<TABLE>
<CAPTION>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
TRADITIONAL
ORIGINAL PURCHASE AS OF JUNE 30, 1999
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Capital Growth
<S> <C> <C> <C> <C> <C> <C>
6-30-99 Purchase $1,000.00 $17.32145585 57.732 57.732 $1,000.00
6-30-00 Contract Fee (1.00) $22.41043167 (0.045) 57.687 1,292.80
6-30-00 Value before Surr Chg $22.41043167 0.000 57.687 1,292.80
6-30-00 Surrender Charge (60.00) $22.41043167 (2.677) 55.010 1,232.80
Cumulative and Average Annual Total Returns
without/with charges 29.38% A 23.28% B
Growth and Income
6-30-99 Purchase $1,000.00 $27.82914670 35.934 35.934 $1,000.00
6-30-00 Contract Fee (1.00) $26.15326447 (0.038) 35.895 938.78
6-30-00 Value before Surr Chg $26.15326447 0.000 35.895 938.78
6-30-00 Surrender Charge (60.00) $26.15326447 (2.294) 33.601 878.78
Cumulative and Average Annual Total Returns
without/with charges -6.02% A -12.12% B
High Income
6-30-99 Purchase $1,000.00 $21.13194534 47.322 47.322 $1,000.00
6-30-00 Contract Fee (1.00) $20.15181087 (0.050) 47.272 952.62
6-30-00 Value before Surr Chg $20.15181087 0.000 47.272 952.62
6-30-00 Surrender Charge (60.00) $20.15181087 (2.977) 44.295 892.62
Cumulative and Average Annual Total Returns
without/with charges -4.64% A -10.74% B
Income Securities
6-30-99 Purchase $1,000.00 $25.15286592 39.757 39.757 $1,000.00
6-30-00 Contract Fee (1.00) $25.47148880 (0.039) 39.718 1,011.67
6-30-00 Value before Surr Chg $25.47148880 0.000 39.718 1,011.67
6-30-00 Surrender Charge (60.00) $25.47148880 (2.356) 37.362 951.67
Cumulative and Average Annual Total Returns
<PAGE>
without/with charges 1.27% A -4.83% B
Money Market
6-30-99 Purchase $1,000.00 $14.47001675 69.108 69.108 $1,000.00
6-30-00 Contract Fee (1.00) $15.01590453 (0.067) 69.042 1,036.73
6-30-00 Value before Surr Chg $15.01590453 0.000 69.042 1,036.73
6-30-00 Surrender Charge (60.00) $15.01590453 (3.996) 65.046 976.73
Cumulative and Average Annual Total Returns
without/with charges 3.77% A -2.33% B
Mutual Discovery Securities
6-30-99 Purchase $1,000.00 $12.46194426 80.244 80.244 $1,000.00
6-30-00 Contract Fee (1.00) $14.46294273 (0.069) 80.175 1,159.57
6-30-00 Value before Surr Chg $14.46294273 0.000 80.175 1,159.57
6-30-00 Surrender Charge (60.00) $14.46294273 (4.149) 76.027 1,099.57
Cumulative and Average Annual Total Returns
without/with charges 16.06% A 9.96% B
Mutual Shares Securities
6-30-99 Purchase $1,000.00 $13.43316575 74.443 74.443 $1,000.00
6-30-00 Contract Fee (1.00) $13.26543378 (0.075) 74.367 986.51
6-30-00 Value before Surr Chg $13.26543378 0.000 74.367 986.51
6-30-00 Surrender Charge (60.00) $13.26543378 (4.523) 69.844 926.51
Cumulative and Average Annual Total Returns
without/with charges -1.25% A -7.35% B
Natural Resources Securities
6-30-99 Purchase $1,000.00 $10.81112496 92.497 92.497 $1,000.00
6-30-00 Contract Fee (1.00) $13.17222111 (0.076) 92.421 1,217.40
6-30-00 Value before Surr Chg $13.17222111 0.000 92.421 1,217.40
6-30-00 Surrender Charge (60.00) $13.17222111 (4.555) 87.866 1,157.40
Cumulative and Average Annual Total Returns
without/with charges 21.84% A 15.74% B
Real Estate Securities
6-30-99 Purchase $1,000.00 $23.98705371 41.689 41.689 $1,000.00
6-30-00 Contract Fee (1.00) $24.65292268 (0.041) 41.649 1,026.76
6-30-00 Value before Surr Chg $24.65292268 0.000 41.649 1,026.76
6-30-00 Surrender Charge (60.00) $24.65292268 (2.434) 39.215 966.76
Cumulative and Average Annual Total Returns
without/with charges 2.78% A -3.32% B
Rising Dividends
6-30-99 Purchase $1,000.00 $21.46719404 46.583 46.583 $1,000.00
6-30-00 Contract Fee (1.00) $18.35899359 (0.054) 46.528 854.21
6-30-00 Value before Surr Chg $18.35899359 0.000 46.528 854.21
6-30-00 Surrender Charge (60.00) $18.35899359 (3.268) 43.260 794.21
Cumulative and Average Annual Total Returns
without/with charges -14.48% A -20.58% B
Small Cap
6-30-99 Purchase $1,000.00 $16.83123568 59.413 59.413 $1,000.00
<PAGE>
6-30-00 Contract Fee (1.00) $29.88240020 (0.033) 59.380 1,774.41
6-30-00 Value before Surr Chg $29.88240020 0.000 59.380 1,774.41
6-30-00 Surrender Charge (60.00) $29.88240020 (2.008) 57.372 1,714.41
Cumulative and Average Annual Total Returns
without/with charges 77.54% A 71.44% B
Templeton Developing Markets Equity
6-30-99 Purchase $1,000.00 $10.73475762 93.155 93.155 $1,000.00
6-30-00 Contract Fee (1.00) $10.32621612 (0.097) 93.058 960.94
6-30-00 Value before Surr Chg $10.32621612 0.000 93.058 960.94
6-30-00 Surrender Charge (60.00) $10.32621612 (5.810) 87.248 900.94
Cumulative and Average Annual Total Returns
without/with charges -3.81% A -9.91% B
Templeton Global Asset Allocation
6-30-99 Purchase $1,000.00 $14.13328693 70.755 70.755 $1,000.00
6-30-00 Contract Fee (1.00) $14.37244379 (0.070) 70.685 1,015.92
6-30-00 Value before Surr Chg $14.37244379 0.000 70.685 1,015.92
6-30-00 Surrender Charge (60.00) $14.37244379 (4.175) 66.511 955.92
Cumulative and Average Annual Total Returns
without/with charges 1.69% A -4.41% B
Templeton Global Growth
6-30-99 Purchase $1,000.00 $18.05030611 55.401 55.401 $1,000.00
6-30-00 Contract Fee (1.00) $18.84405401 (0.053) 55.348 1,042.97
6-30-00 Value before Surr Chg $18.84405401 0.000 55.348 1,042.97
6-30-00 Surrender Charge (60.00) $18.84405401 (3.184) 52.164 982.97
Cumulative and Average Annual Total Returns
without/with charges 4.40% A -1.70% B
Templeton Global Income Securities
6-30-99 Purchase $1,000.00 $16.69802045 59.887 59.887 $1,000.00
6-30-00 Contract Fee (1.00) $16.37484602 (0.061) 59.826 979.65
6-30-00 Value before Surr Chg $16.37484602 0.000 59.826 979.65
6-30-00 Surrender Charge (60.00) $16.37484602 (3.664) 56.162 919.65
Cumulative and Average Annual Total Returns
without/with charges -1.94% A -8.04% B
Templeton International Equity
6-30-99 Purchase $1,000.00 $20.26134036 49.355 49.355 $1,000.00
6-30-00 Contract Fee (1.00) $22.18143463 (0.045) 49.310 1,093.77
6-30-00 Value before Surr Chg $22.18143463 0.000 49.310 1,093.77
6-30-00 Surrender Charge (60.00) $22.18143463 (2.705) 46.605 1,033.77
Cumulative and Average Annual Total Returns
without/with charges 9.48% A 3.38% B
Templeton International Smaller Companies
6-30-99 Purchase $1,000.00 $10.85569231 92.118 92.118 $1,000.00
6-30-00 Contract Fee (1.00) $12.06626541 (0.083) 92.035 1,110.52
6-30-00 Value before Surr Chg $12.06626541 0.000 92.035 1,110.52
6-30-00 Surrender Charge (60.00) $12.06626541 (4.973) 87.062 1,050.52
Cumulative and Average Annual Total Returns
<PAGE>
without/with charges 11.15% A 5.05% B
Templeton Pacific Growth
6-30-99 Purchase $1,000.00 $10.26126773 97.454 97.454 $1,000.00
6-30-00 Contract Fee (1.00) $9.47019179 (0.106) 97.348 921.91
6-30-00 Value before Surr Chg $9.47019179 0.000 97.348 921.91
6-30-00 Surrender Charge (60.00) $9.47019179 (6.336) 91.013 861.91
Cumulative and Average Annual Total Returns
without/with charges -7.71% A -13.81% B
U.S. Government Securities
6-30-99 Purchase $1,000.00 $18.46547047 54.155 54.155 $1,000.00
6-30-00 Contract Fee (1.00) $18.97241325 (0.053) 54.102 1,026.45
6-30-00 Value before Surr Chg $18.97241325 0.000 54.102 1,026.45
6-30-00 Surrender Charge (60.00) $18.97241325 (3.162) 50.940 966.45
Cumulative and Average Annual Total Returns
without/with charges 2.75% A -3.35% B
Global Utilities Securities
6-30-99 Purchase $1,000.00 $30.39824832 32.897 32.897 $1,000.00
6-30-00 Contract Fee (1.00) $37.04236030 (0.027) 32.870 1,217.57
6-30-00 Value before Surr Chg $37.04236030 0.000 32.870 1,217.57
6-30-00 Surrender Charge (60.00) $37.04236030 (1.620) 31.250 1,157.57
Cumulative and Average Annual Total Returns
without/with charges 21.86% A 15.76% B
Zero Coupon - 2000
6-30-99 Purchase $1,000.00 $20.55715072 48.645 48.645 $1,000.00
6-30-00 Contract Fee (1.00) $21.24937125 (0.047) 48.598 1,032.67
6-30-00 Value before Surr Chg $21.24937125 0.000 48.598 1,032.67
6-30-00 Surrender Charge (60.00) $21.24937125 (2.824) 45.774 972.67
Cumulative and Average Annual Total Returns
without/with charges 3.37% A -2.73% B
Zero Coupon - 2005
6-30-99 Purchase $1,000.00 $23.38292589 42.766 42.766 $1,000.00
6-30-00 Contract Fee (1.00) $23.70593378 (0.042) 42.724 1,012.81
6-30-00 Value before Surr Chg $23.70593378 0.000 42.724 1,012.81
6-30-00 Surrender Charge (60.00) $23.70593378 (2.531) 40.193 952.81
Cumulative and Average Annual Total Returns
without/with charges 1.38% A -4.72% B
Zero Coupon - 2010
6-30-99 Purchase $1,000.00 $25.04775737 39.924 39.924 $1,000.00
6-30-00 Contract Fee (1.00) $25.10439048 (0.040) 39.884 1,001.26
6-30-00 Value before Surr Chg $25.10439048 0.000 39.884 1,001.26
6-30-00 Surrender Charge (60.00) $25.10439048 (2.390) 37.494 941.26
Cumulative and Average Annual Total Returns
without/with charges 0.23% A -5.87% B
Global Health Care Securities
6-30-99 Purchase $1,000.00 $8.96313257 111.568 111.568 $1,000.00
<PAGE>
6-30-00 Contract Fee (1.00) $14.17434654 (0.071) 111.498 1,580.41
6-30-00 Value before Surr Chg $14.17434654 0.000 111.498 1,580.41
6-30-00 Surrender Charge (60.00) $14.17434654 (4.233) 107.265 1,520.41
Cumulative and Average Annual Total Returns
without/with charges 58.14% A 52.04% B
Value Securities
6-30-99 Purchase $1,000.00 $8.49138875 117.766 117.766 $1,000.00
6-30-00 Contract Fee (1.00) $8.11156436 (0.123) 117.643 954.27
6-30-00 Value before Surr Chg $8.11156436 0.000 117.643 954.27
6-30-00 Surrender Charge (60.00) $8.11156436 (7.397) 110.246 894.27
Cumulative and Average Annual Total Returns
without/with charges -4.47% A -10.57% B
<FN>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = (Accumulated Value as of June 30, 2000 - Accum. Value at
Purch.)/Accum. Value at Purch.
</FN>
</TABLE>
<TABLE>
<CAPTION>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
TRADITIONAL
ORIGINAL PURCHASE AS OF JUNE 30, 1997
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Capital Growth
<S> <C> <C> <C> <C> <C> <C>
6-30-97 Purchase $1,000.00 $12.26391553 81.540 81.540 $1,000.00
6-30-98 Contract Fee (1.00) $14.60256524 (0.068) 81.472 1,189.69
6-30-99 Contract Fee (1.00) $17.32145585 (0.058) 81.414 1,410.21
6-30-00 Contract Fee (1.00) $22.41043167 (0.045) 81.369 1,823.52
6-30-00 Value before Surr Chg $22.41043167 0.000 81.369 1,823.52
6-30-00 Surrender Charge (51.00) $22.41043167 (2.276) 79.093 1,772.52
Cumulative Total Returns without/with chrgs. 82.73% A 77.25% C
Avg. Annual Total Returns without/with chrgs. 22.26% B 21.02% D
Growth and Income
6-30-97 Purchase $1,000.00 $21.71133685 46.059 46.059 $1,000.00
6-30-98 Contract Fee (1.00) $25.48139973 (0.039) 46.020 1,172.64
<PAGE>
6-30-99 Contract Fee (1.00) $27.82914670 (0.036) 45.984 1,279.69
6-30-00 Contract Fee (1.00) $26.15326447 (0.038) 45.945 1,201.62
6-30-00 Value before Surr Chg $26.15326447 0.000 45.945 1,201.62
6-30-00 Surrender Charge (51.00) $26.15326447 (1.950) 43.995 1,150.62
Cumulative Total Returns without/with chrgs. 20.46% A 15.06% C
Avg. Annual Total Returns without/with chrgs. 6.40% B 4.79% D
High Income
6-30-97 Purchase $1,000.00 $20.01866071 49.953 49.953 $1,000.00
6-30-98 Contract Fee (1.00) $21.80002340 (0.046) 49.908 1,087.99
6-30-99 Contract Fee (1.00) $21.13194534 (0.047) 49.860 1,053.64
6-30-00 Contract Fee (1.00) $20.15181087 (0.050) 49.811 1,003.77
6-30-00 Value before Surr Chg $20.15181087 0.000 49.811 1,003.77
6-30-00 Surrender Charge (51.00) $20.15181087 (2.531) 47.280 952.77
Cumulative Total Returns without/with chrgs. 0.67% A -4.72% C
Avg. Annual Total Returns without/with chrgs. 0.22% B -1.60% D
Income Securities
6-30-97 Purchase $1,000.00 $22.81473491 43.831 43.831 $1,000.00
6-30-98 Contract Fee (1.00) $24.99672715 (0.040) 43.791 1,094.64
6-30-99 Contract Fee (1.00) $25.15286592 (0.040) 43.752 1,100.48
6-30-00 Contract Fee (1.00) $25.47148880 (0.039) 43.712 1,113.42
6-30-00 Value before Surr Chg $25.47148880 0.000 43.712 1,113.42
6-30-00 Surrender Charge (51.00) $25.47148880 (2.002) 41.710 1,062.42
Cumulative Total Returns without/with chrgs. 11.64% A 6.24% C
Avg. Annual Total Returns without/with chrgs. 3.74% B 2.04% D
Money Market
6-30-97 Purchase $1,000.00 $13.50201928 74.063 74.063 $1,000.00
6-30-98 Contract Fee (1.00) $14.00847401 (0.071) 73.992 1,036.51
6-30-99 Contract Fee (1.00) $14.47001675 (0.069) 73.923 1,069.66
6-30-00 Contract Fee (1.00) $15.01590453 (0.067) 73.856 1,109.01
6-30-00 Value before Surr Chg $15.01590453 0.000 73.856 1,109.01
6-30-00 Surrender Charge (51.00) $15.01590453 (3.396) 70.460 1,058.01
Cumulative Total Returns without/with chrgs. 11.21% A 5.80% C
Avg. Annual Total Returns without/with chrgs. 3.61% B 1.90% D
Mutual Discovery Securities
6-30-97 Purchase $1,000.00 $11.21876653 89.136 89.136 $1,000.00
6-30-98 Contract Fee (1.00) $13.15898582 (0.076) 89.060 1,171.94
6-30-99 Contract Fee (1.00) $12.46194426 (0.080) 88.980 1,108.87
6-30-00 Contract Fee (1.00) $14.46294273 (0.069) 88.911 1,285.91
6-30-00 Value before Surr Chg $14.46294273 0.000 88.911 1,285.91
6-30-00 Surrender Charge (51.00) $14.46294273 (3.526) 85.385 1,234.91
Cumulative Total Returns without/with chrgs. 28.92% A 23.49% C
Avg. Annual Total Returns without/with chrgs. 8.84% B 7.29% D
Mutual Shares Securities
6-30-97 Purchase $1,000.00 $11.04033684 90.577 90.577 $1,000.00
6-30-98 Contract Fee (1.00) $12.79882279 (0.078) 90.499 1,158.28
6-30-99 Contract Fee (1.00) $13.43316575 (0.074) 90.424 1,214.69
6-30-00 Contract Fee (1.00) $13.26543378 (0.075) 90.349 1,198.52
<PAGE>
6-30-00 Value before Surr Chg $13.26543378 0.000 90.349 1,198.52
6-30-00 Surrender Charge (51.00) $13.26543378 (3.845) 86.504 1,147.52
Cumulative Total Returns without/with chrgs. 20.15% A 14.75% C
Avg. Annual Total Returns without/with chrgs. 6.31% B 4.69% D
Natural Resources Securities
6-30-97 Purchase $1,000.00 $13.04136833 76.679 76.679 $1,000.00
6-30-98 Contract Fee (1.00) $10.53813081 (0.095) 76.584 807.05
6-30-99 Contract Fee (1.00) $10.81112496 (0.092) 76.492 826.96
6-30-00 Contract Fee (1.00) $13.17222111 (0.076) 76.416 1,006.57
6-30-00 Value before Surr Chg $13.17222111 0.000 76.416 1,006.57
6-30-00 Surrender Charge (51.00) $13.17222111 (3.872) 72.544 955.57
Cumulative Total Returns without/with chrgs. 1.00% A -4.44% C
Avg. Annual Total Returns without/with chrgs. 0.33% B -1.50% D
Real Estate Securities
6-30-97 Purchase $1,000.00 $25.09697799 39.845 39.845 $1,000.00
6-30-98 Contract Fee (1.00) $26.48895990 (0.038) 39.808 1,054.46
6-30-99 Contract Fee (1.00) $23.98705371 (0.042) 39.766 953.87
6-30-00 Contract Fee (1.00) $24.65292268 (0.041) 39.725 979.35
6-30-00 Value before Surr Chg $24.65292268 0.000 39.725 979.35
6-30-00 Surrender Charge (51.00) $24.65292268 (2.069) 37.657 928.35
Cumulative Total Returns without/with chrgs. -1.77% A -7.17% C
Avg. Annual Total Returns without/with chrgs. -0.59% B -2.45% D
Rising Dividends
6-30-97 Purchase $1,000.00 $17.59317070 56.840 56.840 $1,000.00
6-30-98 Contract Fee (1.00) $20.82988434 (0.048) 56.792 1,182.98
6-30-99 Contract Fee (1.00) $21.46719404 (0.047) 56.746 1,218.17
6-30-00 Contract Fee (1.00) $18.35899359 (0.054) 56.691 1,040.79
6-30-00 Value before Surr Chg $18.35899359 0.000 56.691 1,040.79
6-30-00 Surrender Charge (51.00) $18.35899359 (2.778) 53.913 989.79
Cumulative Total Returns without/with chrgs. 4.35% A -1.02% C
Avg. Annual Total Returns without/with chrgs. 1.43% B -0.34% D
Small Cap
6-30-97 Purchase $1,000.00 $13.83649382 72.273 72.273 $1,000.00
6-30-98 Contract Fee (1.00) $15.59788697 (0.064) 72.209 1,126.30
6-30-99 Contract Fee (1.00) $16.83123568 (0.059) 72.149 1,214.36
6-30-00 Contract Fee (1.00) $29.88240020 (0.033) 72.116 2,154.99
6-30-00 Value before Surr Chg $29.88240020 0.000 72.116 2,154.99
6-30-00 Surrender Charge (51.00) $29.88240020 (1.707) 70.409 2,103.99
Cumulative Total Returns without/with charges 115.97% A 110.40%
Average Annual Total Returns without/with charges 29.26% B 28.14%
Templeton Developing Markets Equity
6-30-97 Purchase $1,000.00 $13.59109068 73.578 73.578 $1,000.00
6-30-98 Contract Fee (1.00) $8.37789859 (0.119) 73.458 615.43
6-30-99 Contract Fee (1.00) $10.73475762 (0.093) 73.365 787.56
6-30-00 Contract Fee (1.00) $10.32621612 (0.097) 73.268 756.58
6-30-00 Value before Surr Chg $10.32621612 0.000 73.268 756.58
6-30-00 Surrender Charge (51.00) $10.32621612 (4.939) 68.329 705.58
<PAGE>
Cumulative Total Returns without/with chrgs. -24.02% A -29.44% C
Avg. Annual Total Returns without/with chrgs. -8.75% B -10.97% D
Templeton Global Asset Allocation
6-30-97 Purchase $1,000.00 $13.56295989 73.730 73.730 $1,000.00
6-30-98 Contract Fee (1.00) $14.03313224 (0.071) 73.659 1,033.67
6-30-99 Contract Fee (1.00) $14.13328693 (0.071) 73.588 1,040.04
6-30-00 Contract Fee (1.00) $14.37244379 (0.070) 73.519 1,056.64
6-30-00 Value before Surr Chg $14.37244379 0.000 73.519 1,056.64
6-30-00 Surrender Charge (51.00) $14.37244379 (3.548) 69.970 1,005.64
Cumulative Total Returns without/with chrgs. 5.97% A 0.56% C
Avg. Annual Total Returns without/with chrgs. 1.95% B 0.19% D
Templeton Global Growth
6-30-97 Purchase $1,000.00 $15.28815115 65.410 65.410 $1,000.00
6-30-98 Contract Fee (1.00) $16.31635191 (0.061) 65.349 1,066.25
6-30-99 Contract Fee (1.00) $18.05030611 (0.055) 65.293 1,178.57
6-30-00 Contract Fee (1.00) $18.84405401 (0.053) 65.240 1,229.39
6-30-00 Value before Surr Chg $18.84405401 0.000 65.240 1,229.39
6-30-00 Surrender Charge (51.00) $18.84405401 (2.706) 62.534 1,178.39
Cumulative Total Returns without/with chrgs. 23.26% A 17.84% C
Avg. Annual Total Returns without/with chrgs. 7.22% B 5.62% D
Templeton Global Income Securities
6-30-97 Purchase $1,000.00 $16.59486576 60.260 60.260 $1,000.00
6-30-98 Contract Fee (1.00) $17.14318723 (0.058) 60.201 1,032.04
6-30-99 Contract Fee (1.00) $16.69802045 (0.060) 60.141 1,004.24
6-30-00 Contract Fee (1.00) $16.37484602 (0.061) 60.080 983.81
6-30-00 Value before Surr Chg $16.37484602 0.000 60.080 983.81
6-30-00 Surrender Charge (51.00) $16.37484602 (3.115) 56.966 932.81
Cumulative Total Returns without/with chrgs. -1.33% A -6.72% C
Avg. Annual Total Returns without/with chrgs. -0.44% B -2.29% D
Templeton International Equity
6-30-97 Purchase $1,000.00 $18.09132929 55.275 55.275 $1,000.00
6-30-98 Contract Fee (1.00) $19.82805109 (0.050) 55.225 1,095.00
6-30-99 Contract Fee (1.00) $20.26134036 (0.049) 55.175 1,117.93
6-30-00 Contract Fee (1.00) $22.18143463 (0.045) 55.130 1,222.87
6-30-00 Value before Surr Chg $22.18143463 0.000 55.130 1,222.87
6-30-00 Surrender Charge (51.00) $22.18143463 (2.299) 52.831 1,171.87
Cumulative Total Returns without/with chrgs. 22.61% A 17.19% C
Avg. Annual Total Returns without/with chrgs. 7.03% B 5.43% D
Templeton International Smaller Companies
6-30-97 Purchase $1,000.00 $11.73042107 85.248 85.248 $1,000.00
6-30-98 Contract Fee (1.00) $10.96750543 (0.091) 85.157 933.96
6-30-99 Contract Fee (1.00) $10.85569231 (0.092) 85.065 923.44
6-30-00 Contract Fee (1.00) $12.06626541 (0.083) 84.982 1,025.42
6-30-00 Value before Surr Chg $12.06626541 0.000 84.982 1,025.42
6-30-00 Surrender Charge (51.00) $12.06626541 (4.227) 80.756 974.42
Cumulative Total Returns without/with chrgs. 2.86% A -2.56% C
Avg. Annual Total Returns without/with chrgs. 0.95% B -0.86% D
<PAGE>
Templeton Pacific Growth
6-30-97 Purchase $1,000.00 $15.19593399 65.807 65.807 $1,000.00
6-30-98 Contract Fee (1.00) $6.85019464 (0.146) 65.661 449.79
6-30-99 Contract Fee (1.00) $10.26126773 (0.097) 65.564 672.77
6-30-00 Contract Fee (1.00) $9.47019179 (0.106) 65.458 619.90
6-30-00 Value before Surr Chg $9.47019179 0.000 65.458 619.90
6-30-00 Surrender Charge (51.00) $9.47019179 (5.385) 60.073 568.90
Cumulative Total Returns without/with chrgs. -37.68% A -43.11% C
Avg. Annual Total Returns without/with chrgs. -14.58% B -17.14% D
U.S. Government Securities
6-30-97 Purchase $1,000.00 $17.02416691 58.740 58.740 $1,000.00
6-30-98 Contract Fee (1.00) $18.30521146 (0.055) 58.685 1,074.25
6-30-99 Contract Fee (1.00) $18.46547047 (0.054) 58.631 1,082.65
6-30-00 Contract Fee (1.00) $18.97241325 (0.053) 58.579 1,111.38
6-30-00 Value before Surr Chg $18.97241325 0.000 58.579 1,111.38
6-30-00 Surrender Charge (51.00) $18.97241325 (2.688) 55.890 1,060.38
Cumulative Total Returns without/with chrgs. 11.44% A 6.04% C
Avg. Annual Total Returns without/with chrgs. 3.68% B 1.97% D
Franklin Global Communications Securities
6-30-97 Purchase $1,000.00 $21.87757235 45.709 45.709 $1,000.00
6-30-98 Contract Fee (1.00) $27.10331597 (0.037) 45.672 1,237.86
6-30-99 Contract Fee (1.00) $30.39824832 (0.033) 45.639 1,387.35
6-30-00 Contract Fee (1.00) $37.04236030 (0.027) 45.612 1,689.58
6-30-00 Value before Surr Chg $37.04236030 0.000 45.612 1,689.58
6-30-00 Surrender Charge (51.00) $37.04236030 (1.377) 44.235 1,638.58
Cumulative Total Returns without/with chrgs. 69.32% A 63.86% C
Avg. Annual Total Returns without/with chrgs. 19.19% B 17.89% D
Zero Coupon - 2000
6-30-97 Purchase $1,000.00 $18.64051914 53.647 53.647 $1,000.00
6-30-98 Contract Fee (1.00) $19.84757618 (0.050) 53.596 1,063.75
6-30-99 Contract Fee (1.00) $20.55715072 (0.049) 53.548 1,100.78
6-30-00 Contract Fee (1.00) $21.24937125 (0.047) 53.500 1,136.85
6-30-00 Value before Surr Chg $21.24937125 0.000 53.500 1,136.85
6-30-00 Surrender Charge (51.00) $21.24937125 (2.400) 51.100 1,085.85
Cumulative Total Returns without/with chrgs. 14.00% A 8.59% C
Avg. Annual Total Returns without/with chrgs. 4.46% B 2.78% D
Zero Coupon - 2005
6-30-97 Purchase $1,000.00 $20.66244634 48.397 48.397 $1,000.00
6-30-98 Contract Fee (1.00) $23.26941083 (0.043) 48.354 1,125.17
6-30-99 Contract Fee (1.00) $23.38292589 (0.043) 48.311 1,129.66
6-30-00 Contract Fee (1.00) $23.70593378 (0.042) 48.269 1,144.26
6-30-00 Value before Surr Chg $23.70593378 0.000 48.269 1,144.26
6-30-00 Surrender Charge (51.00) $23.70593378 (2.151) 46.118 1,093.26
Cumulative Total Returns without/with chrgs. 14.73% A 9.33% C
Avg. Annual Total Returns without/with chrgs. 4.69% B 3.02% D
Zero Coupon - 2010
6-30-97 Purchase $1,000.00 $21.60810819 46.279 46.279 $1,000.00
<PAGE>
6-30-98 Contract Fee (1.00) $25.99460614 (0.038) 46.240 1,202.00
6-30-99 Contract Fee (1.00) $25.04775737 (0.040) 46.201 1,157.22
6-30-00 Contract Fee (1.00) $25.10439048 (0.040) 46.161 1,158.84
6-30-00 Value before Surr Chg $25.10439048 0.000 46.161 1,158.84
6-30-00 Surrender Charge (51.00) $25.10439048 (2.032) 44.129 1,107.84
Cumulative Total Returns without/with chrgs. 16.18% A 10.78% C
Avg. Annual Total Returns without/with chrgs. 5.13% B 3.47% D
<FN>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = [(A+1)^(1/3 Years)]-1 C = (Accumulated Value as of June 30, 2000 -
Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/3 Years)]-1
</FN>
</TABLE>
<TABLE>
<CAPTION>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
TRADITIONAL
ORIGINAL PURCHASE AS OF JUNE 30, 1995
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Growth and Income
<S> <C> <C> <C> <C> <C> <C>
6-30-95 Purchase $1,000.00 $15.02497409 66.556 66.556 $1,000.00
6-30-96 Contract Fee (1.00) $18.02065761 (0.055) 66.500 1,198.38
6-30-97 Contract Fee (1.00) $21.71133685 (0.046) 66.454 1,442.81
6-30-98 Contract Fee (1.00) $25.48139973 (0.039) 66.415 1,692.35
6-30-99 Contract Fee (1.00) $27.82914670 (0.036) 66.379 1,847.27
6-30-00 Contract Fee (1.00) $26.15326447 (0.038) 66.341 1,735.03
6-30-00 Value before Surr Chg $26.15326447 0.000 66.341 1,735.03
6-30-00 Surrender Charge (34.00) $26.15326447 (1.300) 65.041 1,701.03
Cumulative Total Returns without/with chrgs. 74.07% A 70.10% C
Avg. Annual Total Returns without/with chrgs. 11.72% B 11.21% D
High Income
6-30-95 Purchase $1,000.00 $16.34932272 61.165 61.165 $1,000.00
6-30-96 Contract Fee (1.00) $17.65865281 (0.057) 61.108 1,079.08
<PAGE>
6-30-97 Contract Fee (1.00) $20.01866071 (0.050) 61.058 1,222.30
6-30-98 Contract Fee (1.00) $21.80002340 (0.046) 61.012 1,330.07
6-30-99 Contract Fee (1.00) $21.13194534 (0.047) 60.965 1,288.31
6-30-00 Contract Fee (1.00) $20.15181087 (0.050) 60.915 1,227.55
6-30-00 Value before Surr Chg $20.15181087 0.000 60.915 1,227.55
6-30-00 Surrender Charge (34.00) $20.15181087 (1.687) 59.228 1,193.55
Cumulative Total Returns without/with chrgs. 23.26% A 19.36% C
Avg. Annual Total Returns without/with chrgs. 4.27% B 3.60% D
Income Securities
6-30-95 Purchase $1,000.00 $18.13712739 55.136 55.136 $1,000.00
6-30-96 Contract Fee (1.00) $20.30460628 (0.049) 55.086 1,118.51
6-30-97 Contract Fee (1.00) $22.81473491 (0.044) 55.042 1,255.78
6-30-98 Contract Fee (1.00) $24.99672715 (0.040) 55.002 1,374.88
6-30-99 Contract Fee (1.00) $25.15286592 (0.040) 54.963 1,382.47
6-30-00 Contract Fee (1.00) $25.47148880 (0.039) 54.923 1,398.98
6-30-00 Value before Surr Chg $25.47148880 0.000 54.923 1,398.98
6-30-00 Surrender Charge (34.00) $25.47148880 (1.335) 53.589 1,364.98
Cumulative Total Returns without/with chrgs. 40.44% A 36.50% C
Avg. Annual Total Returns without/with chrgs. 7.03% B 6.42% D
Money Market
6-30-95 Purchase $1,000.00 $12.55121525 79.674 79.674 $1,000.00
6-30-96 Contract Fee (1.00) $13.03050692 (0.077) 79.597 1,037.19
6-30-97 Contract Fee (1.00) $13.50201928 (0.074) 79.523 1,073.72
6-30-98 Contract Fee (1.00) $14.00847401 (0.071) 79.451 1,112.99
6-30-99 Contract Fee (1.00) $14.47001675 (0.069) 79.382 1,148.66
6-30-00 Contract Fee (1.00) $15.01590453 (0.067) 79.316 1,191.00
6-30-00 Value before Surr Chg $15.01590453 0.000 79.316 1,191.00
6-30-00 Surrender Charge (34.00) $15.01590453 (2.264) 77.051 1,157.00
Cumulative Total Returns without/with chrgs. 19.64% A 15.70% C
Avg. Annual Total Returns without/with chrgs. 3.65% B 2.96% D
Natural Resources Securities
6-30-95 Purchase $1,000.00 $13.93486984 71.762 71.762 $1,000.00
6-30-96 Contract Fee (1.00) $15.11198761 (0.066) 71.696 1,083.47
6-30-97 Contract Fee (1.00) $13.04136833 (0.077) 71.620 934.02
6-30-98 Contract Fee (1.00) $10.53813081 (0.095) 71.525 753.74
6-30-99 Contract Fee (1.00) $10.81112496 (0.092) 71.432 772.26
6-30-00 Contract Fee (1.00) $13.17222111 (0.076) 71.356 939.92
6-30-00 Value before Surr Chg $13.17222111 0.000 71.356 939.92
6-30-00 Surrender Charge (34.00) $13.17222111 (2.581) 68.775 905.92
Cumulative Total Returns without/with chrgs. -5.47% A -9.41% C
Avg. Annual Total Returns without/with chrgs. -1.12% B -1.96% D
Real Estate Securities
6-30-95 Purchase $1,000.00 $16.04574487 62.322 62.322 $1,000.00
6-30-96 Contract Fee (1.00) $19.10662239 (0.052) 62.269 1,189.76
6-30-97 Contract Fee (1.00) $25.09697799 (0.040) 62.230 1,561.78
6-30-98 Contract Fee (1.00) $26.48895990 (0.038) 62.192 1,647.40
<PAGE>
6-30-99 Contract Fee (1.00) $23.98705371 (0.042) 62.150 1,490.80
6-30-00 Contract Fee (1.00) $24.65292268 (0.041) 62.110 1,531.18
6-30-00 Value before Surr Chg $24.65292268 0.000 62.110 1,531.18
6-30-00 Surrender Charge (34.00) $24.65292268 (1.379) 60.730 1,497.18
Cumulative Total Returns without/with chrgs. 53.64% A 49.72% C
Avg. Annual Total Returns without/with chrgs. 8.97% B 8.41% D
Rising Dividends
6-30-95 Purchase $1,000.00 $11.00119461 90.899 90.899 $1,000.00
6-30-96 Contract Fee (1.00) $13.25810670 (0.075) 90.824 $1,204.15
6-30-97 Contract Fee (1.00) $17.59317070 (0.057) 90.767 $1,596.88
6-30-98 Contract Fee (1.00) $20.82988434 (0.048) 90.719 1,889.67
6-30-99 Contract Fee (1.00) $21.46719404 (0.047) 90.672 1,946.48
6-30-00 Contract Fee (1.00) $18.35899359 (0.054) 90.618 1,663.65
6-30-00 Value before Surr Chg $18.35899359 0.000 90.618 1,663.65
6-30-00 Surrender Charge (34.00) $18.35899359 (1.852) 88.766 1,629.65
Cumulative Total Returns without/with chrgs. 66.88% A 62.97% C
Avg. Annual Total Rtns. without/with chrgs. 10.79% B 10.26% D
Templeton Developing Markets Equity
6-30-95 Purchase $1,000.00 $9.66716598 103.443 103.443 $1,000.00
6-30-96 Contract Fee (1.00) $11.00773296 (0.091) 103.352 1,137.67
6-30-97 Contract Fee (1.00) $13.59109068 (0.074) 103.279 1,403.67
6-30-98 Contract Fee (1.00) $8.37789859 (0.119) 103.159 864.26
6-30-99 Contract Fee (1.00) $10.73475762 (0.093) 103.066 1,106.39
6-30-00 Contract Fee (1.00) $10.32621612 (0.097) 102.969 1,063.28
6-30-00 Value before Surr Chg $10.32621612 0.000 102.969 1,063.28
6-30-00 Surrender Charge (34.00) $10.32621612 (3.293) 99.677 1,029.28
Cumulative Total Returns without/with chrgs. 6.82% A 2.93% C
Avg. Annual Total Rtns. without/with chrgs. 1.33% B 0.58% D
Templeton Global Asset Allocation
6-30-95 Purchase $1,000.00 $10.09477421 99.061 99.061 $1,000.00
6-30-96 Contract Fee (1.00) $11.37014878 (0.088) 98.973 $1,125.34
6-30-97 Contract Fee (1.00) $13.56295989 (0.074) 98.899 $1,341.37
6-30-98 Contract Fee (1.00) $14.03313224 (0.071) 98.828 $1,386.87
6-30-99 Contract Fee (1.00) $14.13328693 (0.071) 98.757 $1,395.77
6-30-00 Contract Fee (1.00) $14.37244379 (0.070) 98.688 $1,418.39
6-30-00 Value before Surr Chg $14.37244379 0.000 98.688 $1,418.39
6-30-00 Surrender Charge (34.00) $14.37244379 (2.366) 96.322 $1,384.39
Cumulative Total Returns without/with chrgs. 42.38% A 38.44% C
Avg. Annual Total Rtns. without/with chrgs. 7.32% B 6.72% D
Templeton Global Growth
6-30-95 Purchase $1,000.00 $10.84212585 92.233 92.233 $1,000.00
6-30-96 Contract Fee (1.00) $12.45329039 (0.080) 92.153 1,147.60
6-30-97 Contract Fee (1.00) $15.28815115 (0.065) 92.087 1,407.84
6-30-98 Contract Fee (1.00) $16.31635191 (0.061) 92.026 1,501.53
6-30-99 Contract Fee (1.00) $18.05030611 (0.055) 91.970 1,660.09
6-30-00 Contract Fee (1.00) $18.84405401 (0.053) 91.917 1,732.10
6-30-00 Value before Surr Chg $18.84405401 0.000 91.917 1,732.10
<PAGE>
6-30-00 Surrender Charge (34.00) $18.84405401 (1.804) 90.113 1,698.10
Cumulative Total Returns without/with chrgs. 73.80% A 69.81% C
Avg. Annual Total Rtns. without/with chrgs. 11.69% B 11.17% D
Templeton Global Income Securities
6-30-95 Purchase $1,000.00 $14.64037580 68.304 68.304 $1,000.00
6-30-96 Contract Fee (1.00) $15.50611791 (0.064) 68.240 1,058.13
6-30-97 Contract Fee (1.00) $16.59486576 (0.060) 68.180 1,131.43
6-30-98 Contract Fee (1.00) $17.14318723 (0.058) 68.121 1,167.81
6-30-99 Contract Fee (1.00) $16.69802045 (0.060) 68.061 1,136.49
6-30-00 Contract Fee (1.00) $16.37484602 (0.061) 68.000 1,113.49
6-30-00 Value before Surr Chg $16.37484602 0.000 68.000 1,113.49
6-30-00 Surrender Charge (34.00) $16.37484602 (2.076) 65.924 1,079.49
Cumulative Total Returns without/with chrgs. 11.85% A 7.95% C
Avg. Annual Total Returns without/with chrgs. 2.26% B 1.54% D
Templeton International Equity
6-30-95 Purchase $1,000.00 $12.96475877 77.132 77.132 $1,000.00
6-30-96 Contract Fee (1.00) $14.73320607 (0.068) 77.064 1,135.40
6-30-97 Contract Fee (1.00) $18.09132929 (0.055) 77.009 1,393.20
6-30-98 Contract Fee (1.00) $19.82805109 (0.050) 76.959 1,525.94
6-30-99 Contract Fee (1.00) $20.26134036 (0.049) 76.909 1,558.28
6-30-00 Contract Fee (1.00) $22.18143463 (0.045) 76.864 1,704.96
6-30-00 Value before Surr Chg $22.18143463 0.000 76.864 1,704.96
6-30-00 Surrender Charge (34.00) $22.18143463 (1.533) 75.331 1,670.96
Cumulative Total Returns without/with chrgs. 71.09% A 67.10% C
Avg. Annual Total Rtns. without/with chrgs. 11.34% B 10.81% D
Templeton Pacific Growth
6-30-95 Purchase $1,000.00 $12.97546433 77.069 77.069 $1,000.00
6-30-96 Contract Fee (1.00) $15.12099228 (0.066) 77.002 1,164.35
6-30-97 Contract Fee (1.00) $15.19593399 (0.066) 76.937 1,169.12
6-30-98 Contract Fee (1.00) $6.85019464 (0.146) 76.791 526.03
6-30-99 Contract Fee (1.00) $10.26126773 (0.097) 76.693 786.97
6-30-00 Contract Fee (1.00) $9.47019179 (0.106) 76.588 725.30
6-30-00 Value before Surr Chg $9.47019179 0.000 76.588 725.30
6-30-00 Surrender Charge (34.00) $9.47019179 (3.590) 72.997 691.30
Cumulative Total Returns without/with chrgs. -27.01% A -30.87% C
Avg. Annual Total Rtns. without/with chrgs. -6.10% B -7.12% D
U.S. Government Securities
6-30-95 Purchase $1,000.00 $15.36272963 65.093 65.093 $1,000.00
6-30-96 Contract Fee (1.00) $15.84280380 (0.063) 65.029 1,030.25
6-30-97 Contract Fee (1.00) $17.02416691 (0.059) 64.971 1,106.07
6-30-98 Contract Fee (1.00) $18.30521146 (0.055) 64.916 1,188.30
6-30-99 Contract Fee (1.00) $18.46547047 (0.054) 64.862 1,197.71
6-30-00 Contract Fee (1.00) $18.97241325 (0.053) 64.809 1,229.59
6-30-00 Value before Surr Chg $18.97241325 0.000 64.809 1,229.59
6-30-00 Surrender Charge (34.00) $18.97241325 (1.792) 63.017 1,195.59
Cumulative Total Returns without/with chrgs. 23.50% A 19.56% C
Avg. Annual Total Returns without/with chrgs. 4.31% B 3.64% D
<PAGE>
Global Utilties Securities
6-30-95 Purchase $1,000.00 $16.80832864 59.494 59.494 $1,000.00
6-30-96 Contract Fee (1.00) $20.15215080 (0.050) 59.445 1,197.94
6-30-97 Contract Fee (1.00) $21.87757235 (0.046) 59.399 1,299.51
6-30-98 Contract Fee (1.00) $27.10331597 (0.037) 59.362 1,608.91
6-30-99 Contract Fee (1.00) $30.39824832 (0.033) 59.329 1,803.50
6-30-00 Contract Fee (1.00) $37.04236030 (0.027) 59.302 2,196.69
6-30-00 Value before Surr Chg $37.04236030 0.000 59.302 2,196.69
6-30-00 Surrender Charge (34.00) $37.04236030 (0.918) 58.384 2,162.69
Cumulative Total Returns without/with chrgs. 120.38% A 116.27% C
Avg. Annual Total Returns without/with chrgs. 17.12% B 16.68% D
Zero Coupon - 2000
6-30-95 Purchase $1,000.00 $17.26898333 57.907 57.907 $1,000.00
6-30-96 Contract Fee (1.00) $17.66928482 (0.057) 57.851 1,022.18
6-30-97 Contract Fee (1.00) $18.64051914 (0.054) 57.797 1,077.37
6-30-98 Contract Fee (1.00) $19.84757618 (0.050) 57.747 1,146.13
6-30-99 Contract Fee (1.00) $20.55715072 (0.049) 57.698 1,186.11
6-30-00 Contract Fee (1.00) $21.24937125 (0.047) 57.651 1,225.05
6-30-00 Value before Surr Chg $21.24937125 0.000 57.651 1,225.05
6-30-00 Surrender Charge (34.00) $21.24937125 (1.600) 56.051 1,191.05
Cumulative Total Returns without/with chrgs. 23.05% A 19.10% C
Avg. Annual Total Returns without/with chrgs. 4.24% B 3.56% D
Zero Coupon - 2005
6-30-95 Purchase $1,000.00 $18.95506513 52.756 52.756 $1,000.00
6-30-96 Contract Fee (1.00) $19.23481832 (0.052) 52.704 1,013.76
6-30-97 Contract Fee (1.00) $20.66244634 (0.048) 52.656 1,088.00
6-30-98 Contract Fee (1.00) $23.26941083 (0.043) 52.613 1,224.27
6-30-99 Contract Fee (1.00) $23.38292589 (0.043) 52.570 1,229.25
6-30-00 Contract Fee (1.00) $23.70593378 (0.042) 52.528 1,245.23
6-30-00 Value before Surr Chg $23.70593378 0.000 52.528 1,245.23
6-30-00 Surrender Charge (34.00) $23.70593378 (1.434) 51.094 1,211.23
Cumulative Total Returns without/with chrgs. 25.06% A 21.12% C
Avg. Annual Total Returns without/with chrgs. 4.57% B 3.91% D
Zero Coupon - 2010
6-30-95 Purchase $1,000.00 $19.48443734 51.323 51.323 $1,000.00
6-30-96 Contract Fee (1.00) $19.77580128 (0.051) 51.272 1,013.95
6-30-97 Contract Fee (1.00) $21.60810819 (0.046) 51.226 1,106.90
6-30-98 Contract Fee (1.00) $25.99460614 (0.038) 51.188 1,330.60
6-30-99 Contract Fee (1.00) $25.04775737 (0.040) 51.148 1,281.14
6-30-00 Contract Fee (1.00) $25.10439048 (0.040) 51.108 1,283.03
6-30-00 Value before Surr Chg $25.10439048 0.000 51.108 1,283.03
6-30-00 Surrender Charge (34.00) $25.10439048 (1.354) 49.754 1,249.03
Cumulative Total Returns without/with chrgs. 28.84% A 24.90% C
Avg. Annual Total Returns without/with chrgs. 5.20% B 4.55% D
<FN>
<PAGE>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = [(A+1)^(1/5 Years)]-1 C = (Accumulated Value as of June 30, 2000 -
Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/5 Years)]-1
</FN>
</TABLE>
<TABLE>
<CAPTION>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
TRADITIONAL
ORIGINAL PURCHASE AS OF JUNE 30, 1990
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Growth and Income
<S> <C> <C> <C> <C> <C> <C>
6-30-90 Purchase $1,000.00 $10.49279710 95.303 95.303 $1,000.00
6-30-91 Contract Fee (1.00) $10.49141653 (0.095) 95.208 998.87
6-30-92 Contract Fee (1.00) $11.37012867 (0.088) 95.120 1,081.53
6-30-93 Contract Fee (1.00) $12.82659966 (0.078) 95.042 1,219.07
6-30-94 Contract Fee (1.00) $12.93727424 (0.077) 94.965 1,228.59
6-30-95 Contract Fee (1.00) $15.02497409 (0.067) 94.898 1,425.85
6-30-96 Contract Fee (1.00) $18.02065761 (0.055) 94.843 1,709.13
6-30-97 Contract Fee (1.00) $21.71133685 (0.046) 94.797 2,058.17
6-30-98 Contract Fee (1.00) $25.48139973 (0.039) 94.758 2,414.56
6-30-99 Contract Fee (1.00) $27.82914670 (0.036) 94.722 2,636.02
6-30-00 Contract Fee (1.00) $26.15326447 (0.038) 94.683 2,476.28
6-30-00 Value before Surr Chg $26.15326447 0.000 94.683 2,476.28
6-30-00 Surrender Charge $26.15326447 0.000 94.683 2,476.28
Cumulative Total Returns without/with chrgs. 149.25% A 147.63%
Avg. Annual Total Returns without/with chrgs. 9.56% B 9.49%
High Income
6-30-90 Purchase $1,000.00 $9.96176342 100.384 100.384 $1,000.00
6-30-91 Contract Fee (1.00) $10.54429547 (0.095) 100.289 1,057.48
6-30-92 Contract Fee (1.00) $12.53786325 (0.080) 100.209 1,256.41
6-30-93 Contract Fee (1.00) $14.27545762 (0.070) 100.139 1,429.53
6-30-94 Contract Fee (1.00) $14.42292450 (0.069) 100.070 1,443.30
6-30-95 Contract Fee (1.00) $16.34932272 (0.061) 100.009 1,635.07
6-30-96 Contract Fee (1.00) $17.65865281 (0.057) 99.952 1,765.02
6-30-97 Contract Fee (1.00) $20.01866071 (0.050) 99.902 1,999.91
6-30-98 Contract Fee (1.00) $21.80002340 (0.046) 99.856 2,176.87
6-30-99 Contract Fee (1.00) $21.13194534 (0.047) 99.809 2,109.16
<PAGE>
6-30-00 Contract Fee (1.00) $20.15181087 (0.050) 99.759 2,010.33
6-30-00 Value before Surr Chg $20.15181087 0.000 99.759 2,010.33
6-30-00 Surrender Charge $20.15181087 0.000 99.759 2,010.33
Cumulative Total Returns without/with chrgs. 102.29% A 101.03%
Avg. Annual Total Returns without/with chrgs. 7.30% B 7.23%
Income Securities
6-30-90 Purchase $1,000.00 $10.82044452 92.418 92.418 $1,000.00
6-30-91 Contract Fee (1.00) $12.03241338 (0.083) 92.335 1,111.01
6-30-92 Contract Fee (1.00) $14.77671640 (0.068) 92.267 1,363.40
6-30-93 Contract Fee (1.00) $16.58417279 (0.060) 92.207 1,529.17
6-30-94 Contract Fee (1.00) $16.49579717 (0.061) 92.146 1,520.02
6-30-95 Contract Fee (1.00) $18.13712739 (0.055) 92.091 1,670.26
6-30-96 Contract Fee (1.00) $20.30460628 (0.049) 92.042 1,868.87
6-30-97 Contract Fee (1.00) $22.81473491 (0.044) 91.998 2,098.90
6-30-98 Contract Fee (1.00) $24.99672715 (0.040) 91.958 2,298.64
6-30-99 Contract Fee (1.00) $25.15286592 (0.040) 91.918 2,312.00
6-30-00 Contract Fee (1.00) $25.47148880 (0.039) 91.879 2,340.29
6-30-00 Value before Surr Chg $25.47148880 0.000 91.879 2,340.29
6-30-00 Surrender Charge $25.47148880 0.000 91.879 2,340.29
Cumulative Total Returns without/with chrgs. 135.40% A 134.03%
Avg. Annual Total Returns without/with chrgs. 8.94% B 8.87%
Money Market
6-30-90 Purchase $1,000.00 $10.93712376 91.432 91.432 $1,000.00
6-30-91 Contract Fee (1.00) $11.51413216 (0.087) 91.345 1,051.76
6-30-92 Contract Fee (1.00) $11.82065483 (0.085) 91.260 1,078.76
6-30-93 Contract Fee (1.00) $11.95116766 (0.084) 91.177 1,089.67
6-30-94 Contract Fee (1.00) $12.10443970 (0.083) 91.094 1,102.64
6-30-95 Contract Fee (1.00) $12.55121525 (0.080) 91.014 1,142.34
6-30-96 Contract Fee (1.00) $13.03050692 (0.077) 90.938 1,184.96
6-30-97 Contract Fee (1.00) $13.50201928 (0.074) 90.864 1,226.84
6-30-98 Contract Fee (1.00) $14.00847401 (0.071) 90.792 1,271.86
6-30-99 Contract Fee (1.00) $14.47001675 (0.069) 90.723 1,312.76
6-30-00 Contract Fee (1.00) $15.01590453 (0.067) 90.656 1,361.29
6-30-00 Value before Surr Chg $15.01590453 0.000 90.656 1,361.29
6-30-00 Surrender Charge $15.01590453 0.000 90.656 1,361.29
Cumulative Total Returns without/with chrgs. 37.29% A 36.13%
Avg. Annual Total Returns without/with chrgs. 3.22% B 3.13%
Natural Resources Securities
6-30-90 Purchase $1,000.00 $11.16300190 89.582 89.582 $1,000.00
6-30-91 Contract Fee (1.00) $10.87715871 (0.092) 89.490 973.39
6-30-92 Contract Fee (1.00) $10.85685445 (0.092) 89.398 970.58
6-30-93 Contract Fee (1.00) $12.88261163 (0.078) 89.320 1,150.67
6-30-94 Contract Fee (1.00) $13.44188476 (0.074) 89.246 1,199.63
6-30-95 Contract Fee (1.00) $13.93486984 (0.072) 89.174 1,242.63
6-30-96 Contract Fee (1.00) $15.11198761 (0.066) 89.108 1,346.59
6-30-97 Contract Fee (1.00) $13.04136833 (0.077) 89.031 1,161.09
6-30-98 Contract Fee (1.00) $10.53813081 (0.095) 88.936 937.22
<PAGE>
6-30-99 Contract Fee (1.00) $10.81112496 (0.092) 88.844 960.50
6-30-00 Contract Fee (1.00) $13.17222111 (0.076) 88.768 1,169.27
6-30-00 Value before Surr Chg $13.17222111 0.000 88.768 1,169.27
6-30-00 Surrender Charge $13.17222111 0.000 88.768 1,169.27
Cumulative Total Returns without/with chrgs. 18.00% A 16.93%
Avg. Annual Total Returns without/with chrgs. 1.67% B 1.58%
Real Estate Securities
6-30-90 Purchase $1,000.00 $10.06777447 99.327 99.327 $1,000.00
6-30-91 Contract Fee (1.00) $10.73156284 (0.093) 99.234 1,064.93
6-30-92 Contract Fee (1.00) $11.80091694 (0.085) 99.149 1,170.05
6-30-93 Contract Fee (1.00) $14.65769310 (0.068) 99.081 1,452.29
6-30-94 Contract Fee (1.00) $15.68855571 (0.064) 99.017 1,553.43
6-30-95 Contract Fee (1.00) $16.04574487 (0.062) 98.955 1,587.80
6-30-96 Contract Fee (1.00) $19.10662239 (0.052) 98.902 1,889.69
6-30-97 Contract Fee (1.00) $25.09697799 (0.040) 98.862 2,481.15
6-30-98 Contract Fee (1.00) $26.48895990 (0.038) 98.825 2,617.76
6-30-99 Contract Fee (1.00) $23.98705371 (0.042) 98.783 2,369.51
6-30-00 Contract Fee (1.00) $24.65292268 (0.041) 98.742 2,434.29
6-30-00 Value before Surr Chg $24.65292268 0.000 98.742 2,434.29
6-30-00 Surrender Charge $24.65292268 0.000 98.742 2,434.29
Cumulative Total Returns without/with chrgs. 144.87% A 143.43%
Avg. Annual Total Returns without/with chrgs. 9.37% B 9.30%
Templeton Global Income Securities
6-30-90 Purchase $1,000.00 $11.23448179 89.012 89.012 $1,000.00
6-30-91 Contract Fee (1.00) $11.94031363 (0.084) 88.928 1,061.83
6-30-92 Contract Fee (1.00) $13.19858013 (0.076) 88.852 1,172.72
6-30-93 Contract Fee (1.00) $13.85578453 (0.072) 88.780 1,230.12
6-30-94 Contract Fee (1.00) $13.46216452 (0.074) 88.706 1,194.17
6-30-95 Contract Fee (1.00) $14.64037580 (0.068) 88.637 1,297.68
6-30-96 Contract Fee (1.00) $15.50611791 (0.064) 88.573 1,373.42
6-30-97 Contract Fee (1.00) $16.59486576 (0.060) 88.513 1,468.86
6-30-98 Contract Fee (1.00) $17.14318723 (0.058) 88.454 1,516.39
6-30-99 Contract Fee (1.00) $16.69802045 (0.060) 88.394 1,476.01
6-30-00 Contract Fee (1.00) $16.37484602 (0.061) 88.333 1,446.45
6-30-00 Value before Surr Chg $16.37484602 0.000 88.333 1,446.45
6-30-00 Surrender Charge $16.37484602 0.000 88.333 1,446.45
Cumulative Total Returns without/with chrgs. 45.76% A 44.64%
Avg. Annual Total Returns without/with chrgs. 3.84% B 3.76%
U.S. Government Securities
6-30-90 Purchase $1,000.00 $10.59080948 94.421 94.421 $1,000.00
6-30-91 Contract Fee (1.00) $11.60838902 (0.086) 94.335 1,095.08
6-30-92 Contract Fee (1.00) $13.01290987 (0.077) 94.258 1,226.58
6-30-93 Contract Fee (1.00) $14.41632943 (0.069) 94.189 1,357.86
6-30-94 Contract Fee (1.00) $13.71116538 (0.073) 94.116 1,290.44
6-30-95 Contract Fee (1.00) $15.36272963 (0.065) 94.051 1,444.88
6-30-96 Contract Fee (1.00) $15.84280380 (0.063) 93.988 1,489.03
6-30-97 Contract Fee (1.00) $17.02416691 (0.059) 93.929 1,599.07
<PAGE>
6-30-98 Contract Fee (1.00) $18.30521146 (0.055) 93.875 1,718.39
6-30-99 Contract Fee (1.00) $18.46547047 (0.054) 93.820 1,732.44
6-30-00 Contract Fee (1.00) $18.97241325 (0.053) 93.768 1,779.00
6-30-00 Value before Surr Chg $18.97241325 0.000 93.768 1,779.00
6-30-00 Surrender Charge $18.97241325 0.000 93.768 1,779.00
Cumulative Total Returns without/with chrgs. 79.14% A 77.90%
Avg. Annual Total Returns without/with chrgs. 6.00% B 5.93%
Global Utilties Securities
6-30-90 Purchase $1,000.00 $11.45966531 87.263 87.263 $1,000.00
6-30-91 Contract Fee (1.00) $12.44925968 (0.080) 87.182 1,085.35
6-30-92 Contract Fee (1.00) $14.81240450 (0.068) 87.115 1,290.38
6-30-93 Contract Fee (1.00) $17.33146587 (0.058) 87.057 1,508.83
6-30-94 Contract Fee (1.00) $14.32790513 (0.070) 86.987 1,246.35
6-30-95 Contract Fee (1.00) $16.80832864 (0.059) 86.928 1,461.11
6-30-96 Contract Fee (1.00) $20.15215080 (0.050) 86.878 1,750.78
6-30-97 Contract Fee (1.00) $21.87757235 (0.046) 86.832 1,899.68
6-30-98 Contract Fee (1.00) $27.10331597 (0.037) 86.796 2,352.45
6-30-99 Contract Fee (1.00) $30.39824832 (0.033) 86.763 2,637.43
6-30-00 Contract Fee (1.00) $37.04236030 (0.027) 86.736 3,212.89
6-30-00 Value before Surr Chg $37.04236030 0.000 86.736 3,212.89
6-30-00 Surrender Charge $37.04236030 0.000 86.736 3,212.89
Cumulative Total Returns without/with chrgs. 223.24% A 221.29%
Avg. Annual Total Returns without/with chrgs. 12.45% B 12.38%
Zero Coupon - 2000
6-30-90 Purchase $1,000.00 $10.72614891 93.230 93.230 $1,000.00
6-30-91 Contract Fee (1.00) $11.59188612 (0.086) 93.144 1,079.71
6-30-92 Contract Fee (1.00) $13.57729087 (0.074) 93.070 1,263.64
6-30-93 Contract Fee (1.00) $16.24888420 (0.062) 93.009 1,511.29
6-30-94 Contract Fee (1.00) $15.46386617 (0.065) 92.944 1,437.27
6-30-95 Contract Fee (1.00) $17.26898333 (0.058) 92.886 1,604.05
6-30-96 Contract Fee (1.00) $17.66928482 (0.057) 92.829 1,640.23
6-30-97 Contract Fee (1.00) $18.64051914 (0.054) 92.776 1,729.39
6-30-98 Contract Fee (1.00) $19.84757618 (0.050) 92.725 1,840.38
6-30-99 Contract Fee (1.00) $20.55715072 (0.049) 92.677 1,905.17
6-30-00 Contract Fee (1.00) $21.24937125 (0.047) 92.630 1,968.32
6-30-00 Value before Surr Chg $21.24937125 0.000 92.630 1,968.32
6-30-00 Surrender Charge $21.24937125 0.000 92.630 1,968.32
Cumulative Total Returns without/with chrgs. 98.11% A 96.83%
Avg. Annual Total Returns without/with chrgs. 7.08% B 7.01%
Zero Coupon - 2005
6-30-90 Purchase $1,000.00 $10.85458360 92.127 92.127 $1,000.00
6-30-91 Contract Fee (1.00) $11.46056817 (0.087) 92.040 1,054.83
6-30-92 Contract Fee (1.00) $13.53610417 (0.074) 91.966 1,244.86
6-30-93 Contract Fee (1.00) $17.37752728 (0.058) 91.908 1,597.14
6-30-94 Contract Fee (1.00) $15.99331951 (0.063) 91.846 1,468.92
6-30-95 Contract Fee (1.00) $18.95506513 (0.053) 91.793 1,739.94
6-30-96 Contract Fee (1.00) $19.23481832 (0.052) 91.741 1,764.62
6-30-97 Contract Fee (1.00) $20.66244634 (0.048) 91.693 1,894.59
6-30-98 Contract Fee (1.00) $23.26941083 (0.043) 91.650 2,132.63
<PAGE>
6-30-99 Contract Fee (1.00) $23.38292589 (0.043) 91.607 2,142.04
6-30-00 Contract Fee (1.00) $23.70593378 (0.042) 91.565 2,170.63
6-30-00 Value before Surr Chg $23.70593378 0.000 91.565 2,170.63
6-30-00 Surrender Charge $23.70593378 0.000 91.565 2,170.63
Cumulative Total Returns without/with chrgs. 118.40% A 117.06%
Avg. Annual Total Returns without/with chrgs. 8.12% B 8.06%
Zero Coupon - 2010
6-30-90 Purchase $1,000.00 $10.85648884 92.111 92.111 $1,000.00
6-30-91 Contract Fee (1.00) $11.02817122 (0.091) 92.020 1,014.81
6-30-92 Contract Fee (1.00) $13.11837202 (0.076) 91.944 1,206.15
6-30-93 Contract Fee (1.00) $16.93650395 (0.059) 91.885 1,556.21
6-30-94 Contract Fee (1.00) $15.58486894 (0.064) 91.821 1,431.01
6-30-95 Contract Fee (1.00) $19.48443734 (0.051) 91.769 1,788.07
6-30-96 Contract Fee (1.00) $19.77580128 (0.051) 91.719 1,813.81
6-30-97 Contract Fee (1.00) $21.60810819 (0.046) 91.673 1,980.87
6-30-98 Contract Fee (1.00) $25.99460614 (0.038) 91.634 2,381.99
6-30-99 Contract Fee (1.00) $25.04775737 (0.040) 91.594 2,294.23
6-30-00 Contract Fee (1.00) $25.10439048 (0.040) 91.554 2,298.41
6-30-00 Value before Surr Chg $25.10439048 0.000 91.554 2,298.41
6-30-00 Surrender Charge $25.10439048 0.000 91.554 2,298.41
Cumulative Total Returns without/with chrgs. 131.24% A 129.84%
Avg. Annual Total Returns without/with chrgs. 8.74% B 8.68%
<FN>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = [(A+1)^(1/10 Years)]-1 C = (Accumulated Value as of June 30, 2000 -
Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/10 Years)]-1
</FN>
</TABLE>
<TABLE>
<CAPTION>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
GMIB/BONUS
ORIGINAL PURCHASE AS OF JUNE 30, 1999
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Capital Growth
<S> <C> <C> <C> <C> <C> <C>
6-30-99 Purchase $1,000.00 $16.88842209 59.212 59.212 $1,000.00
6-30-00 Contract Fee (1.00) $21.67557916 (0.046) 59.166 1,282.46
<PAGE>
6-30-00 Value before Surr Chg $21.67557916 0.000 59.166 1,282.46
6-30-00 Surrender Charge (60.00) $21.67557916 (2.768) 56.398 1,222.46
Cumulative and Average Annual Total Returns
without/with charges 28.35% A 22.25% B
Growth and Income
6-30-99 Purchase $1,000.00 $25.63806539 39.005 39.005 $1,000.00
6-30-00 Contract Fee (1.00) $23.90160536 (0.042) 38.963 931.27
6-30-00 Value before Surr Chg $23.90160536 0.000 38.963 931.27
6-30-00 Surrender Charge (60.00) $23.90160536 (2.510) 36.452 871.27
Cumulative and Average Annual Total Returns
without/with charges -6.77% A -12.87% B
High Income
6-30-99 Purchase $1,000.00 $19.46815698 51.366 51.366 $1,000.00
6-30-00 Contract Fee (1.00) $18.41684549 (0.054) 51.312 945.00
6-30-00 Value before Surr Chg $18.41684549 0.000 51.312 945.00
6-30-00 Surrender Charge (60.00) $18.41684549 (3.258) 48.054 885.00
Cumulative and Average Annual Total Returns
without/with charges -5.40% A -11.50% B
Income Securities
6-30-99 Purchase $1,000.00 $23.17249711 43.155 43.155 $1,000.00
6-30-00 Contract Fee (1.00) $23.27852701 (0.043) 43.112 1,003.58
6-30-00 Value before Surr Chg $23.27852701 0.000 43.112 1,003.58
6-30-00 Surrender Charge (60.00) $23.27852701 (2.577) 40.534 943.58
Cumulative and Average Annual Total Returns
without/with charges 0.46% A -5.64% B
Money Market
6-30-99 Purchase $1,000.00 $13.32872389 75.026 75.026 $1,000.00
6-30-00 Contract Fee (1.00) $13.72103402 (0.073) 74.953 1,028.43
6-30-00 Value before Surr Chg $13.72103402 0.000 74.953 1,028.43
6-30-00 Surrender Charge (60.00) $13.72103402 (4.373) 70.580 968.43
Cumulative and Average Annual Total Returns
without/with charges 2.94% A -3.16% B
Mutual Discovery Securities
6-30-99 Purchase $1,000.00 $12.20217691 81.953 81.953 $1,000.00
6-30-00 Contract Fee (1.00) $14.04830683 (0.071) 81.881 1,150.30
6-30-00 Value before Surr Chg $14.04830683 0.000 81.881 1,150.30
6-30-00 Surrender Charge (60.00) $14.04830683 (4.271) 77.610 1,090.30
Cumulative and Average Annual Total Returns
without/with charges 15.13% A 9.03% B
Mutual Shares Securities
6-30-99 Purchase $1,000.00 $13.15315343 76.027 76.027 $1,000.00
6-30-00 Contract Fee (1.00) $12.88512908 (0.078) 75.950 978.62
6-30-00 Value before Surr Chg $12.88512908 0.000 75.950 978.62
6-30-00 Surrender Charge (60.00) $12.88512908 (4.657) 71.293 918.62
Cumulative and Average Annual Total Returns
without/with charges -2.04% A -8.14% B
<PAGE>
Natural Resources Securities
6-30-99 Purchase $1,000.00 $9.95992913 100.402 100.402 $1,000.00
6-30-00 Contract Fee (1.00) $12.03816185 (0.083) 100.319 1,207.66
6-30-00 Value before Surr Chg $12.03816185 0.000 100.319 1,207.66
6-30-00 Surrender Charge (60.00) $12.03816185 (4.984) 95.335 1,147.66
Cumulative and Average Annual Total Returns
without/with charges 20.87% A 14.77% B
Real Estate Securities
6-30-99 Purchase $1,000.00 $22.09847317 45.252 45.252 $1,000.00
6-30-00 Contract Fee (1.00) $22.53043514 (0.044) 45.208 1,018.55
6-30-00 Value before Surr Chg $22.53043514 0.000 45.208 1,018.55
6-30-00 Surrender Charge (60.00) $22.53043514 (2.663) 42.545 958.55
Cumulative and Average Annual Total Returns
without/with charges 1.95% A -4.15% B
Rising Dividends
6-30-99 Purchase $1,000.00 $20.24080273 49.405 49.405 $1,000.00
6-30-00 Contract Fee (1.00) $17.17185156 (0.058) 49.347 847.38
6-30-00 Value before Surr Chg $17.17185156 0.000 49.347 847.38
6-30-00 Surrender Charge (60.00) $17.17185156 (3.494) 45.853 787.38
Cumulative and Average Annual Total Returns
without/with charges -15.16% A -21.26% B
Small Cap
6-30-99 Purchase $1,000.00 $16.34432187 61.183 61.183 $1,000.00
6-30-00 Contract Fee (1.00) $28.78605746 (0.035) 61.149 1,760.23
6-30-00 Value before Surr Chg $28.78605746 0.000 61.149 1,760.23
6-30-00 Surrender Charge (60.00) $28.78605746 (2.084) 59.064 1,700.23
Cumulative and Average Annual Total Returns
without/with charges 76.12% A 70.02% B
Templeton Developing Markets Equity
6-30-99 Purchase $1,000.00 $10.28941197 97.187 97.187 $1,000.00
6-30-00 Contract Fee (1.00) $9.81873024 (0.102) 97.085 953.26
6-30-00 Value before Surr Chg $9.81873024 0.000 97.085 953.26
6-30-00 Surrender Charge (60.00) $9.81873024 (6.111) 90.975 893.26
Cumulative and Average Annual Total Returns
without/with charges -4.57% A -10.67% B
Templeton Global Asset Allocation
6-30-99 Purchase $1,000.00 $13.66565193 73.176 73.176 $1,000.00
6-30-00 Contract Fee (1.00) $13.78585172 (0.073) 73.104 1,007.80
6-30-00 Value before Surr Chg $13.78585172 0.000 73.104 1,007.80
6-30-00 Surrender Charge (60.00) $13.78585172 (4.352) 68.751 947.80
Cumulative and Average Annual Total Returns
without/with charges 0.88% A -5.22% B
Templeton Global Growth
6-30-99 Purchase $1,000.00 $17.30146523 57.799 57.799 $1,000.00
6-30-00 Contract Fee (1.00) $17.91795569 (0.056) 57.743 1,034.63
6-30-00 Value before Surr Chg $17.91795569 0.000 57.743 1,034.63
<PAGE>
6-30-00 Surrender Charge (60.00) $17.91795569 (3.349) 54.394 974.63
Cumulative and Average Annual Total Returns
without/with charges 3.56% A -2.54% B
Templeton Global Income Securities
6-30-99 Purchase $1,000.00 $15.38332975 65.005 65.005 $1,000.00
6-30-00 Contract Fee (1.00) $14.96505753 (0.067) 64.939 971.81
6-30-00 Value before Surr Chg $14.96505753 0.000 64.939 971.81
6-30-00 Surrender Charge (60.00) $14.96505753 (4.009) 60.929 911.81
Cumulative and Average Annual Total Returns
without/with charges -2.72% A -8.82% B
Templeton International Equity
6-30-99 Purchase $1,000.00 $19.10383781 52.346 52.346 $1,000.00
6-30-00 Contract Fee (1.00) $20.74712326 (0.048) 52.297 1,085.02
6-30-00 Value before Surr Chg $20.74712326 0.000 52.297 1,085.02
6-30-00 Surrender Charge (60.00) $20.74712326 (2.892) 49.405 1,025.02
Cumulative and Average Annual Total Returns
without/with charges 8.60% A 2.50% B
Templeton International Smaller Companies
6-30-99 Purchase $1,000.00 $10.58430165 94.480 94.480 $1,000.00
6-30-00 Contract Fee (1.00) $11.67060478 (0.086) 94.394 1,101.63
6-30-00 Value before Surr Chg $11.67060478 0.000 94.394 1,101.63
6-30-00 Surrender Charge (60.00) $11.67060478 (5.141) 89.253 1,041.63
Cumulative and Average Annual Total Returns
without/with charges 10.26% A 4.16% B
Templeton Pacific Growth
6-30-99 Purchase $1,000.00 $9.67505560 103.359 103.359 $1,000.00
6-30-00 Contract Fee (1.00) $8.85782365 (0.113) 103.246 914.53
6-30-00 Value before Surr Chg $8.85782365 0.000 103.246 914.53
6-30-00 Surrender Charge (60.00) $8.85782365 (6.774) 96.472 854.53
Cumulative and Average Annual Total Returns
without/with charges -8.45% A -14.55% B
U.S. Government Securities
6-30-99 Purchase $1,000.00 $17.01015460 58.788 58.788 $1,000.00
6-30-00 Contract Fee (1.00) $17.33749163 (0.058) 58.731 1,018.24
6-30-00 Value before Surr Chg $17.33749163 0.000 58.731 1,018.24
6-30-00 Surrender Charge (60.00) $17.33749163 (3.461) 55.270 958.24
Cumulative and Average Annual Total Returns
without/with charges 1.92% A -4.18% B
Global Utilities Securities
6-30-99 Purchase $1,000.00 $27.97861058 35.742 35.742 $1,000.00
6-30-00 Contract Fee (1.00) $33.82143591 (0.030) 35.712 1,207.83
6-30-00 Value before Surr Chg $33.82143591 0.000 35.712 1,207.83
6-30-00 Surrender Charge (60.00) $33.82143591 (1.774) 33.938 1,147.83
Cumulative and Average Annual Total Returns
without/with charges 20.88% A 14.78% B
<PAGE>
Zero Coupon - 2000
6-30-99 Purchase $1,000.00 $18.93698363 52.807 52.807 $1,000.00
6-30-00 Contract Fee (1.00) $19.41823591 (0.051) 52.755 1,024.41
6-30-00 Value before Surr Chg $19.41823591 0.000 52.755 1,024.41
6-30-00 Surrender Charge (60.00) $19.41823591 (3.090) 49.665 964.41
Cumulative and Average Annual Total Returns
without/with charges 2.54% A -3.56% B
Zero Coupon - 2005
6-30-99 Purchase $1,000.00 $21.53696762 46.432 46.432 $1,000.00
6-30-00 Contract Fee (1.00) $21.66000607 (0.046) 46.386 1,004.71
6-30-00 Value before Surr Chg $21.66000607 0.000 46.386 1,004.71
6-30-00 Surrender Charge (60.00) $21.66000607 (2.770) 43.616 944.71
Cumulative and Average Annual Total Returns
without/with charges 0.57% A -5.53% B
Zero Coupon - 2010
6-30-99 Purchase $1,000.00 $23.07367289 43.339 43.339 $1,000.00
6-30-00 Contract Fee (1.00) $22.94105416 (0.044) 43.296 993.25
6-30-00 Value before Surr Chg $22.94105416 0.000 43.296 993.25
6-30-00 Surrender Charge (60.00) $22.94105416 (2.615) 40.680 933.25
Cumulative and Average Annual Total Returns
without/with charges -0.57% A -6.67% B
Global Health Care Securities
6-30-99 Purchase $1,000.00 $8.88001949 112.612 112.612 $1,000.00
6-30-00 Contract Fee (1.00) $13.93070035 (0.072) 112.541 1,567.77
6-30-00 Value before Surr Chg $13.93070035 0.000 112.541 1,567.77
6-30-00 Surrender Charge (60.00) $13.93070035 (4.307) 108.234 1,507.77
Cumulative and Average Annual Total Returns
without/with charges 56.88% A 50.78% B
Value Securities
6-30-99 Purchase $1,000.00 $8.41265004 118.869 118.869 $1,000.00
6-30-00 Contract Fee (1.00) $7.97213277 (0.125) 118.743 946.64
6-30-00 Value before Surr Chg $7.97213277 0.000 118.743 946.64
6-30-00 Surrender Charge (60.00) $7.97213277 (7.526) 111.217 886.64
Cumulative and Average Annual Total Returns
without/with charges -5.24% A -11.34% B
<FN>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = (Accumulated Value as of June 30, 2000 - Accum. Value at
Purch.)/Accum. Value at Purch.
</FN>
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
GMIB/BONUS
ORIGINAL PURCHASE AS OF JUNE 30, 1997
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Capital Growth
<S> <C> <C> <C> <C> <C> <C>
6-30-97 Purchase $1,000.00 $12.15019531 82.303 82.303 $1,000.00
6-30-98 Contract Fee (1.00) $14.35187203 (0.070) 82.234 1,180.21
6-30-99 Contract Fee (1.00) $16.88842209 (0.059) 82.174 1,387.79
6-30-00 Contract Fee (1.00) $21.67557916 (0.046) 82.128 1,780.18
6-30-00 Value before Surr Chg $21.67557916 0.000 82.128 1,780.18
6-30-00 Surrender Charge (51.00) $21.67557916 (2.353) 79.775 1,729.18
Cumulative Total Returns without/with chrgs. 78.40% A 72.92% C
Avg. Annual Total Returns without/with chrgs. 21.28% B 20.03% D
Growth and Income
6-30-97 Purchase $1,000.00 $20.32456931 49.202 49.202 $1,000.00
6-30-98 Contract Fee (1.00) $23.66373844 (0.042) 49.159 1,163.29
6-30-99 Contract Fee (1.00) $25.63806539 (0.039) 49.120 1,259.35
6-30-00 Contract Fee (1.00) $23.90160536 (0.042) 49.078 1,173.05
6-30-00 Value before Surr Chg $23.90160536 0.000 49.078 1,173.05
6-30-00 Surrender Charge (51.00) $23.90160536 (2.134) 46.945 1,122.05
Cumulative Total Returns without/with chrgs. 17.60% A 12.21% C
Avg. Annual Total Returns without/with chrgs. 5.55% B 3.91% D
High Income
6-30-97 Purchase $1,000.00 $18.74000942 53.362 53.362 $1,000.00
6-30-98 Contract Fee (1.00) $20.24496524 (0.049) 53.312 1,079.31
6-30-99 Contract Fee (1.00) $19.46815698 (0.051) 53.261 1,036.89
6-30-00 Contract Fee (1.00) $18.41684549 (0.054) 53.207 979.90
6-30-00 Value before Surr Chg $18.41684549 0.000 53.207 979.90
6-30-00 Surrender Charge (51.00) $18.41684549 (2.769) 50.438 928.90
Cumulative Total Returns without/with chrgs. -1.72% A -7.11% C
Avg. Annual Total Returns without/with chrgs. -0.58% B -2.43% D
Income Securities
6-30-97 Purchase $1,000.00 $21.35749006 46.822 46.822 $1,000.00
6-30-98 Contract Fee (1.00) $23.21363894 (0.043) 46.779 1,085.91
6-30-99 Contract Fee (1.00) $23.17249711 (0.043) 46.736 1,082.98
6-30-00 Contract Fee (1.00) $23.27852701 (0.043) 46.693 1,086.94
6-30-00 Value before Surr Chg $23.27852701 0.000 46.693 1,086.94
6-30-00 Surrender Charge (51.00) $23.27852701 (2.191) 44.502 1,035.94
Cumulative Total Returns without/with chrgs. 8.99% A 3.59% C
Avg. Annual Total Returns without/with chrgs. 2.91% B 1.18% D
<PAGE>
Money Market
6-30-97 Purchase $1,000.00 $12.63768967 79.128 79.128 $1,000.00
6-30-98 Contract Fee (1.00) $13.00723783 (0.077) 79.052 1,028.24
6-30-99 Contract Fee (1.00) $13.32872389 (0.075) 78.976 1,052.66
6-30-00 Contract Fee (1.00) $13.72103402 (0.073) 78.904 1,082.64
6-30-00 Value before Surr Chg $13.72103402 0.000 78.904 1,082.64
6-30-00 Surrender Charge (51.00) $13.72103402 (3.717) 75.187 1,031.64
Cumulative Total Returns without/with chrgs. 8.57% A 3.16% C
Avg. Annual Total Returns without/with chrgs. 2.78% B 1.04% D
Mutual Discovery Securities
6-30-97 Purchase $1,000.00 $11.16210358 89.589 89.589 $1,000.00
6-30-98 Contract Fee (1.00) $12.98819040 (0.077) 89.512 1,162.60
6-30-99 Contract Fee (1.00) $12.20217691 (0.082) 89.430 1,091.24
6-30-00 Contract Fee (1.00) $14.04830683 (0.071) 89.359 1,255.34
6-30-00 Value before Surr Chg $14.04830683 0.000 89.359 1,255.34
6-30-00 Surrender Charge (51.00) $14.04830683 (3.630) 85.728 1,204.34
Cumulative Total Returns without/with chrgs. 25.86% A 20.43% C
Avg. Annual Total Returns without/with chrgs. 7.97% B 6.39% D
Mutual Shares Securities
6-30-97 Purchase $1,000.00 $10.98457508 91.037 91.037 $1,000.00
6-30-98 Contract Fee (1.00) $12.63270205 (0.079) 90.958 1,149.04
6-30-99 Contract Fee (1.00) $13.15315343 (0.076) 90.882 1,195.38
6-30-00 Contract Fee (1.00) $12.88512908 (0.078) 90.804 1,170.02
6-30-00 Value before Surr Chg $12.88512908 0.000 90.804 1,170.02
6-30-00 Surrender Charge (51.00) $12.88512908 (3.958) 86.846 1,119.02
Cumulative Total Returns without/with chrgs. 17.30% A 11.90% C
Avg. Annual Total Returns without/with chrgs. 5.46% B 3.82% D
Natural Resources Securities
6-30-97 Purchase $1,000.00 $12.20837742 81.911 81.911 $1,000.00
6-30-98 Contract Fee (1.00) $9.78641573 (0.102) 81.809 800.61
6-30-99 Contract Fee (1.00) $9.95992913 (0.100) 81.708 813.81
6-30-00 Contract Fee (1.00) $12.03816185 (0.083) 81.625 982.62
6-30-00 Value before Surr Chg $12.03816185 0.000 81.625 982.62
6-30-00 Surrender Charge (51.00) $12.03816185 (4.237) 77.389 931.62
Cumulative Total Returns without/with chrgs. -1.39% A -6.84% C
Avg. Annual Total Returns without/with chrgs. -0.47% B -2.33% D
Real Estate Securities
6-30-97 Purchase $1,000.00 $23.49395950 42.564 42.564 $1,000.00
6-30-98 Contract Fee (1.00) $24.59942646 (0.041) 42.523 1,046.05
6-30-99 Contract Fee (1.00) $22.09847317 (0.045) 42.478 938.70
6-30-00 Contract Fee (1.00) $22.53043514 (0.044) 42.434 956.05
6-30-00 Value before Surr Chg $22.53043514 0.000 42.434 956.05
6-30-00 Surrender Charge (51.00) $22.53043514 (2.264) 40.170 905.05
Cumulative Total Returns without/with chrgs. -4.10% A -9.49% C
Avg. Annual Total Returns without/with chrgs. -1.39% B -3.27% D
Rising Dividends
6-30-97 Purchase $1,000.00 $16.85566891 59.327 59.327 $1,000.00
<PAGE>
6-30-98 Contract Fee (1.00) $19.79766739 (0.051) 59.277 1,173.54
6-30-99 Contract Fee (1.00) $20.24080273 (0.049) 59.227 1,198.81
6-30-00 Contract Fee (1.00) $17.17185156 (0.058) 59.169 1,016.04
6-30-00 Value before Surr Chg $17.17185156 0.000 59.169 1,016.04
6-30-00 Surrender Charge (51.00) $17.17185156 (2.970) 56.199 965.04
Cumulative Total Returns without/with chrgs. 1.88% A -3.50% C
Avg. Annual Total Returns without/with chrgs. 0.62% B -1.18% D
Small Cap
6-30-97 Purchase $1,000.00 $13.65294635 73.244 73.244 $1,000.00
6-30-98 Contract Fee (1.00) $15.26832476 (0.065) 73.179 1,117.32
6-30-99 Contract Fee (1.00) $16.34432187 (0.061) 73.118 1,195.06
6-30-00 Contract Fee (1.00) $28.78605746 (0.035) 73.083 2,103.77
6-30-00 Value before Surr Chg $28.78605746 0.000 73.083 2,103.77
6-30-00 Surrender Charge (51.00) $28.78605746 (1.772) 71.311 2,052.77
Cumulative Total Returns without/with charges 110.84% A 105.28%
Average Annual Total Returns without/with charges 28.23% B 27.09%
Templeton Developing Markets Equity
6-30-97 Purchase $1,000.00 $13.23738036 75.544 75.544 $1,000.00
6-30-98 Contract Fee (1.00) $8.09483735 (0.124) 75.420 610.51
6-30-99 Contract Fee (1.00) $10.28941197 (0.097) 75.323 775.03
6-30-00 Contract Fee (1.00) $9.81873024 (0.102) 75.221 738.58
6-30-00 Value before Surr Chg $9.81873024 0.000 75.221 738.58
6-30-00 Surrender Charge (51.00) $9.81873024 (5.194) 70.027 687.58
Cumulative Total Returns without/with chrgs. -25.83% A -31.24% C
Avg. Annual Total Returns without/with chrgs. -9.48% B -11.74% D
Templeton Global Asset Allocation
6-30-97 Purchase $1,000.00 $13.32573221 75.043 75.043 $1,000.00
6-30-98 Contract Fee (1.00) $13.67780827 (0.073) 74.970 1,025.42
6-30-99 Contract Fee (1.00) $13.66565193 (0.073) 74.896 1,023.51
6-30-00 Contract Fee (1.00) $13.78585172 (0.073) 74.824 1,031.51
6-30-00 Value before Surr Chg $13.78585172 0.000 74.824 1,031.51
6-30-00 Surrender Charge (51.00) $13.78585172 (3.699) 71.125 980.51
Cumulative Total Returns without/with chrgs. 3.45% A -1.95% C
Avg. Annual Total Returns without/with chrgs. 1.14% B -0.65% D
Templeton Global Growth
6-30-97 Purchase $1,000.00 $14.89027456 67.158 67.158 $1,000.00
6-30-98 Contract Fee (1.00) $15.76507682 (0.063) 67.094 1,057.75
6-30-99 Contract Fee (1.00) $17.30146523 (0.058) 67.037 1,159.83
6-30-00 Contract Fee (1.00) $17.91795569 (0.056) 66.981 1,200.16
6-30-00 Value before Surr Chg $17.91795569 0.000 66.981 1,200.16
6-30-00 Surrender Charge (51.00) $17.91795569 (2.846) 64.135 1,149.16
Cumulative Total Returns without/with chrgs. 20.33% A 14.92% C
Avg. Annual Total Returns without/with chrgs. 6.36% B 4.74% D
Templeton Global Income Securities
6-30-97 Purchase $1,000.00 $15.53490242 64.371 64.371 $1,000.00
6-30-98 Contract Fee (1.00) $15.92031454 (0.063) 64.308 1,023.81
6-30-99 Contract Fee (1.00) $15.38332975 (0.065) 64.243 988.28
<PAGE>
6-30-00 Contract Fee (1.00) $14.96505753 (0.067) 64.177 960.41
6-30-00 Value before Surr Chg $14.96505753 0.000 64.177 960.41
6-30-00 Surrender Charge (51.00) $14.96505753 (3.408) 60.769 909.41
Cumulative Total Returns without/with chrgs. -3.67% A -9.06% C
Avg. Annual Total Returns without/with chrgs. -1.24% B -3.12% D
Templeton International Equity
6-30-97 Purchase $1,000.00 $17.33294480 57.694 57.694 $1,000.00
6-30-98 Contract Fee (1.00) $18.84547960 (0.053) 57.641 1,086.26
6-30-99 Contract Fee (1.00) $19.10383781 (0.052) 57.588 1,100.16
6-30-00 Contract Fee (1.00) $20.74712326 (0.048) 57.540 1,193.79
6-30-00 Value before Surr Chg $20.74712326 0.000 57.540 1,193.79
6-30-00 Surrender Charge (51.00) $20.74712326 (2.458) 55.082 1,142.79
Cumulative Total Returns without/with chrgs. 19.70% A 14.28% C
Avg. Annual Total Returns without/with chrgs. 6.18% B 4.55% D
Templeton International Smaller Companies
6-30-97 Purchase $1,000.00 $11.62164781 86.046 86.046 $1,000.00
6-30-98 Contract Fee (1.00) $10.77921803 (0.093) 85.954 926.51
6-30-99 Contract Fee (1.00) $10.58430165 (0.094) 85.859 908.76
6-30-00 Contract Fee (1.00) $11.67060478 (0.086) 85.773 1,001.03
6-30-00 Value before Surr Chg $11.67060478 0.000 85.773 1,001.03
6-30-00 Surrender Charge (51.00) $11.67060478 (4.370) 81.403 950.03
Cumulative Total Returns without/with chrgs. 0.42% A -5.00% C
Avg. Annual Total Returns without/with chrgs. 0.14% B -1.69% D
Templeton Pacific Growth
6-30-97 Purchase $1,000.00 $14.55892383 68.686 68.686 $1,000.00
6-30-98 Contract Fee (1.00) $6.51073586 (0.154) 68.533 446.20
6-30-99 Contract Fee (1.00) $9.67505560 (0.103) 68.429 662.06
6-30-00 Contract Fee (1.00) $8.85782365 (0.113) 68.317 605.14
6-30-00 Value before Surr Chg $8.85782365 0.000 68.317 605.14
6-30-00 Surrender Charge (51.00) $8.85782365 (5.758) 62.559 554.14
Cumulative Total Returns without/with chrgs. -39.16% A -44.59% C
Avg. Annual Total Returns without/with chrgs. -15.26% B -17.86% D
U.S. Government Securities
6-30-97 Purchase $1,000.00 $15.93540764 62.753 62.753 $1,000.00
6-30-98 Contract Fee (1.00) $16.99798136 (0.059) 62.695 1,065.68
6-30-99 Contract Fee (1.00) $17.01015460 (0.059) 62.636 1,065.44
6-30-00 Contract Fee (1.00) $17.33749163 (0.058) 62.578 1,084.95
6-30-00 Value before Surr Chg $17.33749163 0.000 62.578 1,084.95
6-30-00 Surrender Charge (51.00) $17.33749163 (2.942) 59.636 1,033.95
Cumulative Total Returns without/with chrgs. 8.80% A 3.39% C
Avg. Annual Total Returns without/with chrgs. 2.85% B 1.12% D
Franklin Global Communications Securities
6-30-97 Purchase $1,000.00 $20.46096625 48.874 48.874 $1,000.00
6-30-98 Contract Fee (1.00) $25.14633681 (0.040) 48.834 1,227.99
6-30-99 Contract Fee (1.00) $27.97861058 (0.036) 48.798 1,365.30
6-30-00 Contract Fee (1.00) $33.82143591 (0.030) 48.768 1,649.42
6-30-00 Value before Surr Chg $33.82143591 0.000 48.768 1,649.42
<PAGE>
6-30-00 Surrender Charge (51.00) $33.82143591 (1.508) 47.261 1,598.42
Cumulative Total Returns without/with chrgs. 65.30% A 59.84% C
Avg. Annual Total Returns without/with chrgs. 18.24% B 16.92% D
Zero Coupon - 2000
6-30-97 Purchase $1,000.00 $17.44838809 57.312 57.312 $1,000.00
6-30-98 Contract Fee (1.00) $18.43020119 (0.054) 57.258 1,055.27
6-30-99 Contract Fee (1.00) $18.93698363 (0.053) 57.205 1,083.29
6-30-00 Contract Fee (1.00) $19.41823591 (0.051) 57.153 1,109.82
6-30-00 Value before Surr Chg $19.41823591 0.000 57.153 1,109.82
6-30-00 Surrender Charge (51.00) $19.41823591 (2.626) 54.527 1,058.82
Cumulative Total Returns without/with chrgs. 11.29% A 5.88% C
Avg. Annual Total Returns without/with chrgs. 3.63% B 1.92% D
Zero Coupon - 2005
6-30-97 Purchase $1,000.00 $19.33823644 51.711 51.711 $1,000.00
6-30-98 Contract Fee (1.00) $21.60457881 (0.046) 51.665 1,116.19
6-30-99 Contract Fee (1.00) $21.53696762 (0.046) 51.618 1,111.70
6-30-00 Contract Fee (1.00) $21.66000607 (0.046) 51.572 1,117.05
6-30-00 Value before Surr Chg $21.66000607 0.000 51.572 1,117.05
6-30-00 Surrender Charge (51.00) $21.66000607 (2.355) 49.218 1,066.05
Cumulative Total Returns without/with chrgs. 12.01% A 6.61% C
Avg. Annual Total Returns without/with chrgs. 3.85% B 2.15% D
Zero Coupon - 2010
6-30-97 Purchase $1,000.00 $20.22618870 49.441 49.441 $1,000.00
6-30-98 Contract Fee (1.00) $24.13825329 (0.041) 49.399 1,192.42
6-30-99 Contract Fee (1.00) $23.07367289 (0.043) 49.356 1,138.83
6-30-00 Contract Fee (1.00) $22.94105416 (0.044) 49.312 1,131.28
6-30-00 Value before Surr Chg $22.94105416 0.000 49.312 1,131.28
6-30-00 Surrender Charge (51.00) $22.94105416 (2.223) 47.089 1,080.28
Cumulative Total Returns without/with chrgs. 13.42% A 8.03% C
Avg. Annual Total Returns without/with chrgs. 4.29% B 2.61% D
<FN>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = [(A+1)^(1/3 Years)]-1 C = (Accumulated Value as of June 30, 2000 -
Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/3 Years)]-1
</FN>
</TABLE>
<TABLE>
<CAPTION>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
GMIB/BONUS
<PAGE>
ORIGINAL PURCHASE AS OF JUNE 30, 1995
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Growth and Income
<S> <C> <C> <C> <C> <C> <C>
6-30-95 Purchase $1,000.00 $14.29247544 69.967 69.967 $1,000.00
6-30-96 Contract Fee (1.00) $17.00588227 (0.059) 69.908 1,188.85
6-30-97 Contract Fee (1.00) $20.32456931 (0.049) 69.859 1,419.85
6-30-98 Contract Fee (1.00) $23.66373844 (0.042) 69.817 1,652.12
6-30-99 Contract Fee (1.00) $25.63806539 (0.039) 69.778 1,788.96
6-30-00 Contract Fee (1.00) $23.90160536 (0.042) 69.736 1,666.80
6-30-00 Value before Surr Chg $23.90160536 0.000 69.736 1,666.80
6-30-00 Surrender Charge (34.00) $23.90160536 (1.422) 68.313 1,632.80
Cumulative Total Returns without/with chrgs. 67.23% A 63.28% C
Avg. Annual Total Returns without/with chrgs. 10.83% B 10.30% D
High Income
6-30-95 Purchase $1,000.00 $15.55225933 64.299 64.299 $1,000.00
6-30-96 Contract Fee (1.00) $16.66426260 (0.060) 64.239 1,070.50
6-30-97 Contract Fee (1.00) $18.74000942 (0.053) 64.186 1,202.85
6-30-98 Contract Fee (1.00) $20.24496524 (0.049) 64.137 1,298.44
6-30-99 Contract Fee (1.00) $19.46815698 (0.051) 64.085 1,247.62
6-30-00 Contract Fee (1.00) $18.41684549 (0.054) 64.031 1,179.25
6-30-00 Value before Surr Chg $18.41684549 0.000 64.031 1,179.25
6-30-00 Surrender Charge (34.00) $18.41684549 (1.846) 62.185 1,145.25
Cumulative Total Returns without/with chrgs. 18.42% A 14.52% C
Avg. Annual Total Returns without/with chrgs. 3.44% B 2.75% D
Income Securities
6-30-95 Purchase $1,000.00 $17.25290481 57.961 57.961 $1,000.00
6-30-96 Contract Fee (1.00) $19.16121771 (0.052) 57.909 1,109.61
6-30-97 Contract Fee (1.00) $21.35749006 (0.047) 57.862 1,235.79
6-30-98 Contract Fee (1.00) $23.21363894 (0.043) 57.819 1,342.19
6-30-99 Contract Fee (1.00) $23.17249711 (0.043) 57.776 1,338.81
6-30-00 Contract Fee (1.00) $23.27852701 (0.043) 57.733 1,343.94
6-30-00 Value before Surr Chg $23.27852701 0.000 57.733 1,343.94
6-30-00 Surrender Charge (34.00) $23.27852701 (1.461) 56.272 1,309.94
Cumulative Total Returns without/with chrgs. 34.93% A 30.99% C
Avg. Annual Total Returns without/with chrgs. 6.17% B 5.55% D
Money Market
6-30-95 Purchase $1,000.00 $11.93751998 83.769 83.769 $1,000.00
6-30-96 Contract Fee (1.00) $12.29488456 (0.081) 83.688 1,028.94
6-30-97 Contract Fee (1.00) $12.63768967 (0.079) 83.609 1,056.62
6-30-98 Contract Fee (1.00) $13.00723783 (0.077) 83.532 1,086.52
6-30-99 Contract Fee (1.00) $13.32872389 (0.075) 83.457 1,112.38
<PAGE>
6-30-00 Contract Fee (1.00) $13.72103402 (0.073) 83.384 1,144.12
6-30-00 Value before Surr Chg $13.72103402 0.000 83.384 1,144.12
6-30-00 Surrender Charge (34.00) $13.72103402 (2.478) 80.906 1,110.12
Cumulative Total Returns without/with chrgs. 14.94% A 11.01% C
Avg. Annual Total Returns without/with chrgs. 2.82% B 2.11% D
Natural Resources Securities
6-30-95 Purchase $1,000.00 $13.25551603 75.440 75.440 $1,000.00
6-30-96 Contract Fee (1.00) $14.26100466 (0.070) 75.370 1,074.85
6-30-97 Contract Fee (1.00) $12.20837742 (0.082) 75.288 919.15
6-30-98 Contract Fee (1.00) $9.78641573 (0.102) 75.186 735.80
6-30-99 Contract Fee (1.00) $9.95992913 (0.100) 75.086 747.85
6-30-00 Contract Fee (1.00) $12.03816185 (0.083) 75.003 902.89
6-30-00 Value before Surr Chg $12.03816185 0.000 75.003 902.89
6-30-00 Surrender Charge (34.00) $12.03816185 (2.824) 72.178 868.89
Cumulative Total Returns without/with chrgs. -9.18% A -13.11% C
Avg. Annual Total Returns without/with chrgs. -1.91% B -2.77% D
Real Estate Securities
6-30-95 Purchase $1,000.00 $15.26348153 65.516 65.516 $1,000.00
6-30-96 Contract Fee (1.00) $18.03069443 (0.055) 65.460 1,180.30
6-30-97 Contract Fee (1.00) $23.49395950 (0.043) 65.418 1,536.92
6-30-98 Contract Fee (1.00) $24.59942646 (0.041) 65.377 1,608.24
6-30-99 Contract Fee (1.00) $22.09847317 (0.045) 65.332 1,443.74
6-30-00 Contract Fee (1.00) $22.53043514 (0.044) 65.288 1,470.96
6-30-00 Value before Surr Chg $22.53043514 0.000 65.288 1,470.96
6-30-00 Surrender Charge (34.00) $22.53043514 (1.509) 63.778 1,436.96
Cumulative Total Returns without/with chrgs. 47.61% A 43.70% C
Avg. Annual Total Returns without/with chrgs. 8.10% B 7.52% D
Rising Dividends
6-30-95 Purchase $1,000.00 $10.71027593 93.368 93.368 $1,000.00
6-30-96 Contract Fee (1.00) $12.80492775 (0.078) 93.290 $1,194.57
6-30-97 Contract Fee (1.00) $16.85566891 (0.059) 93.231 $1,571.47
6-30-98 Contract Fee (1.00) $19.79766739 (0.051) 93.180 1,844.75
6-30-99 Contract Fee (1.00) $20.24080273 (0.049) 93.131 1,885.04
6-30-00 Contract Fee (1.00) $17.17185156 (0.058) 93.073 1,598.23
6-30-00 Value before Surr Chg $17.17185156 0.000 93.073 1,598.23
6-30-00 Surrender Charge (34.00) $17.17185156 (1.980) 91.093 1,564.23
Cumulative Total Returns without/with chrgs. 60.33% A 56.42% C
Avg. Annual Total Rtns. without/with chrgs. 9.90% B 9.36% D
Templeton Developing Markets Equity
6-30-95 Purchase $1,000.00 $9.56766257 104.519 104.519 $1,000.00
6-30-96 Contract Fee (1.00) $10.80785153 (0.093) 104.426 1,128.62
6-30-97 Contract Fee (1.00) $13.23738036 (0.076) 104.351 1,381.33
6-30-98 Contract Fee (1.00) $8.09483735 (0.124) 104.227 843.70
6-30-99 Contract Fee (1.00) $10.28941197 (0.097) 104.130 1,071.44
6-30-00 Contract Fee (1.00) $9.81873024 (0.102) 104.028 1,021.42
6-30-00 Value before Surr Chg $9.81873024 0.000 104.028 1,021.42
<PAGE>
6-30-00 Surrender Charge (34.00) $9.81873024 (3.463) 100.565 987.42
Cumulative Total Returns without/with chrgs. 2.62% A -1.26% C
Avg. Annual Total Rtns. without/with chrgs. 0.52% B -0.25% D
Templeton Global Asset Allocation
6-30-95 Purchase $1,000.00 $10.07841298 99.222 99.222 $1,000.00
6-30-96 Contract Fee (1.00) $11.26150667 (0.089) 99.133 $1,116.39
6-30-97 Contract Fee (1.00) $13.32573221 (0.075) 99.058 $1,320.02
6-30-98 Contract Fee (1.00) $13.67780827 (0.073) 98.985 $1,353.90
6-30-99 Contract Fee (1.00) $13.66565193 (0.073) 98.912 $1,351.69
6-30-00 Contract Fee (1.00) $13.78585172 (0.073) 98.839 $1,362.58
6-30-00 Value before Surr Chg $13.78585172 0.000 98.839 $1,362.58
6-30-00 Surrender Charge (34.00) $13.78585172 (2.466) 96.373 $1,328.58
Cumulative Total Returns without/with chrgs. 36.79% A 32.86% C
Avg. Annual Total Rtns. without/with chrgs. 6.47% B 5.85% D
Templeton Global Growth
6-30-95 Purchase $1,000.00 $10.73052867 93.192 93.192 $1,000.00
6-30-96 Contract Fee (1.00) $12.22716014 (0.082) 93.110 1,138.47
6-30-97 Contract Fee (1.00) $14.89027456 (0.067) 93.043 1,385.44
6-30-98 Contract Fee (1.00) $15.76507682 (0.063) 92.980 1,465.83
6-30-99 Contract Fee (1.00) $17.30146523 (0.058) 92.922 1,607.68
6-30-00 Contract Fee (1.00) $17.91795569 (0.056) 92.866 1,663.97
6-30-00 Value before Surr Chg $17.91795569 0.000 92.866 1,663.97
6-30-00 Surrender Charge (34.00) $17.91795569 (1.898) 90.969 1,629.97
Cumulative Total Returns without/with chrgs. 66.98% A 63.00% C
Avg. Annual Total Rtns. without/with chrgs. 10.80% B 10.26% D
Templeton Global Income Securities
6-30-95 Purchase $1,000.00 $13.92662712 71.805 71.805 $1,000.00
6-30-96 Contract Fee (1.00) $14.63294078 (0.068) 71.737 1,049.72
6-30-97 Contract Fee (1.00) $15.53490242 (0.064) 71.672 1,113.42
6-30-98 Contract Fee (1.00) $15.92031454 (0.063) 71.609 1,140.04
6-30-99 Contract Fee (1.00) $15.38332975 (0.065) 71.544 1,100.59
6-30-00 Contract Fee (1.00) $14.96505753 (0.067) 71.478 1,069.67
6-30-00 Value before Surr Chg $14.96505753 0.000 71.478 1,069.67
6-30-00 Surrender Charge (34.00) $14.96505753 (2.272) 69.206 1,035.67
Cumulative Total Returns without/with chrgs. 7.46% A 3.57% C
Avg. Annual Total Returns without/with chrgs. 1.45% B 0.70% D
Templeton International Equity
6-30-95 Purchase $1,000.00 $12.62191504 79.227 79.227 $1,000.00
6-30-96 Contract Fee (1.00) $14.22960634 (0.070) 79.157 1,126.37
6-30-97 Contract Fee (1.00) $17.33294480 (0.058) 79.099 1,371.02
6-30-98 Contract Fee (1.00) $18.84547960 (0.053) 79.046 1,489.66
6-30-99 Contract Fee (1.00) $19.10383781 (0.052) 78.994 1,509.09
6-30-00 Contract Fee (1.00) $20.74712326 (0.048) 78.946 1,637.90
6-30-00 Value before Surr Chg $20.74712326 0.000 78.946 1,637.90
6-30-00 Surrender Charge (34.00) $20.74712326 (1.639) 77.307 1,603.90
Cumulative Total Returns without/with chrgs. 64.37% A 60.39% C
Avg. Annual Total Rtns. without/with chrgs. 10.45% B 9.91% D
<PAGE>
Templeton Pacific Growth
6-30-95 Purchase $1,000.00 $12.63233750 79.162 79.162 $1,000.00
6-30-96 Contract Fee (1.00) $14.60413752 (0.068) 79.093 1,155.09
6-30-97 Contract Fee (1.00) $14.55892383 (0.069) 79.025 1,150.52
6-30-98 Contract Fee (1.00) $6.51073586 (0.154) 78.871 513.51
6-30-99 Contract Fee (1.00) $9.67505560 (0.103) 78.768 762.08
6-30-00 Contract Fee (1.00) $8.85782365 (0.113) 78.655 696.71
6-30-00 Value before Surr Chg $8.85782365 0.000 78.655 696.71
6-30-00 Surrender Charge (34.00) $8.85782365 (3.838) 74.816 662.71
Cumulative Total Returns without/with chrgs. -29.88% A -33.73% C
Avg. Annual Total Rtns. without/with chrgs. -6.85% B -7.90% D
U.S. Government Securities
6-30-95 Purchase $1,000.00 $14.61250367 68.435 68.435 $1,000.00
6-30-96 Contract Fee (1.00) $14.94937719 (0.067) 68.368 1,022.05
6-30-97 Contract Fee (1.00) $15.93540764 (0.063) 68.305 1,088.47
6-30-98 Contract Fee (1.00) $16.99798136 (0.059) 68.246 1,160.05
6-30-99 Contract Fee (1.00) $17.01015460 (0.059) 68.187 1,159.88
6-30-00 Contract Fee (1.00) $17.33749163 (0.058) 68.130 1,181.20
6-30-00 Value before Surr Chg $17.33749163 0.000 68.130 1,181.20
6-30-00 Surrender Charge (34.00) $17.33749163 (1.961) 66.169 1,147.20
Cumulative Total Returns without/with chrgs. 18.65% A 14.72% C
Avg. Annual Total Returns without/with chrgs. 3.48% B 2.78% D
Global Utilties Securities
6-30-95 Purchase $1,000.00 $15.98888776 62.543 62.543 $1,000.00
6-30-96 Contract Fee (1.00) $19.01734727 (0.053) 62.491 1,188.41
6-30-97 Contract Fee (1.00) $20.46096625 (0.049) 62.442 1,277.62
6-30-98 Contract Fee (1.00) $25.14633681 (0.040) 62.402 1,569.19
6-30-99 Contract Fee (1.00) $27.97861058 (0.036) 62.366 1,744.93
6-30-00 Contract Fee (1.00) $33.82143591 (0.030) 62.337 2,108.32
6-30-00 Value before Surr Chg $33.82143591 0.000 62.337 2,108.32
6-30-00 Surrender Charge (34.00) $33.82143591 (1.005) 61.332 2,074.32
Cumulative Total Returns without/with chrgs. 111.53% A 107.43% C
Avg. Annual Total Returns without/with chrgs. 16.16% B 15.71% D
Zero Coupon - 2000
6-30-95 Purchase $1,000.00 $16.42566708 60.880 60.880 $1,000.00
6-30-96 Contract Fee (1.00) $16.67285707 (0.060) 60.820 1,014.05
6-30-97 Contract Fee (1.00) $17.44838809 (0.057) 60.763 1,060.22
6-30-98 Contract Fee (1.00) $18.43020119 (0.054) 60.709 1,118.88
6-30-99 Contract Fee (1.00) $18.93698363 (0.053) 60.656 1,148.64
6-30-00 Contract Fee (1.00) $19.41823591 (0.051) 60.604 1,176.83
6-30-00 Value before Surr Chg $19.41823591 0.000 60.604 1,176.83
6-30-00 Surrender Charge (34.00) $19.41823591 (1.751) 58.854 1,142.83
Cumulative Total Returns without/with chrgs. 18.22% A 14.28% C
Avg. Annual Total Returns without/with chrgs. 3.40% B 2.71% D
Zero Coupon - 2005
6-30-95 Purchase $1,000.00 $18.02682924 55.473 55.473 $1,000.00
6-30-96 Contract Fee (1.00) $18.17342346 (0.055) 55.418 1,007.13
6-30-97 Contract Fee (1.00) $19.33823644 (0.052) 55.366 1,070.68
<PAGE>
6-30-98 Contract Fee (1.00) $21.60457881 (0.046) 55.320 1,195.16
6-30-99 Contract Fee (1.00) $21.53696762 (0.046) 55.273 1,190.42
6-30-00 Contract Fee (1.00) $21.66000607 (0.046) 55.227 1,196.22
6-30-00 Value before Surr Chg $21.66000607 0.000 55.227 1,196.22
6-30-00 Surrender Charge (34.00) $21.66000607 (1.570) 53.658 1,162.22
Cumulative Total Returns without/with chrgs. 20.15% A 16.22% C
Avg. Annual Total Returns without/with chrgs. 3.74% B 3.05% D
Zero Coupon - 2010
6-30-95 Purchase $1,000.00 $18.53293125 53.958 53.958 $1,000.00
6-30-96 Contract Fee (1.00) $18.66058029 (0.054) 53.904 1,005.89
6-30-97 Contract Fee (1.00) $20.22618870 (0.049) 53.855 1,089.28
6-30-98 Contract Fee (1.00) $24.13825329 (0.041) 53.814 1,298.97
6-30-99 Contract Fee (1.00) $23.07367289 (0.043) 53.770 1,240.68
6-30-00 Contract Fee (1.00) $22.94105416 (0.044) 53.727 1,232.55
6-30-00 Value before Surr Chg $22.94105416 0.000 53.727 1,232.55
6-30-00 Surrender Charge (34.00) $22.94105416 (1.482) 52.245 1,198.55
Cumulative Total Returns without/with chrgs. 23.79% A 19.85% C
Avg. Annual Total Returns without/with chrgs. 4.36% B 3.69% D
<FN>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = [(A+1)^(1/5 Years)]-1 C = (Accumulated Value as of June 30, 2000 -
Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/5 Years)]-1
</FN>
</TABLE>
<TABLE>
<CAPTION>
VALUEMARK(R) IV
ALLIANZ LIFE VARIABLE ACCOUNT B
CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS
GMIB/BONUS
ORIGINAL PURCHASE AS OF JUNE 30, 1990
VALUATION DATE AS OF JUNE 30, 2000
Dollar Units This Accum. Accum.
Date Transaction Amount Unit Value Trans. Units Value
---- ----------- ------ ---------- ------ ----- -----
Growth and Income
<S> <C> <C> <C> <C> <C> <C>
6-30-90 Purchase $1,000.00 $10.38909175 96.255 96.255 $1,000.00
6-30-91 Contract Fee (1.00) $10.30517214 (0.097) 96.158 990.92
6-30-92 Contract Fee (1.00) $11.07855796 (0.090) 96.068 1,064.29
<PAGE>
6-30-93 Contract Fee (1.00) $12.39808711 (0.081) 95.987 1,190.05
6-30-94 Contract Fee (1.00) $12.40541275 (0.081) 95.906 1,189.76
6-30-95 Contract Fee (1.00) $14.29247544 (0.070) 95.836 1,369.74
6-30-96 Contract Fee (1.00) $17.00588227 (0.059) 95.777 1,628.78
6-30-97 Contract Fee (1.00) $20.32456931 (0.049) 95.728 1,945.64
6-30-98 Contract Fee (1.00) $23.66373844 (0.042) 95.686 2,264.29
6-30-99 Contract Fee (1.00) $25.63806539 (0.039) 95.647 2,452.20
6-30-00 Contract Fee (1.00) $23.90160536 (0.042) 95.605 2,285.12
6-30-00 Value before Surr Chg $23.90160536 0.000 95.605 2,285.12
6-30-00 Surrender Charge $23.90160536 0.000 95.605 2,285.12
Cumulative Total Returns without/with chrgs. 130.06% A 128.51%
Avg. Annual Total Returns without/with chrgs. 8.69% B 8.62%
High Income
6-30-90 Purchase $1,000.00 $9.86330653 101.386 101.386 $1,000.00
6-30-91 Contract Fee (1.00) $10.35711237 (0.097) 101.289 1,049.06
6-30-92 Contract Fee (1.00) $12.21634766 (0.082) 101.207 1,236.39
6-30-93 Contract Fee (1.00) $13.79854145 (0.072) 101.135 1,395.52
6-30-94 Contract Fee (1.00) $13.82998675 (0.072) 101.063 1,397.70
6-30-95 Contract Fee (1.00) $15.55225933 (0.064) 100.998 1,570.75
6-30-96 Contract Fee (1.00) $16.66426260 (0.060) 100.938 1,682.06
6-30-97 Contract Fee (1.00) $18.74000942 (0.053) 100.885 1,890.59
6-30-98 Contract Fee (1.00) $20.24496524 (0.049) 100.836 2,041.41
6-30-99 Contract Fee (1.00) $19.46815698 (0.051) 100.784 1,962.08
6-30-00 Contract Fee (1.00) $18.41684549 (0.054) 100.730 1,855.13
6-30-00 Value before Surr Chg $18.41684549 0.000 100.730 1,855.13
6-30-00 Surrender Charge $18.41684549 0.000 100.730 1,855.13
Cumulative Total Returns without/with chrgs. 86.72% A 85.51%
Avg. Annual Total Returns without/with chrgs. 6.44% B 6.37%
Income Securities
6-30-90 Purchase $1,000.00 $10.71350088 93.340 93.340 $1,000.00
6-30-91 Contract Fee (1.00) $11.81881310 (0.085) 93.256 1,102.17
6-30-92 Contract Fee (1.00) $14.39778861 (0.069) 93.186 1,341.67
6-30-93 Contract Fee (1.00) $16.03012679 (0.062) 93.124 1,492.79
6-30-94 Contract Fee (1.00) $15.81764200 (0.063) 93.061 1,472.00
6-30-95 Contract Fee (1.00) $17.25290481 (0.058) 93.003 1,604.56
6-30-96 Contract Fee (1.00) $19.16121771 (0.052) 92.950 1,781.04
6-30-97 Contract Fee (1.00) $21.35749006 (0.047) 92.904 1,984.19
6-30-98 Contract Fee (1.00) $23.21363894 (0.043) 92.860 2,155.63
6-30-99 Contract Fee (1.00) $23.17249711 (0.043) 92.817 2,150.81
6-30-00 Contract Fee (1.00) $23.27852701 (0.043) 92.774 2,159.65
6-30-00 Value before Surr Chg $23.27852701 0.000 92.774 2,159.65
6-30-00 Surrender Charge $23.27852701 0.000 92.774 2,159.65
Cumulative Total Returns without/with chrgs. 117.28% A 115.96%
Avg. Annual Total Returns without/with chrgs. 8.07% B 8.00%
Money Market
6-30-90 Purchase $1,000.00 $10.82739659 92.358 92.358 $1,000.00
6-30-91 Contract Fee (1.00) $11.30802974 (0.088) 92.270 1,043.39
6-30-92 Contract Fee (1.00) $11.51579703 (0.087) 92.183 1,061.56
6-30-93 Contract Fee (1.00) $11.55016248 (0.087) 92.096 1,063.73
<PAGE>
6-30-94 Contract Fee (1.00) $11.60506925 (0.086) 92.010 1,067.79
6-30-95 Contract Fee (1.00) $11.93751998 (0.084) 91.927 1,097.37
6-30-96 Contract Fee (1.00) $12.29488456 (0.081) 91.845 1,129.23
6-30-97 Contract Fee (1.00) $12.63768967 (0.079) 91.766 1,159.71
6-30-98 Contract Fee (1.00) $13.00723783 (0.077) 91.689 1,192.62
6-30-99 Contract Fee (1.00) $13.32872389 (0.075) 91.614 1,221.10
6-30-00 Contract Fee (1.00) $13.72103402 (0.073) 91.541 1,256.04
6-30-00 Value before Surr Chg $13.72103402 0.000 91.541 1,256.04
6-30-00 Surrender Charge $13.72103402 0.000 91.541 1,256.04
Cumulative Total Returns without/with chrgs. 26.73% A 25.60%
Avg. Annual Total Returns without/with chrgs. 2.40% B 2.31%
Natural Resources Securities
6-30-90 Purchase $1,000.00 $11.05267260 90.476 90.476 $1,000.00
6-30-91 Contract Fee (1.00) $10.68406659 (0.094) 90.382 965.65
6-30-92 Contract Fee (1.00) $10.57844592 (0.095) 90.288 955.10
6-30-93 Contract Fee (1.00) $12.45222782 (0.080) 90.207 1,123.28
6-30-94 Contract Fee (1.00) $12.88927833 (0.078) 90.130 1,161.71
6-30-95 Contract Fee (1.00) $13.25551603 (0.075) 90.054 1,193.72
6-30-96 Contract Fee (1.00) $14.26100466 (0.070) 89.984 1,283.27
6-30-97 Contract Fee (1.00) $12.20837742 (0.082) 89.902 1,097.56
6-30-98 Contract Fee (1.00) $9.78641573 (0.102) 89.800 878.82
6-30-99 Contract Fee (1.00) $9.95992913 (0.100) 89.700 893.40
6-30-00 Contract Fee (1.00) $12.03816185 (0.083) 89.617 1,078.82
6-30-00 Value before Surr Chg $12.03816185 0.000 89.617 1,078.82
6-30-00 Surrender Charge $12.03816185 0.000 89.617 1,078.82
Cumulative Total Returns without/with chrgs. 8.92% A 7.88%
Avg. Annual Total Returns without/with chrgs. 0.86% B 0.76%
Real Estate Securities
6-30-90 Purchase $1,000.00 $9.96826982 100.318 100.318 $1,000.00
6-30-91 Contract Fee (1.00) $10.54105535 (0.095) 100.223 1,056.46
6-30-92 Contract Fee (1.00) $11.49829928 (0.087) 100.136 1,151.40
6-30-93 Contract Fee (1.00) $14.16800717 (0.071) 100.066 1,417.73
6-30-94 Contract Fee (1.00) $15.04358687 (0.066) 99.999 1,504.35
6-30-95 Contract Fee (1.00) $15.26348153 (0.066) 99.934 1,525.34
6-30-96 Contract Fee (1.00) $18.03069443 (0.055) 99.878 1,800.88
6-30-97 Contract Fee (1.00) $23.49395950 (0.043) 99.836 2,345.54
6-30-98 Contract Fee (1.00) $24.59942646 (0.041) 99.795 2,454.91
6-30-99 Contract Fee (1.00) $22.09847317 (0.045) 99.750 2,204.32
6-30-00 Contract Fee (1.00) $22.53043514 (0.044) 99.706 2,246.41
6-30-00 Value before Surr Chg $22.53043514 0.000 99.706 2,246.41
6-30-00 Surrender Charge $22.53043514 0.000 99.706 2,246.41
Cumulative Total Returns without/with chrgs. 126.02% A 124.64%
Avg. Annual Total Returns without/with chrgs. 8.50% B 8.43%
<PAGE>
Templeton Global Income Securities
6-30-90 Purchase $1,000.00 $11.12344602 89.900 89.900 $1,000.00
6-30-91 Contract Fee (1.00) $11.72834831 (0.085) 89.815 1,053.38
6-30-92 Contract Fee (1.00) $12.86012139 (0.078) 89.737 1,154.03
6-30-93 Contract Fee (1.00) $13.39288885 (0.075) 89.663 1,200.84
6-30-94 Contract Fee (1.00) $12.90872437 (0.077) 89.585 1,156.43
6-30-95 Contract Fee (1.00) $13.92662712 (0.072) 89.513 1,246.62
6-30-96 Contract Fee (1.00) $14.63294078 (0.068) 89.445 1,308.84
6-30-97 Contract Fee (1.00) $15.53490242 (0.064) 89.381 1,388.52
6-30-98 Contract Fee (1.00) $15.92031454 (0.063) 89.318 1,421.97
6-30-99 Contract Fee (1.00) $15.38332975 (0.065) 89.253 1,373.00
6-30-00 Contract Fee (1.00) $14.96505753 (0.067) 89.186 1,334.67
6-30-00 Value before Surr Chg $14.96505753 0.000 89.186 1,334.67
6-30-00 Surrender Charge $14.96505753 0.000 89.186 1,334.67
Cumulative Total Returns without/with chrgs. 34.54% A 33.47%
Avg. Annual Total Returns without/with chrgs. 3.01% B 2.93%
U.S. Government Securities
6-30-90 Purchase $1,000.00 $10.48523058 95.372 95.372 $1,000.00
6-30-91 Contract Fee (1.00) $11.40133213 (0.088) 95.285 1,086.37
6-30-92 Contract Fee (1.00) $12.67811829 (0.079) 95.206 1,207.03
6-30-93 Contract Fee (1.00) $13.93350457 (0.072) 95.134 1,325.55
6-30-94 Contract Fee (1.00) $13.14635411 (0.076) 95.058 1,249.66
6-30-95 Contract Fee (1.00) $14.61250367 (0.068) 94.989 1,388.03
6-30-96 Contract Fee (1.00) $14.94937719 (0.067) 94.922 1,419.03
6-30-97 Contract Fee (1.00) $15.93540764 (0.063) 94.860 1,511.63
6-30-98 Contract Fee (1.00) $16.99798136 (0.059) 94.801 1,611.42
6-30-99 Contract Fee (1.00) $17.01015460 (0.059) 94.742 1,611.58
6-30-00 Contract Fee (1.00) $17.33749163 (0.058) 94.684 1,641.59
6-30-00 Value before Surr Chg $17.33749163 0.000 94.684 1,641.59
6-30-00 Surrender Charge $17.33749163 0.000 94.684 1,641.59
Cumulative Total Returns without/with chrgs. 65.35% A 64.16%
Avg. Annual Total Returns without/with chrgs. 5.16% B 5.08%
Global Utilties Securities
6-30-90 Purchase $1,000.00 $11.34640394 88.134 88.134 $1,000.00
6-30-91 Contract Fee (1.00) $12.22825951 (0.082) 88.052 1,076.72
6-30-92 Contract Fee (1.00) $14.43256155 (0.069) 87.983 1,269.81
6-30-93 Contract Fee (1.00) $16.75245421 (0.060) 87.923 1,472.92
6-30-94 Contract Fee (1.00) $13.73887371 (0.073) 87.850 1,206.96
6-30-95 Contract Fee (1.00) $15.98888776 (0.063) 87.788 1,403.63
6-30-96 Contract Fee (1.00) $19.01734727 (0.053) 87.735 1,668.49
6-30-97 Contract Fee (1.00) $20.46096625 (0.049) 87.686 1,794.14
6-30-98 Contract Fee (1.00) $25.14633681 (0.040) 87.646 2,203.98
6-30-99 Contract Fee (1.00) $27.97861058 (0.036) 87.611 2,451.22
6-30-00 Contract Fee (1.00) $33.82143591 (0.030) 87.581 2,962.12
6-30-00 Value before Surr Chg $33.82143591 0.000 87.581 2,962.12
6-30-00 Surrender Charge $33.82143591 0.000 87.581 2,962.12
Cumulative Total Returns without/with chrgs. 198.08% A 196.21%
<PAGE>
Avg. Annual Total Returns without/with chrgs. 11.54% B 11.47%
Zero Coupon - 2000
6-30-90 Purchase $1,000.00 $10.61922082 94.169 94.169 $1,000.00
6-30-91 Contract Fee (1.00) $11.38512359 (0.088) 94.081 1,071.12
6-30-92 Contract Fee (1.00) $13.22797909 (0.076) 94.005 1,243.50
6-30-93 Contract Fee (1.00) $15.70468428 (0.064) 93.942 1,475.33
6-30-94 Contract Fee (1.00) $14.82685497 (0.067) 93.874 1,391.86
6-30-95 Contract Fee (1.00) $16.42566708 (0.061) 93.813 1,540.95
6-30-96 Contract Fee (1.00) $16.67285707 (0.060) 93.753 1,563.14
6-30-97 Contract Fee (1.00) $17.44838809 (0.057) 93.696 1,634.85
6-30-98 Contract Fee (1.00) $18.43020119 (0.054) 93.642 1,725.84
6-30-99 Contract Fee (1.00) $18.93698363 (0.053) 93.589 1,772.29
6-30-00 Contract Fee (1.00) $19.41823591 (0.051) 93.538 1,816.33
6-30-00 Value before Surr Chg $19.41823591 0.000 93.538 1,816.33
6-30-00 Surrender Charge $19.41823591 0.000 93.538 1,816.33
Cumulative Total Returns without/with chrgs. 82.86% A 81.63%
Avg. Annual Total Returns without/with chrgs. 6.22% B 6.15%
Zero Coupon - 2005
6-30-90 Purchase $1,000.00 $10.74483661 93.068 93.068 $1,000.00
6-30-91 Contract Fee (1.00) $11.25453642 (0.089) 92.979 1,046.44
6-30-92 Contract Fee (1.00) $13.18596394 (0.076) 92.903 1,225.02
6-30-93 Contract Fee (1.00) $16.79312279 (0.060) 92.844 1,559.14
6-30-94 Contract Fee (1.00) $15.33230284 (0.065) 92.778 1,422.51
6-30-95 Contract Fee (1.00) $18.02682924 (0.055) 92.723 1,671.50
6-30-96 Contract Fee (1.00) $18.17342346 (0.055) 92.668 1,684.09
6-30-97 Contract Fee (1.00) $19.33823644 (0.052) 92.616 1,791.04
6-30-98 Contract Fee (1.00) $21.60457881 (0.046) 92.570 1,999.94
6-30-99 Contract Fee (1.00) $21.53696762 (0.046) 92.524 1,992.68
6-30-00 Contract Fee (1.00) $21.66000607 (0.046) 92.477 2,003.06
6-30-00 Value before Surr Chg $21.66000607 0.000 92.477 2,003.06
6-30-00 Surrender Charge $21.66000607 0.000 92.477 2,003.06
Cumulative Total Returns without/with chrgs. 101.59% A 100.31%
Avg. Annual Total Returns without/with chrgs. 7.26% B 7.19%
Zero Coupon - 2010
6-30-90 Purchase $1,000.00 $10.74826141 93.038 93.038 $1,000.00
6-30-91 Contract Fee (1.00) $10.83146358 (0.092) 92.946 1,006.74
6-30-92 Contract Fee (1.00) $12.78086714 (0.078) 92.868 1,186.93
6-30-93 Contract Fee (1.00) $16.36927460 (0.061) 92.807 1,519.18
6-30-94 Contract Fee (1.00) $14.94287321 (0.067) 92.740 1,385.80
6-30-95 Contract Fee (1.00) $18.53293125 (0.054) 92.686 1,717.74
6-30-96 Contract Fee (1.00) $18.66058029 (0.054) 92.632 1,728.57
6-30-97 Contract Fee (1.00) $20.22618870 (0.049) 92.583 1,872.60
6-30-98 Contract Fee (1.00) $24.13825329 (0.041) 92.541 2,233.79
6-30-99 Contract Fee (1.00) $23.07367289 (0.043) 92.498 2,134.27
6-30-00 Contract Fee (1.00) $22.94105416 (0.044) 92.454 2,121.00
6-30-00 Value before Surr Chg $22.94105416 0.000 92.454 2,121.00
6-30-00 Surrender Charge $22.94105416 0.000 92.454 2,121.00
Cumulative Total Returns without/with chrgs. 113.44% A 112.10%
Avg. Annual Total Returns without/with chrgs. 7.88% B 7.81%
<PAGE>
<FN>
A = (Unit Value as of June 30, 2000 - Unit Value at Purchase)/Unit Value at
Purchase B = [(A+1)^(1/10 Years)]-1 C = (Accumulated Value as of June 30, 2000 -
Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/10 Years)]-1
</FN>
</TABLE>
