<PAGE> 1
SUPPLEMENT DATED NOVEMBER 10, 2000
to
PROSPECTUS DATED MAY 1, 2000
for
Variable Universal Life Insurance Policy
Issued by
MONY Life Insurance Company
MONY Variable Account L
EFFECTIVE NOVEMBER 10, 2000 THIS SUPPLEMENT UPDATES CERTAIN INFORMATION
CONTAINED IN YOUR PROSPECTUS. PLEASE READ IT AND KEEP IT WITH YOUR PROSPECTUS
FOR FUTURE REFERENCE.
New pages C-3 through C-64 are substituted to reflect a change in the
current cost of insurance rates as of November 10, 2000.
Form No. 14429 SL (Supp 11/10/00) Registration No. 333-71417
<PAGE> 2
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY Variable Account L:
Statement of Assets and Liabilities as of June 30, 2000
(unaudited)............................................ F-2
Statement of Operations for the periods ended June 30,
2000 (unaudited)....................................... F-8
Statement of Changes in Net Assets for the periods ended
June 30, 2000 (unaudited).............................. F-14
Notes to Financial Statements (unaudited)................. F-19
With respect to MONY Life Insurance Company:
Unaudited interim condensed consolidated balance sheets as
of June 30, 2000 and December 31, 1999................. F-22
Unaudited interim condensed consolidated statements of
income and comprehensive income for the three-month
periods ended June 30, 2000 and 1999................... F-23
Unaudited interim condensed consolidated statements of
income and comprehensive income for the six-month
periods ended June 30, 2000 and 1999................... F-24
Unaudited interim condensed consolidated statement of
changes in shareholders' equity for the six-month
period ended June 30, 2000............................. F-25
Unaudited interim condensed consolidated statements of
cash flows for the six-month period ended June 30, 2000
and 1999............................................... F-26
Notes to unaudited interim condensed consolidated
financial statements................................... F-27
</TABLE>
F-1
<PAGE> 3
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------
MONY SERIES FUND, INC.
------------------------------------
MONEY LONG TERM GOVERNMENT
MARKET BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 8,720 11 7
====== ===== ======
Investments at cost......................................... $8,720 $ 135 $ 70
====== ===== ======
Investments in respective Funds, at net asset value......... $8,720 $ 135 $ 70
Amount due from MONY........................................ 0 0 0
Amount due from respective Funds............................ 50 0 0
------ ----- ------
Total assets...................................... 8,770 135 70
------ ----- ------
LIABILITIES
Amount due to respective Funds.............................. 0 0 0
Amount due to MONY.......................................... 51 0 0
------ ----- ------
Total liabilities................................. 51 0 0
------ ----- ------
Net assets.................................................. $8,719 $ 135 $ 70
====== ===== ======
Net assets consist of:
Contractholders' net payments............................. $8,689 $ 135 $ 70
Undistributed net investment income (loss)................ 30 0 0
Accumulated net realized gain (loss) on investments....... 0 0 0
Net unrealized appreciation (depreciation) of
investments............................................ 0 0 0
------ ----- ------
Net assets.................................................. $8,719 $ 135 $ 70
====== ===== ======
Number of units outstanding*................................ 869 14 7
------ ----- ------
Net asset value per unit outstanding*....................... $10.03 $9.75 $10.27
====== ===== ======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-2
<PAGE> 4
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL SMALL COMPANY EQUITY EQUITY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH INCOME BALANCED GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ---------- ------------- ---------- ---------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
247 31 81 972 2,673 798 37 101 890
======= ====== ====== ====== ======= ====== ===== ===== ======
$10,917 $ 968 $2,886 $7,996 $16,784 $6,593 $ 191 $ 513 $5,665
======= ====== ====== ====== ======= ====== ===== ===== ======
$11,236 $ 971 $2,846 $7,990 $17,000 $6,988 $ 189 $ 521 $5,637
179 5 27 34 84 12 0 20 54
14 0 1 4 6 0 0 0 5
------- ------ ------ ------ ------- ------ ----- ----- ------
11,429 976 2,874 8,028 17,090 7,000 189 541 5,696
------- ------ ------ ------ ------- ------ ----- ----- ------
179 5 27 34 84 12 0 20 54
15 0 1 5 8 1 0 0 6
------- ------ ------ ------ ------- ------ ----- ----- ------
194 5 28 39 92 13 0 20 60
------- ------ ------ ------ ------- ------ ----- ----- ------
$11,235 $ 971 $2,846 $7,989 $16,998 $6,987 $ 189 $ 521 $5,636
======= ====== ====== ====== ======= ====== ===== ===== ======
$10,894 $ 963 $2,883 $7,995 $16,795 $6,575 $ 191 $ 515 $5,657
(2) 0 (1) (2) (3) (2) 0 0 (1)
24 5 3 2 (10) 18 0 (1) 8
319 3 (39) (6) 216 396 (2) 7 (28)
------- ------ ------ ------ ------- ------ ----- ----- ------
$11,235 $ 971 $2,846 $7,989 $16,998 $6,987 $ 189 $ 521 $5,636
======= ====== ====== ====== ======= ====== ===== ===== ======
1,065 94 286 823 1,661 679 20 52 549
------- ------ ------ ------ ------- ------ ----- ----- ------
$ 10.55 $10.35 $ 9.95 $ 9.70 $ 10.24 $10.29 $9.42 $9.96 $10.27
======= ====== ====== ====== ======= ====== ===== ===== ======
</TABLE>
See notes to financial statements.
F-3
<PAGE> 5
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
----------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------
CAPITAL HIGH MULTI-CAP
APPRECIATION YIELD GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 1,043 36 1,735
====== ====== =======
Investments at cost......................................... $8,162 $ 173 $22,964
====== ====== =======
Investments in respective Funds, at net asset value......... $8,405 $ 173 $23,356
Amount due from MONY........................................ 26 0 206
Amount due from respective Funds............................ 4 0 14
------ ------ -------
Total assets...................................... 8,435 173 23,576
------ ------ -------
LIABILITIES
Amount due to respective Funds.............................. 26 0 206
Amount due to MONY.......................................... 5 0 17
------ ------ -------
Total liabilities................................. 31 0 223
------ ------ -------
Net assets.................................................. $8,404 $ 173 $23,353
====== ====== =======
Net assets consist of:
Contractholders' net payments............................. $8,144 $ 172 $22,903
Undistributed net investment income (loss)................ (2) 1 (5)
Accumulated net realized gain (loss) on investments....... 20 0 63
Net unrealized appreciation (depreciation) of
investments............................................ 242 0 392
------ ------ -------
Net assets.................................................. $8,404 $ 173 $23,353
====== ====== =======
Number of units outstanding*................................ 813 17 2,275
------ ------ -------
Net asset value per unit outstanding*....................... $10.34 $10.11 $ 10.26
====== ====== =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 6
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
----------------------------------------------- ---------------------------------------------------
VIP VIP II VIP III AGGRESSIVE CAPITAL WORLDWIDE
GROWTH CONTRA FUND GROWTH OPPORTUNITIES GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- -------------------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
98 427 96 367 186 309 342
====== ======= ====== ======= ====== ====== =======
$4,897 $10,621 $1,973 $21,385 $5,170 $9,873 $16,733
====== ======= ====== ======= ====== ====== =======
$5,034 $10,695 $1,979 $20,473 $4,901 $9,792 $16,407
40 106 10 20 126 16 120
5 0 5 14 0 4 10
------ ------- ------ ------- ------ ------ -------
5,079 10,801 1,994 20,507 5,027 9,812 16,537
------ ------- ------ ------- ------ ------ -------
40 106 10 20 126 16 120
6 1 5 17 1 5 12
------ ------- ------ ------- ------ ------ -------
46 107 15 37 127 21 132
------ ------- ------ ------- ------ ------ -------
$5,033 $10,694 $1,979 $20,470 $4,900 $9,791 $16,405
====== ======= ====== ======= ====== ====== =======
$4,860 $10,607 $1,964 $19,773 $4,861 $9,825 $16,460
(1) (2) 0 1,463 304 32 228
37 15 9 147 5 15 43
137 74 6 (913) (270) (81) (326)
------ ------- ------ ------- ------ ------ -------
$5,033 $10,694 $1,979 $20,470 $4,900 $9,791 $16,405
====== ======= ====== ======= ====== ====== =======
475 1,052 183 1,861 481 998 1,636
------ ------- ------ ------- ------ ------ -------
$10.59 $ 10.16 $10.81 $ 11.00 $10.19 $ 9.81 $ 10.03
====== ======= ====== ======= ====== ====== =======
</TABLE>
See notes to financial statements.
F-5
<PAGE> 7
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------
DREYFUS
-----------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
----------- --------------
<S> <C> <C>
ASSETS
Shares held in respective Funds............................. 250 20
====== ======
Investments at cost......................................... $9,554 $ 782
====== ======
Investments in respective Funds, at net asset value......... $9,488 $ 782
Amount due from MONY........................................ 59 54
Amount due from respective Funds............................ 2 10
------ ------
Total assets...................................... 9,549 846
------ ------
LIABILITIES
Amount due to respective Funds.............................. 59 54
Amount due to MONY.......................................... 3 10
------ ------
Total liabilities................................. 62 64
------ ------
Net assets.................................................. $9,487 $ 782
====== ======
Net assets consist of:
Contractholders' net payments............................. $9,515 $ 775
Undistributed net investment income....................... 21 0
Accumulated net realized gain (loss) on investments....... 17 7
Net unrealized appreciation (depreciation) of
investments............................................ (66) 0
------ ------
Net assets.................................................. $9,487 $ 782
====== ======
Number of units outstanding*................................ 920 74
------ ------
Net asset value per unit outstanding*....................... $10.31 $10.54
====== ======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-6
<PAGE> 8
(This page intentionally left blank)
F-7
<PAGE> 9
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------------------------
MONY SERIES FUND, INC.
----------------------
MONEY LONG TERM GOVERNMENT
MARKET BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JUNE 8, 2000** JUNE 9, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
Dividend income............................................. $32 $ 0 $ 0
Distribution from capital gains............................. 0 0 0
Mortality and expense risk charges.......................... (2) 0 0
--- --- ---
Net investment income (loss)................................ 30 0 0
--- --- ---
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments................... 0 0 0
Net change in unrealized appreciation (depreciation) of
investments............................................ 0 0 0
--- --- ---
Net realized and unrealized gain (loss) on investments...... 0 0 0
--- --- ---
Net increase (decrease) in net assets resulting from
operations................................................ $30 $ 0 $ 0
=== === ===
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-8
<PAGE> 10
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL SMALL COMPANY EQUITY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 5, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000** MAY 3, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
0 0 0 0 0 0 0
(2) 0 (1) (2) (3) (2) 0
---- --- ---- --- ---- ---- ---
(2) 0 (1) (2) (3) (2) 0
---- --- ---- --- ---- ---- ---
24 5 3 2 (10) 18 0
319 3 (39) (6) 216 396 (2)
---- --- ---- --- ---- ---- ---
343 8 (36) (4) 206 414 (2)
---- --- ---- --- ---- ---- ---
$341 $ 8 $(37) $(6) $203 $412 $(2)
==== === ==== === ==== ==== ===
<CAPTION>
MONY CUSTOM EQUITY MASTER
--- --------------------------------
ENTERPRISE ACCUMULATION TRUST
--- --------------------------------
EQUITY EQUITY
BALANCED GROWTH & INCOME
SUBACCOUNT SUBACCOUNT
-------------- ---------------
FOR THE PERIOD FOR THE PERIOD
MAY 16, 2000** MAY 3, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ 0 $ 0
0 0
0 (1)
--- ----
0 (1)
--- ----
(1) 8
7 (28)
--- ----
6 (20)
--- ----
$ 6 $(21)
=== ====
</TABLE>
See notes to financial statements.
F-9
<PAGE> 11
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------
CAPITAL HIGH MULTI-CAP
APPRECIATION YIELD GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 4, 2000** JUNE 8, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
Dividend income............................................ $ 0 $1 $ 0
Distribution from capital gains............................ 0 0 0
Mortality and expense risk charges......................... (2) 0 (5)
---- -- ----
Net investment income (loss)............................... (2) 1 (5)
---- -- ----
Realized and unrealized gain (loss) on investments:
Net realized gain on investments......................... 20 0 63
Net change in unrealized appreciation (depreciation) of
investments............................................ 242 0 392
---- -- ----
Net realized and unrealized gain (loss) on investments..... 262 0 455
---- -- ----
Net increase (decrease) in net assets resulting from
operations............................................... $260 $1 $450
==== == ====
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-10
<PAGE> 12
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
---------------------------------------------------------- -----------------------------------------------------------------
VIP VIP II VIP III AGGRESSIVE CAPITAL WORLDWIDE
GROWTH CONTRA FUND GROWTH OPPORTUNITIES GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 17, 2000** MAY 11, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $1,001 $ 80 $ 30 $ 58
0 0 0 467 225 4 174
(1) (2) 0 (5) (1) (2) (4)
---- --- --- ------ ----- ---- -----
(1) (2) 0 1,463 304 32 228
---- --- --- ------ ----- ---- -----
37 15 9 147 5 15 43
137 74 6 (913) (270) (81) (326)
---- --- --- ------ ----- ---- -----
174 89 15 (766) (265) (66) (283)
---- --- --- ------ ----- ---- -----
$173 $87 $15 $ 697 $ 39 $(34) $ (55)
==== === === ====== ===== ==== =====
</TABLE>
See notes to financial statements.
F-11
<PAGE> 13
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------
DREYFUS
--------------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 11, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
Dividend income............................................. $ 22 $0
Distribution from capital gains............................. 0 0
Mortality and expense risk charges.......................... (1) 0
---- --
Net investment income....................................... 21 0
---- --
Realized and unrealized gain (loss) on investments:
Net realized gain on investments.......................... 17 7
Net change in unrealized depreciation of investments...... (66) 0
---- --
Net realized and unrealized gain (loss) on investments...... (49) 7
---- --
Net increase (decrease) in net assets resulting from
operations................................................ $(28) $7
==== ==
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-12
<PAGE> 14
(This page intentionally left blank)
F-13
<PAGE> 15
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------
MONEY LONG TERM GOVERNMENT
MARKET BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JUNE 8, 2000** JUNE 9, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss).............................. $ 30 $ 0 $ 0
Net realized gain (loss) on investments................... 0 0 0
Net change in unrealized appreciation (depreciation) of
investments............................................ 0 0 0
------ ---- ---
Net increase (decrease) in net assets resulting from
operations................................................ 30 0 0
------ ---- ---
From unit transactions:
Net proceeds from the issuance of units................... 9,176 147 85
Net asset value of units redeemed or used to meet contract
obligations............................................ (487) (12) (15)
------ ---- ---
Net increase from unit transactions....................... 8,689 135 70
------ ---- ---
Net increase in net assets................................ 8,719 135 70
Net assets beginning of period............................ 0 0 0
------ ---- ---
Net assets end of period*................................... $8,719 $135 $70
====== ==== ===
Unit transactions:
Units outstanding beginning of period..................... 0 0 0
Units issued during the period............................ 918 15 8
Units redeemed during the period.......................... (49) (1) (1)
------ ---- ---
Units outstanding end of period............................. 869 14 7
====== ==== ===
---------------
* Includes undistributed net investment income of: $ 30 $ 0 $ 0
====== ==== ===
** Commencement of operations
</TABLE>
See notes to financial statements.
F-14
<PAGE> 16
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------------------
SMALL SMALL
COMPANY INTERNATIONAL COMPANY EQUITY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 5, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000** MAY 3, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ (2) $ 0 $ (1) $ (2) $ (3) $ (2) $ 0
24 5 3 2 (10) 18 0
319 3 (39) (6) 216 396 (2)
------- ------ ------ ------ ------- ------ ----
341 8 (37) (6) 203 412 (2)
------- ------ ------ ------ ------- ------ ----
11,454 1,112 3,036 8,494 17,589 7,129 227
(560) (149) (153) (499) (794) (554) (36)
------- ------ ------ ------ ------- ------ ----
10,894 963 2,883 7,995 16,795 6,575 191
------- ------ ------ ------ ------- ------ ----
11,235 971 2,846 7,989 16,998 6,987 189
0 0 0 0 0 0 0
------- ------ ------ ------ ------- ------ ----
$11,235 $ 971 $2,846 $7,989 $16,998 $6,987 $189
======= ====== ====== ====== ======= ====== ====
0 0 0 0 0 0 0
1,119 107 296 874 1,738 733 24
(54) (13) (10) (51) (77) (54) (4)
------- ------ ------ ------ ------- ------ ----
1,065 94 286 823 1,661 679 20
======= ====== ====== ====== ======= ====== ====
$ (2) $ 0 $ (1) $ (2) $ (3) $ (2) $ 0
======= ====== ====== ====== ======= ====== ====
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------
EQUITY
EQUITY GROWTH &
BALANCED INCOME
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 16, 2000** MAY 3, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ 0 $ (1)
(1) 8
7 (28)
---- ------
6 (21)
---- ------
583 6,092
(68) (435)
---- ------
515 5,657
---- ------
521 5,636
0 0
---- ------
$521 $5,636
==== ======
0 0
59 588
(7) (39)
---- ------
52 549
==== ======
$ 0 $ (1)
==== ======
</TABLE>
See notes to financial statements.
F-15
<PAGE> 17
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------
CAPITAL HIGH MULTI-CAP
APPRECIATION YIELD GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 4, 2000** JUNE 8, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss).............................. $ (2) $ 1 $ (5)
Net realized gain on investments.......................... 20 0 63
Net change in unrealized appreciation (depreciation) of
investments............................................ 242 0 392
------ ---- -------
Net increase (decrease) in net assets resulting from
operations................................................ 260 1 450
------ ---- -------
From unit transactions:
Net proceeds from the issuance of units................... 8,622 187 23,956
Net asset value of units redeemed or used to meet contract
obligations............................................ (478) (15) (1,053)
------ ---- -------
Net increase from unit transactions....................... 8,144 172 22,903
------ ---- -------
Net increase in net assets................................ 8,404 173 23,353
Net assets beginning of period............................ 0 0 0
------ ---- -------
Net assets end of period*................................... $8,404 $173 $23,353
====== ==== =======
Unit transactions:
Units outstanding beginning of period..................... 0 0 0
Units issued during the period............................ 859 19 2,375
Units redeemed during the period.......................... (46) (2) (100)
------ ---- -------
Units outstanding end of period............................. 813 17 2,275
====== ==== =======
---------------
* Includes undistributed net investment income (loss) of: $ (2) $ 1 $ (5)
====== ==== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-16
<PAGE> 18
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
------------------------------------------------ -----------------------------------------------------------------
VIP III
VIP VIP II GROWTH AGGRESSIVE CAPITAL WORLDWIDE
GROWTH CONTRA FUND OPPORTUNITIES GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 17, 2000** MAY 11, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ (1) $ (2) $ 0 $ 1,463 $ 304 $ 32 $ 228
37 15 9 147 5 15 43
137 74 6 (913) (270) (81) (326)
------ ------- ------ ------- ------ ------- -------
173 87 15 697 39 (34) (55)
------ ------- ------ ------- ------ ------- -------
5,353 10,978 2,081 20,958 5,018 10,376 17,155
(493) (371) (117) (1,185) (157) (551) (695)
------ ------- ------ ------- ------ ------- -------
4,860 10,607 1,964 19,773 4,861 9,825 16,460
------ ------- ------ ------- ------ ------- -------
5,033 10,694 1,979 20,470 4,900 9,791 16,405
0 0 0 0 0 0 0
------ ------- ------ ------- ------ ------- -------
$5,033 $10,694 $1,979 $20,470 $4,900 $ 9,791 $16,405
====== ======= ====== ======= ====== ======= =======
0 0 0 0 0 0 0
520 1,089 194 1,964 495 1,053 1,689
(45) (37) (11) (103) (14) (55) (53)
------ ------- ------ ------- ------ ------- -------
475 1,052 183 1,861 481 998 1,636
====== ======= ====== ======= ====== ======= =======
$ (1) $ (2) $ 0 $ 1,463 $ 304 $ 32 $ 228
====== ======= ====== ======= ====== ======= =======
</TABLE>
See notes to financial statements.
F-17
<PAGE> 19
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------
DREYFUS
-------------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 11, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
From operations:
Net investment income..................................... $ 21 $ 0
Net realized gain on investments.......................... 17 7
Net change in unrealized depreciation of investments...... (66) 0
------- ----
Net increase (decrease) in net assets resulting from
operations............................................. (28) 7
------- ----
From unit transactions:
Net proceeds from the issuance of units................... 10,129 899
Net asset value of units redeemed or used to meet contract
obligations............................................ (614) (124)
------- ----
Net increase from unit transactions......................... 9,515 775
------- ----
Net increase in net assets.................................. 9,487 782
Net assets beginning of period.............................. 0 0
------- ----
Net assets end of period*................................... $ 9,487 $782
======= ====
Unit transactions:
Units outstanding beginning of period..................... 0 0
Units issued during the period............................ 974 85
Units redeemed during the period.......................... (54) (11)
------- ----
Units outstanding end of period............................. 920 74
======= ====
---------------
* Includes undistributed net investment income (loss) of: $ 9,549 $846
======= ====
** Commencement of operations
</TABLE>
See notes to financial statements.
F-18
<PAGE> 20
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY Variable Account L (the "Variable Account") is a separate investment
account established on November 28, 1990 by MONY Life Insurance Company
("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used to support Flexible Premium Variable Life Insurance policies, which include
Variable Life (Strategist) Variable Universal Life (MONYEquity Master, MONY
Custom Equity Master and MONY Custom Estate Master). These policies are issued
by MONY. For presentation purposes, the information related only to the Variable
Universal Life Insurance policies (MONY Custom Equity Master) is presented here.
There are twenty-five MONY Custom Equity Master Subaccounts within the
Variable Account, each of which invests only in a corresponding portfolio of the
MONY Series Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust
("Enterprise"), Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen
Series (collectively, the "Funds"). Twenty-four subaccounts of the MONY Custom
Equity Master commenced operations as of June 30, 2000 The Funds are registered
under the 1940 Act as an open end, diversified, management investment companies
The Fund and Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investment:
The investment in shares of each of the respective Funds' portfolio is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized capital gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based on
current tax law, to incur any income tax burden upon the
F-19
<PAGE> 21
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for Federal income tax purposes.
3. RELATED PARTY TRANSACTIONS:
MONY is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY. A surrender
charge may be imposed by MONY when a full or partial surrender is requested by
the policyholders. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for the MONY Custom Equity Master
Subaccounts for the six months ended June 30, 2000 aggregated $9,658.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.35% of the average daily net assets of
each of the MONY Custom Estate Master subaccounts. As investment adviser to the
Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the period ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio................................... $ 9,176 $ 488
Long Term Bond........................................... 147 11
Government Securities.................................... 84 15
Enterprise Accumulation Trust
Equity Portfolio......................................... 11,454 561
Small Company Value Portfolio............................ 1,113 149
Managed Portfolio........................................ 3,036 153
International Growth Portfolio........................... 8,495 500
Growth Portfolio......................................... 17,589 795
Small Company Growth Portfolio........................... 7,129 555
Equity Income Portfolio.................................. 253 62
Capital Appreciation Portfolio........................... 8,896 753
Multi-Cap Growth Subaccount.............................. 24,222 1,321
High Yield Subaccount.................................... 187 15
</TABLE>
F-20
<PAGE> 22
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
Balanced Subaccount...................................... $ 608 $ 94
Growth & Income Portfolio................................ 6,131 474
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio..................................... 5,536 676
VIP III Growth Opportunities Portfolio................... 2,095 130
VIP II Contra Fund....................................... 11,046 485
Janus Aspen Series
Aggressive Growth Portfolio.............................. 21,379 1,609
Balanced Portfolio....................................... 5,119 258
Capital Appreciation Portfolio........................... 10,452 628
Worldwide Growth Portfolio............................... 17,181 722
Dreyfus
Dreyfus Stock Index...................................... 10,298 783
Dreyfus Social Responsibility............................ 1,158 383
</TABLE>
F-21
<PAGE> 23
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
--------- ------------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
Investments:
Fixed maturity securities available for sale, at fair
value.................................................. $ 2,951.9 $ 3,066.7
Equity securities available for sale, at fair value....... 532.5 519.8
Mortgage loans on real estate............................. 1,334.0 1,270.4
Policy loans.............................................. 75.6 69.1
Real estate to be disposed of............................. 306.5 300.9
Real estate held for investment........................... 46.5 46.2
Other invested assets..................................... 66.7 37.9
--------- ---------
$ 5,313.7 $ 5,311.0
========= =========
Cash and cash equivalents................................... 85.6 232.6
Accrued investment income................................... 79.5 74.6
Amounts due from reinsurers................................. 492.6 488.0
Deferred policy acquisition costs........................... 614.3 558.3
Other assets................................................ 522.9 365.4
Assets transferred in Group Pension Transaction (Note 4).... 4,972.2 5,109.8
Separate account assets..................................... 6,176.6 6,398.3
Closed Block assets (Note 6)................................ 6,157.3 6,182.1
--------- ---------
Total assets........................................... $24,414.7 $24,720.1
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Future policy benefits...................................... $ 974.7 $ 954.3
Policyholders' account balances............................. 1,914.9 1,942.9
Other policyholders' liabilities............................ 110.4 120.4
Amounts due to reinsurers................................... 86.0 83.8
Accounts payable and other liabilities...................... 550.6 581.1
Short-term debt............................................. 52.8 53.4
Long-term debt.............................................. 229.9 245.4
Current federal income taxes payable........................ 162.7 147.4
Liabilities transferred in Group Pension Transaction (Note
4)........................................................ 4,984.4 5,099.1
Separate account liabilities................................ 6,174.2 6,396.2
Closed Block liabilities (Note 6)........................... 7,267.3 7,303.3
--------- ---------
Total liabilities...................................... $22,507.9 $22,927.3
========= =========
Commitments and contingencies (Note 5)
Common stock, $1.0 par value; 2.5 million shares authorized
and outstanding........................................... $ 2.5 $ 2.5
Capital in excess of par.................................... 1,628.6 1,563.6
Retained earnings........................................... 330.9 256.1
Accumulated other comprehensive (loss)...................... (55.2) (29.4)
--------- ---------
Total shareholders' equity............................. 1,906.8 1,792.8
--------- ---------
Total liabilities and shareholders' equity............. $24,414.7 $24,720.1
========= =========
</TABLE>
See accompanying notes to unaudited interim condensed consolidated financial
statements.
F-22
<PAGE> 24
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
--------- ---------
($ IN MILLIONS, EXCEPT
SHARE DATA AND PER
SHARE AMOUNTS)
<S> <C> <C>
REVENUES:
Premiums.................................................... $ 28.6 $ 20.9
Universal life and investment-type product policy fees...... 55.9 52.5
Net investment income....................................... 129.2 102.6
Net realized (losses)/gains on investments.................. (4.5) 41.7
Group Pension Profits (Note 4).............................. 8.1 12.0
Other income................................................ 61.8 49.7
Contribution from the Closed Block (Note 6)................. 10.8 11.4
------ ------
289.9 290.8
------ ------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 41.8 33.5
Interest credited to policyholders' account balances........ 23.7 26.4
Amortization of deferred policy acquisition costs........... 22.9 15.4
Dividends to policyholders.................................. 0.6 0.7
Other operating costs and expenses.......................... 128.8 122.7
------ ------
217.8 198.7
------ ------
Income before income taxes.................................. 72.1 92.1
Income tax expense.......................................... 23.4 30.8
------ ------
Net income.................................................. 48.7 61.3
------ ------
Other comprehensive loss, net............................... (10.9) (57.1)
------ ------
Comprehensive income........................................ $ 37.8 $ 4.2
====== ======
</TABLE>
See accompanying notes to unaudited interim condensed consolidated financial
statements.
F-23
<PAGE> 25
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
--------- ----------
($ IN MILLIONS, EXCEPT
SHARE DATA AND PER
SHARE AMOUNTS)
<S> <C> <C>
REVENUES:
Premiums.................................................... $ 57.9 $ 44.2
Universal life and investment-type product policy fees...... 105.8 97.9
Net investment income....................................... 383.3 196.8
Net realized gains on investments........................... 16.6 70.6
Group Pension Profits (Note 4).............................. 18.2 26.3
Other income................................................ 120.6 91.7
Contribution from the Closed Block (Note 6)................. 21.4 21.9
------ -------
723.8 549.4
------ -------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 80.9 73.4
Interest credited to policyholders' account balances........ 49.9 54.3
Amortization of deferred policy acquisition costs........... 42.8 32.2
Dividends to policyholders.................................. 1.2 0.7
Other operating costs and expenses.......................... 264.8 226.5
------ -------
439.6 387.1
------ -------
Income before income taxes and extraordinary item........... 284.2 162.3
Income tax expense.......................................... 97.7 55.4
------ -------
Income before extraordinary item............................ 186.5 106.9
------ -------
Extraordinary loss, net of tax.............................. 36.7 --
------ -------
Net income.................................................. 149.8 106.9
------ -------
Other comprehensive loss, net............................... (25.8) (112.2)
------ -------
Comprehensive income/(loss)................................. $124.0 $ (5.3)
====== =======
</TABLE>
See accompanying notes to unaudited interim condensed consolidated financial
statements.
F-24
<PAGE> 26
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN SHAREHOLDERS' EQUITY
SIX-MONTH PERIOD ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
ACCUMULATED
CAPITAL OTHER TOTAL
COMMON IN EXCESS RETAINED COMPREHENSIVE SHAREHOLDERS'
STOCK OF PAR EARNINGS INCOME EQUITY
------ --------- -------- ------------- -------------
($ IN MILLIONS)
<S> <C> <C> <C> <C> <C>
BALANCE, DECEMBER 31, 1999............... $2.5 $1,563.6 $256.1 $(29.4) $1,792.8
Capital Contribution..................... 65.0 65.0
Dividends Payable........................ (75.0) (75.0)
Comprehensive income/(loss)..............
Net income.......................... 149.8 149.8
Other comprehensive loss(1)......... (25.8) (25.8)
--------
Comprehensive income..................... 114.0
---- -------- ------ ------ --------
BALANCE, JUNE 30, 2000................... $2.5 $1,628.6 $330.9 $(55.2) $1,906.8
==== ======== ====== ====== ========
</TABLE>
---------------
(1) Represents unrealized losses on investments, net of unrealized gains,
reclassification adjustments, and taxes.
See accompanying notes to unaudited interim condensed consolidated financial
statements.
F-25
<PAGE> 27
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
--------- -------
($ IN MILLIONS)
<S> <C> <C>
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES......... $ (62.4) $ 74.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayment of:
Fixed maturities securities............................... 321.7 344.7
Equity securities......................................... 243.8 126.9
Mortgage loans on real estate............................. 68.5 74.9
Real estate............................................... 5.0 169.4
Other invested assets..................................... 1.6 4.1
Acquisitions of investments:
Fixed maturities securities............................... (224.0) (381.6)
Equity securities......................................... (70.9) (68.4)
Mortgage loans on real estate............................. (128.9) (231.5)
Real estate............................................... (25.5) (15.2)
Other invested assets..................................... (17.4) (2.4)
Policy loans, net......................................... (6.6) (22.5)
Other, net................................................ (150.0) (0.6)
Property, plant and equipment, net.......................... (15.8) (27.6)
--------- -------
Net cash provided by/(used in) investing activities......... $ 1.5 $ (29.8)
--------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of debt............................................ 215.0 --
Repayments of debt.......................................... (286.2) (29.8)
Receipts from annuity and universal life policies credited
to policyholder account balances.......................... 1,315.4 831.7
Return of policyholder's account balances on annuity and
universal life policies................................... (1,320.3) (828.0)
Capital Contribution........................................ 65.0 --
Dividends paid to shareholders.............................. (75.0)
--------- -------
Net cash (used in) financing activities..................... (86.1) (26.1)
--------- -------
Net (decrease)/increase in cash and cash equivalents........ (147.0) 18.6
Cash and cash equivalents, beginning of year................ 232.6 270.2
--------- -------
Cash and cash equivalents, end of period.................... $ 85.6 $ 288.8
========= =======
</TABLE>
See accompanying notes to unaudited interim condensed consolidated financial
statements.
F-26
<PAGE> 28
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
1. ORGANIZATION AND DESCRIPTION OF BUSINESS:
On November 16, 1998, pursuant to its Plan of Reorganization (the "Plan")
which was approved by the New York Superintendent of Insurance on the same day
(the "Plan Effective Date"), The Mutual Life Insurance Company of New York
("MONY") converted from a mutual life insurance company to a stock life
insurance company (the "Demutualization") and became a wholly owned subsidiary
of The MONY Group Inc., (the "MONY Group" or the "Holding Company"), a Delaware
corporation organized on June 24, 1997 for the purpose of becoming the parent
holding company of MONY. The MONY Group has no other operations or subsidiaries.
In connection with the Plan, MONY established a closed block to fund the
guaranteed benefits and dividends of certain participating insurance policies,
and eligible policyholders received cash, policy credits, or shares of common
stock of the MONY Group in exchange for their membership interests in MONY.
Also, on November 16, 1998, the MONY Group consummated an initial public
offering (the "Offerings") of approximately 12.9 million shares of its common
stock and MONY changed its name to MONY Life Insurance Company (MONY Life
Insurance Company and its subsidiaries are hereafter referred to as "MONY
Life"). The shares of common stock issued in the Offerings are in addition to
approximately 34.3 million shares of common stock of the MONY Group distributed
to the aforementioned policyholders. The Plan and the Offerings are hereafter
collectively referred to as the "Transaction". During 1999, the Company
increased the number of its common shares authorized and outstanding from 2.0
million to 2.5 million in order to comply with regulatory requirements.
MONY Life and its subsidiaries (hereafter collectively referred to as the
"Company"), is primarily engaged in the business of providing a wide range of
life insurance, annuity, and investment products and services to higher income
individuals, particularly family builders, pre-retirees, and small business
owners (see Note 3). The Company distributes its products primarily through its
career agency sales force and various complementary distribution channels. These
include sales of mutual funds sold by Enterprise Capital Management through
third-party broker dealers, sales of protection products sold by U.S. Financial
Life Insurance Company ("USFL") through brokerage general agencies, sales of
corporate-owned life insurance ("COLI") products by the Company's corporate
marketing team and sales of a variety of financial products and services through
the Company's Trusted Securities Advisors Corp. subsidiary. The Company
primarily sells its products in all 50 of the United States, the District of
Columbia, the U.S. Virgin Islands, Guam and the Commonwealth of Puerto Rico.
2. BASIS OF PRESENTATION:
The accompanying unaudited interim condensed consolidated financial
statements have been prepared in conformity with generally accepted accounting
principles in the United States ("GAAP"). The preparation of financial
statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. In the opinion of management these statements include all
normal recurring adjustments necessary to present fairly the financial position,
results of operations and cash flows of the Company for the periods presented.
These statements should be read in conjunction with the consolidated financial
statements of the Company for the year ended December 31, 1999. The results of
operations for the three-month and six-month periods ended June 30, 2000 are not
necessarily indicative of the results to be expected for the full year. Certain
reclassifications have been made in the amounts presented for the comparative
prior periods to conform those periods to the current presentation.
F-27
<PAGE> 29
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
3. SEGMENT INFORMATION:
The Company's business activities consist of the following: protection
product operations, accumulation product operations, mutual fund operations,
securities broker-dealer operations, insurance brokerage operations, and certain
insurance lines of business no longer written by the Company (the "run-off
businesses"). These business activities represent the Company's operating
segments. Except as discussed below, these segments are managed separately
because they either provide different products or services, are subject to
different regulation, require different strategies, or have different technology
requirements.
Management considers the Company's mutual fund operations to be an integral
part of the products offered by the Company's accumulation products segment. The
Company's mutual fund operation, which is conducted through its Enterprise
Capital Management subsidiary, offers proprietary mutual funds directly to
retail customers as well as proprietary and non-proprietary mutual funds through
products marketed by the accumulation products segment. Accordingly, for
management purposes (including performance assessment and making decisions
regarding the allocation of resources) the Company aggregates its mutual fund
operations with its accumulation products segment.
Of the aforementioned segments, only the protection products segment and
the accumulation products segment qualify as reportable segments in accordance
with FASB Statement No. 131. All of the Company's other segments are combined
and reported in an other products segment.
Products comprising the protection products segment primarily include a
wide range of insurance products, including; whole life, term life, universal
life, variable universal life, corporate-owned life insurance, last survivor
variable universal life, group universal life and special-risk products. In
addition, included in the protection products segment are: (i) the assets and
liabilities transferred pursuant to the Group Pension Transaction, as well as
the Group Pension Profits (see Note 4) and (ii) the Closed Block assets and
liabilities, as well as the Contribution from the Closed Block (see Note 6). The
Protection Products segment also includes the in-force business from sales of
last survivor universal life and last survivor whole life. In its Accumulation
Products segment, the Company primarily offers flexible premium variable
annuities and proprietary retail mutual funds. The Accumulation Products segment
also includes the in-force business from single premium deferred annuities and
immediate annuities. The Company's other products segment primarily consists of
the securities broker-dealer operation, the insurance brokerage operation, and
the run-off businesses. The securities broker-dealer operation markets the
Company's proprietary investment products and, in addition, provides customers
of the Company's protection and accumulation products access to other
non-proprietary investment products (including stocks, bonds, limited
partnership interests, tax-exempt unit investment trusts and other investment
securities). The insurance brokerage operation provides the Company's field
agency force with access to life, annuity, small group health and specialty
insurance products written by other carriers to meet the insurance and
investment needs of its customers. The run-off businesses primarily consist of
group life and health business, as well as group pension business that was not
included in the Group Pension Transaction (see Note 4).
Set forth in the table below is certain financial information with respect
to the Company's operating segments as of June 30, 2000 and December 31, 1999
and for the three-month and six-month periods ended June 30, 2000 and 1999, as
well as amounts not allocated to the segments. The Company evaluates the
performance of each operating segment based on profit or loss from operations
before income taxes and certain nonrecurring items (e.g. items of an unusual or
infrequent nature). In addition, all segment revenues are from external
customers.
Assets have been allocated to the segments in amounts sufficient to support
the associated liabilities of each segment. In addition, capital is allocated to
each segment in amounts sufficient to maintain a targeted regulatory risk-based
capital ("RBC") level for each segment. Allocations of net investment income and
net
F-28
<PAGE> 30
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
realized gains on investments were based on the amount of assets allocated to
each segment. Other costs and operating expenses were allocated to each of the
segments based on: (i) a review of the nature of such costs, (ii) time studies
analyzing the amount of employee compensation costs incurred by each segment,
and (iii) cost estimates included in the Company's product pricing.
Substantially all non-cash transactions and impaired real estate (including real
estate acquired in satisfaction of debt) are included in the protection products
segment.
Amounts reported as "reconciling amounts" in the table below represent
amounts not allocated to segments and primarily relate to: (i) certain expenses
relating to the Company's employee benefit plans.
SEGMENT SUMMARY FINANCIAL INFORMATION
<TABLE>
<CAPTION>
FOR THE THREE-MONTH FOR THE SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
-------------------- -----------------
2000 1999 2000 1999
-------- -------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C> <C>
PREMIUMS:
Protection Products(1)............................ $ 26.5 $ 18.8 $ 53.3 $ 39.3
Accumulation Products............................. 0.3 0.4 0.4 0.8
Other Products.................................... 1.8 1.7 4.2 4.1
------ ------ ------ ------
$ 28.6 $ 20.9 $ 57.9 $ 44.2
====== ====== ====== ======
UNIVERSAL LIFE AND INVESTMENT-TYPE PRODUCT POLICY
FEES:
Protection Products............................... $ 38.2 $ 33.8 $ 68.5 $ 61.6
Accumulation Products............................. 17.6 18.8 36.5 36.0
Other Products.................................... 0.1 (0.1) 0.8 0.3
------ ------ ------ ------
$ 55.9 $ 52.5 $105.8 $ 97.9
====== ====== ====== ======
NET INVESTMENT INCOME AND NET REALIZED GAINS
(LOSSES) ON INVESTMENTS:
Protection Products(2)............................ $ 81.9 $ 96.0 $271.6 $178.0
Accumulation Products............................. 25.6 32.6 76.2 61.5
Other Products.................................... 12.5 17.0 46.2 27.9
Reconciling amounts............................... 4.7 (1.3) 5.9
------ ------ ------ ------
$124.7 $144.3 $399.9 $267.4
====== ====== ====== ======
OTHER INCOME:
Protection Products(3)(9)......................... $ 27.4 $ 27.2 $ 51.4 $ 55.3
Accumulation Products............................. 31.4 23.1 62.7 44.0
Other Products.................................... 21.2 21.7 44.1 38.5
Reconciling amounts............................... 0.7 1.1 2.0 2.1
------ ------ ------ ------
$ 80.7 $ 73.1 $160.2 $139.9
====== ====== ====== ======
AMORTIZATION OF DEFERRED POLICY ACQUISITION COSTS:
Protection Products(13)........................... $ 15.8 $ 8.2 $ 28.2 $ 17.3
Accumulation Products............................. 7.1 7.2 14.6 14.9
------ ------ ------ ------
$ 22.9 $ 15.4 $ 42.8 $ 32.2
====== ====== ====== ======
</TABLE>
F-29
<PAGE> 31
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
FOR THE THREE-MONTH FOR THE SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
-------------------- -----------------
2000 1999 2000 1999
-------- -------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C> <C>
BENEFITS TO POLICYHOLDERS:(4)
Protection Products............................... $ 38.3 $ 33.6 $ 78.3 $ 73.7
Accumulation Products............................. 19.2 19.0 37.0 37.3
Other Products.................................... 5.3 7.3 11.7 14.4
Reconciling amounts............................... 2.7 -- 3.8 2.3
------ ------ ------ ------
$ 65.5 $ 59.9 $130.8 $127.7
====== ====== ====== ======
DIVIDENDS TO POLICYHOLDERS:
Protection Products............................... $ (0.2) $ (0.1) $ (0.2) $ (0.8)
Accumulation Products............................. 0.4 0.5 0.8 0.9
Other Products.................................... 0.4 0.3 0.6 0.6
------ ------ ------ ------
$ 0.6 $ 0.7 $ 1.2 $ 0.7
====== ====== ====== ======
OTHER OPERATING COSTS AND EXPENSES:
Protection Product................................ $ 67.1 $ 70.7 $144.4 $130.8
Accumulation Products............................. 31.0 27.8 60.9 51.2
Other Products.................................... 26.0 24.2 53.6 44.5
Reconciling amounts............................... 4.7 -- 5.9 --
------ ------ ------ ------
$128.8 $122.7 $264.8 $226.5
====== ====== ====== ======
INCOME BEFORE INCOME TAXES:
Protection Products............................... $ 53.0 $ 63.4 $194.1 $113.2
Accumulation Products............................. 17.2 20.4 62.5 38.0
Other Products.................................... 3.9 8.5 29.4 11.3
Reconciling amounts............................... (2.0) (0.2) (1.8) (0.2)
------ ------ ------ ------
$ 72.1 $ 92.1 $284.2 $162.3
====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
AS OF AS OF
JUNE 30, DECEMBER 31,
2000 1999
--------- ------------
<S> <C> <C>
ASSETS:(7)
Protection Products(5)(10).................................. $16,273.9 $16,181.4
Accumulation Products....................................... 5,922.7 6,175.0
Other Products.............................................. 1,126.8 1,187.6
Reconciling amounts......................................... 1,091.3 1,176.1
--------- ---------
$24,414.7 $24,720.1
========= =========
DEFERRED POLICY ACQUISITION COSTS:
Protection Products(11)..................................... $ 1,124.0 $ 1,094.9
Accumulation Products....................................... 154.7 153.3
--------- ---------
$ 1,278.7 $ 1,248.2
========= =========
</TABLE>
F-30
<PAGE> 32
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
AS OF AS OF
JUNE 30, DECEMBER 31,
2000 1999
--------- ------------
<S> <C> <C>
POLICYHOLDERS LIABILITIES:
Protection Products(6)(12).................................. $10,211.5 $10,231.7
Accumulation Products....................................... 1,157.5 1,236.3
Other Products.............................................. 395.2 418.9
Reconciling amounts......................................... 17.0 17.4
--------- ---------
$11,781.2 $11,904.3
========= =========
SEPARATE ACCOUNT LIABILITIES:(7)
Protection Products(8)...................................... $ 3,885.4 $ 3,843.5
Accumulation Products....................................... 4,337.7 4,548.9
Other Products.............................................. 547.2 604.2
Reconciling amounts......................................... 829.7 832.3
--------- ---------
$ 9,600.0 $ 9,828.9
========= =========
</TABLE>
---------------
(1) Excludes $147.9 million and $158.0 million of individual life premiums in
the Closed Block for the three-month periods ended June 30, 2000 and 1999,
respectively, and $283.6 million and $304.4 million for the six-month
periods ended June 30, 2000 and 1999, respectively (see Note 6).
(2) Excludes net investment income and net realized gains on investments in the
Closed Block of $94.2 million and $94.3 million for the three-month periods
ended June 30, 2000 and 1999, respectively, and $188.1 million and $191.9
million for the six-month periods ended June 30, 2000 and 1999,
respectively (see Note 6).
(3) Includes Group Pension Profits of $8.1 million and $12.0 million for the
three-month period ended June 30, 2000 and 1999, respectively, and $18.2
million and $26.3 million for the six-month period ended June 30, 2000 and
1999, respectively (see Note 4).
(4) Includes interest credited to policyholders' account balances. Excludes
$162.7 million and $169.2 million of benefits and interest credited to
policyholders' account balances related to the Closed Block for the
three-month periods ended June 30, 2000 and 1999, respectively, and $306.5
million and $318.4 million for the six-month periods ended June 30, 2000
and 1999, respectively (see Note 6).
(5) Includes assets transferred in the Group Pension Transaction of $4,972.2
million and $5,109.8 million as of June 30, 2000 and December 31, 1999,
respectively (see Note 4).
(6) Includes policyholder liabilities transferred in the Group Pension
Transaction of $1,539.5 million and $1,645.7 million as of June 30, 2000
and December 31, 1999, respectively (see Note 4).
(7) Each segment includes separate account assets in an amount equal to the
corresponding liability reported.
(8) Includes separate account liabilities transferred in the Group Pension
Transaction of $3,425.8 million and $3,432.7 million as of June 30, 2000
and December 31, 1999 respectively (see Note 4).
(9) Includes $10.8 million and $11.4 million relating to the Contribution from
the Closed Block for the three-month periods ended June 30, 2000 and 1999,
respectively and $21.4 million and $21.9 million for the six-month periods
ended June 30, 2000 and 1999, respectively (see Note 6).
(10) Includes Closed Block assets of $6,157.3 million and $6,182.1 million as of
June 30, 2000 and December 31, 1999, respectively (see Note 6).
(11) Includes deferred policy acquisition costs allocated to the Closed Block of
$664.4 million and $689.9 million as of June 30, 2000 and December 31,
1999, respectively (see Note 6).
F-31
<PAGE> 33
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
(12) Includes Closed Block policyholders' liabilities of $7,241.7 million and
$7,241.0 million as of June 30, 2000 and December 31, 1999, respectively
(see Note 6).
(13) Excludes $14.3 million and $17.2 million of amortization of deferred policy
acquisition costs related to the Closed Block for the three-month periods
ended June 30, 2000 and 1999, respectively, and $31.9 million and $35.1
million for the six-month periods ended June 30, 2000 and 1999,
respectively (see Note 6).
The following is a summary of premiums and universal life and
investment-type product policy fees by product for the three-month and six-month
periods ended June 30, 2000 and 1999, respectively.
<TABLE>
<CAPTION>
THREE-MONTH SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
--------------- ----------------
2000 1999 2000 1999
------ ------ ------- ------
($ IN MILLIONS) ($ IN MILLIONS)
<S> <C> <C> <C> <C>
PREMIUMS:
Individual life(1)..................................... $26.4 $18.6 $ 53.1 $39.0
Group insurance........................................ 1.8 1.7 4.2 4.1
Disability income insurance............................ 0.1 0.2 0.2 0.3
Other.................................................. 0.3 0.4 0.4 0.8
----- ----- ------ -----
Total........................................ $28.6 $20.9 $ 57.9 $44.2
===== ===== ====== =====
UNIVERSAL LIFE AND INVESTMENT-TYPE PRODUCT POLICY FEES:
Universal life......................................... $18.7 $19.1 $ 34.5 $36.7
Variable universal life(2)............................. 16.7 11.0 28.3 18.7
Group universal life................................... 2.8 3.7 5.7 6.2
Individual variable annuities.......................... 17.6 18.7 36.3 35.7
Individual fixed annuities............................. 0.1 -- 1.0 0.6
----- ----- ------ -----
Total........................................ $55.9 $52.5 $105.8 $97.9
===== ===== ====== =====
</TABLE>
---------------
(1) Excludes revenues from individual life in the Closed Block of $147.9 million
and $158.0 million for the three-month periods ending June 30, 2000 and
1999, respectively, and $283.6 million and $304.4 million for the six-month
periods ended June 30, 2000 and 1999, respectively.
(2) Includes corporate sponsored variable universal life products.
4. THE GROUP PENSION TRANSACTION:
On December 31, 1993 (the "Group Pension Transaction Date"), MONY entered
into an agreement (the "Agreement") with AEGON USA, Inc. ("AEGON") under which
the Company transferred a substantial portion of its group pension business
(hereafter referred to as the "Group Pension Transaction"), to AEGON's
wholly-owned subsidiary, AUSA Life Insurance Company, Inc. ("AUSA"). The Company
also transferred to AUSA the corporate infrastructure supporting the group
pension business, including data processing systems, facilities and regional
offices. AUSA was newly formed by AEGON solely for the purpose of facilitating
this transaction. In connection with the transaction, the Company and AEGON have
entered into certain service agreements. These agreements, among other things,
provide that the Company will continue to manage the transferred assets, and
that AUSA will continue to provide certain administrative services to the
Company's remaining group pension contracts not included in the transfer.
F-32
<PAGE> 34
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Pursuant to the Agreement, MONY agreed to make a $200 million capital
investment in AEGON by purchasing $150 million face amount of Series A Notes and
$50 million face amount of Series B Notes (hereinafter referred to as the
"Notes"). The Series A Notes pay interest at 6.44 percent per annum and the
Series B Notes pay interest at 6.24 percent per annum. Both the Series A Notes
and the Series B Notes mature on December 31, 2002. MONY's investment in the
Series A Notes was intended to provide AEGON with the funding necessary to
capitalize AUSA.
In accordance with GAAP, the transaction did not constitute a sale because
MONY retained substantially all the risks and rewards associated with the
deposits on contracts in force and transferred to AEGON on the Group Pension
Transaction Date (the "Existing Deposits"). Accordingly, the Company continues
to reflect the transferred assets and liabilities on its balance sheet under
separate captions entitled "Assets transferred in Group Pension Transaction" and
"Liabilities transferred in Group Pension Transaction". In addition, MONY
reports in its GAAP earnings the profits from the Existing Deposits as discussed
below.
Pursuant to the Agreement, MONY receives from AUSA (i) payments on an
annual basis through December 31, 2002 (the "Group Pension Payments") equal to
all of the earnings from the Existing Deposits, (ii) a final payment (the "Final
Value Payment") at December 31, 2002 based on the remaining fair value of the
Existing Deposits, and (iii) a contingent payment (the "New Business Growth
Payment") at December 31, 2002 based on new business growth subsequent to the
Group Pension Transaction Date. However, the level of new business growth
necessary for MONY to receive the New Business Growth Payment make it unlikely
that MONY will ever receive any such payment.
With respect to the Group Pension Payments, the annual results from the
Existing Deposits are measured on a basis in accordance with the Agreement (such
basis hereafter referred to as the "Earnings Formula") which is substantially
the same as GAAP, except that: (i) asset impairments on fixed maturity
securities are only recognized when such securities are designated with a
National Association of Insurance Commissioners ("NAIC") rating of "6", and (ii)
no impairment losses are recognized on mortgage loans until such loans are
disposed of or at the time, and in the calculation, of the Final Value Payment.
Earnings which emerge from the Existing Deposits pursuant to the
application of the Earnings Formula are recorded in MONY's financial statements
only after adjustments (primarily to recognize asset impairments in accordance
with SFAS Nos. 114 and 115) to reflect such earnings on a basis entirely in
accordance with GAAP (such earnings hereafter referred to as the "Group Pension
Profits"). Losses which arise from the application of the Earnings Formula for
any annual period will be reflected in MONY's results of operations (after
adjustments to reflect such losses in accordance with GAAP) only up to the
amount for which MONY is at risk (as described below), which at any time is
equal to the then outstanding principal amount of the Series A Notes.
Operating losses reported in any annual period pursuant to the Earnings
Formula are carried forward to reduce any earnings in subsequent years reported
pursuant to the Earnings Formula. Any resultant deficit remaining at December
31, 2002 will be deducted from the Final Value Payment and New Business Growth
Payment, if any, due to MONY. If a deficit still remains, it will be applied (as
provided for in the Agreement) as an offset against the principal payment due to
MONY upon maturity of the Series A Notes.
Management expects that Group Pension Profits will continue to decrease in
the future consistent with the runoff of the Existing Deposits.
The following tables set forth certain summarized financial information
relating to the Group Pension Transaction as of the dates and for the periods
indicated, including information regarding: (i) the general account assets
transferred to support the Existing Deposits in the Group Pension Transaction
(hereafter
F-33
<PAGE> 35
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
referred to as the "AEGON Portfolio"), (ii) the transferred separate account
assets and liabilities and (iii) the components of revenue and expense
comprising the Group Pension Profits:
<TABLE>
<CAPTION>
AS OF AS OF
JUNE 30, DECEMBER 31,
2000 1999
-------- ------------
($ IN MILLIONS)
<S> <C> <C>
ASSETS:
General Account Fixed Maturities: available for sale, at
estimated fair value (amortized cost; $1,453.7 million and
$1,532.4 million, respectively)........................... $1,428.1 $1,510.0
Mortgage loans on real estate............................. 67.1 98.5
Real estate to be disposed of............................. 5.3 16.8
Cash and cash equivalents................................. 20.4 25.3
Accrued investment income................................. 25.5 26.5
-------- --------
Total general account assets........................... 1,546.4 1,677.1
Separate account assets..................................... 3,425.8 3,432.7
-------- --------
Total assets........................................... $4,972.2 $5,109.8
======== ========
LIABILITIES:
General Account(1)
Policyholders' account balances........................... $1,539.5 $1,645.7
Other liabilities......................................... 19.1 20.7
-------- --------
Total general account liabilities...................... $1,558.6 $1,666.4
Separate account liabilities................................ 3,425.8 3,432.7
-------- --------
Total Liabilities...................................... $4,984.4 $5,099.1
======== ========
</TABLE>
---------------
(1) Includes general account liabilities transferred in connection with the
Group Pension Transaction pursuant to indemnity reinsurance of $78.4 million
and $88.9 million as of June 30, 2000 and December 31, 1999, respectively.
(2) Includes separate account liabilities transferred in connection with the
Group Pension Transaction pursuant to indemnity reinsurance of $16.2 million
and $20.3 million as of June 30, 2000 and December 31, 1999, respectively.
F-34
<PAGE> 36
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
FOR THE FOR THE
THREE-MONTH SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
-------------- --------------
2000 1999 2000 1999
----- ------ ------ -----
($ IN MILLIONS)
<S> <C> <C> <C> <C>
REVENUES:
Product policy fees..................................... $ 5.9 $ 6.0 $12.0 $12.1
Net investment income................................... 28.3 32.5 58.4 66.6
Net realized gains on investments....................... 0.0 1.0 0.6 4.3
----- ----- ----- -----
Total revenues..................................... 34.2 39.5 71.0 83.0
----- ----- ----- -----
BENEFITS AND EXPENSES:
Interest credited to policyholders' account balances.... 22.3 23.0 43.2 45.5
Other operating costs and expenses...................... 3.8 4.5 9.6 11.2
----- ----- ----- -----
Total benefits and expenses........................ 26.1 27.5 52.8 56.7
----- ----- ----- -----
Group Pension Profits................................. $ 8.1 $12.0 $18.2 $26.3
===== ===== ===== =====
</TABLE>
5. COMMITMENTS AND CONTINGENCIES:
a.) Since late 1995 a number of purported class actions were commenced in
various state and federal courts against the Company alleging that the Company
engaged in deceptive sales practices in connection with the sale of whole and
universal life insurance policies from the early 1980s through the mid 1990s.
Although the claims asserted in each case are not identical, they seek
substantially the same relief under essentially the same theories of recovery
(i.e., breach of contract, fraud, negligent misrepresentation, negligent
supervision and training, breach of fiduciary duty, unjust enrichment and
violation of state insurance and/or deceptive business practice laws).
Plaintiffs in these cases (including the Goshen case discussed below) seek
primarily equitable relief (e.g., reformation, specific performance, mandatory
injunctive relief prohibiting the Company from canceling policies for failure to
make required premium payments, imposition of a constructive trust and creation
of a claims resolution facility to adjudicate any individual issues remaining
after resolution of all class-wide issues) as opposed to compensatory damages,
although they also seek compensatory damages in unspecified amounts. The Company
has answered the complaints in each action, (except for one being voluntarily
held in abeyance), has denied any wrongdoing and has asserted numerous
affirmative defenses.
On June 7, 1996, the New York State Supreme Court certified one of those
cases, the Goshen v. The Mutual Life Insurance Company of New York and MONY Life
Insurance Company of America, (the "Goshen case",) being the first of the
aforementioned class actions filed, as a nationwide class consisting of all
persons or entities who have, or at the time of the policy's termination had, an
ownership interest in a whole or universal life insurance policy issued by the
Company and sold on an alleged "vanishing premium" basis during the period
January 1, 1982 to December 31, 1995. On March 27, 1997, the Company filed a
motion to dismiss or, alternatively, for summary judgment on all counts of the
complaint. All of the other putative class actions have been consolidated and
transferred by the Judicial Panel on Multidistrict Litigation to the United
States District Court for the District of Massachusetts, or are being
voluntarily held in abeyance pending the outcome of the Goshen case.
On October 21, 1997, the New York State Supreme Court granted the Company's
motion for summary judgment and dismissed all claims filed in the Goshen case
against the Company on the merits. On December 20, 1999, the New York State
Court of Appeals affirmed the dismissal of all but one of the claims
F-35
<PAGE> 37
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
in the Goshen case (a claim under New York's General Business Law), which has
been remanded back to the New York State Supreme Court for further proceedings
consistent with the opinion. The Company intends to defend itself vigorously
against the sole remaining claim. There can be no assurance that the present
litigation relating to sales practices will not have a material adverse effect
on the Company.
b.) On March 27, 2000, the MONY Group and MONY Life Insurance Company were
served with a complaint in an action entitled Calvin Chatlos, M.D. and Alvin H.
Clement, On Behalf of Themselves And All Others Similarly Situated v. The MONY
Life Insurance Company, The MONY Group Inc., and Neil Levin, Superintendent, New
York Insurance Department, filed in the Supreme Court of the State of New York,
County of New York. The action purports to be a class action on behalf of all
persons or entities who had an ownership interest in one or more in-force life
insurance policies issued by MONY Life Insurance Company as of November 16,
1998. Plaintiffs seek a declaratory judgment that the New York Superintendent of
Insurance and the Company violated Section 7312 of the New York Insurance Law in
connection with its demutualization. Plaintiffs also allege that the Company
breached its contractual obligations and alleged fiduciary duties to its
policyholders in connection with the demutualization. Plaintiffs seek damages
against the Company for wrongfully denying them a fair and equitable amount for
their membership interests. The Company believes that the claims are without
merit and intends to defend itself vigorously.
c.) In addition to the matters discussed above, the Company is involved in
various other legal actions and proceedings in connection with its businesses.
The claimants in certain of these actions and proceedings seek damages of
unspecified amounts.
While the outcome of matters discussed in 5(a), 5(b) and 5(c) cannot be
predicted with certainty, in the opinion of management, any additional liability
beyond that recorded in the consolidated financial statements at June 30, 2000,
resulting from the resolution of these matters will not have a material adverse
effect on the Company's consolidated financial position or results of
operations.
d.) Insurance companies are subject to assessments, up to statutory limits,
by state guaranty funds for losses of policyholders of insolvent insurance
companies. In the opinion of management, such assessments will not have a
material adverse effect on the consolidated financial position and the results
of operations of the Company.
e.) The Company maintains a line of credit with domestic banks totaling
$150.0 million with a scheduled renewal date in June 2001. Under this line of
credit, the Company is required to maintain a certain statutory tangible net
worth and debt to capitalization ratio. The Company has complied with all
covenants relating thereto. The Company has not borrowed against these lines of
credit since their inception.
f.) At June 30, 2000, the Company had commitments to issue $8.6 million of
fixed rate agricultural loans with periodic interest rate reset dates. The
initial interest rates on such loans range from approximately 7.5% to 9.0%. In
addition, the Company had commitments to issue $99.0 million of fixed rate and
floating rate commercial mortgage loans with interest rates ranging from 7.8% to
9.1%. The Company had commitments outstanding to purchase private fixed maturity
securities as of June 30, 2000 of $102.8 million with interest rates from 7.9%
to 10.8%. At June 30, 2000, the Company had commitments to contribute capital to
its equity partnership investments of $125.1 million.
6. CLOSED BLOCK:
In accordance with New York State Insurance Law, on November 16, 1998, the
Company established a closed block (the "Closed Block") of certain participating
insurance policies as defined in the Plan (the "Closed Block Business"). In
conjunction therewith, the Company allocated assets to the Closed Block expected
to produce cash flows which, together with anticipated revenues from the Closed
Block Business, are reasonably expected to be sufficient to support the Closed
Block Business, including but not limited to,
F-36
<PAGE> 38
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
provision for payment of claims and surrender benefits, certain expenses and
taxes, and for continuation of current payable dividend scales in effect at the
date of Demutualization, assuming the experience underlying such dividend scales
continues, and for appropriate adjustments in such scales if the experience
changes. The assets allocated to the Closed Block and the aforementioned
revenues inure solely to the benefit of the owners of policies included in the
Closed Block.
The assets and liabilities allocated to the Closed Block were recorded in
the Company's financial statements at their historical carrying values. The
carrying values of the assets allocated to the Closed Block are less than the
carrying value of the Closed Block liabilities at the Plan Effective Date. The
excess of the Closed Block liabilities over the Closed Block assets at the Plan
Effective Date represents the total estimated future post-tax contribution
expected to emerge from the operation of the Closed Block, which will be
recognized in the Company's income over the period the policies and the
contracts in the Closed Block remain in force.
To the extent that the actual cash flows, subsequent to the Plan Effective
Date, from the assets allocated to the Closed Block and the Closed Block
Business are, in the aggregate, more favorable than assumed in establishing the
Closed Block, total dividends paid to the Closed Block policyholders in future
years will be greater than the total dividends that would have been paid to such
policyholders if the current payable dividend scales had been continued.
Conversely, to the extent that the actual cash flows, subsequent to the Plan
Effective Date, from the assets allocated to the Closed Block and the Closed
Block Business are, in the aggregate, less favorable than assumed in
establishing the Closed Block, total dividends paid to the Closed Block
policyholders in future years will be less than the total dividends that would
have been paid to such policyholders if the current payable dividend scales had
been continued. Accordingly, the recognition of the aforementioned estimated
future post-tax contribution expected to emerge from the operation of the Closed
Block is not affected by the aggregate actual experience of the Closed Block
assets and the Closed Block Business subsequent to the Plan Effective Date,
except in the unlikely event that the Closed Block assets and the actual
experience of the Closed Block Business subsequent to the Plan Effective Date
are not sufficient to pay the guaranteed benefits on the Closed Block Policies,
in which case the Company will be required to fund any such deficiency from its
general account assets outside of the Closed Block.
In addition, MONY has undertaken to reimburse the Closed Block from its
general account assets outside the Closed Block for any reduction in principal
payments due on the Series A Notes (which have been allocated to the Closed
Block) pursuant to the terms thereof, as described in Note 4. Since the Closed
Block has been funded to provide for the payment of guaranteed benefits and the
continuation of current payable dividends on the policies included therein, it
will not be necessary to use general funds to pay guaranteed benefits unless the
Closed Block Business experiences very substantial ongoing adverse experience in
investment, mortality, persistency or other experience factors. The Company
regularly (at least quarterly) monitors the experience from the Closed Block and
may make changes to the dividend scale, when appropriate, to ensure the profits
are distributed to Closed Block policyholders in a fair and equitable manner. In
addition, periodically the New York Insurance Department requires the filing of
an independent auditor's report on the operations of the Closed Block.
The results of the Closed Block are presented as a single line item in the
Company's statements of income entitled, "Contribution from the Closed Block".
Prior to the establishment of the Closed Block the results of the assets and
policies comprising the Closed Block were reported in various line items in the
Company's income statements, including: premiums, investment income, net
realized gains and losses on investments, benefits, amortization of deferred
policy acquisition costs, etc. In addition, all assets and liabilities allocated
to the Closed Block are reported in the Company's balance sheet separately under
the captions "Closed Block assets" and "Closed Block liabilities", respectively.
Accordingly, certain line items in the Company's financial statements subsequent
to the establishment of the Closed Block reflect material
F-37
<PAGE> 39
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
reductions in reported amounts, as compared to periods prior to the
establishment of the Closed Block, while having no effect on net income.
The pre-tax Contribution from the Closed Block includes only those
revenues, benefit payments, dividends, premium taxes, state guaranty fund
assessments, and investment expenses considered in funding the Closed Block.
However, many expenses associated with operating the Closed Block and
administering the policies included therein were excluded from and, accordingly,
not funded in the Closed Block. These expenses are reported in the Company's
statement of operations, outside of the Contribution from the Closed Block,
consistent with how they are funded. Such expenses are reported in the separate
line items to which they apply based on the nature of such expenses. Federal
income taxes applicable to the Closed Block, which are funded in the Closed
Block, are reflected as a component of federal income tax expense in the
Company's statement of operations. Since many expenses related to the Closed
Block are funded outside the Closed Block, operating costs and expenses outside
the Closed Block are disproportionate to the level of business outside the
Closed Block.
F-38
<PAGE> 40
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
The following tables set forth certain summarized financial information
relating to the Closed Block, as of and for the periods indicated:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
-------- ------------
($ IN MILLIONS)
<S> <C> <C>
ASSETS:
Fixed Maturities:
Available for sale, at estimated fair value (amortized
cost; $3,590.6 and $3,589.6, respectively)............. $3,467.1 $3,479.5
Mortgage loans on real restate............................ 534.9 443.0
Policy loans.............................................. 1,184.4 1,199.1
Real estate............................................... 23.3 22.1
Cash and cash equivalents................................. 40.4 111.3
Premiums receivable....................................... 10.1 14.2
Deferred policy acquisition costs......................... 664.4 689.9
Other assets.............................................. 232.7 223.0
-------- --------
Total Closed Block assets.............................. $6,157.3 $6,182.1
======== ========
LIABILITIES:
Future policy benefits.................................... $6,776.9 $6,781.5
Policyholders' account balances........................... 292.9 294.6
Other Policyholders' liabilities.......................... 171.9 164.9
Other liabilities......................................... 25.6 62.3
-------- --------
Total Closed Block liabilities......................... $7,267.3 $7,303.3
======== ========
</TABLE>
<TABLE>
<CAPTION>
FOR THE FOR THE
THREE-MONTH SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
--------------- ---------------
2000 1999 2000 1999
------ ------ ------ ------
($ IN MILLIONS)
<S> <C> <C> <C> <C>
REVENUES:
Premiums............................................ $147.9 $158.0 $283.6 $304.4
Net investment income............................... 98.6 92.9 195.0 186.2
Net realized gains (losses) on investments.......... (4.4) 1.4 (6.9) 5.7
Other income........................................ 0.3 0.3 1.1 0.7
------ ------ ------ ------
Total revenues................................. 242.4 252.6 472.8 497.0
------ ------ ------ ------
</TABLE>
F-39
<PAGE> 41
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
FOR THE FOR THE
THREE-MONTH SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
--------------- ---------------
2000 1999 2000 1999
------ ------ ------ ------
($ IN MILLIONS)
<S> <C> <C> <C> <C>
BENEFITS AND EXPENSES:
Benefits to policyholders........................... 160.6 167.0 302.2 314.0
Interest credited to policyholders' account
balances.......................................... 2.1 2.2 4.3 4.4
Amortization of deferred policy acquisition costs... 14.3 17.2 31.9 35.1
Dividends to policyholders.......................... 52.1 52.8 108.7 116.4
Other operating costs and expenses.................. 2.5 2.0 4.3 5.2
------ ------ ------ ------
Total benefits and expenses.................... 231.6 241.2 451.4 475.1
------ ------ ------ ------
Contribution from the Closed Block.................. $ 10.8 $ 11.4 $ 21.4 $ 21.9
====== ====== ====== ======
</TABLE>
For the three-month periods ended June 30, 2000 and 1999, there were $4.5
million and $0.0 million, respectively, in charges for other than temporary
impairments on fixed maturity securities in the Closed Block. For the six-month
periods ended June 30, 2000 and 1999, there were $7.5 million and $0.0 million,
respectively, in charges for other than temporary impairments on fixed maturity
securities in the Closed Block. There were no fixed maturity securities which
have been non-income producing for the twelve months preceding such dates. At
June 30, 2000 and December 31, 1999, the carrying value of mortgage loans in the
Closed Block that were non-income producing for the twelve months preceding such
date, were $0.3 million and $0.0 million, respectively.
7. EXTRAORDINARY AND OTHER ITEMS
a) In January 2000, the New York Insurance Department approved, and MONY
Life paid, a dividend to MONY Group in the amount of $75 million.
b) On January 12, 2000, the Holding Company filed a registration statement
on Form S-3 with the Securities and Exchange Commission (the "SEC") to register
certain securities. This registration, known as a "Shelf Registration", provides
MONY Group with the ability to offer various securities to the public, when it
deems appropriate, to raise proceeds up to an amount not to exceed $1.0 billion
in the aggregate for all issuances of securities thereunder. It is the intention
of MONY Group to use this facility to raise proceeds for mergers and
acquisitions and for other general corporate matters of MONY Group and its
subsidiaries, as it considers necessary.
d) On March 8, 2000, the Holding Company issued $300.0 million principal
amount of senior notes (the "Senior Notes") pursuant to the aforementioned Shelf
Registration. The Senior Notes mature on March 15, 2010 and bear interest at
8.35% per annum. The principal amount of the Senior Notes is payable at maturity
and interest is payable semi-annually. The net proceeds to the Company from the
issuance of the Senior Notes, after deducting underwriting commissions and other
expenses (primarily legal and accounting fees), were approximately $296.6
million. Approximately $280.0 million of the net proceeds from the issuance of
the Senior Notes was used by the Holding Company to finance the repurchase, on
March 8, 2000, by MONY Life of all of its outstanding $115.0 million face amount
9.5% coupon surplus notes, and $116.5 million face amount of its $125.0 million
face amount 11.25% coupon surplus notes (hereafter referred to as the "9.5%
Notes" and "11.25% Notes", respectively), which were outstanding at December 31,
1999. The balance of the net proceeds from the issuance of the Senior Notes was
retained by the Holding Company for general corporate purposes.
F-40
<PAGE> 42
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
To finance MONY Life's repurchase of the 9.5% Notes and the 11.25% Notes,
the Holding Company on March 8, 2000:
(i) purchased two surplus notes from MONY Life (hereafter referred as
the "Inter-Company Surplus Notes") to replace 9.5% Notes and the 11.25%
Notes. The term of the Inter-Company Surplus Notes are identical to the
9.2% Notes and 11.25% Notes, except that the Inter-Company Surplus Notes
were provided to yield a current market rate of interest and the
Inter-Company Surplus Note issued to replace the $116.5 million face amount
of the 11.25% Notes was issued a face amount of $100.0 million, and
(ii) contributed capital to MONY Life in the amount of $65.0 million.
As a result of the repurchase of the 9.5% Notes and substantially all of
the 11.25% Notes, MONY Life recorded a pre-tax tax loss of $56.5 million ($36.7
million after tax) during the first quarter of 2000. The loss resulted from the
premium paid by MONY Life to the holders of the 9.5% Notes and the 11.25% Notes
reflecting the excess of their fair value over their carrying value on MONY
Life's books at the date of the transaction of approximately $7.0 million and
$49.5 million, respectively. This loss is reported, net of tax, as an
extraordinary item on MONY Life's income statement for the six-month period
ended June 30, 2000.
8. SUBSEQUENT EVENTS
On August 3, 2000, MONY Life repurchased $6.5 million face amount of the
remaining $8.5 million face amount of the 11.25% Notes, which were outstanding
at March 31, 2000. As a result, the Company will record an extraordinary item on
the Company's income statement for the three-month period ending September 30,
2000 of approximately $1.2 million, net of tax.
F-41
<PAGE> 43
STANDARD LEDGER STATEMENT -- SUPPLEMENTAL FOOTNOTE PAGE
MONY CUSTOM EQUITY MASTER
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
MONY LIFE INSURANCE COMPANY
ADDITIONAL INFORMATION
This policy has been tested for the possibility of classification as a
modified endowment. This test is not a guarantee that a policy will not be
classified as a modified endowment.
This illustration has been checked against federal tax laws relating to
their definition of life insurance and is in compliance based on proposed
premium payments and coverages. Any decrease in specified amount and/or a change
in death benefit option 2 to death benefit option 1 and/or surrenders occurring
in the first 15 years may cause a taxable event. In addition, if the policy is
defined as a modified endowment policy, a loan, surrender, or assignment or
pledge (unless such assignment or pledge is for burial expenses and the maximum
death benefit is not in excess of $25,000) may be considered a taxable
distribution and a ten percent penalty may be added to any tax on the
distribution. Please consult your tax advisor for advice.
GUIDELINE PREMIUMS
<TABLE>
<CAPTION>
AGE, GENDER, UNDERWRITING CLASSIFICATION SPECIFIED INITIAL GUIDELINE INITIAL GUIDELINE
AND DEATH BENEFIT OPTION AMOUNT SINGLE PREMIUM ANNUAL PREMIUM
---------------------------------------- --------- ----------------- -----------------
<S> <C> <C> <C>
Age 45, Male, Non-Smoker Preferred, Option 1 $200,000 $46,615.01 $ 3,916.34
Age 45, Female, Non-Smoker Preferred, Option 1 $200,000 $39,961.33 $ 3,296.01
Age 45, Male, Smoker Standard, Option 1 $200,000 $59,527.18 $ 5,183.74
Age 45, Male, Non-Smoker, Preferred, Option 2 $200,000 $46,615.01 $12,604.56
Age 35, Male, Non-Smoker, Preferred, Option 1 $200,000 $30,141.23 $ 2,459.72
Age 55, Male, Non-Smoker, Preferred, Option 1 $200,000 $71,291.58 $ 6,561.34
</TABLE>
Values shown on this illustration are based on a policyowner tax bracket of
0%.
Premiums are assumed to be paid at the beginning of the payment period.
Policy values and ages are shown as of the end of the policy year and reflect
the effect of all loans and surrenders. The death proceeds, fund value and value
upon surrender will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's cash value is net of any applicable surrender charge.
Premiums less the following deductions are added to the fund value:
1. A premium tax charge of .80% of gross premiums in all policy years.
2. A sales charge on the gross premiums. The sales charges equal 4% of
each premium dollar paid for amounts less than $500,000, and 3% for
total amounts of $500,000 or more.
3. A DAC tax charge of 1.50% of gross premiums in all policy years. No
charge will be deducted where premiums received are not subject to this
tax.
For the first year, those columns assuming guaranteed charges use the
current monthly mortality charges, current monthly administrative charges,
current charges for mortality and expense risks, current charges for rider
benefits, if any, and current premium sales charge as well as the assumed
hypothetical gross annual investment return indicated. Thereafter these columns
use guaranteed monthly mortality charges, guaranteed monthly administrative
charges, guaranteed charges for mortality and expense risks, guaranteed charges
for rider benefits if any, guaranteed maximum premium sales charge, and the
assumed hypothetical gross annual investment return indicated. Those columns
assuming current charges are based upon "current charges" and the assumed
hypothetical gross annual investment return indicated.
The current charges declared by MONY Life Insurance Company are guaranteed
for the first policy year and apply to policies issued as of the illustration
preparation date and could change between the preparation date and the date the
policy is issued. After the first policy year, current charges are not
guaranteed, and may be changed at the discretion of MONY Life Insurance Company.
C-3
<PAGE> 44
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 16 1,964 200,000 16 1,964 200,000 16 1,964 200,000
5 2,650 5,847 7,405 200,000 5,847 7,405 200,000 7,499 9,058 200,000
10 2,650 11,130 12,039 200,000 11,130 12,039 200,000 16,264 17,173 200,000
20 2,650 8,699 8,699 200,000 8,699 8,699 200,000 25,367 25,367 200,000
@ Age 70 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 22,296 22,296 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 23 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
C-4
<PAGE> 45
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 16 1,964 200,000 16 1,964 200,000 16 1,964 200,000
2 47 2,650 1,489 3,438 200,000 1,489 3,438 200,000 1,885 3,834 200,000
3 48 2,650 3,009 4,827 200,000 3,009 4,827 200,000 3,792 5,611 200,000
4 49 2,650 4,468 6,157 200,000 4,468 6,157 200,000 5,656 7,345 200,000
5 50 2,650 5,847 7,405 200,000 5,847 7,405 200,000 7,499 9,058 200,000
6 51 2,650 7,123 8,551 200,000 7,123 8,551 200,000 9,321 10,750 200,000
7 52 2,650 8,298 9,597 200,000 8,298 9,597 200,000 11,124 12,423 200,000
8 53 2,650 9,375 10,544 200,000 9,375 10,544 200,000 12,885 14,054 200,000
9 54 2,650 10,311 11,350 200,000 10,311 11,350 200,000 14,605 15,644 200,000
10 55 2,650 11,130 12,039 200,000 11,130 12,039 200,000 16,264 17,173 200,000
11 56 2,650 11,789 12,568 200,000 11,789 12,568 200,000 17,840 18,620 200,000
12 57 2,650 12,419 12,939 200,000 12,419 12,939 200,000 19,446 19,965 200,000
13 58 2,650 12,894 13,153 200,000 12,894 13,153 200,000 20,931 21,191 200,000
14 59 2,650 13,038 13,168 200,000 13,038 13,168 200,000 22,128 22,258 200,000
15 60 2,650 12,983 12,983 200,000 12,983 12,983 200,000 23,126 23,126 200,000
16 61 2,650 12,723 12,723 200,000 12,723 12,723 200,000 23,967 23,967 200,000
17 62 2,650 12,218 12,218 200,000 12,218 12,218 200,000 24,616 24,616 200,000
18 63 2,650 11,401 11,401 200,000 11,401 11,401 200,000 25,054 25,054 200,000
19 64 2,650 10,245 10,245 200,000 10,245 10,245 200,000 25,304 25,304 200,000
20 65 2,650 8,699 8,699 200,000 8,699 8,699 200,000 25,367 25,367 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-5
<PAGE> 46
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,650 6,710 6,710 200,000 6,710 6,710 200,000 25,244 25,244 200,000
22 67 2,650 4,241 4,241 200,000 4,241 4,241 200,000 24,873 24,873 200,000
23 68 2,650 1,228 1,228 200,000 1,228 1,228 200,000 24,252 24,252 200,000
24 69 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 23,401 23,401 200,000
25 70 2,650 22,296 22,296 200,000
26 71 2,650 20,889 20,889 200,000
27 72 2,650 19,239 19,239 200,000
28 73 2,650 17,232 17,232 200,000
29 74 2,650 14,791 14,791 200,000
30 75 2,650 11,854 11,854 200,000
31 76 2,650 8,379 8,379 200,000
32 77 2,650 4,291 4,291 200,000
33 78 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-6
<PAGE> 47
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- ----------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 16 1,964 200,000 148 2,097 200,000 148 2,097 200,000
5 2,650 5,847 7,405 200,000 7,537 9,095 200,000 9,386 10,944 200,000
10 2,650 11,130 12,039 200,000 17,005 17,915 200,000 23,369 24,278 200,000
20 2,650 8,699 8,699 200,000 30,012 30,012 200,000 55,341 55,341 200,000
@ Age 70 2,650 LAPSED LAPSED LAPSED 25,215 25,215 200,000 71,536 71,536 200,000
@ Age 85 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 113,184 113,184 200,000
@ Age 90 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 108,478 108,478 200,000
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 23 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-7
<PAGE> 48
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 16 1,964 200,000 148 2,097 200,000 148 2,097 200,000
2 47 2,650 1,489 3,438 200,000 1,863 3,812 200,000 2,271 4,220 200,000
3 48 2,650 3,009 4,827 200,000 3,722 5,541 200,000 4,554 6,373 200,000
4 49 2,650 4,468 6,157 200,000 5,620 7,309 200,000 6,916 8,605 200,000
5 50 2,650 5,847 7,405 200,000 7,537 9,095 200,000 9,386 10,944 200,000
6 51 2,650 7,123 8,551 200,000 9,451 10,880 200,000 11,967 13,396 200,000
7 52 2,650 8,298 9,597 200,000 11,365 12,664 200,000 14,666 15,965 200,000
8 53 2,650 9,375 10,544 200,000 13,280 14,449 200,000 17,466 18,635 200,000
9 54 2,650 10,311 11,350 200,000 15,152 16,191 200,000 20,372 21,411 200,000
10 55 2,650 11,130 12,039 200,000 17,005 17,915 200,000 23,369 24,278 200,000
11 56 2,650 11,789 12,568 200,000 18,796 19,575 200,000 26,441 27,221 200,000
12 57 2,650 12,419 12,939 200,000 20,653 21,173 200,000 29,704 30,223 200,000
13 58 2,650 12,894 13,153 200,000 22,447 22,707 200,000 33,012 33,272 200,000
14 59 2,650 13,038 13,168 200,000 24,002 24,132 200,000 36,202 36,332 200,000
15 60 2,650 12,983 12,983 200,000 25,447 25,447 200,000 39,369 39,369 200,000
16 61 2,650 12,723 12,723 200,000 26,778 26,778 200,000 42,563 42,563 200,000
17 62 2,650 12,218 12,218 200,000 27,956 27,956 200,000 45,756 45,756 200,000
18 63 2,650 11,401 11,401 200,000 28,913 28,913 200,000 48,936 48,936 200,000
19 64 2,650 10,245 10,245 200,000 29,617 29,617 200,000 52,128 52,128 200,000
20 65 2,650 8,699 8,699 200,000 30,012 30,012 200,000 55,341 55,341 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-8
<PAGE> 49
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,650 6,710 6,710 200,000 30,038 30,038 200,000 58,582 58,582 200,000
22 67 2,650 4,241 4,241 200,000 29,647 29,647 200,000 61,810 61,810 200,000
23 68 2,650 1,228 1,228 200,000 28,768 28,768 200,000 65,033 65,033 200,000
24 69 2,650 LAPSED LAPSED LAPSED 27,336 27,336 200,000 68,277 68,277 200,000
25 70 2,650 25,215 25,215 200,000 71,536 71,536 200,000
26 71 2,650 22,270 22,270 200,000 74,790 74,790 200,000
27 72 2,650 18,320 18,320 200,000 78,095 78,095 200,000
28 73 2,650 13,103 13,103 200,000 81,390 81,390 200,000
29 74 2,650 6,331 6,331 200,000 84,644 84,644 200,000
30 75 2,650 LAPSED LAPSED LAPSED 87,842 87,842 200,000
31 76 2,650 90,984 90,984 200,000
32 77 2,650 94,055 94,055 200,000
33 78 2,650 97,030 97,030 200,000
34 79 2,650 99,896 99,896 200,000
35 80 2,650 102,639 102,639 200,000
36 81 2,650 105,236 105,236 200,000
37 82 2,650 107,658 107,658 200,000
38 83 2,650 109,899 109,899 200,000
39 84 2,650 111,775 111,775 200,000
40 85 2,650 113,184 113,184 200,000
41 86 2,650 114,047 114,047 200,000
42 87 2,650 114,222 114,222 200,000
43 88 2,650 113,466 113,466 200,000
44 89 2,650 111,649 111,649 200,000
45 90 2,650 108,478 108,478 200,000
46 91 2,650 103,396 103,396 200,000
47 92 2,650 95,957 95,957 200,000
48 93 2,650 85,373 85,373 200,000
49 94 2,650 70,777 70,777 200,000
50 95 2,650 50,710 50,710 200,000
51 96 2,650 23,611 23,611 200,000
52 97 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-9
<PAGE> 50
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 16 1,964 200,000 281 2,229 200,000 281 2,229 200,000
5 2,650 5,847 7,405 200,000 9,540 11,098 200,000 11,604 13,163 200,000
10 2,650 11,130 12,039 200,000 25,673 26,582 200,000 33,615 34,525 200,000
20 2,650 8,699 8,699 200,000 83,030 83,030 200,000 123,238 123,238 200,000
@ Age 70 2,650 LAPSED LAPSED LAPSED 137,412 137,412 200,000 215,514 215,514 249,996
@ Age 85 2,650 LAPSED LAPSED LAPSED 651,178 651,178 683,737 1,021,932 1,021,932 1,073,029
@ Age 90 2,650 LAPSED LAPSED LAPSED 1,040,656 1,040,656 1,092,689 1,663,957 1,663,957 1,747,155
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-10
<PAGE> 51
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 16 1,964 200,000 281 2,229 200,000 281 2,229 200,000
2 47 2,650 1,489 3,438 200,000 2,254 4,202 200,000 2,674 4,622 200,000
3 48 2,650 3,009 4,827 200,000 4,499 6,318 200,000 5,380 7,199 200,000
4 49 2,650 4,468 6,157 200,000 6,929 8,617 200,000 8,340 10,028 200,000
5 50 2,650 5,847 7,405 200,000 9,540 11,098 200,000 11,604 13,163 200,000
6 51 2,650 7,123 8,551 200,000 12,330 13,759 200,000 15,205 16,634 200,000
7 52 2,650 8,298 9,597 200,000 15,323 16,622 200,000 19,181 20,480 200,000
8 53 2,650 9,375 10,544 200,000 18,545 19,714 200,000 23,548 24,717 200,000
9 54 2,650 10,311 11,350 200,000 21,977 23,017 200,000 28,351 29,390 200,000
10 55 2,650 11,130 12,039 200,000 25,673 26,582 200,000 33,615 34,525 200,000
11 56 2,650 11,789 12,568 200,000 29,622 30,401 200,000 39,375 40,154 200,000
12 57 2,650 12,419 12,939 200,000 33,991 34,510 200,000 45,796 46,316 200,000
13 58 2,650 12,894 13,153 200,000 38,690 38,950 200,000 52,796 53,056 200,000
14 59 2,650 13,038 13,168 200,000 43,596 43,726 200,000 60,281 60,411 200,000
15 60 2,650 12,983 12,983 200,000 48,890 48,890 200,000 68,426 68,426 200,000
16 61 2,650 12,723 12,723 200,000 54,640 54,640 200,000 77,374 77,374 200,000
17 62 2,650 12,218 12,218 200,000 60,884 60,884 200,000 87,201 87,201 200,000
18 63 2,650 11,401 11,401 200,000 67,649 67,649 200,000 98,017 98,017 200,000
19 64 2,650 10,245 10,245 200,000 75,007 75,007 200,000 109,976 109,976 200,000
20 65 2,650 8,699 8,699 200,000 83,030 83,030 200,000 123,238 123,238 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-11
<PAGE> 52
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,650 6,710 6,710 200,000 91,809 91,809 200,000 137,989 137,989 200,000
22 67 2,650 4,241 4,241 200,000 101,473 101,473 200,000 154,419 154,419 200,000
23 68 2,650 1,228 1,228 200,000 112,166 112,166 200,000 172,777 172,777 203,877
24 69 2,650 LAPSED LAPSED LAPSED 124,077 124,077 200,000 193,112 193,112 225,941
25 70 2,650 137,412 137,412 200,000 215,514 215,514 249,996
26 71 2,650 152,445 152,445 200,000 240,188 240,188 276,217
27 72 2,650 169,523 169,523 200,000 267,444 267,444 302,212
28 73 2,650 188,996 188,996 209,786 297,554 297,554 330,285
29 74 2,650 210,642 210,642 229,600 330,841 330,841 360,617
30 75 2,650 234,610 234,610 251,032 367,678 367,678 393,416
31 76 2,650 261,221 261,221 274,282 408,496 408,496 428,921
32 77 2,650 290,455 290,455 304,978 453,488 453,488 476,163
33 78 2,650 322,554 322,554 338,682 503,066 503,066 528,219
34 79 2,650 357,778 357,778 375,667 557,681 557,681 585,565
35 80 2,650 396,404 396,404 416,224 617,829 617,829 648,720
36 81 2,650 438,724 438,724 460,660 684,046 684,046 718,249
37 82 2,650 485,040 485,040 509,292 756,919 756,919 794,765
38 83 2,650 535,668 535,668 562,451 837,094 837,094 878,949
39 84 2,650 590,932 590,932 620,478 925,196 925,196 971,456
40 85 2,650 651,178 651,178 683,737 1,021,932 1,021,932 1,073,029
41 86 2,650 716,771 716,771 752,610 1,128,085 1,128,085 1,184,489
42 87 2,650 788,096 788,096 827,501 1,244,469 1,244,469 1,306,693
43 88 2,650 865,567 865,567 908,845 1,371,909 1,371,909 1,440,505
44 89 2,650 949,608 949,608 997,088 1,511,406 1,511,406 1,586,976
45 90 2,650 1,040,656 1,040,656 1,092,689 1,663,957 1,663,957 1,747,155
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Funds, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-12
<PAGE> 53
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- --------------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 91 2,650 1,139,138 1,139,138 1,196,095 1,830,491 1,830,491 1,922,015
47 92 2,650 1,248,951 1,248,951 1,298,909 2,015,177 2,015,177 2,095,785
48 93 2,650 1,372,079 1,372,079 1,413,241 2,220,686 2,220,686 2,287,306
49 94 2,650 1,510,961 1,510,961 1,541,181 2,450,300 2,450,300 2,499,306
50 95 2,650 1,668,773 1,668,773 1,685,461 2,707,813 2,707,813 2,734,891
51 96 2,650 1,842,032 1,842,032 1,860,452 2,991,910 2,991,910 3,021,829
52 97 2,650 2,031,497 2,031,497 2,051,812 3,305,324 3,305,324 3,338,378
53 98 2,650 2,236,712 2,236,712 2,259,079 3,650,950 3,650,950 3,687,460
54 99 2,650 2,459,355 2,459,355 2,483,948 4,032,013 4,032,013 4,072,333
55 100 2,650 2,703,894 2,703,894 2,730,933 4,451,876 4,451,876 4,496,395
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-13
<PAGE> 54
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,050 0 1,480 200,000 0 1,480 200,000 0 1,480 200,000
5 2,050 3,951 5,157 200,000 3,951 5,157 200,000 5,730 6,936 200,000
10 2,050 7,507 8,211 200,000 7,507 8,211 200,000 12,279 12,982 200,000
20 2,050 7,526 7,526 200,000 7,526 7,526 200,000 19,589 19,589 200,000
@ Age 70 2,050 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 19,287 19,287 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 25 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 25 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 24 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-14
<PAGE> 55
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,050 0 1,480 200,000 0 1,480 200,000 0 1,480 200,000
2 47 2,050 965 2,472 200,000 965 2,472 200,000 1,386 2,893 200,000
3 48 2,050 2,024 3,431 200,000 2,024 3,431 200,000 2,859 4,266 200,000
4 49 2,050 3,027 4,333 200,000 3,027 4,333 200,000 4,314 5,621 200,000
5 50 2,050 3,951 5,157 200,000 3,951 5,157 200,000 5,730 6,936 200,000
6 51 2,050 4,822 5,927 200,000 4,822 5,927 200,000 7,129 8,235 200,000
7 52 2,050 5,616 6,621 200,000 5,616 6,621 200,000 8,489 9,494 200,000
8 53 2,050 6,335 7,239 200,000 6,335 7,239 200,000 9,812 10,716 200,000
9 54 2,050 6,957 7,761 200,000 6,957 7,761 200,000 11,075 11,879 200,000
10 55 2,050 7,507 8,211 200,000 7,507 8,211 200,000 12,279 12,982 200,000
11 56 2,050 7,963 8,566 200,000 7,963 8,566 200,000 13,448 14,051 200,000
12 57 2,050 8,425 8,827 200,000 8,425 8,827 200,000 14,662 15,064 200,000
13 58 2,050 8,796 8,997 200,000 8,796 8,997 200,000 15,799 16,000 200,000
14 59 2,050 8,974 9,075 200,000 8,974 9,075 200,000 16,651 16,751 200,000
15 60 2,050 9,062 9,062 200,000 9,062 9,062 200,000 17,323 17,323 200,000
16 61 2,050 9,103 9,103 200,000 9,103 9,103 200,000 17,969 17,969 200,000
17 62 2,050 9,009 9,009 200,000 9,009 9,009 200,000 18,525 18,525 200,000
18 63 2,050 8,733 8,733 200,000 8,733 8,733 200,000 18,968 18,968 200,000
19 64 2,050 8,255 8,255 200,000 8,255 8,255 200,000 19,323 19,323 200,000
20 65 2,050 7,526 7,526 200,000 7,526 7,526 200,000 19,589 19,589 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-15
<PAGE> 56
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,050 6,524 6,524 200,000 6,524 6,524 200,000 19,769 19,769 200,000
22 67 2,050 5,245 5,245 200,000 5,245 5,245 200,000 19,840 19,840 200,000
23 68 2,050 3,684 3,684 200,000 3,684 3,684 200,000 19,784 19,784 200,000
24 69 2,050 1,814 1,814 200,000 1,814 1,814 200,000 19,599 19,599 200,000
25 70 2,050 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 19,287 19,287 200,000
26 71 2,050 18,783 18,783 200,000
27 72 2,050 18,108 18,108 200,000
28 73 2,050 17,261 17,261 200,000
29 74 2,050 16,067 16,067 200,000
30 75 2,050 14,498 14,498 200,000
31 76 2,050 12,546 12,546 200,000
32 77 2,050 9,978 9,978 200,000
33 78 2,050 6,793 6,793 200,000
34 79 2,050 2,965 2,965 200,000
35 80 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-16
<PAGE> 57
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,050 0 1,480 200,000 73 1,581 200,000 73 1,581 200,000
5 2,050 3,951 5,157 200,000 5,177 6,383 200,000 7,169 8,375 200,000
10 2,050 7,507 8,211 200,000 11,646 12,350 200,000 17,690 18,394 200,000
20 2,050 7,526 7,526 200,000 22,150 22,150 200,000 41,953 41,953 200,000
@ Age 70 2,050 LAPSED LAPSED LAPSED 21,337 21,337 200,000 55,496 55,496 200,000
@ Age 85 2,050 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 81,468 81,468 200,000
@ Age 90 2,050 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 54,138 54,138 200,000
</TABLE>
* Policy lapses in policy year 25 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 32 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 24 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-17
<PAGE> 58
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- --------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,050 0 1,480 200,000 73 1,581 200,000 73 1,581 200,000
2 47 2,050 965 2,472 200,000 1,245 2,753 200,000 1,680 3,187 200,000
3 48 2,050 2,024 3,431 200,000 2,552 3,959 200,000 3,438 4,845 200,000
4 49 2,050 3,027 4,333 200,000 3,870 5,176 200,000 5,274 6,581 200,000
5 50 2,050 3,951 5,157 200,000 5,177 6,383 200,000 7,169 8,375 200,000
6 51 2,050 4,822 5,927 200,000 6,497 7,603 200,000 9,148 10,254 200,000
7 52 2,050 5,616 6,621 200,000 7,809 8,814 200,000 11,193 12,198 200,000
8 53 2,050 6,335 7,239 200,000 9,112 10,016 200,000 13,307 14,212 200,000
9 54 2,050 6,957 7,761 200,000 10,383 11,187 200,000 15,472 16,276 200,000
10 55 2,050 7,507 8,211 200,000 11,646 12,350 200,000 17,690 18,394 200,000
11 56 2,050 7,963 8,566 200,000 12,878 13,481 200,000 19,988 20,591 200,000
12 57 2,050 8,425 8,827 200,000 14,179 14,581 200,000 22,449 22,851 200,000
13 58 2,050 8,796 8,997 200,000 15,447 15,648 200,000 24,954 25,155 200,000
14 59 2,050 8,974 9,075 200,000 16,582 16,683 200,000 27,302 27,402 200,000
15 60 2,050 9,062 9,062 200,000 17,684 17,684 200,000 29,594 29,594 200,000
16 61 2,050 9,103 9,103 200,000 18,801 18,801 200,000 31,987 31,987 200,000
17 62 2,050 9,009 9,009 200,000 19,847 19,847 200,000 34,421 34,421 200,000
18 63 2,050 8,733 8,733 200,000 20,775 20,775 200,000 36,880 36,880 200,000
19 64 2,050 8,255 8,255 200,000 21,560 21,560 200,000 39,389 39,389 200,000
20 65 2,050 7,526 7,526 200,000 22,150 22,150 200,000 41,953 41,953 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-18
<PAGE> 59
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,050 6,524 6,524 200,000 22,513 22,513 200,000 44,577 44,577 200,000
22 67 2,050 5,245 5,245 200,000 22,638 22,638 200,000 47,249 47,249 200,000
23 68 2,050 3,684 3,684 200,000 22,510 22,510 200,000 49,955 49,955 200,000
24 69 2,050 1,814 1,814 200,000 22,090 22,090 200,000 52,702 52,702 200,000
25 70 2,050 LAPSED LAPSED LAPSED 21,337 21,337 200,000 55,496 55,496 200,000
26 71 2,050 20,158 20,158 200,000 58,292 58,292 200,000
27 72 2,050 18,453 18,453 200,000 61,112 61,112 200,000
28 73 2,050 16,063 16,063 200,000 63,964 63,964 200,000
29 74 2,050 12,784 12,784 200,000 66,723 66,723 200,000
30 75 2,050 8,450 8,450 200,000 69,379 69,379 200,000
31 76 2,050 2,793 2,793 200,000 71,937 71,937 200,000
32 77 2,050 LAPSED LAPSED LAPSED 74,245 74,245 200,000
33 78 2,050 76,316 76,316 200,000
34 79 2,050 78,147 78,147 200,000
35 80 2,050 79,747 79,747 200,000
36 81 2,050 81,091 81,091 200,000
37 82 2,050 82,051 82,051 200,000
38 83 2,050 82,544 82,544 200,000
39 84 2,050 82,414 82,414 200,000
40 85 2,050 81,468 81,468 200,000
41 86 2,050 79,621 79,621 200,000
42 87 2,050 76,243 76,243 200,000
43 88 2,050 71,087 71,087 200,000
44 89 2,050 63,864 63,864 200,000
45 90 2,050 54,318 54,318 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-19
<PAGE> 60
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 91 2,050 41,349 41,349 200,000
47 92 2,050 23,904 23,904 200,000
48 93 2,050 119 119 200,000
49 94 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-20
<PAGE> 61
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- ---------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,050 0 1,480 200,000 175 1,682 200,000 175 1,682 200,000
5 2,050 3,951 5,157 200,000 6,634 7,840 200,000 8,860 10,066 200,000
10 2,050 7,507 8,211 200,000 17,787 18,490 200,000 25,492 26,196 200,000
20 2,050 7,526 7,526 200,000 58,255 58,255 200,000 92,572 92,572 200,000
@ Age 70 2,050 LAPSED LAPSED LAPSED 95,069 95,069 200,000 160,974 160,974 200,000
@ Age 85 2,050 LAPSED LAPSED LAPSED 439,206 439,206 461,166 772,781 772,781 811,420
@ Age 90 2,050 LAPSED LAPSED LAPSED 709,918 709,918 745,414 1,263,215 1,263,215 1,326,375
</TABLE>
* Policy lapses in policy year 25 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
-------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-21
<PAGE> 62
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- --------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,050 0 1,480 200,000 175 1,682 200,000 175 1,682 200,000
2 47 2,050 965 2,472 200,000 1,539 3,046 200,000 1,986 3,493 200,000
3 48 2,050 2,024 3,431 200,000 3,127 4,534 200,000 4,066 5,473 200,000
4 49 2,050 3,027 4,333 200,000 4,830 6,136 200,000 6,358 7,665 200,000
5 50 2,050 3,951 5,157 200,000 6,634 7,840 200,000 8,860 10,066 200,000
6 51 2,050 4,822 5,927 200,000 8,578 9,683 200,000 11,618 12,724 200,000
7 52 2,050 5,616 6,621 200,000 10,653 11,658 200,000 14,637 15,642 200,000
8 53 2,050 6,335 7,239 200,000 12,875 13,779 200,000 17,946 18,850 200,000
9 54 2,050 6,957 7,761 200,000 15,239 16,043 200,000 21,553 22,357 200,000
10 55 2,050 7,507 8,211 200,000 17,787 18,490 200,000 25,492 26,196 200,000
11 56 2,050 7,963 8,566 200,000 20,517 21,120 200,000 29,824 30,427 200,000
12 57 2,050 8,425 8,827 200,000 23,554 23,956 200,000 34,670 35,072 200,000
13 58 2,050 8,796 8,997 200,000 26,823 27,024 200,000 39,957 40,158 200,000
14 59 2,050 8,974 9,075 200,000 30,254 30,354 200,000 45,537 45,637 200,000
15 60 2,050 9,062 9,062 200,000 33,979 33,979 200,000 51,565 51,565 200,000
16 61 2,050 9,103 9,103 200,000 38,093 38,093 200,000 58,253 58,253 200,000
17 62 2,050 9,009 9,009 200,000 42,561 42,561 200,000 65,614 65,614 200,000
18 63 2,050 8,733 8,733 200,000 47,390 47,390 200,000 73,716 73,716 200,000
19 64 2,050 8,255 8,255 200,000 52,614 52,614 200,000 82,667 82,667 200,000
20 65 2,050 7,526 7,526 200,000 58,255 58,255 200,000 92,572 92,572 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-22
<PAGE> 63
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,050 6,524 6,524 200,000 64,361 64,361 200,000 103,549 103,549 200,000
22 67 2,050 5,245 5,245 200,000 71,008 71,008 200,000 115,720 115,720 200,000
23 68 2,050 3,684 3,684 200,000 78,282 78,282 200,000 129,227 129,227 200,000
24 69 2,050 1,814 1,814 200,000 86,268 86,268 200,000 144,246 144,246 200,000
25 70 2,050 LAPSED LAPSED LAPSED 95,069 95,069 200,000 160,974 160,974 200,000
26 71 2,050 104,784 104,784 200,000 179,618 179,618 206,560
27 72 2,050 115,539 115,539 200,000 200,272 200,272 226,307
28 73 2,050 127,479 127,479 200,000 223,099 223,099 247,639
29 74 2,050 140,791 140,791 200,000 248,318 248,318 270,667
30 75 2,050 155,755 155,755 200,000 276,205 276,205 295,539
31 76 2,050 172,716 172,716 200,000 307,070 307,070 322,423
32 77 2,050 192,144 192,144 201,752 341,103 341,103 358,158
33 78 2,050 213,930 213,930 224,627 378,626 378,626 397,557
34 79 2,050 237,888 237,888 249,782 419,989 419,989 440,988
35 80 2,050 264,216 264,216 277,427 465,582 465,582 488,861
36 81 2,050 293,126 293,126 307,783 515,827 515,827 541,618
37 82 2,050 324,843 324,843 341,085 571,165 571,165 599,723
38 83 2,050 359,597 359,597 377,577 632,086 632,086 663,690
39 84 2,050 397,632 397,632 417,514 699,107 699,107 734,062
40 85 2,050 439,206 439,206 461,166 772,781 772,781 811,420
41 86 2,050 484,587 484,587 508,817 853,747 853,747 896,435
42 87 2,050 534,058 534,058 560,761 942,527 942,527 989,654
43 88 2,050 587,907 587,907 617,303 1,039,830 1,039,830 1,091,822
44 89 2,050 646,428 646,428 678,750 1,146,445 1,146,445 1,203,768
45 90 2,050 709,918 709,918 745,414 1,263,215 1,263,215 1,326,375
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-23
<PAGE> 64
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 91 2,050 778,656 778,656 817,589 1,391,059 1,391,059 1,460,612
47 92 2,050 855,002 855,002 889,202 1,532,570 1,532,750 1,593,873
48 93 2,050 940,264 940,264 968,472 1,689,707 1,689,707 1,740,398
49 94 2,050 1,036,096 1,036,096 1,056,818 1,865,017 1,865,017 1,902,317
50 95 2,050 1,144,686 1,144,686 1,156,133 2,061,294 2,061,294 2,081,907
51 96 2,050 1,263,889 1,263,889 1,276,528 2,277,836 2,277,836 2,300,614
52 97 2,050 1,394,220 1,394,220 1,408,162 2,516,720 2,516,720 2,541,887
53 98 2,050 1,535,361 1,535,361 1,550,715 2,780,229 2,780,229 2,808,031
54 99 2,050 1,688,409 1,688,409 1,705,293 3,070,880 3,070,880 3,101,589
55 100 2,050 1,856,509 1,856,509 1,875,074 3,391,442 3,391,442 3,425,357
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Female Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $2,050.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-24
<PAGE> 65
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 3,800 0 2,771 200,000 0 2,771 200,000 0 2,771 200,000
5 3,800 7,164 9,398 200,000 7,164 9,398 200,000 9,686 11,920 200,000
10 3,800 12,486 13,789 200,000 12,486 13,789 200,000 19,943 21,246 200,000
20 3,800 421 421 200,000 421 421 200,000 23,772 23,772 200,000
@ Age 70 3,800 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 11,306 11,306 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 21 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 21 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 20 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-25
<PAGE> 66
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ --------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,800 0 2,771 200,000 0 2,771 200,000 0 2,771 200,000
2 47 3,800 1,840 4,633 200,000 1,840 4,633 200,000 2,510 5,303 200,000
3 48 3,800 3,761 6,367 200,000 3,761 6,367 200,000 5,020 7,627 200,000
4 49 3,800 5,534 7,955 200,000 5,534 7,955 200,000 7,396 9,817 200,000
5 50 3,800 7,164 9,398 200,000 7,164 9,398 200,000 9,686 11,920 200,000
6 51 3,800 8,629 10,678 200,000 8,629 10,678 200,000 11,892 13,940 200,000
7 52 3,800 9,912 11,774 200,000 9,912 11,774 200,000 14,039 15,901 200,000
8 53 3,800 11,014 12,690 200,000 11,014 12,690 200,000 16,105 17,781 200,000
9 54 3,800 11,871 13,361 200,000 11,871 13,361 200,000 18,073 19,562 200,000
10 55 3,800 12,486 13,789 200,000 12,486 13,789 200,000 19,943 21,246 200,000
11 56 3,800 12,858 13,976 200,000 12,858 13,976 200,000 21,656 22,773 200,000
12 57 3,800 13,132 13,877 200,000 13,132 13,877 200,000 23,338 24,083 200,000
13 58 3,800 13,118 13,491 200,000 13,118 13,491 200,000 24,746 25,118 200,000
14 59 3,800 12,607 12,793 200,000 12,607 12,793 200,000 25,636 25,822 200,000
15 60 3,800 11,757 11,757 200,000 11,757 11,757 200,000 26,175 26,175 200,000
16 61 3,800 10,522 10,522 200,000 10,522 10,522 200,000 26,369 26,369 200,000
17 62 3,800 8,845 8,845 200,000 8,845 8,845 200,000 26,235 26,235 200,000
18 63 3,800 6,644 6,644 200,000 6,644 6,644 200,000 25,750 25,750 200,000
19 64 3,800 3,876 3,876 200,000 3,876 3,876 200,000 24,931 24,931 200,000
20 65 3,800 421 421 200,000 421 421 200,000 23,772 23,772 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc, Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-26
<PAGE> 67
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 3,800 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 22,264 22,264 200,000
22 67 3,800 20,292 20,292 200,000
23 68 3,800 17,795 17,795 200,000
24 69 3,800 14,793 14,793 200,000
25 70 3,800 11,306 11,306 200,000
26 71 3,800 7,193 7,193 200,000
27 72 3,800 2,506 2,506 200,000
28 73 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-27
<PAGE> 68
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 3,800 0 2,771 200,000 167 2,960 200,000 167 2,960 200,000
5 3,800 7,164 9,398 200,000 9,454 11,688 200,000 12,285 14,519 200,000
10 3,800 12,486 13,789 200,000 20,157 21,460 200,000 29,426 30,729 200,000
20 3,800 421 421 200,000 26,553 26,553 200,000 62,949 62,949 200,000
@ Age 70 3,800 LAPSED LAPSED LAPSED 7,501 7,501 200,000 76,104 76,104 200,000
@ Age 85 3,800 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 57,077 57,077 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 21 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 26 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 20 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
Age 45 Male Smoker Standard Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
C-28
<PAGE> 69
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,800 0 2,771 200,000 167 2,960 200,000 167 2,960 200,000
2 47 3,800 1,840 4,633 200,000 2,365 5,158 200,000 3,056 5,849 200,000
3 48 3,800 3,761 6,367 200,000 4,749 7,356 200,000 6,087 8,694 200,000
4 49 3,800 5,534 7,955 200,000 7,111 9,532 200,000 9,146 11,567 200,000
5 50 3,800 7,164 9,398 200,000 9,454 11,688 200,000 12,285 14,519 200,000
6 51 3,800 8,629 10,678 200,000 11,756 13,805 200,000 15,509 17,557 200,000
7 52 3,800 9,912 11,774 200,000 13,998 15,860 200,000 18,846 20,708 200,000
8 53 3,800 11,014 12,690 200,000 16,178 17,854 200,000 22,284 23,960 200,000
9 54 3,800 11,871 13,361 200,000 18,232 19,721 200,000 25,808 27,297 200,000
10 55 3,800 12,486 13,789 200,000 20,157 21,460 200,000 29,426 30,729 200,000
11 56 3,800 12,858 13,976 200,000 21,949 23,066 200,000 33,085 34,202 200,000
12 57 3,800 13,132 13,877 200,000 23,749 24,493 200,000 36,921 37,665 200,000
13 58 3,800 13,118 13,491 200,000 25,362 25,735 200,000 40,695 41,068 200,000
14 59 3,800 12,607 12,793 200,000 26,574 26,760 200,000 44,173 44,360 200,000
15 60 3,800 11,757 11,757 200,000 27,538 27,538 200,000 47,528 47,528 200,000
16 61 3,800 10,522 10,522 200,000 28,208 28,208 200,000 50,772 50,772 200,000
17 62 3,800 8,845 8,845 200,000 28,526 28,526 200,000 53,934 53,934 200,000
18 63 3,800 6,644 6,644 200,000 28,405 28,405 200,000 57,004 57,004 200,000
19 64 3,800 3,876 3,876 200,000 27,790 27,790 200,000 60,007 60,007 200,000
20 65 3,800 421 421 200,000 26,553 26,553 200,000 62,949 62,949 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-29
<PAGE> 70
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 3,800 LAPSED LAPSED LAPSED 24,634 24,634 200,000 65,839 65,839 200,000
22 67 3,800 21,895 21,895 200,000 68,601 68,601 200,000
23 68 3,800 18,242 18,242 200,000 71,210 71,210 200,000
24 69 3,800 13,516 13,516 200,000 73,700 73,700 200,000
25 70 3,800 7,501 7,501 200,000 76,104 76,104 200,000
26 71 3,800 LAPSED LAPSED LAPSED 78,351 78,351 200,000
27 72 3,800 80,500 80,500 200,000
28 73 3,800 82,466 82,466 200,000
29 74 3,800 84,144 84,144 200,000
30 75 3,800 85,478 85,478 200,000
31 76 3,800 86,443 86,443 200,000
32 77 3,800 86,968 86,968 200,000
33 78 3,800 86,952 86,952 200,000
34 79 3,800 86,288 86,288 200,000
35 80 3,800 84,846 84,846 200,000
36 81 3,800 82,462 82,462 200,000
37 82 3,800 78,930 78,930 200,000
38 83 3,800 74,016 74,016 200,000
39 84 3,800 66,949 66,949 200,000
40 85 3,800 57,077 57,077 200,000
41 86 3,800 43,544 43,544 200,000
42 87 3,800 25,079 25,079 200,000
43 88 3,800 292 292 200,000
44 89 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-30
<PAGE> 71
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 3,800 0 2,771 200,000 356 3,149 200,000 356 3,149 200,000
5 3,800 7,164 9,398 200,000 12,181 14,416 200,000 15,351 17,586 200,000
10 3,800 12,486 13,789 200,000 31,656 32,959 200,000 43,259 44,562 200,000
20 3,800 421 421 200,000 97,218 97,218 200,000 156,163 156,163 200,000
@ Age 70 3,800 LAPSED LAPSED LAPSED 163,114 163,114 200,000 273,925 273,925 317,753
@ Age 85 3,800 LAPSED LAPSED LAPSED 783,968 783,968 823,167 1,278,251 1,278,251 1,342,164
@ Age 90 3,800 LAPSED LAPSED LAPSED 1,249,687 1,249,687 1,312,171 2,056,994 2,056,994 2,159,844
</TABLE>
* Policy lapses in policy year 21 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
-------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-31
<PAGE> 72
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------------- ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,800 0 2,771 200,000 356 3,149 200,000 356 3,149 200,000
2 47 3,800 1,840 4,633 200,000 2,914 5,707 200,000 3,625 6,418 200,000
3 48 3,800 3,761 6,367 200,000 5,828 8,434 200,000 7,245 9,852 200,000
4 49 3,800 5,534 7,955 200,000 8,909 11,329 200,000 11,128 13,548 200,000
5 50 3,800 7,164 9,398 200,000 12,181 14,416 200,000 15,351 17,586 200,000
6 51 3,800 8,629 10,678 200,000 15,649 17,697 200,000 19,957 22,006 200,000
7 52 3,800 9,912 11,774 200,000 19,317 21,179 200,000 25,015 26,877 200,000
8 53 3,800 11,014 12,690 200,000 23,217 24,893 200,000 30,554 32,230 200,000
9 54 3,800 11,871 13,361 200,000 27,318 28,808 200,000 36,614 38,103 200,000
10 55 3,800 12,486 13,789 200,000 31,656 32,959 200,000 43,259 44,562 200,000
11 56 3,800 12,858 13,976 200,000 36,270 37,387 200,000 50,504 51,622 200,000
12 57 3,800 13,132 13,877 200,000 41,354 42,098 200,000 58,564 59,309 200,000
13 58 3,800 13,118 13,491 200,000 46,771 47,143 200,000 67,294 67,666 200,000
14 59 3,800 12,607 12,793 200,000 52,376 52,563 200,000 76,564 76,750 200,000
15 60 3,800 11,757 11,757 200,000 58,405 58,405 200,000 86,672 86,672 200,000
16 61 3,800 10,522 10,522 200,000 64,911 64,911 200,000 97,767 97,767 200,000
17 62 3,800 8,845 8,845 200,000 71,964 71,964 200,000 110,049 110,049 200,000
18 63 3,800 6,644 6,644 200,000 79,627 79,627 200,000 123,708 123,708 200,000
19 64 3,800 3,876 3,876 200,000 88,013 88,013 200,000 138,987 138,987 200,000
20 65 3,800 421 421 200,000 97,218 97,218 200,000 156,163 156,163 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-32
<PAGE> 73
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------------- ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 3,800 LAPSED LAPSED LAPSED 107,427 107,427 200,000 175,491 175,491 210,589
22 67 3,800 118,825 118,825 200,000 196,768 196,768 234,154
23 68 3,800 131,684 131,684 200,000 220,116 220,116 259,737
24 69 3,800 146,317 146,317 200,000 245,753 245,753 287,531
25 70 3,800 163,114 163,114 200,000 273,925 273,925 317,753
26 71 3,800 182,445 182,445 209,812 304,868 304,868 350,599
27 72 3,800 203,885 203,885 230,391 339,039 339,039 383,114
28 73 3,800 227,538 227,538 252,567 376,799 376,799 418,247
29 74 3,800 253,694 253,694 276,527 418,571 418,571 456,242
30 75 3,800 282,709 282,709 302,499 464,868 464,868 497,409
31 76 3,800 315,013 315,013 330,764 516,308 516,308 542,124
32 77 3,800 350,435 350,435 367,957 572,889 572,889 601,533
33 78 3,800 389,258 389,258 408,721 635,095 635,095 666,850
34 79 3,800 431,788 431,788 453,377 703,458 703,458 738,631
35 80 3,800 478,347 478,347 502,265 778,553 778,553 817,481
36 81 3,800 529,274 529,274 555,738 861,004 861,004 904,055
37 82 3,800 584,925 584,925 614,172 951,489 951,489 999,063
38 83 3,800 645,662 645,662 677,945 1,050,752 1,050,752 1,103,289
39 84 3,800 711,871 711,871 747,465 1,159,415 1,159,415 1,217,386
40 85 3,800 783,968 783,968 823,167 1,278,251 1,278,251 1,342,164
41 86 3,800 862,409 862,409 905,529 1,408,093 1,408,093 1,478,498
42 87 3,800 947,694 947,694 995,079 1,549,787 1,549,787 1,627,277
43 88 3,800 1,040,319 1,040,319 1,092,335 1,704,380 1,704,380 1,789,599
44 89 3,800 1,140,793 1,140,793 1,197,833 1,873,055 1,873,055 1,966,708
45 90 3,800 1,249,687 1,249,687 1,312,171 2,056,994 2,056,994 2,159,844
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-33
<PAGE> 74
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------------- ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 91 3,800 1,367,578 1,367,578 1,435,957 2,257,205 2,257,205 2,370,065
47 92 3,800 1,499,421 1,499,421 1,559,398 2,480,307 2,480,307 2,579,519
48 93 3,800 1,647,542 1,647,542 1,696,968 2,729,854 2,729,854 2,811,749
49 94 3,800 1,814,797 1,814,797 1,851,093 3,010,184 3,010,184 3,070,388
50 95 3,800 2,004,965 2,004,965 2,025,015 3,326,155 3,326,155 3,359,417
51 96 3,800 2,213,778 2,213,778 2,235,916 3,674,646 3,674,646 3,711,392
52 97 3,800 2,442,128 2,442,128 2,466,549 4,058,976 4,058,976 4,099,566
53 98 3,800 2,689,469 2,689,469 2,716,364 4,482,807 4,482,807 4,527,635
54 99 3,800 2,957,823 2,957,823 2,987,401 4,950,165 4,950,165 4,999,667
55 100 3,800 3,252,570 3,252,570 3,285,095 5,465,485 5,465,485 5,520,139
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Smoker Standard Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $3,800.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-34
<PAGE> 75
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 13 1,961 201,961 13 1,961 201,961 13 1,961 201,961
5 2,650 5,743 7,301 207,301 5,743 7,301 207,301 7,441 9,000 209,000
10 2,650 10,688 11,598 211,598 10,688 11,598 211,598 16,045 16,955 216,955
20 2,650 6,652 6,652 206,652 6,652 6,652 206,652 23,576 23,576 223,576
@ Age 70 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 18,724 18,724 218,724
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 22 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
-------------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
----------------------------------- -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-35
<PAGE> 76
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 13 1,961 201,961 13 1,961 201,961 13 1,961 201,961
2 47 2,650 1,472 3,420 203,420 1,472 3,420 203,420 1,875 3,824 203,824
3 48 2,650 2,970 4,788 204,788 2,970 4,788 204,788 3,771 5,589 205,589
4 49 2,650 4,401 6,089 206,089 4,401 6,089 206,089 5,618 7,307 207,307
5 50 2,650 5,743 7,301 207,301 5,743 7,301 207,301 7,441 9,000 209,000
6 51 2,650 6,973 8,402 208,402 6,973 8,402 208,402 9,241 10,670 210,670
7 52 2,650 8,093 9,392 209,392 8,093 9,392 209,392 11,017 12,316 212,316
8 53 2,650 9,104 10,273 210,273 9,104 10,273 210,273 12,747 13,916 213,916
9 54 2,650 9,960 11,000 211,000 9,960 11,000 211,000 14,431 15,470 215,470
10 55 2,650 10,688 11,598 211,598 10,688 11,598 211,598 16,045 16,955 216,955
11 56 2,650 11,242 12,021 212,021 11,242 12,021 212,021 17,568 18,347 218,347
12 57 2,650 11,753 12,273 212,273 11,753 12,273 212,273 19,106 19,626 219,626
13 58 2,650 12,095 12,355 212,355 12,095 12,355 212,355 20,509 20,768 220,768
14 59 2,650 12,092 12,222 212,222 12,092 12,222 212,222 21,599 21,729 221,729
15 60 2,650 11,878 11,878 211,878 11,878 11,878 211,878 22,462 22,462 222,462
16 61 2,650 11,444 11,444 211,444 11,444 11,444 211,444 23,139 23,139 223,139
17 62 2,650 10,755 10,755 210,755 10,755 10,755 210,755 23,592 23,592 223,592
18 63 2,650 9,744 9,744 209,744 9,744 9,744 209,744 23,802 23,802 223,802
19 64 2,650 8,390 8,390 208,390 8,390 8,390 208,390 23,796 23,796 223,796
20 65 2,650 6,652 6,652 206,652 6,652 6,652 206,652 23,576 23,576 223,576
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., or Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode: Annual-Riders: None Form # C2-98
</TABLE>
C-36
<PAGE> 77
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,650 4,488 4,488 204,488 4,488 4,488 204,488 23,146 23,146 223,146
22 67 2,650 1,878 1,878 201,878 1,878 1,878 201,878 22,437 22,437 222,437
23 68 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 21,453 21,453 221,453
24 69 2,650 20,222 20,222 220,222
25 70 2,650 18,724 18,724 218,724
26 71 2,650 16,914 16,914 216,914
27 72 2,650 14,868 14,868 214,868
28 73 2,650 12,471 12,471 212,471
29 74 2,650 9,656 9,656 209,656
30 75 2,650 6,382 6,382 206,382
31 76 2,650 2,632 2,632 202,632
32 77 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., or Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-37
<PAGE> 78
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 13 1,961 201,961 145 2,093 202,093 145 2,093 202,093
5 2,650 5,743 7,301 207,301 7,407 8,965 208,965 9,314 10,873 210,873
10 2,650 10,688 11,598 211,598 16,324 17,233 217,233 23,037 23,947 223,947
20 2,650 6,652 6,652 206,652 24,583 24,583 224,583 51,297 51,297 251,297
@ Age 70 2,650 LAPSED LAPSED LAPSED 13,798 13,798 213,798 60,919 60,919 260,919
@ Age 85 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 15,227 15,227 215,227
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 22 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-38
<PAGE> 79
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 13 1,961 201,961 145 2,093 202,093 145 2,093 202,093
2 47 2,650 1,472 3,420 203,420 1,844 3,792 203,792 2,260 4,209 204,209
3 48 2,650 2,970 4,788 204,788 3,677 5,496 205,496 4,529 6,348 206,348
4 49 2,650 4,401 6,089 206,089 5,539 7,228 207,228 6,871 8,560 208,560
5 50 2,650 5,743 7,301 207,301 7,407 8,965 208,965 9,314 10,873 210,873
6 51 2,650 6,973 8,402 208,402 9,256 10,685 210,685 11,862 13,291 213,291
7 52 2,650 8,093 9,392 209,392 11,085 12,384 212,384 14,521 15,820 215,820
8 53 2,650 9,104 10,273 210,273 12,895 14,064 214,064 17,272 18,441 218,441
9 54 2,650 9,960 11,000 211,000 14,634 15,673 215,673 20,117 21,156 221,156
10 55 2,650 10,688 11,598 211,598 16,324 17,233 217,233 23,037 23,947 223,947
11 56 2,650 11,242 12,021 212,021 17,914 18,694 218,694 26,012 26,791 226,791
12 57 2,650 11,753 12,273 212,273 19,530 20,049 220,049 29,148 29,668 229,668
13 58 2,650 12,095 12,355 212,355 21,036 21,295 221,295 32,294 32,554 232,554
14 59 2,650 12,092 12,222 212,222 22,248 22,378 222,378 35,270 35,400 235,400
15 60 2,650 11,878 11,878 211,878 23,290 23,290 223,290 38,156 38,156 238,156
16 61 2,650 11,444 11,444 211,444 24,146 24,146 224,146 40,989 40,989 240,989
17 62 2,650 10,755 10,755 210,755 24,772 24,772 224,772 43,732 43,732 243,732
18 63 2,650 9,744 9,744 209,744 25,084 25,084 225,084 46,355 46,355 246,355
19 64 2,650 8,390 8,390 208,390 25,043 25,043 225,043 48,879 48,879 248,879
20 65 2,650 6,652 6,652 206,652 24,583 24,583 224,583 51,297 51,297 251,297
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Fund,
Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-39
<PAGE> 80
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,650 4,488 4,488 204,488 23,637 23,637 223,637 53,605 53,605 253,605
22 67 2,650 1,878 1,878 201,878 22,158 22,158 222,158 55,725 55,725 255,725
23 68 2,650 LAPSED LAPSED LAPSED 20,073 20,073 220,073 57,649 57,649 257,649
24 69 2,650 17,329 17,329 217,329 59,391 59,391 259,391
25 70 2,650 13,798 13,798 213,798 60,919 60,919 260,919
26 71 2,650 9,370 9,370 209,370 62,175 62,175 262,175
27 72 2,650 3,906 3,906 203,906 63,219 63,219 263,219
28 73 2,650 LAPSED LAPSED LAPSED 63,919 63,919 263,919
29 74 2,650 64,186 64,186 264,186
30 75 2,650 63,952 63,952 263,952
31 76 2,650 63,168 63,168 263,168
32 77 2,650 61,762 61,762 261,762
33 78 2,650 59,630 59,630 259,630
34 79 2,650 56,690 56,690 256,690
35 80 2,650 52,857 52,857 252,857
36 81 2,650 48,017 48,017 248,017
37 82 2,650 42,048 42,048 242,048
38 83 2,650 34,875 34,875 234,875
39 84 2,650 26,026 26,026 226,026
40 85 2,650 15,227 15,227 215,227
41 86 2,650 2,291 2,291 202,291
42 87 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-40
<PAGE> 81
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,650 13 1,961 201,961 277 2,226 202,226 277 2,226 202,226
5 2,650 5,743 7,301 207,301 9,378 10,937 210,937 11,515 13,074 213,074
10 2,650 10,688 11,598 211,598 24,629 25,538 225,538 33,114 34,023 234,023
20 2,650 6,652 6,652 206,652 69,170 69,170 269,170 113,951 113,951 313,951
@ Age 70 2,650 LAPSED LAPSED LAPSED 95,292 95,292 295,292 184,899 184,899 384,899
@ Age 85 2,650 LAPSED LAPSED LAPSED 28,677 28,677 228,677 688,549 686,549 886,549
@ Age 90 2,650 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 1,024,960 1,024,960 1,224,960
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 41 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-41
<PAGE> 82
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- ----------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,650 13 1,961 201,961 277 2,226 202,226 277 2,226 202,226
2 47 2,650 1,472 3,420 203,420 2,233 4,181 204,181 2,662 4,610 204,610
3 48 2,650 2,970 4,788 204,788 4,448 6,267 206,267 5,352 7,170 207,170
4 49 2,650 4,401 6,089 206,089 6,832 8,521 208,521 8,286 9,974 209,974
5 50 2,650 5,743 7,301 207,301 9,378 10,937 210,937 11,515 13,074 213,074
6 51 2,650 6,973 8,402 208,402 12,078 13,507 213,507 15,071 16,500 216,500
7 52 2,650 8,093 9,392 209,392 14,947 16,246 216,246 18,987 20,286 220,286
8 53 2,650 9,104 10,273 210,273 18,004 19,173 219,173 23,277 24,446 224,446
9 54 2,650 9,960 11,000 211,000 21,217 22,256 222,256 27,980 29,019 229,019
10 55 2,650 10,688 11,598 211,598 24,629 25,538 225,538 33,114 34,023 234,023
11 56 2,650 11,242 12,021 212,021 28,210 28,989 228,989 38,699 39,479 239,479
12 57 2,650 11,753 12,273 212,273 32,108 32,627 232,627 44,888 45,407 245,407
13 58 2,650 12,095 12,355 212,355 36,212 36,472 236,472 51,575 51,834 251,834
14 59 2,650 12,092 12,222 212,222 40,364 40,494 240,494 58,632 58,762 258,762
15 60 2,650 11,878 11,878 211,878 44,712 44,712 244,712 66,191 66,191 266,191
16 61 2,650 11,444 11,444 211,444 49,276 49,276 249,276 74,354 74,354 274,354
17 62 2,650 10,755 10,755 210,755 54,042 54,042 254,042 83,149 83,149 283,149
18 63 2,650 9,744 9,744 209,744 58,957 58,957 258,957 92,619 92,619 292,619
19 64 2,650 8,390 8,390 208,390 64,011 64,011 264,011 102,859 102,859 302,859
20 65 2,650 6,652 6,652 206,652 69,170 69,170 269,170 113,951 113,951 313,951
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-42
<PAGE> 83
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 66 2,650 4,488 4,488 204,488 74,393 74,393 274,393 125,984 125,984 325,984
22 67 2,650 1,878 1,878 201,878 79,661 79,661 279,661 138,983 138,983 338,983
23 68 2,650 LAPSED LAPSED LAPSED 84,930 84,930 284,930 153,049 153,049 353,049
24 69 2,650 90,175 90,175 290,175 168,320 168,320 368,320
25 70 2,650 95,292 95,292 295,292 184,899 184,899 384,899
26 71 2,650 100,192 100,192 300,192 202,871 202,871 402,871
27 72 2,650 104,751 104,751 304,751 222,461 222,461 422,461
28 73 2,650 108,784 108,784 308,784 243,712 243,712 443,712
29 74 2,650 112,107 112,107 312,107 266,726 266,726 466,726
30 75 2,650 114,520 114,520 314,520 291,637 291,637 491,637
31 76 2,650 115,828 115,828 315,828 318,622 318,622 518,622
32 77 2,650 115,811 115,811 315,811 347,850 347,850 547,850
33 78 2,650 114,281 114,281 314,281 379,481 379,481 579,481
34 79 2,650 110,976 110,976 310,976 413,720 413,720 613,720
35 80 2,650 105,557 105,557 305,557 450,794 450,794 650,794
36 81 2,650 97,624 97,624 297,624 490,926 490,926 690,926
37 82 2,650 86,633 86,633 286,633 534,366 534,366 734,366
38 83 2,650 71,958 71,958 271,958 581,439 581,439 781,439
39 84 2,650 52,880 52,880 252,880 632,106 632,106 832,106
40 85 2,650 28,677 28,677 228,677 686,549 686,549 886,549
41 86 2,650 LAPSED LAPSED LAPSED 745,070 745,070 945,070
42 87 2,650 807,905 807,905 1,007,905
43 88 2,650 875,164 875,164 1,075,164
44 89 2,650 947,397 947,397 1,147,397
45 90 2,650 1,024,960 1,024,960 1,224,960
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-43
<PAGE> 84
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 91 2,650 1,107,929 1,107,929 1,307,929
47 92 2,650 1,197,034 1,197,034 1,397,034
48 93 2,650 1,292,784 1,292,784 1,492,784
49 94 2,650 1,396,141 1,396,141 1,596,141
50 95 2,650 1,507,796 1,507,796 1,707,796
51 96 2,650 1,629,133 1,629,133 1,829,133
52 97 2,650 1,761,311 1,761,311 1,961,311
53 98 2,650 1,904,513 1,904,513 2,104,513
54 99 2,650 2,059,538 2,059,538 2,259,538
55 100 2,650 2,226,034 2,226,034 2,426,034
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 2 Version 2.01
Initial Modal Premium: $2,650.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-44
<PAGE> 85
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,450 0 972 200,000 0 972 200,000 0 972 200,000
5 1,450 2,782 3,863 200,000 2,782 3,863 200,000 3,400 4,482 200,000
10 1,450 5,810 6,531 200,000 5,810 6,531 200,000 7,541 8,262 200,000
20 1,450 7,810 7,810 200,000 7,810 7,810 200,000 13,954 13,954 200,000
@ Age 70 1,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 2,628 2,628 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 27 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-45
<PAGE> 86
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,450 0 972 200,000 0 972 200,000 0 972 200,000
2 37 1,450 662 1,744 200,000 662 1,744 200,000 850 1,932 200,000
3 38 1,450 1,401 2,482 200,000 1,401 2,482 200,000 1,750 2,832 200,000
4 39 1,450 2,107 3,189 200,000 2,107 3,189 200,000 2,592 3,674 200,000
5 40 1,450 2,782 3,863 200,000 2,782 3,863 200,000 3,400 4,482 200,000
6 41 1,450 3,402 4,484 200,000 3,402 4,484 200,000 4,175 5,257 200,000
7 42 1,450 3,993 5,074 200,000 3,993 5,074 200,000 4,941 6,022 200,000
8 43 1,450 4,602 5,611 200,000 4,602 5,611 200,000 5,768 6,778 200,000
9 44 1,450 5,232 6,097 200,000 5,232 6,097 200,000 6,659 7,524 200,000
10 45 1,450 5,810 6,531 200,000 5,810 6,531 200,000 7,541 8,262 200,000
11 46 1,450 6,338 6,915 200,000 6,338 6,915 200,000 8,413 8,990 200,000
12 47 1,450 6,816 7,249 200,000 6,816 7,249 200,000 9,276 9,709 200,000
13 48 1,450 7,223 7,511 200,000 7,223 7,511 200,000 10,086 10,374 200,000
14 49 1,450 7,581 7,725 200,000 7,581 7,725 200,000 10,820 10,964 200,000
15 50 1,450 7,869 7,869 200,000 7,869 7,869 200,000 11,480 11,480 200,000
16 51 1,450 8,063 8,063 200,000 8,063 8,063 200,000 12,089 12,089 200,000
17 52 1,450 8,165 8,165 200,000 8,165 8,165 200,000 12,646 12,646 200,000
18 53 1,450 8,176 8,176 200,000 8,176 8,176 200,000 13,131 13,131 200,000
19 54 1,450 8,049 8,049 200,000 8,049 8,049 200,000 13,567 13,567 200,000
20 55 1,450 7,810 7,810 200,000 7,810 7,810 200,000 13,954 13,954 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-46
<PAGE> 87
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 56 1,450 7,413 7,413 200,000 7,413 7,413 200,000 14,293 14,293 200,000
22 57 1,450 6,857 6,857 200,000 6,857 6,857 200,000 14,540 14,540 200,000
23 58 1,450 6,144 6,144 200,000 6,144 6,144 200,000 14,698 14,698 200,000
24 59 1,450 5,226 5,226 200,000 5,226 5,226 200,000 14,723 14,723 200,000
25 60 1,450 4,102 4,102 200,000 4,102 4,102 200,000 14,593 14,593 200,000
26 61 1,450 2,723 2,723 200,000 2,723 2,723 200,000 14,311 14,311 200,000
27 62 1,450 1,086 1,086 200,000 1,086 1,086 200,000 13,876 13,876 200,000
28 63 1,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 13,267 13,267 200,000
29 64 1,450 12,462 12,462 200,000
30 65 1,450 11,458 11,458 200,000
31 66 1,450 10,232 10,232 200,000
32 67 1,450 8,736 8,736 200,000
33 68 1,450 6,966 6,966 200,000
34 69 1,450 4,940 4,940 200,000
35 70 1,450 2,628 2,628 200,000
36 71 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-47
<PAGE> 88
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,450 0 972 200,000 0 1,041 200,000 0 1,041 200,000
5 1,450 2,782 3,863 200,000 3,658 4,740 200,000 4,360 5,442 200,000
10 1,450 5,810 6,531 200,000 8,874 9,595 200,000 11,055 11,776 200,000
20 1,450 7,810 7,810 200,000 19,163 19,163 200,000 28,498 28,498 200,000
@ Age 70 1,450 LAPSED LAPSED LAPSED 479 479 200,000 53,860 53,860 200,000
@ Age 85 1,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 13,130 13,130 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 36 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 27 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-48
<PAGE> 89
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,450 0 972 200,000 0 1,041 200,000 0 1,041 200,000
2 37 1,450 662 1,744 200,000 856 1,937 200,000 1,049 2,131 200,000
3 38 1,450 1,401 2,482 200,000 1,770 2,851 200,000 2,142 3,223 200,000
4 39 1,450 2,107 3,189 200,000 2,704 3,785 200,000 3,237 4,319 200,000
5 40 1,450 2,782 3,863 200,000 3,658 4,740 200,000 4,360 5,442 200,000
6 41 1,450 3,402 4,484 200,000 4,611 5,693 200,000 5,513 6,594 200,000
7 42 1,450 3,993 5,074 200,000 5,586 6,668 200,000 6,720 7,802 200,000
8 43 1,450 4,602 5,611 200,000 6,633 7,643 200,000 8,056 9,066 200,000
9 44 1,450 5,232 6,097 200,000 7,753 8,618 200,000 9,524 10,390 200,000
10 45 1,450 5,810 6,531 200,000 8,874 9,595 200,000 11,055 11,776 200,000
11 46 1,450 6,338 6,915 200,000 9,996 10,572 200,000 12,652 13,229 200,000
12 47 1,450 6,816 7,249 200,000 11,120 11,552 200,000 14,317 14,749 200,000
13 48 1,450 7,223 7,511 200,000 12,224 12,512 200,000 16,009 16,297 200,000
14 49 1,450 7,581 7,725 200,000 13,330 13,474 200,000 17,708 17,852 200,000
15 50 1,450 7,869 7,869 200,000 14,416 14,416 200,000 19,414 19,414 200,000
16 51 1,450 8,063 8,063 200,000 15,463 15,463 200,000 21,156 21,156 200,000
17 52 1,450 8,165 8,165 200,000 16,473 16,473 200,000 22,939 22,939 200,000
18 53 1,450 8,176 8,176 200,000 17,446 17,446 200,000 24,745 24,745 200,000
19 54 1,450 8,049 8,049 200,000 18,336 18,336 200,000 26,596 26,596 200,000
20 55 1,450 7,810 7,810 200,000 19,163 19,163 200,000 28,498 28,498 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-49
<PAGE> 90
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 56 1,450 7,413 7,413 200,000 19,878 19,878 200,000 30,452 30,452 200,000
22 57 1,450 6,857 6,857 200,000 20,479 20,479 200,000 32,421 32,421 200,000
23 58 1,450 6,144 6,144 200,000 20,959 20,959 200,000 34,408 34,408 200,000
24 59 1,450 5,226 5,226 200,000 21,269 21,269 200,000 36,376 36,376 200,000
25 60 1,450 4,102 4,102 200,000 21,399 21,399 200,000 38,306 38,306 200,000
26 61 1,450 2,723 2,723 200,000 21,297 21,297 200,000 40,201 40,201 200,000
27 62 1,450 1,086 1,086 200,000 20,946 20,946 200,000 42,060 42,060 200,000
28 63 1,450 LAPSED LAPSED LAPSED 20,266 20,266 200,000 43,867 43,867 200,000
29 64 1,450 19,211 19,211 200,000 45,604 45,604 200,000
30 65 1,450 17,708 17,708 200,000 47,269 47,269 200,000
31 66 1,450 15,676 15,676 200,000 48,844 48,844 200,000
32 67 1,450 13,045 13,045 200,000 50,291 50,291 200,000
33 68 1,450 9,713 9,713 200,000 51,606 51,606 200,000
34 69 1,450 5,585 5,585 200,000 52,803 52,803 200,000
35 70 1,450 479 479 200,000 53,860 53,860 200,000
36 71 1,450 LAPSED LAPSED LAPSED 54,735 54,735 200,000
37 72 1,450 55,473 55,473 200,000
38 73 1,450 55,977 55,977 200,000
39 74 1,450 56,181 56,181 200,000
40 75 1,450 56,027 56,027 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-50
<PAGE> 91
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,450 55,470 55,470 200,000
42 77 1,450 54,441 54,441 200,000
43 78 1,450 52,839 52,839 200,000
44 79 1,450 50,570 50,570 200,000
45 80 1,450 47,521 47,521 200,000
46 81 1,450 43,537 43,537 200,000
47 82 1,450 38,436 38,436 200,000
48 83 1,450 32,036 32,036 200,000
49 84 1,450 23,770 23,770 200,000
50 85 1,450 13,130 13,130 200,000
51 86 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-51
<PAGE> 92
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,450 0 972 200,000 29 1,111 200,000 29 1,111 200,000
5 1,450 2,782 3,863 200,000 4,696 5,778 200,000 5,491 6,573 200,000
10 1,450 5,810 6,531 200,000 13,370 14,091 200,000 16,149 16,870 200,000
20 1,450 7,810 7,810 200,000 46,116 46,116 200,000 61,139 61,139 200,000
@ Age 70 1,450 LAPSED LAPSED LAPSED 204,516 204,516 237,239 301,562 301,562 349,812
@ Age 85 1,450 LAPSED LAPSED LAPSED 900,368 900,368 945,387 1,355,003 1,355,003 1,422,753
@ Age 90 1,450 LAPSED LAPSED LAPSED 1,425,329 1,425,329 1,496,596 2,193,421 2,193,421 2,303,093
</TABLE>
* Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-52
<PAGE> 93
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- --------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,450 0 972 200,000 29 1,111 200,000 29 1,111 200,000
2 37 1,450 662 1,744 200,000 1,058 2,139 200,000 1,258 2,339 200,000
3 38 1,450 1,401 2,482 200,000 2,172 3,254 200,000 2,567 3,649 200,000
4 39 1,450 2,107 3,189 200,000 3,381 4,463 200,000 3,967 5,048 200,000
5 40 1,450 2,782 3,863 200,000 4,696 5,778 200,000 5,491 6,573 200,000
6 41 1,450 3,402 4,484 200,000 6,104 7,185 200,000 7,155 8,236 200,000
7 42 1,450 3,993 5,074 200,000 7,639 8,721 200,000 8,996 10,077 200,000
8 43 1,450 4,602 5,611 200,000 9,365 10,374 200,000 11,106 12,116 200,000
9 44 1,450 5,232 6,097 200,000 11,294 12,159 200,000 13,507 14,372 200,000
10 45 1,450 5,810 6,531 200,000 13,370 14,091 200,000 16,149 16,870 200,000
11 46 1,450 6,338 6,915 200,000 15,610 16,187 200,000 19,059 19,636 200,000
12 47 1,450 6,816 7,249 200,000 18,032 18,465 200,000 22,264 22,697 200,000
13 48 1,450 7,223 7,511 200,000 20,636 20,924 200,000 25,753 26,042 200,000
14 49 1,450 7,581 7,725 200,000 23,465 23,609 200,000 29,536 29,680 200,000
15 50 1,450 7,869 7,869 200,000 26,523 26,523 200,000 33,647 33,647 200,000
16 51 1,450 8,063 8,063 200,000 29,824 29,824 200,000 38,153 38,153 200,000
17 52 1,450 8,165 8,165 200,000 33,408 33,408 200,000 43,108 43,108 200,000
18 53 1,450 8,176 8,176 200,000 37,308 37,308 200,000 48,542 48,542 200,000
19 54 1,450 8,049 8,049 200,000 41,523 41,523 200,000 54,531 54,531 200,000
20 55 1,450 7,810 7,810 200,000 46,116 46,116 200,000 61,139 61,139 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-53
<PAGE> 94
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 56 1,450 7,413 7,413 200,000 51,097 51,097 200,000 68,437 68,437 200,000
22 57 1,450 6,857 6,857 200,000 56,518 56,518 200,000 76,472 76,472 200,000
23 58 1,450 6,144 6,144 200,000 62,442 62,442 200,000 85,334 85,334 200,000
24 59 1,450 5,226 5,226 200,000 68,901 68,901 200,000 95,095 95,095 200,000
25 60 1,450 4,102 4,102 200,000 75,975 75,975 200,000 105,859 105,859 200,000
26 61 1,450 2,723 2,723 200,000 83,723 83,723 200,000 117,757 117,757 200,000
27 62 1,450 1,086 1,086 200,000 92,246 92,246 200,000 130,939 130,939 200,000
28 63 1,450 LAPSED LAPSED LAPSED 101,624 101,624 200,000 145,568 145,568 200,000
29 64 1,450 111,984 111,984 200,000 161,835 161,835 200,675
30 65 1,450 123,468 123,468 200,000 179,870 179,870 219,441
31 66 1,450 136,253 136,253 200,000 199,754 199,754 239,705
32 67 1,450 150,563 150,563 200,000 221,647 221,647 263,760
33 68 1,450 166,664 166,664 200,000 245,754 245,754 289,990
34 69 1,450 184,703 184,703 216,103 272,310 272,310 318,602
35 70 1,450 204,516 204,516 237,239 301,562 301,562 349,812
36 71 1,450 226,258 226,258 260,197 333,783 333,783 383,850
37 72 1,450 250,216 250,216 282,744 369,377 369,377 417,396
38 73 1,450 276,647 276,647 307,078 408,705 408,705 453,662
39 74 1,450 305,857 305,857 333,384 452,187 452,187 492,883
40 75 1,450 338,212 338,212 361,887 500,312 500,312 535,334
41 76 1,450 374,156 374,156 392,864 553,648 553,648 581,330
42 77 1,450 413,634 413,634 434,316 612,435 612,435 643,057
43 78 1,450 456,975 456,975 479,824 677,210 677,210 711,071
44 79 1,450 504,528 504,528 529,754 748,565 748,565 785,993
45 80 1,450 556,664 556,664 584,497 827,144 827,144 868,501
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-54
<PAGE> 95
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 81 1,450 613,778 613,778 644,466 913,649 913,649 959,332
47 82 1,450 676,274 676,274 710,088 1,008,844 1,008,844 1,059,287
48 83 1,450 744,577 744,577 781,805 1,113,574 1,113,574 1,169,253
49 84 1,450 819,120 819,120 860,076 1,228,653 1,228,653 1,290,086
50 85 1,450 900,368 900,368 945,387 1,355,003 1,355,003 1,422,753
51 86 1,450 988,811 988,811 1,038,252 1,493,645 1,493,645 1,568,327
52 87 1,450 1,084,965 1,084,965 1,139,213 1,645,641 1,645,641 1,727,923
53 88 1,450 1,189,387 1,189,387 1,248,857 1,812,065 1,812,065 1,902,668
54 89 1,450 1,302,646 1,302,646 1,367,778 1,994,225 1,994,225 2,093,936
55 90 1,450 1,425,329 1,425,329 1,496,596 2,193,421 2,193,421 2,303,093
56 91 1,450 1,558,007 1,558,007 1,635,907 2,410,862 2,410,862 2,531,405
57 92 1,450 1,705,993 1,705,993 1,774,233 2,652,023 2,652,023 2,758,104
58 93 1,450 1,871,973 1,871,973 1,928,132 2,920,396 2,920,396 3,008,008
59 94 1,450 2,059,247 2,059,247 2,100,432 3,220,277 3,220,277 3,284,682
60 95 1,450 2,272,114 2,272,114 2,294,835 3,556,628 3,556,628 3,592,194
61 96 1,450 2,505,808 2,505,808 2,530,866 3,927,699 3,927,699 3,966,976
62 97 1,450 2,761,346 2,761,346 2,788,959 4,337,063 4,337,063 4,380,434
63 98 1,450 3,038,093 3,038,093 3,068,474 4,788,497 4,788,497 4,836,382
64 99 1,450 3,338,316 3,338,316 3,371,699 5,286,215 5,286,215 5,339,077
65 100 1,450 3,668,065 3,668,065 3,704,745 5,834,607 5,834,607 5,892,954
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $1,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-55
<PAGE> 96
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
NET 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 4,450 7 3,278 200,000 7 3,278 200,000 7 3,278 200,000
5 4,450 7,615 10,232 200,000 7,615 10,232 200,000 12,686 15,303 200,000
10 4,450 11,703 13,230 200,000 11,703 13,230 200,000 27,095 28,621 200,000
20 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 36,465 36,465 200,000
@ Age 70 4,450 5,745 5,745 200,000 5,745 5,745 200,000 36,678 36,678 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 17 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 17 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 16 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-56
<PAGE> 97
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 4,450 7 3,278 200,000 7 3,278 200,000 7 3,278 200,000
2 57 4,450 2,030 5,301 200,000 2,030 5,301 200,000 3,134 6,405 200,000
3 58 4,450 4,101 7,155 200,000 4,101 7,155 200,000 6,378 9,431 200,000
4 59 4,450 5,962 8,797 200,000 5,962 8,797 200,000 9,547 12,382 200,000
5 60 4,450 7,615 10,232 200,000 7,615 10,232 200,000 12,686 15,303 200,000
6 61 4,450 9,020 11,419 200,000 9,020 11,419 200,000 15,795 18,195 200,000
7 62 4,450 10,181 12,362 200,000 10,181 12,362 200,000 18,834 21,015 200,000
8 63 4,450 11,033 12,996 200,000 11,033 12,996 200,000 21,741 23,704 200,000
9 64 4,450 11,555 13,300 200,000 11,555 13,300 200,000 24,499 26,244 200,000
10 65 4,450 11,703 13,230 200,000 11,703 13,230 200,000 27,095 28,621 200,000
11 66 4,450 11,431 12,740 200,000 11,431 12,740 200,000 29,452 30,760 200,000
12 67 4,450 10,929 11,801 200,000 10,929 11,801 200,000 31,776 32,649 200,000
13 68 4,450 9,923 10,359 200,000 9,923 10,359 200,000 33,877 34,313 200,000
14 69 4,450 8,160 8,378 200,000 8,160 8,378 200,000 35,462 35,680 200,000
15 70 4,450 5,745 5,745 200,000 5,745 5,745 200,000 36,678 36,678 200,000
16 71 4,450 2,602 2,602 200,000 2,602 2,602 200,000 37,495 37,495 200,000
17 72 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 37,875 37,875 200,000
18 73 4,450 37,836 37,836 200,000
19 74 4,450 37,375 37,375 200,000
20 75 4,450 36,465 36,465 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., or Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-57
<PAGE> 98
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
END 0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 76 4,450 35,115 35,115 200,000
22 77 4,450 33,270 33,270 200,000
23 78 4,450 30,852 30,852 200,000
24 79 4,450 27,789 27,789 200,000
25 80 4,450 24,003 24,003 200,000
26 81 4,450 19,379 19,379 200,000
27 82 4,450 13,784 13,784 200,000
28 83 4,450 7,107 7,107 200,000
29 84 0 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., or Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/08/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-58
<PAGE> 99
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- ----------------------------
NET 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 4,450 7 3,278 200,000 229 3,500 200,000 229 3,500 200,000
5 4,450 7,615 10,232 200,000 10,227 12,844 200,000 15,868 18,485 200,000
10 4,450 11,703 13,230 200,000 20,160 21,687 200,000 39,176 40,703 200,000
20 4,450 LAPSED LAPSED LAPSED 4,478 4,478 200,000 89,212 89,212 200,000
@ Age 70 4,450 5,745 5,745 200,000 22,391 22,391 200,000 64,507 64,507 200,000
@ Age 85 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 146,624 146,624 200,000
@ Age 90 4,450 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 190,468 190,468 200,000
</TABLE>
* Policy lapses in policy year 17 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 21 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-59
<PAGE> 100
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 4,450 7 3,278 200,000 229 3,500 200,000 229 3,500 200,000
2 57 4,450 2,030 5,301 200,000 2,644 5,915 200,000 3,781 7,052 200,000
3 58 4,450 4,101 7,155 200,000 5,246 8,299 200,000 7,656 10,710 200,000
4 59 4,450 5,962 8,797 200,000 7,774 10,609 200,000 11,667 14,503 200,000
5 60 4,450 7,615 10,232 200,000 10,227 12,844 200,000 15,868 18,485 200,000
6 61 4,450 9,020 11,419 200,000 12,562 14,962 200,000 20,267 22,666 200,000
7 62 4,450 10,181 12,362 200,000 14,778 16,959 200,000 24,831 27,012 200,000
8 63 4,450 11,033 12,996 200,000 16,805 18,768 200,000 29,510 31,473 200,000
9 64 4,450 11,555 13,300 200,000 18,616 20,361 200,000 34,294 36,039 200,000
10 65 4,450 11,703 13,230 200,000 20,160 21,687 200,000 39,176 40,703 200,000
11 66 4,450 11,431 12,740 200,000 21,380 22,689 200,000 44,094 45,402 200,000
12 67 4,450 10,929 11,801 200,000 22,456 23,328 200,000 49,260 50,132 200,000
13 68 4,450 9,923 10,359 200,000 23,103 23,539 200,000 54,492 54,928 200,000
14 69 4,450 8,160 8,378 200,000 23,051 23,269 200,000 59,517 59,735 200,000
15 70 4,450 5,745 5,745 200,000 22,391 22,391 200,000 64,507 64,507 200,000
16 71 4,450 2,602 2,602 200,000 21,036 21,036 200,000 69,463 69,463 200,000
17 72 4,450 LAPSED LAPSED LAPSED 18,813 18,813 200,000 74,378 74,378 200,000
18 73 4,450 15,490 15,490 200,000 79,291 79,291 200,000
19 74 4,450 10,814 10,814 200,000 84,231 84,231 200,000
20 75 4,450 4,478 4,478 200,000 89,212 89,212 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., or Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-60
<PAGE> 101
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ----------------------------
END 0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 76 4,450 LAPSED LAPSED LAPSED 94,279 94,279 200,000
22 77 4,450 99,441 99,441 200,000
23 78 4,450 104,702 104,702 200,000
24 79 4,450 110,083 110,083 200,000
25 80 4,450 115,612 115,612 200,000
26 81 4,450 121,316 121,316 200,000
27 82 4,450 127,235 127,235 200,000
28 83 4,450 133,435 133,435 200,000
29 84 4,450 139,878 139,878 200,000
30 85 4,450 146,624 146,624 200,000
31 86 4,450 153,795 153,795 200,000
32 87 4,450 161,630 161,630 200,000
33 88 4,450 170,000 170,000 200,000
34 89 4,450 179,521 179,521 200,000
35 90 4,450 190,468 190,468 200,000
36 91 4,450 202,213 202,213 212,324
37 92 4,450 214,606 214,606 223,190
38 93 4,450 227,748 227,748 234,581
39 94 4,450 241,771 241,771 246,606
40 95 4,450 256,813 256,813 259,381
41 96 4,450 272,506 272,506 275,231
42 97 4,450 288,878 288,878 291,767
43 98 4,450 305,947 305,947 309,006
44 99 4,450 323,737 323,737 326,974
45 100 4,450 342,258 342,258 345,680
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-61
<PAGE> 102
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- ---------------------------- ---------------------------------
NET 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 4,450 7 3,278 200,000 451 3,723 200,000 451 3,723 200,000
5 4,450 7,615 10,232 200,000 13,349 15,966 200,000 19,609 22,226 200,000
10 4,450 11,703 13,230 200,000 33,016 34,543 200,000 56,622 58,149 200,000
20 4,450 LAPSED LAPSED LAPSED 83,171 83,171 200,000 211,396 211,396 226,194
@ Age 70 4,450 5,745 5,745 200,000 56,454 56,454 200,000 114,765 114,765 200,000
@ Age 85 4,450 LAPSED LAPSED 200,000 171,949 171,949 200,000 635,912 635,912 667,708
@ Age 90 4,450 LAPSED LAPSED 200,000 295,657 295,657 310,440 1,052,898 1,052,898 1,105,543
</TABLE>
* Policy lapses in policy year 17 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-62
<PAGE> 103
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 4,450 7 3,278 200,000 451 3,723 200,000 451 3,723 200,000
2 57 4,450 2,030 5,301 200,000 3,286 6,557 200,000 4,455 7,727 200,000
3 58 4,450 4,101 7,155 200,000 6,497 9,551 200,000 9,043 12,097 200,000
4 59 4,450 5,962 8,797 200,000 9,844 12,679 200,000 14,063 16,898 200,000
5 60 4,450 7,615 10,232 200,000 13,349 15,966 200,000 19,609 22,226 200,000
6 61 4,450 9,020 11,419 200,000 16,993 19,392 200,000 25,739 28,138 200,000
7 62 4,450 10,181 12,362 200,000 20,802 22,983 200,000 32,476 34,657 200,000
8 63 4,450 11,033 12,996 200,000 24,740 26,702 200,000 39,828 41,791 200,000
9 64 4,450 11,555 13,300 200,000 28,814 30,559 200,000 47,854 49,599 200,000
10 65 4,450 11,703 13,230 200,000 33,016 34,543 200,000 56,622 58,149 200,000
11 66 4,450 11,431 12,740 200,000 37,337 38,645 200,000 66,162 67,471 200,000
12 67 4,450 10,929 11,801 200,000 42,010 42,883 200,000 76,791 77,663 200,000
13 68 4,450 9,923 10,359 200,000 46,819 47,256 200,000 88,436 88,872 200,000
14 69 4,450 8,160 8,378 200,000 51,570 51,788 200,000 100,977 101,195 200,000
15 70 4,450 5,745 5,745 200,000 56,454 56,454 200,000 114,765 114,765 200,000
16 71 4,450 2,602 2,602 200,000 61,512 61,512 200,000 130,027 130,027 200,000
17 72 4,450 LAPSED LAPSED LAPSED 66,730 66,730 200,000 147,013 147,013 200,000
18 73 4,450 72,080 72,080 200,000 166,049 166,049 200,000
19 74 4,450 77,557 77,557 200,000 187,499 187,499 204,374
20 75 4,450 83,171 83,171 200,000 211,396 211,396 226,194
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-63
<PAGE> 104
LIFE INSURANCE ILLUSTRATION
MONY Custom Equity Master
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------ ---------------------------------
END 0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
OF PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR AGE OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 76 4,450 88,961 88,961 200,000 237,864 237,864 249,757
22 77 4,450 94,984 94,984 200,000 267,042 267,042 280,394
23 78 4,450 101,349 101,349 200,000 299,197 299,197 314,157
24 79 4,450 108,175 108,175 200,000 334,625 334,625 351,356
25 80 4,450 115,604 115,604 200,000 373,646 373,646 392,328
26 81 4,450 123,829 123,829 200,000 416,610 416,610 437,440
27 82 4,450 133,097 133,097 200,000 463,897 463,897 487,092
28 83 4,450 143,780 143,780 200,000 515,929 515,929 541,726
29 84 4,450 156,439 156,439 200,000 573,114 573,114 601,769
30 85 4,450 171,949 171,949 200,000 635,912 635,912 667,708
31 86 4,450 191,632 191,632 201,213 704,834 704,834 740,075
32 87 4,450 214,496 214,496 225,221 780,410 780,410 819,430
33 88 4,450 239,361 239,361 251,329 863,178 863,178 906,337
34 89 4,450 266,366 266,366 279,685 953,791 953,791 1,001,480
35 90 4,450 295,657 295,657 310,440 1,052,898 1,052,898 1,105,543
36 91 4,450 327,374 327,374 343,743 1,161,106 1,161,106 1,219,161
37 92 4,450 362,669 362,669 377,176 1,281,085 1,281,085 1,332,328
38 93 4,450 402,159 402,159 414,224 1,414,559 1,414,559 1,456,996
39 94 4,450 446,605 446,605 455,537 1,563,651 1,563,651 1,594,924
40 95 4,450 496,994 496,994 501,964 1,730,813 1,730,813 1,748,121
41 96 4,450 552,331 552,331 557,854 1,915,233 1,915,233 1,934,386
42 97 4,450 612,870 612,870 618,999 2,118,687 2,118,687 2,139,874
43 98 4,450 678,497 678,497 685,282 2,343,053 2,343,053 2,366,484
44 99 4,450 749,743 749,743 757,241 2,590,427 2,590,427 2,616,331
45 100 4,450 827,997 827,997 836,276 2,862,992 2,862,992 2,891,622
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the cash value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company, MONY Series Fund,
Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared on: 09/07/00
Specified Amount: $200,000-Death Benefit Option:Specified Amount for Option 1 Version 2.01
Initial Modal Premium: $4,450.00-Premium Mode:Annual-Riders: None Form # C2-98
</TABLE>
C-64
