,385.434 1,487.11 0.00008 0.125686641 1,480.85 1,453.06 6.00%
06/30/1998 1.074233 1,385.434 1,488.28 0.00008 0.121713637 1,481.89 1,453.06 6.00%
07/31/1998 1.087666 1,385.434 1,506.89 0.00008 0.12585917 1,500.29 1,453.06 6.00%
08/31/1998 1.018591 1,385.434 1,411.19 0.00008 0.127422306 1,404.89 1,453.06 6.00%
09/30/1998 1.026268 1,385.434 1,421.83 0.00008 0.115470286 1,415.36 1,453.06 6.00%
10/31/1998 1.000000 1,385.434 1,385.43 0.00008 0.120208795 1,379.01 1,453.06 6.00%
11/30/1998 1.057878 1,385.434 1,465.62 0.00008 0.113343597 1,458.71 1,453.06 6.00%
12/31/1998 1.053867 1,385.434 1,460.06 0.00008 0.123890861 1,453.06 1,453.06 6.00%
12/31/1998 1,453.06
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 44.76% 45.31%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 50.00% 1,447.59 4.8384 7.94% 8.03% 1,447.59 1,453.06 5
03/31/1994 50.00% 1,448.42 4.7562 9.07% 9.14% 1,511.12 1,515.96 5
04/30/1994 50.00% 1,448.54 4.6740 9.38% 9.46% 1,520.82 1,525.57 5
05/31/1994 50.00% 1,448.35 4.5890 9.33% 9.41% 1,505.76 1,510.65 5
06/30/1994 50.00% 1,448.26 4.5068 9.39% 9.47% 1,498.55 1,503.51 5
07/31/1994 50.00% 1,448.37 4.4219 9.73% 9.81% 1,507.45 1,512.33 5
08/31/1994 50.00% 1,448.26 4.3370 9.77% 9.86% 1,498.31 1,503.28 5
09/30/1994 50.00% 1,448.18 4.2548 9.87% 9.96% 1,492.50 1,497.52 5
10/31/1994 50.00% 1,448.28 4.1699 10.21% 10.30% 1,499.98 1,504.93 5
11/30/1994 50.00% 1,448.66 4.0877 10.97% 11.06% 1,530.53 1,535.18 5
12/31/1994 50.00% 1,448.53 4.0027 11.03% 11.11% 1,519.97 1,524.72 5
01/31/1995 40.00% 1,437.76 3.9178 10.75% 11.05% 1,491.86 1,507.73 4
02/28/1995 40.00% 1,436.50 3.8411 10.02% 10.35% 1,443.35 1,459.99 4
03/31/1995 40.00% 1,436.17 3.7562 10.01% 10.36% 1,431.17 1,448.00 4
04/30/1995 40.00% 1,435.13 3.6740 9.47% 9.84% 1,394.15 1,411.57 4
05/31/1995 40.00% 1,434.18 3.5890 8.99% 9.38% 1,361.79 1,379.71 4
06/30/1995 40.00% 1,434.07 3.5068 9.12% 9.53% 1,357.98 1,375.97 4
07/31/1995 40.00% 1,433.28 3.4219 8.75% 9.18% 1,332.27 1,350.66 4
08/31/1995 40.00% 1,433.16 3.3370 8.88% 9.33% 1,328.43 1,346.88 4
09/30/1995 40.00% 1,432.57 3.2548 8.65% 9.13% 1,310.12 1,328.86 4
10/31/1995 40.00% 1,431.98 3.1699 8.42% 8.93% 1,292.28 1,311.29 4
11/30/1995 40.00% 1,431.71 3.0877 8.44% 8.96% 1,284.17 1,303.32 4
12/31/1995 40.00% 1,431.03 3.0027 8.12% 8.67% 1,264.10 1,283.56 4
01/31/1996 30.00% 1,410.05 2.9178 7.15% 8.26% 1,223.19 1,260.50 3
02/29/1996 30.00% 1,409.64 2.8384 7.12% 8.27% 1,215.56 1,253.01 3
03/31/1996 30.00% 1,410.14 2.7534 7.64% 8.82% 1,224.80 1,262.08 3
04/30/1996 30.00% 1,409.89 2.6712 7.74% 8.96% 1,220.27 1,257.63 3
05/31/1996 30.00% 1,409.37 2.5863 7.67% 8.95% 1,210.62 1,248.16 3
06/30/1996 30.00% 1,409.33 2.5041 7.91% 9.24% 1,210.03 1,247.57 3
07/31/1996 30.00% 1,408.73 2.4192 7.80% 9.18% 1,199.13 1,236.87 3
08/31/1996 30.00% 1,407.47 2.3342 7.23% 8.70% 1,176.97 1,215.10 3
09/30/1996 30.00% 1,405.53 2.2521 6.18% 7.76% 1,144.51 1,183.21 3
10/31/1996 30.00% 1,405.21 2.1671 6.20% 7.86% 1,139.30 1,178.10 3
11/30/1996 30.00% 1,403.72 2.0849 5.39% 7.15% 1,115.66 1,154.87 3
12/31/1996 30.00% 1,402.60 2.0000 4.81% 6.68% 1,098.46 1,137.98 3
01/31/1997 20.00% 1,393.36 1.9151 4.29% 6.60% 1,083.76 1,130.20 2
02/28/1997 20.00% 1,391.73 1.8384 3.23% 5.68% 1,060.12 1,106.83 2
03/31/1997 20.00% 1,393.52 1.7534 4.83% 7.36% 1,086.15 1,132.56 2
04/30/1997 20.00% 1,393.01 1.6712 4.63% 7.31% 1,078.64 1,125.13 2
05/31/1997 20.00% 1,390.96 1.5863 3.08% 5.96% 1,049.32 1,096.16 2
06/30/1997 20.00% 1,389.77 1.5041 2.18% 5.25% 1,033.00 1,080.04 2
07/31/1997 20.00% 1,387.71 1.4192 0.41% 3.72% 1,005.80 1,053.16 2
08/31/1997 20.00% 1,387.77 1.3342 0.49% 4.01% 1,006.52 1,053.87 2
09/30/1997 20.00% 1,385.89 1.2521 -1.38% 2.42% 982.80 1,030.44 2
10/31/1997 20.00% 1,386.14 1.1671 -1.21% 2.87% 985.95 1,033.55 2
11/30/1997 20.00% 1,385.45 1.0849 -2.08% 2.31% 977.42 1,025.11 2
12/31/1997 20.00% 1,384.45 1.0000 -3.47% 1.32% 965.31 1,013.15 2
01/31/1998 10.00% 1,374.02 0.9151 -6.06% -0.66% 944.39 993.98 1
02/28/1998 10.00% 1,373.72 0.8384 -6.40% -1.00% 946.03 991.63 1
03/31/1998 10.00% 1,372.97 0.7534 -7.24% -1.83% 944.94 986.17 1
04/30/1998 10.00% 1,372.99 0.6712 -7.22% -1.81% 950.93 987.81 1
05/31/1998 10.00% 1,372.93 0.5863 -7.29% -1.88% 956.60 988.95 1
06/30/1998 10.00% 1,372.87 0.5041 -7.36% -1.95% 962.21 990.15 1
07/31/1998 10.00% 1,371.76 0.4192 -8.57% -3.15% 963.15 986.68 1
08/31/1998 10.00% 1,377.49 0.3342 -1.95% 3.43% 993.44 1,011.33 1
09/30/1998 10.00% 1,376.86 0.2521 -2.72% 2.66% 993.07 1,006.65 1
10/31/1998 10.00% 1,379.04 0.1671 0.00% 5.37% 1,000.00 1,008.78 1
11/30/1998 10.00% 1,374.26 0.0849 -5.79% -0.39% 994.95 999.67 1
12/31/1998 10.00% 1,374.60 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FEDERATED HIGH INCOME BOND FUND II (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 81M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.721796 1 6.00% 10%
Units purchased 1,385.434 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,458.71 1,374.26 1,453.06 -5.79% -0.39%
09/30/1998 0.25 0.25 1,415.36 1,376.86 1,453.06 -2.72% 2.66%
12/31/1997 1.00 1.00 1,434.20 1,384.45 1,453.06 -3.47% 1.32%
12/31/1997 1.00 1.00 1,434.20 1,384.45 1,453.06 -3.47% 1.32%
12/31/1995 3.00 3.00 1,132.05 1,431.03 1,453.06 8.13% 8.68%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,379.01 1,379.04 1,453.06 0.00% 5.37%
03/01/1994 4.83 4.83 1,000.00 1,447.59 1,453.06 7.95% 8.04%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
Federated High Income Bond Fund II
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 100 9.96 996
03/31/1994 996 0.07 9.81 100.714 9.49 955.78 -4.04%
04/30/1994 955.78 0.07 9.26 101.475 9.37 950.82 -0.52%
05/31/1994 950.82 0.073 9.36 102.266 9.40 961.30 1.10%
06/30/1994 961.3 0.076 9.5 103.084 9.38 966.93 0.59%
07/31/1994 966.93 0.076 9.25 103.931 9.26 962.40 -0.47%
08/31/1994 962.4 0.076 9.21 104.789 9.25 969.30 0.72%
09/30/1994 969.3 0.076 9.24 105.651 9.22 974.10 0.50%
10/31/1994 974.1 0.075 9.1 106.522 9.11 970.42 -0.38%
11/30/1994 970.42 0.072 9.03 107.371 8.87 952.38 -1.86%
12/31/1994 952.38 0.07 8.75 108.23 8.87 960.00 0.80%
01/31/1995 960 0.07 8.89 109.082 8.91 971.92 1.24%
02/28/1995 971.92 0.07 9.07 109.924 9.14 1,004.71 3.37%
03/31/1995 1004.71 0.066 9.14 110.718 9.16 1,014.18 0.94%
04/30/1995 1014.18 0.066 9.26 111.507 9.34 1,041.48 2.69%
05/31/1995 1041.48 0.066 9.45 112.286 9.50 1,066.72 2.42%
06/30/1995 1066.72 0.066 9.41 113.074 9.47 1,070.81 0.38%
07/31/1995 1070.81 0.068 9.55 113.879 9.59 1,092.10 1.99%
08/31/1995 1092.1 0.068 9.57 114.688 9.56 1,096.42 0.40%
09/30/1995 1096.42 0.07 9.6 115.524 9.63 1,112.50 1.47%
10/31/1995 1112.5 0.07 9.69 116.359 9.70 1,128.68 1.45%
11/30/1995 1128.68 0.07 9.68 117.2 9.70 1,136.84 0.72%
12/31/1995 1136.84 0.07 9.73 118.043 9.79 1,155.64 1.65%
01/31/1996 1155.64 0.07 9.86 118.881 9.91 1,178.11 1.94%
02/29/1996 1178.11 0.07 9.93 119.719 9.91 1,186.42 0.71%
03/31/1996 1186.42 0.07 9.76 120.578 9.78 1,179.25 -0.60%
04/30/1996 1179.25 0.075 9.69 121.511 9.75 1,184.73 0.46%
05/31/1996 1184.73 0.075 9.74 122.447 9.76 1,195.08 0.87%
06/30/1996 1195.08 0.075 9.65 123.399 9.70 1,196.97 0.16%
07/31/1996 1196.97 0.075 9.71 124.352 9.72 1,208.70 0.98%
08/31/1996 1208.7 0.075 9.8 125.304 9.83 1,231.74 1.91%
09/30/1996 1231.74 0.075 9.92 126.251 10.03 1,266.30 2.81%
10/31/1996 1266.3 0.075 10 127.198 10.01 1,273.25 0.55%
11/30/1996 1273.25 0.072 10.1 128.105 10.15 1,300.27 2.12%
12/31/1996 1300.27 0.072 10.19 129.01 10.24 1,321.06 1.60%
01/31/1997 1321.06 0.072 10.22 129.919 10.25 1,331.67 0.80%
02/28/1997 1331.67 0.077 10.4 130.881 10.40 1,361.16 2.21%
03/31/1997 1361.16 0.1167 10.15 132.386 10.06 1,331.80 -2.16%
04/30/1997 1331.8 0.077 9.98 133.407 10.06 1,342.07 0.77%
05/31/1997 1342.07 0.077 10.21 134.413 10.26 1,379.08 2.76%
06/30/1997 1379.08 0.075 10.4 135.382 10.35 1,401.20 1.60%
07/31/1997 1401.2 0.075 10.43 136.356 10.55 1,438.56 2.67%
08/31/1997 1438.56 0.075 10.48 137.332 10.48 1,439.24 0.05%
09/30/1997 1439.24 0 10 137.332 10.73 1,473.57 2.39%
10/31/1997 1473.57 0 10 137.332 10.71 1,470.83 -0.19%
11/30/1997 1470.83 0 10 137.332 10.81 1,484.56 0.93%
12/31/1997 1484.56 0 10 137.332 10.95 1,503.79 1.30%
01/31/1998 1503.79 0 10 137.332 11.18 1,535.37 2.10%
02/28/1998 1535.37 0 10 137.332 11.23 1,542.24 0.45%
03/31/1998 1542.24 0.3276 10.99 141.426 11.01 1,557.10 0.96%
04/30/1998 1557.1 0 10 141.426 11.02 1,558.51 0.09%
05/31/1998 1558.51 0 10 141.426 11.04 1,561.34 0.18%
06/30/1998 1561.34 0 10 141.426 11.06 1,564.17 0.18%
07/31/1998 1564.17 0 10 141.426 11.21 1,585.39 1.36%
08/31/1998 1585.39 0 10 141.426 10.51 1,486.39 -6.24%
09/30/1998 1486.39 0 10 141.426 10.60 1,499.12 0.86%
10/31/1998 1499.12 0 10 141.426 10.34 1,462.34 -2.45%
0.46821285
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1994 1,000 0.721795739
03/31/1994 0.00103 1.02739726 958.5910766 0.08 0.691906954
04/30/1994 0.00103 0.984853846 952.6316348 0.16 0.687605454
05/31/1994 0.00106 1.011355503 962.1202472 0.24 0.694454294
06/30/1994 0.00103 0.988479706 966.7665714 0.32 0.697807991
07/31/1994 0.00106 1.026361771 961.2109753 0.40 0.693797986
08/31/1994 0.00106 1.020463707 967.0819868 0.49 0.698035657
09/30/1994 0.00103 0.993577384 970.8774257 0.57 0.700775189
10/31/1994 0.00106 1.030726034 966.1788741 0.65 0.697383794
11/30/1994 0.00103 0.992649528 947.2250666 0.71 0.683703017
12/31/1994 0.00106 1.005615653 953.7982063 0.80 0.688447481
01/31/1995 0.00106 1.012593986 964.6286067 0.89 0.696264818
02/28/1995 0.00096 0.924986335 996.2476281 0.99 0.719087293
03/31/1995 0.00106 1.057660153 1004.580205 1.09 0.725101711
04/30/1995 0.00103 1.03210295 1030.589692 1.20 0.743875248
05/31/1995 0.00106 1.094119193 1054.471649 1.31 0.761113143
06/30/1995 0.00103 1.083361283 1057.431325 1.40 0.763249424
07/31/1995 0.00106 1.122615448 1077.332713 1.52 0.777614161
08/31/1995 0.00106 1.143743634 1080.450555 1.61 0.779864606
09/30/1995 0.00103 1.11005194 1095.186296 1.72 0.790500802
10/31/1995 0.00106 1.16269778 1109.951791 1.84 0.801158473
11/30/1995 0.00103 1.140361429 1116.836031 1.94 0.806127488
12/31/1995 0.00106 1.185682087 1134.119542 2.07 0.818602652
01/31/1996 0.00106 1.20403102 1154.967072 2.20 0.83365031
02/29/1996 0.00099 1.147056338 1161.966773 2.31 0.838702665
03/31/1996 0.00106 1.233594861 1153.710958 2.39 0.832743653
04/30/1996 0.00103 1.185319478 1157.886958 2.49 0.835757872
05/31/1996 0.00106 1.229263552 1166.773189 2.61 0.842171916
06/30/1996 0.00103 1.198739578 1167.419683 2.71 0.842638552
07/31/1996 0.00106 1.23938391 1177.620714 2.83 0.850001613
08/31/1996 0.00106 1.250213771 1198.818073 2.98 0.865301776
09/30/1996 0.00103 1.231662403 1231.222691 3.16 0.888691292
10/31/1996 0.00106 1.30711998 1236.673052 3.28 0.892625339
11/30/1996 0.00103 1.270554505 1261.646287 3.44 0.910650914
12/31/1996 0.00106 1.339419004 1280.479314 3.60 0.924244512
01/31/1997 0.00106 1.359412971 1289.40398 3.74 0.930686298
02/28/1997 0.00096 1.236414776 1316.721579 3.91 0.950404025
03/31/1997 0.00106 1.397889348 1286.92222 3.94 0.928894974
04/30/1997 0.00103 1.322180363 1295.52397 4.07 0.935103681
05/31/1997 0.00106 1.375385037 1329.874994 4.29 0.959898104
06/30/1997 0.00103 1.366309926 1349.839452 4.46 0.974308364
07/31/1997 0.00106 1.433048733 1384.396984 4.69 0.999251844
08/31/1997 0.00106 1.469736524 1383.581645 4.80 0.998663335
09/30/1997 0.00103 1.421487991 1415.162546 5.03 1.021458295
10/31/1997 0.00106 1.502398593 1411.028752 5.13 1.01847454
11/30/1997 0.00103 1.449687074 1422.750828 5.29 1.026935485
12/31/1997 0.00106 1.510454646 1439.669739 5.47 1.039147482
01/31/1998 0.00106 1.528416503 1468.374779 5.70 1.059866658
02/28/1998 0.00096 1.40803061 1473.536979 5.84 1.063592712
03/31/1998 0.00106 1.56437145 1486.170631 6.01 1.072711628 .2577 OI .0443 ST/.0256 LT
04/30/1998 0.00103 1.526887634 1485.989515 6.13 1.072580899
05/31/1998 0.00106 1.577591608 1487.110238 6.26 1.073389832
06/30/1998 0.00103 1.527852984 1488.27784 6.39 1.074232602
07/31/1998 0.00106 1.580020994 1506.888243 6.59 1.087665512
08/31/1998 0.00106 1.599778614 1411.190522 6.30 1.018591305
09/30/1998 0.00103 1.449853276 1421.826633 6.47 1.026268404
10/31/1998 0.00106 1.50947348 1385.433505 6.42 1
0.385433505 0.385433505
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FEDERATED HIGH INCOME BOND FUND II (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 139M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.710530 1 6.00% 10%
Units purchased 1,407.401 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 0.710530 1,407.401 1,000.00 1,000.00 1,442.61 2.00%
03/31/1994 0.681020 1,407.401 958.47 0.00008 0.082191776 958.39 1,442.61 2.00%
04/30/1994 0.676702 1,407.401 952.39 0.00008 0.078771409 952.23 1,442.61 2.00%
05/31/1994 0.683356 1,407.401 961.76 0.00008 0.080874361 961.51 1,442.61 2.00%
06/30/1994 0.686572 1,407.401 966.28 0.00008 0.07902845 965.96 1,442.61 2.00%
07/31/1994 0.682539 1,407.401 960.61 0.00008 0.082040322 960.20 1,442.61 2.00%
08/31/1994 0.686621 1,407.401 966.35 0.00008 0.081551452 965.86 1,442.61 2.00%
09/30/1994 0.689231 1,407.401 970.02 0.00008 0.079386045 969.46 1,442.61 2.00%
10/31/1994 0.685808 1,407.401 965.21 0.00008 0.082337337 964.56 1,442.61 2.00%
11/30/1994 0.672269 1,407.401 946.15 0.00008 0.079278759 945.44 1,442.61 2.00%
12/31/1994 0.676849 1,407.401 952.60 0.00008 0.080297476 951.80 1,442.61 2.00%
01/31/1995 0.684448 1,407.401 963.29 0.00008 0.080837639 962.40 1,442.61 4.00%
02/28/1995 0.706805 1,407.401 994.76 0.00008 0.073828222 993.77 1,442.61 4.00%
03/31/1995 0.712626 1,407.401 1,002.95 0.00008 0.08440197 1,001.87 1,442.61 4.00%
04/30/1995 0.730989 1,407.401 1,028.79 0.00008 0.082345145 1,027.60 1,442.61 4.00%
05/31/1995 0.747835 1,407.401 1,052.50 0.00008 0.087275556 1,051.19 1,442.61 4.00%
06/30/1995 0.749842 1,407.401 1,055.33 0.00008 0.086399487 1,053.93 1,442.61 4.00%
07/31/1995 0.763859 1,407.401 1,075.06 0.00008 0.089511713 1,073.54 1,442.61 4.00%
08/31/1995 0.765972 1,407.401 1,078.03 0.00008 0.091177362 1,076.42 1,442.61 4.00%
09/30/1995 0.776324 1,407.401 1,092.60 0.00008 0.088472781 1,090.88 1,442.61 4.00%
10/31/1995 0.786692 1,407.401 1,107.19 0.00008 0.092649947 1,105.35 1,442.61 4.00%
11/30/1995 0.791474 1,407.401 1,113.92 0.00008 0.09085103 1,111.98 1,442.61 4.00%
12/31/1995 0.803622 1,407.401 1,131.02 0.00008 0.094442374 1,128.96 1,442.61 4.00%
01/31/1996 0.818292 1,407.401 1,151.66 0.00008 0.095883857 1,149.47 1,442.61 6.00%
02/29/1996 0.823153 1,407.401 1,158.51 0.00008 0.091327593 1,156.21 1,442.61 6.00%
03/31/1996 0.817200 1,407.401 1,150.13 0.00008 0.098198321 1,147.75 1,442.61 6.00%
04/30/1996 0.820057 1,407.401 1,154.15 0.00008 0.094335259 1,151.66 1,442.61 6.00%
05/31/1996 0.826246 1,407.401 1,162.86 0.00008 0.097812578 1,160.26 1,442.61 6.00%
06/30/1996 0.826602 1,407.401 1,163.36 0.00008 0.095363685 1,160.66 1,442.61 6.00%
07/31/1996 0.833720 1,407.401 1,173.38 0.00008 0.098576827 1,170.56 1,442.61 6.00%
08/31/1996 0.848621 1,407.401 1,194.35 0.00008 0.09941727 1,191.38 1,442.61 6.00%
09/30/1996 0.871455 1,407.401 1,226.49 0.00008 0.097921633 1,223.34 1,442.61 6.00%
10/31/1996 0.875202 1,407.401 1,231.76 0.00008 0.103899993 1,228.49 1,442.61 6.00%
11/30/1996 0.892767 1,407.401 1,256.48 0.00008 0.100972138 1,253.05 1,442.61 6.00%
12/31/1996 0.905980 1,407.401 1,275.08 0.00008 0.106423423 1,271.49 1,442.61 6.00%
01/31/1997 0.912179 1,407.401 1,283.80 0.00008 0.107989446 1,280.08 1,442.61 6.00%
02/28/1997 0.931400 1,407.401 1,310.85 0.00008 0.098197969 1,306.96 1,442.61 6.00%
03/31/1997 0.910202 1,407.401 1,281.02 0.00008 0.111001678 1,277.10 1,442.61 6.00%
04/30/1997 0.916174 1,407.401 1,289.42 0.00008 0.104967074 1,285.37 1,442.61 6.00%
05/31/1997 0.940350 1,407.401 1,323.45 0.00008 0.109168673 1,319.18 1,442.61 6.00%
06/30/1997 0.954351 1,407.401 1,343.15 0.00008 0.10842592 1,338.71 1,442.61 6.00%
07/31/1997 0.978662 1,407.401 1,377.37 0.00008 0.113699074 1,372.70 1,442.61 6.00%
08/31/1997 0.977960 1,407.401 1,376.38 0.00008 0.116585767 1,371.60 1,442.61 6.00%
09/30/1997 1.000162 1,407.401 1,407.63 0.00008 0.112734531 1,402.63 1,442.61 6.00%
10/31/1997 0.997113 1,407.401 1,403.34 0.00008 0.119127405 1,398.23 1,442.61 6.00%
11/30/1997 1.005274 1,407.401 1,414.82 0.00008 0.114923352 1,409.56 1,442.61 6.00%
12/31/1997 1.017100 1,407.401 1,431.47 0.00008 0.119716275 1,426.03 1,442.61 6.00%
01/31/1998 1.037250 1,407.401 1,459.83 0.00008 0.121114485 1,454.16 1,442.61 6.00%
02/28/1998 1.040777 1,407.401 1,464.79 0.00008 0.111551662 1,458.99 1,442.61 6.00%
03/31/1998 1.049568 1,407.401 1,477.16 0.00008 0.123914128 1,471.19 1,442.61 6.00%
04/30/1998 1.049311 1,407.401 1,476.80 0.00008 0.120919566 1,470.71 1,442.61 6.00%
05/31/1998 1.049969 1,407.401 1,477.73 0.00008 0.124909317 1,471.50 1,442.61 6.00%
06/30/1998 1.050663 1,407.401 1,478.70 0.00008 0.120945484 1,472.36 1,442.61 6.00%
07/31/1998 1.063668 1,407.401 1,497.01 0.00008 0.125049446 1,490.46 1,442.61 6.00%
08/31/1998 0.995982 1,407.401 1,401.75 0.00008 0.126586595 1,395.48 1,442.61 6.00%
09/30/1998 1.003366 1,407.401 1,412.14 0.00008 0.114697356 1,405.72 1,442.61 6.00%
10/31/1998 0.977556 1,407.401 1,375.81 0.00008 0.119389535 1,369.44 1,442.61 6.00%
11/30/1998 1.034008 1,407.401 1,455.26 0.00008 0.112556406 1,448.41 1,442.61 6.00%
12/31/1998 1.029959 1,407.401 1,449.57 0.00008 0.123015308 1,442.61 1,442.61 6.00%
12/31/1998 1,442.61
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 43.70% 44.26%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 50.00% 1,437.04 4.8384 7.78% 7.87% 1,437.04 1,442.61 5
03/31/1994 50.00% 1,437.87 4.7562 8.90% 8.98% 1,500.30 1,505.25 5
04/30/1994 50.00% 1,437.99 4.6740 9.22% 9.29% 1,510.13 1,514.98 5
05/31/1994 50.00% 1,437.81 4.5890 9.16% 9.24% 1,495.36 1,500.36 5
06/30/1994 50.00% 1,437.72 4.5068 9.23% 9.31% 1,488.38 1,493.45 5
07/31/1994 50.00% 1,437.83 4.4219 9.56% 9.64% 1,497.43 1,502.40 5
08/31/1994 50.00% 1,437.72 4.3370 9.61% 9.69% 1,488.53 1,493.60 5
09/30/1994 50.00% 1,437.65 4.2548 9.70% 9.79% 1,482.94 1,488.06 5
10/31/1994 50.00% 1,437.75 4.1699 10.05% 10.13% 1,490.57 1,495.62 5
11/30/1994 50.00% 1,438.13 4.0877 10.81% 10.89% 1,521.12 1,525.87 5
12/31/1994 50.00% 1,438.00 4.0027 10.86% 10.95% 1,510.83 1,515.67 5
01/31/1995 40.00% 1,427.20 3.9178 10.58% 10.88% 1,482.95 1,498.97 4
02/28/1995 40.00% 1,425.94 3.8411 9.86% 10.19% 1,434.89 1,451.66 4
03/31/1995 40.00% 1,425.62 3.7562 9.85% 10.19% 1,422.96 1,439.92 4
04/30/1995 40.00% 1,424.59 3.6740 9.30% 9.67% 1,386.33 1,403.87 4
05/31/1995 40.00% 1,423.65 3.5890 8.82% 9.22% 1,354.31 1,372.36 4
06/30/1995 40.00% 1,423.54 3.5068 8.95% 9.36% 1,350.70 1,368.79 4
07/31/1995 40.00% 1,422.75 3.4219 8.58% 9.02% 1,325.29 1,343.79 4
08/31/1995 40.00% 1,422.64 3.3370 8.72% 9.17% 1,321.64 1,340.20 4
09/30/1995 40.00% 1,422.06 3.2548 8.49% 8.97% 1,303.59 1,322.43 4
10/31/1995 40.00% 1,421.48 3.1699 8.26% 8.76% 1,285.99 1,305.11 4
11/30/1995 40.00% 1,421.21 3.0877 8.27% 8.80% 1,278.09 1,297.33 4
12/31/1995 40.00% 1,420.53 3.0027 7.95% 8.51% 1,258.27 1,277.83 4
01/31/1996 30.00% 1,399.61 2.9178 6.98% 8.10% 1,217.62 1,255.03 3
02/29/1996 30.00% 1,399.21 2.8384 6.95% 8.11% 1,210.17 1,247.71 3
03/31/1996 30.00% 1,399.71 2.7534 7.47% 8.66% 1,219.53 1,256.91 3
04/30/1996 30.00% 1,399.48 2.6712 7.57% 8.80% 1,215.18 1,252.63 3
05/31/1996 30.00% 1,398.96 2.5863 7.50% 8.79% 1,205.73 1,243.35 3
06/30/1996 30.00% 1,398.94 2.5041 7.74% 9.07% 1,205.29 1,242.92 3
07/31/1996 30.00% 1,398.34 2.4192 7.63% 9.02% 1,194.60 1,232.41 3
08/31/1996 30.00% 1,397.10 2.3342 7.06% 8.54% 1,172.67 1,210.87 3
09/30/1996 30.00% 1,395.18 2.2521 6.01% 7.60% 1,140.47 1,179.24 3
10/31/1996 30.00% 1,394.87 2.1671 6.04% 7.70% 1,135.43 1,174.29 3
11/30/1996 30.00% 1,393.40 2.0849 5.22% 6.99% 1,112.00 1,151.28 3
12/31/1996 30.00% 1,392.29 2.0000 4.64% 6.52% 1,095.01 1,134.58 3
01/31/1997 20.00% 1,383.12 1.9151 4.13% 6.44% 1,080.49 1,126.97 2
02/28/1997 20.00% 1,381.51 1.8384 3.06% 5.52% 1,057.04 1,103.80 2
03/31/1997 20.00% 1,383.30 1.7534 4.66% 7.20% 1,083.16 1,129.60 2
04/30/1997 20.00% 1,382.80 1.6712 4.47% 7.15% 1,075.80 1,122.33 2
05/31/1997 20.00% 1,380.77 1.5863 2.92% 5.80% 1,046.69 1,093.57 2
06/30/1997 20.00% 1,379.60 1.5041 2.02% 5.09% 1,030.54 1,077.61 2
07/31/1997 20.00% 1,377.56 1.4192 0.25% 3.56% 1,003.54 1,050.93 2
08/31/1997 20.00% 1,377.63 1.3342 0.33% 3.86% 1,004.39 1,051.77 2
09/30/1997 20.00% 1,375.76 1.2521 -1.53% 2.27% 980.85 1,028.51 2
10/31/1997 20.00% 1,376.03 1.1671 -1.36% 2.71% 984.12 1,031.74 2
11/30/1997 20.00% 1,375.35 1.0849 -2.24% 2.16% 975.73 1,023.45 2
12/31/1997 20.00% 1,374.36 1.0000 -3.62% 1.16% 963.77 1,011.63 2
01/31/1998 10.00% 1,364.02 0.9151 -6.20% -0.79% 943.12 992.73 1
02/28/1998 10.00% 1,363.73 0.8384 -6.53% -1.12% 944.96 990.58 1
03/31/1998 10.00% 1,363.00 0.7534 -7.35% -1.94% 944.08 985.33 1
04/30/1998 10.00% 1,363.02 0.6712 -7.32% -1.91% 950.24 987.14 1
05/31/1998 10.00% 1,362.98 0.5863 -7.38% -1.96% 956.08 988.44 1
06/30/1998 10.00% 1,362.93 0.5041 -7.43% -2.02% 961.82 989.76 1
07/31/1998 10.00% 1,361.84 0.4192 -8.63% -3.21% 962.88 986.42 1
08/31/1998 10.00% 1,367.54 0.3342 -2.00% 3.38% 993.26 1,011.16 1
09/30/1998 10.00% 1,366.92 0.2521 -2.76% 2.62% 992.97 1,006.55 1
10/31/1998 10.00% 1,369.10 0.1671 -0.02% 5.34% 999.96 1,008.74 1
11/30/1998 10.00% 1,364.36 0.0849 -5.80% -0.40% 994.94 999.66 1
12/31/1998 10.00% 1,364.71 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,448.41 1,364.36 1,442.61 -5.80% -0.40%
09/30/1998 0.25 0.25 1,405.72 1,366.92 1,442.61 -2.76% 2.62%
12/31/1997 1.00 1.00 1,426.03 1,374.36 1,442.61 -3.62% 1.16%
12/31/1997 1.00 1.00 1,426.03 1,374.36 1,442.61 -3.62% 1.16%
12/31/1995 3.00 3.00 1,128.96 1,420.53 1,442.61 7.96% 8.52%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,369.44 1,369.10 1,442.61 -0.02% 5.34%
03/01/1994 4.83 4.83 1,000.00 1,437.04 1,442.61 7.79% 7.88%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
Federated High Income Bond Fund II
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 100 9.96 996
03/31/1994 996 0.07 9.81 100.714 9.49 955.78 -4.04%
04/30/1994 955.78 0.07 9.26 101.475 9.37 950.82 -0.52%
05/31/1994 950.82 0.073 9.36 102.266 9.40 961.30 1.10%
06/30/1994 961.3 0.076 9.5 103.084 9.38 966.93 0.59%
07/31/1994 966.93 0.076 9.25 103.931 9.26 962.40 -0.47%
08/31/1994 962.4 0.076 9.21 104.789 9.25 969.30 0.72%
09/30/1994 969.3 0.076 9.24 105.651 9.22 974.10 0.50%
10/31/1994 974.1 0.075 9.1 106.522 9.11 970.42 -0.38%
11/30/1994 970.42 0.072 9.03 107.371 8.87 952.38 -1.86%
12/31/1994 952.38 0.07 8.75 108.23 8.87 960.00 0.80%
01/31/1995 960 0.07 8.89 109.082 8.91 971.92 1.24%
02/28/1995 971.92 0.07 9.07 109.924 9.14 1,004.71 3.37%
03/31/1995 1004.71 0.066 9.14 110.718 9.16 1,014.18 0.94%
04/30/1995 1014.18 0.066 9.26 111.507 9.34 1,041.48 2.69%
05/31/1995 1041.48 0.066 9.45 112.286 9.50 1,066.72 2.42%
06/30/1995 1066.72 0.066 9.41 113.074 9.47 1,070.81 0.38%
07/31/1995 1070.81 0.068 9.55 113.879 9.59 1,092.10 1.99%
08/31/1995 1092.1 0.068 9.57 114.688 9.56 1,096.42 0.40%
09/30/1995 1096.42 0.07 9.6 115.524 9.63 1,112.50 1.47%
10/31/1995 1112.5 0.07 9.69 116.359 9.70 1,128.68 1.45%
11/30/1995 1128.68 0.07 9.68 117.2 9.70 1,136.84 0.72%
12/31/1995 1136.84 0.07 9.73 118.043 9.79 1,155.64 1.65%
01/31/1996 1155.64 0.07 9.86 118.881 9.91 1,178.11 1.94%
02/29/1996 1178.11 0.07 9.93 119.719 9.91 1,186.42 0.71%
03/31/1996 1186.42 0.07 9.76 120.578 9.78 1,179.25 -0.60%
04/30/1996 1179.25 0.075 9.69 121.511 9.75 1,184.73 0.46%
05/31/1996 1184.73 0.075 9.74 122.447 9.76 1,195.08 0.87%
06/30/1996 1195.08 0.075 9.65 123.399 9.70 1,196.97 0.16%
07/31/1996 1196.97 0.075 9.71 124.352 9.72 1,208.70 0.98%
08/31/1996 1208.7 0.075 9.8 125.304 9.83 1,231.74 1.91%
09/30/1996 1231.74 0.075 9.92 126.251 10.03 1,266.30 2.81%
10/31/1996 1266.3 0.075 10 127.198 10.01 1,273.25 0.55%
11/30/1996 1273.25 0.072 10.1 128.105 10.15 1,300.27 2.12%
12/31/1996 1300.27 0.072 10.19 129.01 10.24 1,321.06 1.60%
01/31/1997 1321.06 0.072 10.22 129.919 10.25 1,331.67 0.80%
02/28/1997 1331.67 0.077 10.4 130.881 10.40 1,361.16 2.21%
03/31/1997 1361.16 0.1167 10.15 132.386 10.06 1,331.80 -2.16%
04/30/1997 1331.8 0.077 9.98 133.407 10.06 1,342.07 0.77%
05/31/1997 1342.07 0.077 10.21 134.413 10.26 1,379.08 2.76%
06/30/1997 1379.08 0.075 10.4 135.382 10.35 1,401.20 1.60%
07/31/1997 1401.2 0.075 10.43 136.356 10.55 1,438.56 2.67%
08/31/1997 1438.56 0.075 10.48 137.332 10.48 1,439.24 0.05%
09/30/1997 1439.24 0 10 137.332 10.73 1,473.57 2.39%
10/31/1997 1473.57 0 10 137.332 10.71 1,470.83 -0.19%
11/30/1997 1470.83 0 10 137.332 10.81 1,484.56 0.93%
12/31/1997 1484.56 0 10 137.332 10.95 1,503.79 1.30%
01/31/1998 1503.79 0 10 137.332 11.18 1,535.37 2.10%
02/28/1998 1535.37 0 10 137.332 11.23 1,542.24 0.45%
03/31/1998 1542.24 0.3276 10.99 141.426 11.01 1,557.10 0.96%
04/30/1998 1557.1 0 10 141.426 11.02 1,558.51 0.09%
05/31/1998 1558.51 0 10 141.426 11.04 1,561.34 0.18%
06/30/1998 1561.34 0 10 141.426 11.06 1,564.17 0.18%
07/31/1998 1564.17 0 10 141.426 11.21 1,585.39 1.36%
08/31/1998 1585.39 0 10 141.426 10.51 1,486.39 -6.24%
09/30/1998 1486.39 0 10 141.426 10.60 1,499.12 0.86%
10/31/1998 1499.12 0 10 141.426 10.34 1,462.34 -2.45%
0.46821285
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1994 1,000 0.710529506
03/31/1994 0.00115 1.150684932 958.467789 0.08 0.681019644
04/30/1994 0.00115 1.102894442 952.3909463 0.16 0.676701868
05/31/1994 0.00119 1.132431975 961.7558294 0.24 0.683355894
06/30/1994 0.00115 1.106677941 966.2818211 0.32 0.686571745
07/31/1994 0.00119 1.148948795 960.605909 0.40 0.682538842
08/31/1994 0.00119 1.142199903 966.3508462 0.49 0.686620789
09/30/1994 0.00115 1.111965357 970.0242765 0.57 0.68923087
10/31/1994 0.00119 1.153398729 965.2062753 0.65 0.685807538
11/30/1994 0.00115 1.110648317 946.1525495 0.71 0.672269303
12/31/1994 0.00119 1.125014264 952.5977094 0.80 0.676848779
01/31/1995 0.00119 1.132677824 963.2931198 0.89 0.684448184
02/28/1995 0.00107 1.034550419 994.7575213 0.99 0.70680457
03/31/1995 0.00119 1.182807573 1002.950906 1.08 0.712626211
04/30/1995 0.00115 1.154080494 1028.794557 1.20 0.730988888
05/31/1995 0.00119 1.223279008 1052.50385 1.31 0.74783504
06/30/1995 0.00115 1.21110032 1055.328242 1.40 0.749841854
07/31/1995 0.00119 1.254828649 1075.055603 1.52 0.763858726
08/31/1995 0.00119 1.278285292 1078.029895 1.61 0.765972048
09/30/1995 0.00115 1.240472756 1092.599715 1.72 0.776324335
10/31/1995 0.00119 1.299145962 1107.191143 1.84 0.786691975
11/30/1995 0.00115 1.274028164 1113.921757 1.94 0.791474275
12/31/1995 0.00119 1.324498746 1131.018258 2.06 0.803621843
01/31/1996 0.00119 1.344827188 1151.664691 2.20 0.818291743
02/29/1996 0.00111 1.281029766 1158.507125 2.30 0.823153494
03/31/1996 0.00119 1.377512581 1150.1283 2.38 0.817200093
04/30/1996 0.00115 1.323435305 1154.149536 2.49 0.820057299
05/31/1996 0.00119 1.372331229 1162.860049 2.60 0.826246375
06/30/1996 0.00115 1.338085535 1163.361008 2.70 0.826602322
07/31/1996 0.00119 1.383284048 1173.378364 2.82 0.833719949
08/31/1996 0.00119 1.395195096 1194.349875 2.97 0.848620826
09/30/1996 0.00115 1.374320404 1226.486467 3.15 0.871454823
10/31/1996 0.00119 1.458342813 1231.759611 3.27 0.875201547
11/30/1996 0.00115 1.417367223 1256.481764 3.43 0.892767367
12/31/1996 0.00119 1.494008454 1275.077626 3.59 0.905980275
01/31/1997 0.00119 1.516119698 1283.802202 3.72 0.912179344
02/28/1997 0.00107 1.378768393 1310.853396 3.90 0.931400015
03/31/1997 0.00119 1.558658558 1281.019842 3.92 0.910202395
04/30/1997 0.00115 1.474050229 1289.424208 4.05 0.916173945
05/31/1997 0.00119 1.533178373 1323.449227 4.27 0.940349725
06/30/1997 0.00115 1.522873083 1343.154054 4.44 0.954350586
07/31/1997 0.00119 1.597065368 1377.369317 4.67 0.97866154
08/31/1997 0.00119 1.637748723 1376.382644 4.78 0.97796048
09/30/1997 0.00115 1.583782769 1407.629533 5.00 1.000162316
10/31/1997 0.00119 1.673729363 1403.338416 5.10 0.997113351
11/30/1997 0.00115 1.614800369 1414.82359 5.26 1.005273906
12/31/1997 0.00119 1.682283392 1431.467988 5.44 1.017100242
01/31/1998 0.00119 1.702074265 1459.827132 5.67 1.03725025
02/28/1998 0.00107 1.567814344 1464.791301 5.80 1.040777439
03/31/1998 0.00119 1.741697054 1477.16336 5.98 1.049568152 .2577 OI .0443 ST/.0256 LT
04/30/1998 0.00115 1.69974962 1476.801226 6.09 1.049310845
05/31/1998 0.00119 1.755977348 1477.726878 6.22 1.049968548
06/30/1998 0.00115 1.700398052 1478.704928 6.35 1.050663481
07/31/1998 0.00119 1.758240928 1497.007242 6.55 1.063667816
08/31/1998 0.00119 1.780003132 1401.746318 6.26 0.995982118
09/30/1998 0.00115 1.612968366 1412.13843 6.42 1.00336602
10/31/1998 0.00119 1.679090626 1375.813379 6.38 0.977556
0.375813379 0.375813379
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO (1.25%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 ---------------------------
AUV 0.900955 1 6.00% 10%
Units purchased 1,109.933 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 0.900955 1,109.933 1,000.00 1,000.00 1,109.07 6.00%
03/31/1998 0.918604 1,109.933 1,019.59 0.00003 0.032876715 1,019.56 1,109.07 6.00%
04/30/1998 0.959448 1,109.933 1,064.92 0.00008 0.083799144 1,064.80 1,109.07 6.00%
05/31/1998 0.980742 1,109.933 1,088.56 0.00008 0.090435474 1,088.35 1,109.07 6.00%
06/30/1998 0.988363 1,109.933 1,097.02 0.00008 0.089453162 1,096.71 1,109.07 6.00%
07/31/1998 0.989468 1,109.933 1,098.24 0.00008 0.09314558 1,097.85 1,109.07 6.00%
08/31/1998 0.875049 1,109.933 971.25 0.00008 0.09324186 970.80 1,109.07 6.00%
09/30/1998 0.864116 1,109.933 959.11 0.00008 0.079791961 958.59 1,109.07 6.00%
10/31/1998 0.948394 1,109.933 1,052.65 0.00008 0.081414813 1,052.00 1,109.07 6.00%
11/30/1998 0.980320 1,109.933 1,088.09 0.00008 0.086466075 1,087.33 1,109.07 6.00%
12/31/1998 1.000000 1,109.933 1,109.93 0.00008 0.092348701 1,109.07 1,109.07 6.00%
12/31/1998 1,109.07
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 5.57% 10.91%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 10.00% 1,055.72 0.7863 5.57% 10.91% 1,043.56 1,084.80 1
03/31/1998 10.00% 1,054.55 0.7534 3.43% 8.78% 1,025.75 1,065.45 1
04/30/1998 10.00% 1,051.83 0.6712 -1.22% 4.16% 991.81 1,027.71 1
05/31/1998 10.00% 1,050.42 0.5863 -3.48% 1.90% 979.42 1,011.12 1
06/30/1998 10.00% 1,049.92 0.5041 -4.27% 1.13% 978.26 1,005.66 1
07/31/1998 10.00% 1,049.85 0.4192 -4.37% 1.02% 981.43 1,004.27 1
08/31/1998 10.00% 1,057.47 0.3342 8.93% 14.24% 1,028.99 1,045.50 1
09/30/1998 10.00% 1,058.21 0.2521 10.39% 15.70% 1,025.24 1,037.44 1
10/31/1998 10.00% 1,052.60 0.1671 0.06% 5.42% 1,000.09 1,008.87 1
11/30/1998 10.00% 1,050.48 0.0849 -3.39% 2.00% 997.08 1,001.68 1
12/31/1998 10.00% 1,049.18 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,087.33 1,050.48 1,109.07 -3.39% 2.00%
09/30/1998 0.25 0.25 958.59 1,058.21 1,109.07 10.39% 15.70%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,052.00 1,052.60 1,109.07 0.06% 5.42%
03/19/1998 0.79 0.79 1,000.00 1,055.72 1,109.07 5.57% 10.91%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.75 1275 2.00%
04/30/1998 1275 0 10 100 13.33 1333 4.55%
05/31/1998 1333 0 10 100 13.64 1364 2.33%
06/30/1998 1364 0 10 100 13.76 1376 0.88%
07/31/1998 1376 0 10 100 13.79 1379 0.22%
08/31/1998 1379 0 10 100 12.21 1221 -11.46%
09/30/1998 1221 0 10 100 12.07 1207 -1.15%
10/31/1998 1207 0 10 100 13.26 1326 9.86%
11/30/1998 1326 0 10 100 13.72 1372 3.47%
12/31/1998 1372 0 10 100 14.01 1401 2.11%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/19/1998 1,250 0.900955363
03/31/1998 0.00041 0.51369863 1274.486301 254.93 0.918604214
04/30/1998 0.00103 1.30940373 1331.153529 266.35 0.959447929
05/31/1998 0.00106 1.41321094 1360.697377 272.35 0.980742079
06/30/1998 0.00103 1.39797676 1371.270345 274.56 0.988362697
07/31/1998 0.00106 1.45580071 1372.804233 274.96 0.989468268
08/31/1998 0.00106 1.45742915 1214.056688 243.25 0.875048707
09/30/1998 0.00103 1.24731852 1198.888982 240.30 0.864116366
10/31/1998 0.00106 1.2727931 1315.816511 263.81 0.948393553
11/30/1998 0.00103 1.35186628 1360.111371 272.78 0.980319707
12/31/1998 0.00106 1.44395385 1387.416127 278.35 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO (1.40%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 ---------------------------
AUV 0.902010 1 6.00% 10%
Units purchased 1,108.635 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 0.902010 1,108.635 1,000.00 1,000.00 1,107.77 6.00%
03/31/1998 0.919635 1,108.635 1,019.54 0.00003 0.032876706 1,019.51 1,107.77 6.00%
04/30/1998 0.960411 1,108.635 1,064.75 0.00008 0.083795067 1,064.63 1,107.77 6.00%
05/31/1998 0.981604 1,108.635 1,088.24 0.00008 0.0904204 1,088.03 1,107.77 6.00%
06/30/1998 0.989111 1,108.635 1,096.56 0.00008 0.089427103 1,096.26 1,107.77 6.00%
07/31/1998 0.990091 1,108.635 1,097.65 0.00008 0.093107052 1,097.25 1,107.77 6.00%
08/31/1998 0.875473 1,108.635 970.58 0.00008 0.093191432 970.14 1,107.77 6.00%
09/30/1998 0.864428 1,108.635 958.33 0.00008 0.079737317 957.82 1,107.77 6.00%
10/31/1998 0.948625 1,108.635 1,051.68 0.00008 0.0813489 1,051.03 1,107.77 6.00%
11/30/1998 0.980442 1,108.635 1,086.95 0.00008 0.086386043 1,086.20 1,107.77 6.00%
12/31/1998 1.000000 1,108.635 1,108.64 0.00008 0.092252218 1,107.77 1,107.77 6.00%
12/31/1998 1,107.77
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 5.44% 10.78%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 10.00% 1,054.42 0.7863 5.44% 10.78% 1,042.54 1,083.80 1
03/31/1998 10.00% 1,053.25 0.7534 3.31% 8.66% 1,024.83 1,064.55 1
04/30/1998 10.00% 1,050.54 0.6712 -1.32% 4.05% 991.10 1,027.02 1
05/31/1998 10.00% 1,049.14 0.5863 -3.57% 1.81% 978.88 1,010.60 1
06/30/1998 10.00% 1,048.64 0.5041 -4.34% 1.05% 977.86 1,005.28 1
07/31/1998 10.00% 1,048.58 0.4192 -4.44% 0.96% 981.16 1,004.01 1
08/31/1998 10.00% 1,056.21 0.3342 8.87% 14.19% 1,028.82 1,045.33 1
09/30/1998 10.00% 1,056.95 0.2521 10.35% 15.66% 1,025.14 1,037.35 1
10/31/1998 10.00% 1,051.36 0.1671 0.03% 5.40% 1,000.05 1,008.82 1
11/30/1998 10.00% 1,049.25 0.0849 -3.40% 1.99% 997.07 1,001.67 1
12/31/1998 10.00% 1,047.95 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO (1.40%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 ---------------------------
AUV 0.902010 1 6.00% 10%
Units purchased 1,108.635 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,086.20 1,049.25 1,107.77 -3.40% 1.99%
09/30/1998 0.25 0.25 957.82 1,056.95 1,107.77 10.35% 15.66%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,051.03 1,051.36 1,107.77 0.03% 5.40%
03/19/1998 0.79 0.79 1,000.00 1,054.42 1,107.77 5.44% 10.78%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.75 1275 2.00%
04/30/1998 1275 0 10 100 13.33 1333 4.55%
05/31/1998 1333 0 10 100 13.64 1364 2.33%
06/30/1998 1364 0 10 100 13.76 1376 0.88%
07/31/1998 1376 0 10 100 13.79 1379 0.22%
08/31/1998 1379 0 10 100 12.21 1221 -11.46%
09/30/1998 1221 0 10 100 12.07 1207 -1.15%
10/31/1998 1207 0 10 100 13.26 1326 9.86%
11/30/1998 1326 0 10 100 13.72 1372 3.47%
12/31/1998 1372 0 10 100 14.01 1401 2.11%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/19/1998 1,250 0.902009956
03/31/1998 0.00046 0.57534247 1274.424658 254.92 0.919634983
04/30/1998 0.00115 1.46646125 1330.932024 266.30 0.960411149
05/31/1998 0.00119 1.58253287 1360.301399 272.27 0.981604323
06/30/1998 0.00115 1.56527832 1370.703581 274.44 0.989110621
07/31/1998 0.00119 1.62982289 1372.062211 274.81 0.990091019
08/31/1998 0.00119 1.63143835 1213.225675 243.09 0.87547331
09/30/1998 0.00115 1.3960405 1197.918775 240.10 0.864427729
10/31/1998 0.00119 1.42437465 1314.599068 263.57 0.948625158
11/30/1998 0.00115 1.51268934 1358.690872 272.50 0.980442154
12/31/1998 0.00119 1.61553928 1385.794017 278.02 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.930020 1 6.00% 10%
Units purchased 1,075.246 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 0.930020 1,075.246 1,000.00 1,000.00 1,074.36 6.00%
03/31/1998 0.929128 1,075.246 999.04 0.00008 0.076712318 998.96 1,074.36 6.00%
04/30/1998 0.919254 1,075.246 988.42 0.00008 0.082106651 988.27 1,074.36 6.00%
05/31/1998 0.907140 1,075.246 975.40 0.00008 0.083934899 975.16 1,074.36 6.00%
06/30/1998 0.944778 1,075.246 1,015.87 0.00008 0.080150013 1,015.54 1,074.36 6.00%
07/31/1998 0.918581 1,075.246 987.70 0.00008 0.086251227 987.29 1,074.36 6.00%
08/31/1998 0.792513 1,075.246 852.15 0.00008 0.083852301 851.71 1,074.36 6.00%
09/30/1998 0.835316 1,075.246 898.17 0.00008 0.070003654 897.64 1,074.36 6.00%
10/31/1998 0.902377 1,075.246 970.28 0.00008 0.076238085 969.63 1,074.36 6.00%
11/30/1998 0.956788 1,075.246 1,028.78 0.00008 0.079695657 1,028.02 1,074.36 6.00%
12/31/1998 1.000000 1,075.246 1,075.25 0.00008 0.087311017 1,074.36 1,074.36 6.00%
12/31/1998 1,074.36
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 2.08% 7.44%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 1,020.80 0.8301 2.08% 7.44% 1,017.24 1,061.35 1
03/31/1998 10.00% 1,020.87 0.7534 2.19% 7.55% 1,016.47 1,056.35 1
04/30/1998 10.00% 1,021.51 0.6712 3.36% 8.71% 1,022.45 1,057.66 1
05/31/1998 10.00% 1,022.29 0.5863 4.83% 10.17% 1,028.06 1,058.44 1
06/30/1998 10.00% 1,019.87 0.5041 0.43% 5.79% 1,002.15 1,028.79 1
07/31/1998 10.00% 1,021.57 0.4192 3.47% 8.82% 1,014.41 1,036.06 1
08/31/1998 10.00% 1,029.70 0.3342 20.90% 26.14% 1,065.48 1,080.70 1
09/30/1998 10.00% 1,026.95 0.2521 14.40% 19.69% 1,034.51 1,046.35 1
10/31/1998 10.00% 1,022.63 0.1671 5.47% 10.80% 1,008.93 1,017.29 1
11/30/1998 10.00% 1,019.12 0.0849 -0.87% 4.51% 999.26 1,003.75 1
12/31/1998 10.00% 1,016.34 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.930020 1 6.00% 10%
Units purchased 1,075.246 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,028.02 1,019.12 1,074.36 -0.87% 4.51%
09/30/1998 0.25 0.25 897.64 1,026.95 1,074.36 14.40% 19.69%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 969.63 1,022.63 1,074.36 5.47% 10.80%
03/03/1998 0.83 0.83 1,000.00 1,020.80 1,074.36 2.08% 7.44%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
MENTOR VIP CAPITAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.38 1238 -0.96%
05/31/1998 1238 0 10 100 12.23 1223 -1.21%
06/30/1998 1223 0 10 100 12.75 1275 4.25%
07/31/1998 1275 0 10 100 12.41 1241 -2.67%
08/31/1998 1241 0 10 100 10.72 1072 -13.62%
09/30/1998 1072 0 10 100 11.31 1131 5.50%
10/31/1998 1131 0 10 100 12.23 1223 8.13%
11/30/1998 1223 0 10 100 12.98 1298 6.13%
12/31/1998 1298 0 10 100 13.58 1358 4.62%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 0.930019609
03/31/1998 0.00096 1.19863014 1248.80137 249.84 0.92912781
04/30/1998 0.00103 1.28301511 1235.529862 247.26 0.919253599
05/31/1998 0.00106 1.31169266 1219.248098 244.09 0.907139712
06/30/1998 0.00103 1.25265216 1269.835921 254.30 0.944777846
07/31/1998 0.00106 1.34811348 1234.625516 247.33 0.918580752
08/31/1998 0.00106 1.31073257 1065.182864 213.47 0.792512761
09/30/1998 0.00103 1.09436596 1122.713301 225.07 0.835316309
10/31/1998 0.00106 1.19192166 1212.847307 243.22 0.902377423
11/30/1998 0.00103 1.246076 1285.978621 257.96 0.956788268
12/31/1998 0.00106 1.36525128 1344.057682 269.70 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.931173 1 6.00% 10%
Units purchased 1,073.915 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 0.931173 1,073.915 1,000.00 1,000.00 1,073.03 6.00%
03/31/1998 0.930173 1,073.915 998.93 0.00008 0.076712355 998.85 1,073.03 6.00%
04/30/1998 0.920173 1,073.915 988.19 0.00008 0.082097232 988.03 1,073.03 6.00%
05/31/1998 0.907929 1,073.915 975.04 0.00008 0.083914813 974.80 1,073.03 6.00%
06/30/1998 0.945488 1,073.915 1,015.37 0.00008 0.080120486 1,015.04 1,073.03 6.00%
07/31/1998 0.919151 1,073.915 987.09 0.00008 0.086209246 986.68 1,073.03 6.00%
08/31/1998 0.792888 1,073.915 851.49 0.00008 0.083800504 851.06 1,073.03 6.00%
09/30/1998 0.835614 1,073.915 897.38 0.00008 0.069950081 896.85 1,073.03 6.00%
10/31/1998 0.902592 1,073.915 969.31 0.00008 0.076170829 968.66 1,073.03 6.00%
11/30/1998 0.956905 1,073.915 1,027.63 0.00008 0.07961596 1,026.87 1,073.03 6.00%
12/31/1998 1.000000 1,073.915 1,073.92 0.00008 0.087213561 1,073.03 1,073.03 6.00%
12/31/1998 1,073.03
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 1.95% 7.30%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 1,019.47 0.8301 1.95% 7.30% 1,016.13 1,060.25 1
03/31/1998 10.00% 1,019.54 0.7534 2.07% 7.43% 1,015.56 1,055.45 1
04/30/1998 10.00% 1,020.18 0.6712 3.25% 8.60% 1,021.73 1,056.96 1
05/31/1998 10.00% 1,020.98 0.5863 4.74% 10.08% 1,027.51 1,057.90 1
06/30/1998 10.00% 1,018.56 0.5041 0.35% 5.71% 1,001.75 1,028.40 1
07/31/1998 10.00% 1,020.27 0.4192 3.40% 8.75% 1,014.13 1,035.79 1
08/31/1998 10.00% 1,028.40 0.3342 20.84% 26.08% 1,065.30 1,080.53 1
09/30/1998 10.00% 1,025.66 0.2521 14.36% 19.64% 1,034.41 1,046.25 1
10/31/1998 10.00% 1,021.35 0.1671 5.44% 10.77% 1,008.89 1,017.25 1
11/30/1998 10.00% 1,017.85 0.0849 -0.88% 4.50% 999.25 1,003.74 1
12/31/1998 10.00% 1,015.08 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.931173 1 6.00% 10%
Units purchased 1,073.915 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,026.87 1,017.85 1,073.03 -0.88% 4.50%
09/30/1998 0.25 0.25 896.85 1,025.66 1,073.03 14.36% 19.64%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 968.66 1,021.35 1,073.03 5.44% 10.77%
03/03/1998 0.83 0.83 1,000.00 1,019.47 1,073.03 1.95% 7.30%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
MENTOR VIP CAPITAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.38 1238 -0.96%
05/31/1998 1238 0 10 100 12.23 1223 -1.21%
06/30/1998 1223 0 10 100 12.75 1275 4.25%
07/31/1998 1275 0 10 100 12.41 1241 -2.67%
08/31/1998 1241 0 10 100 10.72 1072 -13.62%
09/30/1998 1072 0 10 100 11.31 1131 5.50%
10/31/1998 1131 0 10 100 12.23 1223 8.13%
11/30/1998 1223 0 10 100 12.98 1298 6.13%
12/31/1998 1298 0 10 100 13.58 1358 4.62%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 0.931172715
03/31/1998 0.00107 1.34246575 1248.657534 249.81 0.930172661
04/30/1998 0.00115 1.43681141 1235.233611 247.20 0.920172668
05/31/1998 0.00119 1.46874353 1218.798385 244.00 0.907929441
06/30/1998 0.00115 1.40245294 1269.217287 254.17 0.945488405
07/31/1998 0.00119 1.50915151 1233.862341 247.18 0.919151157
08/31/1998 0.00119 1.46711303 1064.367238 213.31 0.792887784
09/30/1998 0.00115 1.22475134 1121.7224 224.87 0.835613834
10/31/1998 0.00119 1.33377403 1211.633949 242.97 0.902592379
11/30/1998 0.00115 1.39420893 1284.542721 257.67 0.956904907
12/31/1998 0.00119 1.52737409 1342.393285 269.37 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.102274 1 6.00% 10%
Units purchased 907.216 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 1.102274 907.216 1,000.00 1,000.00 906.45 6.00%
03/31/1998 1.101217 907.216 999.04 0.00008 0.076712355 998.96 906.45 6.00%
04/30/1998 1.079823 907.216 979.63 0.00008 0.08210669 979.48 906.45 6.00%
05/31/1998 1.010913 907.216 917.12 0.00008 0.083188316 916.89 906.45 6.00%
06/30/1998 1.019544 907.216 924.95 0.00008 0.075360462 924.64 906.45 6.00%
07/31/1998 0.939427 907.216 852.26 0.00008 0.078530939 851.90 906.45 6.00%
08/31/1998 0.788437 907.216 715.28 0.00008 0.072353227 714.91 906.45 6.00%
09/30/1998 0.824421 907.216 747.93 0.00008 0.058759425 747.48 906.45 6.00%
10/31/1998 0.861178 907.216 781.27 0.00008 0.063484211 780.74 906.45 6.00%
11/30/1998 0.909254 907.216 824.89 0.00008 0.06417031 824.26 906.45 6.00%
12/31/1998 1.000000 907.216 907.22 0.00008 0.070005615 906.45 906.45 6.00%
12/31/1998 906.45
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -14.81% -9.35%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 851.89 0.8301 -14.81% -9.35% 875.41 921.71 1
03/31/1998 10.00% 851.95 0.7534 -14.72% -9.26% 886.98 929.40 1
04/30/1998 10.00% 853.12 0.6712 -12.90% -7.46% 911.47 949.33 1
05/31/1998 10.00% 856.88 0.5863 -6.54% -1.14% 961.09 993.31 1
06/30/1998 10.00% 856.41 0.5041 -7.38% -1.97% 962.10 990.04 1
07/31/1998 10.00% 860.78 0.4192 1.04% 6.40% 1,004.35 1,026.36 1
08/31/1998 10.00% 869.00 0.3342 21.55% 26.79% 1,067.41 1,082.57 1
09/30/1998 10.00% 867.04 0.2521 16.00% 21.27% 1,038.12 1,049.82 1
10/31/1998 10.00% 865.05 0.1671 10.80% 16.10% 1,017.28 1,025.26 1
11/30/1998 10.00% 862.44 0.0849 4.63% 9.97% 1,003.85 1,008.10 1
12/31/1998 10.00% 857.50 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.102274 1 6.00% 10%
Units purchased 907.216 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 824.26 862.44 906.45 4.63% 9.97%
09/30/1998 0.25 0.25 747.48 867.04 906.45 16.00% 21.27%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 780.74 865.05 906.45 10.80% 16.10%
03/03/1998 0.83 0.83 1,000.00 851.89 906.45 -14.81% -9.35%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
MENTOR VIP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.27 1227 -1.84%
05/31/1998 1227 0 10 100 11.50 1150 -6.28%
06/30/1998 1150 0 10 100 11.61 1161 0.96%
07/31/1998 1161 0 10 100 10.71 1071 -7.75%
08/31/1998 1071 0 10 100 9.00 900 -15.97%
09/30/1998 900 0 10 100 9.42 942 4.67%
10/31/1998 942 0 10 100 9.85 985 4.56%
11/30/1998 985 0 10 100 10.41 1041 5.69%
12/31/1998 1041 0 10 100 11.46 1146 10.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 1.102273707
03/31/1998 0.00096 1.19863014 1248.80137 249.84 1.101216732
04/30/1998 0.00103 1.28301511 1224.54041 245.07 1.079822957
05/31/1998 0.00106 1.30002578 1146.394735 229.51 1.010912619
06/30/1998 0.00103 1.17780281 1156.182447 231.54 1.019543609
07/31/1998 0.00106 1.22745397 1065.328446 213.43 0.939426829
08/31/1998 0.00106 1.13099938 894.1029892 179.20 0.788436973
09/30/1998 0.00103 0.91859896 934.9091964 187.43 0.82442066
10/31/1998 0.00106 0.99254059 976.592978 195.85 0.86117821
11/30/1998 0.00103 1.00334895 1031.111666 206.85 0.909253823
12/31/1998 0.00106 1.09467334 1134.019611 227.57 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.103665 1 6.00% 10%
Units purchased 906.072 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 1.103665 906.072 1,000.00 1,000.00 905.31 6.00%
03/31/1998 1.102480 906.072 998.93 0.00008 0.076712359 998.85 905.31 6.00%
04/30/1998 1.080926 906.072 979.40 0.00008 0.082097236 979.24 905.31 6.00%
05/31/1998 1.011807 906.072 916.77 0.00008 0.083168279 916.54 905.31 6.00%
06/30/1998 1.020321 906.072 924.48 0.00008 0.075332057 924.18 905.31 6.00%
07/31/1998 0.940014 906.072 851.72 0.00008 0.078491741 851.36 905.31 6.00%
08/31/1998 0.788810 906.072 714.72 0.00008 0.072307113 714.34 905.31 6.00%
09/30/1998 0.824713 906.072 747.25 0.00008 0.058713061 746.80 905.31 6.00%
10/31/1998 0.861379 906.072 780.47 0.00008 0.063426638 779.94 905.31 6.00%
11/30/1998 0.909359 906.072 823.94 0.00008 0.064104296 823.32 905.31 6.00%
12/31/1998 1.000000 906.072 906.07 0.00008 0.06992543 905.31 905.31 6.00%
12/31/1998 905.31
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -14.93% -9.47%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 850.74 0.8301 -14.93% -9.47% 874.43 920.74 1
03/31/1998 10.00% 850.81 0.7534 -14.82% -9.36% 886.16 928.60 1
04/30/1998 10.00% 851.99 0.6712 -12.99% -7.55% 910.80 948.68 1
05/31/1998 10.00% 855.75 0.5863 -6.63% -1.23% 960.56 992.80 1
06/30/1998 10.00% 855.29 0.5041 -7.45% -2.04% 961.70 989.66 1
07/31/1998 10.00% 859.66 0.4192 0.98% 6.34% 1,004.08 1,026.09 1
08/31/1998 10.00% 867.88 0.3342 21.49% 26.73% 1,067.23 1,082.40 1
09/30/1998 10.00% 865.93 0.2521 15.95% 21.23% 1,038.02 1,049.72 1
10/31/1998 10.00% 863.95 0.1671 10.77% 16.07% 1,017.24 1,025.22 1
11/30/1998 10.00% 861.34 0.0849 4.62% 9.96% 1,003.84 1,008.09 1
12/31/1998 10.00% 856.42 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.103665 1 6.00% 10%
Units purchased 906.072 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 823.32 861.34 905.31 4.62% 9.96%
09/30/1998 0.25 0.25 746.80 865.93 905.31 15.95% 21.23%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 779.94 863.95 905.31 10.77% 16.07%
03/03/1998 0.83 0.83 1,000.00 850.74 905.31 -14.93% -9.47%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
MENTOR VIP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.27 1227 -1.84%
05/31/1998 1227 0 10 100 11.50 1150 -6.28%
06/30/1998 1150 0 10 100 11.61 1161 0.96%
07/31/1998 1161 0 10 100 10.71 1071 -7.75%
08/31/1998 1071 0 10 100 9.00 900 -15.97%
09/30/1998 900 0 10 100 9.42 942 4.67%
10/31/1998 942 0 10 100 9.85 985 4.56%
11/30/1998 985 0 10 100 10.41 1041 5.69%
12/31/1998 1041 0 10 100 11.46 1146 10.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 1.103665481
03/31/1998 0.00107 1.34246575 1248.657534 249.81 1.102480175
04/30/1998 0.00115 1.43681141 1224.245424 245.01 1.080925932
05/31/1998 0.00119 1.45567812 1145.962609 229.42 1.011807499
06/30/1998 0.00115 1.31864191 1155.605348 231.43 1.020321386
07/31/1998 0.00119 1.37406225 1064.649476 213.29 0.940013501
08/31/1998 0.00119 1.26591198 893.3975132 179.06 0.788809597
09/30/1998 0.00115 1.02801906 934.0613781 187.26 0.82471304
10/31/1998 0.00119 1.11063736 975.5883621 195.65 0.861378559
11/30/1998 0.00115 1.12259483 1029.930689 206.62 0.90935916
12/31/1998 0.00119 1.22462992 1132.589558 227.28 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.425539 1 6.00% 10%
Units purchased 2,349.962 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.425539 2,349.962 1,000.00 1,000.00 2,340.75 4.00%
01/31/1995 0.435344 2,349.962 1,023.04 0.00008 0.076712339 1,022.96 2,340.75 4.00%
02/28/1995 0.439178 2,349.962 1,032.05 0.00008 0.07847399 1,031.90 2,340.75 4.00%
03/31/1995 0.436163 2,349.962 1,024.97 0.00008 0.087640398 1,024.72 2,340.75 4.00%
04/30/1995 0.452262 2,349.962 1,062.80 0.00008 0.084223896 1,062.46 2,340.75 4.00%
05/31/1995 0.467041 2,349.962 1,097.53 0.00008 0.090236564 1,097.09 2,340.75 4.00%
06/30/1995 0.476300 2,349.962 1,119.29 0.00008 0.090171903 1,118.75 2,340.75 4.00%
07/31/1995 0.496521 2,349.962 1,166.81 0.00008 0.095017205 1,166.15 2,340.75 4.00%
08/31/1995 0.503178 2,349.962 1,182.45 0.00008 0.099043113 1,181.69 2,340.75 4.00%
09/30/1995 0.525878 2,349.962 1,235.79 0.00008 0.097125016 1,234.90 2,340.75 4.00%
10/31/1995 0.531645 2,349.962 1,249.35 0.00008 0.104881976 1,248.34 2,340.75 4.00%
11/30/1995 0.539946 2,349.962 1,268.85 0.00008 0.102603225 1,267.73 2,340.75 4.00%
12/31/1995 0.563113 2,349.962 1,323.29 0.00008 0.107669945 1,322.01 2,340.75 4.00%
01/31/1996 0.574160 2,349.962 1,349.26 0.00008 0.112280447 1,347.84 2,340.75 6.00%
02/29/1996 0.566879 2,349.962 1,332.14 0.00008 0.107088349 1,330.64 2,340.75 6.00%
03/31/1996 0.563147 2,349.962 1,323.37 0.00008 0.113012896 1,321.76 2,340.75 6.00%
04/30/1996 0.568373 2,349.962 1,335.66 0.00008 0.108638071 1,333.92 2,340.75 6.00%
05/31/1996 0.570893 2,349.962 1,341.58 0.00008 0.113291901 1,339.72 2,340.75 6.00%
06/30/1996 0.583678 2,349.962 1,371.62 0.00008 0.110114108 1,369.61 2,340.75 6.00%
07/31/1996 0.570148 2,349.962 1,339.83 0.00008 0.11632334 1,337.75 2,340.75 6.00%
08/31/1996 0.581992 2,349.962 1,367.66 0.00008 0.113616938 1,365.43 2,340.75 6.00%
09/30/1996 0.590279 2,349.962 1,387.13 0.00008 0.112226792 1,384.76 2,340.75 6.00%
10/31/1996 0.610957 2,349.962 1,435.73 0.00008 0.117609412 1,433.15 2,340.75 6.00%
11/30/1996 0.644915 2,349.962 1,515.53 0.00008 0.117792956 1,512.69 2,340.75 6.00%
12/31/1996 0.659153 2,349.962 1,548.98 0.00008 0.128474638 1,545.95 2,340.75 6.00%
01/31/1997 0.674860 2,349.962 1,585.90 0.00008 0.13130017 1,582.66 2,340.75 6.00%
02/28/1997 0.672765 2,349.962 1,580.97 0.00008 0.121409568 1,577.63 2,340.75 6.00%
03/31/1997 0.657604 2,349.962 1,545.34 0.00008 0.133990175 1,541.94 2,340.75 6.00%
04/30/1997 0.670399 2,349.962 1,575.41 0.00008 0.126734785 1,571.81 2,340.75 6.00%
05/31/1997 0.710534 2,349.962 1,669.73 0.00008 0.1334966 1,665.78 2,340.75 6.00%
06/30/1997 0.731412 2,349.962 1,718.79 0.00008 0.136913599 1,714.59 2,340.75 6.00%
07/31/1997 0.762288 2,349.962 1,791.35 0.00008 0.145622729 1,786.82 2,340.75 6.00%
08/31/1997 0.742314 2,349.962 1,744.41 0.00008 0.151757673 1,739.85 2,340.75 6.00%
09/30/1997 0.789410 2,349.962 1,855.08 0.00008 0.143001706 1,850.09 2,340.75 6.00%
10/31/1997 0.773751 2,349.962 1,818.28 0.00008 0.157131355 1,813.24 2,340.75 6.00%
11/30/1997 0.810687 2,349.962 1,905.08 0.00008 0.149033322 1,899.65 2,340.75 6.00%
12/31/1997 0.857544 2,349.962 2,015.20 0.00008 0.161339996 2,009.29 2,340.75 6.00%
01/31/1998 0.856158 2,349.962 2,011.94 0.00008 0.170651604 2,005.87 2,340.75 6.00%
02/28/1998 0.885812 2,349.962 2,081.62 0.00008 0.153874675 2,075.19 2,340.75 6.00%
03/31/1998 0.953849 2,349.962 2,241.51 0.00008 0.176248735 2,234.40 2,340.75 6.00%
04/30/1998 0.948342 2,349.962 2,228.57 0.00008 0.183649458 2,221.32 2,340.75 6.00%
05/31/1998 0.931564 2,349.962 2,189.14 0.00008 0.188659784 2,181.83 2,340.75 6.00%
06/30/1998 0.950936 2,349.962 2,234.66 0.00008 0.179328515 2,227.02 2,340.75 6.00%
07/31/1998 0.942310 2,349.962 2,214.39 0.00008 0.189144267 2,206.63 2,340.75 6.00%
08/31/1998 0.845962 2,349.962 1,987.98 0.00008 0.187412538 1,980.82 2,340.75 6.00%
09/30/1998 0.911962 2,349.962 2,143.08 0.00008 0.162807461 2,135.20 2,340.75 6.00%
10/31/1998 0.938321 2,349.962 2,205.02 0.00008 0.181345759 2,196.73 2,340.75 6.00%
11/30/1998 0.964660 2,349.962 2,266.91 0.00008 0.180553391 2,258.21 2,340.75 6.00%
12/31/1998 1.000000 2,349.962 2,349.96 0.00008 0.191793582 2,340.75 2,340.75 6.00%
12/31/1998 2,340.75
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 133.82% 134.08%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,338.21 3.9945 23.69% 23.73% 2,338.20 2,340.75 4
01/31/1995 40.00% 2,337.29 3.9178 23.48% 23.53% 2,284.82 2,288.21 4
02/28/1995 40.00% 2,336.93 3.8411 23.72% 23.77% 2,264.70 2,268.40 4
03/31/1995 40.00% 2,337.22 3.7562 24.55% 24.60% 2,280.82 2,284.28 4
04/30/1995 40.00% 2,335.71 3.6740 23.91% 23.99% 2,198.39 2,203.14 4
05/31/1995 40.00% 2,334.32 3.5890 23.41% 23.51% 2,127.74 2,133.60 4
06/30/1995 40.00% 2,333.46 3.5068 23.32% 23.43% 2,085.77 2,092.29 4
07/31/1995 40.00% 2,331.56 3.4219 22.44% 22.58% 1,999.36 2,007.24 4
08/31/1995 40.00% 2,330.94 3.3370 22.58% 22.73% 1,972.55 1,980.86 4
09/30/1995 40.00% 2,328.81 3.2548 21.52% 21.71% 1,885.83 1,895.50 4
10/31/1995 40.00% 2,328.27 3.1699 21.73% 21.94% 1,865.10 1,875.09 4
11/30/1995 40.00% 2,327.50 3.0877 21.75% 21.97% 1,835.96 1,846.42 4
12/31/1995 40.00% 2,325.32 3.0027 20.69% 20.96% 1,758.93 1,770.60 4
01/31/1996 30.00% 2,302.02 2.9178 20.14% 20.83% 1,707.93 1,736.67 3
02/29/1996 30.00% 2,303.05 2.8384 21.32% 22.02% 1,730.79 1,759.12 3
03/31/1996 30.00% 2,303.58 2.7534 22.35% 23.07% 1,742.81 1,770.93 3
04/30/1996 30.00% 2,302.85 2.6712 22.68% 23.43% 1,726.38 1,754.79 3
05/31/1996 30.00% 2,302.50 2.5863 23.29% 24.08% 1,718.64 1,747.19 3
06/30/1996 30.00% 2,300.71 2.5041 23.01% 23.87% 1,679.82 1,709.06 3
07/31/1996 30.00% 2,302.62 2.4192 25.17% 26.02% 1,721.27 1,749.77 3
08/31/1996 30.00% 2,300.96 2.3342 25.05% 25.98% 1,685.16 1,714.30 3
09/30/1996 30.00% 2,299.80 2.2521 25.26% 26.25% 1,660.80 1,690.37 3
10/31/1996 30.00% 2,296.90 2.1671 24.32% 25.41% 1,602.69 1,633.30 3
11/30/1996 30.00% 2,292.13 2.0849 22.06% 23.29% 1,515.27 1,547.42 3
12/31/1996 30.00% 2,290.13 2.0000 21.71% 23.05% 1,481.37 1,514.12 3
01/31/1997 20.00% 2,273.88 1.9151 20.83% 22.67% 1,436.75 1,479.00 2
02/28/1997 20.00% 2,274.18 1.8384 22.01% 23.94% 1,441.52 1,483.72 2
03/31/1997 20.00% 2,276.33 1.7534 24.88% 26.88% 1,476.27 1,518.06 2
04/30/1997 20.00% 2,274.53 1.6712 24.75% 26.91% 1,447.07 1,489.20 2
05/31/1997 20.00% 2,268.90 1.5863 21.51% 23.92% 1,362.06 1,405.20 2
06/30/1997 20.00% 2,265.97 1.5041 20.37% 22.99% 1,321.58 1,365.20 2
07/31/1997 20.00% 2,261.63 1.4192 18.06% 20.96% 1,265.73 1,310.01 2
08/31/1997 20.00% 2,264.45 1.3342 21.84% 24.90% 1,301.52 1,345.37 2
09/30/1997 20.00% 2,257.84 1.2521 17.24% 20.67% 1,220.39 1,265.21 2
10/31/1997 20.00% 2,260.05 1.1671 20.77% 24.46% 1,246.41 1,290.92 2
11/30/1997 20.00% 2,254.86 1.0849 17.12% 21.22% 1,186.99 1,232.20 2
12/31/1997 20.00% 2,248.28 1.0000 11.89% 16.50% 1,118.95 1,164.97 2
01/31/1998 10.00% 2,234.45 0.9151 12.52% 18.38% 1,113.96 1,166.95 1
02/28/1998 10.00% 2,230.29 0.8384 7.47% 12.80% 1,062.29 1,106.23 1
03/31/1998 10.00% 2,220.73 0.7534 -0.61% 4.76% 995.39 1,035.65 1
04/30/1998 10.00% 2,221.52 0.6712 0.01% 5.38% 1,000.06 1,035.78 1
05/31/1998 10.00% 2,223.89 0.5863 1.93% 7.28% 1,011.26 1,042.08 1
06/30/1998 10.00% 2,221.18 0.5041 -0.26% 5.11% 998.68 1,025.43 1
07/31/1998 10.00% 2,222.40 0.4192 0.71% 6.08% 1,002.99 1,025.04 1
08/31/1998 10.00% 2,235.95 0.3342 12.88% 18.17% 1,041.32 1,057.38 1
09/30/1998 10.00% 2,226.69 0.2521 4.28% 9.63% 1,010.63 1,023.44 1
10/31/1998 10.00% 2,222.99 0.1671 1.20% 6.56% 1,001.99 1,010.67 1
11/30/1998 10.00% 2,219.30 0.0849 -1.72% 3.66% 998.53 1,003.05 1
12/31/1998 10.00% 2,214.35 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.425539 1 6.00% 10%
Units purchased 2,349.962 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,258.21 2,219.30 2,340.75 -1.72% 3.66%
09/30/1998 0.25 0.25 2,135.20 2,226.69 2,340.75 4.28% 9.63%
12/31/1997 1.00 1.00 2,009.29 2,248.28 2,340.75 11.89% 16.50%
12/31/1997 1.00 1.00 2,009.29 2,248.28 2,340.75 11.89% 16.50%
12/31/1995 3.00 3.00 1,322.01 2,325.32 2,340.75 20.71% 20.98%
12/31/1993 5.00 5.00 - -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 2,196.73 2,222.99 2,340.75 1.20% 6.56%
01/03/1995 3.99 3.99 1,000.00 2,338.21 2,340.75 23.69% 23.73%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
AIM GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.24 1,024.00 2.40%
02/28/1995 1024 0 10 100 10.34 1,034.00 0.98%
03/31/1995 1034 0 10 100 10.28 1,028.00 -0.58%
04/30/1995 1028 0 10 100 10.67 1,067.00 3.79%
05/31/1995 1067 0 10 100 11.03 1,103.00 3.37%
06/30/1995 1103 0 10 100 11.26 1,126.00 2.09%
07/31/1995 1126 0 10 100 11.75 1,175.00 4.35%
08/31/1995 1175 0 10 100 11.92 1,192.00 1.45%
09/30/1995 1192 0 10 100 12.47 1,247.00 4.61%
10/31/1995 1247 0 10 100 12.62 1,262.00 1.20%
11/30/1995 1262 0 10 100 12.83 1,283.00 1.66%
12/31/1995 1283 0.82086 12.52 106.556 12.57 1,339.41 4.40%
01/31/1996 1339.41 0 12.52 106.556 12.83 1,367.11 2.07%
02/29/1996 1367.11 0 12.52 106.556 12.68 1,351.13 -1.17%
03/31/1996 1351.13 0 12.52 106.556 12.61 1,343.67 -0.55%
04/30/1996 1343.67 0 12.52 106.556 12.74 1,357.52 1.03%
05/31/1996 1357.52 0 12.52 106.556 12.81 1,364.98 0.55%
06/30/1996 1364.98 0 12.52 106.556 13.11 1,396.95 2.34%
07/31/1996 1396.95 0 12.52 106.556 12.82 1,366.05 -2.21%
08/31/1996 1366.05 0 12.52 106.556 13.10 1,395.88 2.18%
09/30/1996 1395.88 0 12.52 106.556 13.30 1,417.19 1.53%
10/31/1996 1417.19 0 12.52 106.556 13.78 1,468.34 3.61%
11/30/1996 1468.34 0 12.52 106.556 14.56 1,551.46 5.66%
12/31/1996 1551.46 1.23782 13.67 116.205 13.66 1,587.36 2.31%
01/31/1997 1587.36 0 13.67 116.205 14.00 1,626.87 2.49%
02/28/1997 1626.87 0 13.67 116.205 13.97 1,623.38 -0.21%
03/31/1997 1623.38 0 13.67 116.205 13.67 1,588.52 -2.15%
04/30/1997 1588.52 0 13.67 116.205 13.95 1,621.06 2.05%
05/31/1997 1621.06 0 13.67 116.205 14.80 1,719.83 6.09%
06/30/1997 1719.83 0 13.67 116.205 15.25 1,772.13 3.04%
07/31/1997 1772.13 0 13.67 116.205 15.91 1,848.82 4.33%
08/31/1997 1848.82 0 13.67 116.205 15.51 1,802.34 -2.51%
09/30/1997 1802.34 0 13.67 116.205 16.51 1,918.54 6.45%
10/31/1997 1918.54 0 13.67 116.205 16.20 1,882.52 -1.88%
11/30/1997 1882.52 0 13.67 116.205 16.99 1,974.32 4.88%
12/31/1997 1974.32 0 13.67 116.205 17.99 2,090.53 5.89%
01/31/1998 2090.53 0 13.67 116.205 17.98 2,089.37 -0.06%
02/28/1998 2089.37 0 13.67 116.205 18.62 2,163.74 3.56%
03/31/1998 2163.74 0 13.67 116.205 20.07 2,332.23 7.79%
04/30/1998 2332.23 1.309 18.28 124.526 18.64 2,321.16 -0.47%
05/31/1998 2321.16 0 18.28 124.526 18.33 2,282.56 -1.66%
06/30/1998 2282.56 0 18.28 124.526 18.73 2,332.37 2.18%
07/31/1998 2332.37 0 18.28 124.526 18.58 2,313.69 -0.80%
08/31/1998 2313.69 0 18.28 124.526 16.70 2,079.58 -10.12%
09/30/1998 2079.58 0 18.28 124.526 18.02 2,243.96 7.90%
10/31/1998 2243.96 0 18.28 124.526 18.56 2,311.20 3.00%
11/30/1998 2311.2 0 18.28 124.526 19.10 2,378.45 2.91%
12/31/1998 2378.45 0 18.28 124.526 19.82 2,468.11 3.77%
2,468.11
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.425538851
01/31/1995 0.00096 0.95890411 1,023.04 0.08 0.435343732
02/28/1995 0.00096 0.980998311 1,032.05 0.16 0.439177683
03/31/1995 0.00106 1.095670299 1,024.97 0.24 0.436163013
04/30/1995 0.00103 1.053047645 1,062.80 0.34 0.45226194
05/31/1995 0.00106 1.128313197 1,097.53 0.44 0.467040871
06/30/1995 0.00103 1.127597424 1,119.29 0.54 0.476299874
07/31/1995 0.00106 1.188283572 1,166.81 0.65 0.496521295
08/31/1995 0.00106 1.238732425 1,182.45 0.76 0.503177879
09/30/1995 0.00103 1.214844598 1,235.79 0.89 0.525878015
10/31/1995 0.00106 1.311972226 1,249.35 1.01 0.531645438
11/30/1995 0.00103 1.283575085 1,268.85 1.13 0.539945942
12/31/1995 0.00106 1.347069204 1,323.29 1.28 0.563112657 .24356 Dividend .5773 ST
01/31/1996 0.00106 1.404866044 1,349.26 1.42 0.574160423
02/29/1996 0.00099 1.34001353 1,332.14 1.51 0.566878896
03/31/1996 0.00106 1.414262141 1,323.37 1.61 0.563147162
04/30/1996 0.00103 1.35963109 1,335.66 1.73 0.568373276
05/31/1996 0.00106 1.417990354 1,341.58 1.86 0.570893257
06/30/1996 0.00103 1.378332829 1,371.62 2.01 0.583677949
07/31/1996 0.00106 1.456172794 1,339.82 2.08 0.570147558
08/31/1996 0.00106 1.422416872 1,367.66 2.23 0.581992396
09/30/1996 0.00103 1.405129971 1,387.13 2.38 0.590279361
10/31/1996 0.00106 1.472642143 1,435.73 2.58 0.610957382
11/30/1996 0.00103 1.475061417 1,515.53 2.84 0.644914848
12/31/1996 0.00106 1.608947978 1,548.98 3.03 0.659153182 .34435 Dividend .6739 ST/.21957 LT
01/31/1997 0.00106 1.644470091 1,585.90 3.23 0.674859972
02/28/1997 0.00096 1.520721315 1,580.97 3.35 0.67276512
03/31/1997 0.00106 1.678429459 1,545.34 3.40 0.657604116
04/30/1997 0.00103 1.587682692 1,575.41 3.60 0.670399172
05/31/1997 0.00106 1.672526838 1,669.73 3.95 0.710534378
06/30/1997 0.00103 1.715474561 1,718.79 4.20 0.731411714
07/31/1997 0.00106 1.824742293 1,791.35 4.52 0.762287501
08/31/1997 0.00106 1.901771896 1,744.41 4.56 0.742314041
09/30/1997 0.00103 1.792201608 1,855.08 4.99 0.789409669
10/31/1997 0.00106 1.969436887 1,818.28 5.05 0.773750673
11/30/1997 0.00103 1.868100458 1,905.08 5.44 0.810687228
12/31/1997 0.00106 2.022520617 2,015.20 5.91 0.857544243
01/31/1998 0.00106 2.139420546 2,011.94 6.07 0.856158
02/28/1998 0.00096 1.929256103 2,081.62 6.44 0.885811509
03/31/1998 0.00106 2.209942353 2,241.51 7.11 0.953849058
04/30/1998 0.00103 2.302919951 2,228.57 7.25 0.948341603 .236 Dividend .966 ST/.107 LT
05/31/1998 0.00106 2.365943827 2,189.14 7.31 0.931564245
06/30/1998 0.00103 2.249116741 2,234.66 7.64 0.950935743
07/31/1998 0.00106 2.372415747 2,214.39 7.76 0.942310124
08/31/1998 0.00106 2.350896359 1,987.98 7.16 0.845962371
09/30/1998 0.00103 2.042444352 2,143.08 7.88 0.911962164
10/31/1998 0.00106 2.275183589 2,205.02 8.29 0.938320825
11/30/1998 0.00103 2.265429451 2,266.91 8.70 0.964659529
12/31/1998 0.00106 2.406654154 2,349.96 9.21 1
1.34996 1.34996
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.428053 1 6.00% 10%
Units purchased 2,336.162 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.428053 2,336.162 1,000.00 1,000.00 2,327.01 4.00%
01/31/1995 0.437866 2,336.162 1,022.93 0.00008 0.076712344 1,022.85 2,327.01 4.00%
02/28/1995 0.441672 2,336.162 1,031.82 0.00008 0.078465168 1,031.66 2,327.01 4.00%
03/31/1995 0.438584 2,336.162 1,024.60 0.00008 0.087620549 1,024.36 2,327.01 4.00%
04/30/1995 0.454718 2,336.162 1,062.30 0.00008 0.084194019 1,061.96 2,327.01 4.00%
05/31/1995 0.469519 2,336.162 1,096.87 0.00008 0.090193828 1,096.44 2,327.01 4.00%
06/30/1995 0.478770 2,336.162 1,118.48 0.00008 0.090118078 1,117.95 2,327.01 4.00%
07/31/1995 0.499035 2,336.162 1,165.83 0.00008 0.094949007 1,165.17 2,327.01 4.00%
08/31/1995 0.505662 2,336.162 1,181.31 0.00008 0.098959928 1,180.55 2,327.01 4.00%
09/30/1995 0.528411 2,336.162 1,234.45 0.00008 0.097031242 1,233.56 2,327.01 4.00%
10/31/1995 0.534139 2,336.162 1,247.84 0.00008 0.104768351 1,246.83 2,327.01 4.00%
11/30/1995 0.542413 2,336.162 1,267.16 0.00008 0.102479152 1,266.04 2,327.01 4.00%
12/31/1995 0.565616 2,336.162 1,321.37 0.00008 0.10752669 1,320.09 2,327.01 4.00%
01/31/1996 0.576641 2,336.162 1,347.13 0.00008 0.112117359 1,345.71 2,327.01 6.00%
02/29/1996 0.569259 2,336.162 1,329.88 0.00008 0.10691944 1,328.38 2,327.01 6.00%
03/31/1996 0.565440 2,336.162 1,320.96 0.00008 0.112821022 1,319.35 2,327.01 6.00%
04/30/1996 0.570617 2,336.162 1,333.05 0.00008 0.108439715 1,331.32 2,327.01 6.00%
05/31/1996 0.573074 2,336.162 1,338.79 0.00008 0.113071233 1,336.94 2,327.01 6.00%
06/30/1996 0.585837 2,336.162 1,368.61 0.00008 0.109885689 1,366.61 2,327.01 6.00%
07/31/1996 0.572182 2,336.162 1,336.71 0.00008 0.116068041 1,334.64 2,327.01 6.00%
08/31/1996 0.583996 2,336.162 1,364.31 0.00008 0.113352793 1,362.08 2,327.01 6.00%
09/30/1996 0.592240 2,336.162 1,383.57 0.00008 0.111951904 1,381.20 2,327.01 6.00%
10/31/1996 0.612911 2,336.162 1,431.86 0.00008 0.117307078 1,429.29 2,327.01 6.00%
11/30/1996 0.646902 2,336.162 1,511.27 0.00008 0.117475687 1,508.43 2,327.01 6.00%
12/31/1996 0.661101 2,336.162 1,544.44 0.00008 0.128113632 1,541.42 2,327.01 6.00%
01/31/1997 0.676770 2,336.162 1,581.05 0.00008 0.130914903 1,577.82 2,327.01 6.00%
02/28/1997 0.674592 2,336.162 1,575.96 0.00008 0.121038259 1,572.62 2,327.01 6.00%
03/31/1997 0.659304 2,336.162 1,540.24 0.00008 0.13356497 1,536.85 2,327.01 6.00%
04/30/1997 0.672051 2,336.162 1,570.02 0.00008 0.126316138 1,566.43 2,327.01 6.00%
05/31/1997 0.712199 2,336.162 1,663.81 0.00008 0.133039523 1,659.88 2,327.01 6.00%
06/30/1997 0.733037 2,336.162 1,712.49 0.00008 0.136428421 1,708.31 2,327.01 6.00%
07/31/1997 0.763888 2,336.162 1,784.57 0.00008 0.145089308 1,780.06 2,327.01 6.00%
08/31/1997 0.743776 2,336.162 1,737.58 0.00008 0.151183296 1,733.04 2,327.01 6.00%
09/30/1997 0.790872 2,336.162 1,847.61 0.00008 0.142441829 1,842.64 2,327.01 6.00%
10/31/1997 0.775084 2,336.162 1,810.72 0.00008 0.156498012 1,805.70 2,327.01 6.00%
11/30/1997 0.811988 2,336.162 1,896.94 0.00008 0.148413324 1,891.52 2,327.01 6.00%
12/31/1997 0.858817 2,336.162 2,006.34 0.00008 0.160649894 2,000.45 2,327.01 6.00%
01/31/1998 0.857319 2,336.162 2,002.84 0.00008 0.169901207 1,996.79 2,327.01 6.00%
02/28/1998 0.886914 2,336.162 2,071.98 0.00008 0.1531785 2,065.57 2,327.01 6.00%
03/31/1998 0.954924 2,336.162 2,230.86 0.00008 0.175431819 2,223.78 2,327.01 6.00%
04/30/1998 0.949292 2,336.162 2,217.70 0.00008 0.18277661 2,210.49 2,327.01 6.00%
05/31/1998 0.932377 2,336.162 2,178.18 0.00008 0.187739839 2,170.91 2,327.01 6.00%
06/30/1998 0.951651 2,336.162 2,223.21 0.00008 0.178430924 2,215.61 2,327.01 6.00%
07/31/1998 0.942897 2,336.162 2,202.76 0.00008 0.188174814 2,195.04 2,327.01 6.00%
08/31/1998 0.846369 2,336.162 1,977.26 0.00008 0.186427988 1,970.14 2,327.01 6.00%
09/30/1998 0.912297 2,336.162 2,131.27 0.00008 0.161929187 2,123.44 2,327.01 6.00%
10/31/1998 0.938549 2,336.162 2,192.60 0.00008 0.18034685 2,184.36 2,327.01 6.00%
11/30/1998 0.964778 2,336.162 2,253.88 0.00008 0.179536611 2,245.23 2,327.01 6.00%
12/31/1998 1.000000 2,336.162 2,336.16 0.00008 0.190690631 2,327.01 2,327.01 6.00%
12/31/1998 2,327.01
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 132.42% 132.70%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,324.24 3.9945 23.51% 23.55% 2,324.24 2,327.01 4
01/31/1995 40.00% 2,323.32 3.9178 23.29% 23.34% 2,271.42 2,275.02 4
02/28/1995 40.00% 2,322.97 3.8411 23.53% 23.59% 2,251.68 2,255.59 4
03/31/1995 40.00% 2,323.26 3.7562 24.36% 24.41% 2,268.01 2,271.67 4
04/30/1995 40.00% 2,321.76 3.6740 23.73% 23.80% 2,186.30 2,191.24 4
05/31/1995 40.00% 2,320.38 3.5890 23.23% 23.33% 2,116.29 2,122.34 4
06/30/1995 40.00% 2,319.52 3.5068 23.14% 23.25% 2,074.80 2,081.50 4
07/31/1995 40.00% 2,317.63 3.4219 22.26% 22.40% 1,989.09 1,997.13 4
08/31/1995 40.00% 2,317.02 3.3370 22.39% 22.55% 1,962.66 1,971.13 4
09/30/1995 40.00% 2,314.90 3.2548 21.34% 21.53% 1,876.59 1,886.41 4
10/31/1995 40.00% 2,314.36 3.1699 21.55% 21.76% 1,856.20 1,866.34 4
11/30/1995 40.00% 2,313.60 3.0877 21.56% 21.79% 1,827.43 1,838.02 4
12/31/1995 40.00% 2,311.43 3.0027 20.51% 20.78% 1,750.97 1,762.76 4
01/31/1996 30.00% 2,288.15 2.9178 19.95% 20.65% 1,700.33 1,729.20 3
02/29/1996 30.00% 2,289.19 2.8384 21.14% 21.84% 1,723.30 1,751.77 3
03/31/1996 30.00% 2,289.73 2.7534 22.17% 22.89% 1,735.50 1,763.75 3
04/30/1996 30.00% 2,289.01 2.6712 22.49% 23.25% 1,719.35 1,747.89 3
05/31/1996 30.00% 2,288.68 2.5863 23.10% 23.90% 1,711.87 1,740.54 3
06/30/1996 30.00% 2,286.90 2.5041 22.83% 23.68% 1,673.41 1,702.76 3
07/31/1996 30.00% 2,288.81 2.4192 24.98% 25.83% 1,714.93 1,743.55 3
08/31/1996 30.00% 2,287.17 2.3342 24.86% 25.79% 1,679.17 1,708.42 3
09/30/1996 30.00% 2,286.02 2.2521 25.07% 26.06% 1,655.10 1,684.78 3
10/31/1996 30.00% 2,283.13 2.1671 24.13% 25.22% 1,597.39 1,628.09 3
11/30/1996 30.00% 2,278.39 2.0849 21.87% 23.11% 1,510.43 1,542.66 3
12/31/1996 30.00% 2,276.41 2.0000 21.52% 22.87% 1,476.83 1,509.65 3
01/31/1997 20.00% 2,260.26 1.9151 20.65% 22.49% 1,432.52 1,474.82 2
02/28/1997 20.00% 2,260.57 1.8384 21.82% 23.76% 1,437.46 1,479.70 2
03/31/1997 20.00% 2,262.72 1.7534 24.68% 26.69% 1,472.31 1,514.14 2
04/30/1997 20.00% 2,260.94 1.6712 24.56% 26.72% 1,443.37 1,485.54 2
05/31/1997 20.00% 2,255.34 1.5863 21.32% 23.74% 1,358.74 1,401.91 2
06/30/1997 20.00% 2,252.43 1.5041 20.18% 22.81% 1,318.51 1,362.17 2
07/31/1997 20.00% 2,248.13 1.4192 17.88% 20.78% 1,262.95 1,307.26 2
08/31/1997 20.00% 2,250.95 1.3342 21.65% 24.72% 1,298.84 1,342.73 2
09/30/1997 20.00% 2,244.37 1.2521 17.06% 20.49% 1,218.02 1,262.87 2
10/31/1997 20.00% 2,246.59 1.1671 20.59% 24.27% 1,244.17 1,288.70 2
11/30/1997 20.00% 2,241.44 1.0849 16.94% 21.04% 1,184.99 1,230.23 2
12/31/1997 20.00% 2,234.90 1.0000 11.72% 16.32% 1,117.20 1,163.24 2
01/31/1998 10.00% 2,221.16 0.9151 12.34% 18.20% 1,112.36 1,165.37 1
02/28/1998 10.00% 2,217.03 0.8384 7.33% 12.66% 1,061.12 1,105.08 1
03/31/1998 10.00% 2,207.54 0.7534 -0.73% 4.64% 994.49 1,034.78 1
04/30/1998 10.00% 2,208.34 0.6712 -0.10% 5.27% 999.35 1,035.08 1
05/31/1998 10.00% 2,210.71 0.5863 1.83% 7.19% 1,010.71 1,041.55 1
06/30/1998 10.00% 2,208.03 0.5041 -0.34% 5.03% 998.28 1,025.04 1
07/31/1998 10.00% 2,209.27 0.4192 0.65% 6.01% 1,002.71 1,024.78 1
08/31/1998 10.00% 2,222.76 0.3342 12.82% 18.11% 1,041.14 1,057.21 1
09/30/1998 10.00% 2,213.56 0.2521 4.24% 9.59% 1,010.53 1,023.35 1
10/31/1998 10.00% 2,209.91 0.1671 1.17% 6.53% 1,001.94 1,010.63 1
11/30/1998 10.00% 2,206.25 0.0849 -1.74% 3.64% 998.51 1,003.04 1
12/31/1998 10.00% 2,201.35 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.428053 1 6.00% 10%
Units purchased 2,336.162 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,245.23 2,206.25 2,327.01 -1.74% 3.64%
09/30/1998 0.25 0.25 2,123.44 2,213.56 2,327.01 4.24% 9.59%
12/31/1997 1.00 1.00 2,000.45 2,234.90 2,327.01 11.72% 16.32%
12/31/1997 1.00 1.00 2,000.45 2,234.90 2,327.01 11.72% 16.32%
12/31/1995 3.00 3.00 1,320.09 2,311.43 2,327.01 20.53% 20.80%
12/31/1993 5.00 5.00 - -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 2,184.36 2,209.91 2,327.01 1.17% 6.53%
01/03/1995 3.99 3.99 1,000.00 2,324.24 2,327.01 23.51% 23.54%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
AIM GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.24 1,024.00 2.40%
02/28/1995 1024 0 10 100 10.34 1,034.00 0.98%
03/31/1995 1034 0 10 100 10.28 1,028.00 -0.58%
04/30/1995 1028 0 10 100 10.67 1,067.00 3.79%
05/31/1995 1067 0 10 100 11.03 1,103.00 3.37%
06/30/1995 1103 0 10 100 11.26 1,126.00 2.09%
07/31/1995 1126 0 10 100 11.75 1,175.00 4.35%
08/31/1995 1175 0 10 100 11.92 1,192.00 1.45%
09/30/1995 1192 0 10 100 12.47 1,247.00 4.61%
10/31/1995 1247 0 10 100 12.62 1,262.00 1.20%
11/30/1995 1262 0 10 100 12.83 1,283.00 1.66%
12/31/1995 1283 0.82086 12.52 106.556 12.57 1,339.41 4.40%
01/31/1996 1339.41 0 12.52 106.556 12.83 1,367.11 2.07%
02/29/1996 1367.11 0 12.52 106.556 12.68 1,351.13 -1.17%
03/31/1996 1351.13 0 12.52 106.556 12.61 1,343.67 -0.55%
04/30/1996 1343.67 0 12.52 106.556 12.74 1,357.52 1.03%
05/31/1996 1357.52 0 12.52 106.556 12.81 1,364.98 0.55%
06/30/1996 1364.98 0 12.52 106.556 13.11 1,396.95 2.34%
07/31/1996 1396.95 0 12.52 106.556 12.82 1,366.05 -2.21%
08/31/1996 1366.05 0 12.52 106.556 13.10 1,395.88 2.18%
09/30/1996 1395.88 0 12.52 106.556 13.30 1,417.19 1.53%
10/31/1996 1417.19 0 12.52 106.556 13.78 1,468.34 3.61%
11/30/1996 1468.34 0 12.52 106.556 14.56 1,551.46 5.66%
12/31/1996 1551.46 1.23782 13.67 116.205 13.66 1,587.36 2.31%
01/31/1997 1587.36 0 13.67 116.205 14.00 1,626.87 2.49%
02/28/1997 1626.87 0 13.67 116.205 13.97 1,623.38 -0.21%
03/31/1997 1623.38 0 13.67 116.205 13.67 1,588.52 -2.15%
04/30/1997 1588.52 0 13.67 116.205 13.95 1,621.06 2.05%
05/31/1997 1621.06 0 13.67 116.205 14.80 1,719.83 6.09%
06/30/1997 1719.83 0 13.67 116.205 15.25 1,772.13 3.04%
07/31/1997 1772.13 0 13.67 116.205 15.91 1,848.82 4.33%
08/31/1997 1848.82 0 13.67 116.205 15.51 1,802.34 -2.51%
09/30/1997 1802.34 0 13.67 116.205 16.51 1,918.54 6.45%
10/31/1997 1918.54 0 13.67 116.205 16.20 1,882.52 -1.88%
11/30/1997 1882.52 0 13.67 116.205 16.99 1,974.32 4.88%
12/31/1997 1974.32 0 13.67 116.205 17.99 2,090.53 5.89%
01/31/1998 2090.53 0 13.67 116.205 17.98 2,089.37 -0.06%
02/28/1998 2089.37 0 13.67 116.205 18.62 2,163.74 3.56%
03/31/1998 2163.74 0 13.67 116.205 20.07 2,332.23 7.79%
04/30/1998 2332.23 1.309 18.28 124.526 18.64 2,321.16 -0.47%
05/31/1998 2321.16 0 18.28 124.526 18.33 2,282.56 -1.66%
06/30/1998 2282.56 0 18.28 124.526 18.73 2,332.37 2.18%
07/31/1998 2332.37 0 18.28 124.526 18.58 2,313.69 -0.80%
08/31/1998 2313.69 0 18.28 124.526 16.70 2,079.58 -10.12%
09/30/1998 2079.58 0 18.28 124.526 18.02 2,243.96 7.90%
10/31/1998 2243.96 0 18.28 124.526 18.56 2,311.20 3.00%
11/30/1998 2311.2 0 18.28 124.526 19.10 2,378.45 2.91%
12/31/1998 2378.45 0 18.28 124.526 19.82 2,468.11 3.77%
2,468.11
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.428052591
01/31/1995 0.00107 1.073972603 1,022.93 0.08 0.437866136
02/28/1995 0.00107 1.098594528 1,031.82 0.16 0.441671917
03/31/1995 0.00119 1.226872751 1,024.60 0.24 0.438583857
04/30/1995 0.00115 1.178994933 1,062.29 0.34 0.454718067
05/31/1995 0.00119 1.263112245 1,096.87 0.44 0.469519329
06/30/1995 0.00115 1.262155232 1,118.48 0.54 0.478769581
07/31/1995 0.00119 1.32992235 1,165.83 0.65 0.49903486
08/31/1995 0.00119 1.386215081 1,181.31 0.76 0.505661566
09/30/1995 0.00115 1.359312283 1,234.45 0.89 0.528411409
10/31/1995 0.00119 1.467817025 1,247.84 1.01 0.534139298
11/30/1995 0.00115 1.435865718 1,267.16 1.12 0.542412885
12/31/1995 0.00119 1.506710214 1,321.37 1.28 0.565616344 .24356 Dividend .5773 ST
01/31/1996 0.00119 1.5711646 1,347.13 1.42 0.576641172
02/29/1996 0.00111 1.498448035 1,329.88 1.51 0.569259462
03/31/1996 0.00119 1.581284422 1,320.96 1.61 0.565439534
04/30/1996 0.00115 1.520006572 1,333.05 1.73 0.57061721
05/31/1996 0.00119 1.585055966 1,338.79 1.85 0.573074444
06/30/1996 0.00115 1.54053063 1,368.61 2.00 0.58583733
07/31/1996 0.00119 1.627334294 1,336.71 2.07 0.572182248
08/31/1996 0.00119 1.589403314 1,364.31 2.23 0.583996461
09/30/1996 0.00115 1.569891042 1,383.57 2.37 0.592239963
10/31/1996 0.00119 1.645119477 1,431.86 2.57 0.612911215
11/30/1996 0.00115 1.647619276 1,511.27 2.83 0.646901713
12/31/1996 0.00119 1.796958453 1,544.44 3.02 0.661101499 .34435 Dividend .6739 ST/.21957 LT
01/31/1997 0.00119 1.836402506 1,581.05 3.23 0.676770492
02/28/1997 0.00107 1.697999223 1,575.96 3.34 0.674591835
03/31/1997 0.00119 1.873875855 1,540.24 3.39 0.659303725
04/30/1997 0.00115 1.772330964 1,570.02 3.59 0.672050565
05/31/1997 0.00119 1.866816736 1,663.81 3.93 0.712199019
06/30/1997 0.00115 1.914523347 1,712.49 4.18 0.733037462
07/31/1997 0.00119 2.036225654 1,784.57 4.51 0.763888491
08/31/1997 0.00119 2.121923398 1,737.58 4.54 0.743775764
09/30/1997 0.00115 1.999407509 1,847.61 4.97 0.790872432
10/31/1997 0.00119 2.196879177 1,810.72 5.03 0.775083665
11/30/1997 0.00115 2.083568965 1,896.94 5.41 0.811988295
12/31/1997 0.00119 2.255534653 2,006.34 5.89 0.858817066
01/31/1998 0.00119 2.385615241 2,002.84 6.05 0.857319354
02/28/1998 0.00107 2.150991531 2,071.98 6.41 0.886914437
03/31/1998 0.00119 2.463663897 2,230.86 7.07 0.954923709
04/30/1998 0.00115 2.567012432 2,217.70 7.22 0.949292318 .236 Dividend .966 ST/.107 LT
05/31/1998 0.00119 2.636936681 2,178.18 7.27 0.932377204
06/30/1998 0.00115 2.506403235 2,223.21 7.60 0.951650657
07/31/1998 0.00119 2.643487655 2,202.76 7.72 0.942897315
08/31/1998 0.00119 2.619172691 1,977.26 7.12 0.846369401
09/30/1998 0.00115 2.275198274 2,131.27 7.83 0.912296603
10/31/1998 0.00119 2.534170275 2,192.60 8.24 0.938548706
11/30/1998 0.00115 2.52299338 2,253.88 8.65 0.964778095
12/31/1998 0.00119 2.67995295 2,336.16 9.16 1
1.33616 1.33616
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.790542 1 6.00% 10%
Units purchased 1,264.955 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 0.790542 1,264.955 1,000.00 1,000.00 1,262.67 6.00%
03/31/1997 0.765358 1,264.955 968.14 0.00007 0.068493131 968.08 1,262.67 6.00%
04/30/1997 0.785108 1,264.955 993.13 0.00008 0.079567814 992.98 1,262.67 6.00%
05/31/1997 0.835563 1,264.955 1,056.95 0.00008 0.084334955 1,056.71 1,262.67 6.00%
06/30/1997 0.867811 1,264.955 1,097.74 0.00008 0.086852494 1,097.40 1,262.67 6.00%
07/31/1997 0.905477 1,264.955 1,145.39 0.00008 0.09320403 1,144.94 1,262.67 6.00%
08/31/1997 0.838434 1,264.955 1,060.58 0.00008 0.097241446 1,060.07 1,262.67 6.00%
09/30/1997 0.887863 1,264.955 1,123.11 0.00008 0.08712897 1,122.48 1,262.67 6.00%
10/31/1997 0.842959 1,264.955 1,066.31 0.00008 0.095333677 1,065.61 1,262.67 6.00%
11/30/1997 0.851463 1,264.955 1,077.06 0.00008 0.087584561 1,076.28 1,262.67 6.00%
12/31/1997 0.851351 1,264.955 1,076.92 0.00008 0.091409692 1,076.04 1,262.67 6.00%
01/31/1998 0.866222 1,264.955 1,095.73 0.00008 0.091389823 1,094.75 1,262.67 6.00%
02/28/1998 0.932392 1,264.955 1,179.43 0.00008 0.08398058 1,178.29 1,262.67 6.00%
03/31/1998 0.968414 1,264.955 1,225.00 0.00008 0.100073838 1,223.71 1,262.67 6.00%
04/30/1998 0.968207 1,264.955 1,224.74 0.00008 0.100578971 1,223.35 1,262.67 6.00%
05/31/1998 0.964030 1,264.955 1,219.45 0.00008 0.103900853 1,217.97 1,262.67 6.00%
06/30/1998 0.963040 1,264.955 1,218.20 0.00008 0.100106917 1,216.62 1,262.67 6.00%
07/31/1998 0.935355 1,264.955 1,183.18 0.00008 0.103329034 1,181.54 1,262.67 6.00%
08/31/1998 0.807458 1,264.955 1,021.40 0.00008 0.100349836 1,019.88 1,262.67 6.00%
09/30/1998 0.823056 1,264.955 1,041.13 0.00008 0.083825666 1,039.50 1,262.67 6.00%
10/31/1998 0.896438 1,264.955 1,133.95 0.00008 0.08828599 1,132.09 1,262.67 6.00%
11/30/1998 0.946274 1,264.955 1,196.99 0.00008 0.0930483 1,194.93 1,262.67 6.00%
12/31/1998 1.000000 1,264.955 1,264.96 0.00008 0.101487285 1,262.67 1,262.67 6.00%
12/31/1998 1,262.67
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 21.78% 26.27%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 20.00% 1,217.83 1.8219 11.42% 13.66% 1,217.83 1,262.67 2
03/31/1997 20.00% 1,219.74 1.7534 14.09% 16.36% 1,259.97 1,304.31 2
04/30/1997 20.00% 1,218.25 1.6712 13.01% 15.46% 1,226.86 1,271.61 2
05/31/1997 20.00% 1,214.42 1.5863 9.17% 11.88% 1,149.25 1,194.92 2
06/30/1997 20.00% 1,211.98 1.5041 6.83% 9.78% 1,104.41 1,150.60 2
07/31/1997 20.00% 1,209.13 1.4192 3.92% 7.14% 1,056.06 1,102.83 2
08/31/1997 20.00% 1,214.22 1.3342 10.71% 14.01% 1,145.42 1,191.12 2
09/30/1997 20.00% 1,210.48 1.2521 6.21% 9.86% 1,078.40 1,124.90 2
10/31/1997 20.00% 1,213.89 1.1671 11.81% 15.65% 1,139.15 1,184.93 2
11/30/1997 20.00% 1,213.25 1.0849 11.67% 15.86% 1,127.27 1,173.19 2
12/31/1997 20.00% 1,213.26 1.0000 12.75% 17.34% 1,127.52 1,173.44 2
01/31/1998 10.00% 1,204.56 0.9151 10.03% 15.34% 1,091.42 1,139.50 1
02/28/1998 10.00% 1,199.55 0.8384 1.80% 7.16% 1,015.11 1,059.70 1
03/31/1998 10.00% 1,196.83 0.7534 -2.20% 3.18% 983.40 1,023.90 1
04/30/1998 10.00% 1,196.85 0.6712 -2.17% 3.21% 985.41 1,021.46 1
05/31/1998 10.00% 1,197.17 0.5863 -1.71% 3.67% 989.95 1,021.36 1
06/30/1998 10.00% 1,197.25 0.5041 -1.59% 3.79% 991.94 1,018.91 1
07/31/1998 10.00% 1,199.36 0.4192 1.51% 6.87% 1,006.29 1,028.23 1
08/31/1998 10.00% 1,209.06 0.3342 18.55% 23.81% 1,058.51 1,073.98 1
09/30/1998 10.00% 1,207.88 0.2521 16.20% 21.47% 1,038.57 1,050.25 1
10/31/1998 10.00% 1,202.32 0.1671 6.20% 11.53% 1,010.11 1,018.41 1
11/30/1998 10.00% 1,198.55 0.0849 0.30% 5.67% 1,000.26 1,004.69 1
12/31/1998 10.00% 1,194.49 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.790542 1 6.00% 10%
Units purchased 1,264.955 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,194.93 1,198.55 1,262.67 0.30% 5.67%
09/30/1998 0.25 0.25 1,039.50 1,207.88 1,262.67 16.20% 21.47%
12/31/1997 1.00 1.00 1,076.04 1,213.26 1,262.67 12.75% 17.34%
12/31/1997 1.00 1.00 1,076 1,213.26 1,262.67 12.75% 17.34%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,132.09 1,202.32 1,262.67 6.20% 11.53%
03/06/1997 1.82 1.82 1,000.00 1,217.83 1,262.67 11.42% 13.66%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA GLOBAL LEADERS FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 100 10 1000
03/31/1997 1000 0 10 100 9.69 969.00 -3.10%
04/30/1997 969 0 10 100 9.95 995.00 2.68%
05/31/1997 995 0 10 100 10.60 1,060.00 6.53%
06/30/1997 1060 0 10 100 11.02 1,102.00 3.96%
07/31/1997 1102 0 10 100 11.51 1,151.00 4.45%
08/31/1997 1151 0 10 100 10.67 1,067.00 -7.30%
09/30/1997 1067 0 10 100 11.31 1,131.00 6.00%
10/31/1997 1131 0 10 100 10.75 1,075.00 -4.95%
11/30/1997 1075 0.09 10.84 100.83 10.78 1,086.95 1.11%
12/31/1997 1086.95 0 10 100.83 10.79 1,087.96 0.09%
01/31/1998 1087.96 0 10 100.83 10.99 1,108.12 1.85%
02/28/1998 1108.12 0 10 100.83 11.84 1,193.83 7.73%
03/31/1998 1193.83 0 10 100.83 12.31 1,241.22 3.97%
04/30/1998 1241.22 0 10 100.83 12.32 1,242.23 0.08%
05/31/1998 1242.23 0 10 100.83 12.28 1,238.19 -0.33%
06/30/1998 1238.19 0 10 100.83 12.28 1,238.19 0.00%
07/31/1998 1238.19 0 10 100.83 11.94 1,203.91 -2.77%
08/31/1998 1203.91 0 10 100.83 10.32 1,040.57 -13.57%
09/30/1998 1040.57 0 10 100.83 10.53 1,061.74 2.03%
10/31/1998 1061.74 0 10 100.83 11.48 1,157.53 9.02%
11/30/1998 1157.53 0 10 100.83 12.13 1,223.07 5.66%
12/31/1998 1223.07 0.071 12.64 101.4 12.76 1,293.81 5.78%
0.29381
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/06/1997 1,000 0.790541729
03/31/1997 0.00086 0.85616438 968.1438356 0.07 0.765358102
04/30/1997 0.00103 0.99466832 993.1261949 0.15 0.7851077
05/31/1997 0.00106 1.0543463 1056.949439 0.24 0.835562638
06/30/1997 0.00103 1.08590696 1097.742661 0.34 0.867811382
07/31/1997 0.00106 1.16541173 1145.387948 0.45 0.90547697
08/31/1997 0.00106 1.21599405 1060.581522 0.51 0.83843395
09/30/1997 0.00103 1.08963855 1123.106895 0.63 0.887862867
10/31/1997 0.00106 1.19233951 1066.305372 0.69 0.842958893
11/30/1997 0.00103 1.09551922 1077.063201 0.79 0.851463406 .03 ORDINARY .03 S/Y
12/31/1997 0.00106 1.14345751 1076.920557 0.88 0.851350639
01/31/1998 0.00106 1.14330607 1095.732689 0.99 0.866222415
02/28/1998 0.00096 1.05070258 1179.433862 1.15 0.932391685
03/31/1998 0.00106 1.25213869 1225.000258 1.29 0.968413822
04/30/1998 0.00103 1.25856191 1224.738498 1.39 0.96820689
05/31/1998 0.00106 1.30023608 1219.455148 1.49 0.964030181
06/30/1998 0.00103 1.25286488 1218.202283 1.59 0.963039739
07/31/1998 0.00106 1.29329694 1183.182357 1.64 0.935355027
08/31/1998 0.00106 1.25611826 1021.398453 1.52 0.8074581
09/30/1998 0.00103 1.04938197 1041.129034 1.63 0.823055947
10/31/1998 0.00106 1.10530822 1133.954208 1.87 0.89643812
11/30/1998 0.00103 1.16502145 1196.994312 2.06 0.946273953
12/31/1998 0.00106 1.27078163 1264.955363 2.28 1 ORDINARY
0.264955363 0.264955363
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.792686 1 6.00% 10%
Units purchased 1,261.534 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 0.792686 1,261.534 1,000.00 1,000.00 1,259.26 6.00%
03/31/1997 0.767352 1,261.534 968.04 0.00007 0.068493131 967.97 1,259.26 6.00%
04/30/1997 0.787059 1,261.534 992.90 0.00008 0.079559369 992.75 1,259.26 6.00%
05/31/1997 0.837539 1,261.534 1,056.58 0.00008 0.084315869 1,056.34 1,259.26 6.00%
06/30/1997 0.869760 1,261.534 1,097.23 0.00008 0.086822443 1,096.89 1,259.26 6.00%
07/31/1997 0.907400 1,261.534 1,144.72 0.00008 0.093160721 1,144.27 1,259.26 6.00%
08/31/1997 0.840099 1,261.534 1,059.81 0.00008 0.097184392 1,059.30 1,259.26 6.00%
09/30/1997 0.889522 1,261.534 1,122.16 0.00008 0.087065867 1,121.53 1,259.26 6.00%
10/31/1997 0.844421 1,261.534 1,065.27 0.00008 0.095253541 1,064.57 1,259.26 6.00%
11/30/1997 0.852836 1,261.534 1,075.88 0.00008 0.087499195 1,075.10 1,259.26 6.00%
12/31/1997 0.852615 1,261.534 1,075.60 0.00008 0.091309451 1,074.72 1,259.26 6.00%
01/31/1998 0.867400 1,261.534 1,094.25 0.00008 0.09127797 1,093.27 1,259.26 6.00%
02/28/1998 0.933559 1,261.534 1,177.72 0.00008 0.083867292 1,176.57 1,259.26 6.00%
03/31/1998 0.969508 1,261.534 1,223.07 0.00008 0.099928156 1,221.78 1,259.26 6.00%
04/30/1998 0.969181 1,261.534 1,222.65 0.00008 0.100420234 1,221.27 1,259.26 6.00%
05/31/1998 0.964876 1,261.534 1,217.22 0.00008 0.10372408 1,215.74 1,259.26 6.00%
06/30/1998 0.963766 1,261.534 1,215.82 0.00008 0.099923812 1,214.24 1,259.26 6.00%
07/31/1998 0.935938 1,261.534 1,180.72 0.00008 0.103127305 1,179.08 1,259.26 6.00%
08/31/1998 0.807842 1,261.534 1,019.12 0.00008 0.100140785 1,017.60 1,259.26 6.00%
09/30/1998 0.823348 1,261.534 1,038.68 0.00008 0.083638692 1,037.05 1,259.26 6.00%
10/31/1998 0.896651 1,261.534 1,131.16 0.00008 0.088078412 1,129.29 1,259.26 6.00%
11/30/1998 0.946388 1,261.534 1,193.90 0.00008 0.092818666 1,191.84 1,259.26 6.00%
12/31/1998 1.000000 1,261.534 1,261.53 0.00008 0.101225 1,259.26 1,259.26 6.00%
12/31/1998 1,259.26
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 21.44% 25.93%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 20.00% 1,214.37 1.8219 11.25% 13.49% 1,214.37 1,259.26 2
03/31/1997 20.00% 1,216.29 1.7534 13.91% 16.19% 1,256.53 1,300.92 2
04/30/1997 20.00% 1,214.80 1.6712 12.84% 15.29% 1,223.67 1,268.45 2
05/31/1997 20.00% 1,210.99 1.5863 8.99% 11.71% 1,146.40 1,192.10 2
06/30/1997 20.00% 1,208.56 1.5041 6.66% 9.61% 1,101.80 1,148.02 2
07/31/1997 20.00% 1,205.71 1.4192 3.75% 6.98% 1,053.70 1,100.49 2
08/31/1997 20.00% 1,210.81 1.3342 10.54% 13.84% 1,143.03 1,188.76 2
09/30/1997 20.00% 1,207.08 1.2521 6.05% 9.69% 1,076.27 1,122.80 2
10/31/1997 20.00% 1,210.49 1.1671 11.63% 15.48% 1,137.07 1,182.88 2
11/30/1997 20.00% 1,209.86 1.0849 11.50% 15.69% 1,125.35 1,171.30 2
12/31/1997 20.00% 1,209.89 1.0000 12.58% 17.17% 1,125.76 1,171.70 2
01/31/1998 10.00% 1,201.22 0.9151 9.87% 15.18% 1,089.99 1,138.09 1
02/28/1998 10.00% 1,196.22 0.8384 1.67% 7.03% 1,013.98 1,058.59 1
03/31/1998 10.00% 1,193.51 0.7534 -2.31% 3.07% 982.52 1,023.02 1
04/30/1998 10.00% 1,193.54 0.6712 -2.27% 3.11% 984.70 1,020.77 1
05/31/1998 10.00% 1,193.87 0.5863 -1.80% 3.58% 989.41 1,020.83 1
06/30/1998 10.00% 1,193.96 0.5041 -1.67% 3.71% 991.54 1,018.52 1
07/31/1998 10.00% 1,196.07 0.4192 1.44% 6.80% 1,006.02 1,027.96 1
08/31/1998 10.00% 1,205.76 0.3342 18.49% 23.75% 1,058.34 1,073.81 1
09/30/1998 10.00% 1,204.59 0.2521 16.16% 21.43% 1,038.48 1,050.16 1
10/31/1998 10.00% 1,199.06 0.1671 6.18% 11.51% 1,010.07 1,018.37 1
11/30/1998 10.00% 1,195.30 0.0849 0.29% 5.66% 1,000.25 1,004.68 1
12/31/1998 10.00% 1,191.26 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.792686 1 6.00% 10%
Units purchased 1,261.534 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,191.84 1,195.30 1,259.26 0.29% 5.66%
09/30/1998 0.25 0.25 1,037.05 1,204.59 1,259.26 16.16% 21.43%
12/31/1997 1.00 1.00 1,074.72 1,209.89 1,259.26 12.58% 17.17%
12/31/1997 1.00 1.00 1,075 1,209.89 1,259.26 12.58% 17.17%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,129.29 1,199.06 1,259.26 6.18% 11.51%
03/06/1997 1.82 1.82 1,000.00 1,214.37 1,259.26 11.25% 13.49%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA GLOBAL LEADERS FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 100 10 1000
03/31/1997 1000 0 10 100 9.69 969.00 -3.10%
04/30/1997 969 0 10 100 9.95 995.00 2.68%
05/31/1997 995 0 10 100 10.60 1,060.00 6.53%
06/30/1997 1060 0 10 100 11.02 1,102.00 3.96%
07/31/1997 1102 0 10 100 11.51 1,151.00 4.45%
08/31/1997 1151 0 10 100 10.67 1,067.00 -7.30%
09/30/1997 1067 0 10 100 11.31 1,131.00 6.00%
10/31/1997 1131 0 10 100 10.75 1,075.00 -4.95%
11/30/1997 1075 0.09 10.84 100.83 10.78 1,086.95 1.11%
12/31/1997 1086.95 0 10 100.83 10.79 1,087.96 0.09%
01/31/1998 1087.96 0 10 100.83 10.99 1,108.12 1.85%
02/28/1998 1108.12 0 10 100.83 11.84 1,193.83 7.73%
03/31/1998 1193.83 0 10 100.83 12.31 1,241.22 3.97%
04/30/1998 1241.22 0 10 100.83 12.32 1,242.23 0.08%
05/31/1998 1242.23 0 10 100.83 12.28 1,238.19 -0.33%
06/30/1998 1238.19 0 10 100.83 12.28 1,238.19 0.00%
07/31/1998 1238.19 0 10 100.83 11.94 1,203.91 -2.77%
08/31/1998 1203.91 0 10 100.83 10.32 1,040.57 -13.57%
09/30/1998 1040.57 0 10 100.83 10.53 1,061.74 2.03%
10/31/1998 1061.74 0 10 100.83 11.48 1,157.53 9.02%
11/30/1998 1157.53 0 10 100.83 12.13 1,223.07 5.66%
12/31/1998 1223.07 0.071 12.64 101.4 12.76 1,293.81 5.78%
0.29381
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/06/1997 1,000 0.792685501
03/31/1997 0.00096 0.95890411 968.0410959 0.07 0.767352141
04/30/1997 0.00115 1.1139103 992.9014565 0.15 0.787058588
05/31/1997 0.00119 1.18060064 1056.583765 0.24 0.837538631
06/30/1997 0.00115 1.21579502 1097.23261 0.34 0.869760381
07/31/1997 0.00119 1.30465466 1144.715975 0.45 0.907399756
08/31/1997 0.00119 1.36111434 1059.813469 0.51 0.84009877
09/30/1997 0.00115 1.21951139 1122.1629 0.63 0.889522261
10/31/1997 0.00119 1.3342978 1065.26616 0.69 0.84442104
11/30/1997 0.00115 1.22578572 1075.88217 0.79 0.852836197 .03 ORDINARY .03 S/Y
12/31/1997 0.00119 1.27926811 1075.602618 0.88 0.8526146
01/31/1998 0.00119 1.27893572 1094.254699 0.98 0.867399834
02/28/1998 0.00107 1.17519957 1177.717057 1.14 0.933559235
03/31/1998 0.00119 1.40035398 1223.067087 1.29 0.969507547
04/30/1998 0.00115 1.40736487 1222.654951 1.39 0.969180852
05/31/1998 0.00119 1.45378698 1217.224826 1.49 0.964876471
06/30/1998 0.00115 1.40064227 1215.824184 1.58 0.963766202
07/31/1998 0.00119 1.44566492 1180.717729 1.64 0.935937825
08/31/1998 0.00119 1.4039219 1019.120409 1.52 0.807841972
09/30/1998 0.00115 1.1726865 1038.681339 1.63 0.823347638
10/31/1998 0.00119 1.2350348 1131.155956 1.86 0.896650926
11/30/1998 0.00115 1.30160411 1193.901039 2.06 0.946388043
12/31/1998 0.00119 1.4195974 1261.534365 2.28 1 ORDINARY
0.261534365 0.261534365
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.069957 1 6.00% 10%
Units purchased 934.617 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 1.069957 934.617 1,000.00 1,000.00 934.27 6.00%
08/31/1998 0.976358 934.617 912.52 0.00004 0.038356163 912.48 934.27 6.00%
09/30/1998 0.913330 934.617 853.61 0.00008 0.074998534 853.50 934.27 6.00%
10/31/1998 0.935861 934.617 874.67 0.00008 0.07248926 874.49 934.27 6.00%
11/30/1998 0.972249 934.617 908.68 0.00008 0.071875516 908.41 934.27 6.00%
12/31/1998 1.000000 934.617 934.62 0.00008 0.077153035 934.27 934.27 6.00%
12/31/1998 934.27
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -12.01% -6.57%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 10.00% 879.87 0.3726 -12.01% -6.57% 953.43 974.98 1
08/31/1998 10.00% 885.12 0.3342 -3.00% 2.39% 989.88 1,007.92 1
09/30/1998 10.00% 888.66 0.2521 4.12% 9.46% 1,010.23 1,023.06 1
10/31/1998 10.00% 887.40 0.1671 1.48% 6.84% 1,002.45 1,011.11 1
11/30/1998 10.00% 885.37 0.0849 -2.54% 2.85% 997.82 1,002.39 1
12/31/1998 10.00% 883.82 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.069957 1 6.00% 10%
Units purchased 934.617 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 908.41 885.37 934.27 -2.54% 2.85%
09/30/1998 0.25 0.25 853.50 888.66 934.27 4.12% 9.46%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 874.49 887.40 934.27 1.48% 6.84%
08/17/1998 0.37 0.37 1,000.00 879.87 934.27 -12.01% -6.57%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 100 10 1000
08/31/1998 1000 0 10 100 9.13 913 -8.70%
09/30/1998 913 0 10 100 8.55 855 -6.35%
10/31/1998 855 0 10 100 8.77 877 2.57%
11/30/1998 877 0 10 100 9.12 912 3.99%
12/31/1998 912 0 10 100 9.39 939 2.96%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/17/1998 1,250 1.069956962
08/31/1998 0.00048 0.59931507 1140.650685 228.17 0.976357713
09/30/1998 0.00103 1.17190139 1067.016856 213.51 0.913329691
10/31/1998 0.00106 1.13279187 1093.339469 218.85 0.935860941
11/30/1998 0.00103 1.12329397 1135.850019 227.44 0.972248509
12/31/1998 0.00106 1.20586817 1168.27129 234.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.070558 1 6.00% 10%
Units purchased 934.092 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 1.070558 934.092 1,000.00 1,000.00 933.74 6.00%
08/31/1998 0.976845 934.092 912.46 0.00004 0.038356158 912.42 933.74 6.00%
09/30/1998 0.913665 934.092 853.45 0.00008 0.074993794 853.34 933.74 6.00%
10/31/1998 0.936088 934.092 874.39 0.00008 0.072475125 874.21 933.74 6.00%
11/30/1998 0.972369 934.092 908.28 0.00008 0.071852565 908.02 933.74 6.00%
12/31/1998 1.000000 934.092 934.09 0.00008 0.077119246 933.74 933.74 6.00%
12/31/1998 933.74
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -12.07% -6.63%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 10.00% 879.34 0.3726 -12.07% -6.63% 953.22 974.78 1
08/31/1998 10.00% 884.60 0.3342 -3.05% 2.34% 989.70 1,007.75 1
09/30/1998 10.00% 888.14 0.2521 4.08% 9.42% 1,010.13 1,022.96 1
10/31/1998 10.00% 886.89 0.1671 1.45% 6.81% 1,002.41 1,011.07 1
11/30/1998 10.00% 884.86 0.0849 -2.55% 2.83% 997.81 1,002.37 1
12/31/1998 10.00% 883.32 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.070558 1 6.00% 10%
Units purchased 934.092 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 908.02 884.86 933.74 -2.55% 2.83%
09/30/1998 0.25 0.25 853.34 888.14 933.74 4.08% 9.42%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 874.21 886.89 933.74 1.45% 6.81%
08/17/1998 0.37 0.37 1,000.00 879.34 933.74 -12.07% -6.63%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 100 10 1000
08/31/1998 1000 0 10 100 9.13 913 -8.70%
09/30/1998 913 0 10 100 8.55 855 -6.35%
10/31/1998 855 0 10 100 8.77 877 2.57%
11/30/1998 877 0 10 100 9.12 912 3.99%
12/31/1998 912 0 10 100 9.39 939 2.96%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/17/1998 1,250 1.070558173
08/31/1998 0.00054 0.67123288 1140.578767 228.15 0.976844737
09/30/1998 0.00115 1.3124468 1066.808962 213.47 0.913664842
10/31/1998 0.00119 1.2684797 1092.990537 218.78 0.936087962
11/30/1998 0.00115 1.25768774 1135.352768 227.34 0.972368948
12/31/1998 0.00119 1.3499811 1167.615205 233.87 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.352058 1 6.00% 10%
Units purchased 2,840.445 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 0.352058 2,840.445 1,000.00 1,000.00 2,840.45 0.00%
08/31/1988 0.351973 2,840.445 999.76 0.00002 0.019178084 999.76 2,840.45 0.00%
09/30/1988 0.354075 2,840.445 1,005.73 0.00008 0.082172085 1,005.73 2,840.45 0.00%
10/31/1988 0.364599 2,840.445 1,035.62 0.00008 0.085418295 1,035.62 2,840.45 0.00%
11/30/1988 0.362117 2,840.445 1,028.57 0.00008 0.085119843 1,028.57 2,840.45 0.00%
12/31/1988 0.360329 2,840.445 1,023.50 0.00008 0.087358381 1,023.50 2,840.45 0.00%
01/31/1989 0.369761 2,840.445 1,050.29 0.00008 0.086927039 1,050.29 2,840.45 0.00%
02/28/1989 0.365205 2,840.445 1,037.34 0.00008 0.080569924 1,037.34 2,840.45 0.00%
03/31/1989 0.368672 2,840.445 1,047.19 0.00008 0.088103216 1,047.19 2,840.45 0.00%
04/30/1989 0.376348 2,840.445 1,069.00 0.00008 0.086070639 1,069.00 2,840.45 0.00%
05/31/1989 0.375948 2,840.445 1,067.86 0.00008 0.090791431 1,067.86 2,840.45 0.00%
06/30/1989 0.373463 2,840.445 1,060.80 0.00008 0.087769396 1,060.80 2,840.45 0.00%
07/31/1989 0.393313 2,840.445 1,117.18 0.00008 0.090095417 1,117.18 2,840.45 0.00%
08/31/1989 0.396379 2,840.445 1,125.89 0.00008 0.094884191 1,125.89 2,840.45 0.00%
09/30/1989 0.394234 2,840.445 1,119.80 0.00008 0.092539213 1,119.80 2,840.45 0.00%
10/31/1989 0.380591 2,840.445 1,081.05 0.00008 0.095106273 1,081.05 2,840.45 0.00%
11/30/1989 0.386805 2,840.445 1,098.70 0.00008 0.08885316 1,098.70 2,840.45 0.00%
12/31/1989 0.403060 2,840.445 1,144.87 0.00008 0.093314036 1,144.87 2,840.45 0.00%
01/31/1990 0.392575 2,840.445 1,115.09 0.00008 0.097235497 1,115.09 2,840.45 0.00%
02/28/1990 0.392890 2,840.445 1,115.98 0.00008 0.085540936 1,115.98 2,840.45 0.00%
03/31/1990 0.398108 2,840.445 1,130.80 0.00008 0.094782079 1,130.80 2,840.45 0.00%
04/30/1990 0.383873 2,840.445 1,090.37 0.00008 0.092942773 1,090.37 2,840.45 0.00%
05/31/1990 0.407192 2,840.445 1,156.61 0.00008 0.092606753 1,156.61 2,840.45 0.00%
06/30/1990 0.409956 2,840.445 1,164.46 0.00008 0.095063583 1,164.46 2,840.45 0.00%
07/31/1990 0.415532 2,840.445 1,180.30 0.00008 0.098899191 1,180.30 2,840.45 0.00%
08/31/1990 0.384727 2,840.445 1,092.80 0.00008 0.100244286 1,092.80 2,840.45 0.00%
09/30/1990 0.353300 2,840.445 1,003.53 0.00008 0.089818941 1,003.53 2,840.45 0.00%
10/31/1990 0.349756 2,840.445 993.46 0.00008 0.085231195 993.46 2,840.45 0.00%
11/30/1990 0.359598 2,840.445 1,021.42 0.00008 0.081654467 1,021.42 2,840.45 0.00%
12/31/1990 0.366249 2,840.445 1,040.31 0.00008 0.086750662 1,040.31 2,840.45 0.00%
01/31/1991 0.383415 2,840.445 1,089.07 0.00008 0.088355154 1,089.07 2,840.45 0.00%
02/28/1991 0.407606 2,840.445 1,157.78 0.00008 0.08354509 1,157.78 2,840.45 0.00%
03/31/1991 0.402243 2,840.445 1,142.55 0.00008 0.098332292 1,142.55 2,840.45 0.00%
04/30/1991 0.406534 2,840.445 1,154.74 0.00008 0.093908168 1,154.74 2,840.45 0.00%
05/31/1991 0.417304 2,840.445 1,185.33 0.00008 0.098073475 1,185.33 2,840.45 0.00%
06/30/1991 0.399188 2,840.445 1,133.87 0.00008 0.097424394 1,133.87 2,840.45 0.00%
07/31/1991 0.421842 2,840.445 1,198.22 0.00008 0.0963014 1,198.22 2,840.45 0.00%
08/31/1991 0.431119 2,840.445 1,224.57 0.00008 0.101766599 1,224.57 2,840.45 0.00%
09/30/1991 0.434274 2,840.445 1,233.53 0.00008 0.100649668 1,233.53 2,840.45 0.00%
10/31/1991 0.437052 2,840.445 1,241.42 0.00008 0.104765735 1,241.42 2,840.45 0.00%
11/30/1991 0.425828 2,840.445 1,209.54 0.00008 0.1020346 1,209.54 2,840.45 0.00%
12/31/1991 0.461968 2,840.445 1,312.19 0.00008 0.102728209 1,312.19 2,840.45 0.00%
01/31/1992 0.457533 2,840.445 1,299.60 0.00008 0.111446697 1,299.60 2,840.45 0.00%
02/29/1992 0.469611 2,840.445 1,333.90 0.00008 0.103255748 1,333.90 2,840.45 0.00%
03/31/1992 0.463427 2,840.445 1,316.34 0.00008 0.113290511 1,316.34 2,840.45 0.00%
04/30/1992 0.474757 2,840.445 1,348.52 0.00008 0.108192261 1,348.52 2,840.45 0.00%
05/31/1992 0.494156 2,840.445 1,403.62 0.00008 0.114532011 1,403.62 2,840.45 0.00%
06/30/1992 0.492177 2,840.445 1,398.00 0.00008 0.11536635 1,398.00 2,840.45 0.00%
07/31/1992 0.497538 2,840.445 1,413.23 0.00008 0.118734415 1,413.23 2,840.45 0.00%
08/31/1992 0.491133 2,840.445 1,395.03 0.00008 0.120027717 1,395.03 2,840.45 0.00%
09/30/1992 0.488793 2,840.445 1,388.39 0.00008 0.11466041 1,388.39 2,840.45 0.00%
10/31/1992 0.484607 2,840.445 1,376.50 0.00008 0.117917936 1,376.50 2,840.45 0.00%
11/30/1992 0.487772 2,840.445 1,385.49 0.00008 0.113136914 1,385.49 2,840.45 0.00%
12/31/1992 0.493107 2,840.445 1,400.64 0.00008 0.117671692 1,400.64 2,840.45 0.00%
01/31/1993 0.499164 2,840.445 1,417.85 0.00008 0.118958695 1,417.85 2,840.45 0.00%
02/28/1993 0.510369 2,840.445 1,449.68 0.00008 0.108766325 1,449.68 2,840.45 0.00%
03/31/1993 0.520572 2,840.445 1,478.66 0.00008 0.123123131 1,478.66 2,840.45 0.00%
04/30/1993 0.530159 2,840.445 1,505.89 0.00008 0.121533372 1,505.89 2,840.45 0.00%
05/31/1993 0.538581 2,840.445 1,529.81 0.00008 0.127897232 1,529.81 2,840.45 0.00%
06/30/1993 0.542514 2,840.445 1,540.98 0.00008 0.125737844 1,540.98 2,840.45 0.00%
07/31/1993 0.550534 2,840.445 1,563.76 0.00008 0.130877913 1,563.76 2,840.45 0.00%
08/31/1993 0.576077 2,840.445 1,636.31 0.00008 0.132812586 1,636.31 2,840.45 0.00%
09/30/1993 0.575855 2,840.445 1,635.69 0.00008 0.134491564 1,635.69 2,840.45 0.00%
10/31/1993 0.594613 2,840.445 1,688.96 0.00008 0.138921216 1,688.96 2,840.45 0.00%
11/30/1993 0.582467 2,840.445 1,654.47 0.00008 0.138819019 1,654.47 2,840.45 0.00%
12/31/1993 0.614560 2,840.445 1,745.62 0.00008 0.140516269 1,745.62 2,840.45 0.00%
01/31/1994 0.643614 2,840.445 1,828.15 0.00008 0.148258456 1,828.15 2,840.45 2.00%
02/28/1994 0.618886 2,840.445 1,757.91 0.00008 0.140241702 1,757.91 2,840.45 2.00%
03/31/1994 0.591077 2,840.445 1,678.92 0.00008 0.149302043 1,678.92 2,840.45 2.00%
04/30/1994 0.595774 2,840.445 1,692.26 0.00008 0.137993626 1,692.26 2,840.45 2.00%
05/31/1994 0.599305 2,840.445 1,702.29 0.00008 0.143726485 1,702.29 2,840.45 2.00%
06/30/1994 0.582430 2,840.445 1,654.36 0.00008 0.139914493 1,654.36 2,840.45 2.00%
07/31/1994 0.605230 2,840.445 1,719.12 0.00008 0.14050729 1,719.12 2,840.45 2.00%
08/31/1994 0.621566 2,840.445 1,765.52 0.00008 0.146007763 1,765.52 2,840.45 2.00%
09/30/1994 0.608113 2,840.445 1,727.31 0.00008 0.145111518 1,727.31 2,840.45 2.00%
10/31/1994 0.613868 2,840.445 1,743.66 0.00008 0.146703163 1,743.66 2,840.45 2.00%
11/30/1994 0.593678 2,840.445 1,686.31 0.00008 0.143314325 1,686.31 2,840.45 2.00%
12/31/1994 0.588914 2,840.445 1,672.78 0.00008 0.143220787 1,672.78 2,840.45 2.00%
01/31/1995 0.581909 2,840.445 1,652.88 0.00008 0.142071661 1,652.88 2,840.45 4.00%
02/28/1995 0.594475 2,840.445 1,688.57 0.00008 0.12679636 1,688.57 2,840.45 4.00%
03/31/1995 0.603071 2,840.445 1,712.99 0.00008 0.14341301 1,712.99 2,840.45 4.00%
04/30/1995 0.622043 2,840.445 1,766.88 0.00008 0.140793772 1,766.88 2,840.45 4.00%
05/31/1995 0.644408 2,840.445 1,830.41 0.00008 0.150063617 1,830.41 2,840.45 4.00%
06/30/1995 0.655247 2,840.445 1,861.19 0.00008 0.150444279 1,861.19 2,840.45 4.00%
07/31/1995 0.679060 2,840.445 1,928.83 0.00008 0.158073919 1,928.83 2,840.45 4.00%
08/31/1995 0.672602 2,840.445 1,910.49 0.00008 0.163818592 1,910.49 2,840.45 4.00%
09/30/1995 0.694073 2,840.445 1,971.48 0.00008 0.157026395 1,971.48 2,840.45 4.00%
10/31/1995 0.679594 2,840.445 1,930.35 0.00008 0.167440518 1,930.35 2,840.45 4.00%
11/30/1995 0.699869 2,840.445 1,987.94 0.00008 0.158658762 1,987.94 2,840.45 4.00%
12/31/1995 0.712843 2,840.445 2,024.79 0.00008 0.168838674 2,024.79 2,840.45 4.00%
01/31/1996 0.730353 2,840.445 2,074.53 0.00008 0.171968681 2,074.53 2,840.45 6.00%
02/29/1996 0.735901 2,840.445 2,090.29 0.00008 0.164825543 2,090.29 2,840.45 6.00%
03/31/1996 0.741941 2,840.445 2,107.44 0.00008 0.177531171 2,107.44 2,840.45 6.00%
04/30/1996 0.759217 2,840.445 2,156.51 0.00008 0.173214575 2,156.51 2,840.45 6.00%
05/31/1996 0.768819 2,840.445 2,183.79 0.00008 0.183155953 2,183.79 2,840.45 6.00%
06/30/1996 0.766830 2,840.445 2,178.14 0.00008 0.179489487 2,178.14 2,840.45 6.00%
07/31/1996 0.746038 2,840.445 2,119.08 0.00008 0.184992671 2,119.08 2,840.45 6.00%
08/31/1996 0.763607 2,840.445 2,168.98 0.00008 0.179976631 2,168.98 2,840.45 6.00%
09/30/1996 0.777975 2,840.445 2,209.79 0.00008 0.178272684 2,209.79 2,840.45 6.00%
10/31/1996 0.786707 2,840.445 2,234.60 0.00008 0.187681144 2,234.60 2,840.45 6.00%
11/30/1996 0.832457 2,840.445 2,364.55 0.00008 0.183665588 2,364.55 2,840.45 6.00%
12/31/1996 0.837140 2,840.445 2,377.85 0.00008 0.200824658 2,377.85 2,840.45 6.00%
01/31/1997 0.868022 2,840.445 2,465.57 0.00008 0.201954475 2,465.57 2,840.45 6.00%
02/28/1997 0.876176 2,840.445 2,488.73 0.00008 0.189139573 2,488.73 2,840.45 6.00%
03/31/1997 0.866173 2,840.445 2,460.32 0.00008 0.211371663 2,460.32 2,840.45 6.00%
04/30/1997 0.874777 2,840.445 2,484.76 0.00008 0.202217862 2,484.76 2,840.45 6.00%
05/31/1997 0.923428 2,840.445 2,622.95 0.00008 0.211034056 2,622.95 2,840.45 6.00%
06/30/1997 0.959521 2,840.445 2,725.47 0.00008 0.215584525 2,725.47 2,840.45 6.00%
07/31/1997 1.014438 2,840.445 2,881.46 0.00008 0.231477954 2,881.46 2,840.45 6.00%
08/31/1997 0.965648 2,840.445 2,742.87 0.00008 0.244726329 2,742.87 2,840.45 6.00%
09/30/1997 1.031637 2,840.445 2,930.31 0.00008 0.225441337 2,930.31 2,840.45 6.00%
10/31/1997 0.952902 2,840.445 2,706.67 0.00008 0.248875542 2,706.67 2,840.45 6.00%
11/30/1997 0.954493 2,840.445 2,711.19 0.00008 0.222465769 2,711.19 2,840.45 6.00%
12/31/1997 0.954337 2,840.445 2,710.74 0.00008 0.230265094 2,710.74 2,840.45 6.00%
01/31/1998 0.947335 2,840.445 2,690.85 0.00008 0.230227335 2,690.85 2,840.45 6.00%
02/28/1998 1.002806 2,840.445 2,848.42 0.00008 0.206421694 2,848.42 2,840.45 6.00%
03/31/1998 1.061430 2,840.445 3,014.93 0.00008 0.241920271 3,014.93 2,840.45 6.00%
04/30/1998 1.080186 2,840.445 3,068.21 0.00008 0.247802856 3,068.21 2,840.45 6.00%
05/31/1998 1.047946 2,840.445 2,976.63 0.00008 0.260587611 2,976.63 2,840.45 6.00%
06/30/1998 1.033816 2,840.445 2,936.50 0.00008 0.244654863 2,936.50 2,840.45 6.00%
07/31/1998 1.049806 2,840.445 2,981.92 0.00008 0.249401037 2,981.92 2,840.45 6.00%
08/31/1998 0.861370 2,840.445 2,446.67 0.00008 0.25325873 2,446.67 2,840.45 6.00%
09/30/1998 0.841643 2,840.445 2,390.64 0.00008 0.201096494 2,390.64 2,840.45 6.00%
10/31/1998 0.938001 2,840.445 2,664.34 0.00008 0.203040643 2,664.34 2,840.45 6.00%
11/30/1998 0.991658 2,840.445 2,816.75 0.00008 0.218986944 2,816.75 2,840.45 6.00%
12/31/1998 1.000000 2,840.445 2,840.45 0.00008 0.239230841 2,840.45 2,840.45 6.00%
12/31/1998 2,840.45
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 184.04% 184.04%
08/24/1988 0.00% 2,840.45 10.3589 10.60% 10.60% 2,840.44 2,840.44 11
08/31/1988 0.00% 2,840.45 10.3397 10.63% 10.63% 2,841.13 2,841.13 11
09/30/1988 0.00% 2,840.45 10.2575 10.65% 10.65% 2,824.26 2,824.26 11
10/31/1988 0.00% 2,840.45 10.1726 10.43% 10.43% 2,742.74 2,742.74 11
11/30/1988 0.00% 2,840.45 10.0904 10.59% 10.59% 2,761.54 2,761.54 11
12/31/1988 0.00% 2,840.45 10.0055 10.74% 10.74% 2,775.24 2,775.24 11
01/31/1989 0.00% 2,840.45 9.9205 10.55% 10.55% 2,704.45 2,704.45 10
02/28/1989 0.00% 2,840.45 9.8438 10.77% 10.77% 2,738.19 2,738.19 10
03/31/1989 0.00% 2,840.45 9.7589 10.77% 10.77% 2,712.44 2,712.44 10
04/30/1989 0.00% 2,840.45 9.6767 10.63% 10.63% 2,657.12 2,657.12 10
05/31/1989 0.00% 2,840.45 9.5918 10.74% 10.74% 2,659.94 2,659.94 10
06/30/1989 0.00% 2,840.45 9.5096 10.91% 10.91% 2,677.64 2,677.64 10
07/31/1989 0.00% 2,840.45 9.4247 10.41% 10.41% 2,542.50 2,542.50 10
08/31/1989 0.00% 2,840.45 9.3397 10.42% 10.42% 2,522.84 2,522.84 10
09/30/1989 0.00% 2,840.45 9.2575 10.58% 10.58% 2,536.57 2,536.57 10
10/31/1989 0.00% 2,840.45 9.1726 11.11% 11.11% 2,627.49 2,627.49 10
11/30/1989 0.00% 2,840.45 9.0904 11.01% 11.01% 2,585.28 2,585.28 10
12/31/1989 0.00% 2,840.45 9.0055 10.62% 10.62% 2,481.02 2,481.02 10
01/31/1990 0.00% 2,840.45 8.9205 11.05% 11.05% 2,547.29 2,547.29 9
02/28/1990 0.00% 2,840.45 8.8438 11.14% 11.14% 2,545.24 2,545.24 9
03/31/1990 0.00% 2,840.45 8.7589 11.09% 11.09% 2,511.88 2,511.88 9
04/30/1990 0.00% 2,840.45 8.6767 11.67% 11.67% 2,605.03 2,605.03 9
05/31/1990 0.00% 2,840.45 8.5918 11.02% 11.02% 2,455.84 2,455.84 9
06/30/1990 0.00% 2,840.45 8.5096 11.05% 11.05% 2,439.28 2,439.28 9
07/31/1990 0.00% 2,840.45 8.4247 10.99% 10.99% 2,406.55 2,406.55 9
08/31/1990 0.00% 2,840.45 8.3397 12.14% 12.14% 2,599.24 2,599.24 9
09/30/1990 0.00% 2,840.45 8.2575 13.43% 13.43% 2,830.46 2,830.46 9
10/31/1990 0.00% 2,840.45 8.1726 13.72% 13.72% 2,859.14 2,859.14 9
11/30/1990 0.00% 2,840.45 8.0904 13.48% 13.48% 2,780.88 2,780.88 9
12/31/1990 0.00% 2,840.45 8.0055 13.37% 13.37% 2,730.38 2,730.38 9
01/31/1991 0.00% 2,840.45 7.9205 12.87% 12.87% 2,608.14 2,608.14 8
02/28/1991 0.00% 2,840.45 7.8438 12.12% 12.12% 2,453.35 2,453.35 8
03/31/1991 0.00% 2,840.45 7.7589 12.45% 12.45% 2,486.06 2,486.06 8
04/30/1991 0.00% 2,840.45 7.6767 12.44% 12.44% 2,459.82 2,459.82 8
05/31/1991 0.00% 2,840.45 7.5918 12.20% 12.20% 2,396.33 2,396.33 8
06/30/1991 0.00% 2,840.45 7.5096 13.01% 13.01% 2,505.09 2,505.09 8
07/31/1991 0.00% 2,840.45 7.4247 12.33% 12.33% 2,370.55 2,370.55 8
08/31/1991 0.00% 2,840.45 7.3397 12.15% 12.15% 2,319.54 2,319.54 8
09/30/1991 0.00% 2,840.45 7.2575 12.18% 12.18% 2,302.69 2,302.69 8
10/31/1991 0.00% 2,840.45 7.1726 12.23% 12.23% 2,288.06 2,288.06 8
11/30/1991 0.00% 2,840.45 7.0904 12.80% 12.80% 2,348.36 2,348.36 8
12/31/1991 0.00% 2,840.45 7.0055 11.65% 11.65% 2,164.65 2,164.65 8
01/31/1992 100.00% 2,840.45 6.9205 11.96% 11.96% 2,185.63 2,185.63 7
02/29/1992 100.00% 2,840.45 6.8411 11.68% 11.68% 2,129.42 2,129.42 7
03/31/1992 100.00% 2,840.45 6.7562 12.06% 12.06% 2,157.84 2,157.84 7
04/30/1992 100.00% 2,840.45 6.6740 11.81% 11.81% 2,106.34 2,106.34 7
05/31/1992 100.00% 2,840.45 6.5890 11.29% 11.29% 2,023.65 2,023.65 7
06/30/1992 100.00% 2,840.45 6.5068 11.51% 11.51% 2,031.79 2,031.79 7
07/31/1992 100.00% 2,840.45 6.4219 11.48% 11.48% 2,009.90 2,009.90 7
08/31/1992 100.00% 2,840.45 6.3370 11.87% 11.87% 2,036.11 2,036.11 7
09/30/1992 100.00% 2,840.45 6.2548 12.12% 12.12% 2,045.86 2,045.86 7
10/31/1992 100.00% 2,840.45 6.1699 12.46% 12.46% 2,063.53 2,063.53 7
11/30/1992 100.00% 2,840.45 6.0877 12.52% 12.52% 2,050.14 2,050.14 7
12/31/1992 100.00% 2,840.45 6.0027 12.50% 12.50% 2,027.96 2,027.96 7
01/31/1993 100.00% 2,840.45 5.9178 12.46% 12.46% 2,003.35 2,003.35 6
02/28/1993 100.00% 2,840.45 5.8411 12.20% 12.20% 1,959.37 1,959.37 6
03/31/1993 100.00% 2,840.45 5.7562 12.01% 12.01% 1,920.96 1,920.96 6
04/30/1993 100.00% 2,840.45 5.6740 11.83% 11.83% 1,886.23 1,886.23 6
05/31/1993 100.00% 2,840.45 5.5890 11.71% 11.71% 1,856.73 1,856.73 6
06/30/1993 100.00% 2,840.45 5.5068 11.75% 11.75% 1,843.27 1,843.27 6
07/31/1993 100.00% 2,840.45 5.4219 11.64% 11.64% 1,816.42 1,816.42 6
08/31/1993 100.00% 2,840.45 5.3370 10.89% 10.89% 1,735.88 1,735.88 6
09/30/1993 100.00% 2,840.45 5.2548 11.07% 11.07% 1,736.55 1,736.55 6
10/31/1993 100.00% 2,840.45 5.1699 10.58% 10.58% 1,681.77 1,681.77 6
11/30/1993 100.00% 2,840.45 5.0877 11.21% 11.21% 1,716.84 1,716.84 6
12/31/1993 100.00% 2,840.45 5.0027 10.22% 10.22% 1,627.18 1,627.18 6
01/31/1994 50.00% 2,832.29 4.9178 9.31% 9.37% 1,549.26 1,553.73 5
02/28/1994 50.00% 2,833.69 4.8411 10.37% 10.42% 1,611.96 1,615.81 5
03/31/1994 50.00% 2,835.27 4.7562 11.65% 11.69% 1,688.74 1,691.83 5
04/30/1994 50.00% 2,835.00 4.6740 11.67% 11.72% 1,675.27 1,678.49 5
05/31/1994 50.00% 2,834.80 4.5890 11.75% 11.80% 1,665.29 1,668.60 5
06/30/1994 50.00% 2,835.76 4.5068 12.70% 12.74% 1,714.11 1,716.94 5
07/31/1994 50.00% 2,834.47 4.4219 11.97% 12.03% 1,648.79 1,652.26 5
08/31/1994 50.00% 2,833.54 4.3370 11.53% 11.59% 1,604.93 1,608.84 5
09/30/1994 50.00% 2,834.30 4.2548 12.34% 12.40% 1,640.88 1,644.43 5
10/31/1994 50.00% 2,833.98 4.1699 12.35% 12.41% 1,625.31 1,629.02 5
11/30/1994 50.00% 2,835.12 4.0877 13.55% 13.61% 1,681.26 1,684.42 5
12/31/1994 50.00% 2,835.39 4.0027 14.09% 14.14% 1,695.02 1,698.04 5
01/31/1995 40.00% 2,819.78 3.9178 14.61% 14.82% 1,705.98 1,718.48 4
02/28/1995 40.00% 2,818.35 3.8411 14.27% 14.50% 1,669.07 1,682.16 4
03/31/1995 40.00% 2,817.37 3.7562 14.16% 14.41% 1,644.71 1,658.18 4
04/30/1995 40.00% 2,815.22 3.6740 13.52% 13.79% 1,593.33 1,607.61 4
05/31/1995 40.00% 2,812.68 3.5890 12.72% 13.02% 1,536.64 1,551.81 4
06/30/1995 40.00% 2,811.44 3.5068 12.48% 12.81% 1,510.56 1,526.14 4
07/31/1995 40.00% 2,808.74 3.4219 11.61% 11.98% 1,456.19 1,472.62 4
08/31/1995 40.00% 2,809.47 3.3370 12.25% 12.62% 1,470.55 1,486.76 4
09/30/1995 40.00% 2,807.03 3.2548 11.47% 11.87% 1,423.82 1,440.77 4
10/31/1995 40.00% 2,808.68 3.1699 12.56% 12.96% 1,455.01 1,471.47 4
11/30/1995 40.00% 2,806.37 3.0877 11.81% 12.25% 1,411.70 1,428.84 4
12/31/1995 40.00% 2,804.90 3.0027 11.46% 11.93% 1,385.28 1,402.83 4
01/31/1996 30.00% 2,767.10 2.9178 10.38% 11.37% 1,333.85 1,369.20 3
02/29/1996 30.00% 2,766.16 2.8384 10.37% 11.41% 1,323.34 1,358.88 3
03/31/1996 30.00% 2,765.13 2.7534 10.37% 11.45% 1,312.08 1,347.82 3
04/30/1996 30.00% 2,762.18 2.6712 9.71% 10.86% 1,280.86 1,317.15 3
05/31/1996 30.00% 2,760.55 2.5863 9.49% 10.70% 1,264.11 1,300.70 3
06/30/1996 30.00% 2,760.88 2.5041 9.93% 11.18% 1,267.54 1,304.07 3
07/31/1996 30.00% 2,764.43 2.4192 11.62% 12.87% 1,304.54 1,340.41 3
08/31/1996 30.00% 2,761.43 2.3342 10.90% 12.25% 1,273.15 1,309.57 3
09/30/1996 30.00% 2,758.99 2.2521 10.36% 11.79% 1,248.53 1,285.39 3
10/31/1996 30.00% 2,757.50 2.1671 10.19% 11.71% 1,234.00 1,271.12 3
11/30/1996 30.00% 2,749.70 2.0849 7.51% 9.19% 1,162.89 1,201.26 3
12/31/1996 30.00% 2,748.90 2.0000 7.52% 9.30% 1,156.04 1,194.54 3
01/31/1997 20.00% 2,726.60 1.9151 5.40% 7.67% 1,105.87 1,152.04 2
02/28/1997 20.00% 2,725.21 1.8384 5.06% 7.46% 1,095.02 1,141.32 2
03/31/1997 20.00% 2,726.91 1.7534 6.04% 8.54% 1,108.36 1,154.50 2
04/30/1997 20.00% 2,725.44 1.6712 5.69% 8.33% 1,096.87 1,143.15 2
05/31/1997 20.00% 2,717.15 1.5863 2.25% 5.15% 1,035.92 1,082.92 2
06/30/1997 20.00% 2,711.00 1.5041 -0.35% 2.79% 994.69 1,042.19 2
07/31/1997 20.00% 2,701.64 1.4192 -4.44% -1.00% 937.60 985.77 2
08/31/1997 20.00% 2,709.96 1.3342 -0.90% 2.65% 988.00 1,035.57 2
09/30/1997 20.00% 2,698.71 1.2521 -6.36% -2.46% 920.96 969.33 2
10/31/1997 20.00% 2,712.13 1.1671 0.17% 4.22% 1,002.02 1,049.43 2
11/30/1997 20.00% 2,711.86 1.0849 0.02% 4.39% 1,000.25 1,047.68 2
12/31/1997 20.00% 2,711.89 1.0000 0.04% 4.78% 1,000.42 1,047.85 2
01/31/1998 10.00% 2,696.04 0.9151 0.19% 5.56% 1,001.76 1,050.75 1
02/28/1998 10.00% 2,686.58 0.8384 -5.68% -0.28% 952.14 997.65 1
03/31/1998 10.00% 2,676.59 0.7534 -11.22% -5.79% 914.22 956.08 1
04/30/1998 10.00% 2,673.40 0.6712 -12.87% -7.42% 911.69 949.55 1
05/31/1998 10.00% 2,678.89 0.5863 -10.00% -4.58% 940.08 972.92 1
06/30/1998 10.00% 2,681.30 0.5041 -8.69% -3.27% 955.20 983.38 1
07/31/1998 10.00% 2,678.57 0.4192 -10.17% -4.74% 956.02 979.83 1
08/31/1998 10.00% 2,710.69 0.3342 10.79% 16.09% 1,034.84 1,051.14 1
09/30/1998 10.00% 2,714.05 0.2521 13.53% 18.82% 1,032.50 1,044.42 1
10/31/1998 10.00% 2,697.63 0.1671 1.25% 6.61% 1,002.08 1,010.75 1
11/30/1998 10.00% 2,688.48 0.0849 -4.55% 0.84% 996.05 1,000.71 1
12/31/1998 10.00% 2,687.06 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.352058 1 6.00% 10%
Units purchased 2,840.445 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,816.75 2,688.48 2,840.45 -4.55% 0.84%
09/30/1998 0.25 0.25 2,390.64 2,714.05 2,840.45 13.53% 18.82%
12/31/1997 1.00 1.00 2,710.74 2,711.89 2,840.45 0.04% 4.78%
12/31/1997 1.00 1.00 2,710.74 2,711.89 2,840.45 0.04% 4.78%
12/31/1995 3.00 3.00 2,024.79 2,804.90 2,840.45 11.48% 11.94%
12/31/1993 5.00 5.00 1,745.62 2,840.45 2,840.45 10.23% 10.23%
12/31/1988 10.00 10.00 1,023.50 2,840.45 2,840.45 10.75% 10.75%
10/31/1998 0.16 0.16 2,664.34 2,697.63 2,840.45 1.25% 6.61%
08/24/1988 10.36 10.36 1,000.00 2,840.45 2,840.45 10.60% 10.60%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
TVP ASSET ALLOCATION 2
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 100 10 1000
08/31/1988 1000 0 10 100 10 1,000.00 0.00%
09/30/1988 1000 0 10 100 10.07 1,007.00 0.70%
10/31/1988 1007 0 10 100 10.38 1,038.00 3.08%
11/30/1988 1038 0 10 100 10.32 1,032.00 -0.58%
12/31/1988 1032 0 10 100 10.28 1,028.00 -0.39%
01/31/1989 1028 0 10 100 10.56 1,056.00 2.72%
02/28/1989 1056 0.02 10.43 100.192 10.42 1,044.00 -1.14%
03/31/1989 1044 0 10 100.192 10.53 1,055.02 1.06%
04/30/1989 1055.02 0 10 100.192 10.76 1,078.07 2.18%
05/31/1989 1078.07 0 10 100.192 10.76 1,078.07 0.00%
06/30/1989 1078.07 0 10 100.192 10.7 1,072.05 -0.56%
07/31/1989 1072.05 0 10 100.192 11.28 1,130.17 5.42%
08/31/1989 1130.17 0 10 100.192 11.38 1,140.18 0.89%
09/30/1989 1140.18 0 10 100.192 11.33 1,135.18 -0.44%
10/31/1989 1135.18 0 10 100.192 10.95 1,097.10 -3.35%
11/30/1989 1097.1 0 10 100.192 11.14 1,116.14 1.74%
12/31/1989 1116.14 0 10 100.192 11.62 1,164.23 4.31%
01/31/1990 1164.23 0 10 100.192 11.33 1,135.18 -2.50%
02/28/1990 1135.18 0 10 100.192 11.35 1,137.18 0.18%
03/31/1990 1137.18 0.28 11.12 102.715 11.23 1,153.49 1.43%
04/30/1990 1153.49 0 10 102.715 10.84 1,113.43 -3.47%
05/31/1990 1113.43 0 10 102.715 11.51 1,182.25 6.18%
06/30/1990 1182.25 0 10 102.715 11.6 1,191.49 0.78%
07/31/1990 1191.49 0 10 102.715 11.77 1,208.96 1.47%
08/31/1990 1208.96 0 10 102.715 10.91 1,120.62 -7.31%
09/30/1990 1120.62 0 10 102.715 10.03 1,030.23 -8.07%
10/31/1990 1030.23 0 10 102.715 9.94 1,020.99 -0.90%
11/30/1990 1020.99 0 10 102.715 10.23 1,050.77 2.92%
12/31/1990 1050.77 0 10 102.715 10.43 1,071.32 1.96%
01/31/1991 1071.32 0 10 102.715 10.93 1,122.67 4.79%
02/28/1991 1122.67 0 10 102.715 11.63 1,194.58 6.41%
03/31/1991 1194.58 0.38 11.44 106.127 11.12 1,180.13 -1.21%
04/30/1991 1180.11 0 10 106.127 11.25 1,193.93 1.17%
05/31/1991 1193.93 0 10 106.127 11.56 1,226.83 2.76%
06/30/1991 1226.83 0 10 106.127 11.07 1,174.83 -4.24%
07/31/1991 1174.83 0 10 106.127 11.71 1,242.75 5.78%
08/31/1991 1242.75 0 10 106.127 11.98 1,271.40 2.31%
09/30/1991 1271.4 0 10 106.127 12.08 1,282.01 0.83%
10/31/1991 1282.01 0 10 106.127 12.17 1,291.57 0.75%
11/30/1991 1291.57 0 10 106.127 11.87 1,259.73 -2.47%
12/31/1991 1259.73 0 10 106.127 12.89 1,367.98 8.59%
01/31/1992 1367.98 0 10 106.127 12.78 1,356.30 -0.85%
02/29/1992 1356.3 0 10 106.127 13.13 1,393.45 2.74%
03/31/1992 1393.45 0.41 12.53 109.6 12.56 1,376.58 -1.21%
04/30/1992 1376.58 0 10 109.6 12.88 1,411.65 2.55%
05/31/1992 1411.65 0 10 109.6 13.42 1,470.83 4.19%
06/30/1992 1470.83 0 10 109.6 13.38 1,466.45 -0.30%
07/31/1992 1466.45 0 10 109.6 13.54 1,483.98 1.20%
08/31/1992 1483.98 0 10 109.6 13.38 1,466.45 -1.18%
09/30/1992 1466.45 0 10 109.6 13.33 1,460.97 -0.37%
10/31/1992 1460.97 0 10 109.6 13.23 1,450.01 -0.75%
11/30/1992 1450.01 0 10 109.6 13.33 1,460.97 0.76%
12/31/1992 1460.97 0 10 109.6 13.49 1,478.50 1.20%
01/31/1993 1478.5 0 10 109.6 13.67 1,498.23 1.33%
02/28/1993 1498.23 0 10 109.6 13.99 1,533.30 2.34%
03/31/1993 1533.3 0.39 13.73 112.713 13.89 1,565.58 2.11%
04/30/1993 1565.58 0 10 112.713 14.16 1,596.02 1.94%
05/31/1993 1596.02 0 10 112.713 14.40 1,623.07 1.69%
06/30/1993 1623.07 0 10 112.713 14.52 1,636.59 0.83%
07/31/1993 1636.59 0 10 112.713 14.75 1,662.52 1.58%
08/31/1993 1662.52 0 10 112.713 15.45 1,741.42 4.75%
09/30/1993 1741.42 0 10 112.713 15.46 1,742.54 0.06%
10/31/1993 1742.54 0 10 112.713 15.98 1,801.15 3.36%
11/30/1993 1801.15 0 10 112.713 15.67 1,766.21 -1.94%
12/31/1993 1766.21 0 10 112.713 16.55 1,865.40 5.62%
01/31/1994 1865.4 0 10 112.713 17.35 1,955.57 4.83%
02/28/1994 1955.57 0 10 112.713 16.70 1,882.31 -3.75%
03/31/1994 1882.31 0.38 16.14 115.367 15.60 1,799.73 -4.39%
04/30/1994 1799.73 0 10 115.367 15.74 1,815.88 0.90%
05/31/1994 1815.88 0 10 115.367 15.85 1,828.57 0.70%
06/30/1994 1828.57 0 10 115.367 15.42 1,778.96 -2.71%
07/31/1994 1778.96 0 10 115.367 16.04 1,850.49 4.02%
08/31/1994 1850.49 0 10 115.367 16.49 1,902.40 2.81%
09/30/1994 1902.4 0 10 115.367 16.15 1,863.18 -2.06%
10/31/1994 1863.18 0 10 115.367 16.32 1,882.79 1.05%
11/30/1994 1882.79 0 10 115.367 15.80 1,822.80 -3.19%
12/31/1994 1822.8 0 10 115.367 15.69 1,810.11 -0.70%
01/31/1995 1810.11 0 10 115.367 15.52 1,790.50 -1.08%
02/28/1995 1790.5 0.41 15.46 118.427 15.46 1,830.88 2.26%
03/31/1995 1830.88 0 10 118.427 15.70 1,859.30 1.55%
04/30/1995 1859.3 0 10 118.427 16.21 1,919.70 3.25%
05/31/1995 1919.7 0 10 118.427 16.81 1,990.76 3.70%
06/30/1995 1990.76 0 10 118.427 17.11 2,026.29 1.78%
07/31/1995 2026.29 0 10 118.427 17.75 2,102.08 3.74%
08/31/1995 2102.08 0 10 118.427 17.60 2,084.32 -0.84%
09/30/1995 2084.32 0 10 118.427 18.18 2,153.00 3.30%
10/31/1995 2153 0 10 118.427 17.82 2,110.37 -1.98%
11/30/1995 2110.37 0 10 118.427 18.37 2,175.50 3.09%
12/31/1995 2175.5 0 10 118.427 18.73 2,218.14 1.96%
01/31/1996 2218.14 0 10 118.427 19.21 2,274.98 2.56%
02/29/1996 2274.98 1.04 18.43 125.11 18.34 2,294.52 0.86%
03/31/1996 2294.52 0 10 125.11 18.51 2,315.79 0.93%
04/30/1996 2315.79 0 10 125.11 18.96 2,372.09 2.43%
05/31/1996 2372.09 0 10 125.11 19.22 2,404.61 1.37%
06/30/1996 2404.61 0 10 125.11 19.19 2,400.86 -0.16%
07/31/1996 2400.86 0 10 125.11 18.69 2,338.31 -2.61%
08/31/1996 2338.31 0 10 125.11 19.15 2,395.86 2.46%
09/30/1996 2395.86 0 10 125.11 19.53 2,443.40 1.98%
10/31/1996 2443.4 0 10 125.11 19.77 2,473.42 1.23%
11/30/1996 2473.42 0 10 125.11 20.94 2,619.80 5.92%
12/31/1996 2619.8 0 10 125.11 21.08 2,637.32 0.67%
01/31/1997 2637.32 0 10 125.11 21.88 2,737.41 3.80%
02/28/1997 2737.41 1.85 20.54 136.378 20.28 2,765.75 1.04%
03/31/1997 2765.75 0 10 136.378 20.07 2,737.11 -1.04%
04/30/1997 2737.11 0 10 136.378 20.29 2,767.11 1.10%
05/31/1997 2767.11 0 10 136.378 21.44 2,923.94 5.67%
06/30/1997 2923.94 0 10 136.378 22.30 3,041.23 4.01%
07/31/1997 3041.23 0 10 136.378 23.60 3,218.52 5.83%
08/31/1997 3218.52 0 10 136.378 22.49 3,067.14 -4.70%
09/30/1997 3067.14 0 10 136.378 24.05 3,279.89 6.94%
10/31/1997 3279.89 0 10 136.378 22.24 3,033.05 -7.53%
11/30/1997 3033.05 0 10 136.378 22.30 3,041.23 0.27%
12/31/1997 3041.23 0 10 136.378 22.32 3,043.96 0.09%
01/31/1998 3043.96 0 10 136.378 22.18 3,024.86 -0.63%
02/28/1998 3024.86 0 10 136.378 23.50 3,204.88 5.95%
03/31/1998 3204.88 1.3071 22.47 144.311 23.53 3,395.64 5.95%
04/30/1998 3395.64 0 10 144.311 23.97 3,459.13 1.87%
05/31/1998 3459.13 0 10 144.311 23.28 3,359.56 -2.88%
06/30/1998 3359.56 0 10 144.311 22.99 3,317.71 -1.25%
07/31/1998 3317.71 0 10 144.311 23.37 3,372.55 1.65%
08/31/1998 3372.55 0 10 144.311 19.20 2,770.77 -17.84%
09/30/1998 2770.77 0 10 144.311 18.78 2,710.16 -2.19%
10/31/1998 2710.16 0 10 144.311 20.95 3,023.32 11.56%
11/30/1998 3023.32 0 10 144.311 22.17 3,199.37 5.82%
12/31/1998 3199.37 0 10 144.311 22.38 3,229.68 0.95%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/24/1988 1,000 0.352057543
08/31/1988 0.00024 0.23972603 999.76 (0.00) 0.351973146
09/30/1988 0.00103 1.02715097 1,005.73 (0.00) 0.354075342
10/31/1988 0.00106 1.06772859 1,035.62 (0.00) 0.364599475
11/30/1988 0.00103 1.06399794 1,028.57 (0.00) 0.362117375
12/31/1988 0.00106 1.09197967 1,023.50 (0.00) 0.36032938
01/31/1989 0.00106 1.0865879 1,050.29 (0.00) 0.369761257
02/28/1989 0.00096 1.00712397 1,037.34 (0.00) 0.365204859
03/31/1989 0.00106 1.1012901 1,047.19 (0.00) 0.368672082
04/30/1989 0.00103 1.07588289 1,069.00 (0.00) 0.37634803
05/31/1989 0.00106 1.13489279 1,067.86 (0.00) 0.375948482
06/30/1989 0.00103 1.09711736 1,060.80 (0.00) 0.373462918
07/31/1989 0.00106 1.12619261 1,117.18 (0.00) 0.39331331
08/31/1989 0.00106 1.18605228 1,125.89 (0.00) 0.396379357
09/30/1989 0.00103 1.15674006 1,119.80 (0.00) 0.394233886
10/31/1989 0.00106 1.18882831 1,081.05 (0.00) 0.38059064
11/30/1989 0.00103 1.1106644 1,098.70 (0.00) 0.386804714
12/31/1989 0.00106 1.16642534 1,144.87 (0.00) 0.40305993
01/31/1990 0.00106 1.21544361 1,115.09 (0.00) 0.392574827
02/28/1990 0.00096 1.06926161 1,115.98 (0.00) 0.392890037
03/31/1990 0.00106 1.18477588 1,130.80 (0.00) 0.398107952
04/30/1990 0.00103 1.16178456 1,090.37 (0.00) 0.383872892
05/31/1990 0.00106 1.15758431 1,156.61 (0.00) 0.407192157
06/30/1990 0.00103 1.18829468 1,164.46 (0.00) 0.409956262
07/31/1990 0.00106 1.23623978 1,180.30 (0.00) 0.415531942
08/31/1990 0.00106 1.25305347 1,092.80 (0.00) 0.384727432
09/30/1990 0.00103 1.12273666 1,003.53 (0.00) 0.353299778
10/31/1990 0.00106 1.06538984 993.46 (0.00) 0.349755999
11/30/1990 0.00103 1.02068074 1,021.42 (0.00) 0.359598263
12/31/1990 0.00106 1.08438318 1,040.31 (0.00) 0.366249192
01/31/1991 0.00106 1.10443933 1,089.07 (0.00) 0.383415247
02/28/1991 0.00096 1.04431353 1,157.78 (0.00) 0.407606355
03/31/1991 0.00106 1.22915354 1,142.55 (0.00) 0.402243093
04/30/1991 0.00103 1.173852 1,154.74 (0.00) 0.406533511
05/31/1991 0.00106 1.22591833 1,185.33 (0.00) 0.417304376
06/30/1991 0.00103 1.21780482 1,133.87 (0.00) 0.399187917
07/31/1991 0.00106 1.20376739 1,198.22 (0.00) 0.421842221
08/31/1991 0.00106 1.27208237 1,224.57 (0.00) 0.431119404
09/30/1991 0.00103 1.25812073 1,233.53 (0.00) 0.434274221
10/31/1991 0.00106 1.30957157 1,241.42 (0.00) 0.437051577
11/30/1991 0.00103 1.27543239 1,209.54 (0.00) 0.425828282
12/31/1991 0.00106 1.2841025 1,312.19 (0.00) 0.461968102
01/31/1992 0.00106 1.3930836 1,299.60 (0.00) 0.45753331
02/29/1992 0.00099 1.29069673 1,333.90 (0.00) 0.469611066
03/31/1992 0.00106 1.41613126 1,316.34 (0.00) 0.463427093
04/30/1992 0.00103 1.35240314 1,348.52 (0.00) 0.474757322
05/31/1992 0.00106 1.43165001 1,403.62 (0.00) 0.494156347
06/30/1992 0.00103 1.44207925 1,398.00 (0.00) 0.492177099
07/31/1992 0.00106 1.48418005 1,413.23 (0.00) 0.497538086
08/31/1992 0.00106 1.50034633 1,395.03 (0.00) 0.491132546
09/30/1992 0.00103 1.433255 1,388.39 (0.00) 0.488792637
10/31/1992 0.00106 1.47397407 1,376.50 (0.00) 0.484606857
11/30/1992 0.00103 1.4142113 1,385.49 (0.00) 0.487771907
12/31/1992 0.00106 1.47089602 1,400.64 (0.00) 0.493106782
01/31/1993 0.00106 1.48698355 1,417.85 (0.00) 0.499163594
02/28/1993 0.00096 1.35957894 1,449.68 (0.00) 0.510369177
03/31/1993 0.00106 1.539039 1,478.66 (0.00) 0.520571961
04/30/1993 0.00103 1.51916701 1,505.89 (0.00) 0.530158749
05/31/1993 0.00106 1.59871526 1,529.81 (0.00) 0.538581257
06/30/1993 0.00103 1.57172291 1,540.98 (0.00) 0.542514245
07/31/1993 0.00106 1.63597376 1,563.76 (0.00) 0.55053384
08/31/1993 0.00106 1.66015718 1,636.31 (0.00) 0.576076645
09/30/1993 0.00103 1.6811444 1,635.69 (0.00) 0.575855291
10/31/1993 0.00106 1.73651504 1,688.96 (0.00) 0.594612721
11/30/1993 0.00103 1.73523758 1,654.47 (0.00) 0.582467093
12/31/1993 0.00106 1.7564532 1,745.62 (0.00) 0.614559956
01/31/1994 0.00106 1.85323053 1,828.15 (0.00) 0.643614208
02/28/1994 0.00096 1.75302112 1,757.91 (0.00) 0.618885825
03/31/1994 0.00106 1.86627537 1,678.92 (0.00) 0.591077261
04/30/1994 0.00103 1.72492017 1,692.26 (0.00) 0.595774062
05/31/1994 0.00106 1.79658091 1,702.29 (0.00) 0.599305038
06/30/1994 0.00103 1.74893101 1,654.36 (0.00) 0.582429875
07/31/1994 0.00106 1.75634097 1,719.12 (0.00) 0.605230398
08/31/1994 0.00106 1.82509687 1,765.52 (0.00) 0.6215658
09/30/1994 0.00103 1.81389381 1,727.31 (0.00) 0.608112965
10/31/1994 0.00106 1.83378937 1,743.66 (0.00) 0.613867764
11/30/1994 0.00103 1.79142891 1,686.31 (0.00) 0.593677846
12/31/1994 0.00106 1.79025968 1,672.78 (0.00) 0.588914495
01/31/1995 0.00106 1.7758956 1,652.88 (0.00) 0.581909216
02/28/1995 0.00096 1.58495436 1,688.57 (0.00) 0.594474647
03/31/1995 0.00106 1.79266247 1,712.99 (0.00) 0.603071313
04/30/1995 0.00103 1.759922 1,766.88 (0.00) 0.622042698
05/31/1995 0.00106 1.87579505 1,830.41 (0.00) 0.644407967
06/30/1995 0.00103 1.88055332 1,861.19 (0.00) 0.655246947
07/31/1995 0.00106 1.97592381 1,928.83 (0.00) 0.679059728
08/31/1995 0.00106 2.04773222 1,910.49 (0.00) 0.672601585
09/30/1995 0.00103 1.96282977 1,971.48 (0.00) 0.694073313
10/31/1995 0.00106 2.0930063 1,930.35 (0.00) 0.679593609
11/30/1995 0.00103 1.98323435 1,987.94 (0.00) 0.699868938
12/31/1995 0.00106 2.11048324 2,024.79 (0.00) 0.712843422
01/31/1996 0.00106 2.14960832 2,074.53 (0.00) 0.730353301
02/29/1996 0.00099 2.0603191 2,090.29 (0.00) 0.735901018
03/31/1996 0.00106 2.21913944 2,107.44 (0.00) 0.741941491
04/30/1996 0.00103 2.165182 2,156.51 (0.00) 0.759216828
05/31/1996 0.00106 2.28944921 2,183.79 (0.00) 0.768819239
06/30/1996 0.00103 2.2436184 2,178.14 (0.00) 0.766830379
07/31/1996 0.00106 2.31240819 2,119.08 (0.00) 0.746037921
08/31/1996 0.00106 2.24970768 2,168.98 (0.00) 0.763607225
09/30/1996 0.00103 2.22840835 2,209.79 (0.00) 0.77797462
10/31/1996 0.00106 2.3460141 2,234.60 (0.00) 0.786707008
11/30/1996 0.00103 2.29581965 2,364.55 (0.00) 0.832457023
12/31/1996 0.00106 2.510308 2,377.85 (0.00) 0.837140335
01/31/1997 0.00106 2.52443072 2,465.57 (0.00) 0.868022242
02/28/1997 0.00096 2.36424446 2,488.73 (0.00) 0.876176397
03/31/1997 0.00106 2.64214555 2,460.32 (0.00) 0.866173195
04/30/1997 0.00103 2.52772305 2,484.76 (0.00) 0.874776952
05/31/1997 0.00106 2.63792547 2,622.94 (0.00) 0.923427512
06/30/1997 0.00103 2.69480633 2,725.47 (0.00) 0.959520863
07/31/1997 0.00106 2.89347417 2,881.45 (0.00) 1.014437935
08/31/1997 0.00106 3.05907884 2,742.87 (0.00) 0.965647848
09/30/1997 0.00103 2.81801647 2,930.31 (0.00) 1.031637225
10/31/1997 0.00106 3.110944 2,706.67 (0.00) 0.952902398
11/30/1997 0.00103 2.78082186 2,711.19 (0.00) 0.954493324
12/31/1997 0.00106 2.87831343 2,710.74 (0.00) 0.954336805
01/31/1998 0.00106 2.87784144 2,690.85 (0.00) 0.947335442
02/28/1998 0.00096 2.58027094 2,848.42 (0.00) 1.002806285
03/31/1998 0.00106 3.02400312 3,014.93 (0.00) 1.061430426
04/30/1998 0.00103 3.09753542 3,068.21 (0.00) 1.080186017
05/31/1998 0.00106 3.25734485 2,976.63 (0.00) 1.04794642
06/30/1998 0.00103 3.05818552 2,936.50 (0.00) 1.033815506
07/31/1998 0.00106 3.11751269 2,981.92 (0.00) 1.049806388
08/31/1998 0.00106 3.16573385 2,446.67 (0.00) 0.861369964
09/30/1998 0.00103 2.51370595 2,390.64 (0.00) 0.841642711
10/31/1998 0.00106 2.53800782 2,664.34 (0.00) 0.938001316
11/30/1998 0.00103 2.73733655 2,816.75 (0.00) 0.991658077
12/31/1998 0.00106 2.99038525 2,840.44 (0.00) 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.357528 1 6.00% 10%
Units purchased 2,796.982 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 0.357528 2,796.982 1,000.00 1,000.00 2,796.98 0.00%
08/31/1988 0.357432 2,796.982 999.73 0.00002 0.019178081 999.73 2,796.98 0.00%
09/30/1988 0.359523 2,796.982 1,005.58 0.00008 0.082169709 1,005.58 2,796.98 0.00%
10/31/1988 0.370163 2,796.982 1,035.34 0.00008 0.085405358 1,035.34 2,796.98 0.00%
11/30/1988 0.367598 2,796.982 1,028.16 0.00008 0.085096422 1,028.16 2,796.98 0.00%
12/31/1988 0.365736 2,796.982 1,022.96 0.00008 0.087323503 1,022.96 2,796.98 0.00%
01/31/1989 0.375262 2,796.982 1,049.60 0.00008 0.086881208 1,049.60 2,796.98 0.00%
02/28/1989 0.370595 2,796.982 1,036.55 0.00008 0.080517448 1,036.55 2,796.98 0.00%
03/31/1989 0.374066 2,796.982 1,046.26 0.00008 0.088035575 1,046.26 2,796.98 0.00%
04/30/1989 0.381808 2,796.982 1,067.91 0.00008 0.085993705 1,067.91 2,796.98 0.00%
05/31/1989 0.381354 2,796.982 1,066.64 0.00008 0.090699322 1,066.64 2,796.98 0.00%
06/30/1989 0.378786 2,796.982 1,059.46 0.00008 0.087669171 1,059.46 2,796.98 0.00%
07/31/1989 0.398871 2,796.982 1,115.64 0.00008 0.089981367 1,115.64 2,796.98 0.00%
08/31/1989 0.401930 2,796.982 1,124.19 0.00008 0.094752615 1,124.19 2,796.98 0.00%
09/30/1989 0.399705 2,796.982 1,117.97 0.00008 0.092399208 1,117.97 2,796.98 0.00%
10/31/1989 0.385821 2,796.982 1,079.14 0.00008 0.094950613 1,079.14 2,796.98 0.00%
11/30/1989 0.392073 2,796.982 1,096.62 0.00008 0.088696028 1,096.62 2,796.98 0.00%
12/31/1989 0.408500 2,796.982 1,142.57 0.00008 0.093137715 1,142.57 2,796.98 0.00%
01/31/1990 0.397821 2,796.982 1,112.70 0.00008 0.097039901 1,112.70 2,796.98 0.00%
02/28/1990 0.398095 2,796.982 1,113.46 0.00008 0.085357698 1,113.46 2,796.98 0.00%
03/31/1990 0.403331 2,796.982 1,128.11 0.00008 0.094568171 1,128.11 2,796.98 0.00%
04/30/1990 0.388860 2,796.982 1,087.63 0.00008 0.092721357 1,087.63 2,796.98 0.00%
05/31/1990 0.412432 2,796.982 1,153.57 0.00008 0.092374325 1,153.57 2,796.98 0.00%
06/30/1990 0.415181 2,796.982 1,161.25 0.00008 0.0948136 1,161.25 2,796.98 0.00%
07/31/1990 0.420775 2,796.982 1,176.90 0.00008 0.098627043 1,176.90 2,796.98 0.00%
08/31/1990 0.389528 2,796.982 1,089.50 0.00008 0.099955872 1,089.50 2,796.98 0.00%
09/30/1990 0.357660 2,796.982 1,000.37 0.00008 0.089548198 1,000.37 2,796.98 0.00%
10/31/1990 0.354027 2,796.982 990.21 0.00008 0.084962873 990.21 2,796.98 0.00%
11/30/1990 0.363946 2,796.982 1,017.95 0.00008 0.08138693 1,017.95 2,796.98 0.00%
12/31/1990 0.370631 2,796.982 1,036.65 0.00008 0.08645606 1,036.65 2,796.98 0.00%
01/31/1991 0.387955 2,796.982 1,085.10 0.00008 0.088044088 1,085.10 2,796.98 0.00%
02/28/1991 0.412388 2,796.982 1,153.44 0.00008 0.083240828 1,153.44 2,796.98 0.00%
03/31/1991 0.406909 2,796.982 1,138.12 0.00008 0.097963571 1,138.12 2,796.98 0.00%
04/30/1991 0.411199 2,796.982 1,150.12 0.00008 0.09354396 1,150.12 2,796.98 0.00%
05/31/1991 0.422041 2,796.982 1,180.44 0.00008 0.097681195 1,180.44 2,796.98 0.00%
06/30/1991 0.403667 2,796.982 1,129.05 0.00008 0.097022667 1,129.05 2,796.98 0.00%
07/31/1991 0.426524 2,796.982 1,192.98 0.00008 0.095891943 1,192.98 2,796.98 0.00%
08/31/1991 0.435850 2,796.982 1,219.07 0.00008 0.101321688 1,219.07 2,796.98 0.00%
09/30/1991 0.438986 2,796.982 1,227.84 0.00008 0.100197148 1,227.84 2,796.98 0.00%
10/31/1991 0.441738 2,796.982 1,235.53 0.00008 0.104281945 1,235.53 2,796.98 0.00%
11/30/1991 0.430339 2,796.982 1,203.65 0.00008 0.101550565 1,203.65 2,796.98 0.00%
12/31/1991 0.466807 2,796.982 1,305.65 0.00008 0.102227947 1,305.65 2,796.98 0.00%
01/31/1992 0.462267 2,796.982 1,292.95 0.00008 0.110890955 1,292.95 2,796.98 0.00%
02/29/1992 0.474414 2,796.982 1,326.93 0.00008 0.102727634 1,326.93 2,796.98 0.00%
03/31/1992 0.468107 2,796.982 1,309.29 0.00008 0.112697987 1,309.29 2,796.98 0.00%
04/30/1992 0.479493 2,796.982 1,341.13 0.00008 0.107612506 1,341.13 2,796.98 0.00%
05/31/1992 0.499025 2,796.982 1,395.76 0.00008 0.113904575 1,395.76 2,796.98 0.00%
06/30/1992 0.496965 2,796.982 1,390.00 0.00008 0.114720301 1,390.00 2,796.98 0.00%
07/31/1992 0.502314 2,796.982 1,404.96 0.00008 0.118054889 1,404.96 2,796.98 0.00%
08/31/1992 0.495783 2,796.982 1,386.70 0.00008 0.11932575 1,386.70 2,796.98 0.00%
09/30/1992 0.493360 2,796.982 1,379.92 0.00008 0.113975121 1,379.92 2,796.98 0.00%
10/31/1992 0.489072 2,796.982 1,367.93 0.00008 0.117198658 1,367.93 2,796.98 0.00%
11/30/1992 0.492206 2,796.982 1,376.69 0.00008 0.112432351 1,376.69 2,796.98 0.00%
12/31/1992 0.497527 2,796.982 1,391.57 0.00008 0.116924564 1,391.57 2,796.98 0.00%
01/31/1993 0.503575 2,796.982 1,408.49 0.00008 0.1181885 1,408.49 2,796.98 0.00%
02/28/1993 0.514821 2,796.982 1,439.95 0.00008 0.108048521 1,439.95 2,796.98 0.00%
03/31/1993 0.525048 2,796.982 1,468.55 0.00008 0.122296814 1,468.55 2,796.98 0.00%
04/30/1993 0.534652 2,796.982 1,495.41 0.00008 0.120702646 1,495.41 2,796.98 0.00%
05/31/1993 0.543078 2,796.982 1,518.98 0.00008 0.12700763 1,518.98 2,796.98 0.00%
06/30/1993 0.546977 2,796.982 1,529.88 0.00008 0.124847603 1,529.88 2,796.98 0.00%
07/31/1993 0.554993 2,796.982 1,552.30 0.00008 0.129935374 1,552.30 2,796.98 0.00%
08/31/1993 0.580672 2,796.982 1,624.13 0.00008 0.131839561 1,624.13 2,796.98 0.00%
09/30/1993 0.580377 2,796.982 1,623.30 0.00008 0.133489984 1,623.30 2,796.98 0.00%
10/31/1993 0.599208 2,796.982 1,675.97 0.00008 0.137869642 1,675.97 2,796.98 0.00%
11/30/1993 0.586894 2,796.982 1,641.53 0.00008 0.137751221 1,641.53 2,796.98 0.00%
12/31/1993 0.619156 2,796.982 1,731.77 0.00008 0.139417866 1,731.77 2,796.98 0.00%
01/31/1994 0.648349 2,796.982 1,813.42 0.00008 0.147081772 1,813.42 2,796.98 2.00%
02/28/1994 0.623364 2,796.982 1,743.54 0.00008 0.13911172 1,743.54 2,796.98 2.00%
03/31/1994 0.595275 2,796.982 1,664.97 0.00008 0.148081336 1,664.97 2,796.98 2.00%
04/30/1994 0.599932 2,796.982 1,678.00 0.00008 0.136847121 1,678.00 2,796.98 2.00%
05/31/1994 0.603411 2,796.982 1,687.73 0.00008 0.142514915 1,687.73 2,796.98 2.00%
06/30/1994 0.586346 2,796.982 1,640.00 0.00008 0.138717487 1,640.00 2,796.98 2.00%
07/31/1994 0.609225 2,796.982 1,703.99 0.00008 0.13928754 1,703.99 2,796.98 2.00%
08/31/1994 0.625590 2,796.982 1,749.77 0.00008 0.144722518 1,749.77 2,796.98 2.00%
09/30/1994 0.611973 2,796.982 1,711.68 0.00008 0.14381632 1,711.68 2,796.98 2.00%
10/31/1994 0.617687 2,796.982 1,727.66 0.00008 0.145375437 1,727.66 2,796.98 2.00%
11/30/1994 0.597295 2,796.982 1,670.62 0.00008 0.141999346 1,670.62 2,796.98 2.00%
12/31/1994 0.592427 2,796.982 1,657.01 0.00008 0.141888577 1,657.01 2,796.98 2.00%
01/31/1995 0.585304 2,796.982 1,637.08 0.00008 0.140732063 1,637.08 2,796.98 4.00%
02/28/1995 0.597875 2,796.982 1,672.25 0.00008 0.1255846 1,672.25 2,796.98 4.00%
03/31/1995 0.606445 2,796.982 1,696.22 0.00008 0.142026449 1,696.22 2,796.98 4.00%
04/30/1995 0.625448 2,796.982 1,749.37 0.00008 0.139415025 1,749.37 2,796.98 4.00%
05/31/1995 0.647856 2,796.982 1,812.04 0.00008 0.148576332 1,812.04 2,796.98 4.00%
06/30/1995 0.658673 2,796.982 1,842.30 0.00008 0.148934903 1,842.30 2,796.98 4.00%
07/31/1995 0.682526 2,796.982 1,909.01 0.00008 0.156469023 1,909.01 2,796.98 4.00%
08/31/1995 0.675948 2,796.982 1,890.62 0.00008 0.162135438 1,890.62 2,796.98 4.00%
09/30/1995 0.697444 2,796.982 1,950.74 0.00008 0.155393038 1,950.74 2,796.98 4.00%
10/31/1995 0.682805 2,796.982 1,909.79 0.00008 0.165679039 1,909.79 2,796.98 4.00%
11/30/1995 0.703092 2,796.982 1,966.53 0.00008 0.156969241 1,966.53 2,796.98 4.00%
12/31/1995 0.716036 2,796.982 2,002.74 0.00008 0.167020752 2,002.74 2,796.98 4.00%
01/31/1996 0.733533 2,796.982 2,051.68 0.00008 0.170095779 2,051.68 2,796.98 6.00%
02/29/1996 0.739018 2,796.982 2,067.02 0.00008 0.163010165 2,067.02 2,796.98 6.00%
03/31/1996 0.744990 2,796.982 2,083.72 0.00008 0.175555087 2,083.72 2,796.98 6.00%
04/30/1996 0.762244 2,796.982 2,131.98 0.00008 0.171264895 2,131.98 2,796.98 6.00%
05/31/1996 0.771788 2,796.982 2,158.68 0.00008 0.181072556 2,158.68 2,796.98 6.00%
06/30/1996 0.769696 2,796.982 2,152.83 0.00008 0.177425472 2,152.83 2,796.98 6.00%
07/31/1996 0.748728 2,796.982 2,094.18 0.00008 0.182842769 2,094.18 2,796.98 6.00%
08/31/1996 0.766265 2,796.982 2,143.23 0.00008 0.177861729 2,143.23 2,796.98 6.00%
09/30/1996 0.780588 2,796.982 2,183.29 0.00008 0.176155878 2,183.29 2,796.98 6.00%
10/31/1996 0.789250 2,796.982 2,207.52 0.00008 0.18543018 2,207.52 2,796.98 6.00%
11/30/1996 0.835051 2,796.982 2,335.62 0.00008 0.181439923 2,335.62 2,796.98 6.00%
12/31/1996 0.839643 2,796.982 2,348.46 0.00008 0.198367944 2,348.46 2,796.98 6.00%
01/31/1997 0.870510 2,796.982 2,434.80 0.00008 0.199458669 2,434.80 2,796.98 6.00%
02/28/1997 0.878587 2,796.982 2,457.39 0.00008 0.186779185 2,457.39 2,796.98 6.00%
03/31/1997 0.868444 2,796.982 2,429.02 0.00008 0.208710032 2,429.02 2,796.98 6.00%
04/30/1997 0.876964 2,796.982 2,452.85 0.00008 0.199645766 2,452.85 2,796.98 6.00%
05/31/1997 0.925624 2,796.982 2,588.95 0.00008 0.208324389 2,588.95 2,796.98 6.00%
06/30/1997 0.961689 2,796.982 2,689.83 0.00008 0.212790747 2,689.83 2,796.98 6.00%
07/31/1997 1.016608 2,796.982 2,843.43 0.00008 0.228451102 2,843.43 2,796.98 6.00%
08/31/1997 0.967584 2,796.982 2,706.31 0.00008 0.241497134 2,706.31 2,796.98 6.00%
09/30/1997 1.033586 2,796.982 2,890.92 0.00008 0.222436837 2,890.92 2,796.98 6.00%
10/31/1997 0.954571 2,796.982 2,669.92 0.00008 0.245530391 2,669.92 2,796.98 6.00%
11/30/1997 0.956047 2,796.982 2,674.05 0.00008 0.219445323 2,674.05 2,796.98 6.00%
12/31/1997 0.955769 2,796.982 2,673.27 0.00008 0.227110799 2,673.27 2,796.98 6.00%
01/31/1998 0.948635 2,796.982 2,653.31 0.00008 0.227044624 2,653.31 2,796.98 6.00%
02/28/1998 1.004073 2,796.982 2,808.37 0.00008 0.203541951 2,808.37 2,796.98 6.00%
03/31/1998 1.062643 2,796.982 2,972.19 0.00008 0.238519365 2,972.19 2,796.98 6.00%
04/30/1998 1.081289 2,796.982 3,024.35 0.00008 0.244289846 3,024.35 2,796.98 6.00%
05/31/1998 1.048879 2,796.982 2,933.69 0.00008 0.256862235 2,933.69 2,796.98 6.00%
06/30/1998 1.034606 2,796.982 2,893.77 0.00008 0.241125595 2,893.77 2,796.98 6.00%
07/31/1998 1.050477 2,796.982 2,938.17 0.00008 0.245772584 2,938.17 2,796.98 6.00%
08/31/1998 0.861787 2,796.982 2,410.40 0.00008 0.249542842 2,410.40 2,796.98 6.00%
09/30/1998 0.841943 2,796.982 2,354.90 0.00008 0.19811518 2,354.90 2,796.98 6.00%
10/31/1998 0.938229 2,796.982 2,624.21 0.00008 0.200005267 2,624.21 2,796.98 6.00%
11/30/1998 0.991783 2,796.982 2,774.00 0.00008 0.215688519 2,774.00 2,796.98 6.00%
12/31/1998 1.000000 2,796.982 2,796.98 0.00008 0.235600021 2,796.98 2,796.98 6.00%
12/31/1998 2,796.98
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 179.70% 179.70%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 0.00% 2,796.98 10.3589 10.44% 10.44% 2,796.98 2,796.98 11
08/31/1988 0.00% 2,796.98 10.3397 10.46% 10.46% 2,797.73 2,797.73 11
09/30/1988 0.00% 2,796.98 10.2575 10.49% 10.49% 2,781.46 2,781.46 11
10/31/1988 0.00% 2,796.98 10.1726 10.26% 10.26% 2,701.51 2,701.51 11
11/30/1988 0.00% 2,796.98 10.0904 10.43% 10.43% 2,720.37 2,720.37 11
12/31/1988 0.00% 2,796.98 10.0055 10.58% 10.58% 2,734.21 2,734.21 11
01/31/1989 0.00% 2,796.98 9.9205 10.38% 10.38% 2,664.80 2,664.80 10
02/28/1989 0.00% 2,796.98 9.8438 10.61% 10.61% 2,698.36 2,698.36 10
03/31/1989 0.00% 2,796.98 9.7589 10.60% 10.60% 2,673.32 2,673.32 10
04/30/1989 0.00% 2,796.98 9.6767 10.46% 10.46% 2,619.11 2,619.11 10
05/31/1989 0.00% 2,796.98 9.5918 10.57% 10.57% 2,622.23 2,622.23 10
06/30/1989 0.00% 2,796.98 9.5096 10.75% 10.75% 2,640.01 2,640.01 10
07/31/1989 0.00% 2,796.98 9.4247 10.24% 10.24% 2,507.07 2,507.07 10
08/31/1989 0.00% 2,796.98 9.3397 10.25% 10.25% 2,488.00 2,488.00 10
09/30/1989 0.00% 2,796.98 9.2575 10.41% 10.41% 2,501.85 2,501.85 10
10/31/1989 0.00% 2,796.98 9.1726 10.94% 10.94% 2,591.87 2,591.87 10
11/30/1989 0.00% 2,796.98 9.0904 10.85% 10.85% 2,550.54 2,550.54 10
12/31/1989 0.00% 2,796.98 9.0055 10.45% 10.45% 2,447.98 2,447.98 10
01/31/1990 0.00% 2,796.98 8.9205 10.89% 10.89% 2,513.69 2,513.69 9
02/28/1990 0.00% 2,796.98 8.8438 10.98% 10.98% 2,511.96 2,511.96 9
03/31/1990 0.00% 2,796.98 8.7589 10.92% 10.92% 2,479.35 2,479.35 9
04/30/1990 0.00% 2,796.98 8.6767 11.50% 11.50% 2,571.62 2,571.62 9
05/31/1990 0.00% 2,796.98 8.5918 10.86% 10.86% 2,424.64 2,424.64 9
06/30/1990 0.00% 2,796.98 8.5096 10.88% 10.88% 2,408.59 2,408.59 9
07/31/1990 0.00% 2,796.98 8.4247 10.82% 10.82% 2,376.57 2,376.57 9
08/31/1990 0.00% 2,796.98 8.3397 11.97% 11.97% 2,567.21 2,567.21 9
09/30/1990 0.00% 2,796.98 8.2575 13.26% 13.26% 2,795.95 2,795.95 9
10/31/1990 0.00% 2,796.98 8.1726 13.55% 13.55% 2,824.64 2,824.64 9
11/30/1990 0.00% 2,796.98 8.0904 13.31% 13.31% 2,747.66 2,747.66 9
12/31/1990 0.00% 2,796.98 8.0055 13.20% 13.20% 2,698.10 2,698.10 9
01/31/1991 0.00% 2,796.98 7.9205 12.70% 12.70% 2,577.62 2,577.62 8
02/28/1991 0.00% 2,796.98 7.8438 11.96% 11.96% 2,424.90 2,424.90 8
03/31/1991 0.00% 2,796.98 7.7589 12.29% 12.29% 2,457.55 2,457.55 8
04/30/1991 0.00% 2,796.98 7.6767 12.27% 12.27% 2,431.91 2,431.91 8
05/31/1991 0.00% 2,796.98 7.5918 12.03% 12.03% 2,369.44 2,369.44 8
06/30/1991 0.00% 2,796.98 7.5096 12.84% 12.84% 2,477.29 2,477.29 8
07/31/1991 0.00% 2,796.98 7.4247 12.16% 12.16% 2,344.53 2,344.53 8
08/31/1991 0.00% 2,796.98 7.3397 11.98% 11.98% 2,294.37 2,294.37 8
09/30/1991 0.00% 2,796.98 7.2575 12.01% 12.01% 2,277.98 2,277.98 8
10/31/1991 0.00% 2,796.98 7.1726 12.07% 12.07% 2,263.79 2,263.79 8
11/30/1991 0.00% 2,796.98 7.0904 12.63% 12.63% 2,323.75 2,323.75 8
12/31/1991 0.00% 2,796.98 7.0055 11.49% 11.49% 2,142.21 2,142.21 8
01/31/1992 100.00% 2,796.98 6.9205 11.80% 11.80% 2,163.25 2,163.25 7
02/29/1992 100.00% 2,796.98 6.8411 11.52% 11.52% 2,107.86 2,107.86 7
03/31/1992 100.00% 2,796.98 6.7562 11.89% 11.89% 2,136.27 2,136.27 7
04/30/1992 100.00% 2,796.98 6.6740 11.64% 11.64% 2,085.53 2,085.53 7
05/31/1992 100.00% 2,796.98 6.5890 11.13% 11.13% 2,003.91 2,003.91 7
06/30/1992 100.00% 2,796.98 6.5068 11.34% 11.34% 2,012.22 2,012.22 7
07/31/1992 100.00% 2,796.98 6.4219 11.32% 11.32% 1,990.78 1,990.78 7
08/31/1992 100.00% 2,796.98 6.3370 11.71% 11.71% 2,017.01 2,017.01 7
09/30/1992 100.00% 2,796.98 6.2548 11.96% 11.96% 2,026.92 2,026.92 7
10/31/1992 100.00% 2,796.98 6.1699 12.29% 12.29% 2,044.69 2,044.69 7
11/30/1992 100.00% 2,796.98 6.0877 12.35% 12.35% 2,031.67 2,031.67 7
12/31/1992 100.00% 2,796.98 6.0027 12.33% 12.33% 2,009.94 2,009.94 7
01/31/1993 100.00% 2,796.98 5.9178 12.29% 12.29% 1,985.80 1,985.80 6
02/28/1993 100.00% 2,796.98 5.8411 12.04% 12.04% 1,942.42 1,942.42 6
03/31/1993 100.00% 2,796.98 5.7562 11.84% 11.84% 1,904.59 1,904.59 6
04/30/1993 100.00% 2,796.98 5.6740 11.67% 11.67% 1,870.37 1,870.37 6
05/31/1993 100.00% 2,796.98 5.5890 11.54% 11.54% 1,841.36 1,841.36 6
06/30/1993 100.00% 2,796.98 5.5068 11.58% 11.58% 1,828.23 1,828.23 6
07/31/1993 100.00% 2,796.98 5.4219 11.47% 11.47% 1,801.83 1,801.83 6
08/31/1993 100.00% 2,796.98 5.3370 10.72% 10.72% 1,722.14 1,722.14 6
09/30/1993 100.00% 2,796.98 5.2548 10.91% 10.91% 1,723.02 1,723.02 6
10/31/1993 100.00% 2,796.98 5.1699 10.41% 10.41% 1,668.87 1,668.87 6
11/30/1993 100.00% 2,796.98 5.0877 11.04% 11.04% 1,703.88 1,703.88 6
12/31/1993 100.00% 2,796.98 5.0027 10.06% 10.06% 1,615.10 1,615.10 6
01/31/1994 50.00% 2,788.68 4.9178 9.15% 9.21% 1,537.80 1,542.38 5
02/28/1994 50.00% 2,790.08 4.8411 10.20% 10.26% 1,600.24 1,604.20 5
03/31/1994 50.00% 2,791.65 4.7562 11.48% 11.52% 1,676.69 1,679.90 5
04/30/1994 50.00% 2,791.39 4.6740 11.50% 11.55% 1,663.52 1,666.86 5
05/31/1994 50.00% 2,791.20 4.5890 11.59% 11.64% 1,653.82 1,657.25 5
06/30/1994 50.00% 2,792.15 4.5068 12.53% 12.58% 1,702.53 1,705.48 5
07/31/1994 50.00% 2,790.87 4.4219 11.80% 11.86% 1,637.84 1,641.43 5
08/31/1994 50.00% 2,789.96 4.3370 11.36% 11.42% 1,594.47 1,598.49 5
09/30/1994 50.00% 2,790.72 4.2548 12.17% 12.23% 1,630.40 1,634.06 5
10/31/1994 50.00% 2,790.40 4.1699 12.18% 12.25% 1,615.13 1,618.94 5
11/30/1994 50.00% 2,791.54 4.0877 13.38% 13.44% 1,670.96 1,674.21 5
12/31/1994 50.00% 2,791.81 4.0027 13.92% 13.97% 1,684.85 1,687.97 5
01/31/1995 40.00% 2,776.25 3.9178 14.43% 14.65% 1,695.85 1,708.51 4
02/28/1995 40.00% 2,774.84 3.8411 14.09% 14.33% 1,659.35 1,672.59 4
03/31/1995 40.00% 2,773.89 3.7562 13.99% 14.24% 1,635.34 1,648.95 4
04/30/1995 40.00% 2,771.76 3.6740 13.35% 13.62% 1,584.44 1,598.85 4
05/31/1995 40.00% 2,769.25 3.5890 12.54% 12.86% 1,528.25 1,543.55 4
06/30/1995 40.00% 2,768.04 3.5068 12.31% 12.64% 1,502.50 1,518.20 4
07/31/1995 40.00% 2,765.37 3.4219 11.44% 11.81% 1,448.59 1,465.14 4
08/31/1995 40.00% 2,766.11 3.3370 12.08% 12.45% 1,463.07 1,479.40 4
09/30/1995 40.00% 2,763.70 3.2548 11.30% 11.71% 1,416.75 1,433.81 4
10/31/1995 40.00% 2,765.34 3.1699 12.39% 12.79% 1,447.98 1,464.55 4
11/30/1995 40.00% 2,763.07 3.0877 11.64% 12.09% 1,405.05 1,422.29 4
12/31/1995 40.00% 2,761.62 3.0027 11.29% 11.77% 1,378.92 1,396.58 4
01/31/1996 30.00% 2,724.23 2.9178 10.20% 11.20% 1,327.80 1,363.26 3
02/29/1996 30.00% 2,723.31 2.8384 10.20% 11.24% 1,317.50 1,353.15 3
03/31/1996 30.00% 2,722.30 2.7534 10.20% 11.28% 1,306.46 1,342.30 3
04/30/1996 30.00% 2,719.41 2.6712 9.54% 10.70% 1,275.53 1,311.92 3
05/31/1996 30.00% 2,717.81 2.5863 9.31% 10.53% 1,259.02 1,295.69 3
06/30/1996 30.00% 2,718.16 2.5041 9.76% 11.02% 1,262.60 1,299.21 3
07/31/1996 30.00% 2,721.68 2.4192 11.44% 12.71% 1,299.64 1,335.60 3
08/31/1996 30.00% 2,718.73 2.3342 10.73% 12.08% 1,268.52 1,305.03 3
09/30/1996 30.00% 2,716.33 2.2521 10.19% 11.63% 1,244.14 1,281.09 3
10/31/1996 30.00% 2,714.88 2.1671 10.02% 11.54% 1,229.83 1,267.03 3
11/30/1996 30.00% 2,707.19 2.0849 7.34% 9.03% 1,159.09 1,197.53 3
12/31/1996 30.00% 2,706.42 2.0000 7.35% 9.13% 1,152.42 1,190.98 3
01/31/1997 20.00% 2,684.46 1.9151 5.23% 7.51% 1,102.54 1,148.75 2
02/28/1997 20.00% 2,683.10 1.8384 4.90% 7.29% 1,091.85 1,138.19 2
03/31/1997 20.00% 2,684.80 1.7534 5.88% 8.38% 1,105.30 1,151.48 2
04/30/1997 20.00% 2,683.37 1.6712 5.52% 8.17% 1,093.98 1,140.30 2
05/31/1997 20.00% 2,675.21 1.5863 2.09% 4.99% 1,033.32 1,080.35 2
06/30/1997 20.00% 2,669.16 1.5041 -0.51% 2.63% 992.31 1,039.84 2
07/31/1997 20.00% 2,659.94 1.4192 -4.59% -1.15% 935.47 983.66 2
08/31/1997 20.00% 2,668.17 1.3342 -1.06% 2.50% 985.90 1,033.50 2
09/30/1997 20.00% 2,657.09 1.2521 -6.51% -2.60% 919.12 967.51 2
10/31/1997 20.00% 2,670.35 1.1671 0.01% 4.06% 1,000.16 1,047.59 2
11/30/1997 20.00% 2,670.10 1.0849 -0.14% 4.23% 998.53 1,045.97 2
12/31/1997 20.00% 2,670.15 1.0000 -0.12% 4.63% 998.83 1,046.28 2
01/31/1998 10.00% 2,654.57 0.9151 0.05% 5.41% 1,000.43 1,049.44 1
02/28/1998 10.00% 2,645.26 0.8384 -5.81% -0.41% 951.07 996.60 1
03/31/1998 10.00% 2,635.43 0.7534 -11.33% -5.90% 913.38 955.26 1
04/30/1998 10.00% 2,632.30 0.6712 -12.96% -7.52% 911.02 948.90 1
05/31/1998 10.00% 2,637.74 0.5863 -10.09% -4.66% 939.56 972.41 1
06/30/1998 10.00% 2,640.14 0.5041 -8.76% -3.34% 954.81 983.00 1
07/31/1998 10.00% 2,637.47 0.4192 -10.23% -4.81% 955.75 979.57 1
08/31/1998 10.00% 2,669.14 0.3342 10.73% 16.04% 1,034.66 1,050.97 1
09/30/1998 10.00% 2,672.47 0.2521 13.49% 18.77% 1,032.41 1,044.33 1
10/31/1998 10.00% 2,656.31 0.1671 1.22% 6.58% 1,002.03 1,010.71 1
11/30/1998 10.00% 2,647.32 0.0849 -4.57% 0.83% 996.04 1,000.70 1
12/31/1998 10.00% 2,645.94 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.357528 1 6.00% 10%
Units purchased 2,796.982 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,774.00 2,647.32 2,796.98 -4.57% 0.83%
09/30/1998 0.25 0.25 2,354.90 2,672.47 2,796.98 13.49% 18.77%
12/31/1997 1.00 1.00 2,673.27 2,670.15 2,796.98 -0.12% 4.63%
12/31/1997 1.00 1.00 2,673.27 2,670.15 2,796.98 -0.12% 4.63%
12/31/1995 3.00 3.00 2,002.74 2,761.62 2,796.98 11.30% 11.78%
12/31/1993 5.00 5.00 1,731.77 2,796.98 2,796.98 10.06% 10.06%
12/31/1988 10.00 10.00 1,022.96 2,796.98 2,796.98 10.58% 10.58%
10/31/1998 0.16 0.16 2,624.21 2,656.31 2,796.98 1.22% 6.58%
08/24/1988 10.36 10.36 1,000.00 2,796.98 2,796.98 10.44% 10.44%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
TVP ASSET ALLOCATION 2
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 100 10 1000
08/31/1988 1000 0 10 100 10 1,000.00 0.00%
09/30/1988 1000 0 10 100 10.07 1,007.00 0.70%
10/31/1988 1007 0 10 100 10.38 1,038.00 3.08%
11/30/1988 1038 0 10 100 10.32 1,032.00 -0.58%
12/31/1988 1032 0 10 100 10.28 1,028.00 -0.39%
01/31/1989 1028 0 10 100 10.56 1,056.00 2.72%
02/28/1989 1056 0.02 10.43 100.19 10.42 1,044.00 -1.14%
03/31/1989 1044 0 10 100.19 10.53 1,055.02 1.06%
04/30/1989 1055.02 0 10 100.19 10.76 1,078.07 2.18%
05/31/1989 1078.07 0 10 100.19 10.76 1,078.07 0.00%
06/30/1989 1078.07 0 10 100.19 10.7 1,072.05 -0.56%
07/31/1989 1072.05 0 10 100.19 11.28 1,130.17 5.42%
08/31/1989 1130.17 0 10 100.19 11.38 1,140.18 0.89%
09/30/1989 1140.18 0 10 100.19 11.33 1,135.18 -0.44%
10/31/1989 1135.18 0 10 100.19 10.95 1,097.10 -3.35%
11/30/1989 1097.1 0 10 100.19 11.14 1,116.14 1.74%
12/31/1989 1116.14 0 10 100.19 11.62 1,164.23 4.31%
01/31/1990 1164.23 0 10 100.19 11.33 1,135.18 -2.50%
02/28/1990 1135.18 0 10 100.19 11.35 1,137.18 0.18%
03/31/1990 1137.18 0.28 11.12 102.72 11.23 1,153.49 1.43%
04/30/1990 1153.49 0 10 102.72 10.84 1,113.43 -3.47%
05/31/1990 1113.43 0 10 102.72 11.51 1,182.25 6.18%
06/30/1990 1182.25 0 10 102.72 11.6 1,191.49 0.78%
07/31/1990 1191.49 0 10 102.72 11.77 1,208.96 1.47%
08/31/1990 1208.96 0 10 102.72 10.91 1,120.62 -7.31%
09/30/1990 1120.62 0 10 102.72 10.03 1,030.23 -8.07%
10/31/1990 1030.23 0 10 102.72 9.94 1,020.99 -0.90%
11/30/1990 1020.99 0 10 102.72 10.23 1,050.77 2.92%
12/31/1990 1050.77 0 10 102.72 10.43 1,071.32 1.96%
01/31/1991 1071.32 0 10 102.72 10.93 1,122.67 4.79%
02/28/1991 1122.67 0 10 102.72 11.63 1,194.58 6.41%
03/31/1991 1194.58 0.38 11.44 106.13 11.12 1,180.13 -1.21%
04/30/1991 1180.13 0 10 106.13 11.25 1,193.93 1.17%
05/31/1991 1193.93 0 10 106.13 11.56 1,226.83 2.76%
06/30/1991 1226.83 0 10 106.13 11.07 1,174.83 -4.24%
07/31/1991 1174.83 0 10 106.13 11.71 1,242.75 5.78%
08/31/1991 1242.75 0 10 106.13 11.98 1,271.40 2.31%
09/30/1991 1271.4 0 10 106.13 12.08 1,282.01 0.83%
10/31/1991 1282.01 0 10 106.13 12.17 1,291.57 0.75%
11/30/1991 1291.57 0 10 106.13 11.87 1,259.73 -2.47%
12/31/1991 1259.73 0 10 106.13 12.89 1,367.98 8.59%
01/31/1992 1367.98 0 10 106.13 12.78 1,356.30 -0.85%
02/29/1992 1356.3 0 10 106.13 13.13 1,393.45 2.74%
03/31/1992 1393.45 0.41 12.53 109.6 12.56 1,376.58 -1.21%
04/30/1992 1376.58 0 10 109.6 12.88 1,411.65 2.55%
05/31/1992 1411.65 0 10 109.6 13.42 1,470.83 4.19%
06/30/1992 1470.83 0 10 109.6 13.38 1,466.45 -0.30%
07/31/1992 1466.45 0 10 109.6 13.54 1,483.98 1.20%
08/31/1992 1483.98 0 10 109.6 13.38 1,466.45 -1.18%
09/30/1992 1466.45 0 10 109.6 13.33 1,460.97 -0.37%
10/31/1992 1460.97 0 10 109.6 13.23 1,450.01 -0.75%
11/30/1992 1450.01 0 10 109.6 13.33 1,460.97 0.76%
12/31/1992 1460.97 0 10 109.6 13.49 1,478.50 1.20%
01/31/1993 1478.5 0 10 109.6 13.67 1,498.23 1.33%
02/28/1993 1498.23 0 10 109.6 13.99 1,533.30 2.34%
03/31/1993 1533.3 0.39 13.73 112.71 13.89 1,565.58 2.11%
04/30/1993 1565.58 0 10 112.71 14.16 1,596.02 1.94%
05/31/1993 1596.02 0 10 112.71 14.40 1,623.07 1.69%
06/30/1993 1623.07 0 10 112.71 14.52 1,636.59 0.83%
07/31/1993 1636.59 0 10 112.71 14.75 1,662.52 1.58%
08/31/1993 1662.52 0 10 112.71 15.45 1,741.42 4.75%
09/30/1993 1741.42 0 10 112.71 15.46 1,742.54 0.06%
10/31/1993 1742.54 0 10 112.71 15.98 1,801.15 3.36%
11/30/1993 1801.15 0 10 112.71 15.67 1,766.21 -1.94%
12/31/1993 1766.21 0 10 112.71 16.55 1,865.40 5.62%
01/31/1994 1865.4 0 10 112.71 17.35 1,955.57 4.83%
02/28/1994 1955.57 0 10 112.71 16.70 1,882.31 -3.75%
03/31/1994 1882.31 0.38 16.14 115.37 15.60 1,799.73 -4.39%
04/30/1994 1799.73 0 10 115.37 15.74 1,815.88 0.90%
05/31/1994 1815.88 0 10 115.37 15.85 1,828.57 0.70%
06/30/1994 1828.57 0 10 115.37 15.42 1,778.96 -2.71%
07/31/1994 1778.96 0 10 115.37 16.04 1,850.49 4.02%
08/31/1994 1850.49 0 10 115.37 16.49 1,902.40 2.81%
09/30/1994 1902.4 0 10 115.37 16.15 1,863.18 -2.06%
10/31/1994 1863.18 0 10 115.37 16.32 1,882.79 1.05%
11/30/1994 1882.79 0 10 115.37 15.80 1,822.80 -3.19%
12/31/1994 1822.8 0 10 115.37 15.69 1,810.11 -0.70%
01/31/1995 1810.11 0 10 115.37 15.52 1,790.50 -1.08%
02/28/1995 1790.5 0.41 15.46 118.43 15.46 1,830.88 2.26%
03/31/1995 1830.88 0 10 118.43 15.70 1,859.30 1.55%
04/30/1995 1859.3 0 10 118.43 16.21 1,919.70 3.25%
05/31/1995 1919.7 0 10 118.43 16.81 1,990.76 3.70%
06/30/1995 1990.76 0 10 118.43 17.11 2,026.29 1.78%
07/31/1995 2026.29 0 10 118.43 17.75 2,102.08 3.74%
08/31/1995 2102.08 0 10 118.43 17.60 2,084.32 -0.84%
09/30/1995 2084.32 0 10 118.43 18.18 2,153.00 3.30%
10/31/1995 2153 0 10 118.43 17.82 2,110.37 -1.98%
11/30/1995 2110.37 0 10 118.43 18.37 2,175.50 3.09%
12/31/1995 2175.5 0 10 118.43 18.73 2,218.14 1.96%
01/31/1996 2218.14 0 10 118.43 19.21 2,274.98 2.56%
02/29/1996 2274.98 1.04 18.43 125.11 18.34 2,294.52 0.86%
03/31/1996 2294.52 0 10 125.11 18.51 2,315.79 0.93%
04/30/1996 2315.79 0 10 125.11 18.96 2,372.09 2.43%
05/31/1996 2372.09 0 10 125.11 19.22 2,404.61 1.37%
06/30/1996 2404.61 0 10 125.11 19.19 2,400.86 -0.16%
07/31/1996 2400.86 0 10 125.11 18.69 2,338.31 -2.61%
08/31/1996 2338.31 0 10 125.11 19.15 2,395.86 2.46%
09/30/1996 2395.86 0 10 125.11 19.53 2,443.40 1.98%
10/31/1996 2443.4 0 10 125.11 19.77 2,473.42 1.23%
11/30/1996 2473.42 0 10 125.11 20.94 2,619.80 5.92%
12/31/1996 2619.8 0 10 125.11 21.08 2,637.32 0.67%
01/31/1997 2637.32 0 10 125.11 21.88 2,737.41 3.80%
02/28/1997 2737.41 1.85 20.54 136.38 20.28 2,765.75 1.04%
03/31/1997 2765.75 0 10 136.38 20.07 2,737.11 -1.04%
04/30/1997 2737.11 0 10 136.38 20.29 2,767.11 1.10%
05/31/1997 2767.11 0 10 136.38 21.44 2,923.94 5.67%
06/30/1997 2923.94 0 10 136.38 22.30 3,041.23 4.01%
07/31/1997 3041.23 0 10 136.38 23.60 3,218.52 5.83%
08/31/1997 3218.52 0 10 136.38 22.49 3,067.14 -4.70%
09/30/1997 3067.14 0 10 136.38 24.05 3,279.89 6.94%
10/31/1997 3279.89 0 10 136.38 22.24 3,033.05 -7.53%
11/30/1997 3033.05 0 10 136.38 22.30 3,041.23 0.27%
12/31/1997 3041.23 0 10 136.38 22.32 3,043.96 0.09%
01/31/1998 3043.96 0 10 136.38 22.18 3,024.86 -0.63%
02/28/1998 3024.86 0 10 136.38 23.50 3,204.88 5.95%
03/31/1998 3204.88 1.3071 22.47 144.31 23.53 3,395.64 5.95%
04/30/1998 3395.64 0 10 144.31 23.97 3,459.13 1.87%
05/31/1998 3459.13 0 10 144.31 23.28 3,359.56 -2.88%
06/30/1998 3359.56 0 10 144.31 22.99 3,317.71 -1.25%
07/31/1998 3317.71 0 10 144.31 23.37 3,372.55 1.65%
08/31/1998 3372.55 0 10 144.31 19.20 2,770.77 -17.84%
09/30/1998 2770.77 0 10 144.31 18.78 2,710.16 -2.19%
10/31/1998 2710.16 0 10 144.31 20.95 3,023.32 11.56%
11/30/1998 3023.32 0 10 144.31 22.17 3,199.37 5.82%
12/31/1998 3199.37 0 10 144.31 22.38 3,229.68 0.95%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/24/1988 1,000 0.357528207
08/31/1988 0.00027 0.26849315 999.73 0.00 0.357432213
09/30/1988 0.00115 1.15037598 1,005.58 0.00 0.359522946
10/31/1988 0.00119 1.19567506 1,035.34 0.00 0.370163196
11/30/1988 0.00115 1.19134995 1,028.16 0.00 0.367597583
12/31/1988 0.00119 1.22252909 1,022.96 0.00 0.365735698
01/31/1989 0.00119 1.21633697 1,049.60 0.00 0.375262496
02/28/1989 0.00107 1.12724432 1,036.55 0.00 0.370595127
03/31/1989 0.00119 1.2324981 1,046.26 0.00 0.374066312
04/30/1989 0.00115 1.20391192 1,067.91 0.00 0.381808453
05/31/1989 0.00119 1.26979056 1,066.64 0.00 0.381354467
06/30/1989 0.00115 1.22736844 1,059.46 0.00 0.378786145
07/31/1989 0.00119 1.25973919 1,115.64 0.00 0.398871222
08/31/1989 0.00119 1.32653667 1,124.19 0.00 0.40192978
09/30/1989 0.00115 1.29358896 1,117.97 0.00 0.399704714
10/31/1989 0.00119 1.32930863 1,079.14 0.00 0.385821218
11/30/1989 0.00115 1.24174444 1,096.62 0.00 0.392073127
12/31/1989 0.00119 1.30392806 1,142.57 0.00 0.408499796
01/31/1990 0.00119 1.35855867 1,112.70 0.00 0.397821139
02/28/1990 0.00107 1.19500782 1,113.46 0.00 0.398094785
03/31/1990 0.00119 1.32395445 1,128.11 0.00 0.403331107
04/30/1990 0.00115 1.29809906 1,087.63 0.00 0.388859558
05/31/1990 0.00119 1.29324061 1,153.57 0.00 0.41243221
06/30/1990 0.00115 1.32739046 1,161.25 0.00 0.415181038
07/31/1990 0.00119 1.38077866 1,176.90 0.00 0.420774886
08/31/1990 0.00119 1.39938226 1,089.50 0.00 0.389528096
09/30/1990 0.00115 1.25367482 1,000.37 0.00 0.357660261
10/31/1990 0.00119 1.18948027 990.21 0.00 0.354027179
11/30/1990 0.00115 1.13941707 1,017.95 0.00 0.363945989
12/31/1990 0.00119 1.21038488 1,036.65 0.00 0.370630965
01/31/1991 0.00119 1.23261729 1,085.10 0.00 0.387955177
02/28/1991 0.00107 1.16537164 1,153.44 0.00 0.412388084
03/31/1991 0.00119 1.37149006 1,138.12 0.00 0.406909367
04/30/1991 0.00115 1.30961549 1,150.12 0.00 0.411199389
05/31/1991 0.00119 1.36753678 1,180.44 0.00 0.422041489
06/30/1991 0.00115 1.35831739 1,129.05 0.00 0.403667345
07/31/1991 0.00119 1.34248726 1,192.98 0.00 0.426524435
08/31/1991 0.00119 1.41850369 1,219.07 0.00 0.435850251
09/30/1991 0.00115 1.40276014 1,227.84 0.00 0.438985952
10/31/1991 0.00119 1.45994729 1,235.53 0.00 0.441737516
11/30/1991 0.00115 1.42170798 1,203.65 0.00 0.430339428
12/31/1991 0.00119 1.43119132 1,305.65 0.00 0.466807282
01/31/1992 0.00119 1.55247343 1,292.95 0.00 0.462266565
02/29/1992 0.00111 1.43818694 1,326.93 0.00 0.474414175
03/31/1992 0.00119 1.57777188 1,309.29 0.00 0.468106514
04/30/1992 0.00115 1.50657515 1,341.13 0.00 0.479493437
05/31/1992 0.00119 1.59466412 1,395.76 0.00 0.499024898
06/30/1992 0.00115 1.60608428 1,390.00 0.00 0.496964626
07/31/1992 0.00119 1.65276852 1,404.96 0.00 0.502314449
08/31/1992 0.00119 1.67056057 1,386.70 0.00 0.495783423
09/30/1992 0.00115 1.59565177 1,379.92 0.00 0.493360232
10/31/1992 0.00119 1.64078129 1,367.93 0.00 0.489072484
11/30/1992 0.00115 1.57405298 1,376.69 0.00 0.492206404
12/31/1992 0.00119 1.63694397 1,391.57 0.00 0.497527074
01/31/1993 0.00119 1.65463907 1,408.49 0.00 0.503574797
02/28/1993 0.00107 1.51267935 1,439.95 0.00 0.514821459
03/31/1993 0.00119 1.71215546 1,468.55 0.00 0.525047662
04/30/1993 0.00115 1.68983711 1,495.41 0.00 0.534652143
05/31/1993 0.00119 1.7781069 1,518.98 0.00 0.543077923
06/30/1993 0.00115 1.74786652 1,529.88 0.00 0.546976792
07/31/1993 0.00119 1.81909531 1,552.30 0.00 0.554992671
08/31/1993 0.00119 1.84575393 1,624.13 0.00 0.580671646
09/30/1993 0.00115 1.86885986 1,623.30 0.00 0.580376936
10/31/1993 0.00119 1.93017506 1,675.97 0.00 0.599207712
11/30/1993 0.00115 1.92851717 1,641.53 0.00 0.586894351
12/31/1993 0.00119 1.9518502 1,731.77 0.00 0.619156379
01/31/1994 0.00119 2.05914489 1,813.42 0.00 0.648349056
02/28/1994 0.00107 1.94756416 1,743.54 0.00 0.623364149
03/31/1994 0.00119 2.07313878 1,664.97 0.00 0.595274945
04/30/1994 0.00115 1.91585978 1,678.00 0.00 0.599931712
05/31/1994 0.00119 1.9952089 1,687.73 0.00 0.603410899
06/30/1994 0.00115 1.9420449 1,640.00 0.00 0.58634573
07/31/1994 0.00119 1.95002564 1,703.99 0.00 0.60922485
08/31/1994 0.00119 2.02611534 1,749.77 0.00 0.62559045
09/30/1994 0.00115 2.01342856 1,711.68 0.00 0.611973379
10/31/1994 0.00119 2.0352562 1,727.66 0.00 0.617686748
11/30/1994 0.00115 1.98799093 1,670.62 0.00 0.597295071
12/31/1994 0.00119 1.98644015 1,657.01 0.00 0.592426604
01/31/1995 0.00119 1.97024896 1,637.09 0.00 0.585304074
02/28/1995 0.00107 1.75818447 1,672.25 0.00 0.597875461
03/31/1995 0.00119 1.98837037 1,696.22 0.00 0.606445138
04/30/1995 0.00115 1.95181043 1,749.37 0.00 0.62544789
05/31/1995 0.00119 2.08006874 1,812.04 0.00 0.647855911
06/30/1995 0.00115 2.08508873 1,842.30 0.00 0.658673013
07/31/1995 0.00119 2.19056641 1,909.01 0.00 0.68252639
08/31/1995 0.00119 2.26989622 1,890.62 0.00 0.675948326
09/30/1995 0.00115 2.17550263 1,950.74 0.00 0.697443557
10/31/1995 0.00119 2.31950665 1,909.79 0.00 0.682804691
11/30/1995 0.00115 2.19756946 1,966.53 0.00 0.703091639
12/31/1995 0.00119 2.33829062 2,002.74 0.00 0.716036295
01/31/1996 0.00119 2.38134101 2,051.68 0.00 0.733533381
02/29/1996 0.00111 2.2821424 2,067.02 0.00 0.739017832
03/31/1996 0.00119 2.45777132 2,083.72 0.00 0.74498974
04/30/1996 0.00115 2.39770864 2,131.98 0.00 0.762244204
05/31/1996 0.00119 2.53501589 2,158.68 0.00 0.771787798
06/30/1996 0.00115 2.48395671 2,152.83 0.00 0.769696107
07/31/1996 0.00119 2.55979888 2,094.18 0.00 0.748727887
08/31/1996 0.00119 2.49006431 2,143.23 0.00 0.766265154
09/30/1996 0.00115 2.46618239 2,183.29 0.00 0.780588088
10/31/1996 0.00119 2.59602263 2,207.52 0.00 0.789250366
11/30/1996 0.00115 2.54015903 2,335.62 0.00 0.835050983
12/31/1996 0.00119 2.77715133 2,348.47 0.00 0.839642504
01/31/1997 0.00119 2.79242148 2,434.80 0.00 0.870509747
02/28/1997 0.00107 2.6149087 2,457.39 0.00 0.878587102
03/31/1997 0.00119 2.92194057 2,429.02 0.00 0.868444447
04/30/1997 0.00115 2.79504084 2,452.85 0.00 0.876963697
05/31/1997 0.00119 2.91654157 2,588.95 0.00 0.925624149
06/30/1997 0.00115 2.97907058 2,689.83 0.00 0.96168924
07/31/1997 0.00119 3.19831557 2,843.43 0.00 1.0166079
08/31/1997 0.00119 3.38096002 2,706.31 0.00 0.967583934
09/30/1997 0.00115 3.11411585 2,890.92 0.00 1.033586326
10/31/1997 0.00119 3.43742562 2,669.92 0.00 0.954571068
11/30/1997 0.00115 3.07223465 2,674.05 0.00 0.956047092
12/31/1997 0.00119 3.17955132 2,673.27 0.00 0.955768521
01/31/1998 0.00119 3.17862487 2,653.31 0.00 0.948634892
02/28/1998 0.00107 2.84958743 2,808.37 0.00 1.004072665
03/31/1998 0.00119 3.33927125 2,972.19 0.00 1.062642923
04/30/1998 0.00115 3.42005799 3,024.35 0.00 1.081288929
05/31/1998 0.00119 3.59607144 2,933.69 0.00 1.04887866
06/30/1998 0.00115 3.37575846 2,893.77 0.00 1.034605862
07/31/1998 0.00119 3.44081632 2,938.17 0.00 1.050477164
08/31/1998 0.00119 3.49359993 2,410.40 0.00 0.861786509
09/30/1998 0.00115 2.77361263 2,354.90 0.00 0.841943469
10/31/1998 0.00119 2.80007386 2,624.21 0.00 0.938229246
11/30/1998 0.00115 3.01963939 2,774.00 0.00 0.991783373
12/31/1998 0.00119 3.29840043 2,796.98 0.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.450833 1 6.00% 10%
Units purchased 2,218.116 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 0.450833 2,218.116 1,000.00 1,000.00 2,203.50 0.00%
05/31/1992 0.448567 2,218.116 994.97 0.00008 0.082191796 994.89 2,203.50 0.00%
06/30/1992 0.437297 2,218.116 969.98 0.00008 0.081771829 969.81 2,203.50 0.00%
07/31/1992 0.430084 2,218.116 953.98 0.00008 0.082367714 953.74 2,203.50 0.00%
08/31/1992 0.425134 2,218.116 943.00 0.00008 0.081002166 942.68 2,203.50 0.00%
09/30/1992 0.415718 2,218.116 922.11 0.00008 0.0774802 921.72 2,203.50 0.00%
10/31/1992 0.410792 2,218.116 911.19 0.00008 0.078283163 910.72 2,203.50 0.00%
11/30/1992 0.413954 2,218.116 918.20 0.00008 0.0748538 917.66 2,203.50 0.00%
12/31/1992 0.419780 2,218.116 931.12 0.00008 0.077937901 930.49 2,203.50 0.00%
01/31/1993 0.421569 2,218.116 935.09 0.00008 0.07902814 934.38 2,203.50 0.00%
02/28/1993 0.434563 2,218.116 963.91 0.00008 0.071678499 963.11 2,203.50 0.00%
03/31/1993 0.447486 2,218.116 992.58 0.00008 0.081798135 991.67 2,203.50 0.00%
04/30/1993 0.461735 2,218.116 1,024.18 0.00008 0.0815069 1,023.16 2,203.50 0.00%
05/31/1993 0.473266 2,218.116 1,049.76 0.00008 0.086898655 1,048.63 2,203.50 0.00%
06/30/1993 0.470111 2,218.116 1,042.76 0.00008 0.086188615 1,041.55 2,203.50 0.00%
07/31/1993 0.478055 2,218.116 1,060.38 0.00008 0.08846052 1,059.06 2,203.50 0.00%
08/31/1993 0.514833 2,218.116 1,141.96 0.00008 0.089947704 1,140.45 2,203.50 0.00%
09/30/1993 0.512530 2,218.116 1,136.85 0.00008 0.093735476 1,135.25 2,203.50 0.00%
10/31/1993 0.551411 2,218.116 1,223.09 0.00008 0.096418805 1,221.28 2,203.50 0.00%
11/30/1993 0.553058 2,218.116 1,226.75 0.00008 0.100379114 1,224.82 2,203.50 0.00%
12/31/1993 0.610827 2,218.116 1,354.88 0.00008 0.104026224 1,352.66 2,203.50 0.00%
01/31/1994 0.644628 2,218.116 1,429.86 0.00008 0.114883339 1,427.40 2,203.50 2.00%
02/28/1994 0.618860 2,218.116 1,372.70 0.00008 0.109498911 1,370.23 2,203.50 2.00%
03/31/1994 0.586824 2,218.116 1,301.64 0.00008 0.116375639 1,299.18 2,203.50 2.00%
04/30/1994 0.592077 2,218.116 1,313.30 0.00008 0.106781965 1,310.70 2,203.50 2.00%
05/31/1994 0.595046 2,218.116 1,319.88 0.00008 0.111320018 1,317.17 2,203.50 2.00%
06/30/1994 0.575559 2,218.116 1,276.66 0.00008 0.108260174 1,273.92 2,203.50 2.00%
07/31/1994 0.608622 2,218.116 1,349.99 0.00008 0.10819608 1,346.99 2,203.50 2.00%
08/31/1994 0.630850 2,218.116 1,399.30 0.00008 0.114402089 1,396.07 2,203.50 2.00%
09/30/1994 0.617206 2,218.116 1,369.03 0.00008 0.11474587 1,365.77 2,203.50 2.00%
10/31/1994 0.624606 2,218.116 1,385.45 0.00008 0.11599649 1,382.02 2,203.50 2.00%
11/30/1994 0.596694 2,218.116 1,323.54 0.00008 0.113591068 1,320.15 2,203.50 2.00%
12/31/1994 0.589808 2,218.116 1,308.26 0.00008 0.112122365 1,304.80 2,203.50 2.00%
01/31/1995 0.573567 2,218.116 1,272.24 0.00008 0.110818902 1,268.76 2,203.50 4.00%
02/28/1995 0.580589 2,218.116 1,287.81 0.00008 0.097329785 1,284.20 2,203.50 4.00%
03/31/1995 0.579973 2,218.116 1,286.45 0.00008 0.109069019 1,282.73 2,203.50 4.00%
04/30/1995 0.607723 2,218.116 1,348.00 0.00008 0.105429642 1,344.00 2,203.50 4.00%
05/31/1995 0.625956 2,218.116 1,388.44 0.00008 0.11414764 1,384.21 2,203.50 4.00%
06/30/1995 0.633397 2,218.116 1,404.95 0.00008 0.113770367 1,400.55 2,203.50 4.00%
07/31/1995 0.664124 2,218.116 1,473.10 0.00008 0.118950618 1,468.37 2,203.50 4.00%
08/31/1995 0.646841 2,218.116 1,434.77 0.00008 0.124710841 1,430.03 2,203.50 4.00%
09/30/1995 0.662736 2,218.116 1,470.03 0.00008 0.117536939 1,465.06 2,203.50 4.00%
10/31/1995 0.645934 2,218.116 1,432.76 0.00008 0.124429425 1,427.79 2,203.50 4.00%
11/30/1995 0.656887 2,218.116 1,457.05 0.00008 0.117352588 1,451.88 2,203.50 4.00%
12/31/1995 0.674484 2,218.116 1,496.08 0.00008 0.123310664 1,490.65 2,203.50 4.00%
01/31/1996 0.693831 2,218.116 1,539.00 0.00008 0.12660339 1,533.28 2,203.50 6.00%
02/29/1996 0.702919 2,218.116 1,559.16 0.00008 0.121822544 1,553.25 2,203.50 6.00%
03/31/1996 0.703988 2,218.116 1,561.53 0.00008 0.13191962 1,555.48 2,203.50 6.00%
04/30/1996 0.729102 2,218.116 1,617.23 0.00008 0.127847297 1,610.84 2,203.50 6.00%
05/31/1996 0.738291 2,218.116 1,637.62 0.00008 0.136810999 1,631.00 2,203.50 6.00%
06/30/1996 0.743413 2,218.116 1,648.98 0.00008 0.13405509 1,642.18 2,203.50 6.00%
07/31/1996 0.715961 2,218.116 1,588.09 0.00008 0.139473246 1,581.41 2,203.50 6.00%
08/31/1996 0.740483 2,218.116 1,642.48 0.00008 0.134311112 1,635.43 2,203.50 6.00%
09/30/1996 0.754151 2,218.116 1,672.79 0.00008 0.134419198 1,665.49 2,203.50 6.00%
10/31/1996 0.768217 2,218.116 1,703.99 0.00008 0.14145227 1,696.41 2,203.50 6.00%
11/30/1996 0.807931 2,218.116 1,792.08 0.00008 0.139430861 1,783.97 2,203.50 6.00%
12/31/1996 0.826408 2,218.116 1,833.07 0.00008 0.151514986 1,824.61 2,203.50 6.00%
01/31/1997 0.836756 2,218.116 1,856.02 0.00008 0.15496725 1,847.31 2,203.50 6.00%
02/28/1997 0.846232 2,218.116 1,877.04 0.00008 0.141711233 1,868.09 2,203.50 6.00%
03/31/1997 0.851857 2,218.116 1,889.52 0.00008 0.158659374 1,880.34 2,203.50 6.00%
04/30/1997 0.850982 2,218.116 1,887.58 0.00008 0.154548854 1,878.26 2,203.50 6.00%
05/31/1997 0.887259 2,218.116 1,968.04 0.00008 0.15952328 1,958.17 2,203.50 6.00%
06/30/1997 0.939277 2,218.116 2,083.43 0.00008 0.160945247 2,072.81 2,203.50 6.00%
07/31/1997 0.978630 2,218.116 2,170.72 0.00008 0.176046862 2,159.48 2,203.50 6.00%
08/31/1997 0.930792 2,218.116 2,064.60 0.00008 0.183407815 2,053.73 2,203.50 6.00%
09/30/1997 1.006207 2,218.116 2,231.88 0.00008 0.168800046 2,219.96 2,203.50 6.00%
10/31/1997 0.924678 2,218.116 2,051.04 0.00008 0.188544901 2,039.90 2,203.50 6.00%
11/30/1997 0.919112 2,218.116 2,038.70 0.00008 0.167663059 2,027.45 2,203.50 6.00%
12/31/1997 0.928284 2,218.116 2,059.04 0.00008 0.172194707 2,047.51 2,203.50 6.00%
01/31/1998 0.933755 2,218.116 2,071.18 0.00008 0.173898523 2,059.41 2,203.50 6.00%
02/28/1998 1.003764 2,218.116 2,226.46 0.00008 0.157981878 2,213.65 2,203.50 6.00%
03/31/1998 1.070289 2,218.116 2,374.02 0.00008 0.188009031 2,360.18 2,203.50 6.00%
04/30/1998 1.083395 2,218.116 2,403.10 0.00008 0.193987187 2,388.89 2,203.50 6.00%
05/31/1998 1.068053 2,218.116 2,369.07 0.00008 0.202891663 2,354.85 2,203.50 6.00%
06/30/1998 1.054247 2,218.116 2,338.44 0.00008 0.193549634 2,324.22 2,203.50 6.00%
07/31/1998 1.062406 2,218.116 2,356.54 0.00008 0.197399576 2,342.01 2,203.50 6.00%
08/31/1998 0.907625 2,218.116 2,013.22 0.00008 0.19891052 2,000.61 2,203.50 6.00%
09/30/1998 0.876487 2,218.116 1,944.15 0.00008 0.164433294 1,931.81 2,203.50 6.00%
10/31/1998 0.945150 2,218.116 2,096.45 0.00008 0.164071262 2,082.98 2,203.50 6.00%
11/30/1998 0.998147 2,218.116 2,214.01 0.00008 0.171203576 2,199.60 2,203.50 6.00%
12/31/1998 1.000000 2,218.116 2,218.12 0.00008 0.186815686 2,203.50 2,203.50 6.00%
12/31/1998 2,203.50
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 120.35% 120.35%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100.00% 2,203.50 6.6712 12.57% 12.57% 2,203.50 2,203.50 7
05/31/1992 100.00% 2,203.50 6.5890 12.83% 12.83% 2,214.82 2,214.82 7
06/30/1992 100.00% 2,203.50 6.5068 13.44% 13.44% 2,272.09 2,272.09 7
07/31/1992 100.00% 2,203.50 6.4219 13.93% 13.93% 2,310.39 2,310.39 7
08/31/1992 100.00% 2,203.50 6.3370 14.34% 14.34% 2,337.50 2,337.50 7
09/30/1992 100.00% 2,203.50 6.2548 14.95% 14.95% 2,390.64 2,390.64 7
10/31/1992 100.00% 2,203.50 6.1699 15.40% 15.40% 2,419.51 2,419.51 7
11/30/1992 100.00% 2,203.50 6.0877 15.48% 15.48% 2,401.23 2,401.23 7
12/31/1992 100.00% 2,203.50 6.0027 15.44% 15.44% 2,368.10 2,368.10 7
01/31/1993 100.00% 2,203.50 5.9178 15.60% 15.60% 2,358.25 2,358.25 6
02/28/1993 100.00% 2,203.50 5.8411 15.22% 15.22% 2,287.91 2,287.91 6
03/31/1993 100.00% 2,203.50 5.7562 14.88% 14.88% 2,222.02 2,222.02 6
04/30/1993 100.00% 2,203.50 5.6740 14.48% 14.48% 2,153.62 2,153.62 6
05/31/1993 100.00% 2,203.50 5.5890 14.21% 14.21% 2,101.32 2,101.32 6
06/30/1993 100.00% 2,203.50 5.5068 14.58% 14.58% 2,115.60 2,115.60 6
07/31/1993 100.00% 2,203.50 5.4219 14.47% 14.47% 2,080.62 2,080.62 6
08/31/1993 100.00% 2,203.50 5.3370 13.13% 13.13% 1,932.14 1,932.14 6
09/30/1993 100.00% 2,203.50 5.2548 13.45% 13.45% 1,940.98 1,940.98 6
10/31/1993 100.00% 2,203.50 5.1699 12.09% 12.09% 1,804.26 1,804.26 6
11/30/1993 100.00% 2,203.50 5.0877 12.24% 12.24% 1,799.03 1,799.03 6
12/31/1993 100.00% 2,203.50 5.0027 10.25% 10.25% 1,629.01 1,629.01 6
01/31/1994 50.00% 2,196.99 4.9178 9.16% 9.23% 1,539.16 1,543.72 5
02/28/1994 50.00% 2,198.13 4.8411 10.26% 10.31% 1,604.21 1,608.13 5
03/31/1994 50.00% 2,199.55 4.7562 11.71% 11.75% 1,693.03 1,696.07 5
04/30/1994 50.00% 2,199.32 4.6740 11.71% 11.76% 1,677.97 1,681.16 5
05/31/1994 50.00% 2,199.19 4.5890 11.82% 11.87% 1,669.64 1,672.91 5
06/30/1994 50.00% 2,200.06 4.5068 12.89% 12.93% 1,727.00 1,729.70 5
07/31/1994 50.00% 2,198.60 4.4219 11.72% 11.77% 1,632.23 1,635.87 5
08/31/1994 50.00% 2,197.61 4.3370 11.03% 11.10% 1,574.14 1,578.35 5
09/30/1994 50.00% 2,198.22 4.2548 11.84% 11.90% 1,609.52 1,613.38 5
10/31/1994 50.00% 2,197.90 4.1699 11.77% 11.84% 1,590.34 1,594.40 5
11/30/1994 50.00% 2,199.13 4.0877 13.30% 13.35% 1,665.82 1,669.13 5
12/31/1994 50.00% 2,199.44 4.0027 13.93% 13.99% 1,685.65 1,688.76 5
01/31/1995 40.00% 2,188.01 3.9178 14.92% 15.13% 1,724.52 1,736.73 4
02/28/1995 40.00% 2,187.39 3.8411 14.87% 15.09% 1,703.31 1,715.86 4
03/31/1995 40.00% 2,187.45 3.7562 15.27% 15.49% 1,705.31 1,717.83 4
04/30/1995 40.00% 2,185.00 3.6740 14.14% 14.40% 1,625.75 1,639.51 4
05/31/1995 40.00% 2,183.39 3.5890 13.54% 13.83% 1,577.36 1,591.89 4
06/30/1995 40.00% 2,182.74 3.5068 13.49% 13.80% 1,558.49 1,573.31 4
07/31/1995 40.00% 2,180.02 3.4219 12.24% 12.59% 1,484.66 1,500.64 4
08/31/1995 40.00% 2,181.56 3.3370 13.49% 13.83% 1,525.53 1,540.87 4
09/30/1995 40.00% 2,180.15 3.2548 12.99% 13.36% 1,488.10 1,504.04 4
10/31/1995 40.00% 2,181.65 3.1699 14.31% 14.67% 1,527.99 1,543.30 4
11/30/1995 40.00% 2,180.68 3.0877 14.08% 14.47% 1,501.97 1,517.68 4
12/31/1995 40.00% 2,179.13 3.0027 13.48% 13.90% 1,461.86 1,478.21 4
01/31/1996 30.00% 2,151.17 2.9178 12.30% 13.23% 1,402.98 1,437.11 3
02/29/1996 30.00% 2,149.97 2.8384 12.14% 13.11% 1,384.18 1,418.64 3
03/31/1996 30.00% 2,149.84 2.7534 12.47% 13.48% 1,382.11 1,416.61 3
04/30/1996 30.00% 2,146.51 2.6712 11.35% 12.44% 1,332.54 1,367.92 3
05/31/1996 30.00% 2,145.30 2.5863 11.18% 12.34% 1,315.33 1,351.01 3
06/30/1996 30.00% 2,144.63 2.5041 11.25% 12.46% 1,305.96 1,341.81 3
07/31/1996 30.00% 2,148.28 2.4192 13.50% 14.70% 1,358.46 1,393.38 3
08/31/1996 30.00% 2,145.04 2.3342 12.32% 13.62% 1,311.60 1,347.35 3
09/30/1996 30.00% 2,143.24 2.2521 11.85% 13.24% 1,286.85 1,323.04 3
10/31/1996 30.00% 2,141.38 2.1671 11.35% 12.83% 1,262.30 1,298.92 3
11/30/1996 30.00% 2,136.13 2.0849 9.03% 10.66% 1,197.40 1,235.17 3
12/31/1996 30.00% 2,133.69 2.0000 8.14% 9.89% 1,169.39 1,207.65 3
01/31/1997 20.00% 2,119.10 1.9151 7.43% 9.64% 1,147.13 1,192.82 2
02/28/1997 20.00% 2,117.86 1.8384 7.06% 9.40% 1,133.70 1,179.55 2
03/31/1997 20.00% 2,117.12 1.7534 7.00% 9.47% 1,125.92 1,171.86 2
04/30/1997 20.00% 2,117.25 1.6712 7.43% 10.03% 1,127.24 1,173.16 2
05/31/1997 20.00% 2,112.45 1.5863 4.90% 7.72% 1,078.79 1,125.29 2
06/30/1997 20.00% 2,105.57 1.5041 1.05% 4.15% 1,015.81 1,063.05 2
07/31/1997 20.00% 2,100.37 1.4192 -1.94% 1.43% 972.63 1,020.39 2
08/31/1997 20.00% 2,106.72 1.3342 1.93% 5.42% 1,025.80 1,072.92 2
09/30/1997 20.00% 2,096.75 1.2521 -4.46% -0.59% 944.50 992.58 2
10/31/1997 20.00% 2,107.55 1.1671 2.83% 6.83% 1,033.16 1,080.20 2
11/30/1997 20.00% 2,108.30 1.0849 3.67% 7.98% 1,039.87 1,086.83 2
12/31/1997 20.00% 2,107.09 1.0000 2.91% 7.62% 1,029.10 1,076.18 2
01/31/1998 10.00% 2,093.16 0.9151 1.64% 7.00% 1,014.99 1,063.84 1
02/28/1998 10.00% 2,083.90 0.8384 -5.86% -0.46% 950.62 996.15 1
03/31/1998 10.00% 2,075.11 0.7534 -12.08% -6.64% 907.57 949.57 1
04/30/1998 10.00% 2,073.39 0.6712 -13.21% -7.76% 909.31 947.22 1
05/31/1998 10.00% 2,075.43 0.5863 -11.87% -6.43% 928.62 961.80 1
06/30/1998 10.00% 2,077.27 0.5041 -10.63% -5.19% 944.95 973.47 1
07/31/1998 10.00% 2,076.20 0.4192 -11.35% -5.91% 950.75 974.77 1
08/31/1998 10.00% 2,096.69 0.3342 4.80% 10.14% 1,015.80 1,032.81 1
09/30/1998 10.00% 2,100.81 0.2521 8.75% 14.06% 1,021.37 1,033.73 1
10/31/1998 10.00% 2,091.74 0.1671 0.42% 5.79% 1,000.70 1,009.44 1
11/30/1998 10.00% 2,084.75 0.0849 -5.22% 0.18% 995.46 1,000.15 1
12/31/1998 10.00% 2,084.51 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.450833 1 6.00% 10%
Units purchased 2,218.116 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,199.60 2,084.75 2,203.50 -5.22% 0.18%
09/30/1998 0.25 0.25 1,931.81 2,100.81 2,203.50 8.75% 14.06%
12/31/1997 1.00 1.00 2,047.51 2,107.09 2,203.50 2.91% 7.62%
12/31/1997 1.00 1.00 2,047.51 2,107.09 2,203.50 2.91% 7.62%
12/31/1995 3.00 3.00 1,490.65 2,179.13 2,203.50 13.49% 13.91%
12/31/1993 5.00 5.00 1,352.66 2,203.50 2,203.50 10.25% 10.25%
12/31/1988 10.00 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.16 0.16 2,082.98 2,091.74 2,203.50 0.42% 5.79%
05/01/1992 6.67 6.67 1,000.00 2,203.50 2,203.50 12.57% 12.57%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
TVP INTERNATIONAL FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100 10 1000
05/31/1992 1000 0 10 100 9.96 996.00 -0.40%
06/30/1992 996 0 10 100 9.72 972.00 -2.41%
07/31/1992 972 0 10 100 9.57 957.00 -1.54%
08/31/1992 957 0 10 100 9.47 947.00 -1.04%
09/30/1992 947 0 10 100 9.27 927.00 -2.11%
10/31/1992 927 0 10 100 9.17 917.00 -1.08%
11/30/1992 917 0 10 100 9.25 925.00 0.87%
12/31/1992 925 0 10 100 9.39 939.00 1.51%
01/31/1993 939 0 10 100 9.44 944.00 0.53%
02/28/1993 944 0 10 100 9.74 974.00 3.18%
03/31/1993 974 0 10 100 10.04 1,004.00 3.08%
04/30/1993 1004 0 10 100 10.37 1,037.00 3.29%
05/31/1993 1037 0 10 100 10.64 1,064.00 2.60%
06/30/1993 1064 0 10 100 10.58 1,058.00 -0.56%
07/31/1993 1058 0 10 100 10.77 1,077.00 1.80%
08/31/1993 1077 0 10 100 11.61 1,161.00 7.80%
09/30/1993 1161 0 10 100 11.57 1,157.00 -0.34%
10/31/1993 1157 0 10 100 12.46 1,246.00 7.69%
11/30/1993 1246 0 10 100 12.51 1,251.00 0.40%
12/31/1993 1251 0 10 100 13.83 1,383.00 10.55%
01/31/1994 1383 0 10 100 14.61 1,461.00 5.64%
02/28/1994 1461 0 10 100 14.04 1,404.00 -3.90%
03/31/1994 1404 0.31 13.55 102.288 13.03 1,332.81 -5.07%
04/30/1994 1332.81 0 10 102.288 13.16 1,346.11 1.00%
05/31/1994 1346.11 0 10 102.288 13.24 1,354.29 0.61%
06/30/1994 1354.29 0 10 102.288 12.82 1,311.33 -3.17%
07/31/1994 1311.33 0 10 102.288 13.57 1,388.05 5.85%
08/31/1994 1388.05 0 10 102.288 14.08 1,440.22 3.76%
09/30/1994 1440.22 0 10 102.288 13.79 1,410.55 -2.06%
10/31/1994 1410.55 0 10 102.288 13.97 1,428.96 1.31%
11/30/1994 1428.96 0 10 102.288 13.36 1,366.57 -4.37%
12/31/1994 1366.57 0 10 102.288 13.22 1,352.25 -1.05%
01/31/1995 1352.25 0 10 102.288 12.87 1,316.45 -2.65%
02/28/1995 1316.45 0.15 12.89 103.478 12.89 1,333.83 1.32%
03/31/1995 1333.83 0 10 103.478 12.89 1,333.83 0.00%
04/30/1995 1333.83 0 10 103.478 13.52 1,399.02 4.89%
05/31/1995 1399.02 0 10 103.478 13.94 1,442.48 3.11%
06/30/1995 1442.48 0 10 103.478 14.12 1,461.11 1.29%
07/31/1995 1461.11 0 10 103.478 14.82 1,533.54 4.96%
08/31/1995 1533.54 0 10 103.478 14.45 1,495.26 -2.50%
09/30/1995 1495.26 0 10 103.478 14.82 1,533.54 2.56%
10/31/1995 1533.54 0 10 103.478 14.46 1,496.29 -2.43%
11/30/1995 1496.29 0 10 103.478 14.72 1,523.20 1.80%
12/31/1995 1523.2 0 10 103.478 15.13 1,565.62 2.78%
01/31/1996 1565.62 0 10 103.478 15.58 1,612.19 2.97%
02/29/1996 1612.19 0.31 15.51 105.546 15.49 1,634.91 1.41%
03/31/1996 1634.91 0 10 105.546 15.53 1,639.13 0.26%
04/30/1996 1639.13 0 10 105.546 16.10 1,699.29 3.67%
05/31/1996 1699.29 0 10 105.546 16.32 1,722.51 1.37%
06/30/1996 1722.51 0 10 105.546 16.45 1,736.23 0.80%
07/31/1996 1736.23 0 10 105.546 15.86 1,673.96 -3.59%
08/31/1996 1673.96 0 10 105.546 16.42 1,733.07 3.53%
09/30/1996 1733.07 0 10 105.546 16.74 1,766.84 1.95%
10/31/1996 1766.84 0 10 105.546 17.07 1,801.67 1.97%
11/30/1996 1801.67 0 10 105.546 17.97 1,896.66 5.27%
12/31/1996 1896.66 0 10 105.546 18.40 1,942.05 2.39%
01/31/1997 1942.05 0 10 105.546 18.65 1,968.43 1.36%
02/28/1997 1968.43 0.715 18.32 109.665 18.17 1,992.61 1.23%
03/31/1997 1992.61 0 10 109.665 18.31 2,007.97 0.77%
04/30/1997 2007.97 0 10 109.665 18.31 2,007.97 0.00%
05/31/1997 2007.97 0 10 109.665 19.11 2,095.70 4.37%
06/30/1997 2095.7 0 10 109.665 20.25 2,220.72 5.97%
07/31/1997 2220.72 0 10 109.665 21.12 2,316.12 4.30%
08/31/1997 2316.12 0 10 109.665 20.11 2,205.36 -4.78%
09/30/1997 2205.36 0 10 109.665 21.76 2,386.31 8.21%
10/31/1997 2386.31 0 10 109.665 20.02 2,195.49 -8.00%
11/30/1997 2195.49 0 10 109.665 19.92 2,184.53 -0.50%
12/31/1997 2184.53 0 10 109.665 20.14 2,208.65 1.10%
01/31/1998 2208.65 0 10 109.665 20.28 2,224.01 0.70%
02/28/1998 2224.01 0 10 109.665 21.82 2,392.89 7.59%
03/31/1998 2392.89 1.3669 20.75 116.889 21.85 2,554.02 6.73%
04/30/1998 2554.02 0 10 116.889 22.14 2,587.92 1.33%
05/31/1998 2587.92 0 10 116.889 21.85 2,554.02 -1.31%
06/30/1998 2554.02 0 10 116.889 21.59 2,523.63 -1.19%
07/31/1998 2523.63 0 10 116.889 21.78 2,545.84 0.88%
08/31/1998 2545.84 0 10 116.889 18.63 2,177.64 -14.46%
09/30/1998 2177.64 0 10 116.889 18.01 2,105.17 -3.33%
10/31/1998 2105.17 0 10 116.889 19.44 2,272.32 7.94%
11/30/1998 2272.32 0 10 116.889 20.55 2,402.07 5.71%
12/31/1998 2402.07 0 10 116.889 20.61 2,409.08 0.29%
1.40908
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1992 1,000.0 0.450833131
05/31/1992 0.00103 1.02739726 994.9726027 0.08 0.448566614
06/30/1992 0.00103 1.02223213 969.9751272 0.16 0.437296924
07/31/1992 0.00106 1.02976811 953.9766071 0.24 0.430084261
08/31/1992 0.00106 1.01278338 942.9954161 0.32 0.425133576
09/30/1992 0.00103 0.96883091 922.1111593 0.39 0.415718261
10/31/1992 0.00106 0.97895363 911.184944 0.46 0.410792361
11/30/1992 0.00103 0.93614892 918.1980639 0.54 0.413954108
12/31/1992 0.00106 0.97479931 931.1203164 0.63 0.419779888
01/31/1993 0.00106 0.98851814 935.0898404 0.71 0.421569481
02/28/1993 0.00096 0.89666149 963.9100171 0.80 0.434562571
03/31/1993 0.00106 1.02332913 992.5759082 0.91 0.447486104
04/30/1993 0.00103 1.01976977 1024.180645 1.02 0.461734567
05/31/1993 0.00106 1.08731507 1049.759557 1.13 0.473266388
06/30/1993 0.00103 1.07852009 1042.76134 1.21 0.47011136
07/31/1993 0.00106 1.10704115 1060.380637 1.32 0.478054723
08/31/1993 0.00106 1.12574657 1141.958673 1.51 0.514832804
09/30/1993 0.00103 1.17324521 1136.851031 1.60 0.51253011
10/31/1993 0.00106 1.20693089 1223.094179 1.81 0.551411378
11/30/1993 0.00103 1.25660361 1226.745658 1.92 0.553057586
12/31/1993 0.00106 1.30236697 1354.88408 2.23 0.610826632
01/31/1994 0.00106 1.43840433 1429.859962 2.46 0.644628244
02/28/1994 0.00096 1.37109859 1372.703773 2.47 0.61886034
03/31/1994 0.00106 1.4573225 1301.64333 2.46 0.586823938
04/30/1994 0.00103 1.33730479 1313.295015 2.59 0.592076904
05/31/1994 0.00106 1.39425156 1319.881355 2.72 0.595046244
06/30/1994 0.00103 1.35604249 1276.656803 2.74 0.575559184
07/31/1994 0.00106 1.35535483 1349.992876 3.00 0.608621515
08/31/1994 0.00106 1.43321161 1399.299284 3.22 0.630850477
09/30/1994 0.00103 1.43763625 1369.034656 3.27 0.61720618
10/31/1994 0.00106 1.4534272 1385.449385 3.42 0.624606484
11/30/1994 0.00103 1.4234069 1323.5357 3.39 0.596693744
12/31/1994 0.00106 1.40512352 1308.261524 3.46 0.589807639
01/31/1995 0.00106 1.38890778 1272.237185 3.47 0.573566673
02/28/1995 0.00096 1.21995346 1287.813526 3.61 0.580589004
03/31/1995 0.00106 1.36719929 1286.446327 3.72 0.579972625
04/30/1995 0.00103 1.32169143 1347.998792 4.00 0.607722516
05/31/1995 0.00106 1.43109461 1388.442744 4.24 0.625955989
06/30/1995 0.00103 1.42648227 1404.948356 4.40 0.633397266
07/31/1995 0.00106 1.49155476 1473.102762 4.73 0.66412353
08/31/1995 0.00106 1.56391047 1434.767477 4.73 0.646840714
09/30/1995 0.00103 1.47407618 1470.024738 4.97 0.662735855
10/31/1995 0.00106 1.5606427 1432.756894 4.97 0.645934276
11/30/1995 0.00103 1.47201051 1457.052273 5.17 0.656887438
12/31/1995 0.00106 1.54687056 1496.083237 5.43 0.67448389
01/31/1996 0.00106 1.58830755 1538.996531 5.71 0.693830624
02/29/1996 0.00099 1.52845546 1559.156587 5.91 0.702919446
03/31/1996 0.00106 1.65526898 1561.525784 6.05 0.703987558
04/30/1996 0.00103 1.60430731 1617.233216 6.39 0.729102314
05/31/1996 0.00106 1.71692567 1637.615023 6.61 0.738291108
06/30/1996 0.00103 1.68248119 1648.976343 6.79 0.743413168
07/31/1996 0.00106 1.75062557 1588.085076 6.68 0.715961367
08/31/1996 0.00106 1.68598073 1642.476724 7.04 0.740482924
09/30/1996 0.00103 1.68747609 1672.793979 7.31 0.754150947
10/31/1996 0.00106 1.77591142 1703.994124 7.59 0.768217006
11/30/1996 0.00103 1.75067889 1792.083649 8.12 0.807930683
12/31/1996 0.00106 1.90255456 1833.068422 8.45 0.826407976
01/31/1997 0.00106 1.94606579 1856.021995 8.71 0.836756207
02/28/1997 0.00096 1.77974712 1877.041439 8.96 0.846232469
03/31/1997 0.00106 1.99274947 1889.517832 9.17 0.85185724
04/30/1997 0.00103 1.94128544 1887.576546 9.32 0.850982044
05/31/1997 0.00106 2.003934 1968.042515 9.88 0.887258769
06/30/1997 0.00103 2.02196149 2083.425084 10.62 0.939277054
07/31/1997 0.00106 2.2118554 2170.715171 11.24 0.978630317
08/31/1997 0.00106 2.30452638 2064.604101 10.87 0.930791931
09/30/1997 0.00103 2.1211686 2231.883897 11.92 1.006207205
10/31/1997 0.00106 2.36946578 2051.043032 11.14 0.924678152
11/30/1997 0.00103 2.10723599 2038.696882 11.24 0.919112099
12/31/1997 0.00106 2.16436998 2059.042329 11.53 0.9282845
01/31/1998 0.00106 2.1859696 2071.175916 11.77 0.933754723
02/28/1998 0.00096 1.9860591 2226.464415 12.81 1.003763923
03/31/1998 0.00106 2.36371222 2374.024105 13.85 1.07028872
04/30/1998 0.00103 2.43906586 2403.095919 14.21 1.083395257
05/31/1998 0.00106 2.55123197 2369.065758 14.21 1.068053333
06/30/1998 0.00103 2.43397167 2338.442536 14.22 1.05424737
07/31/1998 0.00106 2.4825931 2356.540142 14.53 1.062406371
08/31/1998 0.00106 2.50180632 2013.216415 12.61 0.90762466
09/30/1998 0.00103 2.06837303 1944.149918 12.34 0.876487195
10/31/1998 0.00106 2.06399478 2096.450967 13.47 0.945149553
11/30/1998 0.00103 2.15388798 2214.004916 14.40 0.998146768
12/31/1998 0.00106 2.35048467 2218.115598 14.61 1
1.218115598 1.218115598
1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.455326 1 6.00% 10%
Units purchased 2,196.229 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 0.455326 2,196.229 1,000.00 1,000.00 2,181.76 0.00%
05/31/1992 0.452981 2,196.229 994.85 0.00008 0.082191778 994.77 2,181.76 0.00%
06/30/1992 0.441544 2,196.229 969.73 0.00008 0.081761679 969.57 2,181.76 0.00%
07/31/1992 0.434205 2,196.229 953.61 0.00008 0.082347073 953.37 2,181.76 0.00%
08/31/1992 0.429152 2,196.229 942.52 0.00008 0.080971377 942.20 2,181.76 0.00%
09/30/1992 0.419595 2,196.229 921.53 0.00008 0.077440767 921.14 2,181.76 0.00%
10/31/1992 0.414569 2,196.229 910.49 0.00008 0.078233455 910.03 2,181.76 0.00%
11/30/1992 0.417709 2,196.229 917.38 0.00008 0.074796625 916.84 2,181.76 0.00%
12/31/1992 0.423534 2,196.229 930.18 0.00008 0.077868841 929.55 2,181.76 0.00%
01/31/1993 0.425286 2,196.229 934.03 0.00008 0.078948194 933.32 2,181.76 0.00%
02/28/1993 0.438345 2,196.229 962.71 0.00008 0.071596903 961.90 2,181.76 0.00%
03/31/1993 0.451325 2,196.229 991.21 0.00008 0.081695898 990.31 2,181.76 0.00%
04/30/1993 0.465640 2,196.229 1,022.65 0.00008 0.081394955 1,021.63 2,181.76 0.00%
05/31/1993 0.477210 2,196.229 1,048.06 0.00008 0.086768935 1,046.93 2,181.76 0.00%
06/30/1993 0.473970 2,196.229 1,040.95 0.00008 0.086049257 1,039.74 2,181.76 0.00%
07/31/1993 0.481918 2,196.229 1,058.40 0.00008 0.088306527 1,057.09 2,181.76 0.00%
08/31/1993 0.518932 2,196.229 1,139.69 0.00008 0.089779872 1,138.19 2,181.76 0.00%
09/30/1993 0.516547 2,196.229 1,134.46 0.00008 0.093549507 1,132.86 2,181.76 0.00%
10/31/1993 0.555667 2,196.229 1,220.37 0.00008 0.096215595 1,218.56 2,181.76 0.00%
11/30/1993 0.557258 2,196.229 1,223.87 0.00008 0.100155695 1,221.95 2,181.76 0.00%
12/31/1993 0.615394 2,196.229 1,351.55 0.00008 0.103781928 1,349.33 2,181.76 0.00%
01/31/1994 0.649370 2,196.229 1,426.17 0.00008 0.114600324 1,423.71 2,181.76 2.00%
02/28/1994 0.623338 2,196.229 1,368.99 0.00008 0.109215974 1,366.52 2,181.76 2.00%
03/31/1994 0.590991 2,196.229 1,297.95 0.00008 0.11606102 1,295.49 2,181.76 2.00%
04/30/1994 0.596208 2,196.229 1,309.41 0.00008 0.106478973 1,306.82 2,181.76 2.00%
05/31/1994 0.599122 2,196.229 1,315.81 0.00008 0.110990584 1,313.10 2,181.76 2.00%
06/30/1994 0.579428 2,196.229 1,272.56 0.00008 0.107926112 1,269.83 2,181.76 2.00%
07/31/1994 0.612638 2,196.229 1,345.49 0.00008 0.107848466 1,342.50 2,181.76 2.00%
08/31/1994 0.634936 2,196.229 1,394.46 0.00008 0.114020797 1,391.25 2,181.76 2.00%
09/30/1994 0.621125 2,196.229 1,364.13 0.00008 0.114349375 1,360.87 2,181.76 2.00%
10/31/1994 0.628493 2,196.229 1,380.31 0.00008 0.115581105 1,376.90 2,181.76 2.00%
11/30/1994 0.600329 2,196.229 1,318.46 0.00008 0.113170047 1,315.09 2,181.76 2.00%
12/31/1994 0.593325 2,196.229 1,303.08 0.00008 0.11169237 1,299.63 2,181.76 2.00%
01/31/1995 0.576911 2,196.229 1,267.03 0.00008 0.110379676 1,263.57 2,181.76 4.00%
02/28/1995 0.583908 2,196.229 1,282.40 0.00008 0.096931322 1,278.80 2,181.76 4.00%
03/31/1995 0.583214 2,196.229 1,280.87 0.00008 0.108610148 1,277.17 2,181.76 4.00%
04/30/1995 0.611047 2,196.229 1,342.00 0.00008 0.104972692 1,338.01 2,181.76 4.00%
05/31/1995 0.629302 2,196.229 1,382.09 0.00008 0.113639531 1,377.87 2,181.76 4.00%
06/30/1995 0.636706 2,196.229 1,398.35 0.00008 0.113249927 1,393.97 2,181.76 4.00%
07/31/1995 0.667511 2,196.229 1,466.01 0.00008 0.118392054 1,461.30 2,181.76 4.00%
08/31/1995 0.650055 2,196.229 1,427.67 0.00008 0.124110145 1,422.96 2,181.76 4.00%
09/30/1995 0.665949 2,196.229 1,462.58 0.00008 0.116955496 1,457.63 2,181.76 4.00%
10/31/1995 0.648982 2,196.229 1,425.31 0.00008 0.123798986 1,420.37 2,181.76 4.00%
11/30/1995 0.659906 2,196.229 1,449.31 0.00008 0.116742742 1,444.16 2,181.76 4.00%
12/31/1995 0.677500 2,196.229 1,487.94 0.00008 0.122654983 1,482.54 2,181.76 4.00%
01/31/1996 0.696847 2,196.229 1,530.43 0.00008 0.125914575 1,524.75 2,181.76 6.00%
02/29/1996 0.705892 2,196.229 1,550.30 0.00008 0.121144734 1,544.42 2,181.76 6.00%
03/31/1996 0.706875 2,196.229 1,552.46 0.00008 0.131170197 1,546.44 2,181.76 6.00%
04/30/1996 0.732005 2,196.229 1,607.65 0.00008 0.127104836 1,601.29 2,181.76 6.00%
05/31/1996 0.741137 2,196.229 1,627.71 0.00008 0.13600029 1,621.13 2,181.76 6.00%
06/30/1996 0.746188 2,196.229 1,638.80 0.00008 0.133243945 1,632.05 2,181.76 6.00%
07/31/1996 0.718538 2,196.229 1,578.07 0.00008 0.138612341 1,571.44 2,181.76 6.00%
08/31/1996 0.743057 2,196.229 1,631.92 0.00008 0.133464412 1,624.92 2,181.76 6.00%
09/30/1996 0.756681 2,196.229 1,661.84 0.00008 0.133555362 1,654.58 2,181.76 6.00%
10/31/1996 0.770697 2,196.229 1,692.63 0.00008 0.140526222 1,685.09 2,181.76 6.00%
11/30/1996 0.810444 2,196.229 1,779.92 0.00008 0.138500721 1,771.86 2,181.76 6.00%
12/31/1996 0.828876 2,196.229 1,820.40 0.00008 0.150486589 1,812.00 2,181.76 6.00%
01/31/1997 0.839149 2,196.229 1,842.96 0.00008 0.153896249 1,834.31 2,181.76 6.00%
02/28/1997 0.848556 2,196.229 1,863.62 0.00008 0.140714138 1,854.73 2,181.76 6.00%
03/31/1997 0.854088 2,196.229 1,875.77 0.00008 0.157525104 1,866.67 2,181.76 6.00%
04/30/1997 0.853106 2,196.229 1,873.62 0.00008 0.153424549 1,864.36 2,181.76 6.00%
05/31/1997 0.889364 2,196.229 1,953.25 0.00008 0.158343242 1,943.44 2,181.76 6.00%
06/30/1997 0.941396 2,196.229 2,067.52 0.00008 0.159735169 2,056.99 2,181.76 6.00%
07/31/1997 0.980718 2,196.229 2,153.88 0.00008 0.174702891 2,142.73 2,181.76 6.00%
08/31/1997 0.932653 2,196.229 2,048.32 0.00008 0.181985393 2,037.53 2,181.76 6.00%
09/30/1997 1.008104 2,196.229 2,214.03 0.00008 0.167468477 2,202.20 2,181.76 6.00%
10/31/1997 0.926293 2,196.229 2,034.35 0.00008 0.187036241 2,023.30 2,181.76 6.00%
11/30/1997 0.920603 2,196.229 2,021.85 0.00008 0.166298429 2,010.70 2,181.76 6.00%
12/31/1997 0.929673 2,196.229 2,041.77 0.00008 0.170772007 2,030.34 2,181.76 6.00%
01/31/1998 0.935033 2,196.229 2,053.55 0.00008 0.172439989 2,041.88 2,181.76 6.00%
02/28/1998 1.005030 2,196.229 2,207.28 0.00008 0.156636999 2,194.58 2,181.76 6.00%
03/31/1998 1.071511 2,196.229 2,353.28 0.00008 0.18638858 2,339.56 2,181.76 6.00%
04/30/1998 1.084500 2,196.229 2,381.81 0.00008 0.192292231 2,367.72 2,181.76 6.00%
05/31/1998 1.069005 2,196.229 2,347.78 0.00008 0.201094406 2,333.69 2,181.76 6.00%
06/30/1998 1.055054 2,196.229 2,317.14 0.00008 0.191810339 2,303.05 2,181.76 6.00%
07/31/1998 1.063085 2,196.229 2,334.78 0.00008 0.195601248 2,320.38 2,181.76 6.00%
08/31/1998 0.908069 2,196.229 1,994.33 0.00008 0.197073508 1,981.83 2,181.76 6.00%
09/30/1998 0.876805 2,196.229 1,925.66 0.00008 0.162890395 1,913.44 2,181.76 6.00%
10/31/1998 0.945380 2,196.229 2,076.27 0.00008 0.162511009 2,062.92 2,181.76 6.00%
11/30/1998 0.998274 2,196.229 2,192.44 0.00008 0.169555461 2,178.17 2,181.76 6.00%
12/31/1998 1.000000 2,196.229 2,196.23 0.00008 0.184995679 2,181.76 2,181.76 6.00%
12/31/1998 2,181.76
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 118.18% 118.18%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100.00% 2,181.76 6.6712 12.41% 12.41% 2,181.76 2,181.76 7
05/31/1992 100.00% 2,181.76 6.5890 12.66% 12.66% 2,193.23 2,193.23 7
06/30/1992 100.00% 2,181.76 6.5068 13.27% 13.27% 2,250.23 2,250.23 7
07/31/1992 100.00% 2,181.76 6.4219 13.76% 13.76% 2,288.46 2,288.46 7
08/31/1992 100.00% 2,181.76 6.3370 14.17% 14.17% 2,315.61 2,315.61 7
09/30/1992 100.00% 2,181.76 6.2548 14.78% 14.78% 2,368.55 2,368.55 7
10/31/1992 100.00% 2,181.76 6.1699 15.23% 15.23% 2,397.47 2,397.47 7
11/30/1992 100.00% 2,181.76 6.0877 15.30% 15.30% 2,379.64 2,379.64 7
12/31/1992 100.00% 2,181.76 6.0027 15.27% 15.27% 2,347.11 2,347.11 7
01/31/1993 100.00% 2,181.76 5.9178 15.43% 15.43% 2,337.64 2,337.64 6
02/28/1993 100.00% 2,181.76 5.8411 15.05% 15.05% 2,268.17 2,268.17 6
03/31/1993 100.00% 2,181.76 5.7562 14.71% 14.71% 2,203.12 2,203.12 6
04/30/1993 100.00% 2,181.76 5.6740 14.31% 14.31% 2,135.56 2,135.56 6
05/31/1993 100.00% 2,181.76 5.5890 14.04% 14.04% 2,083.95 2,083.95 6
06/30/1993 100.00% 2,181.76 5.5068 14.41% 14.41% 2,098.37 2,098.37 6
07/31/1993 100.00% 2,181.76 5.4219 14.30% 14.30% 2,063.94 2,063.94 6
08/31/1993 100.00% 2,181.76 5.3370 12.97% 12.97% 1,916.87 1,916.87 6
09/30/1993 100.00% 2,181.76 5.2548 13.28% 13.28% 1,925.88 1,925.88 6
10/31/1993 100.00% 2,181.76 5.1699 11.93% 11.93% 1,790.44 1,790.44 6
11/30/1993 100.00% 2,181.76 5.0877 12.07% 12.07% 1,785.47 1,785.47 6
12/31/1993 100.00% 2,181.76 5.0027 10.08% 10.08% 1,616.92 1,616.92 6
01/31/1994 50.00% 2,175.10 4.9178 9.00% 9.07% 1,527.77 1,532.45 5
02/28/1994 50.00% 2,176.24 4.8411 10.09% 10.15% 1,592.54 1,596.57 5
03/31/1994 50.00% 2,177.66 4.7562 11.54% 11.58% 1,680.95 1,684.11 5
04/30/1994 50.00% 2,177.44 4.6740 11.54% 11.59% 1,666.20 1,669.51 5
05/31/1994 50.00% 2,177.31 4.5890 11.65% 11.70% 1,658.15 1,661.53 5
06/30/1994 50.00% 2,178.18 4.5068 12.72% 12.76% 1,715.33 1,718.15 5
07/31/1994 50.00% 2,176.72 4.4219 11.55% 11.61% 1,621.39 1,625.14 5
08/31/1994 50.00% 2,175.75 4.3370 10.86% 10.93% 1,563.88 1,568.20 5
09/30/1994 50.00% 2,176.36 4.2548 11.67% 11.73% 1,599.23 1,603.20 5
10/31/1994 50.00% 2,176.04 4.1699 11.60% 11.67% 1,580.39 1,584.54 5
11/30/1994 50.00% 2,177.27 4.0877 13.13% 13.18% 1,655.61 1,659.02 5
12/31/1994 50.00% 2,177.58 4.0027 13.76% 13.82% 1,675.54 1,678.75 5
01/31/1995 40.00% 2,166.12 3.9178 14.75% 14.96% 1,714.29 1,726.66 4
02/28/1995 40.00% 2,165.51 3.8411 14.70% 14.92% 1,693.40 1,706.10 4
03/31/1995 40.00% 2,165.58 3.7562 15.09% 15.32% 1,695.61 1,708.28 4
04/30/1995 40.00% 2,163.14 3.6740 13.97% 14.23% 1,616.68 1,630.59 4
05/31/1995 40.00% 2,161.55 3.5890 13.37% 13.66% 1,568.76 1,583.42 4
06/30/1995 40.00% 2,160.91 3.5068 13.32% 13.63% 1,550.18 1,565.14 4
07/31/1995 40.00% 2,158.21 3.4219 12.07% 12.43% 1,476.92 1,493.03 4
08/31/1995 40.00% 2,159.75 3.3370 13.32% 13.66% 1,517.79 1,533.25 4
09/30/1995 40.00% 2,158.36 3.2548 12.82% 13.19% 1,480.73 1,496.78 4
10/31/1995 40.00% 2,159.85 3.1699 14.14% 14.50% 1,520.62 1,536.05 4
11/30/1995 40.00% 2,158.90 3.0877 13.91% 14.30% 1,494.91 1,510.74 4
12/31/1995 40.00% 2,157.36 3.0027 13.31% 13.73% 1,455.18 1,471.63 4
01/31/1996 30.00% 2,129.54 2.9178 12.13% 13.07% 1,396.65 1,430.89 3
02/29/1996 30.00% 2,128.36 2.8384 11.96% 12.94% 1,378.10 1,412.67 3
03/31/1996 30.00% 2,128.24 2.7534 12.30% 13.31% 1,376.22 1,410.82 3
04/30/1996 30.00% 2,124.95 2.6712 11.17% 12.28% 1,327.02 1,362.50 3
05/31/1996 30.00% 2,123.76 2.5863 11.01% 12.17% 1,310.05 1,345.82 3
06/30/1996 30.00% 2,123.11 2.5041 11.08% 12.29% 1,300.88 1,336.82 3
07/31/1996 30.00% 2,126.74 2.4192 13.32% 14.53% 1,353.38 1,388.38 3
08/31/1996 30.00% 2,123.53 2.3342 12.15% 13.46% 1,306.85 1,342.68 3
09/30/1996 30.00% 2,121.75 2.2521 11.68% 13.07% 1,282.35 1,318.61 3
10/31/1996 30.00% 2,119.92 2.1671 11.17% 12.66% 1,258.05 1,294.74 3
11/30/1996 30.00% 2,114.72 2.0849 8.85% 10.50% 1,193.50 1,231.34 3
12/31/1996 30.00% 2,112.31 2.0000 7.97% 9.73% 1,165.73 1,204.06 3
01/31/1997 20.00% 2,097.88 1.9151 7.26% 9.48% 1,143.69 1,189.42 2
02/28/1997 20.00% 2,096.65 1.8384 6.90% 9.24% 1,130.44 1,176.32 2
03/31/1997 20.00% 2,095.94 1.7534 6.83% 9.30% 1,122.82 1,168.80 2
04/30/1997 20.00% 2,096.08 1.6712 7.26% 9.86% 1,124.28 1,170.24 2
05/31/1997 20.00% 2,091.33 1.5863 4.73% 7.56% 1,076.10 1,122.62 2
06/30/1997 20.00% 2,084.52 1.5041 0.89% 3.99% 1,013.39 1,060.66 2
07/31/1997 20.00% 2,079.37 1.4192 -2.09% 1.28% 970.43 1,018.21 2
08/31/1997 20.00% 2,085.69 1.3342 1.77% 5.26% 1,023.63 1,070.78 2
09/30/1997 20.00% 2,075.81 1.2521 -4.61% -0.74% 942.61 990.72 2
10/31/1997 20.00% 2,086.54 1.1671 2.67% 6.67% 1,031.26 1,078.32 2
11/30/1997 20.00% 2,087.30 1.0849 3.51% 7.82% 1,038.09 1,085.07 2
12/31/1997 20.00% 2,086.12 1.0000 2.75% 7.46% 1,027.47 1,074.58 2
01/31/1998 10.00% 2,072.33 0.9151 1.49% 6.85% 1,013.64 1,062.51 1
02/28/1998 10.00% 2,063.17 0.8384 -5.99% -0.58% 949.55 995.10 1
03/31/1998 10.00% 2,054.47 0.7534 -12.19% -6.74% 906.74 948.75 1
04/30/1998 10.00% 2,052.78 0.6712 -13.30% -7.85% 908.64 946.58 1
05/31/1998 10.00% 2,054.83 0.5863 -11.95% -6.51% 928.10 961.30 1
06/30/1998 10.00% 2,056.66 0.5041 -10.70% -5.27% 944.56 973.10 1
07/31/1998 10.00% 2,055.62 0.4192 -11.41% -5.97% 950.48 974.51 1
08/31/1998 10.00% 2,075.94 0.3342 4.75% 10.09% 1,015.62 1,032.64 1
09/30/1998 10.00% 2,080.04 0.2521 8.71% 14.02% 1,021.27 1,033.64 1
10/31/1998 10.00% 2,071.07 0.1671 0.39% 5.76% 1,000.66 1,009.40 1
11/30/1998 10.00% 2,064.16 0.0849 -5.23% 0.16% 995.45 1,000.14 1
12/31/1998 10.00% 2,063.94 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.455326 1 6.00% 10%
Units purchased 2,196.229 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,178.17 2,064.16 2,181.76 -5.23% 0.16%
09/30/1998 0.25 0.25 1,913.44 2,080.04 2,181.76 8.71% 14.02%
12/31/1997 1.00 1.00 2,030.34 2,086.12 2,181.76 2.75% 7.46%
12/31/1997 1.00 1.00 2,030.34 2,086.12 2,181.76 2.75% 7.46%
12/31/1995 3.00 3.00 1,482.54 2,157.36 2,181.76 13.32% 13.75%
12/31/1993 5.00 5.00 1,349.33 2,181.76 2,181.76 10.09% 10.09%
12/31/1988 10.00 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.16 0.16 2,062.92 2,071.07 2,181.76 0.39% 5.76%
05/01/1992 6.67 6.67 1,000.00 2,181.76 2,181.76 12.41% 12.41%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
TVP INTERNATIONAL FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100 10 1000
05/31/1992 1000 0 10 100 9.96 996.00 -0.40%
06/30/1992 996 0 10 100 9.72 972.00 -2.41%
07/31/1992 972 0 10 100 9.57 957.00 -1.54%
08/31/1992 957 0 10 100 9.47 947.00 -1.04%
09/30/1992 947 0 10 100 9.27 927.00 -2.11%
10/31/1992 927 0 10 100 9.17 917.00 -1.08%
11/30/1992 917 0 10 100 9.25 925.00 0.87%
12/31/1992 925 0 10 100 9.39 939.00 1.51%
01/31/1993 939 0 10 100 9.44 944.00 0.53%
02/28/1993 944 0 10 100 9.74 974.00 3.18%
03/31/1993 974 0 10 100 10.04 1,004.00 3.08%
04/30/1993 1004 0 10 100 10.37 1,037.00 3.29%
05/31/1993 1037 0 10 100 10.64 1,064.00 2.60%
06/30/1993 1064 0 10 100 10.58 1,058.00 -0.56%
07/31/1993 1058 0 10 100 10.77 1,077.00 1.80%
08/31/1993 1077 0 10 100 11.61 1,161.00 7.80%
09/30/1993 1161 0 10 100 11.57 1,157.00 -0.34%
10/31/1993 1157 0 10 100 12.46 1,246.00 7.69%
11/30/1993 1246 0 10 100 12.51 1,251.00 0.40%
12/31/1993 1251 0 10 100 13.83 1,383.00 10.55%
01/31/1994 1383 0 10 100 14.61 1,461.00 5.64%
02/28/1994 1461 0 10 100 14.04 1,404.00 -3.90%
03/31/1994 1404 0.31 13.55 102.29 13.03 1,332.81 -5.07%
04/30/1994 1332.81 0 10 102.29 13.16 1,346.11 1.00%
05/31/1994 1346.11 0 10 102.29 13.24 1,354.29 0.61%
06/30/1994 1354.29 0 10 102.29 12.82 1,311.33 -3.17%
07/31/1994 1311.33 0 10 102.29 13.57 1,388.05 5.85%
08/31/1994 1388.05 0 10 102.29 14.08 1,440.22 3.76%
09/30/1994 1440.22 0 10 102.29 13.79 1,410.55 -2.06%
10/31/1994 1410.55 0 10 102.29 13.97 1,428.96 1.31%
11/30/1994 1428.96 0 10 102.29 13.36 1,366.57 -4.37%
12/31/1994 1366.57 0 10 102.29 13.22 1,352.25 -1.05%
01/31/1995 1352.25 0 10 102.29 12.87 1,316.45 -2.65%
02/28/1995 1316.45 0.15 12.89 103.48 12.89 1,333.83 1.32%
03/31/1995 1333.83 0 10 103.48 12.89 1,333.83 0.00%
04/30/1995 1333.83 0 10 103.48 13.52 1,399.02 4.89%
05/31/1995 1399.02 0 10 103.48 13.94 1,442.48 3.11%
06/30/1995 1442.48 0 10 103.48 14.12 1,461.11 1.29%
07/31/1995 1461.11 0 10 103.48 14.82 1,533.54 4.96%
08/31/1995 1533.54 0 10 103.48 14.45 1,495.26 -2.50%
09/30/1995 1495.26 0 10 103.48 14.82 1,533.54 2.56%
10/31/1995 1533.54 0 10 103.48 14.46 1,496.29 -2.43%
11/30/1995 1496.29 0 10 103.48 14.72 1,523.20 1.80%
12/31/1995 1523.2 0 10 103.48 15.13 1,565.62 2.78%
01/31/1996 1565.62 0 10 103.48 15.58 1,612.19 2.97%
02/29/1996 1612.19 0.31 15.51 105.55 15.49 1,634.91 1.41%
03/31/1996 1634.91 0 10 105.55 15.53 1,639.13 0.26%
04/30/1996 1639.13 0 10 105.55 16.10 1,699.29 3.67%
05/31/1996 1699.29 0 10 105.55 16.32 1,722.51 1.37%
06/30/1996 1722.51 0 10 105.55 16.45 1,736.23 0.80%
07/31/1996 1736.23 0 10 105.55 15.86 1,673.96 -3.59%
08/31/1996 1673.96 0 10 105.55 16.42 1,733.07 3.53%
09/30/1996 1733.07 0 10 105.55 16.74 1,766.84 1.95%
10/31/1996 1766.84 0 10 105.55 17.07 1,801.67 1.97%
11/30/1996 1801.67 0 10 105.55 17.97 1,896.66 5.27%
12/31/1996 1896.66 0 10 105.55 18.40 1,942.05 2.39%
01/31/1997 1942.05 0 10 105.55 18.65 1,968.43 1.36%
02/28/1997 1968.43 0.715 18.32 109.67 18.17 1,992.61 1.23%
03/31/1997 1992.61 0 10 109.67 18.31 2,007.97 0.77%
04/30/1997 2007.97 0 10 109.67 18.31 2,007.97 0.00%
05/31/1997 2007.97 0 10 109.67 19.11 2,095.70 4.37%
06/30/1997 2095.7 0 10 109.67 20.25 2,220.72 5.97%
07/31/1997 2220.72 0 10 109.67 21.12 2,316.12 4.30%
08/31/1997 2316.12 0 10 109.67 20.11 2,205.36 -4.78%
09/30/1997 2205.36 0 10 109.67 21.76 2,386.31 8.21%
10/31/1997 2386.31 0 10 109.67 20.02 2,195.49 -8.00%
11/30/1997 2195.49 0 10 109.67 19.92 2,184.53 -0.50%
12/31/1997 2184.53 0 10 109.67 20.14 2,208.65 1.10%
01/31/1998 2208.65 0 10 109.67 20.28 2,224.01 0.70%
02/28/1998 2224.01 0 10 109.67 21.82 2,392.89 7.59%
03/31/1998 2392.89 1.3669 20.75 116.89 21.85 2,554.02 6.73%
04/30/1998 2554.02 0 10 116.89 22.14 2,587.92 1.33%
05/31/1998 2587.92 0 10 116.89 21.85 2,554.02 -1.31%
06/30/1998 2554.02 0 10 116.89 21.59 2,523.63 -1.19%
07/31/1998 2523.63 0 10 116.89 21.78 2,545.84 0.88%
08/31/1998 2545.84 0 10 116.89 18.63 2,177.64 -14.46%
09/30/1998 2177.64 0 10 116.89 18.01 2,105.17 -3.33%
10/31/1998 2105.17 0 10 116.89 19.44 2,272.32 7.94%
11/30/1998 2272.32 0 10 116.89 20.55 2,402.07 5.71%
12/31/1998 2402.07 0 10 116.89 20.61 2,409.08 0.29%
1.40908
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1992 1,000.0 0.455325911
05/31/1992 0.00115 1.15068493 994.8493151 0.08 0.45298067
06/30/1992 0.00115 1.14475812 969.7322843 0.16 0.441544235
07/31/1992 0.00119 1.15305154 953.6142284 0.24 0.434205267
08/31/1992 0.00119 1.13388651 942.5157209 0.32 0.429151829
09/30/1992 0.00115 1.08453864 921.5258872 0.39 0.419594614
10/31/1992 0.00119 1.09573215 910.489207 0.46 0.414569327
11/30/1992 0.00115 1.04768621 917.3847199 0.54 0.417709033
12/31/1992 0.00119 1.09080813 930.1786535 0.63 0.423534442
01/31/1993 0.00119 1.10602065 934.0256608 0.71 0.425286085
02/28/1993 0.00107 1.00311797 962.7055617 0.80 0.438344787
03/31/1993 0.00119 1.14469648 991.2129873 0.91 0.451324956
04/30/1993 0.00115 1.14057385 1022.652123 1.02 0.465640009
05/31/1993 0.00119 1.2159754 1048.062577 1.13 0.477210047
06/30/1993 0.00115 1.20598981 1040.94646 1.21 0.473969895
07/31/1993 0.00119 1.23772812 1058.402477 1.32 0.481918072
08/31/1993 0.00119 1.25848404 1139.69349 1.51 0.518931976
09/30/1993 0.00115 1.31142813 1134.45547 1.59 0.51654697
10/31/1993 0.00119 1.34891417 1220.372361 1.81 0.555667156
11/30/1993 0.00115 1.40426409 1223.865257 1.92 0.557257563
12/31/1993 0.00119 1.45522609 1351.546893 2.22 0.61539432
01/31/1994 0.00119 1.6070448 1426.16592 2.46 0.649370296
02/28/1994 0.00107 1.53166312 1368.993287 2.47 0.623338115
03/31/1994 0.00119 1.62778928 1297.950517 2.46 0.590990501
04/30/1994 0.00115 1.4935321 1309.409125 2.58 0.596207902
05/31/1994 0.00119 1.55694126 1315.809161 2.71 0.599122004
06/30/1994 0.00115 1.51408177 1272.555746 2.73 0.579427604
07/31/1994 0.00119 1.51312108 1345.494119 2.99 0.612638335
08/31/1994 0.00119 1.5998478 1394.464804 3.21 0.634935956
09/30/1994 0.00115 1.60458964 1364.132818 3.26 0.621125017
10/31/1994 0.00119 1.62200998 1380.314987 3.41 0.628493178
11/30/1994 0.00115 1.58830766 1318.460575 3.37 0.600329262
12/31/1994 0.00119 1.56770381 1303.077 3.45 0.593324722
01/31/1995 0.00119 1.5494121 1267.029413 3.46 0.576911321
02/28/1995 0.00107 1.36075488 1282.396199 3.60 0.583908217
03/31/1995 0.00119 1.52482178 1280.871378 3.70 0.583213926
04/30/1995 0.00115 1.47387939 1341.999183 3.99 0.611047
05/31/1995 0.00119 1.59569218 1382.092162 4.22 0.629302372
06/30/1995 0.00115 1.59035262 1398.351885 4.38 0.636705845
07/31/1995 0.00119 1.66269786 1466.008148 4.71 0.667511495
08/31/1995 0.00119 1.74314393 1427.670724 4.71 0.650055472
09/30/1995 0.00115 1.64279919 1462.577579 4.94 0.665949468
10/31/1995 0.00119 1.73906485 1425.312205 4.94 0.648981578
11/30/1995 0.00115 1.64008528 1449.305621 5.14 0.659906402
12/31/1995 0.00119 1.72328394 1487.944433 5.40 0.677499654
01/31/1996 0.00119 1.76922708 1530.434715 5.68 0.69684658
02/29/1996 0.00111 1.70234656 1550.300221 5.88 0.70589186
03/31/1996 0.00119 1.84337067 1552.458457 6.02 0.706874561
04/30/1996 0.00115 1.78639055 1607.651013 6.36 0.732005162
05/31/1996 0.00119 1.91156312 1627.707247 6.57 0.741137284
06/30/1996 0.00115 1.8729782 1638.799153 6.75 0.746187717
07/31/1996 0.00119 1.94859954 1578.074917 6.64 0.718538399
08/31/1996 0.00119 1.87639593 1631.922677 7.00 0.743056679
09/30/1996 0.00115 1.87782883 1661.843927 7.26 0.756680599
10/31/1996 0.00119 1.97600072 1692.628122 7.54 0.770697441
11/30/1996 0.00115 1.94768167 1779.921392 8.06 0.810444328
12/31/1996 0.00119 2.11639968 1820.401257 8.40 0.82887586
01/31/1997 0.00119 2.16453191 1842.964299 8.66 0.839149398
02/28/1997 0.00107 1.97929317 1863.623798 8.89 0.848556203
03/31/1997 0.00119 2.21592528 1875.773584 9.11 0.854088315
04/30/1997 0.00115 2.1584244 1873.61516 9.25 0.853105529
05/31/1997 0.00119 2.22780542 1953.247272 9.80 0.889364093
06/30/1997 0.00115 2.2475722 2067.521613 10.54 0.941396161
07/31/1997 0.00119 2.45836816 2153.881989 11.15 0.980718278
08/31/1997 0.00119 2.5610542 2048.319377 10.79 0.932652885
09/30/1997 0.00115 2.35697024 2214.027208 11.83 1.008103955
10/31/1997 0.00119 2.63256934 2034.35114 11.05 0.926292785
11/30/1997 0.00115 2.3408972 2021.854656 11.15 0.920602812
12/31/1997 0.00119 2.40406828 2041.774445 11.43 0.929672808
01/31/1998 0.00119 2.42775372 2053.546159 11.67 0.935032775
02/28/1998 0.00107 2.20545231 2207.27655 12.70 1.005030205
03/31/1998 0.00119 2.62454253 2353.283358 13.73 1.071510888
04/30/1998 0.00115 2.7078877 2381.811054 14.09 1.084500287
05/31/1998 0.00119 2.83207123 2347.77887 14.09 1.069004552
06/30/1998 0.00115 2.70155377 2317.141357 14.09 1.055054498
07/31/1998 0.00119 2.7551763 2334.778912 14.40 1.063085334
08/31/1998 0.00119 2.77614808 1994.328128 12.49 0.908069271
09/30/1998 0.00115 2.29484333 1925.663747 12.23 0.876804599
10/31/1998 0.00119 2.28969333 2076.2713 13.35 0.94538012
11/30/1998 0.00115 2.3891341 2192.437739 14.26 0.99827371
12/31/1998 0.00119 2.60689857 2196.229068 14.47 1
1.196229068 1.196229068
1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.092646 1 6.00% 10%
Units purchased 915.210 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 1.092646 915.210 1,000.00 1,000.00 914.59 6.00%
05/31/1998 1.024872 915.210 937.97 0.00008 0.082191818 937.89 914.59 6.00%
06/30/1998 1.040191 915.210 951.99 0.00008 0.077086918 951.83 914.59 6.00%
07/31/1998 0.923510 915.210 845.21 0.00008 0.080840564 844.98 914.59 6.00%
08/31/1998 0.802734 915.210 734.67 0.00008 0.071765589 734.40 914.59 6.00%
09/30/1998 0.826927 915.210 756.81 0.00008 0.060362022 756.48 914.59 6.00%
10/31/1998 0.864081 915.210 790.82 0.00008 0.064248787 790.40 914.59 6.00%
11/30/1998 0.943523 915.210 863.52 0.00008 0.064964573 863.00 914.59 6.00%
12/31/1998 1.000000 915.210 915.21 0.00008 0.073296306 914.59 914.59 6.00%
12/31/1998 914.59
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -13.99% -8.54%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 10.00% 860.08 0.6685 -13.99% -8.54% 904.14 942.06 1
05/31/1998 10.00% 863.80 0.5863 -7.90% -2.48% 952.90 985.36 1
06/30/1998 10.00% 862.97 0.5041 -9.34% -3.91% 951.79 980.08 1
07/31/1998 10.00% 869.38 0.4192 2.89% 8.24% 1,012.00 1,033.74 1
08/31/1998 10.00% 876.01 0.3342 19.28% 24.53% 1,060.70 1,076.08 1
09/30/1998 10.00% 874.69 0.2521 15.63% 20.90% 1,037.28 1,049.01 1
10/31/1998 10.00% 872.65 0.1671 10.41% 15.71% 1,016.68 1,024.69 1
11/30/1998 10.00% 868.30 0.0849 0.61% 5.98% 1,000.52 1,004.94 1
12/31/1998 10.00% 865.20 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.092646 1 6.00% 10%
Units purchased 915.210 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 863.00 868.30 914.59 0.61% 5.98%
09/30/1998 0.25 0.25 756.48 874.69 914.59 15.63% 20.90%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 790.40 872.65 914.59 10.41% 15.71%
05/01/1998 0.67 0.67 1,000.00 860.08 914.59 -13.99% -8.54%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
FRANKLIN SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 100 10 1000
05/31/1998 1000 0 10 100 9.39 939 -6.10%
06/30/1998 939 0 10 100 9.54 954 1.60%
07/31/1998 954 0 10 100 8.48 848 -11.11%
08/31/1998 848 0 10 100 7.38 738 -12.97%
09/30/1998 738 0 10 100 7.61 761 3.12%
10/31/1998 761 0 10 100 7.96 796 4.60%
11/30/1998 796 0 10 100 8.70 870 9.30%
12/31/1998 870 0 10 100 9.23 923 6.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1998 1,250 1.0926459
05/31/1998 0.00103 1.28424658 1172.465753 234.57 1.024871919
06/30/1998 0.00103 1.2045881 1189.99065 238.16 1.040190724
07/31/1998 0.00106 1.26334624 1056.506121 211.52 0.923509665
08/31/1998 0.00106 1.12163321 918.3377029 183.93 0.802734341
09/30/1998 0.00103 0.94349764 946.014486 189.54 0.82692708
10/31/1998 0.00106 1.00433045 988.5193631 198.12 0.864081303
11/30/1998 0.00103 1.01560209 1079.40129 216.40 0.943522715
12/31/1998 0.00106 1.14593973 1144.01198 229.42 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.093759 1 6.00% 10%
Units purchased 914.279 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 1.093759 914.279 1,000.00 1,000.00 913.66 6.00%
05/31/1998 1.025781 914.279 937.85 0.00008 0.082191816 937.77 913.66 6.00%
06/30/1998 1.040987 914.279 951.75 0.00008 0.077076783 951.59 913.66 6.00%
07/31/1998 0.924084 914.279 844.87 0.00008 0.080820116 844.65 913.66 6.00%
08/31/1998 0.803116 914.279 734.27 0.00008 0.07173714 734.01 913.66 6.00%
09/30/1998 0.827221 914.279 756.31 0.00008 0.060329249 755.98 913.66 6.00%
10/31/1998 0.864283 914.279 790.20 0.00008 0.064206219 789.78 913.66 6.00%
11/30/1998 0.943636 914.279 862.75 0.00008 0.064913614 862.23 913.66 6.00%
12/31/1998 1.000000 914.279 914.28 0.00008 0.073230542 913.66 913.66 6.00%
12/31/1998 913.66
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -14.09% -8.63%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 10.00% 859.14 0.6685 -14.09% -8.63% 903.49 941.42 1
05/31/1998 10.00% 862.87 0.5863 -7.99% -2.57% 952.37 984.85 1
06/30/1998 10.00% 862.05 0.5041 -9.41% -3.99% 951.40 979.70 1
07/31/1998 10.00% 868.46 0.4192 2.82% 8.17% 1,011.72 1,033.47 1
08/31/1998 10.00% 875.10 0.3342 19.22% 24.48% 1,060.52 1,075.91 1
09/30/1998 10.00% 873.78 0.2521 15.58% 20.86% 1,037.18 1,048.92 1
10/31/1998 10.00% 871.75 0.1671 10.38% 15.68% 1,016.64 1,024.65 1
11/30/1998 10.00% 867.41 0.0849 0.60% 5.96% 1,000.51 1,004.93 1
12/31/1998 10.00% 864.32 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.093759 1 6.00% 10%
Units purchased 914.279 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 862.23 867.41 913.66 0.60% 5.96%
09/30/1998 0.25 0.25 755.98 873.78 913.66 15.58% 20.86%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 789.78 871.75 913.66 10.38% 15.68%
05/01/1998 0.67 0.67 1,000.00 859.14 913.66 -14.09% -8.63%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
FRANKLIN SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 100 10 1000
05/31/1998 1000 0 10 100 9.39 939 -6.10%
06/30/1998 939 0 10 100 9.54 954 1.60%
07/31/1998 954 0 10 100 8.48 848 -11.11%
08/31/1998 848 0 10 100 7.38 738 -12.97%
09/30/1998 738 0 10 100 7.61 761 3.12%
10/31/1998 761 0 10 100 7.96 796 4.60%
11/30/1998 796 0 10 100 8.70 870 9.30%
12/31/1998 870 0 10 100 9.23 923 6.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1998 1,250 1.093758502
05/31/1998 0.00115 1.43835616 1172.311644 234.54 1.025780662
06/30/1998 0.00115 1.34896134 1189.689706 238.10 1.040986584
07/31/1998 0.00119 1.41458995 1056.087371 211.44 0.924083632
08/31/1998 0.00119 1.25573128 917.8391737 183.83 0.80311552
09/30/1998 0.00115 1.05614371 945.3877739 189.41 0.827220732
10/31/1998 0.00119 1.12410491 987.7440528 197.96 0.864282764
11/30/1998 0.00115 1.1365822 1078.432923 216.20 0.943636142
12/31/1998 0.00119 1.28230106 1142.84826 229.19 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INVESTMENT GRADE BOND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.505416 2 6.00% 20%
Units purchased 1,978.569 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0.505416 1,978.569 1,000.00 1,000.00 1,978.57 0.00%
12/31/1988 0.507574 1,978.569 1,004.27 0.00000 0 1,004.27 1,978.57 0.00%
01/31/1989 0.511443 1,978.569 1,011.93 0.00000 0 1,011.93 1,978.57 0.00%
02/28/1989 0.512083 1,978.569 1,013.19 0.00000 0 1,013.19 1,978.57 0.00%
03/31/1989 0.514719 1,978.569 1,018.41 0.00000 0 1,018.41 1,978.57 0.00%
04/30/1989 0.519924 1,978.569 1,028.71 0.00000 0 1,028.71 1,978.57 0.00%
05/31/1989 0.525166 1,978.569 1,039.08 0.00000 0 1,039.08 1,978.57 0.00%
06/30/1989 0.534729 1,978.569 1,058.00 0.00000 0 1,058.00 1,978.57 0.00%
07/31/1989 0.542503 1,978.569 1,073.38 0.00000 0 1,073.38 1,978.57 0.00%
08/31/1989 0.537605 1,978.569 1,063.69 0.00000 0 1,063.69 1,978.57 0.00%
09/30/1989 0.539171 1,978.569 1,066.79 0.00000 0 1,066.79 1,978.57 0.00%
10/31/1989 0.546944 1,978.569 1,082.17 0.00000 0 1,082.17 1,978.57 0.00%
11/30/1989 0.551090 1,978.569 1,090.37 0.00000 0 1,090.37 1,978.57 0.00%
12/31/1989 0.552756 1,978.569 1,093.67 0.00000 0 1,093.67 1,978.57 0.00%
01/31/1990 0.550913 1,978.569 1,090.02 0.00000 0 1,090.02 1,978.57 0.00%
02/28/1990 0.553508 1,978.569 1,095.15 0.00000 0 1,095.15 1,978.57 0.00%
03/31/1990 0.554603 1,978.569 1,097.32 0.00000 0 1,097.32 1,978.57 0.00%
04/30/1990 0.554267 1,978.569 1,096.66 0.00000 0 1,096.66 1,978.57 0.00%
05/31/1990 0.562381 1,978.569 1,112.71 0.00000 0 1,112.71 1,978.57 0.00%
06/30/1990 0.566189 1,978.569 1,120.24 0.00000 0 1,120.24 1,978.57 0.00%
07/31/1990 0.571209 1,978.569 1,130.18 0.00000 0 1,130.18 1,978.57 0.00%
08/31/1990 0.570548 1,978.569 1,128.87 0.00000 0 1,128.87 1,978.57 0.00%
09/30/1990 0.572193 1,978.569 1,132.12 0.00000 0 1,132.12 1,978.57 0.00%
10/31/1990 0.571620 1,978.569 1,130.99 0.00000 0 1,130.99 1,978.57 0.00%
11/30/1990 0.574478 1,978.569 1,136.64 0.00000 0 1,136.64 1,978.57 0.00%
12/31/1990 0.579849 1,978.569 1,147.27 0.00000 0 1,147.27 1,978.57 0.00%
01/31/1991 0.580401 1,978.569 1,148.36 0.00000 0 1,148.36 1,978.57 0.00%
02/28/1991 0.585685 1,978.569 1,158.82 0.00000 0 1,158.82 1,978.57 0.00%
03/31/1991 0.594978 1,978.569 1,177.21 0.00000 0 1,177.21 1,978.57 0.00%
04/30/1991 0.603108 1,978.569 1,193.29 0.00000 0 1,193.29 1,978.57 0.00%
05/31/1991 0.607124 1,978.569 1,201.24 0.00000 0 1,201.24 1,978.57 0.00%
06/30/1991 0.607666 1,978.569 1,202.31 0.00000 0 1,202.31 1,978.57 0.00%
07/31/1991 0.612249 1,978.569 1,211.38 0.00000 0 1,211.38 1,978.57 0.00%
08/31/1991 0.624363 1,978.569 1,235.35 0.00000 0 1,235.35 1,978.57 0.00%
09/30/1991 0.635320 1,978.569 1,257.02 0.00000 0 1,257.02 1,978.57 0.00%
10/31/1991 0.641595 1,978.569 1,269.44 0.00000 0 1,269.44 1,978.57 0.00%
11/30/1991 0.647878 1,978.569 1,281.87 0.00000 0 1,281.87 1,978.57 0.00%
12/31/1991 0.666525 1,978.569 1,318.77 0.00000 0 1,318.77 1,978.57 0.00%
01/31/1992 0.659201 1,978.569 1,304.27 0.00000 0 1,304.27 1,978.57 0.00%
02/29/1992 0.662153 1,978.569 1,310.11 0.00000 0 1,310.11 1,978.57 0.00%
03/31/1992 0.660245 1,978.569 1,306.34 0.00000 0 1,306.34 1,978.57 0.00%
04/30/1992 0.664383 1,978.569 1,314.53 0.00000 0 1,314.53 1,978.57 0.00%
05/31/1992 0.673896 1,978.569 1,333.35 0.00000 0 1,333.35 1,978.57 0.00%
06/30/1992 0.681016 1,978.569 1,347.44 0.00000 0 1,347.44 1,978.57 0.00%
07/31/1992 0.694093 1,978.569 1,373.31 0.00000 0 1,373.31 1,978.57 0.00%
08/31/1992 0.697548 1,978.569 1,380.15 0.00000 0 1,380.15 1,978.57 0.00%
09/30/1992 0.705218 1,978.569 1,395.32 0.00000 0 1,395.32 1,978.57 0.00%
10/31/1992 0.695494 1,978.569 1,376.08 0.00000 0 1,376.08 1,978.57 0.00%
11/30/1992 0.692988 1,978.569 1,371.12 0.00000 0 1,371.12 1,978.57 0.00%
12/31/1992 0.702065 1,978.569 1,389.08 0.00000 0 1,389.08 1,978.57 0.00%
01/31/1993 0.716037 1,978.569 1,416.73 0.00000 0 1,416.73 1,978.57 0.00%
02/28/1993 0.727504 1,978.569 1,439.42 0.00000 0 1,439.42 1,978.57 0.00%
03/31/1993 0.729925 1,978.569 1,444.21 0.00000 0 1,444.21 1,978.57 0.00%
04/30/1993 0.733650 1,978.569 1,451.58 0.00000 0 1,451.58 1,978.57 0.00%
05/31/1993 0.734144 1,978.569 1,452.55 0.00000 0 1,452.55 1,978.57 0.00%
06/30/1993 0.747410 1,978.569 1,478.80 0.00000 0 1,478.80 1,978.57 0.00%
07/31/1993 0.751708 1,978.569 1,487.31 0.00000 0 1,487.31 1,978.57 0.00%
08/31/1993 0.764267 1,978.569 1,512.16 0.00000 0 1,512.16 1,978.57 0.00%
09/30/1993 0.767295 1,978.569 1,518.15 0.00000 0 1,518.15 1,978.57 0.00%
10/31/1993 0.770289 1,978.569 1,524.07 0.00000 0 1,524.07 1,978.57 0.00%
11/30/1993 0.765693 1,978.569 1,514.98 0.00000 0 1,514.98 1,978.57 0.00%
12/31/1993 0.769426 1,978.569 1,522.36 0.00000 0 1,522.36 1,978.57 0.00%
01/31/1994 0.777323 1,978.569 1,537.99 0.00000 0 1,537.99 1,978.57 2.00%
02/28/1994 0.763834 1,978.569 1,511.30 0.00000 0 1,511.30 1,978.57 2.00%
03/31/1994 0.745584 1,978.569 1,475.19 0.00000 0 1,475.19 1,978.57 2.00%
04/30/1994 0.738119 1,978.569 1,460.42 0.00000 0 1,460.42 1,978.57 2.00%
05/31/1994 0.735332 1,978.569 1,454.90 0.00000 0 1,454.90 1,978.57 2.00%
06/30/1994 0.732570 1,978.569 1,449.44 0.00000 0 1,449.44 1,978.57 2.00%
07/31/1994 0.743809 1,978.569 1,471.68 0.00000 0 1,471.68 1,978.57 2.00%
08/31/1994 0.743688 1,978.569 1,471.44 0.00000 0 1,471.44 1,978.57 2.00%
09/30/1994 0.734928 1,978.569 1,454.11 0.00000 0 1,454.11 1,978.57 2.00%
10/31/1994 0.734811 1,978.569 1,453.87 0.00000 0 1,453.87 1,978.57 2.00%
11/30/1994 0.735390 1,978.569 1,455.02 0.00000 0 1,455.02 1,978.57 2.00%
12/31/1994 0.731288 1,978.569 1,446.90 0.00000 0 1,446.90 1,978.57 2.00%
01/31/1995 0.741126 1,978.569 1,466.37 0.00000 0 1,466.37 1,978.57 4.00%
02/28/1995 0.754718 1,978.569 1,493.26 0.00000 0 1,493.26 1,978.57 4.00%
03/31/1995 0.758721 1,978.569 1,501.18 0.00000 0 1,501.18 1,978.57 4.00%
04/30/1995 0.768220 1,978.569 1,519.98 0.00000 0 1,519.98 1,978.57 4.00%
05/31/1995 0.798216 1,978.569 1,579.32 0.00000 0 1,579.32 1,978.57 4.00%
06/30/1995 0.803551 1,978.569 1,589.88 0.00000 0 1,589.88 1,978.57 4.00%
07/31/1995 0.799968 1,978.569 1,582.79 0.00000 0 1,582.79 1,978.57 4.00%
08/31/1995 0.808671 1,978.569 1,600.01 0.00000 0 1,600.01 1,978.57 4.00%
09/30/1995 0.815343 1,978.569 1,613.21 0.00000 0 1,613.21 1,978.57 4.00%
10/31/1995 0.825376 1,978.569 1,633.06 0.00000 0 1,633.06 1,978.57 4.00%
11/30/1995 0.836774 1,978.569 1,655.61 0.00000 0 1,655.61 1,978.57 4.00%
12/31/1995 0.847442 1,978.569 1,676.72 0.00000 0 1,676.72 1,978.57 4.00%
01/31/1996 0.851973 1,978.569 1,685.69 0.00000 0 1,685.69 1,978.57 6.00%
02/29/1996 0.835571 1,978.569 1,653.23 0.00000 0 1,653.23 1,978.57 6.00%
03/31/1996 0.828267 1,978.569 1,638.78 0.00000 0 1,638.78 1,978.57 6.00%
04/30/1996 0.822432 1,978.569 1,627.24 0.00000 0 1,627.24 1,978.57 6.00%
05/31/1996 0.820135 1,978.569 1,622.69 0.00000 0 1,622.69 1,978.57 6.00%
06/30/1996 0.829243 1,978.569 1,640.72 0.00000 0 1,640.72 1,978.57 6.00%
07/31/1996 0.830493 1,978.569 1,643.19 0.00000 0 1,643.19 1,978.57 6.00%
08/31/1996 0.828899 1,978.569 1,640.03 0.00000 0 1,640.03 1,978.57 6.00%
09/30/1996 0.841511 1,978.569 1,664.99 0.00000 0 1,664.99 1,978.57 6.00%
10/31/1996 0.859016 1,978.569 1,699.62 0.00000 0 1,699.62 1,978.57 6.00%
11/30/1996 0.872276 1,978.569 1,725.86 0.00000 0 1,725.86 1,978.57 6.00%
12/31/1996 0.863579 1,978.569 1,708.65 0.00000 0 1,708.65 1,978.57 6.00%
01/02/1997 0.859995 1,978.569 1,701.56 0.00000 0 1,701.56 1,978.57 6.00%
01/31/1997 0.864782 1,978.569 1,711.03 0.00000 0 1,711.03 1,978.57 6.00%
02/28/1997 0.865099 1,978.569 1,711.66 0.00000 0 1,711.66 1,978.57 6.00%
03/31/1997 0.855202 1,978.569 1,692.08 0.00000 0 1,692.08 1,978.57 6.00%
04/30/1997 0.867034 1,978.569 1,715.49 0.00000 0 1,715.49 1,978.57 6.00%
05/31/1997 0.872833 1,978.569 1,726.96 0.00000 0 1,726.96 1,978.57 6.00%
06/30/1997 0.882379 1,978.569 1,745.85 0.00000 0 1,745.85 1,978.57 6.00%
07/31/1997 0.905291 1,978.569 1,791.18 0.00000 0 1,791.18 1,978.57 6.00%
08/31/1997 0.896142 1,978.569 1,773.08 0.00000 0 1,773.08 1,978.57 6.00%
09/30/1997 0.908605 1,978.569 1,797.74 0.00000 0 1,797.74 1,978.57 6.00%
10/31/1997 0.919530 1,978.569 1,819.35 0.00000 0 1,819.35 1,978.57 6.00%
11/30/1997 0.920811 1,978.569 1,821.89 0.00000 0 1,821.89 1,978.57 6.00%
12/31/1997 0.930211 1,978.569 1,840.49 0.00000 0 1,840.49 1,978.57 6.00%
01/31/1998 0.941076 1,978.569 1,861.98 0.00000 0 1,861.98 1,978.57 6.00%
02/28/1998 0.939515 1,978.569 1,858.90 0.00000 0 1,858.90 1,978.57 6.00%
03/31/1998 0.942416 1,978.569 1,864.63 0.00000 0 1,864.63 1,978.57 6.00%
04/30/1998 0.946120 1,978.569 1,871.96 0.00000 0 1,871.96 1,978.57 6.00%
05/31/1998 0.953673 1,978.569 1,886.91 0.00000 0 1,886.91 1,978.57 6.00%
06/30/1998 0.960464 1,978.569 1,900.34 0.00000 0 1,900.34 1,978.57 6.00%
07/31/1998 0.961773 1,978.569 1,902.94 0.00000 0 1,902.94 1,978.57 6.00%
08/31/1998 0.972389 1,978.569 1,923.94 0.00000 0 1,923.94 1,978.57 6.00%
09/30/1998 0.995410 1,978.569 1,969.49 0.00000 0 1,969.49 1,978.57 6.00%
10/31/1998 0.988936 1,978.569 1,956.68 0.00000 0 1,956.68 1,978.57 6.00%
11/30/1998 0.996424 1,978.569 1,971.49 0.00000 0 1,971.49 1,978.57 6.00%
12/31/1998 1.000000 1,978.569 1,978.57 0.00000 0 1,978.57 1,978.57 6.00%
12/31/1998 1,978.57
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 100.00% 1,978.57 10.0767 7.01% 7.01% 1,978.57 1,978.57 11
12/31/1988 100.00% 1,978.57 10.0055 7.01% 7.01% 1,970.16 1,970.16 11
01/31/1989 100.00% 1,978.57 9.9205 6.99% 6.99% 1,955.25 1,955.25 10
02/28/1989 100.00% 1,978.57 9.8438 7.04% 7.04% 1,952.81 1,952.81 10
03/31/1989 100.00% 1,978.57 9.7589 7.04% 7.04% 1,942.81 1,942.81 10
04/30/1989 100.00% 1,978.57 9.6767 6.99% 6.99% 1,923.36 1,923.36 10
05/31/1989 100.00% 1,978.57 9.5918 6.95% 6.95% 1,904.16 1,904.16 10
06/30/1989 100.00% 1,978.57 9.5096 6.80% 6.80% 1,870.11 1,870.11 10
07/31/1989 100.00% 1,978.57 9.4247 6.70% 6.70% 1,843.31 1,843.31 10
08/31/1989 100.00% 1,978.57 9.3397 6.87% 6.87% 1,860.10 1,860.10 10
09/30/1989 100.00% 1,978.57 9.2575 6.90% 6.90% 1,854.70 1,854.70 10
10/31/1989 100.00% 1,978.57 9.1726 6.80% 6.80% 1,828.34 1,828.34 10
11/30/1989 100.00% 1,978.57 9.0904 6.77% 6.77% 1,814.59 1,814.59 10
12/31/1989 100.00% 1,978.57 9.0055 6.80% 6.80% 1,809.12 1,809.12 10
01/31/1990 90.00% 1,978.57 8.9205 6.91% 6.91% 1,815.17 1,815.17 9
02/28/1990 90.00% 1,978.57 8.8438 6.92% 6.92% 1,806.66 1,806.66 9
03/31/1990 90.00% 1,978.57 8.7589 6.96% 6.96% 1,803.09 1,803.09 9
04/30/1990 90.00% 1,978.57 8.6767 7.04% 7.04% 1,804.19 1,804.19 9
05/31/1990 90.00% 1,978.57 8.5918 6.93% 6.93% 1,778.16 1,778.16 9
06/30/1990 90.00% 1,978.57 8.5096 6.91% 6.91% 1,766.19 1,766.19 9
07/31/1990 90.00% 1,978.57 8.4247 6.87% 6.87% 1,750.67 1,750.67 9
08/31/1990 90.00% 1,978.57 8.3397 6.96% 6.96% 1,752.70 1,752.70 9
09/30/1990 90.00% 1,978.57 8.2575 6.99% 6.99% 1,747.66 1,747.66 9
10/31/1990 90.00% 1,978.57 8.1726 7.08% 7.08% 1,749.41 1,749.41 9
11/30/1990 90.00% 1,978.57 8.0904 7.09% 7.09% 1,740.71 1,740.71 9
12/31/1990 90.00% 1,978.57 8.0055 7.04% 7.04% 1,724.59 1,724.59 9
01/31/1991 80.00% 1,978.57 7.9205 7.11% 7.11% 1,722.95 1,722.95 8
02/28/1991 80.00% 1,978.57 7.8438 7.06% 7.06% 1,707.40 1,707.40 8
03/31/1991 80.00% 1,978.57 7.7589 6.92% 6.92% 1,680.73 1,680.73 8
04/30/1991 80.00% 1,978.57 7.6767 6.81% 6.81% 1,658.08 1,658.08 8
05/31/1991 80.00% 1,978.57 7.5918 6.79% 6.79% 1,647.11 1,647.11 8
06/30/1991 80.00% 1,978.57 7.5096 6.86% 6.86% 1,645.64 1,645.64 8
07/31/1991 80.00% 1,978.57 7.4247 6.83% 6.83% 1,633.32 1,633.32 8
08/31/1991 80.00% 1,978.57 7.3397 6.63% 6.63% 1,601.63 1,601.63 8
09/30/1991 80.00% 1,978.57 7.2575 6.45% 6.45% 1,574.01 1,574.01 8
10/31/1991 80.00% 1,978.57 7.1726 6.38% 6.38% 1,558.62 1,558.62 8
11/30/1991 80.00% 1,978.57 7.0904 6.31% 6.31% 1,543.50 1,543.50 8
12/31/1991 80.00% 1,978.57 7.0055 5.96% 5.96% 1,500.32 1,500.32 8
01/31/1992 70.00% 1,978.57 6.9205 6.21% 6.21% 1,516.99 1,516.99 7
02/29/1992 70.00% 1,978.57 6.8411 6.21% 6.21% 1,510.23 1,510.23 7
03/31/1992 70.00% 1,978.57 6.7562 6.34% 6.34% 1,514.59 1,514.59 7
04/30/1992 70.00% 1,978.57 6.6740 6.32% 6.32% 1,505.16 1,505.16 7
05/31/1992 70.00% 1,978.57 6.5890 6.17% 6.17% 1,483.91 1,483.91 7
06/30/1992 70.00% 1,978.57 6.5068 6.08% 6.08% 1,468.39 1,468.39 7
07/31/1992 70.00% 1,978.57 6.4219 5.85% 5.85% 1,440.73 1,440.73 7
08/31/1992 70.00% 1,978.57 6.3370 5.85% 5.85% 1,433.59 1,433.59 7
09/30/1992 70.00% 1,978.57 6.2548 5.74% 5.74% 1,418.00 1,418.00 7
10/31/1992 70.00% 1,978.57 6.1699 6.06% 6.06% 1,437.83 1,437.83 7
11/30/1992 70.00% 1,978.57 6.0877 6.21% 6.21% 1,443.03 1,443.03 7
12/31/1992 70.00% 1,978.57 6.0027 6.07% 6.07% 1,424.37 1,424.37 7
01/31/1993 60.00% 1,978.57 5.9178 5.81% 5.81% 1,396.58 1,396.58 6
02/28/1993 60.00% 1,978.57 5.8411 5.60% 5.60% 1,374.56 1,374.56 6
03/31/1993 60.00% 1,978.57 5.7562 5.62% 5.62% 1,370.00 1,370.00 6
04/30/1993 60.00% 1,978.57 5.6740 5.61% 5.61% 1,363.05 1,363.05 6
05/31/1993 60.00% 1,978.57 5.5890 5.69% 5.69% 1,362.13 1,362.13 6
06/30/1993 60.00% 1,978.57 5.5068 5.43% 5.43% 1,337.95 1,337.95 6
07/31/1993 60.00% 1,978.57 5.4219 5.40% 5.40% 1,330.30 1,330.30 6
08/31/1993 60.00% 1,978.57 5.3370 5.17% 5.17% 1,308.44 1,308.44 6
09/30/1993 60.00% 1,978.57 5.2548 5.17% 5.17% 1,303.28 1,303.28 6
10/31/1993 60.00% 1,978.57 5.1699 5.18% 5.18% 1,298.21 1,298.21 6
11/30/1993 60.00% 1,978.57 5.0877 5.39% 5.39% 1,306.01 1,306.01 6
12/31/1993 60.00% 1,978.57 5.0027 5.38% 5.38% 1,299.67 1,299.67 6
01/31/1994 50.00% 1,967.59 4.9178 5.14% 5.26% 1,279.33 1,286.47 5
02/28/1994 50.00% 1,968.13 4.8411 5.61% 5.72% 1,302.28 1,309.19 5
03/31/1994 50.00% 1,968.85 4.7562 6.26% 6.37% 1,334.64 1,341.23 5
04/30/1994 50.00% 1,969.15 4.6740 6.60% 6.71% 1,348.34 1,354.79 5
05/31/1994 50.00% 1,969.26 4.5890 6.82% 6.93% 1,353.53 1,359.93 5
06/30/1994 50.00% 1,969.37 4.5068 7.04% 7.15% 1,358.71 1,365.06 5
07/31/1994 50.00% 1,968.92 4.4219 6.80% 6.92% 1,337.88 1,344.43 5
08/31/1994 50.00% 1,968.93 4.3370 6.95% 7.07% 1,338.10 1,344.65 5
09/30/1994 50.00% 1,969.27 4.2548 7.39% 7.51% 1,354.28 1,360.68 5
10/31/1994 50.00% 1,969.28 4.1699 7.55% 7.67% 1,354.50 1,360.89 5
11/30/1994 50.00% 1,969.25 4.0877 7.68% 7.81% 1,353.42 1,359.82 5
12/31/1994 50.00% 1,969.42 4.0027 8.01% 8.13% 1,361.13 1,367.45 5
01/31/1995 40.00% 1,951.57 3.9178 7.57% 7.95% 1,330.89 1,349.30 4
02/28/1995 40.00% 1,950.50 3.8411 7.20% 7.60% 1,306.20 1,325.00 4
03/31/1995 40.00% 1,950.18 3.7562 7.21% 7.63% 1,299.10 1,318.01 4
04/30/1995 40.00% 1,949.43 3.6740 7.01% 7.44% 1,282.54 1,301.71 4
05/31/1995 40.00% 1,947.05 3.5890 6.01% 6.48% 1,232.84 1,252.79 4
06/30/1995 40.00% 1,946.63 3.5068 5.94% 6.44% 1,224.39 1,244.48 4
07/31/1995 40.00% 1,946.91 3.4219 6.24% 6.74% 1,230.05 1,250.05 4
08/31/1995 40.00% 1,946.23 3.3370 6.05% 6.57% 1,216.38 1,236.60 4
09/30/1995 40.00% 1,945.70 3.2548 5.93% 6.47% 1,206.10 1,226.48 4
10/31/1995 40.00% 1,944.90 3.1699 5.67% 6.24% 1,190.95 1,211.57 4
11/30/1995 40.00% 1,944.00 3.0877 5.34% 5.94% 1,174.19 1,195.07 4
12/31/1995 40.00% 1,943.16 3.0027 5.03% 5.67% 1,158.90 1,180.02 4
01/31/1996 30.00% 1,913.04 2.9178 4.43% 5.64% 1,134.87 1,173.75 3
02/29/1996 30.00% 1,914.99 2.8384 5.31% 6.53% 1,158.33 1,196.79 3
03/31/1996 30.00% 1,915.86 2.7534 5.84% 7.08% 1,169.07 1,207.34 3
04/30/1996 30.00% 1,916.55 2.6712 6.32% 7.59% 1,177.79 1,215.91 3
05/31/1996 30.00% 1,916.82 2.5863 6.65% 7.97% 1,181.26 1,219.31 3
06/30/1996 30.00% 1,915.74 2.5041 6.38% 7.76% 1,167.63 1,205.92 3
07/31/1996 30.00% 1,915.59 2.4192 6.55% 7.98% 1,165.78 1,204.10 3
08/31/1996 30.00% 1,915.78 2.3342 6.88% 8.37% 1,168.14 1,206.42 3
09/30/1996 30.00% 1,914.28 2.2521 6.39% 7.96% 1,149.73 1,188.34 3
10/31/1996 30.00% 1,912.21 2.1671 5.59% 7.26% 1,125.08 1,164.12 3
11/30/1996 30.00% 1,910.63 2.0849 5.00% 6.77% 1,107.06 1,146.43 3
12/31/1996 30.00% 1,911.66 2.0000 5.77% 7.61% 1,118.82 1,157.97 3
01/02/1997 20.00% 1,900.22 1.9945 5.69% 7.86% 1,116.75 1,162.80 2
01/31/1997 20.00% 1,899.65 1.9151 5.61% 7.88% 1,110.24 1,156.36 2
02/28/1997 20.00% 1,899.61 1.8384 5.83% 8.20% 1,109.81 1,155.94 2
03/31/1997 20.00% 1,900.79 1.7534 6.86% 9.33% 1,123.35 1,169.31 2
04/30/1997 20.00% 1,899.38 1.6712 6.28% 8.91% 1,107.20 1,153.36 2
05/31/1997 20.00% 1,898.69 1.5863 6.16% 8.95% 1,099.44 1,145.69 2
06/30/1997 20.00% 1,897.56 1.5041 5.70% 8.68% 1,086.90 1,133.30 2
07/31/1997 20.00% 1,894.84 1.4192 4.04% 7.26% 1,057.87 1,104.62 2
08/31/1997 20.00% 1,895.93 1.3342 5.15% 8.57% 1,069.29 1,115.89 2
09/30/1997 20.00% 1,894.45 1.2521 4.27% 7.96% 1,053.80 1,100.59 2
10/31/1997 20.00% 1,893.15 1.1671 3.47% 7.45% 1,040.56 1,087.51 2
11/30/1997 20.00% 1,893.00 1.0849 3.59% 7.90% 1,039.03 1,086.00 2
12/31/1997 20.00% 1,891.88 1.0000 2.79% 7.50% 1,027.92 1,075.02 2
01/31/1998 10.00% 1,878.72 0.9151 0.90% 6.26% 1,008.22 1,057.15 1
02/28/1998 10.00% 1,878.91 0.8384 1.08% 6.44% 1,009.02 1,053.70 1
03/31/1998 10.00% 1,878.56 0.7534 0.75% 6.11% 1,005.62 1,045.70 1
04/30/1998 10.00% 1,878.12 0.6712 0.33% 5.69% 1,002.21 1,037.87 1
05/31/1998 10.00% 1,877.23 0.5863 -0.51% 4.86% 996.99 1,028.20 1
06/30/1998 10.00% 1,876.42 0.5041 -1.26% 4.12% 993.63 1,020.54 1
07/31/1998 10.00% 1,876.26 0.4192 -1.40% 3.97% 994.10 1,016.47 1
08/31/1998 10.00% 1,875.00 0.3342 -2.54% 2.84% 991.43 1,009.40 1
09/30/1998 10.00% 1,872.27 0.2521 -4.94% 0.46% 987.32 1,001.16 1
10/31/1998 10.00% 1,873.04 0.1671 -4.27% 1.12% 992.73 1,001.86 1
11/30/1998 10.00% 1,872.15 0.0849 -5.04% 0.36% 995.62 1,000.30 1
12/31/1998 10.00% 1,871.73 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INVESTMENT GRADE BOND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.505416 2 6.00% 20%
Units purchased 1,978.569 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,971.49 1,872.15 1,978.57 -5.04% 0.36%
09/30/1998 0.25 0.25 1,969.49 1,872.27 1,978.57 -4.94% 0.46%
12/31/1997 1.00 1.00 1,840.49 1,891.88 1,978.57 2.79% 7.50%
12/31/1997 1.00 1.00 1,840.49 1,891.88 1,978.57 2.79% 7.50%
12/31/1995 3.00 3.00 1,676.72 1,943.16 1,978.57 5.04% 5.67%
12/31/1993 5.00 5.00 1,522.36 1,978.57 1,978.57 5.38% 5.38%
12/31/1988 10.00 10.00 1,004.27 1,978.57 1,978.57 7.02% 7.02%
10/31/1998 0.16 0.16 1,956.68 1,873.04 1,978.57 -4.27% 1.12%
12/05/1988 10.08 10.08 1,000.00 1,978.57 1,978.57 7.01% 7.01%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
FIDELITY VIP II INVESTMENT GRADE BOND (1.25%)
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0 100 10.00 1,000.00
12/31/1988 1000 0.05165 10 100.516 10.00 1,005.16 0.52%
01/31/1989 1005.16 0.06692 10.02 101.187 10.02 1,013.89 0.87%
02/28/1989 1013.89 0.06218 9.98 101.817 9.98 1,016.13 0.22%
03/31/1989 1016.13 0.07197 9.97 102.552 9.97 1,022.44 0.62%
04/30/1989 1022.44 0.07104 10.01 103.28 10.01 1,033.83 1.11%
05/31/1989 1033.83 0.07153 10.05 104.015 10.05 1,045.35 1.11%
06/30/1989 1045.35 0.07336 10.17 104.765 10.17 1,065.46 1.92%
07/31/1989 1065.46 0.06864 10.26 105.466 10.26 1,082.08 1.56%
08/31/1989 1082.08 0.06824 10.11 106.178 10.11 1,073.46 -0.80%
09/30/1989 1073.46 0.06988 10.08 106.914 10.08 1,077.69 0.39%
10/31/1989 1077.69 0.06606 10.17 107.608 10.17 1,094.37 1.55%
11/30/1989 1094.37 0.0675 10.19 108.321 10.19 1,103.79 0.86%
12/31/1989 1103.79 0.09153 10.13 109.3 10.14 1,108.30 0.41%
01/31/1990 1108.3 0.06692 10.05 110.028 10.05 1,105.78 -0.23%
02/28/1990 1105.78 0.06701 10.04 110.762 10.04 1,112.05 0.57%
03/31/1990 1112.05 0.07048 10 111.543 10.00 1,115.43 0.30%
04/30/1990 1115.43 0.06424 9.94 112.264 9.94 1,115.90 0.04%
05/31/1990 1115.9 0.06605 10.03 113.003 10.03 1,133.42 1.57%
06/30/1990 1133.42 0.06824 10.04 113.771 10.04 1,142.26 0.78%
07/31/1990 1142.26 0.06967 10.07 114.558 10.07 1,153.60 0.99%
08/31/1990 1153.6 0.06904 10 115.349 10.00 1,153.49 -0.01%
09/30/1990 1153.49 0.0691 9.97 116.148 9.97 1,158.00 0.39%
10/31/1990 1158 0.07062 9.9 116.977 9.90 1,158.07 0.01%
11/30/1990 1158.07 0.06963 9.89 117.801 9.89 1,165.05 0.60%
12/31/1990 1165.05 0.07295 9.92 118.667 9.92 1,177.18 1.04%
01/31/1991 1177.18 0 10 118.667 9.94 1,179.55 0.20%
02/28/1991 1179.55 0 10 118.667 10.04 1,191.42 1.01%
03/31/1991 1191.42 0 10 118.667 10.21 1,211.59 1.69%
04/30/1991 1211.59 0 10 118.667 10.36 1,229.39 1.47%
05/31/1991 1229.39 0 10 118.667 10.44 1,238.88 0.77%
06/30/1991 1238.88 0 10 118.667 10.46 1,241.26 0.19%
07/31/1991 1241.26 0 10 118.667 10.55 1,251.94 0.86%
08/31/1991 1251.94 0 10 118.667 10.77 1,278.04 2.08%
09/30/1991 1278.04 0 10 118.667 10.97 1,301.78 1.86%
10/31/1991 1301.78 0 10 118.667 11.09 1,316.02 1.09%
11/30/1991 1316.02 0 10 118.667 11.21 1,330.26 1.08%
12/31/1991 1330.26 0.46 10.97 123.643 11.08 1,369.96 2.98%
01/31/1992 1369.96 0 10 123.643 10.97 1,356.36 -0.99%
02/29/1992 1356.36 0.04 10.98 124.093 10.99 1,363.78 0.55%
03/31/1992 1363.78 0 10 124.093 10.97 1,361.30 -0.18%
04/30/1992 1361.3 0 10 124.093 11.05 1,371.23 0.73%
05/31/1992 1371.23 0 10 124.093 11.22 1,392.32 1.54%
06/30/1992 1392.32 0 10 124.093 11.35 1,408.46 1.16%
07/31/1992 1408.46 0 10 124.093 11.58 1,437.00 2.03%
08/31/1992 1437 0 10 124.093 11.65 1,445.68 0.60%
09/30/1992 1445.68 0 10 124.093 11.79 1,463.06 1.20%
10/31/1992 1463.06 0 10 124.093 11.64 1,444.44 -1.27%
11/30/1992 1444.44 0 10 124.093 11.61 1,440.72 -0.26%
12/31/1992 1440.72 0.8 10.91 133.192 10.97 1,461.12 1.42%
01/31/1993 1461.12 0 10 133.192 11.20 1,491.75 2.10%
02/28/1993 1491.75 0.01 11.24 133.31 11.38 1,517.07 1.70%
03/31/1993 1517.07 0 10 133.31 11.43 1,523.73 0.44%
04/30/1993 1523.73 0 10 133.31 11.50 1,533.07 0.61%
05/31/1993 1533.07 0 10 133.31 11.52 1,535.73 0.17%
06/30/1993 1535.73 0 10 133.31 11.74 1,565.06 1.91%
07/31/1993 1565.06 0 10 133.31 11.82 1,575.72 0.68%
08/31/1993 1575.72 0 10 133.31 12.03 1,603.72 1.78%
09/30/1993 1603.72 0 10 133.31 12.09 1,611.72 0.50%
10/31/1993 1611.72 0 10 133.31 12.15 1,619.72 0.50%
11/30/1993 1619.72 0 10 133.31 12.09 1,611.72 -0.49%
12/31/1993 1611.72 0.68 11.45 141.227 11.48 1,621.29 0.59%
01/31/1994 1621.29 0 10 141.227 11.61 1,639.65 1.13%
02/28/1994 1639.65 0.03 11.51 141.595 11.39 1,612.77 -1.64%
03/31/1994 1612.77 0 10 141.595 11.13 1,575.95 -2.28%
04/30/1994 1575.95 0 10 141.595 11.03 1,561.79 -0.90%
05/31/1994 1561.79 0 10 141.595 11.00 1,557.55 -0.27%
06/30/1994 1557.55 0 10 141.595 10.97 1,553.30 -0.27%
07/31/1994 1553.3 0 10 141.595 11.15 1,578.78 1.64%
08/31/1994 1578.78 0 10 141.595 11.16 1,580.20 0.09%
09/30/1994 1580.2 0 10 141.595 11.04 1,563.21 -1.08%
10/31/1994 1563.21 0 10 141.595 11.05 1,564.62 0.09%
11/30/1994 1564.62 0 10 141.595 11.07 1,567.46 0.18%
12/31/1994 1567.46 0 10 141.595 11.02 1,560.38 -0.45%
01/31/1995 1560.38 0 10 141.595 11.18 1,583.03 1.45%
02/28/1995 1583.03 0.39 10.84 146.689 11.00 1,613.58 1.93%
03/31/1995 1613.58 0 10 146.689 11.07 1,623.85 0.64%
04/30/1995 1623.85 0 10 146.689 11.22 1,645.85 1.35%
05/31/1995 1645.85 0 10 146.689 11.67 1,711.86 4.01%
06/30/1995 1711.86 0 10 146.689 11.76 1,725.06 0.77%
07/31/1995 1725.06 0 10 146.689 11.72 1,719.20 -0.34%
08/31/1995 1719.2 0 10 146.689 11.86 1,739.73 1.19%
09/30/1995 1739.73 0 10 146.689 11.97 1,755.87 0.93%
10/31/1995 1755.87 0 10 146.689 12.13 1,779.34 1.34%
11/30/1995 1779.34 0 10 146.689 12.31 1,805.74 1.48%
12/31/1995 1805.74 0 10 146.689 12.48 1,830.68 1.38%
01/31/1996 1830.68 0 10 146.689 12.56 1,842.41 0.64%
02/29/1996 1842.41 0.62 11.9 154.332 11.72 1,808.77 -1.83%
03/31/1996 1808.77 0 10 154.332 11.63 1,794.88 -0.77%
04/30/1996 1794.88 0 10 154.332 11.56 1,784.08 -0.60%
05/31/1996 1784.08 0 10 154.332 11.54 1,780.99 -0.17%
06/30/1996 1780.99 0 10 154.332 11.68 1,802.60 1.21%
07/31/1996 1802.6 0 10 154.332 11.71 1,807.23 0.26%
08/31/1996 1807.23 0 10 154.332 11.70 1,805.68 -0.09%
09/30/1996 1805.68 0 10 154.332 11.89 1,835.01 1.62%
10/31/1996 1835.01 0 10 154.332 12.15 1,875.13 2.19%
11/30/1996 1875.13 0 10 154.332 12.35 1,906.00 1.65%
12/31/1996 1906 0 10 154.332 12.24 1,889.02 -0.89%
01/02/1997 1906 0 10 154.332 12.19 1,881.31 -0.41%
01/31/1997 1889.02 0 10 154.332 12.27 1,893.65 0.66%
02/28/1997 1893.65 0.73 11.62 164.028 11.56 1,896.16 0.13%
03/31/1997 1896.16 0 10 164.028 11.44 1,876.48 -1.04%
04/30/1997 1876.48 0 10 164.028 11.61 1,904.37 1.49%
05/31/1997 1904.37 0 10 164.028 11.70 1,919.13 0.78%
06/30/1997 1919.13 0 10 164.028 11.84 1,942.09 1.20%
07/31/1997 1942.09 0 10 164.028 12.16 1,994.58 2.70%
08/31/1997 1994.58 0 10 164.028 12.05 1,976.54 -0.90%
09/30/1997 1976.54 0 10 164.028 12.23 2,006.06 1.49%
10/31/1997 2006.06 0 10 164.028 12.39 2,032.31 1.31%
11/30/1997 2032.31 0 10 164.028 12.42 2,037.23 0.24%
12/31/1997 2037.23 0 10 164.028 12.56 2,060.19 1.13%
01/31/1998 2060.19 0 10 164.028 12.72 2,086.44 1.27%
02/28/1998 2086.44 0.66 12.03 173.027 12.05 2,084.98 -0.07%
03/31/1998 2084.98 0 10 173.027 12.10 2,093.63 0.41%
04/30/1998 2093.63 0 10 173.027 12.16 2,104.01 0.50%
05/31/1998 2104.01 0 10 173.027 12.27 2,123.04 0.90%
06/30/1998 2123.04 0 10 173.027 12.37 2,140.34 0.81%
07/31/1998 2140.34 0 10 173.027 12.40 2,145.53 0.24%
08/31/1998 2145.53 0 10 173.027 12.55 2,171.49 1.21%
09/30/1998 2171.49 0 10 173.027 12.86 2,225.13 2.47%
10/31/1998 2225.13 0 10 173.027 12.79 2,213.02 -0.54%
11/30/1998 2213.02 0 10 173.027 12.90 2,232.05 0.86%
12/31/1998 2232.05 0 10 173.027 12.96 2,242.43 0.47%
1.24243
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
12/05/1988 1,000.00 0.50541575
12/31/1988 0.00089 0.890410959 1,004.27 0.00 0.507573668
01/31/1989 0.00106 1.066176619 1,011.93 0.00 0.511443176
02/28/1989 0.00096 0.970339692 1,013.19 0.00 0.512082689
03/31/1989 0.00106 1.075647979 1,018.41 0.00 0.514718989
04/30/1989 0.00103 1.046308665 1,028.71 0.00 0.519924147
05/31/1989 0.00106 1.092119241 1,039.08 0.00 0.525165704
06/30/1989 0.00103 1.067544501 1,058.00 0.00 0.534729065
07/31/1989 0.00106 1.1232175 1,073.38 0.00 0.542502557
08/31/1989 0.00106 1.139545996 1,063.69 0.00 0.537604961
09/30/1989 0.00103 1.092830731 1,066.79 0.00 0.539171075
10/31/1989 0.00106 1.132548101 1,082.17 0.00 0.546943714
11/30/1989 0.00103 1.111814329 1,090.37 0.00 0.551089709
12/31/1989 0.00106 1.157583617 1,093.67 0.00 0.552756357
01/31/1990 0.00106 1.161084472 1,090.02 0.00 0.550912696
02/28/1990 0.00096 1.045223556 1,095.15 0.00 0.553508212
03/31/1990 0.00106 1.162663768 1,097.32 0.00 0.554602934
04/30/1990 0.00103 1.12738381 1,096.66 0.00 0.554266825
05/31/1990 0.00106 1.164257262 1,112.71 0.00 0.562380564
06/30/1990 0.00103 1.143193994 1,120.24 0.00 0.566189008
07/31/1990 0.00106 1.189300235 1,130.18 0.00 0.571208865
08/31/1990 0.00106 1.199844622 1,128.87 0.00 0.570547977
09/30/1990 0.00103 1.159796521 1,132.12 0.00 0.572192568
10/31/1990 0.00106 1.201910927 1,130.99 0.00 0.571619692
11/30/1990 0.00103 1.161975077 1,136.64 0.00 0.574477718
12/31/1990 0.00106 1.206710965 1,147.27 0.00 0.579849042
01/31/1991 0.00106 1.217993623 1,148.36 0.00 0.580400851
02/28/1991 0.00096 1.101170196 1,158.82 0.00 0.585684969
03/31/1991 0.00106 1.230252195 1,177.21 0.00 0.594978462
04/30/1991 0.00103 1.209458236 1,193.29 0.00 0.603108272
05/31/1991 0.00106 1.266850467 1,201.24 0.00 0.607123545
06/30/1991 0.00103 1.234146475 1,202.31 0.00 0.607666127
07/31/1991 0.00106 1.276424404 1,211.38 0.00 0.612249459
08/31/1991 0.00106 1.286051856 1,235.35 0.00 0.624363427
09/30/1991 0.00103 1.269191302 1,257.02 0.00 0.635319707
10/31/1991 0.00106 1.334511737 1,269.44 0.00 0.641594903
11/30/1991 0.00103 1.304219041 1,281.87 0.00 0.64787811
12/31/1991 0.00106 1.36089111 1,318.77 0.00 0.666525433
01/31/1992 0.00106 1.400060477 1,304.27 0.00 0.659201024
02/29/1992 0.00099 1.295341405 1,310.11 0.00 0.662152513
03/31/1992 0.00106 1.390875003 1,306.34 0.00 0.660245435
04/30/1992 0.00103 1.342131405 1,314.53 0.00 0.66438326
05/31/1992 0.00106 1.395560766 1,333.35 0.00 0.67389637
06/30/1992 0.00103 1.369880703 1,347.44 0.00 0.681015927
07/31/1992 0.00106 1.430498278 1,373.31 0.00 0.694092537
08/31/1992 0.00106 1.457966165 1,380.15 0.00 0.697548228
09/30/1992 0.00103 1.417959646 1,395.32 0.00 0.705217511
10/31/1992 0.00106 1.48133457 1,376.08 0.00 0.695493694
11/30/1992 0.00103 1.413783236 1,371.12 0.00 0.692987976
12/31/1992 0.00106 1.455645995 1,389.08 0.00 0.702064693
01/31/1993 0.00106 1.474711963 1,416.73 0.00 0.716036993
02/28/1993 0.00096 1.35850696 1,439.42 0.00 0.727503931
03/31/1993 0.00106 1.528147991 1,444.21 0.00 0.729925353
04/30/1993 0.00103 1.483775105 1,451.58 0.00 0.733649649
05/31/1993 0.00106 1.541057292 1,452.55 0.00 0.734143716
06/30/1993 0.00103 1.492350094 1,478.80 0.00 0.747410436
07/31/1993 0.00106 1.569962316 1,487.31 0.00 0.751707745
08/31/1993 0.00106 1.578988966 1,512.16 0.00 0.764267286
09/30/1993 0.00103 1.553584578 1,518.15 0.00 0.767294552
10/31/1993 0.00106 1.611729611 1,524.07 0.00 0.770288533
11/30/1993 0.00103 1.565824429 1,514.98 0.00 0.765692589
12/31/1993 0.00106 1.608364632 1,522.36 0.00 0.769426192
01/31/1994 0.00106 1.616207198 1,537.99 0.00 0.777322561
02/28/1994 0.00096 1.474781499 1,511.30 0.00 0.763833957
03/31/1994 0.00106 1.604460509 1,475.19 0.00 0.74558449
04/30/1994 0.00103 1.51560663 1,460.42 0.00 0.73811936
05/31/1994 0.00106 1.550446078 1,454.90 0.00 0.735331869
06/30/1994 0.00103 1.494765342 1,449.44 0.00 0.732569931
07/31/1994 0.00106 1.538789306 1,471.68 0.00 0.743809123
08/31/1994 0.00106 1.56239763 1,471.44 0.00 0.743688466
09/30/1994 0.00103 1.511752437 1,454.11 0.00 0.73492841
10/31/1994 0.00106 1.543743375 1,453.87 0.00 0.734811076
11/30/1994 0.00103 1.493706688 1,455.02 0.00 0.735389916
12/31/1994 0.00106 1.544712785 1,446.90 0.00 0.73128754
01/31/1995 0.00106 1.536095596 1,466.37 0.00 0.741126319
02/28/1995 0.00096 1.406107888 1,493.26 0.00 0.754718228
03/31/1995 0.00106 1.585312593 1,501.18 0.00 0.758720563
04/30/1995 0.00103 1.542309331 1,519.98 0.00 0.768220239
05/31/1995 0.00106 1.613674051 1,579.32 0.00 0.798215623
06/30/1995 0.00103 1.62259396 1,589.88 0.00 0.803550508
07/31/1995 0.00106 1.687886542 1,582.79 0.00 0.799967776
08/31/1995 0.00106 1.680360885 1,600.01 0.00 0.808671391
09/30/1995 0.00103 1.643848199 1,613.21 0.00 0.815342852
10/31/1995 0.00106 1.712656782 1,633.06 0.00 0.825375605
11/30/1995 0.00103 1.677804133 1,655.61 0.00 0.836773683
12/31/1995 0.00106 1.757673007 1,676.72 0.00 0.847442437
01/31/1996 0.00106 1.780083107 1,685.69 0.00 0.851972704
02/29/1996 0.00099 1.674141089 1,653.23 0.00 0.835570658
03/31/1996 0.00106 1.755146012 1,638.78 0.00 0.828267022
04/30/1996 0.00103 1.683681739 1,627.24 0.00 0.822432285
05/31/1996 0.00106 1.727548389 1,622.69 0.00 0.820134714
06/30/1996 0.00103 1.667150574 1,640.72 0.00 0.82924338
07/31/1996 0.00106 1.741855337 1,643.19 0.00 0.83049294
08/31/1996 0.00106 1.744480083 1,640.03 0.00 0.828898967
09/30/1996 0.00103 1.68496634 1,664.99 0.00 0.84151132
10/31/1996 0.00106 1.767624584 1,699.62 0.00 0.859016436
11/30/1996 0.00103 1.746188425 1,725.86 0.00 0.872275751
12/31/1996 0.00106 1.83224637 1,708.65 0.00 0.863578854
01/02/1997 0.00007 0.117030853 1,701.56 0.00 0.859995024
01/31/1997 0.00099 1.689905085 1,711.03 0.00 0.864781849
02/28/1997 0.00096 1.640714339 1,711.66 0.00 0.86509886
03/31/1997 0.00106 1.817171053 1,692.08 0.00 0.855201683
04/30/1997 0.00103 1.738433885 1,715.49 0.00 0.867033858
05/31/1997 0.00106 1.821235587 1,726.96 0.00 0.872833405
06/30/1997 0.00103 1.774275235 1,745.85 0.00 0.882379023
07/31/1997 0.00106 1.853468654 1,791.18 0.00 0.905290824
08/31/1997 0.00106 1.901595709 1,773.08 0.00 0.896141815
09/30/1997 0.00103 1.821656022 1,797.74 0.00 0.908605169
10/31/1997 0.00106 1.90855761 1,819.35 0.00 0.919529972
11/30/1997 0.00103 1.869198918 1,821.89 0.00 0.920811331
12/31/1997 0.00106 1.934197089 1,840.49 0.00 0.93021149
01/31/1998 0.00106 1.953942458 1,861.98 0.00 0.941076266
02/28/1998 0.00096 1.785464538 1,858.90 0.00 0.93951534
03/31/1998 0.00106 1.973485529 1,864.63 0.00 0.942415696
04/30/1998 0.00103 1.915720481 1,871.96 0.00 0.94611986
05/31/1998 0.00106 1.987358559 1,886.91 0.00 0.953672726
06/30/1998 0.00103 1.938603505 1,900.34 0.00 0.960464111
07/31/1998 0.00106 2.017489169 1,902.94 0.00 0.96177342
08/31/1998 0.00106 2.020239419 1,923.94 0.00 0.972389408
09/30/1998 0.00103 1.976650337 1,969.49 0.00 0.995410276
10/31/1998 0.00106 2.090894837 1,956.68 0.00 0.988936105
11/30/1998 0.00103 2.010286074 1,971.49 0.00 0.996424044
12/31/1998 0.00106 2.093024293 1,978.57 0.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
PUTNAM V.T. NEW VALUE FUND IB (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 148M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.892859 1 6.00% 10%
Units purchased 1,119.998 2 6.00% 20%
3 6.00% 30%
Contract charge factor 0.10% 4 4.00% 40%
5 2.00% 50%
6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,189.27 1,147.66 1,211.74 -3.50% 1.89%
09/30/1998 0.25 0.25 1,045.41 1,156.29 1,211.74 10.61% 15.91%
12/31/1997 1.00 1.00 1,159.78 1,156.70 1,211.74 -0.27% 4.48%
12/31/1997 1.00 1.00 1,160 1,156.70 1,211.74 -0.27% 4.48%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.01 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.17 0.17 1,117.96 1,151.93 1,211.74 3.04% 8.39%
01/02/1997 2.0 1.99 1,000.00 1,166.28 1,211.74 8.02% 10.11%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.00% Do not fill in
PUTNAM V.T. NEW VALUE FUND IB
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 100 10 1000
01/31/1997 1000 0 10 100 10.33 1,033.00 3.30%
02/28/1997 1033 0 10 100 10.56 1,056.00 2.23%
03/31/1997 1056 0 10 100 10.22 1,022.00 -3.22%
04/30/1997 1022 0 10 100 10.21 1,021.00 -0.10%
05/31/1997 1021 0 10 100 10.88 1,088.00 6.56%
06/30/1997 1088 0 10 100 11.20 1,120.00 2.94%
07/31/1997 1120 0 10 100 11.77 1,177.00 5.09%
08/31/1997 1177 0 10 100 11.47 1,147.00 -2.55%
09/30/1997 1147 0 10 100 12.21 1,221.00 6.45%
10/31/1997 1221 0 10 100 11.58 1,158.00 -5.16%
11/30/1997 1158 0 10 100 11.77 1,177.00 1.64%
12/31/1997 1177 0 10 100 11.77 1,177.00 0.00%
01/31/1998 1177 0 10 100 11.40 1,140.00 -3.14%
02/28/1998 1140 0 10 100 11.99 1,199.00 5.18%
03/31/1998 1199 0.302 12.13 102.49 12.13 1,243.20 3.69%
04/30/1998 1243.2 0 10 102.49 12.07 1,237.05 -0.49%
05/31/1998 1237.05 0 10 102.49 11.90 1,219.63 -1.41%
06/30/1998 1219.63 0 10 102.49 11.91 1,220.66 0.08%
07/31/1998 1220.66 0 10 102.49 11.59 1,187.86 -2.69%
08/31/1998 1187.86 0 10 102.49 9.80 1,004.40 -15.44%
09/30/1998 1004.4 0 10 102.49 10.47 1,073.07 6.84%
10/31/1998 1073.07 0 10 102.49 11.21 1,148.91 7.07%
0.22066
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C> <C> <C>
01/02/1997 1,000 0.89285898
01/31/1997 0.00111 1.112328767 1031.887671 0.08 0.921330174
02/28/1997 0.00107 1.108219088 1053.754686 0.16 0.940854334
03/31/1997 0.00119 1.252957626 1018.574021 0.24 0.909442961
04/30/1997 0.00115 1.172057777 1016.405315 0.33 0.907506613
05/31/1997 0.00119 1.20854769 1081.895255 0.43 0.965979894
06/30/1997 0.00115 1.244920568 1112.470783 0.54 0.993279529
07/31/1997 0.00119 1.322773479 1167.764826 0.66 1.042649312
08/31/1997 0.00119 1.388520369 1136.611697 0.74 1.014833961
09/30/1997 0.00115 1.307881953 1208.633602 0.88 1.079139366
10/31/1997 0.00119 1.437115023 1144.834557 0.93 1.022175815
11/30/1997 0.00115 1.317343873 1162.3012 1.04 1.037771064
12/31/1997 0.00119 1.382023892 1160.919176 1.14 1.036537112
01/31/1998 0.00119 1.380380609 1123.044309 1.20 1.002720197
02/28/1998 0.00107 1.20611882 1179.960659 1.35 1.053538471
03/31/1998 0.00119 1.403021715 1222.05577 1.50 1.091123469 .092 OI .21 ST Gain
04/30/1998 0.00115 1.40620116 1214.604168 1.59 1.084470239
05/31/1998 0.00119 1.444214271 1196.056033 1.67 1.06790937
06/30/1998 0.00115 1.376283655 1195.689841 1.76 1.067582412
07/31/1998 0.00119 1.421724359 1162.139082 1.82 1.037626316
08/31/1998 0.00119 1.381831128 981.2697392 1.63 0.876135499
09/30/1998 0.00115 1.129132303 1047.22921 1.82 0.935028005
10/31/1998 0.00119 1.245198568 1119.997695 2.04 1
0.195689841 0.195689841
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FEDERATED HIGH INCOME BOND FUND II (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 81M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.721796 1 6.00% 10%
Units purchased 1,385.434 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 0.721796 1,385.434 1,000.00 1,000.00 1,453.06 2.00%
03/31/1994 0.691907 1,385.434 958.59 0.00008 0.08219181 958.51 1,453.06 2.00%
04/30/1994 0.687605 1,385.434 952.63 0.00008 0.078781608 952.47 1,453.06 2.00%
05/31/1994 0.694454 1,385.434 962.12 0.00008 0.08089487 961.88 1,453.06 2.00%
06/30/1994 0.697808 1,385.434 966.77 0.00008 0.079058464 966.44 1,453.06 2.00%
07/31/1994 0.693798 1,385.434 961.21 0.00008 0.082081552 960.81 1,453.06 2.00%
08/31/1994 0.698036 1,385.434 967.08 0.00008 0.081602892 966.60 1,453.06 2.00%
09/30/1994 0.700775 1,385.434 970.88 0.00008 0.079446181 970.31 1,453.06 2.00%
10/31/1994 0.697384 1,385.434 966.18 0.00008 0.082409829 965.53 1,453.06 2.00%
11/30/1994 0.683703 1,385.434 947.23 0.00008 0.079358718 946.51 1,453.06 2.00%
12/31/1994 0.688447 1,385.434 953.80 0.00008 0.080388572 953.00 1,453.06 2.00%
01/31/1995 0.696265 1,385.434 964.63 0.00008 0.080939591 963.74 1,453.06 4.00%
02/28/1995 0.719087 1,385.434 996.25 0.00008 0.073930646 995.25 1,453.06 4.00%
03/31/1995 0.725102 1,385.434 1,004.58 0.00008 0.084528482 1,003.49 1,453.06 4.00%
04/30/1995 0.743875 1,385.434 1,030.59 0.00008 0.082478996 1,029.39 1,453.06 4.00%
05/31/1995 0.761113 1,385.434 1,054.47 0.00008 0.087427928 1,053.16 1,453.06 4.00%
06/30/1995 0.763249 1,385.434 1,057.43 0.00008 0.086561109 1,056.03 1,453.06 4.00%
07/31/1995 0.777614 1,385.434 1,077.33 0.00008 0.089690184 1,075.81 1,453.06 4.00%
08/31/1995 0.779865 1,385.434 1,080.45 0.00008 0.091370581 1,078.84 1,453.06 4.00%
09/30/1995 0.790501 1,385.434 1,095.19 0.00008 0.088671533 1,093.46 1,453.06 4.00%
10/31/1995 0.801158 1,385.434 1,109.95 0.00008 0.092869379 1,108.11 1,453.06 4.00%
11/30/1995 0.806127 1,385.434 1,116.84 0.00008 0.091077651 1,114.89 1,453.06 4.00%
12/31/1995 0.818603 1,385.434 1,134.12 0.00008 0.094689557 1,132.05 1,453.06 4.00%
01/31/1996 0.833650 1,385.434 1,154.97 0.00008 0.096146876 1,152.77 1,453.06 6.00%
02/29/1996 0.838703 1,385.434 1,161.97 0.00008 0.091589572 1,159.66 1,453.06 6.00%
03/31/1996 0.832744 1,385.434 1,153.71 0.00008 0.098491677 1,151.32 1,453.06 6.00%
04/30/1996 0.835758 1,385.434 1,157.89 0.00008 0.094629218 1,155.39 1,453.06 6.00%
05/31/1996 0.842172 1,385.434 1,166.77 0.00008 0.098129428 1,164.16 1,453.06 6.00%
06/30/1996 0.842639 1,385.434 1,167.42 0.00008 0.0956847 1,164.71 1,453.06 6.00%
07/31/1996 0.850002 1,385.434 1,177.62 0.00008 0.098920849 1,174.79 1,453.06 6.00%
08/31/1996 0.865302 1,385.434 1,198.82 0.00008 0.099776827 1,195.84 1,453.06 6.00%
09/30/1996 0.888691 1,385.434 1,231.22 0.00008 0.098288082 1,228.06 1,453.06 6.00%
10/31/1996 0.892625 1,385.434 1,236.67 0.00008 0.104301337 1,233.40 1,453.06 6.00%
11/30/1996 0.910651 1,385.434 1,261.65 0.00008 0.10137503 1,258.20 1,453.06 6.00%
12/31/1996 0.924245 1,385.434 1,280.48 0.00008 0.106860982 1,276.88 1,453.06 6.00%
01/31/1997 0.930686 1,385.434 1,289.40 0.00008 0.108447057 1,285.67 1,453.06 6.00%
02/28/1997 0.950404 1,385.434 1,316.72 0.00008 0.098626567 1,312.81 1,453.06 6.00%
03/31/1997 0.928895 1,385.434 1,286.92 0.00008 0.111498725 1,282.99 1,453.06 6.00%
04/30/1997 0.935104 1,385.434 1,295.52 0.00008 0.105450845 1,291.46 1,453.06 6.00%
05/31/1997 0.959898 1,385.434 1,329.88 0.00008 0.109685242 1,325.59 1,453.06 6.00%
06/30/1997 0.974308 1,385.434 1,349.84 0.00008 0.108952498 1,345.38 1,453.06 6.00%
07/31/1997 0.999252 1,385.434 1,384.40 0.00008 0.114265141 1,379.71 1,453.06 6.00%
08/31/1997 0.998663 1,385.434 1,383.58 0.00008 0.117180763 1,378.78 1,453.06 6.00%
09/30/1997 1.021458 1,385.434 1,415.16 0.00008 0.11332432 1,410.14 1,453.06 6.00%
10/31/1997 1.018475 1,385.434 1,411.03 0.00008 0.119765076 1,405.90 1,453.06 6.00%
11/30/1997 1.026935 1,385.434 1,422.75 0.00008 0.115553285 1,417.46 1,453.06 6.00%
12/31/1997 1.039147 1,385.434 1,439.67 0.00008 0.120387201 1,434.20 1,453.06 6.00%
01/31/1998 1.059867 1,385.434 1,468.38 0.00008 0.121808583 1,462.67 1,453.06 6.00%
02/28/1998 1.063593 1,385.434 1,473.54 0.00008 0.112204973 1,467.70 1,453.06 6.00%
03/31/1998 1.072712 1,385.434 1,486.17 0.00008 0.124654135 1,480.16 1,453.06 6.00%
04/30/1998 1.072581 1,385.434 1,485.99 0.00008 0.121657059 1,479.86 1,453.06 6.00%
05/31/1998 1.073390 1,385.434 1,487.11 0.00008 0.125686641 1,480.85 1,453.06 6.00%
06/30/1998 1.074233 1,385.434 1,488.28 0.00008 0.121713637 1,481.89 1,453.06 6.00%
07/31/1998 1.087666 1,385.434 1,506.89 0.00008 0.12585917 1,500.29 1,453.06 6.00%
08/31/1998 1.018591 1,385.434 1,411.19 0.00008 0.127422306 1,404.89 1,453.06 6.00%
09/30/1998 1.026268 1,385.434 1,421.83 0.00008 0.115470286 1,415.36 1,453.06 6.00%
10/31/1998 1.000000 1,385.434 1,385.43 0.00008 0.120208795 1,379.01 1,453.06 6.00%
11/30/1998 1.057878 1,385.434 1,465.62 0.00008 0.113343597 1,458.71 1,453.06 6.00%
12/31/1998 1.053867 1,385.434 1,460.06 0.00008 0.123890861 1,453.06 1,453.06 6.00%
12/31/1998 1,453.06
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 44.76% 45.31%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 50.00% 1,447.59 4.8384 7.94% 8.03% 1,447.59 1,453.06 5
03/31/1994 50.00% 1,448.42 4.7562 9.07% 9.14% 1,511.12 1,515.96 5
04/30/1994 50.00% 1,448.54 4.6740 9.38% 9.46% 1,520.82 1,525.57 5
05/31/1994 50.00% 1,448.35 4.5890 9.33% 9.41% 1,505.76 1,510.65 5
06/30/1994 50.00% 1,448.26 4.5068 9.39% 9.47% 1,498.55 1,503.51 5
07/31/1994 50.00% 1,448.37 4.4219 9.73% 9.81% 1,507.45 1,512.33 5
08/31/1994 50.00% 1,448.26 4.3370 9.77% 9.86% 1,498.31 1,503.28 5
09/30/1994 50.00% 1,448.18 4.2548 9.87% 9.96% 1,492.50 1,497.52 5
10/31/1994 50.00% 1,448.28 4.1699 10.21% 10.30% 1,499.98 1,504.93 5
11/30/1994 50.00% 1,448.66 4.0877 10.97% 11.06% 1,530.53 1,535.18 5
12/31/1994 50.00% 1,448.53 4.0027 11.03% 11.11% 1,519.97 1,524.72 5
01/31/1995 40.00% 1,437.76 3.9178 10.75% 11.05% 1,491.86 1,507.73 4
02/28/1995 40.00% 1,436.50 3.8411 10.02% 10.35% 1,443.35 1,459.99 4
03/31/1995 40.00% 1,436.17 3.7562 10.01% 10.36% 1,431.17 1,448.00 4
04/30/1995 40.00% 1,435.13 3.6740 9.47% 9.84% 1,394.15 1,411.57 4
05/31/1995 40.00% 1,434.18 3.5890 8.99% 9.38% 1,361.79 1,379.71 4
06/30/1995 40.00% 1,434.07 3.5068 9.12% 9.53% 1,357.98 1,375.97 4
07/31/1995 40.00% 1,433.28 3.4219 8.75% 9.18% 1,332.27 1,350.66 4
08/31/1995 40.00% 1,433.16 3.3370 8.88% 9.33% 1,328.43 1,346.88 4
09/30/1995 40.00% 1,432.57 3.2548 8.65% 9.13% 1,310.12 1,328.86 4
10/31/1995 40.00% 1,431.98 3.1699 8.42% 8.93% 1,292.28 1,311.29 4
11/30/1995 40.00% 1,431.71 3.0877 8.44% 8.96% 1,284.17 1,303.32 4
12/31/1995 40.00% 1,431.03 3.0027 8.12% 8.67% 1,264.10 1,283.56 4
01/31/1996 30.00% 1,410.05 2.9178 7.15% 8.26% 1,223.19 1,260.50 3
02/29/1996 30.00% 1,409.64 2.8384 7.12% 8.27% 1,215.56 1,253.01 3
03/31/1996 30.00% 1,410.14 2.7534 7.64% 8.82% 1,224.80 1,262.08 3
04/30/1996 30.00% 1,409.89 2.6712 7.74% 8.96% 1,220.27 1,257.63 3
05/31/1996 30.00% 1,409.37 2.5863 7.67% 8.95% 1,210.62 1,248.16 3
06/30/1996 30.00% 1,409.33 2.5041 7.91% 9.24% 1,210.03 1,247.57 3
07/31/1996 30.00% 1,408.73 2.4192 7.80% 9.18% 1,199.13 1,236.87 3
08/31/1996 30.00% 1,407.47 2.3342 7.23% 8.70% 1,176.97 1,215.10 3
09/30/1996 30.00% 1,405.53 2.2521 6.18% 7.76% 1,144.51 1,183.21 3
10/31/1996 30.00% 1,405.21 2.1671 6.20% 7.86% 1,139.30 1,178.10 3
11/30/1996 30.00% 1,403.72 2.0849 5.39% 7.15% 1,115.66 1,154.87 3
12/31/1996 30.00% 1,402.60 2.0000 4.81% 6.68% 1,098.46 1,137.98 3
01/31/1997 20.00% 1,393.36 1.9151 4.29% 6.60% 1,083.76 1,130.20 2
02/28/1997 20.00% 1,391.73 1.8384 3.23% 5.68% 1,060.12 1,106.83 2
03/31/1997 20.00% 1,393.52 1.7534 4.83% 7.36% 1,086.15 1,132.56 2
04/30/1997 20.00% 1,393.01 1.6712 4.63% 7.31% 1,078.64 1,125.13 2
05/31/1997 20.00% 1,390.96 1.5863 3.08% 5.96% 1,049.32 1,096.16 2
06/30/1997 20.00% 1,389.77 1.5041 2.18% 5.25% 1,033.00 1,080.04 2
07/31/1997 20.00% 1,387.71 1.4192 0.41% 3.72% 1,005.80 1,053.16 2
08/31/1997 20.00% 1,387.77 1.3342 0.49% 4.01% 1,006.52 1,053.87 2
09/30/1997 20.00% 1,385.89 1.2521 -1.38% 2.42% 982.80 1,030.44 2
10/31/1997 20.00% 1,386.14 1.1671 -1.21% 2.87% 985.95 1,033.55 2
11/30/1997 20.00% 1,385.45 1.0849 -2.08% 2.31% 977.42 1,025.11 2
12/31/1997 20.00% 1,384.45 1.0000 -3.47% 1.32% 965.31 1,013.15 2
01/31/1998 10.00% 1,374.02 0.9151 -6.06% -0.66% 944.39 993.98 1
02/28/1998 10.00% 1,373.72 0.8384 -6.40% -1.00% 946.03 991.63 1
03/31/1998 10.00% 1,372.97 0.7534 -7.24% -1.83% 944.94 986.17 1
04/30/1998 10.00% 1,372.99 0.6712 -7.22% -1.81% 950.93 987.81 1
05/31/1998 10.00% 1,372.93 0.5863 -7.29% -1.88% 956.60 988.95 1
06/30/1998 10.00% 1,372.87 0.5041 -7.36% -1.95% 962.21 990.15 1
07/31/1998 10.00% 1,371.76 0.4192 -8.57% -3.15% 963.15 986.68 1
08/31/1998 10.00% 1,377.49 0.3342 -1.95% 3.43% 993.44 1,011.33 1
09/30/1998 10.00% 1,376.86 0.2521 -2.72% 2.66% 993.07 1,006.65 1
10/31/1998 10.00% 1,379.04 0.1671 0.00% 5.37% 1,000.00 1,008.78 1
11/30/1998 10.00% 1,374.26 0.0849 -5.79% -0.39% 994.95 999.67 1
12/31/1998 10.00% 1,374.60 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FEDERATED HIGH INCOME BOND FUND II (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 81M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.721796 1 6.00% 10%
Units purchased 1,385.434 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,458.71 1,374.26 1,453.06 -5.79% -0.39%
09/30/1998 0.25 0.25 1,415.36 1,376.86 1,453.06 -2.72% 2.66%
12/31/1997 1.00 1.00 1,434.20 1,384.45 1,453.06 -3.47% 1.32%
12/31/1997 1.00 1.00 1,434.20 1,384.45 1,453.06 -3.47% 1.32%
12/31/1995 3.00 3.00 1,132.05 1,431.03 1,453.06 8.13% 8.68%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,379.01 1,379.04 1,453.06 0.00% 5.37%
03/01/1994 4.83 4.83 1,000.00 1,447.59 1,453.06 7.95% 8.04%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
Federated High Income Bond Fund II
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 100 9.96 996
03/31/1994 996 0.07 9.81 100.714 9.49 955.78 -4.04%
04/30/1994 955.78 0.07 9.26 101.475 9.37 950.82 -0.52%
05/31/1994 950.82 0.073 9.36 102.266 9.40 961.30 1.10%
06/30/1994 961.3 0.076 9.5 103.084 9.38 966.93 0.59%
07/31/1994 966.93 0.076 9.25 103.931 9.26 962.40 -0.47%
08/31/1994 962.4 0.076 9.21 104.789 9.25 969.30 0.72%
09/30/1994 969.3 0.076 9.24 105.651 9.22 974.10 0.50%
10/31/1994 974.1 0.075 9.1 106.522 9.11 970.42 -0.38%
11/30/1994 970.42 0.072 9.03 107.371 8.87 952.38 -1.86%
12/31/1994 952.38 0.07 8.75 108.23 8.87 960.00 0.80%
01/31/1995 960 0.07 8.89 109.082 8.91 971.92 1.24%
02/28/1995 971.92 0.07 9.07 109.924 9.14 1,004.71 3.37%
03/31/1995 1004.71 0.066 9.14 110.718 9.16 1,014.18 0.94%
04/30/1995 1014.18 0.066 9.26 111.507 9.34 1,041.48 2.69%
05/31/1995 1041.48 0.066 9.45 112.286 9.50 1,066.72 2.42%
06/30/1995 1066.72 0.066 9.41 113.074 9.47 1,070.81 0.38%
07/31/1995 1070.81 0.068 9.55 113.879 9.59 1,092.10 1.99%
08/31/1995 1092.1 0.068 9.57 114.688 9.56 1,096.42 0.40%
09/30/1995 1096.42 0.07 9.6 115.524 9.63 1,112.50 1.47%
10/31/1995 1112.5 0.07 9.69 116.359 9.70 1,128.68 1.45%
11/30/1995 1128.68 0.07 9.68 117.2 9.70 1,136.84 0.72%
12/31/1995 1136.84 0.07 9.73 118.043 9.79 1,155.64 1.65%
01/31/1996 1155.64 0.07 9.86 118.881 9.91 1,178.11 1.94%
02/29/1996 1178.11 0.07 9.93 119.719 9.91 1,186.42 0.71%
03/31/1996 1186.42 0.07 9.76 120.578 9.78 1,179.25 -0.60%
04/30/1996 1179.25 0.075 9.69 121.511 9.75 1,184.73 0.46%
05/31/1996 1184.73 0.075 9.74 122.447 9.76 1,195.08 0.87%
06/30/1996 1195.08 0.075 9.65 123.399 9.70 1,196.97 0.16%
07/31/1996 1196.97 0.075 9.71 124.352 9.72 1,208.70 0.98%
08/31/1996 1208.7 0.075 9.8 125.304 9.83 1,231.74 1.91%
09/30/1996 1231.74 0.075 9.92 126.251 10.03 1,266.30 2.81%
10/31/1996 1266.3 0.075 10 127.198 10.01 1,273.25 0.55%
11/30/1996 1273.25 0.072 10.1 128.105 10.15 1,300.27 2.12%
12/31/1996 1300.27 0.072 10.19 129.01 10.24 1,321.06 1.60%
01/31/1997 1321.06 0.072 10.22 129.919 10.25 1,331.67 0.80%
02/28/1997 1331.67 0.077 10.4 130.881 10.40 1,361.16 2.21%
03/31/1997 1361.16 0.1167 10.15 132.386 10.06 1,331.80 -2.16%
04/30/1997 1331.8 0.077 9.98 133.407 10.06 1,342.07 0.77%
05/31/1997 1342.07 0.077 10.21 134.413 10.26 1,379.08 2.76%
06/30/1997 1379.08 0.075 10.4 135.382 10.35 1,401.20 1.60%
07/31/1997 1401.2 0.075 10.43 136.356 10.55 1,438.56 2.67%
08/31/1997 1438.56 0.075 10.48 137.332 10.48 1,439.24 0.05%
09/30/1997 1439.24 0 10 137.332 10.73 1,473.57 2.39%
10/31/1997 1473.57 0 10 137.332 10.71 1,470.83 -0.19%
11/30/1997 1470.83 0 10 137.332 10.81 1,484.56 0.93%
12/31/1997 1484.56 0 10 137.332 10.95 1,503.79 1.30%
01/31/1998 1503.79 0 10 137.332 11.18 1,535.37 2.10%
02/28/1998 1535.37 0 10 137.332 11.23 1,542.24 0.45%
03/31/1998 1542.24 0.3276 10.99 141.426 11.01 1,557.10 0.96%
04/30/1998 1557.1 0 10 141.426 11.02 1,558.51 0.09%
05/31/1998 1558.51 0 10 141.426 11.04 1,561.34 0.18%
06/30/1998 1561.34 0 10 141.426 11.06 1,564.17 0.18%
07/31/1998 1564.17 0 10 141.426 11.21 1,585.39 1.36%
08/31/1998 1585.39 0 10 141.426 10.51 1,486.39 -6.24%
09/30/1998 1486.39 0 10 141.426 10.60 1,499.12 0.86%
10/31/1998 1499.12 0 10 141.426 10.34 1,462.34 -2.45%
0.46821285
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1994 1,000 0.721795739
03/31/1994 0.00103 1.02739726 958.5910766 0.08 0.691906954
04/30/1994 0.00103 0.984853846 952.6316348 0.16 0.687605454
05/31/1994 0.00106 1.011355503 962.1202472 0.24 0.694454294
06/30/1994 0.00103 0.988479706 966.7665714 0.32 0.697807991
07/31/1994 0.00106 1.026361771 961.2109753 0.40 0.693797986
08/31/1994 0.00106 1.020463707 967.0819868 0.49 0.698035657
09/30/1994 0.00103 0.993577384 970.8774257 0.57 0.700775189
10/31/1994 0.00106 1.030726034 966.1788741 0.65 0.697383794
11/30/1994 0.00103 0.992649528 947.2250666 0.71 0.683703017
12/31/1994 0.00106 1.005615653 953.7982063 0.80 0.688447481
01/31/1995 0.00106 1.012593986 964.6286067 0.89 0.696264818
02/28/1995 0.00096 0.924986335 996.2476281 0.99 0.719087293
03/31/1995 0.00106 1.057660153 1004.580205 1.09 0.725101711
04/30/1995 0.00103 1.03210295 1030.589692 1.20 0.743875248
05/31/1995 0.00106 1.094119193 1054.471649 1.31 0.761113143
06/30/1995 0.00103 1.083361283 1057.431325 1.40 0.763249424
07/31/1995 0.00106 1.122615448 1077.332713 1.52 0.777614161
08/31/1995 0.00106 1.143743634 1080.450555 1.61 0.779864606
09/30/1995 0.00103 1.11005194 1095.186296 1.72 0.790500802
10/31/1995 0.00106 1.16269778 1109.951791 1.84 0.801158473
11/30/1995 0.00103 1.140361429 1116.836031 1.94 0.806127488
12/31/1995 0.00106 1.185682087 1134.119542 2.07 0.818602652
01/31/1996 0.00106 1.20403102 1154.967072 2.20 0.83365031
02/29/1996 0.00099 1.147056338 1161.966773 2.31 0.838702665
03/31/1996 0.00106 1.233594861 1153.710958 2.39 0.832743653
04/30/1996 0.00103 1.185319478 1157.886958 2.49 0.835757872
05/31/1996 0.00106 1.229263552 1166.773189 2.61 0.842171916
06/30/1996 0.00103 1.198739578 1167.419683 2.71 0.842638552
07/31/1996 0.00106 1.23938391 1177.620714 2.83 0.850001613
08/31/1996 0.00106 1.250213771 1198.818073 2.98 0.865301776
09/30/1996 0.00103 1.231662403 1231.222691 3.16 0.888691292
10/31/1996 0.00106 1.30711998 1236.673052 3.28 0.892625339
11/30/1996 0.00103 1.270554505 1261.646287 3.44 0.910650914
12/31/1996 0.00106 1.339419004 1280.479314 3.60 0.924244512
01/31/1997 0.00106 1.359412971 1289.40398 3.74 0.930686298
02/28/1997 0.00096 1.236414776 1316.721579 3.91 0.950404025
03/31/1997 0.00106 1.397889348 1286.92222 3.94 0.928894974
04/30/1997 0.00103 1.322180363 1295.52397 4.07 0.935103681
05/31/1997 0.00106 1.375385037 1329.874994 4.29 0.959898104
06/30/1997 0.00103 1.366309926 1349.839452 4.46 0.974308364
07/31/1997 0.00106 1.433048733 1384.396984 4.69 0.999251844
08/31/1997 0.00106 1.469736524 1383.581645 4.80 0.998663335
09/30/1997 0.00103 1.421487991 1415.162546 5.03 1.021458295
10/31/1997 0.00106 1.502398593 1411.028752 5.13 1.01847454
11/30/1997 0.00103 1.449687074 1422.750828 5.29 1.026935485
12/31/1997 0.00106 1.510454646 1439.669739 5.47 1.039147482
01/31/1998 0.00106 1.528416503 1468.374779 5.70 1.059866658
02/28/1998 0.00096 1.40803061 1473.536979 5.84 1.063592712
03/31/1998 0.00106 1.56437145 1486.170631 6.01 1.072711628 .2577 OI .0443 ST/.0256 LT
04/30/1998 0.00103 1.526887634 1485.989515 6.13 1.072580899
05/31/1998 0.00106 1.577591608 1487.110238 6.26 1.073389832
06/30/1998 0.00103 1.527852984 1488.27784 6.39 1.074232602
07/31/1998 0.00106 1.580020994 1506.888243 6.59 1.087665512
08/31/1998 0.00106 1.599778614 1411.190522 6.30 1.018591305
09/30/1998 0.00103 1.449853276 1421.826633 6.47 1.026268404
10/31/1998 0.00106 1.50947348 1385.433505 6.42 1
0.385433505 0.385433505
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FEDERATED HIGH INCOME BOND FUND II (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 139M
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.710530 1 6.00% 10%
Units purchased 1,407.401 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 0.710530 1,407.401 1,000.00 1,000.00 1,442.61 2.00%
03/31/1994 0.681020 1,407.401 958.47 0.00008 0.082191776 958.39 1,442.61 2.00%
04/30/1994 0.676702 1,407.401 952.39 0.00008 0.078771409 952.23 1,442.61 2.00%
05/31/1994 0.683356 1,407.401 961.76 0.00008 0.080874361 961.51 1,442.61 2.00%
06/30/1994 0.686572 1,407.401 966.28 0.00008 0.07902845 965.96 1,442.61 2.00%
07/31/1994 0.682539 1,407.401 960.61 0.00008 0.082040322 960.20 1,442.61 2.00%
08/31/1994 0.686621 1,407.401 966.35 0.00008 0.081551452 965.86 1,442.61 2.00%
09/30/1994 0.689231 1,407.401 970.02 0.00008 0.079386045 969.46 1,442.61 2.00%
10/31/1994 0.685808 1,407.401 965.21 0.00008 0.082337337 964.56 1,442.61 2.00%
11/30/1994 0.672269 1,407.401 946.15 0.00008 0.079278759 945.44 1,442.61 2.00%
12/31/1994 0.676849 1,407.401 952.60 0.00008 0.080297476 951.80 1,442.61 2.00%
01/31/1995 0.684448 1,407.401 963.29 0.00008 0.080837639 962.40 1,442.61 4.00%
02/28/1995 0.706805 1,407.401 994.76 0.00008 0.073828222 993.77 1,442.61 4.00%
03/31/1995 0.712626 1,407.401 1,002.95 0.00008 0.08440197 1,001.87 1,442.61 4.00%
04/30/1995 0.730989 1,407.401 1,028.79 0.00008 0.082345145 1,027.60 1,442.61 4.00%
05/31/1995 0.747835 1,407.401 1,052.50 0.00008 0.087275556 1,051.19 1,442.61 4.00%
06/30/1995 0.749842 1,407.401 1,055.33 0.00008 0.086399487 1,053.93 1,442.61 4.00%
07/31/1995 0.763859 1,407.401 1,075.06 0.00008 0.089511713 1,073.54 1,442.61 4.00%
08/31/1995 0.765972 1,407.401 1,078.03 0.00008 0.091177362 1,076.42 1,442.61 4.00%
09/30/1995 0.776324 1,407.401 1,092.60 0.00008 0.088472781 1,090.88 1,442.61 4.00%
10/31/1995 0.786692 1,407.401 1,107.19 0.00008 0.092649947 1,105.35 1,442.61 4.00%
11/30/1995 0.791474 1,407.401 1,113.92 0.00008 0.09085103 1,111.98 1,442.61 4.00%
12/31/1995 0.803622 1,407.401 1,131.02 0.00008 0.094442374 1,128.96 1,442.61 4.00%
01/31/1996 0.818292 1,407.401 1,151.66 0.00008 0.095883857 1,149.47 1,442.61 6.00%
02/29/1996 0.823153 1,407.401 1,158.51 0.00008 0.091327593 1,156.21 1,442.61 6.00%
03/31/1996 0.817200 1,407.401 1,150.13 0.00008 0.098198321 1,147.75 1,442.61 6.00%
04/30/1996 0.820057 1,407.401 1,154.15 0.00008 0.094335259 1,151.66 1,442.61 6.00%
05/31/1996 0.826246 1,407.401 1,162.86 0.00008 0.097812578 1,160.26 1,442.61 6.00%
06/30/1996 0.826602 1,407.401 1,163.36 0.00008 0.095363685 1,160.66 1,442.61 6.00%
07/31/1996 0.833720 1,407.401 1,173.38 0.00008 0.098576827 1,170.56 1,442.61 6.00%
08/31/1996 0.848621 1,407.401 1,194.35 0.00008 0.09941727 1,191.38 1,442.61 6.00%
09/30/1996 0.871455 1,407.401 1,226.49 0.00008 0.097921633 1,223.34 1,442.61 6.00%
10/31/1996 0.875202 1,407.401 1,231.76 0.00008 0.103899993 1,228.49 1,442.61 6.00%
11/30/1996 0.892767 1,407.401 1,256.48 0.00008 0.100972138 1,253.05 1,442.61 6.00%
12/31/1996 0.905980 1,407.401 1,275.08 0.00008 0.106423423 1,271.49 1,442.61 6.00%
01/31/1997 0.912179 1,407.401 1,283.80 0.00008 0.107989446 1,280.08 1,442.61 6.00%
02/28/1997 0.931400 1,407.401 1,310.85 0.00008 0.098197969 1,306.96 1,442.61 6.00%
03/31/1997 0.910202 1,407.401 1,281.02 0.00008 0.111001678 1,277.10 1,442.61 6.00%
04/30/1997 0.916174 1,407.401 1,289.42 0.00008 0.104967074 1,285.37 1,442.61 6.00%
05/31/1997 0.940350 1,407.401 1,323.45 0.00008 0.109168673 1,319.18 1,442.61 6.00%
06/30/1997 0.954351 1,407.401 1,343.15 0.00008 0.10842592 1,338.71 1,442.61 6.00%
07/31/1997 0.978662 1,407.401 1,377.37 0.00008 0.113699074 1,372.70 1,442.61 6.00%
08/31/1997 0.977960 1,407.401 1,376.38 0.00008 0.116585767 1,371.60 1,442.61 6.00%
09/30/1997 1.000162 1,407.401 1,407.63 0.00008 0.112734531 1,402.63 1,442.61 6.00%
10/31/1997 0.997113 1,407.401 1,403.34 0.00008 0.119127405 1,398.23 1,442.61 6.00%
11/30/1997 1.005274 1,407.401 1,414.82 0.00008 0.114923352 1,409.56 1,442.61 6.00%
12/31/1997 1.017100 1,407.401 1,431.47 0.00008 0.119716275 1,426.03 1,442.61 6.00%
01/31/1998 1.037250 1,407.401 1,459.83 0.00008 0.121114485 1,454.16 1,442.61 6.00%
02/28/1998 1.040777 1,407.401 1,464.79 0.00008 0.111551662 1,458.99 1,442.61 6.00%
03/31/1998 1.049568 1,407.401 1,477.16 0.00008 0.123914128 1,471.19 1,442.61 6.00%
04/30/1998 1.049311 1,407.401 1,476.80 0.00008 0.120919566 1,470.71 1,442.61 6.00%
05/31/1998 1.049969 1,407.401 1,477.73 0.00008 0.124909317 1,471.50 1,442.61 6.00%
06/30/1998 1.050663 1,407.401 1,478.70 0.00008 0.120945484 1,472.36 1,442.61 6.00%
07/31/1998 1.063668 1,407.401 1,497.01 0.00008 0.125049446 1,490.46 1,442.61 6.00%
08/31/1998 0.995982 1,407.401 1,401.75 0.00008 0.126586595 1,395.48 1,442.61 6.00%
09/30/1998 1.003366 1,407.401 1,412.14 0.00008 0.114697356 1,405.72 1,442.61 6.00%
10/31/1998 0.977556 1,407.401 1,375.81 0.00008 0.119389535 1,369.44 1,442.61 6.00%
11/30/1998 1.034008 1,407.401 1,455.26 0.00008 0.112556406 1,448.41 1,442.61 6.00%
12/31/1998 1.029959 1,407.401 1,449.57 0.00008 0.123015308 1,442.61 1,442.61 6.00%
12/31/1998 1,442.61
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 43.70% 44.26%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 50.00% 1,437.04 4.8384 7.78% 7.87% 1,437.04 1,442.61 5
03/31/1994 50.00% 1,437.87 4.7562 8.90% 8.98% 1,500.30 1,505.25 5
04/30/1994 50.00% 1,437.99 4.6740 9.22% 9.29% 1,510.13 1,514.98 5
05/31/1994 50.00% 1,437.81 4.5890 9.16% 9.24% 1,495.36 1,500.36 5
06/30/1994 50.00% 1,437.72 4.5068 9.23% 9.31% 1,488.38 1,493.45 5
07/31/1994 50.00% 1,437.83 4.4219 9.56% 9.64% 1,497.43 1,502.40 5
08/31/1994 50.00% 1,437.72 4.3370 9.61% 9.69% 1,488.53 1,493.60 5
09/30/1994 50.00% 1,437.65 4.2548 9.70% 9.79% 1,482.94 1,488.06 5
10/31/1994 50.00% 1,437.75 4.1699 10.05% 10.13% 1,490.57 1,495.62 5
11/30/1994 50.00% 1,438.13 4.0877 10.81% 10.89% 1,521.12 1,525.87 5
12/31/1994 50.00% 1,438.00 4.0027 10.86% 10.95% 1,510.83 1,515.67 5
01/31/1995 40.00% 1,427.20 3.9178 10.58% 10.88% 1,482.95 1,498.97 4
02/28/1995 40.00% 1,425.94 3.8411 9.86% 10.19% 1,434.89 1,451.66 4
03/31/1995 40.00% 1,425.62 3.7562 9.85% 10.19% 1,422.96 1,439.92 4
04/30/1995 40.00% 1,424.59 3.6740 9.30% 9.67% 1,386.33 1,403.87 4
05/31/1995 40.00% 1,423.65 3.5890 8.82% 9.22% 1,354.31 1,372.36 4
06/30/1995 40.00% 1,423.54 3.5068 8.95% 9.36% 1,350.70 1,368.79 4
07/31/1995 40.00% 1,422.75 3.4219 8.58% 9.02% 1,325.29 1,343.79 4
08/31/1995 40.00% 1,422.64 3.3370 8.72% 9.17% 1,321.64 1,340.20 4
09/30/1995 40.00% 1,422.06 3.2548 8.49% 8.97% 1,303.59 1,322.43 4
10/31/1995 40.00% 1,421.48 3.1699 8.26% 8.76% 1,285.99 1,305.11 4
11/30/1995 40.00% 1,421.21 3.0877 8.27% 8.80% 1,278.09 1,297.33 4
12/31/1995 40.00% 1,420.53 3.0027 7.95% 8.51% 1,258.27 1,277.83 4
01/31/1996 30.00% 1,399.61 2.9178 6.98% 8.10% 1,217.62 1,255.03 3
02/29/1996 30.00% 1,399.21 2.8384 6.95% 8.11% 1,210.17 1,247.71 3
03/31/1996 30.00% 1,399.71 2.7534 7.47% 8.66% 1,219.53 1,256.91 3
04/30/1996 30.00% 1,399.48 2.6712 7.57% 8.80% 1,215.18 1,252.63 3
05/31/1996 30.00% 1,398.96 2.5863 7.50% 8.79% 1,205.73 1,243.35 3
06/30/1996 30.00% 1,398.94 2.5041 7.74% 9.07% 1,205.29 1,242.92 3
07/31/1996 30.00% 1,398.34 2.4192 7.63% 9.02% 1,194.60 1,232.41 3
08/31/1996 30.00% 1,397.10 2.3342 7.06% 8.54% 1,172.67 1,210.87 3
09/30/1996 30.00% 1,395.18 2.2521 6.01% 7.60% 1,140.47 1,179.24 3
10/31/1996 30.00% 1,394.87 2.1671 6.04% 7.70% 1,135.43 1,174.29 3
11/30/1996 30.00% 1,393.40 2.0849 5.22% 6.99% 1,112.00 1,151.28 3
12/31/1996 30.00% 1,392.29 2.0000 4.64% 6.52% 1,095.01 1,134.58 3
01/31/1997 20.00% 1,383.12 1.9151 4.13% 6.44% 1,080.49 1,126.97 2
02/28/1997 20.00% 1,381.51 1.8384 3.06% 5.52% 1,057.04 1,103.80 2
03/31/1997 20.00% 1,383.30 1.7534 4.66% 7.20% 1,083.16 1,129.60 2
04/30/1997 20.00% 1,382.80 1.6712 4.47% 7.15% 1,075.80 1,122.33 2
05/31/1997 20.00% 1,380.77 1.5863 2.92% 5.80% 1,046.69 1,093.57 2
06/30/1997 20.00% 1,379.60 1.5041 2.02% 5.09% 1,030.54 1,077.61 2
07/31/1997 20.00% 1,377.56 1.4192 0.25% 3.56% 1,003.54 1,050.93 2
08/31/1997 20.00% 1,377.63 1.3342 0.33% 3.86% 1,004.39 1,051.77 2
09/30/1997 20.00% 1,375.76 1.2521 -1.53% 2.27% 980.85 1,028.51 2
10/31/1997 20.00% 1,376.03 1.1671 -1.36% 2.71% 984.12 1,031.74 2
11/30/1997 20.00% 1,375.35 1.0849 -2.24% 2.16% 975.73 1,023.45 2
12/31/1997 20.00% 1,374.36 1.0000 -3.62% 1.16% 963.77 1,011.63 2
01/31/1998 10.00% 1,364.02 0.9151 -6.20% -0.79% 943.12 992.73 1
02/28/1998 10.00% 1,363.73 0.8384 -6.53% -1.12% 944.96 990.58 1
03/31/1998 10.00% 1,363.00 0.7534 -7.35% -1.94% 944.08 985.33 1
04/30/1998 10.00% 1,363.02 0.6712 -7.32% -1.91% 950.24 987.14 1
05/31/1998 10.00% 1,362.98 0.5863 -7.38% -1.96% 956.08 988.44 1
06/30/1998 10.00% 1,362.93 0.5041 -7.43% -2.02% 961.82 989.76 1
07/31/1998 10.00% 1,361.84 0.4192 -8.63% -3.21% 962.88 986.42 1
08/31/1998 10.00% 1,367.54 0.3342 -2.00% 3.38% 993.26 1,011.16 1
09/30/1998 10.00% 1,366.92 0.2521 -2.76% 2.62% 992.97 1,006.55 1
10/31/1998 10.00% 1,369.10 0.1671 -0.02% 5.34% 999.96 1,008.74 1
11/30/1998 10.00% 1,364.36 0.0849 -5.80% -0.40% 994.94 999.66 1
12/31/1998 10.00% 1,364.71 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,448.41 1,364.36 1,442.61 -5.80% -0.40%
09/30/1998 0.25 0.25 1,405.72 1,366.92 1,442.61 -2.76% 2.62%
12/31/1997 1.00 1.00 1,426.03 1,374.36 1,442.61 -3.62% 1.16%
12/31/1997 1.00 1.00 1,426.03 1,374.36 1,442.61 -3.62% 1.16%
12/31/1995 3.00 3.00 1,128.96 1,420.53 1,442.61 7.96% 8.52%
12/31/1993 5.00 5.00 -- -- -- #NUM! #NUM!
12/31/1988 10.01 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.17 0.17 1,369.44 1,369.10 1,442.61 -0.02% 5.34%
03/01/1994 4.83 4.83 1,000.00 1,437.04 1,442.61 7.79% 7.88%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
Federated High Income Bond Fund II
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/01/1994 100 9.96 996
03/31/1994 996 0.07 9.81 100.714 9.49 955.78 -4.04%
04/30/1994 955.78 0.07 9.26 101.475 9.37 950.82 -0.52%
05/31/1994 950.82 0.073 9.36 102.266 9.40 961.30 1.10%
06/30/1994 961.3 0.076 9.5 103.084 9.38 966.93 0.59%
07/31/1994 966.93 0.076 9.25 103.931 9.26 962.40 -0.47%
08/31/1994 962.4 0.076 9.21 104.789 9.25 969.30 0.72%
09/30/1994 969.3 0.076 9.24 105.651 9.22 974.10 0.50%
10/31/1994 974.1 0.075 9.1 106.522 9.11 970.42 -0.38%
11/30/1994 970.42 0.072 9.03 107.371 8.87 952.38 -1.86%
12/31/1994 952.38 0.07 8.75 108.23 8.87 960.00 0.80%
01/31/1995 960 0.07 8.89 109.082 8.91 971.92 1.24%
02/28/1995 971.92 0.07 9.07 109.924 9.14 1,004.71 3.37%
03/31/1995 1004.71 0.066 9.14 110.718 9.16 1,014.18 0.94%
04/30/1995 1014.18 0.066 9.26 111.507 9.34 1,041.48 2.69%
05/31/1995 1041.48 0.066 9.45 112.286 9.50 1,066.72 2.42%
06/30/1995 1066.72 0.066 9.41 113.074 9.47 1,070.81 0.38%
07/31/1995 1070.81 0.068 9.55 113.879 9.59 1,092.10 1.99%
08/31/1995 1092.1 0.068 9.57 114.688 9.56 1,096.42 0.40%
09/30/1995 1096.42 0.07 9.6 115.524 9.63 1,112.50 1.47%
10/31/1995 1112.5 0.07 9.69 116.359 9.70 1,128.68 1.45%
11/30/1995 1128.68 0.07 9.68 117.2 9.70 1,136.84 0.72%
12/31/1995 1136.84 0.07 9.73 118.043 9.79 1,155.64 1.65%
01/31/1996 1155.64 0.07 9.86 118.881 9.91 1,178.11 1.94%
02/29/1996 1178.11 0.07 9.93 119.719 9.91 1,186.42 0.71%
03/31/1996 1186.42 0.07 9.76 120.578 9.78 1,179.25 -0.60%
04/30/1996 1179.25 0.075 9.69 121.511 9.75 1,184.73 0.46%
05/31/1996 1184.73 0.075 9.74 122.447 9.76 1,195.08 0.87%
06/30/1996 1195.08 0.075 9.65 123.399 9.70 1,196.97 0.16%
07/31/1996 1196.97 0.075 9.71 124.352 9.72 1,208.70 0.98%
08/31/1996 1208.7 0.075 9.8 125.304 9.83 1,231.74 1.91%
09/30/1996 1231.74 0.075 9.92 126.251 10.03 1,266.30 2.81%
10/31/1996 1266.3 0.075 10 127.198 10.01 1,273.25 0.55%
11/30/1996 1273.25 0.072 10.1 128.105 10.15 1,300.27 2.12%
12/31/1996 1300.27 0.072 10.19 129.01 10.24 1,321.06 1.60%
01/31/1997 1321.06 0.072 10.22 129.919 10.25 1,331.67 0.80%
02/28/1997 1331.67 0.077 10.4 130.881 10.40 1,361.16 2.21%
03/31/1997 1361.16 0.1167 10.15 132.386 10.06 1,331.80 -2.16%
04/30/1997 1331.8 0.077 9.98 133.407 10.06 1,342.07 0.77%
05/31/1997 1342.07 0.077 10.21 134.413 10.26 1,379.08 2.76%
06/30/1997 1379.08 0.075 10.4 135.382 10.35 1,401.20 1.60%
07/31/1997 1401.2 0.075 10.43 136.356 10.55 1,438.56 2.67%
08/31/1997 1438.56 0.075 10.48 137.332 10.48 1,439.24 0.05%
09/30/1997 1439.24 0 10 137.332 10.73 1,473.57 2.39%
10/31/1997 1473.57 0 10 137.332 10.71 1,470.83 -0.19%
11/30/1997 1470.83 0 10 137.332 10.81 1,484.56 0.93%
12/31/1997 1484.56 0 10 137.332 10.95 1,503.79 1.30%
01/31/1998 1503.79 0 10 137.332 11.18 1,535.37 2.10%
02/28/1998 1535.37 0 10 137.332 11.23 1,542.24 0.45%
03/31/1998 1542.24 0.3276 10.99 141.426 11.01 1,557.10 0.96%
04/30/1998 1557.1 0 10 141.426 11.02 1,558.51 0.09%
05/31/1998 1558.51 0 10 141.426 11.04 1,561.34 0.18%
06/30/1998 1561.34 0 10 141.426 11.06 1,564.17 0.18%
07/31/1998 1564.17 0 10 141.426 11.21 1,585.39 1.36%
08/31/1998 1585.39 0 10 141.426 10.51 1,486.39 -6.24%
09/30/1998 1486.39 0 10 141.426 10.60 1,499.12 0.86%
10/31/1998 1499.12 0 10 141.426 10.34 1,462.34 -2.45%
0.46821285
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/01/1994 1,000 0.710529506
03/31/1994 0.00115 1.150684932 958.467789 0.08 0.681019644
04/30/1994 0.00115 1.102894442 952.3909463 0.16 0.676701868
05/31/1994 0.00119 1.132431975 961.7558294 0.24 0.683355894
06/30/1994 0.00115 1.106677941 966.2818211 0.32 0.686571745
07/31/1994 0.00119 1.148948795 960.605909 0.40 0.682538842
08/31/1994 0.00119 1.142199903 966.3508462 0.49 0.686620789
09/30/1994 0.00115 1.111965357 970.0242765 0.57 0.68923087
10/31/1994 0.00119 1.153398729 965.2062753 0.65 0.685807538
11/30/1994 0.00115 1.110648317 946.1525495 0.71 0.672269303
12/31/1994 0.00119 1.125014264 952.5977094 0.80 0.676848779
01/31/1995 0.00119 1.132677824 963.2931198 0.89 0.684448184
02/28/1995 0.00107 1.034550419 994.7575213 0.99 0.70680457
03/31/1995 0.00119 1.182807573 1002.950906 1.08 0.712626211
04/30/1995 0.00115 1.154080494 1028.794557 1.20 0.730988888
05/31/1995 0.00119 1.223279008 1052.50385 1.31 0.74783504
06/30/1995 0.00115 1.21110032 1055.328242 1.40 0.749841854
07/31/1995 0.00119 1.254828649 1075.055603 1.52 0.763858726
08/31/1995 0.00119 1.278285292 1078.029895 1.61 0.765972048
09/30/1995 0.00115 1.240472756 1092.599715 1.72 0.776324335
10/31/1995 0.00119 1.299145962 1107.191143 1.84 0.786691975
11/30/1995 0.00115 1.274028164 1113.921757 1.94 0.791474275
12/31/1995 0.00119 1.324498746 1131.018258 2.06 0.803621843
01/31/1996 0.00119 1.344827188 1151.664691 2.20 0.818291743
02/29/1996 0.00111 1.281029766 1158.507125 2.30 0.823153494
03/31/1996 0.00119 1.377512581 1150.1283 2.38 0.817200093
04/30/1996 0.00115 1.323435305 1154.149536 2.49 0.820057299
05/31/1996 0.00119 1.372331229 1162.860049 2.60 0.826246375
06/30/1996 0.00115 1.338085535 1163.361008 2.70 0.826602322
07/31/1996 0.00119 1.383284048 1173.378364 2.82 0.833719949
08/31/1996 0.00119 1.395195096 1194.349875 2.97 0.848620826
09/30/1996 0.00115 1.374320404 1226.486467 3.15 0.871454823
10/31/1996 0.00119 1.458342813 1231.759611 3.27 0.875201547
11/30/1996 0.00115 1.417367223 1256.481764 3.43 0.892767367
12/31/1996 0.00119 1.494008454 1275.077626 3.59 0.905980275
01/31/1997 0.00119 1.516119698 1283.802202 3.72 0.912179344
02/28/1997 0.00107 1.378768393 1310.853396 3.90 0.931400015
03/31/1997 0.00119 1.558658558 1281.019842 3.92 0.910202395
04/30/1997 0.00115 1.474050229 1289.424208 4.05 0.916173945
05/31/1997 0.00119 1.533178373 1323.449227 4.27 0.940349725
06/30/1997 0.00115 1.522873083 1343.154054 4.44 0.954350586
07/31/1997 0.00119 1.597065368 1377.369317 4.67 0.97866154
08/31/1997 0.00119 1.637748723 1376.382644 4.78 0.97796048
09/30/1997 0.00115 1.583782769 1407.629533 5.00 1.000162316
10/31/1997 0.00119 1.673729363 1403.338416 5.10 0.997113351
11/30/1997 0.00115 1.614800369 1414.82359 5.26 1.005273906
12/31/1997 0.00119 1.682283392 1431.467988 5.44 1.017100242
01/31/1998 0.00119 1.702074265 1459.827132 5.67 1.03725025
02/28/1998 0.00107 1.567814344 1464.791301 5.80 1.040777439
03/31/1998 0.00119 1.741697054 1477.16336 5.98 1.049568152 .2577 OI .0443 ST/.0256 LT
04/30/1998 0.00115 1.69974962 1476.801226 6.09 1.049310845
05/31/1998 0.00119 1.755977348 1477.726878 6.22 1.049968548
06/30/1998 0.00115 1.700398052 1478.704928 6.35 1.050663481
07/31/1998 0.00119 1.758240928 1497.007242 6.55 1.063667816
08/31/1998 0.00119 1.780003132 1401.746318 6.26 0.995982118
09/30/1998 0.00115 1.612968366 1412.13843 6.42 1.00336602
10/31/1998 0.00119 1.679090626 1375.813379 6.38 0.977556
0.375813379 0.375813379
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO (1.25%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 ---------------------------
AUV 0.900955 1 6.00% 10%
Units purchased 1,109.933 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 0.900955 1,109.933 1,000.00 1,000.00 1,109.07 6.00%
03/31/1998 0.918604 1,109.933 1,019.59 0.00003 0.032876715 1,019.56 1,109.07 6.00%
04/30/1998 0.959448 1,109.933 1,064.92 0.00008 0.083799144 1,064.80 1,109.07 6.00%
05/31/1998 0.980742 1,109.933 1,088.56 0.00008 0.090435474 1,088.35 1,109.07 6.00%
06/30/1998 0.988363 1,109.933 1,097.02 0.00008 0.089453162 1,096.71 1,109.07 6.00%
07/31/1998 0.989468 1,109.933 1,098.24 0.00008 0.09314558 1,097.85 1,109.07 6.00%
08/31/1998 0.875049 1,109.933 971.25 0.00008 0.09324186 970.80 1,109.07 6.00%
09/30/1998 0.864116 1,109.933 959.11 0.00008 0.079791961 958.59 1,109.07 6.00%
10/31/1998 0.948394 1,109.933 1,052.65 0.00008 0.081414813 1,052.00 1,109.07 6.00%
11/30/1998 0.980320 1,109.933 1,088.09 0.00008 0.086466075 1,087.33 1,109.07 6.00%
12/31/1998 1.000000 1,109.933 1,109.93 0.00008 0.092348701 1,109.07 1,109.07 6.00%
12/31/1998 1,109.07
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 5.57% 10.91%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 10.00% 1,055.72 0.7863 5.57% 10.91% 1,043.56 1,084.80 1
03/31/1998 10.00% 1,054.55 0.7534 3.43% 8.78% 1,025.75 1,065.45 1
04/30/1998 10.00% 1,051.83 0.6712 -1.22% 4.16% 991.81 1,027.71 1
05/31/1998 10.00% 1,050.42 0.5863 -3.48% 1.90% 979.42 1,011.12 1
06/30/1998 10.00% 1,049.92 0.5041 -4.27% 1.13% 978.26 1,005.66 1
07/31/1998 10.00% 1,049.85 0.4192 -4.37% 1.02% 981.43 1,004.27 1
08/31/1998 10.00% 1,057.47 0.3342 8.93% 14.24% 1,028.99 1,045.50 1
09/30/1998 10.00% 1,058.21 0.2521 10.39% 15.70% 1,025.24 1,037.44 1
10/31/1998 10.00% 1,052.60 0.1671 0.06% 5.42% 1,000.09 1,008.87 1
11/30/1998 10.00% 1,050.48 0.0849 -3.39% 2.00% 997.08 1,001.68 1
12/31/1998 10.00% 1,049.18 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,087.33 1,050.48 1,109.07 -3.39% 2.00%
09/30/1998 0.25 0.25 958.59 1,058.21 1,109.07 10.39% 15.70%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,052.00 1,052.60 1,109.07 0.06% 5.42%
03/19/1998 0.79 0.79 1,000.00 1,055.72 1,109.07 5.57% 10.91%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.75 1275 2.00%
04/30/1998 1275 0 10 100 13.33 1333 4.55%
05/31/1998 1333 0 10 100 13.64 1364 2.33%
06/30/1998 1364 0 10 100 13.76 1376 0.88%
07/31/1998 1376 0 10 100 13.79 1379 0.22%
08/31/1998 1379 0 10 100 12.21 1221 -11.46%
09/30/1998 1221 0 10 100 12.07 1207 -1.15%
10/31/1998 1207 0 10 100 13.26 1326 9.86%
11/30/1998 1326 0 10 100 13.72 1372 3.47%
12/31/1998 1372 0 10 100 14.01 1401 2.11%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/19/1998 1,250 0.900955363
03/31/1998 0.00041 0.51369863 1274.486301 254.93 0.918604214
04/30/1998 0.00103 1.30940373 1331.153529 266.35 0.959447929
05/31/1998 0.00106 1.41321094 1360.697377 272.35 0.980742079
06/30/1998 0.00103 1.39797676 1371.270345 274.56 0.988362697
07/31/1998 0.00106 1.45580071 1372.804233 274.96 0.989468268
08/31/1998 0.00106 1.45742915 1214.056688 243.25 0.875048707
09/30/1998 0.00103 1.24731852 1198.888982 240.30 0.864116366
10/31/1998 0.00106 1.2727931 1315.816511 263.81 0.948393553
11/30/1998 0.00103 1.35186628 1360.111371 272.78 0.980319707
12/31/1998 0.00106 1.44395385 1387.416127 278.35 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO (1.40%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 ---------------------------
AUV 0.902010 1 6.00% 10%
Units purchased 1,108.635 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 0.902010 1,108.635 1,000.00 1,000.00 1,107.77 6.00%
03/31/1998 0.919635 1,108.635 1,019.54 0.00003 0.032876706 1,019.51 1,107.77 6.00%
04/30/1998 0.960411 1,108.635 1,064.75 0.00008 0.083795067 1,064.63 1,107.77 6.00%
05/31/1998 0.981604 1,108.635 1,088.24 0.00008 0.0904204 1,088.03 1,107.77 6.00%
06/30/1998 0.989111 1,108.635 1,096.56 0.00008 0.089427103 1,096.26 1,107.77 6.00%
07/31/1998 0.990091 1,108.635 1,097.65 0.00008 0.093107052 1,097.25 1,107.77 6.00%
08/31/1998 0.875473 1,108.635 970.58 0.00008 0.093191432 970.14 1,107.77 6.00%
09/30/1998 0.864428 1,108.635 958.33 0.00008 0.079737317 957.82 1,107.77 6.00%
10/31/1998 0.948625 1,108.635 1,051.68 0.00008 0.0813489 1,051.03 1,107.77 6.00%
11/30/1998 0.980442 1,108.635 1,086.95 0.00008 0.086386043 1,086.20 1,107.77 6.00%
12/31/1998 1.000000 1,108.635 1,108.64 0.00008 0.092252218 1,107.77 1,107.77 6.00%
12/31/1998 1,107.77
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 5.44% 10.78%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 10.00% 1,054.42 0.7863 5.44% 10.78% 1,042.54 1,083.80 1
03/31/1998 10.00% 1,053.25 0.7534 3.31% 8.66% 1,024.83 1,064.55 1
04/30/1998 10.00% 1,050.54 0.6712 -1.32% 4.05% 991.10 1,027.02 1
05/31/1998 10.00% 1,049.14 0.5863 -3.57% 1.81% 978.88 1,010.60 1
06/30/1998 10.00% 1,048.64 0.5041 -4.34% 1.05% 977.86 1,005.28 1
07/31/1998 10.00% 1,048.58 0.4192 -4.44% 0.96% 981.16 1,004.01 1
08/31/1998 10.00% 1,056.21 0.3342 8.87% 14.19% 1,028.82 1,045.33 1
09/30/1998 10.00% 1,056.95 0.2521 10.35% 15.66% 1,025.14 1,037.35 1
10/31/1998 10.00% 1,051.36 0.1671 0.03% 5.40% 1,000.05 1,008.82 1
11/30/1998 10.00% 1,049.25 0.0849 -3.40% 1.99% 997.07 1,001.67 1
12/31/1998 10.00% 1,047.95 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO (1.40%) ---------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 ---------------------------
AUV 0.902010 1 6.00% 10%
Units purchased 1,108.635 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
---------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,086.20 1,049.25 1,107.77 -3.40% 1.99%
09/30/1998 0.25 0.25 957.82 1,056.95 1,107.77 10.35% 15.66%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,051.03 1,051.36 1,107.77 0.03% 5.40%
03/19/1998 0.79 0.79 1,000.00 1,054.42 1,107.77 5.44% 10.78%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
MENTOR PERPETUAL VIP INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/19/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.75 1275 2.00%
04/30/1998 1275 0 10 100 13.33 1333 4.55%
05/31/1998 1333 0 10 100 13.64 1364 2.33%
06/30/1998 1364 0 10 100 13.76 1376 0.88%
07/31/1998 1376 0 10 100 13.79 1379 0.22%
08/31/1998 1379 0 10 100 12.21 1221 -11.46%
09/30/1998 1221 0 10 100 12.07 1207 -1.15%
10/31/1998 1207 0 10 100 13.26 1326 9.86%
11/30/1998 1326 0 10 100 13.72 1372 3.47%
12/31/1998 1372 0 10 100 14.01 1401 2.11%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/19/1998 1,250 0.902009956
03/31/1998 0.00046 0.57534247 1274.424658 254.92 0.919634983
04/30/1998 0.00115 1.46646125 1330.932024 266.30 0.960411149
05/31/1998 0.00119 1.58253287 1360.301399 272.27 0.981604323
06/30/1998 0.00115 1.56527832 1370.703581 274.44 0.989110621
07/31/1998 0.00119 1.62982289 1372.062211 274.81 0.990091019
08/31/1998 0.00119 1.63143835 1213.225675 243.09 0.87547331
09/30/1998 0.00115 1.3960405 1197.918775 240.10 0.864427729
10/31/1998 0.00119 1.42437465 1314.599068 263.57 0.948625158
11/30/1998 0.00115 1.51268934 1358.690872 272.50 0.980442154
12/31/1998 0.00119 1.61553928 1385.794017 278.02 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.930020 1 6.00% 10%
Units purchased 1,075.246 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 0.930020 1,075.246 1,000.00 1,000.00 1,074.36 6.00%
03/31/1998 0.929128 1,075.246 999.04 0.00008 0.076712318 998.96 1,074.36 6.00%
04/30/1998 0.919254 1,075.246 988.42 0.00008 0.082106651 988.27 1,074.36 6.00%
05/31/1998 0.907140 1,075.246 975.40 0.00008 0.083934899 975.16 1,074.36 6.00%
06/30/1998 0.944778 1,075.246 1,015.87 0.00008 0.080150013 1,015.54 1,074.36 6.00%
07/31/1998 0.918581 1,075.246 987.70 0.00008 0.086251227 987.29 1,074.36 6.00%
08/31/1998 0.792513 1,075.246 852.15 0.00008 0.083852301 851.71 1,074.36 6.00%
09/30/1998 0.835316 1,075.246 898.17 0.00008 0.070003654 897.64 1,074.36 6.00%
10/31/1998 0.902377 1,075.246 970.28 0.00008 0.076238085 969.63 1,074.36 6.00%
11/30/1998 0.956788 1,075.246 1,028.78 0.00008 0.079695657 1,028.02 1,074.36 6.00%
12/31/1998 1.000000 1,075.246 1,075.25 0.00008 0.087311017 1,074.36 1,074.36 6.00%
12/31/1998 1,074.36
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 2.08% 7.44%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 1,020.80 0.8301 2.08% 7.44% 1,017.24 1,061.35 1
03/31/1998 10.00% 1,020.87 0.7534 2.19% 7.55% 1,016.47 1,056.35 1
04/30/1998 10.00% 1,021.51 0.6712 3.36% 8.71% 1,022.45 1,057.66 1
05/31/1998 10.00% 1,022.29 0.5863 4.83% 10.17% 1,028.06 1,058.44 1
06/30/1998 10.00% 1,019.87 0.5041 0.43% 5.79% 1,002.15 1,028.79 1
07/31/1998 10.00% 1,021.57 0.4192 3.47% 8.82% 1,014.41 1,036.06 1
08/31/1998 10.00% 1,029.70 0.3342 20.90% 26.14% 1,065.48 1,080.70 1
09/30/1998 10.00% 1,026.95 0.2521 14.40% 19.69% 1,034.51 1,046.35 1
10/31/1998 10.00% 1,022.63 0.1671 5.47% 10.80% 1,008.93 1,017.29 1
11/30/1998 10.00% 1,019.12 0.0849 -0.87% 4.51% 999.26 1,003.75 1
12/31/1998 10.00% 1,016.34 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.930020 1 6.00% 10%
Units purchased 1,075.246 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,028.02 1,019.12 1,074.36 -0.87% 4.51%
09/30/1998 0.25 0.25 897.64 1,026.95 1,074.36 14.40% 19.69%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 969.63 1,022.63 1,074.36 5.47% 10.80%
03/03/1998 0.83 0.83 1,000.00 1,020.80 1,074.36 2.08% 7.44%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
MENTOR VIP CAPITAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.38 1238 -0.96%
05/31/1998 1238 0 10 100 12.23 1223 -1.21%
06/30/1998 1223 0 10 100 12.75 1275 4.25%
07/31/1998 1275 0 10 100 12.41 1241 -2.67%
08/31/1998 1241 0 10 100 10.72 1072 -13.62%
09/30/1998 1072 0 10 100 11.31 1131 5.50%
10/31/1998 1131 0 10 100 12.23 1223 8.13%
11/30/1998 1223 0 10 100 12.98 1298 6.13%
12/31/1998 1298 0 10 100 13.58 1358 4.62%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 0.930019609
03/31/1998 0.00096 1.19863014 1248.80137 249.84 0.92912781
04/30/1998 0.00103 1.28301511 1235.529862 247.26 0.919253599
05/31/1998 0.00106 1.31169266 1219.248098 244.09 0.907139712
06/30/1998 0.00103 1.25265216 1269.835921 254.30 0.944777846
07/31/1998 0.00106 1.34811348 1234.625516 247.33 0.918580752
08/31/1998 0.00106 1.31073257 1065.182864 213.47 0.792512761
09/30/1998 0.00103 1.09436596 1122.713301 225.07 0.835316309
10/31/1998 0.00106 1.19192166 1212.847307 243.22 0.902377423
11/30/1998 0.00103 1.246076 1285.978621 257.96 0.956788268
12/31/1998 0.00106 1.36525128 1344.057682 269.70 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.931173 1 6.00% 10%
Units purchased 1,073.915 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 0.931173 1,073.915 1,000.00 1,000.00 1,073.03 6.00%
03/31/1998 0.930173 1,073.915 998.93 0.00008 0.076712355 998.85 1,073.03 6.00%
04/30/1998 0.920173 1,073.915 988.19 0.00008 0.082097232 988.03 1,073.03 6.00%
05/31/1998 0.907929 1,073.915 975.04 0.00008 0.083914813 974.80 1,073.03 6.00%
06/30/1998 0.945488 1,073.915 1,015.37 0.00008 0.080120486 1,015.04 1,073.03 6.00%
07/31/1998 0.919151 1,073.915 987.09 0.00008 0.086209246 986.68 1,073.03 6.00%
08/31/1998 0.792888 1,073.915 851.49 0.00008 0.083800504 851.06 1,073.03 6.00%
09/30/1998 0.835614 1,073.915 897.38 0.00008 0.069950081 896.85 1,073.03 6.00%
10/31/1998 0.902592 1,073.915 969.31 0.00008 0.076170829 968.66 1,073.03 6.00%
11/30/1998 0.956905 1,073.915 1,027.63 0.00008 0.07961596 1,026.87 1,073.03 6.00%
12/31/1998 1.000000 1,073.915 1,073.92 0.00008 0.087213561 1,073.03 1,073.03 6.00%
12/31/1998 1,073.03
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 1.95% 7.30%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 1,019.47 0.8301 1.95% 7.30% 1,016.13 1,060.25 1
03/31/1998 10.00% 1,019.54 0.7534 2.07% 7.43% 1,015.56 1,055.45 1
04/30/1998 10.00% 1,020.18 0.6712 3.25% 8.60% 1,021.73 1,056.96 1
05/31/1998 10.00% 1,020.98 0.5863 4.74% 10.08% 1,027.51 1,057.90 1
06/30/1998 10.00% 1,018.56 0.5041 0.35% 5.71% 1,001.75 1,028.40 1
07/31/1998 10.00% 1,020.27 0.4192 3.40% 8.75% 1,014.13 1,035.79 1
08/31/1998 10.00% 1,028.40 0.3342 20.84% 26.08% 1,065.30 1,080.53 1
09/30/1998 10.00% 1,025.66 0.2521 14.36% 19.64% 1,034.41 1,046.25 1
10/31/1998 10.00% 1,021.35 0.1671 5.44% 10.77% 1,008.89 1,017.25 1
11/30/1998 10.00% 1,017.85 0.0849 -0.88% 4.50% 999.25 1,003.74 1
12/31/1998 10.00% 1,015.08 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP CAPITAL GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.931173 1 6.00% 10%
Units purchased 1,073.915 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,026.87 1,017.85 1,073.03 -0.88% 4.50%
09/30/1998 0.25 0.25 896.85 1,025.66 1,073.03 14.36% 19.64%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 968.66 1,021.35 1,073.03 5.44% 10.77%
03/03/1998 0.83 0.83 1,000.00 1,019.47 1,073.03 1.95% 7.30%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
MENTOR VIP CAPITAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.38 1238 -0.96%
05/31/1998 1238 0 10 100 12.23 1223 -1.21%
06/30/1998 1223 0 10 100 12.75 1275 4.25%
07/31/1998 1275 0 10 100 12.41 1241 -2.67%
08/31/1998 1241 0 10 100 10.72 1072 -13.62%
09/30/1998 1072 0 10 100 11.31 1131 5.50%
10/31/1998 1131 0 10 100 12.23 1223 8.13%
11/30/1998 1223 0 10 100 12.98 1298 6.13%
12/31/1998 1298 0 10 100 13.58 1358 4.62%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 0.931172715
03/31/1998 0.00107 1.34246575 1248.657534 249.81 0.930172661
04/30/1998 0.00115 1.43681141 1235.233611 247.20 0.920172668
05/31/1998 0.00119 1.46874353 1218.798385 244.00 0.907929441
06/30/1998 0.00115 1.40245294 1269.217287 254.17 0.945488405
07/31/1998 0.00119 1.50915151 1233.862341 247.18 0.919151157
08/31/1998 0.00119 1.46711303 1064.367238 213.31 0.792887784
09/30/1998 0.00115 1.22475134 1121.7224 224.87 0.835613834
10/31/1998 0.00119 1.33377403 1211.633949 242.97 0.902592379
11/30/1998 0.00115 1.39420893 1284.542721 257.67 0.956904907
12/31/1998 0.00119 1.52737409 1342.393285 269.37 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.102274 1 6.00% 10%
Units purchased 907.216 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 1.102274 907.216 1,000.00 1,000.00 906.45 6.00%
03/31/1998 1.101217 907.216 999.04 0.00008 0.076712355 998.96 906.45 6.00%
04/30/1998 1.079823 907.216 979.63 0.00008 0.08210669 979.48 906.45 6.00%
05/31/1998 1.010913 907.216 917.12 0.00008 0.083188316 916.89 906.45 6.00%
06/30/1998 1.019544 907.216 924.95 0.00008 0.075360462 924.64 906.45 6.00%
07/31/1998 0.939427 907.216 852.26 0.00008 0.078530939 851.90 906.45 6.00%
08/31/1998 0.788437 907.216 715.28 0.00008 0.072353227 714.91 906.45 6.00%
09/30/1998 0.824421 907.216 747.93 0.00008 0.058759425 747.48 906.45 6.00%
10/31/1998 0.861178 907.216 781.27 0.00008 0.063484211 780.74 906.45 6.00%
11/30/1998 0.909254 907.216 824.89 0.00008 0.06417031 824.26 906.45 6.00%
12/31/1998 1.000000 907.216 907.22 0.00008 0.070005615 906.45 906.45 6.00%
12/31/1998 906.45
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -14.81% -9.35%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 851.89 0.8301 -14.81% -9.35% 875.41 921.71 1
03/31/1998 10.00% 851.95 0.7534 -14.72% -9.26% 886.98 929.40 1
04/30/1998 10.00% 853.12 0.6712 -12.90% -7.46% 911.47 949.33 1
05/31/1998 10.00% 856.88 0.5863 -6.54% -1.14% 961.09 993.31 1
06/30/1998 10.00% 856.41 0.5041 -7.38% -1.97% 962.10 990.04 1
07/31/1998 10.00% 860.78 0.4192 1.04% 6.40% 1,004.35 1,026.36 1
08/31/1998 10.00% 869.00 0.3342 21.55% 26.79% 1,067.41 1,082.57 1
09/30/1998 10.00% 867.04 0.2521 16.00% 21.27% 1,038.12 1,049.82 1
10/31/1998 10.00% 865.05 0.1671 10.80% 16.10% 1,017.28 1,025.26 1
11/30/1998 10.00% 862.44 0.0849 4.63% 9.97% 1,003.85 1,008.10 1
12/31/1998 10.00% 857.50 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.102274 1 6.00% 10%
Units purchased 907.216 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 824.26 862.44 906.45 4.63% 9.97%
09/30/1998 0.25 0.25 747.48 867.04 906.45 16.00% 21.27%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 780.74 865.05 906.45 10.80% 16.10%
03/03/1998 0.83 0.83 1,000.00 851.89 906.45 -14.81% -9.35%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
MENTOR VIP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.27 1227 -1.84%
05/31/1998 1227 0 10 100 11.50 1150 -6.28%
06/30/1998 1150 0 10 100 11.61 1161 0.96%
07/31/1998 1161 0 10 100 10.71 1071 -7.75%
08/31/1998 1071 0 10 100 9.00 900 -15.97%
09/30/1998 900 0 10 100 9.42 942 4.67%
10/31/1998 942 0 10 100 9.85 985 4.56%
11/30/1998 985 0 10 100 10.41 1041 5.69%
12/31/1998 1041 0 10 100 11.46 1146 10.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 1.102273707
03/31/1998 0.00096 1.19863014 1248.80137 249.84 1.101216732
04/30/1998 0.00103 1.28301511 1224.54041 245.07 1.079822957
05/31/1998 0.00106 1.30002578 1146.394735 229.51 1.010912619
06/30/1998 0.00103 1.17780281 1156.182447 231.54 1.019543609
07/31/1998 0.00106 1.22745397 1065.328446 213.43 0.939426829
08/31/1998 0.00106 1.13099938 894.1029892 179.20 0.788436973
09/30/1998 0.00103 0.91859896 934.9091964 187.43 0.82442066
10/31/1998 0.00106 0.99254059 976.592978 195.85 0.86117821
11/30/1998 0.00103 1.00334895 1031.111666 206.85 0.909253823
12/31/1998 0.00106 1.09467334 1134.019611 227.57 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.103665 1 6.00% 10%
Units purchased 906.072 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 1.103665 906.072 1,000.00 1,000.00 905.31 6.00%
03/31/1998 1.102480 906.072 998.93 0.00008 0.076712359 998.85 905.31 6.00%
04/30/1998 1.080926 906.072 979.40 0.00008 0.082097236 979.24 905.31 6.00%
05/31/1998 1.011807 906.072 916.77 0.00008 0.083168279 916.54 905.31 6.00%
06/30/1998 1.020321 906.072 924.48 0.00008 0.075332057 924.18 905.31 6.00%
07/31/1998 0.940014 906.072 851.72 0.00008 0.078491741 851.36 905.31 6.00%
08/31/1998 0.788810 906.072 714.72 0.00008 0.072307113 714.34 905.31 6.00%
09/30/1998 0.824713 906.072 747.25 0.00008 0.058713061 746.80 905.31 6.00%
10/31/1998 0.861379 906.072 780.47 0.00008 0.063426638 779.94 905.31 6.00%
11/30/1998 0.909359 906.072 823.94 0.00008 0.064104296 823.32 905.31 6.00%
12/31/1998 1.000000 906.072 906.07 0.00008 0.06992543 905.31 905.31 6.00%
12/31/1998 905.31
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -14.93% -9.47%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 10.00% 850.74 0.8301 -14.93% -9.47% 874.43 920.74 1
03/31/1998 10.00% 850.81 0.7534 -14.82% -9.36% 886.16 928.60 1
04/30/1998 10.00% 851.99 0.6712 -12.99% -7.55% 910.80 948.68 1
05/31/1998 10.00% 855.75 0.5863 -6.63% -1.23% 960.56 992.80 1
06/30/1998 10.00% 855.29 0.5041 -7.45% -2.04% 961.70 989.66 1
07/31/1998 10.00% 859.66 0.4192 0.98% 6.34% 1,004.08 1,026.09 1
08/31/1998 10.00% 867.88 0.3342 21.49% 26.73% 1,067.23 1,082.40 1
09/30/1998 10.00% 865.93 0.2521 15.95% 21.23% 1,038.02 1,049.72 1
10/31/1998 10.00% 863.95 0.1671 10.77% 16.07% 1,017.24 1,025.22 1
11/30/1998 10.00% 861.34 0.0849 4.62% 9.96% 1,003.84 1,008.09 1
12/31/1998 10.00% 856.42 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MENTOR VIP GROWTH PORTFOLIO (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.103665 1 6.00% 10%
Units purchased 906.072 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 823.32 861.34 905.31 4.62% 9.96%
09/30/1998 0.25 0.25 746.80 865.93 905.31 15.95% 21.23%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 779.94 863.95 905.31 10.77% 16.07%
03/03/1998 0.83 0.83 1,000.00 850.74 905.31 -14.93% -9.47%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
MENTOR VIP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/03/1998 100 12.5 1250
03/31/1998 1250 0 10 100 12.50 1250 0.00%
04/30/1998 1250 0 10 100 12.27 1227 -1.84%
05/31/1998 1227 0 10 100 11.50 1150 -6.28%
06/30/1998 1150 0 10 100 11.61 1161 0.96%
07/31/1998 1161 0 10 100 10.71 1071 -7.75%
08/31/1998 1071 0 10 100 9.00 900 -15.97%
09/30/1998 900 0 10 100 9.42 942 4.67%
10/31/1998 942 0 10 100 9.85 985 4.56%
11/30/1998 985 0 10 100 10.41 1041 5.69%
12/31/1998 1041 0 10 100 11.46 1146 10.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
03/03/1998 1,250 1.103665481
03/31/1998 0.00107 1.34246575 1248.657534 249.81 1.102480175
04/30/1998 0.00115 1.43681141 1224.245424 245.01 1.080925932
05/31/1998 0.00119 1.45567812 1145.962609 229.42 1.011807499
06/30/1998 0.00115 1.31864191 1155.605348 231.43 1.020321386
07/31/1998 0.00119 1.37406225 1064.649476 213.29 0.940013501
08/31/1998 0.00119 1.26591198 893.3975132 179.06 0.788809597
09/30/1998 0.00115 1.02801906 934.0613781 187.26 0.82471304
10/31/1998 0.00119 1.11063736 975.5883621 195.65 0.861378559
11/30/1998 0.00115 1.12259483 1029.930689 206.62 0.90935916
12/31/1998 0.00119 1.22462992 1132.589558 227.28 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.425539 1 6.00% 10%
Units purchased 2,349.962 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.425539 2,349.962 1,000.00 1,000.00 2,340.75 4.00%
01/31/1995 0.435344 2,349.962 1,023.04 0.00008 0.076712339 1,022.96 2,340.75 4.00%
02/28/1995 0.439178 2,349.962 1,032.05 0.00008 0.07847399 1,031.90 2,340.75 4.00%
03/31/1995 0.436163 2,349.962 1,024.97 0.00008 0.087640398 1,024.72 2,340.75 4.00%
04/30/1995 0.452262 2,349.962 1,062.80 0.00008 0.084223896 1,062.46 2,340.75 4.00%
05/31/1995 0.467041 2,349.962 1,097.53 0.00008 0.090236564 1,097.09 2,340.75 4.00%
06/30/1995 0.476300 2,349.962 1,119.29 0.00008 0.090171903 1,118.75 2,340.75 4.00%
07/31/1995 0.496521 2,349.962 1,166.81 0.00008 0.095017205 1,166.15 2,340.75 4.00%
08/31/1995 0.503178 2,349.962 1,182.45 0.00008 0.099043113 1,181.69 2,340.75 4.00%
09/30/1995 0.525878 2,349.962 1,235.79 0.00008 0.097125016 1,234.90 2,340.75 4.00%
10/31/1995 0.531645 2,349.962 1,249.35 0.00008 0.104881976 1,248.34 2,340.75 4.00%
11/30/1995 0.539946 2,349.962 1,268.85 0.00008 0.102603225 1,267.73 2,340.75 4.00%
12/31/1995 0.563113 2,349.962 1,323.29 0.00008 0.107669945 1,322.01 2,340.75 4.00%
01/31/1996 0.574160 2,349.962 1,349.26 0.00008 0.112280447 1,347.84 2,340.75 6.00%
02/29/1996 0.566879 2,349.962 1,332.14 0.00008 0.107088349 1,330.64 2,340.75 6.00%
03/31/1996 0.563147 2,349.962 1,323.37 0.00008 0.113012896 1,321.76 2,340.75 6.00%
04/30/1996 0.568373 2,349.962 1,335.66 0.00008 0.108638071 1,333.92 2,340.75 6.00%
05/31/1996 0.570893 2,349.962 1,341.58 0.00008 0.113291901 1,339.72 2,340.75 6.00%
06/30/1996 0.583678 2,349.962 1,371.62 0.00008 0.110114108 1,369.61 2,340.75 6.00%
07/31/1996 0.570148 2,349.962 1,339.83 0.00008 0.11632334 1,337.75 2,340.75 6.00%
08/31/1996 0.581992 2,349.962 1,367.66 0.00008 0.113616938 1,365.43 2,340.75 6.00%
09/30/1996 0.590279 2,349.962 1,387.13 0.00008 0.112226792 1,384.76 2,340.75 6.00%
10/31/1996 0.610957 2,349.962 1,435.73 0.00008 0.117609412 1,433.15 2,340.75 6.00%
11/30/1996 0.644915 2,349.962 1,515.53 0.00008 0.117792956 1,512.69 2,340.75 6.00%
12/31/1996 0.659153 2,349.962 1,548.98 0.00008 0.128474638 1,545.95 2,340.75 6.00%
01/31/1997 0.674860 2,349.962 1,585.90 0.00008 0.13130017 1,582.66 2,340.75 6.00%
02/28/1997 0.672765 2,349.962 1,580.97 0.00008 0.121409568 1,577.63 2,340.75 6.00%
03/31/1997 0.657604 2,349.962 1,545.34 0.00008 0.133990175 1,541.94 2,340.75 6.00%
04/30/1997 0.670399 2,349.962 1,575.41 0.00008 0.126734785 1,571.81 2,340.75 6.00%
05/31/1997 0.710534 2,349.962 1,669.73 0.00008 0.1334966 1,665.78 2,340.75 6.00%
06/30/1997 0.731412 2,349.962 1,718.79 0.00008 0.136913599 1,714.59 2,340.75 6.00%
07/31/1997 0.762288 2,349.962 1,791.35 0.00008 0.145622729 1,786.82 2,340.75 6.00%
08/31/1997 0.742314 2,349.962 1,744.41 0.00008 0.151757673 1,739.85 2,340.75 6.00%
09/30/1997 0.789410 2,349.962 1,855.08 0.00008 0.143001706 1,850.09 2,340.75 6.00%
10/31/1997 0.773751 2,349.962 1,818.28 0.00008 0.157131355 1,813.24 2,340.75 6.00%
11/30/1997 0.810687 2,349.962 1,905.08 0.00008 0.149033322 1,899.65 2,340.75 6.00%
12/31/1997 0.857544 2,349.962 2,015.20 0.00008 0.161339996 2,009.29 2,340.75 6.00%
01/31/1998 0.856158 2,349.962 2,011.94 0.00008 0.170651604 2,005.87 2,340.75 6.00%
02/28/1998 0.885812 2,349.962 2,081.62 0.00008 0.153874675 2,075.19 2,340.75 6.00%
03/31/1998 0.953849 2,349.962 2,241.51 0.00008 0.176248735 2,234.40 2,340.75 6.00%
04/30/1998 0.948342 2,349.962 2,228.57 0.00008 0.183649458 2,221.32 2,340.75 6.00%
05/31/1998 0.931564 2,349.962 2,189.14 0.00008 0.188659784 2,181.83 2,340.75 6.00%
06/30/1998 0.950936 2,349.962 2,234.66 0.00008 0.179328515 2,227.02 2,340.75 6.00%
07/31/1998 0.942310 2,349.962 2,214.39 0.00008 0.189144267 2,206.63 2,340.75 6.00%
08/31/1998 0.845962 2,349.962 1,987.98 0.00008 0.187412538 1,980.82 2,340.75 6.00%
09/30/1998 0.911962 2,349.962 2,143.08 0.00008 0.162807461 2,135.20 2,340.75 6.00%
10/31/1998 0.938321 2,349.962 2,205.02 0.00008 0.181345759 2,196.73 2,340.75 6.00%
11/30/1998 0.964660 2,349.962 2,266.91 0.00008 0.180553391 2,258.21 2,340.75 6.00%
12/31/1998 1.000000 2,349.962 2,349.96 0.00008 0.191793582 2,340.75 2,340.75 6.00%
12/31/1998 2,340.75
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 133.82% 134.08%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,338.21 3.9945 23.69% 23.73% 2,338.20 2,340.75 4
01/31/1995 40.00% 2,337.29 3.9178 23.48% 23.53% 2,284.82 2,288.21 4
02/28/1995 40.00% 2,336.93 3.8411 23.72% 23.77% 2,264.70 2,268.40 4
03/31/1995 40.00% 2,337.22 3.7562 24.55% 24.60% 2,280.82 2,284.28 4
04/30/1995 40.00% 2,335.71 3.6740 23.91% 23.99% 2,198.39 2,203.14 4
05/31/1995 40.00% 2,334.32 3.5890 23.41% 23.51% 2,127.74 2,133.60 4
06/30/1995 40.00% 2,333.46 3.5068 23.32% 23.43% 2,085.77 2,092.29 4
07/31/1995 40.00% 2,331.56 3.4219 22.44% 22.58% 1,999.36 2,007.24 4
08/31/1995 40.00% 2,330.94 3.3370 22.58% 22.73% 1,972.55 1,980.86 4
09/30/1995 40.00% 2,328.81 3.2548 21.52% 21.71% 1,885.83 1,895.50 4
10/31/1995 40.00% 2,328.27 3.1699 21.73% 21.94% 1,865.10 1,875.09 4
11/30/1995 40.00% 2,327.50 3.0877 21.75% 21.97% 1,835.96 1,846.42 4
12/31/1995 40.00% 2,325.32 3.0027 20.69% 20.96% 1,758.93 1,770.60 4
01/31/1996 30.00% 2,302.02 2.9178 20.14% 20.83% 1,707.93 1,736.67 3
02/29/1996 30.00% 2,303.05 2.8384 21.32% 22.02% 1,730.79 1,759.12 3
03/31/1996 30.00% 2,303.58 2.7534 22.35% 23.07% 1,742.81 1,770.93 3
04/30/1996 30.00% 2,302.85 2.6712 22.68% 23.43% 1,726.38 1,754.79 3
05/31/1996 30.00% 2,302.50 2.5863 23.29% 24.08% 1,718.64 1,747.19 3
06/30/1996 30.00% 2,300.71 2.5041 23.01% 23.87% 1,679.82 1,709.06 3
07/31/1996 30.00% 2,302.62 2.4192 25.17% 26.02% 1,721.27 1,749.77 3
08/31/1996 30.00% 2,300.96 2.3342 25.05% 25.98% 1,685.16 1,714.30 3
09/30/1996 30.00% 2,299.80 2.2521 25.26% 26.25% 1,660.80 1,690.37 3
10/31/1996 30.00% 2,296.90 2.1671 24.32% 25.41% 1,602.69 1,633.30 3
11/30/1996 30.00% 2,292.13 2.0849 22.06% 23.29% 1,515.27 1,547.42 3
12/31/1996 30.00% 2,290.13 2.0000 21.71% 23.05% 1,481.37 1,514.12 3
01/31/1997 20.00% 2,273.88 1.9151 20.83% 22.67% 1,436.75 1,479.00 2
02/28/1997 20.00% 2,274.18 1.8384 22.01% 23.94% 1,441.52 1,483.72 2
03/31/1997 20.00% 2,276.33 1.7534 24.88% 26.88% 1,476.27 1,518.06 2
04/30/1997 20.00% 2,274.53 1.6712 24.75% 26.91% 1,447.07 1,489.20 2
05/31/1997 20.00% 2,268.90 1.5863 21.51% 23.92% 1,362.06 1,405.20 2
06/30/1997 20.00% 2,265.97 1.5041 20.37% 22.99% 1,321.58 1,365.20 2
07/31/1997 20.00% 2,261.63 1.4192 18.06% 20.96% 1,265.73 1,310.01 2
08/31/1997 20.00% 2,264.45 1.3342 21.84% 24.90% 1,301.52 1,345.37 2
09/30/1997 20.00% 2,257.84 1.2521 17.24% 20.67% 1,220.39 1,265.21 2
10/31/1997 20.00% 2,260.05 1.1671 20.77% 24.46% 1,246.41 1,290.92 2
11/30/1997 20.00% 2,254.86 1.0849 17.12% 21.22% 1,186.99 1,232.20 2
12/31/1997 20.00% 2,248.28 1.0000 11.89% 16.50% 1,118.95 1,164.97 2
01/31/1998 10.00% 2,234.45 0.9151 12.52% 18.38% 1,113.96 1,166.95 1
02/28/1998 10.00% 2,230.29 0.8384 7.47% 12.80% 1,062.29 1,106.23 1
03/31/1998 10.00% 2,220.73 0.7534 -0.61% 4.76% 995.39 1,035.65 1
04/30/1998 10.00% 2,221.52 0.6712 0.01% 5.38% 1,000.06 1,035.78 1
05/31/1998 10.00% 2,223.89 0.5863 1.93% 7.28% 1,011.26 1,042.08 1
06/30/1998 10.00% 2,221.18 0.5041 -0.26% 5.11% 998.68 1,025.43 1
07/31/1998 10.00% 2,222.40 0.4192 0.71% 6.08% 1,002.99 1,025.04 1
08/31/1998 10.00% 2,235.95 0.3342 12.88% 18.17% 1,041.32 1,057.38 1
09/30/1998 10.00% 2,226.69 0.2521 4.28% 9.63% 1,010.63 1,023.44 1
10/31/1998 10.00% 2,222.99 0.1671 1.20% 6.56% 1,001.99 1,010.67 1
11/30/1998 10.00% 2,219.30 0.0849 -1.72% 3.66% 998.53 1,003.05 1
12/31/1998 10.00% 2,214.35 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.425539 1 6.00% 10%
Units purchased 2,349.962 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,258.21 2,219.30 2,340.75 -1.72% 3.66%
09/30/1998 0.25 0.25 2,135.20 2,226.69 2,340.75 4.28% 9.63%
12/31/1997 1.00 1.00 2,009.29 2,248.28 2,340.75 11.89% 16.50%
12/31/1997 1.00 1.00 2,009.29 2,248.28 2,340.75 11.89% 16.50%
12/31/1995 3.00 3.00 1,322.01 2,325.32 2,340.75 20.71% 20.98%
12/31/1993 5.00 5.00 - -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 2,196.73 2,222.99 2,340.75 1.20% 6.56%
01/03/1995 3.99 3.99 1,000.00 2,338.21 2,340.75 23.69% 23.73%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
AIM GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.24 1,024.00 2.40%
02/28/1995 1024 0 10 100 10.34 1,034.00 0.98%
03/31/1995 1034 0 10 100 10.28 1,028.00 -0.58%
04/30/1995 1028 0 10 100 10.67 1,067.00 3.79%
05/31/1995 1067 0 10 100 11.03 1,103.00 3.37%
06/30/1995 1103 0 10 100 11.26 1,126.00 2.09%
07/31/1995 1126 0 10 100 11.75 1,175.00 4.35%
08/31/1995 1175 0 10 100 11.92 1,192.00 1.45%
09/30/1995 1192 0 10 100 12.47 1,247.00 4.61%
10/31/1995 1247 0 10 100 12.62 1,262.00 1.20%
11/30/1995 1262 0 10 100 12.83 1,283.00 1.66%
12/31/1995 1283 0.82086 12.52 106.556 12.57 1,339.41 4.40%
01/31/1996 1339.41 0 12.52 106.556 12.83 1,367.11 2.07%
02/29/1996 1367.11 0 12.52 106.556 12.68 1,351.13 -1.17%
03/31/1996 1351.13 0 12.52 106.556 12.61 1,343.67 -0.55%
04/30/1996 1343.67 0 12.52 106.556 12.74 1,357.52 1.03%
05/31/1996 1357.52 0 12.52 106.556 12.81 1,364.98 0.55%
06/30/1996 1364.98 0 12.52 106.556 13.11 1,396.95 2.34%
07/31/1996 1396.95 0 12.52 106.556 12.82 1,366.05 -2.21%
08/31/1996 1366.05 0 12.52 106.556 13.10 1,395.88 2.18%
09/30/1996 1395.88 0 12.52 106.556 13.30 1,417.19 1.53%
10/31/1996 1417.19 0 12.52 106.556 13.78 1,468.34 3.61%
11/30/1996 1468.34 0 12.52 106.556 14.56 1,551.46 5.66%
12/31/1996 1551.46 1.23782 13.67 116.205 13.66 1,587.36 2.31%
01/31/1997 1587.36 0 13.67 116.205 14.00 1,626.87 2.49%
02/28/1997 1626.87 0 13.67 116.205 13.97 1,623.38 -0.21%
03/31/1997 1623.38 0 13.67 116.205 13.67 1,588.52 -2.15%
04/30/1997 1588.52 0 13.67 116.205 13.95 1,621.06 2.05%
05/31/1997 1621.06 0 13.67 116.205 14.80 1,719.83 6.09%
06/30/1997 1719.83 0 13.67 116.205 15.25 1,772.13 3.04%
07/31/1997 1772.13 0 13.67 116.205 15.91 1,848.82 4.33%
08/31/1997 1848.82 0 13.67 116.205 15.51 1,802.34 -2.51%
09/30/1997 1802.34 0 13.67 116.205 16.51 1,918.54 6.45%
10/31/1997 1918.54 0 13.67 116.205 16.20 1,882.52 -1.88%
11/30/1997 1882.52 0 13.67 116.205 16.99 1,974.32 4.88%
12/31/1997 1974.32 0 13.67 116.205 17.99 2,090.53 5.89%
01/31/1998 2090.53 0 13.67 116.205 17.98 2,089.37 -0.06%
02/28/1998 2089.37 0 13.67 116.205 18.62 2,163.74 3.56%
03/31/1998 2163.74 0 13.67 116.205 20.07 2,332.23 7.79%
04/30/1998 2332.23 1.309 18.28 124.526 18.64 2,321.16 -0.47%
05/31/1998 2321.16 0 18.28 124.526 18.33 2,282.56 -1.66%
06/30/1998 2282.56 0 18.28 124.526 18.73 2,332.37 2.18%
07/31/1998 2332.37 0 18.28 124.526 18.58 2,313.69 -0.80%
08/31/1998 2313.69 0 18.28 124.526 16.70 2,079.58 -10.12%
09/30/1998 2079.58 0 18.28 124.526 18.02 2,243.96 7.90%
10/31/1998 2243.96 0 18.28 124.526 18.56 2,311.20 3.00%
11/30/1998 2311.2 0 18.28 124.526 19.10 2,378.45 2.91%
12/31/1998 2378.45 0 18.28 124.526 19.82 2,468.11 3.77%
2,468.11
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.425538851
01/31/1995 0.00096 0.95890411 1,023.04 0.08 0.435343732
02/28/1995 0.00096 0.980998311 1,032.05 0.16 0.439177683
03/31/1995 0.00106 1.095670299 1,024.97 0.24 0.436163013
04/30/1995 0.00103 1.053047645 1,062.80 0.34 0.45226194
05/31/1995 0.00106 1.128313197 1,097.53 0.44 0.467040871
06/30/1995 0.00103 1.127597424 1,119.29 0.54 0.476299874
07/31/1995 0.00106 1.188283572 1,166.81 0.65 0.496521295
08/31/1995 0.00106 1.238732425 1,182.45 0.76 0.503177879
09/30/1995 0.00103 1.214844598 1,235.79 0.89 0.525878015
10/31/1995 0.00106 1.311972226 1,249.35 1.01 0.531645438
11/30/1995 0.00103 1.283575085 1,268.85 1.13 0.539945942
12/31/1995 0.00106 1.347069204 1,323.29 1.28 0.563112657 .24356 Dividend .5773 ST
01/31/1996 0.00106 1.404866044 1,349.26 1.42 0.574160423
02/29/1996 0.00099 1.34001353 1,332.14 1.51 0.566878896
03/31/1996 0.00106 1.414262141 1,323.37 1.61 0.563147162
04/30/1996 0.00103 1.35963109 1,335.66 1.73 0.568373276
05/31/1996 0.00106 1.417990354 1,341.58 1.86 0.570893257
06/30/1996 0.00103 1.378332829 1,371.62 2.01 0.583677949
07/31/1996 0.00106 1.456172794 1,339.82 2.08 0.570147558
08/31/1996 0.00106 1.422416872 1,367.66 2.23 0.581992396
09/30/1996 0.00103 1.405129971 1,387.13 2.38 0.590279361
10/31/1996 0.00106 1.472642143 1,435.73 2.58 0.610957382
11/30/1996 0.00103 1.475061417 1,515.53 2.84 0.644914848
12/31/1996 0.00106 1.608947978 1,548.98 3.03 0.659153182 .34435 Dividend .6739 ST/.21957 LT
01/31/1997 0.00106 1.644470091 1,585.90 3.23 0.674859972
02/28/1997 0.00096 1.520721315 1,580.97 3.35 0.67276512
03/31/1997 0.00106 1.678429459 1,545.34 3.40 0.657604116
04/30/1997 0.00103 1.587682692 1,575.41 3.60 0.670399172
05/31/1997 0.00106 1.672526838 1,669.73 3.95 0.710534378
06/30/1997 0.00103 1.715474561 1,718.79 4.20 0.731411714
07/31/1997 0.00106 1.824742293 1,791.35 4.52 0.762287501
08/31/1997 0.00106 1.901771896 1,744.41 4.56 0.742314041
09/30/1997 0.00103 1.792201608 1,855.08 4.99 0.789409669
10/31/1997 0.00106 1.969436887 1,818.28 5.05 0.773750673
11/30/1997 0.00103 1.868100458 1,905.08 5.44 0.810687228
12/31/1997 0.00106 2.022520617 2,015.20 5.91 0.857544243
01/31/1998 0.00106 2.139420546 2,011.94 6.07 0.856158
02/28/1998 0.00096 1.929256103 2,081.62 6.44 0.885811509
03/31/1998 0.00106 2.209942353 2,241.51 7.11 0.953849058
04/30/1998 0.00103 2.302919951 2,228.57 7.25 0.948341603 .236 Dividend .966 ST/.107 LT
05/31/1998 0.00106 2.365943827 2,189.14 7.31 0.931564245
06/30/1998 0.00103 2.249116741 2,234.66 7.64 0.950935743
07/31/1998 0.00106 2.372415747 2,214.39 7.76 0.942310124
08/31/1998 0.00106 2.350896359 1,987.98 7.16 0.845962371
09/30/1998 0.00103 2.042444352 2,143.08 7.88 0.911962164
10/31/1998 0.00106 2.275183589 2,205.02 8.29 0.938320825
11/30/1998 0.00103 2.265429451 2,266.91 8.70 0.964659529
12/31/1998 0.00106 2.406654154 2,349.96 9.21 1
1.34996 1.34996
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.428053 1 6.00% 10%
Units purchased 2,336.162 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.428053 2,336.162 1,000.00 1,000.00 2,327.01 4.00%
01/31/1995 0.437866 2,336.162 1,022.93 0.00008 0.076712344 1,022.85 2,327.01 4.00%
02/28/1995 0.441672 2,336.162 1,031.82 0.00008 0.078465168 1,031.66 2,327.01 4.00%
03/31/1995 0.438584 2,336.162 1,024.60 0.00008 0.087620549 1,024.36 2,327.01 4.00%
04/30/1995 0.454718 2,336.162 1,062.30 0.00008 0.084194019 1,061.96 2,327.01 4.00%
05/31/1995 0.469519 2,336.162 1,096.87 0.00008 0.090193828 1,096.44 2,327.01 4.00%
06/30/1995 0.478770 2,336.162 1,118.48 0.00008 0.090118078 1,117.95 2,327.01 4.00%
07/31/1995 0.499035 2,336.162 1,165.83 0.00008 0.094949007 1,165.17 2,327.01 4.00%
08/31/1995 0.505662 2,336.162 1,181.31 0.00008 0.098959928 1,180.55 2,327.01 4.00%
09/30/1995 0.528411 2,336.162 1,234.45 0.00008 0.097031242 1,233.56 2,327.01 4.00%
10/31/1995 0.534139 2,336.162 1,247.84 0.00008 0.104768351 1,246.83 2,327.01 4.00%
11/30/1995 0.542413 2,336.162 1,267.16 0.00008 0.102479152 1,266.04 2,327.01 4.00%
12/31/1995 0.565616 2,336.162 1,321.37 0.00008 0.10752669 1,320.09 2,327.01 4.00%
01/31/1996 0.576641 2,336.162 1,347.13 0.00008 0.112117359 1,345.71 2,327.01 6.00%
02/29/1996 0.569259 2,336.162 1,329.88 0.00008 0.10691944 1,328.38 2,327.01 6.00%
03/31/1996 0.565440 2,336.162 1,320.96 0.00008 0.112821022 1,319.35 2,327.01 6.00%
04/30/1996 0.570617 2,336.162 1,333.05 0.00008 0.108439715 1,331.32 2,327.01 6.00%
05/31/1996 0.573074 2,336.162 1,338.79 0.00008 0.113071233 1,336.94 2,327.01 6.00%
06/30/1996 0.585837 2,336.162 1,368.61 0.00008 0.109885689 1,366.61 2,327.01 6.00%
07/31/1996 0.572182 2,336.162 1,336.71 0.00008 0.116068041 1,334.64 2,327.01 6.00%
08/31/1996 0.583996 2,336.162 1,364.31 0.00008 0.113352793 1,362.08 2,327.01 6.00%
09/30/1996 0.592240 2,336.162 1,383.57 0.00008 0.111951904 1,381.20 2,327.01 6.00%
10/31/1996 0.612911 2,336.162 1,431.86 0.00008 0.117307078 1,429.29 2,327.01 6.00%
11/30/1996 0.646902 2,336.162 1,511.27 0.00008 0.117475687 1,508.43 2,327.01 6.00%
12/31/1996 0.661101 2,336.162 1,544.44 0.00008 0.128113632 1,541.42 2,327.01 6.00%
01/31/1997 0.676770 2,336.162 1,581.05 0.00008 0.130914903 1,577.82 2,327.01 6.00%
02/28/1997 0.674592 2,336.162 1,575.96 0.00008 0.121038259 1,572.62 2,327.01 6.00%
03/31/1997 0.659304 2,336.162 1,540.24 0.00008 0.13356497 1,536.85 2,327.01 6.00%
04/30/1997 0.672051 2,336.162 1,570.02 0.00008 0.126316138 1,566.43 2,327.01 6.00%
05/31/1997 0.712199 2,336.162 1,663.81 0.00008 0.133039523 1,659.88 2,327.01 6.00%
06/30/1997 0.733037 2,336.162 1,712.49 0.00008 0.136428421 1,708.31 2,327.01 6.00%
07/31/1997 0.763888 2,336.162 1,784.57 0.00008 0.145089308 1,780.06 2,327.01 6.00%
08/31/1997 0.743776 2,336.162 1,737.58 0.00008 0.151183296 1,733.04 2,327.01 6.00%
09/30/1997 0.790872 2,336.162 1,847.61 0.00008 0.142441829 1,842.64 2,327.01 6.00%
10/31/1997 0.775084 2,336.162 1,810.72 0.00008 0.156498012 1,805.70 2,327.01 6.00%
11/30/1997 0.811988 2,336.162 1,896.94 0.00008 0.148413324 1,891.52 2,327.01 6.00%
12/31/1997 0.858817 2,336.162 2,006.34 0.00008 0.160649894 2,000.45 2,327.01 6.00%
01/31/1998 0.857319 2,336.162 2,002.84 0.00008 0.169901207 1,996.79 2,327.01 6.00%
02/28/1998 0.886914 2,336.162 2,071.98 0.00008 0.1531785 2,065.57 2,327.01 6.00%
03/31/1998 0.954924 2,336.162 2,230.86 0.00008 0.175431819 2,223.78 2,327.01 6.00%
04/30/1998 0.949292 2,336.162 2,217.70 0.00008 0.18277661 2,210.49 2,327.01 6.00%
05/31/1998 0.932377 2,336.162 2,178.18 0.00008 0.187739839 2,170.91 2,327.01 6.00%
06/30/1998 0.951651 2,336.162 2,223.21 0.00008 0.178430924 2,215.61 2,327.01 6.00%
07/31/1998 0.942897 2,336.162 2,202.76 0.00008 0.188174814 2,195.04 2,327.01 6.00%
08/31/1998 0.846369 2,336.162 1,977.26 0.00008 0.186427988 1,970.14 2,327.01 6.00%
09/30/1998 0.912297 2,336.162 2,131.27 0.00008 0.161929187 2,123.44 2,327.01 6.00%
10/31/1998 0.938549 2,336.162 2,192.60 0.00008 0.18034685 2,184.36 2,327.01 6.00%
11/30/1998 0.964778 2,336.162 2,253.88 0.00008 0.179536611 2,245.23 2,327.01 6.00%
12/31/1998 1.000000 2,336.162 2,336.16 0.00008 0.190690631 2,327.01 2,327.01 6.00%
12/31/1998 2,327.01
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 132.42% 132.70%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,324.24 3.9945 23.51% 23.55% 2,324.24 2,327.01 4
01/31/1995 40.00% 2,323.32 3.9178 23.29% 23.34% 2,271.42 2,275.02 4
02/28/1995 40.00% 2,322.97 3.8411 23.53% 23.59% 2,251.68 2,255.59 4
03/31/1995 40.00% 2,323.26 3.7562 24.36% 24.41% 2,268.01 2,271.67 4
04/30/1995 40.00% 2,321.76 3.6740 23.73% 23.80% 2,186.30 2,191.24 4
05/31/1995 40.00% 2,320.38 3.5890 23.23% 23.33% 2,116.29 2,122.34 4
06/30/1995 40.00% 2,319.52 3.5068 23.14% 23.25% 2,074.80 2,081.50 4
07/31/1995 40.00% 2,317.63 3.4219 22.26% 22.40% 1,989.09 1,997.13 4
08/31/1995 40.00% 2,317.02 3.3370 22.39% 22.55% 1,962.66 1,971.13 4
09/30/1995 40.00% 2,314.90 3.2548 21.34% 21.53% 1,876.59 1,886.41 4
10/31/1995 40.00% 2,314.36 3.1699 21.55% 21.76% 1,856.20 1,866.34 4
11/30/1995 40.00% 2,313.60 3.0877 21.56% 21.79% 1,827.43 1,838.02 4
12/31/1995 40.00% 2,311.43 3.0027 20.51% 20.78% 1,750.97 1,762.76 4
01/31/1996 30.00% 2,288.15 2.9178 19.95% 20.65% 1,700.33 1,729.20 3
02/29/1996 30.00% 2,289.19 2.8384 21.14% 21.84% 1,723.30 1,751.77 3
03/31/1996 30.00% 2,289.73 2.7534 22.17% 22.89% 1,735.50 1,763.75 3
04/30/1996 30.00% 2,289.01 2.6712 22.49% 23.25% 1,719.35 1,747.89 3
05/31/1996 30.00% 2,288.68 2.5863 23.10% 23.90% 1,711.87 1,740.54 3
06/30/1996 30.00% 2,286.90 2.5041 22.83% 23.68% 1,673.41 1,702.76 3
07/31/1996 30.00% 2,288.81 2.4192 24.98% 25.83% 1,714.93 1,743.55 3
08/31/1996 30.00% 2,287.17 2.3342 24.86% 25.79% 1,679.17 1,708.42 3
09/30/1996 30.00% 2,286.02 2.2521 25.07% 26.06% 1,655.10 1,684.78 3
10/31/1996 30.00% 2,283.13 2.1671 24.13% 25.22% 1,597.39 1,628.09 3
11/30/1996 30.00% 2,278.39 2.0849 21.87% 23.11% 1,510.43 1,542.66 3
12/31/1996 30.00% 2,276.41 2.0000 21.52% 22.87% 1,476.83 1,509.65 3
01/31/1997 20.00% 2,260.26 1.9151 20.65% 22.49% 1,432.52 1,474.82 2
02/28/1997 20.00% 2,260.57 1.8384 21.82% 23.76% 1,437.46 1,479.70 2
03/31/1997 20.00% 2,262.72 1.7534 24.68% 26.69% 1,472.31 1,514.14 2
04/30/1997 20.00% 2,260.94 1.6712 24.56% 26.72% 1,443.37 1,485.54 2
05/31/1997 20.00% 2,255.34 1.5863 21.32% 23.74% 1,358.74 1,401.91 2
06/30/1997 20.00% 2,252.43 1.5041 20.18% 22.81% 1,318.51 1,362.17 2
07/31/1997 20.00% 2,248.13 1.4192 17.88% 20.78% 1,262.95 1,307.26 2
08/31/1997 20.00% 2,250.95 1.3342 21.65% 24.72% 1,298.84 1,342.73 2
09/30/1997 20.00% 2,244.37 1.2521 17.06% 20.49% 1,218.02 1,262.87 2
10/31/1997 20.00% 2,246.59 1.1671 20.59% 24.27% 1,244.17 1,288.70 2
11/30/1997 20.00% 2,241.44 1.0849 16.94% 21.04% 1,184.99 1,230.23 2
12/31/1997 20.00% 2,234.90 1.0000 11.72% 16.32% 1,117.20 1,163.24 2
01/31/1998 10.00% 2,221.16 0.9151 12.34% 18.20% 1,112.36 1,165.37 1
02/28/1998 10.00% 2,217.03 0.8384 7.33% 12.66% 1,061.12 1,105.08 1
03/31/1998 10.00% 2,207.54 0.7534 -0.73% 4.64% 994.49 1,034.78 1
04/30/1998 10.00% 2,208.34 0.6712 -0.10% 5.27% 999.35 1,035.08 1
05/31/1998 10.00% 2,210.71 0.5863 1.83% 7.19% 1,010.71 1,041.55 1
06/30/1998 10.00% 2,208.03 0.5041 -0.34% 5.03% 998.28 1,025.04 1
07/31/1998 10.00% 2,209.27 0.4192 0.65% 6.01% 1,002.71 1,024.78 1
08/31/1998 10.00% 2,222.76 0.3342 12.82% 18.11% 1,041.14 1,057.21 1
09/30/1998 10.00% 2,213.56 0.2521 4.24% 9.59% 1,010.53 1,023.35 1
10/31/1998 10.00% 2,209.91 0.1671 1.17% 6.53% 1,001.94 1,010.63 1
11/30/1998 10.00% 2,206.25 0.0849 -1.74% 3.64% 998.51 1,003.04 1
12/31/1998 10.00% 2,201.35 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
MFS UTILITIES SERIES (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.428053 1 6.00% 10%
Units purchased 2,336.162 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,245.23 2,206.25 2,327.01 -1.74% 3.64%
09/30/1998 0.25 0.25 2,123.44 2,213.56 2,327.01 4.24% 9.59%
12/31/1997 1.00 1.00 2,000.45 2,234.90 2,327.01 11.72% 16.32%
12/31/1997 1.00 1.00 2,000.45 2,234.90 2,327.01 11.72% 16.32%
12/31/1995 3.00 3.00 1,320.09 2,311.43 2,327.01 20.53% 20.80%
12/31/1993 5.00 5.00 - -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 2,184.36 2,209.91 2,327.01 1.17% 6.53%
01/03/1995 3.99 3.99 1,000.00 2,324.24 2,327.01 23.51% 23.54%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
AIM GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 100 10 1000
01/31/1995 1000 0 10 100 10.24 1,024.00 2.40%
02/28/1995 1024 0 10 100 10.34 1,034.00 0.98%
03/31/1995 1034 0 10 100 10.28 1,028.00 -0.58%
04/30/1995 1028 0 10 100 10.67 1,067.00 3.79%
05/31/1995 1067 0 10 100 11.03 1,103.00 3.37%
06/30/1995 1103 0 10 100 11.26 1,126.00 2.09%
07/31/1995 1126 0 10 100 11.75 1,175.00 4.35%
08/31/1995 1175 0 10 100 11.92 1,192.00 1.45%
09/30/1995 1192 0 10 100 12.47 1,247.00 4.61%
10/31/1995 1247 0 10 100 12.62 1,262.00 1.20%
11/30/1995 1262 0 10 100 12.83 1,283.00 1.66%
12/31/1995 1283 0.82086 12.52 106.556 12.57 1,339.41 4.40%
01/31/1996 1339.41 0 12.52 106.556 12.83 1,367.11 2.07%
02/29/1996 1367.11 0 12.52 106.556 12.68 1,351.13 -1.17%
03/31/1996 1351.13 0 12.52 106.556 12.61 1,343.67 -0.55%
04/30/1996 1343.67 0 12.52 106.556 12.74 1,357.52 1.03%
05/31/1996 1357.52 0 12.52 106.556 12.81 1,364.98 0.55%
06/30/1996 1364.98 0 12.52 106.556 13.11 1,396.95 2.34%
07/31/1996 1396.95 0 12.52 106.556 12.82 1,366.05 -2.21%
08/31/1996 1366.05 0 12.52 106.556 13.10 1,395.88 2.18%
09/30/1996 1395.88 0 12.52 106.556 13.30 1,417.19 1.53%
10/31/1996 1417.19 0 12.52 106.556 13.78 1,468.34 3.61%
11/30/1996 1468.34 0 12.52 106.556 14.56 1,551.46 5.66%
12/31/1996 1551.46 1.23782 13.67 116.205 13.66 1,587.36 2.31%
01/31/1997 1587.36 0 13.67 116.205 14.00 1,626.87 2.49%
02/28/1997 1626.87 0 13.67 116.205 13.97 1,623.38 -0.21%
03/31/1997 1623.38 0 13.67 116.205 13.67 1,588.52 -2.15%
04/30/1997 1588.52 0 13.67 116.205 13.95 1,621.06 2.05%
05/31/1997 1621.06 0 13.67 116.205 14.80 1,719.83 6.09%
06/30/1997 1719.83 0 13.67 116.205 15.25 1,772.13 3.04%
07/31/1997 1772.13 0 13.67 116.205 15.91 1,848.82 4.33%
08/31/1997 1848.82 0 13.67 116.205 15.51 1,802.34 -2.51%
09/30/1997 1802.34 0 13.67 116.205 16.51 1,918.54 6.45%
10/31/1997 1918.54 0 13.67 116.205 16.20 1,882.52 -1.88%
11/30/1997 1882.52 0 13.67 116.205 16.99 1,974.32 4.88%
12/31/1997 1974.32 0 13.67 116.205 17.99 2,090.53 5.89%
01/31/1998 2090.53 0 13.67 116.205 17.98 2,089.37 -0.06%
02/28/1998 2089.37 0 13.67 116.205 18.62 2,163.74 3.56%
03/31/1998 2163.74 0 13.67 116.205 20.07 2,332.23 7.79%
04/30/1998 2332.23 1.309 18.28 124.526 18.64 2,321.16 -0.47%
05/31/1998 2321.16 0 18.28 124.526 18.33 2,282.56 -1.66%
06/30/1998 2282.56 0 18.28 124.526 18.73 2,332.37 2.18%
07/31/1998 2332.37 0 18.28 124.526 18.58 2,313.69 -0.80%
08/31/1998 2313.69 0 18.28 124.526 16.70 2,079.58 -10.12%
09/30/1998 2079.58 0 18.28 124.526 18.02 2,243.96 7.90%
10/31/1998 2243.96 0 18.28 124.526 18.56 2,311.20 3.00%
11/30/1998 2311.2 0 18.28 124.526 19.10 2,378.45 2.91%
12/31/1998 2378.45 0 18.28 124.526 19.82 2,468.11 3.77%
2,468.11
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.428052591
01/31/1995 0.00107 1.073972603 1,022.93 0.08 0.437866136
02/28/1995 0.00107 1.098594528 1,031.82 0.16 0.441671917
03/31/1995 0.00119 1.226872751 1,024.60 0.24 0.438583857
04/30/1995 0.00115 1.178994933 1,062.29 0.34 0.454718067
05/31/1995 0.00119 1.263112245 1,096.87 0.44 0.469519329
06/30/1995 0.00115 1.262155232 1,118.48 0.54 0.478769581
07/31/1995 0.00119 1.32992235 1,165.83 0.65 0.49903486
08/31/1995 0.00119 1.386215081 1,181.31 0.76 0.505661566
09/30/1995 0.00115 1.359312283 1,234.45 0.89 0.528411409
10/31/1995 0.00119 1.467817025 1,247.84 1.01 0.534139298
11/30/1995 0.00115 1.435865718 1,267.16 1.12 0.542412885
12/31/1995 0.00119 1.506710214 1,321.37 1.28 0.565616344 .24356 Dividend .5773 ST
01/31/1996 0.00119 1.5711646 1,347.13 1.42 0.576641172
02/29/1996 0.00111 1.498448035 1,329.88 1.51 0.569259462
03/31/1996 0.00119 1.581284422 1,320.96 1.61 0.565439534
04/30/1996 0.00115 1.520006572 1,333.05 1.73 0.57061721
05/31/1996 0.00119 1.585055966 1,338.79 1.85 0.573074444
06/30/1996 0.00115 1.54053063 1,368.61 2.00 0.58583733
07/31/1996 0.00119 1.627334294 1,336.71 2.07 0.572182248
08/31/1996 0.00119 1.589403314 1,364.31 2.23 0.583996461
09/30/1996 0.00115 1.569891042 1,383.57 2.37 0.592239963
10/31/1996 0.00119 1.645119477 1,431.86 2.57 0.612911215
11/30/1996 0.00115 1.647619276 1,511.27 2.83 0.646901713
12/31/1996 0.00119 1.796958453 1,544.44 3.02 0.661101499 .34435 Dividend .6739 ST/.21957 LT
01/31/1997 0.00119 1.836402506 1,581.05 3.23 0.676770492
02/28/1997 0.00107 1.697999223 1,575.96 3.34 0.674591835
03/31/1997 0.00119 1.873875855 1,540.24 3.39 0.659303725
04/30/1997 0.00115 1.772330964 1,570.02 3.59 0.672050565
05/31/1997 0.00119 1.866816736 1,663.81 3.93 0.712199019
06/30/1997 0.00115 1.914523347 1,712.49 4.18 0.733037462
07/31/1997 0.00119 2.036225654 1,784.57 4.51 0.763888491
08/31/1997 0.00119 2.121923398 1,737.58 4.54 0.743775764
09/30/1997 0.00115 1.999407509 1,847.61 4.97 0.790872432
10/31/1997 0.00119 2.196879177 1,810.72 5.03 0.775083665
11/30/1997 0.00115 2.083568965 1,896.94 5.41 0.811988295
12/31/1997 0.00119 2.255534653 2,006.34 5.89 0.858817066
01/31/1998 0.00119 2.385615241 2,002.84 6.05 0.857319354
02/28/1998 0.00107 2.150991531 2,071.98 6.41 0.886914437
03/31/1998 0.00119 2.463663897 2,230.86 7.07 0.954923709
04/30/1998 0.00115 2.567012432 2,217.70 7.22 0.949292318 .236 Dividend .966 ST/.107 LT
05/31/1998 0.00119 2.636936681 2,178.18 7.27 0.932377204
06/30/1998 0.00115 2.506403235 2,223.21 7.60 0.951650657
07/31/1998 0.00119 2.643487655 2,202.76 7.72 0.942897315
08/31/1998 0.00119 2.619172691 1,977.26 7.12 0.846369401
09/30/1998 0.00115 2.275198274 2,131.27 7.83 0.912296603
10/31/1998 0.00119 2.534170275 2,192.60 8.24 0.938548706
11/30/1998 0.00115 2.52299338 2,253.88 8.65 0.964778095
12/31/1998 0.00119 2.67995295 2,336.16 9.16 1
1.33616 1.33616
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.790542 1 6.00% 10%
Units purchased 1,264.955 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 0.790542 1,264.955 1,000.00 1,000.00 1,262.67 6.00%
03/31/1997 0.765358 1,264.955 968.14 0.00007 0.068493131 968.08 1,262.67 6.00%
04/30/1997 0.785108 1,264.955 993.13 0.00008 0.079567814 992.98 1,262.67 6.00%
05/31/1997 0.835563 1,264.955 1,056.95 0.00008 0.084334955 1,056.71 1,262.67 6.00%
06/30/1997 0.867811 1,264.955 1,097.74 0.00008 0.086852494 1,097.40 1,262.67 6.00%
07/31/1997 0.905477 1,264.955 1,145.39 0.00008 0.09320403 1,144.94 1,262.67 6.00%
08/31/1997 0.838434 1,264.955 1,060.58 0.00008 0.097241446 1,060.07 1,262.67 6.00%
09/30/1997 0.887863 1,264.955 1,123.11 0.00008 0.08712897 1,122.48 1,262.67 6.00%
10/31/1997 0.842959 1,264.955 1,066.31 0.00008 0.095333677 1,065.61 1,262.67 6.00%
11/30/1997 0.851463 1,264.955 1,077.06 0.00008 0.087584561 1,076.28 1,262.67 6.00%
12/31/1997 0.851351 1,264.955 1,076.92 0.00008 0.091409692 1,076.04 1,262.67 6.00%
01/31/1998 0.866222 1,264.955 1,095.73 0.00008 0.091389823 1,094.75 1,262.67 6.00%
02/28/1998 0.932392 1,264.955 1,179.43 0.00008 0.08398058 1,178.29 1,262.67 6.00%
03/31/1998 0.968414 1,264.955 1,225.00 0.00008 0.100073838 1,223.71 1,262.67 6.00%
04/30/1998 0.968207 1,264.955 1,224.74 0.00008 0.100578971 1,223.35 1,262.67 6.00%
05/31/1998 0.964030 1,264.955 1,219.45 0.00008 0.103900853 1,217.97 1,262.67 6.00%
06/30/1998 0.963040 1,264.955 1,218.20 0.00008 0.100106917 1,216.62 1,262.67 6.00%
07/31/1998 0.935355 1,264.955 1,183.18 0.00008 0.103329034 1,181.54 1,262.67 6.00%
08/31/1998 0.807458 1,264.955 1,021.40 0.00008 0.100349836 1,019.88 1,262.67 6.00%
09/30/1998 0.823056 1,264.955 1,041.13 0.00008 0.083825666 1,039.50 1,262.67 6.00%
10/31/1998 0.896438 1,264.955 1,133.95 0.00008 0.08828599 1,132.09 1,262.67 6.00%
11/30/1998 0.946274 1,264.955 1,196.99 0.00008 0.0930483 1,194.93 1,262.67 6.00%
12/31/1998 1.000000 1,264.955 1,264.96 0.00008 0.101487285 1,262.67 1,262.67 6.00%
12/31/1998 1,262.67
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 21.78% 26.27%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 20.00% 1,217.83 1.8219 11.42% 13.66% 1,217.83 1,262.67 2
03/31/1997 20.00% 1,219.74 1.7534 14.09% 16.36% 1,259.97 1,304.31 2
04/30/1997 20.00% 1,218.25 1.6712 13.01% 15.46% 1,226.86 1,271.61 2
05/31/1997 20.00% 1,214.42 1.5863 9.17% 11.88% 1,149.25 1,194.92 2
06/30/1997 20.00% 1,211.98 1.5041 6.83% 9.78% 1,104.41 1,150.60 2
07/31/1997 20.00% 1,209.13 1.4192 3.92% 7.14% 1,056.06 1,102.83 2
08/31/1997 20.00% 1,214.22 1.3342 10.71% 14.01% 1,145.42 1,191.12 2
09/30/1997 20.00% 1,210.48 1.2521 6.21% 9.86% 1,078.40 1,124.90 2
10/31/1997 20.00% 1,213.89 1.1671 11.81% 15.65% 1,139.15 1,184.93 2
11/30/1997 20.00% 1,213.25 1.0849 11.67% 15.86% 1,127.27 1,173.19 2
12/31/1997 20.00% 1,213.26 1.0000 12.75% 17.34% 1,127.52 1,173.44 2
01/31/1998 10.00% 1,204.56 0.9151 10.03% 15.34% 1,091.42 1,139.50 1
02/28/1998 10.00% 1,199.55 0.8384 1.80% 7.16% 1,015.11 1,059.70 1
03/31/1998 10.00% 1,196.83 0.7534 -2.20% 3.18% 983.40 1,023.90 1
04/30/1998 10.00% 1,196.85 0.6712 -2.17% 3.21% 985.41 1,021.46 1
05/31/1998 10.00% 1,197.17 0.5863 -1.71% 3.67% 989.95 1,021.36 1
06/30/1998 10.00% 1,197.25 0.5041 -1.59% 3.79% 991.94 1,018.91 1
07/31/1998 10.00% 1,199.36 0.4192 1.51% 6.87% 1,006.29 1,028.23 1
08/31/1998 10.00% 1,209.06 0.3342 18.55% 23.81% 1,058.51 1,073.98 1
09/30/1998 10.00% 1,207.88 0.2521 16.20% 21.47% 1,038.57 1,050.25 1
10/31/1998 10.00% 1,202.32 0.1671 6.20% 11.53% 1,010.11 1,018.41 1
11/30/1998 10.00% 1,198.55 0.0849 0.30% 5.67% 1,000.26 1,004.69 1
12/31/1998 10.00% 1,194.49 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.790542 1 6.00% 10%
Units purchased 1,264.955 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,194.93 1,198.55 1,262.67 0.30% 5.67%
09/30/1998 0.25 0.25 1,039.50 1,207.88 1,262.67 16.20% 21.47%
12/31/1997 1.00 1.00 1,076.04 1,213.26 1,262.67 12.75% 17.34%
12/31/1997 1.00 1.00 1,076 1,213.26 1,262.67 12.75% 17.34%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,132.09 1,202.32 1,262.67 6.20% 11.53%
03/06/1997 1.82 1.82 1,000.00 1,217.83 1,262.67 11.42% 13.66%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA GLOBAL LEADERS FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 100 10 1000
03/31/1997 1000 0 10 100 9.69 969.00 -3.10%
04/30/1997 969 0 10 100 9.95 995.00 2.68%
05/31/1997 995 0 10 100 10.60 1,060.00 6.53%
06/30/1997 1060 0 10 100 11.02 1,102.00 3.96%
07/31/1997 1102 0 10 100 11.51 1,151.00 4.45%
08/31/1997 1151 0 10 100 10.67 1,067.00 -7.30%
09/30/1997 1067 0 10 100 11.31 1,131.00 6.00%
10/31/1997 1131 0 10 100 10.75 1,075.00 -4.95%
11/30/1997 1075 0.09 10.84 100.83 10.78 1,086.95 1.11%
12/31/1997 1086.95 0 10 100.83 10.79 1,087.96 0.09%
01/31/1998 1087.96 0 10 100.83 10.99 1,108.12 1.85%
02/28/1998 1108.12 0 10 100.83 11.84 1,193.83 7.73%
03/31/1998 1193.83 0 10 100.83 12.31 1,241.22 3.97%
04/30/1998 1241.22 0 10 100.83 12.32 1,242.23 0.08%
05/31/1998 1242.23 0 10 100.83 12.28 1,238.19 -0.33%
06/30/1998 1238.19 0 10 100.83 12.28 1,238.19 0.00%
07/31/1998 1238.19 0 10 100.83 11.94 1,203.91 -2.77%
08/31/1998 1203.91 0 10 100.83 10.32 1,040.57 -13.57%
09/30/1998 1040.57 0 10 100.83 10.53 1,061.74 2.03%
10/31/1998 1061.74 0 10 100.83 11.48 1,157.53 9.02%
11/30/1998 1157.53 0 10 100.83 12.13 1,223.07 5.66%
12/31/1998 1223.07 0.071 12.64 101.4 12.76 1,293.81 5.78%
0.29381
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/06/1997 1,000 0.790541729
03/31/1997 0.00086 0.85616438 968.1438356 0.07 0.765358102
04/30/1997 0.00103 0.99466832 993.1261949 0.15 0.7851077
05/31/1997 0.00106 1.0543463 1056.949439 0.24 0.835562638
06/30/1997 0.00103 1.08590696 1097.742661 0.34 0.867811382
07/31/1997 0.00106 1.16541173 1145.387948 0.45 0.90547697
08/31/1997 0.00106 1.21599405 1060.581522 0.51 0.83843395
09/30/1997 0.00103 1.08963855 1123.106895 0.63 0.887862867
10/31/1997 0.00106 1.19233951 1066.305372 0.69 0.842958893
11/30/1997 0.00103 1.09551922 1077.063201 0.79 0.851463406 .03 ORDINARY .03 S/Y
12/31/1997 0.00106 1.14345751 1076.920557 0.88 0.851350639
01/31/1998 0.00106 1.14330607 1095.732689 0.99 0.866222415
02/28/1998 0.00096 1.05070258 1179.433862 1.15 0.932391685
03/31/1998 0.00106 1.25213869 1225.000258 1.29 0.968413822
04/30/1998 0.00103 1.25856191 1224.738498 1.39 0.96820689
05/31/1998 0.00106 1.30023608 1219.455148 1.49 0.964030181
06/30/1998 0.00103 1.25286488 1218.202283 1.59 0.963039739
07/31/1998 0.00106 1.29329694 1183.182357 1.64 0.935355027
08/31/1998 0.00106 1.25611826 1021.398453 1.52 0.8074581
09/30/1998 0.00103 1.04938197 1041.129034 1.63 0.823055947
10/31/1998 0.00106 1.10530822 1133.954208 1.87 0.89643812
11/30/1998 0.00103 1.16502145 1196.994312 2.06 0.946273953
12/31/1998 0.00106 1.27078163 1264.955363 2.28 1 ORDINARY
0.264955363 0.264955363
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.792686 1 6.00% 10%
Units purchased 1,261.534 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 0.792686 1,261.534 1,000.00 1,000.00 1,259.26 6.00%
03/31/1997 0.767352 1,261.534 968.04 0.00007 0.068493131 967.97 1,259.26 6.00%
04/30/1997 0.787059 1,261.534 992.90 0.00008 0.079559369 992.75 1,259.26 6.00%
05/31/1997 0.837539 1,261.534 1,056.58 0.00008 0.084315869 1,056.34 1,259.26 6.00%
06/30/1997 0.869760 1,261.534 1,097.23 0.00008 0.086822443 1,096.89 1,259.26 6.00%
07/31/1997 0.907400 1,261.534 1,144.72 0.00008 0.093160721 1,144.27 1,259.26 6.00%
08/31/1997 0.840099 1,261.534 1,059.81 0.00008 0.097184392 1,059.30 1,259.26 6.00%
09/30/1997 0.889522 1,261.534 1,122.16 0.00008 0.087065867 1,121.53 1,259.26 6.00%
10/31/1997 0.844421 1,261.534 1,065.27 0.00008 0.095253541 1,064.57 1,259.26 6.00%
11/30/1997 0.852836 1,261.534 1,075.88 0.00008 0.087499195 1,075.10 1,259.26 6.00%
12/31/1997 0.852615 1,261.534 1,075.60 0.00008 0.091309451 1,074.72 1,259.26 6.00%
01/31/1998 0.867400 1,261.534 1,094.25 0.00008 0.09127797 1,093.27 1,259.26 6.00%
02/28/1998 0.933559 1,261.534 1,177.72 0.00008 0.083867292 1,176.57 1,259.26 6.00%
03/31/1998 0.969508 1,261.534 1,223.07 0.00008 0.099928156 1,221.78 1,259.26 6.00%
04/30/1998 0.969181 1,261.534 1,222.65 0.00008 0.100420234 1,221.27 1,259.26 6.00%
05/31/1998 0.964876 1,261.534 1,217.22 0.00008 0.10372408 1,215.74 1,259.26 6.00%
06/30/1998 0.963766 1,261.534 1,215.82 0.00008 0.099923812 1,214.24 1,259.26 6.00%
07/31/1998 0.935938 1,261.534 1,180.72 0.00008 0.103127305 1,179.08 1,259.26 6.00%
08/31/1998 0.807842 1,261.534 1,019.12 0.00008 0.100140785 1,017.60 1,259.26 6.00%
09/30/1998 0.823348 1,261.534 1,038.68 0.00008 0.083638692 1,037.05 1,259.26 6.00%
10/31/1998 0.896651 1,261.534 1,131.16 0.00008
0.088078412 1,129.29 1,259.26 6.00%
11/30/1998 0.946388 1,261.534 1,193.90 0.00008 0.092818666 1,191.84 1,259.26 6.00%
12/31/1998 1.000000 1,261.534 1,261.53 0.00008 0.101225 1,259.26 1,259.26 6.00%
12/31/1998 1,259.26
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 21.44% 25.93%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 20.00% 1,214.37 1.8219 11.25% 13.49% 1,214.37 1,259.26 2
03/31/1997 20.00% 1,216.29 1.7534 13.91% 16.19% 1,256.53 1,300.92 2
04/30/1997 20.00% 1,214.80 1.6712 12.84% 15.29% 1,223.67 1,268.45 2
05/31/1997 20.00% 1,210.99 1.5863 8.99% 11.71% 1,146.40 1,192.10 2
06/30/1997 20.00% 1,208.56 1.5041 6.66% 9.61% 1,101.80 1,148.02 2
07/31/1997 20.00% 1,205.71 1.4192 3.75% 6.98% 1,053.70 1,100.49 2
08/31/1997 20.00% 1,210.81 1.3342 10.54% 13.84% 1,143.03 1,188.76 2
09/30/1997 20.00% 1,207.08 1.2521 6.05% 9.69% 1,076.27 1,122.80 2
10/31/1997 20.00% 1,210.49 1.1671 11.63% 15.48% 1,137.07 1,182.88 2
11/30/1997 20.00% 1,209.86 1.0849 11.50% 15.69% 1,125.35 1,171.30 2
12/31/1997 20.00% 1,209.89 1.0000 12.58% 17.17% 1,125.76 1,171.70 2
01/31/1998 10.00% 1,201.22 0.9151 9.87% 15.18% 1,089.99 1,138.09 1
02/28/1998 10.00% 1,196.22 0.8384 1.67% 7.03% 1,013.98 1,058.59 1
03/31/1998 10.00% 1,193.51 0.7534 -2.31% 3.07% 982.52 1,023.02 1
04/30/1998 10.00% 1,193.54 0.6712 -2.27% 3.11% 984.70 1,020.77 1
05/31/1998 10.00% 1,193.87 0.5863 -1.80% 3.58% 989.41 1,020.83 1
06/30/1998 10.00% 1,193.96 0.5041 -1.67% 3.71% 991.54 1,018.52 1
07/31/1998 10.00% 1,196.07 0.4192 1.44% 6.80% 1,006.02 1,027.96 1
08/31/1998 10.00% 1,205.76 0.3342 18.49% 23.75% 1,058.34 1,073.81 1
09/30/1998 10.00% 1,204.59 0.2521 16.16% 21.43% 1,038.48 1,050.16 1
10/31/1998 10.00% 1,199.06 0.1671 6.18% 11.51% 1,010.07 1,018.37 1
11/30/1998 10.00% 1,195.30 0.0849 0.29% 5.66% 1,000.25 1,004.68 1
12/31/1998 10.00% 1,191.26 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA GLOBAL LEADERS FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND 90
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.792686 1 6.00% 10%
Units purchased 1,261.534 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,191.84 1,195.30 1,259.26 0.29% 5.66%
09/30/1998 0.25 0.25 1,037.05 1,204.59 1,259.26 16.16% 21.43%
12/31/1997 1.00 1.00 1,074.72 1,209.89 1,259.26 12.58% 17.17%
12/31/1997 1.00 1.00 1,075 1,209.89 1,259.26 12.58% 17.17%
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 1,129.29 1,199.06 1,259.26 6.18% 11.51%
03/06/1997 1.82 1.82 1,000.00 1,214.37 1,259.26 11.25% 13.49%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA GLOBAL LEADERS FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
03/06/1997 100 10 1000
03/31/1997 1000 0 10 100 9.69 969.00 -3.10%
04/30/1997 969 0 10 100 9.95 995.00 2.68%
05/31/1997 995 0 10 100 10.60 1,060.00 6.53%
06/30/1997 1060 0 10 100 11.02 1,102.00 3.96%
07/31/1997 1102 0 10 100 11.51 1,151.00 4.45%
08/31/1997 1151 0 10 100 10.67 1,067.00 -7.30%
09/30/1997 1067 0 10 100 11.31 1,131.00 6.00%
10/31/1997 1131 0 10 100 10.75 1,075.00 -4.95%
11/30/1997 1075 0.09 10.84 100.83 10.78 1,086.95 1.11%
12/31/1997 1086.95 0 10 100.83 10.79 1,087.96 0.09%
01/31/1998 1087.96 0 10 100.83 10.99 1,108.12 1.85%
02/28/1998 1108.12 0 10 100.83 11.84 1,193.83 7.73%
03/31/1998 1193.83 0 10 100.83 12.31 1,241.22 3.97%
04/30/1998 1241.22 0 10 100.83 12.32 1,242.23 0.08%
05/31/1998 1242.23 0 10 100.83 12.28 1,238.19 -0.33%
06/30/1998 1238.19 0 10 100.83 12.28 1,238.19 0.00%
07/31/1998 1238.19 0 10 100.83 11.94 1,203.91 -2.77%
08/31/1998 1203.91 0 10 100.83 10.32 1,040.57 -13.57%
09/30/1998 1040.57 0 10 100.83 10.53 1,061.74 2.03%
10/31/1998 1061.74 0 10 100.83 11.48 1,157.53 9.02%
11/30/1998 1157.53 0 10 100.83 12.13 1,223.07 5.66%
12/31/1998 1223.07 0.071 12.64 101.4 12.76 1,293.81 5.78%
0.29381
<CAPTION>
Ending
M&E Amount Recalc'd Dividend
Date M&E Amount After M&E Check AUV Info
<S> <C> <C> <C> <C> <C> <C>
03/06/1997 1,000 0.792685501
03/31/1997 0.00096 0.95890411 968.0410959 0.07 0.767352141
04/30/1997 0.00115 1.1139103 992.9014565 0.15 0.787058588
05/31/1997 0.00119 1.18060064 1056.583765 0.24 0.837538631
06/30/1997 0.00115 1.21579502 1097.23261 0.34 0.869760381
07/31/1997 0.00119 1.30465466 1144.715975 0.45 0.907399756
08/31/1997 0.00119 1.36111434 1059.813469 0.51 0.84009877
09/30/1997 0.00115 1.21951139 1122.1629 0.63 0.889522261
10/31/1997 0.00119 1.3342978 1065.26616 0.69 0.84442104
11/30/1997 0.00115 1.22578572 1075.88217 0.79 0.852836197 .03 ORDINARY .03 S/Y
12/31/1997 0.00119 1.27926811 1075.602618 0.88 0.8526146
01/31/1998 0.00119 1.27893572 1094.254699 0.98 0.867399834
02/28/1998 0.00107 1.17519957 1177.717057 1.14 0.933559235
03/31/1998 0.00119 1.40035398 1223.067087 1.29 0.969507547
04/30/1998 0.00115 1.40736487 1222.654951 1.39 0.969180852
05/31/1998 0.00119 1.45378698 1217.224826 1.49 0.964876471
06/30/1998 0.00115 1.40064227 1215.824184 1.58 0.963766202
07/31/1998 0.00119 1.44566492 1180.717729 1.64 0.935937825
08/31/1998 0.00119 1.4039219 1019.120409 1.52 0.807841972
09/30/1998 0.00115 1.1726865 1038.681339 1.63 0.823347638
10/31/1998 0.00119 1.2350348 1131.155956 1.86 0.896650926
11/30/1998 0.00115 1.30160411 1193.901039 2.06 0.946388043
12/31/1998 0.00119 1.4195974 1261.534365 2.28 1 ORDINARY
0.261534365 0.261534365
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.069957 1 6.00% 10%
Units purchased 934.617 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 1.069957 934.617 1,000.00 1,000.00 934.27 6.00%
08/31/1998 0.976358 934.617 912.52 0.00004 0.038356163 912.48 934.27 6.00%
09/30/1998 0.913330 934.617 853.61 0.00008 0.074998534 853.50 934.27 6.00%
10/31/1998 0.935861 934.617 874.67 0.00008 0.07248926 874.49 934.27 6.00%
11/30/1998 0.972249 934.617 908.68 0.00008 0.071875516 908.41 934.27 6.00%
12/31/1998 1.000000 934.617 934.62 0.00008 0.077153035 934.27 934.27 6.00%
12/31/1998 934.27
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -12.01% -6.57%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 10.00% 879.87 0.3726 -12.01% -6.57% 953.43 974.98 1
08/31/1998 10.00% 885.12 0.3342 -3.00% 2.39% 989.88 1,007.92 1
09/30/1998 10.00% 888.66 0.2521 4.12% 9.46% 1,010.23 1,023.06 1
10/31/1998 10.00% 887.40 0.1671 1.48% 6.84% 1,002.45 1,011.11 1
11/30/1998 10.00% 885.37 0.0849 -2.54% 2.85% 997.82 1,002.39 1
12/31/1998 10.00% 883.82 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.069957 1 6.00% 10%
Units purchased 934.617 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 908.41 885.37 934.27 -2.54% 2.85%
09/30/1998 0.25 0.25 853.50 888.66 934.27 4.12% 9.46%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 874.49 887.40 934.27 1.48% 6.84%
08/17/1998 0.37 0.37 1,000.00 879.87 934.27 -12.01% -6.57%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 100 10 1000
08/31/1998 1000 0 10 100 9.13 913 -8.70%
09/30/1998 913 0 10 100 8.55 855 -6.35%
10/31/1998 855 0 10 100 8.77 877 2.57%
11/30/1998 877 0 10 100 9.12 912 3.99%
12/31/1998 912 0 10 100 9.39 939 2.96%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/17/1998 1,250 1.069956962
08/31/1998 0.00048 0.59931507 1140.650685 228.17 0.976357713
09/30/1998 0.00103 1.17190139 1067.016856 213.51 0.913329691
10/31/1998 0.00106 1.13279187 1093.339469 218.85 0.935860941
11/30/1998 0.00103 1.12329397 1135.850019 227.44 0.972248509
12/31/1998 0.00106 1.20586817 1168.27129 234.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.070558 1 6.00% 10%
Units purchased 934.092 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 1.070558 934.092 1,000.00 1,000.00 933.74 6.00%
08/31/1998 0.976845 934.092 912.46 0.00004 0.038356158 912.42 933.74 6.00%
09/30/1998 0.913665 934.092 853.45 0.00008 0.074993794 853.34 933.74 6.00%
10/31/1998 0.936088 934.092 874.39 0.00008 0.072475125 874.21 933.74 6.00%
11/30/1998 0.972369 934.092 908.28 0.00008 0.071852565 908.02 933.74 6.00%
12/31/1998 1.000000 934.092 934.09 0.00008 0.077119246 933.74 933.74 6.00%
12/31/1998 933.74
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -12.07% -6.63%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 10.00% 879.34 0.3726 -12.07% -6.63% 953.22 974.78 1
08/31/1998 10.00% 884.60 0.3342 -3.05% 2.34% 989.70 1,007.75 1
09/30/1998 10.00% 888.14 0.2521 4.08% 9.42% 1,010.13 1,022.96 1
10/31/1998 10.00% 886.89 0.1671 1.45% 6.81% 1,002.41 1,011.07 1
11/30/1998 10.00% 884.86 0.0849 -2.55% 2.83% 997.81 1,002.37 1
12/31/1998 10.00% 883.32 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
EVERGREEN VA INTERNATIONAL GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.070558 1 6.00% 10%
Units purchased 934.092 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 908.02 884.86 933.74 -2.55% 2.83%
09/30/1998 0.25 0.25 853.34 888.14 933.74 4.08% 9.42%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 874.21 886.89 933.74 1.45% 6.81%
08/17/1998 0.37 0.37 1,000.00 879.34 933.74 -12.07% -6.63%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
EVERGREEN VA INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/17/1998 100 10 1000
08/31/1998 1000 0 10 100 9.13 913 -8.70%
09/30/1998 913 0 10 100 8.55 855 -6.35%
10/31/1998 855 0 10 100 8.77 877 2.57%
11/30/1998 877 0 10 100 9.12 912 3.99%
12/31/1998 912 0 10 100 9.39 939 2.96%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/17/1998 1,250 1.070558173
08/31/1998 0.00054 0.67123288 1140.578767 228.15 0.976844737
09/30/1998 0.00115 1.3124468 1066.808962 213.47 0.913664842
10/31/1998 0.00119 1.2684797 1092.990537 218.78 0.936087962
11/30/1998 0.00115 1.25768774 1135.352768 227.34 0.972368948
12/31/1998 0.00119 1.3499811 1167.615205 233.87 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.352058 1 6.00% 10%
Units purchased 2,840.445 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 0.352058 2,840.445 1,000.00 1,000.00 2,840.45 0.00%
08/31/1988 0.351973 2,840.445 999.76 0.00002 0.019178084 999.76 2,840.45 0.00%
09/30/1988 0.354075 2,840.445 1,005.73 0.00008 0.082172085 1,005.73 2,840.45 0.00%
10/31/1988 0.364599 2,840.445 1,035.62 0.00008 0.085418295 1,035.62 2,840.45 0.00%
11/30/1988 0.362117 2,840.445 1,028.57 0.00008 0.085119843 1,028.57 2,840.45 0.00%
12/31/1988 0.360329 2,840.445 1,023.50 0.00008 0.087358381 1,023.50 2,840.45 0.00%
01/31/1989 0.369761 2,840.445 1,050.29 0.00008 0.086927039 1,050.29 2,840.45 0.00%
02/28/1989 0.365205 2,840.445 1,037.34 0.00008 0.080569924 1,037.34 2,840.45 0.00%
03/31/1989 0.368672 2,840.445 1,047.19 0.00008 0.088103216 1,047.19 2,840.45 0.00%
04/30/1989 0.376348 2,840.445 1,069.00 0.00008 0.086070639 1,069.00 2,840.45 0.00%
05/31/1989 0.375948 2,840.445 1,067.86 0.00008 0.090791431 1,067.86 2,840.45 0.00%
06/30/1989 0.373463 2,840.445 1,060.80 0.00008 0.087769396 1,060.80 2,840.45 0.00%
07/31/1989 0.393313 2,840.445 1,117.18 0.00008 0.090095417 1,117.18 2,840.45 0.00%
08/31/1989 0.396379 2,840.445 1,125.89 0.00008 0.094884191 1,125.89 2,840.45 0.00%
09/30/1989 0.394234 2,840.445 1,119.80 0.00008 0.092539213 1,119.80 2,840.45 0.00%
10/31/1989 0.380591 2,840.445 1,081.05 0.00008 0.095106273 1,081.05 2,840.45 0.00%
11/30/1989 0.386805 2,840.445 1,098.70 0.00008 0.08885316 1,098.70 2,840.45 0.00%
12/31/1989 0.403060 2,840.445 1,144.87 0.00008 0.093314036 1,144.87 2,840.45 0.00%
01/31/1990 0.392575 2,840.445 1,115.09 0.00008 0.097235497 1,115.09 2,840.45 0.00%
02/28/1990 0.392890 2,840.445 1,115.98 0.00008 0.085540936 1,115.98 2,840.45 0.00%
03/31/1990 0.398108 2,840.445 1,130.80 0.00008 0.094782079 1,130.80 2,840.45 0.00%
04/30/1990 0.383873 2,840.445 1,090.37 0.00008 0.092942773 1,090.37 2,840.45 0.00%
05/31/1990 0.407192 2,840.445 1,156.61 0.00008 0.092606753 1,156.61 2,840.45 0.00%
06/30/1990 0.409956 2,840.445 1,164.46 0.00008 0.095063583 1,164.46 2,840.45 0.00%
07/31/1990 0.415532 2,840.445 1,180.30 0.00008 0.098899191 1,180.30 2,840.45 0.00%
08/31/1990 0.384727 2,840.445 1,092.80 0.00008 0.100244286 1,092.80 2,840.45 0.00%
09/30/1990 0.353300 2,840.445 1,003.53 0.00008 0.089818941 1,003.53 2,840.45 0.00%
10/31/1990 0.349756 2,840.445 993.46 0.00008 0.085231195 993.46 2,840.45 0.00%
11/30/1990 0.359598 2,840.445 1,021.42 0.00008 0.081654467 1,021.42 2,840.45 0.00%
12/31/1990 0.366249 2,840.445 1,040.31 0.00008 0.086750662 1,040.31 2,840.45 0.00%
01/31/1991 0.383415 2,840.445 1,089.07 0.00008 0.088355154 1,089.07 2,840.45 0.00%
02/28/1991 0.407606 2,840.445 1,157.78 0.00008 0.08354509 1,157.78 2,840.45 0.00%
03/31/1991 0.402243 2,840.445 1,142.55 0.00008 0.098332292 1,142.55 2,840.45 0.00%
04/30/1991 0.406534 2,840.445 1,154.74 0.00008 0.093908168 1,154.74 2,840.45 0.00%
05/31/1991 0.417304 2,840.445 1,185.33 0.00008 0.098073475 1,185.33 2,840.45 0.00%
06/30/1991 0.399188 2,840.445 1,133.87 0.00008 0.097424394 1,133.87 2,840.45 0.00%
07/31/1991 0.421842 2,840.445 1,198.22 0.00008 0.0963014 1,198.22 2,840.45 0.00%
08/31/1991 0.431119 2,840.445 1,224.57 0.00008 0.101766599 1,224.57 2,840.45 0.00%
09/30/1991 0.434274 2,840.445 1,233.53 0.00008 0.100649668 1,233.53 2,840.45 0.00%
10/31/1991 0.437052 2,840.445 1,241.42 0.00008 0.104765735 1,241.42 2,840.45 0.00%
11/30/1991 0.425828 2,840.445 1,209.54 0.00008 0.1020346 1,209.54 2,840.45 0.00%
12/31/1991 0.461968 2,840.445 1,312.19 0.00008 0.102728209 1,312.19 2,840.45 0.00%
01/31/1992 0.457533 2,840.445 1,299.60 0.00008 0.111446697 1,299.60 2,840.45 0.00%
02/29/1992 0.469611 2,840.445 1,333.90 0.00008 0.103255748 1,333.90 2,840.45 0.00%
03/31/1992 0.463427 2,840.445 1,316.34 0.00008 0.113290511 1,316.34 2,840.45 0.00%
04/30/1992 0.474757 2,840.445 1,348.52 0.00008 0.108192261 1,348.52 2,840.45 0.00%
05/31/1992 0.494156 2,840.445 1,403.62 0.00008 0.114532011 1,403.62 2,840.45 0.00%
06/30/1992 0.492177 2,840.445 1,398.00 0.00008 0.11536635 1,398.00 2,840.45 0.00%
07/31/1992 0.497538 2,840.445 1,413.23 0.00008 0.118734415 1,413.23 2,840.45 0.00%
08/31/1992 0.491133 2,840.445 1,395.03 0.00008 0.120027717 1,395.03 2,840.45 0.00%
09/30/1992 0.488793 2,840.445 1,388.39 0.00008 0.11466041 1,388.39 2,840.45 0.00%
10/31/1992 0.484607 2,840.445 1,376.50 0.00008 0.117917936 1,376.50 2,840.45 0.00%
11/30/1992 0.487772 2,840.445 1,385.49 0.00008 0.113136914 1,385.49 2,840.45 0.00%
12/31/1992 0.493107 2,840.445 1,400.64 0.00008 0.117671692 1,400.64 2,840.45 0.00%
01/31/1993 0.499164 2,840.445 1,417.85 0.00008 0.118958695 1,417.85 2,840.45 0.00%
02/28/1993 0.510369 2,840.445 1,449.68 0.00008 0.108766325 1,449.68 2,840.45 0.00%
03/31/1993 0.520572 2,840.445 1,478.66 0.00008 0.123123131 1,478.66 2,840.45 0.00%
04/30/1993 0.530159 2,840.445 1,505.89 0.00008 0.121533372 1,505.89 2,840.45 0.00%
05/31/1993 0.538581 2,840.445 1,529.81 0.00008 0.127897232 1,529.81 2,840.45 0.00%
06/30/1993 0.542514 2,840.445 1,540.98 0.00008 0.125737844 1,540.98 2,840.45 0.00%
07/31/1993 0.550534 2,840.445 1,563.76 0.00008 0.130877913 1,563.76 2,840.45 0.00%
08/31/1993 0.576077 2,840.445 1,636.31 0.00008 0.132812586 1,636.31 2,840.45 0.00%
09/30/1993 0.575855 2,840.445 1,635.69 0.00008 0.134491564 1,635.69 2,840.45 0.00%
10/31/1993 0.594613 2,840.445 1,688.96 0.00008 0.138921216 1,688.96 2,840.45 0.00%
11/30/1993 0.582467 2,840.445 1,654.47 0.00008 0.138819019 1,654.47 2,840.45 0.00%
12/31/1993 0.614560 2,840.445 1,745.62 0.00008 0.140516269 1,745.62 2,840.45 0.00%
01/31/1994 0.643614 2,840.445 1,828.15 0.00008 0.148258456 1,828.15 2,840.45 2.00%
02/28/1994 0.618886 2,840.445 1,757.91 0.00008 0.140241702 1,757.91 2,840.45 2.00%
03/31/1994 0.591077 2,840.445 1,678.92 0.00008 0.149302043 1,678.92 2,840.45 2.00%
04/30/1994 0.595774 2,840.445 1,692.26 0.00008 0.137993626 1,692.26 2,840.45 2.00%
05/31/1994 0.599305 2,840.445 1,702.29 0.00008 0.143726485 1,702.29 2,840.45 2.00%
06/30/1994 0.582430 2,840.445 1,654.36 0.00008 0.139914493 1,654.36 2,840.45 2.00%
07/31/1994 0.605230 2,840.445 1,719.12 0.00008 0.14050729 1,719.12 2,840.45 2.00%
08/31/1994 0.621566 2,840.445 1,765.52 0.00008 0.146007763 1,765.52 2,840.45 2.00%
09/30/1994 0.608113 2,840.445 1,727.31 0.00008 0.145111518 1,727.31 2,840.45 2.00%
10/31/1994 0.613868 2,840.445 1,743.66 0.00008 0.146703163 1,743.66 2,840.45 2.00%
11/30/1994 0.593678 2,840.445 1,686.31 0.00008 0.143314325 1,686.31 2,840.45 2.00%
12/31/1994 0.588914 2,840.445 1,672.78 0.00008 0.143220787 1,672.78 2,840.45 2.00%
01/31/1995 0.581909 2,840.445 1,652.88 0.00008 0.142071661 1,652.88 2,840.45 4.00%
02/28/1995 0.594475 2,840.445 1,688.57 0.00008 0.12679636 1,688.57 2,840.45 4.00%
03/31/1995 0.603071 2,840.445 1,712.99 0.00008 0.14341301 1,712.99 2,840.45 4.00%
04/30/1995 0.622043 2,840.445 1,766.88 0.00008 0.140793772 1,766.88 2,840.45 4.00%
05/31/1995 0.644408 2,840.445 1,830.41 0.00008 0.150063617 1,830.41 2,840.45 4.00%
06/30/1995 0.655247 2,840.445 1,861.19 0.00008 0.150444279 1,861.19 2,840.45 4.00%
07/31/1995 0.679060 2,840.445 1,928.83 0.00008 0.158073919 1,928.83 2,840.45 4.00%
08/31/1995 0.672602 2,840.445 1,910.49 0.00008 0.163818592 1,910.49 2,840.45 4.00%
09/30/1995 0.694073 2,840.445 1,971.48 0.00008 0.157026395 1,971.48 2,840.45 4.00%
10/31/1995 0.679594 2,840.445 1,930.35 0.00008 0.167440518 1,930.35 2,840.45 4.00%
11/30/1995 0.699869 2,840.445 1,987.94 0.00008 0.158658762 1,987.94 2,840.45 4.00%
12/31/1995 0.712843 2,840.445 2,024.79 0.00008 0.168838674 2,024.79 2,840.45 4.00%
01/31/1996 0.730353 2,840.445 2,074.53 0.00008 0.171968681 2,074.53 2,840.45 6.00%
02/29/1996 0.735901 2,840.445 2,090.29 0.00008 0.164825543 2,090.29 2,840.45 6.00%
03/31/1996 0.741941 2,840.445 2,107.44 0.00008 0.177531171 2,107.44 2,840.45 6.00%
04/30/1996 0.759217 2,840.445 2,156.51 0.00008 0.173214575 2,156.51 2,840.45 6.00%
05/31/1996 0.768819 2,840.445 2,183.79 0.00008 0.183155953 2,183.79 2,840.45 6.00%
06/30/1996 0.766830 2,840.445 2,178.14 0.00008 0.179489487 2,178.14 2,840.45 6.00%
07/31/1996 0.746038 2,840.445 2,119.08 0.00008 0.184992671 2,119.08 2,840.45 6.00%
08/31/1996 0.763607 2,840.445 2,168.98 0.00008 0.179976631 2,168.98 2,840.45 6.00%
09/30/1996 0.777975 2,840.445 2,209.79 0.00008 0.178272684 2,209.79 2,840.45 6.00%
10/31/1996 0.786707 2,840.445 2,234.60 0.00008 0.187681144 2,234.60 2,840.45 6.00%
11/30/1996 0.832457 2,840.445 2,364.55 0.00008 0.183665588 2,364.55 2,840.45 6.00%
12/31/1996 0.837140 2,840.445 2,377.85 0.00008 0.200824658 2,377.85 2,840.45 6.00%
01/31/1997 0.868022 2,840.445 2,465.57 0.00008 0.201954475 2,465.57 2,840.45 6.00%
02/28/1997 0.876176 2,840.445 2,488.73 0.00008 0.189139573 2,488.73 2,840.45 6.00%
03/31/1997 0.866173 2,840.445 2,460.32 0.00008 0.211371663 2,460.32 2,840.45 6.00%
04/30/1997 0.874777 2,840.445 2,484.76 0.00008 0.202217862 2,484.76 2,840.45 6.00%
05/31/1997 0.923428 2,840.445 2,622.95 0.00008 0.211034056 2,622.95 2,840.45 6.00%
06/30/1997 0.959521 2,840.445 2,725.47 0.00008 0.215584525 2,725.47 2,840.45 6.00%
07/31/1997 1.014438 2,840.445 2,881.46 0.00008 0.231477954 2,881.46 2,840.45 6.00%
08/31/1997 0.965648 2,840.445 2,742.87 0.00008 0.244726329 2,742.87 2,840.45 6.00%
09/30/1997 1.031637 2,840.445 2,930.31 0.00008 0.225441337 2,930.31 2,840.45 6.00%
10/31/1997 0.952902 2,840.445 2,706.67 0.00008 0.248875542 2,706.67 2,840.45 6.00%
11/30/1997 0.954493 2,840.445 2,711.19 0.00008 0.222465769 2,711.19 2,840.45 6.00%
12/31/1997 0.954337 2,840.445 2,710.74 0.00008 0.230265094 2,710.74 2,840.45 6.00%
01/31/1998 0.947335 2,840.445 2,690.85 0.00008 0.230227335 2,690.85 2,840.45 6.00%
02/28/1998 1.002806 2,840.445 2,848.42 0.00008 0.206421694 2,848.42 2,840.45 6.00%
03/31/1998 1.061430 2,840.445 3,014.93 0.00008 0.241920271 3,014.93 2,840.45 6.00%
04/30/1998 1.080186 2,840.445 3,068.21 0.00008 0.247802856 3,068.21 2,840.45 6.00%
05/31/1998 1.047946 2,840.445 2,976.63 0.00008 0.260587611 2,976.63 2,840.45 6.00%
06/30/1998 1.033816 2,840.445 2,936.50 0.00008 0.244654863 2,936.50 2,840.45 6.00%
07/31/1998 1.049806 2,840.445 2,981.92 0.00008 0.249401037 2,981.92 2,840.45 6.00%
08/31/1998 0.861370 2,840.445 2,446.67 0.00008 0.25325873 2,446.67 2,840.45 6.00%
09/30/1998 0.841643 2,840.445 2,390.64 0.00008 0.201096494 2,390.64 2,840.45 6.00%
10/31/1998 0.938001 2,840.445 2,664.34 0.00008 0.203040643 2,664.34 2,840.45 6.00%
11/30/1998 0.991658 2,840.445 2,816.75 0.00008 0.218986944 2,816.75 2,840.45 6.00%
12/31/1998 1.000000 2,840.445 2,840.45 0.00008 0.239230841 2,840.45 2,840.45 6.00%
12/31/1998 2,840.45
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN 184.04% 184.04%
08/24/1988 0.00% 2,840.45 10.3589 10.60% 10.60% 2,840.44 2,840.44 11
08/31/1988 0.00% 2,840.45 10.3397 10.63% 10.63% 2,841.13 2,841.13 11
09/30/1988 0.00% 2,840.45 10.2575 10.65% 10.65% 2,824.26 2,824.26 11
10/31/1988 0.00% 2,840.45 10.1726 10.43% 10.43% 2,742.74 2,742.74 11
11/30/1988 0.00% 2,840.45 10.0904 10.59% 10.59% 2,761.54 2,761.54 11
12/31/1988 0.00% 2,840.45 10.0055 10.74% 10.74% 2,775.24 2,775.24 11
01/31/1989 0.00% 2,840.45 9.9205 10.55% 10.55% 2,704.45 2,704.45 10
02/28/1989 0.00% 2,840.45 9.8438 10.77% 10.77% 2,738.19 2,738.19 10
03/31/1989 0.00% 2,840.45 9.7589 10.77% 10.77% 2,712.44 2,712.44 10
04/30/1989 0.00% 2,840.45 9.6767 10.63% 10.63% 2,657.12 2,657.12 10
05/31/1989 0.00% 2,840.45 9.5918 10.74% 10.74% 2,659.94 2,659.94 10
06/30/1989 0.00% 2,840.45 9.5096 10.91% 10.91% 2,677.64 2,677.64 10
07/31/1989 0.00% 2,840.45 9.4247 10.41% 10.41% 2,542.50 2,542.50 10
08/31/1989 0.00% 2,840.45 9.3397 10.42% 10.42% 2,522.84 2,522.84 10
09/30/1989 0.00% 2,840.45 9.2575 10.58% 10.58% 2,536.57 2,536.57 10
10/31/1989 0.00% 2,840.45 9.1726 11.11% 11.11% 2,627.49 2,627.49 10
11/30/1989 0.00% 2,840.45 9.0904 11.01% 11.01% 2,585.28 2,585.28 10
12/31/1989 0.00% 2,840.45 9.0055 10.62% 10.62% 2,481.02 2,481.02 10
01/31/1990 0.00% 2,840.45 8.9205 11.05% 11.05% 2,547.29 2,547.29 9
02/28/1990 0.00% 2,840.45 8.8438 11.14% 11.14% 2,545.24 2,545.24 9
03/31/1990 0.00% 2,840.45 8.7589 11.09% 11.09% 2,511.88 2,511.88 9
04/30/1990 0.00% 2,840.45 8.6767 11.67% 11.67% 2,605.03 2,605.03 9
05/31/1990 0.00% 2,840.45 8.5918 11.02% 11.02% 2,455.84 2,455.84 9
06/30/1990 0.00% 2,840.45 8.5096 11.05% 11.05% 2,439.28 2,439.28 9
07/31/1990 0.00% 2,840.45 8.4247 10.99% 10.99% 2,406.55 2,406.55 9
08/31/1990 0.00% 2,840.45 8.3397 12.14% 12.14% 2,599.24 2,599.24 9
09/30/1990 0.00% 2,840.45 8.2575 13.43% 13.43% 2,830.46 2,830.46 9
10/31/1990 0.00% 2,840.45 8.1726 13.72% 13.72% 2,859.14 2,859.14 9
11/30/1990 0.00% 2,840.45 8.0904 13.48% 13.48% 2,780.88 2,780.88 9
12/31/1990 0.00% 2,840.45 8.0055 13.37% 13.37% 2,730.38 2,730.38 9
01/31/1991 0.00% 2,840.45 7.9205 12.87% 12.87% 2,608.14 2,608.14 8
02/28/1991 0.00% 2,840.45 7.8438 12.12% 12.12% 2,453.35 2,453.35 8
03/31/1991 0.00% 2,840.45 7.7589 12.45% 12.45% 2,486.06 2,486.06 8
04/30/1991 0.00% 2,840.45 7.6767 12.44% 12.44% 2,459.82 2,459.82 8
05/31/1991 0.00% 2,840.45 7.5918 12.20% 12.20% 2,396.33 2,396.33 8
06/30/1991 0.00% 2,840.45 7.5096 13.01% 13.01% 2,505.09 2,505.09 8
07/31/1991 0.00% 2,840.45 7.4247 12.33% 12.33% 2,370.55 2,370.55 8
08/31/1991 0.00% 2,840.45 7.3397 12.15% 12.15% 2,319.54 2,319.54 8
09/30/1991 0.00% 2,840.45 7.2575 12.18% 12.18% 2,302.69 2,302.69 8
10/31/1991 0.00% 2,840.45 7.1726 12.23% 12.23% 2,288.06 2,288.06 8
11/30/1991 0.00% 2,840.45 7.0904 12.80% 12.80% 2,348.36 2,348.36 8
12/31/1991 0.00% 2,840.45 7.0055 11.65% 11.65% 2,164.65 2,164.65 8
01/31/1992 100.00% 2,840.45 6.9205 11.96% 11.96% 2,185.63 2,185.63 7
02/29/1992 100.00% 2,840.45 6.8411 11.68% 11.68% 2,129.42 2,129.42 7
03/31/1992 100.00% 2,840.45 6.7562 12.06% 12.06% 2,157.84 2,157.84 7
04/30/1992 100.00% 2,840.45 6.6740 11.81% 11.81% 2,106.34 2,106.34 7
05/31/1992 100.00% 2,840.45 6.5890 11.29% 11.29% 2,023.65 2,023.65 7
06/30/1992 100.00% 2,840.45 6.5068 11.51% 11.51% 2,031.79 2,031.79 7
07/31/1992 100.00% 2,840.45 6.4219 11.48% 11.48% 2,009.90 2,009.90 7
08/31/1992 100.00% 2,840.45 6.3370 11.87% 11.87% 2,036.11 2,036.11 7
09/30/1992 100.00% 2,840.45 6.2548 12.12% 12.12% 2,045.86 2,045.86 7
10/31/1992 100.00% 2,840.45 6.1699 12.46% 12.46% 2,063.53 2,063.53 7
11/30/1992 100.00% 2,840.45 6.0877 12.52% 12.52% 2,050.14 2,050.14 7
12/31/1992 100.00% 2,840.45 6.0027 12.50% 12.50% 2,027.96 2,027.96 7
01/31/1993 100.00% 2,840.45 5.9178 12.46% 12.46% 2,003.35 2,003.35 6
02/28/1993 100.00% 2,840.45 5.8411 12.20% 12.20% 1,959.37 1,959.37 6
03/31/1993 100.00% 2,840.45 5.7562 12.01% 12.01% 1,920.96 1,920.96 6
04/30/1993 100.00% 2,840.45 5.6740 11.83% 11.83% 1,886.23 1,886.23 6
05/31/1993 100.00% 2,840.45 5.5890 11.71% 11.71% 1,856.73 1,856.73 6
06/30/1993 100.00% 2,840.45 5.5068 11.75% 11.75% 1,843.27 1,843.27 6
07/31/1993 100.00% 2,840.45 5.4219 11.64% 11.64% 1,816.42 1,816.42 6
08/31/1993 100.00% 2,840.45 5.3370 10.89% 10.89% 1,735.88 1,735.88 6
09/30/1993 100.00% 2,840.45 5.2548 11.07% 11.07% 1,736.55 1,736.55 6
10/31/1993 100.00% 2,840.45 5.1699 10.58% 10.58% 1,681.77 1,681.77 6
11/30/1993 100.00% 2,840.45 5.0877 11.21% 11.21% 1,716.84 1,716.84 6
12/31/1993 100.00% 2,840.45 5.0027 10.22% 10.22% 1,627.18 1,627.18 6
01/31/1994 50.00% 2,832.29 4.9178 9.31% 9.37% 1,549.26 1,553.73 5
02/28/1994 50.00% 2,833.69 4.8411 10.37% 10.42% 1,611.96 1,615.81 5
03/31/1994 50.00% 2,835.27 4.7562 11.65% 11.69% 1,688.74 1,691.83 5
04/30/1994 50.00% 2,835.00 4.6740 11.67% 11.72% 1,675.27 1,678.49 5
05/31/1994 50.00% 2,834.80 4.5890 11.75% 11.80% 1,665.29 1,668.60 5
06/30/1994 50.00% 2,835.76 4.5068 12.70% 12.74% 1,714.11 1,716.94 5
07/31/1994 50.00% 2,834.47 4.4219 11.97% 12.03% 1,648.79 1,652.26 5
08/31/1994 50.00% 2,833.54 4.3370 11.53% 11.59% 1,604.93 1,608.84 5
09/30/1994 50.00% 2,834.30 4.2548 12.34% 12.40% 1,640.88 1,644.43 5
10/31/1994 50.00% 2,833.98 4.1699 12.35% 12.41% 1,625.31 1,629.02 5
11/30/1994 50.00% 2,835.12 4.0877 13.55% 13.61% 1,681.26 1,684.42 5
12/31/1994 50.00% 2,835.39 4.0027 14.09% 14.14% 1,695.02 1,698.04 5
01/31/1995 40.00% 2,819.78 3.9178 14.61% 14.82% 1,705.98 1,718.48 4
02/28/1995 40.00% 2,818.35 3.8411 14.27% 14.50% 1,669.07 1,682.16 4
03/31/1995 40.00% 2,817.37 3.7562 14.16% 14.41% 1,644.71 1,658.18 4
04/30/1995 40.00% 2,815.22 3.6740 13.52% 13.79% 1,593.33 1,607.61 4
05/31/1995 40.00% 2,812.68 3.5890 12.72% 13.02% 1,536.64 1,551.81 4
06/30/1995 40.00% 2,811.44 3.5068 12.48% 12.81% 1,510.56 1,526.14 4
07/31/1995 40.00% 2,808.74 3.4219 11.61% 11.98% 1,456.19 1,472.62 4
08/31/1995 40.00% 2,809.47 3.3370 12.25% 12.62% 1,470.55 1,486.76 4
09/30/1995 40.00% 2,807.03 3.2548 11.47% 11.87% 1,423.82 1,440.77 4
10/31/1995 40.00% 2,808.68 3.1699 12.56% 12.96% 1,455.01 1,471.47 4
11/30/1995 40.00% 2,806.37 3.0877 11.81% 12.25% 1,411.70 1,428.84 4
12/31/1995 40.00% 2,804.90 3.0027 11.46% 11.93% 1,385.28 1,402.83 4
01/31/1996 30.00% 2,767.10 2.9178 10.38% 11.37% 1,333.85 1,369.20 3
02/29/1996 30.00% 2,766.16 2.8384 10.37% 11.41% 1,323.34 1,358.88 3
03/31/1996 30.00% 2,765.13 2.7534 10.37% 11.45% 1,312.08 1,347.82 3
04/30/1996 30.00% 2,762.18 2.6712 9.71% 10.86% 1,280.86 1,317.15 3
05/31/1996 30.00% 2,760.55 2.5863 9.49% 10.70% 1,264.11 1,300.70 3
06/30/1996 30.00% 2,760.88 2.5041 9.93% 11.18% 1,267.54 1,304.07 3
07/31/1996 30.00% 2,764.43 2.4192 11.62% 12.87% 1,304.54 1,340.41 3
08/31/1996 30.00% 2,761.43 2.3342 10.90% 12.25% 1,273.15 1,309.57 3
09/30/1996 30.00% 2,758.99 2.2521 10.36% 11.79% 1,248.53 1,285.39 3
10/31/1996 30.00% 2,757.50 2.1671 10.19% 11.71% 1,234.00 1,271.12 3
11/30/1996 30.00% 2,749.70 2.0849 7.51% 9.19% 1,162.89 1,201.26 3
12/31/1996 30.00% 2,748.90 2.0000 7.52% 9.30% 1,156.04 1,194.54 3
01/31/1997 20.00% 2,726.60 1.9151 5.40% 7.67% 1,105.87 1,152.04 2
02/28/1997 20.00% 2,725.21 1.8384 5.06% 7.46% 1,095.02 1,141.32 2
03/31/1997 20.00% 2,726.91 1.7534 6.04% 8.54% 1,108.36 1,154.50 2
04/30/1997 20.00% 2,725.44 1.6712 5.69% 8.33% 1,096.87 1,143.15 2
05/31/1997 20.00% 2,717.15 1.5863 2.25% 5.15% 1,035.92 1,082.92 2
06/30/1997 20.00% 2,711.00 1.5041 -0.35% 2.79% 994.69 1,042.19 2
07/31/1997 20.00% 2,701.64 1.4192 -4.44% -1.00% 937.60 985.77 2
08/31/1997 20.00% 2,709.96 1.3342 -0.90% 2.65% 988.00 1,035.57 2
09/30/1997 20.00% 2,698.71 1.2521 -6.36% -2.46% 920.96 969.33 2
10/31/1997 20.00% 2,712.13 1.1671 0.17% 4.22% 1,002.02 1,049.43 2
11/30/1997 20.00% 2,711.86 1.0849 0.02% 4.39% 1,000.25 1,047.68 2
12/31/1997 20.00% 2,711.89 1.0000 0.04% 4.78% 1,000.42 1,047.85 2
01/31/1998 10.00% 2,696.04 0.9151 0.19% 5.56% 1,001.76 1,050.75 1
02/28/1998 10.00% 2,686.58 0.8384 -5.68% -0.28% 952.14 997.65 1
03/31/1998 10.00% 2,676.59 0.7534 -11.22% -5.79% 914.22 956.08 1
04/30/1998 10.00% 2,673.40 0.6712 -12.87% -7.42% 911.69 949.55 1
05/31/1998 10.00% 2,678.89 0.5863 -10.00% -4.58% 940.08 972.92 1
06/30/1998 10.00% 2,681.30 0.5041 -8.69% -3.27% 955.20 983.38 1
07/31/1998 10.00% 2,678.57 0.4192 -10.17% -4.74% 956.02 979.83 1
08/31/1998 10.00% 2,710.69 0.3342 10.79% 16.09% 1,034.84 1,051.14 1
09/30/1998 10.00% 2,714.05 0.2521 13.53% 18.82% 1,032.50 1,044.42 1
10/31/1998 10.00% 2,697.63 0.1671 1.25% 6.61% 1,002.08 1,010.75 1
11/30/1998 10.00% 2,688.48 0.0849 -4.55% 0.84% 996.05 1,000.71 1
12/31/1998 10.00% 2,687.06 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.352058 1 6.00% 10%
Units purchased 2,840.445 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,816.75 2,688.48 2,840.45 -4.55% 0.84%
09/30/1998 0.25 0.25 2,390.64 2,714.05 2,840.45 13.53% 18.82%
12/31/1997 1.00 1.00 2,710.74 2,711.89 2,840.45 0.04% 4.78%
12/31/1997 1.00 1.00 2,710.74 2,711.89 2,840.45 0.04% 4.78%
12/31/1995 3.00 3.00 2,024.79 2,804.90 2,840.45 11.48% 11.94%
12/31/1993 5.00 5.00 1,745.62 2,840.45 2,840.45 10.23% 10.23%
12/31/1988 10.00 10.00 1,023.50 2,840.45 2,840.45 10.75% 10.75%
10/31/1998 0.16 0.16 2,664.34 2,697.63 2,840.45 1.25% 6.61%
08/24/1988 10.36 10.36 1,000.00 2,840.45 2,840.45 10.60% 10.60%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
TVP ASSET ALLOCATION 2
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 100 10 1000
08/31/1988 1000 0 10 100 10 1,000.00 0.00%
09/30/1988 1000 0 10 100 10.07 1,007.00 0.70%
10/31/1988 1007 0 10 100 10.38 1,038.00 3.08%
11/30/1988 1038 0 10 100 10.32 1,032.00 -0.58%
12/31/1988 1032 0 10 100 10.28 1,028.00 -0.39%
01/31/1989 1028 0 10 100 10.56 1,056.00 2.72%
02/28/1989 1056 0.02 10.43 100.192 10.42 1,044.00 -1.14%
03/31/1989 1044 0 10 100.192 10.53 1,055.02 1.06%
04/30/1989 1055.02 0 10 100.192 10.76 1,078.07 2.18%
05/31/1989 1078.07 0 10 100.192 10.76 1,078.07 0.00%
06/30/1989 1078.07 0 10 100.192 10.7 1,072.05 -0.56%
07/31/1989 1072.05 0 10 100.192 11.28 1,130.17 5.42%
08/31/1989 1130.17 0 10 100.192 11.38 1,140.18 0.89%
09/30/1989 1140.18 0 10 100.192 11.33 1,135.18 -0.44%
10/31/1989 1135.18 0 10 100.192 10.95 1,097.10 -3.35%
11/30/1989 1097.1 0 10 100.192 11.14 1,116.14 1.74%
12/31/1989 1116.14 0 10 100.192 11.62 1,164.23 4.31%
01/31/1990 1164.23 0 10 100.192 11.33 1,135.18 -2.50%
02/28/1990 1135.18 0 10 100.192 11.35 1,137.18 0.18%
03/31/1990 1137.18 0.28 11.12 102.715 11.23 1,153.49 1.43%
04/30/1990 1153.49 0 10 102.715 10.84 1,113.43 -3.47%
05/31/1990 1113.43 0 10 102.715 11.51 1,182.25 6.18%
06/30/1990 1182.25 0 10 102.715 11.6 1,191.49 0.78%
07/31/1990 1191.49 0 10 102.715 11.77 1,208.96 1.47%
08/31/1990 1208.96 0 10 102.715 10.91 1,120.62 -7.31%
09/30/1990 1120.62 0 10 102.715 10.03 1,030.23 -8.07%
10/31/1990 1030.23 0 10 102.715 9.94 1,020.99 -0.90%
11/30/1990 1020.99 0 10 102.715 10.23 1,050.77 2.92%
12/31/1990 1050.77 0 10 102.715 10.43 1,071.32 1.96%
01/31/1991 1071.32 0 10 102.715 10.93 1,122.67 4.79%
02/28/1991 1122.67 0 10 102.715 11.63 1,194.58 6.41%
03/31/1991 1194.58 0.38 11.44 106.127 11.12 1,180.13 -1.21%
04/30/1991 1180.11 0 10 106.127 11.25 1,193.93 1.17%
05/31/1991 1193.93 0 10 106.127 11.56 1,226.83 2.76%
06/30/1991 1226.83 0 10 106.127 11.07 1,174.83 -4.24%
07/31/1991 1174.83 0 10 106.127 11.71 1,242.75 5.78%
08/31/1991 1242.75 0 10 106.127 11.98 1,271.40 2.31%
09/30/1991 1271.4 0 10 106.127 12.08 1,282.01 0.83%
10/31/1991 1282.01 0 10 106.127 12.17 1,291.57 0.75%
11/30/1991 1291.57 0 10 106.127 11.87 1,259.73 -2.47%
12/31/1991 1259.73 0 10 106.127 12.89 1,367.98 8.59%
01/31/1992 1367.98 0 10 106.127 12.78 1,356.30 -0.85%
02/29/1992 1356.3 0 10 106.127 13.13 1,393.45 2.74%
03/31/1992 1393.45 0.41 12.53 109.6 12.56 1,376.58 -1.21%
04/30/1992 1376.58 0 10 109.6 12.88 1,411.65 2.55%
05/31/1992 1411.65 0 10 109.6 13.42 1,470.83 4.19%
06/30/1992 1470.83 0 10 109.6 13.38 1,466.45 -0.30%
07/31/1992 1466.45 0 10 109.6 13.54 1,483.98 1.20%
08/31/1992 1483.98 0 10 109.6 13.38 1,466.45 -1.18%
09/30/1992 1466.45 0 10 109.6 13.33 1,460.97 -0.37%
10/31/1992 1460.97 0 10 109.6 13.23 1,450.01 -0.75%
11/30/1992 1450.01 0 10 109.6 13.33 1,460.97 0.76%
12/31/1992 1460.97 0 10 109.6 13.49 1,478.50 1.20%
01/31/1993 1478.5 0 10 109.6 13.67 1,498.23 1.33%
02/28/1993 1498.23 0 10 109.6 13.99 1,533.30 2.34%
03/31/1993 1533.3 0.39 13.73 112.713 13.89 1,565.58 2.11%
04/30/1993 1565.58 0 10 112.713 14.16 1,596.02 1.94%
05/31/1993 1596.02 0 10 112.713 14.40 1,623.07 1.69%
06/30/1993 1623.07 0 10 112.713 14.52 1,636.59 0.83%
07/31/1993 1636.59 0 10 112.713 14.75 1,662.52 1.58%
08/31/1993 1662.52 0 10 112.713 15.45 1,741.42 4.75%
09/30/1993 1741.42 0 10 112.713 15.46 1,742.54 0.06%
10/31/1993 1742.54 0 10 112.713 15.98 1,801.15 3.36%
11/30/1993 1801.15 0 10 112.713 15.67 1,766.21 -1.94%
12/31/1993 1766.21 0 10 112.713 16.55 1,865.40 5.62%
01/31/1994 1865.4 0 10 112.713 17.35 1,955.57 4.83%
02/28/1994 1955.57 0 10 112.713 16.70 1,882.31 -3.75%
03/31/1994 1882.31 0.38 16.14 115.367 15.60 1,799.73 -4.39%
04/30/1994 1799.73 0 10 115.367 15.74 1,815.88 0.90%
05/31/1994 1815.88 0 10 115.367 15.85 1,828.57 0.70%
06/30/1994 1828.57 0 10 115.367 15.42 1,778.96 -2.71%
07/31/1994 1778.96 0 10 115.367 16.04 1,850.49 4.02%
08/31/1994 1850.49 0 10 115.367 16.49 1,902.40 2.81%
09/30/1994 1902.4 0 10 115.367 16.15 1,863.18 -2.06%
10/31/1994 1863.18 0 10 115.367 16.32 1,882.79 1.05%
11/30/1994 1882.79 0 10 115.367 15.80 1,822.80 -3.19%
12/31/1994 1822.8 0 10 115.367 15.69 1,810.11 -0.70%
01/31/1995 1810.11 0 10 115.367 15.52 1,790.50 -1.08%
02/28/1995 1790.5 0.41 15.46 118.427 15.46 1,830.88 2.26%
03/31/1995 1830.88 0 10 118.427 15.70 1,859.30 1.55%
04/30/1995 1859.3 0 10 118.427 16.21 1,919.70 3.25%
05/31/1995 1919.7 0 10 118.427 16.81 1,990.76 3.70%
06/30/1995 1990.76 0 10 118.427 17.11 2,026.29 1.78%
07/31/1995 2026.29 0 10 118.427 17.75 2,102.08 3.74%
08/31/1995 2102.08 0 10 118.427 17.60 2,084.32 -0.84%
09/30/1995 2084.32 0 10 118.427 18.18 2,153.00 3.30%
10/31/1995 2153 0 10 118.427 17.82 2,110.37 -1.98%
11/30/1995 2110.37 0 10 118.427 18.37 2,175.50 3.09%
12/31/1995 2175.5 0 10 118.427 18.73 2,218.14 1.96%
01/31/1996 2218.14 0 10 118.427 19.21 2,274.98 2.56%
02/29/1996 2274.98 1.04 18.43 125.11 18.34 2,294.52 0.86%
03/31/1996 2294.52 0 10 125.11 18.51 2,315.79 0.93%
04/30/1996 2315.79 0 10 125.11 18.96 2,372.09 2.43%
05/31/1996 2372.09 0 10 125.11 19.22 2,404.61 1.37%
06/30/1996 2404.61 0 10 125.11 19.19 2,400.86 -0.16%
07/31/1996 2400.86 0 10 125.11 18.69 2,338.31 -2.61%
08/31/1996 2338.31 0 10 125.11 19.15 2,395.86 2.46%
09/30/1996 2395.86 0 10 125.11 19.53 2,443.40 1.98%
10/31/1996 2443.4 0 10 125.11 19.77 2,473.42 1.23%
11/30/1996 2473.42 0 10 125.11 20.94 2,619.80 5.92%
12/31/1996 2619.8 0 10 125.11 21.08 2,637.32 0.67%
01/31/1997 2637.32 0 10 125.11 21.88 2,737.41 3.80%
02/28/1997 2737.41 1.85 20.54 136.378 20.28 2,765.75 1.04%
03/31/1997 2765.75 0 10 136.378 20.07 2,737.11 -1.04%
04/30/1997 2737.11 0 10 136.378 20.29 2,767.11 1.10%
05/31/1997 2767.11 0 10 136.378 21.44 2,923.94 5.67%
06/30/1997 2923.94 0 10 136.378 22.30 3,041.23 4.01%
07/31/1997 3041.23 0 10 136.378 23.60 3,218.52 5.83%
08/31/1997 3218.52 0 10 136.378 22.49 3,067.14 -4.70%
09/30/1997 3067.14 0 10 136.378 24.05 3,279.89 6.94%
10/31/1997 3279.89 0 10 136.378 22.24 3,033.05 -7.53%
11/30/1997 3033.05 0 10 136.378 22.30 3,041.23 0.27%
12/31/1997 3041.23 0 10 136.378 22.32 3,043.96 0.09%
01/31/1998 3043.96 0 10 136.378 22.18 3,024.86 -0.63%
02/28/1998 3024.86 0 10 136.378 23.50 3,204.88 5.95%
03/31/1998 3204.88 1.3071 22.47 144.311 23.53 3,395.64 5.95%
04/30/1998 3395.64 0 10 144.311 23.97 3,459.13 1.87%
05/31/1998 3459.13 0 10 144.311 23.28 3,359.56 -2.88%
06/30/1998 3359.56 0 10 144.311 22.99 3,317.71 -1.25%
07/31/1998 3317.71 0 10 144.311 23.37 3,372.55 1.65%
08/31/1998 3372.55 0 10 144.311 19.20 2,770.77 -17.84%
09/30/1998 2770.77 0 10 144.311 18.78 2,710.16 -2.19%
10/31/1998 2710.16 0 10 144.311 20.95 3,023.32 11.56%
11/30/1998 3023.32 0 10 144.311 22.17 3,199.37 5.82%
12/31/1998 3199.37 0 10 144.311 22.38 3,229.68 0.95%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/24/1988 1,000 0.352057543
08/31/1988 0.00024 0.23972603 999.76 (0.00) 0.351973146
09/30/1988 0.00103 1.02715097 1,005.73 (0.00) 0.354075342
10/31/1988 0.00106 1.06772859 1,035.62 (0.00) 0.364599475
11/30/1988 0.00103 1.06399794 1,028.57 (0.00) 0.362117375
12/31/1988 0.00106 1.09197967 1,023.50 (0.00) 0.36032938
01/31/1989 0.00106 1.0865879 1,050.29 (0.00) 0.369761257
02/28/1989 0.00096 1.00712397 1,037.34 (0.00) 0.365204859
03/31/1989 0.00106 1.1012901 1,047.19 (0.00) 0.368672082
04/30/1989 0.00103 1.07588289 1,069.00 (0.00) 0.37634803
05/31/1989 0.00106 1.13489279 1,067.86 (0.00) 0.375948482
06/30/1989 0.00103 1.09711736 1,060.80 (0.00) 0.373462918
07/31/1989 0.00106 1.12619261 1,117.18 (0.00) 0.39331331
08/31/1989 0.00106 1.18605228 1,125.89 (0.00) 0.396379357
09/30/1989 0.00103 1.15674006 1,119.80 (0.00) 0.394233886
10/31/1989 0.00106 1.18882831 1,081.05 (0.00) 0.38059064
11/30/1989 0.00103 1.1106644 1,098.70 (0.00) 0.386804714
12/31/1989 0.00106 1.16642534 1,144.87 (0.00) 0.40305993
01/31/1990 0.00106 1.21544361 1,115.09 (0.00) 0.392574827
02/28/1990 0.00096 1.06926161 1,115.98 (0.00) 0.392890037
03/31/1990 0.00106 1.18477588 1,130.80 (0.00) 0.398107952
04/30/1990 0.00103 1.16178456 1,090.37 (0.00) 0.383872892
05/31/1990 0.00106 1.15758431 1,156.61 (0.00) 0.407192157
06/30/1990 0.00103 1.18829468 1,164.46 (0.00) 0.409956262
07/31/1990 0.00106 1.23623978 1,180.30 (0.00) 0.415531942
08/31/1990 0.00106 1.25305347 1,092.80 (0.00) 0.384727432
09/30/1990 0.00103 1.12273666 1,003.53 (0.00) 0.353299778
10/31/1990 0.00106 1.06538984 993.46 (0.00) 0.349755999
11/30/1990 0.00103 1.02068074 1,021.42 (0.00) 0.359598263
12/31/1990 0.00106 1.08438318 1,040.31 (0.00) 0.366249192
01/31/1991 0.00106 1.10443933 1,089.07 (0.00) 0.383415247
02/28/1991 0.00096 1.04431353 1,157.78 (0.00) 0.407606355
03/31/1991 0.00106 1.22915354 1,142.55 (0.00) 0.402243093
04/30/1991 0.00103 1.173852 1,154.74 (0.00) 0.406533511
05/31/1991 0.00106 1.22591833 1,185.33 (0.00) 0.417304376
06/30/1991 0.00103 1.21780482 1,133.87 (0.00) 0.399187917
07/31/1991 0.00106 1.20376739 1,198.22 (0.00) 0.421842221
08/31/1991 0.00106 1.27208237 1,224.57 (0.00) 0.431119404
09/30/1991 0.00103 1.25812073 1,233.53 (0.00) 0.434274221
10/31/1991 0.00106 1.30957157 1,241.42 (0.00) 0.437051577
11/30/1991 0.00103 1.27543239 1,209.54 (0.00) 0.425828282
12/31/1991 0.00106 1.2841025 1,312.19 (0.00) 0.461968102
01/31/1992 0.00106 1.3930836 1,299.60 (0.00) 0.45753331
02/29/1992 0.00099 1.29069673 1,333.90 (0.00) 0.469611066
03/31/1992 0.00106 1.41613126 1,316.34 (0.00) 0.463427093
04/30/1992 0.00103 1.35240314 1,348.52 (0.00) 0.474757322
05/31/1992 0.00106 1.43165001 1,403.62 (0.00) 0.494156347
06/30/1992 0.00103 1.44207925 1,398.00 (0.00) 0.492177099
07/31/1992 0.00106 1.48418005 1,413.23 (0.00) 0.497538086
08/31/1992 0.00106 1.50034633 1,395.03 (0.00) 0.491132546
09/30/1992 0.00103 1.433255 1,388.39 (0.00) 0.488792637
10/31/1992 0.00106 1.47397407 1,376.50 (0.00) 0.484606857
11/30/1992 0.00103 1.4142113 1,385.49 (0.00) 0.487771907
12/31/1992 0.00106 1.47089602 1,400.64 (0.00) 0.493106782
01/31/1993 0.00106 1.48698355 1,417.85 (0.00) 0.499163594
02/28/1993 0.00096 1.35957894 1,449.68 (0.00) 0.510369177
03/31/1993 0.00106 1.539039 1,478.66 (0.00) 0.520571961
04/30/1993 0.00103 1.51916701 1,505.89 (0.00) 0.530158749
05/31/1993 0.00106 1.59871526 1,529.81 (0.00) 0.538581257
06/30/1993 0.00103 1.57172291 1,540.98 (0.00) 0.542514245
07/31/1993 0.00106 1.63597376 1,563.76 (0.00) 0.55053384
08/31/1993 0.00106 1.66015718 1,636.31 (0.00) 0.576076645
09/30/1993 0.00103 1.6811444 1,635.69 (0.00) 0.575855291
10/31/1993 0.00106 1.73651504 1,688.96 (0.00) 0.594612721
11/30/1993 0.00103 1.73523758 1,654.47 (0.00) 0.582467093
12/31/1993 0.00106 1.7564532 1,745.62 (0.00) 0.614559956
01/31/1994 0.00106 1.85323053 1,828.15 (0.00) 0.643614208
02/28/1994 0.00096 1.75302112 1,757.91 (0.00) 0.618885825
03/31/1994 0.00106 1.86627537 1,678.92 (0.00) 0.591077261
04/30/1994 0.00103 1.72492017 1,692.26 (0.00) 0.595774062
05/31/1994 0.00106 1.79658091 1,702.29 (0.00) 0.599305038
06/30/1994 0.00103 1.74893101 1,654.36 (0.00) 0.582429875
07/31/1994 0.00106 1.75634097 1,719.12 (0.00) 0.605230398
08/31/1994 0.00106 1.82509687 1,765.52 (0.00) 0.6215658
09/30/1994 0.00103 1.81389381 1,727.31 (0.00) 0.608112965
10/31/1994 0.00106 1.83378937 1,743.66 (0.00) 0.613867764
11/30/1994 0.00103 1.79142891 1,686.31 (0.00) 0.593677846
12/31/1994 0.00106 1.79025968 1,672.78 (0.00) 0.588914495
01/31/1995 0.00106 1.7758956 1,652.88 (0.00) 0.581909216
02/28/1995 0.00096 1.58495436 1,688.57 (0.00) 0.594474647
03/31/1995 0.00106 1.79266247 1,712.99 (0.00) 0.603071313
04/30/1995 0.00103 1.759922 1,766.88 (0.00) 0.622042698
05/31/1995 0.00106 1.87579505 1,830.41 (0.00) 0.644407967
06/30/1995 0.00103 1.88055332 1,861.19 (0.00) 0.655246947
07/31/1995 0.00106 1.97592381 1,928.83 (0.00) 0.679059728
08/31/1995 0.00106 2.04773222 1,910.49 (0.00) 0.672601585
09/30/1995 0.00103 1.96282977 1,971.48 (0.00) 0.694073313
10/31/1995 0.00106 2.0930063 1,930.35 (0.00) 0.679593609
11/30/1995 0.00103 1.98323435 1,987.94 (0.00) 0.699868938
12/31/1995 0.00106 2.11048324 2,024.79 (0.00) 0.712843422
01/31/1996 0.00106 2.14960832 2,074.53 (0.00) 0.730353301
02/29/1996 0.00099 2.0603191 2,090.29 (0.00) 0.735901018
03/31/1996 0.00106 2.21913944 2,107.44 (0.00) 0.741941491
04/30/1996 0.00103 2.165182 2,156.51 (0.00) 0.759216828
05/31/1996 0.00106 2.28944921 2,183.79 (0.00) 0.768819239
06/30/1996 0.00103 2.2436184 2,178.14 (0.00) 0.766830379
07/31/1996 0.00106 2.31240819 2,119.08 (0.00) 0.746037921
08/31/1996 0.00106 2.24970768 2,168.98 (0.00) 0.763607225
09/30/1996 0.00103 2.22840835 2,209.79 (0.00) 0.77797462
10/31/1996 0.00106 2.3460141 2,234.60 (0.00) 0.786707008
11/30/1996 0.00103 2.29581965 2,364.55 (0.00) 0.832457023
12/31/1996 0.00106 2.510308 2,377.85 (0.00) 0.837140335
01/31/1997 0.00106 2.52443072 2,465.57 (0.00) 0.868022242
02/28/1997 0.00096 2.36424446 2,488.73 (0.00) 0.876176397
03/31/1997 0.00106 2.64214555 2,460.32 (0.00) 0.866173195
04/30/1997 0.00103 2.52772305 2,484.76 (0.00) 0.874776952
05/31/1997 0.00106 2.63792547 2,622.94 (0.00) 0.923427512
06/30/1997 0.00103 2.69480633 2,725.47 (0.00) 0.959520863
07/31/1997 0.00106 2.89347417 2,881.45 (0.00) 1.014437935
08/31/1997 0.00106 3.05907884 2,742.87 (0.00) 0.965647848
09/30/1997 0.00103 2.81801647 2,930.31 (0.00) 1.031637225
10/31/1997 0.00106 3.110944 2,706.67 (0.00) 0.952902398
11/30/1997 0.00103 2.78082186 2,711.19 (0.00) 0.954493324
12/31/1997 0.00106 2.87831343 2,710.74 (0.00) 0.954336805
01/31/1998 0.00106 2.87784144 2,690.85 (0.00) 0.947335442
02/28/1998 0.00096 2.58027094 2,848.42 (0.00) 1.002806285
03/31/1998 0.00106 3.02400312 3,014.93 (0.00) 1.061430426
04/30/1998 0.00103 3.09753542 3,068.21 (0.00) 1.080186017
05/31/1998 0.00106 3.25734485 2,976.63 (0.00) 1.04794642
06/30/1998 0.00103 3.05818552 2,936.50 (0.00) 1.033815506
07/31/1998 0.00106 3.11751269 2,981.92 (0.00) 1.049806388
08/31/1998 0.00106 3.16573385 2,446.67 (0.00) 0.861369964
09/30/1998 0.00103 2.51370595 2,390.64 (0.00) 0.841642711
10/31/1998 0.00106 2.53800782 2,664.34 (0.00) 0.938001316
11/30/1998 0.00103 2.73733655 2,816.75 (0.00) 0.991658077
12/31/1998 0.00106 2.99038525 2,840.44 (0.00) 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.357528 1 6.00% 10%
Units purchased 2,796.982 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 0.357528 2,796.982 1,000.00 1,000.00 2,796.98 0.00%
08/31/1988 0.357432 2,796.982 999.73 0.00002 0.019178081 999.73 2,796.98 0.00%
09/30/1988 0.359523 2,796.982 1,005.58 0.00008 0.082169709 1,005.58 2,796.98 0.00%
10/31/1988 0.370163 2,796.982 1,035.34 0.00008 0.085405358 1,035.34 2,796.98 0.00%
11/30/1988 0.367598 2,796.982 1,028.16 0.00008 0.085096422 1,028.16 2,796.98 0.00%
12/31/1988 0.365736 2,796.982 1,022.96 0.00008 0.087323503 1,022.96 2,796.98 0.00%
01/31/1989 0.375262 2,796.982 1,049.60 0.00008 0.086881208 1,049.60 2,796.98 0.00%
02/28/1989 0.370595 2,796.982 1,036.55 0.00008 0.080517448 1,036.55 2,796.98 0.00%
03/31/1989 0.374066 2,796.982 1,046.26 0.00008 0.088035575 1,046.26 2,796.98 0.00%
04/30/1989 0.381808 2,796.982 1,067.91 0.00008 0.085993705 1,067.91 2,796.98 0.00%
05/31/1989 0.381354 2,796.982 1,066.64 0.00008 0.090699322 1,066.64 2,796.98 0.00%
06/30/1989 0.378786 2,796.982 1,059.46 0.00008 0.087669171 1,059.46 2,796.98 0.00%
07/31/1989 0.398871 2,796.982 1,115.64 0.00008 0.089981367 1,115.64 2,796.98 0.00%
08/31/1989 0.401930 2,796.982 1,124.19 0.00008 0.094752615 1,124.19 2,796.98 0.00%
09/30/1989 0.399705 2,796.982 1,117.97 0.00008 0.092399208 1,117.97 2,796.98 0.00%
10/31/1989 0.385821 2,796.982 1,079.14 0.00008 0.094950613 1,079.14 2,796.98 0.00%
11/30/1989 0.392073 2,796.982 1,096.62 0.00008 0.088696028 1,096.62 2,796.98 0.00%
12/31/1989 0.408500 2,796.982 1,142.57 0.00008 0.093137715 1,142.57 2,796.98 0.00%
01/31/1990 0.397821 2,796.982 1,112.70 0.00008 0.097039901 1,112.70 2,796.98 0.00%
02/28/1990 0.398095 2,796.982 1,113.46 0.00008 0.085357698 1,113.46 2,796.98 0.00%
03/31/1990 0.403331 2,796.982 1,128.11 0.00008 0.094568171 1,128.11 2,796.98 0.00%
04/30/1990 0.388860 2,796.982 1,087.63 0.00008 0.092721357 1,087.63 2,796.98 0.00%
05/31/1990 0.412432 2,796.982 1,153.57 0.00008 0.092374325 1,153.57 2,796.98 0.00%
06/30/1990 0.415181 2,796.982 1,161.25 0.00008 0.0948136 1,161.25 2,796.98 0.00%
07/31/1990 0.420775 2,796.982 1,176.90 0.00008 0.098627043 1,176.90 2,796.98 0.00%
08/31/1990 0.389528 2,796.982 1,089.50 0.00008 0.099955872 1,089.50 2,796.98 0.00%
09/30/1990 0.357660 2,796.982 1,000.37 0.00008 0.089548198 1,000.37 2,796.98 0.00%
10/31/1990 0.354027 2,796.982 990.21 0.00008 0.084962873 990.21 2,796.98 0.00%
11/30/1990 0.363946 2,796.982 1,017.95 0.00008 0.08138693 1,017.95 2,796.98 0.00%
12/31/1990 0.370631 2,796.982 1,036.65 0.00008 0.08645606 1,036.65 2,796.98 0.00%
01/31/1991 0.387955 2,796.982 1,085.10 0.00008 0.088044088 1,085.10 2,796.98 0.00%
02/28/1991 0.412388 2,796.982 1,153.44 0.00008 0.083240828 1,153.44 2,796.98 0.00%
03/31/1991 0.406909 2,796.982 1,138.12 0.00008 0.097963571 1,138.12 2,796.98 0.00%
04/30/1991 0.411199 2,796.982 1,150.12 0.00008 0.09354396 1,150.12 2,796.98 0.00%
05/31/1991 0.422041 2,796.982 1,180.44 0.00008 0.097681195 1,180.44 2,796.98 0.00%
06/30/1991 0.403667 2,796.982 1,129.05 0.00008 0.097022667 1,129.05 2,796.98 0.00%
07/31/1991 0.426524 2,796.982 1,192.98 0.00008 0.095891943 1,192.98 2,796.98 0.00%
08/31/1991 0.435850 2,796.982 1,219.07 0.00008 0.101321688 1,219.07 2,796.98 0.00%
09/30/1991 0.438986 2,796.982 1,227.84 0.00008 0.100197148 1,227.84 2,796.98 0.00%
10/31/1991 0.441738 2,796.982 1,235.53 0.00008 0.104281945 1,235.53 2,796.98 0.00%
11/30/1991 0.430339 2,796.982 1,203.65 0.00008 0.101550565 1,203.65 2,796.98 0.00%
12/31/1991 0.466807 2,796.982 1,305.65 0.00008 0.102227947 1,305.65 2,796.98 0.00%
01/31/1992 0.462267 2,796.982 1,292.95 0.00008 0.110890955 1,292.95 2,796.98 0.00%
02/29/1992 0.474414 2,796.982 1,326.93 0.00008 0.102727634 1,326.93 2,796.98 0.00%
03/31/1992 0.468107 2,796.982 1,309.29 0.00008 0.112697987 1,309.29 2,796.98 0.00%
04/30/1992 0.479493 2,796.982 1,341.13 0.00008 0.107612506 1,341.13 2,796.98 0.00%
05/31/1992 0.499025 2,796.982 1,395.76 0.00008 0.113904575 1,395.76 2,796.98 0.00%
06/30/1992 0.496965 2,796.982 1,390.00 0.00008 0.114720301 1,390.00 2,796.98 0.00%
07/31/1992 0.502314 2,796.982 1,404.96 0.00008 0.118054889 1,404.96 2,796.98 0.00%
08/31/1992 0.495783 2,796.982 1,386.70 0.00008 0.11932575 1,386.70 2,796.98 0.00%
09/30/1992 0.493360 2,796.982 1,379.92 0.00008 0.113975121 1,379.92 2,796.98 0.00%
10/31/1992 0.489072 2,796.982 1,367.93 0.00008 0.117198658 1,367.93 2,796.98 0.00%
11/30/1992 0.492206 2,796.982 1,376.69 0.00008 0.112432351 1,376.69 2,796.98 0.00%
12/31/1992 0.497527 2,796.982 1,391.57 0.00008 0.116924564 1,391.57 2,796.98 0.00%
01/31/1993 0.503575 2,796.982 1,408.49 0.00008 0.1181885 1,408.49 2,796.98 0.00%
02/28/1993 0.514821 2,796.982 1,439.95 0.00008 0.108048521 1,439.95 2,796.98 0.00%
03/31/1993 0.525048 2,796.982 1,468.55 0.00008 0.122296814 1,468.55 2,796.98 0.00%
04/30/1993 0.534652 2,796.982 1,495.41 0.00008 0.120702646 1,495.41 2,796.98 0.00%
05/31/1993 0.543078 2,796.982 1,518.98 0.00008 0.12700763 1,518.98 2,796.98 0.00%
06/30/1993 0.546977 2,796.982 1,529.88 0.00008 0.124847603 1,529.88 2,796.98 0.00%
07/31/1993 0.554993 2,796.982 1,552.30 0.00008 0.129935374 1,552.30 2,796.98 0.00%
08/31/1993 0.580672 2,796.982 1,624.13 0.00008 0.131839561 1,624.13 2,796.98 0.00%
09/30/1993 0.580377 2,796.982 1,623.30 0.00008 0.133489984 1,623.30 2,796.98 0.00%
10/31/1993 0.599208 2,796.982 1,675.97 0.00008 0.137869642 1,675.97 2,796.98 0.00%
11/30/1993 0.586894 2,796.982 1,641.53 0.00008 0.137751221 1,641.53 2,796.98 0.00%
12/31/1993 0.619156 2,796.982 1,731.77 0.00008 0.139417866 1,731.77 2,796.98 0.00%
01/31/1994 0.648349 2,796.982 1,813.42 0.00008 0.147081772 1,813.42 2,796.98 2.00%
02/28/1994 0.623364 2,796.982 1,743.54 0.00008 0.13911172 1,743.54 2,796.98 2.00%
03/31/1994 0.595275 2,796.982 1,664.97 0.00008 0.148081336 1,664.97 2,796.98 2.00%
04/30/1994 0.599932 2,796.982 1,678.00 0.00008 0.136847121 1,678.00 2,796.98 2.00%
05/31/1994 0.603411 2,796.982 1,687.73 0.00008 0.142514915 1,687.73 2,796.98 2.00%
06/30/1994 0.586346 2,796.982 1,640.00 0.00008 0.138717487 1,640.00 2,796.98 2.00%
07/31/1994 0.609225 2,796.982 1,703.99 0.00008 0.13928754 1,703.99 2,796.98 2.00%
08/31/1994 0.625590 2,796.982 1,749.77 0.00008 0.144722518 1,749.77 2,796.98 2.00%
09/30/1994 0.611973 2,796.982 1,711.68 0.00008 0.14381632 1,711.68 2,796.98 2.00%
10/31/1994 0.617687 2,796.982 1,727.66 0.00008 0.145375437 1,727.66 2,796.98 2.00%
11/30/1994 0.597295 2,796.982 1,670.62 0.00008 0.141999346 1,670.62 2,796.98 2.00%
12/31/1994 0.592427 2,796.982 1,657.01 0.00008 0.141888577 1,657.01 2,796.98 2.00%
01/31/1995 0.585304 2,796.982 1,637.08 0.00008 0.140732063 1,637.08 2,796.98 4.00%
02/28/1995 0.597875 2,796.982 1,672.25 0.00008 0.1255846 1,672.25 2,796.98 4.00%
03/31/1995 0.606445 2,796.982 1,696.22 0.00008 0.142026449 1,696.22 2,796.98 4.00%
04/30/1995 0.625448 2,796.982 1,749.37 0.00008 0.139415025 1,749.37 2,796.98 4.00%
05/31/1995 0.647856 2,796.982 1,812.04 0.00008 0.148576332 1,812.04 2,796.98 4.00%
06/30/1995 0.658673 2,796.982 1,842.30 0.00008 0.148934903 1,842.30 2,796.98 4.00%
07/31/1995 0.682526 2,796.982 1,909.01 0.00008 0.156469023 1,909.01 2,796.98 4.00%
08/31/1995 0.675948 2,796.982 1,890.62 0.00008 0.162135438 1,890.62 2,796.98 4.00%
09/30/1995 0.697444 2,796.982 1,950.74 0.00008 0.155393038 1,950.74 2,796.98 4.00%
10/31/1995 0.682805 2,796.982 1,909.79 0.00008 0.165679039 1,909.79 2,796.98 4.00%
11/30/1995 0.703092 2,796.982 1,966.53 0.00008 0.156969241 1,966.53 2,796.98 4.00%
12/31/1995 0.716036 2,796.982 2,002.74 0.00008 0.167020752 2,002.74 2,796.98 4.00%
01/31/1996 0.733533 2,796.982 2,051.68 0.00008 0.170095779 2,051.68 2,796.98 6.00%
02/29/1996 0.739018 2,796.982 2,067.02 0.00008 0.163010165 2,067.02 2,796.98 6.00%
03/31/1996 0.744990 2,796.982 2,083.72 0.00008 0.175555087 2,083.72 2,796.98 6.00%
04/30/1996 0.762244 2,796.982 2,131.98 0.00008 0.171264895 2,131.98 2,796.98 6.00%
05/31/1996 0.771788 2,796.982 2,158.68 0.00008 0.181072556 2,158.68 2,796.98 6.00%
06/30/1996 0.769696 2,796.982 2,152.83 0.00008 0.177425472 2,152.83 2,796.98 6.00%
07/31/1996 0.748728 2,796.982 2,094.18 0.00008 0.182842769 2,094.18 2,796.98 6.00%
08/31/1996 0.766265 2,796.982 2,143.23 0.00008 0.177861729 2,143.23 2,796.98 6.00%
09/30/1996 0.780588 2,796.982 2,183.29 0.00008 0.176155878 2,183.29 2,796.98 6.00%
10/31/1996 0.789250 2,796.982 2,207.52 0.00008 0.18543018 2,207.52 2,796.98 6.00%
11/30/1996 0.835051 2,796.982 2,335.62 0.00008 0.181439923 2,335.62 2,796.98 6.00%
12/31/1996 0.839643 2,796.982 2,348.46 0.00008 0.198367944 2,348.46 2,796.98 6.00%
01/31/1997 0.870510 2,796.982 2,434.80 0.00008 0.199458669 2,434.80 2,796.98 6.00%
02/28/1997 0.878587 2,796.982 2,457.39 0.00008 0.186779185 2,457.39 2,796.98 6.00%
03/31/1997 0.868444 2,796.982 2,429.02 0.00008 0.208710032 2,429.02 2,796.98 6.00%
04/30/1997 0.876964 2,796.982 2,452.85 0.00008 0.199645766 2,452.85 2,796.98 6.00%
05/31/1997 0.925624 2,796.982 2,588.95 0.00008 0.208324389 2,588.95 2,796.98 6.00%
06/30/1997 0.961689 2,796.982 2,689.83 0.00008 0.212790747 2,689.83 2,796.98 6.00%
07/31/1997 1.016608 2,796.982 2,843.43 0.00008 0.228451102 2,843.43 2,796.98 6.00%
08/31/1997 0.967584 2,796.982 2,706.31 0.00008 0.241497134 2,706.31 2,796.98 6.00%
09/30/1997 1.033586 2,796.982 2,890.92 0.00008 0.222436837 2,890.92 2,796.98 6.00%
10/31/1997 0.954571 2,796.982 2,669.92 0.00008 0.245530391 2,669.92 2,796.98 6.00%
11/30/1997 0.956047 2,796.982 2,674.05 0.00008 0.219445323 2,674.05 2,796.98 6.00%
12/31/1997 0.955769 2,796.982 2,673.27 0.00008 0.227110799 2,673.27 2,796.98 6.00%
01/31/1998 0.948635 2,796.982 2,653.31 0.00008 0.227044624 2,653.31 2,796.98 6.00%
02/28/1998 1.004073 2,796.982 2,808.37 0.00008 0.203541951 2,808.37 2,796.98 6.00%
03/31/1998 1.062643 2,796.982 2,972.19 0.00008 0.238519365 2,972.19 2,796.98 6.00%
04/30/1998 1.081289 2,796.982 3,024.35 0.00008 0.244289846 3,024.35 2,796.98 6.00%
05/31/1998 1.048879 2,796.982 2,933.69 0.00008 0.256862235 2,933.69 2,796.98 6.00%
06/30/1998 1.034606 2,796.982 2,893.77 0.00008 0.241125595 2,893.77 2,796.98 6.00%
07/31/1998 1.050477 2,796.982 2,938.17 0.00008 0.245772584 2,938.17 2,796.98 6.00%
08/31/1998 0.861787 2,796.982 2,410.40 0.00008 0.249542842 2,410.40 2,796.98 6.00%
09/30/1998 0.841943 2,796.982 2,354.90 0.00008 0.19811518 2,354.90 2,796.98 6.00%
10/31/1998 0.938229 2,796.982 2,624.21 0.00008 0.200005267 2,624.21 2,796.98 6.00%
11/30/1998 0.991783 2,796.982 2,774.00 0.00008 0.215688519 2,774.00 2,796.98 6.00%
12/31/1998 1.000000 2,796.982 2,796.98 0.00008 0.235600021 2,796.98 2,796.98 6.00%
12/31/1998 2,796.98
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 179.70% 179.70%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 0.00% 2,796.98 10.3589 10.44% 10.44% 2,796.98 2,796.98 11
08/31/1988 0.00% 2,796.98 10.3397 10.46% 10.46% 2,797.73 2,797.73 11
09/30/1988 0.00% 2,796.98 10.2575 10.49% 10.49% 2,781.46 2,781.46 11
10/31/1988 0.00% 2,796.98 10.1726 10.26% 10.26% 2,701.51 2,701.51 11
11/30/1988 0.00% 2,796.98 10.0904 10.43% 10.43% 2,720.37 2,720.37 11
12/31/1988 0.00% 2,796.98 10.0055 10.58% 10.58% 2,734.21 2,734.21 11
01/31/1989 0.00% 2,796.98 9.9205 10.38% 10.38% 2,664.80 2,664.80 10
02/28/1989 0.00% 2,796.98 9.8438 10.61% 10.61% 2,698.36 2,698.36 10
03/31/1989 0.00% 2,796.98 9.7589 10.60% 10.60% 2,673.32 2,673.32 10
04/30/1989 0.00% 2,796.98 9.6767 10.46% 10.46% 2,619.11 2,619.11 10
05/31/1989 0.00% 2,796.98 9.5918 10.57% 10.57% 2,622.23 2,622.23 10
06/30/1989 0.00% 2,796.98 9.5096 10.75% 10.75% 2,640.01 2,640.01 10
07/31/1989 0.00% 2,796.98 9.4247 10.24% 10.24% 2,507.07 2,507.07 10
08/31/1989 0.00% 2,796.98 9.3397 10.25% 10.25% 2,488.00 2,488.00 10
09/30/1989 0.00% 2,796.98 9.2575 10.41% 10.41% 2,501.85 2,501.85 10
10/31/1989 0.00% 2,796.98 9.1726 10.94% 10.94% 2,591.87 2,591.87 10
11/30/1989 0.00% 2,796.98 9.0904 10.85% 10.85% 2,550.54 2,550.54 10
12/31/1989 0.00% 2,796.98 9.0055 10.45% 10.45% 2,447.98 2,447.98 10
01/31/1990 0.00% 2,796.98 8.9205 10.89% 10.89% 2,513.69 2,513.69 9
02/28/1990 0.00% 2,796.98 8.8438 10.98% 10.98% 2,511.96 2,511.96 9
03/31/1990 0.00% 2,796.98 8.7589 10.92% 10.92% 2,479.35 2,479.35 9
04/30/1990 0.00% 2,796.98 8.6767 11.50% 11.50% 2,571.62 2,571.62 9
05/31/1990 0.00% 2,796.98 8.5918 10.86% 10.86% 2,424.64 2,424.64 9
06/30/1990 0.00% 2,796.98 8.5096 10.88% 10.88% 2,408.59 2,408.59 9
07/31/1990 0.00% 2,796.98 8.4247 10.82% 10.82% 2,376.57 2,376.57 9
08/31/1990 0.00% 2,796.98 8.3397 11.97% 11.97% 2,567.21 2,567.21 9
09/30/1990 0.00% 2,796.98 8.2575 13.26% 13.26% 2,795.95 2,795.95 9
10/31/1990 0.00% 2,796.98 8.1726 13.55% 13.55% 2,824.64 2,824.64 9
11/30/1990 0.00% 2,796.98 8.0904 13.31% 13.31% 2,747.66 2,747.66 9
12/31/1990 0.00% 2,796.98 8.0055 13.20% 13.20% 2,698.10 2,698.10 9
01/31/1991 0.00% 2,796.98 7.9205 12.70% 12.70% 2,577.62 2,577.62 8
02/28/1991 0.00% 2,796.98 7.8438 11.96% 11.96% 2,424.90 2,424.90 8
03/31/1991 0.00% 2,796.98 7.7589 12.29% 12.29% 2,457.55 2,457.55 8
04/30/1991 0.00% 2,796.98 7.6767 12.27% 12.27% 2,431.91 2,431.91 8
05/31/1991 0.00% 2,796.98 7.5918 12.03% 12.03% 2,369.44 2,369.44 8
06/30/1991 0.00% 2,796.98 7.5096 12.84% 12.84% 2,477.29 2,477.29 8
07/31/1991 0.00% 2,796.98 7.4247 12.16% 12.16% 2,344.53 2,344.53 8
08/31/1991 0.00% 2,796.98 7.3397 11.98% 11.98% 2,294.37 2,294.37 8
09/30/1991 0.00% 2,796.98 7.2575 12.01% 12.01% 2,277.98 2,277.98 8
10/31/1991 0.00% 2,796.98 7.1726 12.07% 12.07% 2,263.79 2,263.79 8
11/30/1991 0.00% 2,796.98 7.0904 12.63% 12.63% 2,323.75 2,323.75 8
12/31/1991 0.00% 2,796.98 7.0055 11.49% 11.49% 2,142.21 2,142.21 8
01/31/1992 100.00% 2,796.98 6.9205 11.80% 11.80% 2,163.25 2,163.25 7
02/29/1992 100.00% 2,796.98 6.8411 11.52% 11.52% 2,107.86 2,107.86 7
03/31/1992 100.00% 2,796.98 6.7562 11.89% 11.89% 2,136.27 2,136.27 7
04/30/1992 100.00% 2,796.98 6.6740 11.64% 11.64% 2,085.53 2,085.53 7
05/31/1992 100.00% 2,796.98 6.5890 11.13% 11.13% 2,003.91 2,003.91 7
06/30/1992 100.00% 2,796.98 6.5068 11.34% 11.34% 2,012.22 2,012.22 7
07/31/1992 100.00% 2,796.98 6.4219 11.32% 11.32% 1,990.78 1,990.78 7
08/31/1992 100.00% 2,796.98 6.3370 11.71% 11.71% 2,017.01 2,017.01 7
09/30/1992 100.00% 2,796.98 6.2548 11.96% 11.96% 2,026.92 2,026.92 7
10/31/1992 100.00% 2,796.98 6.1699 12.29% 12.29% 2,044.69 2,044.69 7
11/30/1992 100.00% 2,796.98 6.0877 12.35% 12.35% 2,031.67 2,031.67 7
12/31/1992 100.00% 2,796.98 6.0027 12.33% 12.33% 2,009.94 2,009.94 7
01/31/1993 100.00% 2,796.98 5.9178 12.29% 12.29% 1,985.80 1,985.80 6
02/28/1993 100.00% 2,796.98 5.8411 12.04% 12.04% 1,942.42 1,942.42 6
03/31/1993 100.00% 2,796.98 5.7562 11.84% 11.84% 1,904.59 1,904.59 6
04/30/1993 100.00% 2,796.98 5.6740 11.67% 11.67% 1,870.37 1,870.37 6
05/31/1993 100.00% 2,796.98 5.5890 11.54% 11.54% 1,841.36 1,841.36 6
06/30/1993 100.00% 2,796.98 5.5068 11.58% 11.58% 1,828.23 1,828.23 6
07/31/1993 100.00% 2,796.98 5.4219 11.47% 11.47% 1,801.83 1,801.83 6
08/31/1993 100.00% 2,796.98 5.3370 10.72% 10.72% 1,722.14 1,722.14 6
09/30/1993 100.00% 2,796.98 5.2548 10.91% 10.91% 1,723.02 1,723.02 6
10/31/1993 100.00% 2,796.98 5.1699 10.41% 10.41% 1,668.87 1,668.87 6
11/30/1993 100.00% 2,796.98 5.0877 11.04% 11.04% 1,703.88 1,703.88 6
12/31/1993 100.00% 2,796.98 5.0027 10.06% 10.06% 1,615.10 1,615.10 6
01/31/1994 50.00% 2,788.68 4.9178 9.15% 9.21% 1,537.80 1,542.38 5
02/28/1994 50.00% 2,790.08 4.8411 10.20% 10.26% 1,600.24 1,604.20 5
03/31/1994 50.00% 2,791.65 4.7562 11.48% 11.52% 1,676.69 1,679.90 5
04/30/1994 50.00% 2,791.39 4.6740 11.50% 11.55% 1,663.52 1,666.86 5
05/31/1994 50.00% 2,791.20 4.5890 11.59% 11.64% 1,653.82 1,657.25 5
06/30/1994 50.00% 2,792.15 4.5068 12.53% 12.58% 1,702.53 1,705.48 5
07/31/1994 50.00% 2,790.87 4.4219 11.80% 11.86% 1,637.84 1,641.43 5
08/31/1994 50.00% 2,789.96 4.3370 11.36% 11.42% 1,594.47 1,598.49 5
09/30/1994 50.00% 2,790.72 4.2548 12.17% 12.23% 1,630.40 1,634.06 5
10/31/1994 50.00% 2,790.40 4.1699 12.18% 12.25% 1,615.13 1,618.94 5
11/30/1994 50.00% 2,791.54 4.0877 13.38% 13.44% 1,670.96 1,674.21 5
12/31/1994 50.00% 2,791.81 4.0027 13.92% 13.97% 1,684.85 1,687.97 5
01/31/1995 40.00% 2,776.25 3.9178 14.43% 14.65% 1,695.85 1,708.51 4
02/28/1995 40.00% 2,774.84 3.8411 14.09% 14.33% 1,659.35 1,672.59 4
03/31/1995 40.00% 2,773.89 3.7562 13.99% 14.24% 1,635.34 1,648.95 4
04/30/1995 40.00% 2,771.76 3.6740 13.35% 13.62% 1,584.44 1,598.85 4
05/31/1995 40.00% 2,769.25 3.5890 12.54% 12.86% 1,528.25 1,543.55 4
06/30/1995 40.00% 2,768.04 3.5068 12.31% 12.64% 1,502.50 1,518.20 4
07/31/1995 40.00% 2,765.37 3.4219 11.44% 11.81% 1,448.59 1,465.14 4
08/31/1995 40.00% 2,766.11 3.3370 12.08% 12.45% 1,463.07 1,479.40 4
09/30/1995 40.00% 2,763.70 3.2548 11.30% 11.71% 1,416.75 1,433.81 4
10/31/1995 40.00% 2,765.34 3.1699 12.39% 12.79% 1,447.98 1,464.55 4
11/30/1995 40.00% 2,763.07 3.0877 11.64% 12.09% 1,405.05 1,422.29 4
12/31/1995 40.00% 2,761.62 3.0027 11.29% 11.77% 1,378.92 1,396.58 4
01/31/1996 30.00% 2,724.23 2.9178 10.20% 11.20% 1,327.80 1,363.26 3
02/29/1996 30.00% 2,723.31 2.8384 10.20% 11.24% 1,317.50 1,353.15 3
03/31/1996 30.00% 2,722.30 2.7534 10.20% 11.28% 1,306.46 1,342.30 3
04/30/1996 30.00% 2,719.41 2.6712 9.54% 10.70% 1,275.53 1,311.92 3
05/31/1996 30.00% 2,717.81 2.5863 9.31% 10.53% 1,259.02 1,295.69 3
06/30/1996 30.00% 2,718.16 2.5041 9.76% 11.02% 1,262.60 1,299.21 3
07/31/1996 30.00% 2,721.68 2.4192 11.44% 12.71% 1,299.64 1,335.60 3
08/31/1996 30.00% 2,718.73 2.3342 10.73% 12.08% 1,268.52 1,305.03 3
09/30/1996 30.00% 2,716.33 2.2521 10.19% 11.63% 1,244.14 1,281.09 3
10/31/1996 30.00% 2,714.88 2.1671 10.02% 11.54% 1,229.83 1,267.03 3
11/30/1996 30.00% 2,707.19 2.0849 7.34% 9.03% 1,159.09 1,197.53 3
12/31/1996 30.00% 2,706.42 2.0000 7.35% 9.13% 1,152.42 1,190.98 3
01/31/1997 20.00% 2,684.46 1.9151 5.23% 7.51% 1,102.54 1,148.75 2
02/28/1997 20.00% 2,683.10 1.8384 4.90% 7.29% 1,091.85 1,138.19 2
03/31/1997 20.00% 2,684.80 1.7534 5.88% 8.38% 1,105.30 1,151.48 2
04/30/1997 20.00% 2,683.37 1.6712 5.52% 8.17% 1,093.98 1,140.30 2
05/31/1997 20.00% 2,675.21 1.5863 2.09% 4.99% 1,033.32 1,080.35 2
06/30/1997 20.00% 2,669.16 1.5041 -0.51% 2.63% 992.31 1,039.84 2
07/31/1997 20.00% 2,659.94 1.4192 -4.59% -1.15% 935.47 983.66 2
08/31/1997 20.00% 2,668.17 1.3342 -1.06% 2.50% 985.90 1,033.50 2
09/30/1997 20.00% 2,657.09 1.2521 -6.51% -2.60% 919.12 967.51 2
10/31/1997 20.00% 2,670.35 1.1671 0.01% 4.06% 1,000.16 1,047.59 2
11/30/1997 20.00% 2,670.10 1.0849 -0.14% 4.23% 998.53 1,045.97 2
12/31/1997 20.00% 2,670.15 1.0000 -0.12% 4.63% 998.83 1,046.28 2
01/31/1998 10.00% 2,654.57 0.9151 0.05% 5.41% 1,000.43 1,049.44 1
02/28/1998 10.00% 2,645.26 0.8384 -5.81% -0.41% 951.07 996.60 1
03/31/1998 10.00% 2,635.43 0.7534 -11.33% -5.90% 913.38 955.26 1
04/30/1998 10.00% 2,632.30 0.6712 -12.96% -7.52% 911.02 948.90 1
05/31/1998 10.00% 2,637.74 0.5863 -10.09% -4.66% 939.56 972.41 1
06/30/1998 10.00% 2,640.14 0.5041 -8.76% -3.34% 954.81 983.00 1
07/31/1998 10.00% 2,637.47 0.4192 -10.23% -4.81% 955.75 979.57 1
08/31/1998 10.00% 2,669.14 0.3342 10.73% 16.04% 1,034.66 1,050.97 1
09/30/1998 10.00% 2,672.47 0.2521 13.49% 18.77% 1,032.41 1,044.33 1
10/31/1998 10.00% 2,656.31 0.1671 1.22% 6.58% 1,002.03 1,010.71 1
11/30/1998 10.00% 2,647.32 0.0849 -4.57% 0.83% 996.04 1,000.70 1
12/31/1998 10.00% 2,645.94 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP ASSET ALLOCATION (CLASS 2) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.357528 1 6.00% 10%
Units purchased 2,796.982 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,774.00 2,647.32 2,796.98 -4.57% 0.83%
09/30/1998 0.25 0.25 2,354.90 2,672.47 2,796.98 13.49% 18.77%
12/31/1997 1.00 1.00 2,673.27 2,670.15 2,796.98 -0.12% 4.63%
12/31/1997 1.00 1.00 2,673.27 2,670.15 2,796.98 -0.12% 4.63%
12/31/1995 3.00 3.00 2,002.74 2,761.62 2,796.98 11.30% 11.78%
12/31/1993 5.00 5.00 1,731.77 2,796.98 2,796.98 10.06% 10.06%
12/31/1988 10.00 10.00 1,022.96 2,796.98 2,796.98 10.58% 10.58%
10/31/1998 0.16 0.16 2,624.21 2,656.31 2,796.98 1.22% 6.58%
08/24/1988 10.36 10.36 1,000.00 2,796.98 2,796.98 10.44% 10.44%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
TVP ASSET ALLOCATION 2
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/24/1988 100 10 1000
08/31/1988 1000 0 10 100 10 1,000.00 0.00%
09/30/1988 1000 0 10 100 10.07 1,007.00 0.70%
10/31/1988 1007 0 10 100 10.38 1,038.00 3.08%
11/30/1988 1038 0 10 100 10.32 1,032.00 -0.58%
12/31/1988 1032 0 10 100 10.28 1,028.00 -0.39%
01/31/1989 1028 0 10 100 10.56 1,056.00 2.72%
02/28/1989 1056 0.02 10.43 100.19 10.42 1,044.00 -1.14%
03/31/1989 1044 0 10 100.19 10.53 1,055.02 1.06%
04/30/1989 1055.02 0 10 100.19 10.76 1,078.07 2.18%
05/31/1989 1078.07 0 10 100.19 10.76 1,078.07 0.00%
06/30/1989 1078.07 0 10 100.19 10.7 1,072.05 -0.56%
07/31/1989 1072.05 0 10 100.19 11.28 1,130.17 5.42%
08/31/1989 1130.17 0 10 100.19 11.38 1,140.18 0.89%
09/30/1989 1140.18 0 10 100.19 11.33 1,135.18 -0.44%
10/31/1989 1135.18 0 10 100.19 10.95 1,097.10 -3.35%
11/30/1989 1097.1 0 10 100.19 11.14 1,116.14 1.74%
12/31/1989 1116.14 0 10 100.19 11.62 1,164.23 4.31%
01/31/1990 1164.23 0 10 100.19 11.33 1,135.18 -2.50%
02/28/1990 1135.18 0 10 100.19 11.35 1,137.18 0.18%
03/31/1990 1137.18 0.28 11.12 102.72 11.23 1,153.49 1.43%
04/30/1990 1153.49 0 10 102.72 10.84 1,113.43 -3.47%
05/31/1990 1113.43 0 10 102.72 11.51 1,182.25 6.18%
06/30/1990 1182.25 0 10 102.72 11.6 1,191.49 0.78%
07/31/1990 1191.49 0 10 102.72 11.77 1,208.96 1.47%
08/31/1990 1208.96 0 10 102.72 10.91 1,120.62 -7.31%
09/30/1990 1120.62 0 10 102.72 10.03 1,030.23 -8.07%
10/31/1990 1030.23 0 10 102.72 9.94 1,020.99 -0.90%
11/30/1990 1020.99 0 10 102.72 10.23 1,050.77 2.92%
12/31/1990 1050.77 0 10 102.72 10.43 1,071.32 1.96%
01/31/1991 1071.32 0 10 102.72 10.93 1,122.67 4.79%
02/28/1991 1122.67 0 10 102.72 11.63 1,194.58 6.41%
03/31/1991 1194.58 0.38 11.44 106.13 11.12 1,180.13 -1.21%
04/30/1991 1180.13 0 10 106.13 11.25 1,193.93 1.17%
05/31/1991 1193.93 0 10 106.13 11.56 1,226.83 2.76%
06/30/1991 1226.83 0 10 106.13 11.07 1,174.83 -4.24%
07/31/1991 1174.83 0 10 106.13 11.71 1,242.75 5.78%
08/31/1991 1242.75 0 10 106.13 11.98 1,271.40 2.31%
09/30/1991 1271.4 0 10 106.13 12.08 1,282.01 0.83%
10/31/1991 1282.01 0 10 106.13 12.17 1,291.57 0.75%
11/30/1991 1291.57 0 10 106.13 11.87 1,259.73 -2.47%
12/31/1991 1259.73 0 10 106.13 12.89 1,367.98 8.59%
01/31/1992 1367.98 0 10 106.13 12.78 1,356.30 -0.85%
02/29/1992 1356.3 0 10 106.13 13.13 1,393.45 2.74%
03/31/1992 1393.45 0.41 12.53 109.6 12.56 1,376.58 -1.21%
04/30/1992 1376.58 0 10 109.6 12.88 1,411.65 2.55%
05/31/1992 1411.65 0 10 109.6 13.42 1,470.83 4.19%
06/30/1992 1470.83 0 10 109.6 13.38 1,466.45 -0.30%
07/31/1992 1466.45 0 10 109.6 13.54 1,483.98 1.20%
08/31/1992 1483.98 0 10 109.6 13.38 1,466.45 -1.18%
09/30/1992 1466.45 0 10 109.6 13.33 1,460.97 -0.37%
10/31/1992 1460.97 0 10 109.6 13.23 1,450.01 -0.75%
11/30/1992 1450.01 0 10 109.6 13.33 1,460.97 0.76%
12/31/1992 1460.97 0 10 109.6 13.49 1,478.50 1.20%
01/31/1993 1478.5 0 10 109.6 13.67 1,498.23 1.33%
02/28/1993 1498.23 0 10 109.6 13.99 1,533.30 2.34%
03/31/1993 1533.3 0.39 13.73 112.71 13.89 1,565.58 2.11%
04/30/1993 1565.58 0 10 112.71 14.16 1,596.02 1.94%
05/31/1993 1596.02 0 10 112.71 14.40 1,623.07 1.69%
06/30/1993 1623.07 0 10 112.71 14.52 1,636.59 0.83%
07/31/1993 1636.59 0 10 112.71 14.75 1,662.52 1.58%
08/31/1993 1662.52 0 10 112.71 15.45 1,741.42 4.75%
09/30/1993 1741.42 0 10 112.71 15.46 1,742.54 0.06%
10/31/1993 1742.54 0 10 112.71 15.98 1,801.15 3.36%
11/30/1993 1801.15 0 10 112.71 15.67 1,766.21 -1.94%
12/31/1993 1766.21 0 10 112.71 16.55 1,865.40 5.62%
01/31/1994 1865.4 0 10 112.71 17.35 1,955.57 4.83%
02/28/1994 1955.57 0 10 112.71 16.70 1,882.31 -3.75%
03/31/1994 1882.31 0.38 16.14 115.37 15.60 1,799.73 -4.39%
04/30/1994 1799.73 0 10 115.37 15.74 1,815.88 0.90%
05/31/1994 1815.88 0 10 115.37 15.85 1,828.57 0.70%
06/30/1994 1828.57 0 10 115.37 15.42 1,778.96 -2.71%
07/31/1994 1778.96 0 10 115.37 16.04 1,850.49 4.02%
08/31/1994 1850.49 0 10 115.37 16.49 1,902.40 2.81%
09/30/1994 1902.4 0 10 115.37 16.15 1,863.18 -2.06%
10/31/1994 1863.18 0 10 115.37 16.32 1,882.79 1.05%
11/30/1994 1882.79 0 10 115.37 15.80 1,822.80 -3.19%
12/31/1994 1822.8 0 10 115.37 15.69 1,810.11 -0.70%
01/31/1995 1810.11 0 10 115.37 15.52 1,790.50 -1.08%
02/28/1995 1790.5 0.41 15.46 118.43 15.46 1,830.88 2.26%
03/31/1995 1830.88 0 10 118.43 15.70 1,859.30 1.55%
04/30/1995 1859.3 0 10 118.43 16.21 1,919.70 3.25%
05/31/1995 1919.7 0 10 118.43 16.81 1,990.76 3.70%
06/30/1995 1990.76 0 10 118.43 17.11 2,026.29 1.78%
07/31/1995 2026.29 0 10 118.43 17.75 2,102.08 3.74%
08/31/1995 2102.08 0 10 118.43 17.60 2,084.32 -0.84%
09/30/1995 2084.32 0 10 118.43 18.18 2,153.00 3.30%
10/31/1995 2153 0 10 118.43 17.82 2,110.37 -1.98%
11/30/1995 2110.37 0 10 118.43 18.37 2,175.50 3.09%
12/31/1995 2175.5 0 10 118.43 18.73 2,218.14 1.96%
01/31/1996 2218.14 0 10 118.43 19.21 2,274.98 2.56%
02/29/1996 2274.98 1.04 18.43 125.11 18.34 2,294.52 0.86%
03/31/1996 2294.52 0 10 125.11 18.51 2,315.79 0.93%
04/30/1996 2315.79 0 10 125.11 18.96 2,372.09 2.43%
05/31/1996 2372.09 0 10 125.11 19.22 2,404.61 1.37%
06/30/1996 2404.61 0 10 125.11 19.19 2,400.86 -0.16%
07/31/1996 2400.86 0 10 125.11 18.69 2,338.31 -2.61%
08/31/1996 2338.31 0 10 125.11 19.15 2,395.86 2.46%
09/30/1996 2395.86 0 10 125.11 19.53 2,443.40 1.98%
10/31/1996 2443.4 0 10 125.11 19.77 2,473.42 1.23%
11/30/1996 2473.42 0 10 125.11 20.94 2,619.80 5.92%
12/31/1996 2619.8 0 10 125.11 21.08 2,637.32 0.67%
01/31/1997 2637.32 0 10 125.11 21.88 2,737.41 3.80%
02/28/1997 2737.41 1.85 20.54 136.38 20.28 2,765.75 1.04%
03/31/1997 2765.75 0 10 136.38 20.07 2,737.11 -1.04%
04/30/1997 2737.11 0 10 136.38 20.29 2,767.11 1.10%
05/31/1997 2767.11 0 10 136.38 21.44 2,923.94 5.67%
06/30/1997 2923.94 0 10 136.38 22.30 3,041.23 4.01%
07/31/1997 3041.23 0 10 136.38 23.60 3,218.52 5.83%
08/31/1997 3218.52 0 10 136.38 22.49 3,067.14 -4.70%
09/30/1997 3067.14 0 10 136.38 24.05 3,279.89 6.94%
10/31/1997 3279.89 0 10 136.38 22.24 3,033.05 -7.53%
11/30/1997 3033.05 0 10 136.38 22.30 3,041.23 0.27%
12/31/1997 3041.23 0 10 136.38 22.32 3,043.96 0.09%
01/31/1998 3043.96 0 10 136.38 22.18 3,024.86 -0.63%
02/28/1998 3024.86 0 10 136.38 23.50 3,204.88 5.95%
03/31/1998 3204.88 1.3071 22.47 144.31 23.53 3,395.64 5.95%
04/30/1998 3395.64 0 10 144.31 23.97 3,459.13 1.87%
05/31/1998 3459.13 0 10 144.31 23.28 3,359.56 -2.88%
06/30/1998 3359.56 0 10 144.31 22.99 3,317.71 -1.25%
07/31/1998 3317.71 0 10 144.31 23.37 3,372.55 1.65%
08/31/1998 3372.55 0 10 144.31 19.20 2,770.77 -17.84%
09/30/1998 2770.77 0 10 144.31 18.78 2,710.16 -2.19%
10/31/1998 2710.16 0 10 144.31 20.95 3,023.32 11.56%
11/30/1998 3023.32 0 10 144.31 22.17 3,199.37 5.82%
12/31/1998 3199.37 0 10 144.31 22.38 3,229.68 0.95%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/24/1988 1,000 0.357528207
08/31/1988 0.00027 0.26849315 999.73 0.00 0.357432213
09/30/1988 0.00115 1.15037598 1,005.58 0.00 0.359522946
10/31/1988 0.00119 1.19567506 1,035.34 0.00 0.370163196
11/30/1988 0.00115 1.19134995 1,028.16 0.00 0.367597583
12/31/1988 0.00119 1.22252909 1,022.96 0.00 0.365735698
01/31/1989 0.00119 1.21633697 1,049.60 0.00 0.375262496
02/28/1989 0.00107 1.12724432 1,036.55 0.00 0.370595127
03/31/1989 0.00119 1.2324981 1,046.26 0.00 0.374066312
04/30/1989 0.00115 1.20391192 1,067.91 0.00 0.381808453
05/31/1989 0.00119 1.26979056 1,066.64 0.00 0.381354467
06/30/1989 0.00115 1.22736844 1,059.46 0.00 0.378786145
07/31/1989 0.00119 1.25973919 1,115.64 0.00 0.398871222
08/31/1989 0.00119 1.32653667 1,124.19 0.00 0.40192978
09/30/1989 0.00115 1.29358896 1,117.97 0.00 0.399704714
10/31/1989 0.00119 1.32930863 1,079.14 0.00 0.385821218
11/30/1989 0.00115 1.24174444 1,096.62 0.00 0.392073127
12/31/1989 0.00119 1.30392806 1,142.57 0.00 0.408499796
01/31/1990 0.00119 1.35855867 1,112.70 0.00 0.397821139
02/28/1990 0.00107 1.19500782 1,113.46 0.00 0.398094785
03/31/1990 0.00119 1.32395445 1,128.11 0.00 0.403331107
04/30/1990 0.00115 1.29809906 1,087.63 0.00 0.388859558
05/31/1990 0.00119 1.29324061 1,153.57 0.00 0.41243221
06/30/1990 0.00115 1.32739046 1,161.25 0.00 0.415181038
07/31/1990 0.00119 1.38077866 1,176.90 0.00 0.420774886
08/31/1990 0.00119 1.39938226 1,089.50 0.00 0.389528096
09/30/1990 0.00115 1.25367482 1,000.37 0.00 0.357660261
10/31/1990 0.00119 1.18948027 990.21 0.00 0.354027179
11/30/1990 0.00115 1.13941707 1,017.95 0.00 0.363945989
12/31/1990 0.00119 1.21038488 1,036.65 0.00 0.370630965
01/31/1991 0.00119 1.23261729 1,085.10 0.00 0.387955177
02/28/1991 0.00107 1.16537164 1,153.44 0.00 0.412388084
03/31/1991 0.00119 1.37149006 1,138.12 0.00 0.406909367
04/30/1991 0.00115 1.30961549 1,150.12 0.00 0.411199389
05/31/1991 0.00119 1.36753678 1,180.44 0.00 0.422041489
06/30/1991 0.00115 1.35831739 1,129.05 0.00 0.403667345
07/31/1991 0.00119 1.34248726 1,192.98 0.00 0.426524435
08/31/1991 0.00119 1.41850369 1,219.07 0.00 0.435850251
09/30/1991 0.00115 1.40276014 1,227.84 0.00 0.438985952
10/31/1991 0.00119 1.45994729 1,235.53 0.00 0.441737516
11/30/1991 0.00115 1.42170798 1,203.65 0.00 0.430339428
12/31/1991 0.00119 1.43119132 1,305.65 0.00 0.466807282
01/31/1992 0.00119 1.55247343 1,292.95 0.00 0.462266565
02/29/1992 0.00111 1.43818694 1,326.93 0.00 0.474414175
03/31/1992 0.00119 1.57777188 1,309.29 0.00 0.468106514
04/30/1992 0.00115 1.50657515 1,341.13 0.00 0.479493437
05/31/1992 0.00119 1.59466412 1,395.76 0.00 0.499024898
06/30/1992 0.00115 1.60608428 1,390.00 0.00 0.496964626
07/31/1992 0.00119 1.65276852 1,404.96 0.00 0.502314449
08/31/1992 0.00119 1.67056057 1,386.70 0.00 0.495783423
09/30/1992 0.00115 1.59565177 1,379.92 0.00 0.493360232
10/31/1992 0.00119 1.64078129 1,367.93 0.00 0.489072484
11/30/1992 0.00115 1.57405298 1,376.69 0.00 0.492206404
12/31/1992 0.00119 1.63694397 1,391.57 0.00 0.497527074
01/31/1993 0.00119 1.65463907 1,408.49 0.00 0.503574797
02/28/1993 0.00107 1.51267935 1,439.95 0.00 0.514821459
03/31/1993 0.00119 1.71215546 1,468.55 0.00 0.525047662
04/30/1993 0.00115 1.68983711 1,495.41 0.00 0.534652143
05/31/1993 0.00119 1.7781069 1,518.98 0.00 0.543077923
06/30/1993 0.00115 1.74786652 1,529.88 0.00 0.546976792
07/31/1993 0.00119 1.81909531 1,552.30 0.00 0.554992671
08/31/1993 0.00119 1.84575393 1,624.13 0.00 0.580671646
09/30/1993 0.00115 1.86885986 1,623.30 0.00 0.580376936
10/31/1993 0.00119 1.93017506 1,675.97 0.00 0.599207712
11/30/1993 0.00115 1.92851717 1,641.53 0.00 0.586894351
12/31/1993 0.00119 1.9518502 1,731.77 0.00 0.619156379
01/31/1994 0.00119 2.05914489 1,813.42 0.00 0.648349056
02/28/1994 0.00107 1.94756416 1,743.54 0.00 0.623364149
03/31/1994 0.00119 2.07313878 1,664.97 0.00 0.595274945
04/30/1994 0.00115 1.91585978 1,678.00 0.00 0.599931712
05/31/1994 0.00119 1.9952089 1,687.73 0.00 0.603410899
06/30/1994 0.00115 1.9420449 1,640.00 0.00 0.58634573
07/31/1994 0.00119 1.95002564 1,703.99 0.00 0.60922485
08/31/1994 0.00119 2.02611534 1,749.77 0.00 0.62559045
09/30/1994 0.00115 2.01342856 1,711.68 0.00 0.611973379
10/31/1994 0.00119 2.0352562 1,727.66 0.00 0.617686748
11/30/1994 0.00115 1.98799093 1,670.62 0.00 0.597295071
12/31/1994 0.00119 1.98644015 1,657.01 0.00 0.592426604
01/31/1995 0.00119 1.97024896 1,637.09 0.00 0.585304074
02/28/1995 0.00107 1.75818447 1,672.25 0.00 0.597875461
03/31/1995 0.00119 1.98837037 1,696.22 0.00 0.606445138
04/30/1995 0.00115 1.95181043 1,749.37 0.00 0.62544789
05/31/1995 0.00119 2.08006874 1,812.04 0.00 0.647855911
06/30/1995 0.00115 2.08508873 1,842.30 0.00 0.658673013
07/31/1995 0.00119 2.19056641 1,909.01 0.00 0.68252639
08/31/1995 0.00119 2.26989622 1,890.62 0.00 0.675948326
09/30/1995 0.00115 2.17550263 1,950.74 0.00 0.697443557
10/31/1995 0.00119 2.31950665 1,909.79 0.00 0.682804691
11/30/1995 0.00115 2.19756946 1,966.53 0.00 0.703091639
12/31/1995 0.00119 2.33829062 2,002.74 0.00 0.716036295
01/31/1996 0.00119 2.38134101 2,051.68 0.00 0.733533381
02/29/1996 0.00111 2.2821424 2,067.02 0.00 0.739017832
03/31/1996 0.00119 2.45777132 2,083.72 0.00 0.74498974
04/30/1996 0.00115 2.39770864 2,131.98 0.00 0.762244204
05/31/1996 0.00119 2.53501589 2,158.68 0.00 0.771787798
06/30/1996 0.00115 2.48395671 2,152.83 0.00 0.769696107
07/31/1996 0.00119 2.55979888 2,094.18 0.00 0.748727887
08/31/1996 0.00119 2.49006431 2,143.23 0.00 0.766265154
09/30/1996 0.00115 2.46618239 2,183.29 0.00 0.780588088
10/31/1996 0.00119 2.59602263 2,207.52 0.00 0.789250366
11/30/1996 0.00115 2.54015903 2,335.62 0.00 0.835050983
12/31/1996 0.00119 2.77715133 2,348.47 0.00 0.839642504
01/31/1997 0.00119 2.79242148 2,434.80 0.00 0.870509747
02/28/1997 0.00107 2.6149087 2,457.39 0.00 0.878587102
03/31/1997 0.00119 2.92194057 2,429.02 0.00 0.868444447
04/30/1997 0.00115 2.79504084 2,452.85 0.00 0.876963697
05/31/1997 0.00119 2.91654157 2,588.95 0.00 0.925624149
06/30/1997 0.00115 2.97907058 2,689.83 0.00 0.96168924
07/31/1997 0.00119 3.19831557 2,843.43 0.00 1.0166079
08/31/1997 0.00119 3.38096002 2,706.31 0.00 0.967583934
09/30/1997 0.00115 3.11411585 2,890.92 0.00 1.033586326
10/31/1997 0.00119 3.43742562 2,669.92 0.00 0.954571068
11/30/1997 0.00115 3.07223465 2,674.05 0.00 0.956047092
12/31/1997 0.00119 3.17955132 2,673.27 0.00 0.955768521
01/31/1998 0.00119 3.17862487 2,653.31 0.00 0.948634892
02/28/1998 0.00107 2.84958743 2,808.37 0.00 1.004072665
03/31/1998 0.00119 3.33927125 2,972.19 0.00 1.062642923
04/30/1998 0.00115 3.42005799 3,024.35 0.00 1.081288929
05/31/1998 0.00119 3.59607144 2,933.69 0.00 1.04887866
06/30/1998 0.00115 3.37575846 2,893.77 0.00 1.034605862
07/31/1998 0.00119 3.44081632 2,938.17 0.00 1.050477164
08/31/1998 0.00119 3.49359993 2,410.40 0.00 0.861786509
09/30/1998 0.00115 2.77361263 2,354.90 0.00 0.841943469
10/31/1998 0.00119 2.80007386 2,624.21 0.00 0.938229246
11/30/1998 0.00115 3.01963939 2,774.00 0.00 0.991783373
12/31/1998 0.00119 3.29840043 2,796.98 0.00 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.450833 1 6.00% 10%
Units purchased 2,218.116 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 0.450833 2,218.116 1,000.00 1,000.00 2,203.50 0.00%
05/31/1992 0.448567 2,218.116 994.97 0.00008 0.082191796 994.89 2,203.50 0.00%
06/30/1992 0.437297 2,218.116 969.98 0.00008 0.081771829 969.81 2,203.50 0.00%
07/31/1992 0.430084 2,218.116 953.98 0.00008 0.082367714 953.74 2,203.50 0.00%
08/31/1992 0.425134 2,218.116 943.00 0.00008 0.081002166 942.68 2,203.50 0.00%
09/30/1992 0.415718 2,218.116 922.11 0.00008 0.0774802 921.72 2,203.50 0.00%
10/31/1992 0.410792 2,218.116 911.19 0.00008 0.078283163 910.72 2,203.50 0.00%
11/30/1992 0.413954 2,218.116 918.20 0.00008 0.0748538 917.66 2,203.50 0.00%
12/31/1992 0.419780 2,218.116 931.12 0.00008 0.077937901 930.49 2,203.50 0.00%
01/31/1993 0.421569 2,218.116 935.09 0.00008 0.07902814 934.38 2,203.50 0.00%
02/28/1993 0.434563 2,218.116 963.91 0.00008 0.071678499 963.11 2,203.50 0.00%
03/31/1993 0.447486 2,218.116 992.58 0.00008 0.081798135 991.67 2,203.50 0.00%
04/30/1993 0.461735 2,218.116 1,024.18 0.00008 0.0815069 1,023.16 2,203.50 0.00%
05/31/1993 0.473266 2,218.116 1,049.76 0.00008 0.086898655 1,048.63 2,203.50 0.00%
06/30/1993 0.470111 2,218.116 1,042.76 0.00008 0.086188615 1,041.55 2,203.50 0.00%
07/31/1993 0.478055 2,218.116 1,060.38 0.00008 0.08846052 1,059.06 2,203.50 0.00%
08/31/1993 0.514833 2,218.116 1,141.96 0.00008 0.089947704 1,140.45 2,203.50 0.00%
09/30/1993 0.512530 2,218.116 1,136.85 0.00008 0.093735476 1,135.25 2,203.50 0.00%
10/31/1993 0.551411 2,218.116 1,223.09 0.00008 0.096418805 1,221.28 2,203.50 0.00%
11/30/1993 0.553058 2,218.116 1,226.75 0.00008 0.100379114 1,224.82 2,203.50 0.00%
12/31/1993 0.610827 2,218.116 1,354.88 0.00008 0.104026224 1,352.66 2,203.50 0.00%
01/31/1994 0.644628 2,218.116 1,429.86 0.00008 0.114883339 1,427.40 2,203.50 2.00%
02/28/1994 0.618860 2,218.116 1,372.70 0.00008 0.109498911 1,370.23 2,203.50 2.00%
03/31/1994 0.586824 2,218.116 1,301.64 0.00008 0.116375639 1,299.18 2,203.50 2.00%
04/30/1994 0.592077 2,218.116 1,313.30 0.00008 0.106781965 1,310.70 2,203.50 2.00%
05/31/1994 0.595046 2,218.116 1,319.88 0.00008 0.111320018 1,317.17 2,203.50 2.00%
06/30/1994 0.575559 2,218.116 1,276.66 0.00008 0.108260174 1,273.92 2,203.50 2.00%
07/31/1994 0.608622 2,218.116 1,349.99 0.00008 0.10819608 1,346.99 2,203.50 2.00%
08/31/1994 0.630850 2,218.116 1,399.30 0.00008 0.114402089 1,396.07 2,203.50 2.00%
09/30/1994 0.617206 2,218.116 1,369.03 0.00008 0.11474587 1,365.77 2,203.50 2.00%
10/31/1994 0.624606 2,218.116 1,385.45 0.00008 0.11599649 1,382.02 2,203.50 2.00%
11/30/1994 0.596694 2,218.116 1,323.54 0.00008 0.113591068 1,320.15 2,203.50 2.00%
12/31/1994 0.589808 2,218.116 1,308.26 0.00008 0.112122365 1,304.80 2,203.50 2.00%
01/31/1995 0.573567 2,218.116 1,272.24 0.00008 0.110818902 1,268.76 2,203.50 4.00%
02/28/1995 0.580589 2,218.116 1,287.81 0.00008 0.097329785 1,284.20 2,203.50 4.00%
03/31/1995 0.579973 2,218.116 1,286.45 0.00008 0.109069019 1,282.73 2,203.50 4.00%
04/30/1995 0.607723 2,218.116 1,348.00 0.00008 0.105429642 1,344.00 2,203.50 4.00%
05/31/1995 0.625956 2,218.116 1,388.44 0.00008 0.11414764 1,384.21 2,203.50 4.00%
06/30/1995 0.633397 2,218.116 1,404.95 0.00008 0.113770367 1,400.55 2,203.50 4.00%
07/31/1995 0.664124 2,218.116 1,473.10 0.00008 0.118950618 1,468.37 2,203.50 4.00%
08/31/1995 0.646841 2,218.116 1,434.77 0.00008 0.124710841 1,430.03 2,203.50 4.00%
09/30/1995 0.662736 2,218.116 1,470.03 0.00008 0.117536939 1,465.06 2,203.50 4.00%
10/31/1995 0.645934 2,218.116 1,432.76 0.00008 0.124429425 1,427.79 2,203.50 4.00%
11/30/1995 0.656887 2,218.116 1,457.05 0.00008 0.117352588 1,451.88 2,203.50 4.00%
12/31/1995 0.674484 2,218.116 1,496.08 0.00008 0.123310664 1,490.65 2,203.50 4.00%
01/31/1996 0.693831 2,218.116 1,539.00 0.00008 0.12660339 1,533.28 2,203.50 6.00%
02/29/1996 0.702919 2,218.116 1,559.16 0.00008 0.121822544 1,553.25 2,203.50 6.00%
03/31/1996 0.703988 2,218.116 1,561.53 0.00008 0.13191962 1,555.48 2,203.50 6.00%
04/30/1996 0.729102 2,218.116 1,617.23 0.00008 0.127847297 1,610.84 2,203.50 6.00%
05/31/1996 0.738291 2,218.116 1,637.62 0.00008 0.136810999 1,631.00 2,203.50 6.00%
06/30/1996 0.743413 2,218.116 1,648.98 0.00008 0.13405509 1,642.18 2,203.50 6.00%
07/31/1996 0.715961 2,218.116 1,588.09 0.00008 0.139473246 1,581.41 2,203.50 6.00%
08/31/1996 0.740483 2,218.116 1,642.48 0.00008 0.134311112 1,635.43 2,203.50 6.00%
09/30/1996 0.754151 2,218.116 1,672.79 0.00008 0.134419198 1,665.49 2,203.50 6.00%
10/31/1996 0.768217 2,218.116 1,703.99 0.00008 0.14145227 1,696.41 2,203.50 6.00%
11/30/1996 0.807931 2,218.116 1,792.08 0.00008 0.139430861 1,783.97 2,203.50 6.00%
12/31/1996 0.826408 2,218.116 1,833.07 0.00008 0.151514986 1,824.61 2,203.50 6.00%
01/31/1997 0.836756 2,218.116 1,856.02 0.00008 0.15496725 1,847.31 2,203.50 6.00%
02/28/1997 0.846232 2,218.116 1,877.04 0.00008 0.141711233 1,868.09 2,203.50 6.00%
03/31/1997 0.851857 2,218.116 1,889.52 0.00008 0.158659374 1,880.34 2,203.50 6.00%
04/30/1997 0.850982 2,218.116 1,887.58 0.00008 0.154548854 1,878.26 2,203.50 6.00%
05/31/1997 0.887259 2,218.116 1,968.04 0.00008 0.15952328 1,958.17 2,203.50 6.00%
06/30/1997 0.939277 2,218.116 2,083.43 0.00008 0.160945247 2,072.81 2,203.50 6.00%
07/31/1997 0.978630 2,218.116 2,170.72 0.00008 0.176046862 2,159.48 2,203.50 6.00%
08/31/1997 0.930792 2,218.116 2,064.60 0.00008 0.183407815 2,053.73 2,203.50 6.00%
09/30/1997 1.006207 2,218.116 2,231.88 0.00008 0.168800046 2,219.96 2,203.50 6.00%
10/31/1997 0.924678 2,218.116 2,051.04 0.00008 0.188544901 2,039.90 2,203.50 6.00%
11/30/1997 0.919112 2,218.116 2,038.70 0.00008 0.167663059 2,027.45 2,203.50 6.00%
12/31/1997 0.928284 2,218.116 2,059.04 0.00008 0.172194707 2,047.51 2,203.50 6.00%
01/31/1998 0.933755 2,218.116 2,071.18 0.00008 0.173898523 2,059.41 2,203.50 6.00%
02/28/1998 1.003764 2,218.116 2,226.46 0.00008 0.157981878 2,213.65 2,203.50 6.00%
03/31/1998 1.070289 2,218.116 2,374.02 0.00008 0.188009031 2,360.18 2,203.50 6.00%
04/30/1998 1.083395 2,218.116 2,403.10 0.00008 0.193987187 2,388.89 2,203.50 6.00%
05/31/1998 1.068053 2,218.116 2,369.07 0.00008 0.202891663 2,354.85 2,203.50 6.00%
06/30/1998 1.054247 2,218.116 2,338.44 0.00008 0.193549634 2,324.22 2,203.50 6.00%
07/31/1998 1.062406 2,218.116 2,356.54 0.00008 0.197399576 2,342.01 2,203.50 6.00%
08/31/1998 0.907625 2,218.116 2,013.22 0.00008 0.19891052 2,000.61 2,203.50 6.00%
09/30/1998 0.876487 2,218.116 1,944.15 0.00008 0.164433294 1,931.81 2,203.50 6.00%
10/31/1998 0.945150 2,218.116 2,096.45 0.00008 0.164071262 2,082.98 2,203.50 6.00%
11/30/1998 0.998147 2,218.116 2,214.01 0.00008 0.171203576 2,199.60 2,203.50 6.00%
12/31/1998 1.000000 2,218.116 2,218.12 0.00008 0.186815686 2,203.50 2,203.50 6.00%
12/31/1998 2,203.50
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 120.35% 120.35%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100.00% 2,203.50 6.6712 12.57% 12.57% 2,203.50 2,203.50 7
05/31/1992 100.00% 2,203.50 6.5890 12.83% 12.83% 2,214.82 2,214.82 7
06/30/1992 100.00% 2,203.50 6.5068 13.44% 13.44% 2,272.09 2,272.09 7
07/31/1992 100.00% 2,203.50 6.4219 13.93% 13.93% 2,310.39 2,310.39 7
08/31/1992 100.00% 2,203.50 6.3370 14.34% 14.34% 2,337.50 2,337.50 7
09/30/1992 100.00% 2,203.50 6.2548 14.95% 14.95% 2,390.64 2,390.64 7
10/31/1992 100.00% 2,203.50 6.1699 15.40% 15.40% 2,419.51 2,419.51 7
11/30/1992 100.00% 2,203.50 6.0877 15.48% 15.48% 2,401.23 2,401.23 7
12/31/1992 100.00% 2,203.50 6.0027 15.44% 15.44% 2,368.10 2,368.10 7
01/31/1993 100.00% 2,203.50 5.9178 15.60% 15.60% 2,358.25 2,358.25 6
02/28/1993 100.00% 2,203.50 5.8411 15.22% 15.22% 2,287.91 2,287.91 6
03/31/1993 100.00% 2,203.50 5.7562 14.88% 14.88% 2,222.02 2,222.02 6
04/30/1993 100.00% 2,203.50 5.6740 14.48% 14.48% 2,153.62 2,153.62 6
05/31/1993 100.00% 2,203.50 5.5890 14.21% 14.21% 2,101.32 2,101.32 6
06/30/1993 100.00% 2,203.50 5.5068 14.58% 14.58% 2,115.60 2,115.60 6
07/31/1993 100.00% 2,203.50 5.4219 14.47% 14.47% 2,080.62 2,080.62 6
08/31/1993 100.00% 2,203.50 5.3370 13.13% 13.13% 1,932.14 1,932.14 6
09/30/1993 100.00% 2,203.50 5.2548 13.45% 13.45% 1,940.98 1,940.98 6
10/31/1993 100.00% 2,203.50 5.1699 12.09% 12.09% 1,804.26 1,804.26 6
11/30/1993 100.00% 2,203.50 5.0877 12.24% 12.24% 1,799.03 1,799.03 6
12/31/1993 100.00% 2,203.50 5.0027 10.25% 10.25% 1,629.01 1,629.01 6
01/31/1994 50.00% 2,196.99 4.9178 9.16% 9.23% 1,539.16 1,543.72 5
02/28/1994 50.00% 2,198.13 4.8411 10.26% 10.31% 1,604.21 1,608.13 5
03/31/1994 50.00% 2,199.55 4.7562 11.71% 11.75% 1,693.03 1,696.07 5
04/30/1994 50.00% 2,199.32 4.6740 11.71% 11.76% 1,677.97 1,681.16 5
05/31/1994 50.00% 2,199.19 4.5890 11.82% 11.87% 1,669.64 1,672.91 5
06/30/1994 50.00% 2,200.06 4.5068 12.89% 12.93% 1,727.00 1,729.70 5
07/31/1994 50.00% 2,198.60 4.4219 11.72% 11.77% 1,632.23 1,635.87 5
08/31/1994 50.00% 2,197.61 4.3370 11.03% 11.10% 1,574.14 1,578.35 5
09/30/1994 50.00% 2,198.22 4.2548 11.84% 11.90% 1,609.52 1,613.38 5
10/31/1994 50.00% 2,197.90 4.1699 11.77% 11.84% 1,590.34 1,594.40 5
11/30/1994 50.00% 2,199.13 4.0877 13.30% 13.35% 1,665.82 1,669.13 5
12/31/1994 50.00% 2,199.44 4.0027 13.93% 13.99% 1,685.65 1,688.76 5
01/31/1995 40.00% 2,188.01 3.9178 14.92% 15.13% 1,724.52 1,736.73 4
02/28/1995 40.00% 2,187.39 3.8411 14.87% 15.09% 1,703.31 1,715.86 4
03/31/1995 40.00% 2,187.45 3.7562 15.27% 15.49% 1,705.31 1,717.83 4
04/30/1995 40.00% 2,185.00 3.6740 14.14% 14.40% 1,625.75 1,639.51 4
05/31/1995 40.00% 2,183.39 3.5890 13.54% 13.83% 1,577.36 1,591.89 4
06/30/1995 40.00% 2,182.74 3.5068 13.49% 13.80% 1,558.49 1,573.31 4
07/31/1995 40.00% 2,180.02 3.4219 12.24% 12.59% 1,484.66 1,500.64 4
08/31/1995 40.00% 2,181.56 3.3370 13.49% 13.83% 1,525.53 1,540.87 4
09/30/1995 40.00% 2,180.15 3.2548 12.99% 13.36% 1,488.10 1,504.04 4
10/31/1995 40.00% 2,181.65 3.1699 14.31% 14.67% 1,527.99 1,543.30 4
11/30/1995 40.00% 2,180.68 3.0877 14.08% 14.47% 1,501.97 1,517.68 4
12/31/1995 40.00% 2,179.13 3.0027 13.48% 13.90% 1,461.86 1,478.21 4
01/31/1996 30.00% 2,151.17 2.9178 12.30% 13.23% 1,402.98 1,437.11 3
02/29/1996 30.00% 2,149.97 2.8384 12.14% 13.11% 1,384.18 1,418.64 3
03/31/1996 30.00% 2,149.84 2.7534 12.47% 13.48% 1,382.11 1,416.61 3
04/30/1996 30.00% 2,146.51 2.6712 11.35% 12.44% 1,332.54 1,367.92 3
05/31/1996 30.00% 2,145.30 2.5863 11.18% 12.34% 1,315.33 1,351.01 3
06/30/1996 30.00% 2,144.63 2.5041 11.25% 12.46% 1,305.96 1,341.81 3
07/31/1996 30.00% 2,148.28 2.4192 13.50% 14.70% 1,358.46 1,393.38 3
08/31/1996 30.00% 2,145.04 2.3342 12.32% 13.62% 1,311.60 1,347.35 3
09/30/1996 30.00% 2,143.24 2.2521 11.85% 13.24% 1,286.85 1,323.04 3
10/31/1996 30.00% 2,141.38 2.1671 11.35% 12.83% 1,262.30 1,298.92 3
11/30/1996 30.00% 2,136.13 2.0849 9.03% 10.66% 1,197.40 1,235.17 3
12/31/1996 30.00% 2,133.69 2.0000 8.14% 9.89% 1,169.39 1,207.65 3
01/31/1997 20.00% 2,119.10 1.9151 7.43% 9.64% 1,147.13 1,192.82 2
02/28/1997 20.00% 2,117.86 1.8384 7.06% 9.40% 1,133.70 1,179.55 2
03/31/1997 20.00% 2,117.12 1.7534 7.00% 9.47% 1,125.92 1,171.86 2
04/30/1997 20.00% 2,117.25 1.6712 7.43% 10.03% 1,127.24 1,173.16 2
05/31/1997 20.00% 2,112.45 1.5863 4.90% 7.72% 1,078.79 1,125.29 2
06/30/1997 20.00% 2,105.57 1.5041 1.05% 4.15% 1,015.81 1,063.05 2
07/31/1997 20.00% 2,100.37 1.4192 -1.94% 1.43% 972.63 1,020.39 2
08/31/1997 20.00% 2,106.72 1.3342 1.93% 5.42% 1,025.80 1,072.92 2
09/30/1997 20.00% 2,096.75 1.2521 -4.46% -0.59% 944.50 992.58 2
10/31/1997 20.00% 2,107.55 1.1671 2.83% 6.83% 1,033.16 1,080.20 2
11/30/1997 20.00% 2,108.30 1.0849 3.67% 7.98% 1,039.87 1,086.83 2
12/31/1997 20.00% 2,107.09 1.0000 2.91% 7.62% 1,029.10 1,076.18 2
01/31/1998 10.00% 2,093.16 0.9151 1.64% 7.00% 1,014.99 1,063.84 1
02/28/1998 10.00% 2,083.90 0.8384 -5.86% -0.46% 950.62 996.15 1
03/31/1998 10.00% 2,075.11 0.7534 -12.08% -6.64% 907.57 949.57 1
04/30/1998 10.00% 2,073.39 0.6712 -13.21% -7.76% 909.31 947.22 1
05/31/1998 10.00% 2,075.43 0.5863 -11.87% -6.43% 928.62 961.80 1
06/30/1998 10.00% 2,077.27 0.5041 -10.63% -5.19% 944.95 973.47 1
07/31/1998 10.00% 2,076.20 0.4192 -11.35% -5.91% 950.75 974.77 1
08/31/1998 10.00% 2,096.69 0.3342 4.80% 10.14% 1,015.80 1,032.81 1
09/30/1998 10.00% 2,100.81 0.2521 8.75% 14.06% 1,021.37 1,033.73 1
10/31/1998 10.00% 2,091.74 0.1671 0.42% 5.79% 1,000.70 1,009.44 1
11/30/1998 10.00% 2,084.75 0.0849 -5.22% 0.18% 995.46 1,000.15 1
12/31/1998 10.00% 2,084.51 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.450833 1 6.00% 10%
Units purchased 2,218.116 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,199.60 2,084.75 2,203.50 -5.22% 0.18%
09/30/1998 0.25 0.25 1,931.81 2,100.81 2,203.50 8.75% 14.06%
12/31/1997 1.00 1.00 2,047.51 2,107.09 2,203.50 2.91% 7.62%
12/31/1997 1.00 1.00 2,047.51 2,107.09 2,203.50 2.91% 7.62%
12/31/1995 3.00 3.00 1,490.65 2,179.13 2,203.50 13.49% 13.91%
12/31/1993 5.00 5.00 1,352.66 2,203.50 2,203.50 10.25% 10.25%
12/31/1988 10.00 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.16 0.16 2,082.98 2,091.74 2,203.50 0.42% 5.79%
05/01/1992 6.67 6.67 1,000.00 2,203.50 2,203.50 12.57% 12.57%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
TVP INTERNATIONAL FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100 10 1000
05/31/1992 1000 0 10 100 9.96 996.00 -0.40%
06/30/1992 996 0 10 100 9.72 972.00 -2.41%
07/31/1992 972 0 10 100 9.57 957.00 -1.54%
08/31/1992 957 0 10 100 9.47 947.00 -1.04%
09/30/1992 947 0 10 100 9.27 927.00 -2.11%
10/31/1992 927 0 10 100 9.17 917.00 -1.08%
11/30/1992 917 0 10 100 9.25 925.00 0.87%
12/31/1992 925 0 10 100 9.39 939.00 1.51%
01/31/1993 939 0 10 100 9.44 944.00 0.53%
02/28/1993 944 0 10 100 9.74 974.00 3.18%
03/31/1993 974 0 10 100 10.04 1,004.00 3.08%
04/30/1993 1004 0 10 100 10.37 1,037.00 3.29%
05/31/1993 1037 0 10 100 10.64 1,064.00 2.60%
06/30/1993 1064 0 10 100 10.58 1,058.00 -0.56%
07/31/1993 1058 0 10 100 10.77 1,077.00 1.80%
08/31/1993 1077 0 10 100 11.61 1,161.00 7.80%
09/30/1993 1161 0 10 100 11.57 1,157.00 -0.34%
10/31/1993 1157 0 10 100 12.46 1,246.00 7.69%
11/30/1993 1246 0 10 100 12.51 1,251.00 0.40%
12/31/1993 1251 0 10 100 13.83 1,383.00 10.55%
01/31/1994 1383 0 10 100 14.61 1,461.00 5.64%
02/28/1994 1461 0 10 100 14.04 1,404.00 -3.90%
03/31/1994 1404 0.31 13.55 102.288 13.03 1,332.81 -5.07%
04/30/1994 1332.81 0 10 102.288 13.16 1,346.11 1.00%
05/31/1994 1346.11 0 10 102.288 13.24 1,354.29 0.61%
06/30/1994 1354.29 0 10 102.288 12.82 1,311.33 -3.17%
07/31/1994 1311.33 0 10 102.288 13.57 1,388.05 5.85%
08/31/1994 1388.05 0 10 102.288 14.08 1,440.22 3.76%
09/30/1994 1440.22 0 10 102.288 13.79 1,410.55 -2.06%
10/31/1994 1410.55 0 10 102.288 13.97 1,428.96 1.31%
11/30/1994 1428.96 0 10 102.288 13.36 1,366.57 -4.37%
12/31/1994 1366.57 0 10 102.288 13.22 1,352.25 -1.05%
01/31/1995 1352.25 0 10 102.288 12.87 1,316.45 -2.65%
02/28/1995 1316.45 0.15 12.89 103.478 12.89 1,333.83 1.32%
03/31/1995 1333.83 0 10 103.478 12.89 1,333.83 0.00%
04/30/1995 1333.83 0 10 103.478 13.52 1,399.02 4.89%
05/31/1995 1399.02 0 10 103.478 13.94 1,442.48 3.11%
06/30/1995 1442.48 0 10 103.478 14.12 1,461.11 1.29%
07/31/1995 1461.11 0 10 103.478 14.82 1,533.54 4.96%
08/31/1995 1533.54 0 10 103.478 14.45 1,495.26 -2.50%
09/30/1995 1495.26 0 10 103.478 14.82 1,533.54 2.56%
10/31/1995 1533.54 0 10 103.478 14.46 1,496.29 -2.43%
11/30/1995 1496.29 0 10 103.478 14.72 1,523.20 1.80%
12/31/1995 1523.2 0 10 103.478 15.13 1,565.62 2.78%
01/31/1996 1565.62 0 10 103.478 15.58 1,612.19 2.97%
02/29/1996 1612.19 0.31 15.51 105.546 15.49 1,634.91 1.41%
03/31/1996 1634.91 0 10 105.546 15.53 1,639.13 0.26%
04/30/1996 1639.13 0 10 105.546 16.10 1,699.29 3.67%
05/31/1996 1699.29 0 10 105.546 16.32 1,722.51 1.37%
06/30/1996 1722.51 0 10 105.546 16.45 1,736.23 0.80%
07/31/1996 1736.23 0 10 105.546 15.86 1,673.96 -3.59%
08/31/1996 1673.96 0 10 105.546 16.42 1,733.07 3.53%
09/30/1996 1733.07 0 10 105.546 16.74 1,766.84 1.95%
10/31/1996 1766.84 0 10 105.546 17.07 1,801.67 1.97%
11/30/1996 1801.67 0 10 105.546 17.97 1,896.66 5.27%
12/31/1996 1896.66 0 10 105.546 18.40 1,942.05 2.39%
01/31/1997 1942.05 0 10 105.546 18.65 1,968.43 1.36%
02/28/1997 1968.43 0.715 18.32 109.665 18.17 1,992.61 1.23%
03/31/1997 1992.61 0 10 109.665 18.31 2,007.97 0.77%
04/30/1997 2007.97 0 10 109.665 18.31 2,007.97 0.00%
05/31/1997 2007.97 0 10 109.665 19.11 2,095.70 4.37%
06/30/1997 2095.7 0 10 109.665 20.25 2,220.72 5.97%
07/31/1997 2220.72 0 10 109.665 21.12 2,316.12 4.30%
08/31/1997 2316.12 0 10 109.665 20.11 2,205.36 -4.78%
09/30/1997 2205.36 0 10 109.665 21.76 2,386.31 8.21%
10/31/1997 2386.31 0 10 109.665 20.02 2,195.49 -8.00%
11/30/1997 2195.49 0 10 109.665 19.92 2,184.53 -0.50%
12/31/1997 2184.53 0 10 109.665 20.14 2,208.65 1.10%
01/31/1998 2208.65 0 10 109.665 20.28 2,224.01 0.70%
02/28/1998 2224.01 0 10 109.665 21.82 2,392.89 7.59%
03/31/1998 2392.89 1.3669 20.75 116.889 21.85 2,554.02 6.73%
04/30/1998 2554.02 0 10 116.889 22.14 2,587.92 1.33%
05/31/1998 2587.92 0 10 116.889 21.85 2,554.02 -1.31%
06/30/1998 2554.02 0 10 116.889 21.59 2,523.63 -1.19%
07/31/1998 2523.63 0 10 116.889 21.78 2,545.84 0.88%
08/31/1998 2545.84 0 10 116.889 18.63 2,177.64 -14.46%
09/30/1998 2177.64 0 10 116.889 18.01 2,105.17 -3.33%
10/31/1998 2105.17 0 10 116.889 19.44 2,272.32 7.94%
11/30/1998 2272.32 0 10 116.889 20.55 2,402.07 5.71%
12/31/1998 2402.07 0 10 116.889 20.61 2,409.08 0.29%
1.40908
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1992 1,000.0 0.450833131
05/31/1992 0.00103 1.02739726 994.9726027 0.08 0.448566614
06/30/1992 0.00103 1.02223213 969.9751272 0.16 0.437296924
07/31/1992 0.00106 1.02976811 953.9766071 0.24 0.430084261
08/31/1992 0.00106 1.01278338 942.9954161 0.32 0.425133576
09/30/1992 0.00103 0.96883091 922.1111593 0.39 0.415718261
10/31/1992 0.00106 0.97895363 911.184944 0.46 0.410792361
11/30/1992 0.00103 0.93614892 918.1980639 0.54 0.413954108
12/31/1992 0.00106 0.97479931 931.1203164 0.63 0.419779888
01/31/1993 0.00106 0.98851814 935.0898404 0.71 0.421569481
02/28/1993 0.00096 0.89666149 963.9100171 0.80 0.434562571
03/31/1993 0.00106 1.02332913 992.5759082 0.91 0.447486104
04/30/1993 0.00103 1.01976977 1024.180645 1.02 0.461734567
05/31/1993 0.00106 1.08731507 1049.759557 1.13 0.473266388
06/30/1993 0.00103 1.07852009 1042.76134 1.21 0.47011136
07/31/1993 0.00106 1.10704115 1060.380637 1.32 0.478054723
08/31/1993 0.00106 1.12574657 1141.958673 1.51 0.514832804
09/30/1993 0.00103 1.17324521 1136.851031 1.60 0.51253011
10/31/1993 0.00106 1.20693089 1223.094179 1.81 0.551411378
11/30/1993 0.00103 1.25660361 1226.745658 1.92 0.553057586
12/31/1993 0.00106 1.30236697 1354.88408 2.23 0.610826632
01/31/1994 0.00106 1.43840433 1429.859962 2.46 0.644628244
02/28/1994 0.00096 1.37109859 1372.703773 2.47 0.61886034
03/31/1994 0.00106 1.4573225 1301.64333 2.46 0.586823938
04/30/1994 0.00103 1.33730479 1313.295015 2.59 0.592076904
05/31/1994 0.00106 1.39425156 1319.881355 2.72 0.595046244
06/30/1994 0.00103 1.35604249 1276.656803 2.74 0.575559184
07/31/1994 0.00106 1.35535483 1349.992876 3.00 0.608621515
08/31/1994 0.00106 1.43321161 1399.299284 3.22 0.630850477
09/30/1994 0.00103 1.43763625 1369.034656 3.27 0.61720618
10/31/1994 0.00106 1.4534272 1385.449385 3.42 0.624606484
11/30/1994 0.00103 1.4234069 1323.5357 3.39 0.596693744
12/31/1994 0.00106 1.40512352 1308.261524 3.46 0.589807639
01/31/1995 0.00106 1.38890778 1272.237185 3.47 0.573566673
02/28/1995 0.00096 1.21995346 1287.813526 3.61 0.580589004
03/31/1995 0.00106 1.36719929 1286.446327 3.72 0.579972625
04/30/1995 0.00103 1.32169143 1347.998792 4.00 0.607722516
05/31/1995 0.00106 1.43109461 1388.442744 4.24 0.625955989
06/30/1995 0.00103 1.42648227 1404.948356 4.40 0.633397266
07/31/1995 0.00106 1.49155476 1473.102762 4.73 0.66412353
08/31/1995 0.00106 1.56391047 1434.767477 4.73 0.646840714
09/30/1995 0.00103 1.47407618 1470.024738 4.97 0.662735855
10/31/1995 0.00106 1.5606427 1432.756894 4.97 0.645934276
11/30/1995 0.00103 1.47201051 1457.052273 5.17 0.656887438
12/31/1995 0.00106 1.54687056 1496.083237 5.43 0.67448389
01/31/1996 0.00106 1.58830755 1538.996531 5.71 0.693830624
02/29/1996 0.00099 1.52845546 1559.156587 5.91 0.702919446
03/31/1996 0.00106 1.65526898 1561.525784 6.05 0.703987558
04/30/1996 0.00103 1.60430731 1617.233216 6.39 0.729102314
05/31/1996 0.00106 1.71692567 1637.615023 6.61 0.738291108
06/30/1996 0.00103 1.68248119 1648.976343 6.79 0.743413168
07/31/1996 0.00106 1.75062557 1588.085076 6.68 0.715961367
08/31/1996 0.00106 1.68598073 1642.476724 7.04 0.740482924
09/30/1996 0.00103 1.68747609 1672.793979 7.31 0.754150947
10/31/1996 0.00106 1.77591142 1703.994124 7.59 0.768217006
11/30/1996 0.00103 1.75067889 1792.083649 8.12 0.807930683
12/31/1996 0.00106 1.90255456 1833.068422 8.45 0.826407976
01/31/1997 0.00106 1.94606579 1856.021995 8.71 0.836756207
02/28/1997 0.00096 1.77974712 1877.041439 8.96 0.846232469
03/31/1997 0.00106 1.99274947 1889.517832 9.17 0.85185724
04/30/1997 0.00103 1.94128544 1887.576546 9.32 0.850982044
05/31/1997 0.00106 2.003934 1968.042515 9.88 0.887258769
06/30/1997 0.00103 2.02196149 2083.425084 10.62 0.939277054
07/31/1997 0.00106 2.2118554 2170.715171 11.24 0.978630317
08/31/1997 0.00106 2.30452638 2064.604101 10.87 0.930791931
09/30/1997 0.00103 2.1211686 2231.883897 11.92 1.006207205
10/31/1997 0.00106 2.36946578 2051.043032 11.14 0.924678152
11/30/1997 0.00103 2.10723599 2038.696882 11.24 0.919112099
12/31/1997 0.00106 2.16436998 2059.042329 11.53 0.9282845
01/31/1998 0.00106 2.1859696 2071.175916 11.77 0.933754723
02/28/1998 0.00096 1.9860591 2226.464415 12.81 1.003763923
03/31/1998 0.00106 2.36371222 2374.024105 13.85 1.07028872
04/30/1998 0.00103 2.43906586 2403.095919 14.21 1.083395257
05/31/1998 0.00106 2.55123197 2369.065758 14.21 1.068053333
06/30/1998 0.00103 2.43397167 2338.442536 14.22 1.05424737
07/31/1998 0.00106 2.4825931 2356.540142 14.53 1.062406371
08/31/1998 0.00106 2.50180632 2013.216415 12.61 0.90762466
09/30/1998 0.00103 2.06837303 1944.149918 12.34 0.876487195
10/31/1998 0.00106 2.06399478 2096.450967 13.47 0.945149553
11/30/1998 0.00103 2.15388798 2214.004916 14.40 0.998146768
12/31/1998 0.00106 2.35048467 2218.115598 14.61 1
1.218115598 1.218115598
1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.455326 1 6.00% 10%
Units purchased 2,196.229 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 0.455326 2,196.229 1,000.00 1,000.00 2,181.76 0.00%
05/31/1992 0.452981 2,196.229 994.85 0.00008 0.082191778 994.77 2,181.76 0.00%
06/30/1992 0.441544 2,196.229 969.73 0.00008 0.081761679 969.57 2,181.76 0.00%
07/31/1992 0.434205 2,196.229 953.61 0.00008 0.082347073 953.37 2,181.76 0.00%
08/31/1992 0.429152 2,196.229 942.52 0.00008 0.080971377 942.20 2,181.76 0.00%
09/30/1992 0.419595 2,196.229 921.53 0.00008 0.077440767 921.14 2,181.76 0.00%
10/31/1992 0.414569 2,196.229 910.49 0.00008 0.078233455 910.03 2,181.76 0.00%
11/30/1992 0.417709 2,196.229 917.38 0.00008 0.074796625 916.84 2,181.76 0.00%
12/31/1992 0.423534 2,196.229 930.18 0.00008 0.077868841 929.55 2,181.76 0.00%
01/31/1993 0.425286 2,196.229 934.03 0.00008 0.078948194 933.32 2,181.76 0.00%
02/28/1993 0.438345 2,196.229 962.71 0.00008 0.071596903 961.90 2,181.76 0.00%
03/31/1993 0.451325 2,196.229 991.21 0.00008 0.081695898 990.31 2,181.76 0.00%
04/30/1993 0.465640 2,196.229 1,022.65 0.00008 0.081394955 1,021.63 2,181.76 0.00%
05/31/1993 0.477210 2,196.229 1,048.06 0.00008 0.086768935 1,046.93 2,181.76 0.00%
06/30/1993 0.473970 2,196.229 1,040.95 0.00008 0.086049257 1,039.74 2,181.76 0.00%
07/31/1993 0.481918 2,196.229 1,058.40 0.00008 0.088306527 1,057.09 2,181.76 0.00%
08/31/1993 0.518932 2,196.229 1,139.69 0.00008 0.089779872 1,138.19 2,181.76 0.00%
09/30/1993 0.516547 2,196.229 1,134.46 0.00008 0.093549507 1,132.86 2,181.76 0.00%
10/31/1993 0.555667 2,196.229 1,220.37 0.00008 0.096215595 1,218.56 2,181.76 0.00%
11/30/1993 0.557258 2,196.229 1,223.87 0.00008 0.100155695 1,221.95 2,181.76 0.00%
12/31/1993 0.615394 2,196.229 1,351.55 0.00008 0.103781928 1,349.33 2,181.76 0.00%
01/31/1994 0.649370 2,196.229 1,426.17 0.00008 0.114600324 1,423.71 2,181.76 2.00%
02/28/1994 0.623338 2,196.229 1,368.99 0.00008 0.109215974 1,366.52 2,181.76 2.00%
03/31/1994 0.590991 2,196.229 1,297.95 0.00008 0.11606102 1,295.49 2,181.76 2.00%
04/30/1994 0.596208 2,196.229 1,309.41 0.00008 0.106478973 1,306.82 2,181.76 2.00%
05/31/1994 0.599122 2,196.229 1,315.81 0.00008 0.110990584 1,313.10 2,181.76 2.00%
06/30/1994 0.579428 2,196.229 1,272.56 0.00008 0.107926112 1,269.83 2,181.76 2.00%
07/31/1994 0.612638 2,196.229 1,345.49 0.00008 0.107848466 1,342.50 2,181.76 2.00%
08/31/1994 0.634936 2,196.229 1,394.46 0.00008 0.114020797 1,391.25 2,181.76 2.00%
09/30/1994 0.621125 2,196.229 1,364.13 0.00008 0.114349375 1,360.87 2,181.76 2.00%
10/31/1994 0.628493 2,196.229 1,380.31 0.00008 0.115581105 1,376.90 2,181.76 2.00%
11/30/1994 0.600329 2,196.229 1,318.46 0.00008 0.113170047 1,315.09 2,181.76 2.00%
12/31/1994 0.593325 2,196.229 1,303.08 0.00008 0.11169237 1,299.63 2,181.76 2.00%
01/31/1995 0.576911 2,196.229 1,267.03 0.00008 0.110379676 1,263.57 2,181.76 4.00%
02/28/1995 0.583908 2,196.229 1,282.40 0.00008 0.096931322 1,278.80 2,181.76 4.00%
03/31/1995 0.583214 2,196.229 1,280.87 0.00008 0.108610148 1,277.17 2,181.76 4.00%
04/30/1995 0.611047 2,196.229 1,342.00 0.00008 0.104972692 1,338.01 2,181.76 4.00%
05/31/1995 0.629302 2,196.229 1,382.09 0.00008 0.113639531 1,377.87 2,181.76 4.00%
06/30/1995 0.636706 2,196.229 1,398.35 0.00008 0.113249927 1,393.97 2,181.76 4.00%
07/31/1995 0.667511 2,196.229 1,466.01 0.00008 0.118392054 1,461.30 2,181.76 4.00%
08/31/1995 0.650055 2,196.229 1,427.67 0.00008 0.124110145 1,422.96 2,181.76 4.00%
09/30/1995 0.665949 2,196.229 1,462.58 0.00008 0.116955496 1,457.63 2,181.76 4.00%
10/31/1995 0.648982 2,196.229 1,425.31 0.00008 0.123798986 1,420.37 2,181.76 4.00%
11/30/1995 0.659906 2,196.229 1,449.31 0.00008 0.116742742 1,444.16 2,181.76 4.00%
12/31/1995 0.677500 2,196.229 1,487.94 0.00008 0.122654983 1,482.54 2,181.76 4.00%
01/31/1996 0.696847 2,196.229 1,530.43 0.00008 0.125914575 1,524.75 2,181.76 6.00%
02/29/1996 0.705892 2,196.229 1,550.30 0.00008 0.121144734 1,544.42 2,181.76 6.00%
03/31/1996 0.706875 2,196.229 1,552.46 0.00008 0.131170197 1,546.44 2,181.76 6.00%
04/30/1996 0.732005 2,196.229 1,607.65 0.00008 0.127104836 1,601.29 2,181.76 6.00%
05/31/1996 0.741137 2,196.229 1,627.71 0.00008 0.13600029 1,621.13 2,181.76 6.00%
06/30/1996 0.746188 2,196.229 1,638.80 0.00008 0.133243945 1,632.05 2,181.76 6.00%
07/31/1996 0.718538 2,196.229 1,578.07 0.00008 0.138612341 1,571.44 2,181.76 6.00%
08/31/1996 0.743057 2,196.229 1,631.92 0.00008 0.133464412 1,624.92 2,181.76 6.00%
09/30/1996 0.756681 2,196.229 1,661.84 0.00008 0.133555362 1,654.58 2,181.76 6.00%
10/31/1996 0.770697 2,196.229 1,692.63 0.00008 0.140526222 1,685.09 2,181.76 6.00%
11/30/1996 0.810444 2,196.229 1,779.92 0.00008 0.138500721 1,771.86 2,181.76 6.00%
12/31/1996 0.828876 2,196.229 1,820.40 0.00008 0.150486589 1,812.00 2,181.76 6.00%
01/31/1997 0.839149 2,196.229 1,842.96 0.00008 0.153896249 1,834.31 2,181.76 6.00%
02/28/1997 0.848556 2,196.229 1,863.62 0.00008 0.140714138 1,854.73 2,181.76 6.00%
03/31/1997 0.854088 2,196.229 1,875.77 0.00008 0.157525104 1,866.67 2,181.76 6.00%
04/30/1997 0.853106 2,196.229 1,873.62 0.00008 0.153424549 1,864.36 2,181.76 6.00%
05/31/1997 0.889364 2,196.229 1,953.25 0.00008 0.158343242 1,943.44 2,181.76 6.00%
06/30/1997 0.941396 2,196.229 2,067.52 0.00008 0.159735169 2,056.99 2,181.76 6.00%
07/31/1997 0.980718 2,196.229 2,153.88 0.00008 0.174702891 2,142.73 2,181.76 6.00%
08/31/1997 0.932653 2,196.229 2,048.32 0.00008 0.181985393 2,037.53 2,181.76 6.00%
09/30/1997 1.008104 2,196.229 2,214.03 0.00008 0.167468477 2,202.20 2,181.76 6.00%
10/31/1997 0.926293 2,196.229 2,034.35 0.00008 0.187036241 2,023.30 2,181.76 6.00%
11/30/1997 0.920603 2,196.229 2,021.85 0.00008 0.166298429 2,010.70 2,181.76 6.00%
12/31/1997 0.929673 2,196.229 2,041.77 0.00008 0.170772007 2,030.34 2,181.76 6.00%
01/31/1998 0.935033 2,196.229 2,053.55 0.00008 0.172439989 2,041.88 2,181.76 6.00%
02/28/1998 1.005030 2,196.229 2,207.28 0.00008 0.156636999 2,194.58 2,181.76 6.00%
03/31/1998 1.071511 2,196.229 2,353.28 0.00008 0.18638858 2,339.56 2,181.76 6.00%
04/30/1998 1.084500 2,196.229 2,381.81 0.00008 0.192292231 2,367.72 2,181.76 6.00%
05/31/1998 1.069005 2,196.229 2,347.78 0.00008 0.201094406 2,333.69 2,181.76 6.00%
06/30/1998 1.055054 2,196.229 2,317.14 0.00008 0.191810339 2,303.05 2,181.76 6.00%
07/31/1998 1.063085 2,196.229 2,334.78 0.00008 0.195601248 2,320.38 2,181.76 6.00%
08/31/1998 0.908069 2,196.229 1,994.33 0.00008 0.197073508 1,981.83 2,181.76 6.00%
09/30/1998 0.876805 2,196.229 1,925.66 0.00008 0.162890395 1,913.44 2,181.76 6.00%
10/31/1998 0.945380 2,196.229 2,076.27 0.00008 0.162511009 2,062.92 2,181.76 6.00%
11/30/1998 0.998274 2,196.229 2,192.44 0.00008 0.169555461 2,178.17 2,181.76 6.00%
12/31/1998 1.000000 2,196.229 2,196.23 0.00008 0.184995679 2,181.76 2,181.76 6.00%
12/31/1998 2,181.76
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 118.18% 118.18%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100.00% 2,181.76 6.6712 12.41% 12.41% 2,181.76 2,181.76 7
05/31/1992 100.00% 2,181.76 6.5890 12.66% 12.66% 2,193.23 2,193.23 7
06/30/1992 100.00% 2,181.76 6.5068 13.27% 13.27% 2,250.23 2,250.23 7
07/31/1992 100.00% 2,181.76 6.4219 13.76% 13.76% 2,288.46 2,288.46 7
08/31/1992 100.00% 2,181.76 6.3370 14.17% 14.17% 2,315.61 2,315.61 7
09/30/1992 100.00% 2,181.76 6.2548 14.78% 14.78% 2,368.55 2,368.55 7
10/31/1992 100.00% 2,181.76 6.1699 15.23% 15.23% 2,397.47 2,397.47 7
11/30/1992 100.00% 2,181.76 6.0877 15.30% 15.30% 2,379.64 2,379.64 7
12/31/1992 100.00% 2,181.76 6.0027 15.27% 15.27% 2,347.11 2,347.11 7
01/31/1993 100.00% 2,181.76 5.9178 15.43% 15.43% 2,337.64 2,337.64 6
02/28/1993 100.00% 2,181.76 5.8411 15.05% 15.05% 2,268.17 2,268.17 6
03/31/1993 100.00% 2,181.76 5.7562 14.71% 14.71% 2,203.12 2,203.12 6
04/30/1993 100.00% 2,181.76 5.6740 14.31% 14.31% 2,135.56 2,135.56 6
05/31/1993 100.00% 2,181.76 5.5890 14.04% 14.04% 2,083.95 2,083.95 6
06/30/1993 100.00% 2,181.76 5.5068 14.41% 14.41% 2,098.37 2,098.37 6
07/31/1993 100.00% 2,181.76 5.4219 14.30% 14.30% 2,063.94 2,063.94 6
08/31/1993 100.00% 2,181.76 5.3370 12.97% 12.97% 1,916.87 1,916.87 6
09/30/1993 100.00% 2,181.76 5.2548 13.28% 13.28% 1,925.88 1,925.88 6
10/31/1993 100.00% 2,181.76 5.1699 11.93% 11.93% 1,790.44 1,790.44 6
11/30/1993 100.00% 2,181.76 5.0877 12.07% 12.07% 1,785.47 1,785.47 6
12/31/1993 100.00% 2,181.76 5.0027 10.08% 10.08% 1,616.92 1,616.92 6
01/31/1994 50.00% 2,175.10 4.9178 9.00% 9.07% 1,527.77 1,532.45 5
02/28/1994 50.00% 2,176.24 4.8411 10.09% 10.15% 1,592.54 1,596.57 5
03/31/1994 50.00% 2,177.66 4.7562 11.54% 11.58% 1,680.95 1,684.11 5
04/30/1994 50.00% 2,177.44 4.6740 11.54% 11.59% 1,666.20 1,669.51 5
05/31/1994 50.00% 2,177.31 4.5890 11.65% 11.70% 1,658.15 1,661.53 5
06/30/1994 50.00% 2,178.18 4.5068 12.72% 12.76% 1,715.33 1,718.15 5
07/31/1994 50.00% 2,176.72 4.4219 11.55% 11.61% 1,621.39 1,625.14 5
08/31/1994 50.00% 2,175.75 4.3370 10.86% 10.93% 1,563.88 1,568.20 5
09/30/1994 50.00% 2,176.36 4.2548 11.67% 11.73% 1,599.23 1,603.20 5
10/31/1994 50.00% 2,176.04 4.1699 11.60% 11.67% 1,580.39 1,584.54 5
11/30/1994 50.00% 2,177.27 4.0877 13.13% 13.18% 1,655.61 1,659.02 5
12/31/1994 50.00% 2,177.58 4.0027 13.76% 13.82% 1,675.54 1,678.75 5
01/31/1995 40.00% 2,166.12 3.9178 14.75% 14.96% 1,714.29 1,726.66 4
02/28/1995 40.00% 2,165.51 3.8411 14.70% 14.92% 1,693.40 1,706.10 4
03/31/1995 40.00% 2,165.58 3.7562 15.09% 15.32% 1,695.61 1,708.28 4
04/30/1995 40.00% 2,163.14 3.6740 13.97% 14.23% 1,616.68 1,630.59 4
05/31/1995 40.00% 2,161.55 3.5890 13.37% 13.66% 1,568.76 1,583.42 4
06/30/1995 40.00% 2,160.91 3.5068 13.32% 13.63% 1,550.18 1,565.14 4
07/31/1995 40.00% 2,158.21 3.4219 12.07% 12.43% 1,476.92 1,493.03 4
08/31/1995 40.00% 2,159.75 3.3370 13.32% 13.66% 1,517.79 1,533.25 4
09/30/1995 40.00% 2,158.36 3.2548 12.82% 13.19% 1,480.73 1,496.78 4
10/31/1995 40.00% 2,159.85 3.1699 14.14% 14.50% 1,520.62 1,536.05 4
11/30/1995 40.00% 2,158.90 3.0877 13.91% 14.30% 1,494.91 1,510.74 4
12/31/1995 40.00% 2,157.36 3.0027 13.31% 13.73% 1,455.18 1,471.63 4
01/31/1996 30.00% 2,129.54 2.9178 12.13% 13.07% 1,396.65 1,430.89 3
02/29/1996 30.00% 2,128.36 2.8384 11.96% 12.94% 1,378.10 1,412.67 3
03/31/1996 30.00% 2,128.24 2.7534 12.30% 13.31% 1,376.22 1,410.82 3
04/30/1996 30.00% 2,124.95 2.6712 11.17% 12.28% 1,327.02 1,362.50 3
05/31/1996 30.00% 2,123.76 2.5863 11.01% 12.17% 1,310.05 1,345.82 3
06/30/1996 30.00% 2,123.11 2.5041 11.08% 12.29% 1,300.88 1,336.82 3
07/31/1996 30.00% 2,126.74 2.4192 13.32% 14.53% 1,353.38 1,388.38 3
08/31/1996 30.00% 2,123.53 2.3342 12.15% 13.46% 1,306.85 1,342.68 3
09/30/1996 30.00% 2,121.75 2.2521 11.68% 13.07% 1,282.35 1,318.61 3
10/31/1996 30.00% 2,119.92 2.1671 11.17% 12.66% 1,258.05 1,294.74 3
11/30/1996 30.00% 2,114.72 2.0849 8.85% 10.50% 1,193.50 1,231.34 3
12/31/1996 30.00% 2,112.31 2.0000 7.97% 9.73% 1,165.73 1,204.06 3
01/31/1997 20.00% 2,097.88 1.9151 7.26% 9.48% 1,143.69 1,189.42 2
02/28/1997 20.00% 2,096.65 1.8384 6.90% 9.24% 1,130.44 1,176.32 2
03/31/1997 20.00% 2,095.94 1.7534 6.83% 9.30% 1,122.82 1,168.80 2
04/30/1997 20.00% 2,096.08 1.6712 7.26% 9.86% 1,124.28 1,170.24 2
05/31/1997 20.00% 2,091.33 1.5863 4.73% 7.56% 1,076.10 1,122.62 2
06/30/1997 20.00% 2,084.52 1.5041 0.89% 3.99% 1,013.39 1,060.66 2
07/31/1997 20.00% 2,079.37 1.4192 -2.09% 1.28% 970.43 1,018.21 2
08/31/1997 20.00% 2,085.69 1.3342 1.77% 5.26% 1,023.63 1,070.78 2
09/30/1997 20.00% 2,075.81 1.2521 -4.61% -0.74% 942.61 990.72 2
10/31/1997 20.00% 2,086.54 1.1671 2.67% 6.67% 1,031.26 1,078.32 2
11/30/1997 20.00% 2,087.30 1.0849 3.51% 7.82% 1,038.09 1,085.07 2
12/31/1997 20.00% 2,086.12 1.0000 2.75% 7.46% 1,027.47 1,074.58 2
01/31/1998 10.00% 2,072.33 0.9151 1.49% 6.85% 1,013.64 1,062.51 1
02/28/1998 10.00% 2,063.17 0.8384 -5.99% -0.58% 949.55 995.10 1
03/31/1998 10.00% 2,054.47 0.7534 -12.19% -6.74% 906.74 948.75 1
04/30/1998 10.00% 2,052.78 0.6712 -13.30% -7.85% 908.64 946.58 1
05/31/1998 10.00% 2,054.83 0.5863 -11.95% -6.51% 928.10 961.30 1
06/30/1998 10.00% 2,056.66 0.5041 -10.70% -5.27% 944.56 973.10 1
07/31/1998 10.00% 2,055.62 0.4192 -11.41% -5.97% 950.48 974.51 1
08/31/1998 10.00% 2,075.94 0.3342 4.75% 10.09% 1,015.62 1,032.64 1
09/30/1998 10.00% 2,080.04 0.2521 8.71% 14.02% 1,021.27 1,033.64 1
10/31/1998 10.00% 2,071.07 0.1671 0.39% 5.76% 1,000.66 1,009.40 1
11/30/1998 10.00% 2,064.16 0.0849 -5.23% 0.16% 995.45 1,000.14 1
12/31/1998 10.00% 2,063.94 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
TVP INTERNATIONAL FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.455326 1 6.00% 10%
Units purchased 2,196.229 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,178.17 2,064.16 2,181.76 -5.23% 0.16%
09/30/1998 0.25 0.25 1,913.44 2,080.04 2,181.76 8.71% 14.02%
12/31/1997 1.00 1.00 2,030.34 2,086.12 2,181.76 2.75% 7.46%
12/31/1997 1.00 1.00 2,030.34 2,086.12 2,181.76 2.75% 7.46%
12/31/1995 3.00 3.00 1,482.54 2,157.36 2,181.76 13.32% 13.75%
12/31/1993 5.00 5.00 1,349.33 2,181.76 2,181.76 10.09% 10.09%
12/31/1988 10.00 10.00 -- -- -- #NUM! #NUM!
10/31/1998 0.16 0.16 2,062.92 2,071.07 2,181.76 0.39% 5.76%
05/01/1992 6.67 6.67 1,000.00 2,181.76 2,181.76 12.41% 12.41%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
TVP INTERNATIONAL FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1992 100 10 1000
05/31/1992 1000 0 10 100 9.96 996.00 -0.40%
06/30/1992 996 0 10 100 9.72 972.00 -2.41%
07/31/1992 972 0 10 100 9.57 957.00 -1.54%
08/31/1992 957 0 10 100 9.47 947.00 -1.04%
09/30/1992 947 0 10 100 9.27 927.00 -2.11%
10/31/1992 927 0 10 100 9.17 917.00 -1.08%
11/30/1992 917 0 10 100 9.25 925.00 0.87%
12/31/1992 925 0 10 100 9.39 939.00 1.51%
01/31/1993 939 0 10 100 9.44 944.00 0.53%
02/28/1993 944 0 10 100 9.74 974.00 3.18%
03/31/1993 974 0 10 100 10.04 1,004.00 3.08%
04/30/1993 1004 0 10 100 10.37 1,037.00 3.29%
05/31/1993 1037 0 10 100 10.64 1,064.00 2.60%
06/30/1993 1064 0 10 100 10.58 1,058.00 -0.56%
07/31/1993 1058 0 10 100 10.77 1,077.00 1.80%
08/31/1993 1077 0 10 100 11.61 1,161.00 7.80%
09/30/1993 1161 0 10 100 11.57 1,157.00 -0.34%
10/31/1993 1157 0 10 100 12.46 1,246.00 7.69%
11/30/1993 1246 0 10 100 12.51 1,251.00 0.40%
12/31/1993 1251 0 10 100 13.83 1,383.00 10.55%
01/31/1994 1383 0 10 100 14.61 1,461.00 5.64%
02/28/1994 1461 0 10 100 14.04 1,404.00 -3.90%
03/31/1994 1404 0.31 13.55 102.29 13.03 1,332.81 -5.07%
04/30/1994 1332.81 0 10 102.29 13.16 1,346.11 1.00%
05/31/1994 1346.11 0 10 102.29 13.24 1,354.29 0.61%
06/30/1994 1354.29 0 10 102.29 12.82 1,311.33 -3.17%
07/31/1994 1311.33 0 10 102.29 13.57 1,388.05 5.85%
08/31/1994 1388.05 0 10 102.29 14.08 1,440.22 3.76%
09/30/1994 1440.22 0 10 102.29 13.79 1,410.55 -2.06%
10/31/1994 1410.55 0 10 102.29 13.97 1,428.96 1.31%
11/30/1994 1428.96 0 10 102.29 13.36 1,366.57 -4.37%
12/31/1994 1366.57 0 10 102.29 13.22 1,352.25 -1.05%
01/31/1995 1352.25 0 10 102.29 12.87 1,316.45 -2.65%
02/28/1995 1316.45 0.15 12.89 103.48 12.89 1,333.83 1.32%
03/31/1995 1333.83 0 10 103.48 12.89 1,333.83 0.00%
04/30/1995 1333.83 0 10 103.48 13.52 1,399.02 4.89%
05/31/1995 1399.02 0 10 103.48 13.94 1,442.48 3.11%
06/30/1995 1442.48 0 10 103.48 14.12 1,461.11 1.29%
07/31/1995 1461.11 0 10 103.48 14.82 1,533.54 4.96%
08/31/1995 1533.54 0 10 103.48 14.45 1,495.26 -2.50%
09/30/1995 1495.26 0 10 103.48 14.82 1,533.54 2.56%
10/31/1995 1533.54 0 10 103.48 14.46 1,496.29 -2.43%
11/30/1995 1496.29 0 10 103.48 14.72 1,523.20 1.80%
12/31/1995 1523.2 0 10 103.48 15.13 1,565.62 2.78%
01/31/1996 1565.62 0 10 103.48 15.58 1,612.19 2.97%
02/29/1996 1612.19 0.31 15.51 105.55 15.49 1,634.91 1.41%
03/31/1996 1634.91 0 10 105.55 15.53 1,639.13 0.26%
04/30/1996 1639.13 0 10 105.55 16.10 1,699.29 3.67%
05/31/1996 1699.29 0 10 105.55 16.32 1,722.51 1.37%
06/30/1996 1722.51 0 10 105.55 16.45 1,736.23 0.80%
07/31/1996 1736.23 0 10 105.55 15.86 1,673.96 -3.59%
08/31/1996 1673.96 0 10 105.55 16.42 1,733.07 3.53%
09/30/1996 1733.07 0 10 105.55 16.74 1,766.84 1.95%
10/31/1996 1766.84 0 10 105.55 17.07 1,801.67 1.97%
11/30/1996 1801.67 0 10 105.55 17.97 1,896.66 5.27%
12/31/1996 1896.66 0 10 105.55 18.40 1,942.05 2.39%
01/31/1997 1942.05 0 10 105.55 18.65 1,968.43 1.36%
02/28/1997 1968.43 0.715 18.32 109.67 18.17 1,992.61 1.23%
03/31/1997 1992.61 0 10 109.67 18.31 2,007.97 0.77%
04/30/1997 2007.97 0 10 109.67 18.31 2,007.97 0.00%
05/31/1997 2007.97 0 10 109.67 19.11 2,095.70 4.37%
06/30/1997 2095.7 0 10 109.67 20.25 2,220.72 5.97%
07/31/1997 2220.72 0 10 109.67 21.12 2,316.12 4.30%
08/31/1997 2316.12 0 10 109.67 20.11 2,205.36 -4.78%
09/30/1997 2205.36 0 10 109.67 21.76 2,386.31 8.21%
10/31/1997 2386.31 0 10 109.67 20.02 2,195.49 -8.00%
11/30/1997 2195.49 0 10 109.67 19.92 2,184.53 -0.50%
12/31/1997 2184.53 0 10 109.67 20.14 2,208.65 1.10%
01/31/1998 2208.65 0 10 109.67 20.28 2,224.01 0.70%
02/28/1998 2224.01 0 10 109.67 21.82 2,392.89 7.59%
03/31/1998 2392.89 1.3669 20.75 116.89 21.85 2,554.02 6.73%
04/30/1998 2554.02 0 10 116.89 22.14 2,587.92 1.33%
05/31/1998 2587.92 0 10 116.89 21.85 2,554.02 -1.31%
06/30/1998 2554.02 0 10 116.89 21.59 2,523.63 -1.19%
07/31/1998 2523.63 0 10 116.89 21.78 2,545.84 0.88%
08/31/1998 2545.84 0 10 116.89 18.63 2,177.64 -14.46%
09/30/1998 2177.64 0 10 116.89 18.01 2,105.17 -3.33%
10/31/1998 2105.17 0 10 116.89 19.44 2,272.32 7.94%
11/30/1998 2272.32 0 10 116.89 20.55 2,402.07 5.71%
12/31/1998 2402.07 0 10 116.89 20.61 2,409.08 0.29%
1.40908
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1992 1,000.0 0.455325911
05/31/1992 0.00115 1.15068493 994.8493151 0.08 0.45298067
06/30/1992 0.00115 1.14475812 969.7322843 0.16 0.441544235
07/31/1992 0.00119 1.15305154 953.6142284 0.24 0.434205267
08/31/1992 0.00119 1.13388651 942.5157209 0.32 0.429151829
09/30/1992 0.00115 1.08453864 921.5258872 0.39 0.419594614
10/31/1992 0.00119 1.09573215 910.489207 0.46 0.414569327
11/30/1992 0.00115 1.04768621 917.3847199 0.54 0.417709033
12/31/1992 0.00119 1.09080813 930.1786535 0.63 0.423534442
01/31/1993 0.00119 1.10602065 934.0256608 0.71 0.425286085
02/28/1993 0.00107 1.00311797 962.7055617 0.80 0.438344787
03/31/1993 0.00119 1.14469648 991.2129873 0.91 0.451324956
04/30/1993 0.00115 1.14057385 1022.652123 1.02 0.465640009
05/31/1993 0.00119 1.2159754 1048.062577 1.13 0.477210047
06/30/1993 0.00115 1.20598981 1040.94646 1.21 0.473969895
07/31/1993 0.00119 1.23772812 1058.402477 1.32 0.481918072
08/31/1993 0.00119 1.25848404 1139.69349 1.51 0.518931976
09/30/1993 0.00115 1.31142813 1134.45547 1.59 0.51654697
10/31/1993 0.00119 1.34891417 1220.372361 1.81 0.555667156
11/30/1993 0.00115 1.40426409 1223.865257 1.92 0.557257563
12/31/1993 0.00119 1.45522609 1351.546893 2.22 0.61539432
01/31/1994 0.00119 1.6070448 1426.16592 2.46 0.649370296
02/28/1994 0.00107 1.53166312 1368.993287 2.47 0.623338115
03/31/1994 0.00119 1.62778928 1297.950517 2.46 0.590990501
04/30/1994 0.00115 1.4935321 1309.409125 2.58 0.596207902
05/31/1994 0.00119 1.55694126 1315.809161 2.71 0.599122004
06/30/1994 0.00115 1.51408177 1272.555746 2.73 0.579427604
07/31/1994 0.00119 1.51312108 1345.494119 2.99 0.612638335
08/31/1994 0.00119 1.5998478 1394.464804 3.21 0.634935956
09/30/1994 0.00115 1.60458964 1364.132818 3.26 0.621125017
10/31/1994 0.00119 1.62200998 1380.314987 3.41 0.628493178
11/30/1994 0.00115 1.58830766 1318.460575 3.37 0.600329262
12/31/1994 0.00119 1.56770381 1303.077 3.45 0.593324722
01/31/1995 0.00119 1.5494121 1267.029413 3.46 0.576911321
02/28/1995 0.00107 1.36075488 1282.396199 3.60 0.583908217
03/31/1995 0.00119 1.52482178 1280.871378 3.70 0.583213926
04/30/1995 0.00115 1.47387939 1341.999183 3.99 0.611047
05/31/1995 0.00119 1.59569218 1382.092162 4.22 0.629302372
06/30/1995 0.00115 1.59035262 1398.351885 4.38 0.636705845
07/31/1995 0.00119 1.66269786 1466.008148 4.71 0.667511495
08/31/1995 0.00119 1.74314393 1427.670724 4.71 0.650055472
09/30/1995 0.00115 1.64279919 1462.577579 4.94 0.665949468
10/31/1995 0.00119 1.73906485 1425.312205 4.94 0.648981578
11/30/1995 0.00115 1.64008528 1449.305621 5.14 0.659906402
12/31/1995 0.00119 1.72328394 1487.944433 5.40 0.677499654
01/31/1996 0.00119 1.76922708 1530.434715 5.68 0.69684658
02/29/1996 0.00111 1.70234656 1550.300221 5.88 0.70589186
03/31/1996 0.00119 1.84337067 1552.458457 6.02 0.706874561
04/30/1996 0.00115 1.78639055 1607.651013 6.36 0.732005162
05/31/1996 0.00119 1.91156312 1627.707247 6.57 0.741137284
06/30/1996 0.00115 1.8729782 1638.799153 6.75 0.746187717
07/31/1996 0.00119 1.94859954 1578.074917 6.64 0.718538399
08/31/1996 0.00119 1.87639593 1631.922677 7.00 0.743056679
09/30/1996 0.00115 1.87782883 1661.843927 7.26 0.756680599
10/31/1996 0.00119 1.97600072 1692.628122 7.54 0.770697441
11/30/1996 0.00115 1.94768167 1779.921392 8.06 0.810444328
12/31/1996 0.00119 2.11639968 1820.401257 8.40 0.82887586
01/31/1997 0.00119 2.16453191 1842.964299 8.66 0.839149398
02/28/1997 0.00107 1.97929317 1863.623798 8.89 0.848556203
03/31/1997 0.00119 2.21592528 1875.773584 9.11 0.854088315
04/30/1997 0.00115 2.1584244 1873.61516 9.25 0.853105529
05/31/1997 0.00119 2.22780542 1953.247272 9.80 0.889364093
06/30/1997 0.00115 2.2475722 2067.521613 10.54 0.941396161
07/31/1997 0.00119 2.45836816 2153.881989 11.15 0.980718278
08/31/1997 0.00119 2.5610542 2048.319377 10.79 0.932652885
09/30/1997 0.00115 2.35697024 2214.027208 11.83 1.008103955
10/31/1997 0.00119 2.63256934 2034.35114 11.05 0.926292785
11/30/1997 0.00115 2.3408972 2021.854656 11.15 0.920602812
12/31/1997 0.00119 2.40406828 2041.774445 11.43 0.929672808
01/31/1998 0.00119 2.42775372 2053.546159 11.67 0.935032775
02/28/1998 0.00107 2.20545231 2207.27655 12.70 1.005030205
03/31/1998 0.00119 2.62454253 2353.283358 13.73 1.071510888
04/30/1998 0.00115 2.7078877 2381.811054 14.09 1.084500287
05/31/1998 0.00119 2.83207123 2347.77887 14.09 1.069004552
06/30/1998 0.00115 2.70155377 2317.141357 14.09 1.055054498
07/31/1998 0.00119 2.7551763 2334.778912 14.40 1.063085334
08/31/1998 0.00119 2.77614808 1994.328128 12.49 0.908069271
09/30/1998 0.00115 2.29484333 1925.663747 12.23 0.876804599
10/31/1998 0.00119 2.28969333 2076.2713 13.35 0.94538012
11/30/1998 0.00115 2.3891341 2192.437739 14.26 0.99827371
12/31/1998 0.00119 2.60689857 2196.229068 14.47 1
1.196229068 1.196229068
1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.092646 1 6.00% 10%
Units purchased 915.210 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 1.092646 915.210 1,000.00 1,000.00 914.59 6.00%
05/31/1998 1.024872 915.210 937.97 0.00008 0.082191818 937.89 914.59 6.00%
06/30/1998 1.040191 915.210 951.99 0.00008 0.077086918 951.83 914.59 6.00%
07/31/1998 0.923510 915.210 845.21 0.00008 0.080840564 844.98 914.59 6.00%
08/31/1998 0.802734 915.210 734.67 0.00008 0.071765589 734.40 914.59 6.00%
09/30/1998 0.826927 915.210 756.81 0.00008 0.060362022 756.48 914.59 6.00%
10/31/1998 0.864081 915.210 790.82 0.00008 0.064248787 790.40 914.59 6.00%
11/30/1998 0.943523 915.210 863.52 0.00008 0.064964573 863.00 914.59 6.00%
12/31/1998 1.000000 915.210 915.21 0.00008 0.073296306 914.59 914.59 6.00%
12/31/1998 914.59
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -13.99% -8.54%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 10.00% 860.08 0.6685 -13.99% -8.54% 904.14 942.06 1
05/31/1998 10.00% 863.80 0.5863 -7.90% -2.48% 952.90 985.36 1
06/30/1998 10.00% 862.97 0.5041 -9.34% -3.91% 951.79 980.08 1
07/31/1998 10.00% 869.38 0.4192 2.89% 8.24% 1,012.00 1,033.74 1
08/31/1998 10.00% 876.01 0.3342 19.28% 24.53% 1,060.70 1,076.08 1
09/30/1998 10.00% 874.69 0.2521 15.63% 20.90% 1,037.28 1,049.01 1
10/31/1998 10.00% 872.65 0.1671 10.41% 15.71% 1,016.68 1,024.69 1
11/30/1998 10.00% 868.30 0.0849 0.61% 5.98% 1,000.52 1,004.94 1
12/31/1998 10.00% 865.20 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.092646 1 6.00% 10%
Units purchased 915.210 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 863.00 868.30 914.59 0.61% 5.98%
09/30/1998 0.25 0.25 756.48 874.69 914.59 15.63% 20.90%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 790.40 872.65 914.59 10.41% 15.71%
05/01/1998 0.67 0.67 1,000.00 860.08 914.59 -13.99% -8.54%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
FRANKLIN SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 100 10 1000
05/31/1998 1000 0 10 100 9.39 939 -6.10%
06/30/1998 939 0 10 100 9.54 954 1.60%
07/31/1998 954 0 10 100 8.48 848 -11.11%
08/31/1998 848 0 10 100 7.38 738 -12.97%
09/30/1998 738 0 10 100 7.61 761 3.12%
10/31/1998 761 0 10 100 7.96 796 4.60%
11/30/1998 796 0 10 100 8.70 870 9.30%
12/31/1998 870 0 10 100 9.23 923 6.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1998 1,250 1.0926459
05/31/1998 0.00103 1.28424658 1172.465753 234.57 1.024871919
06/30/1998 0.00103 1.2045881 1189.99065 238.16 1.040190724
07/31/1998 0.00106 1.26334624 1056.506121 211.52 0.923509665
08/31/1998 0.00106 1.12163321 918.3377029 183.93 0.802734341
09/30/1998 0.00103 0.94349764 946.014486 189.54 0.82692708
10/31/1998 0.00106 1.00433045 988.5193631 198.12 0.864081303
11/30/1998 0.00103 1.01560209 1079.40129 216.40 0.943522715
12/31/1998 0.00106 1.14593973 1144.01198 229.42 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.093759 1 6.00% 10%
Units purchased 914.279 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 1.093759 914.279 1,000.00 1,000.00 913.66 6.00%
05/31/1998 1.025781 914.279 937.85 0.00008 0.082191816 937.77 913.66 6.00%
06/30/1998 1.040987 914.279 951.75 0.00008 0.077076783 951.59 913.66 6.00%
07/31/1998 0.924084 914.279 844.87 0.00008 0.080820116 844.65 913.66 6.00%
08/31/1998 0.803116 914.279 734.27 0.00008 0.07173714 734.01 913.66 6.00%
09/30/1998 0.827221 914.279 756.31 0.00008 0.060329249 755.98 913.66 6.00%
10/31/1998 0.864283 914.279 790.20 0.00008 0.064206219 789.78 913.66 6.00%
11/30/1998 0.943636 914.279 862.75 0.00008 0.064913614 862.23 913.66 6.00%
12/31/1998 1.000000 914.279 914.28 0.00008 0.073230542 913.66 913.66 6.00%
12/31/1998 913.66
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN -14.09% -8.63%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 10.00% 859.14 0.6685 -14.09% -8.63% 903.49 941.42 1
05/31/1998 10.00% 862.87 0.5863 -7.99% -2.57% 952.37 984.85 1
06/30/1998 10.00% 862.05 0.5041 -9.41% -3.99% 951.40 979.70 1
07/31/1998 10.00% 868.46 0.4192 2.82% 8.17% 1,011.72 1,033.47 1
08/31/1998 10.00% 875.10 0.3342 19.22% 24.48% 1,060.52 1,075.91 1
09/30/1998 10.00% 873.78 0.2521 15.58% 20.86% 1,037.18 1,048.92 1
10/31/1998 10.00% 871.75 0.1671 10.38% 15.68% 1,016.64 1,024.65 1
11/30/1998 10.00% 867.41 0.0849 0.60% 5.96% 1,000.51 1,004.93 1
12/31/1998 10.00% 864.32 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FRANKLIN SMALL CAP GROWTH FUND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 1.093759 1 6.00% 10%
Units purchased 914.279 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 862.23 867.41 913.66 0.60% 5.96%
09/30/1998 0.25 0.25 755.98 873.78 913.66 15.58% 20.86%
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1997 1.00 1.00 -- -- -- #VALUE! #VALUE!
12/31/1995 3.00 3.00 -- -- -- #VALUE! #VALUE!
12/31/1993 5.00 5.00 -- -- -- #VALUE! #VALUE!
12/31/1988 10.00 10.00 -- -- -- #VALUE! #VALUE!
10/31/1998 0.16 0.16 789.78 871.75 913.66 10.38% 15.68%
05/01/1998 0.67 0.67 1,000.00 859.14 913.66 -14.09% -8.63%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
FRANKLIN SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/1998 100 10 1000
05/31/1998 1000 0 10 100 9.39 939 -6.10%
06/30/1998 939 0 10 100 9.54 954 1.60%
07/31/1998 954 0 10 100 8.48 848 -11.11%
08/31/1998 848 0 10 100 7.38 738 -12.97%
09/30/1998 738 0 10 100 7.61 761 3.12%
10/31/1998 761 0 10 100 7.96 796 4.60%
11/30/1998 796 0 10 100 8.70 870 9.30%
12/31/1998 870 0 10 100 9.23 923 6.09%
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
05/01/1998 1,250 1.093758502
05/31/1998 0.00115 1.43835616 1172.311644 234.54 1.025780662
06/30/1998 0.00115 1.34896134 1189.689706 238.10 1.040986584
07/31/1998 0.00119 1.41458995 1056.087371 211.44 0.924083632
08/31/1998 0.00119 1.25573128 917.8391737 183.83 0.80311552
09/30/1998 0.00115 1.05614371 945.3877739 189.41 0.827220732
10/31/1998 0.00119 1.12410491 987.7440528 197.96 0.864282764
11/30/1998 0.00115 1.1365822 1078.432923 216.20 0.943636142
12/31/1998 0.00119 1.28230106 1142.84826 229.19 1
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INVESTMENT GRADE BOND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.505416 2 6.00% 20%
Units purchased 1,978.569 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0.505416 1,978.569 1,000.00 1,000.00 1,978.57 0.00%
12/31/1988 0.507574 1,978.569 1,004.27 0.00000 0 1,004.27 1,978.57 0.00%
01/31/1989 0.511443 1,978.569 1,011.93 0.00000 0 1,011.93 1,978.57 0.00%
02/28/1989 0.512083 1,978.569 1,013.19 0.00000 0 1,013.19 1,978.57 0.00%
03/31/1989 0.514719 1,978.569 1,018.41 0.00000 0 1,018.41 1,978.57 0.00%
04/30/1989 0.519924 1,978.569 1,028.71 0.00000 0 1,028.71 1,978.57 0.00%
05/31/1989 0.525166 1,978.569 1,039.08 0.00000 0 1,039.08 1,978.57 0.00%
06/30/1989 0.534729 1,978.569 1,058.00 0.00000 0 1,058.00 1,978.57 0.00%
07/31/1989 0.542503 1,978.569 1,073.38 0.00000 0 1,073.38 1,978.57 0.00%
08/31/1989 0.537605 1,978.569 1,063.69 0.00000 0 1,063.69 1,978.57 0.00%
09/30/1989 0.539171 1,978.569 1,066.79 0.00000 0 1,066.79 1,978.57 0.00%
10/31/1989 0.546944 1,978.569 1,082.17 0.00000 0 1,082.17 1,978.57 0.00%
11/30/1989 0.551090 1,978.569 1,090.37 0.00000 0 1,090.37 1,978.57 0.00%
12/31/1989 0.552756 1,978.569 1,093.67 0.00000 0 1,093.67 1,978.57 0.00%
01/31/1990 0.550913 1,978.569 1,090.02 0.00000 0 1,090.02 1,978.57 0.00%
02/28/1990 0.553508 1,978.569 1,095.15 0.00000 0 1,095.15 1,978.57 0.00%
03/31/1990 0.554603 1,978.569 1,097.32 0.00000 0 1,097.32 1,978.57 0.00%
04/30/1990 0.554267 1,978.569 1,096.66 0.00000 0 1,096.66 1,978.57 0.00%
05/31/1990 0.562381 1,978.569 1,112.71 0.00000 0 1,112.71 1,978.57 0.00%
06/30/1990 0.566189 1,978.569 1,120.24 0.00000 0 1,120.24 1,978.57 0.00%
07/31/1990 0.571209 1,978.569 1,130.18 0.00000 0 1,130.18 1,978.57 0.00%
08/31/1990 0.570548 1,978.569 1,128.87 0.00000 0 1,128.87 1,978.57 0.00%
09/30/1990 0.572193 1,978.569 1,132.12 0.00000 0 1,132.12 1,978.57 0.00%
10/31/1990 0.571620 1,978.569 1,130.99 0.00000 0 1,130.99 1,978.57 0.00%
11/30/1990 0.574478 1,978.569 1,136.64 0.00000 0 1,136.64 1,978.57 0.00%
12/31/1990 0.579849 1,978.569 1,147.27 0.00000 0 1,147.27 1,978.57 0.00%
01/31/1991 0.580401 1,978.569 1,148.36 0.00000 0 1,148.36 1,978.57 0.00%
02/28/1991 0.585685 1,978.569 1,158.82 0.00000 0 1,158.82 1,978.57 0.00%
03/31/1991 0.594978 1,978.569 1,177.21 0.00000 0 1,177.21 1,978.57 0.00%
04/30/1991 0.603108 1,978.569 1,193.29 0.00000 0 1,193.29 1,978.57 0.00%
05/31/1991 0.607124 1,978.569 1,201.24 0.00000 0 1,201.24 1,978.57 0.00%
06/30/1991 0.607666 1,978.569 1,202.31 0.00000 0 1,202.31 1,978.57 0.00%
07/31/1991 0.612249 1,978.569 1,211.38 0.00000 0 1,211.38 1,978.57 0.00%
08/31/1991 0.624363 1,978.569 1,235.35 0.00000 0 1,235.35 1,978.57 0.00%
09/30/1991 0.635320 1,978.569 1,257.02 0.00000 0 1,257.02 1,978.57 0.00%
10/31/1991 0.641595 1,978.569 1,269.44 0.00000 0 1,269.44 1,978.57 0.00%
11/30/1991 0.647878 1,978.569 1,281.87 0.00000 0 1,281.87 1,978.57 0.00%
12/31/1991 0.666525 1,978.569 1,318.77 0.00000 0 1,318.77 1,978.57 0.00%
01/31/1992 0.659201 1,978.569 1,304.27 0.00000 0 1,304.27 1,978.57 0.00%
02/29/1992 0.662153 1,978.569 1,310.11 0.00000 0 1,310.11 1,978.57 0.00%
03/31/1992 0.660245 1,978.569 1,306.34 0.00000 0 1,306.34 1,978.57 0.00%
04/30/1992 0.664383 1,978.569 1,314.53 0.00000 0 1,314.53 1,978.57 0.00%
05/31/1992 0.673896 1,978.569 1,333.35 0.00000 0 1,333.35 1,978.57 0.00%
06/30/1992 0.681016 1,978.569 1,347.44 0.00000 0 1,347.44 1,978.57 0.00%
07/31/1992 0.694093 1,978.569 1,373.31 0.00000 0 1,373.31 1,978.57 0.00%
08/31/1992 0.697548 1,978.569 1,380.15 0.00000 0 1,380.15 1,978.57 0.00%
09/30/1992 0.705218 1,978.569 1,395.32 0.00000 0 1,395.32 1,978.57 0.00%
10/31/1992 0.695494 1,978.569 1,376.08 0.00000 0 1,376.08 1,978.57 0.00%
11/30/1992 0.692988 1,978.569 1,371.12 0.00000 0 1,371.12 1,978.57 0.00%
12/31/1992 0.702065 1,978.569 1,389.08 0.00000 0 1,389.08 1,978.57 0.00%
01/31/1993 0.716037 1,978.569 1,416.73 0.00000 0 1,416.73 1,978.57 0.00%
02/28/1993 0.727504 1,978.569 1,439.42 0.00000 0 1,439.42 1,978.57 0.00%
03/31/1993 0.729925 1,978.569 1,444.21 0.00000 0 1,444.21 1,978.57 0.00%
04/30/1993 0.733650 1,978.569 1,451.58 0.00000 0 1,451.58 1,978.57 0.00%
05/31/1993 0.734144 1,978.569 1,452.55 0.00000 0 1,452.55 1,978.57 0.00%
06/30/1993 0.747410 1,978.569 1,478.80 0.00000 0 1,478.80 1,978.57 0.00%
07/31/1993 0.751708 1,978.569 1,487.31 0.00000 0 1,487.31 1,978.57 0.00%
08/31/1993 0.764267 1,978.569 1,512.16 0.00000 0 1,512.16 1,978.57 0.00%
09/30/1993 0.767295 1,978.569 1,518.15 0.00000 0 1,518.15 1,978.57 0.00%
10/31/1993 0.770289 1,978.569 1,524.07 0.00000 0 1,524.07 1,978.57 0.00%
11/30/1993 0.765693 1,978.569 1,514.98 0.00000 0 1,514.98 1,978.57 0.00%
12/31/1993 0.769426 1,978.569 1,522.36 0.00000 0 1,522.36 1,978.57 0.00%
01/31/1994 0.777323 1,978.569 1,537.99 0.00000 0 1,537.99 1,978.57 2.00%
02/28/1994 0.763834 1,978.569 1,511.30 0.00000 0 1,511.30 1,978.57 2.00%
03/31/1994 0.745584 1,978.569 1,475.19 0.00000 0 1,475.19 1,978.57 2.00%
04/30/1994 0.738119 1,978.569 1,460.42 0.00000 0 1,460.42 1,978.57 2.00%
05/31/1994 0.735332 1,978.569 1,454.90 0.00000 0 1,454.90 1,978.57 2.00%
06/30/1994 0.732570 1,978.569 1,449.44 0.00000 0 1,449.44 1,978.57 2.00%
07/31/1994 0.743809 1,978.569 1,471.68 0.00000 0 1,471.68 1,978.57 2.00%
08/31/1994 0.743688 1,978.569 1,471.44 0.00000 0 1,471.44 1,978.57 2.00%
09/30/1994 0.734928 1,978.569 1,454.11 0.00000 0 1,454.11 1,978.57 2.00%
10/31/1994 0.734811 1,978.569 1,453.87 0.00000 0 1,453.87 1,978.57 2.00%
11/30/1994 0.735390 1,978.569 1,455.02 0.00000 0 1,455.02 1,978.57 2.00%
12/31/1994 0.731288 1,978.569 1,446.90 0.00000 0 1,446.90 1,978.57 2.00%
01/31/1995 0.741126 1,978.569 1,466.37 0.00000 0 1,466.37 1,978.57 4.00%
02/28/1995 0.754718 1,978.569 1,493.26 0.00000 0 1,493.26 1,978.57 4.00%
03/31/1995 0.758721 1,978.569 1,501.18 0.00000 0 1,501.18 1,978.57 4.00%
04/30/1995 0.768220 1,978.569 1,519.98 0.00000 0 1,519.98 1,978.57 4.00%
05/31/1995 0.798216 1,978.569 1,579.32 0.00000 0 1,579.32 1,978.57 4.00%
06/30/1995 0.803551 1,978.569 1,589.88 0.00000 0 1,589.88 1,978.57 4.00%
07/31/1995 0.799968 1,978.569 1,582.79 0.00000 0 1,582.79 1,978.57 4.00%
08/31/1995 0.808671 1,978.569 1,600.01 0.00000 0 1,600.01 1,978.57 4.00%
09/30/1995 0.815343 1,978.569 1,613.21 0.00000 0 1,613.21 1,978.57 4.00%
10/31/1995 0.825376 1,978.569 1,633.06 0.00000 0 1,633.06 1,978.57 4.00%
11/30/1995 0.836774 1,978.569 1,655.61 0.00000 0 1,655.61 1,978.57 4.00%
12/31/1995 0.847442 1,978.569 1,676.72 0.00000 0 1,676.72 1,978.57 4.00%
01/31/1996 0.851973 1,978.569 1,685.69 0.00000 0 1,685.69 1,978.57 6.00%
02/29/1996 0.835571 1,978.569 1,653.23 0.00000 0 1,653.23 1,978.57 6.00%
03/31/1996 0.828267 1,978.569 1,638.78 0.00000 0 1,638.78 1,978.57 6.00%
04/30/1996 0.822432 1,978.569 1,627.24 0.00000 0 1,627.24 1,978.57 6.00%
05/31/1996 0.820135 1,978.569 1,622.69 0.00000 0 1,622.69 1,978.57 6.00%
06/30/1996 0.829243 1,978.569 1,640.72 0.00000 0 1,640.72 1,978.57 6.00%
07/31/1996 0.830493 1,978.569 1,643.19 0.00000 0 1,643.19 1,978.57 6.00%
08/31/1996 0.828899 1,978.569 1,640.03 0.00000 0 1,640.03 1,978.57 6.00%
09/30/1996 0.841511 1,978.569 1,664.99 0.00000 0 1,664.99 1,978.57 6.00%
10/31/1996 0.859016 1,978.569 1,699.62 0.00000 0 1,699.62 1,978.57 6.00%
11/30/1996 0.872276 1,978.569 1,725.86 0.00000 0 1,725.86 1,978.57 6.00%
12/31/1996 0.863579 1,978.569 1,708.65 0.00000 0 1,708.65 1,978.57 6.00%
01/02/1997 0.859995 1,978.569 1,701.56 0.00000 0 1,701.56 1,978.57 6.00%
01/31/1997 0.864782 1,978.569 1,711.03 0.00000 0 1,711.03 1,978.57 6.00%
02/28/1997 0.865099 1,978.569 1,711.66 0.00000 0 1,711.66 1,978.57 6.00%
03/31/1997 0.855202 1,978.569 1,692.08 0.00000 0 1,692.08 1,978.57 6.00%
04/30/1997 0.867034 1,978.569 1,715.49 0.00000 0 1,715.49 1,978.57 6.00%
05/31/1997 0.872833 1,978.569 1,726.96 0.00000 0 1,726.96 1,978.57 6.00%
06/30/1997 0.882379 1,978.569 1,745.85 0.00000 0 1,745.85 1,978.57 6.00%
07/31/1997 0.905291 1,978.569 1,791.18 0.00000 0 1,791.18 1,978.57 6.00%
08/31/1997 0.896142 1,978.569 1,773.08 0.00000 0 1,773.08 1,978.57 6.00%
09/30/1997 0.908605 1,978.569 1,797.74 0.00000 0 1,797.74 1,978.57 6.00%
10/31/1997 0.919530 1,978.569 1,819.35 0.00000 0 1,819.35 1,978.57 6.00%
11/30/1997 0.920811 1,978.569 1,821.89 0.00000 0 1,821.89 1,978.57 6.00%
12/31/1997 0.930211 1,978.569 1,840.49 0.00000 0 1,840.49 1,978.57 6.00%
01/31/1998 0.941076 1,978.569 1,861.98 0.00000 0 1,861.98 1,978.57 6.00%
02/28/1998 0.939515 1,978.569 1,858.90 0.00000 0 1,858.90 1,978.57 6.00%
03/31/1998 0.942416 1,978.569 1,864.63 0.00000 0 1,864.63 1,978.57 6.00%
04/30/1998 0.946120 1,978.569 1,871.96 0.00000 0 1,871.96 1,978.57 6.00%
05/31/1998 0.953673 1,978.569 1,886.91 0.00000 0 1,886.91 1,978.57 6.00%
06/30/1998 0.960464 1,978.569 1,900.34 0.00000 0 1,900.34 1,978.57 6.00%
07/31/1998 0.961773 1,978.569 1,902.94 0.00000 0 1,902.94 1,978.57 6.00%
08/31/1998 0.972389 1,978.569 1,923.94 0.00000 0 1,923.94 1,978.57 6.00%
09/30/1998 0.995410 1,978.569 1,969.49 0.00000 0 1,969.49 1,978.57 6.00%
10/31/1998 0.988936 1,978.569 1,956.68 0.00000 0 1,956.68 1,978.57 6.00%
11/30/1998 0.996424 1,978.569 1,971.49 0.00000 0 1,971.49 1,978.57 6.00%
12/31/1998 1.000000 1,978.569 1,978.57 0.00000 0 1,978.57 1,978.57 6.00%
12/31/1998 1,978.57
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 100.00% 1,978.57 10.0767 7.01% 7.01% 1,978.57 1,978.57 11
12/31/1988 100.00% 1,978.57 10.0055 7.01% 7.01% 1,970.16 1,970.16 11
01/31/1989 100.00% 1,978.57 9.9205 6.99% 6.99% 1,955.25 1,955.25 10
02/28/1989 100.00% 1,978.57 9.8438 7.04% 7.04% 1,952.81 1,952.81 10
03/31/1989 100.00% 1,978.57 9.7589 7.04% 7.04% 1,942.81 1,942.81 10
04/30/1989 100.00% 1,978.57 9.6767 6.99% 6.99% 1,923.36 1,923.36 10
05/31/1989 100.00% 1,978.57 9.5918 6.95% 6.95% 1,904.16 1,904.16 10
06/30/1989 100.00% 1,978.57 9.5096 6.80% 6.80% 1,870.11 1,870.11 10
07/31/1989 100.00% 1,978.57 9.4247 6.70% 6.70% 1,843.31 1,843.31 10
08/31/1989 100.00% 1,978.57 9.3397 6.87% 6.87% 1,860.10 1,860.10 10
09/30/1989 100.00% 1,978.57 9.2575 6.90% 6.90% 1,854.70 1,854.70 10
10/31/1989 100.00% 1,978.57 9.1726 6.80% 6.80% 1,828.34 1,828.34 10
11/30/1989 100.00% 1,978.57 9.0904 6.77% 6.77% 1,814.59 1,814.59 10
12/31/1989 100.00% 1,978.57 9.0055 6.80% 6.80% 1,809.12 1,809.12 10
01/31/1990 90.00% 1,978.57 8.9205 6.91% 6.91% 1,815.17 1,815.17 9
02/28/1990 90.00% 1,978.57 8.8438 6.92% 6.92% 1,806.66 1,806.66 9
03/31/1990 90.00% 1,978.57 8.7589 6.96% 6.96% 1,803.09 1,803.09 9
04/30/1990 90.00% 1,978.57 8.6767 7.04% 7.04% 1,804.19 1,804.19 9
05/31/1990 90.00% 1,978.57 8.5918 6.93% 6.93% 1,778.16 1,778.16 9
06/30/1990 90.00% 1,978.57 8.5096 6.91% 6.91% 1,766.19 1,766.19 9
07/31/1990 90.00% 1,978.57 8.4247 6.87% 6.87% 1,750.67 1,750.67 9
08/31/1990 90.00% 1,978.57 8.3397 6.96% 6.96% 1,752.70 1,752.70 9
09/30/1990 90.00% 1,978.57 8.2575 6.99% 6.99% 1,747.66 1,747.66 9
10/31/1990 90.00% 1,978.57 8.1726 7.08% 7.08% 1,749.41 1,749.41 9
11/30/1990 90.00% 1,978.57 8.0904 7.09% 7.09% 1,740.71 1,740.71 9
12/31/1990 90.00% 1,978.57 8.0055 7.04% 7.04% 1,724.59 1,724.59 9
01/31/1991 80.00% 1,978.57 7.9205 7.11% 7.11% 1,722.95 1,722.95 8
02/28/1991 80.00% 1,978.57 7.8438 7.06% 7.06% 1,707.40 1,707.40 8
03/31/1991 80.00% 1,978.57 7.7589 6.92% 6.92% 1,680.73 1,680.73 8
04/30/1991 80.00% 1,978.57 7.6767 6.81% 6.81% 1,658.08 1,658.08 8
05/31/1991 80.00% 1,978.57 7.5918 6.79% 6.79% 1,647.11 1,647.11 8
06/30/1991 80.00% 1,978.57 7.5096 6.86% 6.86% 1,645.64 1,645.64 8
07/31/1991 80.00% 1,978.57 7.4247 6.83% 6.83% 1,633.32 1,633.32 8
08/31/1991 80.00% 1,978.57 7.3397 6.63% 6.63% 1,601.63 1,601.63 8
09/30/1991 80.00% 1,978.57 7.2575 6.45% 6.45% 1,574.01 1,574.01 8
10/31/1991 80.00% 1,978.57 7.1726 6.38% 6.38% 1,558.62 1,558.62 8
11/30/1991 80.00% 1,978.57 7.0904 6.31% 6.31% 1,543.50 1,543.50 8
12/31/1991 80.00% 1,978.57 7.0055 5.96% 5.96% 1,500.32 1,500.32 8
01/31/1992 70.00% 1,978.57 6.9205 6.21% 6.21% 1,516.99 1,516.99 7
02/29/1992 70.00% 1,978.57 6.8411 6.21% 6.21% 1,510.23 1,510.23 7
03/31/1992 70.00% 1,978.57 6.7562 6.34% 6.34% 1,514.59 1,514.59 7
04/30/1992 70.00% 1,978.57 6.6740 6.32% 6.32% 1,505.16 1,505.16 7
05/31/1992 70.00% 1,978.57 6.5890 6.17% 6.17% 1,483.91 1,483.91 7
06/30/1992 70.00% 1,978.57 6.5068 6.08% 6.08% 1,468.39 1,468.39 7
07/31/1992 70.00% 1,978.57 6.4219 5.85% 5.85% 1,440.73 1,440.73 7
08/31/1992 70.00% 1,978.57 6.3370 5.85% 5.85% 1,433.59 1,433.59 7
09/30/1992 70.00% 1,978.57 6.2548 5.74% 5.74% 1,418.00 1,418.00 7
10/31/1992 70.00% 1,978.57 6.1699 6.06% 6.06% 1,437.83 1,437.83 7
11/30/1992 70.00% 1,978.57 6.0877 6.21% 6.21% 1,443.03 1,443.03 7
12/31/1992 70.00% 1,978.57 6.0027 6.07% 6.07% 1,424.37 1,424.37 7
01/31/1993 60.00% 1,978.57 5.9178 5.81% 5.81% 1,396.58 1,396.58 6
02/28/1993 60.00% 1,978.57 5.8411 5.60% 5.60% 1,374.56 1,374.56 6
03/31/1993 60.00% 1,978.57 5.7562 5.62% 5.62% 1,370.00 1,370.00 6
04/30/1993 60.00% 1,978.57 5.6740 5.61% 5.61% 1,363.05 1,363.05 6
05/31/1993 60.00% 1,978.57 5.5890 5.69% 5.69% 1,362.13 1,362.13 6
06/30/1993 60.00% 1,978.57 5.5068 5.43% 5.43% 1,337.95 1,337.95 6
07/31/1993 60.00% 1,978.57 5.4219 5.40% 5.40% 1,330.30 1,330.30 6
08/31/1993 60.00% 1,978.57 5.3370 5.17% 5.17% 1,308.44 1,308.44 6
09/30/1993 60.00% 1,978.57 5.2548 5.17% 5.17% 1,303.28 1,303.28 6
10/31/1993 60.00% 1,978.57 5.1699 5.18% 5.18% 1,298.21 1,298.21 6
11/30/1993 60.00% 1,978.57 5.0877 5.39% 5.39% 1,306.01 1,306.01 6
12/31/1993 60.00% 1,978.57 5.0027 5.38% 5.38% 1,299.67 1,299.67 6
01/31/1994 50.00% 1,967.59 4.9178 5.14% 5.26% 1,279.33 1,286.47 5
02/28/1994 50.00% 1,968.13 4.8411 5.61% 5.72% 1,302.28 1,309.19 5
03/31/1994 50.00% 1,968.85 4.7562 6.26% 6.37% 1,334.64 1,341.23 5
04/30/1994 50.00% 1,969.15 4.6740 6.60% 6.71% 1,348.34 1,354.79 5
05/31/1994 50.00% 1,969.26 4.5890 6.82% 6.93% 1,353.53 1,359.93 5
06/30/1994 50.00% 1,969.37 4.5068 7.04% 7.15% 1,358.71 1,365.06 5
07/31/1994 50.00% 1,968.92 4.4219 6.80% 6.92% 1,337.88 1,344.43 5
08/31/1994 50.00% 1,968.93 4.3370 6.95% 7.07% 1,338.10 1,344.65 5
09/30/1994 50.00% 1,969.27 4.2548 7.39% 7.51% 1,354.28 1,360.68 5
10/31/1994 50.00% 1,969.28 4.1699 7.55% 7.67% 1,354.50 1,360.89 5
11/30/1994 50.00% 1,969.25 4.0877 7.68% 7.81% 1,353.42 1,359.82 5
12/31/1994 50.00% 1,969.42 4.0027 8.01% 8.13% 1,361.13 1,367.45 5
01/31/1995 40.00% 1,951.57 3.9178 7.57% 7.95% 1,330.89 1,349.30 4
02/28/1995 40.00% 1,950.50 3.8411 7.20% 7.60% 1,306.20 1,325.00 4
03/31/1995 40.00% 1,950.18 3.7562 7.21% 7.63% 1,299.10 1,318.01 4
04/30/1995 40.00% 1,949.43 3.6740 7.01% 7.44% 1,282.54 1,301.71 4
05/31/1995 40.00% 1,947.05 3.5890 6.01% 6.48% 1,232.84 1,252.79 4
06/30/1995 40.00% 1,946.63 3.5068 5.94% 6.44% 1,224.39 1,244.48 4
07/31/1995 40.00% 1,946.91 3.4219 6.24% 6.74% 1,230.05 1,250.05 4
08/31/1995 40.00% 1,946.23 3.3370 6.05% 6.57% 1,216.38 1,236.60 4
09/30/1995 40.00% 1,945.70 3.2548 5.93% 6.47% 1,206.10 1,226.48 4
10/31/1995 40.00% 1,944.90 3.1699 5.67% 6.24% 1,190.95 1,211.57 4
11/30/1995 40.00% 1,944.00 3.0877 5.34% 5.94% 1,174.19 1,195.07 4
12/31/1995 40.00% 1,943.16 3.0027 5.03% 5.67% 1,158.90 1,180.02 4
01/31/1996 30.00% 1,913.04 2.9178 4.43% 5.64% 1,134.87 1,173.75 3
02/29/1996 30.00% 1,914.99 2.8384 5.31% 6.53% 1,158.33 1,196.79 3
03/31/1996 30.00% 1,915.86 2.7534 5.84% 7.08% 1,169.07 1,207.34 3
04/30/1996 30.00% 1,916.55 2.6712 6.32% 7.59% 1,177.79 1,215.91 3
05/31/1996 30.00% 1,916.82 2.5863 6.65% 7.97% 1,181.26 1,219.31 3
06/30/1996 30.00% 1,915.74 2.5041 6.38% 7.76% 1,167.63 1,205.92 3
07/31/1996 30.00% 1,915.59 2.4192 6.55% 7.98% 1,165.78 1,204.10 3
08/31/1996 30.00% 1,915.78 2.3342 6.88% 8.37% 1,168.14 1,206.42 3
09/30/1996 30.00% 1,914.28 2.2521 6.39% 7.96% 1,149.73 1,188.34 3
10/31/1996 30.00% 1,912.21 2.1671 5.59% 7.26% 1,125.08 1,164.12 3
11/30/1996 30.00% 1,910.63 2.0849 5.00% 6.77% 1,107.06 1,146.43 3
12/31/1996 30.00% 1,911.66 2.0000 5.77% 7.61% 1,118.82 1,157.97 3
01/02/1997 20.00% 1,900.22 1.9945 5.69% 7.86% 1,116.75 1,162.80 2
01/31/1997 20.00% 1,899.65 1.9151 5.61% 7.88% 1,110.24 1,156.36 2
02/28/1997 20.00% 1,899.61 1.8384 5.83% 8.20% 1,109.81 1,155.94 2
03/31/1997 20.00% 1,900.79 1.7534 6.86% 9.33% 1,123.35 1,169.31 2
04/30/1997 20.00% 1,899.38 1.6712 6.28% 8.91% 1,107.20 1,153.36 2
05/31/1997 20.00% 1,898.69 1.5863 6.16% 8.95% 1,099.44 1,145.69 2
06/30/1997 20.00% 1,897.56 1.5041 5.70% 8.68% 1,086.90 1,133.30 2
07/31/1997 20.00% 1,894.84 1.4192 4.04% 7.26% 1,057.87 1,104.62 2
08/31/1997 20.00% 1,895.93 1.3342 5.15% 8.57% 1,069.29 1,115.89 2
09/30/1997 20.00% 1,894.45 1.2521 4.27% 7.96% 1,053.80 1,100.59 2
10/31/1997 20.00% 1,893.15 1.1671 3.47% 7.45% 1,040.56 1,087.51 2
11/30/1997 20.00% 1,893.00 1.0849 3.59% 7.90% 1,039.03 1,086.00 2
12/31/1997 20.00% 1,891.88 1.0000 2.79% 7.50% 1,027.92 1,075.02 2
01/31/1998 10.00% 1,878.72 0.9151 0.90% 6.26% 1,008.22 1,057.15 1
02/28/1998 10.00% 1,878.91 0.8384 1.08% 6.44% 1,009.02 1,053.70 1
03/31/1998 10.00% 1,878.56 0.7534 0.75% 6.11% 1,005.62 1,045.70 1
04/30/1998 10.00% 1,878.12 0.6712 0.33% 5.69% 1,002.21 1,037.87 1
05/31/1998 10.00% 1,877.23 0.5863 -0.51% 4.86% 996.99 1,028.20 1
06/30/1998 10.00% 1,876.42 0.5041 -1.26% 4.12% 993.63 1,020.54 1
07/31/1998 10.00% 1,876.26 0.4192 -1.40% 3.97% 994.10 1,016.47 1
08/31/1998 10.00% 1,875.00 0.3342 -2.54% 2.84% 991.43 1,009.40 1
09/30/1998 10.00% 1,872.27 0.2521 -4.94% 0.46% 987.32 1,001.16 1
10/31/1998 10.00% 1,873.04 0.1671 -4.27% 1.12% 992.73 1,001.86 1
11/30/1998 10.00% 1,872.15 0.0849 -5.04% 0.36% 995.62 1,000.30 1
12/31/1998 10.00% 1,871.73 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INVESTMENT GRADE BOND (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.505416 2 6.00% 20%
Units purchased 1,978.569 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,971.49 1,872.15 1,978.57 -5.04% 0.36%
09/30/1998 0.25 0.25 1,969.49 1,872.27 1,978.57 -4.94% 0.46%
12/31/1997 1.00 1.00 1,840.49 1,891.88 1,978.57 2.79% 7.50%
12/31/1997 1.00 1.00 1,840.49 1,891.88 1,978.57 2.79% 7.50%
12/31/1995 3.00 3.00 1,676.72 1,943.16 1,978.57 5.04% 5.67%
12/31/1993 5.00 5.00 1,522.36 1,978.57 1,978.57 5.38% 5.38%
12/31/1988 10.00 10.00 1,004.27 1,978.57 1,978.57 7.02% 7.02%
10/31/1998 0.16 0.16 1,956.68 1,873.04 1,978.57 -4.27% 1.12%
12/05/1988 10.08 10.08 1,000.00 1,978.57 1,978.57 7.01% 7.01%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
FIDELITY VIP II INVESTMENT GRADE BOND (1.25%)
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0 100 10.00 1,000.00
12/31/1988 1000 0.05165 10 100.516 10.00 1,005.16 0.52%
01/31/1989 1005.16 0.06692 10.02 101.187 10.02 1,013.89 0.87%
02/28/1989 1013.89 0.06218 9.98 101.817 9.98 1,016.13 0.22%
03/31/1989 1016.13 0.07197 9.97 102.552 9.97 1,022.44 0.62%
04/30/1989 1022.44 0.07104 10.01 103.28 10.01 1,033.83 1.11%
05/31/1989 1033.83 0.07153 10.05 104.015 10.05 1,045.35 1.11%
06/30/1989 1045.35 0.07336 10.17 104.765 10.17 1,065.46 1.92%
07/31/1989 1065.46 0.06864 10.26 105.466 10.26 1,082.08 1.56%
08/31/1989 1082.08 0.06824 10.11 106.178 10.11 1,073.46 -0.80%
09/30/1989 1073.46 0.06988 10.08 106.914 10.08 1,077.69 0.39%
10/31/1989 1077.69 0.06606 10.17 107.608 10.17 1,094.37 1.55%
11/30/1989 1094.37 0.0675 10.19 108.321 10.19 1,103.79 0.86%
12/31/1989 1103.79 0.09153 10.13 109.3 10.14 1,108.30 0.41%
01/31/1990 1108.3 0.06692 10.05 110.028 10.05 1,105.78 -0.23%
02/28/1990 1105.78 0.06701 10.04 110.762 10.04 1,112.05 0.57%
03/31/1990 1112.05 0.07048 10 111.543 10.00 1,115.43 0.30%
04/30/1990 1115.43 0.06424 9.94 112.264 9.94 1,115.90 0.04%
05/31/1990 1115.9 0.06605 10.03 113.003 10.03 1,133.42 1.57%
06/30/1990 1133.42 0.06824 10.04 113.771 10.04 1,142.26 0.78%
07/31/1990 1142.26 0.06967 10.07 114.558 10.07 1,153.60 0.99%
08/31/1990 1153.6 0.06904 10 115.349 10.00 1,153.49 -0.01%
09/30/1990 1153.49 0.0691 9.97 116.148 9.97 1,158.00 0.39%
10/31/1990 1158 0.07062 9.9 116.977 9.90 1,158.07 0.01%
11/30/1990 1158.07 0.06963 9.89 117.801 9.89 1,165.05 0.60%
12/31/1990 1165.05 0.07295 9.92 118.667 9.92 1,177.18 1.04%
01/31/1991 1177.18 0 10 118.667 9.94 1,179.55 0.20%
02/28/1991 1179.55 0 10 118.667 10.04 1,191.42 1.01%
03/31/1991 1191.42 0 10 118.667 10.21 1,211.59 1.69%
04/30/1991 1211.59 0 10 118.667 10.36 1,229.39 1.47%
05/31/1991 1229.39 0 10 118.667 10.44 1,238.88 0.77%
06/30/1991 1238.88 0 10 118.667 10.46 1,241.26 0.19%
07/31/1991 1241.26 0 10 118.667 10.55 1,251.94 0.86%
08/31/1991 1251.94 0 10 118.667 10.77 1,278.04 2.08%
09/30/1991 1278.04 0 10 118.667 10.97 1,301.78 1.86%
10/31/1991 1301.78 0 10 118.667 11.09 1,316.02 1.09%
11/30/1991 1316.02 0 10 118.667 11.21 1,330.26 1.08%
12/31/1991 1330.26 0.46 10.97 123.643 11.08 1,369.96 2.98%
01/31/1992 1369.96 0 10 123.643 10.97 1,356.36 -0.99%
02/29/1992 1356.36 0.04 10.98 124.093 10.99 1,363.78 0.55%
03/31/1992 1363.78 0 10 124.093 10.97 1,361.30 -0.18%
04/30/1992 1361.3 0 10 124.093 11.05 1,371.23 0.73%
05/31/1992 1371.23 0 10 124.093 11.22 1,392.32 1.54%
06/30/1992 1392.32 0 10 124.093 11.35 1,408.46 1.16%
07/31/1992 1408.46 0 10 124.093 11.58 1,437.00 2.03%
08/31/1992 1437 0 10 124.093 11.65 1,445.68 0.60%
09/30/1992 1445.68 0 10 124.093 11.79 1,463.06 1.20%
10/31/1992 1463.06 0 10 124.093 11.64 1,444.44 -1.27%
11/30/1992 1444.44 0 10 124.093 11.61 1,440.72 -0.26%
12/31/1992 1440.72 0.8 10.91 133.192 10.97 1,461.12 1.42%
01/31/1993 1461.12 0 10 133.192 11.20 1,491.75 2.10%
02/28/1993 1491.75 0.01 11.24 133.31 11.38 1,517.07 1.70%
03/31/1993 1517.07 0 10 133.31 11.43 1,523.73 0.44%
04/30/1993 1523.73 0 10 133.31 11.50 1,533.07 0.61%
05/31/1993 1533.07 0 10 133.31 11.52 1,535.73 0.17%
06/30/1993 1535.73 0 10 133.31 11.74 1,565.06 1.91%
07/31/1993 1565.06 0 10 133.31 11.82 1,575.72 0.68%
08/31/1993 1575.72 0 10 133.31 12.03 1,603.72 1.78%
09/30/1993 1603.72 0 10 133.31 12.09 1,611.72 0.50%
10/31/1993 1611.72 0 10 133.31 12.15 1,619.72 0.50%
11/30/1993 1619.72 0 10 133.31 12.09 1,611.72 -0.49%
12/31/1993 1611.72 0.68 11.45 141.227 11.48 1,621.29 0.59%
01/31/1994 1621.29 0 10 141.227 11.61 1,639.65 1.13%
02/28/1994 1639.65 0.03 11.51 141.595 11.39 1,612.77 -1.64%
03/31/1994 1612.77 0 10 141.595 11.13 1,575.95 -2.28%
04/30/1994 1575.95 0 10 141.595 11.03 1,561.79 -0.90%
05/31/1994 1561.79 0 10 141.595 11.00 1,557.55 -0.27%
06/30/1994 1557.55 0 10 141.595 10.97 1,553.30 -0.27%
07/31/1994 1553.3 0 10 141.595 11.15 1,578.78 1.64%
08/31/1994 1578.78 0 10 141.595 11.16 1,580.20 0.09%
09/30/1994 1580.2 0 10 141.595 11.04 1,563.21 -1.08%
10/31/1994 1563.21 0 10 141.595 11.05 1,564.62 0.09%
11/30/1994 1564.62 0 10 141.595 11.07 1,567.46 0.18%
12/31/1994 1567.46 0 10 141.595 11.02 1,560.38 -0.45%
01/31/1995 1560.38 0 10 141.595 11.18 1,583.03 1.45%
02/28/1995 1583.03 0.39 10.84 146.689 11.00 1,613.58 1.93%
03/31/1995 1613.58 0 10 146.689 11.07 1,623.85 0.64%
04/30/1995 1623.85 0 10 146.689 11.22 1,645.85 1.35%
05/31/1995 1645.85 0 10 146.689 11.67 1,711.86 4.01%
06/30/1995 1711.86 0 10 146.689 11.76 1,725.06 0.77%
07/31/1995 1725.06 0 10 146.689 11.72 1,719.20 -0.34%
08/31/1995 1719.2 0 10 146.689 11.86 1,739.73 1.19%
09/30/1995 1739.73 0 10 146.689 11.97 1,755.87 0.93%
10/31/1995 1755.87 0 10 146.689 12.13 1,779.34 1.34%
11/30/1995 1779.34 0 10 146.689 12.31 1,805.74 1.48%
12/31/1995 1805.74 0 10 146.689 12.48 1,830.68 1.38%
01/31/1996 1830.68 0 10 146.689 12.56 1,842.41 0.64%
02/29/1996 1842.41 0.62 11.9 154.332 11.72 1,808.77 -1.83%
03/31/1996 1808.77 0 10 154.332 11.63 1,794.88 -0.77%
04/30/1996 1794.88 0 10 154.332 11.56 1,784.08 -0.60%
05/31/1996 1784.08 0 10 154.332 11.54 1,780.99 -0.17%
06/30/1996 1780.99 0 10 154.332 11.68 1,802.60 1.21%
07/31/1996 1802.6 0 10 154.332 11.71 1,807.23 0.26%
08/31/1996 1807.23 0 10 154.332 11.70 1,805.68 -0.09%
09/30/1996 1805.68 0 10 154.332 11.89 1,835.01 1.62%
10/31/1996 1835.01 0 10 154.332 12.15 1,875.13 2.19%
11/30/1996 1875.13 0 10 154.332 12.35 1,906.00 1.65%
12/31/1996 1906 0 10 154.332 12.24 1,889.02 -0.89%
01/02/1997 1906 0 10 154.332 12.19 1,881.31 -0.41%
01/31/1997 1889.02 0 10 154.332 12.27 1,893.65 0.66%
02/28/1997 1893.65 0.73 11.62 164.028 11.56 1,896.16 0.13%
03/31/1997 1896.16 0 10 164.028 11.44 1,876.48 -1.04%
04/30/1997 1876.48 0 10 164.028 11.61 1,904.37 1.49%
05/31/1997 1904.37 0 10 164.028 11.70 1,919.13 0.78%
06/30/1997 1919.13 0 10 164.028 11.84 1,942.09 1.20%
07/31/1997 1942.09 0 10 164.028 12.16 1,994.58 2.70%
08/31/1997 1994.58 0 10 164.028 12.05 1,976.54 -0.90%
09/30/1997 1976.54 0 10 164.028 12.23 2,006.06 1.49%
10/31/1997 2006.06 0 10 164.028 12.39 2,032.31 1.31%
11/30/1997 2032.31 0 10 164.028 12.42 2,037.23 0.24%
12/31/1997 2037.23 0 10 164.028 12.56 2,060.19 1.13%
01/31/1998 2060.19 0 10 164.028 12.72 2,086.44 1.27%
02/28/1998 2086.44 0.66 12.03 173.027 12.05 2,084.98 -0.07%
03/31/1998 2084.98 0 10 173.027 12.10 2,093.63 0.41%
04/30/1998 2093.63 0 10 173.027 12.16 2,104.01 0.50%
05/31/1998 2104.01 0 10 173.027 12.27 2,123.04 0.90%
06/30/1998 2123.04 0 10 173.027 12.37 2,140.34 0.81%
07/31/1998 2140.34 0 10 173.027 12.40 2,145.53 0.24%
08/31/1998 2145.53 0 10 173.027 12.55 2,171.49 1.21%
09/30/1998 2171.49 0 10 173.027 12.86 2,225.13 2.47%
10/31/1998 2225.13 0 10 173.027 12.79 2,213.02 -0.54%
11/30/1998 2213.02 0 10 173.027 12.90 2,232.05 0.86%
12/31/1998 2232.05 0 10 173.027 12.96 2,242.43 0.47%
1.24243
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
12/05/1988 1,000.00 0.50541575
12/31/1988 0.00089 0.890410959 1,004.27 0.00 0.507573668
01/31/1989 0.00106 1.066176619 1,011.93 0.00 0.511443176
02/28/1989 0.00096 0.970339692 1,013.19 0.00 0.512082689
03/31/1989 0.00106 1.075647979 1,018.41 0.00 0.514718989
04/30/1989 0.00103 1.046308665 1,028.71 0.00 0.519924147
05/31/1989 0.00106 1.092119241 1,039.08 0.00 0.525165704
06/30/1989 0.00103 1.067544501 1,058.00 0.00 0.534729065
07/31/1989 0.00106 1.1232175 1,073.38 0.00 0.542502557
08/31/1989 0.00106 1.139545996 1,063.69 0.00 0.537604961
09/30/1989 0.00103 1.092830731 1,066.79 0.00 0.539171075
10/31/1989 0.00106 1.132548101 1,082.17 0.00 0.546943714
11/30/1989 0.00103 1.111814329 1,090.37 0.00 0.551089709
12/31/1989 0.00106 1.157583617 1,093.67 0.00 0.552756357
01/31/1990 0.00106 1.161084472 1,090.02 0.00 0.550912696
02/28/1990 0.00096 1.045223556 1,095.15 0.00 0.553508212
03/31/1990 0.00106 1.162663768 1,097.32 0.00 0.554602934
04/30/1990 0.00103 1.12738381 1,096.66 0.00 0.554266825
05/31/1990 0.00106 1.164257262 1,112.71 0.00 0.562380564
06/30/1990 0.00103 1.143193994 1,120.24 0.00 0.566189008
07/31/1990 0.00106 1.189300235 1,130.18 0.00 0.571208865
08/31/1990 0.00106 1.199844622 1,128.87 0.00 0.570547977
09/30/1990 0.00103 1.159796521 1,132.12 0.00 0.572192568
10/31/1990 0.00106 1.201910927 1,130.99 0.00 0.571619692
11/30/1990 0.00103 1.161975077 1,136.64 0.00 0.574477718
12/31/1990 0.00106 1.206710965 1,147.27 0.00 0.579849042
01/31/1991 0.00106 1.217993623 1,148.36 0.00 0.580400851
02/28/1991 0.00096 1.101170196 1,158.82 0.00 0.585684969
03/31/1991 0.00106 1.230252195 1,177.21 0.00 0.594978462
04/30/1991 0.00103 1.209458236 1,193.29 0.00 0.603108272
05/31/1991 0.00106 1.266850467 1,201.24 0.00 0.607123545
06/30/1991 0.00103 1.234146475 1,202.31 0.00 0.607666127
07/31/1991 0.00106 1.276424404 1,211.38 0.00 0.612249459
08/31/1991 0.00106 1.286051856 1,235.35 0.00 0.624363427
09/30/1991 0.00103 1.269191302 1,257.02 0.00 0.635319707
10/31/1991 0.00106 1.334511737 1,269.44 0.00 0.641594903
11/30/1991 0.00103 1.304219041 1,281.87 0.00 0.64787811
12/31/1991 0.00106 1.36089111 1,318.77 0.00 0.666525433
01/31/1992 0.00106 1.400060477 1,304.27 0.00 0.659201024
02/29/1992 0.00099 1.295341405 1,310.11 0.00 0.662152513
03/31/1992 0.00106 1.390875003 1,306.34 0.00 0.660245435
04/30/1992 0.00103 1.342131405 1,314.53 0.00 0.66438326
05/31/1992 0.00106 1.395560766 1,333.35 0.00 0.67389637
06/30/1992 0.00103 1.369880703 1,347.44 0.00 0.681015927
07/31/1992 0.00106 1.430498278 1,373.31 0.00 0.694092537
08/31/1992 0.00106 1.457966165 1,380.15 0.00 0.697548228
09/30/1992 0.00103 1.417959646 1,395.32 0.00 0.705217511
10/31/1992 0.00106 1.48133457 1,376.08 0.00 0.695493694
11/30/1992 0.00103 1.413783236 1,371.12 0.00 0.692987976
12/31/1992 0.00106 1.455645995 1,389.08 0.00 0.702064693
01/31/1993 0.00106 1.474711963 1,416.73 0.00 0.716036993
02/28/1993 0.00096 1.35850696 1,439.42 0.00 0.727503931
03/31/1993 0.00106 1.528147991 1,444.21 0.00 0.729925353
04/30/1993 0.00103 1.483775105 1,451.58 0.00 0.733649649
05/31/1993 0.00106 1.541057292 1,452.55 0.00 0.734143716
06/30/1993 0.00103 1.492350094 1,478.80 0.00 0.747410436
07/31/1993 0.00106 1.569962316 1,487.31 0.00 0.751707745
08/31/1993 0.00106 1.578988966 1,512.16 0.00 0.764267286
09/30/1993 0.00103 1.553584578 1,518.15 0.00 0.767294552
10/31/1993 0.00106 1.611729611 1,524.07 0.00 0.770288533
11/30/1993 0.00103 1.565824429 1,514.98 0.00 0.765692589
12/31/1993 0.00106 1.608364632 1,522.36 0.00 0.769426192
01/31/1994 0.00106 1.616207198 1,537.99 0.00 0.777322561
02/28/1994 0.00096 1.474781499 1,511.30 0.00 0.763833957
03/31/1994 0.00106 1.604460509 1,475.19 0.00 0.74558449
04/30/1994 0.00103 1.51560663 1,460.42 0.00 0.73811936
05/31/1994 0.00106 1.550446078 1,454.90 0.00 0.735331869
06/30/1994 0.00103 1.494765342 1,449.44 0.00 0.732569931
07/31/1994 0.00106 1.538789306 1,471.68 0.00 0.743809123
08/31/1994 0.00106 1.56239763 1,471.44 0.00 0.743688466
09/30/1994 0.00103 1.511752437 1,454.11 0.00 0.73492841
10/31/1994 0.00106 1.543743375 1,453.87 0.00 0.734811076
11/30/1994 0.00103 1.493706688 1,455.02 0.00 0.735389916
12/31/1994 0.00106 1.544712785 1,446.90 0.00 0.73128754
01/31/1995 0.00106 1.536095596 1,466.37 0.00 0.741126319
02/28/1995 0.00096 1.406107888 1,493.26 0.00 0.754718228
03/31/1995 0.00106 1.585312593 1,501.18 0.00 0.758720563
04/30/1995 0.00103 1.542309331 1,519.98 0.00 0.768220239
05/31/1995 0.00106 1.613674051 1,579.32 0.00 0.798215623
06/30/1995 0.00103 1.62259396 1,589.88 0.00 0.803550508
07/31/1995 0.00106 1.687886542 1,582.79 0.00 0.799967776
08/31/1995 0.00106 1.680360885 1,600.01 0.00 0.808671391
09/30/1995 0.00103 1.643848199 1,613.21 0.00 0.815342852
10/31/1995 0.00106 1.712656782 1,633.06 0.00 0.825375605
11/30/1995 0.00103 1.677804133 1,655.61 0.00 0.836773683
12/31/1995 0.00106 1.757673007 1,676.72 0.00 0.847442437
01/31/1996 0.00106 1.780083107 1,685.69 0.00 0.851972704
02/29/1996 0.00099 1.674141089 1,653.23 0.00 0.835570658
03/31/1996 0.00106 1.755146012 1,638.78 0.00 0.828267022
04/30/1996 0.00103 1.683681739 1,627.24 0.00 0.822432285
05/31/1996 0.00106 1.727548389 1,622.69 0.00 0.820134714
06/30/1996 0.00103 1.667150574 1,640.72 0.00 0.82924338
07/31/1996 0.00106 1.741855337 1,643.19 0.00 0.83049294
08/31/1996 0.00106 1.744480083 1,640.03 0.00 0.828898967
09/30/1996 0.00103 1.68496634 1,664.99 0.00 0.84151132
10/31/1996 0.00106 1.767624584 1,699.62 0.00 0.859016436
11/30/1996 0.00103 1.746188425 1,725.86 0.00 0.872275751
12/31/1996 0.00106 1.83224637 1,708.65 0.00 0.863578854
01/02/1997 0.00007 0.117030853 1,701.56 0.00 0.859995024
01/31/1997 0.00099 1.689905085 1,711.03 0.00 0.864781849
02/28/1997 0.00096 1.640714339 1,711.66 0.00 0.86509886
03/31/1997 0.00106 1.817171053 1,692.08 0.00 0.855201683
04/30/1997 0.00103 1.738433885 1,715.49 0.00 0.867033858
05/31/1997 0.00106 1.821235587 1,726.96 0.00 0.872833405
06/30/1997 0.00103 1.774275235 1,745.85 0.00 0.882379023
07/31/1997 0.00106 1.853468654 1,791.18 0.00 0.905290824
08/31/1997 0.00106 1.901595709 1,773.08 0.00 0.896141815
09/30/1997 0.00103 1.821656022 1,797.74 0.00 0.908605169
10/31/1997 0.00106 1.90855761 1,819.35 0.00 0.919529972
11/30/1997 0.00103 1.869198918 1,821.89 0.00 0.920811331
12/31/1997 0.00106 1.934197089 1,840.49 0.00 0.93021149
01/31/1998 0.00106 1.953942458 1,861.98 0.00 0.941076266
02/28/1998 0.00096 1.785464538 1,858.90 0.00 0.93951534
03/31/1998 0.00106 1.973485529 1,864.63 0.00 0.942415696
04/30/1998 0.00103 1.915720481 1,871.96 0.00 0.94611986
05/31/1998 0.00106 1.987358559 1,886.91 0.00 0.953672726
06/30/1998 0.00103 1.938603505 1,900.34 0.00 0.960464111
07/31/1998 0.00106 2.017489169 1,902.94 0.00 0.96177342
08/31/1998 0.00106 2.020239419 1,923.94 0.00 0.972389408
09/30/1998 0.00103 1.976650337 1,969.49 0.00 0.995410276
10/31/1998 0.00106 2.090894837 1,956.68 0.00 0.988936105
11/30/1998 0.00103 2.010286074 1,971.49 0.00 0.996424044
12/31/1998 0.00106 2.093024293 1,978.57 0.00 1
0.9785691 0.9785691
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INVESTMENT GRADE BOND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.513070 2 6.00% 20%
Units purchased 1,949.052 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0.513070 1,949.052 1,000.00 1,000.00 1,949.05 0.00%
12/31/1988 0.515206 1,949.052 1,004.16 0.00000 0 1,004.16 1,949.05 0.00%
01/31/1989 0.519068 1,949.052 1,011.69 0.00000 0 1,011.69 1,949.05 0.00%
02/28/1989 0.519657 1,949.052 1,012.84 0.00000 0 1,012.84 1,949.05 0.00%
03/31/1989 0.522266 1,949.052 1,017.92 0.00000 0 1,017.92 1,949.05 0.00%
04/30/1989 0.527483 1,949.052 1,028.09 0.00000 0 1,028.09 1,949.05 0.00%
05/31/1989 0.532734 1,949.052 1,038.33 0.00000 0 1,038.33 1,949.05 0.00%
06/30/1989 0.542369 1,949.052 1,057.11 0.00000 0 1,057.11 1,949.05 0.00%
07/31/1989 0.550185 1,949.052 1,072.34 0.00000 0 1,072.34 1,949.05 0.00%
08/31/1989 0.545148 1,949.052 1,062.52 0.00000 0 1,062.52 1,949.05 0.00%
09/30/1989 0.546669 1,949.052 1,065.49 0.00000 0 1,065.49 1,949.05 0.00%
10/31/1989 0.554480 1,949.052 1,080.71 0.00000 0 1,080.71 1,949.05 0.00%
11/30/1989 0.558615 1,949.052 1,088.77 0.00000 0 1,088.77 1,949.05 0.00%
12/31/1989 0.560233 1,949.052 1,091.92 0.00000 0 1,091.92 1,949.05 0.00%
01/31/1990 0.558293 1,949.052 1,088.14 0.00000 0 1,088.14 1,949.05 0.00%
02/28/1990 0.560859 1,949.052 1,093.14 0.00000 0 1,093.14 1,949.05 0.00%
03/31/1990 0.561897 1,949.052 1,095.17 0.00000 0 1,095.17 1,949.05 0.00%
04/30/1990 0.561487 1,949.052 1,094.37 0.00000 0 1,094.37 1,949.05 0.00%
05/31/1990 0.569635 1,949.052 1,110.25 0.00000 0 1,110.25 1,949.05 0.00%
06/30/1990 0.573422 1,949.052 1,117.63 0.00000 0 1,117.63 1,949.05 0.00%
07/31/1990 0.578433 1,949.052 1,127.40 0.00000 0 1,127.40 1,949.05 0.00%
08/31/1990 0.577690 1,949.052 1,125.95 0.00000 0 1,125.95 1,949.05 0.00%
09/30/1990 0.579284 1,949.052 1,129.05 0.00000 0 1,129.05 1,949.05 0.00%
10/31/1990 0.578630 1,949.052 1,127.78 0.00000 0 1,127.78 1,949.05 0.00%
11/30/1990 0.581452 1,949.052 1,133.28 0.00000 0 1,133.28 1,949.05 0.00%
12/31/1990 0.586815 1,949.052 1,143.73 0.00000 0 1,143.73 1,949.05 0.00%
01/31/1991 0.587298 1,949.052 1,144.67 0.00000 0 1,144.67 1,949.05 0.00%
02/28/1991 0.592578 1,949.052 1,154.96 0.00000 0 1,154.96 1,949.05 0.00%
03/31/1991 0.601905 1,949.052 1,173.14 0.00000 0 1,173.14 1,949.05 0.00%
04/30/1991 0.610055 1,949.052 1,189.03 0.00000 0 1,189.03 1,949.05 0.00%
05/31/1991 0.614039 1,949.052 1,196.79 0.00000 0 1,196.79 1,949.05 0.00%
06/30/1991 0.614512 1,949.052 1,197.72 0.00000 0 1,197.72 1,949.05 0.00%
07/31/1991 0.619069 1,949.052 1,206.60 0.00000 0 1,206.60 1,949.05 0.00%
08/31/1991 0.631239 1,949.052 1,230.32 0.00000 0 1,230.32 1,949.05 0.00%
09/30/1991 0.642238 1,949.052 1,251.75 0.00000 0 1,251.75 1,949.05 0.00%
10/31/1991 0.648500 1,949.052 1,263.96 0.00000 0 1,263.96 1,949.05 0.00%
11/30/1991 0.654770 1,949.052 1,276.18 0.00000 0 1,276.18 1,949.05 0.00%
12/31/1991 0.673533 1,949.052 1,312.75 0.00000 0 1,312.75 1,949.05 0.00%
01/31/1992 0.666045 1,949.052 1,298.16 0.00000 0 1,298.16 1,949.05 0.00%
02/29/1992 0.668948 1,949.052 1,303.81 0.00000 0 1,303.81 1,949.05 0.00%
03/31/1992 0.666936 1,949.052 1,299.89 0.00000 0 1,299.89 1,949.05 0.00%
04/30/1992 0.671034 1,949.052 1,307.88 0.00000 0 1,307.88 1,949.05 0.00%
05/31/1992 0.680557 1,949.052 1,326.44 0.00000 0 1,326.44 1,949.05 0.00%
06/30/1992 0.687663 1,949.052 1,340.29 0.00000 0 1,340.29 1,949.05 0.00%
07/31/1992 0.700779 1,949.052 1,365.86 0.00000 0 1,365.86 1,949.05 0.00%
08/31/1992 0.704179 1,949.052 1,372.48 0.00000 0 1,372.48 1,949.05 0.00%
09/30/1992 0.711834 1,949.052 1,387.40 0.00000 0 1,387.40 1,949.05 0.00%
10/31/1992 0.701929 1,949.052 1,368.10 0.00000 0 1,368.10 1,949.05 0.00%
11/30/1992 0.699313 1,949.052 1,363.00 0.00000 0 1,363.00 1,949.05 0.00%
12/31/1992 0.708384 1,949.052 1,380.68 0.00000 0 1,380.68 1,949.05 0.00%
01/31/1993 0.722392 1,949.052 1,407.98 0.00000 0 1,407.98 1,949.05 0.00%
02/28/1993 0.733877 1,949.052 1,430.36 0.00000 0 1,430.36 1,949.05 0.00%
03/31/1993 0.736226 1,949.052 1,434.94 0.00000 0 1,434.94 1,949.05 0.00%
04/30/1993 0.739892 1,949.052 1,442.09 0.00000 0 1,442.09 1,949.05 0.00%
05/31/1993 0.740296 1,949.052 1,442.88 0.00000 0 1,442.88 1,949.05 0.00%
06/30/1993 0.753583 1,949.052 1,468.77 0.00000 0 1,468.77 1,949.05 0.00%
07/31/1993 0.757819 1,949.052 1,477.03 0.00000 0 1,477.03 1,949.05 0.00%
08/31/1993 0.770385 1,949.052 1,501.52 0.00000 0 1,501.52 1,949.05 0.00%
09/30/1993 0.773341 1,949.052 1,507.28 0.00000 0 1,507.28 1,949.05 0.00%
10/31/1993 0.776260 1,949.052 1,512.97 0.00000 0 1,512.97 1,949.05 0.00%
11/30/1993 0.771533 1,949.052 1,503.76 0.00000 0 1,503.76 1,949.05 0.00%
12/31/1993 0.775197 1,949.052 1,510.90 0.00000 0 1,510.90 1,949.05 0.00%
01/31/1994 0.783053 1,949.052 1,526.21 0.00000 0 1,526.21 1,949.05 2.00%
02/28/1994 0.769375 1,949.052 1,499.55 0.00000 0 1,499.55 1,949.05 2.00%
03/31/1994 0.750895 1,949.052 1,463.53 0.00000 0 1,463.53 1,949.05 2.00%
04/30/1994 0.743285 1,949.052 1,448.70 0.00000 0 1,448.70 1,949.05 2.00%
05/31/1994 0.740383 1,949.052 1,443.04 0.00000 0 1,443.04 1,949.05 2.00%
06/30/1994 0.737511 1,949.052 1,437.45 0.00000 0 1,437.45 1,949.05 2.00%
07/31/1994 0.748732 1,949.052 1,459.32 0.00000 0 1,459.32 1,949.05 2.00%
08/31/1994 0.748515 1,949.052 1,458.89 0.00000 0 1,458.89 1,949.05 2.00%
09/30/1994 0.739606 1,949.052 1,441.53 0.00000 0 1,441.53 1,949.05 2.00%
10/31/1994 0.739393 1,949.052 1,441.12 0.00000 0 1,441.12 1,949.05 2.00%
11/30/1994 0.739885 1,949.052 1,442.07 0.00000 0 1,442.07 1,949.05 2.00%
12/31/1994 0.735663 1,949.052 1,433.85 0.00000 0 1,433.85 1,949.05 2.00%
01/31/1995 0.745467 1,949.052 1,452.95 0.00000 0 1,452.95 1,949.05 4.00%
02/28/1995 0.759053 1,949.052 1,479.43 0.00000 0 1,479.43 1,949.05 4.00%
03/31/1995 0.762981 1,949.052 1,487.09 0.00000 0 1,487.09 1,949.05 4.00%
04/30/1995 0.772440 1,949.052 1,505.53 0.00000 0 1,505.53 1,949.05 4.00%
05/31/1995 0.802502 1,949.052 1,564.12 0.00000 0 1,564.12 1,949.05 4.00%
06/30/1995 0.807767 1,949.052 1,574.38 0.00000 0 1,574.38 1,949.05 4.00%
07/31/1995 0.804062 1,949.052 1,567.16 0.00000 0 1,567.16 1,949.05 4.00%
08/31/1995 0.812708 1,949.052 1,584.01 0.00000 0 1,584.01 1,949.05 4.00%
09/30/1995 0.819312 1,949.052 1,596.88 0.00000 0 1,596.88 1,949.05 4.00%
10/31/1995 0.829290 1,949.052 1,616.33 0.00000 0 1,616.33 1,949.05 4.00%
11/30/1995 0.840639 1,949.052 1,638.45 0.00000 0 1,638.45 1,949.05 4.00%
12/31/1995 0.851250 1,949.052 1,659.13 0.00000 0 1,659.13 1,949.05 4.00%
01/31/1996 0.855693 1,949.052 1,667.79 0.00000 0 1,667.79 1,949.05 6.00%
02/29/1996 0.839117 1,949.052 1,635.48 0.00000 0 1,635.48 1,949.05 6.00%
03/31/1996 0.831675 1,949.052 1,620.98 0.00000 0 1,620.98 1,949.05 6.00%
04/30/1996 0.825714 1,949.052 1,609.36 0.00000 0 1,609.36 1,949.05 6.00%
05/31/1996 0.823302 1,949.052 1,604.66 0.00000 0 1,604.66 1,949.05 6.00%
06/30/1996 0.832345 1,949.052 1,622.28 0.00000 0 1,622.28 1,949.05 6.00%
07/31/1996 0.833493 1,949.052 1,624.52 0.00000 0 1,624.52 1,949.05 6.00%
08/31/1996 0.831787 1,949.052 1,621.20 0.00000 0 1,621.20 1,949.05 6.00%
09/30/1996 0.844341 1,949.052 1,645.66 0.00000 0 1,645.66 1,949.05 6.00%
10/31/1996 0.861797 1,949.052 1,679.69 0.00000 0 1,679.69 1,949.05 6.00%
11/30/1996 0.874993 1,949.052 1,705.41 0.00000 0 1,705.41 1,949.05 6.00%
12/31/1996 0.866157 1,949.052 1,688.19 0.00000 0 1,688.19 1,949.05 6.00%
01/02/1997 0.862556 1,949.052 1,681.17 0.00000 0 1,681.17 1,949.05 6.00%
01/31/1997 0.867254 1,949.052 1,690.32 0.00000 0 1,690.32 1,949.05 6.00%
02/28/1997 0.867472 1,949.052 1,690.75 0.00000 0 1,690.75 1,949.05 6.00%
03/31/1997 0.857437 1,949.052 1,671.19 0.00000 0 1,671.19 1,949.05 6.00%
04/30/1997 0.869195 1,949.052 1,694.11 0.00000 0 1,694.11 1,949.05 6.00%
05/31/1997 0.874898 1,949.052 1,705.22 0.00000 0 1,705.22 1,949.05 6.00%
06/30/1997 0.884358 1,949.052 1,723.66 0.00000 0 1,723.66 1,949.05 6.00%
07/31/1997 0.907209 1,949.052 1,768.20 0.00000 0 1,768.20 1,949.05 6.00%
08/31/1997 0.897925 1,949.052 1,750.10 0.00000 0 1,750.10 1,949.05 6.00%
09/30/1997 0.910302 1,949.052 1,774.23 0.00000 0 1,774.23 1,949.05 6.00%
10/31/1997 0.921132 1,949.052 1,795.33 0.00000 0 1,795.33 1,949.05 6.00%
11/30/1997 0.922302 1,949.052 1,797.61 0.00000 0 1,797.61 1,949.05 6.00%
12/31/1997 0.931600 1,949.052 1,815.74 0.00000 0 1,815.74 1,949.05 6.00%
01/31/1998 0.942362 1,949.052 1,836.71 0.00000 0 1,836.71 1,949.05 6.00%
02/28/1998 0.940690 1,949.052 1,833.45 0.00000 0 1,833.45 1,949.05 6.00%
03/31/1998 0.943475 1,949.052 1,838.88 0.00000 0 1,838.88 1,949.05 6.00%
04/30/1998 0.947067 1,949.052 1,845.88 0.00000 0 1,845.88 1,949.05 6.00%
05/31/1998 0.954506 1,949.052 1,860.38 0.00000 0 1,860.38 1,949.05 6.00%
06/30/1998 0.961186 1,949.052 1,873.40 0.00000 0 1,873.40 1,949.05 6.00%
07/31/1998 0.962374 1,949.052 1,875.72 0.00000 0 1,875.72 1,949.05 6.00%
08/31/1998 0.972874 1,949.052 1,896.18 0.00000 0 1,896.18 1,949.05 6.00%
09/30/1998 0.995786 1,949.052 1,940.84 0.00000 0 1,940.84 1,949.05 6.00%
10/31/1998 0.989183 1,949.052 1,927.97 0.00000 0 1,927.97 1,949.05 6.00%
11/30/1998 0.996551 1,949.052 1,942.33 0.00000 0 1,942.33 1,949.05 6.00%
12/31/1998 1.000000 1,949.052 1,949.05 0.00000 0 1,949.05 1,949.05 6.00%
12/31/1998 1,949.05
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 100.00% 1,949.05 10.0767 6.85% 6.85% 1,949.05 1,949.05 11
12/31/1988 100.00% 1,949.05 10.0055 6.85% 6.85% 1,940.97 1,940.97 11
01/31/1989 100.00% 1,949.05 9.9205 6.83% 6.83% 1,926.53 1,926.53 10
02/28/1989 100.00% 1,949.05 9.8438 6.88% 6.88% 1,924.35 1,924.35 10
03/31/1989 100.00% 1,949.05 9.7589 6.88% 6.88% 1,914.73 1,914.73 10
04/30/1989 100.00% 1,949.05 9.6767 6.83% 6.83% 1,895.79 1,895.79 10
05/31/1989 100.00% 1,949.05 9.5918 6.79% 6.79% 1,877.11 1,877.11 10
06/30/1989 100.00% 1,949.05 9.5096 6.65% 6.65% 1,843.76 1,843.76 10
07/31/1989 100.00% 1,949.05 9.4247 6.55% 6.55% 1,817.57 1,817.57 10
08/31/1989 100.00% 1,949.05 9.3397 6.71% 6.71% 1,834.36 1,834.36 10
09/30/1989 100.00% 1,949.05 9.2575 6.74% 6.74% 1,829.26 1,829.26 10
10/31/1989 100.00% 1,949.05 9.1726 6.64% 6.64% 1,803.49 1,803.49 10
11/30/1989 100.00% 1,949.05 9.0904 6.62% 6.62% 1,790.14 1,790.14 10
12/31/1989 100.00% 1,949.05 9.0055 6.65% 6.65% 1,784.97 1,784.97 10
01/31/1990 90.00% 1,949.05 8.9205 6.75% 6.75% 1,791.17 1,791.17 9
02/28/1990 90.00% 1,949.05 8.8438 6.76% 6.76% 1,782.98 1,782.98 9
03/31/1990 90.00% 1,949.05 8.7589 6.80% 6.80% 1,779.69 1,779.69 9
04/30/1990 90.00% 1,949.05 8.6767 6.88% 6.88% 1,780.99 1,780.99 9
05/31/1990 90.00% 1,949.05 8.5918 6.77% 6.77% 1,755.51 1,755.51 9
06/30/1990 90.00% 1,949.05 8.5096 6.75% 6.75% 1,743.92 1,743.92 9
07/31/1990 90.00% 1,949.05 8.4247 6.71% 6.71% 1,728.81 1,728.81 9
08/31/1990 90.00% 1,949.05 8.3397 6.80% 6.80% 1,731.03 1,731.03 9
09/30/1990 90.00% 1,949.05 8.2575 6.84% 6.84% 1,726.27 1,726.27 9
10/31/1990 90.00% 1,949.05 8.1726 6.92% 6.92% 1,728.22 1,728.22 9
11/30/1990 90.00% 1,949.05 8.0904 6.93% 6.93% 1,719.83 1,719.83 9
12/31/1990 90.00% 1,949.05 8.0055 6.89% 6.89% 1,704.12 1,704.12 9
01/31/1991 80.00% 1,949.05 7.9205 6.95% 6.95% 1,702.71 1,702.71 8
02/28/1991 80.00% 1,949.05 7.8438 6.90% 6.90% 1,687.54 1,687.54 8
03/31/1991 80.00% 1,949.05 7.7589 6.76% 6.76% 1,661.39 1,661.39 8
04/30/1991 80.00% 1,949.05 7.6767 6.65% 6.65% 1,639.20 1,639.20 8
05/31/1991 80.00% 1,949.05 7.5918 6.63% 6.63% 1,628.56 1,628.56 8
06/30/1991 80.00% 1,949.05 7.5096 6.70% 6.70% 1,627.31 1,627.31 8
07/31/1991 80.00% 1,949.05 7.4247 6.67% 6.67% 1,615.33 1,615.33 8
08/31/1991 80.00% 1,949.05 7.3397 6.47% 6.47% 1,584.19 1,584.19 8
09/30/1991 80.00% 1,949.05 7.2575 6.29% 6.29% 1,557.06 1,557.06 8
10/31/1991 80.00% 1,949.05 7.1726 6.22% 6.22% 1,542.02 1,542.02 8
11/30/1991 80.00% 1,949.05 7.0904 6.15% 6.15% 1,527.25 1,527.25 8
12/31/1991 80.00% 1,949.05 7.0055 5.80% 5.80% 1,484.71 1,484.71 8
01/31/1992 70.00% 1,949.05 6.9205 6.05% 6.05% 1,501.40 1,501.40 7
02/29/1992 70.00% 1,949.05 6.8411 6.05% 6.05% 1,494.88 1,494.88 7
03/31/1992 70.00% 1,949.05 6.7562 6.18% 6.18% 1,499.39 1,499.39 7
04/30/1992 70.00% 1,949.05 6.6740 6.16% 6.16% 1,490.24 1,490.24 7
05/31/1992 70.00% 1,949.05 6.5890 6.01% 6.01% 1,469.39 1,469.39 7
06/30/1992 70.00% 1,949.05 6.5068 5.92% 5.92% 1,454.20 1,454.20 7
07/31/1992 70.00% 1,949.05 6.4219 5.69% 5.69% 1,426.98 1,426.98 7
08/31/1992 70.00% 1,949.05 6.3370 5.69% 5.69% 1,420.09 1,420.09 7
09/30/1992 70.00% 1,949.05 6.2548 5.58% 5.58% 1,404.82 1,404.82 7
10/31/1992 70.00% 1,949.05 6.1699 5.90% 5.90% 1,424.65 1,424.65 7
11/30/1992 70.00% 1,949.05 6.0877 6.05% 6.05% 1,429.97 1,429.97 7
12/31/1992 70.00% 1,949.05 6.0027 5.91% 5.91% 1,411.66 1,411.66 7
01/31/1993 60.00% 1,949.05 5.9178 5.65% 5.65% 1,384.29 1,384.29 6
02/28/1993 60.00% 1,949.05 5.8411 5.44% 5.44% 1,362.63 1,362.63 6
03/31/1993 60.00% 1,949.05 5.7562 5.46% 5.46% 1,358.28 1,358.28 6
04/30/1993 60.00% 1,949.05 5.6740 5.45% 5.45% 1,351.55 1,351.55 6
05/31/1993 60.00% 1,949.05 5.5890 5.53% 5.53% 1,350.81 1,350.81 6
06/30/1993 60.00% 1,949.05 5.5068 5.27% 5.27% 1,326.99 1,326.99 6
07/31/1993 60.00% 1,949.05 5.4219 5.25% 5.25% 1,319.58 1,319.58 6
08/31/1993 60.00% 1,949.05 5.3370 5.01% 5.01% 1,298.05 1,298.05 6
09/30/1993 60.00% 1,949.05 5.2548 5.01% 5.01% 1,293.09 1,293.09 6
10/31/1993 60.00% 1,949.05 5.1699 5.02% 5.02% 1,288.23 1,288.23 6
11/30/1993 60.00% 1,949.05 5.0877 5.23% 5.23% 1,296.12 1,296.12 6
12/31/1993 60.00% 1,949.05 5.0027 5.22% 5.22% 1,290.00 1,290.00 6
01/31/1994 50.00% 1,938.02 4.9178 4.98% 5.10% 1,269.82 1,277.05 5
02/28/1994 50.00% 1,938.55 4.8411 5.45% 5.56% 1,292.75 1,299.76 5
03/31/1994 50.00% 1,939.27 4.7562 6.10% 6.21% 1,325.06 1,331.74 5
04/30/1994 50.00% 1,939.57 4.6740 6.44% 6.55% 1,338.83 1,345.38 5
05/31/1994 50.00% 1,939.68 4.5890 6.66% 6.77% 1,344.16 1,350.65 5
06/30/1994 50.00% 1,939.79 4.5068 6.88% 6.99% 1,349.47 1,355.91 5
07/31/1994 50.00% 1,939.36 4.4219 6.64% 6.76% 1,328.95 1,335.59 5
08/31/1994 50.00% 1,939.36 4.3370 6.78% 6.91% 1,329.34 1,335.98 5
09/30/1994 50.00% 1,939.71 4.2548 7.23% 7.35% 1,345.59 1,352.07 5
10/31/1994 50.00% 1,939.72 4.1699 7.39% 7.51% 1,345.98 1,352.46 5
11/30/1994 50.00% 1,939.70 4.0877 7.52% 7.65% 1,345.08 1,351.56 5
12/31/1994 50.00% 1,939.87 4.0027 7.84% 7.97% 1,352.91 1,359.32 5
01/31/1995 40.00% 1,922.12 3.9178 7.40% 7.79% 1,322.90 1,341.44 4
02/28/1995 40.00% 1,921.06 3.8411 7.04% 7.44% 1,298.51 1,317.43 4
03/31/1995 40.00% 1,920.75 3.7562 7.05% 7.47% 1,291.62 1,310.65 4
04/30/1995 40.00% 1,920.02 3.6740 6.84% 7.28% 1,275.31 1,294.60 4
05/31/1995 40.00% 1,917.67 3.5890 5.84% 6.32% 1,226.04 1,246.10 4
06/30/1995 40.00% 1,917.26 3.5068 5.78% 6.28% 1,217.79 1,237.98 4
07/31/1995 40.00% 1,917.55 3.4219 6.07% 6.58% 1,223.58 1,243.69 4
08/31/1995 40.00% 1,916.88 3.3370 5.88% 6.41% 1,210.14 1,230.45 4
09/30/1995 40.00% 1,916.36 3.2548 5.76% 6.31% 1,200.06 1,220.54 4
10/31/1995 40.00% 1,915.58 3.1699 5.50% 6.08% 1,185.15 1,205.85 4
11/30/1995 40.00% 1,914.70 3.0877 5.18% 5.78% 1,168.60 1,189.57 4
12/31/1995 40.00% 1,913.87 3.0027 4.87% 5.51% 1,153.54 1,174.74 4
01/31/1996 30.00% 1,884.07 2.9178 4.27% 5.49% 1,129.68 1,168.64 3
02/29/1996 30.00% 1,886.01 2.8384 5.15% 6.37% 1,153.18 1,191.73 3
03/31/1996 30.00% 1,886.88 2.7534 5.67% 6.92% 1,164.04 1,202.39 3
04/30/1996 30.00% 1,887.57 2.6712 6.15% 7.43% 1,172.87 1,211.07 3
05/31/1996 30.00% 1,887.86 2.5863 6.49% 7.81% 1,176.48 1,214.62 3
06/30/1996 30.00% 1,886.80 2.5041 6.22% 7.60% 1,163.05 1,201.43 3
07/31/1996 30.00% 1,886.66 2.4192 6.38% 7.82% 1,161.37 1,199.77 3
08/31/1996 30.00% 1,886.86 2.3342 6.72% 8.21% 1,163.87 1,202.23 3
09/30/1996 30.00% 1,885.40 2.2521 6.22% 7.80% 1,145.67 1,184.36 3
10/31/1996 30.00% 1,883.35 2.1671 5.42% 7.10% 1,121.25 1,160.37 3
11/30/1996 30.00% 1,881.81 2.0849 4.83% 6.61% 1,103.44 1,142.87 3
12/31/1996 30.00% 1,882.84 2.0000 5.61% 7.45% 1,115.31 1,154.52 3
01/02/1997 20.00% 1,871.57 1.9945 5.53% 7.69% 1,113.26 1,159.35 2
01/31/1997 20.00% 1,871.02 1.9151 5.45% 7.72% 1,106.90 1,153.06 2
02/28/1997 20.00% 1,871.00 1.8384 5.66% 8.04% 1,106.61 1,152.77 2
03/31/1997 20.00% 1,872.17 1.7534 6.69% 9.17% 1,120.26 1,166.27 2
04/30/1997 20.00% 1,870.79 1.6712 6.12% 8.75% 1,104.30 1,150.49 2
05/31/1997 20.00% 1,870.13 1.5863 5.99% 8.79% 1,096.71 1,142.99 2
06/30/1997 20.00% 1,869.02 1.5041 5.53% 8.51% 1,084.33 1,130.76 2
07/31/1997 20.00% 1,866.35 1.4192 3.88% 7.10% 1,055.51 1,102.28 2
08/31/1997 20.00% 1,867.43 1.3342 4.98% 8.40% 1,067.04 1,113.68 2
09/30/1997 20.00% 1,865.99 1.2521 4.11% 7.79% 1,051.72 1,098.54 2
10/31/1997 20.00% 1,864.72 1.1671 3.30% 7.29% 1,038.65 1,085.62 2
11/30/1997 20.00% 1,864.58 1.0849 3.43% 7.74% 1,037.25 1,084.24 2
12/31/1997 20.00% 1,863.50 1.0000 2.63% 7.34% 1,026.30 1,073.42 2
01/31/1998 10.00% 1,850.54 0.9151 0.75% 6.12% 1,006.89 1,055.83 1
02/28/1998 10.00% 1,850.74 0.8384 0.94% 6.30% 1,007.90 1,052.60 1
03/31/1998 10.00% 1,850.41 0.7534 0.63% 5.99% 1,004.72 1,044.81 1
04/30/1998 10.00% 1,849.99 0.6712 0.22% 5.59% 1,001.49 1,037.18 1
05/31/1998 10.00% 1,849.12 0.5863 -0.61% 4.77% 996.45 1,027.67 1
06/30/1998 10.00% 1,848.34 0.5041 -1.34% 4.04% 993.23 1,020.16 1
07/31/1998 10.00% 1,848.20 0.4192 -1.47% 3.91% 993.82 1,016.21 1
08/31/1998 10.00% 1,846.98 0.3342 -2.60% 2.79% 991.25 1,009.23 1
09/30/1998 10.00% 1,844.30 0.2521 -4.97% 0.42% 987.22 1,001.07 1
10/31/1998 10.00% 1,845.07 0.1671 -4.30% 1.09% 992.68 1,001.82 1
11/30/1998 10.00% 1,844.21 0.0849 -5.05% 0.35% 995.61 1,000.29 1
12/31/1998 10.00% 1,843.80 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INVESTMENT GRADE BOND (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.513070 2 6.00% 20%
Units purchased 1,949.052 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 1,942.33 1,844.21 1,949.05 -5.05% 0.35%
09/30/1998 0.25 0.25 1,940.84 1,844.30 1,949.05 -4.97% 0.42%
12/31/1997 1.00 1.00 1,815.74 1,863.50 1,949.05 2.63% 7.34%
12/31/1997 1.00 1.00 1,815.74 1,863.50 1,949.05 2.63% 7.34%
12/31/1995 3.00 3.00 1,659.13 1,913.87 1,949.05 4.88% 5.52%
12/31/1993 5.00 5.00 1,510.90 1,949.05 1,949.05 5.22% 5.22%
12/31/1988 10.00 10.00 1,004.16 1,949.05 1,949.05 6.86% 6.86%
10/31/1998 0.16 0.16 1,927.97 1,845.07 1,949.05 -4.30% 1.09%
12/05/1988 10.08 10.08 1,000.00 1,949.05 1,949.05 6.85% 6.85%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
FIDELITY VIP II INVESTMENT GRADE BOND (1.40%)
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
12/05/1988 0 100 10.00 1,000.00
12/31/1988 1000 0.05165 10 100.516 10.00 1,005.16 0.52%
01/31/1989 1005.16 0.06692 10.02 101.187 10.02 1,013.89 0.87%
02/28/1989 1013.89 0.06218 9.98 101.817 9.98 1,016.13 0.22%
03/31/1989 1016.13 0.07197 9.97 102.552 9.97 1,022.44 0.62%
04/30/1989 1022.44 0.07104 10.01 103.28 10.01 1,033.83 1.11%
05/31/1989 1033.83 0.07153 10.05 104.015 10.05 1,045.35 1.11%
06/30/1989 1045.35 0.07336 10.17 104.765 10.17 1,065.46 1.92%
07/31/1989 1065.46 0.06864 10.26 105.466 10.26 1,082.08 1.56%
08/31/1989 1082.08 0.06824 10.11 106.178 10.11 1,073.46 -0.80%
09/30/1989 1073.46 0.06988 10.08 106.914 10.08 1,077.69 0.39%
10/31/1989 1077.69 0.06606 10.17 107.608 10.17 1,094.37 1.55%
11/30/1989 1094.37 0.0675 10.19 108.321 10.19 1,103.79 0.86%
12/31/1989 1103.79 0.09153 10.13 109.3 10.14 1,108.30 0.41%
01/31/1990 1108.3 0.06692 10.05 110.028 10.05 1,105.78 -0.23%
02/28/1990 1105.78 0.06701 10.04 110.762 10.04 1,112.05 0.57%
03/31/1990 1112.05 0.07048 10 111.543 10.00 1,115.43 0.30%
04/30/1990 1115.43 0.06424 9.94 112.264 9.94 1,115.90 0.04%
05/31/1990 1115.9 0.06605 10.03 113.003 10.03 1,133.42 1.57%
06/30/1990 1133.42 0.06824 10.04 113.771 10.04 1,142.26 0.78%
07/31/1990 1142.26 0.06967 10.07 114.558 10.07 1,153.60 0.99%
08/31/1990 1153.6 0.06904 10 115.349 10.00 1,153.49 -0.01%
09/30/1990 1153.49 0.0691 9.97 116.148 9.97 1,158.00 0.39%
10/31/1990 1158 0.07062 9.9 116.977 9.90 1,158.07 0.01%
11/30/1990 1158.07 0.06963 9.89 117.801 9.89 1,165.05 0.60%
12/31/1990 1165.05 0.07295 9.92 118.667 9.92 1,177.18 1.04%
01/31/1991 1177.18 0 10 118.667 9.94 1,179.55 0.20%
02/28/1991 1179.55 0 10 118.667 10.04 1,191.42 1.01%
03/31/1991 1191.42 0 10 118.667 10.21 1,211.59 1.69%
04/30/1991 1211.59 0 10 118.667 10.36 1,229.39 1.47%
05/31/1991 1229.39 0 10 118.667 10.44 1,238.88 0.77%
06/30/1991 1238.88 0 10 118.667 10.46 1,241.26 0.19%
07/31/1991 1241.26 0 10 118.667 10.55 1,251.94 0.86%
08/31/1991 1251.94 0 10 118.667 10.77 1,278.04 2.08%
09/30/1991 1278.04 0 10 118.667 10.97 1,301.78 1.86%
10/31/1991 1301.78 0 10 118.667 11.09 1,316.02 1.09%
11/30/1991 1316.02 0 10 118.667 11.21 1,330.26 1.08%
12/31/1991 1330.26 0.46 10.97 123.643 11.08 1,369.96 2.98%
01/31/1992 1369.96 0 10 123.643 10.97 1,356.36 -0.99%
02/29/1992 1356.36 0.04 10.98 124.093 10.99 1,363.78 0.55%
03/31/1992 1363.78 0 10 124.093 10.97 1,361.30 -0.18%
04/30/1992 1361.3 0 10 124.093 11.05 1,371.23 0.73%
05/31/1992 1371.23 0 10 124.093 11.22 1,392.32 1.54%
06/30/1992 1392.32 0 10 124.093 11.35 1,408.46 1.16%
07/31/1992 1408.46 0 10 124.093 11.58 1,437.00 2.03%
08/31/1992 1437 0 10 124.093 11.65 1,445.68 0.60%
09/30/1992 1445.68 0 10 124.093 11.79 1,463.06 1.20%
10/31/1992 1463.06 0 10 124.093 11.64 1,444.44 -1.27%
11/30/1992 1444.44 0 10 124.093 11.61 1,440.72 -0.26%
12/31/1992 1440.72 0.8 10.91 133.192 10.97 1,461.12 1.42%
01/31/1993 1461.12 0 10 133.192 11.20 1,491.75 2.10%
02/28/1993 1491.75 0.01 11.24 133.31 11.38 1,517.07 1.70%
03/31/1993 1517.07 0 10 133.31 11.43 1,523.73 0.44%
04/30/1993 1523.73 0 10 133.31 11.50 1,533.07 0.61%
05/31/1993 1533.07 0 10 133.31 11.52 1,535.73 0.17%
06/30/1993 1535.73 0 10 133.31 11.74 1,565.06 1.91%
07/31/1993 1565.06 0 10 133.31 11.82 1,575.72 0.68%
08/31/1993 1575.72 0 10 133.31 12.03 1,603.72 1.78%
09/30/1993 1603.72 0 10 133.31 12.09 1,611.72 0.50%
10/31/1993 1611.72 0 10 133.31 12.15 1,619.72 0.50%
11/30/1993 1619.72 0 10 133.31 12.09 1,611.72 -0.49%
12/31/1993 1611.72 0.68 11.45 141.227 11.48 1,621.29 0.59%
01/31/1994 1621.29 0 10 141.227 11.61 1,639.65 1.13%
02/28/1994 1639.65 0.03 11.51 141.595 11.39 1,612.77 -1.64%
03/31/1994 1612.77 0 10 141.595 11.13 1,575.95 -2.28%
04/30/1994 1575.95 0 10 141.595 11.03 1,561.79 -0.90%
05/31/1994 1561.79 0 10 141.595 11.00 1,557.55 -0.27%
06/30/1994 1557.55 0 10 141.595 10.97 1,553.30 -0.27%
07/31/1994 1553.3 0 10 141.595 11.15 1,578.78 1.64%
08/31/1994 1578.78 0 10 141.595 11.16 1,580.20 0.09%
09/30/1994 1580.2 0 10 141.595 11.04 1,563.21 -1.08%
10/31/1994 1563.21 0 10 141.595 11.05 1,564.62 0.09%
11/30/1994 1564.62 0 10 141.595 11.07 1,567.46 0.18%
12/31/1994 1567.46 0 10 141.595 11.02 1,560.38 -0.45%
01/31/1995 1560.38 0 10 141.595 11.18 1,583.03 1.45%
02/28/1995 1583.03 0.39 10.84 146.689 11.00 1,613.58 1.93%
03/31/1995 1613.58 0 10 146.689 11.07 1,623.85 0.64%
04/30/1995 1623.85 0 10 146.689 11.22 1,645.85 1.35%
05/31/1995 1645.85 0 10 146.689 11.67 1,711.86 4.01%
06/30/1995 1711.86 0 10 146.689 11.76 1,725.06 0.77%
07/31/1995 1725.06 0 10 146.689 11.72 1,719.20 -0.34%
08/31/1995 1719.2 0 10 146.689 11.86 1,739.73 1.19%
09/30/1995 1739.73 0 10 146.689 11.97 1,755.87 0.93%
10/31/1995 1755.87 0 10 146.689 12.13 1,779.34 1.34%
11/30/1995 1779.34 0 10 146.689 12.31 1,805.74 1.48%
12/31/1995 1805.74 0 10 146.689 12.48 1,830.68 1.38%
01/31/1996 1830.68 0 10 146.689 12.56 1,842.41 0.64%
02/29/1996 1842.41 0.62 11.9 154.332 11.72 1,808.77 -1.83%
03/31/1996 1808.77 0 10 154.332 11.63 1,794.88 -0.77%
04/30/1996 1794.88 0 10 154.332 11.56 1,784.08 -0.60%
05/31/1996 1784.08 0 10 154.332 11.54 1,780.99 -0.17%
06/30/1996 1780.99 0 10 154.332 11.68 1,802.60 1.21%
07/31/1996 1802.6 0 10 154.332 11.71 1,807.23 0.26%
08/31/1996 1807.23 0 10 154.332 11.70 1,805.68 -0.09%
09/30/1996 1805.68 0 10 154.332 11.89 1,835.01 1.62%
10/31/1996 1835.01 0 10 154.332 12.15 1,875.13 2.19%
11/30/1996 1875.13 0 10 154.332 12.35 1,906.00 1.65%
12/31/1996 1906 0 10 154.332 12.24 1,889.02 -0.89%
01/02/1997 1906 0 10 154.332 12.19 1,881.31 -0.41%
01/31/1997 1889.02 0 10 154.332 12.27 1,893.65 0.66%
02/28/1997 1893.65 0.73 11.62 164.028 11.56 1,896.16 0.13%
03/31/1997 1896.16 0 10 164.028 11.44 1,876.48 -1.04%
04/30/1997 1876.48 0 10 164.028 11.61 1,904.37 1.49%
05/31/1997 1904.37 0 10 164.028 11.70 1,919.13 0.78%
06/30/1997 1919.13 0 10 164.028 11.84 1,942.09 1.20%
07/31/1997 1942.09 0 10 164.028 12.16 1,994.58 2.70%
08/31/1997 1994.58 0 10 164.028 12.05 1,976.54 -0.90%
09/30/1997 1976.54 0 10 164.028 12.23 2,006.06 1.49%
10/31/1997 2006.06 0 10 164.028 12.39 2,032.31 1.31%
11/30/1997 2032.31 0 10 164.028 12.42 2,037.23 0.24%
12/31/1997 2037.23 0 10 164.028 12.56 2,060.19 1.13%
01/31/1998 2060.19 0 10 164.028 12.72 2,086.44 1.27%
02/28/1998 2086.44 0.66 12.03 173.027 12.05 2,084.98 -0.07%
03/31/1998 2084.98 0 10 173.027 12.10 2,093.63 0.41%
04/30/1998 2093.63 0 10 173.027 12.16 2,104.01 0.50%
05/31/1998 2104.01 0 10 173.027 12.27 2,123.04 0.90%
06/30/1998 2123.04 0 10 173.027 12.37 2,140.34 0.81%
07/31/1998 2140.34 0 10 173.027 12.40 2,145.53 0.24%
08/31/1998 2145.53 0 10 173.027 12.55 2,171.49 1.21%
09/30/1998 2171.49 0 10 173.027 12.86 2,225.13 2.47%
10/31/1998 2225.13 0 10 173.027 12.79 2,213.02 -0.54%
11/30/1998 2213.02 0 10 173.027 12.90 2,232.05 0.86%
12/31/1998 2232.05 0 10 173.027 12.96 2,242.43 0.47%
1.24243
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
12/05/1988 1,000.00 0.513070061
12/31/1988 0.00100 0.997260274 1,004.16 (0.00) 0.515205838
01/31/1989 0.00119 1.193990764 1,011.69 (0.00) 0.519067895
02/28/1989 0.00107 1.086527437 1,012.84 (0.00) 0.519657213
03/31/1989 0.00119 1.204306838 1,017.92 (0.00) 0.522266305
04/30/1989 0.00115 1.171309756 1,028.09 (0.00) 0.527483397
05/31/1989 0.00119 1.222444038 1,038.33 (0.00) 0.532733962
06/30/1989 0.00115 1.194786033 1,057.11 (0.00) 0.542369463
07/31/1989 0.00119 1.256942531 1,072.34 (0.00) 0.550184929
08/31/1989 0.00119 1.27505489 1,062.52 (0.00) 0.545147886
09/30/1989 0.00115 1.22262729 1,065.49 (0.00) 0.546668764
10/31/1989 0.00119 1.26690617 1,080.71 (0.00) 0.554479845
11/30/1989 0.00115 1.243556486 1,088.77 (0.00) 0.558614605
12/31/1989 0.00119 1.294590686 1,091.92 (0.00) 0.560232845
01/31/1990 0.00119 1.298340961 1,088.14 (0.00) 0.558292874
02/28/1990 0.00107 1.168634261 1,093.14 (0.00) 0.560858918
03/31/1990 0.00119 1.299791888 1,095.17 (0.00) 0.561896726
04/30/1990 0.00115 1.260190655 1,094.37 (0.00) 0.561486922
05/31/1990 0.00119 1.301247288 1,110.25 (0.00) 0.569634822
06/30/1990 0.00115 1.277545225 1,117.63 (0.00) 0.573422164
07/31/1990 0.00119 1.328907239 1,127.40 (0.00) 0.578433097
08/31/1990 0.00119 1.340520089 1,125.95 (0.00) 0.577690161
09/30/1990 0.00115 1.295611289 1,129.05 (0.00) 0.579284117
10/31/1990 0.00119 1.342492329 1,127.78 (0.00) 0.578630341
11/30/1990 0.00115 1.297719874 1,133.28 (0.00) 0.581452081
12/31/1990 0.00119 1.347516592 1,143.73 (0.00) 0.58681454
01/31/1991 0.00119 1.359944103 1,144.67 (0.00) 0.587298219
02/28/1991 0.00107 1.229349059 1,154.96 (0.00) 0.592577553
03/31/1991 0.00119 1.373299898 1,173.14 (0.00) 0.601904923
04/30/1991 0.00115 1.349918808 1,189.03 (0.00) 0.610055169
05/31/1991 0.00119 1.413804317 1,196.79 (0.00) 0.614038973
06/30/1991 0.00115 1.377132378 1,197.72 (0.00) 0.614512031
07/31/1991 0.00119 1.424133105 1,206.60 (0.00) 0.619068711
08/31/1991 0.00119 1.434693222 1,230.32 (0.00) 0.631238737
09/30/1991 0.00115 1.415707052 1,251.75 (0.00) 0.642237841
10/31/1991 0.00119 1.488387736 1,263.96 (0.00) 0.648499549
11/30/1991 0.00115 1.454418638 1,276.18 (0.00) 0.654770423
12/31/1991 0.00119 1.517432024 1,312.75 (0.00) 0.673532705
01/31/1992 0.00119 1.560913657 1,298.16 (0.00) 0.666045487
02/29/1992 0.00111 1.443977367 1,303.81 (0.00) 0.668948244
03/31/1992 0.00119 1.550289158 1,299.89 (0.00) 0.666936371
04/30/1992 0.00115 1.495767714 1,307.88 (0.00) 0.671033903
05/31/1992 0.00119 1.555122679 1,326.44 (0.00) 0.680556754
06/30/1992 0.00115 1.52631475 1,340.29 (0.00) 0.687662772
07/31/1992 0.00119 1.593660123 1,365.86 (0.00) 0.700779407
08/31/1992 0.00119 1.624057955 1,372.48 (0.00) 0.704179112
09/30/1992 0.00115 1.579293659 1,387.40 (0.00) 0.711834482
10/31/1992 0.00119 1.649678119 1,368.10 (0.00) 0.701928742
11/30/1992 0.00115 1.574246653 1,363.00 (0.00) 0.699313301
12/31/1992 0.00119 1.620660251 1,380.68 (0.00) 0.708383776
01/31/1993 0.00119 1.641681099 1,407.98 (0.00) 0.72239159
02/28/1993 0.00107 1.512130283 1,430.36 (0.00) 0.733877169
03/31/1993 0.00119 1.700762099 1,434.94 (0.00) 0.73622631
04/30/1993 0.00115 1.651167328 1,442.09 (0.00) 0.739891989
05/31/1993 0.00119 1.714701457 1,442.88 (0.00) 0.740295999
06/30/1993 0.00115 1.660294598 1,468.77 (0.00) 0.753582627
07/31/1993 0.00119 1.746429545 1,477.03 (0.00) 0.757819419
08/31/1993 0.00119 1.75624832 1,501.52 (0.00) 0.77038453
09/30/1993 0.00115 1.727775478 1,507.28 (0.00) 0.773341048
10/31/1993 0.00119 1.792219732 1,512.97 (0.00) 0.776260101
11/30/1993 0.00115 1.740952882 1,503.76 (0.00) 0.771532824
12/31/1993 0.00119 1.788029169 1,510.90 (0.00) 0.775196614
01/31/1994 0.00119 1.79652001 1,526.21 (0.00) 0.783053444
02/28/1994 0.00107 1.639109373 1,499.55 (0.00) 0.76937529
03/31/1994 0.00119 1.783029078 1,463.53 (0.00) 0.750895413
04/30/1994 0.00115 1.684066374 1,448.70 (0.00) 0.743284531
05/31/1994 0.00119 1.722563683 1,443.04 (0.00) 0.740382842
06/30/1994 0.00115 1.660489365 1,437.45 (0.00) 0.737510653
07/31/1994 0.00119 1.709182706 1,459.32 (0.00) 0.748731689
08/31/1994 0.00119 1.735187484 1,458.89 (0.00) 0.748514847
09/30/1994 0.00115 1.678727373 1,441.53 (0.00) 0.739605658
10/31/1994 0.00119 1.714037884 1,441.12 (0.00) 0.739393353
11/30/1994 0.00115 1.658270195 1,442.07 (0.00) 0.739884645
12/31/1994 0.00119 1.714684437 1,433.84 (0.00) 0.735662935
01/31/1995 0.00119 1.704900615 1,452.95 (0.00) 0.74546686
02/28/1995 0.00107 1.560432083 1,479.43 (0.00) 0.759052592
03/31/1995 0.00119 1.759106201 1,487.09 (0.00) 0.762981212
04/30/1995 0.00115 1.711171729 1,505.53 (0.00) 0.772440168
05/31/1995 0.00119 1.79013194 1,564.12 (0.00) 0.802501913
06/30/1995 0.00115 1.799806555 1,574.38 (0.00) 0.807766507
07/31/1995 0.00119 1.872000815 1,567.16 (0.00) 0.80406207
08/31/1995 0.00119 1.863415774 1,584.01 (0.00) 0.812707795
09/30/1995 0.00115 1.822695739 1,596.88 (0.00) 0.81931236
10/31/1995 0.00119 1.898758358 1,616.33 (0.00) 0.829289579
11/30/1995 0.00115 1.859884439 1,638.45 (0.00) 0.840639466
12/31/1995 0.00119 1.948183977 1,659.13 (0.00) 0.851250413
01/31/1996 0.00119 1.972774873 1,667.79 (0.00) 0.85569259
02/29/1996 0.00111 1.855129653 1,635.48 (0.00) 0.83911695
03/31/1996 0.00119 1.944655542 1,620.98 (0.00) 0.831675415
04/30/1996 0.00115 1.865235259 1,609.36 (0.00) 0.825714132
05/31/1996 0.00119 1.91359448 1,604.66 (0.00) 0.823302199
06/30/1996 0.00115 1.846456277 1,622.28 (0.00) 0.83234454
07/31/1996 0.00119 1.928960467 1,624.52 (0.00) 0.833492736
08/31/1996 0.00119 1.931621413 1,621.20 (0.00) 0.83178682
09/30/1996 0.00115 1.865485112 1,645.66 (0.00) 0.844340565
10/31/1996 0.00119 1.956761284 1,679.69 (0.00) 0.861796969
11/30/1996 0.00115 1.9327902 1,705.41 (0.00) 0.874992954
12/31/1996 0.00119 2.027798267 1,688.19 (0.00) 0.866157493
01/02/1997 0.00008 0.129504649 1,681.17 (0.00) 0.862555842
01/31/1997 0.00111 1.870009088 1,690.32 (0.00) 0.867254124
02/28/1997 0.00107 1.815360591 1,690.75 (0.00) 0.867472247
03/31/1997 0.00119 2.010369012 1,671.19 (0.00) 0.857437404
04/30/1997 0.00115 1.923012813 1,694.11 (0.00) 0.8691948
05/31/1997 0.00119 2.014361033 1,705.22 (0.00) 0.874898069
06/30/1997 0.00115 1.962172617 1,723.66 (0.00) 0.884358402
07/31/1997 0.00119 2.049502717 1,768.20 (0.00) 0.907208935
08/31/1997 0.00119 2.10245888 1,750.10 (0.00) 0.897924965
09/30/1997 0.00115 2.013816057 1,774.23 (0.00) 0.910302416
10/31/1997 0.00119 2.109628031 1,795.33 (0.00) 0.921131656
11/30/1997 0.00115 2.06586273 1,797.61 (0.00) 0.922301683
12/31/1997 0.00119 2.13743636 1,815.74 (0.00) 0.931599557
01/31/1998 0.00119 2.158984207 1,836.71 (0.00) 0.942361863
02/28/1998 0.00107 1.972578211 1,833.45 (0.00) 0.940690368
03/31/1998 0.00119 2.180052183 1,838.88 (0.00) 0.943474511
04/30/1998 0.00115 2.115972038 1,845.88 (0.00) 0.947066517
05/31/1998 0.00119 2.194828924 1,860.38 (0.00) 0.954506286
06/30/1998 0.00115 2.14071349 1,873.40 (0.00) 0.961185928
07/31/1998 0.00119 2.227550693 1,875.72 (0.00) 0.962373769
08/31/1998 0.00119 2.230303516 1,896.18 (0.00) 0.97287378
09/30/1998 0.00115 2.181907081 1,940.84 (0.00) 0.995786172
10/31/1998 0.00119 2.307736839 1,927.97 (0.00) 0.989182695
11/30/1998 0.00115 2.218483807 1,942.33 (0.00) 0.996550548
12/31/1998 0.00119 2.309508282 1,949.05 (0.00) 1
0.9490516 0.9490516
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INDEX 500 (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.319723 2 6.00% 20%
Units purchased 3,127.703 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0.319723 3,127.703 1,000.00 1,000.00 3,127.70 0.00%
08/31/1992 0.320127 3,127.703 1,001.26 0.00000 0 1,001.26 3,127.70 0.00%
09/30/1992 0.323507 3,127.703 1,011.83 0.00000 0 1,011.83 3,127.70 0.00%
10/31/1992 0.323866 3,127.703 1,012.96 0.00000 0 1,012.96 3,127.70 0.00%
11/30/1992 0.334571 3,127.703 1,046.44 0.00000 0 1,046.44 3,127.70 0.00%
12/31/1992 0.338439 3,127.703 1,058.54 0.00000 0 1,058.54 3,127.70 0.00%
01/31/1993 0.340524 3,127.703 1,065.06 0.00000 0 1,065.06 3,127.70 0.00%
02/28/1993 0.344943 3,127.703 1,078.88 0.00000 0 1,078.88 3,127.70 0.00%
03/31/1993 0.352174 3,127.703 1,101.49 0.00000 0 1,101.49 3,127.70 0.00%
04/30/1993 0.343128 3,127.703 1,073.20 0.00000 0 1,073.20 3,127.70 0.00%
05/31/1993 0.351695 3,127.703 1,100.00 0.00000 0 1,100.00 3,127.70 0.00%
06/30/1993 0.352233 3,127.703 1,101.68 0.00000 0 1,101.68 3,127.70 0.00%
07/31/1993 0.350255 3,127.703 1,095.49 0.00000 0 1,095.49 3,127.70 0.00%
08/31/1993 0.363146 3,127.703 1,135.81 0.00000 0 1,135.81 3,127.70 0.00%
09/30/1993 0.359827 3,127.703 1,125.43 0.00000 0 1,125.43 3,127.70 0.00%
10/31/1993 0.366797 3,127.703 1,147.23 0.00000 0 1,147.23 3,127.70 0.00%
11/30/1993 0.362844 3,127.703 1,134.87 0.00000 0 1,134.87 3,127.70 0.00%
12/31/1993 0.366818 3,127.703 1,147.30 0.00000 0 1,147.30 3,127.70 0.00%
01/31/1994 0.378802 3,127.703 1,184.78 0.00000 0 1,184.78 3,127.70 2.00%
02/28/1994 0.368177 3,127.703 1,151.55 0.00000 0 1,151.55 3,127.70 2.00%
03/31/1994 0.351797 3,127.703 1,100.32 0.00000 0 1,100.32 3,127.70 2.00%
04/30/1994 0.355643 3,127.703 1,112.34 0.00000 0 1,112.34 3,127.70 2.00%
05/31/1994 0.360779 3,127.703 1,128.41 0.00000 0 1,128.41 3,127.70 2.00%
06/30/1994 0.351622 3,127.703 1,099.77 0.00000 0 1,099.77 3,127.70 2.00%
07/31/1994 0.362845 3,127.703 1,134.87 0.00000 0 1,134.87 3,127.70 2.00%
08/31/1994 0.376922 3,127.703 1,178.90 0.00000 0 1,178.90 3,127.70 2.00%
09/30/1994 0.367382 3,127.703 1,149.06 0.00000 0 1,149.06 3,127.70 2.00%
10/31/1994 0.375157 3,127.703 1,173.38 0.00000 0 1,173.38 3,127.70 2.00%
11/30/1994 0.361135 3,127.703 1,129.52 0.00000 0 1,129.52 3,127.70 2.00%
12/31/1994 0.366030 3,127.703 1,144.83 0.00000 0 1,144.83 3,127.70 2.00%
01/31/1995 0.375343 3,127.703 1,173.96 0.00000 0 1,173.96 3,127.70 4.00%
02/28/1995 0.389374 3,127.703 1,217.85 0.00000 0 1,217.85 3,127.70 4.00%
03/31/1995 0.400344 3,127.703 1,252.16 0.00000 0 1,252.16 3,127.70 4.00%
04/30/1995 0.411704 3,127.703 1,287.69 0.00000 0 1,287.69 3,127.70 4.00%
05/31/1995 0.427452 3,127.703 1,336.94 0.00000 0 1,336.94 3,127.70 4.00%
06/30/1995 0.436715 3,127.703 1,365.92 0.00000 0 1,365.92 3,127.70 4.00%
07/31/1995 0.450821 3,127.703 1,410.03 0.00000 0 1,410.03 3,127.70 4.00%
08/31/1995 0.451462 3,127.703 1,412.04 0.00000 0 1,412.04 3,127.70 4.00%
09/30/1995 0.469880 3,127.703 1,469.64 0.00000 0 1,469.64 3,127.70 4.00%
10/31/1995 0.467805 3,127.703 1,463.16 0.00000 0 1,463.16 3,127.70 4.00%
11/30/1995 0.487678 3,127.703 1,525.31 0.00000 0 1,525.31 3,127.70 4.00%
12/31/1995 0.496081 3,127.703 1,551.59 0.00000 0 1,551.59 3,127.70 4.00%
01/31/1996 0.512525 3,127.703 1,603.03 0.00000 0 1,603.03 3,127.70 6.00%
02/29/1996 0.516797 3,127.703 1,616.39 0.00000 0 1,616.39 3,127.70 6.00%
03/31/1996 0.521569 3,127.703 1,631.31 0.00000 0 1,631.31 3,127.70 6.00%
04/30/1996 0.528327 3,127.703 1,652.45 0.00000 0 1,652.45 3,127.70 6.00%
05/31/1996 0.541246 3,127.703 1,692.86 0.00000 0 1,692.86 3,127.70 6.00%
06/30/1996 0.543004 3,127.703 1,698.35 0.00000 0 1,698.35 3,127.70 6.00%
07/31/1996 0.518374 3,127.703 1,621.32 0.00000 0 1,621.32 3,127.70 6.00%
08/31/1996 0.528480 3,127.703 1,652.93 0.00000 0 1,652.93 3,127.70 6.00%
09/30/1996 0.557497 3,127.703 1,743.69 0.00000 0 1,743.69 3,127.70 6.00%
10/31/1996 0.572279 3,127.703 1,789.92 0.00000 0 1,789.92 3,127.70 6.00%
11/30/1996 0.614588 3,127.703 1,922.25 0.00000 0 1,922.25 3,127.70 6.00%
12/31/1996 0.601295 3,127.703 1,880.67 0.00000 0 1,880.67 3,127.70 6.00%
01/02/1997 0.598621 3,127.703 1,872.31 0.00000 0 1,872.31 3,127.70 6.00%
01/31/1997 0.637928 3,127.703 1,995.25 0.00000 0 1,995.25 3,127.70 6.00%
02/28/1997 0.642081 3,127.703 2,008.24 0.00000 0 2,008.24 3,127.70 6.00%
03/31/1997 0.614711 3,127.703 1,922.63 0.00000 0 1,922.63 3,127.70 6.00%
04/30/1997 0.650619 3,127.703 2,034.94 0.00000 0 2,034.94 3,127.70 6.00%
05/31/1997 0.689494 3,127.703 2,156.53 0.00000 0 2,156.53 3,127.70 6.00%
06/30/1997 0.719070 3,127.703 2,249.04 0.00000 0 2,249.04 3,127.70 6.00%
07/31/1997 0.775488 3,127.703 2,425.50 0.00000 0 2,425.50 3,127.70 6.00%
08/31/1997 0.731266 3,127.703 2,287.18 0.00000 0 2,287.18 3,127.70 6.00%
09/30/1997 0.770057 3,127.703 2,408.51 0.00000 0 2,408.51 3,127.70 6.00%
10/31/1997 0.743783 3,127.703 2,326.33 0.00000 0 2,326.33 3,127.70 6.00%
11/30/1997 0.776671 3,127.703 2,429.20 0.00000 0 2,429.20 3,127.70 6.00%
12/31/1997 0.788965 3,127.703 2,467.65 0.00000 0 2,467.65 3,127.70 6.00%
01/31/1998 0.796679 3,127.703 2,491.78 0.00000 0 2,491.78 3,127.70 6.00%
02/28/1998 0.852519 3,127.703 2,666.43 0.00000 0 2,666.43 3,127.70 6.00%
03/31/1998 0.894747 3,127.703 2,798.50 0.00000 0 2,798.50 3,127.70 6.00%
04/30/1998 0.902688 3,127.703 2,823.34 0.00000 0 2,823.34 3,127.70 6.00%
05/31/1998 0.885598 3,127.703 2,769.89 0.00000 0 2,769.89 3,127.70 6.00%
06/30/1998 0.920768 3,127.703 2,879.89 0.00000 0 2,879.89 3,127.70 6.00%
07/31/1998 0.909818 3,127.703 2,845.64 0.00000 0 2,845.64 3,127.70 6.00%
08/31/1998 0.777202 3,127.703 2,430.86 0.00000 0 2,430.86 3,127.70 6.00%
09/30/1998 0.826367 3,127.703 2,584.63 0.00000 0 2,584.63 3,127.70 6.00%
10/31/1998 0.892590 3,127.703 2,791.76 0.00000 0 2,791.76 3,127.70 6.00%
11/30/1998 0.945444 3,127.703 2,957.07 0.00000 0 2,957.07 3,127.70 6.00%
12/31/1998 1.000000 3,127.703 3,127.70 0.00000 0 3,127.70 3,127.70 6.00%
12/31/1998 3,127.70
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 70.00% 3,127.70 6.3479 19.68% 19.68% 3,127.70 3,127.70 7
08/31/1992 70.00% 3,127.70 6.3370 19.69% 19.69% 3,123.76 3,123.76 7
09/30/1992 70.00% 3,127.70 6.2548 19.77% 19.77% 3,091.13 3,091.13 7
10/31/1992 70.00% 3,127.70 6.1699 20.05% 20.05% 3,087.70 3,087.70 7
11/30/1992 70.00% 3,127.70 6.0877 19.70% 19.70% 2,988.90 2,988.90 7
12/31/1992 70.00% 3,127.70 6.0027 19.78% 19.78% 2,954.75 2,954.75 7
01/31/1993 60.00% 3,127.70 5.9178 19.97% 19.97% 2,936.65 2,936.65 6
02/28/1993 60.00% 3,127.70 5.8411 19.99% 19.99% 2,899.03 2,899.03 6
03/31/1993 60.00% 3,127.70 5.7562 19.88% 19.88% 2,839.51 2,839.51 6
04/30/1993 60.00% 3,127.70 5.6740 20.75% 20.75% 2,914.37 2,914.37 6
05/31/1993 60.00% 3,127.70 5.5890 20.56% 20.56% 2,843.37 2,843.37 6
06/30/1993 60.00% 3,127.70 5.5068 20.86% 20.86% 2,839.03 2,839.03 6
07/31/1993 60.00% 3,127.70 5.4219 21.35% 21.35% 2,855.06 2,855.06 6
08/31/1993 60.00% 3,127.70 5.3370 20.90% 20.90% 2,753.71 2,753.71 6
09/30/1993 60.00% 3,127.70 5.2548 21.47% 21.47% 2,779.11 2,779.11 6
10/31/1993 60.00% 3,127.70 5.1699 21.41% 21.41% 2,726.30 2,726.30 6
11/30/1993 60.00% 3,127.70 5.0877 22.05% 22.05% 2,756.00 2,756.00 6
12/31/1993 60.00% 3,127.70 5.0027 22.20% 22.20% 2,726.14 2,726.14 6
01/31/1994 50.00% 3,127.70 4.9178 21.82% 21.82% 2,639.90 2,639.90 5
02/28/1994 50.00% 3,127.70 4.8411 22.92% 22.92% 2,716.09 2,716.09 5
03/31/1994 50.00% 3,127.70 4.7562 24.56% 24.56% 2,842.54 2,842.54 5
04/30/1994 50.00% 3,127.70 4.6740 24.76% 24.76% 2,811.81 2,811.81 5
05/31/1994 50.00% 3,127.70 4.5890 24.88% 24.88% 2,771.78 2,771.78 5
06/30/1994 50.00% 3,127.70 4.5068 26.10% 26.10% 2,843.96 2,843.96 5
07/31/1994 50.00% 3,127.70 4.4219 25.77% 25.77% 2,756.00 2,756.00 5
08/31/1994 50.00% 3,127.70 4.3370 25.23% 25.23% 2,653.07 2,653.07 5
09/30/1994 50.00% 3,127.70 4.2548 26.53% 26.53% 2,721.96 2,721.96 5
10/31/1994 50.00% 3,127.70 4.1699 26.51% 26.51% 2,665.55 2,665.55 5
11/30/1994 50.00% 3,127.70 4.0877 28.30% 28.30% 2,769.05 2,769.05 5
12/31/1994 50.00% 3,127.70 4.0027 28.54% 28.54% 2,732.01 2,732.01 5
01/31/1995 40.00% 3,127.70 3.9178 28.42% 28.42% 2,664.23 2,664.23 4
02/28/1995 40.00% 3,127.70 3.8411 27.83% 27.83% 2,568.23 2,568.23 4
03/31/1995 40.00% 3,127.66 3.7562 27.60% 27.60% 2,497.82 2,497.85 4
04/30/1995 40.00% 3,126.24 3.6740 27.31% 27.32% 2,427.79 2,428.93 4
05/31/1995 40.00% 3,124.27 3.5890 26.68% 26.72% 2,336.87 2,339.44 4
06/30/1995 40.00% 3,123.11 3.5068 26.60% 26.65% 2,286.46 2,289.82 4
07/31/1995 40.00% 3,121.34 3.4219 26.14% 26.22% 2,213.67 2,218.18 4
08/31/1995 40.00% 3,121.26 3.3370 26.83% 26.91% 2,210.47 2,215.03 4
09/30/1995 40.00% 3,118.96 3.2548 26.01% 26.12% 2,122.25 2,128.20 4
10/31/1995 40.00% 3,119.22 3.1699 26.97% 27.08% 2,131.84 2,137.64 4
11/30/1995 40.00% 3,116.73 3.0877 26.04% 26.18% 2,043.34 2,050.54 4
12/31/1995 40.00% 3,115.68 3.0027 26.13% 26.30% 2,008.05 2,015.80 4
01/31/1996 30.00% 3,087.82 2.9178 25.19% 25.74% 1,926.24 1,951.12 3
02/29/1996 30.00% 3,087.02 2.8384 25.60% 26.18% 1,909.83 1,935.00 3
03/31/1996 30.00% 3,086.12 2.7534 26.05% 26.67% 1,891.80 1,917.29 3
04/30/1996 30.00% 3,084.85 2.6712 26.33% 26.98% 1,866.84 1,892.77 3
05/31/1996 30.00% 3,082.43 2.5863 26.08% 26.79% 1,820.84 1,847.59 3
06/30/1996 30.00% 3,082.10 2.5041 26.87% 27.62% 1,814.76 1,841.61 3
07/31/1996 30.00% 3,086.72 2.4192 30.49% 31.21% 1,903.83 1,929.11 3
08/31/1996 30.00% 3,084.83 2.3342 30.64% 31.42% 1,866.28 1,892.22 3
09/30/1996 30.00% 3,079.38 2.2521 28.73% 29.62% 1,766.02 1,793.73 3
10/31/1996 30.00% 3,076.61 2.1671 28.40% 29.38% 1,718.85 1,747.40 3
11/30/1996 30.00% 3,068.67 2.0849 25.15% 26.30% 1,596.39 1,627.11 3
12/31/1996 30.00% 3,071.16 2.0000 27.79% 28.96% 1,633.01 1,663.08 3
01/02/1997 20.00% 3,052.90 1.9945 27.78% 29.34% 1,630.55 1,670.51 2
01/31/1997 20.00% 3,045.52 1.9151 24.71% 26.46% 1,526.39 1,567.58 2
02/28/1997 20.00% 3,044.74 1.8384 25.40% 27.25% 1,516.13 1,557.44 2
03/31/1997 20.00% 3,049.88 1.7534 30.10% 31.99% 1,586.30 1,626.78 2
04/30/1997 20.00% 3,043.14 1.6712 27.23% 29.33% 1,495.44 1,537.00 2
05/31/1997 20.00% 3,035.84 1.5863 24.06% 26.41% 1,407.74 1,450.34 2
06/30/1997 20.00% 3,030.29 1.5041 21.92% 24.52% 1,347.37 1,390.69 2
07/31/1997 20.00% 3,019.71 1.4192 16.70% 19.62% 1,244.98 1,289.51 2
08/31/1997 20.00% 3,028.00 1.3342 23.40% 26.44% 1,323.90 1,367.49 2
09/30/1997 20.00% 3,020.72 1.2521 19.83% 23.21% 1,254.19 1,298.61 2
10/31/1997 20.00% 3,025.66 1.1671 25.26% 28.87% 1,300.61 1,344.48 2
11/30/1997 20.00% 3,019.48 1.0849 22.20% 26.23% 1,243.00 1,287.55 2
12/31/1997 20.00% 3,017.18 1.0000 22.27% 26.75% 1,222.69 1,267.48 2
01/31/1998 10.00% 2,996.96 0.9151 20.27% 25.52% 1,184.04 1,231.22 1
02/28/1998 10.00% 2,986.48 0.8384 12.00% 17.30% 1,099.70 1,143.14 1
03/31/1998 10.00% 2,978.56 0.7534 6.43% 11.76% 1,048.10 1,087.40 1
04/30/1998 10.00% 2,977.07 0.6712 5.44% 10.78% 1,036.23 1,071.13 1
05/31/1998 10.00% 2,980.28 0.5863 7.60% 12.92% 1,043.86 1,073.83 1
06/30/1998 10.00% 2,973.68 0.5041 3.26% 8.60% 1,016.29 1,042.49 1
07/31/1998 10.00% 2,975.73 0.4192 4.57% 9.91% 1,018.92 1,040.41 1
08/31/1998 10.00% 3,000.62 0.3342 23.44% 28.67% 1,072.91 1,087.89 1
09/30/1998 10.00% 2,991.39 0.2521 15.74% 21.01% 1,037.53 1,049.25 1
10/31/1998 10.00% 2,978.96 0.1671 6.71% 12.03% 1,010.90 1,019.17 1
11/30/1998 10.00% 2,969.05 0.0849 0.41% 5.77% 1,000.34 1,004.77 1
12/31/1998 10.00% 2,958.81 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INDEX 500 (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.319723 2 6.00% 20%
Units purchased 3,127.703 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,957.07 2,969.05 3,127.70 0.41% 5.77%
09/30/1998 0.25 0.25 2,584.63 2,991.39 3,127.70 15.74% 21.01%
12/31/1997 1.00 1.00 2,467.65 3,017.18 3,127.70 22.27% 26.75%
12/31/1997 1.00 1.00 2,467.65 3,017.18 3,127.70 22.27% 26.75%
12/31/1995 3.00 3.00 1,551.59 3,115.68 3,127.70 26.16% 26.32%
12/31/1993 5.00 5.00 1,147.30 3,127.70 3,127.70 22.21% 22.21%
12/31/1988 10.00 10.00 #N/A #N/A #N/A #N/A #N/A
10/31/1998 0.16 0.16 2,791.76 2,978.96 3,127.70 6.71% 12.03%
08/27/1992 6.35 6.35 1,000.00 3,127.70 3,127.70 19.68% 19.68%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
FIDELITY VIP II INDEX 500 (1.25%)
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0 20 50.00 1,000.00
08/31/1992 1000 0 10 20 50.07 1,001.40 0.14%
09/30/1992 1001.4 0 10 20 50.65 1,013.00 1.16%
10/31/1992 1013 0 10 20 50.76 1,015.20 0.22%
11/30/1992 1015.2 0 10 20 52.49 1,049.80 3.41%
12/31/1992 1049.8 0.55 52.28 20.21 52.60 1,063.05 1.26%
01/31/1993 1063.05 0 10 20.21 52.98 1,070.73 0.72%
02/28/1993 1070.73 0.15 54.16 20.266 53.57 1,085.65 1.39%
03/31/1993 1085.65 0 10 20.266 54.75 1,109.56 2.20%
04/30/1993 1109.56 0 10 20.266 53.40 1,082.20 -2.47%
05/31/1993 1082.2 0 10 20.266 54.79 1,110.37 2.60%
06/30/1993 1110.37 0 10 20.266 54.93 1,113.21 0.26%
07/31/1993 1113.21 0 10 20.266 54.68 1,108.14 -0.46%
08/31/1993 1108.14 0 10 20.266 56.75 1,150.10 3.79%
09/30/1993 1150.1 0 10 20.266 56.29 1,140.77 -0.81%
10/31/1993 1140.77 0 10 20.266 57.44 1,164.08 2.04%
11/30/1993 1164.08 0 10 20.266 56.88 1,152.73 -0.98%
12/31/1993 1152.73 1.82 55.63 20.929 55.74 1,166.58 1.20%
01/31/1994 1166.58 0 10 20.929 57.62 1,205.93 3.37%
02/28/1994 1205.93 0.1 56.17 20.966 55.96 1,173.26 -2.71%
03/31/1994 1173.26 0 10 20.966 53.53 1,122.31 -4.34%
04/30/1994 1122.31 0 10 20.966 54.17 1,135.73 1.20%
05/31/1994 1135.73 0 10 20.966 55.01 1,153.34 1.55%
06/30/1994 1153.34 0 10 20.966 53.67 1,125.25 -2.44%
07/31/1994 1125.25 0 10 20.966 55.44 1,162.36 3.30%
08/31/1994 1162.36 0 10 20.966 57.65 1,208.69 3.99%
09/30/1994 1208.69 0 10 20.966 56.25 1,179.34 -2.43%
10/31/1994 1179.34 0 10 20.966 57.50 1,205.55 2.22%
11/30/1994 1205.55 0 10 20.966 55.41 1,161.73 -3.63%
12/31/1994 1161.73 0 10 20.966 56.22 1,178.71 1.46%
01/31/1995 1178.71 0 10 20.966 57.71 1,209.95 2.65%
02/28/1995 1209.95 1.08 57.65 21.359 58.82 1,256.34 3.83%
03/31/1995 1256.34 0 10 21.359 60.54 1,293.07 2.92%
04/30/1995 1293.07 0 10 21.359 62.32 1,331.09 2.94%
05/31/1995 1331.09 0 10 21.359 64.77 1,383.42 3.93%
06/30/1995 1383.42 0 10 21.359 66.24 1,414.82 2.27%
07/31/1995 1414.82 0 10 21.359 68.45 1,462.02 3.34%
08/31/1995 1462.02 0 10 21.359 68.62 1,465.65 0.25%
09/30/1995 1465.65 0 10 21.359 71.49 1,526.95 4.18%
10/31/1995 1526.95 0 10 21.359 71.25 1,521.83 -0.34%
11/30/1995 1521.83 0 10 21.359 74.35 1,588.04 4.35%
12/31/1995 1588.04 0 10 21.359 75.71 1,617.09 1.83%
01/31/1996 1617.09 0 10 21.359 78.30 1,672.41 3.42%
02/29/1996 1672.41 3.25 75.06 22.284 75.75 1,688.01 0.93%
03/31/1996 1688.01 0 10 22.284 76.53 1,705.39 1.03%
04/30/1996 1705.39 0 10 22.284 77.60 1,729.24 1.40%
05/31/1996 1729.24 0 10 22.284 79.58 1,773.36 2.55%
06/30/1996 1773.36 0 10 22.284 79.92 1,780.94 0.43%
07/31/1996 1780.94 0 10 22.284 76.38 1,702.05 -4.43%
08/31/1996 1702.05 0 10 22.284 77.95 1,737.04 2.06%
09/30/1996 1737.04 0 10 22.284 82.31 1,834.20 5.59%
10/31/1996 1834.2 0 10 22.284 84.58 1,884.78 2.76%
11/30/1996 1884.78 0 10 22.284 90.92 2,026.06 7.50%
12/31/1996 2026.06 0 10 22.284 89.05 1,984.39 -2.06%
01/02/1997 1984.39 0 10 22.284 88.66 1,975.70 -0.44%
01/31/1997 1984.39 0 10 22.284 94.57 2,107.40 6.67%
02/28/1997 2107.4 3.12 91.92 23.04 92.15 2,123.14 0.75%
03/31/1997 2123.14 0 10 23.04 88.32 2,034.89 -4.16%
04/30/1997 2034.89 0 10 23.04 93.57 2,155.85 5.94%
05/31/1997 2155.85 0 10 23.04 99.26 2,286.95 6.08%
06/30/1997 2286.95 0 10 23.04 103.62 2,387.40 4.39%
07/31/1997 2387.4 0 10 23.04 111.86 2,577.25 7.95%
08/31/1997 2577.25 0 10 23.04 105.60 2,433.02 -5.60%
09/30/1997 2433.02 0 10 23.04 111.31 2,564.58 5.41%
10/31/1997 2564.58 0 10 23.04 107.63 2,479.80 -3.31%
11/30/1997 2479.8 0 10 23.04 112.50 2,592.00 4.52%
12/31/1997 2592 0 10 23.04 114.40 2,635.78 1.69%
01/31/1998 2635.78 0 10 23.04 115.64 2,664.35 1.08%
02/28/1998 2664.35 4.51 114.96 23.944 119.18 2,853.65 7.10%
03/31/1998 2853.65 0 10 23.944 125.21 2,998.03 5.06%
04/30/1998 2998.03 0 10 23.944 126.45 3,027.72 0.99%
05/31/1998 3027.72 0 10 23.944 124.19 2,973.61 -1.79%
06/30/1998 2973.61 0 10 23.944 129.25 3,094.76 4.07%
07/31/1998 3094.76 0 10 23.944 127.85 3,061.24 -1.08%
08/31/1998 3061.24 0 10 23.944 109.35 2,618.28 -14.47%
09/30/1998 2618.28 0 10 23.944 116.38 2,786.60 6.43%
10/31/1998 2786.6 0 10 23.944 125.83 3,012.87 8.12%
11/30/1998 3012.87 0 10 23.944 133.41 3,194.37 6.02%
12/31/1998 3194.37 0 10 23.944 141.25 3,382.09 5.88%
2.3821
<CAPTION>
Ending
` M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/27/1992 1,000.00 0.319723486
08/31/1992 0.00014 0.136986301 1,001.26 (0.00) 0.320127301
09/30/1992 0.00103 1.028694877 1,011.83 (0.00) 0.323506688
10/31/1992 0.00106 1.074205983 1,012.96 (0.00) 0.323865821
11/30/1992 0.00103 1.04070821 1,046.44 (0.00) 0.334571062
12/31/1992 0.00106 1.110945304 1,058.54 (0.00) 0.338438639
01/31/1993 0.00106 1.123787618 1,065.06 (0.00) 0.340524386
02/28/1993 0.00096 1.021289482 1,078.88 (0.00) 0.344942865
03/31/1993 0.00106 1.145384942 1,101.49 (0.00) 0.352173567
04/30/1993 0.00103 1.13167213 1,073.20 (0.00) 0.3431277
05/31/1993 0.00106 1.139357676 1,100.00 (0.00) 0.351695141
06/30/1993 0.00103 1.130134758 1,101.68 (0.00) 0.352233343
07/31/1993 0.00106 1.16959302 1,095.49 (0.00) 0.350255186
08/31/1993 0.00106 1.163024538 1,135.81 (0.00) 0.363145841
09/30/1993 0.00103 1.166930358 1,125.43 (0.00) 0.359826784
10/31/1993 0.00106 1.194807088 1,147.23 (0.00) 0.366797321
11/30/1993 0.00103 1.178663999 1,134.87 (0.00) 0.362844131
12/31/1993 0.00106 1.204826207 1,147.30 (0.00) 0.366818476
01/31/1994 0.00106 1.218023045 1,184.78 (0.00) 0.378802228
02/28/1994 0.00096 1.136091119 1,151.55 (0.00) 0.368176814
03/31/1994 0.00106 1.222533416 1,100.32 (0.00) 0.351797492
04/30/1994 0.00103 1.130463651 1,112.34 (0.00) 0.355642668
05/31/1994 0.00106 1.180913703 1,128.41 (0.00) 0.3607795
06/30/1994 0.00103 1.159326375 1,099.77 (0.00) 0.351621925
07/31/1994 0.00106 1.167562802 1,134.87 (0.00) 0.362844886
08/31/1994 0.00106 1.204828714 1,178.90 (0.00) 0.37692215
09/30/1994 0.00103 1.211199055 1,149.06 (0.00) 0.367382294
10/31/1994 0.00106 1.219895205 1,173.38 (0.00) 0.375157077
11/30/1994 0.00103 1.205527182 1,129.52 (0.00) 0.361135224
12/31/1994 0.00106 1.199151771 1,144.83 (0.00) 0.366030228
01/31/1995 0.00106 1.215405661 1,173.96 (0.00) 0.375342734
02/28/1995 0.00096 1.125715521 1,217.84 (0.00) 0.389373618
03/31/1995 0.00106 1.292917533 1,252.16 (0.00) 0.400343858
04/30/1995 0.00103 1.286462212 1,287.69 (0.00) 0.411703814
05/31/1995 0.00106 1.36706509 1,336.94 (0.00) 0.427452309
06/30/1995 0.00103 1.373572322 1,365.92 (0.00) 0.43671519
07/31/1995 0.00106 1.450115521 1,410.03 (0.00) 0.450820868
08/31/1995 0.00106 1.496953513 1,412.04 (0.00) 0.451461585
09/30/1995 0.00103 1.450723565 1,469.64 (0.00) 0.469879885
10/31/1995 0.00106 1.560239099 1,463.16 (0.00) 0.467805491
11/30/1995 0.00103 1.503242961 1,525.31 (0.00) 0.487677603
12/31/1995 0.00106 1.619336532 1,551.59 (0.00) 0.496080945
01/31/1996 0.00106 1.647239881 1,603.03 (0.00) 0.512525013
02/29/1996 0.00099 1.592046223 1,616.39 (0.00) 0.516796759
03/31/1996 0.00106 1.71602687 1,631.31 (0.00) 0.52156912
04/30/1996 0.00103 1.676006639 1,652.45 (0.00) 0.528327443
05/31/1996 0.00106 1.754314579 1,692.86 (0.00) 0.541246345
06/30/1996 0.00103 1.7392373 1,698.35 (0.00) 0.543003759
07/31/1996 0.00106 1.803047378 1,621.32 (0.00) 0.518373936
08/31/1996 0.00106 1.721263897 1,652.93 (0.00) 0.528480112
09/30/1996 0.00103 1.698214373 1,743.69 (0.00) 0.557497283
10/31/1996 0.00106 1.851173215 1,789.92 (0.00) 0.572278995
11/30/1996 0.00103 1.838957403 1,922.25 (0.00) 0.614588126
12/31/1996 0.00106 2.040743719 1,880.67 (0.00) 0.601295412
01/02/1997 0.00007 0.128813237 1,872.31 (0.00) 0.598621046
01/31/1997 0.00099 1.867791939 1,995.25 (0.00) 0.637927899
02/28/1997 0.00096 1.913252267 2,008.24 (0.00) 0.642080819
03/31/1997 0.00106 2.132033378 1,922.63 (0.00) 0.614710559
04/30/1997 0.00103 1.975306701 2,034.94 (0.00) 0.650619257
05/31/1997 0.00106 2.160385314 2,156.53 (0.00) 0.689493522
06/30/1997 0.00103 2.215613761 2,249.04 (0.00) 0.719069851
07/31/1997 0.00106 2.387675939 2,425.50 (0.00) 0.77548808
08/31/1997 0.00106 2.575013021 2,287.18 (0.00) 0.731266341
09/30/1997 0.00103 2.349846253 2,408.51 (0.00) 0.770056598
10/31/1997 0.00106 2.55697775 2,326.33 (0.00) 0.743782506
11/30/1997 0.00103 2.390065612 2,429.20 (0.00) 0.77667122
12/31/1997 0.00106 2.578941647 2,467.65 (0.00) 0.788964985
01/31/1998 0.00106 2.619763168 2,491.78 (0.00) 0.79667921
02/28/1998 0.00096 2.38937395 2,666.43 (0.00) 0.852518711
03/31/1998 0.00106 2.830793713 2,798.50 (0.00) 0.894746698
04/30/1998 0.00103 2.875172911 2,823.34 (0.00) 0.902688266
05/31/1998 0.00106 2.997382034 2,769.89 (0.00) 0.885597509
06/30/1998 0.00103 2.845772969 2,879.89 (0.00) 0.920768418
07/31/1998 0.00106 3.057417293 2,845.64 (0.00) 0.909817852
08/31/1998 0.00106 3.021055872 2,430.86 (0.00) 0.777201731
09/30/1998 0.00103 2.49745472 2,584.63 (0.00) 0.826366798
10/31/1998 0.00106 2.743956124 2,791.76 (0.00) 0.892589906
11/30/1998 0.00103 2.86824229 2,957.07 (0.00) 0.945443873
12/31/1998 0.00106 3.139352295 3,127.70 (0.00) 1
2.1277027 2.1277027
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INDEX 500 (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.322739 2 6.00% 20%
Units purchased 3,098.475 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0.322739 3,098.475 1,000.00 1,000.00 3,098.48 0.00%
08/31/1992 0.323142 3,098.475 1,001.25 0.00000 0 1,001.25 3,098.48 0.00%
09/30/1992 0.326513 3,098.475 1,011.69 0.00000 0 1,011.69 3,098.48 0.00%
10/31/1992 0.326834 3,098.475 1,012.69 0.00000 0 1,012.69 3,098.48 0.00%
11/30/1992 0.337597 3,098.475 1,046.04 0.00000 0 1,046.04 3,098.48 0.00%
12/31/1992 0.341457 3,098.475 1,057.99 0.00000 0 1,057.99 3,098.48 0.00%
01/31/1993 0.343517 3,098.475 1,064.38 0.00000 0 1,064.38 3,098.48 0.00%
02/28/1993 0.347935 3,098.475 1,078.07 0.00000 0 1,078.07 3,098.48 0.00%
03/31/1993 0.355184 3,098.475 1,100.53 0.00000 0 1,100.53 3,098.48 0.00%
04/30/1993 0.346017 3,098.475 1,072.13 0.00000 0 1,072.13 3,098.48 0.00%
05/31/1993 0.354613 3,098.475 1,098.76 0.00000 0 1,098.76 3,098.48 0.00%
06/30/1993 0.355112 3,098.475 1,100.31 0.00000 0 1,100.31 3,098.48 0.00%
07/31/1993 0.353072 3,098.475 1,093.99 0.00000 0 1,093.99 3,098.48 0.00%
08/31/1993 0.366022 3,098.475 1,134.11 0.00000 0 1,134.11 3,098.48 0.00%
09/30/1993 0.362631 3,098.475 1,123.60 0.00000 0 1,123.60 3,098.48 0.00%
10/31/1993 0.369610 3,098.475 1,145.23 0.00000 0 1,145.23 3,098.48 0.00%
11/30/1993 0.365581 3,098.475 1,132.74 0.00000 0 1,132.74 3,098.48 0.00%
12/31/1993 0.369538 3,098.475 1,145.01 0.00000 0 1,145.01 3,098.48 0.00%
01/31/1994 0.381564 3,098.475 1,182.27 0.00000 0 1,182.27 3,098.48 2.00%
02/28/1994 0.370817 3,098.475 1,148.97 0.00000 0 1,148.97 3,098.48 2.00%
03/31/1994 0.354273 3,098.475 1,097.71 0.00000 0 1,097.71 3,098.48 2.00%
04/30/1994 0.358102 3,098.475 1,109.57 0.00000 0 1,109.57 3,098.48 2.00%
05/31/1994 0.363228 3,098.475 1,125.45 0.00000 0 1,125.45 3,098.48 2.00%
06/30/1994 0.353964 3,098.475 1,096.75 0.00000 0 1,096.75 3,098.48 2.00%
07/31/1994 0.365217 3,098.475 1,131.61 0.00000 0 1,131.61 3,098.48 2.00%
08/31/1994 0.379339 3,098.475 1,175.37 0.00000 0 1,175.37 3,098.48 2.00%
09/30/1994 0.369692 3,098.475 1,145.48 0.00000 0 1,145.48 3,098.48 2.00%
10/31/1994 0.377468 3,098.475 1,169.58 0.00000 0 1,169.58 3,098.48 2.00%
11/30/1994 0.363313 3,098.475 1,125.72 0.00000 0 1,125.72 3,098.48 2.00%
12/31/1994 0.368192 3,098.475 1,140.83 0.00000 0 1,140.83 3,098.48 2.00%
01/31/1995 0.377512 3,098.475 1,169.71 0.00000 0 1,169.71 3,098.48 4.00%
02/28/1995 0.391581 3,098.475 1,213.30 0.00000 0 1,213.30 3,098.48 4.00%
03/31/1995 0.402563 3,098.475 1,247.33 0.00000 0 1,247.33 3,098.48 4.00%
04/30/1995 0.413937 3,098.475 1,282.57 0.00000 0 1,282.57 3,098.48 4.00%
05/31/1995 0.429718 3,098.475 1,331.47 0.00000 0 1,331.47 3,098.48 4.00%
06/30/1995 0.438977 3,098.475 1,360.16 0.00000 0 1,360.16 3,098.48 4.00%
07/31/1995 0.453099 3,098.475 1,403.92 0.00000 0 1,403.92 3,098.48 4.00%
08/31/1995 0.453686 3,098.475 1,405.73 0.00000 0 1,405.73 3,098.48 4.00%
09/30/1995 0.472139 3,098.475 1,462.91 0.00000 0 1,462.91 3,098.48 4.00%
10/31/1995 0.469994 3,098.475 1,456.27 0.00000 0 1,456.27 3,098.48 4.00%
11/30/1995 0.489901 3,098.475 1,517.95 0.00000 0 1,517.95 3,098.48 4.00%
12/31/1995 0.498281 3,098.475 1,543.91 0.00000 0 1,543.91 3,098.48 4.00%
01/31/1996 0.514734 3,098.475 1,594.89 0.00000 0 1,594.89 3,098.48 6.00%
02/29/1996 0.518963 3,098.475 1,607.99 0.00000 0 1,607.99 3,098.48 6.00%
03/31/1996 0.523689 3,098.475 1,622.64 0.00000 0 1,622.64 3,098.48 6.00%
04/30/1996 0.530411 3,098.475 1,643.46 0.00000 0 1,643.46 3,098.48 6.00%
05/31/1996 0.543313 3,098.475 1,683.44 0.00000 0 1,683.44 3,098.48 6.00%
06/30/1996 0.545010 3,098.475 1,688.70 0.00000 0 1,688.70 3,098.48 6.00%
07/31/1996 0.520220 3,098.475 1,611.89 0.00000 0 1,611.89 3,098.48 6.00%
08/31/1996 0.530296 3,098.475 1,643.11 0.00000 0 1,643.11 3,098.48 6.00%
09/30/1996 0.559347 3,098.475 1,733.12 0.00000 0 1,733.12 3,098.48 6.00%
10/31/1996 0.574107 3,098.475 1,778.85 0.00000 0 1,778.85 3,098.48 6.00%
11/30/1996 0.616480 3,098.475 1,910.15 0.00000 0 1,910.15 3,098.48 6.00%
12/31/1996 0.603068 3,098.475 1,868.59 0.00000 0 1,868.59 3,098.48 6.00%
01/02/1997 0.600381 3,098.475 1,860.26 0.00000 0 1,860.26 3,098.48 6.00%
01/31/1997 0.639731 3,098.475 1,982.19 0.00000 0 1,982.19 3,098.48 6.00%
02/28/1997 0.643822 3,098.475 1,994.87 0.00000 0 1,994.87 3,098.48 6.00%
03/31/1997 0.616296 3,098.475 1,909.58 0.00000 0 1,909.58 3,098.48 6.00%
04/30/1997 0.652221 3,098.475 2,020.89 0.00000 0 2,020.89 3,098.48 6.00%
05/31/1997 0.691108 3,098.475 2,141.38 0.00000 0 2,141.38 3,098.48 6.00%
06/30/1997 0.720668 3,098.475 2,232.97 0.00000 0 2,232.97 3,098.48 6.00%
07/31/1997 0.777120 3,098.475 2,407.89 0.00000 0 2,407.89 3,098.48 6.00%
08/31/1997 0.732706 3,098.475 2,270.27 0.00000 0 2,270.27 3,098.48 6.00%
09/30/1997 0.771483 3,098.475 2,390.42 0.00000 0 2,390.42 3,098.48 6.00%
10/31/1997 0.745062 3,098.475 2,308.55 0.00000 0 2,308.55 3,098.48 6.00%
11/30/1997 0.777915 3,098.475 2,410.35 0.00000 0 2,410.35 3,098.48 6.00%
12/31/1997 0.790129 3,098.475 2,448.20 0.00000 0 2,448.20 3,098.48 6.00%
01/31/1998 0.797754 3,098.475 2,471.82 0.00000 0 2,471.82 3,098.48 6.00%
02/28/1998 0.853577 3,098.475 2,644.79 0.00000 0 2,644.79 3,098.48 6.00%
03/31/1998 0.895749 3,098.475 2,775.46 0.00000 0 2,775.46 3,098.48 6.00%
04/30/1998 0.903589 3,098.475 2,799.75 0.00000 0 2,799.75 3,098.48 6.00%
05/31/1998 0.886366 3,098.475 2,746.38 0.00000 0 2,746.38 3,098.48 6.00%
06/30/1998 0.921458 3,098.475 2,855.12 0.00000 0 2,855.12 3,098.48 6.00%
07/31/1998 0.910382 3,098.475 2,820.80 0.00000 0 2,820.80 3,098.48 6.00%
08/31/1998 0.777568 3,098.475 2,409.27 0.00000 0 2,409.27 3,098.48 6.00%
09/30/1998 0.826660 3,098.475 2,561.39 0.00000 0 2,561.39 3,098.48 6.00%
10/31/1998 0.892801 3,098.475 2,766.32 0.00000 0 2,766.32 3,098.48 6.00%
11/30/1998 0.945558 3,098.475 2,929.79 0.00000 0 2,929.79 3,098.48 6.00%
12/31/1998 1.000000 3,098.475 3,098.48 0.00000 0 3,098.48 3,098.48 6.00%
12/31/1998 3,098.48
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 70.00% 3,098.48 6.3479 19.50% 19.50% 3,098.47 3,098.47 7
08/31/1992 70.00% 3,098.48 6.3370 19.51% 19.51% 3,094.62 3,094.62 7
09/30/1992 70.00% 3,098.48 6.2548 19.60% 19.60% 3,062.66 3,062.66 7
10/31/1992 70.00% 3,098.48 6.1699 19.87% 19.87% 3,059.66 3,059.66 7
11/30/1992 70.00% 3,098.48 6.0877 19.53% 19.53% 2,962.11 2,962.11 7
12/31/1992 70.00% 3,098.48 6.0027 19.60% 19.60% 2,928.63 2,928.63 7
01/31/1993 60.00% 3,098.48 5.9178 19.79% 19.79% 2,911.06 2,911.06 6
02/28/1993 60.00% 3,098.48 5.8411 19.81% 19.81% 2,874.10 2,874.10 6
03/31/1993 60.00% 3,098.48 5.7562 19.70% 19.70% 2,815.44 2,815.44 6
04/30/1993 60.00% 3,098.48 5.6740 20.57% 20.57% 2,890.03 2,890.03 6
05/31/1993 60.00% 3,098.48 5.5890 20.38% 20.38% 2,819.98 2,819.98 6
06/30/1993 60.00% 3,098.48 5.5068 20.68% 20.68% 2,816.01 2,816.01 6
07/31/1993 60.00% 3,098.48 5.4219 21.17% 21.17% 2,832.28 2,832.28 6
08/31/1993 60.00% 3,098.48 5.3370 20.72% 20.72% 2,732.08 2,732.08 6
09/30/1993 60.00% 3,098.48 5.2548 21.29% 21.29% 2,757.62 2,757.62 6
10/31/1993 60.00% 3,098.48 5.1699 21.23% 21.23% 2,705.56 2,705.56 6
11/30/1993 60.00% 3,098.48 5.0877 21.87% 21.87% 2,735.37 2,735.37 6
12/31/1993 60.00% 3,098.48 5.0027 22.02% 22.02% 2,706.08 2,706.08 6
01/31/1994 50.00% 3,098.48 4.9178 21.64% 21.64% 2,620.79 2,620.79 5
02/28/1994 50.00% 3,098.48 4.8411 22.74% 22.74% 2,696.75 2,696.75 5
03/31/1994 50.00% 3,098.48 4.7562 24.38% 24.38% 2,822.68 2,822.68 5
04/30/1994 50.00% 3,098.48 4.6740 24.57% 24.57% 2,792.50 2,792.50 5
05/31/1994 50.00% 3,098.48 4.5890 24.69% 24.69% 2,753.09 2,753.09 5
06/30/1994 50.00% 3,098.48 4.5068 25.92% 25.92% 2,825.15 2,825.15 5
07/31/1994 50.00% 3,098.48 4.4219 25.58% 25.58% 2,738.10 2,738.10 5
08/31/1994 50.00% 3,098.48 4.3370 25.04% 25.04% 2,636.16 2,636.16 5
09/30/1994 50.00% 3,098.48 4.2548 26.35% 26.35% 2,704.96 2,704.96 5
10/31/1994 50.00% 3,098.48 4.1699 26.32% 26.32% 2,649.23 2,649.23 5
11/30/1994 50.00% 3,098.48 4.0877 28.11% 28.11% 2,752.45 2,752.45 5
12/31/1994 50.00% 3,098.48 4.0027 28.35% 28.35% 2,715.98 2,715.98 5
01/31/1995 40.00% 3,098.48 3.9178 28.23% 28.23% 2,648.92 2,648.92 4
02/28/1995 40.00% 3,098.48 3.8411 27.65% 27.65% 2,553.75 2,553.75 4
03/31/1995 40.00% 3,098.16 3.7562 27.41% 27.41% 2,483.83 2,484.08 4
04/30/1995 40.00% 3,096.75 3.6740 27.12% 27.13% 2,414.48 2,415.83 4
05/31/1995 40.00% 3,094.79 3.5890 26.49% 26.53% 2,324.34 2,327.11 4
06/30/1995 40.00% 3,093.64 3.5068 26.41% 26.46% 2,274.47 2,278.03 4
07/31/1995 40.00% 3,091.89 3.4219 25.95% 26.03% 2,202.33 2,207.02 4
08/31/1995 40.00% 3,091.82 3.3370 26.64% 26.72% 2,199.44 2,204.17 4
09/30/1995 40.00% 3,089.53 3.2548 25.82% 25.93% 2,111.91 2,118.02 4
10/31/1995 40.00% 3,089.80 3.1699 26.78% 26.89% 2,121.73 2,127.69 4
11/30/1995 40.00% 3,087.33 3.0877 25.85% 26.00% 2,033.89 2,041.23 4
12/31/1995 40.00% 3,086.29 3.0027 25.95% 26.11% 1,999.01 2,006.90 4
01/31/1996 30.00% 3,058.55 2.9178 25.00% 25.56% 1,917.72 1,942.75 3
02/29/1996 30.00% 3,057.77 2.8384 25.41% 26.00% 1,901.60 1,926.92 3
03/31/1996 30.00% 3,056.89 2.7534 25.86% 26.48% 1,883.90 1,909.53 3
04/30/1996 30.00% 3,055.64 2.6712 26.13% 26.79% 1,859.27 1,885.33 3
05/31/1996 30.00% 3,053.24 2.5863 25.89% 26.60% 1,813.69 1,840.56 3
06/30/1996 30.00% 3,052.93 2.5041 26.68% 27.43% 1,807.86 1,834.83 3
07/31/1996 30.00% 3,057.53 2.4192 30.30% 31.01% 1,896.87 1,922.26 3
08/31/1996 30.00% 3,055.66 2.3342 30.45% 31.23% 1,859.68 1,885.74 3
09/30/1996 30.00% 3,050.26 2.2521 28.53% 29.43% 1,759.98 1,787.80 3
10/31/1996 30.00% 3,047.52 2.1671 28.20% 29.18% 1,713.19 1,741.84 3
11/30/1996 30.00% 3,039.64 2.0849 24.96% 26.11% 1,591.31 1,622.11 3
12/31/1996 30.00% 3,042.13 2.0000 27.59% 28.77% 1,628.04 1,658.19 3
01/02/1997 20.00% 3,024.04 1.9945 27.58% 29.15% 1,625.60 1,665.61 2
01/31/1997 20.00% 3,016.73 1.9151 24.52% 26.27% 1,521.91 1,563.16 2
02/28/1997 20.00% 3,015.96 1.8384 25.21% 27.06% 1,511.86 1,553.22 2
03/31/1997 20.00% 3,021.08 1.7534 29.90% 31.79% 1,582.07 1,622.60 2
04/30/1997 20.00% 3,014.40 1.6712 27.03% 29.14% 1,491.62 1,533.22 2
05/31/1997 20.00% 3,007.17 1.5863 23.87% 26.23% 1,404.32 1,446.95 2
06/30/1997 20.00% 3,001.68 1.5041 21.74% 24.33% 1,344.25 1,387.60 2
07/31/1997 20.00% 2,991.18 1.4192 16.51% 19.44% 1,242.24 1,286.80 2
08/31/1997 20.00% 2,999.44 1.3342 23.21% 26.25% 1,321.18 1,364.80 2
09/30/1997 20.00% 2,992.23 1.2521 19.64% 23.02% 1,251.76 1,296.21 2
10/31/1997 20.00% 2,997.14 1.1671 25.07% 28.68% 1,298.28 1,342.17 2
11/30/1997 20.00% 2,991.04 1.0849 22.01% 26.05% 1,240.91 1,285.49 2
12/31/1997 20.00% 2,988.76 1.0000 22.08% 26.56% 1,220.80 1,265.62 2
01/31/1998 10.00% 2,968.76 0.9151 20.10% 25.35% 1,182.51 1,229.70 1
02/28/1998 10.00% 2,958.38 0.8384 11.86% 17.15% 1,098.50 1,141.95 1
03/31/1998 10.00% 2,950.54 0.7534 6.31% 11.64% 1,047.17 1,086.48 1
04/30/1998 10.00% 2,949.08 0.6712 5.33% 10.67% 1,035.49 1,070.42 1
05/31/1998 10.00% 2,952.28 0.5863 7.50% 12.82% 1,043.30 1,073.28 1
06/30/1998 10.00% 2,945.76 0.5041 3.17% 8.52% 1,015.88 1,042.10 1
07/31/1998 10.00% 2,947.82 0.4192 4.50% 9.84% 1,018.64 1,040.14 1
08/31/1998 10.00% 2,972.51 0.3342 23.38% 28.61% 1,072.73 1,087.72 1
09/30/1998 10.00% 2,963.38 0.2521 15.69% 20.97% 1,037.44 1,049.16 1
10/31/1998 10.00% 2,951.09 0.1671 6.68% 12.01% 1,010.86 1,019.13 1
11/30/1998 10.00% 2,941.28 0.0849 0.39% 5.76% 1,000.33 1,004.76 1
12/31/1998 10.00% 2,931.16 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP II INDEX 500 (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.322739 2 6.00% 20%
Units purchased 3,098.475 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,929.79 2,941.28 3,098.48 0.39% 5.76%
09/30/1998 0.25 0.25 2,561.39 2,963.38 3,098.48 15.69% 20.97%
12/31/1997 1.00 1.00 2,448.20 2,988.76 3,098.48 22.08% 26.56%
12/31/1997 1.00 1.00 2,448.20 2,988.76 3,098.48 22.08% 26.56%
12/31/1995 3.00 3.00 1,543.91 3,086.29 3,098.48 25.97% 26.14%
12/31/1993 5.00 5.00 1,145.01 3,098.48 3,098.48 22.03% 22.03%
12/31/1988 10.00 10.00 #N/A #N/A #N/A #N/A #N/A
10/31/1998 0.16 0.16 2,766.32 2,951.09 3,098.48 6.68% 12.01%
08/27/1992 6.35 6.35 1,000.00 3,098.48 3,098.48 19.50% 19.50%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
FIDELITY VIP II INDEX 500 (1.40%)
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
08/27/1992 0 20 50.00 1,000.00
08/31/1992 1000 0 10 20 50.07 1,001.40 0.14%
09/30/1992 1001.4 0 10 20 50.65 1,013.00 1.16%
10/31/1992 1013 0 10 20 50.76 1,015.20 0.22%
11/30/1992 1015.2 0 10 20 52.49 1,049.80 3.41%
12/31/1992 1049.8 0.55 52.28 20.21 52.60 1,063.05 1.26%
01/31/1993 1063.05 0 10 20.21 52.98 1,070.73 0.72%
02/28/1993 1070.73 0.15 54.16 20.266 53.57 1,085.65 1.39%
03/31/1993 1085.65 0 10 20.266 54.75 1,109.56 2.20%
04/30/1993 1109.56 0 10 20.266 53.40 1,082.20 -2.47%
05/31/1993 1082.2 0 10 20.266 54.79 1,110.37 2.60%
06/30/1993 1110.37 0 10 20.266 54.93 1,113.21 0.26%
07/31/1993 1113.21 0 10 20.266 54.68 1,108.14 -0.46%
08/31/1993 1108.14 0 10 20.266 56.75 1,150.10 3.79%
09/30/1993 1150.1 0 10 20.266 56.29 1,140.77 -0.81%
10/31/1993 1140.77 0 10 20.266 57.44 1,164.08 2.04%
11/30/1993 1164.08 0 10 20.266 56.88 1,152.73 -0.98%
12/31/1993 1152.73 1.82 55.63 20.929 55.74 1,166.58 1.20%
01/31/1994 1166.58 0 10 20.929 57.62 1,205.93 3.37%
02/28/1994 1205.93 0.1 56.17 20.966 55.96 1,173.26 -2.71%
03/31/1994 1173.26 0 10 20.966 53.53 1,122.31 -4.34%
04/30/1994 1122.31 0 10 20.966 54.17 1,135.73 1.20%
05/31/1994 1135.73 0 10 20.966 55.01 1,153.34 1.55%
06/30/1994 1153.34 0 10 20.966 53.67 1,125.25 -2.44%
07/31/1994 1125.25 0 10 20.966 55.44 1,162.36 3.30%
08/31/1994 1162.36 0 10 20.966 57.65 1,208.69 3.99%
09/30/1994 1208.69 0 10 20.966 56.25 1,179.34 -2.43%
10/31/1994 1179.34 0 10 20.966 57.50 1,205.55 2.22%
11/30/1994 1205.55 0 10 20.966 55.41 1,161.73 -3.63%
12/31/1994 1161.73 0 10 20.966 56.22 1,178.71 1.46%
01/31/1995 1178.71 0 10 20.966 57.71 1,209.95 2.65%
02/28/1995 1209.95 1.08 57.65 21.359 58.82 1,256.34 3.83%
03/31/1995 1256.34 0 10 21.359 60.54 1,293.07 2.92%
04/30/1995 1293.07 0 10 21.359 62.32 1,331.09 2.94%
05/31/1995 1331.09 0 10 21.359 64.77 1,383.42 3.93%
06/30/1995 1383.42 0 10 21.359 66.24 1,414.82 2.27%
07/31/1995 1414.82 0 10 21.359 68.45 1,462.02 3.34%
08/31/1995 1462.02 0 10 21.359 68.62 1,465.65 0.25%
09/30/1995 1465.65 0 10 21.359 71.49 1,526.95 4.18%
10/31/1995 1526.95 0 10 21.359 71.25 1,521.83 -0.34%
11/30/1995 1521.83 0 10 21.359 74.35 1,588.04 4.35%
12/31/1995 1588.04 0 10 21.359 75.71 1,617.09 1.83%
01/31/1996 1617.09 0 10 21.359 78.30 1,672.41 3.42%
02/29/1996 1672.41 3.25 75.06 22.284 75.75 1,688.01 0.93%
03/31/1996 1688.01 0 10 22.284 76.53 1,705.39 1.03%
04/30/1996 1705.39 0 10 22.284 77.60 1,729.24 1.40%
05/31/1996 1729.24 0 10 22.284 79.58 1,773.36 2.55%
06/30/1996 1773.36 0 10 22.284 79.92 1,780.94 0.43%
07/31/1996 1780.94 0 10 22.284 76.38 1,702.05 -4.43%
08/31/1996 1702.05 0 10 22.284 77.95 1,737.04 2.06%
09/30/1996 1737.04 0 10 22.284 82.31 1,834.20 5.59%
10/31/1996 1834.2 0 10 22.284 84.58 1,884.78 2.76%
11/30/1996 1884.78 0 10 22.284 90.92 2,026.06 7.50%
12/31/1996 2026.06 0 10 22.284 89.05 1,984.39 -2.06%
01/02/1997 1984.39 0 10 22.284 88.66 1,975.70 -0.44%
01/31/1997 1984.39 0 10 22.284 94.57 2,107.40 6.67%
02/28/1997 2107.4 3.12 91.92 23.04 92.15 2,123.14 0.75%
03/31/1997 2123.14 0 10 23.04 88.32 2,034.89 -4.16%
04/30/1997 2034.89 0 10 23.04 93.57 2,155.85 5.94%
05/31/1997 2155.85 0 10 23.04 99.26 2,286.95 6.08%
06/30/1997 2286.95 0 10 23.04 103.62 2,387.40 4.39%
07/31/1997 2387.4 0 10 23.04 111.86 2,577.25 7.95%
08/31/1997 2577.25 0 10 23.04 105.60 2,433.02 -5.60%
09/30/1997 2433.02 0 10 23.04 111.31 2,564.58 5.41%
10/31/1997 2564.58 0 10 23.04 107.63 2,479.80 -3.31%
11/30/1997 2479.8 0 10 23.04 112.50 2,592.00 4.52%
12/31/1997 2592 0 10 23.04 114.40 2,635.78 1.69%
01/31/1998 2635.78 0 10 23.04 115.64 2,664.35 1.08%
02/28/1998 2664.35 4.51 114.96 23.944 119.18 2,853.65 7.10%
03/31/1998 2853.65 0 10 23.944 125.21 2,998.03 5.06%
04/30/1998 2998.03 0 10 23.944 126.45 3,027.72 0.99%
05/31/1998 3027.72 0 10 23.944 124.19 2,973.61 -1.79%
06/30/1998 2973.61 0 10 23.944 129.25 3,094.76 4.07%
07/31/1998 3094.76 0 10 23.944 127.85 3,061.24 -1.08%
08/31/1998 3061.24 0 10 23.944 109.35 2,618.28 -14.47%
09/30/1998 2618.28 0 10 23.944 116.38 2,786.60 6.43%
10/31/1998 2786.6 0 10 23.944 125.83 3,012.87 8.12%
11/30/1998 3012.87 0 10 23.944 133.41 3,194.37 6.02%
12/31/1998 3194.37 0 10 23.944 141.25 3,382.09 5.88%
2.3821
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
08/27/1992 1,000.00 0.322739447
08/31/1992 0.00015 0.153424658 1,001.25 (0.00) 0.323141766
09/30/1992 0.00115 1.152119347 1,011.69 (0.00) 0.326513135
10/31/1992 0.00119 1.202944171 1,012.69 (0.00) 0.326834008
11/30/1992 0.00115 1.165283551 1,046.04 (0.00) 0.337597067
12/31/1992 0.00119 1.243779745 1,057.99 (0.00) 0.341456615
01/31/1993 0.00119 1.257999145 1,064.38 (0.00) 0.343517461
02/28/1993 0.00107 1.143115122 1,078.07 (0.00) 0.347935249
03/31/1993 0.00119 1.281867816 1,100.53 (0.00) 0.355184352
04/30/1993 0.00115 1.266362961 1,072.13 (0.00) 0.34601736
05/31/1993 0.00119 1.274801904 1,098.76 (0.00) 0.35461287
06/30/1993 0.00115 1.264325419 1,100.30 (0.00) 0.355111818
07/31/1993 0.00119 1.30830783 1,093.99 (0.00) 0.353072255
08/31/1993 0.00119 1.300793645 1,134.11 (0.00) 0.366021608
09/30/1993 0.00115 1.305001768 1,123.60 (0.00) 0.362631141
10/31/1993 0.00119 1.336010623 1,145.23 (0.00) 0.369609805
11/30/1993 0.00115 1.317795014 1,132.74 (0.00) 0.365580736
12/31/1993 0.00119 1.34687756 1,145.01 (0.00) 0.369538481
01/31/1994 0.00119 1.361458741 1,182.27 (0.00) 0.381564016
02/28/1994 0.00107 1.269721763 1,148.97 (0.00) 0.370817228
03/31/1994 0.00119 1.366169918 1,097.71 (0.00) 0.354273199
04/30/1994 0.00115 1.263114366 1,109.57 (0.00) 0.358101757
05/31/1994 0.00119 1.319323404 1,125.45 (0.00) 0.363228487
06/30/1994 0.00115 1.295043263 1,096.75 (0.00) 0.353963968
07/31/1994 0.00119 1.304078905 1,131.61 (0.00) 0.365216588
08/31/1994 0.00119 1.345535961 1,175.37 (0.00) 0.379339339
09/30/1994 0.00115 1.352484381 1,145.48 (0.00) 0.369691536
10/31/1994 0.00119 1.362022626 1,169.58 (0.00) 0.377468091
11/30/1994 0.00115 1.345812695 1,125.72 (0.00) 0.363313325
12/31/1994 0.00119 1.338523934 1,140.83 (0.00) 0.368191566
01/31/1995 0.00119 1.356496417 1,169.71 (0.00) 0.377512155
02/28/1995 0.00107 1.256238479 1,213.30 (0.00) 0.391580695
03/31/1995 0.00119 1.442666965 1,247.33 (0.00) 0.402563231
04/30/1995 0.00115 1.435286107 1,282.57 (0.00) 0.413936532
05/31/1995 0.00119 1.525030647 1,331.47 (0.00) 0.429717698
06/30/1995 0.00115 1.532101777 1,360.16 (0.00) 0.438976691
07/31/1995 0.00119 1.617283947 1,403.92 (0.00) 0.45309949
08/31/1995 0.00119 1.669315356 1,405.73 (0.00) 0.453685722
09/30/1995 0.00115 1.617556605 1,462.91 (0.00) 0.472138827
10/31/1995 0.00119 1.739460341 1,456.27 (0.00) 0.469994311
11/30/1995 0.00115 1.675702727 1,517.95 (0.00) 0.489901458
12/31/1995 0.00119 1.80490167 1,543.91 (0.00) 0.498280708
01/31/1996 0.00119 1.835772616 1,594.89 (0.00) 0.514734214
02/29/1996 0.00111 1.774043055 1,607.99 (0.00) 0.518963027
03/31/1996 0.00119 1.911970703 1,622.64 (0.00) 0.523689279
04/30/1996 0.00115 1.867145055 1,643.46 (0.00) 0.530410509
05/31/1996 0.00119 1.954145673 1,683.44 (0.00) 0.543312775
06/30/1996 0.00115 1.937110044 1,688.70 (0.00) 0.545009914
07/31/1996 0.00119 2.007933001 1,611.89 (0.00) 0.520219663
08/31/1996 0.00119 1.916600416 1,643.11 (0.00) 0.530295549
09/30/1996 0.00115 1.890698838 1,733.12 (0.00) 0.55934702
10/31/1996 0.00119 2.060753963 1,778.85 (0.00) 0.574106518
11/30/1996 0.00115 2.046901071 1,910.15 (0.00) 0.61647998
12/31/1996 0.00119 2.271243996 1,868.59 (0.00) 0.603067809
01/02/1997 0.00008 0.143343916 1,860.26 (0.00) 0.600380604
01/31/1997 0.00111 2.078486776 1,982.19 (0.00) 0.639731116
02/28/1997 0.00107 2.128818458 1,994.87 (0.00) 0.643822162
03/31/1997 0.00119 2.371978439 1,909.58 (0.00) 0.616295652
04/30/1997 0.00115 2.197320863 2,020.89 (0.00) 0.652220962
05/31/1997 0.00119 2.402921414 2,141.38 (0.00) 0.691107837
06/30/1997 0.00115 2.464053842 2,232.97 (0.00) 0.720668208
07/31/1997 0.00119 2.655095696 2,407.89 (0.00) 0.777120033
08/31/1997 0.00119 2.863076283 2,270.27 (0.00) 0.73270623
09/30/1997 0.00115 2.612367428 2,390.42 (0.00) 0.771482532
10/31/1997 0.00119 2.842306526 2,308.55 (0.00) 0.745061504
11/30/1997 0.00115 2.656418527 2,410.35 (0.00) 0.777914916
12/31/1997 0.00119 2.866004802 2,448.20 (0.00) 0.790129262
01/31/1998 0.00119 2.911005064 2,471.82 (0.00) 0.797754211
02/28/1998 0.00107 2.654668263 2,644.79 (0.00) 0.853577263
03/31/1998 0.00119 3.144761057 2,775.46 (0.00) 0.89574894
04/30/1998 0.00115 3.193674705 2,799.75 (0.00) 0.903588969
05/31/1998 0.00119 3.329014871 2,746.38 (0.00) 0.886366044
06/30/1998 0.00115 3.160221226 2,855.11 (0.00) 0.921458197
07/31/1998 0.00119 3.394848926 2,820.80 (0.00) 0.910382037
08/31/1998 0.00119 3.354041985 2,409.27 (0.00) 0.777567699
09/30/1998 0.00115 2.772315078 2,561.39 (0.00) 0.826660052
10/31/1998 0.00119 3.045592302 2,766.32 (0.00) 0.892801346
11/30/1998 0.00115 3.183165449 2,929.79 (0.00) 0.945557762
12/31/1998 0.00119 3.483636876 3,098.47 (0.00) 1
2.0984747 2.0984747
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP HIGH INCOME (SERVICE CLASS) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.291706 1 6.00% 10%
Units purchased 3,428.104 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/18/1985 0.291706 3,428.104 1,000.00 1,000.00 3,428.10 0.00%
09/30/1985 0.292237 3,428.104 1,001.82 0.00003 0.032876717 1,001.82 3,428.10 0.00%
10/31/1985 0.295572 3,428.104 1,013.25 0.00008 0.085086013 1,013.25 3,428.10 0.00%
11/30/1985 0.299532 3,428.104 1,026.83 0.00008 0.083280862 1,026.83 3,428.10 0.00%
12/31/1985 0.309227 3,428.104 1,060.06 0.00008 0.08721006 1,060.06 3,428.10 0.00%
01/31/1986 0.312727 3,428.104 1,072.06 0.00008 0.090032751 1,072.06 3,428.10 0.00%
02/28/1986 0.323009 3,428.104 1,107.31 0.00008 0.082240342 1,107.31 3,428.10 0.00%
03/31/1986 0.330633 3,428.104 1,133.44 0.00008 0.094045354 1,133.44 3,428.10 0.00%
04/30/1986 0.335904 3,428.104 1,151.51 0.00008 0.093159668 1,151.51 3,428.10 0.00%
05/31/1986 0.340674 3,428.104 1,167.87 0.00008 0.097799686 1,167.87 3,428.10 0.00%
06/30/1986 0.344605 3,428.104 1,181.34 0.00008 0.095989083 1,181.34 3,428.10 0.00%
07/31/1986 0.343190 3,428.104 1,176.49 0.00008 0.100333071 1,176.49 3,428.10 0.00%
08/31/1986 0.344214 3,428.104 1,180.00 0.00008 0.099921193 1,180.00 3,428.10 0.00%
09/30/1986 0.346784 3,428.104 1,188.81 0.00008 0.096986424 1,188.81 3,428.10 0.00%
10/31/1986 0.356776 3,428.104 1,223.06 0.00008 0.10096752 1,223.06 3,428.10 0.00%
11/30/1986 0.357551 3,428.104 1,225.72 0.00008 0.100525814 1,225.72 3,428.10 0.00%
12/31/1986 0.359434 3,428.104 1,232.18 0.00008 0.104102522 1,232.18 3,428.10 0.00%
01/31/1987 0.372156 3,428.104 1,275.79 0.00008 0.104650604 1,275.79 3,428.10 0.00%
02/28/1987 0.378239 3,428.104 1,296.64 0.00008 0.097868904 1,296.64 3,428.10 0.00%
03/31/1987 0.381245 3,428.104 1,306.95 0.00008 0.110125781 1,306.95 3,428.10 0.00%
04/30/1987 0.368942 3,428.104 1,264.77 0.00008 0.107420205 1,264.77 3,428.10 0.00%
05/31/1987 0.365119 3,428.104 1,251.66 0.00008 0.107418866 1,251.66 3,428.10 0.00%
06/30/1987 0.372630 3,428.104 1,277.41 0.00008 0.102876533 1,277.41 3,428.10 0.00%
07/31/1987 0.372634 3,428.104 1,277.43 0.00008 0.108492774 1,277.43 3,428.10 0.00%
08/31/1987 0.375326 3,428.104 1,286.66 0.00008 0.10849391 1,286.66 3,428.10 0.00%
09/30/1987 0.361873 3,428.104 1,240.54 0.00008 0.105752484 1,240.54 3,428.10 0.00%
10/31/1987 0.344182 3,428.104 1,179.89 0.00008 0.105360653 1,179.89 3,428.10 0.00%
11/30/1987 0.353964 3,428.104 1,213.42 0.00008 0.096977468 1,213.42 3,428.10 0.00%
12/31/1987 0.359254 3,428.104 1,231.56 0.00008 0.103057978 1,231.56 3,428.10 0.00%
01/31/1988 0.370682 3,428.104 1,270.74 0.00008 0.104598156 1,270.74 3,428.10 0.00%
02/29/1988 0.381413 3,428.104 1,307.52 0.00008 0.10096272 1,307.52 3,428.10 0.00%
03/31/1988 0.378268 3,428.104 1,296.74 0.00008 0.111049792 1,296.74 3,428.10 0.00%
04/30/1988 0.380825 3,428.104 1,305.51 0.00008 0.106581602 1,305.51 3,428.10 0.00%
05/31/1988 0.379856 3,428.104 1,302.19 0.00008 0.110878798 1,302.19 3,428.10 0.00%
06/30/1988 0.387427 3,428.104 1,328.14 0.00008 0.107029007 1,328.14 3,428.10 0.00%
07/31/1988 0.391051 3,428.104 1,340.56 0.00008 0.112800851 1,340.56 3,428.10 0.00%
08/31/1988 0.388767 3,428.104 1,332.73 0.00008 0.11385608 1,332.73 3,428.10 0.00%
09/30/1988 0.391483 3,428.104 1,342.04 0.00008 0.109539632 1,342.04 3,428.10 0.00%
10/31/1988 0.395329 3,428.104 1,355.23 0.00008 0.113981872 1,355.23 3,428.10 0.00%
11/30/1988 0.393413 3,428.104 1,348.66 0.00008 0.111388733 1,348.66 3,428.10 0.00%
12/31/1988 0.396124 3,428.104 1,357.96 0.00008 0.114543842 1,357.96 3,428.10 0.00%
01/31/1989 0.405223 3,428.104 1,389.15 0.00008 0.115333168 1,389.15 3,428.10 0.00%
02/28/1989 0.406826 3,428.104 1,394.64 0.00008 0.106564589 1,394.64 3,428.10 0.00%
03/31/1989 0.401170 3,428.104 1,375.25 0.00008 0.118449044 1,375.25 3,428.10 0.00%
04/30/1989 0.396316 3,428.104 1,358.61 0.00008 0.11303455 1,358.61 3,428.10 0.00%
05/31/1989 0.403217 3,428.104 1,382.27 0.00008 0.11538906 1,382.27 3,428.10 0.00%
06/30/1989 0.414354 3,428.104 1,420.45 0.00008 0.113611136 1,420.45 3,428.10 0.00%
07/31/1989 0.411186 3,428.104 1,409.59 0.00008 0.120640786 1,409.59 3,428.10 0.00%
08/31/1989 0.408364 3,428.104 1,399.91 0.00008 0.119718528 1,399.91 3,428.10 0.00%
09/30/1989 0.393658 3,428.104 1,349.50 0.00008 0.115061478 1,349.50 3,428.10 0.00%
10/31/1989 0.376365 3,428.104 1,290.22 0.00008 0.114614973 1,290.22 3,428.10 0.00%
11/30/1989 0.376295 3,428.104 1,289.98 0.00008 0.106045429 1,289.98 3,428.10 0.00%
12/31/1989 0.374865 3,428.104 1,285.08 0.00008 0.109559681 1,285.08 3,428.10 0.00%
01/31/1990 0.366181 3,428.104 1,255.31 0.00008 0.109143509 1,255.31 3,428.10 0.00%
02/28/1990 0.360192 3,428.104 1,234.78 0.00008 0.096297615 1,234.78 3,428.10 0.00%
03/31/1990 0.356006 3,428.104 1,220.43 0.00008 0.104871326 1,220.43 3,428.10 0.00%
04/30/1990 0.356697 3,428.104 1,222.79 0.00008 0.100309054 1,222.79 3,428.10 0.00%
05/31/1990 0.363647 3,428.104 1,246.62 0.00008 0.103853628 1,246.62 3,428.10 0.00%
06/30/1990 0.369001 3,428.104 1,264.97 0.00008 0.102461762 1,264.97 3,428.10 0.00%
07/31/1990 0.374310 3,428.104 1,283.17 0.00008 0.107436136 1,283.17 3,428.10 0.00%
08/31/1990 0.367650 3,428.104 1,260.34 0.00008 0.108981749 1,260.34 3,428.10 0.00%
09/30/1990 0.358556 3,428.104 1,229.17 0.00008 0.103589651 1,229.17 3,428.10 0.00%
10/31/1990 0.349474 3,428.104 1,198.03 0.00008 0.104394943 1,198.03 3,428.10 0.00%
11/30/1990 0.357311 3,428.104 1,224.90 0.00008 0.098468378 1,224.90 3,428.10 0.00%
12/31/1990 0.361927 3,428.104 1,240.72 0.00008 0.104032593 1,240.72 3,428.10 0.00%
01/31/1991 0.369223 3,428.104 1,265.73 0.00008 0.105376475 1,265.73 3,428.10 0.00%
02/28/1991 0.389323 3,428.104 1,334.64 0.00008 0.097097376 1,334.64 3,428.10 0.00%
03/31/1991 0.402705 3,428.104 1,380.51 0.00008 0.113352897 1,380.51 3,428.10 0.00%
04/30/1991 0.416582 3,428.104 1,428.09 0.00008 0.113466926 1,428.09 3,428.10 0.00%
05/31/1991 0.422257 3,428.104 1,447.54 0.00008 0.121289436 1,447.54 3,428.10 0.00%
06/30/1991 0.430992 3,428.104 1,477.49 0.00008 0.118976092 1,477.49 3,428.10 0.00%
07/31/1991 0.446818 3,428.104 1,531.74 0.00008 0.125485189 1,531.74 3,428.10 0.00%
08/31/1991 0.452443 3,428.104 1,551.02 0.00008 0.130092866 1,551.02 3,428.10 0.00%
09/30/1991 0.462135 3,428.104 1,584.25 0.00008 0.127481201 1,584.25 3,428.10 0.00%
10/31/1991 0.477371 3,428.104 1,636.48 0.00008 0.134552362 1,636.48 3,428.10 0.00%
11/30/1991 0.480933 3,428.104 1,648.69 0.00008 0.134504996 1,648.69 3,428.10 0.00%
12/31/1991 0.482953 3,428.104 1,655.61 0.00008 0.140025676 1,655.61 3,428.10 0.00%
01/31/1992 0.552544 3,428.104 1,894.18 0.00008 0.140613851 1,894.18 3,428.10 0.00%
02/29/1992 0.526180 3,428.104 1,803.80 0.00008 0.15049629 1,803.80 3,428.10 0.00%
03/31/1992 0.542629 3,428.104 1,860.19 0.00008 0.153199396 1,860.19 3,428.10 0.00%
04/30/1992 0.545910 3,428.104 1,871.43 0.00008 0.152892079 1,871.43 3,428.10 0.00%
05/31/1992 0.551900 3,428.104 1,891.97 0.00008 0.158943778 1,891.97 3,428.10 0.00%
06/30/1992 0.557349 3,428.104 1,910.65 0.00008 0.155504502 1,910.65 3,428.10 0.00%
07/31/1992 0.567685 3,428.104 1,946.08 0.00008 0.162274397 1,946.08 3,428.10 0.00%
08/31/1992 0.579092 3,428.104 1,985.19 0.00008 0.165283787 1,985.19 3,428.10 0.00%
09/30/1992 0.584497 3,428.104 2,003.71 0.00008 0.163166027 2,003.71 3,428.10 0.00%
10/31/1992 0.575158 3,428.104 1,971.70 0.00008 0.170178532 1,971.70 3,428.10 0.00%
11/30/1992 0.581641 3,428.104 1,993.93 0.00008 0.162057704 1,993.93 3,428.10 0.00%
12/31/1992 0.587547 3,428.104 2,014.17 0.00008 0.169347236 2,014.17 3,428.10 0.00%
01/31/1993 0.654853 3,428.104 2,244.90 0.00008 0.171066562 2,244.90 3,428.10 0.00%
02/28/1993 0.612374 3,428.104 2,099.28 0.00008 0.172211824 2,099.28 3,428.10 0.00%
03/31/1993 0.625858 3,428.104 2,145.51 0.00008 0.178295221 2,145.51 3,428.10 0.00%
04/30/1993 0.629330 3,428.104 2,157.41 0.00008 0.17634292 2,157.41 3,428.10 0.00%
05/31/1993 0.638066 3,428.104 2,187.36 0.00008 0.183232082 2,187.36 3,428.10 0.00%
06/30/1993 0.653844 3,428.104 2,241.45 0.00008 0.179782797 2,241.45 3,428.10 0.00%
07/31/1993 0.659603 3,428.104 2,261.19 0.00008 0.190369447 2,261.19 3,428.10 0.00%
08/31/1993 0.665930 3,428.104 2,282.88 0.00008 0.192046011 2,282.88 3,428.10 0.00%
09/30/1993 0.667588 3,428.104 2,288.56 0.00008 0.187633846 2,288.56 3,428.10 0.00%
10/31/1993 0.682662 3,428.104 2,340.24 0.00008 0.194370965 2,340.24 3,428.10 0.00%
11/30/1993 0.688383 3,428.104 2,359.85 0.00008 0.19234814 2,359.85 3,428.10 0.00%
12/31/1993 0.698739 3,428.104 2,395.35 0.00008 0.200425632 2,395.35 3,428.10 0.00%
01/31/1994 0.791409 3,428.104 2,713.03 0.00008 0.203440561 2,713.03 3,428.10 2.00%
02/28/1994 0.719750 3,428.104 2,467.38 0.00008 0.20812294 2,467.38 3,428.10 2.00%
03/31/1994 0.694738 3,428.104 2,381.63 0.00008 0.209558255 2,381.63 3,428.10 2.00%
04/30/1994 0.687015 3,428.104 2,355.16 0.00008 0.195750749 2,355.16 3,428.10 2.00%
05/31/1994 0.687557 3,428.104 2,357.02 0.00008 0.200027159 2,357.02 3,428.10 2.00%
06/30/1994 0.684308 3,428.104 2,345.88 0.00008 0.193727404 2,345.88 3,428.10 2.00%
07/31/1994 0.686121 3,428.104 2,352.10 0.00008 0.199238971 2,352.10 3,428.10 2.00%
08/31/1994 0.685393 3,428.104 2,349.60 0.00008 0.199767031 2,349.60 3,428.10 2.00%
09/30/1994 0.689761 3,428.104 2,364.57 0.00008 0.193117693 2,364.57 3,428.10 2.00%
10/31/1994 0.682697 3,428.104 2,340.36 0.00008 0.200826716 2,340.36 3,428.10 2.00%
11/30/1994 0.676301 3,428.104 2,318.43 0.00008 0.192358041 2,318.43 3,428.10 2.00%
12/31/1994 0.678742 3,428.104 2,326.80 0.00008 0.196907751 2,326.80 3,428.10 2.00%
01/31/1995 0.738392 3,428.104 2,531.28 0.00008 0.19761853 2,531.28 3,428.10 4.00%
02/28/1995 0.708475 3,428.104 2,428.73 0.00008 0.194180696 2,428.73 3,428.10 4.00%
03/31/1995 0.716544 3,428.104 2,456.39 0.00008 0.206275281 2,456.39 3,428.10 4.00%
04/30/1995 0.736824 3,428.104 2,525.91 0.00008 0.201894783 2,525.91 3,428.10 4.00%
05/31/1995 0.755002 3,428.104 2,588.23 0.00008 0.214529286 2,588.23 3,428.10 4.00%
06/30/1995 0.756257 3,428.104 2,592.53 0.00008 0.212730892 2,592.53 3,428.10 4.00%
07/31/1995 0.773701 3,428.104 2,652.33 0.00008 0.220187232 2,652.33 3,428.10 4.00%
08/31/1995 0.778956 3,428.104 2,670.34 0.00008 0.225266149 2,670.34 3,428.10 4.00%
09/30/1995 0.790970 3,428.104 2,711.53 0.00008 0.219480051 2,711.53 3,428.10 4.00%
10/31/1995 0.797541 3,428.104 2,734.05 0.00008 0.230294118 2,734.05 3,428.10 4.00%
11/30/1995 0.800761 3,428.104 2,745.09 0.00008 0.224716707 2,745.09 3,428.10 4.00%
12/31/1995 0.809322 3,428.104 2,774.44 0.00008 0.233144895 2,774.44 3,428.10 4.00%
01/31/1996 0.908026 3,428.104 3,112.81 0.00008 0.235637292 3,112.81 3,428.10 6.00%
02/29/1996 0.840109 3,428.104 2,879.98 0.00008 0.247318893 2,879.98 3,428.10 6.00%
03/31/1996 0.837011 3,428.104 2,869.36 0.00008 0.244601175 2,869.36 3,428.10 6.00%
04/30/1996 0.848643 3,428.104 2,909.24 0.00008 0.235837831 2,909.24 3,428.10 6.00%
05/31/1996 0.859488 3,428.104 2,946.41 0.00008 0.247085872 2,946.41 3,428.10 6.00%
06/30/1996 0.863004 3,428.104 2,958.47 0.00008 0.242170972 2,958.47 3,428.10 6.00%
07/31/1996 0.859158 3,428.104 2,945.28 0.00008 0.251267036 2,945.28 3,428.10 6.00%
08/31/1996 0.870686 3,428.104 2,984.80 0.00008 0.250147288 2,984.80 3,428.10 6.00%
09/30/1996 0.895380 3,428.104 3,069.46 0.00008 0.245326274 3,069.46 3,428.10 6.00%
10/31/1996 0.891509 3,428.104 3,056.19 0.00008 0.260693517 3,056.19 3,428.10 6.00%
11/30/1996 0.900075 3,428.104 3,085.55 0.00008 0.251193302 3,085.55 3,428.10 6.00%
12/31/1996 0.911511 3,428.104 3,124.75 0.00008 0.262060402 3,124.75 3,428.10 6.00%
01/31/1997 1.001283 3,428.104 3,432.50 0.00008 0.265390099 3,432.50 3,428.10 6.00%
02/28/1997 0.938778 3,428.104 3,218.23 0.00008 0.263315243 3,218.23 3,428.10 6.00%
03/31/1997 0.908618 3,428.104 3,114.84 0.00008 0.273328869 3,114.84 3,428.10 6.00%
04/30/1997 0.921855 3,428.104 3,160.22 0.00008 0.256013938 3,160.22 3,428.10 6.00%
05/31/1997 0.959420 3,428.104 3,288.99 0.00008 0.26840193 3,288.99 3,428.10 6.00%
06/30/1997 0.975720 3,428.104 3,344.87 0.00008 0.27032798 3,344.87 3,428.10 6.00%
07/31/1997 1.010008 3,428.104 3,462.41 0.00008 0.284084888 3,462.41 3,428.10 6.00%
08/31/1997 1.017561 3,428.104 3,488.30 0.00008 0.294068043 3,488.30 3,428.10 6.00%
09/30/1997 1.052551 3,428.104 3,608.25 0.00008 0.286709855 3,608.25 3,428.10 6.00%
10/31/1997 1.042042 3,428.104 3,572.23 0.00008 0.306454364 3,572.23 3,428.10 6.00%
11/30/1997 1.048005 3,428.104 3,592.67 0.00008 0.293607945 3,592.67 3,428.10 6.00%
12/31/1997 1.058609 3,428.104 3,629.02 0.00008 0.305131031 3,629.02 3,428.10 6.00%
01/31/1998 1.219862 3,428.104 4,181.81 0.00008 0.308218171 4,181.81 3,428.10 6.00%
02/28/1998 1.088714 3,428.104 3,732.23 0.00008 0.32079673 3,732.23 3,428.10 6.00%
03/31/1998 1.111244 3,428.104 3,809.46 0.00008 0.316983583 3,809.46 3,428.10 6.00%
04/30/1998 1.114485 3,428.104 3,820.57 0.00008 0.313106227 3,820.57 3,428.10 6.00%
05/31/1998 1.104547 3,428.104 3,786.50 0.00008 0.324486816 3,786.50 3,428.10 6.00%
06/30/1998 1.102538 3,428.104 3,779.61 0.00008 0.31121944 3,779.61 3,428.10 6.00%
07/31/1998 1.107482 3,428.104 3,796.56 0.00008 0.321008327 3,796.56 3,428.10 6.00%
08/31/1998 0.969289 3,428.104 3,322.82 0.00008 0.322447805 3,322.82 3,428.10 6.00%
09/30/1998 0.958705 3,428.104 3,286.54 0.00008 0.273108885 3,286.54 3,428.10 6.00%
10/31/1998 0.931566 3,428.104 3,193.50 0.00008 0.279130922 3,193.50 3,428.10 6.00%
11/30/1998 1.006281 3,428.104 3,449.64 0.00008 0.262479769 3,449.64 3,428.10 6.00%
12/31/1998 1.000000 3,428.104 3,428.10 0.00008 0.292982787 3,428.10 3,428.10 6.00%
12/31/1998 3,428.10
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 242.81% 242.81%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/18/1985 0.00% 3,428.10 13.2932 9.71% 9.71% 3,428.10 3,428.10 14
09/30/1985 0.00% 3,428.10 13.2603 9.72% 9.72% 3,421.88 3,421.88 14
10/31/1985 0.00% 3,428.10 13.1753 9.69% 9.69% 3,383.27 3,383.27 14
11/30/1985 0.00% 3,428.10 13.0932 9.64% 9.64% 3,338.54 3,338.54 14
12/31/1985 0.00% 3,428.10 13.0082 9.44% 9.44% 3,233.87 3,233.87 14
01/31/1986 0.00% 3,428.10 12.9233 9.41% 9.41% 3,197.67 3,197.67 13
02/28/1986 0.00% 3,428.10 12.8466 9.20% 9.20% 3,095.89 3,095.89 13
03/31/1986 0.00% 3,428.10 12.7616 9.06% 9.06% 3,024.51 3,024.51 13
04/30/1986 0.00% 3,428.10 12.6795 8.98% 8.98% 2,977.04 2,977.04 13
05/31/1986 0.00% 3,428.10 12.5945 8.93% 8.93% 2,935.35 2,935.35 13
06/30/1986 0.00% 3,428.10 12.5123 8.89% 8.89% 2,901.88 2,901.88 13
07/31/1986 0.00% 3,428.10 12.4274 8.99% 8.99% 2,913.84 2,913.84 13
08/31/1986 0.00% 3,428.10 12.3425 9.03% 9.03% 2,905.17 2,905.17 13
09/30/1986 0.00% 3,428.10 12.2603 9.02% 9.02% 2,883.64 2,883.64 13
10/31/1986 0.00% 3,428.10 12.1753 8.83% 8.83% 2,802.88 2,802.88 13
11/30/1986 0.00% 3,428.10 12.0932 8.88% 8.88% 2,796.80 2,796.80 13
12/31/1986 0.00% 3,428.10 12.0082 8.89% 8.89% 2,782.15 2,782.15 13
01/31/1987 0.00% 3,428.10 11.9233 8.64% 8.64% 2,687.04 2,687.04 12
02/28/1987 0.00% 3,428.10 11.8466 8.55% 8.55% 2,643.83 2,643.83 12
03/31/1987 0.00% 3,428.10 11.7616 8.54% 8.54% 2,622.99 2,622.99 12
04/30/1987 0.00% 3,428.10 11.6795 8.91% 8.91% 2,710.46 2,710.46 12
05/31/1987 0.00% 3,428.10 11.5945 9.08% 9.08% 2,738.84 2,738.84 12
06/30/1987 0.00% 3,428.10 11.5123 8.95% 8.95% 2,683.63 2,683.63 12
07/31/1987 0.00% 3,428.10 11.4274 9.02% 9.02% 2,683.60 2,683.60 12
08/31/1987 0.00% 3,428.10 11.3425 9.02% 9.02% 2,664.35 2,664.35 12
09/30/1987 0.00% 3,428.10 11.2603 9.45% 9.45% 2,763.40 2,763.40 12
10/31/1987 0.00% 3,428.10 11.1753 10.01% 10.01% 2,905.44 2,905.44 12
11/30/1987 0.00% 3,428.10 11.0932 9.81% 9.81% 2,825.15 2,825.15 12
12/31/1987 0.00% 3,428.10 11.0082 9.75% 9.75% 2,783.55 2,783.55 12
01/31/1988 0.00% 3,428.10 10.9233 9.51% 9.51% 2,697.73 2,697.73 11
02/29/1988 0.00% 3,428.10 10.8438 9.30% 9.30% 2,621.83 2,621.83 11
03/31/1988 0.00% 3,428.10 10.7589 9.46% 9.46% 2,643.63 2,643.63 11
04/30/1988 0.00% 3,428.10 10.6767 9.46% 9.46% 2,625.88 2,625.88 11
05/31/1988 0.00% 3,428.10 10.5918 9.57% 9.57% 2,632.58 2,632.58 11
06/30/1988 0.00% 3,428.10 10.5096 9.44% 9.44% 2,581.13 2,581.13 11
07/31/1988 0.00% 3,428.10 10.4247 9.42% 9.42% 2,557.21 2,557.21 11
08/31/1988 0.00% 3,428.10 10.3397 9.57% 9.57% 2,572.24 2,572.24 11
09/30/1988 0.00% 3,428.10 10.2575 9.57% 9.57% 2,554.39 2,554.39 11
10/31/1988 0.00% 3,428.10 10.1726 9.55% 9.55% 2,529.54 2,529.54 11
11/30/1988 0.00% 3,428.10 10.0904 9.69% 9.69% 2,541.86 2,541.86 11
12/31/1988 0.00% 3,428.10 10.0055 9.70% 9.70% 2,524.46 2,524.46 11
01/31/1989 0.00% 3,428.10 9.9205 9.53% 9.53% 2,467.78 2,467.78 10
02/28/1989 0.00% 3,428.10 9.8438 9.57% 9.57% 2,458.05 2,458.05 10
03/31/1989 0.00% 3,428.10 9.7589 9.81% 9.81% 2,492.71 2,492.71 10
04/30/1989 0.00% 3,428.10 9.6767 10.04% 10.04% 2,523.24 2,523.24 10
05/31/1989 0.00% 3,428.10 9.5918 9.93% 9.93% 2,480.06 2,480.06 10
06/30/1989 0.00% 3,428.10 9.5096 9.71% 9.71% 2,413.40 2,413.40 10
07/31/1989 0.00% 3,428.10 9.4247 9.89% 9.89% 2,431.99 2,431.99 10
08/31/1989 0.00% 3,428.10 9.3397 10.06% 10.06% 2,448.80 2,448.80 10
09/30/1989 0.00% 3,428.10 9.2575 10.60% 10.60% 2,540.28 2,540.28 10
10/31/1989 0.00% 3,428.10 9.1726 11.24% 11.24% 2,656.99 2,656.99 10
11/30/1989 0.00% 3,428.10 9.0904 11.35% 11.35% 2,657.49 2,657.49 10
12/31/1989 0.00% 3,428.10 9.0055 11.51% 11.51% 2,667.63 2,667.63 10
01/31/1990 0.00% 3,428.10 8.9205 11.92% 11.92% 2,730.89 2,730.89 9
02/28/1990 0.00% 3,428.10 8.8438 12.24% 12.24% 2,776.30 2,776.30 9
03/31/1990 0.00% 3,428.10 8.7589 12.51% 12.51% 2,808.94 2,808.94 9
04/30/1990 0.00% 3,428.10 8.6767 12.62% 12.62% 2,803.50 2,803.50 9
05/31/1990 0.00% 3,428.10 8.5918 12.49% 12.49% 2,749.92 2,749.92 9
06/30/1990 0.00% 3,428.10 8.5096 12.43% 12.43% 2,710.02 2,710.02 9
07/31/1990 0.00% 3,428.10 8.4247 12.37% 12.37% 2,671.59 2,671.59 9
08/31/1990 0.00% 3,428.10 8.3397 12.75% 12.75% 2,719.98 2,719.98 9
09/30/1990 0.00% 3,428.10 8.2575 13.23% 13.23% 2,788.97 2,788.97 9
10/31/1990 0.00% 3,428.10 8.1726 13.73% 13.73% 2,861.45 2,861.45 9
11/30/1990 0.00% 3,428.10 8.0904 13.57% 13.57% 2,798.68 2,798.68 9
12/31/1990 0.00% 3,428.10 8.0055 13.54% 13.54% 2,762.99 2,762.99 9
01/31/1991 0.00% 3,428.10 7.9205 13.40% 13.40% 2,708.39 2,708.39 8
02/28/1991 0.00% 3,428.10 7.8438 12.78% 12.78% 2,568.56 2,568.56 8
03/31/1991 0.00% 3,428.10 7.7589 12.44% 12.44% 2,483.21 2,483.21 8
04/30/1991 0.00% 3,428.10 7.6767 12.08% 12.08% 2,400.49 2,400.49 8
05/31/1991 0.00% 3,428.10 7.5918 12.03% 12.03% 2,368.22 2,368.22 8
06/30/1991 0.00% 3,428.10 7.5096 11.86% 11.86% 2,320.23 2,320.23 8
07/31/1991 0.00% 3,428.10 7.4247 11.46% 11.46% 2,238.05 2,238.05 8
08/31/1991 0.00% 3,428.10 7.3397 11.41% 11.41% 2,210.22 2,210.22 8
09/30/1991 0.00% 3,428.10 7.2575 11.22% 11.22% 2,163.87 2,163.87 8
10/31/1991 0.00% 3,428.10 7.1726 10.86% 10.86% 2,094.81 2,094.81 8
11/30/1991 0.00% 3,428.10 7.0904 10.88% 10.88% 2,079.29 2,079.29 8
12/31/1991 0.00% 3,428.10 7.0055 10.95% 10.95% 2,070.59 2,070.59 8
01/31/1992 100.00% 3,428.10 6.9205 8.95% 8.95% 1,809.81 1,809.81 7
02/29/1992 100.00% 3,428.10 6.8411 9.84% 9.84% 1,900.49 1,900.49 7
03/31/1992 100.00% 3,428.10 6.7562 9.47% 9.47% 1,842.88 1,842.88 7
04/30/1992 100.00% 3,428.10 6.6740 9.49% 9.49% 1,831.81 1,831.81 7
05/31/1992 100.00% 3,428.10 6.5890 9.44% 9.44% 1,811.92 1,811.92 7
06/30/1992 100.00% 3,428.10 6.5068 9.40% 9.40% 1,794.21 1,794.21 7
07/31/1992 100.00% 3,428.10 6.4219 9.22% 9.22% 1,761.54 1,761.54 7
08/31/1992 100.00% 3,428.10 6.3370 9.00% 9.00% 1,726.84 1,726.84 7
09/30/1992 100.00% 3,428.10 6.2548 8.96% 8.96% 1,710.87 1,710.87 7
10/31/1992 100.00% 3,428.10 6.1699 9.38% 9.38% 1,738.65 1,738.65 7
11/30/1992 100.00% 3,428.10 6.0877 9.31% 9.31% 1,719.27 1,719.27 7
12/31/1992 100.00% 3,428.10 6.0027 9.26% 9.26% 1,701.99 1,701.99 7
01/31/1993 100.00% 3,428.10 5.9178 7.42% 7.42% 1,527.06 1,527.06 6
02/28/1993 100.00% 3,428.10 5.8411 8.76% 8.76% 1,632.99 1,632.99 6
03/31/1993 100.00% 3,428.10 5.7562 8.48% 8.48% 1,597.81 1,597.81 6
04/30/1993 100.00% 3,428.10 5.6740 8.50% 8.50% 1,588.99 1,588.99 6
05/31/1993 100.00% 3,428.10 5.5890 8.37% 8.37% 1,567.24 1,567.24 6
06/30/1993 100.00% 3,428.10 5.5068 8.02% 8.02% 1,529.42 1,529.42 6
07/31/1993 100.00% 3,428.10 5.4219 7.98% 7.98% 1,516.06 1,516.06 6
08/31/1993 100.00% 3,428.10 5.3370 7.92% 7.92% 1,501.66 1,501.66 6
09/30/1993 100.00% 3,428.10 5.2548 7.99% 7.99% 1,497.93 1,497.93 6
10/31/1993 100.00% 3,428.10 5.1699 7.66% 7.66% 1,464.85 1,464.85 6
11/30/1993 100.00% 3,428.10 5.0877 7.62% 7.62% 1,452.68 1,452.68 6
12/31/1993 100.00% 3,428.10 5.0027 7.43% 7.43% 1,431.15 1,431.15 6
01/31/1994 50.00% 3,408.12 4.9178 4.75% 4.87% 1,256.21 1,263.57 5
02/28/1994 50.00% 3,413.04 4.8411 6.93% 7.03% 1,383.26 1,389.37 5
03/31/1994 50.00% 3,414.75 4.7562 7.87% 7.96% 1,433.79 1,439.39 5
04/30/1994 50.00% 3,415.28 4.6740 8.28% 8.36% 1,450.13 1,455.57 5
05/31/1994 50.00% 3,415.24 4.5890 8.42% 8.51% 1,448.97 1,454.42 5
06/30/1994 50.00% 3,415.47 4.5068 8.69% 8.78% 1,455.94 1,461.33 5
07/31/1994 50.00% 3,415.34 4.4219 8.80% 8.89% 1,452.04 1,457.47 5
08/31/1994 50.00% 3,415.39 4.3370 9.01% 9.10% 1,453.61 1,459.02 5
09/30/1994 50.00% 3,415.09 4.2548 9.02% 9.12% 1,444.28 1,449.78 5
10/31/1994 50.00% 3,415.58 4.1699 9.49% 9.59% 1,459.43 1,464.78 5
11/30/1994 50.00% 3,416.02 4.0877 9.95% 10.04% 1,473.42 1,478.63 5
12/31/1994 50.00% 3,415.85 4.0027 10.07% 10.17% 1,468.05 1,473.31 5
01/31/1995 40.00% 3,381.70 3.9178 7.67% 8.05% 1,335.96 1,354.29 4
02/28/1995 40.00% 3,385.80 3.8411 9.03% 9.39% 1,394.07 1,411.48 4
03/31/1995 40.00% 3,384.70 3.7562 8.91% 9.28% 1,377.92 1,395.59 4
04/30/1995 40.00% 3,381.92 3.6740 8.27% 8.67% 1,338.89 1,357.18 4
05/31/1995 40.00% 3,379.42 3.5890 7.72% 8.15% 1,305.69 1,324.50 4
06/30/1995 40.00% 3,379.25 3.5068 7.85% 8.29% 1,303.46 1,322.30 4
07/31/1995 40.00% 3,376.86 3.4219 7.31% 7.79% 1,273.17 1,292.49 4
08/31/1995 40.00% 3,376.14 3.3370 7.28% 7.77% 1,264.31 1,283.77 4
09/30/1995 40.00% 3,374.49 3.2548 6.95% 7.47% 1,244.50 1,264.27 4
10/31/1995 40.00% 3,373.59 3.1699 6.86% 7.40% 1,233.92 1,253.85 4
11/30/1995 40.00% 3,373.15 3.0877 6.90% 7.46% 1,228.79 1,248.81 4
12/31/1995 40.00% 3,371.98 3.0027 6.71% 7.30% 1,215.37 1,235.60 4
01/31/1996 30.00% 3,303.04 2.9178 2.05% 3.36% 1,061.11 1,101.29 3
02/29/1996 30.00% 3,317.01 2.8384 5.10% 6.33% 1,151.75 1,190.32 3
03/31/1996 30.00% 3,317.65 2.7534 5.41% 6.68% 1,156.23 1,194.73 3
04/30/1996 30.00% 3,315.26 2.6712 5.01% 6.34% 1,139.56 1,178.35 3
05/31/1996 30.00% 3,313.03 2.5863 4.64% 6.03% 1,124.43 1,163.48 3
06/30/1996 30.00% 3,312.30 2.5041 4.61% 6.06% 1,119.60 1,158.74 3
07/31/1996 30.00% 3,313.09 2.4192 4.98% 6.48% 1,124.88 1,163.93 3
08/31/1996 30.00% 3,310.72 2.3342 4.54% 6.11% 1,109.19 1,148.52 3
09/30/1996 30.00% 3,305.64 2.2521 3.35% 5.03% 1,076.95 1,116.84 3
10/31/1996 30.00% 3,306.44 2.1671 3.70% 5.44% 1,081.88 1,121.69 3
11/30/1996 30.00% 3,304.68 2.0849 3.35% 5.18% 1,071.02 1,111.02 3
12/31/1996 30.00% 3,302.32 2.0000 2.80% 4.74% 1,056.83 1,097.08 3
01/31/1997 20.00% 3,263.29 1.9151 -2.61% -0.07% 950.70 998.72 2
02/28/1997 20.00% 3,276.15 1.8384 0.98% 3.50% 1,018.00 1,065.22 2
03/31/1997 20.00% 3,282.35 1.7534 3.03% 5.62% 1,053.78 1,100.57 2
04/30/1997 20.00% 3,279.63 1.6712 2.24% 4.99% 1,037.79 1,084.77 2
05/31/1997 20.00% 3,271.90 1.5863 -0.33% 2.65% 994.80 1,042.30 2
06/30/1997 20.00% 3,268.55 1.5041 -1.52% 1.65% 977.18 1,024.88 2
07/31/1997 20.00% 3,261.50 1.4192 -4.12% -0.70% 941.97 990.09 2
08/31/1997 20.00% 3,259.94 1.3342 -4.95% -1.30% 934.54 982.74 2
09/30/1997 20.00% 3,252.75 1.2521 -7.95% -4.01% 901.47 950.07 2
10/31/1997 20.00% 3,254.91 1.1671 -7.66% -3.47% 911.17 959.65 2
11/30/1997 20.00% 3,253.68 1.0849 -8.73% -4.23% 905.64 954.19 2
12/31/1997 20.00% 3,251.50 1.0000 -10.40% -5.54% 895.97 944.64 2
01/31/1998 10.00% 3,197.76 0.9151 -25.41% -19.52% 764.68 819.76 1
02/28/1998 10.00% 3,224.74 0.8384 -16.00% -9.64% 864.03 918.51 1
03/31/1998 10.00% 3,220.11 0.7534 -15.47% -10.01% 881.06 923.61 1
04/30/1998 10.00% 3,219.44 0.6712 -15.73% -10.27% 891.45 929.83 1
05/31/1998 10.00% 3,221.48 0.5863 -14.92% -9.47% 909.60 943.37 1
06/30/1998 10.00% 3,221.90 0.5041 -14.76% -9.30% 922.67 951.98 1
07/31/1998 10.00% 3,220.88 0.4192 -15.16% -9.71% 933.39 958.11 1
08/31/1998 10.00% 3,249.30 0.3342 -2.21% 3.17% 992.55 1,010.48 1
09/30/1998 10.00% 3,251.48 0.2521 -1.07% 4.31% 997.30 1,010.69 1
10/31/1998 10.00% 3,257.06 0.1671 1.99% 7.35% 1,003.30 1,011.92 1
11/30/1998 10.00% 3,241.69 0.0849 -6.03% -0.62% 994.74 999.47 1
12/31/1998 10.00% 3,242.99 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP HIGH INCOME (SERVICE CLASS) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.291706 1 6.00% 10%
Units purchased 3,428.104 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 3,449.64 3,241.69 3,428.10 -6.03% -0.62%
09/30/1998 0.25 0.25 3,286.54 3,251.48 3,428.10 -1.07% 4.31%
12/31/1997 1.00 1.00 3,629.02 3,251.50 3,428.10 -10.40% -5.54%
12/31/1997 1.00 1.00 3,629.02 3,251.50 3,428.10 -10.40% -5.54%
12/31/1995 3.00 3.00 2,774.44 3,371.98 3,428.10 6.72% 7.31%
12/31/1993 5.00 5.00 2,395.35 3,428.10 3,428.10 7.43% 7.43%
12/31/1988 10.00 10.00 1,357.96 3,428.10 3,428.10 9.70% 9.70%
10/31/1998 0.16 0.16 3,193.50 3,257.06 3,428.10 1.99% 7.35%
09/18/1985 13.29 13.29 1,000.00 3,428.10 3,428.10 9.71% 9.71%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
Contract charge factor 0.0% Do not fill in
FIDELITY VIP HIGH INCOME (SERVICE CLASS) (1.25%)
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/18/1985 100 10 1000
09/30/1985 1000 0.02231 10 100.223 10 1,002.23 0.22%
10/31/1985 1002.23 0.08478 10.04 101.069 10.04 1,014.73 1.25%
11/30/1985 1014.73 0.10482 10.08 102.12 10.08 1,029.37 1.44%
12/31/1985 1029.37 0.10692 10.31 103.179 10.31 1,063.78 3.34%
01/31/1986 1063.78 0.10769 10.33 104.255 10.33 1,076.95 1.24%
02/28/1986 1076.95 0.09944 10.58 105.235 10.58 1,113.39 3.38%
03/31/1986 1113.39 0.10097 10.74 106.224 10.74 1,140.85 2.47%
04/30/1986 1140.85 0.10223 10.82 107.228 10.82 1,160.21 1.70%
05/31/1986 1160.21 0.10522 10.88 108.265 10.88 1,177.92 1.53%
06/30/1986 1177.92 0.10674 10.91 109.324 10.91 1,192.72 1.26%
07/31/1986 1192.72 0.10683 10.77 110.408 10.77 1,189.09 -0.30%
08/31/1986 1189.09 0.10348 10.71 111.475 10.71 1,193.90 0.40%
09/30/1986 1193.9 0.10095 10.7 112.527 10.7 1,204.04 0.85%
10/31/1986 1204.04 0.09969 10.92 113.554 10.92 1,240.01 2.99%
11/30/1986 1240.01 0.09501 10.86 114.547 10.86 1,243.98 0.32%
12/31/1986 1243.98 0.09868 10.83 115.591 10.83 1,251.85 0.63%
01/31/1987 1251.85 0.09483 11.13 116.576 11.13 1,297.49 3.65%
02/28/1987 1297.49 0.0926 11.23 117.537 11.23 1,319.94 1.73%
03/31/1987 1319.94 0.24092 11.08 120.093 11.09 1,331.83 0.90%
04/30/1987 1331.83 0.09343 10.65 121.147 10.65 1,290.22 -3.12%
05/31/1987 1290.22 0.09099 10.46 122.201 10.46 1,278.22 -0.93%
06/30/1987 1278.22 0.09591 10.59 123.308 10.59 1,305.83 2.16%
07/31/1987 1305.83 0.10133 10.5 124.498 10.5 1,307.23 0.11%
08/31/1987 1307.23 0.09698 10.49 125.649 10.49 1,318.06 0.83%
09/30/1987 1318.06 0.09472 10.03 126.836 10.03 1,272.17 -3.48%
10/31/1987 1272.17 0.10036 9.45 128.183 9.45 1,211.33 -4.78%
11/30/1987 1211.33 0.08833 9.64 129.357 9.64 1,247.00 2.94%
12/31/1987 1247 0.11429 9.68 130.884 9.68 1,266.96 1.60%
01/31/1988 1266.96 0.09824 9.9 132.183 9.9 1,308.61 3.29%
02/29/1988 1308.61 0.09641 10.1 133.445 10.1 1,347.79 2.99%
03/31/1988 1347.79 0.09743 9.93 134.754 9.93 1,338.11 -0.72%
04/30/1988 1338.11 0.0974 9.91 136.078 9.91 1,348.53 0.78%
05/31/1988 1348.53 0.09527 9.8 137.401 9.8 1,346.53 -0.15%
06/30/1988 1346.53 0.0954 9.91 138.724 9.91 1,374.75 2.10%
07/31/1988 1374.75 0.09316 9.92 140.027 9.92 1,389.07 1.04%
08/31/1988 1389.07 0.09262 9.78 141.353 9.78 1,382.43 -0.48%
09/30/1988 1382.43 0.0884 9.77 142.632 9.77 1,393.51 0.80%
10/31/1988 1393.51 0.08636 9.79 143.89 9.79 1,408.68 1.09%
11/30/1988 1408.68 0.08262 9.67 145.119 9.67 1,403.30 -0.38%
12/31/1988 1403.3 0.08684 9.66 146.424 9.66 1,414.46 0.80%
01/31/1989 1414.46 0.10214 9.79 147.952 9.79 1,448.45 2.40%
02/28/1989 1448.45 0.09815 9.74 149.443 9.74 1,455.57 0.49%
03/31/1989 1455.57 0.10485 9.51 151.091 9.51 1,436.88 -1.28%
04/30/1989 1436.88 0.10468 9.3 152.792 9.3 1,420.97 -1.11%
05/31/1989 1420.97 0.10183 9.37 154.453 9.37 1,447.22 1.85%
06/30/1989 1447.22 0.09837 9.54 156.046 9.54 1,488.68 2.86%
07/31/1989 1488.68 0.0972 9.38 157.663 9.38 1,478.88 -0.66%
08/31/1989 1478.88 0.09559 9.23 159.296 9.23 1,470.30 -0.58%
09/30/1989 1470.3 0.09704 8.81 161.051 8.81 1,418.86 -3.50%
10/31/1989 1418.86 0.09231 8.34 162.834 8.34 1,358.04 -4.29%
11/30/1989 1358.04 0.09702 8.25 164.749 8.25 1,359.18 0.08%
12/31/1989 1359.18 0.11739 8.11 167.134 8.11 1,355.46 -0.27%
01/31/1990 1355.46 0.08073 7.85 168.853 7.85 1,325.50 -2.21%
02/28/1990 1325.5 0.06913 7.66 170.377 7.66 1,305.09 -1.54%
03/31/1990 1305.09 0.06918 7.51 171.946 7.51 1,291.31 -1.06%
04/30/1990 1291.31 0.06225 7.47 173.379 7.47 1,295.14 0.30%
05/31/1990 1295.14 0.06349 7.56 174.835 7.56 1,321.75 2.05%
06/30/1990 1321.75 0.06909 7.61 176.422 7.61 1,342.57 1.58%
07/31/1990 1342.57 0.06755 7.66 177.978 7.66 1,363.31 1.54%
08/31/1990 1363.31 0.07186 7.46 179.692 7.46 1,340.50 -1.67%
09/30/1990 1340.5 0.07311 7.21 181.514 7.21 1,308.72 -2.37%
10/31/1990 1308.72 0.07504 6.96 183.471 6.96 1,276.96 -2.43%
11/30/1990 1276.96 0.07325 7.05 185.377 7.05 1,306.91 2.35%
12/31/1990 1306.91 0.07858 7.07 187.437 7.07 1,325.18 1.40%
01/31/1991 1325.18 0 10 187.437 7.22 1,353.30 2.12%
02/28/1991 1353.3 0 10 187.437 7.62 1,428.27 5.54%
03/31/1991 1428.27 0 10 187.437 7.89 1,478.88 3.54%
04/30/1991 1478.88 0 10 187.437 8.17 1,531.36 3.55%
05/31/1991 1531.36 0 10 187.437 8.29 1,553.85 1.47%
06/30/1991 1553.85 0 10 187.437 8.47 1,587.59 2.17%
07/31/1991 1587.59 0 10 187.437 8.79 1,647.57 3.78%
08/31/1991 1647.57 0 10 187.437 8.91 1,670.06 1.37%
09/30/1991 1670.06 0 10 187.437 9.11 1,707.55 2.24%
10/31/1991 1707.55 0 10 187.437 9.42 1,765.66 3.40%
11/30/1991 1765.66 0 10 187.437 9.5 1,780.65 0.85%
12/31/1991 1780.65 0 10 187.437 9.55 1,790.02 0.53%
01/31/1992 1790.02 0.81 9.3 203.762 10.06 2,049.85 14.52%
02/29/1992 2049.85 0 10 203.762 9.59 1,954.08 -4.67%
03/31/1992 1954.08 0 10 203.762 9.9 2,017.24 3.23%
04/30/1992 2017.24 0 10 203.762 9.97 2,031.51 0.71%
05/31/1992 2031.51 0 10 203.762 10.09 2,055.96 1.20%
06/30/1992 2055.96 0 10 203.762 10.2 2,078.37 1.09%
07/31/1992 2078.37 0 10 203.762 10.4 2,119.12 1.96%
08/31/1992 2119.12 0 10 203.762 10.62 2,163.95 2.12%
09/30/1992 2163.95 0 10 203.762 10.73 2,186.37 1.04%
10/31/1992 2186.37 0 10 203.762 10.57 2,153.76 -1.49%
11/30/1992 2153.76 0 10 203.762 10.7 2,180.25 1.23%
12/31/1992 2180.25 0 10 203.762 10.82 2,204.70 1.12%
01/31/1993 2204.7 0.89 10.29 221.386 11.11 2,459.60 11.56%
02/28/1993 2459.6 0 10 221.386 10.4 2,302.41 -6.39%
03/31/1993 2302.41 0 10 221.386 10.64 2,355.55 2.31%
04/30/1993 2355.55 0 10 221.386 10.71 2,371.04 0.66%
05/31/1993 2371.04 0 10 221.386 10.87 2,406.47 1.49%
06/30/1993 2406.47 0 10 221.386 11.15 2,468.45 2.58%
07/31/1993 2468.45 0 10 221.386 11.26 2,492.81 0.99%
08/31/1993 2492.81 0 10 221.386 11.38 2,519.37 1.07%
09/30/1993 2519.37 0 10 221.386 11.42 2,528.23 0.35%
10/31/1993 2528.23 0 10 221.386 11.69 2,588.00 2.36%
11/30/1993 2588 0 10 221.386 11.8 2,612.35 0.94%
12/31/1993 2612.35 0 10 221.386 11.99 2,654.42 1.61%
01/31/1994 2654.42 1.1 11.33 242.88 12.39 3,009.28 13.37%
02/28/1994 3009.28 0 10 242.88 11.28 2,739.69 -8.96%
03/31/1994 2739.69 0 10 242.88 10.9 2,647.39 -3.37%
04/30/1994 2647.39 0 10 242.88 10.79 2,620.68 -1.01%
05/31/1994 2620.68 0 10 242.88 10.81 2,625.53 0.19%
06/30/1994 2625.53 0 10 242.88 10.77 2,615.82 -0.37%
07/31/1994 2615.82 0 10 242.88 10.81 2,625.53 0.37%
08/31/1994 2625.53 0 10 242.88 10.81 2,625.53 0.00%
09/30/1994 2625.53 0 10 242.88 10.89 2,644.96 0.74%
10/31/1994 2644.96 0 10 242.88 10.79 2,620.68 -0.92%
11/30/1994 2620.68 0 10 242.88 10.7 2,598.82 -0.83%
12/31/1994 2598.82 0 10 242.88 10.75 2,610.96 0.47%
01/31/1995 2610.96 0.78 10.14 261.563 10.87 2,843.19 8.89%
02/28/1995 2843.19 0 10 261.563 10.44
2,730.72 -3.96%
03/31/1995 2730.72 0 10 261.563 10.57 2,764.72 1.25%
04/30/1995 2764.72 0 10 261.563 10.88 2,845.81 2.93%
05/31/1995 2845.81 0 10 261.563 11.16 2,919.04 2.57%
06/30/1995 2919.04 0 10 261.563 11.19 2,926.89 0.27%
07/31/1995 2926.89 0 10 261.563 11.46 2,997.51 2.41%
08/31/1995 2997.51 0 10 261.563 11.55 3,021.05 0.79%
09/30/1995 3021.05 0 10 261.563 11.74 3,070.75 1.65%
10/31/1995 3070.75 0 10 261.563 11.85 3,099.52 0.94%
11/30/1995 3099.52 0 10 261.563 11.91 3,115.22 0.51%
12/31/1995 3115.22 0 10 261.563 12.05 3,151.83 1.18%
01/31/1996 3151.83 1.1 11.28 287.07 12.33 3,539.57 12.30%
02/29/1996 3539.57 0 10 287.07 11.42 3,278.34 -7.38%
03/31/1996 3278.34 0 10 287.07 11.39 3,269.73 -0.26%
04/30/1996 3269.73 0 10 287.07 11.56 3,318.53 1.49%
05/31/1996 3318.53 0 10 287.07 11.72 3,364.46 1.38%
06/30/1996 3364.46 0 10 287.07 11.78 3,381.68 0.51%
07/31/1996 3381.68 0 10 287.07 11.74 3,370.20 -0.34%
08/31/1996 3370.2 0 10 287.07 11.91 3,419.00 1.45%
09/30/1996 3419 0 10 287.07 12.26 3,519.48 2.94%
10/31/1996 3519.48 0 10 287.07 12.22 3,508.00 -0.33%
11/30/1996 3508 0 10 287.07 12.35 3,545.31 1.06%
12/31/1996 3545.31 0 10 287.07 12.52 3,594.12 1.38%
01/31/1997 3594.12 1 11.79 311.419 12.69 3,951.91 9.95%
02/28/1997 3951.91 0 10 311.419 11.91 3,709.00 -6.15%
03/31/1997 3709 0 10 311.419 11.54 3,593.78 -3.11%
04/30/1997 3593.78 0 10 311.419 11.72 3,649.83 1.56%
05/31/1997 3649.83 0 10 311.419 12.21 3,802.43 4.18%
06/30/1997 3802.43 0 10 311.419 12.43 3,870.94 1.80%
07/31/1997 3870.94 0 10 311.419 12.88 4,011.08 3.62%
08/31/1997 4011.08 0 10 311.419 12.99 4,045.33 0.85%
09/30/1997 4045.33 0 10 311.419 13.45 4,188.59 3.54%
10/31/1997 4188.59 0 10 311.419 13.33 4,151.22 -0.89%
11/30/1997 4151.22 0 10 311.419 13.42 4,179.24 0.67%
12/31/1997 4179.24 0 10 311.419 13.57 4,225.96 1.12%
01/31/1998 4225.96 1.57 12.38 350.912 13.89 4,874.17 15.34%
02/28/1998 4874.17 0 10 350.912 12.41 4,354.82 -10.66%
03/31/1998 4354.82 0 10 350.912 12.68 4,449.56 2.18%
04/30/1998 4449.56 0 10 350.912 12.73 4,467.11 0.39%
05/31/1998 4467.11 0 10 350.912 12.63 4,432.02 -0.79%
06/30/1998 4432.02 0 10 350.912 12.62 4,428.51 -0.08%
07/31/1998 4428.51 0 10 350.912 12.69 4,453.07 0.55%
08/31/1998 4453.07 0 10 350.912 11.12 3,902.14 -12.37%
09/30/1998 3902.14 0 10 350.912 11.01 3,863.54 -0.99%
10/31/1998 3863.54 0 10 350.912 10.71 3,758.27 -2.72%
11/30/1998 3758.27 0 10 350.912 11.58 4,063.56 8.12%
12/31/1998 4063.56 0 10 350.912 11.52 4,042.51 -0.52%
3.0635600
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
09/18/1985 1,000 0.291706478
09/30/1985 0.00041 0.4109589 1,001.82 (0.00) 0.292237104
10/31/1985 0.00106 1.06357501 1,013.25 (0.00) 0.295571688
11/30/1985 0.00103 1.04101062 1,026.83 (0.00) 0.299532374
12/31/1985 0.00106 1.0901256 1,060.06 (0.00) 0.309227209
01/31/1986 0.00106 1.12540922 1,072.06 (0.00) 0.31272727
02/28/1986 0.00096 1.02800413 1,107.31 (0.00) 0.323008928
03/31/1986 0.00106 1.17556675 1,133.44 (0.00) 0.33063251
04/30/1986 0.00103 1.16449569 1,151.51 (0.00) 0.335903588
05/31/1986 0.00106 1.2224959 1,167.87 (0.00) 0.340674371
06/30/1986 0.00103 1.19986336 1,181.34 (0.00) 0.344604773
07/31/1986 0.00106 1.25416321 1,176.49 (0.00) 0.343190134
08/31/1986 0.00106 1.24901474 1,180.00 (0.00) 0.34421403
09/30/1986 0.00103 1.21233013 1,188.81 (0.00) 0.346783855
10/31/1986 0.00106 1.26209382 1,223.06 (0.00) 0.356775661
11/30/1986 0.00103 1.2565725 1,225.72 (0.00) 0.357551359
12/31/1986 0.00106 1.30128134 1,232.18 (0.00) 0.359433805
01/31/1987 0.00106 1.30813236 1,275.79 (0.00) 0.372156467
02/28/1987 0.00096 1.22336113 1,296.64 (0.00) 0.378238893
03/31/1987 0.00106 1.37657207 1,306.95 (0.00) 0.381244508
04/30/1987 0.00103 1.34275237 1,264.77 (0.00) 0.368941701
05/31/1987 0.00106 1.34273564 1,251.66 (0.00) 0.365118586
06/30/1987 0.00103 1.28595648 1,277.41 (0.00) 0.372630153
07/31/1987 0.00106 1.35615948 1,277.43 (0.00) 0.372634055
08/31/1987 0.00106 1.35617368 1,286.66 (0.00) 0.37532561
09/30/1987 0.00103 1.32190586 1,240.54 (0.00) 0.361872544
10/31/1987 0.00106 1.31700797 1,179.89 (0.00) 0.344182245
11/30/1987 0.00103 1.21221818 1,213.42 (0.00) 0.353963758
12/31/1987 0.00106 1.28822454 1,231.56 (0.00) 0.359253666
01/31/1988 0.00106 1.30747676 1,270.74 (0.00) 0.370682359
02/29/1988 0.00099 1.26203381 1,307.52 (0.00) 0.381412507
03/31/1988 0.00106 1.3881222 1,296.74 (0.00) 0.378268229
04/30/1988 0.00103 1.33226984 1,305.51 (0.00) 0.380825211
05/31/1988 0.00106 1.38598478 1,302.19 (0.00) 0.37985611
06/30/1988 0.00103 1.33786239 1,328.14 (0.00) 0.387426708
07/31/1988 0.00106 1.41001043 1,340.56 (0.00) 0.391051006
08/31/1988 0.00106 1.42320079 1,332.73 (0.00) 0.388766556
09/30/1988 0.00103 1.3692452 1,342.04 (0.00) 0.391483053
10/31/1988 0.00106 1.42477319 1,355.23 (0.00) 0.395329192
11/30/1988 0.00103 1.39235896 1,348.66 (0.00) 0.393413199
12/31/1988 0.00106 1.43179782 1,357.95 (0.00) 0.396124225
01/31/1989 0.00106 1.44166439 1,389.15 (0.00) 0.405222695
02/28/1989 0.00096 1.33205718 1,394.64 (0.00) 0.406826038
03/31/1989 0.00106 1.48061284 1,375.25 (0.00) 0.401170352
04/30/1989 0.00103 1.41293167 1,358.61 (0.00) 0.396316192
05/31/1989 0.00106 1.44236304 1,382.27 (0.00) 0.403216711
06/30/1989 0.00103 1.420139 1,420.45 (0.00) 0.414353812
07/31/1989 0.00106 1.5080096 1,409.59 (0.00) 0.411186219
08/31/1989 0.00106 1.49648139 1,399.91 (0.00) 0.408364111
09/30/1989 0.00103 1.43826826 1,349.50 (0.00) 0.393657509
10/31/1989 0.00106 1.43268696 1,290.22 (0.00) 0.376365299
11/30/1989 0.00103 1.32556767 1,289.98 (0.00) 0.37629456
12/31/1989 0.00106 1.36949581 1,285.08 (0.00) 0.374865172
01/31/1990 0.00106 1.36429366 1,255.31 (0.00) 0.36618148
02/28/1990 0.00096 1.20372002 1,234.78 (0.00) 0.360191898
03/31/1990 0.00106 1.31089138 1,220.43 (0.00) 0.356006359
04/30/1990 0.00103 1.253863 1,222.79 (0.00) 0.356696507
05/31/1990 0.00106 1.29817017 1,246.62 (0.00) 0.363646524
06/30/1990 0.00103 1.28077184 1,264.97 (0.00) 0.369001017
07/31/1990 0.00106 1.34295151 1,283.17 (0.00) 0.374309592
08/31/1990 0.00106 1.36227167 1,260.34 (0.00) 0.367649508
09/30/1990 0.00103 1.29487045 1,229.17 (0.00) 0.358555709
10/31/1990 0.00106 1.3049366 1,198.03 (0.00) 0.349473625
11/30/1990 0.00103 1.23085455 1,224.90 (0.00) 0.357311181
12/31/1990 0.00106 1.30040723 1,240.72 (0.00) 0.361926889
01/31/1991 0.00106 1.31720575 1,265.73 (0.00) 0.369222653
02/28/1991 0.00096 1.21371703 1,334.64 (0.00) 0.389322769
03/31/1991 0.00106 1.416911 1,380.51 (0.00) 0.402704896
04/30/1991 0.00103 1.41833637 1,428.09 (0.00) 0.41658167
05/31/1991 0.00106 1.51611773 1,447.54 (0.00) 0.422257449
06/30/1991 0.00103 1.48720093 1,477.49 (0.00) 0.43099244
07/31/1991 0.00106 1.56856464 1,531.74 (0.00) 0.446818004
08/31/1991 0.00106 1.6261606 1,551.02 (0.00) 0.45244289
09/30/1991 0.00103 1.59351479 1,584.25 (0.00) 0.462134623
10/31/1991 0.00106 1.68190428 1,636.48 (0.00) 0.477371003
11/30/1991 0.00103 1.6813122 1,648.69 (0.00) 0.480933311
12/31/1991 0.00106 1.7503207 1,655.61 (0.00) 0.482953461
01/31/1992 0.00106 1.75767288 1,894.18 (0.00) 0.552543751
02/29/1992 0.00099 1.88120336 1,803.80 (0.00) 0.526179876
03/31/1992 0.00106 1.91499217 1,860.19 (0.00) 0.542628508
04/30/1992 0.00103 1.91115071 1,871.43 (0.00) 0.545909578
05/31/1992 0.00106 1.98679695 1,891.97 (0.00) 0.551900248
06/30/1992 0.00103 1.943806 1,910.65 (0.00) 0.557348949
07/31/1992 0.00106 2.02842968 1,946.08 (0.00) 0.567685023
08/31/1992 0.00106 2.06604704 1,985.19 (0.00) 0.579091725
09/30/1992 0.00103 2.03957504 2,003.71 (0.00) 0.584496553
10/31/1992 0.00106 2.12723134 1,971.70 (0.00) 0.575158182
11/30/1992 0.00103 2.02572101 1,993.93 (0.00) 0.581641378
12/31/1992 0.00106 2.11684015 2,014.17 (0.00) 0.587546589
01/31/1993 0.00106 2.13833172 2,244.90 (0.00) 0.654852985
02/28/1993 0.00096 2.15264749 2,099.28 (0.00) 0.612374198
03/31/1993 0.00106 2.22868994 2,145.51 (0.00) 0.625857771
04/30/1993 0.00103 2.20428619 2,157.41 (0.00) 0.629330382
05/31/1993 0.00106 2.2904007 2,187.36 (0.00) 0.638066221
06/30/1993 0.00103 2.24728464 2,241.45 (0.00) 0.653844431
07/31/1993 0.00106 2.37961774 2,261.19 (0.00) 0.659602772
08/31/1993 0.00106 2.40057479 2,282.88 (0.00) 0.665930341
09/30/1993 0.00103 2.34542274 2,288.56 (0.00) 0.667588078
10/31/1993 0.00106 2.42963671 2,340.24 (0.00) 0.682661817
11/30/1993 0.00103 2.40435141 2,359.85 (0.00) 0.688383487
12/31/1993 0.00106 2.50532004 2,395.35 (0.00) 0.698738585
01/31/1994 0.00106 2.54300665 2,713.03 (0.00) 0.791408658
02/28/1994 0.00096 2.60153638 2,467.38 (0.00) 0.719750468
03/31/1994 0.00106 2.61947782 2,381.63 (0.00) 0.694737997
04/30/1994 0.00103 2.44688401 2,355.16 (0.00) 0.687014887
05/31/1994 0.00106 2.50033913 2,357.02 (0.00) 0.687556956
06/30/1994 0.00103 2.42159221 2,345.88 (0.00) 0.68430777
07/31/1994 0.00106 2.49048678 2,352.10 (0.00) 0.686121449
08/31/1994 0.00106 2.49708753 2,349.60 (0.00) 0.685393032
09/30/1994 0.00103 2.41397081 2,364.57 (0.00) 0.689761051
10/31/1994 0.00106 2.51033359 2,340.36 (0.00) 0.682696955
11/30/1994 0.00103 2.40447517 2,318.43 (0.00) 0.676300942
12/31/1994 0.00106 2.46134653 2,326.80 (0.00) 0.678742191
01/31/1995 0.00106 2.47023127 2,531.28 (0.00) 0.738391855
02/28/1995 0.00096 2.42725835 2,428.72 (0.00) 0.708474739
03/31/1995 0.00106 2.57844065 2,456.39 (0.00) 0.71654376
04/30/1995 0.00103 2.52368443 2,525.91 (0.00) 0.736824011
05/31/1995 0.00106 2.6816157 2,588.23 (0.00) 0.75500214
06/30/1995 0.00103 2.65913577 2,592.53 (0.00) 0.756256835
07/31/1995 0.00106 2.75234 2,652.33 (0.00) 0.773700924
08/31/1995 0.00106 2.81582645 2,670.34 (0.00) 0.778955546
09/30/1995 0.00103 2.74350025 2,711.53 (0.00) 0.790970029
10/31/1995 0.00106 2.87867607 2,734.05 (0.00) 0.797540936
11/30/1995 0.00103 2.80895844 2,745.09 (0.00) 0.800761329
12/31/1995 0.00106 2.91431077 2,774.44 (0.00) 0.809321736
01/31/1996 0.00106 2.94546572 3,112.81 (0.00) 0.908025765
02/29/1996 0.00099 3.09148572 2,879.98 (0.00) 0.84010916
03/31/1996 0.00106 3.05751425 2,869.36 (0.00) 0.83701086
04/30/1996 0.00103 2.94797247 2,909.24 (0.00) 0.84864312
05/31/1996 0.00106 3.08857295 2,946.41 (0.00) 0.859487779
06/30/1996 0.00103 3.02713672 2,958.47 (0.00) 0.86300378
07/31/1996 0.00106 3.1408375 2,945.28 (0.00) 0.859157884
08/31/1996 0.00106 3.12684065 2,984.80 (0.00) 0.870686244
09/30/1996 0.00103 3.06657798 3,069.46 (0.00) 0.895380049
10/31/1996 0.00106 3.2586685 3,056.18 (0.00) 0.891508883
11/30/1996 0.00103 3.13991582 3,085.55 (0.00) 0.900074761
12/31/1996 0.00106 3.27575455 3,124.75 (0.00) 0.911510968
01/31/1997 0.00106 3.31737577 3,432.50 (0.00) 1.001283006
02/28/1997 0.00096 3.29144007 3,218.23 (0.00) 0.938777529
03/31/1997 0.00106 3.41661037 3,114.84 (0.00) 0.90861778
04/30/1997 0.00103 3.20017377 3,160.22 (0.00) 0.921855427
05/31/1997 0.00106 3.35502365 3,288.99 (0.00) 0.959419674
06/30/1997 0.00103 3.37909926 3,344.87 (0.00) 0.975720241
07/31/1997 0.00106 3.5510606 3,462.41 (0.00) 1.010008464
08/31/1997 0.00106 3.67585001 3,488.30 (0.00) 1.017560503
09/30/1997 0.00103 3.58387267 3,608.25 (0.00) 1.052550621
10/31/1997 0.00106 3.830679 3,572.23 (0.00) 1.042042481
11/30/1997 0.00103 3.67009879 3,592.67 (0.00) 1.048005491
12/31/1997 0.00106 3.81413734 3,629.02 (0.00) 1.058608606
01/31/1998 0.00106 3.85272658 4,181.81 (0.00) 1.219862208
02/28/1998 0.00096 4.00995855 3,732.23 (0.00) 1.08871436
03/31/1998 0.00106 3.96229422 3,809.46 (0.00) 1.111243737
04/30/1998 0.00103 3.91382728 3,820.57 (0.00) 1.114485027
05/31/1998 0.00106 4.05608462 3,786.50 (0.00) 1.104547349
06/30/1998 0.00103 3.89024244 3,779.61 (0.00) 1.102537778
07/31/1998 0.00106 4.01260351 3,796.56 (0.00) 1.107481822
08/31/1998 0.00106 4.03059698 3,322.82 (0.00) 0.96928937
09/30/1998 0.00103 3.41386057 3,286.54 (0.00) 0.958705306
10/31/1998 0.00106 3.48913602 3,193.50 (0.00) 0.931565628
11/30/1998 0.00103 3.28099664 3,449.64 (0.00) 1.006281036
12/31/1998 0.00106 3.66228432 3,428.10 (0.00) 1
2.4496356 2.4496356
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP HIGH INCOME (SERVICE CLASS) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.297538 1 6.00% 10%
Units purchased 3,360.913 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/18/1985 0.297538 3,360.913 1,000.00 1,000.00 3,360.91 0.00%
09/30/1985 0.298065 3,360.913 1,001.77 0.00003 0.032876711 1,001.77 3,360.91 0.00%
10/31/1985 0.301428 3,360.913 1,013.07 0.00008 0.085081809 1,013.07 3,360.91 0.00%
11/30/1985 0.305430 3,360.913 1,026.52 0.00008 0.083266258 1,026.52 3,360.91 0.00%
12/31/1985 0.315277 3,360.913 1,059.62 0.00008 0.087184159 1,059.62 3,360.91 0.00%
01/31/1986 0.318805 3,360.913 1,071.48 0.00008 0.089994904 1,071.48 3,360.91 0.00%
02/28/1986 0.329250 3,360.913 1,106.58 0.00008 0.082195416 1,106.58 3,360.91 0.00%
03/31/1986 0.336979 3,360.913 1,132.56 0.00008 0.093983507 1,132.56 3,360.91 0.00%
04/30/1986 0.342309 3,360.913 1,150.47 0.00008 0.093086817 1,150.47 3,360.91 0.00%
05/31/1986 0.347128 3,360.913 1,166.67 0.00008 0.097711347 1,166.67 3,360.91 0.00%
06/30/1986 0.351090 3,360.913 1,179.98 0.00008 0.095890333 1,179.98 3,360.91 0.00%
07/31/1986 0.349604 3,360.913 1,174.99 0.00008 0.100217636 1,174.99 3,360.91 0.00%
08/31/1986 0.350602 3,360.913 1,178.34 0.00008 0.099793465 1,178.34 3,360.91 0.00%
09/30/1986 0.353176 3,360.913 1,187.00 0.00008 0.096850144 1,187.00 3,360.91 0.00%
10/31/1986 0.363307 3,360.913 1,221.04 0.00008 0.100813307 1,221.04 3,360.91 0.00%
11/30/1986 0.364053 3,360.913 1,223.55 0.00008 0.100359847 1,223.55 3,360.91 0.00%
12/31/1986 0.365923 3,360.913 1,229.83 0.00008 0.103917864 1,229.83 3,360.91 0.00%
01/31/1987 0.378829 3,360.913 1,273.21 0.00008 0.104451735 1,273.21 3,360.91 0.00%
02/28/1987 0.384976 3,360.913 1,293.87 0.00008 0.097670903 1,293.87 3,360.91 0.00%
03/31/1987 0.387987 3,360.913 1,303.99 0.00008 0.10989054 1,303.99 3,360.91 0.00%
04/30/1987 0.375418 3,360.913 1,261.75 0.00008 0.107177195 1,261.75 3,360.91 0.00%
05/31/1987 0.371480 3,360.913 1,248.51 0.00008 0.107162205 1,248.51 3,360.91 0.00%
06/30/1987 0.379077 3,360.913 1,274.04 0.00008 0.102617514 1,274.04 3,360.91 0.00%
07/31/1987 0.379033 3,360.913 1,273.90 0.00008 0.108206541 1,273.90 3,360.91 0.00%
08/31/1987 0.381722 3,360.913 1,282.93 0.00008 0.108193889 1,282.93 3,360.91 0.00%
09/30/1987 0.367993 3,360.913 1,236.79 0.00008 0.105446705 1,236.79 3,360.91 0.00%
10/31/1987 0.349956 3,360.913 1,176.17 0.00008 0.105042573 1,176.17 3,360.91 0.00%
11/30/1987 0.359859 3,360.913 1,209.45 0.00008 0.096671746 1,209.45 3,360.91 0.00%
12/31/1987 0.365191 3,360.913 1,227.38 0.00008 0.102720771 1,227.38 3,360.91 0.00%
01/31/1988 0.376762 3,360.913 1,266.26 0.00008 0.104242823 1,266.26 3,360.91 0.00%
02/29/1988 0.387623 3,360.913 1,302.77 0.00008 0.100607314 1,302.77 3,360.91 0.00%
03/31/1988 0.384378 3,360.913 1,291.86 0.00008 0.110646061 1,291.86 3,360.91 0.00%
04/30/1988 0.386929 3,360.913 1,300.44 0.00008 0.106180475 1,300.44 3,360.91 0.00%
05/31/1988 0.385895 3,360.913 1,296.96 0.00008 0.11044797 1,296.96 3,360.91 0.00%
06/30/1988 0.393539 3,360.913 1,322.65 0.00008 0.106599521 1,322.65 3,360.91 0.00%
07/31/1988 0.397170 3,360.913 1,334.85 0.00008 0.112334623 1,334.85 3,360.91 0.00%
08/31/1988 0.394799 3,360.913 1,326.89 0.00008 0.113371179 1,326.89 3,360.91 0.00%
09/30/1988 0.397509 3,360.913 1,335.99 0.00008 0.109059138 1,335.99 3,360.91 0.00%
10/31/1988 0.401364 3,360.913 1,348.95 0.00008 0.113467998 1,348.95 3,360.91 0.00%
11/30/1988 0.399369 3,360.913 1,342.25 0.00008 0.110872561 1,342.25 3,360.91 0.00%
12/31/1988 0.402070 3,360.913 1,351.32 0.00008 0.113998924 1,351.32 3,360.91 0.00%
01/31/1989 0.411254 3,360.913 1,382.19 0.00008 0.114769972 1,382.19 3,360.91 0.00%
02/28/1989 0.412834 3,360.913 1,387.50 0.00008 0.106031006 1,387.50 3,360.91 0.00%
03/31/1989 0.407042 3,360.913 1,368.03 0.00008 0.117842445 1,368.03 3,360.91 0.00%
04/30/1989 0.402067 3,360.913 1,351.31 0.00008 0.112441151 1,351.31 3,360.91 0.00%
05/31/1989 0.409016 3,360.913 1,374.67 0.00008 0.114768976 1,374.67 3,360.91 0.00%
06/30/1989 0.420263 3,360.913 1,412.47 0.00008 0.112986457 1,412.47 3,360.91 0.00%
07/31/1989 0.416997 3,360.913 1,401.49 0.00008 0.11996306 1,401.49 3,360.91 0.00%
08/31/1989 0.414082 3,360.913 1,391.69 0.00008 0.119030701 1,391.69 3,360.91 0.00%
09/30/1989 0.399118 3,360.913 1,341.40 0.00008 0.114385732 1,341.40 3,360.91 0.00%
10/31/1989 0.381535 3,360.913 1,282.31 0.00008 0.113927278 1,282.31 3,360.91 0.00%
11/30/1989 0.381417 3,360.913 1,281.91 0.00008 0.105395105 1,281.91 3,360.91 0.00%
12/31/1989 0.379919 3,360.913 1,276.88 0.00008 0.108874379 1,276.88 3,360.91 0.00%
01/31/1990 0.371070 3,360.913 1,247.13 0.00008 0.108446939 1,247.13 3,360.91 0.00%
02/28/1990 0.364958 3,360.913 1,226.59 0.00008 0.095670551 1,226.59 3,360.91 0.00%
03/31/1990 0.360670 3,360.913 1,212.18 0.00008 0.104176244 1,212.18 3,360.91 0.00%
04/30/1990 0.361325 3,360.913 1,214.38 0.00008 0.099631367 1,214.38 3,360.91 0.00%
05/31/1990 0.368319 3,360.913 1,237.89 0.00008 0.103139302 1,237.89 3,360.91 0.00%
06/30/1990 0.373697 3,360.913 1,255.96 0.00008 0.101744293 1,255.96 3,360.91 0.00%
07/31/1990 0.379026 3,360.913 1,273.87 0.00008 0.106670873 1,273.87 3,360.91 0.00%
08/31/1990 0.372233 3,360.913 1,251.04 0.00008 0.108191887 1,251.04 3,360.91 0.00%
09/30/1990 0.362980 3,360.913 1,219.95 0.00008 0.10282553 1,219.95 3,360.91 0.00%
10/31/1990 0.353740 3,360.913 1,188.89 0.00008 0.103611782 1,188.89 3,360.91 0.00%
11/30/1990 0.361630 3,360.913 1,215.41 0.00008 0.097716904 1,215.41 3,360.91 0.00%
12/31/1990 0.366255 3,360.913 1,230.95 0.00008 0.103226206 1,230.95 3,360.91 0.00%
01/31/1991 0.373591 3,360.913 1,255.61 0.00008 0.104546521 1,255.61 3,360.91 0.00%
02/28/1991 0.393886 3,360.913 1,323.82 0.00008 0.096320599 1,323.82 3,360.91 0.00%
03/31/1991 0.407375 3,360.913 1,369.15 0.00008 0.112433804 1,369.15 3,360.91 0.00%
04/30/1991 0.421363 3,360.913 1,416.16 0.00008 0.112533047 1,416.16 3,360.91 0.00%
05/31/1991 0.427050 3,360.913 1,435.28 0.00008 0.120276838 1,435.28 3,360.91 0.00%
06/30/1991 0.435831 3,360.913 1,464.79 0.00008 0.117967979 1,464.79 3,360.91 0.00%
07/31/1991 0.451779 3,360.913 1,518.39 0.00008 0.124406894 1,518.39 3,360.91 0.00%
08/31/1991 0.457409 3,360.913 1,537.31 0.00008 0.128959129 1,537.31 3,360.91 0.00%
09/30/1991 0.467150 3,360.913 1,570.05 0.00008 0.126354325 1,570.05 3,360.91 0.00%
10/31/1991 0.482493 3,360.913 1,621.62 0.00008 0.133346882 1,621.62 3,360.91 0.00%
11/30/1991 0.486034 3,360.913 1,633.52 0.00008 0.1332835 1,633.52 3,360.91 0.00%
12/31/1991 0.488013 3,360.913 1,640.17 0.00008 0.138737065 1,640.17 3,360.91 0.00%
01/31/1992 0.558271 3,360.913 1,876.30 0.00008 0.139302152 1,876.30 3,360.91 0.00%
02/29/1992 0.531567 3,360.913 1,786.55 0.00008 0.149075803 1,786.55 3,360.91 0.00%
03/31/1992 0.548116 3,360.913 1,842.17 0.00008 0.151734403 1,842.17 3,360.91 0.00%
04/30/1992 0.551363 3,360.913 1,853.08 0.00008 0.151411318 1,853.08 3,360.91 0.00%
05/31/1992 0.557343 3,360.913 1,873.18 0.00008 0.157385117 1,873.18 3,360.91 0.00%
06/30/1992 0.562777 3,360.913 1,891.44 0.00008 0.153960164 1,891.44 3,360.91 0.00%
07/31/1992 0.573142 3,360.913 1,926.28 0.00008 0.160643212 1,926.28 3,360.91 0.00%
08/31/1992 0.584585 3,360.913 1,964.74 0.00008 0.163601886 1,964.74 3,360.91 0.00%
09/30/1992 0.589969 3,360.913 1,982.84 0.00008 0.161485506 1,982.84 3,360.91 0.00%
10/31/1992 0.580468 3,360.913 1,950.90 0.00008 0.168405213 1,950.90 3,360.91 0.00%
11/30/1992 0.586940 3,360.913 1,972.65 0.00008 0.160348245 1,972.65 3,360.91 0.00%
12/31/1992 0.592824 3,360.913 1,992.43 0.00008 0.167540456 1,992.43 3,360.91 0.00%
01/31/1993 0.660660 3,360.913 2,220.42 0.00008 0.169220094 2,220.42 3,360.91 0.00%
02/28/1993 0.617728 3,360.913 2,076.13 0.00008 0.170333522 2,076.13 3,360.91 0.00%
03/31/1993 0.631251 3,360.913 2,121.58 0.00008 0.176328867 2,121.58 3,360.91 0.00%
04/30/1993 0.634676 3,360.913 2,133.09 0.00008 0.174376359 2,133.09 3,360.91 0.00%
05/31/1993 0.643405 3,360.913 2,162.43 0.00008 0.181166478 2,162.43 3,360.91 0.00%
06/30/1993 0.659236 3,360.913 2,215.63 0.00008 0.177733742 2,215.63 3,360.91 0.00%
07/31/1993 0.664957 3,360.913 2,234.86 0.00008 0.188177089 2,234.86 3,360.91 0.00%
08/31/1993 0.671252 3,360.913 2,256.02 0.00008 0.189810372 2,256.02 3,360.91 0.00%
09/30/1993 0.672840 3,360.913 2,261.36 0.00008 0.185426169 2,261.36 3,360.91 0.00%
10/31/1993 0.687946 3,360.913 2,312.13 0.00008 0.192060396 2,312.13 3,360.91 0.00%
11/30/1993 0.693628 3,360.913 2,331.22 0.00008 0.190037939 2,331.22 3,360.91 0.00%
12/31/1993 0.703973 3,360.913 2,365.99 0.00008 0.197994206 2,365.99 3,360.91 0.00%
01/31/1994 0.797248 3,360.913 2,679.48 0.00008 0.200947336 2,679.48 3,360.91 2.00%
02/28/1994 0.724969 3,360.913 2,436.56 0.00008 0.205549209 2,436.56 3,360.91 2.00%
03/31/1994 0.699683 3,360.913 2,351.57 0.00008 0.206940588 2,351.57 3,360.91 2.00%
04/30/1994 0.691819 3,360.913 2,325.14 0.00008 0.193280042 2,325.14 3,360.91 2.00%
05/31/1994 0.692276 3,360.913 2,326.68 0.00008 0.197477853 2,326.68 3,360.91 2.00%
06/30/1994 0.688920 3,360.913 2,315.40 0.00008 0.191234041 2,315.40 3,360.91 2.00%
07/31/1994 0.690658 3,360.913 2,321.24 0.00008 0.196650308 2,321.24 3,360.91 2.00%
08/31/1994 0.689837 3,360.913 2,318.48 0.00008 0.197146455 2,318.48 3,360.91 2.00%
09/30/1994 0.694148 3,360.913 2,332.97 0.00008 0.190560038 2,332.97 3,360.91 2.00%
10/31/1994 0.686950 3,360.913 2,308.78 0.00008 0.198142686 2,308.78 3,360.91 2.00%
11/30/1994 0.680430 3,360.913 2,286.87 0.00008 0.189762766 2,286.87 3,360.91 2.00%
12/31/1994 0.682799 3,360.913 2,294.83 0.00008 0.194226916 2,294.83 3,360.91 2.00%
01/31/1995 0.742718 3,360.913 2,496.21 0.00008 0.194903274 2,496.21 3,360.91 4.00%
02/28/1995 0.712541 3,360.913 2,394.79 0.00008 0.191490248 2,394.79 3,360.91 4.00%
03/31/1995 0.720565 3,360.913 2,421.76 0.00008 0.203392863 2,421.76 3,360.91 4.00%
04/30/1995 0.740870 3,360.913 2,490.00 0.00008 0.199048501 2,490.00 3,360.91 4.00%
05/31/1995 0.759054 3,360.913 2,551.11 0.00008 0.211479527 2,551.11 3,360.91 4.00%
06/30/1995 0.760222 3,360.913 2,555.04 0.00008 0.209680626 2,555.04 3,360.91 4.00%
07/31/1995 0.777660 3,360.913 2,613.65 0.00008 0.217003339 2,613.65 3,360.91 4.00%
08/31/1995 0.782843 3,360.913 2,631.07 0.00008 0.221981169 2,631.07 3,360.91 4.00%
09/30/1995 0.794821 3,360.913 2,671.32 0.00008 0.216252081 2,671.32 3,360.91 4.00%
10/31/1995 0.801322 3,360.913 2,693.18 0.00008 0.226879552 2,693.18 3,360.91 4.00%
11/30/1995 0.804459 3,360.913 2,703.72 0.00008 0.221356866 2,703.72 3,360.91 4.00%
12/31/1995 0.812957 3,360.913 2,732.28 0.00008 0.229630839 2,732.28 3,360.91 4.00%
01/31/1996 0.912001 3,360.913 3,065.15 0.00008 0.232056415 3,065.15 3,360.91 6.00%
02/29/1996 0.843678 3,360.913 2,835.53 0.00008 0.243532841 2,835.53 3,360.91 6.00%
03/31/1996 0.840459 3,360.913 2,824.71 0.00008 0.240825701 2,824.71 3,360.91 6.00%
04/30/1996 0.852036 3,360.913 2,863.62 0.00008 0.23216793 2,863.62 3,360.91 6.00%
05/31/1996 0.862815 3,360.913 2,899.85 0.00008 0.243211361 2,899.85 3,360.91 6.00%
06/30/1996 0.866238 3,360.913 2,911.35 0.00008 0.238343546 2,911.35 3,360.91 6.00%
07/31/1996 0.862268 3,360.913 2,898.01 0.00008 0.247265486 2,898.01 3,360.91 6.00%
08/31/1996 0.873728 3,360.913 2,936.52 0.00008 0.246132069 2,936.52 3,360.91 6.00%
09/30/1996 0.898400 3,360.913 3,019.45 0.00008 0.241358094 3,019.45 3,360.91 6.00%
10/31/1996 0.894402 3,360.913 3,006.01 0.00008 0.256446023 3,006.01 3,360.91 6.00%
11/30/1996 0.902885 3,360.913 3,034.52 0.00008 0.247068978 3,034.52 3,360.91 6.00%
12/31/1996 0.914242 3,360.913 3,072.69 0.00008 0.257726176 3,072.69 3,360.91 6.00%
01/31/1997 1.004166 3,360.913 3,374.92 0.00008 0.26096797 3,374.92 3,360.91 6.00%
02/28/1997 0.941365 3,360.913 3,163.85 0.00008 0.258897658 3,163.85 3,360.91 6.00%
03/31/1997 0.911003 3,360.913 3,061.80 0.00008 0.268710304 3,061.80 3,360.91 6.00%
04/30/1997 0.924163 3,360.913 3,106.03 0.00008 0.251654823 3,106.03 3,360.91 6.00%
05/31/1997 0.961703 3,360.913 3,232.20 0.00008 0.263799826 3,232.20 3,360.91 6.00%
06/30/1997 0.977924 3,360.913 3,286.72 0.00008 0.265660328 3,286.72 3,360.91 6.00%
07/31/1997 1.012165 3,360.913 3,401.80 0.00008 0.279145857 3,401.80 3,360.91 6.00%
08/31/1997 1.019604 3,360.913 3,426.80 0.00008 0.288919884 3,426.80 3,360.91 6.00%
09/30/1997 1.054539 3,360.913 3,544.21 0.00008 0.281654893 3,544.21 3,360.91 6.00%
10/31/1997 1.043877 3,360.913 3,508.38 0.00008 0.301015406 3,508.38 3,360.91 6.00%
11/30/1997 1.049721 3,360.913 3,528.02 0.00008 0.288359874 3,528.02 3,360.91 6.00%
12/31/1997 1.060208 3,360.913 3,563.27 0.00008 0.299640256 3,563.27 3,360.91 6.00%
01/31/1998 1.221570 3,360.913 4,105.59 0.00008 0.302633669 4,105.59 3,360.91 6.00%
02/28/1998 1.090098 3,360.913 3,663.73 0.00008 0.314949498 3,663.73 3,360.91 6.00%
03/31/1998 1.112517 3,360.913 3,739.07 0.00008 0.31116573 3,739.07 3,360.91 6.00%
04/30/1998 1.115625 3,360.913 3,749.52 0.00008 0.307321176 3,749.52 3,360.91 6.00%
05/31/1998 1.105535 3,360.913 3,715.61 0.00008 0.318452342 3,715.61 3,360.91 6.00%
06/30/1998 1.103388 3,360.913 3,708.39 0.00008 0.305392437 3,708.39 3,360.91 6.00%
07/31/1998 1.108195 3,360.913 3,724.55 0.00008 0.314959139 3,724.55 3,360.91 6.00%
08/31/1998 0.969772 3,360.913 3,259.32 0.00008 0.316331367 3,259.32 3,360.91 6.00%
09/30/1998 0.959063 3,360.913 3,223.33 0.00008 0.267889346 3,223.33 3,360.91 6.00%
10/31/1998 0.931791 3,360.913 3,131.67 0.00008 0.273762163 3,131.67 3,360.91 6.00%
11/30/1998 1.006410 3,360.913 3,382.46 0.00008 0.257397525 3,382.46 3,360.91 6.00%
12/31/1998 1.000000 3,360.913 3,360.91 0.00008 0.287277139 3,360.91 3,360.91 6.00%
12/31/1998 3,360.91
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
TOTAL RETURN 236.09% 236.09%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/18/1985 0.00% 3,360.91 13.2932 9.55% 9.55% 3,360.91 3,360.91 14
09/30/1985 0.00% 3,360.91 13.2603 9.56% 9.56% 3,354.98 3,354.98 14
10/31/1985 0.00% 3,360.91 13.1753 9.53% 9.53% 3,317.54 3,317.54 14
11/30/1985 0.00% 3,360.91 13.0932 9.48% 9.48% 3,274.07 3,274.07 14
12/31/1985 0.00% 3,360.91 13.0082 9.28% 9.28% 3,171.82 3,171.82 14
01/31/1986 0.00% 3,360.91 12.9233 9.25% 9.25% 3,136.71 3,136.71 13
02/28/1986 0.00% 3,360.91 12.8466 9.03% 9.03% 3,037.21 3,037.21 13
03/31/1986 0.00% 3,360.91 12.7616 8.90% 8.90% 2,967.55 2,967.55 13
04/30/1986 0.00% 3,360.91 12.6795 8.82% 8.82% 2,921.33 2,921.33 13
05/31/1986 0.00% 3,360.91 12.5945 8.76% 8.76% 2,880.78 2,880.78 13
06/30/1986 0.00% 3,360.91 12.5123 8.73% 8.73% 2,848.28 2,848.28 13
07/31/1986 0.00% 3,360.91 12.4274 8.82% 8.82% 2,860.38 2,860.38 13
08/31/1986 0.00% 3,360.91 12.3425 8.86% 8.86% 2,852.24 2,852.24 13
09/30/1986 0.00% 3,360.91 12.2603 8.86% 8.86% 2,831.45 2,831.45 13
10/31/1986 0.00% 3,360.91 12.1753 8.67% 8.67% 2,752.49 2,752.49 13
11/30/1986 0.00% 3,360.91 12.0932 8.71% 8.71% 2,746.86 2,746.86 13
12/31/1986 0.00% 3,360.91 12.0082 8.73% 8.73% 2,732.82 2,732.82 13
01/31/1987 0.00% 3,360.91 11.9233 8.48% 8.48% 2,639.72 2,639.72 12
02/28/1987 0.00% 3,360.91 11.8466 8.39% 8.39% 2,597.56 2,597.56 12
03/31/1987 0.00% 3,360.91 11.7616 8.38% 8.38% 2,577.41 2,577.41 12
04/30/1987 0.00% 3,360.91 11.6795 8.75% 8.75% 2,663.69 2,663.69 12
05/31/1987 0.00% 3,360.91 11.5945 8.92% 8.92% 2,691.93 2,691.93 12
06/30/1987 0.00% 3,360.91 11.5123 8.79% 8.79% 2,637.99 2,637.99 12
07/31/1987 0.00% 3,360.91 11.4274 8.86% 8.86% 2,638.30 2,638.30 12
08/31/1987 0.00% 3,360.91 11.3425 8.86% 8.86% 2,619.71 2,619.71 12
09/30/1987 0.00% 3,360.91 11.2603 9.28% 9.28% 2,717.44 2,717.44 12
10/31/1987 0.00% 3,360.91 11.1753 9.85% 9.85% 2,857.50 2,857.50 12
11/30/1987 0.00% 3,360.91 11.0932 9.65% 9.65% 2,778.87 2,778.87 12
12/31/1987 0.00% 3,360.91 11.0082 9.58% 9.58% 2,738.29 2,738.29 12
01/31/1988 0.00% 3,360.91 10.9233 9.35% 9.35% 2,654.20 2,654.20 11
02/29/1988 0.00% 3,360.91 10.8438 9.13% 9.13% 2,579.82 2,579.82 11
03/31/1988 0.00% 3,360.91 10.7589 9.29% 9.29% 2,601.60 2,601.60 11
04/30/1988 0.00% 3,360.91 10.6767 9.30% 9.30% 2,584.45 2,584.45 11
05/31/1988 0.00% 3,360.91 10.5918 9.41% 9.41% 2,591.38 2,591.38 11
06/30/1988 0.00% 3,360.91 10.5096 9.28% 9.28% 2,541.05 2,541.05 11
07/31/1988 0.00% 3,360.91 10.4247 9.26% 9.26% 2,517.81 2,517.81 11
08/31/1988 0.00% 3,360.91 10.3397 9.40% 9.40% 2,532.93 2,532.93 11
09/30/1988 0.00% 3,360.91 10.2575 9.41% 9.41% 2,515.66 2,515.66 11
10/31/1988 0.00% 3,360.91 10.1726 9.39% 9.39% 2,491.50 2,491.50 11
11/30/1988 0.00% 3,360.91 10.0904 9.52% 9.52% 2,503.95 2,503.95 11
12/31/1988 0.00% 3,360.91 10.0055 9.53% 9.53% 2,487.13 2,487.13 11
01/31/1989 0.00% 3,360.91 9.9205 9.37% 9.37% 2,431.59 2,431.59 10
02/28/1989 0.00% 3,360.91 9.8438 9.40% 9.40% 2,422.28 2,422.28 10
03/31/1989 0.00% 3,360.91 9.7589 9.65% 9.65% 2,456.75 2,456.75 10
04/30/1989 0.00% 3,360.91 9.6767 9.87% 9.87% 2,487.15 2,487.15 10
05/31/1989 0.00% 3,360.91 9.5918 9.77% 9.77% 2,444.89 2,444.89 10
06/30/1989 0.00% 3,360.91 9.5096 9.54% 9.54% 2,379.46 2,379.46 10
07/31/1989 0.00% 3,360.91 9.4247 9.72% 9.72% 2,398.10 2,398.10 10
08/31/1989 0.00% 3,360.91 9.3397 9.90% 9.90% 2,414.98 2,414.98 10
09/30/1989 0.00% 3,360.91 9.2575 10.43% 10.43% 2,505.52 2,505.52 10
10/31/1989 0.00% 3,360.91 9.1726 11.08% 11.08% 2,620.99 2,620.99 10
11/30/1989 0.00% 3,360.91 9.0904 11.19% 11.19% 2,621.81 2,621.81 10
12/31/1989 0.00% 3,360.91 9.0055 11.35% 11.35% 2,632.14 2,632.14 10
01/31/1990 0.00% 3,360.91 8.9205 11.75% 11.75% 2,694.91 2,694.91 9
02/28/1990 0.00% 3,360.91 8.8438 12.07% 12.07% 2,740.04 2,740.04 9
03/31/1990 0.00% 3,360.91 8.7589 12.35% 12.35% 2,772.62 2,772.62 9
04/30/1990 0.00% 3,360.91 8.6767 12.45% 12.45% 2,767.59 2,767.59 9
05/31/1990 0.00% 3,360.91 8.5918 12.33% 12.33% 2,715.04 2,715.04 9
06/30/1990 0.00% 3,360.91 8.5096 12.26% 12.26% 2,675.96 2,675.96 9
07/31/1990 0.00% 3,360.91 8.4247 12.20% 12.20% 2,638.34 2,638.34 9
08/31/1990 0.00% 3,360.91 8.3397 12.58% 12.58% 2,686.49 2,686.49 9
09/30/1990 0.00% 3,360.91 8.2575 13.06% 13.06% 2,754.97 2,754.97 9
10/31/1990 0.00% 3,360.91 8.1726 13.56% 13.56% 2,826.94 2,826.94 9
11/30/1990 0.00% 3,360.91 8.0904 13.40% 13.40% 2,765.26 2,765.26 9
12/31/1990 0.00% 3,360.91 8.0055 13.37% 13.37% 2,730.34 2,730.34 9
01/31/1991 0.00% 3,360.91 7.9205 13.24% 13.24% 2,676.72 2,676.72 8
02/28/1991 0.00% 3,360.91 7.8438 12.61% 12.61% 2,538.80 2,538.80 8
03/31/1991 0.00% 3,360.91 7.7589 12.27% 12.27% 2,454.74 2,454.74 8
04/30/1991 0.00% 3,360.91 7.6767 11.92% 11.92% 2,373.25 2,373.25 8
05/31/1991 0.00% 3,360.91 7.5918 11.86% 11.86% 2,341.65 2,341.65 8
06/30/1991 0.00% 3,360.91 7.5096 11.69% 11.69% 2,294.47 2,294.47 8
07/31/1991 0.00% 3,360.91 7.4247 11.30% 11.30% 2,213.47 2,213.47 8
08/31/1991 0.00% 3,360.91 7.3397 11.25% 11.25% 2,186.23 2,186.23 8
09/30/1991 0.00% 3,360.91 7.2575 11.06% 11.06% 2,140.64 2,140.64 8
10/31/1991 0.00% 3,360.91 7.1726 10.69% 10.69% 2,072.57 2,072.57 8
11/30/1991 0.00% 3,360.91 7.0904 10.71% 10.71% 2,057.47 2,057.47 8
12/31/1991 0.00% 3,360.91 7.0055 10.78% 10.78% 2,049.12 2,049.12 8
01/31/1992 100.00% 3,360.91 6.9205 8.79% 8.79% 1,791.25 1,791.25 7
02/29/1992 100.00% 3,360.91 6.8411 9.68% 9.68% 1,881.23 1,881.23 7
03/31/1992 100.00% 3,360.91 6.7562 9.31% 9.31% 1,824.43 1,824.43 7
04/30/1992 100.00% 3,360.91 6.6740 9.33% 9.33% 1,813.69 1,813.69 7
05/31/1992 100.00% 3,360.91 6.5890 9.28% 9.28% 1,794.23 1,794.23 7
06/30/1992 100.00% 3,360.91 6.5068 9.24% 9.24% 1,776.90 1,776.90 7
07/31/1992 100.00% 3,360.91 6.4219 9.05% 9.05% 1,744.77 1,744.77 7
08/31/1992 100.00% 3,360.91 6.3370 8.84% 8.84% 1,710.61 1,710.61 7
09/30/1992 100.00% 3,360.91 6.2548 8.80% 8.80% 1,695.00 1,695.00 7
10/31/1992 100.00% 3,360.91 6.1699 9.22% 9.22% 1,722.75 1,722.75 7
11/30/1992 100.00% 3,360.91 6.0877 9.15% 9.15% 1,703.75 1,703.75 7
12/31/1992 100.00% 3,360.91 6.0027 9.10% 9.10% 1,686.84 1,686.84 7
01/31/1993 100.00% 3,360.91 5.9178 7.26% 7.26% 1,513.64 1,513.64 6
02/28/1993 100.00% 3,360.91 5.8411 8.60% 8.60% 1,618.84 1,618.84 6
03/31/1993 100.00% 3,360.91 5.7562 8.32% 8.32% 1,584.16 1,584.16 6
04/30/1993 100.00% 3,360.91 5.6740 8.34% 8.34% 1,575.61 1,575.61 6
05/31/1993 100.00% 3,360.91 5.5890 8.21% 8.21% 1,554.23 1,554.23 6
06/30/1993 100.00% 3,360.91 5.5068 7.86% 7.86% 1,516.91 1,516.91 6
07/31/1993 100.00% 3,360.91 5.4219 7.82% 7.82% 1,503.86 1,503.86 6
08/31/1993 100.00% 3,360.91 5.3370 7.75% 7.75% 1,489.75 1,489.75 6
09/30/1993 100.00% 3,360.91 5.2548 7.83% 7.83% 1,486.24 1,486.24 6
10/31/1993 100.00% 3,360.91 5.1699 7.50% 7.50% 1,453.60 1,453.60 6
11/30/1993 100.00% 3,360.91 5.0877 7.46% 7.46% 1,441.70 1,441.70 6
12/31/1993 100.00% 3,360.91 5.0027 7.27% 7.27% 1,420.51 1,420.51 6
01/31/1994 50.00% 3,340.93 4.9178 4.59% 4.72% 1,246.86 1,254.32 5
02/28/1994 50.00% 3,345.79 4.8411 6.77% 6.87% 1,373.16 1,379.37 5
03/31/1994 50.00% 3,347.49 4.7562 7.71% 7.80% 1,423.51 1,429.22 5
04/30/1994 50.00% 3,348.02 4.6740 8.11% 8.20% 1,439.92 1,445.47 5
05/31/1994 50.00% 3,347.99 4.5890 8.25% 8.34% 1,438.95 1,444.51 5
06/30/1994 50.00% 3,348.21 4.5068 8.53% 8.62% 1,446.06 1,451.55 5
07/31/1994 50.00% 3,348.10 4.4219 8.64% 8.73% 1,442.37 1,447.90 5
08/31/1994 50.00% 3,348.15 4.3370 8.84% 8.94% 1,444.12 1,449.62 5
09/30/1994 50.00% 3,347.86 4.2548 8.86% 8.96% 1,435.02 1,440.62 5
10/31/1994 50.00% 3,348.35 4.1699 9.32% 9.42% 1,450.27 1,455.71 5
11/30/1994 50.00% 3,348.78 4.0877 9.78% 9.88% 1,464.36 1,469.66 5
12/31/1994 50.00% 3,348.63 4.0027 9.90% 10.00% 1,459.20 1,464.56 5
01/31/1995 40.00% 3,314.84 3.9178 7.51% 7.89% 1,327.95 1,346.41 4
02/28/1995 40.00% 3,318.90 3.8411 8.87% 9.22% 1,385.88 1,403.43 4
03/31/1995 40.00% 3,317.82 3.7562 8.74% 9.12% 1,370.00 1,387.80 4
04/30/1995 40.00% 3,315.09 3.6740 8.10% 8.51% 1,331.36 1,349.76 4
05/31/1995 40.00% 3,312.64 3.5890 7.55% 7.98% 1,298.51 1,317.43 4
06/30/1995 40.00% 3,312.49 3.5068 7.68% 8.13% 1,296.45 1,315.41 4
07/31/1995 40.00% 3,310.14 3.4219 7.15% 7.63% 1,266.48 1,285.91 4
08/31/1995 40.00% 3,309.44 3.3370 7.12% 7.61% 1,257.83 1,277.40 4
09/30/1995 40.00% 3,307.83 3.2548 6.79% 7.31% 1,238.28 1,258.15 4
10/31/1995 40.00% 3,306.96 3.1699 6.69% 7.24% 1,227.90 1,247.94 4
11/30/1995 40.00% 3,306.54 3.0877 6.74% 7.30% 1,222.96 1,243.07 4
12/31/1995 40.00% 3,305.40 3.0027 6.55% 7.14% 1,209.76 1,230.08 4
01/31/1996 30.00% 3,237.50 2.9178 1.89% 3.21% 1,056.23 1,096.49 3
02/29/1996 30.00% 3,251.28 2.8384 4.94% 6.17% 1,146.62 1,185.29 3
03/31/1996 30.00% 3,251.93 2.7534 5.25% 6.52% 1,151.24 1,189.83 3
04/30/1996 30.00% 3,249.59 2.6712 4.85% 6.18% 1,134.79 1,173.66 3
05/31/1996 30.00% 3,247.42 2.5863 4.47% 5.87% 1,119.86 1,159.00 3
06/30/1996 30.00% 3,246.73 2.5041 4.45% 5.90% 1,115.20 1,154.42 3
07/31/1996 30.00% 3,247.53 2.4192 4.82% 6.32% 1,120.61 1,159.73 3
08/31/1996 30.00% 3,245.22 2.3342 4.38% 5.95% 1,105.12 1,144.52 3
09/30/1996 30.00% 3,240.24 2.2521 3.18% 4.87% 1,073.13 1,113.09 3
10/31/1996 30.00% 3,241.05 2.1671 3.54% 5.28% 1,078.19 1,118.07 3
11/30/1996 30.00% 3,239.34 2.0849 3.18% 5.02% 1,067.50 1,107.56 3
12/31/1996 30.00% 3,237.05 2.0000 2.64% 4.59% 1,053.49 1,093.80 3
01/31/1997 20.00% 3,198.75 1.9151 -2.76% -0.22% 947.80 995.85 2
02/28/1997 20.00% 3,211.41 1.8384 0.82% 3.34% 1,015.03 1,062.29 2
03/31/1997 20.00% 3,217.54 1.7534 2.87% 5.46% 1,050.86 1,097.69 2
04/30/1997 20.00% 3,214.88 1.6712 2.08% 4.83% 1,035.05 1,082.06 2
05/31/1997 20.00% 3,207.31 1.5863 -0.49% 2.49% 992.30 1,039.82 2
06/30/1997 20.00% 3,204.04 1.5041 -1.68% 1.50% 974.85 1,022.57 2
07/31/1997 20.00% 3,197.14 1.4192 -4.28% -0.85% 939.84 987.98 2
08/31/1997 20.00% 3,195.64 1.3342 -5.10% -1.44% 932.54 980.77 2
09/30/1997 20.00% 3,188.59 1.2521 -8.10% -4.15% 899.66 948.28 2
10/31/1997 20.00% 3,190.74 1.1671 -7.81% -3.61% 909.46 957.97 2
11/30/1997 20.00% 3,189.56 1.0849 -8.88% -4.37% 904.07 952.63 2
12/31/1997 20.00% 3,187.45 1.0000 -10.55% -5.68% 894.53 943.21 2
01/31/1998 10.00% 3,134.74 0.9151 -25.53% -19.64% 763.53 818.62 1
02/28/1998 10.00% 3,161.25 0.8384 -16.13% -9.78% 862.85 917.35 1
03/31/1998 10.00% 3,156.73 0.7534 -15.57% -10.11% 880.25 922.81 1
04/30/1998 10.00% 3,156.11 0.6712 -15.83% -10.36% 890.80 929.19 1
05/31/1998 10.00% 3,158.14 0.5863 -15.00% -9.55% 909.09 942.87 1
06/30/1998 10.00% 3,158.58 0.5041 -14.83% -9.37% 922.29 951.61 1
07/31/1998 10.00% 3,157.61 0.4192 -15.22% -9.76% 933.12 957.85 1
08/31/1998 10.00% 3,185.52 0.3342 -2.26% 3.12% 992.37 1,010.31 1
09/30/1998 10.00% 3,187.68 0.2521 -1.11% 4.27% 997.20 1,010.59 1
10/31/1998 10.00% 3,193.18 0.1671 1.96% 7.32% 1,003.26 1,011.87 1
11/30/1998 10.00% 3,178.13 0.0849 -6.04% -0.64% 994.72 999.46 1
12/31/1998 10.00% 3,179.42 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP HIGH INCOME (SERVICE CLASS) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
Initial investment $1,000 -----------------------------
AUV 0.297538 1 6.00% 10%
Units purchased 3,360.913 2 6.00% 20%
3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
Contract charge factor 0.10% 6 0.00% 100%
7 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 3,382.46 3,178.13 3,360.91 -6.04% -0.64%
09/30/1998 0.25 0.25 3,223.33 3,187.68 3,360.91 -1.11% 4.27%
12/31/1997 1.00 1.00 3,563.27 3,187.45 3,360.91 -10.55% -5.68%
12/31/1997 1.00 1.00 3,563.27 3,187.45 3,360.91 -10.55% -5.68%
12/31/1995 3.00 3.00 2,732.28 3,305.40 3,360.91 6.55% 7.15%
12/31/1993 5.00 5.00 2,365.99 3,360.91 3,360.91 7.27% 7.27%
12/31/1988 10.00 10.00 1,351.32 3,360.91 3,360.91 9.54% 9.54%
10/31/1998 0.16 0.16 3,131.67 3,193.18 3,360.91 1.96% 7.32%
09/18/1985 13.29 13.29 1,000.00 3,360.91 3,360.91 9.55% 9.55%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
Contract charge factor 0.0% Do not fill in
FIDELITY VIP HIGH INCOME (SERVICE CLASS) (1.40%)
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
09/18/1985 100 10 1000
09/30/1985 1000 0.02231 10 100.223 10 1,002.23 0.22%
10/31/1985 1002.23 0.08478 10.04 101.069 10.04 1,014.73 1.25%
11/30/1985 1014.73 0.10482 10.08 102.12 10.08 1,029.37 1.44%
12/31/1985 1029.37 0.10692 10.31 103.179 10.31 1,063.78 3.34%
01/31/1986 1063.78 0.10769 10.33 104.255 10.33 1,076.95 1.24%
02/28/1986 1076.95 0.09944 10.58 105.235 10.58 1,113.39 3.38%
03/31/1986 1113.39 0.10097 10.74 106.224 10.74 1,140.85 2.47%
04/30/1986 1140.85 0.10223 10.82 107.228 10.82 1,160.21 1.70%
05/31/1986 1160.21 0.10522 10.88 108.265 10.88 1,177.92 1.53%
06/30/1986 1177.92 0.10674 10.91 109.324 10.91 1,192.72 1.26%
07/31/1986 1192.72 0.10683 10.77 110.408 10.77 1,189.09 -0.30%
08/31/1986 1189.09 0.10348 10.71 111.475 10.71 1,193.90 0.40%
09/30/1986 1193.9 0.10095 10.7 112.527 10.7 1,204.04 0.85%
10/31/1986 1204.04 0.09969 10.92 113.554 10.92 1,240.01 2.99%
11/30/1986 1240.01 0.09501 10.86 114.547 10.86 1,243.98 0.32%
12/31/1986 1243.98 0.09868 10.83 115.591 10.83 1,251.85 0.63%
01/31/1987 1251.85 0.09483 11.13 116.576 11.13 1,297.49 3.65%
02/28/1987 1297.49 0.0926 11.23 117.537 11.23 1,319.94 1.73%
03/31/1987 1319.94 0.24092 11.08 120.093 11.09 1,331.83 0.90%
04/30/1987 1331.83 0.09343 10.65 121.147 10.65 1,290.22 -3.12%
05/31/1987 1290.22 0.09099 10.46 122.201 10.46 1,278.22 -0.93%
06/30/1987 1278.22 0.09591 10.59 123.308 10.59 1,305.83 2.16%
07/31/1987 1305.83 0.10133 10.5 124.498 10.5 1,307.23 0.11%
08/31/1987 1307.23 0.09698 10.49 125.649 10.49 1,318.06 0.83%
09/30/1987 1318.06 0.09472 10.03 126.836 10.03 1,272.17 -3.48%
10/31/1987 1272.17 0.10036 9.45 128.183 9.45 1,211.33 -4.78%
11/30/1987 1211.33 0.08833 9.64 129.357 9.64 1,247.00 2.94%
12/31/1987 1247 0.11429 9.68 130.884 9.68 1,266.96 1.60%
01/31/1988 1266.96 0.09824 9.9 132.183 9.9 1,308.61 3.29%
02/29/1988 1308.61 0.09641 10.1 133.445 10.1 1,347.79 2.99%
03/31/1988 1347.79 0.09743 9.93 134.754 9.93 1,338.11 -0.72%
04/30/1988 1338.11 0.0974 9.91 136.078 9.91 1,348.53 0.78%
05/31/1988 1348.53 0.09527 9.8 137.401 9.8 1,346.53 -0.15%
06/30/1988 1346.53 0.0954 9.91 138.724 9.91 1,374.75 2.10%
07/31/1988 1374.75 0.09316 9.92 140.027 9.92 1,389.07 1.04%
08/31/1988 1389.07 0.09262 9.78 141.353 9.78 1,382.43 -0.48%
09/30/1988 1382.43 0.0884 9.77 142.632 9.77 1,393.51 0.80%
10/31/1988 1393.51 0.08636 9.79 143.89 9.79 1,408.68 1.09%
11/30/1988 1408.68 0.08262 9.67 145.119 9.67 1,403.30 -0.38%
12/31/1988 1403.3 0.08684 9.66 146.424 9.66 1,414.46 0.80%
01/31/1989 1414.46 0.10214 9.79 147.952 9.79 1,448.45 2.40%
02/28/1989 1448.45 0.09815 9.74 149.443 9.74 1,455.57 0.49%
03/31/1989 1455.57 0.10485 9.51 151.091 9.51 1,436.88 -1.28%
04/30/1989 1436.88 0.10468 9.3 152.792 9.3 1,420.97 -1.11%
05/31/1989 1420.97 0.10183 9.37 154.453 9.37 1,447.22 1.85%
06/30/1989 1447.22 0.09837 9.54 156.046 9.54 1,488.68 2.86%
07/31/1989 1488.68 0.0972 9.38 157.663 9.38 1,478.88 -0.66%
08/31/1989 1478.88 0.09559 9.23 159.296 9.23 1,470.30 -0.58%
09/30/1989 1470.3 0.09704 8.81 161.051 8.81 1,418.86 -3.50%
10/31/1989 1418.86 0.09231 8.34 162.834 8.34 1,358.04 -4.29%
11/30/1989 1358.04 0.09702 8.25 164.749 8.25 1,359.18 0.08%
12/31/1989 1359.18 0.11739 8.11 167.134 8.11 1,355.46 -0.27%
01/31/1990 1355.46 0.08073 7.85 168.853 7.85 1,325.50 -2.21%
02/28/1990 1325.5 0.06913 7.66 170.377 7.66 1,305.09 -1.54%
03/31/1990 1305.09 0.06918 7.51 171.946 7.51 1,291.31 -1.06%
04/30/1990 1291.31 0.06225 7.47 173.379 7.47 1,295.14 0.30%
05/31/1990 1295.14 0.06349 7.56 174.835 7.56 1,321.75 2.05%
06/30/1990 1321.75 0.06909 7.61 176.422 7.61 1,342.57 1.58%
07/31/1990 1342.57 0.06755 7.66 177.978 7.66 1,363.31 1.54%
08/31/1990 1363.31 0.07186 7.46 179.692 7.46 1,340.50 -1.67%
09/30/1990 1340.5 0.07311 7.21 181.514 7.21 1,308.72 -2.37%
10/31/1990 1308.72 0.07504 6.96 183.471 6.96 1,276.96 -2.43%
11/30/1990 1276.96 0.07325 7.05 185.377 7.05 1,306.91 2.35%
12/31/1990 1306.91 0.07858 7.07 187.437 7.07 1,325.18 1.40%
01/31/1991 1325.18 0 10 187.437 7.22 1,353.30 2.12%
02/28/1991 1353.3 0 10 187.437 7.62 1,428.27 5.54%
03/31/1991 1428.27 0 10 187.437 7.89 1,478.88 3.54%
04/30/1991 1478.88 0 10 187.437 8.17 1,531.36 3.55%
05/31/1991 1531.36 0 10 187.437 8.29 1,553.85 1.47%
06/30/1991 1553.85 0 10 187.437 8.47 1,587.59 2.17%
07/31/1991 1587.59 0 10 187.437 8.79 1,647.57 3.78%
08/31/1991 1647.57 0 10 187.437 8.91 1,670.06 1.37%
09/30/1991 1670.06 0 10 187.437 9.11 1,707.55 2.24%
10/31/1991 1707.55 0 10 187.437 9.42 1,765.66 3.40%
11/30/1991 1765.66 0 10 187.437 9.5 1,780.65 0.85%
12/31/1991 1780.65 0 10 187.437 9.55 1,790.02 0.53%
01/31/1992 1790.02 0.81 9.3 203.762 10.06 2,049.85 14.52%
02/29/1992 2049.85 0 10 203.762 9.59 1,954.08 -4.67%
03/31/1992 1954.08 0 10 203.762 9.9 2,017.24 3.23%
04/30/1992 2017.24 0 10 203.762 9.97 2,031.51 0.71%
05/31/1992 2031.51 0 10 203.762 10.09 2,055.96 1.20%
06/30/1992 2055.96 0 10 203.762 10.2 2,078.37 1.09%
07/31/1992 2078.37 0 10 203.762 10.4 2,119.12 1.96%
08/31/1992 2119.12 0 10 203.762 10.62 2,163.95 2.12%
09/30/1992 2163.95 0 10 203.762 10.73 2,186.37 1.04%
10/31/1992 2186.37 0 10 203.762 10.57 2,153.76 -1.49%
11/30/1992 2153.76 0 10 203.762 10.7 2,180.25 1.23%
12/31/1992 2180.25 0 10 203.762 10.82 2,204.70 1.12%
01/31/1993 2204.7 0.89 10.29 221.386 11.11 2,459.60 11.56%
02/28/1993 2459.6 0 10 221.386 10.4 2,302.41 -6.39%
03/31/1993 2302.41 0 10 221.386 10.64 2,355.55 2.31%
04/30/1993 2355.55 0 10 221.386 10.71 2,371.04 0.66%
05/31/1993 2371.04 0 10 221.386 10.87 2,406.47 1.49%
06/30/1993 2406.47 0 10 221.386 11.15 2,468.45 2.58%
07/31/1993 2468.45 0 10 221.386 11.26 2,492.81 0.99%
08/31/1993 2492.81 0 10 221.386 11.38 2,519.37 1.07%
09/30/1993 2519.37 0 10 221.386 11.42 2,528.23 0.35%
10/31/1993 2528.23 0 10 221.386 11.69 2,588.00 2.36%
11/30/1993 2588 0 10 221.386 11.8 2,612.35 0.94%
12/31/1993 2612.35 0 10 221.386 11.99 2,654.42 1.61%
01/31/1994 2654.42 1.1 11.33 242.88 12.39 3,009.28 13.37%
02/28/1994 3009.28 0 10 242.88 11.28 2,739.69 -8.96%
03/31/1994 2739.69 0 10 242.88 10.9 2,647.39 -3.37%
04/30/1994 2647.39 0 10 242.88 10.79 2,620.68 -1.01%
05/31/1994 2620.68 0 10 242.88 10.81 2,625.53 0.19%
06/30/1994 2625.53 0 10 242.88 10.77 2,615.82 -0.37%
07/31/1994 2615.82 0 10 242.88 10.81 2,625.53 0.37%
08/31/1994 2625.53 0 10 242.88 10.81 2,625.53 0.00%
09/30/1994 2625.53 0 10 242.88 10.89 2,644.96 0.74%
10/31/1994 2644.96 0 10 242.88 10.79 2,620.68 -0.92%
11/30/1994 2620.68 0 10 242.88 10.7 2,598.82 -0.83%
12/31/1994 2598.82 0 10 242.88 10.75 2,610.96 0.47%
01/31/1995 2610.96 0.78 10.14 261.563 10.87 2,843.19 8.89%
02/28/1995 2843.19 0 10 261.563 10.44 2,730.72 -3.96%
03/31/1995 2730.72 0 10 261.563 10.57 2,764.72 1.25%
04/30/1995 2764.72 0 10 261.563 10.88 2,845.81 2.93%
05/31/1995 2845.81 0 10 261.563 11.16 2,919.04 2.57%
06/30/1995 2919.04 0 10 261.563 11.19 2,926.89 0.27%
07/31/1995 2926.89 0 10 261.563 11.46 2,997.51 2.41%
08/31/1995 2997.51 0 10 261.563 11.55 3,021.05 0.79%
09/30/1995 3021.05 0 10 261.563 11.74 3,070.75 1.65%
10/31/1995 3070.75 0 10 261.563 11.85 3,099.52 0.94%
11/30/1995 3099.52 0 10 261.563 11.91 3,115.22 0.51%
12/31/1995 3115.22 0 10 261.563 12.05 3,151.83 1.18%
01/31/1996 3151.83 1.1 11.28 287.07 12.33 3,539.57 12.30%
02/29/1996 3539.57 0 10 287.07 11.42 3,278.34 -7.38%
03/31/1996 3278.34 0 10 287.07 11.39 3,269.73 -0.26%
04/30/1996 3269.73 0 10 287.07 11.56 3,318.53 1.49%
05/31/1996 3318.53 0 10 287.07 11.72 3,364.46 1.38%
06/30/1996 3364.46 0 10 287.07 11.78 3,381.68 0.51%
07/31/1996 3381.68 0 10 287.07 11.74 3,370.20 -0.34%
08/31/1996 3370.2 0 10 287.07 11.91 3,419.00 1.45%
09/30/1996 3419 0 10 287.07 12.26 3,519.48 2.94%
10/31/1996 3519.48 0 10 287.07 12.22 3,508.00 -0.33%
11/30/1996 3508 0 10 287.07 12.35 3,545.31 1.06%
12/31/1996 3545.31 0 10 287.07 12.52 3,594.12 1.38%
01/31/1997 3594.12 1 11.79 311.419 12.69 3,951.91 9.95%
02/28/1997 3951.91 0 10 311.419 11.91 3,709.00 -6.15%
03/31/1997 3709 0 10 311.419 11.54 3,593.78 -3.11%
04/30/1997 3593.78 0 10 311.419 11.72 3,649.83 1.56%
05/31/1997 3649.83 0 10 311.419 12.21 3,802.43 4.18%
06/30/1997 3802.43 0 10 311.419 12.43 3,870.94 1.80%
07/31/1997 3870.94 0 10 311.419 12.88 4,011.08 3.62%
08/31/1997 4011.08 0 10 311.419 12.99 4,045.33 0.85%
09/30/1997 4045.33 0 10 311.419 13.45 4,188.59 3.54%
10/31/1997 4188.59 0 10 311.419 13.33 4,151.22 -0.89%
11/30/1997 4151.22 0 10 311.419 13.42 4,179.24 0.67%
12/31/1997 4179.24 0 10 311.419 13.57 4,225.96 1.12%
01/31/1998 4225.96 1.57 12.38 350.912 13.89 4,874.17 15.34%
02/28/1998 4874.17 0 10 350.912 12.41 4,354.82 -10.66%
03/31/1998 4354.82 0 10 350.912 12.68 4,449.56 2.18%
04/30/1998 4449.56 0 10 350.912 12.73 4,467.11 0.39%
05/31/1998 4467.11 0 10 350.912 12.63 4,432.02 -0.79%
06/30/1998 4432.02 0 10 350.912 12.62 4,428.51 -0.08%
07/31/1998 4428.51 0 10 350.912 12.69 4,453.07 0.55%
08/31/1998 4453.07 0 10 350.912 11.12 3,902.14 -12.37%
09/30/1998 3902.14 0 10 350.912 11.01 3,863.54 -0.99%
10/31/1998 3863.54 0 10 350.912 10.71 3,758.27 -2.72%
11/30/1998 3758.27 0 10 350.912 11.58 4,063.56 8.12%
12/31/1998 4063.56 0 10 350.912 11.52 4,042.51 -0.52%
3.0635600
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
09/18/1985 1,000 0.297538187
09/30/1985 0.00046 0.46027397 1,001.77 0.00 0.298064748
10/31/1985 0.00119 1.19114537 1,013.07 0.00 0.301427856
11/30/1985 0.00115 1.16572765 1,026.52 0.00 0.305429853
12/31/1985 0.00119 1.22057828 1,059.62 0.00 0.315276659
01/31/1986 0.00119 1.25992871 1,071.48 0.00 0.318805026
02/28/1986 0.00107 1.15073587 1,106.58 0.00 0.32924982
03/31/1986 0.00119 1.31576915 1,132.56 0.00 0.336978753
04/30/1986 0.00115 1.30321549 1,150.47 0.00 0.34230946
05/31/1986 0.00119 1.36795892 1,166.67 0.00 0.347127615
06/30/1986 0.00115 1.34246471 1,179.98 0.00 0.351089673
07/31/1986 0.00119 1.40304696 1,174.99 0.00 0.349603684
08/31/1986 0.00119 1.39710856 1,178.34 0.00 0.350602176
09/30/1986 0.00115 1.35590206 1,187.00 0.00 0.353176469
10/31/1986 0.00119 1.41138635 1,221.04 0.00 0.363307471
11/30/1986 0.00115 1.40503791 1,223.55 0.00 0.364052579
12/31/1986 0.00119 1.45485015 1,229.83 0.00 0.365922872
01/31/1987 0.00119 1.46232434 1,273.21 0.00 0.378828607
02/28/1987 0.00107 1.3673927 1,293.87 0.00 0.384976489
03/31/1987 0.00119 1.53846762 1,303.99 0.00 0.387986599
04/30/1987 0.00115 1.50048079 1,261.75 0.00 0.37541839
05/31/1987 0.00119 1.50027093 1,248.51 0.00 0.371480333
06/30/1987 0.00115 1.43664525 1,274.04 0.00 0.379076982
07/31/1987 0.00119 1.51489163 1,273.90 0.00 0.379032658
08/31/1987 0.00119 1.5147145 1,282.93 0.00 0.381722142
09/30/1987 0.00115 1.47625393 1,236.79 0.00 0.367992739
10/31/1987 0.00119 1.47059608 1,176.17 0.00 0.349956371
11/30/1987 0.00115 1.3534045 1,209.45 0.00 0.359858836
12/31/1987 0.00119 1.43809085 1,227.38 0.00 0.365190999
01/31/1988 0.00119 1.45939958 1,266.26 0.00 0.376762049
02/29/1988 0.00111 1.40850245 1,302.77 0.00 0.387623284
03/31/1988 0.00119 1.54904491 1,291.86 0.00 0.384378424
04/30/1988 0.00115 1.4865267 1,300.44 0.00 0.38692932
05/31/1988 0.00119 1.54627165 1,296.96 0.00 0.385895391
06/30/1988 0.00115 1.49239335 1,322.65 0.00 0.393538778
07/31/1988 0.00119 1.57268479 1,334.85 0.00 0.397170117
08/31/1988 0.00119 1.58719657 1,326.89 0.00 0.394799322
09/30/1988 0.00115 1.52682799 1,335.99 0.00 0.397509298
10/31/1988 0.00119 1.58855203 1,348.95 0.00 0.401364001
11/30/1988 0.00115 1.55221591 1,342.25 0.00 0.399369277
12/31/1988 0.00119 1.595985 1,351.32 0.00 0.402070468
01/31/1989 0.00119 1.60677967 1,382.19 0.00 0.411254292
02/28/1989 0.00107 1.48443414 1,387.50 0.00 0.412834178
03/31/1989 0.00119 1.64979429 1,368.03 0.00 0.407042374
04/30/1989 0.00115 1.57417618 1,351.31 0.00 0.402066978
05/31/1989 0.00119 1.60676572 1,374.67 0.00 0.409016406
06/30/1989 0.00115 1.58181046 1,412.47 0.00 0.420263271
07/31/1989 0.00119 1.67948291 1,401.49 0.00 0.416996962
08/31/1989 0.00119 1.66642988 1,391.69 0.00 0.41408185
09/30/1989 0.00115 1.60140031 1,341.40 0.00 0.39911828
10/31/1989 0.00119 1.59498195 1,282.31 0.00 0.381535348
11/30/1989 0.00115 1.47553153 1,281.91 0.00 0.381416599
12/31/1989 0.00119 1.52424136 1,276.88 0.00 0.379919163
01/31/1990 0.00119 1.51825721 1,247.13 0.00 0.371069995
02/28/1990 0.00107 1.33938777 1,226.59 0.00 0.364957754
03/31/1990 0.00119 1.45846747 1,212.18 0.00 0.36067034
04/30/1990 0.00115 1.3948392 1,214.38 0.00 0.361325063
05/31/1990 0.00119 1.44395028 1,237.89 0.00 0.368319233
06/30/1990 0.00115 1.42442016 1,255.96 0.00 0.37369712
07/31/1990 0.00119 1.49339229 1,273.87 0.00 0.379025646
08/31/1990 0.00119 1.51468648 1,251.04 0.00 0.372233363
09/30/1990 0.00115 1.43955748 1,219.95 0.00 0.362980291
10/31/1990 0.00119 1.45056501 1,188.89 0.00 0.353739891
11/30/1990 0.00115 1.36803671 1,215.41 0.00 0.361629513
12/31/1990 0.00119 1.44516695 1,230.95 0.00 0.366254935
01/31/1991 0.00119 1.46365135 1,255.61 0.00 0.373591284
02/28/1991 0.00107 1.34848843 1,323.82 0.00 0.393886236
03/31/1991 0.00119 1.57407332 1,369.15 0.00 0.407375042
04/30/1991 0.00115 1.57546272 1,416.16 0.00 0.42136252
05/31/1991 0.00119 1.6838758 1,435.28 0.00 0.427049756
06/30/1991 0.00115 1.65155177 1,464.79 0.00 0.435831232
07/31/1991 0.00119 1.74169659 1,518.39 0.00 0.451778948
08/31/1991 0.00119 1.80542787 1,537.31 0.00 0.457408731
09/30/1991 0.00115 1.76896061 1,570.05 0.00 0.467150444
10/31/1991 0.00119 1.86685642 1,621.62 0.00 0.48249268
11/30/1991 0.00115 1.86596908 1,633.52 0.00 0.486033721
12/31/1991 0.00119 1.94231898 1,640.17 0.00 0.488013377
01/31/1992 0.00119 1.95023021 1,876.30 0.00 0.558270594
02/29/1992 0.00111 2.08706132 1,786.55 0.00 0.531566937
03/31/1992 0.00119 2.12428173 1,842.17 0.00 0.54811625
04/30/1992 0.00115 2.11975853 1,853.08 0.00 0.551362928
05/31/1992 0.00119 2.20339173 1,873.18 0.00 0.557343198
06/30/1992 0.00115 2.15544239 1,891.44 0.00 0.562776922
07/31/1992 0.00119 2.24900506 1,926.28 0.00 0.573141962
08/31/1992 0.00119 2.29042649 1,964.74 0.00 0.584585295
09/30/1992 0.00115 2.26079717 1,982.84 0.00 0.589969325
10/31/1992 0.00119 2.35767308 1,950.90 0.00 0.580468356
11/30/1992 0.00115 2.24487551 1,972.65 0.00 0.586939844
12/31/1992 0.00119 2.34556647 1,992.43 0.00 0.592824074
01/31/1993 0.00119 2.36908141 2,220.42 0.00 0.660659508
02/28/1993 0.00107 2.3846694 2,076.13 0.00 0.617728044
03/31/1993 0.00119 2.46860424 2,121.58 0.00 0.631250804
04/30/1993 0.00115 2.44126912 2,133.09 0.00 0.634675513
05/31/1993 0.00119 2.5363308 2,162.43 0.00 0.643404693
06/30/1993 0.00115 2.48827249 2,215.63 0.00 0.65923559
07/31/1993 0.00119 2.63447935 2,234.86 0.00 0.664957425
08/31/1993 0.00119 2.65734531 2,256.02 0.00 0.671251647
09/30/1993 0.00115 2.59596647 2,261.36 0.00 0.672839874
10/31/1993 0.00119 2.68884565 2,312.13 0.00 0.687946477
11/30/1993 0.00115 2.66053125 2,331.22 0.00 0.693627625
12/31/1993 0.00119 2.77191899 2,365.99 0.00 0.703973243
01/31/1994 0.00119 2.81326281 2,679.48 0.00 0.797247877
02/28/1994 0.00107 2.87768903 2,436.56 0.00 0.724969236
03/31/1994 0.00119 2.89716834 2,351.57 0.00 0.699683046
04/30/1994 0.00115 2.70592069 2,325.14 0.00 0.691818701
05/31/1994 0.00119 2.76469006 2,326.68 0.00 0.692276425
06/30/1994 0.00115 2.67727668 2,315.40 0.00 0.688919586
07/31/1994 0.00119 2.75310443 2,321.24 0.00 0.690657722
08/31/1994 0.00119 2.76005048 2,318.48 0.00 0.689836502
09/30/1994 0.00115 2.66784064 2,332.97 0.00 0.694147791
10/31/1994 0.00119 2.77399771 2,308.78 0.00 0.686950336
11/30/1994 0.00115 2.65667882 2,286.87 0.00 0.680429782
12/31/1994 0.00119 2.71917693 2,294.83 0.00 0.682799249
01/31/1995 0.00119 2.72864595 2,496.21 0.00 0.742718471
02/28/1995 0.00107 2.68086358 2,394.79 0.00 0.712540593
03/31/1995 0.00119 2.8475002 2,421.76 0.00 0.720565145
04/30/1995 0.00115 2.78667912 2,490.00 0.00 0.740870376
05/31/1995 0.00119 2.96071349 2,551.11 0.00 0.759053948
06/30/1995 0.00115 2.93552888 2,555.04 0.00 0.760221794
07/31/1995 0.00119 3.03804686 2,613.65 0.00 0.77766049
08/31/1995 0.00119 3.10773649 2,631.07 0.00 0.782842932
09/30/1995 0.00115 3.02752925 2,671.32 0.00 0.794820858
10/31/1995 0.00119 3.17631385 2,693.18 0.00 0.801322497
11/30/1995 0.00115 3.09899624 2,703.72 0.00 0.804459367
12/31/1995 0.00119 3.21483187 2,732.28 0.00 0.812956821
01/31/1996 0.00119 3.24878994 3,065.15 0.00 0.912000613
02/29/1996 0.00111 3.4094599 2,835.53 0.00 0.843678015
03/31/1996 0.00119 3.37155994 2,824.71 0.00 0.840459071
04/30/1996 0.00115 3.25035115 2,863.62 0.00 0.852035634
05/31/1996 0.00119 3.40495919 2,899.85 0.00 0.862815099
06/30/1996 0.00115 3.33680978 2,911.35 0.00 0.866238336
07/31/1996 0.00119 3.46171693 2,898.01 0.00 0.86226767
08/31/1996 0.00119 3.4458491 2,936.52 0.00 0.873727907
09/30/1996 0.00115 3.37901345 3,019.45 0.00 0.898400258
10/31/1996 0.00119 3.59024446 3,006.01 0.00 0.89440158
11/30/1996 0.00115 3.45896583 3,034.52 0.00 0.902884983
12/31/1996 0.00119 3.60816661 3,072.69 0.00 0.914241871
01/31/1997 0.00119 3.65355172 3,374.92 0.00 1.004166396
02/28/1997 0.00107 3.62456735 3,163.85 0.00 0.941365374
03/31/1997 0.00119 3.7619444 3,061.80 0.00 0.911002559
04/30/1997 0.00115 3.52316766 3,106.03 0.00 0.924162634
05/31/1997 0.00119 3.69319771 3,232.20 0.00 0.961703161
06/30/1997 0.00115 3.71924474 3,286.72 0.00 0.977923958
07/31/1997 0.00119 3.90804215 3,401.80 0.00 1.012165038
08/31/1997 0.00119 4.04487854 3,426.80 0.00 1.019604255
09/30/1997 0.00115 3.94316866 3,544.21 0.00 1.054538945
10/31/1997 0.00119 4.21421585 3,508.38 0.00 1.04387661
11/30/1997 0.00115 4.0370384 3,528.02 0.00 1.049721419
12/31/1997 0.00119 4.19496374 3,563.27 0.00 1.060208162
01/31/1998 0.00119 4.23687154 4,105.59 0.00 1.221570351
02/28/1998 0.00107 4.40929315 3,663.73 0.00 1.090098296
03/31/1998 0.00119 4.3563204 3,739.07 0.00 1.112517436
04/30/1998 0.00115 4.30249664 3,749.52 0.00 1.115625282
05/31/1998 0.00119 4.45833297 3,715.61 0.00 1.105535308
06/30/1998 0.00115 4.27549429 3,708.39 0.00 1.103387641
07/31/1998 0.00119 4.40942813 3,724.55 0.00 1.108194927
08/31/1998 0.00119 4.42863931 3,259.32 0.00 0.969772312
09/30/1998 0.00115 3.75045099 3,223.33 0.00 0.959063414
10/31/1998 0.00119 3.83267044 3,131.67 0.00 0.931791416
11/30/1998 0.00115 3.60356549 3,382.46 0.00 1.006410055
12/31/1998 0.00119 4.02188011 3,360.91 0.00 1
2.3824568 2.3824568
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP III GROWTH OPPORTUNITIES
(SERVICE CLASS) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.414165 2 6.00% 20%
Units purchased 2,414.497 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.414165 2,414.497 1,000.00 1,000.00 2,414.50 4.00%
01/31/1995 0.416253 2,414.497 1,005.04 0.00000 0 1,005.04 2,414.50 4.00%
02/28/1995 0.428681 2,414.497 1,035.05 0.00000 0 1,035.05 2,414.50 4.00%
03/31/1995 0.436080 2,414.497 1,052.91 0.00000 0 1,052.91 2,414.50 4.00%
04/30/1995 0.450911 2,414.497 1,088.72 0.00000 0 1,088.72 2,414.50 4.00%
05/31/1995 0.471472 2,414.497 1,138.37 0.00000 0 1,138.37 2,414.50 4.00%
06/30/1995 0.485412 2,414.497 1,172.03 0.00000 0 1,172.03 2,414.50 4.00%
07/31/1995 0.500954 2,414.497 1,209.55 0.00000 0 1,209.55 2,414.50 4.00%
08/31/1995 0.503712 2,414.497 1,216.21 0.00000 0 1,216.21 2,414.50 4.00%
09/30/1995 0.511823 2,414.497 1,235.79 0.00000 0 1,235.79 2,414.50 4.00%
10/31/1995 0.514973 2,414.497 1,243.40 0.00000 0 1,243.40 2,414.50 4.00%
11/30/1995 0.529205 2,414.497 1,277.76 0.00000 0 1,277.76 2,414.50 4.00%
12/31/1995 0.542233 2,414.497 1,309.22 0.00000 0 1,309.22 2,414.50 4.00%
01/31/1996 0.549538 2,414.497 1,326.86 0.00000 0 1,326.86 2,414.50 6.00%
02/29/1996 0.548584 2,414.497 1,324.55 0.00000 0 1,324.55 2,414.50 6.00%
03/31/1996 0.546340 2,414.497 1,319.14 0.00000 0 1,319.14 2,414.50 6.00%
04/30/1996 0.554499 2,414.497 1,338.84 0.00000 0 1,338.84 2,414.50 6.00%
05/31/1996 0.566352 2,414.497 1,367.45 0.00000 0 1,367.45 2,414.50 6.00%
06/30/1996 0.570325 2,414.497 1,377.05 0.00000 0 1,377.05 2,414.50 6.00%
07/31/1996 0.553164 2,414.497 1,335.61 0.00000 0 1,335.61 2,414.50 6.00%
08/31/1996 0.555884 2,414.497 1,342.18 0.00000 0 1,342.18 2,414.50 6.00%
09/30/1996 0.582159 2,414.497 1,405.62 0.00000 0 1,405.62 2,414.50 6.00%
10/31/1996 0.605471 2,414.497 1,461.91 0.00000 0 1,461.91 2,414.50 6.00%
11/30/1996 0.650599 2,414.497 1,570.87 0.00000 0 1,570.87 2,414.50 6.00%
12/31/1996 0.633437 2,414.497 1,529.43 0.00000 0 1,529.43 2,414.50 6.00%
01/31/1997 0.662793 2,414.497 1,600.31 0.00000 0 1,600.31 2,414.50 6.00%
02/28/1997 0.668476 2,414.497 1,614.03 0.00000 0 1,614.03 2,414.50 6.00%
03/31/1997 0.633659 2,414.497 1,529.97 0.00000 0 1,529.97 2,414.50 6.00%
04/30/1997 0.661964 2,414.497 1,598.31 0.00000 0 1,598.31 2,414.50 6.00%
05/01/1997 0.661519 2,414.497 1,597.24 0.00000 0 1,597.24 2,414.50 6.00%
05/31/1997 0.704233 2,414.497 1,700.37 0.00000 0 1,700.37 2,414.50 6.00%
06/30/1997 0.726884 2,414.497 1,755.06 0.00000 0 1,755.06 2,414.50 6.00%
07/31/1997 0.782158 2,414.497 1,888.52 0.00000 0 1,888.52 2,414.50 6.00%
08/31/1997 0.751635 2,414.497 1,814.82 0.00000 0 1,814.82 2,414.50 6.00%
09/30/1997 0.782214 2,414.497 1,888.65 0.00000 0 1,888.65 2,414.50 6.00%
10/31/1997 0.765725 2,414.497 1,848.84 0.00000 0 1,848.84 2,414.50 6.00%
11/30/1997 0.792421 2,414.497 1,913.30 0.00000 0 1,913.30 2,414.50 6.00%
12/31/1997 0.813120 2,414.497 1,963.28 0.00000 0 1,963.28 2,414.50 6.00%
01/31/1998 0.815634 2,414.497 1,969.35 0.00000 0 1,969.35 2,414.50 6.00%
02/28/1998 0.865867 2,414.497 2,090.63 0.00000 0 2,090.63 2,414.50 6.00%
03/31/1998 0.891911 2,414.497 2,153.52 0.00000 0 2,153.52 2,414.50 6.00%
04/30/1998 0.886576 2,414.497 2,140.64 0.00000 0 2,140.64 2,414.50 6.00%
05/31/1998 0.879019 2,414.497 2,122.39 0.00000 0 2,122.39 2,414.50 6.00%
06/30/1998 0.899707 2,414.497 2,172.34 0.00000 0 2,172.34 2,414.50 6.00%
07/31/1998 0.901395 2,414.497 2,176.41 0.00000 0 2,176.41 2,414.50 6.00%
08/31/1998 0.783474 2,414.497 1,891.70 0.00000 0 1,891.70 2,414.50 6.00%
09/30/1998 0.830976 2,414.497 2,006.39 0.00000 0 2,006.39 2,414.50 6.00%
10/31/1998 0.893712 2,414.497 2,157.87 0.00000 0 2,157.87 2,414.50 6.00%
11/30/1998 0.950213 2,414.497 2,294.29 0.00000 0 2,294.29 2,414.50 6.00%
12/31/1998 1.000000 2,414.497 2,414.50 0.00000 0 2,414.50 2,414.50 6.00%
12/31/1998 2,414.50
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,413.13 3.9945 24.67% 24.69% 2,413.13 2,414.50 4
01/31/1995 40.00% 2,412.93 3.9178 25.05% 25.07% 2,400.82 2,402.39 4
02/28/1995 40.00% 2,411.73 3.8411 24.64% 24.67% 2,330.06 2,332.74 4
03/31/1995 40.00% 2,411.01 3.7562 24.68% 24.73% 2,289.85 2,293.16 4
04/30/1995 40.00% 2,409.58 3.6740 24.14% 24.21% 2,213.22 2,217.73 4
05/31/1995 40.00% 2,407.59 3.5890 23.21% 23.31% 2,114.95 2,121.02 4
06/30/1995 40.00% 2,406.25 3.5068 22.77% 22.89% 2,053.07 2,060.10 4
07/31/1995 40.00% 2,404.75 3.4219 22.24% 22.39% 1,988.13 1,996.19 4
08/31/1995 40.00% 2,404.48 3.3370 22.66% 22.81% 1,977.02 1,985.26 4
09/30/1995 40.00% 2,403.70 3.2548 22.68% 22.85% 1,945.06 1,953.80 4
10/31/1995 40.00% 2,403.39 3.1699 23.11% 23.29% 1,932.92 1,941.85 4
11/30/1995 40.00% 2,402.02 3.0877 22.68% 22.89% 1,879.86 1,889.63 4
12/31/1995 40.00% 2,400.76 3.0027 22.38% 22.61% 1,833.73 1,844.22 4
01/31/1996 30.00% 2,378.35 2.9178 22.14% 22.77% 1,792.46 1,819.71 3
02/29/1996 30.00% 2,378.48 2.8384 22.90% 23.56% 1,795.69 1,822.88 3
03/31/1996 30.00% 2,378.81 2.7534 23.88% 24.55% 1,803.31 1,830.36 3
04/30/1996 30.00% 2,377.63 2.6712 23.99% 24.70% 1,775.89 1,803.43 3
05/31/1996 30.00% 2,375.91 2.5863 23.81% 24.59% 1,737.47 1,765.69 3
06/30/1996 30.00% 2,375.34 2.5041 24.32% 25.14% 1,724.95 1,753.39 3
07/31/1996 30.00% 2,377.82 2.4192 26.92% 27.73% 1,780.32 1,807.78 3
08/31/1996 30.00% 2,377.43 2.3342 27.75% 28.60% 1,771.32 1,798.94 3
09/30/1996 30.00% 2,373.62 2.2521 26.19% 27.15% 1,688.66 1,717.74 3
10/31/1996 30.00% 2,370.24 2.1671 24.98% 26.05% 1,621.34 1,651.61 3
11/30/1996 30.00% 2,363.71 2.0849 21.65% 22.90% 1,504.71 1,537.05 3
12/31/1996 30.00% 2,366.19 2.0000 24.38% 25.65% 1,547.10 1,578.69 3
01/31/1997 20.00% 2,347.45 1.9151 22.15% 23.96% 1,466.87 1,508.77 2
02/28/1997 20.00% 2,346.63 1.8384 22.58% 24.49% 1,453.89 1,495.94 2
03/31/1997 20.00% 2,351.67 1.7534 27.78% 29.72% 1,537.07 1,578.14 2
04/30/1997 20.00% 2,347.57 1.6712 25.86% 28.00% 1,468.78 1,510.66 2
05/01/1997 20.00% 2,347.64 1.6685 25.96% 28.10% 1,469.81 1,511.67 2
05/31/1997 20.00% 2,341.45 1.5863 22.35% 24.74% 1,377.02 1,419.98 2
06/30/1997 20.00% 2,338.17 1.5041 21.01% 23.62% 1,332.24 1,375.74 2
07/31/1997 20.00% 2,330.16 1.4192 15.96% 18.90% 1,233.86 1,278.51 2
08/31/1997 20.00% 2,334.58 1.3342 20.78% 23.86% 1,286.40 1,330.43 2
09/30/1997 20.00% 2,330.15 1.2521 18.27% 21.67% 1,233.76 1,278.42 2
10/31/1997 20.00% 2,332.54 1.1671 22.03% 25.70% 1,261.62 1,305.95 2
11/30/1997 20.00% 2,328.67 1.0849 19.85% 23.92% 1,217.10 1,261.96 2
12/31/1997 20.00% 2,325.67 1.0000 18.46% 22.98% 1,184.59 1,229.83 2
01/31/1998 10.00% 2,310.82 0.9151 17.34% 22.60% 1,157.57 1,205.01 1
02/28/1998 10.00% 2,303.55 0.8384 10.18% 15.49% 1,084.71 1,128.34 1
03/31/1998 10.00% 2,299.77 0.7534 6.79% 12.12% 1,050.75 1,090.00 1
04/30/1998 10.00% 2,300.55 0.6712 7.47% 12.79% 1,049.54 1,084.16 1
05/31/1998 10.00% 2,301.64 0.5863 8.45% 13.76% 1,048.69 1,078.53 1
06/30/1998 10.00% 2,298.64 0.5041 5.81% 11.15% 1,028.90 1,054.72 1
07/31/1998 10.00% 2,298.40 0.4192 5.60% 10.94% 1,023.12 1,044.48 1
08/31/1998 10.00% 2,315.48 0.3342 22.40% 27.64% 1,069.89 1,084.97 1
09/30/1998 10.00% 2,308.60 0.2521 15.06% 20.34% 1,036.00 1,047.78 1
10/31/1998 10.00% 2,299.51 0.1671 6.56% 11.89% 1,010.68 1,018.95 1
11/30/1998 10.00% 2,291.33 0.0849 -0.13% 5.24% 999.89 1,004.35 1
12/31/1998 10.00% 2,284.11 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP III GROWTH OPPORTUNITIES
(SERVICE CLASS) (1.25%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.414165 2 6.00% 20%
Units purchased 2,414.497 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,294.29 2,291.33 2,414.50 -0.13% 5.24%
09/30/1998 0.25 0.25 2,006.39 2,308.60 2,414.50 15.06% 20.34%
12/31/1997 1.00 1.00 1,963.28 2,325.67 2,414.50 18.46% 22.98%
12/31/1997 1.00 1.00 1,963.28 2,325.67 2,414.50 18.46% 22.98%
12/31/1995 3.00 3.00 1,309.22 2,400.76 2,414.50 22.40% 22.63%
12/31/1993 5.00 5.00 #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.00 10.00 #N/A #N/A #N/A #N/A #N/A
10/31/1998 0.16 0.16 2,157.87 2,299.51 2,414.50 6.56% 11.89%
01/03/1995 3.99 3.99 1,000.00 2,413.13 2,414.50 24.67% 24.69%
</TABLE>
<PAGE>
M&E factor - Annual 1.25%
GROWTH OPPORTUNITIES
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10.00 1,000.00
01/31/1995 1000 0 10 100 10.06 1,006.00 0.60%
02/28/1995 1006 0 10 100 10.37 1,037.00 3.08%
03/31/1995 1037 0 10 100 10.56 1,056.00 1.83%
04/30/1995 1056 0 10 100 10.93 1,093.00 3.50%
05/31/1995 1093 0 10 100 11.44 1,144.00 4.67%
06/30/1995 1144 0 10 100 11.79 1,179.00 3.06%
07/31/1995 1179 0 10 100 12.18 1,218.00 3.31%
08/31/1995 1218 0 10 100 12.26 1,226.00 0.66%
09/30/1995 1226 0 10 100 12.47 1,247.00 1.71%
10/31/1995 1247 0 10 100 12.56 1,256.00 0.72%
11/30/1995 1256 0 10 100 12.92 1,292.00 2.87%
12/31/1995 1292 0.18 12.94 101.391 13.07 1,325.18 2.57%
01/31/1996 1325.18 0 10 101.391 13.26 1,344.44 1.45%
02/29/1996 1344.44 0.05 13.17 101.776 13.20 1,343.44 -0.07%
03/31/1996 1343.44 0 10 101.776 13.16 1,339.37 -0.30%
04/30/1996 1339.37 0 10 101.776 13.37 1,360.75 1.60%
05/31/1996 1360.75 0 10 101.776 13.67 1,391.28 2.24%
06/30/1996 1391.28 0 10 101.776 13.78 1,402.47 0.80%
07/31/1996 1402.47 0 10 101.776 13.38 1,361.76 -2.90%
08/31/1996 1361.76 0 10 101.776 13.46 1,369.90 0.60%
09/30/1996 1369.9 0 10 101.776 14.11 1,436.06 4.83%
10/31/1996 1436.06 0 10 101.776 14.69 1,495.09 4.11%
11/30/1996 1495.09 0 10 101.776 15.80 1,608.06 7.56%
12/31/1996 1608.06 0 10 101.776 15.40 1,567.35 -2.53%
01/31/1997 1567.35 0 10 101.776 16.13 1,641.65 4.74%
02/28/1997 1641.65 0.6 15.58 105.695 15.68 1,657.30 0.95%
03/31/1997 1657.3 0 10 105.695 14.88 1,572.74 -5.10%
04/30/1997 1572.74 0 10 105.695 15.56 1,644.61 4.57%
05/01/1997 1644.61 0 10 105.695 15.55 1,643.56 -0.06%
05/31/1997 1644.61 0 10 105.695 16.57 1,751.37 6.49%
06/30/1997 1751.37 0 10 105.695 17.12 1,809.50 3.32%
07/31/1997 1809.5 0 10 105.695 18.44 1,949.02 7.71%
08/31/1997 1949.02 0 10 105.695 17.74 1,875.03 -3.80%
09/30/1997 1875.03 0 10 105.695 18.48 1,953.24 4.17%
10/31/1997 1953.24 0 10 105.695 18.11 1,914.14 -2.00%
11/30/1997 1914.14 0 10 105.695 18.76 1,982.84 3.59%
12/31/1997 1982.84 0 10 105.695 19.27 2,036.74 2.72%
01/31/1998 2036.74 0 10 105.695 19.35 2,045.20 0.42%
02/28/1998 2045.2 0.94 18.98 110.93 19.59 2,173.12 6.25%
03/31/1998 2173.12 0 10 110.93 20.20 2,240.79 3.11%
04/30/1998 2240.79 0 10 110.93 20.10 2,229.69 -0.50%
05/31/1998 2229.69 0 10 110.93 19.95 2,213.05 -0.75%
06/30/1998 2213.05 0 10 110.93 20.44 2,267.41 2.46%
07/31/1998 2267.41 0 10 110.93 20.50 2,274.07 0.29%
08/31/1998 2274.07 0 10 110.93 17.84 1,978.99 -12.98%
09/30/1998 1978.99 0 10 110.93 18.94 2,101.01 6.17%
10/31/1998 2101.01 0 10 110.93 20.39 2,261.86 7.66%
11/30/1998 2261.86 0 10 110.93 21.70 2,407.18 6.42%
12/31/1998 2407.18 0 10 110.93 22.86 2,535.86 5.35%
1.5359
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.414164998
01/31/1995 0.00096 0.95890411 1,005.04 (0.00) 0.416252844
02/28/1995 0.00096 0.963738037 1,035.05 (0.00) 0.428680574
03/31/1995 0.00106 1.098852126 1,052.91 (0.00) 0.436079789
04/30/1995 0.00103 1.081760125 1,088.72 (0.00) 0.450911072
05/31/1995 0.00106 1.155836352 1,138.37 (0.00) 0.471472132
06/30/1995 0.00103 1.169556044 1,172.03 (0.00) 0.485412152
07/31/1995 0.00106 1.244274194 1,209.55 (0.00) 0.500953708
08/31/1995 0.00106 1.284112415 1,216.21 (0.00) 0.50371221
09/30/1995 0.00103 1.249532304 1,235.79 (0.00) 0.511822721
10/31/1995 0.00106 1.311973341 1,243.40 (0.00) 0.514973336
11/30/1995 0.00103 1.277467187 1,277.76 (0.00) 0.529204636
12/31/1995 0.00106 1.356529022 1,309.22 (0.00) 0.542233374
01/31/1996 0.00106 1.389926049 1,326.86 (0.00) 0.549538468
02/29/1996 0.00099 1.317770715 1,324.55 (0.00) 0.548583944
03/31/1996 0.00106 1.40620469 1,319.14 (0.00) 0.546339589
04/30/1996 0.00103 1.355275793 1,338.84 (0.00) 0.554499351
05/31/1996 0.00106 1.421367863 1,367.45 (0.00) 0.566351505
06/30/1996 0.00103 1.404918298 1,377.05 (0.00) 0.570324776
07/31/1996 0.00106 1.461933734 1,335.61 (0.00) 0.553164272
08/31/1996 0.00106 1.417945606 1,342.18 (0.00) 0.55588358
09/30/1996 0.00103 1.37895107 1,405.62 (0.00) 0.58215914
10/31/1996 0.00106 1.492269181 1,461.91 (0.00) 0.605471051
11/30/1996 0.00103 1.501960094 1,570.87 (0.00) 0.65059879
12/31/1996 0.00106 1.667702963 1,529.43 (0.00) 0.633437384
01/31/1997 0.00106 1.623712522 1,600.31 (0.00) 0.662792906
02/28/1997 0.00096 1.534545035 1,614.03 (0.00) 0.668475817
03/31/1997 0.00106 1.713527781 1,529.97 (0.00) 0.633658661
04/30/1997 0.00103 1.571883609 1,598.31 (0.00) 0.661964143
05/01/1997 0.00003 0.054736651 1,597.24 (0.00) 0.661518842
05/31/1997 0.00106 1.696836176 1,700.37 (0.00) 0.704232832
06/30/1997 0.00103 1.746953233 1,755.06 (0.00) 0.726883609
07/31/1997 0.00106 1.863246547 1,888.52 (0.00) 0.782157677
08/31/1997 0.00106 2.004932526 1,814.82 (0.00) 0.751634511
09/30/1997 0.00103 1.864540077 1,888.65 (0.00) 0.782213961
10/31/1997 0.00106 2.005076802 1,848.84 (0.00) 0.765725153
11/30/1997 0.00103 1.899493988 1,913.30 (0.00) 0.792420931
12/31/1997 0.00106 2.03124069 1,963.28 (0.00) 0.813120224
01/31/1998 0.00106 2.084299923 1,969.35 (0.00) 0.815634435
02/28/1998 0.00096 1.888414557 2,090.63 (0.00) 0.865867358
03/31/1998 0.00106 2.219508523 2,153.52 (0.00) 0.891910844
04/30/1998 0.00103 2.212516174 2,140.64 (0.00) 0.886576318
05/31/1998 0.00106 2.272592535 2,122.39 (0.00) 0.879018641
06/30/1998 0.00103 2.180535168 2,172.34 (0.00) 0.899707213
07/31/1998 0.00106 2.306251425 2,176.41 (0.00) 0.90139473
08/31/1998 0.00106 2.310577095 1,891.70 (0.00) 0.783474107
09/30/1998 0.00103 1.943522882 2,006.39 (0.00) 0.83097639
10/31/1998 0.00106 2.130071267 2,157.87 (0.00) 0.893712426
11/30/1998 0.00103 2.216985265 2,294.29 (0.00) 0.950213472
12/31/1998 0.00106 2.435715909 2,414.50 (0.00) 1
1.4144966 1.0063897
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP III GROWTH OPPORTUNITIES
(SERVICE CLASS) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.416611 2 6.00% 20%
Units purchased 2,400.321 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Contract Contract Ending
Acct Value Charge Charge Adjusted Redeemable Surrender
AUV # Units Before Chrge Factor Deduction Acct Value Value Charge
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0.416611 2,400.321 1,000.00 1,000.00 2,400.32 4.00%
01/31/1995 0.418663 2,400.321 1,004.93 0.00000 0 1,004.93 2,400.32 4.00%
02/28/1995 0.431115 2,400.321 1,034.81 0.00000 0 1,034.81 2,400.32 4.00%
03/31/1995 0.438501 2,400.321 1,052.54 0.00000 0 1,052.54 2,400.32 4.00%
04/30/1995 0.453361 2,400.321 1,088.21 0.00000 0 1,088.21 2,400.32 4.00%
05/31/1995 0.473976 2,400.321 1,137.69 0.00000 0 1,137.69 2,400.32 4.00%
06/30/1995 0.487931 2,400.321 1,171.19 0.00000 0 1,171.19 2,400.32 4.00%
07/31/1995 0.503491 2,400.321 1,208.54 0.00000 0 1,208.54 2,400.32 4.00%
08/31/1995 0.506200 2,400.321 1,215.04 0.00000 0 1,215.04 2,400.32 4.00%
09/30/1995 0.514288 2,400.321 1,234.46 0.00000 0 1,234.46 2,400.32 4.00%
10/31/1995 0.517388 2,400.321 1,241.90 0.00000 0 1,241.90 2,400.32 4.00%
11/30/1995 0.531622 2,400.321 1,276.06 0.00000 0 1,276.06 2,400.32 4.00%
12/31/1995 0.544643 2,400.321 1,307.32 0.00000 0 1,307.32 2,400.32 4.00%
01/31/1996 0.551911 2,400.321 1,324.76 0.00000 0 1,324.76 2,400.32 6.00%
02/29/1996 0.550887 2,400.321 1,322.30 0.00000 0 1,322.30 2,400.32 6.00%
03/31/1996 0.548563 2,400.321 1,316.73 0.00000 0 1,316.73 2,400.32 6.00%
04/30/1996 0.556688 2,400.321 1,336.23 0.00000 0 1,336.23 2,400.32 6.00%
05/31/1996 0.568516 2,400.321 1,364.62 0.00000 0 1,364.62 2,400.32 6.00%
06/30/1996 0.572434 2,400.321 1,374.03 0.00000 0 1,374.03 2,400.32 6.00%
07/31/1996 0.555137 2,400.321 1,332.51 0.00000 0 1,332.51 2,400.32 6.00%
08/31/1996 0.557796 2,400.321 1,338.89 0.00000 0 1,338.89 2,400.32 6.00%
09/30/1996 0.584093 2,400.321 1,402.01 0.00000 0 1,402.01 2,400.32 6.00%
10/31/1996 0.607408 2,400.321 1,457.97 0.00000 0 1,457.97 2,400.32 6.00%
11/30/1996 0.652605 2,400.321 1,566.46 0.00000 0 1,566.46 2,400.32 6.00%
12/31/1996 0.635308 2,400.321 1,524.94 0.00000 0 1,524.94 2,400.32 6.00%
01/31/1997 0.664669 2,400.321 1,595.42 0.00000 0 1,595.42 2,400.32 6.00%
02/28/1997 0.670291 2,400.321 1,608.91 0.00000 0 1,608.91 2,400.32 6.00%
03/31/1997 0.635294 2,400.321 1,524.91 0.00000 0 1,524.91 2,400.32 6.00%
04/30/1997 0.663594 2,400.321 1,592.84 0.00000 0 1,592.84 2,400.32 6.00%
05/01/1997 0.663145 2,400.321 1,591.76 0.00000 0 1,591.76 2,400.32 6.00%
05/31/1997 0.705883 2,400.321 1,694.34 0.00000 0 1,694.34 2,400.32 6.00%
06/30/1997 0.728499 2,400.321 1,748.63 0.00000 0 1,748.63 2,400.32 6.00%
07/31/1997 0.783804 2,400.321 1,881.38 0.00000 0 1,881.38 2,400.32 6.00%
08/31/1997 0.753116 2,400.321 1,807.72 0.00000 0 1,807.72 2,400.32 6.00%
09/30/1997 0.783663 2,400.321 1,881.04 0.00000 0 1,881.04 2,400.32 6.00%
10/31/1997 0.767044 2,400.321 1,841.15 0.00000 0 1,841.15 2,400.32 6.00%
11/30/1997 0.793691 2,400.321 1,905.11 0.00000 0 1,905.11 2,400.32 6.00%
12/31/1997 0.814323 2,400.321 1,954.64 0.00000 0 1,954.64 2,400.32 6.00%
01/31/1998 0.816737 2,400.321 1,960.43 0.00000 0 1,960.43 2,400.32 6.00%
02/28/1998 0.866944 2,400.321 2,080.94 0.00000 0 2,080.94 2,400.32 6.00%
03/31/1998 0.892909 2,400.321 2,143.27 0.00000 0 2,143.27 2,400.32 6.00%
04/30/1998 0.887458 2,400.321 2,130.19 0.00000 0 2,130.19 2,400.32 6.00%
05/31/1998 0.879780 2,400.321 2,111.75 0.00000 0 2,111.75 2,400.32 6.00%
06/30/1998 0.900378 2,400.321 2,161.20 0.00000 0 2,161.20 2,400.32 6.00%
07/31/1998 0.901952 2,400.321 2,164.97 0.00000 0 2,164.97 2,400.32 6.00%
08/31/1998 0.783844 2,400.321 1,881.48 0.00000 0 1,881.48 2,400.32 6.00%
09/30/1998 0.831272 2,400.321 1,995.32 0.00000 0 1,995.32 2,400.32 6.00%
10/31/1998 0.893924 2,400.321 2,145.71 0.00000 0 2,145.71 2,400.32 6.00%
11/30/1998 0.950329 2,400.321 2,281.09 0.00000 0 2,281.09 2,400.32 6.00%
12/31/1998 1.000000 2,400.321 2,400.32 0.00000 0 2,400.32 2,400.32 6.00%
12/31/1998 2,400.32
<CAPTION>
ERV of ERV of
W/D ERV Avg Ann Avg Ann $1,000 $1,000
Available W/ Surr n W/ Surr W/O Surr W/ Surr W/O Surr
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 40.00% 2,398.73 3.9945 24.49% 24.51% 2,398.73 2,400.32 4
01/31/1995 40.00% 2,398.53 3.9178 24.86% 24.89% 2,386.77 2,388.55 4
02/28/1995 40.00% 2,397.33 3.8411 24.45% 24.49% 2,316.68 2,319.57 4
03/31/1995 40.00% 2,396.62 3.7562 24.49% 24.54% 2,276.98 2,280.50 4
04/30/1995 40.00% 2,395.20 3.6740 23.95% 24.03% 2,201.04 2,205.75 4
05/31/1995 40.00% 2,393.22 3.5890 23.02% 23.12% 2,103.57 2,109.81 4
06/30/1995 40.00% 2,391.88 3.5068 22.58% 22.71% 2,042.26 2,049.47 4
07/31/1995 40.00% 2,390.38 3.4219 22.06% 22.20% 1,977.91 1,986.13 4
08/31/1995 40.00% 2,390.12 3.3370 22.48% 22.63% 1,967.11 1,975.51 4
09/30/1995 40.00% 2,389.35 3.2548 22.49% 22.67% 1,935.55 1,944.44 4
10/31/1995 40.00% 2,389.05 3.1699 22.92% 23.11% 1,923.71 1,932.79 4
11/30/1995 40.00% 2,387.68 3.0877 22.50% 22.71% 1,871.13 1,881.03 4
12/31/1995 40.00% 2,386.43 3.0027 22.19% 22.43% 1,825.44 1,836.07 4
01/31/1996 30.00% 2,364.04 2.9178 21.96% 22.59% 1,784.50 1,811.89 3
02/29/1996 30.00% 2,364.19 2.8384 22.72% 23.37% 1,787.93 1,815.26 3
03/31/1996 30.00% 2,364.52 2.7534 23.69% 24.37% 1,795.76 1,822.95 3
04/30/1996 30.00% 2,363.35 2.6712 23.80% 24.52% 1,768.67 1,796.34 3
05/31/1996 30.00% 2,361.65 2.5863 23.62% 24.40% 1,730.63 1,758.97 3
06/30/1996 30.00% 2,361.09 2.5041 24.13% 24.95% 1,718.37 1,746.93 3
07/31/1996 30.00% 2,363.58 2.4192 26.73% 27.54% 1,773.78 1,801.36 3
08/31/1996 30.00% 2,363.19 2.3342 27.56% 28.41% 1,765.04 1,792.77 3
09/30/1996 30.00% 2,359.41 2.2521 26.00% 26.97% 1,682.87 1,712.06 3
10/31/1996 30.00% 2,356.05 2.1671 24.79% 25.87% 1,615.97 1,646.34 3
11/30/1996 30.00% 2,349.54 2.0849 21.46% 22.72% 1,499.90 1,532.32 3
12/31/1996 30.00% 2,352.03 2.0000 24.19% 25.46% 1,542.37 1,574.04 3
01/31/1997 20.00% 2,333.40 1.9151 21.96% 23.77% 1,462.56 1,504.51 2
02/28/1997 20.00% 2,332.59 1.8384 22.39% 24.31% 1,449.79 1,491.89 2
03/31/1997 20.00% 2,337.63 1.7534 27.59% 29.53% 1,532.96 1,574.07 2
04/30/1997 20.00% 2,333.55 1.6712 25.67% 27.81% 1,465.03 1,506.94 2
05/01/1997 20.00% 2,333.62 1.6685 25.77% 27.91% 1,466.06 1,507.97 2
05/31/1997 20.00% 2,327.46 1.5863 22.16% 24.55% 1,373.67 1,416.67 2
06/30/1997 20.00% 2,324.21 1.5041 20.83% 23.44% 1,329.16 1,372.68 2
07/31/1997 20.00% 2,316.24 1.4192 15.78% 18.73% 1,231.14 1,275.83 2
08/31/1997 20.00% 2,320.66 1.3342 20.59% 23.68% 1,283.75 1,327.82 2
09/30/1997 20.00% 2,316.26 1.2521 18.08% 21.49% 1,231.37 1,276.06 2
10/31/1997 20.00% 2,318.66 1.1671 21.85% 25.51% 1,259.35 1,303.71 2
11/30/1997 20.00% 2,314.82 1.0849 19.67% 23.74% 1,215.06 1,259.94 2
12/31/1997 20.00% 2,311.85 1.0000 18.28% 22.80% 1,182.75 1,228.01 2
01/31/1998 10.00% 2,297.10 0.9151 17.17% 22.44% 1,156.07 1,203.52 1
02/28/1998 10.00% 2,289.87 0.8384 10.04% 15.35% 1,083.52 1,127.17 1
03/31/1998 10.00% 2,286.13 0.7534 6.67% 11.99% 1,049.82 1,089.09 1
04/30/1998 10.00% 2,286.91 0.6712 7.36% 12.68% 1,048.80 1,083.44 1
05/31/1998 10.00% 2,288.02 0.5863 8.35% 13.66% 1,048.12 1,077.99 1
06/30/1998 10.00% 2,285.05 0.5041 5.73% 11.06% 1,028.49 1,054.32 1
07/31/1998 10.00% 2,284.82 0.4192 5.54% 10.87% 1,022.84 1,044.21 1
08/31/1998 10.00% 2,301.83 0.3342 22.34% 27.58% 1,069.71 1,084.80 1
09/30/1998 10.00% 2,295.00 0.2521 15.02% 20.30% 1,035.91 1,047.69 1
10/31/1998 10.00% 2,285.98 0.1671 6.54% 11.87% 1,010.64 1,018.91 1
11/30/1998 10.00% 2,277.86 0.0849 -0.14% 5.23% 999.88 1,004.33 1
12/31/1998 10.00% 2,270.70 0.0000 -5.40% 0.00% 1,000.00 1,000.00 1
12/31/1998
</TABLE>
<PAGE>
EXHIBIT 13
THE FIRST UNION PORTFOLIO SELECT VARIABLE ANNUITY
FIDELITY VIP III GROWTH OPPORTUNITIES
(SERVICE CLASS) (1.40%) -----------------------------
ADJUSTED HISTORICAL PERFORMANCE CALCULATIONS Surrender
RETURN OF PREMIUM DEATH BENEFIT provisions: Withdrawal
FUND
Year Rate Available
-----------------------------
Initial investment $1,000 1 6.00% 10%
AUV 0.416611 2 6.00% 20%
Units purchased 2,400.321 3 6.00% 30%
4 4.00% 40%
5 2.00% 50%
6 0.00% 60%
Contract charge factor 0.10% 7 0.00% 70%
8 0.00% 80%
9 0.00% 90%
10 0.00% 100%
-----------------------------
<TABLE>
<CAPTION>
Average Average
Annual Annual
Beginning Ending Value Ending Value Return Return
Years Years Value W/ Surrender W/O Surrender W/ Surrender W/O Surrender
<S> <C> <C> <C> <C> <C> <C> <C>
11/30/1998 0.08 0.08 2,281.09 2,277.86 2,400.32 -0.14% 5.23%
09/30/1998 0.25 0.25 1,995.32 2,295.00 2,400.32 15.02% 20.30%
12/31/1997 1.00 1.00 1,954.64 2,311.85 2,400.32 18.28% 22.80%
12/31/1997 1.00 1.00 1,954.64 2,311.85 2,400.32 18.28% 22.80%
12/31/1995 3.00 3.00 1,307.32 2,386.43 2,400.32 22.21% 22.45%
12/31/1993 5.00 5.00 #N/A #N/A #N/A #N/A #N/A
12/31/1988 10.00 10.00 #N/A #N/A #N/A #N/A #N/A
10/31/1998 0.16 0.16 2,145.71 2,285.98 2,400.32 6.54% 11.87%
01/03/1995 3.99 3.99 1,000.00 2,398.73 2,400.32 24.49% 24.51%
</TABLE>
<PAGE>
M&E factor - Annual 1.40%
GROWTH OPPORTUNITIES
<TABLE>
<CAPTION>
Ending
Beginning Amount %
Date Amount Inc./Div Reinvest Shares NAV Before M&E Change
<S> <C> <C> <C> <C> <C> <C> <C>
01/03/1995 0 100 10.00 1,000.00
01/31/1995 1000 0 10 100 10.06 1,006.00 0.60%
02/28/1995 1006 0 10 100 10.37 1,037.00 3.08%
03/31/1995 1037 0 10 100 10.56 1,056.00 1.83%
04/30/1995 1056 0 10 100 10.93 1,093.00 3.50%
05/31/1995 1093 0 10 100 11.44 1,144.00 4.67%
06/30/1995 1144 0 10 100 11.79 1,179.00 3.06%
07/31/1995 1179 0 10 100 12.18 1,218.00 3.31%
08/31/1995 1218 0 10 100 12.26 1,226.00 0.66%
09/30/1995 1226 0 10 100 12.47 1,247.00 1.71%
10/31/1995 1247 0 10 100 12.56 1,256.00 0.72%
11/30/1995 1256 0 10 100 12.92 1,292.00 2.87%
12/31/1995 1292 0.18 12.94 101.391 13.07 1,325.18 2.57%
01/31/1996 1325.18 0 10 101.391 13.26 1,344.44 1.45%
02/29/1996 1344.44 0.05 13.17 101.776 13.20 1,343.44 -0.07%
03/31/1996 1343.44 0 10 101.776 13.16 1,339.37 -0.30%
04/30/1996 1339.37 0 10 101.776 13.37 1,360.75 1.60%
05/31/1996 1360.75 0 10 101.776 13.67 1,391.28 2.24%
06/30/1996 1391.28 0 10 101.776 13.78 1,402.47 0.80%
07/31/1996 1402.47 0 10 101.776 13.38 1,361.76 -2.90%
08/31/1996 1361.76 0 10 101.776 13.46 1,369.90 0.60%
09/30/1996 1369.9 0 10 101.776 14.11 1,436.06 4.83%
10/31/1996 1436.06 0 10 101.776 14.69 1,495.09 4.11%
11/30/1996 1495.09 0 10 101.776 15.80 1,608.06 7.56%
12/31/1996 1608.06 0 10 101.776 15.40 1,567.35 -2.53%
01/31/1997 1567.35 0 10 101.776 16.13 1,641.65 4.74%
02/28/1997 1641.65 0.6 15.58 105.695 15.68 1,657.30 0.95%
03/31/1997 1657.3 0 10 105.695 14.88 1,572.74 -5.10%
04/30/1997 1572.74 0 10 105.695 15.56 1,644.61 4.57%
05/01/1997 1644.61 0 10 105.695 15.55 1,643.56 -0.06%
05/31/1997 1644.61 0 10 105.695 16.57 1,751.37 6.49%
06/30/1997 1751.37 0 10 105.695 17.12 1,809.50 3.32%
07/31/1997 1809.5 0 10 105.695 18.44 1,949.02 7.71%
08/31/1997 1949.02 0 10 105.695 17.74 1,875.03 -3.80%
09/30/1997 1875.03 0 10 105.695 18.48 1,953.24 4.17%
10/31/1997 1953.24 0 10 105.695 18.11 1,914.14 -2.00%
11/30/1997 1914.14 0 10 105.695 18.76 1,982.84 3.59%
12/31/1997 1982.84 0 10 105.695 19.27 2,036.74 2.72%
01/31/1998 2036.74 0 10 105.695 19.35 2,045.20 0.42%
02/28/1998 2045.2 0.94 18.98 110.93 19.59 2,173.12 6.25%
03/31/1998 2173.12 0 10 110.93 20.20 2,240.79 3.11%
04/30/1998 2240.79 0 10 110.93 20.10 2,229.69 -0.50%
05/31/1998 2229.69 0 10 110.93 19.95 2,213.05 -0.75%
06/30/1998 2213.05 0 10 110.93 20.44 2,267.41 2.46%
07/31/1998 2267.41 0 10 110.93 20.50 2,274.07 0.29%
08/31/1998 2274.07 0 10 110.93 17.84 1,978.99 -12.98%
09/30/1998 1978.99 0 10 110.93 18.94 2,101.01 6.17%
10/31/1998 2101.01 0 10 110.93 20.39 2,261.86 7.66%
11/30/1998 2261.86 0 10 110.93 21.70 2,407.18 6.42%
12/31/1998 2407.18 0 10 110.93 22.86 2,535.86 5.35%
1.5359
<CAPTION>
Ending
M&E Amount Recalc'd
Date M&E Amount After M&E Check AUV
<S> <C> <C> <C> <C> <C>
01/03/1995 1,000.00 0.416610969
01/31/1995 0.00107 1.073972603 1,004.93 (0.00) 0.418663206
02/28/1995 0.00107 1.079263021 1,034.81 (0.00) 0.431114725
03/31/1995 0.00119 1.23043598 1,052.54 (0.00) 0.438501032
04/30/1995 0.00115 1.211145572 1,088.21 (0.00) 0.453360601
05/31/1995 0.00119 1.293927493 1,137.69 (0.00) 0.4739756
06/30/1995 0.00115 1.309126792 1,171.19 (0.00) 0.487931205
07/31/1995 0.00119 1.392594767 1,208.54 (0.00) 0.503491253
08/31/1995 0.00119 1.43700439 1,215.04 (0.00) 0.506199584
09/30/1995 0.00115 1.398129857 1,234.46 (0.00) 0.514287737
10/31/1995 0.00119 1.467818422 1,241.90 (0.00) 0.517388008
11/30/1995 0.00115 1.429032429 1,276.06 (0.00) 0.53162225
12/31/1995 0.00119 1.517292511 1,307.32 (0.00) 0.544642781
01/31/1996 0.00119 1.55445415 1,324.76 (0.00) 0.551910948
02/29/1996 0.00111 1.473572399 1,322.30 (0.00) 0.550886528
03/31/1996 0.00119 1.572274305 1,316.73 (0.00) 0.548562571
04/30/1996 0.00115 1.515136979 1,336.23 (0.00) 0.556687904
05/31/1996 0.00119 1.588831896 1,364.62 (0.00) 0.568515916
06/30/1996 0.00115 1.570248378 1,374.03 (0.00) 0.57243428
07/31/1996 0.00119 1.633773316 1,332.51 (0.00) 0.555137377
08/31/1996 0.00119 1.584406568 1,338.89 (0.00) 0.557795662
09/30/1996 0.00115 1.540638897 1,402.01 (0.00) 0.584092833
10/31/1996 0.00119 1.667047761 1,457.97 (0.00) 0.607407765
11/30/1996 0.00115 1.677668173 1,566.46 (0.00) 0.652604967
12/31/1996 0.00119 1.862586882 1,524.94 (0.00) 0.635307502
01/31/1997 0.00119 1.813218531 1,595.42 (0.00) 0.664668756
02/28/1997 0.00107 1.713435524 1,608.91 (0.00) 0.670291268
03/31/1997 0.00119 1.913065002 1,524.91 (0.00) 0.635294162
04/30/1997 0.00115 1.754690764 1,592.84 (0.00) 0.663594378
05/01/1997 0.00004 0.061095211 1,591.76 (0.00) 0.663145253
05/31/1997 0.00119 1.893951541 1,694.34 (0.00) 0.705882623
06/30/1997 0.00115 1.949657015 1,748.63 (0.00) 0.728499437
07/31/1997 0.00119 2.079195782 1,881.38 (0.00) 0.783803567
08/31/1997 0.00119 2.237038203 1,807.72 (0.00) 0.753116318
09/30/1997 0.00115 2.080117096 1,881.04 (0.00) 0.783663203
10/31/1997 0.00119 2.236637593 1,841.15 (0.00) 0.767044009
11/30/1997 0.00115 2.118585561 1,905.11 (0.00) 0.793691199
12/31/1997 0.00119 2.265258298 1,954.64 (0.00) 0.81432256
01/31/1998 0.00119 2.324141855 1,960.43 (0.00) 0.816736746
02/28/1998 0.00107 2.10544838 2,080.94 (0.00) 0.866943577
03/31/1998 0.00119 2.474326455 2,143.27 (0.00) 0.892908987
04/30/1998 0.00115 2.466226273 2,130.18 (0.00) 0.887458407
05/31/1998 0.00119 2.532877424 2,111.75 (0.00) 0.879780151
06/30/1998 0.00115 2.429964256 2,161.20 (0.00) 0.90037818
07/31/1998 0.00119 2.569751491 2,164.97 (0.00) 0.901952249
08/31/1998 0.00119 2.57424401 1,881.48 (0.00) 0.783843785
09/30/1998 0.00115 2.164986762 1,995.32 (0.00) 0.831271844
10/31/1998 0.00119 2.372516469 2,145.71 (0.00) 0.893924284
11/30/1998 0.00115 2.469030537 2,281.09 (0.00) 0.950328514
12/31/1998 0.00119 2.712313747 2,400.32 (0.00) 1
1.4003209 0.9953191
</TABLE>
<PAGE>
Weekly Money Market Yields
Formula ($35/Avg Acct Size/365)*7
Contract Charge $ 35
Avg Acct Size
Putnam Money Market 1.25% 35,000
Putnam Money Market 1.40% 35,000
Putnam Money Market 89M 1.25%
Accumulated value at 12/31/1998 1.00594
Accumulated value at 12/24/1998 1.005268
Change in auv 0.000672
Contract Charge Factor = ($35/Avg Acct Size/365)*7
0.000019178
7 Day Current Yield = (NCS-ES/UV)*(365/7)
3.386%
7 Day Effective Yield = 3.443%
Putnam Money Market 147M 1.40%
Accumulated value at 12/31/1998 1.00569
Accumulated value at 12/24/1998 1.005046
Change in auv 0.000644
Contract Charge Factor = ($35/Avg Acct Size/365)*7
0.0000191781
7 Day Current Yield = (NCS-ES/UV)*(365/7)
3.242%
7 Day Effective Yield = 3.294%
*Change both dates and execute queries
Prior 7-Day AUVs Current AUVs
12/24/1998 12/31/1998
UNITS_DATE FUND AUV UNITS_DATE FUND AUV
12/24/1998 0:00 147M 1.00505 12/31/1998 0:00 147M 1.00569
12/24/1998 0:00 89M 1.00527 12/31/1998 0:00 89M 1.00594
