<PAGE> 1
SUPPLEMENT DATED NOVEMBER 10, 2000
to
PROSPECTUS DATED MAY 1, 2000
for
Last Survivor Flexible Premium 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 D-3 through D-53 are substituted to reflect a change in the
current cost of insurance rates as of November 10, 2000.
Form No. 14431 SL (Supp 11/10/00) Registration No. 333-71677
<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-4
Statement of Changes in Net Assets for the periods ended
June 30, 2000 (unaudited).............................. F-6
Notes to Financial Statements (unaudited)................. F-8
With respect to MONY Life Insurance Company:
Unaudited interim condensed consolidated balance sheets as
of June 30, 2000 and December 31, 1999................. F-10
Unaudited interim condensed consolidated statements of
income and comprehensive income for the three-month
periods ended June 30, 2000 and 1999................... F-11
Unaudited interim condensed consolidated statements of
income and comprehensive income for the six-month
periods ended June 30, 2000 and 1999................... F-12
Unaudited interim condensed consolidated statement of
changes in shareholders' equity for the six-month
period ended June 30, 2000............................. F-13
Unaudited interim condensed consolidated statements of
cash flows for the six-month period ended June 30, 2000
and 1999............................................... F-14
Notes to unaudited interim condensed consolidated
financial statements................................... F-15
</TABLE>
F-1
<PAGE> 3
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
MONY SERIES
FUND, INC. ENTERPRISE ACCUMULATION TRUST
----------- --------------------------------------------------------------------
MONEY SMALL COMPANY INTERNATIONAL
MARKET EQUITY VALUE MANAGED GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ------------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds... 46,272 36 20 21 201 3,458
======= ====== ===== ===== ====== =======
Investments at cost............... $46,272 $1,312 $ 653 $ 773 $1,808 $21,784
======= ====== ===== ===== ====== =======
Investments in respective Funds,
at net asset value.............. $46,272 $1,641 $ 643 $ 755 $1,651 $21,994
Amount due from MONY.............. 0 0 0 0 0 5,512
Amount due from respective
Funds........................... 0 0 0 0 0 27
------- ------ ----- ----- ------ -------
Total assets............. 46,272 1,641 643 755 1,651 27,533
------- ------ ----- ----- ------ -------
LIABILITIES
Amount due to MONY................ 0 0 0 0 0 27
Amount due to respective Funds.... 6 0 0 0 0 5,514
------- ------ ----- ----- ------ -------
Total liabilities........ 6 0 0 0 0 5,541
------- ------ ----- ----- ------ -------
Net assets........................ $46,266 $1,641 $ 643 $ 755 $1,651 $21,992
======= ====== ===== ===== ====== =======
Net assets consist of:
Contractholders' net
payments.................... $45,322 $1,299 $ 656 $ 775 $1,819 $21,789
Undistributed net investment
income (loss)............... 944 (3) (1) 0 (3) (8)
Accumulated net realized gain
(loss) on investments....... 0 16 (2) (2) (8) 1
Net unrealized appreciation
(depreciation) of
investments................. 0 329 (10) (18) (157) 210
------- ------ ----- ----- ------ -------
Net assets........................ $46,266 $1,641 $ 643 $ 755 $1,651 $21,992
======= ====== ===== ===== ====== =======
Number of units outstanding*...... 4,533 131 65 78 183 2,165
------- ------ ----- ----- ------ -------
Net asset value per unit
outstanding*.................... $ 10.21 $12.49 $9.83 $9.64 $ 9.02 $ 10.16
======= ====== ===== ===== ====== =======
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------
EQUITY
SMALL COMPANY EQUITY GROWTH &
GROWTH INCOME INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds... 448 292 1,190
====== ====== =======
Investments at cost............... $3,651 $1,547 $ 7,510
====== ====== =======
Investments in respective Funds,
at net asset value.............. $3,920 $1,512 $ 7,530
Amount due from MONY.............. 0 0 5,512
Amount due from respective
Funds........................... 0 0 0
------ ------ -------
Total assets............. 3,920 1,512 13,042
------ ------ -------
LIABILITIES
Amount due to MONY................ 0 0 0
Amount due to respective Funds.... 0 0 5,512
------ ------ -------
Total liabilities........ 0 0 5,512
------ ------ -------
Net assets........................ $3,920 $1,512 $ 7,530
====== ====== =======
Net assets consist of:
Contractholders' net
payments.................... $3,651 $1,545 $ 7,511
Undistributed net investment
income (loss)............... (3) (1) (1)
Accumulated net realized gain
(loss) on investments....... 3 3 0
Net unrealized appreciation
(depreciation) of
investments................. 269 (35) 20
------ ------ -------
Net assets........................ $3,920 $1,512 $ 7,530
====== ====== =======
Number of units outstanding*...... 381 152 746
------ ------ -------
Net asset value per unit
outstanding*.................... $10.30 $ 9.91 $ 10.09
====== ====== =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-2
<PAGE> 4
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
ENTERPRISE FIDELITY VARIABLE INSURANCE
ACCUMULATION TRUST PRODUCTS FUND JANUS ASPEN SERIES
------------------------- ---------------------------- -----------------------
VIP III
CAPITAL MULTI-CAP VIP GROWTH AGGRESSIVE
APPRECIATION GROWTH GROWTH OPPORTUNITIES GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------- -------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds........ 1,074 785 28 64 118 58
======= ======= ====== ====== ====== ======
Investments at cost.................... $ 8,598 $10,420 $1,464 $1,409 $6,490 $1,577
======= ======= ====== ====== ====== ======
Investments in respective Funds, at net
asset value.......................... $ 8,652 $10,569 $1,443 $1,322 $6,583 $1,533
Amount due from MONY................... 3,675 3,675 0 0 0 0
Amount due from respective Funds....... 0 8 0 0 8 27
------- ------- ------ ------ ------ ------
Total assets.................. 12,327 14,252 1,443 1,322 6,591 1,560
------- ------- ------ ------ ------ ------
LIABILITIES
Amount due to MONY..................... 0 8 0 0 8 27
Amount due to respective Funds......... 3,675 3,676 0 0 1 0
------- ------- ------ ------ ------ ------
Total liabilities............. 3,675 3,684 0 0 9 27
------- ------- ------ ------ ------ ------
Net assets............................. $ 8,652 $10,568 $1,443 $1,322 $6,582 $1,533
======= ======= ====== ====== ====== ======
Net assets consist of:
Contractholders' net payments...... $ 8,610 $10,440 $1,308 $1,309 $6,009 $1,476
Undistributed net investment income
(loss)........................... (4) (4) 158 105 509 97
Accumulated net realized gain
(loss) on investments............ (8) (17) (2) (5) (29) 4
Net unrealized appreciation
(depreciation) of investments.... 54 149 (21) (87) 93 (44)
------- ------- ------ ------ ------ ------
Net assets............................. $ 8,652 $10,568 $1,443 $1,322 $6,582 $1,533
======= ======= ====== ====== ====== ======
Number of units outstanding*........... 881 1,141 132 131 722 147
------- ------- ------ ------ ------ ------
Net asset value per unit
outstanding*......................... $ 9.82 $ 9.27 $10.97 $10.08 $ 9.11 $10.40
======= ======= ====== ====== ====== ======
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------------------------
JANUS ASPEN SERIES DREYFUS
------------------------- -------------
CAPITAL WORLDWIDE DREYFUS STOCK
APPRECIATION GROWTH INDEX FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- -------------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds........ 85 88 251
====== ====== ======
Investments at cost.................... $2,700 $4,085 $9,663
====== ====== ======
Investments in respective Funds, at net
asset value.......................... $2,703 $4,220 $9,561
Amount due from MONY................... 0 0 0
Amount due from respective Funds....... 8 0 0
------ ------ ------
Total assets.................. 2,711 4,220 9,561
------ ------ ------
LIABILITIES
Amount due to MONY..................... 8 0 0
Amount due to respective Funds......... 1 0 1
------ ------ ------
Total liabilities............. 9 0 1
------ ------ ------
Net assets............................. $2,702 $4,220 $9,560
====== ====== ======
Net assets consist of:
Contractholders' net payments...... $2,702 $4,017 $9,640
Undistributed net investment income
(loss)........................... 8 57 21
Accumulated net realized gain
(loss) on investments............ (11) 11 1
Net unrealized appreciation
(depreciation) of investments.... 3 135 (102)
------ ------ ------
Net assets............................. $2,702 $4,220 $9,560
====== ====== ======
Number of units outstanding*........... 310 402 929
------ ------ ------
Net asset value per unit
outstanding*......................... $ 8.71 $10.50 $10.29
====== ====== ======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 5
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
-------------------------------------------------------------------------------------------------
MONY SERIES
FUND, INC. ENTERPRISE ACCUMULATION TRUST
------------------- ---------------------------------------------------------------------------
MONEY SMALL COMPANY INTERNATIONAL
MARKET EQUITY VALUE MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ----------------- ---------------- ---------------- -----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FEBRUARY 11, 2000** JANUARY 4, 2000** APRIL 10, 2000** APRIL 10, 2000** JANUARY 4, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------- ----------------- ---------------- ---------------- -----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend Income........ $1,006 $ 0 $ 0 $ 0 $ 0
Distribution from
capital gain......... 0 0 0 0 0
Mortality and expense
risk charges......... (62) (3) (1) 0 (3)
------ ---- ---- ---- -----
Net investment income
(loss)............... 944 (3) (1) 0 (3)
------ ---- ---- ---- -----
Realized and unrealized
gain (loss) on
investments:
Net realized gain
(loss) on
investments........ 0 16 (2) (2) (8)
Net change in
unrealized
appreciation
(depreciation) of
investments........ 0 329 (10) (18) (157)
------ ---- ---- ---- -----
Net realized and
unrealized gain
(loss)
on investments....... 0 345 (12) (20) (165)
------ ---- ---- ---- -----
Net increase (decrease)
in net assets
resulting from
operations........... $ 944 $342 $(13) $(20) $(168)
====== ==== ==== ==== =====
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------
SMALL COMPANY EQUITY EQUITY
GROWTH GROWTH INCOME GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ------------------- ---------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 4, 2000** JANUARY 14, 2000** APRIL 10, 2000** MAY 30, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
----------------- ------------------- ---------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend Income........ $ 0 $ 0 $ 0 $ 0
Distribution from
capital gain......... 0 0 0 0
Mortality and expense
risk charges......... (8) (3) (1) (1)
---- ---- ---- ---
Net investment income
(loss)............... (8) (3) (1) (1)
---- ---- ---- ---
Realized and unrealized
gain (loss) on
investments:
Net realized gain
(loss) on
investments........ 1 3 3 0
Net change in
unrealized
appreciation
(depreciation) of
investments........ 210 269 (35) 20
---- ---- ---- ---
Net realized and
unrealized gain
(loss)
on investments....... 211 272 (32) 20
---- ---- ---- ---
Net increase (decrease)
in net assets
resulting from
operations........... $203 $269 $(33) $19
==== ==== ==== ===
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-4
<PAGE> 6
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
ENTERPRISE ACCUMULATION TRUST PRODUCTS FUND
--------------------------------------- ----------------------------------------
CAPITAL MULTI-CAP VIP VIP III
APPRECIATION GROWTH GROWTH GROWTH OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ----------------- --------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 14, 2000** JANUARY 14, 2000** JANUARY 4, 2000** JANUARY 4, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------ ------------------ ----------------- --------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend income....... $ 0 $ 0 $ 1 $ 17
Distribution from
capital gain........ 0 0 159 90
Mortality and expense
risk charges........ (4) (4) (2) (2)
--- ---- ---- ----
Net investment income
(loss).............. (4) (4) 158 105
--- ---- ---- ----
Realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss) on
investments....... (8) (17) (2) (5)
Net change in
unrealized
appreciation
(depreciation) of
investments....... 54 149 (21) (87)
--- ---- ---- ----
Net realized and
unrealized gain
(loss) on
investments......... 46 132 (23) (92)
--- ---- ---- ----
Net Increase
(decrease) in net
assets resulting
from operations..... $42 $128 $135 $ 13
=== ==== ==== ====
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
JANUS ASPEN SERIES DREYFUS
-------------------------------------------------------------------------- ----------------
AGGRESSIVE CAPITAL WORLDWIDE DREYFUS
GROWTH BALANCED APPRECIATION GROWTH STOCK INDEX FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ----------------- --------------- ----------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 7, 2000** JANUARY 4, 2000** APRIL 7, 2000** JANUARY 4, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ----------------- --------------- ----------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend income....... $349 $ 26 $ 9 $ 15 $ 23
Distribution from
capital gain........ 163 73 1 45 0
Mortality and expense
risk charges........ (3) (2) (2) (3) (2)
---- ---- ---- ---- -----
Net investment income
(loss).............. 509 97 8 57 21
---- ---- ---- ---- -----
Realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss) on
investments....... (29) 4 (11) 11 1
Net change in
unrealized
appreciation
(depreciation) of
investments....... 93 (44) 3 135 (102)
---- ---- ---- ---- -----
Net realized and
unrealized gain
(loss) on
investments......... 64 (40) (8) 146 (101)
---- ---- ---- ---- -----
Net Increase
(decrease) in net
assets resulting
from operations..... $573 $ 57 $ 0 $203 $ (80)
==== ==== ==== ==== =====
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-5
<PAGE> 7
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------------------------------------------------------------
MONY SERIES
FUND, INC. ENTERPRISE ACCUMULATION TRUST
------------------- -------------------------------------------------------
MONEY SMALL COMPANY
MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT* SUBACCOUNT
------------------- ----------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FEBRUARY 11, 2000** JANUARY 4, 2000** APRIL 10, 2000** APRIL 10, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------- ----------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)...... $ 944 $ (3) $ (1) $ 0
Net realized gain (loss) on
investments...................... 0 16 (2) (2)
Net change in unrealized
appreciation (depreciation) of
investments...................... 0 329 (10) (18)
------- ------ ---- ----
Net increase (decrease) in net
assets resulting from
operations....................... 944 342 (13) (20)
------- ------ ---- ----
From unit transactions:
Net proceeds from the issuance of
units.......................... 47,085 1,428 690 858
Net asset value of units redeemed
or used to meet contract
obligations.................... (1,763) (129) (34) (83)
------- ------ ---- ----
Net increase from unit
transactions..................... 45,322 1,299 656 775
------- ------ ---- ----
Net increase in net assets........ 46,266 1,641 643 755
Net assets beginning of period.... 0 0 0 0
------- ------ ---- ----
Net assets end of period*......... $46,266 $1,641 $643 $755
======= ====== ==== ====
Unit transactions:
Units outstanding beginning of
period........................... 0 0 0 0
Units issued during the period.... 4,707 143 69 87
Units redeemed during the
period........................... (174) (12) (4) (9)
------- ------ ---- ----
Units outstanding end of period... 4,533 131 65 78
======= ====== ==== ====
---------------
* Includes undistributed net
investment income (loss) of: $ 944 $ (3) $ (1) $ 0
======= ====== ==== ====
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------------
INTERNATIONAL SMALL COMPANY EQUITY EQUITY
GROWTH GROWTH GROWTH INCOME GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ----------------- ------------------ ----------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 4, 2000** JANUARY 4, 2000** JANUARY 14, 2000** APRIL 10, 2000** MAY 30, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
----------------- ----------------- ------------------ ----------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)...... $ (3) $ (8) $ (3) $ (1) $ (1)
Net realized gain (loss) on
investments...................... (8) 1 3 3 0
Net change in unrealized
appreciation (depreciation) of
investments...................... (157) 210 269 (35) 20
------ ------- ------ ------ ------
Net increase (decrease) in net
assets resulting from
operations....................... (168) 203 269 (33) 19
------ ------- ------ ------ ------
From unit transactions:
Net proceeds from the issuance of
units.......................... 1,972 22,237 3,808 1,716 7,541
Net asset value of units redeemed
or used to meet contract
obligations.................... (153) (448) (157) (171) (30)
------ ------- ------ ------ ------
Net increase from unit
transactions..................... 1,819 21,789 3,651 1,545 7,511
------ ------- ------ ------ ------
Net increase in net assets........ 1,651 21,992 3,920 1,512 7,530
Net assets beginning of period.... 0 0 0 0 0
------ ------- ------ ------ ------
Net assets end of period*......... $1,651 $21,992 $3,920 $1,512 $7,530
====== ======= ====== ====== ======
Unit transactions:
Units outstanding beginning of
period........................... 0 0 0 0 0
Units issued during the period.... 199 2,210 396 169 749
Units redeemed during the
period........................... (16) (45) (15) (17) (3)
------ ------- ------ ------ ------
Units outstanding end of period... 183 2,165 381 152 746
====== ======= ====== ====== ======
---------------
* Includes undistributed net
investment income (loss) of: $ (3) $ (8) $ (3) $ (1) $ (1)
====== ======= ====== ====== ======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-6
<PAGE> 8
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
ENTERPRISE ACCUMULATION TRUST PRODUCTS FUND
--------------------------------------- ----------------------------------------
CAPITAL MULTI-CAP VIP VIP III
APPRECIATION GROWTH GROWTH GROWTH OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ----------------- --------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 14, 2000** JANUARY 14, 2000** JANUARY 4, 2000** JANUARY 4, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------ ------------------ ----------------- --------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).... $ (4) $ (4) $ 158 $ 105
Net realized gain (loss) on
investments.................... (8) (17) (2) (5)
Net change in unrealized
appreciation (depreciation) of
investments.................... 54 149 (21) (87)
------ ------- ------ ------
Net increase (decrease) in net
assets resulting from
operations..................... 42 128 135 13
------ ------- ------ ------
From unit transactions:
Net proceeds from the issuance
of units..................... 8,805 10,664 1,428 1,427
Net asset value of units
redeemed or used to meet
contract obligations......... (195) (224) (120) (118)
------ ------- ------ ------
Net increase from unit
transactions................... 8,610 10,440 1,308 1,309
------ ------- ------ ------
Net increase in net assets...... 8,652 10,568 1,443 1,322
Net assets beginning of
period......................... 0 0 0 0
------ ------- ------ ------
Net assets end of period*....... $8,652 $10,568 $1,443 $1,322
====== ======= ====== ======
Unit transactions:
Units outstanding beginning of
period......................... 0 0 0 0
Units issued during the
period......................... 901 1,165 143 143
Units redeemed during the
period......................... (20) (24) (11) (12)
------ ------- ------ ------
Units outstanding end of
period......................... 881 1,141 132 131
====== ======= ====== ======
---------------
* Includes undistributed net
investment income (loss) of: $ (4) $ (4) $ 158 $ 105
====== ======= ====== ======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
JANUS ASPEN SERIES DREYFUS
-------------------------------------------------------------------------- ----------------
AGGRESSIVE CAPITAL WORLDWIDE DREYFUS
GROWTH BALANCED APPRECIATION GROWTH STOCK INDEX FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------- ----------------- --------------- ------------------ ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 7, 2000** JANUARY 4, 2000** APRIL 7, 2000** JANUARY 4, 2000** MAY 3, 2000***
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
--------------- ----------------- --------------- ------------------ ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).... $ 509 $ 97 $ 8 $ 57 $ 21
Net realized gain (loss) on
investments.................... (29) 4 (11) 11 1
Net change in unrealized
appreciation (depreciation) of
investments.................... 93 (44) 3 135 (102)
------ ------ ------ ------ ------
Net increase (decrease) in net
assets resulting from
operations..................... 573 57 0 203 (80)
------ ------ ------ ------ ------
From unit transactions:
Net proceeds from the issuance
of units..................... 6,173 1,622 2,775 4,203 9,666
Net asset value of units
redeemed or used to meet
contract obligations......... (164) (146) (73) (186) (26)
------ ------ ------ ------ ------
Net increase from unit
transactions................... 6,009 1,476 2,702 4,017 9,640
------ ------ ------ ------ ------
Net increase in net assets...... 6,582 1,533 2,702 4,220 9,560
Net assets beginning of
period......................... 0 0 0 0 0
------ ------ ------ ------ ------
Net assets end of period*....... $6,582 $1,533 $2,702 $4,220 $9,560
====== ====== ====== ====== ======
Unit transactions:
Units outstanding beginning of
period......................... 0 0 0 0 0
Units issued during the
period......................... 741 161 318 419 932
Units redeemed during the
period......................... (19) (14) (8) (17) (3)
------ ------ ------ ------ ------
Units outstanding end of
period......................... 722 147 310 402 929
====== ====== ====== ====== ======
---------------
* Includes undistributed net
investment income (loss) of: $ 509 $ 97 $ 8 $ 57 $ 21
====== ====== ====== ====== ======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-7
<PAGE> 9
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 Estate Master) is presented here.
There are twenty-five MONY Custom Estate 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"). Eighteen subaccounts of the MONY Custom
Estate 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 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.
F-8
<PAGE> 10
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 Estate Master
Subaccounts for the period ended June 30, 2000 aggregated $4,223.
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 ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio................................... $47,085 $1,819
Enterprise Accumulation Trust
Equity Portfolio......................................... 1,428 132
Small Company Value Portfolio............................ 690 35
Managed Portfolio........................................ 858 83
International Growth Portfolio........................... 1,972 156
Growth Portfolio......................................... 22,237 455
Small Company Growth Portfolio........................... 3,808 160
Equity Income Portfolio.................................. 1,716 172
Capital Appreciation Portfolio........................... 8,805 199
Multi-Cap Growth Portfolio............................... 10,664 227
Growth & Income Portfolio................................ 7,541 31
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio..................................... 1,428 122
VIP III Growth Opportunities Portfolio................... 1,428 120
Janus Aspen Series
Aggressive Growth Portfolio.............................. 6,173 166
Balanced Portfolio....................................... 1,622 148
Capital Appreciation Portfolio........................... 2,775 74
Worldwide Growth Portfolio............................... 4,203 189
Dreyfus
Stock Index Portfolio.................................... 9,666 26
</TABLE>
F-9
<PAGE> 11
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
--------- ------------
($ 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 $24,720.1
========= =========
</TABLE>
See accompanying notes to unaudited interim condensed consolidated financial
statements.
F-10
<PAGE> 12
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
--------- ---------
($ 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-11
<PAGE> 13
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-12
<PAGE> 14
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) $1,906.8
==== ======== ====== ====== ========
</TABLE>
---------------
(1) Represents unrealized losses on investments, net of unrealized gains,
reclassification adjustments, and taxes.
See accompanying notes to unaudited interim condensed consolidated financial
statements.
F-13
<PAGE> 15
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
--------- -------
($ 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-14
<PAGE> 16
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-15
<PAGE> 17
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
F-16
<PAGE> 18
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
targeted regulatory risk-based capital ("RBC") level for each segment.
Allocations of net investment income and net 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 $139.9
====== ====== ====== ======
</TABLE>
F-17
<PAGE> 19
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
FOR THE THREE-MONTH FOR THE SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
-------------------- -----------------
2000 1999 2000 1999
-------- -------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C> <C>
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
====== ====== ====== ======
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
========= =========
</TABLE>
F-18
<PAGE> 20
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>
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
========= =========
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).
F-19
<PAGE> 21
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
(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).
(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").
F-20
<PAGE> 22
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
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.
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
F-21
<PAGE> 23
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
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 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 $20.3 million as of June 30, 2000 and December 31, 1999, respectively.
F-22
<PAGE> 24
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
FOR THE FOR THE
THREE-MONTH SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
-------------- --------------
2000 1999 2000 1999
----- ------ ------ -----
($ 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.
F-23
<PAGE> 25
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
On December 20, 1999, the New York State Court of Appeals affirmed the dismissal
of all but one of the claims in the Goshen case (a claim under New York's
General Business Law), which has been remanded back to the New York State
Supreme Court for further proceedings consistent with the opinion. The Company
intends to defend itself vigorously against the sole remaining claim. There can
be no assurance that the present litigation relating to sales practices will not
have a material adverse effect on the Company.
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.
F-24
<PAGE> 26
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
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, 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.
F-25
<PAGE> 27
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
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 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-26
<PAGE> 28
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 $304.4
Net investment income............................... 98.6 92.9 195.0 186.2
Net realized gains (losses) on investments.......... (4.4) 1.4 (6.9) 5.7
Other income........................................ 0.3 0.3 1.1 0.7
------ ------ ------ ------
Total revenues................................. 242.4 252.6 472.8 497.0
------ ------ ------ ------
</TABLE>
F-27
<PAGE> 29
THE MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
FOR THE FOR THE
THREE-MONTH SIX-MONTH
PERIODS ENDED PERIODS ENDED
JUNE 30, JUNE 30,
--------------- ---------------
2000 1999 2000 1999
------ ------ ------ ------
($ 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-28
<PAGE> 30
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-29
<PAGE> 31
STANDARD LEDGER STATEMENT -- SUPPLEMENTAL FOOTNOTE PAGE
MONY CUSTOM ESTATE MASTER
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
MONY LIFE INSURANCE COMPANY
ADDITIONAL INFORMATION
These policies have 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>
DEATH
BENEFIT INITIAL GUIDELINE INITIAL GUIDELINE
SEX AGE UNDERWRITING CLASS SEX AGE UNDERWRITING CLASS OPTION SINGLE PREMIUM ANNUAL PREMIUM
--- --- ------------------ --- --- ------------------ ------- ----------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Male 45 Preferred Non-smoker Female 45 Preferred Non-smoker 1 $27,994.17 $2,381.26
Male 45 Standard Smoker Female 45 Standard Smoker 1 $33,501.26 $2.835.02
Male 45 Preferred Non-smoker Female 45 Preferred Non-smoker 2 $27,994.17 $9,311.96
Male 35 Preferred Non-smoker Female 35 Preferred Non-smoker 1 $17,173.70 $1,494.41
Male 55 Preferred Non-smoker Female 55 Preferred Non-smoker 1 $46,215.90 $3,992.74
</TABLE>
Values shown on these illustrations are based on a specified amount of
$200,000 and 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 0.8% of gross premiums in all policy years.
2. A sales charge on the gross premiums. The sales charges equal 6% of
each premium dollar paid up to the Target Premium in years 1-10, 3% of
premium paid in excess of Target Premium in years 1-10, and 3% of all
premiums after the tenth Policy year.
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.
Those columns assuming guaranteed charges use the current monthly mortality
charges, current monthly administrative charges, current charges for mortality
and expense risks, current charges for rider benefits, if any, and current
premium sales charge ("current charges" for the first year) as well as the
assumed hypothetical gross annual investment return indicated. Thereafter these
columns use guaranteed monthly mortality charges, guaranteed monthly
administrative charges, guaranteed charges for mortality and expense risks,
guaranteed charges for rider benefits if any, guaranteed maximum premium sales
charge, and the assumed hypothetical gross annual investment return indicated.
Those columns assuming current charges are based upon "current charges" and the
assumed hypothetical gross annual investment return indicated.
The current charges declared by MONY Life Insurance Company 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.
D-3
<PAGE> 32
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,220 0 802 200,000 0 802 200,000 0 802 200,000
5 1,220 3,139 3,859 200,000 3,139 3,859 200,000 3,190 3,911 200,000
10 1,220 7,124 7,244 200,000 7,124 7,244 200,000 7,409 7,529 200,000
20 1,220 13,057 13,057 200,000 13,057 13,057 200,000 15,271 15,271 200,000
@ Age 70 1,220 11,159 11,159 200,000 11,159 11,159 200,000 17,116 17,116 200,000
@ 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 31 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 31 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 37 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
------------------------- ------------
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
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-4
<PAGE> 33
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 802 200,000 0 802 200,000 0 802 200,000
2 1,220 509 1,589 200,000 509 1,589 200,000 514 1,595 200,000
3 1,220 1,401 2,362 200,000 1,401 2,362 200,000 1,417 2,378 200,000
4 1,220 2,278 3,119 200,000 2,278 3,119 200,000 2,309 3,150 200,000
5 1,220 3,139 3,859 200,000 3,139 3,859 200,000 3,190 3,911 200,000
6 1,220 3,982 4,582 200,000 3,982 4,582 200,000 4,060 4,661 200,000
7 1,220 4,804 5,284 200,000 4,804 5,284 200,000 4,918 5,398 200,000
8 1,220 5,604 5,964 200,000 5,604 5,964 200,000 5,763 6,123 200,000
9 1,220 6,378 6,619 200,000 6,378 6,619 200,000 6,594 6,834 200,000
10 1,220 7,124 7,244 200,000 7,124 7,244 200,000 7,409 7,529 200,000
11 1,220 8,088 8,088 200,000 8,088 8,088 200,000 8,455 8,455 200,000
12 1,220 8,891 8,891 200,000 8,891 8,891 200,000 9,357 9,357 200,000
13 1,220 9,652 9,652 200,000 9,652 9,652 200,000 10,229 10,229 200,000
14 1,220 10,364 10,364 200,000 10,364 10,364 200,000 11,071 11,071 200,000
15 1,220 11,020 11,020 200,000 11,020 11,020 200,000 11,878 11,878 200,000
16 1,220 11,613 11,613 200,000 11,613 11,613 200,000 12,647 12,647 200,000
17 1,220 12,130 12,130 200,000 12,130 12,130 200,000 13,375 13,375 200,000
18 1,220 12,556 12,556 200,000 12,556 12,556 200,000 14,058 14,058 200,000
19 1,220 12,872 12,872 200,000 12,872 12,872 200,000 14,691 14,691 200,000
20 1,220 13,057 13,057 200,000 13,057 13,057 200,000 15,271 15,271 200,000
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-5
<PAGE> 34
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,220 13,088 13,088 200,000 13,088 13,088 200,000 15,794 15,794 200,000
22 1,220 12,942 12,942 200,000 12,942 12,942 200,000 16,248 16,248 200,000
23 1,220 12,593 12,593 200,000 12,593 12,593 200,000 16,620 16,620 200,000
24 1,220 12,013 12,013 200,000 12,013 12,013 200,000 16,911 16,911 200,000
25 1,220 11,159 11,159 200,000 11,159 11,159 200,000 17,116 17,116 200,000
26 1,220 9,976 9,976 200,000 9,976 9,976 200,000 17,216 17,216 200,000
27 1,220 8,389 8,389 200,000 8,389 8,389 200,000 17,196 17,196 200,000
28 1,220 6,297 6,297 200,000 6,297 6,297 200,000 17,033 17,033 200,000
29 1,220 3,576 3,576 200,000 3,576 3,576 200,000 16,671 16,671 200,000
30 1,220 85 85 200,000 85 85 200,000 16,068 16,068 200,000
31 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 15,197 15,197 200,000
32 1,220 14,007 14,007 200,000
33 1,220 12,434 12,434 200,000
34 1,220 10,402 10,402 200,000
35 1,220 7,826 7,826 200,000
36 1,220 4,598 4,598 200,000
37 1,220 605 605 200,000
38 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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-6
<PAGE> 35
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,220 0 802 200,000 0 859 200,000 0 859 200,000
5 1,220 3,139 3,859 200,000 3,946 4,666 200,000 4,002 4,723 200,000
10 1,220 7,124 7,244 200,000 10,167 10,287 200,000 10,503 10,623 200,000
20 1,220 13,057 13,057 200,000 26,473 26,473 200,000 29,354 29,354 200,000
@ Age 70 1,220 11,159 11,159 200,000 33,227 33,227 200,000 40,877 40,877 200,000
@ Age 85 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 62,611 62,611 200,000
@ Age 90 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 28,933 28,933 200,000
</TABLE>
* Policy lapses in policy year 31 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 37 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 46 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
------------------------------------- -----------
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: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-7
<PAGE> 36
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 802 200,000 0 859 200,000 0 859 200,000
2 1,220 509 1,589 200,000 673 1,754 200,000 679 1,760 200,000
3 1,220 1,401 2,362 200,000 1,726 2,686 200,000 1,742 2,703 200,000
4 1,220 2,278 3,119 200,000 2,816 3,657 200,000 2,849 3,690 200,000
5 1,220 3,139 3,859 200,000 3,946 4,666 200,000 4,002 4,723 200,000
6 1,220 3,982 4,582 200,000 5,115 5,715 200,000 5,202 5,803 200,000
7 1,220 4,804 5,284 200,000 6,322 6,802 200,000 6,451 6,932 200,000
8 1,220 5,604 5,964 200,000 7,568 7,928 200,000 7,750 8,111 200,000
9 1,220 6,378 6,619 200,000 8,850 9,090 200,000 9,101 9,341 200,000
10 1,220 7,124 7,244 200,000 10,167 10,287 200,000 10,503 10,623 200,000
11 1,220 8,088 8,088 200,000 11,777 11,777 200,000 12,216 12,216 200,000
12 1,220 8,891 8,891 200,000 13,309 13,309 200,000 13,873 13,873 200,000
13 1,220 9,652 9,652 200,000 14,882 14,882 200,000 15,591 15,591 200,000
14 1,220 10,364 10,364 200,000 16,492 16,492 200,000 17,372 17,372 200,000
15 1,220 11,020 11,020 200,000 18,134 18,134 200,000 19,216 19,216 200,000
16 1,220 11,613 11,613 200,000 19,802 19,802 200,000 21,121 21,121 200,000
17 1,220 12,130 12,130 200,000 21,486 21,486 200,000 23,088 23,088 200,000
18 1,220 12,556 12,556 200,000 23,171 23,171 200,000 25,117 25,117 200,000
19 1,220 12,872 12,872 200,000 24,840 24,840 200,000 27,205 27,205 200,000
20 1,220 13,057 13,057 200,000 26,473 26,473 200,000 29,354 29,354 200,000
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-8
<PAGE> 37
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,220 13,088 13,088 200,000 28,047 28,047 200,000 31,562 31,562 200,000
22 1,220 12,942 12,942 200,000 29,538 29,538 200,000 33,823 33,823 200,000
23 1,220 12,593 12,593 200,000 30,920 30,920 200,000 36,127 36,127 200,000
24 1,220 12,013 12,013 200,000 32,164 32,164 200,000 38,478 38,478 200,000
25 1,220 11,159 11,159 200,000 33,227 33,227 200,000 40,877 40,877 200,000
26 1,220 9,976 9,976 200,000 34,053 34,053 200,000 43,311 43,311 200,000
27 1,220 8,389 8,389 200,000 34,568 34,568 200,000 45,768 45,768 200,000
28 1,220 6,297 6,297 200,000 34,671 34,671 200,000 48,235 48,235 200,000
29 1,220 3,576 3,576 200,000 34,240 34,240 200,000 50,668 50,668 200,000
30 1,220 85 85 200,000 33,131 33,131 200,000 53,035 53,035 200,000
31 1,220 LAPSED LAPSED LAPSED 31,179 31,179 200,000 55,318 55,318 200,000
32 1,220 28,193 28,193 200,000 57,479 57,479 200,000
33 1,220 23,943 23,943 200,000 59,473 59,473 200,000
34 1,220 18,140 18,140 200,000 61,246 61,246 200,000
35 1,220 10,392 10,392 200,000 62,736 62,736 200,000
36 1,220 159 159 200,000 63,869 63,869 200,000
37 1,220 LAPSED LAPSED LAPSED 64,566 64,566 200,000
38 1,220 64,733 64,733 200,000
39 1,220 64,158 64,158 200,000
40 1,220 62,611 62,611 200,000
41 1,220 59,909 59,909 200,000
42 1,220 55,714 55,714 200,000
43 1,220 49,607 49,607 200,000
44 1,220 40,942 40,942 200,000
45 1,220 28,933 28,933 200,000
46 1,220 12,496 12,496 200,000
47 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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-9
<PAGE> 38
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,323 0 899 200,000 0 1,025 200,000 0 1,025 200,000
5 1,323 3,611 4,332 200,000 5,567 6,287 200,000 5,628 6,348 200,000
10 1,323 8,045 8,165 200,000 16,361 16,481 200,000 16,757 16,877 200,000
20 1,323 14,828 14,828 200,000 63,116 63,116 200,000 66,875 66,875 200,000
@ Age 70 1,323 13,378 13,378 200,000 108,691 108,691 200,000 118,101 118,101 200,000
@ Age 85 1,323 LAPSED LAPSED LAPSED 523,685 523,685 549,869 588,138 588,138 617,545
@ Age 90 1,323 LAPSED LAPSED LAPSED 852,728 852,728 895,365 977,451 977,451 1,026,323
</TABLE>
* Policy lapses in policy year 31 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
------------------------------------- -----------
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: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-10
<PAGE> 39
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,323 0 899 200,000 0 1,025 200,000 0 1,025 200,000
2 1,323 701 1,781 200,000 1,073 2,154 200,000 1,079 2,160 200,000
3 1,323 1,688 2,648 200,000 2,439 3,399 200,000 2,456 3,417 200,000
4 1,323 2,658 3,499 200,000 3,933 4,773 200,000 3,968 4,808 200,000
5 1,323 3,611 4,332 200,000 5,567 6,287 200,000 5,628 6,348 200,000
6 1,323 4,545 5,146 200,000 7,355 7,956 200,000 7,452 8,053 200,000
7 1,323 5,458 5,939 200,000 9,312 9,793 200,000 9,458 9,938 200,000
8 1,323 6,348 6,708 200,000 11,454 11,814 200,000 11,663 12,023 200,000
9 1,323 7,211 7,451 200,000 13,797 14,037 200,000 14,089 14,329 200,000
10 1,323 8,045 8,165 200,000 16,361 16,481 200,000 16,757 16,877 200,000
11 1,323 9,095 9,095 200,000 19,433 19,433 200,000 19,959 19,959 200,000
12 1,323 9,985 9,985 200,000 22,678 22,678 200,000 23,362 23,362 200,000
13 1,323 10,832 10,832 200,000 26,244 26,244 200,000 27,117 27,117 200,000
14 1,323 11,629 11,629 200,000 30,162 30,162 200,000 31,261 31,261 200,000
15 1,323 12,370 12,370 200,000 34,464 34,464 200,000 35,833 35,833 200,000
16 1,323 13,047 13,047 200,000 39,189 39,189 200,000 40,878 40,878 200,000
17 1,323 13,648 13,648 200,000 44,373 44,373 200,000 40,445 46,445 200,000
18 1,323 14,158 14,158 200,000 50,058 50,058 200,000 52,591 52,591 200,000
19 1,323 14,558 14,558 200,000 56,289 56,289 200,000 59,378 59,378 200,000
20 1,323 14,828 14,828 200,000 63,116 63,116 200,000 66,875 66,875 200,000
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-11
<PAGE> 40
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,323 14,945 14,945 200,000 70,599 70,599 200,000 75,162 75,162 200,000
22 1,323 14,887 14,887 200,000 78,808 78,808 200,000 84,324 84,324 200,000
23 1,323 14,627 14,627 200,000 87,826 87,826 200,000 94,454 94,454 200,000
24 1,323 14,137 14,137 200,000 97,750 97,750 200,000 105,669 105,669 200,000
25 1,323 13,378 13,378 200,000 108,691 108,691 200,000 118,101 118,101 200,000
26 1,323 12,293 12,293 200,000 120,778 120,778 200,000 131,888 131,888 200,000
27 1,323 10,810 10,810 200,000 134,168 134,168 200,000 147,196 147,196 200,000
28 1,323 8,828 8,828 200,000 149,051 149,051 200,000 164,213 164,213 200,000
29 1,323 6,227 6,227 200,000 165,674 165,674 200,000 183,155 183,155 200,000
30 1,323 2,866 2,866 200,000 184,360 184,360 200,000 204,229 204,229 218,525
31 1,323 LAPSED LAPSED LAPSED 205,391 205,391 215,660 227,604 227,604 238,984
32 1,323 228,649 228,649 240,082 253,486 253,486 266,160
33 1,323 254,329 254,329 267,046 282,136 282,136 296,243
34 1,323 282,666 282,666 296,799 313,844 313,844 329,536
35 1,323 313,911 313,911 329,607 348,925 348,925 366,371
36 1,323 348,334 348,334 365,751 387,723 387,723 407,110
37 1,323 386,220 386,220 405,531 430,619 430,619 452,150
38 1,323 427,863 427,863 449,256 478,025 478,025 501,926
39 1,323 473,576 473,576 497,255 530,374 530,374 556,893
40 1,323 523,685 523,685 549,869 588,138 588,138 617,545
41 1,323 578,533 578,533 607,460 651,840 651,840 684,432
42 1,323 638,481 638,481 670,405 722,027 722,027 758,128
43 1,323 703,904 703,904 739,099 799,284 799,284 839,248
44 1,323 775,189 775,189 813,949 884,209 884,209 928,419
45 1,323 852,728 852,728 895,365 977,451 977,451 1,026,323
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-12
<PAGE> 41
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 1,323 936,907 936,907 983,752 1,079,690 1,079,690 1,133,675
47 1,323 1,030,635 1,030,635 1,071,860 1,193,060 1,193,060 1,240,782
48 1,323 1,135,586 1,135,586 1,169,653 1,319,183 1,319,183 1,358,759
49 1,323 1,253,861 1,253,861 1,278,939 1,460,144 1,460,144 1,489,347
50 1,323 1,388,223 1,388,223 1,402,105 1,618,319 1,618,319 1,634,502
51 1,323 1,536,178 1,536,178 1,551,539 1,793,276 1,793,276 1,811,209
52 1,323 1,698,470 1,698,470 1,715,455 1,986,697 1,986,697 2,006,564
53 1,323 1,874,856 1,874,856 1,893,605 2,200,564 2,200,564 2,222,570
54 1,323 2,066,716 2,066,716 2,087,383 2,436,994 2,436,994 2,461,364
55 1,323 2,278,078 2,278,078 2,300,859 2,698,325 2,698,325 2,725,309
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-13
<PAGE> 42
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,798 0 1,326 200,000 0 1,326 200,000 0 1,326 200,000
5 1,798 5,234 6,296 200,000 5,234 6,296 200,000 5,315 6,377 200,000
10 1,798 11,321 11,498 200,000 11,321 11,498 200,000 11,663 11,840 200,000
20 1,798 17,107 17,107 200,000 17,107 17,107 200,000 19,502 19,502 200,000
@ Age 70 1,798 10,969 10,969 200,000 10,969 10,969 200,000 18,377 18,377 200,000
@ 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 29 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 29 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 32 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
------------------------------------- -----------
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: 09/08/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
D-14
<PAGE> 43
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,798 0 1,326 200,000 0 1,326 200,000 0 1,326 200,000
2 1,798 1,025 2,618 200,000 1,025 2,618 200,000 1,037 2,630 200,000
3 1,798 2,463 3,879 200,000 2,463 3,879 200,000 2,494 3,910 200,000
4 1,798 3,868 5,107 200,000 3,868 5,107 200,000 3,921 5,160 200,000
5 1,798 5,234 6,296 200,000 5,234 6,296 200,000 5,315 6,377 200,000
6 1,798 6,559 7,444 200,000 6,559 7,444 200,000 6,673 7,558 200,000
7 1,798 7,837 8,545 200,000 7,837 8,545 200,000 7,991 8,699 200,000
8 1,798 9,062 9,593 200,000 9,062 9,593 200,000 9,266 9,797 200,000
9 1,798 10,226 10,580 200,000 10,226 10,580 200,000 10,492 10,846 200,000
10 1,798 11,321 11,498 200,000 11,321 11,498 200,000 11,663 11,840 200,000
11 1,798 12,606 12,606 200,000 12,606 12,606 200,000 13,030 13,030 200,000
12 1,798 13,627 13,627 200,000 13,627 13,627 200,000 14,138 14,138 200,000
13 1,798 14,552 14,552 200,000 14,552 14,552 200,000 15,151 15,151 200,000
14 1,798 15,373 15,373 200,000 15,373 15,373 200,000 16,077 16,077 200,000
15 1,798 16,079 16,079 200,000 16,079 16,079 200,000 16,909 16,909 200,000
16 1,798 16,654 16,654 200,000 16,654 16,654 200,000 17,643 17,643 200,000
17 1,798 17,076 17,076 200,000 17,076 17,076 200,000 18,275 18,275 200,000
18 1,798 17,315 17,315 200,000 17,315 17,315 200,000 18,798 18,798 200,000
19 1,798 17,338 17,338 200,000 17,338 17,338 200,000 19,209 19,209 200,000
20 1,798 17,107 17,107 200,000 17,107 17,107 200,000 19,502 19,502 200,000
</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.
Age 45 Male Smoker Standard Prepared On: 09/08/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
D-15
<PAGE> 44
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,798 16,590 16,590 200,000 16,590 16,590 200,000 19,675 19,675 200,000
22 1,798 15,752 15,752 200,000 15,752 15,752 200,000 19,649 19,649 200,000
23 1,798 14,564 14,564 200,000 14,564 14,564 200,000 19,433 19,433 200,000
24 1,798 12,988 12,988 200,000 12,988 12,988 200,000 19,017 19,017 200,000
25 1,798 10,969 10,969 200,000 10,969 10,969 200,000 18,377 18,377 200,000
26 1,798 8,430 8,430 200,000 8,430 8,430 200,000 17,464 17,464 200,000
27 1,798 5,251 5,251 200,000 5,251 5,251 200,000 16,266 16,266 200,000
28 1,798 1,284 1,284 200,000 1,284 1,284 200,000 14,731 14,731 200,000
29 1,798 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 12,715 12,715 200,000
30 1,798 10,116 10,116 200,000
31 1,798 6,903 6,903 200,000
32 1,798 2,943 2,943 200,000
33 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.
Age 45 Male Smoker Standard Prepared On: 09/08/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
D-16
<PAGE> 45
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,798 0 1,326 200,000 0 1,414 200,000 0 1,414 200,000
5 1,798 5,234 6,296 200,000 6,530 7,592 200,000 6,619 7,681 200,000
10 1,798 11,321 11,498 200,000 16,204 16,381 200,000 16,614 16,791 200,000
20 1,798 17,107 17,107 200,000 37,822 37,822 200,000 40,852 40,852 200,000
@ Age 70 1,798 10,969 10,969 200,000 44,657 44,657 200,000 53,575 53,575 200,000
@ Age 85 1,798 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 43,729 43,729 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 29 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 42 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
------------------------------------- -----------
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
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
D-17
<PAGE> 46
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,798 0 1,326 200,000 0 1,414 200,000 0 1,414 200,000
2 1,798 1,025 2,618 200,000 1,286 2,878 200,000 1,298 2,891 200,000
3 1,798 2,463 3,879 200,000 2,981 4,397 200,000 3,013 4,429 200,000
4 1,798 3,868 5,107 200,000 4,729 5,968 200,000 4,787 6,026 200,000
5 1,798 5,234 6,296 200,000 6,530 7,592 200,000 6,619 7,681 200,000
6 1,798 6,559 7,444 200,000 8,381 9,266 200,000 8,509 9,394 200,000
7 1,798 7,837 8,545 200,000 10,278 10,986 200,000 10,455 11,163 200,000
8 1,798 9,062 9,593 200,000 12,219 12,750 200,000 12,457 12,988 200,000
9 1,798 10,226 10,580 200,000 14,196 14,550 200,000 14,511 14,865 200,000
10 1,798 11,321 11,498 200,000 16,204 16,381 200,000 16,614 16,791 200,000
11 1,798 12,606 12,606 200,000 18,513 18,513 200,000 19,029 19,029 200,000
12 1,798 13,627 13,627 200,000 20,676 20,676 200,000 21,309 21,309 200,000
13 1,798 14,552 14,552 200,000 22,865 22,865 200,000 23,622 23,622 200,000
14 1,798 15,373 15,373 200,000 25,072 25,072 200,000 25,975 25,975 200,000
15 1,798 16,079 16,079 200,000 27,288 27,288 200,000 28,367 28,367 200,000
16 1,798 16,654 16,654 200,000 29,501 29,501 200,000 30,796 30,796 200,000
17 1,798 17,076 17,076 200,000 31,689 31,689 200,000 33,260 33,260 200,000
18 1,798 17,315 17,315 200,000 33,827 33,827 200,000 35,757 35,757 200,000
19 1,798 17,338 17,338 200,000 35,883 35,883 200,000 38,288 38,288 200,000
20 1,798 17,107 17,107 200,000 37,822 37,822 200,000 40,852 40,852 200,000
</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.
Age 45 Male Smoker Standard Prepared On: 09/07/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
D-18
<PAGE> 47
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,798 16,590 16,590 200,000 39,614 39,614 200,000 43,449 43,449 200,000
22 1,798 15,752 15,752 200,000 41,226 41,226 200,000 46,016 46,016 200,000
23 1,798 14,564 14,564 200,000 42,630 42,630 200,000 48,564 48,564 200,000
24 1,798 12,988 12,988 200,000 43,791 43,791 200,000 51,088 51,088 200,000
25 1,798 10,969 10,969 200,000 44,657 44,657 200,000 53,575 53,575 200,000
26 1,798 8,430 8,430 200,000 45,158 45,158 200,000 55,988 55,988 200,000
27 1,798 5,251 5,251 200,000 45,189 45,189 200,000 58,324 58,324 200,000
28 1,798 1,284 1,284 200,000 44,617 44,617 200,000 60,548 60,548 200,000
29 1,798 LAPSED LAPSED LAPSED 43,279 43,279 200,000 62,556 62,556 200,000
30 1,798 40,988 40,988 200,000 64,280 64,280 200,000
31 1,798 37,525 37,525 200,000 65,702 65,702 200,000
32 1,798 32,645 32,645 200,000 66,734 66,734 200,000
33 1,798 26,059 26,059 200,000 67,282 67,282 200,000
34 1,798 17,394 17,394 200,000 67,230 67,230 200,000
35 1,798 6,137 6,137 200,000 66,444 66,444 200,000
36 1,798 LAPSED LAPSED LAPSED 64,786 64,786 200,000
37 1,798 62,044 62,044 200,000
38 1,798 57,979 57,979 200,000
39 1,798 52,078 52,078 200,000
40 1,798 43,729 43,729 200,000
41 1,798 32,468 32,468 200,000
42 1,798 17,219 17,219 200,000
43 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.
Age 45 Male Smoker Standard Prepared On: 09/07/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
D-19
<PAGE> 48
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,932 0 1,451 200,000 0 1,644 200,000 0 1,644 200,000
5 1,932 5,850 6,912 200,000 8,927 9,989 200,000 9,024 10,086 200,000
10 1,932 12,523 12,700 200,000 25,609 25,786 200,000 26,100 26,277 200,000
20 1,932 19,472 19,472 200,000 94,171 94,171 200,000 97,963 97,963 200,000
@ Age 70 1,932 14,020 14,020 200,000 162,990 162,990 200,000 172,209 172,209 200,000
@ Age 85 1,932 LAPSED LAPSED LAPSED 789,729 789,729 829,216 848,440 848,440 890,862
@ Age 90 1,932 LAPSED LAPSED LAPSED 1,280,573 1,280,573 1,344,602 1,394,668 1,394,668 1,464,402
</TABLE>
* Policy lapses in policy year 30 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
------------------------------------- -----------
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
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None
D-20
<PAGE> 49
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,932 0 1,451 200,000 0 1,644 200,000 0 1,644 200,000
2 1,932 1,275 2,868 200,000 1,854 3,447 200,000 1,867 3,460 200,000
3 1,932 2,836 4,252 200,000 4,012 5,428 200,000 4,045 5,461 200,000
4 1,932 4,362 5,601 200,000 6,364 7,603 200,000 6,425 7,664 200,000
5 1,932 5,850 6,912 200,000 8,927 9,989 200,000 9,024 10,086 200,000
6 1,932 7,294 8,179 200,000 11,720 12,605 200,000 11,863 12,748 200,000
7 1,932 8,690 9,398 200,000 14,763 15,471 200,000 14,965 15,673 200,000
8 1,932 10,032 10,563 200,000 18,076 18,607 200,000 18,353 18,884 200,000
9 1,932 11,312 11,666 200,000 21,683 22,037 200,000 22,055 22,409 200,000
10 1,932 12,523 12,700 200,000 25,609 25,786 200,000 26,100 26,277 200,000
11 1,932 13,923 13,923 200,000 30,170 30,170 200,000 30,797 30,797 200,000
12 1,932 15,059 15,059 200,000 34,965 34,965 200,000 35,748 35,748 200,000
13 1,932 16,098 16,098 200,000 40,212 40,212 200,000 41,169 41,169 200,000
14 1,932 17,033 17,033 200,000 45,959 45,959 200,000 47,121 47,121 200,000
15 1,932 17,854 17,854 200,000 52,257 52,257 200,000 53,665 53,665 200,000
16 1,932 18,544 18,544 200,000 59,161 59,161 200,000 60,866 60,866 200,000
17 1,932 19,082 19,082 200,000 66,732 66,732 200,000 68,802 68,802 200,000
18 1,932 19,438 19,438 200,000 75,036 75,036 200,000 77,561 77,561 200,000
19 1,932 19,580 19,580 200,000 84,151 84,151 200,000 87,243 87,243 200,000
20 1,932 19,472 19,472 200,000 94,171 94,171 200,000 97,963 97,963 200,000
</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.
Age 45 Male Smoker Standard Prepared On: 09/07/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None
D-21
<PAGE> 50
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,932 19,081 19,081 200,000 105,212 105,212 200,000 109,853 109,853 200,000
22 1,932 18,374 18,374 200,000 117,421 117,421 200,000 123,027 123,027 200,000
23 1,932 17,322 17,322 200,000 130,972 130,972 200,000 137,669 137,669 200,000
24 1,932 15,888 15,888 200,000 146,078 146,078 200,000 153,985 153,985 200,000
25 1,932 14,020 14,020 200,000 162,990 162,990 200,000 172,209 172,209 200,000
26 1,932 11,641 11,641 200,000 181,980 181,980 209,277 192,485 192,485 221,357
27 1,932 8,635 8,635 200,000 203,048 203,048 229,445 214,934 214,934 242,875
28 1,932 4,856 4,856 200,000 226,353 226,353 251,252 239,799 239,799 266,177
29 1,932 128 128 200,000 252,157 252,157 274,851 267,345 267,345 291,406
30 1,932 LAPSED LAPSED LAPSED 280,770 280,770 300,424 297,885 297,885 318,737
31 1,932 312,565 312,565 328,193 331,791 331,791 348,381
32 1,932 347,640 347,640 365,022 369,275 369,275 387,739
33 1,932 386,313 386,313 405,628 410,697 410,697 431,232
34 1,932 428,929 428,929 450,375 456,449 456,449 479,272
35 1,932 475,858 475,858 499,651 506,959 506,959 532,307
36 1,932 527,495 527,495 553,870 562,695 562,695 590,829
37 1,932 584,255 584,255 613,467 624,159 624,159 655,367
38 1,932 646,573 646,573 678,902 691,901 691,901 726,496
39 1,932 714,902 714,902 750,648 766,467 766,467 804,790
40 1,932 789,729 789,729 829,216 848,440 848,440 890,862
41 1,932 871,574 871,574 915,153 938,525 938,525 985,451
42 1,932 960,990 960,990 1,009,039 1,037,373 1,037,373 1,089,242
43 1,932 1,058,556 1,058,556 1,111,484 1,145,830 1,145,830 1,203,122
44 1,932 1,164,874 1,164,874 1,223,117 1,264,645 1,264,645 1,327,877
45 1,932 1,280,573 1,280,573 1,344,602 1,394,668 1,394,668 1,464,402
</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.
Age 45 Male Smoker Standard Prepared On: 09/07/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
1 Form # C1-98
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None
D-22
<PAGE> 51
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 1,932 1,406,239 1,406,239 1,476,551 1,536,909 1,536,909 1,613,755
47 1,932 1,546,420 1,546,420 1,608,277 1,695,170 1,695,170 1,762,977
48 1,932 1,703,618 1,703,618 1,754,727 1,871,956 1,871,956 1,928,115
49 1,932 1,880,952 1,880,952 1,918,571 2,070,489 2,070,489 2,111,898
50 1,932 2,082,491 2,082,491 2,103,316 2,294,268 2,294,268 2,317,210
51 1,932 2,304,426 2,304,426 2,327,470 2,541,833 2,541,833 2,567,252
52 1,932 2,547,867 2,547,867 2,573,346 2,815,694 2,815,694 2,843,851
53 1,932 2,812,448 2,812,448 2,840,573 3,118,611 3,118,611 3,149,797
54 1,932 3,100,248 3,100,248 3,131,251 3,453,613 3,453,613 3,488,149
55 1,932 3,417,302 3,417,302 3,451,475 3,824,027 3,824,027 3,862,268
</TABLE>
This is an illustration, not a policy.
This 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.
Age 45 Male Smoker Standard Prepared On: 09/07/00
Age 45 Female Smoker Standard Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None Form #C1-98
D-23
<PAGE> 52
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,220 0 802 200,802 0 802 200,802 0 802 200,802
5 1,220 3,138 3,858 203,858 3,138 3,858 203,858 3,190 3,911 203,911
10 1,220 7,112 7,232 207,232 7,112 7,232 207,232 7,405 7,525 207,525
20 1,220 12,820 12,820 212,820 12,820 12,820 212,820 15,158 15,158 215,158
@ Age 70 1,220 10,491 10,491 210,491 10,491 10,491 210,491 16,777 16,777 216,777
@ 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 30 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 0.00%.
*** Policy lapses in policy year 36 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
------------------------------------- -----------
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
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option
2 Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-24
<PAGE> 53
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 802 200,802 0 802 200,802 0 802 200,802
2 1,220 509 1,589 201,589 509 1,589 201,589 514 1,595 201,595
3 1,220 1,401 2,362 202,362 1,401 2,362 202,362 1,417 2,377 202,377
4 1,220 2,278 3,118 203,118 2,278 3,118 203,118 2,309 3,149 203,149
5 1,220 3,138 3,858 203,858 3,138 3,858 203,858 3,190 3,911 203,911
6 1,220 3,979 4,580 204,580 3,979 4,580 204,580 4,060 4,660 204,660
7 1,220 4,801 5,281 205,281 4,801 5,281 205,281 4,917 5,398 205,398
8 1,220 5,598 5,959 205,959 5,598 5,959 205,959 5,762 6,122 206,122
9 1,220 6,370 6,610 206,610 6,370 6,610 206,610 6,591 6,831 206,831
10 1,220 7,112 7,232 207,232 7,112 7,232 207,232 7,405 7,525 207,525
11 1,220 8,070 8,070 208,070 8,070 8,070 208,070 8,449 8,449 208,449
12 1,220 8,866 8,866 208,866 8,866 8,866 208,866 9,348 9,348 209,348
13 1,220 9,617 9,617 209,617 9,617 9,617 209,617 10,217 10,217 210,217
14 1,220 10,316 10,316 210,316 10,316 10,316 210,316 11,052 11,052 211,052
15 1,220 10,956 10,956 210,956 10,956 10,956 210,956 11,852 11,852 211,852
16 1,220 11,528 11,528 211,528 11,528 11,528 211,528 12,611 12,611 212,611
17 1,220 12,018 12,018 212,018 12,018 12,018 212,018 13,326 13,326 213,326
18 1,220 12,411 12,411 212,411 12,411 12,411 212,411 13,991 13,991 213,991
19 1,220 12,686 12,686 212,686 12,686 12,686 212,686 14,604 14,604 214,604
20 1,220 12,820 12,820 212,820 12,820 12,820 212,820 15,158 15,158 215,158
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-25
<PAGE> 54
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,220 12,789 12,789 212,789 12,789 12,789 212,789 15,650 15,650 215,650
22 1,220 12,569 12,569 212,569 12,569 12,569 212,569 16,068 16,068 216,068
23 1,220 12,135 12,135 212,135 12,135 12,135 212,135 16,395 16,395 216,395
24 1,220 11,455 11,455 211,455 11,455 11,455 211,455 16,633 16,633 216,633
25 1,220 10,491 10,491 210,491 10,491 10,491 210,491 16,777 16,777 216,777
26 1,220 9,190 9,190 209,190 9,190 9,190 209,190 16,806 16,806 216,806
27 1,220 7,480 7,480 207,480 7,480 7,480 207,480 16,704 16,704 216,704
28 1,220 5,270 5,270 205,270 5,270 5,270 205,270 16,446 16,446 216,446
29 1,220 2,453 2,453 202,453 2,453 2,453 202,453 15,973 15,973 215,973
30 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 15,241 15,241 215,241
31 1,220 14,224 14,224 214,224
32 1,220 12,873 12,873 212,873
33 1,220 11,127 11,127 211,127
34 1,220 8,920 8,920 208,920
35 1,220 6,177 6,177 206,177
36 1,220 2,816 2,816 202,816
37 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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-26
<PAGE> 55
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,220 0 802 200,802 0 859 200,859 0 859 200,859
5 1,220 3,138 3,858 203,858 3,945 4,665 204,665 4,002 4,722 204,722
10 1,220 7,112 7,232 207,232 10,149 10,269 210,269 10,498 10,618 210,618
20 1,220 12,820 12,820 212,820 25,971 25,971 225,971 29,123 29,123 229,123
@ Age 70 1,220 10,491 10,491 210,491 31,389 31,389 231,389 40,025 40,025 240,025
@ Age 85 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 41,456 41,456 241,456
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 35 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 44 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
------------------------------------- ----------------
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
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-27
<PAGE> 56
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 802 200,802 0 859 200,859 0 859 200,859
2 1,220 509 1,589 201,589 673 1,754 201,754 679 1,760 201,760
3 1,220 1,401 2,362 202,362 1,725 2,686 202,686 1,742 2,703 202,703
4 1,220 2,278 3,118 203,118 2,816 3,656 203,656 2,849 3,690 203,690
5 1,220 3,138 3,858 203,858 3,945 4,665 204,665 4,002 4,722 204,722
6 1,220 3,979 4,580 204,580 5,112 5,712 205,712 5,202 5,802 205,802
7 1,220 4,801 5,281 205,281 6,318 6,798 206,798 6,450 6,930 206,930
8 1,220 5,598 5,959 205,959 7,560 7,920 207,920 7,748 8,109 208,109
9 1,220 6,370 6,610 206,610 8,838 9,078 209,078 9,097 9,338 209,338
10 1,220 7,112 7,232 207,232 10,149 10,269 210,269 10,498 10,618 210,618
11 1,220 8,070 8,070 208,070 11,750 11,750 211,750 12,208 12,208 212,208
12 1,220 8,866 8,866 208,866 13,269 13,269 213,269 13,859 13,859 213,859
13 1,220 9,617 9,617 209,617 14,824 14,824 214,824 15,571 15,571 215,571
14 1,220 10,316 10,316 210,316 16,411 16,411 216,411 17,342 17,342 217,342
15 1,220 10,956 10,956 210,956 18,022 18,022 218,022 19,171 19,171 219,171
16 1,220 11,528 11,528 211,528 19,648 19,648 219,648 21,057 21,057 221,057
17 1,220 12,018 12,018 212,018 21,276 21,276 221,276 22,997 22,997 222,997
18 1,220 12,411 12,411 212,411 22,889 22,889 222,889 24,990 24,990 224,990
19 1,220 12,686 12,686 212,686 24,463 24,463 224,463 27,033 27,033 227,033
20 1,220 12,820 12,820 212,820 25,971 25,971 225,971 29,123 29,123 229,123
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-28
<PAGE> 57
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,220 12,789 12,789 212,789 27,385 27,385 227,385 31,257 31,257 231,257
22 1,220 12,569 12,569 212,569 28,672 28,672 228,672 33,424 33,424 233,424
23 1,220 12,135 12,135 212,135 29,798 29,798 229,798 35,607 35,607 235,607
24 1,220 11,455 11,455 211,455 30,721 30,721 230,721 37,809 37,809 237,809
25 1,220 10,491 10,491 210,491 31,389 31,389 231,389 40,025 40,025 240,025
26 1,220 9,190 9,190 209,190 31,730 31,730 231,730 42,231 42,231 242,231
27 1,220 7,480 7,480 207,480 31,651 31,651 231,651 44,411 44,411 244,411
28 1,220 5,270 5,270 205,270 31,033 31,033 231,033 46,534 46,534 246,534
29 1,220 2,453 2,453 202,453 29,733 29,733 229,733 48,537 48,537 248,537
30 1,220 LAPSED LAPSED LAPSED 27,593 27,593 227,593 50,365 50,365 250,365
31 1,220 24,447 24,447 224,447 51,980 51,980 251,980
32 1,220 20,118 20,118 220,118 53,317 53,317 253,317
33 1,220 14,423 14,423 214,423 54,298 54,298 254,298
34 1,220 7,153 7,153 207,153 54,831 54,831 254,831
35 1,220 LAPSED LAPSED LAPSED 54,813 54,813 254,813
36 1,220 54,125 54,125 254,125
37 1,220 52,645 52,645 252,645
38 1,220 50,236 50,236 250,236
39 1,220 46,603 46,603 246,603
40 1,220 41,456 41,456 241,456
41 1,220 34,619 34,619 234,619
42 1,220 25,757 25,757 225,757
43 1,220 14,529 14,529 214,529
44 1,220 449 449 200,449
45 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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
D-29
<PAGE> 58
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 1,323 0 899 200,899 0 1,025 201,025 0 1,025 201,025
5 1,323 3,610 4,330 204,330 5,565 6,285 206,285 5,628 6,348 206,348
10 1,323 8,031 8,151 208,151 16,331 16,451 216,451 16,748 16,868 216,868
20 1,323 14,562 14,562 214,562 61,882 61,882 261,882 66,325 66,325 266,325
@ Age 70 1,323 12,612 12,612 212,612 102,847 102,847 302,847 115,556 115,556 315,556
@ Age 85 1,323 LAPSED LAPSED LAPSED 281,914 281,914 481,914 497,648 497,648 697,648
@ Age 90 1,323 LAPSED LAPSED LAPSED 275,226 275,226 475,226 755,925 755,925 955,925
</TABLE>
* Policy lapses in policy year 31 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 52 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
------------------------------------- ----------------
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: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-30
<PAGE> 59
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,323 0 899 200,899 0 1,025 201,025 0 1,025 201,025
2 1,323 700 1,781 201,781 1,073 2,154 202,154 1,079 2,160 202,160
3 1,323 1,687 2,648 202,648 2,439 3,399 203,399 2,456 3,417 203,417
4 1,323 2,658 3,498 203,498 3,932 4,772 204,772 3,968 4,808 204,808
5 1,323 3,610 4,330 204,330 5,565 6,285 206,285 5,628 6,348 206,348
6 1,323 4,543 5,143 205,143 7,352 7,952 207,952 7,451 8,052 208,052
7 1,323 5,454 5,935 205,935 9,306 9,786 209,786 9,456 9,936 209,936
8 1,323 6,342 6,702 206,702 11,443 11,803 211,803 11,660 12,020 212,020
9 1,323 7,202 7,442 207,442 13,778 14,019 214,019 14,083 14,324 214,324
10 1,323 8,031 8,151 208,151 16,331 16,451 216,451 16,748 16,868 216,868
11 1,323 9,075 9,075 209,075 19,387 19,387 219,387 19,945 19,945 219,945
12 1,323 9,957 9,957 209,957 22,607 22,607 222,607 23,339 23,339 223,339
13 1,323 10,792 10,792 210,792 26,138 26,138 226,138 27,080 27,080 227,080
14 1,323 11,575 11,575 211,575 30,006 30,006 230,006 31,203 31,203 231,203
15 1,323 12,298 12,298 212,298 34,240 34,240 234,240 35,745 35,745 235,745
16 1,323 12,951 12,951 212,951 38,868 38,868 238,868 40,747 40,747 240,747
17 1,323 13,523 13,523 213,523 43,920 43,920 243,920 46,253 46,253 246,253
18 1,323 13,996 13,996 213,996 49,422 49,422 249,422 52,314 52,314 252,314
19 1,323 14,350 14,350 214,350 55,401 55,401 255,401 58,984 58,984 258,984
20 1,323 14,562 14,562 214,562 61,882 61,882 261,882 66,325 66,325 266,325
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-31
<PAGE> 60
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 1,323 14,609 14,609 214,609 68,894 68,894 268,894 74,403 74,403 274,403
22 1,323 14,465 14,465 214,465 76,467 76,467 276,467 83,285 83,285 283,285
23 1,323 14,106 14,106 214,106 84,631 84,631 284,631 93,040 93,040 293,040
24 1,323 13,502 13,502 213,502 93,417 93,417 293,417 103,764 103,764 303,764
25 1,323 12,612 12,612 212,612 102,847 102,847 302,847 115,556 115,556 315,556
26 1,323 11,384 11,384 211,384 112,933 112,933 312,933 128,508 128,508 328,508
27 1,323 9,747 9,747 209,747 123,665 123,665 323,665 142,729 142,729 342,729
28 1,323 7,609 7,609 207,609 135,013 135,013 335,013 158,327 158,327 358,327
29 1,323 4,862 4,862 204,862 146,923 146,923 346,923 175,390 175,390 375,390
30 1,323 1,394 1,394 201,394 159,330 159,330 359,330 194,025 194,025 394,025
31 1,323 LAPSED LAPSED LAPSED 172,158 172,158 372,158 214,374 214,374 414,374
32 1,323 185,324 185,324 385,324 236,568 236,568 436,568
33 1,323 198,734 198,734 398,734 260,740 260,740 460,740
34 1,323 212,273 212,273 412,273 287,030 287,030 487,030
35 1,323 225,775 225,775 425,775 315,585 315,585 515,585
36 1,323 239,009 239,009 439,009 346,557 346,557 546,557
37 1,323 251,664 251,664 451,664 380,119 380,119 580,119
38 1,323 263,343 263,343 463,343 416,452 416,452 616,452
39 1,323 273,590 273,590 473,590 455,605 455,605 655,605
40 1,323 281,914 281,914 481,914 497,648 497,648 697,648
41 1,323 287,800 287,800 487,800 542,796 542,796 742,796
42 1,323 290,699 290,699 490,699 591,132 591,132 791,132
43 1,323 290,020 290,020 490,020 642,759 642,759 842,759
44 1,323 285,115 285,115 485,115 697,665 697,665 897,665
45 1,323 275,226 275,226 475,226 755,925 755,925 955,925
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-32
<PAGE> 61
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 1,323 259,465 259,465 459,465 817,620 817,620 1,017,620
47 1,323 236,730 236,730 436,730 882,817 882,817 1,082,817
48 1,323 205,574 205,574 405,574 951,581 951,581 1,151,581
49 1,323 163,883 163,883 363,883 1,024,768 1,024,768 1,224,768
50 1,323 108,104 108,104 308,104 1,102,720 1,102,720 1,302,720
51 1,323 31,694 31,694 231,694 1,185,289 1,185,289 1,385,289
52 1,323 LAPSED LAPSED LAPSED 1,271,777 1,271,777 1,471,777
53 1,323 1,363,635 1,363,635 1,563,635
54 1,323 1,461,256 1,461,256 1,661,256
55 1,323 1,565,213 1,565,213 1,765,213
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2
Form # C1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
D-33
<PAGE> 62
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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>
1 692 0 372 200,000 0 372 200,000 0 372 200,000
5 692 1,394 1,803 200,000 1,394 1,803 200,000 1,405 1,814 200,000
10 692 3,378 3,446 200,000 3,378 3,446 200,000 3,434 3,502 200,000
20 692 7,659 7,659 200,000 7,659 7,659 200,000 8,137 8,137 200,000
@ Age 70 692 3,199 3,199 200,000 3,199 3,199 200,000 10,321 10,321 200,000
@ 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 37 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 37 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 43 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
------------------------------------- ----------------
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 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
D-34
<PAGE> 63
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 692 0 372 200,000 0 372 200,000 0 372 200,000
2 692 124 738 200,000 124 738 200,000 126 739 200,000
3 692 553 1,098 200,000 553 1,098 200,000 557 1,102 200,000
4 692 976 1,453 200,000 976 1,453 200,000 983 1,460 200,000
5 692 1,394 1,803 200,000 1,394 1,803 200,000 1,405 1,814 200,000
6 692 1,805 2,146 200,000 1,805 2,146 200,000 1,822 2,163 200,000
7 692 2,209 2,482 200,000 2,209 2,482 200,000 2,233 2,506 200,000
8 692 2,607 2,811 200,000 2,607 2,811 200,000 2,639 2,844 200,000
9 692 2,996 3,133 200,000 2,996 3,133 200,000 3,039 3,176 200,000
10 692 3,378 3,446 200,000 3,378 3,446 200,000 3,434 3,502 200,000
11 692 3,938 3,938 200,000 3,938 3,938 200,000 4,008 4,008 200,000
12 692 4,418 4,418 200,000 4,418 4,418 200,000 4,507 4,507 200,000
13 692 4,885 4,885 200,000 4,885 4,885 200,000 4,996 4,996 200,000
14 692 5,338 5,338 200,000 5,338 5,338 200,000 5,476 5,476 200,000
15 692 5,776 5,776 200,000 5,776 5,776 200,000 5,947 5,947 200,000
16 692 6,197 6,197 200,000 6,197 6,197 200,000 6,407 6,407 200,000
17 692 6,599 6,599 200,000 6,599 6,599 200,000 6,856 6,856 200,000
18 692 6,979 6,979 200,000 6,979 6,979 200,000 7,295 7,295 200,000
19 692 7,333 7,333 200,000 7,333 7,333 200,000 7,722 7,722 200,000
20 692 7,659 7,659 200,000 7,659 7,659 200,000 8,137 8,137 200,000
</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.
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
D-35
<PAGE> 64
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 692 7,952 7,952 200,000 7,952 7,952 200,000 8,540 8,540 200,000
22 692 8,207 8,207 200,000 8,207 8,207 200,000 8,926 8,926 200,000
23 692 8,422 8,422 200,000 8,422 8,422 200,000 9,291 9,291 200,000
24 692 8,589 8,589 200,000 8,589 8,589 200,000 9,633 9,633 200,000
25 692 8,702 8,702 200,000 8,702 8,702 200,000 9,949 9,949 200,000
26 692 8,751 8,751 200,000 8,751 8,751 200,000 10,234 10,234 200,000
27 692 8,725 8,725 200,000 8,725 8,725 200,000 10,483 10,483 200,000
28 692 8,605 8,605 200,000 8,605 8,605 200,000 10,691 10,691 200,000
29 692 8,371 8,371 200,000 8,371 8,371 200,000 10,847 10,847 200,000
30 692 8,001 8,001 200,000 8,001 8,001 200,000 10,946 10,946 200,000
31 692 7,472 7,472 200,000 7,472 7,472 200,000 10,976 10,976 200,000
32 692 6,756 6,756 200,000 6,756 6,756 200,000 10,938 10,938 200,000
33 692 5,829 5,829 200,000 5,829 5,829 200,000 10,816 10,816 200,000
34 692 4,658 4,658 200,000 4,658 4,658 200,000 10,612 10,612 200,000
35 692 3,199 3,199 200,000 3,199 3,199 200,000 10,321 10,321 200,000
36 692 1,391 1,391 200,000 1,391 1,391 200,000 9,923 9,923 200,000
37 692 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 9,401 9,401 200,000
38 692 8,729 8,729 200,000
39 692 7,850 7,850 200,000
40 692 6,715 6,715 200,000
41 692 5,297 5,297 200,000
42 692 3,539 3,539 200,000
43 692 1,372 1,372 200,000
44 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.
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
D-36
<PAGE> 65
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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>
1 692 0 372 200,000 0 401 200,000 0 401 200,000
5 692 1,394 1,803 200,000 1,787 2,196 200,000 1,799 2,208 200,000
10 692 3,378 3,446 200,000 4,843 4,911 200,000 4,910 4,978 200,000
20 692 7,659 7,659 200,000 14,444 14,444 200,000 15,069 15,069 200,000
@ Age 70 692 3,199 3,199 200,000 28,871 28,871 200,000 38,320 38,320 200,000
@ Age 85 692 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 40,951 40,951 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 37 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 45 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 54 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
------------------------------------- ----------------
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 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
D-37
<PAGE> 66
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 692 0 372 200,000 0 401 200,000 0 401 200,000
2 692 124 738 200,000 207 821 200,000 209 822 200,000
3 692 553 1,098 200,000 714 1,259 200,000 718 1,263 200,000
4 692 976 1,453 200,000 1,240 1,717 200,000 1,248 1,725 200,000
5 692 1,394 1,803 200,000 1,787 2,196 200,000 1,799 2,208 200,000
6 692 1,805 2,146 200,000 2,354 2,695 200,000 2,373 2,714 200,000
7 692 2,209 2,482 200,000 2,943 3,216 200,000 2,970 3,243 200,000
8 692 2,607 2,811 200,000 3,554 3,758 200,000 3,592 3,796 200,000
9 692 2,996 3,133 200,000 4,187 4,323 200,000 4,238 4,374 200,000
10 692 3,378 3,446 200,000 4,843 4,911 200,000 4,910 4,978 200,000
11 692 3,938 3,938 200,000 5,716 5,716 200,000 5,802 5,802 200,000
12 692 4,418 4,418 200,000 6,554 6,554 200,000 6,663 6,663 200,000
13 692 4,885 4,885 200,000 7,425 7,425 200,000 7,564 7,564 200,000
14 692 5,338 5,338 200,000 8,329 8,329 200,000 8,504 8,504 200,000
15 692 5,776 5,776 200,000 9,268 9,268 200,000 9,485 9,485 200,000
16 692 6,197 6,197 200,000 10,240 10,240 200,000 10,509 10,509 200,000
17 692 6,599 6,599 200,000 11,246 11,246 200,000 11,578 11,578 200,000
18 692 6,979 6,979 200,000 12,282 12,282 200,000 12,693 12,693 200,000
19 692 7,333 7,333 200,000 13,349 13,349 200,000 13,856 13,856 200,000
20 692 7,659 7,659 200,000 14,444 14,444 200,000 15,069 15,069 200,000
</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.
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
D-38
<PAGE> 67
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 692 7,952 7,952 200,000 15,563 15,563 200,000 16,334 16,334 200,000
22 692 8,207 8,207 200,000 16,704 16,704 200,000 17,648 17,648 200,000
23 692 8,422 8,422 200,000 17,865 17,865 200,000 19,011 19,011 200,000
24 692 8,589 8,589 200,000 19,039 19,039 200,000 20,422 20,422 200,000
25 692 8,702 8,702 200,000 20,222 20,222 200,000 21,881 21,881 200,000
26 692 8,751 8,751 200,000 21,404 21,404 200,000 23,386 23,386 200,000
27 692 8,725 8,725 200,000 22,574 22,574 200,000 24,934 24,934 200,000
28 692 8,605 8,605 200,000 23,715 23,715 200,000 26,522 26,522 200,000
29 692 8,371 8,371 200,000 24,807 24,807 200,000 28,143 28,143 200,000
30 692 8,001 8,001 200,000 25,826 25,826 200,000 29,795 29,795 200,000
31 692 7,472 7,472 200,000 26,749 26,749 200,000 31,466 31,466 200,000
32 692 6,756 6,756 200,000 27,548 27,548 200,000 33,161 33,161 200,000
33 692 5,829 5,829 200,000 28,193 28,193 200,000 34,867 34,867 200,000
34 692 4,658 4,658 200,000 28,650 28,650 200,000 36,588 36,588 200,000
35 692 3,199 3,199 200,000 28,871 28,871 200,000 38,320 38,320 200,000
36 692 1,391 1,391 200,000 28,793 28,793 200,000 40,049 40,049 200,000
37 692 LAPSED LAPSED LAPSED 28,331 28,331 200,000 41,761 41,761 200,000
38 692 27,373 27,373 200,000 43,436 43,436 200,000
39 692 25,778 25,778 200,000 45,026 45,026 200,000
40 692 23,383 23,383 200,000 46,493 46,493 200,000
41 692 19,998 19,998 200,000 47,811 47,811 200,000
42 692 15,398 15,398 200,000 48,934 48,934 200,000
43 692 9,316 9,316 200,000 49,806 49,806 200,000
44 692 1,409 1,409 200,000 50,358 50,358 200,000
45 692 LAPSED LAPSED LAPSED 50,512 50,512 200,000
</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.
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
D-39
<PAGE> 68
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 692 50,172 50,172 200,000
47 692 49,233 49,233 200,000
48 692 47,567 47,567 200,000
49 692 44,907 44,907 200,000
50 692 40,951 40,951 200,000
51 692 35,444 35,444 200,000
52 692 27,929 27,929 200,000
53 692 17,835 17,835 200,000
54 692 4,293 4,293 200,000
55 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.
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
D-40
<PAGE> 69
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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>
1 752 0 427 200,000 0 494 200,000 0 494 200,000
5 752 1,666 2,075 200,000 2,639 3,048 200,000 2,652 3,061 200,000
10 752 3,909 3,977 200,000 8,003 8,071 200,000 8,083 8,151 200,000
20 752 8,669 8,669 200,000 33,071 33,071 200,000 33,910 33,910 200,000
@ Age 70 752 4,917 4,977 200,000 167,827 167,827 200,000 178,658 178,658 207,243
@ Age 85 752 LAPSED LAPSED LAPSED 782,457 782,457 821,850 850,995 850,995 893,545
@ Age 90 752 LAPSED LAPSED LAPSED 1,266,476 1,266,476 1,329,799 1,406,952 1,406,952 1,477,299
</TABLE>
* Policy lapses in policy year 38 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
------------------------------------- ----------------
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 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $751.91-Premium Mode: Annual-Riders: None
D-41
<PAGE> 70
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 752 0 427 200,000 0 494 200,000 0 494 200,000
2 752 235 849 200,000 426 1,039 200,000 427 1,041 200,000
3 752 719 1,264 200,000 1,097 1,643 200,000 1,102 1,647 200,000
4 752 1,196 1,673 200,000 1,833 2,310 200,000 1,841 2,318 200,000
5 752 1,666 2,075 200,000 2,639 3,048 200,000 2,652 3,061 200,000
6 752 2,130 2,471 200,000 3,522 3,863 200,000 3,543 3,884 200,000
7 752 2,587 2,860 200,000 4,491 4,764 200,000 4,522 4,795 200,000
8 752 3,036 3,240 200,000 5,554 5,769 200,000 5,598 5,803 200,000
9 752 3,477 3,613 200,000 6,721 6,858 200,000 6,781 6,918 200,000
10 752 3,909 3,977 200,000 8,003 8,071 200,000 8,083 8,151 200,000
11 752 4,519 4,519 200,000 9,611 9,611 200,000 9,716 9,716 200,000
12 752 5,048 5,048 200,000 11,312 11,312 200,000 11,449 11,449 200,000
13 752 5,564 5,564 200,000 13,191 13,191 200,000 13,366 13,366 200,000
14 752 6,066 6,066 200,000 15,265 15,265 200,000 15,487 15,487 200,000
15 752 6,552 6,552 200,000 17,554 17,554 200,000 17,835 17,835 200,000
16 752 7,021 7,021 200,000 20,081 20,081 200,000 20,432 20,432 200,000
17 752 7,470 7,470 200,000 22,869 22,869 200,000 23,307 23,307 200,000
18 752 7,896 7,896 200,000 25,943 25,943 200,000 26,489 26,489 200,000
19 752 8,297 8,297 200,000 29,333 29,333 200,000 30,011 30,011 200,000
20 752 8,669 8,669 200,000 33,071 33,071 200,000 33,910 33,910 200,000
</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.
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Model Premium: $751.91-Premium Mode: Annual-Riders: None
D-42
<PAGE> 71
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 752 9,007 9,007 200,000 37,191 37,191 200,000 38,227 38,227 200,000
22 752 9,308 9,308 200,000 41,732 41,732 200,000 43,002 43,002 200,000
23 752 9,568 9,568 200,000 46,738 46,738 200,000 48,285 48,285 200,000
24 752 9,780 9,780 200,000 52,259 52,259 200,000 54,128 54,128 200,000
25 752 9,939 9,939 200,000 58,346 58,346 200,000 60,591 60,591 200,000
26 752 10,033 10,033 200,000 65,058 65,058 200,000 67,740 67,740 200,000
27 752 10,051 10,051 200,000 72,461 72,461 200,000 75,650 75,650 200,000
28 752 9,977 9,977 200,000 80,625 80,625 200,000 84,401 84,401 200,000
29 752 9,789 9,789 200,000 89,630 89,630 200,000 94,085 94,085 200,000
30 752 9,466 9,466 200,000 99,570 99,570 200,000 104,805 104,805 200,000
31 752 8,984 8,984 200,000 110,552 110,552 200,000 116,677 116,677 200,000
32 752 8,318 8,318 200,000 122,705 122,705 200,000 129,837 129,837 200,000
33 752 7,441 7,441 200,000 136,178 136,178 200,000 144,435 144,435 200,000
34 752 6,322 6,322 200,000 151,150 151,150 200,000 160,644 160,644 200,000
35 752 4,917 4,917 200,000 167,827 167,827 200,000 178,658 178,658 207,243
36 752 3,168 3,168 200,000 186,409 186,409 214,370 198,626 198,626 228,420
37 752 993 993 200,000 206,982 206,982 233,890 220,750 220,750 249,448
38 752 LAPSED LAPSED LAPSED 229,750 229,750 255,022 245,266 245,266 272,245
39 752 254,960 254,960 277,906 272,433 272,433 296,952
40 752 282,902 282,902 302,705 302,549 302,549 323,727
41 752 313,914 313,914 329,610 335,950 335,950 352,747
42 752 348,169 348,169 365,578 372,932 372,932 391,578
43 752 385,986 385,986 405,286 413,868 413,868 434,562
44 752 427,711 427,711 449,096 459,171 459,171 482,130
45 752 473,714 473,714 497,400 509,290 509,290 534,755
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $751.91-Premium Mode: Annual-Riders: None
D-43
<PAGE> 72
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
46 752 524,390 524,390 550,610 564,718 564,718 592,954
47 752 580,157 580,157 609,165 625,997 625,997 657,296
48 752 641,449 641,449 673,522 693,715 693,715 728,400
49 752 708,723 708,723 744,159 768,491 768,491 806,915
50 752 782,457 782,457 821,580 850,995 850,995 893,545
51 752 863,156 863,156 906,314 941,977 941,977 989,076
52 752 951,349 951,349 998,916 1,042,214 1,042,214 1,094,325
53 752 1,047,586 1,047,586 1,099,965 1,152,541 1,152,541 1,210,168
54 752 1,152,437 1,152,437 1,210,059 1,273,812 1,273,812 1,337,502
55 752 1,266,476 1,266,476 1,329,799 1,406,952 1,406,952 1,477,299
56 752 1,390,268 1,390,268 1,459,781 1,552,930 1,552,930 1,630,576
57 752 1,528,124 1,528,124 1,589,249 1,714,810 1,714,810 1,783,402
58 752 1,682,512 1,682,512 1,732,988 1,894,915 1,894,915 1,951,763
59 752 1,856,533 1,856,533 1,893,663 2,096,226 2,096,226 2,138,151
60 752 2,054,256 2,054,256 2,074,798 2,322,142 2,322,142 2,345,364
61 752 2,271,977 2,271,977 2,294,697 2,572,026 2,572,026 2,597,746
62 752 2,510,789 2,510,789 2,535,897 2,848,279 2,848,279 2,876,762
63 752 2,770,322 2,770,322 2,798,025 3,153,733 3,153,733 3,185,271
64 752 3,052,609 3,052,609 3,083,135 3,491,411 3,491,411 3,526,325
65 752 3,363,589 3,363,589 3,397,225 3,864,651 3,864,651 3,903,298
</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.
Age 45 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $751.91-Premium Mode: Annual-Riders: None
D-44
<PAGE> 73
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 2,170 0 1,545 200,000 0 1,545 200,000 0 1,545 200,000
5 2,170 5,953 7,234 200,000 5,953 7,234 200,000 6,253 7,535 200,000
10 2,170 12,529 12,743 200,000 12,529 12,743 200,000 14,272 14,485 200,000
20 2,170 11,537 11,537 200,000 11,537 11,537 200,000 26,998 26,998 200,000
@ Age 70 2,170 16,454 16,454 200,000 16,454 16,454 200,000 22,267 22,267 200,000
@ Age 85 2,170 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 8,456 8,456 200,000
@ 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 31 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
------------------------------------- ----------------
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 55 Male Non-Smoker Preferred Prepared On: 09/08/2000
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
D-45
<PAGE> 74
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,170 0 1,545 200,000 0 1,545 200,000 0 1,545 200,000
2 2,170 1,117 3,040 200,000 1,117 3,040 200,000 1,149 3,072 200,000
3 2,170 2,781 4,490 200,000 2,781 4,490 200,000 2,871 4,580 200,000
4 2,170 4,395 5,890 200,000 4,395 5,890 200,000 4,572 6,068 200,000
5 2,170 5,953 7,234 200,000 5,953 7,234 200,000 6,253 7,535 200,000
6 2,170 7,447 8,515 200,000 7,447 8,515 200,000 7,911 8,979 200,000
7 2,170 8,867 9,721 200,000 8,867 9,721 200,000 9,545 10,399 200,000
8 2,170 10,199 10,840 200,000 10,199 10,840 200,000 11,151 11,792 200,000
9 2,170 11,427 11,854 200,000 11,427 11,854 200,000 12,728 13,155 200,000
10 2,170 12,529 12,743 200,000 12,529 12,743 200,000 14,272 14,485 200,000
11 2,170 13,883 13,883 200,000 13,883 13,883 200,000 16,170 16,170 200,000
12 2,170 14,851 14,851 200,000 14,851 14,851 200,000 17,803 17,803 200,000
13 2,170 15,622 15,622 200,000 15,622 15,622 200,000 19,378 19,378 200,000
14 2,170 16,168 16,168 200,000 16,168 16,168 200,000 20,871 20,871 200,000
15 2,170 16,454 16,454 200,000 16,454 16,454 200,000 22,267 22,267 200,000
16 2,170 16,428 16,428 200,000 16,428 16,428 200,000 23,533 23,533 200,000
17 2,170 16,024 16,024 200,000 16,024 16,024 200,000 24,659 24,659 200,000
18 2,170 15,151 15,151 200,000 15,151 15,151 200,000 25,625 25,625 200,000
19 2,170 13,698 13,698 200,000 13,698 13,698 200,000 26,412 26,412 200,000
20 2,170 11,537 11,537 200,000 11,537 11,537 200,000 26,998 26,998 200,000
</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.
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
D-46
<PAGE> 75
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 2,170 8,527 8,527 200,000 8,527 8,527 200,000 27,363 27,363 200,000
22 2,170 4,504 4,504 200,000 4,504 4,504 200,000 27,443 27,443 200,000
23 2,170 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 27,185 27,185 200,000
24 2,170 26,523 26,523 200,000
25 2,170 25,383 25,383 200,000
26 2,170 23,676 23,676 200,000
27 2,170 21,304 21,304 200,000
28 2,170 18,153 18,153 200,000
29 2,170 13,965 13,965 200,000
30 2,170 8,456 8,456 200,000
31 2,170 1,411 1,411 200,000
32 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.
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
D-47
<PAGE> 76
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 2,170 0 1,545 200,000 0 1,651 200,000 0 1,651 200,000
5 2,170 5,953 7,234 200,000 7,464 8,746 200,000 7,791 9,073 200,000
10 2,170 12,529 12,743 200,000 18,144 18,358 200,000 20,177 20,391 200,000
20 2,170 11,537 11,537 200,000 34,505 34,505 200,000 53,807 53,807 200,000
@ Age 70 2,170 16,454 16,454 200,000 29,157 29,157 200,000 36,248 36,248 200,000
@ Age 85 2,170 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 82,468 82,468 200,000
@ Age 90 2,170 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 72,797 72,797 200,000
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 28 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 39 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
------------------------------------- ----------------
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 55 Male Non-Smoker Preferred Prepared On: 09/07/2000
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
D-48
<PAGE> 77
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,170 0 1,545 200,000 0 1,651 200,000 0 1,651 200,000
2 2,170 1,117 3,040 200,000 1,424 3,347 200,000 1,458 3,380 200,000
3 2,170 2,781 4,490 200,000 3,388 5,097 200,000 3,483 5,192 200,000
4 2,170 4,395 5,890 200,000 5,403 6,898 200,000 5,593 7,089 200,000
5 2,170 5,953 7,234 200,000 7,464 8,746 200,000 7,791 9,073 200,000
6 2,170 7,447 8,515 200,000 9,565 10,634 200,000 10,080 11,148 200,000
7 2,170 8,867 9,721 200,000 11,699 12,553 200,000 12,461 13,316 200,000
8 2,170 10,199 10,840 200,000 13,851 14,492 200,000 14,937 15,578 200,000
9 2,170 11,427 11,854 200,000 16,007 16,434 200,000 17,508 17,936 200,000
10 2,170 12,529 12,743 200,000 18,144 18,358 200,000 20,177 20,391 200,000
11 2,170 13,883 13,883 200,000 20,656 20,656 200,000 23,351 23,351 200,000
12 2,170 14,851 14,851 200,000 22,911 22,911 200,000 26,423 26,423 200,000
13 2,170 15,622 15,622 200,000 25,101 25,101 200,000 29,607 29,607 200,000
14 2,170 16,168 16,168 200,000 27,195 27,195 200,000 32,885 32,885 200,000
15 2,170 16,454 16,454 200,000 29,157 29,157 200,000 36,248 36,248 200,000
16 2,170 16,428 16,428 200,000 30,935 30,935 200,000 39,673 39,673 200,000
17 2,170 16,024 16,024 200,000 32,460 32,460 200,000 43,153 43,153 200,000
18 2,170 15,151 15,151 200,000 33,641 33,641 200,000 46,676 46,676 200,000
19 2,170 13,698 13,698 200,000 34,366 34,366 200,000 50,231 50,231 200,000
20 2,170 11,537 11,537 200,000 34,505 34,505 200,000 53,807 53,807 200,000
</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.
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form #C1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
D-49
<PAGE> 78
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 2,170 8,527 8,527 200,000 33,907 33,907 200,000 57,392 57,392 200,000
22 2,170 4,504 4,504 200,000 32,405 32,405 200,000 60,943 60,943 200,000
23 2,170 LAPSED LAPSED LAPSED 29,795 29,795 200,000 64,424 64,424 200,000
24 2,170 25,826 25,826 200,000 67,794 67,794 200,000
25 2,170 20,158 20,158 200,000 71,009 71,009 200,000
26 2,170 12,321 12,321 200,000 74,015 74,015 200,000
27 2,170 1,663 1,663 200,000 76,762 76,762 200,000
28 2,170 LAPSED LAPSED LAPSED 79,187 79,187 200,000
29 2,170 81,142 81,142 200,000
30 2,170 82,468 82,468 200,000
31 2,170 83,065 83,065 200,000
32 2,170 82,715 82,715 200,000
33 2,170 81,165 81,165 200,000
34 2,170 78,015 78,015 200,000
35 2,170 72,797 72,797 200,000
36 2,170 64,871 64,871 200,000
37 2,170 53,333 53,333 200,000
38 2,170 36,880 36,880 200,000
39 2,170 14,316 14,316 200,000
40 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.
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
D-50
<PAGE> 79
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 2,305 0 1,672 200,000 0 1,898 200,000 0 1,898 200,000
5 2,305 6,574 7,855 200,000 10,124 11,406 200,000 10,480 11,761 200,000
10 2,305 13,746 13,960 200,000 28,670 28,884 200,000 31,029 31,243 200,000
20 2,305 14,044 14,044 200,000 98,767 93,767 200,000 121,796 121,796 200,000
@ Age 70 2,305 18,271 18,271 200,000 57,216 57,216 200,000 65,766 65,766 200,000
@ Age 85 2,305 LAPSED LAPSED LAPSED 281,195 281,195 295,254 373,510 373,510 392,185
@ Age 90 2,305 LAPSED LAPSED LAPSED 467,839 467,839 491,231 630,322 630,322 661,839
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------- ----------------
Signature of Applicant or Policyowner Date
------------------------------------- ----------------
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 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form #C1-98
Initial Modal Premium: $2,305.37-Premium Mode: Annual-Riders: None
D-51
<PAGE> 80
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,305 0 1,672 200,000 0 1,898 200,000 0 1,898 200,000
2 2,305 1,370 3,292 200,000 2,044 3,967 200,000 2,078 4,001 200,000
3 2,305 3,157 4,866 200,000 4,522 6,231 200,000 4,621 6,330 200,000
4 2,305 4,894 6,389 200,000 7,209 8,705 200,000 7,412 8,908 200,000
5 2,305 6,574 7,855 200,000 10,124 11,406 200,000 10,480 11,761 200,000
6 2,305 8,188 9,256 200,000 13,283 14,351 200,000 13,850 14,918 200,000
7 2,305 9,728 10,583 200,000 16,701 17,556 200,000 17,555 18,409 200,000
8 2,305 11,180 11,821 200,000 20,396 21,037 200,000 21,627 22,268 200,000
9 2,305 12,526 12,953 200,000 24,381 24,808 200,000 26,105 26,533 200,000
10 2,305 13,746 13,960 200,000 28,670 28,884 200,000 31,029 31,243 200,000
11 2,305 15,218 15,218 200,000 33,709 33,709 200,000 36,867 36,867 200,000
12 2,305 16,304 16,304 200,000 38,923 38,923 200,000 43,073 43,073 200,000
13 2,305 17,195 17,195 200,000 44,556 44,556 200,000 49,921 49,921 200,000
14 2,305 17,862 17,862 200,000 50,642 50,642 200,000 57,462 57,462 200,000
15 2,305 18,271 18,271 200,000 57,216 57,216 200,000 65,766 65,766 200,000
16 2,305 18,371 18,371 200,000 64,313 64,313 200,000 74,897 74,897 200,000
17 2,305 18,097 18,097 200,000 71,971 71,971 200,000 84,952 84,952 200,000
18 2,305 17,360 17,360 200,000 80,228 80,228 200,000 96,034 96,034 200,000
19 2,305 16,050 16,050 200,000 89,135 89,135 200,000 108,267 108,267 200,000
20 2,305 14,044 14,044 200,000 98,767 98,767 200,000 121,796 121,796 200,000
</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.
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form # C1-98
Initial Modal Premium: $2,305.37-Premium Mode: Annual-Riders: None
D-52
<PAGE> 81
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR 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 OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21 2,305 11,201 11,201 200,000 109,232 109,232 200,000 136,794 136,794 200,000
22 2,305 7,362 7,362 200,000 120,687 120,687 200,000 153,452 153,452 200,000
23 2,305 2,345 2,345 200,000 133,346 133,346 200,000 172,013 172,013 200,000
24 2,305 LAPSED LAPSED LAPSED 147,501 147,501 200,000 192,778 192,778 202,417
25 2,305 163,539 163,539 200,000 215,879 215,879 226,673
26 2,305 181,992 181,992 200,000 241,434 241,434 253,506
27 2,305 203,336 203,336 213,503 269,693 269,693 283,177
28 2,305 226,913 226,913 238,259 300,929 300,929 315,975
29 2,305 252,804 252,804 265,444 335,431 335,431 352,202
30 2,305 281,195 281,195 295,254 373,510 373,510 392,185
31 2,305 312,283 312,283 327,897 415,513 415,513 436,288
32 2,305 346,273 346,273 363,587 461,801 461,801 484,891
33 2,305 383,381 383,381 402,550 512,761 512,761 538,399
34 2,305 423,829 423,829 445,020 568,792 568,792 597,232
35 2,305 467,839 467,839 491,231 630,322 630,322 661,839
36 2,305 515,634 515,634 541,416 697,802 697,802 732,692
37 2,305 568,826 568,826 591,579 772,607 772,607 803,512
38 2,305 628,355 628,355 647,206 855,804 855,804 881,478
39 2,305 695,405 695,405 709,313 948,756 948,756 967,731
40 2,305 771,529 771,529 779,244 1,053,025 1,053,025 1,063,555
41 2,305 855,360 855,360 863,914 1,168,357 1,168,357 1,180,041
42 2,305 947,326 947,326 956,800 1,295,863 1,295,863 1,308,822
43 2,305 1,047,302 1,047,302 1,057,775 1,436,849 1,436,849 1,451,217
44 2,305 1,156,068 1,156,068 1,167,629 1,592,709 1,592,709 1,608,636
45 2,305 1,275,890 1,275,890 1,288,649 1,764,985 1,764,985 1,782,635
</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.
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1
Form #C1-98
Initial Modal Premium: $2,305.37-Premium Mode: Annual-Riders: None
D-53
