<PAGE> 1
SUPPLEMENT DATED NOVEMBER 10, 2000
TO
PROSPECTUS DATED MAY 1, 2000
FOR
VARIABLE UNIVERSAL LIFE INSURANCE POLICY
ISSUED BY
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY AMERICA VARIABLE ACCOUNT L
EFFECTIVE NOVEMBER 10, 2000 THIS SUPPLEMENT UPDATES CERTAIN INFORMATION
CONTAINED IN YOUR PROSPECTUS. PLEASE READ IT AND KEEP IT WITH YOUR PROSPECTUS
FOR FUTURE REFERENCE.
New Pages D-3 through D-61 are substituted to reflect a change in the
current cost of insurance rates as of November 10, 2000.
Form No. 14428 SL (Supp 11/10/00) Registration No. 333-56969
<PAGE> 2
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY America Variable Account L:
Statement of Assets and Liabilities as of June 30, 2000
(unaudited)............................................ F-2
Statement of Operations for the six months ended June 30,
2000 (unaudited)....................................... F-6
Statement of Changes in Net Assets for the periods ended
June 30, 2000 (unaudited) and December 31, 1999........ F-10
Notes to Financial Statements (unaudited)................. F-19
With respect to MONY Life Insurance Company of America:
Unaudited interim condensed consolidated balance sheets as
of June 30, 2000 and December 31, 1999................. F-22
Unaudited interim condensed consolidated statements of
income and comprehensive income for the three-month
periods ended June 30, 2000 and 1999................... F-23
Unaudited interim condensed consolidated statements of
income and comprehensive income for the six-month
periods ended June 30, 2000 and 1999................... F-24
Unaudited interim condensed consolidated statement of
changes in shareholders' equity for the six-month
period ended June 30, 2000............................. F-25
Unaudited interim condensed consolidated statements of
cash flows for the six-month period ended June 30, 2000
and 1999............................................... F-26
Notes to unaudited interim condensed consolidated
financial statements................................... F-27
</TABLE>
F-1
<PAGE> 3
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds......................... 39,639 54,644 51,816 2,452,256 84,475 110,225 180,171
======== ======== ======== ========== ========== ========== ==========
Investments at cost............. $422,563 $672,081 $552,333 $2,452,256 $3,227,291 $3,342,930 $6,456,720
======== ======== ======== ========== ========== ========== ==========
Investments in respective Funds,
at net asset value............ $409,866 $661,198 $549,246 $2,452,256 $3,836,856 $3,470,972 $6,361,831
Amount due from respective
Funds......................... 249 864 1,772 267,931 4,292 4,799 8,292
Amount due from MONY America.... 788 545 790 613 6,867 2,178 6,556
-------- -------- -------- ---------- ---------- ---------- ----------
Total assets.......... 410,903 662,607 551,808 2,720,800 3,848,015 3,477,949 6,376,679
-------- -------- -------- ---------- ---------- ---------- ----------
LIABILITIES
Amount due to respective
Funds......................... 788 545 790 613 6,867 2,178 6,556
Amount due to MONY America...... 303 950 1,844 268,227 4,796 5,266 9,150
-------- -------- -------- ---------- ---------- ---------- ----------
Total liabilities..... 1,091 1,495 2,634 268,840 11,663 7,444 15,706
-------- -------- -------- ---------- ---------- ---------- ----------
Net assets...................... $409,812 $661,112 $549,174 $2,451,960 $3,836,352 $3,470,505 $6,360,973
======== ======== ======== ========== ========== ========== ==========
Net assets consist of:
Contractholders' net
payments................. $403,274 $649,046 $536,479 $2,371,685 $3,067,558 $3,196,358 $6,276,048
Undistributed net
investment income........ 27,387 39,002 18,260 80,275 139,418 111,897 665,224
Accumulated net realized
gain (loss) on
investments.............. (8,152) (16,053) (2,478) 0 19,811 34,208 (485,410)
Net unrealized appreciation
(depreciation) of
investments.............. (12,697) (10,883) (3,087) 0 609,565 128,042 (94,889)
-------- -------- -------- ---------- ---------- ---------- ----------
Net assets...................... $409,812 $661,112 $549,174 $2,451,960 $3,836,352 $3,470,505 $6,360,973
======== ======== ======== ========== ========== ========== ==========
Number of units outstanding*.... 40,288 68,468 53,262 228,179 280,113 268,017 592,004
-------- -------- -------- ---------- ---------- ---------- ----------
Net asset value per unit
outstanding*.................. $ 10.17 $ 9.66 $ 10.31 $ 10.75 $ 13.70 $ 12.95 $ 10.74
======== ======== ======== ========== ========== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-2
<PAGE> 4
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY CAPITAL
GROWTH BOND GROWTH INCOME GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ----------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds..................... 228,076 147,239 2,149,536 600,360 289,522 210,880 389,044
========== ======== =========== ========== ========== ========== ==========
Investments at cost......... $1,881,670 $732,870 $13,151,622 $3,585,356 $2,470,383 $1,101,150 $2,923,204
========== ======== =========== ========== ========== ========== ==========
Investments in respective
Funds, at net asset
value..................... $1,874,788 $708,219 $13,671,051 $3,800,280 $2,536,208 $1,092,360 $3,135,698
Amount due from respective
Funds..................... 6,219 1,451 30,669 15,600 8,146 2,723 3,411
Amount due from MONY
America................... 1,019 865 8,991 4,326 1,529 1,086 1,622
---------- -------- ----------- ---------- ---------- ---------- ----------
Total assets...... 1,882,026 710,535 13,710,711 3,820,206 2,545,883 1,096,169 3,140,731
---------- -------- ----------- ---------- ---------- ---------- ----------
LIABILITIES
Amount due to respective
Funds..................... 1,019 865 8,991 4,326 1,529 1,086 1,622
Amount due to MONY
America................... 6,469 1,545 32,447 16,105 8,480 2,871 3,821
---------- -------- ----------- ---------- ---------- ---------- ----------
Total
liabilities..... 7,488 2,410 41,438 20,431 10,009 3,957 5,443
---------- -------- ----------- ---------- ---------- ---------- ----------
Net assets.................. $1,874,538 $708,125 $13,669,273 $3,799,775 $2,535,874 $1,092,212 $3,135,288
========== ======== =========== ========== ========== ========== ==========
Net assets consist of:
Contractholders' net
payments............. $1,734,335 $698,662 $12,795,581 $3,527,124 $2,266,840 $1,114,923 $2,741,606
Undistributed net
investment income
(loss)............... 19,374 54,565 (34,687) (8,839) (4,812) (2,337) (6,604)
Accumulated net
realized gain (loss)
on investments....... 127,711 (20,451) 388,950 66,566 208,021 (11,584) 187,792
Net unrealized
appreciation
(depreciation) of
investments.......... (6,882) (24,651) 519,429 214,924 65,825 (8,790) 212,494
---------- -------- ----------- ---------- ---------- ---------- ----------
Net assets.................. $1,874,538 $708,125 $13,669,273 $3,799,775 $2,535,874 $1,092,212 $3,135,288
========== ======== =========== ========== ========== ========== ==========
Number of units
outstanding*.............. 144,561 68,715 1,101,126 307,715 153,729 105,089 199,311
---------- -------- ----------- ---------- ---------- ---------- ----------
Net asset value per unit
outstanding*.............. $ 12.97 $ 10.31 $ 12.41 $ 12.35 $ 16.50 $ 10.39 $ 15.73
========== ======== =========== ========== ========== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 5
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION
TRUST FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
----------------------- DREYFUS -------------------------------------------
DREYFUS SOCIALLY VIP III
MULTI-CAP STOCK RESPONSIBLE VIP VIP II GROWTH
GROWTH BALANCED INDEX GROWTH GROWTH CONTRA-FUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ----------- ----------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds........................ 289,616 23,558 33,428 5,138 14,824 41,624 11,005
========== ======== ========== ======== ======== ========== ========
Investments at cost............ $4,211,890 $120,042 $1,253,003 $198,258 $745,716 $1,056,534 $228,275
========== ======== ========== ======== ======== ========== ========
Investments in respective
Funds, at net asset value.... $3,898,234 $122,029 $1,270,927 $205,835 $761,793 $1,041,860 $226,491
Amount due from respective
Funds........................ 2,366 115 878 109 378 3,947 628
Amount due from MONY America... 2,039 156 597 20 381 7,049 73
---------- -------- ---------- -------- -------- ---------- --------
Total assets......... 3,902,639 122,300 1,272,402 205,964 762,552 1,052,856 227,192
---------- -------- ---------- -------- -------- ---------- --------
LIABILITIES
Amount due to respective
Funds........................ 2,039 156 597 20 381 7,049 73
Amount due to MONY America..... 2,883 131 1,042 136 474 4,077 657
---------- -------- ---------- -------- -------- ---------- --------
Total liabilities.... 4,922 287 1,639 156 855 11,126 730
---------- -------- ---------- -------- -------- ---------- --------
Net assets..................... $3,897,717 $122,013 $1,270,763 $205,808 $761,697 $1,041,730 $226,462
========== ======== ========== ======== ======== ========== ========
Net assets consist of:
Contractholders' net
payments................ $4,190,215 $120,111 $1,246,467 $195,080 $738,792 $1,040,035 $227,061
Undistributed net
investment income
(loss).................. (3,920) (96) 5,301 2,711 13,924 29,443 5,201
Accumulated net realized
gain (loss) on
investments............. 25,078 11 1,071 440 (7,096) (13,074) (4,016)
Net unrealized
appreciation
(depreciation) of
investments............. (313,656) 1,987 17,924 7,577 16,077 (14,674) (1,784)
---------- -------- ---------- -------- -------- ---------- --------
Net assets..................... $3,897,717 $122,013 $1,270,763 $205,808 $761,697 $1,041,730 $226,462
========== ======== ========== ======== ======== ========== ========
Number of units outstanding*... 312,615 11,916 118,867 18,207 63,602 92,790 23,254
---------- -------- ---------- -------- -------- ---------- --------
Net asset value per unit
outstanding*................. $ 12.47 $ 10.24 $ 10.69 $ 11.30 $ 11.98 $ 11.23 $ 9.74
========== ======== ========== ======== ======== ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 6
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------------------------------
JANUS ASPEN SERIES
-----------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 50,602 19,941 50,662 39,282
========== ======== ========== ==========
Investments at cost......................................... $3,082,184 $554,472 $1,678,470 $1,941,656
========== ======== ========== ==========
Investments in respective Funds, at net asset value......... $2,823,599 $524,845 $1,607,514 $1,886,711
Amount due from respective Funds............................ 17,790 1,540 13,902 5,650
Amount due from MONY America................................ 7,386 248 7,522 538
---------- -------- ---------- ----------
Total assets...................................... 2,848,775 526,633 1,628,938 1,892,899
---------- -------- ---------- ----------
LIABILITIES
Amount due to respective Funds.............................. 7,386 248 7,522 538
Amount due to MONY America.................................. 18,164 1,606 14,113 5,897
---------- -------- ---------- ----------
Total liabilities................................. 25,550 1,854 21,635 6,435
---------- -------- ---------- ----------
Net assets.................................................. $2,823,225 $524,779 $1,607,303 $1,886,464
========== ======== ========== ==========
Net assets consist of:
Contractholders' net payments.......................... $2,822,150 $520,275 $1,644,581 $1,891,868
Undistributed net investment income.................... 213,956 32,576 4,427 24,756
Accumulated net realized gain (loss) on investments.... 45,704 1,555 29,251 24,785
Net unrealized appreciation (depreciation) of
investments.......................................... (258,585) (29,627) (70,956) (54,945)
---------- -------- ---------- ----------
Net assets.................................................. $2,823,225 $524,779 $1,607,303 $1,886,464
========== ======== ========== ==========
Number of units outstanding*................................ 199,556 49,071 127,238 141,104
---------- -------- ---------- ----------
Net asset value per unit outstanding*....................... $ 14.15 $ 10.69 $ 12.63 $ 13.37
========== ======== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-5
<PAGE> 7
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income................... $ 21,080 $33,822 $16,961 $53,015 $ 0 $ 0 $ 0
Distribution from capital gains... 0 0 4 0 0 0 0
Mortality and expense risk
charges......................... (717) (925) (656) (3,274) (5,406) (5,218) (10,158)
-------- ------- ------- ------- -------- ------- ----------
Net investment income (loss)...... 20,363 32,897 16,309 49,741 (5,406) (5,218) (10,158)
-------- ------- ------- ------- -------- ------- ----------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments.................. (511) (3,809) (563) 0 27,553 471 (371,141)
Net change in unrealized
appreciation (depreciation)
of investments............... (13,308) (3,808) (4,052) 0 477,324 17,419 209,552
-------- ------- ------- ------- -------- ------- ----------
Net realized and unrealized gain
(loss) on investments........... (13,819) (7,617) (4,615) 0 504,877 17,890 (161,589)
-------- ------- ------- ------- -------- ------- ----------
Net increase (decrease) in net
assets resulting from
operations...................... $ 6,544 $25,280 $11,694 $49,741 $499,471 $12,672 $ (171,747)
======== ======= ======= ======= ======== ======= ==========
</TABLE>
See notes to financial statements.
F-6
<PAGE> 8
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY CAPITAL
GROWTH BOND GROWTH INCOME GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income................ $ 0 $ 30,567 $ 0 $ 0 $ 0 $ 0 $ 0
Distribution from capital
gains........................ 0 0 0 0 0 0 0
Mortality and expense risk
charges...................... (2,869) (1,119) (20,005) (5,644) (3,458) (1,746) (4,407)
--------- -------- --------- -------- --------- -------- ---------
Net investment income (loss)... (2,869) 29,448 (20,005) (5,644) (3,458) (1,746) (4,407)
--------- -------- --------- -------- --------- -------- ---------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............... 91,832 (12,357) 229,822 36,620 168,581 (29,057) 142,840
Net change in unrealized
appreciation
(depreciation) of
investments............... (281,053) (18,133) (486,144) 69,135 (183,970) (1,960) (290,542)
--------- -------- --------- -------- --------- -------- ---------
Net realized and unrealized
gain (loss) on investments... (189,221) (30,490) (256,322) 105,755 (15,389) (31,017) (147,702)
--------- -------- --------- -------- --------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations................... $(192,090) $ (1,042) $(276,327) $100,111 $ (18,847) $(32,763) $(152,109)
========= ======== ========= ======== ========= ======== =========
</TABLE>
See notes to financial statements.
F-7
<PAGE> 9
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------
ENTERPRISE ACCUMULATION
TRUST
------------------------ DREYFUS
DREYFUS SOCIALLY
MULTI-CAP STOCK RESPONSIBLE
GROWTH BALANCED INDEX GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------------
<S> <C> <C> <C> <C>
Dividend income................................ $ 0 $ 0 $ 4,939 $ 22
Distribution from capital gains................ 0 0 910 0
Mortality and expense risk charges............. (3,793) (96) (1,360) (248)
--------- ------ ------- ------
Net investment income (loss)................... (3,793) (96) 4,489 (226)
--------- ------ ------- ------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments...... 19,844 11 666 430
Net change in unrealized appreciation
(depreciation) of investments............. (371,675) 1,967 14,752 5,734
--------- ------ ------- ------
Net realized and unrealized gain (loss) on
investments.................................. (351,831) 1,978 15,418 6,164
--------- ------ ------- ------
Net increase (decrease) in net assets resulting
from operations.............................. $(355,624) $1,882 $19,907 $5,938
========= ====== ======= ======
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
------------------------------------------
VIP III
VIP VIP II GROWTH
GROWTH CONTRA FUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- -------------
<S> <C> <C> <C>
Dividend income................................ $ 121 $ 814 $ 870
Distribution from capital gains................ 14,478 29,542 4,576
Mortality and expense risk charges............. (662) (884) (233)
------- -------- -------
Net investment income (loss)................... 13,937 29,472 5,213
------- -------- -------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments...... (7,630) (13,320) (4,027)
Net change in unrealized appreciation
(depreciation) of investments............. 13,069 (21,740) (2,159)
------- -------- -------
Net realized and unrealized gain (loss) on
investments.................................. 5,439 (35,060) (6,186)
------- -------- -------
Net increase (decrease) in net assets resulting
from operations.............................. $19,376 $ (5,588) $ (973)
======= ======== =======
</TABLE>
See notes to financial statements.
F-8
<PAGE> 10
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------
JANUS ASPEN SERIES
---------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------
<S> <C> <C> <C> <C>
Dividend income............................................. $ 147,856 $ 8,612 $ 4,979 $ 6,681
Distribution from capital gains............................. 68,874 24,116 641 19,925
Mortality and expense risk charges.......................... (2,666) (419) (1,514) (1,794)
--------- -------- --------- --------
Net investment income....................................... 214,064 32,309 4,106 24,812
--------- -------- --------- --------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments.......................... 43,795 1,525 28,350 23,437
Net change in unrealized depreciation of investments...... (317,124) (30,452) (102,642) (77,875)
--------- -------- --------- --------
Net realized and unrealized gain (loss) on investments...... (273,329) (28,927) (74,292) (54,438)
--------- -------- --------- --------
Net increase (decrease) in net assets resulting from
operations................................................ $ (59,265) $ 3,382 $ (70,186) $(29,626)
========= ======== ========= ========
</TABLE>
See notes to financial statements.
F-9
<PAGE> 11
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT
TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $ 20,363 $ 7,024 $ 32,897 $ 6,105 $ 16,309 $ 1,951
Net realized loss on
investments................... (511) (7,641) (3,809) (12,244) (563) (1,915)
Net change in unrealized
appreciation (depreciation) of
investments................... (13,308) 609 (3,808) (7,080) (4,052) 965
--------- --------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... 6,544 (8) 25,280 (13,219) 11,694 1,001
--------- --------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units......................... 123,365 711,966 307,368 534,080 326,619 305,134
Net asset value of units redeemed
or used to meet contract
obligations................... (205,217) (228,769) (96,378) (97,560) (44,067) (51,936)
--------- --------- -------- -------- -------- --------
Net increase (decrease) from unit
transactions..................... (81,852) 483,197 210,990 436,520 282,552 253,198
--------- --------- -------- -------- -------- --------
Net increase (decrease) in net
assets........................... (75,308) 483,189 236,270 423,301 294,246 254,199
Net assets beginning of period..... 485,120 1,931 424,842 1,541 254,928 729
--------- --------- -------- -------- -------- --------
Net assets end of period*.......... $ 409,812 $ 485,120 $661,112 $424,842 $549,174 $254,928
========= ========= ======== ======== ======== ========
Unit transactions:
Units outstanding beginning of
period........................... 48,440 193 46,303 155 25,422 73
Units issued during the period..... 12,275 71,100 32,426 56,509 32,190 30,541
Units redeemed during the period... (20,427) (22,853) (10,261) (10,361) (4,350) (5,192)
--------- --------- -------- -------- -------- --------
Units outstanding end of period.... 40,288 48,440 68,468 46,303 53,262 25,422
========= ========= ======== ======== ======== ========
---------------
* Includes undistributed net
investment income of: $ 27,387 $ 7,024 $ 39,002 $ 6,105 $ 18,260 $ 1,951
========= ========= ======== ======== ======== ========
</TABLE>
See notes to financial statements.
F-10
<PAGE> 12
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
---------------------------- ------------------------------------------------------------
MONEY SMALL COMPANY
MARKET EQUITY VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 49,741 $ 30,534 $ (5,406) $ 144,825 $ (5,218) $ 117,115
Net realized gain (loss) on
investments................... 0 0 27,553 (7,750) 471 33,735
Net change in unrealized
appreciation of investments... 0 0 477,324 131,997 17,419 110,343
----------- ----------- ---------- ---------- ---------- ----------
Net increase in net assets
resulting from operations........ 49,741 30,534 499,471 269,072 12,672 261,193
----------- ----------- ---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units......................... 3,719,615 3,691,838 1,396,432 2,705,850 1,705,619 2,882,501
Net asset value of units redeemed
or used to meet contract
obligations................... (2,845,436) (2,258,987) (537,080) (516,750) (790,538) (609,029)
----------- ----------- ---------- ---------- ---------- ----------
Net increase from unit
transactions..................... 874,179 1,432,851 859,352 2,189,100 915,081 2,273,472
----------- ----------- ---------- ---------- ---------- ----------
Net increase in net assets......... 923,920 1,463,385 1,358,823 2,458,172 927,753 2,534,665
Net assets beginning of period..... 1,528,040 64,655 2,477,529 19,357 2,542,752 8,087
----------- ----------- ---------- ---------- ---------- ----------
Net assets end of the period*...... $ 2,451,960 $ 1,528,040 $3,836,352 $2,477,529 $3,470,505 $2,542,752
=========== =========== ========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of
period........................... 146,000 6,463 212,392 1,912 196,273 772
Units issued during the period..... 350,880 359,906 110,070 260,034 133,037 247,197
Units redeemed during the period... (268,701) (220,369) (42,349) (49,554) (61,293) (51,696)
----------- ----------- ---------- ---------- ---------- ----------
Units outstanding end of period.... 228,179 146,000 280,113 212,392 268,017 196,273
=========== =========== ========== ========== ========== ==========
---------------
* Includes undistributed net
investment income of: $ 80,275 $ 30,534 $ 139,418 $ 144,824 $ 111,897 $ 117,115
=========== =========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements.
F-11
<PAGE> 13
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ (10,158) $ 675,383 $ (2,869) $ 22,243 $ 29,448 $ 25,115
Net realized gain (loss) on
investments................... (371,141) (114,285) 91,832 35,877 (12,357) (8,094)
Net change in unrealized
appreciation (depreciation) of
investments................... 209,552 (304,672) (281,053) 274,153 (18,133) (6,521)
----------- ----------- ---------- ---------- --------- ---------
Net increase (decrease) in net
assets resulting from
operations....................... (171,747) 256,426 (192,090) 332,273 (1,042) 10,500
----------- ----------- ---------- ---------- --------- ---------
From unit transactions:
Net proceeds from the issuance of
units......................... 2,520,005 6,547,247 1,127,012 1,275,028 302,209 680,017
Net asset value of units redeemed
or used to meet contract
obligations................... (1,403,025) (1,414,906) (416,407) (252,640) (176,354) (110,651)
----------- ----------- ---------- ---------- --------- ---------
Net increase from unit
transactions..................... 1,116,980 5,132,341 710,605 1,022,388 125,855 569,366
----------- ----------- ---------- ---------- --------- ---------
Net increase in net assets......... 945,233 5,388,767 518,515 1,354,661 124,813 579,866
Net assets beginning of period..... 5,415,740 26,973 1,356,023 1,362 583,312 3,446
----------- ----------- ---------- ---------- --------- ---------
Net assets end of period*.......... $ 6,360,973 $ 5,415,740 $1,874,538 $1,356,023 $ 708,125 $ 583,312
=========== =========== ========== ========== ========= =========
Unit transactions:
Units outstanding beginning of
period........................... 489,437 2,653 92,361 131 56,344 345
Units issued during the period..... 232,369 620,235 82,533 114,415 29,502 66,875
Units redeemed during the period... (129,802) (133,451) (30,333) (22,185) (17,131) (10,876)
----------- ----------- ---------- ---------- --------- ---------
Units outstanding end of period.... 592,004 489,437 144,561 92,361 68,715 56,344
=========== =========== ========== ========== ========= =========
---------------
* Includes undistributed net
investment income of: $ 665,224 $ 675,382 $ 19,374 $ 22,243 $ 54,565 $ 25,117
=========== =========== ========== ========== ========= =========
</TABLE>
See notes to financial statements.
F-12
<PAGE> 14
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------
GROWTH AND SMALL COMPANY
GROWTH INCOME GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment loss.............. $ (20,005) $ (14,681) $ (5,644) $ (3,195) $ (3,458) $ (1,354)
Net realized gain on
investments................... 229,822 159,102 36,620 29,946 168,581 39,439
Net change in unrealized
appreciation (depreciation) of
investments................... (486,144) 1,005,449 69,135 145,726 (183,970) 249,744
----------- ----------- ---------- ---------- ---------- ----------
Net increase (decrease) in net
assets resulting from
operations....................... (276,327) 1,149,870 100,111 172,477 (18,847) 287,829
----------- ----------- ---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units......................... 6,654,491 10,743,825 1,936,094 3,055,454 1,831,291 1,122,121
Net asset value of units redeemed
or used to meet contract
obligations................... (2,490,669) (2,164,169) (881,379) (593,120) (515,553) (172,414)
----------- ----------- ---------- ---------- ---------- ----------
Net increase from unit
transactions..................... 4,163,822 8,579,656 1,054,715 2,462,334 1,315,738 949,707
----------- ----------- ---------- ---------- ---------- ----------
Net increase in net assets......... 3,887,495 9,729,526 1,154,826 2,634,811 1,296,891 1,237,536
Net assets beginning of period..... 9,781,778 52,252 2,644,949 10,138 1,238,983 1,447
----------- ----------- ---------- ---------- ---------- ----------
Net assets end of period*.......... $13,669,273 $ 9,781,778 $3,799,775 $2,644,949 $2,535,874 $1,238,983
=========== =========== ========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of
period........................... 762,612 5,053 219,728 1,012 77,266 140
Units issued during the period..... 541,968 943,048 162,591 271,176 107,450 91,095
Units redeemed during the period... (203,454) (185,489) (74,604) (52,460) (30,987) (13,969)
----------- ----------- ---------- ---------- ---------- ----------
Units outstanding end of period.... 1,101,126 762,612 307,715 219,728 153,729 77,266
=========== =========== ========== ========== ========== ==========
---------------
* Includes undistributed net
investment loss of: $ (34,687) $ (14,682) $ (8,839) $ (3,195) $ (4,812) $ (1,354)
=========== =========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements.
F-13
<PAGE> 15
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------------------
EQUITY CAPITAL MULTI-CAP MULTI-CAP
INCOME APPRECIATION GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ------------ -------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE PERIOD
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED NOVEMBER 2, 1999**
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, THROUGH
2000 1999 2000 1999 2000 DECEMBER 31, 1999
------------ ------------ ------------ ------------ ------------ -------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment loss....... $ (1,746) $ (591) $ (4,407) $ (2,197) $ (3,793) $ (127)
Net realized gain (loss)
on investments......... (29,057) 17,473 142,840 44,949 19,844 5,234
Net change in unrealized
appreciation
(depreciation) of
investments............ (1,960) (6,848) (290,542) 503,012 (371,675) 58,019
---------- ---------- ---------- ---------- ---------- --------
Net increase (decrease) in
net assets resulting from
operations................ (32,763) 10,034 (152,109) 545,764 (355,624) 63,126
---------- ---------- ---------- ---------- ---------- --------
From unit transactions:
Net proceeds from the
issuance of units...... 530,180 1,095,411 1,718,448 1,762,597 4,298,066 423,841
Net asset value of units
redeemed or used to
meet contract
obligations............ (271,472) (250,359) (471,020) (276,515) (485,052) (46,640)
---------- ---------- ---------- ---------- ---------- --------
Net increase from unit
transactions.............. 258,708 845,052 1,247,428 1,486,082 3,813,014 377,201
---------- ---------- ---------- ---------- ---------- --------
Net increase in net
assets.................... 225,945 855,086 1,095,319 2,031,846 3,457,390 440,327
Net assets beginning of
period.................... 866,267 11,181 2,039,969 8,123 440,327 0
---------- ---------- ---------- ---------- ---------- --------
Net assets end of period*... $1,092,212 $ 866,267 $3,135,288 $2,039,969 $3,897,717 $440,327
========== ========== ========== ========== ========== ========
Unit transactions:
Units outstanding beginning
of period................. 80,262 1,091 120,616 743 32,431 0
Units issued during the
period.................... 51,278 101,978 107,938 141,549 317,658 36,551
Units redeemed during the
period.................... (26,451) (22,807) (29,243) (21,676) (37,474) (4,120)
---------- ---------- ---------- ---------- ---------- --------
Units outstanding end of
period.................... 105,089 80,262 199,311 120,616 312,615 32,431
========== ========== ========== ========== ========== ========
---------------
* Includes undistributed
net investment loss of: $ (2,337) $ (591) $ (6,604) $ (2,197) $ (3,920) $ (127)
========== ========== ========== ========== ========== ========
** Commencement of
operations
</TABLE>
See notes to financial statements.
F-14
<PAGE> 16
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------ DREYFUS STOCK DREYFUS STOCK
BALANCED BALANCED INDEX INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ -------------------- ------------- ------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 15, 1999** MONTHS ENDED NOVEMBER 9, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ -------------------- ------------- ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ (96) $ 0 $ 4,489 $ 812
Net realized gain on investments... 11 0 666 405
Net change in unrealized
appreciation (depreciation) of
investments...................... 1,967 20 14,752 3,172
-------- ------ ---------- --------
Net increase in net assets resulting
from operations.................... 1,882 20 19,907 4,389
-------- ------ ---------- --------
From unit transactions:
Net proceeds from the issuance of
units............................ 135,669 2,295 1,247,850 136,922
Net asset value of units redeemed
or used to meet contract
obligations...................... (17,812) (41) (133,345) (4,960)
-------- ------ ---------- --------
Net increase from unit
transactions....................... 117,857 2,254 1,114,505 131,962
-------- ------ ---------- --------
Net increase in net assets........... 119,739 2,274 1,134,412 136,351
Net assets beginning of period....... 2,274 0 136,351 0
-------- ------ ---------- --------
Net assets end of period*............ $122,013 $2,274 $1,270,763 $136,351
======== ====== ========== ========
Unit transactions:
Units outstanding beginning of
period............................. 221 0 12,662 0
Units issued during the period....... 13,459 225 118,856 13,142
Units redeemed during the period..... (1,764) (4) (12,651) (480)
-------- ------ ---------- --------
Units outstanding end of period...... 11,916 221 118,867 12,662
======== ====== ========== ========
---------------
* Includes undistributed net
investment income (loss) of: $ (96) $ 0 $ 5,301 $ 812
======== ====== ========== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------
DREYFUS SOCIALLY DREYFUS SOCIALLY
RESPONSIBLE RESPONSIBLE
SUBACCOUNT SUBACCOUNT
---------------- -------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 10, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
---------------- -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)....... $ (226) $ 2,937
Net realized gain on investments... 430 10
Net change in unrealized
appreciation (depreciation) of
investments...................... 5,734 1,843
-------- -------
Net increase in net assets resulting
from operations.................... 5,938 4,790
-------- -------
From unit transactions:
Net proceeds from the issuance of
units............................ 126,520 86,547
Net asset value of units redeemed
or used to meet contract
obligations...................... (17,667) (320)
-------- -------
Net increase from unit
transactions....................... 108,853 86,227
-------- -------
Net increase in net assets........... 114,791 91,017
Net assets beginning of period....... 91,017 0
-------- -------
Net assets end of period*............ $205,808 $91,017
======== =======
Unit transactions:
Units outstanding beginning of
period............................. 8,243 0
Units issued during the period....... 11,759 8,273
Units redeemed during the period..... (1,795) (30)
-------- -------
Units outstanding end of period...... 18,207 8,243
======== =======
---------------
* Includes undistributed net
investment income (loss) of: $ 2,711 $ 2,937
======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-15
<PAGE> 17
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
-------------------------------------------------
VIP VIP VIP II
GROWTH GROWTH CONTRA-FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------------- ------------
FOR THE SIX FOR THE PERIOD FOR THE SIX
MONTHS ENDED NOVEMBER 9, 1999** MONTHS ENDED
JUNE 30, THROUGH JUNE 30,
2000 DECEMBER 31, 1999 2000
------------ ------------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)................... $ 13,937 $ (13) $ 29,472
Net realized gain (loss) on investments........ (7,630) 534 (13,320)
Net change in unrealized appreciation
(depreciation) of investments................ 13,069 3,008 (21,740)
-------- ------- ----------
Net increase (decrease) in net assets resulting
from operations................................ 19,376 3,529 (5,588)
-------- ------- ----------
From unit transactions:
Net proceeds from the issuance of units........ 770,717 56,705 1,037,318
Net asset value of units redeemed or used to
meet contract obligations.................... (85,724) (2,906) (106,709)
-------- ------- ----------
Net increase from unit transactions.............. 684,993 53,799 930,609
-------- ------- ----------
Net increase in net assets....................... 704,369 57,328 925,021
Net assets beginning of period................... 57,328 0 116,709
-------- ------- ----------
Net assets end of period*........................ $761,697 $57,328 $1,041,730
======== ======= ==========
Unit transactions:
Units outstanding beginning of period............ 5,021 0 10,237
Units issued during the period................... 65,969 5,291 91,960
Units redeemed during the period................. (7,388) (270) (9,407)
-------- ------- ----------
Units outstanding end of period.................. 63,602 5,021 92,790
======== ======= ==========
---------------
* Includes undistributed net investment income
(loss) of: $ 13,924 $ (13) $ 29,443
======== ======= ==========
** Commencement of operations
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
---------------------------------------------------------
VIP III VIP III
VIP II GROWTH GROWTH
CONTRA-FUND OPPORTUNITIES OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ------------- -------------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD
NOVEMBER 9, 1999** MONTHS ENDED NOVEMBER 9, 1999**
THROUGH JUNE 30, THROUGH
DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------------- ------------- -------------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)................... $ (29) $ 5,213 $ (12)
Net realized gain (loss) on investments........ 246 (4,027) 11
Net change in unrealized appreciation
(depreciation) of investments................ 7,066 (2,159) 375
-------- -------- -------
Net increase (decrease) in net assets resulting
from operations................................ 7,283 (973) 374
-------- -------- -------
From unit transactions:
Net proceeds from the issuance of units........ 111,883 219,176 33,785
Net asset value of units redeemed or used to
meet contract obligations.................... (2,457) (25,373) (527)
-------- -------- -------
Net increase from unit transactions.............. 109,426 193,803 33,258
-------- -------- -------
Net increase in net assets....................... 116,709 192,830 33,632
Net assets beginning of period................... 0 33,632 0
-------- -------- -------
Net assets end of period*........................ $116,709 $226,462 $33,632
======== ======== =======
Unit transactions:
Units outstanding beginning of period............ 0 3,320 0
Units issued during the period................... 10,466 22,579 3,373
Units redeemed during the period................. (229) (2,645) (53)
-------- -------- -------
Units outstanding end of period.................. 10,237 23,254 3,320
======== ======== =======
---------------
* Includes undistributed net investment income
(loss) of: $ (29) $ 5,201 $ (12)
======== ======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-16
<PAGE> 18
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------
JANUS ASPEN SERIES
------------------------------------------------------------------------
AGGRESSIVE AGGRESSIVE
GROWTH GROWTH BALANCED BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------------- ------------ --------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 2, 1999** MONTHS ENDED NOVEMBER 15, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ ------------------- ------------ --------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).................. $ 214,064 $ (108) $ 32,309 $ 267
Net realized gain on investments.............. 43,795 1,909 1,525 30
Net change in unrealized appreciation
(depreciation) of investments............... (317,124) 58,539 (30,452) 825
---------- -------- -------- -------
Net increase (decrease) in net assets resulting
from operations............................... (59,265) 60,340 3,382 1,122
---------- -------- -------- -------
From unit transactions:
Net proceeds from the issuance of units....... 2,736,601 355,366 538,798 30,519
Net asset value of units redeemed or used to
meet contract obligations................... (259,374) (10,443) (48,057) (985)
---------- -------- -------- -------
Net increase from unit transactions............. 2,477,227 344,923 490,741 29,534
---------- -------- -------- -------
Net increase in net assets...................... 2,417,962 405,263 494,123 30,656
Net assets beginning of period.................. 405,263 0 30,656 0
---------- -------- -------- -------
Net assets end of period*....................... $2,823,225 $405,263 $524,779 $30,656
========== ======== ======== =======
Unit transactions:
Units outstanding beginning of period........... 29,042 0 2,882 0
Units issued during the period.................. 190,030 29,886 50,692 2,978
Units redeemed during the period................ (19,516) (844) (4,503) (96)
---------- -------- -------- -------
Units outstanding end of period................. 199,556 29,042 49,071 2,882
========== ======== ======== =======
---------------
* Includes undistributed net investment income
(loss) of: $ 213,956 $ (108) $ 32,576 $ 267
========== ======== ======== =======
** Commencement of operations
<CAPTION>
MONY CUSTOM EQUITY MASTER
----------------------------------
JANUS ASPEN SERIES
----------------------------------
CAPITAL CAPITAL
APPRECIATION APPRECIATION
SUBACCOUNT SUBACCOUNT
------------ -------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 2, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
------------ -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss).................. $ 4,106 $ 321
Net realized gain on investments.............. 28,350 901
Net change in unrealized appreciation
(depreciation) of investments............... (102,642) 31,686
---------- --------
Net increase (decrease) in net assets resulting
from operations............................... (70,186) 32,908
---------- --------
From unit transactions:
Net proceeds from the issuance of units....... 1,568,413 192,015
Net asset value of units redeemed or used to
meet contract obligations................... (110,820) (5,027)
---------- --------
Net increase from unit transactions............. 1,457,593 186,988
---------- --------
Net increase in net assets...................... 1,387,407 219,896
Net assets beginning of period.................. 219,896 0
---------- --------
Net assets end of period*....................... $1,607,303 $219,896
========== ========
Unit transactions:
Units outstanding beginning of period........... 16,682 0
Units issued during the period.................. 118,982 17,128
Units redeemed during the period................ (8,426) (446)
---------- --------
Units outstanding end of period................. 127,238 16,682
========== ========
---------------
* Includes undistributed net investment income
(loss) of: $ 4,427 $ 321
========== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
F-17
<PAGE> 19
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------------
JANUS ASPEN SERIES
-----------------------------------
WORLDWIDE WORLDWIDE
GROWTH GROWTH
SUBACCOUNT SUBACCOUNT
------------ -------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 3, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
------------ -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss).............................. $ 24,812 $ (56)
Net realized gain on investments.......................... 23,437 1,348
Net change in unrealized appreciation (depreciation) of
investments............................................ (77,875) 22,930
---------- --------
Net increase (decrease) in net assets resulting from
operations................................................ (29,626) 24,222
---------- --------
From unit transactions:
Net proceeds from the issuance of units................... 1,813,445 201,994
Net asset value of units redeemed or used to meet contract
obligations............................................ (116,773) (6,798)
---------- --------
Net increase from unit transactions......................... 1,696,672 195,196
---------- --------
Net increase in net assets.................................. 1,667,046 219,418
Net assets beginning of period.............................. 219,418 0
---------- --------
Net assets end of period*................................... $1,886,464 $219,418
========== ========
Unit transactions:
Units outstanding beginning of period....................... 16,721 0
Units issued during the period.............................. 133,077 17,285
Units redeemed during the period............................ (8,694) (564)
---------- --------
Units outstanding end of period............................. 141,104 16,721
========== ========
---------------
* Includes undistributed net investment income (loss) of: $ 24,756 $ (56)
========== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
F-18
<PAGE> 20
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist), Variable Universal Life (MONY Equity
Master, MONY Custom Equity Master and MONY Custom Estate Master) and Corporate
Sponsored Variable Life Insurance policies. These policies are issued by MONY
America, which is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). For presentation purposes, the information related only to the
Variable Universal Life Insurance policies (MONY Custom Equity Master) is
presented here.
There are twenty-five MONY Custom Equity Master subaccounts within the
Variable Account, each of which invests only in a corresponding portfolio of the
MONY Series Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust
("Enterprise"), Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen
Series (collectively, the "Funds"). The Funds are registered under the 1940 Act
as open end, diversified, management investment companies. The Fund and
Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with accordance with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates.
Investment:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio, as
reported by such portfolio. Net asset value is based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on the
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based on current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this
F-19
<PAGE> 21
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
expectation, no charges are currently being deducted from the Variable Account
for federal income tax purposes.
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY America. A
surrender charge may be imposed by MONY America when a full or partial surrender
is requested by the policyholders. These deductions are treated as
contractholder redemptions by the Variable Account. The amount deducted for the
MONY Custom Equity Master Subaccounts for the six months ended June 30, 2000
aggregated $5,360,861.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.35% of average daily net
assets of each of the MONY Custom Estate Master subaccounts. As investment
adviser to the Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and the proceeds from redemption of shares by each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Funds, Inc.
Intermediate Term Bond Portfolio............................ $ 135,831 $ 218,416
Long Term Bond Portfolio.................................... 325,573 115,487
Government Securities Portfolio............................. 360,564 78,633
Money Market Portfolio...................................... 4,677,798 2,635,297
Enterprise Accumulation Trust
Equity Portfolio............................................ 1,480,381 626,291
Small Company Value Portfolio............................... 1,826,553 916,594
Managed Portfolio........................................... 2,669,877 1,562,998
International Growth Portfolio.............................. 1,245,433 537,640
High Yield Bond Portfolio................................... 323,672 198,929
Growth Portfolio............................................ 7,184,971 3,040,820
Growth and Income Portfolio................................. 2,049,153 999,959
Small Company Growth Portfolio.............................. 1,921,889 609,448
Equity Income Portfolio..................................... 559,788 302,803
Capital Appreciation Portfolio.............................. 1,802,247 559,109
</TABLE>
F-20
<PAGE> 22
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
Multi-Cap Growth Portfolio.................................. $4,502,650 $ 692,970
Balanced Portfolio.......................................... 145,870 28,093
Dreyfus
Dreyfus Stock Index Fund.................................... 1,290,641 177,347
The Dreyfus Socially Responsible Growth Fund, Inc........... 130,570 21,952
Fidelity Variable Insurance Product Funds
VIP Growth Portfolio........................................ 841,784 157,362
VIP II Contrafund Portfolio................................. 1,087,467 157,625
VIP III Growth Opportunities Portfolio...................... 237,125 43,530
Janus Aspen Series Fund
Aggressive Growth Portfolio................................. 2,892,364 417,478
Balanced Portfolio.......................................... 548,397 58,012
Capital Appreciation Portfolio.............................. 1,670,267 214,006
World-wide Growth Portfolio................................. 1,855,400 160,302
</TABLE>
F-21
<PAGE> 23
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED BALANCE SHEETS
JUNE 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
-------- ------------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair
value..................................................... $ 982.9 $1,048.8
Mortgage loans on real estate............................... 164.3 165.0
Policy loans................................................ 65.1 58.8
Real estate................................................. 7.3 6.9
Other invested assets....................................... 3.6 2.3
-------- --------
1,223.2 1,281.8
-------- --------
Cash and cash equivalents................................... 1.0 28.9
Accrued investment income................................... 21.4 20.4
Amounts due from reinsurers................................. 17.6 18.6
Deferred policy acquisition costs........................... 450.5 406.4
Current federal income taxes receivable..................... 7.2 2.3
Other assets................................................ 8.9 24.9
Separate account assets..................................... 4,274.7 4,387.2
-------- --------
Total assets...................................... $6,004.5 $6,170.5
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits...................................... $ 131.1 $ 123.4
Policyholders' account balances............................. 1,133.9 1,154.1
Other policyholders' liabilities............................ 53.1 54.0
Accounts payable and other liabilities...................... 26.3 79.5
Note payable to affiliate (Note 5).......................... 47.9 49.0
Deferred federal income taxes............................... 26.9 19.4
Separate account liabilities................................ 4,274.7 4,387.2
-------- --------
Total liabilities................................. $5,693.9 $5,866.6
======== ========
Commitments and contingencies (Note 4)
Common stock $1.00 par value; 5,000,000 shares authorized,
2,500,000 issued and outstanding.......................... $ 2.5 $ 2.5
Capital in excess of par.................................... 199.7 199.7
Retained earnings........................................... 117.0 109.0
Accumulated other comprehensive loss........................ (8.6) (7.3)
-------- --------
Total shareholder's equity........................ 310.6 303.9
-------- --------
Total liabilities and shareholder's equity........ $6,004.5 $6,170.5
======== ========
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-22
<PAGE> 24
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
THREE-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ ------
($ IN MILLIONS)
<S> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $43.9 $38.8
Premiums.................................................... 7.4 1.3
Net investment income....................................... 23.3 24.1
Net realized (losses)/gains on investments.................. (1.7) 1.0
Other income................................................ 4.2 1.5
----- -----
77.1 66.7
----- -----
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 19.8 10.2
Interest credited to policyholders' account balances........ 14.8 16.1
Amortization of deferred policy acquisition costs........... 15.2 10.0
Other operating costs and expenses.......................... 21.2 20.2
----- -----
71.0 56.5
----- -----
Income before income taxes.................................. 6.1 10.2
Income tax expense.......................................... 1.5 3.5
----- -----
Net income.................................................. 4.6 6.7
Other comprehensive loss, net............................... (0.6) (6.0)
----- -----
Comprehensive income........................................ $ 4.0 $ 0.7
===== =====
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-23
<PAGE> 25
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
SIX-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ -------
($ IN MILLIONS)
<S> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $82.0 $ 71.3
Premiums.................................................... 12.3 2.3
Net investment income....................................... 47.0 48.3
Net realized (losses)/gains on investments.................. (1.8) 1.2
Other Income................................................ 7.5 3.1
----- ------
147.0 126.2
----- ------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 32.3 20.0
Interest credited to policyholders' account balances........ 30.9 32.6
Amortization of deferred policy acquisition costs........... 28.1 20.0
Other operating costs and expenses.......................... 44.3 39.2
----- ------
135.6 111.8
----- ------
Income before income taxes.................................. 11.4 14.4
Income tax expense.......................................... 3.4 5.0
----- ------
Net income.................................................. 8.0 9.4
Other comprehensive loss, net............................... $(1.3) $ (9.5)
----- ------
Comprehensive income (loss)................................. $ 6.7 $ (0.1)
===== ======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-24
<PAGE> 26
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENT
OF CHANGES IN SHAREHOLDER'S EQUITY
SIX-MONTH PERIOD ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
ACCUMULATED
CAPITAL OTHER TOTAL
COMMON IN EXCESS RETAINED COMPREHENSIVE SHAREHOLDER'S
STOCK OF PAR EARNINGS INCOME/(LOSS) EQUITY
------ --------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1999............... $2.5 $199.7 $109.0 $(7.3) $303.9
Comprehensive income:....................
Net income 8.0 8.0
Other comprehensive income:
Unrealized losses on investments,
net of unrealized gains,
reclassification adjustments, and
taxes............................. (1.3) (1.3)
------
Comprehensive income..................... 6.7
---- ------ ------ ----- ------
Balance, June 30, 2000................... $2.5 $199.7 $117.0 $(8.6) $310.6
==== ====== ====== ===== ======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-25
<PAGE> 27
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS
SIX-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------- -------
($ IN MILLIONS)
<S> <C> <C>
NET CASH (USED IN) OPERATING ACTIVITIES..................... $ (76.4) $ (23.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayments of:
Fixed maturities.......................................... 102.8 138.6
Mortgage loans on real estate............................. 7.3 12.0
Other invested assets..................................... -- 3.7
Acquisitions of investments:
Fixed maturities.......................................... (44.6) (229.0)
Mortgage loans on real estate............................. (6.4) (47.5)
Real estate............................................... (0.5) (0.3)
Other invested assets..................................... (0.9) (0.9)
Policy loans, net......................................... (6.3) (2.4)
Other, net................................................ -- 0.3
------- -------
Net cash provided by/(used in) investing activities......... $ 51.4 $(125.5)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Note payable to affiliate................................... -- 50.5
Repayment of note to affiliate.............................. (1.0) (0.5)
Receipts from annuity and universal life policies credited
to policyholders' account balances........................ 937.4 595.5
Return of policyholders' account balances on annuity and
universal life policies................................... (939.3) (582.5)
------- -------
Net cash (used in)/provided by financing activities......... (2.9) 63.0
------- -------
Net decrease in cash and cash equivalents................... (27.9) (85.5)
Cash and cash equivalents, beginning of year................ 28.9 133.4
------- -------
Cash and cash equivalents, end of period.................... $ 1.0 $ 47.9
======= =======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-26
<PAGE> 28
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
1. ORGANIZATION AND DESCRIPTION OF BUSINESS
MONY Life Insurance Company of America (the "Company"), an Arizona stock
life insurance company, is a wholly-owned subsidiary of MONY Life Insurance
Company of New York ("MONY Life"), formerly The Mutual Life Insurance Company of
New York, which converted from a mutual life insurance company to a stock life
insurance company (the "Demutualization"). MONY Life is a wholly-owned
subsidiary of The MONY Group, Inc. (the "MONY Group").
The Company's primary business is to provide asset accumulation and life
insurance products to business owners, growing families, and pre-retirees. The
Company's insurance and financial products are marketed and distributed directly
to individuals primarily through MONY Life's career agency sales force. These
products are sold in 49 states (not including New York), the District of
Columbia, the U.S. Virgin Islands and Puerto Rico.
2. BASIS OF PRESENTATION
The accompanying unaudited interim condensed financial statements are
prepared in conformity with generally accepted accounting principles ("GAAP")
which requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. In the opinion of
management, these statements include all adjustments which were normal recurring
adjustments necessary to present fairly the financial position, results of
operations and cash flows for the periods presented. These statements should be
read in conjunction with the financial statements of the Company for the year
ended December 31, 1999 in the Company's 1999 Annual Report on Form 10-K. The
results of operations for the three-month and six-month periods ended June 30,
2000 are not necessarily indicative of the results to be expected for the full
year.
3. FEDERAL INCOME TAXES
Federal income taxes for interim periods have been computed using an
estimated annual effective tax rate. This rate is revised, if necessary, at the
end of each successive interim period to reflect the current estimate of the
annual effective tax rate. In the second quarter to 2000, the effective tax rate
was revised to reflect higher dividends received deductions.
4. COMMITMENTS AND CONTINGENCIES
Since late 1995 a number of purported class actions have been commenced in
various state and federal courts against the Company alleging that the Company
engaged in deceptive sales practices in connection with the sale of whole and
universal life insurance policies in the 1980s and 1990s. Although the claims
asserted in each case are not identical, they seek substantially the same relief
under essentially the same theories of recovery (i.e., breach of contract,
fraud, negligent misrepresentation, negligent supervision and training, breach
of fiduciary duty, unjust enrichment and violation of state insurance and/or
deceptive business practice laws). Plaintiffs in these cases seek primarily
equitable relief (e.g., reformation, specific performance, mandatory injunctive
relief prohibiting the Company from canceling policies for failure to make
required premium payments, imposition of a constructive trust and creation of a
claims resolution facility to adjudicate any individual issues remaining after
resolution of all class-wide issues) as opposed to compensatory damages,
although they also seek compensatory damages in unspecified amounts. The Company
has answered the complaints in each action (except for one being voluntarily
held in abeyance), has denied any wrongdoing and has asserted numerous
affirmative defenses.
On June 7, 1996, the New York State Supreme Court certified one of those
cases, Goshen v. The Mutual Life Insurance Company of New York and MONY Life
Insurance Company of America, the Goshen case,
F-27
<PAGE> 29
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
being the first of the aforementioned class actions filed, as a nationwide class
consisting of all persons or entities who have, or at the time of the policy's
termination had, an ownership interest in a whole life or universal life
insurance policy issued by the Company and sold on an alleged "vanishing
premium" basis during the period January 1, 1982 to December 31, 1995. On March
27, 1997, the Company filed a motion to dismiss or, alternatively, for summary
judgement on all counts of the complaint. All of the other putative class
actions have been consolidated and transferred by the Judicial Panel on
Multidistrict Litigation to the United States District Court for the District of
Massachusetts, or are being voluntarily held in abeyance pending the outcome of
the Goshen case.
On October 21, 1997, the New York State Supreme Court granted the Company's
motion for summary judgement and dismissed all claims filed in the Goshen case
against the Company. On December 20, 1999, the New York State Court of Appeals
affirmed the dismissal of all but one of the claims in the Goshen case (a claim
under New York's General Business Law), which has been remanded back to the New
York State Supreme Court for further proceedings consistent with the opinion.
The Company intends to defend itself vigorously against the sole remaining
claim. There can be no assurance that the present litigation relating to sales
practices will not have a material adverse effect on the Company.
In addition to the matters discussed above, the Company is involved in
various other legal actions and proceedings in connection with its business. The
claimants in certain of these actions and proceedings seek damages of
unspecified amounts.
While the outcome of such matters cannot be predicted with certainty, in
the opinion of management, any liability resulting from the resolution of these
matters will not have a material adverse effect on the Company's financial
position or results of operations.
Insurance companies are subject to assessments up to statutory limits, by
state guaranty funds for losses of policyholders of insolvent insurance
companies. In the opinion of management, such assessments will not have a
material adverse effect on the financial position and the results of operations
of the Company.
At June 30, 2000, the Company had a commitment outstanding of $0.6 million
for fixed rate agricultural loan with periodic interest rate reset dates. The
initial interest rate on the agricultural loan is 8.9%. There were no
commitments outstanding for commercial mortgages as of June 30, 2000. The
Company had commitments outstanding to purchase $15.3 million of private fixed
maturity securities as of June 30, 2000 with interest rates ranging from 7.9% to
10.8%.
5. NOTE PAYABLE TO AFFILIATE
On March 5, 1999, the Company borrowed $50.5 million from MONY Benefits
Management Corp. ("MBMC"), an affiliate, in exchange for a note payable in the
same amount. The note bears interest at 6.75% per annum and matures on March 5,
2014. Principal and interest are payable quarterly to MBMC. The carrying value
of the note as of June 30, 2000 is $48.0 million.
6. INTERCOMPANY REINSURANCE AGREEMENTS
The Company entered into a modified coinsurance agreement with U.S.
Financial Life Insurance Company ("USFL"), an affiliate, effective January 1,
1999, whereby the Company agrees to reinsure 90% of all level term life
insurance policies written by USFL after January 1, 1999. Under the agreement,
the Company will share in all premiums and benefits for such policies based on
the 90% quota share percentage, after consideration of existing reinsurance
agreements previously in force on this business. In addition, the Company will
reimburse USFL for its quota share of expense allowances, as defined in the
agreement. At June 30, 2000 the Company recorded a payable of $5.7 million to
USFL in connection with this agreement which is included in Accounts Payable and
Other Liabilities in the balance sheet.
F-28
<PAGE> 30
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
Effective September 1, 1999, the Company recaptured its reinsurance
agreements with MONY Life for all in force and new business. The Company
simultaneously entered into new reinsurance agreements with third party
reinsurers which reinsured the same block of business as that previously
reinsured by MONY Life. Under the new reinsurance agreements, the Company
increased its retention limits on new business for any one person for individual
products from $0.5 million to $4.0 million and on last survivor products from
$0.5 million to $6.0 million.
F-29
<PAGE> 31
STANDARD LEDGER STATEMENT -- SUPPLEMENTAL FOOTNOTE PAGE
MONY CUSTOM EQUITY MASTER
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
MONY LIFE INSURANCE COMPANY OF AMERICA
ADDITIONAL INFORMATION
This policy has been tested for the possibility of classification as a
modified endowment. This test is not a guarantee that a policy will not be
classified as a modified endowment.
This illustration has been checked against federal tax laws relating to
their definition of life insurance and is in compliance based on proposed
premium payments and coverages. Any decrease in specified amount and/or a change
in death benefit option 2 to death benefit option 1 and/or surrenders occurring
in the first 15 years may cause a taxable event. In addition, if the policy is
defined as a modified endowment policy, a loan, surrender, or assignment or
pledge (unless such assignment or pledge is for burial expenses and the maximum
death benefit is not in excess of $25,000) may be considered a taxable
distribution and a ten percent penalty may be added to any tax on the
distribution. Please consult your tax advisor for advice.
GUIDELINE PREMIUMS
<TABLE>
<CAPTION>
AGE, GENDER, UNDERWRITING CLASSIFICATION INITIAL GUIDELINE INITIAL GUIDELINE
AND DEATH BENEFIT OPTION SINGLE PREMIUM ANNUAL PREMIUM
---------------------------------------- ----------------- -----------------
<S> <C> <C>
Age 45, Male, Non-Smoker Preferred, Option 1 $48,612.51 $ 4,061.34
Age 45, Female, Non-Smoker Preferred, Option 1 $41,861.02 $ 3,427.79
Age 45, Male, Smoker Standard, Option 1 $61,692.34 $ 5,353.98
Age 45, Male, Non-Smoker, Preferred, Option 2 $48,612.51 $12,870.41
Age 35, Male, Non-Smoker, Preferred, Option 1 $31,129.31 $ 2,528.64
Age 55, Male, Non-Smoker, Preferred, Option 1 $73,860.30 $ 6,778.45
</TABLE>
Values shown on this illustration are based on a policyowner tax bracket of
0%.
Premiums are assumed to be paid at the beginning of the payment period.
Policy values and ages are shown as of the end of the policy year and reflect
the effect of all loans and surrenders. The death proceeds, fund value and value
upon surrender will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's cash value is net of any applicable surrender charge.
Premiums less the following deductions are added to the fund value:
1. A premium tax charge of 2.25% of gross premiums in all policy years.
2. A sales charge on the gross premiums. The sales charges equal 4% of
each premium dollar paid for amounts less than $500,000, and 3% for
total amounts of $500,000 or more.
3. A DAC tax charge of 1.50% of gross premiums in all policy years.
Those columns assuming guaranteed charges use the current monthly mortality
charges, current monthly administrative charges, current charges for mortality
and expense risks, current charges for rider benefits, if any, and current
premium sales charge ("current charges" for the first year) as well as the
assumed hypothetical gross annual investment return indicated. Thereafter these
columns use guaranteed monthly mortality charges, guaranteed monthly
administrative charges, guaranteed charges for mortality and expense risks,
guaranteed charges for rider benefits if any, guaranteed maximum premium sales
charge, and the assumed hypothetical gross annual investment return indicated.
Those columns assuming current charges are based upon "current charges" and the
assumed hypothetical gross annual investment return indicated.
The current charges declared by MONY Life Insurance Company of America are
guaranteed for the first policy year and apply to policies issued as of the
illustration preparation date and could change between the preparation date and
the date the policy is issued. After the first policy year, current charges are
not guaranteed, and may be changed at the discretion of MONY Life Insurance
Company of America.
D-3
<PAGE> 32
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 0 1,813 200,000 0 1,813 200,000 0 1,813 200,000
5 2,650 4,585 6,705 200,000 4,585 6,705 200,000 6,251 8,371 200,000
10 2,650 9,413 10,738 200,000 9,413 10,738 200,000 14,628 15,953 200,000
20 2,650 6,766 6,766 200,000 6,766 6,766 200,000 23,937 23,937 200,000
@ Age 70 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 21,026 21,026 200,000
@ Age 85 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 22 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-4
<PAGE> 33
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 2,783 0 1,813 200,000 0 1,813 200,000 0 1,813 200,000
2 47 2,650 5,704 1,022 3,142 200,000 1,022 3,142 200,000 1,419 3,539 200,000
3 48 2,650 8,772 2,272 4,392 200,000 2,272 4,392 200,000 3,059 5,179 200,000
4 49 2,650 11,993 3,467 5,587 200,000 3,467 5,587 200,000 4,662 6,782 200,000
5 50 2,650 15,375 4,585 6,705 200,000 4,585 6,705 200,000 6,251 8,371 200,000
6 51 2,650 18,926 5,605 7,725 200,000 5,605 7,725 200,000 7,825 9,945 200,000
7 52 2,650 22,655 6,528 8,648 200,000 6,528 8,648 200,000 9,386 11,506 200,000
8 53 2,650 26,570 7,621 9,476 200,000 7,621 9,476 200,000 11,176 13,031 200,000
9 54 2,650 30,681 8,574 10,164 200,000 8,574 10,164 200,000 12,930 14,520 200,000
10 55 2,650 34,998 9,413 10,738 200,000 9,413 10,738 200,000 14,628 15,953 200,000
11 56 2,650 39,530 10,093 11,153 200,000 10,093 11,153 200,000 16,249 17,309 200,000
12 57 2,650 44,289 10,615 11,410 200,000 10,615 11,410 200,000 17,773 18,568 200,000
13 58 2,650 49,286 10,980 11,510 200,000 10,980 11,510 200,000 19,181 19,711 200,000
14 59 2,650 54,533 11,144 11,409 200,000 11,144 11,409 200,000 20,432 20,697 200,000
15 60 2,650 60,042 11,107 11,107 200,000 11,107 11,107 200,000 21,487 21,487 200,000
16 61 2,650 65,827 10,846 10,846 200,000 10,846 10,846 200,000 22,371 22,371 200,000
17 62 2,650 71,901 10,336 10,336 200,000 10,336 10,336 200,000 23,062 23,062 200,000
18 63 2,650 78,278 9,509 9,509 200,000 9,509 9,509 200,000 23,542 23,542 200,000
19 64 2,650 84,975 8,336 8,336 200,000 8,336 8,336 200,000 23,834 23,834 200,000
20 65 2,650 92,006 6,766 6,766 200,000 6,766 6,766 200,000 23,937 23,937 200,000
21 66 2,650 99,389 4,742 4,742 200,000 4,742 4,742 200,000 23,853 23,853 200,000
22 67 2,650 107,141 2,226 2,226 200,000 2,226 2,226 200,000 23,517 23,517 200,000
23 68 2,650 115,280 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 22,929 22,929 200,000
24 69 2,650 123,827 22,107 22,107 200,000
25 70 2,650 132,801 21,026 21,026 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-5
<PAGE> 34
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,650 142,223 19,637 19,637 200,000
27 72 2,650 152,117 18,000 18,000 200,000
28 73 2,650 162,505 15,996 15,996 200,000
29 74 2,650 173,413 13,550 13,550 200,000
30 75 2,650 184,866 10,597 10,597 200,000
31 76 2,650 196,892 7,091 7,091 200,000
32 77 2,650 209,519 2,957 2,957 200,000
33 78 0 219,995 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-6
<PAGE> 35
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- ----------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 0 1,813 200,000 0 1,940 200,000 0 1,940 200,000
5 2,650 4,585 6,705 200,000 6,162 8,282 200,000 8,027 10,147 200,000
10 2,650 9,413 10,738 200,000 14,857 16,182 200,000 21,335 22,660 200,000
20 2,650 6,766 6,766 200,000 26,375 26,375 200,000 52,689 52,689 200,000
@ Age 70 2,650 LAPSED LAPSED LAPSED 20,215 20,215 200,000 68,802 68,802 200,000
@ Age 85 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 110,745 110,745 200,000
@ Age 90 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 105,660 105,660 200,000
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 29 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 22 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-7
<PAGE> 36
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 2,783 0 1,813 200,000 0 1,940 200,000 0 1,940 200,000
2 47 2,650 5,704 1,022 3,142 200,000 1,376 3,496 200,000 1,785 3,905 200,000
3 48 2,650 8,772 2,272 4,392 200,000 2,942 5,062 200,000 3,778 5,898 200,000
4 49 2,650 11,993 3,467 5,587 200,000 4,544 6,664 200,000 5,850 7,970 200,000
5 50 2,650 15,375 4,585 6,705 200,000 6,162 8,282 200,000 8,027 10,147 200,000
6 51 2,650 18,926 5,605 7,725 200,000 7,772 9,892 200,000 10,315 12,435 200,000
7 52 2,650 22,655 6,528 8,648 200,000 9,378 11,498 200,000 12,720 14,840 200,000
8 53 2,650 26,570 7,621 9,476 200,000 11,245 13,100 200,000 15,491 17,346 200,000
9 54 2,650 30,681 8,574 10,164 200,000 13,064 14,654 200,000 18,367 19,957 200,000
10 55 2,650 34,998 9,413 10,738 200,000 14,857 16,182 200,000 21,335 22,660 200,000
11 56 2,650 39,530 10,093 11,153 200,000 16,580 17,640 200,000 24,377 25,437 200,000
12 57 2,650 44,289 10,615 11,410 200,000 18,232 19,027 200,000 27,480 28,275 200,000
13 58 2,650 49,286 10,980 11,510 200,000 19,810 20,340 200,000 30,627 31,157 200,000
14 59 2,650 54,533 11,144 11,409 200,000 21,269 21,534 200,000 33,785 34,050 200,000
15 60 2,650 60,042 11,107 11,107 200,000 22,604 22,604 200,000 36,918 36,918 200,000
16 61 2,650 65,827 10,846 10,846 200,000 23,800 23,800 200,000 40,063 40,063 200,000
17 62 2,650 71,901 10,336 10,336 200,000 24,834 24,834 200,000 43,211 43,211 200,000
18 63 2,650 78,278 9,509 9,509 200,000 25,634 25,634 200,000 46,351 46,351 200,000
19 64 2,650 84,975 8,336 8,336 200,000 26,168 26,168 200,000 49,507 49,507 200,000
20 65 2,650 92,006 6,766 6,766 200,000 26,375 26,375 200,000 52,689 52,689 200,000
21 66 2,650 99,389 4,742 4,742 200,000 26,192 26,192 200,000 55,905 55,905 200,000
22 67 2,650 107,141 2,226 2,226 200,000 25,567 25,567 200,000 59,111 59,111 200,000
23 68 2,650 115,280 LAPSED LAPSED LAPSED 24,421 24,421 200,000 62,317 62,317 200,000
24 69 2,650 123,827 22,686 22,686 200,000 65,549 65,549 200,000
25 70 2,650 132,801 20,215 20,215 200,000 68,802 68,802 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-8
<PAGE> 37
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,650 142,223 16,864 16,864 200,000 72,053 72,053 200,000
27 72 2,650 152,117 12,435 12,435 200,000 75,362 75,362 200,000
28 73 2,650 162,505 6,651 6,651 200,000 78,667 78,667 200,000
29 74 2,650 173,413 LAPSED LAPSED LAPSED 81,934 81,934 200,000
30 75 2,650 184,866 85,151 85,151 200,000
31 76 2,650 196,892 88,313 88,313 200,000
32 77 2,650 209,519 91,409 91,409 200,000
33 78 2,650 222,777 94,412 94,412 200,000
34 79 2,650 236,699 97,307 97,307 200,000
35 80 2,650 251,316 100,081 100,081 200,000
36 81 2,650 266,665 102,708 102,708 200,000
37 82 2,650 282,780 105,161 105,161 200,000
38 83 2,650 299,702 107,431 107,431 200,000
39 84 2,650 317,469 109,328 109,328 200,000
40 85 2,650 336,125 110,745 110,745 200,000
41 86 2,650 355,714 111,600 111,600 200,000
42 87 2,650 376,282 111,745 111,745 200,000
43 88 2,650 397,879 110,924 110,924 200,000
44 89 2,650 420,555 108,999 108,999 200,000
45 90 2,650 444,366 105,660 105,660 200,000
46 91 2,650 469,366 100,322 100,322 200,000
47 92 2,650 495,617 92,511 92,511 200,000
48 93 2,650 523,181 81,392 81,392 200,000
49 94 2,650 552,122 66,036 66,036 200,000
50 95 2,650 582,511 44,890 44,890 200,000
51 96 2,650 614,419 16,275 16,275 200,000
52 97 0 645,140 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-9
<PAGE> 38
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 0 1,813 200,000 0 2,067 200,000 0 2,067 200,000
5 2,650 4,585 6,705 200,000 8,035 10,155 200,000 10,118 12,238 200,000
10 2,650 9,413 10,738 200,000 22,931 24,256 200,000 31,033 32,358 200,000
20 2,650 6,766 6,766 200,000 76,011 76,011 200,000 118,193 118,193 200,000
@ Age 70 2,650 LAPSED LAPSED LAPSED 125,872 125,872 200,000 209,703 209,703 243,256
@ Age 85 2,650 LAPSED LAPSED LAPSED 620,636 620,636 651,668 1,039,762 1,039,762 1,091,750
@ Age 90 2,650 LAPSED LAPSED LAPSED 1,007,251 1,007,251 1,057,613 1,717,929 1,717,929 1,803,826
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-10
<PAGE> 39
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------------ ------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 2,783 0 1,813 200,000 0 2,067 200,000 0 2,067 200,000
2 47 2,650 5,704 1,022 3,142 200,000 1,746 3,866 200,000 2,167 4,287 200,000
3 48 2,650 8,772 2,272 4,392 200,000 3,674 5,794 200,000 4,559 6,679 200,000
4 49 2,650 11,993 3,467 5,587 200,000 5,771 7,891 200,000 7,192 9,312 200,000
5 50 2,650 15,375 4,585 6,705 200,000 8,035 10,155 200,000 10,118 12,238 200,000
6 51 2,650 18,926 5,605 7,725 200,000 10,461 12,581 200,000 13,368 15,488 200,000
7 52 2,650 22,655 6,528 8,648 200,000 13,070 15,190 200,000 16,979 19,099 200,000
8 53 2,650 26,570 7,621 9,476 200,000 16,152 18,007 200,000 21,233 23,088 200,000
9 54 2,650 30,681 8,574 10,164 200,000 19,423 21,013 200,000 25,909 27,499 200,000
10 55 2,650 34,998 9,413 10,738 200,000 22,931 24,256 200,000 31,033 32,358 200,000
11 56 2,650 39,530 10,093 11,153 200,000 26,665 27,725 200,000 36,637 37,697 200,000
12 57 2,650 44,289 10,615 11,410 200,000 30,657 31,452 200,000 42,758 43,555 200,000
13 58 2,650 49,286 10,980 11,510 200,000 34,945 35,475 200,000 49,441 49,971 200,000
14 59 2,650 54,533 11,144 11,409 200,000 39,531 39,796 200,000 56,722 56,987 200,000
15 60 2,650 60,042 11,107 11,107 200,000 44,459 44,459 200,000 64,645 64,645 200,000
16 61 2,650 65,827 10,846 10,846 200,000 49,787 49,787 200,000 73,311 73,311 200,000
17 62 2,650 71,901 10,336 10,336 200,000 55,568 55,568 200,000 82,805 82,805 200,000
18 63 2,650 78,278 9,509 9,509 200,000 61,822 61,822 200,000 93,239 93,239 200,000
19 64 2,650 84,975 8,336 8,336 200,000 68,616 68,616 200,000 104,799 104,799 200,000
20 65 2,650 92,006 6,766 6,766 200,000 76,011 76,011 200,000 117,652 117,652 200,000
21 66 2,650 99,389 4,742 4,742 200,000 84,089 84,089 200,000 132,699 132,699 200,000
22 67 2,650 107,141 2,226 2,226 200,000 92,967 92,967 200,000 148,897 148,897 200,000
23 68 2,650 115,280 LAPSED LAPSED LAPSED 102,773 102,773 200,000 167,044 167,044 200,000
24 69 2,650 123,827 113,681 113,681 200,000 187,309 187,309 219,151
25 70 2,650 132,801 125,872 125,872 200,000 209,703 209,703 243,256
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-11
<PAGE> 40
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,650 142,223 139,592 139,592 200,000 234,444 234,444 269,611
27 72 2,650 152,117 155,152 155,152 200,000 261,854 261,854 295,895
28 73 2,650 162,505 172,947 172,947 200,000 292,224 292,224 324,368
29 74 2,650 173,413 193,381 193,381 210,785 325,896 325,896 355,227
30 75 2,650 184,866 216,209 216,209 231,343 363,268 363,268 388,696
31 76 2,650 196,892 241,624 241,624 253,705 404,798 404,798 425,038
32 77 2,650 209,519 269,630 269,630 283,112 450,714 450,714 473,250
33 78 2,650 222,777 300,477 300,477 315,501 501,464 501,464 526,538
34 79 2,650 236,699 334,432 334,432 351,154 557,542 557,542 585,419
35 80 2,650 251,316 371,783 371,783 390,372 619,488 619,488 650,462
36 81 2,650 266,665 412,834 412,834 433,476 687,894 687,894 722,288
37 82 2,650 282,780 457,904 457,904 480,799 763,405 763,405 801,575
38 83 2,650 299,702 507,325 507,325 532,692 846,737 846,737 889,074
39 84 2,650 317,469 561,445 561,445 589,518 938,592 938,592 985,522
40 85 2,650 336,125 620,635 620,635 651,667 1,039,762 1,039,762 1,091,750
41 86 2,650 355,714 685,286 685,286 719,550 1,151,125 1,151,125 1,208,681
42 87 2,650 376,282 755,816 755,816 793,606 1,273,604 1,273,604 1,337,284
43 88 2,650 397,879 832,674 832,674 874,307 1,408,139 1,408,139 1,478,546
44 89 2,650 420,555 916,324 916,324 962,140 1,555,866 1,555,866 1,633,659
45 90 2,650 444,366 1,007,248 1,007,248 1,057,611 1,717,929 1,717,929 1,803,826
46 91 2,650 469,366 1,105,923 1,105,923 1,161,220 1,895,412 1,895,412 1,990,183
47 92 2,650 495,617 1,216,212 1,216,212 1,264,861 2,092,779 2,092,779 2,176,490
48 93 2,650 523,181 1,340,153 1,340,153 1,380,358 2,312,983 2,312,983 2,382,372
49 94 2,650 552,122 1,480,257 1,480,257 1,509,862 2,559,651 2,559,651 2,610,844
50 95 2,650 582,511 1,639,784 1,639,784 1,656,182 2,836,991 2,836,991 2,865,361
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-12
<PAGE> 41
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 96 2,650 614,419 1,815,474 1,815,474 1,833,629 3,143,885 3,143,885 3,175,324
52 97 2,650 647,922 2,008,218 2,008,218 2,028,300 3,483,473 3,483,473 3,518,308
53 98 2,650 683,101 2,217,711 2,217,711 2,239,888 3,859,097 3,859,097 3,897,688
54 99 2,650 720,038 2,445,767 2,445,767 2,470,224 4,274,491 4,274,491 4,317,236
55 100 2,650 758,823 2,697,004 2,697,004 2,723,974 4,733,575 4,733,575 4,780,911
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-13
<PAGE> 42
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,050 0 1,336 200,000 0 1,336 200,000 0 1,336 200,000
5 2,050 2,839 4,479 200,000 2,839 4,479 200,000 4,632 6,272 200,000
10 2,050 5,905 6,930 200,000 5,905 6,930 200,000 10,755 11,780 200,000
20 2,050 5,669 5,669 200,000 5,669 5,669 200,000 18,121 18,121 200,000
@ Age 70 2,050 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 17,992 17,992 200,000
@ Age 85 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 33 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-14
<PAGE> 43
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,050 2,153 0 1,336 200,000 0 1,336 200,000 0 1,336 200,000
2 47 2,050 4,413 549 2,189 200,000 549 2,189 200,000 971 2,611 200,000
3 48 2,050 6,786 1,373 3,013 200,000 1,373 3,013 200,000 2,211 3,851 200,000
4 49 2,050 9,278 2,144 3,784 200,000 2,144 3,784 200,000 3,439 5,079 200,000
5 50 2,050 11,894 2,839 4,479 200,000 2,839 4,479 200,000 4,632 6,272 200,000
6 51 2,050 14,641 3,484 5,124 200,000 3,484 5,124 200,000 5,814 7,454 200,000
7 52 2,050 17,526 4,055 5,695 200,000 4,055 5,695 200,000 6,962 8,602 200,000
8 53 2,050 20,554 4,758 6,193 200,000 4,758 6,193 200,000 8,281 9,716 200,000
9 54 2,050 23,735 5,367 6,597 200,000 5,367 6,597 200,000 9,545 10,775 200,000
10 55 2,050 27,074 5,905 6,930 200,000 5,905 6,930 200,000 10,755 11,780 200,000
11 56 2,050 30,580 6,349 7,169 200,000 6,349 7,169 200,000 11,933 12,753 200,000
12 57 2,050 34,262 6,701 7,316 200,000 6,701 7,316 200,000 13,059 13,674 200,000
13 58 2,050 38,127 6,962 7,372 200,000 6,962 7,372 200,000 14,111 14,521 200,000
14 59 2,050 42,186 7,130 7,335 200,000 7,130 7,335 200,000 14,981 15,186 200,000
15 60 2,050 46,448 7,207 7,207 200,000 7,207 7,207 200,000 15,672 15,672 200,000
16 61 2,050 50,923 7,253 7,253 200,000 7,253 7,253 200,000 16,354 16,354 200,000
17 62 2,050 55,621 7,161 7,161 200,000 7,161 7,161 200,000 16,946 16,946 200,000
18 63 2,050 60,555 6,886 6,886 200,000 6,886 6,886 200,000 17,426 17,426 200,000
19 64 2,050 65,735 6,404 6,404 200,000 6,404 6,404 200,000 17,817 17,817 200,000
20 65 2,050 71,174 5,669 5,669 200,000 5,669 5,669 200,000 18,121 18,121 200,000
21 66 2,050 76,886 4,655 4,655 200,000 4,655 4,655 200,000 18,337 18,337 200,000
22 67 2,050 82,882 3,357 3,357 200,000 3,357 3,357 200,000 18,445 18,445 200,000
23 68 2,050 89,179 1,770 1,770 200,000 1,770 1,770 200,000 18,423 18,423 200,000
24 69 2,050 95,791 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 18,272 18,272 200,000
25 70 2,050 102,733 17,992 17,992 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-15
<PAGE> 44
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,050 110,022 17,517 17,517 200,000
27 72 2,050 117,675 16,868 16,868 200,000
28 73 2,050 125,712 16,044 16,044 200,000
29 74 2,050 134,150 14,867 14,867 200,000
30 75 2,050 143,010 13,308 13,308 200,000
31 76 2,050 152,313 11,360 11,360 200,000
32 77 2,050 162,081 8,784 8,784 200,000
33 78 2,050 172,337 5,579 5,579 200,000
34 79 2,050 183,107 1,716 1,716 200,000
35 80 0 192,262 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-16
<PAGE> 45
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,050 0 1,336 200,000 0 1,432 200,000 0 1,432 200,000
5 2,050 2,839 4,479 200,000 3,955 5,595 200,000 5,964 7,604 200,000
10 2,050 5,905 6,930 200,000 9,611 10,636 200,000 15,764 16,789 200,000
20 2,050 5,669 5,669 200,000 18,519 18,519 200,000 39,121 39,121 200,000
@ Age 70 2,050 LAPSED LAPSED LAPSED 16,541 16,541 200,000 52,411 52,411 200,000
@ Age 85 2,050 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 77,243 77,243 200,000
@ Age 90 2,050 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 47,395 47,395 200,000
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 31 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 23 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-17
<PAGE> 46
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,050 2,153 0 1,336 200,000 0 1,432 200,000 0 1,432 200,000
2 47 2,050 4,413 549 2,189 200,000 811 2,451 200,000 1,246 2,886 200,000
3 48 2,050 6,786 1,373 3,013 200,000 1,859 3,499 200,000 2,750 4,390 200,000
4 49 2,050 9,278 2,144 3,784 200,000 2,915 4,555 200,000 4,329 5,969 200,000
5 50 2,050 11,894 2,839 4,479 200,000 3,955 5,595 200,000 5,964 7,604 200,000
6 51 2,050 14,641 3,484 5,124 200,000 5,002 6,642 200,000 7,681 9,321 200,000
7 52 2,050 17,526 4,055 5,695 200,000 6,035 7,675 200,000 9,461 11,101 200,000
8 53 2,050 20,554 4,758 6,193 200,000 7,258 8,693 200,000 11,513 12,948 200,000
9 54 2,050 23,735 5,367 6,597 200,000 8,442 9,672 200,000 13,613 14,843 200,000
10 55 2,050 27,074 5,905 6,930 200,000 9,611 10,636 200,000 15,764 16,789 200,000
11 56 2,050 30,580 6,349 7,169 200,000 10,739 11,559 200,000 17,993 18,813 200,000
12 57 2,050 34,262 6,701 7,316 200,000 11,828 12,443 200,000 20,281 20,896 200,000
13 58 2,050 38,127 6,962 7,372 200,000 12,874 13,284 200,000 22,612 23,022 200,000
14 59 2,050 42,186 7,130 7,335 200,000 13,876 14,081 200,000 24,880 25,085 200,000
15 60 2,050 46,448 7,207 7,207 200,000 14,833 14,833 200,000 27,088 27,088 200,000
16 61 2,050 50,923 7,253 7,253 200,000 15,812 15,812 200,000 29,410 29,410 200,000
17 62 2,050 55,621 7,161 7,161 200,000 16,712 16,712 200,000 31,777 31,777 200,000
18 63 2,050 60,555 6,886 6,886 200,000 17,487 17,487 200,000 34,170 34,170 200,000
19 64 2,050 65,735 6,404 6,404 200,000 18,107 18,107 200,000 36,617 36,617 200,000
20 65 2,050 71,174 5,669 5,669 200,000 18,519 18,519 200,000 39,121 39,121 200,000
21 66 2,050 76,886 4,655 4,655 200,000 18,691 18,691 200,000 41,688 41,688 200,000
22 67 2,050 82,882 3,357 3,357 200,000 18,606 18,606 200,000 44,306 44,306 200,000
23 68 2,050 89,179 1,770 1,770 200,000 18,248 18,248 200,000 46,962 46,962 200,000
24 69 2,050 95,791 LAPSED LAPSED LAPSED 17,576 17,576 200,000 49,661 49,661 200,000
25 70 2,050 102,733 16,541 16,541 200,000 52,411 52,411 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-18
<PAGE> 47
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,050 110,022 15,049 15,049 200,000 55,165 55,165 200,000
27 72 2,050 117,675 12,990 12,990 200,000 57,946 57,946 200,000
28 73 2,050 125,712 10,195 10,195 200,000 60,763 60,763 200,000
29 74 2,050 134,150 6,447 6,447 200,000 63,487 63,487 200,000
30 75 2,050 143,010 1,565 1,565 200,000 66,107 66,107 200,000
31 76 2,050 152,313 LAPSED LAPSED LAPSED 68,627 68,627 200,000
32 77 2,050 162,081 70,891 70,891 200,000
33 78 2,050 172,337 72,911 72,911 200,000
34 79 2,050 183,107 74,682 74,682 200,000
35 80 2,050 194,414 76,210 76,210 200,000
36 81 2,050 206,288 77,471 77,471 200,000
37 82 2,050 218,755 78,328 78,328 200,000
38 83 2,050 231,845 78,692 78,692 200,000
39 84 2,050 245,590 78,399 78,399 200,000
40 85 2,050 260,022 77,243 77,243 200,000
41 86 2,050 275,175 75,128 75,128 200,000
42 87 2,050 291,086 71,393 71,393 200,000
43 88 2,050 307,793 65,764 65,764 200,000
44 89 2,050 325,335 57,924 57,924 200,000
45 90 2,050 343,755 47,395 47,395 200,000
46 91 2,050 363,095 33,562 33,562 200,000
47 92 2,050 383,402 14,717 14,717 200,000
48 93 0 402,572 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-19
<PAGE> 48
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- ---------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,050 0 1,336 200,000 0 1,528 200,000 0 1,528 200,000
5 2,050 2,839 4,479 200,000 5,286 6,926 200,000 7,531 9,171 200,000
10 2,050 5,905 6,930 200,000 15,152 16,177 200,000 23,012 24,037 200,000
20 2,050 5,669 5,669 200,000 50,980 50,980 200,000 86,963 86,963 200,000
@ Age 70 2,050 LAPSED LAPSED LAPSED 83,098 83,098 200,000 153,380 153,380 200,000
@ Age 85 2,050 LAPSED LAPSED LAPSED 388,228 388,228 407,640 770,877 770,877 809,421
@ Age 90 2,050 LAPSED LAPSED LAPSED 638,191 638,191 670,102 1,278,901 1,278,901 1,342,846
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-20
<PAGE> 49
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES
------------------------------------------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,050 2,153 0 1,336 200,000 0 1,528 200,000
2 47 2,050 4,413 549 2,189 200,000 1,085 2,725 200,000
3 48 2,050 6,786 1,373 3,013 200,000 2,392 4,032 200,000
4 49 2,050 9,278 2,144 3,784 200,000 3,796 5,436 200,000
5 50 2,050 11,894 2,839 4,479 200,000 5,286 6,926 200,000
6 51 2,050 14,641 3,484 5,124 200,000 6,895 8,535 200,000
7 52 2,050 17,526 4,055 5,695 200,000 8,615 10,255 200,000
8 53 2,050 20,554 4,758 6,193 200,000 10,665 12,100 200,000
9 54 2,050 23,735 5,367 6,597 200,000 12,831 14,061 200,000
10 55 2,050 27,074 5,905 6,930 200,000 15,152 16,177 200,000
11 56 2,050 30,580 6,349 7,169 200,000 17,624 18,444 200,000
12 57 2,050 34,262 6,701 7,316 200,000 20,268 20,883 200,000
13 58 2,050 38,127 6,962 7,372 200,000 23,105 23,515 200,000
14 59 2,050 42,186 7,130 7,335 200,000 26,161 26,366 200,000
15 60 2,050 46,448 7,207 7,207 200,000 29,465 29,465 200,000
16 61 2,050 50,923 7,253 7,253 200,000 33,128 33,128 200,000
17 62 2,050 55,621 7,161 7,161 200,000 37,101 37,101 200,000
18 63 2,050 60,555 6,886 6,886 200,000 41,385 41,385 200,000
19 64 2,050 65,735 6,404 6,404 200,000 46,007 46,007 200,000
20 65 2,050 71,174 5,669 5,669 200,000 50,980 50,980 200,000
21 66 2,050 76,886 4,655 4,655 200,000 56,343 56,343 200,000
22 67 2,050 82,882 3,357 3,357 200,000 62,162 62,162 200,000
23 68 2,050 89,179 1,770 1,770 200,000 68,510 68,510 200,000
24 69 2,050 95,791 LAPSED LAPSED LAPSED 75,461 75,461 200,000
25 70 2,050 102,733 83,098 83,098 200,000
<CAPTION>
CURRENT CHARGES
------------------------------------
END 12.00% (11.25% NET)
OF CASH FUND DEATH
YEAR VALUE VALUE PROCEEDS
<S> <C> <C> <C>
1 0 1,528 200,000
2 1,533 3,173 200,000
3 3,335 4,975 200,000
4 5,335 6,975 200,000
5 7,531 9,171 200,000
6 9,970 11,610 200,000
7 12,653 14,293 200,000
8 15,814 17,249 200,000
9 19,256 20,486 200,000
10 23,012 24,037 200,000
11 27,140 27,960 200,000
12 31,662 32,277 200,000
13 36,602 37,012 200,000
14 41,910 42,115 200,000
15 47,637 47,637 200,000
16 54,019 54,019 200,000
17 61,059 61,059 200,000
18 68,824 68,824 200,000
19 77,424 77,424 200,000
20 86,963 86,963 200,000
21 97,563 97,563 200,000
22 109,344 109,344 200,000
23 122,452 122,452 200,000
24 137,063 137,063 200,000
25 153,380 153,380 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-21
<PAGE> 50
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,050 110,022 91,497 91,497 200,000 171,620 171,620 200,000
27 72 2,050 117,675 100,758 100,758 200,000 191,980 191,980 216,938
28 73 2,050 125,712 110,985 110,985 200,000 214,557 214,557 238,158
29 74 2,050 134,150 122,316 122,316 200,000 239,574 239,574 261,136
30 75 2,050 143,010 134,974 134,974 200,000 267,319 267,319 286,031
31 76 2,050 152,213 149,221 149,221 200,000 298,117 298,117 313,023
32 77 2,050 162,081 165,441 165,441 200,000 332,180 332,180 348,789
33 78 2,050 172,337 184,113 184,113 200,000 369,850 369,850 388,342
34 79 2,050 183,107 205,553 205,553 215,830 411,502 411,502 432,077
35 80 2,050 194,414 229,235 229,235 240,697 457,552 457,552 480,430
36 81 2,050 206,288 255,322 255,322 268,088 508,456 508,456 533,879
37 82 2,050 218,755 284,030 284,030 298,231 564,691 564,691 592,926
38 83 2,050 231,845 315,588 315,588 331,367 626,789 626,789 658,128
39 84 2,050 245,590 350,235 350,235 367,747 695,315 695,315 730,081
40 85 2,050 260,022 388,228 388,228 407,639 770,877 770,877 809,421
41 86 2,050 275,175 429,834 429,834 451,325 854,174 854,174 896,883
42 87 2,050 291,086 475,337 475,337 499,104 945,797 945,797 993,087
43 88 2,050 307,793 525,030 525,030 551,281 1,046,531 1,046,531 1,098,858
44 89 2,050 325,335 579,212 579,212 608,173 1,157,253 1,157,253 1,215,116
45 90 2,050 343,755 638,191 638,191 670,100 1,278,901 1,278,901 1,342,846
46 91 2,050 363,095 702,261 702,261 737,374 1,412,505 1,412,505 1,483,131
47 92 2,050 383,402 773,601 773,601 804,545 1,560,807 1,560,807 1,623,240
48 93 2,050 404,725 853,463 853,463 879,067 1,725,938 1,725,938 1,777,716
49 94 2,050 427,113 943,430 943,430 962,299 1,910,652 1,910,652 1,948,865
50 95 2,050 450,622 1,045,591 1,045,591 1,056,046 2,117,990 2,117,990 2,139,170
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-22
<PAGE> 51
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 96 2,050 475,305 1,158,087 1,158,087 1,169,668 2,347,429 2,347,429 2,370,904
52 97 2,050 501,223 1,281,484 1,281,484 1,294,299 2,601,306 2,601,306 2,627,319
53 98 2,050 528,437 1,415,585 1,415,585 1,429,741 2,882,200 2,882,200 2,911,022
54 99 2,050 557,011 1,561,497 1,561,497 1,577,112 3,192,965 3,192,965 3,224,895
55 100 2,050 587,014 1,722,240 1,722,240 1,739,462 3,536,749 3,536,749 3,572,116
</TABLE>
This is an illustration, not a policy.
The maximum loan value is 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, the
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-23
<PAGE> 52
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 3,800 0 2,606 200,000 0 2,606 200,000 0 2,606 200,000
5 3,800 5,594 8,634 200,000 5,594 8,634 200,000 8,138 11,178 200,000
10 3,800 10,447 12,347 200,000 10,447 12,347 200,000 18,029 19,929 200,000
20 3,800 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 22,009 22,009 200,000
@ Age 70 3,800 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 9,375 9,375 200,000
@ Age 85 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 20 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 20 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 19 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-24
<PAGE> 53
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,800 3,990 0 2,606 200,000 0 2,606 200,000 0 2,606 200,000
2 47 3,800 8,180 1,270 4,310 200,000 1,270 4,310 200,000 1,943 4,983 200,000
3 48 3,800 12,578 2,853 5,893 200,000 2,853 5,893 200,000 4,119 7,159 200,000
4 49 3,800 17,197 4,293 7,333 200,000 4,293 7,333 200,000 6,168 9,208 200,000
5 50 3,800 22,047 5,594 8,634 200,000 5,594 8,634 200,000 8,138 11,178 200,000
6 51 3,800 27,140 6,735 9,775 200,000 6,735 9,775 200,000 10,031 13,071 200,000
7 52 3,800 32,487 7,695 10,735 200,000 7,695 10,735 200,000 11,871 14,911 200,000
8 53 3,800 38,101 8,856 11,516 200,000 8,856 11,516 200,000 14,017 16,677 200,000
9 54 3,800 43,996 9,773 12,053 200,000 9,773 12,053 200,000 16,069 18,349 200,000
10 55 3,800 50,186 10,447 12,347 200,000 10,447 12,347 200,000 18,029 19,929 200,000
11 56 3,800 56,685 10,878 12,398 200,000 10,878 12,398 200,000 19,835 21,355 200,000
12 57 3,800 63,509 11,020 12,160 200,000 11,020 12,160 200,000 21,428 22,568 200,000
13 58 3,800 70,675 10,870 11,630 200,000 10,870 11,630 200,000 22,747 23,507 200,000
14 59 3,800 78,199 10,403 10,783 200,000 10,403 10,783 200,000 23,733 24,113 200,000
15 60 3,800 86,098 9,589 9,589 200,000 9,589 9,589 200,000 24,368 24,368 200,000
16 61 3,800 94,393 8,307 8,307 200,000 8,307 8,307 200,000 24,579 24,579 200,000
17 62 3,800 103,103 6,573 6,573 200,000 6,573 6,573 200,000 24,459 24,459 200,000
18 63 3,800 112,248 4,302 4,302 200,000 4,302 4,302 200,000 23,984 23,984 200,000
19 64 3,800 121,851 1,449 1,449 200,000 1,449 1,449 200,000 23,170 23,170 200,000
20 65 3,800 131,933 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 22,009 22,009 200,000
21 66 3,800 142,520 20,491 20,491 200,000
22 67 3,800 153,636 18,499 18,499 200,000
23 68 3,800 165,308 15,970 15,970 200,000
24 69 3,800 177,563 12,923 12,923 200,000
25 70 3,800 190,431 9,375 9,375 200,000
26 71 3,800 203,943 5,181 5,181 200,000
27 72 3,800 218,130 394 394 200,000
28 73 0 229,036 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-25
<PAGE> 54
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 3,800 0 2,606 200,000 0 2,788 200,000 0 2,788 200,000
5 3,800 5,594 8,634 200,000 7,760 10,800 200,000 10,618 13,658 200,000
10 3,800 10,447 12,347 200,000 17,648 19,548 200,000 27,092 28,992 200,000
20 3,800 LAPSED LAPSED LAPSED 21,958 21,958 200,000 59,880 59,880 200,000
@ Age 70 3,800 LAPSED LAPSED LAPSED 202 202 200,000 72,494 72,494 200,000
@ Age 85 3,800 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 44,312 44,312 LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 20 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 26 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 19 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-26
<PAGE> 55
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,800 3,990 0 2,606 200,000 0 2,788 200,000 0 2,788 200,000
2 47 3,800 8,180 1,270 4,310 200,000 1,773 4,813 200,000 2,466 5,506 200,000
3 48 3,800 12,578 2,853 5,893 200,000 3,794 6,834 200,000 5,139 8,179 200,000
4 49 3,800 17,197 4,293 7,333 200,000 5,789 8,829 200,000 7,839 10,879 200,000
5 50 3,800 22,047 5,594 8,634 200,000 7,760 10,800 200,000 10,618 13,658 200,000
6 51 3,800 27,140 6,735 9,775 200,000 9,687 12,727 200,000 13,481 16,521 200,000
7 52 3,800 32,487 7,695 10,735 200,000 11,545 14,585 200,000 16,458 19,498 200,000
8 53 3,800 38,101 8,856 11,516 200,000 13,716 16,376 200,000 19,914 22,574 200,000
9 54 3,800 43,996 9,773 12,053 200,000 15,752 18,032 200,000 23,456 25,736 200,000
10 55 3,800 50,186 10,447 12,347 200,000 17,648 19,548 200,000 27,092 28,992 200,000
11 56 3,800 56,685 10,878 12,398 200,000 19,400 20,920 200,000 30,769 32,289 200,000
12 57 3,800 63,509 11,020 12,160 200,000 20,958 22,098 200,000 34,433 35,573 200,000
13 58 3,800 70,675 10,870 11,630 200,000 22,314 23,074 200,000 38,033 38,793 200,000
14 59 3,800 78,199 10,403 10,783 200,000 23,435 23,815 200,000 41,517 41,897 200,000
15 60 3,800 86,098 9,589 9,589 200,000 24,284 24,284 200,000 44,871 44,871 200,000
16 61 3,800 94,393 8,307 8,307 200,000 24,743 24,743 200,000 48,036 48,036 200,000
17 62 3,800 103,103 6,573 6,573 200,000 24,827 24,827 200,000 51,118 51,118 200,000
18 63 3,800 112,248 4,302 4,302 200,000 24,444 24,444 200,000 54,106 54,106 200,000
19 64 3,800 121,851 1,449 1,449 200,000 23,533 23,533 200,000 57,025 57,025 200,000
20 65 3,800 131,933 LAPSED LAPSED LAPSED 21,958 21,958 200,000 59,880 59,880 200,000
21 66 3,800 142,520 19,650 19,650 200,000 62,678 62,678 200,000
22 67 3,800 153,636 16,460 16,460 200,000 65,343 65,343 200,000
23 68 3,800 165,308 12,282 12,282 200,000 67,845 67,845 200,000
24 69 3,800 177,563 6,941 6,941 200,000 70,218 70,218 200,000
25 70 3,800 190,431 202 202 200,000 72,494 72,494 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-27
<PAGE> 56
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 3,800 203,943 LAPSED LAPSED LAPSED 74,598 74,598 200,000
27 72 3,800 218,130 76,589 76,589 200,000
28 73 3,800 233,026 78,374 78,374 200,000
29 74 3,800 248,668 79,843 79,843 200,000
30 75 3,800 265,091 80,930 80,930 200,000
31 76 3,800 282,336 81,605 81,605 200,000
32 77 3,800 300,442 81,785 81,785 200,000
33 78 3,800 319,454 81,355 81,355 200,000
34 79 3,800 339,417 80,192 80,192 200,000
35 80 3,800 360,378 78,143 78,143 200,000
36 81 3,800 382,387 75,017 75,017 200,000
37 82 3,800 405,496 70,572 70,572 200,000
38 83 3,800 429,761 64,532 64,532 200,000
39 84 3,800 455,239 56,031 56,031 200,000
40 85 3,800 481,991 44,312 44,312 200,000
41 86 3,800 510,081 28,377 28,377 200,000
42 87 3,800 539,575 6,749 6,749 200,000
43 88 0 566,553 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-28
<PAGE> 57
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 3,800 0 2,606 200,000 0 2,971 200,000 0 2,971 200,000
5 3,800 5,594 8,634 200,000 10,347 13,387 200,000 13,547 16,587 200,000
10 3,800 10,447 12,347 200,000 28,505 30,405 200,000 40,353 42,253 200,000
20 3,800 LAPSED LAPSED LAPSED 88,705 88,705 200,000 150,732 150,732 200,000
@ Age 70 3,800 LAPSED LAPSED LAPSED 147,518 147,518 200,000 268,528 268,528 311,492
@ Age 85 3,800 LAPSED LAPSED LAPSED 744,890 744,890 782,135 1,309,263 1,309,263 1,374,726
@ Age 90 3,800 LAPSED LAPSED LAPSED 1,206,008 1,206,008 1,266,309 2,137,658 2,137,658 2,244,541
</TABLE>
* Policy lapses in policy year 20 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800,00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-29
<PAGE> 58
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,800 3,990 0 2,606 200,000 0 2,971 200,000 0 2,971 200,000
2 47 3,800 8,180 1,270 4,310 200,000 2,299 5,339 200,000 3,012 6,052 200,000
3 48 3,800 12,578 2,853 5,893 200,000 4,822 7,862 200,000 6,248 9,288 200,000
4 49 3,800 17,197 4,293 7,333 200,000 7,497 10,537 200,000 9,733 12,773 200,000
5 50 3,800 22,047 5,594 8,634 200,000 10,347 13,387 200,000 13,547 16,587 200,000
6 51 3,800 27,140 6,735 9,775 200,000 13,372 16,412 200,000 17,731 20,771 200,000
7 52 3,800 32,487 7,695 10,735 200,000 16,576 19,616 200,000 22,354 25,394 200,000
8 53 3,800 38,101 8,856 11,516 200,000 20,368 23,028 200,000 27,825 30,485 200,000
9 54 3,800 43,996 9,773 12,053 200,000 24,334 26,614 200,000 33,803 36,083 200,000
10 55 3,800 50,186 10,447 12,347 200,000 28,505 30,405 200,000 40,353 42,253 200,000
11 56 3,800 56,685 10,878 12,398 200,000 32,917 34,437 200,000 47,489 49,009 200,000
12 57 3,800 63,509 11,020 12,160 200,000 37,572 38,712 200,000 55,237 56,377 200,000
13 58 3,800 70,675 10,870 11,630 200,000 42,514 43,274 200,000 63,636 64,396 200,000
14 59 3,800 78,199 10,403 10,783 200,000 47,776 48,156 200,000 72,743 73,123 200,000
15 60 3,800 86,098 9,589 9,589 200,000 53,400 53,400 200,000 82,664 82,664 200,000
16 61 3,800 94,393 8,307 8,307 200,000 59,364 59,364 200,000 93,484 93,484 200,000
17 62 3,800 103,103 6,573 6,573 200,000 65,810 65,810 200,000 105,484 105,484 200,000
18 63 3,800 112,248 4,302 4,302 200,000 72,786 72,786 200,000 118,855 118,855 200,000
19 64 3,800 121,851 1,449 1,449 200,000 80,392 80,392 200,000 133,845 133,845 200,000
20 65 3,800 131,933 LAPSED LAPSED LAPSED 88,705 88,705 200,000 150,732 150,732 200,000
21 66 3,800 142,520 97,888 97,888 200,000 169,840 169,840 203,808
22 67 3,800 153,636 108,100 108,100 200,000 191,068 191,068 227,371
23 68 3,800 165,308 119,582 119,582 200,000 214,432 214,432 253,030
24 69 3,800 177,563 132,608 132,608 200,000 240,166 240,166 280,994
25 70 3,800 190,431 147,518 147,518 200,000 268,528 268,528 311,492
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-30
<PAGE> 59
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 3,800 203,943 164,746 164,746 200,000 299,775 299,775 344,741
27 72 3,800 218,130 184,754 184,754 208,772 334,380 334,380 377,849
28 73 3,800 233,026 207,108 207,108 229,890 372,730 372,730 413,730
29 74 3,800 248,668 231,895 231,895 252,766 415,275 415,275 452,649
30 75 3,800 265,091 259,465 259,465 277,627 462,563 462,563 494,942
31 76 3,800 282,336 290,238 290,238 304,750 515,249 515,249 541,011
32 77 3,800 300,442 324,087 324,087 340,292 573,378 573,378 602,047
33 78 3,800 319,454 361,302 361,302 379,367 637,483 637,483 669,357
34 79 3,800 339,417 402,198 402,198 422,308 708,148 708,148 743,555
35 80 3,800 360,378 447,109 447,109 469,465 786,011 786,011 825,311
36 81 3,800 382,387 496,388 496,388 521,207 871,765 871,765 915,353
37 82 3,800 405,496 550,408 550,408 577,928 966,165 966,165 1,014,473
38 83 3,800 429,761 609,552 609,552 640,029 1,070,043 1,070,043 1,123,545
39 84 3,800 455,239 674,232 674,232 707,944 1,184,116 1,184,116 1,243,322
40 85 3,800 481,991 744,890 744,890 782,135 1,309,263 1,309,263 1,374,726
41 86 3,800 510,081 822,013 822,013 863,114 1,446,432 1,446,432 1,518,754
42 87 3,800 539,575 906,137 906,137 951,444 1,596,601 1,596,601 1,676,431
43 88 3,800 570,543 997,796 997,796 1,047,686 1,760,960 1,760,960 1,849,008
44 89 3,800 603,061 1,097,546 1,097,546 1,152,424 1,940,859 1,940,859 2,037,902
45 90 3,800 637,204 1,206,008 1,206,008 1,266,309 2,137,658 2,137,658 2,244,541
46 91 3,800 673,054 1,323,817 1,323,817 1,390,008 2,352,554 2,352,554 2,470,182
47 92 3,800 710,696 1,455,863 1,455,863 1,514,097 2,592,622 2,592,622 2,696,327
48 93 3,800 750,221 1,604,537 1,604,537 1,652,673 2,861,804 2,861,804 2,947,658
49 94 3,800 791,722 1,772,775 1,772,775 1,808,231 3,164,915 3,164,915 3,228,213
50 95 3,800 835,299 1,964,452 1,964,452 1,984,096 3,507,372 3,507,372 3,542,446
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-31
<PAGE> 60
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 96 3,800 881,053 2,175,578 2,175,578 2,197,334 3,886,215 3,886,215 3,925,077
52 97 3,800 929,096 2,407,201 2,407,201 2,431,273 4,305,282 4,305,282 4,348,335
53 98 3,800 979,541 2,658,962 2,658,962 2,685,552 4,768,818 4,768,818 4,816,506
54 99 3,800 1,032,508 2,933,039 2,933,039 2,962,370 5,281,503 5,281,503 5,334,318
55 100 3,800 1,088,123 3,234,975 3,234,975 3,267,325 5,848,510 5,848,510 5,906,995
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-32
<PAGE> 61
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 0 1,810 201,810 0 1,810 201,810 0 1,810 201,810
5 2,650 4,488 6,608 206,608 4,488 6,608 206,608 6,196 8,316 208,316
10 2,650 9,006 10,331 210,331 9,006 10,331 210,331 14,422 15,747 215,747
20 2,650 4,947 4,947 204,947 4,947 4,947 204,947 22,234 22,234 222,234
@ Age 70 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 17,599 17,599 217,599
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 21 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-33
<PAGE> 62
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 2,783 0 1,810 201,810 0 1,810 201,810 0 1,810 201,810
2 47 2,650 5,704 1,006 3,126 203,126 1,006 3,126 203,126 1,410 3,530 203,530
3 48 2,650 8,772 2,235 4,355 204,355 2,235 4,355 204,355 3,039 5,159 205,159
4 49 2,650 11,993 3,404 5,524 205,524 3,404 5,524 205,524 4,626 6,746 206,746
5 50 2,650 15,375 4,488 6,608 206,608 4,488 6,608 206,608 6,196 8,316 208,316
6 51 2,650 18,926 5,466 7,586 207,586 5,466 7,586 207,586 7,749 9,869 209,869
7 52 2,650 22,655 6,337 8,457 208,457 6,337 8,457 208,457 9,285 11,405 211,405
8 53 2,650 26,570 7,369 9,224 209,224 7,369 9,224 209,224 11,045 12,900 212,900
9 54 2,650 30,681 8,250 9,840 209,840 8,250 9,840 209,840 12,766 14,356 214,356
10 55 2,650 34,998 9,006 10,331 210,331 9,006 10,331 210,331 14,422 15,747 215,747
11 56 2,650 39,530 9,590 10,650 210,650 9,590 10,650 210,650 15,992 17,052 217,052
12 57 2,650 44,289 10,004 10,799 210,799 10,004 10,799 210,799 17,453 18,248 218,248
13 58 2,650 49,286 10,250 10,780 210,780 10,250 10,780 210,780 18,782 19,312 219,312
14 59 2,650 54,533 10,282 10,547 210,547 10,282 10,547 210,547 19,933 20,198 220,198
15 60 2,650 60,042 10,103 10,103 210,103 10,103 10,103 210,103 20,860 20,860 220,860
16 61 2,650 65,827 9,689 9,689 209,689 9,689 9,689 209,689 21,588 21,588 221,588
17 62 2,650 71,901 9,017 9,017 209,017 9,017 9,017 209,017 22,094 22,094 222,094
18 63 2,650 78,278 8,021 8,021 208,021 8,021 8,021 208,021 22,356 22,356 222,356
19 64 2,650 84,975 6,679 6,679 206,679 6,679 6,679 206,679 22,402 22,402 222,402
20 65 2,650 92,006 4,947 4,947 204,947 4,947 4,947 204,947 22,234 22,234 222,234
21 66 2,650 99,389 2,783 2,783 202,783 2,783 2,783 202,783 21,853 21,853 221,853
22 67 2,650 107,141 166 166 200,166 166 166 200,166 21,192 21,192 221,192
23 68 2,650 115,280 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 20,252 20,252 220,252
24 69 2,650 123,827 19,062 19,062 219,062
25 70 2,650 132,801 17,599 17,599 217,599
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-34
<PAGE> 63
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,650 142,223 15,820 15,820 215,820
27 72 2,650 152,117 13,799 13,799 213,799
28 73 2,650 162,505 11,419 11,419 211,419
29 74 2,650 173,413 8,614 8,614 208,614
30 75 2,650 184,866 5,340 5,340 205,340
31 76 2,650 196,892 1,579 1,579 201,579
32 77 0 206,736 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-35
<PAGE> 64
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 0 1,810 201,810 0 1,937 201,937 0 1,937 201,937
5 2,650 4,488 6,608 206,608 6,040 8,160 208,160 7,959 10,079 210,079
10 2,650 9,006 10,331 210,331 14,226 15,551 215,551 21,021 22,346 222,346
20 2,650 4,947 4,947 204,947 21,405 21,405 221,405 48,817 48,817 248,817
@ Age 70 2,650 LAPSED LAPSED LAPSED 9,907 9,907 209,907 58,522 58,522 258,522
@ Age 85 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 13,176 13,176 213,176
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 27 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 22 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-36
<PAGE> 65
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 2,783 0 1,810 201,810 0 1,937 201,937 0 1,937 201,937
2 47 2,650 5,704 1,006 3,126 203,126 1,358 3,478 203,478 1,775 3,895 203,895
3 48 2,650 8,772 2,235 4,355 204,355 2,900 5,020 205,020 3,755 5,875 205,875
4 49 2,650 11,993 3,404 5,524 205,524 4,469 6,589 206,589 5,807 7,927 207,927
5 50 2,650 15,375 4,488 6,608 206,608 6,040 8,160 208,160 7,959 10,079 210,079
6 51 2,650 18,926 5,466 7,586 207,586 7,590 9,710 209,710 10,216 12,336 212,336
7 52 2,650 22,655 6,337 8,457 208,457 9,118 11,238 211,238 12,584 14,704 214,704
8 53 2,650 26,570 7,369 9,224 209,224 10,888 12,743 212,743 15,307 17,162 217,162
9 54 2,650 30,681 8,250 9,840 209,840 12,583 14,173 214,173 18,126 19,716 219,716
10 55 2,650 34,998 9,006 10,331 210,331 14,226 15,551 215,551 21,021 22,346 222,346
11 56 2,650 39,530 9,590 10,650 210,650 15,764 16,824 216,824 23,971 25,031 225,031
12 57 2,650 44,289 10,004 10,799 210,799 17,193 17,988 217,988 26,954 27,749 227,749
13 58 2,650 49,286 10,250 10,780 210,780 18,507 19,037 219,037 29,946 30,476 230,476
14 59 2,650 54,533 10,282 10,547 210,547 19,652 19,917 219,917 32,901 33,166 233,166
15 60 2,650 60,042 10,103 10,103 210,103 20,618 20,618 220,618 35,765 35,765 235,765
16 61 2,650 65,827 9,689 9,689 209,689 21,380 21,380 221,380 38,567 38,567 238,567
17 62 2,650 71,901 9,017 9,017 209,017 21,909 21,909 221,909 41,285 41,285 241,285
18 63 2,650 78,278 8,021 8,021 208,021 22,121 22,121 222,121 43,891 43,891 243,891
19 64 2,650 84,975 6,679 6,679 206,679 21,975 21,975 221,975 46,403 46,403 246,403
20 65 2,650 92,006 4,947 4,947 204,947 21,405 21,405 221,405 48,817 48,817 248,817
21 66 2,650 99,389 2,783 2,783 202,783 20,340 20,340 220,340 51,129 51,129 251,129
22 67 2,650 107,141 166 166 200,166 18,734 18,734 218,734 53,259 53,259 253,259
23 68 2,650 115,280 LAPSED LAPSED LAPSED 16,508 16,508 216,508 55,199 55,199 255,199
24 69 2,650 123,827 13,610 13,610 213,610 56,965 56,965 256,965
25 70 2,650 132,801 9,907 9,907 209,907 58,522 58,522 258,522
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-37
<PAGE> 66
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,650 142,223 5,288 5,288 205,288 59,813 59,813 259,813
27 72 2,650 152,117 LAPSED LAPSED LAPSED 60,897 60,897 260,897
28 73 2,650 162,505 61,642 61,642 261,642
29 74 2,650 173,413 61,957 61,957 261,957
30 75 2,650 184,866 61,773 61,773 261,773
31 76 2,650 196,892 61,041 61,041 261,041
32 77 2,650 209,519 59,685 59,685 259,685
33 78 2,650 222,777 57,600 57,600 257,600
34 79 2,650 236,699 54,703 54,703 254,703
35 80 2,650 251,316 50,903 50,903 250,903
36 81 2,650 266,665 46,084 46,084 246,084
37 82 2,650 282,780 40,121 40,121 240,121
38 83 2,650 299,702 32,934 32,934 232,934
39 84 2,650 317,469 24,046 24,046 224,046
40 85 2,650 336,125 13,176 13,176 213,176
41 86 2,650 355,714 128 128 200,128
42 87 0 373,500 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-38
<PAGE> 67
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- ---------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 0 1,810 201,810 0 2,064 202,064 0 2,064 202,064
5 2,650 4,488 6,608 206,608 7,884 10,004 210,004 10,034 12,154 212,154
10 2,650 9,006 10,331 210,331 21,959 23,284 223,284 30,558 31,883 231,883
20 2,650 4,947 4,947 204,947 63,084 63,084 263,084 109,248 109,248 309,248
@ Age 70 2,650 LAPSED LAPSED LAPSED 86,443 86,443 286,443 179,606 179,606 379,606
@ Age 85 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 695,617 695,617 895,617
@ Age 90 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 1,056,243 1,056,243 1,256,243
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 40 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-39
<PAGE> 68
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 2,783 0 1,810 201,810 0 2,064 202,064 0 2,064 202,064
2 47 2,650 5,704 1,066 3,126 203,126 1,726 3,846 203,846 2,156 4,276 204,276
3 48 2,650 8,772 2,235 4,355 204,355 3,625 5,745 205,745 4,532 6,652 206,652
4 49 2,650 11,993 3,404 5,524 205,524 5,681 7,801 207,801 7,141 9,261 209,261
5 50 2,650 15,375 4,488 6,608 206,608 7,884 10,004 210,004 10,034 12,154 212,154
6 51 2,650 18,926 5,466 7,586 207,586 10,225 12,345 212,345 13,241 15,361 215,361
7 52 2,650 22,655 6,337 8,457 208,457 12,719 14,839 214,839 16,796 18,916 218,916
8 53 2,650 26,570 7,369 9,224 209,224 15,648 17,503 217,503 20,977 22,832 222,832
9 54 2,650 30,681 8,250 9,840 209,840 18,715 20,305 220,305 25,559 27,149 227,149
10 55 2,650 34,998 9,006 10,331 210,331 21,959 23,284 223,284 30,558 31,883 231,883
11 56 2,650 39,530 9,590 10,650 210,650 25,351 26,411 226.411 35,996 37,056 237,056
12 57 2,650 44,289 10,004 10,799 210,799 28,905 29,700 229,700 41,895 42,690 242,690
13 58 2,650 49,286 10,250 10,780 210,780 32,639 33,169 233,169 48,279 48,809 248,809
14 59 2,650 54,533 10,282 10,547 210,547 36,523 36,788 236,788 55,151 55,416 255,416
15 60 2,650 60,042 10,103 10,103 210,103 40,573 40,573 240,573 62,514 62,514 262,514
16 61 2,650 65,827 9,689 9,689 209,689 44,795 44,795 244,795 70,460 70,460 270,460
17 62 2,650 71,901 9,017 9,017 209,017 49,199 49,199 249,199 79,041 79,041 279,041
18 63 2,650 78,278 8,021 8,021 208,021 53,727 53,727 253,727 88,303 88,303 288,303
19 64 2,650 84,975 6,679 6,679 206,679 58,368 58,368 258,368 98,344 98,344 298,344
20 65 2,650 92,006 4,947 4,947 204,947 63,084 63,084 263,084 109,248 109,248 309,248
21 66 2,650 99,389 2,783 2,783 202,783 67,832 67,832 267,832 121,110 121,110 321,110
22 67 2,650 107,141 166 166 200,166 72,591 72,591 272,591 133,958 133,958 333,958
23 68 2,650 115,280 LAPSED LAPSED LAPSED 77,312 77,312 277,312 147,900 147,900 347,900
24 69 2,650 123,827 81,966 81,966 281,966 163,079 163,079 363,079
25 70 2,650 132,801 86,443 86,443 286,443 179,606 179,606 379,606
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-40
<PAGE> 69
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 71 2,650 142,223 90,649 90,649 290,649
27 72 2,650 152,117 94,455 94,455 294,455
28 73 2,650 162,505 97,664 97,664 297,664
29 74 2,650 173,413 100,086 100,086 300,086
30 75 2,650 184,866 101,509 101,509 301,509
31 76 2,650 196,892 101,723 101,723 301,723
32 77 2,650 209,519 100,496 100,496 300,496
33 78 2,650 222,777 97,621 97,621 297,621
34 79 2,650 236,699 92,815 92,815 292,815
35 80 2,650 251,316 85,718 85,718 285,718
36 81 2,650 266,665 75,903 75,903 275,903
37 82 2,650 282,780 62,793 62,793 262,793
38 83 2,650 299,702 45,726 45,726 245,726
39 84 2,650 317,469 23,939 23,939 223,939
40 85 2,650 336,125 LAPSED LAPSED LAPSED
41 86 2,650 355,714
42 87 2,650 376,282
43 88 2,650 397,879
44 89 2,650 420,555
45 90 2,650 444,366
46 91 2,650 469,366
47 92 2,650 495,617
48 93 2,650 523,181
49 94 2,650 552,122
50 95 2,650 582,511
<CAPTION>
CURRENT CHARGES
---------------------------------
END 12.00% (11.25% NET)
OF CASH FUND DEATH
YEAR VALUE VALUE PROCEEDS
<S> <C> <C> <C>
26 197,575 197,575 397,575
27 217,221 217,221 417,221
28 238,599 238,599 438,599
29 261,823 261,823 461,823
30 287,043 287,043 487,043
31 314,451 314,451 514,451
32 344,236 344,236 544,236
33 376,582 376,582 576,582
34 411,718 411,718 611,718
35 449,898 449,898 649,898
36 491,378 491,378 691,378
37 536,445 536,445 736,445
38 585,464 585,464 785,464
39 638,444 638,444 838,444
40 695,617 695,617 895,617
41 757,344 757,344 957,344
42 823,925 823,925 1,023,925
43 895,545 895,545 1,095,545
44 972,834 972,834 1,172,834
45 1,056,243 1,056,243 1,256,243
46 1,145,950 1,145,950 1,345,950
47 1,242,802 1,242,802 1,442,802
48 1,347,439 1,347,439 1,547,439
49 1,460,970 1,460,970 1,660,970
50 1,584,255 1,584,255 1,784,255
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-41
<PAGE> 70
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 96 2,650 614,419
52 97 2,650 647,922
53 98 2,650 683,101
54 99 2,650 720,038
55 100 2,650 758,823
<CAPTION>
CURRENT CHARGES
---------------------------------
END 12.00% (11.25% NET)
OF CASH FUND DEATH
YEAR VALUE VALUE PROCEEDS
<S> <C> <C> <C>
51 1,718,864 1,718,864 1,918,864
52 1,866,170 1,866,170 2,066,170
53 2,026,596 2,026,596 2,226,596
54 2,201,209 2,201,209 2,401,209
55 2,389,962 2,389,962 2,589,962
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-42
<PAGE> 71
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,450 0 907 200,000 0 907 200,000 0 907 200,000
5 1,450 2,407 3,567 200,000 2,407 3,567 200,000 3,030 4,190 200,000
10 1,450 5,271 5,996 200,000 5,271 5,996 200,000 7,025 7,750 200,000
20 1,450 7,114 7,114 200,000 7,114 7,114 200,000 13,405 13,405 200,000
@ Age 70 1,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 2,334 2,334 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 27 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-43
<PAGE> 72
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,450 1,523 0 907 200,000 0 907 200,000 0 907 200,000
2 37 1,450 3,121 456 1,616 200,000 456 1,616 200,000 645 1,805 200,000
3 38 1,450 4,800 1,136 2,296 200,000 1,136 2,296 200,000 1,487 2,647 200,000
4 39 1,450 6,562 1,786 2,946 200,000 1,786 2,946 200,000 2,274 3,434 200,000
5 40 1,450 8,413 2,407 3,567 200,000 2,407 3,567 200,000 3,030 4,190 200,000
6 41 1,450 10,356 2,975 4,135 200,000 2,975 4,135 200,000 3,755 4,915 200,000
7 42 1,450 12,396 3,516 4,676 200,000 3,516 4,676 200,000 4,474 5,634 200,000
8 43 1,450 14,539 4,151 5,166 200,000 4,151 5,166 200,000 5,331 6,346 200,000
9 44 1,450 16,788 4,736 5,606 200,000 4,736 5,606 200,000 6,181 7,051 200,000
10 45 1,450 19,150 5,271 5,996 200,000 5,271 5,996 200,000 7,025 7,750 200,000
11 46 1,450 21,630 5,757 6,337 200,000 5,757 6,337 200,000 7,862 8,442 200,000
12 47 1,450 24,234 6,195 6,630 200,000 6,195 6,630 200,000 8,693 9,128 200,000
13 48 1,450 26,968 6,562 6,852 200,000 6,562 6,852 200,000 9,472 9,762 200,000
14 49 1,450 29,839 6,881 7,026 200,000 6,881 7,026 200,000 10,177 10,322 200,000
15 50 1,450 32,853 7,131 7,131 200,000 7,131 7,131 200,000 10,810 10,810 200,000
16 51 1,450 36,019 7,334 7,334 200,000 7,334 7,334 200,000 11,441 11,441 200,000
17 52 1,450 39,342 7,446 7,446 200,000 7,446 7,446 200,000 12,022 12,022 200,000
18 53 1,450 42,832 7,465 7,465 200,000 7,465 7,465 200,000 12,531 12,531 200,000
19 54 1,450 46,496 7,347 7,347 200,000 7,347 7,347 200,000 12,992 12,992 200,000
20 55 1,450 50,343 7,114 7,114 200,000 7,114 7,114 200,000 13,405 13,405 200,000
21 56 1,450 54,383 6,723 6,723 200,000 6,723 6,723 200,000 13,771 13,771 200,000
22 57 1,450 58,624 6,171 6,171 200,000 6,171 6,171 200,000 14,046 14,046 200,000
23 58 1,450 63,078 5,459 5,459 200,000 5,459 5,459 200,000 14,232 14,232 200,000
24 59 1,450 67,754 4,538 4,538 200,000 4,538 4,538 200,000 14,284 14,284 200,000
25 60 1,450 72,665 3,408 3,408 200,000 3,408 3,408 200,000 14,181 14,181 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-44
<PAGE> 73
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 61 1,450 77,820 2,019 2,019 200,000 2,019 2,019 200,000 13,925 13,925 200,000
27 62 1,450 83,234 365 365 200,000 365 365 200,000 13,514 13,514 200,000
28 63 1,450 88,918 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 12,927 12,927 200,000
29 64 1,450 94,886 12,141 12,141 200,000
30 65 1,450 101,153 11,154 11,154 200,000
31 66 1,450 107,733 9,940 9,940 200,000
32 67 1,450 114,642 8,453 8,453 200,000
33 68 1,450 121,897 6,686 6,686 200,000
34 69 1,450 129,514 4,656 4,656 200,000
35 70 1,450 137,513 2,334 2,334 200,000
36 71 0 144,388 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-45
<PAGE> 74
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,450 0 907 200,000 0 974 200,000 0 974 200,000
5 1,450 2,407 3,567 200,000 3,235 4,395 200,000 3,943 5,103 200,000
10 1,450 5,271 5,996 200,000 8,161 8,886 200,000 10,376 11,101 200,000
20 1,450 7,114 7,114 200,000 17,899 17,899 200,000 27,517 27,517 200,000
@ Age 70 1,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 54,003 54,003 200,000
@ Age 85 1,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 17,980 17,980 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 35 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 27 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-46
<PAGE> 75
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,450 1,523 0 907 200,000 0 974 200,000 0 974 200,000
2 37 1,450 3,121 456 1,616 200,000 641 1,801 200,000 835 1,995 200,000
3 38 1,450 4,800 1,136 2,296 200,000 1,487 2,647 200,000 1,860 3,020 200,000
4 39 1,450 6,562 1,786 2,946 200,000 2,351 3,511 200,000 2,887 4,047 200,000
5 40 1,450 8,413 2,407 3,567 200,000 3,235 4,395 200,000 3,943 5,103 200,000
6 41 1,450 10,356 2,975 4,135 200,000 4,117 5,277 200,000 5,027 6,187 200,000
7 42 1,450 12,396 3,516 4,676 200,000 5,020 6,180 200,000 6,166 7,326 200,000
8 43 1,450 14,539 4,151 5,166 200,000 6,067 7,082 200,000 7,508 8,523 200,000
9 44 1,450 16,788 4,736 5,606 200,000 7,114 7,984 200,000 8,910 9,780 200,000
10 45 1,450 19,150 5,271 5,996 200,000 8,161 8,886 200,000 10,376 11,101 200,000
11 46 1,450 21,630 5,757 6,337 200,000 9,208 9,788 200,000 11,908 12,488 200,000
12 47 1,450 24,234 6,195 6,630 200,000 10,257 10,692 200,000 13,510 13,945 200,000
13 48 1,450 26,968 6,562 6,852 200,000 11,283 11,573 200,000 15,141 15,431 200,000
14 49 1,450 29,839 6,881 7,026 200,000 12,310 12,455 200,000 16,779 16,924 200,000
15 50 1,450 32,853 7,131 7,131 200,000 13,316 13,316 200,000 18,427 18,427 200,000
16 51 1,450 36,019 7,334 7,334 200,000 14,329 14,329 200,000 20,160 20,160 200,000
17 52 1,450 39,342 7,446 7,446 200,000 15,306 15,306 200,000 21,939 21,939 200,000
18 53 1,450 42,832 7,465 7,465 200,000 16,247 16,247 200,000 23,745 23,745 200,000
19 54 1,450 46,496 7,347 7,347 200,000 17,105 17,105 200,000 25,603 25,603 200,000
20 55 1,450 50,343 7,114 7,114 200,000 17,899 17,899 200,000 27,517 27,517 200,000
21 56 1,450 54,383 6,723 6,723 200,000 18,582 18,582 200,000 29,489 29,489 200,000
22 57 1,450 58,624 6,171 6,171 200,000 19,148 19,148 200,000 31,483 31,483 200,000
23 58 1,450 63,078 5,459 5,459 200,000 19,593 19,593 200,000 33,502 33,502 200,000
24 59 1,450 67,754 4,538 4,538 200,000 19,865 19,865 200,000 35,509 35,509 200,000
25 60 1,450 72,665 3,408 3,408 200,000 19,954 19,954 200,000 37,486 37,486 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-47
<PAGE> 76
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 61 1,450 77,820 2,019 2,019 200,000 19,806 19,806 200,000 39,435 39,435 200,000
27 62 1,450 83,234 365 365 200,000 19,404 19,404 200,000 41,357 41,357 200,000
28 63 1,450 88,918 LAPSED LAPSED LAPSED 18,665 18,665 200,000 43,235 43,235 200,000
29 64 1,450 94,886 17,542 17,542 200,000 45,051 45,051 200,000
30 65 1,450 101,153 15,958 15,958 200,000 46,806 46,806 200,000
31 66 1,450 107,733 13,829 13,829 200,000 48,480 48,480 200,000
32 67 1,750 114,642 11,083 11,083 200,000 50,036 50,036 200,000
33 68 1,450 121,897 7,612 7,612 200,000 51,472 51,472 200,000
34 69 1,450 129,514 3,317 3,317 200,000 52,801 52,801 200,000
35 70 1,450 137,513 LAPSED LAPSED LAPSED 54,003 54,003 200,000
36 71 1,450 145,911 55,036 55,036 200,000
37 72 1,450 154,729 55,945 55,945 200,000
38 73 1,450 163,988 56,636 56,636 200,000
39 74 1,450 173,710 57,043 57,043 200,000
40 75 1,450 183,918 57,110 57,110 200,000
41 76 1,450 194,636 56,794 56,794 200,000
42 77 1,450 205,890 56,027 56,027 200,000
43 78 1,450 217,707 54,712 54,712 200,000
44 79 1,450 230,115 52,755 52,755 200,000
45 80 1,450 243,143 50,047 50,047 200,000
46 81 1,450 256,823 46,438 46,438 200,000
47 82 1,450 271,187 41,749 41,749 200,000
48 83 1,450 286,269 35,803 35,803 200,000
49 84 1,450 302,105 28,046 28,046 200,000
50 85 1,450 318,732 17,980 17,980 200,000
51 86 1,450 336,191 5,059 5,059 200,000
52 87 0 353,001 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-48
<PAGE> 77
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,450 0 907 200,000 0 1,040 200,000 0 1,040 200,000
5 1,450 2,407 3,567 200,000 4,218 5,378 200,000 5,020 6,180 200,000
10 1,450 5,271 5,996 200,000 12,421 13,146 200,000 15,246 15,971 200,000
20 1,450 7,114 7,114 200,000 43,765 43,765 200,000 59,350 59,350 200,000
@ Age 70 1,450 LAPSED LAPSED LAPSED 200,642 200,642 232,745 305,552 305,552 354,440
@ Age 85 1,450 LAPSED LAPSED LAPSED 923,363 923,363 969,531 1,433,929 1,433,929 1,505,625
@ Age 90 1,450 LAPSED LAPSED LAPSED 1,483,406 1,483,406 1,557,576 2,355,546 2,355,546 2,473,323
</TABLE>
* Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ --------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ --------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-49
<PAGE> 78
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- ----------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,450 1,523 0 907 200,000 0 1,040 200,000 0 1,040 200,000
2 37 1,450 3,121 456 1,616 200,000 834 1,994 200,000 1,035 2,195 200,000
3 38 1,450 4,800 1,136 2,296 200,000 1,869 3,029 200,000 2,266 3,426 200,000
4 39 1,450 6,562 1,786 2,946 200,000 2,994 4,154 200,000 3,582 4,742 200,000
5 40 1,450 8,413 2,407 3,567 200,000 4,218 5,378 200,000 5,020 6,180 200,000
6 41 1,450 10,356 2,975 4,135 200,000 5,530 6,690 200,000 6,591 7,751 200,000
7 42 1,450 12,396 3,516 4,676 200,000 6,963 8,123 200,000 8,335 9,495 200,000
8 43 1,450 14,539 4,151 5,166 200,000 8,652 9,667 200,000 10,417 11,432 200,000
9 44 1,450 16,788 4,736 5,606 200,000 10,467 11,337 200,000 12,713 13,583 200,000
10 45 1,450 19,150 5,271 5,996 200,000 12,421 13,146 200,000 15,246 15,971 200,000
11 46 1,450 21,630 5,757 6,337 200,000 14,530 15,110 200,000 18,043 18,623 200,000
12 47 1,450 24,234 6,195 6,630 200,000 16,815 17,250 200,000 21,132 21,567 200,000
13 48 1,450 26,968 6,562 6,852 200,000 19,272 19,562 200,000 24,502 24,792 200,000
14 49 1,450 29,839 6,881 7,026 200,000 21,945 22,090 200,000 28,163 28,308 200,000
15 50 1,450 32,853 7,131 7,131 200,000 24,838 24,838 200,000 32,149 32,149 200,000
16 51 1,450 36,019 7,334 7,334 200,000 28,015 28,015 200,000 36,581 36,581 200,000
17 52 1,450 39,342 7,446 7,446 200,000 31,469 31,469 200,000 41,466 41,466 200,000
18 53 1,450 42,832 7,465 7,465 200,000 35,235 35,235 200,000 46,840 46,840 200,000
19 54 1,450 46,496 7,347 7,347 200,000 39,313 39,313 200,000 52,779 52,779 200,000
20 55 1,450 50,343 7,114 7,114 200,000 43,765 43,765 200,000 59,350 59,350 200,000
21 56 1,450 54,383 6,723 6,723 200,000 48,601 48,601 200,000 66,629 66,629 200,000
22 57 1,450 58,624 6,171 6,171 200,000 53,875 53,875 200,000 74,666 74,666 200,000
23 58 1,450 63,078 5,459 5,459 200,000 59,649 59,649 200,000 83,556 83,556 200,000
24 59 1,450 67,754 4,538 4,538 200,000 65,958 65,958 200,000 93,377 93,377 200,000
25 60 1,450 72,665 3,408 3,408 200,000 72,881 72,881 200,000 104,238 104,238 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-50
<PAGE> 79
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 61 1,450 77,820 2,019 2,019 200,000 80,477 80,477 200,000 116,278 116,278 200,000
27 62 1,450 83,234 365 365 200,000 88,852 88,852 200,000 129,659 129,659 200,000
28 63 1,450 88,918 LAPSED LAPSED LAPSED 98,085 98,085 200,000 144,552 144,552 200,000
29 64 1,450 94,886 108,307 108,307 200,000 161,162 161,162 200,000
30 65 1,450 101,153 119,662 119,662 200,000 179,642 179,642 219,164
31 66 1,450 107,733 132,329 132,329 200,000 200,080 200,080 240,096
32 67 1,450 114,642 146,538 146,538 200,000 222,649 222,649 264,953
33 68 1,450 121,897 162,562 162,562 200,000 247,577 247,577 292,141
34 69 1,450 129,514 180,655 180,655 211,366 275,120 275,120 321,890
35 70 1,450 137,513 200,642 200,642 232,745 305,552 305,552 354,440
36 71 1,450 145,911 222,643 222,643 256,040 339,172 339,172 390,047
37 72 1,450 154,729 246,958 246,958 279,063 376,422 376,422 425,357
38 73 1,450 163,988 273,860 273,860 303,985 417,700 417,700 463,647
39 74 1,450 173,710 303,677 303,677 331,007 463,472 463,472 505,185
40 75 1,450 183,918 336,797 336,797 360,373 514,280 514,280 550,280
41 76 1,450 194,636 373,693 373,693 392,378 570,751 570,751 599,288
42 77 1,450 205,890 414,342 414,342 435,059 633,182 633,182 664,842
43 78 1,450 217,707 459,106 459,106 482,061 702,183 702,183 737,292
44 79 1,450 230,115 508,373 508,373 533,792 778,424 778,424 817,345
45 80 1,450 243,143 562,557 562,557 590,685 862,640 862,640 905,772
46 81 1,450 256,823 622,100 622,100 653,205 955,635 955,635 1,003,417
47 82 1,450 271,187 687,461 687,461 721,834 1,058,285 1,058,285 1,111,199
48 83 1,450 286,269 759,120 759,120 797,075 1,171,562 1,171,562 1,230,140
49 84 1,450 302,105 837,576 837,576 879,455 1,296,418 1,296,418 1,361,239
50 85 1,450 318,732 923,365 923,365 969,533 1,433,929 1,433,929 1,505,625
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-51
<PAGE> 80
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 86 1,450 336,191 1,017,051 1,017,051 1,067,903
52 87 1,450 354,524 1,119,239 1,119,239 1,175,201
53 88 1,450 373,772 1,230,577 1,230,577 1,292,106
54 89 1,450 393,983 1,351,734 1,351,734 1,419,321
55 90 1,450 415,205 1,483,406 1,483,406 1,557,576
56 91 1,450 437,488 1,626,279 1,626,279 1,707,593
57 92 1,450 460,885 1,786,013 1,786,013 1,857,454
58 93 1,450 485,451 1,965,574 1,965,574 2,024,541
59 94 1,450 511,246 2,168,612 2,168,612 2,211,984
60 95 1,450 538,331 2,399,871 2,399,871 2,423,870
61 96 1,450 566,770 2,654,552 2,654,552 2,681,097
62 97 1,450 596,631 2,933,936 2,933,936 2,963,275
63 98 1,450 627,985 3,237,563 3,237,563 3,269,938
64 99 1,450 660,907 3,568,065 3,568,065 3,603,745
65 100 1,450 695,475 3,932,162 3,932,162 3,971,483
<CAPTION>
CURRENT CHARGES
---------------------------------
END 12.00% (11.25% NET)
OF CASH FUND DEATH
YEAR VALUE VALUE PROCEEDS
<S> <C> <C> <C>
51 1,585,286 1,585,286 1,664,551
52 1,751,743 1,751,743 1,839,330
53 1,934,576 1,934,576 2,031,304
54 2,135,325 2,135,325 2,242,092
55 2,355,546 2,355,546 2,473,323
56 2,596,706 2,596,706 2,726,541
57 2,864,903 2,864,903 2,979,499
58 3,164,156 3,164,156 3,259,081
59 3,499,403 3,499,403 3,569,391
60 3,876,370 3,876,370 3,915,133
61 4,293,505 4,293,505 4,336,440
62 4,755,078 4,755,078 4,802,628
63 5,265,629 5,265,629 5,318,285
64 5,830,233 5,830,233 5,888,535
65 6,454,219 6,454,219 6,518,761
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-52
<PAGE> 81
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 4,450 0 3,082 200,000 0 3,082 200,000 0 3,082 200,000
5 4,450 5,750 9,310 200,000 5,750 9,310 200,000 10,867 14,427 200,000
10 4,450 9,214 11,439 200,000 9,214 11,439 200,000 24,879 27,104 200,000
20 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 34,588 34,588 200,000
@ Age 70 4,450 2,898 2,898 200,000 2,898 2,898 200,000 34,647 34,647 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 16 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 16 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 15 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-53
<PAGE> 82
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 4,450 4,673 0 3,082 200,000 0 3,082 200,000 0 3,082 200,000
2 57 4,450 9,579 1,356 4,916 200,000 1,356 4,916 200,000 2,464 6,024 200,000
3 58 4,450 14,730 3,026 6,586 200,000 3,026 6,586 200,000 5,315 8,875 200,000
4 59 4,450 20,139 4,490 8,050 200,000 4,490 8,050 200,000 8,100 11,660 200,000
5 60 4,450 25,819 5,750 9,310 200,000 5,750 9,310 200,000 10,867 14,427 200,000
6 61 4,450 31,782 6,765 10,325 200,000 6,765 10,325 200,000 13,613 17,173 200,000
7 62 4,450 38,044 7,536 11,096 200,000 7,536 11,096 200,000 16,298 19,858 200,000
8 63 4,450 44,618 8,443 11,558 200,000 8,443 11,558 200,000 19,304 22,419 200,000
9 64 4,450 51,522 9,018 11,688 200,000 9,018 11,688 200,000 22,170 24,840 200,000
10 65 4,450 58,770 9,214 11,439 200,000 9,214 11,439 200,000 24,879 27,104 200,000
11 66 4,450 66,381 8,983 10,763 200,000 8,983 10,763 200,000 27,355 29,135 200,000
12 67 4,450 74,373 8,294 9,629 200,000 8,294 9,629 200,000 29,584 30,919 200,000
13 68 4,450 82,764 7,090 7,980 200,000 7,090 7,980 200,000 31,592 32,482 200,000
14 69 4,450 91,575 5,330 5,775 200,000 5,330 5,775 200,000 33,305 33,750 200,000
15 70 4,450 100,826 2,898 2,898 200,000 2,898 2,898 200,000 34,647 34,647 200,000
16 71 4,450 110,540 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 35,504 35,504 200,000
17 72 4,450 120,739 35,920 35,920 200,000
18 73 4,450 131,449 35,913 35,913 200,000
19 74 4,450 142,693 35,479 35,479 200,000
20 75 4,450 154,501 34,588 34,588 200,000
21 76 4,450 166,898 33,249 33,249 200,000
22 77 4,450 179,916 31,406 31,406 200,000
23 78 4,450 193,584 28,975 28,975 200,000
24 79 4,450 207,936 25,886 25,886 200,000
25 80 4,450 223,005 22,054 22,054 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-54
<PAGE> 83
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------------
END PREMIUM 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 81 4,450 238,828 17,361 17,361 200,000
27 82 4,450 255,441 11,670 11,670 200,000
28 83 4,450 272,886 4,864 4,864 200,000
29 84 0 286,530 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-55
<PAGE> 84
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- ----------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 4,450 0 3,082 200,000 0 3,296 200,000 0 3,296 200,000
5 4,450 5,750 9,310 200,000 8,213 11,773 200,000 13,907 17,467 200,000
10 4,450 9,214 11,439 200,000 17,081 19,306 200,000 36,480 38,705 200,000
20 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 86,014 86,014 200,000
@ Age 70 4,450 2,898 2,898 200,000 18,086 18,086 200,000 61,547 61,547 200,000
@ Age 85 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 143,070 143,070 200,000
@ Age 90 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 186,290 186,290 200,000
</TABLE>
* Policy lapses in policy year 16 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 20 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-56
<PAGE> 85
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 4,450 4,673 0 3,082 200,000 0 3,296 200,000 0 3,296 200,000
2 57 4,450 9,579 1,356 4,916 200,000 1,943 5,503 200,000 3,084 6,644 200,000
3 58 4,450 14,730 3,026 6,586 200,000 4,114 7,674 200,000 6,538 10,098 200,000
4 59 4,450 20,139 4,490 8,050 200,000 6,204 9,764 200,000 10,127 13,687 200,000
5 60 4,450 25,819 5,750 9,310 200,000 8,213 11,773 200,000 13,907 17,467 200,000
6 61 4,450 31,782 6,765 10,325 200,000 10,095 13,655 200,000 17,888 21,448 200,000
7 62 4,450 38,044 7,536 11,096 200,000 11,846 15,406 200,000 22,036 25,596 200,000
8 63 4,450 44,618 8,443 11,558 200,000 13,841 16,956 200,000 26,746 29,861 200,000
9 64 4,450 51,522 9,018 11,688 200,000 15,604 18,274 200,000 31,563 34,233 200,000
10 65 4,450 58,770 9,214 11,439 200,000 17,081 19,306 200,000 36,480 38,705 200,000
11 66 4,450 66,381 8,983 10,763 200,000 18,212 19,992 200,000 41,433 43,213 200,000
12 67 4,450 74,373 8,294 9,629 200,000 18,952 20,287 200,000 46,417 47,752 200,000
13 68 4,450 82,764 7,090 7,980 200,000 19,230 20,120 200,000 51,466 52,356 200,000
14 69 4,450 91,575 5,330 5,775 200,000 18,986 19,431 200,000 56,527 56,972 200,000
15 70 4,450 100,826 2,898 2,898 200,000 18,086 18,086 200,000 61,547 61,547 200,000
16 71 4,450 110,540 LAPSED LAPSED LAPSED 16,353 16,353 200,000 66,449 66,449 200,000
17 72 4,450 120,739 13,692 13,692 200,000 71,313 71,313 200,000
18 73 4,450 131,449 9,855 9,855 200,000 76,179 76,179 200,000
19 74 4,450 142,693 4,569 4,569 200,000 81,075 81,075 200,000
20 75 4,450 154,501 LAPSED LAPSED LAPSED 86,014 86,014 200,000
21 76 4,450 166,898 91,043 91,043 200,000
22 77 4,450 179,916 96,170 96,170 200,000
23 78 4,450 193,584 101,398 101,398 200,000
24 79 4,450 207,936 106,747 106,747 200,000
25 80 4,450 223,005 112,246 112,246 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-57
<PAGE> 86
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------------
END PREMIUM 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 81 4,450 238,828 117,920 117,920 200,000
27 82 4,450 255,441 123,807 123,807 200,000
28 83 4,450 272,886 129,975 129,975 200,000
29 84 4,450 291,203 136,377 136,377 200,000
30 85 4,450 310,436 143,070 143,070 200,000
31 86 4,450 330,630 150,173 150,173 200,000
32 87 4,450 351,834 157,819 157,819 200,000
33 88 4,450 374,098 166,170 166,170 200,000
34 89 4,450 397,475 175,538 175,538 200,000
35 90 4,450 422,022 186,290 186,290 200,000
36 91 4,450 447,795 198,397 198,397 208,317
37 92 4,450 474,857 211,202 211,202 219,650
38 93 4,450 503,273 224,810 224,810 231,555
39 94 4,450 533,109 239,357 239,357 244,144
40 95 4,450 564,437 254,988 254,988 257,538
41 96 4,450 597,331 271,346 271,346 274,059
42 97 4,450 631,870 288,463 288,463 291,347
43 98 4,450 668,136 306,364 306,364 309,427
44 99 4,450 706,216 325,078 325,078 328,329
45 100 4,450 746,199 344,623 344,623 348,069
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-58
<PAGE> 87
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 4,450 0 3,082 200,000 0 3,511 200,000 0 3,511 200,000
5 4,450 5,750 9,310 200,000 11,164 14,724 200,000 17,487 21,047 200,000
10 4,450 9,214 11,439 200,000 29,131 31,356 200,000 53,271 55,496 200,000
20 4,450 LAPSED LAPSED LAPSED 70,123 70,123 200,000 206,052 206,052 220,476
@ Age 70 4,450 2,898 2,898 200,000 49,787 49,787 200,000 110,333 110,333 200,000
@ Age 85 4,450 LAPSED LAPSED LAPSED 78,946 78,946 200,000 638,616 638,616 670,546
@ Age 90 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 1,072,642 1,072,642 1,126,274
</TABLE>
* Policy lapses in policy year 16 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 35 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-59
<PAGE> 88
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
---------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 4,450 4,673 0 3,082 200,000 0 3,511 200,000 0 3,511 200,000
2 57 4,450 9,579 1,356 4,916 200,000 2,558 6,118 200,000 3,732 7,292 200,000
3 58 4,450 14,730 3,026 6,586 200,000 5,305 8,865 200,000 7,865 11,425 200,000
4 59 4,450 20,139 4,490 8,050 200,000 8,167 11,727 200,000 12,419 15,979 200,000
5 60 4,450 25,819 5,750 9,310 200,000 11,164 14,724 200,000 17,487 21,047 200,000
6 61 4,450 31,782 6,765 10,325 200,000 14,273 17,833 200,000 23,127 26,687 200,000
7 62 4,450 38,044 7,536 11,096 200,000 17,516 21,076 200,000 29,363 32,923 200,000
8 63 4,450 44,618 8,443 11,558 200,000 21,298 24,413 200,000 36,647 39,762 200,000
9 64 4,450 51,522 9,018 11,688 200,000 25,176 27,846 200,000 44,594 47,264 200,000
10 65 4,450 58,770 9,214 11,439 200,000 29,131 31,356 200,000 53,271 55,496 200,000
11 66 4,450 66,381 8,983 10,763 200,000 33,148 34,928 200,000 62,707 64,487 200,000
12 67 4,450 74,373 8,294 9,629 200,000 37,231 38,566 200,000 73,002 74,337 200,000
13 68 4,450 82,764 7,090 7,980 200,000 41,369 42,259 200,000 84,300 85,190 200,000
14 69 4,450 91,575 5,330 5,775 200,000 45,569 46,014 200,000 96,700 97,145 200,000
15 70 4,450 100,826 2,898 2,898 200,000 49,787 49,787 200,000 110,333 110,333 200,000
16 71 4,450 110,540 LAPSED LAPSED LAPSED 53,962 53,962 200,000 125,352 125,352 200,000
17 72 4,450 120,739 58,146 58,146 200,000 142,100 142,100 200,000
18 73 4,450 131,449 62,270 62,270 200,000 160,910 160,910 200,000
19 74 4,450 142,693 66,281 66,281 200,000 182,162 182,162 200,000
20 75 4,450 154,501 70,123 70,123 200,000 206,052 206,052 220,476
21 76 4,450 166,898 73,752 73,752 200,000 232,591 232,591 244,221
22 77 4,450 179,916 77,117 77,117 200,000 261,936 261,936 275,033
23 78 4,450 193,584 80,188 80,188 200,000 294,374 294,374 309,093
24 79 4,450 207,936 82,894 82,894 200,000 330,221 330,221 346,733
25 80 4,450 223,005 85,115 85,115 200,000 369,825 369,825 388,316
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-60
<PAGE> 89
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ---------------------------------
END PREMIUM 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 81 4,450 238,828 86,685 86,685 200,000 413,564 413,564 434,242
27 82 4,450 255,441 87,325 87,325 200,000 461,850 461,850 484,943
28 83 4,450 272,886 86,648 86,648 200,000 515,144 515,144 540,901
29 84 4,450 291,203 84,103 84,103 200,000 573,896 573,896 602,591
30 85 4,450 310,436 78,947 78,947 200,000 638,616 638,616 670,546
31 86 4,450 330,630 70,091 70,091 200,000 709,866 709,866 745,359
32 87 4,450 351,834 55,932 55,932 200,000 788,238 788,238 827,650
33 88 4,450 374,098 34,066 34,066 200,000 874,339 874,339 918,056
34 89 4,450 397,475 719 719 200,000 968,896 968,896 1,017,340
35 90 4,450 422,022 LAPSED LAPSED LAPSED 1,072,642 1,072,642 1,126,274
36 91 4,450 447,795 1,186,276 1,186,276 1,245,590
37 92 4,450 474,857 1,312,618 1,312,618 1,365,122
38 93 4,450 503,273 1,453,548 1,453,548 1,497,154
39 94 4,450 533,109 1,611,378 1,611,378 1,643,606
40 95 4,450 564,437 1,788,790 1,788,790 1,806,678
41 96 4,450 597,331 1,985,109 1,985,109 2,004,960
42 97 4,450 631,870 2,202,344 2,202,344 2,224,368
43 98 4,450 668,136 2,442,634 2,442,634 2,467,060
44 99 4,450 706,216 2,708,367 2,708,367 2,735,451
45 100 4,450 746,199 3,002,054 3,002,054 3,032,075
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/06/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode: Annual-Riders: None Form # B2-98
</TABLE>
D-61
